The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
T1V
r
ininwrtitlw
Bank & Quotation Section
Railway Earnings Section
financial
rontdek
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, SEPTEMBER 6 1924
VOL. 119.
Whe Throuide
PUBLISHED WEEKLY
Terms of Subscription—Payable in Advance
Including Postage—
12 Mos. 6 MosWithin Continental United States
$10.00
MOO
11.50
In Dominion of Canada
6.75
Other foreign countries and U.S. Possessions
13.50
7.75
NOTICE.—On account of the fluctuations In the rates of exchange.
rendttamces for European subscriptions and advertisements must be made
In New York Funds.
Subscription includes following Supplements—
BANE AND QUOTATION (monthly)(RAILWAY & INDUSTRIAL (semi-annually)
ELECTRIC RAILWAY (semi-annually)
RAILWAY EARNINGS (monthly)
STATE AND CITY (SeD11-1111IIIIREY) BANKERS' CONVENTION (yearly)
Terms of Advertising
Transient display matter per agate nue
45 cents
On request
Contract and Card rates
Onicaoo Orrtcs —19 South La Salle Street. Telephone State 5594.
LONDON Orrice —Edwards dc Smith, 1 Drapers' Gardens, B.C.
WILLIAM B. DANA COMPANY, Publishers,
Front, Pine and Depeyster Streets, New York.
Puolldned every Saturday mornitig by WILLIAM B. DANA COMPANY.
President and Editor. Jacob Seibert: Business Manager, William O.Riggs,Treasurer,
William Dana Seibert: Secretary. Herbert D. Seibert. Addresses of all. Office of Co.
The Financial Situation.
• The action of the American Woolen Co. this week
in suspending dividend payments on its common
shares, which have been receiving 7% per annum,
has come like a bolt from a clear sky. It has, of
course, been well known that the textile trades were
struggling with hard times, but no one imagined
that the American Woolen Co. would succumb under
the strain. It is such a well-managed concern and
possesses so many elements of strength that the
thought of the company being obliged to ask the
shareholders to forego a return on their investment
never occurred to anyone. The effect on the stock
market has been little short of disastrous. The news
came Thursday afternoon. American Woolen common had been showing more or less weakness for
some time. It now completely collapsed. From 72
it sold down to 58I/2 and yesterday it dropped still
lower, touching 54%. The effect of its break has
been to drag down the whole industrial list. It is
reasoned, with much force, that many other companies must be facing a similar situation. And unfortunately, confirmatory evidence to this effect is
not lacking. All those engaged in the textile trades
have found the past twelve months exceedingly trying—those in the cotton goods industry even more
so than those in the woolen or the silk trade. The
financial plight in which the Consolidated Textile
Corporation finds itself is proof of this, as is the fact
that B. B. & R. Knight, Inc., has been obliged this
week to pass the interest due Sept. 1 on its $7,393,000
7% first mortgage bonds.
The chief trouble in the textile trades, as in some
others, is high manufacturing costs combined with
an absence of demand for their products. At the
same time foreign manufacturers find it possible to
undersell the domestic goods even in face of high
tariff duties. The remedy is not in still higher du-
Electric Railway Sectiod
State and City Sectica
NO. 3089.
ties, as some seem to think, but to reduce costs, of
which labor is the principal item. In the spring of
last year the American Woolen Co. led the way with
2% increase in wages, which all other producers
a 121/
in the textile trades were obliged to follow. The
manufacturers were induced to make this advance
because they thought a big demand for their goods
was immediately ahead. This demand never materialized. The -high wages are still in effect, but
the operatives gain nothing thereby, since they can
be given only part employment or must accept complete idleness. President William M. Wood of the
American Woolen Co. three months ago would not
listen to a suggestion to rescind the wage advance.
ln a statement issued on June 16 he said: "I and
my associates do not think this is the proper time
No true
to consider a reduction in wages. . .
American at this time would wish to see any reduction in wages or in the general purchasing and consuming power in the country." That attitude was a
praiseworthy one to take, but now that it has not
worked out in the way contemplated—now that
neither the company nor the operatives are making
any money, would it not be better to take the matter
up in a friendly spirit with the workers and see if
agreement cannot be reached on some other policy
offering greater chances of success. Obviously neither the company nor the workers have anything to
gain by prolonging the existing situation.
Mercantile insolvencies in the United States during August were somewhat reduced in number as
compared with the earlier months this year, which
is quite usual, but the indebtedness involved is in
excess of the preceding months, with the single exception of March, because of a few large defaults,
chiefly reported by the manufacturing class—the
larger amount of liabilities in March was also due to
the same cause. Our comments are based on the
insolvency returns compiled from the records of
R. G. Dun & Co., which relate only to commercial
concerns, banking defaults being tabulated separately. The business failures last month numbered
1,520 and the indebtednes§ was $55,153,981. These
figures contrast with 1,615 defaults in July for $36,813,238 and with 1,319 in August 1923, when the
liabilities amounted to $34,334,722. As in August,
the record for each month this year since January
shows an increase in the number of defaults over the
corresponding months of 1923. Liabilities were
heavy in both years, but show an increase this year
over last. For eight months of the current year to
and including August, there were 13,910 mercantile
defaults with indebtedness of $396,428,178, whereas
for the same time in 1923 the number was 12,274, and
the amount $329,479,978.
1098
THE CHRONICLE
Insolvencies last month were divided as follows:
Manufacturing failures, 414, with an indebtedness
of $29,924,175; trading failures 1,024 owing $16,360,776, and agents 82, with liabilities amounting to
$8,869,030. The corresponding figures for August
1923 were manufacturing 385, with liabilities of $15,987,913; trading 888, owing $13,124,649, and agents
46, for $5,222,160. The manufacturing defaults during August this year comprised 27.2% of the total
number, but the liabilities were 54.3% of the aggregate of indebtedness involved in the total of the
August mercantile defaults. For August 1923 the
corresponding ratios were respectively 29.2% and
46.6%. On the other hand, the trading failures in
August this year comprised 64.1% of the total number of defaults that occurred in that month, while
the trading indebtedness was 29.7% of the total indebtedness. A year ago, in August 1923, the ratio
of trading defaults to the total number of all defaults that occurred in that month was 67.3%, and
the trading indebtedness 38.2% of the total. The
larger losses in the manufacturing class during August this year are clearly reflected in these percentages. In spite of the larger number of manufacturing defaults in August this year than a year ago, a
dcrease appears in the number of insolvencies among
manufacturers of iron, of lumber, and also of hats.
On the other hand, failures among manufacturers of
clothing were more numerous in August this year
than they were in August 1923, and there was a considerable increase in the amount of indebtedness
reported by that class; likewise, defaults in drug
and chemical lines show an increase in August 1924.
In the trading class the increase in the number of
defaults this year during August was mainly in the
grocery and meat lines, also among hotels, clothing
and furnishings, furniture and jewelry. A decrease
is shown in the number of dry goods failures during
August this year, but the liabilities are much larger
than they were in August 1923. There is also a decrease in the number of insolvencies reported this
year during August among dealers in shoes and in
hardware.
As to the large manufacturing defaults during the
month just closed, there were 33, reporting a total
indebtedness of $22,490,778, leaving to the remaining 381 manufacturing insolvencies in August this
year only $7,433,397 of liabilities. The large manufacturing defaults last month comprised about 8%
in number of the total and more than 75% of the
indebtedness for all manufacturing failures that occurred in that month. For August 1923 the large
manufacturing insolvencies numbered 27, but the
liabilities were only $10,095,652. There were 15
large trading failures last month, with an aggregate
of indebtedness of $5,698,912, these figures contrasting with 23 large trading defaults in August 1923
owing $4,349,478. The total number of large insolvencies last month, embracing all classes, was 53, reporting an aggregate of indebtedness of $36,064,690,
the number being only 3.5% of all mercantile defaults that occurred during that period, whereas
they represented 65.4% of the total indebtedness.
All told, the European situation appears to be
more encouraging than at any time since the armistice. The Dawes plan has been officially proclaimed
as being in effect as of noon Sept. 1. Owen D.Young
has consented to act temporarily as Agent-General
for Reparations Payments. He will be succeeded
[Vox. 119.
permanently by Seymour Parker Gilbert Jr.. Already the German Government has paid 20,000,000
gold marks on account of its reparations obligations.
Committees have been appointed by the Reparations
Commission to carry out the plan. The fifth Assembly of the League of Nations began its sessions in
Geneva on Sept 1. The United States did not send
a representative. On Thursday Prime Minister MacDonald of Great Britain made an address before the
Assembly, setting forth the position of his Government, and in which he asserted that only arbitration
will assure peace to Europe.
. He urged the admission of Germany into the League of Nations. Premier Herriot, in his address yesterday, declared that
"right and might must run the world."
A brief summary of the action of the German
Reichstag on Aug. 29 with respect to the London
agreement for putting the Dawes plan into effect
was given in our issue of Aug. 30. In describing
more in detail the scene when the final vote was
taken, the Berlin correspondent of the New York
"Times" said that, "swept by uproarious excitement,
hich turned it for the moment into a madhouse, the
Reichstag to-day gave the German Government more
than the necessary two-thirds majority for the Railroad bill, thus automatically sanctioning the London agreement and the Dawes report. The vote was
314 for the bill and 127 against it. Thus the Reichstag was saved from being dissolved and Germany
from a new election." He suggested also that "the
vote proved that the Nationalists, despite all the
fiery speeches and wild threats of their leaders,
dared not stick to their guns when it came to a showdown. More than 50 of them voted for acceptance
of the Railroad bill following votes on the other
measures necessary for execution of the Dawes report—the Bank and Industrial Debentures bill—on
each of which the Government got the required simple majority." Continuing his account, the "Times"
correspondent said: "When the time came for announcement of the result of the vote on the Railroad
bill a sudden hush settled over the big Reichstag
Chamber. As President Wallraf rose from his seat
there was dead silence. Nearly every member occupied his seat and the Government bench and the platform where the Government officials were clustered
around the President's desk. The galleries were
packed with breathlessly excited diplomats and journalists and hundreds of visitors who had moved
heaven and earth to get entrance tickets for this
momentous session." He said that when President
Wa]lraf started to announce the result of the voting
on the Railroad bill "tumultuous cheers and groans
broke forth." He added that "the tumult spread
throughout the Chamber. In vain President Wallraf pounded on the table. In vain he rang his bell
for order. The uproar only grew wilder. Communists danced and shrieked. Nationalist and Volkische members turned angrily toward the diplomatic
box where, among others, were French Ambassador
de Margerie and his wife and Warren Delano Robbins. American Charge d'Affaires, and his wife, and
shook their fists furiously because of signs of joy
given by some of those in the box. Finally President
Wallraf restored something like order. Angrily he
announced: 'If this unseemly uproar continues I
shall order the galleries cleared.' Then with excitement still buzzing loudly on every hand he finished
reading the result of the vital vote. With that mem-
SEPT. 6 1924.] •
THE CHRONICLE
hers began to pour from their seats and visitors
trooped forth from galleries to gather in eager
groups along Reichstag corridors where the hum of
excited talk arose. Inside other business was being
transacted, but nobody cared. The Railroad bill
had been passed. The Nationalists had backed down.
These two definite facts had emerged finally after a
week of nerve-racking doubts. Germany's Reichstag
crisis was past. That was all anybody wanted to
know."
1099
fairs, Sir Eyre Crowe, signed for the British. The
Ambassadors, Ministers, or Charge d'Affaires acted
for the other countries, while Ambassador Kellogg
looked on for the United States." He added that
"the informal character of the signing formalities
was indicated by the fact that some of the plenipotentiaries of the minor Powers attached their signatures last night to enable them to leave London early
this morning." While pointing out that the signing
by the British "is not absolutely tantamount to ratification by the British, nevertheless it carries the
Dawes plan a deal further toward actual operation.
Premier MacDonald has promised to lay the pact before Commons when it reassembles, but the general
opinion is that there is not the slightest chance of a
majority being registered against it." In a more
complete dispatch in the New York "Times" the next
day it was noted that "the gathering was held in the
Foreign Office" and • it was explained that "four
documents were signed, Germany, however, being
called to attest only the first two." The "Times"
correspondent likewise gave the following synopsis
of the four documents: "The first document contains the second annex of the Protocol of London
and lays down a plan of arbitration concerning different interpretations of the Dawes report. It also
binds the German Government to recognize the right
of the Transfer Committee to use its funds in payment for deliveries in kind and sets up an arbitral
commission to consider any question that may arise
concerning these. The second document contains
the third annex of the Protocol of London. This
deals with the execution of the Dawes report, fixes
dates at which it should be placed in operation and
defines the preliminary steps. The third document,
embodying Annex 4 of the London Protocol, was not
signed by Herr Sthamer, as the representative of
Germany, as it deals only with the Reparations Commission. It requires the Reparations Commission to
appoint an unofficial American as one of its members whenever it considers the Dawes report and
lays down that an American citizen must be President of the Arbitral Commission which is to decide
any disputed assertion that Germany has been in
willful default of her obligations under the Dawes
plan. The fourth document, which was signed only
by the representatives of Belgium, France, Great
Britain, Italy, Japan and the Serb-Croat-Slovene
State, being the Governments represented on the
Reparations Commission, covers the same ground as
the third document. The London representative of
the Associated Press said that the signing took place
at 12.40 p. m. He added that "they [the Government
representatives] signed in the alphabetical order of
their countries, except that the British self-governing Dominions which have approved the compact
signed immediately after Sir Eyre Crowe had affixed his name on behalf of Great Britain."
According to an Associated Press dispatch from
Paris dated Aug. 29, "the news of the Reichstag's
action was received by the Foreign Office by telephone from Berlin within a few minutes after the
vote had been taken and it was quickly distributed
throughout all the bureaus of the Foreign Office and
in the various Ministries, causing considerable relief, as the German action was regarded as opening
up a new economic and political era for France and
Europe." Shortly thereafter the French Foreign
Office issued the following statement: "The French
Government has learned with great satisfaction that
the Reichstag has voted by a two-thirds majority the
laws necessary to put into operation the DawesYoung plan. This is the first consequence of the
London Conference and it permits hope for other results in the future such as the United States and
France desire." In a London cable message the
same day it was stated that "here in England the
event is hailed as all the greater victory because it
has been obtained without any lessening in the
friendship between Great Britain and France. On
all sides it is admitted that the Entente has been
strengthened rather than weakened by the London
Conference, and that since the immediate prospects
are that Premier Herriot and Prime Minister MacDonald are likely to remain at the helms of their
Government, the friendship between the two countries will be further consolidated." The correspondent observed, however, that "in official circles here,
although the outcome of the London Conference affords extreme satisfaction, there is no disposition to
regard it as bringing about a millennium. It is held
here that many difficulties still are to be surmounted
before Europe's pathway to rehabilitation is completedly smoothed over." On Aug.29"theReparations
Commission announced officially the appointment of
Owen D. Young to the post of Agent-General for
Reparations Payments." In all the Paris dispatches
it was stated that "it is known, however, that Mr.
Young will serve in this capacity only long enough
to organize the work, when he will turn it over to
another American whose name has not yet been
divulged." In a Washington dispatch to the New
York "Herald Tribune" dated Aug. 29, it was said
that "President Coolidge is much pleased over the
action of Germany to-day in accepting the Dawes
reparations plan agreement. He hails it as a harbinger of improved business, industrial, financial
In Paris, last Saturday, announcement was made
and commercial conditions both here and abroad."
of the appointment by the Reparations Commission
of the most important officials for putting the Dawes
In London, a week ago to-day,"the pact drawn up plan into effect. In addition to Owen D. Young,
at the recent International Conference outlining whose title is Agent-General for Reparations
ways and means of putting the Dawes reparations Payments, it as stated by the New York
program into effect was signed by representatives of "Times" representative that "the very importhe various nations early in the afternoon." The tant post of Commissioner of Railroads, which
Associated Press representative in the British cap- official will direct the board operating the
ital noted that 'Premier MacDonald being in Scot- German railroads, goes to Georges Leverve, the
land, the Assistant Under Secretary for Foreign Af- eminent engineer, who was the French member of
1100
THF CHRONICLE
the commission which drafted the railroad plan for
the Dawes committee. In case of insufficient earnings by the railroads M. Leverve will be empowered
to take over the system and run it as dictator." He
added that "to a Belgian goes the post of trustee of
the billions of marks of railroad securities to be issued by Germany as part of the Dawes plan. Former Premier Leon Delacroix, for the last two years
a member of the Reparations Commission, will fill
this post. As trustee of the 5,000,000,000 marks of
industrial securities, Signor Nogara, an Italian engineer, has been named. The Commissioner of the
pledged revenues of the Reich will be Andrew MacFeydean, Secretary of the Reparations Commission,
who is a Scotchman." The correspondent explained
that "the Reparations Commission did not announce
to-day the name of the Commissioner-General of the
new- German bank of issue, the reason being, it is
understood, that Sir Robert Kunders Ely has not
definitely decided if he can take the position. and
also because technically he must be named. by the
board of the bank, which is to consist of seven foreigners and seven Germans, and which is not yet constituted. In any case, this official will be an Englishman." It was made known in Paris at the same
time that Gates W. McGarrah, Chairman of the Mechanics & Metals National Bank of New York, will
be the American member of the Bank Board and
upon him will fall the duty of naming an American
member of the Transfer Committee, which will be
headed by Mr. Young, in addition to the ordinary
number from the United States." It became known
here on Sunday that Mr. McGarrah had accepted.
Dr. Hjalmar Schacht, President of the German
Reichsbank, in an interview in "Tribuna," a newspaper in Rome, was quoted as saying that the Dawes
plan is "an intelligent solution of the complex economic problems of reparations, in that it proceeds
in a positive sense."
[VOL. 119.
loan that is required to put the Dawes plan into
effect is better secured than any other international
loan ever offered. It has the entire wealth of the
entire Reich behind it. Any one of the German
States could itself easily carry such a loan. In fact,
there are several cities that, once Germany is on its
feet again, could easily carry this loan themselves."
Continuing, he asserted, according to the New York
"Times," that "the great need of Germany now is
active capital. That will have to be furnished her.
I personally believe no country in the world offers a
safer field of investment or a more profitable one.
It seems to me that the end of the road has been
reached, and Europe now enters upon a new era."
In an Associated dispatch from Berlin dated Aug. 31
Dr. Edward Stinnes, "chief administrative heir of
the late Hugo Stinnes, Germany's great industrialist," was quoted as saying that "Germany's ability
to carry out the Dawes reparations plan will depend
measurably on the extent to which American capital
is invested and placed at the disposal of German economic organisms." He was said to have declared
also that "lack of capital now was responsible for
restricting German industry to less than 50% of
its normal capacity. Another esseptial to Germany's ability to fulfill the reparations plan formally ratified in the London agreement obviously
suggested Germany's ability to compete freely in
the world markets, as any export barriers thrown in
her path would relatively affect her capacity to make
payments in gold and deliveries in kind." The correspondent said that "Dr. Stinnes estimated the
yield from Germany's exports must furnish her food
for 20,000,000 workers and enable her to pay interest and amortization on foreign loans and credits."
The Reparations Commission officially proclaimed
the Dawes plan to be in effect from noon on Monday,
Sept. 1. The New York "Times" representative in
Paris, where the announcement was made, explained
Through an Associated Press dispatch from Paris that "from to-day [Sept. 1] the periods commence
dated Aug. 31 announcement was made in this 'which are fixed for economic evacuation of the Ruhr
country that "Owen D. Young of New York, Agent-. and Rhineland. By Dec. 5 the Reparations CommisGeneral for Reparations Payments, has informed the sion must attest that re-establishment of the ecoGerman Treasury that his office will be prepared nomic and fiscal unity of the Ruhr and Rhineland
on Tuesday to receive the first 20,000,000 gold marks has been accomplished. Immediately thereafter the
as called for under the London agreement. Mr. railroads will be transferred to the newly formed
Young's office will be opened in Berlin to-morrow, international company." He added that "meanwhile
although he himself will not leave Paris until Wed- General Degoutte is taking the necessary measures
nesday." The further information was conveyed to evacuate the Dortmund-Hoerde zone by Dec. 5, as
that "the 20,000,000 gold marks will be the first pay- well as the other districts occupied after Jan. 11 last
ment on the 83,000,000 gold marks which will be year."
It became known on Tuesday, Sept. 2, through a
placed at Mr. Young's disposal during September by
the German and Allied Governments. The French, Berlin dispatch, that "Leon Frazier, English adBelgian and Italian Governments, beginning to- vance agent of the American general reparations
morrow, will turn over to the Agent-General the representative, Owen D. Young, has established
proceeds from their administration of the Ruhr. headquarters at the Adlon preparatory to settling
These sums probably will amount during September down in permanent offices. Young is due here on
to from 35,000,000 to 50,000,000 gold marks. Ger- Thursday. He will have from 50 to 100 assistants,
many will pay in September another sum of 20,000,- clerks and other personnel members." The dispatch
000 gold marks, and if at the end of the transitional also stated that "Mr. Frazier has already tendered
period of five weeks the entire 83,000,000 marks have the German Finance Minister a formal receipt for
not been made up Germany will supply the balance." the 20,000,000 gold marks paid into the General
Alanson B. Houghton, United States Ambassador Agent's account at the Reichsbank as the first adto Germany, who returned to the United States a vance on the foreign loan of 800,000,000 gold marks
week ago last Sunday to complete his vacation, was to be given Germany under the Dawes plan for perquoted as saying that "Germany has willingly and manent stabilization of her currency through the
definitely accepted the Dawes plan and will carry bank of gold issue soon to be organized." It was
it through in good faith." He also was reported to said also that "as soon as the loan is floated—probhave declared that "I think that the $200,000,000 ably within six weeks--these 20,000,000 marks will
•
SEPT. 6 1924.]
THE CHRONICLE
be repaid to the German treasury." From Paris
came an Associated Press dispatch the same day
stating that "Owen D. Young, Agent-General ad
interim for Reparations Payments, officially informed the Reparations Commission to-day that the
German Government had paid into the Reichsbank
in Berlin for the account of the Agent-General 20,000,000 gold marks as provided in the schedule of
payments elaborated at the London Conference under the terms of the Dawes report." It was added
that "this was the first business transacted between
Mr. Young's office, opened in Berlin yesterday, and
the Government of the Reich." The Chicago "Tribune" correspondent in Paris cabled on Sept. 2 also
that "the Reparations Commission is informed that
the $200,000,000 loan for Germany provided by the
Dawes plan will be offered simultaneously in New
York, London, Amsterdam, Berlin, Zurich and Madrid on Oct. 15." He added that "America's share
L..: $100,000,000, England's share is $80,000,000,
Switzerland's, Holland's and Spain's—with probably small amounts in Germany—$20,000,000. The
interest is said to have been fixed at 8%."
Word came from Paris on Sept. 3 that "Seymour
Parker Gilbert Jr., former American Under-Secretary of the Treasury, has accepted the post of AgentGeneral for Reparations under the Dawes plan." It
was added that "the Reparations Commission met
this afternoon and confirmed the appointment of
Mr. Gilbert. He is expected in Paris about the middle 'of the month." The Paris representative of the
Associated Press stated that "Mr. Gilbert has accepted the post without any agreement regarding
salary. This subject has not yet been formally mentioned in the Commission, but it is probable he will
have a salary equivalent to $7,000 a year, with rather
generous additions for the expenses of his work,
which probably will require him to spend three
months out of four in Berlin."
In an interview in Washington on Thursday Secretary of the Treasury Mellon was quoted as saying
that "Europe was on the eve of great prosperity and
a full after-war economic adjustment, which would
be reflected in the business and economic life of the
United Statse. The Secretary ascribes this condition to the settlement of political and economic affairs, which is sure to follow the working out of the
Dawes plan." According to "The Sun" representative in Washington,"business in Germany is already
opening up and Secretary Mellon believes that the
trade credits which will be established by Germany
in the United States will far outweigh and exceed
any private loan which may be made. He was informed that Germany is conducting extensive negotiations for the purchase of raw materials in the
United States. The $200,000,000 loan to Germany,
half of which is to be subscribed in the United States,
will be a first lien on the industrial resources of Germany, and is therefore regarded as amply safeguarded. He believes the loan will be successful."
Apparently the evacuation of the Ruhr is going
forward as rapidly as could have been expected.
The Brussels representative of the Associated Press
cabled on Sept. 4 that "the Belgian military evacua-night with the withdrawal
tion of the Ruhr began to
battalion
of
the
16th
Artillery, which will reof a
join the garrison at Tillemont. Other units will be
taken out from time to time. Orders for the movement of special branches, such as the heavy artillery,
1101
tanks and aviation, have already been issued. The
retirement of these arms will constitute the first
stage of the evacuation. The second stage will be
the removal of the infantry, which will be brought
back by the entire regiments, instead of by battalions. France's army of occupation in the Ruhr at
present comprises 22,000 men, according to trustworthy authority. The army originally numbered
45,000. One of the principal obstacles in the way of
rapid evacuation of the Franco-Belgian occupied
territory is the difficulty of moving quickly the families of non-commissioned officers and railway workers."
The fifth annual Assembly of the League of Nations began its sessions in Geneva on Sept. 1. A
special representative of the New York "Times" at
that centre cabled the evening before that "all the
principal nations of the world, except Russia, the
United States and Germany, have sent their delegates here for the opening to-morrow morning of the
fifth annual Assembly of the League of Nations."
He declared also that "Geneva is packed as never
before in its history. Every hotel is filled to the
roof and mere sleeping room is at a premium. It is
estimated that between 15,000 and 20,000 people
have poured into the city in the last two days, indicating plainly increased popular interest in the
League. Two hundred and fifty-two American applications have been made for Assembly cards and
4:5 have been alloted to citizens of the United States."
He stated that "the big issues before this year's Assembly of 54 nations will be security and disarmament, for the League leaders have judged that the
two questions .are essentially related." Outlining
the situation as he understood it, the "Times" representative said: "On the eve of the meeting one
finds few to predict the course the negotiations will
take. The unknown quantity is the attitude of Premier MacDonald. Having rejected the project for a
treaty of mutual guarantees, drafted by the League
Disarmament Commission, Mr. JlefacDonald is expected by the other nations to bring forward positive suggestions, since it is not believed that so
ardent an advocate of the League would take a
merely negative attitude on so important an issue.
The French, who approve the mutual guarantee
treaty, hold that it is useless to discuss the reduction
of European armaments on any scale until European
nations have received some guarantee of protection
against aggression. The military chiefs of France
believe that ordinary military treaties are the best
protection, but, failing these, French statesmen are
waiting to hear what Mr. MacDonald has to offer."
The Associated Press representative in Geneva cabled that "not since the peace conference of Versailles have the people of the world shown such interest in an international gathering as in the fifth
Assembly of the League of Nations, which till open
here to-morrow to take up the world problems and
the question how best to avert future world wars.
The vastness of this
made evident by messages which arriving delegates and simple citizens
are bringing to Geneva from scores of lands, including the United States. These messages are to the
effect that the people everywhere want something
real achieved." He further declared that, "concretely, the whole problem of security and limitation
of armaments comes before the Assembly because
of the existence of a draft treaty of mutual assist-
1102
THE CHRONICLE
ance among the nations, which was submitted last
year to all Governments,including that of the United
States, to determine their views. The great majority of the Governments have replied, and the Assembly now must decide to revamp the proposed
treaty or prepare an entirely new project."
It became known at the outset that the United
States would not send a representative to participate in the proceedings at the Geneva gathering.
The New York "Times" representative cabled Monday evening that, "simultaneously with the opening
to-day of the fifth Assembly of the League of Nations came the announcement that the League Secretariat had received a refusal from Secretary Hughes
to accept the invitation to send an American delegate to participate in the work of the Third Committee of the Assembly in discussing the draft, prepared
by the temporary mixed commission of the League,
for a treaty controlling traffic in arms." The
"Times" representative explained also that "Americans participated in the work of the temporary commission, but Mr. Hughes takes the view that all
America's ideas on the subject were there expressed
and that, therefore, no good would come of American representation on the third committee. It was
the feeling of the League Council that if America
sent a delegate the League would be enabled to know
if any changes asked by League members in the committee would receive approval in Washington. The
reply of Mr. Hughes says that if the Assembly decides to call a conference to consider the plan
adopted by the League, representatives of the United
States will attend it."
Paul Hymans, Foreign Minister of Belgium,
served as temporary Chairman. According to the
New York "Times" correspondent, he "declared
that the whole world was looking to the League to
do something about disarmament this year, and advanced the argument that nations must receive material assurances of security before they could be
asked to disarm." He also stated that 'ex-President
Motta of Switzerland, who was elected President of
the Assembly this afternoon, devoted his inaugural
address to a plea for compulsory arbitration of all
international disputes." The "Times" representative observed that "it is interesting to note that the
first two speeches on disarmament reflect the two
opposing ideas to be presented at Geneva by the
French and English. M. Hymans to-day upheld the
French view that security means military guarantees against aggression, after receiving which nations could disarm, whereas the English, or rather
the MacDonald view, on which Dr. Motta touched,
is that a spirit of international good-will should be
established by arbitration arrangements which will
give the best security, and that, the security problem
being thus solved, nations may proceed to reduce or
do awaiwith their armies."
In giving some of the details of the opening session, the Geneva representative of the Associated
Press said: "The fifth Assembly of the League of
Nations was opened by the temporary Chairman, M.
Hymans of Belgium, at 11.15 this morning before an
audience which filled every available bit of space in
the Hall of the Reformation. Women predominated
in the public galleries. The American visitors sat
together in the second row of the first balcony
fronting upon the speaker's rostrum. Ex-Justice
[vol. 119.
John H. Clarke of the United States Supreme Court;
George W. Wickersham, former Attorney-General,
and Representative Theodore E. Burton were among
those present. The Americans sat just behind a
Japanese group which included Mme. Adachi, wife
of the second Japanese delegate."
In his account of the proceedings of the Assemb13
on Tuesday the Associated Press representative said:
"President Motta opened the second day of the
League of Nations Assembly to-day at the stroke of
noon by announcing the formation of the six commissions of the Assembly. These are: First, on
legal and constitutional questions; second, on technical organization; third, on reduction of armaments; fourth, on budgetary and financial questions; fifth, on social and general questions; sixth,
on political questions. Foreign Minister Duca of
Rumania was chosen President of the most important commission—that which will discuss all problems relating to the reduction of armaments, including the pact for mutual assistance." Prime Minister MacDonald of Great Britain left London for
Geneva the same day and arrived there the next
morning. Premier Herriot reached Geneva Tuesday evening. It was reported in Geneva then that
they both would address the Assembly on Thursday
and leave Geneva to-day. Premier Herriot did not
make his address until yesterday.
The New York "Times" correspondent -at -the
League Assembly cabled Wednesday evening that,
"in a talk before several hundred newspaper men
here to-night Premier MacDonald declared it to be
his view that any international conference on disarmament, such as that proposed by President Coolidge, should be held in Europe, and not in Washington." He added that "the British argument against
acceptance of the American suggestion, it appears,
will be based on the assumption that the negotiation
of any disarmament agreement will be long and difficult, and that it should be conducted largely by
the heads of Governments. It will be pointed out
that it would be a physical impossibility for European Premiers to pass long months in Washington,
whereas its interest in disarmament being more academic than Europe's America could send delegates
who were not charged with the most important Governmental functions. It will probably be suggested
that if the Washington Government is averse to taking part in a disarmament conference under League
auspices a separate conference can be arranged
which will be able to make use of the League's facilities and at the same time allow Washington to
avoid the appearance of getting too close to the
League."
Apparently Prime Minister MacDonald's address
before the Assembly on Thursday was largely an
elaboration of his interview of the day before. The
Associated Press correspondent said that he "told
the Assembly of the League of Nations to-day that
Great Britain saw the only hope of future peace in
the extension of the policy of arbitration and the
development of the League." Continuing the correspondent said: "The British statesman warned the
world against regarding national security merely as
a military problem based on the predominance of
force, and he urged the convocation of a disarmament conference in Europe attended by representatives of all countries, including the 'United States
and Germany. Premier MacDonald paid a great
SEPT.6 1924.]
THE CHRONICLE
compliment to what America had done to help Euripe and he voiced the opinion that some day America would enter the League, not because she had been
appealed to or subjected to pressure, but because
Europe had been wise enough to make peaceful efforts successful, thereby causing America's 'own
heart' to incline her to the step. The British Premier expressed the hope that Soviet Russia was now
changing in a fashion which would permit her to cooperate with the European system, thus completing
the authority and influence of the League. Mr. MacDonald placed great emphasis on the extreme difficulty of defining the terms, security and aggression,
declaring: 'Everybody knows that assigning the
responsibility for aggression is the last thing done
and it is always done by historians who write 50
years after the aggression has been made, and never
by politicians who live through the beginnings of the
war.' The Prime Minister's statement that the world
was going through a transition period, the burden of
which was felt by Premier Herriot and himself,
was one of the most striking features of his oration.
They had changed the workings of the old system,
and the responsibilities thrown upon them were tremendous, Mr. MacDonald said, adding: 'Sometimes
we felt they were too heavy for us.' Pleading for arbitration, he scourged military pacts as the 'false
whitesepulchre'of security. He wanted arbitration,
he said, because the essential condition to security
and peace was justice, and justice must be allowed
to speak before passion." The Prime Minister. was
quoted also as saying with respect to Germany being permitted to join the League of Nations, "we
cannot sit endlessly with a vacant chair in OUT midst.
The London Conference created a new relationship
between the rest of Europe and Germany. She
should have her seat here." According to the correspondent also, "he asked for action along this line
at the present session of the Assembly."
According to a special Geneva dispatch to the New
York "Times" yesterday morning,"the reception accorded Premier MacDonald's speech was varied.
Many regarded it as gospel, while spokesmen for
France and her allies regarded it as offering an insufficient solution for the problem of security. Foreign Minister Skrzynoski of Poland, in a speech in
the Assembly this afternoon, remarked that each
time Poland had trusted to the justice of the nations
she had been sliced up. If a real rule of justice.were
established Poland would be glad to disarm, but
under present conditions he said it would be useless
to ask her to disband her army until given some
promise of protection against Red Russia." It was
added that "the French feel that Mr. MacDonald
has got the cart before the horse; that the World
Court cannot trust blindly in a regime of international justice, but should inaugurate a transitory
regime of mutual protection until the rule of justice becomes universally accepted."
1103
Premier's reference to the attitude of the United
States towards the League." The correspondent
said that "concerning Germany, he declared that,
when the nations fought Germany, they were fighting against the destructive spirit of militarism,'that
spirit which was expressed publicly by the German
Parliament and which is the very antithesis of the
principles for which we are working here.'" Continuing, the Premier asserted that "France hates the
spirit of militarism and emphasized France's joy
over the fact that Germany had entered into direct
relations with her. Freely accepting the plan
whereby she would be able to fulfill her obligations."
According to the dispatch, "the applause was renewed when M. Herriot continued that Germany, if
she desired admittance to the League, should have
the same treatment as other nations seeking admission. France adhered to the League covenant, but
wanted to make it a liVing covenant." Continuing,
the Associated Press representative said: "He declared France had no illusion that security could be
had by means of force alone. He agreed with Prime
Minister MacDonald that any hurriedly prepared
disarmament conference would be dooms to failure,
and he insisted that, when one was held, it should be
intrusted to the League of Nations. Arbitration,
security and disarmament were the three pillars of
peace, the French Premier set forth. 'France,' he
concluded, 'holds out a fraternal hand to all your
countries. It will give her joy, even among the sadness of her own ruins, if she can help that divine
flower, peace, to bud.' The applause that followed
M. Herriot's peroration lasted fully two minutes. It
was joined in by Premier MacDonald."
No change has been noted in official discount
rates at leading European centres, from 10% in Berlin; 7% in Norway and Denmark; 6% in Paris;
51/
2% in Belgium and Sweden; 5% in.Holland and
Madrid, and 4% in London and Switzerland. In
London open market discounts were a shade firmer
for short bills, namely 3%@334%, against WA%
Three months' bills finished at 3 13-16@3178%,
/
8% a week ago. Money on call
against 3 11-16@37
8%,the same as last week, but closed
advanced to 31/
/8%. In Paris the open market discount rate is
at 27
4%,against 5%,and in Switzernow quoted at 5@51/
/8%, the previous quo/
4%, compared with 37
land 33
tation.
A small addition to gold holdings amounting to
£87,400 was shown by the Bank of England in its
statement for the week ending Sept. 3. Continued
expansion in note circulation, however, induced another decline in reserve of £266,000, to £22,426,000,
as against £22,515,045 last year and £22,982,998 in
1922. Note circulation now stands at £125,724,000,
an increase for the week of £353,000, and comparing
with £124,884,900 in the corresponding week of 1923
and £122,879,715 a year earlier. The proportion of
In an Associated Press dispatch from Geneva last reserve to liabilities declined to 17.85%,from 18.50%
evening it was stated that, "in an address to the a week ago, 181/
8% last year and 183
/
8% in 1922. A
Assembly of the League of Nations, which was in- heavy reduction in public deposits
was recorded—
terrupted frequently with long hand-clapping by the £6,646,000, but "other" deposits increased £9,504,delegates and the public, M.Herriot declared France 000, while the bank's temporary loans to the Governwould follow in both letter and spirit the covenant ment expanded £2,660,000 and loans on other securiof the League and approved in principle any plan ties £578,000. Gold holdings aggregate £128,402,791,
labeling as an aggressor any country which refuses in comparison with £127,649,945 the preceding year
arbitration." The correspondent added that "espe- and £127,412,713 the year before that. Loans amount
cially remarked by the delegates was the French '1 to £78,081,000. Last year the total was £70,030,395
THE CHRONICLE
1104
[VOL. 119.
145,000,000,000,000,000,000 marks. Other liabilities were reduced 404,030,000,000,000,000 marks,
while Rentenbank loans remain unchanged. Holdings of Treasury and loan association notes fell
7,000,000,000,000,000 marks and notes of other banks
48,000,000,000,000 marks. Gold holdings increased
8,920,000 marks to 507,004,000 marks, of which 67,603,000 marks are deposited abroad.
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1920.
1921.
1924.
1923.
1922.
A statement as of Aug. 30, which came to hand
Sept.&
Sep1.7.
Sept.3.
Sept.5.
Sept.6.
last evening, disclosed an increase in note circula125,724,000 124,884,900 122,879,715 126,432,535 125,908,565
Circulation
tion for that period of 262,672,475,000,000,000,000
10,395,000 14,128,637 13,585,108 15,479,410 16,500,595
Public deposits
114,896,000 110,015,567 111,450,436 140,730,389 116,988,625 marks. This makes the total outstanding 1,420,937,Other deposits
Governml deposits_ 43,658,000 49,845,601 43,447,645 74,046,744 59,628,129
78,081,000 70,030,395 76,789,603 79,827,413 76,340,750 247,000,000,000,000 marks. Deposits decreased 262,Other securities
Reserve notes & coin 22.426,000 22,515,045 22,982,998 20,427,771 15,618,752 303,442,000,000,000,000
marks.
Other notable
Coin and bullion_ _ _128,402,791 127,649,945 127,412,713 128,410,306 123,077,317
Proportion of reserve
changes were a decrease of 152,786,287,000,000,000,13.08%
1836%
11.70%
18.37%
17.85%
to liabilities
7% 000 marks in holdings of Rentenbank notes, an in4%
4%
53%
3%
Bank rate
crease of 99,711,218,000,000,000,000 marks in RentenAccording to the weekly statement of the Bank mark bills and checks. Gold holdings increased
of France, an expansion of 364,666,000 francs oc- 9,480,000 marks, to 516,484,000 marks, of which 77,curred in note circulation during the week. Contrac- 083,000 marks are deposited abroad. •-•
tions were registered ixt that item in each of the three
Heavy expansion in rediscounting operations was
previous weeks, but the expansion now reported
the
feature of the Federal Reserve bank statement,
40,399,150,000
to
up
total
outstanding
brings the
francs. This contrasts with 37,998,782,085 francs issued late Thursday afternoon. The report for the
last year at this time and with 36,959,101,395 francs System showed an increase in discounts of $39,300,in 1922. Just prior to the outbreak of war in 1914, 000 and expansion in open market purchases totalthe amount was only 6,683,184,785 francs. A gain ing $20,300,000. Earning assets were heavily inof 54,400 francs was shown for the week in the gold creased, viz. $60,200,000, while deposits gained $19,The Bank's total gold holdings are thus 000,000, and the amount of Federal Reserve notes in
item.
brought up to 5,543,855,250 francs, comparing with circulation increased $20,000,000. There was a loss
5,538,102,675 francs at the corresponding date last ii. gold holdings of no less than $34,000,000. At New
year and with 5,532,002,065 francs the year before; York a loss in gold of $54,000,000 was reported. Reof these amounts 1,864,320,900 francs were helsil discounting, however, showed the same general trend
abroad in 1924, 1,864,344,927 francs in 1923 and —liberal expansion. Discounts of all classes of
1,948,367,056 francs in 1922. During the week paper increased $41,000,000 and bill buying in the
silver increased 108,000 francs, while bills discounted open market was enlarged by $10,100,000. A large
were augmented by 717,852,000 francs. On the other addition was likewise reported in earning assets,
hand, advances fell off 8,388,000 francs, Treasury $41,200,000, but deposits rose only $2,700,000, while
deposits were reduced 466,000 francs and general, Federal Reserve notes in circulation remained pracdeposits were diminished by 76,482,000 francs. tically unchanged. Member bank reserve accounts
Comparisons of the various items in this week's again expanded,$19,400,000 for the banks as a group
return with the statement of last week and corre- and $9,100,000 locally. As to the reserve ratios, the
sponding dates'in both 1923 and 1922 are as follows: decrease in gold reserves, as well as expansion in
deposit items, caused another reduction; this time of
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
1.9%, to 80.4%, for the System as a whole, and of
Changes
Sept. 4 1924. Sept.6 1923. Sept. 7 1022.
for Week
4.9%, to 77.1%, at New York.
Francs.
Francs.
Francs.
Francs.
Cold Holdings—
and in 1922 £76,789,603. The bank's minimum discount rate remains at 4%, unchanged. Clearings
through the London banks for the week were £753,697,000, against £656,708,000 last week and £676,491,000 a year ago. We append herewith comparisons of the principal items of the Bank of England
returns extending over a series of years:
In France
Abroad
Inc.
54,400 3,679,534,350 3,673,757,747 3,583,635,009
No change 1,864,320,900 1,864,344,927 1,948,367,056
54,400 5,543,855,250 5,538,102,675 5,532,002,065
Inc.
Total
285,990,628
294,540,000
300.775,000
108,000
Inc.
Silver
Bills discounted— _Inc.717,852.000 5,123,896.000 2,199,085,158 1,816,174,524
Dec. 8,388,000 2,695,276,000 2,138,770,062 2,168,873,834
Advances
Note circulation_ Inc.364.666,000 40,399,150,000 37,998,782,085 36,959,101,395
23.279,400
35,900,285
15,680,000
Treasury deposits_ _Dec. 466,000
General deposits_ Dec.76,482,000 1,907,169.000 1,935.149,185 2,045,971,725
The Imperial Bank of Germany in its statement,
issued as of Aug. 23, announced another reduction
in note circulation, this time of 42,526,129,000,000,000,000 marks, thus bringing the total outstanding
to 1,158,264,772,000,000,000,000 marks, which contrasts with 273,706,372,000,000 marks a year ago
and 214,784,000,000 marks in 1922. Other large reductions included 95,499,695,000,000,000,000 marks
in holdings of bills of exchange and checks, 821,443,000,000,000,000 marks in advances, 20,177,300,000,000,000,000 marks in Rentenmark discounts and advances, 26,644,361,000,000,000,000 marks in other
assets and 45,096,233,000,000,000,000 marks in deposits. Holdings of Rentenbank notes expanded
46,281,507,000,000,000,000 marks, Rentenmark bills
and checks 6,387,505,000,000,000,000 marks, investments 75.341,000,000,000,000 marks, and liabilities
resulting from discounted bills payable in Berlin,
•
Last Saturday's statement of New York Clearing
House banks and trust companies recorded a further
contraction in surplus reserve as well as continued
additions to loans and deposits. The loan item increased $12,663,000. Net demand deposits rose
$3,903,000, to $4,518,953,000, Which is exclusive of
$15,170,000 in Government deposits. Time deposits,
however, shrank $6,135,000, to $532,568,000. Other
minor changes included a decrease in cash in own
vaults of members of the Federal Reserve Bank of
$590,000, to $44,179,000, though this is not counted
as reserve, and increases of $234,000 and $634,000 in
the reserves of State banks and trust companies in
own vaults and in other depositories, respectively.
There was a decline of $7,696,000 in the reserves of
member banks with the Reserve Bank, which in combination with the rise in deposits, served to bring
down surplus to $3,550,910, a loss for the week of
$7,203,930. The figures here given for surplus are
based on 13% reserves for member banks of the Federal Reserve System, but not including $44,179,000
held by these member banks on Saturday last.
SEPT.6 1924.]
1105
THE CHRONICLE
For the first time since early in July of this year
1
2%
call money was quoted above 2%. It touched 2/
resumption
of
the
after
business
with
Tuesday,
on
the Labor Day holiday. On Wednesday renewals
were arranged at the higher figure, but it dropped
to 2% at the opening of business on Thursday. Be1
2% quotation was restored.
fore the close the 2/
1
2% yesterday, but
Renewals were arranged at 2/
before the close the quotation was back to 2%.
Quite naturally, this moderate advance after two
months at the one figure was attributed chiefly to•a
larger agricultural demand, to greater activity in
some lines of business in this country and to preparation by our Government for large operations on Sept.
15. While call loans may be moderately higher for
a time, money market authorities are not predicting
a big upturn in rates. There has been no real change
in time money. According to European cable dispatches, the German loan for $200,000,000 is likely
t6 be brought out simultaneously in Europe and the
United States on or about Oct. 15. Considerable attention was given to Secretary of the Treasury Mellon's optimistic statements relative to affairs and
the outlook in Europe in general and Germany in
particular. Apparently he does not believe that the
flotation of the American share will disturb either
our investment or money market. The demand for
funds with which to finance speculative operations
in stocks this week can have been only moderate.
There is an active movement of grain, but business
generally has not increased especially.
bankers' acceptances the posted rate of the American
Acceptance Council has been advanced to 2%,from
1%7
0 a week ago. The Acceptance Council makes
the discount rate on prime bankers' acceptances
eligible for purchase by the Federal Reserve banks
23/g% bid and 2% asked for bills running 30 days,
VA% bid and 23/8% asked for 60 days, 2/% bid
and 231% asked for 90 days, 23/2% bid and 23i%
asked for bills running 120 days, 2%% bid and
23A% asked for bills running 150 days, and 2%
bid and 23/2% asked for 180 days. Open market
quotations were as follows:
SPOT DELIVERY.
'
90 Days.
(g)23j
Prime eligible bills
80 Days.
2%@2%
30 Days
2%€12%
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
2% bid
2% bid
• There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the v,arious classes of paper
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
SEPT. 5 1924
Paper Maturing—
After 90 After
Days. but
but
Within
Within 9
Months. Months.
Within 90 Days.
FEDERAL RESERVE
BANK.
Com'rcial Recur, by
Aerial.* Aorictil.
Aericul. U. S. Bankers' Trade
and
and
&Livestl Govt.
AccepAccep- Livestock Livestock
Paper. Oblige- lances. tances. Paper. Paper.
n.e.s.
(ions.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
3%
3
3%
3%
4
4
4
4
4%
4
4
33•
3%
3
3%
3%
4
4
4
4
4%
4
4
3%
3%
3
3%
3%
4
4
4
4
4%
4
4
3%
3%
3
3%
3%
4
4
4
4
4%
4
4
3%
3%
3
3%
3%
4
4
3%
3
3%
3%
4
4
4
4
4%
4
4
3;i
.As to money rates in detail, call loans for the
first time in a number of weeks diverged from the
4
4
2% level and ranged between 2@3%. The stiffening
4%
4
was attributed to demands for funds incidental to
4
3%
crop-moving purposes, also to meet Government
Including bankers' acceptances drawn for an agricultural Purpose and secured
payments around Sept. 15, all of which necessitated by•warehouse
receipts. ate.
considerable calling in of loans. Monday was a
holiday, Labor Day. On Tuesday a high figure of
Sterling exchange values displayed a tendency
3% was named, although renewals were negotiated toward levels and the net result of the week's operaat 2%, which was the low. A flat rate of 2% was tions was a decline of 6 cents, which brought dequoted on Wednesday, this being the high, the low mand bills down to 4 43 13-16, as compared with the
and the ruling figure, but on Thurdsay there was recent high of 4 57, touched Aug. 11. Trading pracagain an advance, to 23'%, with 2% the low and tically throughout was inactive and one-sided; that
the basis for renewals. Firmness prevailed Friday is, while offerings were freer, buyers were few. In
and call money renewed at 23/2%, the maximum, the early part of the week the Labor Day celebration
and 2% low. For fixed-date maturities increasing intervened and holiday conditions prevailed. With
strength developed, so that toward the close of the the resumption of business on Tuesday a small acweek 23@,3% was quoted, for sixty days against cumulation of cotton and grain bills made its appear2%%; ninety days, 3@331%, against 3%; four ance and in the absence of support, either banking
months, 33.@33'%, against 33(%, and five and or speculative, prices sagged. An additional insix months, 332%, against 33.
1 @)3% at the close fluence, moreover, in depressing quotations was the
of last week. Bids are reported as about-WV-17 fact that London sent materially lower cable rates.
under these figures; consequently trading is still In the late dealings expectation of a "flood" of comquiet, with no large individual loans recorded.
mercial offerings induced selling by speculative inter- Commercial paper was steady, although quota- ests, and the market, unable to withstand the prestions remained unchanged, at 3@31
4% for four to sure, sank to the lowest point of the week.
six months' names of choice character, and 334,@,
While all this was to the accompaniment of en33% for names less well known. New England couraging European news, it occasioned no surprise
mill paper and the shorter choice names are still in financial circles, since it is quite genreally underpassing at 3%. The demand continues active, stood that the apparently final removal of all obespecially from out-of-town institutions.
stacles to prompt enactment of the provisions of the
Banks' and bankers' acceptances remain at the Dawes-Young Reparations Plan had been liberally
levels previously current, though the undertone discounted by the sustained rise of the past two or
was slightly harder. A falling off in the inquiry three weeks and that fears of a break in prices at
was noted, coincident with the flurry in the call any time have acted as a deterrent to the taking on
market. Throughout, :the supply was larger than of new commitments. Buyers were few and even
the demand, and the turnover for the week attained routine transactions were accomplished only at cononly moderate proportions. For call loans against -cessions. Bankers were disinclined to proffer any
1106
THE CHRONTCLE
opinion as to the extent and duration of the decline.
Profit taking also figured in the recession and it was
an open question as to how far this would go, and just
what proportions the selling of sterling bills to cover
commodity shipments would attain. There are
some who insist that it will be appreciably less than
in former years, while it seems reasonable to look for
an extensive movement to invest American funds
abroad in the event that the forthcoming German
loan turns out a success. A Belgian loan has this
week been successfully placed here and it is rumored
that France is seeking financial aid in this market
in the form of a large loan.
Referring to the more detailed quotations, sterling
exchange on Saturday last was easier and demand
declined to 4 48%@4 49%, cable transfers to 4 48%
@4 50% and sixty days to 4 461
%@4 47%; trading
was essentially of a pre-holiday character and almost
at a standstill. Monday was a holiday (Labor Day).
Irregularity developed on Tuesday on freer offerings
of cotton and grain bills and the result was a re1 for demand, to 4 48%@
cession to 4 48%@4 49%
4 49% for cable transfers and to 4 45%@4 46% for
sixty days. On Wednesday lower cables from London in combination with continued selling of commercial bills forced demand down to 4 47@4 48/,
cable transfers to 4 4734@4 48% and sixty days to
4 443/@4 453'. Increased weakness developed on
Thursday when speculative selling together with the
expected influx of commercial bills brought about a
further break of about 13/
2c., to 4 45 9-16@4 463/2
for demand, 4 45 15-16@4 463 for cable transfers
and 4 43 1-16@4 44 for sixty days. Friday's market was irregular with the trend still downward; as a
result demand bills sold off to 4 43 13-16@4 46, cable
transfers to 4 44 1-16@4 463, and sixty days to
4 41 5-16@4 433/2. Closing quotations were 4 44 1-16
@,4 463 for sixty days, 4 43% for demand and
1 for cable transfers. Commercial sight bills
4 44%
5 sixty days at 4 39/
5 s, ninety
finished at 4 39%,
1 documents for payment (sixty days)
days at 4 39%,
at 4 39%, and seven-day grain bills at 4 4334.
Cotton and grain for payment closed at 4 433
%.
So far as could be learned no gold was either exported or imported during the week.
Continental exchange followed the lead of sterling
and trading was intermittent and narrow in scope,
with even the larger European currencies in neglect.
Declines of varying degrees of severity took place,
and French francs which continue the most active on
the list, suffered a loss of about 22 points to 5.223;
Antwerp francs declined to 4.95, or 11 points off,
while lire sold down to 4 35, a decline for the week of
8 points. These movement,however, were regarded
as sentimental and aroused no particular interest.
Francs are believed to have discounted favorable
reparations developments and it is reported that
speculation is now at a minimum. Speculative selling
is also somewhat in disfavor as a result of the heavy
losses sustained earlier in the year. Large operators
are said to be keenly interested in the current discussions of the League of Nations assembly, since the
questions of international disarmaments as well as
French security are believed by them to have a very
important bearing upon the foreign exchange situation. Any agreement that might be arrived at for
earlier ending of the Ruhr occupation would mean a
corresponding reduction in military expenditures,
which have had so large a share in French budget
[Vole. 119.
deficits the last few years. Aside from actually
necessitous transactions, it seems that dealers are
still marking time and awaiting the next move in
the great political game of the European nations.
German exchange was not influenced by recent
happenings. Payment by Germany of the first ininstallment of 20,000,000 gold marks under the
Dawes plan, while creating a favorable impression,
failed to exercise any effect whatever on actual
market values. Austrian kronen continue at the
nominal figure of 00.141
%, so long prevalent. Lire
were more than usually quiet, though relatively
steady. Greek exchange was dull and easier at
slightly under last week's levels.
The London check rate on Paris finished at 84.40,
comparing with 82.81 last week. In New York sight
bills on the French centre closed at 5.223/
2, against
5.52; cable transfers at 5.233/2, against 5.53; commercial sight bills at 5.21%, against 5.51, and commercial
3 a week ago.
sixty days at 5.163, against 5.45%
Closing rates for Antwerp francs were 4.95 for checks
and 4.96 for cable remittances. This compares with
5.09 and 5.10 a week earlier. Reichsmarks closed at
0.000000000023
unchanged. Austrian kronen remained at 0.00141
%, the same as last week. Lire
finished at 4.35 for bankers' sight bills and 4.36 for
cable transfers, in comparison with 4.45 and 4.46 the
preceding week. Exchange on Czechoslovakia closed
at 2.993
%, against 3.003'; on Bucharest at 0.523
%,
against 0.49%; on Poland at 193 (unchanged), and
on Finland at 2.51, against 2.52 last week. Greek
exchange finished at 1.78% for checks and 1.783
% for
cable transfers, against 1.82% and 1.83 a week earlier.
In the neutral exchanges, formerly so-called, there
is very little new to report. Trading was dull and
price changes generally narrow, with the trend downward. Guilders lost ground substantially. Swiss
francs remained without essential change. In the
Scandinavians, Swedish and Norwegian remittances
were at the close easier, though at close to the
levels of the previous week, but Danish currency
moved up, gaining about 19 points. This was
attributed by some to rumors of possible negotiations for the placing of a loan in this market; but
others intimated that the recent decline had been too
severe, since Denmark's financial position has greatly
improved singe she recovered a portion of the shipping
business lost to Germany some time ago. Spanish
pesetas were easier as a result of military reverses in
Morocco.
Bankers' sight on Amsterdam closed at 38.22,
against '38.68; cable transfers at 38.26, against
38.72; commercial sight bills at 38.16, against 38.62,
and commercial sixty days at 37.80, against 38.26 a
week ago. Swiss francs finished at 18.79 for bankers' sight bills and 18.80 for cable transfers, as compared with 18.83 and 18.84 last week. Copenhagen
checks closed at 16.64 and cable remittances at
16.68, against 16.41 and 16.45. Checks on Sweden
finished at 26.54 and.cable transfers at 26.58, against
26.56 and 26.60, while checks on Norway closed at
13.72 and cable transfers at 13.76, against 13.83 and
13.87 a week earlier. Spanish pesetas finished the
week at 13.14 for checks and 13.16 for cable transfers. A week ago the close was 13.34 and 13.36.
With regard to South American quotations, Argentine exchange was again shairply up. The heavy
movement of grain from Argentina is said to be partly
responsible for the advance. Paper pesos advanced
Sum 6 1924.]
T H III CHRONICLE
to 35.12 for checks and 35.17 for cable transfers, then
reacted, and closed at 34.43 and 34.48, as against
34.38 and 34.43 last week. Brazilian milreis continued to hover around 10.00 or a fraction under this
figure until yesterday, when weakness set in. In
some respects it is considered encouraging that
this currency has not suffered a more drastic decline
as a result of the recent political convulsion. Artificial control by the Bank of Brazil is said to be
largely responsible for the stability shown. Final
quotations were 9.81 for checks and 9.86 for cable
transfers, which compares with 10.00 and 10.05 a
week ago. Chilean exchange closed at 9.63, against
10.02, while Peru was easier at 4 12, against 4 17.
The Far Eastern exchanges ruled generally firm,
the Chinese currencies apparently being unresponsive
to the outbreak of civil war in Shanghai. Hong Kong
closed at 533A@54, against 55%@54;Shanghai,751A
@,75k (unchanged); Yokohama, 413/2@413 (unchanged); Manila, 50@50VI, against 49%@50;
Singapore,52%@53(unchanged); Bombay,323
%@33
(unchanged), and Calcutta, 32%@333/
8(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 EKCHANGE RATES CERTIFIED BY FEDERAL
RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF
AUG.30 1924 TO SEPT.5 1924, INCLUSIVE. 1922.
country and Monetary
Unit
Noon Buying Rate for Cable Transfers in New
York.
Value in United States Money.
Aug. 30. Sept. 1. Sept. 2. Sept. 3. Sept.
4. Sept. 5.
EUROPE$
$
$
8
$
$
AMU'S,krone
.000014
.000014 .000014 .000014 .000014
Belgium. franc
.0502
.
.0509
.0503
.0499
.0498
Bulgaria, lev
007344
.007320 .007325 .007313 .007364
Czechoslovakia. kron .030005
.030001 .029992 .029953 .029959
Denmark, krone
1642
.8139
.1651
.1658
.1663
England, pound ster
ling
.4906
4.4914
4.4760
4.4642
4.4584
Finland, markka
.025128
.025116 .025123 .025097 .025090
France, franc
.0540
.0542
.0535
.0530
.0528
Germany, reichsmark
a
• aa
a
a
a
Greece, drachma
018218
.018290 .018200 .018008 .017884
Holland, guilder
.3868
.3869
.3858
.3847
.3841
Hungary. krone
.000013
.000013 .000013 .000013 .000013
Italy. lira
.0443
.0443
.0442
.0438
.0437
Norway. krone
.1385
.1383
.1382
.1378
.1376
Poland, Zloty
.1921
.1922
.1923
.1921
.1925
Portugal, escudo
.0307
.0302
.0303
.0302
.0306
Rumania,leu
.004918
.004939 .005018 .005190 .005238
Spain, peseta
.1334
.1326
.1323
.1318
.1318
Sweden. krona
.2860
.2660
.2659
.2655
.2658
Switzerland. franc-- .1883
.1883
.1882
.1882
.1883
Yugoslavia, dinar-- .012648
.012728 .012950 .013167 .013173
ASIAIIOLIMinaDAY
Chefoo, tael
.7542
.7825
.7550
.7550
.7567
Hankow tael
7541
.7529
.7544
.7544
.7556
Shanghai tael
.7436
.7429
.7390
.7418
.7429
Tientsin tael
.7850
.7800
.7842
.7842
.7642
H01:10011g dollar-- .54313
.5341
.5332
.5321
.5326
Mexican dodar„-- .5354
.5383
.5369
.5346
.5350
Tientsin or Pelyang
dollar
.5358
.5275
.5333
.5346
.5338
Yuan dollar
.5292
.5400
.5375
.5358
.5367
India, rupee
.3231
.3235
.3233
.3226
.3223
Japan. yen
.4119
.4120
.4110
.4106
.4106
Singapore (B.S.) do
.5225
.5150
.5156
.5156
.5159
NORTH AMER.Canada, doRar
1.000042
1.000029 .999899 .999802 .999883
Cuba, peso
.999219
.999297 .999297 .999297 .999297
Mexico. Peso
.489042
.490000 .489594 .490063 .489813
Newfoundland, dollar .997695
.997526 .997344 .997318 .997188
SOUTH AMER.Argentina, Peso (gold) .7839
.7980
.7971
.7887
.7873
Brazil, milreis
1006
.0938
.0983
.0983
.0981
Chile. Peso (paper)
.1004
.1002
.0997
.0988
.0974
.8055
Uruguay. Peso
.8208
.8293
8240
8208
a Quotations for German marks were as follows Aug. 30
.000000000000238;
Sept. 1, holiday; Sept. 2, .000000000000238; Sept. 3, .000000000000
238;
Sept. 4,
.000000000000238; Sept. 5, .000000000000238.
The New York Clearing House banks in their
operations with interior banking institutions have
gained $3,649,133 net in cash as a result of the currency movements for the week ended Sept. 4.
Their receipts from the interior have aggregated
$4,509,653, while the shipments have reached $860,520, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK
BANKING
INSTITUTIONS.
Week ending Sept. 5.
Banks'interior movement
Into
Banks.
84.509.653
Out of
Banks.
Gain or Loss
to Banks.
$880.520 Gain $3,649.133
1107
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
littturdag.
Aug. 30.
Monday,
Sept. 1.
Tuesday, Wednudlt. Thursday, Friday.
Sept. 2.
Sept. 3.
Sept. 4.
Sept. 5..
Aggregate
for Week.
3
8
$
8
$
$
8
58.000,000 Holiday 71.000.000 47.000.000 66.000.000 75.000.000 Cr.317,000.000
Note.-The foregoing heavy oredits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however,reflect only a part of the Reserve Bank's operations with the Clearing House
Institutions, as only the items Payable in New York City are represented In the
daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
Sept. 4 1924.
Sept.8 1923.
Banks of
Gold.
Silver.
Total.
Gold.
Silver.
Total.
£
£
£
E
£
I
England.... 128.402.791
128,402,791 127.649,9
127,849,945
France a._ 147,180,233 12,000,000 159,180,233 148,950,31 11,760,000158.710,310
Germany c 21,970.050 1,184,350 23,154,400 29,587,050 3,475,400 33,042,450
Ans.-Hun- 62,000,000
b
b2.000.000 b2,000.000
b
62,000,000
101,385,000 28,354,000 127,739,000 101,031,000 26,439,000 127,470,000
Spain
35,503,000 3,422,000 38,925,000 35,566,000 3,024,000 38,590,000
Italy
Netherrds 44,300.000
986,000 45,286,000 48,483,000
913,000 49,396,000
Nat. Belg_ 10,819,000 2,629,000 13,448,000 10,789,000 2,450,000 13,239,000
Bwitzerl'd_ 20.208,000 3,763,000 23,971.000 21,057,000 4,058,000 25,115.000
13,993,000
Sweden
13,993,000 15,154,000
15,154,000
Denmark. 11,642,000 1,027,000 12,689,000 11.640,0' I
282.000 11,911,000
Norway __ 8,182,000
8,182,000 8,182,000
8,182,000
Total week 545,585,074 51,365,350596,950,424 558,078,305 .52,381,400 10,459,705
Prey. week548,137,005 51,327,100599,464.105562.060,824 52,452,400 14,513,224
a Gold holdings of the Bank of France this year are exclusive of £74,573,977
held abroad. b No recent figures. c Gold ho dings of the Bank of Germany this
year are exclusive of £3,380,150 held abroad.
The Economics of Economy.
In his speech of acceptance President -Coolidge
did not fail to couple private with public economy.
He said: "We can only be relieved of our present
private and public burdens by refraining from private and public extravagance. We must resist private and public outlays for which there is no commensurate return. This is economy. Whatever anybody may claim or say, there is no other method by
which the people can rid themselves of their tremendous financial burdens." . . . "The expenses of
the Government reach everybody. Taxes take from
everyone a part of his earnings, and force everyone
to work for a certain part of his time for the Government." . . . "Until we can re-establish a condition under which the earnings of the people can be
kept by the people we are bound to suffer a very distinct curtailment of our liberty." These statements
are so simple and true we believe no existent party will refuse to endorse them. Methods of curtailing Governmental expenses may
arouse conflicting opinion, but the facts stated
are too obvious for discussion. We may regard them,
therefore, as social questions applied to Government.
And in this behalf there remains much to be said.
Private extravagance leads to public extravagance. The spenders are not those who study methods of public economy. While it is true that taxes
in the form of high costs of living fall upon
everyone,
those who gratify every wish out of their earnings
do not stop to think of this fact. And because they
do not save and accumulate they do escape certain
of the direct taxes that fall upon real property.
In
this way they cause the frugal and saving part of
the
population to pay more than their sharebf
these finmediate and direct taxes. In a roundabout
way
some of this added tax falls back upon the
spenders,
but covering the period of a year, say, the
earnings
that are squandered in extravagant
outlays do for
1108
THE CHRONICLE
the time escape a proportional share of tax. For-the saver must live and pay the high costs of living,
while he saves; as well as the spender. Personal
economy thus becomes a political duty if we are to
pay our public debts and escape their costs in taxes.
The selfish and thoughtless spenders reck not of this
reasoning. They are content in the pleasure they
gain from spending and concern themselves little
with the economics of economy.
We may pursue this thought further. The man
who wants, and tries to get, the best of everything
for himself, demanding all the time higher earnings
and wages, will in spirit have the same attitude toWard Government he has toward self. Government
must furnish the best and most of everything. And
in a social state that has drifted into demanding improvements and class aid from so feeble a productive
power as our political rule the spender will urge the
Government on into continually increasing expendiIII es. And this is what we are witnessing in our
State and municipal Governments. Schools and
roads are necessary. They constitute primarily good
causes. But few will deny that they are not lessons
in economy. Two reasons operate for what may be
termed overdoing in a good cause: first, that schools
must have every facility thatzealous theorists desire;
second, that in supplying new buildings and appliances, including the increasing force necessary to
teach every sort of knowledge,though it may in some
instances be mere/y a fad, there is more work and
wage for those not directly connected with education. And the same is true of road building. Local
and long distance travel ought to be parts of a comprehensive plan. But every small political division
strives to-tax the community for road improvements
regardless of other like divisions—until there is a
network of roads, many of them without sufficient
cause, some of them "beginning nowhere and ending
nowhere."
And while we are considering this feature of the
personal and community pressure upon Government
fOr expenditures excessive if not quite unnecessary,
pressure founded in selfishness and heightened by
unrestrained desire, we may note that in a decade
just passed pleasure and not need has caused many
extravagances in those things government is now so
often called upon to procure and dispense. Here we
enter a political realm it is not our purpose now to
discuss. Buf the fact remains. And those who cannot privately spend and thus procure these pleasures
ot life are often the progenitors and pleaders for the
new "public utilities," so-called. Again, we see private expenditures paving the way for public. Much
of this call for "public improvements" grows out of
wants that are unsatisfied by effort in private life.
Those who have not cry out to the Government that
has—though it has nothing in itself—they empower
it with a Fortunatus purse by voting taxes; not so
much upon themselves as upon a generation that is
to follow. This is sheer profligacy. Burdens are increased. become cumulative, rather than diminish.
And the high wages obtained by work in extravagance go as easy as they come. Social life bears
down directly upon the conduct of Government. We
have another "vicious circle." The man who will
save
not save for•himself and family will not try to
genthe
be
for the State—come, in many minds, to
erous dispenser of life's richest blessings.
It is not too much to say, if this analysis be correct, that public economy begins in private economy.
[VOL. 119.
The saver tries to save against the weight of taxes.
The spender tries to spend regardless of the weight
which he imagines he escapes. The more the State
spends, the more he is enabled to spend. Therefore,
the road to public economy is a private road. PHvate and public economy are woven together. We
cannot have one without the other. We cannot reduce Governmental expenditures to the minimum
without we learn in the school of personal economy.
The politico-economic aspect of raids upon the Treasury by selfish blocs, organizations and classes, we
have discussed from time to time. All these special
and specious demands are directly opposed to economy in the administration of Government. Every
unnecesssary appropriation of this kind prevents by
so much the paying of the national debt and thus the
lowering of the tax-cost of carrying the debt. It
creates other demands born of the idea that the Government is a helper to the poor and unfortunate, a
guardian of enterprise and industry. Work for unnecessary improvements is waste. Money put in circulation by this means does not bring true prosperity
but a feverish activity that must some time be fol]owed by depression.
In these matters we have fallen upon evil days
and ways. We know we are "living too fast," but we
are not concerned over the inevitable effect. We say
our resources are so great, our national income so
large, we can "stand it." But are we paying as we go
for what we thus procure? Are we increasing or
diminishing our Governmental debts? The national
Government, under a budget system, is on the right
road. But what of our States, counties, municipalities and lesser political divisions? The answer everyone knows. Reiteration in the press and the forum,
however, must be followed by a conscious effort on
the part of the people to "do without" until the time
comes when we are better "able" to proceed. We
cannot have all the public improvements the mind
of man can conceive and the heart of man wish for.
If we buy on long time credit another generation
must pay. We are discounting the hard labor of
others for our own benefit and pleasure. Rigid
economy is a moral as well as political duty.
In such a condition talk of further public ownership is nothing short of dangerous. We cannot take
by confiscation. We cannot take over privately
owned enterprises and then repudiate their debts.
We cannot undertake the cost of operation while the
Government is more extravagant than the private
corporation. We are simply laying the foundation
for the final "overthrow." The seriousness of economy cannot be exaggerated. In business, while the
borrowing is good, a great show of success may be
made, but bankruptcy is the end. When a company
pays dividends by selling more stock or issuing more
bonds we call the process fraudulent. Can it be otherwise when a community in effect does the same
thing? Credit is a blessing rightly used, as we so
often say. Credit for those improvements a community can temporarily, at least, "do without," is
not far from the same thing. Have we become so
careless of consequences that, like children, we ask
not where the dollars come from?
Vested Rights and Special Privileges.
In his letter thanking the Non-Partisan Political
Campaign Committee of the American Federation of
Labor for its endorsement and its "supplementary
declaration of whole-hearted support," Senator La
SEPT. 6 1924.]
