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financial
The
1-
INCLUDING
,ailk & Quotation Section
Railway & Industrial Section
Bankers' Convention Section
Away Earnings Section
VOL. 119.
rtnitd
SATURDAY, SEPTEMBER 27 1924
Whe Thronide
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Treas. William Dana Seibert; Sec.Herbert D.Seibert. Addressee of all,Office of Co.
Thirteenth Annual Convention
of
Investment Bankers Association.
We devote 18 pages to-day to reporting
the present year's meeting of this importcuitbody of investors, whose
calibera_
tions are each year growing in interest
and importance.
The matter
_ — will be found on pages 1450
to 1468.
The Financial Situation.
The railroad stocks have the present week, in a
more pronounced degree than before, dominated the
security markets, and the significance of this deserves consideration, because it apparently has a
wider bearing than is generally supposed. For some
time past the "rails" have been growing in favor on
the Stock Exchange and been steadily moving upward, establishing new high levels for the year in
their forward course. The present week the movement has attained such dimensions as to attract
general attention. For instance, Atlantic Coast
Line and Southern Railway, common and preferred,
have again distinguished themselves by making new
high records, and besides these there have been
nearly a score more of other rails enjoying the same
distinction. The list includes Lehigh Valley, Missouri Pacific preferred, St. Louis & San Francisco
common and preferred, Missouri Kansas & Texas
common, Rutland preferred, Colorado & Southern
common, Peoria & Eastern and several others.
Electric Railway Sectiele
State and City Sectiol,
NO. 3092.
There can be no doubt that the railroads are in
much better condition than they were a few years
back, when they emerged from Government control.
The managers of the roads have once more regained
control of their expenses, which had been utterly
lost under Government operation. In addition there
is a widespread belief that we are in an era of railroad consolidations. Some conspicuous consolidations have already taken place, and others are evidently in prospect. The Transportation Act favors
them, and the requirements of economy makes them
a necessity. Important economies can often be
brought about in that way. Then also, the danger
of Government ownership is becoming more and
more remote. Mr. Coolidge and his associates are
taking a pronounced stand against the idea, and
there is no attempt to evade the issue. On the contrary, the President is stressing the importance of
the issue. He is staking his success on three cardinal points, the preservation of the Constitution,
reduction in taxation and opposition to Government
ownership of the railroads. And his utterances are
finding wide support. Thus opposition to Government interference in business, Government ownership of railroads and the Howell-Barkley bill was
voiced in resolutions adopted at the session of the
Grain Dealers' National Association in Cincinnati
on Wednesday.
Finally, there are indications that returns of railroad earnings are going to be better. The August exhibits are already better, at least as regards net, in
a few cases, and the statements for September and
subsequent months are certain to be still better, since
grain is • moving to market in large volume and railroad tonnage is once more expanding. This last is
a circumstance of the greatest importance in its influence on general business. If has been noted of
late that railroad buying was becoming a feature in
the steel trade. This is because railroad prospects
are brighter, and hence the managers are placing orders with greater confidence and greater freedom. Trade is already making slow recovery, and this recovery is bound to proceed
at an accelerating pace, fed by these railroad orders.
As trade expands, the railroads in turn will see their
traffic further enlarged. And thus these favoring
influences act and re-act upon one another. There
can be no doubt that business in this country is
again on the up grade, and the rise on the Stock Exchange is an expression of the fact. And with the
railroads once more prosperous, there is no danger
of any setback for the time being. In that sense the
bull movement in railroad shares is a harbinger of
good ti,mes all around.
1434
THE CHRONICLE
[VOL. 119.
The Government cotton report, issued on Tuesday, when the bales are counted, may alter this compariwhich reflects the condition of the growing cotton son somewhat.
crop on Sept. 16 last, indicates a further decrease in
the probable yield of cotton this year of 191,000 bales
European news of interest in the United States
since the preceding report as of date Sept. 1. There has not been specially striking. Outside of the disare no comparative figures for Sept. 16 of preceding cussions from day to day at the League of Nations
years, since no semi-monthly returns were then re- Assembly in Geneva the principal concrete developquired. The high point of the estimated yield of cot- ment was the decision of the German Cabinet to take
ton this year was based on the Aug. 16 return-12,- steps to join the League of Nations. The British
956,000 bales; to Sept. 1, a loss of 169,000 bales was Parliament reassembles on Sept. 30. There have
indicated, and now, since the last-mentioned date a been rumors that the Cabinet might be overthrown
further recession of 191,000 bales is forecast, placing because of the hastily made commercial treaty with
the production for the 1924 cotton crop at 12,596,000 Russia, the Irish boundary question and the enbales, "but the final outturn may be larger or dowed automobile incident.
smaller, as developments during the remainder of
the season prove more or less favorable to the crop
Enthusiastic supporters of the League of Nations
than usual." Last year, and the year before, it was feel that substantial progress was made at the Geless favorable, but in some other recent preceding neva Assembly during the first three weeks of its
years the reverse was the case, notably in 1921, 1918 sessions. In a cablegram on Sept. 19 the Associated
and 1915. The estimated crop for this year contrasts I ress correspondent at that centre declared that;
with 10,139,671 bales last year, 9,762,069 two years "after three weeks of tense labor, success looms hopeago, 7,953,641 three years ago and 13,439,603 bales in fully over Geneva to-night as crowning the efforts of
1920. The condition of the crop Sept. 16 this year the representatives of the 50 nations who are striving
was 55.4% of normal,as compared with 59.3% Sept. to put an end to all war through arbitration, security
1 and 64.9% Aug.16, a decline during the past month and a reduction in armaments." He added that "a
of 9.5 points. From Aug. 25 to Sept. 25 1923 the do• protocol on arbitration and security has virtually
cline was only 4.6 points, while the ten-year average been agreed upon, and so confident do the leading,
decline during the last mentioned dates was 6 points, statesmen feel it will be ratified that the so-called
the ten-year average condition on Sept. 25 being 'Big Twelve' of the present Assembly of the League
56.1% of normal. The latest estimate of the size of of Nations decided to-day to recommend the convothe crop for this year is based on a production of cation of a great international conference on reduc149.2 pounds per acre.
tion of armaments in Geneva on June 15 1925." Ac-,
The decline in condition during the first two weeks cording to the dispatch also, "the United States and
of September this year in the leading cotton States all other countries not now members of the League
was 7 points in Arkansas, 6 points in Oklahoma and of Nations will be invited to participate in the con5 points in Georgia. For Texas and Mississippi the ference." Continuing, he said that "the present
loss was 3 points each, and for Texas this year, the plans are that 15 States must ratify the protocol belatest forecast is 4,257,000 bales, a decrease of 27,000 fore the arms conference can actually be held. Sevbales from Sept. 1. The production in Texas, how- eral of these States, probably three or four of them,
ever, as in other States, will depend on how late in must have representatives on the Council of the
the season frost is to come. In 1923 the yield in League of Nations, but the question regarding the
Texas was 4,352,000 bales, and while the condition in number necessary for ratification has not yet been
Sept. of that year was 4 points higher than this year, definitely determined upon." It was also explained
the acreage in that State for the 1924 cotton crop is that "as soon as the League Assembly ratifies the
8% larger than it was a year ago. The other four protocol, the League experts will buckle down to the
leading States above mentioned, Georgia, Missis- work of preparing the program for the conference,
sippi, Arkansas and Oklahoma, now promise a yield which must be forwarded to all Governments at least
of 4,571,000 bales this year, more than 1,000,000 for two months before the time set for the opening seseach State, whereas, a year ago the production of sions." The expectation at that time was "the text
cotton for these four States was only 2,476,000 bales. ot the protocol will be whipped into shape and probFor North Carolina the loss in condition during the ably be presented to the Assembly on Wednesday
first two weeks of September this year was 7 points; [Sept. 24], allowing for two days' discussion before
likewise 7 for Missouri, 5 points for South Carolina the full Disarmament Commission."
and Tennessee, 2 points for Alabama, but for LouisiIn describing, in a cablegram the next day, the
ana a trifling improvement appeared. In North proceedings of the first three weeks, a special correCarolina this year the yield is estimated at only 782,- spondent at Geneva of the New York "Times" said:
000 bales, whereas last year it was 1,020,000 bales. "The third week of the Assembly of the League of
Outside of the six States for which production has Nations has been, as was foreseen, largely destitute
already been mentioned, covering the rest of the belt, of concrete results, but in one way the most absorbthe yield for this year is now estimated at 2,986,000 ing and significant thus far. It has been filled with
bales, whereas in 1923 it was 2,102,000 bales. Omit- alarms and excursions, with perilous advances and
ting the Carolinas, where the crop has so far made ignominious retreats, with incredible clumsiness on
poor progress, there are nine States producing this the part of the British delegation and equally amazyear, according to the current estimate, over 85% of ing adroitness in the political maneuvers of the
the total yield of cotton. Of these nine States, Texas French delegation—two phenomena about equally
alone is put down with a loss, the decline compared dangerous to the success of the cause of peace." He
with the crop for that State in 1923 being added that "the chances are now that the concluding
2%. On the other hand, the other eight week will witness the adoption by the League of a
States all show a gain, the increase over 1923 program that will mark a new epoch in the movebeing more than 73%. The result in Texas, ment to outlaw war." In his judgment,"at the root
SEPT. 27 1924.]
THE CHRONICLE
of the trouble has been the outgivings of Lord Parmoor, head of the British delegation." The "Times"
representative was strongly of the opinion that he
had talked too much, and a part of his promises, particularly with respect to protection being furnished
by the British fleet in the event of another nation being in trouble, had been "grossly exaggerated in the
Continental press into a promise by Great Britain
t.-)police the seas under orders of the League." Continuing to outline the situation, the "Times" correspondent declared that "the mistake of the French
delegation, or at least some part of it, was to lend
itself to all this willingly, enthusiastically, exultantly. Perceiving it had the British delegation in a
hole,it gathered at the brim and pushed it further in.
Varying this metaphor, one of them said to an American correspondent: 'We have them in hand and
are leading them.' The idea apparently was to force
from the British concessions as to sanctions not otherwise obtainable." Cabling on Sept. 20, the Associated Press representative at Geneva admitted that
"eleventh-hour Italian opposition to the detailed program set up for the League's control commissions,
which under the Benes compact are for the purpose
of investigating the condition of both disputing
States during arbitral proceedings in order to assure
that they are not preparing for war, considerably
slowed up the work of the two sub-committees to-day
engaged in perfecting the draft protocol."
The next day the same correspondent, in discussing at considerable length the question of the United
States, Germany and Russia entering the League of
nations said: "The United States, Germany and
Russia will undoubtedly be invited to participate in
the work of the League of Nations Commission which
will prepare the agenda of the international conference for the reduction of armaments to be held in
June of next year at Geneva. Indeed, it is frankly
admitted that the conference in question, on which
so many vital things hinge, could scarcely be accounted a success unless all three of these countries,
which are not yet members of the League, are present—the United States for naval matters particularly, and both Germany and Russia for naval, land
and air armaments." In discussing the disarmament
conference which it is proposed to hold in Geneva in
June of next year, the "Times" representative also
explained that "the preliminary plans provide that
the conference arrangements will be delegated to the
so-called Temporary Mixed Commission of the
League, otherwise known as the Disarmament Commission. This body is composed of naval and military experts and also diplomatic agents of the Governments, and civilians, including representatives of
labor and capital." Continuing, he said that, "provided this Commission is enlarged for the special
purpose of the forthcoming conference, it is planned
that the conference will be split up into three sections, one for naval problems, the second for land
armaments and the third for the study and adoption
of conventions for international control of the traffic in arms and control of private manufactnre of
arms." As to the probable attitude of the United
States, he stated that "the United States has already
intimated that it will attend the arms traffic conference and will be officially invited to participate in
the conference the aim of which will be the checking,
if not the suppression, of the private manufacture
of arms and war material generally."
1435
Taking up more specifically Germany's entrance
into the League, he declared that "League leaders
are anxious to obtain Germany's early entry into the
League because it is believed this would simplify the
preliminary conference work. With German cooperation in the projected conference assured, it is
felt that the question of the League's control of German armaments and also French evacuation of the
Ruhr and Britishl withdrawal from Cologne would
be solved more expeditiously and harmoniously."
Carrying the discussion still further and presenting the alleged attitude of the French Government,
the Paris correspondent of the Chicago "Tribune"
asserted positively that "Germany's entrance into
the League of Nations will arouse no opposition from
the French Government's delegates. The extent of
the change in French policy since last year is indicated by this attitude, contrasting sharply with M.
Poincare's reported statement last September that
'if Germany goes into the League we go out.'" He
also claimed that "Premier Herriot is prepared to
aid in getting Germany in by agreeing to a formula
which will remove the necessity of confirming the
Treaty of Versailles again." He explained that "this
is the principal difficulty in the Getman and French
point of view. All nations entering the League are
supposed to give the League a pledge to support the
established order in Europe,. confirming treaties
which are the present basis of organization of the
Continent. Germany, with its strong Nationalist
element in the Reichstag, is unwilling to do so and
Premier Herriot has taken a decisive step in agreeing to waive that point." The "Tribune" representative even went so far as to say that "the French Government also, through M. Briand, notified the
League Council two days ago that Premier Herriot
would be agreeable to any combination which would
give Germany a permanent seat in the Council." The
Berlin representative Of the New York "Evening
Post" cabled at about the same time that "a voluminous report from German representatives on the
situation at Geneva went forward to Chancellor
Marx and Foreign Minister Stresemann yesterday
[Sept. 19], but the official said there was nothing in
it to indicate any change in Premier Herriot's announced attitude toward the question of preliminary
guarantees about a permanent seat in the Council."
He further asserted that "officials who favor postponing the application until an amendment to the
League's Covenant assures Germany a permanent
seat in the Council are using the absence of the
United States from the League as a corroborative
argument for staying out for the present." From
Geneva came an Associated Press cablegram under
date of Sept. 20 stating that "Dr. Fridtjof Nansen,
League of Nations delegate from Norway, has gone
to Berlin on the self-undertaken mission of hastening Germany's application for League membership,
according to League officials."
In expressing the attitude of the German Government on this question, "Chancellor Marx, speaking
at a party meeting at Radolfzell, Baden [Sept. 22],
declared that Germany, maintaining her honor and
recognition as a great Power, should seek admission
to the League of Nations. The League, he said,
should leave Germany her freedom and consider her
justifiable claims." He was reported by the Berlin
correspondent of the Associated Press as having said
that "he did not know whether the Cabinet would
reach a decision by to-morrow regarding Germany's
1436
THE CHRONICLE
application for League membership. He seemed to
think, however, that an early decision was possible."
According to the dispatch also, "Chancellor Marx
said that the reason suspicion has so often been cast
upon the idea of the League of Nations was that this
institution was still imperfect and had not managed
to live up to its ideals as much as it had been desired."
[Vox,. 119.
Secretariat." The dispatch further stated that "a
project is under way to secure an endowment for the
new building from Americans, the idea being to reorganize the library under purely American methods.
Visitors from the United States have been interested
in the plan, and a campaign for funds is expected to
be launched soon." Miss Florence Wilson, an American, is the head librarian.
Through a Geneva cablegram Monday afternoon
it became known here that "the revised draft protoAt a meeting of the German Cabinet on Tuesday
col on arbitration and security, elaborated by the it was decided that "Germany will make an effort in
League of Nations sub-committee on disarmament the near future to enter the League of Nations on an
from the basis outlined by Foreign Minister Benes equal footing with the great Powers." Official anof Czechoslovakia, was reported this afternoon to a nouncement to this effect was made after the meetplenary meeting of the Disarmament Commission of ing. In the communique containing this information
the League Assembly." The dispatch contained also it was set forth that, "in execution of this decision,
the following synopsis of the revised protocol: "The the Government will seek through the Foreign Office
revised draft stipulates that the international con- definite enlightenment from the nations who are
ference for the reduction of armaments shall be con- members of the League on whether the guarantee revoked by the Council of the League for June 15 1925 quired by Germany, prior to her application to enter
and that all the States which are not members of the the League, will be given relative both to Germany's
League as well as those which are members shall be position in the League and to the other questions ininvited. If, however, by May 1, a majority of the timately connected therewith." The New York
States having permanent seats in the Council of the "Times" representative called attention to the fact
League and ten other members of the League have that "the official communique states that the decinot signified their ratifications of the draft proto- sion was adopted unanimously. This indicates anew
col, the invitations for the international conference what has been apparent for some days, that Dr.
on armaments will be cancelled. One of the most Stresemann's opposition to Germany's entry into
important clauses of the draft protocol is that con- the League, as well as in other questions of Governcerning the definition of an aggressor State. This mental policy, has been beaten down by Chancellor
clause declares that any nation which goes to war Marx and President Ebert."
Discussing the announcement from Berlin that the
without following the procedure of arbitration or
which refuses to accept the unanimous recommenda- German Cabinet had decided to take steps to enter
tion of the Council will be regarded as committing the League of Nations, the Geneva correspondent of
an act of war." The author of the dispatch made the New York "Times" cabled on Sept. 23 that "the
it known also that "the Assembly to-day [Sept. 22] question of Germany's entrance into the League came
adopted the Swedish proposal that a step towards to the fore to-day. The chief factor in the situation,
the codification of international law be taken by though it has been little emphasized, is that the rehaving the Council of the League appoint a commit- port of the Inter-Allied Commission on German
tee of experts to prepare a list of subjects, the regu- Armaments bids fair to offer no difficulty in regard
lation of which by international agreement seemed to the fulfillment of the treaty stipulations being satmost desirable and realizable at the present time." isfactory in the main. From the start there has been
In a subsequent cable message it was explained that a well-authenticated rumor to that effect, and the
"if three or four of the great Powers—Great Britain, fact that the question is now seriously raised is the
France, Italy and Japan—which have permanent strongest possible confirmation." He declared that
seats in the Council of the League of Nations, and "the only remaining obstacles are Germany's proten other States members of the League ratify the jected note disclaiming war guilt which would conprotocol of arbitration and security which was made stitute an infraction of the Treaty of Versailles, and
public to-day, there will open at Geneva on June 15 her demand for a permanent seat among the great
1925 a great international conference for the reduc- Powers in the Council. As to the note, the fact that
tion of armaments."
Germany has apparently entered into serious negotiations with Paris is taken here as an indication
Quite likely the reported building program of the that this issue is dead. The question of a seat in the
League of Nations will cause considerable discussion. Council is almost equally unreal." The Associated
According to an Associated Press dispatch from Press correspondent added that "there seems to be
Geneva under date of Sept. 22, "there is consider- no desire whatever here to humiliate Germany, but,
able discussion of the plans now under way for the on the contrary, practically everybody to-night was
construction of a new hall for the use of the League voicing deep satisfaction over Berlin's decision, couAssemblies. It has been decided to erect this much- pled with words of hearty welcome." He admitted,
needed building at a cost of approximately $1,000,- however, that "the news reached the League Secre000 on a plot of land, donated by the City of Geneva, tariat at rather a sensational moment,for the Counadjoining the League Secretariat. Architects of all cil in secret session was discussing how best to conthe States in the League will be invited to compete duct the League investigation of the armaments situin drawing the plans, and this will delay beginning ation in Germany, which is one of the rights vested
the work of construction so that the building cannot in the Council by the Treaty of Versailles." The
be ready for use before the Assembly of 1927." It Paris representative of the "Times" sent word that
was announced also that "another building project "the attitude of the French Government as it beof interest to Americans ?s that of placing the came known to-night after a long Cabinet meeting
League's library in a new edifice which it is hoped at Rambouillet, under the chairmanship of President
to erect on a strip of land on the other side of the Doumergue, appears to render highly improbable the
SEPT. 27 1924.]
THE CHRONICLE
1437
entrance of Germany into the League of Nations this many would undertake through membership, espeyear. The French Government is not opposed to the cially regarding the transport of foreign troops
admission of Germany in.principle, but it stands on through Germany for the assistance of a neighborthe position that no special favor should be shown ing State which might be attacked by a third Power."
to Germany." It was also stated that "after the According to a special Geneva cablegram to the New
Cabinet meeting it was announced that the Govern- York "Herald Tribune" on Sept. 24, "it was conment approved fully the stand taken by M. Briand, firmed to-day that the League Assembly will not
chief of the French delegation at Geneva, namely finish its work next Tuesday, and it will probably be
that Germany's application must be considered on January before Germany can formally be admitted
the same plane as all other applications for member- to membership, with Turkey and possibly Santo Doship in the League." Continuing to give what he mingo, which sent in its formal application for memclaimed was the attitude of the French on this ques- bership to-day. The Turks have notified the League
tion, the "Times" representative said: "There ex- that they will apply in November."
ists in Paris the feeling that it would be a mistake
In discussing some of the conditions and obligato admit Germany now to the Council, although it
that would be imposed upon Germany if she
tions
Germany
that
intended
is admitted it was always
a member of the League of Nations, the Gebecomes
body.
that
of
member
a
become
should
ultimately
The chief reason cited is that in the next year the neva correspondent of the New York "Herald TribCouncil must shape a plan for military control of une," in a cablegram on Sept. 24, said: "Military
Germany. Most of the Council's decisions having supervision and control over German armaments by
to be taken by unanimous vote, it is contended that the League of Nations will operate for at least a half
Germany's membership within the next few months century and perhaps longer under the tentative
might make impossible the task of imposing League agreement reached to-day by the League Council.
armament inspection on her. If a serious proposal Pending the formal request of the Reich for conwere made that a separate session of the Assembly formity to the decision of the Berlin Cabinet yesterbe called at the beginning of next year to consider day the Council to-day decided that not only Gerthe German application the French would give con- many, but all former enemy States, must submit to
sideration to it, but it is not certain they would favor supervision of a permanent commission of investigasuch special treatment. In any event their attitude tors, including one expert from each Power reprewould be that such session would depend on the re- sented in the Council, while the chief of such an inEults of the allied inspection of German armaments." ternational commission will be aided by other speTogether with this Paris message the statement of cialists in chemistry, metallurgy, aviation and vathe Berlin representative of the New York "Herald rious sciences affecting warfare. Proposals to set
Tribune" is interesting that "fundamentally, Ger- the time limit for such supervision were vigorously
many's application now depends upon France, it was opposed by former Premier Briand of France, who
stated in well-informed circles. If Germany can ob- pointed out that the 1919 treaties did not permit this.
tain France's assurances that she will raise no ob- The decision means that even though Germany is
jection to granting her a permanent seat in the Coun- represented in the League Council in the next few
cil, the application will follow forthwith." .ACcord- months, the whole nation will be subjected to periing to the representative of the New York "Evening odical investigations regarding war material for an
Post" in Berlin, "in the German Cabinet's decision indefinite period. Fifty years is deemed the minito seek admission to the League, the Government suc- mum duration of such inquiries, in which the Gerceeded handsomely in being all things to all men." man member of the Council would be called on to
He added that "pro-Leaguers are satisfied with the participate, even assuming the Reich remains peacestatement that the Government will seek to enter ful and manifests no intention to organize a war of
the League at the earliest possible moment. It is revenge against the Allies and particularly against
realized that action on a German application by the France." According to an Associated Press dispatch
present Assembly in Geneva is practically impossi- from Berlin dated Thursday "the Cabinet has apble.". So far as that correspondent was able to learn, proved the memorandum drawn up on the subject of
"extremists who are opposed to any co-operation Germany's admission into the League of Nations.
with the former enemies until Germany can co-oper- The document will be communicated forthwith to
the Powers concerned through Germany's diplomatic
ate with the sword are the only dissatisfied ones."
Through an Associated Press dispatch from the representatives."
Geneva capital under date of Sept. 24, it became
London cable advices have contained rumors of the
known here that "the Government to-day began
drawing up a memorandum setting forth the condi- probability of the British Labor Cabinet being overtions under which Germany will, in conformity with thrown in the near future. The New York "Times"
yesterday's Cabinet decision, apply for membership representative in the British capital cabled on Sept.
it. the League of Nations. The memorandum will be 21 that "it can be stated authoritatively that the gensent to all of the Governments which are members of eral opinion of the Cabinet is that they are not in the
the League Council." Continuing to outline the pur- least likely to be 'turned out' before next spring.
ported position of the German Government, the cor- Conservatives cannot accomplish that unaided, even
respondent said: "The memorandum, it is under- if they wanted to do so, which is by no means cerstood, will ask definite enlightenment regarding tain, and Liberals are reluctant to follow the lead of
whether Germany will be offered a permanent seat Lloyd George, whom many of them regard as a voice
in the Council of the League and it will expressly crying in the wilderness." It was understood that
declare that Germany's entry into the League would if an attack were made on the Cabinet it would be
in no way imply reaffirmation of her war guilt. It based on the Anglo-Russian treaty and the Prime
is also understood that the memorandum will re- Minister's acceptance of a so-called endowed autoquest information regarding the obligations Ger- mobile from a boyhood friend. On Monday, Sept.
1438
THE CHRONICLE
For.. 119.
22, the Cabinet held its first meeting since Parlia- 311-16% last week, and three months' bills to
ment adjourned on Aug. 7. According to a London 211-16%, against 33
/
1@313-16% a week ago. Call
cablegram, the meeting was "in preparation for the money at the British centre, however, was strong
14%,but closing at 2%%,
re-assetably of the House of Commons on Sept. 30." and higher, advancing to 3/
he discussions were understood to have included unchanged from a week ago. At Paris and Switzerspecially the treaty with Russia and the Irish boun- land open market discount rates continue to be
dary question. No official announcement was made, quoted at 5@5/
1
4% and 334%,respectively, the same
although the meeting lasted nearly four hours.
as in the week preceding.
In discussing the possibility of the motor car incident being used as a strong weapon against the
A small loss in gold, namely £1,450, was shown by
Prime Minister, the London representative of "The the Bank of England statement for the week ending
Sun" said in a cablegram on Sept. 24: "In the in- Sept. 24. Note circulation, however, was reduced
terests of party solidarity, efforts are being made by another £191,000, so that reserve increased, roughly
many labor organizations to put a gag on those hos- £190,000, to £24,266,000, against £23,406,128 a year
tile to Prime Minister MacDonald's acceptance of ago and £23,414,415 in 1922. Material alterations
30,000 shares in the Scotch cracker company as an were shown in the deposit items; public deposits exendowment for an automobile placed at his disposal. panded £3,157,000, while "other" deposits declined
The Communists, however, are threatening to bring £933,000. The result was a drop in the proportion of
this question before the political Labor Party at its reserve to liabilities, to 19.52% from 19.70% a week
annual meeting in London Oct. 7. Most of the recog- ago. In the corresponding week of 1923 the ratio
nized leaders, whatever their feelings about the wis- stood- at 197
/
8 and a year earlier at 19.40%. Loans
dom of MacDonald's acceptance of the car, are de- on Government securities were reduced £290,000, altermined to keep it from becoming a subject for de- though loans on other securities expanded £2,334,bate at the annual meeting,for anything said in criti- 000. Gold holdings aggregate £128,425,337, as
cism of MacDonald on this score will be capitalized against £127,658,268 last year and £127,431,595 in
by the other parties in the great oratorical campaign 1922. Note circulation amounts to £123,908,000, in
which now is in full swing throughout the coun- comparison with £124,002,140 and £122,467,180 one
try."
and two years ago, respectively. The loan total is
£77,117,000, as against £71,163,619 last year and
While, according to Paris cable advices Premier £71,386,295 a year earlier. No change has been made
Herriot of France is being well supported on his in the bank's official discount rate from 4%,the level
foreign policies, he is meeting with political opposi- previously prevailing. Clearings through the Lontion because he has not accomplished more in solving don banks for the bank week totaled £651,667,000, as
domestic financial problems. Naturally, various contrasted with £675,016,000 a week ago and £603,urgent measures are being adopted to increase the 521,000 last year. We append herewith comparisons
income of the Government. Announcement was of the principal items of the Bank of England return
made in Paris on Sept. 20 that, "beginning Oct. 1, for a series of years:
France will impose a tax of 26% on all German E
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
goods entering the country." It was explained by •
1924.
1923.
1922.
1921.
1920.
Sept. 24.
Sept. 26.
Sept. 29.
Sept. 27.
Sept. 28.
the New York "Times" representative that "this is Circulation
123,008,000 124,002,140 122,487,180 124,972.580 127,490,935
the same tax as is imposed by England under the Publiedeposits
13,536,000 13,516,990 18,829,388 12,231,323 16,139,467
deposits
110,763,000 104,582,580 103,831,200 105,420,935 111,027,414
Trade Recovery Act, which, while decreased by the Other
Governnft securities 41,898,000 41,780,237 44,082,645 33,380,329 21,888,129
71,386,295 80,494,440 109,312,765
MacDonald Government to 5%, has now been re- Other securit1escoin 77,117,000 71,163,619 23,414,415
21,891,787 14,073,780
Reservenotes&
24,266,000 23,408,128
stored to the original figures." Continuing his out- Coin and bullion..128,425,337 127,858,288 127,431,595 128,414,367 123,114,715
of reserve
line of the proposed new tax measure, he said: "In Proportion
19.40%
to liabilities
19.52%
18.61%
19%
11.07%
Bank
rate
4%
3%
7%
555%
announcing the new rule, the 'Journal Officiel' says
the product of this tax will go toward meeting Germany's annual payments under the Dawes plan. In
The Bank of France in its weekly statement shows
April 1921 the French Parliament passed a law au- a further small gain of 42,000 francs in the gold
thorizing the Government by decree to levy a tax on item. The Bank's aggregate gold holdings are thus
German imports up to 50%. However, until to-day brought up to 5,544,063,650 francs, comparing with
no such tax was levied." The "Times" representa- 5,538,337,413 francs at the corresponding date last
tive added that "the French do not expect this tax year and with 5,532,515,872 francs the year previous;
to yield any exceptionally large returns for repara- of the foregoing amounts, 1,864,320,900 francs were
tions, and their object is the same as the object of held abroad in 1924, 1,864,344,927 francs in 1923
the English, namely to protect home industries and 1,948,367,056 francs in 1922. Silver during
against German dumping. The French action calls the week increased 185,000 francs, bills discounted
attention to the fact that with the American tariff rose 97,561,000 francs and Treasury deposits were
wall and the British and French 26% taxes German augmented by 420,000 francs. Advances, on the
industry will have to work hard to build up the for- other hand, were reduced 20,703,000 francs, while
eign trade needed to meet the conditions of the general deposits fell 18,904,000 francs. An expansion
Dawes reparations plan."
of 94,258,000 francs occurred in note circulation,
bringing the total outstanding up to 40,338,741,000
Official discounts at leading European centres francs. This contrasts with 37,625,549;345 francs
have not been changed from 10% in Berlin; 7% in last year at this time and with 36,602,902,280 francs
in Paris; 5/
1
2% in Bel- in 1922. Rist prior to the outbreak of war, in 1914,
Norway and Denmark;
gium and Sweden; 5% in Holland and Madrid, and the amount was only 6,683,184,785 francs. Com4% in London and Switzerland. Open market dis- parisons of the various items in this week's return
counts in London were a shade easier, and short with the statement of last week and corresponding
bills receded a fraction to 3%%, against 3%@ dates in both 1923 and 1922 are as follows:
THE CHRONICLE
SEPT.27 1924.]
1439
Striking changes were revealed by last Saturday's
statement of New York Clearing House banks and
trust companies reflecting the income tax payments
and Government financing. There was a sharp expansion in both loans and deposits. The loan item
increased no less than $133,881,000, while net demand deposits expanded $109,356,000, to $4,640,763,000. This total is exclusive of Government deposits
tc the amount of $35,258,000, a gain in the latter item
of $25,290,000. Time deposits aggregated *572,063,The Imperial Bank of Germany, in its statement
or an increase of $33,352,000. Cash in own
000,
issued as of Sept. 15, reported a further gain in gold
of members of the Federal Reserve Bank fell
vaults
and continued contraction in note circulation. The
to $47,306,000, which, however, is not
$1,485,000,
latter item was reduced 69,923,646,000,000,000,000
State bank and trust company
reserve.
as
counted
marks, to 1,334,759,146,000,000,000,000 marks, which
reserves in own vaults increased $152,000, while the
-compares with 3,183,481,132,000,000 marks in 1923
reserves of these institutions held in other depositoand 290,093,000,000 marks a year earlier. Other
rose $1,147,000. There was an increase in the
noteworthy changes were an increase of 63,086,778,- ries
of member banks at the Reserve Bank of $36,000,000,000,000 marks in holdings of Rentenbank reserve
which more than offset the enlargement in
641,000,
notes, 25,308,121,000,000,000,000 marks in bills of
accounts and brought about an addition
deposit
the
-exchange and checks, 2,081,375,000,000,000,000
in surplus reserve; making the total
$22,746,130
a
marks in Rentenmark bills and checks and 93,934,$60,440,670, as compared with $37,reserves
excess
or
240,000,000,000,000 marks in deposits. Advances
The above figures for surplus
ago.
week
a
694,540
declined 2,415,800,000,000,000,000 marks, Rentenon the basis of reserves of 13% for member banks
mark discounts and advances 19,392,600,000,000,000,- are
Federal Reserve System, but do not include
,000 marks and other assets 49,969,803,000,000,000,- of the
held by these member banks on Saturday
000 marks. Treasury and loan association notes fell $47,306,000
3,000,000,000,000,000 marks. Liabilities resulting last.
from discounted bills payable in Berlin increased
A slightly firmer tone was noted in the time money
25,000,000,000,000,000,000 marks and other liabilion Thursday, but rates remained unchanged.
market
ties 2,850,183,000,000,000,000 marks. Rentenbank
again ruled at 2%, although the total of
money
Call
loans remain unchanged. The bank's gold increased
was said to have increased somewhat
loans
brokers'
15,660,000, to 543,770,000 marks, of which 103,213,attention was given to the opinNaturally
late.
of
000 marks are deposited abroad. This addition to
expressed in Washington by
been
have
to
said
ion
gold brings the gain during the last 14 weeks to 101,of the Treasury Mellon that there were no
870,000 marks. Holdings on Jan. 1 totaled 467,025,- Secretary
of tightness in the money market during
000 marks, while at the beginning of 1923 they were indications
the fall. The opinion was regarded as confirming
.1,004,847,000 marks.
the idea that had been entertained generally in bankcircles. The fact that a syndicate
A decrease in gold reserves and a heavy reduction ing and business
York financial institutions was
New
prominent
of
in holdings of Treasury certificates of indebtedness
for $12,500,000 New York
103.4167
bid
to
willing
were the features of the Federal Reserve Bank stateas still further evidence
taken
was
bonds
4%
State
nients, as issued at the close of business on Thursday.
there is little probleast,
at
judgment
their
in
that,
For the System as a whole gold holdings decreased
It was regarded
soon.
rates
money
higher
of
ability
$12,300,000. Rediscounting of Government secured
by the State
received
price
the
also
that
significant
paper increased $5,900,000, but discounts of "other"
in about 15
realized
highest
the
was
bonds
these
for
bills fell off $4,000,000, while bill buying in the open
of
reports
delays in
been
market was reduced $7,300,000. Holdings of certifi- years. While there have
large
the
internato
cates of indebtedness declined $45,000,000 owing to the negotiations with respect
the
that
expected
still
is
it
the repayment by the Government of some large tional loan to Germany,
in
and
ly
Europe
simultaneous
amounts borrowed the previous week. Earning as- offering will be made
15. If this large offersets fell sharply—$64,000,000 and deposits no less the United States about Oct.
portion, is successful,
American
the
particularly
ing,
than $101,300,000. The report of the New York inwill be asked to
bankers
American
that
is
it
expected
stitution showed contraction in gold reserves of $61,of issues for
number
considerable
a
offer
and
buy
600,000, or nearly the whole of last week's gain,
. Docorporations
industrial
and
railroad
European
which again was brought about in operations
New
busisame.
the
much
remain
conditions
mestic
through the Gold Settlement Fund. Rediscounts of
important
other
lines
and
industry
the
steel
in
ness
all classes of paper advanced $1,700,000. Open market purchases decreased $6,000,000. Large shrink- is not increasing rapidly. Car loadings in excess of
age occurred in earning assets and deposits, $43,400,- 1,000,000 for a single week reflect a large grain
of
000 and $125,400,000, respectively. Both statements movement and some expansion in the volume coal,
handled.
reported reduction in the amount of Federal Reserve live stock and general merchandise
notes in circulation—$1,400,000 locally and $4,800,Referring to money rates in detail, loans on call
000 nationally. There were also large decreases in
member bank reserve accounts. For the combined remain at the 2% level, this having been the rate at
report the falling off was $141,000,000 and at New which all transactions were made in the call market
York $134,600,000. Shrinkage in deposits served to on each business day of the week, from Monday to
offset the falling off in gold reserves and bring about Friday. Funds on call were still available in the outIn time money increased ease
advances in reserve ratios, $1.9%, to 80.4% for the side market at 1
developed for the shorter maturities and there was a
System and 3.2%, to 80.1%, at New York.
1
for sixty days, against
further recession to 234@2/%
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
Sept. 25 1924. Sept. 27 1923. Sept. 28 1922.
for Week.
Francs.
Franck.
Francs.
Francs.
Gold Holdings—
42,000 3,679,742,7.50 3,673.992,48.5 3,584.148,818
Inc.
In France
1,864,320,900 1,864,344,927 1,948,367,056
No change
Abroad
42,000 5,544,063,650 5,538,337,413 5,532,515,872
Inc.
Total
287,196,663
294,823,081
301,284.000
185,000
Inc.
•Sliver
2,516,633,527 2,103,886,861
Bills discounted...Inc. 97,561,000 3,985.307,000
Dec. 20,703,000 2,759,116,000 2,116,370,649 2,086,257,920
Advances
37,625,549,345 36,602,902,280
Note circulation_ _Inc. 94,258,000 40,338,741,000
19,724,901
17.884,036
14,623,000
420,000
Treasury deposite_Ine.
1,974,324,970 2,178,992,636
1,727,181,000
18,904,000
General depos1t8_ _Dec.
•••.m.
.1.••
1440
THE CHRONICLE
[VoL. 119.
23/2%, with 23
%@3% for ninety days (unchanged). grain bills which had been sent forward for collection
Four, five and six months' money, however, ranged are now falling due and that within the next few weeks
between 3@33%, against 3% last week. The mar- offerings from this source will have to be reckoned
ket has been a dull affair. Offerings continue ample, with. In addition to this, London was a seller of
but the deniand has been light with borrowers ap- sterling, ostensibly in preparation for approaching
parently showing little interest.
interest payments on American indebtedness, and is
Mercantile paper rates have not been changed from expected to be active for some little time to come.
3@331% for four to six months' names of choice Supporting orders made their appearance only at
character, with,names not so well known still requir- intervals, since large operators of the more speculaing 33114)332%. New England mill paper and the
tive type are still holding off. The result of these
shorter choice names continue to pass at 3%. High- mixed factors was small fractional declines that cargrade names were in good demand and a fair amount ried demand from 4 46% on Saturday last to 4 45%
of business was transacted. Dealings were reported on Tuesday. Later on, a buying movement of modas well diversified.
erate proportions developed, based on transfers of
Banks' and bankers' acceptances were easier and funds, chiefly to London, Geneva and Amsterdam,
further fractional reductions were made in the open to take advantage of the higher interest rates prevailmarket rates, though yesterday rates for the shorter ing there, which carried quotations back to 4 47 9-16,
dates were fractionally advanced. Prime accept- although some of this was lost before the close.
ances were absorbed by both local and country banks. Short covering also figured in the dealings and aided
Offerings were liberal and the week's turnover larger in the recovery. Dealers are said to be postponing
than for some little time. For call loans against all but the most necessitous transactions in order to
bankers' acceptances the posted rate of the American await the outcome of the much-talked-of German
Acceptance Council remains at 13/2%, unchanged. loan. Now that the Dawes plan is out of the way,
The Acceptance Council makes the discount rate on market experts are turning their attention to the
prime bankers' acceptances eligible for purchase by probable effects of its workings upon Europe's ecothe Federal Reserve banks 2A% bid and 2% asked nomic and financial status. Hopes run high in some
for bills running 30 days, 23j% bid and 2% asked for quarters of widely beneficial results to follow in the
bills running 60 days, 23i% bid and 23/% asked for form of restoration in trade relations; but the more
bills running 90 days, 2%% bid and 231% asked for cautious continue to warn against over-optimism in
120 days, and 25
/% bid and 2%% asked for 150 and this direction, pointing out the long delays likely to
180 days. Op-en market quotations follow:
be encountered before anything is actually accomSPOT DELIVERY.
plished along these lines.
60 Days.
90 Days.
30 Days
Prime eligible bills
As regards quotations in greater detail, sterling
23402
23402
234 0234
FOR DELIVERY WITHIN THIRTY DAYS.
exchange
on Saturday last was a shade firmer with
Eligiblo‘ember banks
234 bid
Eligible non-member banks
demand
up
a fraction to 4 46 3-16@4 45%, cable
234 bid
transfers 4 46 7-16@4 467
4 and sixty days 4 43 11-16
There have been no changes this week in Federal @4 443/g; trading, however, was dull and
narrow.
Reserve Bank rates. The following is the schedule On Monday irregular weakness developed and there
of rates now in effect for the various classes of paper was a decline to 4 459@4 461
% for demand, to
at the different Reserve banks:
4 46@4 46% for cable transfers, and to 4 433@
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
4 43% for sixty days; offerings of commercial bills
SEPTEMBER 26 1924.
and less favorable foreign news were mainly responPaper Maturing—
sible for the recession. No increase in activity was
After 90 After
noted on Tuesday and rates remained at close to 'the
Days, but
but
Within 90 Days.
Within 6 Within 9
FEDERAL RESERVE
Months. Months. levels of the preceding day; the range for demand was
BANK.
Com'rcka Secured
Agricui.* Agricul. 4 45%@4 463/g, for cable transfers 4 45%@4 46%,
Agricul. by U. S. Bankers' Trade
and
and
teLivesrk Govern't Accep- Accep- Livestock Livestock and for sixty days
8@4 43%. Wednesday the
4 423/
Paper. Obliga- tances. tances. Paper. Payer.
n.e.s.
lions.
market displayed a firmer undertone as a result of
Boston
3%
33.4
33.4
3%
33.4
334
more active buying and rates advanced to 4 46%@
New York
3
3
3
3
3
3
Philadelphia
334
33.4
314
314
334
334
4
47 5-16 for demand, to 4 46%@4 47 9-16 for cable
Cleveland
314
334
315
31.4
33.4
334
Richmond
4
4
4
4
4
transfers, and to 4 43%@4 44 13-16 for sixty days.
Atlanta
4
4
4
4
4
4
Chicago
4
4
4
4
4
4
St. Louis
Dulness featured Thursday's dealings and rare move4
4
4
4
4
4
4%
Minneapolis
4%
434
414
4%
434
Kansas City
4
ment were narrow though firm;'demand bills ranged
4
4
4
4
Dallas
4
4
4
4
4
4
San Francisco
354
3%
334
between 4 46%@4 47 9-16, cable transfers 4 47®
3%
334
3%
*Including bankers' acceptances drawn for an agricultural purpose and secured
4 47 13-16 and sixty days 4 443@4 45 1-16. On
by warehouse receipts, &c.
Friday irregular weakness prevailed and quoted rates
Movements in sterling exchange this week have declined fractionally to 4 46%@4 473/i for demand,
been rather erratic, although actual price changes to 4 467
4@4 47% for cable transfers, and to 4 44%@
have been confined to a few points in either direc- 4 44% for sixty days. Closing quotations were
tion. Almost from the start rates displayed irregu- 4 44 3-16 for sixty days, 4 46 11-16 for demand and
larity, moving first one way then the other, with no 4 46 15-16 for cable transfers. Commercial sight bills
definite tendency either up or down. This backing finished at 4 46 9-16, sixty days at 4 42 7-16, ninety
and filling was apparently due to cross currents in days at 4 4115-16, documents for payment (sixty
the week's developments as concerns the interna- days) at 4 42 11-16 and seven-day grain bills at
tional political situation. Signs of political, unrest 4 46 1-16. Cotton and grain for payment closed
abroad in certain directions exercised somewhat of an at 4 46 9-16.
adverse effect on market sentiment at times. More • No gold was received this week. As to the outdirect influences, however, were intimations that ward movement, fyrther shipments for India have
larger supplies of commercial bills are forthcoming. been made, it is understood, amounting to 8509,000,
It is claimed that thirty and sixty-day cotton and in bars of 4,000 ounces each. This is said to
SEPT. 271924.]
THE CHRONICLE
be rather unusual as Indian consignees generally
insist upon 50-ounce bars. Thus far abut $3,500,000 has already been shipped. A shipment that
attracted attention was $680,000 in silver bullion
from San Francisco to Hamburg, consigned to the
Reichsbank. This is said to be the first transaction
of its kind as yet undertaken. A small amount of
gold coin has been forwarded to Canada ($130,000),
which aroused considerable comment for the reason
that Canadian exchange is now at a discount.
1441
3 , against
on the French centre finished at 5.274
3 , against 5.30%;'
5.29%; cable transfers at 5.284
3 , and
3 , against 5.284
commercial sight bills 5.26%
a week
against
5.23
,
2
commercial sixty days 5.213/
and
checks
for
4.86
at
closed
ago. Antwerp francs
was
close
the
week
Last
remittances.
4.87 for cable
4.953/ and 4.963/
2. Final quotations for Berlin
marks were 0.0000000000238(unchanged). Austrian
kronen finished at 0.00143/g, the same as a week ago.
Lire closed the week at 4.383/2 for bankers' sight bills
and 4.3932 for cable transfers. This compares with
4.373/ and 4.383/2 a week earlier. Exchange on
/s, against 2.99%; on
Czechoslovakia finished at 2.993
%; on Poland at
Bucharest at 0.513/2, against 0.513
193j (unchanged), and on Finland at 2.51, against
2.513 the preceding week. Greek exchange closed
2 for cable transfers, as
at 1.75 for checks and 1.753/
week.
last
and
1.783
against
1.789'
.As to the Continental exchanges trading has been
all but at a standstill during much of the time. Rate
variations have been narrow and usually devoid of
significance. In a word, the market is still marking
time, awaiting a new turn in European affairs. As
a matter of actual fact, now that reparations uncertainties have been removed as a potential factor, a
host of other perplexing problems have sprung up
As to the former neutral exchanges, the trend was
overnight, as it were, to becloud the international
skies. France's internal finances continue a source toward higher levels, and both guilders and Swiss
of uneasiness, while revolutionary outbreaks here and francs moved up sharply. Gains of more than 15
there, as well as threats of another conflagration points were made on good buying based on transfers
among the Balkan States, were not liked. French of funds induced by the wide disparity in the world's
francs have been the most active feature of a dull, money markets. In the Scandinavians, Danish
narrow market, but rates have not been materially exchange attracted attention by an advance of 32
2@5.24. points, while Norwegian currency exhibited a smaller
altered. The week's range has been 5.313/
Some apprehension still exists regarding the future of gain. Here also transfer of funds was considered
the franc, even with reparation payments in prospect. mainly res ponsible for the rise in prices. Spanish
No attempt is made to minimize the extremely deli- pesetas, on the other hand, were adversely affected
cate task that confronts Premier Herriot in the by reports of internal political dissensions in Spain
preparation of a balanced budget that will meet the and fresh difficulties arising from the troublesome
approval of both Parliament and people. Reduction Moroccan campaign and the undertone was easier,
in the wheat yield also is an adverse factor. Ant- although Government control served to prevent
werp currency, which usually follows the lead of anything like a break in values, and at the close
Paris, attracted attention by deviating from this there was a sharp advance.
Bankers' sight bills on Amsterdam finished at
custom and showing weakness for a time as a result of
selling pressure. This excited no great surprise for 38.61, against 38.45; cable transfers at 38.65, against
the reason that it was regarded as a natural reaction 38.49; commercial sight bills at 38.55, against 38.39,
to the recent strength. Stimulating factors of late and commercial sixty days at 38.19, against 38.03.
have been the placing of the $30,000,000 Belgian a week ago. Closing rates for Swiss francs were
loan in combination with improved industrial condi- 19.023/2 for bankers' sight bills and 19.033/2 for cable
tions. The market, however, had become slightly remittances, in comparison with 18.89 and 18.90 a
topheavy, and as buyers withdrew recessions occurred week earlier. Copenhagen checks finished at 17.22
that carried the quotation down from 4.95 to 4.78. and cable transfers at 17.26, against 16.90 and
The spread between Belgian and French currency is 16.94. Checks on Sweden closed a% 26.58 and
now at about 48 points. A short time ago it was cable transfers at 26.62, against 26.58 and 26.62,
reduced to as low as 20 points. Some months ago it while checks on Norway finished at 14.02 and
had crept up to 60 and during the spring for a time cable transfers at 14.06, against 13.74 and 13.78
went as high as 120, a state of affairs that inflicted a week earlier. Spanish pesetas closed at 13.433/2
2 for cable transfers. A week
severe losses on Belgian merchants. It is noted that for checks and 13.453/
while Antwerp francs have been declining, Belgian ago the final range was 13.20 and 13.22.
With regard to South American exchange the
Government Bonds have advanced substantially, and
this led to the belief that Belgian interests were selling situation remains without important alteration. The
their currency and buying bonds.
market is quiet but strong and Argentine checks
Aside from franc movements, there is little to closed at 35.69 and cable transfers at 35.74, against
3 and 353/ last week. Brazil exchOge finished
report. Reichsmarks remain unchanged at nominal 35%
levels. The same thing applies to Austrian kronen. at 10.85 for checks and 10.50 for cable transfers,
Italian lire were fairly steady, but at very close to against 103 and 10 5-16 a week ago. Chilean exthe figures ruling last week, on a light volume of change was a shade easier at 10.60, against 11.00,
transactions. Greek drachmas Were also inactive with Peru at 4 16, against 4 11 the previous week.
and slightly easier. Currencies of the minor Central
Far Eastern exchange was very firm, especially
European countries ruled quiet and without essential the Chinese currencies, which reflected sharp adchange, with the exception of Rumanian lei, which vances in the price of silver. German, Russian and
3 points, Polish interests were buyers of large amounts of
moved down to 0.50, a further decline of 1%
or a total loss of more than 7 points since the failure the metal for coinage purposes, while India and
of the Rumanian Government to negotiate a loan China were also in the market. Hong Kong closed
at 54@543, against 54@543; Shanghai, 77@
with French and English bankers a few weeks ago.
3 ,against 763/2@77; Yokohama,40%@41,against
The London check rate on Paris closed at 85.05, 774
2, against 50@503;
against 84.17 a week ago. In New York sight bills 41@413; Manila, 503@503/
.1442
•
THE CHRONICLE
Singapore, 52/@52%, against 523/
2@,52%; Bombay, 33(4)333., against 33@3331., and Calcutta,
33A®33% (unchanged).
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
SEPT. 20 1924 TO SEPT. 26 1924, INCLUSIVE.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
[VOL. 119.
Sept. 26 1924.
Banks of
Gold.'
Saver.
Sept. 27 1923.
Total.
Gold.
Total.
£
England_ _ 128,425,337
128,425,33 127.658,26
127,658,268
France a _ _ 147,188,565 12,040,000159,228,56 146,959,700 11.780,000 158,719,700
Germany c 22,027,850 1,044,150 „ 28,244,350 3,475,400 31,719,750
Aus.-Hun b2,000,000
b
b2,000,00 b2,000,000
b2,000,000
Spain
101,393,000 26,151.0001127.544,000 101,028,000 26,335,000 127,363,000
Italy
35,587,000 3,422,00 38,989,000 35659,000 3,022,000 38,681,000
Netherl'ds. 44,300,000
984,0
45,284,000 48,483.000
861,000 49,344,000
Nat. Bele_ 10,819,000 2,652,000 13,471,000 10,789,000 2,375,000
13,164,000
Switeland. ZIJ,204.
3,746,000 23,950,000 21,060,000 3,944,000 25,004,000
Sweden_ _ _ 15,473,000
15,473,00• 15,147,000
15,147,000
Denmark _ 11,642,000 1.119,0001 12,761,
11,648,00
244,000 11,892,000
Norway
8,182,000
8,182,III 8,182,000
8,182,000
Total week 547,221,752 51,158,150598,379,902 556,858,318 52,016,400 608,874,718
Prey. week 545,560,526 51,121,200 596,681,726 556,843,267 52,129,400
808,972,687
a Gold holdings of the Bank of France this year are exclusive of
£74,573,977
held abroad. b No recent figures. c Gold holdings of the
Bank of Germany this
Year are exclusive of £5,160,650 held abroad.
I
Heading Off La Follette and a Third Party.
Under the title "How to Head Off a Third Party,"
Sept. 20. Sept. 22. Sept. 23. Sept. 24. Sept. 25. Sept. 26.
EUROPEthe
New York "Times" in its issue of Sept. 14, de$
$
$
$
$
$
Austria, krone
000014 .000014 .000014 .000014 .000014 .000014
Belgium, franc
0496
.0494
votes
a long editorial to explaining the menace of a
.0486
.0484
.0479
.0482
Bulgaria, lev
.007325 .007311 .007310 .007300 .007269 .007300
Czechoslovakia, kron .029908 .029914 .029923 .029922 .029923 .029910
third
party, and offers a concrete suggestion for
Denmark, krone
1697
.1704.
.1713
.1724
.1723
.1725
England, pound stermeeting
it. According to the "Times," the most that
ling
4.4617
4.4650
4.4591
4.4671
4.4749
4.4686
Finland, markka
.025110 .025105 .025112 .025117 .025116 .025107
the
La
Follette
forces expect to do this year is to
France,franc
0531
.0527
.0530
.0529
.0526
.0528
Germany, reichsmark
a
a
a
a
a
a
prevent
any
candidate
for the Presidency from obGreece, drachma
.017846 .017668 .017714 .017688 .017833 .017542
Holland, guilder
3853
.3853
.3856
.3860
.3883
.3681
taining a majority in the Electoral College, but if
Hungary, krone
.000013 .000013 .000013 .000013 .000013 .000013
Italy, ilia
.0438
0439
.0438
.0439
.0439
.0439
they succeed in doing this, "the resulting confusion
Norway, krone
1380
.1380
.1378
.1403
.1392
.1389
Poland.zloty
1925
.1922
.1922
.1921
.1921
.1921
and the crystallizing of discontents into votes" will,
Portugal. escudo
0323
.0324
.0325
.0335
.0331
.0329
Rumania,leu
005111 .005043 .004985 .004938 .005072 .005100
it is claimed, almost certainly lead to the formation
Spain, peseta
1324
.1323
.1349
.1322
.1331
.1325
Sweden,krona
2662
.2662
.2661
.2661
.2661
.2661
of a third party later. Such a party, the "Times" beSwitzerland, franc_ .1890
.1890
.1893
.1903
.1900
.1901
Yugoslavia, dinar__ .013895 .013942 .013950 .013990 .013927 .013890
lieves, would not only introduce into American polASIAChinaChefoo, tact
itics the evils of group or class government, but
7650
.7708
.7725
.7717
.7729
.7725
Hankow,tael
.7621
.7678
.7684
.7691
.7694
.7691
Shanghai, tact
would also carry "the added threat that either the
7525
.7566
.7556
.7580
.7567
.7577
Tientain, tadl
7713
.7792
.7808
.7800
.7813
.7808
Hong Kong, dollar_ .5338
.5355
.5351
Republican
.5350
.5354
.5351
or the Democratic Party would be terMexican dollar
.5415
.5404
.5358
.5392
.5398
.5392
Tientsin or Peiyang
rorized
tempted
or
into making an alliance with the
dollar
5413
.5350
.5367
..5375
.5417
.5367
Yuan dollar
5325
.5392
.5417
.5433
.5317
.5400
new
party
or
abjectly
surrendering to it." "Justly
India,rupee
.3274
.3277
.3276
.3274
.3281
.3281
4041
AIM. yen
.4028
.4011
.4011
.4003
.4012
or
unjustly,"
the
"Times"
continues,"the Republican
(5.S.)
do
Singapore
.5138
.5103
.5150
.5150
.5147
.5100
NORTH AMER.Party has come to stand in the public mind as the
Canada, dollar
999542 .999559 .999540 .999581 .999832 .999770
Cuba, peso
999297 .999297 .999193 .999271 .999297 .999297
party predominantly of the well-to-do, of conservaMexico, peso
489583 .489750 .489219 .489375 .489219 .489792
Newfoundland, dolla .997135 .997031 .996927 .997240 .997240 .997214
tives
who dread all change, of people who live in conSOUTH AMER.Argentina, peso (gold) .8046
.8119
.8075
.8068
.8116
.8088
stant
fear that their property rights may be impaired
Brazil, milreis
1015
.1013
.1036
.1024
.1057
.1052
Chile. peso (paper)
.1092
.1092
.1065
.1096
.1080
.1089
rtm,m,av n...
and
their
.8418
special privileges cut down." A Republi.8405
.8428
8421
_8448
.8491
a Quotations for German reichsmarks have been: Sept. 20, .000000000000238: can success in November, accordingly,
"would
Sept.22,.000000000000238;Sept.23,.000000000000238:Sept.24,.000000000000238:
Sept. 25. 000000000000238; Sept. 26, .000000000000238.
promptly inflame the resentments and feed the agitations" upon which a third party, if it comes, will
The New York Ole ;ring House banks, in their
operations with interior, banking institutions, have be built. The Democratic Party, on the other hand,
gained $4,004,300 net in cash as a result of the cur- "by tradition and inheritance," possesses, far more
rency movements for the, week ended Sept. 25. than the Republican Party, "the very kind of politTheir receipts from the interior have aggregated ical material" of which the La Follette movement is
$5,130,220, while the shipments have reached $1,125,- composed, and if it is returned to power the third
party sympathizers may be expected "to cling to it
920, as per the following table:
and
work through it." Witness the Populist moveCURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
ment, which rose under a Republican Administration
and disappeared with a Democratic President. WitInto
Out of
Gain or Loss
Week Ending Sept. 25.
Banks.
Banks.
to Banks.
ness the Progressive movement, born of a revolt
Banks'interior movement
55,130,220
31.125,920 Cain $4,004,300 against Republican methods, and dissipated
when a
As the Sub-Treasury was taken over by the Fed- Democratic Administration,"distinctly appealing to
eral Reserve Bank on Dec. 6 1920, it is no longer forward-looking men," was installed. If the people
possible to show the effect of Government opera- want to "head off any large movement of the dissatistions on the Clearing House institutions. The Fed- fied," the way to do it is to vote for Mr. Davis.
It seems to us that the argument which the
eral Reserve Bank of New York was creditor at the
"Times" has elaborated is essentially unsound, and
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK that the remedy which it proposes is wholly illusory.
AT CLEARING HOUSE.
Leaving Mr. La Follette and his particular program
Saturday, Monday. Tuesdait, Wednesd'y, Thursday, Friday,
Aggregate
at one side for the moment, what in general are the
Sept. 20. Sept. 22. Sept. 23. Sept. 24. Sept. 25. Sept. 26.
for Week.
chances
of third party success in this country? They
5
70,000,000 76,000,000 55.000.000 72,000.000 40,000,000 75,000,000 Cr.388,000.000 are, we think, extremely
slight. The United States
Note.-The foregoing heavy credits reflec the huge make of checks which come
to the New York Reserve Bank from all parts of the country in the operation of has had, for a hundred and thirty-five years, a practhe 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 tically unbroken tradition of two, and only two, imInstitutions, 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 portant national parties. The origin of the twoNew 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 party system is in the nature of the American GovXtankfor collection for the account of the local Clearing House banks.
ernment, a Federal system in which a written Constitution
divides the powers of Government between
The following table indicates the amount of bulthe nation and the States, and reserves to the people
lion in the principal European banks:
'Country and Monetary
UnU.
SEPT. 27 1924.]
THE CHRONICLE
1443
that a labor party is practically synonycertain rights which . neither the nation nor the sumption
with a third party such as it fears. Organized
States may infringe. From the beginning, accord- mous
this country has thrown its weight with the
in
ingly, we have had on the one hand a succession of labor
seemed most likely to further its particuthat
parties, starting with the Federalists and coming party
s; it has been at least quite as much Reinterest
lar
ans,
down through the Whigs to the present Republic
as Democratic, and any convincing proof
who have held that the nation must,in the nature of publican
e this year is likely to be given to La
things, be increasingly magnified at the expense of that its influenc
yet, we think, to be brought forward.
the States, and who have committed themselves in Follette has
These are matters of history. 'The assumption
general to the policy of centralization; and on the
ts, if successful, would draw into
other hand the Democratic Party, advocating in gen- that the Democra
Follette procession of the disconLa
the
eral State rights, decentralization, and a strict rather their ranks
ied seems to us, on grounds of
dissatisf
and
tented
than a liberal interpretation of the Constitution.
without reasonable foundation.
wholly
ity,
probabil
As long as the Constitution continues, and the resituation? The one cardinal prinlations of the States and the nation have to be ad- What is the actual
ishes the La Follette platform
justed and their respective spheres defined, the fun- ciple which distingu
demand for the Government
damental issue which historically has divided par- from the others is its
of railways, mines and various
ties will remain. It is not a question of a Republican ownership or control
natural resources. Were this
Party composed "predominantly of the well-to-do, of other industries of
the Republican regime of
conservatives who dread all change, of people who principle to be applied,
the "Times" alludes
which
to
privilege
live in constant fear that their property rights may wealth and
eled degree of Fedunparall
an
by
replaced
be impaired and their special privileges cut down," would be
wealth might
personal
which
under
on
and of a Democratic Party whose history, to quote eral usurpati
privilege
which
of
means
by
but
r,
disappea
the "Times" editorial, "has been marked by a con- indeed
exgreatest
As it happens, the
stant attempt to give due expression to the aspira- would run rampant.
of
domains
authority into the
tions of the great masses of the people." It is a ques- tension of Federal
d
witnesse
been
ever
that has
tion of those who, on the one hand, would.have the State and private rights
Adtic
Democra
the
under
Federal Government do as much as possible and al- in this country took place
t Wilson, and from the orgy
ways more and more, relegating the States to infe- ministration of Presiden
necessities of war alone
the
riority and controlling business and private life of centralization which
yet recovered. If the
not
has
through statutes and administrative regulations justified the'country
absorb a third party
to
order
in
Party,
emanating from Washington, and on the other of Democratic
Wilson methods of
the
to
itself
commit
to
is
those who would curtail the Federal usurpation element,
personal government from
which has grown by leaps and bounds, and recover arbitrary authority and
be free, it will proclaim
for the people and the States the powers which the which the country longs to
only in war is the policy of
Constitution plainly intended that they should en- that a policy defensible
peace, and will drive out
joy. There is no place here for a permanent third highest wisdom in time of
constituency than it
party, and the danger which the "Times" seems to of its ranks more of its natural
party converts and
third
fear appears to use utterly fanciful. A mere differ- can hope to replace by
ence of opinion about the degree of centralization or allies.
Mr. La Follette,further, is bent upon withdrawing
decentralization that ought to be encouraged or tolits power to declare an Act
erated is no foundation for a national party, and from the Supreme Court
, and to make Congress
tutional
unconsti
s
such a party, were it to attain for a time considerable of Congres
constitutionality of
the
of
judge
final
the
y
proportions, would assuredly end by allying itself virtuall
"Times" seriously believe
with the one side or the other of the only fundamen- its own acts. Does the
that Mr. Davis, a lawyer of ability and distinction,
tal issue.
Follette is very far
The "Times" appears to think that such an alli- favors such a program? Mr. La
League of Nathe
ance, consummated by a process of absorption, would from being enthusiastic about
is outspokenly
hand,
naturally come about if Mr. Davis and his party were tions; Mr. Davis, on the other
States to join
United
the
successful in November, and that the discontents for the League and wants
pride themwho
rs
supporte
of which the La Follette movement is at present the it. Are the third party
prepared
Follette
La
with
eye
to
organized embodiment, would then cease to trouble selves on seeing eye
into the
them
lead
him
let
and
Davis
or make afraid. Perhaps this is so, but the illustra- to flock to Mr.
reducof
plan
concrete
a
has
Coolidge
Mr.
tions by which the "Times" seeks to support its con- League?
economy
rigid
g
enforcin
and
taxation
national
tention strike us as peculiarly unfortunate. The ing
also wants exPopulist movement did not disappear because of the in national expenditure; Mr. Davis
the La Follette
election of Cleveland in 1892. The Populist move- penditures and taxes reduced, but
control, were
and
ip
ntent was as good as dead before Cleveland was nom- program of Government ownersh
the counsaddle
inated, and it died because its foundation of prin- it ever to be put in operation, would
with
which
son
compari
ciple was flimsy and its program of reform utterly try with financial burdens in
Wilson
the
which
dollars
specious. The "formidable Progressive Party" of the more than a billion
upon the rail1912 did not disintegrate because Wilson was chosen Administration bestowed out of hand
e.
How many
bagatell
a
seem
President; it disintegrated because while it espoused way employees would
the elecfor
ng
clamori
are
who
ied
the cause of radicalism it represented, after all, of the dissatisf
flock
to the
to
expected
be
may
of
La
Follette
tion
mainly the personal antagonism of Mr. Roosevelt to
of
economy
akin
platform
a
on
Davis
Mr.
d
of
standar
Mr. Taft, and when Roosevelt had succeeded in deto
ready
are
many
how
and
Coolidge
Mr.
of
that
te.
to
the
to
return
party
feating Taft, he was ready
ent
ip
Governm
which
taxes
ownersh
the
to
up
stand
his
s
left
with:
death
follower
re
fold. His prematu
?
involves
e
the
out
meantim
the
breaking
in
out a leader, and
The third party movement is not the menace which
of the World War introduced wholly new issues.
"Times" fears. The apparent solidarity of its
the
ast
in
its
apparen
"Times"
the
follow
we
Nor can
1444
THE CHRONICLE
supporters is superficial, and the one distinctive feature of its program is impracticable. There is no
place in our system for a permanent third party except on the basis of revolution, and any party which
appealed for support at the polls on the ground that
its candidate for President, if elected, would be accepted by revolutionaries as an approximation to
their ideal, could have nothing to face except resounding and well-merited defeat.
[VoL. 119.
belonging to the tens of millions of citizens. Yet
we are told, because a few men have grown very rich,
that these vague, indefinable "property" rights are
what rich men "believe" the Constitution "solely"
guarantees. "Rich" men generally have sense enough
to know that it is this very personal right to own
property, as well as to work to earn and accumulate
it, that is one of the chief motives of a Constitutional
Government.
If a man cannot own, individually, he cannot use
personal
ly. Socialism is slavery. It is impossible
Ownership of Property Is a Personal Right.
to conceive of our own country, our own stamp of
Senator Burton K. Wheeler, candidate for Vicecivilization, without private ownership of property.
President on the La Follette Progressive ticket, in a
Yet because, in the operation of industry, some men
speech at Pittsburgh, recently, attacking the Secregrow rich, we are met with the charge that "property .
tary of the Treasury, said: "Mr. Mellon, I believe,
rights," so-called, control the Government. The
embodies the economic idea that is now in control
phrase "vested interests" has been coined and made
of the Government. It is the idea that Government
to do duty in politics. If property controls the Govexists solely for the protection of property, the idea
ernment, why is there not a general property qualithat property is sacred, and that little else is. Men
fication for voters? If the rich men alone "control"
get that idea who spend too much of their time and
the Government, why do they allow the poor men to
thought (to) the amassing of property."
vote? There has been a scandal over the leasing of
"They get the idea in particular that the Constituoil lands. How small a part of the "property" or
tion was drafted by the Constitutional Convention
"wealth" of the people is involved! Would it be comand ratified by the people back in 1789 for the single
mon sense to say that the party in power, composed
purpose of protecting property. Many of our wealthy
of millions of men of varying degrees of private ownpeople, I truly believe, do not know that the Constiership of property, is, therefore, responsible? There
tution was intended to protect human rights as well
were grave scandals in war-time, involving property,
as property rights. And so when we attempt to make
wealth, capital; is this party to be charged with conthe Constitution's provisions effective it is not
trolling the Government in the interest of property
strange that they cry out in pain."
rights as against human rights? Perhaps there is
We have spoken of this matter of "property rights" a charge
of this kind made by discordant elements
at other times. Perhaps it is useless to refer to this
banded together under a Third Party name, but are
.Progressive idea again. But if property has rights we
to forget that these elements include Socialists
which in no sense .relate to the individual, to the
who do not believe in private ownership? On the
•"human," then what harm can they do? How can
contrary, if the Government owned all property,
this contrast between so-called "property rights" and
would not property control the Government and the
•'human rights" be raised and made to do duty as a
human rights disappear? What human right would
political issue? It is mere pettifogging, intended to
be left if there was no human right to own and conrebut the charge that this Progressivism is striking
trol property by which to labor and live?
at the Constitution. The premise is that this politWhen we come down to "brass tacks" this human
ical element is defending "human" rights and thereright to own property is the right upon which and
fore cannot be justly charged with attacking the Conby which our great progress as a free people is sestitution. Why,then, talk of putting the Legislative cured.
It cannot be taken away from the very rich
•above the Judiciary? Both human rights and so- without
taking it away from the moderately rich. It
called property rights go down with the fall of the means,
if anything, the taking away of the right to
Constitution. Perhaps "rich" men are able to see the farm, the
shop, the store, the home furnishings
this. Perhaps poor men, workingmen, could and and tools
of the workingman. Of what avail the huwould see it if they were allowed to think clearly, man right to labor
while the State owns all the propfreed from the confusion aroused by these specious erty? The corpora
tion in no wise alters the condiarguments. How can any reasoning and reasonable tion. Ownership of
shares is still a personal right.
man fail to perceive that the right to own, to use, to As everyone knows,
the ownership of shares is conoperate "property" is one of the greatest if not the stantly spreading among
the people. Managers of
greatest of human rights? Without individual own- corporations are constantly
urging wider distribuership of property as a private right we can only tion. If the corporations
control the Government,
have collective ownership, and that way lies Social- and the people, through
shareholding, control the
ism and Communism!
corporation, then do not the people still control the
And it is useless to intervene and say the corpora- Government? The truth is that
the ownership and
tions own the country and control the Government. operation of corporations and
the operation of GovThey do not own the private right to labor when, ernment are things apart. Only
because we have enwhere and as one wills. They do not own any "prop- tered upon a saturnalia of lawmaking do they seem
erty" save through the ownership vested in shares to come together. The operati
on of Government has
belonging to stockholders. So-called "holding com- little to do, otherwise, with the
operation and use of
panies" derive all power from corporations deriving property. Government functions
chiefly to protect
power from individual stockholders. Corporations the individual in the ownership
and use of private
do not own the farms and homes of the country. property. Fundamental laws
surround this use and
They do not own those material institutions designed operation, through common
consent, and Governfor public operation and benefit, institutions held in ment has no further interest. If
the individual lose
trust for the people by the Government. They do his property, the Government has
no concern—does
not own the thousands of articles of use and beauty not undertake to make good the
loss. If the individ-
SEPT. 27 1924.11
THE CHRONICLE
1445
E. Edgerton,
s of Railroads as Factors in Business," and John
ual, owning and operating, increase his holding
Association of Manufacturers, on "Makhis President National
Cropsey,
property, the Government puts no limit upon
ing Securities Secure." On Oct.2 Justice James C.
speak on "The Re-,
will
York,
New
of
Court
Supreme
ownership.
ities of Citizenship," and Senator George Wharton
There are a disgruntled, shall we say, few (unfor- sponsibilof
Pennsylvania on "Banks and the Government."
Pepper
limit
tunately there are too many), who assert that a
convention will have an unusual number of
year's
This
must be placed on the amount or value-amount of special features. An agricultural exhibit demonstrating the
property which one man be allowed to own. Others, work of the Agricultural Commission of the Association,
been obtained from the
seeing the futility of trying to establish a dividing will show the results that have
the year for the promotion
during
n
campaig
ion's
Commiss
away
take
to
power
taxing
line, are willing to use the
ng,
of better live stock, the development of orderly marketi
from the rich in the vain belief that thus they can encouragement of crop diversification and the fostering of
give to the poor. No ultimate result can be predicted boys' and girls' club work on the farms. The Commission
for this theory and practice than that in time the has held conferences in 47 States in this connection. Ins
Dairy Council'
Government will own all, the citizens none. There Conjunction with this exhibit the National
shown.
be
will
Cow"
ical
"Mechan
undiwill be no rich and poor. There will only be an
Another feature will be the exhibit by the financial group
vided share in a Governmental estate. And with of the Special Libraries Association of a financial library in
this all property rights as now constituted will dis- the Auditorium Theatre. At the meeting of the Savings
solve. And as far as work and property are con- Bank Division of the Association in the Gold Room,Congress
presented depicting
cerned there will be no private right to save this un- Hotel, a seven reel motion picture will bewith the American
eously
Simultan
divided share. No man will be allowed to live on a the virtues of thrift.
on
Bankers Association gathering the second general conventi
farm or enter a factory save at the will of the offi- of the National Association of Bank Women will be held at
cers in charge. And this is not an overdrawn pic- the Drake Hotel, Chicago.
The possibilities of co-operative marketing being conducted
ture. We are already tending that way. We are
ties, to aid the
dallying with a vital principle of liberty and order, through Clearing Houses in small communi
will be among the
ns,
conditio
banking
benefit
and
farmer
y,
when, by assailing private ownership of propert
subjects discussed at a meeting of Clearing House Bank
simply because in some instances that ownership is Examiners to be held Sept. 29 to Oct. 2. The examiners
large, we try to show that property controls the Gov- will meet Monday afternoon Sept. 29 at the Congress Hotel.
ernment. The people may not always seem to conYork to
trol the Government efficiently, but they constitute Removal of Federal Reserve Bank of New
g.
Buildin
New
the only power that does control it, and this without
On Saturday and Sunday, Sept. 20 and 21, the Federal
regard to the amount of property each man owns.
Reserve Bank of New York moved nearly three billion
dollars of cash and securities from its vaults in the Equitable
tion in Building to the vaults of its new bank building on the
Associa
Bankers
an
-Americ
of
ion
Convent
Chicago Next Week.
corner of Liberty and Nassau Streets. On Monday morning
departments handling securi ies began operations in the new
n
America
the
of
sessions
main
the
ting
Plans for broadcas
building. In its announcement the bank said:
and
30
Sept.
probably the
Bankers Association convention in Chicago on
The movement of this amount of cash and securities was
York. Since
Oct. 1 and 2 have been completed, according to an announce- largest such movement ever made through the streets of New the
Equitable
Bank moved into its present quarters in
ment by F. N.Shepherd, Executive Manager of the Associa- the Federal Reserve
and its holdings of cash and
operations
its
of
volume
the
in
1916
Building
tion. Word has been received by Mr. Shepherd from M. A. securities have grown to be probably the largest of any bank in the world.
large part of
Traylor, President First Trust & Savings Bank of Chicago,
The occupancy of the new vaults was postponed until a
there
of the bank had been installed in the new building and
Chairman of the local arrangements committee, there that the personnel
and securicash
The transfer of
operation.
in
vault
drill
repeated
been
had
the proceedings will be broadcasted by Westinghouse ties was safeguarded in every possible way. All arrangements were apStates Secret Service and
Station KYW. The program which is to be presented at proved in advance by Chief Moran of the United
a staff of
Commissioner Enright. Chief Moran was present with
the main sessions, and the meetings of the various sections Police
of special policemen. Including the bomb squad,
a
detail
and
operatives
his
and divisions, were indicated in our issue of Sept. 13, pages was on duty under the command of Deputy Commissioner Murphy and
a dead line was
Captain Quinn of the Oak Street Precinct. On Sunday
1249-1250.
took place
around all of the blocks through which the movement
thrown
in
10
at
o'clock
morning
each
begin
sessions
general
The
trucks of the Adams
and each street approach was guarded by armored
on
armored
reputati
national
the
of
in
done
the Auditorium Theatre. Speakers
Express Co. The hauling of cash and securities was
on leading business and financial subjects will be heard. trucks of the Adams Express Co. and took about 100 trips.
of the
As a result of the move the following departmentssecond
Among them on Sept. 30 are Walter W. Head, President of
on the
the Association, who will speak on the part of the banker in bank opened for business Monday morning
, instead of in the Equitable
the nation's business; E. T. Meredith, former Secretary banking floor of the new building
•
:
Building
to
ure
Other
Agricult
of
of Agriculture, on "The Relation
Securities department
t
nt
bond
departmen
Governme
Business," and Dwight W. Morrow of J. P. Morgan & Co.,
Custody department.
on "International Loans." On Oct. 1 the speakers are
The entrance to the building to be used for the present
Arthur Reynolds, President Continental & Commercial is at 44 Maiden Lane. Of the total personnel of the bank
than 1,500 will
National Bank, Chicago, on "Tuning in With Events"; amounting to about 3,500, a total of more
.
building
new
the
in
at
work
be
on
RR.,
now
Central
"The
Illinois
C. H. Markham, President
The New Capital Flotations in August and the
Eight Months Since January I
New financing in this country continues on a large scale,
even though the total of the new issues for August, as arrived at in the very elaborate compilations presented further
below, does not reach the very exceptional proportions recorded in May and June of the present year. Our tabulations, as always, include the stock, bond and note issues by
corporations and by States and municipalities, foreign and
domestic, and also Farm Loan issues. The grand total of
the offerings of new securities under these various heads
during August reached $454,483,973, as against $428,299,766
in July, but comparing with $649,602,434 in June and $627,050,947 in May. As previously pointed out, some exceptional
offerings of large size served to swell the totals in these two
last mentioned months. In May the aggregate was swollen
by the offering of $150,000,000 new stock to its shareholders
by the American Telephone & Telegraph Co. In June the
magnitude of the awards by States and municipalities acted
to raise the total to unusual proportions, New York City
alone contributing considerably over $100,000,000. In April
the total of new issues coming on the market was $480,889,016, in March $365,030,818, in February $535,532,594 and in
January $536,082,690.
Usually new financing during the summer months is light,
but the present summer has proved an exception to the rule. •
The new loans brought out during August were a little below the average for the year to date thus far, but a total of
1446
THE CHRONICLE
[VOL. 119.
$454,483,973 is to be regarded as anything but light, inas- $10,000
,000 Canadian Pacific Ry.4% consolidated debenture.
much as it is at the rate of over $5,400,000,000 a year. The stock
offered at 81, to yield about 4.94%.
aggregate is far in excess of that of August of any previous
Industrial issues worthy of note were as follows: $8,000,year. In August last year the new flotations footed up only 000
Old Ben Coal Corp. 1st mtge. 6s, 1944, offered at 98, to
$232,105,540, in 1922 $202,676,116, in 1921 $214,741,755,
in yield about 6.17%, and $5,000,000 of this same company's
1920 $198,623,837, and in 1919 (the year following the con- 10-year
debenture 7%s, 1934, which were offered at par;
clusion of the armistice after private financing had been $10,000
,000 Sun Oil Co. debenture 5/
1
2s, 1939, offered at 99%,
held in suspense for nearly two years because of Americ
an to yield about 5.52%, and an offering to stockholders of
participation in the war and the bringing out of
huge Gov- Phillips Petroleum Co. of 370,133 shares of capital stock at
ernment loans), $346,670,307. An unusual amount
of the $32 per share, involving a sum of $11,844,256. The more imAugust financing of the present year was for the
purpose of portant issues in behalf of public utilities comprised the foltaking up old issues of securities. Our analysis shows
that lowing: $15,000,000 Commonwealth Edison Co. 1st mtge.
no less than $123,732,930 of the offerings were
to refund coll. trust 5s, "B," 1954, offered at 981/2, yielding about
outstanding issues. The railroads were
unusually promi- 5.10%; $12,500,000 Pacific Gas & Electric Co. 1st & ref.
nent in this respect, the Baltimore & Ohio having
brought mtge. 5/
1
2s, "C," 1952, offered at 98, to yield about 5.65%;
out a refunding loan for $75,000,000. But apart
from the $10,000,000 North American Co. 6% cum. pref. stock, offered
financing for refunding, the offerings during
August were to preferred and common stockholders at par ($50), and
large, the amount of new capital provision being
$330,751,- $9,000,000 American Gas & Electric Co. debenture 6s, Ameri043, which is far in excess of the new capital
raised in Aug- can series, due 2014, offered at 95/
1
2, yielding about 6.30%.
ust of the years immediately preceding,
In addition to the foregoing the following foreign corthe amount in
August 1923 having been only $207,963,498 and
in August porate issues totaling $28,000,000 came on the market: $22,1922 but $170,383,398.
000,000 Industrial Bank of Japan, Ltd., external 3-year
deb.
Municipalities and corporations are making the
heaviest Os, due Aug. 15 1927, offered at 99%, to yield about 6.25%;
appeals at the moment to the investment
markets for new $3,000,000 Lower-Austrian Hydro-Elec. Pr. Co. ("Newag")
capital and for refunding. The awards of
1
2s, 1944, offered at 85, yielding about
bonds during 1st (closed) mtge. 6/
August of the present year by States and
municipalities in 8%, and $3,000,000 Cespedes Sugar Co. (Cuba) 1st mtge.
this country reached $107,570,317, which
compares with $56,- 71,4s, 1939, offered at 99, to yield about 7.80%.
987,954 in August 1923, $69,375,996 in 1922,
Farm loan issues were limited to a single issue of $1,000,$94,638,755 in
1921, $59,6.34,048 in 1920 and $59,188,857
in August 1919. 000 during the month. The issue was Atlantic Joint Stock
The securities offered on behalf of
corporations, for new Land Bank 5s, 1934-54, offered at 101, to yield about 4.85%.
capital and refunding comhined, total for the
Three foreign Government loans aggregating $48,065,000
month the pres,
ent year $287,848,656, which is more
than double the amount were floated here in August. The issues were: $25,000,000,
Kingdom of Norway 20-year external 6s, 1944, offered
of the corporate offerings in August
of any previous year exat
97/
1
2, to yield about 6.22%; $20,000,000 Argentine Nation;
cept 1919 and more than $20,000,000 in
excess of the 1919 6
mos. 5% Treasury notes, due Feb. 25 1925, offered on a
total.
37
/3% yield basis and $3,065,000 Republic of Bolivia externa
l
In analyzing the corporate issues brought
out in August, 25-year secured refunding 8s, 1947, offered at 93, to
yield
we find that railroad offerings greatly
predominated, reach- about 8.70%.
ing $116,340,000, as against only
The following is a complete summary of the new financ$66,028,500 in July, but
comparing with $119,341,900 in June
and $113,391,000 in ing-corporate, State and city, foreign Government, as well
as Farm Loan issues-for August and the eight months endMay. Industrial issues ranked next to
railroads in volume ing
with August, of the current calendar year. It will be
during August. The months' total was
$97,377,256, being a observed that in the case
of the corporate offerings we
small increase over July's output of
$88,784,532, almost dou- subdivide the figures so as to show the long-te
rm and the
ble the June total of $51,225,960, and compar
ing with $103,- short-term issues separately and we also separate common
923,250 reported for May. Public utility
offerings amounted stock from preferred stock.
to only $74,131,400 in August. This
compares with $124,- SUMMARY OF CORPORATE, FOREIGN
GOVERNMENT, FARM LOAN
364,512 in July, $145,507,250 in June and
AND MUNICIPAL FINANCING.
no less than $278,639,000 in May.
New Capital. Refundin0•
Total.
The total of corporate offerings during
August, as already
1924.
$
$
$
stated, was $287,848,656 and of this amount
MONTH OF AUGUST$219,967,000, or Corporate-Lon
g term bonds and notes_ 125,068,000
88,899,000 213.967,000
over 75%, comprised long-term issues,
Short term
7,627,000
$29,627,000 was short7,627,000
Preferred stocks
18,500,000
3,363,000
21,883,000
term and $38,254,656 consisted of stock
Common stocks
15,791,656
600,000
issues.
16,391.656
Foreign
28,000,000
28,000,000
• The portion of corporate issues devoted
to refunding purTotal
191,986,656
92,862,000 287,848,656
poses in August amounted to $92,862,000,
Foreign Government
28,065,00
0
20,000,000
or 32% of the total. Farm Loan issues
48,065,000
1,000.000
1,000,000
This unusually large percentage of issues
War Finance Corporation
for refunding pur- Municipal
106,699,387
870.930 107.570,317
poses is due mainly, as already noted, to
Canadian brought out In U.S.
al0,000.000 • 10,000.000
the placing of $75,U. S. Territories dr Possessions
000,000 Baltimore & Ohio RR. 1st mtge. 5s
of 1948, the proGrand total
330,751,043 123,732,930 454,483,973
ceeds being exclusively for refunding
8 MONTHS ENDED AUG. 31long-term debt. In Corporate-Long
term bonds and notes_ 1,280,797.223 288,208,377 1,567,005,
600
July $46,184,000, or slightly over 16%
Short term
217,033,000
36,270,000 253,303,000
of the total, was for
Preferred stocks
167,250,277
15,400,223 182,650,500
Common stocks
refunding purposes; in June the amount was $63,221,
404,021,129
5,500,000 409,521,129
300, or
Foreign
68,680,000
10.000,000
78,680,000
over 20%; ih May $48,701,000, or nearly 10%;
in April only
Total
2,137,781,629 353,378.600 2,491,160,229
$25,803,900, or 9%; in March only $11,529,000, or less than Foreign Government
229,005,000 150,000,000 379,005,000
Farm Loan issues
144,400,000
144,400,000
War Finance Corporation
5%; in February $37,285,000, or 14%, and in Januar
y $27,- Municipal
1,023,787,088
8,382,888 1,032,169,976
Canadian brought out in U. S.
792,400, or 9%. Of the $92,862,000 used for refunding
36,056.562
16,650,000
52,706,562
durU.S. Territories le Possession
6,035,000
6,035,000
ing August, $86,899,000 was long-term issues sold
to refund
Grand total
3.577.065.279 528.411.488 4.105.476.767
existing long-term issues, $2,000,000 was long-term to
a This is half of the $20,000,000 Province of Ontario bonds offered
refund
the United States and Canada: in the absence of more definite simultaneously
short-term. debt, while $3,963,000 was in the form of stock in
information, we
have assumed that half the amount found a market in Canada.
issues sold to refund existing short-term debt.
In the elaborate and comprehensive tables, which cover
The largest single issue of the month was the $75,000,000 the whole of the two succeeding pages, we compare
the foreBaltimore & Ohio RR. Co .1st mtge. 5s, 1948, offered at /2 going figures for 1924 with the corresponding figures for the
981 ,
to yield about 5.10%. Other large railroad issues were: four years preceding, thus affording a five-year comparison.
$16,000,000 Louisville & Nashville RR. Co. 1st & ref. mtge. We also furnish a detailed analysis for the five years of the
corporate offerings, showing separat
4%s, "C," 2003, offered at 94/
1
2, to yield about 4.82%, and the different classes of corporations.ely the amounts fov all
[1.g6T Lg udaS
____ _______ _ .----- ............ .....-........
NT FARM LOAN AND MUNICIPALI
SUMMARY OF CORPORATE, FOREIGN GOVERNME
1920.
1921.
1922.
I
1923.
1924.
Total.
ing.
l.
Refund
Capita
New
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
MONTH OF AUGUST.
New Capital. Refunding.
Total.
$
New Capital. Refunding.
$
S
$
$
$Longterm
$
470 000
84,47
$
000,000
,000
$
47069.
$
961, .000
IS
7,361,000
$
54,600.000
$
74.121,400
$
10,350,000
21.196.000
,400
S
000
0
52.925
10350
602,80
00
,900
0
48500
17387
,900
735,00
94,214
rate—
000
Corpo
4,115,
8.850.000
88.899.000 213.967,000
13,635,800
3,561,000
69,000
125.068.000
5.289,000
13.566.800
6.885,500
bonds and notes
2,500,000
4000000
2885500
2,500,000
7.627000
27,963.000
16,218.989
7.627,000
27.963.000
16,218.989
9,410.000
3,600,000
9.410,000
3,600.000
21,863,000
3,363.000
13.781,720
1.393,000
18,500,000
,720
12,388
786
5.146,
stocks
786
red
5,146,
Prefer
,656
0
16.391
600,00
,656
15.791
Common stocks
28,000.000
28.000.000
15,069,000 124,674,789
72.911,000 109,605.789
8496,000
Foreign
64,815,000
26.150.000 124,716.120
98.566,120
32,500,000
21,387,900 133.045,086
,000
32,500
92.862,000 287.848,656 111.657.186
194,986.656
40.000,000
40,000,000
Total
48,065,000
8,500,000
20,000,000
28,065,000
8,500.000
1,000.000
Foreign Government
59,684,048
1,000,000
3,401,666
56,282,382
94,638,755
241,000
94,397,755
,996
Farm 'Loan issues
69,375
4.250,000
718
6.142,
.278
n
63,233
ratio
4.250,000
56.987.954
4,100.000
2.753,642
54.234,312
4,100,000
War Finance Corpo
870,930 107,570,317
10,015,000
106,699.387
,000
10,015
,000
10.592
10.592,000
.000
Ylunicipal
10.000
84,000
0.000
§10.00
S_
U.
84,000
in
out
000
2.072,
2.072,000
Canadian broughtpossessions..
18,470.666 198,623,837
8,337,000 214,741.755 180,153.171
4,755
206.40-6.116 ---U.S.territories &
202,67---32,292.718 ---3.398
24.141,542 232.105.040 170,38
t found a market in Canads.
amoun
the
---.
a
2,930 454,483,973 207,963.498
ed
,
.,
assum
ve
123.73
•_
1,043
.
330.75
-—
--a
—
,14....1 a•-•
.. .1....
Grand total
nfrolni
220.000.000 Province Of Ontario hon
1 TIlla In half of the
H OF AUGUST FOR FIVE YEARS.
E ISSUES IN THE UNITED STATES FOR THE MONT
ORAT
CORP
NEW
OF
CHARACTER AND GROUPING
1920.
1921.
1922.
1923.
1924.
Total.
ing.
l.
Refund
Capita
New
Total.
ing.
Refund
New Capital.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
MONTH OF AUGUST.
New Capital. Refunding,
$
$
25100,000
$
15200,000
1010.000
1.500,000
1,500,000
$
4,878.900
11,420,000
$
1 .
Notes—
11,420000
25195,000
33,061,000
3611000
2515.000
29,450,000
Long Term Bonds &
11,440500
77100.000 111 40.00
470.00
34 40,000
500
10.970
,800
000
34,782
8,000,
,900
000
12,303
,900
2.250.
22,478
5,750,000
54,349.000
Railroads
470,000
1,500,000
12,500,000
.000
53.879
000
,000
1,500,
000
12,500
1.000.
1,000,00(
13.000.000
Public utilities copper, &c
7,029,000
5.971.000
110.000
110,000
960.000
1.000,000
Iron, steel, coal,
6.860,000
960.000
000
1,000,000
6.800,
s
000
cturer
4,850.
manufa
4.850.000
Equipment
16,600,000
6,000,000
4,641,000
6,000,000
11,959.000
1,375,000
10,300,000
ries
1,375,000
10.300,000
3.650,000
Motors and accessomanufa
3,650:666
g_ _
cturin
.000
000
24,600
000
2,000,
5,084,
&
.000
000
ial
19.516
2,000.
10,000.000
8.102.000
4,264,000
Other industr
85.000
5,736,000
'
8.017,000
20,240,000
20,240,000
18.568,000
7,000.000
Oil
6,000,000
18,568,000
1,000.000
..
1,000,000
22,750.000
Land. buildings, &c
1.000,000
,000
22,750
000
2,250,
2,250.000
22,600.000
Rubber
10,000,000
12,600,000
3.600.000
3,600,000
8,100.000
84.470,000
Shipping
136.000
15,000,000
7.964.000
.000
69.470
,000
61.961
000
7,361,
,000
s
54,600
74,121,400
Miscellaneou
21,196,000
52,925,400
17,387.900 111.602.800
.900
94,214
7,000
219,96
,000
88,899
8.000
131.06
Total
2,000,000
2.000,000
Notes—
3,350,000
3,350,000
5,000.000
Short Term Bonds &
2,225.000
8,650.000
3,561.000
5,000,000
2.225,000
5,089.000
6,400.000
4.000.000
000
2,400.
0
492.00
Railroads
0
492.00
1,500,000
Public utilities copper, &c
000
1,500,
2.500,000
Iron, steel, coal, cturers
2,500,000
1,500.000
735.000
765,000
2.000,000
Equipment manufa ries
000
2,000.
accesso
650,000
125,000
Motors and
125,000
650.000
cturing_ _
200,000
Other industrial & manufa
200,000
Oil
Land, buildings, &c
Rubber
485,500
485,500
23,485,000
10,350,000
—
Shipping
10,350.000
23.485.000
4,850,000
735.000
4.115,000
Miscellaneous
8,850,000
3,561.000
5,289.000
6,885.500
4,000.000
500
2,885.
.000
29,627
29,627.000
288,800
Total
288,800
2.500,000
2,500,000
5.602.720
Stocks—
5,602.720
6.274.250
6.274.250
19.290.400
4.880.000
Railroads
000
2,063.000
4,880,
.400
17,227
536
2,332.
2,332,536
1,750.000
1,400,000
2.899.000
Public utilities copper, &c
1,393.000
1,400.000
1,506.000
1,750.000
•
4,869.500
Iron, steel, coal, cturers
69.000
4,800.500
000
9,000.000
5,250,
Equipment manufa
...
000
000
5,250,
9,000,
000
000
1.925,
3,600.
1,925.000
3.600.000
4,150.000
1,668,000
Motors and accessories cturing_ _
1,900,000
1,668.000
2,250,000
11.844.256
945,000
Other industrial & manufa
945,000
11,844.256
1,400,000
1,400.000
500,000
1,250,000
Oil
0
1.250,000
500.00
13,046.489
Land, buildings, &c
13.046.489
,000
20,500
Rubber
,000
20,500
000
2,625,
2,625.000
720,000
69.000
29,854,789
Shipping
29,785,789
720.000
6.100.000
6,100,000
41.744.720
Miscellaneous
1.393.000
40,351,720
14,556,786
14,556.786
38,254.656
,000
25.000.000
15,000
3,963,000
,000
10.000
000
34.291.656
1,500.
1,500.000
Total
4,878,900
13,708.800
4,878,900
13,708,800
25.895.000
38,911,000
3,611,000
25,895,000
35,300,000
,220
25,693
000
Total—
2,225,0)0
77,000,000 116,340.000
4,031.
,220
000
21,662
2,225,
.050
000
39,340.000
47,457
8,000.
,900
000
16,303
2,250,
31,153.150
000
5,750,
.400
000
74.131
6,380,
12,500,000
000
Railroads
000
,000
2.533.
6.380,
12,500
536
3,332,
71.598,400
3,332.536
14.750,000
2,900,000
2.899,000
Public utilities copper, &c
7.029,000
000
000
1,393.000
2.900.
1,506,
000
0
7,721.
110,00
0
110.00
0
960,00
1,000,000
14,169,500
69,000
Iron, steel, coal,
1,000.000
14,100,500
960,000
6.350.000
0
735,00
000
5,615.
,000
,000
17,000
'
21,850
Equipment manufacturers
000
4,641,
,000
17,000
17,209,000
3,300,000
13,900,000
3,300,000
13,900,000
8,450,000
1,666.000
125,000
Motors and accessories cturing_ _
1.900.000
1,668,000
125,000
6.550,000
24,600,000
2,000,000
5,084,000
19,516,000
000
,256
2,000,
21,844
000
9,247.
000
85,000
4,264,
Other industrial & manufa
000
9,162,
.256
.000
17,580
21,640
21.640,000
19,068,000
7.000,000
1,250,000
6,000,000
Oil
1,250,000
1.000,000
19,068,000
1,000,000
35.796,489
Land, buildings, &c
1,000,000
35,796.489
2,250.000
000
2,250,
,000
43,100
,000
10.000
Rubber
,000
33.100
6,710.500
6,710,500
1 k 000 000 10,1 R.1.1 .7Oft
32,305.000
100 nnn 700
136.000
Shipping
72 011 non
32,169,000
R OUR 000
64.815.000
Miscellaneous
26.150.000 124.716.120
98.566.120
21,387,900 133.045,086
7,186
111,65
8.656
287.84
.000
194,986.656 92.862
Total corporate securities
SUMMARY OF CORPORATE, FOREIGN
GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING
FOR THE EIGHT MONTHS ENDED AUGUST
31 FOR Fl
1924.
1923.
1922.
1921.
1920.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
CorporateTotal.
New Capital. Refunding.
$
Total.
$
$
Long term bonds ,nd notes-- 1.280,797.223
$
$
$
$
$
286.208,377 1,567.005.600 1,222,949.057 333,626.543
$
$
Short term
3
$
1.556.575.600 1.114,469,035 446,428.415 1,560.897,450
$
$
217,033.000
$
36,270,000
253.303,000
795,638,220
122,345.700
Preferred stocks_
1,195,161,700 700.410,245
22,916.800 145.262.500 104,701,000
69,889,755 770.300.000
167,250,277 • 15,400,223 182,650,500 214,648,847
23,011,000 127,712.000 138,524,166 399,523,480
20,258,000 158.782.166 378,473,252
Common stocks_
67,609,839 282,258,686 205.027,600
87.274,248 465.747,500
404,021.129
30.300.000 235,327.600
5.500,000 409.521,129
36.376,900
198.142.114
Foreign
775,600
3.266.760 201,408,874
37,152,500 430,743.287
103.688.332
21,018.533 451,761,82Q
68,680.000
10.291.625 113.979,957 186.854,215
10.000.000
78.680.000
24,100,000
186.854.215 454,219.273
24,100.000
80.445.000
14.160.750 468,380,023
1,250.000
81.695,000
15,150,000
Total
15.150,000
26,675,655
2,137,781,629 353,378, 00 2,491,160,229 1,782,185,718
26,675,655
Foreign Government
427.419,942 2,209.605,660 1.608,330.967 511.281,0402,119,612,007
229.005,000
150,000.iii
379.005,000
1,172,543,501 420,557,080 1,593,100,581 1,990,521.712
140,845,000
Farm Loan issues_
6.000,000 146.845.000 354,305,000
192,343,286 2.182,864.998
15,000,000 369,305,000
144,400,000
144,400,000 243,118,000
189,000.000
War Finance Corpor ation
50,000.000
55.032,000 298.150,000 222,340,000
239.000,000
125,000,000
42,000,000 264,340,000
125.000,000
40,000.000
Municipal
40,000,000
8.382,888 1,032.169,976 775,604.720
Canadian brought out in U.S_ 1.023.787,088
14,960,990 790,565,710 797.033,279
36.056,562
22.044,958 819,078.237 660,578.516
16.650,000
52.706,562
26,308,000
U.S. territories &
5.059,850
14,941,679
665,638,366
41,249,679
431,780,206
ions_
65,356.650 103,250,000 168,606,650
7.575.249 439,355.455
6.035.000
26,324.000
6,035,000
2,851,000
26,324,000
2.851,000
27,055.000
24.484,000
7,498,000
34,553,000
24.484,000
25,022,000
A Grand total
25.022,000
10,015.000
3,577,065,279 528.411,488 4.105.476,767 2.970.912,438
10,015,000
518.354.611 3.489.267,049 3.071.849,896 693,575.998 3.765.425.8N
2.113.468.017 475.816.090.2.5R0 OR4_047 2 ARS 971 015 207 4.15 mn 9 701 7RA anq
CHARACTER AND GROUPING OF NEW CORPORATE
ISSUES IN THE UNITED STATES FOR THE EIGHT
MONTHS ENDED AUGUST 31 FOR FIVE YEARS.
EIGHT MONTHS ENDED
1924.
1923.
AUGUST 311922.
1921.
1920.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Long Term Bonds & NotesTotal.
New
Capital.
Refunding.
3
Total.
3
$
3
Railroads
3
$
3
397,649,800 137,238,900 534,S88,700 269,594.500
3
3
3
$
Public utilities
26.073.000 295,667.500 397,848,980 108,223
$
3
$
,570
493.772,923
3
105.352,577
506,072
,550
599,125.500
117,445,420 292,018,580 409,464,000 259,622,500
330.260.971 164,169.629 494,430,600 305,639,539 119,721,161
Iron. steel, coal, copper, &c
24.000,000 283,622.500
76.612,000
20,148,000
425,360,700 203,474,500
96,760,000 234,743.139
40.709,500 244,184,000
46,806,861 281,550.000
Equipment manufacturers
85,820,500
84,560.000
4.259.000
5,960,000
1,750,000
90.079,500
86.310,000
5,960,000
18,690,000
8,210.000
10.537.000
Motors and accessories
29,227,000
8,210,000
28,316,000
12,394,000
4,460,000
40,710,000
8,315,000
6,195,000
12,775,000
11,962,000
4,288,000
Other industrial & manufacturing_ _
6,165,000
16,250,000
16,610,000
11,650,000
2,500.000
95,329,000
16,610,000
18,699,900 114,028.900 106,171,447
14,150,000
15,100,000
600.000
Oil
24,757.053 130.928.500 118,535,881
15,700,000
2,675.000
_____
9,932,000
56,464.119
2,675,000
4,278,000
175,000,000
14,210,000
129,402,300
58,016,000
14.569.400 143,971,700
30,084.000
Land. buildings, &c
88,100.000
67,195,245
43.149.300 108.220,700 151,370,000 139,150,000
20,369,755
163,282,500
87,565.000
790,000 164,072,500 130,849,000
28.000,000
1,250,000
167.150,000
Rubber
132,099,000
19.220,000
95.389,000
8.530.000 103,919,000
19,220,000
400,000
20,960,000
400,000
1,335,000
650,000
665,000
21,610,000
Shipping
2,000.000
62.219,000
3,600.000
33,000
26,200,000
62.252,000
3,800.000
29,800,000
_____- _
67,500,000
3,800,000
2,568,000
107,000
67.500,000
Miscellaneous
2,675,000
20,100,000
19,110,000
1,500.000
20,100,000
76,279,000
20,610,000
1,386,000
2,335,000
77,665.000
3,950,000
93.339.000
35,426,000 128,765.000 115,431.335
6.285.000
7,026.000
_____ _
7,026,000
14,568.865 130,000.200
85,661,000
8,489.000
Total
94.150,000 131,606,000
8,834,606 140,440,000
1,327,477.223 296.208,377 1,623.685,600 1,247.049,057
Short Term Bonds & Notes333.626.543 1,580,675,600 1.194,914,035 447,678,415 1,642,592,450
805,913.220
399,523.480
Railroads
1,205.436.700 700,410,245
69,889.755 770,300,000
54,050.000
19,000,000
73,050,000
9,687,500
Public utilities
9.087,500
32,351,800
85.038.000
3,000,000
13,420,000
35,351.800
3.300.000
98,458,000
33,652.200
11.512,800
Iron. steel, coal, copper, &c
3,300,000
45,165.000
20,000,000
18,245.000
1,500,000
21,500.000
1.675,000
20.011,000
38,256,000
650,000
2,325.000
21,622.000
9.850,000
16,623,000
38,245,000
Equipment manufacturers
9,850,000
98,791,252
404,200
80,274,248 179,065.500
1,000.000
404,200
1,000,000
44,000.000
830.000
Motors and accessories
44,000.000
830.000
12,035,000
12.035,000
9,000,000
225,000
9,000.000
15.496,000
9,604,000
Other industrial & manufacturing- 225,000
25,100.000
6.081.000
16,700.000
6.081,000
2.560.000
3,200,000
16,700,000
3.200,000
5,760.000
3.000.000
1,800.000
Oil
3,200,000
4,800,000
8.550.000
500.000
8,550.000
53.500.000
500,000
53,500,000
7,515.000
44,814,000
735.000
Land, buildings, &c
8,250,000
44,814,000
70,359,000
30.400.000
3,000,000
73,359.000
2,925,000
30.400,000
46,200,000
2.925,000
1,080.500
2,500.000
Rubber
48,700,000
1,080,500
128,262.000
2.385,000
1.250.000 129.512,000
2,385,000
3,845.000
Shipping
3,845,000
2,685.000
1,250.000
3,935,000
1.000,000
Miscellaneous
1,000,000
30,400,000
215,000
30,400,000
29.285.000
215,000
275,000
29,285,000
3,535.500
275,000
3,535,500
6,385,000
3.500.000
6,385.000
3,500,000
9,842,166
400,000
10.242,166
Total
10,925,000
10,925,000
239,033,000
36.270,000 275,303.000 122,345.700
22,916,800 145,262.500
Stocks104.701,000
23,011.000 127.712.000 140,024,166
20.258.000 160,282,166 394.473,252
Railroads
87,274,248 481,747,500
26.823,737
26.823.737
300,000
Public utilities
300.000
10,929,600
381,027.389
10,929,600
11,355.223 392,382,612 123,776.386
11,076,000 134,852,386 106,311.670
Iron, steel, coal, copper, &c
26,318,625 132,630,295 102,986,990
15,484.160
15,484.160
28,012.246
4,896,760
102,986,990
Equipment manufacturers
32,909,006
30.237,290
31.936.250
5,394,250
35.631,540
662.500
31.936,250
662.500
8,678,225
8.678,225
Motors and accessories
43,839,680
4.006.000
43.839,680
1,393,000
3.227.000
5.399,000
200,000
3,427.000
19.155,325
1,335,000
Other industrial & manufacturing
20,490,325
600,000
11.525,000
600,000
61.340.600
11,525,000
9,345,000
2.582,000
70,685.600
118.109,183
16.959,149 135.068.332
2,582,000 102.174,595
011
13,570,650 115,745,245
44,679.002
4,900.000
55,390.968
49,579.002
21.661,400
55,390.968
50,249,013
525,600
22.187,000 333,631,116
984,690
Land, buildings, &c
51.233.703
41,820.410
12.678.883 346,309,999
7.980.000
7.143.357
49.800,410
81,300,000
7,143,357
10.348,000
81,300,000 232,163.502
Rubber
10,348.000
5,480.000
50,000 232,213.502
1,600,000
5.480.000
1.510,000
1,600,000
350.000
1,510,000
Shipping
11,516.047
350,000
4,175.000
11.516,047
4,175,000
49,163,600
Miscellaneous
75.000
49,238,600
18,571.695
18,571,695
62.490.808
35,625,000
15,853,500
98.115.808
47.853,000
15,853,500
47,853.000
7,887,500
250.000
8,137.500
76,458.885
Total
3.410.500
79,869.385
571.271,406
20,900.223 592.171,629 412,790.961
70,876,599 483.667,560 308.715,632
Total40,591,625 349,307,557 226,606,115
775,600 227,381,715 895.638,215
Railroads
35.179,283 930,817.498
478,523.537 156,238,900 634.762,437 278,982.000
26,073,000
Public utilities
959.838.312 130.127.800 1.089,966.112 487,689,557 186,758.429 305,055.000 441,130,380 111,223,570 552.353.950 120,745,420 292,018,580 412,764,000 279,622.500
674.447,986 430,196.209 166,050,786 596,246,995 328,083,490
Iron, steel, coal, copper. &c
25.500.000 305,122,500
93.771.160
20,798.000 114.569.160 272,605,385
57.332.500 385.415,990 214.849.042
51,703,621 324.309.006 116,900,450
Equipment manufacturers
89,927.498 304.776.540
1,750.000 118,650,450
7.622,500
7.622,500
71,368.225
9,040,000
10,537.000
81.905,225
9.040.000
84,190,680
Motors and accessories
12,394,000
4,006,000
96.584,680
1,393,000
16,687.000
5,399,000
8,515.000
6,420,000
25,202,000
46.613,325
6,420.000
15,227.000
23,291,000
61,840,325
Other industrial & manufacturing_ _
39,875.000
23.291,000
2.500,000
159.229.600
42,375,000
31.244.900 190,474.500 227,280,630
20.882,000
600.000
21.482.000 113,399,595
43,516.202 270.796,832 163.714.883
Oil
13,570,650 126,970,245
61,364.119
118.822,968
225.079.002
4,278,000
158.578.700
123,100,968
15,830,000
153.079.013
174.408.700
31,068.690 184,147.703 115.369.710 116,200,700 231,570,410
471.185,361
Land, buildings, &c
36,048,638 507,233,999
173.350.857
790,000 174,140,857 142.277.500
266.650.000
30,500,000 297,150.000 379,645,502
1,250.000 143.527.500 103,254.000
Rubber
1,300,000 380.945,502
8,530,000 111,784,000
2,000,000
26,315,000
2,000,000
1,685,000
650.000
26,965,000
665.000
76.420,047
2,350,000
Shipping
7,775,000
1,283,000
77.703,047
26,200,000
3.800,000
33,975,000
67,500,000
3,800,000
3,568.000
67,500,000
107,000
99,663,600
3.675,000
Miscellaneous
19,325.000
75,000
99,738.600
1,500,000
124.135,695
20,825,000
1,386,000 125,521.695 159.365.308
2.610,000
3.950,000
6,560,000
71,051,000 230.416,308 166,784,335
29,264,500
29,264,500
14,568.865 181,353.200 103,390.666
9,139,000
112,529.666
218,989,885
Total corporate securities
12,244,500 231,234,385
2.137.781.829 353,378,6002,491,160,229 1.782,185.718 427.419.942
2.209.605.660 1.608.330.967 511.281.040 2.119.612.007 1.172.549_5111 490 A57
nszn 1 502 inn 5.et 1 0011 591 719 109 2.12 9Sin 9 1529 LIRA 000
EIGHT MONTHS ENDED
AUGUST 31.
coo
arlOINOIIHO
P
0
SEPT. 27 1924.]
THE CHRONICLE
1449
DETAILS OF NEW CAPTTAL FLOTATIONS DURING AUGUST 1924.
LONG TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS)
Amount.
Purpose of Issue.
Price,
Railroads75,000,000 Refunding
98%
3,000.000 Refunding:add'ns & betterments
10,000.000 General corporate purposes
87%
81
440,000 New equipment
4,500,000 New equipment
2,400,000 Purchased from U.S. RR. Admin. 101
9434
16,000,000 Additions, extensions, &c
To Yield
About.
Company and Issue, and by Whom Offered.
& Co. and
5.10 Baltimore & Ohio RR. Co. 1st Mtge. 5s, 1948. Offered by Kuhn, Loeb & Co.: Speyer
National City Co.
by Dillon, Read & Co.
5.30 Buffalo Rochester & Pittsburgh Ry. Cons. Mtge. 414s, 1957. Offered
by National City Co.;
4.94 Canadian Pacific Ry. 4% Coupon Consol, Deb. Perpetual stock. Offered
Guaranty Co. of N. Y.: Union Trust Co., Pittsburgh; Brown Bros. & Co. and Bankers Trust Co.
by Minneapolis Trust
192544.
Offered
"A,"
55,
Tr.
Equip,
Ry.
Atlantic
&
Shore
South
Duluth
4.50-5.10
Co. and Lane, Piper & 'affray, Inc., Minneapolis.
& Co.; First National
4.70 Great Northern Ry. Equip. Tr.414s,"C." 1925-39. Offered by J.P. Morgan
Bank and National City Co.
Weld & Co.
White,
by
Offered
5.80 International-Great Northern RR. Sec. 65, March 1 1930.
4.82 Louisville & Nashville RR.Co. 1st & Ref. Mtge. 414s,"C," 2003. Offered by J. P. Morgan & Co.
111,340,000
Public Utilities9,000,000 Acq. control Am. El. Pr. Co., &e_
5,000,000 Working cap.: other corp. purposes
1,550,000 Acquisitions, extensions, &c
95%
94%
99
200,000 Consolidation of properties
99
15,000,000 Capital expenditures
98%
9834
450,000 Capital expenditures
100,000 Acquisitions, extensions, &c
1,500,000 Capital expenditures
100
9534
125,000 Capital expenditures
750,000 Acquisitions
3,000,000 New construction
100
95
85
1,200,000 Acquisitions, additions, &c
98%
1,650,000 General corporate purposes
86%
97
600,000 Acquisitions
800,000 Refunding;add'ne & betterments_ _ 100
98
.12,500,000 Additions and improvements
98
924,000 New plant, other corp. purposes
by Bonbright & Co., Inc.
6.30 American Gas & Electric Co. Deb. 6s, American Series, 2014. Offered by
Bonbright Ee Co., Inc.
6.35 American Power & Light Co. Deb. 68, American Series 2016. Offered Forbes
& Co. and Coffin
Harris,
by
Offered
1949.
"C,"
534s,
Gen.
&
1st
Co.
5.57 entre IMaine Power
de Burr. Inc.
Henderson
Newburger,
by
Offered
1954.
65,
Mtge.
1st
Pa.
of
Co.
Pr.
&
Lt.
Chester
County
6.05
& Loeb and Bloren & Co., Philadelphia.
Stuart &
5.10 Commonwealth Edison Co. 1st Mtge. Coll. Tr. 55, "B," 1954. Offered by Halsey,
Co., Inc.
Stephenson dr Co.,
6.65 Consumers Power Co. (Del.) 1st Lien 614s, "A," 1947. Offered by Curtis,
Inc., Boston, and W. S. Hammons & Co., Portland, Me.
Co., Chicago.
6.00 Fairfield Telephone Co. 1st Mtge. 68, 1927-39. Offered by Hanna-Shreves
& Sons
6.35 Indiana Hydro-Electric Power Co. 1st Mtge. 6s, "B," 1951. Offered by E. H. Rollins
and Halsey, Stuart & Co., Inc.
Boston.
Co.,
Bolles
&
Damon
by
Offered
1944.
6.50 Keyser(W. Va.) Light & Power Co.1st Mtge.6 Ms,
Inc.
5.88 Lake Charles Electric Co., Inc., 1st Mtge. 5348,"A," 1949. Offered by Stone & Webster,Offered
8.00 Lower-Austrian Hydro-Electric Power Co. ("Newag") let (Closed) Mtge. 034s, 1944.
by F. J. Lisman dr Co. and Morgan, Livermore & Co.
Offered by Hambleton
6.60 Missouri Power & Light Co. 1st Mtge. & Ref. Gen. Lien 634s,"B," 1943.
hicago.
& Co.; E. H.Rollins & Sons; H. M. Byllesby di Co.,Inc., and Federal Securities
Old
&
Corp..durtis,
6.25 New Orleans Public Service Co., Inc., Gen. Lien 434s, 1935. Offered by Jackson
Co.
&
Anthony
Tucker,
and
Colony Trust Co..
Tr. Co., N.Y.
5.70 New York Central Electric Corp. 1st Mtge.5345, 1958. Offered by Manufacturers'
6.50 Northwestern Power & Light Co. 1st Mtge. 630, 1944. Offered by Blyth, Witter & CO. and
Peabody. Houghteling dr Co.
by National City Co.:
5.65 Pacific Gas & Electric Co. 1st & Ref. Mtge. 5348, "C," 1952. Offered
E. H. Rollins & Sons; Mercantile Securities Co. of Calif. and Blyth, Witter & Co.
5.20 Rockford (III.) Electric Co. 1st & Ref. Mtge. 58, 1939. Offered by Dillon, Read & Co.
54,349,000
Iron, Steel, Coal, Copper, &c.
98
8,000,000 Refunding; working capital
100
5,000,000 Refunding; working capital
Co
• 6.17 Old Ben Coal Corp. 1st M.6s, 1944. Offered by Drexel dr Co.; Nat. City Co. and Cassatti&
7.60 Old Ben Coal Corp. 10-Yr. Deb. 734s, 1934. Offered by Caasatt & Co. and National City Co.
13,000,000
Equipment Manufacturers700,000 Finance lease of equipment
260,000 Finance lease of equipment
4-5% North American Car Co. Equip. Tr. 58, 1925-34. Offered by Freeman & Co.
5-5% Shippers' Car Line, Inc., Equip. Tr. 514s, 1926-32. Offered by Freeman & Co.
960,000
Other Industrial & Mfg.500,000 General corporate purposes
2,150,000 Plant construction, &c
1,000,000 New plant; working capital
3,650,000
Priceonapplication Heller Bros. Co. 1st Mtge. 7s, 1926-45. Offered by P. W. Brooks & Co., New York.
Co..
7.25 Hudson Valley Coke & Products Corp (Troy, N. Y.) 1st Mtge. 75, 1939. Offered by Otliez
97%
•
Cleveland; Hemphill, Noyes dr Co. and Peoples Savings & Trust Co., Pittsburgh.
by
Offered
1939.
634s,
Mtge.
(Closed)
1st
.J.)
N.
(Trenton,
Co.
Sons
Maddock
a
98
6.70(Thomas)
Redmond & Co.; Edward C. Rose & Co., Trenton, N.J.; Mitchell, Hutchins & Co., Inc.; Brokaw
& Co. and Forman Trust & Savngs Bank, Chicago.
Olt10,000,000 Refunding; retire current debt_ ___
993(
5.52 Sun Oil Co. Debenture 5348, 1939. Offered by Lee, Higginson & Co.; Harris, Forbes dr Co., and
Brown Bros. & Co.
Land, Buildings,
3,250,000 Finance construction of hotel
2,400,000 Finance construction of building
375,000 Improvements to property
500,000
600,000
675,000
600,000
850,000
175,000
475,000
1,250,000
200,000
300,000
460,000
2,000,000
575,000
68,000
350,000
500,000
250,000
1,600,000
750,000
260,000
115,000
10034-100 6.35-634 Baker Hotel (Dallas. Tex.) 1st Mtge. 6348, 1928-45. Offered by S. W. Straus lc Co.
100
6.50 Belmont Bldg. (N. Y. C.) 1st (closed) Mtge. 6348, 1944. Offered by P. W. Chapman & Co. Inc.
101-100
6-7 Bolton Square Improvement Co. (Cleveland) 1st Mtge. Leasehold 75, 1925-32. Offered by
Tillotson de Wolcott Co., Cleveland.
6.00-8.50 Edgemont Securities Co.(Durham, N. C., and Mebane. N. C.) 1st Mtge. 6s, 1925-34. Offered
Real estate mortgage
by Frederick E. Notting dr Co., Richmond, Va.; Trust Co. of Norfolk, Va., and First National
Trust Co., Durham, N. C.
The
of
construction
Edwards & Wildey Bldg.(Los Angeles) 1st (closed) Mtge. 75, 1927-39. Offered by Hunter.
7.00
building-- 100
Finance
Dunn & Co. and M.H. Lewis & Co., San Francisco.
6.00 22 West End Ave. Apt. Bldg. (N. Y. C.) let Mtge. 6s, 1927-36. Offered by S. W. Straus dr Co.
Finance construction of apartml_ 1005.50 7 to 55 East 66th Street Apt.(N. Y. C.) Guar. Mtge. Certlficateq, 1925-34. Offered by Lawyers
Finance construction of apartm't_
Mortgage Co., New York.
_
building_
Franklin Street Bldg. (Chicago) 1st Mtge. Fee 6365, 1925-36. Offered by Peabody, Houghteling
of
construction
6-6.50
Finance
& Co., Chicago.
100
7.00 Glen Eden Hotel 1st Mtge. 7s, 1926-34. Offered by Wollenberger & Oci., Chicago.
Real estate mortgage
Apes., Inc., 1st Mtge. 68. 1926-34. Offered by 8. W. Straus & Co.
5.75-6.00 Halstead Apts.
Finance construction of apartm't.
(Chicago) 1st Mtge. Leasehold 6345, 1939. Offered by A. C. Allyn & Co.. Chic..
6.50 Hartford Bldg.
Real estate mortgage
Kaw
of
construction
6.50
Investment Co.(Kansas City, Mo.) 1st Mtge. 6348, 1926-35. Offered by Mortgage
Valley
100
building
Finance
& Securities Co., New Orleans.
6.50 Linden Crest Apts. (Wilmette, Ill.) 1st Mtge. 614s, 1926-32. Offered by Caldwell, Messer dr
Finance construction of apartm't_ 100
Willaman, Chicago.
6.50 Lock.Ler Apts.(Chicago) 1st Mtge. 634s, 1924-31. Offered by Baird & Warner, Inc. Chicago.
Finance construction of apartm't_ 100
Los Angeles
6.00 Los Angeles Clamber of Commerce Bldg. Corp. 1st Mtge. 68, 1943. Offered by'
Finance construction of building_ _ 100
Chamber of Commerce.
7.00 Martin Office Bldg.(Birmingham, Ala.) 1st Mtge. 75, 1926-39. Offered by G. L. Miller & Co.
Finance construction of building.. 100
6.50 Minter Homes Corp. (Huntington, W. Va.) Coll. Tr. 68, 1925-39. Offered by Mortgage & SeFinanceconstruction of houses.curities Co., New Orleans.
100
6.50 Multnomah Block, Inc., 1st (closed) Mtge.636a, 1926-35. Offered by Bond & Goodwin & Tucker,
Finance construction of building
Inc., and Security Savings & Trust Co., Portland, Ore,
6.50 Ohio Bldg. Realty Co. 1st Mtge. Leasehold 6148, 1939. Offered by Schultz Bros. & Co., Cleveland.
100
Real estate mortgage
7.00 Paso Robles Corp. 1st (closed) Lien 7s, 1932. Offered by Wm. R. Stoats Co., Los Angeles.
100
Real estate mortgage
6.50 Sherman Square Apts.(N.Y. C.) 1st Mtge.6355, 1926-36. Offered by American Bond dr Mtge•Co.
Finance construction of apartm't_ 100
100
6.00 Thirty Federal Street (Boston, Mass.) Federal District Trust 1st (closed) Mtge. 6s, 1926-39.
Finance construction of building
Offered by Puritan Mortgage Corp. and Hemphill, Noyes dr Co., New York.
100
6.50 Wicks Store & Office Bldg.(Chicago) 1st Mtge.6348, 1927-34. Offered by Gerard & Co., Chicago.
Real estate mortgage
7.00 Wolverine Land & Home Co. let Mtge. 75, 1925-34. Offered by Backus, Fordon & Co., Detroit,
Finance construction of houses.- 100
166
18,568,000
Miscellaneous100
600,000 General corporate purposes
3,000,000 Pay off mortgages and other debt
99
working capital
2,000,000 Retire current debt; other corpo100
rate purposes
100
2,500,000 Refunding, additions, &c
7.00 Arrowhead Lake Co. let Mtge.7s, 1924-35. Offered by M.H.Lewis & Co.and California Co.,LosA.
Cespedes Sugar Co.(Companta Asucarera Cespedes) 1st Mtge. 7348, 1939. Offered by Dillon,
7.80
Read & Co. and J. & W.Seligman & Co.
United Fuel & Supply Co. (Detroit) 1st Mtge. 6148, 1939. Offered by Hoagland, Allum & Co.,
6.50
Howe, Snow & Bertles, Inc., Peabody, Houghteling & Co. and Otis & Co.
5.50(W. A.) Wlebolt & Co.(Chicago) 1st Mtge. 514s, 1939. Offered by A. G. Becker & Co., Chicago.
8.100,000
SHORT-TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS)
Amount.
Purpose of Issue.
Railroads5,000,000 Additions and betterments; other
corporate purposes
Price.
To Yield
About
Company and Issue, and by Whom Offered.
The Chicago Rock Island & Pacific Ry. Co. 5-Year Secured 55, Sept. 1 1929. Offered by Speyer
& Co. and Dillon, Read & Co.
99
5.20
Public Utilities350,000 General corporate purposes
09
142.000 Add'ns, impts., extensions, &c._ _ _
99.13
7.05 Consolidated Power & Light Co. of So. Dak. 1-Year Mtge. Lien 6s, July 1 1925. Offered by
Paul C. Dodge & Co., Inc., Chicago.
6.25 Hoquiam Water Co. 1st Mtge. 68, 1928. Offered by Western Bond & Mtge. Co.. Portland. Ore.,
and Dean, Witter & Co., San Francisco.
492,000
Other Industrial & Mfg.150,000 Additional capital
500,000 NVor. capital; other corp. purposes_
650,000
100
111
"
7.00 W. I. Luke & Son (Walnut Grove, Miss.) 1st Mtge. 75, 1925-29. Offered byiMarine Bank &
Trust Co., New Orleans.
554-654 Ntser Corp.(Detroit)634s, Aug. 1 1925 28. Offered by Watling, Lerchen & Co. and Detroit Tr.Co.
1450
Amount.
[VOL. 119.
THE CHRONICLE
Purpose of Issue.
To Yield
About.
Price.
Company and Issue, and by Whom Offered.
Miscellaneous—
1.000.000 Add'ns & impts.; working capital._ 100
- 200,000
-22,000,000
135,000
150,000
7.00 General Necessities Corp. (Detroit) Secured 75, 1929. Offered by Tillotson & Wolcott CO..
Cleveland, and Guardian Savings & Trust Co., Cleveland.
Retire current debt; working capit'l
6-6K Halligan Co.(Davenport,la.) Convertible 6548, 1925-26-27. Offered by Priester-Quail & Cundy,Ine.
General corporate purposes
6.25 The Industrial Bank of Japan, Ltd.. Ext.3-Year Deb.6s, Aug. 151927. Offered by Nat. City Co.
99K
Pay current expenses; add. caDital- Price on applica'n Samuel McIntyre Investment Co .1-Year 75, 1925. Offered by Ross, Beason & Co., Salt Lake City.
Additions & betterments, &c
654-7 Union Lumber & Shingle Co.(Union Mills, Wash.) let (closed) Mtge. 6545, 1925-29. Offered
by Lumbermen's Trust Co., Portland, Ore.
23,485,000
STOCKS.
Par or
No.ofShares
Purpose of Issue.
Public Utilities—
83.032 abs. Additions to plant
21,000,000 Additions to plant
Price
a Amount
To Yield
Involved. Per Share. About.
$
227,400
75
1,000,000
86
1,000,000 Acquisitions; other corp.
1,000,000
Income-producingpuroseAcq. invest10,000,000
ments; debt retirement
10,000,000
' 3,500,000 Acq. control Nor. States Pr. Co
3,500,000
1,500,000 Capital expenditures; wkg.capital_
2,063,000 Refunding
97
50
9554
1,500,000 98
2,063,000 103
Company and issue, and by Whom Offered.
Cumberland County Pr. & Lt. Co.(Portland, Me.). Common. Offered by company
to employees and stockholders.
7.00 Cumberland County Pr. & Lt. Co. (Portland, Me.) 6% Cum. Pref. Offered by
Beyer & Small, Maynard S. Bird & Co.and Chas. H.Gilman & Co., Portland, Me.
7.22 Middle West Utilities Co. 7% Prior Lien Panic. stock. Offered by Pynchon & Co.
North American Co. 6% Cum. Pref. Offered by company to Preferred and Common
stockholders; underwritten by Dillon, Read & Co.
6.00
7.33 Standard Gas & Electric Co. 7% Cum. Prior Preference stock. Offered by H. M.
Byllesby & Co., Inc., Janney & Co., Hambleton & Co. and Federal Securities
Corp., Chicago.
7.14 Toledo Edison Co.7% Cum. Preference stock. Offered by Henry L. Doherty Sr Co.
6.79 West Penn Pr. Co. 7% Cum.Pref. Offered by W. A. Harriman & Co., Inc., Dominick
& Dominick and Union Tr. Co., Pittsburgh.
19,290,400
Iron, Steel, Coal, Copper, &c.
,*125,000alts Acq. Warren Fdry. & Pipe Co.:
working capital
1,750,000
14
Other Industrial & Mfg.—
*.100,000sbs AN.Radio Imp.Co.& patent r'ts_
$1,300,000 Refunding
750,000
1,300,000
754
98
30,000shs. Refunding
$1,500,000 General corporate purposes
600,000 20
1,500,000 100
4,150,000
Oil—
•370,133shs Capital expenditures; extensions__ 11,844,256
Land, Buildings,
$500,000 Acquire building
Miscellaneous—
10.000she. Working capital
Replogle Steel Co. Common. Offered by company to stockholders; underwritten.
Joseph W. Jones Radio Mfg. Co., Inc., capital stock. Offered by John Muir & Co.
- United States Hoffman Machinery Corp. 7% Cum. Cony. Pref. Offered by F. B.
7:15
Keech & Co., Redmond dc Co. and Hayden, Stone dr Co.
__ United States Hoffman Machinery Corp. Common. Offered by to. to stockholders.
i.00 Viscolokl Co., Inc. (Leominster, Mass.) 7% Cum. Pref. Offered by Curtis & Sanger,
Spencer Trask & Co. and Hayden, Stone & Co.
32
Phillips Petroleum Co. capital stock. Offered by company to stockholders; underwritten by Blair & Co., Inc.
500.000 100
R. A. Lemcke Realty Co.(Indianapolis) Common. Offered by Fletcher American Co.
72
___ Foundation Co.Common.. Offered by company to Preferred and Common stockholders.
720,000
FARM LOAN ISSUES.
Amount.
Price.
Issue.
1.000.000 Atlantic Joint Stock Land Bank 5s, 1934-54_ 101
To Yield
About.
Offered by-
4.85 Wm. R. Compton Co., Halsey, Stuart & Co., Inc., and Harris, Forbes & Co.
FOREIGN GOVERNMENT LOANS.
Amount.
Price.
Issues.
20,000,000 Argentine Nation (Govt. of) 6 months 5%
Treasury notes, Feb. 25 1925
3,065.000 Republic of Bolivia External 25-Year Secured
Refunding 8s, 1947
93
25,000.000 Kingdom of Norway 20-Year External6s, 1944
9754
48,065,000
To Yield
About.
Offered by-
Blair & Co., Inc., Chase Securities Corp., Cassatt & Co., Halsey, Stuart & Co., Inc..
and Illinois Merchants Trust Co., Chicago.
Spencer Trask & Co., Equitable Tr. Co., N. Y., Stifel-Nicolaus & Co., Inc., Halsey.
Stuart & Co., Inc., E. H. Rollins & Sons, Kissel, Kinnicutt & Co. and J. & W.
8.70
Seligman dr Co.
6.22 J. P. Morgan & Co., National City Co., First Nat. Bank, Guaranty Co. of N. Y., Harris,
Forbes & Co., Lee, Higginson & Co., Dillon, Read & Co., Halsey, Stuart dr Co.,
Inc., Bankers Trust Co., Brown Bros. dr Co.
,4
35
•Shares of no par value.
a Preferred stocks are taken at par, while in the case of common stocks, the amount is based
on the offering
price.
13TH ANNUAL CONVENTION
Investment Bankers Association
REPORTS AND PROCEEDINGS
Annual Address of President John W. Prentiss—Over and resold to the investing public. In the production of iron and steel,
automobiles, machinery of various types, in the manufacture of clothing,
17 Billion Dollars of Securities Placed by Members
electric appliances and other necessities of life, Cleveland ranks high as a
in Past Three and Half Years.
representative city in all forms of American productive enterprise.
This is our thirteenth annual convention. The Association, which was
The vast amount of securities placed through the aid of
started by a few enthusiasts, most of whom I am happy to say are present
members of the Investment Bankers Association of America at this meeting, has grown until it now has a membership
of some six hunsince 1921 was dealt with in the address, as President, of dred banking firms. We should all he proud, I think, to realize that this
membership
ours
contains
of
not
only
the
greatest
private
banking firm in
.Tohn W. Prentiss, of Hornblower & Weeks, who, in showing the
world but also many of our great American institutions,
well as some
the volume of the investment banking business in the United of the smallest bond houses. But whether our members are asgreat
or mall
they
are
all
members
of
the
Investment
Bankers Association, and as such
States compared it with that of England. Using the figures
they stand equally with one another.
compiled by us as a basis he finds that since 1921 over $17,- • It may interest you to know what the members
of this Association have
000,000,000 of securities have been placed through members •been doing in the way of placing securities in the last three
and one-half
years.
In compiling these figures I have used the years 1921, 1922, 1223
of the Association, and the 1924 flotations are at the rate of
and the first six months of 1924 because these years represent to a
great
six billion dollars a year—all combined making a sum extent the reconstruction work that members of
our Association have done
greater than the net debt of the United States, said Mr. hi placing securities since the war. The figures are as follows:
Prentiss. In 1921, he pointed out, "we sold $4,200,000,000.
NEW CAPITAL ISSUES.
6 Mos. 1924.
1923.
1922.
Iii England they sold $971,000,000. In 1922 we sold $5,244,1921.
$
$
000,000. In England they sold $1,000,000,000. In 1923 we Foreign government securities
320,940,000 242,845,000 431,305,000 379,270,000
scld approximately $5,000,000,000. In England they sold Foreign
industrial
19,180,000
24,100.000
81,695,000
15,150,000
$1)00,000,000. The figures for the first half of 1924 are over Farm loan
129,500,000 392,505,000 386,415,000 . 121,940,000
$3,000,000,000—$3,215,430,852. The following is Mr. Pren- Domestic, State, county
and municipal
811,889,261 1,040,576,604 1,147,740,313 1,235,693,274
tiss's address:
Domestic railroads
452,393,937 518,249,450
Members of the Investment Bankers Association:
It Is appropriate that we should congratulate ourselves on haring been
invited to hold our annual convention in this great city of Cleveland. We
are indebted to our fellow bankers and their friends in asking us to come
here.
Cleveland it a particularly interesting place for members of this Association to visit because it represents that great industrial section of the United
States which produces industries whose securities many of us have purchased
651,531,350 655,288,500
Domestic public utilities_ 891,470,200 1,138,398,158 980,433,795 671,085,220
Domestic industrial
561,089,892 1,580,394,480 1,989,622,302 1,049,384,091
Canadian municipal
28,967,562
49,408,000 206,119,534
75,982,000
Grand total, stocks and
bonds
3,215,430,852 4,986,474,692 5,244,862,294 4,203,793,085
Just think of it—approximately four billions of securities sold in 1921—
five billions in 1922, five billions In 1928 and three billions in the first IliX
SEPT. 27 1924.]
THE CHRONICLE
1451
,;
or a President of a Chamber of Commerce
00,000 of securities have been placed by and sometimes from arlelayor
months of 1924. Over $17,000,0
I have an impression of what is customary—
es
are
experienc
we
these
year
From
this
and
years,
one-half
three and
occasions, and it is my impression that the wer
our members in the past
dollars a year. That is a sum greater than not expected—on these
which his community
going at the rate of six billion
the members of our comer commonly recounts the material resources
what
compare
us
Let
States.
United
that this is done with the thought
feeling
my
the net debt of the
been
has
it
doing
and
,
been
commands
have
what our fellow bankers
Association have been doing with
are capitalists, having money which you could invest,—
sold $4,200,000,000. In England they sold $971,- in mind that you
in England: In 1921 we
if sufficiently tempted. Neither candor nor courtesy
$1,000,invest
would
sold
and
they
England
In
,000.
$5,244,000
. I am one of you
000,000. In 1922 we sold
England they would permit me to pretend that you are capitalists
In
,000.
$5,000,000
tely
approxima
sold
time, and I, of course, understand that
000,000. In 1923 we
it possible for any of us and have known you for a long
realize—is
you
do
,
Gentlemen
investment you
000.
whose
of
sodl $900,000,
the money with the direction
nd—how the business of the investment bankers you do not own
that anything I
to realize and to comprehe
something to do. Moreover. I do not think
have
may
could be as serviceable for your informaIs increasing in this country.
billions that we have sold in might say in a speech of greeting
what you can readily find in the
What kind of securities are these seventeen
have been securi- tion about our material resources as
0,000
$1,200,00
About
years?
one-half
and
summary and railroad guide whieh
census
the last three
gazetteer,
,
geography
secuphysical
loan
$900,000,000 have been farm
banker. You will find it more agreeable,
ties of foreign Governments. Over
the United States. Over $4,000,- are on the five-foot shelf of every
rities, sold for the benefit of the farmers in
educative, to tramp the golf courses of Cuyahoga
more
think
I
and
the
for
sold
bonds,
county
and
State
,
000,000 of them have been municipal
schools, public improvements, paying County.
five-foot shelf or even in
purpose of building roads, hospitals,
However, nothing which can be found on a
$11,000,000,000 worth
soldier bonuses, etc. The balance, approximately
ry substitute for what can be learned through
satisfacto
a
be
can
library
a
utilities
public
our
of our railroads,
elements of security which
of securities, have been the securities
personal observation when we deal with those
risk. When one lends to
and our industrial companies.