THE CHRONICLE
1109
Follette uses these words: "The battle is joined. of the roads, canals and public building grounds now
The issue is clear. Our opponents have deliberately existent, because the ownership and operation of prichosen to entrench themselves in defense of vested vate property by the citizens has paid for the sequesrights and special privileges. We have chosen to tration, up-keep and use, in public ownership. There
fight aggressively and without compromise for hu- is traditional sanction and lawful protection for priman rights. No man should be in doubt on which vate ownership of property. No right is more vested
side he will enlist." And for the life of us we do not in its character. Yet because, in the complexity of
understand this language. That there is in the state- modern enterprise, private ownership sometimes rement we quote a "glittering generality" is plain sults in inequality in wealth, a hue and cry is raised,
enough. In fact, there is an alluring sound about it. politically, that there is about it something inhuman.
But what does it mean? What is a "vested right," Therefore, the right (?) to tax all inequalities in
and how does a "right" become "vested"? Perhaps property and wealth out of existence! Is this not a
we may ask: what is a "right"? We suppose a tyranny, under the guise of government, which robs
"right" is that which public opinion overwhelmingly the individual and citizen .of his most sacred right—
sustains, or the law declares and protects. But how the right to sustain life, liberty and happiness, by
can this be other than a "human right"? Is there the use of labor applied to and through property, be
something outside of universal sanction, outside of it land, tools, or things manufactured?
custom, law, government, as applied to the citizen,
If there is a right invested in property man in his
that is a•human right, and no human right inside civic capacity puts it there. And if there be any
sanction, custom, law, government?
greater "right" than ownership of property by the
In our political parlance there are phrases sug- citizen what must it be? The right to labor? Essengestive of what rights may be—phrases such as per- tially so. But if in the melange of human life,free to
sonal rights, indefeasible rights, political and civic toil and acquire, the man have nothing of his own
rights, but all of these attach themselves to the indi- upon which to expend labor then he must sell that as
vidual, and may therefore be considered "human." a "commodity." And here is where the man's-inhuWe know of no party that rejects them outright. manity-to-man complained of comes in—the Labor
Encroachments are being made upon them, have been Party contends that he has the right to work as he
made upon them, by blocs in Congress, by political wills, with empty hands, without property, setting
parties outside, and by theorists who follow the star his own wage, taking part in the management—
of Progressivism, but it is our impression that the though under our form of government there is pritrue defenders of "human rights" are opposing the vate ownership of property the Government is sworn
taking away of these fundamental rights because to protect. If Socialism or Communism were the
they regard them as "vested." We are left but one government under which we live these demands of
deduction—that there are rights which attach to Labor would be consonant. Now they are not. And
things, and there are such rights, but these things these demands called "human" are in fact destroyare inseparable from the individual. "Property ing "vested rights" which above all, with us, are
rights" may be named as one example. In a way "human."
property has rights, but always these accrue in beneDo these private rights to property carry with
fit to the individual. A stone wall built on a prop- them "special privileges"? Since every man may
erty line has a rigght to stay there without the acquire and own,the contention cannot be sustained.
constant defense of the property owner, but Has one man more right to labor than another, to
the owner .gets the benefit, and the right of use his own labor, be it sold as a commodity by its
the thing would be an empty possession were there owner or regarded as a human possession? Initiano owner.
tive and enterprise answer in the negative. But beProperty rights, save those surrendered to the cause some men own more property than others the
collective ownership and protection of the people, are claim is made that the human right to labor has noprivate rights, personal rights, and are distinctively where to expend itself in the case of the very poor
"human." Society, Government and civilization, as and the very rich. If labor is not to respect the ownwe know them, could not get along without these ership of property then must property respect this
private rights of property. If they did not exist, so- claim of labor? The fact is that if we postulate the
ciety would become an association of squatters, Gov- right to own we must deny the right of labor to manernment would lose its main source of taxation and age. And there is no possibility outside of Comcivilization would be compelled to subsist on culture, munism and Socialism to alter this condition. Inwithout food, shelter and clothing. These rights in side these two theories there would be collective ownand to private property have grown naturally ership of all property and no private ownership of
through all the stages of the human advance. It is labor, the citizen becoming the slave of the State.
true the tribe owned the domain collectively. It is We must conclude, therefore, that while the owner
true that our own- national Government owned the of property has certain power, according to the delands as a trustee for the people before they were gree of ownership, that, in itself, cannot in principle
divided into homesteads, after the manner of the oppress labor, because property is inert and useless
Crown owning by conquest. But when division be- until labor of others is applied thereto, and since
gan, order ensued, and progress; Government arose this labor is privately owned it must be bought at a
in the full sense of the word; and the citizen was fair return by those who, owning property, would
born. The "human" element in ownership, basic in make it productive, the only means of giving to it
lands, gave them added productivity, perpetuated real and permanent value. Free ownership in proptheir improvements and gave substance and form to erty and in labor create a condition of mutual deGovernment.
pendence and co-operation which under our reprePrivate ownership of property (we take land only sentative republican government make for the highbecause basic) alone, has made possible collective est advance in civilization. In principle, no change
ownership by the people under Governmental forms, is necessary.
1110
TEEN CHRONICLE
We have not space for the moment to dwell on the
charge of special privilege that is made to attach to
the corporation. Suffice it to say that this device
really serves to draw labor and property together in
production without destroying these vested and human rights of the one or those that attach to ownership in the other. There remains the constant iteration of "special privilege" which attaches to the corporation or to wealth, as against personal labor that
occurs through favoring laws or through Governmental permission. This in no way alters the fact
that our dearest rights are vested rights, innate in
the freedom of the individual; and that there is no
special privilege in private ownership not open to
free labor that will acquire. There are, perhaps,
some special privileges, but they must be specified
to discuss them fairly. No talk of returning the
• Government to the people can blind us to the fact
that under free labor and private property ours is
the land of greatest opportunity. Principles cannot
be successfully assailed by specious general charges
..and vague statements. Either the La Follette movement is for the Government as a whole in its fundamentals or it is against it. Sounding phrases about
"human rights" cannot alter the free relations between labor and capital that now exist. Ours is the
• very citadel of "human rights," and, save for minor
departures, this is the very reason why there are no
special privileges.
Disarmament and the League of Nations.
Now that the machinery of the reparations settlement has been successfully set in motion, the centre
of international interest has shifted for the moment
• from London, Paris and Berlin to Geneva, where
the League of Nations is holding a session at which
the principal subject of debate is expected to be the
question of disarmament. It is hardly necessary to
say that any international agreement that would
• effectively check the strenuous race for military preparedness in which the nations are engaged would
confer an inestimable benefit upon the world, and
that any real mitigation of the present situation,
even if systematic preparation for war were not
wholly stopped, would be heartily welcome. Certain
proposals, however, which have been formulated for
• the consideration of the League, and in support of
• which an active propaganda has for some time been
-carried on, raise such serious questions of law and
procedure as to make it doubtful whether a helpful
agreement can be reached regarding them, or
whether, if an accord be arrived at by the Powers
represented in the League, the American Govern• ment is at all likely to give it support.
The core of the proposals which the League is ex• pected to consider is the demand for the "outlawry of
war." An elaborate draft of a "treaty of disarmament
and security," for example, prepared by an American group and widely circulated in the American
press and in pamphlet form, begins with the statement, in Article I, that "the High Contracting Parties solemnly declare that aggressive war is an international crime," and that "they severally undertake
not to be guilty of its commission." Since an agreement not to do a thing does not necessarily insure
• that the thing may not be done, the statement last
quoted must be regarded as at most a counsel of perfection, and the whole force of the declaration, accordingly, turns not upon a formal undertaking to
put war outside the legal pale, but upon the method
[Vox. 110.
by which the fact of criminality is to be determined
and the procedure by which the crime is to be punished. On these points Professor Shotwell of Columbia University, one of the framers of the American
plan, in an introduction to the text of the treaty,
quotes with approval an article in "The World Tomorrow," which advocates not only "the outlawry
of war as an institution, on terms of agreement
among the nations that a declaration of war is a
crime, and the participants in war criminals," but
also "the recodification of international law on the
basis not of the recognition and regulation of war
alone, but of its outlawry," and "the establishment
of a World Court exercising original and affirmative jurisdiction" in the premises. These things
having been accomplished, the inducement to maintain armaments will have been removed, and the reduction of armaments "to the basis necessary for the
maintenance of peace and national security" can be
carried out by international agreement.
There can hardly be need of argument to show
that if the outlawry of war,in the sense in which the
phrase is here employed, is ever to become a part of
the theory and practice of international law, it can
bc only with the consent of all the nations, the United
States included, and that even with such formal consent the law will remain a scrap of paper unless the
fact of guilt can in some way be judicially determined and some legal method be devised for punishing the crime. On these points the proposals of the
American group seem curiously contradictory. The
outlawry of war is to be reached through agreement
among the Powers, and the tribunal which is to determine whether or not the crime has been committed is the Permanent Court of International Justice
created by the League of Nations under the Treaty
of Versailles. The deterrent to aggressive war, on
the other hand, is declared to be the denial of protection, national or international,-to the trade, property or interests of the offending party, with the
right reserved to each signatory Power to "consult
its own interests and obligations" regarding the
"measures of force to be taken." It is difficult to
believe that the penalty of a boycott would be of
much value in the case of nations like Great Britain
ol the United States, each of which is abundantly
able to protect its citizens and their interests in the
event of war, or that any mutual agreement would
long hold the nations together if each nation may
resort to force according to its own views of its
interests and obligations.
We cannot think that such a program, praiseworthy as is the end which its promoters seek to
attain, will ever commend itself to the United States,
or,for that matter, that it is likely to win the assent
of the greater Powers upon whom the burden of
maintaining world peace particularly devolves.
Were such a theory of international law and such
a procedure to be inaugurated, it would revive, for
all practical purposes, the objectionable obligations
of Article X of the Covenant of the League of Nations, which more than anything else caused the
rejection of the Treaty of Versailles by the Senate,
and would bring the United States under the authority of a League which both the American Government and American public opinion have emphatically repudiated. There should be no mistaking the
ultimate aim of the agitation in this country for the
outlawry of war. The aim is the establishment of
the League of Nations and its World Court as the
SEPT.6 1924.]
'DTP, CHBONICLB
1111
supreme authority in world affairs, and the prac- which one may safely live is a world whose nations
tical subjection of the United States to their author- have been standardized, and in which some central
ity, whether the United States is a member of the authority formulates laws and policies and attends
League or not. For such a program, once its pur- to their enforcement. The policy which in this
pose is clearly perceived, there is no prospect of country has multiplied Federal administrative
support in this country, even though, by means of bodies, designed to magnify the authority of the nait, the cause of peace could in certain directions be tional Government at the expense of the States and
the people, is very much of a piece with the policy
advanced.
This is not at all to imply, even for a moment,that which would subject the nations of the world to a
war of any kind is a thing to be desired, or that the common supervision and make international medpower to declare aggressive war is a national re- dling a civic virtue. Both tendencies are to be resource that ought to be cherished and cultivated. gretted, the one out of regard to the interests of a
There is no moral justification for aggressive war, healthy State and national life, the other because of
and whatever tends to 'cultivate in a people the war the urgent need of a peace which shall be both duraspirit, even under the guise of preparation for de- ble and just.
fense, is always and everywhere to be combated as
a destructive influence. The present attitude of the The Williamstown Institute and the Dawes
Report. .
nations, the United States included, towards what
is commonly described as "preparedness" or "naThe Williamstown Political Institute and the Lontional security" is to be deplored. With the armis- don Conference have been simultaneous and have
tice nearly six years behind us, with trade and in- closed practically together. The Dawes report, which
dustry still suffering keenly from a war which men- was the subject of the one has been constantly presaced civilization itself, with an appalling burden of ent in the discussions of the other and both have been
national debts necessitating a mountainous load of freely reported in the papers.
national taxation, and without a single international
Now that the report has been definitely ratified by
controversy in sight that could not be settled by the parliaments of both France and Germany it will
peaceful discussion and mutual concession, every be of interest to know what the various experts who
one of the great Powers and half of the small ones were gathered at Williamstown, especially those
are not only maintaining armies and navies of un- from abroad had to say about it and its prosnecessary size, but are also planning the mobiliza- pects.
tion of industry for the production of war materials
No one spoke more frequently or with more weight
when war shall come, organizing the citizenry for than Sir James Salter, the General Secretary of the
service in arms when the call to the colors is issued, Reparations Committee,1920-22, who was Chairman
and encouraging scientific investigation of new of the committee that re-established Austria finanmeans whereby war can be made more deadly. Our cially and headed the work of the League in settling
own national activity in these directions is the more strife in Danzig, Upper Silesia and the Serre. At
regrettable because our geographical situation makes the opening of the session he called attention to the
it unthinkable that any nation in its senses should fact that the attempts to settle international ecodeliberately attack us, because our proclaimed pol- nomic problems through conferences of Ambassaicy for more than a century and a third has been that dors, Reparations Commission and more than a
of peace and non-interference, and because our enor- dozen special conferences of Prime Ministers, were
mous material resources are the greatest weight that "records of abortive failure." Later, taking up the
could be thrown into the scales on behalf of disarma- Dawes Committee, he said,it had to overcome the obment and peace. Every nation needs an army for stacles which had led to the failure of previous negopurposes of internal police, and for a nation with a tiations. These were the question of total amount of
sea-front a navy adequate to the preliminary task of payment and the period in which it was to be made,
defense in case of unwarranted aggression is emi- the distinction between Germany's capacity to pay
nently proper, but for organized military establish- in Germany and her capacity to pay the Allies, and
ments beyond the requirements of public order there the control of reparations payments. On all of these
is no need, and to the extent to which a mistaken there were sharply opposing views. For these the
public policy thinks of war as a possibility, their Dawes committee found adjustment, not by compromaintenance tends to encourage the evil against mise, he said, but "by combining what was essential
which they are meant to guard.
in each"; and for unforeseeable development in the
It cannot be too often repeated, for the lesson has future providing a scheme "which with its own manot yet been learned, that disarmament and the abo- chinery would adjust itself to economic facts while
lition of war are not to be achieved merely by the still being safeguarded against destruction by huconclusion of international agreements, nor by the man judgments." With this opinion of the methods
creation of supernational agencies clothed with the of the committee it is obvious that he shares the
forms of authority, nor yet by an undertaking to go hopeful views of his colleagues as to the working of
to war in order that war may be prevented or pun- the plan.
ished. The reign of peace is a practical matter of
M.Louis Aubert, member of the French High Comnational sentiment and ideals, of a national state mission, and formerly political editor of the "Revue
of mind which is content to seek the good of life by de Paris," accepted Sir Arthur's early statement of
peaceful methods rather than by resort to force. the situation, and said that the Dawes plan bridged
The way to peace is through the systematic cultiva- the gulf that divided the opposing nations and that
tion of right understanding and good feeling between it was the most modest and most efficient of all the
nations and their citizens, the abolition of discrim- plans so far produced.
ination against "foreigners," the extension of interHe now says that while its success depends chiefly
national intercourse and trade, and the abandon- upon confidence that it will be operated with fair
ment of the delusive notion that the only world in play and good faith, it will result in the early recon-
1112
THE IIHRONICLE
[vou 119.
struction, democratization and pacification of Eu- ment and discouragement, order and stability now
rope. As an economist he naturally turns his atten- reign." Settlement of the German reparations probtion to the problem of the load to be obtained. The lem, he said, would afford a basis of certainty for the
small investor will ask "Will you carry on in the full work of statesmen, and would give a new equilibrium
light of day under the supervision of independent to the economic life of the world. He also agreed
and impartial experts the mechanism of your eco- with Professor Young, who says to-day that there
nomic and financial exchanges? Simultaneously and is no foundation for the alarmists' fears that the rein harmony with all this, will you observe in your vival of German export trade would work harm to
political relations the same idea of fair play, which others. Some markets would be affected, but the
consists in recognizing the right of other people to buying power of the rest of the world would probdispose of themselves if they prove able to live inde- ably be increased. Even England, with whom Gerpendently and peacefully? Will you grant them a many competes more directly than with any other
chance to make for themselves in Europe the place country, would probably gain more than she would
they deserve? Also, will you use the same method lose by the expansion of German trade.
in your common affairs?" It is such concurrence beColonel Allan Goldsmith, chief of the Western
tween the spirit and method of your general policies Division of the Bureau of Foreign and Domestic
on the one hand and the spirit and method of the Commerce of the State Department of Commerce,
Dawes plan on the other that will give me confidence, who served as technical adviser of the Dawes commore than in any idea of sanction in case of deliber- mittee, described the main features of the plan with
ate failure. For this is a true remedy, both preven- reference to its future success. It provides, he says,
tive and curative, while the other is only emergency a stable currency, a sound financial foundation on
relief.
which Germany can base her financial and commerProfessor Moritz J. Bonn, the financial expert of cial development, and the restoration of her ecothe German Democratic Party, early took occasion nomic unity. It offers the Allies the possibility of
to express his confidence in the Dawes plan as a• obtaining the maximum reparations payments which
whole, and his agreement with the hope of his French Germany can pay without undermining her own
colleague to see it put into operation as quickly as financial structure or injuring the economic position
possible. He now predicts that the London agree- of the recipient nations. It offers the nations in
ment would relieve the internal situation of Germany general the possibility of competing with a German
and would save Democracy from Bolshevism. It industry as heavily taxed as their own, not artiwould have been better, he thinks, if the Ruhr was ficially stimulated by a depreciating currency, and a
to be evacuated immediatgly, but that is not neces- German consumer who is enabled to make increassary. "If our people can go back with the hope of ing quantities of their surplus production.
getting something out of it for themselves and their
Critics, he says, should keep in mind that the plan
children,if the feeling that they are being bled of the is not necessarily a final settlement of the problem.
profits of their toil can be removed, there is no dan- Built upon sound economic principles, it contain&
ger." He had said on his arrival that Germany as a within itself the possibilities for alteration which
whole will accept the Dawes plan, and the German may prove to be needed in the course of its operation.
people are ever willing to fulfill obligations entered It is, he considers "the greatest step forward in the
into of their own free will, as they will do in this solution of the reparations problem and the stabilicase.
zation of European finance since the Peace ConferProfessor Allyn A. Young of Harvard University, ence."
economic adviser of the State Department, characWith these as the opinions of the expert authoriterized as eminently sound those features of the ties it may indeed be felt that a great step forward
Dawes report which safeguard the stability of the has been taken toward reestablishing prosperitymark against pressure that would result from any and bringing peace to the world.
attempt to increase the volume of reparations payments by Germany. The position of Germany, he
Business Indexes of the Federal Reserve Board.
further said, is not nearly as bad as has been deThe Division of Research and Statistics of the Federal
scribed by many during the past five years. At any Reserve Board, in accordance with its purpose to issue
rate, it is steadily improving, as vital statistics about the first of each month a statement giving current
figures of its various business indexes, has just made public
show. In Germany,Hungary, Russia,Italy and Bul- the following:
garia the excess of births over deaths has been relaINDEX OF PRODUCTION IN BASIC INDUSTRIES.
tively greater than it is in the United States. In
(Corrected for Seasonal variations. Monthly average 1919= 100.)
-1923
1924
Germany the infantile death rate within the past
June. July. Mar. Apr. May. June. July.
122
121
116
year has been 13%, against 15% before the war. Total
114
94
103
*93
Pig iron
147
144
131
127
101
79
81
Loss of available capital and of established market Steel Ingota
136
128
145
121
92
74
67
Cotton
108
95
92
97
71
80
70
connections has been most serious, but can be re- Wool
114
112
101
97
83
93
88
Wheat flour
95
122
107
105
118
107
105
lieved by lower personal expenditure. Foreign Sugar
meltings
79
88
115
115
125
111
109
debts, despite their being a burden on the country, Animals slaughtered—
Cattle
94
90
90
95
98
107
88
Calves
are also a stimulus to export.
103
105
112
116
111
108
117
Sheep
98
01
99
00
102
109
102
The correctness of this view is confirmed by the Hogs
117
136
141
132
138
124
116
122
115
107
124
104
117
127
emphasis of the Dawes report upon removing the Lumber
—1923
1924
burdens from productive industry, and postponing
June. July. Mar. Ayr. May. June. Jule.
123
86
120
101
83
92
87
the fixing of the total of the reparations and the final Bituminous
Anthracite
112
106
113
111
100
97
101
Copper
122
132
129
123
125 *124
127
relief of Germany from debt. Sir Arthur Salter had Zinc
102
109
110
122
111
121
114
83
81
91
66
54
62
previously.pointed out that the adoption of this plan Sole leather
57
Newsprint
102
114
112
103
103
118
111
of financial reconstruction in Central Europe has Cement
193
158
173
169
173
172
187
Petroleum
185
187
196
198
192
186
189
been attended with peace and security. "Where be- Cigars
91
88
92
08
95
90
95
155
163
1147
137
143
157
173
fore there was a morass of depreciation, impoverish- Cigarettes
Manufactured tobacco
97
94
99
91
97
90
91
SEPT.6 1924.]
THE CHRONICLE
INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES.
(Not corrected for seasonal variations. Monthly average 1919 = 100.)
192
—1923-June. July. Mar. Apr. May. June. July.
103
101
99
97
93
90
87
Total
Metals and products—
97
95
92
91
85
80
76
Group index
97
95
91
90.
85
80
76
Iron and steel
Textiles and products—
103
99
97
92
87
85
78
Group index
105
100
94
89
86
85
78
Fabrics
100
97
100
94
89
86
79
Products
122
121
124
123
119
117
113
Lumber and products
102
98
107
101
90
81
76
Motor vehicles
105
105
106
105
104
103
101
Paper and printing
100
103
101
98
97
99
99
Foods and products
88
87
87
82
79
73
74
Leather and products
115
114
110
116
117
115
Stone, clay and glass
111
89
87
85
83
82
Tobacco and products
83
82
78
77
78
77
Chemicals and products
74
70
67
1113
INDEXES OF WHOLESALE AND RETAIL TRADE.
102
—1923-Wholesale Trade—
June. July. Mar. Apr. May. June.
81
Groceries
88
79
78
80
81
64
62
61
64
*64
Meat
*62
73
70
Dry goods
88
88
90
81
55
48
68
56
66
68
Shoes
102
95
Hardware
114
100
101
106
111
106
107
106
118
115
Drugs
76
75
Total
.83
79
79
77
Retail Trade—
Department store sales—
132 *127 *119
Without seasonal correction _ 127
89
115
119
123 *121
Corrected for seasonal varia'n*117
115 *130
Department store stocks—
134
127
119
138
140
Without seasonal correction_ 122
127
137
136
*134 *133
Corrected for seasonal varia'n 128
Mail order sales—
114
90
89
74
105
Without seasonal correction- 86
100
105
91
111
100
Corrected for seasonal varia'n 101
• Revised.
July.
82
68
74
44
91
111
77
91
120
122
129
69
93
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME. bushels, or an increase of 15,000,000 bushels from
Friday Night, Sept. 5 1924.
the August estimate, and some 20,000,000 bushels more
The evidence is cumulative week by week that there is a than was harvested last year. From present appearances
steady if moderate increase in the business of the United the wheat crop will reach 825,000,000 bushels altogether of
States, taken as a whole. It is true that the textile trades spring and winter wheat, against 785,741,000 last year, so
might be in better condition. A regrettable event, though that the country in this respect is doing much better than
dictated by sound policy, was the passing of the dividend on was expected at one time. All of which is very gratifying.
the common stock by the American Woolen Co. on Thursday, It is true that the corn crop is still menaced by frost and
which caused a sudden decline in the stock of 13%. But that some estimates have recently been well below 2,500,that is so much water passed under the mill. Better times 000,000 bushels. But there are growing hopes that after all
are believed to be ahead. Raw wool is advancing in Boston a crop of something like 2,500,000,000 bushels will be raised
and at the Brisbane, Australia, sales. The woolen goods and that the decrease of 500,000,000 as compared with last
trade has been slow because of the high prices for fabrics year will be made up in the far better price which the
due to the high cost of the raw material. It is also true that farmer is receiving for his grain. The farmer is showing
the cotton goods business is still slow. The sales of print sound sense in selling his wheat and other grain freely at
cloths at Fall River are indeed the smallest this week of current prices. The oats crop promises to be 150,000,000
any week this year. Latterly, too, Manchester has been less bushels larger than the last one and prices are certainly very
active, with the raw material declining and the China trade profitable. Cotton has declined with better weather in parts
interrupted by civil war, in that country. And Lancashire of the belt and some estimates are well above 13,000,000
seems to fear that the flotation of the big German loan bales, although others are below that amount. Everybody
might militate against its interests and also that the evacua- in the cotton trade is now awaiting the Government report
tion of the Ruhr may increase competition in Germany from on Monday with keen interest. The hot wave in Texas has
the textile mills of Alsace-Lorraine. But all this sounds a finally been broken, although that State still needs rain.
little far-fetched. Europe is awakening from her long sleep. Meanwhile picking, ginning and marketing are naturally
The Dawes plan went into operation on Sept. 2. A payment increasing at this stage of the season. Pig iron production
by Germany the other day of 20,000,000 gold marks is the has increased recently and prices are said to be steadier.
herald of other payments under the supervision of an Ameri- Steel, however, is in the main quiet, aside from a rising
can Agent-General. It is hoped and believed that the rep- demand from the railroads for supplies of different kinds,
arations plan will work out far more satisfactorily than chiefly rails. Automobile companies are buying. Fall buysome European statesmen seem to fear. As regards this ing in parts of the West is increasing. They are having
country, it appears clear enough that if London does not what are called "market weeks," and these, together with
care to take part in the $200,000,000 German loan it will be State fairs, have a stimulating effect. Back of all this is
floated with no great difficulty in this country. Perhaps the increased buying power of the farming community of
we get Et• suggestive hint, in a way, from the fact that the the West, following the great rise in grain and livestock as
Belgian loan has been largely over-subscribed. Europe is well as the rising tendency in the value of farming lands.
setting its face towards better times. Its currencies in the
Coffee has been advancing owing partly to recent reports
main show a rising tendency, though of late the enormous of drouth and frost in Brazil and, it must be added, to all
buying of grain and other commodities in this country has appearances heavy speculation in Brazilian markets, if not
naturally had a temporarily weakening effect on sterling in New York. Sugar has also been active at rising prices,
and francs, something that was unavoidable.
and it looks now as though the Cuban crop of some 4,000,000
Retail trade is increasing. The big mail order and chain tons, which some appear to have viewed with a certain apstores find trade was better in August than in the same prehension, will easily be taken care of by the consumer.
month last year. The bank clearings show an increase Latterly the price of raw Cuban sugar here has advanced
which evidently is not altogether due to rising prices. It is to 4%c. Refiners have been having a better busniess at
true that index numbers are gradually advancing. Collec- advanced prices. Hardware meets with a better demand.
tions are better. Men are more confident. The turn-over is In parts of the East there is a readier sale for shoes, hides
quicker, and evidently more profitable. The grain markets and leather. Increases in building are not uniform, but in
have declined somewhat during the week, partly because of some cases the permit total for August is large. Chicago is
better weather in the wheat belt. The grain crops, more- very optimistic. The lumber output is smaller than last
over, are moving in larger volume, and this fact has in a year. Petroleum has not changed in price much, although
measure offset the enormous buying by Europe of wheat, production has in some States again mounted to an unpreceoats, rye and barley. In the last fortnight it seems, accord- dented total. At the same time it is said that the consumping to current reborts, the export purchases of wheat and tion of gasoline in August was the largest ever known. Also,
other grain have aggregated between 15,000,000 and 20,000,- It is stated that automobile factories are doing more busi000 bushels. Millions of bushels of rye and large quantities ness. The August output of cars and trucks in August
of oats and barley have been taken. The ocean freight en- reaching 268,477 was 2% larger than in July and 8% larger
gagements here 'reveal the extraordinary activity. Ger- than in June, though some 20% smaller than in August last
many seems to be having a wet harvest, while on the other year. A striking feature of the week was the fact that
hand Argentina is suffering from drouth, although it is still car loadings again reached a new high level for the present
shipping corn of excellent quality to the United States. year, even though smaller than a year ago by about 8%.
Germany is said to have bought 50,000 barrels of flour in The West is the centre of activity, or at any rate it is there
this country to-day. Canada is taking a larger part than that improvement is most noticeable. One result is that
recently in the export trade in wheat, but the United States money rates are firmer. There is a larger trade there in
The ccial, lumber and building materials. Dry goods sell better
is still doing a very large percentage of it.
tendency is to increase the estimates of the spring there. Flour milling is active at the West and Northwest.
Some are as high as 240,000,000 Farmers are buying agricultural implements more freely.
wheat crop.
1114
THE CHRONICLE
[Vol.. 119.
The stock market of late, it is true, has been falling, though Sept.4 the Olympic Silk Co., at Paterson, N. J., offered weavthe commercial community is inclined to regard it as a nat- ers of the city $50 per week to operate four looms in its plant
ural reaction, after the notable rise earlier in the year. and $30 per week for two. The plant is procuring sufficient
Also, the money market has been rather firmer, although help. The work is mostly on crepes and georgettes.
call rates have been 2 to 2%670 and 90-day loans are still
Montgomery, Ward & Co. sales in August showed an inonly 3/
3
4%. It is a fact of interest, however, to recall that crease of 22.6% compared with August 1923. Sears, Roethe transactions in stocks and bonds in August were clearly buck & Co.'s business for August was reported as 3.11% less
larger than those in the same month last year, and the con- than for the same month a year ago. Sales of the F. W.
clusion seems irresistible that confidence is growing. There Woolworth chain store system in August totaled $16,927,000,
is no evidence of inherent weakness in London, although of it was announced, as compared with $14,964,000 in the same
late the markets there have been rather quiet. It is hoped month a year ago. For the first eight months of the year
that the time is not far distant when the great marts of the the total was $128,170,000, against $110,668,000 in the correworld, financial and commercial, will be freed from political sponding period of 1923. Increases were especially noted
in
disturbances and able to pursue unhindered their natural the Western agricultural districts. Akron, Ohio, reports
an
course, which after prolonged depression due to the war increase in tire output now up to
nearly the high water
is evidently towards better things. In this country there mark. Building construction for the
first eight months of
will be more or less conservatism in trade until the national this year reached a total of
$3,429,000,000, according to a
election is out of the way. Meanwhile there is an unmistak- review made public on the 4th
inst. by the Indiana Limeable undertone of confidence and growing hope as time stone Quarrymen's Association,
based on reports from 1,000
goes on, even if actual trade has not yet expanded to any- cities and towns. This heavy
volume, says the report, virthing like a large volume. The tendency, however, is to- tually confirms the predictions that
1924 will be the greatward an improvement.
est building year in the history of the nation. The 10% inWith grain prices 12 to 35 cents per bushel higher than a crease over last year's big total shown at
the end of the first
year ago, even after the recent sharp decline, the purchas- six months, has been maintained.
ing power of the dollar is 67% cents, as against only 40
Manchester, England, advices say that if trade really is
cents in May 1920. From July 1920 to July 1924 there was to prosper, there must be around 13,000,000 bales of Ameria decrease of 21%. Since July 1914 the cost of living has can cotton grown, and that 14,00,000 bales would probably
increased 61.7%, but wages have advanced 99%. The North- be a better figure.
west is more cheerful. Land prices show a tendency to rise
The Boston "Commercial Bulletin" will say Saturday,
there as well as in other parts of the wheat belt, as wheat Sept. 6, with reference to wool and woolen goods:
prices have risen so sharply. In the Northwest the yield
The Brisbane opening at an advance of 10 to 12% over the July sale has
per acre is larger; the acreage is 10 to 15% less than last given the local market a new lease of life and prices are tending steadily
upward, so that asking prices of a week ago are selling prices to-day.
year in North Dakota, South Dakota and Montana, while
The goods market appears to be moving slowly and cautiously and, acindications point to a crop for these States 35,000,000 bush- cording to most reports, the lightweight openings have been rather disapelse higher than last year. The Northwest is resuming the pointing up to date, but there is a strong conviction that the demand must
come sooner or later for goods since the market is in a healthier situation
buying of cattle for breeding. This is something new. than it has been for some
time.
Foreign markets are all strong and the tendency of values is upward.
South Dakota looks for a larger trade this fall if in addiEarly
offerings
from
South
America are still above the level of this martion to harvesting the largest wheat crop in many years it ket.
European markets are all very firm.
can save the -bulk of its corn crop. It is nearly two weeks
Mohair continues rather slow, with prices barely steady at quotation,
.
late and an early frost would play havoc with it. The corn
Late last week the hot wave in the West was broken. But
crop in most parts of the West is late after a late cold spring over Labor Day it was very hot here. The heat reached 92
and delayed seeding.
on Monday, the hotest Sept. 1 here on record, aggravated by
New Bedford reported a brisk demand for New England high humidity. On the 2d inst. the humidity was higher,
mill shares and the total volume of dealing for the last week making 89 degrees very oppressive. But in the afternoon a
was said to run into big figures. New Bedford, Mass., ex- heavy rain broke the hot wave and latterly it has been more
pects to benefit from the lower cotton freight rates from like October, clear and cool and as low as 54 degrees. There
many sections of the Mississippi Valley, not only from the were hard showers to-day. The indications to-night are for
saving on freights, but also from the fact that the change fair weather with fresh northwest winds. The southwestern
will be a material factor, helping the city as a point for dis- hot wave of many weeks has been broken without rain. A
tribution throughout the Eastern territory. At Willimantic, dispatch said that it will be of immense benefit to cotton,
Conn., the American Thread Co. next week will increase the which is opening rapidly on account of drouth.
working schedule one day a week, making it five days a
week. At South Windham, Me., the South Windham Manu- David Friday on Future of Agricultural Prices
and
facturing Co. has shut down its woolen mill for an indefinite
Values—Says Final Turn to Right Has Been Made.
period. The mill had maintained day and night crews for
Discussing "The Future of Agricultural Prices and Valseveral months up to the present, while many mills have ues" at the annual meeting
in Chicago on Aug. 26 of the
been running on short time or discontinued their night crews. American Association
of Joint Stock Land Banks, David
Charlotte, N. C., wired that there is a marked abatement in Friday, economist, observed that
"American agriculture has
the drastic program of future curtailment effective among just
turned a corner," and added:
the cotton mills of the Carolinas. The amount of power
It is the final turn to the right that leads out of the slough of depression
supplied at Charlotte by the Southern Power Co. has lately on to the high road of prosperity. This sounds like bold prophecy, after the
of the last four years. But anyone who has read history knows
increased about 8%. The mill curtailment in that territory experiences
that the same thing has happened at least twice before in this country'
is now said to have been reduced to 18%. Some mills there within the last 50 years. It happened in England
in 1816 when after a
have resumed full time. Atlanta, Ga., reported that there year of debate and legislative endeavor prices were set right by natural
forces.
was little change in spindle time in Southern mills. InIn part he also said:
creased buying is expected if cotton has an upward tenIn 1879 and again in 1896 and 1897 agriculture and agricultural prices
dency. At Alabama City, Ala., the mills will not close down, took the same turn which cotton took
last year and which wheat, corn and
as was recently announced, business being better, and it is hogs are taking this year. The revival, both in the farmer's prosperity and
general
in
business
which
came
with
the
turn in prices in 1879 lasted for
said that prospects there of full time are more favorable.
five years. After 1897 it continued
17 years until 1914. When the
North Carolina members of the Cotton Growers' Co-opera- European war care it produced suchforabnormal
effects, both in raising
prices
and in subsequent distress, that that period had best be left out of
tive Association will receive an initial advance of $90 per
consideration
in
an
attempt
to forecast the course of prices and values under
bale upon cotton delivered to the association warehouses
peace-time conditions. . . .
this season. At Great Falls, S. C., the completion of the
American agriculture began a new era in 1900. We had come to the end
new No. 3 plant of the Republic cotton mills adds another of the unprecedented expansion which characterized the 30 years from 1870
to the end of the century. More than 3,000,000 new farms were settled
mill to the number of fine goods plants in the South and re- during
those three decades. In each decade
had added a small empire
flects the tendency among Southern manufacturers to di- to our agricultural territory. Even in the tenwe
years between 1890 and 1900
versify their output. In Paterson, N. J., 1,000 strikers re- we settled more than 1,100,000 of these. After the beginning of this century, the increase continued, but at a slower rate. By 1910 we had added
turned to the mills, but many mills remained closed on another
624,000 farms. But this addition was no more than sufficient to
Thursday of this week. Ninety-nine men and eight women keep pace with our own population. No longer did the growth in American
production
outrun the growth in American consumption. It began to lag
striking silk weavers made such a disturbance there on that
behind, and the export surplus steadily declined. This, coupled with the
day that the police arrested them for mass picketing. It general
rise in the prive level, was the principal
for the increase in
was necessary to call out the reserves. The 107 were among aviculture] prosperity. The gross value of all reason
firm products, excluding
crops
fed
to
live
stcok, had stood at $2,904,000,000 in 1897; by 1900 It
500 strikers who were picketing four abreast, onside a fourit amounted to $3,549,000,000; in 1910 it amounted to $6,607,000,000. Destory brick building at Broadway and the Erie Railroad. On spite
the fact that the price of the things which the farmer purchases rose,
SEPT. 6 1924.]
THE CHRONICLE
1115
the total purchasing power of all people engaged in agriculture had in- weaving companies. A policeman informed the pickets that.
creased 7% during this 13 years. The per capita purchasing power had
risen 40%. It is interesting to note that the value of farm products rose they were preventing other persons from using the sidewalk and ordered them to disperse. They refused, and he
22% between 1897 and 1900; from 1921 to 1923 the increase was 23%.
The year 1910 initiated an era during which the number of farms called another policeman. The strikers only leered and
actually decreased. There are today fewer farms and fewer persons engaged in farming than there were 14 years ago. But our urban population challenged the police to arrest them. Some of the reserves
has continued to grow rapidly since the beginning of this century. As were called out and thirty-five policemen hurried to the
against 45,000,000 people living in towns in 1900, and 60,000,000 in 1910, scene in three patrol wagons. When the strikers saw them
there are 80,000,000 to-day. By 1930 there will, in au likelihood, be
90,000,000 persons in cities and towns to be fed by the farmers of this they broke lines and started off, but 107 were rounded up.
nation. It is clear, then, that the demand for agricultural products in
America is on the increase now, as it was in those 17 years which sucSlight Decrease Occurs in Crude Oil Production.
ceeded the revival of prices and business in 1897. It is clear, too, that
unless there is an unusual increase in the supply of agricultural products the
The American Petroleum Institute on Sept. 3 estimated
prices of farm products will hold the advance which they are now making, that the daily average gross
crude oil production in the
and will rise further. On the demand side the forces which make for a rise
United States for the week ended Aug. 30 was 2,030,700
in agricultural prices are clear as the noon-day sun.
The forces which underlie the supply of farm products consist of the land barrels, as compared with 2,037,700 barrels for the prein cultivation, the number of persons engaged in agriculture and the efficeding week, a decrease of 7,000 barrels. Compared with
ciency of the methods which they employ. The number of farms and the
people engaged in agriculture have actually declined since 1910. The num- the corresponding week of 1923, the current figure is 231,100.
ber of acres of improved land is only slightly larger. The farmers who fed barrels per day less. The daily average production east
60,000,000 city folks 14 years ago must feed 80,000,000 to-day. There is
Rocky Mountains for the week was 1,415,000 barrels,
no likelihood that the supply of their products will outrun demand. The of the
likelihood is rather that it will increase barely as rapidly as the mouths to as compared with 1,424,000 barrels the previous week, a
be fed. We will, therefore, have a duplication of the situation which pre- decrease of 8,500 barrels. California production was 615,200
vailed from 1897 on. In that situation the prices of farm products rose
compared with 613,700 barrels; Santa Fe Springs
more rapidly than those of other commodities. I predict here that this is barrels, as
what we will see during the next decade.
is reported at 57,000 barrels, against 57,500 barrels; Long
Some one will ask why supply is not certain to lag far behind demand Beach, 148,000 barrels, against 149,000 barrels; Huntington
throughout this period. The answer is that the improvements in agricultural methods which have been brought about by the scientific research of Beach, 40,000 barrels, against 41,000 barrels; Torrance,
the Department of Agriculture, of the agricultural colleges, and of the ex- 55,000 barrels, no change, and Dominguez, 27,500 barrels,
periment stations which they maintain, have greatly increased the efficiency against 23,500 barrels.
of the farming industry. There are to-day only 15% more people engaged
DAILY AVERAGE PRODUCTION.
In agriculture than there were in 1900, yet they bring forth 40% more prodAug.30'24. Aug.23'24. Aug.16'24. Sept. 1 '23.
(In Barrels)uct measured in physical units-in bushels, tons, gallons and dozens. Any547,050
543,050
518,400
438,800
Oklahoma
one who is conversant with the possibilities of improvement in the field of Kansas
83,900
82,750
53.700
7.5,150
agricultural production knows that the number of people now engaged in North Texas
74,200
74,550
77,250
68.900
180,300
181,200
178,150
261,550
farming can increase their output to meet the growth of urban population Central Texas
53,900
55,050
58,250
61,650
for a decade or more to come. The increased price of agricultural products North Louisiana
136,800
140,350
142,550
126,600
will stimulate the use of fertilizers, machinery and better methods. Such Arkansas
Gulf Coast & Seuthwest
112,450
119,850
an increase naturally comes about only gradually, so that there is no danger
119,500
102,500
Texas
108,000
107,500
107,100
110,000
of a supply in excess of demand at profitable prices. One of the reasons why Eastern
118,900
119,709
126.300
146,650
a comparison of mere price levels for agricultural products in this year with Wyoming,Mont.& Colo
615,200
613,700
618,450
870,000
California
1913 is deceptive is to be found in the fact that the output per person en2,030,700 2,037,700 2,029,650 2,261.800
gaged, and therefore the number of units of farm products sold at these
Total
prices is more than 10% greater than it was before the war. In 1923 the
price level for farm products was only 40% above that of 1913, but the
value of farm products exclusive of crops fed to live stock was 71% larger Crude Oil Market Shows No Price Changes-Few Gasoline Prices Reduced.
than ten years ago. That output per person will continue to increase. At
the higher prices which prevail the prosperity of our agricultural classes
No changes in the price of crude oil were recorded during
will continue its upward course.
It may be that we are facing a decline in the general price level of all the week ended Sept. 5.
commodities during the next decade or two. It is certain that we will not
It was reported from Huron, So. Dak., on Sept. 4 that
again see the general upswing of prices which occurred between 1897 and
at the State filling stations on the State Fair Grounds
gasoline
1914. If prices should decline, what has been here said will lead to the
conclusion that farm prices will decline less than other prices. There is has been reduced 4c. to 16c. a gallon, other dealers retaining
already some evidence that this is taking place. After the depression of 1921 their 20c. price. Dispatches on the same date from Aberprices rose, and the general level as shown by the Bureau of Labor Statistics index number of wholesale prices, reached a peak in April 1923. At deen, So. Dak., stated that the independent dealers there
that time they stood at 159% of 1913. Farm products stood at 141. In had cut their price to 163/2e. a gallon, a cent under the StandJuly 1924, the latest month available, the price level for all commodities
ard Oil Co.'s price there.
stood at 147, which was a decline of 12 points from the highest level
On Sept. 5 the Standard Oil Co. of Indiana reduced gasoreached since the depression. But farm products are still 141. Metals and
their products have declined from 154 to 130. Chemicals and drugs from line to 1634c. a gallon at Aberdeen, So. Dak., meeting the
136 to 126, and miscellaneous commodities from 126 to 112. Every single
price of independents. Although this price does not prevail
group of commodities except farm products has declined.
What will be the effect of all this upon farm land values? Let us turn throughout the entire State of South Dakota, the Standard
to the past once more for illumination. The most dramatic effect of the rise is meeting cuts wherever they appear.
in prices which occurred from 1900 to 1910 was the increase in the value of
farm lands, exclusive of buildings. This rose from $13,000,000,000 in 1900
to over $28,000,000,000 in 1910. To-day, after the decline of the last four
Price Changes in Automobiles.
years, it still stands at approximately $40,000,000,000. Land values in
Co. has made price advances rangThe
Willys-Overland
Iowa alone rose $5,400,000,000 between 1900 and 1920. It is still $3,500,000,000 above 1900. No such increase, either relative or absolute, will ing from $35 to $55 per car on its entire line of Overland cars:
occur during the next decade. But if what has been predcited here about
The prices of the Willys-Knight line remain unchanged.
the prices of farm products holds true, we shall certainly see a maintenance
of present agricultural values for good land and some gradual and orderly The new prices compare with the old as follows: Chassis,
Increase for the future.
$425, against $395; touring, $530, against $495; roadster,
In closing, let us return for a moment to our text. History tells us that
against $495; coupe, $696, against $650; coupe sedan,
American agriculture has seen a degree of progress in the past which was $530,
never before witnessed by any group who tilled the soil. Much of the writ- $685, against $655, and sedan, $850, against $795. Prices
ing of the last few years carries the impression that the American farmer are f.o.b. Toledo, effective as of Sept. 1.
has been going from bad to worse for a long time, and that the events of
1921 and 1922 were merely the last straw that broke the camel's back.
Anyone who knows the course of farm prices, the increase in the value of Steel Mill Operations Gain-Composite Prices Unthe farmer's product which was not fed to his live stock, the growth of agrichanged.
cultural output, and the stupendous increase in the value of farm lands,
Conditions
in
the
iron
and
steel markets are better, accordknows that such talk is arrant nonsense. The Inter-State Commerce Commission has valued our railroads at about $20,000,000,000, but the values ing to observations made by the "Iron Age" on Sept. 4.
of farm lands, exclusive of buildings, is to-day $28,000,000,000 higher than August pig iron statistics gathered by wire on Sept. 2 show
it was in 1900. Farmers, like other people, bid for land at higher prices
because they can sell the product which they grow upon that land at a the predicted upturn in production, after four months of
profit The American farmer know this. He does not belong to an im- drastic curtailment, says the "Iron Age," and then adds:
poverished peasant class. He is a member of an industry which has done
The month's total was 1,891,145 tons, or 61,005 tons a day, against
well by him in the past and which promises him increased progress and well- 1,784,899 tons in July, or 57,577 tons a day. The gain is about 6%. For
being for the future.
steel ingots the August figures to be published next week are expected to
show a larger gain, in view of the reduction made last month in steel company stocks of pig iron.
Silk Strike in Paterson-107 Strikers Arrested.
In the four months beginning with April there was a net loss of 126 blast
The strike in the broadsilk mills of Paterson, N. J., con- furnaces,leaving 144 in operation on Aug. 1, against 270 on April 1. Meanrate of production had fallen off about 50%, or from 112.240 tons
tinues with but little change. The manufacturers this week while the
a day on April 1 to 55,350 tons a day on Aug. 1. In August there was a
reaffirmed their decision to make no concessions to the net gain of 7 in active furnaces, together with a faster operation of blowing
strikers, but a few more small mills are said to have made engines at some plants. Thus the 151 furnaces running on Sept. 1 were
producing about 63.000 tons a day, or 7,650 tons a day more than the
settlements with the union independently. One of the out- capacity
of the 144 furnaces operating one month previous.
standing features of the week was a disturbance resulting
The Steel Corporation made a net gain of two furnaces last month and
steel companies gained five, while the number of merchant
independent
the
in the arrest of 107 strikers. The 107 were among 500 furnaces was unchanged.
However, by better running the merchant furstrikers who were picketing, four abreast, outside a four- naces made 1,257 tons a day more than in July, while the
steel company
number
of
a
small
houses
silk furnaces gained 2.171 tons a day. To-day the country is proudcing pig
story brick building, which
1116
THE CHRONICLE
Iron at a yearly rate of about 23 million tons, as against 20i million tons
at the low point in late July and 41 million tons at the year's peak in early
April.
This week's reports trom steel companies show another gain in mill
operations, bringing the Steel Corporation close to 60%, while independent
companies range from 45 to 60%. As against 41.5% for the industry in
July, the average for August was probably above 50, and is now near 55.
It is the common report that August brought gains of 10 to 15%. and in
exceptional cases considerably higher, in the bookings of new orders. But
the efforts of some producers to hold recent gains in operations have resulted
in continued sharp competition, with irregular prices in important products,
89 that buyers' policy is little changed. The past week,in fact, has brought
fresh evidence that stabilization of finished steel prices is not an early
possibility.
The largest railroad equipment business since the first week of August
is the Chesapeake & Ohio purchase of 1,987 gondola car bodies, requiring
about 20,000 tons of steel. The Pennsylvania Railroad is in the market
for 6,000 box and automobile cars, and the total of freight cars pending is
15,400. The Missouri Pacific is getting bids on 50 locomotives.
With the possible exception of one trunk line, rail buying for next year
promises to be on a good scale. The Illinois Central, besides recent releases
for early rolling, has a new inquiry for 60,000 tons and the B. & 0. will
enter the viarket at an early day.
Reports of steel to be taken by automobile builders are more encouraging,
several large buyers being now in the-market, and at Chicago demand from
the implement industry is improving steaduly.
Structural awards last week were only 15.600 tons, or roughly 2,000 tons
below those of the previous week. For new work pending 20,650 tons
will be required.
August pig iron bookings in the Central West as now reported, particularly
at Cleveland and Chicago, indicate more activity in those districts than in
the East. The firmer prices of some sellers of foundry iron have followed
considerable sales and it is now to be seen to what extent apparent gains in
strength can be converted into actual advances.
The recent activity in ferromanganese, which included a round purchase
by che leading domestic producer, has created an interesting situation. The
$90 price seems to have been temporary, but there are still signs of freer
competition than heretofore among foreign producers.
The Western bar iron settlement at Youngstown as of Sept. 1 brings a
reduction from $12 63 to $12 15 in the puddling rate, the average bar iron
price in July and August being 2.15c., against 2.25c. in the preceding
sixty days.
The Lake Superior iron ore movement in August was 6,687,000 tons,
compared with 7.280.000 tons in July, while for August of last year it was
10.296.000 tons. To Sept. 1 the total was 28,796,000 tons, against 36.893.000 tons to Sept. 1 last year.
The composite price table follows:
Composite Price, Sept. 2 1924, Finished Steel, 2.510c. per Pound.
Based on prices of steel bars, beams, tank Aug. 26 1924
2.510c.
plates, plain wire, open-hearth rails, Aug. 5 1924
2.524c.
black pipe and black sheets, consti- Sept. 4 1923
2.775c.
tuting 88% of the U. S. output
10-year pre-war average_ _1.689c.
Composite Price, Sept. 2 1924, Pig Iron. $19 46 per Gross Ton.
Based on average of basic and foundryAug.
{
$1946
26 1924
irons, the basic being Valley quotation. Aug. 5 1924
19 29
the foundry an average of Chicago. Sept. 4 1923
25 38
Philadelphia and Birmingham
110-year pre-war average_ 15 7
Finished steel.1924 to date: High,2.789c.,Jan.15;low,2,510c., Aug. 19.
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: $30 86, March 20; low, $20 77, Nov. 20.
That heavier buying is in prospect is the opinion of the
"Iron Trade Review." Railroads are putting out more
inquiries for equipment and miscellaneous tonnage is showing
moderate gains, according to this journal's weekly review,
issued Sept. 4 and quoted in full as follows:
August turned the iron and steel market toward better activity after five
months of declining tonnage and while the improvement has not been large,
It has been substantial. This latter description still fits the week-to-week
condition. Manufacturing needs have expanded in various directions and
still are growing though not in a uniform way. New construction has held
up well. Railroad demands now are being put forward in an impressive
Manner. Pig iron prices appear to have become better stabilized than
those in steel and the fluctuations of the latter are impelling buyers to move
With caution where future needs are involved. Operations interrupted
by the holiday period show no important change this week.
Steel requirements of the automobile and parts manufacturers are increasing and the mills are receiving heavier specifications from this source.
Furthermore, the automobile companies are more liberal in their willingness
to cover ahead. In some cases the tonnage placed in August was in excess
of that originally scheduled. The Buick and Studebaker companies have
placed some good-sized orders and the Ford Motor Co. is in the market for
a round tonnage covering its needs for the next thirty days.
A four months decline in pig iron production was checked in August,
which is the first month to show an increase since March. This was accomplished entirely by the renewed activities of steelworks furnaces. This
group showed a gain of 100,105 tons over August, while merchant stacks
were losing 25,066 tons additional. Total production in August was
1.874,920 tons, against 1,783,457 tons in July, a gain of 91,463 tons. The
daily average output was 60,481 tons, against 57,531 tons. The August
rate represents 54% of that in March. A gain of five was recorded in the
list of furnaces active at the end of August, the total being 150.
A narrowed margin of change continues to mark "Iron Trade Review's"
weekly composite of fourteen leading iron and steel products. At $39 23
this week the index is the lowest since August 1922 and compares with
339 35 last week and S44 68 one year ago.
No branch of the market holds forth such promise of increased tonnage
as that of the railroads which are increasing the size and range of their
inquiries for equipment, rails, bridgework and other track needs. The list
of pending inquiries for freight cars has been raised to over 17,000, not
including a 5,000 lot which the Santa Fe is reported to be considering.
The Chesapeake & Ohio this week ordered 1,987 gondola car bodies.
Locomotive inquiries are heavier.
Steel rail business is looming up in a big way and producers express
themselves as believing from 2,000,000 to 2,500,000 tons for fall and 1925
delivery will be placed within sixty days. The Illinois Central has released
14,000 tons and is to purchase 65,000 tons additional. The New York
Central continues to negotiate for 170,000 to 175,000 tons.
The dull market on Lake ore is leading to the offering of some lots at a
sacrifice of prices. At Pittsburgh sales of over 100,000 tons recently have
been made at a 60c. per ton concession.
Gain of strength by the pig iron market is stilt slow but it is perceptible.
Buying has dropped off. A Cleveland merchant interest booked 100.000
[VOL. 119.
tons of additional business in August. Some inquiry for delivery in the
first quarter of 1925 has come out at Chicago and at least one sale of 1,000
tons is believed to have been made.
The leading interest will furnish the bulk of an order for 30,000 to 35,000
tons of galvanized sheets placed by the Argentine Government. An
Eastern independent will fill a portion of this order. The Texas Co. is
reported to have closed on an inquiry for 100,000 boxes of tin plate. A
pipe line requiring 7,000 tons has been placed at Pittsburgh by a gas company.
Chicago has been the chief center this week in structural steel activity.
furnishing about two-thirds of 17,903 tons awarded. This total is below
that of other recent weeks. New inquiries are fewer though a large tonnage
remains undecided.
August Pig Iron Output Gains.
After an uninterrupted and severe loss for four months,the
pig iron output in August made a sharp gain, declares "The
Iron Age" on Sept. 4. According to returns collected
almost entirely by telegraph, the increase in daily production
in August over July was 3,428 gross tons, contrasting with a
decrease in July from June of 9,964 tons per day. The net
gain in active furnaces in August was 7, comparing with a
net loss in July of 17, with 46 the net loss at the peak of the
decline in May. The report adds:
The production of coke and anthracite pig iron for the 31 days in August
amounted to 1,891,145 gross tons, or 61.005 tons per day, as compared
with 1,784,899 tons, or 57,577 tons per day, for the 31 days in July. This
is a gain of 106,246 tons, or 3,428 tons per day, about 6.5%. The August
production is about 75,000 tons in excess of the same months in 1922.
when the coal and railroad strikes suddenly cut down the furnace operations.
There were 14 furnaces blown in and 7 blown out or banked during August.
Of the 14 blown in, 8 were independent steel company and 4 were Steel
Corp. furnaces, the other 2 being merchant. Three independent and 2
Steel Corp. furnaces were among those shut down.
The capacity of the 151 furnaces active on Sept. 1 is estimated as about
63.000 tons per day, as compared with 55,350 tons per day for the 144
furnaces in blast on Aug. 1.
The ferromanganese and spiegeleisen outputs fell off sharply in August.
There were 10,718 tons of ferromanganese and 8,010 tons of spiegeleisen
produced last month, the former being the smallest for the year.
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS-GROSS TONS.
Steel IVorb.
Total.
Merchant.
1923-August
86,479
111,274
24,995
September
78.799
104,184
• 25,385
101,586
October
77.255
24.331
November
72,352
96.476
24.124
December
89,921
94,225
24.304
97,384
1924-January
73,368
24,018
February
83,126
106.026
22,900
March
86,276
111,809
25,533
April
107,781
82.101
25,680
84,358
May
62.176
22,182
67,541
50,237
17,304
June
43.353
57.577
14,224
July
45,524
61.005
15,481
August
PRODUCTION OF STEEL COMPANIES-GROSS TONS.
-8PkWeleista and Ferromanganese-TotalProduction-- Ferrous. Spiegel. Forrest. Spiegel.
1924.
924
1924.1923.
1923.
7,948
2.479.727 2.274,005 19.318 12.0i6 20,735
January
9,870
3,657 22,405
2,259,154 2,410,858 21.282
February
2,724,305 2.674.565 20,730 13.832 22,351 13,796
March
2.704,360 2,463,027 20,808
4.240
7,440 23,580
April
9,336
9,533 14,993
19,568
2,976,892 1,927.461
May
9,405
3,727,208 1,507,110 19,717 18,289 20,049
June
--Half year
15.871.646 13,256,826 121,584 64,807 124,118 54,595
July
2,752,738 1,343,052 26.493 12,876 14.367 15.328
August
1,411,234 22,045
2,680,851
8,010
5,586 10,718
2,363,967
September
4,478
23,206
October
2.394,922
20,015 15,931
November
14,839 16,783
2.170,587
December
18,069 10,124
2,167,563
Year
30,402.254
246,231 130,585
TOTAL PIG IRON PRODUCTION BY MONTHS-GROSS TONS.
1924.
1920.
1923.
1922.
1921.
January
3,015,181 2.416,292 1.644.9513,229,604 3,018.890
February
2,978,879 1.937,257 1,629,991 2,994,187 3,074,757
March
3.375,907 1,696.622 2,035,920 3,523,868 3,466,086
April
0,939.797 1.193,041 2,072,114 3,549,736 3,233.428
2,985,682 1,221.221 2,306,679 3,867,694 2,615,110
May
June.,
3.043,540 1,064.833 2,361,028 3,676,445 2,026,221
Half year
July
August
September
October
November
December
18.138,9e6
3.067,043
3,147,402
3,129.323
3,292,597
2,934.908
2,703,855
9,428,166 12,050,683 20,841,631 17.434,492
864,555 2,405,365 3,678,334 1,784,899
954.193 1,816,170 3,449,493 1,891,145
985,529 2,033,720 8,125,512
1.246.876 2,637,844 3,149,158
1,415,481 2.849,708 2,894,295
1,649,086 3,086,898 2,920,982
Year•
38,414,114 16.543,688 26.880,383 40.050,308
*These totals do not Include charcoal pig iron. The 1923 production of this Iron
was 251.177 tone
Lumber Shipments Normal for the Season.
The National Lumber Manufacturers' Association on
Sept. 4 reported that, allowing for the smaller number of
lumber mills reporting last week's operations, the national
lumber movement was not much less than for the preceding
week and is in line with the normal seasonal trend. Making
a similar allowance in comparing the week with the same week
of 1923, orders were probably larger in the former and shipments show a gain regardless of such an allowance. Production continues to be substantially less than last year and
a little under normal.
For the 344 comparably reporting mills, last week's shipments were 106%
and orders 101% of actual production. For the Southern Pine milli by
themselves these percentages were 114 and 106, respectively; and for the
West Coast group, 108 and 109.
SEPT. 6 1924.]
VIE CHRONICLE
Of the foregoing mills, 327 have a determined normal production for the COMPARISON OF EMPLOYMENT IN IDENTICAL ESTABLISHMENTS
DURING ONE WEEK EACH IN .TUNE AND JULY, 1924.
week of 209.266,756 feet, according to which actual production was 98%
shipments 105%, and orders 100% of normal productioti.
No. on Payroll. Per
Amount of Payroll. Per
The following table compares the national lumber movement as reflected
EstabCent
Cent
by the comparably reporting mills of seven regional associations for the three
Industry.
UM- June,
July,
of
June, I July,
of
ments. 1924. 1924. change 1924.
weeks indicated:
1924. sham.
Corresponding Preceding Week
S
$
Past Week.
Week 1923.
1924 (Revised). Food & kindred prodls 983 182,742 183,386 +0.4 4,612,758
4,623,940 +0.2
344
374
388
Mills
SI-ter'g & meat pack.
83 82,306 83,274 +1.2 2,073,541 2,109,508 +1.7
.
Confectionery
233 24,227 23,525 -2.9 455,811 442,326 -2.7
217,874,202
253,414,423
228,942,410
Production
Ice cream
89
6,374
6,816 +6.9 208,190 221,022 +7.7.
230.105,896
228,152,505
245,512,944
Shipments
Flour
288 13,757 14,053 +2.2 362,218 388,419 +1.2'
227.832,471
236,458,681
Orders(new business)- _ _ 219,839,820
Baking
276 44,567 44,336 -0.5 1,152,209 1,150,539 -0./
14 11,511 11,382 -1.1 362,989 334,128 -8.00
Sugar refining, cane.
The following figures compare the reported lumber movement for the
prodls
1,689
their
Textiles
&
516,350 479,532 -7.1 9,579,871 8,712,789 -9.)first 35 weeks of 1924 with the same period of 1923:
Cotton goods
336 178,402 161,428 -9.5 2,667,011 2,344,951-12.1
Production.
Shipments.
Hosiery & knit goods 259 72,720 62,217-14.4 1,202,988 944,701-21.5
Orders.
Silk goods
196 48,787 47,165 -3.3 989,746 908,044 -8.3
8,145,554,876
8,099,415,423
7,849,041,171
1924
Wool.& worsted g'ds 176 62,730 59,848 -4.6 1,349,734 1,272,904 -5.7
8.354,194,351
8,483,834,458
1923
7,927,090,930
Carpets
30 19,725 18,751 -4.9 447,567 416,566 -6.9
Dyeing & finishing86 26,328 25,858 -1.8 578,757 553,884 -4.3
Clothing, men's__ _ _
208,639,475
275 61,487 60,841 -1.1 1,494.043 1,482,676 -0.8
384,419,035
1924 (decrease)
78.049,759
Shirts and collars
94 22,588 20,809 -7.9 327,722 296,480 -9.5
On account of the fact that the California White and Sugar Pine AssociaClothing, women's
154 12,022 11,164 -7.1 282,216 254,721 -9.7
tion mills do not make weekly reports, comparable in respect to orders with
Millinery & lace g'ds
83 11,563 11,461 -1.0 240,087 237,862 -0.9
those of other mills, they are not represented in any of the foregoing figures. Iron and steel and their
products
1,529 563,837 532,498 -5.615.471,85713,659,911-11.7
Eleven of these mills, representing 28% of the cut in the California pine
Iron and steel
224 254,726 239.907 -5.8 6,832,528 5,950,777-12.9
region, reported last week's production as 14.400,000 feet, shipments 10.Structural ironwork_
154 19,711 19,603 -0.5 559,133,
-6.4
928,000, and orders 11,120,000.
Foundry & machineshop products_ _. 694 172.818 165,127 -4.5 4,886,711 4,369,465-10.2
Hardware
53 33,216 30,840 -7.2 784,415 687,464-12.4
Machine tools
179 24,639 22,756 -7.8 713,614 616,709-18.6
Steam fit'gs St steam
Lumber Output on the West Coast.
& hot water heating apparatus...134 41,791 40,295 -3.6 1,236,336 1.148,629 -7.1
The weekly lumber review of the West Coast Lumbernaen's
91 16,938 13,970-17.5479,121 363,459-24.1
Stoves
products
1,080
&
its
Lumber
198,357 194,886 -1.7 4,382,981 4,067,668 -7_2
Association on Aug. 27 reported that the 122 mills reporting
Lumber,sawmills... 433 113,344 111.660 -1.5 2,403,319 2,231,696 -7.1
Lumber, millwork- 284 33,302 32,389 -2.7 819,827 766,472 -6.5
to the association for the week ending Aug. 23 manufacFurniture
383 51,711 50,837 -1.7 1,159,835 1,069,504 -7.8
tured 95,612,701 feet of lumber; sold 111,358,883 feet, and Leather & its products_ 327 103,521 103,546 (9 2,276,938 2,241,433
-1.8
Leather
126 23,842 23,163 -2.8 599,681 552,460 -7.9
shippqd 107,133,402 feet. New business was 16% above proBoots and shoes
201 79,679 80,383 +0.9 1,677,257 1,688.973 +0.7
804 149,527 148,454 -2.1 4,558,415 4,363,957 -4.2
Paper and printing
duction. Shipments were 4% below new business.
Paper and pull)
20
53,938 51,852 -3.9 1,383,989 1,281,992 -7.2
Forty-five per cent of all new business taken during the week was for
150 15,702 15.358 -2.2 328,576 309,213 -5.9
Paper boxes
Printing, book & lob 249 37,600 37,299 -0.8 1,233,171 1,188,911 -3.6
future water delivery. This amounted to 50,086,505 feet, of which 33,849.Printing, newspapers 198 42,287 41,947 -0.8 1,610,699 1,530,841 -1.9
505 feet was for domestic cargo delivery and 16,237,000 feet export. New
Chemicals and allied
business by rail amounted to 1,860 cars.
244 73,665 73,308 -0. 2,218,089 2,133,694 -3.8
products
Forty-six per cent of the lumber shipments moved by water. This
91 20.584 20,422 -0.
Chemicals
523,458 507,834 -3.0
amounted to 49,041,024 feet, of which 33,893,986 feet moved coastwise and
Fertilizers
100
4,971
4.817 -3.1
101,588
98.088 -3.4
53 48,110 48,067 -0.1 1,593,045 1,527,772 --4.1
Petroleum refining
intercoastal and 15,147,038 feet export. Rail shipments totaled 1.754 cars.
Stone,clay &glassprod. 802 102,801 97,250 -5.4 2,758,065 2,464,536-10.6
Local auto and team deliveries totaled 5,472,378 feet.
Cement
77 21,557 21,632 +0.3 658,288 624,016 -5.2
Unfilled domestic cargo orders totaled 125,750,466 feet. Unfilled export
Brick, tile and terra
.
340 33,031 32,174 -2.6 865,886 813,945 -6.0
cotta
orders 75,556,504 feet. Unfilled rail trade orders 4,447 cars.
51 12,408 10,493-15.4 331,348 245,165 26.0
Pottery
In the 34 weeks of the year, production reported to the West Coast Lum134 35.805 32,951 -8.0 902,543 781,410-13.4
Glass
bermen's Association has been 3,138,358,732 feet; new business, 3,164,904,- Metal products, other
165 feet, and shipments 3,300,983,714 feet.
than iron & steel_
47 13,212 12,373 -8.4 295,410 267,887 -9.3
Stamped dr enameled
47 13,212 12,373 -6.4 295,410 267,887 -9.3
ware
Tobacco products
210 42,665 43,316 +1.5 770,674 749,965 -2.7
Chewing & smoking
Continued Decrease in Employment and Payrolls in
37
tobacco & snuff._
9,295
9,597 +3.2 149,174 144,088 -3.4
173 33,370 33,719 +1.0 621,500 605,877 -2.5
Cigars & cigarettes
Selected Industries in July.
Vehicles for land transportation
898 438,268 424,756 -3.112,911,471 11,812,041 -8.5
Employment in manufacturing industries in July deAutomobiles
219 262.039 249,626 -4.7 7,700,283 7,037,578 -8.6
creased 4%%, while payroll totals decreased 7.8% and per
41
Carriages & wagons_
2,443
2,399 -1.8
59,081
54,298 -8.1
building and r
Car
capita earnings decreased 4%, according to unweighted figpairingElectric railroad
180 17,639 17,526 -0.6 527,336 498,706 -5.4
ures presented by the United States Department of Labor
Steam railroad. 458 156,147 155,205 -0.6 4,624,792 4,221,459 -8.7
376 207,76 198.044 -4.7 5.806,891 5,422,467 -6.6
through the Bureau of Labor Statistics, its figures being Miscell. industries_
Agricultural implis. 100 19,268 17,688 -8.2 519,061
444,062-14.2
based on reports from 8,789 establishments in 52 industries
Electrical machinery,
apparatus & suppl. 129 96,351 91,957 -4.8 2,726,374 2,480,450 -9.0
covering 2,489,347 employees whose total earnings in one
34
Pianos and organs._
6.707
6,375 -5.0 182,900 180,921 -1.1
10 14,874 13,095-12.0 353,805 334,886 -5.3
Rubber boots& shoes
week in July were $60,520,288. The Bureau continues:
Automobile tires__
65 45,281 44,192 -2.4 1,334,512 1,277,50 -4.3
38 25.286 24,737 -2.2 690,239 703,740 +2.0
Shipbuilding, steel_
The same establishments in June reported 2,592,712 employees and total
payrolls of $65,641,420.
Total
8.7892592.7122489.347 -4.05.641.420 .520.288 -7.8
This decrease in employment in July was not entirely due to unusually
Recapitulation by Geographic Divisions.
disturbed industrial conditions. In addition to the regular seasonal de2
1,155 367,582, 345,252 -6.1 8.350,786 7,749,941
cline, in some industries, this month is marked also by the beginning of the New England
2,224 774,539' 744,585 -3.9 20,752,432 19,144,512 -7.7
inventory and vacation period. Therefore, it is probable that the actual Middle Atlantic
North Central_ .._ 2,352 806,4771 774,534
22,397,32420,385,134 -9.0
decline in employment in July was not quite so precipitate as in the two East
757 137,052, 136,503 -0. 3.373,913 3,248,61. -3.7
West North Central
months immediately preceding.
941 221,83S 210,214 -5.2 4,014,420 3,714,141 -7.5
South Atlantic
The New England States dropped 6.1% of their employees in July, fol- East South Central... 373 86,490 83.399 -3.6 1,591,455 1,482,163 -6.9
304 87,862 88,323 +1. 1,458,017 1,393,581 -4.3
lowed by the South Atlantic States with a decrease or 5.2% and the east West South Central_
Mountain
133 24,194 23,785 -1.7 666,851 632,414 -5,2
North Central, Middle Atlantic, Pacific and east South Central States with Pacific
550 106.878 102,752 -3.9 3,038,242 2.769.702 -8.8
decreases of approximately 4% each. The west South Central geographiTotal
8,789 2592,7122489,347 -4.0165.641,42060,520,288
cal division was the only one of the nine divisions showing an increase in
employment.
Employment on Class I Railroads.
The east North Central division shows a decrease of 9% in payroll totals,
I
-- -1,770,906
0229,831,147
followed by the Pacific division with a decrease of 8.8%. The remaining April 15 1924
May 15 1924
I
1.776,216
+0.3
a232,953,920
+1.4
seven divisions also show rather largo decreases in payroll totals.
a Amount of payroll for one month.
Comparison of Employment in July 1924 and June 1924.
Comparison of Employment in July 1924 and July 1923.