, we have in mind when we speak of the moral
companies
insurance
the
—to
securities
these
sold
will be able and willing to repay,
he
And to whom have we
whether
considers
he
l
an
individua
to investors, and finally, to the
s there will be a consciousness of obligato the savings banks, to the national banks,
Every man and woman in and whether back of his willingnes
for invested
people, because they all belong to the people.
there is the moral element in security
Just
pay.
to
tion
a
is
account
bank
savings
ublic or private
this country who has a life insurance policy, or a
Of course, most of our obligors are groups—p
capital.
part
a
is
country
this
in
laborer
as definite
be
ness cannot
part owner in these securities. Every
corporations—and we know that group conscious
stability.
the moral element is quite as
owner in these securities and is dependent upon their
However,
ness.
c,onscious
l
individua
as
and savings
While it is true that the public through its insurance policies
is that of a group. I submit to you that
the Investment Important where the obligation
and often deterbank accounts is the indirect owner of the securities which
standards of a community largely influence
and
spirit
the
hold
workers
that
e
is
true
it
capital invested in the affairs:of
Bankers Association of America has sold—whil
mine the moral quality of the security of
is
it
hile
needed—w
when
available
is
financing
their jobs because adequate
hospitals and groups within that community.
moral worth is spoken
true that the public at large enjoys the benefits of good roads,
I know that we sometimes feel rather cynical when
and finally
feel that way
other municipal improvements financed by investment bankers,
of our industrial cities. We are apt to
attribute
an
as
of
been
has
securities
our
condition of an American
while it is true that a considerable proportion of
when we think of some aspects of the history and
conception
clear
a
yet
not
as
is
there
favored spot
a
still
sold direct to private investors,
an enterprising few came to
he does industrial city. Years ago
by the general public of the investment banker, what he does, how
resources. They then brought in great numbers
its
of
control
took
and
t Bankers
work. The many shortly became enfranchised
It, and what happens as a result of his work. If the Investmen
that the from overseas to do their
choosing, to govern,
Association of America is to continue its progress, it is essential
proceeded, through representatives of their own
and
work
the
of
ding
sive
understan
These latter, worried both about
public possess a clearer and more comprehen
not only themselves, but also the few.
that
realize
public
the
on—that
the
land-owning farmer
the
Associati
of
performed by the members
their persons, prayed daily that
the con- their property and
for
Investment banking is a national activity extending far beyond
own—and in so doing protect their property, and
his
protect
would
and clear
areas which
fines of the Wall Street of fiction—that the public have a keen
own comfort they withdrew their persons to suburban
their
benefit,
ten
into the world
realization that investment banking exists only for the public's
they restricted and beautified. Then there came
and only to the extent that the public does benefit directly and indirectly million Fords, carrying the many through these suburbs, invading lawns,
unhappy few to dethe
for
remained
prosper.
can investment banking
gardens, garages and cellars. What
And this brings me to the subject of advertising—that economic force but to retire to Miami and Pasadena? I de not speak of Los Angeles.
faith enough in our cities
which so effectively brings before the public any story of fact and underIf this were the whole truth we could not have
has
ions within them. But
standing quickly, vividly and honestly. As many of you know, there
to procure credit for them or the industrial organizat
memamong
on
going
is our confident belief.
discussion
faith
been for several years a long and earnest
have faith in them, and the basis of that
we
bers of your board as to whether or not the Association should advertise. that in each of these cities there are intelligent, informed, thoughtful,
By this I do not intend to imply that the Association would advertise either responsible persons who, whatever may be the fact as to the detail of
the name of a security or the name of one of its members. The type of community life—really form the public opinion which ultimately determines
advertising which the Board of Governors has been discussing is purely edu- what the community will do. These people may or may not be public
shop
cational. It would mention the name of no house—it would mention the officials or preachers or teachers or bankers or manufacturers or
name of no security. It would simply advertise the functions, the aims, the foremen or laborers. They may be conspicuous or they may be hidden
e. The essential
ethics of the Investment Bankers Association of America.
away in the mass. These matters are of no importanc
The matter finally came to a vote at the July meeting of the board and thing is that they shall be there in sufficient numbers and power. One
are. There
report
a
complete
people
make
n
these
your Publicity Committee at this conventio will
Cannot go into any city and by asking learn who
on the subject. I do not now intend to go into any of the details of that Is no census of them. But as he goes about he probably can see evidences
report, but;in order that you may be giving the matter some consideration, of their presence, for "by their works ye shall know them." The objective
citizenship shall be
I wish at this time to call to your attention the value of advertising.
of the living influence of these people is that future
to'
We all know that one of the quickest ways to get the attention of the better conditioned from birth onward—strong bodies, education suited
public is by advertising. We have all seen great industries built up almost capacity, and as far as possible understanding of the principles which must
a,
entirely through advertising. We represent a great industry. We have control in well-ordered economic life. If you ask me what phenomen
something to sell to the public. In order to sell successfully our goods to evidence the adequate presence in a city of these beneficient personalities.
compre-'
the public we must first sell ourselves—sell the honesty of our business, I suggest that you look to see whether there is being carried out a
sell the economic necessity of our business, and sell the idea to the public hensive city plan providing suitably for the needs and services of the city.
."
that if they are going to buy securities the first thing that they want to When I speak of services I mean not only the railroads and other "utilities
burden of local traffic.
do is to go to an honest dealer in securities.
but also the streets and public places which bear the
Such a campaign is going to cost money. That money will have to come Such a plan, of course, is necessary if people are to conduct their affairs'
from the contributions of our various members. The treasury of the Asso- with convenience, if they are not to be too greatly crowded in their living,
ciation has not got it and cannot provide it. I believe that every dollar and if there Is to be realized in the development of the city any conception
contributed by any member of this Association toward the expenses of this of beauty. You may look also to see whether public health service is
proposed advertising campaign will return itself tenfold to that member. being developed with reference to influencing helpfully every person.
It will improve his standing in his own community. It will improve the I do not speak of the Health Department in the City Hall; I think rather
standing of the Association in the eyes of the public and it will save for of those educational and supervisory activities such as public health nursing,
honest industry hundreds of millions of savings which are now heedlessly which not merely alleviate immediate distress but make for the maintenance
You will look
and needlessly lost.
permanently of wholesome conditions and good health.
tary means of
also beyond the public school system to those supplemen
art and natural
education, of which examples are the museums of history,
systematically
Address of Welcome of Warren S. Hayden.
science. You will note whether there are being brought
state in
natural
in
their
preserved
Warren S. Hayden, of Hayden, Miller & Co., in his ad- into public control largo areas to behave
access to those wonders of earth
yet to be born shall
those
that
order
d
from
departe
bankers
the
visiting
dress of welcome to the
been taken
and sky and outdoor life—familiarity with which has hitherto
fail in
customary practice of dilating upon the material resources for granted by almost everyone born in America. You will not
training of
the
education for
higher
of
field
the
in
done
ng
Hayden
is
Mr.
that
being
observi
what
note
ity,
commun
'
the
speakers
of
problems of the
those who must have the largest part in thinking out the
"I dot not think that anything I might say in a speech of communit
y.
because
greeting could be as serviceable for your information about
I do not wish you to understand that I allude to these things
I do
you will note all of them at once upon leaving this hall.
our material resources as what you can readily find in the I think that
I am a
think
I
these respects, although
in
of
to
Cleveland
boast
not
wish
physical geography, gazetteer, Census summary and railroad "citizen of no mean city." The truth is that I-feel proudest of Cleveland
I become
guide which are on the five-foot shelf of every banker." Mr. when I stay most at home. If I do not go away for a month
ous
If I do not go away for six weeks I perhaps become vainglori
Hayden referred to the fact that "the spirit and standards proud.
ss.
-mindedne
that sort of happiness which appertains to provincial
have
and
of a community largely influence and often determine the But when I go away—as I often do—to other cities, Boston, New York.
ashamed of
moral quality of the security of capital invested in the Chicago and others, I become filled with humility. I am not
what we are doing, but I am impressed by what others have done. I would
affairs of groups within that community"; and he declared like
to say, without disparagement to other cities, that no American city
it to be the essential thing that each city shall have, in suf- has impressed me within recent years by its evidences of the presence of
d,
gent,
informe thought an effective leadership—as has Chicago. I am the more glad to make this
ficient numbers and powers, "intelli
to me a despicable
be the fact as remark because perhaps thirty years ago Chicago seemed since
r
may
whateve
who,
persons
ble
responsi
ful,
come to caD
place, from which forward-looking people, as we have
public
the
opinion
form
really
life,
ity
to the detail of commun
them, might well be glad to escape. To-day Chicago is becoming beautiful
distant.
far
not
years
which ultimately determines what the community will do." and it is possible to see what she will attain even.inWe ought to be
satisfied
You will form your own opinions of Cleveland
follows:
d.
The address
to have it so, and whether we are satisfied or not the fart is unchange
e
to
a
your
has
sent
committe
Cleveland
years
past
many
of
In each
Whatever we have which will promote your comfort or your Pleasure we
Aesociation to invite it to hold a convention in this city. I think that wish to place at your disposal. Hundreds of us have looked forward for
must have had some idea of comknow of your presence.
those who tell the rest of us what to do
of welcome one years to your coming, and many thousands of us
sense that
pensation in their minds when they assigned to the office
and I think I may safely say that these thousands have some
and
ul
ted
comunsuccessf
disappoin
those
of
number
a
aid toward
who has served on
they are your hosts. You may ask them for information or for
e that the
confidenc
mittees.
desire to do, with
with you as a delegate and the accomplishment of anything you
On many Monday mornings I have sat
be forthcoming. It is a greet pleasure to have you here.
will
promptly
aid
of
the
a
State
from
Governor
s
listened to words of welcome—sometime
NIL
1452
T,HE CHRONICLE
[Vol,. 119.
all that, you have carried it forward with such high ideals,
and such great
benefits to its membership as to do us great credit.
Permit me to say also that the 30 men who answered
my call for the first
organization meeting of this Association in Chicago,
among whom were Mr.
Otis and Mr. Hayden, and who joined with me
as founders of this Association, can thank you and must share with you
and with me the glory that
has been ours, and the credit for all that
this Association stands for to-day.
We are proud not only of the organization
as such, but of its various groups
and their work, and of the work of its
various officers and committees, and
the high standards these committees have
has been paid them by civic and legislati reached, and the respect that
with them. This is no doubt due to being ve bodies whenever we have met
broad-minded and having only one
consideration, and that is the great public
interest, and insisting that the
In the 13 years' existence of this Association it has held
13 annual meet- public good be the test of every solution of a public
ings in 13 different cities.
question.
Out of all this I draw one conclusion—that
our business is finance, con1st in New York, Nov. 1912.
8th In St. Louis, Oct. 1919.
ducted by each member independently, that
2nd in Chicago, Oct. 1913.
we
shoulder a part of the finan9th in Boston. Oct. 1920.
cial responsibilities of our country, but by
3rd in Philadelphia. Nov. 1914.
10th in New Orleans, Nov. 1921.
reason of this Association it is
4th in Denver. Sept. 1915.
11th in Del Monte. Cal.. Oct. 1922. more largely co-operative, that we co-operate first with each other;
5th in Cincinnati. Oct. 1916.
secondly,
12th in Washington, D. C., Oct. with the creator of securities; thirdly, with
other bankers, and fourth and
6th in Baltimore, Md.. Nov. 1917.
1923.
$11 lastly, with a great investing public. We become
7th in Atlantic City, Dec. 1918.
keen students of finance,
13th in Cleveland, 0., Sept. 1924.
sensitive to changes, political, social and
economic, and need this AssociaMr. Caldwell, who was the first President of the Associa tion as a directing body and for
the mobiliza
In the words of Mr. Hayden, who deliveredtion of our ideas.
tion, said in part:
an address at the 12th annual
meeting, I fully agree. He said:
Let it be noted, if you please, Mr. President, that while the members
of
this Association were not organized and do not stand before the world
"If
the
Associat
ion
has power, it is because it is made up
as the men. We may
of self-reliant
interchange information and things
guardian of the pocketbook of any individual, that they do stand
and work out and urge
as the policies and principles, but
when it comes to the effort
guardians of their own reputation and for the building up of
to make money,
a business of that is the individual affair of each
member. When we think about it—
high character, and offer for sale what they can safely recomme
nd to a who of us wants to lean on the Association or upon anybody
but himself?"
client who has put his fullest confidence in them. In following
Had we not adopted this plan the Associati
this course
on could not have been started
we have invaded no one's individual rights, nor have we attempte
d to impose and had we not held strictly to it, I doubt
if we would have been in existupon them, but we have rendered a service to that portion of
the investing ence very long.
public that has done business with us, that has greatly
There is another element of wonderful
increased their
stability, as I review the 13 years'
respect for us, and increased our business with them, and we have
built an record of this organization, to which I would
enviable record for the Investment Bankers Association as
such along the Presidents, but you have had but one Secretar refer. You have had 10
y and one Publicity Manager
very line that the hopes and aspirations of the founders
of this Association during all that time, and they have served
us honestly and conscientiously
so much desired.
and faithfully. You have a Board
of
Governor
s that is carefully selected
Again review, if you will, our annual reports and read the
records of this from our well-distributed membership and only
Association. It has become so extended in its work and
one-third retire in any one
so interesting as year. You have built up several group
organizations that have proven a
to attract men of special ability who are members of the largest
firms in the source of strength and promoted a local interest,
business—men of character, students of finance—many
and through our educaof whom have de- tional department handled by Mr. Rice in
the office of the Secretary, estabvoted of their time most generously and without compensa
tion, because of lished lecture courses; sane and safe newspape
their desire to help us build a service that the investor
r
articles have been pubwould respect and lished. The regular investor of yearly income
is alive to all this and I vencould rely upon and that would also demand respect
of the financial world. ture there are several times the number of
intellige
As I have said, we are not guardians of people's pocketbo
nt investors to-day that
oks. Their in- there were 13 years ago because of this Associati
alienable right is assured them by the Constitution to buy
what they choose ber or firm has done his part also, but together on. The individual memwith their own money, but the large investme
you have both done it unornt of funds, through the mem- ganized, because there has been co-operat
ion, personal acquaintance and perbership of this organization, and the minimum of
loss sustained is most sonal friendship that did not and could not
have
gratifying, and insofar as this Association's members
otherwise existed.
The point I make is that this
hip is restricted and
Association comes here to hold its
kept on a high plane, insofar will the public
thirconfidence continue with us teenth annual convention, having a fixed place
and our Association continue to grow and stand
in our economic and finanfor what its founders in- cial life, bringing to your beautiful city the
largest
tended it should—honest dealing and a better service.
delegation we have ever
had at one of these meetings, comprisi
ng the best and the largest houses
May I ask you to consider with me for a moment
enwhat it Is that we do gaged in investment banking and that I know I
that justifies this distinction in the matter of renderin
voice
the appreciation and
thanks of every delegate present for
g a service?
your generous welcome and the prepFirst, all municipalities have and will continue
arations
you have made to make our stay
to issue its millions of
pleasant and this meeting one of
dollars of bonds yearly, thus creating a new credit
based upon some form the best, if not the best, that we have yet
held.
of taxation of valuable property. These are sold to
the highest bidder at an
The
Investment Bankers
advertised or public sale and usually—in fact,
the Investment Bankers do;
They dream great dreamsdare,
almost invariably—the investthey make come true;
ment banker is the buyer and afterward becomes
They bridge the rivers and which
the distributer.
link tl:e plains,
And girdle the land with your
Secondly—the bonds of States of our own Governm
railway trains.
ent and of foreign GovThey make the desert break
ernment seeking credit in this market, which,
forth in bloom;
during recent years, have
They send the cataract
amounted to many millions of dollars, are
a flume
To turn the wheels of athrough
purchased outright at either
thousand mills
public sales or private offerings by the investme
And
bring
the
coin to a nation's tills.
nt banker and by him ofThe Investment Banker is one of
fered to the public and distributed through
a klan
his office.
That, by helping themselv
Thirdly—corporate financing of bonds and
es, help their fellow man.
stocks
utilities and industrial enterprises—the very foundati of railroads, public
on of America's commercial greatness—enterprises that continue to
demand more and more Message from
President Coolidge—Association
money, that we desire to see grow because they
deserve to, so that they
may use our raw material and employ our
United States as Important Factor in Aiding Sees
labor—they, too, must sell. their
securities through the agency of the investment
banker because it is the
Reparation Plans.
only great agency with ability to both buy and
distribute. Houses of originA message from President Coolid
ation perform a dual service to the small
dealer and investor, in that in
ge was one of the features
their experience, their judgment, their ability
to analyze, they buy the best of this year's convention at Cleveland
of the Investment
securities and work out the great problem for
their sale or distribution. Bankers Association
We are individually, by the very nature of our
of America, as it was likewise of last
business, thus charged with
year's
a heavy responsibility. The Association does not
meetin
g held at Washington. In his letter to
assume that responsibility,
this
but does present an organization that can collectiv
ely, and by careful selec- week's convention the President referred
to the gathering
tion of its membership, give character to the investme
nt banking business in as "an increasingly
important event," and in alluding to
America, in Canada, and exert an influence in every
financial centre of the
"the growing power of American finance
world.
throughout the
I know you will say that these are elementary things
which the member- world," he observed that "in present conditions
ship of this Association fully understand. I admit it. They
and in the
are elementary; conditions which we may expect
they are fundamental, but over and beyond all this,
to prevail in the future, the
they are the determining factor as to why we exist and they are a determin
ing factor in the place attitude of American investors will be a more and more imthat we shall occupy in the financial world in the future.
Because of this portant factor in its influence upon the affairs of
Association the public is better infermed and more
thecentire
discriminating in what business world."
The message, addressed to President
they buy and from whom they buy. So a restricted
membership has been,
Is now and ever should be the best course to pursue to
Prentiss, under date of Sept. 19, follows:
improve our service
and build higher ideals.
THE WHITE HOUSE.
It has been estimated that there are over three billions
of securities now
Washington, Sept. 19 1924.
purchased and distributed each year, some $200,000,000 of
My dear Mr. Prentiss:
originate
which
d
in Ohio. This amount, as nearly as I recall, is about
The annual convention of the Investment Bankers
twice as much as
Associati
when we were organized. This has come about in part
by the growth of which is to be held for this year at Cleveland a few days on of America,
our nation's business, and by the changed conditions
hence, is an infollowing the war, creasingly important event. The growing power of
making of this part of the world a money centre and
a great creditor na- throughout the world gives it a significance which, until American finance
very
tion. This increase of money and wealth has made a greater
demand and a none of us could have anticipated. Our country is fortunat recent years,
e in its general
greater opportunity for the investment banker, and I am proud
to say to indastrial and economic conditions, and perhaps no single
you and to the world at large, that by a very large degree
factor contributes
the members of more to the maintenance of these conditions than the
splendid
this Association fully swpplied the well-organized machiner
soundness
y, backed by of our money system, and the solidity and strength of the
your experience, sincerity and honesty of purpose in the renderin
banking fabric
g of a real In present conditions and in the condition which we may
service to both the user of capital and the owner of capital.
expect
to
prevail
With such a in the future, the attitude of American investors will be
a more and more
large responsibility resting upon our membership, and such a large
important factor in its influence upon the affairs
growth
of
the entire business
in the volume of business to be handled, your opportun
ities and responsi- -world. It is, therefore, particularly gratifying to know
that such organizabilities have been aided through the acquaintanceship and organiza
tion of tions as your Association are giving careful consideration
to all of these
this Association.
problems. I hope the gathering of this year will be
productive of most
I have myself sat in your deliberations for 13 years with much pleasure advantageous
results for all concerned.
and with much profit, and have tried to keep up with your growth.
I desire
Very truly yours,
to compliment you on your ideals and on the great improve
ment that this
CALVIN COOLIDGE.
Association has brought in the high standard of your ethics and your wonMr. John W. Prentiss, President, Investment Bankers
Association of Amerderful accomplishments as an Association, both in the period
ica, Cleveland, Ohio.
of peace as
well as in the time of war. We have made history that is
most
valuable.
A
resolution, presented by Eugene E. Thompson,acknowlYou have had 13 years of a vigorous and effective life
and you have exceeded
in every way the expectations that were in the
hearts of the 30 men who edging the President's letter, and unanimously adopted, rejoined with me in the formation of this organization in
1912. More than ferred to the United States as being
"in
George B. Caldwell on Purposes of Associ
ation.
The thirteenth annual convention of the Investment Bankers Association of America, held in Cleveland this
week,
Sept. 22-24, was opened with an address of welcom
e by
Warren S. Hayden, of Hayden, Miller & Co., of Cleveland,
to which George B. Caldwell, of Caldwell Mosser & Willam
an
of New York, in responding referred to the various cities
in
which the conventions of the Association had been held,
as
follows:
the fortunate posi-
1^'
SEPT. 27 1924.]
THE CHRONICLE
tion where it can exert its full influence and be an important
and helpful factor in aiding the recently agreed-upon reparation plan." While this was the only direct reference to the
reparations issue at the convention, the New York "Times"
in its advices from Cleveland on the 22d inst. said:
No subject has been discussed informally among the members as much as
that of the forthcoming German loan. Many of them had looked to the
present convention as the time when the first indications of the terms and
conditions under which it will be floated would be given, for those gathered
here are members of the firms which will be called on to sell it throughout
the country when it is offered.
At the end of the day the members of the Association considered that the
most important fact of the session of the convention had been the avoidance
of the loan topic. Their conclusion from the negative circumstances was
the positive one that the terms of the loan had not been settled with sufficient definiteness to permit oven of the advance sales propaganda that will
be undertaken before it is put on the market, for which the present convention provided an ideal vehicle.
1453
for the Treasury Department, in order to repopularize
Government bonds and notes, to increase the rate of interest
thereon." "For this reason," he added, "we will ask for
your support in fostering the popularity of our offerings and in
creating a belief among yourselves that it is bad form to
trade an investor out of his Government securities." Mr.
Dewey's address is given in full herewith:
There is possibly no group of men in the country more familiar than yourselves with the Government's war financing, its refunding operations and
the various reductions which have been effected in the public debt. For
this reason, I shall not touch on these questions, but will confine myself
to saying a few words regarding a matter which is of constant interest to us
in the Treasury Department and must also, I feel sure, be of considerable
interest to the investment banking business, namely, the Government's
program for a steady and orderly reduction of the public debt.
It has been the traditional policy of this Government to apply surplus
revenues to the reduction of the debt; and since the close of the last war this
policy has been closely adhered to. Certain sources of revenue, however,
The following is the resolution referred to above:
which have been used by the Government to purchase its own securities
Resolved, That the Investment Bankers Association of America acknowl- and retire them, are no longer available. I refer particularly to the sale of
of
President
the
of
letter
edge with grateful appreciation the most welcome
excess war supplies. For this reason our future reductions must depend
the United States, dated Sept. 19 1924.
upon the annual sinking fund with the operations of which you are well •
The Investment Bankers Association of America is in hearty accord with versed, and upon the surplus of Governmental receipts over expenditures
the view that American banking and industrial affairs are fundamentally at the end of each fiscal year. These surpluses have, in the past five years,
sound and stable and place the United States in the fortunate position where amounted to very substantial figures, which are in round numbers as follows;
it can exert its full influence and be an important and helpful factor in aid$212,000,000
In the year 1920
ing the recently-agreed-upon reparations plan for restoring the financial and
86.000.000
In the year 1921
economic conditions of the world to a normal state.
313,000,000
In the year 1922
Be it further resolved, That the President of the Investment Bankers
309,000.000
In the year 1923
Association of America transmit a copy of this resolution to the President of
505,000,000
In the year 1924
the United States.
public debt, reflect the
the
These amounts, waich wore used to reduce
economies of this Administration in the face of a gradual decline in revenue.
Message from Secretary Mellon.
With the adoption of the budget system, which has been most faithfully
by General Lord, Director of the Bureau of the
With his inability to accept an invitation to attend the and efficiently administered
Budget, economy has been the watchword of the Government's operations;
convention, Secretary of the Treasury Mellon sent a letter and it is due entirely to such economy that the surpluses just mentioned
to President Prentiss expressing the Treasury Department's have been achieved. It will become more and more difficult, however, in
to come to show a surplus of receipts above expenditures,
appreciation of the co-operation of the Association, which, the fiscal years
due to the fact that taxes are gradually being reduced. It must be rememhe said,"has been of the most material assistancein financing bered that a reduction in taxes is dependent upon a reduction in expendia large extent, upon
this country through the war," and he added: "Its helpful tures, and a reduction in expenditures is dependent, to
steady retirement of the public debt. Interest on the debt is
attitude has not changed in the more normal times of the the continued,
nearly one
the largest single item in our budget. It amounted in 1924 to
•
present," We quote herewith the letter:
billion dollars or more than one-fourth of all expenditures. It is obvious'
taxes, the
likewise
TREASURY.
and
THE
OF
reduced
be
to
SECRETARY
THE
therefore, that, if expenditures are
Washington, Sept. 8 1924.
public debt must be gradually paid off, so that these great carrying charges
may eventually be eliminated.
My dear Mr. Prentiss:
out a
It is with a view to this situation that the Treasury has mapped
I have your kind invitation to attend the annual convention of the Investdebt in about
ment Bankers Association of America in Cleveland the week of Sept. 22. I program looking to the ultimate retirement of the public
and other known
have just returned from abroad and the matters which are before me in twenty-five years. Through the use of the sinking fund
the popularity
Washington will prevent my being in Cleveland at that time. I wish you revenues, this can be accomplished, provided we maintain
if this program
would tell your Association how much the Treasury appreciates its co- of the Government securities. But it is absolutely necessary,
be able to sell
operation. It has been of the most material assistance in financing this is to be successfully carried out, that the Government should
vast refunding
its
conduct
and
country through the war and its helpful attitude has not changed in the more its securities bearing a low rate of interest
disturbance of
normal times of the present. It is indeed a great feeling of satisfaction to operations under favorable circumstances without undue
if a sucknow that if the occasion should arise, the Treasury can call on the patri- market conditions. It will seriously interfere with this program
of
cessful effort is made to dislodge government securities from the hands
otic service and advice of your members.
Very truly yours,
A. W. MELLON, Secretary of the Treasury.
John W. Prentiss Esq., President, Investment Bankers Association of
York, N. F.
New
Broadway,
America, 42
their present holders.
One of the unforeseen results of the war was the creation, by means of the
Liberty Loan drives, of a large body of investors in Government securities.
In building up this great body of investors, as in all its work of war-time
the Treasury received invaluable assistance from the investment
In compliance:with the request of President Prentiss that financing,
unhankers of the counpry, who now are benefiting from the patriotic and
a resolution be drafted by Vice-President Thompson in selfish service which they rendered during and after the war. The Liberty
and the notes issued in the refundresponse to the letter of Mr. Mellon. Mr. Thompson on the Loans were well and widely distributed;
of these loans have, in a large majority of cases, gone back into the same
invest23d inst. offered the following resolution, which was adopted: ing
hands. People have become accustomed to including among their
Resolved, That the Investment Bankers Association of America in conven- ments a very substantial proportion of Government obligations. They
tion assembled, acknowledges with deep appreciation the letter from the appreciate the security of these obligations and for such security are willing
Hon. Andrew W. Mellon, Secretary of the Treasury of the United States, to take a lower interest yield.
have made
dated Sept. 8 1924.
This lower yield and the gradual retirement of the public debt
Be it further resolved, That the President of the Investment Bankers Asso- it possible for the Government to reduce taxes and thereby to leave with the
ciation of America is hereby instructed to transmit a copy of this resolu- public more money to find its way into the usual channels of investment.
tion to Secretary Mellon and to pledge to him the full and hearty co-operation Furthermore, the money collected in taxes for the repayment of the war
of our members in carrying out the program of the Department to refund loans is available now for the investment market. Since its highest point in
and durand retire the maturing war indebtedness.
August 1919. the public debt has been reduced five billion dollars.
to over one billion
ing the last fiscal year the debt reduction has amounted
A very great proportion of this money is flowing into the investCharles S. Dewey, of United States Treasury, on dollars.
ment market and thus adding to the capital wealth of the country.
Government's War Financing—Trading of
The question has arisen whether the time has not come when investment
bankers can properly suggest to holders of Liberty bonds that they exchange
Liberty Bonds for Other Securities
view this
such investments for other securities. The Treasury is willing to
Disapproved.
is no quesquestion entirely apart from the patriotic angle, although there
for some time will be—involved in the
The Government's war financing formed the subject of an tion of the fact that we are still—and It
is necessary only to point out that
phases of war-time financing.
in Government
address at Tuesday's session of the convention by Charles S. later
during the next four years more than eight billion dollars
Dewey, Assistant Secretary of the Treasury, who pointed obligations will mature and practically three-fourths of this amount will
out that it is obvious, "if expenditures are to be reduced, have to be refunded. effect on the Government's refunding program if
What would be the
and likewise taxes, the public debt must be gradually paid holders
of Liberty bonds were induced to trade them for other investments?
may
charges
be
eventually
carrying
off, so that these great
If such bonds in an appreciable amount are dislodged and come upon the
undoubtedly have a tendency to decrease the price of
eliminated." "It is with a view to this situation," said Mr. market, they wouldand
consequently to increase the interest rate which the
Government bonds
a
out
program
mapped
lookhas
Treasury
Dewey,"that the
Treasury must offer in floating new issues of securities. Those holding
in
about Government securities would be unlikely to exchange their maturing obligaing to the ultimate retirement of the public debt
for new issues offered by the Government; and the Treasury would
twenty-five years." Incidentally, the report of the Associa- tions
have to look elsewhere for customers for its bonds.
at
likewise
presented
Committee,
tion's Government Bond
It is easy to see that such a course would result eventually in breaking up
painstakingly built
Tuesday's session (and given elsewhere in this issue) con- the great body of investors in Government Securities so serious
in its conseWould not such a result be more
the
war.
during
up
well
for
be
the
Governwould
"it
that
tained the statement
quences than any possible temporary advantage which might accrue to
ment to put its house in order, and provide at this time of investment bankers from an invasion of this field?
For one thing, confidence, which is so necessary on the part of the smal
easy money, for the funding of at least a major portion of
would ultimately be impaired. While the members of the Investthe two billions currently maturing." Mr. Dewey, in his investor,
ment Bankers' Association would offer sound securities in exchange fee
address, in alluding to the subject of the exchange of Liberty Liberty bonds, this would not be true of many unscrupulous dealers not
who would take advantage of the situation tA,
bonds, by holders,for other securities, said that "if the public members of the Association,
the small investor out of his Government securities in ey.change fo
should be won away from holding and investing in these trade
highly speculative stocks and bonds.
securities [Liberty Bonds] or be traded out of them for inIn the end, we would have stricter and more complicated Governmehtal
become
might
necessary regulation of the sale of ...11 stocks, bores and f;ecurities, perhaps along ch.
dustrial or railroad obligations, it
1454
THE CHRONICLE
lines already proposed in Congress. Legitimate business might find itself
unreasonably hampered as the result of efforts to protect unthinking investors from the activities of unscrupulous promoters. While the T-eabury
Is heartily in favor, as I am sure you are, of any legislation which would
protect the investing public against fraudulent salesmen, we must at the
same time make sure that such legislation does not unduly burden and
restrict legitimate business transactions.
All these factors should be given careful consideration before entering
upon a policy which has for its object the dislodging of Government bonds
from the small investor. If the public should be won away from holding
and investing in these securities or be traded out of them for industrial or
railroad obligations. it might become necessary for the Treasury Department,in order to repopularize Government bonds and notes, to increase the
rate of interest thereon. This would necessitate the levying of taxes to
meet the interest charges and would have the effect of taking money out of
the investment market.
The Treasury Department appreciates the support and cc-operation which
it has received in its financing from your organization, particularly during
the war period. Time passes, however, and I believe we are all apt to forget
that, although the war is over, the public debt remains with us atd must be
constantly considered. For this reason, we still ask for your support in
fostering the popularity of our offerings and in creating a belief among yourselves that it is bad form to trade an investor out of his Government securities. I feel that we can ask this not so much from the viewpoint of patriotism but because our interests are identical and, in the end, it will be to
your own benefit tio less than to the Government's. The logic of the situation is inescapable. The more popular Government bonds and notes become,the lower will be the interest rate; the lower the interest rate,the lower
will be the taxes; and the lower the taxes, the more money will be available
for business and investment.
[VOL. 119.
Remarks of Myron T. Herrick—United States Creditor
Nation.
Myron T. Herrick, Ambassador to France, who is in the
United States on a leave of absence, in addressing the convention at its first day's session stated that "it has seemed to
me that in the changes and the sudden transition that have
taken place by reason of this World War, that the one thing
that has happened to us that we do not fully comprehend,
and do not apply ourselves to as much as we should, is the
fact that through this war we have become for the first time
a creditor nation." Ambassador Herrick added:
It carries with it its opportunities but at the same time its tremendous
possibilities, and we have all the time now, as a people, bankers, all classes,
to keep our mind upon the fact that we are no longer in the financial
and
economic world as we are in the political and social world. We are no
longer
in that isolation from which we emerged and to which we will never return,
but we are in a sense a part of the whole, and that you bankers who
distribute the securities to the world, to your own nation, you who distribute
it are in a responsible position such as you have never been before.
There
is obtained this fact, that America is the creditor nation of the world,
and
it carries its responsibility.
Among other things, Ambassador Herrick said:
Perhaps I might say, as one who has been active in the banking business,
although on the other side of the ocean, and as one who has seen this great
investment business grow in America, I might say to you perhaps
rather
more than the layman, that I appreciate the significance of what you
are
doing. It is not so much in these days, as we look upon the things that are
Report of Government Bond Committee—Funding of ahead of us to be done, that we think of the money-making side of it. Of
course that is an essential thing, an impetus, and all that, and yet in
these
Major Portion of Currently Maturing
days we appraise agencies, organizations, the agencies and potencies of
Government War Debt Urged.
organizations, for the help that they may be to our country in this particuAs we indicate in the reference to the address at Tuesday's lar time, when there is an effort and a reasonable hope for stabilizing once
more the world. In these days of discussion over there relating to there-session of Charles S. Dewey, dealing with the Government's construction
and rehabilitation of the economic
of the world,
war financing, the report of the Association's Government we look upon those agencies here that were able torelationship
assist in the accomplishBond Committee states that "it would be well for the Gov- ment of those efforts for which we have now for the first time, thanks to
initiative of Americans, a hope of accomplishment.
ernment to put its house in order and provide at this time theI have
had occasion to think of what your particular position in America
of easy money for the funding of at least a major portion in being able to consummate the plans, the hopes and theis aspirations
of the two billions currently maturing." "Prevailing prices those great agencies for the.benefit of the world at this time when it so need
the brains and ability of any one who can contribute, and it seems to me we
for Liberty Bonds," the report argues, "occasioned in large are particularly
happy in America, perhaps more so than you appreciate.
measure by the operation of the Government's sinking fund more than any of us do, by reason of the experience and training
in being
to contribute something when the world most needs it.
and by the purchases of institutions seeking an outlet for able
I think I have had occasion to make some observations in regard to
the increased deposits which have flown to them during the ability, the potentialities of my own countrymen, in the groups, the
in the
last six months, serve to make the operation feasible at this individuals, I think I have had a good opportunity to make that observation,
and
over
here
I
find
my
countrymen
are
sensitive,
sometimes
was
which
report
overtime." The
presented by the Chairman sensitive,
about the
there, and I sometimes hear things that
of the Committee, B. A. Tompkins, of the Bankers Trust cause me to think thatcriticisms
those people over there are a little severe. I do not
mean France, I mean Europe; but you must not think of it. The one satisCo. of New York, follows:
On Aug. 311919. the net debt of the United States was slightly in excess fying thing to me is this: in all these conferences,in all these discussions that
of $25,475,000,000. On Aug. 31 1924 this had been reduced to slightly have lasted through these weary, heart-breaking years, whenever anything
over $21,0G0,000,000. This reduction, approximating $4,500,000,000 was comes up that relates to my own countrymen, I find that which underlies it
effected by the introduction of economies in government, the increased tax all is that, while they do not trust each other, all trust us and our good
revenues resulting from a more moderate, but in its effect more lucrative, intentions. They know we are unselfish. They know we strive for the
tax law than that which had prevailed during the war period, and by gov- accomplishment, of course, they think for our own material success, but
ernment liquidation of excess war assets. The Treasury sinking fund has they know that that which impels us in these efforts to-day,in our youth and
retired the debt at the rate of approximately $1,000,000 per day, and Great strength, is all based on a wonderful past, a wonderful history, the creation
Britain's annual payments to us on account of her debt are at the rate of of a nation as ours was created, where its men in those days placed their
country first and their selfish interests second. I think, in the settlement
about $500,000 per day.
With one exception the problem of funding maturities during the past and in the advancement of the solution of these problems of the world to-day,
we have got to go back to the position in which we were when we
year has been met by the issuance of short time debt. Certificates of inmade this
debtedness and Treasury notes aggregating $1,100.000,000 have been nation, and count, not our selfish interests first but our country first and
our
own
interests
afterwards.
we
have
all
That
got
to
is
do,
and
disturbance
money
to
the
markets. So skillfully has the
absorbed without
then we
Treasury Department gauged the absorptive capacity of the country at the are safe for the future.
I was so much pleased with one thing that relates to you as I have
respective periods, and so keen was the Department's analysis of the trend
seen
of money rates that the financial structure of the nation has in no instance you grow through all these years from the other side of the counter, I was
so
much
pleased,
although
I
that
thought
a
it
was
little
bit derogatory of
been disturbed by the successive operations.
A year ago when the long dated debt of the Government was selling on a ray old comrades, when my son said: "I want you to meet these invest43,5% basis, considerable pressure was brought to bear on the Treasury ment bankers. They are college men. They are young men of superior
Department TO attempt the flotation of a long term government bond to quality and your old American Bankers Association is not quite in their
class."
bear interest at 4%%. Mr. Mellon was unwilling to go to Congress for the
Well, I think in a sense it is true if I am a judge of the faces, and I am
necessary authority to borrow money on a long term basis at that rate.
a
Subsequently, when Liberty Oits crossed par, it was again urged upon the judge of the contacts that I make. I think perhaps it Is true. It is but
the
evolution of a generation, and as long as we ()volute along those lines
Department to attempt the flotation of a 4;1% issue, and there have been
recent suggestions that a long term 4% bond could be successfully marketed. we are likely not to fail to grasp the fact that America is a nation that is,
That the Department is not yet willing to consider long term financing, is after all, capable and competent in the eyes of the Old World to redress
evidenced by the issuance on Sept. 15 of $300,000,000 one year notes with a the balance which Cannons referred to a hundred years ago when he said
that this young giant in the West will be called upon to do that
2h% coupon.
one day;
Whether the policy of borrowing on short paper will be continued by the and I think what I see here this morning and what I have seen the last fortyeight
hours
makes
me
feel
tremendously
hopeful
and
makes
me feel that the
Department is a matter of conjecture. Within the next nine months maturities in excess of two billions will fall due. Within four years from this hope has arisen in the breasts of the European nations engaged in this
date maturities exceeding 17,500,000,000 will have to be met. Of the total. problem of reconstruction, the hope for the consummation of that which'
approximately $3,000,000,000 is represented by Third Liberty Loan bonds we hope for, fought for and died for in the World War.
which mature on Sept. 15 1928. It is now urged by students of the Government's fiscal situation that an attempt be made to refund at least a portion
of these maturities by the issuance of long time debt. It has been pointed Dwight W. Morrow, of J. P. Morgan & Co., Says Most
out that the taxes collectible under the new tax law are conjectural. For
Important Factor in Investment Banking Business
the month of August Just past, income and profits taxes are reported as the
Is Investor—Investment in Foreign Loans.
lowest since the Armistice. The recent sharp decline in internal revenue
receipts points to the uncertainty of the future yield from that source.
Dwight W. Morrow of J. P. Morgan & Co., using for his
This trend compels attention to the thought that before the fiscal legislation theme
"The Investor," delivered an address at the opening
passed in the last Congress is reflected in a Government deficit, it would be
well for the Government to put its house in order and provide, at this time session of the convention on Monday last, along the lines
of easy money,for the funding of at least a major portion of the two billions of one which he presented before the
Institute of Politics
currently maturing. Prevailing prices for Liberty bonds, occasioned in
at Williamstown, Mass., last month, wherein he furnished
large measure by the operation of the Government's sinking fund and by the
purchases by institutions seeking an outlet for the increased deposits which statistics of the sale of Austrian bonds in 1923 and Japanese
have flown to them during the last six months, serve to make the operation bonds the present year,
his figures dealing with the amounts
feasible at this time. The holdings of all reporting member banks of United
States obligations had arisen on Sept. 3 1924 to 12,499,864,000. Any subscribed by small and large investors. In his address the
tightening of money rates, due either to accumulative European borrow- present week Mr. Morrow enlarged upon his
previous
ings, or to commercial demands on this side to meet the requirements of statements (which
were given in our issue of Aug. 9, page
expanding business, would probably find member banks liquidating the
Government securities which have been purchased as in the nature of a 639). In his remarks preliminary to his prepared speech of
secondary reserve. The price depression.whIch would result would obviously this week Mr. Morrow said:
make more difficult a refunding operation which might quite easily be accomI came here to-day to speak to you about some of the
responsibilities
plished at this time.
B. A. TOMPKINS, Chairman.
of an association of your kind. The responsibility that
rests upon the
SEPT. 27 1924.1
THE CHRONICLE
1455.
houses that are engaged in the investment business. Why, you are going $10,000. Even in this highest bracket, which we set at amounts over $10,out and collecting the savings of this country and by your advice are 0000, the sales averaged only $15,800 for the Austrian bonds and $36,409
directing or perhaps guiding those savings into various channels all over for the Japanese offering. You will see that in number the large investors
were relatively unimportant.
the world.
Now, I do not want to give you an exaggerated impression of the imporIt is quite an interesting thing, the whole problem of modern credit.
It is an amazing thing. When a man buys a bond he buys a promise. tance of the small investor. Ile is quite important enough without exagHe gets a piece of paper which contains the promise of some individual gerating. The figures that I have given refer to the number of small and
or some corporation or some country and he realizes upon that promise: large investors. There is, of course, a difference between that and the aghe relies on that promise producing him a certain amount of income from gregate amounts subscribed by small and large investors. It would be posquarter to quarter or every six months or every year, and a certain amount sible, for example, to have a great number of small sales, and yet have a
of principal at the time that he or his children may need it in a subsequent few very large sales make the large investor the more important factor in
generation. It is a very heavy responsibility. Getting people to exchange disposing of an issue. The average sale might be small, but the proportion
their savings for the promises of other people; and yet all of mcdern civiliza- of the whole loan taken by large investors might be large.
Putting the classification on the basis of the aggregate amounts subtion is built upon this problem of credit. People look upon the bond
business some times as a non-idealistic business. It really is one of the scribed, the small' investor and the one of larger means come to more or
most idealistic things. You are dealing with non-material things. You less of a standoff. Whereas sales to persons who invested no more than
are dealing with promises, and the goodness of the promise in the last $1,000 accounted for 50% of the number of sales made, these persons abresort is the thing that makes a good bond, the desire of the person to sorbed only 15% of the Austrian bonds and 10% of the Japanese bonds.
pay it, his ability and his willingness to pay.
If, however, the limit is raised to include sales not exceeding $5,000, we
Now,in the few remarks that I have to make to you here to-day. I want find that the persons in this group accounted for 62% of the amount furto talk about the investor; that is, the person with whom you deal.
nished Austria and 44% of the amount furnished Japan. Taking the two
loans together, approximately 90% of the investors took about 50% of the
Mr. Morrow continued:
loans.
Your President has asked me to speak of "The Investor." Now, the
Still having regard to aggregate subscriptions rather than the number of
members of your organization probably have a more intimate contact with
subscribers, it is apparent that the group between five and ten thousand
the investor than any other persons in the United States. You come very
dollars and that above ten thousand, are by no means negligible. In the
close to the man or woman who actually buys securities. It is very largely
Austrian loan the former group contributed 20% of the total amount subupon your personal recommendation that the securities are bought. You
scribed, while the latter group accounted for 17%. In the case of the Japknew the preferences of the investor. To speak to you upon the topic is,
anese loan the corresponding figures are 16 and 39%.
therefore, very much like bringing coals to Newcastle. However, as BudMuch depends on where the line is placed between the email and large
yard Kipling said recently while discuming thrift before a Scottish audience,
investor. A good practical purpose may be served, however, by placing the
the injunction against carrying coals to Newcastle does not entirely prohibit
dividing line at $5,000. When this is done, I repeat, the volume of buying
one from talking about coal while in Newcastle.
I perhaps owe the invitation to speak before this meeting to some remarks by small and large investors in each of the two loans under discussion is
found to have been substantially equal.
I made about the investor before the Institute of Politics at Williamstown
Our tabulations indicate that nearly 400 persons who had from $100 to
a few weeks ago. A comprehensive series of discussions his various phases
$400 in savings to spare took that money and bought Austrian bonds.
of international finance had been arranged. I was asked to speak from the
Nearly 3,000 more of these smallest investors bought Japanese bonds. What
point of view of the international banker. At about that tine a good deal of
public discussion had developed regarding a very practical aspect of inter- a heavy responsibility this wide distribution of bonds lays on the investment
national banking. Many people were talking about loans: to finance Euro- banker. We Must never forget that the money that passes through our
pean construction. In many quarters an idea seemed to prevail that bank- hands comes from thousands of savers. These savers may be mechanics or
clerks or stenographers or school teachers or professional men or bankers.
ers could absorb loans of any magnitude rather easily. Some persons even
For one reason or another they are willing to exchange $100, with the comseemed to feel that the primary function of the banker was to turn over funds
mand which that gives them over present goods or services, for a promise
when needed. Such an attitude is of course flattering to the international
someone to pay interest and principal to them at a future date. If we
banker. It assumes that he is an all powerful person who either has most of
of the world's capital or can command it to flow into any given channel. fail to keep in mind the sacrifice that the investor is making of his to-day
benefit of his to-morrow we shall fail entirely in our function. A
Of course, those of you who are engaged in the business know how little for the
warrant there is for this belief. The international banker is an important great deal of criticism is directed to financial houses. Some of it may be
justified. Much of it certainly is unjustified. The one thing, however, that
factor in the business of mobilizing the new supplies of the world's capital,
should sustain an investment banker in the important function that he perbut he is not the most important factor.
for society is the confidence that the investors have in him.
The most important factor in investment banking—the commanding and forms
This confidence of the investor in the banker is an essential element in
compelling factor—is the Investor; the man or woman who has produced a
process of enlisting new savings in private enterprise or in Governmental
the
little more than he or she consumes; who has saved a surplus. The important act in investment banking is the decision to exchange the command construction or reconstruction. A man or woman may be willing to invest
over present comforts for a promise of someone to pay interest and principal savings in a particular security because he has confidence in the borrower,
or because of a belief in the purpose for which the money is to be used. Or
at future dates. The important actor in investment banking is the one who
makes that decision. The investment banker, whether he be located in a an attractive rate of interest may exert an influence. Or sentimental faclarge city or a little hamlet, is fundamentally a merchant. He is a middle- tors may play a part. But perhaps the greatest single factor in leading the
man who renders what assistance he can in guiding the flow of savings into investor to risk his savings is the confidence that he has in his banker. He
industry and commerce. He owes a heavy responsibility to the public. knows and treats his banker or he would not deal with him. He relies to a
greater or lesser extent on the banker's judgment. He feels that if his
Above all, he owes a special responsibility to that part of the public which
is made up of the savers. An investment banker might make a temporary banker is willing to take the responsibility of offering him a bond the bond
profit out of the misfortune of the investor, but he can make no durable suc- probably is good. I do not maintain that the investor does not have his own
cess except as his success is built upon his real service to the investor. In likes and dislikes. He dces; and they frequently are determining influences
the long run, if he serves the investor well, he prospers. In the long run, in his decisions. Nevertheless, the banker's opinion is with very many investors the most important influence in the selection of the investment.
if he serves the investor ill, he fails.
It follows, I think you will agree, that time banker must give primary
Granting, then, that the investor is the important person in the investconsideration
to his customer—to the investor. He must be forever on the
ment banking business it seemed to me that it would be useful to find out
just what sort of a person he or she is. As the subject of international finance alert to protect the investor. The banker is, of course, human. Like anywas up at Williamstown, I tried to find out who bought two recent foreign one else he may make mistakes. But he must never make the mistake of
loans that had been managed by the firm with which I have the honor to offering a security to his clients that he does not believe is good. Ile must
be connected. I refer to the Austrian and Japanese loans. We, as syndi- never allow himself to be coerced into offering a doubtful investment, or
cate managers of those loans, had no record of how these bonds were dis- to be led into selling one by his desire to make a wide profit quickly. Safety
posed of to the ultimate investor. The various investment houses, most of of the investor's principal and interest must come first. That is the founwhich are represented at this meeting, of course had their own records. The dation on which our business is built. To desert it is to face disaster and
relationships, however, between the syndicate manager and the distribut- betray a trust.
ing houses does not give the former the right to obtain the names of the
actual customers of the distributing house. An investment house may very
properly be reluctant to tell the names of its customers. After all, it is no Colonel
Leonard Ayres's Discussion of "Controlling
part of the business of the syndicate manager to know the names of the exact
Factor of Security Price Movements."
persons to whom the bonds have been sold. Nevertheless we took the liberty
of asking three houses that do business in different parts of the country if
In an address at Tuesday night's session (Sept. 23),
they would tell us some facts about the persons to whom they had sold these
bonds. Those three houses very kindly assented to our request. The results discussing "The Controlling Factor of Security Price Move..
of the inquiry were tabulated and seemed to interest the students of inter- meats," Col. Leonard P. Ayres, Vice-Presid
ent of the
national finance at Williamstown. At the request of the President of this
Associaion, I have extended the inquiry to 23 houses in the case of both the Cleveland Trust Co. of Cleveland, Ohio, presented some
Austrian loan and the Japanese loan. The houses of which the request was diagrams for studying and forecasting such movements
made have taken considerable trouble to give us the facts. I have had the facts and summarized his views as follows:
tabulated. They furnish a quite respectable statistical basis for some conTo summarize, first business controls interest rates and interest
clusions.
rates
Bear in mind that these houses were selected because of their representa- rule security prices. There are some exceptions to that, particularly when
money
in
the
shape
of
gold
is
being
shipped
into
character.
this
They
tive
country from abroad
include houses in parts of the country as widely separated as Boston and Seattle, and with fundamental interests as different as in large quantity and without a close relationship to industrial activity in
Minneapolis and Savannah. The results shown by the statistics gathered this country. That is without precedent in this country, but it is a present
from the 23 houses are not greatly different from those shown by the orig- condition, so may be we will have an exception to that rule: we could have
inal three houses. Now, what does this investigation indicate? For one one.
Secondly, the best indicator of general industrial business is not
thing it seems to me to dispose of the idea that offerings of bonds to-day are
any of the
taken by wealthy individuals or large institutions. It shows, on the con- complicated compilations that have been put forth by the various services,
but
rather the percentage of blast furnaces and the period in blast and
trary, that bonds are being bought by large numbers of persons of moderate
the
means. The 23 houses had 2,975 customers who bought Austrian bonds. records of these month by month and for many years hack are published In
first Issue of each month of the "Iron Trade Review,"
the
average
and there you
The
investment of these customers was $2,980. Extending the fighave the number of furnaces and the number of them that are
ures to the entire $25,000,000 of Austrian bonds that were offered in this
active, and
country, it would seem fair to assume that those bonds were taken by about anybody can find out what the percentage is at any time. I have tested it
pretty
out
carefully.
It
is
the
best
indicator of general business.
9,000 American investors. The 23 houses had 8,212 customers who bought
In the third place, when that line crosses the 60% line, going up
Japanese bonds. The average investment of these customers was $3,660.
or coming
down, those crossings usually mark turning points in the
figures
security markets.
These
indicate that the $150,000,000 loan to Japan was purchased
Fourth, the reason why they do is that these cross marks
change in the
by approximately 44,000 investors.
direction of the short time interest rate. It means that
business is speeding
That we are dealing with a multitude of small investors rather than a few
up enough to take up the available floating supply of money or
large investors is further demonstrated by a slightly different classificaslowing down
with sufficient rapidity so as to release it.
tion of the sales. Approximately 50% of the number of sales made in both
Fifth, the effect of low and high interest rates is accumulative
oases were to persons who invested $1,000 or less. Juk about 90% of the
effect. The
effect is not proportional to the degree that they are high or
number of sales were to investors whose purchases were limited to $5,000
low, but to the
duration of time that they run below the bond yields
or above the bond
or less. Only about 4% of the number of sales were for amounts over yields of high grade
bonds.
•1456
THE CHRONICLE
Sixth, when short time money is below long term, when the commercial
paper rate is below the bond yield, it means rising prices for securities and
vice versa.
You may ask me,"Well, if your interest rate tells this, why do you fool
with that furnace line? Why not just fool with your interest rate?"
There are two reasons. in the first place, that the furnace line moves
sufficiently far ahead of the interest rate to foretell it. and that is what you
want to know. You want to know it a little bit in advance. Secondly.
that your interest rate plays unexpected tricks when it gets ready to change
from low to high. It may even change all the way down in.a single month or
two months, all the way up or all the way down. Your blast furnace line
never plays any tricks like that. The blast furnace line runs in a nice long
line up towards 60, down and up, and what you have got is a line that is
coming towards the horizontal line and you can see it coming and can pretty
near tell what month it is going to hit,so that is the reason why it is well to
supplement one with the other. And still a third reason that I might mention is that the blast furnace line depends on domestic industrial activity,
but the interest line may be dominated by the supply of money from abroad.
and you can not find any record, as far back as you care to chase, where
both of them went wrong together. If you have got them both, apparently
you have got a real method for judging what is likely to be the next development.
These materials have not been put in 'print. We have been publishing
Pieces of material in our monthly business barometer, the researches as
they have gone forward publishing them in a sufficiently popular way so
that they would be usable and with sufficient reserve, we have hoped, so
that they would not lead people unduly into thinking that they should use
them as a mere rule of thumb indicator. They are not that and I am sure
that they are not and I am sure that there is not going to be any indicator
the
of business or system of business forecasting which will enable either
business man to operate in his daily affairs or the speculator to operate
successfully in the market without a very careful, prolonged and systematic
day
thought on his own part. There is a common belief that some Utopian
will come that there will come a time when you can do all that without
having to think about it, but I am very sure that that time is not going to
come.
So, gentlemen, without any more formal closing of this talk, I would say
that I would leave with you two thoughts only about the controlling factor
indicator of
in the movements of security prices, and one is that the best
what is likely to happen in the next major business swing Is this simple
the
blast furnace line, and the other one Is the interest rate, which means
that
,difference at any given period between the rate on short term funds
indithe business man uses in his daily affairs and the long term funds as
cated by the yield on investment bonds.
Colonel Ayres at the outset of his remarks, as already
stated, presented charts of bond and stock prices showing
how they have moved during the past several decades. In
calling attention to these he said in part:
the
I want to ask first that you look at a picture of bond prices during
past forty years. This chart begins over here at 1884, the first complete
little
cycle after the resumption of specie payment, and each one of these
over
spaces is one year and it runs over the 41-year period, over to 1924
of
here. The red line shows the price movement in the open market
In
industrials.
ten
are
and
twenty high-grade bonds, of which ten are rails
fell
1884 the market price was about 82, the average of that group, and it
during that depression until it was about 78, and then it came through a
very considerable recovery to about 90 and two years later had fallen again
to 85, and so on we could follow it all the way across. You will note that
there is drawn through that a black line which is made of little, round,
black dots, and that black line is a mathematically derived line which shows
te normal at each year of these bond prices. You say,"How do we know it
was normal?" The only answer is that it is a line mathematically drawn
through this irregular red line that would show approximately the same
amount of excesses above as it would deficiencies below.
Now, we may take this normal line and because it runs through the red
normal,
line we can see during any year that prices were so much above
may be.
one per cent or two per cent or three per cent below, or whatever it
bottom
the
on
have,
down
which
we
diagram
Then we can draw another
line like
of this sheet, which is drawn as though we had taken this black
of
a string, and pulled it out straight, and then it shows the percentage
excesses above and deficiencies below, which is done in the red silhouette,
panic
that
in
here
the
deficiency
shows
which runs over this same period and
then
of about 5% below normal, the recovery to nearly 5% above normal,
We
two years later to about 3% below, and then again above and so on.
exceptionally
could carry that all the way across. We note, of course, the
longthe
'97,
of
the
panic
low relative prices which were reached during
normal.
continued low prices of 1920 and 1921, and the recovery above
at the present time.
there,
is
it
but
perhaps,
see,
to
you
for
which is difficult
market.
One may do that sort of thing with other indexes in the security
indusI have one on the next sheet here of the movement of stock prices, 24
same
the
in
drawn
a
with
diagram
time
of
trial stocks over the same period
the
way, with the normal line worked through it, and then the diagram at
deficiencies
bottom showing the silhouette, and once more you have these
and
of 5%,
below, but greater in this case. 10% being common instead
as a metheexcesses above, 10 or 15%, a greater amplitude of fluctuation,
merely in
not
course,
of
differences,
these
matician would say. We find
of general
the stock and bond markets, but we find them in any movement
easily shown
business, or interest rates and so on. and that can be very
of what
with pig iron, and it is well to use pig iron for this sort of an exhibit
to prosdepression
from
business does as it moves through these swings
and everperity, down again to depression, and so on, in its ever-continuous become
has
changing series of business waves or swings, because pig iron industrial
indicators of
to be recognized as one of the most important
You and
changes. In our day iron has really become a universal metal.
or than our fathers
were
boys
we
I use far more of it than we used when
ton of pig iron.
used. Your car, a fine, steel machine that it is, is really a
are, filing cases are,
The radiators in this room are pig iron, the typewriters
to be recognized as
and so on, and so it has become true and it has come
its demand from the industrue that when the pig iron output expands and
index, at the source,
try in general is getting greater, there you have a real
pig iron output
so to speak, of expanding industrial prosperity. When
in process.
falls you have a very definite sign that the other operation is
the past forty years.
Our output of pig iron has grown enormously in
it began
and
tons,
of
This is the average daily production in thousands
and arose in that
back here, away down at the lowest line on the digram,
drop in periods
irregular way, in that hill, as I say it, climbing up, with a
prosperity being
of depression being greater than the excesses in periods of
the summer of
in
further above that black line or normal line, and there
industrial depression of
1921 you have indicated an utterly unprecedented
month, and it
that year, and the amazingly considerable depression of last
the same sort
has been running down all this year. Down below you have
depression
great
of a slide or chart as we introduced before, with the very
blue line
slight
a
notice
will
see
of 1921 illustrated, and those of you who can
[VOL. 119.
representing present conditions, and will note that last month it was down
where my pencil is. and represented, save for 1921. a true depression level
and a depression level of very considerable gravity.
These figures, of course, are for the output of the entire United States.
We can do the same thing, if you please, with interest rates. There is one
relating to the fluctuations of 60 and 90-day paper in the New York market,
but here we have these several indicators of these changes in business, and
we have, if you want to examine more closely, these diagrams for convincing evidence that there is a clearly definite relationship of some sort between
the bond price and the stock price and the condition of general industry
and the interest rates, and the puzzle is to untangle that relationship if we
can in such a way as to find out the cause which has brought about these
conditions in the past and discover what it is that we may expect in the
future.
The one thing we are sure of at the outset is that the change Is incessant
and we can be very sure that if any of these indicators are well above theit
normal lines that before long they will be below and if they are below that*
before very long they will go back above. . . .
We said it is clear that there is a relationship between these price movements on the stock market and bond market and general business. It is
clear that there Is a relation between general business and interest rates and
between interest rates and our bond prices, as we have always known.
How might we get at that kind of relationship? Thinking over the possibilities it occurred to us that the effect of business on interest rates is a cumulative effect. It is not true that interest rates fall in proportion as business
is dull or rise in proportion as it is prosperous, but rather that they keep on
falling during the time that business is dull and they keep on high during
the time that business is prosperous.
We have all been told in the past that bonds precede stocks, and I have
said that myself, but the fact is that if we take all of them together, highest
grade and medium and less high grade and make the index of the bond
movement and the stock movement, we find that the lows and the highs
substantially coincide, and we have these movements of three years or
more in length with a typical bull market and bear market, the same for
bonds and for stocks, and I take it that one of the reasons why the books
on economics tell you the other thing and why most of us have had in our
minds that bond market precedes the stock market, and that until very
recently the bond prices with which we could work in tabulated form were
those relating to the Government issues and the very highest grade of rails,
and they do tend to move early. The higher the grade of issue the earlier
It tends to move, and so we have compared medium grade and all sorts of
grades of stock movements with the highest grade movement and had a
prior movement in the bonds but if you compare the same sort of bonds
you find that it goes together.
I say that is the first thing of importance that we should infer from
this, and the reason why I say so is that because that means that if we can
find out the rules that move the bond market we have got the rules that
move the big swings in the stock market. That is what we are hunting for.
Secondly, and this I will substantiate by the next chart. I think that
if we accept this sort of reasoning for which we can adduce a great deal of
evidence, we will have to say what the stock market is doing is not discounting the future. What the stock market is doing is something very different
from discounting the future. It is moving in response to underlying factors
relating to the intensity with which industrial business calls on the money
supplies of the country. Now,in some measure it is discounting the future.
Quite true, as we all know, that if a stock is the security of a corporation
of which it is well known that the earnings during the coming year will
appear to be very good or very poor, the market price of that particular
stock will move in accordance with that general belief. But the market
as a whole apparently is doing something only in small degree that can be
described only in restricted degree as discounting the future. What it is
doing is moving in almost direct response to them underlying economic
forces which relate primarily to the forces with which industry is calling
on the money supply of the country.
If that is true it means that the various systems of forecasting business
which largely relate to and rely on the so-called lag and lead, the lag of
one series behind another series, are but doubtful guides at best because
all this means that you can't say that the stock market precedes the general
business by some such term as five months or six months, a figure commonly
cited; it means rather that that lag which is with every business cycle, that
It is a short lag and short cycle, and that it is a long lag in a long cycle, and
the mere fact that it may average up to be five months or six months has
little significance. What we really have got to do is to find out what its
relationship is to its cycle, and here we have the methods that point the
way. Putting that more technically the mathemetician would say that
the lag is a constant function of the amplitude of the cycle which is the
same thing, that is. it is short in a short cycle and big in a big cycle, but its
average really doesn't amount to much for us.
Now, I have suggested that all this really means not that there is any
magical relationship between blast furnaces and the stock market. We
know there is not, but that the demands of industry result in greater or
less stringency in the money market and that that sort of thing has Its
effect on the bond and stock market. Can we demonstrate that?
I have tried hard to put together the material that would throw light on
that subject. What I have done has been to put together data for two
lines shown in the past diagram, the one in red, interest rates, the one in
blue, bond yields. Interest rates happen in this case be be a composite
of 60 to 90 day paper, four to six months paper,and 90 days'time loans on
the street simply because the composite line Is a little bit more stable than
any one of them alone. Any one of them alone will act in the same way.
The blue line is the yield of ten high-grade industrial bonds, nail bonds
will do almost as well. What we find is that over this period which begins
in 1890 the business man's money rate fluctuates far more than bond
yield, that it runs below and above and below right through. We will call
that short money, short time money and the bond yield of course is long
time money or long money, and I think the rule we can well adopt in
talking about it is to say that interest rates are low when short money is
below long money and interest rates are high when short money is above
long money, and the business man's interest rate is above the bond yield.
That being hard to look at because of its many little movements up and
down I had a conventionalized drawing of it made down here.
What does it tell us? It tells us that during all the time that short
money is below bond yields, bond yields fall and during all the time that
it is above they rise. It also means that during those same periods that
stock prices rise and that means that we have here the thing that the
title on the program talked about to-night, The Controlling Factor of
Security Price Movements for both bonds and stocks, that the bond yield
is always trying to catch up with the short money rate. When this is
below it falls all the time that it is below and it never quite catches up
before it gets there. Tt is changes and comes up and then the blue line
Changes and chases up and then the red line goes down and so on. We
can carry it all the way through right up to 1924 with the extraordinary
ups and downs of the war period, and we finally get out to here with this
red line representing interest down to very low points indeed, almost 5s
SEPT. 271924.]
THE CHRONICLE
low as any recorded in the past, and with the blue lino representing the
bond yield, and inversely bond prices moving along as they have in all
the previous times as though it were trying to get there and meet it.
I think, gentlemen, that we have there the picture of the controlling
factor in security price movements; that the principle is a very simple
one; that it goes back to finding as we did to the chart, that short-term
money is low when it is lower than the bond yields and that it Is high
when it is higher than the bond yields; and that while it is below you
can expect the bond yields to work in a direct direction together, to meet
it, and when it is above you can expect it to work in a direction to meet it:
and that stock prices amid all of these irregular variations that attend
any movement, up or down, will tend in their large cycles to do the same
thing; and that there we have the fundamental principles of it.
At the conclusion of Colonel Ayres's remarks, President
Prentiss said:
I think we are an tremendously indebted to Colonel Ayres for his most
interesting address. I am going to take it upon myself to recommend to
the succeeding administration of the Investment Bankers Association
that the President appoint a committee on the high and low prices in the
bend market, and to appoint Colonel Ayres Chairman of that committee-
Report of Railroad Securities Committee, By Ray
Morris, Chairman—Suggestion for Modification of
Transportation Act Respecting Consolidations.
In his report as Chairman of the Railroad Securities Committee, Ray Morris,‘ of Brown Brothers & Co.,
suggested that "the Association record its view that the
interests of the railroads and of the public will be best
served if the Transportation Act of 1920 can be so modified
that consolidation plans will be subject to the permissive
authority of the Inter-State Commerce Commission, but will
not rest on an obligatory or so-called 'complete plan' of
grouping prepared in advance of the Commission." Acting
on this suggestion, the Association in adopting the report
placed itself on record as favoring such modification.
Mr. Morris referred to the railroad problem as "the
outstanding question of the day." He pointed out that in
his report of a year ago it was stated that "while consolidations were admittedly in the interest of the carriers and
of the public, it was not apparent that the Government machinery thus far devised was likely to be effective in bringing them about." Adding that since that report "a new
factor of considerable importance has made itself felt," he
said. "there has been a significant revival of consolidation,
necessarily subject to the consent of the Inter-State Commerce Commission, but undertaken by private initiative."
The events this year, he continued, "have undoubtedly emphasized the point that if the Government desires group consolidations it can have them, provided the plan is not so
rigid as to defeat its own ends, and individual initiative
. . . is allowed to work as freely as possible under the
broad supervision and guidance of the Inter-State Commerce Commission." If, he said, the change in public policy thus indicated becomes effective, "it seems probable that
American railroads are likely to enter into a long period of
voluntary consolidations, which will accomplish effectively
the objectives of the Transportation Act." The report was
read by Pierpont V. Davis of the National City Co., a former Chairman of the Railroad Securities Committee, Mr.
Morris having been obliged to leave unexpected for New
York. Mr. Morris's report in full follows:
Your committee has adopted the point of view that the present American
railroad situation is one in which, from the standpoint of the security owner
and the security dealer, practice along mechanical and commercial lines is
well standardized, and the especially interesting developments from year to
year have to do, for the most part, with the changing attitudes of the various
governing bodies, State and national, charged with the responsibility of
railroad regulation. We are therefore making our report a brief review of
the present status of the railroad industry from the standpoint of the investor in comparison with conditions found at the time of the 1923 report.
The outstanding question of the day is undoubtedly the problem of railroad consolidation. It is interesting to note that the present policy of the
Government towards group consolidations is closely in line with the progress that was being made by voluntary initiative, prior to the second Roosevelt Administration. But from about 1904 until the period of the war this
natural and logical development was interrupted by a somewhat violent
application of the rather hazy principles of the Sherman law, coupled with
the vesting of very full regulatory powers in the Inter-State Commerce Commission, and the coincident curbing of the initiative of railroad managers.
Until the passage of the Transportation Act of 1920 the Commerce Commission, acting with entire conscientiousness, seemed to consider that it
had a mandate to keep rates low, but neither that body nor any other body
was charged with the broader function of lining up operating income and
operating outgo in suoh a way that the transportation system of the country could function adequately and expand to meet commercial needs as a
series of railroads owned by private investors but fully regulated by the
Government in the public interest.
Without elaboration of the many trying conditions which arose during
this long period—conditions with which every security dealer is familiar—
it is sufficient to say that the railroads of the country lived through it and
emerged from their very real difficulties in rather better shape than most
competent observers would have believed possible. Conditions to-day, as
reflecting the changed attitude of public regulation, are undoubtedly better
than they have been in many years. The railroads at present are out of
politics; railroad regulation is nearly negligible as a campaign issue, and
holders of railroad stocks and bonds can fairly feel, as they contemplate
the probable developments of the next few years, that the problems are
1457
those of constructive development rather than the imperative considerations
of defending a forlorn-hope position against unceasing legislative bombardment.
There can be no doubt, however, that the long stress and uncertainty which
prevailed before the Transportation Act was passed, so discouraged the
older group of railroad operators that their initiative has suffered in deal.'
ing with the new Governmental consolidation policy. The Act specifically
instructed the Commission to prepare comprehensive group consolidation
plans. As Commissioner Potter has pointed out, if -the Commission does
this in advance of trading out the numerous complicated situations involved,
the very existence of a complete paper plan will constitute a tremendous
obstacle to its accomplishment. The rigidity involved would prevent the
individual views of the properties concerned from being harmonized, and
the promulgation of inflexible groupings, which nobody has power to enforce, would occasion violent fluctuations in the market price of the securities involved, particularly those of the weaker roads. These fluctuations in
themselves would furnish an important obstacle to the acquisition of
minor roads, except at exorbitant prices, not in the public interest.
Nor does valuation offer any solution of the problem. The classic case
on this is perhaps the Atlanta Birmingham & Atlantic, a railroad so much
too well built for the needs of the possible traffic that the Commission
specifically states that its valuation of some $24,000,000 may be considered
for rate-making purposes, but is not a value for consolidation purposes. (It
may be remarked, parenthetically, that this value is equally irrelevant for
rate-making purposes, since this road can collect no higher rates than its
competitors charge.)
Having these facts in mind, your committee stated, a year ago, that
while consolidations were admittedly in the interest of the carriers and of
the public, it was not apparent that the Government machinery thus far
devised was likely to be effective in bringing them about But since the
publication of the 1923 report a new factor, of considerable importance,
has made itself felt. There has been a significant revival of consolidation,
necessarily subject to the consent of the Inter-State Commerce Commission,
but undertaken by private initiative. The offer to stockholders of the
Erie, Chesapeake & Ohio and Pere Marquette railroads by the Nickel Plate;
the proposed acquisition of the Texas & Pacific by the Missouri Pacific; of
the International & Great Northern by the New Orleans Texas & Mexico; of
the Denver & Rio Grande by the Missouri Pacific and Western Pacific, and
of the El Paso & Southwestern by the Southern Pacific, are important cases
in point.
The action of the Inter-State Commerce Commission on the original Nickel
Plate case, after some three years of discussion of consolidation principles,
was adopted by the slenderest majority, indicating that the battle for the
so-called "complete plan" as against voluntary consolidations falling within
the general scope of the groupings which the Commission desires, is not yet
completely settled. But events this year have undoubtedly emphasized the.
point that if the Government desires group consolidation it can have them,
provided the plan is not so rigid as to defeat its own ends, and individual
initiative, always the American method of accomplishing results, is allowed
to work as freely as possible under the broad supervision and guidance et
the Inter-State Commerce Commission.
If the change in public pulley thus indicated, that is, the change from
insistence on a rigid plan, promulgated by the Commission in advance, to
allowing private initiative to make its own plans, under general control,
becomes effective, it seems probable that American railroads are likely to
enter into a long period of voluntary consolidations, which will accomplish
effectively the objectives of the Transportation Act. These objectives, so
far as they relate to consolidations, would probably be held to include the
creation of a series of groups where competition would be preserved, management unified, and the credit and excess earnings of the stronger units
merged into the mileage and excess assets (from an earnings standpoint) of
the weaker units. An indirect benefit, but a real one, would also be the
reduction of the nominal share capital through mergers to a basis; where
the unit prices of the merged properties are higher and the shares, reduced
in amount, become dividend payers; a change which would undoubtedly
tend to benefit and stabilize credit As bearing on this point, your committee would also reiterate the comment it made last year: that the undoubted tendency of regulation thus far has been to throw too much financing into the bond column and that for the good of the whole situation it
is important that a substantial part of the budget for extensions and improvements should be met in the future by the sale of stock, as was the
case in former years. The process of merger and reduction of normal share
capital undoubtedly facilitates this in view of the widespread State restrictions affecting the sale of capital stock below its nominal parity.
There is some vagueness with respect to the authority of the Inter-State
Commerce Commission to authorize these voluntary consolidations under
the terms of the Transportation Act unless the Commission shall first formulate a complete plan. These difficulties, however, seem to have been
surmounted in respect to the cases already mentioned. For the future, apparently all that is needed is the simplification and clarification of the law
to give the Commission a free hand in granting or refusing approval of voluntary consolidation cases which come before it. It seems idle to expect
that complete consolidation plans can be brought about with the initiative
of Congress or of the Inter-State Commerce Commission, but the progress
under private initiative ought to be rapid and continuous because each accomplished grouping stimulates the formation of other complete groups by
competing railroad systems.
Considerable reference was made in the 1923 report to the vexed question of valuations. During the past twelve months no Supreme Court decision of first-rate importance as bearing on the basic determination of the
main points at issue in railroad valuation has been handed down by the
court. It seems probable, however, that the Kansas City Southern and the
Los Angeles & Salt Lake cases will be decided before many months. While
these two cases cannot be expected to clear up all the points of uncertainty,
there is no doubt that each decision will aid in the recognition of certain
underlying principles in the consideration of this far-reaching problem.
Reference was made last year to the Supreme Court decision in the Southwestern Bell case, and to the definite promulgation of the court at that
time that present value was one of the elements which must be considered.
In view of the fact that the bulk of the valuation work thus far accomplished
rests on a valuation period before the cost increases due to the war, there
was apparently much open ground where present valuations are only one of
the elements to be considered. Should the country be entering into a long
period of slowly declining prices like that, for example, which followed the
Civil War, it is indeed debatable whether it is to the interest of the security
holders to have all the emphasis in rate making placed on a valuation as of
any given date. Should this be done the security owner ten years hence
might be told that because of the hypothetical decline in prices of that
date as compared, for example, with 1924, a fair return would be less than
a return on the actual cost of work undertaken at this time. This aspect
of the problem is perhaps of less interest to railroad security holders than
it is to the holders of the securities of many power and light companies
which have made extensive developments during the present high-priced
1458
THE CHRONICLE
[VoL. 119.
Still another factor is the great importance to the railroads of the existperiod, because railroad development since the war in relation to the total
ence of the present extraordinarily efficient distributing organization repcapital invested In the industry has been slight.
resented by your membership. In the last analysis it is highly probable
We should hardly anticipate, however, that the principles of valuation
that railroad securities from the standpoint of the railroads themselves can
measure
rough
very
a
be
must
they
best
at
(and
when finally determined
be distributed year in and year out better and more cheaply under present
"taken
be
to
figure
approximate
an
establish
than
more
do
can
values)
of
methods of sale than they could be if a general rule of sale by public tenInto account" rather than one which will rest firmly on the rather large der made this type of market so unprofitable to the small dealers that it
group of widely different factors which the Supreme Court said must be would not be worth while for them to maintain elaborate organizations for
considered. We can only repeat the general observation we made last year, the purpose. Taking bad markets into consideration as well as good ones,
that there is no evidence thus far of over-capitalization of the American your committee feels that the disappearance or important reduction of the
railroad system, and the very difficulties which the long period of drastic present distributing organizations would result eventually in the railroads
regulation placed upon new railroad enterprises, have undoubtedly tended to receiving lower and not higher prices for their securities.
concentrate growing traffic on existing routes, to the benefit of these
Perhaps the most important Supreme Court decision of the year as afroutes. In former years, notably prior to the crises of 1873 and 1893, the fecting the investor in railroad securities was that of Jan. 8 1924, in which
extensive tie-up of capital in the fixed form of new railroad construction the Court, by unanimous decision, handed down by Mr. Justice Taft, in
was a predisposing cause of economic disturbances of great intensity and the so-called Dayton-Goose Creek Railway case, sustained the recapture
long duration, and the effect of the competition of the new lines built under clause. As affecting the right of the Commission by legislative enactment
these conditions of speculative enthusiasm was often disastrous to the older to take for diversion into a common fund any part of the earnings of the
companies.
carriers, the decision states:
This factor is apparently absent from the present situation, and the very
The statute declares the carrier to be only a trustee for the excess over
effective discouragement of new construction during the last 20 years has a fair
return received by it, the excess never becomes its property and the
undoubtedly improved the fundamental position of nearly all the important carrier never has such title to the excess as to render the recapture of it by
the Government a taking without due process.
lines of railroad communication in this country.
We would tall your attention to certain developments of recent years
Opinions differ somewhat widely with regard to the question of public
which have created new problems as yet not solved. One of the major ones, policy involved in this decision, but the•point at issue represented what may
transon
effect
profound
a
had
has
which
of course, is the Panama Canal,
be described as one of the three major controversies affecting the working
continental business. Certain roads, such as the Southern Pacific, have of the Transportation Act of 1920. The other two fundamental points, I. e.
been able to replace with increased local traffic the business lost because the basis of valuations and the determination of what is a fair return, are
of the canal, but certain other lines have felt this water competition very still open and it may take a series of decisions by the Supreme Court to
severely and this has been particularly true of the through lines operating determine the fundamental laws on which future railroad regulation must
in the Northwest, where a series of years of unsatisfactory crop prices has presumably rest.
It has been customary from time to time for the Association to vote reccomplicated the problem.
The extraordinary development of the automobile and the motor truck in ommendations resting on the subject matter of the committee reports. We
connection with the really phenomenal highway improvement at the past therefore respectfully suggest that the Association record its view that the
decade has created a new and very effective source of competition to the interests of the railroads and of the public will be best served if the
railroads, not only in short-haul passenger traffic, but also in short-haul Transportation Aet of 1920 can be so modified that consolidation plans will
freight traffic. The use of motor trucks in handling mill supplies in Mas- be subject to the permissive authority of the Inter-State Commerce Comsachusetts, for example, has grown to rather astonishing proportions since mission, but will not rest on an obligatory or so-called "complete plan" of
grouping prepared in advance by the Commission.
the war.
FRANCIS M. WELD
RAY MORRIS, Chairman,
Twenty years ago the railroads were confronted with a sudden and usJEROME J. HANAUER
GEORGE WHITNEY
expected situation where the rapid growth of interurban lines took away
SAMUEL L. FULLER
R.
SWAN
JOSEPH
their
their short-haul passenger traffic and began to make inroads on
ROBERT D. STRUTHERS
THOMAS NEWHALL
PHILIP B. FISHER
short-haul package freight traffic. This particular form of competition
B. HOWELL GRISWOLD, Jr.
motor
the
of
competition
L.
WILLIAM
the
McKEE
But
came.
it
as
rapidly
as
quite
disappeared
car and of the motor truck is not only far more widespread, but may be
said also to rest to an annoying extent on the taxes which the railroads
Report of Industrial Securities Committee.
themselves pay for the construction of modern highways. This intensive
use of the motor truck, however, is coupled with another problem, that of
W. Remick, of Kidder, Peabody & Co., in his
Frank
terminal congestion which has reached alarming proportions in recent
Industrial Securities Committee,
years. It is beyond the scope of this report to deal with this new and report as Chairman of the
technical change in the problem of transporting local freight in the vicinity had the following to say:
of large cities, but the peculiar difficulties of the New England railroad
The year 1924 has been a year of lessened production in many of our
situation at the present time can perhaps be traced more to the terminal industries, and, while there have been very few serious financial troubles.
problem than to any other single cause. In the end the solution may lie there has been enough falling off in production and in profits to cause
In modification of freight rates making more definite recognition Of ter- many industrial investors to think seriously about their securities.
minal costs than at present is the case, and applying an appropriate charge
This committee can very well repeat at this time what it has brought out
therefor. Similarly, in situations like that of the New England roads where so many times in the past, first, that the industries of the country require
origination of high-priced long-distance freight is carried on at consider- a great deal of capital which must be supplied by the public, and, second,
able cost to the originating roads, due to local conditions, the solution may that the fluctuations in the business are such that only certain types of
perhaps lie in an adjustment of rate divisions based on a recognition of the Investors can properly put their money into industrial securities. When
changed facts of the case. The Inter-State Commerce Commission appar- the last census was taken the figures showed that the capital investment
ently has all the necessary authority under present-day regulation to deal of American manufacturers was over 844,000,000,000 and the value of the
with problems of this sort, and a recent Supreme Court decision (Orient annual products $82,000,000,000. Nearly 11,000,000 of the population
divisions case) emphasizes this power.
depended on manufacturing for their livelihood. No one can dispute that
In general, your committee feels that outside of New England, and per- a constant flow of new capital into industry is necessary to keep up this
haps of the Northwestern States—two sections where the railroad situation great volume of business and develop it as it needs to be developed for the
must still be regarded as unsettled—general railroad conditions from the future so that the needs of the country will be supplied, but it is not possible
standpoint of technical progress, of relationship with the public and of yet to regard conditions surrounding industrial enterprises as offering the
security for the railroad bondholder are excellent. The railroad industry same security in investing capital that exists in forms of business which
has learned the difficult art of operating privately owned properties under have acquired permanence over generations, or in which steadiness of infull public regulation, and the regulators, in turn, have to a large extent come is assured by regulation.
deal
dropped the attitude of hostility and suspicion so much in evidence ten
There is one point which, perhaps, has not been stressed a great
years ago. Meant:ine, growth of traffic has tended to be somewhat greater and which may be worth mentioning at this time. That is the fact that
of
up
built
are
institutions
that
than growth of plant facilities, so that to-day there is abundant work'for in industrial enterprises it is very rarely
substantially the entire railroad system of the country to do, and the a permanence to compare with those in some other lines of business. In
problem of excess mileage, which used to present such unsurmountable dif- the railroad field, for example, certain railroads have occupied certain terrificulties in former days, no longer is an important issue.
tories from very early days. The same thing is true of gas companies and
Your committee desires also to call to your notice the increased attention true in more recent years of electric light and power companies. The same
two
which the Inter-State Commerce Commission has paid during the past
thing is true also of many of our larger banks and insurance institutions.
years to the question of the sale of railroad securities by public tender. They have grown up through generations and have a permanence which
The question first came before your committee nearly two years ago, and especially appeals to the prudent investor. Two or three generations back
your committee was asked to attend hearings on the subject, but declined the New York Central and the Baltimore & Ohio were just as firmly estabbeen some
on the ground that it had no instructions from the governing body. Subse- lished in their field as they are to-day, and, although there have
instiquently at one or more of the Governors' quarterly meetings the matter re- fluctuations in securities even of the most permanent of these business
for perceived informal discussion, and it was the opinion of the board that there tutions, they have, for the most part, maintained their character
were many reasons of public policy which made it inadvisable that the gen- manence and stability.
instiAs contrasted with this, what might be called institutions in the
eral run of railroad bonds should be offered for public tender. The reasons
like the United States
may be summarized briefly in the comment that the goods are not standard- trial field are comparatively scarce. Corporations
gained an undoubted supremacy
ized. Where the issuing banker has an opportunity to consider the mort- Steel and General Electric have, of course,
Tiffany's or Marshall Field & Co.
gage with the railroad authorities, every detail can be scrutinized and a and, in a smaller way, undertakings like
but this is the exception rather
document drawn which meets the varying needs arising from the position have attained a great degree of permanence,
one department store for a while.
of the borrower, the position of the lender and the general position of the than the rule. We do our business with
comes up from a small beginning
money market. If a bond containing the characteristic combination of and a few years later some other store
buy a particular automobile to-day
junior liens, protection against priority and the many other complicated and gets the bulk of the business. We
same kind, but the next automobile
clauses which necessarily characterize most refunding bond issues to-day, because all our friends are buying the
different company which is comwere to be offered for public tender without the opportunity for modifica- we buy may be made by an entirely
tion to meet the requirements above briefly mentioned, it seemed to the paratively disregarded now.
the needs
In other words, while-the industrial activities go on so that industries
Governors that there was real danger of introducing careless methods of purthe factors in the various
chase due to the stimulus of competition. Moreover, there is, of course, the of the country are always supplied, another, and it is extremely illumione period to
important further danger that the public tender method applied to railroads change a great deal from
to see how few well known industrial enterof indifferent credit might produce eager bidders in an exceptionally favor- nating and rather disheartening
customary life of a bond issue. Under these
the
as
able market, but might result in a road having no banking house in a po- prises go back as far
task to direct the flow of investors'
sition of continuing responsibility to look after its needs in the periods of circumstances it is a very difficult
field and it Is even more difficult to advise the
unfavorable markets. Many instances would occur to an observer of the money into the industrial
withdraw his funds from an enterprise which
railroad situation where certain railroads have been carried over unfavorable Individual investor how tosuccessfully. While every branch of investment
periods because of this sense of continuing responsibility on the part of the does not seem to be going
to involve
has its own problems, the guidance of industrial investors seems
issuing banker.
Another entirely different factor operating against the sale of railroad se- particular responsibilities. industrial securities where the purchasers can
There are two types of
curities by public tender is the consideration that competitive bidding is a
getting. The first is the first mortgage bonds
process which consumes time, and involves delays which may under certain know exactly what they are
would sell at any time for an amount much
circumstances prove hazardous. It is necessary to distribute securities much of a company whose property
other is the common stock of a concern
more widely than was formerly the case, and the experience and organiza- in excess of the bond issue. The in with the idea of getting unlimited
money
his
puts
investor
is
provides
the
where
investors
tion which a large banking house favorably known to
In one of
rewards or taking a risk up to the amount of his investment.
deemed necessary to such distribution.
SEPT. 27 1924.]
THE CHRONICLE
these cases he is lending on ample security and gets a fairly low rate. In
the other case he is backing a group of men who he thinks are going to be
successful in whatever they undertake and wishes to associate himself
with them and is willing to abide by the consequences.
Between these two classes of securities, however, is a very large field
of debenture bonds, notes and preferred stocks, and it is in this class that a
great many of the casualties occur and misundertandings arise between the
Investor and the investment banker. Investment practice has set up restrictions of many sorts to give to these intermediate issues security which
will appeal to the investor and protect him, but in the long run practically
all of these securities come down to the plan facts of accepting a fixed rate
of return and taking a certain amount of business risk. No matter how
successful an enterprise may be, investors in such securities practically
never share the success except in the way of improving security; but, on the
other hand, if a company gets into difficulties they will be in a very uncomfortable position, and it is no consolation to them to know that the people
who hold the common stock of the company have suffered more severely
than they. They consider that these common stockholders knew their
risks and accepted them; but they, as holders of the preferential securities,
have expected protection which frequently proves to be lacking at a time
of crisis.
It would probably be impossible to finance companies entirely on the
basis of first mortgages and common stock. There are probably not
enough investors of these two classes to provide the money that is needed,
so appeal is made to the great middle class of investors who want a fair
rate of return and a certain amount of security. This is one more feature
of the business which puts a very large responsibility on the investment
banker; because he not only has to assist the company in its financing,
which frequently involves Junior mortgage bonds, debenture bonds and
preferred stocks, but he has to provide investments of this character for
many of his customers who want a fairly good return and a minimum of
risk. A great deal of the best banking thought has been given to the
question of how restrictions are to be put on the intermediate securities.
There is always a desire to make a debenture bond look as much as possible
like a mortgage bond and to make a preferred stock look as much as possible
like a bond. In this attempt it sometimes happens that companies are
hampered unduly in their ability to do business and so, in the long run,
the investor loses rather than gains by having. too many restrictions.
Industrial reorganizations have demonstrated in some recent Instances
that restrictions of this kind were very serious contributing betas to the
difficulties in which the companies found themselves.
It is hardly necessary to repeat that a company is better off with a
stock outstanding than a debt, and this frequently leads to issuing preferred
stock with no debt ahead of it. When this is done, a preferred stockholder
for the time being is in the same position as a bondholder of the company,
inasmuch as he has no debt ahead of him; but he realizes, of course, that
this is only temporary and wishes to protect himself against unwise future
borrowing which will diminish his security. The customary provision in
this case is to have the permission of a large proportion of preferred stockholders required in order that the company may put out a bond issue,
but in most cases if a bond issue is necessary there is very little to be gained
by the preferred stockholders in opposing this move.
It has been suggested that when a debt of this kind is created ahead of
the preferred stock, the preferred stock might become participating with the
common stock during the existence of the debt. In other words, put a
penalty to a cettain extent on the common stockholders for putting debt
ahead of their preferred. This would provide an incentive for an early
retirement of the debt, and in some cases might have the effect of causing
the money to be provided in the first place by the common stockholders
rather than by borrowing. This is a principle which, as far as we know,
has not been used, but it certainly has some advantages. There seems to
be some difference of opinion as to whether an industrial preferred stock
should have an actual sinking fund in view of the fluctuations in industrial
earnings and the number of cases in which sinking funds have proven very
serious handicaps to the management. It may be suggested that, perhaps,
a provision that dividends should not be paid on the common stock above
a certain rate until a certain proportion of the preferred stock has been
called in.
Provisions are frequently put into both bond and preferred stock issues in
regard to maintenance of net quick assets. These can only be limited in
the way of preventing common stock dividends which might impair the
required proportfon. It is very difficult to set down any mechanical
standards which will cover this point.
Perhaps the only suggestion which can be made is that a wise management can be given a fair amount of leeway and should not be hampered
by too severe restrictions set up for the primary purpose of adding to the
salability of the securities. Of course, the great difficulty is that managements change and bonds are put out for a long period at a time and preferred stocks probably for perpetuity. Consequently, it is very reasonable to desire to anticipate all the unwise moves which a poor management
might make in the future, but care must be taken that the principle is not
carried too far.
A test of financing which may be used to advantage is to make sure that
the strength of the company will permit it to sustain a loss in any one year
equal to its average profit without seriously straining its financial structure.
Losses to this extent occur at times, even in the case of strong and wellmanaged companies, and they must be provided against by any prodent
management. Another important point is to make sure that at any
particular time the company has a quick recourse to some source of funds
which will give it considerable additional money at very short notice.
Serious situations arise very unexpectedly in industrial companies and if a
company has used its financial resources to their full extent it may find itself
in a very dangerous position.
Every few years each industry is tested out by severe conditions of one
kind or another which put a strain on the finances of the companies engaged
in the industry and eliminate weak factors. Industrial losses seem to be
unavoidable and the strongest industrial companies recognize the need of
making their financial structures as shock-proof as possible. If the officers
of any company think that they can do without the precauslons which the
strongest and most experienced companies use, this is in itself a sign of
weakness and It is part of the responsibilty of the investment bankers to
see that their customers' money is not lost in backing the unsound managements in various industries. Every investment banker has to judge for
himself which are likely to be weak factors in an industry and protect
himself and his customers from losses connected with their operations.
Report of Public Service Securities Committee.
In its recommendations with respect to State regulation
of privately owned plants, the report of the Public Service
Securities Committee, presented by the Chairman, Henry
R. Hayes of Stone & Webster, Inc., said:
1459
For the present this committee has postponed, except in special instances, studies of the regulatory laws with respect to privately owned
properties in the following States and Territories: Alabama, Arizona,
California, District of Columbia, Georgia, Idaho, Illinois, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan. Minnesota, Missouri,
Montana, Nevada, New Hampshire, New Jersey, New Mexico, New
York, North Dakota, Ohio, Tennessee, Utah, Vermont, and Wisconsin.
These States have been eliminated from our studies for the present,
largely because there does not appear to be any immediate need for comprehensive changes.
Undoubtedly, in some of the States above mentioned, specific changes
in the laws can be made to advantage. Such instances, as they become
evident, will be referred to the district groups for consideration and action.
With regard to the regulatory laws of States other than those above
mentioned, we have recommendations to make to the district groups for
their consideration. With respect to the laws of States not now reported
upon recommendations will be made in interim reports or direct to district
groups.
We recommend as to the laws of:
1. Florida: That they be broadened to include Statesvde regulation
of all public utilities, 1. e., gas, electric light, power, electric railways and
motor vehicles operating as common carriers.
2. Indiana: That provision be made to require the issuance of "certificates of public convenience and necessity" by the State Commission
for the operation of motor vehicles acting as common carriers.
3. Mississippi: That they be broadened to include State-vide regulation of all public utilities.
4. Nevada: That they be broadened to include State-wide regulation
of all public utilities.
6. Texas: That they be broadened to include State-wide regulation
of all public utilities.
6. Virginia: There seems to be some doubt as to the completeness
of control of the State Corporation Commission in the matters of valuation
and rates of urban electric railways. This should be eliminated by amendment to the present law, granting complete control to the Commission.
Further provision should be made placing under the control and regulation
of the State Commission buses and jitneys operating as common carriers
on the streets of incorporated cities and towns. Control of such motor
vehicles exists with respect to those operating on the highways of counties
of the State.
While your committee is not yet prepared to make definite recommendations in regard to all details of a desirable statute to provide for State-wide
regulation of public utilities, it wishes to have the district groups consult in
various States.
Indeterminate Permits.
The laws of many of the States vary greatly with respect to the term
of franchises. State laws through constitutional provisions provide for
the issuance of franchises of short duration—say 20 years. As we know,
bonds, where the laws permit, are more often in good markets issued for
longer terms. From the point of view of providing conditions for the
issuance of securities it is distinctly in the interests of sound banking
desirable to have issued by State commissions the so-called "Indeterminate
Permits" as distinguished from franchises perpetual or limited in term.
Municipally Owned Public Utilities.
This subject was discussed in the Annual Report of the 1923 committee.
Reference is made to page 11 of that report and especially to the chart
Exhibit A. which sets forth, among other things, the States which do not
require of these kinds of properties a standard system of accounting.
The district groups of this Association are again urged to exert efforts
to accomplish sound accounting on the part of municipalities. As purchasers and distributors of municipal obligations, it is surely our duty to
do all that is possible to require sound accounting and administration on the
part of municipalities. Let us constantly keep this in mind.
As to Federal legislation the report said:
The attention of members of the Association is directed to the details
set forth in the July 1924 committee report in regard to the so-called
"Great Falls Water Power Development Bill." As has been pointed
out, this bill involves principles of vital interest to members of this
Association.
The following is Ow taken from the report:
In view of the increased popularity of public utility securities, especially
noticeable this year, it is not to-day of prime importance to discuss methods
of improving the acceptability of such securities.
Investors generally recognize the inherent soundness of the public utility
business. Essentially this condition has been brought about by the
Industry itself giving a frank and open story of its business, and, in part.
by its selling securities direct to the consumer. Besides this, the State
regulatory commission and court decisions have had the effect of assisting
the industry in adjusting itself to post-war conditions as well as protecting
the business from malicious attack, too often of political origin.
State-Wide Regulation.
Your committee this year has been more concerned in studying problems
which are, or will soon be. of concern to investment bankers, namely, those
attendant on the great expansion of the public utility industry, which is
destined to take place in the next twenty years.
In the July 1924 report of the committee we said:
sr- -s-a73-7t
resse
—d-747 need of
-"Reports of tnis comia
;l
tte
.
in recent yea771
broad and complete State-wide regulation of the utility business. We
have been apprised of the rapid expansion of the business, especially in
light and power; that this expansion, under private initiative, is establishing
many large natural power zones wherein all systems are connected together
to effect flexible and reliable systems for the supply ofpower at low costs;
and that these systems have already gone far beyond State boundaries.
"This development has been natural. The economic; of the business
have brought it about. Though extensive to-day, the development is
considered but the beginning of what will take place during the next
twenty years.
"This assured expansion brings with it many problems which are not
solely confined to the arts and sciences of the business. Many of them
are concerned with broad business policy—legal and financial. Thus
we see such problems are of immediate concern to members of this Association who in the past have financed the industry and in the future will be
called upon in a large measure to provide funds from large and small
Investors.
"We find the laws of many of the States very inadequate as to provisions for broad and sound regulation of the public utility business. We
find as well where such regulation in a measure does exist that there are
many laws really antiquated to-day. They, therefore, need material
revision to assist especially in making adequate provision for sound financial structures of companies engaged in constructive expansion.
"In view of these conditions your committee started this year an extensive study of State laws."
4
The position of this Association, with respect to State regulation is defined in general terms in the 1923 annual report of this committee (adopted
by the Twelfth Annual Convention and the Board of Governors) as follows:
1460
THE CHRONICLE
"Your committee recommends therefore that members of this Association urge, wherever lacking, that the State Commission be vested with
authority over the valuation, rates, service, and capitalization of privately
owned plants and that there be required and published full financial reports
of operation."
It is important to state with respect to this opinion, it assumes that
State-wide regulation must necessarily be administered in a broad and judicial manner in the interests of the public served, as well as of the investor. This Association has not recognized any conflicting interest
between the public served and the investor. On the contrary, this Association has pointed out that the interests of both are identical. (See
annual report 1922 committee.) However, we are far from being unaware
that many, including self-seeking politicians, would have the public believe otherwise.
The point to be emphasized is that investors are quick to discern the
unwarranted nature of attacks on public utilities and unfair or unwise
treatment in the administration of laws. Where any of these conditions
exist, investors express disapproval either by withholding funds or demanding rates of interest burdensome alike to the industry and to the public
served. In the great expansion Of the industry which is taking place there
Is keen competition for investment funds. Investors, therefore, can and
actually do pick and choose their investments with discretion, favoring
to a marked degree investments in those properties which are protected
best by scientific regulation rather than properties which are subject to
the whims and fancies of State or local legislative bodies or executive
officials.
In a consideration of this aspect of regulation we are continually reminded
of the fact that more development takes place and rates and services are
best in those States where State-wide regulation has not been subject to
attack. There, we find, too, strong support of State regulation on the part
of the public. Such results are obtained only when Legislature appropriates
adequate funds for administration and commissions are of proper calibre
for their tasks.
Report of Real Estate Securities Committee—Real
Estate Mortgages—Federal Land and Joint
Stock Land Bank Loans.
According to the report of Morris F. Fox, of Mo-ris F.
Fox & Co., Milwaukee, Chairman of the Committee on Real
Estate Securities, "the past year has witnessed a greatly
increased participation by members of this Association in
real estate bond issues, both those based on farm land, in
the form of Federal and Joint Stock Land Bank issues, and
those based on all forms of city property." Under the head,
"Present Status and Future Trends of Values, Building
Costs and Rentals," the report had the following to say
regarding real estate mortgages:
[VoL. 119.
of the Association, have adopted almost literally the standards for mortgage
set-up and for descriptive circulars recommended in the report of the 1923
committee, and it is an occasion for some regret on the part of this year's
committee that a number of the older, stronger houses, who are members
of the Association and have recently begun to handle real estate bonds,
have for,some reason seen fit to ignore these standards, especially in the
drafting of their circulars, many of which are woefully blank on essential
matters.
Your committee notes with apprehension the rising tide of taxation as
affecting both city and farm property, and in respect to the former would
recommend that, where members are financing building operations in which
long term leases play any active part, a tax participation clause such as was
outlined to you in the 1922 report should be included in every lease.
With all of the foregoing analysis of the present situation in mind, and
with caution, care and conservatism in respect to values and percentages of
loans their guiding principles, your committee sees no reason for decreased
activity on the part of its members in the real estate mortgage bond field
but, quite the contrary, believes that the members of this Association may,
at a reasonable profit to themselves and with great satisfaction to their
clients, become an increasingly important factor in expanding our cities
and providing comfort, content and shelter to the families and businesses of
our country.
We also take from the report the following relative to the
Federal Land Bank and Joint Stock Land Banks:
The Federal Land Banks and Joint Stock Land Banks have, since the
passage of the Federal Farm Loan Act in 1916, as of June 30 1924. made
370,985 farm loans totaling $1,433,000,000. There are 12 Federal Land
Banks and 70 Joint Stock Land Banks. There are about 25 active Joint
Stock Land Banks. The others have as yet not done much business. It is
very doubtful if these smaller ones will ever be a material factor in farm
financing. The Federal Farm Loan Act has been of supreme importance to
the farming communities. It has furnished the desirable borrower with
money at low interest rates and has brought the other lending agencies
down to the same basis. In this respect it has saved many millions annually
for our food producers. The farmers borrow money for a long period of
time under what is known as the amortization plan. In addition to the
annual interest they pay each year a small proportion of principal. In
other words, the farmer gradually reduces the indebtedness on his farm
through the income earned on the place. That the system is working out
satisfactorily is evidenced by the records of these institutions. The total
delinquent interest and items in foreclosure for all the banks in the system
amount to less than one-half of 1% of the total volume of loans. In other
words, 9914% of the business put on the books by these banks is in good
standing.
The Federal Land Bank that shows up particularly well is the Federal
Land Bank of Houston, Texas, which lends exclusively in that State and
has $97,706,000 of active mortgages on its books. It has a reserve and
surplus of over $1,000,000 from earnings and shows only $11.170 in delincrient installments. This not only shows excellent management, but is a
g
indication of the prosperity of the State of Texas. A study of the
statements of the other Federal Land Banks indicates careful management.
Due to crop conditions in Montana and the other States in its district, the
Federal Land Bank that has suffered the most lathe one at Spokane, Wash.,
which, with $90,000,000 of farm loans, shows foreclosures and delinquent
items aggregating approximately $1,620,000.
Members of the Investment Bankers Association of America are all
familiar with the fact that each Federal Land Bank guarantees the obligations of the others. In considering this mutual guarantee, the question
naturally arises where the money will come from should the guarantee phase
be brought into action. The capital of the 12 Federal Land Banks is $47,289,522, surplus and reserve $5,916,000. The aggregate amount of their
outstanding bonds is $866,717,000. or about 146 times the surplus and
reserve. The capital of each Federal Land Bank is a trust fund which must
be kept intact for the benefit of the borrowers. I do not think the law as
worded would permit any of the capital of one bank to be used to support
another bank. It would therefore seem to me that the fund immediately
available for the purpose is only approximately $6,000,000, which in my
opinion is not sufficient on the outstanding volume of bonds. Reports of
many of the Federal Land Banks indicate that they are paying dividends.
In my opinion these dividends should be deferred until the surplus and
reserve is amply sufficient to cover any possible losses under the guarantee
feature.
The Joint Stock Land Banks have approximately $420,000,000 of farm
loans in force. Three-fourths of this amount has been loaned in the Corn
Belt area of Ohio, Indiana, Illinois, Iowa, Missouri, Kansas, Nebraska.
Minnesota and South Dakota. Collections have been somewhat slow in
parts of Minnesota and South Dakota, but in the other 7 States collections
are very good. I am familiar with the operations of one of the Joint Stock
Land Banks which covers the States of Illinois and Iowa. It has approximately $23,000,000 in Mortgages. At the time this article was written the
bank had but one delinquent farmer borrower. I mention this record of'
collections merely to illustrate that in so far as the substantial farmer borrowers of Illinois and Iowa and the other Corn Belt States are concerned.
there is little cause to worry and no cause whatsoever for additional legislation. The farmer has at his command to-day adequate credit facilities if he
has the security which entitles him to credit. Short time obligations can be
taken care of through the Federal Reserve system. His long time loans
can be taken care of through the Federal Farm Loan Act. Through the
Intermediate Credits Act he can secure funds to finance his live stock while
he is preparing it for the market.
Money rates are easy, particularly in the Corn Belt area. Most of the
insurance companies are back to the pre-war 5% interest rate on farm mortgages. All the Federal Land Banks throughout the United States and some
of the Joint Stock Land Banks are now lending at 53.5% without commission. The maximum interest rate under the Federal Farm Loan Act is, of
course. 6%.
Exclusive of the semi-arid regions which I mentioned in the early part of
my article, and a portion of the southeastern part of the United States
badly hit by the boll weevil in 1922-1923, I think it safe to say that 90%
of the farmers in the United States are solvent. We are in the midst of a
splendid small grain harvest,and while corn and cotton, our two other great
staples, will fall below our average production, the recent rapid increase in
the value of all farm products has cheered our farming communities to a
marked extent.
Many dealers in real estate mortgage securities feel that we are facing a
testing time as to the soundness and safety of a good many outstanding
real estate mortgage bond issues. Statements have been made that loans
are out in amounts representing altogether too high a percentage of the
appraised value of the property; that such loans might conceivably be good
for a limited period, but that in the form of long term loans in a cycle of
declining values loans on such an excessive basis would quite surely prove
unsatisfactory. It is obvious that the greater declines and heaviest vacancies will occur in the poorer districts and in buildings of least efficient
design. On new loans, therefore, the service offered by the Nctional
Association of Building Owners and Managers is to be particularly recommended, as insurance against declines and vacancies.
There has been considerable discussion on the advisability of making
loans on the average business property run as long as 20 years. It is pointed
out that many changes can take place in that length of time, even in the
larger cities, and loans of 10 to 15 years at the outside are recommended as
preferable. However, in the inevitable cases of exceptional merit and stability that are bound to be presented, where it is necessary or advisable to
consider a term as long as 20 years, or even 15, serial maturities or rapidly
operating sinking funds beginning as early as possible are most emphatically
recommended. However, in thus endeavoring tooafeguard the bondholder
against rapid depreciation or obsolescence of his security, the underwriter
should also avoid the other danger, namely, that of saddling the project
with too heavy an annual fixed charge, especially in the first year or two
before it has had a chance to get upon its feet.
In connection with vacancies which are bobbing up here and there in
various types of buildings and various parts of the United States, it is interesting to note an increasing tendency on the part of real estate owners
erecting new buildings to grant bonuses to tenants to move in. As a business proposition, we have no right to criticize this practice, unless it is.
coupled with and becomes a part of misrepresentation as to sound income in
relation to an application for financing: but it is an unmistakable indication
that in the sections where this practice is at all prevalent the building
shortage has been largely overcome.
From the "Survey of the Real Estate Market." June 1 1924, made by
National Association of Real Estate Boards, the following may be summarized.
I. The real estate market the country over manifests a fairly satisfactory degree of activity;
2. Residential rents have clearly passed the peak in the country as a
whole and are being stabilized at present levels, with a downward tendency
in some quarters;
3. Building shortgage is reported fairly well overtaken;
4. For the most part, money for the development of real estate is plentiful, but investors and lenders are assuming an attitude of caution and
severity, particularly toward speculative enterprises;
5. The labor situation in the building trades is more satisfactory, with a
possibility, kowever, of a temporary inflation this fall. Building activity is
not quite so great as it was in November 1923:
6. As to the marketability of property, both residence and \business, the
turnover is running about 60% as compared with November 1923:
7. In rentals, the average from the cities reporting is 10% upward, as
against 409 in November 1923:74% stationary, as against 50% in November 1923; 16% downward, as against 10% in November 1923.
Your committee has no means of knowing just what measures its member
houses are taking to keep its loans at a satisfactory margin against a possible
decline in values and income, but those of the committee who entertain the
Commenting on the report, Arthur Sinclair Jr., Viceview that such decline is likely to occur are strongly inclined to recommend
much greater than usual conservatism in the percentage of loans granted, President of the Association, said:
Mr. Fox has rendered a service to this Association in the three years
with early maturities or adequate sinking funds. On this subject, a well
recognized, conservatibe and successful mortgage loaning bank in the he has been Chairman of the Real Estate Securities Committee which is
Middle West is stabilizing things by discounting current valuations sub- simply Invaluable. He was appointed Chairman of this committee without
mitted to it 25% and current rental figures, actual or estimated. 20% having been previously engaged in making real estate loans himself. It
was a subject that was somewhat foreign to him when he was given that
and loaning according to these revisions.
It is a source of gratification that during recent months quite a number of chairmanship. A very limited number of our members were in any way
houses dealing in real estate mortgage securities, many of them not Members Interested in the subject directly. They were interested as public citizens
SEPT. 27 1924.]
THE CHRONICLE
but they were not interested in it in connection with their own financial
operations. I think any man who wants to go into the real estate loan
business to-day in a bond form can prepare himself more quickly to know
the pitfalls In it by going over Mr. Fox's report for the last three years than
any other publication that he could lay his hands on. His work has been
very laborious, his research has been very exhaustive, and his conclusions
have been so sound that people who have been engaged in the business for
forty years have adopted his suggestions. We owe a great debt of gratitude
to him.
Annual Report of the Secretary—Frederick R. Fenton.
The following is the full text of the annual report (the
thirteenth in the history of the Association) as made by the
Secretary, Frederick R. Fenton:
The Conventions.
This is the fourteenth time the investment banking houses of the United
States and Canada have assembled in annual convention to discuss the problems of their particular business. The Association has held, including this
meeting, thirteen annual meetings. The organization meeting brings the
total to fourteen.
The selection of Cleveland as our meeting place has a meaning and is a
part of our long standing policy in the selection of convention cities. . The
first three meetings were held in New York, Chicago and Philadelphia,
respectively. It was for the interests of the Association when first organized to meet in the larger cities and by so meeting acquaint the local dealers with our aims and purposes, and by such action increase our membership.
During the years that have followed those first three meetings we have
visited every section of the United States except the Pacific Northwest.
We have met in Denver, and by so meeting covered the Rocky Mountain
territory; we have met in the Ohio Valley at Cincinnati; we have covered
the Mississippi Valley at St. Louis, and we have been on the Atlantic seaboard at Boston, Baltimore, Atlantic City, New York, and the capital of the
nation at Washington. The New Orleans convention took us along the
Gulf Coast, and into the new industrial South. Del Monte took us to the
shoes of the Pacific, and now we are in session on the shores of one of the
Great Lakes, the home of lake shipping.
With all these annual conventions there have been 50 meetings of the
Board of Governors, These Governors' meetings have taken us to many
cities where we have members but where it would not be possible to hold a
convention.
Thus in the practical operation of our policy we have covered the entire
United States and Canada.
Advertising Campaign.
The past year has been a particularly significant one in the history of the
Association. There is to be considered at this meeting recommendations
of the Publicity Committee looking toward a nation-wide advertising campaign. The membership is not unprepared for such a move. The foundations were laid in 1922 in California, when the Board of Governors was
given authority to permit the use of the name in advertising under such
rules as might be adopted. That authority was never granted except when
the members of the Association were privileged to advertise membership in
the Association when offering services in connection with the redemption
of the United States Treasury Victory Notes.
The Association was organized Aug. 8 1912 at a time when the bond
business was just becoming recognized as a distinct factor in our economic
life. The standards of practice on the whole were high, but not unified.
The business needed co-ordination. The Association was organized for a
definite purpose. The preamble of the constitution says that the Investment Bankers Association of America was organized to promote the general
welfare and influence of investment bankers; to secure uniformity of action
both in legislation and methods of handling securities, together with the
practical benefits to be derived from personal acquaintance; and for the
discussion of subjects of importance to the banking and commercial interests
of the country which affect the investing public, and for protection against
loss by crime or through willful and irresponsible so-called dealers in investment securities, and to surround the offerings of its members with
greater safeguards. Now those safeguards were not necessarily statutory
safeguards. In plain language the preamble of the constitution means that
the Association stands for a better standard of ethics in the investment
banking business; it means that we expected to bring into the Association
all legitimate houses and that those houses would have to conform to the
standards of ethics and business practices for which the Association stands.
The early years of the Association were taken up almost entirely with the
working out of its internal problems and the laying of foundations of what
constituted ethical practices, and until the time was reached when the
Association could say that the general investing public could depend upon
the honesty and fair dealings of its members the prohibition against advertising membership in the Association was to stand. The Association now
numbers within its membership practically all of the eligible legitimate
investment security dealers in the United States, and it is able to say to the
investing public that transactions had with the members of this Association reduce the chance of loss through the purchase of worthless securities
to the lowest point as long as securities are originated by man. Having
reached that point, is it not time for us to tell the investing public who
constitutes the Investment Bankers Association of America?
Within two years of the time that the Association was organized the World
War was destined practically to close the doors of security dealers only to
be followed later by a great nation-wide campaign in the sale of Liberty
bonds. No one can deny that the World War did much to teach the people
the real meaning of bonds and of the value of thrift. The investment bankers of the country have benefited from the sale of Liberty bonds. The
easy sale of the war securities caused many unscrupulous dealers to offer
fraudulent securities to the public. When the war closed these same dealers
offered to trade out Government bonds and substitute worthless securities.
This traffic in worthless securities led the Association to establish its Department of Educational Director and to consider a nation-wide campaign of
advertising.
The Membership.
This is one of the few organizations in existence to-day which does not
a
conduct
campaign in any sense of the word to extend the membership.
We welcome all eligible houses into the Association. We want the eligible
houses; we need them and their support
The constitution lays down certain requirements as to capital employed
and who may or may not be called eligible. The Board of Governors has
gone farther and has made it a requirement that a house shall have been in
business two years prior to admission. A house must also be in good standing in the community in which it is located, which means it must come in
bearing the approval of the group having jurisdiction over its territory.
The ability of a house to comply with the requirements of the constitution means nothing in particular. The ability of a house to secure endors-
1461
ers of high standing means nothing. We go back into the past and look at
the records of the partners or executive heads of the applicant.
The Membership Committee is to be congratulated upon the firm stand
it has taken in the admission of houses. There has been no side-stepping of
responsibility. For the year which closed Aug. 31 1924 39 houses were
admitted to membership as against 45 the year previous. Greater stringency
of regulations caused the decrease. Fifteen applications were withdrawn by
request. There are at this time 16 applications pending.
The admission of houses to the Association follows certain lines of practice and meets certain conditions. The constitution provides that any bank
or dealer in investment securities with $50,000 paid-in capital, which makes
a practice of buying and selling bonds or investment stocks for its or his
own account is eligible. That section of the constitution was written over
twelve years ago and still stands unamended.
The constitution is silent as to any other qualifications a house must
have to be admitted to membership. There is a provision in the constitution which permits the Board of Governors to lay down such rules and rev.
lotions as may be necessary governing the business of the Association.
Under this section the board has derived its authority for the rule that a
house shall have been in business two years prior to application, and the
rule requiring the filing of circulars on issues over $100,000 originated in
the two years prior to application.
The investment banking business is not made up to-day as prior to the
World War. Many new houses have entered the field. Some of these
houses are composed of partners or officers of old-established member houses.
There are many houses being organized and organized the personnel of
which is inexperienced and unseasoned. Successful salesmanship has induced many to enter the field, but these men are untrained in other branches
of the business.
The mere fact that an institution possesses the capital required under
the constitution and has been in business two years does not entitle it to
membership. We see banks opening bond departments, so-called, in charge
of a salesman. Immediately those banks have bond departments, and it is
so announced to the business world. But there is a further question to be
considered: Those banks may have been established a hundred years, and
may •have several times the required capital. Still they are not eligible in
the sense that they are dealers in securities. That class of security distributers performs a function and no doubt places in the hands of the public
investment securities. But those banks are not dealers in securities in our
sense of the word, and should not be admitted to the Association.
The same rule applies to many newly organized houses. Perhaps a couple
of successful salesmen rent an office, have a sign painted on the door, take
a commitment of bonds, and claim to be investment bankers. They are not
investment bankers and should be kept out of the Association until such time
as they meet our standards of practice, business conduct and other requirements.
The Investment Bankers Association of America is not a training school,
or a reformatory. It is a voluntary organization of reputable dealers who
have devoted their lives to the building of sound securities. When a house
is admitted it has met our standards, if it does not it stays out until such
time as it gets in line.
Financial.
If there is any matter which gives, or should give, this organization little
concern it is the collection of annual dues. Fully 70% of the annual dues
are collected on the first bill mailed, and on the second notice all are collected. We find no necessity to enforce that provision of the constitution
which says: "Any member failing to pay membership fee or the regular
annual dues for a period of three months after receiving due notice shall be
considered as having withdrawn from the Association . . ."
The income of the Association last year from dues was $88,537 50. There
are pending before the convention certain amendments to our basic law and
the by-laws which is a proposal to eliminate Class "A" membership. Class
"A" includes houses doing a strictly local business. If the amendment
prevails the income from dues will amount approximately to $100,000.
The increase, it will be noted, is estimated to amount only to $12,500.
It may be asked why the amount is so low. It is not because we expect to
lose members. The real reason lies in the support which the members give
to the organization. Classification under the by-laws is purely voluntary,
subject, of course, to review. There is little occasion to review. The interpretation of the classification by the members is so liberal that all but a
small percentage pay dues in the higher brackets. Those who do classify
themselves in the lower classification transact a very restricted and localized
business—for example: banks doing an over-the-counter business.
Support of Organization.
When an organization which is entirely voluntary is composed of men who
not only are willing to support it financially, but who are willing to work
in its interest one may be assured that its progress is and will be forward.
This Association has, as its executive head, a President. When a man is
asked to become President the membership is asking that man to devote
practically 50% of his time to a common cause. The President is surrounded
by five Vice-Presidents, a Secretary and a Treasurer, who are called upon
to perform certani duties, and to assist in the execution of the policies. The
officers are not figureheads.
The members through the convention elect a Board of Governors of 24
members who formulate and lay down the policies. Election to the Board
of Governors is usually for three years. During those years a Governor must
be prepared to act as chairman of a committee in addition to his other
duties; he must attend at least four meetings of the Board each year, the
annual meeting, and any committee meetings which may be necetsary.
The members of the Board are located in 18 cities in the United States
and Canada. Their traveling expenses are not paid by the Association, but
by themselves.
The officers and Governors are not alone in the performance of services
to the Association. There are 19 standing and special committees in existence at this time, and these committees are made up of 125 men representing 120 members. With a membership of 600 main offices we find that 25%
are in the service of the Association, which means duty on committees,
traveling to committee meetings and conferences, and all without expense
to the Association. When we call upon a member to serve as an officer,
Governor, committee chairman, or committee man, we call for a partner, or
executive. We call for the man whose interests the Association represents,
and that man responds.
It is easy, therefore, to understand why the Investment Bankers Association of America occupies the position it does to-day.
Work of Committees.
As I have just stated, the work of this Association is carried on largely
by committees. There are, at the present time, 19 committees. Not all of
these committees are active in any one year. The activity of any committee
or committees is dependent, in a large measure, upon legislation. By far
the greater part of the work of the Association has to do with legislation of
one kind or another.
The Business Practice Committee for the past year has been under the
Chairmanship of ex-President Prescott. The committee has had very few
1462
THE CHRONICLE
cases referred to it, and as a result the year has been rather quiet The
• reports of the committee have been published in the Bulletin.
The committees which have been particularly active in the past year are
Constitution, Federal Taxation, Finance, Irrigation, Membership, Municipal
Securities, Publicity, Public Service Securities, Railroad Securities and Real
Estate Securities.
Laws, under the
The Committee on Revision of Constitution and By,
Chairmanship of Mr. Fred S. Boston, will present to this convention a numhas been
committee
This
ber of changes in the basic law of the Association.
actively at work on the proposed changes for a period of over four months,
and its report comes before the convention after having been reviewed by
counsel for the Association.
The Finance Committee of this Association for the past two years has
been headed by Mr. Joseph A. Rushton. The report of the committee will
shows that it has had under its supervision the disbursement of the funds
of the Association. The committee has held monthly meetings in the offices
of the Association, and your Secretary believes that the membership of this
Association should express its thanks to that committee for the able manner
in which it has watched over and guarded the funds of the Association.
Irrigation securities in recent years have not stood in high repute with
the investing public. This reputation comes down from the time when irrigation projects were regarded as a fair combination of speculation, politics
and wild-cat engineers. We have carried the Irrigation Securities Committee on the books for several years. It has not been a particularly active
committee, but the membership of this Association should not think because
there has been no great amount of literature sent out by the committee that
its work has been neglected. There is in any subject such as irrigation securities a large amount of foundation work which must be done. Mr. Joel
E. Ferris, the present Chairman of the Irrigation Securities Committee,
will present a very comprehensive report on irrigation securities at this
meeting. It is expected that this report will be supplemented later in the
year with an analysis of the present water conservation laws. A number
of the Western Legislatures will meet shortly after the first of January,
and it is highly probable that there will be some legislation adopted which
has to do with water conservation and the reclamation of arid lands. The
work which Mr. Ferris has done during the past year represents a great step
forward, and his report should receive the careful consideration of every
member of the Association.
It would be hard to give the membership of this Association any idea of
the immense amount of correspondence which the Chairman of the Municipal Securities Committee has carried on during the past year. I make
no exaggeration when I say that the Municipal Securities Committee of the
Association exerts as much influence upon municipal financing in the United
States as any other factor. The committee has co-operated with members of
the Association, and for that matter with non-members, in straightening out
technical defaults in the payment of principal and interest. In each instance the committee has been able to handle questions of this character to
the satisfaction of the complaining house and at the same time has been
able to point out to the municipality the damage which would be done to its
credit through technical default. There has been a large amount of other
work carried on by this committee, the details of which would be too voluminous to cover in the Secretary's report.
For the past five years there has been unprecedented activity in real estate
and building operations in the United States. Many houses have entered
the field that have never had experience in the handling of this class of
loans. Valuation of land and buildings, percentage of loans to valuations,
loans on fees, loans on leaseholds, and many other questions have perplexed
the investment banker. It fell to the lot of Mr. Morris F. Fox to bring the
Real Estate Securities Committee through the past two years of work. The
reports of his committee have been published in the Bulletin, and the Secretary's office has distributed numerous pamphlets on real estate loans during the past two years. The Real Estate Securities Committee has kept in
close touch with the work of the National Association of Building Owners
and Managers, and from time to time the members have been furnished
with experience charts of this last-named organization.
While I have singled out a number of committees and have dwelt upon
the work which they have carried forward during the past year, the membership should not take it to mean that the other committees of the Association have not been at work. Later in this report I shall speak more
fully of the work which the Education Committee is carrying forward. The
work of the Federal Taxation Committee was closed when the Congress
adjourned, and Its revised revenue bill had been signed by the President of
the United States. The report of the Foreign Securities Committee should
be considered in conjunction with the remarks which Mr. Morrow will make
this morning from the floor of the convention. Government bond, industrial
securities and State taxation all have been actively at work in the preparation of programs and the laying of foundations for future work.
Education Books.
The convention in 1916 at Cincinnati went on record as favoring the appointment of a committee to further the education of young bond salesmen.
In the space of time since that convention the Education Committee headed
by Lawrence Chamberlain has compiled and published seven text books.
Three texts: The Legal Aspects of the Transfer of Securities; The Work
of the Cashier's Cage; Individual and Corporation Mortgages. Four bibliographies: Railroad Securities; The Stock Exchange Business; Corporation Finance and Investment; Industrial Securities
Perhaps this part of my report should be taken up by the Education
Committee, but the Secretary's office is charged with the disposal of these
books. The committee, when originally appointed, assured the Governors
that the Association, through the sale of the books, would be reimbursed for
the funds expended in the publication of the books. That assertion is being
proved. The money received from the sale of the books and the inventory
on hand is in excess of all funds expended.
My purpose in calling this to the attention of the delegates assembled is
to urge greater support of the committee through the purchase of books.
The cost is nominal—$1 40 prepaid, which barely covens the cost of printing. These books are on sale at the convention headquarters.
The Bulletin.
The Secretary's office has continued the issuance of the official Bulletin
during the past year. It is the desire of the Secretary to issue at least one
each month, but no Bulletin is published unless there is something of interest to the members. During the past year seven numbers were printed,
comprising over 328 pages of reports, opinions and other subjects.
It may seem trite, but despite our endeavors we are asked questions daily,
information on which is published in the Bulletin. Read the Bulletin. See
that it reaches your desk. We make it a practice to carry the heads of
houses on our mailing list. Some members have the Bulletins sent to each
partner or officer. We shall gladly carry more than one name from a
member on our list. We want to reach the heads of the firms; we want
the Bulletins read. The Bulletin is not and never has been a diary of personal doings. It is a dry document devoted to the publication of technical
[Vbr,. 119.
reports by experts on various securities; it is devoted to court decisions, rulings of Governmental officials and commissions which affect your business.
Counsel.
The investment banker in his daily work finds it necessary to be guided
by legal advice in many cases. For several years the Association retained
General Counsel, but the arrangement was found unsatisfactory and the cost
excessive.
The war brought on a flood of legislation in and out of Congress. The
Association found it advisable to be represented by counsel at hearings before committees of Congress, and to secure rulings on matters of taxation
from the Treasury Department. Mr. Paul V. Keyser, of Washington, has
acted as adviser to committees in all matters pending before Congressional
committees. It would be difficult to estimate the value of his services.
The national headquarters in Chicago is able to avail itself of the advice
of Mr. Theodore S. Chapman, who acts as our Office Counsel. Members are
privileged to submit questions of law in the abstract to the Secretary's office
and have such questions answered by competent counsel. This service to
the members is rendered without charge. Members are using Office Counsel's
services increasingly, and it is hoped the use will become more general.
Questions as to the latest rulings on the qualification of securities under
blue sky laws, inheritance taxes, questions as to any point of law, except
particular securities and particular cases, may be submitted.
Closing.
I cannot close without expressing to President Prentiss my appreciation
for the co-operation he has given your Secretary during his administration.
Under his leadership the Association has continued its progress; it has increased its membership, and it has strengthened its financial position.
Throughout the twelve years that this Association has been in existence
it has received the support of the press of the country. The press supported
us when we were still in the period of developing our policies. That support has continued since the establishment of the department of the Educational Director. It has never been the policy of the Association to maintain a bureau or department for the issuance of propaganda. The press has
been ready to concede this attitude on our part. Your Secretary feels that
he but voices the sentiment of every member of this Association when he
states that the Association is indebted to the press of the country for its
continued helpful co-operation.
Perhaps a Secretary's report should not be retrospective, but it is only
by retrospection that we are able to measure our progress forward.• We have
on our books to-day 617 main office members, of which 198 are charter
members. In addition there are 295 branch office members.
The founders of the Association built well, and many thanks are due the
pioneers—Caldwell, Franklin, C. T. Williams, Leach, Compton, Hayden,
and others—who conceived the idea of an Association.
Gentlemen, after twelve years of organized investment banking would
you return to the conditions prior tc 1912?
Respectfully submitted,
(Signed) FREDERICK R. FENTON, Secretary.
of Legislation Committee—Decisions Affecting
"Moneyed Capital"—Securities Law.
Barrett Wendell Jr., of Lee, Higginson & Co., Chicago,
in his report as Chairman of the Legislation Committee,
referred to the two decisions during the past year bearing
on the "moneyed capital" tax, his remarks with regard
thereto being as follows:
Report
Your Committee feels that the relationship between the group organizations and the National Legislation Committee on matters of national
importance may well be bettered.
The formation of the groups contemplated that legislative matters of
solely local importance should be handled by the groups entirely, and with
this your Committee is in accord. There are, however, subjects very vital
to our business, vital to it in every part of the country which require national
co-ordination of policy, and it is recommended that when the Groups learn
that any matter affecting the investment banking business may come
up for discussion before any legislature, your National Committee be
promptly advised of the fact,so that it may co-operate with the group and
bring to that group what knowledge it has, to the end that the laws may
be more uniform and better accomplish the end desired.
"Other Moneyed Capital."
In order not to burden the convention with too much detail, we cite
two examples, which we believe will demonstrate our point. One is the
case involving the question of taxation of "other moneyed capital" in
competition with national banks. Very effective work was done on this
by the New York committee and when the matter arose in Wisconsin, the
attorneys in Wisconsin had the benefit of this work done in New York. The
matter was ably presented before the Tax Commission of Wisconsin who
rendered a decision so well setting forth what, in their opinion, the distinction was, that it was later quoted in the decision of the New York Supreme
Court. We think this of enough importance to go into it in some detail.
It will be recalled that in 1921 the Supreme Court of the United States
in the case of Merchants National Bank vs. Richmond, held invalid an
ordinance of the city of Richmond purporting to tax national bank shares
because it failed to tax competing moneyed capital. That decision led to
a considerable number of cases in different States.
During the past year there have been two decisions on the subject which
we believe are of interest to the Association. The interpretation of the
Wisconsin statute came before the Wisconsin State Tax Commission, which,
after hearing the brief of the national banks urging the taxation of investment dealers, requested the submission of a brief by the investment dealers.
After such hearing, the Commission filed a written opinion stating that
the purpose of the enactment was "to restore the method of assessing bank
stock which had prevailed for a period of 50 years prior to the decision in
the Richmond case, and exclude private loans and investments from
moneyed capital with which banks must be compared. Other individuals
and organizations engaged in the securities investment and loan business,
under the laws of this State, are sharply differentiated from organizations
engaged in banking. None of them are organized as banks or allowed to
do a banking business. Insofar as they compete with banks at all, the
competition is incidental and limited,and it is believed that none of them
can encroach on the main functions of banks or use moneyed capital in
competition with them within the meaning of the Federal statute. Building
and loan associations, securities and investment companies, automobile
finance organizations, bond brokers and dealers, pawnbrokers and chattel
mortgage loan concerns are not required to be assessed as banks."
In the Supreme Court special term, part 4, New York County, July 15
1924, in the case of People ex. rel. Arthur P. Broderick vs. Henry M.
Goldfogle, et al., the same question was presented under a similar New
York statute. The Court in a detailed opinion, after holding the statute
SEPT. 27 1924.]
THE CHRONICLE
constitutional, concurs, however, in the interpretation of its scope and
Intent given by the Wisconsin Tax Commission, the quotation above given
being Incorporated in the opinion. The Court states that the question of
competition Is a question of fact which must be adjudicated in each case,
but that pawnbrokers, investment dealers doing an ordinary business,
stock brokers, building loan associations, textile factors, companies which
purchase from dealers who buy from manufacturers conditional sales
contracts, leases and chattel mortgages, are not in competition with banks.
If a private enterprise actually has deposits, as In one of the cases, which
are largely put out in loans identical in character with those appropriate
to a national bank, then between this firm and national banks there is
actual rivalry, and the firm cannot escape taxation merely because it may
also engage in business on the Stock Exchange, and it is impossible to
ascertain what portion of the moneyed capital is applicable to competitive,
and what to non-competitive business. In deciding this case against this
particular Relator, the Court held that it was sufficient to create a taxable
situation if the State showed that there was capital in the business,
substantially competing with the national banks, and the burden then fell
on
the individual to show what part of his capital was actually employed
in
non-competitive business as a means of reducing his tax. So,
in this
particular case, the Stock Exchange seat valued at $93,000 was deducted
from the capital assets because it represented a form
of investment wholly
unrelated to the business of a bank.
As to legislation affecting the sale of
securities, Mr.
Wendell in his report said:
Securities Laws.
Another matter which will undoubtedly present
itself in many Jurisdictions is the question of laws regulating the
sale of securities. This matter
presents a very curious state of facts.
No one disputes the desirability of framing legislation
designed to protect the credulous buyer from the unscrupulous dealer.
The only differences
of opinion that have occurred have been as to the most
effective means of
accomplishing the result desired. This has taken
various forms, as evidenced
by the different character of laws now in force. In
general
some fly-bynight stock scandal has arisen through which
the citizens of a State have
lost money and, therefore, the legislation is aimed
at preventing that particular thing from occurring again. Unfortunat
ely, In many instances, the
law, although successfully preventing the
recurrence of the particular
catastrophe, often cures the cold in the head
by cutting off the patient's
head, and puts upon legitimate business a very
serious handicap, resulting
in stopping the free flow of needed capital
into business, and often resulting
in the citizens of a State being prevented,
through technicalities, from investing their money in sound security issues
enjoying a national market.
It has come to the observation of your
Chairman that in the past there
has appeared an attitude of insular selfishness
and that, although not
openly advocated, it Is quite apparent
that an attempt has been made in
the drafting of certain State laws to
shut out outside dealers and that certain groups working on Blue Sky legislation
instead of getting the benefit
of Past work, have almost appeared to resent
the fact that the Legislative
Committee asked to be kept advised
and offered its assistance.
Such a policy has, in every case, we
believe, resulted in a poor law and in
loss of business to the local members,
for underwriting has been curtailed
and in many issues in which they
might have participated, no underwriting
was offered on account of the law. It
is hoped that the closest co-operation
may be had between the local groups
and Legislative Committee of the
National Association on the subject
of laws regulating the sale of securities
so that we may tend to uniformity and
may take a step forward to find the
effective method.
Your committee is able to state that
this association enjoys a very close
and friendly relationship with the National
Association of Securities Commissioners and it has gained much
knowledge from that association concerning this subject.
Your Chairman also wishes to state
that he and your counsel, Mr. Paul
V. ICeyser. appeared before the Committee
of the National Conference of
Commissioners on Uniform State Laws, of
which Colonel Hickley of Baltimore was Chairman, and found them most
desirous of finding a happy solution of this problem. Your Chairman also
received a most friendly greeting
and help from General Nathan William
MacChesney, President of the
national conference, and it is his opinion
that we shall be able to get constructive suggestions on this subject
from this strong national body.
It is hoped by your committee that
during the autumn, conferences may
be held with representatives of these
two bodies, to the end that we may
be able to draw a law which will
prevent and punish the man who is selling
fraudulent or worthless securities to the
unsuspecting, and the man who is
fraudulently selling good securities and
which may serve as a oasis for
uniformity of action on this subject.
It is the opinion of your committee
that this fact is an important one, namely,
that we are out to punish the
man and not to punish a good security.
Ycur committee feels that where now
provided by law there should be
State security commissioners and that
where not so provided there should be
some commission cc official whose sole
duty should be to enforce the law.
There should be power on the part of
the official to demand information or
to stop the sale if they feel the public is to
be
proving the soundness of the security should endangered. The burden of
fall upon the person desiring
to sell it.
If this view is in accord with that
of the association, it is the recommendation of your committee that the
Chairman of your national committee
should he advised as early as possible, of
any changes contemplated in the
security laws of the States so that as much
time as possible may be given to
giving to the group the necessary data
and information which has been
collected on this subject.
A very considerable amount of work has
been done on this matter and
certain attorneys have given it very deep
study, and the benefit of this
study should be made available to local attorneys
or the Chairman of local
legislative committees handling the subject.
The California group has been in correspondence
with your Chairman for
some weeks on suggestions which they are
considering presenting to the
next session of the California legislature and your
Chairman has been able
to supply them with the data requested.
This is the method of procedure which is recommend
ed in the sincere
belief that it will not only be helpful to our own business
but will result in
laws which will *otter protect the public.
Report of Education Committee—By Lawrence Chamberlain of J. G. White & Co.
Stating that "the influence of the educational work of the
Investment Bankers Association has grown without interruption from the founding of the Association over twelve
years ago," Lawrence Chamberlain, of J. G. White & Co., in
1463
his report as Chairman of the Education Committee added
that "it is most manifest perhaps in the decreasing resistance to the constructive activities of the Association that
find their expression chiefly through the committees, positively, in the increased support and acceptance of these
activities by the public and its political representatives;
more concretely it finds expression in literature." Continuing, he said:
The education work is as broad as the committee activities. Only its
most academic side finds chief expression through the Education Committee
and during the last two years, even on the academic side, its expression is
two-fold through the indefatigable and intelligent labors of the Educational
Director, Mr. Rice, who seems to function as a supplementary joint Educational Publicity Committee.
In the first nine (1) years of the life of the Education Committee its
usefulness seems largely to have been in the creation and fostering of text
books that must have tended to authorize and standardize principles and
practices that bear on the science and business of investments. With the
very valuable aid of the Secretary's office the textual products of the committee have received satisfactory distribution among the membership at a
very nominal total coat to the Association through all these years. It has
been the expressed intention of the committee that this cost be ultimately
obliterated but with the gradual change in the character of the work it is
probably wise that this goal be forgotten in the contemplation of the much.
broader service.
It is natural, with the establishment in the minds of the public of the
Education Committee as the clearing house of investment educational matters throughout the country, that various groups should seek the aid of the
committee in furthering investment education between their respective
groups. The first approach of possibly important purport was from theuniversities, through Mr. H. H. Robinbon, Professor of Economics of the
School of Commerce. University of Illinois, at the convention last year in
Washington. They sought the co-operation of the committee in the establishment and standardization of courses for schools of commerce and the
hke. The committee is entirely receptive and heartily desirous of lending'
its indulgence in every way possible to further the teaching of sound investments in higher schools of learning, but does not feel that it should
impose courses of its creation upon such institutions except in response to a
genuine demand. That demand, as evidenced by last year's experience, is
still casual, unorganized, and not specific. When it becomes so we shall
be ready.
Since the proceedings of this body find their way in regular course to these
Institutions, this report is a renewed invitation to American colleges and
schools of commerce to seek any help we can give.
However, those who were present at the previous convention may recall
that the Educational Committee had already established a contact of this character with the united Y. M. 0. A. schools and that as a result a course in
Investment Fundamentals—part lecture and part semi
—was in contemplation, to be given in Chicago under the supervision of Dean Atkinson
of the local school, with Mr. Rice of our organization as liaison officer and
general guide, counsellor and friend. The lecturers included Messrs. Eugene
Stevens, Barrett Wendell, C. F. Child, Charles Stacy and Mr. Corey of
the
Harris Trust Co. The success of this course in Chicago assures its resumption this year and there is some thought of dividing it into two parts—the
one more elementary and suited to the requirements of an uninitiated publie desiring some familiarity with the subject, and the other for
those
trained by education and occupation for more mature consideration
of the
subject.
The complete outline of this course, detailed to the extent of even
a dozen
sub-heads for each session and furnished with a bibliography for the
use of
the instructor and advanced students, is in the hands of the Education
Committee at this session of the board for final revision so that it may
be available for use during the coming school year in other cities of the country
where the Y. H. C. A. educational facilities warrant it. This contact between the Y. M. C. A. with its 100,000 students and the Investment Bankers Association (illustrative of other personal contact in different fields)
is established by a joint body, composed of your Education Committee on
the one hand, and a specially appointed and compensated investment education commission on the other. This body has met in New York and elsewhere several times during the past year. It takes its work very seriously.
Your Educational Director has come on from Chicago to attend one of the
sessions. This particular session occupied two full business days.
The
product of its deliberations has been not only the course on investment
fundamentals just referred to, but also a course on Bond Salesmanship,
which will be ready for use in the Y. H. C. A. schools and by our own members throughout the country by the beginning of the new year, and therefore
for the ordinary second semester. During this coming year these two courses
are likely to be given in certain places to the same set of students, but the
logical order is for the course in Investment Fundamentals to occupy the
first semester and the course in Bond Salesmanship the second semester of
a full academic year devoted to the technique of the bond business.
In preparation for this course the Education Committee has commissioned
the writing of a text book covering the subject by Mr. William IV. Townsend, who has a very broad experience as Sales Manager for several Eastern
bond houses. This book is completely written, revised and re-revised and
will, be in the hands of the printer within the next ten days. Official notice
of this publication will appear in the customary review in the I. B. A.
Bulletin.
Without dealing too heavily in superlatives, the committee states without
hesitancy that this book not only will make possible the establishment
of
courses in Bond Salesmanship wherever desired, with a reasonable broad
disposition toward success, but will answer satisfactorily the oft-mooted
question whether it is possible to write and expound the art of bond salesmanship. Therefore, although the committee feels that the snaking of
books
is no longer its most important function, although its most important function has been made possible by the making of books, nevertheless, in the
creation of this text it has reached its greatest peak of usefulness in book
writing. With a hasty glance over the shoulder but without undue
timidity,
the committee ventures the assertion that this book will prove one
of the
most important tiontributions to the bibliography of investment that has
appeared within the last decade.
The committee is at work also on a text concerning "The Syndication
of
Securities in America." This, in its first draft, is already at hand, but
there
Is yet a great deal of work to be done on it before it is submitted
to the
proper committee of the Association for that approval which will
make it an
official publication of the Investment Bankers Association. In
addition
to these books, the committee, being reasonably optimistic, still looks
forward to the completion, within a reasonable length of time of
the other
books started in earlier years that have not yet completely
materialized.
We shall no longer mention them specifically for fear of becoming
monotom
ous. They, like the poor, we have always with us.
1464
THE ,CHRONICLE
Report of Irrigation Securities Committee—Remarks of
John R. Longmire and E. B. Palmer.
On the subject of irrigation securities, Joel E. Ferris, of
Ferris & Hardgrove, Spokane, Wash., Chairman of the corn-,
mittee, stated that "the reports made by your committees
over the past ten years indicate steady improvement in the
standard of irrigation securities and increased confidence on
the part of dealers and the investing public." He added:
A broader market for the more proven issues has been gradually developed and the investment houses familiarizing themselves with municipal
Irrigation bonds of sound character and exercising the same care used in
connection with most other types of bonds, thus combining wisdom and
vision, are certain to profit thereby.
Mr. Ferris also said in part:
Your committee has confined its investigations and studies to municipal
Irrigation districts and in order that a thorough understanding of the subject may be had, it has undertaken to go into the history and records of
Irrigation districts in the various States, hoping thereby to determine the
fundamental remedial measures most needed to place irrigation securities
upon an increasingly higher plane than that which they have occupied heretofore.
Municipal irrigation districts were first established by direct legislation
In the Territory of Utah in 1865. As a result of this legislation, several
irrigation districts came into existence and have operated with varying
degrees of success. The first really comprehensive irrigation code was enacted in California in 1887, known as the Wright Act, and California must
receive the credit for successful pioneering in the field of municipal irrigation. Since that time innumerable corrections and changes have been
made, not only in the statutes of the State of California, but through the
17 Western States which have enacted irrigation codes.
Until 1909 the number of municipal districts formed in the United States
were few, but from that year on has steadily advanced and the number of
districts has increased from 116 in 1909 to nearly 700 at the present time.
As the result of the formation of such a large number of districts, municipal irrigation district bonds in the approximate amount of $150,000,000
have been issued and sold. It is difficult to secure and tabulate the exact
figures as to defaulted issues among the various municipal irrigation districts which have been issued during the past 30 years, probably more difficult than it would be to secure such data covering almost any other class
of securities.
A study of the figures obtained by our committee and by the United
States Department of Reclamation, as shown by the most excellent and
valuable report or manua4 on irrigation district operation and financing prepared by Mr. Wells A. Hutchins, of the Department of Irrigation Economics,
Indicating an increasing stability and integrity of character in municipal
irrigation district bonds, due to more effective State control and to great
discrimination, care and judgment on the part of the investment bankers
handling such securities, a wide knowledge of irrigation development and
subsequently a more conservative policy in the promotion of municipal irrigation districts.
Despite the improvement shown, the history of municipal irrigation districts is far from free from failures and defaults, and much is to be gained
by their continued study and by a consistent effort toward improvement.
The causes of failures are many, some local, such as the inclusion of unproductive land which in many cases cannot be cultivated by irrigation, and in
other cases, large holdings or land in the hands of people not capable of
developing it under the conditions necessary, lack of practical knowledge
of irrigation and its most important phases, faulty engineering and construction; another and perhaps one of the most important reasons for failure
may be attributed to insufficient and faulty legislation.
The so-aclled local causes of failure must, of necessity, be corrected over
a period of years, through knowledge gained by experience and by education.
One of the most important matters in need of improvement is that of
payment of delinquent irrigation district taxes. It is believed that the
period allowed by most States for redemption from delinquent tax sales, at
the present time, could be shortened appreciably and still not work to the
detriment of the land owners.
The subject of the proper manner in which irrigation taxes should be
levied is a very complicated one and the best authoritise hold varying views
on this subject Some States provide for ad valorem tax, other a fixed tax
for each irrigable acre; and still others a tax based upon the actual benefits
received. Proper provision should be made, the committee believes, in most
cases to provide for an additional tax to be levied to provide for and take
care of a possible margin of delinquences.
Legislation providing for the approval and supervision of municipal irrigation district financing, as well as construction, by the State Engineer or
by the State Oommission is a growing tendency in many States and will aid
to some extent in correcting weaknesses and defects and on the whole, is
a desirable arrangement and an element in strengthening the standing of
municipal irrigaiton districts, but this will not remove the necessity of
careful independent investigation on the part of investment bankers.
The question of whether or not financial aid should be furnished by the
States to municipal irrigation districts is a complicated problem and one
which will have to be given independent study. A number of States have
granted authority and made possible State aid in various ways, either
through the purchase and re-sale of irrigation district bonds, the guarantee
or payment of interest during the development period in other ways. The
tendency throughout the West indicates a decided trend in a direction
which carries with it the danger of paternalism and the ever-present weakness in permitting the individual to rest too strongly upon Governmental aid.
To the student of irrigation financing, the report of the Government Special Advisory Committee, appointed to investigate the condition of Government reclamation projects, is of great value and interest. This commission
consisted of James It. Garfield, formerly Secretary of the Interior; Dr. Elwood Meade, prominent irrigation engineer and now Commissioner of Reclamation, United States Department of the Interior; Oscar Bradfute, of
Ohio, President of the American Farm Bureau Federation; Thomas E.
Campbell, former Governor of Arizona, Chairman; Dr. John A. Widtses,
former President of the State University and Agricultural College of Utah,
and Clyde 0. Dawson of Colorado, authority on irrigation law.
After many months' survey, the Commission made a very valuable and
interesting report on Federal reclamation by irrigation which, while not
touching the subject of municipal irrigation district bonds, embodies a fund
of definite and valuable information concerning irrigation practice and of
the Government reclamation projects and embodied in its conclusions are
findings of great interest, and of which the following are interesting parts:
"(a) The obligation to the Government must be recognized as the
basis of success.
"(b) Payment must be based on productivity—not time.
[VOL. 119.
"(c) The per cent of gross income to be paid on construction charges
must be fixed—taking into consideration the other fixed annual obligations
of the farmer.
"(d) The farmer must learn to take advantage of every technical and
practical aid for increasing gross income by intensive, diversified agriculture.
"(e) Government, national and State, must aid in providing technical
advice and demonstration.
"(f) A system of credit based upon sound business principles must be
provided and co-operative methods of buying and selling must be adopted.
"(g) The farmer must practice thrift and avoid useless expenditures"
As applied to municipal irrigation districts where any form of development, colonization or settlement is included, the Commission findings with
reference to the matter of proper advice;assistance and supervision to the
settler is of special value and importance. The history of irrigation shows
clearly that in districts where colonization or development is involved,
supervision, direction and even instruction to assist the settler is imperative and, houses handling bonds of a development character should never
overlook this factor. The finding of the Government's Commission that
payment must be based on productivity is a somewhat unique feature in
Irrigation financing and has to do, of course, primarily with projects involving the taming of raw land and the development of new areas.
The underwriter of utility, industrial and other corporation securities
relies in a large part on the reports of his expert appraisers, auditors, including the history of the business, and in the offering of such securities definite
forms are usually followed, such as a letter from the President or managing executive, a statement of the company's balance sheet and earning history. In the ordinary offering of municipal issues, certain official data is
essential and has much to do with the price and market position of the
bonds. These include the official population, debt and assessed valuation
features.
In irrigation districts, the figures, while at times important, carry less
weight and the background of the security rests on many elements, including
sufficiency and cost of water service, acreage actually under cultivation and
to be developed, crop conditions, markets, etc.
It will be seen that the representation of the investment house, even
though based on the reports of experts, engineers and land appraisers, take
their color from the offering house and are apt to contain much in the way
of enthusiastic salesmanship.
Your committee feels that it is essential that the offering house pay the
greatest attention to the exact facts and do not by their enthusiasm undermine the very structure they are Striving to build up and strengthen.
A study of the reports written by the various irrigation securities committees beginning with the excellent report of the committee of which Mr. Foster of Denver was Chairman, submitted in 1914, indicates clearly the usual
causes of disaster, the mistakes to be avoided, and the sound principles to
be followed. . . .
Your committee feels that the members of the Association, investors and
the public in general would find valuable an analysis or digest of the municipal irrigation laws of the Western States in which such securities are
issued. We have, therefore, undertaken the preparation of a digest of municipal irrigation district laws of eleven Western States and have at this
time practically completed the work covernig the laws of nine States, and
with the completion of the two remaining States within the next few weeks,
this digest will be ready for distribution to our membership. It has been
our committee's hope to include it as a part of our annual report, but unforeseen delays have prevented. Through the courtesy of Rufus H. Hirable,
attorney of San Francisco, preparation of this digest has been undertaken
and if it is sufficiently useful and valuable, it is the recommendation of
your committee that succeeding committees can, to advantage, supply the
members with information concerning amendments and the more important
changes and court decisions.
Following the presentation of the above report, a discussion of the subject took place. John H. Longmire, of the
Mississippi Valley Trust Co. of St. Louis, who was scheduled to address the convention on the matter, was unable to
be present, and a brief outline of what he was to say was
read as follows by Vice-President Thompson:
Many of us will remember when irrigation bonds issued under the Carey
Act were quite popular investments. The large failures of these issues, however, seem to be responsible for the lack of general interest in any type of
irrigation bond, even those secured by taxes. However, we have also had
failures in industrial and timber issues, but seem to have recovered our
confidence in such securities more readily.
Contrary to the prevalent conception, most irrigation projects now are
built by the United States Government or municipal districts. The Government has spent over $100,000,000 and plans to spend much more.
The municipally issued irrigation bond has been generally of excellent
quality for many years, and is not to be confused with the old-time bond
brought out by private enterprises under the Carey Act. It is unfortunate
that the word "irrigation" needs to be coupled with the bonds that are now
being issued.
To a number of dealers, the irrigation bond perhaps seems a bit complicated when one considers the many things necessary to check carefully before bonds can be safely brought out. However, the interest that is bound
to be manifested in new issues shall require the study upon the part of the
dealers generally, and it is hoped that many will make first-hand investigations to satisfy themselves of the soundness of well-set-up bonds.
With the steady increase in our population there will continue to be need
for new lands to be irrigated and additional securities issued. While the
$150,000,000 of municipally issued bonds now outstanding have been largely
absorbed in California and the Northwest, new issues in prospect are of
sufficient size to attract the attention of the general market. $50,000,000
of bonds of sound projects will be available in the next few years, especially
in California.
While unsound issues promoted by adventurers are occasionally brought
out, it is only through the co-operation and effort of members of this
Association that such practices will be stopped.
Some of the points that appeal to those outside the Far West are: 1.
Higher return. 2. State supervision. 3. Attractive profit.
Eugene B. Palmer, President of the Palmer Bond & Mortgage Co. of Salt Lake City, Utah, in discussing the subject
under the head "Development of the West Through Irrigation," said in part:
It was less than a quarter of a century ago that private capital began to
be attracted on a large scale through the medium of private, non-mutual
corporations to the development of irrigation works. Agricultural land
was in great demand. Small mutual companies could not undertakei large
er.terprises. The possibilities for profit were alluring. One of the first
of such enterprises, the Twin Falls Land & Water Co. in Idaho, was a conspicuous success. In its wake followed scores of others. Some for various
reasons, largely lack of understanding of the problems, or unforeseen mis-
SEPT. 27 1924.]
THE CHRONICLE
1465
fortunes, honestly failed to justify the original hopes. Reckless promoters
As pointed out by President Coolidge's statement, given out with his
and "get-rich-quick" swindlers rushed into this field, sold worthless stocks announcement of having signed the tax bill, the reduction of the high surand bonds to hundreds of thousands of innocent investors and made irri- taxes from 50 to 40% is quite immaterial. The bill proved a great disapgation securities a hissing and a by-word in many quarters, especially pointment in this feature.
throughout the East and Middle West. This set back irrigation development
As has been repeatedly pointed out by various Secretaries of the Treasury,
many yearsas well as in Congressional discussions of the question, the experience under
Twenty-two years ago the United States Government entered into the work the earlier laws has demonstrated clearly that excessively high surtaxes
of irrigation development The "Fact Finding Committee" appointed by cannot be collected, and that they result in a steadily diminishing revenue.
the Secretary of the Interior completed its investigations and made its
The reports of the Commissioner of Internal Revenue show that from
report in April of this year. It found that out of $143,000,000 spent, about 1916 to 1922 net income reported by all classes increased from $6,298,577,18% should now be charged off, largely because money had been expended 620 to $21,336,212,530. In spite of the general increase of all classes of
through political pressure on projects doomed to failure at the start. But income over $50,000 show an actual decrease, except
for the year 1922, the
It brought out that the permanent wealth created is already over two and greatest decrease occurring in those classes subject to the highest rates,
and
one-half times the expenditures, that irrigation is fundamentally sound and the decrease gradually becoming smaller as the
rates diminish until we reach
that errors of the past can be remedied so as to make future investment a the $25,000 to $50,000 class, which shows a
small increase. In the case of
complete business success.
the $300,000 incomes and over, in 1916, at a 13% rate, there was paid in
The municipal irrigation district is founded on practically the same prin- surtaxes $81,404,194, in 1921, at
a 65% rate, $84,797,344, and in 1922,
ciples as the mutual irrigation company. It is an association of land own- at a 50% rate $111,476,640.
ers organized with quasi-municipal powers, and in recent years it has
What has happened in the case of incomes of $100,000 and over is illubeen
more popular than the mutual company. This is partially due to the fact minating.
that its bonds are exempt from Federal taxation. The record of irrigation
Incomes over $100,000 constituted 29.5% of the total income reported in
districts is covered in the report of the Irrigation Securities Committee,
and 1916, 5.4% in 1920, 4.5% in 1921 and 7.3% in 1922; returns under $3,000
is in a large degree similar to that of Government development
being eliminated in all cases so as to make the figures fairly comparable.
According to Government reports, the area of irrigated land in the United If all salaries
and wages be omitted, the percentages for the four years beStates is approximately equal to all of New England except
Maine. The come 36%, 9.1%, 8.3% and 12.6%, respectively. The income from busivalue of the land alone is estimated at $3,160,000,000 and
of the land, ness, professions, etc., reported in all classes over $100,000 fell from $862,improvements, town property, merchandise and bank deposits
directly at- 000,000 in 1916, to $260,000,000 in 1920, to $136,000,000 in 1921, and to
tached to irrigated areas at $6,140,000,000. Crops produced
on irrigated $229,000,000 in 1922. Dividends reported in classes over $100,000 fell
lands in 1922 were estimated at $860,000,000, to say nothing
of live stock, from $944,000,000 in 1916, to $465,000,000 in 1920, to $332,000,000 in
poultry, butter, eggs and other incidentals.
1921, and to $462,000,000 ni 1922. Rents and royalties reported in classes
Large as these figures are, they represent less than 10%
of the possibili- (nes $100,000 fell off 60% in 1920, 70% in 1921 and 55% in 1922, as
ties of the future, according to surveys based on
existing methods. The compared with 1916.
potential future irrigated area in the United States is
estimated to be apThe disappearance of taxable income as indicated by the foregoing figures
proximately equal to all of New England, New York, New
Jersey, Penn- is the direct result of the pressure of high rates, and the conclusion to be
sylvania, Ohio, Indiana and Illinois combined. Improved
methods may in- drawn from their study is clearly that a broad base and a moderate rate are
crease this still more, but without allowing for this, not
less than $55,000,- infinitely preferable to a high rate and a constantly narrowing base.
000,000 may thus be added to the agricultural wealth
of this country.
The destructive effect of excessive rates upon revenue collections has
Encouraging progress is now being made. Conservative
investment bank- been noted. There are, however, other consequences of much greater iming houses by giving these problems careful study, by
learning themselves portance. Such excessive rates interfere with the normal course of business.
how to discriminate, by discouragnig the questionable
projects, no matter Their pressure leads to avoidance, and under the stimulus of the tax-exempt
how attractive the possible profits, and by aiding
the meritorious enterprises privilege, the capital normally available for new investment in productive
to conduct their affairs along sound lines, can
do a great constructive and enterprises is diverted to investments in tax-exempt securities, and the ecoa patriotic work.
ncmic development of the country is throttled. In addition, the cost of
production and distribution is adversely affected by increasing the interest
rate on capital actively employed. The burden is ultimately carried by all
Report of Federal Taxation Committee—
Resolution in the form of increased coat of living.
Opposing Tax on Capital Gains.
The Ways and Means Committee of the House of Representatives, in reporting the bill to the House, called attention to the adverse effects of the
A resolution in which it was declared to be
the sense of higher income surtax rates. The report contained the following statement
the Investment Bankers Association "that a tax
on capital with particular reference to those effects as felt in the economic field:
gains is unsound, unwise, and uneconomic" was
"When men refuse to put their capital to its most productive use because
adopted at the
risk appears too great in view of the limitation by taxation of profits:
Monday's session of the convention, this resolution
when, rattier than divide with the Government. they fail to take actual
having realizable
profits, and so slow up the turnover of liquid assets: when the
been embodied in the report of the Federal Taxation
Com- first instead of the last question to be considered in any new business transmittee, submitted by the Chairman, Eugene E.
action is that of taxes: thea there are foreign forces at work in the economic
Thompson, field which if incalculable, are unquestionably potent."
• of Crane, Parris & Co., of Washington. This
It is pertinent to point out here the position taken by our Board of Govresolution, in
which the committee is authorized "to do anything
ernors at their meeting held at Louisville, Ky., in January last- The pronecessary gram
of Secretary Mellon, approved by President Coolidge, had been submitto bring about a revision of the Revenue Act,"
was adopted ted to Congress. It recommended the reduction of the maximum surtax rate
at the convention as follows:
to 25%. The Board of Governors at that meeting approved, without qualiResolved, That it is the sense of the Investment
fication, the reduction recommended by Secretary Mellon, and by its direcBankers Association of
America, in convention assembled, that a tax on
capital gains is unsound, tion telegrams containing the following text were sent by the President of
unwise and uneconomic, and that the Committee
on Federal Taxation is the Association to the President of the United States, the Secretary of the
hereby authorized to present the views of the
Investment Bankers Associa- Treasury and to the Chairmen of the Committees of Congress handling the
tion of America to the President of the United
States, the Secretary of the bill:
Treasury, Finance Committee of the Senate and the
"The Investment Bankers Association of America is a non-political
Ways and Means Committee of the House of Representatives, and in this
organization whose members are of various political faiths, residing in all
connection to do anything parts of the United
Sates, engaged in the indispensable public service of
necessary to bring about a revision of the Revenue Act;
be it further
gathering the savings of the people together to supply the demand for
Resolved, That for the same reasons above stated, we
believe there should capital for governmental and industrial purposes.
be no deductions allowed for capital losses.
"Its memoership includes practically all the agencies through which this
enormous and vital demand is met. From twenty million Investors these
The report of the Federal Taxation Committee,
agencies in recent years have raised about seventy'billion dollars of capital.
which Including about ten billion dollars to meet the needs of State and municipal
dealt with the new tax law, is as follows:
governments, and to finance the needs of agriculture through the Federal
Land banks. The Association, therefore, feels that it is qualified by exDuring the past year the time of your
committee has been well occupied perience to Judge of the effect of taxation upon the flow of capital into
In connection with the new tax bill, now
known as the Revenue Act of 1924, Industry and upon the cost of living.
which was approved by President Coolidge
"The members of the Association, regardless of party affiliations, are
and became a law on June 2 1924.
united in the opinion that reduced and more equitable taxation is a paraAt that time the President made public
a formal statement in which he mount prerequisite
to the prosperity of agriculture, labor,industry and the
expressed dissatisfaction with the bill in a
number of particulars and de- general welfare. The present system is burdensome and unjust and is the
plored the fact that it did not represent a
sound permanent tax policy, and principal cause of many of the inequalities and maladjustments of agrithat in its passage it had been subjected
culture and industry, the high cost of living and a growing adverse class
to unfortunate influences which consciousness
such as should not exist in this country so rich in resources
ought not to control fiscal questions.
and
opportunities for all. It is the chief cause, for instance, of the deadenThe bill reached the President for his consideration
less than two weeks ing disparity between the income of the farmer and the cost of the things
before contemplated adjournment of the
Congress, and no different bill he must buy.
"The Association is. therefore, in sympathy with the program of Secrecould be passed before adjournment. In view of
this situation, and in spite tary Mellon.
approved by the President of the United States for a general
of its obvious defects, the President stated that its
advantage as a temporary reduction of Federal income taxes, and particularly and unqualifiedly
relief and a temporary adjustment of business
conditions led him to believe approves the reduction of the maximum surtax rate to 25%•
that the best interests of the country would be
"The existence of many billions of tax-exempt Federal. State and municisubserved if the bill became pal
bonds, already outstanding, even if the omission of additional issues
a law. He expressed the hope that at the next
session of Congress a bill ofsuch securities should be prohibited,affords
and will continue to afford the
less political and more truly economic might be
passed, and promised to means by which individuals of large incomes may legally evade the contribend all his energies to that end.
bution of their just proportion of the Governmental income. This means
of evasion will continue to be used so long as the high surtax rates make its
There are many very decided changes in the new law
over the old law, use profitable. High surtax
rates, therefore, are economically unsound.
and while avoiding detailed discussion, it is interesting
to comment on some even as revenue producers, and actually defeat their own purposes. Even
of the major changes as follows:
more vicious still are the effects of high surtax rates upon the free flow of
capital into productive industry. The diminution of the supply of the
Reduction for 1923.
country's capital available to industry because of the investment of billions
Very substantial benefit is given by the new law
in tax-exempt securities inevitably has increased and will continue to inthrough the
for a flat reduction of 25% of individual income taxes for 1923, provision crease the cost of capital to industry with the result that the cost of prowhich are duction is enhanced and the cost of every product to the farmer, the
payable during the current year. Those taxpayers who
laborer
paid their 1923 tax and to all citizens is increased, and this increase is multiplied througn
all of
Iii full on March 15 last will get a refund of one-quarter
of the tax without the various steps of progress ofthe Productfrom raw material to consumer.
making any application for it. At the time of the writing
long
"So
as
so
large
a
part
country's
of
the
available capital is thus
of this report the withheld from profitable
and productive use, the high cost of living must
Treasury announces it has already repaid more than one-half
of the amount continue to reach the pocketbook of every household.
The restoration of a
to be refunded. Those who paid on the installment plan can pro-rate
large portion of such capital now withheld to productive industry must
the
25% reduction over future installments.
on the other hand. necessarily reduce the cost of every article, thus contributing to the prosperity, comfort, happiness and welfare of the entire
The foregoing provision is the only one affecting 1923 returns.
Pe°"iee
"The members of the Association are also unequivocally opposed to the
Normal and Surtax Rates.
assumption by the Federal Government of any new burdens which will
The new law carries the following normal tax rates: 2% on the
first increase taxation."
$4,000 of taxable income, 4% on the next $4,000 and 6% on the remainder.
A sound tax is one that can be collected with a minimum of economic disUnder the preceding law the normal tax rates were 4% on the first $4,000 turbance, but the income tax of to-day does not conform to
this rule, it
of taxable income and 8% on the balance.
being far from a satisfactory revision in this respect.
The new surtax rates apply at $10,000 instead of $6,000. The initial
rate
Earned Income,
Is 1% on the first $4,000 and is then graduated up to a maximum of 40%
The new law carries a tax reducing provision that is entirely new. The
on incomes in excess of $500,000.
separation of earned from unearned income gives an advantage of 25% to
1466
THE CHRONICLE
[VOL. 119.
fundamental lasw in this respect would very much increase the rate of interearned income not in excess of $10,000. The fairness of taxing more lightly
est which the States and their political subdivisions now pay on all their
the income received as compensation for personal services rendered than borrowings.
Income from investments has long been recognized, such a distinction having
It was pointed out that the interest paid by States and municipalities must
been made for many years in the income tax laws of Great Britain.
come out of the pockets of the taxpayers in those States and municipaliies,
Capital Gains and Losses.
and it was argued that the United States Government was asking the States,
The bill as finally passed follows the Treasury recommendation in respect in effect, to tax themselves and their taxpaying populations enormously,
to capital gains and losses, and includes a provision limiting the deduction not for their own uses, but for the uses of the national Treasury. It was
2% of the amount of the loss, contended that the national Government now has sufficient taxing power to
/
allowable for losses of a capital nature to 121
justified in
the purpose of this change being to increase the amount of the tax to be get all the revenues necessary, and that the States were entirely
taking that stand against the proposed change.
paid.
The policy of the Government has been and continues to be to include
Publicity.
both capital gain and capital loss for income tax purposes. The practice of
The whole matter of making public the amount of tax an individual pays
taxing appreciation of capital as sales are consummated and at the rates in
on his income is a departure from the existing practice and is objectionforce In the year during which the consummation occurs has given rise to
able for many reasons. As finally provided in the new law the publicity
widespread dissatisfaction. With rates varying as they have been during
provisions are three in number:
to
resort
to
incentive
tremendous
a
been
has
there
years,
few
past
the
(1) Committees of Congress are given the right to obtain details of tax
methods of postponing the closing of business transactions. The tax on
appreciations has in fact operated as a substantial force restraining business returns;
(2) Proceedings before the new Board of Tax Appeals must be open to the
transfers.
public in all cases involving over $10,000; and
limby
law
previous
the
writing
in
Congress
by
given
was
relief
Partial
(3) Local Collectors must exhibit to the public the list of income tax2%. Losses, however, were
/
iting the tax applicable to such gains to 121
payers and the amount paid by each.
permitted to be deducted in full. The new law now applies a similar limiThese provisions precipitated most heated discussion in Congress. They
tation to deductions for losses, but in this case the result of the application
have provoked widespread criticism as an unjustifiable invasion of the right
of the limitation is to increase the burden of taxation—not to lower it.
privacy. They ,were particularly condemned by President Coolidge in
We believe the sounder view to take of this question is not to recognize of
his public statement given out when he signed the bill..
either item for income tax purposes.
The legality of the provisions is probably secure under the decision of
The law should acknowledge the distinction between regular and fortuitous
the Supreme Court of the United States in the case of Flint vs. Stone
gains. Such appreciations represent a growth which may have been accruing
Tracy Co., 220 U. S., 107.
over a period of years. In no true sense do they correspond to that regular
Your committee does not consider that publicity is necessary from the
recurring flow of income upon which an income tax ought properly to be standpoint of the Government's revenue. On the other hand, we do believe
levied. Neither is the loss sustained a recurring outgo which should be
that such publicity is an unreasonable invasion of a taxpayer's right of busiallowed as a deduction.
ness privacy. Moreover, it may be extremely hurtful as the result of disYour committee, therefore, recommends abandonment of the present pracclosure of business reverses. Again, instead of aiding the revenue yield, it
tice of taxation of appreciations. We believe adoption of the change would may be the cause of substantial losses in revenue through unwillingness on
not only represent a sounder policy of taxation upon the economic stand- the part of taxpayers to disclose their true income or trade conditions.
point, but would constitute a most helpful improvement by simplifying the
Estate and Gift Taxes.
administration of law. If the change be made profits occurring in the regular course of business should, of course, continue to be regarded as taxable
The new law provides for material increases in the Federal inheritance
income. Difficulties of differentiation between investment and trading taxes. The old law provided for a tax of 1% on estates not in excess of
transactions could readily be solved by a definite rule such as the present $50,000, with graduated rates rising to 26%, which was the maximum and
of regarding as investment property that is held for not less than two years which was imposed against the amount of the net estate exceeding $10,000,from date of acquisition. Such a rule, while arbitrary, would provide a 000. The new law increases the rates materially on large estates, and
determination fair and equitable in practically all cases, and would be puts the maximum at 40%, and it carries a gift tax with corresponding
simple of administration.
rates. This new tax on gifts is retroactive to Jan. 1 1924.
Tax-Exempt Securities.
The levying of excessive inheritance taxes on estates is economically disin cases where a considerable forThe position of tax-exempt securities is, in general, the same under the Sorbing and wasteful. Tax liquidation
in a single enterprise may be extremely hurtful
new law as it was under the old law, but the fight to prevent adoption of tune may be largely invested
up operations, affecting credit
holding
sacrifices,
heavy
at
sales
the recommendation of the Secretary of the Treasury in regard to the inter- by forcing
or stockholders. Exhaustion of the capital of
est deduction was only won after a long and hard struggle, and then only and injuring other partners
the country by its use for ordinary operating expenses of the Government,
by the narrowest of margins.
inheritance taxation in times of peace, diminIn order that income received from tax-exempt sources might be reached, as is done through excessive
industry and prevents industrial development
in part at least, for income tax purposes, the Secretary of the Treasury had ishes the flow of capital into
welfare.
recommended limiting the deduction for interest of a non-business character and expansion essential to the general
The new gift tax is equally objectionable from the economic point of view
to the amount that such interest exceeded the tax-exempt interest received
should be condemned. In addition,
by the taxpayer. The actual effect of this suggestion, if adopted, would and in the opinion of your committee
of 60% enforcement. Its constituhave been to impose an indirect tax on income from wholly tax-free securi- your committee believes it is incapable
determination.
judicial
for
remains
ties to the full extent of the non-business interest and losses of the taxpayer. tionality
Corporation.
Section 214 (C) of the bill as it was passed by the House gave effect to
this suggestion. •
The income tax on corporations remains the same as under the old law.
The Finance Committee of the Senate retained the item in the bill until The Senate's unwise provision for a graduated tax measured by undistribthe objections of the Committele on Federal Taxation, with the approval of uted surplus was dropped. Its effect would have been to force corporations
the President of the Association, were made known in a carefully prepared Into distributing their surplus earnings by taxing the latter. Such a policy
brief by counsel for the committee, setting forth at length the objections to strikes at prudent corporation management. It would also have a prejudicial
the provision. Copies of this brief were filed first with the Finance Com- effect on the public, which profits from the flowing of earnings into the
mittee and then with each Senator, and in addition, copies were also brought business, since this process increases production, creates reserve resources
to the attention of the Governors of the various States and the Mayors of the and stabilizes credit and valuies.
principal cities. A copy of the brief is annexed to this report.
in General.
The Finance Committee reported the bill to the Senate with the item
Very many other important changes, particularly in administrative prorehowever,
were,
inclusion
its
for
efforts
The
bill.
the
from
eliminated
visions, have been made, that cannot be described here for lack of space.
newed on the floor of the Senate with the result that three distinct record
No general revenue measures heretofore framed had the quality of pervotes were taken on this single provision. On the first vote, taken May 2, manence or was ideal or scientific, and it is not probable that any of that
secthe
Its exclusion was carried by the very close vote of 37 to 36. On
character ever will be written. All that can ever be done is to enact the
ond vote, had on May 9, its inclusion in the bill was carried by a vote of best legislation possible under the circumstances and conditions that prevail
45 to 40. However, on the following day the Senate reconsidered the mat- at the time. Therefore, while the new law is far from being a satisfactory
ter, when the vote of the previous day was reversed and the exclusion of the revision, it is an improvement over the old law in the tax relief it grants
item from the bill was finally accomplished. On this last vote the result as well as in some administrative features, and there must remain for the
was 45 against the amendment to 37 in favor of it.
future further readjustment along lines that will be sounder economically
In addition to the Treasury proposal, there were two other outstanding and more in accordance with our concepts of fairness and justice to taxpayers
proposals affecting tax-exempt securities which should be commented on. and which will contain less of punitive discriminations against larger
The first was the amendment of Congressman Dickinson of Iowa, which took incomes.
the form of a proposal for a discriminatory inheritance tax on tax-exempt
securities. It proposed a special additional tax to be levied on the taxSecurities Committee--Proposal for
exempt securities of an estate, and carried rates which commenced with 1% Report of Foreign
Creation of Bureau to Furnish Information
on the amount above $10,000 and increased by 1% for each additional
$10,000 up to $100,000, with a rate of 11% on the amount over $200,000.
on Foreign Bonds.
This special tax was to be in addition to the general tax on the remainder
tax,
12%
establishment of a bureau for the
special
the
for
the
plus
proposal
40%,
of
A
of the estate. Thus a general estate tax
would mean a total Federal tax of 52% on the tax-exempt securities of the dissemination of information relative to foreign investments
estate, plus the State inheritance tax. This proposal of Congressman Dickcame before the convention in the report of the Foreign
inson was defeated by the close vote of 132 to 141.
The other proposal was that of Senator Reed of Pennsylvania, whose sug- Securities Committee, the members, in adopting the report,
gestion was for an immediate tax on income derived from future issues of approving the motion to refer the proposal to the incoming
bonds issued by the States and their political subdivisions. The purpose of
Committee on Foreign Securities for further consideration
the proposal was stated to be to obtain a decision from the Supreme Court
of the United States on the question of the constitutionality of the and study. The report of the outgoing committee, signed
tax-exempt feature under the Sixteenth Amendment. This proposal was by Charles H.Sabin of the Guaranty Trust Co. as Chairman,
likewise defeated.
by John D. Harrison of the same institution,
The defeat of these various proposals, leaves as the only change made by was presented
the new law in the existing status of tax-exempt securities the reinstate- Acting Secretary to the committee. In presenting •the
ment of the provision of the 1918 Act requiring the taxpayer to include in report Mr. Harrison said:
his return a statement of his holdings of tax-exempt securities, and the amount
I am sure that the outgoing committee, as well as the incoming committee,
of his income therefrom. In the opinion of counsel for the committee, this would greatly appreciate any expreskion of opinion on the part of the memvalid.
legally
probably
requirement is
bers of the Association on any of the matters discussed in the report, and,
Constitutional Amendment. •
briefly, to summarize those, the three most important questions under conadvisability of attempting to educate the dealer and
The Joint Resolution which has been pending in Congress for several years sideration were, the
foreign investments, the advisability of estabproposing an amendment to the Constitution of the United States giving to the investor with respect to
these lines, and the advisability of adoptthe Federal Government and the States reciprocal rights of taxation on lishing a bureau to operate along
the kind of information to be supplied by
future securities issued by the other, was taken up in the House of Rep- ing standard regulations governing
of presentation of such information. Mr.
resentatives early in the year. On Feb. 8 1924 the House, by a vote of 247 houses of issue, and the manner
Beebe, a member of that committee, is here this morning, and I am sure he
to 133, defeated the resolution.
these matters, if any of the members cared to
Perhaps the strongest argument urged against the resolution during the would be glad to discuss any of
House debates was the point that for the States to accept a change in the discuss them.
SEPT. 27 1924.]
THE CHRONICLE
Mr. Beebe's remarks follow:
I think probably, Mr. Chairman, it would be in order to suggest or to
offer a resolution accepting that recommendation and referring it for further
consideration and action to the incoming committee, inasmuch as the
present committee has not gone any further than make this purely as a
suggestion in the way of accomplishing certain things which that committee
feels are very much in the interest of the dealers of this country and their
clients. I would like to offer that resolution.
With the seconding of the motion the following discussion
.ensued:.
Mr. F. J. Lisman (New York). Mr. President, I would like to talk on
that motion. It is a subject in which I am very much interested and I
find myself in thorough agreement with the committee except on one subject, and that is on the subject of this statistic department. There is an
estimate of $15,000 for its expenses. Now,I have no doubt that the committee has gone into that very thoroughly, but I question whether you can
get the right kind of human material to get at these facts properly with any
such amount of money. You are going to be swamped with the amount of
material you are going to get.
Mr. Beebe. May be I can throw a little light in regard to that very low
estimate. The Association, or the Foreign Securities Committee, had
expected to sponge on its members for a great deal of the material, which I
think they would be very glad to do. Might I suggest that if I make a few
remarks indicating how this thing has been led up to it may give you a better
picture of this thing. As long ago as our Atlantic City meeting Mr.Thomas
Lamont, who was then Chairman of the committee, realized that there was
in this country no satisfactory source of information on foreign financial
matters. He suggested that something of that kind should be established,
and there was an attempt made to make a working arrangement with, I
think they call it the Commercial Institute of Philadelphia, which had a
very elaborate system on foreign matters. It developed subsequently that
that information was gathered almost wholly from the commercial standpoint and gave very little help from the standpoint of foreign financial
matters.
Out of that grew an attempt to weld into some sort of co-operation the
Interests of the New York Stock Exchange, the Federal Reserve Bank
people and the Investment Bankers Association and one or two smaller
factors that might be interested, but there seemed to be no way, because
of the difficulties involved in getting anything more than the moral backing
on the part of the Federal Reserve Bank, to get the matter into working
shape. At about that time it was suggested that a financial library on a
national scope should be established. Mr. Wiggin succeeded Mr. Lamont
and was very much in favor of that and an informal committee was appointed at a meeting of which members of these various bodies were represented and it looked for a time as if we might get some where on a basis
of a service charge. Some of the larger members, of which my firm was
one, felt that for that kind of service we could very well afford to pay a
very substantial annual fee. It was suggested that a fee of one thousand
dollars would not be out of order and I think it could have been clearly
demonstrated by such an organization that the various banks and larger
dealers would have saved many times that amount, not with the idea of
doing away with their respective statistical departments, but just in minimizing the amount of material which had to be collected and gone over
from month to month would have meant a tremendous saving.
It was also thought that such a library would have cut down expenses in
looking up certain data from time to time. As it is, under the circumstances, nearly all of these big organizations have to keep a large volume
of matter in band. I do not mean the collection of curios or extinct papers
or anything of that kind, but what you might call a working bureau rather
than a library. The thing got very little encouragement outside of New
York and the net result was that it just kind of died away. Subsequently
there was another committee appointed on which the chairman of our own
Educational Committee served with the idea of seeing if we could not work
out some sort of an arrangement whereby all this material could be collected
in one point and the bureau operated on a service charge basis. The
committee reported at considerable length to the Board of Governors last
year—not at this recent annual meeting, but the one preceding it—and it
was felt that after due consideration there were so many problems, so many
difficulties, particularly in getting such a library located at a central point,
that it had to be discarded, and that leads up to the point to-day, so far as
I am aware or others who aro better posted in attempting to collect a
matter of that kind have informed me. there is no place where you can go
and get reliable up-to-date information on foreign financial matters, whether
they be governmental or corporate matters, and our committee has felt
after a good deal of careful thought—and this paper is not written just with
the idea of making it a readable paper, but it does represent the thought
of perhaps the most important people in this country who are interested in
foreign matters or who are likely to be interested in foreign matters, and
we feel the time has come when it is very necessary, not merely desirable.
to have some place of that kind to turn to.
Without intending to criticize in the slightest the circular matter and
publicity matter which has been given out in connection with foreign matters, it is very evident that a great deal of that has been collected haphazardly and in a hurry, and put forward with all the best selling points set
forth and none of the other side of the picture. It is appreciated that information which will enable, for instance, somebody in Denver, San Francisco or some other point who is offered participation in a foreign loan,
usually by wire, that he have at his command and in his hands a reasonable
amount of reliable information upon which he can base some judgment
of the security which he is asked to handle and recommend to his clients.
It naturally follows that that information must be given out, not in connection with and immediately preceding any particular loan, but mustfrom
time to time be given out without any regard to any particular piece of
financing. That is what the committee has in mind in back of this whole
matter. I agree with Mr. Lisman that $15000 cannot in itself possibly
begin to do that job in the way it should be done. We do believe that
$15,000 will hire,in connection with certain avallabe sources of information,
sufficient people to keep that matter coming through. The report refers
to the fact that the committee was prepared to have a sub-committee
appointed which would be able to stand sponsor for the character of information that was put out and its reliability. That committee, it was suggested, would have been composed of men out of very large international
banking houses, whose sources of information to-day are probably as good
as anybody in the country, and undoubtedly will be better as time goes on.
It follows in the very nature of things that if this situation abroad is sound,
and it should develop along lines which would justify a proper basis of
credit on the part of bankers hero, and they are taking the responsibility
of recommending to the buyer to buy those securities, that it is going to
be one of the important sources of securities and financing for this country
for a great many years to come. We feel that no time should be lost in
getting this thing started so that our members may have a reliable source
of information on which to judge these things on their merits as they are
presented. I am sure that the committee would very much appreciate
1467
an expression of opinion not only here on the floor at this meeting, but also
at any subsequent time. I think, for instance, that from time to time
requests for information or statements as to the difficulty of getting information which they may have in a particular way desired, in connection
with a particular piece of business, would point very clearly to what that
conunittee could give and the service to its members. Some of what I
have said is probably more from my own personal point of view, because, if
you will look at the names of that committee, and see its wide scope, you
will appreciate that it is practically impossible to get such a committee
together for any protracted study of the problem. It has had to be done
by the appointment of a sub-committee here and there on some special .
phase of the subject.
Mr. Lisman: I agree with the point of view of the committee and the
facts as set forth by Mr. Beebe. I only want to call attention to the fact
that, while I agree fully with the necessity that we should go into a thing
of that kind, it is a case of what is worth doing is worth doing well. I
think the houses interested in foreign securities would be glad to pay a
very substantial sum. $15,000 will buy a lot of live wires, and no doubt
the foreign governments will supply the material, but if Mr. Jones from
Denver should hear about a new issue of some foreign bonds coming out,
which he is expected to answer by telegraph, possibly that they will accept
syndicate participation on, he will probably find nobody there except live
wires, and they are not going to be able to give him such information. He
will telegraph. "What do you think of Jugoslav Railway bonds?" or some
Industrial bond in Germany: or "What facts can you give me?" It will
take a good big man who can weigh the various factors to give him the information he desires. There is no doubt that such a bureau is necessary.
but it is a big job.
The report itself we shall publish another week.
Committee—Investment
Membership
Bankers' Association.
In his report as Chairman of the Membership Committee,
J. Clark Moore, Jr. of Barclay, Moore St Co., Philadelphia, said:
The number of applications filed during the year ended Aug. 31 1924 was
Report
of
approximately the same as that filed for the year which ended Aug. 311923.
Under the constitution of the Association as it is in use at the present
time, the Membership Committee has the authority to admit a house and
its jurisdiction is final. For some years, however, all admissions of new
members have been made by the Board after approval by the Membership
Committee.
There is now pending a proposal to amend the constitution to read that
no house shall be admitted to the Association unless it has been acted upon
favorably by the Membership Committee and subsequently admitted upon
the vote of the Board of Governors.
Below is given tabulation of the applications handled, together with the
names of the houses admitted from Sept. 1 1923 to Aug. 31 1924:
Number of Applications Handled 1923-1924.
Applications filed
Applications approved
Applications rejected
Applications pending
Applications 1922-23, approved 1923-24
Reinstatements
Total number of applications approved
Applications 1922-23, rejected 1923-24
Total number of applications rejected
50
22
12
16
15
2
39
3
15
Newly Elected Officers—Remarks of President-Elect
Dysart—Investment Bankers' Association—Committee Chairman.
At Wednesday's concluding session of this week's convention, Thomas N. Dysart of William R. Compton Co., St.
Louis, was unanimously elected President of the Investment
Bankers' Association of America for the ensuing year. At
the same time the following were also unanimously elected:
Vice-Presidents.—J. A. Fraser, Dominion Securities Corp., Toronto:
Ray Morris, Brown Brothers & Co., New York; Frank W. Remick, Kidder,
Peabody & Co.. Boston; Eugene E. Thompson. Vrane, Parris & Co., Washton; Barrett Wendell, Jr., Lee, Higginson & Co.. Chicago.
Sec/Wart/ (re-elected.—Frederick R. Fenton, Fenton, Davis & Boyle.
Chicago.
Treasurer.—John G. Brogden, Strother. Brogden & Co.. Baltimore.
Board of Governors—(Terms expiring 1925).—Sigmund Stern (to succees
Ray Morris, nominated as Vice-President), Stern Bros. & Co.. Kansas
City; Pliny Jewell (to succeed Frank W. Remick, nominated as VicePresident), Coffin & Burr, Inc., Boston. (Terms expiring 1927).—George
Whitney, J. P. Morgan & Co.. New York; Henry R. Hayes. Stone & Webster, Inc.. New York; Henry C. Olcott. Continental & Comm. Tr. & Say.
Bk., Chicago; Walter S. Brewster, Russell. /3rewester & Co., Chicago;
Plerpont V. Davis. National City Co., New York; Max 0. Whiting. Harris,
Forbes & Co.. Boston; Hugh W. Grove. First Wisconsin Co., Milwaukee;
Edgar Friedlander, Cincinnati.
President-Elect Dysart, in addressing the convention,
said:
Mr. President, Mr. Secretary, ladles and gentlemen: I wish it were possible for me to express my gratitude. If it were, I should be delighted to do
so, not so much for this office to which you have elected me, though I
assure you I appreciate the honor of being selected for this office, but really
more for the feeling that is apparent on your part that I am qualified to
some extent to fill this office.
It is a wonderful thing to have friends, but it is really more wonderful to
live up to their expectations, and it is ot this end, ladies and members of the
Investment Bankers Association, that I propose to devote myself during
my term of office.
I am not going to tell you to-day of the things that we hope to do. I am
going to wait until it is all over and tell you what we have done, and I hope
then that you won't be too greatly disappointed in the selection you have
made.
When I was assured by my campaign manager and ladies, and the honorable Chairman of the Nominating Committee—whom I paid
very well
for his services, and the Honorable Mr. Secretary that my selection was
certain and I could not be defeated. I decided I would take advantage of the
interim and do Just a little bit so that I might tell you something to-day of
what we had done and not what we propose to do. Consequently, I gave
1468
THE CHRONICLE
some consideration to the question of committees, and we decided we would
dispense with two of our committee,one especially, the Dennison Act Committee, because its work had been broadened to the point where its name
was no longer apropos, to the point where they had done about everything
concerning Blue Sky legislation pending in Congress, and its activities have
been very materially enlarged, to the point where it now covers all kinds of
Blue Sky legislation, so consequently we have created a new committee
which we have called the Securities Law Committee, to take over the work
of the old Dennison Committee and to have exclusive charge of all Blue
Sky legislation, both State and Federal.
We decided to do away with the fraudulent advertising committee,
not because this Association should not and can not do wonderful work
In the curbing of fraudulent advertising, or, rather, the advertising of
fraudulent investments, but because in our opinion that work could be
done better through other sources than the Fraudulent Advertising Committee. We believe that the new plan which the Publicity Committee
will have to do with next year, that a part of the work of the Advertising
Committee can be better done by that committee, and the larger part of
the work of the Fraudulent Advertising Committee we think can be better
done by the local groups who co-operate with the Better Business Bureaus
in the leading cities of the country. So. we have made no appointments
this year for the Fraudulent Advertising oemmittee.
We have created another new committee, one which we believe will
function to cover work that has never been done before by this Association
and which we think will be of material benefit to quite a large number
of the members of the Association. We rather hesitated about the name
of that committee, but finally decided to call it the Commercial Credits
Committee, whose work is along the lines of considering the problems of
those of our member houses who deal in commercial paper and short-time
credits. Before we formed that committeee we communicated with practically all of our members who deal in short-time credits and met with
unanimous response from those members and a hearty approval of the
idea. So that committee will function this year. Perhaps the most
pleasing thing to me that I can say to-day is that I am prepared to announce not only the Chairmen but the total membership of every committee of the Investment Bankers Association.
When I say that I am prepared to announce that membership I don't
mean that I have made arbitrary appointments or that I have selected
some one and told them they would have to serve, but I have the absolute
acceptance of every single member of every single committee except three
gentlemen who are abroad, and their partners have accepted for them;
and that is from over 200 selections.
I am not going to take the time to announce the membership of the
committee, as that will be published in the next issue of the "Bulletin."
The Chairman of the Railway Securities Committee will be Mr. Ray
Morris of Brown Brothers & Co. of New York. For the Real Estate
Securities Committee, Mr. C. H. Moore of the Union Trust Co. of Detroit
has been selected Chairman. In the case of the Securities Law Committee, that is, the hew blue sky law legislation committee, Mr. Barrett
Wendell of Lee, Higginson & Co., Chicago, is Chairman. For the State
Taxation Committee, Mr. Hugh W. Grove of the First Wisconcin Co.,
Milwaukee, has been chosen Chairman.
For the Municipal Securities Committee, Mr. Alden H. Little of Little
& Moore, Inc.. of St. Louis. has been chosen Chairman.
For the Publicity Committee, my dear old friend, who unfortunately
isn't here to-day, Mr. John W. MacGregor of Pittsburgh, is Chairman.
Mr. Robert Stevenson will again serve as Vice-Chairman of this committee. For the Public Service Securities Committee, Mr. Henry C.
Olcott of the Continental & Commercial Trust & Savings Bank of Ch'sego
has been chosen Chairman.
Of the Finance Committee, Mr. Walter S. Brewster is Chairman. Of
the Foreign Securities Committee, Mr. George Whitney of J. P. Morgan
& Co.. New York.
Of the Government Bond Committee, Mr. Richard E. Norton of Philadelphia is Chairman.
[VoL. 119.
of Washington that he had been asked by James C. Willson,
who had been obliged to leave to catch a train, to act for him
in extending to the convention an invitation to hold the 1925
convention in Louisville. Mr. Thompson added: "I cannot
speak for Mr. Willson as he would speak himself, but those
of us who know Jim Willson know that we would enjoy a
very pleasant time in Louisville." The communication,
President-elect Dysart said, will be referred to the Secretary
lo be presented at the January meeting of the Board of
Governors for consideration.
Newspaper Men Felicitate Harry Rascovar on Association's Publicity Department.
A communication voicing approval by the newspaper men
of the conduct of the publicity department by Harry Rascovar was read at the convention by Vice-President Brewster,
who took occasion to state that "it is the first one of its kind
that I have over seen, and I think that we will all appreciate
it very much." The communication follows:
Cleveland. Ohio, Sept. 24 1924.
To Mr. John W. Prentiss,
President of the Investment Bankers Association of America:
Dear Sir—The newspaper men who have covered the Thirteenth Annual
Convention of the Investment Bankers Association desire to express to
the Association their appreciation of the great help given them in their work.
We consider the conduct of the Publicity Department by Mr. Harry Raseovar to be one of the best pieces of work of this kind we have met with in
our experience, especially as it related to the proceedings of the convention
being put in our hands complete within a very few minutes of the close of
each session. This, however, was not the only thing that constituted the
handling of the publicity for this convention by Mr. Rascovar, and the other
officials of the Association, a notable achievement from a technical standpoint.
Very truly yours,
K. B. MICKEY, Cleveland "Press."
L. W. BRAND,Cleveland "News."
R. S. CRAMPTON,"Bankers Monthly."
A. J. LYNCH, C. N. S.
MARSHALL HALL, Cleveland "Times."
FRANK J. WILLIAMS, New York "Evening Post.''
W. L. AYERS, Chicago "Journal of Commerce."
B. F. DORAN,Philadelphia "Public Ledger."
ELWOOD LLOYD, Los Angeles "Herald."
H. W. BELCHER, New York "World."
LUCIEN N. HARRIS, St. Louis "Globe Democrat."
ODELL HAUSER, New York "Times."
F. K. SPRAGUE, New York "Herald Tribune."
POLSTON S. KRADER, New York "Sun."
JAMES W. McGUIRE, Associated Press.
LAURENCE G. HOLMES,"Christian Science Monitor"
FRED CHARLES, Cleveland "Plain Dealer."
In the above we have given, with the exception of two or
three reports (which we hope to make room for another
week), a practically complete review of the proceedings of
this week's thirteenth convention of the Investment Bankers'
Vote of Thanks to Cleveland Bankers.
Association. Instead of giving separately the action, in
At the instance of John A. Prescott, a vote of thanks for the way of resolutions, taken by the Association, we have
the entertainment accorded the delegates by the bankers of recorded these resolutions along with the reports which
Cleveland was registered. In moving this, Mr. Prescott prompted them. To demonstrate the interest which the
members of the Association have in the work the following
said:
We members of the convention assembled here in Cleveland have been men who have rendered such valuable services to the Assoroyally entertained. We have had the largest attendance and perhaps the
ciation in the past are still active in the work. The exmost successful convention of our history. For all of this we are much indebted to many and sundry persons. and I feel it would not be fitting for Presidents who have taken an active part in the deliberaus to close our session and go to our homes without some word of apprecia- tions of this convention are:
tion for what they have done for us.
Warren Cf. Hayden, Cleveland;
George B. Caldwell, New York;
We have been during the past few days in the hands of my old friends,
George W. Hodges, New York;
William F. Baker, Baltimore;
Charlie Otis, Warren Bayden, Fred Berton, Ed Tillotson and P. D. White,
Howard Beebe, New York.
John A. Prescott, Kansas City;
and some of our newer friends like Mr. Williams and Mr. West and others.
The only ex-Presidents absent and who were detained
Charlie Otis, Warren Hayden, Fred Borton, Ed Tillotson and Mr. White
have been with us from the beginning and have all contributed in several at home because of illness or unexpected business delay
Association.
and divers ways much to the growth and development of this
New York; A. B. Leach, New York,
They now have crowned it all by inviting us to their homes and giving us were L. B. Franklin,
royal entertainment. It would also be gratifying to all of you. I know, to and Roy C. Osgood, Chicago. All of these men have been
learn that there have Joined in the hospitality extended to us not only the very active in the Association work during the past year.
members of our own Association, but every non-member bank in the City
of Cleveland (applause). several, also, of the non-member brokers and security dealers have joined and contributed to the entertainment fund. The
Daylight Saving Time Ends in Great Britain.
fact that our members have rendered good service in the past has received
another good signal testimonial. The Cleveland Electric Illuminating Co.
clocks in England and Scotland were turned back an
All
and
not only came on its bended knees to the entertainment committee
craved the privilege of contributing a very substantial amount to the enter- hour at 3 o'clock Sunday Sept. 21. This marked the expiratainment fund, but at its own expense and under its own supervision took tion of the summer time schedule.
all of the pictures that will shortly be displayed upon the screen and they are
this afternoon presenting an exhibition of the pictures.
I wish to propose, Mr. President, that a vote of thanks be tendered to all
Ends—Returns to Standard Time—
of those who have been mentioned and all of those innumerable others who Daylight Saving
of Federal Reserve Banks of New
Announcement
have contributed, a vote of thanks and appreciation, and also I should not
fail to mention as among them, but not the least by any means, the ladies of
and Chicago.
York
plassuch
Cleveland who have lent their gracious presence and have given
Daylight saving in this city will end to-night at 2 a. m.,
ant assistance and entertainment to the wives and daughters whom we
brought with us.
at which time a return to standard time will occur, the clocks
I move, Mr. President, a vote of thanks to all of these whom I have mentioned.
The motion was unanimously adopted.
Invitation from Louisville for 1925 Convention.
Just before the current week's convention was brought to
a close, announcement was made by Eugene E. Thompson
accordingly being turned back one hour. The Federal
Reserve Bank of New York, through Governor Strong, made
the following announcement in the matter, Sept. 20:
To all Banks, Trust Companies, Savings Banks and Bankers in the Second
Federal Reserve District:
Beginning on Monday, Sept. 29 1924, this bank and its Buffalo branch
will open and close for business in accordance with standard time which
SEPT. 27 1924.]
THE CHRONICLE
becomes effective in New York City and in the city of Buffalo by the retarding of one hour at 2 a. m. on Sunday. Sept. 28 1924.
Clearings at the New York Clearing House will take place at 10 a. in.
and the Buffalo Clearing House at 11 a. m.on week days and 10:15 a. m.on
Saturdays.
Through Governor McDougal the Federal Reserve Bank
of Chicago under date of Sept. 23 said:
1469
To the Bank Addressed:
Effective Sept. 28, Chicago banks, in compliance with the Daylight
Savings Ordinance, will turn their clocks back one hour, revertingtto
Central Standard Time.
There will be no change in banking hours, which are from 9.00 a. in. to
12.00 in. on Saturdays, and from 9.00 a. in. to 2.00 p. m. on other days.
Very truly yours,
JAMES B. McDOUGAL,IrOovernor.
Indications' of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME
Friday Night, Sept. 26 1924.
In some directions trade has improved. But this is not
universally the case. The buying for the most part is to
supply present wants. There is not much buying ahead.
There is a disposition to await the result of the national
election before purchasing on any very large scale. Steel
has been quiet, with prices in some cases lower, notably on
finished steel. In the iron trade there is a falling off in the
demand. The weather in this country has not been altogether favorable. Snows and rains have been reported in
some parts of the West. In the South Atlantic States there
has been a great deal of rain, notably in Georgia, with not
a little in the Carolinas. It is unfortunate that these rains
should have occurred at this time. They have a tendency to
lower the grade of the cotton crop and delay picking, ginning
and marketing. The effect of such weather in the eastern
cotton belt, together with a fear of cold weather in the
Southwest has been to greatly stimulate the demand and
to put October to $5 a bale premium over December and lift
the price of futures $13 50 to $15 a bale with October leading the rise. The crop may turn out to be smaller than was
expected. It is gratifying to notice that after four or five
weeks of transactions amounting to only 15,000 to 20,000
pieces of print cloth weekly, Fall River's business this week
has leaped to 110,000 pieces. This naturally attracted wide
attention to-day. If cotton continues to rise it will no doubt
stimulate the textile industry generally after a protracted
period of stagnation. Wool prices have been firmer in consonance with generally higher prices at the London auctions.
Some woolen goods have just advanced 12%. Car loadings
are the largest thus far this year and have nearly reached
the high level of 1923. The grain markets have in most
cases advanced, wheat rising 4 to 5 cents and rye no less
than 7 to 8 cents per bushel, with enormous buying of these
two grains by Europe. To make matters worse, there have
been great floods on the Continent of Europe which may further reduce the harvests and necessitate all the larger purchases of American grain. Overflowing rivers and streams
In Italy and France accompanying great storms, as well as
the havoc wrought by floods in Russia, have been important
features. The Rhine Valley is flooded. In this country exporters have been buying 1,000,000 to 2,000,000 bushels of
rye in a day and the purchases of wheat, although on a
smaller scale than this, have been persistent. Corn fell
some 5 to 6 cents at one time, owing to warmer weather and
more hopeful prospects for the crop. To-day, however, the
outlook clouded over again with fears of cold rains over a
considerable portion of the great corn belt of the West. It
is feared that there will be a good deal of unmerchantable
corn in this year's crop. It had an unfortunate start owing
to a cold wet spring and a none too favorable summer.
The building trade is rather irregular. In some sections it
Is active and in others less so. The lumber trade has fallen
off. On the other hand, tire production is said to be at a
high point. Railroad net earnings for August are in some
instances larger than in the same month last year. Coal
is in better demand, with prices tending upward. There is
a good production in Illinois, Indiana and Kentucky, but
the West fears a shortage later on. In the West there is a
fair increase in trade among manufacturers, wholesalers,
retailers and mall order houses, but nothing remarkable.
In the steel business the "Pittsburgh plus" basis has been
dropped. That was one of the features of the week. Mills
now sell on the basis of delivered price at the point of destination, or at the mills. Money is easy at the West and
it
remains plentiful here and rather weak, with call loans at
2%. It is noticed that while the businesss of the country is
slowly expanding it has not increased sufficiently to affect
the credit position. Foreign exchange has latterly advanced
despite the persistent export demand for grain and rising
exports,of cotton,. Western railroad traffic is the largest
of the present year. There is a noteworthy increase over
August. It is noticeable that the exports of wheat this
week are about nearly double those of the same week last
year, namely 12,614,000 bushels, against 6,747,000 for this
week in 1923. In two weeks the shipments have been close
to 25,000 bushels. Thus far this season the total is 86,740,000 bushels or nearly 15,000,000 bushels ahead of the total
of a year ago. One branch of business that makes no very
satisfactory business is the dressed meat trade of the West.
While grain sells freely to foreign markets, the demand for
dressed meats lags. For this reason packers are not buying
live stock on the usual scale, noticeably at this time of the
year.
One indication of a gradual rise in the manufacturing industry is the fact that the earnings of one of the big power
companies and subsidiaries show a noteworthy increase.
On the other hand the Standard Textile Product Co. has
just passed the dividend on both classes of preferred stock.
The other day, however, two Pall River mills declared the
usual quarterly dividend. On the whole the tendency in the
textile industry is towards recovery, not only in New England, but at the South. Perhaps this is rather more evident
at the present time at the North after a prolonged period of
quiet. Meanwhile the stock market has given no bad account of itself, though latterly somewhat irregular. Merchants note with interest that railroad stocks have been advancing whatever may have been the case in regard to other
securities, and that railroad earnings make an encouraging
exhibit. Bonds have advanced with a steady demand. Bank
clearings are larger than those of a year ago. -In Europe
there are no striking developments. It is a case where "no
news is good news." The Dawes plan is being gradually put
into operation and there is no. reason to doubt that the results will be favorable to all concerned.
Betting is proverbially no argument, but it is nevertheless not without interest to notice that the odds given are
still 3 to 1 in favor of Coolidge. Odds of 6 to 1 are given that
La Follette will not receive the popular vote of the people.
Odds of 3 to 1 are given that the election will not be
thrown into Congress.
Boston wired that New England Week was a bigger success than even its most ardent proponents had dared to predict. New Englanders now know more about their own
products than they ever did before. All of the store windows, both wholesale and retail, have united in displaying
New England products as never before. The big drawing
card in a department store in Fall River was a loom running in the basement. Fall River, it is stated, has probably
more looms per unit of population than any other city in
the world. A leading retail store in Boston bought $27,000
worth of New England goods for New England Week, which
it would not otherwise have bought, and has been re-ordering throughout the week. New England Week was celebrated in Manchester, N. H., in striking and most attractive
fashion. A large department store in New Bedford that
never before handled a certain New Bedford product sold
during one week $11,000 worth not only to the people of New
Bedford, but also made shipments to Ohio and Texas. The
success of these sales has assured the permanent offering
of this line of merchandise in this store. Moreover, $7,000
worth of this merchandise was sold in a large store in Fall
River that never before handled it. Certainly this shows
results. Sales organizations and manufacturers have come
to realize the benefits of New England Week. At Nashua,
N. H., more than 1,000 persons visited one of the city's leading industries.
At Amsterdam, N. Y., on Sept. 22, after having been idle
for several months, operations were resumed in the
knit
goods plant of the Gardiner & Warring Co. Paterson, N. J.,
reports that about 50% of the weavers who went on
strike
on Aug. 16 are back at their looms. New London,
Conn.,
wired: "The strike among the weavers and loom
-fixers of
f
1470
TIT PI CHRONICLE
[VOL. 119.
10% higher
the Edward Bloom Silk Mill, Inc., employees continues. changed from last spring; grizzly bear,$10 75, or
52c.
President Bloom offered increases of 1 cent to 2 cents a yard than last spring; Polar bear, $18, unchanged; coney,
on crepes in lieu of the demand for increases by the men of (no comparison); kid skins, $2 15, unchanged; kid crosses,
higher; lynx,
3 cents to 8 cents. After a reasonable opportunity for con- $1 50, unchanged; Kolinsky, $3 80, or 15%
otter,
sideration, if the offer is not accepted, the plant will close $27 75, or 10% higher; wildcat, $950, or 20% higher;
The
higher.
25%
or
50,
or
$14
higher;
raccoon,
$47,
10%
be
work
night
that
demand
strikers'
The
Indefinitely.
discontinued was previously granted. Two hundred are wildcats were Northern and Western skins only; Southern
now out, and if the plant closes 350 more will become idle. and Southwestern wildcat unchanged. The other were
At Fall River the Sagamore mills are running, it is stated, Labrador and Eastern Canadian; others unchanged. Prompt
on full time. At Holyke, Mass., the American Thread Co. day for the sale just closed will be Oct. 15. The annual
began work on a five-day schedule, compared with previous winter auction of the company is scheduled to begin on
schedule of four days. At Fitchburg, Mass., the Star wor- Feb. 9.
Early in the week Chicago's temperature had fallen from
sted mill and the Sanford mills at Sanford, Me., where 2,500
operatives are employed, resumed full time Sept. 19. The 96 maximum to 62; Cincinnati was down to 70; New York
latter mill will have a night crew on part time. At North to 67.. Frost was predicted for this locality on the night of
Adams, Mass., the Hoosac mills, on short time since last the 24th inst. At Albany on the 23d it was down to 54 and
May, are, It is stated in a Boston dispatch, to return shortly at Buffalo to 44 and at St. Paul to 46. It was very cool in
to full time. At Mechanicsville, Conn., the Beachmont Wor- both the grain and cotton belts. Laramie, Wyo., reported
sted Co. Is now operating at capacity for the first time in lately a four-inch fall of snow at Sand Lake. Running water
several months. The working force has been increased from froze. At Butte, Mont., on Sept. 19 the first snow of the
300 to 475. It is expected that the present schedule will be season fell. At Idaho Falls, Idaho, a light snow fell, and
maintained indefinitely because of the substantial volume the thermometer dropped with a cold wind blowing from the
of business. At Grosvenordale, Conn., mills of the Grosve- north. At Pocatello the high hills in that district were covnordale Co. started up on Monday on 100% production basis, ered with snow for the first time this year.
with wages reduced 15%. The plant employs more than
1,100 hands. Boston wired that the J. & P. Coats, Inc., of
Automobile Production Well Below Last Year.
Pawtucket, R. I., had established a full-time schedule in
According to the Department of Commerce, 251,631
all of its department. This was denied next day by the passenger automobiles were turned out in August 1924,
company. It is operating at a 44-hour basis or less. On against 314,431 in August last year and 27,484 trucks,
.Sept. 23 it was said that the operatives of the Amoskeag against 30,872. The Department's compilation is based
mills, who recently agreed to a reduction of 10% in their on figures received from 206 manufacturers, 99 making
pay, have asked the management to co-operate in every way passenger cars and 136 making trucks (29 making both
with the employees to bring down the cost of living in the passenger cars and trucks). Data for earlier months
same proportion as the cut in wages. The Chamber of Com- include 15 additional manufacturers now out of business,
merce was asked to assist in the lowering of living costs. while August data for 16 small firms were not received in
How? Wages have, it is generally understood, advanced far time for inclusion in this report. Figures on truck production
more than the cost of living. At Manchester, N. H., the cot- also include fire apparatus and street sweepers. The
ton section of the Amoskeag mills opened on Monday on a monthly record for the last three years is shown in the folthree-day schedule with about 5% of the workers on hand. lowing table:
AUTOMOBILE PRODUCTION (NUMBER OF MACHINES).
At Dover, N. H., the Pacific mills will resume operations at
Mill No. 1 of the Cocheco plant. In North Carolina cotton
Trucks.
Passenger Cars.
mill curtailment has been reduced to about 10%. A consid1922.
1924.
1923. I 1924.
1923.
1922.
erable number of mills have increased night work recently.
9,596
19,732
28,925
81,696 223,822 287,353
At Mooreville, N. C., the Mooresville cotton mills, which January
13,360
22,173
31,156
109,171 254,782 336,371
February
20,036
35,284
34,118
152,962 319,789 348,358
have been curtailing operations since early in the spring, March
22,665
38,085
36,158
197,224 344,661 337,045
April
24,120
43,730 *33,415
have resumed full time. The mills have 57,600 spindles and May
232,462 350,460 *279,455
26,354
*217,935
41,173 *27,882
337,442
263,053
June
1,824 looms and manufacture ginghams. At High Shoals, July
22,083
30,692 *25,235
225.103 297,413 *237,668
24,711
27,484
30,872
249,498 314,431 251,631
August
N. C., the High Shoals plant of the Manville-Jenckes Co. September
19,495
28,578
187,711 298,964
21,824
30,139
217,582 335,041
has reduced wages 10% and resumed full time. At Charlotte, October
21,967
28,073
215,362 284,939
November
20,394
27,762
N. C., the Barber Manufacturing Co. of Lowell, Mass., December
208,016 275.472
for
will
tapes
mills,
cotton
twisting
makers of spinning and
•Revised.
soon begin operations in the branch plant. At Balfour,
N. C., the new Balfour cotton mills will begin regular work Loading of Railway Revenue Freight the Largest of
the Year.
within a week with 13,000 spindles and 440 looms. In South
with revenue freight during the
loaded
were
cars
.Carolina the Victor-Monaghan chain of mills, extending
More
„over the Piedmont section, resumed full-time operations last week Of Sept. 13 than during any other week so far this
Monday after being on curtailed schedules for several year, according to reports received from the carriers by the
_months. In Georgia, with one temporary exception for a Car Service Division of the American Railway Association.
. day or two, all large cotton mills have latterly operated full The total for the week was 1,061,424 cars. This was an
time. Columbus, Ga., wired that 13 cotton mills were active increase of 140,445 cars over the preceding week, when
.and apparently at full capacity. At McComb, Miss., cotton loadings were reduced owing to the observance of Labor Day.
mills a night shift has been set to work. At Oxford, Ala., Compared with the corresponding week last year, during
for the first time in a year the Southern Mills Corporation which year freight traffic was the heaviest on record, the
has added a night shift and is running it five nights a week, total for the week of Sept. 13 was an increase of 861, while
2 days day work. The only trouble, it is it also was an increase of 124,203 cars over the corresponding
1
together with 5/
added, that seems to be preventing all cotton mills from week in 1922. The total for the week of Sept. 13 was only
running full time is inability to get cotton. At Muncie, Ind., 35,850 cars below the highest week on record, which was
the Victor Garment Co. has resumed operations in full after that for the week of Sept. 27 1923, when 1,097,274 cars
having been shut down several weeks. The company an- were loaded. Additional particulars follow:
A new high record in the number of cars loaded with merchandise and
nounced that it has on hand orders for 50,000 suits of knit
less than carload lot freight was established during the week of Sept. 13.
goods and contracts for many more for early delivery will the total for which was 254,314 cars. This was an increase of 61 cars over
6
be signed this week in New York.
the previous high record which ws established during the week of Oct.
with the preceding week this year, this was an inSome 25 closed banks in Minnesota will be reopened before last year. Compaied
crease of 36,470 cars, and an increase of 4,897 cars over the same week in
the first of the year, says a dispatch from St. Paul, reflect- 1923. Compared with the same week in 1922 it was an increase of 20,611
farmers.
cars.
ca
ing the excellent crops and good prices received by
ding of grain and grain products for the week totaled 66,571 cars,
The great sale of furs here ended on the 20th inst., after
the largest number loaded during any one week on record except that for
of
spring
last
prices
with
compared
in
advance
an average
Aug. 30 this year, when it was exceeded by 2,266 cars. Compared with the
of Sept. 13 was an increase of 1,261
• 25% On sales of nearly 21,000 skins. Best pelts sold at preceding week, the total for the week
cars, while it also was an increase of 12.120 cars over the same week last
American
for
demand
the
sharp
day
last
the
On
$14 50.
year and an increase of 14.826 cars over the same week two year sago.
raccoon and otter was the outstanding feature. The sale
Live stock loading totaled 38,873 cars, the largest number loaded during
next
The
one week since Jan. 12 this year and an increase of 6,100 cars above
1919.
any
since
any
of
successful
most
the
called
was
a
week of Sept. 6. Compared with the same week last year, it was
the
highthe
were
will be held in February 1925. The following
decrease of 187 cars, but an increaes of3.977 cars above twoyears ago.
before
Coal loading totaled 182,315 cars, an increase over the week since
est prices paid at the last sale: Black bear and some other
number loaded during any one week
, (exclusive of Labrador and eastern Canadian), $11, un- of 32,842 cars and the largest
SEPT. 27 1924.]
THE CHRONICLE
March 1 this year. The number loaded during the week of Sept. 13
was an increase of 10.438 cars over the corresponding week in 1923 and
an increase of 10,855 cars over the corresponding week in 1922.
Loading of miscellaneous freight totaled 393,707 cars, an increase of
53,915 cars over the week before and 13,074 above the corresponding week
last year. It also was an increase of 66,871 cars over the corresponding
week in 1922.
Forest products loading totaled 69,519 cars, 6,949 cars over the week
before, but 5,467 cars under last year. Compared with the corresponding
week two years ago, it was an increase of 12.589 cars.
Ore loading amounted to 47,834 cars, 1,885 cars above the week before.
but 28,825 cars under last year as well as 5,744 cars under two years ago.
Coke loading totaled 8,291 cars, an increase of 1,023 cars above the
preceding week, but 5.189 cars under the corresponding period in 1923.
Compared with the corresponding week in 1922, it was an increase of
218 cars.
Compared by districts, increases over the week before in the total
loading of all commodities were reported in all districts, while all districts
reported increases over the corresponding week last year except the
Allegheny and Northwestern. All showed increases over the corresponding
week two years ago.
Loading of revenue freight this year compared with the two previous
years follows:
1924.
1923.
1922.
4 weeks of January
3,362,136 3,373,965 2,785,119
4 weeks of February
3,617,432 3,361,599 3,027,886
5 weeks of March
4,607,706
4,581,176 4,088,132
4 weeks of April
3,499,210 3,764,266
2,863,416
5 weeks of May
4,474,751
4,876,893 3,841,683
4 weeks of June
3.625,472 4,047,603
3,414,031
4 weeks of July
3,526,500 3,940,735 3.252.107
5 weeks of August
4,843.404
5,209,219 4,335,327
Week of Sept. 6
920,979
928,916
823,247
Week of Sept. 13
1,061,424
1,060,563
937,221
Total
33.539.014 35,144,935 29,368,169
Continued Decrease in Wholesale Trade in Federal
Reserve District of New York During August.
In an item on wholesale trade in this district the Oct. 1
"Monthly Review of Credit and Business Conditions by
the Federal Reserve Agent at New York will state:
Sales in August of representative wholesale dealers in this district showed
a further increase of 31% over July. or more than the usual seasonal advance, and this Bank's index of sales, in which adjustment is made for price
changes and seasonal variation, rose to 94% of the computed trend, compared with 89% in July and 76% in June.
Sales of apparel showed particularly large increases, but remained smaller
than the unusually large sales of August a year ago. Diamond sales, however. were in excess of those of last year, while silk sales were the largest
for the month since 1919 and drug sales the largest for any August thus
far reported. Trade in stationery and hardware, on the other hand, continued the steady decline of recent months, and business in machine tools
was again small.
The following table shows the detailed changes in the different lines as
compared with August in previous years. The decline of 14% in the total
as compared with last year is partly due to the fact that sales last year were
unusually large.
Dollar Value of August Sales.
(August 1923=100%)
Commodity.
Diamonds
Dregs
Dry goods
(a)Cotton
(8) Silk
Groceries
Stationery
Jewelry
Shoes
Hardware
Clothing
(a) Men's
(8) Women's dresses
(c) Women's coats and suits_ _
Machine tools
Weighted average
1920.
1921.
1922.
1923.
1924.
90
92
100
105
95
118
141
153
149
125
85
90
75
86
178
59
93
87
85
89
101
89
86
122
70
73
56
90
78
30
93
95
88
89
87
94
93
95
99
86
76
69
86
75
60
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
107
102
96
77
114
93
102
84
85
100
86
go
90
89
82
76
86
68
71
72
Decline in Department Store Sales in Federal Reserve
District of New York During August.
According to the Oct. 1 "Monthly Review of Credit and
Business Conditions" by the Federal Reserve Agent at New
York, "Sales of 63 leading department stores in this district
were 7% smaller in August than a year previous." "A factor in the decline," says the Review, "was fewer selling days
in August this year than last, but an important influence also
was reduced employment and wage earnings in recent months.
Sales of Rochester stores averaged slightly larger than a year
ago, and Newark sales were within 1% df last year's velume.
In other localities there were declines ranging from 4 to 13%
in comparison with August 1923." The Review will also
state:
With the exception of hosiery, all major departments had smaller sales
than a yearago. The reductions were largest in yard goods and women's
clothing, but furniture and home furnishings, shoes, men's clothing, and
miscellaneous merchandise also showed reductions. The average transaction amounted to $2 54. compared with $2 65 last year.
Per Cent
Per Cent Sales
Change in
of Each Dept.
Sales Orer
to Sales of AU
August 1923.
Departments.
HOsierY
+1.0
3.2
Men's and boys' wear
-2.4
6.5
Women's and misses' ready-to-wear accessories
-3.2
14.6
goods
Cotton
-4.6
4.5
Shoes
-4.7
3.4
Furniture
-5.7
12.5
Home furnishings
-5.7
51.2
Woolen goods
-10.2
1.8
-12.6
Silk goods
3.8
Women's and 11118808' ready-to-wear
-12.7
7.7
Miscellaneous
--7.8
26.8
1471
Outstanding orders for merchandise on Sept. 1 showed the usual seasonal
Increase but were considerably smaller than last year. The value of stocks
of merchandise on hand was the same as a year ago. This Is the first time
in nearly two years that stocks have failed to show an increase over the
prefious year.
Mail order sales showed a slight increase over August 1923, but this bank's
index of such sales, which allows for seasonal variations and price changes,
was unchanged at 82% of normal, as measured by the trend of past years.
The following table shows the detailed comparative figures for department
stores and mail order houses in August for the last five years:
-Na Sales During August- -Stock on Hand Sept. 1
(August 1923 =-• 100%.)
(Sept. 11023=
1920 1921 1922 1923 1924 1920 1921 1922 100%.)
1923 1924
New York
88
85
91 100
91 115
92
93 100 100
Buffalo
94
89
90 100
89 117
91
89 100
92
Newark
97
91
90 100
99 122
97
91 100 101
Rochester_
98
95 101
100 103 150 112
98 100 107
Syracuse
96
87
80 100
87 143 108
89 IGO 103
Bridgeport
117
98
93 100
96 123 106 105 100 103
Elsewhere,Second
District
94
87
93 100
96 107
95 100
98
98
Apparel
84
80
84 100
94
93
83
89 100 101
All dept. stores
90
86
90 100
93 115
93
92 100 100
Mail order houses 108
78
70 100 103
in Chain Store Sales in Federal Reserve
Reserve District of New York During August.
The Oct. 1 "Monthly Review of Credit and Business
Conditions by the Federal Reserve Agent at New York will
contain the following item on chain store sales:
Increase
Total chain store sales in August were 11% greater than a year previous,
due largely to the opening of new stores. Sales per store averaged 4%
smaller than a year ago, reflecting decreases at shoe, grocery, candy, and
drug stores. At dry goods and 10-cent stores, sales per store were larger
than last year. The detailed ocmparisons are shown in the following
table:
Type of Store.
Dry goods
Shoe
Ten cent
Grocery
Tobacco
Candy
Drug
Total
Per Cent.
Dollar Value of August Sales Change In
(August 1923=100%.)
sales per
store,Aug.
Aug. Aug.
192310
19.23. 1924. 1920. 1921. 1922. 1923. 1924. Aug.1924
543 622 75
75
78 100 121
+6.0
302
371 102
89
90 100 115
-6.3
1,817 1,975 74
76
85 100 112
+3.4
15,998 18,902 80
70
82 100 111
2,754 2,797 95
94
94 100 102
+0.4
204 78
190
81
83 100 102
--5.1
312 316 92
89
92 100
98
--3.4
Number of
Stores.
21,916 25,188
80
75
84
100
111
-3.7
Increase in Retail Food Price in August.
The retail food index issued by the United States Department of Labor through the Bureau of Labor Statistics shows
that there was an increase of about two-thirds of 1% in the
retail cost of food in August 1924, as compared with July
1924. The index number was 143.3 in July and 144.2 in
August. The Bureau in announcing this Sept. 18 adds:
During the month from July 15 1924 to Aug. 15 1924, 20 articles on which
monthly prices are secured in reased as follows: Pork chops, 15%;lard
and
strictly fresh eggs, 13%; flour, 6%; bacon, 5%; ham and corn
meal. 4%;
coffee, 3%;oleomargarine, vegetable lard substitute, rice and oranges, 2%;
fresh milk, nut margarine, bread, cornflakes, canned peas and canned
tomates, 1%; and round steak and tea, less than five-tenths of 1%.
Ten articles decreased in price as follows: Potatoes, 21%;cabbage, 14%;
onions, 6%; leg of lamb, 3%; butter and granulated sugar, 2%; hens,
evaporated milk, prunes and bananas, 1%.
Thirteen articles showned no change in price in the month. They are
as follows: Sirloin steak, rib roast, chuck roast, plate beef, canned salmon,
cheese, rolled oats, wheat cereal, macaroni, navy beans, baked beans,
canned corn and raisins.
For the year period Aug. 15 1923 to Aug. 15 1924, the decrease in all
articles of food combined was 135%•
For the eleven-year period. Aug. 15 1913 to Aug. 15 1924. the increase in
all articles of food combined was slightly less than 43%.
Changes in Retail Prices of Food, by Cities.
During the month from July 15 1924 to Aug. 15 1924 the average family
expenditure for food increased in 34 cities as follows: Houston, Little Rock
and New Orleans, 3%; Atlanta, Baltimore, Birmingham, Cleveland, Fall
River, Louisville, Mobile, Norfolk. Providence and Richmond, 2%; Butte,
Charleston, Dallas, Jacksonville, Los Angeles. Manchester, Milwaukee,
Portland, Me., Rochester, St. Louis, San Francisco, Savannah, Scranton,
and Washington, 1%; and Boston, Kansas City, Memphis, Newark, New
York,Philadelphia. Seattle and Springfield. Ill., less than five-tenths of 1%.
Seventeen cities decreased: Indianapolis, Minneapolis and St. Paul. 2%;
Chicago, Columbus, Denver, Omaha, Pittsburgh and Salt Lake City,
1%;
and Bridgeport, Buffalo, Cincinnati, Detroit, New Haven, Peoria and
Portland, Ore., less than five-tenths of 1%.
For the year period. August 1923 to August 1924. 35 of the 51 cities
showed decreases: Manchester, Philadelphia and Scranton, 5%; Boston.
Bridgeport, Buffalo, Detroit, Fall River, Newark and New Haven. 4%;
Cincinnati, Indianapolis, Memphis, New York, Norfolk, Pittsburgh,
Portland. Me., Providence, Richmond, Rochester and Washington, 3%;
Charleston, Cleveland, Denver, Minneapolis, Omaha, Salt Lake City
and Savannah, 2%; Atlanta, Baltimore, Butte and St. Paul, 1%; and
Chicago, Little Rock and San Francisco. less than five-tenths of 1%. The
following 16 cities showed increases: Dallas, 4%; Columbus and Los
Angeles, 2%; Houston. Jacksonville, Louisville, New Orleans, Peoria,
Portland, Ore., St. Louis, Seattle, and Springfield, Ill., 1%; and Birmingham, Kansas City, Milwaukee and Mobile, less than five-tenths of 1%.
As compared with the average cost in the year 1913. food in August
1924
was 54% higher in Chicago. 51% in Richmond and
Washington, 50% in
Baltimore and Detroit,49% in Milwaukee and Providence,48% in Birmingham and Boston, 47% in Charleston, 46% in Dallas, New York and Scranton, 45% in Buffalo, Cleveland and Pittsburgh, 44% in Manchester
and
St. Louis, 43% in Atlanta, Fall River, New Haven, New
Orleans and
Philadelphia, 42% in San Francisco, 41% in Los Angeles and
Minneapolis,
40% in Indianapolis and Seattle,39% in Jacksonville, Kansas City,
and Omaha,37% in Cincinnati and Little Rock, 36% in Louisville.Newark
34% in
Memphis and Portland, Ore.. 32% in Denver and 24% in Salt
Lake City.
1472
THE CHRONICLE
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 eleven-year
period can be given for those cities.
The following tables are furnished by the Bureau:
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
OF FOOD IN THE UNITED STATES.
ButRib Chuck Plate Pork
Year
Sin'
and Month Steak Steal Roast Roast Beef Chops Bacon Ham Lard Hens Eggs ter
1922
January
February
March._
April
May
June
July
August__.,_
September.
October
November._
December
169
129
125
161
134
112
100
102
103
108
120
141
158
192
188
154
151
150
150
156
131
128
135
144
147
154
157
135
145
106
157
147
181
108
107
106
108
105
106
104
106
105
108
108
107
107
140
137
135
135
143
142
149
153
175
163
138
126
147
146
145
145
145
144
145
145
146
146
143
139
168
167
167
168
169
171
171
172
173
172
169
166
110
110
110
111
109
109
108
108
113
118
120
120
107
145
145
169
112
164
139
123
142
191
142
145148,
155
159
159
169
154
148
148
139
139
139
140
142
145
148
147
148
148
143
143
123
122
123
123
124
128
130
130
131
130
128
128
Avg. for yr. 154 150
1924
January... 154 149
February.. 152 148
153 148
March
156 151
April
160 155
way
160.2 156.1
nate
160.2 155.2
July
August -- 180.2 158.1
143
126
196
146
147
149
152
158
161
162
162
158
153
162
162
167
168
169
170
166
163
162
164
163
158
157
97
101
109
107
108
109
109
109
109
111
111
111
145
147
118
120
120
118
117
117
119
115
122
133
143
157
164
173
185
188
191
193
194
189
180
177
172
169
106
106
107
107
107
107
106
104
104
106
105
105
Avg. tor yr.
1923
January
February _ _
March
Aprli
May
June
July
August_..._
September.
October
November.
December_
145
140
92
92
97
99
104
108
130
157
187
193
139
140
144
147
147
150
150
160
150
151
151
149
119
118
121
122
124
126
127
125
125
124
123
121
136
135
138
141
146
150
153
153
151
148
144
141
173
173
177
177
177
173
168
164
164
163
159
158
137
140
149
157
164
161
164
157
173
174
157
140
136
184
136
138
141
142
144
142
142
141
139
138
139
139
141
143
148
151
154
164
152
151
147
145
144 129 110
143 128 110
144 129 110
146 131 110
148 133 112
148.6 132.• 109.1
147. 131.3 108.3
147. 131. 108.3
130 138 166 118 162 158 160
127 136 165 114 165 144 157
128 134 164 111 169 101 151
93 131
137 134 165 109 169
95 120
142 134 188 108 172
143.8 134.1 185.8 107.0 168.5 104.8128.9
144.3 134.i 166.3 108.2 165.7 114.2129.2
185.7 141.9 173.2 122.2 153.4 129.3126.1
1922
January...
February..
march
April
May
Tune
July
August
September.
October _ _.
November.
December..
120
119
119
120
120
121
121
121
121
122
122
123
125
125
124
124
125
125
125
125
125
125
128
126
li.•&•0•16.C4,4.,..PC•30314,P.1,
,110tC40,0n2.,0:340,4,Nt4
AllArticies
ColPotaCornyear
and Month Cristurifilk Bread Flour meal Rice toes Sugar fee Tea Combined
133
121
125
142
151
158
185
193
204
202
191
175
Vs
193
187
189
124
126
127
128
128
127
127
128
128
127
127
127
126
127
127
127
127
128
128
128
128
129
129
129
144
142
142
143
143
144
147
146
149
150
151
150
149
149
149
145
139
141
143
144
145
154
161
168
153
14$
148
143
140
140
144
145
147
149
151
154
157 148
154 155
155 161
155 161
157 181
157 181
157 158
155 155
155 148
155 145
155 145
154 148
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
Avg.for yr.. 149
1923
January.... 189
February.. 170
168
March
184
April
161,
Way
183June
184
July
164
August _
. 167
3ePtember.
)ctober .... 174
govember. 171
December.. 171
147
155
155
130
109
185
155
155
155
155
155
155
157
155
tsr 155
158, 155
161 155
MI 155
148
148
145
148
145
145
142
136
138
139
139
136
133
133
133
133
133
133
137
137
140
143
147
147
109 124
108 124
108 129
108 147
108 159
108 188
108 247
108 218
109 200
110 171
111 153
111 153
154
154
153
153
152
152
153
154
tvg.for yr_ 167, 155 155 142 137 109 168 184 127 128
1924
189 180 155 138 147 113 185 185 128 131
unary
tebrnary. 168 157 155 139 147 113 165 187 130 130
185 158 155 139 147 Ill 185 189 137 130
darch
161 155 155 139 147 113 165 181 140 130
1coril
153 155 139 147 114 171 187 142 131
157
Bay
155.7 151.7 1554 139.4 146.7 113.8 194.1 150.9 141.9 130.3
rune
155.7 151.7 155:4 145.5 150.0 114.9 194.1 152.7 142.3 130.1
lily
155_7 153.9 157.1 154.8 158.7 117.2 152.9 149.1 145.6 130.3
knemd
146
149
147
144
141
141
142.
143.3
144.2
West Coast Lumber Production and Shipments.
The weekly lumtier review of the West Coast Lumbermen's Association on Sept. 17 said that 120 mills reporting
to West Coast Lumbermen's Association for the week ending
Sept. 13 manufactured 94,021,810 feet of lumber; sold
101,952,325 feet, and shipped 94,010,569 feet. New business was 8% above production. Shipments were 8% below
new business.
Forty-three per cent of all new business taken during the week was for
water delivery. This amounted to 43,421,408 feet. of which
export.
28,110.311 feet was for domestic cargo delivery. and 15,311,097 feet
New business by rail amounted -to 1.742 cars.
amounted
This
water.
by
moved
shipments
Forty per cent of the lumber
coastwise and interto 37,399,652 feet, of which 27,331,720 feet moved
shipments totaled 1,678 cars.
coastal; and 10,067,932 feet export. Rail
feet.
Local auto and team deliveries totaled 6,270,917
feet. Unfilled export
Unfilled domestic cargo orders totaled 123,961,515
4,747 cars.
orders,
trade
rail
Unfilled
orders, 91,783,577 feet.
production reported to West Coast
In the thirty-seven weeks of the year,
new business,
Lumbermen's Association has been 3,406,185,652 feet;
feet.
3,459,036,525 feet, and shipments, 3.575.499,886
future
Movement.
No Change in National Lumber
commeroial
As reflected by the operations of 364 of the chief
national
the
States,
United
the
softwood lumber mills of
lumber movement underwent no changes in the week ending
Sept. 20 as compared with the previous week, said the
National Lumber Manufacturers Association on Sept. 25.
There is, however, a noticeable decline in all three factors
.of production, shipments and orders when last week is coin-
[Vol,. 119.
pared with the corresponding week of 1923. The unfilled
orders of 253 Southern pine and West Coast mills at the
end of last week amounted to 686,159,833 feet, as against
582,479,492 feet for 252 mills the previous week. The 132
Southern pine mills in this combination showed unfilled
orders of 219,080,175 feet at the end of last week and 224,324,400 at the end of the week before. For 121 West Coast
mills the unfilled orders were 367,079,658 feet, as against
358,155,092 for 120 mills a week earlier.
Of the 364 comparably reporting mills, last week's shipments were 98%
and orders 99% of actual production. For the Southern pine mills by themselves these percentages were 102 and 95. respectively; and for the West
Coast group. 99 and III.
Of the foregoing mills, 341 have a determined normal production for the
week of 213,059,449 feet. according to which actual production was 100%
shipments 98% and orders 100% of normal production.
The following table compares the national lumber movement as reflected by the comparably reporting mills of seven regional associations
for the three weeks indicated:
Corresponding Preceding Week
Post Week.
Week 1923. 1924 (Rerlset)•
Mills
364
396
367
Production
227,439,688
264.316,994
228.187,229
Shipments
222,161.194
242,529.867
224,925,058
Orders (new business)
224,719.143
245,871,632
225.250.709
The following figures compare the reported lumber movement for the
first 38 weeks of 1924 with the same period of 1923:
Production.
Shipments.
Orders.
1924
8,893,165.548 8.808,633.847 8,547.551.541
1923
9,261.705,347 9,289,399,813 8.781,846.861
1924 decrease
368,339,799
480.765,966
234.295,320
On account of the fact that the California White & Sugar Pine Association
mills do not have weekly reports comparable in respect to orders with those
of other mills, they are not represented in any of the foregoing figures.
Thirteen of these mills, representing 31% of the cut in the California pine
region,reported last week's production as 15,814.000:shipments, 11.354,000.
and orders. 8,674,000.
Automobile
Price
Reductions-New
Models.
Reports from Detroit on Sept. 22 stated that Dodge Bros.
have announced a reduction of $60 per car on their special
models which are equipped with steel disc wheels, five
balloon tires and other equipment not furnished with the
standard models. The new price of the special touring car
is $1,090 and the special sedan now lists at $1,620. Factory
prices of the standard touring and sedan, in which there is no
price change, are $980 and $1,510, respectively.
In presenting its new 1925 line, the Kissel Motor Car Co.
has announced a price reduction ranging from $50 to $200
on all models. Balloon tires and hydraulic four-wheel
brakes have been made standard equipment on the new line.
The seven body styles available range in price from $1,635
for the phaeton to $2,550 for the enclosed speedster.
Further Reductions in Crude Oil and Gasoline Prices
Additional reductions in the price of crude oil occurred this
week when the price of Homer, Haynesville, El Dorado,
Bull Bayou, Bellevue, Crichton and De Soto crude oils were
cut 15c. per barrel by the Standard Oil Co. of Louisiana on
Sept. 22.
Following the lead of the Standard Oil Co. of Louisiana
the Texas Co. reduced all grades of Bull Bayou, De Soto and
Crichton crude oil 15c. a barrel.
On Sept. 23 the Texas Co. also announced a cut of 25c.
a barrel, to 85c., in Salt Creek (Wyo.) crude, meeting the
cut announced by the Midwest Refining Co. last week.
Contrariwise Smackover heavy below 24 degrees was
advanced 15c. a barrel, Caddo, Cotton Valley and Smackover light remaining unchanged.
The advance of 15c. per barrel of Smackover heavy oil is
considered one of most significant developments in oil in
several months. The reason for the advance is found partly
in relatively better demand for heavy grade than for light
oil due to unusually active demand for fuel and gas oil.
Prices of the last two named products have been strong and
steadily advancing. In contrast to this situation is the oversupply of gasoline which has made light oil in smaller demand. The present price of Smackover crude is 75c. per
barrel.
Increased prices were announced for California crude when
the Standard Oil Co. of California, on Sept. 24, posted the
following prices for crude oil at the well in the Rosecrans field
in Los Angeles county: 36 to 36.9 gravity, $1 46 per barrel,
and 6c. additional per barrel for each additional degree of
gravity up to and including 41.9 gravity. 42 gravity and
above is $1 82 per barrel. Standard Oil of California's
former price for California crude stopped at 35 gravity and
above for which the price was $1 40 per barrel.
Several changes have also taken place in gasoline prices
during the week, reports from Shreveport, La. on Sept. 20,
stating that the Standard Oil of Louisiana had reduced gaso4
line lc. a gallon, making tank wagon price 163/ and filling
station price 193., including State road tax of 2c.
lk The Colonial Filling Stations, Inc., met the gasoline price
reduction by other companies in the New England district,
making the retail price 19c. a gallon and the wholesale price
17c. a gallon.
The Standard Oil Co. of N.J., American Oil Co., Columbia
Oil Co., Gulf Refining Co., Penn Oil Co. and Dome Oil Co.
stations in Washington (D. C.) are quoting 20c. per gallon
retail and 18c. per gallon wholesale for gasoline.
A second reduction was made in the South on Sept. 25
when the Standard Oil Co. of Louisiana reduced the price of
gasoline lc. a gallon. The reduction takes effect at filling
stations in Louisiana, Arkansas and Tennessee. New filling
station price will be 183'c. a gallon, but the tank wagon price
remains unchanged at 163c.
On Sept. 26 motor gasoline was reduced 2c. a gallon by
Northwestern Pennsylvania refiners.
The Texas Co.announced it will purchase at present posted
prices all oil it holds in storage for producers in north and
central Texas.
Slight Decrease Shown in Crude Oil Production.
The weekly statistics compiled by the American Petroleum
Institute show a small decrease this time in crude oil production. The Institute estimates that the daily average gross
crude oil production in the United States for the week ended
Sept. 20 was 2,038,850 barrels, as compared with 2,041,450
barrels for the preceding week, a decrease of 2,600 barrels.
Compared with production during corresponding week of
1923 the present output is a decrease of 203,850 barrels.
The daily average production east of California for the latest
week was 1,426,050 barrels, as compared with 1,427,450
barrels the previous week, a decrease of 1,400 barrels.
California production was 612,800 barrels, as compared with
614,000 barrels; Santa Fe Springs is reported at 56,000
barrels, no change; Long Beach, 145,500 barrels, against
146,000 barrels; Huntington Beach, 39,000 barrels, no
change; Torrance, 53,500 barrels, no change, and Domnguez, 29,000 barrels, against 30,000 barrels. The following
are estimates of daily average gross production for the weeks
indicated:
(In Barrels)
Sept.20'24. Sept.13'24. Sept.6'24. Sept.22'23.
Oklahoma
546.500
547,500
549,400
422,200
Kansas
85,650
72,150
84.600
85,200
North Texas
66,800
72.700
72,200
73,600
Central Texas
276.100
180.650
187.250
186.350
North Louisiana
56.100
54.150
50.850
52.150
Arkansas
131,000
131,850
134.750
135,400
GulfCoast& SouthwestTexas 133.250
97,850
127.350
114.750
108,500
Eastern
107.500
108,500
108,500
165.000
Wyoming, Montana & Colo- 112,81,0
114.450
118.650
848.000
612.800
614,000
California
614,500
Total
2.038,850 2,041.450 2.038,500
2,242.700
Domestic Exports of Principal Grains-Wheat Exports
Larger, Other Grains Smaller.
The Department of Commerce at Washington on Sept. 22
made public its report of domestic exports of principal
grains, and preparations of grains for the month of August
and the eight months ending with Aug.31. The following is
the report in full:
Ilk During August 1924 the shipments of wheat amounted to 16,834.896
bushels, or 2,636,629 bushels more than for the same month last year.
Wheat was the only cereal whose exports in August this year were greater
than those of August last year.
IP The average price per bushel of the exported wheat was $1 35 for August
1924 and $1 09 for August 1923.
Is While the shipments of corn and rye were somewhat less in August 1924
than for this same month last year, the value of the exports of these grains
was in each case greater thls August than last.
For the eight months ended August 1924, the exports of flour were
9,606.936 barrels, valued at $5 16 per barrel, compared to 9,083,323 barrels
for last August, valued at $5 36 per barrel. The exports of all other cereals
and cereal products for the eight months January to August, 1924. were
leas in quantity and In value than for the same period last year. The value
of all cereals and cereal preparations combined for the eight months was
$146,227,560, or 32% less than for the seven months of 1923.
ps The greatest losses were in the case of oats, the value of whose exports
for the eight months of this year was $159,136. or 88% less than for the
same period of 1923; rye, which shows a loss in value of exports of 62%;
corn. 58%; rice. 57%; and wheat, 33%. The value of the exports of
barley was practically the same as that of last year, while that of flour
was only 3% less.
Domestic Exports of
Principal Grains,
and Preparations of.
Month of August.
1923.
1924.
Eight Months Ended August.
1923.
1924.
Totatgratns&prepamtionsof5 27,913,224 33,894,069 215,188,980 146,227,580
Increase or decrease
+20%
-68%
7,710,052 --8,126,801
bushels 2,571,305 --1,396.112
Barley
0,029,153 --5,944.519
$ 1,878,584 --1.573,403
POI
780,983 --648,484
37,524,713 --15,767,853
bushels
Corn
769,758 +788,414
32,481.800 --14.712,648
2
MI
--50,834
147,826
2,553,901
bushels
--254,792
Oats
--25,912
1,365,664
78,528
2
--159,136
II .
lbs. 7,783,005 --1,209,108 220,815,327 --77.809,278
Rice
--55,475
317.438
8,342,102 --3.575,808
2
26,580,193 --11,121,591
bushels 1,740,508 --1,489,368
Rye
24,757,418 --9,436,134
2 1,374,411 +1.416,422
illt
84.788,198 --42,889,884
bushels 14,198,287 +18834898
Wheat
78,853,382 --52,118,521
2 15,478,482 i-22818419
I
9,083,328 +9,808.938
barrels 1,273,391 --949,088
Wheat flour
51,181.105 --49,553.221
2 8.585,058 --5,545,852
1473
THE CHRONICLE
Si.27 1924.]
Heavy Exports of Petroleum-Coal Exports Falling Off.
The Department of Commerce at Washington on Sept. 22
issued its report showing the exports of domestic coal and
petroleum for the month of August and the eight months
ending with August. For August the exports of crude
petroleum were 48,035,167 gallons in 1924, as against 63,441,370 gallons in 1923, but for the eight months 502,274,831
gallons in 1924, against only 452,551,989 gallons in 1923.
Exports of refined petroleum in August 1924 reached 346,485,891 gallons, compared with 293,449,394 gallons in 1923,
and for the eight months 2,613,972,519 gallons, as against
2,116,575,226 gallons. The following is the report in full:
DEPARTMENT OF COMMERCE.
Washington, Sept. 22 1924.
Month of August.
Domestic Exports of
Cord and Petroleum.
-Coal-Anthracite
Bituminous
Coke
1923.
tons
442,475
4,812,137
tons 2,117,084
10,542,796
tons
99,237
896,665
1924.
257,090
2,828,326
1,392.862
6.192,667
42,308
360,316
Eight Months Ended August.
1923.
3.270.104
35,443,144
13.566.001
76.238,000
837,240
9,303,952
1924.
2,299.741
25,407,433
10,155,679
48,046.475
277,608
3,271.396
Domestic Exports of
Petroleum and Refined Products
Petroletun-Crude--__gallons 63,441,370 48.035.187 452,551,989 502,274,831
2,000,490 1,629,534
15.615.7691 18,091.341
Refined, total
gallons 293,449,394 346,485,891 2.116,575,22612,613.972,519
27,067,014 32,589,767 227,477,243266,334,264
Gasoline,naphtha and Igaflons 76,789,191 108,845,380 581,893,432 789.879,620
other light products'
S 11,885,103 14.706,375
99.921.6701 118,000,392
__ _gallons 79,548,150 66,956,16
542,544.548 586.189.115
6,736,985 6.958,041
51.897,943
58,095,337
Gas and fuel
gallons 114,762,945 141,651,739 774,313.481 971,459,292
3,191,584 4.541,804
23,258,2261 31.632,443
Lubricating
gallons 22,349.108 29.032.804 237.823.7671 286,444,492
5,253,342 6.383,547
52.399.4044 60.606,092
Paraffin wax
pounds 23,771,03 26,917,121 2l8.320.059t 258,544.273
831,829 1,369,763
7.559,687
11.918.294
Confusion in Steel Market Result of New Pricing
System.
The abolition of the "Pittsburgh plus" system of pricing
has resulted in more or less confusion in the steel market,
with buyers holding off. The pig iron market is fairly active
in certain sections, but the unsettled condition of the finished material market is having its effect. "The Iron Age"
in its weekly summary published Sept. 25 reported the situation as follows:
The steel industry is in the first throes of adjustment to the new price
regime under which Pittsburgh basing is abolished and steel products
are quoted f.o.b. mill or delivered at buyer's plant. Since Thursday, when
the Steel Corporation's intentions to comply with the Federal Trade Commission's order became public, the market has been in great confusion.
Meanwhile little business has been done.
Following the Steel Corporation's action, the Bethlehem Steel Corporation and some other independents whose plants are outside the Pittsburgh
district have indicated that they will no longer use Pittsburgh basing.
Until the situation is made clearer, various independent companies are
naming delivered prices only, others are still using the Pittsburgh base.
The Steel Corporation's subsidiaries have been working on a new price
structure, and already a schedule for wire products has been put out having
five basing points. For wrought pipe there will be two prices, one for the
Pittsburgh district, including Wheeling, and one for Lorain, Ohio. On
sheets and tin plate, which the Steel Corporation produces at scattered
mills, chiefly in eastern Ohio, western Pennsylvania and West Virginia,
the price scheme is not completed, but it is understood that the corporation
will quote on black sheets at 3.65c. for Chicago delivery, or $3 a net ton
above Pittsburgh.
On plates, structural shapes and bars, as is well known, prices have long
been independent of Pittsburgh basing, Chicago mills quoting but $2 or
$3 a ton above Pittsburgh prices, though the freight from Pittsburgh Is
$6 80. These products, therefore, are little affected.
The new wire prices are the same for Pittsburgh and Cleveland at $2 50
for plain wire and $2 75 per keg for nails, which is Sc. below the recent quotation at Pittsburgh. At Chicago the new delivered prices will be 15c. above
the Cleveland and Pittsburgh basis, while the Waukegan, DeKalb and
Joliet mill prices will be 10c. above Cleveland and Pittsburgh.
The most significant changes in prices so far as they have developed are
that buyers at Chicago will pay but $3 a net ton more than the Pittsburgh
price on sheets and wire products, whereas heretofore they have paid $6 08
a net ton more.
What is already apparent as the new situation is considered is that producers of steel will find it more difficult to know what prices their competitors are naming, while consumers of steel will have equal difficulty in knowing at what prices their competitors are buying.
However,it is appreciated that pig iron producers for years have followed
the practice of quoting prices f.o.b. furnace or delivered at buyer's plant,
so that the abolition of Pittsburgh basing means the putting of the finished
steel trade in the position long occupied by pig iron.
A phase of the new regime which has been commented on is the ability
of the Steel Corporation, with plants in different districts, to adapt itself
to the Trade Commission's order, whereas some independent steel companies, with plants in a single locality, will find their radius of operations
curtailed.
The week has brought little or no change In the rate of steel works operations. Quite generally steel companies report that bookings in the first
three weeks of September have shown some falling off from the like period
In August. Anticipation of the Steel Corporation's action has caused some
hesitancy on the part of buyers, and now there is a more pronounced disposition to buy for immediate needs until the results of the new price system can be known.
Further early announcements of rail contracts for 1925 are looked for.
Of the Reading quota 20,000 tons are likely to go to Bethlehem and 5.000
tons to the Steel Corporation.
Pig iron is fairly active in some centres, particularly in Chicago, but buyers
Incline to delay purchases, and at Pittsburgh foundry and malleable grades
1474
THE CHRONICLE
are down 50c. per ton. The confusion in finished material markets is having its effect on pig iron.
On the Pacific Coast, Belgian and German makers of bars have made sales
at 1.75e. c.i.f., which represents 2.05c., duty paid. This is well below the
domestic price level, but corresponds closely with the 1.950. basis on which
Belgian bars were recently sold at Boston.
This week,as for five weeks past, the "Iron Age" pig iron composite price
stands at 819 46 per ton.
In contrast, the composite price for finished steel has shown three recessions in as many weeks, from 2.510c. per lb. on Sept. 4, to 2.496c., 2.481c.
and 2.474c., successively. The new Pittsburgh wire price, which is $1 a
ton below that recently quoted, is responsible for the decline to 2.474c.
this week.
The usual composite price table is as follows:
Sept. 23 1924. Finished Steel, 2.474e. Per Lb.
Based on prices of steel bars, beams,Sept.
i
16 1924
2.481c.
tank plates, plain wire, open hearth Aug. 26 1924
2.510c.
rails, black pipe and black sheets, con- Sept. 25 1923
2.7750.
stltuting 88% of the U.S.output____ 10-year pre-war average. 1.689c.
Sept. 23 1924, Pig Iron, $19 46 Per Gross Ton.
Based on average of basic and foundry Sept. 16 1924
$19 46
irons, the basic being Valley quota- Aug. 26 1924
19 46
lion, the foundry an average of Chi- Sept. 25 1923
24 38
cage,Philadelphia and Birmingham__ 10-year pre-war average 15 72
niahed steel, 1924 to ate. High,2.7 9c., Jan. 15,low,2.474c.. ept.23,
1923, high, 2.824c., April 24:low, 2.446c.. Jan. 2.
Pig iron, 1924 to date: High,$22 88, Feb. 26:low,$19 29. July 8. 1923.
high. $30 86, March 20: low, $20 77, Nov. 20.
•
[Vol,. 119.
prices of anthracite, many domestic consumers are being converted to
Pocahontas. Cond:tions at Altoona are slightly better, but orders are
scarce owing to the wage scale. Conditions at Johnstown remain unchanged and there is some talk of consolidation. Cincinnati reports a
very considerable increase in demand with some operators sold up to
Oct. 15 and the railroads are sending out messages urging the prompt
unloading of cars and their immediate return. There was not much increase
in demand in the New York market, but it was a better market than
last week's.
Lake movement of bituminous coal has slowed down. According to the
"Coal & Ore Exchange," 761,463 net tons were dumped in the week ended
Sept. 14 as against 768,024 tons in the preceding week with its holiday,
and 933.868 tons in the last week in August. Of this amount, 717,016
tons were cargo and 44,447 tons vessel coal.
The anthracite markets show increased activity. Stove is sold out,
nut is stronger and all domestic sizes are in greater demand. Industrial
sizes have shown little improvement in demand, however. Prices have
remained the same.
Stimulated by the seasonal urge of cooler weather, the
bituminous-coal trade continues to show the steady advance
that set in a few weeks ago, says the weekly review issued
Sept. 25 by the "Coal Age" of New York. Prices are
still climbing, the gains being due almost entirely to the increasing demand for the larger sizes, quotations for slack
General uncertainty and confusion have marked the first showing a marked downward tendency, continues the
few days of readjustment of the steel market to the new "Age" summary, from which are extracted the following
conditions created by the expressed agreement of the Steel details:
The process of readjustment in general industrial conditions is still in
Corporation to abandon the "Pittsburgh plus system" of evidence, and as a result consumers
are buying carefully. Nevertheless,
determining steel prices in accordance with the cease-and- hitherto tardy buyers on contract are reappearing here and there and
signing
up.
With
the
desist order issued by the Federal Trade Commission," workers, resumption acceptance of a 10% cut in wages by 14,000 textile
of operations
full time in a large number of New
observes the "Iron Trade Review" this week. Commenting England plants that have been longonidle
is announced for Oct. 1. Meanon the situation'in the issue of Sept. 25, the Cleveland jour- while other industries report increases in employees, payrolls and earnings
capita.
per
nal says:
"Coal Age" index of
spot prices of bituminous coal continues its upward
Independent mills generally show a desire to conform to the revised course,
advancing two points during the last week to 169 on Sept. 22, the
methods of quoting, but are moving deliberately waiting for the Steel Cor- corresponding
price for which is $2 04. This compares with 167 and $2 02
poration subsidiaries to point the way. New buying has been under
respectively on Sept. 15.
restraint, but has kept up surprisingly well considering the absence of
A further increase in activity was in evidence at Hampton Roads last
definite information as to settled prices.
week, dumpings of coal for all accounts for the seven days ending Sept. 18
In such modification of the price system as has been put into effect, the
totaling 383,710 net tons, compared with 338,432 tons handled during the
controlling principle appears to be that material is to be sold where made,
preceding week.
plus the actual cost.of delivery to the point where it is to be used. The
Although the movement of coal up the lakes has declined markedly
application of this rule by various Steel Corporation units is resulting in from
the peak reached during the last week in August, total shipments
the establishment of a number of different mill bases. including Pittsburgh. being nearly six
million tons lees than at this time a year ago, the carryover
In certain products, and in other lines tho quoting of delivered prices to of four million
tons from last year must be considered in any estimate of
consumers. These delivered prices have figured back to practically the the
adequacy of the available supply. There was practically no carryover
same Pittsburgh equivalent as prevailed recently, when the Pittsburgh from
1922 to 1923. Dumpings during the week ended Sept. 21, according
base was quoted. This suggests that the dominating influence of the to
the "Ore & Coal Exchange," were as follows: For cargo, 770,331 net
Pittsburgh district upon the market became of its large capacity and comtons; for fuel, 45,947 tons, compared with 705,606 and 42,598 tons, repetitive power is not likely to be lessened under the altered conditions spectively
during the previous week.
of quoting.
The anthracite market continues to gain headway, tonnage moving with
The effect of the naming of mill or delivered prices, it is believed, will Increasing
ease. Stove maintains the leadership in demand, but egg and
tend to localize markets and competition. Such a situation would be
nut are moving more rapidly. Steam sizes likewise are gaining in strength.
favorable to the Steel Corporation because of its numerous and wellIndependent quotations for domestic sizes show a growing firmness.
distributed plants. Already there is considerable comment that the Trade
CornnaLssion's order may turn out to be of material benefit, in a competitive
way, to the largest producer.
Production of Bituminous Coal and Anthracite for
So far consumers have not enjoyed any material reduction of prevailing
the Month'of August.
market prices by the elimination of Pittsburgh base. This is especially
true of users in the Chicago and tributary districts,from which the greatest
Preliminary estimates by the U. S. Geological Survey
pressure against "Pittsburgh plus" was exerted. This is due to the fact
place .the output of soft coal in August at 34,767,000 net
that plates, shapes and bars have been on a Chicago base since 1921 and
cold-finished steel more recently. Probably 80% of the steel consumption tons, an increase, when compared with the July records, of
in the Chicago district is not affected. In wire products and in tubular 8%. In spite of the increase, however, the Aug. 1924
goods, however, some important changes have been established by Steel
output was less than any other recorded in recent years for
Corporation mills.
Cleveland has been made a base on wire products equally with Pittsburgh, that month, excepting only 1922, when the union mines
while shipments from three Western mill points are put at a differential were on strike. Compared with the average for August of
$2 per ton higher and from New England $3 higher. For Chicago delivery
$3 over the Pittsburgh-Cleveland base is quoted. At the same time base the 11 years preceding there was a decrease of 18%.
The production of anthracite, on the other hand, declined
prices on wire have been reduced $1. This makes a total saving to Chicago
territory of 34 80 per ton and to Cleveland of $3, with a corresponding sharply in August and totaled 7,086,000 net
tons, as against
change in New England. In tubular products the National Tube Co. is
naming the same basing discounts at Lorain. O., as at Pittsburgh. The 7,782,000 tons in July. This was a decrease of 9%. The
August output of anthracite was also less than that of any
modifications in sheets have not yet been finally determined.
Standard and light rails, reinforcing bars, spikes and some other prod- recent August, except in 1922. Compared
with the average
ucts customarily have been sold on a mill basis and are not affected.
The small change in the general price situation is reflected by "Iron August since 1913, there was a decrease of 2%.
Trade Review" composite of 14 leading iron and steel products which has
The cumulative production of soft coal during the first
receded only from $38 95 to $38 87 in the week. The largest new business 8 months of 1924 stood at 294,616,000 tohs,
and of anthracite
steel
requirements.
still relates to railroad
in
Chicago mills the past week
booked over 90,000 tons of car material. The Burlington and the Santa at 60,787,000 tons, decreases, respectively, of 20 and 11%
Fe are understood to be coming out for 7,500 cars. The New York Central from the record of 1923. The following furnishes comrail inquiry now definitely issued calls for 150,000 tons, with an option on parisons
back to 1913:
30.000 tons additional.
An inquiry for 19,000 tons of reinforcing bars for the Cleveland union Production of Coalin August and During the First8 Months of the Last 12 Years
—Bituminous (Net Tons)—
—AAunguthsrta. cite (Net Tons)—
station has attracted interest. Deliveries are to be spread over 5 years,
Total to
Total to
however. Over 50 new structural steel awards are reported this week
August.
3
ear—
Aug. 31.
Aug. 31.
totaling 21,684 tons, with an equal number of new projects involving 1913
41,590,000
0
7,116,000
60470,000
37.751,000
1914
276.746.111
306,094,11
53.875 tons.
7,288,000
58,235.000
38,161.000
266,913,000
7,161.000
56,235,000
The pig iron market is quieter, lacks buoyancy and some attractive 1915
42,696,000
1916
7
326,591,000
7,190,000
57,695.000
orders are able to induce concessions.
366.619,000
47,372,000
a9,058,000
a66,386,000
55,114.000
1918
391,824,000
a9,258,000
a68,484,000
43,613,000
192
10
9
304,210,000
8,096,000
:9
89
29
4:0
00
00
0
Increase
is
Chief
Slow but Steady
Feature of Bitu49,974,000
359,315,000
8,105,000
6
50
5
86.291,000
1921
266,910.000
7.459,000
61,917.000
minous Coal Market—Anthracite Steady.
26,755,000
1922
238,084,000
164,000
23,274,000
48,864,000
367,260,000
8,868,000
There was a slight but certain improvement in the bitu- 1923-b
68,357,000
34,765,000
294,614,000
1924- b
7,086,000
60,787,000
minous markets of the country during the third week in
a Years of unusually large washery production. b Subject to revision.
September. Prices increased slightly in some districts
and remained firm elsewhere, observes the weekly review of
the "Coal Trade Journal" on Sept. 24. Prices in the Sharp Increases in Coal Production—Coke Output
Decreases Slightly.
Pittsburgh market were slightly higher and the market was
The weekly report on the production of anthracite and
active, declares the "Journal," adding:
Chicago reports the greatest demand wasfor lump on which several dealers bituminous coal and beehive coke issued by the Department
Were oversold. Detroit, Buffalo, St. Louis and Kentucky reports all
of the Interior through the Geological Survey Sept. 20 1924,
.show improvement. From Superior-Duluth comes the report of steadily
Increasing demand with firmer prices. In this district, owing to the high declares that substantial increases have taken place in the
SEPT. 27 1924.]
output of each kind of coal, but that coke production has
slightly decreased.
The week ended Sept. 13 witnessed a sharp increase in
the rate of soft coal production that carried the total output
to 9,531,000 net tons. This was an increase of 20% over the
record of Labor Day week, and of 9% over the last week
of August. Preliminary telegraphic reports from the carriers on the number of cars loaded during the first two
days of the present week indicate a continuation of the
improvement.
The improvement in recent weeks has carried the average daily rate
of output nearly to the 1,600,000-ton mark, a point well above that reached
in the corresponding week of 1921, and not far below that of 1922. Compared with the active years 1923 and 1920, however,there is still a wide gap.
Estimated United States Production of Bituminous Coal (Net Tons) Including
Coal Coked.
1924
1923
Cal. Yr.
Cal. Yr.
Week.
Week.
to Date.
to Date.c
8,719,000 294,614,000
11,737,000 366,349,000
Aug.30
Daily average
1,453,000
1,431,000
1,956,000
1,785,000
Sept.6 a
7.958,000 302,572,000
10,485,000 376,834,000
Daily average
1,513,000
1,433,000
1,997,000
1.790,000
Sept. 13b
9,531.000 312,102,000
11,378,000 388.212,000
Daily average
1,588,000
1,437,000
1,896,000
1.793,000
a Revised since last report. b Subject to revision. c Minus one day's
production to equalize number of working days in the Zwo years.
Production of soft coal during the first 217 days of the calendar year
1924 was 312,102,000 net tons. In the six preceding years it was as follows:
Years of Activity.
Years of Depression.
415,037,000 net tons 1919
1918
326,587,000 net tons
381,995,000 net tons 1921
1920
282,413.000 net tons
388,212,000 net tons 1922
1923
258,733,000 net tons
ANTHRACITE.
In company with soft coal, the production of anthracite recovered
promptly in the Second week of September. The total output is now
estimated at 1,820,000 net tons, an increase over the preceding holiday
week of369,000 tons,or 25%. The week after Labor Day in 1923 and 1920
was marked by labor troubles that seriously interfered with the production
of anthracite, and in 1922, although the general strike of that year had
been called off, production had not yet reached normal. The present
rate of output is almost exactly the same as that in 1921.
Estimated United States Production of Anthracite (Net Tow).
Aug. 30
Sept. 6
Sept. 13
1475
THE CHRONICLE
Week.
Yr.toDate.
1,837,000 60.787,000
1.451,000 62,238,000
1,820,000 64,058,000
Week.
Yr.toDate
1,893,000 68,485,000
3,000 68,488,000
2,000 68,490.000
BEEHIVE COKE.
The production of beehive coke appears to have found a temporary
level in the neighborhood of 110,000 tons a week. The total output in the
week ended Sept. 13 is estimated at 111,000 net tons, against 112,000
tons in the preceding week. At this time last year the rate of output was
such that almost as much was produced in two days as is now produced
in a week. According to the Connellsville "Courier." the output in the
Connellsville region increased slightly to 55,970 tons. The "Courier"
stated further thari 415 ovens were blown in, and that 720 more will be
added to the active list this week.
Estimated Production of Beehive Coke (Net Tons).
Week ended
1923
1924
to
Sept. 13 Sept. 6 Sept. 15
to
1923.
1924.a
1924.b
Date.
Date.c
75,000 259.000 5,521,000 11,136,000
Pennsylvania & Ohio__ 74,000
6,000
5,000
14,000
West Virginia
378,000
812,000
15,000
20.000
Ala., Ky.,Tenn.& Ga_ 14,000
677,000
803.000
8,000
13,000
8,000
286.000
560,000
Virginia
5,000
6,000
5,000
191,000
281,000
Colo. & New Mexico
5,000
4,000
Washington & Utah_ _ _ 4,000
151,000
203.000
United States total-111,000 112,000 317,000 7,204,000 13,795,000
19,000
Daily average
19,000
53.000
62.000
33,000
a Subject to revision. b Revised from last report. c Less one day's
production in New Year's week to equalize the number of days covered
for the two years.
Cumulative production of beehive coke during 1924 to Sept. 13 stood at
7,204,000 net tons. Figures for similar periods in earlier years are as
follows:
15,028,000 net tons 11922
4,468,000 net tons
1920
4,126,000 net tonst1923
1921
13,795,000 net tons
From the viewpoint of production of beehive coke, 1924 now stands
48% behind 1923, 61% ahead of 1922. 75% ahead of 1921, 52% behind
1920, and 23% behind the average of the four years.
10 Per Cent Reductions in American Woolen Co.'s
Worsted Lines of Goods.
In face of a rising raw wool market, reductions averaging
10% were shown at the opening on Monday last (Sept. 22)
of American Woolen Co.'s worsted lines for next spring
in the women's wear trade. The "Wall Street Journal."
commenting on this Sept. 22 said:
The garment manufacturers are reported to be cleaned out of stocks
of goods, so that they are in a position to make commitments on a generous
scale.
Activity in the.'Cotton Spinning Industry for
August 1924.
The Department of Commerce announced on Sept. 22
that, according to preliminary figures compiled by the
Bureau of the Census, 37,822,706 cotton-spinning spindles
were in place in the United States on Aug. 31 1924, of which
28,945,603 were operated at some time during the month,
coraPared with 28,710,359 for July, 29,216,486 for June,
30,493,165 for May, 31,871,665 for April, 32,392,171 for
March and 33,704,830 for August 1923. The aggregate
number of active spindle hours reported for the month was
5,399,549,661. During August the normal time of operation was 26 days, compared with 26 days for July, 25 for
June, 263. for May, 25 2-3 for April, 26 for March and 27
for August 1923. Based on an activity of 8.74 hours per
day, the average number of spindles operated during August
was 23,761,440, or at 62.8% capacity on a single shift basis.
This number compared with an average of 22,697,499 for
July, 24,122,892 for June, 25,506,973 for May, 30,177,468
for April, 31,125,530 for March and 31,965,279 for August
1923. The average number of active spindle hours per
spindle in place for the month was 143. The total number
of cotton-spinning spindles in place, the number of active,
the number of active spindle hours and the average spindle
hours per spindle in place, by States, are shown in the following statement:
Spinning Spindles. Activespindlehoursfor Aug.
State.
In
Place
Aug. 31.
Active
During
August.
Total.
Average per
Spindle
in Place.
United States
37,822,706 28,945,603 5,399,549,681
143
Cotton-growing States
New England States
All other States
17,257,434 15,293,911 3,343,736,588
18,563,624 12,190,248 1,868.731,644
2.001,648 1,481,444 187,081,429
194
101
93
Alabama
Connecticut
Georgia
Maine
Massachusetts
New Hampshire
New Jersey
New York
North Carolina
Pennsylvania
Rhode Island
South Carolina
Tennessee
Virginia
All other states
1,390,774
1,259,196
2,802,948
1,137,704
11,778,364
1,448,406
442,148
1,032,470
5,887,990
195,010
2,795,146
5,267,150
456,788
707,314
1,221,298
181
142
199
102
100
67
98
1,240,034 251,485,429
1,094,322 179,289.075
2,494,576 558,974,658
1,003,952 116,462,697
7,732,476 1,183,300,363
609,808 96,705,800
400,428
43,109,448
728,720
87,773,382
5,113,814 1,072,532,309
112,928
15.967,137
1,648,338 273,963,611
4,751,995 1,156,799,797
423,462
84,250,907
681,390
94,540,622
909,360 184.394,426
ss
182
82
98
220
184
134
151
Cottonseed Production During August.
On Sept. 20 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
ended Aug. 31 1924 and 1923:
COTTONSEED RECEIVED, CRUSHED, AND ON HAND (TONS).
Crushed
On Hand at
Received at Mills.*
Aug. 1 to Aug. 31.1 Aug. 1 to Aug. 31. Mills Aug.31.
State.
Alabama
Georgia
Louisiana
Mississippi
South Carolina
Texas
All other
United States
1924.
1923.
1924. 1923.
1924.
1923.
4,893
14,177
5,201
5,450
1,673
102,240
1,022
146
839
9461
349
, 172
162,238
623
2.963
9,612
1,533
3,136
989
41,724
3,584
3,241
598
8,483 1,836
3,668
719
3,140
847
1,310
978
54,242 71,130 116157
a
1,677 1,888
134,656
185,313
63,541
55,096 92,649 123003
a
a
*Includes seed destroyed at mills, but not 21,534 tons and 12,786 tons on hand
Aug. 1, nor 1,612 tons and 2,686 tons reshipped for 1934 and 1923, respectively.
a Not shown separately.
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT, AND ON
HAND.
Produced
On Hand
On Hand
Shipped OW
American Woolen Co.'s prices at its opening of worsted lines show
Item.
Season
Aug. I. Aug.1-Aug.31 Aug.1 Aug.31 Aug. 31.
reductions of about 10% below last season.
16,288,528
1924-25 *4,057,676
17,922,241
8,348.549
Sales already made at American Woolen's worsted lines' opening appro:d- Crude oil
1923-24
7.588,473
(Pounds)
5,103,348 15,182,320 13,893,626
mate 82,000,000. Company expects to be sold out within a week.
Refined oil
1924-250 105.946,576 *11,144,121
a54,201,292
opened
its
women's
lines
American Woolen Co.
with one of the most
(Pounds)
1923-2 138,112,489 12,066,749
68,690,554
43,531
29,669
49,971
23,229
extensive showings of spring fabrics in the history of the company. Quo- Cake and meal_ _ 1924-2
1923-2
49,766
48,88
(Tons)
26,003
26,881
tations on the woolen fabrics are firm, though it is impossible t3 mace Hulls
1924-2
34,928
26,997
17,671
25,602
comparisons on the latter because most of the numbers are entirely new.
(Tons)
1923-2
15,615
16,747
19,867
12,495
1924-2
52,477
11,657
19,835
44,499
The prices named are so attractive that predictions are freely made in Linters
(500-1b.
bales)
1923-2
27,565
10,029
15,131
22,463
line
very
said
that
the
will
be
sold
up
shortly.
It
is
that
trade
some
the
1924-2
Hull fiber
of the largest operators in the market have already made extensive
(500-1b. bales)_ 1923-2
7,265
572
6,693
commitments.
1901
2,331
Grabla. motes,&c 1924-2
4,630
2,489
150
(500-lb. bales)- _ 1923-2
1,805
256
Owing to the fact that the opening of the line was delayed seven W013 :a,
1,499
trade,
the
season
and
suit
will
of
the
cloak
necessarily
be
at the request
•Includes 1,210,807 and 668,707 lbs. held by refining and manufacturing estab
season
is
expected
to
run
fall
well
into
The
current
one.
Decemb
short
r.
lishments and 302,000 and 3,499.260 lbs. in transit to refiners and consumers Aug. 1
a
1924 and Aug. 31 1924, respectively.
possibly January.
a Includes 3,406,674 and 2,732,340 lbs. held by refiners, brokers, agents and wareThe lowness of prices made on some fabrics came as a surprise in view housemen
at places other than refineries and manufacturing establishments, and
wool.
There
on
raw
have
been
predictions 7,168,811 and 5,442,157 lbs. in transit to manufacturers of lard
of the soaring quotations
substitute, oleoby well-posted observers that prices may have to be raised because the margarine, soap, atc.. Aug. 1 1924 and Aug. 31 1924, respectively.
12,592,313
lbs.
crude
oil.
Produced
from
more
acute
every
day.
is
becoming
situation
wool
raw
1476
THE CHRONICLE
[VoL. 119.
EXPORTS OF COTTONSEED PRODUCTS FOR ONE MONTH ENDING
AUG. 31.
eight months ending with August as compared with the
corresponding period last year. In quantity the shipments
Item.
1924.
1923.
were 591,277,653 lbs. for the eight months of 1924 against
Oil,crude
pounds
598,233
402,363 659,832,912 for the eight months of 1923 and in value
Refined •
pounds
850,653
1,306,065
Cake and meal
tons
4,143
6,794 $79,903,712 against $96,785,987. In addition, the exports
Linters
running bales
6,064
3,825 of animal oils and
fats have been slightly smaller, but there
is an increase in the value of the products exported. For
Amoskeag Mills Rearranging Its Work Schedule
the eight months of 1924 the shipments have been 879,036,291
Following Wage Reductions.
lbs. as compared with 879,473,287 lbs. for the eight months
Following Boston message appeared in "Journal of Com- of the previous year, with the
values $107,160,119 against
merce" Sept. 24:
$104,594,494. Below is the report in full:
•
A rearrangement of its working schedule is being made by the Amoskeag
Mills in consequence of the recent agreement between the mill and the
employees whereby a reduction in wages of 10% was accepted by the
operatives. The new lines of Amoskeag spring goods, it is understood,
will presently be opened in New York at marked reductions in prices.
DOMESTIC EXPORTS OF MEATS AND FATS.
Month of August.
1923.
1924.
Total meats and meatIlbs. 85,433,856 64,073,943
products
f $ 12,044,968 9,373,340
Total animal oils andllbs. 111,949,803 99,793,775
fats
I $ 12,626,573 12,888,767
Eight Months Ended August.
1923.
659.832,912
96,785,987
879,473,287
104,594,494
1924.
591,277,653
79,903,712
879,036,291
107,160,119
Domestic Exports of Canned and Dried Foods
Continue on the Upgrade.
Exports of canned foods are still on the upgrade and give, Beef, fresh
lbs.
358,322
170,847
2,424,236
1,626,432
50,837
$
26,821
376.381
297,182
promise not only of a full recovery from the 1923 slump, Beef, pickled, &c
lbs. 1,550,933 2,264,499
14,712,961
13,795,557
147,927
$
227,252
1,535,105
1,401,496
but of a considerable increase over 1922 when a total of Pork, fresh
lbs. 4,183.316 1,952,186
31,053,824
21,574,035
545,000,000 pounds were shipped abroad, according to the
546,773
$
271,810
4,502,771
2,866,432
Wiltshire aides.
lbs.
1,105,808
14,596,462
Foodstuffs Division of the Department of Commerce.
$
175,637
1,879,432
lbs.
2,340,903
19,807,620
The figures for the first eight months of the current year Cumberland sides..
s
363,727
2,614,822
lbs. 36,190,021 24,771,562 252,638,592 230,491,990
show an increase of about 27% over the corresponding Hams and shoulders
8 5,841,167 4,010,524
40,105,037
33,705,745
period of last year. The most important increase for the Bacon
lbs. 33,003.585 24.148.591 278,789,604 215,383,826
$
4,079,768 3,242.197
36,726,198
25,918,839
month was by canned fruits. June saw a sharp drop from Pickled pork
lbs. 4,310,722 2,863,841
26,865,149
20,037,870
$
452,015
the heavy shipments of the first three months of the year,
339,226
3,150,586
2,300,296
Oleo oil
lbs. 10,974,807 8,639,053
69,434,123
64,148,647
but the July and August exports with nearly a 100% in$ 1,195,919 1,185,677
8,249.653
8,201,485
lbs. 83,758,033 75,936,954 702,544,203 691,549.644
crease over the same months last year give every indication Lard
$ 9,917,678 10,096,708
85,445,899
86.750,555
lbs. 1,324,267 1,799,791
17,394,344
19,534,449
of recovery, it is said. Exports of canned sardines dropped Neutral lard
$
167,032
270,911
2,211,367
2,595,818
Lard
compounds, animalllbs.
622.975
off somewhat and some 9,000,000 pounds of salmon shipped
503,076
5,175,190
4,348,501.
fats
j $
78,267
79,001
690,216
592,145
during July and August once more brought the canned Margarine, animal fats_ _ _lbs. 288,631
74,441
1,449.966
566,144
$
47,672
11,392
239,771
87,779
salmon in the lead as our foremost canned fish export.
Cottonseed oil
lbs. 1,709,315 1,448,888
31,853,395
21,549,648
$
170,284
179,094
3,420,081
The steady upward trend of shipments of dried and evap- Lard compounds. vege-llbs.
2,210.199
461,642
449,836
7,198,217
4,947,423
table fats
orated fruits which was broken only by a comparatively
65.345
I $
75.904
984.730
683.799
small drop in July, has continued on into August. Total • Included in "hams and shoulders" prior to Jan. 1 1924. •• Included in "bacon'
prior to Jan. 1 1924.
exports for the first eight months of this year show the
rather remarkable increase of 177% over the corresponding
Pyroxylin Coated Textiles.
period of 1923. They have already exceeded the total
The Department of Commerce on Sept. 5 issued the foltwelve months' shipinents in 1923 by almost 18,000,000
pounds. All dried fruit items show heavy increases, but lowing statistics for pyroxylin coated textiles for July 1924.
none so heavy as that of the dried prune, occasioned prin- Reports were received from 11 establishments in July and
cipally by the re-entry of Germany into the market and also from 12 establishments in June, May, April and March.
by the increased buying of other European countries. A
Item.
July
June
May
April
March
most gratifying increase is shown also in the exports of dried
Light Goodsapricots during the past eight months. Full details regard- Shipments billed-Linear yards. 479,972 613,506 529,959 733,359 725,727
Value
$152,382 $204,966 8156,226 $246,201 $249,483
ing all items are furnished by the Department of Com- Unfilled orders 40-Linear
yards 278,314 317,046 397,225 448,574 579,852
Heavy Goodsmerce as follows:
DOMESTIC EXPORTS OF CANNED AND DRIED FOODS.
Month of August.
1923.
1924.
8 Months Ended August.
1923.
1924.
Total canned meats
lbs..