Comparing July and June reports from identical establishments increases
Reports are available from 6,057 establishments for a comparison of emin employment are shown in July in 7 of the 52 industries and increases in ployment and Payroll totals between July. 1924, and July. 1923. These
establishments
decrease
payroll totals in 5 industries. Four of these industries show increases in TOIr4ro
t'sf.anttnettincit ei adec n
toil:
ed itZ
both items, namely, ice cream, slaughtering and meat-packing, flour and decrease of 5.9% in per capita earnings. The total number of
employees
boots and shoes; while smoking tobacco, cigars and cement show increases covered by this comparison in Jul.', 1924, was 1.843,295, whose earnings in
one week amount
to $45,050,836, while the number of employees in
in employment only. The ice cream industry, as would be expected in July,
1923,
July, leads all other industries in increased employment and earnings,the $55.834.943.was 2,150.941, and their earnings in one week amounted to
percentages being 6.9 and 7.2, respectively.
Each of the nine geographical divisions shows a considerable decrease
Among the 45 industries showing decreased employment, there are 5 in- both in number of employees and in their earnings in this yearly compariFor the third month in succession the New England led in Division,
dustries whose decreases were from 9.5% to 17.5%. These five industries son.
decreased employment and in decreased payroll totals, the decreases
in
are cotton manufacturing, rubber boots and shoes, hosiery and knit goods, July, 1924, being 17 and 24.4%, respectively. The Middle Atlantic
pottery, and stoves; and the last three also led in decreased payroll totals, east North Central divisions show approximately identical declinesand
in
do
both
items,
as
the
east
South
Central,
percentages
Pacific and South Atlantic diviof 21.5, 26 and 24.1, respectively. The agricultural im
with
sions.
plements, machine tools, glass, iron and steel, hardware, cotton manufacThere were decreases both in employment and in payroll totals in
July,
turing, foundry and machine-shop products, and women's clothing indus- 1924, as compared with July 1923. in 48 of the 52 separate industries,
although in one instance the industries are not Identical, bbok and job
tries also show decreases in payroll totals of over 9.5% each.
printan
ing
increase
showing
in
employment
but
also
showing
a
decrease in payConsidering the industries by groups, only one material increase is to be roll totals, while in the
baking industry the situation is reversed. Cane
found and that is a 1.5% increase in employment in the tobacco group. sugar refining, newspaper printing and the cigar ndustry all
show increase&
both items, the first-named industry leading with increases
The greatest losses in employment and in earnings were: 7.1% and 9.1%, In
of 4.9% in
employment
and 10.59' in payroll totals.
respectively,in the textile group;6.4% and 9.3%, respectively, in stamped
The decreases in employment in the 12-month period were over
10% in
ware; 5.6% and 11.7%, respectively, in the iron and steel group; and 5.4% 34 industries, the greatest decreases being 31% in agricultural
implements.
and 10.6%. respectively, in the stone, clay and glass products group. The 28.3% in the women's clothing industry, and 27% in foundries and
machine
shops.
The
decreases
in
employment
show
large
in
vehicles
also
losses
in
groups
the
10
total
industries of the textile
payrolls, but their
lumber and
group ranged from 10.1% to 28.3%. and the decreases in
in
losses in employment were much smaller than those mentioned above.
the 7 industries of the iron and steel group ranged from employment
9.7% to 27,7
For convenient reference the latest figures available relating to all em- In all but 10 of the 34 industries showing ddcreased employment of
over 10
ployees, excluding executives and officials, on Class I railroads, drawn from the decreases in employees' earnings were even larger than the decreases
number of employees. Women's
shows a decrease of 35.8% In
Inter-State Commerce Commission reports, are given at the foot of the first employees' earnings, cotton goodsclothing
in
a decrease of 35.1%, foundry
and ma
chine shop products a decrease of 34.6%, agricultural
and second tables.
implements a decrease
t!I; two years.
1118
THE CHRONICLE
of 31%. and the shirt and collar industry shows a decrease of 30.2% in eni
ployees' earnings.
Considering the industries by groups, only one increase is found either in
employment or in employees' earnings, and that N only one-half of 1% in
payroll totals in the tobacco group. The iron and steel group shows the
greatest loss in employment and the greatest decrease in payroll totals, the
percentages being 19.1 and 26.4. respectively, while the textile and vehicle
groups decreases are only slightly lower for each item. Seven of the 12
groups show decreases of over 11.8% both in employment and in payroll
totaN.
COMPARISON OF EMPLOYMENT IN IDENTICAL ESTABLISHMENTS
DURING ONE WEEK EACH IN JULY 1923 AND JULY 1924.
No. on Payroll.
Est
lishmega
Industry.
Food and kindred
products
Slaughtering & mea,
packing
Confectionery
Ice cream
Flour
Baking
Sugar refining, cane
Textiles & their prods_
Cotton goods
Hosiery & knit goo
Silk goods
Woolen goods
Carpets
Dyeing ev finishin
textiles
Clothing, men's_ _ _ _
Shirts & collars
Clothing, women's..
Milline:y&lacegoods,
Iron & steel & than
Products
Iron and steel
Structural ironwork
Foundry & machln
ahem products__ _
Hardware
Machine tools
Steam fittings an
steam & hot-wa •
heating apparat
Stoves
Lumber & its products_
Lumber,sawmills
Lumber, millwork
Furniture
Leather & its products_
Leather
Boots.8 shoes
Paper .8 printing
Paper & pulp
Paper boxes
Printing, book & Jo.
Printing, newspaper_
Chemic.ds& allied pro•
Chemicals
Fertilizers
Petroleum refining
Stone,clay& glass prod
Cement
Brick, tile and terr
cotta
Pottery
Glass
Metal products, other
than iron & steel_ _
Stamped & enameled
ware
Tobacco products
Chewing & smo
tobacco & snuff
Cigars & clga:ettes
Vehicles for land Ira.:
portation
Automobiles
Carriages & wagons_
Car building and r
pairingElectric rallro
Steam railroad_
'Abseil. Industries_
Agricul. implemen :
Electricalmachinery,
aPParatus & salmi.
Pianos & organs_ _ _.
Rubber boots and
shoes
Automobile tires_ _ _ _
Shipbuilding, steel_.
Total
July
1923.
641 156,11
Per
Cent
July
of
1924. Chang
Amount of Payroll.
July
1923.
July
1924.
Per
Cent
of
Chang.
147,876 -5.380,917,91046,807,231 -2.8
71 89,327 81,930 -8.3 2,220,412 2,073,905 -6.6
8
9,553
9,341 -2.3
179,217
177,080 -1.2
21
2,625
2,333-11.1
73,798
69,397 -6.0
233
,' -3.8 316,234
314,491 -0.6
21
32,125 31,737 -1.2 844,332 858.502 +1.7
12,426.
11 10,058 10,553 +4.9 283,917 313,856 +10.5
1,21 448,613 369,94 -17.5 9,259,975 6,874,390-25.8
243 145,014 115,370-20.4 2,597,122 1,684,302 3,8.1
19- 59,209 47,096-20.5 972,259 701,440-27.9
18
48,684 42,470-12.8 1,003,45'
821,071-18.2
12: 52,335 43,443-17.0 1,248,633 952,790-23.7
21 20,233 17,735 12.3 537,261
388,441-27.7
5'
1 I.
7
11
25,213
53,229
24,076
13,075
7,545
22 662-10.1 562,203 479,309-14.7
47,363-11.0 1,476,300 1,241,162-15.9
18,104-24.:
364,280 254,102-30.2
9,375-28.3 342,808 220.037-35.8
131.736-15.4
6.327-16.1
155,650
99 446,927 361,449-19.11 2,510,490 9,209,651 26.4
161 218,387 185,540-15.0 5,925,618 4,574.250-22.8
11' 13,984 12,502-10.6
394,974 338,828-14.2
436 150,021 109,545-27.0 4,459,984 2,916.913-34.6
14,815 13,378 -9.7 330,500 278,277-15.8
2
:1 12,180
9,240-24.1
336,839 256,107-24.0
91
21,62: 18,995-12.2 660,840 533,648-19.2
15,912 12.249-23.0 401,735 311,628-22.4
130,796 120,685 -7.7 2,826,696 2,556,155 -9.6
66,891 62,443 -6.7 1,351,691 1,233,553 -8.7
25,966 24,238 -6.7 828,893 607,328 -3.4
37,939 34,004-10.4 846,112 715,274 15.5
102,254 89,128-12.8 2,317,574 1,917.090-17.3
27,581 22,491-18.5 685,308 536,965-21.6
74,673 66,637-10.8 1,632,266 1,380.125-15.4
115,009 114,273 -0.6 3,445,426 3,400,649 -1.3
44,291 42,779
3.4 1,165,848 1.068,496-8.4
254,189 -9.1
13,797 12,939 -6.2 279,78
24,04: 24,407 +1.. 800,473 796.698 -0.5
32,873 34,148 +3.9 1,199,320 1,281,266 +6.8
46,856 39,582-15. 1,351,246 1,145,039-15.2
279.550-13.2
12,1
10,410-14.3 322,071
83,907 25.8
7A
5,226
3,993-23.6 113,098
3
29,478 25,179-14.6 916,077 782.482-14.6
4 1 71.39. 64,945 -9.0 1,817,449 1,673,363 -7.9
5
13,991 13,216 -5.5 395,635 384,300 -2.9
63
21
173
24:
259
11:
141
655
161
13
211
1615:'
26
45
79
23,07,
9,579
24,751
21,990 -4.7
8.873 -7.4
20,866-15.7
589,218
244,631
587,965
584,365 -4.2
218,151-10.8
506,547-13.8
36
11,536
36
179
11,536
31,472
10,162-11.9
258,698
222,853-13.9
10.162-11.9
31,238 -0.7
258,698
554,058
222,853-13.9
556,836 +0.5
2
151
3,775
27,697
3,498 -7.3
57,474
27,740 '+0.2 • 496,584
52,666 -8.4
504,170 +1.5
537 397,687 329,690-17.1 12,303,867 9,151,798-25.6
15 246,733 207,798-15.8 8,018,170 5,850,037-27.0
2,601
1,971-24.2
4l,886-29.1
3
59,104
10,578
9,135-13.6 295,195 242.935-17.7
11
233 137,775 110,786 19.6 3,931,398 3,016,940-23.3
296 192,282 164,322-14.5 5,271,554 4,534,881-14.0
21,407 14.773-31.0 547,441
6
377,665-31.0
112
2
94,244
6,920
82,851-12.1 2,605,048 2,264,099-13.1
5,662-18.2 183,898 161,073-12.4
7
56
3
10,615
37,103
21,993
8.855-16.6 270,799 212,375-23.3
35,520 -4.3 1,058,027 1,030,270 -2.6
16,661-24.2 600,341
489,399-18.5
6,0572150,941 1843,295-14.355,834,94345,050,836-19.3
Recapitulation by Geographic Divisions.
75 282,973
New England
1,673 694,91
Middle Atlantic
East North Central-- 1,634 709,50
542 107,841
West North Central--164,81
6
South Atlantic
58,547
219
East South Central-163 42,352
West South Central-_
15,91
89
Mountain
74,07
31
Pacific
Total
6,05
May 15 1923
May 15 1924
234,818-17.0 6,781 016 5,125,612-24.4
584,781-15.8 18,763,053 14,978.232,-20.2
606,738-14.520.260.285 16,077,673-20.6
99,778 -7.5 2,547,303 2,425,2001 -4.8
146,953-10.8 3,015,645 2,549,328-15.5
51,278-12.4 1,088,401 888,183-16.9
38,679 -8.7 940,852 824,821-12.3
15.305 -3
441,287 413,907 -6.2
64.965-12.3 2,017,121 1,767,880-12.4
150,941 1843,295-14.355,834,94345,050,8361-19.3
Employment on Class I Railroads.
9E252,738,664
I
1,879,927
f
I
a232,953,920
-5.51
1,776,216
I
1 -7.8
,a Amount of payroll for one month.
Per Capita Earnings,
Per capita earnings increased in July 1924 as compared with June in
increases were 7.5%
only 8 of the 52 industries here considered. These
In the rubber boot and shoe industry, 4.2% in the shipbuilding industry
than
1% in the following
less
industry,
and
4.1% in the piano and organ
Industries: Slaughtering and meat packing, baking, men's clothing,
ice CITE m, and millinery and lace goods.
The decreases were over 4% in 22 of the 44 industries in which per
capita earnings decreased, the largest being 12.5% in the pottery industry
industries,
8.2% each in the hosiery and knit goods and steam car building
8% in the stove industry, and 7.5% in the Iron and steel industry.
Comparing per capita earnings in July 1924 and in July 1923. 19 indistries show increases in 1924, the largest being 7.6% in the shipbuilding
Industry, 7.1% in the piano and organ industry, and 5.8% in the ice
cream industry.
Among the 32 industries shoring decreased per capita earnings, the
following show the largest decline: Cotton goods, 18.5%; carpets, 17.5%
automobiles, 13.4%; women's clothing, 10.5%; foundry and machine-shop
products, 10.4%; hosiery and knit goods. 9.3%; and iron and steel, 9.1%.
[VOL. 119.
COMPARISON OF PER CAPITA EARNINGS IN JULY 1974 WITH JUNE 1924
AND JULY 1923.
Industry.
P.C.ofchange
July 1924
compared with
P.C.ofchange
July 1924
compared with
Industry.
June
1924
July
1923
June
1924
July
1923
Rubber boots& shoes_ _ _ +7.5 -8.1 Lumber, millwork
-3.9 +3.5
Shipbuilding, steel
b
+4.2 +7.6 Petroleum refining
Pianos & organs
+4.1 +7.1 Automobiles
-4.1 -13.4
Slaughtering and meat
Electrical machinery, appacking
+0.6 +1.8
paratus and suPPlies--- -4.7 -1.1
Baking
+0.4 +2.9 Car building & repairing,
Clothing, men's
+0.3 -5.5
-4 -4.7
electric railroad
Ice cream
-6.2
+0.2 +5.8 Silk goods
Millinery Ss lace goods_
a
+0.9 Leather
-3.9
Confectionery
-0.1 +1.1 Cement
-5.5 +2.8
Boots and shoes
-0.2 -5.3 Hardware
-5.6 -6.8
Fertilizer
-0.4 -2.9 Lumber, sawmills
--2.3
Flour
-1.0 +3.1 Structural ironwork
-5.9 -4.0
Printing, newspapers..__ -1.1 +2.9 Foundry & machine-shop
Woolen goods
-1.2 -8.1
products
-6.0 -10.4
Shirts and collars
-1.8 -7.2 Glass
-6.0 +2.2
Automobile tires
-1.9 +1.7 Furniture
-6.2 -5.7
Carpets
-2.1 -17.5 Carriages and wagons---- -6.4 -6.5
Chemicals
-2.2 +1.3 Machine tools
-6.4 +0.2
Dyeing tit finishing textiles -2.5 -5.2 Chewing and Making
Clothing, women's
-2.8-10.5
tobacco and snuff
-6.5 -1.1
Cotton goods
-2.8-18.5 Agricultural implements- -6.6 a
Printing, book and Job_ _ _ -2.8 -2.0 Sugar refining, cane
-6.9 +5.3
Stamped & enameled ware -3.2 -2.2 Iron and steel
-7.5 -9.1
Paper and pulp
-3.4
Stoves
-8.0 +0.8
Brick, tile & terra cotta. _ -3.5 +0.5 Car building & repairing,
Cigars and cigarettes_ _ _ _ -3.5 +1.3
steam railroad
--8.2 -4.6
Steam fittings & steam dt
Hosiery and knit goods_ --8.2 -9.3
hot-water heating app..
Pottery
--12.5 -3.7
Paper boxes
-3.8
a Less than one-tenth of 1%. b No change.
Time and Capacity Operation.
Reports in percentage terms from 5,847 establishments show a continuing increase in part-time operation and a continuing decrease in number
of employees. Five per cent Of the reporting establisnments were idle.
50% were operating on a full-time schedule, and 45% on a part-time
schedule, while 33% had a full normal number of employees and 62%
were operating with a reduced force.
The establishments in operation were employing just three-quarters
of their normal full force of employees, and these employees were working
87 Mof full time.
FULL AND PART TIME AND FULL AND PART CAPACITY OPERATION
IN MANUFACTURING ESTABLISHMENTS IN JULY 1924.
Industry.
Establishments P.C. of Estab. 4ver'ge P.C. of Estab. Aver'ge
Reporting
Operating P.C. of
Operating P.C. o
PaliFullcapac.
Time
Goer. Full Part Goer.
Total P.C. Full Part
CaCain
its
No. Idle. Time. Time. Estab. pacity. pacity. Bata.
Otter' ,
Oyer 0
Food & kindred products_
620
Slaughtering and mea
packing
38
Confectionery
155
Ice cream
39
Flour
221
Baking
157
Sugar refining, cane
10
Textiles & their products 1,117
Cotton goods
265
Hosiery and knit goods_
126
Silk goods
140
Woolen & worsted good
160
Carpets
18
Dyeing St finish. textiles
78
Clothing, men's
181
Shirts and collars
40
Clothing, women's__ _ _
62
Millinery and lace good
47
Iron & steel & their prods_ 1,049
Iron and steel
113
Structural ironwork _
109
Foundry and machin
shop products
495
Hardware
35
Machine tools
143
Steam fitting and steam
and hot-water heating
apparatus
100
Stoves
54
Lumber and Its products.
780
Lumber, sawmills
337
Lumber, millwork
174
Furniture
269
Leather and its products_
203
Leather
80
Boots and shoes
123
Paper and printing
510
Paper and pulp
139
Paper boxes
87
Printing, book and Job_
163
Printing, newspapers.. _
121
Chemicals & allied prods.
147
Chemicals
50
Fertilizers
55
Petroleum refining_ _ _
42
Stone. clay & glass prods_
428
Cement
62
Brick,tile ez terra cotta.
241
Pottery
33
Glass
92
Metal products other tahn
Iron and steel
33
StamPed & enam. ware_
33
Tobacco products
110
Chewing and smoking
tobacco and snuff _
23
Cigars and cigarettes
87
Vehicles for land transp_.
627
Automobiles
134
Carriages and wagons....
28
Car building.8 repairing
Electric railroad
123
Steam railroad
342
Miscellaneous industries_ _
223
Agriculturalimplements
51
Electrical mahinery,apparatus & supplies_ _.
81
Pianos and organs
19
Rubber boots and sho
5
Automobile tires
50
17
Shipbuilding,steel
Total
5,847
a Less than one-half of 1%.
4
50
46
82
28
68
73
__
5
3
7
__
_'..
8
14
13
2
4
.._
1
9
5
16
2
3
16
__
66
31
74
32
80
90
37
28
22
41
47
50
18
52
30
45
51
48
35
72
34
64
23
61
20
10
54
58
64
57
49
50
81
38
65
32
47
51
49
28
94
7
96
73
9.
92
81
74
76
88
82
81
75
87
87
65
81
88
76
94
37
12
31
29
3.
80
26
34
13
20
29
33
13
33
25
19
19
18
15
28
63
83
67
63
65
20
66
52
73
78
67
67
86
58
70
65
79
79
69
72
83
63
82
72
80
93
72
76
67
69
73
69
60
79
78
69
67
65
60
74
1
-_
4
43
49
48
56
51
4
65
89
87
17
6
6
82
94
90
74
76
49
2
7
6
8
1
6
6
15
-4
13
_1
16
10
33
__
6
-2
9
20
53
24
55
59
70
39
56
66
50
64
42
45
69
96
58
56
31
95
66
89
70
48
49
45
69
39
33
29
54
38
19
50
32
45
55
30
4
27
34
36
8
28
11
29
42
32
91
77
90
93
94
84
89
95
8
02
88
86
94
99
89
91
76
100
91
98
91
78
88
38
19
46
58
53
25
42
73
22
47
36
24
37
88
36
32
9
76
51
77
54
45
26
60
74
49
34
45
68
52
13
78
50
51
76
62
12
48
58
58
24
43
23
44
45
54
82
68
84
91
87
74
68
82
71
86
88
75
81
97
73
72
49
94
83
95
85
76
72
_.
8
52
52
55
48
48
36
85
85
91
21
21
24
79
79
68
66
66
77
9
8
1
4
30
62
49
29
68
61
30
51
69
29
88
92
90
76
92
26
23
36
9
25
65
69
63
90
71
77
77
78
68
66
._
__
4
10
82
43
52
45
18
57
44
45
98
92
89
89
65
38
24
8
35
62
72
82
92
83
69
60
88
53
91
37
90
60
88
42
99
6 _j
28
47
20
34
__
68
53
80
64
100
73
83
79
78
34
33
62
75
a
43
4
__
63
__
40
266
94
__
1
51
5(1.
•-
71
SEPT. 6 1924.]
THE CHRONICLE
Wage Changes.
Wage-rate increases were reported by 12 establishments in 8 industries
during the month ending July 15, and wage-rate decreases were reported
by 124 establishments in 24 industries.
The increases, averaging 7.1%, affected 1,223 employees, or 27% of
the total employees in the establishments concerned, while the decreases,
which averaged 10%, affected 25,488 employees, or 72% of the total
employees in the establishments concerned.
These changes indicate no general trend in any industry, with the exception that 30 sawmill establishments reported decreases in wage rates
to 9,000 employees and 14 establishments in the iron and steel industry
decreased the wage rates of 6,000 employees.
WAGE ADJUSTMENTS OCCURRING BETWEEN JUNE 15 AND
JULY 15 1924.
Amt.of Inc. or
Establishments. Dec. in Wage Employees Affected.
Rates.
/
P.C. of Empl's
Industry.
.
Total,
No.
reporting.
Wage-rate Increases-
Slaughtering dr meat packing__
Flour
Carpets
Dyeing dr finishing textiles-Clothing, women's
Printing, newspapers
Car building and repairingElectric railroad
Steam railroad
Wage-rate DecreasesCotton goods
Hosiery and knit goods
Silk goods
Woolen and worsted goods_._.
Carpets
Dyeing and finishing textiles
Clothing, men's
Shirts and collars
Millinery and lace goods
Iron and steel and their prods.:
Iron and steel
Structural ironwork
Foundry and machine-shop
products
Hardware
Lumber, sawmills
Lumber, millwork
Furniture
Leather
Boots and shoes
Paper and pulp
Brick, tile, and terra cotta_
Glass
Automobiles
Agricultural implements
•ntsonnhila tin.
In
No. reestab'ts
porting
reports
inc. or Range. Awe. Total inc. or In all
dec. in Per Ct. Per Ct. No. dec. in estans
Wage
Wage reportRates.
Rates. fag.
83
288
30
86
154
198
1
1
1
1
1
3
6
5
10
5
4.5
4-7
6.0
5.0
10.0
5.0
4.5
5.6
151
50
112
12
12
309
8
40
95
25
31
20
180
458
3 7.3-20
1
3.1
16.7
3.1
217
360
68
83
a
a
336
259
196
176
30
86
275
94
83
2 8-10
8 5-10
2 8.3-10
4 7.5-20
1
10
1
8
1
10
1
10
1
7.5
8.5
750
8.1
535
9.4 1,581
11.3
338
10.0
30
8.0
20
10.0
669
10.0
25
7.5
128
90
87
100
92
100
83
100
50
50
a
11.0 6,035
7.5
95
62
11
9.0
600
10.0
153
9.7 9,009
9.1
817
13.0
59
18.8
181
9.9
909
10.0
40
8.5
509
20.0
130
12.0 1,596
9.8
479
64
100
68
97
100
48
82
100
96
100
98
91
224
154
14
1
694
53
433
264
383
126
201
207
340
134
219
100
7 6.5-30
1
10
30 5-20
6 7-10
1
13
3 10-20
4 5-10
1
10
9 5-10
1
20
2 3-12.5
2 7-10
I
in
AS
2-20
7.5
inn
enn
a
a
a
a
1924,
1 923
That optimism prevails in the bituminous markets of the
is the opinion advanced by the "Coal Age" in its
1 country
Weekly Review, issued Sept. 4
Despite a slight recession in prices and the customary preholiday tendency to hold off during the past week, a distinct
1 note of optimism continues to pervade the bituminous-coal
3
1 market, says the "Age," and then proceeds as follows:
a
a
1
a
1
3
a
a
a
a
a
a
On
1
1
1
:
Favorable crop reports, bespeaking prosperity for the farmer, have been
followed by indications that other industries have turned the corner with the
appearance of buying for the replenishment of depleted stocks, which would
seem to show that the long-awaited autumn upturn launder way. Improvement is especially marked in the iron and steel trade, where a notable feature
of the recent brisk demand is the heavy buying of railroads, which in the
last two weeks have been in the market for about 400,000 tons of steel.
Even the textile industry, which has been particularly hard hit by the prolonged depression, is showing encouraging signs of a revival in activity, the
change for the better in that field being scarcely less notable than that in the
iron and steel trade.
The general improvement in business is reflected in a steadily increasing
volume of inquiries in the soft-coal market,and while actual orders have not
soared to any great heights,the evidence of interest on the part of consumers
has served to restore a much-needed note of confidence.
"Coal Age" index of spot prices of bitunimous coal receded slightly during
the past week, standing on Aug. 30 at 164, the corresponding Price being
$1 99, compared with 165 and $2 for the previous week.
A pronounced increase in activity took place at Hampton Roads, dumpings of coal for all accounts during the week ended Aug. 28 totaling 364,227
net tons, compared with 315,540 tons during the preceding week.
The movement of coal up the lakes is still far behind that of last year,
but with the carryover from a year ago and lower consumption probably will
prove ample for all requirements.
A better tone pervades the anthracite market, retailers ordering more
freely last week in a last-minute move to take advantage of summer prices.
The larger companies advanced mine prices of the larger sizes on Sept. 1.
the increase averaging 10c. per ton. Independent quotations, however, are
practically unchanged but firm. Stove coal continues to show the greatess
strength in demand,though egg and pea show improvement. Steam sizest
likewise are moving somewhat better and prices show a firmer tendency.
1924.
Industry,
June July
July June July
87.9 84.8 Paper and printing__ 99.7 99.4 97.5
Paper and pulp
101.1 94.9 91.2
Food & kindred prods 100 94.2 94.4
Paper boxes
99.6 95.2 93.1
Slaughtering & men
Printing, book dr lob- 99.7 100.8 00.0
Packing
101. 91.0 92.1
Printing, newspaper_ 98.3 103.6 102.8
86. 80.2 77.9 Chemicals.8 allied prod 98.1 84.6 83.7
Confectionery
117. 106.5 113.8
Ice cream
Chemicals
98.4 85.6 84.9
Flour
95. 89.9 91.9
Fertilizers
83.0 59.3 57.4
105. 102.8 102.3
Baking
Petroleum refining_ 104.7 93.8 93.7
Sugar refinig, cane 103.9109.7 108.5 Stone, clay, and glass
Textiles & their prods.. 98.1 84. 78.5
products
102.8 99.4 93.7
96.1 80.6 73.0
Cotton goods
Cement
102.0 101.8 02.1
Hosiery & knit good 98. 90.0 77.0
Brick, tile, and terra
I
99.1 90.7 87.7
Silk goods
cotta
109.8105.0 102.3
Woolen and wore
Pottery
96.9108.0 91.4
100. 85.2 81.2
goods
Glass
98.6 90.5 83.2
100. 83.3 79.3 Metal products, other
Carpets
than iron & steel 100.7 86.8 81.3
Dyeing & finishi
82.3
101.
80.8
Stamped & enameled
textiles
101. 91.3 90.3
Clothing, men's
ware
100.7 86.8 81.3
Shirts and collars_ _ 99. 83.0 76.4 Tobacco products
97.8 92.2 93.1
96. 76.7 71.3
Chewing & smoking
Clothing, women's
Millinery &lace good 97. 82.1 81.2
tobacco & snuff
103.6 94.2 97.2
Cigars & cigarettes_ 96.7 91.7 92.6
Iron & steel & their pro• 102. 85.1 80.4
100. 89.6 84.4 Vehicles for land trans
Iron and steel
portation
Structural ironwork_ 97. 92. 91.5
100.9 85.3 83.6
Automobiles
Foundry & machin
100.6 86.5 82.4
104. 80. 76.7
Carriages & wagons 101.9 77.8 76.4
shop products..
102. 91.6 85.0
Car building and reHardware
106. 85. 78.8
pairingMachine tools
Steamtittingsarstea
Electric railroad 98.5 88.4 87.8
Steam railroad 101.2 84.9 84.4
& hot-water heat
101.9 96.9 93.5 Miscellaneousindustries100.5 84.8 81.7
big apparatus
94.3 86.6 71.5
Agricul. implements_ 98.5 70.5 64.7
Stoves
Electrical machinery,
Lumbers &its produc 102.9 94.6 92.7
apparatus and supLumber, sawmills_ _ 104.3 94.7 93.2
103.3 100.5 97.8
piles
Lumber, millwork
100.9 91.4 87.2
99.01 89.4 87.9
Pianos and organs_._ 99.8 85.1 80.9
Furniture
Rubber boots & shoes 104.8 71.1 62.6
Leather & its products_ 96.0 83.0 83.2
98.7 83.5 81.1
Automobile tires_ _ _ 97.5 92.3 90.0
Leather
95.1 83.1 83.9
Shipbuilding, steel 101.0 81.8 80.0
Boots and shoes
Generalindex
Bituminous Coal Trade Expects Improvement-Anthracite Prices Rise.
"With the close of summer, in every sense but that of heat
units, it is confidently expected that the sleeping sickness of
the country's bituminous trade has passed away and that, in
a very short while, the bituminous market will be sitting up
and taking notice," declares the "Coal Trade Journal' on
For the week ending 7 a. m., Aug. 24, lake movement of bituminous
continued to improve slowly. At the lower lake ports, 848,746 tons were
dumped, 808,785 tons of cargo coal and 40,961 tons of vessel fuel. This
was an increase of 35,103 tons over the preceding week. The weekly
dumping rate is 14% less than at this time a year ago, but It compares
favorably with that of other seaons.
Hampton Roads dumpings declined for the same period. They amounted
to 343,889 net tons, a loss of approximately 10%. This loss was due principally to a decrease in shipments to New England of 35,237 tons.
There is greater optimism among the anthracite operators than has been
noted in some time. Stove is practically sold out in many sections and other
domestic sizes are expected to follow suit by the middle of the month.
Company prices have been increased as noted in New York report and it has
been reported, without confirmation, that the independents will raise their
prices. Steam sizes, however,have shown bo signs of recovery, but it is
expected they will follow any'upward movement of bituminous when it
occurs.
Index of Employment in Manufacturing Industries.
Index numbers for July 1924 for each of the 52 industries studied by
the Bureau of Labor Statistics, together with a general index for the combined 12 groups of industries, appear in the following table in comparison
with index number for June 1924 and July 1923.
The Bureau's index of employment for July 1924 is 84.8, a drop of
16.8% from the June 1923 index, 101.9, which was the high point of employment in the last 33i years.
INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES,
JULY 1924 AS COMPARED WITH JUNE 1924 AND JULY 1923.
Monthly average 1923=100.
1923.
Sept. 3. "The last week in August saw some buying of the
next six months' supply, but no general buying movement.
The first week in September, it is expected, will be the forerunner of this movement. Interests that have not been
heard from for many, many weeks participated in spot buying to some extent last week and there is a general feeling
that the market is beginning to slip from the buyers' hands,"
says the "Journal," adding:
1
°Less than one-half of 1%•
industry.
1119
Activity of Machinery in Wool Manufactures During
the Month of July 1924.
The Department of Commerce, on Aug. 28, issued its
report on active and idle wool machinery for July 1924,
based on reports received from 908 manufacturers, operating
1,086 mills. This is exclusive of 13 which failed to report for
the month. Of the total number of looms wider than 50-inch
reed space, 37,637, or 61.9%, were in operation for some part
of the month of July 1924, and 23,137 were idle throughout
the month. The active machine-hours reported for wide
looms for the month of July formed 58.4% of the singleshift capacity; as compared with 61.6% for the month of
June 1924, and 80.7% for July 1923. Of the total number of
looms of 50-inch reed space or less covered by the reports
for July 1924, 12,502 or 72.8% were in operation at some time
during the month,and 4,679 were idle throughout the month.
The active machine-hours for these looms represented 50.2%
of the single-shift capacity, as againet 56.7% in the preceding
month and 73.8% in July 1923. The number of carpet and
rug looms reported for July 1924 was 9,442 of which 6,379
or 67.6% were in operation for some part of the month, and
3.063 were idle throughout the month. The active machinehours reported for these looms represented 51.6% of the
single-shift capacity of the looms, as compared with 48.9%
in June 1924,and 74.1% in July 1923. The following further
details are also furnished:
Spinning Spindles.
Of the total number of woolen spindles reported in July 1924, 1.688.836,
or 74%, were in operation for some part of the month, and 591.864 were
idle throughout the month. The active woolen-spindle hours reported for
this month represented 71.5% of the single-shift capacity; as compared
with 79% in June 1924, and with 90.3% in July 1923.
The number of worsted spindles in operation during July 1924 was
1,423,790, or 54.8% of the total, and the number idle was 1,174,684. The
1120
THE CHRONICLE
active worsted-spindle hours were equal to 44.1% of the single-shift capcaity.
In June 1924 the active worsted-spindle hours represented 48.1% of the
capacity; and in July 1923,89.7%.
q -0 .NN
cm.'m"'
4..
a
44.1
48.1
89.7
245,266,750
310,670,291
253,084,452
273,188,252
441,812,104
50,927,914
1,185.555
358,485
1,258,382
230,419
1,385,337
85,629
• elo0
!
i 00,PN
b
. r:Vag
.
,..,
;11%271
'
.11 ACZ1:
.01,nN00.4.W.00 1 :J26
;
7
,.......m..4c
I
.-c1.0-0
L-1,0
.6tg
omtoc-t40.;Ocot-c •
WMN.OMN.).4.. a Ort.
,
! .i12132
13
. Gra
I .4.1:4
ih'imov,
.1
'''''' ...,
g
0
4
og
3
51.6
48.9
74.1
Total
Domestic
Foreign
Combing a_
Clothing a
L..>.2>, -a>.0,
(a) Overtime was reported sufficient to offset all idle hours and leave an excess of
83,878 hours, or 5.4%. (b) Overtime was reported sufficient to offset all Idle hours
and leave an excess of 14,472 hours, or 2.6%.
Wool Consumption in July Increases Slightly.
The Department of Commerce on Aug. 30 made public
the following statistics' with regard to the consumption of
wool by manufacturers in the United States during the
month of July, based on reports received from 576 manufacturers. This is exclusive of 26 which failed to report the
consumption of wool for the month. The total quantity of
wool entering into manufacture during July 1924 as reported was 28,613,692 pounds, as compared with 25,703,841
pounds in June 1924 and 39,543,599 pounds in July 1923.
The consumption shown for July 1924 included 22,512,985
pounds of wool reported as in the grease; 4,695,561 pounds
of scoured wool and 1,405,146 pounds of pulled wool. Reduced to a grease equivalent these quantities would amount
to 33,777,635 pounds. The grease equivalent for June 1924
was 30,972,041 pounds and for July 1923 46,347,256 pounds.
The monthly consumption of wool (pounds) in grease
Pulled.
Grease
Equivalent.
716.6313 15,235,268
541,267 14,703,982
659.422
6,343
140,987 3,178,963
28 613 692 22.512 1185 4 (015 mi 1 495 148 33 777 835
Total for July.
1924.
1
1923.
Total for June.
1924.
1923.
Total Jan. to July incl.
1924.
1923.
28,613,69239,542,599 25,703,841 44,700,268251,859,298342,458,705
15,050,340113,619,483 12,886,058 14,364,344 113,947,312 121,527,381
13,563.35225.923,116 12,817,78330,335.924 137,911,986220,931,324
14,655,74521,934,549 12,780,79224,305.874 129,356,913 193,423,404
6,231,621 7,591,352 8,024,181 8,481,384 51,001,480 62,363,469
Fine, total
6,780,863 8,147,714 5,879,870 8,405,760 55,181,093 67,422,996
Combing:
Domestic! _._ 3,428,718 2,528,220 2,809,335 2,157.389 25,149,887 21,298,299
Foreign
1,711.043 4,022.458 1,633.467 4,536,231 17,821,175 32,958,469
Clothing:
Domestic_... 1,313,254 1,183,018 1,135,241 1,168,844 9,530,450 8,919,090
Foreign
327,848
414,018
301,827
543,296 2,679,581 4,247,138
34-blood. total_ 4,099,428 4,396,106 3,349.757 5,631,344 30,550,390 41,334,319
Combing:
Domestic
2,797,382 1,535,664 2,091,677 1.863,870 18,760,643 15.749,754
Foreign
427,504 1,770,548
472,557 2,298,471 5,325,553 15.268,578
Clothing:
Domestic
756,797 845,951
675,245 1,203,678 5,432,674 8,457,991
Foreign
117,745
243,943
110.278 265,325 1,031,520 1,857,996
5i-blood,total_ 3,813,111 6,608,732 3,727,234 7,744,870 37,753,014 58,428,707
Combing:
Domestic_. 1,331.753 1.909,024 1,165,293 2,148,429 13,389.891 17,753,488
Foreign
674.233 2,585,195 698,304 2,899,926 9,373,483 21,988,578
Clothing:
Domestic... 1,529,523 1,522,422 1,562,831 1,996,801 11,916,716
13,514,807
Foreign
277,602
592,091
300,806 699,714 3,072,924 5,170,834
Id-blood,total_ 4,616,204 8,385,296 4,571,718 9,594,024 43,739,191
75,062,033
Combing:
Domestic
2,347,990 1,947,922 1,868,267 2,075,423 16,146,618 21,319,434
Foreign
920,662 4,226,357 1,159,720 5,132,189 14,325,006
35,777.102
Clothing:
Domestic_.. 904,295 1,235,066 941,8513 1,251,505
7,981,091 10,109,617
443,257 975,951
Foreign
603,875 1,134,907 5,286.476 7,855,880
Low 34-blood_a
845,266
709,250 821,432 498,405 7,780,866 4,198,955
Combing:
Domestic
212,922 354,318 389,973 366,206
2,385,568 2,693,408
284,371
Foreign
158,577
2,752,382
Clothing:
Domestic ___
158,301
354.932
125,510 132.199 1,557,400 1,505,549
209,672
Foreign
147,3721
1.085,518
Common,totalc
170,191
105.383
69.2221
1,168,001
105,363
Combing --_
120,904
32,871
24.90
409,163
32,871
Clothing_ ___
49,287
72,492
44,3131
72,492
758,838
Braid, total c-99,214
97,583
97,583
53
.
6081
528,375
Combing ___
3,489
62,983
19,269
250,235
62,983
Clothing.._95,725
34,600
34,339
278,140
34,600
Lincoln, totald1 483,089 1,075,857
332,132 912,855 3,657,463 9,136,917
Combing --_
414,774 958,989
291,4441 827,740 3,207,311 8,510,442
Ciothlng.I
48,315
116,888
40.688
85,115
617,475
300,152
Carpet, total dl 7,728,32810,016,698 6,898,868 11,913,010
71,500,905 83,671,832
Combing ...I 3,422,826 4,962,776 3,054,765 6,146,912 32,307,830
46,004,078
Filling
4,303,500 5,053,922 3,844,103 5,706,098 39,193,075 40,667,754
Total, reduc. to
grease equiv.e 33,777,635 46,347,25630,972,041 52.648.595297,726,823399.212,833
Domestic -.118.593,206 17,923,802 16,408,736 19.192,664 143.503,985 155,932,751
Foreign
115.184.42928,423.454 14,563.305 33.455.931 154.222,838243,280.082
a Exclusive of carpet wools. b Figures for dates previous to July 1923 include
"Common" and "Braid." c All domestic. d All foreign. e In computing the
grease equivalent, 1 lb. of scoured wool is considered equivalent to 2 lbs. la the
grease, and 1 lb. of pulled to 1 1-3 lbs. In the grease.
I
i
s-.G
a
i
z
j2C':°•'...9 -e..
6.
.i.
2
i,..
j,
j,
1
-0C"
.
"..."..
0,
ZhN N
00 1-6 0
V ggg iugggl'...0 g 0
"
E !-: 1 :
1 1 1 •-•
. E..0 0
r•-.:1"-.ng _..
.
`i•A''
- ""
••0 E N.
6 gl ¢.,
RA.
.°12.
.Sh
ip,
4B'
0
=
.
02
;•
.2•-• _I.' c°•:,•SB=B'
h
J.,
r.
P
.>44V64;52..p,111 Of
a§
TP0
0
Class
and
Grade.
4 .....
h
E
Scoured.
COMPARATIVE CONSUMPTION FOR JULY, FOR JUNE AND FOR
SEVFN MONTHS.
(All quantities in pounds.)
•
g
Grease.
12,547,987 9,382,947 2,448,401
13,488,746 11,912,665 1,034,814
391,725
119,799
265,583
2,185,234 1,097,574
946,763
Total
i CV.1.1
8!
.
.0
:57
'i 2701
1
Total.
New England
Middle Atlantic
Pacific Coast
Other sections
1
7,534,476
5,377,501
7,607,304
4,742,862
9,852.405
2,356,244
,..,„
---,
x,- ci t•i c‘i
'4
a
1,872,465
1,854,376
1,996,911
1,526,340
2,610,247
924,765
"""
Section.
.6.4N
4
h
.
b
'4
Domestic and Foreign Wool.
Of the total quantity of wool used by manufacturers during the month
of July 1924, 15,050,340 lbs., or 52.6%, was domestic wool, and 13,563,352
lbs., or 47,4%, was foreign wool. The carpet wool was all of foreign
origin, while 69.9% of the fine wool was produced in this country;
86.7%
of the 3, -blood, 75% of the 54-blood, 70.5% of the 31-blood,
and 43.9%
of the low 31-blood.
Detailed Statement.
The following tables show the quantities of wool consumed, classified
according to grades, class, and condition, with separate figures for foreign
and domestic wool. Comparative figures are also given for July 1924.
June 1924 and 1923, anu totals for the months January to July inclusive.
CONSUMPTION OF WOOL BY GEOGRAPHIC SECTION, JULY 1924.
h
• el'?"
.00
.'4'°.°101.c...".0
t:NVON4aliMa
.. .. ..
............
49.8
43.3
26.2
4,673
4,799
5,285
.:
a
.....1
1,064,136
997,143
949,965
991,106
1,327.315
462,748
1
NOMN.VWCOM.)..., MN,... 0
..1.-00t..NWI....
CI
,soloolcomov.co.
climoimMoimil •
.
- i.oim .
E mcm g
•
,
1
.
.
61
12,480
12,229
13,805
I Sets of Cards.
Carpet and
Rua.
.; aci.c• A
Q NCV
607
689
877
11 rag
'.
Consumption by Grades.
Classified according to grade, the total includes 6.780,863 lbs. of fine
wool, which may be compared with 5,879,870 lbs. consumed in June 1924
and 8,147,714 lbs. consumed in July 1923; 4,099,428 lbs. of s-blood, as
against 3,349,757 lbs. in June 1924 and 4,396,106 lbs. in July 1923;3,813,111
lbs. of 5i-blood, as against 3,727,234 lbs. in the month preceding and
6.608,732 lbs. in July 1923; 4.616,204 lbs. of 31-blood, which may be
compared with 4,571.718 lbs. in June 1924 and 8,385,296 lbs. in July 1923;
1,577.760 lbs. of low 31-blood, common, braid, and Lincoln, as against
1,276,394 lbs. in June 1924 and 1,988,008 lbs. in July 1923, and 7,726,326
lbs. of carpet wool, as against 6,898,868 lbs. in the preceding month and
10,016.698 lbs. in July 1923.
Imports of Tops and Noils.
The consumption of foreign tops and noils constitutes one element which
it has not been possible to include in the consumption reports, since the
manufacturers would be unable to distinguish between foreign and domestic
tops and noils. In the long run, though not necessarily month by month,
this element must be equal to the imports. The imports of wool and
hair, advanced, including tops, for the current month, were 34,799 lbs.
and for 1924, including July, were 172,876; noils for the current month
were 369,280 and for 1924, including June, 4,181,673. The exports of
tops and noils were negligible.
.
b g li."?,
.4
.
I; 0;57,-.-'i'4
.4
.-4N0ON.r
OCW.O.
equivalent for concerns reporting for 1924 was as follows:
January, 53,845,024; February, 50,632,884; March, 47,630,291; April, 44,361,464; May, 36,507,484; for June 30,972,041,
and for July 33,777,633. The report Aso gives the following:
Geographic Distribution of Consumption.
Of the total consumption of wool in July 1924 (amounting to 28,613,692
lbs.), 12,547.987 lbs., or 43.9%, were reported from the Now England
States; 47.1% from the Middle Atlantic States; 1.4% from the Pacific
Coast States, and 7.6% from the other sections of the country.
O '"i c!'"1
G
0.0.-.0
000N N0 q ,T4N
.9g
43;1t;
..
.... "
,..“11.8
a;c;... 1 1
"
MOOMM,OONV. 7.'.: 0,N,
...01,1,WWMtpt..
Iq
O.".C..altqC°."'''
000
,
0 ..i
.:4 M646 •2
1
zi
Wider than 50- 50-inch Reed 1
inch Reed Space. Space or Less.
a
15
CO3.4' .i Co' re°
4
r.:0606 1 ""C
0.).NNC0.0) " MM.,
.0VONNO.rWC
lq
0
...R
'
41.10
.
1:
00
.
"'"*
01..N.-..NO,
O
73
96
213
•
2,
V
P.
Mm .
.
.4
.
it tco = 0.0M
;I ......
.....,..-.
_.; ....!.1
356,991,774
142,403,559
380,368,118
101,242,873
345,244,857
46.938,488
Agave. I
WOO'
V0
.
0
i8 ,
,..,......
I P`.:.
°%;
. gcl57 ,i 'cl.c.
6,3061
5,778
6.960
.1.:
2,280,700
1,688,836
591,864
2,270,965
1,772,249
498,716
2,281,331
1,969,211
312.120
1. !
.....
g'
.
C.
,
•
''''
LOOMS.
.: Fir;
Idle.
SPINNING SPINDLES.
2,598,474
1,423,790
1,174,684
2,566,254
1,499,222
1,067,032
2,424,203
2,194,826
229,377
Cards and Combs.
Of the total number of sets of cards reported for July 1924,5,280, or 75.9%
were in operation at some time during the month, while 1,679 were idle
throughout the month. The active machine-hours for cards were equal to
76.8% of the single-shift capacity in July 1924: 84.5% in June 1924; and
94.2% in July 1923.
Of the combs reported for July 1924. 1,645, or 62.2%, were in operation
for some part of the month. and 1,001 were idle during the month. The
active machine-hours for this month were equal to 53.4% of the singleshift capacity; as compared with 52.6% in June 1924; and 97.2% in July
1923.
Detailed Report.
The accompanying table gives the total number of machines in operation
some time during the month of July, the number of idle for the whole month.
the number reported on single shift anu on double shift, the active and idle
machine or spindle hours, the percentages active and idle, and comparative
figures for June 1924 and July 1923.
[Vol,. 119.
AND PULLED WOOL FOR
CONSUMPTION OF GREASE, SCOURED1923.
JULY 1924 AND
pounds.)
In
niftier
(All
,
Pulled.
Scoured.
Grease.
Class & Grade.
1923.
1924.
1923.
1924.
1923.
1924.
Total, June-- 22,512,985 31.165.031
Domestic -- 10,781,781 8,284,879
11,731,204 22,880.152
Foreign
13,630,936 20,120,238
Combing a
1,606.425 2,080,651
Clothing a
Fine, total_ Combing:
Domestic _
Foreign_ _ _
Clothing:
Domestic.
Foreign__ _
3.-B1ood,total.
Combing:
Domestic _
Foreign...
Clothing:
Domestic _
Foreign...
4-Blood,total.
Combing:
. Domestic.
Foreign...
Clothing:
Domestic.
Foreign_._
)j-Blood.total.
Combing:
Domestic.
Foreign...
Clothing:
Domestic.
_
H-blood.
Low Foreign_.
Combing:
Domestic _
Foreign.._
Clothing:
Domestic _
Foreign...
Common,tot.
Combing ___
Clothing....
Braid, total c....
Combing -- Clothing....
Lincoln, total d
Combing ___
Clothing_
Carpet,total&
Combing ___
Filling
1121
THE CHRONICLE
SEPT.6 1924.]
4,895,561 6.018,202 1,405,146 2,359,360
3,180,019 3,789,177 1,088,540 1,545,427
1,515,542 2,229,025 316,606 813,939
562,022 828,607
3,922,518 4.739,366
462,787
702,678
985,704
771,335
5,642,215
6,914,748
820,439
876,708
318,209
356,258
3,274.885
1,708,395
2,288,831
3,995,540
47,978
1,706
39,625
23.216
105,855
942
199,764
3,702
580,528
78,407
3,328,180
595,704
34,673
3,595,547
528,980
241,775
505,257
453,740
360,127
598,525
203,746
7,666
265,991
133,574
19,218
202.034
2,650,981
421,738
1,388.895
1,760,804
13,790
2,850
28,402
9.744
132,611
2,916
118,367
191,776
63,685
1,990,926
441,477 412,865
363,131
147,514
47,1 I
82,717
1,787,27
4,077,437 1,415,1
123,544j
6,920
407,
69,955
13,712
744,016
1,109,787
649,598
1,296,820
2,538,208
215,199
35,987
141,760
807
397,005
11,000
176,541
55,000
3.298,472
153,895 1,106,896 i,088.811
447,282
88,515 204,2
6,227,115 1,184,183 1,771,915
246,086
18,347
133,549
279,717
56,294
386,266
2,133,166
811,082
1,525,104
4,064,273
182,782
87,490
236,477
135,574
32,042
22,090
186,341
26,510
299,419
54,805
413,228
263,509
374,229
309,319
537,088
376,823
411,278
868,914
530,950
346,120
67,788
11,629
20,760
102,643
70.772
53,811
160,549
204,969
260,551
38.86
59,402
59.576
13,50
34,191
115,277
197,734
30,029
8,996
21,033
56,651
926
55,725
61,518
13,203
48,315
211,021
35,93
175.08
286,544
3.900
3.352
17,700
8,000
9,700
19,620
2,256
2,256
10,404
4,574
5.830
602,327
236,273
366,054
39,124
8.586
122,462
103,90
18,554
42,563
2,563
40,000
399,315
399.315
7,275,624
3,324,248
3,951,378
48,768
24,424
18,429
5,995
75,248
55,091
20.157
977,051
927,692
49,359
8,964,142
4,639,613
4,324,529
80,206
23,828
76,689
10,192
66.497
22,335
7,892
14,443
88,402
26,723
61,679
450,229
86,890
363,339
239,681
62,641
177,040
•
BEEHIVE COKE.
coke
There was an appreciable improvement in the production of beehive
109,000
in the week ended Aug. 23. The total output is now estimated at
gain, which
net tons, an increase of 14,000 tons, or nearly 15%. This
since June,
placed the rate of coke production at the highest mark reached
Whether
was due entirely to increased output in Pennsylvania and Ohio.
the improvement is permanent remains to be seen.
4,250
4,250
Total, June_ 19,419,060 34,864,437 4,759,909 7,004,574 1,524.872 2,831,257
Total, January
July, incl_ 196,061,434 73,985,67440,902,35550.894,67614,895,509 17,578,355
a Exclusive of carpet wools. b 1923 figures include "common" and "braid."
c All domestic. d All foreign.
Coal Production Turns Upward-Bituminous Output
Largest Since March.
The weekly report on the production of anthracite and
bituminous coal and beehive coke issued by the Department
of the Interior, through the Geological Survey, Aug. 30 1024
shows that decided increases occurred in the output of each
as compared with a week ago, and that the output of bituminous crossed 8,000,000 tons for the first time since last
March. The report follows:
Estimated Production of Beehire Coke (Net Tons).
1923c
1924
Week Ended
to
to
Aug.23 Aug. 16 Aug.23
Date.
Date.
1924.a 1924. b 1923.
268,000 5,299.000 10,324,000
Pennsylvania and Ohio.... 72,000 58,000
5.000 20,000 362.000 758,0000
5.000
West Virginia
746,300
16.000 16.000 16.000 634.000
Ala., Ky.,Tenn. and Ga
520.000
7.000 12,000 264,000
7.000
Virginia
263.000
176,000
6.000
5,000
Colorado and New Mexico. 5,000
189,000
137,000
5.000
4,000
4,000
Washington and Utah
109,000 95.000 327.000 6.872.000 12,800.000
United States/total
63.000
34,000
18,000 16,000 55.000
Daily average
c Less one day's proa Subjectfto revision. b Revised from last report.
days covered for the
duction in New Year's week to equalize the number of
two years.
Total Values of Imports and Exports of Merchandise
by Grand Divisions and Principal Countries.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington on Aug. 29 issued
by
Its report showing the merchandise imports and exports
of
grand divisions and principal countries for the month
years
the
for
July
with
ending
months
seven
the
July and
1923 and 1924. The following is the table complete:
ImportsfromGrand Divisions:
Europe
North America
South America
Asia
Oceania
Africa
Total
Principal countries:
Belgium
Denmark
France
Germany
Greece
Italy
Netherlands
Norway
Russia in Europe
Spain
Sweden
Switzerland
United Kingdom
Canada
Central America
Mexico
Cuba
Dominican Republic
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Uruguay
Venezuela
British India
Straits Settlements
China
Dutch East Indies
Japan
Philippine Islands
Australia
New Zealand
British South Africa
Egypt
week ended
The production of soft coal was materially improved in the
since last
Aug. 23 and passed the 8,000,000-ton mark for the first time
fuel
and local
mine
coked,
March. The total output, including lignite, coal
sales, is estimated at 8,293,000 net tons, an increase of 384,000 tons, or
nearly 5%.
The trend in the rate of production appears to have turned definitely
upward and preliminary telegraphic reports on loadings on the first two
days of the week of Aug. 25-30 show an increase of nearly 2% over the
total for the corresponding days last week.
Ezports toThe rate of production has at last reached a higher level than in 1921.
Divisions:
That there must be considerable further recovery before a normal rate is Grand
Europe
the
correin
reached is indicated by the following statement of production
North America
South America
sponding weeks of earlier years:
Asia
Net Tons,
Week EndedNet Tons. I
Week EndedOceania
11.292,000
11,383,000 Aug. 21 1920
Aug. 25 1923
Africa
10,841,000
6,973,000 Aug. 23 1919
Aug. 26 1922
12,472,000
7,877.000 Aug. 24 1918
Aug. 20 1921
Total
Tons,
Incl.
Coal
Net
in
Coked.
Coal
Bituminous
of
Production
S.
Estimated U.
1923
1924
Principal countries:
Cal. Year
Cal. Year
Belgium
Week.
to Date.
to Date.
Week.
Denmark
9.8.51.000 332,386,000
7,789,000 269,673.000
France
Aug 9
1.435,000
1,866.000
1.775.000
1,298,000
Germany
Daily average
7,909,000 277,582.000 10,843.000 343,229,090
Greece
Aug. 16-0
1,807,000
1,776.000
1,432,000
1.318,000
Daily average
ItalY
8,293,000 285,875,000 11,383,000 354,612,000
Netherlands
Aug 23_5
1,430.000
1,780,000
1,897,000
1,382.000
Daily average
NorwaY
c
revision.
to
Minus
Subject
one
day's
MISSia in Europe
a fievised since last report. b
production to equalize number of days in the two years.
Spain
Sweden
Production of soft coal during the first 200 days of the calendar year
Switzerland
1924 was 285,876,000 net tons. In the six preceding years it was as fol
United Kingdom
lows:
Canada
I
Central America
Years
of
Depression
Years of ActlltuMexico
294,964,000 net tons
378,909,000 net tons 1919
1918
Cuba
1921
net
net
tons
259,033,000
tons
347.958,000
1920
Dominican Republic
299,865,000 net tons
354,612.000 net tons 1922
/923
Argentina
ANTHRACITE.
•
Brazil
The production of anthracite recovered promptly in the week ended
Chile
Colombia
Aug. 23. The princpial anthracite carriers reported loading 32,714 cars,
Ecuador
from which it is estimated that the total output was 1.711,000 net tons.
Peru
for
mine fuel, sales to the local
In this estimate allowances have been made
uruguaY
Venezuela
trade and the product of washeries and dredges. Comparison with the preIndia
or
tons,
British
325,000
more
than
of
increase
an
The
23%.
shows
week
ceding
Straits Settlements
present rate of output is 21% less than at this time in 1923, but it comChina
Dutch East Indies
pare favorably with that in other recent years.
Japan
Estimated United Stales Production of Anthracite (Net Tons).
Philippine Islands
1923
1924
Australia
Week. Year to Date.
Year to Date.
Week.
Week EndedNew Zealand
1,735,000
55,853,000
1.664.000
62,569,000
Aug. 9
South Africa
British
1,858,000
57,239.000
1,386,000
64.427,000
Aug.16
Egypt
2,165,000 66,592,000
1,711.000 58,950,000
Aug.23
--7 Months Ending Jt4yMonth of July
1924.
1923.
1924.
1923.
$
$
83.170,949 82,039.840 694,956,478 602.352.152
77,486,370 81,137,269 637.369.881 635.989.475
32,104.653 41,368,440 301,380.650 272.827.638
86,696,765 66,663,896 628,194,484 533,139,263
35,206,464
48,389,320
3,885,578 2.662,541
46,988.674
64,762.856
4,089,454 2,946.954
287,433,769 276,818.940 2,375,053,669 2.126,503.666
39.667.171
38,548,420
4.778,792 4,311.476
4.422,079
4,108.926
316,892
497,687
81.675,674
86.182.748
9,817,858 10.720.435
75,883,306
90,923,651
12,502,466
13.166,190
19,198,583
11.098,005
1,051,356 5.714,012
39.055.890
52,069.826
5.049,428
5,728,981
38.400.646
45,690.854
5,446,104 4,941.949
11,360.434
11,071.208
1,664,832 1,339.323
4.582.150
827,049
247,860
106.385
17.334.800
18.202,832
2,134.836 2,014,062
19.640.556
19,771.875
3,900,216
3,165,610
18,775,598
19,881,794
2,897,158 2,731.379
28,151,689 23.050,177 263.767.542 196.351.491
232.204.500
234,857.460
36,038,344 32.115,031
25.241,714
27,632,993
2,199,113 2.940.236
99,515.963
82.315,341
9,783,171 13,552,245
26,956,295 29,186,590 275,266,715 260,559,916
3,814,677
3,153,444
728,503
472,336
50,022.525
92,051,315
10,670,030 6,493,795
91.705,998
78.863,848
7,310,237 17,130.163
62,572.819
60.170.266
5,831,495 7,565,878
35.341.948
24,409.140
3,781,744 5,613,853
4.094.513
3,958,615
864,296
366,632
13.547,479
9,749.486
2,193,750 1.722.200
4.753.787
20,059.139
529.654
899,021
9,476,696
7,868,151
1,296.745
703,792
61.894,856
84.707,194
9,716,656 6.947.091
90.281.557
10.559,490 10.368.644 101,105,124
63,189,423
19.377,834 7,367.137 109,920,536
33,731.351
34,651.867
4,547.048 3,870.777
30,179.043 26,755,214 202,570,075 177,544,896
64,358,143
50,536,822
6,883,790 8,216,088
24;788,009
34,566,792
1,314,049
1,993,546
9,037.470
12,060.124
980,956
1.363,701
11.334,585
4,996.400
592,337
915,940
20.141,193
30,778.345
617.086
613,316
Month of July- -7 Months Ended July1924.
1923.
1924.
1923.
3
3
$
$
127,294,584 126,070,567 1,075.788,999 1,183,153,832
579.739.590
634,508.793
83,336,720
95,371,096
23,603.604 23,352,109 158,838.215 170,726.419
37,952,265 26,939.643 262,001.262 302,062.082
90,612,064
79,887,621
12,405.447 12.084,360
40,174,277
36,720,324
4,955,930
5,559.031
302,186,027 276,739,329 2,247.745.214 2,366.468,264
6,119,562
3,560,666
16,577,986
24,934,838
1,087,510
9.147,794
7.749,320
2,144,144
126,355
3,214,691
4,212,930
431,356
45,005.735
58,855,889
4,423,386
10,028,306
17.053,032
930,040
9,604,409
3,495,744
3,197,087
2,007,100
427,826
2,098.784
1.357,808
890.123
2,753,727
669,837
7,671.667
783,424
18,220.378
3,588.768
10,234,508
1,972,213
3,021.373
272,090
5,776,334
1.988,899
13.179,471
12.835,861
1,128.671
8,141.891
6,153.652
1,467.236
.9,776,348
3,303,719
2.166,483
611,957
56.607,986
45,212,797
4,912.560
11,705,023
16.723,204
1,271,305
8,778,469
4,545,892
2.621.064
2,172,692
324,540
2,021,504
1,226.422
1,162,289
2,224.413
523.996
7,097,790
1,196,382
8,422,631
4.783,837
9,478,598
2,483,019
2.751.017
435.383
54,479.353
24,372.662
136.663.158
168,734.051
7,925,961
85,605,605
60.069.833
18,740,128
2,555.052
28,895,732
22.894,879
2,925.687
425,591.167
388.312,280
31,670,642
69.223,214
110,720.582
6,937,179
68,408,376
25,902,110
. 18,038,302
13,829,858
2,933.559
10,817,219
9,047,534
6,270,411
16.815,930
4,353.588
57,867,551
6,324,187
128,747,718
25,693,006
64,269,402
14,600,452
16,828,657
3,521.703
55,581.652
23,774,924
141,499,163
218,117,635
5,729,031
92.391,392
65.861.264
10.736,768
31,109,625
36,376.708
23.173.891
5,590,593
452,528,254
324.864,663
34,931,662
74.787,792
110.257,330
8,305,808
61.491,343
35.353.920
17.274,192
14,447,073
3,331,307
13.639,911
11,188,392
9,862,671
20,171,702
4,011,293
73,131,768
8,303,772
137,979,415
33,348,744
72,628,177
16,849,675
20,827,690
3.560,407
1122
THE CHRONICLE
[VoL. 119.
j Current Events and Discussions
The Week With the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Sept. 3, made public by the Federal Reserve Board, and which deals with the results for the twelve
Federal Reserve banks combined, shows an increase of
$30,400,000 in holdings of bills discounted for member banks,
of $20,300,000 in holdings of acceptances purchased in open
market and of $500,000 in holdings of United States securities. Total earning assets accordingly are $60,200,000
higher than for the previous week. Federal Reserve note
circulation increased by $20,000,000 and total deposits by
$18,900,000, while cash reserves show a reduction of
$42,600,000.
The Federal Reserve Bank of New York reports an increase of $41,100,000 in its holdings of discounted bills.
Small increases aggregating $2,700,000 are reported by the
Boston, Philadelphia, Richmond and St. Louis banks, while
slight reductions aggregating $4,400,000 are reported by the
seven remaining banks. Holdings of paper secured by
United States obligations increased by $40,100,000 to
$118,100,000. Of the latter amount, $71,000,000 was secured by Liberty and other United States bonds, $46,000,000
by Treasury notes, and $1,100,000 by certificates of indebtedness. After noting these facts, the Federal Reserve
Board proceeds as follows:
Increased holdings of acceptances purchased in the open market are
reported by all of the Reserve banks except Richmond and Dallas, about
half of the total increase of $20,300,000 being reported by the New York
bank. Holdings of United States bonds increased by $500,000, while those
of Treasury notes and of certificates of Indebtedness are unchanged.
All of the Reserve banks except Cleveland and Chicago report increases
in Federal Reserve note circulation. The Boston bank reports an increase
of 35,700.000; San Francisco an increase of $4,200,000; Dallas an increase
of $3,500,000; Atlanta an increase of $2,800,000, and Richmond an increase
of $2,500,000, while five other banks report an aggretate increase of
$2,800,000. Gold reserves decreased by $43,300,000 during the week. Reserves other than gold by $8,400,000 and non-reserve cash
by $6,500,000.
$5,000,000. Further comment regarding the changes shown
by these member banks is as follows:
Net demand deposits show an increase of less than $1,000,000,
increases
of $20,000,000 for the Chicago district and of
$13,000,000 for the Atlanta
district being nearly offset by decreases in other districts,
principally
New York, Boston, St. Louis, and San Francisco.
Time deposits of all
reporting banks increased by $4.000,000, while
those of the New York
City banks show a decline of $12,000,000.
Reserve balances of all reporting members show a
reduction of 34,000,000
and their cash in vault an increase of $3,000,000.
Increases of $21,000,000
In reserve balances and a reduction of
$1,000,000 in cash are reported
by the New York City banks.
Borrowings of all reporting institutions from the Federal
Reserve banks
declined from 361,000.000 to $59,000,000. Like borrowings
of the New
York City banks increased from $7,000,000 to
39,000.000.
On a subsequent page—that is, on page 1151—we give the
figures in full contained in this latest weekly return of
the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items
as compared with a week ago and with last year:
Increase (+) or Decrease (—)
During
Week.
Year.
Loans and discounts, total
—$17.000,000 +3726,000.000
Secured by U. S. Govt. obligations_ -—1,000,000
—38,000,000
Secured by stocks and bonds
—24,000.000
+650,000.000.
All other
+8,000,000
+114.000,000
Investments, total
+23,000,000
+554,000,000
U. S. bonds
+17,000,000
+281,000,000
U. S. Treasury notes
+5.000,000
—229,000,000
U. S. certificates of indebtedness
—4,000.000
+15,000,006
Other bonds, stocks and securities
+5.000,000
+487,000,000
Reserve balances with F. R. banks
—4,000,000
+226,000,000
Cash in vault
+3,000.000
—9,000,000
Net demand deposits
+1,539,000,000
Time deposits
+4,000,000
+549,000,000
Government deposits
—26,000,000
Total accommodation at F. It. banks_ _ _
—2,000,000
—462,000,000
Offering of $80,000,000 Kingdon of Belgium Bonds.
Subscription books were opened on Sept. 2 at the offices
The statement in full, in comparison with the preceding of J. P. Morgan & Co. and the Guaranty Co. of New York
week and with the corresponding date last year, will be found to an issue of $30,000,000 Kingdom of Belgium External
on subsequent pages, namely pages 1150 and 1151. A Loan 25-Year 6
Gold bonds, to be dated Sept. 1 1924
summary of the changes in the principal assets and liabilities and to mature Sept. 1 1949. The bonds were offered subject
of the Reserve banks during the week and the year ending to allotment at 94% and accrued interest, to yield over 7%.
The books were closed the day of the offering, the bonds
Sept. 3 1924 follows:
Increase (+) or Decrease (—) having been almost immediately over-subscribed—the total
During
subscriptions, it is reported, being estimated at $200,000,000.
Week.
Year.
Total reserves
—342,600.000 —318,600,000 On the 3rd inst., it was announced that the allotments were
Gold reserves
—34,300,000 —21,000,000 on an average basis of 25%. The bonds will be in coupon
Total earning assets
+60,200,000 —208,000.000 form in denominations
of $1,000 and $500 and will not be
Bills discounted, total
+39.400,000 —548,000,000
Secured by U. S. Govt. obligations
+40,100.000 —281,000,000 interchangeable. They will be redeemable as a whole or in
Other bills discounted
—700,000 —267.000,000 part, at 105% and accrued interest, at the option of
the
Bills bought in open market
+20,300,000 —105,000,000 Government,
on and after Sept. 1 1939. A Monthly Sinking
U. S. Government securities, total
+500,000 +443,400,000
Bonds
+12,000,000 Fund payment commencing Oct. 1 1924, at the rate of
+500,000
Treasury notes
+316,100,000 $1,200,000 annually will be used to purchase
the bonds, if
Certificates of indebtedness
+115,300,000
obtainable, at not exceeding 100% and accrued interest, any
Federal Reserve notes in circulation
+20,000,000 —496,500,000
Total deposits
+18,900,000 +266,800,000 unexpended portion of the monthly sinking fund payment at
Members' reserve deposits
+19,500.000 +258,800.000 the end of any month to be credited
against the next payGovernment deposits
—3,400,000
+2.100.000
Other deposits
—2,700,000
+11,400,000 ment. Interest will be payable March 1 and Sept. 1 and
principal and interest will be payable in United States gold.
coin of the present standard of weight and fineness in New
The Week with the Member Banks of the Federal York City, either at the offices of J. P.
Morgan & Co. or of
Reserve System.
Guaranty Trust Co. of New York without deduction for any
Aggregate decreases of $17,000,000 in loans and discounts Belgian taxes present or future. Kingdom of Belgium
5as against increases of $23,000,000 in investments are year 6% gold notes and 6% Treasury notes, maturing
Jan. 1
shown in the Federal Reserve Board's weekly consolidated 1925, with final coupon attached, will be accepted
in paystatement of condition on Aug. 27 of 747 member banks in ment of the new issue at a price equivalent to a 33i%
interest
leading cities. It should be noted that the figures for yield basis computed from the date of payment
for bonds
these member banks are alwaya a week behind those for the allotted to Jan. 1 1925. Trust receipts will
be delivered
Reserve banks themselves.
pending the preparation of the definitive bonds. J.P.Morga
n
Loans on corporate securities decreased by $24,000,000, & Co. and the Guaranty Trust Co. of New York
are fiscal
and on U. S. Government securities by $1,000,000, while agents for the bonds. The offering circular
contains the
"all other," largely commercial,loans and discounts increased following statement in regard to the bonds
and to the genby $8,000,000. Holdings of U. S. bonds increased by $17,- eral resources of Belgium prepared from
information fur000,000 and holdings of corporate securities by $5,000,000. nished by Georges Theunis, Premier and Finance
Minister
An increase of $5,000,000 in Treasury notes was nearly of the Kingdom of Belgium:
The bonds are to be direct external obligations of the
offset by a decline of $4,000,000 in U. S. certificates of
Kingdom of Belgium. They are to be issued under a loan contract in which
the Kingdom of
indebtedness.
Belgium will covenant that If in the future it shall
issue
by
Member banks in New York City report reductions in all tion any loan having a lien on any specific revenue or asset, public subscripthese bonds shall
classes of loans—loans on corporate securities declined by be secured equally and ratably with any such loan.
The proceeds of these bonds are to be used to retire $18,500,000 -Year
5
$39,000,000, loans on U. S. Government securities by 6% Gold notes, due
Jan. 11925, and $8,559,445 6% Treasury notes due
$1,000,000, and "all other" loans and discounts by $5,000,- Jan. 1 1925, and to that extent
this issue does not increase the debt of Bel000. Their investments in U. S. securities were increased gium.
Economically Belgium has recovered from the war. Agricultural producby $7,000,000 and their holdings of corporate securities by tion
is practically as large as in the years immediately preceding 1914. In-
SEPT.6 1924.]
THE CHRONICLE
1123
the total of the foregoing
and efficient amount of fiduciary currency, deducting from
However, It
dustrial plants have been reconstructed with more mcdern
amounts the residue of the proceeds of the Series A loan.
The
country.
the
in
nt
no
unemployme
practically
machinery. There is
is constantly making
chief should be remembered that the Claims Commission
Belgium's
industries.
glass
and
textile
,
metallurgical
the
output of
better accounting practice
the first six awards of Series B bonds, and it is considered
industries, has attained or surpassed the pre-war level. For
of the Republic under the Series B loan the total
debt
the
as
indicate
to
similar
the
of
excess
months of 1924, finished steel production was 27% in
of actual purchases for sinking
22% larger. amount authorized, deduction being made
for redemption purposes.
period in 1913. while coal production was 7% larger and coke
com- fund account and of funds specifically set aside
has
production
commercial
where
deposits
coal
The rich Campine
it eliminates all estimates and uncerheretofore im- This form is also preferable because
has
Belgium
coal
which
coking
excellent
contain
menced,
and claims and as to the application
country will be tainties in respect of the floating debt
ported. With their full development it is expected that the
of the Series A loan to debt retirement. This residue is
residue
the
of
more than self sufficient in its coal resources.
of the Claims Commission, to
in value, specifically pledged to the cash awards
Exports of manufactures, which constitute 60% of exports
therefore it Is not possible to consider
in 1922. debt retirement, and to public works,
tons
3,558.000
with
in
1923
compared
tons
4,061,000
to
amounted
debt. Possibly the entire amount
17,349,- all of it as a reduction against gross
For the first six months of 1924 they were 2,481,000 tons. In 1923
otherwise than for debt retirement.
spent
be
will
for
record
a
constitute
figures
which
amount of the
098 tons of shipping entered Antwerp,
The method now adopted reflects the greatest possible
Europe.
Antwerp and are larger than for any other port on the continent of
the =obligated cash balance
loans of debt of Haiti under present legislation, less
internal
of
consisted
1924,
on
June
30
Belgium
of
80, and this
debt
114,865,603.
The
of the Government. The latter amount is Gds.
31.985,923,694 francs and external loans amounting, at present exchange
large debt for a country with the resources of Haiti. It
relatively
a
is
advanced
8171,780,000
economy in Govrates, to approximately 8451,000.000 (not including
Indicates that all possible efforts should be made toward
productive
by the United States Government prior to the Armistice) of which the
ernment operations and toward the development of the
present
the
to
effect
giving
after
public,
the
of
hands
the
in
debt
external
resources of the country.
1915. is
31,
bond issue and to the retirement of the 6% Dollar notes, maturing Jan. 1
August
on
As a matter of interest the debt of the Republic
of
debt of
1925, is $161,666,000, calling for interest and sinking fund payments
for comparative purposes. It indicates that the total
presented
almost equal
816,709,000 per annum.
the Republic has been reduced by more than 28%. Of
,
expenditures
reduced
and
taxation
increased
of
policy
its
of
result
cask
a
As
importance it shows that the Government is now in a comfortable
Belgium has made considerable progress towards budget equilibrium.
building up of a substantial cash reserve.
careful
the
to
due
position
show
months
Estimates for 1924, based on actual results for the first seven
The following is also taken from the statement:
that revenues, including 1,300,000,000 francs German reparation payments
of which over 80% has already been received, will exceed all the general
Receipts and Payments.
were almost
and reconstruction expense; of the Government, exclusive of 857,000.000
During the month of July 1924, total fiscal expenditures
There were, however, certain variations
francs to be spent on capital account for public works and railways.
June.
of
those
with
identical
now
measures
tax
the
new
on the public
Taking into account the expected yield from
In the distribution of the total sum. For example, payments
before Parliament, it is expected that in 1925 Belgian revenues from taxes debt were only Gds. 107,433.18 during June, while in July they reached
and operation of public properties will be sufficient to balance all expen- the figure of Gds. 439,814.80. This entire amount was expended for
ditures by the Government exclusive of expenditures on capital account and interest and amortization on the Series B bonds, as the entire provision for
reconstruction. The Government has announced a policy of limiting re- interest and sinking fund on the Series A bonds has already been met up
construction expenditures, which it is estimated will not exceed 1,500.000.- to and including September 30 1924. In view of these increased expendi000 francs after 1924, to such sums as may be received from Germany. tures for debt service it follows that disbursements for most of the GovernThe London Agreemen't having been signed by the various governments ment department were smaller than in the preceding month.
Claims Commission
concerned, after due ratification by the legislative bodies of France and
As to non-fiscal payments, the cash awards of the
Germany, reparation payments to Belgium,available forreconstruction and which were paid in July were also about equivalent to those paid in June,
plan.
the
Dawes
of
has involved
provisions
by
,
the
Railroad
will
be
governed
amortization
debt
but tho work of new construction on the National
The Government has taken measures to the end that no resort will be had during July much greater expenditures, as this wcrk is now progressing
to borrowing except to consolidate existing floating debt or to cover expen- at full speed.
month of the
ditures for income producing property.
Since the month of July is usually considered the peak
should be very low. Such
Associated with J. P. Morgan & Co. and the Guaranty dead season it is natural to expect that revenues
1,520,628.89, as
was the case, as fiscal receipts amounted to only Gds.
Co. in the floating of the bonds are:
It should be
Gds. 1,813,558.87 during the preceding month.
against
New
York.
City
Co.,
First National Bank, New York; The National
the months in quesadded, however, thst the figure for receipts for each of
New
York;
in
of
Bank
have not
Commerce
National
New
York;
Co.,
Trust
actions
Bankers
tax—Clio
tion includes only customs revenues, as internal
The Mechanics & Metals National Bank, New York; The Equitable Trust
to the account of the General Receiver.
deposited
been
yet
exceeded'revenues,
Co., New York; The New York Trust Co.; Central Union Trust Co. of
It is evident that payments have very considerably
financial-condiNew York; Harris, Forbes & Co.; Lee, Higginson & Co.; Kidder, Peabody
this is to be expected at this season of the year. The
but
&
SavCo.,
Inc.;
First
Trust
&
Stuart
& Co.; Dillon, Read & Co.; Halsey,
the indicated
tion of the Government is relatively satistactory. although
the first ten
for
ings Bank, Chicago; Illinois Merchants Trust Co., Chicago: Continental
over payments of Gds. 5,095,265.51
receipts
of
surplus
& Commercial Trust & Savings Bank, Chicago; Central Trust Co. of Illiactual, as the
months of the present fiscal year is more fictitious than
bondholders of.
nois, Chicago: The Union Trust Co., Pittsburgh.
sum is largely composed of funds deposited by the former
construction and of
the National Railroad Co. for purposes of railroad
the cash.
obtained from the balance of Series A loan and reserved for
Purchase of Hungarian Bonds by Speyer & Co. and funds
awards of the Claims Commission.
Equitable Trust Co.—To Be Sold Privately.
Cash Position of the Government.
first time
An announcement made by Speyer & Co. Sept. 4 says:
In the present issue of the bulletin there is presented or the
of the GovSpeyer & Co. and the Equitable Trust Co. of New York have purchased in the history of the Republic a statement of the cash position
Haitien
ernment. This statement presents all of the cash assets of the
from a group of Hungarian banks 81,500,000 Kingdom of Hungary 7
Government which are due
bonds, being part of the series originally reserved for issue in Hungary, bal- Government and all of the obligations of the
must be of great interest..
ance of the series having been placed by the Hungarian banks with local and payable. Without doubt such a statement
ly satisfactory condition
investors. It has been arranged with the consent of Hon. Jeremiah Smith Fortunately the statement shows a comparative
assets of the Government all
Jr.. Commissioner of the League of Nations, that these 81,500,000 bonds of Goveinment finances, as against the cash
including checks issued and outwill be identical in every respect with the $7,500,000 which have recently possible current obligations are set up,
which are duo or have been
been placed in this country. No public offering of these bonds will be made, standing, interest and amortization payments
Republic,funds which have been
as they have all been placed privately. Application will be made to the set aside for the service of the debt of the
Commission, all budgetary
New York Stock Exchange for the listing of these additional bonds, making reserved for the cash awards of the Claims
of all extraorcredits which are at present payable, and the entire amount
the total American issue $9,000,000.
up to and includGovernment
dinary credits which have been voted by the
shows a net
ing July 31 1924. Comparison of assets and liabilities
. Inasmuch as receipts
Offering of Japanese Restoration Savings Certificates. unobligated cash balance of Gds. 6,534.280.10
will probably be
were less than expenditures during the past month and
year, the present
Supplementing his previous advices to us, Tadao Wikawa, less
than expenditures during the remainder of the fiscal
balance as at
cash
unobligated
Acting Financial Commissioner to the United States of Amer- fiscal year will not close with as large an
the current cash position of the Government
ica, sends us the following translation of a cablegram re- present exists. Nevertheless
may be regarded as satisfactory.
ceived from the Japanese Minister of Finance regarding the
Japanese Government's First Restoration Savings CertifiS. Parker Gilbert, Jr., Named as Permanent Agent
cates, to be offered for sale from Sept. 15 to Sept. 30:
General of Reparations Payments.
The First Restoration Savings Certificates will be offered for sale from
Sept. 15 to Sept. 30, through the head office, branch offices and agencies of
Gilbert, Jr., formerly Under Secretary of the
Parker
S.
the Hypothec Bank of Japan,and post offices. The subscription books will
and now a member of the law firm of CraTreasury,
S.
U.
1.
continue to open during the four days beginning Sept.
& De Gersdorff, has been appointed perHenderson
10
yen.
n.
yen.
Issue
vath,
Denominatio
the
issue.
10,000,000
Amount of
price, 10 yen. Rate of interest, 4% per annum. Interest shall be paid manent Agent General of Reparations Payments under the
at the time of the redemption of principal. Payment of principal and interDawes plan. He will take the place which Owen D. Young
est of the certificate at the latest redemption date will, therefore, amount to
drawing
shall
first
take
in
The
place
consented to accept temporarily. Acceptance of the post
20 yen. Redemption by drawings.
December. 1924. Thereafter it shall take place twice annually. Thus the by Mr. Gilbert was made known by the Allied Reparations
total issue shall be redeemed within 17 years and 3 months. The drawings
Commission on the 3rd inst. At that time Col. James A.
will be allotted the following premiums: 3.000 yen, 500 yen, 100 yen, 10
Logan, American observer with the Commission, was
yen, 5 yen, on the basis of 18 certificates per each 100 certificates.
of
issuance
proposed
the
reported in Associated Press cablegrams as saying:
the
to
Savings
reference
Previous
that the Reparations Commission has announced its appointment
Certificates appeared in these columns July 12, page 144, and ofNow
Mr. Gilbert, I cannot refrain from expressing my gratification that the
His
Aug. 2, page 534, in our item on the Japanese Budget.
circumstances have been such as to enable Mr. Gilbert to accept.
Haiti's Finances—Change in Form of Presenting
Public Debt.
The office of the Financial Adviser of the Republic of
Hati, at Port au Prince, in a statement made public under
date of August 14 says:
to change the form of presenting the
It has been decided materially
shown as representing the debt of the
public debt. Heretofore the figure
Republic has been the sum of all funded obligations of the Republic actually
outstanding, the estimated floating debt and claims and the uncovered
services to public finance with the United States Treasury are known
quantities and his reputation as a jurist is excellent.
Leaving aside the question of his technical equipment, which particularly
fits Mr. Gilbert for the important and responsible work which lies ahead
of him. I feel that the Reparations Commission and the Government are to
of vision
be congratulated on having secured a man whose known breadth
ability and wide experience will prove to be invaluable to the great work
which means so much to the world in general.
These accounts added:
Mr. Gilbert is due to arrive in Paris about the middle of the month. Mr,
He
is
Young will return on the 14th from Berlin, where he going to-day.
Intends to meet the Commission for Railway Debentures here at that time
1124
THE CHRONICLE
[VOL. 119.
to arrange with them the particulars of the payments to be made to the
Agent General, and Mr. Gilbert is expected here in time to take part in this
conference.
"You may quote me as saying that I am extremely glad of the London
Conference decision in this respect. Conscientious men can very well make
mistakes for lack of knowledge of the facts, for it is human to err, and they
can have no objection to their decisions being submitted to impartial arbiMr. Gilbert on the 4th inst. had the following to say:
I am deeply sensible of the honor conferred and of the responsibilities tration."
Mr. Young will return on the 14th from Berlin. He intends to meet the
which the post involves. I expect to sail tor Europe within a month or so.
I am not, of course, in a position now to say anything about the Dawes Commission for Railway Debentures here at that time to arrange with them
plan or the arrangements for carrying it out. Any inquiries of this kind the particulars of the payments to be made to the Agent-General, and Seyshould be made to Owen D. Young, who has generously consented to accept mour Parker Gilbert Jr., appointed as his successor, is expected here in
time to take part in this Conference.
a temporary appointment in order to organize the work under the plan.
The following is from a copyright cablegram to the New
The following is from Associated Press cablegrams dated
York "Times" from Berlin, Sept. 4:
Paris, Sept. 3:
Speaking of the prospects for European rehabilitation under the Dawes
Mr. Gilbert has accepted the post without any agreement as to salary or
allowances. This subject has not yet been formally mentioned in the com- plan Mr. Young said:
"Whether the plan is as good as its most enthusiastic supporters believe or
mission, but it is probable that he will have a salary equivalent to $7,000
a year, with rather generous additions for the expenses of his work, which as bad as its worst enemy says is not nearly so important as whether all the
interested
countries are in a spirit to make it work. If they are, the plan will
probably will require him to spend three months out of four in Berlin.
succeed; if they are not, the best plan would fail.
I am happy to say, has taken the first step with the payment
Gates W. McGarrah Chosen As American Member of to"Germany,
the Agent-General of 20.000,000 gold marks. This has been done with a
General Board of New German Bank of Issue.
Promptness which sets a good example. I am sure the next steps by the
Gates W. McGarrah, Chairman of the Board of the Me- Allies will be taken with equal promptness."
chanics & Metals National Bank of New York, has been appointed the American member of the general board of the Reorganization of the Reichsbank—One Reichsmark
to Be Issued Against a Billion Paper Marks.
new German Bank of Issue, the creation of which is provided
for under the Dawes reparations plan. Announcement of
The following is from the London "Financial News" of
Mr. McGarrah's appointment was made at Paris, Aug. 30, Aug. 22:
The putting into operation of the Dawes scheme necessitates number
by Sir Robert Kindersley, of England, and Dr. Hjalmar
a
of legislative measures which will be submitted to the
German Parliament
Schacht, of Germany, who will appoint six other foreign in
the near future. Among others, the reorganization
Reichshank
of
the
members of its board of directors, which will elect a bank will necessitate the passing of a new Bank Act, the draft of which is now
commissioner, who will act in accordance with the opinions available. Contrary to what takes place in every country which intends
to carry out a change in its central bank of issue,
there is little theoretical
expressed by the different foreign members, says the Asso- discussion
in Germany about the "Reichsbanksgesetz," as praatical circiated Press cablegrams, which further stated:
cumstances have rendered most clauses of this legisIdtive measure unavoidMr. McGarrah is Chairman of the Mechanics & Metals National Bank of able, without regard to theoretical considerations.
Contrary to what has been believed abroad, and, to a certain extent even
New York and a member of the boards of various banks and industrial corin Germany,
porations. From 1917 until 1919 he was President of the New York Clearing
House Association. He was born in Monroe, N. Y.. and is sixty-one years
old.
The organization committee, appointed by the Reparations Commission
under the Dawes reparations plan,and including Sir Robert Kindersley and
Dr. Schacht ,was advised that Mr. McGarrah was one of the three New
York bankers best qualified to deal with exchange and foreign bills. The
other two were not named.
Mr. McGarrah will nominate the American member of the transfer committee, which will determine the movements abroad of funds from Germany
for the payment of reparations.
This nomination is subject to approval by the Reparations Commission.
Mr. McGarrah has already accepted his appointment and it is expected
he will arrive in Berlin at the earliest possible date, so that there may be
no delay in the meeting of the general board, the other six foreign members
of which have not yet been named. The important post of bank commissioner under the Reparations Commission, it has been decided, will go to a
Hollander.
No salaries for these or the other officers have as yet been fixed. Owen
D. Young of New York, who began his work to-day as agent general for
reparations payments ad interim, is taking no salary. lie has appointed Leon
Frasier, an American attached to the legal service division of the Reparations Commission as his assistant.
Mr. Garrah, following his appointment issued a statement
saying:
In Annex No. 1 to the report of the First Committee of Experts the plan
the Reichsbank will remain Germany's definite bank of issue.
The bill emphasizes that its task is not the creation
of a now bank of issue,
but the reorganiztion of the old one. The Reichsbank
will obtain the
privilege of note issue for a period of fifty years, but the existing rights
of
the banks of issue of Bavaria. Wuerttenberg, and
Saxony will be maintained, and the maximum of their note issue will be
fixed at 194,000,000
marks.
Rentenbank's Fate.
The Rentenbank will not be entitled to increase the
circulation of its
rentenmark notes, and the withdrawal of these notes will be dealt with
by
a separate law. The right of issue granted to the Deutsche
Golddiskontbank will be withdrawn, which will not alter the actual position,
as that
Institution has not made use of this right.
Apart from the gold coins, the notes of the Reichsbank will be the only
legal tender in Germany. The present Reichsbank notes have
to be withdrawn and to be exchanged against new notes at the rate of one billion
(1.000,000,000) old marks, against one "reichsmark." This measure
Is of capital importance, as it will signify the official devaluation of
the
paper mark, which has changed hands since the end of the last year at the
rate of one billion to one rentenmark, without any officially fixed
ratio.
Thus the fate of the paper mark will be settled once for all, and a partial
recovery of its lost value is entirely out of the question.
An important innovation is the admission of seven members of foreign
nationality into the General Council, which will have altogether fourteen
members. The President of the Reichsbank will have to be elected by
the General Council from among the German members.
for the organization of the Bank of Issue in Germany is set forth in detail.
Reconstruction of Capital.
The preliminary steps to be taken by the Organization CommiStee are
The capital of the Reichsbank will have to be at least 300,000,000 reichnumerous and require deliberation, consequently will occupy much time. marks (as against 180,000,000 paper marks at present), and it
cannot
The date and place of the regular and special meetings of the Managing exceed 400.000,000 reichsmarks. The maximum amount up
to which the
Board and the General Board are to be fixed by the Organization Committee existing capital can be exchanged for new shares is 100,000,000
reichsmarks,
and it alone will determine when, in its opinion, the organization has pro- while the remainder of the new capital has to be issued against
payment of
ceeded far enough for the Boards to be called for their first meeting. At gold and foreign exchanges, or in exchange for Golddiskontbank
shares.
this time the date is problematical.
The rules concerning the discounting of commercial bills of exchange have
From the New York "Times" of Sept. 4 we take the fol- been reinforced in so far as the bills as well as cheques presented will have
to bear at least three good signatures, while up to now in some cases
two
lowing:
been sufficient. The bill contains a long list of securities
against
Mr. McGarrah declined yesterday to express an opinion as to the Dawes have
which the Reichsbank is entitled to grant advances. The bank can
grant
elan and particularly as to its provision for the new German bank, on the loans to the German Government, to an
amount not exceeding its own
ground that he was as yet insufficiently acquainted with the subject to capital and reserves,
up to a maximum period of three months, if two
discuss it. For a like reason, he did not care to express his view as to what reliable firms--one
of which must be a bank carrying on business in Germany
benefits would grow out of the establishment of the new central bank in —undertake to guarantee
the redemption when the loan falls due. Such a
Germany.
clause would have been considered as absurd before the war,
but after
"The new German bank." he said, "will probably not differ greatly from the last few years'
experience everybody will find it natural.
any other bank of issue and discount and a bank acting as a bankers' bank."
Asked If he expected that his new office would force him to turn over to a
Mini Parity Maintained.
substitute his present work in New York. Mr. McGarrah said he was unable
The clause concerning the liability of the Reichsbank ts
exchange gold
to tell. He did not know as yet whether the new office would make it nec• against its notes at the rate of 1,392
marks per pound of pure gold has
essary for him to spend most of his time in Europe, but while there, he said, been literally maintained.
his headquarters would probably be in Berlin. "The date of my departThe Reichsbank is entitled to grant temporary credits to the
Government
ure," he added, "Is very much in doubt."
up to the amount of 100,000,000 reichsmarks, but at the end of
the business
year no Government indebtedness is allowed to remain. The
Post Office
and the State Railways are entitled to credits of 200,000,000
Owen D. Young Says Germany Must Pay to "Breaking each. Apart from
reichsmarks
this. the Reichsbank is not allowed to grant any
credit.
Point."
either directly or indirectly, to the Imperial Government
or to the Governof the particular States, municipalities, or foreign Governments.
According to a cablegram from Paris, Sept. 3 (Associated ments
A special account will be opened at the Reichsbank for
reparation payPress), Owen D. Young, Agent-General for reparations, ments, the relations between the Reichsbank
and the Reparations Commisreplying to a question from Excelsior whether it was true sion in regard to the amounts paid in to this account will be those
of a
bank and its customers. The amount paid in to this
account cannot exceed
that the German delegates at London had protested to him 2.000,000.000
reichsmarks without the special permission of the
bank.
that thecost of fulfilling the Dawes plan was too crushing, is The Reichsbank will continue to act as agent for the
German treasury.
quoted by the newspaper as replying:
Issue of Notes.
-I am loyal. if Germany's financial burden is crushing. the., of the other
The General CourOl will appoint a Conunissioner who
will supervise the
powers is no less so. I have not hid from the Germans my firm intention to Issue and
withdrawal of notes. Every note to be issued will have to bear
make them pay up to the breaking point; on the other hand. I have assured the special
stamp of the Commissioner, who will possess extensive rights of
hem that I oppose that point being exceeded.
inspection.
"As far as I am concerned, Germany shall pay all she reasonably can, and
According to the original law, the Reichsbank had to maintain
he powers interested in reparations shall get all they can reasonably exa gold
cover of at least one-third of the amount of the note circulation.
The
pect—nothing more or less."
new law fixed the minimum gold cover at 30%,
while
security
of
the
The cablegrams likewise said:
gold stock and foreign exchange has to be at least 40%.
proportion
This
• Asked as to the question of arbitration being applied to the decisions of the can be reduced under exceptional
circumstances, but in such cases a note
Transfer Committee under the Dawes plan. he said:
tax will be levied according to the following scale:
SEPT.6 1924.]
P.1.1:1E
CHRONICLE
If the cover is between 37 and 40%,the note tax id-3% per annum.
..5% per annum.
.
If the cover is between 35 and 37%. the note tax is
per annum.
If the cover is between 33 1-3 and 35%, the note tax is 8%
plus the ditference
8%.
If the cover is less than 33 1-3%, the note tax is
(Thus, if the cover
between the proportion of the cover and 33 1-3%1
11 1-3% per
is, for instance. 30%, the note tax is 8, plus 3 1-3%, i.e.,
annum).
the discount
Whenever the proportion of the cover declines below 40%,
of the perrate must be at least 5%, and it has to be raised by one-third
centage payable as note tax.
Conversion Suspended.
by
The Reichsbank will have to undertake to redeem its notes either
the conmeans of bullion or by coin or by foreign currencies. However,
version is temporarily suspended, and the moment of its resumption
decision of both board of directors and
will be determined through
general council.
the bank will have to keep a reserve of
40%.
of
Apart from the cover
the
40% to meet its current liabilities (excluding the credit balances of
Government and of the reparations account) in the shape of sight deposits
due
falling
In Germany or abroad, checks on banks, bills of exchange
within 30 days, Sze.
As far as the publication of weekly returns is concerned, the only difference from the existing regulations is that the Reichsbank will have
to indicate the amount of foreign currencies which serve as note cover,
while according to the old Bank Act the foreign currency holding is included
in the item "other assets."
The shareholders of the Reichsbank will be entitled to a cumulative
dividend of 8% per annum. Twenty per cent of the net profit has to be
added to the reserve, so long as that item is below 12% of the note circulation. The amount that remains after the deduction of the 20%.
as well as the amount required by the dividend of 8%, will be apportioned
as follows: The first 50,000,000 reichsmarks will be divided equally
between the Treasury and the shareholders. Of the second 50,000,000
the Treasury will obtain three-quarters and the shareholders will get a
quarter, while nine-tenths of the remainder will go to the Treasury and
one-tenth to the shareholders.
•
1125
Dawes Reparations Plan Operative—Owen D.Young to
Serve as Temporary Agent General for Payments—
First Payment by Germany—Old Debt Wiped
Off Slate.
Following the signing in London on August 30 of the
London Agreement to bring into operation the Dawes
reparations proposals, the Dawes plan was officially declared
Sept 1—
in operation by the Allied Reparations Commission,
ent
effective on noon that day. On August 29 announcem
as
Young
D.
Owen
of
nt
appointme
the
of
made
had been
date
same
the
On
payments.
Agent General for reparations
Paris Associated Press cablegrams said:
immediately,the Germans
The actual collection of reparations will begin
Franeo-Belgians turning over
paying 20,000,000 marks Monday and the
Germany must make up
their collections ten days later to Mr. Young.
General each month will
any deficiency in collections, so that the Agent
the Allies.
receive one-twelfth of the annual reparations payment to
by the Reparations
Agent General Young and the other officiaLs appointed
of Italy, and
Commission, M. Delacroix, of Belgium, Signor Nogara,
Wednesday ready to
Andrew MacFadyan, of England, will go to Berlin
in the meantime will
begin operations,and the Reparations Commission
the various appointcomplete the organization of the personnel and ratify
Commission itself and the
ments. Most of the staff will be drawn from the
experts' plan will not add
expense of that body will be trimmed so that the
any expense for Germany.
we
From the Paris Associated Press accounts of Aug. 31
following:
take the
payment on the 8.3.000,000
final
The 20,000.000 gold marks will be the
Young's disposal during September
gold marks which will be placed at Mr.
The French, Belgian and
Governments.
by the German and the Allied
will turn over to the Agent
Italian Governments, beginning tomorrow,
n of the Ruhr. These sums
General the proceeds from their administratio
35,000.000 to 50.000.0000
probably will amount during September to from
Dr. Schacht, Head of Reichsbank, Says Dawes Plan Is gold marks.
of 20.000,000 gold marks,
Germany will pay in September another sum
"Intelligent Solution" of Reparations Problems.
offive weeks the entire 83.000.000
and if at the end of the transitional period
The following Associated Press advices were reported from marks have not been made up Germany will supply the balance.administraProwl and Belgian
Mr. Young has conferred in Paris with the
Rome, Aug. 30:
agreements in the Ruhr, which expire toDr. Hjalmar Schacht. President of the German Reichsbank. who is in tor of the so-called "Micum"
to see if they cannot be prolonged throughout
Rome for a series of official conferences with Premier Mussolini and Minister morrow. He has asked them
General will immediately take over paying
of Finance De Stefani, has given an interview to "Tribuna" in which he September. If so the Agent
in kind. The "Micum" representatives left for
lauded the Dawes plan as "an intelligent solution of the complex economic for coal and other deliveries
return by Tuesday with a favorable
the Ruin' to-day. They expect to
problems of reparations, in that it proceeds in a positive sense,"
The German financier declared that Germany was anxious to cooperate answer for Mr. Young.
attached to the Reparations
G. P. Auld. the expert American accountant
whole-heartedly with Italy. whose economic and industrial progress since
three assistants, has gone to the Ruhr to
the war he described as "astounding." He described Germany's weakened Commission, accompanied by
of Mr. Young.
condition in her relations with the rest of the world in the terminology of assist in the work at the request
"axiomatic philosophy."
the first payment by Germany under the
Reporting
He detailed Germany's impoverishment and declared that the Dawes
the same advices (Associated Press) Sept. 2
plan recognized the axiomatic prinicple of modern economics—that if one Dawes plan
important unit of civilization suffers all others are bound ultimotely to suf- stated:
reparations payments.
fer in the same proportion.
Owen D. Young, Agent General ad interim for
"Evil is evil," continued the Reichsbank head. "Poverty is poverty, and officially informed the Reparations Commission to-day thatthe German Govit is absurd to think that evil can be a mine from which good can be ex- ernment had paid into the Reichsbank in Berlin for the account of the Agent
payments
tracted and that poverty can be transformed into a fountain of richness General 20.000,000 gold marks, as provided in the schedule oi
of the Dawes report.
under any consideration."
elaborated at the London conference under the terms
Mr. Young's office.
He declared it was the popular economic fallacy to suppose that progress
This was the first business transacted between
of modern civilization followed the artificial laws that governed bridge or opened in Berlin yesterday, and the Government ot the Retch.
Mr. Young has
measures
mah jongg, or "any other game in which one's loss is in direct proportion to
The commission unanimously sanctioned the
outlined. He will depart toanother's gain."
taken and the proposed further steps he
England, one
He asserted it was perhaps superfluous to repeat once more the truth morrow for Berlin accompanied by Andrew MacFadyan of
%chick had been enunciated an infinite number of times, namely, that it was of his associates, and Rufus C. Dawes. his assistant.
Reparations
the
of
session
impossible to expect payments "from those in a state of economic prostraMr. Young was heard at great length by a full
details of all the mea.sures
tion—riches from poverty."
Commission. He laid before the commission the
to take to fulfil the mission inGermany, Dr. Schacht emphasized, is poor to-day in a monetary sense.
he had already taken and those he intended
"Certainly it is not a continuation of these conditions that can render us trusted to him.
thanked Mr. Young for his
solvent." he said. "Although liquidly poor, however, we are potentially
Louis Barthou, President of the commission,
the
rich, in that we have the possibility to produce, and production is riches. "lucid explanation," and assured him his methods and measures had
It was on these considerations that the Dawes plan was founded."
unanimous approval of the commission.
would leave for Berlin at 8.30
In regard to Germany's again growing rich and powerful, as feared "by
Mr. Young informed the commission he
betore
Germany's enemies," Dr. Schacht conceded this possibility in a revived na- o'clock to-morrow evening, and that he would not return to Paris
tion, lie said that a country of 60,000,000 people, with the will to live and Sept. 14. Ruins C. Dawes is a brother of Gen. Charles G. Dawes. and was
American delegation to the
produce, is bound ultimately to make itself felt in the world.
Chief of Staff of the expert assistant's with the
He added that a similar number of negroes could perhaps be ignored as two experts' committees. Mr. Dawes arrived in Paris this evening and
an economic factor, but, he declared, "it is silly to suppose that a race like was greeted by the Agent General.
again collaborating on
the Germans could ever be similarly reduced.
Mr. Dawes expressed his pleasure that he was
"No," he continued, measuring his words, "it Is not necessary to have the experts' plan, after havhw shared 'nits
petty terrors of this character. They are perhaps more dangerous than the
ReparationsComthings themselves which are feared."
The official communique issued by the
"There exists a universal equilibrium by which humanity proceeds along mission on the 1st inst., when the plan was declared operative;
the road to progress hand in hand, if not arm in arm. To uplift him who has
fallen, to aid him to get on his feet, is an act of good policy, especially in said:
Annex 3, Article 3, ParThe Reparations Commission in conformity with
the field of economics. I will even say it is an act of intelligent egoism."
has taken official
agraph 2 of the final Protocol of the London Conferences,
necessary to the operacognizance of the promulgation of the German laws
by the Reparations
First German Export Surplus Since 1921—July Shows tion of the experts' plan within the terms approved
General Agent for
Commission,as well as the entry into his functions ofthe
17,108,000 Marks Excess, Against June
Reparations Payments.
Import Excess of 277,873,000.
of
Mr. Young had been unofficial representative theUnited
Copyright advices to the New York "Times" from Berlin, States at the International Conference. He had accepted
Sept. 2, stated:
the post only temporarily, until the plan was made to
The official statement of Germany's foreign trade for July,just published,
the permanent Agent
shows imports of 17.108,000 gold marks, as compared with 753,121.000 function, and as indicate elsewhere,
in June. Exports were 573.362,000. as against 475,248,000. The export named S. Parker Gilbert, Jr.
•
surplus for July was therefore 17,198.000 gold marks, as compared with
The New York "Evening Post" of the 2nd inst. in referring
an import surplus of 277,873,000 in June.
the
Reichsbank to the
Exports of manufactured goods in July were valued at 445,369,000 gold to the deposit of 20,000,000 marks in
marks; they were 383.013,000 in June. Imports of raw materials were credit of the general agent for reparations added:
reduced from 303.164.000 in June to 198,032,000 in July, and imports of
"We understand the Reparations Commission is formally establishing the
manufactures from 216.443.000 to 140,730,000.
fact of German acceptance of the Dawes legislation—the first of the technical
in
resulting
with
balance
the
imports,
of
decrease
favor
of
Gerlarge
The
confirmations from which successive stages of the execution of the Dawes
many, is ascribed here to the trade depression, which has reduced the project will be dated so that the project may now:be regarded as definitely
demand for foreign raw materials. But it is also explained by the policy working." said Minister of Finance Luther.
of the Gold Discount Bank of refusing credits for imports of manufactures.
The representatives of the general agent, Leon Frasier, who came ahead of
Owen young. made the first official call on Minister Luther yesterday.
The "Times" adds:
Dr. Luther explained that this money was advanced against the coming
The export surplus reported by Germany for July is the first monthly
report providing that until payments from
return since 1921 which has showed an excess of merchandise exports over international loan, the experts'
the loan itself can be made Germany must put up each month a twelfth
imports.
1126
THE CHRONICLE
[Vol.. 119.
of the billion marks payable the first year. The balance of the first month's their
state laws. A condensed version of the committee's
requirements will be deposited when it is ascertained how much is forthcomingfrom France and Belgium on the customs and railway administrations report will be mailed to the members of the exchange and
In the occupied areas which also will go into the new reparations fund if a majority vote in favor of the recommendat
ions they will
deposited in Berlin. The Allies have the responsibility of getting it out of
be adopted by the exchange. The report says-in part:
Germany without disturbing exchange as payment for export commodities
Your Committee has unimously agreed that deliveries at southern ports
or German industrial securities.
In the discussion the minister made a statement which is of interest to against New York future contracts would be a constructive change and
would undoubtedly tend to keep quotations more in harmony with spot
frenzied American speculators on German government municipal securities.
"I consider any payment on the old loans absolutely excluded," he said. values. Such a change would be economically sound and practicable
but for present adverse laws in many southern states.
"Wiping out of the old debts is the foundation of the whole Dawes program.
Your Committee favors extension of delivery privileges to the Ports of
If Germany marks up its old loans and paper marksit can pay nothing on
Norfolk,
Savannah, Galveston and Houston, whenever the state laws at these
reparations.'
places fully protect operations under the present U. S. Cotton Futures Act.
but for the present our recommendations will limit extension of Delivery
Signing in London of Agreements to Bring into
Privileges to the Port of New Orleans, Louisiana.
We recommend for your favorable consideration:
Operation Dawes Reparations Proposals.
"New Orleans deliveries with an allowance to the receiver equal to the
The agreement, reached at London on Aug. 16 embodying official
coastwise freight rate in effect on date notices are issued.
"With tenders limited on one contract to three contiguous grades.
plans for bringing into operation the Dawes reparations pro"Separate warehouse receipt and classification certificate for each bale.
posals, was signed at London by representatives of the
"Messrs. Clayton and Harriss' plan for the safeguarding of southern
warehousr receipts."
Allied
and German Governments in the early afternoon
The New York Cotton Stook Exchange in its announce(12:30) of Aug. 30. The representatives, it is announced in
Associated Press cablegrams, signed in the alphabetical ment of the 4th inst. says:
The
plan referred to requires (1) warehouses at New
order of their countries, except that the British self-governing OrleansClayton-Harriss
to come under the Federal Warehouse act before receiving licenses
Dominions which have approved the compact signed imme- from the New York Cotton Exchange: (2) that no Warehouse be licensed
which carries an insurance rate higher than that known as a B rating; (3)
]iately after Sir Eyre Crowe had affixed his name on behalf that
warehouses so licensed be required to charge a uniform storage and
of Great Britain. These advices also state:
handling rate on certificated cotton;(4) that such warehouses be required to
American Ambassador Kellogg, who has played such an important
part in the negotiations, was an interested spectator of the proceedings
but, of course, he did not sign.
insure the validity of their receipts covering certificated cotton under a
policy and with a company approved by the New YorkCotton Exchange.
The Southern Warehouse Committee was appointed by President Edward
E.
Bartlett, Jr.,on June 30 1923 "to consider the delivery of cotton on New
With its signing it was made known that Gates W.
York contracts from Southern and New England warehouses." Mr.
MeGarrah, Chairman of the Mechanics & Metals National Bartlett at that time expressed the hope "that
this will be a serious effort
. Bank of New York, had been named the American member to evolve a workable plan or definitely crystallize
sentiment as to its impracticability."
of the general board of the new German bank of issue and
Early in its deliberations the committee recognized the obstacles in the
that he would nominate the American member of the Trans- way of having any large number
of outside
points, particularly
fer Committee. Further reference to this is made in another the difficulty of arranging a basis of valuationdelivery
for interior points, and to
avoid the risk of inadequate control decided to consider only southern ports.
item in this issue.
Three members of the committee conferred with the Federal Trade ComThe reaching of the agreement at the International Con- mission last
November and learned that the proposals of the committee in
ference at London Aug. 16, was noted in our issue of Aug. 23, part were favored in principle by the commission. Subsequently they were
embodied in the commission's report on the cotton industry.
Page 888.
The committee was in constant consultation with Henry W. Taft, counsel
to the exchange, who advised that the charter of the exchange would permit
Reichstag Adjourns—Nationalist Vote on London
the changes in the contract recommended and that all of the proposals were
in conformity with the U. S. Cotton Futures act.
Agreement.
In regard to extending warehouse deliveries to Norfolk, Savannah,
Commenting on the vote whereby the adoption was effected Galveston
and Houston, Mr. Taft advised the committee that "In view of
in the German Reichstag on Aug. 29 of the railway bill to the fact that the states of Georgia and Texas have passed laws limiting
and
carry into effect the provisions of the London agreement, restricting contracts for future delivery of cotton, it might be difficult for
the New York Cotton Exchange to obtain permission to carry on In these
and incidentally the Dawes plan, the Associated Press states the business of inspecting cotton for
delivery under such contracts."
• accounts from Berlin on that date stated:
In further explanation of why it does not at this time recommend the exThe turnabout by 48 Nationalist Reichstag Deputies late this afternoon tension of deliveries to these four ports, the committee says:
"The important barrier appears not in the physical handling of the
. gave the Marx-Stresemann Government a comfortable majority in favor
cotton or collateral, but in the financial uncertainty involved where contracts
• of the London reparations agreements.
•
The price which the Government paid for the support of the Nationalists, might ultimately be subject to adjudication in accordance with various
which up until midnight last night had still
been in doubt, is reported state laws instead of in accordance with the laws of the State of New York
to be a promise that the present Cabinet will be reconstructed in the near as at present."
Members of the exchange, the committee points out, would be confronted
future to include several Nationalists.
The Government's approval of a tariff on grain Is also reported to be "not only with the uncertainty of being able to legally enforce their conpart of the bargain made by Dr. Stresemann, who acted as go-between tracts in such states, but would face the added danger that in some instances
repayment of margin or liquidated losses previously paid by clients, might
for the present Ministry.
At no time did the Government leave the oppositional forces in doubt be reclaimed."
with regard to its determination to dissolve the present Reichstag in the
William P. Jenks is chairman of the Warehouse Committee
event the opposition failed to grant the Government the required majority.
and the other members are Richard P.
Harriss, recently
The acceptance by the Reichstag of the London agreeelected Vice-President of the Exchange; Walter L. Johnson,
ment was dealt with in an item in our issue of a week ago,
John W.Jay, William L. Clayton,J. J. Williamson, James E.
page 1011. Regarding the adjournment of the Reichstag
Latham and Julius W. Cone.
on Aug. 30, Associated Press cablegrams said:
The Reichstag adjourned this afternoon until Oct. 15 after a heated
debate on the tariff.
This bill had to be dropped until the next session owing to the opposition of the Communists, who quit the Chamber in a body and left it
without a quorum.
Redemption of United States Treasury Notes Before
Maturity.
Secretary of the Treasury Mellon announced on Sept. 3
that he had authorized the Federal Reserve Bank, until
Signing by Canada of Agreement Bringing into Effect further notice, to redeem in cash
before Sept. 15 1924, at the
Dawes Reparations Plan.
holder's option, at par and accrued interest to the date of
• Associated Press advices from London Aug. 29 said:
such optional redemption, Treasury notes of Series B-1924,
Senator N. A. Belcourt, on behalf of Canada, yesterday signed the dated
Sept. 15 1921, maturing Sept. 15 1924.
Dawes reparations plan agreement concluded at the recent international
conference at London. Senator Beicourt sails for Canada to-morrow.
Pension Bureau Establishes Record in Distribution of
Checks to War Pensioners.
A record in the signing and delivery of checks has been
established by the Pension Bureau of the Interior Departof Future Contracts.
ment during the past ten years when approximately 33,000,Declaring that deliveries of cotton at Southern ports 000 checks were sent out to war pensioners, the Department,
against New York futures contracts is economically sound under date of Aug. 31, said, adding:
The monumental task of printing the names of the pensioners
in princip'e and would be practicable at numerous cities
on these
checks with the amounts to be paid each one, of placing a signature of them
but for adverse state laws, the Special Southern Ware- in
the name of the Government, of putting the checks in the envelopes and
house Committee on the New York Cotton Exchange in a addressing them and finally mailing them is accomplished so that over half a
report made public on Sept. 3, unanimously recommends million veterans, widows and dependents receive their pensions promptly
the fourth day of every month
the extension of delivery privileges to New Orleans. At onUp
to a year and a half ago the United States paid its pensions every
. present all futures contracts on the New York Cotton Ex- three months and it was then found to be a big
job getting out the checks.
• change call for delivery at New York City only. The corn- With the change in the law by Congress providing for monthly payment the
undertaking was practically tripled. The Disbursing Division of the Pen, mittee which studied the question of southern deliveries sion
Office, however, was equal to the added labors and has not failed since
for more than a year before making its final report, would to dispatch the checks on time monthly to the pensioners.
During the month of July 1924, 520.102 checks were issued. The total
• have recommended extending delivery privileges to Norfolk,
amount aggregated $18.440.354 27. Up to February 1913, paynient of
Savannah, Galveston andlHouston but for restrictions in pensioners
were made by regional offices numbering 18 throughout the
Southern Warehouse Committee of New York Cotton
Exchange Recommends Extension to New
Orleans of Delivery Privileges in Case
SEPT.6 1924.]
THE CHRONICLE
1127
Government would be held responsible for injuries to foreign
persons or property in the warfare threatened in the vicinity
of Shanghai, the British Minister is understood to have sent
a separate note regarding the Shanghai-Nanking Railway,
menaced by the hostile Chinese forces.
Three destroyers were ordered to Shanghai and the gunboat Sacramento to Amoy, China, as a precautionary
measure, by Admiral Thomas Washington, commander-inchief of the Asiatic fleet. The destroyers named in dispatches to the Navy Department from Admiral Washington
are the Tracy, Borie and Smith Thompson.
As had been foreseen earlier in the week, hostilities broke
out on Sept. 4,when a pitched battle between the forces of
Lunyung-hsiang, Tuchun of Chekland, and Chihsien-Yuan,
Governor of Kiangsu, opened the Shanghai-Nanking Railway near Hwangtu, about a dozen miles from Shanghai,
according to reports from Defense Commissioner Ho, received at Shanghai. The battle began with a heavy attack
by a force of the Kiangsu troops, estimated at 10,000 men.
While the left wing of the Chekiang army was forced back,
the centre and right slowly gained ground, according to
Ho's secretary. Later reinforcements reached the Chekiang
left wing, enabling it to push forward. On the whole, the
gained about two miles. There were many
American Exchange National Bank on Increase in Chekiang force
, it is said.
Shanghai
at
casualties
States.
Various
Expenditures of
al organizations against the
commerci
by
protests
Formal
The following is from the Sept. 1 monthly letter of the promotion of hostilities continued to be made. The intenAmerican Exchange National Bank of New York:
front formal protests by comof the Fed- tion was to send to the battle
In view of the fact that something over 90% of the revenue
continuance of hostilities.
the
strictly
against
that
ions
wars
and
of
past
costs
mercial organizat
eral Government in 1922 went to pay the
many comwas a communication addressed to the
one
civil expenditures were only 80% above pre-war, it will astonish
principal
The
placent persons when they discover that in comparison with 1913, State
Kong & Shanghai Banking Corporation by the Chinese
expenditures in 1922 showed an increase of 235%—and that without any Hong
protesting against a reported
important expenditures growing out of the war. No allowance is made for General Chamber of Commerce,
.
Government £1,000,000 sterling.
Peking
the change in the purchasing power value of the dollar in these comparisons
the
lend
to
project
If the items were reduced to the basis of the 1913 dollar, it would be seen
loan, according to reports, would be secured by German
that the civil expenditures of the Federal Government showed only mod- The
out that the present
erate increases in comparison with the expenditures by the States. Only bonds. The Chamber's letter points
expenditures from revenues—various forms of taxes and other income—are conflict between the cost provinces is causing widespread
referred to, the vast capital sums raised by the States and other departments
suffering in addition to the purely material losses. It deof Government during the last few years being left out of account.
would
In 1922, the latest year for which data are available, the expenditures of clares that the granting of such a loan as suggested
the 48 States comprising the American Union were more than three times prolong the strife, as part of it at least would be devoted to
their expenditures in 1913. The per capita cost of State government inpurposes. The Chamber addressed a second comcreased from $4 in 1913, to nearly $12 in 1922. In the period from 1913 to military
inGovernment
Federal
by
the
of
civil
expenditures
cost
capita
per
1924 the
munication to the belligerents and to the Peking Governcreased only $122. The Federal Government is spending vastly more than
ment jointly, vigorously urging that a fifteen-mile strip of
In 1913, but most of it is going in payment for the war, for pensions, bonuses,
land surrounding Shanghai be declared neutral ground.
Interest and the like.
The letter contends that to permit fighting near Shanghai
means inevitably a heavy commercial loss, aside from the
Warn
Allies
and
Civil War in China—United States
diplomatic complications that may be involved by the presPekin Government Against Injury to Foreign Inin the city of large numbers of foreigners. Warning is
s
Directed
ence
Warship
terests—Railway Seized—
given by the Chamber that if its request is disregarded the
to Shanghai by United States and Great
belligerents will be required to pay all resulting indemnities.
Britain.
Official reports to the State Department at Washington on
The breaking out of internal war in China and the seizure
4 from Pekin, a summary of which was given out.
of the Pekin-Nankin Ry., by the Tuchins of the Chekiang Sept. follows:
as
read
and Kiangsu Provinces have been responsible for the disThe American Charge d'Affaires at Peking, Mr. Edward Bell, informed
patchinz of British and American warships to Shanghai the department that as a result of a conference which took place at Peking
the British and Japanese Ministers,the
and warning to the Central Government of China on behalf regarding the situation at Shanghai,
d'Affaires called on
charge d'Affaires and the American Charge
of the Allies and the United States against the impairment French
Affairs, and explained
Dr. Wellington Koo, Chinese Minister for Foreign
received
that was threatens
situation
Dispatche
the
East.
of their interests in the Far
that they could not regard with equanimity
at Washington on Aug. 28 from the American Charge ing Shanghai by sea.
whole river, from the arIt was brought to Dr. Koo's attention that the
d'Affaires at Pekin, Edward J. Bell, indicated that a serious senal
which floated ships of
to Woosung, was practically one vast harbor in
s
that
cabled
condition every nationality.
situation was developing there. He
harbor of the East was unThe idea of a naval battle in the greatest
at Shanghai were becoming worse because of the military
could not be tolerated.
and
thinkable
of
Governor
Kiangsu,
Military
n,
activities of Chi Shieh-yua
e
In view of the military situation in the Yangtse Valley,th
and General Lu Yung Hsiang, Tuchun of Chekiang Province.
offices
post
railways,
on
p
censorshi
a
placed
garrison
This came to him from Consul-General Cunningham. Pekin
offices, throughout the metropolitan area.
The State Department issued a communique on the and telegraph
financial organizations and members of
and
al
Commerci
subject, saying in part:
made renewed
The Consul-General reported that the military had taken charge of the Parliament whose provinces are affected
Kun,
railway stations and closed the gates on the morning of Aug. 27. General efforts to avert armed conflict on the Yangtse. Tsao
his
infuenee
Ho Fen Lin, Defense Commissioner of Shanghai, has been induced to
exerting
be
to
also
said
was
China,
of
President
permit the foreign and Chinese staffs to continue operating trains on
condition that they accept requests for required transportation for the in a similar effort.
military. On this condition he promised to permit the regular railway
The immediate basis for the conflict, it is said, is contained
service to continue. Morning trains were canceled, afternoon trains
charges by Chi Hsiehyuan that his rival, Lu Yung-Hsiang,
in
time.
at
any
upset
be
may
t
continue, but this arrangemen
ago by the Kiangsu
The Charge d'Affaires at Peking also reports the receipt of a telegram violated a peace treaty signed two years
from the American Consul at Nanking, dated Aug. 28. Twenty thousand and Chekiang provinces, by harboring and accepting support
Klangsu troops are on the border of the Province of Chekiang between
for two military leaders lately expelled by the Northern
hissing and Quinsan near Soochow. The Consul reports that hostilities
certain.
almost
be
forces with which CM is aligned.
appear to
by a pension agent and it
United States. Each regional office was headed
after the pensioner
was his duty to make out and sign each check personally
of the regional offices the work
had filled out a voucher. With the abolition
then all pensions have been
was centrallzed in the Pension Bureau and since
paid from Washington.
53 was disbursed to retired
For the month of July the sum of $489,749
$187,116 62. These payemployees; to those separated from the service,
Retirement and Disability Fund
ments were made from the Civil Service
of 2%% withheld from the pay
which has accumulated from the deductions
of clerks in the classified service.
by the Disbursing Clerk,
issued
checks,
In the course of a year a number of
the carelessness of the pensioner.
are lost or destroyed, usually through
the discovery of the
Appeals to the Disbursing Clerk for a new check upon
manner in which the loss occurred.
loss are made with an explanation of the
months and the
winter
The highest percentage of losses occur during the
family accidentally threw the
cause generally is that some member of the
At times charred
check in the stove with other papers that were worthless.
to the Disremnants of the check sufficient for its identification are mailed
Dupbursing Clerk, who at once issues a substitute check to the pensioner.
of the
Secretary
the
by
prescribed
regulations
licate checks are issued under
of a
Treasury upon proof of loss of the original check and the execution
bond of indemnity.
DiviDisbursing
A miniature post office has been established within the
are assigned there by the
sion of the Pension Bureau. Several postal clerks
postmarking letIn
y
continuousl
engaged
are
who
,
Post Office Department
destinaters to pensioners containing checks, routing them to their proper
at the railroad
tion, sacking them and dispatching them direct to mail cars
to
mailed
checks
million
a
depots. Through this arrangement the half
Washpensioners are not delayed in going through the local post office at
ington.
The Peking morning press contains reports that the Nanking-Shanghai
Ry. service has been interrupted and that fighting has conunenced between
General Chi, Governor of the Province of Kiangsu, and General Ho Fen
Lin. The latter report has not been confirmed.
On the same day it was reported in press dispatches from
Shanghai that British and American warships were proceeding
there from Chefoo and Weihaiwei in connection with the
seizure by the Tuchuns of the Chekiang and Kiangsu Provinces of different sections of the Pekin-Nanking Ry.
In addition to the warning note sent by the Diplomatic
Corps to the Chinese Foreign Offiee, declaring that the
Labor Day Address of President Coolidge--United
States Workers Best Paid in World—Reviving
Business and Lower Discount Rates.
Declaring that "America recognizes no aristocracy save
those who work," President Coolidge in a Labor Day address
in Washington Sept. 1 added that "we have outlawed all
artificial privilege. We have had our revolution and our reforms." "I do not," he asserted, "favor a corporation Gov-
1128
THE CHRONICLE
[VoL. 119.
'than:tent, a bank Government, a farm Government, or a
It is only necessary to lock about you to observe the practical effect
of
labor Government. I am for a common sense Government this policy. It is somewhat difficult to find men in Government positions
by all the people according to the American policy and under who did not in their beginnings live by the work of their own hands. Of
those who sit at the Cabinet table of the nation none was born to the purthe American Constitution." Referring to the bettered con- ple, save only as they were born
to become American citizens, and nearly all
ditions of wage earners, the President stated that "one of in early life earned their living by actual manual labor.
The Secretary of Labor comes from union labor ranks. In each important
the outstanding features of the present day is that American national
conference in which labor is interested labor has been represented.
wage earners are living better than at any other time in our On several occasions under this Administrat
ion that has been the practice.
It
was
so at the conference on unemployment, on transportation, on agrihistory." "We have here in the United States," he said,"not
culture, on the business cycle, on intermittent employment in construction
only the best paid workers in the world, but the best paid industries and on
the great Washington
for Limitation of
workers that ever lived in this world." Citing figures for Armament. The same policy prevails in theConference
membership of many of our
important
commissions. The Chairman of the United States Shipping Board,
1923 the President said: "Taking the entire body of union
one of the most important places of business administration in the Governmen, working hours have been reduced 6% as against 1913 ment, is filled
by a man who was prominent in organized labor.
and 8% as against 1907. But their weekly pay in 1923 was
The St. Lawrence River, the Inter-State Commerce and
the United States
Employees'
Compensation Commissions, the Vocational Education and the
99% higher than in 1913 and two and one-sixth times as
Railway Labor Boards are examples of this policy and are results of
the open
high as in 1007. And let it be added, the figures show that door of opportunity. Those
who have been identified with toil are now awl
average wages of organized workers in 1924 are higher than will continue to be in important places of Government authority.
The wage
In 1923." The President declared that "we do not need to earners of America have been mixing their work with brains ever since the
day of George Washington.
import any foreign economic ideas or any foreign governBut the Government of the United States is not
for the gratification of
ment. We had better stick to the American brand of gov- the people who happen to hold office. It is established
to promote the genernment, the American brand of equality, and the American eral welfare of all the people. That is the American ideal.
No matter how many office holders there may be,
or
what their origin,
brand of wages." While conceding that "along with the our institutions are a failure unless
they serve all the citizens in their own
right to organize goes the right to strike, which," he said, homes. It is always necessary to find out what effect the institutions of
and society have on the wage earner in order to judge of the
"is recognized in all private employment," the President ob- government
desirability of their continuation.
served that the principle of voluntary arbitration "has come
Earnings of American Workers.
to exist almost as a right," and he described mutual conferOne of the outstanding features of the present day
is that American wage
ence as "the best method of adjusting differences in private earners are living better than at any other time in our
history. They have
industry." The President referred to organized labor as not only retained, but actually increased, the gains they made during the
war. The cost of living has been high, but
the
increase
in wages has been
"fast becoming one of the powers of capital in this country. greater. Compilations of
the Department of Labor demonstrate that the
Its co-operative enterprises and its advance into the field of wages of an hour or a day buy more now than it ever did
before.
Not only are the American wage earners now
banking and investment," he said, "have given it not only a
receiving more money, and
more of the things that money will buy, for
their work, than any other wage
new power of influence, but a new point of view. It is learn- earners in the world, but
more than was ever
received by any coining the problem of enterprise and management by actual ex- munity of wage earners. We have here in thebefore
United States not only the
best-paid workers in the world, but the best-paid
perience. Calling attention to the lowering of rediscount In this
workers that ever lived
world.
rates by the Federal Reserve banks, the President claimed
All this has been accomplished in spite
of a general shortening of the
hours of labor in the industries. The
that "business has revived," and said:
case of the iron and steel and the
box-board
industry are particularly notable in this regard. As a direct
result of President Harding's initiative, the
iron and steel manufacturers
were brought together and an agreement
was reached under which the
twelve-hour day and the seven-day week have been eliminated.
Secretary
Davis did the same for the box-board workers.
Yet this has been done without any loss in
wages. On the other hand,
there has been actual gain. The Department of
Labor statistics show that
in 1924 the customary working time per week
in blast furnaces has been
reduced to 75% of the customary working
time per week in 1913. But
per hour in 1924 are more than two and one-half
Stating that it is his policy "to continue this march of earnings
times the earnings
per hour in 1913. Despite the great reduction
in hours, weekly earnings in
progress," the President said "there are two important do- this industry stand to-day 90% above
weekly earnings of 1913.
In the open-hearth furnace department
mestic factors in this situation"—the first restrictive immiof the
ing hours are now only 74% of the working iron and steel industry workhours of 1913. But earnings
gration and the second that of a tariff for protection. "By per hour
are more than two and two-thirds times the earnings per hour of
restrictive immigration, by adequate protection," he de- 1013. Earnings per week are 99% above
the weekly earnings of 1913. All
clared, "I want to prevent America from producing cheap other departments of the iron and steel industry have enjoyed large Increases in earnings per hour and per week.
men." The President's address, which was delivered bef)re
I know that figures are sometimes tiresome.
But these I am quoting are
at, eloquent that I am sure you will
a delegation representing various unions, follows in full:
pardon other illustrations. In the shoe
Industry regular working hours are now
Labor Day is more entitled than any other to be called national holiday.
11% lower than in 1913, hourly
a
Other holidays had their origin in State legislative action. Labor Day had wages are two and one-seventh times those of 1913 and full-time weekly
earnings are 92% above those of 1913.
its origin in national legislative action. After Congress
had taken the lead
In cotton manufacturing hourly
the States followed; it is, moreover, a peculiarly American holiday. It is a
earnings are more than two and one-half
times those of 1913. Working hours
most characteristic representation of our ideals.
have been reduced 8% and wages by
country,
am
I
No other
the
week
are
almost
two
and
one-third
told, makes a like observance. But in America this high tribute is paid in
times what they were in 1913.
The figures I have quoted apply to workers
recognition of the worth and dignity of the men and women who toil.
industries, regardless
of whether they are organized or unorganized. in these
You come here as representative Americans. You are true representatives.
A study of wages in organized
trades
shows
that in 1923 the average wage per hour was two and oneI cannot think of anything characteristically American that was not proninth times that in 1913 and two and
one-third times that of 1907. Taking
duced by toil. I cannot think of any American man or woman pre-eminent
the
entire
body
of
union men, working
in the history of our nation who did not reach their
place through toil. I against 1913 and 8% as against 1907. hours have been reduced 6% as
But their weekly pay in 1928 was
cannot think of anything that represents the Amerioan people as a whole so 99%
adequately as honest work. We perform different tasks, but the spirit is And higher than in 1913 and two and one-sixth times as high as in 1907.
let
it
added,
the
figures show that average wages of organized workers
the same. We are proud of work and ashamed of idleness. With us there is
no task which is menial, no service which is degrading. All work is en- in 1924 are higher than in 1923.
But increased wages, in terms of money, mean
little if they are entirely
nobling and all workers are ennobled.
absorbed by higher prices of the necessaries
of
To my mind America has but one main problem, the character of the men
whether an increase in the money wage is also an life. In order to know
increase in the real wage,
and women it shall produce. It is not fundamentally a Government probwe must know how much the prices have advanced.
lem, although the Government can be of great influence in its solution. It
On that point, I find that the cost of living
of the average family, for the
is the real problem of the people themselves. They control its property,
same standard of living, has been falling since the
high point was reached
they have determined its Government, they manage
its business. In all in 1920, and is now, in terms of money, only 69%
above the level of 1913.
things they are the masters of their own destiny. What they are, their in- That
is, the increase in wages has far outrun the
advance in the coat of
telligence, their fidelity, their courage, their faith, will determine our living.
Real
material prosperity, our success and happiness at home and our place in the higher to-day wages, as determined by the things that money will buy, are
than
ever
before
in
our
history.
world abroad.
A moment ago I said that the American
workman is now not only better
Government Policy.
paid than he ever was before, but better paid
than any other workman in
If anything is to be done, then, by the Government for the people who the world's history. I want to give one or
two illustrations to show his
toil, for the cause of labor, which is the sum of all other causes, it will be advantage over wags earners of other countries.
by continuing its efforts to provide healthful surroundings, education, reaComparison With British Earnings.
sonable conditions of employment, fair wages for fair work, stable business
Some very recent figures have made it possible
to compare British and
prosperity and the encouragement of religious worship. This is the general American
earnings. They show that the average British cotton
mill worker
American policy, which is working out with a success more complete for earned $7 85 per
week
in
June
this
year,
while the average American cotton
humanity, with its finite limitations, than was ever accomplished anywhere mill worker
earned
$14
95.
The
British
woolen
mill
operative earned $9 56
else in the world. The door of opportunity swings wide open in our coun- per week,
the American, $26 21. The British potter earned $8 34, compared
try. Through it, in constant flow, go those who toil. America recognizes no to the
American potter's $26 70.
aristocracy save those who work. The badge of service is the sole requireBut once more we must inquire about the
comparative buying power of
ment for admission to the ranks of our nobility.
money in the two countries before we can
be assured that the actual earnThese American policies should be continued. We have outlawed all art'. ings of the
American
are
higher
than
those
of
the British wage earner.
ficial privilege. We have had our revolution and our reforms. I do not
It happens
favor a corporation Government, a bank Government, a farm Government, or living costs that the British Government has made a study of wages and
in
the
principal cities of several countries as of 1923. It was
a labor Government.
found that a bricklayer in Madrid receives a wage
which buys only 50% as
I am for a common-sense Government by all the people according to the much
as the London bricklayer can buy with his wage. The Vienna brickAmerican policy and under the American Constitution. I want all the peo- layer has a
ple to continue to be partakers of self-government. We never had a Gov- Bricklayer. wage whose purchasing power is 57% of that of the London
The Berlin bricklayer's wage has 61% of the buying power of
ernment under our Constitution that was not put into office by the votes of the
London bricklayer, while the Paris bricklayer's wage will purchase 71%
the toilers.
as much as will the wage of the London bricklayer.
Soon after the close of the war, the policy of deflation was adopted. which,
no doubt, some thought might be used to secure reduction in wages and
a
the dissolution of labor organizations. Thie Administration refused to lend
itself to any such program, and at once adopted a policy, which it has
steadily pursued, of helpfulness to business, industry
and lahcr. The Federal Reserve System has constantly reduced discoant rates, business has
revived, and the millions who were without employment
have found plenty
of work at an increasing rate of wages.
SHPT.6 1924.]
THE CHRONICLE
Those figures show that the British workingman is easily the aristocrat
of all Europe. He earns much higher wages, measured in buying power,
than any workingman on the Continent. And yet this same British authority
shows that the New York bricklayer earns a wage whose effective buying
power is two and three-fourths times that of the London bricklayer.
In other trades and occupations the comparisons lead to similar conclusions. Wherever you turn, the statistics of wages and living costs show
that the American wage earner enjoys a buying power enormously greater
than that of any other wage earner in the world.
No Need to Import Foreign Ideas of Government.
We do not -need to import any foreign economic ideas or any foreign
government. We had better stick to the American brand of government,
the American brand of equality and the American brand of wages. America
had better stay American.
Child Labor.
These are some of the material results of present American policies. We
have enacted many laws to protect the health of those who are employed in
the industries. Especial efforts have been made in this direction in behalf
of women and children. We are attempting at the present time to secure a
constitutional amendment giving Congress jurisdiction over child labor.
The efforts of the States and nation to provide and encourage education
have been such that it is fair to claim that any youth, no matter how humble
his circumstances, can, unaided, secure a college education by the exercise
of his own efforts. We have achieved an equality of opportunity which has
opened up the avenues of a more abundant life to all the people.
1129
It is your fellow workers who are ordered to work for the Government every
time an appropriation bill is passed.
The people pay the expense of government, often many times over, in
the increased cost of living. I want taxes to be less that the people may have
more.
Is for Peace and Against Aggressive War.
I am for peace and against aggressive war. I am opposed to warlike
preparations. But I am in favor of an adequate army and navy to insure our
citizens against any interference with domestic tranquillity at home or any
imposition abroad. It is only in peaceful conditions that there is a real hope
of progress.
Would Have United States Aid in Settlement of European Affairs.
I want to have America co-operate in securing a speedy settlement of European differences and assist in financing a revival of business which would
be of world-wide benefit to wage earners.
I am in favor of continuing and extending the policy of covenants between
nations for further disarmament and more extensive guarantees of permanent
peace.
These are some of the policies which I believe we should support, in order
that our country may not fail in the character of men and women which
it produces.
I want to see our institutions more and more humane. But I do not
want to see any of the people cringing suppliants for the favor of the Government, when they should all be independent masters of their own destiny.
I want to encourage business, that it may provide profitable employment.
I want to see jobs hunting for men, rather than men hunting for jobs. I
want the factory able to consume at a fair price the products of the farm.
I want every individual, no matter how humble, to know that over him is
the protection of public law. I want to raise the economic condition and increase the moral and spiritual well-being of our country.
The foundation for a new era is being steadily and surely laid. Whether
we shall enter upon it depends upon the attitude of our fellow countrymen.
I have an abiding faith in the American people.
Strikes and Compulsory Arbitration.
There are two sides he every bargain. It is not only human nature, but
necessary to progress, that each side should desire to secure a good trade.
This is the case in contracts for employment. In order to give wage earners reasonable advantages their right has been established to organize, to
bargain collectively and to negotiate through their own chosen agents. The
principle also of voluntary arbitration has come to exist almost as a right
Compulsory arbitration has sometimes been proposed, but to my mind it
cannot be reconciled with the right of individual freedom.
Along with the right to organize goes the right to strike, which is recognized in all private employment.
The establishment of all these principles has no doubt been productive of
Industrial peace, which we are at the present time enjoying to a most unusual degree. This has been brought about by the general recognition that
on the whole labor leaders are square and on the whole employers intend to
be fair. When this is the ease, mutual conference is the best method of adjusting differences in private industry.
Of course, employment affecting public safety or public necessity is not
private employment and requires somewhat different treatment In this
field we have been making an interesting experiment in relation to railroad
labor. This has no doubt been a step in advance. It could probably be
medified, through mutual agreement, to the benefit of all concerned.
Soon after the close of the war the policy of deflation was adopted,
which no doubt some thought might be used to secure a reduction in wages
and the dissolution of labor organizations. This Administration refused to
lend itself to any such program, and at once adopted a policy, which it has
steadily pursued, of helpfulness to business, industry and labor. The Federal Reserve System has constantly reduced discount rates, business has
revived, and the millions who were without employment have found plenty
of work at an increasing rate of wages.
It is my belief that this policy represents one of the most important and
helpful services on the part of the United States Government which was ever
performed for the benefit of the wage earners of this nation. When almost
everything else went crashing down, a change of front took place in time to
save them from almost certain destruction.
President Coolidge in Praising Fraternal Organizations
Says They Portray Homely Virtues.
Commendation of the fraternal spirit was voiced by President Coolidge in addressing delegates to the National Fraternal
Congress of America in convention at'Washington, Aug. 29.
Urging that we might well remember that the "homely
virtues" of industry, thrift, loyalty, common sense, faith
and the golden rule have never been fully tried "as adequate
remedies for much that society desires to correct," the President said:
Before we conclude that the times are altogether out of Joint, that all
our institutions have proven a failure, that we must have an entire new
order of things, we ought to be certain that we have fully availed ourselves of the advantage of observance of these simple, elemental, homely
virtues. It will be time enough to experiment with proposed substitutes
when these have been exhausted.
It is because the fraternal spirit is an attempt to translate these ideals
Into daily life and action that it is entitled to so much commendation and
approval. It deserves to rank among the soundest and most practical
efforts of the present day to better the life of mankind.
The following is his address:
It would be difficult to overestimate the importance of what the National
Labor's Advance Into Banking and Investment Field.
Fraternal Congress of America represents. In point of numbers I am told
men and
As a result of all these fortunate circumstances, organized labor is fast that you have between 10,000,000 and 12,000.000 American
delgates to this
becoming one of the powers of capital in this country. Its co-operative en- women organized in various fraternities which have sent
millions in addition.
terprises and its advance into the field of banking and investment have given gathering. It is not only this great number; but many
having a direct concern
it not only a new power of influence, but a new point of view. It is learn- made up of the families and beneficiaries of members
In the success of these great societies, which makes them inclusive of a very
ing the problem of enterprise and management by actual experience.
distributed in area.
This again is the working out of the American ideal in industry. It is large body of our people. They are likewise broadly
part of the Union.
the beginning of a more complete economic equality among all the people. Many of them have a membership reaching into every
nation itself, and
I believe it to be the beginning of an era of better understanding, more While some are of recent origin, others are older than the nation, but can
sympathy and more fellowship among those who serve the common welfare the ideal which they represent not only antedates our own
civilization.
of
records
through investment and management and those who serve as wage earners. be traced back almost as far as we can discover
Whenever we find an institution including large numbers broadly disWe have yet a long way to go, but progress has begun, and the way lies
the ages, we
open to a more complete understanding that will mark the end of industrial tributed. resting on a foundation that has come down through
know that we can rely upon it to promote the welfare of mankind.
strife.
of fraternity
brotherhood,
It is easy to see how far-reaching lathe spirit of
It is my policy to continue these conditions in so far as it is possible and
and of mutual helpfulness. It is a fundamental, principle of our country.
to continue this march of progress.
It is scarcely too much to say that almost all which we can properly desigRestrictive Immigration and Protective Tariff.
nate as American is a development of these precious principles and high
There are two important domestic factors in this situation. One is re- Ideals.
Political Institutions Recognition of Common Brotherhood.
strictive immigration. This has been adopted by this Administration chiefly
for the purpose of maintaining American standards. It undoubtedly has a
Our political institutions are the recognition of a common brotherhood.
very great economic effect. We want the people who live in America, no From that principle arises the right of freedom and equality. It is the basis
matter what their origin, to be able to continue in the enjoyment of their for organized and harmonious effort under public authority in our social.
present unprecedented advantages.
political and industrial life.
This opportunity would certainly be destroyed by the tremendous influx
Without the moving spirit of fraternity, of a common effort for a common
of foreign peoples if immigration were not restricted. Unemployment would purpose, our Government, economic and social organizations would at
become a menace, and there would follow an almost certain reduction of once disintegrate. When you minister to that spirit, when you stimulate
wages with all the attendant distress and despair which is now suffered in It into greater activity, you provide greater security, larger resources and
so many parts of Europe. Our first duty is to our own people.
a more harmonious life for all the people. It lathe expression of the spirit of
The second important factor is that of a tariff for protection. I have common brotherhood which makes men desirous to serve their own town,
already given you some examples of the wages padi in Europe. Such a their own State and their own nation in every lawful and law-abiding way.
scale means that goods can be produced much cheaper there than they can It is the prime remedy for selfishness. A knowledge of these principles and
here. If our policy of protection is to be abandoned, the goods which are these ideals is among the most previous of human possessions. They are of
now made by the wage earners of America will be made by the wage earn- universal application. There are none so lacking in means, or so humble in
ers of Europe. Our own people will be out of employment Our entire position, that they are unable to avail themselves of these blessings. Somebusiness system will be thrown into confusion with the want and misery times I have thought that we do not place emphasis enough upon the homely
which always accompany the hard times of attempted economic readjustment. virtues, or sufficiently appreciate the common blessings of life. It is far
Under free trade the only way we could meet European competition would from my purpose to criticize ambition. It lathe chief mainspring of achievement and progress. But the desire for advancement,the wish for something
be by approaching the European standard of wages.