950,113
899,290 10,857,446 11,373,537
Value
$296,319 $242,721 $3,624,734 $3,162,873
Total dairy products
Ms_ 12,031,148 17,109,790 123,218,714 145.913,139
Value
$1,727,636 52,121,034 $16,547,366 $17,892,623
Total canned vegetables
lbs_ 4,007.877 5.616,305 *27,763.114 33,049,763
Value
$508,104 $665,700 $3,183,404 $3,771,380
Total dried & evaporated frults_lbs_ 18,256,023 22,491,648 75,157,926 208,397,633
Value
$1,827,048 $1,540,077 $8,025,060 $15,476,156
Total canned fruits
lbs_ 8,620.064 17,481,091 71,414,409 102,450,757
Value
$946,137 51,757,035 $7,453,490 89,858,006
Beef,canned
lbs_
91,609
165,845
Value
$33,637
$22,644
Sausage.canned
lbs_
202,189
240,521
Value
$49,366
$59,786
Milk, condensed, sweetened_ _ _lbs. 4,612,437 5,392,308
Value
$712,264 $787,917
Milk,evaporated,unsweetened _lbs_ 6,648,354 10.516.143
Value
$726,151 $966,153
Salmon, canned
lbs_ 2,516,787 5.278,633
Value
$402,225 $729,105
Sardines, canned
lbs_ 2,166,486 1,871,605
Value
S181,030 S168,640
Raisins
lbs_ 10,872,033 9,792,288
Value
$1,046,296 $742,147
lbs
246.492
Apples, dried
35,786
Value
$5,426
$20,518
Apricots, dried
lbs 3,825,621 2,092,617
$483,173 $276,672
Value
351.938
Peaches, dried
lbs
296,191
$28,703
$23,642
Value
Prunes, dried
lbs_ 2.047,545 10,003,976
$159,627 $473,081
Value
Apricots, canned
lbs_ 1,599.322 6,074,502
$128,039 $512,145
Value
lbs_ 1,459,217 3,919,069
Peaches,canned
$121.672 $371,938
Value
Pears, canned
Ms_ 1,451,449 2,309,913
$165,134 8270,520
Value
Pismpples, canned
Ms_ 3,003,122 2,415,933
vsme
8369.283 8263.766
1,317,741 1,093,653
$380,225
$239,684
1,945,403 2,416,907
$662,402
$498,356
35,162,639 46,111,905
$5,152,745 $6,683,904
75,167,553 91,246,056
$7,407,002 $8,345,219
31,827,219 35,298,499
$5,033,101 $4,782,959
22,547,603 31,993,466
$1,932,433 $2,684,330
37,371,621 43,971,986
$3,856,488 $3,496,943
2,738,649 15,956,186
$258,524 $2,017,437
6,922,570 23,381,364
$1,003,850 $2,775,666
1,862,384 10,200.336
$765,485
$200,186
20,952,187 109,120,918
$2,132,428 $5,871,652
16,531,178 23,576.647
$1,400,205 $1,824,544
18,928,090 31,293,534
$1,732,937 $2,750,262
17,395,234 15,648,438
52,060,466 $1,683,738
7,931,146 15,069,407
8004.915 S1.318.927
Domestic Exports of Meats and Fats.
On Sept. 22 the Department of Commerce at Washington
gave out its report for the month of August and the eight
months ending with August of the domestic exports of
meats and fats. This report shows that there was a decrease
in the total of meats and meat products exported during the
Shipments billed-Linear yards_ 745,274 654,036 993.919 1,006,266 1,613,527
Value
$685,431 5.596,904 $908,461 $875,722 $1382028
Unfilled orders 40-Linear yards 849,835 771,802 871.848 1,294,800 1,414,698
Production (in lbs.) of pyroxylin
spread (8)
1,601,810 1.470.547 2.103,865 2,223,558 3,310,039
Monthly capacity (In yds.) (c)- 2,451,000 2,751,0002.770,000 2,751,000 2,833,000
a Orders on hand at the close of the current month (reported in yards only)'
exclusive of contracts with shipping dates unspecified.
it Based on 1 lb. of gun cotton to 7 lbs. of solvent, making an 8-1b. Jelly.
c Based on maximum quantity of 1.27 to 1.30 sateen coated to finish weight per
linear yard to 17 ounces in an 8-hour working day, 26 days to a month.
This report includes product manufactured by spreading nitrocellulose or pyroxylin
preparations, either by themselves or In combinations with other ,materlais, upon
gray goods, such as Meetings, drills, ducks, sateens, moleskins, &c.
This report includes product manufactured by spreading
nitrocellulose or pyroxylin preparations, either by themselves or in combination with other materials upon gray
goods, such as sheetings, drills, ducks, sateens, moleskins,
etc.
Chicago Retail Lumber Dealers' Association Charged
by Federal Trade Commission with Unfair
Methods of Competition.
The Chicago Retail Lumber Dealers' Association, its officers and members are named as respondents in a complaint
issued by the Federal Trade Commission charging unfair
methods of competition. The members of the respondent
association include most of the large lumber dealers of Chicago, and according to the citation such members sell approximately three-fourths of all the lumber sold within the
territory in which they operate. The complaint states that
the respondents entered into a combination and conspiracy
to restrict competition with the effect of increasing the prices
at which lumber and other building material should be sold.
In order to carry out its purpose, the complaint alleges, the
respondents operating through the Chicago Retail Lumber Dealers' Association, adopted a plan which the complaint
terms an "allotment pool." The object of such "pool,"
the citation continues, was to prorate and divide in advance
the aggregate annual business of the respondent members on
the basis of certain fixed and agreed percentages.
SEPT. 27 1924.]
THE CHRONICLE
1477
Building Material Co.; A. T. Stewart Lumber Co.; GeorgeThe complaint gives in detail the various methods alleged Mears-Slayton
Green Lumber Co.; Street, Chatfield Lumber Co.; North Side Lumber &
to have been used by respondents in furthering their object of Timber Co.; Andrews Lumber & Mill Co.; John Bader Lumber Co.; North
Co.;
restricting and destroying competition in the sale of lumber Western Lumber Co.; Manhattan Lumber Co.; Bay State LumberCook
M. Zeis Lumber Co.; 59th Street Lumber Co.; Bader, Peterson,
between respondent members and non-member competitors. 0.
Co.; Kemler Lumber Co.; Evanston Lumber Co.; Pulaski Lumber Co.;
The complaint further states that in carrying out its "allot- Lord Lumber Co.; J. 0. Deacon Co.; Barnes & Borden Lumber Co.; Herdeand
have
removed
mosa Lumber Co.; W. L. Cadle Jr. Lumber Co.; Lakeside Lumber & Mfg.
ment pool" plan that respondents
Lumber Co.; Berwyn Lumber & Coal Co.; H. & A. Rietz
stroyed the right of the purchasing public to deal in a freely Co.; Builders Hubbard
Woods Lumber & Coal Co.
competitive market, and to secure lumber and building ma- Lumber Co.;
Under the law whenever the Commission has reason to
terial based upon such a competitive market. Following is a
list of the officers and members of the association, all of believe that an unfair method of competition has been used
whom are named in the complaint as respondents:
against the public interest, it must issue its complaint.
L.L. Barth, Wilson Martin, James Miksak, George W.Keehn,President,
However, the question whether or not such method has been
ReChicago
the
of
respectively,
Secretary,
and
Treasurer
Vice-President,
until
tail Lumber Dealers' Association; its members: Edward Hines Lumber Co.; used is not passed upon by the Commission finally
Rittenhouse & Embree Co.; Lord & Bushnell Co.; Thornton-Claney Lum- after respondents have had thirty days in which to answer
ber Co.; John E. Burns Lumber Co.; Adam Schillo Lumber Co.; Heitroann
issue has been tried out.
Lumber Co.; Howes Lumber Co.; Barr & Collins; S. J. DeVries & Co.: and the
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Sept. 24, made public by the Federal
Reserve Board,and which deals with the results for the twelve
Federal Reserve banks combined, shows an increase of
$1,900,000 in holdings of discounted bills, together with
decreases of $7,300,000 in holdings of acceptances purchased
in open market, of $44,100,000 in Government securities,
and of $5,000,000 in all other earning assets. As a result
of these changes, total earning assets were $54,500,000
below the level reported a week ago. Federal Reserve note
circulation declined by $4,800,000, cash reserves by $9,400,000, and total deposits by $101,300,000.
Increases of $2,200,000 each in holdings of discounted
bills are reported by the Boston and San Francisco banks
and of $1,800,000 by New York. The Federal Reserve
Bank of Dallas shows a decrease of $2,800,000 in its holdings
of discourted bills, while the remaining banks report relatively small changes in this item. Holdings of paper secured
by United States Government obligations increased by
$5,900,000 to $89,500,000. Of the latter amount, $77,600,000 was secured by Liberty and other United States bonds,
$10,100,000 by Treasury notes, and $1,800,000 by certificates of indebtednebs. After noting these facts, the Federal
Reserve Board proceeds as follows:
17 of 747 reporting member banks in leading cities. It
should be noted that the figures for these member banks are
always a week behind those for the Reserve banks themselves.
Loans secured by United States Government obligations
advanced by about $6,000,000, loans on stocks and bonds
by $37,000,000, and "ail other," largely commercial, loans,
by $55,000,000. Holdings of United States bonds and
Treasury notes declined by $3,000,000 and $66,000,000,
respectively, while holdings of certificates of indebtedness
and other bonds, stocks and securities increased by $195,000,000 and $28,000,000, respectively.
Total loans and discounts of the New York City reporting
members increased by $77,000,000. Loans on Government
securities increased by $7,000,000, loans on corporate securities by $41,000,000, and "all other" loans by $29,000,000.
Holdings of United States securities increased by $24,000,000
and those of other securities by $2,000,000. Further comment regarding the changes shown by these member banks is
as follows:
Of the total gain of $190,000,000 in net demand deposits, $175.000,000
was reported by banks In the New York district. and $10.000.000 each by
banks In the Boston and Kansas City districts, while banks In the Cleveland
district report a loss of 513.000,000. Time deposits show an increase of
$46,000,000. of which $38,000,000 was reported by New York City banks.
An increase of $158.000,000 is shown In Government depasits.
Reserve balances of all reporting banks.were 5125.000.000 higher than
fell off by $15.000,000.
Holdings of acceptances purchased In open market by the Federal Reserve on the preceding report date, while cash In vault
against a reduction of
banks of Now York and Chicago were $6,000.000 and $1,300,000, respec- An increase of $127,000.000 in reserve balances as
City banks.
York
New
the
by
reported
tively,smaller than a week ago. Holdings of United States bonds increased $3.000.000 in cash is
Borrowings of all reporting institutions from the Federal Reserve banks
by $1,100,000, while those of Treasury notes decreased by $100,000, and
of certificates of indebtedness by $45.100,000, the reduction in the latter rose from $74,000,000 to $77.000,000.
On a subsequent page—that is, on page 1492—we give the
Item representing for the most part special certificates Issued by the Government to the New York and Boston Reserve banks on the preceding report figures in full contained in this latest weekly return of the
date to provide funds pending collection of the Sept. 15 installment ofincome
member banks of the Reserve System. In the following is
taxes.
An increase of $4,000,000 In Federal Reserve note circulation is shown for furnished a summary of the changes in the principal items
the Federal Reserve Bank of Cleveland, while the Philadelphia Bank shows as compared with a week 'ago and with last year:
a decrease of $3,400,000 and Chicago a decrease of $2,800.000. Gold
Increase (+) or Decrease (—)
reserves declined by $12.300,000 during the week, reserves other than gold
During
Increased by $2,900,000, and non-reserve cash declined by $1,400,000.
Year.
Week.
The statement in full, in comparison with the preceding Loans and discounts, total
+598,000,000 +5685.000.000
—46,000.000
Secured by U.S. Government obligations.. +6.000.000
week and with the corresponding date last year, will be found
+658.000,000
+37,000,000
Secured by stocks and boiads
on subsequent pages, namely, pages 1491 and 1492. A
+73.000.000
+55.000.000
All other
+731,000,000
summary of the changes in the principal assets and liabilities Investments, total
+154,000.000
—3.000.000 +332.000,000
U. B. bonds
of the Reserve banks during the week and the year ending
—66,000,000 —271.000,000
U. S. Treasury notes
Sept. 24 1924 follows:
+195,000,000 +152,000,000
U. S. certificates of indebtedness
Increase +)or Decrease (—)
+28,000,000 +518,000,000
Other bonds, stocks and securities
During
+411.000,000
+125.000.000
banks.
Reserve balances with Federal Res've
Week. •
Year.
—8.000.000
—15.000.000
—$9,400,000 536,700.000 Cash in vault
Total reserves
+190.000.000 +1.769.000,000
—12.300,000 —47.400.000 Net demand deposits
Gold reserves
+46,000,000 +610.000,000
—54,500,000
Total earning assets
198,000,000 Time deposits
—3,000,000
+158.000,000
Bills discounted, total
+1.900.000 —602,100.000 Government deposits
+3.000.000 —414,000,000
banks
Res've
Fed'l
Secured by U. S. Government obligations +5,900.000 —312,600.000 Total accommodation at
Other bills discounted
—4,000.000 289,500.000
—7,300,000 —80.200,000
Bills bought in open market
Canada's Refunding Program Completed at Home.
total
—44.100.000
U. S. Government securities,
+482.700,000
+1,100,000 +15.600,000
Bonds
The Canadian Government has completed its 1924 re—100,000 +331.500.000
Treasury notes
—45.100.000 +135.600.000 funding program by placing bonds in the amount of $85,000,Certificates of Indebtedness
—4.800,000 —518.000.000 000 with a local banking syndicate composed of A. E. Ames
Federal Reserve notes in circulation
—101,300,000 +265.800.000
Total deposits
& Co., the Bank of Montreal, Wood, Gundy dr Co., The
—140,900,000 +268,500.000
Members' reserve deposits
+40,600.000
Government deposits
—9.300.000 Royal Bank of Canada, the National City Co., Ltd., the
—1.000,000
Other deposits
+6.600,000 Canadian Bank of Commerce and the Dominion Securities
The Week with the Member Banks of the Federal
Reserve System.
Increases of $252,000,000 in loans and investments, of
$190,000,000 in net demand deposits and of $158,000,000 in
Government deposits are shown in the Federal It( serve
Board's weekly consolidated statement of condition on Sept.
Corporation, Ltd. The $85,000,000 issue consists of
$35,000,000 4% two-year bonds, payable in New York, and
$50,000,000 4%% 20-year bonds payable in Canada, which
portion was later offered to the investing public at 97 and
accrued interest, yielding 4.73%. The issue is known as
the "Refunding Loan of 1924." The bankers' agreed to
accept in payment for these bonds Victory Bonds maturing
1478
THE CHRONICLE
Nov. 1 1924 (after detaching coupons due Nov. 1). Bonds
offered are in denominations of $100, $500 and $1,000,
registerable as to principal only, but bonds in denominations
of $500 and multiples thereof may be fully registered. They
are dated Oct. 15 1924 and will mature Oct. 15 1944. Principal payable at the office of the Assistant Receiver-General
at Halifax, St. John, Charlottetown, Montreal, Toronto,
Winnipeg, Regina, Calgary or Victoria. Semi-annual interest (A. & 0. 15) payable at any branch in Canada of any
chartered bank.
Initial steps in the refunding program were taken last
week when the Dominion sold $90,000,000 One-Year Notes
to a United States banking syndicate (see page 1345 in last
week's issue). As was the case with the $90,000,000 offered
last week in this .country, which were quickly taken up,
subscription books being closed soon after they were opened,
the $50,000,000 met with the same eager demand and an
oversubscription was reported. The sale of the $35,000,000
was a purely banking transaction, it is stated.
Quoting the Acting Minister of Finance with regard to
the financing done at home the Toronto "Globe" of Sept. 20
said:
It was announced to-night by Ron. James A. Robb, Acting Minister of
Finance, that $85,000,000 of the Dominion Government bonds have been
sold to a strong Canadian syndicate, the proceeds to be used in redeeming
the Victory Loan maturing on Nov. 1 next. It is also announced that this
transaction will complete the 1924 refunding program.
[VOL. 119.
evidence, the original or certified copy of such document should be attached
thereto.
of $2,500,000 Dominican Republic Gold Notes.
At 100 and accrued interest, to yield 53%, Lee, Higginson & Co., Dillon, Read & Co., Brown Brothers & Co. and
Alex. Brown & Sons offered yesterday (Sept. 26) an issue of
$2,500,000 Dominican Republic two year 532% collateral
trust gold notes. It is announced that the issue of these
notes has received the approval of the United States Government required by the American-Dominican Convention of
1907. The notes will be dated Sept. 1 1924 and will become
due Sept. 1 1926. They will be payable principal and interest in Boston, New York and Chicago in United States gold
coin of present standard at offices of Lee, Higginson & Co.,
fiscal agents for the service of the loan, exempt from Dominican taxes present or future. Interest will be payable
March 1 and Sept. 1. They will be in coupon form in
$1,000 and $500 denominations, and will be callable on any
interest date at 1003%. They are secured by deposit of
$3,300,000 Dominican Republic 20-year Customs Administration 534% sinking fund gold bonds issue of 1922. The
following information with regard thereto has been furnished
to the offering houses by officials of the Dominican Republic:
Offering
The 53,300,000 20-year Customs Administration 554% sinking fund
gold bonds due 1942 deposited as security for these notes constitute,
together with $6,700,000 other bonds of the same issue, a specific
charge on
customs
the
revenues
which
the
Dominican
Republic
agrees
shall
be colBig Saving in Interest.
lected during the life of the bonds by an official appointed by the
President
A satisfactory feature of the Canadian issue, as of that issued in New
of the United States. They will become a first charge upon customs reveYork two days ago, is that there will be a considerable saving in interest
nues (subject only to the expenses of their collection) after the retirement,
charges to the Government. The $107,000,000 loan due on Nov. 1 next
not later than 1929, of the loans of 1908 and 1918. The Dominican Rebears interest at 554%, while by the two conversion issues now being
public has engaged that no additional bonds secured by customs revenues
made a saving of 1% in one case and 154% in interest charges in the other
will be issued during the life of these bonds unless annual average customs
will be effected.
revenues for the five years immediately preceding amount to at least
Still another notable fact is that the Acting Minister of Finance was not
154
compelled to ask for anything near the full amount of the loan due in times total charges on all obligations secured by customs revenues including
charges of any new loan and that the present customs tariff will not be
November, as the finances of the Dominion are in a healthy condition, and
at the present time there is over $20,000,000 cash available to meet the changed during the life of these bonds without previous agreement between
the Dominican Government and the Government of the United States.
balance of the loan.
The Dominican Republic states that its intention is to
Treasury in Good Shape.
Last year there was a surplus on paper of $35,000,000, and if an equal use the proceeds of these notes in connection with its public
amount,or even a little less, is the result of the present fiscal year's national highways and public works.
The following is also taken
business. the Treasury will be in a splendid position to reap the full benefit
from the offering circular:
of the year's successful financing.
A further announcement regarding this domestic issue may be expected
Revenues.
next week, when Mr. Robb returns to the Capital on Wednesday.
Customs revenue from Aug. 1 1907 to Dec. 31 1923 averaged
per year
$3,856,757
And for six years ending Dec. 31 1923 averaged
4,082,776
Americans Acquire Austrian Bank Shares.
Annual interest and sinking fund requirements on entire funded
The following is from the "Wall Street Journal" of last
debt on completion of present financing amount to
2,004465
,
Since 1907 annual customs revenues have been ample for the service of
night, Sept. 26:
both interest and sinking funds on funded debt. For the first seven months
Acquisition by F. J. Lisman & Co. and Morgan, Livermore & Co., of of 1924 customs revenues amounted
to $2,419,981, a rate slightly higher
100,000 shares of the Lower Austrian Discount Co. of Vienna, establishes than the six-year .average.
intimate contact for financing which in the past has been dominated by
Debt Reduction.
London. .
The Dominican Republic is constantly reducing its debt, the funded
Lower Austrian Discount Co. of Vienna, founded in 1853, has assets of
debt after the issue of these notes consisting of:
2.425,230,107,400 kronen. It controls 64 important industries and banks,
5% Loan of 1908
$20,000,000
among which are the Skoda works of Pilsen and the Alpine Montane Co.,
Less redeemed to Aug. 1 1924
a15,020,700
with over 30,000 employees.
554.979,300
One of the war's paradoxes was the growing strength of important banks 5%
Loan of 1918
$4,161,300
of Austria as their liabilities were nearly wiped out through the fall of the
Less redeemed to Aug. 0 1924
a3,233,300
kronen, whereas their assets represented by physical property and outside
1,928,000
investments greatly increased.
554% Loan of 1922
6,700,000
Several months ago Austria tested the American money market with a
55i% Collateral trust gold notes (this issue)
2,500,000
private loan for several millions of dollars in behalf of the Newag Corpora554% Notes
300,000
tion, a super-power company. This loan was oversubscribed within 24
hours and is now at a premium.
Total funded debt
$15,407,300
a In addition on Aug. 1 1924 there was $81,648 on deposit in the sinking
Japanese Law Regarding Unregistered Bonds Lost in
fund for the loan of 1908 and $39,200 in the sinking fund for the loan of 1918.
Earthquake.
b The fixed sinking funds will retire these issues not later than 1929.
A translated copy of an announcement made recently in
The total funded debt amounts to about 81.7 20 per capita.
order to draw the attention of owners or holders residing in
It is expected that interim receipts will be ready for dea foreign country, of those unregistered national bonds, livery on or about Oct. 1 1924.
either lost or destroyed by the Japanese earthquake of
Sept. 1923,has been furnished us asfollows by Tadao Wikawa Sale by Farm Loan Board of $10,000,000 Bonds of
Acting Financial Commissioner to the United States:
Federal Intermediate Banks.
The law relating to unregistered National Loan bonds either lost or
announced
was
It
on Sept. 22 that the Federal Interdestroyed by the earthquake (the Law No. 14, July 22, the 13th year of
Taisho-1924, promulgated in the supplement to the "Official Gazette" mediate Credit Banks, through their fiscal agent in Washingof the even date) was enforced by the Imperial Ordinance No. 210 of ton, Charles E. Lobdell, had sold and
delivered to a group of
Sept. 12 1924 (promulgated in the "Official Gazette" of Sept. 13 1924)
commercial banks $10,000,000 of six-months' debenture
from Sept. 15 1924.
According to the provisions contained in Sub-division 2 of Section 2 of bonds. R. A. Cooper, Commissioner of the Farm Loan
said law, there is allowed to an owner or holder of such lost or destroyed Board, in making this announcement at
Washington, said:
bonds, residing in a foreign country when the law became effective, a
period of six months within which to file his petition for the official determination of the claim. As a result of the promulgation of said Imperial
Ordinance, the period begins on Sept. 15 1924. All persons, therefore,
desirous of such official determination of their claims shall file petitions
containing the following information, with the "Board of Investigation of
the Lost or Destroyed National Bonds," created for that purpose in the
Department of Justice. (For full particulars see the law and the Imperial
Ordinance.)
1. Names of the National bonds and the total amounts.
2. Serial numbers, denominations and the number of bonds. In case
such are unascertainable, furnish the reasons therefor.
3. The rights or titles held by the petitioners at the time of loss or destruction of such bonds.
4. Detailed circumstances in connection with such loss or destruction.
In addition to the above,the petitions shall contain all supporting material
evidence obtainable, and if there should be available any documentary
"This is the first bond issue for the 1924 marketing season and the funds
derived will be used entirely by the farmers' co-operative marketing associations, which from New England to California and from the Great Lakes
to the Gulf Coast are funding the Intermediate Credit banks very helpful
not only as a direct connection, but in facilitating the establishing of
satisfactory relations with the commercial banks for their short-term
maturities.
The New York "Journal of Commerce" printed the
following advices from Washington in the matter:
According to Farm Loan officials the relations between the credit banks
and the commercial institutions have now reached the point where there
is no competition between the Government and the private banks and
ample credit facilities are being supplied to the co-operative organizations.
At present, it is stated, the Intermediate Credit banks are furnishing
about 60% of the credit required by the co-operatives and the commercial
banks are supplying the other 40%.
SEPT. 271924.]
THE CHRONICLE
1479
receiver for the Middle States Oil Corporation. In the receivership proceedings the stockholders of the company questioned the legality of the
notes which Middle States issued to take over the stock bought for Haskell'saccount.
Members of the firm of Secor, Reynolds & Co. denied yesterday that
they had any commitment in the stock of the Southern States 011 Co. at
the time of the Exchange investigation. The charge of the Exchange, it
was said, was based upon an account in Southern States stock for exGovernor Haskell, former head of the Middle States Oil Co. The firm was
said yesterday to have admitted that it carried such an account but that it
was handled by an employee, as were other other orders in the stock of
Middle States Oil Co. It was also asserted that the same name appeared
on both sides of the same transactions, but it was contended that subsequently names were given for "buy" transactions which proved that the
transactions were not fictitious. The firm, it was said, produced exGovernor Haskell before the Governing Committee of the Exchange as a
witness and he exhibited canceled checks to prove that the transactions to
Credit Problem Not Pressing.
which the Exchange authorities objected were of a legitimate nature. The
Continuance of the present easy money market for menthe at least is employee of Secor, Reynolds & Co. handling the accounts, it was said, was
looked for here and officials believe that there is no pressing problem of a former member of the Consolidated Stock Exchange.
farmers' credit in sight. While the new debenture bonds of the credit
banks bear interest at 434%, which may be considered out of line with
general market rates, it is understood that they were disposed of at a
Developments in Day & Heaton Failure.
substantial discount because of their rate.
The banks purchasing the bonds were:
A committee on behalf of the creditors of the stock brokerBoston—Old Colony Trust Co.
age firm of Day & Heaton, which was forced into bankruptcy
New York City—Chase National Bank, National Bank of Commerce.
Bankers Trust CO.. Guaranty Trust Co., Bank of the Manhattan Co.. on Sept. 18 through the defalcations and disappearance of
New York Trust Co., Hanover National Bank, Chemical National Bank, George R. Christian, one of its partners, was formed this
Brown Bros.
week. It consists of Chraies P. Howland, Daniel Royse
Philadelphia—Philadelphia National Bank.
and John M.P. Thatcher of New York, Richard W.Seahury
Baltimore—Merchants National Bank, Alexander Brown & Sons.
Richmond—First National Bank.
of Boonton, N. J., and Perle Hunt, President of the First
Erie, Pa.—First National Bank.
National Bank of Massillon, Ohio. The law firm of O'Brien,
Chicago—First Trust & Savings Bank. Continental & Commercial
Boardman, Parker & Fox, 120 Broadway, will act as counsel
Trust & Savings Bank.
Milwaukee—Marshall Ilsley Bank, First Wisconsin National Bank.
for this committee. A statement issued on Sept. 23 said in
Madison—Central Wisconsin Trust Co.
St. Louis—First National Bank, National Bank of Commerce, Mer- part:
It is understood that the members of the committee are all either substan•
chants' Laclede National Bank.
tial creditors or representatives of substantial creditors of Day & Heaton
Kansas City—Commerce Trust Co.
and that steps will be taken immediately by the committee for the protection
Wichita—First National Bank.
of all the creditors. The committee is co-operating with the receiver,
Seattle—National Bank of Commerce.
Alfred C. Coxe Jr., and his counsel, Judge Julius M. Mayer, and it is hoped
Portland—First National Bank.
that within a short time, owing to the progress being made by Leslie Banks
& Co.. accountants, for the receiver, sufficient information will be at hand
enable the committee to issue a preliminary communication direct to all
G. F. Secor of Secor, Reynolds & Co. Expelled from to
the creditors for their information.
This arrangement has been made possible, it is explained, by the fact
that the Intermediate Credit banks are taking 60% of the credit requirements of the co-operatives on a long-term basis of paper of six months
or more maturity. For the 30, 60 and 90-day paper, however, the cooperatives are compelled to go to the commercial banks who, it is said.
are desirous of handling only the shorter term paper.
The result of this division of credit supply, it is claimed, not only safeguards the business field of the commercial banks, but acutally enforces
orderly marketing of commodities by the co-operatives, who have to
meet a certain percentage of their paper in the hands of these institutions
from month to month, or every two or thre months, as the case may be.
The steady sale of commodities to meet their notes, it is believed, assures
a steady flow of farm products to the markets and should produce more
or less stable prices, while at the same time the credit extended by the
Government on a longer term basis should obviate any need of the farmers
unloading in bulk because of immediate needs for funds.
New York Stock Exchange.
On Thursday of this week announcement was made by
E. H. H. Simmons, President of the New York Stock Exchange of the expulsion from the Exchange of George F.
Secor, senior member of the brokerage firm of Secor, Reynolds & Co., 74 Broadway, this city. The expulsion was
based upon violation of sections of the Exchange which
prohibit fictitious transactions, or "wash sales" of securities.
Mr. Simmons announcement from the rostrum was as follows:
A formal complaint of grand larceny against George R.
Christian for the alleged theft of "at least $700,000" from the
firm was filed at the office of the District Attorney on Thursday of this week. The complaint was presented by Sherman
Day of counsel for the firm, and a brother of Harry V. Day,
one of the partners, at a conference with George N.Brothers,
Acting District Attorney. Mr. Day, who.was accompanied
to the Criminal Courts Building by Detective Sergeant August Mayer, told Mr.Brothers, it is said, that he came from
a meeting with Alfred C. Coxe Jr., the firm's receiver, and
Charges and specifications having been preferred under Section VI of Mr. Coxe's counsel, former Judge Julius M. Mayer. Mr.
Article 17 and also under Section VII of Article 23 of the constitution against
was prepared to pledge the
George F. Secor, a member of the Exchange, said charges and specifications Day declared, it is said, that he
were corsilered by the Governor Committee at a meeting held Sept. 24 co-operation of all concerned in furnishing information to the
1924, said George F. Secor being present, and the Governing Committee, District Attorney that would bring the firm's fugitive parthaving determined that said George F. Secor was guilty of said charges and
ner to book. It now appears that only one letter with respecifications, said George F. Secor was expelled.
Following the announcement of his expulsion, Mr. Secor gard to his operations and not two (as reported in last week's
"Chronicle," pages 1354-1355) was received from Christian
issued this statement:
Secor, Reynolds & Co. emphatically denied and still deny the charges after his disappearance and this communication was sent to
made against us. We are innocent parties. Our financial stability is unone of the partners and not to the firm. In regard to this
questioned, but in view of the decision of the board of governors we shall
ask all customers to take up their accounts or transfer them to such houses letter the New York "Times" of yesterday (Sept. 26), in
as they designate.
reporting Mr. Day's interview with Mr. Brothers, said:
The Stock Clearing Corporation, an adjunct of the Stock
Mr.Day threw new light on the much discussed letter in Christian's handas Sept. 7 informed James H. Waterbury. like ChrisExchange, announced that it had ceased to act for the ex- writing, which as early that
Christian was short easily 9200,009. The leta junior partner,
pelled firm. E. V. D. Cox, the Secretary of the Stock tian
ter, Mr. Day revealed, was not signed. Mr. Waterbury's final confiding
to the other members of the firm
communication
Exchange, was reported as saying that balance orders and of the contents of this
prelude to the crash. Mr. Waterbury has
non-cleared contracts in effect up to the time of the expulsion almost ten days later was the
explained that he withheld the letter out of consideration for some of the
would be settled before the end of the day (Thursday) by older members of the house, whose fifty years of upright business activity
the letter virtually doomed, and in the belief that at first he could singleSchafer Bros. of 120 Broadway.
stave off disaster.
The New York "Times" of yesterday, with regard to the handedunsigned
Christian letter, it came out, was methodically arranged
The
charges against Mr. Secor, said in part:
In three parts. Its disclosures were detailed and specific. It was mailed at
Representatives of the Stock Exchange further explained that the charge
against Secor was that he, through his firm, participated in and allowed
the facilities of his office to be used for improper transactions in the stock
of the Southern States 011 Co. This is the second Stock Exchange firm to
get Into difficulties as a result of the pool operations in the stock of the
Southern States Oil Co., carried on by ex-Governor C. N. Haskell, former
head of the Middle States Oil Corporation. The collapse of this pool last
December was responsible for the recent failure of the Stock Exchange firm
of J. M. Byrne & Co., 6() Broadway. The collapse of that pool is also
understood to have been indirectly responsible for the placing of the Middle
States Oil Corporation in the hands of a receiver a short time ago.
Haskell and his associates bid up the stock of the Southern States Oil
Co. from a few dollars to about 933 a share on the New York Curb market
last December. The day after Christmas, however, the Curb market
announced suspension in trading in this stock and the shares immediately
fell to below 95 a share on the outside market.
The Stock Exchange and Curb firms carrying this stock for Haskell and
his associates were unable to liquidate their holdings for the account of
Haskell, and the latter did not obtain the necessary cash to liquidate his
debit balances with the firms. A special committee of Stock Exchange
firms was organized for the purpose of bringing about a settlement. This
resulted in the Middle States Oil Corporation issuing $5,413,00 of its own
notes to take over stock bought for Haskell. Haskell, in addition, is understood to have given about 92,000,000 of his personal notes to bring about the
settlement. The Middle States Oil Corporation defaulted on both the
principal and interest on these notes due on Aug. 1. This default was
followed by the failure of J. M. Byrne & Co. and the appointment of a
the New York General Post Office. Lest that inspire false hopes of an early
capture, the fugitive dryly inserted that by the time the letter arrived he
would be well on his way. Ile also expressed regret for all of his colleagues
but one. For him, Christian emphasi7ed. he would not be sorry at all.
Following the close of the conference Mr.Brothers assigned
Assistant District Attorney Richard Gibbs to take charge
of the investigation. Late in the week some important new
evidence was unearthed by Detective Lieutenant Louis
Dittman, who with other detectives, it is said, has been
handling the case from the first. The "Times" reported
this new evidence as follows:
Lieutenant Dittman revealed that about six months ago Christian obtained 930,000 as a loan from the Kings County Trust Co., of 342 Fulton
St., Brooklyn, pledging as collateral a block of United States Steel stock he
had taken from a dormant account. He signed the papers himself for
"Day & Heaton."
When the Kings County Trust Co. learned of the Day & Heaton failure.
last week it closed out the stock to protect the loan. In accordance with
bankruptcy routine, this sale came through this week to Receiver Coxe for
clearance. He cleared it. The accountants have so far been unable to
determine what Christian did with the $30,000, and are tentatively carrying
the item as "substitution stealing."
So far the police have considered the cliam of John Mulligan of Dover.
N. J., as the bast case against Christian to submit to the Grand Jury. Mr.
1480
THE CHRONICLE
Mulligan seeks 621,000 in missing Atchison Topeka & Santa Fe shares
which, he sayd, he deposited with Day & Heaton prior to Christian's disappearance. Lieutenant Dittman said last night that Christian's 630,000
loan, as it looks so far, would fit in equally well with a prosecutor's plans.
Lieutenant Dittman. who was the first to announce that Christian had
apparently acted in collusion with some member of the Day & Heaton
organization, reported last night the findings of what he considered additional support for this theory. He said Christian, who was last reported
as having been seen by his partners on Aug. 14, when he supposedly started
for Canada for a vacation, filled out a Stock Exchange questionnaire which
was not received by the firm itself prior to Aug. 27. The questionnaire,
as filed out in the handwriting of Christian, acting in his capacity as cashier,
was mailed to the Stock Exchange about Sept. 7 by another member of
the firm.
Dittman was told by a stenographer that she had made out this questionnaire at Christian's dictation before he left. She had not kept a carbon
copy. Her notes were lost.
kp Dittman learned further that a clerk Christian relied upon returned with
an assistant to the firm's offices at 42 Broadway on Labor Day. The two
spent the holiday drawing off figures which. Dittman said, went into the
maldng up of Christian's reply to the questionnaire. The clerk said he was
familiar with Mr. Christian's methods and merely had anticipated Mr.
Christian's wants in this particular matter against his return from the
vacation in Canada.
lb Lieutenant Dittman said he would request Assistant District Attorney
Gibbs to determine who Christian had been able to divine almost two weeks
in advance what the Stock Exchange questionnaire would call for. Dittman remarked that the questions asked were usually local to the firm itself,
and followed no set form.
The detective lieutenant said last night that he now doubted whether
Christian had ever "slipped back" to the Day & Heaton offices, as members
of the force there believed. He said he now believed the material required
for`answering the questions asked by the Stock Exchange had been taken
out to him by some one on the Day & Heaton pay roll.
According te last-night's "Evening Post" the defalcations
of George R. Christian amount to $1,500,000 instead of
$700,000 as at first estimated. This was announced by
Assistant District Attorney Gibbs yesterday afternoon after
a conference with
of the firm. In addition, Mr.
. members
—
G-i1313s said, the firm will lose $1,000,000 through quitting
business owing to Christian's manipulations of its funds.
New York Stock Exchange Institutes Inquiry as to
Practice of Members With Reference to Auditing
Their Books.
As an aftermath to the Day & Heaton failure, the New
'York Stock Exchange on Tuesday of this week (Sept. 23),
through its Committee on Business Conduct, canvassed the
1,100 member firms of the Exchange by letter as to what
their practice was at present in regard to auditing. It is
believed, it is said, that this is a preliminary to an order by
the Stock Exchange that the books of each member of the
Exchange, as well as all securities, must be audited at least
twice a year by an independent accountant. The formal
letter sent out by the Exchange reads as follows:
Gentlemen.'—The Committee on Business Conduct requests that you be
good enough to inform it whether or ot periodic audits are made of your
books, and if so, at what intervals? Are such audits made by your own
office force or by other accountants?
Very truly yours.
COMMITTEE ON BUSINESS CONDUCT.
F. H. McNulty & Co., New York Brokers, Enjoined
By State.
Charging bucketshop operations, State Attorney-General
Sherman obtained an injunction on Tuesday of this week
(Sept. 23)from Supreme Court Justice Wasservogel, restraining Frank H. McNulty, doing business as F. H. McNulty
& Co., at• 25 Broad St., this city, with branch offices a
Pittsburgh, Chicago and Elmira, N. Y., from continuing in
business as a stock broker. The firm is ordered to show
cause next Tuesday, Sept. 30, why the injunction should
not be made permanent before the Supreme Court of New
York County. Investigation of the case was made by
Deputy Attorney-General Wilber W. Chambers after complaints had been received from various customers. In this
Mr. Chambers was assisted, it is said, by the Pennsylvania
Department of Better Banking and the Better Business
Bureau of this city. As a result of this inquiry, Mr. Chambers
in an affidavit asserted that the film, which has been in
business three years, was now insolvent. In reporting the
enjoining of the firm in its issue of Sept. 24, the New York
'Times" said:
Mr. Chambers declared that an investigation of the books revealed that
of 20,388 shares of stock purchased for customers the firm had on hand only
9,616 shares, so that there was a shortage of 10,772. He said that two customers' demands for stock wore not compiled with. The affidavit charged
that the McNulty concern has been conducting a "bucket shop," as defined
In the Penal Law,and that "the defendant, by conducting his business in the
manner hereinbefore described, affects and impairs his financial standing,
Jeopardizes the interest of his customers," and has violated the Martin Act.
The proceeding was begun because of testimony given by William If.
Brennan. an accountant in the examining department of the Pennsylvania
State Banking Department. He said that an investigation of the McNulty
concern made by him on May 16 last showed liquidated assets of $67,497.
as against liabilities of $124,507, an excess in liabilities of $57,010, less
apital investment of $10,159, which left an apparent insolvency of $46,851.
c
[VOL. 119.
The profit and loss account, he said, showed a deficit of $18,898 from Jan.
1
to May 16.
Mr. Brennan testified that the Pennsylvania Bureau of Securities had
denied to McNulty an application for registration as a broker in Pittsburgh,
on the ground of insolvency and illegal practices. The books showed, he
added, that the firm was carrying for its own special account 46,448 shares
of stock, of a value of $13,234, and that they were "carried illegally against
securities belonging to the customers."
President Coolidge in Philadelphia Speech Defends
Courts and Private Enterprise Against Attack of
Senator Robert M. La Follette.
President Coolidge,in an address at Philadelphia Thursday
last (Sept. 25) on the 150th anniversary of the meeting of
the First Continental Congress, made in general a reply
to the views of Senator Robert M. La Follette, independent
Progressive candidate for President, whose campaign speech
at Madison Square Garden, this city, Sept. 18 we reproduced in last week's issue (Sept. 20). Mr. Coolidge, who
urged maintenance of the "integrity of the courts," and
enlarged upon the strain to our economic system which
would result from nationalization of railroads and other
public utilities, said:
Unless we can maintain the integrity of the courts, where the
individual
can secure his rights, any kind of tyranny may follow. If
the people lose
control of the arteries of trade and the natural sources of
mechanical power,
the nationalization of all industry could soon be expected.
Our forefathers were alert to resist all encraochments upon their rights.
If we wish
to maintain our rights we can do no less. Through the
breaking down of
the power of the courts lies an easy way to the confiscation of
the property
and the destruction of the liberty of the individual. With
railways and
electrical utilities under political control, the domination of a
group would be
BO firmly intrenched in the whole direction of our Government
that the privilege of citizenship for the rest of the people would consist
largely in the
payment of taxes. The fathers sought to escape from any such
condition,
through the guaranties of our Constitution. They put their faith
in a free
republic. If we wish to maintain what they established we
shall do well to
leave the people in the ownership of their property, in control of
their Government and under the protection of their courts. By a
resolute determination to resist all these encroachments we can best show our reverence
and
appreciation for the men and the work of the First Continental Congress.
Mr. Coolidge devoted a large part of his address to a
description of our forefathers' fight for freedom from English
"despotism," following this up with a declaration that "the
only position that Americans can take is that they are
against all despotism, whether it emanates from a monarch,
from a parliament or from a mob." He said in part:
No American coming to Philadelphia on this anniversary could escape
being thrilled at the thought of what this commemoration
moans. It
brings to mind events which in the course of the century and a half that
has
passed since the day we are celebrating have changed the course of human
history. Then was formed the ideal of the American nation.
Two years later this was put into practical effect by the Declaration
of
Independence. Here,too, was prepared and adopted the Federal Constitution, guaranteeing unity and perpetuation of our national life. The place
of this imperial city in history is secure.
Your heritage has that mysterious quality by which it has enriched not
only your own citizens but the people of the earth. Wherever we find a
nation which has gained its liberty, which has shaken free from despotism
and established a republic, there reigns the influence with which the exalted
record of your achievements had directed the destiny of the world.
We cannot do justice to the memory of the men and work of the First
Continental Congress without recalling events which preceded it and recognizing the consequences which followed it. The first important act
of
co-operation among the Colonies had resulted from their need for common
defense in the French and Indian War two decades earlier. Even
prior
to that various royal Governors had proposed some union of the Colonies
under a viceroy.
But this meant a weakening of the local and popular assemblies and
a
broader and more effective control by the Crown. Such proposals were
registered by the inhabitants, who were extremely jealous of their liberties.
As far back as 1754 a Colonial conference was held at Albany, on the initiation of the Governors. Only a minority, however, attended.
How Union Idea Grew.
At that time Benjamin Franklin, with a prophetic vision, proposed a
plan of union which bore a remarkable resemblance to our present Constitution. But the people feared this would destroy their local Government,
leaving them at the mercy of a distant Parliament, while the English
authorities feared that by revealing to the Colonies an accurate knowledge
of their own power it would inspire ambitions for independence. So the
plan of Franklin at that time found no suppc.rt on either side of the
Atlantic.
But the idea grew. When the English Government entered upon a
course which threatened the liberties of the Colonies by passing the Stamp
Act and the Boston Port Act, by interfering with the local Assemblies,
by
suspending the writ of habeas corpus, by maintaining a standing army
quartered on the people, by denying to the inhabitants the right of
trial
by a jury of the vicinage, by undertaking to make judicial officers the
creatures of the Crown. and other unwarranted tyrannies, the first Continental Congress was assembled to register a solemn protest against these
illegal actions.
They came with various credentials from local assemblies and voluntary
conventions, scarcely representing the people in a legal way, but reflecting
their spirit in the determination to defend theirlibertias. It was no ordinary gathering.
Among them were Jay and Livingston, Galloway and Mifflin, Biddle and
Chase, Harrison, Lee, Randolph, the Rutledges. the Adamsos and finally
George Washington. They were men of faith, they believed in their cause.
They trusted the people. They doubted not that a higher Power would
support them in their effort for right and freedom.
Judged by the character of the State papers which they produced, and by
their later careers in the field or at the council table, after 150 years
they
still rank as a most remarkable study by the American people. If we could
better understand what they said and did to establish our free institutions,
we should be less likely to be misled by the misrepresentations and distorted
arguments of the hour. and be far better equipped to maintain them.
THE CHRONICLE
SEPT. 27 1924.]
Struggle for a Principle.
were deThe Colonists claimed certain rights of self-government. They
from the
termined to maintain that principle. The burden which resulted
pretensions of King George and his Ministers, and the exactions of Parliaprinciple
ment. were not of great consequence and could be borne, but the
which the people declared was of supreme importance.
While they protested vigorously against their grievances, they protested
declared
also a loyalty to the Crown, and a pride in the Empire. They
and
they were supporting the common cause of liberty, both of the colonies
England itself.
They indulged in no bluster, no threats and no departures from the
proprieties of a petition to the Throne. But they had no hesitation about
making a plain statement of the truth, because they politely observed. "as
your Majesty enjoys the signal distinction of reigning over freemen, we
apprehend the language of freemen cannot be displeasing."
But the Congress did not confine itself to addresses and petitions. It
wished not only to win the approbation of the opinion of the world, but
to prove its right to speak for the colonies.
It was necessary to show that they were capable of a united action, both
powerful and effective, therefore they adopted the policy of non-intercourse
under an agreement known as "the Association." By it they pledged themselves not to import or consume British products and these were not to be
brought in after Dec. 11774.
The Importation of slaves was to cease. A few months later trade with
the West Indies was to be suspended. Exports to Great Britain and Ireland were prohibited. Merchants refusing to adopt these boycott agreements were to feel the boycott of the prople. The production and manufacture of wool were to be encouraged. Local committees were to enforce
these proposals by the power of public opinion.
1481
The only position that America can take is that they are against all
despotism, whether it emanate from a monarch, from a parliament or
from a mob.
A significant circumstance of the First Congress, one which ought never
to be overlooked, lies in the fact that it resulted from the voluntary effort
on the part of the people to redress their own grievances and remedy their
own wrongs. We pay too little attention to the reserve power of the people
to take care of themselves.
Public Ownership.
We are too solicitous for Government intervention, on the theory, first,
that the people themselves are helpless, and, second, that the Government
has superior capacity for action. Oftentimes both of these conclusions are
wrong.
Every one knows that our economic problems are very far from being
solved. But we are making constant progress, both in the field of production and distribution. When certain abuses arose we adopted a policy
of Government regulation and control.
I have no doubt that some action of that kind was necessary, and of
can
course such a policy would be continued. But it has not been, nor
It be hoped that it will be, always wisely administered. While it provides
some defense against wrongdoing, its restrictions often hamper development
and progress. retard enterprise and when they fail to produce the perfection
promised, tend to bring the Government into discredit.
The real fact is, that in a Republic like ours the people are the Government, and if they cannot secure perfection in their own economic life it
is altogether improbable that the Government can secure it for them. The
same human nature which presides over private enterprise must be employed for public action.
It is very difficult to reconcile the American ideal of a sovereign people
capable of owning and managing their own Government. with an inability
to own and manage their own business. No doubt there are certain municipalities where some public utilities have been managed through public
a
ownership with a creditable success. But this is a very different from
other
proposal that the national Government should take over railroads and
public utilities.
What a strain this would be to our economic system will be realized when
utilities at
It is remembered that public commissions set the value of such
about $35,000.000,000, and that they have about 2,750.000 employees.
bond
Such an undertaking would mean about $1.750,000.000 annually in
Interest and an operating budget estimated at about $9.000,000.000.
indirectly
or
Directly
These utilities are no longer in the hands of a few.
mean a
they are owned by scores of millions of our inhabitants. It would
indusloss in public revenue estimated at $600,000.000 a year, and while in
than 3% or
trial States It might not increase the tax on the farmer more
4%,in many agricultural counties it would run as high as 40%•
Effect of the Boycott.
The non-intercourse agreement was to continue until Parliament repealed
the objectionable laws. This bold measure was denounced by many in
England as treasonable, but it has often been referred to in this country
as the beginning of the movement for independence. Where appeals and
supplications had been disregarded, this could not fail to secure earnest
attention.
It would be difficult to find a better illustration of the superiority of moderation and candor over violence and deceit in seeking a solution of difficult public questions.
Appeals to violence and hatred in the First Continental Congress might
have produced rebellion, but they could not have accomplished revolution. They might have led to war, but they could not have secured victory.
Almost all our history as an independent and united nation can be traced
back to the assembling of the first Continental Congress, which we are met
to celebrate. Our achievements have been wrought by adherence to its
Maintain Integrity of the Courts.
policies of reason and restraint, accompanied by firmness and determination.
We are not likely to desert that course of action now.
When we recall the appalling loss and the difficulty in the managemen
The case which the Congress stated was unanswerable. One side or the of $3,500,000,000 worth of ships, we should undoubtedly hesitate abou
other must either give way or maintain its position by force of arms. That taking on ten times that value in public utilities. But this is no occasio
conflict for whiab the Congress had laid the logical foundation was not to discuss the details of public ownership.
their
long in beginning. Liberty never won a more substantial and far-reaching
I have mentioned the desirability for the people to keep control of
victory than that which resulted from our Revolutionary War. It estab- own Government, and their'ovrn property, because I believe that is one of
lished the American nation, with all that it has since meant in the accom- the American ideals of public welfare in harmony with the efforts of the first
plishments of the world and all that it holds of future promise. A form of Continental Congress. They objected to small infractions, which would
government was organized in harmony with what Franklin had proposed at destroy great principles of liberty.
individual
Albany in 1754.
Unless we can maintain the integrity of the courts, where the
But the Constitution was not adopted until various experiments with can secure his rights, any kind of tyranny may follow.
sources
unworkable systems showed some such action necessary. Whatever may be
If the people lose control of the arteries of trade and the natural
the reputation of that great instrument at home, modified and adapted of their mechanical power, the nationalization of all industry could soon be
in
republics
for
their
law
the
upon
as
fundamental
to local needs, It has been adopted
expected. Our forefathers were alert to resist all encroachments
every quarter of the world.
rights.
the breakThe influence of that great document framed in Philadelphia In 1787. can
If we wish to maintain our rights, we can do no less. Through
be traced in every constitution on earth,from China to Peru,from the Aus- ing down of the power of the courts lies an easy way to the confiscation
same
the
all
bear
They
Republic.
tralian commonwealth to the German
of the property and the destruction of the liberty of the individual.
dominatestimony.
With railways and electrical utilities under political control, the
The idea of a republic is not new, but the practical working out of such tion of a group would be so firmly entrenched in the whole direction of our
a form of government under separate and independent and yet well-bal. Government that the privilege of citizenship for the rest of the people
anced departments, was a very new thing in the world. The governments would consist largely in the payment of taxes.
the guarof the past could fairly be characterized as devices for maintaining in perThe Fathers sought to escape from any such condition through
petuity the place and position of certain privileged classes, without any antees of our Constitution. They put their faith in a free republic.
leave
ultimate protection for the rights of the people.
If we wish to maintain what they established, we shall do well to
The Government of the United States is a device for maintaining in per- the people in the ownership of their property, in control of their Governprivall
of
petuity the rights of the people, with the ultimate extinction
ment and under the protection of their courts.
can best
ileged classes. It is a Constitution which is the product of human experiBy a resolute determination to resist all these encroachments we
ence, with all its toll and suffering, its bloodshed and devastation, its op- show our reverence and appreciation for the men and the work of the first
premien and tyranny, but likewise with all its wisdom, its love of liberty Continental Congress.
and its determination to follow the truth.
The First Continental Congress met to redress grievances which were the
result of Government action. The Revolution was fought to resist those
President Coolidge Denounces Communism and
same grievances, and finally, the Constitution was adopted to prevent
Upholds Religious Liberty in Address to Holy
similar impositions from ever again being inflicted upon the people.
They are all In that precious document, these priceless guarantees. The
Name Society at Washington.
people do not propose again to entrust their Government to others, but
The fundamental right of the American people to liberty,
to retain it under their own control. No one can tax them or oven propose
a tax upon them save themselves and their own representatives.
absoluta and in all spheres, was stressed by President
Instead of encroaching upon local assemblies, it guarantees each State
Coolidge in an address delivered Sunday last (Sept. 21)
the
writ
of
of
It
suspension
regulates
government.
a republican form of
Lot,
habeas corpus. It protects the home from the uninvited intrusion of the to the Holy Name Society hosts on the Monument
President's
military force of the Government.
the
were
importance
Of
prime
Washington.
It guards the right of jury trial and undertakes to make Judicial officers
regarding Communism and Socialism and religion,
independent, impartial and free from every motive to follow any influence remarks
save that of the evidence, the law and the truth. These are representative and on each subject he expressed views in which the preof the great body of our liberties, of which the Constitution is the sole
dominating note was liberty—liberty of choice, liberty of
source and guarantee.
In declaring that an individual alone is entitled to
action.
Precious Rights of People.
Ours, as you know,is a Government oflimited powers. The Constitution
confers the authority for certain actions upon the President and the Congress, and explicitly prohibits them from taking other actions. This is
done to protect the rights and liberties of the people.
The Government is limited; only the people are absolute. Whenever the
legislative or executive power undertakes to overstep the bounds of its
limitations any person who is injured may resort to the courts for protection
and remedy. We do not submit the precious rights of the people to the
hazard of a prejudiced and irresponsible political determination, but preserve and protect them by an independent and impartial judicial determination.
We do not expose the rights of the weak to the danger of being overcome in the public forum by popular uproar, but protect them in the sanctity of the courtroom, where the still small voice will not fail to be heard.
Any attempt to change this method of procedure is an attempt to put
the people again in jeopardy of the impositions and the tyrannies from which
the First Continental Congress sought to deliver them.
the rewards of his own industry, Mr. Coolidge summarily
dismissed the Communistic and Socialistic creed. "To
attempt to deal with persons or with property in a communistic or socialistic way is to deny what seems to me
to be this plain fact. Liberty and equality require that &mai
compensation shall be paid for equal service to the individual who performs it. . . . We stand wholly committed to the policy that what the individual produces belongs
entirely to him to be used by him for the benefit of himself,
to provide for his own family, and to enable him to serve
his fellow men." Dealing with the question of religion,
Mr. Coolidge stated: "Our Constitution guarantees civil,
political, and religious liberty; fully, completely and ade-
1482
THE CHRONICLE
quately, and provides that no religious test shall ever be
required as a qualification to any office or public trust in
the United States." Mr. Coolidge emphasized the need of
"rigid discipline" as a means towards attaining "the American ideal of ordered liberty under the law." We give Mr.
Coolidge's address in part:
Our American Government was the result of an effort to establish institutions under which the people as a whole should have the largest possible
advantages. Class and privilege were outlawed, freedom and opportunity
were guaranteed. They undertook to provide conditions under which service would be adequately rewarded and where the people would own their
own property and control their own Government. They had no other
motive. They were actuated by no other purpose. If we are to maintain
what they established, it is important to understand the foundation on
which they built and the claims by which they justified the sovereign rights
and royal estate of every American citizen.
They did not deny the existence of authority. They recognized it and
undertook to abide by it, and through obedience to it secure their freedom.
They made their appeal and rested their cause not merely upon earthly
authority, but in the very first paragraph of the Declaration of Independence asserted that they proposed "to assume among the powers of the earth
a separate and equal station to which the laws of nature and nature's God
entitled them." And as they closed that noble document in which they
submitted their claims to the opinions of mankind they again revealed what
they believed to be the ultimate source of authority by stating that they
were also "appealing to the Supreme Judge of the world for the rectitude of"
. . .
their "intentions."
411
Coincident with the right of individual liberty under the provisions
of our Government is the right of individual property. The position
which the individual holds in the conception of American institutions
is higher than that ever before attained anywhere else on earth. It is
acknowledged and proclaimed that he has sovereign powers. It is dezlared
that he is endowed with inalienable rights which no majority, however
great, and no power of the Government, however broad, can ever be
justified in violating. The principle of equality is recognized. It follows
inevitably from belief in the brotherhood of man through the fatherhood
of God. When once the right of the individual to liberty and equality
is admitted, there is no escape from the conclusion that he alone is entitled
to the rewards of his own industry. Any other conclusion would necessarily
imply either privilege or servitude. Here again the right of individual
property is for the protection of society.
[VOL. 119.
Lesson from Immigration Law.
The fame of the advantages which accrue to the inhabitants of our
country has spread throughout the world. If we doubt the high estimation
In which these opportunities are held by other peoples, it is only necessary
to remember that they sought them in such numbers as to require our own
protection by restrictive immigration. I am aware that our country and its
Institutions are often the subject of censure. I grieve to see them misrepresented for selfish and destructive aims. But I welcome candid criticism, which is moved by a purpose to promote the public welfare. But
while we should always strive for improvement by living in more complete
harmony with our ideals, we should not permit incidental failure or unwarranted blame to obscure the fact that the people of our country have se-,
cured the greatest success that was ever before experienced in human history.
The evidence of this Is all about us, in our wealth, our educational facilities, our charities, our religious institutions and in the moral influence
which we exert on the world. Most of all, it is apparent in the unexampled
place which is held by the people who toil. Our inhabitants are especially
free to promote their own welfare. They are unburdened by militarism.
They are not called upon to support any imperialistic designs. Every
mother can rest in the assurance that her children will find here a land of
devotion, prosperity and peace. The tall shaft near which we are gathered
and yonder stately memorial remind us that our standards of manhood are
revealed in the adoration which we pay to Washington and Lincoln. They
are unrivaled and unsurpassed. Above all else, they are Americans. The
institutions of our country stand justified, both in reason and In experience.
I am aware that they will continue to be assailed. But I know they will
continue to stand. We may perish, but they will endure. They are founded
on the Rock of Ages.
Internal Revenue Bureau Inquiry—Investigating
Committee under Senator Couzens Requests
Elaborate Data from Treasury.
The Special Senate Committee appointed at the instance
of Senator Couzens of Michigan, to investigate the Bureau
of Internal Revenue, drew up Sept. 18 an elaborate list of.
data to be supplied by the Treasury to the committee.
The resolution requires, among many more data, provision
of the returns for the years 1916 to 1923 of the individuals
who reported personal net incomes exceeding $100,000.
Detailed information is also required on all corporations
showing net incomes for 1923 amounting to $50,000 or more
and which distributed as dividends less than 60% of such
net income. In view of. the considerable time it will take
the Treasury Department to furnish the exhaustive list of
details, Senator Couzens estimated, Sept. 18, that it would
be from five to six weeks before his committee could get to
work on the investigation. The data would be treated as
confidential except in cases in which fraud or gross irregularities appeared, the Senator said. A Washington dispatch,
Sept. 18, to the New York "World" said with regard to
the matter:
Socialism Held Un-American.
•
When service is performed, the individual performing it is entitled
to the compensation for it. His creation becomes a part of himself. It is
his property. To attempt to deal with persons or with property in a
communistic or socialistic way is to deny what seems to mo to be this
plain fact. Liberty and equality require that equal compensation shall
be paid for equal service to the individual who performs it. Socialism
and commuism cannot be reconciled with the principles which our institutions represent. They are entirely foreign, entirely un-American. We
stand wholly conunitted to the policy that what the individual produces
belongs entirely to him for the benefit of himself, to provide for his own
family and to enable him to serve his fellow men.
Of course, we are all aware that the recognition of brotherhood brings
In the requirement of charity. But it is only on the basis of individual
property that there can be any charity. Our very conception of the term
means that we deny ourselves of what belongs to us, in order to give it
to another. If that which we give is not really our Glyn, but belongs to
Senator Couzens of Michigan won his fight to-day to have all income tax
the person to whom we give it such an act may rightfully be called justice,
returns and other records of the Treasury Department thrown open to the
but it cannot be regarded as charity.
Our conceptions of liberty under the law are not narrow and cramped, examination of his special investigating committee, a course which President
but broad and tolerant. Our Constitution guarantees civil, political and Coolidge and Secretary of the Treasury Mellon have hitherto opposed.
religious liberty; fully, completely and adequately; and provides that "no
Act Unprecedented.
religious test shall ever be required as a qualification to any office or public
This is the first time Treasury records have been turned over to the
trust under the United States." This is the essence of frbedom and tolerainspection of a Congressional committee, and while no general publicity is
tion solemnly declared in the fundamental law of the land.
to be given to them, Chairman Couzens will make public during subsequent
These are some of our American standards. These principles, in the
hearings such facts and information as he may consider relevant in conprovince to which they relate, bestow upon the people all there is to bestow. nection
with irregularities. Treasury practices or methods and other matters
They recognize in the people all that there is to recognize. They are the to
which his inquiry is directed.
ultimates. There is no beyond. They are solely for the benefit and adAs a first step, the Couzens committee by resolution authorized its
vantage of all the people. If any change is made in these principles it will special counsel,
Earl J. Davis; his assistant, L. C. Manson, and their Secnot be by giving more to the people, but by taking from them something of retary,
Barbara C. Thomas. "as the agents of the committee for the purthat which they now have. It cannot be progress. It must be redction. I pose
of examining all or any income tax returns filed in the Internal Revenue
do not say that we, as citizens, have always held ourselves to a proper Bureau and
to copy therefrom any and all information which may be useful
observance of these standards towards each other, but we have, neverthe- to this committee at
any time prior to the making of a final report by this
less, established them and declared our duty to be obedience to them. This committee."
is the American ideal of ordered liberty under the law. It calls for rigid
Data Called For.
discipline.
As a second step an elaborate resolution was passed calling on the
What a wide difference.between the American position and that imagined
Treasury
submit
to
to
the
committee:
by the vagabondiwho thought of liberty as a glorious feast, unprotected and
(a) The returns showing personal net incomes exceeding $309,999 for
unregulated by law. This is not civilization, but a plain reversion to the
life of the jungle. Without the protection of the law, and the imposition of 1916.
(b) The returns, for the year 1920, of the individuals who reported perIts authority, equality can not be maintained, liberty disappears and propsonal net incomes exceeding $300,000 for 1916.
erty vanishes. This Is anarchy. The forces of darkness are traveling in that
(c) The returns showing personal net incomes between $150,000 and
direction. But the spirit of America turns its face towards the light.
$300,000 for 1916.
That spirit I have faith will prevail. America is not going to abandon
(d) The returns, for the year 1920, for the individuals who reported
Its principles or desert Its ideals. The foundation on which they are built
net incomes between $150,000 and $300,000 in 1916.
will remain firm. I believe that the principle which your organization
Similar information for 1916 and 1920 affecting incomes of $100,000
represents is their main support. It seems to me perfectly plain that the to
$150,000 was asked for, and the resolution continued.
authority of law, the right to equality, liberty and property, under Amer(g) The returns for the years 1917, 1918. 1919, 1921, 1922 and 1923,
ican institutions, have for their foundation reverence for God. If we could
of the individuals who reported personal net incomes exceeding $100,000
Imagine that to be swept away, these institutions of our American Govern- in
1916.
ment could not long survive. But that reverence will not fail. It will
(h) The returns of individuals who did not report personal incomes
abide. Unnumbered organizations, of which your own is one, exist for its exceeding
$100,000 in 1916, but who have reported personal net incomes
promotion. In the inevitable longing fo the human sould to do right is the exceeding $100010 in any subsequent
year.
secure guarantee of our American institutions. By maintaining a society
With respect to all these returns, the resolution called for:
to promote reverence for the Holy Name you are performing both a pious
1. Name and address of taxpayer.
and a patriotic service.
2. Nature of business or profession, if any.
We Americans are Idealists. We are willing to follow the truth solely
3. Income from the following sources: (a) Business or profession, net;
because it is the truth. We put our main emphasis on the things which are In case of net loss, amount thereof;
(b) salaries, wages,commissions, bonuses,
spiritual. While we possess an unsurpassed skill in marshaling and using the directors' fees, pensions; (c) partnerships,
personal services corporation,
material resources of the world, still the nation has not sought wealth for and fiduciaries; (d) profits from sale of real
estate, stock, bonds and other
and power as an end but as a means to a higher life.
property and from liquidating dividends; (e) dividends, inclusive of stock
Yet Americans are not visionary; they are not sentimentalists. They dividends, on stock of
domestic corporations; (f) rents and royalties, net;
want idealism; but they want it practical, they want it to produce results. (g) interest on obligations
of the United States and War Finance CorporaIt would be little use to try to convince them of the soundness and righteous- tion, not wholly exempt
from tax; (h) all other interest subject to tax:'
ness of their institutions if they could not see that they have been justified (I) all other taxable
income, specify source.
in the past history and the present condition of the people. They estimate
Under the head of "Deductions," the resolution asked for:
the correctness of the principle by the success which they find in their own
(a) Interest; (b) contributions: (c) losses, state nature; (d) other deducexperience. They have faith, but they want works.
tions (state nature of); (e) personal exemptions.
't
SEPT. 27 1924.]
THE CHRONICLE
The resolution then asked for detailed information on the taxes paid,
tax-exempt securit es held and interest received, and Treasury explanations
In cases where large taxpayers in any one year failed to file returns for other
years.
Similarly detailed information also is required by the resolution on all
corporations showing net incomes for 1923 amountin to $.50,000 or more
and which distributed as dividends less than 60% of such net income."
The Treasury is required to furnish data in exhaust'se detail on reductions,
allowances, profits and other aspects of these corporate returns.
Denies All Politics.
The resolution is the longest and most searching adopted in connection
with a Congressional inquiry in recent years. It covers all the ramified details of personal and corporate affairs that have hitherto been shielded
by the Treasury from outside inspection, in accordance with the law. It
rests chiefly with Senator Couzens how,far the committee will go in making
public information thus obtained.
The Senator said this afternoon he was proceeding entirely independently
of all political considerations, and was desirous only of ascertaining facts
on which to substantiate or disprove the multitudinous charges and suspicions surrounding the administration of the Income Tax Law. When facts
appear, he said, that indicate irregularities of any sort, they will be brought
out in public hearings by summoning witnesses. Secretary Mellon had
agreed to co-operate fully in supplying the facts, Mr. Couzens said.
The assumption was that several of the country's largest corporations and
biggest taxpayers would Ultimately find themselves called upon to explain
to the Senatorial committee the reasons for various claims, allowances,
and methods of deductions reflected in their returns, and it was assumed also
that this might lead to litigation contesting the right of the Senators to
pry into affairs hitherto protected from the light of publicity.
Secretary Mellon was non-committal but said he felt no "uneasiness"
about the departure from the former secrecy. Since he first objected to
showing the records to the committee and was sustained by the President—
specifically in the case of Harry F. Si clair ,Edward L. Doheny and former
Secretary of the Interior.Fall—the revenue law has been altered authorizing
Congressional access to these records. Accordingly Mr. Mellon has no aliernative but to accede to the committee's demands.
To Employ Experts.
He appears to feel, and members of the committee assert, that there will
be no political or mischievous meddling with private affairs through this
medium and that the Couzens committee is not engaged in a "fishing expedition." It remains for the committee to decide what names and affairs,
if any, will be given an airing in public hearings. Apparently Mr. Couzens
is determined to get to the bottom of the rumored favoritisms and other
irregularities affecting several large corporations and individuals, both in
connection with alleged excessive deductions allowances for depreciation,
depletion and other losses, and in refunds.
In this connection the committee is to employ technical experts, engineers
and other experts, to render opinions on whether such deductions and refunds are proper.
It is going to take the Treasury five or six weeks to assemble the mountain of information sought by the resolution, and meanwhile the committee
stands adjourned subject to the call of Chairman Couzens.
Frank E. Frazier of the Seaboard National Bank of New York, who was
for 25 years in Government service, ultimately as Deputy Commissioner of
Internal Revenue under Commissioner Roper, testified before the committee
to-day on decentralization methods to save time and money.
An Associated Press message from Washington, Sept. 18,
said in part:
In each case the committee wants to know deductions allowed by items,
the amount of income subject to normal tax, the amount of subject to surtax
and the amount of the normal or surtax paid. Detailed information as to
profits from the sale of real estate, stock, bonds and other property, and
the net gains from the sale of capital assets, is called for, together with the
amount invested in 1918, 1919 and 1920 in various Government bonds as
well as in obligations of State and territories and Federal farm loan bonds.
Another item will show the amount of interest on such securities which was
exempted from surtax and the income subject to a limited exemption.
Secretary Mellon was also requested to inform the committee whether
his records show why persons who reported net incomes exceeding $100,000
during any year from 1916 to 1923 inclusive failed to report such incomes
after 1923. If such failure was due to death the committee asked to be
furnished with tax returns filed by the estates.
Income Tax Returns to Be Laid Before Senate Investigating Committee Will Not Be "Exposed to
Publicity," Says Secretary Mellon.
From the "Wall Street News," Sept. 23, we take the
following:
For the benefit of numerous taxpayers who have written to the Treasury
Department about the matter, Secretary Mellon has let it become known
that the income tax returns to be investigated by the Senate committee
probing the internal revenue bureau will not be "exposed to publicity."
Brigadier-General Sawyer Dies at Marion — Late
President's Physician.
Brigadier-General Charles E. Sawyer, who was in attendance with the late President Harding at the time of
the latter's death, died suddenly Tueslay last (Sept. 23)
from cerebral hemorrhage while sleeping at his home,
White Oaks Farm, on the outskirts of Marion, 0. Dr.
Sawyer was born at Nevada, 0., in 1860, graduated from
the Cleveland Homeopathic Hospital College in 1881,
and later established the Sawyer Sanatorium at Marion.
Dr. Sawyer had been a friend and fellow townsman of
President Harding for nearly thirty years when the President appointed him his personal physician, at the same time
giving him the rank of Brigadier-General on March 12 1921.
During the President's fatal illness, while Mrs. Harding
was reading aloud at his bedside, Dr. Sawyer was holding
the President's hand and noticed that the pulse had ceased
to beat.
1483
President Coolidge retained the services of Dr. Sawyer
as his personal physician until June last, when the doctor
retired from his position at the White House, being succeeded by Major James F. Coupal of the regular army.
The President, upon bearing of Dr. Sawyer's'death, at once
sent a message of condolence to Mrs. Sawyer:
During the World War Dr. Sawyer served in the medical
section of the Council of National Defense, spending about
a year in Washington. He also rendered valuable assistance
to the Government as chief co-ordinator of the Federal
Board of Hospitalization, and in carrying out various special
assignments under the Veterans' Bureau.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
• Three New York Stock Exchange memberships were
reported posted for transfer this week as follows: that of
A. F. Ferris, deceased, to Paul Hall, consideration stated as
$84,000; Louis C. Clark, deceased, to Allan M. Lunburg,
consideration, $83,000, and membership of William R.
Nichols, deceased, to Laurence B. Beckwith, consideration,
$83,000. The last previous sale was at $83,000.
The New York Cotton Exchange membership of James L.
Crump was reported sold this week to George A. Ellis, Jr.
for another, the consideration being stated as $31,000.
Last previous sale, $31,000.
Chicago Board of Trade m- embership was reported sold
this week for $8,100. Last previous sale, $8,000.
The Chemical National Ban- k of New York announces the
appointment of John D. Perry as Assistant Cashier. He is
Western representative, with headquarters in Chicago. He
has been with the Chemical four years.
Robert L. Randolph, form-erly Manager of the Foreign
Department of the Equitable Trust Co. of Baltimore, has
been appointed assistant to William G. Dancy, who represents the Equitable Trust Co. in Baltimore. The Equitable
maintains a direct wire from Baltimore to its home office
in New York.
The American Trust Co. an- d New York Title & Mortgage
Co., have through the Land Estates, Inc., purchased from
the Metropolitan Life Insurance Co. the •19:story former
Washington Life Building at 141 Broadway and 139 Broadway adjoining, a banking building now occupied by the
Manufacturers Trust Co. The property includes the entire
block front on Liberty Street from Broadway to Temple.
The purchasers are the owners of the adjoining building, 135
Broadway, and now own the entire block on Broadway from
Liberty to Cedar street, covering 19,000 square feet of ground
with street frontages of 117 feet on Broadway, 160 feet on
Liberty Street, 115 feet on Temple Street and 153 feet on
Cedar Street. Two of the buildings are 15 and 19-story
structures. The assessed valuation of the property is $5,000,000. Harry A. Kahler, President of the buying companies,
states that this purchase is in line with forward-looking
policies for future development. Additional space is required by both companies on account of recent growth, and
while no plans have been formulated to immediately disturb
present tenancies of the buildings acquired, the purchase
will give opportunity for expansion as time goes on and in
the interim the investment yields a return in rents of approximately $500,000 yearly. The New'York Title & Mortgage Co. is 23 years old and the American Trust Co. was
formed in 1919. It has offices in Brooklyn, Jamaica, Long
Island City, Staten Island and White Plains. The American Trust Co., with branches in Brooklyn, Long Island City
and Jamaica, is also affiliated with the County Trust Co.
of White Plains.
To keep pace with the continued growth of the New York
Title & Mortgage Co. and the American Trust Co., affiliated
institutions, the directors of the New York Title & Mortgage
Co. have recommended to the stockholders that the capital
stock of the company be increased from $6,000,000 to $7,500,000. It is planned to issue the new stock at $150 to stockholders of record on Oct. 16 in the proportion of one share
for each four of their then holdings. The present market
price for the stock is about 255. ThIS action by the directors
follows the news that the New York Title & Mortgage Co. and
American Trust Co., through their realty holding associates,
Land Estates, Inc., had purchased the Washington Life
Building at 141 Broadway and the adjoining building, 139
Broadway. This gives them the ownership of the entire
block on Broadway, between Liberty and Cedar streets. The
1484
THE CHRONICLE
companies are also about to occupy an entire building at
Madison Avenue and 41st Street, as their mid-town. office.
The New York Title & Mortgage Co. has attracted attention
in financial circles during the past several years by its
steady development. The last published statement, June 30,
showed capital funds of over $11,000,000 and guaranteed
mortgages outstanding of more than $125,000,000.
[Vol,. 119.
President; August Reisweber, Vice-President, and H. A.
Digman, Vice-President and Cashier.
Two small Minnesota banks
- were closed recently, according to press dispatches from St. Paul appearing in the New
York daily papers. They are the State Bank of Walters
(capital $10,000), closed on Sept. 17 because of bad paper,
and the State Bank of Waverly (capital $25,000), closed on
The Seaboard National Bank of New York has just issued Sept. 24 because of bad foreign paper.
an interesting illustrated pamphlet entitled "Cashing Your
According to the Topeka "- Capital" of Sept. 19, several
Personal Check When Away From Home," which explains
in detail the convenience of quickly obtaining funds while changes were made in the personnel of the Farmers' National Bank of that city on Sept. 18, brought about by the
traveling here and abroad.
of a large block of the stock of the institution by
On Sept. 12 the Comptroller of the Currency issued a George W. Stansfield,for the past ten years a Vice-President
charter for a new Newark bank—the Citizens' National Bank of the bank, from Walter E. Wilson, heretofore Chairman
—which is to be opened on Clinton Avenue, near Bergen of the Board of Directors. The officers of the bank under
Street, that city, by interests affiliated with the Fidelity- the new regime are as follows: George W. Stansfield, ChairUnion Trust Co. of Newark. The new bank is capitalized man of the Board; Walter L. Payne, President; J. A. Mansat $200,000. Oscar H. Merz has been chosen President and field, active Vice-President; J. E. Yingling, Vice-President,
Charles W. Holweg Cashier.
and Hugh A. Smith, Cashier. Mr. Stansfield, it is said, is
one of the prominent business men of Topeka and was forA new financial institution is in course of organization in merly
President of the Topeka Chamber of Commerce. He
Hartford, Conn., according to the Hartford "Courant" of is a
member of the Kansas Legislature. Mr. Wilson, who
recently
charter
for
which
was
bank,
Sept. 8. The new
retired as Chairman, was for four years (prior to his congranted by the State Banking Commission, will be known as nection
with the bank) State Bank Commissioner for Kanthe Bankers' Trust Co. and will have a capital of $250,000, sas and
for eight years State Senator. He has made no
with surplus of $350,000. The issue of $2,500 shares of stock
definite plans for the future, it is said.
of the par value of $100 per share was offered at $240 per
share and quickly oversubscribed without solicitation—in
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
fact, it is said, the demand for the stock was so great that it
Except for a brief setback on Thursday, the stock market
was necessary to appoint a committee to apportion the
shares equitably. A meeting of the stockholders of the new has improved and expanded during the present week. Railbank will be held in the near future, when steps to complete road shares have displayed increasing strength, especially
the organization of the trust company will be taken. It is the Western railroads. Industrial shares and public utility
purposed, it is said, to erect a permanent home for the insti- issues have also in a few instances reached new high levels
for the year, and even oil issues have at times displayed retution in the western section of Hartford.
A special meeting of the sto- ckholders of the Italian Trust
& Savings Bank of Chicago will be held on Oct. 3 to vote on
a recommendation of the directors to increase the capital of
the institution from $100,000 to $200,000. It is proposed to
dispose of the new stcok to present stockholders at $125 per
share.
newed activity. Many specialties have likewise sharply advanced. The feature of the two-hour session on Saturday
was the strength of the industrial group. Railroad shares
were moderately improved, particularly Chicago & North
Western, which scored an advance of nearly 3 points for the
day. On Monday the movement of prices was irregular.
Specialties and public utilities were in the foreground and
gains of from 1 to 3 points were recorded by these issues.
Consolidated Gas of New York reached new high ground at
74, Standard Gas & Electric recorded a new high at 38, and
North American reached the top price of the year. Rising
prices characterized the opening of the market on Tuesday.
Stocks of the specialty type were most conspicuous in the
forward movement and advances of from 2 to 4 points were
numerous in. this group. Oil shares improved very materially and the railroad issues were in strong demand at ad—
vancing prices. Lehigh Valley was especially strong.
United States Cast Iron Pipe & Foundry reached a new high
level at 1103i. Price movements were again upward on
Wednesday. Trading was unusually active, the day's sales
passing the million mark for the first time in over a month.
Specialities were again in the foreground. American Chicle
made a new high at 31. Texas Gulf Sulphur reached its
highest for the year at 81. Railroad issues were particularly
strong, Missouri Pacific going to a new high level and New
York Central crossed 109 for the first time in several weeks.
Union Pacific continued its advance to 141 and Southern
Ry. common went briskly forward (2 points) to,a new high
level. On Thursday the market opened strong but after •
the first hour considerable irregularity developed. The market as a whole again moved upward on Friday, though a.
number of the recognized market leaders did not participate
in the advance. Railroad issues were prominent in the trading, Southern Ry. common reaching a new high at 70 and
Lehigh Valley crossing 60. Missouri Pacific preferred and
Atlantic Coast Liae also touched new high ground. In
the closing hour United States Cast Iron Pipe & Foundry
made a new high at 112 8, and St. Louis & San Francisco •
3•
preferred made a spectacular advance of ni points to 64%
The final tone was strong.
- Bank, a new institution with
The Northwestern National
a paid-up capital of $200,000 and surplus of $40,000, was
opened in Milwaukee on Sept. 20, according to the Milwaukee
"Sentinel" of the preceding day. The bank occupies its own
building erected at the corner of North and Lisbon avenues
at a cost of $120,000. The structure is two stories in height
with a frontage of 63 feet and a depth of 80 feet. The officers of the new bank are aà follows: John 6. Beuteman,
THE CURB MARKET..
A heavy buying movement in the Curb Market this week.
resulted in striking advances in a number of issues, and except for profit-taking at times, prices have made steady ad—
vances. Public utility issues made heavy gains. Amer.
Power & Light new stock advanced from 46% to 50%, re-5 and moved upward again, resting finally at.
acted to 47%,
J. Harry Boardman, forme- r Cashier of the Old Lowell
National Bank of Lowell, Mass., was indicted by the Federal
Grand Jury on Sept. 23 for the alleged embezzlement of
approximately $70,000 of the institution's funds, according
to the Boston "Transcript" of Sept. 24.
The directors of the Frank- lin Trust Co. of Philadelphia
have declared a semi-annual dividend of 5%, payable Oct. 7
to stockholders of record as of Sept. 23 1924. The board has
also directed that $250,000 be transferred to surplus account,
making the same $1,750,000.
Jas. A. Lyford, for the past 15 years Chairman of the New
Hampshire Bank Commission, died suddenly of heart disease at Concord on Sept. 19. Mr. Lyford was born in Boston
71 years ago. He was floor leader of the New Hampshire
Legislature for five sessions.
In the October issue of the "C- entral Manufacturing District
Magazine," published in Chicago, Melvin A. Traylor, President First Trust & Savings Bank, Chicago, points out urgent
economic needs of the moment. His article is entitled
"Some Troubles and Some Remedies." Another feature article In this issue is one by R. N. Van Doren, General Solicitor Chicago & North Western Railroad Co., in which he
discusses the dangers of Government ownership. The magazine will be in the mails Sept. 25.
Announcement is made of the appointment of James M.
Aurst as Trust Officer for the Noel State Bank, 1601 Milwaukee Avenue, Chicago, which institution has recently
added a trust department to its organization. Mr. Hurst
was at one time Vice-President of the National Bank of the
Republic.
-t
SEPT. 27 1924.]
THE CHRONICLE
1485
INDIAN CURRENCY RETURNS.
4938. The old stock gained about 18 points to 500, weak(In Lacs of Rupees.)
Aug. 15. Aug.22. Aug. 31.
ened to 475, and recovered finally to 485. Amer. Gas & Notes in circulation
17653
17720
17813.
Elec. common advanced from 95 to 993/s, fell to 913
8288
8355
8448
% and Silver coin and bullion in India
ends the week at 93%. Appalachian Power rose from 74 to Silver coin and bullion out of India
Gold coin and bullion in India
2232
2232
---23
-2
--2
78 and sold at the'close to-day at 77. Commonwealth Power Gold coin and bullion out of India
_ _
corn. sold up from 103% to 110 and at 109% finally. East Securities (Indian Government)
5733
5733
5733
1400
1400
1400
Penn. Electric corn. was conspicuous for an advance from Securities (British Government)
No silver coinage was reported during the week ending 31st ult.
47% to 64, and a reaction to 573/3, the final figure to-day beThe stock in Shanghai on the 6th inst. consisted of about 43,300,000
ing 6033. Lehigh Power Securities moved up from 87% to ounces in sycee, 46,500,000 dollars and 1,910 silver bars, as compared with,
90, down to 86%, and closed to-day at 87. Middle West about 43,300,000 ounces in sycee, 46,000,000 dollars and 1.940 silver bars
on the 1st inst.
Utilities corn. gained 13'points to 85% and ends the week at
-Bar Silver, Per Oz. Std.Bar Gold,
QuotationsCash.
84. United Gas & El. corn, gained 7 points to 34, with the
2 Months.
Per Oz. Fine,
Sept.
4
34%d.
34%d.
92s. 5d.
final at 323/g, and United Light & Power "A" stock 5 points
5
347-164.
34344.
92s. 9d.
to 483/3. Dubilier Condenser & Radio advanced from 55%
6
34 13-16d
34 13-164.
3 reacted to 523/3, with the final transaction to-day
8
34%d.
to 57%,
34%cl.
935.
9
35d.
35d.
3
938. 5d.
at 54/s. Hazeltine Corp. sold down from 29 to 26% and
10
364.
364.
928.
ends the week at 263
4. National Tea was up from 236 to Average
34.7294.
34.7394.
923. 11d.
The
silver
quotations to-day for cash and two months delivery are both
258, the close to-day being at 256. United Bakeries was
prominent for a rise of some 15 points to 119. The final to- 11-16d. above those fixed a week ago.
day was 118. Ward Baking Class A advanced from 121 to
ENGLISH FINANCIAL MARKETS-PER CABLE.
129%, and Class B stock from 327
% to 363
%,the close to-day
3 respectively. Trading in oil
being at 129% and 34%,
The daily closing quotations for securities, &c., at London,
shares was light. Buckeye Pipe Line advanced from 56 to as reported by cable, have been as follows the past week:
London,
63 and closed to-day at 62. Indiana Pipe Line was off from
Sept.20. Sept.22, Sept.23. Srpt.24. Sept.25. Sept.26.
Week Ended Sept. 26Sat.
Mots.
Tues. Wed.
Thurs, Frt.
75 to 70%, with a final recovery to 72. Prairie Oil St Gas Silver,
per es
d 34 13-16 35
35 1-16 35
35
35 1-16
gained 5 points to 210 and sold finally at 207. Standard Oil cold, per fine ounce
92s. 94. 928. 76. 92s. 94. 92s. 7d. 925. bd. 925.66.
Consols,
2%
per
cents
______
57%
(Kentucky) moved up from 113% to 1183
5734
5714
5734
57%
% and finished to- British,5 per cents
10234 102% 10234 102% 10234
day at 1163
%. Vacuum Oil advanced from 67% to 72% British,4% per
cents_______
97%
9734
9734
9734
9734
and rested finally at 70M•
French Rentes (In Paris), fr. -___
52.65 52.50 52.45 52.20 52.45
French
War
Loan(InFaris).fr.
66.15 65.30 65.20
66.5
A complete record of Curb Market transactions for the
66
The price of silver in New York on the same day has been:
week will be found on page 1505.
Silver in N.Y., per oz.(cts.):
Foreign
6934
6934
6934
6934
6934
6934
•
FOREIGN EXCHANGE.
Sterling exchange was quiet but stea.dy during the week,
COURSE OF BANK CLEARINGS.
although actual prices were slightly lower than those of the
Bank clearings for the country as it: whole continue to
week preceding. Continental exchange was dull and irregular, with francs weak, but guilders and some of the minor record gains as compared with a year ago, but as in other
weeks the improvement follows largely from the expansion at
currencies strong.
To-day's (Friday's) actual rates for sterling exchange were 4 44%@ New York City,fthe exchanges at this centre showing a gain
444% for sixty days, 446%(4i4 47% for cheques and 4 46%@4 47% for for the five days of 26.7%. Preliminary figures compiled by
cables. Commercial on banks, sight 4 46%(44 47, sixty days 4 42%@ us, based upon telegraphic advices
from the chief cities of the
442%. ninety days 4 41%@4 42%, and documents for payment (sixty
days) 4 42%@4 43%. Cotton for payment 4 46%@4 47, and grain for country, indicate that for the week ending to-day (Saturday,
payment 4 46% ®4 47.
Sept. 27) aggregate bank exchanges for all the cities of the
To-day's (Friday's) actual rates for Paris bankers'francs were 5.17% ® United States from which it is possible to
obtain weekly
5.21% for long and 5.23@S.26'4 for short. Germany bankers' marks are
not yet quoted for long and short bills. Amsterdam bankres' guilders were returns will register an increase of 14.4% over the corresponding week last year. The total stands at $8,135,582,642,
38.13(438.19 for long and 38.491438.55 for short.
Exchanges at Paris on London, 85.05 francs; week's range 84.20 francs against $7,109,109,511 for the same week in 1923. Our
high and 85.05 francs low.
comparative summary for the week is as follows:
The range for
foreign exchange for the week follows:
Sterling ActualSixty Days.
Cheques.
Cables,
Clearings-Returns by Telegraph.
High for the week... 4 45 1-16
4 47 9-16
Weak Ending Sept. 27.
4 47 13-16
Low for the week_ _ 442%
445%
445%
New York
Paris Bankers' FrancsChicago
High for the week-- 5.25%
Philadelphia
5.31%
5.32%
Boston
Low for the week- 5.17%
5.24
6.25
Kansas City
Germany Bankers' MarksBt. Louis
High for the week_
0.000000000023% 0.000000000023% Ban Francisco
Low for the week__
0.000000000023% 0.000000000023% Los Angeles
Pittsburgh
Amsterdam Bankers' GuildersDetroit
High for the week_
Cleveland
38.19
38.61
38.65
Baltimore
Low for the week.-- 38.05%
38.47%
38.51%
New Orleans
Domestic Exchange.-Chicago, par. St. Louis, 15(425c. per $1,000
Twelve cities,5 days
discount. Boston par. San Francisco par. Montreal, par. Cincinnati.
Other cities,5 days
par.
Total all cities, 5 days
All cities, 1 day
THE ENGLISH GOLD AND SILVER
MARKETS.
We reprint the following from the weekly circular of
• Samuel Montagu & Co. of London, written under date of
Sept. 10 1924:
GOLD.
The Bank of England gold reserve against its note issue on the 3d inst.
amounted to £126,597,000 as compared with E126,495,570 on the previous Wednesday.
India readily absorbed the gold on offer here this week. The amount
was again very small owing to the large quantities engaged for shipment
direct from Durban to India.
SILVER.
The silver market has been more active during the week and, except for
one day, prices moved steadily upward. Movements in the exchange with
America have been against sales from that quarter and demand from the
Indian bazaars and China boars found the market ill-supplied. As a consequence there was a sharp rise on the 6th inst. of 344. and 5-164. in the cash
and forward quotations, respectively, which was followed by a small
reaction of 1-164. Yesterday, however, further buying from China to
cover bear commitments carried the prices to the round figure-35d.-at
which it remained to-day. This is the highest price fixed for cash since
June 18 1924 and for two months delivery since Oct. 10 1922. As is usually
the case, any military operations in China have a favorable effect on the
price of silver.
With regard to the freight on silver shipped to Bombay with China option, which is now 12s. 6d.%,we are advised that when delivery of the silver
is taken in Bombay, the difference of 2s. Bd.% will be refunded-thus the
freight of 12s. 6d.% only becomes operative when the option is exercised,
and the cost of shipping silver from this country to India is thus reduced
by 34% in.all cases.
1924.
1923.
Per
Cent.
83,731,000,000 82,945,854,769 +26.7
487,780,580
551,489,650 -11.6
399,000,000
374,000,000
+6.7
313,000,000
255,000,000 +22.7
*115,000,000
108,026,795
+6.5
a
a
a
136,678.000
142.500,000
-4.1
104,112,000
141.400,165 -26.4
129,430,423
122,372.000
+5.8
134.084,420
111,557,948 +20.2
81.491,052
84.378,365
-4.3
•
73,732.458 •
73,905,340
-0.2
60,673,819
53,684.274 +13.0
$5,765,982,752
1,013,669,450
14,964,169,306
960,088,620
+16.1
+5.6
66,779,652,202
1,355.930,440
$5,924,257.926
1-184.851,585
+14.4
+14.4
Will not report clearings. •Estimated.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended Sept. 20. For
that week there is an increase of 14.8%, the 1924 aggregate
of the clearings being $8,871,153,223 and the 1923 aggregate $7,726,134,170. Outside of New York City the increase is only 6.4%, the bank exchanges at this centre showing an expansion of 33.6%. We group the cities now according to the Federal Reserve Districts in which they are 10.2
dated, and from this it appears that in the Boston Reserve
District there is an expansion of 17.0% in the New York
Reserve District (including this city) of 22.1%, and in the
Philadelphia Reserve District of 10.0%. In the Chicago.
Reserve District the totals are larger by 4.1%, and in the St.
1486
THE CHRONICLE
Louis Reserve District by 10.2%. The Cleveland Reserve
District records a loss but it is trifling, being only 0.1%.
It will be noticed that this is the only district that shows a
diminution from a year ago. In the Richmond Reserve
District there is an improvement of 5.5%, in the Atlanta
Reserve District of 6.1% and in the Dallas Reserve District
of 14.0%. The Minneapolis Reserve District has a gain of
9.8%, the Kansas City Reserve District of 3.9% and the
San Francisco Reserve District of 2.5%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ending sex. 20 1924.
1924.
1923.
Federal Reserve Districts.
I
$
(185) Boston
11 cities 611,960,151 437,500,214
(2nd) New York
10 " 5,028,564,929 4,117,870,610
(3rd) Philadelphia _ _ _ _10 "
665,417,387 514,178,802
(4th) Cleveland
8 "
389,042,083 389,245,313
(5th) Richmond
6 "
189,515,809 179,648,183
(6th) Atlanta
12 "
201,687,495 190,100,954
(7th) Chicago
20 "' 892,138,710 856,623,265
7 "
(8th) St. Louis
74,327,106 67,426,102
(9th) Minneapolis
7 "
149,671,821 136,241,456
(10th) Kansas City
265,640,806 255,565,665
12 "
5 "
(11th) Dallas
91,242,397 80,048,682
(12th) San Francisco__ AS "
514,034,529 501,684,924
Inc.or
Dec.
1922.
1921.
$
$
%
+17.0 374,629,481 299,631,705
+22.1 4,231,980,970 3,615,111,202
+10.0 498,958,668 420,310,894
-0.1 356,023,127 340,220,221
+5.5 170,065,614 130,070,697
+6.1 169,551,515 145,514,871
+4.1 777,576,148 669,563,209
+10.2 66,468,662 56,970,842
+9.8 126,518,736 128,125,624
+3.9 251,218,762 261,795,811
+14.0 70,055,670 61,722,177
+2.5 398,266,853 350,069,431
124 cities 8,871,153,223 7,726,134,170 +14.8 7,491,314,208 6,479,106,684
Grand total
3,921,92.8,677 3,684,410,177 +6.4 3,325,467,302 2,920,125,168
Outside New York City
P555/15
29 cities 301.373.832 296.086.266 +1.8 308.349.722 326.140.250
• We now add our detailed statement, showing last week'
figures for each city separately, for the four years:
Week Ending Sep ember 20.
Clearin s at-
1924.
1923.
$
a
Inc. or
Dec.
%
1922.
$
First Federal Reserve Dist rict-Bosto n772,517
784,045 -1.5
Maine-Bangor_ _
755,774
2,998,289
.2,500,000 +19.9
Portland
462.000,000 395,000,000 +17.0 338,000,000
Mass.-Boston
1,622,158
2.601,611 -37.6
Fall River__._
1,791,718
a
a
Holyoke
a
a
1,100,900
1,312,300 -16.1
Lowell
1,136,659
a
a
a
Lynn
1,383,102
1,339,433 4-13.3
New Bedford
1,538,146
4,802,734
Springfield_ _4,315,295 +11.3
4,307,530
3,810,000
3,480,000 +9.5
Worcester
3,282,820
15,174,263
9,141,186 +66.0
Conn.-Hartford.
8,717,893
7,184,088
6,031,244 +19.1
New Haven
5,118,941
R.I.-Providence
11,102,100
10,995,100 +1.0 *10,000,000
Total(11 cities)
511,950,151
437.500.214 +17.0
374.629,481
1921.
$
660,619
268,928,381
1,788,487
a
1,006,534
a
1,207,608
3,172,938
2,828,641
7,233,161
4,484.236
8,321,100
299,631,705
Second Feder al Reserve D 'strict-New YorkN. T.-Albany
5,387,747
5,134,889 +4.9
3,680,570
3,457,128
968,300
Binghamton
911,900 +6.2
832,323
958,900
d49,477,832
51,005,220 -3.0
Buffalo
44.006,675
37.030,787
855,376
Elmira
607,506 +40.8
532,847
Jamestown_ _
c1,512,171
1,131,729 +33.6
1,150,675
991,916
New York...-. 4,949,224,546 4,041,723.993 +22.5 4,165,846,904 3,558,981,516
10,660,096
Rochester
9,417.307 +13.2
8,708,312
7.102,782
4,642,292
Syracuse
4,463,142 +4.0
3,925,842
3,113,568
c3,201,722
Conn.-Stamford
3,015,421 +6.2
2,769.354
3,262,484
654,847
459,503 +42.5
N. 1.-Montclalr
400,891
338,698
Total(10 cities) 5.026,584,9294,117,870,610 +22.1 4,231,980,970 3,615,111,202
Third Federal Reserve Dist rict-Philad elphia1,430,290 +14.1
1,631,775
Pa.-Alt000a
1,198,778
976,279
3,651,376
4,273,275 -14.6
Bethlehem- _ - 2,893,678
2,554,717
1,312,617
1,382,156 -5.0
Chester
1.047,596
1,011,442
2,521,304
2,872,641 -12.2
Lancaster
2,741,623
2,177,511
Philadelphia
535,000,000 486,000,000 +10.1 476,000,000 399,000,000
Reading
3,240,870
3,223,175 +0.5
2,629,092
2,171,751
Scranton
5,871,082
5,190,666 +13.1
4,172,596
4,901,567
Wilkee-Barre- d3,610,255
3,279,868 +10.1
2,580,657
2,831,024
1,606,997
1,495,256 +7.5
York
1,213.380
1,101,948
N.J.-Trenton
6,971,111
5,031,475 +38.6
4,481,268
3,584,655
a
a
Del.-WIlming'n.
a
a
a
Total(10 cities)
585,417,387
514,178,802 +10.0
498,958,668
Fourth Feder al Reserve D strict-Clev eland
Dhio-Akron
d8,774,000
7,244,000 +21.1
6,257,000
5,317,978
Canton
4,700.147 +13.1
4,640,454
Cincinnati_ --68,244,792
70,261,904 -2.9
61,937,638
Cleveland
125,741,318 119,583,578 +5.2 107,609,5.54
Columbus
13,848,500
13,026,900 +63
13,088,000
Dayton
a
a
a
a
a
aa
Lima
Mansfield
d2,542,735
2,039,866
16.3
1,720,974
Staingfield__
a
a
a
a
•
a
Toledo1
6,575,157 -15.7
d5.5439,758
youngstown
3,771,607
a
a
a
Pa.-Erie
•
Pittsburgh _ __ _ 159,033,002 165,813,763 -4.1 • 157,000,000
-4
Total (8 cities-
389,042,083
389.245,313
420,310,894
5,901,000•
3,399,868
54,390,749
90,318,728
13,545,900
a
a
1,340,866
a
a
3,923,120
a
167,400,000
-0.1
356,023,127
340,220,221
Fifth Federal Reserve Dist rict-Richm ondzixe.-Runt'g'n
1,537,736
2,063,533 -25.5
c7,250,773
9,949,695 -27.1
Va.-Norfolk_
54,518,000
53.853,000 +1.2
Richmond
2,418,614 -2.4
d2,360,030
3.C.-Charleston
89,246,341 +13.5
56d.-Baltimore_ 101,299,270
D.C.-Washing'n d22,550,000
22,117,000 +2.0
1,591,347
6,662,694
49,256,122
1,904,354
91,856,172
18,794,925
1,400,118
6,398,078
42,727,192
2,000.000
62,090,165
15,455,144
170,085,614
130,070,697
6,459,603
2,618,731
18,634,637
49,348,707
2,137,545
1,522,108
a
9,063,328
27,017,451
6,011,266
2,789,434
15,350,603
44,480,960
2,856,902
*1,500,000
a
7,805,846
18,416,157
831,535
265,835
57,652,035
798,672
345,989
45,159,042
169,551,515
145,514,871
Total (6attles).
189,515,809
179,648,183
+5.5
Sixth Federal Reserve Dist rict-Atlant a7,248,899 -7.1
6,733,921
renn.-Chattla.
3,179,792 +7.4
3,415,429
Knoxville
20,653.255 +8.4
22,383,587
Nashville
58,743,617
55,986,654 +4.9
3eorgia-Atlanta
2,725,299 +1.7
2,771,442
Augusta
1,829,772
1,658,140 +10.5
Macon
a
Savannah
a
a
11,469.615 +24.1
14,240,411
la.-Jack'nvIlle.
ue._Biereing.m.
25,610,062 +9.6
28,058,421
1,836,329 +6.0
1.945,878
Mobile
1,571.000
fl.-Jackson
892,855 +76.0
Vicksburg
379,790 +31.1
497,693
59,496,324
41.-NewOrleans
58,462,264 +1.8
Total(12 cities)
201,687,495
190,100,954
+6.1
•
[VOL. 119.
Week Ending September 20.
Clearings at
1924.
Inc. or
Dec.
1923.
1922.
1921.
$
$
$
8
%
Seventh Feder al Reserve D 'strict-Chi cageMich.-Adrian _ _
217,259
246,927 -12.0
192,057
170,000
Ann Arbor_ _ 1,107,343
945,315 +17.1
721,152
816,351
Detroit
155,572,657 161,432,421 -3.6 128,090,070 100,250,627
Grand Rapids7,830,782
6.988,820 +12.0
5,708,563
5,787.249
Lansing
2,498,594
2,529,640 -1.2
1,815,408
2,917,403
Ind.-Ft. Wayne
2,175,138
2,159,686 +0.7
2,127,186
1,670,844
Indianapolis_ _ 19,750,000
20,876,000 -5.4
18,200,000
15,210,000
South Bend_ _ 2,469,000 • 2.673,591 -7.7
2,216,807
1.868,499
Terre Haute_ _.
4,508,648
5,511,483 -18.2
Wls.-Milwauk e
38,443,676
38,333,098 +0.3
30,171,059
25,890,122
Iowa-Ced. Rap2,301,287
2,349,258 -2.0
2,114,357
1,855,324
Des Moines_ _. 10,663,027
10.916,289 -2.3
9,169,569
7,912,939
Sioux City_ .
6,794,827
5,992,671 +13.4
5,808,851
4,977,715
Waterloo
.
1,314,213
1,547,559 -15.1
1,432,330
1,219,975
Ill.-Bloomingto 1
1,620,458
1,602,240 +1.1
1,326,416
1,240,948
Chicago
. 624,052,037 582,425,302 +7.1 559,376,445 489,214,515
Danville
a
a
a
a
Decatur
1,524,314
1,392,627 4%.4
1,149,398
1,037,029
Peoria
.
4,859,200
4,155,902 +16.9
3,917,667
3.350,279
Rockford_ _ •
2,277,111
2,097,854 +8.5
1,974,169
2,000,000
Springfield _ .
2,159,139
2,446,582 -11.7
1,890,759
2,349,275
Total(20 citiesI 892,138,710 856,623,265 +4.1 777.576,148 669,563,209
Eighth Feder t I Reserve Dia rict-St. Lo ulsInd.-Evansville
5,672,800
4,895,040 +15.9
4,601,221
Mo.-St. Louis_ .
a
a
a
a
. 33,331,775
30,249,226 +10.2 • 27,297,408
Owensboro _ _ .
385,143
337,702 +14.1
307,797
Tenn.-Memph s
19,429,690
18,527,405 +4.9
21,103,066
Ark.-LittleRoc c
13,542,223
11,630,485 +164
11,624,306
Ill.-Jacksonvill t
432,688
386,078 +12.1 •
298,572
.
Quincy
1,532,787
1,400,166 +9.5
1,236,292
4,421,201
a
22,576,420
245,559
17,908,619
10,393,330
323,813
1,101,900
Total(7 cities).
74,327,106
67,426,102
Ninth Federal t eserre Distri ct-Minnea
Minn.-Duluth_ • d13,941,834
10,964,962
Minneapolis__ .
95,197,157
81,005,646
St. Paul
•
33,107,088
36,182,195
No. Dak.-Farg)
1,944,271
2,388,276
S.D.-Aberdeen •
1,664,710
1,580,777
Mont.-Billings •
623,724
595,877
Helena
3,193,037
3,523,723
+10.2
polls+27.2
+17.5
-8.5
-18.6
+5.3
+4.7
-9.4
66,468,662
56,970,842
9,141,754
74,744,536
34,839,384
2,347,749
1,333,701
512,391
3,599,221
10,204,853
72,331,625
36,766,319
2,222,336
1,279,136
679,966
4,641,389
Total(7 cities) • 149,671,821 136,241,456
Tenth Federal eserve Distri ct-Kansas
Neb.-Fremont •
d410,689
367,308
Hastings
599,160
513,169
Lincoln
4,113,241
4,201,079
Omaha
43.717,570
41,929,828
Kan.-Topeka _
d3,043,082
3,018,919
Wichita
d8,114,000
8,107,000
Mo.-Kan. City. 148.927,703 144,246,141
Bt. Joseph_ _
d7,251,148
7,700,774
Okla.-Muskog •
a
a
Oklahoma Cit • d26,203,711
22,399,222
Tulsa
a
a
Colo.-Col. Spgs
1,083,897
1,131,822
Denver
21,072,324
21,072,399
Pueblo
e1,004,281
878,004
+9.8
City
+11.8
+16.8
-2.1
+4.3
+0.8
+0.1
+3.2
-5.8
a
+17.0
a
-4.2
-0.0
+14.4
126,518,736
128,125,624
390,613
535,860
4,015,619
42,179.280
2,839,491
10,334,996
145,276,458
448,981
549,499
2,846,860
38,371,288
2,518,004
11,159,098
161,461,816
a
24,044,427
a
1,088,552
19,629,864
883,802
a
25,341,027
a
905,943
17,421,129
772,366
Total(12 cities
265,540,806 255,585,665 +3.9 251,218,762
Eleventh Fed • ral Reserve District-D atlasTexas-Austin_
3,726342
2,327,502 +60.1
2,007,359
Dallas
57,817,606
47,194,507 +22.5 • 38,589,207
Fort Worth_ _
d13,687,993
14,015,551 -2.5
13,830,343
Galveston
10,971,629
10,716,287
-2.3
10,754,472
Houston
a
a
a
a
La.-Shreveport
5,313,889
5,539,493 -4.1
5,074,289
261,795,811
Total(5 cities)91,242,397
80,048.882 +14.0
70,055,670
Twelfth Feder al Reserve D Istrict-San Franc!500Wash.-Seattle-46,893,711
41,843,145 +12.1
34,540,610
Spokane
13,951,000
13,029,000 +7.1
11,696,000
Tacoma
a
aa
Yakima
1,549,792
1,440,981 -r-7.5
1,349,053
Ore.-Portland _
42,876,765
43,149,988 -0.6
34,964,550
Utah-S. L. City
16,965,729
16,387,107 +3.5
14,048,523
Nev.-Reno
a
a
a
a
Ariz.-Phoenix _
a
a
a
a
Calif.-Fresno_
5,137,077
5,628,101 -8.7
5,520,264
Long Beach
6,678,820
9,263,885 -27.9
5,534,593
Los Angeles__ _ 141,303.000 152,094,000 -7.1 130,236,000
Oakland
17,411,203
16,648,455 +4.6
14,090,495
Pasadena
5,002,328
4,792,730 +4.4
3,395,226
Sacramento_ - - d10,444,800
9,049,545 +15.4
8,804,040
San Diego
4,128,128
3,516,335 +17.4
.3,000,000
San Francisco - 193,100,000 178,000,000 +8.5 152,000,000
San Jose
2,820,999
2,472,291 +14.1
2,165,000
Banta Barbara_
1,697,677
975,761 +74.0
1,013,999
Stockton
4,073.500
3,393,600 +20.0
2,908,500
61,722,177
1,778,095
31,000,000
13,144,854
11,716,057
a
4,083,171
32,121,288
12,027,540
a
1,465,151
34,117,149
13,363.545
a
a
5,034,180
3,376,042
83,030,000
10,285.095
2,757,317
6,188,925
2,380,544
136,300,000
1,803,634
667,621
5,151,400
Total(16 cities) 514,034,529 501,684,924 +2.5 398,266,853 350,069,431
Grand total (124
cities)
8,871,153,223 7,726,134.170 +14.8 7,491,314,206 6,479,106,684
Outside NewYork 3,921,928,677 3,684,410,177 +6.4 3,325,467.302 2.920.125.168
Week Ending September 18.
Clearings at
1924.
CanadaMontreal
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 AlbertMoncton
Kingston
1923.
Inc. or
Dec.
1922.
1921.
8
98,058,180
96,156,267
39,781,192
14,481,730
6,305,291
5,683,007
2,720,750
5,270,160
4,845,324
'2,573,843
1,990,178
2,493,741
3,978,992
2,766,952
*700,000
721.434
1,497,975
1,017,007
817,712
737,859
597,513
*300,000
751,021
648,821
889,316
3,760,418
271,328
782,693
795,128
$
92,851,909
91,251,860
39,618,349
14,579,824
6,705,097
5,998,738
2,507,381
6,902,956
4,711,861
2,553,315
2,140,169
2,717,751
3,866,367
3,894,108
744,581
673,838
1,772,647
1,323,673
1,045,622
992,076
562,462
361,480
778,040
780,244
909,909
3,771,108
334,137
815,135
930,729
%
+5.6
+5.4
+0.4
-0.7
-8.0
-5.3
+8.5
-23.7
+2.8
+0.8
-7.0
-8.2
+2.9
-28.9
-6.0
+7.1
-15.5
-23.2
-21.8
-25.6
+6.2
-17.0
-3.5
-16.8
-2.3
-0.3
-18.8
-6.4
-14.6
S
94,485,507
86,872,972
56,813,237
13,642,809
6,712,835
5,847,185
2,593,463
5,901,640
4,860,300
2,496,910
2,065,431
2,853,611
4,104,402
3,854,876
721,855
619,145
1,765,753
1,239.908
1,448,691
771,326
531,549
345,284
692,624
754,254
910,963
3,217,162
297,301
1,189,590
739,139
S
104,293,949
85,717,609
60,429.123
13,703,614
7,582,447
5,761,606
2,545,697
5,722,176
6,855,740
2,926,684
2,303,526
2,905,773
5,338,565
4,467,529
' 844,631
695,263
2,134,387
1,620,039
1,048,735
844,994
618,949
420,871
800,511
945,298
926,589
2,861,463
Total (29 onto) 301.373.832
296.095.266
+1.8
308.340.722
325 140 2150
1,067,894
768,608
•No longer report clearings. b Do not respond to requests for figures. c Week
ending Sept. 17. d week ending Sept.18. •Week ending Sept. 19. •Estimated
SEPT. 27 1924.]
THE CHRONICLE
gommercial antlAtiscellanzonsgyms
New York City Banks and Trust Companies.
AU prices dollars per sham
Ind Ask Trust Co.'s Bid
Banks
Manhattan •_ 162 164
New York
Mech & Met. 365 370 American _
Mutual'----- 400
Bank of N Y
& Trust Co 555
Nat American 135 145
National Cityz393 398 Bankers Tru 396
New Neth •__ 140 155 Central Union 630
448 445 Empire
Park
295
Penn Exch
105 115 Equitable Tr_ 230
Port Morris- 178 - Farm L & Tr_ 695
Public
395 405 Fidelity Inter 212
435 445 Fulton
Seaboard
325
Seventh Ave. 95 105 Guaranty Tr. 273
Standard ___ 260 275 Irving Bank1,,rad
State•__ .____ 375 385
Columbia Tr 225
138 145 Law Tit & T 225
Trade•
emen's• _ 200
Metropolitan_ 343
3d Ward'.__ 165 _ Mutual (West
cheater) . 140
United States. 194 198
Wash'n His._ 225
NY Trust.... 388
Yorkville•
Title Gu & T 475
1400
S Mtg & Tr 320
Brooklyn
United States 1475
Coney Island* 180
Westches Tr_ 245
420 430
First
Brooklyn
Mechanics' •_ 140 150 Brooklyn Tr_ 585
Montauk •___ 180
Kings County 1050
265
Nassau
Manufacturer 290
People's
270
People's
425
Banks-N.Y. Bid Ask
America •_ - 224 228
Amer Exch.. 328
Amer Union. 165
Bowery •---- 525
Broadway Cen 155 170
Bronx Bor.).. 250
Bronx Nat... 150
Bryant Park • 165 175
Butch & Drov 125 145
Cent Mercan. 180 184
363 368
Chase
Chat & Phen_ 268 272
Chelsea Exch• 150 160
557 563
Chemical
222 228
Coal & Iron
Colonial•____ 440
Commerce ___ 343 346
Com'nwealth• 280
Continental- _ 200 iiO
Corn Each... 442 447
CosmoPlan•- 115 125
East River__ 208
Fifth Avenue*1350
245 255
Fifth
1850 1865
First
Garfield
300 310
Gotham
126
Greenwich'.. 375 400
Hanover
880
Harriman__ _ 400
• -•Banks marked w ti, (s1 are Rtate hanks
(7) Ex dividend
700
alo
276
228
232
348
Alliance R'ItY
Amer Surety.
Bond& MG.
City Inventing
Preferred..
Lawyers Mtge
Bid
115
110
395
98
98
170
ills.
(0 New stock
Ask
155
90
82
260
Maturity.
1714.
Rate.
Bid.
Asked.
Megurity.
Dd.
Rate.
Bid.
Asked.
Mar.15 1925_
Mar.15 1928_
Dec. 15 1925- _
Sept.15 1926...
June 151925...
434%
43(%
434%
434%
434%
10142
10218
10111,1
10151'
10114'
10Psi
102 Si
1011811
101"li
10111s
Dec. 15 1927___
Mar.15 1927.._
Dec. 15 1924___
Mar.15 1925___
Dec. 15 1924_
Sept. 15 1925..
434%
494%
434%
4%
%
24%
1024
10251.1
100Ili
wan,.
100,,,
1025s
102.1
1005.I
100"ii
1005iso
1001ii
Breadstuffs figures brought from page 1528.-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Flour.
Wheat.
Corn.
Oats.
Barley
Rye.
bbls.196Ibs.bush.60 lbs.bush.56 tbs. bush. 32 Ins. bush.48168 bush.561bs.
Chicago
288,000 2,610,000 2,230,000 3,156,000
340,000 172,000
Minneapolis_
197,000 3,168,000 843,000 319.000
4,482,000
Duluth
22,000 1.967,000 1,405,000 2,593,000
4,531,000
Milwaukee...
55,000
164,000
406,000
143,000 605,000
70,000
Toledo
26,000
560,000
345,0001
29,000
Detroit
5,000
59,000
77,000
Indianapolis._
214,000
104,000
300,000
St. Louis- _ ._
104,000 1,499,000
498,000
334,0001
38,000
22,000
Peoria
43,000
417,000
67,000
318,0001
13,000
2,000
Kansas City_
2,584,000
238,000
201,000
Omaha
1,067,000
474,
441,000
Bt. Joseph_
251,000
249,000
90,000
Wichita
24,000
605,000
6,000
Sioux City_
144,000
52,000
5,000
4,000
174,000
Total wk. '24
490,000 18,875,000 4,834,000 10,790,000 3,249,0
3,211,000
Same wk. '23 456,000 11,340.000 5,098,000 5,814,000 1,576,000 1,232,000
Same wk. '22 533,000 13,245,000 7,856,000 4,264,000 1,109,000 2,513,000
1
Since Aug.11924
3.753.000162.899,000 36.465,000 71,883,00012,8.56,
12,276,000
1923
3.155,1 ii HM3,7139,000 37,235,000 51,159,000 9,291,000 7,010,000
1922
4.267.000106,928,000 48,942,011 41,143,000 7.855,00022,702,000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Sept. 20 1924, follow:
Receipts atNew York....
Philadelphia..
Baltimore- -- Wport NewsNorfolk
New Orleans'
Galveston
Montreal.. _.
Boston
Flour.
Barrels.
345,',l
77,111
49,001
2,001
1,'''
81,'''
60,111
39,001
Wheat.
Corn.
Oats.
Barley.
Rye.
Bushels.
Bushels.
Bushels.
Bushels. Bushels.
1,638,000
277,000 1,098.000 954,111 1,296,000
413,000
14,000
64,000
88,000
7,000
680,000
125,000
106,111
286,000
224,000
59,000
420,000
122,000
1,655,000
6,000
4,005,000
814,000
173,1'1
852,000
1,000
49,000
16,00'
2,000
Total wk. '24 654,000 9,084,000
364,000 2,239,000 1,233.0'1 2,522,000
Since Jan.1'24 18,108,000182,072,000 15,628,000 35,231,000 10,794,00018,228,000
Week 1923._
510,000 5,976,000
285,000 1,382,000 392,000 1,381,000
Since Jan.11316,983,000 173,975,000 35,293,000 30,325,000 11.858.00027,414.000
•Receipts do not include grain passing through New Orleans for foreign ports
on through bi is of lading.
The exports from the several seaboard ports for the week
ending Saturday, Sept. 20 1924, are shown in the annexed
statement:
Exportsfrom-
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley. Peas.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.
New York
1,584,429
191,182 410,119 462,132 620,271
Boston
64,000
63.000
26,000
Philadelphia
204,000
16,000
43,000
Baltimore
280,0049
18,000
30,000
68,000 67,000
Norfolk
224,000
1,000
Newport News__
2,000
New Orleans.... 910,000
60,000 22.000
9,000
Galveston
806,000
17,000
Montreal
4 640,000
73,000 383,000 530,000 177,000
Total week 1924_ 8,712,429
Same week 1923_ 2,601,842
60,000 403,162
14.675 146.617
832,119 1,129,132 864,271
433.725 962.165 543.075
The destination of these exports for the week and since
July 1 1924 is as below:
Total 1924
Total 1923
Wheal.
Week
Sept. 20
1924.
Cons.
Since
July 1
1924.
Week
Sept. 20
1924.
Since
July 1
1924.
Barrels. Barrels.
Bushell.
Bushels. Bushels. Bushels.
85,822
906,835 3,336,358 25,868,316
284,190 1,346,174 5,369,073 32,901,299
22,155
288,045
7,000
237.600
10,000
296,764
'10,395
49,000
50,000
501,830
2,105
600
374,450
179,153
' 119,500
3,900
403,162 3,019,076 8,172,429 59,175,715
146,617 2,645,584 2,581,842 50,299,350
60,000
880.180
14,675 1,286.026
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Sept. 19, and since July 1 1924 and 1923,
are shown in the following:
Wheat.
1924.
485
327
Quotations for U S. Treas. Ctfs. of Indebtedness &c.
Receipts at-
United Kingdom_
Continent
So.& Cent. Amer_
West Indies
Brit.No.Am.Cols_
Other Countries
565
New York City Realty and Surety Companies.
All priced dollars per share
Ask
Bid
Ask
Bid
Mtge Bond-- '113 120 Realty Assoc
115 Nat Surety_ 162 165
(Bklyn)eom 150
400 N Y Title &
1st pref
85
Mortgage__ 243 246
102
2d pret___ 77
105 U S Casualty_ 225
Westchester
175 U Title Gua 185 195
Title & Tr_ 230
Flour.
Erportsfor Week
Week
and Since
Since
July 1 toSept.20 July 1
1924.
1924.
Asa
563
400
635
1487
Week
Sept. 19.
Bushels.
North Amer_ 13,296,000
Russ.& Dan.
16,000
Argentina_.. 621,0
Australia _
448
India
208
0th. countr'
Total
14,589,
Since
July 1.
Corn.
1923.
Since
July 1.
1924.
Week
Sept. 19.
Since
July 1.
1923.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
85,767,00 73,242,000
276,
24,000
1,259,000
2,400,000 1,944,000
187,000 6.314.000 1.559,000
25,569,0
27,670.000 5,192,000 68.710.000 40,798,000
8,936,000
11,816.
10,792,000 9,688,000
1,584,000
95,000 5,563,000
136,344,000123,064.000 5,403,000 75.395.001 49,177.000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Sent. 20, was as follows:
GRAIN STOCKS.
Wheat.
Oats.
Corn.
Rye.
Barley.
United Statesbush,
bush,
bush,
bush.
bush.
New York
634,000
604,000 1,311,000
27,000
229,000
Boston
21,000
25,000
1,000
1,304,000
Philadelphia
36,000
181.000
270,000
25,000
Baltimore
69,000
1,585,000
251,000
228,000
123,000
Newport News
116,000
New Orleans
498,000
2,074,000
306.000
36,000
3,000
Galveston
3,031,000
50,000
Buffalo
2,704,000
520,000 1,950,000
750,000
261.000
" afloat
853,000
215,000
128,000
205,000
470,000
Toledo
1,873,000
19,000
778,000
28,000
Detroit
150,000
10,000
160,000
12,000
Chicago
17,036,000 1.430,000 11,396,000 5,285,000
71,000
845,000
" afloat
39,000
Milwaukee
524,000
225,000 1.971,000
155,000
343,000
5,314,000
Duluth
249,000 6,164.000 2,265,000 1,294,000
Minneapolis
262,000 8,751,000 3,728,000
8,423,000
592,000
255,000
Sioux City
193,000
671.000
23,000
19,000
3,682,000
St. Louis
99,000
324,000
24,000
8,000
19,269,000
Kansas City
219,000 1,277,000
135,000
26,000
Wichita
2,926,000
1,308,000
5t.Joseph, Mo
126,000
203,000
3,000
3.000
Peoria
9,000
38.000
Indianapolis
763,000
197,000
658,000
50,000
4,631,000
Omaha
419,000 1,298,000
54,000
26,000
2,658,000
On Lakes
74.000
354,000
515,000
952.000
On Canal and River
6.000
165.000
183,000
52,000
Total Sept. 20 1924_ _ _80,819,000 5,018,000 38,552,000 14,726,000 4,064,000
Total Sept. 13 1924
76,939,000 4,869.000 29,713,000 16,157,000 2,704,000
Total Sept. 22 1923_ _ _63,162,000 2,341,000 15,866,000 14,690,000 2,844,000
Note.-Bonded grain not included above: Oats, New York, 428,000 bwihein•
Baltimore, 66.000; Buffalo, 839.000; Duluth, 2,000: total, 1,335,000 bushels, against
79,000 bushels in 1923. Barley, New York.9.000 bushels; Buffalo. 105,000: Duluth,
24,000; total, 138,000 bushels, against 108,000 bushels in 1923. Wheat, New York,
153,000 bushels Philadepihia, 277,000; Baltimore, 196,000; Buffalo, 365.000;
Buffalo afloat, 82,000; Duluth, 136,000; Toledo, 6,000. On Canal, 106,000; total,
1,321,000 bushels, against 2,085,000 bushels In 1923
CanadianMontreal
1,931,000
180,000 1,578,000
108,000
23,000
Ft. William & Pt. Arthur_ 2,676.000
3.239,000 1,128,000
737.000
Other Canadian
1,696.000
3,539.000
303.000
113.000
Total Sept. 20 1924_ _ _ _ 6,303.000
180,000 8,350,000 1,539,000
873,000
Total Sept. 13 1924_ __ _ 8,572,000
59,000 8,178,000 1,717,000
476,000
Total Sept. 22 1923.- 5,787,000
32,000 1,252,000 2,709,000 1,295,000
Summaryan gil
80,819,000 5,018,000 38,552,000 14.726,000 4,064,000
American
Canadian
6,303.000
180,000 8,356,000 1,539,000
873,000
Total Sept. 20 1924_ _ _ .87,122,000 5,198,00016,908,000 16,285,000 4,937,000
Total Sept. 13 1924....85.511,000 4,928,000 37,891,000 17,874,000 3,180,000
Total Sept. 22 1923_ _ _68,929,000 2,373,000 17,118,000 16.769,000 4,139,000
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on WednesdayLof
this week:
By Messrs. Adrian H. Muller & Sons, New York:
,
Shares. Stocks.
$ Per Sh.
500 North Amer. Collieries, Ltd.,
temporary certificates
$120 lot
579 S. S. Stafford, Inc. (Delaware
corporation) common
$12,000 lot
75 J. F. Newman,Inc.,pref
$90 lot
160 Globe Rubber Tire Mfg. Co.,
common
Snot
1.620 13-20 Columbia Graphophone
Mfg. Co. (Delaware) common,
no par
$111ot
131 St. Louis Coke & Iron Co.,
class A common,$5 each
$50 lot
200 The Fuel Products Corp....)
5,000 Forty Mlle Power & Dredg-1
ing Co., Inc., Si each
30 Chicago City & Connecting) $56
Rys., pref. participation Ws
lot
18 Chicago City & Connecting
Rys. common partic. ars
50 Duane Chemical Corp
44
200 Kentucky Securities, prof
694
Shares. Stocks.
low $ per M.
12 Fairbanks Co., 28 Preferred.... 54
BondsPer cent.
$65,500 Seaboard Finance & Invest.
Co. temp.7% notes, Sept. 1 '23,
int. accr'd from June 1 1923_ .1.800 lot
$40,000 General Mines Corp. of) ..., so
Bolivia coll. tr. 7s. Jan. 1 '34.1
.
Jan. 1 1924 & sub. counons I
1111
attached
I
$10,000 General Mints Corp. 011
Bolivia coll. tr. 7s, reg., Jan. )$15.000
1 1934. Jan. 1 1924 & sub.', lot
COUport9 attached
I
149 coupons. $1750 each, duel
July 1 1922. Detached from'I
Gen. Mines Corp. of Bolivia' I
7% coll. tr. gold bonds
I'
386 coupons for $35 each, duel I
July 11922. Detached from'
7
Gen. Mines Corp. of Bolivia n.
I
7% coll, trust gold bonds.. _ _ _l
By Messrs. Wise, Hobbs & Arnold, Boston:
Shared. Slacks.
$ per sh.
30 Merchants Nat. Bank,Boston_298If
17 Webster & Atlas National Bank,
ex-div
2004
10 Stevens Manufacturing Co
1104
10 Dwight Manufacturing Co
47
3 Worcester Gas Light Co., pref...104
10 Lowell Elec. Light Corp.(new).
par $25
504
3 Jones,McDuffee&Stratton Corp.
99
prof
1 State Theatre Co.. Pref
8634
25 Wickwire Spencer Steel Corp.,pf. 1734
1 Puget Sound Power & Light Co.,
6% prof
82, ex-div.
5 Tyer Rubber Co., corn
20
Shares. Stocks.
$ per dz.
5 Turners Falls Power & Elec. Co.,
COM
10934, ex-eilv.
30 Boston Condensed Milk Co.,7%
prof
ill lot
2 Puget Sound Power & Light Co...1
6% pref. par $10
82, ex-div.
40 Eliot Hall Trust, par $10
$21 lot
35 Fall River Elec. Light Co.. par
$25
334.ex-dlv.
3 Griffin Wheel Co.. prof... _100 & div.
19 Hood Rubber Co., pref
914
Rights.
$ per HOW.
110 Fitchburg Gas& Elec.Co.6 4-8 13-16
10 Collyer Insulated Wire Co
8 al
1488
[voL. 1;9.
THE CHRONICLE
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
$ per oh.
10 Connecticut Mills Co.,2d prof__ 3534
10 West Point Mfg.Co_ - _ _127%,ex-div.
10 Ipswich Mills,corn
24
10 Ludlow Mfg. Associates
14535
35 Newmarket Mfg, Co
14034
10 Merrimack Mfg. Co., com
11035
1 Naumkeag Steam Cot'n Co_186, ex-div
10 Connecticut Mills let pt. ctf. dep.7434
10 J. It. Whipple Co., 2d pref., par
$25
35
96 New England Cold Storage Co.,
com
91 lot
10 Adirondack Power& Light Corp.
7% pref
9734,ex-div.
Shares. Stocks.
$ per oh.
30 New England Ca., let pref_ _87 & div.
90 Adirondack Power & Light
Corp.,corn., par $50
3234
4 New Hampshire Fire Insur. Co.
30115, ex-div.
X Boston Storage Warehouse Co__ 3134
4 Montpelier & Barre Light & Pow.
Co., pref
7334
20 Griffin Wheel Co.,prof__ _10034 & div.
5 Liggett's Internat., Ltd., pref.,
Par $50
5334
Rights.
$ per right.
50 Fitchburg Gas & Electric Co_ _6 13-16
10 Collyer Insulated Wire Co
7
By Messrs. Barnes & Lofland, Philadelphia:
shares. Stocks.
$ per oh. Shares. Stocks.
$ per oh.
7 John B.Stetson Co.,com.,no par. 944 20 First National State Bank,Cam5 John B. Stetson Co.,com.,no par. 944
den, N. J
296
10 Southwark National Bank
2364 15 First National State Bank, Cam10 Southwark Title & Trust Co_ __ _220
den, N. J
295
25 Bank of North Amer.& Tr.Co__2844 8 Franklin Trust Co
26034
100 Union Traction Co., par $50_.- 3834 2 Jefferson 'Title & Tr. Co., par $50. 624
6 Keystone Telep. Co.,com.,par $50 615 45 Cent. Tr. & Say. Co., par 950-140
10 Midvale Co.(Del.corp.), no par.
25 Belmont Trust Co., par 50.$
8134
(temporary certificate)
23
6-10 Penn. Co. for Ins., dtc
$250
20 .1. B. Van Sciver Co., Camden,
25 Girard Ave. Title & Trust Co.,
N. J., pref
105
par $50
180
10 Knickerbocker Lime Co., pref-100
10 Phila.Suburban Gas& Elec. Co.,
10 Sweeten Automobile Co., pref__ 50
pref
993-4
158 Knickerbocker Chocolate Co.
18 Fire Assn. of Phila., par $50.._ _47634
(N.J.), pref.. par $20
20
50 Phila. Life Ins. Co., par $10_._ _ 11
208 Knickerbocker Chocolate Co.
25 Insurance Co.of N.A., par 810_ 5934
(N. J.) corn., par $20
30
10 Camden Fire Insur. Asan.,par 95 1334
20 Edward G. Budd Mfg. Co., pref. 9715 25 Welsbach Co., com
50
5 M.J. Costa Co.of Pa.,com
504 25 Lehigh Coal& Nay. Co.,par $50. 8334
10 Cambria County Coal Co.. pref. 80
12 Autocar Co., Ardmore, com_ ___ 60
40 L. F. Grammes & Sons, Inc.
35 Penn. Cold Storage & Mkt. Co__ 50
(Md.), Class "A," prof,. par $25_ 25
42 Nor. Liberties Gas Co., par $25. 34
10 Hainesport Mining & Transp'n
100 United N.J. RR.dc Canal Cos_200X
Co.(N. J.), pref
105
60 Independence Fire Insurance SeBonds.
Per cent.
38
eurities Co., par 925
$1,000 Hudson Valley Ry.55, Series
48 H. K. Mulford Co., par 950
A, 1951
3134
10
5 Central National Bank
51034 $1,000 Atlantic City & Shore RR.
10 National Bank of Commerce
1st 55, 1945
15334
33
10 East Falls Bank & Trust Co.,
UM Benevolent & Protective Order
100
par $50
of Elks (Philadelphal Lodge No.
5 Drovers& Merchants Nat..Bank_150
2), gen. fls, 1942
91
10 Philadelphia National Bank__._388
200,000 lira Italian Govt.5%
$8,200
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION TO ORGANIZE RECEIVED,
Capital.
Sept. 20-The Farmers National Bank of Fort Payne,Ala
$50,000
Correspondent, C. C. Driskill, Fort Perm, Ala.
APPLICATIONS TO ORGANIZE APPROVED.
Sept. 16-The Nicodemus National Bank of Hagerstown, Md
$100,000
Correspondent, Charles E. Hilliard, Hagerstown,Md.
Sept. 20-The Citizens National Bank of Putnam. Conn
150,000
Correspondent, Mahlon H. Geissler, Putnam, Conn.
APPLICATION TO CONVERT RECEIVED.
Sept. 16-The Prineville National Bank. Prineville, Ore
$50,000
Conversion of The Bank of Prineville, Ore.
CHARTERS ISSUED.
Sept. 15-12578-The First National Bank of Ketchikan, Alaska $50,000
President, E. A. Rasmuson. Cashier, W.A. Pries.
Sept. 16-12579-Pacific National Bank of San Francisco, Callf_$1,000,000
President, E. W. Wilson. Cashier, H. R. Gaither,
Sept. 17-1258--First National Bank in Alvin. Texas
25,000
President, M.P. Jensen. Cashier, M. M. Dodson.
VOLUNTARY LIQUIDATIONS.
Sept. 15-669-The Dedham National Bank of Dedham,Mass.. $150,000
Effective Aug. 27 1924. Liquidating Agent, Wm. T.
Halliday, Dedham, Mass. Succeeded by The Dedham National Bank, Dedham, Mass., No. 12567.
Sept. 16-8108-The Capital National Bank of St. Paul, Minn--$1,000,000
Effective Aug. 30 1924. Liquidating agent, t. E.
Johnson. St. Paul, Minn. Absorbed by The Merchants National Bank of St. Paul. Mimi., No. 2020.
Sept. 16-11786-The Northern National Bank of Fargo, No.D.
100,000
Effective Sept. 12 1924. Liquidating agents, B. I.
Keating and A. W. Fowler. Fargo, No. Dak. Absorbed by The Security National Bank of Fargo,
No. Dak., No. 11555.
Sept. 17-3872-The Citizens First National Bank of Albany.Ga. 200,000
Effective Aug. 28 1924. Liquidating agent, The
Georgia National Bank,of Albany, Ga. Absorbed by
The Georgia National Bank of Albany, Ga., No.9729.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Citizens Gas & F.(Terre H.). corn.(qu.) 3
Sept.26 Holders of rec. Sept. 18
Preferred (quar.)
14 Oct. 1 Sept.26 to Sept.30
Citizens Gas Light(Quincy, Mass.)(qu) *2
Sept.30 *Holders of rec. Sept.25
City Ry.(Dayton, 0.), com. (quar
% Sept.30 Sept. 16 to Sept.30
Preferred (guar.)
135 Sept.30 Sept. 16 to Sept.30
Columbia (Pa.) Gas (quar.)
2
Sept.30 Sept.21 to Sept.30
Commonwealth Gas& El. Cos., Pf.(qu.) $1.50 Oct. 15 Holders of rec. Oct. la
Conestoga Traction, common (quar.)--.
H Sept.30 Sept.21 to Sept.30
Preferred (quar.)
134 Sept.30 Sept.21 to Sept.30
Consumers Gas (Toronto)(quar.)
•
23.5 Oct. 1 Holders of rec. Sept. 15a
East Bay Water Co., Class A (quar.)--- 111.50 Oct. 15 Holders
of rec. Sept.30
Class B (quar.)
*31.25 Oct. 15 5Holders
rec. Sept.30
Eastern Texas Electric Co.,com.(quar.) $1 .25 Oct. 1 Holders of
of rec. Sept. 240
Fall River Electric Co.
2
Oct. 1 Holders of rec. Sept. 20a
Fort Worth Power itc Light, pref.(quar.) *114 Nov. 1 *Holders of rec. Oct. 15
Georgia Lt., Pr. & Rys., pref. (quar.)_ _ 14 Oct. 1 Holders of rec. Sept. 150
Harrisburg Light & Power,pref.(quar.)_ 14 Sept.30 Holders of rec. Sept.
180
Harrisburg Rys.. preferred
4
Oct. 1 Sept. 19 to Sept.30
Houston Gas & Fuel, common (quar.)
2
Sept.26 Holders of rec.Sept.190
Common (extra)
1
Sept.26 Holders of rec. Sept. 19a
Preferred (quar.)
135 Sept.30 Holders of rec. Sept.190
Illinois Power & Light,7% pref.(quar.)
14 Oct. 1 Holders of rec. Sept. 100
Six per cent pref. (quar.)
13.4 Oct. 1 Holders of rec. Sept. 10a
Interstate Pub.Serv., pr.lien stk.(qu.). 134 Oct. 15 Holders of rec. Sept. 10a
Iowa Ry. & Light, prof. (quar.)
134 Oct. 1 Sept. 21 to Sept.30
Kansas City Power Securities, corn__ _ _ $2
Oct. 1 Holders of rec. Sept.30
Preferred (guar.)
$1.25 Oct. 1 Holders of rec. Sept.30
Kentucky Utilities, pref. (quar.)
135 Oct. 15 Holders of rec. Sept. 30a
Lancaster County Ry.& Lt.,com.(qu.). $1.53 Sept.30 Holders of rec. Sept.250
Preferred (quar.)
14 Sept.30 Holders of rec. Sept.25a
Lancaster Gas L.& Fuel,com.(qu.)-3
Sept.30 Sept.21 to Sept.30
Long Island Lighting, pref. (quar.).-Oct.194
1 Sept. 23 to Sept.30
Louisville Gas & El. of Ky., Pi. (qu.).. 194 Oct. 15 Holders of rec. Oct. la
Louisville Ry.. preferred
5
Oct. 2 Sept. 19 to Sept. 22
Massachusetts Gas Cos., common (au.). *14 Nov. 1 *Holders of rec. Oct. 15
Massachusetts Lighting Cos.,corn
50c. Oct. 7 Holders of rec. Sept. 25
Six per cent preferred (quar.)
135 Oct. 15 Holders of rec. Sept.25
Eight per cent preferred (quar.)
2
Oct. 15 Holders of rec. Sept.25
Memphis Power & Light, pref. (guar.). 134 Oct. 1 Holders of rec. Sept. 20
Michigan Gas & Electric. pref.(quar.)
134 Oct. 21 Holders of rec. Sept.30
Prior Ben stock (guar.)
14 Oct. 15 Holders of roe. Sept.30
Midway Gas, coin. (guar.)
Sept.15 Holders of rec. Aug. 306
$5
Missouri Gas& Else.Serv. pr.lien(qu). 134 Oct. 15 Holders of rec. Sept. 160
Montreal Telegraph (quar.)
2
Oct. 15 Holders of rec. Sept.30
Municipal Service Co.,corn.(quar.)_
40c. Oct. 25 Holders of rec. Oct. 10a
Preferred (quar.)
135 Nov. 1 Holders of rec. Oct. 150
Nashville Ry.& Light, pref. (quar.)---- 14 Sept.29 Holders Of rec. Sept.230
New England Coal & Coke (quar.)
*5
Sept.30 *Holders of rec. Sept.25
New England Fuel Tranap. (quari---- *1
Sept.30 *Holders of rec. Sept.25
New York & Richmond Gas,com.(qu)- 115 Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
194 Oct. 1 Holders of rec. Sept. 15
Pacific Gas & Electric, common (quar.). 2
Oct. 15 Holders of rec. Sept.30
Phila. & Camden Ferry (quar.)
1.5
Oct. 10 *Holders of rec. Sept. 26
Philadelphia Company,6% pref.(quar) 91.50 Nov. 1 Holders of rec. Oct. 1
Pittsburgh Utilities, common
91
Nov. 1 Holders of rec. Oct. 15
Common (extra)
896.25 Nov. 1 Holders of rec. Oct. 15
Preferred
35e. Nov. 1 Holders of rec. Oct. 15
Preferred (extra)
25c. Nov. 1 Holders of rec. Oct. 15
Porto Rico Railways, preferred (guar.)._
194 Oct. 1 Sept.21 to Sept.30
Public Utilities Corp., pref. (quar.)_ _
134 Oct. 1 Holders of rec. Sept. ha
Quebec Power, preferred (quar.)