I want to see the American standard of living maintained. We shall not more, ought not to make us unmindful of the place we now hold and the
be misled by any appeal for cheap goods if we remember that this was com- possessions we now have.
Spirit of Contentment.
pletely answered by President McKinley when he stated that cheap goods
make cheap men.
The spirit of contentment is one which is well worth cultivating. we
By restrictive immigration, by adequate protection, I want to prevent Americans are constantly criticized for the eagerness with which we seek
wealth and power. I doubt if we are any more avaricious and grasping
America from producing cheap men.
To these must be added economy of expenditures by the local and na- than those of other nations, though I admit we possess the enterprise which
tional Governments. There are about 24,000,000 heads of families in the makes us more successful. I think it would be safe to say that these AmeriUnited States. It takes 5,000,000 of these working at $5 a day to pay the cans who have secured great wealth, or have risen to places of great power,
present cost of government This gives us some idea of what public expense would all agree that they are no happier and no better satisfied than they
were in their days of comparative poverty and obscurity.
takes out of the productive power of the nation.
We know that this class of persons have for the most part secured their
No matter what any one may say about making the rich and the corporations pay the taxes, in the end they come out of the people who toil. success by making some great contribution to the advantage of their fel-
1130
THE CHRONICLE
[Vol- 119.
low-men, for which they are entitled to
our commendation. But it seems
No substitutes have ever yet been found
perfectly apparent that the real satisfactions
for these virtues. There can be
of life are not found in great no substitutes.
They do not require any elaborate preparation in order to
possessions.
be
put into operation. They do not rely
If that be the case, there is no reason to condemn
for
their use or effect upon any
our institutions as old- Act of Congress or
official sanction of the Government. They have that
fashioned or consider them as failures because they
do not immediately give tremendous practical
us all great place and great riches. We must necessaril
advantage of being here, now, and always within the
y come to the further reach of all of us.
conclusions that we shall find the real satisfacti
ons of life in some other
I believe that herein will be
direction.
found to a very large degree the real satisfactions of life. All of us
One other inference seems to me fairly plain. Whatever
be the differ- all depends on ourselves, can, if we will, become partakers of them. It
ences in station occupied by various individuals in our free country,
for no one can act for us.
there
I do not wish to be misunders
Is a very substantial equality in satisfaction and
tood. Because I believe in these I would not
in happiness. Not only have it thought!
believe in nothing else or suppose that in our social and
youth with scanty and home-made toys, but maturity
in humble sur- political relations
many other things do not need to be done. But these
roundings may get about as much satisfaction out of life
as those with are fundamental
and necessary. They always work.
surroundings made up of every luxury.
Before we conclude that the
If this, which I believe to be profoundly true, were more fully realized,
times are altogether out of joint, that all
our institutions have proved
It would remove much discontent on the one hand
a failure, that we must have an entire new order
and remedy considerable of things, we
ought to be certain that we have fully availed ourselves the
vanity and arrogance on the other. There is a very great deal more
of
of advantage of the
observance of these simple, elemental, homely virtues. It
equality in America than is yet appreciated. Some day this
will be generally understood and admitted. But if our satisfactions do not come from will be time enough to experiment with proposed substitutes when these
have been exhausted.
great possessions, we may well inquire what are their source. To
my mind,
It is because the fraternal spirit
they come from the simpler things of life, from the exercise of the
is an attempt to translate these Ideals
homely into daily life
and action that it is entitled to so much commenda
virtues that are within the reach of all. It cannot be that we live
tion and
in a world approval. It
deserves to rank among the soundest and most practical
where we must for the most part, with no fault of our own, be
efforts
doomed to of the present
day to better the life of mankind.
failure and disappointment. That would be the case if we all must
have
It emphasizes brotherhood.
great possessions to gain happiness and success. It must
It
promotes
fellowship
. It aims to provide
be that there is benefits which
are not charity but result from
plenty of satisfaction and happiness to go around
mutual service and helpif we will but put our- fulness. It
teaches its members to consider the
selves in an attitude to accept them.
future
as
well as the present
In order to provide against
One of the most elemental virtues, which is not only within
adversity. It promotes self-reliance, selfthe reach of respect, self-contr
all but must be practiced by all, is industry.
ol
and
independe
nce.
It is very difficult to imagine
The rituals of nearly all fraternal
any personal satisfaction of which this does not form part.
organizations are based upon religion
a
In the development of our industrial life we have had to make a large effort to soften No true fraternity can rest on any other conception. It is for these reasons that they are supporter
and avoid grueling and mechanical toil for
s of the true aims of society, strong reliances
long hours in close confinement.
But because we have wished to prevent over-exertion and prolonged strain of ordered government, according to public law, able advocates the cause
of
or righteousness and religion,
It must not be inferred that work is undesirab
and effective promoters of peace and goodle or harmful. There can be will among the
nations of the earth.
no human development without it.
Education implies a long and intensive application by every individual
who acquires Its benefits. The whole fabric of
our civilization is absolutely
dependent upon it. Without it there is only disintegtation and decay. General Dawes on Republi
can Plans in Behalf of
Instead of being a curse, we can rather say that work is the prime source
Farmer.
of all our blessings. On a little church high on a Vermont hillside! saw this
Asserting that the agricultural question is "the most
Inscription: "No man who lives a life of ease leaves
a name worth remembering." Industry pays because it is right.
serious economic question confronting our nation to-d
ay,"
But work is activity for an end. It always seeks to accomplis some- Gen.
h
Charles G. Dawes, candidate for Vice-President on the
thing. The main object with which we usually associate
it is that of material progress. This means accumulation. The foundatio on which this Republican ticket, added, in an address
n
at Lincoln, Neb.,
rests is the virtue of thrift. If there be any general advance,
any increment on Aug. 29, that "upon its solution depends our future
as a result of industry, it is because the people as
a whole produce more national policy. The
announced intention of the President
than they use, because they save.
to appoint a commission to study the agricult
It is only by the practice of this virtue that we can
build railroads, estabural problem
lish industries, support commerce, enlarge
agriculture, endow colleges and to make recommendations to
Congres
preclude
and provide places for religious worship.
s,
s," said
Without thrift these works will Gen. Dawes,
"the possibility of a political discussion of any
not arise.
of
the relief measures considered by Congress or
Another virtue on which we must place a great deal of emphasis is loyalty.
now under
We are all placed in positions of more or less responsibi
lity. If we think consideration by leaders of the various
farmers' organizaonly of ourselves, we shall reap nothing but failure.
When we have once tions." He
further said:
made a choice, there must be loyalty to that choice.
This is one foundation
The necessity for choosing a
di'the family relationship.
commission and for a thorough non-political
study of the problem is evidenced
•
When we have entered into employment, or
by the fact that at no time has it been
identified ourselves with a possible
to secure, for any proposed plan
party, or accepted an office, or received the
of relief, the indorsement of all
benefits of citizenship, these the
leading agricultural organizations.
obligations must be discharged with loyalty.
This is evidenced by the fact that
After we have made our choice during
we must abide by it. Honesty is
the last session of Congress
loyalty to truth. To these must be added
the docket of the House Committee on
Agriculture carried thirty-nine bills
faith. It is faith that lifts us above
for agricultural relief, and the Senate
ourselves and gives us strength that is
docket shows that thirteen bills were
not our own. We need faith in ourselves
brought before that committee.
to exercise the power of our own
The farmers must organize—
ability and ourown character.
preferably on a commodity basis—for the
purpose of improving marketing
We need faith in others to secure their more
facilities
where present costs are burdencomplete reaction to our some or
can be reduced, and, what is of equal
own efforts. Without it we could not make
importance, for the purpose of
use of a banking system, or issue collection
and prompt dissemination of informati
bonds and notes which are evidences of indebtedn
on in intelligible form which
ess, extend any credit or will aid in
the working out of proper seeding
make any adequate provision for the future.
and planting programs.
Not to have faith in our fellow-men is not to have faith in ourselves
In
part
he
also
. It is to deny our mutual desaid:
pendence upon each other and upon a Divine Power.
While broad publicity has been
given to the distress of the farmer, parWe live in an ordered universe rifled by law and
by the guiding power of ticularly the grain grower, it is to be noted with satisfacti
on that during
Providence. We do not yet understand many of its ways. Whatever may the period of
post-war
readjustment from which we are emerging the perappear to be the temporary power of evil, it is
always overcome by the centage of failures among farmers has
been smaller than among those
greater permanent power of good. Not to hold this faith appears to me to engaged in
commercial pursuits, and this would indicate that the American
attempt to fight against the stars in their courses.
Such resistance must farmer has the courage, intelligence and resourcefulness
required to solve
end in destruction. Faith in God is the beginning of
the most difficult problems affecting
religion.
his pursuit. The recent improvement
It is not necessary to refer to the desirabili
ty of, or my belief in. the In the agricultural situation must not be taken
as evidence that the farmer's
general prevalence of common sense.
problem has worked out its own solution.
Within the last ninety days there
The Quest of Fellowship.
has been a marked advance In grain
It is perfectly evident that the development of humanity requires fel- prices which is a natural result of the operation of the law of supply and
lowship. The great effort of civilization is to provide the right to come into demand.
The good fortune of the American
fellowship among all the Individuals of the human race.
farmer is attributable to the fact that
It has been and there is an estimated
shortage of 200,000.600 bushels in the Canadian
can be somewhat aided by legislation, but in the main
it must be worked wheat crop as compared
out and provided by the people themselves. It
with that harvested last year, and when one conis not so much a rule of law siders that the Canadian
crop of 1923 furnished almost one-half of the total
as an attitude of mind.
We cannot improve our condition without sympathy friendship, love requirements of wheat importing countries it is evident that a shortage in
,
and co-operation. In one way or another we are all the recipients of benevo- this most important source of supply is of vital interest to all European
lence and charity. We could not even exist without them. These are the countries which are largely dependent upon their imports for their bread
supply.
spiritual elements of human relationship, which need constant cultivation
In addition to the Canadian situation,
and improvement.
extensive drought has been
reported
in Russia eliminating that country as a
This is not visionary, It is intensely practical. Without these sentiments,
source of supply. Furthermore,
the uncertainty attending the maturing of our
which find their most complete expression around the domestic fireside.
corn crop has
doubtless
had
a
sentiment
al effect upon the prices of all grain in this counno home could be made, no family could be reared,
no nation could be try. It should be
emphasize
that
d
all
of the factors contributing to the
established.
A definite and practical standard of action for the promotion of human present price level of grain are temporary in their nature and can not be
counted upon in the future. This statement
fellowship was stated in the Sermon on the Mount. with a clearness and preshould relegate the absurd
and demagogic claim that the recent advance
in grain has been engineered
cision that have never been surpassed. It has come down to us through all
by the so-called interests, for political
the generations as the golden rule of human conduct:
purposes. . . .
Foremost among the causes responsible for the
unsatisfactory condition
"Therefore all things whatsoever ye would that men should do to you do of
agriculture in this country is unregulated
production. Until production
Ye even so to them:for this is the law and the prophets."
is brought more nearly into line with
consumptive demand there can be
We must always consider the other fellow. This is a perfect expression
no permanent betterment in the agricultur
of the fraternal ideal.
al situation. Under the stimulus
of war-time demand, our wheat acreage
increased from 47,000,000 acres.
Hornell, Virtues.
which was the average for the period
1909
to 1914, to nearly 76,000,000
I have referred to these as homely virtues. They are known of all men. acres in 1919,
since which time there has been a substantial decline, but
Undoubtedly they seem commonplace. It has been related to me that some the 1923 acreage,
although 29% below the maximum,still shows an increase
one asked Henry Ward Beecher it he did not think Christianity had been a of 6,400.000
acres, or
failure. He replied that he could not tell, as It has never been tried. Be-- In this connectio 13 Ji% over the pre-war period. 1909 to 1913.
n I would call your attention to the fact that of this
fore we hastily conclude that we can disregard the value of industry, thrift, existing
increase in acreage the states of Kansas. Oklahoma and Nebraska
loyalty, conunon sense, faith and the golden rule, as adequate remedies for have contribut
ed 5,120,000 acres. While this expansion in wheat producmuch that society desires to correct, we might well remember that they tion has been
going on in the United States the prairie provinces of Canada
too have never been fully tried.
have increased their acreage 55%, or
over 11,000,000 acres.
We are always seeking for something that is new, and we are likely to
It is an admitted fact that in the
case of any agricultural commodity of
be impressed with whatever promises to make existence easier. But there which we
raise a substantial surplus the price obtainable for this surplus
are no satisfactions in a life of ease.
In the world's markets establishes In
a general way the price level of the
SEPT. 61924.]
THE CHRONICLE
1131
As to freight rate reconstruction he has expressed the view that aid for the
entire crop. This being true, it is significant that while we exported about
15% of our wheat crop during the pre-war years 1909 to 1913, in 1920 farmer in this direction ought to be possible without impairment of the railpractically 44% of the crop was exported and in 1923, a year of lighter roads. He believes that the freight rate structure should be flexible.
production, about 26% of the crop was exported. In other words the enough to meet changing economic conditions.
Mr. Davis has told friends that there should be greater effort by the
percentage of our wheat crop sold in the world's markets has since pre-war
years almost doubled and consequently has had an increased tendency Interstate Commerce Commission in bringing about increased efficiency of
toward the maintenance of our price level on the basis of the world's market. the railroads. These friends declare that his opinion is that the conunission
Since the period of 1909 to 1913 the increase in the average annual exports has left much to be desired in this direction.
of wheat from the United States exceeds by 10,000,000 bushels the average
With regard to the above. the New York "Journal of
annual export of wheat from Russia prior to the war. . . .
Commerce," in advices from Washington, Aug. 18, stated:
Dawes Reparation Plan.
The suggestion of John W.Davis, Democratic Presidential nominee,that
My name is attached to a plan evolved by a group of experts of which the Inter-State Commerce Commission might bring about greater effort In
I was one, recently summoned by the Allies to suggest means for the settle- Increased efficiency of railroads was characterized by officials of the Comment of the reparations question, which bids fair to result in the economic mission as a hint for the Commission to speed up its present investigation
peace of Europe and the establishment of its normal consumptive demand Into the efficiency and economical management of the railroads. Such an
for the products of the American farm and American industry. It will Inquiry has been under way for months, but recently met a stumbling block
not be considered improper for me to say in this connection that, in my when it heard the labor dispute between the Lehigh Valley and certain labor
judgment, should the plan become operative, as now seems likely, there organizations.
will follow, without question, direct benefit to agriculture through increased
The Commission, at the institution of the investigation, sent out quesdemand, particularly for pork products and specialty crops, and decided tionnaires to the carriers and held hearings, but nothing concrete in the way
Indirect benefit through the stimulation of industrial activity and conof recommendations has been made. The suggestion of Mr. Dails was
sequent broadening of our domestic markets for agricultural products
believed here to be a hint of the lukewarmness of the Commission's investiwhich always follows increased purchasing power.
gation. Different views were expressed by those in touch with Inter-State
Upon the agricultural problem we are listening, as a people, at this time
Commission matters, the consensus of opinion being that Mr
Commerce
to three lines of argument.
Daviswould construe Section 15 of the Inter-State Commerce Act a little
First, a political discussion of the question from the stump. This conmore broadly than the Commission.
sists of statements of what not only the farmer, but every good citizen
It was generally believed that Mr. Davis would recommend that the Comwants to see accomplished in the agricultural industry, without any pracconduct its inquiries into honest, efficient, economical management
mission
tical suggestion as to the steps to be taken to achieve them. The impli- of the carriers more frequently than hsa been the practice in the past and
cation underneath such arguments is that if the people will give their votes
that the scope of such investigations would be much broader than those
to some particular party in some way,somehow, by some unknown and mys- proposed recently by the Commission. It is not known when the Commisterious methods, these results will be reached. Since the agricultural probsion will conclude its present inquiry.
lem is a wholly non-partisan and economic problem, this kind of debate is
Mr. Davis' other suggestion for a general readjustment of the freight rate
wholly destructive in its effort upon the chance to find proper solutions.
structure in order to aid the farmers was not discussed by officials of the
It may be dismissed without consideration.
Commission. It was made plain, however, that the Commission's recent
Second, the line of argument advanced by proponents of specific legisdecision in the so-called Public Utilities Commission of Kansas case was the
in
conditions
but
which
nature,
in
not
and
demagogic
able
remedies,
lative
nearest attempt to a readjustment of the rates on grain, but the Commission
and statistics are necessarily viewed and presented from the standpoint of a In its decision failed to uphold the contention of the wheat growing farmers.
conviction that their specific legislature remedy will be effective.
The railroads in this case were favored only slightly and whether Mr.
Third, the discussion by men sincere in their desire to find a remedy
Davis had this case in mind when he expressed his views remains to be seen.
for the recurrence of the distressed condition through which the farmer has
passed, but who thus far have not been able from their consideration of
the facts and the relation of economic law thereto,to formulate a satisfactory Gov. Bryan, Democratic Nominee for Vice-President,
and specific legislative remedy.
Warns Farmers Against Injection of Side Issues
The mere fact that it is now possible to consider this question when the
in Campaign.
Industry is not in the trough of a terrible depression, as it was sixty days
ago, has its great advantages. It removes that obstacle to the gaining of
Point, S. D., Sept. 1, Gov. Charles
Elk
at
address
an
In
perspective which Immersion in immediate crisis always involves. In fact,
there was never a better opportunity presented for the proper consideration W. Bryan, Democratic candidate for Vice-President, deof constructive measures relative to an industry than exists at present, clared that the important issue in the present campaign is
when a terrible experience, with its lessons, is so recent and a demonstraissue," and he warned the farmers of the West
tion of the ulthnate effects of economic law is at the same time before our the "economic
to prevent the "injection of side issues to swerve you from a
eyes. . . .
The worst calamity that could happen to American agriculture at this plain course which will bring relief and prosperity to the
time is the adoption of an unworkable plan.
The difference between an economic and an unwise political settlement of great agricultural sections of the country. "There are those,"
what is to be done for American agriculture through new legislation is the he asserted,"who will try to inject religious or race questionS,
difference between success and failure. There must be most careful consider- international questions, Thera] questions and social question
ation of the application of economic principles, and close calculation of the
probable effectiveness of any proposed remedy. The immediate political into the campaign. These questions have their place and
exigencies of the great political parties in this campaign would be settled if each has its importance, but if agriculture is to be restored
they could make the American agriculturists believe in the fulfilment of
to the position it occupied before the blighted hand of this
an unfulfilable promise. But this must not be made a matter of political
exigency. It must be considered without prejudice and from every stand- (Republican) Administration struck it, agriculturists must
point.
stand together in this campaign." Referring to the agriA Common Sense Solution.
cultural commission proposed by the Republicans, Gov..
After two years of discussion upon this subject as extensive as was ever Bryan took exception to the speech delivered in Lincoln by
devoted in the United States in the same space of time to an economic
the
problem, it is at present clear that there is no consensus of either agri- Charles G. Dawes, his Republican opponent, declaring
cultural or economic opinion upon any of the proposed legislative remedies Administration making the proposal, "is the same Adminisnow under consideration. Under such circumstances, the same common
with the same man at its head, that appointed a
sense method of procedure which led to the settlement of the difficulties of tration,
Europe should be followed in the search for the settlement of the American commission when the man was President of the Senate to
agricultural problem.
investigate the needs of agriculture, yet it has not carried
The American farmer has presented his case from the calm standpoint of
by that commission."
considered reason, of balanced judgment, with due consideration of all the out a single recommendation suggested
elements of fact in the situation, with due regard for the Just claims of The Democratic Party is the only party, Gov. Bryan said,
others, with the resolve that right for him should not involve wrong for any- that "had a record of achievement for measures adopted in
one else, with a realization that a crisis demands the facing of realities fearthe interest of agriculture."
lessly.
What is demanded at the present time is the consideration of this probWhile he did not mention specific remedies for agricullem by an impartial non-partisan, competent commission, under economic
Gov. Bryan urged his hearers and every farmer and
turists,
guidance, with a view to suggesting means of protecting agriculture from
inequality with other industries. This question cannot be properly consid- wage-earner in the United States to obtain a copy of the
ered until discussion is focused upon a specific plan which may emanate Democratic platform and carefully read it. It contained, he
from a tribunal thus constituted. The President has announced his intensaid, "every practical remedy for the relief and encouragetion of appointing such a commission.
The most popular means of bidding for votes is by promising the achieve- ment of agriculture." The Democratic Party was a friend
ment of all that the voters most earnestly desire. We make but one prom- of labor, he said, adding that the word "labor," no longer apise—that the Republican Party, utilizing the best minds, and those by trainonly to shop and factory workers, but to those who work
ing best fitted for the task, will bend its every energy to the study of our plied
agricultural problem to the end that through legislation or other means, on the farm as well.
Its solution may be accomplished. Whoever promises more than this is
entering into a contract which cannot be filled.
John W. Davis Favors Readjustment of Freight Rates
in Behalf of Farmer
The readjustment of the freight rate structure and the
full use of the machinery of the Department of Agriculture
in stimulating the co-operative marketing movement are
regarded by John W. Davis, Democratic nominee for President, as two essential steps in the relief of the agricultural
industry. Associated Press advices from Locust Valley,
N. Y., Aug. 17, in reporting this said:
Gen. Dawes and Gov. Bryan Meet in Lincoln, Neb.
Gen. Charles G. Dawes, Republican candidate for VicePresident, whose address in his old home town, Lincoln,
Neb. on Aug. 29, is referred to in another item in this issue,
had a social meeting with the Democratic nominee for VicePresident—Gov. Charles W. Bryan—upon the occasion of
Gen. Dawes' visit to Lincoln, The Associated Press accounts
state:
The two candidates, one still a resident of this city and the other, who
has declared he still regards Lincoln more of a home than any other city
although he left here thirty years ago, spent fifteen minutes together in the
Governor's office at the State Capitol and departed with a hearty handshake and broad smiles.
"We talked about Lincoln and the old days. We did not discuss the
this question to his friends the Democratic
In outlining his views on
Dawes said on leaving the capitol.
Presidential nominee has told them that he regarded the use of existing campaign," Gen.
"We talked on just the beauties of Lincoln and how fortunate we both
Government agencies in aiding the farmer to market his own products as of
lived
here. We just reminisced on things we could recall
have
new
of
were
up
to
agencies
under
setting
than might be the
more practical value
bill.
thirty years ago." aov. Bryan remarked.
legislation recently proposed, such as the McNary-Haugen
1132
THE CHRONICLE
Labor Day Address of John W. Davis—Three Great
Constructive Duties Before American People—
Declares for Right of Free Contract.
• According to John W. Davis, Democratic nominee for
President, "If labor is to hold the ground that it has gained,
which is but another way of saying that if America is to
remain American, there are three great constructive duties
before the American people." Mr. Davis spoke thus in addressing, on Lalbor Day (Sept. 1) the Ohio Valley Trades
and Labor Council at Wheeling Park, W. Va. The "three
great constructive duties" were described by Mr. Davis as
follows: "The first is to preserve equality of opportunity
and make the nation secure against any tendency to harden
into a system of caste"; the second duty is to so arrange
and so administer our Government as to preserve equality
of right" . . . "and in the third place we must make the
nation secure against war or the threat of war by adjoining
our political and commercial policies to the new conditions
that exist in the modern world." Mr. Davis pointed out that
"the age in which we live differs vastly in its social and
economic relations and in facts of its industrial life from
the age in which our Government was founded. The glory
of our system has been that it adapts itself to meet the new
problems of our ever-changing life. . . . It still remains
to be shown, however, whether we ourselves are able to
rise to that new conception of international relations that
these changes demand." Mr. Davis called upon "the laboring men and women of America as those upon whom the
burdens of war fall with most crushing weight to lead their
fellow-countrymen on this great subject, to make sure that
America takes her rightful place in the councils of humanity,
and that she becomes the first among the nations in the service of mankind." In declaring his stand on "the right of
free contract," Mr. Davis said: "I prefer liberty with all
its perils, including the liberty to make mistakes, to any
system by which the Government seeks to set Itself up as the
universal shepherd of us all. Not the least of these natural
rights is the right of free contract. Toward grown men and
women, responsible citizens of the Republic, we cannot and
we should not take a paternalistic and protective attitude.
. . . If Government can fix the limit of a day's work in
ordinary industrial and commercial pursuits it can, at its
own discretion, make those limits long or short. It should
attempt to do neither, but leave the parties to all such contracts to bargain with each other as their mutual benefit
requires." He further said:
It is because I believe in a liberty that is above and beyond all Government control that I cannot sympathize with those who would give to Congresses and Legislatures or even to a popular majority the power to do whatever they might see fit. There is no such thing in America as government at
discretion. . . .
There is one complaint which labor has had cause to make against judicial
prccess which is well founded. In my judgment, there have been many
. cases in the past where the writ of injunction has been abused in connection
with labor disputes. Injunctions have been issued which by their terms
went beyond any proper limit and sought to deprive men of a lawful exercise of indisputable rights. They have been framed with partisan zeal and
their effect has been to cast upon the court the performance of duties which
properly belong to those executive officers of the State or nation who are
primarily charged with the preservation of public peace and public order.
It is not well for society, it is not well for the courts, it is not well for the
parties themselves, that these things should be so. . . . If the legislation already passed is not sufficient guidance in this matter we must write
It in plainer terms.
Mr. Davis's speech follows:
When I left Clarksburg after my acceptance speech three weeks ago, I
did not hope to find myself so soon again within the borders of my native
State. This is a wide country, and one who wishes to know or to be known
by the 110,000,000 people who live within its borders must travel far if he
is to accomplish that result. But when the Ohio Valley Trades and Labor
Assembly invited me to speak at Wheeling on Labor Day I could not get
my own consent to refuse their invitation. I felt that I owed too much to
them and too much to the good people of Wheeling to turn aside.
It was in the hall of the Carroll Club, in the city of Wheeling, 14 years
ago, that a Democratic convention drafted me as its nominee for Congress.
My subsequent election was due in large part to the support which I received in Ohio County and the northern Panhandle. Two years later, with
my legislative record before you, you renewed my commission, and from that
day to this I have been given in countless ways evidence of your friendship
anti good-will.
To-day I find myself again a candidate for office. I have not come, however, to plead my cause or the cause of the party which I represent. Indeed,
in extending your invitation you made it clear that you did not expect—
which was a polite way of saying that you did not desire—a political address. You had, of course, as I have, a different thought in mind. This is
a celebration and a holiday in which Republicans and Democrats, Progressives, Socialists and men of all political beliefs unite, and I would be the
last to wish to introduce any political discord into such a gathering. We
meet as Americans on an American holiday. We can afford for the moment
to forget political parties and the issues that divide them, and speak of
things concerning winch all true Americans should agree.
This is labor's holiday. It was made a national holiday in the second Administration of Grover Cleveland. It is the day of those who, as the Wise
Man said 2,000 years ago, "put their trust in their hands, and each becometh wise in his own work." And then the Wise Man goes on truthfully to
say that "Without these shall not a city be inhabited and men shall not
[VOL. 119.
sojourn nor walk up and down therein.
. . They will maintain the
fabric of the world, and in the handiwork of their craft is their prayer."
If I had the ability to sermonize I would want no better text than the
one which these sentences present. I would dwell on the self-reliance of
labor which puts its trust in its own hands; the service of labor, which
gives the men food and shelter and clothing, and without which shall not
this or any other city be inhabited, and men shall not sojourn, nor walk up
and down therein; the necessity for labor, that the fabric of the world may
be maintained, and, last of all, the duty of labor, so to perform its great
tasks that they may become daily offerings to the God of all the earth, for
"in the handiwork of their craft is their prayer." But since I cannot pretend to be a sermonizer, I leave that task to those who are better fitted to
pefrorm it.
Labor has traveled a long road since thew words were written. Chattel
slavery, which bound the slave to his master, and serfdom, which bound the
worker to the land, have stained many centuries of human history. Six
hundred years ago there were Jaws that made it a crime for a workman to
demand or an employer to pay more than the going wage, and bailiffs and
sheriffs were sent on the trail of workmen who left their county without
permission. Combinations of workmen to secure a raise in wages or better
conditions of labor were unlawful under the laws of England as late as 60
years ago, and men still live who felt in America the cruel bondage of a
slavery that it took a bloody war to destroy.
To-day involuntary servitude, except as a punishment for crime, is forever
forbidden in these United States, and the right of labor freely to organize
and freely to bargain in its own interest is recognized both by public opinion and by law. It has been no easy struggle that has brought labor to the
position in which it stands to-day. At every stage its advance has been
opposed by the forces of human greed and avarice, and retarded by ignorance and prejudice. Autocracy in government and in industry has made a
hard fight to hold its ground, for privilege never yields without a struggle.
Not once but many times war has cast its shadow across the pathway and
although in this country war broke the chains of the slave, it will be found,
when the account is added up, that war has always put far heavier burdens
on the backs of labor than it has ever pretended to remove.
Three Constructive Duties Before American People.
If labor is to hold the ground that it has gained, which is but another
way of saying that if America is to remain American, there are three great
constructive duties before the American people. The first is to preserve
equality of opportunity and make the nation secure against any tendency to
harden into a system of caste. We do not want men and women in this country to remain tied to the stations which their fathers occupied. We wish
all fathers and all mothers to nurse the hope that their children may lead
hapnier and broader lives than they themselves have known.
The second duty is to so arrange and so administer our Government as to
preserve equality of right. Whether we are dealing with the tariff, with
taxation, with finance, with the railroads, with agriculture, with industry
or what subject soever, we must make sure that there is no discrimination
in our laws either for or against the farm or the factory, the countryside or
the city, the East or the West. And our laws must be so framed and so
applied as to leave all men every liberty which is consistent with the equal
liberties of others. This was founded as the land of freedom. We must
keep it so.
And in the third place, we must make the nation secure against war or the
threat of war by adjoining our political and commercial policies to the new
conditions that exist in the modern world.
The key to the door of equal opportunity is education. NOW and again a
misguided voice is raised to suggest that we may become over-educated.
The theory seems to be that if we educate the brain there will be not one
left to do the labor of the hand. It is the same "mud-sill" theory which
Abraham Lincoln denounced when he said that "By the `mud-sill' theory it
Is assumed that labor and education are incompatible and any combination
of them impossible. According to that theory, a blind horse upon a treadmill is a perfect illustration of what a laborer should be—all the better for
being blind, that he may not kick understandingly. According to that
theory, the education of laborers is not only useless but pernicious and
dangerous. In fact, it is, in some sort, deemed a misfortune that laborers
should have heads at all. Those same heads are regarded as explosive material, only to be safely kept in damp places, as far as possible from the
peculiar sort of fire which ignites them. A Yankee who could invent a
strong-handed man without a head would receive the everlasting gratitude
of the 'mud-sill' advocates. But free labor says 'No.' Every head should
be cultivated and improved by whatever will add to his capacity for performing its charge. In one word, free labor insists on universal education."
We must not enter on the fatal path of a State monopoly of education, nor
should we load upon an already over-burdened Government at Washington
the educational duties which properly belong to the States and cities and
local communities. But we must sustain, support and strengthen in
every
way our indispensable system of public schools so that every child may
be
assured of an education, and of such an education as will fit him not only
to earn his living but also to live. We must resist every tendency
to limit
the education of children of any class merely to the manufacture of
hands
for industry, and every tendency to produce a standardized American.
It is the business of the schools to turn out free citizens of the Republic,
and not merely docile human machines. And if we open wide by
education
the door of opportunity to the child, we owe it to him to see that human
greed does not close it again. It is a blot upon our good name that
child
labor should be permitted anywhere in the United States to dwarf the
minds and bodies of the future citizens of the Republic. To stunt the
growth of a child in his most critical years, to rob him of his opportunity
for education and make him a juvenile drudge for mere
purposes of profit,
is a crime against the future of the race.
Child Labor Law.
Of course, the several States can, and they should,
prevent this thing;
I would not wish that power taken from them. When
Congress passed, in
1916, its first Child Labor law, however, it became my duty,
as SolicitorGeneral, to argue in its favor before the Supreme Court of the United States.
I urged in its support that unless a uniform standard
was adopted throughout the United States, the States that wished to
legislate against child
labor would be deterred because of the economic disadvantages they would
suffer in competition with their less progressive neighbors. I
called attention to the fact that for like reasons more than one. international conference
had been called to bring about equality among the nations on similar subjects. The reasons which I put forward in support of the law
of 1916 seem
to me still to obtain and lead me now to favor the ratification of the pending child labor amendment. Responsibility for the
decision on that subject
now rests with the States themselves, but were I a member of a State Legislature my vote would be cast to ratify the amendment.
Equality of opportunity, however, is an empty phrase unless all men are
left free to grasp it. Not only must laws be just and equal, but we must
see that they do not evade those natural rights which neither Congresses nor
Legislatures, Presidents or Governors, courts or commissions may rightfully
SEPT.6 1924.]
THE CHRONICLE
1133
now, that such legislation was demanded. If the legislation alright to say the things that I believe
restrict. Freedom of speech—which means the
ready passed is not sufficient guidance in this matter we must write it in•
assemof
freedom
power;
in
those
please
terms.
displease as well as the things that
freedom of the press, freedom in plainerage in which we live differs vastly in its social and economic relation
The
bly, freedom of labor, freedom of contract,
are rights too sacred to be
practice—these
and
belief
religious
nsatters of
facts of its industrial life from the age in which our Government was.
their exercise. It is the attempt at and in
'trifled with. There is no danger in
founded. The glory of our system has been that it adapts itself to meet the
explosion.
problems of our ever-changing life. Labor has shared and must contheir suppression that leads to excess or
causes some men to charge all new
I do not envy the frame of mind whichdestruction of the Republic. To tinue to share in the responsibility of its adoption. It still remains to be
the
plotting
with
them
shown, however, whether we ourselves are able to rise to that new concepwho disagree with
those in this country who see
judge from some recent utterances, there are
tion of international relations that these changes demand.
nuns.
their
when
riot
meet together, a
The generation needs no further lesson of the peril and destructiveness of
a conspiracy whenever three workmen
every
Around
a
hundred.
reaches
it
if
hers grow to ten and a revolution
war. We must bring ourselves to think in terms of lasting peace. With
self-ap.
these
of
vigilance
utmost
the
but
nothing
and
corner lurks a Red,
American fliers about to complete the circuit of the globe by air, with the
is plotting.
pointed savers will rescue the country from the destruction he
human voice carrying across the ocean and with men becoming every day
set
are
ideas
Of course, in a country so diversified as ours many mistaken
more and more dependent upon products brought from foreign soil, those
a
in
up
thrown
are
society
of
afloat. Wild theories of government and
who counseled isolation are blind leaders of the blind.
who
those
of
I
one
But
am
men.
of
sorts
many
so
population that contains
We shall have world peace and world disarmament if we are willing to
fresh
is
physical,
or
moral
disinfectant,
best
the
that
believe
continue to
for it We will not get it on any other terms. I call upon the laborwork
of
air. The best defense against the tyranny of the few or the despotism
men and women of America as those on whom he burdens of war fall
ing
inperils,
its
with
all
the many is free and open debate. I prefer liberty
with most crushing weight to lead their fellow-countrymen on this great
cluding the liberty to make mistakes, to any system by which the Govern- subject, to make sure that America takes her rightful place in the councils
all.
us
of
shepherd
universal
the
as
up
itself
set
ment seeks to
of humanity, and that she becomes the first among the nations in the service
of mankind.
Right of Free Contract.
Not the least of these natural rights is the Tight of free contract. Toward
grown men and women, responsible citizens of the Republic, we cannot and Senator La Follette, Independent Candidate for
we should not take a paternalistic and protective attitude. It is well
President, Says Dawes Plan Is Morgan Plan—
enough for the Government as an employer to fix by statute the hours of
Proposes Repeal of Esch-Cummins Act—
labor of those whom it employs. It is proper and right that it should pass
factory laws to protect the health and safety of those who work. Where it
Attacks Republicans and Democrats.
undertakes to regulate a business such as transportation it cannot ignore the
Characterizing the message of the Republican and Democonditions that surround the labor engaged in that industry. It must defend
the future citizenship of the nation by restrictions on child labor, and in cratic parties as "a message of despair," Senator Robert M.
view of the burdens which the duties of maternity cast upon them it may
Follette (independent candidate for President) in a
exercise a special care for those who are or are to become the mothers of La
radio address on Labor Day at Washington said that the
the race.
But, such cases aside, it should leave adult citizens to make their own con- hope of the people "Is in the progressive movement. The
tracts, in their own way as to the terms and conditions on which their labor
" he said, "come to you in this campaign with a
is to be performed. If Government can fix the limit of a day's work in ordi- progressives,
make
own
its
at
discretion,
can,
it
pursuits
commercial
and
national program, framed in the interests and
industrial
constructive
nary
those limits long or short. It should attempt to do neither, but leave the for the benefit of the mass of the people of every State and
parties to all such contracts to bargain with each other as their mutual benetherefore, grateful for this opporfit requires. The wage contract of the adult, no less than any other contract, of very section. I am,
should be a voluntary agreement. Anything other than this I believe to be tunity to address you in your homes and at your meeting
impossible, undesirable, corrupting and tyrannical.
places throughout the length and breadth of the United
It is only when contracts rest upon consent that those who make them
are bound in morals to their observance. When labor bargains on equal States." He declared that the Republican and Democratic
terms with its employer, both parties to the contract owe it to themselves parties have offered nothing "to remedy the evils which
and owe it to society to keep and perform with scrupulous honesty the
have arisen under their respective administrations and as
contracts they have made.
While employer and employee should be left to bargain with each other a result of their policies," adding, "they evade the issue.
in such manner as they see fit, it must not be forgotten that violent disputes They seek to divert the attention of the voters in this counbetween them are not only the source of great loss to both, but are disasissues to conditions abroad." He liketrous to the industry and commerce of the country. In view of these facts, try from the domestic
it is the duty of Government to lend its aid and encouragement in every wise said: "The original source of the Democratic and
• possible way to settle such disputes. It should provide machinery through Republican plans respecting Europe is the same. That
which there may be fair and calm discussion of the subject of dispute by
house of J. P. Morgan &
the employer and employee; mediation, necessary, by non-prejudiced per- source is the well-known banking
house with the candibanking
this
of
sons and thorough-going publicity of all facts.
connections
The
Co.
Two things seem to me to be fundamental in setting up such machinery.
and with the leaders of these parold
parties
both
of
dates
•Of these the first is that when an adjustment board is created it should
The so-called
consist of representatives of the employers on the one hand and represen- ties is close and intimate and confidential.
tatives of the particular craft concerned in the controversy on the other; Dawes plan is merely the Morgan plan." The Senator dethe second, that it is better in every way that boards of adjustment or
clared that "the opportunity to stabilize American agriculboards of investigation and review, instead of being fixed in their personnel,
market that can abshould be filled by appointments made from time to time as controversies ture lies in the development of a home
arise. Nothing is more difficult than for a permanent board to retain the sorb American products at American prices." He further
confidence of employer and employee. Each decision it is called upon to
asserted that "the Federal Reserve Act, if it is to remain on
make exposes it to the charge of having unduly favored one side or the
other, and is pointed to as a precedent when subsequent decisions are to be the statutes must be so drastically dealt with by Congress
made. Human nature ss quick to charge other men with preconceived and so administered by the Executive Department that
opinions—and labor disputes deal not with fixed rules of law, they deal
never again shall the Board created under the Act have
with human nature.
Whether or not legal authority exists to compel the submission of labor power to withhold credit from the farmers and force them
disputes to such a board, or whether or not the decisions of any such board
to throw their products on a falling market while speculamay be enforced, is of minor consequence if the board itself enjoys the confree to exploit the pubfidence of the parties to the dispute, and if it realizes that its chief func- otrs and monopoly interests are left
tion is to encourage a spirit of co-operation and friendship between employer lic." He referred to the farmer as "the victim of a long
and employee.
and said that, if elected, he would "sumIt is in the light of those principles and of accumulated experience that we train of abuses,"
and to
should re-write those provisions of the Esch-Cummins Transportation Act mon the new Congress into extraordinary session
that deal with the settlement of labor disputes.
recommend the repeal of the Esch-Cummins Act." "I
No Such Thing as Government at Discretion.
stand," he said, "for a new rate-making provision which will
It is because I believe in a liberty that is above and beyond all Govern- enable the Commission to fix rates on the basis of the actual
mental control that I cannot sympathize with those who would give to
investment of capital and to compel the railroads,
Congresses and Legislatures, or even to a popular majority, the power to prudent
public at
thing
in
is
such
they
no
might see fit. There
America as gov- under private ownership, to provide service to the
do whatever
ernment at discretion. It is not the strong who need protection against cost, with a reasonable return to the railroad owners." In
unwise and unjust laws, nor against the encroachments of power; it is the
remarks were as follows:
weak on whom the burden of such things is most apt to fall. They have the part Senator La Follette's
right to call upon the courts to say to every Governmental autocrat, great 'The Republican and Democratic Parties come to the people in this camor small, "Thus far shalt thou go and no further."
paign and tell them that it is useless to attempt to curb the exactions of
I know judges are human and that they snake many mistakes. Men do this system upon the public. The Republican Party asks the people to
not cease to be men simply because you put them in a black silk gown and forget the teachings of the wisest men in the history of that party—of
set them on a judicial chair; but on the other hand they do not become Lincoln. Sherman, Garfield and others. The Democratic Party has
prophets or seers or sages simply by being elected Senators or Members of repudiated and abandoned the policies upon which Woodrow Wilson was
Congress or delegates to a State Legislature.
elected in 1912, on the open pledge that he would free this Government
There is one complaint, however, which labor has had cause to make from control by private monopoly. The message of the Republican and
against judicial process which is well founded. In my judgment, there have Democratic Parties to-day is a message of despair. In it the American
been many cases in the past where the writ of injunction has been abused people find no ray of hope for relief from the burdens which oppress them.
But the people have found a great hope,and that hope lain the Progressive
In connection with labor disputes. Injunctions have been issued which by
their terms went beyond any proper limit and sought to deprive men of a movement. We have enlisted In this campaign to restore this Government
lawful exercise of indisputable rights. They have been framed with parti- to the serice of the public, to secure to the laborer and producer in all lines
san zeal and their effect has been to cast upon the courts the performance a greater share in the product of his toll, while protecting the consumer
the Govof duties which properly belong to those executive officers of the State or against the trust-fixing prices on all he buys, and to drive out of
there.
nation who are primarily charged with the preservation of public peace and ernment at Washington the corrupting influences now so dominant
I am a candidate at this time for the same reason that in the past I have
public order.
Senator.
States
for United
It is not well for society, it is not well for the courts, it is not well for been a candidate for Governor of Wisconsin and
control of the machinery of
the parties themselves, that these things should be so. My views on this I believe that if the people can once regain
absolutism. Although
economic
toward
tide
the
stem
can
conviction.
formed
we
When
I
newly
was your government
subject are not the result of any
and Democratic Adminirepresentative in Congress I was given opportunity to take part in framing we cannot undo in a day the evil which Republican
to limit to its tration have done in a generation, I am convinced it lies within the
and defending legislation intended to correct these evils,
administration to achieve immediate and substattproper functions the writ of injunction and to give the right of trial by power of a progressive
the interests of all the people.
jury to those who are charged with criminal contempt. I believed then, as tial results in
1134
THE CHRONICLE
I am advocating to-day the same
principles of government which I have
defended in Wisconsin and the United States
Senate for more than a quarter
of a century. If I have advanced any
new or additional remedy for existing
evils, it is only because it has been rendered
necessary to keep pace with
the encroachments of the enemies of
popular Government. I stand to-day
for the principles of democracy exactly
where I stood in the beginning. I
will not depart by the breadth of a hair
from this position as long as I live.
• If I am elected President of the
United States I shall proceed with the
same purpose we followed in Wisconsin to
enact valid, remedial, constructive legislation, and to initiate executive
policies based upon sound economic
principles and applied with the best expert advice
obtainable.
. I shall, if elected, use the appointive
power of the Executive to free
every department of the Government from
the control of special interests.
I would place the administration of the
laws in the hands of those who
believe in enforcing the laws. I would not
appoint to office any men who
have been repudiated by their own
constituents as unworthy of public
trust. I would immediately dischargefrom
the public service,and especially
from the Department of Justice, the
Departments of the Navy and Interior
and the Veterans' Bureau, any official
guilty of dishonesty or improper
conduct therein.
I would place at the head of the Department
of Justice and in the office
of every United States District Attorney
throughout the land men who
would vigorously enforce all the laws. and
I would instruct them to bring
and prosecute criminal actions against
every profiteering monopoly which
violates the anti-trust laws with the same
vigor which I should require of
them in the prosecution of a bootlegger.
Without the enactment of additional Federal
statutes I am convinced
that great progress could be made in
restoring this Government to the
service of the public, through the honest
and vigorous enforcement of
existing law.
I recognize, however, that the body
of our statutes and the publis service
Is so honeycombed with special privileges
to favored interests that in order
to accomplish lasting benefits for the people,
it would be necessary to
repeal or amend many laws now on the statute
books. The tariff and
revenue laws must be revised in accordance with the specific pledges
contained in the Progressive platform.
Reorganization of Federal Trade Commission Favored.
As an aid in curbing the power of great monopoly interests to amass
unjust profits at the expense of the public we favor a reorganization of the
Federal Trade Commission and the Tariff Commission, and
we would
enlarge the powers and strengthen the laws, organic as well as statute laws,
especially empowering them to ascertain and make public the costs of
production and profits in oil and gasoline, coal, steel and other basic
Industries.
Under both Republican and Democratic Administrations private interests have wrongfully increased their control over the natural resources on
the public domain. We Progressives mean to recover and conserve these
resources and to make available to the people at cost the light, heat and
power which can be developed from the water power sites now owned by
the Government.
It is apparent to every thoughtful citizen that unjust policies of administration and the enactment of unjust laws by Republican and Democratic
Administrations have brought the farmers of this country face to face
with an emergency which the general welfare demands should be met by
emergency measures.
Unjust Treatment of Farmer Would Repeal Esch-Cummins Act.
The farmer has been the victim of a long train of abuses. The unjust
treatment of the farmer culminated in 1920 in the enactment of the EschCummins law and the initiation of the policy of "deflation" by the Federal
Reserve Board. No superficial, make-shift remedies will restore agriculture
to the equality and independence as our basic industry to which it is entitled.
The time has gone by for commissions of inquiry, without legal authority
to carry their recommendations into effect. But a Progressive Administration would speedily relieve the farmer from the burden unjustly laid
upon him by these measures.
I intend, if elected, to summon the new Congress into extraordinary session and to recommend the repeal of the Esch-Cummins Act. The President in his first message to Congress opposed any amendment to the rate
section of the present law, behind which the Interstate Commerce Commission has taken refuge in its refusal to reduce the present exorbitant railroad rates. I stand for a new rate-making provision which will enable
the commission to fix rates on the basis of the actual prudent investment
of capital and to compel the railroads, under private ownership, to provide
service to the public at cost, with a reasonable return to the railroad owners
on capital honestly and prudently invested.
Would Amend Fediral Reserve Act.
The Federal Reserve Act if it is to remain on the statutes must be so
drastically dealt with by Congress and so administered by the Executive
Department that never again shall the board created under the act have
power to withhold credit from the farmers and force them to throw their
products on a falling market, while speculators and monopoly interests
are left free to exploit the public. The present tariff must be immediately
revised as an act of justice to the consuming public.
When the farmer in this country receives an average of only forty cents of
the dollar paid by the city consumer for farm products, while the farmers
of Denmark receive an average of eighty cents, it must be recognized that
our present marketing system is indefensible. I am convinced that a
progressive administration, free from the control of the interests which
unjustly profit at the expense of both the farmer and the consumer, could
aid the farmers of every section in establishing a cooperative system, free
from the control of the Government, which would afford them every
advantage in marketing their products at a fair profit above the cost of
production.
I deplore the efforts which are being made in this campaign by those
Who would perpetuate the present inequitable conditions to provoke class
prejudice between the farmers and the wage earners of the country. I do
not claim that the interests cif the farmer and the industrial worker are
always identical. But I do maintain that their prosperity, happiness and
economic fretdom are menaced by a common foe, and that they must take
cottunon political action to meet it.
Let me say to the farmers that the greatest opportunity to regain your
independence that has presented itself in a generation will be lost if you
fail to grasp the hands which are extended to you to-day from the workshops of the cities.
The farmers, driven from the soil at the rate of more than 1,000,000 a
year under the present Administration, can earn their bread only in competition with the wage earner. Such an enormous annual reduction in the
number of producers on the farm inevitably means a decreased production
of food, lower wages, higher prices, stagnant business and widespread
discontent.
What have the Republican and DemocraVc Parties to offer to remedy
the evils which have arisen under their respective administrations and as a
result of their policies?
prot. 119.
They offer nothing. They evade the
issue. They seek to divert the
attention of the voters of this country from the
domestic issues to conditions abroad. They point to Europe
and say "There lies the solution." No
one has greater sympathy for
Europe than I. With my own eyes I have
seen the conditions there and my
heart has been deeply moved. No one
is readier to lend aid and
every moral influence in assisting stricken Europe
to her feet than I, but I
refuse to be deceived or to assist in deceiving the
American people.
Dawes Plan Morgan Plan.
I do not intend at this time
to discuss the many absurdities involved in
the Democratic and Republican
proposals for the revival of Europe, nor
to deal now with questions of
foriegn policy. I merely want to call your
attention to this fundamental fact.
The original source of the Democratic
and Republican plans respecting
Europe is the same. That source is the
well-known banking house of J. P.
& Co.
The connections of this banking Morgan
house with the candidates of both old
parties and with the leaders of those
parties is close and intimate and confidential. The so-called Dawes plan is
purely the Morgan plan. It has
been hoped by our opponents to
divert attention of the American people
from the corruption in their own
Government and from the evil forces to
which It is a prey by talking about
European conditions and urging that
upon conditions there our prosperity,
particularly agricultural prosperity.
depends. The truth is that the opportunity
to stabilize American agriculture lies in the development of a
home market that can absorb American
products at American prices. This
means a population paid well enough
to consume the normal production
of food and raw material. This is not
true to-day.
Development of the home market for the products
of agriculture means a
better, a more just, a more equitable
distribution of wealth, and a better
and more stable market. That is what
we will have as soon as the treaty
powers of the Government are placed in
the hands of men who mean to
see that they are used to overthrow
the system, and stop further unjust
encroachments of those who are to-day
surfeited with wealth and drunk
with power.
In attaining this end we shall not trespass
either upon property rights or
human rights. We shall respect both.
?NY
Committee of American Federation of Labor Calls for
Funds in Behalf of La Follette-Wheeler Campaign—
Senator La Follette's Letter Acknowledging
Support of Federation.
A call for funds in behalf of the La Follette-Wheeler
Campaign was made in an appeal issued this week by the
National Non-Partisan Political Campaign Committee of
the American Federation of Labor, to "Trade unions and •
trade unionists, friends and sympathizers." Contributions
of money and for the rapid perfection of labor campaign
organizations throughout the country" are sought in the appeal, which is signed by Samuel Gompers, Frank Morrison,
Matthew Woll, Martin F. Ryan and other members of the
National Non-Partisan Campaign Committee. Issued at
Washington, Sept. 3, the appeal says:
With the issues clearly marked and the lines of battle drawn, we will
call
upon the great masses of people of our republic to rally with all
of their
energy and strength to the cause of progress, justice, freedom and
democracy.
The Executive Council of the American Federation of Labor has reviewed
the records of parties and candidates in the Presidential contestand it
has
declared its findings without hesitation or equivocation. The plattorm
and records of Robert M.La Follette and Burton K. Wheeler, Independent
candidates for the Presidency and Vice-Presidency, have been declared more
nearly than any other to conform to the needs and desires of the great
masses of our people and the organized wage earners and farmers in particular.
The American Federation of Labor purposes to engage in this campaign
with its full resources. Political campaigns cannot be conducted without
the expenditure of money and effort. For that reason, we call upon trade
unions and trade unionists, friends and sympathizers and forwaru-look
ing
men and women generally throughout our Republic to contribute
immediately and as generally as possible to the work of the American
Federation of Labor National Non-Partisan Political Campaign Committee.
Our
contributions must come from the mat rank and file. Our battle is
the
battle of the people and it must be financed by the people.
Wet have
neither the desire nor the opportunity to avail ourselves of the large
contributions of the vested interests. We are in opposition to those
interests,
fighting against them for the freedom of the people and for
justice to the
people in every respect.
Campaign work will be begun immediately. The National Non-Partisan
Political Campaign Committee already has begun to organize the
forces for
the struggle. We call upon all SUR° Federations of Labor, all
city central
bodies and all local unions Immediately to appoint non-partisan
political
committees to carry on the work of tile campaign and to report
the names
of the members of each committee to the National Non-Pa
rtisan Political
Campaign Cotnnilttee.
We particularly call upon national and international unions
to assign the
largest possible number of organizers to work throughout the
campaign under the direction of this committee and to authorize these organizers
to report
to this committee at the earliest possible moment. It should
be specified as
to whether these organizers are experienced as public speakers,
and as
many as possitie who are so qualified should be assigned
to this important
work.
The American labor movement should and can have at work
more effective
workers than any other element in this national
campaign. It should and
can have more public speakers on the platform than any
other organized
force in this campaign.
The American labor movement should and can contribute
more electively
than any other organized body to the great work of spreading the ilterture
of the campaign and aviakening the people generally
to the great issues of
the time.
We call upon every trade union organization to act at once, either in
regular meeting or in special meeting if necessary. There is
no time to lose.
Our struggle is for economic and moral righteousne*.
We are contending against those hostile to the people's interests and against two powerful
organizations which are defenders, advocates and apologist% of great special
interests and privilege. Against this great organized force of special interest
we place the moral force of an aroused and determined peo
Oonsmwaications containing advice and counsel, as w
hiformation.
will be forwarded at frequent intervals from the Nation Non-Partisan
SEPT. 6 1924.]
TFrE CHRONICLE
1135
With your organization so warmly enlisted and fighting side by side With
Political Campaign Committee to all State, city and local union committees
the other great forces that have volunteered, we shall move forward, conand to others who.give service in this great effort.
that
that in the end we shall be victorious. Sincerely yours,
fident
Privilege has thrown down to us a double challenge. Let us take up
ROBERT _ M._LA _FOLLETTE.
challenge in all of the proud consciousness of right and in that spirit let us
engage in battle for the right—for freedom, for justice, for democracy, for
government by and for the people, for a better nation and a better man- New York Supreme Court Justice Ford Hails Senator
hood, womanhood and childhood. Ours is the great opportunity. Ours is
La Follette's Candidacy with Satisfaction—
the great duty.
Criticizes Democratic and Republican
On Sept. 1 Frank Morrison, Secretary of the American
Platforms—Calls United States
Federation of Labor, reiterated the position of the leaders
Supreme Court "Absolute
of labor in the national campaign in an address before a joint
Despotism."
meeting of the Central Labor Union and the German Trades
Union in Philadelphia, according to the Philadelphia "LedJustice John Ford, of the New York Supreme Court
ger," which said in part:
describing himself as "formerly a Republican" has indicated
Mr. Morrison delivered two addresses, the first at the South Philadel- his support of Senator Robert M. La Follette, in a letter
phia meeting, the second over the radio at night from Station WDAR,Lit
the latter in which he says "I hail your candidacy with
Brothers. In both he dealt plainly with the issues of the campaign as viewed to
deep satisfaction. Your declaration of principles meets the
from the La Follette standpoint.
In either address did the labor chief mention President Coolidge, but he political needs of the hour." Justice Ford declares that the
directed broadside attacks at John W. Davis, Democratic nominee for
its stand as the
President. Discussing the campaign as a whole and the status of the two Republican party "has this year taken
major parties as viewed by the labor chiefs, Mr. Morrison summed up his champion of the rapacious forces which have controlled the
mpression in this statement:
National Government" and attacks the Democratic Con"To-day against labor's efforts are only the cohorts of special privilege.
and it is my opinion that on November 4 of this year special privilege will vention with adopting "a dishonest, cowardly and platitudand
receive a shock from the avalanche of votes that will be cast by the men
women who are opposed to special privilege that will weaken their efforts to inous platform and selected a tried and true servant of
work injury to the trade-union movement."
plutocracy as its condidate for; President," He describes
In setting forth the indorsement of the labor chiefs of the La Follettethe Supreme Court of the United States as an "absolute
that
with
language
identical
almost
used
Morrison
Mr.
movement,
Wheeler
employed by the officials of the American Federation of Labor in the At- despostism" and says "it is beyond the control of Congress,
lantic City statement approving La Follette's candidacy. He was equally of the Constitution, of the people, and of any authority
bitter in denouncing the alleged neglect of both the Republican and Demois directly or indirectly responsible to the public".
cratic conventions to heed the pleas of lbaor for progressive platform planks which
dealing with the use of the injunction in labor disputes. the Railroad Labor Justice Ford's letter, made public Aug. 31, follows:
Board and the child-labor amendment.
Theendorsement of the independentcandidates—RobertM.
La Follette and Burton K. Wheeler—by the Executive Committee of the American Federation of Labor was reported
by us Aug. 23, page 907, and the corcmiittee's notification to
Senator La Follette of its action was referred to in these
columns Aug. 16, page 776. In formally acknowledging the
endorsement of the Federation Senator La Follette said
"with your organization so warmly enlisted and fighting side
by side with the other great forces that have volunteered
we shall move forward, confident that in the end we shall be
victorious." The Senator's letter, made public Aug. 17,
follows:
To the Non-Partisan Political Campaign Committee of the American Federation
of Labor, Washington, D. C.:
Gentlemen: I wish,for if all, to express for myself and for Senator Wheeler
deep appreciation of the endorsement by the Executive Council of the
American Federation of Labor and of the supplementary declaration of
whole-hearted support.
We value this action the more highly because we know that it is a nonpartisan endorsement. It is born of the conviction that you can thus best
advance the cause of humanity and the best interests of the American nation, to which you have so fully demonstrated your complete devotion.
I take this opportunity to transmit through you to the millions of members of your constituent and affiliated organizations a brief message regarding the purpose and character of the undertaking upon which we have
embarked.
Our ultimate objective has never been more accurately or fittingly described than by the statement in your message that it is "the restoration of
government to its sole rightful purpose—the service of the masses of the
people."
That is indeed true, but I venture to predict that before this campaign is
ended this declaration of the fundamental principle of all genuinely democratic government will be branded as radical by the forces we are fighting.
It is radical in that it goes to the very root of the evils by which we are
confronted. But in its essence it is conservative. Our aim is to conserve—
to save—to protect this Government from those who would still further
divert it from the high purposes for which it was established.
Ours is a policy of conservation of human rights. We would save these
rights established by the blood of our forefathers. We will encroach upon
the rights of no man, but we are determined to halt the encroachments of
special privilege upon the fundamental rights of the people.
Unfortunately, the term "conservative" has been taken over by those
whose only idea is to conserve certain inequitable advantages,certain special
privileges, certain unfairly acquired property rights which infringe upon
the rights of others.
In the best sense of the word, the American Federation of Labor is a
great conservative institution. Through its democratic organization and
exceptional leadership it has maintained and conserved the_ rights of the
masses of the people. It has conserved the children, taking,nem from the
mine,the mill, the sweat shop, and bringing them the blessings of education
and play. It has conserved the lives of men and women through the shorter
workday and constantly improved working conditions, to which, in my
opinion, is due in large part the steady increase in the longevity of the
American people.
The American labor movement has been a prime factor in every enterprise for the conservation of human rights, human lives and those great
resources with which nature so lavishly endowed our country for the use
and enjoyment of its people.
Had the American Federation of Labor not been conservative, in this
meaning, ot could not have been progressive. It could not have gone forward in its fight for further acknowledgment of human rights as against
property rights if it had not held fast to what had already been gained.
It is for this reason and with the knowledge that it is inspired by no
selfish motive, that we welcome the endorsement and support which you
have so generously tendered for this campaign.
The battle is joined. The issue is clear. Our opponents have deliberately chosen to entrench themselves ih defense of vested rights and special
privileges. We have chosen to fight aggressively and without compromise
which side he will enlist.
for human rights. No man should be in doubt on
In such a contest there can be no defeat. Every stronghold of predatory
wealth that Is saptured, every salient of special privilege that is driven in,
means victory tor the people.
lion. Robert M. La Follette, Washington, D. C.:
Dear Senator La Follette:—Formerly a Republican, I have long since lost
hope that my old party would abandon its subservience to the predatory
interests and return to the political faith of Lincoln and the service of the
plain people.
Bolder than ever, it has this year taken its stand as the champion of
the rapacious forces which have controlled the National Government
element during the present and previous Republican Administrations, the
identical forces against which Roosevelt rebelled in 1912.
With the reactionary platform and Tory candidates of the Republicans,
a rare opportunity was presented to the Democratic Party for a sweeping
victory if only it had the honesty and the courage to espouse the cause of
popular rights and declare aggressive war upon the abhorrent powers which
dominant our Government.
I hoped for that. Instead, the Democratic Convention adopted a dishonest, cowardly and platitudinous platform and selected a tried and true
servant of plutocracy as its candidate for President.
Under those conditions I hail your candidacy with deep satisfaction.
Your declaration of principles meets the political needs of the hour. Your
long record of conspicuous public service attests your ability, honesty and
courage.
For the citizen who loves our democracy and believes with Lincoln in a
Government of. by and for the people, and holds with Jefferson that the
true object of government should be the greatest good for the greatest
number, there is no practical way in which he can express his convictions
by his ballot in this election except by voting your ticket.
I shall so vote and work for the election of yourself and Senator Wheeler.
Your stand for divesting the Federal judiciary of its irresponsible power
especially recommends your candidacy to me.
The Supreme Court of the United States Is an absolute depotism. It is
beyond the control of Congress, of the Constitution, of the people and of
any authority which is directly or indirectly responsible to the people.
So long as that appointive, lifetime oligarchy remains the supreme power
in the Nation our boasted democracy is a sham and the kind of Government Lincoln lived and died to perpetuate becomes an idle dream.
Believing as I do in the principles you stand for, I should consider myself
guilty of conduct sounding in treason should I fail to give my full support
to the cause you represent.
Respectfully yours.
JOHN FORD.
President Coolidge to Defer Arms Limitation Conference Until After Settlement of Reparations
Issue—Presentation of Maple Sap
Bucket to Henry Ford.
President Coolidge, who, following his speech on Aug. 14
accepting the Republican Presidential nomination, has been
enjoying a brief vacation on his father's farm at Plymouth,
Vt.,indNated on Aug.22 that the calling of a new conference
on the limitation of armaments, as well as the taking up of
the question of the adjustment of war debts, would be deferred until the settlement of the reparations issue has been
effected. From Plymouth on Aug. 22 the New York "Commercial" reported the following as to the President's decision:
Turning once more to consideration of world affairs, President Coolidge
made known to-day his belief that disarmament discussions, debt funding
negotiations and the World Court are all secondary to and contingent upon
financial readjustment abroad. His pronouncement is held to be one of
his most important as regards foreign affairs.
Through official channels, which still convey the President's views to the
press, even though he is immured in the heart of the Green Mountains,
come this expression of the Executive's rooted opinion:
The time for the United States to call the leading Powers to the disarmament council board will arrive when the matter of reparations is fully
adjusted and in bperation, and when European nations have reached a state
of stability where they are no longer agitated by fear of attack. Mr. Coolidge is anxious to send invitatiotv to such a conference at the earliest praclikable time, but not until the desired stability abroad has been attained.
Reparaticas First Step.
While the President wants the Harding-Hughes-Coolidge World Court
scheme carried out, he holds it is not so important as the disarmament pa.
1136
THE CHRONICLE
Icy, and while he would like to see a recodification of international law,
these
hang on reparations settlement.
In the matter of foreign war debts, to the United States,
the President believes that Europe has enough on her hands at present
in settling her postwar affairs, and he would regret asking to lay
aside her own readjustment
program and pay attention to what she owes us.
If this readjustment goes through, thinks the Preside
nt, France. Germany
and Great Britain will turn their hands to industr
y and commerce and exchange of goods between Europe and the United States
will proceed in volume and with mutual benefit.
Mr. Coolidge, however, anticipates no drastic changes
in the present
tariff law, fearing the welfare of American manufac
turers might be endangered by European dumping activities.
The views above set forth came from the Preside
nt, following his first
conference with newspaper men since he arrived
at Plymouth. The gathering took place in the temporary Executi
ve Office of the nation's head, a
converted dance hall over the general store at Plymou
th Notch.
The President took occasion on Aug. 20 to congratulate
Gen. Dawes on his speech of last week,accepting the nomination as Vice-President. The following message was addressed
to Gen. Dawes by the President:
General Charles G. Dawes, Evanston, Ill.:
We congratulate you. Have just heard
your address with great satisfaction. I offer you most hearty congratulation
s.
CALVIN COOLIDGE.
Gen. Dawes's speech of acceptance was given by us a week
ago, page 901. On Aug. 19 the President was visited by
Thomas A. Edison, Henry Ford, Harvey Firestone and the
Mtter's son, Russell Firestone. During the visit the President presented Mr. Ford with a 16-quart maple sap bucket
which had belonged to the Coolidge family some 125 years,
having been made for the President's great-great-grandfather, John Coolidge, who settled in Plymouth in 1780.
Burned in on the bottom of the pail is the following inscription:
•[VoL. 119.
by assembling for observance of this day
with local organizations of the regular army and Nation
al Guard." His
proclamation reads:
Whereas, The President of the United
States, having designated Friday'
September 12 1924, the sixth anniversary
of the Battle of St. Mihiel, as the
day on which a "defense test" will
be made; and
Whereas, It is imperative that each
citizen of every community be informed in the duties that will be
required of each in case of national emergency; and
Whereas, It is of the highest importa
nce that the patriotic spirit of our
people be maintained, and the
propaganda of those who would have us defenseless in an emergency be offset;
and
Whereas, It is of the utmost importa
nce that we shall always have in
mind the defense of our Republic in
case of emergency, and that we In such
an emergency be properly prepare
d to defend our country and homes; and
Whereas, There would be a needles
s waste of time in an emergency if we
did not have plans for mobilization
and have them thoroughly demonstrated;
Now, therefore. I, George S.Silzer,
Governor of New Jersey, do proclaim
Friday, Sept. 12 1924, "Defense Test
Day," and do order the National
Guard of the State of New Jersey
to participate In "Defense Test Day" as
prescribed by the War Department.
"I urge all citizens of military
age, who are called upon by the local committees, to indicate their endorsement
of the principles of service by assembling for observance of this day, with
local organizations of the regular
army and National Guard, or
organizations associated, and also at that
time to pay tribute to the memory
of our gallant soldiers who participated
In the Battle of St. Mihiel.
Defense Day's Plans in Washi
ngton, D. C.—Only
Two Governors Withhold
Endorsement.
According to press dispatches from
Washington, Aug. 9,
word has been received from the
Governors of all the States
in the Union, with the except
ion of Governor Baxter of
Maine and Governor Blaine of
Wisconsin, endorsing the
Plymouth. J. Coolidge.
plans of the War Department for
the defense test, to be held
The President over his own signature added the following: on Sept. 12.
The Department announced on
Made for and used by John Coolidg an origina
the 9th that the
e,
l settler at Plymouth, Governors
supporting the proposal either have
who died in 1822.
issued procIn addition to that of the President, the following signa- lamations or will do so during the coming week.
The Washtures appear: Grace Coolidge, John C. Coolidge, Henry Ford, ington advices added:
It was stated that among those
Harvey Firestone, Thomas A. Edison.
who have indicated a willingness to join
The New York "Herald Tribune" quotes Mr. Ford as in calling out the National Guard and by the appoin
tment of civil committees to join with the militar
y branch of the Government on Defens
saying that "He [the President] is giving me this sugar pail Day is Governor Charles
e
W. Bryan of Nebraska, the Democr
atic nominee
to take down to the Wayside Inn," the account adding that for the Vice-Presidency. Governor Bryan
has criticized some of the
reporte
d
feature
s of the test.
the Wayside Inn is the one made famous by Longfellow's
The program to be carried out
in the District of Columbia has been
poem and bought some time back by Mr. Ford.
selected by several of the States
as a model for the ceremonies to be held.
This program includes a parade
the regular and National Guard troops,
the Reserve officers and patrioticofand
Proclamation of Governor Smith of Never
rork Calling bers of Commerce and Merchants' civic organizations, Including ChamAssociations.
for Observance of National Defense
The parade in Washington
Day.
will
A proclamation by Governor Alfred E. Smith of New York
calling for the observance of National
Defense Day on Sept.
12, in accordance with the plans of the
War Department,
endorsed by President Coolidge, was issued
on Aug. 8. Besides directing the participation in the mobili
zation plans
by the National Guard of the State, Gover
nor Smith requests
that the citizens assemble in their various places
of worship to offer "thanks in prayer to Almig
hty God for the
peace and security we are now enjoying and
ask Him in His
mercy and goodness for a continuance of peace
and good-will
among men, not only in our own country
but throughout the
world." The Governor's proclamation follows:
Whereas, The President of the United
States having designated Friday,
Sept. 12 1924, the sixth anniversary of
the Battle of St. Mihiel, as a day
on which a test will be made of the mobiliz
ation plans prepared by the
War Department under the Act of
Congress providing for the national
defense,
Now, therefore, I, Alfred E. Smith, Govern
or of New York, do order
the National Guard of the State to partici
pate on Sept. 12 1924 in the
test prescribed by the War Department,
and I request the authorities
of the cities and villages of this State in which
units of the regular Army,
National Guard and organized reserves are
located to confer with the
committee appointed for these various localiti
es by Federal authority
looking to a patriotic observance of the day.
The young men of our National Guard
are offering themselves to the
country as its first line of defense on land.
They are entitled to and
should receive the encouragement of the
citizens of their localities while
the officers of our army are taking account
of our military strength against
the day when we might be called upon to defend
the national honor and
dignity of the Hepatic.
I further request a.I of our citizens, as far as they
are able, to assemble
in their various places of worship at some
time during the day and offer
their thanks in prayer to Almighty God for
the peace and security we are
now enjoying, and ask Hin in His mercy and
goodness for a continuance
of peace and good-will among men, not only
in our own country but
throughout the world.
be reviewed by President
Coolidge.
Secretary of War Weeks and
General Pershing from a reviewing stand near
the Jackson Monument.
Major-General
Bullard
on National Defense Day
Plans.
Major-General Robert Lee Bullar
d, in a statement issued
at Governor's Island on Aug.
10 regarding National Defense
Day plans (Sept. 12) in the
Second Corps Area, comprising
New York, New Jersey and
Delaware, said:
The Governors of the
States comprising the Second Corps Area issued
proclamations supporting the
have all ordered the Nationa Government plans for Defense Day. They
l Guard to assemble in their armories at
some
time during the day. The
Governor of New York, in complying with
the
War Department request, has
revived the old "draft boards" which functioned so well in 1917. The
Governor of New Jersey has appointed
the
Mayors of the various towns
throughout the State as Chairmen of the
local committees. The Govern
or of Delaware has not yet announ
ced his
plans for the participation of
civilians
understood, however, that he will direct in the day's ceremonies. It is
the Mayors to appoint committees
similar to the draft boards. The
support of these Governors will enable
the Government to have Defens
e Day appropriately celebrated
in every
city, town and hamlet within this
corps area.
Every Reserve officer is expected
to communicate with the local
military
civic
or
committee. They will also join in such
patriotic rallies or parades
as have been planned. Instruc
tions to these officers will be sent
out from
these headquarters to that effect.
Postcards will also be given them In
order that they may report the
extent of their participation.
National Guard organizations will
assemble on the night of Defense
in their various armories for an
Day
inspection to determine their readine
move to the defense of their countr
ss to
y should the necessity
arise.
the Regular Army organizations
will hold inspections for the Same Likewise
purpose.
Major-General Bullard also annou
nced that "practically
every patriotic society and civic
organization has
stated that
they will join in the demonstratio
ns of the day. This headquarters desires them to get in
communication immediately
with the local military or civic
Defense Day committees."
The defense day plans were referred to in these columns In a radio messa
ge Aug. 7 Major-General Bullard
said in
last week, page 654.
part:
Our plans provide
for the localization of all reserve
units. By this is
Proclamation of Governor Silzer of New Jersey Calling meant that, If it is ever
necessary to call these units into active service
.
they
will be recruited from men taken
for Observance of Natio
from
nal Defense Day.
Governor George S. Silzer of New Jersey issued
a proclamation on Aug. 8 ordering the State National Guard to
participate in "Defense Test Day" designated on Sept. 12 by
President Coolidge, and urging all citizens of military age
"to indicate their endorsement of the
principles of service
the Immediate community.
These reserve units will belong
to you in war as well as peace.
Some of our hysterical pacifist
s are taking advantage of the defense test
to try to make people believe
that we are trying to militarize the nation
and to foster a spirit of war
and hatred—and claim that it is a hostile
gesture, a threat of war.
It was a little while ago in the
war, when the pacifist mask was dashed
off, when we recognized and cursed
pacifism as our worst and most insidious
enemy. Are we going to take them
back to our bosom?
SEPT.6 1924.]
THE CHRONICLE
Our defense test, far from being a hostile gesture, will emphasize our
military weakness. No nation can take offense at it. It is a demonstration
of loyalty and patriotism of those on whom the preservation of our country
depends. It is a first step in self-defense.
Besides a parade and muster by National Guard organizations in their respective armories in Manhattan patriotic
assemblies will be held in the late afternoon at Central Park
and other parks of the Borough.
Executive Council of American Federation of Labor
Assumes Neutral Attitude Toward National
Defense Day.
Denouncing with impartial vehemence both militarism
and pacifism the Executive Council of the American Federation of Labor refused on Aug.5 to become involved in the
National Defense Day controversy, said Associated Press
advices from Atlantic City, which also stated:
1137
officers without pay, so that there is DO burden on the taxpayers.
Judge Gary in commenting upon the announcement of the
organization of the new Advisory Board gave it as his opinion that "if the industrial preparedness work mapped out by
the Advisory Board can be generally achieved within the
next five years, the ordnance problem—the weak link in
our defensive armor—will be solved and no nation or group
of nations will dare attack us." He added:
On Dec. 14 1923 the board of directors of the Iron and Steel Institute
pledged the active efforts of the members of the board in the maintenance
of conditions adequate for the military defense of this country. The fact
that Mr. Schwab and myself have undertaken to assist local Government
representatives is only an instance of the determination of the industry to
carry out this pledge.
Mere expression of a pious wish for peace has never prevented the outbreak of war. Unless we distrust our own motives, proper preparedness
means only that we mean to repel invasion of our inalienable rights and compel continued peace by maintaining our ability to command it. With our
The attitude of the council toward observance will be one of strict neu- 17,000,000 men of military age and our facilities for training them, all we
trality. It is announced, however, that "defense day is a matter
of law, need to insure complete national preparedness is a systematic, well-thoughtand most labor men will feel that our military establishment may partici- out plan for converting our boundless resources of raw materials into the
pate properly in the exercises."
finished products needed to make our troops effective. We do not need
Speaking for the council Matthew WoII, Vice-President of the federation, actually to manufacture munitions so much as we need to be ready to
spokesman for Samuel Gompers, President, said: "We have
denounced produce them promptly if and when the occasion arises. The Government
both militarism and pacifism. We understand the designs of the militarists has done its part well. It is now up to industry to finish the job.
take
would
who
advantage of every opportunity to promote and feed
the
war spirit. We likewise understand the designs of the pacifists who
would Plans for Convention of Investment Bankers
Associadisarm America first and other nations later. Most of them now
prefer to
disarm all nations except Soviet Russia, so that dictators of Moscow
tion of America.
may
find easier their road to a greater dictatorship.
Charles A. Otis, Chairman of the Program Committee of
"We believe with Mr. Gompers that 'there is something too craven
for
words about those who snort at the burden of the prize of freedom.' We the Investment Bankers Association of America, made pubare confident that a great deal of the criticism is insincere, a part of the lic on the 4th inst. the details of
the annual convention of the
world-wide organized pacifist propaganda and hostile to American
de- association, to be held in Cleveland,
Ohio, Sept. 22, 23 and
mocracy.
"Defense day itself is a matter of law and we think most labor men
will 24. The association members will begin to arrive in Clevefeel that our military establishment may participate properly in the exercises
Saturday, Sept. 20. Sunday afternoon there will
and our military establishment is not large. It is composed of Americans land late
be a meeting of the Board of Governors at the Hotel Clevewho are just like the rest of us In their love of freedom and their
love of their
country."
land. Tea will be served,to the
wives of the Governots at
a country club, where an exhibition golf match will be staged.
The same evening dinner will be served for the Board of
Governors at the Tavern Club.
The convention will start officially on Monday, Sept. 22,
with the first business session following registration. Monday afternoon and evening will be given over to a party for
the delegates and guests at the Kirtland Club. Tuesday
forenoon, Sept. 23, the second day of the convention, wilt
be taken up by business, including the presentation of reJohn I. Downey, President, John I. Downey, Inc.
by the various committees, dm. The afternoon will beports
M. Friedsam, President, B. Altman & Co.
taken up largely by a golf tournament. The delegates will
B. Parker Gilbert, Jr., partner, Cravath, Henderson &
DeGersdorff.
James G. Harbord, President, Radio Corporation of America.
also be given an opportunity of seeing Cleveland's leading
Herbert P. Howell, Vice-President, Peierls, Buhler & Co.
industries. In the evening there will be a brief business
Samuel McRoberts, President, Metropolitan Trust Co.
session, followed by a theatre party. Wednesday, Sept. 24,
Charles M. Schwab, Chairman, Bethlehem Steel Corporation.
Guy E. Tripp, Chairman, Westinghouse Electric & Manufacturing
will be devoted almost entirely to business, with the excepCo.
William H. Woodin, President, American Car & Foundry Co.
tion of a supper dance in the early evening at the Cleveland
James L. Walsh, Chief, New York Ordnance District, United States
War Hotel. On this day the new officers
of the association will
Department, member ex-officio.
E. H. Gary, Chairman, United States Steel Corporation, be elected. In addition to the regular program it is expected
is Chairman of the Advisory Board. Regarding the appoint- that the convention will be given the opportunity of hearing
several speakers of national reputation.
ment of the Board, Colonel Walsh said:
Industrial Mobilization Incident to National Defense
Day.
In announcing on Aug.10 plans for industrial mobilization
incident to National Defense Day, Colonel James L. Walsh,
of the New York District office of the War Department Ordnance Service; made known the appointment of the following
Advisory Board which will assist the New York District Ordnance office:
This Board has been appointed to assist the
Government representatives
in their endeavor to effect a reasonable degree of
preparedness from an
Industrial standpoint in the commercial area
which centres around New
York. Under present plans it is to be a permanent
organization. It will
assist the District Ordnance Of flee in playing
the industrial mobilization
game directed by the War Department and which
will be played during the
week of Sept. Ste Sept. 12, or just prior to the main
Defense Day program.
The playing of this game will be the first test
of our new organization.
If the World War demonstrated anything, it
was that troops could be
organized and trained much more rapidly than
they could be
those highly complicated implements needed to give them equipped with
at least an even
chance against the enemy. The rate at which up-to-date
arms and ammunition can be manufactured is, therefore, the controlling
factor in determining
the rapidity with which a nation can prepare to defend
its sovereignty,
It is to this vital phase of preparedness that the nwely
appointed Advisory
Board will direct its particular attention.
During the World War the excessive cost of war supplies
was due to two
principal MUMS: first, excessive quantities were ordered
by officers fearful
of being caught short of vital supplies at critical moments; and
secondly,
to the advance of prices due to competition between Government
agencies.
To prevent a recurrence of such extravagance, the War Department
has had
fifty army officers working for a year in computing every
possible item
needed in a major emergency. This work is now done and its
importance
can be gained from the fact that if such careful planning had been
done
prior to the World War, more than 5200,000.000 could have been
saved in
leather goods alone.
The War Department has gone as far as it can unaided, and it
cannot
make further plans without the whole-hearted co-operations of
American
industry. Hence the need for the Advisory Board. After the
five-year
program now mapped out is completed, every manufacturer whose
plants
will be needed for the production of war material will know what he
is exposed to provide, how much he must produce, and when deliveries
must
be made.
In this way, according to Colonel Walsh, competition
among Government agencies and the sky-rocketing of prices
by fly-by-night profiteering concerns will be prevented.
Months or years will be needed to put industry on a defense
basis, and billions of dollars and countless lives will be
saved. The work Is being done almost entirely by reserve
Railway Employees and Government Ownership.
Referring to the fact that most railway labor leaders aresupporting Senator La Follette for President on a Government ownership platform, the "Railway Age" in its issue of Aug. 15 contrasted the wages paidby railways under privateand under public ownership. It especially calls attention to.
the fact that in Australia, where all the railways are owned
and operated by the Government, the average wage of a
railway employee in 1923 was only 84% greater than in 1913,
before the war, while iii the United States, under private
ownership, it was 114% more.
"Prior to the adoption of Government operation of the
railways as a war measure," says the "Railway Age," "practically all the leaders of the railway labor unions were opposed to Government ownership. The labor leaders then
defended, rather than attacked, the way American railways
were managed. A striking illustration of this is afforded by
an address delivered by Warren S. Stone, then Grand Chief and now President of the Brotherhood of Loocmotive Engineers, at the annual meeting of the National Civic Federation in 1911. Referring to the charge then just recently
made by Louis D. Brandeis, that the railways were inefficiently managed, Mr. Stone said: 'Regardless of Mr. Brandeis' statement to the contrary, the American railroads are
the best managed of any in the world. The men in charge
of these great systems stand head and shoulders above the
railroad men of the world. There is no other class of business that is operated on so close a margin, no other business
where the details are watched so closely as on the average
railroad.'
1138
THE CHRONICLE
"That is what the labor leaders thought and said until
Government control was adopted. Then the views of most
of them suddenly changed. The average wage of railway
employees under private ownership in the United States before
the war was greater than the average wage paid by any system
of Government railways in the world. The average wage in
this country in 1913 was $757. The average wages in some
countries where Government ownership prevailed were as
follows: Germany, $409; Italy, $377; Switzerland, $365;
New South Wales (Australia), $619; Victoria (Australia),
$623; New Zezland, $632. Railway wages were increased
under Government operation in this country, but the average wage has been higher in every year since the railways
were returned to private operation than it was under Government operation. The average compensation of all employees under Government operation in 1918 was $1,419.
and in 1919, $1,486. In 1923 it was $1,619.
• "It is impossible now to make satisfactory comparisons
between wages in the United States and Europe because of
changes caused by the war in rates of exchange. In Australia, however, where all the railways are Government owned
and operated, the average railway wage in 1923 was $1,169,
or $450 less than in the United States. In the ten years between 1913 and 1923, during eight years of which the railways of the United States were privately operated, the average annual compensation of their employees increased $862,
or 114%. In the same years the average compensation of
the railway employees of Australia increased only $535, or
84%. During most of this time Australia has had a LaborSocialist Government such as the labor leaders, through the
La Follette movement, are trying to establish in the United
States, and yet under this Government the wages of the railway. employees of Australia increased much less both absolately and relatively than the wages of railway employees in
the United States."
Forest Fire Prevention Campaign of Oregon State
Chamber of Commerce.
What is termed a unique and effective forest fire prevention campaign is sponsored by the Oregon State Chamber of
Commerce and has been adopted by the adjoining State of
Washington. With regard thereto the Chamber under date
of Aug.22 says:
The States of Oregon and Washington contain almost half of the remaining
standing timber of the nation, Portland, Ore., being the world's largest
summer relumber manufacturing and exporting city. The long drouth this
areas of
sulted in a greatly increased fire hazard in the heavily timbered
was feared
the State, and in spite of a series of educational campaigns, it
public would be
the total loss due to the carelessness or ignornee of the
greater than usual.
finest
The Klamath County Chamber of Commerce, representing one of the
driving'home the
pine timber sections of the State, conceived the idea of
Forest Fires"-Aisocialesson of fire prevention to the individual. A "Stop
two weeks of
tion was formed and the Governor of the State set aside the
this period various
June 30-July 14 as "Stop Forest Fires Week." During
and
Girls Scout
Boys
organizations, such as the Lions and Rotary clubs,
in the associatroops and other agencies solicited individual memberships
merely required to sign a
tions. There were no fees. Individuals were
power to prevent forest fires.
pledge obligating themselves to do all in their
Oregon State Chamber
At the request of the Klamath organization the
made the movement State-wide.
of Commerce, with headquarters in Portland,
persons joining the organiArrangements were made to keep a record of all
sent a membership card with
zation. To each member the State Chamber
full, a windshield sticker
the standard rules for fire prevention printed in
for camping in the forest.
and several booklets coataining explicit directions
devoted considerable
During the "Stop Forest Fires" weeks, newspapers
in 73 communities of the
space to the movement, and civic organizations
Thousands of members,
State sponsored the campaign to sign up members.
enrolled in the two weeks'
representative business men of every section, were
period.
officials, who
The movement was heartily endorsed by the Federal forest
in Washington, under
were instrumental in initiating a similar movement
the leadership of the Seattle Chamber of Commerce.
extreme. Exact apResults from the campaign were gratifying in the
Impossible; yet the fact
praisal of the good accomplished was, of course,
the point of view
that the driest and most hazardous season of history from credited to the
of fire menace was safely passed without undue losses is
State-wide movement
sense of individual responsibility created through the
(VoL. 119.
of the Federal Government. It lathe Treasury's position that the proposed
Constitutional amendment would involve no question whatever of States'
rights and make no attack on the credit or the borrowing power of the States
or their political sub-divisions.
Would Apply Equally.
The amendment, it is argued, would apply with absolute equality to the
Federal Government. on the one hand, and the States and their political
sub-divisions on the other, and in the interest of general welfare would put
exactly the same restrictions upon future borrowings by the Federal Government as upon future borrowings by the States.
The constantly growing mass of tax exempt securities, the Treasury contends, threatens the public revenues, not only of the Federal Government,
but of the States as well, and is reaching such proportions as to undermine
the development of business and industry.
Surtaxes Ineffective.
Once it is understood,it is contended at the Treasury, no one can raise any
of furtherissues of tax-exempt securities by
restriction
valid objection to the
Constitutional amendment.
As a matter of fact, it is asserted, it is almost grotesque to permit the
present anomalous situation to continue,for as things now stand,it is argued
there is on the one hand the system of highly graduated Federal income
surtaxes, and on the other a constantly growing volume of securities issued
by States and cities which are fully exempt from these surtaxes, so that taxpayers have only to buy the tax-exempt securities to make the surtaxes
ineffective.
The only way to correct this condition, in the opinion of the Treasury, is
by Constitutional amendment.
It was also stated in a dispatch to the same paper that
Secretary Mellon's tax recommendations to the next Congress
probably will propose downward revision of surtaxes to an
even greater extent than was suggested by the Mellon plan.
It was suggested that the Treasury's proposals this year
might call for a 20% maximum of surtax rates instead of the
25% limit proposed by the Mellon plan.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
The New York Stock Exchange membership of J. Henry
Whitehouse, deceased, was reported posted for transfer this
week to Howard M.Johnson, the consideration being stated
as $82,000. This is an unchanged price from the last
preceding sale.
The New York Curb Market membership of Victor
Romagna was reported sold this week to Irving J. Weil for
a consideration stated as $6,500. This is an increase of
$200 over the last preceding sale.
Another branch office of the Farmers' Loan & Trust Co. of
New York will be opened for business next month at 72d
Street and Madison Avenue. An announcement in regard
thereto says:
We will be prepared to perform there every banking service that our
other offices now perform, and we will also have an altogether up-to-date
safe deposit vault.
It is our purpose to have this new office serve every convenience for many
the
of our old friends and depositors and in addition to provide facilities in
had the
uptown residential district for others with whom we have not as yet
pleasure of doing business.
Judge Carroll in the Suprem- e Court of Massachusetts on
Tuesday of this week (Sept. 2) authorized State Bank Oommissioner Joseph' C. Allen to pay a dividend of 7% to depositors in the savings department of the closed Cosmopolitan Trust Co. of Boston, payment to be made Sept. 12.
The Bank Commission has on hand, it is stated, $430,566
with which to pay the dividend. The savings depositors
have already received 70% of their claims. We last referred
to the affairs of the failed bank in these columns in our
issue of Nov. 24 1923.
The Boston "Herald," in it-s issue of Aug. 31, stated that
the directors of the Citizens' National Bank of Boston and of
the Jamaica Plain Trust Co. of that city have unamimously
recommended to their respective stockholders a plan for the
consolidation of the banks under the title and charter of the
former. The capital of the Citizens' National Bank will be
increased from $750,000 to $1,000,000; two thousand shares
of the new stock to be given to the stockholders of the Jamaica
Plain Trust Co. in exchange for their present holdings.
The remaining 500 shares have already been subscribed for,
Issues
Exempt
TaxStop
to
Fight
is said, by the stockholders of both the institutions. The
it
His
Mellon to Renew
present banking quarters of the Jamaica Plain Trust Co. wIll
—Report to Next Congress Will Ask for Constitu
be maintained as the Jamaica Plain office of the enlarged
tional Amendment—Tax Recommendations.
advices institution, it is said. Guy A. Ham, the present head of the
The following information was contained in special
on, Citizens' National Bank will be President of the consolidated
to the New York "Journal of Commerce" from Washingt
bank, while Ethic Eldridge, President of the Jamaica Plain
Aug. 21:
to the next Con- Trust Co. will be Vice-President. The enlarged bank will
Secretary Mellon, in his annual report to be submitted
to the Constituand surplus of approximotely $1,gress, will renew his recommendations for an amendment
at the Treasury. have a combined capital
tion to abollsh tax-exempt securities, it was Indicated to-day
to meet 600,000 and deposits of more than $10,000,000. A special
High officials declared that, despite the failure of this suggestion
unchanged. Mr.
With favor in Congress so far, the Treasury's position is
meeting of the stockholders of both the institutions has been
persistency In the
Mellon, it was indicated, intends to pursue a policy of
called, it is said, to approve the proposed consolidation.
matter.
to restrict
Whatever opposition there is to the proposed amendment
Treasury, rests
further issues of tax-exempt security, it is believed at the
and this
amendsnent
uportiLmisunderstanding of the oest and effect of the
In turn harks back to therold contfdversies over States rights and the powers
The Banco de Descuento of Guayaquil, Bawler,is distributing gratis, a chart on "Dollar Exchange," which shows at
SEPT. 6 1924.]
THE CII RON1111,E
1139
a glance Ecuador fluctuations from June 30 1923. The Man- was last made to the• affairs
of the First National Bank of
ager of the bank, under date of March 31 1924, in announcing Hayward in the "Chron
icle" of Aug. 2 1924, page 540.
issuanc
the
e of the chart, said:
We would point out that the black curve given in the said chart does not
represent all local "dollar exchange" transactions, nor does it pretend
to
give the exact average prices. It is only meant to be a fairly good picture
of the general trend of the local foreign exchange "open market." All
this
is due to the fact that we do not have a regular or organized exchange
,
which prevents us from having an exact record of all local "open
market"
foreign exchange transactions,
"Dollar exchange" was quoted at 4.50 sucres per United States
dollar at
the end of May 1923. It then rose to 6.15 snores in August 1923;
went
down to about 4.50 sucres in February-March 1924, and is now
quoted at
4.70 sucres per dollar.
In the inclosed graphic chart we have provided a blank space
for the remaining months of 1924, and we shall be glad to send
you the corresponding quotations from time to time, if desired, in order to
allow you to keep
your records up to date snd to complete a full 12 months
period.
Henry M. Robinson, President of The First National Bank
of Los Angeles and of the Pacific-Southwest Trust & Savings
Bank of Los Angeles, is going abroad to join Mr. Owen D.
Young, Agent-General for Reparations. Mr. Robinson was
a member of Committee Number Two, having been abroad
with Mr. Young and General Dawes when the Dawes report
was prepared. It is understood that he-will work with Mr.
Young in setting up the various activities contemplated by
the Dawes report. He has asked Mr. Thomas L. Robinson,
Vice-President of the American Exchange National Bank of
New York to go as his assistant. Both Mr. Robinsons are
____...._
sailing to-day, Saturday. ______
Alexander Ennis Patton Jr. has become identified
with
the First National Bank of Philadelphia. Mr. Patton
is a
The respective directors of the National Trust Co., Ltd.
native of Curwensville, Pa., a son of the late Senato
r Alex- (head office Toronto) and the Mercan
tile Trust Co. of Canunder E. Patton, who was a prominent banker and
business ada at Hamilton, Ont., have entere
d into an agreement lookman of Pennsylvania. Mr. Patton graduated from
Yale ing towards the absorption of the latter
Sheffield Scientific School in 1916, and was in
institution by the
the Air Ser- National Trust Co., Ltd. Special
meetings of the stockholdvice during the war from 1917 to 1919. He was
formerly ers of both institutions will be held in October to ratify
associated with S. B. Chapin & Co., Chicag
the
o, Ill., also with proposed merger. Under
the terms of the agreement the
the Chemical National Bank of New York.
shareholders of the Mercantile Trust Co. of Canada, it is
said, will receive one share of National Trust Co., Ltd., stock
It is announced that on Aug. 23 all the assets
of the Stand- for two shares of Mercan
tile Trust Co. of Canada stock, toard National Bank of Washington, D. C., were
purchased by gether with a cash bonus
of $15 a share for each share of
the District National Bank of Washington. The
purchase, 'Mercantile Trust Co. stock.
according to the Washington "Post," includes
It is the intention of the Nathe acquisition tional Trust
Co., Ltd., it is said, to continue the Mercantile
by the District Bank of the building owned by
the Standard Trust Co. as the Hamilt
on office of the organization, thereby
at New York Avenue and Ninth Street and the
leasehold on adding another branch
to those it already maintains in
the property in H Street, which runs until 1931,
in addition Montreal, Winnipeg, Saskat
oon, Edmonton and London,
to the deposits, amounting to $872,275, and
other assets. Eng. The National Trust
Co., Ltd., will also add to its
The main bank of the Standard National has
been discon- board of directors represe
tinued. but the Ninth Street quarters will
ntatives of the present shareholdbe operated by
ers of the Mercantile Trust Co., who m7111 have special superthe District as an additional office, with George
D. See, for- vision over the Hamilt
on office and business. The National
merly Assistant Cashier of the Standard,
in charge, thus
Trust Co., Ltd., has a paid-up capital of $2,000,000, with a
giving the District National Bank two
branches. It is the
rest fund of like amount and assets of upwards of $126,000,purpose of the District Bank to liquida
te tile Standard. 000. The
Mercantile Trust Co. of Canada was founded in
H. C. McCeney, Cashier of the Standard,
who has become 1907.
It has a capital of $500,000 and a reserve fund of
identified with the District and will be located
at the main $150.00 while
0,
its assets aggregate $8,451,776. A circular
bank. The Standard National Bank was
organized as a with regard
to the proposed amalgamation mailed to the
savings bank March 29 1920. Two years
later it was con- shareh
olders of the Mercantile Trust Co. of Canada says
verted to the national system, and in April
in
1923 it acquired
part:
the business of the Banking Trust & Mortga
ge Co. In April
modern
Under
conditio
ns a trust company
of this year it moved its main office from
order to prosper and extend
the Ninth Street its business, must operate in a wide field, as, in
the remuneration for fiduciary
bank to 1409 H Street. A. S. Gardiner was
trust
work
is
or
small.
The
company
must
have a capital sufficiently large
President of the
command confidence and attract funds, and must
Standard National. R. N. Harper is Presid
possess facilities for
ent of the Dis- to
prompt and safe investments. Tht leading trust companie
trict National Bank.
s of Canada have
their head offices in the
-..--
David Johnstone, Assistant Cashier of the
Northern Trust
Co., ex-President of Chicago Chapter, has
been appointed
to the chairmanship of the Forum
Committee by the Executive
larger cities and recognized financial centres
and
have established branches in various sections of the Dominion,
and they are
thus able to derive earnings from a wide variety of activities
and services.
After giving these matters the most serious thought and
consideration,
your directors some time ago came to the conclusion that it
would be in
the interest not only of the shareholders but also of the clients
of the company to make arrangements with some large company, whose
financial position was assured, to take over its business and assets, and with
such object
in view negotiations were commenced with the National Trust
Co., Ltd.
bankers whom the national
organization recognizes
by appointments as committee membe
rs are: Max Steiner,
Vice-President of Chicago Trust Co:,
to the Chapter PresiThe 57th annual report of the Imperial Ottoman Bank
dents' Conference Committee, and
R. J. Walsh, now busi- (head office
Constantinople) presented to the shareholders
ness manager of Central Trust Co.
of Illinois, to the Public
at their annual general meeting in London on July 16
Speaking and Debate Gommittee.
1924
has been received. The report, which covers the
twelve
montrs ending Dec. 31 1923, shows net profits, after providAlfred V. Howell, formerly of
the
New York and Vice-President Winter National City Co. of ing for bad and doubtful debts, of £131,511, which
when
s National Bank, Dayton, Ohio, is now in charge of
the Corporation Bond De- added to the balance of £194,693 brought forward from the
partment of the Woodlawn Trust
& Savings Bank, Chicago. year 1922, made available the sum of £326,205. Out of this
amount 1197,834, the sum required for difference on
converHenry E. Rohlf, President of the
sion
of the assets and liabilities into sterling currency at
defunct First National
the
Bank of Hayward, Wis., who on
July 19 last surrendered rates prevailing on Dec. 31 1923, was deducted, leaving a
himself to the Federal authorities
balanc
e of £128,371 to be carried forward to the
in Portland, Ore., and
current
was taken back to Wisconsin, was on
Aug. 27 sentenced by year's profit and loss account. Total assets of the institution
Judge Claude Z. Luse in the Federal
on
Dec.
31
were
£22,018,728, a large proportion of which was
Court at Madison to
serve eight years in Leavenworth
Penitentiary, following his liquid in character-cash in hand and at bankers alone
plea of "guilty" the previous day to five
of six counts of an =tinting to £4,982,644. The capital of the bank is 15,000,indictment growing out of the bank's
failure for $300,000 on
March 13 of this year, according to press
dispatches from
Madison appearing in the Minneapolis
ENGLISH FINANCIAL MARKETS-PER
"Journal" of Aug. 26
CABLE.
and Aug. 28. Rohlf's admission that he
daily closing quotations for securities, &c.,
The
plundered the institution, it is said, came a few hours before
as reported by cable, have been as follows the at London,
he was sched-London,
past week:
Aso.30. Sept. 1. Sept. 2. Sept. 3.
tiled to go on trial and astonished scores of
Sept. 4.
Week Ended Sept. 55.
Sat.
Haywa
rd
Mon. Tues.
citiWed. Thurs. Sept.
Silver, per oz
zens who lost money by the failure but who had
Frt.
d 34%
347-10 34%
3431
34%
loyally stood Gold, per flne ounce
34%
92s.
Id.
928.
Id.
928.
Id.
92s.
Id.
92s. 5d. 928. 91
by him with plans to fight the case to the last ditch
Consols, 2A per cents
____
10
51
7 /.5
4
British,5 per cents
10
57
1)1 10517 % 101)1.0
to the highest court in the land." For months, it -"even British,
4A per cents _ __ _ _ __ _ ._ _
5i i
1t
97%
97A
is
said, French Rentes (in Paris), fr _
973.4
973.4
973.4
53.55
he had insisted that he was innocent,and that his
53.65
53.45
53.25
French War Loan(InParls).fr
53.20
brother
67.55
,
67.85
67.70
67
.
75
67.00
nrnest E. Rphlf, now dead, who had been Cashie
r of the
The price of silver in New York on the same
Institution for years; had embezzled the money.
day
has been:
p in N.Y., per oz.(cts.):
Reference FoBrizilvger
68A
-s-
68A
69r3.‘
6834
68A
6834
[Voi,. 119.
THE CHRONICLE
1140
THE WEEK ON THE NEW YORK STOCK EXCHANGE
The stock market during the past week suffered a severe
further setback and the action of the American Woolen
Co. on Thursday in suspending dividends on its common
shares dealt a blow at the whole industrial list, though in
some special stocks there was a manifestation of strength
that carried them to new high records. Contrary to the
general expectation, the two-hour session on Saturday
developed into a particularly active week-end market, and
a number of the leading stocks scored new high records for
the year. American Can led the upswing with an advance
of 33/2 points, United States Steel common registered a gain
of 13 points to 109%, and United States Cast Iron Pipe
& Foundry crossed 109 for the first time. Railroad stocks
shared the improvement, New York Central making a gain
of 1% points to 10934. The market opened firm on Tuesday,
after the Labor Day holiday, but shortly after the first
hour, prices gradually worked down to lower levels, declines
of 1 to 4 points being recorded by a number of the more
active issues. Del. Lack. & Western moved briskly forward
23 points to 1383. The market again turned downward
on Wednesday, stocks continuing heavy during the greater
part of the day, except for a few shares that moved against
the trend. Colorado Fuel & Iron declined three points to
a new low level and American Woolen dropped more than
four points to below 72. Norfolk & Western moved against
the trend, advancing 2% to its highest level of the day.
The market continued its downward drift on Thursday.
had
The report from Boston that the American Woolen Co.
stock
common
its
on
dividend
quarterly
omitted the usual
carried that issue down 13 points from its previous close,
prices
and had a depressing effect on the general list, causing
rapidly
more
much
came
ns
Recessio
to recede still further.
nuon Friday, declines of 3 to 5 points being recorded by
more
d
develope
list
general
the
and
,
favorites
merous market
many
pronounced weakness than has been apparent in
weeks. United States Cast Iron Pipe & Foundry registered
a loss of 33/2 points and United States Rubber declined 29j
points. A further break of 3% was recorded byAmerican
Woolen. United States Steel common reached a new low
level for the present movement at 1073,followed by General
Electric with a loss of 43/i points and Woolworth with a
decline of 3 points. Railroad shares, as a group, showed
some improvement, Delaware Lackawanna & Western.
reaching a new high level at 1423/2, but subsequently fell
back. The final tone was weak.
THE CURB MARKET.
Trading on the Curb Market this week, with the exception
of a few recently listed issues, was rather quiet and price.
changes of little significance. Oil shares were very quiet
most of the week, but to-day showed some improvement.
Buckeye Pipe Line dropped from 573/2 to 51, and closed
to-day at 52. Ohio Oil, after an early advance from 60 to.
62, dropped back to 603/2. Prairie Oil & Gas was erratic.
After an early gain from 209 to 2133/2, it fell back to 209
and to-day sold up again to 213. The close was at 211.
3
Red Bank Oil broke from 46 to 41, closing to-day at 43%.
issues.
new
several
by
was
list
featured
The miscellaneous
The new Nickel Plate stock, the proposed new railroad
consolidation, were traded in "when issued," the commonup from 74 to 763/2 and down finally to 753/2. The pref.
gained about two points to 85, but fell back to 83. Franklin
Simon & Co. pref. made its appearance and moved up from
%. Prophylactic1053/2 to 1063/2 and down finally to 1053
for an advance
ous
was
issue,
new
conspicu
another
Brush,
from 403/2 to 46, the close to-day being at 45. The rest ot
the industrial list presented but few features of moment,
price changes for the most part being small.
A complete record of Curb Market transactions for theweek will be found on page 1164.
Course of Bank Clearings
year
Bank clearings are still running much higher than a
al
substanti
a
show
ago and for the present week will again
however,
mainly,
due
ago,
year
a
with
• increase as compared
this
to the large expansion at New York City, exchanges at
Prelimicentre recording a gain for the five days of 47.1%.
advices
nary figures compiled by us, based upon telegraphic
week
the
for
that
indicate
from the chief cities of the country,
s
exchange
bank
e
aggregat
6),
Sept.
y,
ending to-day (Saturda
possible
for all the cities of the United States from which it is
26.7%
to obtain weekly returns will register an increase of
at
stands
total
The
over the corresponding week last year.
week
same
the
for
44,157
$7,375,033,578, against $5,821,7
is as folin 1923. Our comparative summary for the week
lows:
Clearings-Returns by Telegraph.
Week ending Sept. 6.
Per
• Cent.
1924.
1923.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$3,419,000,000
448,403,180
364,000,000
232,000,000
102,904,238
a
114,000,000
*98,000.000
91,150,963
110,485,102
68,787.165
66.617,359
44,242,173
$2,324,731,009
391.658.883
319,000,000
230,000.000
95,592,175
a
109,200,000
93,449,000
96,536,552
81,452,935
71,031,623
64,991,353
49,556.006
+47.1
+14.8
+14.1
+0.9
+7.6
a
+4.4
+2.7
-5.6
+35.6
-3.2
+2.5
-10.7
12 cities, 4 days
Other cities. 4 days
$5,157,570,180
742,456,683
$3,927,230,546
730,164,780
+31.3
+1.7
Total all cities, 4 days
All cities, 1 day
$5,900,026,863
1,475,006,715
$4,657,395,320
1,164,348,831
+26.7
+26.7
1,7 574 ASS 576
at 621 744.157
+26.7
a Will not report clearings. •Estimated.
covered by the
Complete and exact details for the week
We cannot
week.
foregoing will appear in our issue of next
to-day
ends
week
the
furnish them to-day, inasmuch as
available
be
not
will
figures
(Saturday), and the Saturday
the last day
until noon to-day. Accordingly, in the above
d.
of the week has in all cases had to be estimate
which we
In the elaborate detailed statement, however,
complete
and
final
give
to
present further below, we are able
For
30.
Aug.
ended
week
-the
previous
results for the week
that week there is an increase of 16.2%, the 1924 aggregate.
of the clearings being $7,387,605,191 and the 1923 aggregate
$6,355,381,571. Outside of New York,City, however, the.
increase is only 7.3%, the bank exchanges at this centre having made a gain of 23.9%. We group the cities now according to the Federal Reserve districts in which they are located,
and from this it appears that in the Boston Reserve District
there is an improvement of 26.4%, in the New York Reserve
district (including this city) of 23.4%, but in the Philadelphia Reserve district of only 5.2%. In the Cleveland Reserve district there is a loss of 0.7%, in the Minneapolis Reserve district of 9.3%, and in the San Francisco. Reserve district of 4.9%. In the Richmond Reserve district the totals
are larger by 5.1%,in the Atlanta Reserfe district by 26.5%,
and in the Dallas Reserve district by 23.6%. The Chicago.
Reserve district has a gain of 11.2%, the St. Louis Reserve
district of 2.8% and the Kansas City Reserve district of
4.7%.
In the following we furnish a summary by Federal Reserve
districts:
S.
SUMMARY OF BANK CLEARING
Week ending Aug. 30 1924.
1924.
1923.
$
$
Federal Reserve Districts.
11 cities 396,945,487 314,023,993
(1st) Boston
10 " 4,287,216,750 3,474,058,967
(2nd) New York
467,274,043 444,17308
(3rd) Philadelphia- --_10 "
309,873,831 311,928,555
8 "
(4th) Cleveland
161,047,473 153,278,141
6 "
(5th) Richmond
154,510,209 122,146,398
10 "
(6th) Atlanta
791,262,295 711,601,023
20 "
(7th) Chicago
54,163,427 52,694,727
7 "
(8th) St. Louis
97,224,653 107,211,218
"
7
____
(9th) Minneapolis
220,445,174 210,463,779
(10th) Kansas City____12 "
69,312,096 66,072,471
5 "
(11th) Dallas
378,329,723 397,728,671
16 "
(12th) Ban Frandsco
Inc.or
Dec.
1922.
$
%
+26.4 303,583,263
+23.4 3,967,647,861
+5.2 444,120,078
-0.7 319,280,431
+6.1 154,017,605
+26.5 129,183,759
+11.2 701,663,963
+2.8 49,170,136
-a3 106,493,464
+4.7 204,969,813
+23.6 46,150,541
-4.9 323,963,646
1921
$
256,386,577
,340,832,747
403,857,962
266,727,714
116,684,567
112,090.294
641,850,248
42,761,769
107,229,669
336,564,290
40,943,568
296,086,728
5,861,008,101
122 Mies 7,387,606,1916,355,381,571 +16.2 6,759,244,560 2,568,011,282
Grand total
3,150,275,033 2,944,338,237 +7.3 2,844,943,147
Outside New York City
c,
r.
We also furnish to-day a summary by Federal Reserve
that
districts of the clearings for the month of August. For
e of
aggregat
1924
the
month there is an increase of 21.0%,
e
aggregat
1923
the
and
039,121
$35,670,
the clearings being
is
increase
$29,484,547,193. Outside of New York City the
SEPT.6 1924.]
THE CHRONICLE
only 4.2%, the bank exchanges at this centre recording a gain
of 37.6%. In the Boston Reserve district the totals are
larger by 28.7%, the the New York Reserve district (including this city) by 36.7%, but in the Phildalephia Reserve district by only 2.6%. The Cleveland Reserve district has a
loss of 5.5%, the Minneapolis Reserve district of 1.9%, and
the San Francisco Reserve district of 1.6%. In the Richmond Reserve district there is an improvement of 1.3%, in
the Atlanta Reserve district of 5.1%, and in the Dallas Reserve district of 5.5%. The Chicago Reserve district has
enlarged its totals by 4.9%, the St. Louis Reserve district
by 1.7% and the Kansas City Reserve district by 0.9%.
July
1924.
July
1923.
Inc.or
Dec.
Federal Reserve Diets.
$
$
let Boston ..13 cities 2,006,939,298 1,559,806,462
2nd New York_13 "
20,715,972,727 15,159,259,126
3rd Philadelphial4 "
2,166,627,257 2,110,792.811
4th Cleveland 15 "
1,456,010,411 1,541,470,273
5th Richmond 10 "
761,060,440
751,490,082
6th Atlanta ___17 "
701,920,506
669,011,259
7th Chicago __ _29 "
3,677,085,368 3,504,677,200
8th St. Louis__ 9 "
267,966,461
263,434,555
9th MhineapolLs13 "
603,563,472
513,461,652
10th KansasCity15 "
1,092,296,519 1,082,873,801
11p611 Dallas ____12 "
428,871,709
406,380,805
12th Elan Fran..27 "
1,890,754,953 1,921,889,167
July
1922.
July
1921.
%
$
$
+28.7 1,427,717,830 1,203,816,583
+26.7 17,209,621,678 14,777,429,173
+2.6 1,984,799,569 1,567,335,693
-5.5 1,374,195,808 1,299,284,426
+1.3
725,191,193
569,262,544
+5.1
616,349,571
519,734,479
+4.9 3,239,424,574 2,966,145,253
+1.7
223,042,456
207,243,203
-1.9
498,271,378
487,598,772
+0.9 1,107,423,025 1,162,760,442
+5.5
320,921,199
218,869,170
-1.6 1,628,647,484 1,340,167,740
Total
187 cities 35,670,039,121 29,484,547,193 +21.0 30,355,605,765
26,419,647,457
Outside N. Y. City
15,327,e72,895 14,706,409,765 +4.2 13,417,293,829 11,863,706,498
Canada
1.260.3139.643
1_109 7RA lAR
-A R
1 17R 77F am
nA Al" I,J7C earl.
We append another table showing the clearings by Federal
Reserve districts for the seven months back to 1921:
Eight Months.
1924.
1923.
Inc.or
Dec.
1922.
1921.
Federal Reserve Diets.
let Boston_ ___13 citiee 15,678,891,936 14,642,990,151 +7.1 11,877,097,163
,10,330,340,404
2nd New York_13 " 164,150,766,017 146,805,072,563
46,782,311,063 129,883,116,139
3rd Phlladelphial4 "
18,313,834,066 18,083,515,736 +1.3 15,543,732,194 14,365,990,218
4th Cleveland 15 "
12,522,921,596 13,098,779,095 -4.4 10,459,433,589 11,309,588,184
5th Richmond 10
6,463,946,115 6,252,317,701 +3.4 5,114,663,103 4,980,978,910
6th Atlanta ___17 .1
6,532,926,583 6,275,851,788 +4.1 4,971,600,085 4,666,686,189
7th Chicago...29 .1
30,367,497,809 30,103,011,693 +0.9 25,204,067,293 23,430,288,892
8th St. Louis_ 9
2,387,217,745 2,444,252,449 -2.3 1,945,943,245 1,822,984,603
9th Minneapolls13
3,886,387,400 4,196,464,947 -7.9 3,656,855,203 3,858,238,511
10th Kaneaselty15
8,105,547,501 9,026,990,748 -10.2 8,421,442,888 8,869,549,947
Ilth Dallas -__-12
3,412,641,654 3,089,599,109 +10.5 2,644,072,320 1,987,928,587
12th Ban Fran__27
15,992,532,632 15,291,266,666 +4.6 12,448,361,899 10,770,658,207
+me
Total
187 rides 287,794,110,054 269,310,112,546
Outside N. Y. City
126,669,680,411 125,658,561,855
Canada
10,496,129,581 10,409,756,843
+6.9 249,159,580,045 226,276,348,791
+1.0 104,442,981,217 98,349,031,819
+0.8 10,336,467,004 11,276,337,561
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for August and the eight months of 1924 and 1923 are given
below:
Month of August.
Description.
1924.
1923.
Eight Months.
1924.
1923.
Stock-Number of shares
21,809,031
13,144,641
160,646,007
157,557,387
Railroad & tniscell. bonds $217,828,000 $91,597,000 $1,432,416,000
$1,074,487.200
U.S.Government bonds. 63,109,650 43,013,240
594,141,650
528,807,675
State,foreign, &c.,bonds 64,497.000 23,955,000
420,650,000
312,861,400
Total bonds
$345.434,650 8158,565,240 82.447,207,650 $1,916,156,275
1141
1924.
1923.
1922.
1921.
No. Shares. No. Shares. No. Shares. No. Shares.
Month of January
February
March
26,857,386 19,914.827 18,472.377 18344.876
20,721,562 22,979,487 16,175,095 10.169.871
18,310,911 25,984,886 22.820,173 18.321.181
Total first quarter
65,889,859 68,858,980 55,467.645 42,635.678
Month of April
May
June
18,111,828 20,091.986 30.634,353 15,529.709
13,513,967 23,155,730 28.921,124 17,236.995
17,003,140 19,754,197 24,080,787 18.264,671
Total second quarter
48,628,935 63,001,913 83,636,264 51.031,375
Total six months
114,518.794 131,860,173 139,103,909 193,667.053
Month of July
August
24,318,182 -12,551,851 -15,118,083 -9,288,054
21.809.031 13.144.641 17,862,553 11,117,035
The following compilation covers the clearings by months
since Jan. 1 in 1924 and 1923:
MONTHLY CLEARINGS.
Clearings, Total AU.
Clearings Outside New York.
Month.
1924.
1923.
%
1924.
1923.
%
Jan__ 37,519,792,018 36,411,435,888 +3.0 16,830,663,546 16,633,076.289 +1.2
Feb___ 32,883,744,565 30,514,376,577 +7.8 14,763 634.719 13,730,398,134 +7.5
March 35,808,562,180 36,269,484,835 -1.3 16,158,335.018 16,501,204,839 -2.1
let qr.. 106212098,763 103105297,300
+2.9 47,752,633,283 46,864,679,282 +1.9
April__ 36,415.480.971 33,831,332,398 +7.6 16,089,619,856 15,821,259,447 +1.7
May.. 36,693,688,644 35,681,649,194 +2.8 15,972.083,900 16,469.894,052 -3.0
June.. 35.302.334.731 34,931,655,881 +1.1 15,343,785,677 16,256.178,231 -5.6
2d qr. 108411504,346 104444637,473 +3.8 47,405,489,433 48,547,331,730 -2.4
6 moo. 214623803,109207639934,773 +3.4 95,158,122,717 95,412,010,992 -0.3
July.. 37,500,467,823 32,185.630,580 +16.516,373,834,798 15,540,141,098 +5.4
Aug
35 670 031i 121 2q 484 547 103 +21 0 15.527.072.93)8 14.706.409.785 +4.2
The course of bank clearings at leading cities of the country for the month of August and since Jan. 1 in each of the last
four years is shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES.
August
-Jan. 1 to Aug. 311924. 1923. 1922. 1921. 1924.
(000,000
1923.
1922.
1921.
omitted.)
$
S
8
$5
$
8
5
8
20,342 14,778 16,938 14,556 160,934 143,652 144,717 127,927
New York
2,542 2.3902,288 2,149 20,871 21,044 18,176 17,284
Chicago
Boston
1,804 1,362 1,246 1,082 13,909 12,917 10,374
9,293
Philadelphia
1,980 1,910 1.821 1,563 16.681 16,489 14,284 13,472
a
St. Louis
a
a
a
a
a
a
a
615
Pittsburgh
569
5,309
4,927
653
600
4,248
5,506
647
530
677
5,284
623
5,485
4,313
4,652
San Francisco
Cincinnati
263
217
1,927
255
2,336
238
2,206
1,872
404
2,544
Baltimore
3,237
397
3,310
2,552
293
387
4,178
5,098
572
686
4,395
568
Kansas City
4,629
583
449
340
418
Cleveland
3,726
408
3,565
3,253
2,960
1,819
1,414
180
611
1,463
158
New Orleans
1,735
178
316
Minneapolis
2,361
277
2,271
2.128
281
276
2,058
122
Louisville
104
1,053
113
93
859
1,052
794
Detroit
592
494
4,882
555
431
3,431
4,425
3,046
Milwaukee
149
119
148
1.240
130
1,259
958
1,012
Los Angeles
4,822
576
330
3,270
530
4,533
409
2,725
Providence
45
39
46
411
42
403
343
362
Omaha
172
165
1,292
157
165
1.279
1,446
1,297
Buffalo
142
176
1,555
165
1,501
1,205
193
1,281
140
1,047
1,102
147
130
1,024
115
St. Paul
1,178
Indianapolis
502
68
559
82
705
72
666
86
118
131
939
Denver
126
980
844
130
815
1.410
Richmond
1,656
192
1,794
1,335
195
154
224
691
628
67
465
50
543
64
51
Memphis
1.267
1,355
161
977
127
1,075
159
141
Seattle
44
301
35
319
51
378
37
437
Hartford
419
405
60
488
54
502
60
48
Salt Lake Clt) ____
Total
Other cities
32,734 26,567 27,888 24.482 263,023 244,921 229,564 209,817
2,936 2,918 2,468 2,402 24,771 24,389 19,596 21,494
35,67 29,485 30,356 26,884 287,794 269,310 249,160 231,311
Total all
Outside New York_15,328 14,706 13,417 12,328 126,860 125,659 104,443 103,384
a No longer report clearings.
The volume of transactions in share properties on the New
We now add our detailed statement showing the figures
York Stock Exchange each month since Jan. 1 in 1921 to
for each city separately for August and since Jan. 1 for two
1924 is indicated in the following:
years and for the week ending Aug. 30 for four years:
CLEARINGS FOR AUGUST, SINCE JANUARY 1, AND FOR WEEK ENDING AUGUST 30;
Month of August.
Clearings at
1924.
1923.
Since January 1.
Week ending August 30.
Inc.orInc.
or
Dec.
1924.
1 Dec.
1923.
1924.
$
%
$
$
3
%
8
First Federal Rose rve District- BostonMaine-Bangor
3,466,610
3,640,299 -4.8
27.178,637
26,127,986
+4.0
675,952
Portland
12,766.992
13,513,378 -5.5
101,042,384
109,106,612 -7.4
2,605,837
Mass.-Boston
1,804,000,000 1,362,000,000 +32.5 13,909,000,000 12.917,000,000
+7.7 d359,000,000
Fall River
-0.4
8,577,563
8,615,428
70,458,880
78,335,445 -10.1
2,119,863
Holyoke
3,727,837
3,671,865
+1.5
31,078.894 • 33,223,312 -6.5a
Lowell
4,455,071
5,331,498 -16.4
39.712,548
96,144,253 -13.9
989,541
Lynn
a
a
a
a
a
a
a
New Bedford
5,057.730
• 5,557,419
-9.0
45,013,4,65
50,692,239 -11.2
946.747
Springfield
19,822,561
19,185,071
+3.3
182,545,327
175,144,201
+4.2
4,054,039
Worcester
14,205,000
13,876,000
+2.4
121,949,375
124,267,619 -1.9
2,504,000
50,597,786
Conn.-Ilartford - -- _
43.522,977 +16.3
436,518,160
378,292,744 +15.4
9,587.523
New Haven
26,903.848
29,082,127 -7.5
240,462,166
229,472,354
+4.8
5,427,285
7,804,600
Waterbury
7,179,600
+8.7
70,904,400
64,203.686 +10.4
45,553,700
R. 1.-Providence...
44,630.800
+2.1
403,027,700
410,979,700 -1.9
9,034,700
Total(13 cities).-- 2,006,939,298 1,559,306,462 +28.7 15,678,891,936
Second Federal Re serve District -NewYork23.247,404
New York-Albany..
22,170.175
Binghamton
4,276,475
5.508,217
175,667,000
Buffalo
193,452,860
Elmira
3,339,978
3.114,640
2itine8toWn
5,188,818
5,155.650
20,342,116,225 14,778,137,428
New York
3.612,560
Niagara Fails
3,651,485
Rochester
42,219,739
40,936,496
20,467,602
Syracuse
18,341,486
11,308.775
14,394,079
Conn.-Stamford....
2,371,639
1.644,730
N. J.-Montclair....
Newark
77,671,004
69,144,678
4,485,508
3,607,202
Orange('
Total(13 cities)._ 20,715,972,727 15,159,259.126
14,642,990,151
+7.1
396,945,487
1923.
Inc.or
Dec.
1922.
1921.
$
%
$
$
721,257
674,677
3,141,185
267,000,000
1,317,573
a
913,938
a
1,242,413
3,893,853
3,045,169
8,090,973
6.629,082
721,513
2,250,000
221,165,491
1,302,744
a
860,942
a
1,185,211
3,299,065
2,988,414
9,183,497
5,500,000
275,000,000
1,643,942
a
1,069,744
a
*1,000,000
4,004,649
3,028,000
9,127,143
6,385,958
-6.3
-6.9
+30.5
+28.9
a
-7.5
a
-5.3
+1.2
-17.3
+5.0
-15.0
9,243,300
-2.3
7,634,400
7,929,700
314,023,993 +26.4
303,583,263
256,386,577
.2,800,000
+4.9
196,250,464
180,657,683
+8.6
4,925,357
4,577,198
-22.4
35,399,575
39,392,100 -10.1
680,200
810,500
-9.2
1,500,769,394
1,555,396,576 -3.5
d36,764,935
41,549,577
+7.2
28,029,408
25,360,400 +10.5
678,109
666,847
+0.6
41,320,913
c1,128,734
40.618,445
+1.7
968,637
+37.6 160,934.229,643 143,651,550,690 +12.0 4,227,330,158 3,411,043,334
-1.1
34,384,632
33,905,230
+1.4
+3.1
395,266,117
371,847,582
8,546,612
+6.3
8,081.813
+11.6
173,001,987
162,147,444
4,320,409
+6.7
3,674,030
-21.4
106,487,503
c2,380,954
+1.4
2,391,644
104,971,816
+44.2
20,169,535
16,449,096 +22.6
463,282
295,387
+12.3
646,248,450
587,342,497 +10.0
+24.3
39,208,396
35,433,004 +10.7
4,080,458
+7.6
3,266,566
-16.1
784,361
696,591
32,708,953
-11.5
29,402,491
497,484
+1.4
860.815
769,512
+16.5
+23.9 3,914,301,413 3,292,994,819
+5.8
+17.6
-0.4
+56.8
8,639,384
3.392,158
2,065,249
317,586
7,704.523
3,534,790
1,798,906
664,549
+36.7104,150,766,017 146.804,072,563 +11.8 4.287,218,750 3,474,058,967 +23.43,967,647.861
3.340,832.747
[VOL. 119.
THE CHRONICLE
1142
CLEARINGS-(Continued.)
Since January 1.
Month of August.
Week ending August 30.
Clearings at1924.
1923.
Inc.or.
1923.
1924.
Dec.
Inc. or
Dec.
$
$
$
%
$
%
Third Federal Res erve District-Philadelph la49,965,777 -3.5
48,209,785
8,220.106
Pa.-Altoona
6,557.799 -5.1
150,863,383 -13.6
130,385,405
Bethlehem
14,749,356
21,749,647 -32.2
45,228,260 -3.0
43,885,409
Chester
4,768,808
5,838,390 -18.4
145,362,493 +2.8
149,362,958
Harrisburg
18,447,071
18,334,643 +1.1
113,839,195 -9.8
102,715,320
Lancaster
11,023,502
11,805,584 -6.6
19,858,585 +2.8
20,160,043
Lebanon
3,081,980
2,505,668 +23.0
32,739,276 -7.5
30,269,738
Norristown
3.415,267
3,908,187 -12.6
1,980,000,000 1,909.587,000 +3.7 18,880.548,000 16,489,208,000 +1.2
Philadelphia
117,957,849 +1.6
13,321,215
119,829,002
13,827,298 -3.7
Reading
203,917,425 -3.1
197,571,401
23,511.738
Scranton
23,903,373 -1.6
114.414,885 +15.9
132,833,980
16,143,014
Wilkes-Barre
14,067,605 +14.7
53,978,110 +9.0
58,857,335
133515,594
York
6,673,302 -0.9
385,410,178 +7.8
415,377,170
44,837.657
New Jersey-Camden
52,991,943 -15.4
160,972,580
+14.3
184,030,524
Trenton
20,493,951
+7.6
19,042.312
a
a
a
a
Del.-Wilmington ...._
a
a
Total(14 cities)._
2,166,627,257 2,110,792,811
+2.8 18,313,834,086 18,083.515.736
Fourth Federal Re serve District-Cleveland258,742,000
Ohio-Akron
32,136,000
29,627,000 +8.5
160,056,419
Canton
17,854,593
18,994,299 -6.0
Cincinnati
254,808,824
262,899,854 -3.1 2,205,862,827
Cleveland
418,188,949
449,420,875 -7.0 3,565,070.107
478,430,600
Columbus
57,455,900
62.249,400 -7.7
a
Dayton
a
a
a
28,320,796
Hamilton
3,021,108
3,049,946 -17.2
a
a
a!
Lima
a
12,842,745
Lorain
2.051,735
1,703,683 +20.4
62,585,288
Mansfield
7,407,018
7,583,208 -2.3
a
a
a
Springfield
a
a
Toledo
155,344,193
aa
-r-1.1
10,833,222
16,823,444
Youngstown
25,752,731
3,074,309
Pa.-Beaver County3,519.878 -12.7
a
a
a
a
Erie
10,514,514
1,207,005
1,284,294 -6.0
Franklin
42,678,189
3,004,584
7,090,013 -57.7
Greensburg
Pittsburgh
614,999,596
652.506,903 -5.7 5,309,442,775
84,586,379
6,000,354
6,091,405 -1.5
Ky.-Lexington
142,686,035
17,976,992
W. Va.-Wheeling__ _
18,210,293 -1.3
Total(15 cities)-- 1,458,010,411 1,541,470.273
Fifth Federal Rese eve District- Richmond8.803,137
6.135,700
NV. Va.-Huntington_
a
a
Va.-Newport News_
28,169,718
28,122,300
Norfolk
224,148,726
195,098,786
Richmond
a
a
No. Caro.-Asheville.
9,461,464
8.129,778
Raleigh
a
a
Wilmington
7.407,485
7,436,374
S. C.-Charleston__ _
6.205,822
13,300,281
Columbia
386,929,838
403,998,005
Md.-Baltimore
1.821,237
1,611,384
Frederick
3,033,199
3,328,030
Hagerstown
87,986,669
81,618,589
D. C.-Washington
238,288,000
173,500,818
2.336,094.339
3,726,269,810
540,284,100
a
28,944,607
a
12,800.511
63,734,743
a
a
146,728,760
27,246,923
a
11,851,984
54,560,718
5,508,337,146
76.622,133
155,514,475
-5.5 12,522,921,598 13.098,779,095
1924.
1923.
Inc.or
Dec.
1922.
3
$
%
$
1921.
$
1,376,235
3,409,218
1,070,329
1,473,718 -6.6
4,273,715 -20.2
1,278.375 -16.3
971,743
2,039,341
909,038
818,798
2,715,301
950,000
2,155,167
2,457,781 -12.3
2,285,781
1016,018
443,000,000
2,796,163
4,361,909
d3,226,952
1.250,912
419,000,000 +5.7
3,078,039 -9.2
4.418,801 -1.3
2,521,084 +28.0
1.402,665 -10.8
423,000,000
2,674,365
3,668,171
2,358,503
1,127,683
385,000,000
2,427,087
3,505,805
2,179,380
1,154,345
4,627,160
a
4,289,430
a
+8.4
a
5,087,473
a
3,193,230
a
+1.3
487,274,043
444,173,808
+5.2
444,120,078
403,857,962
+8.6
-7.8
-5.6
-1.3
-11.4
a
-2.2
a
+0.3
-1.8
a
d7,263,000
4,188,808
d54,450,000
87,299,801
12,167,000
a
6,175,000 +17.6
4,077,460 +2.2
57,020,480 -4.5
91,733,899 -4.8
11,603,800 +4.9
a
a
5,310,000
5,480,238
50,495,963
82,382,751
12,438,600
a
5.633,000
3,830,065
40,081,849
65,451,505
12,320,900
a
-1-'1 5.9
a
d1,516,248
a
a
d3,888,976
-5.5
a
a
-11.3
-21.8
-3.13 d139,120,000
-15.7
-8.3
-4.4
309.873.831
a
1,661,825
a
a
3,654,712
a
a
-8.8
a
-4.4
a
a
a
a
3,172,879
a
a
a
2,410,595
a
136,001,399
+2.3 *160,000,000
131,000,000
311,928,555
-0.7
286.727,714
319,280,431
-30.3
a
-0.2
+14.9
a
+16.4
a
-0.4
-53.3
-9.2
+0.6
-8.8
+7.8
84,521,256
a
281,298,652
1,794,003,393
a
81,198,656
a
79,983,493
63,939,228
3,309,762,848
14,042,659
28.289,145
768,925,785
71,591,066 -9.9
a
4-'
253,023,523 13.3
1,656,286,353 +8.3
a
2
-1-6.4
76,296,073
a
2
82,223.528 -2.7
102,454,439 -37.6
3,236.545,011
+2.3
+0.1
14,034,493
27,399,829 -4.1
732,482,496
+5.0
d18,747.000
751,400,082
+1.3
8,483,945,115
8.252,317,701
+3.4
161,047,473
Sixth Federal Rose rve District- AtlantaTenn,-Chattanooga.
23,484,047
26.709,609
Knoxville
12,029,725
12,921.363
75.222,170
Nashville
79,122,073
226,782,253
Georgia-Atlanta..._ _
188.808.548
5.923,109
5,285,978
Augusta
3,894.430
Columbus
3,192,912
6,857,090
5,798,524
Macon
a
a
Savannah
54,952,477
46,269,644
F1a.-Jacksonville
13,840,460
10,450,436
Tampa
82,897,441
94,523,962
Ala.-Birmingham._ _
6,898,838
7,845,836
Mobile
5,537,959
5,209.541
Montgomery
6,543,643
6,159,900
Miss.-Hattiesburg
3,730,129
' 4,394,000
Jackson
3,033,394
3,441,310
Meridian
1.401,970
1,242.601
Vicksburg
179,994,220
158,326,175
La.-New Orleans.._.
-12.1
-6.9
-4.9
+20.1
+12.1
+22.0
+14.8
a
+18.8
+30.5
+14.0
-12.4
+8.3
-5.9
+17.8
+13.5
-11.4
-12.0
214,141,219
107,753,288
652,065,530
1,808,114,625
59,084,504
28,590,470
47,754,439
a
539,351,532
124,443.465
879,677,547
62,397,178
55,069,112
51,254,093
41,797,783
29,961,564
12,337,723
1,819,132,511
219,231,520 -2.3
105,250,625 +2.4
852,642,038 -0.1
1,782,694,148 +2.6
64,917,836 -9.0
28,884,828 -1.0
49,916,477 -4.3
a
a
440,049,824 +22.6
107.819,770 +15.4
+3.1
852,861,907
87,208,737 -7.2
54,301,925 +1.4
56,031,132 -8.5
34,139,873 +22.4
33,246,171 -9.9
11,737,075 +5.1
1.734,917,496 +0.7
959,000
657,021 +46.0
873,204
550,000
228,954
49,704,909
290,433 -22.8
29,884,091 +67.4
235,047
30,664,079
225,395
34,277,768
669,011,259
+5.1
6,532,926,583
6,275,851,788
+4.1
154,510,229
122,146,398 +20.5
129,183,759
112,090,294
+0.9
8,046,294
7,528,420
-9.0
27,065.329 +7.3
29,049,381
+15.3
+6.0 4,882,169,059 4,425,248,146 +10.3
79,236,819
71,791,077 +10.4
-0.3
236,005,983
228,889,370 +3.1
+8.0
60,054,811
60,783,057 -1.2
-9.5
88,791.413
77,389,238 +14.7
+34.4
81,301,878 +2.1
83,024,188
-0.8
134,962,281
129,972,511
+3.8
-7.5
666,077,000
705,105,000 -5,5
-5.4
80,346,182
85,643,990 -6.2
-18.8
191,333,089
-5.0
208,588,460 -8.3
85,347,449
85,214,496
+0.2
-4.9
+1.5
-1.0 1,259,289,322 1,240,315,811
24,805,171
25.745,840 -3.3
-1.5
83,153,642
87,201,208 -4.7
-5.9
360,319,495
365,213,220 -1.3
-7.3
380,950,412 -2.3
372,192,931
-11.2
16,233,688
21,617,124 -24.9
-34.0
17,337,425
19.536,830 -11.2
-17.7
217,259,776
215,384,645 +031
+4.3
51,068,945 -1.2
50,455,508
+1.8
42,353,250
40,713,998 +4.0
+0.0
49,840,332
53,183,708 -6.3
-10.3
+6.4 20.871,353,526 21,043,608,257 -0.8
a
a
a
44,111,710 -4.8
47,112,380
+11.5
152,589,318 +1.7
155,258,573
-4.2
87,520,352
78.677,797 +11.2
-2.5
88,478.529
88,484,050 -0.0
-2.3
140,773
727,886
143.019,249
5,880,164
187.479
425,240
111,714,442
7,693,563
-24.9
+71.1
+28.0
-23.6
178,323
519,053
101,827,185
6,193,872
145,000
350,000
94,0133,880
5,745,380
5,461,000
2,017,274
1,951,883 +179.8
1,896,723 +6.4
1,750,803
1,796,945
2.488,642
1,643,984
d16,516,000
1,644,600
4.479,785
17,281,000 -4.4
1,905,700 -13.7
4,592,454 -2.5
15,398,000
2,080,008
31,649,000
1,823,221
29,775,685
27,207,069
23,941,380
Total(10 cities)._ _ _
Total (17 cities) _ _ _ _
761,050,440
702,910,506
Seventh Federal R eserve Distric t-Chicago-937,817
853,412
Michigan-Adrian __ _
3,179,400
3.664,505
Ann Arbor
555.237,431
592.090,053
Detroit
9,890,021
9,863.937
Flint
28,276,383
29,959.946
Grand Rapids
7,303,873
8,608,313
Jackson
10,152,000
13,846,000
Lansing
9,711,025
9,632,073
ind.-Ft. Wayne__ _ ..
17,132,000
15,850,000
Gary
86.430,000
81,721,000
Indianapolis
10,581,200
8,587.960
South Bend
23,890,423
22,688,7.12
Terre Haute
10,495,237
9,985,071
Wisconsin-Madison149,073,592
147,644,707
Milwaukee
3,258,009
3,209,894
Oshkosh
9,878,671
9,295,341
Iowa-Cedar Rapids_
41.569,482
38,538,161
Davenport
46,474,348
41,247,981
Des Moines
2,481,515
1,637.055
Iowa City
2,292,788
1,886,000
Mason City
24041,850
26,002,850
Sioux City
5,871,409
5,974,407
Waterloo
5,139,453
5,140,318
Illinois-Aurora
6,237.538
5,595,861
Bloomington
2,390,271,751
2,542,345,764
Chicago
a
a
Danville
5,867,914
6,542,943
Decatur
18,070,474
17,318,060
Peoria
9,400,297
9,166,205
Rockford
10,031,499
10,389,009
Springfield
Total(29 cities) _ - - - 3,677,085,368 3,504077.200
+4.9 30,367,4'37,809 30,103,011,693
1,247,107
1,804,244 -38.1
1.307,655
1,391,003
d5,429,851
.50,458,000
5.715,765 -5.0
43,346,000 +16.4
5,643,784
44,810,000
5,642,050
30,300,232
1,437,731
1,502,535
-4.3
1,445,405
1,855,330
83,727.784
84,762,597
-1.2
84,817,645
83,142,226
18.087,000 +16.5
15,992,178
14,552,791
+5.1
154,107,605
116,684,547
d5,256,545
d2,398,703
d10,814,000
45,224,236
b
5,153.633 +2.0
2,148,596 +11.7
16,058,862 +4.7
40,257,085 +12.3
b
b
4,454,066
2,045,270
16,637,425
38,528,744
b
3,883,444
2,909,402
13,896,680
31,772,210
b
1,488.349
1,079,938 +37.8
a
a
7,683,021 +49.0
1,108,733
a
8,623,357
1,215,957
a
7,461.012
+9.7
b
19,413,834
b
15,898,426
b
11,746.494
20,989,039
b
29,177,813
153,278,141
19,129,719
b
-2.0
2,205,123
2,098,262
+5.1
1,865,162
1,701,636
7,925,294
8,565,041
-7.5
8,309,023
8,023,545
5,105,725 +7.4
1,180,542 -3.2
'
1,200,371
1,385,128 -12.9
555,028,726 506,826,531
+9.6
a
a
1,402,295
1,333,497 -4.2
3,599.394
4,073,768 -11.6
1,847.815
1,882,009 -1.8
2,375,458 ' 1,940,553 +22.0
5,357,827
1,173,846
4,875,683
984,681
1,234,564
519,034,840
a
1,094,448
3,670,919
1.722,977
1,242,499
1,187,897
473,788,832
a
1,141,505
3,417,649
1,636,436
1,172,095
+0.9
791,282,295
711,001,023 +11.2
701,063,963
841,850,246
4,309,369
+0.1
3,864,855
3,599,060
5,483,818
1,123,659
Eighth Federal Re serve District -St. Louis22,005,977
19,199,833
Indiana-Evansville .
604,204
673,101
New Albany
a
a
k4lasouri-St. Louis_
a
Springfielda
113,090,781
121,844,628
Kentucky-Louisville
1,605,617
1,702.238
Owensboro
9,315,178
•11,000.000
Paducah
rennessee-mem phis
67.079.459
83,999,876
4rkansaa--1-ittleRock
42.448,345
42.413.678
1,676,237
1,255,523
111.-Jacksonville... _
5,608,757
13.077,583
Quincy
-12.8
+11.4
a
a
+7.6
+6.0
+18.1
-4.6
-0.1
-25.1
+8.4
109,605,607
5,514,882
a
a
1,052,962,268
15,321,026
84,873015
627,716,397
370,582,727
11,421,220
49,419,703
154,177,066 +10.0
5,418,801
+1.8
a
a
a
1,052.167,844 4
- .1
16,868.785 -9.2
90,695,403 -6.6
890,591,809 -9.1
370,928,990 -0.1
12,583,570 -9.2
50,824,121 -2.8
24,771,425
354,640
22,119,704 +12.0
333,139 +6.5
21,823,398
303,897
19,267,645
263,160
13,528,901
9,589.532
338,440
1,271,120
14,568,920 -7.1
9,626,888 -0.4
377,218 -10.3
1,368,821 -7.0
12,673,217
9,009,108
301,851
1,193.812
10,317,018
7,811,925
310.888
1,088,073
263,434,555
+1.7
2,387,217,745
2,444,252,440
54,163,427
52,694,727
+2.8
49,170,130
42,751,769
Total (9 cities')
267,966,461
-2.3
a
4,304,059
a
a
a
a
SEPT. 6 1924.]
THE CHRONICLE
1143
CLEARINGS-(Concluded.)
Month of August.
Since January 1.
Clearings at1924.
Inc. or
Dec.
1923.
$
3
%
Ninth Federal Res erve District -Minneapoll s31,560,250
33,998,769 -7.2
Minnesota-Duluth_ _
315,675,674
280,832,180 +12.4
Minneapolis
1,443,125
1,664,555 -13.3
Rochester
115,342.454
147,253.604 -21.7
St. Paul
9.106,638
No. Dak.-Fargo
8,440.341 +7.9
5.119,000
Grand Forks
4,982.000 +2.7
868,457
Minot
1,050,496 -17.3
5,502,342
So. Dak.-A berdeen.
5,685,720 -3.2
4,047,722
Sioux Falls
11,086,000 -63.5
Montana-Billings..
2,199,823
2,138,667 +2.9
Great Falls
2,477,716
2,747,155 -9.8
10,210,271
Helena
13,077,605 -21.9
Lewistown
f
506,560
Week Ended AttpUS1 30.
1924.
1923.
Inc. or
Dec.
$
$
%
1924.
1923.
Inc. or
Dec.
1922.
$
$
%
3
1921.