135 Oct. 15 Holders of rec. Sept.350
South Pittsburgh Water,7% pref.(qu.)- 134 Oct. 15 Oct. 5 to Oct. 15
Southern Cities Utilities, common (qu.).
94 Oct. 10 Holders of rec. Sept. 156
Preferred (monthly)
581-3e Oct. 10 Holders of rec. Sept. 15a
Southern Indiana Gas& El.,7% Pt.(411.) 114 Oct. 1 Holders of rec. Sept. 18a
Southern Wisconsin Elec. Co.,com.(qu.) 2
Oct. 25 Holders
rec. Sept. 30a
Preferred (quar.)
iu Oct. 15 Holders of
of rec. Sept.30e
Tr -City Sty. dc Light, preferred (quar.). 154 Oct. 1 Holders of rec. Sept. 21a
Trinidad Electric Co., Ltd. (guar.)._ _ _ 14 Oct. 10 Oct. 1 to Oct. 10
Union Natural Gas corp.(quar.)
50c. Oct. 15 Holders of rec. Sept. 30a
United Utilities, preferred (quar.)
114 Oct. 1 Holders of rec. Sept.200
Utilities Securities, pref. (quar.)
13.4 Sept.27 Holders of rec. Sept. 17a
Virginia R.& Power, preferred (quar.)_
13.4 Oct. 20 Holders of rec. Sept.300
Western Power Corp., preferred (quar.). 114 Oct. 15 Holders of rec. Sept. 30a
Western Public Serv., 1st & 2d pf.(au)
134 Sept.15 Sept. 1 to Sept. 9
West Kootenay Pow.& Lt., pref. (qu.). 194 Oct. 1 Holders of rec. Sept. 26a
Worcester Electric Light Co.(quer )_ _ _ 3
Sept.30 Sept.21 to Sept.30
Worcester Gas Light, common (quar.)_ 50c. Oct. 1 Holders of rec. Sept. 20a
2
Preferred (quar.)
Oct. 1 Holders of rec. Sept.20a
*75c. Oct. 15 *Holders of rec. Oct. 6
York Railways, common (quar.)
Preferred (quar.)
*6234c Oct. 31 *Holders of rec. Oct. 21
Banks.
East River (quar.)
Nassau National(Brooklyn)(quar.)
3
3
sept.30
Trust Companies.
United States Mortgage & Trust (guar.).
4
Oct. 1 Holders of me. Sept. 276
Sept.27 to Sept.30
Oct. 1 Holders of rec. Sept. 296
Miscellaneous.
Aeolian Company, pref. (guar.)
114 Sept.30 Holders of rec. Sept.25
Aeolian, Weber Piano & Pisnola, pf.(qu) 14 Sept.30 Holders of rec. Sept.25
Alabama Co., 1st & 2d pref. (quar.)*14 Oct. 10 5Holders of rec. Sept.30
Alabama Fuel & Iron (guar.)
2
Oct. 1 Sept. 21 to Sept.30
Alles & Fisher, Inc., common (quar.)__ 50o. Oct. 1 Holders of rec. Sept. 25a
DIVIDENDS.
Preferred (quar.)
$2
Oct. 1 Holders of rec. Sept. 25a
Dividends are grouped in two separate tables. In the Aluminum Manufacturea,Inc.,com.(qu) 25c. Sept.30 Holders of rec. Sept.15a
135 Oct. 1 Holders of rec. Sept.20a
Preferred (quar.)
first we bring together all the dividends announced the cur- Amer.
Bank Note, com. (quar.)
*$1 .25 Nov.15 Holders of rec. Nov. 1
rent week. Then we follow with a second table, in which Amer.Bond & Mortgage
Co., pref.(qu.) 114 Oct. 1 Holders of rec. Sept. 20
*2
Glue, preferred (quar.)
Nov. 1 Holders of rec. Oct. 15
we show the dividends previously announced, but which have American
Amer. Greenhouse Mfg., pref. (quar.)
2
Oct. 15 Holders of rec. Sept.30a
not Yet been paid.
American Ice,corn.(quar.)
134 Oct. 25 Holders of rec. Oct. 8a
Preferred (quar.)
134 Oct. 25 Holders of rec. Oct. 8a
The dividends announced this week are:
American Screw (quar.)
135 Oct. 1 Holders of rec. Sept. 22a
Arundel Corporation, com.(quar.)
11
Oct. 1 Holders of rec. Sept.260
Per
When
Books Closed.
Associated Dry Goods,common (quar.)_ •Isi Nov. 1 *H9Iders of rec. Oct. 11
Cent. Payable.
Name of Company.
Days Inclusive.
First preferred (quar.)
•114 Dec. 1 *Holders of rec. Nov. 8
Second preferred (quar.)
0134 Dec. 1 *Holders of rec. Nov. 8
Railroads (Steam).
Atlas Powder, prof.(quar.)
135 Nov. 1 Holders of roe. Oct. 20a
1% Dec. 1 Oct. 12 to Oct. 13
Baltimore & Ohio,com.(guar.)
Auburn Automobile, Prof.(quar.)
134 Oct. 1 Holders of reo. Sept. 20a
1
Dec. 1 Oct. 12 to Oct. 13
Preferred (quar.)
Automobile Banking Corp.,Phila., corn 91
Oct. 3
Oct. 1 Sept. 21 to Sept.30
Belt RR.& Stk.Yds.,Inclianap.,cm.(qu) 2
4
Preferred
Oct. 1 Holders of rec. Sept. 20
1% Oct. 1 Sept. 21 to Sept.30
Preferred (quar.)
Reach Royalties Corp. (monthly)
lc. Oct. 10 Holders of rec. Sept. 15a
Delaware Lackawanna lc West. (guar.). 61.50 Oct. 20 Holders of rec. Oct. 4
Beacon 011, preferred (War.)
$1.875 Nov. 15 Holders of roe. Nov. 1
2% Oct. 15 Oct. 2 to Oct. 14
Georgia RR. & Banking (quar.)
Beet(C.L.) Tractor (guar.)
$1.25 Oct. 5 Holders of rec. Sept.300
Oct. 1 Holders of rec. Sept.20a
Meadville Conneaut Lake & Linesv_ _ _ _ 2
Extra
250. Oct. 5 Holders of rec. Sept.30a
2% Oct. 2 Sept. 18 to Oct. 1
New London Northern (quar.)
Black & Decker Mfg.,com.& Pf. WO. 2
Sept.30 Sent.27 to Sept.30
1
Nov.19 Holders of roe. Oct. 310 Bliss(E. W.) Co., coin.(guar.)
Norfolk & Western, adj. pref. (quar.)
*250. Oct. 1 *Holders of rec. Sept. 24
1% Nov. .1 Holders of rec. Oct. 30
Northern Pacific (quar.)
First preferred (guar.)
*51
Oct. 1 *Holders of rec. Sept. 24
13-4 Oct. 1 Holders of rec. Sept. 8a
Northern RR. of N. H.(quar.)
Second pref.(guar.)
*15o. Oct. 1 *Holders of rec. Sept. 24
2
Oct. 1 Sept. 14 to Sept.30
Borden (Richard) Mfg. (guar.)
Norwich & Worcester, pref. (quar.)__
135 Oct. 1 Holders of rec. Sept. 240
1%
Oct.
(qu.)
20
8a
Corp.,
Pf.
Oct.
Holders
Boston
of
rec.
Pacific
Morris Plan Co. (guar.)
RR.
Western
13.4 Sept.26 Holders of rec. Sept. 230
Browning Co., pref. (quar.)
14 Oct. 1 Holders of rec. Sept. 240
Public Utilities,
"Canada Dry" Ginger Ale, A stk.(qu.)_ 75e. Oct. 15 Holders of rec. Oct. 1
Adirondack Power & Light,7% pf.(qu.) 1% Oct. 1 Sept.21 to Sept.30
Canada Salt Co. (quar.)
*2
Oct. 1 *Holders of rec. Sept. 22
Oct. 1 Sept. 21 to Sept.30
2
Canadian Industrial Alcohol (quar.)._
Eight per cent pref. (quar.)
215 Oct. 15 Holders of rec. Sept.300
Athens Ry.& Electric, pref. (quar.).._. 1% Oct. 1 Holders of rec. Sept.150 Cass & Daley Shoo, pref. (guar.)
1.3.$ Oct. 1 Holders of rec. Sept. 22a
134 Oct. 1 Holders of rec. Sept. 10a Cement Securities (quar.)
Bangor Ry. & Electric. pref. (quar.)
$3
Sept.30 Holden of rec. Sept. 15o
Sept.30 Holders of rec. Sept.250 Central Foundry. prof
Bell Telephone of Pa., common (quar.)_ 2
Oct. 15 *Holders of rec. Sept.30
*5
Sept.30 *Holders of roe. Sept.25
*2
First preferred (quar.)
Boston Consolidated Gas(quar.)
*2
Oct. 15 *Holders of rec. Sept.30
California Elec. Generating, pref.(qu.)_ 1% Oct. 1 Holders of rec. Sept. 16a Chicago Pneumatic Tool (quar.)
134 Oct. 25 Holders of rec. Oct. 15a
Oct.
Sept.
15
Holders
300
1%
Chicago Ry. Equipment, com.(quer.)_ _ 75c. Oct. 1 Holders of rec. Sept. 20
of rec.
Central Power,pref.(quar.)
135 Sept.30 Holders of rec. Sept. 24a
Preferred (quar.)
Chicago City Ry.(quar.)
194 Oct. I Holders of rec. Sept. 20
135 Oct. 1 Sept. 14 to Sept. 21
Cincinnati Gas dr Elec. (quar.)
Cincinnati Union Stock Yds. (guar.)._ _ 2
Sept.30 Sept.21 to Sept.30
Oct. 1 Sept.21 to Sept.30
Cincinnati & Hamilton Trac.,com.(qu.) 1
Colt's Patent Fire Arms Mtg. (guar.)
500. Oct. 1 Holders of rec. Sept. 180
Preferred (quar.)
1% Get. 1 Sept.21 to Sept.30
Congoleum Co., corn. (quar.)
*75c. Oct. 30 *Holders of rec. Oct. 15
Oct. 15 Oct. 1 to Oct. 15
Cin. Newport & Coy.L.& T.,corn.(qu.)
Preferred (guar.)
*114 Deo. 1 *Holders of rec. Nov. 15
Preferred (quar.)
Oct. 15 Oct. 1 to Oct. 15
Consolidated Car Heating (guar.)
135 Oct. 15 Holders of rec. Sept.306
111
SEPT. 271924.]
Name of Company.
131
134
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Sept. 20. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
134
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Staled in thousands of dollars-that is, three ciphers 10001 Mnifled.)
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded.)
Corn Products Refining, coin. (quar.)__ *50c. Oct 20 *Holders of rec. Oct. 6
Oct. 15 *Holders of rec. Oct. 6
Preferred (quar.)
*2
Oct. 15 *Holders of rec. Sept.30
Detroit Motor Bus (quar.)
Oct. 15 *Holders of rec. Sept.30
•1
Extra
Oct. 1 Holders of rec. Sept.20a
Detroit Steel Products, pref.(quar.) _
50c. Oct. 20 Holders of rec. Oct. 3
Dome Mines, Ltd
2
Oct. 1 Sept.21 to Oct. 4
Dow Drug, coinmon (quar.)
Oct. 1 Sept.21 to Oct. 4
Preferred (quar.)
Oct. 1 Holders of rec. Sept.20
Elder Manufacturing,first pref.(quar.)_ 2
*50c. Nov. 1 *Holders of rec. Oct. 15
Elgin National Watch (quar.)
Sept.30 Holders of rec. Sept.20a
Falcon Steel, preferred (quar.)
Sept.30 Holders of rec. Sept.20a
2
Farr Alpaca (quar.)
Oct. 1 Holders of rec. Sept.20a
2
Federal 011, preferred (quar.)
*16e. Oct. 16 *Holders of rec. Oct. 2
Fifth Avenue Bus Securities(quar.)
Finance & Guar.Co.,Bait.,corn.(quar.) 231 Sept.30 Sept.21 to Sept.30
Sept.30 Sept.21 to Sept.30
Preferred (quar.)
Oct. 1 Holders of rec. Sept.20
Florence Stone.common (guar.)
82
$1.87 Oct. 1 Holders of rec. Sept.20
Preferred (quar.)
Foster(W. C.) Co.,common (quar.)
750. Oct. 1 Sept.21 to Sept.30
Oct. 1 Sept.21 to Sept.30
Preferred (quar.)
French Bros.Bauer Co.,Pref.(guar.)_ _
134 Oct. 1 Holders of rec. Sept.20
Oeneral Fireproofing,common (quar.) *300. Oct. 1
General Refractories (quar.)
*50c. Oct. 15 *Holders of rec. Oct. 7
Gibson Art,common(guar.)
55c. Oct. 1 Sept.21 to Sept.30
Oct. 1 Sept.21 to Sept.30
Preferred (quar.)
Gimbel Bros., Inc., pref.(quar.)
Nov. 1 *Holders of rec. Oct. 15
Gray dr Dudley Co.,common (quar.)
131 Oct. 1 Holders of rec. Sept.25a
Preferred (guar.)
Oct. 1 Holders of rec. Sept.250
Hall Baking, preferred (quar.)
Oct. 1 Holders of rec. Sept.246
Oct. 31 Oct. 24 to Oct. 31
Halle Bros., Preferred (quar.)
Hibernia Securities, common
5
Sent.15 Holders of rec. Sept. ha
Hillman Coal dr Coke,5% pref.(quar.)
134 Oct. 25 Oct. 15 to Oct. 25
Seven per cent preferred (quar.)
Oct. 25 Oct. 15 to Oct. 25
Holmes(D.H.), Ltd.(quar.)
33.4 Oct. 1 Holders of rec. Sept.26a
Hooven,Owens,Rentschler Co.,pf.(qu.) 134 Oct. 1 Sept.21 to Sept.30
Hoover Steel Ball (quar.)
2
Oct. 1 Sept.26 to Sept.30
Illinois Brick (quar.)
Oct. 15 Oct. 4 to Oct. 15
International Paper, pref. (quar.)
*134 Oct. 1 *Holders of rec. Oct. 6
Kaufmann Dept.Stores,Inc.,corn.(qu.) $1
Nov. 1 Holders of rec. Oct. 20
Kendall Mfg.,preferred (quar.)
81.75 Oct. 1 Holders of rec. Sept.20a
Keystone United Corp., pref.(quar.) _ _ 2
Oct. 1 Holders of rec. Sept.20
Lawton Mills Corporation (quar.)
234 Sept.30 Holders of rec. Sept.25
Liberty Steel, preferred (quar.)
131 Oct. 1 Sept.21 to Sept.30
Lyon & Healy,Inc.,pref.(quar.)
131 Oct. 1 Sept.21 to Sept.30
Magnolia Petroleum (quar.)
1
Oct. 5 Holders of rec. Sept.25a
Maple Leaf Milling, preferred (guar.). _
Oct. 18 Holders of rec. Oct. 3a
McCaskey Register,first pref.(quar.) _ 131 Oct. 1 Holders of rec. Sept.22a
Second preferred (quar.)
2
Oct. 1 Holders of rec. Sept.22a
Second pref.(account accum. dlys.) _ h2
Oct. 1 Holders of rec. Sept.22a
Medart(Fred) Mfg., pref.(guar.)
2
Oct. 1 Holders of rec. Sept.25a
Mexican Investment, preferred
4
Oct. 1 Holders of rec. Sept.27
Motor Products, pref. (quar.)
*81
Nov. 1 *Holders of rec. Oct. 20
Mystic Steamship (No. 1)
*50e. Sept.30 *Holders of rec. Sept.25
Nashua Manufacturing, pref. (quar.)....
Oct. 1 Holders of rec. Sept.23a
National Casket (quar.)
134 Sept.30 Sept. 6 to Sept.30
National Fireproofing, pref. (quar.)
75e. Oct. 15 Holders of rec. Oct. 1
New England Guar. Corp.,Prof.(quar.) $1.75 Oct. 1 Holders of rec. Sept.15
New Jersey Zinc (quar.)
2
Nov.10 Holders of rec. Oct. 31
Extra
2
Oct. 10 Holders of rec. Sept.30
to Oct. 17
Nipissing Mines Co., Ltd.(quar.)
15c. Oct. 20 Oct. 1
to Oct. 17
Extra
150. Oct. 20 Oct. 1
Norton Company,first pref.(quar.)___
Oct. 1 Sept. 16 to Oct. 1
Ohio Leather,first preferred (guar.). -- *2
Oct. 1 *Holders of rec. Sept.20
Pacific-Burt Co.,common (guar.)
134 Oct. 1 Holders of rec. Sept.19a
Preferred (quar.)
Oct. 1 Holders of rec. Sept.19a
Page-Hershey Tubes, Ltd., corn. (quar.) $1.75 Oct. 1 Holders of rec. Sept.25
Preferred (quar.)
Oct. 1 Holders of rec. Sept.25
Paige-Detroit Motor Car, corn. (quar.)_ 30e. Oct. 1 Holders of rec. Sept.20a
Preferred (quar.)
Oct. 1 Holders of rec. Sept.15a
Pennsylvania Salt Mfg.(quar.)
'81.25 Oct. 15 *Holders of rec. Sept.30
*131 Nov. 1 *Holders of rec. Oct. 20
Phillips-Jones Corp., pref.(guar.)
Pierce, Butler de Pierce Mfg.,coin.(qu.) 1
Oct. 15 Holders of rec. Oct. 5a
1
Common (extra)
Oct. 15 Holders of rec. Oct. 5a
Seven per cent preferred (quar.)
Nov. 1 Holders of rec. Oct. 20a
Eight per cent preferred (quar.)
2
Nov. 1 Holders of rec. Oct. 20a
Pilgrim Mills (quar.)
2
Sept.30 Holders of rec. Sept.24a
1
Pittsburgh Coal, common (guar.)
Oct. 25 Holders of rec. Oct. 10a
Preferred (quar.)
135 Oct. 25 Holders of rec. Oct. 10a
1
Pittsburgh Steel, common (quar.)
Oct. 1 Holders of rec. Sept .24a
•134 Oct. 1 *Holders of rec. Sept.20
Plymouth Cordage (quar.)
Postum Cereal Co.,common (quar.)
11
Nov. 1 *Holders of rec. Oct. 21
*2
Nov. 1 *Holders of rec. Oct. 21
Preferred (quar.)
Realty Associates, corn. & 2d pref. (qu.) $2.S0 Oct. 15 Holders of rec. Oct. 6a
Oct. 1 Sept.16 to Sept.30
Richardson Company,preferred (quar.).
Oct. 1 Holders of rec. Sept.19a
Rogers(Wm.A.) Co., Ltd., pref.(quar.)
134 Sept.30 Sept.21 to Sept.30
St. Joseph Stock Yards (quar.)
Oct. 2 Sept. 28 to Oct. 1
St. Louis National Stock Yards (quar.)_ 2
_ 134 Oct. 1 Holders of rec. Sept.20a
Sayers & Scoville Co., corn.
5
Oct. 1 Holders of rec. Sept.20a
Common (extra)
131 Oct. 1 Holders of rec. Sept.20a
Preferred (quar.)
Sears, Roebuck & Co., corn. (quar.)...._ °$1.50 Nov. 1 *Holders of rec. Oct. 15
•2
Shredded Wheat Co. (quar.)
Oct. 1 *Holders of rec. Sept.30
Smith (How.) Pap. Mills, Ltd., pf.(qu.) 2
Oct. 20 Holders of rec. Oct. 10a
Smythe (John M.) Co., pref. (guar.).
Oct. 1 Sept.25 to Sept.30
Spanish Riser P.& P.,corn.& pi.(qu.)
194 Oct. 15 Holders of rec. Oct. 6
Standard Safe Deposit (quar.)
3
Sept.30 Holders of rec. Sept.26a
Standard Screw,common (quar.)
3
Oct. 1 Holders of rec. Sept.19
Stearns(F.B.) Co.,common(quar.)... 500. Oct. 20 Holders of rec. Sept.30a
Oct. 1 Holders of rec. Sept.24
Stedman Products Co., pref.(quar.) _
Nov. 1 Holders of rec. Oct. 4
Steel Co. of Canada, corn. & pfd. (qu.).
2
Sterling Salt, corn. (quar.)
Oct. 1 Sept.26 to Sept.30
754. Nov. 1 Holders of rec. Oct. 15
Superior Steel, common (quar.)
*4
Sept.2 *Holders of rec. Sept.10
Swan de Finch Co.. preferred
Thayer-Foss Co., preferred (quar.)
Oct. 1 Holders of ree. Sept.20a
*7340 Oct. 21 *Holders of rec. Sept.30
Tonopah Mining
Transue& Williams Steel Forg.(quax.)-- 75c. Oct. 10 Holders of rec. Sept.30a
350. Oct. 1 Sept.21 to Sept.30
Trumbull Steel, common (quar.)
131 Oct. 1 Sept.21 to Sept.30
Preferred (quar.) '
1
Oct. 15 Holders of rec. Sept.3Ca
Tuckett Tobacco, common (quar.)
Preferred (quar.)
Oct. 15 Holders of rec. Sept.30a
Union Discount Co.(N.Y.Corp.),coin_ 750. Oct. 1 Holders of rec. Sept.30
Oct. 1 Holders of rec. Sept.30
, Preferred (quar.)
Sept.30 *Holders of rec. Sept.25
Union Twist Drill, pref. (quar.)
*81.50 Dec. 1 *Holders of rec. Nov.15
United Drug,common (quar.)
U.S. Playing Card,$20 par stk.(qu.)... $1.50 Oct. 1 Holders of rec. Sept.20a
734 Oct. 1 Holders of rec. Sept.20a
$100 par value stock (quar.)
134 Oct. 1 Sept.20 to Sept.30
U. S. Printing & Lithog., corn. (quar.)
Oct. 1 Sept.20 to Sept.30
, First preferred (quar.)
134 Oct. 1 Sept.20 to Sept.30
, Second preferred (quar.)
Oct. 15 *Holders of rec. Oct. 1
U.S. Radiator, pref. (quay.)
Oct. 1 Sept.21 to Sept.30
Victor-Monaghan Co. pref. (quar.)_
Oct. 1 Holders of rec. Sept.23a
Wahl Company,preferred (quar.)
•134 Sept.30 *Holders of rec. Sept.20
Wa4hburn Wire, common (quar.)
*2
Sept.30 *Holders of rec. Sept.20
Common (extra)
Sept.30 *Holders of rec. Sept.20
Preferred (guar.)
Sept.30 Holders of rec. Sept.25
Weber Plano, preferred (quar.)
2
Oct. 1 Holders of rec. Sept.20
Williams Tool CorP.,prof.(quar.)
Oct. 1 Sept.21 to Sept.30
Wilson(C.R.)Body Co.,pref.(quar.).
Oct. 1 Holders of reo. Spet.26a
Woods Mfg., pref. (quar.)
234 Oct. 1 Holders of rec. Sept.190
Young(J. S.) Co.,common (quar.)
Oct. 1 Holders of rec. Sept.19a
Preferred (quar.)
*134
131
134
134
*131
134
131
134
134
134
131
131
134
134
134
134
134
134
131
134
134
134
134
134
134
•134
134
'
134
134
134
*131
131
134
134
134
•From unofficial sources. •The New York Stock Exchange hu ruled that stock
will not be quoted ex-dividend on this date and not until further notice. 5 The
New York Curb Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. s Payable in stock.
g Payable in scrip. h On account of accumulated
Payable in common stock.
dividends. m Payable in preferred stock. is Payable in Canadian funds.
http://fraser.stlouisfed.org/
's
Federal Reserve Bank of St. Louis
1489
THE CHRONICLE
New
Capital]Profits. Loans,
count
Week Ending
Sept. 20 1924 Nat'l, June 30 InvestState, June 30 ments,
(000 omitted.) Tr.C..)s.June 30 &c.
Members of Fed. Res.
Bank of N Y dr
4,000
Bk of Manhat' 10,000
Mech & Met B 10,000
Bank of America 6,500
Nat City Bank_ 40,000
Chem Nat Bank 4,500
Nat Butch dr Dr 1,000
5,000
Amer Each Na
Nat Bk of Corn. 25,000
Pacific Bank__ _ 1,000
Chat&PhenNat 10,500
5,000
Hanover NatB
Corn Exch Bank 10,000
Nat Park Bank_ 10,000
East River Nat_ 2,100
First National__ 10,000
IrvingBk-ColTr 17,500
Continental Bk_ 1,000
Chase National_ 20,000
50
Fifth Ave Bank
600
Commonwealth.
Garfield Nat__ 1,000
Fifth National_ 1,20
Seaboard Nat__ 4,00
Coal & Iron Nat 1,50
Bankers Trust_ 20,00
U Ft Mtge & Tr. 3,000
Guaranty Trust 25,000
Fidel-InterTrus
2,00
NY Trust Co__ 10,00
Metropolitan Tr 2,00
Farm Loan & Tr 5,000
Equitable Trust 23,00
Reserve .
with
Net
Cash
Time Bank
Legal Demand
in
DeVault. Deport Deposits. Posits. 1atortes.
tion.
Bank. Average Averag Averag
$
7,692
76
12,188 76,290
13,491 152,199 2,33: 19,739
15,694 175,897 3,325 23,337
5,365 83,334 1,639 11,696
54,133 640.348 4,799 93,744
17,005 131,613 1,135 17,053
6,385
58
602
285
93 14,941
7,952 116,746
39,523 372,978 1,268 46,891
30,551
988 4,180
1,741
9,264 159.239 4,130 18,543
58 20,189
22,878 126,318
13,155 186,869 6,150 30,933
926 20,717
23,772 179,303
1,900 29,255 1,016 3,59
448 32,62
59,964 307,467
11,823 298,701 3,084 37,650
7,131
158
80
1.027
24,605 370,695 4,118 71,505
721 2,88
2,568 23,239
12,371
410 1,34
997
15,234
426 2,60
1,685
187 2,27
1,240 20,191
862 13,69
7,613 99,878
19,032
225 2,29
1,349
892 40,29
25,103 323,278
54,954
754 6,64
4,352
18,763 459,728 1,59 57,03
2,02
20,610
401 2,42
569 21,32
18.317 178,134
606 6.090
4,075 48,394
445 13,800
17,132 133,814
10,160 256,703 1,521 30.97
Average Averag Atege.
$
555,481 9,88
124,556 24,179
168,542 9,141
547
85,086 3,744
*674,350 83,015 -fa
122,58
6,75
348
4,546
18
489
105,58
8,422 4,958
346,852 11,230
29,191 2,932
122,678 32.554 6:087
1
77
136:6
19
99
7
27,466
145,556 10,37 8:574
22,75
6,800 500
235,38 18,506 7,459
280,98 31,627
5,687 22.279
376
378,690
1.093
22
9:L97
1
2,622
_15,073
16
398
16,812 1,399 240
101,12
2,753
65
16,230 1,52
411
*290,21 38,62
48,21
5.511
*452,221 53,496
17,932 1,762
151,377 22,840
44 26
3,3
5671
•102,171 21,83
*295,348 21,978
!)0..
Total of averages 91,900 451,154 5,116,879 47,477680,104 c4,507,574487,55232,423
Totals, actual condition Sept.20 5,190,670 47.396662,071 c4,532,376 507.88132,469
Totals, actual condition Sept.135,056,586 48,791 625,430 c4,422,170474,74632,374
Totals, actual condition Sept. 65.079,956 50.325639,115 c4,406,262 467,046 32,406
State Banks Not Me mbers 'of Fed'I Res',. Bank.
Greenwich Bank 1,000 2,3541 19,500 1.812 2,663
20,593!
442
8881
5,048
250
Bowery Bank__
2951
703
2.3771 2,025
State Bank__ __ 3,500 5,000 94,365 3,710, 2,000
31,190, 59,259
Total of averages
4,750
8,2431 118,913
5,8171 5,366
54,160, 61,726
Totals, actual condition Sept.20 119,189
Totals actual condition Sept.13 118,724
Totals, actual condition Sept. 6 116,592
Trust Companies Not Members ofFed'I
Title Guar & Tr 10,000 14,647 58,441
LawyersTit&Tr 6,000 6,083 26,997
5,797 6,599
5,790 5.216
5,968 4,257
Res v e Bank
1,449 4,268
934 1,635
54,399 61,822
54,381 61,55
51,632 61,35
38,024
16,400
1,54
83
Total of averages 16,000 20,731
85,438
2,383
5,903
54,424
2.377
Totals, actual condition Sept.20
Totals, actual condition Sept.13
Totals, actual condition Sept. 6
85.283
85.951
86,003
2,485
2,340
2,301
5,824
6,060
5.997
53.988
54,856
54.642
2,360
2,410
2,402
Gr'd aggr., arer312,650480,129 5.321,230 55,677691,373 4,616,158 551,65532,423
Comparison with prey. week _ +68,598--2,194 +75947 +105,413 +20377 +36
Geri aggr., aa'l cond'n Sept.20 ,395,142 55,588 674,494 4,640,763 572,06332,469
Comparison with prey week _ _ +133881-1,333 +37788 +109,356 +33352 +95
Gr'd aggr.,
cond'n
Gr'd aggr., oat cond'n
Gr'd aggr., acVI cond'n
Gr'd aggr., act'l cond'n
Gr'd aggr., act'l cond'n
Gr'd aggr., actl cond'n
Sept.13 5,261,261
Sept. 6 5.282,551
Aug .305,303.254
Aug .23 5,290,591
Aug .165,246,174
Aug. 9 5.230,555
56.921 636,706
58,594 649,369
52,170600,895
52,526607,957
50,611 620,487
52.847612.528
4,531,407538.71132,374
4,512,536 530,807 32,406
4,518,953 532.56832,494
4,515,050 538,703 32,553
4,473,992 556,24532.520
4,466.574 545,11833,343
Note -U. S. deposits deducted from net demand deposits in the7genera totals
above were as follows: Average total Sept. 20, $29,559,000: actual totals Sept. 20,
$35,258,000; Sept. 13, 813,968,000; Sept. 6, $10,364,000; Aug. 30, 815,170,000:
Aug. 23, $14,893,000. Bills payable, rediscounts, acceptances and other liabilities,
average for week Sept. 20, $338,395,000; Sept. 13. 8336,727,000; Sept.6, $343,233,000; Aug. 30, $349,196,000: Aug. 23, 8339,375,000. Actual totals Sept. 20. $350.674,000; Sept. 13, $340,429,000; Sept. 6, $371,189,000; Aug. 30, $356,338,000;
Aug. 23, $351,127,000.
* Includes deposits in foreign branches not included in total footings as follows:
National City Bank, $123,151,000; Bankers Trust Co.,$12,463,000; Guaranty Trust
Co., $76,230,000; Farmers' Loan ,k Trust Co., $48,000: Equitable Trust Co.,
$61,669,000. Balances carried in banks in foreign countries as reserve for such
deposits were: National City Bank, $16,559,000; Bankers Trust Co., $1,301.000;
Guaranty Trust Co.$4,269,000: Farmers' Loan & Trust Co., $48,000; Equitable
Trust Co., 17,463,000. c Deposits in foreign branches not Included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following
two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
In Vaull.
Members Federal
Reserve Bank_
State banks
Trust companies *
5,817,000
2,383,000
Reserve
in
Depositories
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve,
680,104,000 680,104,000 600,611,180 79,492,820
5,366,000 11,183,000 9,748.800 1,434,200
5,903,000 8,286,000 8,163,600
122,400
Total Sept. 20._ 8,200,000 691,373,000 699,573,000 618.523,580
81,049,420
Total Sept. 138,101,000 615.426,000 623,527,000 604,139,790
Total Sept. 6.... 8,131,000 597,384,000 605,515,000 603,015,790 19,387,210
Total Aug. 30_ __ _ 7,888,000 610,816,000 618,704,000 603,334,200 2,499,210
15,369,800
• Not members of Federal Reserve Bank.
•This is the reserve required on the net demand deposits n the case of State
and trust companies, but in the case of members of the Federal Reserve banks
Bank
includes also amount in reserve required on net time deposits, which was
as
Sept. 20, $14,626,560; Sept. 13, 314,021,940; Sept. 6, 814,023,770; Aug follows:
30, 814,066,160.
1490
THE CHRONICLE
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:
Actual Figures.
Reserve
Cash
Reserve
in
in Vault. Depositories
Members Federal
Reserve Bank_
State banks•
Trust companies *-
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
BOSTON CLEARING HOUSE MEMBERS.
$
662,071,000 662,071,000 604,445,310 57,625,690
5,797,000 6,599.000 12,396,000 9,791,820 2,604,180
210,800
2,485,000 5,824,000 8,309,000 8.098,200
Total Sept. 20__-Total Sept.
Total Sept. 6_ _ _ _
Total Aug. 30......
[VOL. 119.
8,282,000 674.494,000 682,776,000 622,335,330 60,440,670
8,130,000 636,706,000 644.836,000 607,141,460 37,694,540
8,269,000 649,369,000 657,638,000 604,315,500 53,322,500
7,991,000 600,895,000 608,886.000 605,335,090 3,550,910
*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. 20, $15,236,430; Sept. 13, 514,242,380; Sept. 6, 814.011,380; Aug. 30, 514;064,180.
Sept. 24
1924.
Sept. 17
1924,
Changes from
previous week.
Sept. 10
1924.
$
Capital
57,400,000 Unchanged
57,400,000 57,400,000
Surplus and profits
81,039,000 Inc.
5,000 81.034,000 80,927.000
Loans,Engels & Investments.. 922,622,000 Inc. 8,964,000 913,658,000 900,410,000
Individual deposits,incl. U.S. 639,880,000 Dec. 8,363,000 648,243,000 631,033,000
Due to banks
147,516,000 Dec. 6,616,000 154,132,000 147,825,000
Time deposits
171,826,000 Inc.
575,000 171,251,000 171,085,000
United States deposits
32,097,000 Inc. 11,010,000 21,087,000 12,879,000
Exchanges for Clearing House 25,069,000 Dec. 5,360,000 30,429,1,00 26,673,000
Due from other banks
86,067 000 Dec. 389,000 86,456,000 71,916,000
Reserve in Fed. Res. Bank_ _ 77,602,000 Dec. 1,624 000 79,226,000 77,803,000
Cash in bank and F.R. Bank_ 9,237,000 Dee.
121,000 9,358.000 9,708,000
Reserve excess in bank and
Federal Reserve Bank_ _ _ 2,487,000 Dec. 958,000 3,445,000 2,873,000
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
figures showing the condition of State banks and trust comPhiladelphia Banks.-The Philadelphia Clearing House
panies in New York City not in the Clearing House as follows: return for the week ending Sept. 20,with comparative figures
for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
requirements for members of the Federal Reserve System
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
(Figures Furnished by State Banking Department.)
Differences from to be kept with the Federal Reserve Bank. "Cash in vaults"
Sept. 20.
previous week.
is not a part of legal reserve. For trust companies not memLoans and Investments
3923,860,200 Inc. 55,160,500
Gold
4,103,000 Inc.
9,900 bers of the Federal Reserve System the reserve required is
Currency and notes
20,951,400 Dec. 857,400 10% on demand deposits and includes "Reserve with
legal
Deposits with Federal Reserve Bank of New York_ 86,712,800 Inc. 5,420,700
Total deposits
992,632,900 Inc. 22,651,600 depositaries" and "Cash in vaults."
Deposits, eliminating amounts due from reserve depositories and from other banks and trust comWeek Ended Sept. 20 1924.
panies in N. Y. City, exchange and U. S. deposits 928.485,300 Inc. 11,072.500
Two Ciphers (00)
Reserve on deposits
161,717,500 Inc. 12,111,600
Membersof
omitted.
Trust
1924
Percentage of reserve. 22.8%•
F.R.System Companies Total.
RESERVE.
-Trust Companies- Capital
-State Banks-$41,666.0 $5,000.0 $46,666.0
Cash in vault
•$31,134,100 15.64%
580,633,100 15.81% Surplus and profits
120,732.0 16,228.0 136,960.0
Deposits in banks and trust cos__ -- 12,854,000 06.45%
37,096,300 07.27% Loans, disc'ts & invest'ts _ 780,756.0 43,932.0 824,688.0
Exchanges for Clear. House 30,651.0
830.0 31,481.0
5117,729,400 23.08% Due from banks
Total
543,988,100 22.09%
148,237.0
13.0 148,250.0
Bank deposits
169,340.0
959.0 170,299.0
• Includes deposits with the Federal Reserve Bank of New York, which for the Individual
578,698.0
deposits
26,176.0
604.874.0
State banks and trust companies combined on Sept. 20 was $867,712,800.
Time deposits
1,321.0 80,916.0
79,595.0
Total depmits
827,633.0 28,456.0 856,089.0
U.8. deposits (not incl.)_
30,836.0
Res've with legal deposit's_
4,483.0
4,483.0
Banks and Trust Companies in New York City.-The Reserve with F. R.Bank_ 65,398.0
65,398.0
Cash in vault *
9,743.0
1,195.0 10,938.0
averages of the New York City Clearing House banks and Total
reserve dr cash held_ _ 75,141.0
5,678.0 80,819.0
trust companies combined with those for the State banks and Reserve required
4,009.0 66,284.0
62,275.0
trust companies in Greater New York City outside of the Excess res.& cash In vault_ 12,866.0 1,669.0 14,535.0
Clearing House are as follows:
Rant 9A
Loans and
Investments.
Demand
Deposits.
$
5.617.090,300
5,634,135,400
5,655,543,500
5.757,644,700
5,862,466,200
5,919,665,500
5.980,525,800
5,937,803,400
5,981,963,600
6,020,656,100
6,078,827,900
6,133.212,300
6,147,562,200
6,197,834,200
6,176,232,200
6,189,878,800
6,171,331,700
A 9Ac non son
$
4,799.826,200
4.818.701,900
4,927,070,500
5,059,294,800
5,140,479,500
5,185,308,900
5,221,705,600
5,208,912.100
5,274.074.000
5.291,357,000
5.335,452.300
5,382,392.900
5,396,229,400
5,420,377.600
5,410,175,900
5,413,636,100
5,428.157,800
n sae Ads son
*Total Cash
Reserve in
in Vaults. Depositaries.
$
79,503,100
78,885,500
81,984,300
82,224,800
78,107,400
78,890,500
79,946,300
86,578,700
80,692,800
78,972,700
77,149,800
78,544,500
78,611,500
77.334,600
78,013,900
80,217,700
83,772,900
gn 721 con
$
644,891.000
649,648,100
672,867,200
724,239.500
725,168,100
719,713.500
714,776,100
700,834,000
736,247,400
750,661,600
746,518.800
744,376,500
761,925,500
727,393.700
733,914,000
722,157.200
739,130,000
52R wan Inn
New York City Non-Member Banks and Trust Companies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated In thousands of dollars-that is, three ciphers (0001 omitted.)
Net
Capital.I Profits,
CLEARING
NON-MEMBERS.
Nat. bits. June 30
Week Ending State bks. J'ne 30
Sept. 20 1924. Tr. cos. June 30
Loans,
Enscounts,
Investmenu,
kc.
Members of
Pearl Res've Bank
Grace Nat Bank.._
Average Average Average Average Average
$
$
$
8I $
9,346
29
560
2,414
4,702
Total
State Banks
Not Members of
red.
!Res've Ban
Bank of Wash. MsColonial Bank
Total
Trust Company
Not Member of
Ped'I Res've Bank
Mech. Tr., Bayonn
Reserve
Net
Net
Cash
with Demand Time
in
Legal Deposits. Deposits.
Vault. Deposttortes.
$
1,0001
$
1.718
1,000
1,718
9,3461
29
200
1.000
437
2,328
7,332
25,4
1,200
2.765
32,732
56.
2,414
4,792
701
2,681
356
1,433
5,946
23.006
1,093
2,827
3,382
1,789
28,952
4,820
500
446
8,933
3
500
446
8,93
353
3mnd aggregate- _ 2.700
aomparison with prey. week
4.931
3r'd
3rd
Ira
3r'd
4,931
4.931
4,931
4.931
agar.. Sept.13
agar ,Sept. 6
aggr., Aug. 30
agar.. Aug. 23
2,700
2.700
2,700
2.700
.54
2,717
5,935
2,717
5,935
51,011
+1,184
I.
49,827
49,14.
49,15
49.543
3.87
3,655
3,57
3.541
2,403 a34.083
34
+632
15.547
-17
833,451
a32,504
a32,544
a32,344
15,564
15,550
15,449
15.213
2,745
2,454
2,431
2,519
•United States deposits deducted, 5400,000.
Bills payable, rediscounts, acceptances and other liabilities. 3233,030.
Excess reserve, $563,380 decrease.
546.666,0
136,960,0
813,274,0
29,658,0
135,208,0
166,113,0
600,213,0
79,549,0
845.875,0
8,449,0
3,927,0
62,631,0
11,137,0
77,695,0
66,230,0
11,465.0
$46,666,0
136,960,0
807,625,0
32,358,0
134,859,0
161,611,0
598,475,0
78,336,0
838,422,0
8,862,0
3,143,0
61,808,0
10,747,0
75,698,0
65,739.0
9.995.0
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business Sept. 24 1924 in
comparison with the previous week and the corresponding
date last year:
Sept. 241924. Sept. 17 1924. Sept. 26 1923
Red0UrCed-
Gold with Federal Reserve Agent
569,854.000
Gold redemp. fund with IL S. Treasury_
6,054,000
569,868,000
7,901.000
635,024,000
10.137,000
Gold held exclusively 21121t. F.R. notes_ 575,908,000
Gold settlement fund with F. R. Board_ 156,782,000
Gold and gold certificates held by bank
177,740,000
577,769,000
220,737.000
173,532.000
645,161,000
156,203,000
176,866,000
Total gold reserves
Reserves other than gold
910,430,000
17,518,000
972,038.000
16,624.000
978,340,000
17,367,000
Total reserves
927,948.000
Non-reserve cash
13,799,000
Bills discountedSecured by U. S. Govt. obligations_
17,821,000
Other bills discounted
17,401,000
988,662,000
14,484,000
995,597,000
10,441,000
16,171,000
17,255,000
146,370.000
54,082,000
35,222,000
40,084,000
33,426,000
46,035,000
200,452,000
26,556.000
4,902,000
136,394.000
46,020.000
4,902,000
136,394,000
80.301.000
1,149,000
6,790.000
2,020,000
187,316,000
221.597,000
9,959,000
245.000
262,867,000
133,330,000
16,714,000
8,325.000
6,200,000
306,258,000
189,053.000
16,433,000
8.448,000
236,967,000
132,019,000
13,372,000
1,310,000
Total bills discounted
Bills bought in open market
U. S. Government securitiesBonds
Treasury notes
Certificates of Indebtedness
Total U.S. Government securities
All other earning assets
Total earning assets
Uncollected items
Bank premiums
All other resources
Total resources
1,362,983,000 1,523.338,000 1,389,706.000
LiabilitiesFed. Res. notes In actual circulation
302,733,000
Deposits-Member bank, reserve acc't__ 827,463.000
Government
10,816,000
Other deposits
18,132,000
304,218.000
962,042.000
996,000
18,762,000
469,442,000
690,808,000
16,428,000
13,405,000
Total dePosits
Deferred availability items
Capital paid in
Surplus
All other liabilities
981,800,000
145,616,000
30,201,000
59,929,000
1,574.000
720,641,000
106,288,000
29,282,000
59,800,000
4,253,000
Total liabilities
856,411,000
111.992,000
30,201,000
59.929,000
1,717,000
1 362,983,000 1.523,338,000 1,389,706,000
Ratio of totel reserves to deposit and
Fed. Rm.note liabilities combined_ _ _
Contingent liability on bills purchased
for foreign correspondents
CURRENT
Total
Sept. 6
1924.
•Cash in vault not counted as reserve for Federal Reserve members.
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Weak EndedMay 24
May 31
June 7
June 14
June 21
June 28
July 5
July 12
July 19
July 26
Aug. 2
Aug. 9
Aug. 16
Aug. 23
Aug. 30
Sept. 6
Sept. 13
Sept. 13
1924.
80.1%
76.9%
83.7%
5,181,000
5.550,000
11,940,000
NOTICES.
-Council & Co. announce the opening of offices In the Insurance Exchange Building, San Francisco, for the purpose of dealing in Government.
municipal and corporation securities.
-Bankers Trust Co. has been appointed transfer agent for the Class
"B'.
Common stock of Brown & Williamson Tobacco Co.
-Wm. M. Humphrey & Co. announce the removal of their
offices to
the new Packard Building, Philadelphia.
-F.J. Lisman & Co.have prepared a new circular on the "Reconstruction
of Austria."
ii
1491
THE CHRONICLE
SEPT. 27 1924.]
Weekly Return of the Federal Reserve Board.
afternoon, Sept.25,and showing the condition
The following is the return issued by the Federal Reserve Board Thursdayfirst
table we present the results for the system
the
In
Wednesday.
on
business
of
at
close
the
of the twelve Reserve Banks
those of the corresponding week last year.
with
and
weeks
preceding
seven
the
for
figures
the
as a whole in comparison with
banks. The Federal Reserve Agents'
twelve
the
of
each
for
separately
liabilities
and
The second table shows the resources
Reserve notes between the Comptroller and
Accounts (third table following) gives details regarding transactions in Federal
comment upon the returnsfor the latest
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's
week appears on page 1477, being the first item in our department of "Current Events and Discussions."
OF BUSINESS SEPT. 24 1924.
AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE
COMBINED RESOURCES
13 1924. Aug. 6 1924.1Sept. 26 1923
Sept. 24 1924. Sept. 17 192415ept. 101924. Sept. 3 1924. Aug. 27 1924. Aug. 20 1924. Aug.
$
RESOURCES.
2,079,415.000 2.061,965,000
2,031,406,000 2,038,632,000 2,035,611.000 2,109,186,000 2,059,620.000 2.075,614,000 2.080,982,000
Gold with Federal Reserve agents
35,799.0001 53.328,000
32,157,000
39.947,000
43.314,000
29,937,000
36,638,0001 36,891,000
34,686,000
Gold redemption fund with U.S. Tress_
2,115,293,000
2,115.214,000
2,113,139.000
2,115.561.000
2,102,934,000
2,049,123,000
Gold held exclusively agst. F. R. notes 2,066,092,000 2,075,270,000 2,072,502,000 656,187,000 608,095,000 604.190.000 612,076.000 589,472,000 641.647,000
603,448.000 611,304,0001 619.422,000
Gold settlement fund with F. R. Board_
421,054,000; 359,664,000
419,210.000
406,897.000
404,238.000
375,705,000
392.995,000
Gold and gold certificates held by banks. 399,623,000 394.919,000
3,125,740,000 3,116,604,000
3.069,163,000 3,081,493.0003.084.919.000 3,081.015,000 3,115,267,000 3,126,648,000 3,144,425.000
Totalgold reserves
89.012.000 103.309.0001 76.094,000
86.300.000
87,116,000
78,748,000
83.919,0001 86,920,000
86.852,000
Reserves other than gold
3.229.049.0003.192,698,000
3,156,015,000 3,165,412,000'3,171.839,000 3,159,763,000 3,202,383,000 3.212.948,000 3,233,437,000
74,248,000
Total reserves
47,746.000
48,556,000
45,854,000
44,469,000
37.993,000
46,098,000
44,543,000
43,191,000
Non-reserve cash
Bills discounted:
78.796,000 402,141,000
81,988,000
70,570,000
77,938,000
118,073,000
84,931,000
83,601,000
89,515,000
Secured by U.S. Govt. obligations__ _
194.842.000, 459,867,000
170,348,000 174,366,0001 176.299.000 183,876,000 184,622.000 188.714.000 184.211.000
Other bills discounted
862.008,000
273.638,000'
266,199,000
259.284,000
262,560,000
259,863,000 257,987,000 261,230,000 301,949,000
Total bills discounted
22,097,000; 172,124,000
18,028.000
25,724,000
49.289,000
69,583,000
94,491,000
99,212,000
91,901,000
Bills bought in open market
U. S. Government securities:
29,634,0001 21,462.000
30.118.000
31.666,000
32,391,000
32.883,000
34,044,000
37,061,000
35,951,000
Bonds
398,467.000 394.419,0001 66,275.000
397,753.000 397,863,000 412,378.000 391,532,000 391,489,000 391.569,000 111.740.000 111.464,000,
4,148,000
Treasury notes
117,875.000
117.746.000
117,730,000
139,782,000 184,915,000 121,766,000
Certificates of indebtedness
535,517.0001 91,885,000
540.325.000
541,110.000
541,626,000
542,145,000
568,188,000
574,596,000 618,729,0001
317,000
Total U. S. Government securities—
1,250.000,
1,250,000
1.750,000
1,750.000
1,750,000
1.750,000
6,950,000
1,995,000
All other earning assets
832,502,000 1,126,334,000
825.802.000
827,868.000
855,225.000
915,427,000
928,355,000 982,858,0001 923,659,600
28,000
Total earning assets
5% redemp. fund agst. F. R. bank notes
514,880,000 616,211,000
598,345,000 775,917,000 580.589,000 590,970.000 511.052,000 572.931.000 586,953,000
Uncollected items
55,023,000
58,668.000
58.771.000
59,290.000
59.292,000
59,323,000
60,026,000
59,672.000, 59,376.000
Bank premises
30.070,0001 13,717,000
31.308.000
31.517,000
31,932,000
32,322,000
26,464,0001 33,383,000
26,211,000
All other resources
5,078,259.000
4,712,915,000
4,784,827,000
4,812,143,000 5,054,866.000 4,814,944,000 4,795,798,000 4,704.353.000 4.750.408.000
Total resources
1,
LIABILITIES.
00
1,756,014,0002,247.830,0
1,752,025.000
1,738,057,000
1,70,709,000
1,729,859,000 1.734,666,000 1.750,670.000 1,760,757,000
492,000
F. R. notes In actual circulation
F. R. bank notes in circulation—net__
Deposits—
2,092.696,000 1,851,790.000
2,120,331,000 2,261,255,000 2,138,893,000 2,101,923.00012,082,481,000 2,095.368,000 2.105.484,000
56,279,000
Member banks—reserve account
35.075,000
24,995.000
28,287,000
33.023.000
35,150.000
6.339,0001 29,741,000
46,926,000
22,004,000
Government
31,885,000
3.5.023.000
33,993,000
34.860.000
32,150,000
29,583,0001 31.734,000
28,625,000
Other deposits
2,159.656.000 1,930,073,000
2,195,882,000 2,297,177.000 2,200,368,000 2,169,223,000 2,150,364,000 2.157,648.000 2,165,502,000
Total deposits
522.516,000 452,831,000 550,527,000
540,929,000 678,050,000 1 518,542,000 520,925,000 468,103,000 509,847,000 111,867.000 111.493,000 109.657,000
Deferred availability items
111.976.000 112,032,0001 111,989,000 112,003,000 112,014,000 112,009,000
Capital paid in
220.915,000 218,369,000
220,915,000 220,915,0001 220,915,000 220,915,000 220,915,000 220.915,000 220,915.000
21.311,000
Surplus
12,006,000
12.002.000
11.932,000
12,248,000
11,975,000
12,582,000
All other liabilities
12,026,0001 12,460,000
5,078,259.000
4,712,915,000
4,784.827.000
4,750,408,000
4.704,353.000
4,812,143,000 5.054,866.000 4.814,944,0004.795.698.000
Total liabilities
Ratio of gold reserves to deposit and
74.6%
79.8%1
80.2%
80.1%
80.1%
78.3%
78.0%
76.4%
78.2%
F. R. note liabilities combined
76.4%
Ratio of total reserves to deposit and
82.5%
82.5%
82.5%
82.3%
80.4%
80.3%
80.4%
78.5%
F. R. note liabilities combined
33.794.000
Contingent liability on bills purchased
34,816.000
31.177.000
30.262,000
28.280,000
25,927.000
23.718,000
20,959.000
19.692,000
for foreign correspondents
1
1
1
1
1
Distribution by Maturlties1-15 days bills bought in open market1-15 days bills discounted
1-15 days U. S. certif. of Indebtedness_
1-15 days municipal warrants
16-30 days bills boughtin open market
16-30 days bills discounted
16-30 days U. S. certif. of Indebtedness
16-30 days municipal warrants
31-60 days bills bought in open market_ _
31-60 days bills discounted
31-60 days U. S. certif. of Indebtedness_
31-60 days municipal warrants
61-90 days bills bought in open market._
61-90 days bills discounted
61-90 days U. S. certif, of indebtedness_
61-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness_
Over 90 days municipal warrants
Federal Reserve Notes—
Outstanding
Held by banks
In actual circulation
20,064,000
143,331,000
20,121,000
137,243.000
35,001,000
24,075.000
129,354,000
23.617,000
164,526.000
10,906.000
122,499.000
10,873,000
112.209.000
7.523.000
119,415,000
0,500,000
118,629,000
56,831,000
571,155,000
2,375,000
13,593,000
30,569,000
14,200,000
31,591,000
13,595,000
36,812.000
8,381.000
36,331,000
9.006,000
28,218,000
5.025.000
30,229,000
4,647,000
28,688.000
5,628,000
28,718.000
34.308,000
81,295,000
24.270.000
48,859,000
3,000
23,902.000
47,631,000
1.000,000
17,916,000
52,324,000
10,290,000
51.051,000
8,261.000
58,153,000
3.692.000
59,497,000
2.730.000
54,795,000
3,35.5.000
56,950.000
38,148.000
120,935,000
27.910,000
28,417,000
76,282,000
32,438.000
31,438,000
98,421,000
29,566,000
30,811.000
3.000
19,074,000
36,486,000
1,001,000
12,794.000
36.348,000
3,142,000
38,073,000
1.676.000
40,345.000
2,040.000
44,039,000
266,000
38,749,000
75,155,000
264.000
6,064,000
8,687,000
63,497,000
8,551.000
9.659.000
50.493.000
7,339,000
11,929,000
121,763.000
8,221,000
13,555.000
116,729.000
8,322,000
17,342,000
117,746,000
2,992,000
19,276.000
117.875.000
1.452.000
22,956.000
111.740,000
1,574,000
25,302,000
111,464.000
4,088,000
13,468,000
1,509,000
51.000
2,725,864,000
2,236,419,000 2,247,075,000 2.249,824,000 2,234.260,000 2,232.202.000 2,236.305,000 2,249.231.000 2,249,160,000
478,034,000
506,560,000 512,409,000 499,154,000 473,503,000 491,493,000 498,248.000 497,206,000 493,146.000
2,247,830,000
1,756.014,000
1,729,859,000 1.734.666,000 1.750,670.000 1,760,757,000 1,740,709.000 1.738,057,000 1,752,025,000
3,177.644.000 3,195.113,000 3,610,978,000
Amount chargeable to Fed. Res. Agent 3,159,466,000 3,159.117.000 3,147.426,000 3,143,862,000 3.160.847.000 3,168.360,000 928,413.000 945.953,000 885,114,000
923,047,000 912,042.000 897,602.000 909.602,000 928,645,000 932,055.000
In hands of Federal Reserve Agent
2,249,231,000 2.249,160,0002.725.864,000
Issued to Federal Reserve Banks..._ 2,236,419,000 2,247,075,000 2,249,824,000 2,234.260,000 2.232,202.000 2.236.305.000
HowSecured—
320,959,000
331.504.000 331.504,000 331,504,1100 331,504,000 331,504,000 331,504,000 334.704,000 335.704,000 663,899,000
By gold and gold certificates
205,013,000 208,443,000 214,213,000 215,074.000 172.582.000 160.691,000 168.249,000 169,745.000 120,813,000
By eligible paper
112,602,000
117.676,000
113,621,000
107,736,000
114,669,000 113,459,000 111,360,000 105.088.000
Gold redemption fund
1,620,193,000
1,585,233,000 1.593.669.000,1.592.747.000 1,582,594,000 1,620,380,000 1.630.489,000 1,628,602.000 1,631,109,000
With Federal Reserve Board
2,725,864,000
2,236,419.000 2,247,075,0002.249.824,000 2,234,260,000 2.232,202,000 2,236,305,000 2,249,231,000 2.249,160,000
991.115,000
284,985.0001
276,937,000
277,493.000
341.280.000 348.369.000 337.282.000 356.952.000 302.433,000
Eligible paper delivered to F. R. Agent_
• Includes Victory notes.
OF BUSINESS SEPT. 24 1914
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE
Total
Two ciphers (00) omitted.
Federal Reserve Bank of—
Boston.
New York.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City Dallas. San Fran.
Total.
287,434,0
8,129,0
$
$
$
$
$
$
$
$
$
$
$
$
569,854,0 183,252,0 216,939,0 51,473,0 128,861,0 226,345.0 54,308.0 56,098,0 61,595.0 43,303,0 227.932,0 2,031,406,0
34,686,0
1,309,0
1,624,0
2,704,0
781,0
3,769,0
6,054,0 5,994,0 1,967,0 1,810,0 2,793,0 3,647,0
229,241,0 2,066,092,0
575,908.0 189,261,0 218,906,0 53,283,0 131,654,0 229,992,0 58,077,0 56,879,0 64,299,0 44,927,0 36,174,0 603,448.0
156,782,0 31,220,0 72,862,0 33,603,0 18.065,0 129,386,0 16,617,0 13,532,0 32,711,0 10,392,0 33,657,0 399.623,0
177,740,0 27,126,0 17,930,0 13,348.0 7,563.0 72,125,0 9,780,0 8,124,0 3,613,0 6,952.0
—
3,069.163.0
910,430,0 247,607.0 309,698,0 100,234,0 157,282,0 431,503.0 84,474,0 78,535.0 100,623,0 62.271,0 299,072,0
86,852,0
17,518,0 2,724,0 4,785,0 4,274,0 8,885.0 10,120,0 14,939.0 1,261.0 2,470,0 8,480.0 3,267,0
295,563,0
Total reserves
3,999,0
Non-reserve cash
Bills discounted:
Sec. by U.S. Govt. obligations 5,778,0
4,751,0
Other bills discounted
3,156,015,0
927,948,0 250,331,0 314,483,0 104,508,0 166,167,0 441,623,0 99,413,0 79,796 0 103,093,0 70,751,0 302,339.0
43.191,0
605,0 2,543,0 1,679,0 3,029,0
13,799,0 1,246,0 2,595,0 2,261,0 3,550,0 5,111,0 2,774,0
89.515,0
625,0 1,336.0 5,385.0
303,0
17,821,0 11,227,0 21,995,0 9,475.0 2,602,0 8,657,0 4,311,0
17,401,0 6,297,0 6,688,0 28,939,0 22,994,0 20,240,0 18,932,0 10,8,51,0 8,990,0 11,451,0 12,814,0 170,348,0
$
RESOURCES.
loldMith Federal Reserve Agents 211,431,0
3old red'n fund with U.S.Treas. 2,234,0
Gold held excl. agst.F.R.notes. 213,665,0
3oId settle't fund with F.R.B'rd 52,104,0
;Mid and gold ctfs. held by banks 21.665,0
Total gold reserves
Reserves other than gold
749,0 5,115,0
4,902,0
136,394,0 25,426,0 38,229,0
46,020,0 5,277,0 17,398,0
28 RA4 0
1872160 214.620 607420
MntialTT 0 flnyt mholl.4tIm4
9,615,0 12,787,0 18,199.0
3,626,0 3.862,0 9,291,0
259,863,0
91,901,0
1,191,0
2,812,0
990,0
600,0 8,246,0 1,625,0 1,834,0 1,119,0
996.0 9,645,0
1,375,0 53,143.0 12,715,0 51,033.0 24,305,0 19,469,0 42,056,0
515,0 17,769,0 3,454,0 5,268,0 8,407.0 6,492,0 17,163,0
37.061,0
397,753,0
139,782,0
40020
2 8860 80 .6.670 167600 28,647.0 34.937_0 27.795.0 00.258.0
574 son n
35,222,0 17,524,0 28,683,0 38,414,0 25,596,0 28,897,0 23,243,0 11,154,0
2,304,0 8,889,0 3,693.0 1,674,0
40,084.0 1.801,0 8,301,0
10,529,0
Total bills discounted
8,376,0
Ilills bought in open market
U.S. Government securities:
1.039,0
Bonds
26,796.0
Treasury notes
Certificates of indebtedness. 11,029,0
1492
THE CHRONICLE
RESOURCES (Concluded)Two ciphers (00) omitted.
Boston.
$
New York.
$
245,0
Phila.
[VOL. 119
Cleveland. Richmond Atlanta. Chicago. St. Louts. Minneap. Kan. City Dallas. San Fran.
S
1,750,0
$
$
$
$
$
$
$
Total.
$
1,995,0
282,867,0 52,527,0 97,726,0 43,407,0 30,788,0 118,343,0 43,705,0 41,375,0 47,578,0 44,444,0 87,828,0
928,355,0
133,330,0 55,259,0 54,865,0 54,985,0 26,787,0 75,129,0 30,122,0 14,781,0 36,922,0 27,420,0
38,080,0 598,345,0
16,714,0 1,112,0 9,130,0 2,528,0 2,875,0 8,284,0 2,524,0 2,993,0 4,595,0
1,912,0
3,067,0
60,026,0
8,325,0
246.0
219,0
188,0 1,878,0
698,0
156,0 5,129,0 1,030,0 3,311,0 4,605,0
26,211,0
412,465,0 1,362,983,0 360,721,0 479,018,0 207,857,0 232,043,0 649.168,0 178,694,0 144,679,0
195,781,0 149,717,0 439,017,0 4,812,143,0
198,035,0 302.733,0 150.984,0210.792,0 71,434,0 133,955,0 216,692,0 55,960,0 65,097,0 64,782,0
51,199,0 208,196.0 1,729,859,0
All other earning assets
Total earning assets
Uncollected Items
Bank premises
All other resources
3
$
57,769,0
50,676,0
4,312,0
146,0
Total resources
LIABILITIES.
F.R.notes in actual circulation
Deposits:
Member bank-reserve acct.__ 138,458,0
Government
2,172,0
Other deposits
249,0
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
Total liabilities
Memoranda.
Ratio of total reserves to deposit
and F. it, note liabilities combined, per cent
Contingent liability on bills purchased for foralon porrosnondls
827,463,0 125,818,0 176,819,0 63,077,0 59,496,0 313,005,0 72,728,0 50,130,0
80,923,0
10,816,0 3,045,0 3,106,0 3,397,0 5,118,0 3,826,0 2,950,0 2,256,0 2.243,0 51,973,0 160,441,0 2,120,331,0
3,673,0 4,324,0
46,926,0
18,132,0
374,0 1.365,0
186,0
100,0 1,538,0
818,0
327,0
778,0
284,0 4.474,0
28,625,0
140,879,0 856,411,0 129,237,0 181,290,0 66,660,0 64,714,0 318,369,0 76,496,0 52,713,0
48,898,0 111,992,0 49,795,0 49,578,0 51,261,0 18,457,0 67,072,0 30,517,0 14,674,0 83,944,0 55,930,0 169,239,0 2,195,882,0
32.575,0
37,057,0 540,029,0
8,005,0
30,201,0 10,392,0 12,705,0 5,883,0 4,579,0 15,197,0 5,118,0 3,324,0 4,361,0 29,053,0
4,147,0
16,390,0
59,929,0 19,927,0 23,691,0 11,672,0 8,950,0 30,426,0 10,072,0 7,484,0 9,496,0 7,577,0 8,064,0 111,976,0
15,301,0 220,015,0
258,0
1,717,0
386,0
962,0
947,0 1,388,0 1,412,0
531,0 1,387,0
623,0 1,811,0 1,160,0
12,582,0
412,465,0 1,362,983,0 360,721,0 479,018,0 207,857,0 232,043,0 649,168,0 178,694,0 144,679,0
195,781,0 149,717,0 439,017,0 4.812,143,0
87.2
80.1
89.3
80.2
75.7
83.6
82.5
75.1
67.7
69.3
66.0
80.1
80.4
5.181.0
1.985.n
2 394 n
1 167 n
601.0
3.050.0
1.003.0
737.0
941.0
778_n
1 555 n
19 A09 n
STATEMENT OP FEDERAL RESERVE AGENTS'ACCOUNTS AT CLOSE OP BUSINESS
SEPT. 24 1924.
Federal Reserve Agent at-
Boston New York Phila,
Resources(In Thousands of Dollars)
8
Federal Reserve notes on hand
76.450
Federal Reserve notes outstanding
220,068
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
35,300
Gold redemption fund
18,131
Gold Fund-Federal Reserve Board
158,000
Eligible paper!Amount required
8,637
lExcess amount held
10,268
Cleve. Richm'd Atlanta Chicago.
8
Total
Federal Reserve notes in actual circulation
Total.
$
$
$
$
$
$
$
239.520 26,100 20,467 29,733 17,457 67,500 923,047
231,278 63,968 68,022 72,118 57,734 247,396 2,236.419
238,531 7,800 8,780
3.500
30,323 11,578 13,159 2,678 5,361
301,000 163,889 195,000 48,795 120,000
46,504 15,447 14,293 27,238 21,959
23,084
1,798 22,540 11,014 5.888
9,985 13,052
14,550
331,504
5,701 3,323 1,546 4,235 4,247 14,387 114.669
220,644 41,000 41,500 57,360 24.500 213,545 1,585,233
4,933 9,660 11,924 10,523 14,431 19,464 205,013
32,689 17.259
409 2,540 2,193 6,605 136,267
Total
526,854 1,491,240 447,626 539,824 204,836 378,288
LiabilitiesNet amount of Federal Reserve notes received from
Comptroller of the Currency
296,518 851,798 247,114 286,052 115,111 221,580
Collateral received from1Gold
211,431 569,854 183,267 216.939 51,473 128,861
Federal Reserve Bank‘El1gible paper
18.905
69,588 17,245 36,833 38,252 27,847
Federal Reserve notes outstanding
Federal Reserve notes held by banks
St. L. Minn. K.City. Dallas. San Fr.
$
$
$
$
235,440 48,400 54,820 36,400 70,760
616,358 198,714 231,232 78,711 150,820
734.745 171,295 156,920 176,509 135,118 568,897 5,532,152
470,798 90,068 88,489 101,851 75,191 314,890 3,159,466
226.345 54,308 56,098 61,595 43,303 227,932 2,031,406
37,802 26,919 12.333 13,063 16,624 26,069 341,280
526,854 1,491,240 447,626 539,824 204,838 378,288
734,745 171,295 156,920 176,509 135,118 588,897 5,532,152
220,068
22,033
616,358 198,714 231.232 78,711 150,820
313,625 47,730 20,440 7,277 16,865
231,278 63,968 68,022 72,118 57,734 247,396 2,236,419
14.588 8,008 2,925 7,336 6,535 39,200 506,560
10803.6
302 722 Inn 084 210792 71 434 122.955
216.892 55.960 65.007 64.782 51.199 208.196 1 729 859
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 resourcesi
the liabilities of the
747 member banks from which weekly returns are obtained. These figures are always a week
behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given
in the statement
of Oct. 18 1917, published in the "Chronicle" of Dec. 29 1917, page 2639. The comment of the Reserve Board u'rmn the
figuree
for the latest week appears in our Department of "Current Events and Discussions," on pagt: 1477.
1. Data for all reporting member banks In each Federal
Reserve District at close of business Sept. 17 1924
Federal Reserve District.
Boston. New York
Number of reporting banks
Loans and discounts, gross:
Secured by U.S. Gov't obligations
Secured by stocks and bonds
All other loans and discounts__ _ _
43
108
8
$
8,420
83,609
270,515 1,976,755
634,034 2,551,620
55
78
75
9,470
282,211
380,474
$
19,539
419,526
710,037
Total loans and discounts
U.S. pre-war bonds
U. S. Liberty bonds
U.S. Treasury bonds
U. S. Treasury notes
U.S. Certificates of Indebtedness__
Other bonds,stocks and securities__
912,969 4,611,984
13,723
51,316
87.591 680,008
5,824
20,768
11,593 290,165
14,316 120,115
204,199 1.040,276
672,155 1,149,102
10,692
48,060
50,280 198,587
2.990
1,985
24,029
53,621
19,130
28.515
244,271 337,244
Phila.
8
Three ciphers (000) oraltted.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Itinneap Kan. City Dallas. San Fran.
Total loans & (fleets & investm'ts 1,250,415 6,814,632 1,023,547 1,813,114
Reserve balance with F. 13.. Bank__
94,028 885,265
82,113 121,943
Cash in vault
20,059
77,634
15,385
31,276
Net demand deposits
873,819 5,753,322 740,180 995,142
Time deposits
329,733 1,071,222 153,327 695,368
Government deposits
33,408
47,079
36,470
30,454
Bills payable and rediscounts with
Federal Reserve Bank:
Secured by U.S. Govt. obligations
125
7,821
1,974
14,215
Anntlum
638
13.405
2.608
1 311.1
36
104
34
25
$
6.443
123,714
338,259
$
$
7,604
32,460
61,254 679,802
347,970 1,220,062
$
9,843
151,390
313,262
468.416
26,684
28,305
• 1,720
3,348
8,839
60,340
416,828 1,932,324
14,755
23,368
8,284 147,818
622
10,988
3,344 110,350
3,211
38,478
42,867 380,331
597,652
37,767
13,462
339,241
179,282
12,417
489,911 2,643,655
40,787 244,979
10,846
52,974
287,871 1,762,836
186,833 855,276
8,377
21,278
2,214
10 2.62
813
8481
1,615
1 307
Total.
72
51
$
2.837
50,181
190,224
6,306
82,898
320,715
$
3,357
61,391
206,906
474,495
14,808
22,826
2,505
10,140
3,934
93,238
243,242
8,530
20,237
230
18,536
8,219
26,657
409,919
11,629
39,183
1,923
22,986
6,252
63,715
271,654 1,014,030 12,577,118
18,558
26.939
267,080
12,051 114,801 1,407,971
1,143
17,971
68,869
9,029
33,104
590,245
5,181
31,741
288,131
15,040 164,228 2,672,406
621,946
44,319
7.243
367,339
201,800
4,289
325,651
20,474
6,179
211,815
90,627
2,662
555,607
50,187
12,212
447.291
135,097
3,903
332,656 1,402.814 17,871,800
24,777 103,601 1,750,240
10.280
21,104
278,654
227,058 782,631 12,788,545
90,922 632,794 4,622,281
5,935
26,643
232,915
880
4.760
348
134
877
8
569
3.278
66
747
$
$
9,773 199,661
195,426 4,355,063
808,831 8,022,394
2 31 1
30,380
Are Ain
2. Data of reporting member banks In Federal Reserve Bank and branch cities and all other
reporting banks.
New York City.
Three ciphers (000) omitted.
City of Chicago.
All F. R. Bank Cities. F. R. Branch Cities Other Selected Cities.
Sept. 17.1 Sept. 10. Sept. 17. Sept. 10. Sept. 17.
Total.
Sept. 10. Sept. 17. Sept. 10. Sept. 17.ISept. 10. Sept.17'24 Sept.10'24 Sept. 19'23
Number of reporting banks
671
67
48
48
255
255
191
196
296
.
747
747
770
Loans and discounts, gross:
$
$
$
$
$
296
$
$
$
Secured by U.S. Govt. obligations
77,186
70,332
25,093
26,577
138,44
133,212
33,419
32,704
27,797
27,58
199,661
193,504
245,301
Secured by stocks and bonds
1,784,3391,742,791 517,772 518.935 3,212,35 3,182,767 821,155 625,53
521,550 529.789 4,355,063 4.318,093 3,896,670
All other loans and discounts._ 2,250,9402,222,309 731,853 728,656 5,074,245 5,032,7621,593,104 1,587.5671,355.045
1,347,232 8,022,304 7,96,561 7,949,674
Total loans and discounts
112,4654,035,432 1,274,7181,274,168 8,425,048 8,328,7412,247,678 2,245,808 1,904,392 1,904,609 12,577,118
12,479,158 11,891.651
U S. pre-war bonds
40,761
40,943
4,130
4,129
92,039
92,082
74,147 338,430
74,217
17.2821 100,8741 101,365
267,060
267,664
274,840
U.S. Liberty bonds
590,595 597,408
72.590
72,148
879,482
884,240 340,19
188,291
188,688
1,407,971
1,411,358 1,051.603
U. S. Treasury bonds
13,626
13,448
3,413
3,469
33,984
32,707
17,741
16,944
17,515
68,669
67,504
87,059
U. S. Treasury notes
270,423 320,895
70,056
91,466
432,415
595,326 109,262 112,519
48,568, 48,707
590,245
656,552
861,145
U. S. Certificates of Indebtedness_ _ 115,384
33,511
21,794
6,044
206,582
69.172
63.381
17,861
18,168'
6,818
288,131
93,851
135.790
Other bonds, stocks and securities.. 791,594 789,818 180,537 177,736 1,511.615 1,500,116 666,84
656,288 493,951 487,854 2,672,406 2,844,058 2,153,932
Total loans St disc'ts & investmls.5,934,8485,831,455 1,636,238 1,629,160 11,581,165 11,402,3843,519,2423,462,4052,771,193'2,155,356
17,871,600 17,820,145 16,456.020
Reserve balance with F. R.Bank__ 830,383 703,357 174,353 178,115 1,306,401 1,191,3071 264,133 261,423 179,706
172.904 1,750,24 1,625,634 1,339,553
Cash in vault
63,555
66,535
27,711
29,741
146,281
138,956
59,852
65,481
79,840
278,654
81,683
293,445
288,427
Net demand deposits
5,227,974 5.062,174 1,213,247 1,222,678 9,032,691 8,871,619 2,062,0572,056,0841,693,7971,670.99812,788.545
12,598,679
Time deposits
I 747,183 700,302 402,042 395,063 2,305,172 2,262,593 1,341,608,1,338,510 975,501 977,512 4,622,281 4.576,815 11,019,656
4.012,034
Government deposits
11,015
9,834
4,951
I 37.909
152,620
50,561
17,234
60,9291
19,366
6,952
232,915
74,747
235,884
Bills payable and rediscounts with
Federal Reserve Bank:
Secure.ibylj.S.Govt.obiigatlonsl
4,625
5,375
335
7,409
175
8,259
10,069
16,82
3,882
6,468
30,360
31,553
220,921
All other
8,907
7,831
20,243
17,778
9,141
7.611
17,035
16,943
40,419
42,330
270,111
Ratio of bills payable & rediscountsI
With F. R. Bank to total loan
and investments, per cent
0.2
0.2
0.02
I
0.01
0.2
0.2
0.8
0.7
0.8
0.8
3.0
• Revised figures.
S
SEPT. 27 1924.]
1493
THE CHRONICLE
tiankers' 6azetit
STOCKS.
Week ending Sept. 26
(Concluded)
Sales.
for
Week.
Range for Week.
Lowest.
I
Highest.
Range since An.1.
Lowest.
Highest.
Indus. & Miscell. Par. Shares $ per share. 8 per share. 8 per share.$ per share.
Stand Plate Glass ctfs__• 72,500 194 Sept 20 26 Sept 22 1934 Sept 354 June
300 814 Sept 26 9 Sept 25 64 June 934 Aug
Telautograph Corp_ _ _ ..*
The Fair pref
10010534 SePt 20 105% Sept 20 10234 Jan 10534 Sept
100
July
Ja,. 119
United Cig Stores pf _100 400 117 Sept 20 117 Sept 20 113
5234 Sept 22 54 Sept 23 4254 Junk 544 Aug
6,400
New
2
The following are sales made at the Stock Exchange this
July 21 June
Univ Pipe & Rad tem ctf• 2,300 18 Sept 20 19 Sept 23 13
week of shares not represented in our detailed list on the
Pref temp etts_ _130 500 5434 Sept 22 5714 Sept 24 5014 July 6034 June
US Distributing Corp.* 34,800 2734 Sept 20 3034 Sept 25 2134 Ap 3034 Sept
pages which follow:
Sept
July 121
1,100 115 Sept 24 121 Sept 25 98
Preferred
1
Jan
100 53 Sept 23 53 Sept 23 53 Sep 80
Van Raalte 1st pref_.1O
Sales
Range for Week.
STOCKS.
Range since Jan. 1.
7
Feb
% Jun
4 Sept 23
4 Sept 23
Va-Carolina Chem B... 100
Week Ending Sept. 26. for
Sept 69 June
100 6434 Sept 25 6414 Sept 25 61
Vulcan Detinning pf_100
Lowest.
Highest.
Week.
Lowest.
Highest.
700 115 Sept 20 116% Sept 22 11154 Al) 117 July
West Elec 7% cum pf 10
Jan 804 Aug
300 754 Sept 23 79 Sept 20 72
West E & Mfg 1st pf_.5
Par. Shares
per share. 8 per share. $ per share.$ per share. West Penn Co
July
• 8,700 8714 Sept 22 93 Sept 24 4734 Jan 98
Railroads.
100 900 9134 Sept 22 9334 Sept 23 8734 Al) 9414 11117
Preferred
100
100 34 Sept 24 34 Sept 24 25
Ann Arbor pref
Mar 36
Aug Wilson Co pref
Au • 7234 Jan
100 1,000 16 Sept 23 1834 Sept 22 11
Bangor & Areas pref_100
100 9134 Sept 22 9134 Sept 22 86
Jan 914 June Worthington pref A_ _10
July 85 Sept
700 8014 Sept 22 85 Sept 24 68
Buff Roth & Pittsb 1(10
141 6134 Sept 25 65 Sept 2C 40 May 65 Sept
100 2,800 6814 Sept 23 72 Sept 24 5814 Jan 72 Sept
Preferred B
Preferred
100
121 81 Sept 25 8134 Sept 25 704 May 88
Apr
Canada Southern_ _ _100
150 56 Sept 24 56 Sept 24 23
•No par value.
Feb 56
Aug
C St P M &0 pref _ _100
100 85 Sept 23 85 Sept 23 684 Apr 85 Sept
'TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
Colo & Sou 1st pref_ 1(10
200 5934 Sept 23 594 Sept 24 50
Jan 604 Aug
Duluth 85& Atl pref 100
100 434 Sept 25 434 Sept 25 334 Apr 611 July
DAILY, WEEKLY AND YEARLY(.
Illinoins Central pret_10C
Mar 114% Aug
30011034 Sept 23 111 Sept 22 104
Int Rye of Cent Am_106 1,300 1414 Sept 24 154 Sept 23 II% July 1634 Aug
State,
United
Railroad,
Preferred
100 300 5434 Sept23 5434 Sept 23 444 May 5534 Aug
Municipal &
States
&c.
&eats.
Week Ending Sept. 26.
Iowa Central
100
100 234 Sept 24 234 Sept 24 134 Jan 34 Aug
Bds.
Bonds.
Bonds.
Foreign
Shares.
No.
M St P & S M___ _100
300 3534 Sept 26 3534 Sept 2C 2914 Apr 46
Jan
Preferred
100 300 55 Sept 26 574 Sept 25 50 June 6734 Jan
$1,045,900
$4,911,000 $1,314,000
377.857
Morris & Essex
50
122 784 Sept 26 7834 Sept 2(3 7434 Mar 79 Sept Saturday
2,588,000
1,907,000
6,687,400
747,077
Nat Rye Mex 1st pf _ _10C
700 534 Sept 26 54 Sept 26 334 July 514 Sept Monday
2,551,500
2,281,000
9,442,000
810,000
Pacific Coast 2d pf_ _100
200 34 Sept 25 34 Sept 25 204 Jan 4034 Feb Tuesday
1,498,500
2,493.500
8,884,000
1,008,060
Pittsb W Va rights_ _ _ _ 11,000 714 Sept 26 94 Sept 22 734 Sept 934 Sept Wednesday
3,341,500
1,952,000
11,278,000
972,096
Thursday
Reading rights
5,600 2034 Sept 22 2134 Sept 26 154 Mar 2434 July
2,062,000
2,109,000
9,753,000
870,100
Friday
Industrial & Misc.4,785,190 $50,955,400 $12,056,500 $13,087,400
Total
All America Cables_ _100 660 103 Sept 30 10514 Sept 23 9634 May 10534 Sett
Am Beet Sugar pref_ _100
100 74 Sept 23 74 Sept 23 70
Mar 77
Apr
AmericanChicie pref_101
706 81 Sept 20 86 Sept 26 5134 Feb 86 Sept
Jan. 1 to. Sept. 26.
Week Ending Sept. 26.
Sales at
Certificates
1,006 29 Sept 23 3434 Sept 25 23 Sept 3434 Sept
New York Stock
American Snuff
100 700 146 Sept 22 1484 Sept 23 134
Apr150 July
1923.
1924.
1924.
1923.
Exchange.
Am Teleg & Cable_ - _100
100 42 Sept 2 42 Sept 20 3834 July 4314 Jan
Amer Type Founders.106
$171,873,721
8176,569,960
Sept 115 Sept Stocks (No. shares)___
3,616,504
4,785.190
70610934 Sept 25 113 Sept 22 106
Assets Realization__ __IC 4,600
14 Sept 24
14 Mar
.4
% Jan
34 Sept 24
Bonds.
Assoc Dr Gds 1st pf _100 300 91 Sept 22 92 Sept 22 8334 May 92 Sept Government bonds__ $13,087,400 $13,637,250
$573,399,475
$722,858,580
2d Preferred
106
100 99 Sept 23 99 Sept 23 89
341,055,400
359,741,000
6,622,000
Jan 99
12,056,50(1
Aug State & foreign bonds_
Atlas Powder new
*
100 4934 Sept 22 494 Sep 23 47
Apr 5434 Feb RR.de mIscell. bonds__ 50.955,400 22,420,000 1,622.959,100 1,174,661,550
Brit Emp Steel 1st pf_100
10 3234 Sept 22 3234 Sept 22 30
Aug 54
Mar
Brown Shoe Inc pref_10C
100 89 Sept 25 89 Sept 25 84 Jun 92
$76,099,300 $42,679,250 $2,705,558,680 $2,089,116,425
Feb
Total bonds
Bush Term Bldg pi', _100 400 974 Sept 25 9834 Sept 26 881
, Jan 102
Aug
Calumet & Hecla
25 1,100 15 Sept 22 1634 Sept 20 1334 May 194 Jan
TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
DAILY
Case(J I) Thr M pf _100
100 61 Sept 25 Cl Sept 25 4134 May 77
Jan
BALTIMORE EXCHANGES.
Century Rib Mills
* 900 27 Sept 25 2734 Sept 25 2534 Apr 334 Jan
Certain-Teed
• 1,400 37 Sept 24 3834 Sept 24 2414 Jun 3831 Sept
Cer-Teed Prod 1st pt_100
200 7834 Sept 24 79 Sept 26 7334 May 80 Sept
Baltimore.
Boston.
Philadelphia.
Columbia Gas a Elec rts 49,925
14 Sept 20
14 Sept 24
% Sept
%I Sep
Week Ending
Corn Invest Trust
• 1,000 4534 Sept 22 46 Sept 22 3034 May 47 Sept
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
Sept.261924.
Conley Tin Foil
• 600 1234 Sept 25 134 Sept 22 734 May 1434 Aug
Cons G El L & P Bait 100 8,950 132% Sept 20 142 Sept 22 129
$4,200
1,591
12,130 8159.000
$34,650
8,171
Sept142 Sept Saturday
Continental Insurance 21
100 95 Sept 26 95 Sept 2C 8934 Apr 984 July Monday
8,100
4,628
28,100
12,464
12,500
11,400
Corn Prod Ref prof_.106 40012134 Sept 20 12234 Sept 22 11534 Ap 12334 Au
9,300
3,899
38,800
13,265
40,450
13,882
TuesdaY
Cosden & Co pref
_100 400 84 Sept 26 85 Sept 25 8334 Sep 95
57,700
8,921
65,000
11,265
11,150
19,791
Feb Wednesday
Crex Carpet
10i
59,700
8,008
35,500
200 37 Sept 23 38 Sept 2( 21
7,639
19,000
16,822
Feb 8 Sep
Thursday
Cushmans Sons
20,000
5,522
7,000
5,839
26,000
13,443
• 3,700 70 Sept 22 7634 Sept 24 5614 Au 7634 Sep
Friday
Deere & Co prat
100 30 73 Sept 26 74 Sept 26 6134 May 76
Jan
Duquesne Lt 1st pfd_100 80010734 Sept 2310814 Sept 24 10034 M 1084 Sep
32,569 $159,000
62,602 $333,400
83,509 $143,750
Total
Emerson-Brant pref_100 200 834 Sept 23 814 Sept 23 714 Ap 15
Jan
Fairbanks Co (The)_ _25
100 3 Sept 26 3 Sept 2C 234 Jun
68,855 $411,600
14,619 $108,000
84,979 $203,000
434 Jan Prey, week revised
Fairbanks-Morse tp ctfs5 500 274 Sept 23 2734 Sept 24 2514 May 2914 Au
Fed Lt & Tract tp ctfs__ 1.800 84 Sept 22 8734 Sept 25 7434 May 8734 Sep
Bond
Prices.
Sept.
23
Sept.
24
Sept.25 Sept.26
of
U.
S.
Sept.
20
Sept.
22
Record
Preferred
100
100 77 Sept 24 77 Se t 24 7434 June 77 Sept, Daily
Fidel Phan F Ins N Y_25
100 130 Sept 20 130 Sept 20 118
Mar 139
Au
(High 1008•22 1008822 1008,22 1008,22 1008122 100"n
Fisk Rubber 1st pref.100 600 64 Sept 24 6434 Sept 26 3834 July 6654 Au ' First Liberty Loan
314% bonds of 1932-47._( Low. 100"s, 100223: 100"sa 100"sa 100"aa 100"ss
Gardner Motor
• 100 4 Sept 26 4 Sept 26 354 Aug 7
JanL
(Close 1008822 1002.s: 100.7,, 100"n 100"st 10022st
(First3WO
GenAm Tk Car7% Df_100
100 96 Sept 26 96 Sept 26 92
Feb 9814 Au
197
, 566
10
239
522
33
Total sales in $1,000 units__
General Baking Co_
10,500 148 Sept 22 160 Sept 24 93
Jan 160 Sep
Converted 4% bonds of (High
General Motors new. _.120.700 60 Sept 22 6134 Sept 20 60 Sept 6134 Sep
Preferred 7
100 2,400 9734 Sept 24 9834 Sept 26 9534 July 9834 Sep ,
General Refractories__ _* 400 35 Sept 20 3634 Sept 26 31 June 55
Jan
_ ___
____
____
____
____
____
Total sales in $1,000 units ___
Gimbel Bros pref. _..l00 400 10634 Sept 28 107 Sept 22 99
Jac 107 Sep
Converted 44% bonds (High 102..sa 102"sa 102": 102"n 102.012 102"st
Great Western Sugar_25 11,700 8734 Sept 25 8934 Sept 20 854 Aug 9634 Fe
of 1932-47 (First 414s)( Low- 102"sa 102"ss 102": 102"s: 102"sa 102"ss
Preferred
100
20010634 Sept 24 10634 Sept 24 105
Apr 10834 Jar
(Mee 102"ss 102"st 102", 102"sa 102"n 102"n
GulfStates Steel 1st pf 100
20010014 Sept 22 102 Sept 25 98 June 102 Sept
14
41
52
114
144
4
Total sales in $1,000 units...
Hanna 1st pret C I A_100
100 89 Sept 23 89 Sept 23 88
Apr 95
Fe
434%
Converted
(High 1011022 1018822 101802 102"22 1018122 102"n
Second
Ingersoll Rand
100
44 250 Sept 22251 Sept 20 159
Jan 254
Sept
bonds of 1932-47 (First( Low_ 101"22 1013822 101112 1011822 1018822 102"n
Inland Steel w I pref.... 20010334 Sept 22 103 34 Sept 22 014 Jan 105
Sept
(Close 101"22 101"n 101", 101"sa 101"st 102"n
Second 43(s)
lot Agricultural new...' 1,500 6 Sept 25 654 Sept 24 3 June 914 Jar
378
559
544
788
523
397
Total sales in $1,000 units_ _.
International Shoe_ _ • 400 100 Sept 23101 Sept 23 73
Apr 101
Sep
--- -- _ 101"22
____
- --Second Liberty Loan
(High
Intertype Corp
* 750 28 Sept 25 29 Sept 24 2734 June 3234 Ma
101
"31
__
_
_
_
_
_
_
_
__
(
Low_
bonds
of
1927-42_
4%
C Pr Lt lst pref: _• 200 97 Sept 25 97 Sept 25 92
Feb 98
Au
(Close
(Second 4s)
Kansas & Gulf
10 200
14 Sept 20
14 Sept 20
May 1
Jar
____
____
Total sales in $1,000 units-.
• Kinney Co
• 3,00C 79 Sept 22 8034 Sept 24 5214 AuP 8034 Sep
454% bonds (High
Converted
Kresge Dept Stores_ _ • 6,200 5034 Sept 22 5234 Sept 24 4634 Sept 6234 Jun
------____
____
___ _
_ _ __
of 1927-42 (Second (LowPreferred
• 200 95 Sept 26 954 Sept 23 94
Rep
July 98
44s)
Loose-Wiles B 2nd Pf 100 300 95 Sept 23 9534 Sept 24 90 Sept 100
Ma
- -- - - _ -_
__ _ ___ _ __
Total sales in $1,000 units __ _
McCrory Stores pf dB.. 800 90 Sept 20 9234 Sept 25 90 Sept 10614 Jul
(High 102""n 102",: 102"n 102.12 102.sa 102'ss
Third Liberty Loan
Mackay Cos pret_ _ _100 461 66 Sept 26 6634 Sept 23 6414 Apr 69
Fe
bonds of 1928- (Low_ 102',, 102.al 102.sa 102.st 102.st 102'n
Mack Trucks rights
18,095 234 Sept 20 334 Sept 20 234 Sept 34 Au
43%o
(close 102822 102",, 102.n 102.:1 102.1, 1028n
(Third 44s)
1st inst paid
1,800 97 Sept 25 9834 Sept 23 97 Sept 9834 Sep O
213
241
285
292
197
376
Total sales in $1,000 units.Manila Electric
100 1,100 105% Sept 22 11634 Sept 24 894 Mar 11834 Sep O
fIllath 102..s: 102"as 102"aa 102"n 102",1 102"aa
Fourth Liberty Loan
Met Edison pref
• 100 9314 Sept 23 9334 Sept 23 904 Apr 96
Jul
102"s: 102"n
Metro-Goldwyn Pict pf27 1,200 1534 Sept 2 1534 Sept 20 15
Sept 16 Sep t
434% bonds of 1933-38_ _ i Low_ 102", 102",: 1021.as 102"aa
(close 102882 102". 102",, 102"sa 102..at 102"n
(Fourth 44s)
Midland Steel Prod p 100 1,100 88 Sept 20 95 Sept 26 7134 June 95
Seto t
627
1148
515
885
1327
231
Total sales in $1,000 units_ _
Nat Distill Prod pre
• 200 35 Sept 24 3534 Sept 20 3034 Aug 353,4 Sep
(High 105", 106.s: 105"n 1052.: 106.as 106'n
New York Canners__ _• 2,600 2934 Sept 20 2914 Sept 24 23 June 2934 Sep t, Treasury
2
106'n
105
sa
105.44
1052
.n
105..at
434s, 1947-52
(Low. 105":
Npt N & H Ry G de E 100
100 5634 Sept 26 5634 Sept 26 4534 July 5734 Sep t
(Close 10502 105"n 105"st 105"s 106.st 106.0
N Y Steam let pref._ _.*
100 93 Sept 34 93 Sept 24 88
Mar 95
Au t
325
533
66
241
242
39
Total sales os moon units__
Niagara Falls Power-100
200 42 Sept 20 4234 Sept 20 42
Sept 47 Ma 7
Nitta Falls pre! new-25 500 2834 Sept 20 29 Sept 20 27 Jun 27 SettC
coupon
of
Ohio Fuel Supply
sales
only
includes
25 200 364 Sept 26 364 Sept 23 3134 Ap 3934 Au t
-The
above
table
Note.
Onyx Hosiery
200 1914 Sept 25 1934 Sept 26 18 May 30
J
bonds were:
Preferred
100 200 7814 Sept 23 79 Sept 23 7634 Aug 8934 Fe 1 bonds. Transactions in registered
10214n to 102"ss
102.za to 102":142 4th 414's
2 lot 4118
OrPheum Cire Inc p6.100 200 96 Sept 23 96 Sept 23 92
Jan 97
Au g
105"n to 105"n
83 2d 434s101"n to 1018822 1 Treas. &KS
Otis Elevator pref.. _100
100 10434 Sept 24 10414 Sept 24 96
Jan 10934 Jun D
102822 to 102'n
Otis Steel prof
100 300 4634 Sept 24 48 Set"26 46
Au 7434 Mar 110 3d 414s
PanhandleP& R pref 100 200 2934 Sept 23 30 Sept 25 29 Sept 4034 Ja 2
Parish & Bing'm (and_
14 Sept 25
14 July I% Au ?
1,310 1 Sept 2
Quotations for U.S. Treas. Ctfs. of Indebtedness,&e.
Park & Tilford
•10,200 264 Sept 25 29 Sept 26 24 Sept 303.4 Jul r
Penn Coal & Coke..._50 200 24 Sept 20 254 Sept 24 1934 Ma 3034 Jo i -See page 1487.
.
Philadelphia Co pref. _50 400 454 Sept 22 4534 Sept 24 424 Jac 47
Ja 1
Foreign Exchange.-See page 1487.
Phil & Read C& L ctt wi• 800 4534 Sept 20 4534 Sept 20 35
Mar 5234 Jul Y
Phillips Jones Corp p6100 200 8434 Sept 2' 844 Sept 25 78 Ma3 90
Jul Y
The Curb Market.-The review of the Curb Market is
Phoenix Hosiery
5 100 1934 Sept 22 1934 Sept 22 19 June 3231 Jai1
Pierce-Arrow prior pf _ • 300 79 Sept 22 80 Sept 23 5934 Jun; 8134 Au g given this week on page 1485.
Pittsburgh Steel pref.
_100 300 9934 Sept 22 100 Sept 22 95
Jar 103
Au g
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
Pitts Utilities pref ctfs 10 4,600 12% Sept 22 13% Sept 25 1134 Fet 1434 Jul V
Porto Rican-Am Tob 10
100 5414 Sept 2 5434 Sept 20 50 June 70
Fe0
BONDS (Par Value).
STOCKS (No. Shares).
Prod & Ref Corp pf _50 300 44 Sept 2 45 Sept 26 42 June 4734 is n
Week Ending Sept.26.
P S Corp of NJ pf 8%100 70 10834 Sept 251094 Sept 23 994 Apr 110 se t
Rights
Oil.
Mining. Domestic. For',, Govt.
5.600 1734 Sept 2 18 Sept 20 124 May 18
Dtd.&Mis
Au PS
Jan 118
Ry Steel Spring pref _100 200 11634 Sept 26 116 Sept 24 113
Jul Y
41,200 $433,000
76,025
51,500
• 300 914 Sept 24 10 Sept 24 914 Sept 16 34 Feb Saturday
$26,000
Reis(Robt)& Co
131,810
783,000
21,000
139,935
92,490
Reseda Insurance Co_.25 300 94 Sept 26 9434 Sept 23 86
Mar 96
Se t Monday
955,000
111,910
91,540
105,000
15,000
Schulte Ret'l St's pf _100
100 110' Sept 23 110 Sept 23 105 May 112
Aug Tuesday
115,139
190,810
108,430
935,000
61,000
100 3414 SePt 26 3414 Sept 2C 33
Jan 4114 Feb Wednesday
Shell Trans & Trading .C2
117,380
115,570
133,310 1,152,100
Simmons Co pref_ -100 200 98 Sept 26 98* Sept 2c 9434 Jan 9834 Se t Thursday
66,000
176,255
105,440
267,330 1.091,000
33,850 1-32 Sept 23 3-32 Sept 20 1-32 Sept
Skelly Oil rights
89,000
Si A g FridaY
Stand Gas & Elec etre_ _•13.400 37M Sept 20 3934 Sept 2f, 314 Maw 3934 Se t .
Total
736.644
647.350
787.080 85.349.100 1275 nnn
Standard Milling p6. _100
100 7934 Sept 22 7934 Sept 22 70
July 85
M ••
Wall Street, Friday Night, Sept. 26 1924.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 1484.
http://fraser.stlouisfed.org/
4
Federal Reserve Bank of St. Louis
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
1494
OCCUPYING FOUR PAGES.
For sales during the week of stocks usually inactive, see preced
ng page
HIGH AND LOW SALE PRICES-PER.SHARE, NOT PER CENT.
Saturday,
Sept. 20.
Monday,
Sept. 22.
Tuesday,
Sept. 23.
Wednesday. Thursday,
Sept. 24.
Sept. 25.
Friday,
Sept. 26.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range SOW Jan. 1 1924.
On basis of 100-share lots
PER WARE
Range for Praetors
Year 1923.
Lowest
Highest
Lowest
Highest
$ Per share $ per share $ per share $ per share $ per share S per share Shares.
Railroads.
Par $ per share 8 per share I per share 8 Per
10414 10538 10412 1054 10178 10534 10514 10578 10538 1054 10512
glare
1053
4
13.800
Atch
Topeka
&
Santa
Fe-10
0
9134 9134 92 92
971s Jan 2 10658Ju1y 23 94 Oct 05k Mar
9112 92
92
92
9078 9134 *9012 9112 1,100
Do pre!
100 864 Jan 2 9312 Aug 1
212 212
238 212
85% Dec 9058 Mai'
24 212
212 212
238 212
214 212 4,200 Atlanta Birm & Atiantio-100
Feb
23
*13312 13412 133% 13312 13312 13312 13312 13618 136 136
13*
314
July
22
114 Aug
314 Feb
136
7,300 Atlantic Coast Line RR
100 112 Jan 23 138 Sept 25 1097s July 27 Feb
62 6218 614 6218 6178 6234 6234 6312 6278 6334 6318 138
6334 22,700 Baltimore & Ohio
100 521 Apr 22 65 Aug 15
59% 5918 59
401 Jan 6084 Den
59
594 5914 5918 594 *59
5912 5938 5912
900
Do pref
100
5614
25 25
Apr 16 6134July 28
244 2434 2334 2458 2418 2478 2358 2412 2334 244 8,800 Bklyn Minh
5514 May 60% Mar
Try t o__No vas 1312 Jan 4 2913 July 17
*6812 69
684 6812 6814 6814 6814 6834 687s 6878 6858 6858 1,500
914 Oct 1412 Dee
Pref vot tr °Us
Navas VA Jan 8 7014 JulY 29
*212 312 *21
312 *212 312 *212 312 *212 .312 *212 312
341i Oct 497s Dee
Brunswick
Term
&
Ry____100
1 Jan 3
14858 149 1477 1485 14734 14812 14812 149
412May 9
78 Nov
25s Jan
14812 14834 148 14812 10,400 Canadian Pacific,
100 14234 Mar 10 15112 Aug 11 1398g Sept 160 Ayr
85 8538 85 854 8538 854 8512 86
8538 8538 85
858* 9,800 Chesapeake & 0160
100 6714 Feb 26 9234 Aug 4
*103 104 10234 103 *10258 10312 10234 10234 10234 10234 10258 1023
57 June 76/
1
4 Jun
4
1,000
Do
prof
100 9912 Jan 3 10918July 25 96 June 10478 Feb
*4
412 *412 434
458 478
44 478
514
5
48 5
4,000 Chicago & Alton
100
314 Apr 15
578July 23
1012 104 104 1034 1138 1112 1118 1138 1112 1134 113
2 May
418 Dee
4
1134
2,700
Do
prof
100
818May 20 1334July 22
*2814 2938 *28
2814 *2838 29
ffla Jan 123* Deo
2838 2838 *2814 2914 *2834 29
200 Chic & East Ill RR
100 21 May 5 3078July 21
4212 4212 4312 4312 *4212 44
19 Aug 3814 Feb
43 43
43
43
*4212 43
500
Do pref
100 37 May 5 5112 Jan 8 464 Aug 6214
554 514
558 558 *558 534
Mar
534 67*
632 634
3 718 12,500 Chicago Great Western
67
100
4 Apr 30
718July 21
1612 1718 1658 1634 1612 167* 167* 1878 1812 19
214 Oct
7 Feb
19
2014 38,500
Do Pre:
100 1012June 4 2014Sept 26
684 Oct 17 Feb
*1314 1312 1318 135* 138g 135* 1312
1334 1312 14
1334 14
7,300 Chicago Milw & St Paul
100 1114.1une 7 184 Jan 10
2038 2134 21
1114 Oct 265a Mar
2134 21
2112 2114 2238 2114 223* 21% 22 21,800
Do pref
100 1912Sept 10 8014 Apr
60 63
2058 Dec 4512 Mar
62 6234 6178 6258 624 6314 6234 6338 6212 63
11,410 Chicago & North Western-100 494 Jan 3 644 Aug 12
18
*10712 108 *10712 108 *10712 108 *10712 108 *10712 108 10712 10712
4718 Dec 88 Mar
pref
100
Do
100
100
Jan
8
3412 348 3312 345* 337 347k 3434 3518 343* 35
Aug 5 9718 Dec 11818 Mar
34
34% 24,500 Chicago Rock Id & Pacific-100 214 Feb 15 108
3634July 28
*8714 8912 8834 8834 887* 89
194 Oct 377g Mar
8912 8912 *8834 90
8834
4
500
7% preferred
100 7614 Feb 26 91 July 21
7712 7712 *767 7812 7818 7814 7812 7812 781 785* 785* 883
72 Aug 95 Feb
7878
1,000
preferred
6%
Jan
6558
100
2 7918July 19 60% Aug 85 Mar
39% 3912 *3834 3914 3914 3914 39
39
39
39
39
3935
1.600
Colorado
& Southern
100 20 Jan 2 3978Sept 28
*12718 128 12712 12712 12712 129
17 Oct 454 Feb
12812 1293* •12712 12814 128 1293* 2,900 Delaware & Hudson
100 1044Mar 5 13434 Aug
13812 139
934 July 12412 Feb
137 139
13714 139 13912 14014 13834 13912 138
7,600 Delaware Lack & Western- 50 11014 Feb 15 14638Sept 11
9
2712 2712 271 2758 2712 278 275* 2815 2712 275* 2734 14018
10978
Oct 1304 Feb
277
9,500 Erie
100 2014 Jan 3 354 Aug 1
38 38
1018 May 2234 Dee
38 38
38 381
3814 38% 378 3814 37% 377
2,500
Do 1st preferred
100 2858 Feb 19 427 Aug 1
*38
15
3834 *38 3834 3758 38
Jan
3114 Dec
3734 3814 3734 38 *38
3812
5,200
Do
100 2518 Jan 3 42 Aug 8
105 May 273s Dee
6312 645* 64 64% 644 6478 65 6514 6434 6514 6412 654 8,450 Great 2d preferred
Northern pref
100 5334 Mar 8 693sJulY 23
2914 2914 29
5058 Oct 80 Mar
29
29 2914 29
29
29
2914 29
29
1,500
Iron
Ore
Propertles__N
26
par
o
May 23 8112 Feb 4
'17i 18
25 July 36 Mar
17
17
1712 18
18
18
1812 19 *1712 1812 1,100 Gulf Mob & Nor tr clis-100
1184 Apr 30 22 July 22
94 Aug 20 Mar
*69 69% 6914 6914 6934 71
71
71
71
7134
714 1,900
Do prat
100 50 Jan 3 7178Sept 17
447 Jan 6214 Feb
1097 109% 10912 10958 10958 1095* 10934 10934 *10912 11012 71
110 110
700
Illinois
Central
100 10014Mar 4 1144 Aug 18
9958 Dec 1174 Feb
'26 27
2534 26
2534 2614 26
264 254 264 244 254 3,300 Interboro Rap 'Fran
100 1214 Jan 2 3914July 17
2118 2138 21
912 June 2278 Mar
2112 2138 2138 2073 2178 2112 2178 2158 2218 5.800 Kansas City
Southern
100 1714Mar 26 2414July 25 1558 July 2478 Mar
*554 5534 56
56
5512 5512 557 557s *55
5512 *55 554
400
Do pref
100 5114 Mar 31 56 Sept 22
4858 July 5714 Mar
5418 5434 544 5458 5414 5814 5758 5838 5758 584 5814 61
104,900, Lehigh Valley
Apr
8394
50
10
723*
Jan
25
54 June 713* Feb
*98 9812 9734 9734 9734 9734 98
9878 98
99
99
99
1,6001 Louisville & Nashville
100 87/
1
4 Jan le 10114 Aug 11
8484 Oct 155 Feb
4434 4614 45 4514 4412 447
4478 45
4412 4414 444 441
2,900 Mann Elevated. mod guar_100 3012 Jan 2 517sJuly 18
274 Dec 461. Apr
•712 10
*712 10
*8
10
*712 10
*8
10
*8
10
Market
Street
Ry
Mar
100
65*
15
1812
Jan
4
74 Oct 22 Mar
*18 26 *18
26 *18 26 .18
26
*18
26 *18
26
Do pref
100 22 Feb 20 4018 Jan 5 23 Oct 6811 Mar
*44 45
44 44
45 45
47 484 46
4814 *46
48
1,700
Do prior pref
100 4312Mar 17 7111 Jan 4
5612 Oct 87 Mar
*15 20 *15
20 *16 20 *1712 20 *17
20 *17
20
Do
pref
2d
14
100
Mar
18
Jan
30
4
1458 Oct 5614 Mar
*2
212 *2
24
212 *2
24 212 *24 212
214 212
300 Minneap & St L (nwo)
100
1% Jan 3
4 Jan 28
78 Aug
1538 1558 15% 1514 1512 1514 1558 1578 157 1614 16
94 Feb
1612 19,400 Ma-Kan-Texas RR----No par 1012May 20 1612Sept 26
98 Oct 17 Feb
4612 47
464 474 4678 4738 47
474 4712 4878 4814 49
15,700
Do
pref
100 29; Feb 18 49 Sept 3
2478 Oct 4512 Feb
20
2014 1914 2014 195* 20
1984 205* 2018 2012 2018 204 24,300 Missouri Pacific
corn
100
914 Jan 3 2012Ju1y 23
84 Oct 193* Feb
5538 5612 58
57
563* 5678 5612 58
5712 58
5734 5814 51,700
Do pref
100 29 Jan 3 58 Sept 24
224 Oct 49 Feb
*112 13*
138 13* *114 1% *135 15*
1% 158
15
218 7.600 Nat Rys of Meg 26 pref..-100
118July 16
23sSept 26
14 Nov
109 109 10714 10858 109 109 *10818 10852 108 10878 10712 108
44 Feb
2,600 New On Tex & Meg
100 9312 Feb 15 12112May 20
8212 Aug 105 Mar
108 1083* 10778 10814 10734 10878 1087s 10958 10918 10914 210712 1084 27,000
New York Central
100 99% Feb 15 11058 Aug 20 904 May 10714 Dec
114 114 *11212 114 114 117 117 117
11534 11534 115 116
1,800 NY C & B IL new co
100 7212 Feb 18 121 Sept 5 6712 Aug 8012 Dee
8912 894 8814 8878 8812 8834 89
90
8978 904 89
90
2,100
Do pref
100 83 May 21 93% Sept 5 86 Nov 954 July
24% 244 24
248* 237s 2418 2414 2513 253* 26
254 2578
NY N H & Hartford
100 1411 Jan 2 3018July 24
933 July 2212 Jan
2238 2258 2234 2358 23 2314 234 2358 28,200 NY
2214 23
2212 23
Ontario & Western 100 16 May 24 2338 Aug 17
144 June 2158 Feb
1814 1834 184 1812 1812 181 *1758 1812 *1758 184 *1758 1812 11.800
300 Norfolk Southern
100 1212 Apr 22 2114July 21
9 Sept 1818 Feb
*128 12614 12618 12612 125 12614 12512 12638 12512 12658 12558
12618
16,000 Norfolk & Western
100 10212 Jan 3 13212 Apr 8 100 July 11758 Feb
*73 78 *73
78 *72
74
74
74
*75
78 *74
78
100
Do pre
100 7214 Feb 20 8018June 10
72 Sept 784 Aug
6412 65
64% 654 6418 6538 13512 66
6552 6572 6512 6614 11.600 Ncrthern Pacific
100 4778 Mar 3 6734July 23
495* Oct 8111 Mar
4414 447
4414 4478 4412 4478 4434 45
4434 4478 4434 4478 6,900 Pennsylvania
407
3
Jan
4214
Jan
50
465*
28
Nov 47% Apr
01612 17
1614 17 *1612 17
1614 17
174 2014 204 2134 14.600 Peoria & Eastern
934 Mar 13 2134Sept 25
100
8 Oct 17 Mar
61 61
60 6034 61
61
61
61
6012 61
603 61
2.500
Marquette
Pere
100
4018Mar
31 6818 Aug 8
36 Jan 4714 June
8034 8034 804 804 .7934 8034 80
8034 80 80
801* 8012 1,000
Do prior pref
100 7112Apr 23 8512 Aug 2 6712 Oct 765* Mar
*72
7218 *7112 7218 72
72
7134 7134 *72
72% 7114 7114
400
Do pref
100 60 Jan 4 77 Aug 8 574 Oct 7018 Jan
6114 6112 *6034 614 604 6138 6014 6078 6011 6078
6014
4,400
595s
Pittsburgh
& West Va...-100 38 Jan 4 644 Sent 9
337s Jan 5058 may
1033,3 10558 10538 10558 10538 10534 10578 106
106 106
10534 106
2,900
Do prof
100 8514 Jan 5 106 Sept 24
85 Dec 93 Jan
62 62
61
62
6138 6214 6238 6278 6212 6234 6218 628
Reading
50 5178May 20 79 Jan 12
6818 June 8118 Feb
355* 3558 3512 3512 *35 354 3512 3512 3512 353 *3518 3512 13,700
1,200
Do let preferred
50 3414June 24 6641 Jan 14
44 June 5612 Feb
363 3618 *36
36/
1
4 *3512 36
357 357
*351 36
3534 3534
500
DO 2d preferred
50 b334 Jan 16 68 Jan 14
45 June 5614 Jan
56
56
55 55
5614 5812 57 6034 60 6014 59
6012 4,200 Rutland RR pref
100 32 Jan 3 6034Sept 24
2212 Oct 39 Dec
28
2878 2814 2878 2814 2914 291 298 2914 2934 295* 307 51,800
100 nos Apr 30 3078 Sept 26
St
Louls-San
Fran
1654 Oct 27 Mar
*6012 61
60
60
6012 6114 6114 6178 61
6134 6112 65
11,500
Do prof A
100 4258 Jan 3 65 Sept 26
3212 Jan 50 Mar
4112 4112 4118 4112 4112 4112 42 4434 4358 4478 434
4411 19,700 St Louis Southweetern
100 33 Jan 2 4558July 15
2512
Aug 365 Feb
7118 *71
71
714 718 717
717
7118 72
707*
701 71
3,500
Do pref
100 5778 Jan 3 72 Sept 18
5418 June 63% Mar
14
14
14
1438 1438 1412 144 1513 1434 1518 15
154 8,400 Seaboard Air Line
614 Jan 2 1713 July 28
41 Aug
100
74 Feb
2612 264 2634 2634 2713 2712 27
2812 275* 2878 28 2938 13,100
Do pref
100 1414 Jan 2 3235July 30
9484 945* 9314 9414 9435 9478 947k 9514 95
84 Aug 1514 Deo
9518 9412 9538 18,300 Southern Pacific Co
100 8512Mar 28 9778 Aug 12
8414 Aug 954 Feb
6712 674 6714 684 267
6814 683 703
69
70
6914 7058 9,9100 Southern RallwaY
100 3812 Jan 2 705* Sept 26
2434 Jan 3918 Dec
7612 7612 7634 7634 27512 76
75% 7514 7512 7512 7533 75% 4,100
Do pre:
100 6634 Jan 3 7634Sept 22 63 July 70% Mar
3618 371s 3634 3712 3614 3714 37 3858 3753 3812 3738 3838 27,200
Texas & Pacific
-100 19 Jan 3 394 Aug 10
14 Aug 2912 Mar
1312 1312 *1212 134 1212 1212 *124 14 *124 1412 *1212 141
300 Third Avenue
-100
834May 20 1812July 17
812 Dee 1914 Feb
*44
48
44
48 *45 48 *44 46 .44
4512 *44
48
City Rapid Transit. -100 4478July 25 66 Jan 12
5814 Jan 771 June
139 13914 1394 1404 13914 14014 14038 1412± 14034 14112 14014 14114 7,700 Twin
Union Pacific
100 12658Mar 3 14614 Aug 19 12412 Aug 14478 Feb
.7418 747 *7418 747
7414 7414 743± 7478 *74
7412 74
7414 1,500
Do pref
100 70 Mar 20 7612 Aug 27
704 Dec 7612 Jan
*16
1715 174 1818 1858 198
1984 2114 2118 231. 2014 2213 38,800 United Railways Inveet..._100
7% Apr 23 2318Sept 25
778 Oct 2178 Me
43 434 438 464 4512 46; 47
4914 498 517
478 50 27,500
Do pre!
100 2612 Apr 21 545sJuly 14
26 Oct 62 Mar
6834 68k 69 694 6814 683± 677s 677* *66 68
6514 6514 1,500 Virginia Railway & Power_100 38 Feb 29 7234July 12
304 Aug 364 Oct
1518 1512 154 1614 154 1534 1534 1618 1538 16
1514 154 19,100 Wabash
100
10
1
4
4
Jan
17% Mar 20
7 Mar 12 Dee
434 4412 4414 4538 4412 4518 437 4434 43 444 43 4314 51,600
Do pref A
100 34 Jan 3 4714Mar 19
2314 Jan 3612 Dee
3018 30% *30
3112 *3018 3112 304 31
3112 *30
*30
3112
800
Do prof B
100 224 Jan 3 32k Apr 4
1612 Jan 2314 Dee
1118 1118 1114 1114 1114 1114 118, 1218 Ilk 12 *1138 1178 4,200 Western
Maryland
100
8%June 3 1314 Aug 6
8 Sept 15 Feb
•19
194 *1812 20 *1912 2012 1978 2038 *1912 2014 1934 1914
700
Do 2d preferred
100 1514May 15 21% July 18
14 Sept 2634 Mar
243± 25
2478 2312 245
2412 25
24
2338 2334 2314 235 12,600 Western Pacific
100 1414 Jan 2 2514 Sept 19
12 Setp 2014 Mar
*72 7318 72
725± 71
72
7212 7212 7112 7112 72
72
1,000
Do pref
100 58 Jan 7 737s July 2 53 May 6338 Mar
1312 1358 1312 1334 1318 131* 13% 135* 1314 1323 13% 1338 4,500 Wheeling dr Lake Erie Ity-100
74 Jan 2 1514 Aug 5
6 Oct 1012 Feb
•23
2312 23 23
23 23
23 2334 23 24
2314 24
2,200
Do pref
100 144 Jan 2 2612 Aug 8
10 Oct 19 Feb
___ ___- --- --__ __-- ____ ____ ____ ____ ...... Wisconsin Central
100 34 Jan 16 3712 Jan 29
23 Aug 38% Dec
Industrial & Miscellaneous
8812 8878 *87 88 *87 89
87 87
87 87 *87
89
400 Adams Express
100 7312 Jan 2 891k July 18 87 Sent 82 Mar
117 1178 •11
*11
*11
12
12
Ilk 1134 1114 11
11
400 Advance RumelY
100
6 June 9 1214Ju1y 29
84 Oct 1912 Mar
*39
*39
*39 41
41
*39
41
41
39
39 *39
41
100
Do pref
100 2814June 14 411$ Jan 4
24 Nov 5455 Jan
87 8838 8618 88
86% 87
8614 8714 86
86% 86 8618 5,600 Air Reduction, 1140.---NO Par 6714 Jan 2 56 Soot 24
56 July 72/
1
4 mar
93 10%
91 10%
934 1014 10
10
10
10
934 1012 7,900 Ajax Rubber. Inc
412May 14 1114 Aug 18
50
414 Oct 14% Mar
18
4
18
4 -------------- _
_
1212 1212
1,400 Alaska Gold Minas
10
la Jan 3
14 Feb 2
4 Aug
5s
-iiis --1.1i
118 118
Mar
1% 118
118 118
l's
% *118
500 Alaska Juneau Gold Min
14
10
7s
Jan 30
14Mar 4
le
17 Oct
7412 7414 7518 74
7414 738 745* 74
74
74
74
7414 10,700 Allied Chemical & Dge_No par 85 Mar 18 79 July 28 5914 Oct
Aug 80 Jan
115 115 11514 11514 *114 11512 115 115 *11412 11511
*11434 115
400
Do pref
100 110 Apr 8 11814July 16 10514 Aug 112 Mar
62
611± 61% 61
6312 6278 6314 62 63
61
6112 6214 11,900 Allis-Chalmers Mfg
100 4158May 20 6612 Aug 19
June 5114 Feb
100 100
•9978 101
9934 998 100 100
*9812 100 *99 100
300
100 90 Apr29 1005sSept 18 8714
Do pre'
89 Nov 974 Jan
13
1234 1234 1214 125* 12% 124 1212 1212 1,500 Amer Agricultural Chem_100
1314 1314 13
718 Apr 7 174July 29
101s July 36% Feb
*35
36 *34
3534 36
36
3534 3534 33% 3434 *33% 348
1,500
Do pref
100 1834 Apr 7 4958 Jan 9 284 Oct 687g Feb
*135 143 *135 145 *135 145 *135 142 *135 142 *135 142
American Bank Note
50 98 Jan 8 138 Sept 18
77 Jan 100 NOV
, *5518 56 .5514 56
*544
56
56
5558 555
*55
_.
200
Do pref
5
52 May 6 56 Sept 24
5012 June 5514
*40
42 *4014 42 *4012 42 *404 42
*4012 -42 *4012 -4i
American Beet Sugar
100 34 Mar 21 494 Feb 8 25 Aug 494 Aug
Feb
*2612 2712 *2614 27
*26
2612 2514 277
26
26
27
2933 13,900 Amer Bosch Magneto_No par 2214 Apr 1 38% Jan 12
2214 Oct 60 Mar
*8114 844 *8114 84 *8114 84 *8112 834 *8114 8334 *814 8334
Am Brake Shoe & F___No par 70 Apr 14 85% Aug 15
Sept8314
6958
Feb
*103 110 *103 110 *103 110 *103 110 *103 110 *103 110
Do pref
100 10414July 10 110 Mar 26 102 July 110 Jan
1291* 13018 12712 130
12758 1304 130 1323* 12978 13178 12955 13118 110,900 American Can
100 957g Apr 21 13811 Aug 20
7312
10753
Jan
Deo
1144 11411 11312 114 *11334 11458 114 11412 114 114
11438 115
1,200
Do pref
100 109 Jan 8 11612July 31 106 Sept115 Feb
*16514 167 16518 1654 165 16512 157 167
16634 167
800 American Car & Foundry_100 15312 Apr 14 178 Jan 26 14814 July 189 Mar
167 167
*119 12114 *117 12178 *120 12178 120 120
120 120 *118 120
200
Do prof
100 11814 Apr 9 125 July 18 117 Sept 12f% Jan
*2414 247
2412 24% 245 2458 243s 24% 24% 2412 24% 2411 1,500 American Chain, cl A
25 215,Mar 21 25 Sept 5
2085 June 254 Mar
2734 28
2778 2818 28
10,810 American Chicle
33
3018 30
3312 3612 331 35
No par 1414 Apr 22 3812Sept 25
534 Jan 178 Nov
514 532
514 53
513 555 *512 558
534 55*
54 51 3,900 Amer Druggists SyndIcate10
312June 6
64 Jan 30
4% Sept7/
1
4 Feb
120/4 12112 11712 12012 *119 121
11812 11811 11734 11818 1,400 American Express
120 120
100 88 Apr 15 12212 Aug 4
87 Nov 14312 Mar
11512 11512 1154 11634 116 11614 11612 117 117 11812 118 118'i 8,700 Am & Foreign Pow 25% paid__ 9212 Mar 8 12112 Aug 22
96
Dec
Dec
97
•116 118
116 117
11612 1164 117 117
11612 11814 118 118's 2,800
Full paid
9112 Apr 4 12112 Aug22___
*104 11
*1012 11
11
11
1,800 American Hide & Leather_100
11
11
11
11
1118 111
714 Apr 28 1358 Feb 13
61s
Aug
13r4
Mar
64 64
634 64
6334 6512 *6412 65
64 6478 7334 6612 13,400
Do mod
100 504 Jan 8 6612Sept 26
2984 Aug 7414 Mal
•13k1 and asked prices. x Ex-dividend. It Ex-righm.
to
I.
New York Stock Record-Continued-Page 2
1495
sales durlog the week of stocks usually inactive, see second page preceding
HIGH AND LOW SALE PRICE-PER SHARE. NOT PER CENT.
Saturday,
Sept. 20.
Monday,
Sept. 22.
Tuesday,
Sept. 23.
Wednesday, Thursday,
Sept. 25.
Sept. 24.
Friday.
Sept. 26.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Binge Jan. 1 1924.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Rowefor Previous
Year 1923.
Lowest
Highest
$ per share $ per share $ per share $ per share $ per share $ per share Shares. Indus. & Miscall.(Con.)Par $ Per share $ per share $ Per share $ per skews
100 72 Aug 28 98 Feb 7 78 Oct 111% Apr
82
79
7,400 American Ice
79
8334 79
80
83 8312 8312 8434 8214 83
100 7912 Mar 28 83 Feb 5 7734 Oct 89 Feb
Do prod
900
7872 80
80
80
80
80
*7834 8012 80 80 *7913 80
16 Sept 3312 Max
6.300 Amer International Coro 100 1738Mar 19 29% Aug 21
2612 27
264 2612 2618 2612 2812 2714 2658 274 2618 27
101a July 13 Mar
F
E
10 10 May 19 1214 Jan 9
American
La
France
1118
11
11
•1012
11
600
11
*1034
11
11
11
*11
1118
Jan
14
13
Oct 38 Mar
7
22%
1334May
100
2113 22
2138 2158 5,300 American Linseed
2038 2134 2114 2134 2112 22
1912 20
2812 Oct 59 Feb
100 30 Apr 15 45 Jan 14
Do pref
42 43
4234 4314 43 4312 *43 4434 *43 444 3,100
40 41
21
8434
July
7614 Dec
8
Aug
Apr
15
837
7013
Locom,
new_No
par
American
80% 6,700
804 8038 80 8033 7934 8014 8012 8078 8012 8112 80
100 11614 Apr 16 12014 Aug 25 11412 Sept 122 Feb
Do prat
*119 121 *118 122 *118 122 *119 122 *119 122 *119 122
404 June 55% Mal
No par 3834June 3 4918 Aug 18
4814 484 484 47 4714 4712 4712 1,900 American Metals
4814 *48
48 4812 48
78 Jan 97 Dee
25 9414 Apr 16 119 Sept 19
2,900 American Radiator
117 11814 118 118
11714 118 11612 11734 116 11734 118 119
We Feb
478 June
578 Apr 22
812Sept 26
778 812 30,100 American Safety Razor- 25
718 7%
714 734
778 814
*7
718
7% 738
Feb
11
1038May
21
15%
1038 July 2118 Jan
Ship
&
1114
Amer
1114
•I114
1118
1118
1.200
comm---No
Par
1114
11%
113
1114
1118
8
1118 1118
5114 Oct 8911 Mar
7414 7438 7414 7513 7458 7514 7418 7434 7314 7414 7.400 Amer Smelting & Refining _100 5713 Jan 14 7813 Aug 20
7413 75
93 June 1021s Mar
100 96 Jan 2 105 Aug 19
Do pref
300
10353 10358 10358 10358
1035s 103% *10312 104
*103 104 *103 104
3158 July 40% Mar
3714 37
37
3712 3678 3738 37 3714 37
3714 3.400 Am Steel Foundries---.33 1-3 3313 Apr 21 40 Feb 7
37 37
9773 Aug 105% Feb
100 10114 Apr 25 10634 Aug 15
Do pref
200
*105 10714 *105 107 •105 10714 10618 10618 106 106 •105 107
Oct 85 Feb
6134
48
23
Feb
7
3858
Apr
_100
Sugar
Refining_
American
4778
47
4612
3,500
4612
47
4818
4712
4712
*4634 4734
4712
4612
100 79 June 7 99% Feb 14 92 Dec 108% Jan
300
Do pref
91
*90 9058 *90 9058 90
90
*90 9114 90 90 *90
638JulY 11 2812 Jan 9 16 July 36% Feb
714 84 2,100 Amer Sumatra Tobacco---100
84 834
8
814
812 834
8
84
834 834
3212 July 6534 Feb
100 2212Sept 9 69 Jan 16
*2314 32
100
Do pref
31
*2212 31 *2212 31
*2212 31
30
30
*23
100 121l3June28 13078 Mar 13 11918 June 12814 Dec
12634 12714 127 12714 127 12714 127 12714 127 12714 12678 12738 8,500 Amer Telep & Teleg
100 13658Mar 25 167125ept 22 14014 July 161% Feb
162 16478 16312 16712 164 16578 164 1657 1645:5 16638 16312 16478 16,000 American Tobacco
100 101 Apr 11 10812Ju1y 23 10018 Nov 105% Mar
Do pref
800
*10412 105 105 105 1044 10478 10434 l048 10414 10412 *104 105
Do common Class B._100 13514 Mar 25 16434Sept 22 140 May 159% Feb
16058 163% 161 16434 162 16334 16284 1648g 16212 163723 16112 16212 29.000
2713 Jan 44% Apr
8,300 Am Wat Wks & El v t o _100 40 Feb 18 1264Sept 25
118 120
119 125
12412 12618 12414 125
*112 115 11414 121
Do 1st pref(7%) v t 0.100 891,Mar2i 99 July 8 8514 July 93 Jan
200
9612 *96
9612 9614 964 9612 961 *96
97
*96 97 *96
4812 Jan 6711 Dec
Do panic pf(6%)v t 0.100 66 Feb 19 99 July 10
91
90
9038 91
*8914 91
1.600
8978 90
90 90
*8712 89
65 Oct 10958 Mar
100 5114 Sept 10 789e Jan 11
5778 5612 5714 33,200 American Woolen
5638 5734 5718 5812 58 5812 5818 5824 57
*9514 97
100 9512Sept 19 10255 Jan 19 9658 Oct 111% Jan
400
Do Pre:
96 *9512 96
9512 96
*9512 96
9512 9512 96
l's Dec 34 Mar
318 318 *3
334 *3
7 July 14
112 Apr 16
200 Amer Writing Paper pret 100
3
334 *3
3
384 *3
334
64 Oct 1914 Feb
7 Mar 29 104 Feb 14
8
778 8
778 8
7
712 2,100 Amer Zinc, Lead & Smelt _25
8
74 712 *738 8
2434 Dec 5814 Feb
24 June 5 344 Jan 14
2
Do pref
29 *2718 29 *27
28 *27
29
28
28 *27
28
100
*27
324 Oct 5312 Mar
2812May 20 42 Aug 20
3744 38
3712 3734 37
3714 3734 3753 3812 3758 38
374 14,200 Anaconda Copper Mining_ 5
5834 Oct 9414 Dec
100 8314June 18 9313 Jan 24
8912 *89
400 Armour & Co(Del) prat
88 88
8813 8812 *88 89 *89
891
88 88
nos Nov 18% Oct
8 Jane 4 15 Jan
812
8
8
*8
9
*8
9
400 Arnold Conat'ledc Co v toNopa
8
814
814 814 *8
Jan 89 Max
6214
30
122
Aug
Jan
15
1191
79
100
1.800 Associated Dry Goods
11918 120 119 119 119 11918 11712 11912 11734 11778 11838
2478 Oct 29% Dee
2712July 16 3444 Feb 5
2
1,000 Associated Oil, new
•284 2812 2838 2812 *2814 287.3 2812 284 281z 2812 2812 287
014 July 34 Mar
18
17
1713 18
1812 1612 1634 1714 1738 17
1684 1678 3,100 All Gulf de W I BS Line--100 1034 Mar 26 2158July 14
834 July 27 Max
Do pre!
100 1212 Jan 4 2738July 3
2414 23,
8 2338 2314 231
2,200
2334 24% 2434 2434 *2312 2434 24
99% Sept 15312 Jan
14
10
100
8878 8978 8912 8984 8812 89
8814 881
3,900 Atlantic Refining
8778 8812 8712 89
May 120 Jan
115
F
j
an
eb
3
7
1
2163
10
7
8
9
11
j
i
nn
i
Y
e
pref
100
112
112
*112
11234 *112 113
400
Do '
*112 113 11278 11278 112 112
17 July 35% Jan
244 253s 25 2512 2434 2534 28 2658 2534 26
2534 2534 6.700 Austin. Nichols & Co--No par 1812 Mar 28 30 Jan 9
7834 June 8912 Jan
Do pre!
100 79 Apr 17 8934 Sept 23
*89
90
1,300
8812 8938 8913 8934 *89 90
89
89
88 88
O58 Dee 2814 AM
158June 20
813 Jan 2
238 213
234
*214 213 *2
233 258 1,300 Auto Knitter Hosiery-No par
212 *214 212 *2
122 12318 12134 123 12218 12312 12338 12434 123 12478 12234 1227 50,100 Baldwin Locomotive Wks_100 104387Say 20 131 Feb 7 11012 Aug 14414 Mal
100 11012June 10 116 Feb 1 111 Apr 11634 Jan
Do pref
•111 11614 *111 11614 •111 11614 *112 118 *112 116 *112 116
8Juee 30
97s Aug 35 Mar
1914 184 1918 1834 183
5,300 Barnsdall Corp.Class A. 25 14 Feb 16 21,
1814 19
1878 19
1878 1918 19
6 Oct 22 Jan
26 10 Jan 7 1614June 30
Do Clam B
14 "1312 1412 •1312 14
200
14 *13
1313 131
*1314 1414 *12
50 June 6214 Ald
4113 411. 1.000 Bayuk Cigars, Inc-No par 3912May 16 59 Jan 5
42 4214 *4112 42 *4112 4212 *4112 421
*4218 43
4818 Dec 8414 Mar
5612 5814 55,
20 4434 Apr 15 58% Jan 31
5684 5514 564 56
56
4 56, 5512 56
9,300 Beech Nut Packing
56
4114 June 70 Mar
100 4112Ju1y 17 6218 Feb 5
45% 4318 451
4278 4312 25,200 Bethlehem Steel Corp
454 4514 45 4512 4484 4538 45
June 11114 Mar
1004
11014
Feb
15
.100
Apr
12
Do
cum
cony
pref
10114
8%
300
10678 10678 *10612 107 *10638 107
107 107 *107 1077 10712 10712
87 July 9712 Mar
Preferred new
100 8914June 30 97 Feb 11
500
*9258 9314 9314 9314 *93 9312 9312 9312 9318 931 *93 9314
71 Jan
33 Oct
348June 11
718 Jan 6
No par
412 419 *4
412 *4% 41
*412 438
*44 413
200 Booth Fisheries
*44 5
973 Mar
3 Dec
100
2'Sept11
6 Aug 4
,
8
2,
8 288 *214 212
400 British Empire Steel
238 2
*2
24 *24 238 *134 238
100 10714June 2 120 Sept 26 10414 May 121% Jan
0,600 Brooklyn Edison, Inc
*11514 11612 11518 11612 11612 11634 116% 1164 116 1161 11612 120
7878 7858 801
78
79 37,800 Bklyn Union Gas new_ _No par 565s Apr 21 8014Sept 25
7412 7512 7478 7678 7534 774 77
4118 Oct 65g Apr
100 39 May 27 5313 Jan 9
47 47
48
4612 4612 *45 47 *45 47
4714 48% 1,500 Brown Shoe Inc
*45
100 9713 Feb 26 11212June 27 100 Sept 14434 Mal
107 1073 108 111
109 11012 3,600 Burns Brothers
107 107 *10534 1084 107 107
Sept 43 Jan
2313 25 nolz 25 2358 24 2434 25 25 2512 1,500 Do new Class B com____ 1958 Feb 26 27 June 27 2112
*24 25
414 Oct 11% Feb
3SsJune25
612 Feb 14
534 6
512 57
514 513 8,500 Butte Copper & Zino
54 558
55
57
22 Aug
June
23
1314
17
Apr
Jan
1812
100
28
233
8
1913
1812
193
8
191
194
*1834 19
2,200 Butterfat Co
1934
1818 181
19
127s Oct 3772 Mar
10 14 May 29 2014 Feb 15
1658 1658 1612 161
164 164 1,700 Butte & Superior Mining
1612 1658 1638 1612 1658 17
911 Feb
114 Nov
414 Jan 19
138Sept 15
1% 138
112 112
138 138 *138 11
400 Caddo Cent 011 & Ref_No par
*138 158 *138 112
77 Aug 87 Feb
91
9212 92 92
91
91
9114 91
924 3.300 California Par.ldng--No par 80 Apr 30 92345ept 20
894 9234 91
Sept29%
May
171*
224 2214 2178 2214 22
8 22
2238 8,400 California Petroleum. new. 25 19124uly 16 29% Feb 5
2134 2134 2113 2178 21,
9012 Sept11012 May
Do pre:
100 9212July 16 107 Jan 31
100
9614 9614
*95 97 *9514 9712 *9514 961 *9514 961 *9512 97.
Feb
12%
Oct
Jan
9
213May
10
578
Zinc-Lead
10
33.