$
231,475,974
2,271,337,071
12,936,897
1,046.811,083
58.084,282
41,199,694
6,911.799
40,281,944
36,670,420
16,468,047
18,370,044
84,848,145
f
227,313,666
2,360,973,186
14,954,650
1,177,590,978
67,497,806
36,794,300
9.267,302
42,364,045
104,826,736
16.726,519
27,227,062
105,006,721
5,921,976
+1.8
-3.8
-13.5
-11.1
-13.9
+12.0
-25.4
-4.9
-65.0
-1.5
-32.5
-19.2
d6,291,792
60,658,554
7,562,414 -16.8
61,880,556 -2.0
6,201,697
63,229,572
6,750,894
66,246,833
23,219,631
2,090,934
31,906,757 -27.2
1,605,000 +30.3
29,637,087
1,729,213
27,192,026
1,885,445
1,227,860
1,366,821 -10.2
1,442,044
1,441,247
-1.9
3,865,387,400
4,196,464,947
-7.9
97,224,653
Tenth Federal Res erve District -Kansas CR 3,
Nebraska-Fremont _
1,623,857
1,534,072
+5.9
Hastings
2,570,335
2,161,791 +18.9
Lincoln
17,538,192
15,555,833 +12.7
Omaha
172,458,997
156,656,536 +10.1
Kansas-Kansas City
18,728,761
20,440,321 -8.4
Lawrence
a
a
a
a
Pittsburgh
a
a
Topeka
12,354,434
14,742,833 -16.2
Wichita
35,836.701
37,675,922 -4.9
Missouri-Joplin
6,193,000
5,378,000 +15.2
Kansas City
568,307,576
572,318,174 -0.7
29,909,429 Not included in total
St. Joseph
Oklahoma-Lawton
a
a
a
McAlester
805,739
1,340,712 -39.9
a
Muskogee
a
90,204,800
Oklahoma City_ _
86,259,220 T4.6
25,664,814
Tulsa
30,279,093 -15.2
Colo.-CoM. Springs_
5,233,751
5,304,778 -1.3
130,782,564
Denver
129,535.641
+1.0
3,994,998
Pueblo
3,690,875 +8.2
14,438,201
17,660,617
139,346,322
1,291,510,106
163,591,169
a
a
102,907,708
255,627,892
50,456,000
4,178,039,807
240,071,570
a
9,104,303
a
731,140,759
237,282,704
37,256,601
844,418,270
32,767,042
15,091,084 -4.3
18,278,162 -3.4
147,095,814 -5.3
1.445,532,842 -10.7
174,174,143 -8.1
a
a
a
a
115,676,199 -11.0
330,879,376 -22.7
48,648,000 +3.7
4,629,097,994 -9.7
Not included in total
a
a
12,000,888 -24.1
a
a
747,225,567 -2.2
291,745,881 -18.7
41,947,566 -11.2
979,734,362 -13.8
29,862,890 +9.7
9,026,990,748 -10.2
220,445,174
-10.7
+4.3
+28.2
-5.5
+4.5
-2.6
+5.3
-21.3
+11.3
+6.9
+6.4
-3.3
1,421,899
1,784,336 -20.3
1,657,973
1,3410,000
40,241,498
29,954,000 +34.3
26,584,179
18,554,967
9,631,092
14,517,369
a
9,285,486 +3.7
11,453,852 +28.7
a
a
8,277,654
6,597,243
a
10,398,535
7,881,944
a
Total(13 eitiss)
503,553,472
513,461,652
1,002,296,519 1,082,873,801
+0.9
8,105,547,501
Eleventh Federal Reserve Distr ict-DallasTexas--Austin
6966,075
7,067,522
Beaumont
5,946,744
5,523,261
149,875,148
Dallas
119,739,943
17,158,891
El Paso
18.920,987
46,473,581
Fort Worth
40,589,508
Galveston
38,584,624
37,577,595
Houston
125,610,472
132,039,317
Port Arthur
2,056,074
2,885,584
Texarkana
2,292,188
2,291 802
Waco
11,682,230
15,287,222
Wichita Falls
7,479,713
6,957,930
1.a.-Shreveport
16,166,969
17,500,134
-15.6
+0.1
+25.2
-9.3
+14.5
+2.7
-4.9
-28.7
+0.0
-23.6
+7.5
-7.6
52,432,773
48,761,346
1,274,603,911
162,351,770
364,948,361
252,428,541
899,145,773
17,147,534
19,845,529
88,869,834
73,645,008
158,461,265
+5.5
3,412,651,654
Total(150100- -
Total(12 cities).-
428,871,709
406,380,805
58,708,516
46,735,647
993,953,445
171,805,412
349,308,268
259,041,118
854,161,593
21,785,540
17,832,930
83,114,072
69,201.666
163,950,902
3,089,599,109 +10.5
Twelfth Federal R eserve Distric t-San Franc iscowash.-Bellingham
.2,900,000
3,178,000 -8.7
25,761,000
25,252,000
Seattle
159,185,729
161,484,473 -1.4 1,355,137,365 1,266,645,148
Spokane
45,100,000
46,480,587 -3.0
365,784,000
368,416,349
Tacoma
a
aa
a
Yakima
5,142.962
4,797,915
T7.2
40,344,887
41,821,671
Idaho-Boise
4,406,883
4,480,071 -1.6
35,148,410
33,223,271
Dregon-Eugene
2,043,365
1,699,756 +20.2
14,515,897
12,920,737
Portland
149,682,351
158,045,333 -5.3 1,233,080,384 1,176,841,930
Utah-Ogden
5,960,000
5,324,000 +11.9
45,388,000
41,954,000
Salt Lake City
60,257,523
59,817,244 +0.7
501,628,731
488,279,462
Nevada-Reno
2,788,766
3.211,711 -13.2
20.513,099
23,085,873
krizona-Phoenix
6,967,000
5,770,572 +20.7
88,150,149
56,847,343
Ualif.-Bakersfield
3,858,291
3,662,089 +5.4
31,772,713
34,296,932
16,632,259
Berkeley
18,956,613 -12.3
140,179,337
140,246,504
Fresno
15,697,073
18,009,189 -12.8
115,361,233
136,965,794
Long Beach
25,700,102
36,572,457 -29.7
258,218,479
281,812,397
Los Angeles
530,097,000
575,764.000 -7.9 4,821,748,000 4,533.335,000
Modesto
3,133,594
3,178,047 -1.4
23,579,574
24,131,547
Oakland
65,118,817 +2.1
66,489,386
548,643,173
526,852,909
Pasadena
19,719,437
20,223,069
+2.6
198,472,286
175,215,574
Riverside
2,788,008
3,030,168 -8.0
27,481,842
25,177,895
Sacramento
38,850,940
32,368.021 +20.0
275,648,518
236,032,282
San Diego
15,135,199 +14.3
17,306,141
143,463,630
128,948,935
San Francisco
676,900,000
646,600,000 +4.7 5,484,500,000 5,283,761,000
San Jose
10,978,504
10,225,309
+7.4
77,410,436
81,2,10,506
Santa Barbara
4,581.027
4,860,394 -5.7
40,938,394
39,107,001
Santa Rosa
2,072.080
2,229,965 -7.1
16,044,988
18,506,906
Stockton
11,012,000
12,171,800 -9.5
83,631,107
90,367,600
Total(27 eities)
1,890,754,953 1,921,889,167 -1.6 15,992,532,632
15,291,266,566
/rand total(187 roads) 35,670,039,121 29,484,547,193 +21.0 287,794,110,054
269,310,112,546
)utaide New York.-- 15,327,922,898 14,706,400,765 +4.2 126,859,880,411
125,658,561,855
+2.0
+7.0
-0.7
'
2
-3.5
+5.8
+12.3
+4.8
+8.2
+2.7
-11.1
+19.9
-7.4
-0.1
-15.8
-8.4
+6.4
-2.3
+4.1
+13.3
+9.1
+16.8
+11.3
+3.8
-4.7
+4.7
-13.3
-7.5
+4.6
428,851
410,392
+4.5
468,838
641,021
2,479,278 +33.5
2,785,013
3,072,193
-9.3
105,493,464
107,229,659
294,055
558,808
4,086,708
37,635,881
307,147 -4.3
476,939 +17.2
3,123.400 +30.8
34,070,205 +10.5
284,934
612,788
.3,000,000
35,591,893
324,667
1.337.289
3,012,853
34,059,335
d2,377,238
d7,955,017
2,104,716 +12.9
7,380,941
+7.8
1.907,085
9,288,830
2,170,022
10,728,204
118,915,336
145,436,747
3,309,031
121,797,987
d6,829,542
a
18,947,963
a
991,762
18,115,768
e854,445
3,500,238
107,211,218
119,497,904
6,579,670
+1.9
+3.9
a
17,466,574 T8.5
a
a
804,693 +23.2
17,952,132 +0.9
704,478 +21.3
210,463,799
3,594,797
+4.7
.
a
17,987,255
a
320,994
16,405,134
655,564
a
20,705,228
a
527,307
17,519,252
743,406
204,969,813
236,564,290
-2.8
3,033,492
2,808,122
69,312,096
56,072,471 +23.6
46,150,541
40,943,568
35,259,927
9,572,000
a
1,275405
34,883,395
8,996,000
a
1,169,057
+1.1
+6.4
4-19.1
31,647,812
9,214,000
a
1,1463,00
27,451.972
9,808,603
a
1,212,571
32,082,688
34,137,287
-6.0
28,416,230
28,125,446
13,155,000
a
a
12,574,888
a
a
+4.6
a
a
10,804,002
a
a
11,288,158
a
a
3.652,417
5,374,297
108,901,000
3,680,472 -0.8
7,715,118 -30.3
120,921,000 -11.6
3,440,144
4,176,502
85,754,000
3,252,601
3,286,495
68,793,000
13.800,795
4,025,220
12,419,450 +11.1
3,841,856 +4.8
12,367,055
3,193,130
9.920,414
2,442,142
d6,636,834
3,037,610
138,400,000
2,431,329
868,111
6,725,354 -1.3
2,709.486 +12.1
142,500,000 -2.9
2,207,442 +10.1
863.666 +0.5
;
2,384.200 -22.1
5,643,709
.2,400,000
130,900,000
2,321,863
714,999
4,543,452
2,321,937
118.000,000
1,633,933
881,704
1,823,900
4,124,300
397,728,671
333,963,646
295,088,728
c1,857,000
378,329,733
-4.9
+6.9 7,387.605.191 6.355,351.571 +16.2 6,759.244,560 5,861,006,101
+1.0 3,160.275,033 2,944,338,237
+7.3 2,844,943,147 2,568,011,282
CANADIAN CLEARINGS FOR AUGUST, SINCE JANUARY 1,
AND FOR WEEK ENDING AUGUST 28.
Month of August.
CanadianMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster_ _
Medicine Hat
peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
408,789,470
375,771,153
176,958,959
67,847,510
24,827,634
22,466,636
13,525.485
20,265,056
20,760,589
12,443,344
10.137,457
10,553,288
15,898,635
12,376,873
2,429,193
2,087,381
6,620,972
4,063,288
3.306,432
3,316,799
2,524,831
1,187,608
3,205,660
3,377,540
3,403A72
14,822,053
1,215,142
3,170,251
3,017.282
1023.
Since January 1.
Inc. or
Dec.
413,551,500 -1.2
443,579.577 -15.3
143,953.139 +22.9
65,375,070 +3.8
26,415,469 -6.0
28,164,126 -20.2
12,156,905 +11.3
26,096,025 -22.3
20,323,416
+2.1
12,779,053 -2.6
9,163,067 +10.6
12,339,896 -14.5
16,662,745 -4.6
15,238,534 -18.8
2,625,726 -7.5
2,652,850 -21.3
7,277,638 -9.0
5,275,202 -23.0
4,210,525 -21.5
4,273,851 -22.4
2,428,294 +4.0
1,245,271 -4.6
3,070,862 +4.4
3,807,742 -11.3
4.130,324 -17.6
14,824,077 -0.0
1,319,501 -7.9
3,748,011 -15.4
3,077,800 -2.0
1924.
3,357.646,963
3,249,645,468
1,522,181,863
525,262,479
214,245,030
186,2,16,074
95,700,495
168,022,265
209,075,711
90.239,601
74,403,786
92,159,962
141,439,758
103,074,095
16,947,445
17.105,053
51,924,774
34,678,764
30,257,048
27,630,233
20,241,968
10,573,804
25,931,973
28,624,553
31,656,108
110,046,045
10,789,811
26,690,794
22,681,660
1923.
Week ending August 28.
Inc.or
Dec.
3,376.780,650 -OA
3,340,040,175 -2.7
1,343,536.933 +13.3
482,941,223 +8.8
228,340,790 -6.2
193,869,595 -3.9
100,644,845 -4.9
194,587,587 -13.6
153,497,908 +36.2
92,074,581 -2.0
67,080,598 +10.9
101,259,996 -9.0
140,368,256 +0.8
108,199,085 -4.7
18,329,006 -7.5
18,340,278 -6.7
49,439.557 +5.0
37,619,958 -7.8
33,579,483 -9.9
27,511,680 +0.4
18,919,400 +7.0
10,025,103 +5.5
24,959,340 +3.9
28,757,291 -0.5
34,285,197 -7.7
117,130,954 -6.1
11,148,931 --3.2
34,528,374 -22.7
21,979,019 +3.2
1924.
.4
,
WW
C,3
.WWw.W.PWWWWW
ow14-4.4 vwwWvwW
.O.014-01.
0,6,
.w.wW-4
.NwoWm.A.0w
wcoo
w.ww...00.WWW0.4.w0W.WWW
,
JiwWwwWw.qwWwW
10-0.14.
1p-wbW -01.2wN;.WoW1401,
17-wW:C.
v 0.0cpw.0,
00-4.
4..WWwW*1WvW.1o0wW
000-4010Ww4.w0.0Www.......0-..wwW
1924.
r
Clearings at-
1923.
Inc. or
Dec.
I
%
80,189,161
+8.0
84,706,192 +5.3
30,483,634 +33.6
13,465,246
+5.2
5,400,358 -12.3
6,500,408 -22.0
2,414,346 -4.3
5,507,919 -17.1
4,589,117 -2.7
2,989,672 -29.0
1,854,185 -12.7
2,245,721
+5.9
3,279,363 +11.8
3,139,679 -22.7
533,050 +13.0
558,491 -19.9
1,411,669 -6.9
1,033,702 -3.8
888,490 -17.5
924,314 -28.6
472,906 +13.4
283,768 -14.9
594,702 +29.6
763,120 -1.5
830,700 -11.0
3,047,663 +8.7
227,981 +10.2
708,342 +14.8
583,962 -7.0
1922.
$
77,631,307
79,698,639
29,163.420
11,917,540
4,913,336
4,910,935
2,546,597
4,791,699
3,710,752
2,611,497
1,656,364
1,966.202
3,373,955
2,810,349
608,955
522,856
1,252,208
820,027
778,302
573,793
541,231
227,183
555,766
788,194
874,167
2,970,288
273,575
914,276
519,905
1921.
$
92,894,069
79,191.761
36,718,032
11,261,401
5,404,480
5,149,487
3,043,431
4,414,489
4,952,767
2,822,812
2,100,000
2,348,245
4,126,752
3,528,327
747,550
1,279,547
1,728,754
1,240,585
761,127
645,491
529,149
291,038
687,887
866,704
749,016
2,545,223
972,698
638,635
Total Canada--(20) 1,250.369,843 1,309,766,196
10,495,129,581 10,409,755,843 +0.8
278.737_81fl 252 1327 AM
-I-RR
242
owl
qAR
071
clearings, b Do not respond to requests for
.Ala,A r.
figures. c Week ending Aug. 27. d Week ending Aug. 28. e Week
•No longer report
ending Aug. 29. •Estimated.
I No clearings: all banks closed.
1144
THE CHRONICLE
[Vol.. 119.
Preliminary Debt Statement of U. S. Aug. 31 1924.
THE ENGLISH GOLD AND SILVER MARKETS.
The preliminary statement of the public debt of the
We reprint the following from the weekly circular of United States Aug. 31 1924, as made up on the basis of the
of
date
daily Treasury statements, is as follows:
Samuel Montagu & Co. of London, written under
BondsAugust 20 1924:
$599,724,050 00
Consols of 1930
GOLD.
The Bank of England gold reserve against its note issue on the 13th
the
Inst. amounted to £126,488,585. as compared with £126,488,250 on
previous Wednesday. Only a small quantity of gold was available here
The
this week and it was not sufficient to fil all orders for the Far East.
following figures show the United Kingdom imports and exports of gold
during the month of July 1924:
Exports.
Imports.
£1,900
£16,038
Netherlands
7,354
Belgium
2,540
382
France
4,526
102,443
West Africa
10,232
Java and other Dutch Possessionsin the Indian Seas
16,105 3,283,154
United States of America
950
Central America and West Indies
564
Various South American cotmtries
193,889
Rhodesia
3,912.605
Transvaal
840.876
British India
6,954
Straits Settlements
3.826
6,859
Other countries
Loan of 1925
Panama's of 1918-1936
Panama's of 1918-1938
Panama's 01 1961
Conversion bonds
Postal Savings bonds
First Liberty Loan of 1932-1947
Second Liberty Loan of 1927-1942
Third Liberty Loan of 1928
Fourth Liberty Loan of 1933-1938
Treasury bonds of 1947-1952
118,489,900 00
48,954,180 00
25,947,400 00
49,800,000 00
28.894,50000
11,903,080 00
S1,951,523,65000
3,104,581,30000
2,988,952,90000
6,324,489,85000
5883,713,110 00
14,369,547,700 00
763,948,300 00
846.017,209.11000
Total bonds
NotesTreasury notes5377,681,10000
Series B-I924, maturing Sept. 15 1924
597,325.90000
Series A-I925, maturing Mar.15 1925
299,659,90000
Series B-1925, maturing Dec. 15 1925
406,031.00000
Series C-1925, maturing June 15 1925
Series A-1926, maturing Mar. 15 1926
615,707,900 00
414.922.30000
Series B-1926, maturing Sept. 15 1926
Series A-1927, maturing Dec. 15 1927
355,779,900 00
£4,249,736 £4,161,362
Total
Series B-1927, maturing Mar. 15 1927
668,201,40000
3,735,309,400 00
Treasury CertificatesThe "Times of India," under date of the 26th ult. states as follows:
Taxexchange
sterling
in
rise
the
who
consider
Federation,
The Indian Mining
5214,149,00000
Series TD-1924, maturing Dec. 15 1924
Series TD2-1924,maturing Dec. 15 1924- 193,085,50000
a distinctly menacing factor to the Indian coal trade, have written to the
400,299,00000
Series TM-1925, maturing Mar. 15 1925
Government of India that the situation calls for immediate action. . . .
807,513.500 00.
Treasury (Were) Savings SecuritiesWhilst the general opinion in Bombay is that exchange should be stabilized
War
Savings
Certificates:
4d.
Is.
at
it
wants
and
51
further
620,453,962
Series 1920 a
at Is. 4d. gold, the Mining Federation goes
11,845,819 00
Series 1921 a
sterling."
Treasury Savings Certificates:
In connection with the above, Sir Pushotdamdas Thakurdas of the
1,812,527 75
Series 1921, Issue of Dec. 1519215
aiming
bills
Indian Legislative Council has given notice of two important
Series 1922, Issue of Dec. 15 1921 8
99,292,825 35
15,747,62900
Series 1922, Issue of Sept.30 1922 b
at the reversion of the exchange ratio to the old standard of 15 rupees to
Series 1923, Issue of Sept.30 19225
139,830,39900
the sovereign. The grounds for the proposed alteration of the law are
Series 1923, Issue of Dec. 1 1923 b
25,482,679 75
set out as follows: The Indian Coinage Act (1906) was amended in 1920
Series 1924, Issue of Dec. 1 1923 b
102,599,19264
Exchange
Thrift and Treasury Savings Stamps, UnclassiIn pursuance of the policy recommended by the Currency and
tender
fied sales, ate
4,078,222 85
Committee, and it was declared that the sovereign would be legal
421,143,057 85
in India at the rate of 10 rupees to the sovereign instead of 15 rupees to
5
520,981,175.0678
the sovereign, which had previously been the legal ratio. Experience of
Total interest-bearing debt
the
the past four years has now proved that the ratio recommended by
Matured Debt on Which Interest Has ceasedconditions
Old debt matured at various dates prior to
Indian Currency and Exchange Committee is unsuited to the
51,282,110 26
of
April 1 1917
of this country as the exchange has been much more in the proximity
266,78000
Spanish War Loan of 1908-1918
with
years
these
all
during
ratio
legal
existing
1,137,00000
the old legal ratio than the
of
Certificates
indebtedness
3,942,10000
Treasury notes
the sole exception of 1919-20, when world conditions were abnormal every142,75000
and 311% Victory Notes of 1922-1923
where. It is therefore proposed to reverse the legislation of 1920.
48.1% Victory Notes of 1922-1923-to restore the ratio that prevailed up to the date of that legislation.
4.196.55000
Called for redemption Dec. 15 1922
7,623,550 00
Matured May 20 1923
SILVER.
18,590,840 26
the
of
fluctuations
violent
fairly
Bearing
No
the
Debt
Interest
The market is still affected by
price United States notes
1348,681,016 00
U. S. Exchange. not, however, In a direct degree, that is to say, the
152,979,025 63
of Less gold reserve
cannot be depended upon to go down necessarily with each movement
keeps
market
3193.701.990 37
sterling depreciation or vice versa. The position is that the
unsettled,and the movements of the price are determined by the speculative
49,834,708 50
for retirement of national bank notes
views of operators. For instance, a considerable business has arisen Deposits
and Federal Reserve bank notes
2,049,217 54
245.585,91441
from China whence on the same day buying and selling orders have come Old demand notes and fractional currency.
governed
to hand. The market really consists mostly of speculative deals:
52
521,245.351.822
The
exchange.
debt
Total
gross
S.
by the various views held as to the future of the U.
a Net cash receipts. ONet redemption value of certificated outstanding.
Continent has again bought considerably, though sales have also come
from that quarter. America is not a free seller (doubtless for reasons
Indicated in the succeeding paragraph) and the tone of the market-apart
Treasury Cash and Current Liabilities.
from the tendency of the price to vacillate-continues sound.
The cash holdings of the Government as the items stood
The following extract is from the New York "Commercial": "The Webbit from Aug. 31 1924 are set out in the following. The figures are
Pomerene law prohibits any export association formed under
States, or
taken entirely from the daily statement of the United States
'artificially or intentionally' affecting prices within the United
producers
to 'substantially lessen competition' there. But as American
Treasury for Aug. 31 1924.
domestic
the
of
export 80%. while domestic consumption Is only about 20%
CURRENT ASSETS AND LIABILITIES.
States
United
and
York
New
the
and foreign silver coming each year on
GOLD.
and
world
the
both
control
necessarily
would
Assets
-markets, an export pool
whose Gold coin
496,085,983 45 Gold certifs. outstand.g.1.283,202,299 00
domestic prices. This, in the view of the Department of Justice,
operations Gold bullion
3.328.211,78161 Gold fund, F. R. Board
opinion on the question was sought, would make an export pool's
(Act of Dec. 23'13, as
law would
illegal. To meet this situation in the silver industry, the
amended June 21'17)-2,230,174,035 12
Another
152,979,025 63
unlikely.
altogether
reserve
as
Gold
have to be amended, which is regarded
export pool.
Gold in general fund.... 157,922.385 31
peculiarity of the silver smelting business works against an
owner
3.824.277.74506
Unlike copper, the silver smelter buys outright and is the titular
Total
Total
3 824.277.745 06
of the full
of all silver and gold in ores. It pays the mine on the basis
Note.-Reserved against 6346,686,016 of U. B. notes and $1,416,628 of Treasury
'carrying'
risk
to
afford
cannot
notes of 1890 outstanding. Treasury notes of 1890 are also secured by WY&
market price and gold in ores. The smelter
the market dollars in the Treasury.
the metal, it must retain liberty of action to sell each day at
SILVER DOLLARS.
destroy such
price its intake. An export pool would pro-rate sales and
$
$
AssetsThis was one
liberty of action and would compel 'carrying' the metal.
439,242,269 00 Silver certifs. outstand's 416,005,498 00
Association. Silver dollars
1,416,826 00
Treas. notes of 1890 out.
cause of the withdrawal of many members of the Copper Export
been proSilver dollars in gen.fund 21,780,145 00
The leading copper and silver interests are identical. It has
their own silver,
posed to meet this difficulty by having the mines 'carry'
439,242,289 00
00
Total
439,242,269
Total
through
sell
as the leading mining companies do with their copper, and to
GENERAL FUND.
States Senator
the central agency. It was further proposed by a United
Liabilities$
Assetsamend the Federal
to help the mines and agency 'carry' their product, to
157,922,385 31 Treasurer's checks outGold (see above)
for warehoused Silver
1,437,929 75
dollars(see above) 21,780,145 00 standing
Rwerve Act of 1917 so as to make not only acceptances
for
receipts
1,512,894 00 Depos. of Govt. officers:
United States notes_ _
silver rediscountable, but also notes secured by warehouse
14,814,19526
Post Office Dept
758,801 50
Federal Reserve notes_ _
stored (unsold) silver."
Fed. Res. banknotes...
183,497 00
BoardolTrusteesPostal
%)
50
bank
notes....
SavingsSystem(5
17,038,852
National
RETURNS.
CURRENCY
INDIAN
6.826,591 98
res'velawful money)
8,164,131 70
Subsidiary silver coin.. _
July 22. July 31. Any. 7. Minor coin
817.270 31
Other deposits
2,780,820 30
(In Lacs of Rupees)17623
17624
17481
of
05
CurComptroller
bullion
31,393,863
Silver
Notes in circulation
8258
8257
8110
India
rency, agent for
Unclassified-collecSilver coin and bullion in
creditors of insolv1,989,820 87
tions, ase
Silver coin and bullion out of India
2232
2232
6,292,632 73
2232
ent banks
Deposits in Federal ReGold coin and bullion in India
clerks of
30
Postmasters,
serve
52,504,384
banks
Gold coin and bullion out of India
85
5735
5739
disbursing
courts,
in
special
deDeposits
Securities (Indian Government)
1400
1400
1400
23,907,976 40
officers, dm
positaries account of
Securities (British Government)
Deposits for:
sales of certificates of
Aug. 7. The
Fed.
of
No silver coinage was reported during the week ending
00
Redemption
122,306,000
indebtedness
42,900,000 oz. in
Reserve notes (5%
Deposits in foreign destock in Shanghai on the 16th inst. consisted of about
143,270,764 15
compared with about
fund,gold)
positaries:
sycee. 45,500.000 dollars and 1.910 silver bars, as
142,212 61
Redemption of nat'l
bars on the
Treas. U.S.
To
credit
silver
1,910
and
dollars.
45,500,000
42,000,000 oz. in sycee,
bank notes (5%
To credit of other
fund,lawful money) 31,238,625 40
213,007 15
Government officers_ _
9th inst.
Bar Gold per
-Bar Silver per Oz. Std.Retirement of add'i
Oz. Fine. Deposits in nat'l banks:
2 Mos.
Cash.
11
circulating notes,
Quotations7.825,981
To
U.S.
credit
Treas.
91s. Id.
33 15-16d.
7.64500
33 15-16d.
Act May 30 1908._
Aug. 14
To credit of other
90s. 8d.
339id.
33Nd.
Aug. 15
95 Uncollected items, ex19,489,920
Govt.
officers
33
3354d.
3.860.331
3351d.
Ote
changes.
Aug. 16
91s. Od. Deposits in Philippine
33 13-16d.
33 13-16d.
Aug. 18
Treasury:
915. 7d.
34 1-16d.
232,273,962 31
34 1-188.
96
U.S.
Aug. 19
credit
991,015
Treas.
To
3d.
92s.
345-164.
345-164.
Aug. 20
915. 3.8d
33.916d.
214,793,771 00
33.9164.
Net balance
Average
are
delivery
months'
The silver quotations to-day for cash and two
447,067,733 31
Total
447,067,733 31
Total
tid. above those fixed a week ago.
SEPT. 6.1924.]
THE CHRONICLE
Note.-The amount to the credit of disbursing officers and agencies to-day was
$851,045,748.56. Book credits for which obligations of foreign governments are
held by the United States amount to 533,236,629 05.
Under the Acts of July 14 1890 and Dec. 23 1913 deposits of lawful money for the
retirement of outstanding national bank and Federal Reserve bank notes are paid
Into the Treasury as miscellaneous receipts, and these obligations are made under
the Acts mentioned a part of the public debt. The amount of such obligations to-day
was $49,834,706.50.
$420,482 in Federal Reserve notes and $16,902,813 in national bank notes are in
the Treasury in process of redemption and are charges against the deposits for the
respective 6% redemption funds
Government Revenue and Expenditures.
Through the courtesy of the Secretary of the Treasury we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for August 1924 and
1923 and the two months of the fiscal years 1924-25 and
1923-24.
ReceiptsAug. 1924.
Ordinary$
Customs
45,620,524
Internal revenue:
Income and profits tax
21,550,478
Miscellaneous internal revenue 72,532,617
Miscellaneous receipts:
Proceeds Govt.-owned secur.Foreign obligationsPrincipal
9,087
Interest
10,214,154
Railroad securities
15,443.273
All others
155,374
Trust fund receipts (reapportioned forinvestment)
2,128,524
Proceedssale of surp. property_ 2,509,744
Panama Canal tolls.&e
1,509,745
Receipts from misc. sources
credited direct to appropena. 3,166,360
Other miscellaneous
10,922,935
Aug. 1923. 2 Mos.'24.• 23fos.'23.*
6,988,172
14,087 7,373.593
10,263,488 10,234,401 10,466,235
933,048 23,976.140 3.950,000
503,850
621,454 1,227,300
1,439,749
7,234,135
1,880,988
4,424,853 3,684,054
6,275,199 11,469,531
3,221,342 3,777,894
2,844.508 4,873,999 10,039,655
16,918,966 31,556,194 34,290,255
ExpendituresOrdinary(Checks and warrants paid, &c.)
General expenditures
158,544,117 157,603,169
Interest on public debt
x8,648,178 110,953,431
Refunds of receipts:
Customs
1.598.066 3,698,467
Internal revenue
12,574,484 9,877,295
Panama Canal
606,947
271,712
Operations in special aceottnts:
Rallroads
6,828 9,068,654
War Finance Corporation
=1,688,756 =6,759,779
Shinning Board
5,677,190 9,094,025
Allen property funds
540,544
=56,949
Loans to railroads
371,000
Investment of trust funds:
Govt. life insurance fund
Civil Service retirement fund._ 2,110,075 1,424,719
District of Coltunbia teachers'
retirement fund
15,031
General railroad canting.fund,
18,449
Total ordinary
188,636,122 195,560,775
319,786,045 321,948,878
x26,773,430 x34,598.940
3,339,935 5,899,824
25,531,523 18,552,408
1,204,182
593,393
3,226,257 10,718,282
=9,717,538 =11,696,847
7,867,182 13,274,176
1,882,048 2,083,929
371,000
4,313,920 3,649,025
12,305,434 10.022,986
23,519
87,414
35,029
8,200,000 56,842,600
47.550
15,535
7,418,800
2,388,550
18,400
Commercial andAliscellaneottsBe=
Breadstuffs figures brought from page 1194.
-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 endling last Saturday
since Aug. 1 for each of the last three years have been: and
Corn.
532,000 20,078,000
395,000 13,423,000
504,000 11,893,000
Barley.
1§§§§§§§§§§§§§0
a
Oats.
A.wt.lw.s.wwvw.
a.
C., acmvabaco.c.i.wow
toca.40www.a.cowocw
bbls.1961bs. bush.60 lbs.bush. 56 lbs.
Chicago
261,000 6,034,000 1,181.000
Minneapolis..
1,957,000
124,000
Duluth
1,293,000
47,000
Milwaukee.-111,000
628,000
134,000
Toledo
512,000
29.000
Detroit
70,000
3,000
Indianapolis
192,000
194,000
106,000 1,544,000
St. Lout8- - - 585,000
Peoria
53,000
154,000
316,000
Kansas City- _
4,930,000
255,000
Omaha
1,568,000
612,000
St. Joseph.._
364,000
416,000
Wichita782,000
39,000
Sioux City-1,000
50,000
76,000
Total wk. '24
Same wk. '23
Same wk. '22
Rye,
bush.481bs bush.561bs.
362,000 102,000
537,000 272,000
335.000 661,000
267,000
46,000
8,000
27,000
5,000
44,000
15,000
13,000
4,000
4,011,000 10,732,000 1,546,000
5,022,000 8,719,000 1,282,000 1,152.000
6.987,000 4,958,000 1,160,000 955,000
3,612,000
Since Aug.12,343,000 104,312,000 22,873,000 28.783,000 3,482,000 4
1924
1,943,000 73,112,000 23,493,000 32,093,000 4,661,000 ,290,000
1923
3,582,000
1099
_ 2.443.000 67.002.000 25.456.000 27.090.000 4.437.00014
0114 nnn
•
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, August 30 1924, follow:
Corn.
Oats.
Rye.
Barley.
Week 1923... 375,000 3,584,000'
385,0001
699,000 382,000 568,000
Since Jan.1'2315,733,000160,894,000 34,517,000 27,149.000 9,769,000,24.955,000
•Receipts do not include grain passing through New Orleans for foreign ports on
through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, August 30 1924,are shown in the annexed
statement:
Exportsfrom-
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley. Peas.
Bushels. Bushels. Barrels, Bushels. Bushels. Bushels. Bushels
New York
634,353
2,000 103,507 182,266
84,303 185,714
Boston
3,000
Philadelphia
277,000
5,000
Baltimore
192,000
1,000
Norfolk
32,000
1,000
Newport News.
2,000
New Orleans__
77,000 18,000
Galveston
634,000
Montreal
1,677,000
26,000
85,000
26,000 60,000
Total week 1924_ 3,448,353
cum. 0-eek 1921 4.172.017
79,000 159,507
168.226
267,266
221.795
55.000
110,303 245,714
217.086 631.314
The destination of these exports for the week and since
July 1 1924 is as below:
Flour.
Exportsfor Week
Week
Since
and Since
July ItoAug.30 July 1
1924.
1924.
United KingdomContinent
So.& Cent.AmerWest Indies
Brit.No.Am.Cols.
Other Countries__
Total 1924
n........i loot
Wheat.
Week
Aug. 30
1924.
Since
Jule 1
1924.
Corn.
Want
Aug. 30
1924.
Since
Ja1V 1
1924.
Barrels. Barrels.
Bushels.
Bushels. Bushels. Bushels.
36,227
598,308 2,559,092 16,089,792
84,820
580,949
887,261 19,634,330
10,515
224,335
139,600
33,000
477,830
13,195
204,799
49,000
46,000
273.450
1,005
--14,750
156,910
112,000
1,500
159,507 1,766.306 3,446,353 36,024,722
79,000
An ftell 9/11
752,780
RR MO
1 226201
MA 9•111 9 nu, MR 1 179 017
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.
First National Bank of Highland Park, N.J
Aug. 27-The
Corresponden
t, Alvin A. Hastings, 120 8. First Ave.,$50,000
Highland Park, N. J.
APPLICATIONS TO ORGANIZE APPROVED.
Aug.
8,263,085 66,668,350
Total expenditures chargeable
against ordinary receipts. _196,891,621 234,497,624 404,886,438
476,719,332
• Receipts and expenditures for June reaching the
Treasury in July are included.
x The figures for the month include $814,749 27 and
for
the
fiscal year 1925 to
date *1,917,20083 accrued discount on war savings
1918 and 1919: and for the corresponding periods last certificates of the Series of
year the figures include $2,499,841 41 and *8.221.32450. respectively, for the
Series of 1918.
Excess of credits (deduct).
Wheat.
Wheat.
Total wk. '24 468,000 5,991,0001
115,0001
1,0TI0,
0 213.000 277,000
Since Jan.1'24 16,514,000159,282,000 14,811,000 30,304,
8,747,000 14,232,000
396,623,353 410,050,983
Public debt retirement chargeable
against ordinary receipts:
Sinking fund
8,200,000 30,306,800
Purchases from foreign repayments
7,047,650
Received for estate taxes
47,550 1,568,650
Forfeitures, gifts, he
7,950
13,750
Total
8,255,500 38,936,850
Flour.
Flour.
Barrels.
Bushels.
Bushels.
Bushels.
Bushels. Bushels.
New York... 204.000
909,000
25,000
422,000
92,000 196,000
Philadelphia-58,000
290,000
9,000
95
Baltimore_ _ _
37,000
392,000
14,000
96,
2,000
1.000
N'port News_
4,000
Norfolk
1,000
32.000
New Orleans•
66,000
65,000
440,000
47,000
Galveston._
1,017,
Montreal _ _ _ _
50,000 2,910,
2,000
306,
119,000
80,000
Boston
48,000
1,000
34,000
42,500,053 89,565,318 85,725,127
36,772,209 54,875,188 73.59,799
107,225,505 151,828,635 195,693,404
Total ordinary
185,762,815 235,504,671 381,466,810 441,246,847
Excess of ordinary receipts over
total expenditures chargeable
againstordinary receipts
1,007,046
Excess of total expenditures
chargeable against ordinary
receipts over ordinary receipts_ 11,128,806
23,419,628 35,472,485
Receipts at-
Receipts al-
1145
National Bank in Hamburg, Iowa
27-First
Correspondent,
$50,000
T. K. Elliott, Hamburg,Iowa.
Aug. 30-The First National Bank of North Bergen, N.J
100.000
Correspondent, James Nolan, 940 Hackensack Plank
Road, North Bergen, N. J.
Aug. 30-First National Bank in Alexandria, So. Dak
Correspondent, F. Thiel, Alexandria, So. Dak.
Aug. 30-The First National Bank of Weslaco, Texas
Correspondent, 11. B. Seay, care American Rio Grande
Land & Irrigation Co., Mercedes, Texas.
50.000
25,000
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 Wednesday of
this week:
By Messrs. Adrian H. Muller & Sons, New York:
Shares. Stocks.
Spar sh.
875 N. Y. & Penna. Clay Prod.)
Co., corn
I
$100,000 N. Y. & Penna. Clay 31,000
Products Co. 1st M.7s, 1926..!
lot
$75,000 N. Y. & Penna. Clay 1
Products Co. 1st 1\1. 7s, 1927.. J
Shares. Stocks.
per sh.
$2,000 State of South Carolina 6%1
bonds, due 1888
15 Hocking Valley Products Co (37 lot
100 Sea Foam Baking Powder Co_ I
10 J. A.Sexauer Mfg.Co.,Inc..com 66
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
$ per sh.
7 Danvers National Bank(Danvers,
Mass.), par $100
110
10 Connecticut Mills, 1st pref.,
certificates of deposit, par $100.. 69
10 Connecticut Mills, common A,
voting trust ctfs., par $10
134
7 Nashua NIfg. Co.,corn.,par $100.. 7734
14 Ludlow Mfg. Associates
14534
10 Hood Rubber Co.,pref.,Dar 3100 92
Shares. Stocks.
$ per sh.
3 New England Power Co.. 6%
pref., par $100
94
5 Massachusetts Lig. Coe.,8% pf _ _107
50 Kelly Spear Co., pref., par $100_ 55
15 Hood Rubber Co.,pt., par $100_ 9234
8 Lawrence Gas Co., par $100
143
10 Essex Co., par $50
190
10HotelTrust(Touraine),Par$100_125
10Plymouth Cordage Co.,par$100_114%
By Messrs. Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
$ Per Sh.
63 Bell Telep. Co.of Pa., pref
10734
11 Franklin Nat. Bank, par S100_ _564%
Philadelphia
3
Nat. Bank,par 5100_38534
4 Philadelphia Nat. Bank,par 5100.3854
8 Phoenix Trust Co., par $50
433.4
10 Mutual Trust Co., par $50
73
5 West Jersey Trust Co., Camden,
N. J
305
3 First Nat. Bank of Trenton, par
$100
326
20 Independence Fire Ins. Sec. Co_ 353.4
6 Hare & Chase, Inc., pref., vtith 2
common
shares
$600 lot
1 Victory Insurance Co., par *60.100
24 United New Jersey RR.& Canal _199
Shares. Stocks.
per sh.
8 John B.Stetson Co., common... 91
10 Union Transfer Co
2934
13 Pennsylvania Salt Mfg. Co_ _ _ _ 8434
50 American Pipe & Constr. Co... 55
30 Pennsylvania Cold Storage &
Market Co
so
50 Reliance Insurance
101
Bonds.
Per Cent.
$500 Benevolent & Protective Order
of Elks, "Philadelphia Lodge
No. 2," gen. mtge. 6s, 1942.... 86
$400 Pennsylvania Utilities Co.8%
notes, 1926
96
$100 North Springfield Water Co.
let mtge. 5s, 1928
97
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
2 Merchants National Bank, par $100
25 West Point Mfg. Co., par $100
21 Boston Belting Corp., Guar. Pref., par $100
574 Edison Electric III. of Boston, par $100
2 Central Maas. Power Co., Common v. t. etf
10 Massachusetts Lighting Cos.,6% Pre(
$ per sh.
29934-300
130%
2011
17334-17234
3834
83
Per cent.
Bonds.
94
35,000 Central Iilinole Public Service 68,January 1944_
500 Powder River Gold Dredging Co., par $1
52 Simms Magneto, Common (tr. cutler.) Par $5
36 3-7 Carson Hills Gold Mining Co.. par $1
1500 Country Club (Brookline) 68, May 1 1927
3 American Zinc, Lead & Smelting (old stock), Par $25
I American Zinc, Lead & Smelting, Pref., par $25
1 American Zinc, Lead & Smelting. Common, par $25
600 Mesabi Iron Co
300 Natural Abrasive Corp
2 Boston Arena Co., common, par $100
10 School Trust (Country Day), Par $25
51,000 Beverly Yacht Club 1st Mtge., April I 1933
15,450 Industrial Oil & Gas
172 Federal System of Bakeries, common
194,650 Boston Creek Mining Co., par $1 •
10,995 Technicolor, Inc., v. t. c., par $1
$3,000 Natural Abrasives Corp. 1st & Coll. Tr. 78, July 1 1930
.50 Metallurgical Securities Co., pref. $80 lig. div. pd., par $100
25 Metallurgical Securities Co., common, par $100
1 Island Creek Coal Co., preferred, par $1
3 Island Creek Coal Co.,common, par $1
2 Humboltd Corp
36,972 Pac. Tungsten Co.. par $1
5,000 Red Hills Florence Mining Co.(5th assessment paid), par $10
150 Oroville Dredging, Ltd., par $5
15 The Palo Mines (Colombia), Ltd., par St
301,570 Pac. Coast Gold Mines Corp., par $1
25,000 Oceanic Mining Co., par $1
.55,600 Dutch-App Syndicate, par $1
$81,500
20,000 Toggery Divide Mining Co., Par 10e
for lot
3,450 Kensington Gold Mines Co., par $10
200 National Steel & Bronze Corp., common, par $100'
550 Coeur d'Alene Mining Co., carts. of deposits, par $10
100 Coeur d'Alene Mining Co., par $10
2,000 Boston Cleveland Co., par $10
125 National Drug Stores Corp., common
50 National Drug Stores Corp., preferred, par $100
250 Texas Leasing Corp., par $100
462 Parent Petroleum Corp., preferred, par UN
42 Parent Petroleum Corp.,common
5,828 5-7 Am. Assurance Co., par 510
1.000 Am. Oil Engineering Co., par 310
1,500 National Co-Operative Sales Assn., Inc., par 91
$4,000 Note Kensington Gold Minas,due June 27 1917 cony.Into com.at $10
125,000 Timor Mining Co., par 525c
500 Boston & Colombia Gold Dredging Co., par $10
10,000 American-Mexican Mining & Smelting Co.. par $I
60 Am.Flax Fibre & Linen Corp., preferred, par $100
90 Am. Flax Fibre &Linen Corp.,common, par $100
$6,600 Boston-Panama Co. 75, Nov. 15 1928
$15,000 Chicago R. I. & Pac. RR.48, Nov. 1 2002
1,178 Eastern Ore Corp.. common, par $100
$100 Peruvian Mining,Smelting & Ref. Co. it 78. Aug. 1 1910
1 Pacific Alaska Nay. Co., par 5100
62 Mandy Mining Co., par $1
M int. In oil & gas lease covering 80 acres in Fergus County, Mont
Oil, gas and mineral lease covering 240 acres in Carbon County, Wyo__ A one-half interest in a concession from the United States of Venezuela,for
the exploration and exploitation of oil, asphalt, ozoquerite, natural gas
and other hydro-carbonated minerals in a zone marked No.6 located in
the municipalities of Urdaneta & Sucre of the Districts of Sucre and
Betijogue of the States of Zulia and Trujillo respectively, containing
14,325 hectares.
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously announced, but which have.
not yet been paid.
The dividends announced this week are:
Name of Company.
Railroads (Steam).
Beech Creek (guar.)
Lehigh Valley, common (guar.)
Preferred (guar.)
N.Y.Lackawanna & Western(guar.)
Pere Marquette, common (guar.)
Prior preferred (guar.)
Preferred (guar.)
Southern Ry., M.&0.stock trust ctfs _
When
Per
Cent. Peglable.
•504). Oct.
8734c Oct.
$1.25 Oct.
•13‘ OA.
Oct.
1
1.14 Nov.
131 Nov.
Oct.
•2
Books Closed.
Days Inclusive.
1 *Holders of rec. Sept.154
1 Holders of rec. Sept.13a
1 Holders of rec. Sept. 130
1 *Holders of rec. Sept.15a
1 Holders of rec. Sept.15a
1 Holders of rec. Oct. 154
1 Holders of rec. Oct. 15a
I *Holders of rec. Sept.15
Public Utilities.
•134 Oct. -American Public Service, pref.(quar.)
'1)4 Oct. 1 *Holders of ree. Sept.19
Boston Elevated Ry.,corn.(guar.)
•33.4 Oct. 1 *Holders of reo. Sept.19
Second preferred
*134 Oct. 1 *Holders of rec. Sept.15
Brazilian Trac., L. & P., pref. (guar.)
Oct. 1 *Holders of rec. Sept.20
Dayton Power & Light, corn. (guar.)._ _ •1
Oct. 1 *Holders of rec. Sept.20
*1%
Preferred (guar.)
Sept.15
Eastern Mass. St. Ry. adjustment stock 2% Oct. 1 Holders of rec.
Oct. 1 *Holders of rec. Sept.18
*2
Manila Electric Corp. (guar.)
Sept.30
rec.
of
*Holders
Oct. 15
Manufacturers' Light & Heat (guar.)._ _ *2
Newport News & Hampton Hy., Gas &
rec. Sept.15
of
'Holders
1
Oct.
%
1
•
Electric, pref.(guar.)
Sept.15
Niagara, Lockport & Out.Pr.,com.(qu.) 50e. Oct. 1 Holders of rec.
134 Oct. I Holders of rec. Sept.15
Preferred (guar.)
Sept.15
rec.
of
Holders
1
Northern Ohio Tr.& Light, pref.(guar.) 134 Oct.
15
•134 Oct. 1 *Holders of rec. Sept.
Northwest Utilities, pref. (guar.)
Sept.15
•134 Oct. 1 *Holders of rec. Sept.300
Prior lien (guar.)
roe.
of
Pacific Telep. & Tette.. pref. (qua:.).... 4.111 Oct. 15 *Holders of rec. Sept.15
134 Oct. I Holden'
Panama Power & Light, pref. (quar.)
Oct. 1 *Holders of rec. Sept.10
*$2
Philadelphia Traction
of rec. Sept. 17
Portland Electric Power, let prat.(quar.) 134 Oct. 1 Holders of rec. Sept. 17
Oct. 1 Holders
134
Prior preference (guar.)
rec. Sept. 12
of
Holders
Sept.30
Public fiery. Corp. of N. J., corn.(qu.). $1
Sept.30 Holders of rec. Sept.12
2
Eight per cent preferred (guar.)
rec. Sept. 12
of
Holders
IM Sept.30
Seven per cent preferred (guar.)
of rec. Sept. 15
Southern Canada Power, pref.(quar.) • 1% Oct. 15 Holders of rec. Sept. 15e
Holders
1
'
Oct.
(quar.)
134
Pref.
Springfield Ry.& Light,
of rec. Sept.12
Tennessee Elec. Pow..7% 1st pref.(qu.) 134 Oct. 1 Holders of
rec. Sept.12
119 Oct. 1 Holders
Six per cent first preferred (guar.)._
of rec. Sept. 15
Fielders
1
Oct.
2
_
Toledo Edison Co., prior pref. (guar.).
Se pt. 16
rec.
of
United Gas & Elec. Corp., Pref.(gear.)- 134 Oct. 1 Holders of rec. Oct. 15
United Light & Power, corn., Cl. A (qu.) 40c. Nov. 1 *Holders of rec. Oct. 15
*Holders
Common,Class A (in Class A stock),,. .Nov. 1
Nov. 1 *Holders of rec. Oct. 15
Common, Claw B (guar.)
Nov. 1 *Holders of rec. Oct. 15
Common,Class B (in Class A stook)_
41.53 Oct. 1 *Holders of rec. Sept.15
Preferred, Class A (quar.)
Oct. 1 *Holders of rec. Sept. 15
*51
Preferred, Class B (guar.)
Sept.30 Holders of rec. Sept. 15
$1
West Penn Co.. common (guar.)
Banks.
America (Bank of) (guar.)
Amer. Exchange Securities (guar.)
Chase National (quar.)
Chase Securities Corporation (quar.)Chatham & Phenix National(qua:.)..
National City(guar.)
National City Co.(guar.)
Extra
Seaboard National (guar.)
United States(Bank of)(guar.)
[Vox.. 119.
TFIE CHRONICLE
1146
*3
2
4
91
4
•4
•2
•2
4
234
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
1 *Holders of rec. Sent. 15
1 Holders of rec. Sept. 13
1 Holders of rec. Sept. 170
1 Holders of rec. Sept.17a
I Sept. 14 to Sept.30
1 *Holders of rec. Sept.15
1 'Holders of rec. Sept.15
1 *Holde.'s of rec. Sept. 15
1 Holders of rec. Sept.24
1 Holders of rec. Sept.200
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Trust Companies.
Oct. 1 Holders of rec. Sept.15
5
Bankers (guar.)
Sept.30 Holders of rec. Sept. 19
3
Guaranty (guar.)
12% Oct. I Holders of rec. Sept.200
United States (guar.)
Miscellaneous.
•1% Oct. 15 *Holders of rec. Sept.24
Allis Chalmers Mfg., pref.(guar.)
American Art Works, corn. & pref. (qu.) 134 Oct. 15 Holders of rec. Sept.30
Oct. 1 Holders of rec. Sept.15
American Car & Foundry, corn.(quar.). 3
134 Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
American Cigar. preferred (guar.)
•134 Oct. 1 *Holders of rec. Sept. 15a
Oct. 1 Holders of rec. Sept.16
1
Amer. Cyanamid, corn. (guar.)
% Oct. 1 Holders of rec. Sept.16
Common (extra)
134 Oct. 1 Holders of rec. Sept. 16
Preferred (guar)
•134 Oct. 1 *Holders of rec. Sept. 11
American Express (guar.)
Oct. 1 Holders of rec. Sept.120
3
American Snuff, common (guar.)
1% Oct. 1 Holders of rec. Sept. 120
Preferred (guar.)
American Steel Foundries, corn.(guar.). •75e. Oct. 15 *Holders of rec. Oct. 1
•1% Sept.30 *Holders of roe. Sept.15
Preferred (guar.)
.i Oct. 15 *Holders of rec. Sept.15
American Woolen,common (guar.)
'134
Associated Oil (guar.)
'3734e Oct. 25 *Holders of rec. Sept.30
4
Oct. 15 Sept.21 to Oct. 14
Borne Serymeer Co
Oct. 15 Sept.21 to Oct. 14
2
Extra
Oct. 1 *Holders of rec. Sept.150
•51
Cambria Iron
Canadian General Electric. pref.(quar.).. .01% Oct. 1 *Holders of rec. Sept. 15
1
Sept.30 Holders of rec. Sept.160
Celluloid Company,common (guar.)._
Chicago Nipple Mfg., Class A (quar.)- •75e. Oct. 1 *Holders of rec. Sept. 15
Cluett,Peabody & Co.,Inc.,Pref.(qu.)- 134 Oct. 1 Holders of rec. Sept.20
*$1 Sept.29 *Holders of rec. Sept.15
Cuyamel Fruit (alar.)
Oct. 1 Holders of rec. Sept.15e
Detroit & Cleveland Navigation (guar.). Si
Devoe & Raynolds, Inc., corn. (quar.).. •1ji Oct. 1 *Holders of rec. Sept.20
Common (extra)
9.4 Oct. 1 *Holders of rec. Sept.20
, Oct. 1 *Holders of rec. Sept.20
4.141
First and second preferred (quar.)
Oct. 1 Holders of rec. Sept.15
51
Dominion Textile, common (guar.)
134 Oct. 15 Holders of rec. Sept.30
Preferred (guar.)
Oct.
Holders of rec. Sept. 6
3
Draper Corporation (guar.)
*Holders of roe. Sept.30
Dunham (J. H.) & Co., Inc., corn. (qu.) *134 Oct.
*Holders of rec. Sept.20
*OM Oct.
Find preferred (quar.)
*Holders of rec. Sept.20
Second preferred (guar.)
*134 Oct.
Oct.
Holders of rec. Sept.19
1
General Railway Signal,corn.(guar.)_ _ _
Holders of rec. Sept.19
134 Oct.
Preferred (guar.)
'Holders of rec. Sept.15
Glidden Company, prior pref.(guar.)--. s1,4 Oct.
Holders of rec. Sept.20
1M Ott.
Hanes(P. N.) Knitting, pref.(guar.).Holders of rec. Sept.15
Oct.
3
Beime (George W.) Co., corn. (guar.)...
Holders of rec. Sept.15
134 Oct.
Preferred (guar.)
1% Sept.2 Sept. 16 to Sept.25
Hercules Powder,common(guar.)
'50c. Sept.2 Holders of rec. Sept.20
Homestake Mining (monthly)
Sept.3 Holders of rec. Sept.20
Hood Rubber,common (guar.)
11
025c. Sept.2 Molders of rec. Sept.14
Hydros Corp.,corn.(guar.)
Ide(Geo.P.) &Co.,Inc..Prof.(quar.)
Oct.
Holders of rec. Sept.150
2
4.134 Sept.2
Imperial Oil, Ltd.(Canada)
'Holders of rec. Sept.15
Internat. Buttonhole Sew. Mach.(guar.) 10e. Oct.
*134 Oct. 1 'Holders of rec. Sept.25
International Harvester,corn.(quar.)
Oct.
'Holders of rec. Sept.15
International Shoe,corn.(quar.).,,_... *51
•1
Oct.
'Holders of rec. Sept.15
Preferred (monthly)
Oct.
Holders of rec. Sept.15
IlltertYPe Corporation,first pref.(guar.; 2
Holders of rec. Sept.20
134 Oct.
Kaufmann Dept. Stores, pref. (guar.).'Holders of rec. Sept.19
Kelsey Wheel. Inc., common (guar.)_ _ _ •13,4 Oct.
3ept.3 Holders of rec. Sept.15
*2
Kresge(S. S.) Co.,common(guar.)
*134 3ept.3 'Holders of rec. Sept.15
Preferred (guar.)
)ct.
Holders of rec. SePt.11
$1
Lehigh Valley Coal Sales (guar.)
rept.
'Holders of roe. Aug. 20
'$3
Lehigh & Wilkes-Barre Coal
*Holders of rec. Sept.18
Loose-Wiles Biscuit, let Pref.(Quar.)- - - •134 )ct.
Holders of rec. Oct. 18
•13( 'toy.
Second preferred (guar.)
Holders of ree. Sept.30
0750. )ct.
Lorillard (P.) Co.,common.(quar.)
•134 )et.
'Holders or rec., Sept.30
Preferred (qua:,)
1
;eat.3 Hold cs of rec. SzPt.15
Mack Trucks, Inc.,corn.(guar.)
ept.3 Bolden; of rec. Sept.15
First and second preferred (guar.)._ _
134
•1%
'Holders of rec. Sept.16
Menet!Sugar, pref.(guar.)
let.
Si
_
*Holders of rec. Sept.200
(guar.)._
Supply
Manhattan Electrical
•134
*Holders of ree. Sept.17
Manhattan Shirt, pref. (guar.)
)ct.
'Holders of rec. Sept. 2
Merchants & Miners Transport'n (qu.)_ *2
met.
Sept.16 to Sept.30
134
Metropolitan Paving Brick, pref.(qu.)...
*Holders of rec. Sept.20
Montgomery Ward & Co., pref.(guar.). •134
*Holders of ree. Sep1.20
41.7a.
Class A (quar.)
2
Sept.2 Holders of rec. Sept.10a
Motor Wheel Corporation (guar.)
*Holders of rec. Sept.15
•20e. Oct.
Mountain Producers Assoc. (guar.)._
*Holders of rec. Sept. lf,
Oct.
*25e
Extra
Oct.
Holders of ree. Sept.20
2
Murray Ohio Mfg., pref.(guar.)
Oct.
*Holders of rec. Sept.15
National Breweries,common(guar.)_ _ _ _ 'Si
•1% Oct.
*Holders of rec. Sept.15
Preferred (guar)
*Holders of rec. Sept.15
415e Oct.
Owens Bottle, corn. (guar.)
*Holders of rec. Sept.15
•1% Oct.
Preferred (guar.)
Sept.
Holders of rec. Aug. 20
Package Machinery,common (quar.)__ _ 4
134 Nlov.
Preferred (quar.)
Holders of rec. Aug. 27a
134 Sept.
Port Hope Sanitary Mfg., prof. (guar.)_
,11;„i Oct.
*Holders of rec. Sept. 15
Provincial Paper Mills, Ltd,. corn.(qu.)
Oct.
of rec. Sept.15
*Holders
Preferred (guar.)
*Holders of rec. Sept.17
•30e. Oct.
Reece Buttonhole Machine (guar.)
•30e Oct
*Holders of rec. Sept.17
Reece Folding Machine (guar.)
*Holders of rec. Sept.18
Reynolds(R.J.) Tob.,corn. A & B (qu.) •75c. Oct.
*134 Oct.
*Holders of rec. Sept.18
Preferred (quar.)
Oct.
*2
_
*Holders of rec. Sept.13
(quar.)_
Lighting
&
Safety Car Heating
•25e. Oct.
*Holders of rec. Sept.15
Simmons Company (grim.)
Sloss-Sheffield Steel & Iron,COM.(guar.) 134 Sept.20 Holders of rec. Sept.lla
•134 Oct.
*Holders of rec. Sept.20
Preferred (guar.)
Oct. 1 *Sept.16 to Oct. 1
oil
Standard 011 (Kentucky)(guar.)
*10e. Oct. 1 *Holders of rec. Sept.30
Sterling Oil& Development(guar.)
Oct. 1 Holders of rec. Sept.15
$2
Stromberg Carburetor (guar.)
Oct. 1 Holders of rec. Sept.10
2
Swift & Co.(guar.)
Sept.30 *Holders of rec. Sept.18
411
Tide Water Oil(guar.)
•30e. Sept.15 *Holders of rec. Sept. 5
Truecon Steel, common (guar.)
United States Tobacco,common(quar.). 75c. Oct. 1 Holders of rec. Sept.15
134 Oct. 1 Holders of rec. Sept.15
Preferred (guar.)
134 Sept.15 Sept. 2 to Sept.14
Upson Company,common (guar.)
Sept.15 Sept. 2 to Sept.14
1
Common (extra)
Oct. 1 Sept. 16 to Sept.30
2
Preferred (guar.)
134 Oct. 29 Holders of rec. Oct. Pa
Vulcan Detinning, preferred (guar.). _
Oct. 20 Holders of rec. Oct. 90
Preferred (account accum. dividends)_ hl
134 Oct. 20 Holders of rec. Oct. 90
Preferred, Class A (guar.)
Oct. 2 Holders of rec. Sept.15
SI
Wabasso Cotton Co. (guar.)
350, Sept.15 Holden; of rec. Sept. 54
Walworth Mfg., common (guar.)
134 Sept.30 Holders of rec. Sept.20a
Preferred (guar.)
42.50 Sept.30 *Holders of rec. Sept.26
Western Electric, common (guar.)
134 Sept.30 'Holders of Tee. Sept.1
Preferred (guar)
•134 Oct. 1 *Holders of rec. Sept. 5
West Kentucky Coal. pref. (guar.)
Oct. 31 *Holders of rec. Sept.30
Westinghouse Elec.& Mfg.,corn.(guar.) *51
Oct. 15 *Holders of rec. Sept.30
*51
Preferred (guar.)
Wurlitzer (Rudolph) Co.,7% Pt.(quar.) 13.4 Oct. 1 Sept. 21 to Oct. 1
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per
When
Cent. Payable.
Railroads (Steam).
1%
Bangor & Aroostook, preferred (qua:.)
2
Boston & Albany (guar.)
Buffalo & Susquehanna, corn. (quar.)... 134
234
Canadian Pacific, corn. (guar.)
'2
Preferred
3
Cuba RR., preferred
234
Delaware dr Hudson Co. (guar.)
Erie & Pittsburgh (guar.)
873.4
111
Fonda Johnstown &(llov..Prof. Nu.) _
1%
N. Y. Chicago & St. Louis, corn. (qu.)
134
Preferred(guar.)
131
Norfolk & Western. common (guar.).
234
Philadelphia & Trenton (guar.)
Books Closed.
Days Inclusive.
Oct. 1 Holders of rec. Sept.15
Sept.30 Holders of rec. Aug. 30
Sept.30 Holders of rec. Sept.15
Oct. 1 Holders of roe. Sept. 20
Oct. 1 *Holders of rec. Sept 2
Feb2'25 Holders of roe Jan 15'2541
Sept.20 Holders of rec. Aug. 280
Sept.10 Holders of ree. Aug. 300
Sept.15 Holders of rec. Sept. 10
Oct. 1 Holders of ree. Aug. 150
Holders of rec. Aug. 15e
Oct.
Sept.' Holders of rec. Aug. 30e
Oct. 10 Oct. 1 to Oct. 10
SEPT. 6 1924.]
Name of Company.
THE CHRONTCILE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam)(Concluded.)
Pittsburgh a West Virginia. met.(guar.) IA Nov.29 Holders of ITO. Nov. ii
Reading Company,first pref.(guar.)
60e. Sept.11 Holders of rec. Aug. 250
St. Louis Southwestern Ry., pref.(qua. 134 Sept.30 Sept. 7 to Oct. 7
Southern Pacific Mara
154 Oct. 1 Holders of rec. Aug. 290
Union Pacific, common (quar.)
254 Oct. 1 Holders of rec. Sept. 2
Preferred
2
Oct. 1 Holders of rec. Sept. 2
United N. J. RR.& Canal Cos.(qu.)... 234 Oct. 10 Sept.21 to Sept.30
Name of Company.
1147
When
Per
Cent. Papable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Bush Terminal Buildings, prof.(guar.)._ •1n Oct. 1 *Holders of rec. Sept.15
California Packing Corp.(quer.)
$1.50 Sept.15 Holders of rec. Aug. 30a
California Petroleum, pref. (guar.)
14 Oct. 2 Holders of rec. Sept.20a
Calumet & Arizona Mining (guar.)
50c. Sept.22 Holders of rec. Sept. 5a
Canadian Car dz Fdry., pref.(quar.).... 1% Oct. 10 Holders of rec. Sept.26
Preferred (acct, accum. dB's.)
81% Oct. 10 Holders of rec. Sept.26
Carter (William) Co., pref. (quar.)
154 Sept.15 Holders of rec. Sept.10
Celluloid Company, common (guar.)._ _
Sept.30 *Holders of rec. Sept.18
Utilities.
Public
Preferred (guar.)
Nov. 14 *Holders of roe. Oct. 31
*2
Amer. Telephone & Telegraph (guar.)
234 Oct. 15 Holders of rec. Sept.20a Century Electric Co.,common (guar.). _
155 Sept.22 Holders of rec. Sept.15
Quarterly
Jn15'25
Holders of rec. Dec. 2nn
234
Preferred (quar.)
Oct.
1 Holders of rec. Sept.15
134
Quarterly
2 A Ap1.5'25 Holders of rec.klar.17'250 Chezebrough Mfg.. common (quar.).... 1062)4c Sept.30
*Holders of rec. Sept. 10
Arkansas Natural Gas
8c. Oct. 1 Holders of rec. Sept. 12a
Preferred (guar-)
Sept.30 *Holders of rec. Sept. 10
Associated Gas & Elec., pref. (extra)._ _ 12Ac. Apr.1'2; Holders of rec. Mar. 15
Chicago Mill & Lumber,Pref.(quar.)... 1% Oct. 1 Holders of rec. Sept.22a
Preferred (extra)
1234c. July1'25 Holders of rec. June 15
Childs Co., common MOO par) (guar.). 3
Sept.10 Holders of rec. Aug. 290
Preferred (extra)
1234c. Oct.1 25 Holders of rec. Sept. 15
Common (no Par) ((Mara
600. Sept.10 Holders of rec. Aug. 296
Preferred (extra)
12)4c. Jan1'26 Holders of rec. Dec. 15
Preferred (guar.)
194 Sept. 10 Holders of rec. Aug. 296
Bell Telephone of Pa.6 A 6;„' Prof.(qu.)
111154 Oct. 15 *Holders of rec. Sept.20
Cain Copper(quar.)
62 At Sept.29 Holders of rec. Sept. 36
Brooklyn City RR.stock dividend
33 1-3 Sept.30 Holders of rec. Scot. 5a Cities Service Co.
Brooklyn Union Gas(guar.)
$1
Oct. 1, Holders of rec. Sept. 160
Common (mthly. pay. in cash scrip)._
1 Holders of rec. Sept.15
Oct.94
Central Illinols Pub. Berv., pref.(guar.) 154 Oct. 15 Holders of roe. Sept.30
Common (pay. In corn, stock scrip)... 0114 Oct. 1 Holders of rec. Sept.15
Citizens PaSS. Ry.(Piffle (quar.)
$3.50 Oct.
Sept. 21 to Sept.30
Preferred and preferred "13- (mthly.)
ft Oct. 1 Holders of rec. Sept. 15
City Gas of Norfolk, pref. (quar.)
2
Oct.
Holders of rec. Sept. 15
City Ice & Fuel (Cleveland) (quar.) _ _ 2
Dec. 1 Holders of rec. Nov.20a
Consol. Gas,E.L.& P., Balt., com.(qua 2
Oct.
Holders of rec. Sept.15a Coca-Cola Co.(guar.)
•$1.75 Oct. 1 *Holders of rec. Sept. 8
Preferred, Series A (quar.)
2
Oct.
Holders of rec. Sept. 15a Commercial Solvents Corp., 1st pt.(qu.) 2
Oct. 1 Holders of rec. Sept.30
Preferred, Series B (gtum)
1% Oct.
Holders of rec. Sept. 151
Class A (guar.)
El Oct. 1 Holders of rec. Sept. 200
Preferred, Series C (guar.)
1% Oct.
Holders of roe. Sept. 15a
Class A (acc't mem.dies)
$1 Sept.10 Holders of ree. Sept. 2a
iContinental Linear El.corp.,corn.(gU.) 75c. Oct.
Holders of rec. Sept. 13s Continental Can, pref. (guar.)
154 Oct 1 Holders of rec. Sept. 20a
Common (payable In common stock)._ /76c. Oct.
Holders of roe. Sept. 13a Continental 011 (quar.)
50e. Sent.15 Aug. 17 to Sept.15
Participating preferred (guar.)
1)4 Oct.
Holders of rec. Sept. 13a Cooper Corp., class A (guar.)
3734c Sept.15 Sept. 2 to Sept. 14
Participating preferred (extra)
Holders of rec. Sept. 13a Craddock-Terry Co.. common (guar.)._ 3
14 Oct.
Sept.30 Sept.16 to Sept.30
Partic. pref.(payable In com. stock)
'94 Oct.
Holders of rec. Sept. 13a
Common ((par.)
Dec. 31 Dec. 16 to Dee. 31
3
Preferred (guar.)
1)4 Oct.
Holders of roe. Sept. 13a
First and second preferred
Dec. 31 Dec. ;E to Dec. 31
3
Prior preferred (gnarl
1% Oct.
Holders of rec. Sept. 13a
Class C preferred
354 -.71 Dot. 13 to Dec. 31
Consolidated Gas(N. Y.),corn.(guar., 11.25 Sept.! Holders of rec. Aug.
7a Cramp(Wm.)& Sons Ship & Eng. Bldg.
Consumers Power.6% pref.(guar.)._ 134 Oct.
Holders of rec. Sept. 15a
(guar.)
Sept.30 *Holders of rec. Sept.15
*El
7% preferred Mara
154 Oct.
Holders of rec. Sept. 150 Crane Company,common (guar.)
13.4 Sept.15 Holders of roc. Aug. 30a
Dominion Pow. & Transtn., corn.(qu)
1
Sept.1 Holders of rec. Aug. 31n
Common (pay. In common stock)_ _ _ _ 110 Sept.20 Holders of rec. Sept.160
Preferred (guar.)
1% Oct. 1 Sept.21 to Sept.30
Preferred (quar.)
194 Sept.15 Holders of rec. Aug. 30a
Duquesne Light, 1st pref.,Ser. A (au.)- - IS lent. I Holders of rec. Aug. 150 Crucible
Steel, pref..(guar.)
194 Sept.30 Holders of rec. Sept.15a
El Paso Electric Co., com.(qu.)(No. 1) $1.2t ;opt.1 Holders of rec. Sept. 8
Cuban-American Sugar,com.(guar.)._ The. Sept.30 Holders of rec. Sept. 4a
Federal Light & Trac., common (guar.). $1
lIolders of rec. Sept. 150
Preferred (guar.)
194 Sept.30 Holders of rec. Sept. 4a
Common (Payable in pref. stock)
m The set.
Holders of rec. Sept. 130 Cumberland Pipe Line (quar.)
.Sept.15 Holders of rec. Aug. 30a
3
Frankford & Southwark Pass. Ry.(qu.) $4.50
Sept. 2 to Oct. I
Davis Mills (guar.)
Sept.20 Holders of rec. Sept. ea
134
Galveston-Houston Electric Co., pref_.. 3
lot.1 Holders of rec. Sept. to Detroit Brass & Malleable Wks (mthly.)
%
-rept. 1 Aug. 26 to Aug. 81
General Gas.k Elec. Corp., pref. A (qu.) $2
kt.
Holders of rec. Sept.15
Diamond Match (guar.)
Sept.15 Holders of rec. Aug. 30a
2
Preferred, Class B (quar.)
$1.71 /et.