34 34
34 314
314 314 3,700 Callahan
314 312
312 312
314 31
42 Oct 66 Mar
*5112 53
10 4134 Mar 31 5478 Aug 15
5112 511
SOO Calumet Arizona Mining
5214 52% *5112 523
5034 51% *5034 5214
Feb
434
*34
*84
18
14
Oct
*34
8
4
',Mar
26
134July
78• *34
84
No
pa
78
Case
(J
I)
Plow
100
7
*34
17 Dec 42 Mar
14 Mar 19 29 July 28
*201
/
4 26
300 Case Threshing Mach_No pa
2012 2012 *2014 26 *2014 24
2014 2014
*2012 26
958 Nov 4013 Mar
14
1412 1412 1413 3,500 Central Leather
100
973 Mar 25 177s Feb 13
14
1312 14
14
1414 1414 141
14
284 Nov 7934 Max
100 2914 mar 5 5234 Aug 15
Do pref
48 4934 4834 4958 4838 4812 4818 4958 10,800
*4734 4812 4078 47
4034 Mar 31 4914July 22
3611 Oct 5012 Mar
46% 4534 463s 5.000 Cerro de Pasco Copper_No pa
4638 4612 4614 4612 4614 4612 4618 4638 46
3612 3612 3014 3612 3,500 Chandler Motor Car__ _No pa
3412SePt 8 6612 Jan 2 43 Oct 76 Mar
4 371
3638 364 3614 3612 3614 3678 36,
7512 June 9044 Mar
861 • 8612 8612 *86
100 Chicago Pneumatic Tool-100 797sMay 15 8738July 21
*86
87 *86
87 *86
*86
39 May 12 6112 Apr 10
47 47
47
4634 47
47 - 1,600 Chicago Yellow Cab___No pa
*45 46 *45 1512 4514 47
-2413
June 104 Mar
Aug
18
3512
3314 3312 334 33% 3284 3338 32,
255s
Mar
29
32%
2
4 33
32,
4 3218 3212 13,800 Chile Copper
143,4 Aug 3178 mar
15 Mar 28 234 Aug 20
1934 1934 1913 1912
no 22
300 Chino Copper
22
*1913 22 •1913 2112 *20
60
July 7614 Mar
7512
Jan
30
Sept
8
Peabody
&
Co_
100
5614
5712
58
5812
Cluett,
5713
5712
500
57
57
*57 5712 *57
5712
5712
65% Oct 8318 June
No pa
81 Apr 21 7812 Aug 21
7534 7634 7514 7612 7512 7634 22,900 Coca Cola Co v t c
74
74
7414 76
7514 76
100 247 Feb 15 5414 Aug 5 20 Oct 358 May
4334 4412 4118 4312 43 4478 4418 4514 4314 4514 4234 4412 49.300 Colorado Fuel & Iron
41 Oct 51% Dee
4112 41
41
41
42
41
*4114 42
1.200 Columbian Carbon vie No par 4048July 24 5538 Jan 18
*41
414 4012 41
4213 42
,
4 4258 4234 15,600 Col Gas & Elea, new__ _No par 33 Mar 21 4412Sept 15 8014 June 3738 Apr
4234 4314 4234 4314 4258 43 a4258 43
25 Apr 46 Feb
6412 6414 644 2,200 Commercial Solvents A No par 4312 Jan 11 6710.1111r 16
6314 6314 *63 8312 6338 6414 6414 654 64
15 Apr 40 Dee
No par 33 Jan 15 6012Sept 24
B
5978 6012 59
59
5912 $012 5,300
5612 5612 56% 5613 5678 60
No par 3214May 19 6614 Feb 18 c4412 Dec 184% Nov
4712 4812 4714 47% 4512 47
7,600 Congoleum Co
4678 47
4614 464 464 48
Dec 3912 Jan
Jan
14
14%
1012
Consolidated
No
par
Wismar
25
2213
2078
Cigar
1913
21
1978
3,500
1912
1934
21%
1973
*1812
19% *19
Do prat
100 591k Apr 24 84 Jan 16 60 Dec 83 Feb
77
*76
77
100
77 *74
7612 7514 7514 *78
77
*76
*74
5654 July 895* yeb
8 7334 7438 7334 7414 7378 7478 7438 7514 101,200 Consolidated Gas(N Y4N0 pa' 607, Jan 2 7514Sept 26
72 7334 7334 74,
6 Oct 14% Feb
238 Apr 22
8 Jan 5
318
318 314
318 314 3,600 Consolidated Textile_.No par
314 314
314 314
31s 314
4278 May 57% Dee
100 43% Apr 14 8012 Aug 15
5712 5838 57% 5814 57% 5812 5834 5978 584 5918 20,600 Continental Can, Inc
5713 58
5 Oct 1224 Jan
8 Jan 16
6 Apr 22
634 7
6,400 Continental Motors---No par
7
7
7
7
634 7
7
7
678 7
,Ded
Corn Products Refining-100 15233 Jan 4 18738 Jan 28 1143e July 1601
_
337
3613 351 3688 1-1,000
New when Issued
25 3112 Jan 15 8778 Jan 28
358
-5514 348 34 14-73 35
No par 234.1une 7 403* Feb 5 Wig Sept 62¼ Map
2612 2618 2678 2558 2612 2412 2578 2313 2538 49,600 Comien & Co
2618 2638 26
5738 55% 5612 5512 5614 9,600 Crucible Steel of America__100 48 May 13 7134 Feb 7 8712 Sept 8412 Mar
5712 56,
57
4 5712 57
56% 57
8534 Aug 941k Mar
100 86 May 22 92 Feb 11
90 *90
Do prof
9018 *90 9018 90% 9018 90
400
90 9018 *90
9018
81 Aug 20 Feb
No par 1134 Apr 22 18 Feb 8
102 1412 1412 1412 1418 1414 *1418 1414 1418 1418 1418 1414 1,600 Cuba Cane Sugar
331k Aug 8512 Dee
100 5353 Apr 21 7173 Feb 11
8 6434 64
Do pre(
6414 9,100
6412 6478 6418 6478 64% 8412 6418 644 64,
23 Aug 87% Feb
10 2812June 9 3873 Feb 11
3238 31,
4 3218 3218 3238 32
324 31,
4 3218 5,300 Cuban-American Sugar
3233 3238 32
99 *98 99 *98
9878 9878 *97
99 •98
Do pref
100 96 Jan 4 100 Aug 27 92 July 108 Are
99
100
*98
99
*618 634
3 July 1214 Mar
418June 16
812 Feb 5
678 678 •638 6,
4 • 1,100 Cuban Dominion Sugar No par
67* 678
7
714 *612 7
4912
49
*4812
*49
50
49
*48
100 41 Aug 29 52 Feb 5 30 Aug 5812 Mar
1,400
Do pre:
4912 5012
50
4834 4934
No par 4634 Aug 28 7412 Jan 3 5412 July 7212 Dee
5178 53% 5234 53
5278 534 5214 $314 52
5212 5,200 Cuyamel Fruit
524 43
13
13
1278 13
13
13
1278 13
*13
1338 13
13
1,300 Daniel Boone Woolen Mills 25 1012Sept 9 3214 Mar 6
205s May 813* Dee
4934 5114 4912 50% 41,100 Davison Chemical v t o_No par 41 Apr 14 6912 Jan 8
5034 48 5034 48% 4938 4918 52
50
is% Dec 28 Max
300 De Beers Cons Mines-No par 183* Jan 21 22%Mar 14
1938 1938 *194 20 *1938 20 •1933 20
1938 1988
*1933 20
June 111 Mat
10014
Aug
20
11012
108
10812
Detroit
Edleon
100
10114
Jan
30
108
108
108
108
10812
10914
2,100
10812
110
108
10818
1g
*1512 1534 1534 1578 1512 1513 1512 1512 1513 1558 15% 1553 1,700 Dome Mines, Ltd__-_No par 15 Apr 28 20% Jan 7 303* May 44 Jan
sgct 141* June
11
Aug
27
12
12 •11
12 •11
9
12%
12 *11
*11
12
9
1sJune
*11
12 *11
Douglas Pectin
10912 1091 •10958 11038 1,000 Eastman Kodak Co.--No Par 104% Apr 21 11211 Jan 8 89% Jan 1153* Apr
10934 10934 109% 109% 10978 11038 110 110
20 Oct 27 July
918 91
834Sept 11 2418 Jan 8
94
9
9
918
94 94
9%
913 913 2,700 Eaton Axle & Spring__ _No par
13034 13112 130 1313 13058 131
5,500 El du Pont de Nem & C0-100 112 May 20 1417* Feb 1 10614 Jan 14812 Apr
13134 13134 13034 13118 12912 131
July 6718 Mar
52
7
5713
571
57
58
57
571
57 5718 5712 57%
58% 1,900 Eleo Storage Battery-No par 5013May 15 64 Feb
*56
2014 Jan
1258 *12
8 1218 *12
1258
100 Elk Horn Coal Corp
1258 1218 1218 *12
ao 1112June 20 1418July 26 12% Dec
•1134 1218 •11,
71 Feb
3%July 29
% Dec
3
n
3
2
Emerson-Brantingham Co-100
%June 23
*2
3
3
*2
3
*2
3
*2
5878 Oct 9414 Jan
647
6458 654 2,100 Endicott-Johnson Corp_.- 50 557gMay 0 671k Jan 16
*64 6412 6412 64% 6412 6434 6412 6412 *64
100 106i2June 26 115 Jan 17 110 Oct 118 Jan
Do pre'
•1064 109 *106% 109 *10638 109 *107 109 *10712 109 •107 109
197* Dec 31 Jan
22
22
2258 23
21 22
23
1,100 Exchange Buffet Corp_No par 1812May 21 241 Aug 1
*2213 2314 2212 2318 23
821
8114 83
8034 8212 15,700 Famous Players-Laaty_No par 81 Jan 29 8712 Aug 4 52 Oct 93 Jan
8012 8112 8084 8138 80 8133 81
Oct 998g Feb
82
9734
97345ept
24
973
*96
97
973
4
97
*96
97
9514
Do
100
Jan
28
97
1,500
pref (8%)
8738
9714
*96
5 June 13 Nov
1313 •10
131 *10
1312
518 An* 1 14 Aug 8
1312 •10
1312 •10
Federal Mining & Smelt-g_100
14 *10
•10
4912 sof *50
34% June 60% Feb
*3918 $012 504 51
50 5018 5012 51
51
100 4112 Jan 2 5434 Aug 19
1,300
Do Pre:
714 Sept 101s Jan
11
1114 11
•11
1134
No par
913 Jan 23 138* Jan 28
1134 •11
1134 11
500 Fifth Avenue Bus
11% 11% •11
18434 1843 185 185
No par 163 Jan 23 22312 Mar 21 140 July 21214 Jan
2,100 Fisher Body Corp
18514 18512 18414 18534 184 185
18514 186
July 10238 June
94
*101
1021
102%
Mar
13
•101
Body
Ohio
Jan
9
102
•101
*100
10212
10212
Fisher
pref._
_100
98
•100
10212
*98 102
578 Oct 1612 Feb
512June 6 1038 Jan 16
No par
93s 938
94 912
914 93
914 934
94 912 3,800 Fisk Rubber
912 934
371j Feb 6714 Mar
73
73
73
73
7314 73
No par 44% Jan 22 7:334Sept 2
7214 7214 7214 73
3,400 Fleischman Co
*7214 73
5813 Oct 781 July
821
8212 *82
8212 854 16,800 Foundation Co
No par 6611 Jan 11 88 Aug 21
82
8253 8114 8214 82
8234 83
61 July 22 Jan
834 87
7125e0t 6 134 Jan 7
834 878 8,500 Freeport Texas Co
8
,
4 9
834 878
834 918
No Par
812 878
3812 Oct 717e Feb
4614
461
.45
_No
par
3513May
28
4914
Aug
20
45
46
46
Tank
Car__
45
4478
4478
Amer
4514
Gen
1,700
4412
444
23 Aug 54 Mar
*4112 4178 4114 413 a4112 4178 2.200 General Asphalt
41
100 31'sAprll 47% Aug 15
414 42
42
41
41
an Clam, Ito
84
84 014
155 SIM I S
84
100 711* Anr 5
no nre•
800
4.8312 8412 8312 831 *f4312 84 *834 R4
Bid and asked prices: no sales on this day. e Ex 300% In atOok. a Ea-rights
http://fraser.stlouisfed.org/
4
Federal Reserve Bank of St. Louis
s
New York Stock fieCOrd-Continued-Page 3
1496
For sales during rue .veek of stocks usually inactive, see third page preceding.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturdau,
Sept. 20.
Monday,
Sept. 22.
Thesday.
Sept. 23.
Wednesday. Thursday,
Sept. 24.
Sept. 25.
Frufto.
Sept. 26.
Sales
Jo'
the
Week.
STOCKS
NEW YORE( STOCK
EXCHANGE
$ per share $ Per share $ Per share $ per share $ per share $ per share Shares. Indus. & Miscell.(Con.) Pal
90
9034 91
9114 90
91
90
•89
9012 90
8978 1,600 General Cigar,Inc
90
100
•10812 10912 *10812 10912 •10812 10912 .107 10712 .107 10712 .107 10712
Debenture preferred_._.100
262 26212 260 26334 261 26412 264 26634 26318 26612 26214 264
37,800 General Electric
100
1118 1118 11
1118 11
1118 1118 1118 1118 1114
Special
1118 11% 6,200
10
15
15,4 15
1518 15
1518 15
1518 15
1518 15% 1514 42,600 General Motors Corp_.No par
.87
8712 87,8 8712 87
87
8712 8712 88
88
Do pref
83
1,300
88
100
*87
8718 8714 8712 8712 8712 8712 8712 88
Do Deb stock (6%)_ _ _100
88 .
8734 88,4 2,200
Do Deb stock (7%) 100
-4618 10-14 40% 4012 4018 41 4034 41% 4012 4118 4034 4114 9,100 General
Petroleum
25
5978 59%
5912 60
59% GO
59
59% 60
6038 3,100 Gimbel Bros
6014 59
No par
*812 912 *812 912 *812 912 •812 912 *9
912 *9
Glidden Co
No par
912
.3812 3912 39
39
*3814 39
•3818 39
39%
*3818 39
39
800 Gold Dust Corp
No par
Goldwyn Pictures, new_No par
2712 28
2713 28
2718 28
2818 28% 2814 30
3018 3214 11,100 Goodrich Co (B F).....No par
.8234 85
8414 8414 8414 8414 8412 8412 .8312 8412 •8312 8412
400
Do pref
100
6334 64
63% 6412 6312 6438 64% 6178 65
5,800 Goodyear T & Rub pt v t 3.100
65% 6412 65
*96
98 .95
98 .95
9714 .9512 9712 .96
Prior preferred
97%
9712 97
403
100
18% 18% 18
1838 18
19
1858 19
1834 1938 1834 188 3.900 Granby Cons M,Sm & Powl(10
.3% 312 *312 38
358 334 2,750 Gray & Davis, 1ne____No par
312 312
3,2 378
3,2 378
1534 1534 1518 15%
1518 1518 .15
1534 1512 1512 1514 1514
700 Greene Cananea Cop per _..100
*612 7
.612 7
612 612 *612 7
612 6,2
6% 634
800 Guantanamo Sugar_ _ _ _No par
7414 7412 7312 744 7312 743
74
7434 73
7412 7278 7314 8,600 Gulf States Steel tr ctfs__ _100
3214 3212 3212 327
3212 3212 3212 3212 32% 3234 3212 33
2,400 Hartman Corporation..No par
347
3412 3412
36
3534 363* 3434 36
3434 35,4 35
12,100 Hayes Wheel
36
100
45
45
46
46 .4312 46 .4312 46
*4312 46
46
300 Homestake Mining
100
46
*34
3434 348 343
3414 34,4 3414 3412 .3418 34,2 .34
400 Household Prod,Inc_.-No Par
3412
72
72
72
74
7234 74
73
5,700 HOUS1011 011 of Texas
73,4 7234 73,4 73
100
737
2812 28% 2814 2812 2814 2812 28% 28% 2814 28% 2814 2838 8,900 Hudson Motor Car....No par
1314 1314 13
1314 •13
1314 1314 14% 1412 14% 14
1434 11,200 Hupp Motor Car Corp__ _ _ 10
*12
58
*12
%
*12
%
No par
55
55
%
100 Hydraulic Steel
"2
58
.63a
714 *67
714 *7
714
1,90(1 Independent 011dr Gas_ No Par
6% 612 *634 7
658
VA
14
14
14
14
14
14
1,800 Indlahuma Refining
5
14
38
14
38
32
14
•17
18
177 18
18
18 .17
18
•17
18 .17
500 Indian Motocycle__ _No Par
18
534 578 .534 6
538 538 1.000 Indian Refining
6
54 5%
6
10
*512 6
3534 3578 3534 3534 3534 3534 36
36
3534 36
36
36
2,700 Inland Steel
No Par
.26
2614 .26
2612 .26
2512 25% 2512 2558 1.100 Inspiration Cons Copper__ 20
2612 .25% 26
*78
1i8
1
1
.34
.78 is
1,4
•78
118
100 Internal Agricul Corp
100
118
•78
*712 912 *8
912 .8
912 *8
912 .8
912 .8
912
Do pref
100
103 10412 10212 10414 z10134 10214 .10212 10312 103 10312 102 10212 .3,300 lot Business Machlnes_No par
.4814 4914 49
49
4910 4918 4912 5012 5012 5012 5012 5012 2,100 International Cement..No par
2612 2634 2614 2658 268 27
2634 27,4 27% 2912 2914 3012 83,600 Inter Combue Engine..No par
.9314 9512 *9312 95
*9312 96
95
100
300 International Harvester
95,4 29434 9434 .9312 95
•11014 11012 .11014 11012 *11014 11112 11112 11112 11012 11012 *11014 11112
200
Do pref
100
*912 978 .928 9%
700
Mercantile
Marine
Int
100
938 994 .912 10
0,2 9,2 *912 98
40
40
39% 403* 3912 407
405* 4138 3934 41
3934 40% 14,400
100
Do pref
18
1812 178 1814
18
1838 1838 1812 1814 1812 1814 1812 13,000 International Nickel (The) 25
•8734 88 .8734 88
88
8812 .88
400
894 *8812 894 885* 8858
Do pref
100
*48
49
4714 48
48
515* 8,600 International Paper
4814 4814 4812 4812 5114 51
100
•72% 73
73
73
•7212 73
74
600
74
7312 74
74
73
Do stamped preferred.100
•8238 833
84
8353 8438 .83
100
8378 8458 838 8634 g84
8578 10,3(10 Internet Telep & Teleg
13
13
1234 13
1278 135* 13
1318 13% 1338 7,100 Invincible 011 Corp._..No par
1338 13
*43
4512 .42
46
4512 4512 4512 4512 4512 4512 *4434 45
400 Iron Products Corp._ __No par
2138 2212 2158 22% 221,8 223* 2014 21
5,200 Jewel Tea, Inc
100
*2012 21
2012 21
•100 102
102 102 .99 101
100
•98 102
100
*98 100 .98 100
Do pref
1534 1614
1558 1614 17
.17
3,600 Jones Bros Tea, Inc
1714 1734 17% 1738 1678 167
100
3112 31
3112 3112 31
31
3114 1,500 Jordan Motor Car
•3012 3114 .2912 31
31
No Par
•1912 2078 1958 195* 1912 1958 1834 1834 20
20
2014 2038 2,000 Kayser (J) Co. v t c_. _No par
•8412 87 .84
87 .83
85 *82
200
85 .83
No par
83
85
83
Do 1st pre(
1818 1814 175* 18
1758 18
1734 18
25
175* 18% 1814 1858 8,500 Kelly-Springfield Tire
•5312 57
*53
57 .5212 56 •52
200
56 .52
100
5614
5612 56
8% preferred
•9212 96
*9212 94
9212 9212 92
400 Kelsey Wheel, Inc
9212 93
93 .9212 93
100
47% 48
47% 48
4734 4818 475 4814 475* 4778 47)8 4712 27,900 Kennecott Copper
No par
2
2
17
.2
218
2
218 •178 2
178
800 Keystone Tire & Rubber__ 10
17
1%
.425 435 .425 432 .425 432 .426 43114 .428 435 •428 432
100
Kresge (S 8) Co
•98
9912 .96
9912 *9612 99
997 997 100 100
10
10134 1.000 Laclede Gas L (St Louls) 100
107 11
1034 10% 104 1078 51012 10341.1012 1033 1034 1034
900 Lee Rubber & Tire....No Oar
Liggett & Slyer,Tobacco_.100
119" 119 119 119 •117 113% •11612 11338 •11612 1185* •11612 1183*
306
Do pref
100
63
6312 63% 6412 64
6434 64
64-58 64
6458 64
6418 7,800
25
New
6234 63,2 6314 6438 6334 643* 6378 6438 6312 64
6312 63% 19,600
25
B new
6034 6034 .
6012 6112 61
61
61
6114 6078 61,4 6012 61
1,600 Lima Loc Wks tern ett_No par
•1634 16% 1634 1634 1634 1634 1634 17
17
1714 1718 17% 3,700 Loesv'e Incorporated__ -NO Par
6
618 .638 612
6,4 614
618 6,8 5618 614 *518 614
500 Loft Incorporated
No par
72
7212 7012 7214 7012 72
7178 7214 7114 7112 7012 724 5,200 Loose-Wiles Biscuit
100
39% 39% 39
3912 3834 39
3858 39
3812 39
3814 3878 6,300 Lorillard new
25
.18
20 .18
19
•1814 19 .18
19
18
18 .18
19
300 Ludlum Steel
No par
•11418 116 •11312 11412 114 114 .11418 117 .114 117 *11312 117
200 Mackay Companies
100
97% 984 9658 98% 9678 10034 10012 10134 10012 1017s 9914 10012 37,200 Mack Trucks, Inc
No par
.10312 10334 •10312 104 .10312 104
104 104
104 104 •l0312 104
200
Do 1st preferred
100
59412 97 •95
.9412 96
.9412 96
•95
97
96
96
97
Do 2d preferred
100
100
*6512 67 .66
67
6612 67
67
67
67
6612 6612 .66
900 Macy IRIS)& Co, Inc_No par
35% 35% 3512 36
353 36
3512 3534 3,300 Magma Copper
355* 364 3512 36
No par
2212 22)2 2158 22
2178 21% 2110 2214 2212 2412 2412 2478 9,800 Mallinson (II R)& Co_No par
' 4434 4514 45% 47% 4712 4834 4838 4858 4734 4734 48
4814 5,800 Manhattan Flee SupplyNo par
*3412 35 .3412 35
35
3412 3412 3434 3434 347 35
35
700 Manhattan Shirt
25
28
28
28
2818 288* 2834 .28
28
2834 28)4 29
2818 1,900 Maracaibo 011 Expl....No par
3334 34% 34
35
3435 3514 50,200 Marland Oil
3414 355* 3458 351.1 3458 351
No par
•9
8
10
8
8
*812 912
8
5814 9,2 *814 912
200 Marlin-Rockwell
No par
*3134 33 .3214 3234 3234 3338
.3214 33 .3214 3212 .3214 33
600 Martin-Parry Corp....No par
40
40
40
.39
40
•39
40
40 .39
38
40
3934
600 Mathieson Alkall Works__ 50
6018 6214 6034 6134 12,200 Maxwell Motor Class A...i00
5934 6118 6014 61% 5934 61
6012 61
•1734 1818 1712 1734 1712 1734 1712 1734 1734 1834 18
19
56,300 Maxwell Motor Claaali.No par
9512 97)4 97
96
9514 96
96
9712 96
9714 9612 97% 7,400 May Department Stores_ _ _100
.16% 1634 *1618 1612 1618 1618 *16
200 McIntyre Porcupine Mine,...
1614 •1578 638 1534 1534
2334 2412 23% 24% 2334 2414 23% 24
2358 24
2312 23% 16,800 Mexican Seaboard 011_ _No par
Voting trust certificate,....
;His 22-1-4 ;'22- 22,4 *22
40(1 Miami Copper
21% 2158
5
22,4 22
2218 2178 22
1%
112
114
1%
114
1%
10
114
1%
114 1%
1% 7,500 Middle States 011 Corp_
1,4
•26
2712 .26
2712 *26
2712 *26
2712 .26
Midvale Steel & Ordnance_ 50
2712 *26
2712
*65
100
6734 6818 *6712 6814 68% 68% 5,900 Montana Power
65% 6514 6834 6714 68
36
38,000 Mont Ward & Co III Corp_ 10
3618 3558 36% 3514 35% 3512 3634 3538 3634 35% 36
1,900 Moon Motors
2314 23% 23
2314 23
No par
2314 2234 23
23% 2314 23,4 23
8
814
8
8
S
84
11,200 Mother Lode Coalltion_No par
8
8
8
81,
8
814
.1312 15 .14
14
•1312 15
14
14
1478 15
15
15,8 1,300 Mullins Body Corp_ _ _.No par
400 Munalngwear, Inc
No par
.31% 33,4 31% 3112 3114 3112 .2978 3112 .29% 3112 .2978 3112
138 14012 141 14212 141 14312 145 150
137 138
5,500 Nash Motor, Co
13434 137
No par
5% 512
.512 534
60(1 National Acme
512 512
60
5% 5% *512 5%
.
5,2 6
7234 7714 75
7418 37,800 National Biscuit
7112 73
7658 7334 75% 73
25
7014 71
200
12212 12212
Do pref
122 122
*119 12634 •120 12514 •119 125 •120 125
100
100 National Cloak & Suit... _100
55
55 .52
5514 .52
55
5412 •52
•5212 56 .5212 55
500 Nat Dairy Prod tern et's.No par
3634 3634 3612 36,2 3612 3612 36% 36% *3638 3634
.3612 37
•38
3814 3814 39,4
22)2
22% 22% 22
155% 15712 156 157
•11612 118 .11612 11734
.5812 59% 5812 59
14% .14
•14
1418
42
41% 41% 42
5034 5034 5012 50%
31
31
32
•30
53
53
53 .50
3038 3012 3012 35,4
48
48
4818
48
-;722 -21-2
•118
114
•534 7
2218 22%
69
69
•7% 712
4234 4234
• *12 - 34
.9558 97
•Sid and
*711
Ila
g
1%
39
39%
22
22
156 15838
*11612 11734
5812 5812
14
14
41% 42
51
5114
.2012 31
53
.50
33% 3418
4778 4778
*1
Ps
-i71.2 -2.1
138
*534 7
.534 7
.514
2234 2278 2218 2234 .2212
6878 70% 70% 70% 7014
712 712
Vs
718 738
4212 421: 4258 42% 4214
•12
5,
•12
12
97
97
97
98
97
asked prices; no sales this day
Nat Department Stores No par
Nat Enam's & Stamping 100
d
National
i)
100
pref
100
National supply
50
Nevada Como!Copper.... 5
NY Air Brake temp ctfs No par
Class A
No par
New York Dock
100
Do pref
100
North American Co
10
Do pref
50
Nova Scotia Steel & Coal 100
Normally Co (The).--NO Par
5712 9
100 Ohio Body & Blower_ __NO Par
*1
138
Okla Prod & Ref of Amer__ 5
*534 - -6.1-2
Ontario Silver Mining
100
2214 8,200 Orpheum Circuit, Inc
22
1
6918 694 4,600 Otis Elevator_k
50
712 713 2,300 Otis Steel
,Vo par
1,100 Owens Bottle
43
*42
25
as
I. 2,000 Pacific Development
98
987o 3.500 Pacific Gas & Electrie
100
k Par value changed from $100 to $50 and prices on
*39
3914 39
3914 *39
2218 2218 2214 2214 20)2
15714 15934 158 160
158
*11612 11734 *1 18 2 1 1734 .11612
59% 5934 61
59
5912
14
14
14
14
14
42% 4438 4312
4214 43
5114
*5012 5114
51% *51
2934 3014 3012 31
3012
•50
53
.50
•50
53
34
3434 3412 35,2 3412
47% 484 48
48
48
.712
.1
812
1%
(312 -"ii4 812
2234 2218 2212
7012 .6812 70,4
7% 712
7%
4212 4214 4214
12 • *12 97% 9712 9778
2E2-dividend.
1,300
39
2218 2,000
16012 11,800
11734
5912 2,700
3,100
14
8,600
44
1,400
52
900
3114
100
53
35 120,500
48
1,800
PER SHARE
Range Since Jan. 1 1924
On haste of 10(5-share iota
Lowest
Highest
$ per share
82 Apr
a76
30 9734 Jan 10
100 Apr 3 10S'2 Sept 17
19312 Jan 3 281 Aug 4
1012 Apr 20 1112July 11
1234May 20 1614 Feb 1
80 June 4 88 Sept 25
8018June 9 88 Sept 25
92 June 10 10018Mar 17
6 45 Aug 4
n
b 9
373
4
818Je
iu:
6114 Sept 17
8 June 6 14 Feb 4
8 Apr
FebAp 10
15 4114July 28
1612Sept 9
17 June 19 3214 Sept 26
7014Nlay I 8534 Sept 18
39 Jan 4 65%Sept 25
Ws Jan 2 9818Sept 18
124 Apr 14 21h Aug 20
3 June 3
94 Jan 11
10 May 16 1838July 22
5h July 18 101, Feb 6
62 May 20 8914 Feb 7
31 Sept 10 4434 Feb 4
3214May 20 5273 Feb 4
35 July 1 684 Jan 3
353 Apr 19 3578 Aug 4
61 Apr 22 .8213 Feb 5
2012May 13 30 Aug 26
1118May 13 18 Jan 2
638
1sjJealn
y 3
2
113 Jan 10
914 Jan 18
14 Aug 23
24 Jan 17
1518J une 6 2514 Feb 4
lepyr12
16
33
1134
2NA
718June 18
3814 Jan 30
22% Feb 28 297s Sept 2
2h Feb 6
4 Apr 15
318Nlay 29 104 Jan 8
83 Apr 11 10714 Aug 20
4034 Apr 24 5034 Aug 26
22 Mar 31
3012Sept 26
78 Jan 3 99% Aug 21
106 Feb 26 11112Sept 24
a yn2
0 1114 Aug 18
654 a
264 Max
4312 Aug 21
26lIM
1934 Aug 19
7512May 29 89 July 9
3413 Apr 15 59 July 15
6212Mar 25 7412July 19
Fueib
y 17
1 8634Sept 25
6
10
%j
1678 Jan 2
3912 Apr 2 5234 Jan 10
1633 Apr 15 2314 Jan 2
78 Mar 31 102 Sept 19
1434Sept 10 274 Jan 3
2134May 20 3318 Aug 27
1614 Aug III 383s Jan 18
77 Aug 16 1024 Feb 11
934June 20 35 Jan 10
33 June 21 88 Jan 10
76 Slay 7 101 Jan 10
3418 Jan 21 491 Aug 15
43 Jan 9
b 12
14
2Nj
Ir
4.10 Aug 28
1%2871
79 Jan 2 10134Scpt 26
8 May 13 174 Jan 11
20614 Feb 18 245 Feb 9
11478July 7 121 June 26
.50 Mar 26 6-134 Sept23
487 Mar28 6438 Sept 22
56 June 9 6834 Feb 9
2
1
18 Jan 10
:
8
:
2J e
ye!
15
76
:
14
834 Jan 11
5 7212Sept 20
layr 16
0
30
418N
4014 July 2
2334 Slat 17
107 Jan 2 119 Aug 1
754 Apr 14 10712A ug 20
95% Jan 16 10412 Aug 16
87 Apr 22 9714 Aug 16
59 May 15 88% Jan 2
264June 14 3714 Aug 18
18 Mar 28 3114 Jan 18
3314Mar 21 4934July 15
3312Slay 16 44 Jan 10
3712 Jan 26
2532 Apr 21
29 May 12 42 Feb 6
8 Jan 8 174 Mar 11
3114June 3 3738 Jan 17
2933May 13 467sJune 20
38 Apr 14 6238Sept 2
1015 Apr 30 19 Sept 26
824 Apr 21 10012 Aug 20
15 May 23 1814 Jan 7
1418 Jan 3 2534 Sept 12
127s Jan 3 23 Feb 6
20 May 19 25 Aug 18
678 Jan 2
1 Aug 14
25 July 17 344 Feb 7
7 71 July 11
6114:
6 1:n ye 19
2134N1ay 20 3712 Aug 16
18 May 20 2712 Feb 7
914 Feb 15
9 Mar 22 18 July 24
3914 Jan 16
6 1511 Sept 26
95613 mr 20
104 Jan 28
Aug
2911
60:
.1
5
Mar
u
t lY14
28
8 7714 Sept 23
12012 Jan 8 126 Aug 15
44 June 5 64 Feb 1
30% Apr 11 39% Aug 21
8ple:
28,1
PER SHARE
Range for Presfos4
Year 1923
Lowest
Highest
$ Per share $ per share
804 June 974 Dee
10414 Nov 110 Apr
16738 Sept 20214 Dec
Jan
1014 Oct 12
1234 June 1712 Apr
Apr
79 July 89
7834 July 90 Apr
9334 Oct 105 Apt
3912 June 5113 Apr
6 Sept 12h Feb
_
8 Nov 2218 June
1738 Oct 4118 Mar
6734 Oct 9213 Mar
35
Oct 6212 Apr
Oct 99 Feb
88
12
Oct 33 Mar
64 Dec 1538 Mar
1338 Dec 34% Mar
5 Sent 1412 Feb
68 June 1045a Mar
7954 Nov 9471 Feb
Apr
31 July 44
54 Dec 794 Jac
2838 July 3933 Mal
4034 Aug 78 Feb
20 June 32' Mar
154 Dec 3012 Apr
12 Oct
611 Jan
335 Sept 1114 May
1
Oct 19 Mar
18 Dec 1934 Dee
813 Apr
312 Dec
3113 July 46h Apr
2314 Oct 43h Mar
Feb
h Oct 11
44 Oct 3978 Feb
31 June 44 Mar
19h June 2718 Apr
6634 Oct 984 Feb
106
Oct 11614 Jan
44 Aug 1Ih Feb
1812 Aug 47
Jan
1038 Oct 1614 Feb
6934 Jan 83 June
2778 Oct 58% Mar
60
Oct 7518 Jan
64
Oct 7112 Apr
74 Nov 194 Mar
3212 Aug 5814 Mar
15as Oct 24 Mar
62 June 8812 Dee
2038 Dec 633s Mar
28 July
90 July
2012 Oct
78 Nov
75
Oct
2938 Oct
1311 Oct
177 Mar
75 July
Ilse Oct
10034 May
1114 Apr
5814 June
14 June
8 Sept
3814 July
4578 Feb
104 Mar
624 Mar
Jar.
108
11714 Mat
45 Mar
1118 Mar
300 Dee
8938 June
3158 Mar
240 Dee
11818 Jan
747
2114
1134
6614
Mar
Feb
Jan
Dec
103 Slay 121 Feb
584 Jan 934 Apr
87 July 1)914 Star
72 June 92 Mar
57 July 7113 Jan
2714 Oct 3814 Mar
21 June 40
Jan
Oct 66 Mar
35
40
Oct 4778 Jan
16 Sept 28% Dee
1711 Oct 5938 Apr
34 Nov
16 Feb
26 July 3734 Apr
314 Oct 6334 Mar
36
Oct 6314 Mar
1014 Oct 21
Apr
67h Jun 93 Dee
15 Sept 2012 May
5' Aug 2334 May
8 Aug 2314 May
2013 Oct 3012 Feb
1214 Jan
312 Nov
2112 June 3338 Apr
5412 June 75 Mar
184 May 2614 Nov
1734 Jan 2938 Mar
74 June 14 Feb
1018 Aug 2978 Mar
3112 Oct 3813 Nov
754 Jan 11412 Jan
7 Nov 184 Feb
38
Jan 5278 Nov
11812 July 125 Feb
40 June 6714 Feb
345 June 4212
37 June 9 43 Jan 9
1812Sept 8 4478 Jan 17
35
Oct 73
12312 Apr 21 16914 Aug 15 108 July 148
11112May 27 118 Sept 9 10713 June 114
55)4 July 16 724 Feb 4
6412 Oct 684
918 Oct 1838
1178 Jan 2 15h Aug 19
364 Apr 22 45 June 16
2638 Jan 4278
474 Jan 7 5178 Sept 25
454 Aug 514
19 Jan 9 3718May 23
1514 June 27
4118 Feb 27 55148,1 ay 14
3734 Aug 5112
1712 May 2414
22 Jan 2 3512Sept 25
4373 Jan 2 5014 July 11
4212 July 4812
1338 Dec 2978
812 Apr 25 1412 Jan 18
9% Feb 5
7 Apr II
74 Oct 1018
134 Dec 1018
1 July 22
453 Jan 14
34
78 Nov
213 Aug 1
14 Jan 2
94
8 Jan 7
434 Mar 24
3 July
1614 June 21h
18 Feb 18 22%Sept 20
4 7358June 4 1144 July 153
28
2
74 Aug 13 1178 Jan 26
7 June 1434
47 Jan 10
Ws Jan 5234
Nov
214
114 Jan 11
9038
18 j
Jan 4
73 July 9473
2 9878Sept 26
that basis beginning June 3, a Ex-rights.
Apr
Mar
Dec
Jan
Dec
Mar
Nov
Feb
APT
Mar
Apr
Feb
Mar
Feb
Jan
Feb
Dee
Apr
Feb
Mar
Apr
Mar
Dee
New York Stock Record-concluded --Page 4
For sales during the week of stocks usually Inactive, see fourth page precm.ing.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
Sept. 20.
Monday.
Sept. 22.
Tuesday, I Wednesday
Sept. 23.
Sept. 24.
Thursday,
Sept. 25.
Friday,
Sept 26
$ per share $ per share $ per share E per share E per share $ Per share
*812 912 *812 912 .812 Ws *812 812 *812 912 *812 9,2
48 4834 48
4712 4728 4678 4734 48 49
4838 4778 4818
1214 1238 1234 1314 13
1318 1278 1314 13
1314 13
13
100 100
10018 10012 *10012 101
10034 101 •101 10112 *101 10112
5212 5312 53
53,4 5312 5378 53% 5312 534 5314 53 5312
518 5278 5214 5318 5234 5314 5258 53
5212 5278 5212 5234
128 118 *153 134 *1.h 134 •128 134
134 2
21128 134
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 192s
On haat* of 100-shas• Ion
Lowest
Highest
PER SBARE
Range for Preston
Year 1923.
Lowest
Htelissl
Shares. Indus. & Miscell.(Con.) Par $ per share h per share $ per share Per short
7 July 12% Mar
Pacific Mall Steamship__ 5
7 Apr 7 1014 Jan 9
45 Apr 22 584 Feb 5
20,400 Pacific Oil
3114 Sept 5214 Dee
974May 1 1314Sept 22
29,900 Packard Motor Car
10
97e Oct 1514 Mar
Preferred
100 8912 Apr 24 101 Aug 11
904 June 99 Feb
1,300
4,400 Pan-Amer Petr & Trans__ _ 50 4414 Feb 14 8114 Jan 2 53 Sept 93% Feb
24,200
Do Class B
50 414 Feb 14 5912 Jan 2 504 Oct 86 Feb
112Sept 6
414 Jan 23
114 Oct
300 Panhandle Prod dsReI_No par
614 Apr
9 May 1512 Mar
Parl2h & Bingham
No par 131s Jan 12 16 Mar 12
113 --175
138 15,
112 138
138Sept 20
414 Jan 17
Ds Oct
; --138 15,
1'3 138
6 Apr
11s 153 - 7,400 Penn-Seaboard St'l v t oNo par
103 103 10258 10438 103 10412 104 1044 104 10412 104 10478 3,500 People's G L & C(Chic)_-100 9234 Apr 29 10478Sept 24 88 Apr 9812 Dee
124812 4912 4914 5078 5014 5012 5012 511
41 July 5014 Mu
5018 5138 5038 5053 11,900 Philadelphia Co (Pittab)- 50 4218May 1 5312July 14
4578 4612 4434 48
4478 4534 4518 4618 4512 4818 4822 4738 34.400 Phila & Read C & 1w I_No par 3412 Mar 28 5278July 31
*65
70 *65
70 *65
70 *65
70 *65
Phillips-Jones Corp____No par 44 May 14 88 July 14 1180 Api
70 *65
70
1713 1612 1733 40,900 Phillip Morris & Co Ltd____10 11 July 10 2354 Jan 31
1428 1478 1418 144 1412 15
111g July 2454 Dee
1478 165s 16
324 3238 3178 32% 3178 33
3214 323
3214 3234 3134 3213 31,800 Phillips Petroleum_ __No par 3138July 17 4212 Apr 5 19% Sept 69% Apr
10
10
10
1012 1012 1053 1012 1018 *1012 1038 1014 1014 4,200 Pierce-Arrow Mot Car_No par
618May 13 1218 Jan 17
614 July 1514 Jan
1312 July 35% Jan
*3314 3412 3412 3412 *3312 3412 34
35
Do pref
100 1814May 15 3673Sept 2
3412 35
3412 3412 3,600
128 14
158 158
412 Jan 22
134 134
25
112 Apr 3
112 July
6 Feb
134 134
lh 134 6,000 Pierce 011 Corporation
128 178
2512 2512 254 254 2512 2512 26
18 Oct 45 Jan
2714 2714 2714 2724 2712 2,000
Do pref
100 20 Mar 4 38 Jan 21
*55 5612 *55
58 Jan 6774 Mar
5612 56 5612 5678 57
*5512 5612 5612 5612
800 Pittsburgh Coal of Pa
100 53% Aug 12 6334Mar 12
*97 9912 *97 100 *97 100
9812 981 *98 100
96 Oct 100 Apr
Do pref
*97 100
100
100 9478 Aug 21 100 Apr 4
13
1318 1318 1314 13
10 July 1112 Sept
1314 1314 1312 1338 1312 1314 1338 6,500 Pittsburgh Utilities pre: 100
978 Jan 22 1412July 10
8414 65
47 July 134 Feb
6518 6578 6334 85
64
6412 6338 6438 6358 644 16,400 Postum Cereal Co Ine-No par 4812 Apr 22 66 Sept 19
*116 119 116 116 11618 11618 *11812 119 *11618 119 *11618 119
200
Do 8% preferred
100 110 Feb 7 11618Sept 23 10812 June 11414 Jan
46
48
46
4212 Oct 8112 Jan
46
4512 4512 4512 4512 45
45
100 39 Aug 6 62 Jan 28
4578 46
1,300 Pressed Steel Car
7312 7312 7312 7312 7312 7312 73 73
80 Oct 993, Jan
73
73
*7214 73
900
Do pre
100 67 Aug 15 90 Feb 6
*2814 29
2718 5,900 Producers& Refiners Corp_ 50 2234 Apr 22 4312 Jan 22
28
17 Nov 58% Mar
2838 2753 2812 28
28
2714 2712 27
00 6013 60 6012 6014 6012 60 6012 5978 6034 6034 61
4112 Dec 511a Apr
20.300 PubServCorpofNJ new No par 39 Mar 25 61 Sept 25
131 131
12912 131
130 13012 130 121
130 13138 1294 131
5,400 Pullman Company
100 11312 Apr 10 13478 Aug 12 11012 July 134 Mar
*5338 54
53
417 July 694 Apr
5338 5278 5314 5338 54
50 4714June 6 8738 Mar 14
5312 54
5338 5358 4,000 Punta Alegre Sugar
23 23
23 2314 23 2314 23
2318 227g 23
1614 Sept 32 Feb
2234 231
5,200 Pure Oil(The)
25 20 June 6 2634 Feb 6
*97 98 *96
98 *96
98 *96
8212 Aug 100 Mar
98 *96 98 *96
Do 8% preferred
100 92 Jan 10 9812Mar 13
98
12318 12314 12314 12312 12234 12614 12714 12834 127 12812'12612 12612 4,700 Rallway Steel Spring
100 106 Jan 3 131 Aug 15 9912 Oct 123 Max
•30118 32 *31
32 •3038 32 *3053 32 •3033 32 *3052 32
2914 July 34% Feb
Bang Mines Ltd
No par 80 Jan 17 331 Feb 15
1218 1238 1218 1212 1214 1212 1238 1212 1218 1212 12
978 Sept 1714 Mar
9 Mar 27 14 Aug 20
1218 7,600 Ray Consolidated Copper_ 10
1339
40
39
24 June 4818 Mar
4314 42 4214 4212 44
4238 4438 43 4514 15,000 Remington Typewriter___100 33/
1
4 Jan 4 4922 Feb 6
*8914 9214 *90 9214 *91
93
2191
9214 *91
1st preferred
100 9014July 11 9414 Feb 5 89 Dec 104 Feb
9214 *91
100
9214
*104 108 104 104 *102 106 •10212 196 *102 106 •102 106
80 Jan 99 Nov
100
2d preferred
100 9012May 13 10434 Aug 20
*1124 1123 1034 1112 11
8 Oct 81% Feb
1238 1158 12
11l2 12
714June 11 1528 Jan 28
No pa
1114 1178 15,200 Replogle Steel
401 June 6654 Mar
*4814 48% 4814 48,4 4778 4414 48
4814 47
48
4,900 Republic Iron & Steel
100 42 June 7 6174 Feb 11
4518 47
1085 88 *8512 88 *85 8612 1285 88 *85
Do pref
100 82 June 16 95 Mar 6 84% Oct 9674 Mar
8714 8534 8534
200
1612 17
165g 17
1612 1612 1614 1612 16
1618 17
97sMay 13 2234 Jan 7 14 June 297 Apr
16
5,800 Reynolds Spring
No pa
7612 7714 7612 7718 7612 7634 7612 7712 77
47 Jan 75 Dee
77'z 77 7718 11,000 Reynolds(R .1) Top Claw B 25 6154 Mar 31 7754Sept 15
*11978 12033 *11978 12014 11978 11978 •11974 12038 12014 12038 *11978 12032
Do 7% preferred
100 1154Mar 26 121 June 17 114 July 118 Feb
300
4028 4078 404 4038 4078 4214 4112 42% 411, 41114 4158 4154 10,400 Royal Dutch Co(N Y shares). 4034Sept 22 594 Feb 6
4012 Aug 5514 Feb
*2812 29
17 June 2314 Dee
2878 29
29
2918 ,29
2958 29
10 22 Jan 7 305gSept 26
2933 2912 3033 7,800 St Joseph Lead
•13, 2
114 Oct
134 134
114 Mar 6
338 Jan 24
5 Feb
134 134 *153 134
400 Santa Cecelia SugarNo par
154 134 *112 134
63'2 6418 6338 6338 6212 63,4 6.200 Savage Arms Corporation_100 3258 Jan 2 6434Sept 22
03 638 6318 6434 64
641
182* Jan 3512 Dee
10634 107's 107 10884 10714 108
88 May 11654 Dec
107 108
10634 10712 10678 10734 8,500 Schulte Retail Stores-No par 96% Apr 16 12914 Aug 7
10412 10422 10334 104
10312 10484 10418 105
8534 June 9238 Feb
100 7854May 15 10712 Aug 18
10328 10434 104 10412 4,700 Sears. Roebuck & Co
*118 120 *11614 1191 *11614 1191 *11614 1191 *11614 11912 *11614 11912
Do pref
100 11212Mar 26 120 Aug 22 10612June 115 Nov
•112 134 *112 114
112 13
478 Oct 124 Max
*112 13
No par
12May 2
614 Jan 11
112 112
300 Seneca Copper
112 112
*612 634
612 61
8 July 23
4 Apr 11
5 Oct 1074 Mar
*614 684
814 7
*614 7
*614 7
100 Shattuck Arizona Copper-- 10
1232 Jan 1914 May
1628 163, 1614 1638 1688 1612 1612 1684 1612 1634 1638 1634 10.700 Shell Union 011
No par 1534July 17 2018 Feb 6
'9512 96
Preferred
100 9112 Jan 4 9688May 6
8912 Nov 95 May
*9512 96 .9512 96
9512 951 *9512 96 *9512 96
100
*1418 1412 1414 1414 1414 1434 1434 1484 1414 1434 1438 1428 6,800 Simms Petroleum
612 July 18 Feb
10 1038 Jan 4 15 Sept 10
2612 2612 2638 2834 2614 2658 2612 2612 2634 2634 27
No par 22 Apr 14 27 July 24
2234 Dec 3438 Mar
27
1,500 Simmons Co
16 Sept 3938 Mar
1678 1724 164 17l4 1812 1678 1638 1878 1614 1812 164 1628 35,200 Sinclair Cone 011 Corp-No par 15 July 16 2718 Jan 2
1281
84 *81
82
100 77 May 8 90 Jan 21
804 Aug 9918 Feb
81
82 *81
82
8178 8178 ‘281
82
400 Preferred
1812 1812 1814 1814 18
1824 1778 1818 1778 18
28 1712July 17 29 Feb 4
958 Jan 35 Mar
18
4,400 Skelly Oil Co
18
7378 74
3914 July 63 Dec
73
733
734 731
74
7478 74
7412 734 ,7378 3,300 Floss-Sheffield Steel & Iron 100 52 May 20 7612 Aug 20
*74/
1
4 76
I00 6412June 9 9578 Max 8
3814 Aug 70 Dec
1272
75
73
74 *71
74
*71
74
200 Solith Porto Rico Sugar
*71
74
1134 13
1318 131 *13
No par
7lsJune2O 18 Jan 12
11% June 2714 Feb
1312 13
13
1314 1312 1338 1434 6,700 Spicer Mfg Co
•85
8612 8612 861 1288
100 78 July 18 90 Jan 2
88 Oct 9774 Feb
Do pref
87
2186 87
86
88
87
89
500
64 64 *83 65 *80 65 *80 64
100 391zMaY20 64 Sept 20
604 Dec 901 Jan
100 Standard Milling
2160
64
•60
65
I
Apr
21
5658 5678 5812 571
5512
884
Jan
26
July 12312 Jan
Oil
of
California_
25
57
5712 57
Standard
5714 5714 5734 57
5712 5,900
3514 3558 3478 3558 3458 353
3074 July 4414 Mu
3512 3534 3512 3534 3514 3534 16,100 Standard Oil of New Jersey 25 33 May 14 4214 Jan 28
11778 11778 118 118 11734 118
Do pref non-voting--100 11534Mar 1 11918 Aug 22 11434 Aug 11814 July
11778 118
11778 11778 *11714 11778 1,000
•8112 62
62 62
62 621
No par 5512 Apr 23 8318 Jan 2 51 June 8753 Mar
82 6214 6134 82
1,300 Sterling Products
62 02
5534 58711 5512 58
5512 56
56
74 July 12412 Apr
5678 5528 56
5638 5838 25,400 Stewart-Warn Sp Corp-No par 48's July 17 10072 Jan 12
67 8714 *6812 67,4 67 67
67 6718 67 67
5912 July 9414 Mar
6812 6812 3,400 Stromberg Carburetor_No par 5412May 14 8478 Jan 11
933, Oct 12614 Mar
Studebaker Corp (The)-- _100 8012 Apr 30 10814 Jan 8
4034 41'8
-iffs 4084 41 41 111-4 4113 42 4184 42 -5-5-.6015 New w I
No par 3012May 20 42 Sept 25
7 Max 29 1214 Jan 2
No par
7 Jan "ii" -sipi
9
914
914 914 9,4 924 873 9
878 9
9
918 1,900 Submarine Boat
478 5
434 44
434 478
814 Aug 4
2 Sept
434 5,
No par
28, Jan 2
478 5 10,500 Superior 011
654 Feb
434 5
8
*2614 28
2312 Oct 34 Mar
*2612 28 *2614 28 *2614 28
*2814 28 *2614 28
Superior Steel
100 23 July 28 3472 Jan 9
•178 218 *2
218
2
214 238
10
134Sept 8
3 Jan 2
1 June
4 Oct
218
238 212
218 212 4,600 Sweets Co of America
98g Jan 5
No par
8
8
8
778 778
%Mar 31
8 June 123, Feb
8
8
8
78 778
734 7114 1,200 Tenn Copp & C
40
4014 3934 4014 40
4028 40
3468 Nov 5278 Mar
4012 4014 4012 40
4012 14,800 Texas Company (The)____ 25 3734June 7 454 Jan 30
7712 7912 783 7914 7918 8014 80, 814 804 82
10 5714 Apr 21 82 Sept 25
5314 July 65 Jan
8012 8134 32,300 Texas Gulf Sulphur
*838 818
812 873
878 9
878 878
10
814June 7 1514 Feb 1
512 Nov 2414 Feb
834 878
834 878 4,500 Texas Pacific Coal & OU
*119 121 *119 121 •119 121 *120 122
120 120 *120 122
100 11814July 15 151 Feb 7 94 July 144 Mar
100 Tidewater 011
• 3412 3478 3412 347g 3438 3418 344 3434 3438 3478 3434 35
6,700 Timken Roller Bearing-No par 3112May 19 41 Jan 7 33% Jan 45 Max
6612 6628 67 688 6728 6812 674 8814 6738 6818 6714 6814 32.300 Tobacco Products Corp
100 53 Apr 11 704 Feb 5
463, Aug 7854 Dee
9214 9214 9212 93
9228 9234 9238 9278 9238 9278 9238 9234 4,900
Do Clam A
7612 July 92% Dee
100 8314 Mar 25 9318July 29
Preferred
100 118 Feb 19 11978June 30 1048g Feb 11512 ON
424 14
414 438 414 412 --giq 418 44 412 -10-,766 Transcontinental
011___No par
334 Apr 15
614 Jan 21
14 Oct 144 Jan
*3812 38
38 3834 *38
3834 3814 3814 •38
25 384Sept 8 43 Jan 9
35/
1
4 Aug 42 Dec
700 Underwood Typewriter
384 *38
3812
41
42
4112 4214 4134 4234 41
42
40
41 .40
50 Oct 7712 Mar
41
1,600 Union Bag ds Paper Corp 100 3312Sept 10 6438 Feb 9
*18
14
.21 .21
.21 .21
*18
14
.21 .21
38 Apr 9
Is Jan
No par
Is Feb 1
14 Jan
300 Union 011
54
14
12125 128
126 128
12514 128
12414 126
12534 12584 128 131
81 Feb 9944 Mar
3,300 Union Tank Car
100 94 Jan 7 1327gSept 18
•112 114 12112 1141 114 114 21113 114
11312 1131 *113 114
200
Do prat
100 10614 Feb 18 11634Ju1y 23 106 Sept 112 Jan
•23
2312 *23
2312 23 23 *23
234 *2212 2338 *2212 2312
100 United Alloy Steel
No par 211sJune 19 37 Feb 11
29 July 3912 MaI
91
9212 8912 92
90 927g 91
921
9214 91
91
9238 9,100 United Drug
7414 Oct 853, Feb
100 71 May 29 9278Sept 23
4912 4934 4978 498 50
50
*4934 50
4978 497 *4934 50
4614 Feb 49 July
50 461gMay 3 50 Sept 23
1,200
Do let preferred
*206 210 207 207 208 208 2094 214
21134 21184 21112 212
1,500 Unit& Fruit
100 182 Jan 4 22412 Aug 5 152% Jan 18712 Dec
10734 1094 10712 10914 10714 11024 109 1101± 10812 10934 10812 11212 79.900 U 8Cast Iron Pipe& Fdy-100 64 Feb 27 11212Sept 26
20 July 6914 Dec
'95
0634 9512 951 *96
9684 9634 963 1298
974 *9612 97
300
64 June 87 No
Do pref
100 803 Jan 15 93345ept 24
1521
2154 2112 217
22
2232 2212 2318 23
2318 2314 2338 3,700 US HoWn Mach Corp_No par 1628Mar 28 24 Aug 2
133, Oct25 Jan
708 7154 7153 7218 72
7218 71
7318 7214 7338 71
7112 16,200 U S Industrial Alcohol-100 6118May 20 83% Jan 81
40 June 7314 Mar
*9814 105 *9814 105
*9814 105 *9814 105
129812 105
*9812 105
Do pref
100 98 Jan 3 10354 Feb 7 9514 June 101 Max
*93
94
93
94 *93
9338 9312 9314 94
94
*93
94
800 II S Realty & Improv't
100 90 June 9 10754 Feb 18 8814 July 106 Mar
*10112 10212 12102 1021 *102 10222 102 102 *101 102 *101 102
100
Preferred
100 June 9 109 Feb 13 97% Aug10854 Mar
35
3532 3412 36
3438 357
3514 357
35
3534 3538 3614 11,800 United States Rubber
100 2212May 22 4278 Jan 12
3051 Oct 6474 Mar
8832 883
8878 8878 8814 881± 88
881
8812 8814 8812 8834 3,800
76% Oct 105 Jan
Do 1st preferred
100 6612May 28 9434 Jan 10
3212 3212 3218 33
334 34
33 33
3212 3228 3218 3238 2.800 US Smelting.Ref & Min
1832 Oct 4332 Mar
50 1812Mar 26 36 Aug 19
*44
4412 544
447
448 4474 4412 441 *4414 • 45 *44
45
Do prof
384 Dec 4818 Jan
200
50 373854r22 4618July 21
10838 109
10778 10878 10778 10914 1084 10938 10814 10938 10814 109 145,100 United States Steel CorP 100 9414June 6 11134 Aug 20
854 July 10922 Mar
12214 12214 12214 12214 12212 12234 12214 12214 12214 12212 12212 12212 1,100
Do pref
100 118% Feb 1 123 July 23 11818 Aug 12312 Jan
$518 Oct 7612 Max
7714 7728 *7734 7834 7734 7734 7718 781
7734 7734 7714 7724
900 Utah Copper
10 64 Jan 18 8134July 29
• 3314 3378 3338 3538 3438 3538 3434 35
3418 3472 34
3412 14,300 Utah Securities
14 Oct 2428 Feb
100 1628 Jan 4 37 Sept10
2534 26
122614 27
26
2628 2614 261
2534 2534 254 2528 2,100 Vanadium Corp
11
2454 July 4438 Mar
9
33%
Feb
NO par 1918June
138 138 *138 128 •1h 158 *1h 158 •138 128
*138 112
200 Virginia-Carolina Chem---100
%June 10 10% Jan 11
614 June 27 Feb
43
43
418 418
41g 4/
1
4
4
412
378 378
4
414 1,200
Do pref
212June 9 3484 Jan 2
17 June 89 Mat
100
812 978 10
6
614
814 714
1114 1178 41,400 Vlvaudou(V)
12
534 534
No par
434July 12 1514 Jan 10
12 Oct 23 Mar
*1438 1412 1438 1434 145, 1434 *1414 1478 *1412 14h 14/
1
4 141
No par 14 Apr 29 1714July 14
14% June 20 May
700 Waldorf System
1014 16
161z 1634 161g 1634 16
1614 1534 16
1512 16
5,000 Weber & Hellbroner
No par 1454 Jan 31 19% Mar 15
1214 Jan 163g Dec
4312 4334 4412 448 4412 44
4334 4334 *43 44
43
4414 3,000 Wells Fargo Express
33 Dec 105 Mar
50 3514 Jan 19 4412Sept 24
. *113 11412 113 114
114 11478 115 116 x11314 11314 11314 1131
3,200 Western Union Telegraph-100 105 may 1 118 Aug 19 10114 July 11912 Feb
*9212 95 *03
95
9428 95
*94
95
9334 9412 *9414 941
700 Westinghouse Air Brake---50 84 Jan 2 96% Jan 28
76 July 120 Feb
627g 6313 6378 64
8228 6234 6278 63
6334 64
6334 6378 6,700 Westinghoura Elea te Mfg_ 50 5514May 1. 75 May 17
5212 June 6718 Feb
2334 24 •2334 24
2334 24
2412 2412 2334 24
2414 2412 2,100 White Eagh Oil
No par 231gMay 12 29% Feb 6
20 Oct 3038 Mar
6478 6478 66
6334 6412 6312 64, 64
65
6618 65
6553 10,300 White My or
50 5012 April 6618Sept 25
45 June 6078 Mar
4.112 114
1
1
112 114
118 lls
118 114 2,000 Wickwire Jpencer Steel
118 114
78May 19
2 Dec 14 Feb
5
5 Jan 11
812 83
838 812
814 878
814 812 12,300 Willys-0' erisusd (The).- 25
878May 1
814 832
1414 Jan 16
5 June 1114 Deo
84 812
6814 684 *6814 6812 0834 8834 69 6978 6834 691
6834 69
Do reef
100 6112May 16 88 Jan 15
4212 Jan 83 Dee
4,100
6
612
56s 6
*6
No par
*512 6
614 614
61
6
6
19 June 42% Mar
•
3,200 Wilson 4 Co Inc
418May Ill 28 Jan 9
345 Mar 24 19914 Jan 290 Dec
Woolwtrth Co(F W)
100 280 Jan
11112 iii- 112
112 1127s 1122, 113-h - -5;700
i His 11-214 iio- 111
New WI
25 7212 Apr 1 12012June 30
- __-3612. 3678 3812 394 3812 4432 4334 4712 4312 4714 4334 4614 111,200 Worthington P & M
100 2314June 9 4712Sept 24
19% Oct 401a Feb
121114 12
1178 1178 *1178 12 •114 12
12
954May 1
•1134 12
12
13% Jan 3
200 Wright AeronatulealNo par
84 Jan 1314 No
4158 4134 *4114 42
*4114 .4134 4112 42
No par 35 Apr 22 42 July 28
4112 4122 4138 4128 1.300 Wrigley(Wm Jr)
3784 Dec 4014 Dee
5212 5314 5212 5312 5212 5212 2152
54
1252 53. *52
5314 1,300 Yellow Cab Mfg tern gas--10 44s4June 10 8528 Mar 27
- ---elms 6822 *6734 0812 68 • 68
6778 6778 *6678 6734 *8812 6712
300 Youngstown Sheet & T _No par 62 May
7038 Aug 20
62 Oct
•Bid'and asked prigs: no sales ea teli day. 4Kx-dividend.
1498
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now and interest"-except for income and defaulted bonds.
BONDS.
N.T.STOCKEXCHANGE
Week ending Sept. 26.
Price
Friday
Sept. 26.
Week's
Range or
Last Sale
U. S. Geeeee ment.
Bid
Ask Low
High No.
first Liberty Loan3D 1003132 Sale 10157331005132 1617
334% of 1932-1947
Cony 4% of 1932-1947
J D 102"31 -- 10133nAug'24
Cony 411% of 1932-1947
J D 102,542 Sale 102'53210255n 369
20 cony 434% of 1932-1947 .1 D 1012132 Sale 1011135102w 2341
Second Liberty Loan4% of 1927-1942
MN 101,532
1
101,53210114n
Cony 434% of 1927-1942
MN 101,5331015532 102',,Sept'24
_
Third Liberty LoanMS 1021032 Sale 102532 102,533 1641
434% of 1928
Fourth Liberty LoanA 0 1025152 Sale 10214331025532 4927
434% of 1933-1938
Treasury 436s 1947-1952
A 0 106533 Sale 105"33 106'n 1457
41930 Q J
28 consol registered
10334 Sept'24
Be consol coupon
41930 Q J
10238 Mar'24
Panama Canal Is gold
1961 Q M 90%
934 Aug'24
State and City Securities.
NY City-431a Corp stock.1960 M S 10078
101
101
1964 M S 10218 1021?
434,Corporate stock
1014 Sept'24
1966 A 0 10218 10212 102 Aug'24
4348 Corporate stock
1971 J D 10612
4348 Corporate stock
107 July'24
4365 Corporatestock_July 1967.5 J 10638 10634 10618 Sept'24
1965.5 D 10614 1064 10632 Aug'24
636e Corporate stock
1983 M S 10614 Sale 10614
436e Corporate stock
10614 10
1959 WI N 9918 9912 9914 Sept'24
4% Corporatestock
1958 M N
4% Corporatestock
9914 Aug'24
1957 M N 9918 9912 99,4
4% Corporatestock
1
99,4
4% Corporate stock reg 1958 M N
1
9812
9812
1957 MN
436% Corporatestock
10578 106
2
434% Corporate mock _ _ _1957 MN 106 106% 106 Aug'24
334% Corporate neck _ -1954 MN 8912 ---- 9038 Aug'24
New York State Cala Ira 4.3_1961 J J
10212 Aug'24
Highway Improv't 43633-1963 M S
11278 Aug'24
Foreign Government.
1927
Argentine(Govt)75
F A 10234 Sale 10212 1024 137
-1945 M 8 81 Sale 81
Argentine Treasury 5s_
81
9
Temporary s f g 65 Set A _ _1957 M S 9334 Sale 9312
94
342
1943 3 D 95 Sale 9434
Austrian (Govt) a f 713
9514 92
Belgium 25-yr ext a f 736e 4_1045 J D 111 Sale 10938
111
361
Jan 1925
J 10034 Sale 10038
6-year 6% notes
1004 56
1941 F A 1074 Sale 107
20-Year t 8s
64
108
1949M S 97% Sale 95/
25-year ext 6363i w I
1
4
9734 443
Bergen (Norway, Cl88
1945 M N 110 11112 10972
1
110
Berne (City of) 5 f 8a
1945 MN 110 111 10914
111
15
Bolivia (Republic of) 85_ _ _ _1947 M N 9318 Sale 92/
1
4
93% 158
Bordeaux (City of) 15-yr 66_1934 M N 8814 Sale 8734
89
117
Braall.U8external8s
1941 1.1 D 9714 Sale 9614
9714 134
1952'1 D 8414 Sale 8214
78 (Central Ry)
8412 181
714s(Coffee secur) £(flat) 1952 A 0 10012 10234 10014
6
10234
Buenos Aires (City) ext 6363.1955 J
40
9538 Sale 9434
96
Canada(Dominion Of) if ba-1926 A o 10118 10112 101
10138 38
as
19311A o 102 Sale 10138 102 19
1929 F A 104 Sale 0334 10434 425
10-year 5348
1952 M N 10312 Sale 0234 10312 206
58
Carlsbad (City) s f 88
19543 J 9714 Sale 9714
9
9734
Calle (Republic) ext a f 88_ _1941 F A 10518 Sale 05
10512 50
External 5-year e f 8a__ _1926 A 0 10312 Sale 03
10312 34
1942
78
20-yr ext
MN 97% Sale 9738
9812 39
1946 M N 10514 106
26-year f 838
10512 22
05
Chlnese (Hukuang Ry) 6i.1951J D 42
42%
4314
6
43
Christiania (City) a f 8s__1945 A 0 10912 11012 10
11014 60
Colombia (Republic) 630_1927 A 0 9914 Sale 9914
9934 53
Copenhagen 25-year f 5168_1944 J J 9512 Sale 9413
9534 113
Cuba 58 of 1904
1944 M 8 95
9612 96 Sept'24
Rater debt 59 1914 Ser A-1949 F A 94
_
95
95 Sept'24
1949 F A 89
External loan 4368
89
86
90
8812
1953 1 J 9612 Sale
534e
6
9612 291
Czechoslovak (Repub of) 8a.1951 A 0 10014 Sale 9978
10014 62
Sink fund 813 Ser B int et18.1952 A 0 100 Sale 9973 10014 157
Dunkin Con MunIcipas"A"_1940 F A 108% Sale 084 109
40
SeriesBsf8a
1948 F A 108 109
4
084 109
Denmark external e f 89_ _1945 A 0 11114 Sale 1038 11112 109
1942
30-year 64
J 10034 Sale 0012
101
183
Dominican Rep Con Adm of 5858 F A 10114 Sale 0118 10134 50
Custom Adminiatr 53431_1942 M S 9312 Sale 93
9312 49
Dutch East Indies ext (la_ _1947 J J 9614 Sale 954
9612 66
40-year 6s
1962 M
9512 Sale 9518
9538 81
External 5348
1953 M S 90 Sale 8912
90
144
Deposit receipts
M S 90 Sale 8912
90
113
French Repub 25-yr ext 88..1945 M S 107 Sale 0612 10718 350
20-yr external loan 730_1941 J 13 10318 Sale 0234 10312 337
Finland (Rep) ext Os
1945 M S 8812 Sale 8734
88,2 12
Ot Brit & Irel(UK of) 5365_1937 F A 10512 Sale 0434 10512 509
1929 F A 11018 Sale 0934 11018 22
10-year cony 5368
1952 MN 9114 Sale 9034
Greater Prague 7348
91,2 179
Haiti (Republic) (Se
1952 A 0 92 Sale 9134
9212 89
Hungary (Kingd of) sf 736e w I'44 F A 88 Sale 8734
88,4 167
Italy (Kingd of) Ser A 6363_1925 F
005g
10012 101
7
10034
Japanese Govt-* loan 4362.1925 F A 97% 9958 9733
4
9738
1925.5 J 973g 975s 978 Sept'24
Second series 43613 £
1931 .1 J 8218 Sale 8134
Sterling loan 4s
8214 49
1954 F A 9238 Sale 9218 • 924 516
Temporary e f g 634
Oriental Development 68_1953 M
884 Sale 884
9
8834
5012 67,
Lyons (City of) 15-year 6a._1934 M N 884 Sale 8814
Marseilles(City of) 15-yr 68_1934 MN 8838 Sale 8814
89
50
29 Mar'24
Mexican Irrigation 4166-1943 M N
1945 Q .1 42
37 Sept'24
Mexico-5s of 1899 £
48
1954 J D 21% Sale 23
Cold debt 45 of 1994
23
9
1952 J D 91% Sale 904
Montevideo 78
5
9138
Netherlands Os (flat prteml... 1972 M
9738 150
9738 Sale 9612
10012 327
30-year external 613 (flat)-1954 A 0 10012 Sale 9978
1940 A 0 11234 Sale 11234
Norway external 5188
11378 23
1943 F A 9812 Sale 9818
20-yr extl 68
9834 107
9812 353
20-year exte.rnal(is int ctfe.1944 F A 9812 Sale 98
1952 A 0 9834 Sale 9812
30-yr eati 68
994 35
Panama(Rep) 536e tr recta_1953 J I) 100 Sale 9914
100
17
5
Porto Alegre(City of) 8a___ _1961 J D 9514 - - -- 051,
9612
Queensland (State) eat 5 f 7s 1941 A 0 110 Sale 10912 11034 32
1947 F A 103 Sale 103
10312 18
25-year 63
1948 A 0 9534 Sale 9514
Rio Grande do Sul 88
9614 73
9534 9514
Rio de Janeiro 25-yr of 813_1946 A 0 05
9512 19
1947 A 0 9312 9414 94
9414 18
25-yr ertl 88
99
30
Rotterdam (City) external 681964 M N 9812 Sale 9812
1948.5 J 10314 Sale 103
10312 14
Di Salvador (Rep) 88
9612 98
1952 MN
9634
9712 17
Sao Paulo (City) 3 f 85
10114 22
San Paulo(State) ext a f 88_.1936 J J 10114 Sale 101
1942 J J
9412 Sale 9412
9514 150
Seine (France) ext 78
8912 231
Serbs. Create & Slovenea 813.1962 M N 89% Sale 89
80188032a(City)Os
1936 M N 87 Sale 87
8712 16
19393 D 10518 Sale 10518 106
67
Sweden 20-year Os
115
16
Swiss Confeder'n 20-yr a f 85 1940 J J 11412 Sale 11414
Switzerland Govt ext 5128 _ -1946 A 0 98% Sale 98%
9834 402
65
14
MS 64% 65 64%
Tokyo City 53loan of 1912
106
22
Uruguay (Republic) ext tte_ _1946 F A 10534 Sale 10514
7
11114
Zurich (City of) 3 f 8a
1945 A 0 11018 Sale 1104
Railroad.
10014 Sept'24
Ala Gt Sou 1st cons A 53
1943 JO 99% 102
1
Ala Mid let guar gold 5s____1928 MN 10114 ---- 102
82
2
Alb & Bust( cony 3348
1946 AO 8134 Sale 82
8338 11
8312
Alleg & West let g 431411
1999 A0
917 Sept'24
Alleg Val gen guar g 4s
1942 M
5
6213
Ann Arbor Ist g 41,
*199.5 Q J 6214 63 6218
904 265
Atch Top & S Fe-Gen g 45_1995 A0 89% Sale 894
85
9
*1995 Nov 83% - -- 83
Adjustment gold 45
25
84
Stamped
*1995 Nov 83% Sale 83
81
2
Cony gold 43 1909
1955 JD 8114 8338 81
8214 17
Cony 431 1905
1955 in 8138 8214 82
8318 Sept'24
Conv 4a issue of 1910
D 82,483
1960
Range
Since
Jan, 1
Low
High
982132 1011132
982733 102"4,
98123i 102,332
981042 103
98144 102"st
98'w 10244
991In 102218
98"ss 103
99144 10644
10312 10334
10238 1023g
9378 9378
BONDS.
N.Y.STOCK EXCHANGE
Week ending Sept. 26.
r.,
Price
Friday
Sept. 26.
Raage
Since
Jan. 1
Week's
Range or
Last Sale
High
Bid
Ask Low
Atch Top & Santa Fe (Concluded)
BAlt 01110 Div 181R 4a_-_-1928 M
99
98,4
Rocky Mtn Div 1st 43__1985 J .7 844 Sale 8479
8478
Trans-Con Short L 1st 43_1958 J J 8612 Sale 874
88
Cal-Ariz Ist &ref 436s"A"1962 M S 9238 9412 93
95
Atl & Bina 30-yr let g 43_ _ _e1933 M
85
8334
Atl Knox," & Cin Div 43____1955 M N 90 Sale 8818
90
All Knoxv de Nor lst g 58_ _ _1946 J D 10134 -- 10038 Sept'24
Atl Chad A L 1st A 4368_1944 J J 9434 95
9434
9434
15t 30-year 5s Series B____1944 J J 10112 Sale 10112 10112
All Coast Line let con 4s_..51952 M S 91 Sale 9014
9212
10-year secured 75
1930 MN 10714 Sale 107
10714
General unified 4365
924
1964 J D 9214 93
9238
L & N coil gold 48
01952 MS 85 Sale 85
87
kt133 Dans,1st g 4s
1948.5
7812 Sale 7814
7834
2d 4a
1948J J 6512 6812 68
6878
Atl & Yad 1st g guar 4s
1949 A 0 77 Sale 77
77
A & N W lst gu g 53
1941J J
100,8 Aug'24
Low
9872 10134
9938 10212
1925.5 J 100 Sale 994 10018 120
99% 1023g Bait & Ohio prior 3363
10534 10714
Registered
*1925 Q .1 994 100
9978 Sept'24
let 50-year gold 4a
102$4 10634
k1948 A 0 8738 Sale 87,4
8734 128
103 106,2
Registered
k1948 Q J
8878 Sept'24
10234 10678
10-year cony 4348
1933 M S 8934 Sale 8914
8934 451
945e 9933
Refund & gen 53 Series A-1995 J D 8912 Sale 8514
8912 110
9438 9938
10-year Os
1929.5 J 10314 Sale 10234
10312 126
96% 9934
Ref & gen 6s Ser C temp_ _1995 J D 101 Sale 10038 101
479
94% 981,
. P Jet as M Div let 53348.1925 MN 100 10014 9078
8
994
10318 10618
PLE&W Va Sys ref 46_1941 MN 844 Sale 84
844 30
102% 106
Southw Div let gold 3346.1925.3 J 9978 100
994
9978 34
854 003g
Tel 62 Cln Div 1st ref 4s A.1959 .1 1 6834 Sale 6814
16
6814
10212 10334 Battle Cr 63 Slur 1st gu 33..1989 .1 D 5914 64
62 Aug'24
11278 112% Beech Creek ist gu g 412
19363 J 9178
9178 Aug'24
Beech Cr Ext 1st g 3368___b1951 A 0
7714 May'24
10034 10314 Big Sandy 15( M
1944 J D
Aug'24
78
84 B &NYAir Line let 4s_
1955 F A 67 Sale 67
8
674
8912 9413 Bruns & W 1st gu gold 48_1938 J J 92
93
92 Aug'24
8514 98 Buffalo R & P gen gold 58_1937 M S 101 10134 102 Aug'24
87
97 111
8738 87
1957 MN
Consol 4369
8738 78
Oa% 101
1934 A 0 10038 ____ 1004 10012
1
Burl C R & Nor let 513
97 109
944 9734 Canada Boo CODS gu A 532_1962 A 0 101 102 110138 102
5
108 11034 Canadian North deb a f 78_1940 J D 11614 Sale 11578 11612 45
108 112
1946! .1 1174 Sale 1164 11734 36
94 Canadian Pac Ry deb 4s stock__ J .1 8014 Sale I 7912
85
8014 1181
91 Carb & Shaw 1st gold 41.,_A932 M 13 923 9412 94
87
94
5
9912 Caro Cent let con g 4s
91
1949 J J 7812 79
7814 Sept'24
88 Caro Clinch &0 let 3-yr 58-1938 J D 9912 100
76
100
27
9934
10534 Sale 10518
94 103
1952J
10614 192
86
94
9714 Cart dr Ad let gu g 48
8312
1981 J D
5
83,2
9952 10112 Cent Branch U P 1st g 48__A948 J D 7414 Sale 74
7414
6
0912 1034 Cent New Eng 1st go 4.,_196l J .1 65 Sale 6434
65
33
1
10034 10434 Central Ohlo 4348 1930
1930 M S 9712 9912 97 July'24
9914 10334 Central of Ga 1s1 gold 56_p1945 F A 10038 __ 10038 Sept'24
944 9834
1945 M N 9934 Sale 9918
9934
7
Consol gold 58
102 10912
10312 39
June 1929 .1 D 10332 Sale 10318
10-yearsecur(is
10288 10538
8112 Aug'24
Chan Div pur money g 48_1951 J D 83
94
99
MAC dt Nor Div let g 55_ _1948 J J 9838 ____ 974 July'24
102 10714
94 July'23
1947.5 J
Mid Ga & Atl Div 5s
3914 4712
1846 J J 9814 ____ 99 July'24
Mobile DIRISIOD 55
107 11012 Cent RR & B of Ga coil 558.1937 MN 954 9618 9712 Sept'24
9434 100 Central of NJ gen gold 58_1987 .1 J 10612 Sale 10614
10612 16
8714 9614
1
*1987 Q J 10538 106 10514
10514
Registered
934 9612 Cent Pao 1st ref gu g 4s
1949 F A 8838 Sale 8738
884 195
89
95
*1929! D
96
Mtge guar gold 3%8
9612 22
7914 89
87
87 Sept'24
Through St L 1st gu 4a_ _.1954 A 0 85
9112 973s Charleston & Savannah 78._1936 J J 11618 ---- 115% Feb.24
94 10134
9714 101
____ 9978 Sept'24
Ches & Ohio fund & impt 58_1929 J J 100
19613 10913
1939 M N 10212 Sale 10112 10212 10
let consol gold 5.3
108% 10912
1939 M N 1004 10014 10014 July'24
Registered
10714 11112
1992 M 8 89 Sale 8814
General gold 43,94
8914 94
93/
1
4 101
1992 M
86
844 8712 86
1
Registered
IGO 10212
9612 221
20-year convertible 436a_ _1930 F A 9612 Sale 96
8534 9438
30-year cony secured 532._ -1946 A 0 9834 Sale 984
987
, 171
925
, 9714
9934 9734 Aug'24
Craig Valley 1st g 58
1940
-1 95
9212 9612
80 July'24
Potts Creek Branch let 48_1946 J J
_ 7912 Sept'24
8512 91 I R&ADlv1tCOflg48___1989i J 838,
85% 92%
80
7438 12 80
1
1989 J J
2d consol gold 43
92% 109
Warm Springs V let g 55.1941 M S 9378 9814 95 July'24
9012 10514 Chic & Alton RR ref g 3s_ _ _1949 A 0 6014 64
03
62
8512 9112
5914 Sale 5914
Certifs dep stpd Apr 1924 int._
5914
9858 10512
5918 64
60 July'24 ____
Certif dep stmpd Oct 1923 int . _
10611 11184
4334 44
434
Railway first lien 333s___ _1950 J
4438 169
764 9312 Chic Burl & Q-Ill Div 3366_1949 J J 8214 834 8214
8234
4
8812 9212
1949! J 9038 Sale 904
Illinois Division 4s
9078 16
8912
87
Nebraska Extension 43_1927 M N 9978 ____ 9912
9978 18
9812 101
904 Sale 8914
1958 M
General 45
904 771
92% 9778
1971 F A 10178 Sale 10114
lat & ref fe
10214 971
9134 9812 Chic City & Conn Rya 5s.._1927 A 0
51
4712
4712,
5
75% 84 Chicago & East III 1st 68._ _1934 A 0 10634 ____ 10638 1064
5
8815 93% C E
RR(new co) gen 533.1951 MN 734 Sale 73
744 223
81
91 Chic & Erie lot gold 58_ ___1982 M N 9878 9912 9838
9878
2
72% 91 Chicago Great West let 48_ _1959 M S 5838 Sale 56
5834 745
724 91
Chic Ind & Loulav-Ref(le_ _1947 J J 10712 111 1074 Sept'24
2714 40
998
1047 J J 9914 10012 9914
Refunding gold 58
7
5112
20
Refunding 45 Series C____1947 J
8519 ___- 8514
8514 10
18
30
1966 M N 8634 Sale 8634
General 56 A
8634
1
854 93
e19136 J J 10112 Sale 10012 10112 33
General 613 B
8934. 10012
Ind & Louisville Ist gu 48_1958 .1 J 7612 __
78
78
3
98 10018 Chic Ind & Sou 50-year 432-1956
8 8412 Sept'24
J 8438 -857109% 11378 Chic LB & East 1st 434,._1009 1 D 92
9712 93 Sept'24
91% 9834 C M & Puget Sd let ICU 48._ _1949 J J 52 Sale 5012
6214 48
9712 99 CbM&Stpgeng4sSerA.e1989J J 72 Sale 72
724 11
9218 9912
General gold 33414 Ser B...81989 J J 624 65
6312
6312
2
9514 100
General 4368 Series C__ _81989 J J 80 Sale 80
8014 44
99
92
Gen & ref Series A 4365..a2014 A 0 51 Sale 4912
5112 149
194% 11034
Gen ref cony Ser B 193..„a2014 F A 5334 Sale 52
54
139
9913 104
1932 J D 5714 Sale 56
Debenture 4368
5734 213
92
99
1925 J D 7412 Sale 73
Debenture 48
7412 518
87% 9934
1034 .1 .1 5112 Sale 5032
25-year debenture 48
52
191
87
97%
9632 9634 964
Chic & Mo Riv Div 68___ _1926 J
9134
1
98
9914 Chic & brwest Ext 4a__1888-1926 F A 98,4 ---- 994
9914
3
100 10414
1886-1926 F A
9878 ____ 984 Sept'24
Registered
9012 10212
1987 M N 75 Sale 7514
General gold 3345
7514 26
94 103
1957 M N 8414 8518 85
General 48
8578 17
79
97%
1987 M N 8334 8514 8358
Stamped 43
86
6
6314 9012
1987 M N 104 Sale 10234 104
General 55 stamped
13
78
1879-1929 A 0 104
____ 104 June'24
89%
Sinking fund 68
10178 10614
1879-1929 A 0 9838 Sale 97% Aug'24
Sinking fund 55
11114 118
1879-1929 A 0 99 10014 98 Sept'24
Registered
944 9834
1933 M N 10012 101 10114
Sinking fund deb 58
10112
2
594 6614
1933 M N 99 10014 100 Aug'24
Registered
10114 107
1930 J 113 10778 108 10712 108
10-year secured 7531
22
10912 11234
15-year eecured 8MB 4-1936 M S 11034 Sale 11012 11034 13
Chic III & P-Railway gen 4s1988
84 Sale 8134
84
187
9534 1004
J J 8014 8114 8112 Aug'24
Registered
984 102
1934 A 0 8214 Sale 8134
Refunding gold 45
8212 841
79
83 Chic St L & N 0 gold Sa___ _1951
D 1014 103 1004 Aug'24
80
84
1951
Gold 3365
D 78
7832 77 Feb'24
8834 92%
Joint Ist ref 55 Serino A_ __1963 J D 9O4 Sale 933%
97
47
57
64%
19033 D
Do Series B
9512 June'24 _
86
91
Memphis Div let g 4s._ _1951 J D 8212 8412 844 Sept'24 _
7912 85 C St L & P 1st cone g 53._ _1032 A 0 1005 ____ 10038 Aug'24
7912 85 Chic SIP M & 0 cons 633_ _1930 J D 10412 --- 10412 10512
7
81
85
Cone 65 reduced to 3368_1930 J D 92
93
917
917
1
8038 85
1930 M S
Debenture 55
8138 8312 Chic T & So East let Se_ _1930 .T
714
9
72
84 B7
a8
le 9
77
7
98
8115
4
19
4
Due May. g Due June. h Due July. k Due Aug. 0 Due Oct. p Due Nov. g Due Dec. t Option sale.
ioa- f6i4
$5-£. a Due Jan. 4 Due April.
Hig5
9512 991z
8512
80
831g 885s
901g 95
85
70
81
90
8912 103
9134 9434
8
21 98 103
86
8612 9314
47 106 108%
30
8614 9312
57
8133 87
10
7314 80,4
3
65
687/
10
68
8015
98% 110018
43
10
13
6
22
77
--
964 100%
96 1004
8112 8873
8878
80
8214 9012
894
83
10012 10378
100 10114
9514 99%
857g
79
9612 10014
66% 70
58
62
9012 9312
77% 7714
80% 8473
61
69%
88,2 92
100 103
87
90,4
9534 10112
9758 102
111 11612
/
4 11734
1101
7834 8214
90
94
70% 7938
9238 100
96 10614
8312
81
67
7514
5034 66
96
9758
99 10134
95/
1
4 10012
100 104
7812 831s
9534 971
998
96
917s 98
10334 10714
102% 10572
85
8912
91
9612
8172 87
1164 115%
97 10173
9938 103
98 10014
844 90
8338 86
884 964
88% 103
92% 97%
78
8218
7912 83%
76
88531
95
95
56
0338
54
60
5312 60
8034 4438
7884 8312
86
91%
96% 99%
85
91
9672 10214
47
554
10414 10678
6913 784
9172 9914
50
5834
1054 110
9535 99%
81% 85%
5112 874 .
9512 10212
71
9934
8212 88
8138 93
4912 60%
7014 7514
6114 6514
84
78
49% 5512
52
621g
6412 68
684 mrs
4912 60%
96 100
96% 9934
96
98%
69% 76
80
86%
79% 86
95 10514
99 104%
9613 100%
96 10412
9713 102
9814 10712
10414 108%
105% 11213
78% 84
76% 8112
7333 83
99 101%
77
77
94
97%
95% 9614
80% 85
99% 10012
101% 106
731a 91%
93% 9814
78% 82
1499
New York Bond Record-Continued-Page 2
BONDS
H.Y.STOCK EXCHANGE
Week ending Sept. 26.
PHes
Friday
Sept. 26.
Week's
Range or
Last Sale
14...
an
Rita
Rang.
Sines
Jan. 1.
BONDS.
N Y.STOCK EXCHANGE
Week ending Sept. 26.
Price
Friday
Sept. 26.
Basso
Sew
Jas.1.
Week's
Range or
Last Sale
Mob No. Low Sto&
Bid
Higlil No. Low
Ark Loin
High Illinois Central (Concluded)Ask Low
BO
M N 8418 Sale 83/
7912 861s
Collateral trust gold 42_ _1953 54
1
4
84/
1
4 32
8958 928
1
4 Sale 9178
9234 28
CNC Un Ste'n lat gu 4N2 A-1963 .1 J 92/
9954 105%
7
1955
10412 10478 104/
1
4 105
Refunding 52
1005g 10118 10012 101121 31
97 10112
19633
lot 52 Staries B
15-year secured 500
1934 J J 102 Sale 102
102/
1
4 Sale 116/
1
4 117/
1
4
3 11458 11814
18633 J 117/
1
4 62 10012 1434
let 6;58 denim C
1 10812 112%
111
J J 111 11112 111
15-year secured 6 Xs g10434 10514
1
4 Sept'24
Chia & West Ind gen g 62-21932 Q M 105 ___- 105/
85 87
7115 7814
1950 J D 87
J 77 Sale 7612
88 87 Sept'24
Cairo Bridge gold 48
1
4 128
77/
Mimi 50-year 48
1952
69% 7114
72/
1
4 711
/
4 Sept'24
1
4
Litchfield Div let gold 32_1951,3 J 72
10312 Sale 10312 10312 20 10112 104/
1935 M
16-years f 7545
9914
3 94 9912
74% 80
Loulev Div & Term g 3 Ns 1953 J J 80
8014 79 Aug'24
Oboe Okla & Gulf cone 58.-1952 M N 9914 _ _ __I 9914
6834 72
7012 Sept'24
Omaha Div lot gold 3s_ _ _1951 F A 7058 72
_
()Find& Ft W ist gu 4s6-1923 MN
88 Mar'17
7012 80
8813 Wit
72/
1
4 80 Sept'24
D4ve& Term g 32_1951 J J 72
CInH&D2dgoId454s_...1937J J -93/
Sto
Lgludis3
1
4 9414 9338
93/
1
4
1 75/
1
4 82/
1
4
/
4 ____ 82 July'24
11936Q F 903s
991
82% 91
OIStL&Clstg4s
91 Sept'24
75% 82
9112 9112
95
31 .J/ j
J 781g ____ 82 July'24
• 11936 Q F 8912 __
Springfield Div let g 341319
Registered
9112 Sept'24
83%
87%
A
87%
Sept'24
48-1051
F
8612
____
87
/
1
4
2
CIDLeb&Norgu4sg
86
8814
Western
Lines
lat
g
8734
9012
8738
1942 M N
85 85
85 May'24
8
OinS&Clconolotg5o
1928 3 J 10018 Sale 110018 10018
Registered
51 9 % 10018
86 Mar'16
Ind B & W lat pref 49
g
Clearf & Mah lst gu g 58
_1943 J
9734 .._-- 93 Mar'23
1950 J J 8612 95 86 Sept'24
8358 873*
Cleve Cin Ch dr St L gen 48.1993.1 D 8314 8334 83
83/
1
4 20 78% 84 Ind Ill & Iowa 1st g 417
96
99%
6
9958
99% Sale 995
824 973 Ind Union By 5a A
20-year deb 454a
1931 J J 9714 9812 9714
9758 46
40% 65
65 1019
General 52 Series B
1993 J D 10338 10438 103
196
533
2 J 3 613 Sale 6134
103
5 9758 10414 Int & Great Nor adjust 68....19
902e 10112
Ref & Imot 6s Series A-1929 J
lot mortgage 68 certificates1952 J .1 101 Sale 9934 10112 117
103 Sale 10278 10312 28 10012 104
57
70
31
8t
i D
s 6278 Sale 6012
99
68 series C
1941
62/
1
4 32
104/
1
4 11 10158 10714 Iowa central lot gold 59-19
J 10414 105 1104
7
15% 26
J 95/
1718 171
/
4 1718
1714
1963
94 9612
9534 269
5s Series D
Refunding gold 42
1
4 Sale 9518
8614 90
Cairo Div lot gold 48
1939 J
2
9012 92 90
90
8
8314 89
89
77 894 James Frank & Clear 1st 48-1959 J D 87% Sale 8734
Cin W & M Div lst g 42 1991 J J 8014 9112 7914 Sept'24
7812 85
8312 10
St L Div let coil tr g g 411-1990 MN 8258 8312 83
99 99
sts% 8818 Ka A & G R let gu g 58
99 July'24
Elpr & Col Div lat g 4a
_1940 M
193S
990 33 9914
8818 91/
1
4 88 Sept'24
77st 83
AO 80
84/
1
4 81 Sept'24
W W Val Div let g 42-.1940 J
7912 87 Kan & M lot gu g 42
8112
2
8678
80
95 101
6
10012
COC&Igen cense 6s
19343
10358 10918
1927 .7 J 100 10038 100
2d 213-year 52
10918 Sept'24 _
5 10012 104
Clev Lor & W con Ist g 58-1933 A 0 10038 ---- 10014 Sept'24
97% 10011 K C Ft El & M eons g 62-.1928 N 10334 104 10334 10334
7312 82
81/
1
4 172
84% 9684 K C Ft & M Ry ref g 4s-1936 4.0 8118 Sale 8034
CI & Mar 1st gu g 4).as
1935 M N
96 Aug'24 _
9412 974
1
4 Sept'24
Cleve & Mahon Vail g 58-1938 3 J 98/
1
4 _--- 99 Aug'24..... 95 99 KC&MR&B 1st gu 52_1929 4.0 9512 98 97/
67
7172
41
7014
7118
Sale
A0
_1942
J
.7
7114
91
91
gold
yu
4
)48
Ser
A
32-1950
9618 ---- 91 Mar'24' OAP gen
Kansas City Sou lot
86 91
8978 76
1
4
Series B
89/
1
4 Sale 88/
1942 A 0 98
8412 9434
Apr 1950 .1
Ref & impt 52
8412 Aug'24'_
80% 85%
8514 147
1948 3.3 h 8038 .--. 7018 Dec 17-Series C 334a
Kanees City Term lot 42-1960 33 8414 8514 84
3 82 8814
84
84 I4-la Kentucky Central gold 42..1987 J J 8434 86 84
1950 F A 8312 .8412 8418 Aug'24
Series D 304a
6012 84%
1
8418
8418
1
4 9712 97
Cleve Sher Lino let gu 400-1961 A 0 95/
9010 9734 Keok & Des Moines let 58_1023 A0
97
1
10014 101
Cleve Union Term 554s....„1972 A 0 105 Sale 105
1925 3.7 10012 10034 10012 Aug'24
10511 26 10238 108 Knoxv & Ohio lot g 62
9,513 10118
lot 1 Ea Ser B
1973 A 0 10014 Sale 99/
1
4 10014 181
93% 1004
9934
1
Coal River By let gu 4e_._19453 D 8418 8612 84
8412 10 80 8472 Lake Erie & West let g 52-1937 J J 9934 1007 993
5 87 96
95
J 943 Sale 943
9234 9812
1941
111994771
Colorado & South let o Ii.._1929 F A 9818 Sale 9734
99
2d gold 52
9812 43
7912
3 73% 8012
791
8013 89% Lake Shore gold 3N1
3D 7912 80
Refunding & eaten 454o.1935 MN 89/
1
4 Sale 8834
8912 41
75 78%
3D 74% 79 77 Sept'24
Col & H V lat eat g 4s
1948 A 0 8512 88 858 Sept'24 _
8158 8658
Registered
94311 99
99 100
9878 9918 9812
817 8378
1928 M
Col & Tol lat ext 48
1955 F A 84
Debenture gold 48
86
8378 July'24 _
9314 97
9612 33
1
4 9618
8134 85
1931 MN 9614 96/
Cuba RR let 50-year 5811-1952 3
25-year gold is
8312 Sale 83
8312 26
91% 9534
9178 ____ 9534 July'24 ---let ref 748
logo J D 102 Sale 10112 102 1 22 101 103
Registered
5 92% 96%
9612
MN
J 95/
1
4 Bale 9538
940
31 J
19
Cuba Northern BY let 58-1966 J J 8914 Sale 89/
1
4
89/
1
4 19 8914 8958 Leh Val N Y 1st gu g 4N2-1
91% 94%
9138 ____ 9412 July'24 -Registered
"
76% 83
8078, 13
MN
j 803a 80/
1
4 8012
1j
19
00
Day &Mich lst cons 4N2.__193 .1 J 9618 97 9334 Jtme'241 ___9212 943 Lehigh Val (Pa) cons g 42-2
89/
1
4 Sale 8934
90141 13 85% 91%
8358 91
Del &Hudson lot & ref 40...1943 M N 89 Bale 8812
General cons 4540
89781 61
1004
103
10114
Sept
.24
---10114
103
1
M
A
N
O
1
09
943
921*
100
/
1
4
58_2
1936 A 0 9914 Sale 9938
Term
fly
lot
gu
g
30-year cony 58
Leh
V
99/
1
4
' 17
99% ____ 9912 Jan 24 ---- 99% 9912
1937 M N 10134 Sale 10112 102 1
Registered
5 9719 102%
15-Year 5342
824 84%
3 8414 86 84 Aug'24
M0
1945
1A
10-year secured 7s
1930 .1 D 110 Sale 109
110
19 10812 110 Leh & N Y lot guar gold 4s._1
3 99 105
104
92 92 Lex & Beat 1st 50-yr 5s gu 1965 A 0 104 ____ 104
D RR & Bdge 1st gu 49 g__ _193 F A 9118 _--- 92 June'24
8112 ____ 8111 July'24 -- 81% 81%
6714 82 Little Miami 48
Den & B Gr-lst cons g 4s_.193 J .1 81 Sale 7918
82 501
1935
962 M
A O
N 10738 ____ 107 May'24 --- 10611 107
79
21
1 8
9
,
578 Long Dock consol g 62
Consol gol‘l 43.0
1936 J
8412 Sale 83
23 7
85
9712 100%
gold 52_5
h1
19
,
31
1Q
C) J 100 ____ 100 Aug'24 --Improvement gold 58.-1928 J D 9258 Sale 91%
Lo e
lo
slmo
d listgoclodno
9278 389
9312 10012
9258 ____ 10018 Aug'24
34% 4612
lot & refunding 5e
1955 F A 45 Sale 44
4612 397
8814
3
84%
8812
88'i
88'4
---19383
do Registered
old 42
89 July'24 -- 83 89
19323 13
Warmers L&Tr rota Aug '55_
Gold 489
8
46
117 3414 46
46 Sale 431879 8412
1
4 Sept'24
1949M S 8212 85 82/
Unified gold 42
Bankers Tr Mfg of dep......
4534 Sale 4414
4534 93 3458 4534
91% 93%
1934 J D 9334 ____ 9334 July'24....
45
do Stamped
Debenture gold 511
45
12 33
4517 46 4212
5 84
89
89
1937 M N 89 Sale 89
45
Am Ex Nat Bk Feb *22 Otte_
20-year p m deb 52
4312
45
12 37
79 86
7
825i
83
82%
83
3418
_1949
M
S
41
42_
gold
do Aug 1922 °Us
refunding
Guar
3812 June'24 _ _
2 9414 99
99
3712 47%
Des M & Ft D let gu 42._ _1935 J J 4112 43 4112
Nor Sh B lot con g gti 5e-61932 Q J 9812 9912 9814
42
13
2
9512 10114
Dot & Mack-lot lien g 42.-1995 .1 D 70
Louisiana & Ark 1st g 52_--1927 MS 10031 ____ 10058 10058
7012 70/
1
4 Sept'24
7912 95
85
6
1
4
Gold 48
Lou & Jeff Bdge Co ru g 4s...1945 MS 85 Sale 83/
1995 .1 D 66
70 65 Sept'24
10058 10412
Del lily Tun 43.4s
Louisville & Nashville 5*...1937 MN 10138 104 104 Aug'24
1961 MN 8214 Sale
92l2 25
8
89
9414
60
9
9414
8
668
9%
7'2
J
19403
GuI Missabe & Nor gen 58_1941 J J 10084
10
9
0
42
Unified
gold
21112
2
10012 June'24 _8912 91%
93
134 July'24
_ 9
881L
94; 9_4_12
Dal & Iron Range let Es.. _ _1937 A 0 99/
98 100%
1940.1
Registered
1
4
99/
1
4 Sept'24
103
6 96% 103
Registered
Collateral trust gold 50-1931 MM 10034 103 103
1937 A 0
92/
1
4 July'23 _ _ _
10738 32 1057s 108/4
10738 Sale 107
Out Sou Shore & AU g 52_ _1937 J J 8212 Sale 82
76
1930 M
8458
10-year secured 78
8212
6
24 104% 107%
107
1
4 Sale 106
let refund 5543 Series A 2003 A 0 106/
841, 8918 1st
97% 10514
/
4 10312 41
2003 A 0 10312 Sale 1021
E Minn Nor Div lot g 42-1948 A 0 8734 8914 8858 June'24
& ref 5s Series B
9312 9334
93/
1
4 190
9011 10014
E Tenn reorg len g 52
1938 M S 9678 97 10014 10014
1st & ref 454s Series C -2003 A 0 9312 Sale 9312
103% 105
1
4 Aug'24
1
4 ____ 104/
98% 100
E T Va &
g 68
1930
J 103/
19303 J 10034
N 0& M 1st gold 62
99/
1
4 Sept'24
102 103%
CODS let gold 58
1930.0 J 10234 ____ 102 June'24
1956 M N 10014 10138 10038 10038
2d gold 68
3 97% 100%
2 85% 90%
8814
Eligln Joliet & East let g 58- 1941 MN 100
9712 100%
Paducah & Mem Div 42-1946 F A 8814 Sale 88
100 Sept'24
6234 6212
6234
7 60 64
Erie let consol gotfl 72 ext_ 1930 M S 10918 Sale 109
St Louis Div 20 gold 3s 1980 M S 62
10918 13 104% 109%
94
9534
___ 94 Sept'24
6134 743
lot eons g 48 prior
L&N&M&Mlstg4Ns1945 MS
1996 J J 721e Sale 711
/
4
72/
1
4 498
43
79 85
84
811
/
4 8312 8212
61
Registered
65
1996
J
L & N South joint M 48_1952 J J 93%65 Aug'24 _ _ _ _
77
77
77
Jan'24
let consol gen lien g 48..1998 .1 .1 6418 Sale 6312
53
5312
5
6
9
6
Registered
51952 Q J
6434 367
1
97
96
9734
Registered
19963 J
Loulsv Cin & Lea gold 430_1931 MN 97 Sale 97
59
59
2
Penn coil trust gold 48.-1951 F A 9334 957 94/
8812 9534
1
4
95/
1
4
4
98/
1
4 99%
9834 Feb'24
100/
1
4
1934 .1
60-year cony 4s Ser A-1953 A 0 6412 Sale 6414
54% 6812 Mahon Coal RR lot 52
6478 78
55 60
62 5912 Aug'24
5412 6912 Manila RIVElouthern Lines) 1939 MN 59 -1953 A 0 6412 64/
1
4 6412
do Series B
6412 26
99
9612
98
Sept'24
9712
100
3D
Gen cony 49 Series D__ _1953 A 0 68/
Colonization
52
_
_1934
1
4 Sale 6814
5934 77 Manitoba
69 179
80% 8232
8214 July'24
Erle & Jersey 101 f 62
1
4
1955J J 10218 Sale 10114 10214 19 89% 1024 Man GB&NW let 3Ns__ _1941 J J 82/
37 Mar'13 _ _ _ _
Erie & Pitts gu g 3Ns
1940 J J
82 85 Mex Internat'l lot eons g 48-1977 M S
8418 Sept'24
98 10034
10034 July'24
Series C
1940.7 J 84
12
. 85 Michigan Central 58
1931 ▪ S inois
85 Aug'24 _ _ .
98
Evans & T H 1st gen g 58.-1942 A 0
1
4 __ 88 Apr'24 -- 88
Registered
1931 QM 98/
88 Apr'22 _ _
863
July'24,....
Sul Co Branch 1st g 58.-1930 A 0
4 90
93
90
901
/
4
33
1940
42
7912 Apr'23
Fla Cent & Pen let ext g 52.1930 J J ost2
77% 86%
-554 98
/
4 ___ 8612 Sept'24
Registered
1940 J J 871
98 Sept'24
Congo'gold 58
77% 93%
1
4 Apr'24
1
4 ___ 77/
93% 9914
1943 J .7 97%
1951 M S 77/
L & S let gold 3Ns
9712 Aug'24
_
Florida E Coast let 454s.._.1959 J 13 92% 9312 9158
77% 83
lot gold 354e
1952 MN 8118 -__ 81 Sept'24
92
6 8758 9412
201 92% 98%
98
1952 M N 64 6412 64
70
3 64
FondeJ&Glov434e
1929 A0 98 Sale 9712
6412
20-year debenture 45
Sept'24
_
_
8712 89%
8934
89
3
89i
AO
878
823*
Mid
of
1st
ext
52
UortSttiDCoietg454e..1941J J 8818 89 87/
NJ
1940
Sept'24
1
4
1
41
4 99% 101
Ft W & Den C lat g 5%2_1961 J D 10418 _ _ _ _ 104/
1
4 Sale 10038 100/
10058 105/2 Milw L S & West imp g 5s-1929 FA 100/
1
4 Aug'24
Ft Worth & Rio Grist g 411_1928 J J 9418
_
8414 943
_ 94
Ashland Div lot g 65
1925 MS 10038 ____ 100 Dee'23
7
9418
88% 9212
Bram Elk & Mo V lat as__ _1933 A 0 107
9112 9158
1934 3D 86
10712 10712
3 105% 10713 Milw & Nor lot ext 4Ns
971g 9212
O &SAM&P lst 5e._1931 M N 10018 _ _ 100 Sept'24
92 July'24' _ _
9512 10012
91
1934 3D 86
Cons extended 4;0
24 eaten 52 guar
96/
1
4 100 Mil Spar & NW 1st gu 42.-1947 ▪ S 8518 89 87 Sept'24..... 83% 87
19313 J 100
100 Sept'24 _ _
Gaiv Hone & Bend lot 52_ -1933 A 0 9314 Sale 93
894 0334 Mil,' S lot gu
82 8612
33 8014 ____ 8612 May'241 _ _
9314 21
Genesee River let e f 6s
• 1008 Mlnn &St Louis let34o.198 72
1957 J J 10012 Sale 10012 10078 19
1927 3D 10178 103 103 Sept'24 -- 100 103
Ga & Ala Ry lot con 58._ _0945 J J 92 Sale 92
14
54 6812
57
8412 9214
let CODS& gold 55
1934 MN 57 Sale 54
92/
1
4
6
Gs Car & No 1st gu g 52_ _ _1929 .7 J 9934 Sale 99/
3' 1312 3312
1812
lot & refunding gold 40_1949•S 1814 Sale 1814
1
4
9934
9 93% 100
Gs Midland•lat 38
6058 67
8
1946 A 0 6412 661 6412
13% 21
18
Ref & ext 50-yr 58 Ser A._1962 Q F 15 Sale 15
67
37
GUs V G& N 1st gu g 52_ _ _1924 MN 99/
9812 10018 MStP&SSMcong 4s intgu'3
1
4 _
861s 974
87/
1
4 11
100 Sept'24
38 J J 87 Sale 87
Geu & Oswegatch 58
1942 J D 99
97% 103%
1
4
4
9914
98/
1
4
1St CODS 58
98/
98
1938 33 9814 9914 98/
1
4 Feb'24
Or R & ex 1st gu g 4 Ns_ _ _1941 J J 94
1
4 10 101 103%
900* 95
10-year roll tried 6148__ _1931 MS 1021
/
4 Sale 10212 102/
96
94 Aug'24
_
Grand Trunk of Can deb 78_1940 A 0 11614 Sale 11578 11638 50 11034 116/
974 102%
1011
/
4
1
4
lot & ref 68 Series A
1946 J J 10114 Sale 98
16-years 16s
5 83 87
1936 M S 1071
/
4 Sale 10678 107/
1
4 8512
8534
1
4 56 10212 10784
25-year 5548
1949 MS 8512 85/
9112 101%
/
4 May'24
Grays Point Ter 50
1947 J D 8778
- 10112 Apr'07 - let Chicago Term s 1 45_ _ _1941 MN 9218 95 1011
997
1
Great Nor gen 72 Series A._1936 J
10912 Sale 10938 10978 211 IOC 11-0-19634 9972
8 M SEIM & A 1st g 49int gu 1926 J J 9934 100 997g
88 9112
1
4 Sept'24 --let & ref 454. Series A
1961 J J 9112 92 91
9234 Mississippi Central lot 52-1949 J J 9012 -___ 90/
92
69 83
9134 May'23
_
RegisI ered
1961 J J
M K & Okla lst guar 58_ _ _1942 MN ____
90 June'23 General 530 Series B_ _1952 J J H013.8 Sale 10058 10112 171
8212 112, -figs 1311
fel; Mo Kan & Tea-let gold 48_1990 3D 8178 8218 81
;
911
/
4 9434 Mo-K-T RR-Pr 1 58 Ser A_1962 J J 86/
8612 2971 7834 87
General 5s Series C temp_ _1973 J J 9412 Sale 94
1
4 Sale 8512
9458 902
39
Green Bay & W deb MN
Feb 67
65 72%
70
71
75 67 Sept'24
9% 70
40-year 42 Series B
1962 J J 7012 71
10112 25
9452 102
Debentures Mfg -13"
Feb 1078 Sale 10/
/
4 Sale 101
7
1114
10-year 62 Series C
1932 3J 1011
1
4
11
5
6478 538
Greenbrier Ry let gu g 49_._1940 MN 84/
51% 64%
1
4 Sale 641/3
1
4 _
_
Cum adjust 5a Ser A Jan.1967 A0 64/
8412 Oct'23 _Gulf & IR I 1st ref & t g 5s...61952 J J 92 Sale 9112
92
8 81
92'i Missouri Pacific (reorg Co)
7514 8514
1
4
8312 351
734 8312
1st & refunding 58 Ser A..1965 FA 83 Sale 82/
10038 18
1
4 Sale 82/
Harlem R & Pt Cues let 42..1954 MN 82/
1st & refunding Is Ser C._1926 FA 10018 Sale 100
945810058
1
4
6
8213
98/
1
4 203
873s 100
Hooking Val lot cons g 4318_1999 J .1 8958 Sale 88/
8378 9038
let & refunding 6s Ser D 1949 FA 9812 Sale 97%
1
4
8958 46
51
63%
6318 1982
83 84
Registered
General 40
1999 J J
83 May'24
1975 MS 62% Sale 6112
H & T C 1st g 52 int gu
19373 J 100
1
97 100/
1
4 Missouri Pacific10014 10014
85
85
3 80% 85
Houston Belt & Term lot 58_1937 J J 9612 -- -- 96/
1
4 Sept'24
3d 7. extended at 4% _ _ 1938 MN 83
9658 97
92% 98
98 Sept'24
1933 M N 9912
nous E & W T lat g 52
9514 9972 Mob & Bir prior lien g 58_ _1945 J J
-- 9934 Aug'24 --__
77 76
77
25
68 77%
100 100
lot guar 52 red
Mortgage gold 48
1945 3.7 76
1933 M N 9912
100 Sept'24
4 10214 104%
Housatonic By eons g 50. _..l937 MN 9412 Sale 9412
8414 95 Mobile & Ohio new gold 68..1927 J D 10312 Sale 10318 10318
9412
2
/
4 Sept'24
100% 10234
1
4 105 1021
51927 Q J 102/
Bud & Manhat 52 Series A..1957 F A 8634 Sale 8614
8034 87%
lot extended gold 62
8718 462
74 84%
Adjust income 5s
General gold 48
1938 1%1 5 8312 Sale 8412 Sept'24
1957 A 0 6734 Sale 6712
671
/
4 100
5858 6812
1
4 98
9712
9734 18
92 98
Montgomery Div 1st g 52_1947 FA 97/
Mots Central let gold 42....1951
J 9158
88 92
9158 Sept'24
10014 18 9514 100%
1927 J O 100 _ _ 10018
Registered
1051 J
St Louie Div 58
89 July'24
89
89
811
/
4
8334 13
76
84%
193
28
7M S
let gold 33.4s
1951 J J 80
2
78 8314 Mob & 01110 coil tr g 4s
80
8234 80
1
4 Sale 85/
1
4
85/
1
4
4
8012 85%
1991 MS 85/
1951 A 0 771
Extended lot gold 354s
/
4
81 Aug'24 ---7758 8412 Mob & Mal let gu g 42
11212
110
110
July'24
33
10814
1937
110%
69
Registered
let
gu
g
Mont
C
1951 A 0
8012 June'24
8012
8012
1
4 10034
1
21,00937 33 10034 103 100/
994 101
lot gold 32 sterling
1951 M 8 62 69 61 June'24
Bit guilt gold 512
60 61
79
2
3D 7812 79 79
76% 80
Collateral trust gold 4s__ _1952 M S 8614 Sale 8618
E lit go 334e
83 89%M
86/
1
4 13
10112
1011
/
4
102
/
1
4
Sept'24
A0
52_1928
99% 102
Chatt
&
St
L
let
48
N
1955 M
90 Sale 89/
lit refunding
1
4
9014 44 8412 90% Nashv
99
1937 FA 100 ____ 99 Apr'24
910
Purchased lines 3540
1952
J 8018 811
/
4 81 July'24
75% 81 N
& 1// au 51
Mt
41
a Due Jan. 5 Due Feb. e Due June. 5 Due July. n Due Sent. 0 Due Oct
S Option sale.
1500
BONDS.
N Y.STOCK EXCHANGE
Week ending Sept. 26.
New York Bond Record-Continued-Page 3
1.1
...a.
Price
Friday
Sept. 26,
Range
Since
Jars. 1.
Week's
Range or
Last Sale.
BONDS.
N.Y. STOCK EXCHANGE
Week ending Sept. 26.
P,Ice
Friday
Sept. 20.
;Veek's
Range or
Last Sale.
j1
Rase.
Mace
Jas, 1.
SlioA No. Lots
AO Loro
High
Bid
Bid
Ask Low
1146
Huh No. Low
Nat Ry of Mex pr lien 410_1957 J 1 --------30 Sept'23
Pore Marquette 181 45 Ser i:1_1956 J J 8014 81
20
81
76% 81%
81
July 1914 coupon on
l54 37 Phila Bait & W 1st g 4s
1834 Sale 1534 July'24
1943 NI N
9112
92 Sept'24
8913 9934
July 1914 coupon off
Philippine Ry let 30-yr 5 f 4s 1937 .1 J 43% Sale 4212
96 Nov'23
37
47
4312 11
Guaranteed 70-year St 48_1977 A 0 18
PCC&StLgu 4348A
27% July'23
19
5
1940 A 0 9614 ____ 9534
5358 97
96%
April 1914 coupon on ______ ----____ ____ 18 May'24
18
18
Series B 430 guar
1942 A 0 901 4 9612 9618 Aug'24
93% 9658
April 1914 coupon off______ _ -- _
Series C 430 guar
24 Dee'23
94%
1942 M N
89
9412 Aug'24
Nat RR Mex prior lien 43_1926
0
Series D 48 guar
J .1 -261-8 61e 3814 June'23
1945 M N
83
9034 Aug'24
9034
July 1914 coupon on
Series E 3 kis guar gold _.1919 F A
25 July'24
92% 94% 9225 Sept'24
8612 92%
July 1914 coupon oft
Series F guar 48 gold
34
Oct'23
1953 J D 91% 92% 9712 Mar'24
8712 9712
1st consol 45
1951 A 0 26
Series 0 45 guar
2818 28 Apr'23
1957 NI N 91% 93
8818 92
92 Sept'24
April 1914 coupon on
38
Series I cons guar 430_1963 F A
36
36
Jan'24
9538 Sept'24
90% 9612
April 1914 coupon off
10
22
Series J 4148
1814 Apr'24
_
1964 M N
00% 9318
9318 Aug'24
Naugatuck RR 1st 48
1954 M N
General 58 Series A
667 May'23
71
1970 J D 101 Sale 10014
9318 101
101
59
New England cons 58
90 Pitts & L Erie 2d g 5s
1945 J J
80
91
80 Sept'24
01928 A 0 10012
10012 Sept'24
100 10012
Cons..i ls
83 Pitts NicK & Y 1st gu 6s____1932 J .1 102
1945 J J
75
_ 7834 Aug'24
__ _ 105 Dec'23
el J Jane Rit guar let 48
1986 F A
8034 83
778112 86
2d guaranteed 65
- - 83 Sept'24
1934.3 J 10312 -- -- 9834 Aug'24
11834 100
N O& NE ist ref & Imp 430 A'52 .1 J
se
86
81 15 88
Pitts Sh & L E 1st g 55
87
10
1940 A 0 10018 _ _ _ 10034 Aug'24
9812 100%
New Orleans Term let 413_1953 3 J 8112 -8214 8114
8158 13
1st consol gold 55
7014 83
1943 J J
97
9834 Feb'24
9884
7?0Texas & Mexico 1st 6a-1925 J D 10214 Sale 1017
9814 102% Pitts Y & Ash let cons 5s _A927 55 N 100i8
5
10214
101
101
12
99 109
Non-cum Income Is
8.518 9313 Providence Secur deb 4s_ _ _1957 M N 4313 46
1935 A 0 9212 9318 9178
9318 72
40
4618 Sept'24
46%
let Is Series B temp
1954 A 0 9078 Sale 90
89
92% Providence Term 1st 48
907
60
1956 M
77%
_ _ 8.) Sept'24
80
SO
1st 53es Series A temp....,1954 A 0 9834 Sale 983
9912 Reading Co gen gold 43
98
1997 J J 95 Sale 9484
9834 28
9534 51
8714 9513
X .1 C bulge geu gu 430.__ _1945 J J 9314 95
92
9212 Sept'24
9412
Certificates of deposit
92 May'24
_
8714 92
N YB &M B 1st con g 5s__1935 A 0 9817100
9')
99
95
99
Jersey Central coil g 4s___1951 A 0 86,
1
8 Sale 8614
867
15
83% 88
N Y Cent RR cony deb 613_1935 M N 10818 Sale 10712 10818 491 10312 10938
Gen & ref 430 Ser A
19971 J 9334 Sale 93
94
116
8818 9418
Consol 48 Series A
1998 F A
84% Sale 84
8018 8638 Renss & Saratoga 20-yr(is _ _ _1941 MN 110
848 146
Ref & impt 430 "A".._ _2013 A 0 8938 Sale 89
84% 90
Rich 6r Dan 55
90
65
1927 A 0 9938 ____ 99 June'24
-9818 -11137
;
Ref & Impt 53
2013 A 0 9958 Sale 99%
95% 100
Rich & Meek 1st g 5$
100
N 6878
362
1948
72 Mar'23
_
X Y Central & Hudson RiverRich Ter 5s
1952 .11 J 100
1003* Aug'24
_
-58Mortgage 310
7918 Rio Grande June 1st gu 58..1939 J D 91
19973 .1 78 Sale 7758
74
7834 47
92
91
9114 13
84
9213
Registered
19973 .1
7712 Aug'24
7214 7814 R10 Grande Sou lot gold 48__1940 J J
78
34 514
418 6
314 Aug'24
Debenture gold 48
1934 MN
96 Sale 94
8918 96
96
Guaranteed
1940 J J
26
30-year debenture 45
9334 Rio Grande West 1st gold 48.1939 J J 8234 Sale 82
8914 90
1942 1 J
9134 Sept'24
87
718 13°8
-2
- -551.8
'
3213
4 --4
Lake Shore coil gold 330_1908 F A
70% 7714
7634 Sale 76
Mtge & coil trust 48 A
9
7634
1949 A 0 7212 Sale 7014
6.1
7212 88
7212
Registered
1998 F A
6972 75
7414 7512 7412
RI Ark & Louis 1st 430____1934 M S 8212 Sale 807
7412
8
8212 105
7413 8313
Mich Cent coil gold 330._1998 IF A
73
77
78,8 Rut-Canada 1st gu g 4s
77
7634 78
7158 75
1049 J J
5
74 Aug'24
_
68
8378
Registered
1998 F A
7414 80
7712
7214 7712 Rutland let con g 410
1911 J J 84
7712
2
86
8418
8418
I
sols 87
X Y Chic & St L let g 48____1937 A 0 9214 9334 9114 Sept'24
8918 93 St Jos & Grand Isl g 4s
76
1947 .1 J 75
75
75
2
7112 77
Registered
1937 A 0 9114 8 St Lawr & AdIr 1st g 58
89% June'24
8818 89,
1998 J J 9314
95 July'24
9114 96%
25-year debenture 45
1931 M N 9434 9512 9312
88
95%
2d gold 65
9414 201
1996 A 0 9918 ____ 98 Mar'24
_
98
98
2d 6s Series A B C
1931 M N 10308 Sale 103
10312 35 10013 10312 St L & Cairo guar g 45
1931 J J 9334 9438 91
9412
89
(I
9412
9534 300
Ref 530 Series A temp-1974 A 0 95 2 Sale 9518
93,
4 96% St L Ir M & S gen con g 5s 1931 A 0 100 Sale 9914
100
142
96 101
9038 61
X I Connect let gu 430 A__1953 F A 9014 sale 897s
8618 91
Unified & ref gold 4s
1929 J J 93% Sale 9134
9314 51(1
8312 9314
X Y dr Erie let ext 548
8812 8912
1947 M N 8912 Sale 8912
8912
Riv & G Div 1st g 49
1
1933 M N 8414 Sale 8312
8412 422
72
85%
8d ext gold 430
1933 M 9 01
96 May'24
9312 90 St L M Bridge Ter gli g Is...1930 A 0 9912 9034 9934 Aug'24 _ _ _ _
9812 99,
4
6th ext gold 55
1930 A 0 99
97 May'24
90
97 St L & San Fran (reorg co) 461950
7138 Sale 70%
713 1116
6578 71%
5th ext gold 4s
1928 J D 9714 _
9713
9312 9712
9712
Prior lien Ser B 58
19503 .1 86 Sale 85%
86
80
8012 874
N Y & Green I. gu g 58
1946 M N 91
84% 91
91
91
Prior Hen Ser C (Sa
1925 J J 10212 Sale 102%
0852 103%
10212 48
N Y & Harlem g 330
2000 SI N
7814 _
78 Aug'24
7634 78
943* Sale 9314
510
95
19423 J
257
8712 95%
N Y Lack & W ,st & ref 58.1973 MN ____ ____ 9812 Mar'24
9812 9812
Cum adjust Sec A 6e_ h1955 A 0 8078 Salo 8038
8113
81
368
72
1st & ref 440
1973 M N 9608
9734
9712 Sept'24
96
7434 Sale 7314
Income Series A613
51960 Oct
7423 1364
58% 75
N Y L E & W let 713 ext._ _1930 M S 10213 109 10212 Aug'24
10214 10212 St Louis dr San Frai3 gen tla_ _1931 J J 10518
__
10514 Sept'24
9978 105%
Dock & imp 55
1943 J J
9914 Sept'24
9813
97% 9914
General gold :is
1931 J J 9912 ____ 9914
10014, 10
9712 10014
IN Y dr Jersey 1st 58
1932 F A 10014 Sale 100
9612 10014
10014 18
I 9018 ____ 8212 July'23
St LlgSF R.Rconsg 4.3_-1996
N Y & I.ong Br gen g 4s___ A941 M $ 8912 ____ 91 July'23
Southw Div 1st g 58___ -1947 A 0 9238 100
9712 Mar'24
9712 97%
N Y N H & HartfordSt L Peo &
W 1st gu 5s-1948 J J 10212 103 10112 10212 30
98 10212
Non-cone deben 3448...1954 A 0 53
51 Sept'24
39% 55 St Louis Sou 1st gu g 49
1931 NI S 9212 ____ 923* Aug'24 _ _ _ _
9118 92%
1947 M 9 56
Non-cony deben 4s
5834 Aug'24
58
44% 60 St L S W 1st g 4s bond etfs__1989 M N 8134 Sale 81
40
82
83
70
Non-cony deben 334s-1947 FA 9 53
55
38
bond
5434 5312
etre_ p1989 J J 7334 75
2d g 4a Income
7414
7414
1
6914 7414
Non-cony deben 48
1955 J J 56
57
5613
4418 61
57
Consol gold 48
8712 175
1932 J D 87 Sale 86
4
77% 8712
Non-cony deben 4s
1956 151 N 56
5778 56
4313 60
1st terminal & unifying 58.1952 1 J 8212 Sale 8214
83
32
78
85
19583 J 51
Cony debenture 310
5108 51
3934 60 St Paul & K C Sh L let 430_1941 F A 80 Sale 79
52's
55
80
24
69
5
81
73
1948.3 J 77 Sale 76
Cony debenture 65
80 St Paul E Or Trunk 430_1947
59
77% 187
pt:224
4
Seo
9818 se
94,8 9434 8
88
95
4r4 debentures
1957 M N 481g 4712 4618
30
49% St Paul Minn dr Man 4s____1933 J J
47
15
91% 9818
sale
8712
A
0
Loan
European
1925
75
8.534
70,
8 88
1st consol g 6s
8711 202
19331 J 10734 Sale 10712 10734 16 105 108
Franca
1925 A 0 85 Sale 83,
69
8
8812
85
Cs reduced to gold 450---1933 J J 9814 Sale 9814
332
9812
7
9138 9812
1930 F A
Cons Ry non-cone 45
mem ext 1st gold 48
44
Apr'23
9314 15
3 9333 93
1937 J D 92,
8512 9778
1054 J J 52
Non-cony 48
53
52 Sept'94
-40i2 5523
Pacific ext guar 411
8712 89
1940 J
89
89
1
8212 89
Non-cony deben 48.._ _1955 1 J 52
55
52 Sept'24 _ _ _
5513 S A & A pass bit gu g 48
48
1943 I J
7914 Sale 7814
7914 70
71% 7913
Non-cony deben 48. ___1956 .1 J 56 Sale 5212 Sept'24
4212 5712 Santa Fe Pros & Phen 58_
_
____ 100 Aug'24
I942 55 S 100
9938 100
X Y & Northern 1st g 58_ __ _1927 A 0 10008 10108 100 July'24
99% 100 San Fran Terml let 48
_
_
1950
A
0
843
4 85% 8412
85
8012 87%
35
er y r)& w ref 1st g 48... _91992 M 9 66 .6614 6578
60
67
Say Flak West (la
67
____ 108 Aug'24
1934 A 0 108
85
10712 108
General 45
1955 J D, 67 Sale 65 Sept'24 _
58% 66
58
1934 A 0 10112 ----10112 Sept'24
10018 10112
N Y Prov & Boston 49
1942 A OI 8514 ____ 8518 .May'24 _
8518 8518 SclotoV&NEletgUg4s.1989MN 9012 9338 8914
8914
8478 90
N Y & Pttnam let con gu 48.'93 A 01 82
83
83 Sept'24
8312 Seaboard Air Line g 48
81
1950 A 0 72
7433 7012 Sept'
5514 7234
N Y & R li 1st gold 5s
1927M S 9918
9914
8912 100
9914
Gold 48 stamped
1
1950 A 0 7434 Sale 71
12
5812 7434
N Y Susq & W 1st ref 5a_ __.1937 1 J 66 Sale 64
5212
71
66
Adjustment 55
01949 F A 6312 Sale 62
64% 308
20
4374 68
2d gold 410
1937 F A 5418 5714 5712 Sept'24
43
5812
Refunding 4s
58
363
11159 A 0 5712 Sale 55
47% 5818
General gold 512
1940 F A 5812 Sale 58
4014 66
5812 ---"8
1st & cons Ils Series A_ __ _1945 M S 8234 Sale 8112
8312 172
6784 85
Terminal let gold Is
1943 MN 9112 - -- - 94 Aug'24
864 94 Seaboard & Roan let 513 _ _1926 J .1 100% 101 10078
100%
9784 10118
NY W'cheart B let Ser 1440.'46 J 3, 5414 Sale 52%
3913 58 S& N Ala COI'S 61.1 g 58
55
209
1936 F A 10112 ___ 101% July'24
101% 10438
Norfolk Sou let & ref A 5a _ _1961 F A 69 Sale OS's
6112 70
Gen cons guar 50-yr 55_ _ _1963 4 0 10318
10312 104
69% 62
28
99 10512
Norfolk & Sou let gold 5s_....1941 M N 9412 _ __ _ 9412 July'24
89
9434 So Pac Col 48(Cent Pac col)51949 J D 8518 854 85
85
3
81 18 8612
Noel & West gen gold 6s_ _ _ _1931 M N 10612 ____ 107 June'24
105% 107
20-year cony 45
3192955
977 Sale 9734 10012 272
9212 10012
Improvement & extg
1934 F A 107,2
.. 10678 May'24 _
106 107
20-year cony 5s
1934 J D 10012 Sale 0978
100
6
97% 101%
New River let gold
1932
10712 Sept'24 _ _ _ _ 106 10712 So Pac of Cal-Cu g 58
1927 NI N 10118 __ 103 Sept'24
101 103
N & W Ry let cons g 4s_.1996 A 0 90% Sale 89%
86
9133 So Pac Coast let gu 45 g_ ...1937J .1 9218 94 10118 Aug'24
9012 190
9113 10118
Registered
1996 A 0
86% 87 So Pac RIt 1st ref0
88%
89
6
19553 J 9014 Sale 8914
9014 270
90%
85
Div'l let lien dr gen g 48_1944 J .1 90
91
90
81114 9075 Southern-let cons g 5s_ _ _1994 J J 10034 Sale 10034 10112 50
90%
3
9518 102
10-year cony 68
1929 M S 12,514 12614 125
7514 392
Develop & gen 45 Ser A__ _1956 A 0 75 Sale 7414
12612 95 10612 13112
7584
6918
Pocah C & C joint 48__ _1941 J D •9112 92
9034
76% 92
92
Develop & gen es
19541 A 0 1031* Sale 10212 10314 185
8
96% 10312
North Ohio let guar g 5s- _1945 A 0 874 8813 87%
8412 91
87%
Develop & gen 63.45
1958 A 0 10712 Sale 10638 107
159 10114 10712
Nor Pacific prior lien 4s___ _1997 4;1 J 86% Sale 861s
8012 8612
Mem Div let g 4355-55
_
8612 135
1996 J J 9812 ____ 9813 Sept'24
93% 100
Registered
1997 Q .1
7834 85
St Louis Div 1st g 49
1951 J J 8514 85% 85
853* 16
35
79% 88
General lien gold 3s
02047 Q F 6112 6173 607
63
I929
N 10114 102 10114
66'4 63 So Car & Ga 1st ext 530_
58
10114
5
97% 102%
Registered
a2047 Q F 60 Sale 60
57
60 Spokane Internet 1st g 511__.19553 .1 8612 90
60
88 Sept'24
10
83
88
Ref & Rapt 430 tier A _ ___2047 3 J 87% Sale 8618
7934 88 Sunbury & Lew 4s
88
Oct'23
____ 91
1936
89
93
Se ser 11
2047 J J 10814 Sale 10612
10814 149 10134 10734 Superior Short L let Is g___e1930 NI
100
____ 95 May'18
58 C
2047 J J 98 Sale 9534
90% 9812 Term Assn of St L lst g 430.1939 A 0 9312 957 9412 Aug'24
9812 77
92,
8 95
_
58 D
2047 J J 9714 Sale 9514
181 COM gold 5s
8934 97%
9714 237
1944 17 A
99'x
_
9')'l Sept'24
97% 10014
St Paul & Duluth let 5a__1931 Q F 997
9914 Mar'24
9914 9914
Gen refund a f g 45
19531 J 84
8412 8318
84341 22
783
4 8634
let consol gold 48
1968.3 D 7912
841 4 Jan'23
Tex & N 0con gold .5s
1943.3
9514 9714 9714 Sept'24
9412 9714
Nor Pac Term Co let g 68_ __1933 1 J 10914 1097 19912 Aug'24
10913 10984 Texas & Pac 1st gold Is
2000 1 D 10014 Sale 993* 10012
99
9
10012
Hoof Cal guar g 55
1938 A 0 102 91 14 Aug'24
8912 10912
2d gold Income 55
421100 Mar 73% ____ 73% Aug'24
_
73% 73%
North WIsconsin let 68
1930 J J 10318
100 June'24
97% 100
La Div B L 1st g 59
1931 .1 J 98 100
_
9825
98%!
1
91
98%
Og & L Cham 1st gu 45 g_ _ _1948 J J 7278 Sale 72
7312 Tol & Ohio Cent 18t go 58._ _1935 J J 9925
69
727
9453 Sept'24
10
97 10012
Ohio Conn Ry 45
1943 M S 9012
8912 Apr'24
8912 8984
Western Div 151 g 55
1935 A0 09
101
101
1
94% 101
Ohio River RR let g 58
1936 .1 D 9912
9938 Sept'24
9714 9915
General gold 58
1935 Jo 9614 97
9638
9638;
I
9113 9612
General gold 55
1937 A 0 98
0912 98 Sept'24
9534 9814 Toledo Peoria & West 48___ _1917 31 203s 23
228 Sept'241 _ _
2212 30%
Ore & Cal let guar g Is
1927 J J 10114 10178 101 18
10178
9914 10178 Tol St LAW pr lien g 330_1925 33 9012 905 9025 Sept'24
96% 100
Ore RR & Nay con g 4s_ _ A946 .1 D 83 Sale 8818
50-year gold 48
894 25
8553 9012
1950 AO 8353 Sale 8234
8312 39
8412
76
Ore Short Line-let cons g 55_'46 J J 10534 Sale 10512 106
1931
1 978 ____ 97 July'24'. _
18 101 10614 Tol W V &0 gu 43411A
95% 97
Guar cons 58
1946 J J 10514 10534 10412 10534 14 10138 10038
Series B 430
1933ii 963* ____ 95% Feb'24'_ _ _ _
9518
9513
1920.3
D 98 Sale 9734
Guar refund 4s
0214 9814
9814 275
Series C 4s
1942 MS
8612 Mar'23._ _
Oregon-Wash 1st & ref 4a__ _1961 J J 8314 Sale 8234
8338 184
79% 84 Tor liam & Buff 1st g 48_11946 JO 85
8612 8515
86341
5
8112 8034
Pacific Coast Co let g 55_ _ _ _1946 .1 D 7818 7934 7812
7512 8012 Ulster & Del let cons g 5a
7884
1928
D 97 Sale 967
4
9718 59
93
9712
Pac RR of Mo 1st ext g 48___1938 F A 9018 9114 90 Sept'24
78
let refunding g 4s
1952 A0 6514 6814 677
9018
6814
62% 7034
1938 3 J 98
26 extended gold 58
9814
9814
89
19473 J 9234 S le 923*
9918 Colon Pacific lst g 45
9312 241
8853
94
Paducah & Ms 1st a f 4445_1955
9378 Sept'24
9112 9812
19273 J 9012 Sale 9912
20-year cony 4.5
9908 32
95% 100
Paris-Lyons-Med RR 6s____1958 F A
8108 Sale 8012
8412
let & refunding 45
65
8214 579
02008 NI 8 8618 874 8614
877s 48
81% 88%
1942 M El 97
Paulista Ry 75
98
97
98
10
98
151& ref temp 55
89
105 10534 105
92008 NI
10512 27 100 106
Pennsylvania RR-cons g 49 1943 MN 93 ____ 9258 Aug'24
8912 9512
10-year perm secured fis_.1928 ii 10513 Sale 10518
10513 39 10284 10512
1948 M N 92
9234 9078
Conrad gold 4s
9214 31
93 U N RR & Can gen 4s_ _ _1044 MS 92% ____ 93 Sept'24
87
8834 93
9108 92
May 1 1948 MN
9138
le stamped
92
5
87% 95
Utah & Nor gold Is
1926 J J 10014 10012 10012 Sept'24
03 10034
1960 F A
9834 Sale 9812
CO11801 4 ,8a
9914 14
90 100
let extended 48
1033.31 92
9434 93 Aug'24
93
93
9412 277
1965 J D 9412 Sale 9312
General 434a
90% 9914 Vendetta cons g 48 Ser A____1955 FA 8534 ____ 85
Jan 24; _
85
85
1968 J D 104 Sale 10234
General Is
104
89
9334 110
Consol 45 Series B
1957 MN 8534 __
894 M
io
ay
;
1 2
24
85
89
1930 A 0 10912 Sale 10912 110
10-year secured 75
33 101 11014 Vera Cruz & P 1st gu 430_1934 I .1 2012 21
2012
2012 20
1936 F A 11012 Sale 110
15-year secured 830
11008 64 107% 110%
July 1914 coupon on
26
10024
Apr'
__
Pennsylvania CoVerdi V I & W 1st g 5a
1926 MS 9908 99% 9934
9934
1 9914 09%
Guar 3345 coil trust reg A-1937 M S 8634 ____ 8508 Sept'24
85% 8614 Virginia Mid Serlea E
MS 10018 1003*
97 10078
8318 Sept'24
Guar 330 coll trust Ser 8_1941 A A
8318 84
General 53
N 9912 10014
1938
98 100
8312 8318
Guar 3345 trust ate C____1942 J D 82
8318
1
81% 8313 Va & Southw'n lot gu 5s_2003 J J 9434 967 9
56
5112
2 Aug
9
'
5214
2 ___3
_
9914 97
Guar 3348 trust Ws D___ A 944 J D 8334 ____ 824 Aug'24
8114 8314
1st cons 50-year 58
1958 A0 83
844
84
8434
1
7614 8812
Guar 15-25-year gold 45,1931 A 0 9514 ____ 95 Aug'24
_
90,
8 95% Virginian let 58 Series A _ _ _ _1902 MN
9912 410
9612 Sale 9512
9214 9734
1952 M N 8514 ____ 8512
Guar 45 Ser E
8512-1
8334 8718 Wabash let gold 5s
1939 MN 10008 Sale 10014
1007
100
9612
101
Peoria dr East 1st cons 4a1940 A 0 79
7934 7914
7912
3
67
80
za gold 5s
9514 253
1939 FA 95(4 Sale 9278
87% 9818
1990 Apr. 38 Sale 36
Income 48
3812 504
21
3812
lit lien 50-yr g term 48_...1954 J J 7614 78% 7734
7812
3
68
7812
Pere Marquette let Ser A 58 1956 J .1 9778 Sale 9612
98
167
Det & Cm ext lat g 9e.- - - 1911 .1 1 0812 100
9112 99
9878 Aug'24
97
9914
a Due Jan. c Due March, d Due April. e Due Map, g Due June, 14 Due July. k Due Aug. 0 Due Oct.
Due Dec. a Option Sale.
- -55" -ifig
fo"65;
"Wi"
-
5312 5
55
584 Ili
1501
New York Bond Record—Continued—Page
BONDS.
. Y.STOCK EXCHANGE
Week ending Sept. 26.
•
t
Price
Friday
Sept. 26.
Week's
Range or
Last Sale.
4.4
Range
Since
Jots. 1.
BONDS.
N. 7.STOCK EXCHANGE
Week ending Sept. 26.
z.
El
Price
Friday
Sept. 26.
Week's
Range or
Last Sale.
tA
LOW
80/01
Jas. 1.
Rio
High No. Lora
Ask Low
Did
High
HUD No Low
Bid
Ask Low
Wabash (Concluded)—
6414 85
85
1
.• 1 6512 6612 85
7218 8414 Dominion Iron & Steel 5e___1939
81
Dee Moines Dl, let g 48-1939 J J 7712 8114 81
5
81
9212
1942 J J 8412 85 8414 Sept'24 -1941 A 0 718 7118 7114
7114 15 67% 7312 Donner Steel 78
Om Div let g 35e
7734 82 du Pont (E I) Powder 4%6_1936 3D 8914 ____ 8912 Aug'24 -- 894 9212
_
1941 DI El 80
Tol & Co Div g 48
82 82 Sept'24
10812 34 108% 108%
duPont de Nemours & Co 734e'31 MN 10814 Sale 108
7418 May'23
Warren 1st ref gu g 3As
2000 F A 77
Duquesne Lt let & coll 66_ _ _1949 13 10514 Sale 10518 10538 56 103% 106%
1948 Q M 8112 -89
8612 Aug'24
Wash Cent let gold 48
37 10112 10312
let coll trust 5348 Series B.1949 J J 1027 Sale 10212 103
8012 89
_
1945 F A 8212 -- 8212 Aug'24
Wash Term let gu 3 %.3
7334 88,4 East Cuba Sug 15-Yr 01 g 7%8.37 MS 10634 Sale 10658 10818 123 104 111
1945 F A 8814 --- 74 July'24
let 40-year guar 4s
89% 92
Sept'24
9114
91
'
3
9018
con
g
46_
_1939
Ed
El
Ill
Bkn
let
95%
90
W
&
NW
MM
18t
gu
bs_
_1930
F
A
9312 -94 93%
W
9312
9812 10118
___ 10012 Aug'24
6512 Ed Elec Ill let cons g 58._..l995 S i
58
1952 A 0 6414 Sale 6418
6412 36
West Maryland let g 4.3
9954
2 96
9934
9934 100 9934
1
19
93
25
2 J O 10097% 10114 Elk Horn Coal cony f3s
1937 J J
West N Y & Pa let g 5a
6
9913
- - 9912
887
8 97
9612
487
9514
MN
Sale
964
Gas
&
Fuel
7
SO_
1937
Si
Empire
7612
Gen gold 4s
1943 A 0 80
8012
99%-81- 8012
6
93% 9912
M
7916 93,4 Equit Gas Light 55
994 100 9912 Sept'24 — _
Western Pac let Ser A 5s._1946 M
9114 130
914 Sale 9014
93 98
965, 20
9658 Sale 9614
43
2M
9258 101% Federal Light & Tree 6s-195
B6e
1946 St I3 10114 Sale 10058 10118 16
98% 10712
MS 10412 Sale 10412 1055e 16
7s
78% 85
West Shore let 48 guar
2361 .1 J 84 Sale 8213
62
84
30 98% 10512
1941 MS 105 Sale 10414 105
774 88% Fisk Rubber 1st f 88
Registered
2361 J J 81
834 82 Sept'24
7734 81
7812 82 81 Aug'24 __._
1936 M
9838 10012 Ft Smith Lt & Tr let g 513
Wheeling & L E lst g ba
1926 A 0 Ito
_ 10014 Aug'24
22
84% 97%
'
3 9512 Sale 9512
96
98 10034 Frameric Ind & Dev 20-yr 7348'42
Wheeling Div let gold 55_1928 J J 100 1-6614 100
4
10034
1
4
7 101% 107/
1942 MN 1022, 103 10234 103
94 9438 Francisco Sugar 734s
Exten & !mot gold 5e
1930 F A 95% 10013 94 Mar'24
94
96
_
53% 6818 Gas & El of Berg Co cone g 5e 1949 3D 96%___ 96 Sept'24
Refunding 4
Series A...1966 M S 66 Sale 66
6612 12
60 75 General Baking 1st 25-yr 88_1938 J D 10458 1-08 10434 10434 22 101 104%
RR let °easel 48
724 98
1949 M S 71
/
4
72 711
80 83/
1
4
1942 FA 83 ____ 83 Aug'24
49 70 Gen Electric deb g 3%s
Wilk & East 1st gu g bs
19423 D 6112 63 6214
6214
4
1952 MS 10412 Sale 1043s 10434 30 100 105
Debenture 5s
99 101
Will & Et F lst gold be
19383 D
10012 Aug'24
6 9814 102
47
2 P A 102 Sale 10012 102
8412 Gen Refr late laSs Ser A_ _ 195
81
Winston-Salem 8 B let 48-1960
J 8418 --- 8412 Sept'24
99 104 93% 10012
3, 991 Sale 984
76% 8414 Goodrich Co 6%e
WE Cent 50-yr let gen 4s_ _ _1949 J .1 81% Sale 8112
8334 32
'4
31
1 MN 118 Sale 11734 11814 96 11412 119
Sup & Dul div & term let 48'36 N N 8512 Sale 8512
8512
3 77 87% Goodyear Tire & Rub let 51/A49
P A 106 Sale 106
1061
46 100 1.0714
10-year s f deb g 8s
INDUSTRIALS
92
91 Aug'24 -- 91
A
'
928 MN
78 8534 Granby Cons M El & P 00065 1
AdamlExpreescoittrg4s 1948M S 8112 84 814
82
12
90 94
MN 921
7434 9534
9312 Sept'24
Stamped
Alex Rubber 88
1936 J D 94 Sale 9314
94
12
89
98
Sept'24
FI4NNA
5%
7
/
1
4
97
1925
34
9658
4971
Cony
debenture
811
Weeks Gold M deb 68 A...1925 NS
52, 6
61
/
4 Sept'24
78
96
5% 712 Gray & Davis 75
931 8412 Sept'24 --_ 85
Cony deb 6s series B
1926 IN S
99
214
5% Aug'
518 75
98 10212
100 lOO7s 997k Sept'24 -93
94 10014 Great Falls Power let 5 f 55_119402
Am Agile Chem let be
1928 A 0 99
9912 99
7914
82%
4
Aug'24
—
J
J
_
823
1952
101
823
4
Hackensack Water 48
82
1st ref s f flitt g
1941 F A
9612 Sale 96
97
135
gm 9712 Havana El Ry L dr P gen be A 1954 M S 9412 __ 8412
8412
2 8134 86%
American Chain 138
1933 A 0 9714 Sale 96%
974 101
82 9812 Havana Elec consol g 58_ —A952 F A 8412 -85 9412 Sept'24 -- 92 95
Am Cot 011 debenture 5e..1931 FR N 19
904 10
00
738 9034 9014
101 104
10312
1
16
10335 104
1064 10734 Hershey Choc lets f g 68_ _1942 M N 10234
19363 .1
Am Dock & Impt gu 6e
- 107 Aug'24
72
8412
14
82
8758 9758 Holland-Amer Line fie (flan _1947 MN 8134 Sale 8114
Amer Republics 6s
1937 A 0 9212 -9258
3 24
9414 9978
MN
Sale
9734
98
3
_1949
98
let
g
5s__
_
9535
Hudson
Co
Gas
91%
• Ain Sm R let 30-yr 56 tier A1947 A 0 9434 Sale 9414
9434 76
10018 186 • 96% 10018
SIB
1947 A 0 10358 Sale 10358 10412 30 10134 10612 Humble 011 dr Refining 5348-1932 J J 100 Sale 997
9312 9814
N 9712 Sale 9714
9734 177
J D
193
5e
6 mi
9658 10234 Illinois Bell Telephone be...1
Amer Sugar Refining 611....1937 3 ..1 9958 Sale 995
10012 157
91,4 95
947
27
1940 A 0 947 Sale 9412
92% 9814 Illinois Steel deb 4%s
km TeleD & Teleg coil tr 48_1929
J 977 Sale 9734
98'4 399
82 90
90 Sale 8912
90 i 10
87 93 Ind Nat G & 0 5s
Convertible 48
_ 911
1936 111
/
4 Sept'24
10158 102 10134 102 1 18 100 10312
20-year cony 4Xs
1933 NI El .1664 Sale 10638 1064
6 NO% 109 Indiana Steel let 58
gris 10258 Ingersoll-Rand 1st 58
D1
193
955
2r
J4 N
J 9834 102 100 Aug'24 ---- 100 100
30-year coil tr 513
1946 J D 10112 Sale 1014 102
101
1012 11
14
1018 June'24 -97/
1
4 10314 Interboro Metrop coil 4%a_ _1956 A 0 11
20-years I 51413
1943 MN 10318 Sale 10258 10314 516
5854 71%
86 , 159
7-year convertible Se__ _1925 FA 12 12 Sale 11912 12012 11 11214 123 Interboro Rap Tran let 543..1966J .1 6518 Sale 65
5834 7214
6558 Sale 644
655, 133 84
8418 94
• m Wat Wks & Elec St..... 1934 AG 92 Sale 9134
Stamped
922, 35
/
1
4 7214
1932
I
A
0
68
Sale
67
68
:
53
1
4
36
57
-year
68
10
Am Writ Payer 1 f 7-3/
1939
'
3 454 Sale 4518
48
9
8318 92%
8912 Si
89 Sale 8812
7s
38 57
Temp interchangeable etfe dep
46
21
451s 451 4538
46% 7012
19
932 SI
MN
S 6112 Sale 6714 Aug'24
94% 9878 Int Agric Corp let 20-yr be-1
Antsoonda Copper tie
1963 FA 9818 Sale 9738
9858 345
794 90
8814 20
9418 10114 Inter Mercan Marines I 68-1941 A 0 8818 Sale 88
78
1938 FA 100 Sale 9934 10014 294
8712 85 83 88
19473 J 87 Sale 86
83/
1
4 87% International Paper be
Armour & Co lst realest4%81939 J D 84 Sale 835s
8434 128
83%
85
J
1947J
8
Mar'24
---let&ref5sB
8458
9212
Armour & Cool Del 5%6_ _1943 J J 92 Sale 917,
92
170
7312 8213
8212 245
82/
1
4 Sale 8134
.3seoelated 011 temp Ele
1935 M S 1007 Sale 10034 10114 47
98% 10118 Jurgens Works6.3(flat price) _1947 J
89 9434
948 193
2212 40 Kansas City Pow & Lt 58_ _1952 M S 9434 Sale 9312
Atlantic Frult 78 etfs dep
1934 J D 2018 2514 23
23
4
93 9914
9914 37
99 Sale 9818
21
3912 Kansas Gas dr Electric 68— _1952 M
Stamped certifs of deposit........
2018 33 2534 Sept'24
97% 106%
10212 Sale 1024 104 i 31
Atlantic Refg deb bs
1937
98%
9 96% 99% Kayser & Co 7e
9712 9814 98
991
864
10414
M
F
N
A
'
115
88_19
9
3
4
2
1
Sale
9812
100
Tire
4
Kelly-Springfield
10018
1023
Baldw Loco Works 1st be.A940 M N 10112 Sale 10018 10112
9
73% 84
1935 3 J 75
84 Sept'24 -_
Ramsdell Corp s f cony 8% A1931 J J 102 103 102
9514 103 Keystone Telep Co let 5a
103
4
98% 103
1937 A 0 10112 10118
101% Sept'24 ---9712 101 Kings Co El & P g bs
Bell Telephone of Pa Ss__ _1948 3 J 10012 Sale 1004 101
47
1997 A 0 114 11614 11358 Sept'24 -- 1107s 114%
Purchase money 6s
99 10112
Beth Steel let ext s I 5s__.1926 3 J 10078 101 10078 101% 31
6934 76
737
49 F A 7212 731 737
1
19
94
let & ref be guar A
1942 M
96 Sale 9414
96
24 92% 9712 Kings County El lst g 48_1
7014 76
7212 737 73 Sept'24 --guar
48
20-yr n in & imp s
Stamped
8712
91%
J
53
8914 Sale 8812
8912
77/
1
4 103
gi
8614
5
J
8614
_1954
J
Lighting
58_
9534
100
87s
Kings County
Cony 30-year 6s Series A_.1948 F A 96 Sale 96
9618 116
95 1034
4
10238 10314 103
103
8734 92
1334s
Cony 30-year 534e Series B1953 F A
8814 44
87% Sale 8734
10112
105
73451978
.
3
5
1045
8
Sale
1045,
7212
93%
Kinney
Co
1044
7
Booth Fisheries liens t tie_ _1926 A 0 7738 80
7912 Sept'24
93
1950 M S 9114 Sale 9034
9714 Lackawanna Steel Sc A
9114 52 88
93
Brier Hill Steel let 54s_ _ _1942 A 0 9612 Sale 96
9612 30
9812 32 91% 9812
ems 7314 Lac Gas Lot St L ref & ext 5a 1934 A 0 974 Sale 9753
D•way & 7th Av let c 514 19433 D 6812 Sale 67 Sept'24 _ _
92%
9555
947k
F
A
9412
95
74
1953
Sale
C.
Coll & ref 548 ser
Certifs of dep stpd Dec '23 lot
6014 73
6614 692, 80 Jan'24
91
94
94
5
93 Lehigh C & Nav f 4%13 A 1954 J .1 95 ____ 94
Brooklyn City RR be
94
1941 1"; 94 Sale 93
7 87
91 101
1933 J J 10034 Sale 10014 10034 10
Bklyn Edison Inc gen Sc A 1949 J J 101 Sale 10038 101 24 9718 1024 Lehigh Valley Coal 58
19333 J 8912 ---- 89%
8958
2 8712 8913
42
General (ie Series B
'
3 105 Sale 10514 1057
15 10212 106
1930
32% 4312
3918
9
General 7e Series C
107
7 10418 109 Lex Av & P F 1st gu g ba-1993 M S 3912 Sale 39%
1930• J 10618 Sale 106
General is Series D
10938 19 107 11018 Liggett & Myers Tobse 78_1944 A 0 1174 Sale 11712 11718 39 11414 11814
1940 3D 10914 Sale 109
A 9878 Sale 9714
A0
44 F
1961
se
72% 824
Bklyn—Man R Tr Sec 68_1968 ii 8012 Sale 80
9918 136 957s 99%
8018 417
116% 1167s 1163s 11612 IT 114% 118%
Skink Qu Co & Sub con Egtd be'41 MN 6312 65 64 Sept'24
6334 69% Lorillard Co (P) 7.
95 99
9712 Sale 9714
974 15
80 80
let 58
63
80 Jan'24
1941 J J
8818 92
52
1F
MN
A 918 Sale 911,
92
150
195
78/
1
4 101 Louisville Gas & Electric 5s-1
Brooklyn Rapid Trans g 58- _1945 A0
101 June'24
10814
119%
D
76_1932
J
11812
27
g
116
11812
11778
sconv
96
It
M
ian
agm
ata
i
s
C
u
o
gar
p
107m
yr
96
Trust certificates
96 June'24
973s 10112
100
56
100 Sale 997
64% 8234
let refund cony gold 48_2002 1J 8014 82% 8234 June'24
56
70
1990
42 A 0 6212 Sale 62
55
63
9712 10912 Manhat Ry(NY)cons g 48-1
3-yr 7% secured notes___1921 Ii 10912 Sept'24
47
5334
96% 11612
61
2013 3 D 53 Sale 5218
531
2d 4a
Certificates of deposit......
_
-- 1142, Sept'24
-9812
3 9412 100
9812 988 9714
9234 110% Manila Electric 78
Cite of deposit stamped __
11034 July'24
82%
8612
8512
8612
Sept'24
Lt
f
5
s
19
5
42
3
M
AI
N
S
8012
861
Manila
Ry
&
8214
8512
Elec
Bklyn Tin El let g 4-5e
8214 15
-6612 8218
1950 FA
9778 100%
1940 Q J 99 Sale 98
8512 Market St Ry 78 Ser A
99
6
Stamped guar 4-58
8212 20 81
1950 FA 8214 Sale 821s
11612 140
gess 10014 Marland Oil f De with war'nts'31 A 0 126 130 125 July'24
Bklyn tin Gas let cons g 58_1945 MN 100 Sale 9934 100
26
A
0
106
1 100 108
106 Sale 106
Without warrant attached_ _ _
78
156
1932 MN 15312 Sale 147
443 114 156
117 136
FA 11718 124 123 Sept'24 _
let lien & ref 6s Series A 1947 MN 1072, ____ 107
7;413 Series B
1072,
9 994 107%
24 9834 104%
10318 10358 10333 1031
do without warrants
Is
156
1929 MN 15312 Sale 147
100 114 145
9734 102
9054 9334 Metr Ed let & ref g 68 Ser R-1
Buff & Susq Iron e f be
19
95
312 P A 101 Sale 10012 10114 20
921 Sept'24
1932 3D 917g 94
993
9 944 100
1953• D 994 100 9912
81
8658 Metr Power 631
8412
Bush Terminal let 45
85 Sept'24
1952 A
N 10534 Sale 10558 106
13 10114 106
_ _1936
Como]56
8334 8858 Mexican Petroleum 8
87
1955 .1 3 86 Sale 86
11
8534 9012
9734 Midvale Steel &0cony if 55 1938 MS 8858 Sale 8818
Building Si guar tax ex_1980 AG 9512 964 9514
91
8858 96
9614 42
96 105%
Cal & E Corp 58
9918
1937 MN 99 Sale 99
6 97% 100 Milw Rice Ry & Lt cons g 55 11992681 P A 100% ___ 10034 Sept'24
9012 96
947 __ 96 Sept'24
95 101
Refunding & ean
eaten 4%_
61931
Cal Petroleum 6 34i (w 1) _ _ _1933 A0 1002, Sale 100
10034 35
92 96
3D 94
Camaguey Sug lit i f g 76..1942 AO 9412 Sale 9414
18
9518 95%
96
General 58 A
9914
5 9414 9734
1961 3D 86 Sale 84
Canada SS Lines let coil a f 78'42 MN 955 Sale 9514
9553
9 9414 98
86
74 80% 88
lst bs B
Canada Gen Elec Co 66_ _ _ _1942 FA 106's 107 10684 107
1953 MS 9612 Sale 9612
5 102% 107
967e
5 95% 100
1st & ref g (is ger C
N 981
Cent Dist Tel 1st 30-yr bs_ _1943 J o 1004 ____ 10012 10012
9734 101 Milwaukee Gas Lt let 4e
9 94% 9834
1927
981
1
/
4 Sale 9818
95 98%
Cent Foundry let e I 6e_ _.1931 FA 92 Sale 91
8912 93 Montana Power 1st be A-1943 3' 9814 Sale 9734
92
4
98's 110
86% 94%
Cent Leather 20-year g 58-1925 AO 10014 1002, 99% 1002, 133 9212 100% Montreal Tram 1st & ref 53_1941 J
94% Sale 9438
948* 51
76
83
Central Steel 85
10812
1941 MN 10814 10834 108
801
12
1
4
5 10758 110 Morrie & Co betel 4%e_..--1939 I' 8018 8038 80/
977g 14
74% 74%
Ch 0 LA Coke let gu g 5e...1937 .1 .1 9812 99 97%
9313 9818 Mortgage Bond 45
1966 A0 74% ____ 74% June'24
92
Chicago Rye let be
9412
74 81
1936
7734 74
Se
2 A0 9414
1927 F A 7558 Sale 76%
941g Sale 9412
944
5
92 9614
Chile Copper 68 Ser A
3
55 99 10914 Mu Fuel Gas 1st cu g 5s_ _ _ _1947 MN 96 Sale 9518
1932 AG 10612 Sale 10612 107
96
Mein Gas & Eleo let & ref 58'56 AG
9858
9858 10 95% 100% Mut Un gtd bonds ext 5% —1941 MN 9434 ____ 9518 Aug'24 _
9378 9634
10038
53.4i Ser B due Jan 1
9 96 10112 Nassau Elec guar gold 431_ _1951 J
1961 AO 1063; gitl-e- 10014
45 6334 63
63
6234 Sale 61
Colo F & I Co iien s 513
81% 9314 National Acme 7348
1931 3D 885
1943 FA 9034 92 91 Sept'24
90
105 82 94
,Sale 88
75
82 Nat Enam & Stampg let 56-1929 3D 9734 ____ 9734 Sept'24 -- 96% 9912
Col Indus let & coil Si gu
8012 11
1934 P A 8018 8014 80
Columbia 0& E let be
9512 97
1927.83 10012 Sale 100% 1002, 49 9614 10058 Nat Starch 20-year deb 58..1930 3, 95% ____ 9512 May'24
99% 102
Stamped
9614 100% National Tube 1st ba
1927 J J 10012 Sale 10038 10013 20
10158 21
1952 MN 10112 Sale 10114
9358 100%
7
7 Newark Con Gas 5a
7 Apr'24
Col & 9th Av lit gu g 5s 1993 MS
9738 11
1948 3D 9714 98 9738
6714 10112
83 9714 New England Tel & Tel 5s 1952
Columbus Gas lit gold 58_19323' 9813 9912 9714 Sept'24
10058 Sale 10038 1007s 51
74
Commercial Cable lit g 4s_ _2397 Q J 731, 74
74
7614 N Y Air Brake 1st cony 68._1928 MN
2 70
16 1011.1 104
103
103
73 7878
87
Commonwealth Power tie__ _1947 MN 98 Sale 97
98 NY Dock 50-yr 1st g 4s_ _ _1951 FA 78 Sale 7758
98
123
10
78
9414 96 N Y Edison 1st & ref 6 He A.1941 AO 113 Sale 11218 11314 130 10978 11314
96
46
Comp Azuc Antilla 734i- -.1939 33 9612 Sale 9538
9814
102
10212 16 100 10354 NY Gas El Li & Pow g Se..1948 J O 10012 101 10012 101
Corny Azu Barn 73iii
1937 3, 10214 1034 102
12
98 102%
Computing-Tab-Rec s f 65_ A941 33 10112 102 10114 102
6
Purchase money g4.3
1949 FA 8638 Sale 86
864 65 821a 86%
8778 8838 NY Munk.Ry let it be A 1966
80% 81%
'
3 8012 __ 8112 Apr'24
'
3 8714 - _ 87% July'24 _
Conn Ry & L let & ref g 434it 1951
82 88% N Y Q El L & P let g 58_ _1930 FA 10018 ___•_ 100
Stamped guar 4345
875
1
1951 J J 8714 89 8738
10018 23 98 100%
86
9034 N Y Rye 1st R E & ref 45_1942 .2 .1 384 397g 3814
8814 18
33% 44%
Cone Coal of Md 1st & ref 58 1950 3D 8818 Sale 88
17
39
32 434
9314 94
934 14
Certificates of deposit
Cont Pap & Rag Mills6%a_.A944 FA. 9314 Sale 9314
56
39
3812 Sale 38
9758 9814 9758
118
6
97%
5 934 100
01942 A 0
4
7
30-year ad1 Inc 5s
Con Co of Ch let gu g 56_1936
358
4 Sale
9012 98
1% 6
87
9258
Certificates of deporsit ______
Consumers Power
1932 MN 90 Sale 8934
6
4
4
414 4
58 65
9052 103 NY State Rye let cons 4%s 1962
9058 July'24
Corn Prod Refg s f g 68....l931 MN 984 8412 28
6412 Sale 6312
85 96
7 98% 10112
1934 MN 1014 Sale 10114 10114
1962 MN 87
let 26-year s f 58
8712 8712 Sept'24
9212 99
7858
2 71
86 NY Steam 1st 25-yr 6135er A 1947 MN 9758 Sale 9758
Crown Cork & Seal 6e
1943 FA 7514 77 764
6
98
914 98 NY Telep 1st & gen et 450.1939 MN .97 Sale 9618
957s 10
93% 9712
'
3 9518 Sale 9512
Cuba Cane Sugar cony 713_1930
97
36
96 10112
997
71
30-year deben 68_ _ _Feb 1949 FA 1084 Sale 108
Cony deben stamped 8144-1930• J 9912 997 9958
10812 31 105 10812
108
3 107 10812
Cuban Am Sugar lit coil 88_1931 MS 108 Sale 108
20-year refunding gold 68.1941 1.0 10618 Sale 1065, 10718 81 1034 10713
97
3 9414 9712 Niagara Falls Power 1st be_ _1932
'
3 1004 101 101
'
3 9612 9712 964
Comb & T let & gen 5s
1937
10112
5 99 Ita
34
90
3414 9114
N 894 Sale 8934
Ref dr gen 138
al932 A0 10514 ____ 10512 10518
2 10212 108%
Den Gas& EL Ist&ref if g 58'51
7412
2 67 82 Nina Lock &0 Pow let 5a_ _1954 MN 1034 105 103
S 724 7412 7412
75
1942
Den' Corp (D
10334 20 9912 104
99 10114
99 103%
'
3 9918 Sale 994 10084 22
Refunding 68 Series A___1958 F A 10334 Sale 10334 10334
Detroit Edison let coil tr 5e-1933
1
99's 32
95 101 No Amer Edison 68
let & ref 58 Series A
68
9114 98
1952 M S 97 Sale 9612
k1940 MS 10034 Sale 99%
97
26 104 107 '
96 103
let & ref Si Series R ___k1940 MS 10614 Sale 10614 107
,enured lig 6%a Ser B__ _1948 M S 10018 Sale 10012 10114 39
37
8452 98 Nor onto Tree & Light 68_ 1947 M
93
16
8712 93
89% Sale 875
90
De. •J aired let cone ie 4345 1932 J .1 9212 Sale 9216
40
42 40 July'24 -'.41, Nor States Poor 25-yr 58 4—.1941 A 0 93I 94 935*
9414 33 8914 9414
Distill Sec Corp con let g 55 1927 A0 35
38
8472
42 41
35
41
30
et & ref 215-yr 66 Ser Ft _1941 A 0 104 1044 104
5 101 105
105
Trust certlficatee oi deposit_ _
8612 Sept'24
85
8812 87 N rthwest'n Bell T let 7s A_1941 F A 1087
58 10712 1091*
,Sale 10878 109
Dold (Jacob— Pack lit 68___1942 M N 84
a Due Jan. I Due Feb. c Due June. S Due July. 8 Due Aug o Due Oct p Due Nov. r Due Dec. 8 Option sale.
-NJ. -ie.-.
1502
THE CHRONICLE
New York Bond Record-Concluded-Page 5
11
[VOL. 119.
• Quotations of Sundry Securities
All bond prices are "and Interest" except where marked "f."
Standard Oil Stocks Par Std. Ask
Rallreed Equipments Per Ct. Basis
Anglo-American 011 new gl •1438 15 Atlantic Coast Line Os
5.20 4.95
Atlantic Refining
100 88 8812
Equipment 634s
5.00 4.80
Preferred
100 112 113 Baltimore & Ohio fis
5.35 5.00
80
Ask Low
100 210 2151
High Borne Scrymser Co
ETTO5 No. Low
Equipment 44s & So__.,.. 5.00 4.80
North W T 1st fd g 430 gtd_1934 .8.7
92 9512 Buckeye Pipe Line Co-50 *61 62 BuffRoch & Pitts equip 611.. 5.00 4.75
9378 Sept'24
01110 Public Service 743_1946 A0 11018 11012 1104 11018
4 10378 1104 Cheeebrough Mfg new.... 25 *4734 4912 Canadian Placid° 44ti& 65.. 5.05 4.85
76
Preferred
1947 P A 107 108 107
100 110 114 CentralRR of N .1136
6 10014 10714
107
5.25 5.05
Ontario Power N F let 56_1943 P A 9814 9812 9814
Continental Oil new__ 25 *42 46 Chesapeake & Ohio Os
9814
7 94% 99
5.35 5.05
Ontario Transmission 5s
1945 MN 9712 98 97
12
94
9812 Crescent Pipe Line Co..- 50 •11
97
4
Equipment646
5.10 4.85
Otis Steel 88
1941 P A 9312 Sale 93
93 10112 Cumberland Pipe Line-100 13612 140
9312 89
Equipment 58
5.00 4.80
Eureka
1st 25-yr s g 748 See B 1947 P A 8812 Sale 8812
Pipe
Line
Co_.
--100
90
91
87
95
881z 99
Chicago Burl & Quincy 6s_. 5.25 5.00
Pacific G & El egn & ref 56..1942 J J 93% Sale 9278
Galena Signal 011com___100 53 54 Chicago & Eastern Ill 54s.. 5.50 5.05
9378 97
90% 95
Pao Pow&Lt Ist&ref 20-yr de '30 P A 9812 Sale 9818
Preferred old
100 110 116 Chicago & North West 66._ 5.30 5.05
92 98%
9878 54
Pacific Tell Tel 1st 56
Preferred
new
1937 .1 J 9112 Sale 99
100 102 106
9934
Equipment6148
9912 33 96
5.05 4.85
64
1952 MN 9234 Sale 9214
93
13
9058 9378 Humble Oil& Ref new... 25 *3512 36 Chic RI & Pao 4481 U.__ 5.15 4.95
Pan-Amer P & T 1st 10-yr 761930 FA 10414 Sale 10414 10434
100 124 126
2
99% 10514 Illinois Pipe Line
Equipment6s
5.50 5.20
Park-Lex (etfs) 6
imperial 011
25 •102 10312 Colorado & Southern
195313 9612 Sale 96
94 100
9634 13
5.45 5.20
Pat& Passaic01 El cons 881949 MS 9634 99 99 Sept'24 -Indiana Pipe Line Co
50 *72 73 Delaware & Hudson Os
93% 99
5.20 4.95
Peep GI18 dr C 1st cons g 68_ _1943 AO 10712 Sale 10712 10712
International Petroleum..(t) •1912 19% Erie 434.1 56
2 1044 108
5.00
4.70
Refunding gold 58
Magnolia Petroleum_ _100 130 132
1947 MS 9512 Sale 9458
8714 98
9512 13
Equipmentfts
5.45 5.20
Philadelphia C fla A
1944 FA 102% Sale 10178 1028
45 99% 10378 National Transit Co...12.50 *2114 2134 Great Northern Si
5.20 5.00
5s
New
York
Transit
Co
100 60 61
1938 M
95
41
95 Sale 9414
90 96
Equipment 56
5.00 4.70
Phila de Reading ClI ref5s_1973.7.7 100 Sale 99
934 10012 Northern Pipe Line Co 100 75 78 Hocking Valley fis
10012 51
5.40 5.10
Plerce-Arrow So
25 *60 61
1943 M
871s 99 70
8838 Ohio 011 new
8612 Sale 8614
Equipment Bs
5.00
4.75
Pierce 011 s f Ss
1931 ID 10012 Sale 9918 101
25 *32 34 Illinois Central 44s &
8478 10214 Penn Me: Fuel Co
21
4.90 4.70
Pillsbury El Mills 68 (rcts). _1943 A0 9834 9914 99
Prairie 0111 Gas new---100 207 208
947s 100
99% 17
Equipment68
5.20 4.95
Pleasant Val Coal 1st g s f 881928 J
Pipe
Line
Prairie
new
100
93
10214 10212
97
97 Aug'24 -Equipment 70 & 646
5.00 4.85
Pocah Con Collieries let at 531957 P J 9212 94 9314
100 180 183 Kanawha & Michigan 6s
9012 9112 Solar Refining
9314
6
5.30 5.10
Portland Gen Elec 1st 58_1935 3.8 98% 100 9878
Southern Pipe Line Co 100 8712 89
8 95 99
99
Equipment434
5.20 5.00
Pprtland Ry 1st & ref 55..... _1930 MN 9212 Sale 9212
011
100 133 135 Kansas City Southern 5341.. 5.30 5.05
93
17
88 934 South Penn
Portland Ry Lt& P 1st ref 561942 FA 8314 8614 8412
Southwest Pa Pipe Lines_100 75 76 Louisville & Nashville 6s
84%
8 80% 90
5.25 5.00
tis B
1947 MN 9414 Sale 9438
9434 17
89% 9534 Standard Oil(California) 25 *57 574
Equipment64s
5.05 4.80
let & refund 748 Fier A 1946 MN 104
Standard 011(Indiana)._ 25 *5618 56% Michigan Central Si &
1 103 107
10412 10412
5.20 4.95
Porto Rican Am Tob 88
25 *3311 34 Minn StP & 55 M 4481 65 5.30 5.00
1931 MN 105
05
105
8 1044 10612 Standard 011(Kan)
Pressed Steel Car 58
Standard 011(Kentucky) 25 •11634 11712
19331 J 9034 Sale 9034
9034 15
8812 95
Equipment 63481 78
5.30 5.10
Prod dr Ref s f 8s(with war'nta)'31 .1 D 113
1 109% 11614 Standard 011(Nebraska)100 242 244 Missouri Kansas & Texas Si 5.65 5.35
15
13
113
Without warrants attached__ .1 13 10934 11013 0934 110
37 10612 11014 Standard Oil of New Jer- 26 *36'± 35% Missouri Pacific 6s& 634e
5.65
5.25
Pub Serv Corp of N J geo 58 1959 A 0 104% 10478 0412 10478 247
100 11714 11778 Mobile & Ohio 41401 58- _ 5.10 4.90
Preferred
77 107
Pub Serv Elec & Gas 1st 5481959 A 0 9634 Sale 96
9714 132
9614 9712 Standard 01101 New York 25 *39% 3972 New York Central 01.& 61 4.90 4.70
Pub Serv El Pow & Ltg 6s_ _1948 A 0 10312 Sale 03
Standard
011
100
(Ohio)
295 298
96 101
47
104
EquipmentSi
5.20 4.95
Pun ta Alegre Sugar 78
Preferred
100 117 118
1937.8 J 10914 Sale 0858 10955 47 106 122
Equipment 75
5.00 4.80
Remington Arms 66
100 40 42 Norfolk & Western 44s..
1937 MN 9334 Sale 9312
9412 100 92 9512 Swan & Finch
4.85 4.40
Repub 1 & S 10-30-yr 56 f1940 A 0 95
100 128 130 Northern Pacific 71
93 9634 Union Tank Car Co
12
9534 95
95
5.05 4.85
Preferred
100 11312 114 Pacific Fruit Enna 75
548
1953 J .1 9112 Sale 91
8738 91%
9134 36
5.05 4.80
Robbins & Myers of 75
25 *7014 703g PennsylvaniaRR eq Ss & Cis 5.10 4.75
1952.8 D 76
7512 9112 Vacuum Oil new
5
71
7934 76
Roch & Pitts Coal & Iron 56_1946 MN
WaahIngton Oil
10 2912 31 Pitts & Lake Erle 6.411
90 91
90 Aug'24 --5.15 4.90
Rogers-Brown Iron Co 75_ _1942 M N 76 Sale 76
Other 011
7614
2 74 90
Equipmentfis
5.60 5.25
St Jos Ry Lt Ht & Pr 5s__1937 MN 8334 86 8414 Aug'24 _ -- 76% 84% Atlantic Lobos 011
(t) *234 318 Reading Co 4451 as
4.75 4.50
St L Rock Mt & P 53 stmpd_1955
50 sa
Preferred
9 St Louie & San Franciscolls_ 5.15 4.90
J 76
4
74 80
77 76%
77%
St Louis Transit 5s
25 *59% 60 Seaboard Air Line 4340158 5.50 4.90
1924 A 0 66 Sale 60
5212 7812 Gulf 011 new
6418 24
St Paul City Cable 58
a .412 5 Southern Pacific CO 445- 4.85 4.50
.1 92%
1937
914 9534 Mexican Eagle 011
_ _ 95 July'24
St Paul Union Depot 5s
a *1078 11
9512 10134 Mutual 011
1972
.7 10058 Sale 0014 10158 64
Equipment75
5.05 4.80
100 107 110 Southern Ry 434s & 54
Saks Co 7a
1942M S 106 Sale 106
10614 18 102 10614 National Fuel Gas
5.05 4.85
Ban Antonio Pub Ser 13s___ _1952 J .1 9912 Sale 9912
Salt Creek Producers,..... 10 *261s 2614
Equipment66
9912 18 93% 100
5.35 5.00
Sharon Steel Hoop 1st 88 tier A '41 M S 10314 Sale 10314 10314
6
Refining
Sapulpa
104
•1
3 100
134 Toledo & Ohl()Central so
5.60 5.30
Sheffield Farms 64s.
Public Utilities
1942 A 0 10334 10412 1034 10432
3 10012 105
Union Pacific 76
5.00 4.80
Sierra & San Fran Power 5s.1949 F A 8814 Sale 8738
83% 9112 Amer Gas dr Elea new---(t) *92 9312
88,4 20
Sinclair Cons 011 15-year 78_1937 M
Preferred
50
*44
45
87% 97
9112 231
Tobacco Stocks
8934 Sale 8832
M&N 95 96 American Cigar common 100 7512 77
645 B (w1)
1938J D 8414 Sale 8414
Deb 68 2014
8334 9014
8534 76
Sinclair Crude 011 546
1925 A 0 10038 Sale 1003. 10012 180 97 10114 Amer Light & Tree com_100 136 137
Preferred
100 84 86
Si
Preferred
100 93 94 Amer Machine & Fdry..-100 150 160
1926 F A 101 Sale 10014 10114 150
95% 10114
Sinclair Pipe Line 55
1942 A 0 84 Sale 83
Amer Power & Lt oom-100 480 500 British-Amer Tobae ord.. el '2312 2411
81% 86
80
84
491,
Smith Porto Rico Sugar 78..1941 J D 102 Sale 10118 10218 13 100% 10412
Com new w 1
4812
Bearer
61 52312 2412
South Bell Tel& Tel isle I 561941 .1 J 98
100 89 91 Helms (Goo W) Co, corn 25 '63 68
Preferred
9912
94
9838 15
9838 9818
Irwest Bell Tel ist & ref 58_1954 F A 9612 Sale 9612
MIS 9414 9514
Deb 6s 2018
934 97
Preferred
07 210
100 111
14
Southern Colo Power 6.......1947
J 90 Sale 90
93% Amer Public lJtiI oom.-100 88 92 Imperial Tob of G B & Irei'd 17 1712
90 • 6 87
Stand Gas & El deb g 6Xs..1933 M 8 10258 Sale 100
100 85
7% prior prof
94% 10214
- - Int Cigar Machlnery_100 59 64
10204 131
Standard 511111ng 1st 58
1930 M N 9934 Sale 9914
prat
100
4%
panic
953
73
4 NO
9934 37
Johnson Tin Foil & Met_100 75
Steel & Tube gen sf 7s Ser C 1951 J .1 10612 Sale 10578 10612 13 103 10612 Blackstone Val G &E corn 50 *73 75 MacAndrews & Forbes_100 150 52
Sugar Estates (Oriente) 7s _1942 M S 9434 Sale 9434
9412 9712 Carolina Pow & Lt torn..100 237 240
11
95
Preferred
100 99 01
Superior Oil lot s 1 78
1929 FA" 98 100
Service
Co
com
100 14312 14412 Mengel Co
Cities
95 100
9978 Sept'24
100 32 34
Syracuse Lighting 1st g 511_1951 .1 D 9814 9812 9814
Preferred
100 7618 7658 Porto Rican-Amer Tob.._100 54 60
9834
2 92
9812
Light & Pow Co cell tr s f 56'54 J .1 10478 ____ 10478 May'24
Preferred B
10 *718 714 Universal Leaf Tob oom-100 31
841s 105
35
Tenn Coal Iron & RR gen 58 1951 .1 .1 10114 102 10138 Sept'24
Preferred B B
9914 1024
100 7214 7234
Preferred
100 80 84
Tennateee Cop 1st cony 68_1925 MN 10112 10212 9734
CitteaServiOeBankers'Shares *14% 1458 Young (.113) Co
9712 103
58
98
100 120 25
Tennessee Elec Power 66
1947 J D 9734 Sale 9734
Power
Colorado
93%
cora_
987g
100 32 35
21
98
Preferred
100 102 oa
Third Ave let ref 43
19603
4912 6132
100 92 94
Preferred
57 Sale 57
57
130
(Cleveland) Prices)
Rubber S
Adjustment Income 56-a1960 A 0 50% Sale 4978
5214 11
3912 58% Ccm'w'th Pow Corp corn (t) *109 10912 Am Tire & Rub corn
4
8
Third Ave Ry lst g 5s
19371 J 9334 95 94
100 78 79 Firestone Tire & Rub coin 10 *SO
Preferred
94
32 92% 96
81
Tide Water Oil 648
1931 F A 10312 10378 10312 10334
9 102 10434 Consumers Power pref-100 90 93
6% preferred
100 9512 97
Toledo Edison 76
1941 M S 1083. Sale 10812 10834 11 106 109
Elec Bond & Share pref 100 10012 10112
7% preferred
100 9012 9112
Toledo Tree, Lt & Pr 6a__1925 F A 10014 10055 10014 10012 19
9812 101
Elec Ry Securities
(I) *14
1434 General Tire & Rub corn 50 *220 30
Trenton G & El 1st g 5e.._ _1949 M S 9614 ____ 97
97
97
Lehigh Power Securities-(t) 86 8712
97
1
Preferred
100 96 00
Underged of London 4e1933.8 J 8855 ____ 90 Aug'24
Mississippi Riv Pow corn 100 33 34 Goodyear Tire & R oom-100 1412 14%
90 90
Income Bs
1948 J J 79
Preferred
100 88 90 Goody'r T&R of Can Di-100 • 080 8012
8914 Oct'23
Union Bag & Paper Bs
1942 M N 93
92 9816
First Mtge 5s, 1951_J&J 9612 9713 India Tire & Rub corn....100 79 83
9478
_- 9255
934 12
Union Elec Lt & Pr 1st g 56-1932 M S 100
F g deb 70 1935__M&N 103
9718 10014
9934 10014 11
Preferred
100 80 90
56
1933 M N 98% Sale 98%
Nat Power & Lt com--(f) •183 185 Mason Tire & Rub oom (t) *90c 1.10
9878 13 90% 99
Union Elev (Chicago) 58-1945 A 0 7512 77 75 May'24
70 75
Preferred
(t) 93 95
Preferred
100
12% 1312
Union 011 56
1931 J J 994 9934 10214 1024
J&J 9612 9712 Miller Rubber
Income 76 1972
5 95% 10214
100 8112 83
c1942 F A 10212 103 102 Sept'24 13
So
9912 10234 Northern Ohio Electric-(7) *812 11
Preferred
100 99
Union Tank Car equip 76.-1930 A A 105 Sale 10414 105
100 *25 28 Mohawk Rubber
Preferred
28 103 1054
100 15 /6'United Drug cony 86
1941 J D 11512 Sale 11514 116
North States Pow com_100 102 104
40 11112 116
Preferred
60
United Fuel Gas lots f 66-.1936 J J 9878 Sale 9812
Preferred
9212 99
100 94 96 Selberling The & Rubber(3) 55
99
18
4,71, 8
United Rye Inv 56 Pitts tome 1926 M N 98% Sale 9838
91
987s Nor Texas Eiec Co com_100 58 62
98% 87
Preferred
100
Stamped
Preferred
9812 Sale 9812
94
9812
100 70 73 Swinehart Tire & R oom_100 78 82
98% 60
_1934 J .1 69 Sale 6612
United Rye St L 1st g
6914 53 6112 70% Pacific Gas & El let prof 100 89% 9034
Preferred
100
40
United SS Co tot real 68-.1937 MN 9212 Sale 92
85
93
Power Securities com (2) •10
12
93
12
1942 A 0 10112 102 1013
United Stores 6s
9814 102
102
Second preferred
12
(I) *43 46
Sugar Stacks
1932.8 .1
U S Hoffman islach Ss
103 11112
Coll trust fls 1949___J&D 78 80 Caracas Sugar
_ 11034 Sept'24
50 so
11
US Rubber lst & ref 5sser A 1947.8 .1 84 Sale 84
Incomes June 1949 _ _F&A 90 92 Cent Aguirre Sugar coin_ 20
7931 87%
842 173
*.r7512 77
1930 F A 10412 Sale 10312 10412 41
994 10612 Puget Sound Pow & Lt100 5412 5612 Fajardo Sugar
10-year 748
100
109
111
US Smelt hetI M cony 68_1926 F A 10034 10172 10034 10172
9934 102
100 83 85 Federal Sugar net cam too 56 61
6% preferred
6
S Steel Corp fcoupon_61963 MN 10472 Sale 10412 1047g 188 102 105
100 610312 10512
7% preferred
Preferred
100 92 97
if 10-80-yr 5slregistered _ _61963 MN
10134 105
10412 Sept'24
1st & ref 54s 1949 __J&D 96 97 Godchaux Sugar, Ino (4) .3
5
Utah Light dr Traction 56-.1944 A 0 -84 Sale 8312
80 8734 Republics Ry & Light-__100 36 38
24
84
Preferred
100 28 34
8714
Utah Power & Lt lot 58-.1944 F A 92 Sale 91
Preferred
9334
100 60 66 Holly Sugar Corp eam (2) *22
92
89
26
97% 101
Utica Elec L & Pow 1st a f 1950 .5 J 101 Sale 101
South Calif Edison com-100 9734 9812
101
3
Preferred
100 7812 81
1957 J
Utica Gas & Elec ref 56
904 98%
8% preferrea
98 Sale 98
100 116 119 Juncos Central Sugar
9812 11
10075 125
1947 J D 62 Sale 6014
Va-Caro Chem lot 78
534 8512 Standard Gas &Elea com(t)
6212 120
Natichal Sugar Refining_100 88 89
Certificates of deposit
49
7% cum prior pref _ _ _100 -9213 95 New Mauer° Sugar-._ _100 90
5812 Sale 5912
BO
11
64%
95
56
Certificates of deposit stmpd
5934
5934 Sale 56
50 49 50 Santa Cecilia Sag Corp pf 100
8% cum pref
2
5934
3
5
; 31 18 Sale 31
28
7314 Tennessee Else Power (8) *42 43 Savannah Sugar corn (4) *69
12-yr 7310 with warrants_1937J-"
3114
8
73
Without warrants attache& J .1 Ills 32 3012 Aug'24
27
76
Second Preferred
(t) *66 68
Preferred
100
84
88
88
92
Western Power Corp.-100 4212 44 Sugar Estates Oriente pf 100 86
Va Iron Coal dr Coke ist g 5.1949 M S 8938 9112 91 Aug'24
89
1934.7 J 9412 Sale 9312
9514
88
Va Ry Pow 1st & ref 58
Preferred
9514 111
100 85 88 West India Sue Fin com_1(39
5 15
1942.7 D 9312 Sale 9312
8914 97%
Vertientes Sugar 76
Short Term SOCUritilli
94
14
Preferred
100
35
30
Warner Sugar Refin lot 78_1941 J D 10034 Sale 10034 10112 26 10034 10314 Am Cot Oil 68 1924M&S2 1004
Industrial&MIscell
89% 10212 Anaconda Cop MM 6a'2931.7 10314 10355 American Hardware_ _100 81 82
Warner Sugar Corp 1st 78.-1939 J J 9018 Sale 9018
9034 14
Wash %Vat Power e f 58-A939 J J 10012 -- -- lOOlo 10012
2 99% 101% Anglo-Amer 011745'25 A.40 102 1024 Babcock & Wilcox
100 130 132
9632 100
Watches Ltg g 56stmpd gtd 1950.7 D 9934 ____ 100
Federal Sag Ref 6s'33.M&N 100% 10112 Bliss (E W) Co new
100
1
() *12
14
9412 Sale 9212
8912 9512 Hocking Valley 5e 1926 M&S 10034 1014
West Penn Power Series A 5.1946 M
9412 30
Preferred
50 *50 64
101 10434 K 0 Term Ry.646'31 J&J 10314
lot 40-year Bs Series C___ -1958 J D 1034 10412 104 Sept'24
Borden Company com_100 126 128
c1946 F A
10612 10612 10612
l0414 10784 51211
1926 102 16112
lit 7. Berle@ D
New corn
t *124 126
1963 M S 9212 9234 92
9212 32
8634 9712 Lehigh Pow See 13a '27_FdrA 10034 10114 Preferred
1st 5s series E
100 102 104
1953 A 0 10038 10012 001s 10014 48
98 10212 Sloes-Shelf S&I ils '29..F&A 10114 10134 Cellulotd Company
lot 548 Series F
100 60 65
0
1944
A
9812
Sale
58
987s
9812
9814
Western Electric deb
U S Rubber 70 1930..F&A 10312 104
9834 303
Preferred
100
_ 103
9614 10114 Joint Stk Land Bk Bonds
Western Union colt tr cur 56_1938 J J 10038 Sale 10014 10034 22
Childs Company corn _ -(9) *35 36
903s 9514 Chic JtStk Land Bk 56-1951 10134 10238 , Preferred
95
Fund & real estate g 448-1950 MN 9478 Sale 9412
29
112
100
111
1936 F A 11034 Sale 11011 11114 21 108% 11214
15-year 6)40 g
6, 1952 opt 1932
10134 10213 'Hercules Powder
100 84 88
Westinghouse E & M 73_ _1931 MN 1083. Sale 10810 109
46 106% 10934
56 1963 opt 1933
102 103
Preferred
100 104 105
J
1935
J
7912
Steel
'66
Sale
1st 7e
79%
7118
Wickwire Spen
7912 109
534, 1951 opt 1931
103 10414 International Sliver prof 100 104 108
1933 M S 9878 Sale 98
9878 99
9512 9812
Willys-Overland a f 60
4
1952 opt 1932
101 10138 Lehigh Valley Coal Sales 50 *82 84
8818 122
80 .98%
Wilson & Co lot 25-yr sf 68_1941 A 0 88 Sale 8618
434. 1952 opt 1932
98 9914 Phelps Dodge Corp
100 113 117
44 92%
19281 D 51 Sale 4555
527 118
10-year cony a f 66
4 e 1963 opt 1933
10118 10134 Royal Baking Pow corn..100 145
1931 F A 5212 Sale 50
541
Pac Coast of Portland, Ore,
49 464 100
7lis
Preferred
100 99 161A
0
10134
1007
102
10114
1941
102
4 102%
Winchester Armi7As
58 1954 OD 1934
31.11 101 10134 Singer Manufacturing _100 171
Young'n Sheet & T 20-yr (la 1943.7 .1 9514 Sale 9514
9534 80 941s 97
•Per share. t No par value. I Basis. d Purchaser also pays accrued dividend.
a Duo Jan a Duo April. c Due March. e Due May. g Due June. h Due eNaw stock. /Flat price. k Last sale. n Nominal. z Rx-dividend
y Ex-rightds
July. k Due Aug. •Due Oat. y Duo Dec. 1 Option sale.
t Hz-stock dividend. s Sale price. • Canadian quotation.
BONDS.
N.T.ST0CE EXCHANGE
Week ending Sept. 26.
Price
Friday
Sept. 26.
Week's
Range or
Last Sale
Ranee
Since
Jan. 1
'
BOSTON STOCK EXCHANGE-Stock Record 5.BtiOirtlea
•
111011 AND LOW SALE PRICE-PER MARL NOT PER CENT.
Saturday.
Sept 20
Monday.
Sept 22
Tuesday. iWednesday. Thursday.
Sept 23
Sept 24
Sept 25
PridaY.
Sept 26
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Range Stnee Jan.1 1924
1503
PER SHARE
Range for Previous
Year 1923.
Lotoest
Highest
Lowest
Highest
••
Shares.
Railroads
103 Boston & Albany
100 1457sMar 27 158 July 28 143 Apr 151 Jana
273 Boston Elevated
100 7134 Aug 8 80 Jan 8
75 June 84 Jan
33 Do prof
100 8878 Aug 6 96I4May 10
9112 Aug 100 Mar
35 Do 1st Peer
100 110 June 18 1164 Jan 21 11118 Aug 125 Jane
90 Do 2d pref.
100 93 Sept 25 100 Feb 27
95 Nov 106 Mu
5,769 Boston & Maine
812 Jan 2 217853pt 25
100
774 Dec 2012 Mar
161 Do pref
100 12 Jan 10 25 Sept 25
7 Dec 27
Feb
4,117 Do Series A 1st pref-.100 13 June 12 30 Sept 25
1212 Oct 3212 Mar
643 Do Series B 1st pref _-100 1712 Jan 2 33 Sept 25
1512 Dec 48 Feb
1,050 Do Series C let pref
100 16 Feb 27 3312Sept 25
161s Dec 42 Mar
353 Do Series 13 1st pref-.100 23 Jan 3 5138Sept 25
20 Dee 59 Feb
7 Boston & Providence
100 143 Jan 4 165 Ssot 2 135 July 16012 Jan
279 East Mass Street Ry Co..,.100
18 May 12 27 July 30
18 Feb 35 Mat
18 Do 1st pref
100 5812 Jan 8 68 June 27
Jan
58 Dec 72
- 5 Do pre:B
100 48 May 28 5878July 28
5074 Dec 65 Mar
Do
1,027
adjustment
100 28 May 21 3912 Feb 14
31 Deo 46 Mar
East Mass St Ry (tr at/0)-100 3134 Apr 23 3912 Feb 11
31 Nov 45 Mar
*2312 30
;iAi2 16- 2812 16- *2711
iiii2 16"
Maine Central
_
100 25 June 19 3712 Apr 9
Jan
2212 Dec 43
2118 2438 2418 2434 24
2458 2418 2512 2538 2618 25% ii1100 14 Jan 3 3012July 25
4 8,102 N Y N TI & Hartford
914 July 224 Jan
*280 ____ 80
80
11 Northern New Hampshire_100 62 Jan 14 80 Sept 24
Feb
62 Dec 84
*2100 __ _ _ *2100
_ *2100 ____ *2100
105 105
25 Norwich & Worcester pref _100 1 80 Jan 2 105 Sept 25
Jan
75 Dec 100
*290
92 *x9012 1)2
91
91
91
92
92
133 Old Colony
100 7212 Jan 4 92 July 26
644 Oct 81
Feb
__ _ _
*54 __
5912 59'z
10 Rutland prof
100 34 Mar 3 5912Sept 24
214 Aug 3872 Dec
..iii- 1::: -16- ii" •x90 ____ 90 90 ____ ____
7 Vermont & Massachusetts_
70 J an10 22 90 Aug 28
Jan
70 Nov 98
Miscellaneous
*114 112 *114
112 *114 112
11* --_114 114
Ils
275 Amer Pneumatic Service
25
118S3pt 25
2 Jan 18
1 Sept
312 Jan
•1234 14
*1234 14
*1234 14
1234 13
1234 1234 __,_ -_-_-55 Do pref
50 12 Jan 3 15 June 5
12 Dec 20
Jan
12718 1278 127 12738 127 12714 127 12714 127 12714 127 1-271- 1,884 Amer Telephone
& Teleg 100 121 June 24 13078 Mar 12 119 June 1284 Dec
7112 7234 7112 7212 70
7112 7112 72
71
310 Amoskeag Mfg
7134 -------No par 65 Apr 28 83 Jan 14
674 Oct 112
Jan
*75
7614 *75
7814 75
75
6 Do pref
*75 - - - plao
r 7134May 7 79 Aug 14
Jan
72 Oct 88
*15
17
*15
17
*15
17
*15
17
*15
1-/ ____
-- -- ______ Art Metal Construe.IncN
....
.
o
13 Aug 8 16 Feb 15
1612 Mar
1474 Nov
'
16
712 *6
712 *6
712 --------------Atlas Tack Corp
•8
712 *6
71
6 June 10 1014 Jan 8
No par
8 Dec 2018 Feb
•106 107 *108 107 *106 107 *106 107 •106 107
10 Boston Cons Gas Co pref-100 104 Jan 18 108 July 1 104
i2 1l
--Oct 1084 Feb
•.07 .10 '
5.07 .10 •.07 .10 •.07 .10 *.07 .10 ____
Boston Mez Pet Trus_No par .07 Mar 29 .20 Jan 10 .05 Dec .30 Jac
*22412 25 *22412 2434 2412 24/2 2414 241 *224
2434 24 ---70 Connor (John T)
2414 ____-10
23
2818
June
Mar
25
5
July
19
27 Mar
*229
*230
3014 31
3012 30'2 32
32
35
225 Dominion Stores, Ltd
35
2412May 22 35 Sept 26
2512 Dec 264 Dec
*92 __ _ _ *90
*92
*90 ____
_ ______
Preferred A
100 84 Jan 15 86 Aug 7
*- - -218
2
2
1
35 East Boston Land
10
2 S3pt 22
8 Feb 25
.-Jen
Dec -I
*414 434 *414 434 *414 434 • 434 43
•4
-434
.71i4 -134
25 Eastern Manufacturing
5
414 Aug 26
812 Feb 6
5 Dec 141s Mar
4812 47
4834 4634 46
4614 4612 461
4612 4612 --------275 Eastern SS Lines, Inc
25 38 Jan 3 5514Mar 8
127
12 Mar
Nov
31
3714 3714 37
37
3612 3813 *3612 37
37
37
--------160 Preferred
No par 3418 Jan 25 40 Feb 7
Oct
35 Oct 40
*89
91
*89
91
*89
91 *287
91 *287
91
____
1st preferred
______
100 85% Jan 8 93 Mar 8
Om
85
88
Aug
182 182
18112 18214 18112 182
180 18112 180 181
181 1-8--112
692 Edison Electric Blum
1013 16312 Jan 2 190 Aug 6 15278 Nov 172 Jan
*311 4
312 4
•312 4
*312 4
*312 4 I ____ ____ ____ _ _ I Elder Corporation
No par
212 Jan 17
478May 14
14 Dec 107s Jan
*37
3712 *38
3812 3612 3612 3512 3512 3512 3512 --------70 Galveston-Houston E1eo__100 13 Jan 11 40
Aug 31
5 July 21112 Feb
____,
Gardner Motor
____
______
33
No
4
Sept
par
10
8%
Jan
R
Dec 1578 Mar
514
*iiii12-_ -_ -_: *iiiii2:::: *iiii2 :-_-_-_ *iiii2 -_-_-_-_ *iiii2
-- - - _ _ __I ______ Georgia Ry & Elec
100 11314 Mar 26 11612Sept 18 116
Oct 1164 Oct
•7913 ---- *7913 -- -- *7912 ---- *7912 ---- *7912 --------------------5% non-cum pref
100 79 Aug 18 80 Jan 3
Feb 804 June
78
•1234 1314 *1234 13
13
13
13
1314 *1212 3
___
eenfield
199
Tap & Die
_25
1234Mar 31 1578 Jan 7
1474 Nov 24 Feu
*248
51 *248
51 *248
51 *248
51
49
49
49
49
Hood Rubber
25
46
Mar 25 52 Jan 8
50 Dec 634 Mar
*24812 4913 *24812 4912 *248
4912 •250
51 •250
51
No
o parr 41 Apr 28 50 Spot 9
---- ______ Internat Cement Corp_N
32 July 44 Mar
•.15 .40 •.15 .40 *.15 .40 •.15 .40 •.15 .50 ---.40 .40
200 International Products_No par .10 Feb 18
1I2May 26 .10 Dec
*75 2
3 Mar
*.75 2
•.75 2
112
*.75
112
112 ____ __ _ _ 1 -- 50 Do prof
100 .25 Feb 14
2 June 20 .60 Dec
8 Mar
Peabody
Kidder,
Acceptance
*8414 _ _._ *8414 _ _._ *8414 _ _ *8414 __ __ *8414
I
_
Corp Class A pref
100 80 Jan 3 8412Sept 2
80 May Sala 17..b
•514 512
5
512
5.)1 -514
*513 538
4
55
8
,4 51
-518
493 Libby,McNeill& Libby
4 June 12
10
612 Jan 4
4Is Deo
84 Ana
•__ __ 70 •_ _ _ _ 70 •__, 70
____
______
Lincoln
Fire
Insurance
20 70 Jan 9 70 Jan 9
*912 93
*912 934 *912 934 *91
-_ ______ Loew's Theatres
93
25
9 Mar 21
1012 Jan 9
June IC Apr
73% 7378 7212 7234 7234 7224 7212 7234 7212 73
7214 -73347 Massachusetts Gas Cos
100 691± July 7 81 Feb 20
73% Dec 8712 Jan
64
64
64
65
64
65
65
65
85
65
8412 65160 Do pref
100 62 June 26 70 Jan 31
Jan
62 Deo 73
180 181
181 18312 164 16512 18534 167
168 17112 168 168
617 Mergenthaler Llnotype_100 150 Apr 22 17112Sept 25 147 June 179
Jan
'9
10
•8
10
*8
10
*8
10
*8
10
____
_
_ _ ___ Mexican Investment, Inc
10
612 Jan 2 174 Feb 21
3 Dec 1474 Feb
31
33
3234 3412 3312 3334 33
34
33
34
33 -3-3-12 1,213 Mississippi River Power_100 19 Feb 18 3412Sept 22
18 Nov 2814 Jan
89
*287
89
89
88
8914 8914 89'i 90____
88
_
112
Do stamped pre
100 80 Jan 4 90 Sept 25
80 Jan 84 Feb
35X4 338
3
314 *318 314
314 35
4 *318 388
318 3 8 1,302 National Leather
10
2 Apt 24
478 Jan 28
84 Fib
13( Dec
418 4I
412 412
31g 4
*334 414 *334 412
4
418 3,370 New England 011 Corp tr ars_
2 Jan 2
574 Apr 8
2 Oct
412 Se,.
•24
26
22
22
22
2412 *2012 25
*20
26
20 211
Ws)
715) Preferred (tr
00
17
Jan
10
3114
Mar
Dec
Oct
20
124
16
10412 105
10418 10412 10418 10434 10434 105
10412 105
10434 105
548 New England Telephone-100 103 Sept 16 11512 Jan 31 110 Dec 122 Jan
2214 2214 *22258 23 *222
23 *22214 25
*22
2234 --------400,Orpheum Circuit. Inc
1 14 Jan 16 2278Sept 18
July
Apr
167
2112
4
77
77
76
77 •75
7812 7514 76
74
75
430• Pacific Mills
73% 7
7214June 30 87 Feb 14
84 Dec 190 Jan
*21534 17 *21534 17 *218
17 *216
17 *216
17
_ _ _ ----___ ______ Reece Button Hole
10 11.74 Jan 5 17 July 22 s1434 Dec 18 Mar
*2212 3
*2212 3
*2234 3
*2234 3
*2234 3
____
______ Reece Folding Machine-. 10
21sMay 14
3 Jan 2
2 Jan
314 Mar
•.15 .50 •.15 .50 •.15 .50 *.15 .50 •.15 .50 ___
_ _ _ _ __ Simms Magneto
5 .15 Apr 14 .40 Feb 15 .10 Dec
2 Feb
105 10512 10478 10514 10414 105
10518 10512 10412 10514 1045* 105
-__- 1,095 Swift & CO
100 100 June 11 1094 July 30
9812 June 10912 Jan
*23834 40
3812 3812 3812 3812 3912 3912 3834 39
39312 Torrington
38
25 3512June 3 424 Jan 11
3974 Dec 50 Mar
8
9
6
9
*6
9
*6
9
9
__
__
_. _ __ Union Twist Drill
5 7 Feb 2 10 Feb 18 6 Dec 11 Mar
' 385* 3834 3812 3878 3812 3914 39
3914 3838 39
3914 4:292 United Shoe Mach Corp
39 --_25 34 Jan 3 3974July 30
3212 Nov 5574 Mar
*22812 27 *22812 27
2834 2634 2812 2812 2612 2612 2612 2634
Do pref
235
25 2478 Feb 2 .27 Jan 7
2418 June 2814 Jan
2034 2078 2078 21
205* 2078 2014 21
2034 21
2014
4 1,096 Ventura Consol 011 Fields- 5 2014 Sept 26 27 Jan 29
1974 Aug 30
Jan
1412 1412 1438 1434 1412 1434 *21438 1434 *21438 1434 1414 203
14%
725 Waldorf Sys,Inc,new eh Nopar 1378 Apr 30 1714 Jan 9
47
15 Dec 22218 Mar
•7
•7 _ _ __ •7
Walth Watch Cl B com_No par
64 Jan 11 1012 Feb 1
6 Feb 13 Mar
*15 -1-i- *15 -1-3.- 15
1-E *15
18
*15 11---_-_"
le Preferred trust ctfs
100 14 June 10 234 Feb 13
15 Dec 2912 Mar
*217
1712 17
17
*17
1712 *17
1712 1634 17
-17- Ii160 Walwortb Manufacturing- 20 1512June 20 2114 Feb 11
1114 Jan 18 Dee
345* 3478 3458 3478 3434 3478 341s 36
35
3578 3578 3814 3,733 Warren Bros
60 2918 Jan 3 3824 Mar 12
2512 Jan 3412 Mar
*23534 38 *23534 38 *23534 38 *23534 38 *23534 38
______
__
Do
____
1st
347
pref
41
4
Apr
50
Jan
25
Dec 394 Mar
25
304
*238
41 *238
41 *238
41 *238
41 *238
41
......_ _- __ ____ __
Do 2d prat'
33 July 42 Mar
50 38 Mar 5 42 Jan 18
1
1
90 Wickwire Spencer Steel
518 Jan 14
5 .90 Aug 20
3 Dec 1212 Feb
Mining
*.20 .513 *.20 .50 *.20 .50 •.20 .50 •.20 .50 •.25 .50
Adventure Consolidated _- 25 .20 Apr 8 .25 Sept 4 .10 Nov
1 Feb
•.10 .20 •.10 .20 •.10 .20 •.10 .20 •.10 .20 *.10
.20
Algomah Mining
25 .10 Jan 15 .20 Mar 20 .10 July .60 Bair
112
112 •112 178
188 •114
112 1% •114
1158
Arcadian Consolidated
114
221)
114
211July
June16
22
.75
25
.70
July
Mar
44
1034 11
1014 10,4 1014 1014 1014 1012 *1014 10% 10
1012
592 Arizona Commercial
5
8 Jan 2 1218 Aug 19
7 Dec 1412 Mar
•18l2 17
•1612 17
1612 1812 •1612 1712 *1812 1712 •1612 1712
5 Bingham Mines
June
13
16
14
18
7
8
144
10
Jan
Oct
19
Feb
1512 18
1538 1512 15% 1512 1514 1534 1538 1578 1512 1534 1,234 Calumet &
Heels
25 1378May 15 1978 Jan 7
17 Oct 49 June
114
114 *1
I
1
114
114
114
III •lls
112
201 Carson Bill Gold
178 Dec
1 Mar 31
3 Feb 1
1
971 Feb
2412 2514 2412 2412 2414 2478 2212 2412 *118
2212 2312 2212 2314 2,808 Copper Range Co
2218 Oct 4874 Mar
25 1812June 6 294 Aug 20
-_Davis-Daly Copper
358 Jan 3
474 Jan 23
24 June
10
5 Feb
is -118
- - -414 -11-4 *4
414 •334 4
4I
*4
225
East
33
4
Butte
Copper
Mining_
314July
10
Jan
1
24
512
478 Nov 1112 Mar
•.56 .75 '.50 .75 •.50 .75 '.50 .75
.50 .50
.40 .55
100 Franklin
1 Jan 8 .30 May
25 .40 May 24
218 Mar
•1
2
*1
2
•1
2
•1
2
*1
2
*1
2
Hancock Consolidated-- 25 .75 June 26
2 Jan 28
1
Oct
4 Mar
2334 24
2418 2418 2312 2418 24
24
2378 24
24
24
304 Hardy Coal Co
2112June 24 2812 Jan 7
2474 Mar 3318 June
11
•.75
•.75
114 •.75
.5.75 114 •.75
1
I
.70 .70
100
Helvetia
112Sept 2 .10 Sept
25 .30 May 10
114 Feb
12912 131
129 130
129 130
12934 130
12912 12912 12914 12934
388 Island Creek Coal
1 9414 Apr 2 135 Aug 28
9312 Nov 11512 API'
*29812 99 •297 100 *297
99 .29834 99 *297
99
97
96
31
Do pref
1 90 June 4 100 Sept 11
9014 Nov 10012 Mar
16
15
16
18
16
16
15
151s *15
18
1514 1578
165 Isle Royal Copper
25 12 June 7 20 Jan 3
16
Oct 3314 Mar
•134 2
134 134 *134 2
*134 2
'
51% 2
112 112
120 Kerr Lake
02Mar 5
5
218 Feb 13
178 Dec
318 Jan
•.75
1
•.75
1
•.75
1
•.75
1
•.75
1
.60 .75
65 Keweenaw Copper
25 .50 Jan 7
1 Feb 19 .60 Sept
24 Mar
*134 214 *134 214 *134 2,4
2
2
*112 2
112
178
91 Lake Copper Co
25 .90 Apr 3
274July 23
1
Oct
514 Mar
*2
214 *2
214 *218 212
238 25±
258 238
2
2111
475
La
Salle
Copper
.60
Sept
25
.70
24
218
June 13
Dec
314 Mar
•1311 1% •138 134 •178 174 *158 134 *13s
Ilz •118 178
Mallon Valley Mine
178July 7
5
2 Mar 7
lis Nov
•1
112
214 Mar
I
1
118 114 •1
112 *1
112
1
1
220 Mass Consolidated
25 .50 Jan 8
174 Aug 20 .50 Dec
414 Mar
*2
2
2%
218
214
218 214 *2
2
2if4 24
257 Mayflower-Old Colony- 26 .80 Apr 9
2
2,,
5 J
112 Oct7 Feb
34
35
34
34
3118 33
3112 32
32
32
3212 3212
738 Mohawk
25 2312June 13 3812 Aug 20
27 Oct71 Mar
21
21
2012 21
2012 2011 205* 21
20% 2034 20
2038
655 New Cornelia Copper
1612 Jan 2 23 Aug 18
144 Oct 244 Mar
114 1%
118 1.
(
/4
118
118
114
114
14' 114
118
114 3.005 New Dominion Copper
.75 June 19
274 Apr 7
212 Aug
414 Apr
*35
3812 *35
3812 *35
3812 *35
383z .35
3812 *35
3812
New River Company
100 35 June 16 40 Mar 11
35
Apr 40 Apr
*63
70
*63
70
*83
*83
70
65
*83
65
*63
85
Do pref
100 60 June 10 75 Mar 11
72 Nov 84 Mar
614 614 *818 638 +618 638 *618
Ms
814 83s
614 8%
371 NIptssing Mines
5
574 Jan 10 61112Feb 1
44 July
64 Feb
414 414
Cs 418
414 438
414 414
41a 418
41,4 45,42
865 North Butte
2 Jan 16
15
64July 28
1% Nov 1274 Mar
•.65 .90 •.65 .90 •65 .90 '.85 .90 •.65 .90
.50 .50
28 Olibway Mining
25 .40 June 10 .95 Aug18 .50 Nov
2111 Mar
*21
*21
22
22
2012 2012 2012 2012 20
2013 2058 20%
305 Old Dominion Co
25 15 Jan 30 2712July 28
1312 Oct 3212 Mar
*2415 412
412 412 *2438 434 *2438 434 *2438 434 *2438 434
100 Park city Mining & Smelt_ 5
312 Jan 3
S's Feb 1
214 Aug
412 Nov
1412 •14
•14
1412 •14
1412 •1414 1438 •1414 1438 •14I4 1478
ncy Pocahontas Co_No par 1034July 11 1512July 23
1214 Dec 164 Mar
*21
2112 21
21
*21
2112 21
21
*20
2112 20
2014
Quincy
285 1
Q
111
25 14 June 10 2534Ju1y 28
18 Oct 50 Mar
38
381s 3814 3614 3814 3814 35
36
3312 34
3478 35
510 St Mary's Mineral Land
25 26 June 18 4014 Aug 18
27 Oct 534 Mar
.98 .08
114
.90 .90
114
1
1
.5.95 .99
.85 .95
655 Shannon
10 .30 Apr 2
112Sept 13 .30 Dec
14 Mar
•.25 .75 '.25 .75 •.25 .75 '.25 .75 •.25 .75 •.25 .75
South Lake
25 .25 July 19 .40 Sept 8 .10 June
1 Aug
178 •11/8 172 *138 178 '5138
*1% 1% *158
178
Superior
25 .90 Jan 15
178July 25
1 Dec
314 Mar
114 114
•114
114
114 *114
13
8
112
*114 1%
114 1if-4
634 Superior & Boston Copper- 10 .25 Aug 19
2 July 26 .65 Dec
37
4
*212 234
2
2
274
214 214
2
214 214 '2;(4 235 2,255 Utah-Apex Mining
5 178June 28 314 Mar 8 212 Oct 6 Feb
Apr
Utah Consolidated
1 .01 Jan 3 .01 Jan 3 .01 Dec 3 Mar
-72-8 - -.2f-1 -;.-2-5 .30 - -.-2-5 -:ii
525 Utah Metal & Tunnel
1 .14 June 18 .70 July 22 .25 Dec
178 Feb
,..50 .75 •.50 .75 •.50 .75 '.50 .75 '
3.50 .75 '
5.50 .75
Victoria
25 .15 Apr 24
I Aug 18 .60 Aug
2112 Feb
•.35 .50
.37 .37 •.35 .50 11.35 .50 •.35 .50 '
5.37 .43
70 Winona
25 .13 Feb 6 .71 July 22 .10 Dec
174 Mar
•.20 .25 • 20 .25 +.20 .25 •.20 .25 •.20 .25 •.20 .25
Wyandot
25 .10 July 23 .25 July 26 .10 Dec
1 Mar
•Bid and asked prices: no sales on this day. s Ex-rights. b Ex-d1v. and rights. s Ex-dividend Ex-stock dividend. a Assessment paid. e Price on
new basis.
156 156
156
7412 7514 76
*9312
-- *9312
*113
*113
•2____ 98
96
1612 1714 17
•19
20
*19
2412 2412 2412
3414 3412 3314
3012 3012 3058
*43 _ _ _ 42
*2181
*2161
20
2212 *21
.6014 62
*61
*51
52
52
2912 33
3214
158
75
156 158
158 156
7434 75
7412 75
9312 9312
- •9312 _ _
*113 _ _ _ 113 113
96 .293
98
9512
17
17
1734 1714 2012
20
20
20
20
22
2412 2412 24% 2434 2812
3478 3512 37
3414 34
31
3012 3012 3012 3212
45
44
45
48
4978
181 161 *2182
2214 21
21
2034 22
62
6012 61
*61
62
52
*51
5234 *51
5234
3312 33
3312 3212 33
155 158
155 156
7434 7434 7414 7412
9312 9312
113 11314 11314 ificA
93
94
2012 2178 2014 2114
23
25
2714 30
3712 39
32
3312
50
5138
162 182
*21
22
22
22
*61
62
61
61
*51 • 5234
_
3212 3212 3112 ill2
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange Sept. 20 to Sept. 26, both inclusive:
Friday
Last Week's Range Sales
of Prices.
Sale
for
Price. Low. High. Week.
Bonds-
5634 57 835,500
Atl Gulf& WISS L 55 1959 57
1,000
84
84
Boston & Maine 4s_ _ _1937
1,000
64
64
1944
4348
4,000
83
83
Chic Jet & U S Y 48A940
8,000
62
60
E Maas St RR "A"4303'48
21,750
6534 68
1948
Series B 55
1,000
78
78
1948
Series D 68
1936 10234 102 102% 9.000
Hood Rubber 78
1,000
96
96
K C din de Spr 1st 5s_1925
5,000
91
91
K C Mem & Birm 4s_ A934
1931 95% 9534 9534 10,000
Mass Gas 4%8
9834 11.500
Miss River Power 5s_1951 96% 96
9535 9534 3,000
New England Tel 45..1930
1932 100% 10054 10034 8,000
5s
1,000
73% 7331
St Louis at San Fr 68 1931
1914 9634 0631 96% 6,000
Swift & Co 55
Western Tel & Tel 55_1932 9931 99% 993-4 11,000
Range since Jan. 1.
Low.
42
84
64
80
58
59
70
993i
85
87
91
92
9534
97
73%
9434
95%
Jan
Sept
Sept
Jan
Sept
Aug
Jan
May
Jan
Jan
Jan
Jan
Sept
Jan
Sept
May
Jan
High.
soy,
84
64
8334
63
75
79%
10254
9634
9331
9731
9734
9534
10131
73%
101
10031
July
Sept
Sent
June
Mar
June
June
Sept
Aug
Sept
Sent
Aug
Sent
Aug
Sept
July
Aug
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Sept. 20 to Sept. 26, both inclusive, compiled from official lists:
Range since Jan. 1.
3934
12634
1934
158
5034
XXXX
XXXX XXX X
q747arWgigq7.747.737. 0gq11740 0007Igt37.7M7.4t2,41t
113
8251
47.gmgAgA
Mgt0A ,
9234
5231
2431
23
2234
80
X X
100
60
88
X X
$9,000 10031 Apr
1,000 8834 Jan
Mar
2,000 98
Jan
5,000 91
2,000 9731 Jan
2,000 10131 Jan
May
9,000 107
4,000 9531 Jan
Jan
1,000 90
1,000 9731 Feb
14,000 6834 Mar
Apr
34,100 49
33,700 6234 Jan
7,000 9534 May
26,000 9534 Apr
Sept
7,000 65
11134
2334
2431
2434
141
106
110
124
7751
2351
=XXX
Bonds10134 10154
Barnheimer-Leader 78_1943
91
91
Consol Gas gen 434s._1954
1939 10034 10034 10034
58
9531
9534
35
4he
P
St
EL
Como'G,
1952
10134 10154
Series E 5348
10434 105
1949
Series A 65
1957
10834 10834
Series D 6568
Elkhom Coal Corp 65_1925 9934 9934 9934
55_1938
9436 9431
Trac
Clarks
Fair d3
9934 9931
Penna Wat& Pow 58-.1940
7034 72
United Ry & Eled 4s_ _1949 72
53
51
1949
Income 48
713.6 74
1936
Funding 58
9934
9934
1927
68
1949 9734 9631 9731
ey
65
65
Waah Balt &Annan 58 1941
8234
62
6931
72
433-4
22
2734
234
9911
11134
23
24
243.4
13131
10234
10734
12234
7636
2354
5136
85
9834
50
88
4736
1934
9
92
5131
24
2234
2231
79
70
10634
79
16
45
50
3934
118
1731
1834
156
5034
X0 WWWW040,N.1.00Q0CitMWW.O.P.NbOW.0 NWA.00000
...W.,
WWW.""
"
NO000..40000.b.W.WNWJAWCRODO.400.Cn.W.W00.001.W.WOCW
Mar
116 60
116 6934 Sept
Jan
1.500 46
5 3934 Jan
Jan
150 21
Jan
5 26
211 Sept
100
Mar
5 99
56 10934 Jan
1,898 2234 June
292 2334 June
128 2434 May
Mar
8,459 x108
657 10034 June
356 x10431 Mar
437 11534 Jan
148 6954 Apr
482 2334 Sept
10 5134 Sept
50 6634 Jan
Jan
162 88
Feb
20 46
146 77 June
4 4536 Jan
150 1734 Apr
15
754 June
192 8634 May
Feb
10 50
Jan
22
60
2134 Sept
85
30 2134 Sept
353 75 June
Jan
6 65
June
275 102
609 64 June
July
8 11
Aug
10 45
June
365 45
204 3834 June
1,890 9834 Jan
25 1751 Sept
8,153 1534 May
Apr
63 145
14 3934 May
____
XX X
62
6934
86
4331
25
2735
231
9934
112
2334
2434
25
14134
106
110
12434
7754
2834
5134
8734
100
50
88
4734
1934
9
9234
5231
2434
23
2234
80
70
113
84
16
45
54
4031
12734
1731
2034
158
5034
Alabama Co,2d prat- _100
Armstrong-Cator 8% 0100
Arundel Sand & Gravel_100
Baltimore Electric, pref _50
100
Baltimore Tube
25
Benexch (I), pret
Cent Teresa Sugar, Pref _10
50
Century Trust
Cheri & Pot Tel of Balt_100
*
Commercial Credit
25
Preferred
25
Preferred B
Consol Gas,E L & Pow.100
100
636% preferred
100
7% preferred
100
preferred
8%
Consolidation Coal__ 100
5
Cosden .33 Co
•
Davison Chemical
•
Eastern Rolling Mill
100
8% preferred
25
Equitable Trust Co
50
Fidelity & Deposit
Finance Co of America-25
Finance Serv, Class A_ --10
10
Preferred
Houston Oil Pre!tr ctfa..100
Manufacturers Finance-25
25
First preferred
25
Second preferred
25
Trust preferred
Maryland Casualty Co..25
Maryland Motor 108W'..50
Merch & Min Tr Co_..100
Metr Cos Ins Co. N Y-25
•
Mtge & Accept Corp
so
First preferred
Mt V-Woodb Mills v t r 100
New Amater'm Cas Co.100
Penns Water & Power_100
*
Silica Gel Corp, corn
United Ry & Electric-50
US Fidelity /3 Guar_...50
West Mary'd Diary, pf-50
High.
44: XX
Low.
C"'
='
"
:
2CC"
""
°.4°''''"
ba
01 C
..000.ww,00,00.0,W0'
sates
Frtaay
Last Week's Range for
Week.
of Prices.
Sale
Par. Price Low. High. Shares
XXX
Stocks-
Philadelphia Stock Exchange.-Record of transactions
.at Philadelphia Stock Exchange Sept. 20 to Sept. 26, both
inclusive, compiled from official sales lists:
Stocks-
[VOL. 119.
THE CHRONICLE
1504
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
10
Alliance Insurance
American Gas of N J_ _ _100
•
American Stores
50
Bellefonte Central
100
Co
Brill(JO)
Buff dr Susq, prof v t c_ _100
Consol Traction of N J_100
100
Elsenlohr (Otto)
100
Preferred
Battery.-100
Elec Storage
Giant Portrd Cement_ _50
50
Preferred
Insurance Co of N A__ _ -10
Keystone Telephone-_ _ _50
50
Preferred
Keystone Watch Case_ _100
Lake Superior Corp__ _100
50
Lehigh Navigation
50
Lehigh Valley
10
Lit Brothers
Mlnehl11 & Schuyl Hav-50
Penn Cent Light & Pow._*
North Pennsylvania_ _50
Pennsylvania Salt Mfg_ _50
50
Pennsylvania RR
Pennayl Seaboard Steel_ _-*
Philadelphia Co (Pitts)_ _50
Preferred (cumul6%)_ 60
25
Phlla Electric of Pa
25
Preferred
Phila Rapid Transit_ __ _50
Philagleinhla Traction_ _ _50
3634
1043.4
3631
3
102
49
43
43
41
45
85
5734
15
46
5951 5934
636
636
2831
43
3
8231 8231
5454
2431
50
5934 5931
7934
8334
4454
154
50
4534
3834 3836
3836 38
3534 353.4
5944
3631
275
37
590
10634
31351 3,415
22
3
85
103
102
49
44
22
1,190
45
73
8636
422
5754
89
16
52
46
4,028
60
183
636
25
2631
60
43
575
354
4,015
85
773
58
560
2434
37
50
20
5931
205
80
7
8334
4,111
45
100
131
60
51
10
4531
3934 16,061
3934 1,039
3734 5,774
113
61
Range since Jan. 1.
Low.
32
7754
2634
3
8531
49
31
3031
85
5031
3
23
4834
63-4
26
43
231
6431
3931
22
4834
57
78
8034
4251
134
43
42
29
2934
3034
5834
High.
Jan 3731
Apr 109
Apr 3756
3
Sept
Jan 123
Sept 5231
Feb 45
July 6154
Apr 98
May 6334
May 2231
Feb 50
Jan 62
Aug
831
Apr 30
Sept 50
June
431
Jan 8634
Apr 72
June 2536
Mar 5051
Jan 60
Mar 80
June 89
Jan 4631
4
Sept
Apr 5234
Jan 4531
May 3934
Mar 3934
June 39
May 64
Sept
June
Sept
Sept
Jan
Mar
June
Jan
Jan
Feb
Sept
Sept
Aug
June
Jan
Feb
Jan
July
Jan
May
July
Jan
July
Feb
Jan
Jan
July
Sept
Aug
Aug
Jan
Jan
50
Phila & Western
Railways Co General_ _ _10
50
13th dr 15th St Ry
1
Tonopah Mining
50
Union Traction
100
United Cos of NJ
50
United Gas Impt
50
Preferred
United Ry Invest't_ _100
100
Preferred
Warwick Iron & Steel_ _10
West Jersey & Sea Shore_50
50
Westmoreland Coal
York Railways, pref....50
Range oface Jan. 1.
BondsAmer Gas & Elec 513..2007
Elec ds Peop tr Mrs 48_1945 6336
Inter-State Rya coil 481943
Leh C & N cons 4%8_ _1954
Leh Val Coal let 55_ _ _1933 1003-4
Peop Paas tr ctfa 4s_ _ _1943
Phila Co '89118 &-slifd 5s '51
Cons unstamped 55_1951 9031
Phila Electric 1st 53_1966 10131
1947
5345
1953
5348
1941 107
68
Phila & Reading Coal 5s_ _ _ ......
Reading general 4s_ _ _1997
1997
4548
Spanish-Amer Iron 68_1927
United Rys gold tr ctf 45'49
88
62
55
9434
10034
70
9131
9056
100
10334
10331
107
99
95
93
10131
63
92
65
60
95
1003-4
70
9131
9034
10134
10334
104
107
99
95
93
10136
63
1111 I,
111 El
High.
Low.
Jan 2035
June
65-4
Sept 169
254
Jtm
June 43
Jan 200
Jan 84
Jan 58
Jan 2231
Feb 50
May
836
July 42
Sept 6634
Feb 3634
May
Sept
June
July
Jan
July
Aug
J.ne
Sept
Sept
Sept
Mar
Feb
Apr
Mar 92
$3,400 84
37,000 62 May 66
Feb 60
34,200 44
11,000 9151 Feb 95
2,000 9754 Feb 10031
5,000 6956 Jan 72
15,000 8834 Jan 93
Feb 9134
1,000 89
Feb 10331
32,300 97
4,000 9931 Jan 10334
21,000 9831 Jan 104
3,000 10334 Jan 10734
Sept 99
300 99
5,000 8736 Jan 95
Jan 93
700 89
Apr 102
5,000 100
Mar 73
2,000 54
July
Mar
June
Sept
Sept
June
June
Sept
Aug
Sept
Sept
Sept
Sept
Sept
Sept
June
June
9
315
1431 15
454
200
631 636
10 161
161 161
131
10
2
2
939 37%
3934 3931 40
20 18634
200 200
8031 8051 8334 10,348 5834
228 5534
563.4 5634 57
20
2234 1,600 1031
140 31
50
50
75
75-4
8
83-4
38
87 343-4
38
37
58
5 58
58
35
60 34
35
35
rt nnn
......
OA
n• 1, al-.
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange Sept. 20 to Sept. 26, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Am Vitrified Prod, com_50
Am Wind Glass Mach_ _100
Am Wind Glass Co, p1.100
Arkansas Nat Gas, com AO
Bank of Pittsburgh, N A.50
Carnegie Lead & Zinc__ _ _ 5
Duquesne Light,7% prof..
•
Federated Metals
Indep Brewing, pref. _50
Jones & Laugh St'l, pt.-100
25
Lone Star Gas
50
Mfrs Light de Heat
Nat Fireproofing, com--50
50
Preferred
Ohio Fuel Corp. w 1
1
Ohio Fuel 011
25
Ohio Fuel Supply
Oklahoma Natural Gas_ _25
Pittsburgh Brew,com. .50
so
Preferred
Pittsburgh Coal, pref_ _100
Plttab & Mt Shasta Con.-1
Pittsburgh 011 dr Gas_ -.5
Pittsburgh Plate Gla58.100
Salt Creek Consol 011_ _ _10
Stand Plate Glass,corn_ __•
Stand Sanit'y Mfg,com.25
25
Union Natural Gas
25
U S Glass
West'house Air Brake_ _.50
W'house El & Mfg,com_50
West Penn Rya,Pre:_ _ _100
434
334
3331
29
59
1034
2734
29
13
37
27
7
1931
3454
1834
9531
BondsWest Penn Rye 5s....1931
1136 13
88
88
109 109
434 454
134 134
334 37%
108 108
3336 3431
536
5
11231 11256
29
2931
59
68
1034 11
2634 2754
2856 2956
13
13
3634 3754
27
2736
2
2
531 536
97
9836
8c
Sc
7
7
250 250
7
7
1954 2354
100 101
333-4 3454
1814
18
94
9534
13234 6234
883.4 8834
95
95
520
10
10
1,150
30
200
10
300
300
20
855
1,330
1,815
2,430
7,134
50
2,510
370
40
50
45
500
50
10
100
545
220
1,888
260
100
100
10
$1,000
Range since Jan. 1.
High.
Low.
834 June
July
88
Mar
107
436 June
13231 Aug
131 May
102
Feb
32
July
5
July
11134 July
2634 Jan
Apr
51
7 June
2034 June
2836 Sept
11% June
31
Feb
2234 May
134 Jan
434 Jan
9454 Mar
5.3 Mar
6
July
209
Jan
7
Sept
1931 Sept
9031 June
20 June
18
July
84
Feb
5534 May
8334 Apr
92
Feb
Jan
13
9634 Feb
Feb
112
Apr
7
134 May
Apr
6
Sept
108
35 June
Feb
8
11434 Jan
Sept
30
Sept
81
Sept
11
2736 Sept
2951 Sept
1534 Aug
3954 Aug
2754 Sept
Jan
8
754 Feb
Apr
100
Jan
110
954 Feb
Mar
265
1034 Jan
39
May
Jan
110
3451 Sept
3034 Aug
9634 Jan
Jan
65
95
Sept
95
Sep.
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange Sept.20 to Sept. 26, both inclusive,
compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Amer Pub Serv, pref _ _ _100 90
American Shipbunding_loo
Armour & Co.(Del.), pf100 8934
Armour & Co. pref._ _ _100 7934
15
Armour Leather
100
Preferred
Balaban &Katz v t c _ _ _.25 49
Bassick-AlemIte COM--• 33
Beaver Board,pref ctfa_100 22
• 2456
Borg A3 Beck
10
Bunts Bros
Cent III Pub Serv, prat_ _.• 92
2
Chic City&Con Ty, wet-•
Chicago Fuse Mfg Co_ - *
Chic Nipple Mfg Co"A"_15 35
15 1554
Class "B"
Chicago Title & Trust_ _100
Commonwellth Edison.100 13334
Consumers Co, pref _ - -100
7
*
Continental Motors
25 41
Crane Co, common
100
Preferred
Cudahy Pack Co, com.100 __,_
Daniel Boone Wool Mills 25 12X
Decker (Alf)& Cohn,Inc-*
100 74
Deere & Co, prof
100 11631
Diamond Match
Fair Corp (The), pref._100
•
Gill Mfg Co
• 24
Coward (H W).Pref
Hibbard, Spen, BartAcCO25
1434
10
Motor
Hupp
• 63
Hurley Machine Co
100 92
Illinois Brick
Illinois Nor Iltil, pref_ _100
Indep Pneumatic Tool__ •
Internat Lamp Corp__ _25
Kellogg Switchboard- ---25 41
Kenrucky Hydro-El Co.100
Libby, McNeill & Libby10
534
New
10
Lindsay Light
McCord Rad mfg Co"A" * 3631
•
McQuay-Norrls Mfg
Middle West UM,com___• 84
100 9434
Preferred
Prior lien preferred_100 98
Murray (J W)Mfg Co-10
•No par value.
Range since Jan. 1.
Low.
High.
8931
53
8834
79
434
50
49
3154
22
24%
10
8634
2
2634
35
1556
345
13256
42
7
41
113
6451
1236
2034
7234
11534
10536
5
24
68
13
60
88
8534
69
1
41
85
259
90
5354
100
745
90
80
761
28
454
10
50
335
49
3331 2,775
235
22
790
2634
25
10
90
92
350
2
28
2634
100
3551
135
1534
345
10
13354
825
42
50
925
7
30
41
11334
80
65
305
1,436
1334
30
2034
74
460
45
11651
10654
160
5
75
2431
495
68
15
15
30,420
6534 14,370
92
660
85
87
6934
110
1
610
41
25
35
8731
85
53
83
69
2
47
38
273.4
13
20
9
85
131
2656
34
14
340
12631
42
6
30
10731
55
1054
17
61
115
100%
5
22
6534
1034
48
78
84
62
1
37
84
May
Sept
May
Apr
May
June
Apr
May
June
June
Jan
Jan
Aug
Sept
May
July
Apr
May
Sept
Apr
Mar
Mar
Apr
Sepr
Apr
May
July
Apr
June
July
Jan
June
Apr
May
Jan
June
Mar
Apr
Sept
91
63
9331
84
754
7836
5136
3831
26
31
11
92
4
28
4854
2234
346
136
65
851
43
11331
65
38
21
75
12034
10636
18
30
70
1734
6554
92
87
8034
9
47
8734
Aug
Jan
Jan
Feb
Mar
Mar
Jan
Jan
Aug
Jan
Mar
Sept
Jan
Aug
Mar
Jan
Sept
Jan
Jan
Jan
Sept
Sept
Aug
Jan
Aug
Jan
Jan
Sept
Jan
Jan
Feb
Jan
Sept
Sept
Sept
Jan
Jan
Feb
Feb
551
134
3654
1251
72
9151
9634
15
1,625
534
200
134
3736
472
13
25
84
19,695
9434 2,259
9956 2,035
15
15
4
134
30
11
43
8351
94
15
June
Aug
Apr
June
Jan
Mar
Jan
Aug
654
4
3834
2034
84
9454
9934
20
July
Jan
Aug
Jan
Sept
Sept
Sept
Feb
1505
THE CHRONICLE
SEPT. 271924.]
Sales
Friday
Last Week's Range
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
Sales
Friday
Last Week's Range for
Week.
Sale
of Pricet.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
Sept
400 2534 Apr 35
34
33
Centrifugal Cast Iron Pipe.
500 99
102M 103M
Northern States Pow 00100 103
1634 17% 1,200 1554 Sept 1734 Sent
When Issued
110 88
89M
89
July
July 12
Omnibus, Prof"A" w 1_100
300 10
com _ _10 1134 1134 1134
Son
&
Chstterton
14%
1,005
16%
15H
12
Voting trust MO w I a... 16
Aug
100 1135 11% 11%
Preferred
31
7,600
M
_1
M
Philipsborn's, Inc. Cr ctf.
40
Jan
g
ty
ul
A
.1
4
9
1
69
300
19%
17
A..
Checker Cab Mfg class
3,405 17
10 1934 19M 20
Pick (Albert) & Co
700 33% May 4034 Jan
3534
3534
A-50
Cl
Mfg,
3434
Nipple
Chic
1931
1,975
4934
2234 Jan
Pines WInterfront "A"....5 4834 48M
1354
Sent
3,200
1531
1531
1534
50
B
Class
249 99
_• 10334 102 10334
Pub Serv of N
700 32 May 3734 July
Childs Co. new stock....' 3534 3534 36
225 97
Pub Serv of N UI, com.100 10331 101% 10334
ne 155
uan
Feb
244 Jj
36
400 16
3
644
23
2H 14
46
12
Cities Service. com-___100 143
135 9094
91% 92
100 92
Preferred
76,4 Sept
100
Preferred
7631
92 105
105 106
100 106
7% preferred
7% Sept
634 Jan
100
734
754
10
B
Preferred
250
30
293
293
100 293
Quaker Oats Co
Jan 98
Feb
$4,0..;0 77
82
82
82
Stock scrip
135 9934
100 10131 101M 10131
Preferred
Jan
May 74
82,000 70
70
70
Cash scrip
2,470 2834
4014 43
Real Silk Hosiery Mills. _10 43
16
Jan
1334
May
700
.
1444
•
1434
shares
Bankers'
15
865
1635
10 1634
Reo Motor
Jan
233(
June
100
163.4
1934
•
com_
Automobile,
1954
Cleve
525 3034
Standard Gas dr Elec Co..* 3934 37% 39M
60 2231 Feb 36 June
34.31 3434
com__100
Power.
Colorado
46%
1,375
4934
4831
50 49%
Preferred
Feb 11034 Aug
5.810
110
Corp...'
Pow
10931
10354
elan
Coni'l%
11,020 4935
55M 58
Stew-Warn Speed,com___. 58
Mar 81
Aug
640 74
100 79
7634 79
Preferred
1,915 10034
100 104% 104% 105M
Swift & Co
Cons G.EL&P,Balt.new,w1 35% 3334 3634 37.700 3331 Sept 33% Sept
70,300 19
28% 31
15 30
Swift International
Sept
27
Ni.43
se
7,100
27
26
26)1
tssitineutul
165 4234
47
45
Thompson(J R),com__ _25 45
July 4034 Feb
• 3534 3434 3654 3.800 32
Cuba Company
60% 6,930 55
60
Union Carbide & Carbon.' 60
Sept
Apr 110
725 88
107 110
Del Lack & West Coal_ -50
United Light dr PowerSnit
22% Mar
16
1734
5
•
2,045
16
1734
3,345 28% May 48 Sept Doehier Die C sting
Common "A" w I a_ _ _• 4731 42M 48
1034 Jan 57% Sept
22,51
Bad'
5731
5234
&
Condenser
54%
Dubiller
Sent
5231
May
31
540
52%
50
52%
Common "B" w a
300 23 May 28% July
845 75% Apr 85 Sept Dunhill International....' 2534 25H 2554
85
8431 82
Preferred "A" w a_
Mar
831 Jan
1
1.100
134 2
215 43M Apr 47% Sept Du Pont Motors, Inc__ •
44% 4494 47M
Preferred "13" W I a
12 May 3631 Jan
•
1,300
Inc
1834
1634
16%
Motors,
Durant
Sept
12134
Apr
78
111 12134 3,805
20 120
U S Gypsum
2834
Sept
Sept
2131
2434
L.
14.900
w
2814
24%
A
Class
Jan Duo Co, Inc,
1,850 21M July 42
• 21% 21% 24
Wald Co
Sept
3,990 36 June 64
365 11031 Jan 117 Sept East Penn Elec Co corn. • 60% 4734 64
Ward,Monts,& Co, p1.100 11235 11234 117
Jan
10234
JULV
97
10031
120
101M
100
Share,pref
100%
&
Bond
3734
Elm
Aug
10 3534 3534 36% 4,940 21% May
Common
Mr 19 June
•
14
200 11
14M
215 104 May 116% Sept Electric Ry See. roAri
• 114% 115 116%
Claes "A"
3234 Aug 35% Sept
3334
1,100
Corp..'
3431
Metals
Federated
Jan
831
Apr
434
500
634 651
6%
Wolff Mfg Corp
10% Aug
354 Alla
8%
3,810 35y4 July 44% Sept Film Inspection Machine_.
• 4134 41% 42
Wrigley Jr, corn
8 459
440
5
30 410 June 482 Apr
2'999
Jan Ford Motor of Canada_100
Yellow Cab Mfg,"B"...10 52% 5231 5334 4,170 44% May 96
snm
Aug
112
July
110
•
111
p•ef
Co,
Foundation
47% 11,750 39 May 6431 Jan
Yellow Cab,Inc (Chic)...' 46% 45
Sept 10634 Sent
105
105% 106
Franklin Slmon&Co pf_100
1144 SIM 13% Sept
Brass_10
&
1334
Aluminum
1335
Gen
5113508
BondsJuly
May 301
297 31754 3,9.40 257
Gillette Safety Razor_ ___• 317
Armour & Co of Delaware
5634 5294 o654 19,300 4934 Sept 5634 Sept
New w 1
91% 92 538.000 88% June 92 .Jan
20-year gold 534s_..1943 92
• 2534 25
July 30% July
2434
1,400
cum
Co,
Ginter
Jan
2534
55%
Sept
4754
47% 4734 3,000
Chic City & Con Rya En '27
Sept
• 123
123 125
1,100 7634 Jan 125
Jan Glen Alden Coal
37% 37% 7,000 3754 Sept 45
Chic Rya 4s, Ser "B"_1927
834 Jan 15% Sept
1434 4,500
Sept Goodyear Tire & It.com100 1434 13
Jan 80
77% 7734 1,000 71
Northwestern Elm,58.1941
Feb
June
81
35
•
71
70
200
Stores_
5-10-25c
Grand
July
9634 9634 LOW 94% May osg
Swift & Co let sig 58.1944
454 June
Feb
1
580
454 4%
Hall Switch & Sig,com _100
Feb 30
July
2634 2954 13.100 13
•
Hazeltine Corp
at
transactions
of
-Record
June
2%
1
Exchange.
33( Aug
3
•
6.700
Stock
Chemical
3
St. Louis
Heyden
Sept
41
42
25
1,900 1734 Feb 44
prof
Cos.
Hudson
inboth
St. Louis Stock Exchange Sept. 20 to Sept. 26,
951 Mar 23% July
2154 2234 2.200
Hudson & Manh,corn-100 22
2 June
5
Feb
334 394 1.200
Intercontinenial Itubb_100
331
clusive, compiled from official sales lists:
831 Sept 10% Sept
934 10% 3,500
Inter-Ocean Radio Corp..' 10%
Au,.
Sept
7,4
1
854
Mfg.•
8%
1
844
0
0
0
3
7
16,
831
owes
Radio
WI
'may
Jones(Jos
July
75e June
2
134
Range since Jan. 1.
10
Keystone Solether
Last Week's Range for
Feb
10
400
10%
654 June 13
Week.
of Prices.
Sale
Landover Hold Corp, A._1 10
Jan 90
High.
Low.
Sept
6,000 33
8634 90
Lehigh Power Securities..' 87
Par. Price. Low. High. Shares.
Stocks575 72 May 8934 Feb
Lehigh Val Coal Sales 50 8231 8154 8294
Feb Leh Vail Coal. ctfs new WI 4131 4034 41% 36,800 2654 Apr 45
July
July 147
135
Nat Bank of Commerce._ _ ...... 136 138
Mar Libby, McNeill & Libby_10
531 531
4 Jun
Sept 75
35
300
)( July
40
35
35
United Rya corn
Sop
Sept
56
50
58
20010 51
434 Sept 1134 Jan Mfrs Light dr Heat
4M 6
434
Preferred
Apr Manila Elec Corp new w 1.. 2934 2934 2
2934 Sep
8M
59
2934 Sept
3 Sept 11
3
3
3
Preferred C D
Apr 35% Apr
33
34
32 May 48 Sept Mengel Co
155 25
100
46
45
46
American Bakery corn __
Ma
2
•
44
834 Jan
5
2
8
44
2
7
50
400
8.3
30
may
Sept
30
Co
iron
30
1834
Mesabi
Co
Best Clymer
50 May 8534 Sept
40 June 5094 Aug Middle West Utilities com• 84
473.4 4731
Brown Shoe corn
•
Jan 2534, Mar
2434 2454
85 June 92M Apr Midvale Co
600 113
9031 9031
Preferred
Sept
50 3834 Jan 92
July 80 Sept Motor Products Corp_ •
70
7834 79
Certain-teed Prod 1st pfd_
10
99
July 65 Sept Nat Distillers Produc M.
734 Sept 1034 Sept
9101
65
75
75
2d preferred
231 July
434 Jan
10
90 June 97 Sent National Leather
95
334
953.4
Emerson Electric Prof
Mar Nat Power & Light, com •
31i 186
186
4131 Sept 47
0 833.4 Ms 190 Sept
10
428%
Hamilton-Brown Shoe.... ______ 4131 4134
Felt National Tea new
May 258 Sept
236 258
6
• 258
1,684 151
334 331
334 Sept
Hydraulic Press Brick corn_
Mar
6934
534
Jan
354 Jan 10
6134
-1
Apr
634
4,800
Land__
65M
6531
Ariz
6%
6534
New Mex &
Preferred
Mar 112% July
73 May 103 Sept N Y Telep 634% Pre--100 10931 109 10954
200 109
96M 03
103
International Shoe com
July Nickel Plate corn, new, WI. 7431 7334 7434 4,900 733.4 Sept 7631 Sept
117 11731
115 May 118
Preferred
Feb
July 125
100
116 118
8234 813.4 8234 6.900 8134 Sept 85 Sept
117
Preferred new, ve
Laclede Steel Co
Sept Nor States Pow, Del, warr
Apr 36
734 Sept
7% sg
94
8% Sept
831
200
130 136
130
Mo Portland Cement
Jar
92
May
w
91
1531 1631 1,600 14,4 Aug 19
88
80
July
c.
t
9034
v
Corp
Omnibus
National Candy corn
10
9934 Feb 102M Sere Paige-Detroit Mot Car_ _10 14% 3
18434
331 4
1:3500
34 5
10234 10234
00 1231 May 18
Feb
2d preferred
Sept Pathe Etch, Inc, Class A.. 45
Mar 107
103
38% Sent 48% Sept
Southwestern Bell Tel pith 105% 105 10534
20 May 2431 Jar Peerless Truck & Motor.50
14
2434 2534
1534 1,700 1334 Sept 2634 Jan
Wagner Electric com
Jan 9531 Sept Pittsb Term Coal, com_100 4131 40
35
44
9531
Sept 52 Sept
95
1,500 41
Johnson Stephens Shoe_ _ _ _ 95
Apr 10435 Jar
102
82
83
103 103
900 79 Sept 83 Sent
100
Mo Ms Stores pref
6% preferred
Se.4 4.5
Sept
44
200 44
45
Power Se rides 2d pref.
Sept 114 June
10934 10934 3.200
10 106
BondsProcter & Gamble, com.20
8434
7734 Feb 8434 Sept
40% Aug 46 Sept
Pro-phy-lac-tic Br,com..• 4531 43
East St Louis & Sub Co 58.. 8434 83
4534
Sere
91334 Feb 102
431 5% 13,000
102 102
334 Apr
534 .1111/
534
St Louis & Suburban IV lis
Radio Corp of Amer.coin..
Apr 7034 Sete
64
434 4he 4.600
4% Jan
3,heJuly
4%
5
St L & Sub Ry gen mtge 5s_ 7034 70M 7034
Preferred
Mar 71 Jun(
61
Apr 2734 July
683-4
19,300 19
6834 68
United Railways 4s
2494 27
New A common ev L._ _• 27
Mar 69 Jun(
61
6431,
July 4834 Sept
Certificates of deposit__ _ ______ 64
New preferred w I____50 46% 4534 4634 1,700 40
6234 Mar 70 Sept
70
70
600 1534 June 18% Jan
SU & Sub gen 58 etis of dep. 70
10 16% 1631 1654
Reo Motor Car
Pal R
Apnt 45
RS
qc
qA
TndansanA.n. TIrnwarino A.
134 Jan
58c 65c
400 50c Ma
men', Inc
Jan 3934 Sept
3934 39M
50 18
Republic Ry & Lt com_100
4611 Aug 50
4734 4834
48
400
Jan
p150
Grain
Rosentem
Corn
the
of
record
a
is
-Below
Market.
New York Curb
93* July 1734 Sent
1434 163.4 14,900
Rom Radio Corp tr eels.' 15
1634 Sept 19% July
91
1934
transactions in the New York Curb Market fromSept.20 to Sierra Poe Elec Co corn.100 19% 1634
35
1831 1834
100 16% Sep
Jan
Silica Gel Corp, corn v t c.•
Jan 175 Sept
14 125
Sept. 26, both inclusive, as compiled from the official lists. Singer Manuftietu ring_ _100 175 163 175
10431 Apr
9734
9831
Sept
9734
_100
cora.
9835
Edison,
Calif
Sou
York
New
Curb
1921,
te
As noted in our issue of July 2
40 May 17e
Jan
Sc 14,000
Southern Coal & Iron- -6
7c 107
104
1 10.534 A g 107 Sept
Bell Tel pf_ _100
Market Association on June 27 1921 transferred its activities Southwest
2534 July 2554 Aug
Stand Publishing cl A...25 25%
Aug
5
Aug
•
7
from the Broad Street curb to its new building on Trinity Stutz Motor Car
255q 10
51.1 1,588
5
26
150 1110 June 10834 July
400
100 10434 1o4
& Co
Place, and the Association is now issuing an official sheet Swift
16 30% 2834 3034 29,400 1834 Mar 3134 Sept
Swift International
Sept
7,100 1734 Jan 43
Tenn Elec Power, coin_ _ _• 4234 3934 43
which forms the basis of the compilations below.
• 6754 6631 6734
150 4934 Jan 6894 Aug
Second preferred
Sept 1834 Aug
8% 1,000
8
8%
Sales
Thompson(RE)Radio vtc•
Friday
300
4%
4
4 June
74, Jan
Range since Jan. 1.
TImken-Deiro.t A xl?__ _10
Lan Week's Range for
Week ending Sept. 26.
3
3
Sept
3
3
Week.
534 Feb
of Prices.
Tob Prod Export Corp._•
Sale
High.
Low.
99 42.4 Mai 6334 Feb
100
5
Todd SIdnyards Corp_ _ _.5 45% 45% 4034
StocksPar. Price. Low. High. Shares.
1,700 1854 Sept 24
Sept
5 21% 2134 22
Tower Mfg Corp w I
60% 6034
400 56
Apr 6334 Feb
Union Carbide & Carbon_•
Indus. & Miscellaneous.
Jan Unit Bakeries Corp com-• 118
3
July
1
Sept
Feb 119
104% 119
100
13,500 43
10
131 134
1%
Acme Coal Mining
Sept
Jan 102
100 10234 2,500 85
4c Mar 10c Jan
1,000
Sc
Sc
Preferred
IGO 101
Acme Packing_
10 96
Sept United G &E.coin. new_10 32% 27
July 100
34
4.000 1834 Jan 41 June
100 100
Adirondk P & L 7% Pf 100
6% Aug
Mar
100
100 30 Sett 30 Sept
30
30
431 434
Trust certificates
•
4%
Allied Packers,corn
4134
300 1434 June 4334 Sept United Lt & Pow,corn
Apr 4834 Sept
48% 4234 4834 5,890 30
41
100 41
Prior preferred
400
Sept 16% Jan United Profit Sharing_ _1
534 5%
6
700
8%
8
534 Jolt
73-4 Feb
Amalgam Leather corn_
534 Sept
Mar
Aug 39
4
534
7,900 30
Aug Unit Retail Storm Candy-.
36
534 5% 1.500
Amer Foreign Pow new WI 3534 32
3831 3934 1.600 3434 Apr 3954 Sept
93% 9131 99% 6,400 4334 Jan 9934 Sept United Shoe Mach.com.25
Amer Gas & Elec, com___•
200 4134 Apr 46% July US Lt Jc Eft Corp.com__10 6Ic
61c 61c
400 50c May
134 Jan
Preferred
50 44% 44% 4434
•
Apr 15% Sept
8
15% 3,100
100 15M July 2034 Sept
S Stores Coro cl A
2034 203.4
Amer Hawaiian SS
10 14% 13
5,250 117
1934 21
Jan
Aug 14034 July Wanner Mall Cast cl A_ •
200 1954 June 23
Amer Lt & Trao. com--100 13734 134M 138
Mar 04
60 91
Apr Ward Corp.corn,Class A.* 12934 12034 12934 5,700 5234 Jan 12934 Sept
Preferred
100 9334 9334 94
500 202
Jan 500 Sept
Am pow A, Light, com.100
475 500
Common. Class 13
3651 54,200 1434 Apr 3631 Sept
• 3431 33
Aug 50% Sept
SOO 7931 Jan 9131 Sept
100 91
7% preferred
4931 4631 50% 59,100 38
Common. new
600
131 2841 % 5,400 1394 June 3034 July
28
8
334 4
334 Feb
434 Jan Ware Radlo Corp. w 1. _ _• 22
334
American Thread, Prof...5
5
804
4
85% 26,87
1,210 6634 may 93 June Western Pr Corp, com_100 42
78
Mar 4534 Sept
26
74
Appalachian Pow. com-100 77
100
400 16% Aug 2634 Feb
2134 22
Preferred
60 80 June 85 Sept
Archer-Daniels-Mid Co..• 22
300 17)4 July 1934 Sept White Rock Min Spr, new
May 14 Sept
1434 1334 1434 1,600 10
1934 19%
Arizona Power com. _100
1231 1331
60 89
9234
500
July
Sept 93
9 June 1334 Sept
Voting trust certifs...-.
Arkansas Lt & P preL _100 9234 89
Apr 83
20 72
7934
Apr 8954 Jan
18
Mar Yellow Taxi Corp, N Y •
2334 5,900 17
79
Armour & Co (Ill) Pref.100
Sep
1
3,400
234 Feb
1
Atlantic Fruit & Bug. w I.• s1.12 83e
120 11734 Mar 13334 July
Rights
Borden Co. common...100 12731 12631 127%
4
434 15,90
3
1,100 20c Sept 50o Mar Commonwealth power....
28c 30o
234 Sep
4% Sept
Bradley Flrep Prod. com.1 300
Sep
5
200
1234 Mar
5
5
5
Bridgeport Mach com___ _•
Oil
Standard
2,300
Jan
Former
20%
25
23%
2331
24
Aug
bearer.
£1
ord
Tob
Brit-Am
Subsidiaries
200 21% Feb 24% Aug
2331 23%
Ordinary registered. _LI
14% 1534 2,700 14% Jun
18
934 9% 2,800 58% Sept 1494 July Anglo-American OIL__.£1 15
10
Feb
Brooklyn C1ty RR
210 213
100 78
Jan 265
July 85
30 155
Mar
100 8234 8234 8234
Aug Borne. Scrymser Co_ _100
Bucyrus Co, corn
63
56
710 51
60 62
1,540 45
Sep
July 66)4 Sept Buckeye Pipe Line
Burroughs Add Mach-.__• 6434 6454 66
553( Jan
49
49
500 47,1 May 5254 Mar
140 98
July 102
101 102
July Chesebrough Mfg.new..25 49
100
New preferred
137 137
20 11031 Jan 149
200 50c July
60c 600
2% Jan Cumberland Pipe Line-100
Car Ltg dr Power, cons_ 25
100
9034 9234
Eureka Pipe Line
so 89 Sept 105 July
Jan
•No par value.
...1
1 888A.28=1;2=i3;;1422:VaS
l'.
§88§§§§
a
..COM.I.V.0
Feb
July
Sept
Aug
July
Apr
June
May
June
Aug
Apr
May
July
June
Jan
May
Aug
may
Jan
Apr
Apr
. 134
104
92
18%
2M
21%
4934
103%
10334
99M
106
295
102
43
1934
3934
50
101
10934
31
5034
6334
Sept
July
July
Jan
Jan
Sept
Sept
Sept
Jan
Aug
Feb
July
Sept
Jan
Sept
July
Jan
July
Sept
Jan
Feb
1506
THE CHRONICLE
Friday
Sales
Former Standard Oil
Last Week's Range for
Subsidiaries
Sale
of Prices.
Week.
(Concluded)
Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
Galena-Signal OIL com_100
53
53
220 52
Sept
Humble Oil & 1%.• fining 25 35% 35% 35%
700 3459 Aug
Illinois Pipe Line
100 12554 124)4 1254
30 120
Sept
Imperial 011(Can) coup-25 102% 1024 10459 1,585 9859 Apr
Indiana Pipe Line
50 72
70% 75
610 66 Sept
Magnolia Petroleum_..100
130 1314
230 122
Ju Y
National Transit____12.50 21% 214 21%
600 2054 June
New York Transit
100
584 61
40 55
Aug
Northern Pipe Line_ _.i00 78
78
794
60 73 Sept
Ohio 011
25 60% 58% 614 2,200 58 June
Prairie 011 & Gas
100 2207
205 210
1,540 194% July
Prairie Pipe Line
100 z10254 z102 105% 1,310 100
Feb
Solar Refining
100
180 1814
110 175
July
South Penn 011
100 134
133 135)4
120 117 June
Southern Pipe Line-- -100
87
90
80 86
Sept
So West Pa Pipe Lines_ 100
74
76
30 74
Sept
Standard 011 (Indiana)__25 56% 56
56% 21,100 5434 July
Standard Oil (Kansas)_ _25 34
34
34% 1,200 32% Aug
Standard 011(Hy)
25 1164 113% 118% 6,600 101
May
Standard 011 (Neb)-.100 244
240 244
30 199
Jan
Standard 011 of N Y....-25 39% 39
39% 5,100 374 May
Stand 011 (Ohio) com--100
294 294
10 275 June
Preferred
100
116 117
130 116
Sept
Swan & Finch
42
100
4434
60 34
July
Vacuum 011
25 7034 67% 72% 27,900 564 Jan
Washington 011
10
29% 29)4 1,020 25
Jan
High.
Bonds (Concluded)-
[VOL. 119.
Friday
Lest Week's Range Sales
of Prices.
SaleSale
for
Price. Low. High. Week.
Range since Jan. 1.
Low.
High.
Jul) Walker Mining
70
3% Aug
1
3
200
3
Apr
2
Wendell Copper Mining..!
434 Max
ne
14 Sept
Apr
1
1% 1,900
Jan West End Consolldated...5 67c
161
66c 71c
2,400 300 June 860 Jan
Jan West End Extension Min.! 230
119
21c 25c 60,000
20 May 33e Sept
Jan Western Utah Copper__ _1
100
15c 15c
3,000 15o Aug 500 Jan
Jan Wettlaufer-Lorrain S M...1
162
200 200
1,000 12e
Jan 27 May
274 Feb White Caps Mining
_10o
7c 100
2,000
20 Mar be Sent
Jan White Knob Copper prof__
97
70c 700
100 600 Mar 70c Sept
10734 Jan
7954 Jan
Bond,
Jan
269
Feb
111
Jan Allied Pack cony deb 6s'39 71% 70
230
71% $16,000 48 May 72
Sept
8e, series B
171
Jan
1939 85% 84% 85% 15,000 57 May 86
Sept
Jan Aluminum Coot Am 79233
100
1074 1074 11,000 105% Mar 10759 Aug
Jan
71
89
1925
102% 103% 4,000 1014 Jan 10354 June
68% Jan Amer0& E deb 6a_ _.2014 95% 954 95% 63.000 94
Feb 964 June
New
504 Jan
9559 95).4 95% 7,000 9534 Sept 96
Sept
Jan American Ice 75
120
103 1034 7,000 101% Sept 107% Aug
2564 Jan Am Pow & Lt 65 w 1_2016 94% 94% 94% 21.000 94% Aug 95
Aug
es old warn attach__20113 94% 944 94% 28,000 94
48
Jan
Sept 94% Sept
Jan Amer Rolling Mill 65_1938
335
100 1004 15,000 984 Apr 10059 Aug
120 May Amer Sumatra Tob 74s'25
8134 82% 11,000 73
July 99
Feb
Jan American Thread 68_1928
81
103% 103% 1,000 1014 Jan 103% Aug
724 Sent Anaconea Cop Min 65 1929 1034 103% 103)4 28,000 101
Feb 104
Aug
Anglo-Amer
Aug
30
Oil 740_1925
102 1024 24.000 101% Mar bon% June
Aesoc'd Simmons Hardware
Other OH Stocks
645
85
1933 85
86
55.000 714 June 93)4 Feb
Atlantic Fruit 85
24% 24% 1,000 24% Sept 36
Mar
Allen 011
1 460
40c 460
8,000 100 Apr 46c Sept Atl Gulf& WISOL 55 1959
564 57% 49,000 42
Jan 61
July
Arkansas Natural Gas..10
4% 44
434
200
Bait
Jan
Saw
July
&
Ohio
7
I__ __1948 9934 984 9974 1148000 984 Aug 99% Sept
434
Atlantic Lobos 011 com- •
3
3
400
294 Aug
4% Jan Beaver Board Co 8 1933
78
78% 5,000 70
Jan 80
Aug
Boston-Wyoming Oil_ __I
85e 870
300 75c May
154 Jan Beth Steel equip 7
b935 10334 1034 10334 62,000 1024 Feb 104
Aug
Carib Syndicate
354
34 3% 1,400
6% Jan Canadian Nat Rye 75_1935 111% 11034 1114 38,000 106% Jan 112 Sept
3
July
Creole Syndicate
5
84
8
8% 7.500
94 Sept Chic RI & Pac 548_1926
24 Jan
101% 1014 2,000 974 Jan 1014 July
Engineers Petroleum Co !
Sc
Sc
6.000
30 Mar 13c June Childs Co 68 w 1
1929 1034 1034 10359 17,000 102 June 10474 July
Federal 011
34e 400
5
6.000 15e May 60e
Jan Cities Serv 7s, ser B_ _1966
130 130
1,000 11854 Feb 124
Mar
Gulf Oil Corp of 4k)
25 59% 594 61)1 9.500 564 May 65
Jan
is series C
1966 9854 973.4 9836 31,000 8954 Jan 9854 Sept
Hudson 011
20
1
lc
20 178,200
le Sept
Jan
is Series D
7o
1966 96% 96
964 43.000 89
Jan 904 Sept
International Petroleum • 19% 19% 20)1 18,700 184 June 224 Feb Cons0,E L&P,Balt.65'49
1044 104% 7,000 1014 Jan 105% June
Kirby Petroleum
•
1% 1%
1% Apr
700
102 1024 10,000 93
2% Jan
1952
534s
Jan 102% Sept
Lago Petroleum Corp_ _ .•
4
434
434 7.060
65-Is Series D
5% Aug
2% Jan
1951 108% 10834 108% 18.000 b0634 May 108% Sept
Latin-Amer 011
40
1
4c
6c 67,700
le Aug
Piz Feb Consol Textile 85
79% 34.000 68 Sept 97
1941 794 78
Jan
Mariand 011 of Mexico_ _ _1
4
44
Cuban
500
June
4%
Telephone
2
Jan
106% 106% 2.000 106
745 1941
July 107
Feb
Mexican Eagle 011
5
4
4
24 June
100
44 Feb Cudahy Pk deb S54e..b937 87
86% 87% 13,000 8154 May 88)4 Jan
Mexican Panuco Oil. __10
59c 59e
14 Apr Deere & Co 745
100 550 July
103 103% 21,000 99% May 1034 Smt
1931
Mexico 011 Corporation_10
120 120
1,000
7c May 30c Jan Detroit City Gas 6e.-1947 1024 102 1024 21,000 994 Jan 103% June
Mountain & Gulf 011
1
Viz
1% 14 2,400
1)4 Jan
14 Mar Detroit Edison 6s_ _ 1932 109
108 109
82,000 102% Jan 1094 Aug
Mountain Producers....10 1934 18% 194 16.700 16
Feb 19% May Dunlop T&Rot Am 73_1942 95
94
954 72,000 90
Jan 95% Sept
Mutual Oil vot trust etts-5 1034 10% 11
20,200
959 July 134 Jan Federal Sugar 6a
1933 1004 101 1014 38,000 99% Jan 1014 Aug
Nat Fuel Gas
110 110
20 85
Jan 110% Sept Federated Metals 65_ _1939 100
99 100
14,000 99
Sept 101
Aug
New Bradford 011
44
5
44
434
1.800
459 Sept
100% 1004 1,000 100
6% Jan Fisher Body 6.
1925
Mar 101)4 July
New England Fuel 011.....5 22
20
22
400 20
July
Jan 44
69
1927 10254 102 1024 11,000 984 Jan 10259 Aug
New York 011
25
9
934
9%
700
8% June 14
Feb
102
6s
102 10254 13,000 97% Jan 101% Sept
1928
Peer 011 Corp
•
1
1
700
154
Jan Fla East Coast Ry 5s_1974 9654 964 9634 10,000 96)4 Sept 66% Sept
July
6
Pennsylvania Beaver 011_1 230
20c 25c 20,000 200 Sept 62o Feb Gair (Robert) Co 75..1937 9954 9951 9934 14,000 94% May 1004 Sept
Pennok 011
10 1734 16% 17% 16,100 1234 July 17% Sept Galena-Signal Oil 75._1930 105% 105% 10554 4.000 1044 Jan 106
Aug
Pierce Petroleum w 1
434 5% 74,200
•
44 Sept
434
759 July General Asphalt 8s._ _1930 105% 10534 10534, 49,000 1024 May 1054 Sept
Pond Crk Po0thontas Co.'
14
14
100 14 Sept 15% Aug General Petroleum 65_1928
100% 100% 10,000 944 Jan 101
Aug
Red Bank 011
40
39% 4454 13,800
25
5% Jan 58
Aug Grand Trunk Ry 6)45_1936 105% 10754 10754 31,000 106% Jan 10834 Aug
Royal Can 011 SYndlcate-•
5
534
534 6,700
7
2% Apr
Aug Gt Cons El Pow (Japan)
Salt Creek Conant 011_ _ _10
759 74 1,100
754
74 Sept 104 Jan
1st a f 7s oer A
91%
1944 92
92
56,000 914 July 9359 Sept
Salt Creek Producers-10 264 24% 26% 10,700 1934 Feb 26% May Gulf 011 of Pa 5s
97% 93
1937 98
26,000 94
Jan 98)9 July
Sunstar 011
13c 180
9,000 13o Sept 25e May Hood Rubber 7s
1936
102 102
1,000 99 May 10234 May
Union Oil of California_ 100
1324 132)4
25 116
Jan 139 July Internet Match 645-.1943 100% 9954 10054 52,000 924 Jan 1004 Sept
Dillon. Read & Co Int rec
132 132
1,000 132
July 134% July Italian Power es
100 100
1928
5,000 974 Feb 100 Sept
WUcox Oil& Gas
4% 4% 2.800
434
1
4% May
8% Feb Kan City Term Ry 5411'26
102% 102% 5,000 10054 Jan 1024 July
Woodley Petroleum Co • 10
10
11% 3,100
7
Apr 13 . May Kennecott Copper 78_1930 10654 10651 10654 113,000 103
Jan 107
Aug
Lehigh Power &cur 6s 1927
37,000 96
100% 101
Jan 101,4 Aug
Mining Stock.
Lehigh Val liar Term 55'54 1004 10054 100% 10,000 9534 Jan 1014 July
Lehigh Vail RR 58w 1_2003 9954 9954 100 209,000 99
Sept 10059 July
Arizona Consol Mining__ __
94
9% 9%
100
94 Sept
9% Sept LibbyMcNelli&LIbby7a'31
10054 10054 5,000 94 June 101
FebCafnmet & Jerome Cop..1 100
10e 130 13.000
70 Feb 25c May Lower Austrian HydroCanario Copper
34 4
3%
10
10,300
4
July
1% May
Elec Pow 6345w 1..1944 85
85
31,000 85
85
Aug 854 Aug
Comstock Tunnel& Dr_10c 21c
20e 21c
3,000 15e Aug 24c Apr Manitoba Power 7a
1941 100% 100)4 1004 7,000 9554 Jan 100% Sept
Consol Copper Mince--I
334
33.1 336 3,000
4
14 Jan
Aug NiIptourl Pac 5sw 1_1927 100
36.000 0934 June 100% Aug
99% 100
Cortes Silver
12c 130 18,000 be June 70e Mar Morris & Co 75is
1 13e
18,000 92 June 1003.1 Feb
994 100
1930
Cresson Con Gold M & M 1
3%
3% 356
3h' July
500
44 Jan Motor Products 6s_....1943
10,000 91). July 99
98
98
Sept
Inanioad 131f Butte Reorgl 160
15c 170 37,000
40 Jan 22e July National Leather 811_1925 101% 101 1014 73,000 924 Apr 101 54 Sept
Engineer Gold Mines,Ltd 5
1454
13
500
Mar 23% June New On Pub Say 58..1952 86% 86)4 864 21.000 8114 Jan 063.8 Jan,
6
Eureka Croesus
Sc
1
80
8c 26,000
40 June 15o
Jan Northern Cent RR 58_197.
39,000 1014 Sept 102% July
101% 102
Goldfield Consol Mines. 10
Sc
6c
3,000
4c Feb
60 Jan Nor States Pow 6345..1933 101% 1014 101% 70,000 98
Jan 104% June
Goldfleid Deep Mines- - -50
3c
2c
3c 10,000
20 Sept
70 Sept
% gold notes_ _ _1933 9754 974 974 28,000 96% May 98 May
Goldfield Deyelopment_5c
60
6c
1,000
2c Aug 10c
Jan Ohio rower As
88
1952 90
63.000 841.O Jan 90
90
July
Goldfield Florence
10c 10c
1 100
4,000 10o Aug 420 Jan Parls-Orleans RR 7...b954 92% 924 9234 98,000 92% Sept 924 Sept
2c
GYPSY Queen
2o
1,000
2e Sept
2c Sept Park & Tilford 65
9554 9554 2,000 84
1936 95
Feb
97
Aug
Hard Shell Mining
lc
20
1
2c 07.000
le Feb
Sc Jan Penn Pow & Light 55 _1952 9251 9234 92% 16,000 874 Jan 94 June
Thermal Divide
70
8c
8e
100
9.000
2o Apr 26e Aug Pleb,Electric 545._ _1947
103% 10354 17,000 984 Jan 104
July
Hawthorne Mines, Inc_ _ _1 38c
230 380 49,000 15c May 820 Jan
534,1953
10354 10334 3.000 98% Jan 103% July
Recta Mining
959
26e
94 939
8% Jan
600
94 Sept
6s
6,000 1044 Jan 107
107 107
1941 107
July
Hilltop Nevada
2c
lc
1
3,000
lc Feb
7c Mar Phillips Petrol 734a..1931
10354 104
5,000 100
Apr 104
Aug'
14% 14%
Hollinger Consol0 M.---5
600 11)4 Mar 14% Sept Public Service Corp 79 1941 108
108 108
46,000 101
Jan 1084 July
Howe Sound Co
24
1
1)4 June
234 2)4 1,300
Jan
3c
65
95
1944 95
9554 135,000 95
Sept 97
July
Independence Lead Alln-1 100
10c Ile
9,000
6o Apr 18e Feb Pure Oil Co 645
95% 84,000 92)4 Jan 963.4 Aug
1933 95% 95
1
Jerome Verde Develop_ _ _1
1
700 760 July
2c
Jan Shawaheen Mills 7s...l93l. 104% 10354 104% 30,000 102
Jan 104% Mar
590 640 73.900 15c Mar 950 July Skelly Oil 645
Jib Consol Mining
1 590
1927 100% 10034 100% 11,000 1004 Sept 102% Aug
Sc
80
Jim Butler Tonopah
4,000
1
2e Apr
9c Sept Sloss-Sheffield S& 16.1929
101% 101% 1,000 97
Jan 10231 July
Viz 14 13,500
1
134
Kay Copper Co
Apr
1
1.,• Sept Solvay & Cle 68
1934 1014 101 102
66,000 99
Apr 102
Sept
5
1% 24 1.700
234
Kerr Lake
1% Mar
259 Jan South Calif Edison 58_1944 92% 9154 9254 8,000 89% Jan 9354 JuneKewanas Reorganized__
40
4o
5,000
4c Aug
----..
8c Aug Standard Gas & El 636864 10431 99% 105 720,000 96
Aug 105 Sept
to
40
Lone Star Consol
4c 39,000
1
to May
90 Aug Stand 011 of NY 6598_1933 107% 10754 107% 19,000 105% Jan 10959 June
Lorrain Sliver Syndicate-1 75e
1170 75c 75,000 30c Aug 750 Sept
7% serial gold deb_ _1925 Ion% 10054 10151 180,000 1003.9 Sept 10214 June4c
40
4c
MacNamara Crew Devel_l
4,300
le Aug
7% serial gold deb_ _1926 1064 103% 10654 34,000 10254 May 10634 Sept.
50 Sept
7c
70
MacNamara Min & M111.1
3,000
8c
lc Jan 120 Sept
7% serial gold deb_ _1927 105% 105% 10554 19,000 1044 July 10654 Aug
Mason Valley Mines
5
1% 1%
14 Jan
500
7% serial gold deb_ _1928 104% 10454 105% 18,000 105
234 Aug
Jan 10659 Feb •
Mizpah Eaten of Tonopah_
1,000
70
40 Mar
70
8c Aug
7% serial gold deb._1929
106% 10634 7,000 1054 Jan 1074 June
Mohican Copper
10c 12c
1
9,000 10c May 480 Jan
7% serial gold deb_ _1931 106
106 106)4 12,000 106
Mar 109
Feb
Montana Tonopah
7c
7c
7c
1,000
7c Sept
7o Sept Sun Co fls
1929 101
101 1014 2,000 96
Feb 10134 Sept
100 33c
32c 33c
Nevada Hills
4,000
Sc
Jan 43e July Swift & Co 5s-Oct 15 1932 95
94% 95 145,000 8914 May 95% Aug
10c
70 100
Nevada Ophir
8,000
9c June 140 Feb Tidal-Osage 011 7s_ _ _1931
104 104
1,000 1014 Jan 104% July
19% 21%
New Cornelia Copper Co-6 20
800 15% Jan 22% July lJnIon El L &Pof 1115)43'54 97)4 974 98
30.000 944 Apr 984 Aug
160 160%
100
50 13459 may 170% Aug Union 011 68 Series B...1925
New Jersey Zinc
101 101
1,000 100
Jan 101% Aug
15e 17c
7,000
NY Porcupine Mines Ltd 1 170
Sc Sept 35c Jan
Serial 65 SeriesB_ _1926
1,000 100)4 Mar 102
102 102
July
854
Nipissing Mines
5
854 6% 1,700
54 Jan
64 May Un Rys of Havana 7%5'36 107Si 107 1074 3,000 1054 Jan 109
JULY
300
250 30c 13.000 25c Sept 30c Sept Vacuum Oil 75
Nixon Nevada
1936 1063.1 106)4 1064 38,000 106
Jan 108 June14
1% 14 10,300 65e Mar 159 Aug Valvoline 01.1 (is
Ohio Copper
1
1937
102% 104 $14,000 101% Apr 104% July
1,100 ltic June 670 Mar Webster Mills 645...1933 104)1 1C359 104% 37,000 10059 Jan 10454 Sept
50e 53c
Parmac Porcup Mines Ltd. 53e
70e 74c 11,200 30e Jan 740 Sept
Plymouth Lead Mines....1 74c
24 234 1,200
Foreign Government
Premier Gold Mine Ltd...1
14 Apr
2% Jan
1,000 100 Mar 38c Feb
200 20e
and Municipalities
Ray Hercules, Inc
30
3c
2,000
le
10e
Jan
Red Hills Florence
50 Jan
49c 50c
1,100 21c Jan 750 Aug French Govt 45
Red Warrior Mining Co_ _ I
1943
31
31
$2,000 23% Mar 36
May
26c 32c 31,000
Reorg Div Ann M
lo July 32o Sept Indus Mtge Bk of Finland
14
Ms 1% 4,700
Rocky Mt Smelt & Ref---1
1
1st M coil t 75-...1944 95
Apr
944 95% 126,000 944 Sept 9634 Sept
1% July
111
1
1,100
PI
Apr
1
1
Preferred
13.4 June Indus Bank of Japan Ltd-4c
3,000
3c
2c Apr
San Toy Mining
1
6% deb notes Aug 15'27 100
99% 100 345,000 9959 Aug 100
Sc Feb
Aug
94
Sc 20,000
4c
4c
be July
Myer Dale Mining
35
60 Jan Mexican Govt 58
954 9%
934 Sept 11% Jan
2c
20
1,000
lc Feb
Jan Netherlands(Hingd)6813'72 96)4 96
Silver Horn Min & Dev 100
96% 57,000 89 LI Apr 100% Aug
Sc
4%
44 44 3,800
2% June
4% Sept Peru (Republic of) 85.1932 100
South Amer Gold & Plat- _1
100 100
12,000 9754 Jan 100
Sept
Sc 10,000
20 Jan 100 June Poland (Repub of) 65_1940 71
60
Spearhead
8c
1
7054 71
19,000 68% Sept 71
Sept
14 1%
May
Teek Hughes
300
1% Jan Russian Govt 64s---1919
1
154 15% 2.000
9
Jan 2134 Aug
58c 620
200 40c Apr 75c Feb
Tonopah Belmont Devel-1
659s certificates__ -1919 15
14% 15
46,000 10
Jan 204 Fib2,000 17c May 40c Feb
260 26e
Tonopah Divide
1921 14% 14)4 15
1
554s
11,000
954 Jan 2014 Aug
2,900
159 Jan
Tonopah Extension
3% 311
31,
311,1 May
1
554% certificates_ _1921
13% 14
4,000
959 Jan 21
Aug:
14 Jan
Tonopah Mining
1,200
2
2
2
1
256 Julv Switzerland Govt 1534s 1929 101)4 101)4 102
40,000 9754 Apr 102
Aug
70 12e 17,000
Tr -Bullion S & D
3c Feb 120 Sept
Ext 5% notes
100 12e
1926 10044 100% 100% 66,000 974 Jan 100% Aug
Trinity Copper
47e Mc
47c
8,400 250 May 800 Jan
United Verde Extension 50e 26
June 3034 July
500 21
25% 26%
• No par value. ft Correction.
Llated on the Stock Exchange this week. where
17 El Continental Mines-5 130
13c I6c 18,000 100 May 200 Jan
Unity Gold Mince
1%
14 1% 1,300 600 July
5
24 Feb additional transactions will be found. o New stook. r Option sale. to Mate*
Utah Apex
100
2% 24
Apr
5
2
2% Feb issued. z Ex-dividend. y Ex-fights. s Ex-stook dividend,
5
gnvestutent an failroati
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the third
week of September. The table covers 7 roads and shows
10.32% decrease from the same week last year.
Third Week of September.
1924.
:
121,193
Ann Arbor
343,514
Buffalo Rochester & Pittsburgh_
4,381.293
Canadian National
3.511,000
Canadian Pacific
2,635.038
Great Ncrthern
1.873.012
St Louis-San Francisco
528,016
St Louis-Southwestern
Total (7 roads)
Net decrease (10.32%)
1923.
116,247
465,496
5,051,841
4.021,000
2,872,521
1.809,254
596,707
13.393.066 14,933,066
Increase. Decrease.
4,946
•
121,982
670,548
510,000
237.483
63,758
68,691
68.704 1,608.704
1,540,000
In the following we also complete our summary for the
second week of September.
Second Week of September.
1924.
I 1923.
Previously reperted (4 roads)--- 9,229,985 10.492,591
Ann Arly r
111.900
102,447
Duluth South Shcre & Atlantic_
121.016
119.951
Georgia & Fl rids Ry
38,000
40,400
Great Northern Ry Co
2,273,569 2,517.849
Mineral Range
7.789
7,756
Minneapolis & St Louis RR Co_
419,806
430,0f2
Mobile & Ohio RR Co
375.314
356.094
Nevada Calif rnia & Oregon_ _ _
12,009
12.061
St Louis Southwestern Ry Co.583,799
536.910
Southern By System
3.600.254 3,889,406
631,839
Texas & Pacific Ry System
662,211
Western Maryland Ry Co
441.225
400,229
Total (16 roads)
Net decrease (9.52%)_
17,771,923 19,642,543
Increase.1 Decrease.
8,745 1,271,351
9,453
1,065
2.400
244.280
10,256
52
30.372
19,220
46.889
289.152
40,996
51,825 1,922,439
1.870.614
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings for STEAM
railroads reported this week:
gutelliffente.
1507
-Grossfrom Railway- -Net from Railway- -Net ”fter Taxes-1923.
1924.
23.
24.
195
195
1923.
1924.
Seaboard Air Line*703,000 *852,020
August ____ 2,785,000 3,719,557
*5,895,000 *4,788,243
From Jan 1_35,059,000 34,320,900
St Louis Southwestern583,878
330,773
706,984
425,273
August __ 2,134,101 2,369,551
From Jan 1_16,281,622 18,813,135 3.236,720 4,372,058 2,525,309 3,400,895
Southern Pacific Co_23,523,899 25.858,062 7,299,712 7,773,712 5,014,858 5,415,498
August
__-E178835009 183034,088 42,336,976 47,214,527 26,9d4,283 31.876,820
From Jan
Southern By SystemSouthern 123,
-August _ _ _ _ 12.079,380 12,754,333 2,739,714 2,377,739 2,738,133 2,224,582
From Jan 1_92,932,844 99,417,379818,875,274 19,836,740 17,596,505 17.691.058
Georgia Southern & Florida*39,083
*86,088
74,978
108,898
443,372
428,763
August ____
588,736 *365,342 *338,329
893,332
From Jan 1_ 3,275,095 3,494,961
Union Pacific SystemAugust _ _17,925,132 19,058,805 5,105,754 5,135,898 3,787,766 3,999,208
From Jan 1_125239202 128716,700 31,718.737 29,984,827 21,661,764 21,099,962
WabashAugust.... 5,538,202 6,108,633 1,819,179 1,489.822 1.382,765 1,299.180
From Jan E42,587,610 43,319,019 9,131,448 9,330,384 7,251,512 7,803,686
Western Maryland359,502
311,331
449,502
381,331
August ____ 1,485,928 2,035,126
From Jan 1_12,547,712 1,577,172 3,193,384 3,479,913 2,553,384 2,834,913
-Grossfrom Railways- -Available for Interest- -Na Income-1923.
1924.
1923.
1924.
1923.
1924.
$
$
$
$
Mistouri-Kansas-Texas Lines392,352
430,302
August.... 4,904,865 4,978,441 1,054,611 1,027,399
From Jan 1.34,244,421 35,673,398 6,892,652 6,766,016 1,888,931 1,734,470
• Net after rents.
a Surplus after charges.
.
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:
-Gross Earnings--NetEarnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
*322,626
*364,442
624,679
734,598
Aug
Alabama Power Co
-Grossfrom Railway- -Na from Railway- -Net after Tares
12 mos ended Aug 31__ _ 8.813,480 7,111,554 *4,129,979 *3.136.059
,
19523.
1924.
1923.
1923.
1924.
1924.
Continental Gas & Electric
$
280,141
308.864
632,908
Aug 678,608
Corp
4.157,031
4.520.634
Baltimore & Ohio8,686,341
9.277,902
_
31_
_
Aug
ended
mos
12
August - _ - _18,478,537 22,502,758 5,239.533 5,397,017 4,211,437 4,253,223 Georgia By & Power Co_Aug 1,258,681 1,232,682 *336,783 *338,420
Wm Jan 1146,705,427 173788,951 32,256,302 40,884,318 23,459,568 30,955,742
8 mos ended Aug 31....10,669.235 10,493,970 *3,276,278 *3,052,375
Bangor & AroostookAug 2,493,511 2.657,371 *650,076 *759,327
Co
*59,786 Philadelphia
August _ ___ 405,383
396,272
*64,998
8 mos ended Aug 31-26.364,384 26.324,281 *8,690,152*10,393,278
871,377
From Jan 1_ 4,473,820 4,309,181
•1,034,928
40.934
44,701
78.577
87,152
Co_Aug
Pow
South'n Canada
Buffalo & Susquehanna470,156
519.894
854,585
11 mos ended Aug 31.._ 955,583
-3,993
131,311
-8,278
August __ __
243,383
4,407
-4,776
124,842
From Jan L 1,229,364 1,876,801 -83,651
220,443 -120,455
*Net after taxes.
Chesapeake & OhioBalance,
Fixed
Net after
Gross
August ____ 9,583,000 9,473,221
*2,008,000 *2,113,289
Surplus.
Charges.
Earnings.
Taxes.
*14,878,000•13,517,422
From Jan L69,744,000 88,878,078
$
Chicago & AltonAtl Gulf & W I SS Lines
130.303
August
843,876
2.762,425 3,139,909
708,787
928,094
824,388
& subsidiary cos July '24 1,901,143 8368,658 t108,355
From Jan 1_20,018,078 22,152,812 4,439,810 5,070,979 3,879,517 4,392,778
7 mos ended July 31 '24 15,359,322 83,608,304 ,1,408,161 2.200,143
103,437
Chicago & Eastern Illinois-116.240
219,677
597,911
Associated Gas & Aug '24
65,745
August ____ 2,127,854 2,370,147
49,882
*194,595 *221,929
115,627
290,068
'23
Elec Corp
782,387
From Jan L18,883,413 18,810,327
769.295
*485,972 *2,107,073
12 mos ended Aug 31 '24 4,148,450 1,5o1.682
509,872
544.424
'25 3,015.429 1,054,296
Chicago Great Western86,315
August ___ _ 2,232,489 2,246.481
*88,882 Brooklyn City RR Aug '24
*298,217
3.4180
122,195
937.136
144,088
From Jan L15,803,723 17,119,358
*1,025,128 *920,024
51,719
193,807
932,169
'23
Co
277,456
202.435
75,021
Chicago & North Western2 mos ended Aug 31 '24 1,006,510
445,901
342,463
103.438
'23 2.000,421
August __ _ _13,105,857 14,581,989
2,007,528 2,220,396
From Jan 1_96,794,423 106259,229
324,249
10,224,840 10,390,636 Brooklyn-Manhat- Aug '24 3,550.973 *971,642
647.393
186.483
653,200
'23 3,287,374 *839,683
tan Transit Co
Delaware & Hudson831,408
August ____ 3,769,000 4,588,740
*904,000 *1,121,867
2 mos ended Aug 31 '24 7,269,872 *2,124,431 1,293,023
577.166
*4,507,000 *4,587,188
'23 6,592,039 *1,885,052 1,307,886
Fro n Jan 1.29,714,000 31,892,372
2e7.933
613,717
911,650
Com'w'th Pow Corp Aug 24 2,279.961
Del Lack dr Western269,802
530.724
800,527
23 2,298.417
August ____ 6,943,347 7,749,005 1,781,959 1,971,988 1,231,473 1,511,351
and subsidiary cos
From Jan 1_58,881,566 58,579,466 13,845,249 11,511,193 9,487,579 8,080,101
8 mos ended Aug 31 '24 20,732,618 8,338,546 4,581,906 3.76.639
3,377,814
4,122.232
7,500,046
19,164,532
'23
Erie Railroad421,527
232.350
653,878
August _ _ _ _10,036,547 11,822,177
*1,368,889 *1,888,384 Consumers Pow Co Aug'24 1,372,934
339.394
185,923
525,318
From Jan 1_77,990,584 89,826,342
-'23 1.239,924
*9,109,487'11,185,507
8 mos ended Aug 31 '24 12,143,765 5,752,334 1.707,680 4,045.253
Fort Smith & Western3,436.115
1,496.373
4,932,489
10,741,919
'23
80,788
127,913
24,919
19,119
167,842
August __
54,936
34,357
38,706
174,783
173,063
Fro n Jan 1_ 1,111,440 1,008,333
139,682
92,783 East Penn Elec Co Aug '24
243.531
127,080
35.137
24.632
159.769
232,316
'23
Galveston Wharf619,302
436.317
12 mos ended Aug 31 '24 3.131,871 11.055,619
32,002
158,852
64,523
August ____
122,979
44,523
11,982
525,560
293,759
1819,319
2.791,024
'23
142,811
From Jan 1_ 784,593
877,732
206,244
64,158
1,528
162.112
635,260 *162,112
Fifth Ave Coach June '24
Kansas City Southern By Co157,707
570,692 *157,707
'22
August ____ 1,752,674 2,038,4138
1-.24,467
505,961
624,755
406,881
131,613
221,079
352,692
From Jan 1.13,764,302 14,718,757 3,774,529 4,020,884 2,942,031 3,225,354 Great Western Pr
639,315
Aug'24
162,465
210,517
372,982
592,172
System
'23
Lake Terminal8 mos ended Aug 31 '24 5,059,103 2,933,366 1,733,457 1,199,909
1,239
August ____
108,554
-1,583
100,539
--7,518
--5,188
1.281,069
1.688.758
2,969,827
4,737,386
'23
From Jan 1_ 711,886
783,557 -38,511
55,000 --87,748
4.343
d5,429
318,863
79,883 '1%24,292
Honolulu Rapid
July'24
Lehigh Valleyd13.311
319,273
83,566 *832,584
Transit Co.
'23
August __
8,426,109 8,952,493
*1,215,587 *874,925
d24,872
567,445 4%161,423 5136,551
7 mos ended July 31 '24
From Jan E50,248,847 50,058,218
*7,800,817 *2,355,305
d95,949
561,050 1%217,164 5121,215
'23
Maine Centiml RR64,032
338,357
402,389
908.805
August ____ 1,638,023 1,905,595
a21,818 al11.152 Hudson & Manhat- Aug '24
81,760
339,041
420.801
Co
928,854
RR
tan
'23
From Jan 1_13,628,914 14,180,758
0181,807a-278,189
990.368
8 mos ended Aug 31 '24 7,827.537 3.699,715 2,709,347
Minneapolis St Paul & S S M754.836
2.715,209
3,470,045
7,576,952
'23
August ____ 2,110,784 2,555,534
868,469
380,795
208,179
496,335
47.811
m72,907
Aug '24
259,155 *120.718
From Jan 1_15,721.554 18,512,041 1,959,591 3,588,083
805,339 2,255,978 Idaho Power Co
58,506
m63,798
237,448 *122,304
'23
Wisconsin Central By691.164
12 mos ended Aug 31 '24 2,701,636 *1,479,338 m788,174
397,154
August
355,442
1,712,588 1,792,327
305,088
281,250
659,881
'1.406.745
m746,846
2,532.270
'23
From Jan 1_12,840,107 13,845,487 2,512,588 3,279,078 1,788,439 2,517,544
222,375
86,489
Kansas City Pr &
Aug'24
308,864
678.608
Monongahela Connecting200.573
79.568
Light Co
280,141
632,908
'23
August ____
53,884
133,751
10,420
5,973
253,832
51,296
12 mos end Aug 31 '24 9.277,902 4.520,633 1,060,656 3,459.977
89,857
From Jan 1_ 1,338,271 1,843,359
343,448
49,575
324,228
3,259,447
897.584
4,157,031
8,686,341
'23
Montour47,535
22,291
Trac. Aug '24
69,826
196,112
32,229
August ____
73,754
245,148
158,821
23,006
80,248 Manchester
L & P Co & Subs
47.196
21.909
'23
69,105
207,354
98,445
46,794
From Jan 1_ 1,040,359 1,875,128
588,536
480.988
8 mos ended Aug 31 '24 1.679.228
469,598
178,101
647.699
New York Central (Ind Ohio linea)429,821
173,138
602,959
1,691,103
'23
August
_30,484,318 38,611,444
5,548,777 7,282,002
Aug '24
44,742
277.529
n15,262
60,004
Fern Jan
__1243,141,381 286455,123
41,523,800 54,714,914 Massachusetts
Lighting Co
29,482
n15,219
44,701
260.059
'23
New York Ontario & Western8 mos ended Aug 31 '24 2,197,280
375.481
n122,449
497,930
August ____ 1,799,429 1,715,812
*588,608 *501,181
350.853
2,139,926
n119,572
'23
470,425
From Jan 1_ 9,382,650 9,790,337
*1,280,913 *894,104 Nevada-California
99,678
Aug '24
68,658
351,008 *168,336
Norfolk & SouthernElectric Corp
98.179
85.596
'23
321.335*1133,775
173,988
August ____
160,538
721,878
130,780
898,088
122,579
12 mos ended Aug 31 '24 4,396,702 *2,164,553 1,093,793 1,070,760
1_
1,805,899
Jan
1,374,897
6,358,972 6,043,252
1,258,915 1,068,008
From
'23 4.077,180 *2,253,160 1,027,897 1,225.263
Norfolk & WesternNewp N & Ramp Aug '24
48,007
188.451
20,526
68,533
August _ __ 8,042,326 8,758,915 2,302,314 2,153.531 1,622,375 1.803,072
Ry, Gas & El Co
45,965
20.906
'23
66,871
196,579
FromJan 1_80,478,555 82,229,997 14,248,005 14,142,124 9,135,973 10,088,549
12 mos ended Aug 31 '24 2,017,579
633.784
380.524
253,260
Pere Marquette690.70.3
444.232
246.472
'23 2,130,221
_ 3,494,727 3,978,042
*858,371 *529,900 New York Dock Co Aug '24
August
39,412
268,113 k144,177 3104,765
From Jan E27,284,703 29,986,548
*4,145,559 *4,423,787
46,227
'23
276.379 k155.112 3108,885
361,911
8 mos ended Aug '31 24 2,151,537 k1,209.925 5848.014
Pittsburgh dr W Va109,680
59,891
68,145
August ___ 354,765
351,609
367.381
'23 2,222,525 88,233.326 5865.945
19,728
521,926
703,185
389,594
From Jan 1_ 2,592,573 2,473,737
201,063 North Ohio Elec
154.173
801,689
176,779 -22.606
Aug '24
3,200
790.869
157,259
'23
160,459
Cc rp
Reuling Co45,398
8 mos ended Aug 31:24 6,528,607 1,392,9.5 1,347,557
August --- 7,018,812 9,313,594 1,741,795 3,054,226 1,441,589 2,494,975
391.679
23 6,874,308 1.670,016 1,278.337
From Jan 1.60,436,334 73,560.887 13,363,778 21,828,417 10,490,118 21,872,615
Companies.
THE CHRONICLE
1508
Companies.
Gross
Earnings.
Net after
Taxes.
Fixed
Charges.
Balance,
Surplus.
[VOL. 119.
GENERAL INVESTMENT NEWS.
-49.651
Pennsylvania Coal Aug '24
RAILROADS, INCLUDING ELECTRIC ROADS.
79.097
& COIL°
'23
-237,879
8 mos ended Aug 31 '24
The following news in brief form touches the high points.
713,907
'23
the week
162,658 in the railroad and electric railway world during
Tennessee Elec Co Aug '24
181,121 just past, together with a summary of the items of greatest
and subsidiary cos
'23
1,666,302
8 mos ended Aug 31 '24
in last week's
1,553,705 interest which were published in full detail
'23
51,168 "Chronicle" either under "Editorial Comment" or "Current
Texas Elec By
Aug'24
71,889 Events and Discussions."
'23
802,979
12 mos end Aug 31 '24
American Economic Institute Sends Speakers Throughout Northwestern
672,778 States to Oppose Government Ownership of Railroads as a Whole and Especially'23
249,090 the Howell-Barkley Bill to Abolish U. S. RR. Labor Board.-New York
Utah Power &
Aug '24
200,092 "Times." Sept. 25, p. 34.
Light Co
'23
2,636,275
Port of New York Authority Makes New Offer for Hoboken Shore Line RR.
12 mos ended Aug 31 '24
2,311,547
Would buy property at valuation based on earning capacity or would lease
'23
Utilities Commission of •
205,781 on terms similar to those accorded to the Port
Aug'24
Virginia Ry &
197,086 Charleston, S. C., by U. S. Shipping Board in a 5-year lease of army base
Power Co
'23
"Times" Sept. 20. p. 24.
1,791,695 at North Charleston. New York
8 mos ended Aug 31 '24
U. S. RR. Labor Board Will Hold Election on Pennsylvania RR. to Deter1.824,249
'23
of Telegraphers' Union.-N. Y. "Times," Sept. 23. p. 25.
Status
mine
204,989
Washington Water Aug '24
Authorized Statistics.-The Car Service Division of the American Railway
194,231 Association
'23
Power Co
on Sept. 20 reported the following:
2,521,075
12 mos ended Aug 31 '24
Surplus Cars.-Surplus freight cars on Sept. 7,according to these reports,
2,245,799 totaled 194,306, a decrease of 37,371 compared with the number reported
'23
on Aug. 31, at which time there were 231,677. Surplus coal cars in good
* Includes other Income. b After rentals. d After depreciation. repair on Sept. 7 totaled 97,089. a decrease of 14,165 under the number
k Before taxes. j Includes taxes.
reported on Aug. 31, while surplus box cars in good repair totaled 69.244,.
1 After rentals, renewals and replacements.
a decrease of 19,910 within approximately a week. Reports showed 10,888
m Includes interest, amortization of debt discount and dividends on out- surplus stock cars, a decrease of 1.346 since Aug. 31, while there was a destanding preferred stocks of subsid. cos. n Includes depreciation.
crease during the same period of 1.782 in the number of surplus refrigerator
n Includes depreciation.
cars, which brought the total for that class of equipment to 8,021.
Car Shortage.-Practically no car shortage is being reported.
New York City Street Railways.
Repair of Locomotives.-So far as locomotives are concerned, the railroads
Net Corp.
Fixed
*Net
Gross
of the country were in the best condition on Sept. 1 to meet the seasonal
Income.
Charges.
Revenue.
Revenue.
fall increase in traffic that they have been since early in the year. On that
Companiesthey had 53,618 serviceable locomotives, an increase of 726 over the
197,704 date
41,248
238,952
June'24 1,018.521
Brooklyn City
number reported on Aug. 15 and the largest number reported at any one
244.475 time since Jan. 1 this year. when there were 54,031.
51.447
295,922
'23 1,037,533
253.506 1,062,892
6 mos ended June 30 '24 6,035,475 1,316,398
The railroads on Sept. 1 also had 6.762 serviceable locomotives in storage,
314,401 1,269,954 ready for use whenever traffic conditions warrant. This was, however, a
'23 6,001,405 1.584.355
7.045
57,954 --50,909 decrease of 164 compared with the number in storage on Aug. 15.
2.022
Brooklyn Heights June'24
68,224 --59,049
During the last half of August 33,178 locomotives were repaired and
9,175
7,263
'23
(Rec)
24,636
348,954 --324,318 turned out of the shops, an increase of 4,703 over the number repaired
33,169
6 mos ended June 30 '24
--374,124
409,273
during the first half of August.
35,149
43,161
'23
As a result of this increased activity on the part of the railroads in pre7,676
59,433
51,757
216,715
June'24
Brooklyn Queens
of locomotives
24,637 paring to handle the usual increased fall traffic, the numbernumber
74,989
50.352
212,123
'23
Co
on line,
of the
-7,704 in need of repairs on Sept. 1 totaled 10.964. or 17%
318,390
310,686
6 mos ended June 30'24 1,279,195
of
decrease
a
659.
15,
Aug.
on
18%.
or
11,623.
with
compared
66,911
374.728
307,817
'23 1,293,789
classified repairs on Sept. 1 totaled 6,023,or 9.3%.
of
need
in
Locomotives
34,687
62,970
28,283
272,099
June'24
Coney Island &
while 4.941, or 7.7%, were in need
58,200 a decrease of 370 compared with Aug. 15.
87.079
28,879
286,539
'23
Brooklyn (Rec)
compared with the same preceding
157,154 of running repairs, a decrease of 289
:322,117
164,963
6 mos ended June 30 '24 1,400,913
230,283 date.
393,280
162,997
'23 1,421,875
Matters Covered in "Chronicle" Sept. 20.-(a) Loading of revenue freight
--8,448 continues heavy, p. 1339. (b) U. S. RR. Labor Board acts in telegraph
5,128
13,576
13,419
June'24
Coney Island &
--3.725
13.576
17,297
9,851
'23
Gravesend
case-assumes jurisdiction in wage dispute of Pennsylvania operators.
81,329 --83,283 p. 1362. (c) U. S. RR. Labor Board hearings; considers wage increase.;
-1,954
45,933
6 mos ended June 30 '24
81,240 --64,051 and seeks action to compel attendance of witnesses, p. 1362. (d) Trainmen
17,189
52,389
'23
24,145 seek wage increase. p. 1362. (e) D. L. & W. shops on full time; 2,000
116,290
92,145
514.298
June'24
Nassau Electric
40.257 benefit by 6-day schedule resumed in locomotive works, p. 1362. (I) What
90,247
494,964
130,504
'23
551.235 -10,198 the roads earned on capital investment in July and 7 months, p. 1362. (g)
541,037
6 mos ended June 30 '24 2,881.518
180,695 Decline in freight tonnage of roads in July and first 7 months. p. 1363.
550,596
731.291
'23 2,731,381
-4,177
26,356
105,583
22,179
June'24
South Brooklyn
Alabama & Vicksburg Ry.-Definitive Bonds.12,766
32,061
44,827
'23
112,995
The National Park Bank of New York will be prepared to deliver defini-4,025
35.907
6 mos ended June 30 '24
571,533
141,882
-6,234 tive First Mtge. 5% Gold bonds in exchange for outstanding temporary
194,866
188,632
'23
599,797
2040, 2571.
1,758 bonds on and after Sept. 29. See offering in V. 118, p.
261
2.019
22,544
Manhattan Bridge June'24
--732
3c Line
-505
227
'23
23,424
Resigns.
-Trustee
RR.
Anthracite
Alaska
9,310
1,701
6 mos ended June 30 '24
137,362
11,011
The National Park Bank of N. Y. has resigned as trustee for the 1st
9,266
1,358
140,117
10,624
'23
Mtge. 6% 20-Year gold bonds, dated Jan. 1 1921. The resignation will
Interboro R T Systembecome effective Oct. 25.-V. 119. p.809.
162,149
Subway Div
June'24 3.104,882 1,225.162 1,063,013
113,638
'23 2,916,196 1,151,449 1,037,811
Arkansas & Memphis Ry. Bridge & Terminal Co.6 mos ended June 30'24 20,213,030 8,857,445 6,361,325 2,496.120
Loeb & Co. and Dillon,
'23 19,044,316 7,729,618 6,209,512 1.520,106 Guaranteed Bonds Sold.-Kuhn,
and int., to yield over
--566,607 Read & Co. l'ave sold. at 923
Elevated Div
380,407
June'24 1,629,259
3.
483,505
480,000
'23 1,615,038
5.45%, $3,531,000 1st Mtge. 5% gold bonds, due March 1
6 mos ended June 30 '24 9,718,056 2,730,871 4,068,442--1,337,571
severally by endorsement
'23 9,700,170 2,640,269 3,329,559 --689,290 1964. Guaranteed, jointly and
480.852
343,639 as to both principal and interest, by Chicago Rock Island
N Y Rapid Transit June'24 2,462,451
824,491
327,663 & Pacific Ry., Missouri Pacific RR. and St. Louis S. W. Ry.
328,906
656,569
'23 2,192,678
Corp
6 mos ended June 30 '24 14,372,793 4,401.930 2,894,010 1,507,920
Coupon bonds in $1,000 denomination, registerable as to principal and
912,894 exchangeable
'23 12,733,261 4,015.260 3,102,366
for fully registered bonds, which latter arc re-exchangeable
31,404 for coupon bonds under terms provided in the mortgage. All or any part
217,477
248,881
Third Ave By
June'24 1,272,271
89,897 of outstanding bonds redeemable at 105 and int. on any int. date prior to
222,446
312,343
'23 1,280,106
System
8.683 March 1 1929: at 104 and int. on March 1 1929, or any int. date thereafter
6 mos ended June 6 '24 7,376.720 1,352.931 1.344,248
126.675 prior to March 1 1939; and at 103 and int. on March 1 1939, or any int.
'23 7.149.593 1.475.265 1,348,590
361,729 --274,096 date thereafter. Annual sinking fund of 1% of principal amount of 1st
87,633
763,369
June'24
New York By
245,682 --144,825 Mtge. bonds outstanding is to be applied to purchase of bonds at not ex100,857
801,074
'23
(Rec)
of
375,419 1.443.309-1,067.890 ceeding 100 and int., or if not obtainable at that price to redemption
6 mos ended June 30'24 4,408.488
bonds at redemption prices as above. Principal and int. payable in gold
1,413,102-1.045.278
367,824
4,490.574
'23
for any tax assessdeduction
without
America
of
of
States
coin
United
the
--8,167 ment or governmental charge (except the Federal income tax imposed by
10,286
2,119
100,853
June'24
Eighth Ave RR
-3.497 the
4.048
551
100,637
'23
Act of Congress, approved Oct. 3 1913, with respect to income derived
63,809 --80,758 from
595.422 --16,949
6 mos ended June 30 '24
interest paid on these bonds) which the company or the trustee may
64.015 --108,573 be required to pay thereon or to retain therefrom under any present or
592,547 --44,558
'23
--7,312 future law or ordinance of the United States of America or of any State.
--3,755
3,557
38.351
Ninth Ave RR
June'24
1.449 -11.368 Territory, county, municipality or other taxing authority therein.
--9.919
42.359
'23
11,352 --50.282
Issuance.-Subject to the approval of the I.-S. C. Commission.
6 tnos ended June 30 '24
237.702 --38,935
8.925 --60.577 Data from Letter of Pres. W. S. Martin, Memphis, Tenn., Sept. 4.
254,305 --51.647
'23
Ownership.-Chicago Rock Island & Pacific By., Missouri Pacific RR.
58,313
66,780
125,093
119,523
New York &
June'24
71,905 and St. Louis Southwestern By. each owns one-third of the $1,650,000 8%
64,870
136,775
120,488
Harlem
'23
428,656 Cum. Pref. stock and $870,000 Common stock.
314,788
743,444
773,674
6 mos ended June 30 '24
Compane.-Owns a double-track railway bridge across the Mississippi
458.876
773,402
314.526
766,887
'23
at Memphis, Tenn., with approaches on either side of the river. a
17.653 -10,945 Rivermain
6,707
94,154
Second Ave (Rec) June'24
track mileage of 2.02. It consists of5 steel truss spans and 2,363
total
-5.286
15,805
10,520
90,875
'23
viaduct supported on concrete and granite piers. The capacity
steel
feet
114.171 -70,305 of the bridge
43.866
550.918
6 mos ended June 30 '24
is 40% greater than that of any other Mississippi bridge and
97,474 -81,003 50% greater than
16,471
'23
498,059
the majority of such bridges, insuring its sufficiency to
30,096 -20,802 provide for anticipated increase of traffic for at least 50 years. The rails
9,294
60,984
June'24
Now York &
25,523 -22,394 of the bridge company commence at Kansas St., in the city of Memphis,
3,129
57,745
'23
Queens (Rec)
163,174 -119,756 at a point of junction with the tracks of the Union By. and extend west338,568
43,418
6 mos ended June 30 '24
116,101 -118,955 wardly along Virginia Ave. and thence across the Mississippi River to
331,440
-2,854
'23
2,348 Bridge Jct.. .Ark. From Bridge Jet. to Briark, Ark.. under an agreement
4.258
63,947
6.606
Steinway Rye (Rec) June'24
21,997 between the terminal company and its tenants, the tenants have trackage
4,480
63,022
26,477
'23
4,802 rights over the Missouri Pacific BR's tracks, this affording a connection
30,492
25,690
438,383
6 mos ended June 30 '24
7,215 with all carriers reaching Memphis from the west and either directly or
24.033
31,248
391.757
'23
By. at Memphis the tracks of the bridge company
-2,915 through the Union
4,309
1,394
38,082
Long Island Electric June'24
connect with all carriers reaching Memphis from the east. The bridge
-6,101
4,180
--1,921
36,580
'23
were
approaches
completed in 1916, under pre-war contracts, at a cost
and
22,278 -31,824
197,382
--9,546
6 mos ended June 30 '24
approximately $6,000,000.
21,987 -58,471 of Operating
177,328 --36,484
'23
Agreement.-Under an operating agreement dated March 2
1,509 1914, as supplemented. Chicago Rock Island & Pacific Ry., Missouri Pacific
7,063
8,572
38,577
New York & Long June'24
8,858 -26.121 RR. and St: Louis Southwestern By. have agreed to use the terminals and
41,383 -17,263
'23
Island (Rec)
40,361 -21.196 facilities of the terminal company for a period of 50 years from March 2 1914
19,165
213,791
6 mos ended June 30 '24
52,420 -148,497 and to pay therefor amounts sufficient to provide for costs of operation.
232.217 -96,077
'23
7,683 taxes, Interest and sinking fund on the let Mtge. bonds and dividends at
6,083
13,766
31,769
June'24
Ocean Electric
9,134 the rate of8% per annum on the Pref. stock.
16,939
7,805
34,980
'23
-4,083
Security.-Secured by a first lien on all the property of the terminal com24.171
20,088
120.586
6 mos ended June 30 '24
913 pany, subject only, as to certain property in the city of Memphis, used as a
33,163
34.076
129,634
'23
-824 coach yard formerly owned by the Rock Island-Memphis Terminal By.,
10.243
9,419
\ranhattan &
34,604
June'24
-2.093 to the lien of that company's let Mtge. authorizing $850.000 of bonds, of
10,792
8,699
33,375
'23
Queens(Rec)
are outstanding. The 1st Mtge.'bonds are also secured
51,699 -16,109 which $400,000
35,590
190,269
6 mos ended June 30 '24
assignment under the 1st Mtge. of the operating agreement of
63.429 -13,640 by the 2
49,789
195,632
'23
1914 and of the agreement dated May 20 1915 providing for
March
-1.553 trackage rights over the lines of the Missouri Pacific RR.
10,081
8.528
09,377
Richmond Light & June'24
w
51.244
20,632
71,876
70,724
RR
'23
Bond Issue.-Of the authorized amount of $7,500,000, $6,000,000 bonds
54.327 -20.493 have been issued, of which 4219,000 have been retired by the sinking fund,
33,834
6 mos ended June 30 '24
390.365
323.509 f2,250,000 are in the treasury of the terminal company and the remaining
90,391
413.900
393.535
'23
W3,531,000 are the bonds which the bankers have agreed to purchase from
* Includes other income. -Deficit.
428,312 -k16,487
752,532 k119.732
k25,122
3,894,212
6,130.833 k975,023
329,458
744,692
330,638
736,766
6,181,436 2,936.143
5,942,545 2,704,0a9
86,595
222,674
108,576
253,734
2,977.613 1,234,733
2,797,216 1,122,128
788.480 *426,275
*380.299
728.481
9,146,041 *4,776,826
8,056,587 *4,267,578
846,681 *5314,710
861,208 *5296,629
6,924,0031'62,656,191
6.918,227552,617,175
256,017
441.730
242,939
421,256
5,266,660 3,123,793
4,938,458 2,848,828
33,164
40,635
263,001
1,688.930
166.800
149,516
1,269,841
1,150,353
35,427
36,687
431,754
449,352
177,185
180,207
2,140,551
1,956,031
108.929
99,503
864.496
792,926
51,028
48,708
602.718
603,029
SEPT. 27 1924.]
THE CHRONICLE
1509
the proprietary companies who have heretofore held them. The balance
Detroit United Ry.-Operation of Buses, &c.
of $1.500.000 may be issued to provide funds for capital expenditures and
The company announces that application will be made to the Michigan
for the retirement of the above-mentioned 1st Mtge.'bonds of Rock Island- P. U. Commission for permission to organize a company to operate a bus
Memphis Terminal By.
line which will give service supplemental to the electric interurban service,
Listing.-Applicatton will be made to list the bonds on the New York now furnished by the company in seven municipalities near Detroit.
Stock Exchange.-V. 108, 13• 1721.
The town of Riverview, the last of the villages to vote on the service-atcost ordinance, on Sept. 22 ratified the franchise. See also V. 119, p. 1394.
Baltimore & Ohio RR.-To Purchase Bonds.Duluth-Superior Traction Co.-Defers Pref. Div.The company is prepared to purchase: (1) Baltimore & Ohio Prior Lien
The directors have decided to defer the quarterly dividend of 1% due
Mtge.3 % bends, due July 1 1925 at 100 and int.: (2) Pittsburg Junction
and Middle Division 1st Mtge. 33.i% bonds, due Nov. 1 1925 at 100 and Oct. 1 on the 4% Cumulative Preferred stock.
President A. M. Robertson states that net earnings are not sufficient for
int.;(3) Schuylkill River East Side RR.Co. 1st Mtge.4% bonds,due June 1
1925 on a 33.6% interest basis to maturity. Holders desiring to avail them- the payment of a dividend for the quarter ending Sept. 30 1924. The
selves of any of these offers should present their bonds, with all umnatured revenues of the company, due to the unrestricted jitney bus competition
coupons attached, at the office of the Baltimore & Ohio RR., 2 Wall St.. In the city of Duluth prior to Aug. 23 of this year and general business
conditions, have been greatly reduced, and it has been impossible for the
N. Y. City.-V. 119, p. 1394.
management to reduce operating expenses proportionately.
Boston & Albany RR.-New Directors.Mr. Robertson further says: "This has resulted in the net earnings for
Allan Forbes of Dedham. Mass., and Herbert M. Sears of Boston have the year to date available for the payment of dividends not being sufficient
been elected directors, succeeding Morris Gray and the late Robert Gardi- to permit the directors to declare the Pref. dividend for the quarter ending
ner, respectively.-V. 119. p• 577.
Sept. 30 1924. Pref. dividends are cumulative, and no dividends can be
paid upon the Common stock until any arrears of Pref. dividends have
Brooklyn City RR. Co.-Income Statement.been paid."
-Month of August- -2 Mos.End. Aug.31Dividends on the $1,500,000 Pref. stock are cumulative at the rate of
1923.
1924.
1923.
1924.
per annum.-V. 118. p. 793.
4%
Passenger revenue
$903,799
$946.720 $1,840,050 $1,911,058
Erie RR.-Erie & Jersey Bonds Offered.Other revenue
89,363
33,337
45.449
66,469
Buell & Co. New York, are offering $200,000 Erie & Jersey RR. 1st
Total
$937,136
$992,169 $1,906.519 $2.000,421 Mtge. 65, due'
1955. at a price to yield over 5.80%. A direct obligation
Oper.exp. and taxes_ __ _
1,554.520 of the Erie RR. The bonds are secured by a closed 1st Mtge. on double814,941
798,362
1,629.063
Income deductions
103.438 track mileage forming part of the Erie's low-grade through freight line
35,880
51.719
75,021
between New York and Chicago.-V. 119. p. 1171, 1063.
Net corporate Income_
$342,463
$86,315
$144.088
$202,435
Federal Light & Traction Co.-Listing-Earnings.In explanation of the financial showing of the company for the month of
The New York Stock Exchange has authorized the listing on or after
August, when compared with August 1923. attention is directed to the fact
(auth.
that transportation revenues decreased about $45,000, or approximately Oct. 1 of not exceeding $45,800 6% Cumul. Pref. stock, par $100
making the
5%. This was due to three major causes: the unfavorable weather which $5,500,000). on official notice of issuance as a stock dividend, declared
an
directors
Aug.
6
the
On
$3,825,300.
applied
for
prevailed during the greater part of August, the abandonment of operation total amount
over the Williamsburg Bridge, and the change of traffic conditions in the extra dividend on the Common stock of 75 cents per share in Pref. stock,
payable Oct. 1 1924 to holders of record Sept. 15.
14th St. Eastern District, due to the opening of the 14th St.subway line.
Output, &c.-The output for the first seven months of 1924 is as follows:
Experience in other sections of Brooklyn has shown that as time goes on
of
Increase in short-haul traffic in the section served by the 14th St. subway K.W.H sold, 50,870,832; passengers carried, 6,949,791; M. cubic ft.
line will ultimately give the Brooklyn City RR. more net earnings than were gas sold', 778,602; M. gallons of water sold, 231,611; pounds of ice sold.
received from this section before the subway line was opened. Recent 1,967,006.
Income Statement Seven Months Ended July 31 1924.
increases in this district in short-haul traffic clearly indicate this trend.
$1.001,759
In spite of decreased gross earnings, the company has continued its Total income
139,860
policy of liberal expenditures for maintenance of way and structures. Expenses
298.334
During August the expenditures for maintenance and reserves for
ace- Total interest
31.257
ments exceeded 29%of the gross, whereas in August 1923 they were slightly Total discount
over 25% of the gross. The company has almost completed the large
$532.308
amount of reconstruction of track and roadway rendered necessary by the
Net profit
1,073,307
deferred maintenance which had accumulated on the property during the Balance. Dec. 31 1923
term of the lease.-V. 119, p. 1393, 1281.
$1,605,615
Total
income
Canadian National Rys.-New Directors.224.431
-Dive, on Prof. stock (paid and reserved)
Five new appointments to the board of directors have been announced. Less
201,238
Dividends on Common stock
They are as follows. Robert H. McKay,of New Glasgow, N.S. J. Stuart
Rayside, of Montreal; Matthew Lodge, of Moncton, N.B.: Edward Brown,
$1,179,945
Profit and loss surplus July 31 1924
ex-provincial treasurer of Manitoba:James Gill Gardner,of Brockville, Ont.
Balance Sheet July 31 1924.
The appointment of these 5 directors to the board increases the total
Liabilitiesnumber of directors to 13. Edward Brown and Robert H. McKay,filled
Assets$
the vacancies caused ny the death of J. H. Sinclair and the resignation of Stocks and bonds of sub. cos.$14,373,497 6% Preferred stock
779'527
'
1,347 Common stock (61,006 abs., 3
Securities of other companies
James Stewart.-V. 119, P. 1171. 941.
4,600,450
18,901
no par value)
Office furniture and fixtures_
8,633,500
176 Total long-term debt
Carolina Clinchfielci & Ohio Ry.-To Merge Sub. Co.- Sinking fund cash
36,57
11,678 Accounts payable
The stockholders of Clinchfield Northern By. of Ky. will vote Oct. 6 Notes receivable
6,546
80,319 Coupons payable
on merging into Carolina Clinchfield & Onio Ry.-V.119. p. 1281, 1171.
Cash on band and in banks__
206,869
6,545 Accrued interest payable_ _ __
Cash to pay coupons
159,392
27,252 Unadjusted credits
Central Vermont Ry.-Equip. Trusts Offered.-Plymp- Miscall. accounts receivable_
1,179,945
400,000 Total corporate surplus
call loans
ton, Gardiner & Co. and Paine, 'Webber & Co., New York, Secured
9,698
S. Liberty Loan bonds__ _
are offering at prices to yield from 4% to 53,4 1, according U.
2,649,695
cos_
_
_
_
subsidiary
from
Due
$18,602,802
1,023,694
Total (each side)
Unadjusted debits
to maturity, $767,000 5% Equip. Trust notes, Series "F."
Dated Oct. 1 1924. maturing semi-annually April 1 1925 to Oct. 1 1932. -V. 119, p. 1281.
Denom. $1,000. Not redeemable prior to maturity. American Exchange
Florida East Coast Ry.-Bonds Sold.-J. P. Morgan
National Bank of N. Y., trustee.
New
These $767,000 notes are to be a direct obligation of the company under & Co., First National Bank and National City Co.,
an equipment trust agreement between the American Car & Foundry Co.. York, Ir ye sold at 96 and int., to yield 5.22%, $15,000,000
American Exchange National Bank, New York. trustee, and Central
Series "A."
Vermont Railway CO., and are to be issued in part payment for standard 1st & Ref. Mtge. 5% gold bonds,Int. payable M.& S. in N. Y.
Dated Sept. I 1924. Due Sept. 1 1974.
railway equipment consisting of: 200 40-ton capacity new steel underany int. date, as follows: On
notice
on
part
on
90
days
frame box cars and 300 30-ton capacity rebuilt steel underframe box cars. City. Red. all or
on or after
This equipment is valued at $955,000,Showing an equity of $188,000, being or after Sept. 1 1944. and prior to Sept. 1 1971, at 105 and int.
and
int.
$500 and $100, and
Denom.
c5
$1,000,
100
at
Sept.
1
1..71
about 20% of the cost of the equipment and about 25% over the face
be. In the
will
r5 $1,000 and authorized multiples thereof. These bonds
amount of the Equipment Trust notes issued.
insurance companies in the
The title to this equipment is to be vested in the trustee and leased to the opinion of counsel, a legal investment for life
trustees.
W.
Jones,
Bethune
Bankers
Trust
Co.
and
company, the railway company agreeing to maintain, replace and insure State of New York.
Issuance.-Authorized by the Inter-State Commerce Commission.
equipment and to pay a rental sufficient to provide for the redemption of
Data from Letter of President Wm. R. Kenan Jr., Dated Sept. 25notes, interest coupons and all expenses of the trust.
The Canadian Government, under an Act of Parliament, now controls
Company.-Company (also known as the "Flagler System") is the only
the Grand Trunk Railway Co. of Canada. which road owns, controls and railroad providing transportation facilities along the east coast of Florida
operates the Central Vermont Railway Co.-V. 117, p. 2768.
and has been the chief factor in the rapid development of that territory.
The main line of the railway extends from Jacksonville to Key West, and
Chicago Palatine & Wauconda RR.-Receiver.access to the east coast of Florida and to Cuba for the Atlantic
H. M. Detrick of Wauconda,
has been appointed receiver. The affords
By. and Seaboard Air Line systems, with which
receivership follows the application of Robert C. Kent. acting trustee since Coast Line,isSouthern
made at Jacksonville. A daily car ferry service between
connection
1919. The alleged indebtedness approximates $150,000.-V. 112, P. 1865.
Key West and Havana. Cuba. is operated by a separate corporation, all
Chicago Rock Island & Pacific Ry.-Abandonment.- of the stock of which is owned by the present stockholders. The service
The I.-S. C. Commission on Sept. 12 issued a certificate authorizing the provides a continuous route for through freight between points in Cuba
Rock Island Arkansas & Louisiana RR. and the Chicago Rock Island & and the United States.
Company owns and operates 755 miles of road, consisting of its main
Pacific By. to abandon a line of railroad extending from a point approximiles
mately 1,000 ft. north of the crossing of the Louisiana & Arkansas and the line from Jacksonville to Key West, a distance of 522 miles. and 233line
at
Arkansas Rys. in the town of Winnfield to the southern boundary line of of branch lines, including one of 139 miles extending from the main Okeeto
Winn Parish, a distance of 9.53 miles, all in Winn Parish, La.-V. 119. New Smyrna southward through the Kissimmee Valley countryadditional
miles
of
55
also
has
name.
It
chobee. on the lake of the same
p. 1394, 1171.
under construction and nearly completed, making a total of 810 miles
Cincinnati Newport & Cov. Ry.-Belt Line Approved. line
of road owned. This additional 55 miles represents a part of a connection
A contract between the company and the Retail Merchants Association of 133 miles between Okeechobee and a point on the main line near Miami.
of Covington, Ky. was entered into Sept. 20 establishing a belt line car being built at a cost of $5,000,000. This alternative route when completed
service connecting'
West Covington, Ludlow and Bromley with the shop- will, in effect, provide a second track for the main line between New Smyrna
ping district of Covington. Under the proposed plan the company is to and Miami. a distance of about 240 miles. for passenger traffic and for the
operate one car on an hourly schedule for a period of 6 months to ascertain movement of fast through freight trains carrying perishable commodities.
if the project is profitable, and a minimum approximated expense of The physical condition of the railroad and of its equipment 1.9 excellent.
$5.711 47 is to be guaranteed by the Merchants Association. A 5-cent
Earnings for Calendar Years.
fare is to be charged and the amount received is to be deducted from the
'
,Net
Gross Operating xIncome Avail. Total Filed
guarantee.
Income.
Charges.
for Charges.
Revenues.
The company has discontinued operation of its line between Fort Thomas
.1
$a,nM6
$570,095
$3,009,456
1917
$8.140.167
and Cold Springs, KY.-V. 117, p. 1016.
1.552,477
601,822
2,154,229
a8,841,222
1.654.158
Chicago Burlington & Quincy RR.-New Equipment.- 1918
673,309
al0,121,222
2,327,467
9
1,387.708
729,042
The company has authorized the purchase of 2,500 freight cars to cost 1920
2,116,750
613,701,191
766,705
740,921
about $6,000,000. It is probable that the entire amount will be paid for 1921
13,579,109
1.507.626
1.991.872
without the issuance of equipment trust certificates. Of the 2,500 freight 1923
777.451
2,769,323
22
13.427.625
2,757,673
848,099
cars to ho purchased. 2,000 will be box cars for the hauling of both auto3,60.5,772
16.023,998
mobiles and grain. The remaining 500 will be coal cars.
a U. S. Railroad Administration. b U. S. Railroad Administration 2
President Holden said that so far this year earnings show a decrease of months, Federal guaranty period 6 months, corporate period 4 months.
about $10,000,000 in gross but a decrease in operating expenses of $12,000,- x Income available for fixed charges after deducting hire of equipment and
000. He estimates that for the present year the net earnings will be larger joint facility rents. y Available for interest on income bonds.
than for 1923 although the gross will be considerably smaller.
For the first 7 months of the current year, net railway operating income
Mr. Holden also says that the balance over the full dividend of 10% was 32,688,341, as compared with $2,894.160 for the first 7 months of 1923.
on toe stock for the year will he larger this year than it was last, when it
This Mortgage.-Company will execute its 1st Sr Ref. Mtge., to be dated
was a little more than $1,900,000.-V. 119, p. 692.
Sept. 1 1924, for the purpose of providing funds for capital expenditures
made or to be made on the company's property, to refund bonded debt
Denver & Rio Grande Western RR.-To Be Sold.and for other corporate purposes. The total amount of bonds authorized
The read will be offered at public sale on Oct. 29 by Cass E. Herrington, to be outstanding under the mortgage at any one time is limited to
special master appointed by the Federal District Court to take charge of $150,000,000. After bonds, additional to the present issue of $15.000.000
the sale. The upset price has been fixed by Federal Judge J. Foster Symes Series "A" bonds, have been issued in the amount of $25.000,000 for other
at $17,935,700. The sale will be held on the front steps of the Denver & than refunding purposes, bonds may not be issued other than for refunding
Rio Grande Western office building at the Burnham shops in West Denver. purposes for more than 80% of the cost of work done or of property ac-V. 119. p. 1394. 1171.
quired.
Bonds may be issued in series under the mortgage, each series bearing
Des Moines & Central Iowa Electric Co.-Tenders.- such rate of interest, maturing on
such date and subject to redemption
The Central Trust Co. of Illinois, 125 West Monroe St., Chicago, until before maturity at such time and at such price as the company may deSept. 26 received bids for the sale to it of Collateral Lien Sinking Fund termine in regard to each series.
bonds, dated Sept. 1 1913, to an amount sufficient to exhaust $37,698 at
Capital Structure, Stock Dividend, &c.-On completion of the present
prices not exceeding 105 and Int.-V. 116. p. 1532.
change in the company's capital structure, its total outstanding funded
1510
THE CHRONICLE
debt will be $31,075,000, as contrasted with more than $63,000,000 of cash
expended to date for the construction and improvement of the property.
bonds,
The total capitalization will consist of $12.000,000 1st Mtge. 4
due 1959 (mortgage closed), the ,present issue of $15,000,000 1st & Ref.
Mtge.5% gold bonds, Series "A,' $4.075,000 Equipment Trust obligations
and $37.500.000 of capital stock. This amount of stock includes a 200%
stock dividend, which has been authorized by the I.-S. C. Commission,
to be issued to stockholders who now hold the entire issue of $25,000,000
General Mortgage Income 5% bonds. These General Mortgage Income
5% bonds are to be surrendered to the company and canceled.
Security.-The First & Ref. Mtge. will be a direct first lien on 139 miles
of road, and also on the additional 55 miles which are now under construction and nearly completed. The mortgage will be a second lien on 616
miles of road subject only to $12.000.000 1st Mtge.4$,5% bonds. Thus the
total mileage to be covered by direct lien by the 1st & Ref. Mtge. will be
810 miles. The company's total outstanding mortgage indebtedness,
including the present issue of 1st & Ref. Mtge. bonds, will be at the rate of
approximately $33,300 per mile of road. The 1st & Ref. Mtge. also covers
all the other property, rights and interests of the company required in its
transportation business, including its interest in terminals at Jacksonville.
The company's net income available for dividends in 1923, after giving
effect to the present change in capital structure, was equivalent to over
5.7
e on the $37.500.000 par value of capital stock presently to be outstanding.
Purpose.-The proceeds of the present issue of 1st & Ref. Mtge.5% gold
bonds, Series "A," are to be used to reimburse the treasury for the cost of
additions and betterments already made, to provide funds for additions and
betterments to be made, and for the retirement of unfunded debt.
Listing.-Application will be made to the New York Stock Exchange for
the listing of these bonds.-V. 119, p. 1064. 324.
Grand Trunk Pacific Ry.-To Pay Debenture Interest.It is announced that the warrants for a full year's interest to March 1
[Vol,. 119.
The receiver in his report to the Court said the purpose of the plan is
(1) To preserve the trust° estate and prevent waste; (2) to increase safety
of operation: (3) to improve operating conditions and so equip the railroad
that it can better perform itstduties to the public: (4) to reduce operating
costs and increase earning capacity and place the property in such condition that it may thereafter be self-supporting.
The railroad went into the hands of a receiver July 26 1923. The
rehabilitation and improvement program already approved by the Court
up to July 26 1924, dating back to date of receivership, amounts to
$1.025,770.
The equipment program calls for purchase of equipment at a total cost
of $5,380,000. The proposal is to finance the equipment by equipment
trusts, with a 15-year tenure.
Abandonment of Line.The L-S. C. Commission on Sept. 12 issued a certificate authorizing the
receiver to abandon a line of railroad extending from Akaska to LeBeau, a
distance of 12.567 miles, all in Walworth County, So. Dak.-V. 119,
Orleans Public Service Inc.-Stock to Employees.
938. 579.
P. New
According to Pres. Herbert B. Flowers, more than $500.000 of Cumul.
Pref. stock has been subscribed by regular employees of the company in
the course of the campaign which began about two weeks ago. The stock
Is not a new issue and is a part of the regular issue made on the reorganization of the company, of which there is more than $4.200,000 outstanding.
Up to Sept. 21 3,200 of the 3.400 permanent employees have invested
in the Cumul. Pref. stock.-V. 119, p. 943.
New Orleans Texas & Mexico Ry.-Interest Payment.
-
The company has declared interest to the amount of 2Y6%,to be payable
on the 5% Non-Cumul. Income bonds, Series "A," for the 6 months period
last on the 4% Debenture stock, payable out of the earnings of the Grand ending June 30 1924, and will, on and after Oct. 1 1924, at the Guaranty
Trunk Ry. Co.for the 12 months ended Dec. 31 1923, will be paid on Sept. Trust Co., 140 Broadway, N. Y. City, make payment of such interest
upon presentation and surrender of Coupon No. 16.
29 to stockholders of record Sept. 8. See also V. 119, p. 811, 1171.
On and after Sept. 26 temporary bonds for 1st Mtge. 534g. Series "A,"
and 1st Mtge. 5s, Series "B," both due 1954, will oe exchangeable for
Great Northern Ry.-Purchases Timber Tract.coupon bonds at th office of the Irving Bank-Columbia Trust
definitive
The following statement is understood by the "Chronicle" to be substantially correct: The Great Northern Ry. Co., through its subsidiary, Co., Corp-rate Trust Department, 60 Broadway. N. Y. City.
York Stock Exchange has authorized the listing of $7,734,000
New
The
1,000,000,000
feet
of
bought
a
timber
stand
Co..
has
the Somers Lumber
near Marion in Kalispell, Montana district, from the Anaconda Cooper 1st Mtge. 534% Gold bonds, Series A,due April 11954. and of $5,222.500
Mining Co. The present holding, available to Somers mill on Flat Head 1st Mtge. 5% Gold bonds, Series B, due April 1 1954. with authority to
Lake, is sufficient for 4 or 5 years. The new tract will furnish supplies add to the list from time to time an additional $8.277,500 Series B bonds on
official notice of issue in exchange for 5% Non-Cumulative Income bonds,
for fir, birch, cedar and pine for 25 to 30 years.-V. 119, p. 1282.
Series A, due Oct. 1 1935.-V. 119, p. 325.
Illinois Power & Light Corp.-Wage Reduction.-
In an award recently handed down by a board of arbitration, wages of
street car operatives on the Peoria (Ill.) Ry. were reduced 7 cents an hour.
retroactive to Sept. 15. The new wage schedule follows: Class "C.41 cents an hour: Class "B," 43 cents, and Class "A," 45 cents. One-man
car operators will receive 5 cents an hour additional.-V. 119, p. 324.
Interborough R. T. Co.-Manhattan Rental, &c.See Manhattan (Elevated) Ry. below.
H. M. Fisher and Robert C. Rathbone have been elected directors to fill
vacancies. Mr. Fisher is Secretary of the company.-V. 119, p. 1395.
Interstate Public Service Co.-May Acquire Addl Prop.
The company has applied to the Indiana P. S. Commission for authority
to acquire the Common stock of the Indiana Power Co. and the Knox &
Sullivan County Light & Power Co. In addition, It is reported that the
Middle West Utilities Co. is negotiating for the acquisition of the Common
stock of the Consumers Power Co.(of Del.). Indiana. Control of the latter
company, it is said, will be turned over to the Interstate Public Service Co.
after being acquired by the Middle West Utilities Co.-V. 119, p. 693.
Interstate Railways.-Reduction in Stock Listed.The Phila. Stock Exchange on Sept. 19 reduced the amount of Common
stock listed on the regular list from $2,300,000 to $1,000.000-$1,300,000
Common stock reported as having been purchased from time to time
privately and in the open market and canceled in accordance with action
taken by the directors and stockholders on Aug. 14 and Sept. 11, respectively, amending the certificate of incorporation whereby the authorized
Common stock was reduced from $9,000.000-90,000 shares, par $100. to
$7.700,000-77.000 shares, par $100. The total authorized capital stock
now being $7,704.000, divided into $4,000 Pref. stock, par $10. outstanding,
and $7.700,000 Common stock, par $100, of which $1,000,000 is outstanding.-V. 119, p. 1281.
New York New Haven 8z Hartford RR.-Refunding.
President E. J. Pearson Is quoted as follows:"No difficltv is anticipated
in succe:sfully refunding New Ira ven's obligations which fall due esrlv next
year. There are only $1,566,000 maturities this year, of which $817,000
are equipment trusts and all of which are being paid off."
The company has $23.223.125 European loan debenture 7s, due April 1
1925.-V. 119, p. 1282, 1065.
New York Ontario & Western RR.-New Director.Charles F. Choate Jr. of Boston has been elected a director to succeed
the late A. Eaton Robertson of New Haven.-V. 118, p. 2179.
Norfolk & Western Ry.-Guaranty,
See Winston-Salem Terminal Co. below.-V. 119. p. 1395, 694.
Northern Central Ry.-Test Suit.An injunction to restrain the company, a subsidiary of the Pennsylvania
RR., from issuing 71,600 shares of Common stock at $50 a share until
the company has received authority from the Maryland P. S. Commission
to issue the stock was asked Sept. 18 in a bill of complaint filed in the
Circuit Court at Baltimore by Edward H. Burke, Assistant AttorneyGeneral. This is the first move toward the settlement of the question
of whether the P. S. Commission can review the securities issues of carriers
after the issues have been reviewed and authorized by the 1.-S. C. Commission.-V. 119, p. 1065. 455.
Omaha & Council Bluffs Street Ry.-Asks Tax Relief
or Higher Fares in Omaha.-
The company on Sept. 16 served a practical ultimatum on the City
Council of Omaha, Neb., that unless the present city occupational tax
and the city's paving requirements are lifted it will immediately apply for
a higher fare. The occupational tax is 3% on the gross revenue of the
and amounts to about $100,000; the paving requirements amount
Inter-State Consolidated Street Ry.-To Continue.- company
about $100.000 additional.
It has been decided to continue oparations of the Interstate Consolidated toIn
letter
to the City Council R. A. Leussler. 2d Vice-President and
a
Street Ry. and also the Milford Attleboro & Woonsocket Street Ry. The
Manager of the company, said in part:
former is operating under a receiver and was granted permission by Judge General
revenues
of the company have become so seriously impaired that
"The
Carroll last week to discontinue operations because the property was
early readjustment is imperative. The net income from operation in
operating at a loss. This road is a feeder for the Milford Attleboro & an
fallen
more than $1,000,000 below the amount which the
Nebraska
has
to
the
relief
of
Woonsocket Street Ry. Local business interests have
Nebraska Railway Commission has found we were entitled to earn for the
the roads and the employees have agreed to take a reduction in wages.
1920 to 1922. incl. In 1923 we again fell short considerably more
Recommendations that the City of Attleboro. Mass., advance to the years$300,000
of the amount we should have earned, and at the present
Inter-State Street Ry. Co. $1,200, and thus insure continued operation for than our receipts
show a decrease of approximately $1,000 a day compared
about four months, were tabled for seven days when brought before the time
the corresponding days last year.
City Council on Sept. 23. The result may be the discontinuation of ser- with
"This
presents
a situation which calls for prompt remedial action. We
vice meandme, as Zenas W. Bliss, receiver, has already secured permission know of no material
savings in operating expenses which could be effected,
to cease operations rather than operate at a daily loss.-V. 119, la• 1395.
at.d therefore it appears to us there are but two alternatives: Either we
relieved
of
the
occupation tax and paving requirements or we must
must
be
Joplin & Pittsburgh Ry., Kansas City, Mo.-Sale Asked make application for higher
fares. I think it would he desirable to have a
The Harris Trust & Savings Bank, Chicago, and the St. Louis Union joint
conference
between
the members of the City Council, the CommisTrust Co. on Sept. 17 filed petitions requesting the foreclosure sale of the sion and representatives of our company to consider the situation and to
property of the Joplin & Pittsburgh Ry. Co., now in the hands of receivers. decide what course should be pursued."-V. 119, p. 1282.
These concerns are the trustees under the mortgage, which amounts to
$1,750,000. The road operates between Joplin. Mo., and Pittsburgh,
Paris-Lyons-Mediterranean RR.-Seeks Loan.Mulberry, Cherokee, and Gerard, Kan.
The company, according to reports in the financial district, is in the
The interest due March 11924. amounting to $43,750. has not been paid.
Goldman, Sachs & Co. and
Murdock H. McLean, Chicago, has been appointed receiver to succeed American market for a loan of $20,000,000.
to head the underwriting
Karl D. Klemm. The sale of the property will not be consummated for Bankers Trust Co., it is reported, are expected
syndicate. Proceeds, it is said, will be used for electrification.-V. 119, p.
about 3 months. Mr. McLean said.-V. 118, p. 1267.
1396.
Louisiana & North West RR.-To Pay Oct. 1 Interest.-
Pennsylvania RR.-Equipment Trusts Sold.-Kuhn,Loeb
& Co.-11 ,ve sold at prices ranging from 97.87 and dividend
to 100.49 and div., to yield from 4% to 4.70%, according to
Manhattan (Elevated) Ry.-Dividend Rental.maturity (or an average price for equal amounts of all maThe disidend rental of $1 declared last week is payable Oct. 1 to holders
turities of 98%%, being an average yield of 4.70%), $15,of record Sept. 22 (not Sept. 19 as recently report).-V.119, p. 1395.
- 750,000 General Equipment Trust 4%% Certificates,
Manila Electric Corporation.-Plans Stock Split-Up.
The stockholders will vote Nov. 10 on authorizing a change in the Com- Series "C."
The Metropolitan Trust Co. of the City of New York announces that
coupons due Oct. 1 1924 from the 1st Mtge. 5% bonds of 1935 will be
paid at maturity on presentation at their office.-V. 118, p. 2572.
mon stock from 100.000 shares, par value $100. to 400,000 shares no par
value. If the change is authorized, four shares of no par value stock will
be issued in exchange for one share of $100 par value.
President Charles M. Swift, in a letter to the stockholders explaining the
reason for this change. says: "It is believed the result will tend to a wider
distribution through placing the market value per share better within the
reach of the small investor. An increase in the number of shareholders by
this means is considered to be extremely desirable and for the best interest
of the corporation. The present earnings and financial condition of the
corporation justify the payment of dividends at the rate of $2 50 per annum
on the new shares."-V. 118, p. 2179.
Maturing in equal amounts in annual installments from Oct. 1 1924 to
Oct. 1 1939, both inclusive. Denom. $1,000 c*. Fidelity Trust Co.,
Philadelphia, trustee. Both principal and dividends will be payable at
the office of the trustee or at its agency in New York, in gold coin of the
United States of America, of or equal to the present standard of weight and
fineness, and without deduction for any tax, assessment or other governmental charge (other than Federal income taxes) which the company or
the trustee may be required to pay or retain therefrom under any present
or future law of the United States of America or of the Commonwealth of
Pennsylvania.
Issuance.-Subject to the approval of the inter-State Commerce Comm.
These certificates are to be issued by the trustee under an equipment
Milford Attleboro & Woonsocket Street Ry.trust agreement and lease. There will be vested in the trustee title to new
Judge James B. Carroll in the Supreme Court at Springfield, Mass., on equipment costing more than $21,000,000, consisting of 10,000 box cars,
Sept. 23 held up the petition of Clark V. Wood, receiver of the company, of all steel construction, and of 100,000 pounds capacity each.
All the equipment is to be leased by the trustee to the Penasyl yenta RR.
for permission to discontinue operation of the road. See also Inter-State
at a rental sufficient to pay the principal of the certificates and the dividend
Consolidated Street Ry. above.-V.119, p. 75.
warrants at their maturity. The payment of the principal of the certificates
Minneapolis & St. Louis RR.-Rehabilitation Plan.and the dividends thereon will be unconditionally guaranteed by endorseA proposed financial program calling for an expenditure of $13,735,000. ment upon the certificates by the Pennsylvania RR.
which involves improvement and rehabilitation of the physical property
Construction of Line.and acquisition of new equipment for the road, was filed in Federal Court
The I.-S. C. Commission on Sept. 10 issued a certificate authorizing the
at Minneapolis Sept. 17 by W.H. Bremner. receiver. The plan calls for
Pittsburgh Fort Wayne & Chicago Ry. and the Pennsylvania RR. to
completion of the improvements by Jan. 1 1927.
Issuance of receiver's certificates to the amount of $7,000,000 is recom- construct an extension of a line of railroad extending from a connection
mended to Federal Judge Wilbur F. Booth by the receiver, to be used as with the Fort Wayne's railway at or near Canton, Stark County, in a
general easterly direction to a connection with the Cleveland & Pittsburgh
required in carrying out the three year program.
The two outstanding items in the program are: (a) Rehabilitation and division of the Pennsylvania System at or near Bayard, Columbia County,
improvement of the physical property, $3,142,320; (6) proposed new a distance of approximately 15 miles, all in the State of Ohio.-V. 119, 13.
1396, 1173.
equipment, $5,380,000.
SEPT. 271924.]
THE CHRONICLE
1511
Pittsburgh & West Virginia Ry.-Rights to Subscribe to
Pittsburgh Terminal Coal
The company has recently completed the acquisition of the electric and
ice situation in Tarpon Springs. Fla., and the electric service here will be
provided from the St. Petersburg plant through the erection of a
-volt
transmission line.
Holders of Common stock of record at the close of business on Sept.
This project for transmission line construction also includes interconwill be offered the right to subscribe for Preferred stock (par $100)
nection
Common
system
of the
and
with the lines of the Florida Power Co. That
stock (par $100) of the Pittsburgh Terminal Coal Co. to the
extent of
shares of said Preferred stock and
shares of Common stock company serves the territory north of Tarpon Springs and as it is rapidly
for each 100 shares of Common stock of the Pittsburgh & West Virginia extending its line to supply a number of towns in central and western
Florida and has contracted for the purchase of all its excess requirements
Ry.held, on payment of
Securities will be ex-rights Sept.
for the next ten years, it is expected that this will prove to be profitable
Right to subscribe expires Dec.
See also V.
1
business for our company.
St. Louis-San Francisco Ry.-Improvements.All in all. about
miles of
-volt transmission lines are now being
Completion of the work of double tracking the line from St. Louis to built with all possible speed in the St. Petersburg territory. Also material
Pacific (Mo.), a distance of
miles of
-volt line and the construction
miles, has been announced by the company. is on the ground for over
gangs are rapidly completing sections of this work.
The total cost was approximately
In the Wilmington district the municipally owned power plant and
Southern Pacific Co.-New Officer of Steamship Lines.- distribution system in Whiteville, No. Caro., about
miles southwest
Lewis J. Spence, Director of Traffic, has also been elected executive from Wilmington, has been purchased by this company and operations
officer of the steamship lines of the company, with general control and taken over. Plans are now under way for additional business of the
direction of all departments and operations thereof and of all officers and same nature in this region with connecting transmission lines. Negotiaemployees engaged therein.
tions are also under way for the purchase of the local distribution systems
In two or three of the towns along the present Mt. Olive transmission
Discontinues Railway Service.line.
The City Council of Salem. Ore., has granted the company permission
to abandon street railway service in that city and substitute bus
United Electric Rys., Providence.-To Replace Trolley.
service.
The decline of revenue on certain suburban lines of the company has
resulted in the decision by the directors to replace the trolley with the
Southern Ry.-Sub. Co. Final Valuation-Guaranty.
motor bus and in one instance to substitute the truck for the trolley freight
A final value of
has been placed on the owned and used car. In addition a bus service between Providence and Westerly over the
property of the Danville & Western Ry., operating in Virginia and North
Nooseneck Hill road is under consideration.
Carolina, as of June
The specific changes toroposed are to substitute the passenger bus for the
by the I.-9. C. Commission. The tentative
valuation was
and the carrier protested that that amount did trolley on the North Scituate, Greenville-Chepachet and Warren-Bristol
not represent the true value of the property. Tho final value was reduced lines. The trolley service will be continued through Centredale to Greenby the Commission as the result of reducing an allowance for working ville. manufacturing establishments in the latter town furnishing enough
capital from
freight revenue to warrant the retention of service. On the Warren and
to
See Winston-Salem Terminal Co. below.-V.
Bristol line the considerable freight now handled will be taken care of by
freight truck service (Providence "Journal" .-V.
60,000
30
1924
13
26
$1.300.
30 1924.
119, p. 283.
15 1924.
35
34
60,000
20
$2,100,000.-V. 119. p. 1065, 812.
13,000
44
-V. 119, p. 1066, 581.
-V. 119, P. 1065, 457.
&c.
$1,913,000
30
$1,978,3471916,
$94,847 $28,000.
119, p. 1396, 1283.
Southwest Power Co.-Pref. Stock Offered.-Curtis,
Stephenson & Co., Boston, are offering at 923 and int.,
yielding 7.57%, $500,000 7% Cumul. Pref. (a. & d.) stock.
118
1393
See Pittsburgh Utilities Co. under "Industrials" below.-V.118. p. 2825.
United Railways Investment Co.-To Receive Divs.-
United Rys. Co. of St. Louis.-Int. Due Oct. 1 on St.
Dividends exempt from present normal Federal income tax. Dividends
payable Q.-J. Red., all or part, on any div. date on
days' notice at Louis Transit Co. Improvement 20-Year 5s to be Advanced
1.10 and diva. Transfer agents, Seaboard National Bank, New York,
and by Protective Committee.-The protective committee for the
State Street Trust Co., Boston. Registrars, American Exchange National
Bank. New York. and First National Bank of Boston.
holders of the St. Louis Transit Co. Improv. 20-Year 5%
Issuance.-Authorized by the Arkansas Railroad Commission.
gold bonds (Edwin M. Bulkley, Chairman) in a notice
Data from Letter of Pres. Albert Emanuel, New York, Sept. 11.
Sept. 25 says:
Company.-Supplies electric light and power in
communities in OklaSt. Louis Transit Co. Improv.
gold bonds will mature
-Year
homa and Arkansas, including McAlester, Hartshorne, Wilburton
and Oct.
The committee has taken such action as in its opinion wll/
Krebs, Okla., and Booneville, Hartford. Huntington and Greenwood, Ark.
protect
the
interests
of
the
holders
of
deposited with it.
such
bonds
Through a subsidiary the company furnishes street railway service in McThis committee has previously arranged and has advanced to such of its
Alester and interurban and freight service to Krebs, Alderson,
Hartshorne depositors as so desired the amount of interest due and in default April 1
and Haileyville. Okla. Territory served has a total population est.
at
and it has arranged to advance in like manner to such of its depositors
Assets.-Consolidated balance sheet as of June
shows
as so desire the amount of int. due Oct. 1
should the same be defaulted
assets, after deducting all liabilities including funded debt, of net tangible as
now
seems certain. In each case the amount so advanced to each such
or at the rate of more than
per share of this
Cum. Pref. stock.
depositor, together with interest thereon at the rate of
per annum,
Consolidated Earnings of Properties-Years to March 1.
will be upon the security of the bond or bonds in respect of which such
advances are made.
Gross earnings
Depositors with this committee may obtain such advance of the amount
Oper. exp. and taxes (other than Federal)
of interest defaulted April
in the event they have not previously
Annual interest on funded debt
availed themselves of that privilege, and may obtain the advance of the
amount of interest due Oct.
or within
Balance
10 days thereafter the certificate of deposit to the depositary or sub-deposiAnnual div. requirements on the
tary which issued it for appropriate notation thereon.
Cum. Pref. stock (this issue)
Holders of certificates of deposit issued under deposit agreement dated
Capitalization.
First Mortgage bonds
10 1917 may obtain such advances by depositing on Oct. 1 1924 or
$2.100.000 July
Cum. Pref. stock (this issue)
within 10 days thereafter their bonds with the committee.
Common stock (no par value)
of undeposited bonds may obtain such advance of the amount of
Holders
shs. Interest defaulted
Franchises.-The franchises under which the company operates are satisApril 1 1924 and the amount of interest due Oct. 1 1924
factory in form and without burdensome restrictions.
depositing
upon
on Oct. 1 1924 or within 10 days thereafter their bonds
Company's properties in Oklahoma are operated under the jurisdiction of
with coupon due April 1 1924 and subsequent coupons thereto attached
Corporation
the
Commission. In Arkansas company operates mainly under indeterminate with a depositary or sub-depositary.
permits issued by the State.
Depositaries.-Bankers Trust Co., 14 Wall St., New York: Empire Trust
Management.-Properties are operated and managed by Albert Emanuel Co., 120 Broadway, New York,
Co.. Inc.-V.
Sub-Depositaries.-American Trust Co.. 716 Locust St., St. Louis;
Fidelity & Columbia Trust Co., 401 W. Main St., Louisville, Ky.; Fidelity
Trust Co., 325 Chestnut St., Philadelphia; Mercantile Trust Co., St
Tennessee Electric Power Co.-Listing.--Louis, Mo.-V. 119. p. 326.
The Now York Stock Exchange has authorized the listing of
additional 1st & Ref. Mtge. Gold bonds, Series "A,"
West Penn Co.-Listing.due June
making the total amount applied for
The New York Stock Exchange has authorized the listing of $3,508,300
Consolidated Income Account
additional (auth. $49.999.500) 7% Cumul. Pref. stock (par $100). on offiMonths Ended June
cial notice of issuance and payment in full, making the total amount applied
Gross earnings.
oper. exps. and taxes,
for $22,124,700.
net earnings
Deduct-Int. on funded debt,
Consolidated Income Account, 5 Months Ended May 31 1924 (West Penn Co.
int. on unfunded debt,
amortization of bond discount & expenses.
and Subsidiaries).
Depreciation
Operating revenue
$10,605.117
Oper. expenses, $5,834,410; taxes. $6641,229; deprec., $747,322_ 7.222,961
Balance, surplus
Surplus Dec.
Net operating revenue
$3.382.156
Non-operating revenue
571,023
Total surplus
Miscellaneous deductions-Net
Gross income
$3,953,179
Dividends declared on Preferred stocks
Interest and amortization
1,962,310
Div. pay. to min.stockholders of N. Ry.& Lt. Co
511.964
10,001 Prof. divs, of sub, and minority interests
Surplus June
Net income
$1,478,905
Consolidated surplus Jan. 1 1924
$3,627,526
Consolidated Balance Sheet as of June
Other surplus credits
117,219
AssetsLiabilitiesPant, property & franchises.$56,566,839 lat Pref. stock (7.20%)
$812,900
Total surplus
$5,223,650
Investments
170,102
do 7%
8.841,800
Deduct-Divs. on Prof. stock of West Penn Co., $643,632; div.
Special deposits
1,087,132
do 6%
3,760,500
paid on Common stock, $225,000
868,633
Cash
776,076 2d Preferred stock
15,000,000
Accounts receivable
800,501 Common stock
yi.404,000
Consolidated surplus May 31 1924
94,355.017
Notes receivable
44,048 /lastly. Ry.& Lt. Co.stock_ _
388.700
Interest receivable
Consolidated Balance Sheet May 311924.
2,827 Funded debt
36,648,400
Materials and supplies
914,577 Accounts payable
AssetsLiabilities312,831
Miscellaneous advances
69,920 Notes payable
Plant, property & Invest'ts_8149,726,657 Preferred stock
$18,599,100
56,850
Unpaid subscriptions to 7.20%
Accrued interest
Cash for construction, &c__
x22,500,000
2,300,869 Common stock
172,016
First Preferred stock
313,778 Accrued taxes
do with trustees to pay int.
575,236 Subscrs. to Prof.stock of subs. 1,084,224
775,709
Deferred charges
1,447,102 Dividends payable
do in banks or with agents 4,339,200 Cap. stk. of subsids. In hands
266,375
1st Pref. stock deposited for
Miscell. current liabilities._ _
61,818
of public
108,282 Notes receivable
18.697.438
exchange of N. Ry. & Lt.
Deferred credits
30,145
1.955,026 Surplus applic. to minor. int.
99.466 Accounts receivable
Co. Preferred stock
386,900 Reserve for depreciation__ __ 2,611,565 Material, supplies, &c
85,186,954
3,432,683 Funded debt
Miscellaneous reserves
Due
from subscribers to Pref.
Notes payable
1,207,397
484,092
Capital surplus
stock of subsidiaries
703,586 Accounts payable
1,903,334
140,300
Total (each side)
$62,669,803 Surplus
Mat'd int. on funded debt.._
209,124
2,786.016 Discount on bonds and notes
and other deferred charges. 4,574,004 Accrued liabilities
shares no par value. y
3,407.850
shares of no par value.
573,816 Deferred liabilities
1,724,188
The company has applied to the Tennessee RR. & P. U. Commission Unclassified charges
Comm'n
&
expense on sale of
Deferred credits
242,932
for authority to acquire by purchase the Davidson Light & Power Co.,
capital stock
688,322 Res. for renewals & replae___ 8,839,749
which operates and maintains lines from Edenwold to Springfield. serving
Reserve for damages
618,103
the towns of Goodlettsville, Ridgetop and Greenbrier. The towns of
Other reserves
325,871
Goodlettsville and Bidgetop are unincorporated, but the City Council of
Total (each side)
8168,931,218 Surplus
4,355,017
Greenbrier recently passed an ordinance approving the sale of the propx 225.000 shares, no par value.
erties.-V.
30
19
1 1924
7%
$279
1 1924.
45.000. 1924,
$1,395,580,
1923. 1924.
$694.446
422.144 $703.434
136,500 412,801
136,500
$135,802 $154,133
$35.000
7%
7%
20
5%
1924
6%
1 1924
1 1924 upon presenting on Oct. 1 1924
$500.000
20.000
119, p. 580.
$3,108.000
1 1947,
$22,623,100. 6%,
6
30
1924.
$4,703,286;
$2,444,140; $2,259,146
$916,656;
$17,975_
938.656
421,544
$898.945
31 1923
2,511,597
$3,410,542
4,556
609.969
30 1924
$2,786,016
30 1924.
$4.025;
150,000
156.000
119. p. 695, 457.
Tide Water Power Co.-New Constr. & New Business.A. E. Fltkin
Acquires Light & Water Co.-
The company announced on Sept. 24 the acquisition of the properties
& Co., in a bulletin dated Sept.
of the Buckhannon (W. Va.) Light & Water Co. This property will evensay in substance:
Work in connection with doubling the capacity of the Wilmington tually be tied in to the West Penn system by a high voltage transmission
Central station is rapidly reaching completion. Tunnels, foundations, llne.-V. 119, p. 812.
wells and building changes have been finished. The new
k. w.
Winston-Salem Southbound Ry.-Guaranty.-General Electric turbine and the condenser are in place. The new highpressure boilers are now being erected and the automatic stokers that will
See Winston-Salem Terminal Co. below.-V. 113. P• 1055.
produce marked efficiency in coal consumption, are being installed. A
Winston-Salem Terminal Co.-Guarantee'Bonds Offered.
-ft. stack is about half finished at this time. It is planned to have
new
this new equipment in regular operation. before the winter peak is reached. Clark, Dodge & Co., New York, are offering at 100 and int.
At St. Petersburg. Fla., the new fireproof plant building is being rushed
to completion with all possible speed. The building construction is about $800,000 1st Mtge. 5% gold bonds. Unconditionally guarcompleted and exceptional records are being made in pouring concrete anteed as to both principal and interest jointly and severally
for foundations, roof and other sections. The new condenser is in place
k. w. General Electric turbine is expected to be on the floor by the Norfolk & Western Ry., Southern Ry. and Winstonand the
In about two weeks. This_new plant will be in operation by December.
Salem Southbound Ry. by endorsement.
20,
6,000
200
80%
6,000
1512
[VoL. 119.
THE CHRONICLE
Dated Oct. 1 1924. Due April 1 1966. Principal and int. (A. & 0.)
payable at the office or agency of the company in N. Y. City. Red, as a
whole only, on any int. date on or after Oct. 11939. upon 90 days notice.
at 110 and int. Deno= c* 31.000 and r* $1,000. Farmers' Loan 8c
Trust Co., New York, trustee.
Company.-Has been formed for the purpose of constructing, maintaining
and operating a modern union passenger station in the City of WinstonSalem, N. C. The terminal, when completed, will represent an investment of approximately 3800,0001 Pending completion of the facilities, the
proceeds of these bonds will remain in the hands of the trustee as security
for the bonds.
These bonds are to be the direct obligation of the company, secured by
a direct closed first mortgage on the entire property of the company, consisting of three acres of land at Winson-Salem, N. C., and the station
building to be erected thereon.
The Norfolk & Western Sty., Southern Ry. and Winston-Salem Southbound Sty. will enter into an operating agreement with the Winston-Salem
Terminal Co. under which they will be obligated to use the station facilities
of the Terminal Co. and no other, for their passenger business to and
during the life of the bonds. As rental, the railway
from Winston-Salem'
companies will agree to pay to the Terminal Co., each in proportion to its
use, sums covering, in the aggregate, all operating expenses, taxes and
interest charges of the Terminal Co.. and will jointly and severally guarantee
thpaymentof the principal ofand the interest on the bonds by endorsement.
The aggregate net income of the guarantor companies for the year ended
Dec. 31 1923 after deducting all operating expenses and fixed charges was
in excess of $33.000.000.
The stock of the Terminal Co. is owned one-third each by the three
guarantor railway companies.
continued our large expenditures on property account. This was the cause
of our poor balance sheet of June 30. We have now 8 coal properties in
New York City and are very well satisfied with the results of this business."
-V. 119, p. 1284. 1174.
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."
1922.
1923.
1924.
Years Ended June 30Net earnings all prop. after mfg.exp--$1,316,939 $2.010.091 $1,369,757
1,298,674
1,584.601
1,771,620
Operating expenses
American Chicle Co.-Tenders.-
The Bankers Trust Co., 16 Wall St., N. Y. City, will until Oct. 14
receive bids for the sale to it of 67 5-Year notes. dated Oct. 11922. to an
amount sufficient to exhaust $85,500.-11. 119. P. 813, 577.
American Lt. & Trac. Co.-McMillin Estate Holdings.
A group of Western bankers, headed by H. F. McConnell & Co. of New
York, has acquired the Emerson McMillin estate holdings in the company,
according to an announcement made by McConnell & Co.
The Western group consists of Frank T. Hulswit and associates. Mr.
Hulswit is President of the United Light & Power Co., which was incorporated early this year in Maryland as successor to the United Light
& Railways Co.
While the McMillin estate holdings, it is understood, do not carry control of American Light & Traction Co., acquisition thereof gives the new
interests important representation in the latter co.-V. 119. p. 696, 582.
American Pneumatic Service Co.-New President.William F. Merrill has been elected President to succeed the late Gilmer
Clapp. Henry W. Robinson, formerly Asst. Treas., has been elected
Treasurer.-V. 119, p. 1397.
American Safety Razor Corp.-To Change Par.-
The stockholders will vote Oct. 23 on changing the par value of the
capital stock from $25 to $100 per share. This will make 200,000 shares
of $100 par. The proposed change will mean that for each 4 shares of $25
York (Pa.) Rys.-Common Dividend Increased.one share of 3100 par will be exchanged.
The directors have declared a quarterly dividend of 75 cents a share on par
The business of the company continues excellent. Sales for the first eight
the outstanding Common stock, par $50. payable Oct. 16 to holders of months
of 1924 are largely in excess of any corresponding period since the
Herebasis.
dividend
annual
$3
a
on
record Oct.6, thus placing the stock
was organized. Net profits for the first eight months before
tofore the company had been paying dividends at the rate of 50 cents a company
taxes, exclusive of the result of any of the companies controlled, or subshare quarterly.
amounted to $754,402. An executive who recently
companies.
sidiary
declared
was
also
The regular quarterly dividend of 6234 cents a share
from England reports that the business of the British subsidiary
on the Pref. stock, payable Oct. 31 to holders of record Oct. 21.-V. 118, returned
is showing marked progress and very satisfactory results from this quarter
p. 1522.
are confidently expected.-V.119, p. 1284. 1170.
Prices, Wages and Other Trade Matters.
Refined Sugar Prices.-On Sept. 24 Arbuckle Bros. reduced price 15 pts.
to 7.25c. per lb. On Sept. 26 the Federal Sugar Co. advanced 10 pts. to
7.15@7.20c. per lb.
Brass Prices Reduced.-American Brass Co. reduced price of sheet brass
c. per lb., seamless brass tubes %c., sheet copper %c. and bare copper
wire Vic. Boston "Financial News," Sept. 24. p. 2.
Mill Wage Reduction.-Cordis Mills. Millbury, Mass., have increased
schedule from 3 to 5 days per week and reduced wages 1234%. About
200 are employed. Boston "News Bureau.' Sept. 25, p. 2.
Increased Operation.-Dwight Mfg. Co. mill at Alabama City, Ala., now
runs 50 hours per week and has started 800 looms formerly idle. Boston
"News Bureau." Sept. 25, p. 2.
Glass Workers' Wages Reduced 10%.-Cutters and flatteners of American
Window Glass Co. at Pittsburgh accepted 10% cut on Sept. 1. New York
"Times." Sept. 25, p. 35.
Rug Prices to be Increased Oct. 1.-A. Smith & Sons Carpet Co. notifies
trade that 9x12 size Ardsley Axminster seamless rugs will be advanced $2.
other sizes in proportion, on Oct. 1. N.Y."Times.' Sept. 21, Sec. 2. p. 12.
Mill Wage Cut of 15% Announced.-Mills of Grosvenor Dale Co. at Grosvenor Dale and North Grosvenor Dale, Conn., employing over 1.100.
started up Sept. 22 on p, full production basis, with wages reduced 15%.
Boston -News Bureau,' Sept. 25. 1). 3.
New Prices on Wire Products Result of Abolition of "Pittsburgh Plus"
System.-American Steel & Wire Co., sub. co. of U. S. Steel Corp., announces a new schedule of prices on wire products, the result of the decision
to abandon the "Pittsburgh plus" basing system. New prices are as follows:
Nails, $2 75 Pittsburgh and Cleveland; $2 85 Chicago district, and $2 90
Chicago proper. Plain wire nails are $2 50 Pittsburgh and Cleveland;
$2 60 Joliet or Chicago district, and 2 65 Chicago proper. Wire nails
have been quoted at $2 80 Pittsburgh, and plain wire at $2 55 Pittsburgh.
All previous quotations have been withdrawn and future quotations will be
on a delivery basis. Boston "Financial News," Sept. 25, p. 2.
Worsted Prices for Spring Trade 10% Lower.-American Woolen Co.'s
prices on worsteds for spring trade (women's lines) shows reductions of
about 10%, though prices are not very well comparable, owing to large
proportion of new numbers. "Wall Street Journal," Sept. 22, p. 11.
Men's Wear Fabrics for Spring Advanced 5% to 12% in Price.-American
Woolen Co. announces advance offrom 5% to 12% on men's wear woolens.
Increase does not affect worsteds. "Wall Street Journal," Sept. 26, p. 11.
Matters Covered in "Chronicle" Sept. 20.-(a) S. W. Straus & Co. report
continued increase in building construction work, p. 1338. (b) U. S. Steel
Corp. to conform to "Pittsburgh Pius" order of Federal Trade Commission, p. 1340. (c) Bethlehem Steel Corp. also to abandon "Pittsburgh
Plus" system, p. 1341. (d) Effect of "Pittsburgh Plus" on steel prices;
trade observers believe it will cause few marked price changes; Bethlehem
to conform to order; p. 1341. .(e) "Pittsburgh Plus"-Steel leaders predict
abandonment of price basing system will result in little or no harm, p. 1341.
(f) Portland cement output in August 1924 establishes new high record,
p. 1341. (g) Amoskeag force takes wage cut; rejects 20% but vote for 10%
is unanimous, p. 1342. (h) Maine textile mills not to cut wages, p. 1343.
(i) Textile workers to oppose wage cut; union decides to choose own time
and place; not "talking strike," p. 1343. (1) Status of Paterson (N. J.)
silk mill strike; 5 silk concerns threaten to leave Paterson, p. 1343. (k)
Anti-picketing writ in Paterson strike; Court explains it does not forbid
"orderly activities" near the silk mills, D. 1343. (I) Haverhill (Mass.) to
lose another shoe plant. p. 1344. (m) Federal Trade Commission's complaint against National Wholesale Druggists' Association, is dismissed,
p. 1344.
Alabama Power Co.-Development on Tallapoosa River.
American Shipbuilding Co.-Earnings.-
Net operating loss
Other income
3267.661 Hur$238,471 sur$71,083
390,736
691,228
1,514,098
Total income
Other deductions
$123,075
52.499
$929,699 $1,585.181
94,736
164,585
$70.576
3765,114 $1,490,446
Net income
-V. 118. p. 3201.
American Writing Paper Co.-Foreclosure Suit.-
Old Colony Trust Co., Boston. has filed a bill in equity in the Federal
Court at Boston against the company, seeking to foreclose a mortgage on
the company's property to amount of 311,870,000.-V. 119. p. 458.
Anaconda Copper Mining Co.-Sells Timber Tract.-
See Great Northern Sty, under "Railroads" above.-V.119, p. 696.
Atlantic Gulf & West Indies Steamship Lines.-Earns.
Report for July and Seven Months Ended July 31 1924.
7 Months.
J1111/.
Consolidated Income Account51.901,934 815,359,322
Operating revenues
308.816
3,358,975
Net revenue from operations
$328,658 $3,608,304
Gross income
198,355
1,408,161
Interest, rents and taxes
8130,303 $2,200,143
Surplus before depreciation
-V. 119, p. 1067, 1284:
Barre (Vt.) Gas Co.-Proposed Merger.-
See Vermont Lighting Co. below.-V. 117. P. 2957.
Bates Mfg. Co.-Balance Sheet June 30.1923.
1924.
1923.
1924.
Liabilities-Assets2,700,000 2,700,000
Capital stock
Real estate, ma249,785
chinery, Arc_ _ 5,545,871 4,965,977 Guarantee fund- - - 249,785
750,000
176,332 improven't fund- 750,000
177,263
Securities
1,409,264
deprec.
1,597.220
for
Reserve
1,075,079
812,186
Cash
112,773
69,989
Accts. receivable_ _ 826,644 1,425,632 Rea've for Fed.tax.
29,039
15,932
2,770,692 2,396,410 Accts. payable_ _ _
Inventories
77,098 Profit and loss.- 4,829,387 4,865,667
69,657
Insurance prepaid_
10,202,315 10,116,528
Total
-V.117, p• 1465.
Total
10,202,315 10,116,528
Belridge Oil Co.-Receivership Denied.-
In denying a motion for a receivership for this company operating a
lease on Section 34-30-24, Elk Hills Naval Reserve, or to enjoin the company from further operations. U. S. Judge Bledsoe said: "I am not at all
Impressed by the theory that the Government or anybody else can conserve
oil under ground when other people are drilling all around them."
The Government made no charge of fraud in the Case, but rested its
action solely on the claim that transfer of the care of the naval reserves
from the Navy to the Interior Department was illegal and that Secretary
Fall had no authority to make the lease. The Court's action means that
the company will continue in full control of the lease pending a final hearing
and judgment upon question of the authority of the Government to grant
the lease in the way that it was done.
(C. L.) Best Tractor Co.-Extra Dividend.-
An extra dividend of 25 cents has been declared on the capital stock
(par $50)in addition to the regular quarterly dividend of $1 25.-V.119,p.78
Bird & Sons, Inc., East Walpole, Mass.-Stock Div.-
The corporation has increased its stock by an issue of 10,000 shares of let
The Alabama P. S. Commission has granted this company and the AlaPreferred, par $100, which will be distributed as a stock dividend in the
bama Inter-State Power Co. authority for the construction of the proposed
20 shares of no par Conunon
hydro-electric development. involving 6 dams on the Tallapoosa River at ratio of one share of 1st Preferred for each
Cherokee Bluffs, Ala., which, it is estimated, will entail an expenditure stock now held. After the new stock is distributed the outstanding capital
a main will consist of: 47.927 shares Prior Preferred; 50,000 1st Preferred, and
of $39.000.000. Plans for the project call for the construction of
the 200,000 shares no par Common stock -V. 119. p. 1067.
dam 150 ft. high and 5 storage dams between Cherokee Bluffs,awhere
main dam will be located, and the mouth of Crooked Creek, distance
Braeburn (Pa.) Alloy Steel Corp.-New Director.of 8 miles.
shares
William P. Bradley, Pres. of the Cadillac Storage Warehouse Co. of
The Alabama Power Co., it is stated, owns all of the outstanding
directors'
Detroit, has been elected a director.-V-119, p. 897.
of capital stock of the Alabama Inter-Sbate Power Co. except
qualifying shares.-V. 119, p. 1066, 1284.
Canadian National Telegraph Co.-Acquisition.Orders.See Western Union Telegraph Co. below.
• Allis-Chalmers Mfg. Co.-Unfilled
311,052,000
with
compared
as
$11,014,000,
were
1
Unfilled orders on Sept.
Central Aguirre Sugar Co.on Aug. 1 and $11,049,000 on July 1.-V. 119, p. 1066, 813.
The stockholders will vote Oct. 15 at Aguirre. Porto Rico. on proposed
in the articles of incorporation so as to broaden the company's
changes
Acguis'n
Davis
&
-Gray
Corp.
Magneto
American Bosch
out of the provision which gives the
& Davis, powers. Proposals include striking
The directors of American Bosch Magneto Corp. and Gray
to engage in all kinds of agriculture; substitution of new
a plan for the corporation power
Inc., have called special meetings of stockholders to vote on&
or control associations or corporations
purchase
to
company
allowing
articles
meetDavis
purchase of Gray & Davis by American Bosch. The Gray
of any kind and conduct any business except banking or insurance. Also a
ing will be held Oct. 14 and the American Bosch meeting Oct. 16. Details substitute giving directors power to acquire stock of any other company or
1067.
1284,
-V.
said.
p.
is
it
119,
of the purchase will be available shortly,
dissolve and liquidate Central Aguirre or sell it to any domestic or foreign
corporation.-V. 118, p. 3082.
American Chain Co., Inc.-Earnings.net earnings
Central Foundry Co.-5% Preferred Dividend.The company reports for the six months ended June 30 1924
This compares
This company, controlled by the Universal Pipe & Radiator Co., has
of $514.851 after interest, depreciation and Federal taxes. period
of 1923. declared a .5% dividend on its ordinary Preferred stock, payable Oct. 15
with $1.718,403 bore Federal taxes in the corresponding
to holders of record Sept. 30. The usual 2% dividend on I,irst Preferred
-V. 119, p. 200.
stock of the Central Co. has also beeh declared, payable on the same date.
V. 119, P. 1175*
American Ice Co.-Cash Position, etc.follows:
as
President Wesley M. Oler is quoted
Columbia Gas & Electric Co.-Notes Called."We have now about 32.000.000 cash in bank, and we have liquidated
All of the outstanding 1-Year 5% Promissory notes, due March 1 1925.
the $3,052,000 notes payable outstanding against us June 30. The weather have
been called for payment Nov. 1 at par and Int., at the Guaranty
are
November
has been favorable since the beginning of July; October and
Broadway, N. Y. CIty.-V. 119. p. 1398.
always good months, and we usually break even in December. We have Trust Co., 140
SEPT. 271924.]
THE CHRONICLE
Columbia Motors Co.-Inventory Filed.-
1513
Fairbanks Co.-Balance Sheet June 30.
-
The creditors have elected the Security Trust Co. Detroit, trustee in
bankruptcy. It had been serving since Aug. 1 as receiver in bankruptcy.
The property of the bankrupt concern on the basis of a going business
was valued by the appraisers appointed by the court at $997,455. Liabilities are listed by the receiver at $863,559, exclusive of capital liability or
commitments. The latter are said to be around $785,000. Columbia
Motors about a year ago purchased the property of Liberty Motor Car
Co. at a receiver's sale.-V. 119, P. 698, 202.
[As filed with the Massachusetts Commissioner of Corporations.1
Assets1924.
1923.
1924.
1923.
Real estate, mach.,
1st pref. 8% cum.
4tc
$2,334,260 $2,535,031
stock
$1,000,000 $1,000,000
Mdse. St materials 942,404 1,587,634 8% cum.pref.stk_ 2,000,000 2.000.000
Notes receivable.96,639 Common stock.... 1,500,000 1,500,000
12,629
Accts.receivable__ 544,203 1,492,137 Accounts payable_ 565,540
512,773
Cash
334,945 Notes payable_ _ _ _ 3,637,125 4,531,500
581,463
Securities
579,500
579,500 Accrued taxes_ _ _ _
9,442
17,367
Columbia (Tenn.) Water & Lt. Co.-Bonds Offered.- Deferred charges
30,843
26,222 Reserves
832,525
rights, tr.Res. for fire loss__
27,360
Glidden, Morris & Co., New York, A. P. Barrett & Co., Patent
marks
643,013 Res. misc. conting. 102,394
70,116
Baltimore, and Anderson & Co., Providence, R. I., are Good-will
898,500
898,500 Cust. draft accts.
7,020
17,110
offering at 90 and int., to yield about 7%, $250,000 1st Advances
Sinking fund
165,185
165,134
Mtge. 6% Gold bonds.
Deficit
2,735,763 2,112,546
Tot.(each side)_$8,841,866 510471,301
Dated Nov. 15 1915. Due July 11941. Interest payable J. & J. Re- -V. 119, p. 946.
deemable after July 1 1933 at 103 and int. Interest payable at Guaranty
Florida Farms & Industries Co.-Sale.Trust Co.. New York, trustee. Company pays normal income tax to the
extent of 2%. Denom.$1.000.
The receivers invite, and will receive until Sept. 30. bids for the catCompany.-Incorp. in 1896 in Tennessee. Supplies all the electric light pany's entire holdings in Clay County, Fla. These properties consist of
and rawer and water to the city of Columbia, Tenn., serving a population approximately 120.000 acres of land, a large acreage of which has been
of about 12.000. The property includes a steam generating plant, electric improved and developed into farms and 20-acre farm units with 5 and 6 room
distribution system and a water system. The property has been properly buildings, a large modern dairy plant, 600 acres set to pecan trees and
maintained and is to-day in good operating condition.
various other improvements. The company also owns in Green Cove
Bond Issue.-There are outstanding $254,000 6% bonds secured by a Springs, located about 30 miles south of Jacksonville on the St. John's
direct first mortgage on all the property, rights and franchises of company River, a modern 55-room hotel fully furnished, &c. Robert L. Dowling
conservatively valued in excess of twice the bonded debt. Additional and Paul A. DeLong are receivers.-V. 117. p. 786.
bonds to the amount of $246.000 may be issued for 80% of the cash cost of
Fulton County (N. Y.) Gas & Elec. Co.-Acguisition.additions or improvements to the property, when annual net earnings have
been twice the interest on the bonds outstanding plus the interest on the
The company nas applied to the Now York P.S.Commission for authority
to acquire the Middleburg & Schoharie Electric Light Co., the Great Bear
bonds to be issued.
Sinking Fund.-A sinking fund of 1% per annum on all the bonds at any Electric Light Co., at East Worcester and Schenevus. N. Y., and the
Worcester (N. Y.) Electric light plant.-V. 118. p. 2048.
time outstanding is to be used for the retirement of bonds.
Earnings Year Ended Dec. 31 1923.
General Asphalt Co.-To Issue $5,000,000 6% Bonds to
Gross earnings
$133,348
Operating expenses, maintenance and taxes
94.735 Retire Existing Debentures-Common Stock Increased.
Interest on let 6s
15,240
The stockholders on Sept. 23 (a) authorized the issuance of $5,000,000
6% 15-Year Sinking Fund Convertible gold bonds, to be dated Oct. 1 1924
Balance
$23,375 payable Oct. 1 1939; subject to conversion at any time after April
1 1927.
Control.-Southern Cities Utilities Co. recently acquired control of the at
the option of the holders, into Common stock in like principal amounts
company.
(b) Increased the authorized capital stock from $35,000,000 to $40,000,000.
increase of $5,000,000 to be issued as Common stock.
Consumers Power Co. (Del.).-New Control Reported.- said
Each stockholder of record Sept. 23 1924 will be given the right to subSee Interstate l'ublic Service Co. under "Railroads" above.-V. 119, scribe
to bonds of the above issue in an amount face value equal to 18.4%
p. 816.
of the par value of his holdings of stock, including both Pref. and Common
stock, at the price of 97.5i% of their face value and accrued interest: said
De Forest Radio Co.-Change in Name.
right expires Oct. 6. For further details see V. 119, p. 1287.
See De Forest Radio & Telegraph Co. below.
De Forest Radio Telephone & Telegraph Co.-Name
Changed-Capital Stock Increased.-
General Electric Co.-Patent Suit-Listing.
-
An important patent covering what is known as sheath wire for use in
electric heating apparatus and appliances, has just been sustained by the
The company on Sept. 24 filed an amendment to its charter with the Circuit Court of Appeals for the Seventh Circuit in a suit brought by
Secretary of State of Delaware changing its name to De Forest Radio Co. the company and Edison Electric Appliance Co.against the Cutler-Hammer
and increasing its authorized stated capital from $2,500,000 to 625,000,000. Mfg. Co. of Milwaukee. Wis., and an injunction and accounting ordered.
This affirms the decree of Judge Geiger in the District Court at Milwaukee,
-V. 117. p. 1020.
before whom the case was tried.
The invention was made by Charles C. Abbott of the Pittsfield Works
Delaware Lackawanna & Western Coal Co.-Balance
of the General Electric Co. and is covered by Patent 1.367,341 dated
Sheet Dec. 311923.Feb. 1 1921, upon which the suit was brought. The Cutler-Hammer
Assets.
company brought a counter claim under a certain Schneider patent but
Liabilities.
Real estate, ecc
$556,807 Capital stonk
$16,134,650 the Court held the Abbott patent valid and infringed and dismissed the
Securities
9,887,660 Accounts payable
6,355,481 counter claim.
The Edison Electric Appliance Co. is an exclusive licensee under the
Coal on hand
4,378,202 Res. for taxes; insur., &c
987,008
Accounts receivable
9,209,413 Dividends declared unpaid
1;10,376 Abbott patent in the field of domestic electric heating appliances and the
Cash
5,622,191 Surplus
4,966,763 General Electric Co. itself exploits the wire in the industrial heating field.
Tne New York Stock Exchange ha.s authorized the listing on or after
Total
$29,654,283 Total
$29,654,283 Oct. 15 of 69.005,000 additional Special stock (authorized, $35,000,000).
consisting,
of 900,500 shares, par $10 each, on official notice of issuance as
Charles C. Smith of New York has been elected a director, succeeding
a stock dividend, making the total amount applied for $26,721,800.
J. F. Bermingham.-V. 117. p. 2894.
•
The Boston Stock Exchange has authorized for the list 909,500 additional
Shares special capital stock (par $10).-V. 119, p. 1069, 974.
Detroit Edison Co.-To Create New Mortgage.The stockholders will vote Oct. 20 on consenting to the execution and
General Motors Corp.-Three New Directors-New Memof
a mortgage to a trustee to be selected by the directors upon all
delivery
of the property, real and personal, and franchises of the company now or bers of Finance and Executive Committees.
hereafter owned (including the pledge of the 1st & Ref. Mtge. gold bonds
a special meeting of the board, held Sept. 25, George Whitney, of
now in its treasury and of future issues of such bonds), or such portion J.At
P.
Morgan
&
Co.;
Charles
T.
Fisher
and
Lawrence
P. Fisher, of Fisher
thereof as directors shall determine, in order to secure bonds (the authorized
Corp., were elected directors of the corporation.
amount of which may or may not be limited by the terms of the mortgage) Body
In addition, the Finance Committee was increased to ,12 members and
to be issued from time to time, in one or more series, bearing such rates of George
Whitney and Fred J. Fisher were elected members of the Finance
interest and having such other terms as may be provided in the mortgage Committee,
which is now composed of the following: J. J. Raskob, Chairor as may be authorized by the directors in accordance therewith.
man; G. F. Baker Jr., Donaldson Brown, H. F. duPont, Irenee duPont.
Pres. Alex Dow in a letter to the stockholders Sept. 19 says: Lammot duPont, P. S. duPont, Fred J. Fisher, Seward Prosser, A. P.
Jr., E. R. Stettinius and George Whitney.
The business of the company continues to increase. During the winter Sloan
The executive committee of the corporation was increased to 10 members,
and spring we had all that We could take care of with our existing plant. and
H.
H.Bassett, President of the Buick Motor Car Co.: Donaldson Brown
The summer has been quiet, but we have had more business than we ex- V.-Pres.
in charge offinances: John L. Pratt, V.-Pres,in charge of accessory
pected, and the autumn outlook is good, notwithstanding that this is a companies,
and Charles T. Fisher and Lawrence P. Fisher, were elected
Presidential election year. So far as we can see ahead, our growth is going
members
of the executive committee, which is now constituted as follows:
to continue. This is not only because of increased use of electricity in A. P. Sloan
Jr., Chairman; H.H.Bassett, Donaldson Brown,P. S. duPont,
ways in which it is now used, but because of the development of new uses.
The provision for increased plant is being made in good time. The first Charles T. Fisher. Fred J. Fisher, Lawrence P. Fisher, C. S. Mott, John L.
50,000 -kilowatt steam turbine at Trenton Channel went into service late Pratt and J. J. Raskob.
in July-the second is now being tried out and the third will be ready
Number of General Motors Stockholders.before the end of the year.
On Sept. 12 General Motors mailed dividend checks to 47,746 Common
The question which the directors are now called upon to decide is how stockholders of record Aug. 25. The total number of stockholders
is now
necessary capital is to be obtained in the future. The stock now outstand- 69,427, compared with 71,382 iti the preceding quarter. The total number
ing (including stock subscribed for and part paid) is $56,234,900. The of General Motors stockholders by quarters compares as follows:
conversion of debentures into stock, which goes on steadily, will presently
Calendar Yearslet Quar.
3d Quar. 4th Quar.
2d Quar.
, bring the total capital stock over $60,000,000. The mortgage bonds out- 1917
1,927
2,902
2,669
2,525
standing of all issues are $48,984,000.
1918
3,918
3,737
3,615
4.739
Considering these figures, the directors are of the opinion that our next 1919
8,012
12,358
12,523
18,214
requirement of money should be raised by the sale of mortgage bonds and 1920
24,148
26,136
36,894
31,029
not by the sale of stock. Under your authority granted in 1915. when you 1921
49,035
59,059
65.324
66,837
approved the 1st & Ref. Mtge., we could continue to issue those bonds 1922
70,504
72,665
65,665
71.331
in amounts sufficient to take care of our requirements for the next two or 1923
67,115
67.417
68,281
68,063
three years. and they would sell promptly at a good price. But the direc- 1924
70,009
71.382
*69,427
tors think that under the present conditions of the money market, and in
*Senior securities of record July 7 1924; Common, Aug. 25 1924.view of our own good standing with investors, we should now look further V. 119. p. 1400.
than
two
or
ahead
three years and adopt a comprehensive plan to provide
for all future requirements of the company cexcept such as can conveniently
General Railway Signal Co.-Definitive Bonds Ready.be met by the issue and sale of stock). IN hat we now recommend is that
Definitive 20-Year Cony. 6 % Gold bonds dated April 1 1924 are now
the company authorize a new mortgage and deed of trust under which available in exchange for temporary
bonds at the office of the Mechanics &
bonds can be issued and sold from time to time in such amounts as may be Metals National Bank.20 Nassau St.,
N.Y.City. (For offering see V.118.
necessary and advisable, and that we Nelle no more of the 1st & Ref. Mtge. p. 2444.)-V. 119, p. 1401.
bonds except possibly as pledge for the security of the new issue.
In brief, we think that within two or three years, it will be necessary to
General Refractories Co.-Dividend of 50 Cents.go beyond the limit now set upon our bonded debt, and that this present
The directors have declared a quarterly dividend of 50c. a share on the
time is a good time to take the necessary steps to that end.-V.119. p. 329 Common stock, payable Oct. 15 to holders of
record Oct. 7. A like amount
was paid last quarter, compared with $1 quarterly paid from July 1923 to
Detroit Iron & Steel Co.-Bonds Called.April "924 incl.-V. 119. p. 817.
Forty 1st Mtge. 5% bonds, dated July 1 1909, of $1,000 each (Nos. 561
to 600. incl.) have been called for payment Jan. 1 at 102 and int. at the
Gilmer's, Inc.-New President.Union Trust Co., trustee, Detroit, Mich.
John J. Diskin has been elected President. succeeding R. J. Goerke.
Any or all of the bonds will be taken up at 102 and int. to date of payment, -V. 113, p. 2189.
upon presentation and surrender thereof at the office of the trustee at any
time prior to Jan. 11925.-V. 111, p. 1855.
Gold Dust Corp.-Listing.The New York Stock Exchange has authorized the listing of temporary
Dominion Coal Co., Ltd.-Bond Issue.trust certificates representing 49,503 additional shares, without
Toe Preferred shareholders have authorized the directors to arrange for voting
par value. of Common
(total authorized 325.000 shares), with authora bond Issue of $15,000,000, of whicn $4.988,000 will remain in trust to ty to add voting truststock
certificates, representing 7.350 shares, of Common
cover the maturing outstanding bonds.-V. 119, p. 1069, 698.
stock on official notice of exchange for stock issued and paid for, making
the total amount applied for 251.196 shares.
Edison Electric Appliance Co.-Patent Suit.Voting trust certificates with respect to 49,503 shares of Common stock
See General Electric Co. below.-V. 111, p. 1953.
are held by N. IC. Fairbank Co., a subsidiary. The 49,503 shares were
to N. IC. Fairbank Co. in part payment for its assets, consisting of
Emerson Electric Mfg. Co., St. Louis.-Receiver Asked. Issued
plants, bills and accounts receivable, inventories, stock of N. IC Fairbank
Appointment of a receiver for the company was asked in a suit brought Co., Ltd.(now Gold Dust Corp. Ltd.), and casn. 7.350 shares of Corn.
in Circuit Court at St. Louis Sept. 18 by C. R. Meston. a stockholder. stock, representing the balance '
of the above stock, have been contracted
The action is directed against five officers and members of the board of di- for sale by the corporation to voting trustees who are under obligation to
rectors, who, the complaint charges, have grossly mismanaged the affairs purchase the stock in annual installments covering a period of 7 years and
converted
and
have
concern
its
illegally
funds to their own use.
- to deposit the same, when issued to them, under the voting trust.-V. 119,
of the
V. 117, p. 2658.
p. 1288.
[Vor.. 119.
THE CHRONICLE
1514
Goodyear Tire & Rubber Co.,
kron, Ohio.-Bonds.
Certain First Mtge. 20-year 8% Sinking itund Gold bonds, dated May 1
1921 (aggregating $750.000) have been called for payment Nov. 1 at 120
and interest at the Central Union Trust Co. of New York or at the Union
Trust Co., Cleveland, Ohlo.-V. 119, p. 1401.
Harlan-Wallins Coal Corp.-Bonds Offered.-Caldwell
& Co., American National Co. and Joe B. Palmer & Co.
Nashville, Tenn. are offering at 100 and int. $600,000 1st
(Closed) Mtge. 7% Sinking Fund Gold bonds.
Dated Oct. 1 1924; due Oct. 11934. Denom. 51.000, $500 and $100c5.
Red., all or part, on any int. date upon 30 days' notice at 105 and int.
Int. payable A. & 0. at Chemical National Bank, New York, trustee,
without deduction for normal Federal income tax not in excess of 2%.
Pennsylvania four-mill tax and present Maryland or Connecticut security
tax refunded.
Data from Letter of Pres. J. B. Torbert, Pineville, Ky., Sept. 20.
Company.-Will. upon Completion of the present financing, own and
operate substantially all of the plants and properties of the former Wallins
Creek Collieries Co. It is the intention of the company to immediately
acquire certain additional acreage in nearby properties which will make
it one of the largest independent coal producing companies in the eastern
Kentucky fields.
Company's mines have a normal annual capacity of 760,000 tons, a
large portion of which tonnage is made of the highest quality by-products
coal. The surface lands owned in fee or held under long-term lease exceed
6.000 acres in area, and the proved recoverable tonnage therein is over
14.000.000 tons. In addition, company's partially proved tonnage has
been estimated by independent and disinterested authorities at more than
12.000,000 tons.
Company's properties lie principally in the Harlan field of Kentucky,
In the counties of Harlan and Bell, mainly in the vicinity of Harlan, Ky.
Individual mines and their normal annual capacity are listed below:
Yearly
-Recoverable Tonnage
Proved
Part.
Output, Tons.
Mine0 00
29,000 2.907;
100.000 2,078,000
Molus
120,000 3,144.000 2,105,000 5,249,000
Crane
160.000
5,900,000 6.892.000
992,000
Bear Branch
180,000
2,866,000 2,000.000 4.866,000
Black Star
200,000
5,019,000
1,287.000 6.306,000
Black Comet
to be kept on the pay-roll for the most part held responsible positions with
the concern and their retention was said to be required in the interest of a
proposed reorganized company, which a committee of creditors, aided by
Bilder & Bilder of Newark.as counsel, hopes to bring about.-V.119, p. 461.
Hudson Motor Car Co.-Earnings.PeriodNet income
-9 Mos. ended
-Qua*ter ended
Aug.31 '24. May 31 '24. Aug.31 '24. Aug.31 '23.
x$2,316.496 82,699,610 $6,317.469 $7,380,907
x After charges, Federal taxes and depreciation.-V. 119, p. 1288.
Hupp Motor Car Co.-August Output.Month ofProduction
-V. 119, p. 1401.
Aug 1924.
.2,721 cars
July 1924.
3,477 cars
Aug. 1923.
3,155 cars
Indiahoma Refining Co.-Reorganization Plans Being
Carried Out.-
A plan for reorganization of the company is being carried out following
the approval by the referee in bankruptcy (see plan, V. 119, p. 332).
The plan provides that all old stockholders be eliminated and that control
of the new company be vested in a board of five members, under a voting
trust agreement.
The assets of the corporation were listed in the bankruptcy petition as
$4.351.427 and the liabilities at $2,730.378.-V. 119. p. 1177, 947.
Indiana Electric Corp.-To Issue Stock, &c.The corporation has applied to the Indiana I'. S. Commission for permission to issue $496,000 of Common stock. $496,000 of7% Preferred stock and
$1,841,000 in bonds, a total of 52,833,000. The proceeds from the sale of
these securities are to be used in completing the construction of the superpower plant of the company at Dresser, south of Terre Haute, Ind.
The total authorized capital stock of the company is $5,750,000, which
Includes 30,000 shares of Common stock of $100 par value, of which 31,928.000 has been issued and is now outstanding and of which $494,000 has been
placed in the treasury. The company also has 27,500 shares of Preferred
stock, par 8100. of which $1,875,000 has been issued ant, is now outstanding and $505,000 has been authorized'but not ism ed. Tie total bonded
debt of the corporation is 39.075,500.-V. 119, p. 10/0.
Indiana Power Co.-New Control Reported.-
See Interstate Public Service Co. under "Railroads" above.-V. 118,
760,000 14,099,000 12,121,000 26,220.000 p. 2049.
Total
first
Security.-Direct obligation and specifically secured by a closed
International Paper Co.-Bank Logns Re'laced.mortgage on all the plants, properties and leaseholds conservatively valued
Bank loans at the end of August were $7, 45,000,showing a shrinkage of
at $1,841,000 (after liberal allowance for depreciation and depletion)
31
since the first of the year. The oautoce sneei, as or
g3,815,000
subject only to a 53 % purchase money mortgage of $57,000 outstanding
1923 showed bank loans of $11,060,000. The 37.245,000 figures at the end
against a small portion of the property.
reduction
A
July.
of
end
further
the
at
compare
August
$7,770,000
with
of
beginning
quarterly:
Sinking Fund.-Company covenants to deposit
during the current month.
Feb. 1 1925, with the trustee a sinking fund of 10c. per ton on all coal in loans will probably be made
International Paper's notes payable reached a high point at over 816,000,shipped during the preceding quarter. Sinldng fund moneys are to be
its two years of heavy losses. The next
of
first
the
1921.
of
end
the
at
000
used by the trustee in the retirement of bonds by purchase in the open
market at or below the redemption price. In the event that sufficient year saw a reduction to $12,600,000, and since then there has been a steady
203.
332.
p.
119.
-V.
trend.
downward
unexpended
sinking
the
not
are
fund
bonds to exhaust
obtainable, any
balance will be used to call bonds for redemption by lot at 105 and interest.
International Salt Company.-Tenders.Sinking fund shall in no event be less than $40,000 a year.
The United States Mortgage & Trust Co., trustee, 55 Cedar St., N. Y.
City, will until Oct. 9 receive bids for the sale to it of 1st & Congo!. Coll.
Earnings for the Past Five Fiscal Years.
Mtge. bonds, dated Oct. 1 1901, to an amount sufficient to exhaust
Trust
Average.
Total.
$7,029,283 $1,405,056 366.944 at a price not exceeding 105 and interest.-V.119. 11• 461.
Gross revenue
1.232.996
6,164,983
Operating expenses
Iowa Light, Heat & Power Co.-Acquisition.The company has acquired the local power plant and system of the
$172.860
Net available for bond interest
$864,300
(Iowa) Electric Co.-V. 119. p. 586.
Primghar
42,000
requirements
interest
this
on
issue
Maximum
Sales Contract.-Company has entered into an advantageous sales
Jewel Tea Co., Inc.-Sales.
contract with the Logan-Pocahontas Fuel Co. for the sale of its coal.
company reports that its salts for the first nine periods (36 weeks)
This contract will relieve the company of sales overhead and permit the ofThe
$8,459,353 for the same periods
with
compared
were
as
39.242.069.
1924
development of the company purely as an efficient operating unit.
1923, an increase of 9.259'. For the same periods the average number
Purpose.-Proceeds of this issue and of an issue of $110,000 of Preferred in
1924, an increase of 2.30%.
in
routes
sales
was
1,021
and
1923
of
in
998
stock, which has been sold, will be used to make final payment due on the V. 119, p. 1288.
purchase price of these properties from Wallins Creek Colleries Co., which
company will call and retire its issue of 8% 1st Mtge. bonds due 1931
Livingston Petroleum Corp.-Changes Control.and now outstanding to the amount of $347,000.
Control of the company, a Delaware corporation, which owns all of
Balance Sheet Aug. 31 1924 (After Giving Effect to the Present Financing). the capital stock of the Livingston Oil Corp. of Delaware, and of the LivingAssetsLiabilities.
ston Oil Corp. of Oklahoma, has been acquired by the Lorraine Petroleum
8110,000 Co. The deal, it is said, involves upwards of $1,250,000.
Real estate
$112,000 Preferred stock
Bldgs., machinery & equip 1.150,000 Surplus for Common stk.
New officers and directors of the Livingston Petroleum Corp. have been
Leaseholds
900.000 (12.500 abs. no par val.) 1.276.88.5 elected as follows: Pres., Holden A. Evans, of Baltimore; V.-Pres. George
Cash
133,540 1st Mtge. 7s (this issue)_- 600.000 V. Snedden and John W. Gilliland, of Tulsa, Okla. and J. A. Kissik, of
'J. Gill, of Baltimore.
Accounts receivable
2,083 Pur. mon. mtge. (51i %)57.000 New York, who also was elected Tress.; Sec.. Robert
321,000
The foregoing, together with R. H.M.Robinson,et New York. and I. H.
66,988 Res. for deprec. & deplet_
Inventories & supplies_ --_
9,524 Patton, of Tulsa, compose the directorate.-V. 119, p. 701.
Deferred assets
9,798 Red.for deferred interest..
Total
$2,374,409
Total
Hayes Wheel Co.-Listing.-
$2,374,409
Lowell (Mass.) Gas Light Co.-Rates Reduced.-
The Mass. Dept. of Public Utilities has approved a reduction in the price
of gas sold by the company. The new schedule is effective Oct. 1. Under
it consumers using 1010 cu. ft. of gas a month will pay 50 cents, as against
the present rate of 60 cents: those using 500 Cu.ft. will pay $1 02. as against
the present rate of 81 16; these using 1,000 Cu. ft. will ray 81 59 s• . as
against $1 71. There are similar reductions for larger consumers.
V. 114, p. 631.
The New York Stock Exchange has authorized toe listing of $1,842,400
71 % Cumul. Pref. stock, par 41,100 (authorized, $2,000,000), also 200,000
shares of Common stock without par value, on official notice of issuance
in exchange for outstanding Capital stock (now listed).
The Preferred stock was issued in exchange for stock of Hayes Motor
Truck Wheel Co.. Morrison Metal Stamping Co. and Albion Bolt Co.
Mack Trucks, Inc.-Issue Subscribed.Consol. Income Accountfor Calendar Year 1s23 & 6 Mos.End. June 30 1924.
It is stated that stockholders have subscribed for the entire additional issue
6 Mos.
Cal. Year
shares of stock at $80 a share and the underwriting syndicate will
56,622
of
1924.
1923.
not be called upon to take
any unsubscribed stock. The first payment
$19,737,726 $9,220,149 on the subscriptions of $30upwas due Sept. 22, when rights expired. The
Sales
18,236.862 8,727,309 second payment of $25 is due on Dec.22 and the balance,subject to interest
Cost of sales,incl. general & selling expenses
p. 1062, 948.
$492,841 adjustment, on March 23 1925. See V. 119.
$1,500,863
Gross profit from operations
60,065
110,298
Add-Discount on purchases
Mammoth Oil Co.-Refuses to Delay Trial.The motion of the company for a postponement of the case involving the
$552,906 Government's petition for a return of the Teapot Dome naval oil reserve
$1,611,161
Total
6,713 has been denied by Judge Kennedy of Wyoming. Judge Kennedy refused
9,086
Deduct-Cash discount on sales
70,187 to delay the trial until after election. The date has been set for Oct. 7.-V.
121,755
Interest charges
59.775 118, p. 2710.
190,000
Provision for Federal taxes
22,978
Preferred dividends
295.566
591,132
Common dividends
Massachusetts Lighting Co.-Dividend of 50 Cents.The trustees have declared a dividend of 50 cents a share on the Common
$97,687 stock, payable Oct. 7 to holders of record Sept. 25. On June 30 the com$699,189
Balance
Consolidated Balance Sheet as of June 30 1924.
pany paid 25 cents a share, and on March 31 50 cents a share, making a
total of $1 25 a share during the first 9 months of this year. This compares
LiabilitiesAssets$4,377,452 71i% Cumul. Pref. stock$1,842.400 with $1 40 a share paid in 1923, and 50 cents a share paid in 1922. The
Property accounts
I Corn. stock (200,000 shs.) 2,000,000 company has no regular rate or time for the declaration of the Common
Goodwill. pats. Si tr.-mks_
575,800 dividend.
30,245 1st M.Series "A"7s
Treasury stock
The trustee declared the regular quarterly dividend of $1 50 on the 67
524,000
do Series "B" 6s
76,260
Investments (at cost)-- _2,875,935 Notes pay., bankers loans 650,000 Preferred stock and 82 on the 8.7,, Preferred stock, both payable Oct. 15
Inventories
holders of record Sept. 15.-V. 119. p.702.
to
37,544 Accts. pay.,trade credit'rs 225.868
Adv. for purch. of mat'ls_
64,838
Accts. & notes receivable_ 1,119.617 Accrued payrolls
Metropolitan Chain Stores, Inc.-New Company.
31,780
Accrued
interest
Cash surrender value of
See Metropolitan 5 to 50c. Stores., Inc.. below
59.940
104,931 Accrued taxes
life insurance
10.872
Accrued
royalties
1,267,838
hand.
on
&
banks
Cash in
Metropolitan 5 to 50c. Stores, Inc.-Financial Reorgan86,689 Bal.of'22 &'23 Fed. taxes 299,058
Deferred charges
84,150 ization Plan-New Operating Company to be OrganizedRes.for 1924 Fed. taxes__
3,607,808
Surplus
$9.976,515
Total (each side)
Gold Notes to be Retired.-V. 119, p. 947. 817.
The board of directors announced Sept. 22 that it had entered into a
with the Metropolitan Chain Stores, Inc., for the sale and transfer
Named.
contract
-Receivers
Co.
Hodgman Rubber
James Newton Dunn and Gordon Auchincloss were appointed receivers of its properties and assets (except its good-will, franchises and certain nonPaper
leaseholds), and subject to its outstanding liabilities, to the
transferable
Garfield
the
of
complaint
the
upon
Hand,
N.
Sept. 23 by Judge A.
of the issuance and
Box Co., Inc., a creditor for upward of $15,000. and upon the consent of the Metropolitan Chain Stores, Inc., in consideration
debtor corporation. The company has an authorized capitalization of transfer to it of the total capital stock of the Metropolitan Chain Stores.
Preferred stock:
Cumulative
of
shares
Convertible
Common
12.000
viz..
First
Inc.,
of
shares
10,000 shares of Preferred stock (par $100), and 24,617
par
stock of no par value. The complaint lists the liabilities at $1,100.000 and 5.550 shares of Cumulative Convertible Second Preferred stock, of the
shares
stock, of no
of
share,
per
Tuckahoe,
$100
130.900
and
its
of
Common
value
at
equipment
and
plant
including
the assets at $2.500,000,
valued at 31,365.000. The embarrassment is attributed to lack of working nominal or par value, being all the capital stock of the company to be
presently issued, and upon the condition that the Metropolitan 5 to 50c.
capital and a reorganization is ontemplated.-V. 118, p. 2445.
Stores, Inc.. market a sufficient part of the capital stock so as to reduce
Howe Rubber Corporation.-Receivership Continued.- the outstanding liabilities of the company by the sum of approximately
continuing
A stockholders' meeting to approve the plan had been called
31,560,000.
16
Sept.
order
an
made
Newark
at
Vice-Chancellor Backes
Charles D. Ross as receiver for the company and giving him authority to for Oct. 22.
The officers of the company stated that by the adoption and completion
continue five employees of the concern, described as "key men," at work
until Oct. 14, and four others until the further order of the Court. Those of this plan, the outstanding liabilities of the present Metropolitan 5 to
SEPT. 271924.]
'
'
THE CHRONICLE
1515
50c. Stores,
ould be reduced by $1,580,000, and the remaining each and every month the company shall deposit with the trustee an
liabilities would
Inc..be assumed by the new operating company, which will amount equal to at least one-twelfth of the amount of bonds maturing on
immediately be placed in a very sound financial and operating condition, the next respective maturity date.-V. 118. p. 1401.
the outstanding gold notes of$375,000 being converted into Second Preferred
Middle West Utilities Co.-Acquisition.-stock and its liabilities being only current short term merchandise obligations.
See Interstate Public Service Co. under "Railroads" above.-V. 119.
Under the plan evolved, the present company becomes the holding p. 1403.
company of Common stock of the new operating company and maintains
Missouri Portland Cement Co.-To Retire Bonds.its corporate identity as such, the plan calling for no exchange or reduction
of certificates held by the stockholders of the old company. It is estimated
It is reported that the directors have voted to retire $500,000 additional
that by reason of the introduction of this new capital, the company can add bonds.-V. 118. p. 2051.
approximately $500,000 a year to its earnings, through discount savings
Mohawk Rubber Co., Akron, 0.-Sales.and closer purchasing power. The present management will continue
without change.
Sales for August were 100% greater than those in August 1923. while
orders received so far this month indicate a still greater increase in sales
President Verne M. Bovie in a letter to stockholders for
September. according to J. F. Jones. Sales Manager.
Sept. 22 says in substance:
Sales revenues for the 7 months ended July 31 last were 65.2% greater
I believe that the opportunity,towards which we have all looked forward. than for the same period last year.-V. 117, p. 1562.
has now come to the company. I take great pleasure in submitting for
Montgomery, Ward 8c Co., Inc.-Offering of $1,500,000
approval a plan which has been most carefully worked out by the directors
with one of the leading banking firms of New York, the execution of which Bonds of New Warehouse Company.
will immediately put the company in the soundest operating condition.
See Montgomery Ward Warehouse Co. below.-V. 119, 11. 1178, 948.
During the past a years I have repeatedly stressed the fact that it was
impossible to pay dividends until we could get our merchandise accounts
Montgomery Ward Warehouse Co.-Bonds Offered.on an absolute discount basis. As the time has elapsed, the absolute
necessity of our getting upon this basis with our purchases has been more Lee, Higginson & Co., New York, are offering at prices
and more impressed upon me. I have been more and more forced to the ranging from 100 and int. to 102.07 and int., to yield from
conclusion that, operating as we are, without the aid of new capital, it
would take a longer time than any of us anticipated 3 years ago to get 4.75% to 5.50%, according to maturity, $1,500,000 1st
in a condition where we could take discounts or pay dividends.
Mtge.
Serial Gold bonds.
I am one of the largest holders of stock in the company, as well as Its
Dated Oct. 1 1924: due $150,000 annually, Oct. 1 1926 to 1935. PrinPresident. As President I have given most careful attention to all its
problems, and during the past 3 years have utilized every means possible cipal and interest payable out of rentals received from Monrgomery Ward
to shorten the time when we might again resume the payment of dividends. SG Co., Inc. Principal and int. (A. & 0.) payable at offices of Lee, HigI feel confident that over a period of years we can attain this position ginson & Co. in Boston. Chicago, or New York, without deduction for
without any changes in the organization. I am convinced, however, that Federal income tax up to 2%. Denom. $1,000 and $500c5. Red. as a
to attain this position, with the existing financial structure, would mean whole on any int. date on 30 days' notice at 103 and int. on or before Oct. 1
,6 of 1% each two years to 10035
the postponement of returns for an indefinite period. It seems to me, 1926. the premium reducing thereafter )
therefore, that if by the introduction of new capital, on a reasonable plan on April 1 1935. Present Pennsylvania and Connecticut four-mills taxes
of reorganization, we can immediately put the company in a position refunded. First Trust & Savings Bank, Chicago, trustee.
Montgomery Ward & Co., Inc.. conducts original mail order and catalogue
where it can operate on a par with its competitors, and take full advantage
business in United States, established in 1872. Through 52 years'successful
of all discounts, it would be highly desirable for us to do so.
The officers and directors have worked out a plan which will accomplish operation has extended throughout United States and into Canada, Mexico,
these things, and which plan can be immediately put into effect so that South America, the Far East, and many other parts of world. Sales in
we may get the benefit of the use of this additional capital for our holiday 1923. direct to about 6,000,000 consumers, over $123,700.000. _practically
business this year. provided the same is promptly approved by the stock- all on orders accompanied by advance cash payments. Merchandise
plants at Chicago; Kansas City, Mo.; Portland, Ore.; St. Paul. Minn.;
holders.
The proposed plan provides substantially for the creation of a new Oakland, Calif., and Ft. Worth, Texas. New plant at Baltimore. Md.,
operating company under the name of the "Metropolitan Chain
Stores. expected to increase largely business in Eastern and Southeastern States,
Inc.," instead of the present name, which is now a misnomer, because we a potential market, capable of great development.
Montgomery Ward Warehouse Co. has been organized to give better service
sell merchandise at a higher price than 50c. This company has already
been organized and is In a position to operate as soon as the approval of and increase already growing business in Eastern and Southeastern territory.
the stockholders shall be given. Under the new plan, the old company Management will be that of Montgomery Ward & Co., Inc., which owns
becomes the holding company of the stock of the new, which will acquire entire capital stock, except directors' shares.
Montgomery Ward Warehouse Co. has purchased and will hold title
the assets of the old. The new company will be the operating
company,
with a simple capital structure. Both classes of Preferred stock, with in fee to 11)i acres of land desirably located in Baltimore. Md., adjacent
Baltimore & Ohio RR. Company (partly with proceeds of these bonds)
to
such portion of the Common stock as the bankers and
directors can agree
upon, will be underwritten for cash, and the proceeds will be applied to will erect modern, fireproof, steel and concrete eight-story building, with
700,000 sq. ft. (over 16 acres) floor space and about 9,700,000 cu. ft.
about
the reduction of the current obligations and the retirement
of the out- capacity.
standing Refunding Gold notes.
Security.-First closed mortgage on land and building costing not less
The dividend requirements upon the Preferred stock will call for much
less cash disbursement each year than is now required to retire and pay the than $1,900.000. which will be leased for 12 years (one year longer than
annual interest charges on the outstanding $375,900 Refunding Geld notes. last maturity of bonds) to Montgomery Ward & Co.. Inc., by lease pledged
This indebtedness will, with the exception of that portion which is now a under the mortgage, for rental sufficient to pay maturing principal and
interest on bonds and incidental expenses of Warehouse company, Montcurrent liability, be converted into a stock liability.
This will leave all gomery Ward
& Co.. Inc., assuming payment of all maintenance, necessary
earnings, above the dividend and sinking fund
of the Pref. renewals, taxes
and other operating expenses of the property. Cost in
stock, applicable to the new Common stock, andrequirements
the earnings on the Corn. excess of bond proceeds
will be provided by Montgomery Ward & Co.,Inc,
stock that will be held hi the treasury of the present
will
company
be
available for dividends on the stock of the Metropolitan 5 to 50c. Stores, and represented by capital stock of Warehouse company.
Earntngs.-Annual rental will be operating charge of Montgomery Ward
Inc., that company, under the proposed plan, being in effect freed from all
debts, and having no expenses. Under the plan the stockholders will & Co., Inc., which reports net profits available for this rental, year to
Dec. 31 1923 of
retain their present stock in exactly the same form as it is now, there
or 19.7 times the $390,237 required to pay
being maximum annual$7,702,625,
maturity and interest of these bonds, and contingent
no exchange of certificates or reduction in shares.
George H. Burr & Co. are willing, provided this plan is approved and liability. Net profits, 1922, were 11.7 times and for ten years to Dec. 31
completed, to underwrite the entire issue of $1,200,000 1st Pref. stock of 1923 average annual net profits were 5.2 times this requirement. Sales,
the new company, which stock will not, however, be immediately placed eight months to Aug. 31 1924, increased nearly 18% over corresponding
the2rarker.
interests
underwrite the entire issue of period last year, although last year's total sales were largest in company's
history.
stock.-V. 118,p. 248, 2d
447.
Assets.-Total net assets, Montgomery Ward & Co., Inc.. Dec. 31 1923
Michigan Terminal Warehouse Co. of Detroit.- were in excess of $41,600,000, of which over
$24,000,000 was represented
by net current assets.
Bonds Offered.-Brasie-Hull &
534%
,
,
.
ME
Co., Watling, Lerchen & Co.
and Keane, Higbie & Co., Detroit, are offering at 100 and
int. $725,000 1st Mtge. 63'% Serial gold bonds.
Dated Aug. 1 1924. Due
T
i
1
serially Aug. 1 1927
Int. payable
F'. & A. at office of the Security Trust Co., Detroit,to 1941.without
deduction for any normal Federal income tax deductibleMich.,
at the source not in
excess of 2%. Denom. $1,000. $500 and $100. Red., all or part, upon
30 days' notice at 102 and Int. Security Trust Co., Detroit, trustee.
Tax exempt in Michigan.
CapitalizationAuthorized.
Issued.
Bonds
$2,000,000 $725,000
Preferred stock (V. 118, p. 1401)
Common stock (no par value)
e.lis. 3,700 'Els.
Company.-Organ zed to provide storage space for4.'000
general merchandise,
for such commodities as canned goods of all kinds, sugar,
flour, cereals,
feeds, oils, soaps, syrup, rubber tires, dry goods, automobiles
accessories, builders' supplies, machinery, &c., also for leasing spaceand
to wholesale grocers, chain store operators and manufacturers.
Shall
provide
storage space for unclaimed freight of the railroads. One of the chief
functions of company will be to supply space for manufacturers and
national
shippers who wish to create surplus stocks at good
distribution centres and
where the warehouse is fireproof and under responsible
management, and
who can issue bankable warehouse receipts on which the
manufacturers
and shippers can borrow from the banks throughout
the country. Also
will have accommodations in the way of offices for brokers
manufacturers' agents, representing out-of-town firms whose goods weand
have in storage and which they are distributing throughout the State. The
will be under the management of the National Terminals Corp.,company
of which
Wm. J. Ilogan of Indianapolis is the head.
Security.-Trust indenture covers the real estate and
now being
erected by company In the village of Springwells on thebuildings
owned by the
company, containing 14.1 acres, on which 2 modern land
concrete fireproof
and sprinslered buildings. 3 stories in height and 600 ft. by
90
ft.
500 ft.
by 90 ft., respectively, will be erected. The capacity of theseand
buildings
will be 4,007,000 cu. ft., together with 225,000 sq. ft., of cement platforms.
This property lies one block south of Warren Ave. and possesses
the unusual
advantage of being served directly by the Detroit Terminal RR.
and the
Pennsylvania-Detroit branch of tho Pennsylvania RR., thus connecting
property
the
with all of the main steam railroads entering the city of Detroit. The Detroit United RR.will also carry their tracks into the property.
Adequate surety bonds have been furnished, guaranteeing completion of
the
buildings free and clear of lien.
Value of Land and Buildings.-Murphy & Burns architects and engineers,
have estimated the cost of constructing the buildings
and equipment, incl.
railroad tracks, at $902.000. C. G. Couse, real estate
agent of the Pennsylvania RR. System, has appraised the land at $448,000.
The total
value of the land and buildings when completed, with all charges,
will
be $1,450,000.
Earnings.-Estimated earnings follow:
From storage and handling in 2 buildings, 324.000 sq. ft., net..... _$250.000
From 230,000 sq. ft. net of open storage
36,000
From forwarding and distributing
30,000
Total
Operating costs, including taxes and insurance
Interest on bonds outstanding
$316,000
118,300
47.125
Balance available for bond retirement and dividends
$150,575
Sinking Fund.-On or before Feb. 1 1925 and on the
day of each
month thereafter company shall deposit with the trustee first
an amount equal
to at least one-sixth of the amount of interest becoming due on said bonds
on the next respective interest date. Commencing Aug. 1 1926, company
shall deposit with the trustee an amount equal to at
least one-twelfth
the amount of bonds maturing Aug. 1 1927, and thereafter on the first of
of
(Philip) Morris & Co.-New Vice-President.-
Herbert W.Coe has been elected Vice-President -V.119. p. 205.
Morris Canal & Banking Co.-Stricken Off List.-
The Consolidated and Preferred stocks of the company have been stricken
from the regular list of the Philadelphia Stock Exchange.-V. 118. p. 2313.
Mountain States Power Co.-Acquisition.-
The properties of the Stayton (Ore.) Light lc Power Co. have been acquired by the Mountain States Power Co.-V. 119. p. 1072.
Mystic Steamship Company.-Initial Dividend.An initial dividend of 50c. per share has been declared payable Sept. 30
to holders ofrecord Sept. 25.-V.118. p. 439.
National Acme Co.-7'o Reduce Capital.-Montreal Plant.
A Chiaago dispatch of Sept. 22 states that according to N. W. Foster,
Vice-Presid.ent of the company, the stockholders will shortly be asked to
ratify a recapitalization which provides for a reduction of the stock from $50
to $10 par and the capital from $25,000,000 to $5,000,000. the number of
shares to remain as at present. This reduction, it is stated, will effect a
saving of approximately $30,000 in taxes, and will automatically increase
surplus account.
The company, contrary to recent press reports (V. 119, p. 949) did not
acquire the Russell Gear & Machine Co., but rather sold to the Russell
Motor Car Co. its machinery, equipment and inventory at the Montreal
plant, and that plant is now closed.-V. 119. p. 949, 462.
National Fireproofing Co.-Larger Preferred Dividend.-
The directors have declared a dividend of 75c. a snare on the 7 NonCumul.Preferred stock, par $50. payable Oct. 15 to holders of record Oct.l.
On July 15 last, a dividend of 50c. per share was paid -V. 118, p. 2711.
National Steel Car Corp., Ltd.-Report.-
Years Ended June 30Net profit for year
Res. for deprec. of bldgs., mach.&eq_
Interest on bonds
Other interest (net)
1924.
$608,815
95,379
99,430
55,624
1922.
1923.
$142,888 loss$79,733
72.470
97,384
104,100
107,653
46.516
59.417
Balance
sur$358,381 defS118.013 def$306,373
Previous capital and surplus
2,395.937
2,820,324
2,513,950
Prov. against invent
@FedFRASER