Holders of rec. Sept.15
Hold (Jacob) Packing, pref. (guar.).
*194 Sept.30
Georgia Its.& Power, lot Prof.(guar.) _ _ 2
act. 2 Holders of rec. Sept.30r Dominion Glass, com. & pref. (guar.)._ 134 Oct. 1 Holders
of reo. Sept.15
Germantown raSS. Ry.(guar.)
$1.31 )et.
Sept. 17 to Oct. 6
Dominion Stores. common
50c. Oct. 1 Holders of reo. Sept.15
Gold & Stork Telegraph (quar.)
/et.
*Holders of rec. Sept.30
Douglas-Pectin Corp.(guar.)
25c. Sept.30 Holders of rec. Aug. 300
Illinois Bell Telephone (quar.)
Sept.30 Holders of rec. Sept.29
2
Dubin&
Condenser
&
Radio. pref.(qu.). $2
Sept.30 Holders of rec. Sept.250
Kan. City Pow. & Lt., pf., Ser. A.(qu.) 41.75 Oct.
*Holders of rec. Sept. 15
Preferred (guar.)
Sept.30 Holders of rec. Sept.25a
$2
Laclede Gas Light. common (guar.)
114 (opt. 1 Holders of rec. Sept. la
Preferred (guar.)
Dec. 31 Holders of rec. Dec. 28a
$2
Lone Star Gas (guar.)
*50c. iept.3 *Holders of rec. Sept.20
du Pont(El.)de Nem Co.,corn.(qu.) 2
Sept.15 Holders of rec. Sept. ba
Mackay Companies,common Mara__ _
ot.
134 )
Holders of rec. Sept. Oa
Debenture
stock
(guar.)
1%
Oct.
25 Holders of rec. Oct. 10a
Preferred (guar.)
Oct.
Holders of rec. Sept. So du Pont(El.)de Nem.Powd..corn.(qu
1% Nov.
Holders of rec. Oct. 20a
Middle West Utilities, pr. lien (guar.)._
114 (wt.1 Holders of rec. Aug. 30
Preferred (guar-)
1% Nov.
Holders of rec. Oct. 200
Preferred (guar.)
•13,‘ Oct. 1 *Holders of rec.
Eastern SS. Lines,Inc., 1st pref.(qua _ $1.75 Oct.
Holders of rec. Elept.24a
Mineral Point Pub. Service. prof.(guar.) hg Sept. 1 Holders of rec. Sept.15
Aug.
31
Preferred (guar.)
87%e Oct. 1 Holders of rec. Oct. Ma
Montana Power, common (quar.)
Oct.
1
Holders of rec. Sept. 12
Eastman Kodak,com.(quar.)
$1.25 Oct.
Holders of rec. Aug. 30a
Preferred (guar.)
Oct.
Holders of rec. Sept. 12
Common (extra)
75e. Oct.
Holders of rec. Aug. 30
National Power & Light. pref. (quar.)
$1.73 Oct.
Holders of roe. Sept. la
Preferred (quan)
1.14
Oct.
I
Holders of rec. Aug. 30a
New England Telep. & Teleg.((Mara- -. 2
3%14.3 Holders of rev,
Eisenlohr (Otto) & Bros., pref.(guar.)._ *I% Oct. 1 *Holders of rec. Sept.20
New York Telephone, Preferred Mara_ 1% Oct. 1 Holders of rec. Sept. Iii
Sept.20 • ''moire Brick & Supply (guar.)
'134 Sept.15 *H riders of rec. Septa°
Niagara Falls Power, com. (quar.)
50c. Sept.1 Holders of rec. Aug. 300 Fairbanks Morse Co.. com.
-- 860. Sept.30 Holders of rec. Elept.15.
Preferred (guar.)
43% Oct. 1 Holders of rec. Sept.30a Famous Players-Lasky. com Mara
(guar.)... 2
Oct. 1 Holders of rec. Sept. 154
Northern Ohio Tr.& Light,6% p1.(qua
Holders of rec. Sept. 15
1.34 Oct.
Federal Mining & Smelting. Prof.(qua __
154 Sept.15 Holders of rec. Aug. 2Sa
Seven per cent preferred (guar.)
Holders of rec. Sept. 15
114 Oct.
Federal Motor Truck (guar.)
*30c. Oct. 1 *Holders of rec. Sept.20
Ohio Bell Telephone, pref. (guar.)
1% Oct.
Holders of rec. Sept.20
Fleishmann
Co..
common (guar.)
75c. Oct. 1 Holders of rec. Bern 16a
Penn Central Lt.& Pow., pref.(quar.).. $1 Oct.
Holders of rec. Sept. 10o
Common (extra)
50e. Oct. 1 Holders of rec. Sept. 150
Preferred (extra)
10e. Oct.
Holders of rec. Sept.10a
Common (quar
750. Jan 1'25 Holders of rec. Dec. 15a
Penna. Power & Light, pref.(guar.).- _ $1.75 Oct.
Holders of roe. Sept.15
Foundation Co.. corn. (guar.)
$1.50 Sept.15 Holders of rec. Sept. 2a
Pennsylvania Water & Power (quar.)._. 2
Oct.
Holders of
Preferred (guar.)
Sept.19
$1.75 Sept.15 Holders of rec. Sept. 2a
_Philadelphia Elec. Co.,corn.& pref.(qu.) 50e. Sept.1 Holders of rec.
rec. Aug. 18n Fulton Iron Works, Prof.(quar.)
Sept. 9 Holders of rec. Aug. 20a
2
Southern Colorado Power, prof.(qui___
Sept.
1
Holders of rec. Aug. 30
194
Galena-Signal 011,com.(quar.)
Sept.30 Holders of rec. Aug. 30a
1
Second & Third Sts. Pass. Ry.(quar.)- - $3 Oct.
Sept. 2 to Oct. I
Preferred and new preferred (guar.) _
Sept.30 Holders of rec. Aug. 30a
2
Standard Gas & Elec.,8% pref.(guar.). 2
Sept. 1 Holders of rec. Aug. 80
Gamewell Co.,common
$1.25 Sept.15 Holders of rec. Sept. 5
United OM Improvement. pref.(eurtra - 87%c Sept.1 Holders of rec. Aug. 300 General
Cigar, debenture pref.(guar.)_ _
134 Oct. 1 Holders of rec. Sept.24a
West Penn Railways. pref. (guar.)
154 Sept. 1 Holders of rec Sept. 1
General Electric, corn. (guar.)
2
Oct. 15 Holders of rec. Sept. la
Winnipeg Electric Ry., pref.(guar.).Oct.
Holders of rec. Sept.15
194
Common (payable in special stock)._ r5
Oct. 15 Holders of rec. Sept. 40
Special (guar.)
15e. Oct. 15 Holders of rec. Sept. ea
Banks.
General Fireproofing. pref. (guar.)
1% Oct. 1 Holders of rec. Sept. 20
Public National (guar.)
4
Sept.30 Holders of rec. Sept.20
Preferred (guar.) .
lid Jan2'25 Holders of rec. Dec. 20
Commerce(Nat. Bank of) (qua?.)
Oct. 1 Holders of rec. Sept. 12a General Motors,corn.(guar.)
4
30c. Sept.12 Holders of rec. Aug. 25a
Seven per cent pref. (guar.)
1% Nov. 1 Holders of rec. Oct. ea
Trust Companies.
Six per cent deb.(guar.)
1% Nov. 1 Holders of rec. Oct. ea
Equitable (guar.)
3
Sept.30 Holders of rec. Sept.20a
Six per cent pref.(guar.)
1% Nov. I Holders of rec. Oct. 6a
Lawyers Title & Trust (guar.)
Oct. 1 Holders of roe. Sept. 20a General Petroleum, common (quar.).... 50e. Sept. 15
2
Holders of rec. Aug. 300
Gillette Safety Razor, stock dividend_ _ _ e5
Dec. 1 Holders of rec. Nov. 1
Miscellaneous
Globe SoapAdams Express (guar.)
$1.50 Sept.30 Holders of rec. Sept. 16a
First, second & special pref. (quar.)_. 194 Sept. 15 Aug. 31 to Sept. 15
Allied Chem.& Dye Corp., pref.(qua
194 Oct. 1 Holders of roe. Sept. 15
Goodrich (13 F.) Co., preferred (quar.). 1% Oct. 1 Holders of rec. Sept.200
American Bakery, cont.(guar.)
1
Sept.15 Holders of roe. Sept. 1 'Goodyear Tire & Bubb., prior
Oct. 1 Holders of ree. Sept.20a
Pt. (qu.). 2
American Bank Note, pref.(quar.)
I J an3I'25 Holders of rec. Jan10'250 Graaselli Chemical, common (guar.)._
Sept.30 Holders of rec. Sept.15
d2
American Beet Sugar, com (Quar.)...
1 .1 an3I'25 Holders of reo-lan.10'250
Preferred (quar.)
Sept.30
4194
Holders of rec. Sept. 15
Preferred (guar.)
144 Oct. 2 Holders of rec. Sept. ISO Great Atlantic & Pacific Tea,com.
(qua SI
Pt.15 Holders of rec. Sept. 100
American Can, pref. (guar.)
11‘ Oct. 1 Holders of rec. Sept. I6a Great Western Sugar, common
(guar.)._ *$2
*Holders of rec. Sept. 15
American Caramel. preferred
Oct. 1 Holders of rec. Sept.10a
2
Preferred (quar.)
'134 Oct. 2*Holders of rec. Sept.15
Amer. Copper Prod. Corp., pref.(guar.) 1% Oct. I Holders of rec.
Greenfield Tap de Die,6% pref.(guar.). 194 Oct. 1 Holders of rec. Sept. 15.
Sept.20
American Fork & Hoe,conunon (guar.). 134 Sept.15 Holders of rec.
Sept. 5n
Eight per cent pref.(guar.)
Oct. 1 Holders of rec. Sept. 15a
2
Second preferred (guar.)
Sept.15 Holders
2
rec. Sept. 54 Guantanamo Sugar, pref. (quar.)
Sept.30 Holders of rec. Sept.15a
2
Amer. Laundry Machinery, corn.(qu) 50o. Sept. 1 Aug. 23 ofto
Gulf States Steel,common (guar.)
'134 Oct. I *Holders of rec. Sept.15
Amer. Loromotive, common (guar.).- - $1.50 Sept.30 Holders of rec. Sept. I
Sept. 12a Gulf States Steel, first preferred (guar.) 1% Oct. I Holders of rec. SePt.15a
Preferred (guar.)
1m Sept.& Holders of rec. Sept. 12a
First preferred (qua?.)
1% Jan2'25 Holders of rec. Dec. 15a
American MultIgraph,pref.(guar.)
194 Oct 1 Holders of rec. Sept. 154
Second preferred (guar.)
1% Oct
1 Holders of rec. Sept.15a
American Radiator, common (guar.)._ $1
Sept.30 Holders of rec. Sept. 1Sn
Second
preferred (quar.)
154 Jan2'25 Holders of rec. Dec. 15a
American Rolling Mill, pref.(guar.)_
134 Oct. 1 Holders of rec. Sept. 15a Hanna Furnace. pref. (quar.)
Sept. 15 Holders of rec. Sept. 5a
American Safety Razor
25e. Oct. 1 Holders of rec. Sept. 10a Hanna(M. A.) Co., 1st
pref. (guar.).- 134 Sept.20 [folders of rec. Sept. 5a
American Shipbuilding, common (guar.) 2
Nov. 1 Holders of roe, Oct. .15
Harbiso
ker Refrac.. pref. (guar.). 19t Oct. 20 Holders of rec. Oct. 10a
Common (guar.)
2
Feb2'25 Holders of rec. Jan.15'25 Harmony Creamery,
preferred
134 Sept.25 Holders of rec. Sept.15
Common (guar.)
M'yI'2 Holders of rec. Apr. 15'25 Hayes Wheel,common (guar.) ((Nara_ _
2
750. Sept.15 Holders of rec. Aug. 30a
Common(guar.)
2
AugX25 Holders of rec. July 15'25
Preferred (guar.)
1% Sept.15 Holders of rec. Aug. 30
Amer.Stores Co.(quar.)
25c. Oct. 1 Sept. 21 to Sept.30
Hecht Mining (guar.)
200. Sept. 15 Holders of rec. Aug. 16a
Amer.Sugar Refining, preferred (guar.). 134 Oct. 2 Holders of rec.
Hibbard. Spencer. Bartlett Co.(mthly.) 35e. Sept.26 Holders of rec. Beet.19
Sept. 2
American Tobacco, pref. (guar.)
I% Oct. 1 Holders of rec.
Extra
10
15e. Sept.26 Holders of rec. Sept.19
American Vitrified Products((Mara-- 50o. Oct. 15 Holders of rec. Sept.
Oct. 5a Hudson Motor Car (altar.)
7.5c. Oct. 1 Holders of rec. Sept.20a
Armour & Co. of Ill.. pref. (qua?.)
11( Oct. 1 Holders of rec. Sept.15a Independent Oil&
Gas(attar.)
25e. Sept.30 Holders of roe. Sept 12a
Armour & Co. of Del.. pref. (guar.)._ 1% Oct. I Holders of rec. Sept.
Quarterly
15a
250. Dec. 31 Holders of rec. Dec. 12a
Atlantic Terra Cotta, pref. (guar.)
1
Sept. 15 Sept.. 6 to Sent. 15
Inland Steel, preferred (quar.)
134 Oct. 1 Holders of rec. Sept.15a
Atlas Powder,coin.(quar.)
Si
Sept. 10 Holders of rec. Aug. 30a Internat. Business Machines
Corp.
$2
(qu.)
Oct. 10 Holders of rec. Sept.23a
Co.,
(guar.)
Car
pref.
Sept.15 Holders of roe. Sept. 5a International Cement. com.
2
Auto
(quar.).... $I
Sept.30 Holders of roe. Sept.Dia
Babcocs & Wilcox Co.((Mar.)
194 Oct. 1 Holders Of roe. Sept.20e
(guar.)
Preferred
'1 94 Sept.30 *Holders of rec. Sept.15
Quarterly
ss Jan I'25 Holders of rec. Dee. 204 International Salt (quar.)
134 Oct. 1 *Holders of rec. Sept.15a
Quarterly
1% Aprl'25 Holders of ree.Mar.20'21Sa International Silver, pref.
(guar.)
13( Oct. 1 Holders of rec. Sept. 15a
Balaban & Katz Corp., pref.(guar.)_ _
194 Oct. 1 Holders of rec. Sept.20
Preferred (acc't aecum.(live.)
.94 Oct. 1 Holders of rec. Sept. 15a
Beech-Nut Packing, com.(quar.)
60e. Oct. 10 Holders of rec. Oct. la
Jones & Laughlin Steel Corp.. pf.(qua.
134 Oct. 1 Holders of rec. Sept. lea
Preferred B (guar.)
1% Oct. 15 Holders of rec.
Kennecott Copper Corp. (guar.)
75e. Oct. 1 Holders of rec. Sept. 5
Beiding-Cortieelli, Ltd., preference (au.) 194 Sept.15 Holders of rec. Oct. la
Sept. /a Lake Shore Mines. Ltd.(guar.)
5
Sept.15 Holders of rec.
Sept. 1" Sent. 11 to Sept.15
Berkey & Gay Furniture. Cl. B pf.(qu.) 2
Liggett & Myers Tobacco, pref.(guar.). 15( Oct. 1 Holders of rec. Sept. 1
Bethlehem Steel, 7% preferred (quar.).. 14( Oct. 1 Holders of rec. Sept. Is Loew's. Inc.(quar,)
Sept.15
500.
Sept.30
Holders of rec Sept.130
preferred
cent
Oct.
(guar.)
2
1
Eight per
Holders of rec. Sept. 20 Mathieson Alkali Works, prof. (guar.)._
134 Oct. 1 Holders of rec. Sept.20a
13Iumenthal (S.) & Co. Inc., pref. (qu ) 1% Oct. 1 Holders of rec. Sept.13a
Preferred (account accum. dividends). I ft Oct. 1 Holders of rec.
Sept.20a
B rden ComPanY. Preferred (guar.)-- 134 Sept.15 Holders of rec. Aug. 30a May Department Stores, Pref. (guar.)._
Oct. 1 Holders of rec. Sept. 15a
134 Dec 15 Holders of rec. Dec. la McCrory Stores Corp., pref.(guar.)
°Preferred (qua?.)
_
1 it Nov. 1 Holders of rec. Oct.
Boston Woven Bose & Rub., corn. (qu ) $1.50 Sept.15 Holders of rec. Sept. 2
20a
Mergenthaler Linotype (guar.)
234 Sept.30 Holders of rec. Sept. 3a
(D) Sept.30 Holders of coup. No. 1023 Metro-Goldwyn Pictures
Brit.-Amer.Tobacco ordinary (interim)
Corp.. pt.(qu.)
fi Sept.14 *Holders of rec. Aug. 30
Preference
234 Sept.30 Holders Of COUP. No.42
Montreal Cottons. Ltd., coin. (quar.).. 154 Sept.15 Holders of
rec. Aug. 30
$1
Sept. 15 Holders of rec. Aug. 30
Buckeye Pipe Line (quar.)
Preferred (guar.)
134 Sept.15 Holders of rec.
750. Sept.30 Holders of rec. Sept.15
Burroughs Adding Machine, coin
Mutual 011 (guar.)
12ite Sept.15 Holders of rec. Aug. 30
154 Sept.30 Holders of rec. SePt.15
Preferred (qua?.)
National Biscuit. common (quar.)
750. Oct. 15 Holders of rec. Aug. lea
Sept.80a
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Irwlusine.
Miscellaneous (Concluded).
Sept. 10 Aug. 20 to Aug. 26
3
National Candy,common
3(.4 Sept. 10 Aug. 20 to Aug. 26
First and second preferred
131 Sept.30 Holders of rec. Sept.100
Nat. Enamel. & Stog., Pref. (guar.)Preferred (quar.)
134 Dee. 31 Holders of rec. Dec. lla
Sept.30 Holders of rec. Sept. 120
2
National Lead, corn. (guar.)
191 Sept. 15 Holders of rec. Aug. 220
Preferred (guar.)
131 Oct. 2 Holders of rec. Sept. 8
National Sugar Ref.. corn. (guar.)
214 Oct. 1 Holders of roe. Sept.18a
National Surety (guar.)
Oct. 1 Holders of rec. Sept.15
32
National Tea, common (guar.)
250.
Sept.15 Holders of rec. Aug. 300
National Transit (extra)
Oct. 1 Holders of rec. Sept. 9a
$I
New York Air Brake. Clam A (quar.)_
New York Canners, Inc., corn.(quar.)_ _ 500. Sept. 15 Holders of rec. Sept. 5
50c. Oct. 15 Holders of rec. Sept. 19
New York Transit (guar.)
(1) Oct. 1 Holders of rec. Sept. 5
North American Co., corn. (guar.)
750. Oct. 1 Holders of rec. Sept. 5
(guar.)
Preferred
North American Provision. pref. (qu.)-191 Oct. 1 Holders of rec. Sept. 15a
50e. Sept.30 Aug. 24 to Sept.21
Ohio Oil (mar.)
1234c Oct. 1 Holders of rec. Sept.20a
Orpheum Circuit, corn.(monthly)
1234c Nov. 1 Holders of rec. Oct. 20a
Common (monthly)
Common (monthly)
123.4c Dec. 1 Holders of rec. Nov.20a
Oct. 1 Holders of rec. Sept.15a
2
Preferred (guar.)
Paraffine Co., common
*S1 Sept.27 *Holders of rec. Sept. 17
*134
Sept.27 'Holders of rec. Sept. 17
Preferred (quar.)
134 Sept. 15 Holders of rec. Aug. 3I0
Packard Motor Co., preferred (quar.)
25c. Sept. 25 Holders of rec. Sept. 15a
Pennok 011 (guar.)
14 Feb.I'25
Permanent Mtge. Co., preferred (ex,ra)
Pettibone, MullikenCo.,Ist& 2d of.(gu.) *134 Oct. 1 *Holders of rec. Sept. 22
*50c. Oct. 2 *Holders of rec. Sept. 17
Phillips Petroleum (guar.)
Oct. 1 Holders of rec. Sept. 15a
Pierce-Arrow Mot. Car., pr. pref. (an.). $2
134 Sept. 15 Holders of rec. Aug. 250
Procter & Gamble, 6% pref. (quar.)
€ 134 Oct. 1 Holders of rec. Sept. 15
1
Pure Oil, 53(% pref. (guar.)
6% preferred (guar.)
dill Oct. 1 Holders of rec. Sept. 15
d2
Oct. 1 Holders of rec. Sept. 15
8% preferred (quar.)
Oct. 15 Holders of rec. Oct. la
3
Quaker Oats, common (quar.)
134 Nov 29 Holders of rec. Nov. la
Preferred (guar.)
134 Oct. 1 Sept. 6 to Sept.30
Radio Corp. of America, pref. (guar.)._
Sept 30 Holders of rec. Sept. 170
Railway Steel-Spring,common (guar.)- 2
13.4 Sept.20 Holders of rec. Sept. 0a
Preferred (guar.)
Remington Typewriter, 1st pref. (guar.) 151 Oct. 1 Holders of rec. Sept. 20a
First pref. series S (guar.)
134 Oct. 1 Holders of rec. Sept. 200
4
Sept.20 Holders of rec. Sept. 120
Second preferred (guar.)
154 Oct. 1 Holders of rec. Sept. 15a
Republic Iron & Steel, pref. (quar.)...
1 *Holders of rec. Sept. 15
Oct.
•134
Reynolds Spring, pref. A & 13 (guar.)._ _
50c. Sept.20 Sept. 10 to Sept.21
Bt.Joseph Lead Co.(guar.)
Savage Arms Corp., 1st Pref. (quar.)_-. *IN Oct. 1 *Holders of rec. Sept. 15
•134 Nov. 15 'Holders of rec. Nov. 1
Second preferred (guar.)
Dec. 1 Holders of rec. Nov. 15a
Schulte Retail Stores. common (guar.)... m2
Oct. 1 Holders of rec. Sept.150
2
Preferred (guar.)
Jan 1.2f Holders of rec. Dec. 15a
2
Preferred (quar.)
Sears, Roebuck & Co., pref.(quar.).. •13‘ Oct. 1 *Holders of rec. Sept. 17
134 Sept.30 Holders of rec. Sept.200
Shawmut Mills, common (qua:.)
134 Sept.30 Holders of rec. Sept.200
Preferred (guar.)
25c. Sept.30 Holders of rec. Sept. 8
Shell Union Oil Corp.(guar.)
Sberwin-WilliamsCo.,Canada,com.(qu.) 134 Sept.30 Holders of rec. Sept. 15
Preferred (guar.)
13.4 Sept.30 Holders of rec. Sent. 15
134 Oct. 1 Holders of rec. Sept. 10
South Porto Rico Sugar, corn. (quar.)
Oct. 1 Holders of rec. Sept. 10
2
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 15
2
South West Pa.Pipe Lines (quar.)
Oct. 1 Holders of rec. Sept. 23
Spring (C. G.) & Bumper Co., pf. (qu.) 2
50e. Sept. 15 Holders of rec. Aug. 160
Standard 011(California) (guar.)
623.4c Sept. 15 Aug. 17 to Sept. 15
Standard Oil (Indiana)(guar.)
Sept. 15 Holders of rec. Aug. 25
Stand. Oil of N.J.. corn (par $100)(qu.) 1
25e. Sept. 15 Holders of rec. Aug. 25
Common (par $25) (guar.)
Preferred (guar.)
131 Sept. 15 Holders of rec. Aug. 25
350 Sept. 15 Holders of rec. Aug 220
Standard Oil of New York (guar.)
234 Oct. 1 Holders of rec. Aug. 20
Standard 011 of Ohio (qoat%)
750. Sept.30 Holders of rec. Sept. 30
TexasCompany(quar.)
Texas Gulf Sulphur (guar.)
$1.75 Sept. 15 Holders of rec. Sept. 20
4
Oct. 1 Holders of rec. Sept. 20
Thompson-Starrett Co., pref
Todd Shipyards Corp. (guar.)
$1.50 Sept. 20 Holders of rec. Sept. 2a
5
Tonopah Extension Mining (quay.). _ Holders of rec. Sept. 10
Oct.
Underwood Computing hisch.,pret(qu.) 194 Oct. 1 Holders of rec. Sept.240
Underwood Typewriter.common (guar.) The. Oct. 1 Holders of rec. Sept. 60
134 Oct. 1 Holders of rec. Sept. 60
Preferred (quay.)
$1.25 Oct. 1 Holders of rec. Sept. 150
Union Carbide & Carbon (guar.)
2
Sept.30 Holders of rec. Sept. 150
United Cigar Stores, corn. (tIllarJ
f131 Sept.30 Holders of rec. Sept.154
Common (payable in common stock)
134 Sept. 15 Holders of roe. Sept. la
Preferred (quar.)
United Drug,first preferred (guar.)
- 8734c Nov. 1 Holders of rec. Oct. 15
13.4 Oct. 1 Holders of rec. Sept.150
United Dyewood, pre:. (qua?.
134 Oct. 1 Holders of rec. &MAUI
Preferred (guar.)
131 Jan2'25 Holders of rec. Dec. 15a
Preferred (quar.)
234 Oct. 1 Holders of rec. Sept. 60
United Fruit (guar.)
Quarterly
234 Jan.21/ Holders of rec. Dec. So
United Profit-Sharing, corn. (guar.).--- 15c. Oct. 1 Holders of rec. Sept. 110
Oct. 31 Holders of rec. Sept. 30a
5
Preferred
U S. Cast Iron Pipe & Fdy., pf. (au.).
134 dept. 15 Holders of rec. Sept. 2a
134 Dee. 15 Holders of rec. Dec. la
Preferred (guar.)
$1
Sept.30 Sept. 16 to Sept.30
U.S. Gypsum,coin.(guar.)
Sept.30 Sept. 16 to Sept. 30
$1
Common (extra)
30 Sept. 16 to Sept.30
Sept.
1:4
Preferred (quar.)
Sept.in Holders of rec. Sept. 5
U.S. Realty & Impt.,common (quar.)_. 2
14 Nov. 1 Holders of rec. Sept. 5
Preferred (guar.)
United States Steel Corp.. corn. (quay.). 134 Sept.29 Aug. 29 to Sept. 1
31 Sept.29 Aug. 29 to Sept. 1
Common (extra)
Sept.15 Holders of rec. Aug. 300
2
United States Title Guaranty (guar.)._ _
250. Sept. 15 Sept. 5 to Sept. 14
Utah-Apex Mining (quar.)
50c. Sept.20 Holders of rec. Aug. 30
Vacuum 011 (guar.)
25c. Sept.20 Holders of rec. Aug. 30
Extra
156 Sept. 17 Holders of rec. Sept. 11
Valvoline Oil, com.(guar.)
Vapor Car Heating, inc., pre/.(quar.)_. I% Sept 10 Sept. 2 to Sept. 10
131 Dee. 10 Dee. 2 to Dec. 10
Preferred (guar.)
314c. Oct. I Holders of rec. Sept.20a
Waldorf System,common (guar.)
First preferred and preferred (guar.). _ 20c. Oct. 1 Holders of rec. Sept.20
134 Sept. 15 Holders of rec. Aug. 12
Wamsutta Mills (guar.)
14 Oct. 1 }folders of rec. Sept. 15
Ward Baking Corp.,Preferred (guar.)._ _
50. Sept.20 Sept. 16 to Sept.20
Western Exploration (guar.)
$1 Sept.30 Holders of rec. Sept. 200
White Motor Co. (guar.)
200
. A (qu.) 191 Oct. 11 Holders of rec. Sept 20a
Worthington Pump & Mach., pf.
134 Oct. 1 Holders of rec. Sept.
Preferred B (quar.)
Wrigley (William) Jr. & Co.
250. Oct. 1 Holders of rec. Sept.20a
Monthly
25e. Nov. 1 Holders of rec. net. 20a
Monthly
$1 Sept. 30 Holders of rec. Sept. 150
Youngstown Sheet & Tube, corn.(qu.)_ _
134 Sept. 30 Holders of rec. Sept. 15a
Preferred (guar.)
stock
•From unofficial sources. t The New York Stock Exchange has ruled that
9 The
will not be quoted ex-dividend on this date and not until further notice.
ex
quoted
be
not
will
stock
that
New York Curb Market Association has ruled
dividend on this date and not until further notice.
stock
In
Payable
a Transfer books not closed for this dividend, d Correction. e
IPayable in common stock.
p Payable In scrip. h On account of accumulated
funds.
dividends. m Payable In preferred stock. n Payable in Canadian
at the rate of one-fortieth of a share for each
stock
common
in
either
Payable
holder.
the
of
share held, or cash at the rate of 60 cents a share, at the option
April 1,
Annual dividends for :924,all payable in equal quarterly installments onthe comOn
July 1 and Oct. 1 1924 and Jan. 1 1925 have been declared as follows!
regular
mon stock $3 cash and $310 common stock: on the participating preferred the
0% and extra dividends of 1% In cash and 1% in common stock; on the preferred
flock regular 6%: on the prior preferred stock regular 7%
o Payable in Class A common stock.
in order In
P Dividend Is 10 pence per share (par El). All transfers received
London on or before Sept. 4 will be in time for payment of dividends to transferees.
on
-dividend
ex
quoted
be
shall
New York Curb Market has ruled ordinary stock
Aug. 25.
r Payable In special stock.
s Dividend is one-fortieth of a share of Class A common stock on each share of
Class A and B stock.
w Payable Feb. 28 1925.
[VoL. 119.
THE CHRONICLE
1148
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearipg House members for the week ending Aug. 30. The
figures for the separate banks are the averages of the daily
results. In the ease of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS
(Stated in thousand., of dollars-Ma: is. three ciphers (0001 omitted.)
New
Capital Profits Loans,
Reserot
Time Bate
Week Ending
Net
Discount, Cash
with
De- CircaAug. 30 1924 van, June 30 IncestLegal Demand
On
State. June 30 menu, Vault. Deposi- Deposits. Posits. la(000 omitted.) Tr.Cos June 30
&c.
toga.
Members of Fe d. Res. Bank.
Bank of N Y &
Trust Co._ _ _ 4,000 12,188
Bk of Manhat'n 10,000 13,491
Mech & Met Bk 10,000 15,694
Bank of America 6,500 5,365
Nat City Bank_ 40,000 54,133
Chem Nat Bank 4,500 17,005
Nat Butch & Dr 1,000
285
Amer Each Na
5,000 7,952
Nat Bk of Corn. 25,000 39,523
Pacific Bank__ _ 1,000 1,741
Chat& Phen Na 10,500 9,264
Hanover Nat Bk 5,000 22,878
Corn Exchange_ 10,000 13,155
National Park_ _ 10,000 23,772
East River Nat_ 2,100 1,900
First National_ 10,000 59,964
Irving Bk-ColTr 17,500 11,823
Continental Bk_ 1,000 1,027
Chase National_ 20,000 24,605
Fifth Ave Bank
500 2,568
997
600
Commonwealth
Garfield Nat_ _ 1,000 1,685
Fifth National. 1,200 1,240
SeaboardNat.. 4,000 7,613
Coal & Iron Nat 1,500 1,349
Bankers Trust_ 20,000 25,103
US Mtge & Tr. 3,000 4,352
GuarantyTrust 25,000 18,763
Fldel-InterTrust 2,000 2,021
NY Trust Co_ 10,000 18,317
Metropolitan Tr 2,000 4,075
Farm Loan & Tr 5,000 17,132
Equitable Trust 23,000 10,160,
Average Average Average
$
74,991
798 7,439
149,972 2,356 16,444
170,864 3,348 21,189
81,294 1,727 11,179
638,875 4,352 74,664
123,812 1,221 15,063
64
6,100
605
114,299
961 13,607
370,241 1,486 44,987
30,276
941 3,952
158,581 3,898 16,881
124,498
690 15,127
191,850 5,898 23,375
175,846
879 18,089
27,791
805 3,114
404 30.305
305,301
290,087 2,992 36,591
152
977
6,943
368,208 4,056 56,345
22,498
670 2,706
11,453
336 1,211
15,272
405 2,661
167 2,182
19,560
897 12,637
96,055
305 2,101
18,049
946 38,203
327,469
763 6,183
54,788
460,952 1,357 50,081
20,849
470 2,482
561 20,333
180,203
625 5,67
47,089
130,465
422 13,2
254,258 1,462 30,52
Average
Average dirge.
55,358
119,808
159,401
83,626
*671,547
112,738
4,488
102,167
339,947
28,811
120,621
110,831
166,607
2
535
6:7
305
12
_
9,713
23,693
548
8,858
3,986
956
67,711
348
8,193
494
159
8,174 4,957
14,371
2,933
32,319 6:6W7
300
27-,517
12,289 8,585
500
6,695
19,021 7,453
30,147
376
22,312 1.089
227,555
273,794
5,839
362,391
21,581
8,822
15,174
96,222
98
02
2
99
3
7;0
* 156
48,975
*444,906
18,660
153,865
42,216
*96,000
*292,460
2:554
128
1,407
2,909
1,412
35,022
5,149
49,334
1,774
22,499
3,870
23,887
20,080
397
248
66
408
-
Total of averages 291,900 51,1545,068,795 46,414600,111c4,398,236 468,87232,406
Totals, actual condition Aug.30;5,097,860 44,179589,87 c4,409,170468,806 32,494
Totals, aaual co .dition Aug.235.087,074 44,769697,57 c4,407,530475,173 32,553
Totals, actual condition Aug. 16 5,043,302 42,998609,94 c4,367,633492,784 32.520
State Banks Not Me mbers 'of Fed'I Res've Bank.
387
81 19,820 1,714 1,961
20,166
Greenwich Bank 1,000 2,354
88
2,359 2,043
5,049
71
306
Bowery Bank__
250
30,542 58,730
92,897 3,687 1,95
State Bank_ _ _ 3,500 5,000
5,627
63,067 61,160
Totals, aatial co .ditIon Aug.30 118,199 5,836 4,75
Totals, actual co ndition Aug.23 118,173 5,633 4,38
Totals, actual co ndltion Aug. 16 117,929 5,549 4,527
Trust Compan lea Not Members of Fed 'I Res'y e Bank
Title Guar & Tr 10,000 14,64
31 58,204 1,28014,353
87
901 1,725
Lawyers Tit & T 6,000 6,0
28,091
53,712 61,186
53,239 61,061
53,345 60,887
37,502
17,201
1.623
864
Total of averages 16,00020,7311
--Totals, actual co ndition Aug.30
Totals, aaual co ndition Aug.231
Totals, actufd co nclition Aug. 16
Total of averages
4,750
8,2431 117,766
5,707
86,295
2,1811 6,07:
54,702
2,487
87,195
85,344
84,943
2,1551 6,267
2,124 5,99:
2,074, 6,01
56,071
54,281
53,014
2,576
2,469
2,574
Gr'd aggr., over.312,650480,129 5,272,856 54,302610,816 4,504,005532,519 32,406
Comparison wit h prev.'week __I-14,525 +758+4,692 -7,945-9.180 -40
Gr'd aggr.,
cond'n Aug. 30 5,303,254 62,170600,895 4,518,953 532,568 32,494
+3,903-6,135 -59
Comparison wit h prey. week - -1 +12,663 -356---7,062
Gr'd agar., curl
Gr'd aggr., act'l
Gr'd agar.,cal
Or'd aggr., aa'l
Gr'd aggr., act'l
Gr'd aggr., acrl
cond'n
cond'n
cond'n
cond'n
cond'n
cond'n
Aug. 236.290.591
Aug. 165,246.174
Aug. 95.230,555
Aug. 25,263,262
July 286,201,402
July 195.103.930
62,526607,957
50,611620,487
52,847612,528
48 203621 250
52,482620,914
51.460618.515
4,515,050 538,70332,553
4,473,992 556,24532,520
4,466,574 545,118 33,343
4 498,061 537,49232,907
4,469,927 530,301 32,301
4,385,067 524,45532,297
Note.-U. S. deposits deducted from netdemand deposits in the general totals
above were as follows: Average total Aug. 30, $15,170,000; actual totals Aug. 30.
$15,170,000; Aug. 23, $14,893,000; Aug. 16, $14,894,900; Aug. 9, $14,895.000;
Aug. 2, $14,879,000. Bills payable, rediscounts, acceptances and other liabilities,
average for week Aug. 30, $349,196,000; Aug. 23, $339,375,000; Aug. 16, g338,474,000; Aug.9, $331,245,000; Aug. 2, $335.780,000. Actual totals Aug. 30, VW:
336,000; Aug.23,$351,127,000; Aug. 16, 3339,188,000: Aug.9,8344.269,000: Aug.2,
$343.190,000.
* Includes deposits in foreign branches not included In total footings, as follows:
National City Bank, $123,000,000; Bankers Trust Co., $13,800,000; Guaranty
Trust Co., $77,665,000; Farmers' Loan & Trust Co. $49,000,000; Equitable Trust
Co., $60,276. Balances carried in banks in foreign
'countries as reserve for such
deposits were: National City Bank, $17,980,000: Bankers Trust Co., $980,000:
Guaranty Trust Co., $4,192,000: Farmers'Loan & Trust Co.,$49,000,000; Equitable
Trust Co., $8,102,000. 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
On Vault.
Members Federal
Reserve banks_ _
State banks*
Trust companies-Total
Total
Total
Total
Aug. 30._ _ Aug. 23_ _ - Aug. 16.. _ _ _
Aug. 9_ _ _ _
$
5,707,000
2,181,000
Rose?vs
In
Depositories
Total
Reserve.
a
Reserve
Required
Surplus
Reserve
600,111,000 600,111,000 585,576,840 14,534,160
781,940
4,627,000 10,334,000 9,552,060
53,700
6,078,000 8,259,000 8,205,300
7,888,000610,816,000 618,704,000 603,334,200 15,369,800
7.883,000606,124.000 613,807,000 604,616,500 9,190,500
7,729,000 627,966,000 635,695,000 602,116,500 33,578,500
7,801,0008l0.924,000 618,725,000 601.475.260 17.249.740
•Not members of Federal Reserve Bank.
•This Is the reserve required on the net demand deposits in the ease of State banks
and trust companies, but in the case of members of th" Federal Reserve Bank
Includes also amount In reserve required on net time deposits, which was as follows:
Aug. 30, $14,066,160; Aug. 23, $14,343,660: Aug. 16, $14,553,330; Aug. 9, $14,106,480.
SEPT. 6 1924.]
THE CHRONICLE
Boston Clearing House Weekly Returns.-In
following we furnish a summary of all the items in the the
Boston
Clearing House weekly statement for a series of weeks:
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositories
Members Federal
Reserve banks_ - - State banks*
Trust companies
Total
Reserve
R810011
Required.
$
589,876,000 589,876,000 587,256,280
5,836,000 4,752,000 10,588,000 9,668,160
2,155,000 6,267.000 8,422,000 8,410,650
1149
Surplus
Reserve.
BOSTON CLEARING HOUSE MEMBERS,
2,619,720
919,840
11,350
Total Aug. 30..._ _ 7,991,000 600,895,000 608,886.000 605,335,090 3.550,910
Total Aug. 23...- 7,757,000 607,957.000 615,714,000 604,959,260 10.754,740
Total Aug. 16. -- 7,613,000 620.487,000 628,100,000 600,130,010 27.969,990
Total Aug. 9---- 7,977,000 612,528,000 620.505,000 598,838,500 21.666,500
•Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the ease
State banks
and trust companies, but in the case of members of the Federal of
Reserve Bank
Included also amount of reserve required on net time deposits, which was
as follows:
Aug. 30, 514,064.180; Aug. 23, $14,255,190; Aug. 16, 314,783,520; Aug.
9, $14,452,890.
Sept. 3
1924.
Changes from
previous week.
Aug. 27
1924.
Aug. 20
1924.
Capital
57,400,000 Unchanged
57,400,000 57,400,000
Surplus and profits
80,871,000 Unchanged
80,871,000 80.829,000
Loans,disets & investments_ 894,345,000 Inc.
894.166,000
179,000
898.603,000
Individual deposits,Incl. U.S.629,718,000 Dec. 2,270,000
631,988,000 633,419,000
Due to banks
137,221,000 Inc. 1,964,000 135,257,000 141,402,000
TImedeposits
189,252.000 Inc. 1,076,000 168,176,000 168,319.000
United States deposits
13,461.000 Dec.
110,000 13,571,000 13.588,000
Exchangesfor Clearing House 23,434,000 Inc. 1,025,000
22,409,000 23.131,000
Due from other banks
72,440,000 Dec. 2,566,000 75.008.000 88,416,000
Reserve In Fed. Res. Bank._ 77,033,000 Dec. 269,000
77.302,000 76,180,000
Cash In bank and F.R. Bank. 8,899,000 Dec.
54,000 8,753,000 8,743,000
Reserve excess in bank and
Federal Reserve Bank _ _ 3,121,000 Dec. 242,000
3,383.000 2,369,000
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 a-3 follow
3: return for the week ending Aug. 30, with comparative figures
for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANI
ES 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.)
to be kept with the Federal Reserve Bank. "Cash in vaults"
Differenek from
Aug. 30.
Previous Week. is not a part of legal reserve. For trust companies not memLoans and Investment,
$903,376,2
00
Dec.
37,077,000 bers of the Federal Reserve System the reserve
Gold
required is
3,726,000 Dec.
140,600 10% on demand
Currency and bank notes
deposit and includes "Reserve with legal
19,985,900 Inc.
61,900
Deposits with Federal Reserve Bank of New York.- 80,375,000
Inc. 1,277,200 depositaries" and "Cash in vaults."
Total deposits
957,612,50
0 Dec. 3,714,300
Deposits, eliminating amounts due from reserve depositories and from other banks and trust companies In N.Y. City,exchange and U.S.deposits. 906,170,90
0 Dec. 2,256,700
Reserve on deposits
146,492,300 Inc. 1,432,000
Percentage of reserve, 20.9%.
RESERVE.
State Banks-Trust CompaniesCash In vault
*829,916,800 14.55%
573,852,500 14.96%
Deposits in banks and trust cos_ ...._ 11,430,600 5.56%
41,292,400 6.34%
Total
841,347,400 20.11%
5105,144,900 21.30%
•Includes deposits with the Federal Reserve Bank
of New York, which for the
State banks and trust companies combined on Aug.
30 was $80,375,000.
Banks and Trust Companies in New York
averages of the New York City clearing HouseCity.-The
banks and
trust companies combined with those for the
banks and
trust companies in Greater New York CityState
outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND
TRUST COMPANIES IN
GREATER NEW YORK.
Week EndedMay 3
May 10
May 17
May 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
ityym .an
Loans and
Investments.
Demand
Deposits.
$
5,587,975,500
5,586,219,800
5,599,245,700
5,617.090,300
5,634,135,400
5,655,543.500
5,757,644,700
5,862,468.200
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
6,147,582,200
6,197,834,200
$
4,783.492,000
4,764,209,200
4,774,058,800
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
C Alln
'
I.IC
It VIZI 0020 OM
'
n/sil
*Total Cash
Reserve in
tn Vaults. Depositaries,
8
78,995,200
81.434.100
80.209.800
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
010/Inn
8
645,935,500
640.730,500
648.184,700
644,891,000
649,648,100
672,887.200
724,239,500
725,188,100
719,713,500
714,776,100
700.834.000
736.247,400
750,661.600
748,518,800
744,376,500
761,925,500
727 393 700
0,
00,n.
.“.•.
........
New York City Non-Member Banks and Trust
Cornpanies.-The following are the returns to the Clearing
by clearing non-member institutions and which are House
not included in the "Clearing House Returns" in the
foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF
NEW YORK CLEARING
HOUSE.
(Stated (n thousands of dollars-that is, three ciphers
omitted.)
MOM
Net
Loans,
CLEARING
Capita/. I Profits. DiaSON-MEMBERS.
counts,
Nat. bks. June 30 IncestWeek Ending State bits. J'ne 30 ments,
Aug. 30 1924. Tr. cos. June 30 tte.
Members of
Fed'I Res've Bank
Grace Nat Bank_._
Total
State Banks
Not Members of
Fed'I Res've Bank
Bank of Wash. Ms_
Colonial Bank
Total
Trust Company
Not Member of
Fed'i Res've Ban
Mech.Tr.,Bayonn
Total
$
I
1,000,
1,0001
Reserve
Net
Net
Cash
with Demand Time
in
Legal Deposits. Deposits.
Vault. DeposiWitt.
Average Average Average Average
Average
S
$
$
$
8
9,355
30
570
2,948
4,733
1,718
9,355
30
570
2,948
4,733
$
1,718
200
1,000
437
2,328
6,891
24,100
639
2,592
324
1,457
5,393
21,571
2,020
2,759
1,200
2.765
30,991
3,231
1,781
26,964
4,779
500
446
8,811
318
79
2,632
5,937
500
446
8,811
31:
79
2,632
5,937
Grand aggregate2,700
Comparison with Prey. week
4,9311 49,157
-386
3,579
+38
2,430 a32,544
-89 +300
Ge'd
Gru
Gr'd
r-1...4
4.931
4,931
4,931
4.761
3,541
3,78,
3,655
3.443
2,519
2,594
2,584
2.91
aggr., Aug.23
aggr., Aug. 161
aggr.. Aug. 91
not, Any. 21
2,700
2,701
2,700
2.700
49,543
49,829
49.767
49.459
232,244
833,011
233,170
n32 Aft7
a United States deposits dedUcted, $110,000.
Bills payable. rediscounts, acceptances and other liabilities, 9162.000.
Exoess reserve. 998,700 decrease.
Week ending Aug. 30 1924.
Two Ciphers(00)
omitted.
Membersof
That
F.R.System Companies
Capital
Surplus and profit's
Loans, disets & Invesets_
Exchanges for Clearliouse
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S. deposits (not Incl.) _
Res've with legal deposit's_
Reserve with F. R. Bank_
Cash In vault*
Total reserve and cash held
Reserve required
Excess res.& cash in vault.
$41,666,0
120.732,0
758.590,0
29,190,0
130,671,0
159,202,0
563.355,0
75,960,0
798,517,0
60,789,0
9.803,0
70,592,0
81.402.0
9,190,0
85,000.0
16,228.0
44,089,0
589,0
21,0
921.0
24,805,0
1,278.0
27,004,0
2,993,0
1,178,0
4,171,0
3.830,0
341,0
1924
Total.
$46,666,0
136.960.0
802,679,0
29,779,0
130,692,0
160,123,0
588,160.0
77,238,0
825,521.0
10,705,0
2,993,0
60 789,0
10,981,0
74,763.0
65.232,0
9,531.0
Aug. 23
1924.
Aug. 16
1924.
546,666,0
136,960,0
798,378,0
26,084,0
128,789,0
158,556,0
586,847,0
71,679,0
817,082,0
10,918,0
2,902,0
61,809,0
10,806,0
75.517,0
64,960,0
10,557.0
$46,666,0
136,960,0
796,949,0
31,020.0
137.219.0
160,185,0
594.640,0
72,151,0
826.976.0
10,921,0
3,288,0
59,757,0
10,925,0
73,970,0
64,777,0
9.193.0
• Cash in vault not counted as reserve for Federal Reserve members.
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. 3 1924 in
comparison with the previous week and the corresponding
date last year:
Sept. 3 1924. Aug. 27 1924. Sept. 5 1923.
11480141r4tGold with Federal Reserve agent
569,936,000 619,956,000 635,872,000
Gold redemp.fund with U. S. Treasury.
5.413,000
6,718,000
9,640,000
Gold held exclusively aged. F.13• notes. 575,349,000
Gold settlement fund with F.R. Board._ 158,954,000
Gold and gold certificates held by bank._ 185,475,000
Total gold reserves
897,778,000
Reserves other than gold
14,417,000
Total reserves
Non-reserve cash
Bills discountedSecured by U.B. Govt. obligations
Other bills discounted
Total Mills discounted
Bills boughtin open market
U. 13 Government securitiesBonds
Treasury notes
Certificates of indebtedness
Total U.S. Government securities__
Total earning assets
Uncollected items
Bank premiums
All other resources
628,674,000 645,512,000
137.296.000 122.197,000
187,149,000 165.975,000
951.119,000
17,158.000
933,684,000
17,346,000
912,195,000
10,495,000
968,277,000
12,614,000
951,030,000
6,988,000
59,925,000
14,865,000
19,973,000
13.761,000
152,620,000
57,168,000
74,790,000
43,609,000
33,734,000
33.472,000
209,788,000
41,271,000
4,902.000
133,092,000
39,045,000
4,902,000
133.092,000
39,045,000
1,149,000
15,732,000
1.500,000
177,039.000
177,039,000
18,381,000
295,438,000
135,178.000
16,426,000
13,520,000
244.245,000
110,117,000
16.419,000
13,368,000
269,440,0011
131,303,000
13,012,010
1,081,000
Totalresources
.1,383,252,000 1,385,040,000 1,372,854,000
LiabilitiesFed. Res. notes In actual cl rculation _ 312,053,00
Deposits-Member bank, reserve acc't... 845,897,0000 311,733,000 486,764,000
836.751,000 674,965,000
Government
4,599.000
8,247,000
4,991,000
Other deposits
20,781.000
23,507,000
12.251,000
Total deposits
871,277,000 868,505,000 692,207,000
Deferred availability Items
108,277,000
93,098.000 100.767,000
Capital paid In
30,192,000
30,189,000
29,342,000
Surplus
59,929,000
59,929,000
59,800,000
All other IlabIllUes
1,524,000
1,588,000
3,974,000
Totalllabilities
1 383.252,000 1,365.040,000 1,372,854,000
Ratio of total reserves to deposit and
Fed. Res. note liabilities combined_ _ _
77.1%
82.0%
80,7%
Contingent liability on bills purchased
for foreign correspondents
6,334,000
8,083.000
11,143,000
CURRENT
NOTICES.
McWilliam, Wainwright & Co.,is the name of a new
Stock Exchange firm
15,449 Just formed, with offices at 49 Wall Street. The members
are: Culver B.
+230 McWilliam, S. Wainwright, Jr.
and Don. A. Baxter. Mr. McWillia
m
15,213 for the past six years has been a member of the firm of F. S. Smithers & Co.,
15,247 being a board member. and prior to that time was a partner of
Gilbert
15,216 Elliot for several years. Mr. Baxter. for many
years
In 1172. with the
oil trade, in which enterprise he has been has been identified
also has been associated with the brokerage business most successful, and
throughout the MidContinent and on the West Coast of the United States.
Mr. Wainwright
since 1919 has been affiliated with F. S. Smithers &
having practised law and served with the American Co., prior to that time
Forces in Europe.
(VOL. 119.
THE CHRONICLE
1150
Weekly Return of the Federal Reserve Board.
Thursday afternoon, Sept.4, and showing the condition
The following is the return issued by the Federal Reserve Board
In the first table we present the results for the system
y.
Wednesda
on
business
the
of
close
at
of the twelve Reserve Banks
and with those of the corresponding week last year.
weeks
preceding
seven
the
for
the
figures
as a whole in comparison with
the twelve banks. The Federal Reserve Agents'
of
each
for
separately
liabilities
The second table shows the resources and
in
ns
Reserve notes between the Comptroller and •
Federal
transactio
regarding
Accounts (third table following) gives details
comment upon the returnsfor the latest
Board's
The
Reserve
banks.
Reserve
Federal
Reserve Agents and between the latter and
s.'
Discussion
and
"Current
Events
of
department
our
item
in
week appears on page 1122, being the first
BUSINESS SEPT, 3 1924.
THE FEDERAL RESERVE BANKS AT THE CLOSE OP
COMBINED RESOURCES AND LIABILITIES OF
30 1924. July 23 1924. July 16 1924. Sept. 5 1923..
Sept. 3 1924. Aug. 27 1924. Aug.20 1924. Aug. 13 1924. Aug. 6 1924..July
8
RESOURCES.
2.100326 000 2311.173.000 2,060,700,000
2,109,186,000 2,059.620,000 2.075,614.000 2,080.982.000 2,079.415.000 2.080,047.000
50,688,000 •
37.657.000
38,684.000
Gold with Federal Reserve agents
43.732.000
32.157,000
35,799.000
:39,947,000
43.314.000
29,937,000
Gold redemption fund with U. S. Treas.
2,111,388,000
2348.830.000
2,115.561.000 2313,139.000 2.115.214.000 2,123,779,000 2.137.110,000
Gold held exclusively agst. F. it. notes 2.049,123,000 2,102.934.000 604.190.000 612,076.000 589,472.000 590.814.000 584,488.000 574.339.000 645,876,000
Gold settlement fund with F. R. Board.. 656,187,000 608.095,000 406.897,000 419,210.000 421.054,000 440.312.000 445.929.000 437.381,000 344,746,000
404,238.000
375,705,000
hanks..
try
held
certificates
Gold and gold
3,125.740.000 3.154.905.000 3.187.527.000 3380.550.000 3,102,010,000
3,081,015,000 3,115,267.000 3,126.648.000 3.144.425.000
76,324,000
Total gold reserves
89.012.000 103.309,000 105.093.000 106,015.000 105,864.000
86.300.000
87,116.000
78,748,000
Reserves other than gold
3,178,334,000
3.268,414.000
3.273,542,000
3.259,998,000
3,229.049.000
3,159,763,000 3.202,383.000 3.212.948,000 3.233,437.000
65,782,000
57.312,000
Total reserves
55.456.000
49.947.000
43.556.0071
47.746.000
45,854,000
44369.000
37.993,000
Non-reserve cash
399,118,000
97.235.000
85,271,000
Bills discounted:
92,052.000
78.796.000
81.988.003
70,570.000
77,938.000
118,073,000
Secured by U. S. Govt. obligations._
184.211,000 194,842.000 201,843.000 205.561,000 208.008.000 450,976,000
183,876,000 184,622,000 188.714.000
Other bills discounted
266,199.000 273.638,000 293,895.000 290.832,000 305,243.000 850,094,000,
301,949,000 262,560.000 259,284.000
37,428.000 174,563,000
Total bills discounted
31.530,000
24.441.000
22.007.3500
18.028.000
25.724,000
49.289,000
69,583,000
Bills bought In open market
20,904,000
20,752,00C
20,303.000
U. S. Government securities:
30.378.000
30318,000
29,634,000
31.666.000
32.391.000
32,883,000
75,416,000
Bonds
398,4117.000 394,419,000 369.655.000 353,531.000 344.857.000
391,532,000 391,489.000 391.569,000 111,740.000 111,464.000 105.248.000 103.377,000 100.965.000
2,452,000
Treasury notes
117,730,000 117,746.000 117.875.000
Certificates of indebtedness
98,772,000
466.574,000
477,211,000
505.281,000
535,517,000
540.325.000
20,000
542,145,000 541,626.000 541.110,000
1.2573.000
1,250,000
1.250.000
Total U. S. Govt. securities
1,250.000
1.250.000
1.750,000
1,750.000
1,750,000
All other earning assets
1,1123,449,000
810,495,000
800,823.000
824.887.000
832,502,000
825.802.000
28,000
915,427,000 855,225.000 827.888,000
Total earning assets
594,984,000
5% redemp. fund agst. F.R. bank notes
572.931,000 586,953.000 514,880,000 518,145,000 560,813.000 655,-090,000
511,052,000
54,269,000
590,970.000
57,932.000
58,371.000
58.573,000
items
Uncollected
58,668.000
58.771,000
59,290,000
59,292.000
13,339,000
59,323,000
27.023.000
27.661,000
Bank premises
28.778.000
31.308.000
30.070,000
31,517,000
31.932,000
32,322,000
All other resources
5,030,185,000
4.784,827,000 4,712,915.000 4.740,308.000 4.776.466.000 4.874.275,000
4,795,798,000 4.704,353,000 4,750,408.000
Total resources
LIABILITIES.
1.752.025.000 1.758,014,000 1.781,569,000 1,782.626,000 1,812,712.000 2,257,278,000
1.738.057.000
1.740.709,000
509,000
1,760,757,000
F. R. notes in actual circulation t
F. R. bank notes in circulation-ne
,
1,843,065,000
2,085.203.000
Deposits2.105,484,000 2,092,696,000 2,087,395.000 2.074,636.000
2,101,923,000 2,082,481,000 2,095,368.000
38,534,000
34,514.000
40,118,000
Member banks-reserve account
45,385.000
24,995.000
35,07.5,000
33,023,000 , 28,287,000
35,150.000
20,776,000
24,288,000
30,097.000
Government
32.015.000
35,023,000
31.885.000
34,860,0001 33.993,000
32,150,000
Other deposits
2,157,648.000 2,185,502,000 2,159,656,000 2,164.795,000 2,144,851,000 2,144.005,000 1,902,375,000
2,150,364.000
2,169,223,000
Total deposits
469.415.000 504.600,000 573.337.000 522,057,000
522.516.000
520,925,000 468,103,000, 509.847.000 111.867,000 452,831,000
Deferred availability items
111.493.000 111,487,000 111.409.000 111.405,000 109,718,000
112.009,000
112,003,000 112,014.000 220.915,000
Capital paid in
220.915,000
220,915,000 220,915,000 220,915,000 220,915,000 218,369,000
220,915,000 220.915,0001 11.932.000
19,879,000
11.901,000
12,065 000
Surplus
12.127.000
12,002,000
12,006,000
12,248,0003
11,975,000
All other liabilities
5,030,185,000
4,874.275,000
4.784.827.000 4,712,915,000 4.740.308.000 4.778.466.000
4,795,698,000 4,704.353,000 4,750,408,000
Total liabilities
74.5%
79.9%
80.6%
80.2%
Ratio of gold reserves to deposit and
80.4%
79.8%
80.1%
80.1%
78.3%
combined
F. R. note liabilities
76.4%
82.6%
83.3%
Ratio of total reserves to deposit and
83.0%
82.5%
82.5%
82.5%
82.3%
80.4%
•
F. It. note liabilities combined
34,304,000
38.358,000
38,334.000
Contingent liability on bills purchased
38,054,000
31,177,000
34.816.000
30,262.000
28.280.000
25,027,000
for foreign correspondents
Distribtaion by Maturities-.
1-15 days bills bought in open market..
1-15 days bills discounted
1-15 days U. S. emit. of indebtedness_
1-15 days municipal warrants
16-30 days bills bought in open market....
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness.
16-30 days municipal warrants
31-60 days bills bought in open market..
31-60 days bills discounted
31-60 days U. S. certif. of indebtedness.
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 00 days certif. of indebtedness___.
Over90 days municipal warrants
Federal Reserve NotesOutstanding
Held by banks
s .
23,617,000
164,526,000
10,908.000
122.499.000
10,873,000
112,209,000
7,523,000
119,415,000
9.500,000
118,629,000
10,243.000
135.605.000
14,075,000
127,698,000
15.677.000
139,731.000
60.115,000572,012,000
1,827,000
8,381,000
36,331.000
9,006,000
28.218.000
5.025,000
30,229.000
4,647,000
28,688,000
5.828,000
28,718,000
5.657,000
27.653.000
6,075,000
30,065,000
8.749.000
34,534.000
33,815,000
74,317,000
10,290,000
51,051,000
8,261,000
58,153.000
3,692,000
59,497,000
2,730,000
54.795,000
3,355,000
56,950.000
4,099,000
50.017,000
6,890.000
51.432,000
8.149.000
49.766.000
48,277,000
117,292,000
19,074,000
38,486,000
1,001,000
12.794,000
36.348.000
3,142.000
38,073,000
1,678,000
40,345,000
2,040.000
44,039,000
2,287,000
48.649,000
1,001.000
2.229,000
47.726,000
2.331,000
43,178,000
28,501,000
68,487,000•
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
111,484,000
2.155.000
31,971.000
104.247.000
2.261.000
33,911.000
103.377,000
2.522,000
38,034.000
100,965.000
3,855,000
17,986,000
625,000
20,000
2,234,260,000 2,232.202,000
473,503,000 491,493.000
2,236,305.000 2.249,231,000 2,249,160,000 2,273.563,000 2,290,760,000 2.318.510.000 1,701,577,000
498,248,000 497,206,000 493,146,000 511.994.000 508,134.000 505.798,000 444,299,000
1,738,057,000 1.752,025,000 1,756.014,000 1,761,569,000 1,782,626,000 1.812.712 000 2,257,278,000
1,760,757,000 1,740,709,000
3,168,360,000 3,177,644,000 3,195.113.000 3,219.531,000 3,238.865,000 3,240,031,000 3,563,431,000
Amount chargeable to Fed Res. Agent 3,143,862,000 3,160.847,000
932,055,000 928,413,000 945,953.000 945.968,000 948.105.000 928,421,000 861,854,000
909,602,000 928,645,000
In hands of Federal Reserve Agent
2,249.231,000 2,249,160,000 2,273.563.000 2,290,760,000 2,318,510,000 2,701,577,000
2,234,260,000 2.232,202.000 2.236,305,000
Issued to Federal Reserve Banks
Secured
334,704,000 335.704,000 334.779.000 336,679,000 334,679,000 320,924,000
How
331,501,000 331,504,000 331,504,000
168,249,000 169,745.000 193,516,000 190.704,000 207,337,000 640,877,000
By gold and gold certificates
215,074,000 172.582,000 160,691,000 117,676,000 112,602.000 107,927,000 115,993,000 113,690,000 119,710,000
By eligible paper
113,621.000
105,088,000 107,736.000 1,630,489.000
1,628,602,000 1,631,109,000 1,637.341.000 1,647.754,000 1,662.804.000 1,620,066,000
Gold redemption fund
1.620,380,000
1,582,594,000
With Federal Reserve Board
2,249,231.000 2,249,160,000 2,273,583,000 2,290.760,000 2.318,510,000 2,701,577,000
12,234,260,000 2,232,202,000 2.236,305,000
Total.
276,937.000 284,985,000 305.131.000 313.721.000 331.289,000 980,947,000
277.493,000
000
Eligible paper delivered to F. R. Agent- I 356 952 000 302 433
notes.
Victory
Includes
•
AT CLOSE OF BUSINESS SEPT. 3 1924
S OF EACH OF THE 12 FEDERAL RESERVE BANKS
WEEKLY STATEMENT OF RESOURCES AND LIABILITIE
In actual circulation
.1 Chicago. St. Louis. Minneap Kan. City
Two ciphers (00) milted.
Boston. New York. Phila. Cleveland. Richmond Atlanta
Federal Reserve Bank of$
8
$
$
$
I
5
$
$
$
$
RESOURCES.
214,901,0 48,106,0 122,972,0230,406,0 56,610,0 53,800,0 61.604,0
1.017,0 2,087,0
Gold with Federal Reserve Agents 207,325,0 569,936,0 184,633,0
2,985,0
1,835,0
1,756.0,
3,291,0
2,380,0
2,196,0
5,413,0
Gold red'n fund with U.S. Treas. 3,889,0
I
217,281.0 51,397.0 124,728,0 238,241,0 59,595,0 54,817,0 63,691,0
Gold held excl. agst.F.R.notes 211,214,0 575,349,0 186,829,0 84,182,0 39,849,0 18,789,0145,113,0 29,158,0 9,712,0 30,910,0
Gold settle't fund with F.R.B'rd 58,565,0 156,954,0 40,139,0 17,875,0 11,945.0 7,568,0 63,799.0 9.119,0 8.573,0 4,882,0
Gold Av gold ctfs. held by banks._ 19,156,0 165.475,0 26,809,0
447,153,0 97,872,0 73,102,0 99,463,0
238,935,0 897,778,0 253,777,0 319,338.0 103,191,0 151,085,0
Total gold reserves
1,629,0 2,564,0
14,417,0 3,122,0 4,876,0 3,080,0 9,024,0 9,547,0 12,910.0
7,272,0
Reserves other than gold
324,214,0 106,271,0 160,289.0466.700,0 110,782,0 74,731,0 102,027,0
256,899,0
296,207,0
912,195,0
reserves
Total
664,0 2,384.0
10,495.0 1,408,0 2,317,0 1,826,0 3,720,0 5,364,0 2,931,0
2,548,0
Non-reserve cash
Bills discounted:
691,0
373.0
8,147,0 2,637.0 8.482,0 3,877,0
10,862,0
12,888.0
5,114,0
59,925,0
obligations
Sec. by U. S. Govt.
10,248.0
14,865,0 7,309,0 5,875,0 28,540,0 26,701,0 22,007,0 16,200,0 13,190.0
6,812,0
Other bills discounted
10,939,0
74,790,0 20,197,0 16,737,0 34.693,0 29,338,0 30.489,0 20,077,0 13,563.0
11.926,0
Total bills discounted
534.0
273.0
649,0
1,349.0 5,613.0
43,609,0 1.612,0 3,024,0
7,973,0
Bills bought in open market
1,805,0
U. S. Government securities:
7,761.0
600.0
7,029,0
743,0
1,191,0
4,115,0
749,0
4.902,0
1,039,0
Bonds
53,548,0 11,634,0 14,930,0 23.576,0
27,907.0 133,092.0 25,355,0 39.322,0 2,939,0 1,147.0
Treasury notes
356,0 15,971,0 2,640,0 4,266,0 6,749,0
995,0
39,045,0 5,033,0 12,779,0
Certificates of Indebtedness_ 9,305,0
neon on Ion n
l n vmor non n .21 lo.n itil 01A n x 19c n 0 °AA nl ok CAA n IA 0,A n on
Total U.S. Govt. securities_ _
Dallas. I Ban Fran.I
Total.
$
1
I
$
S
29.888,0 233.005.0 2,019,186,0
1,743,01 1,345,0 1 29,937,0
31,831,01234,350,0'2,049,123,0
10,009.0 32,807.0 658387,0
6,697,0 33.827.0J375.706.()
,
48,337,0 300,984,0 3,081.015.0
7,061,0 3,066,01 78,748,0
55,398,0 304,050,013,159,763,0
37,993,0
1,372,0 2,598,0
3,008,0 2,069,0
19,267,0 14,856,0
118,073,0
183,876,0
22.275,0 16,925,0
1,753,0 3,194,0
301,949,0
69,583,0
1.834,0 1,115,0
18,990,0 40,094,0
5,686,0 14,905,0
on elfin Ca 1ln n
32,883,0
391,532,0
117,730,0
K4901456
SEPT. 6 1924.]
THE CHRONTCLE
RESOURCES (Concluded)-Two ciphers (00) omitted.
Boston. New York.
$
$
Phila.
1151
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan,Cur Dallas. San Fran.
$
1,750,0
$
5
$
$
$
$
5
5
Total.
8
1,750,0
295,438,0 54,696.0 75,977,0 39,818,0 32,933,0 111,648,0 35,600.0 40,793,0
135,178,0 54,058,0 53,138,0 47,088,0 26,374,0 78.846,0 31,422,0 12,584,0 43,603,0 50,538,0 76,233,0 915,427,0
16,426,0 1,110,0 9,130,0 2,528,0 2,875,0 8,264,0 2,270,0 2,946,0 39,022,0 25,697,0 36,948,0 590,970,0
4,595,0 1,912,0 2,955,0
59,323,0
13,520,0
365.0
351,0
209,0 1,924,0
585,0
144,0 5,320,0 1,274,0 3,687,0 4,770,0
32,322,0
Total resources
412,005,0 1,383,252,0 368,536,0 465,127,0 197,740,0 228,121,0 661,407,0 183,149,0
137,038,0 192,905,0 138,964,0 427,554,0 4,795,798,0
LIABILITIES.
F. 11. notes In actual circulation_ 202,902,0 312,052,0 164,913,0 208.900,0 71,143,0 133,632,0 225,725,0 57,404,0
64.232,0 64,679,0 46,647,0 208,528,0 1,760,757,0
Deposits:
Member bank-reserve acct._ 136,320,0 845,897,0 120,258,0 166,505,0 62,881,0 57,476,0 313,700,0 75,321,0
45,953,0 75,309,0 49,591,0 152,707,0 2,101,923,0
Government
620,0
4,599,0 3,187.0 1,904,0 2,694,0 2,664,0 9,468,0 2,361,0
1,205,0 1,940,0 1,961,0 2,547,0
35,150,0
Other deposits
148,0
20,781,0
857,0 1,282,0
236,0
107,0
988,0
738,0
302,0 1,376,0
318,0 5,017,0
32,150.0
Total deposits
137,083,0 871,277,0 124,302,0 169,691,0 65,811,0 60,427,0 324,156,0 78,420,0
Deferred availability Items
47,393,0 108,277,0 48,611,0 49,257,0 42,343,0 19,293,0 64,613,0 31,677,0 47.465,0 73,625,0 51,870,0 160,271,0 2,169,223,0
13,121,0
Capital paid in
8,006,0
30,192,0 10,392,0 12,705,0 5,877.0 4,591.0 15,189,0 5.118,0 3,373,0 35,130,0 26,917,0 34,293,0 520,925,0
4,366,0 4,148,0 8,046,0 112,003,0
Surplus
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 15,301,0 220,915,0
liabilities
All other
226,0
1,525,0
391,0
883,0
894,0 1,408,0 1,298,0
458,0 1,363,0
609,0 1,805,0 1,115,0
11,975,0
Total liabilities
412,005,0 1,383,252,0 368,526,0 465.127,0 197,740,0 228,121,0 661,407,0 133,149,0
137,038,0 192,905,0 138,964,0 427,554,0 4,795,798.0
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities combined, per cent
87.1
77.1
88.8
35.6
77.6
82.7
81.6
83.1
66.9
71.2
56.2
Contingent liability on bills pur82.4
80.4
chased for foreign correspondla
6.334.0 2.681.0 3.233.0 1 575 n
1 216 0 4.118.0 1.354.0
995.0 L27I.0 1.07d1O 2 lnn 0
25 Q'27 fl
All other earning assets
Total earning assets
Uncollected items
Bank premises
All other resources
$
58,150,0
50,615,0
4,312,0
173,0
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE
OF BUSINESS SEPT. 3 1924.
Federal Reserve Agent at-
Boston. New York, Phila.
&sources-(In Thousands of Dollars)
5
Federal Reserve notes on hann
73,350
Federal Reserve notes outstanding
218,662
Collateral seculty for Federa, Iterve notes outstanding
Gold and gold certificates
35,300
Gold redemption fund
9,025
Gold Fund-Federal Reserve Board
163,000
Eligible paper)Amount required
11,337
lExcess amount held
8,562
Cleve. ilitchned Atlanta Chicago.
$ 1 1 1$
235,1201 52,200 48,020
To'al
Federal Reserve notes In actual circulation
Minn. /C. City. Dallas. San Fr.
Total,
$
8
$
227,940 26,100 21,657 31,693 18,937 69,600 909,602
243,797 66,270 67,174 70,467 51,839 243,510 2,234,260
238,531
,
3,500
.
.
12,944 11,121 2,811 4,472
301,000 163,889 195,000 45,295 115,000
48,139 16,6471 10,193 31,489 25,525
62,8551 1,720 8,356 3,080 5,141
9,985 13,052
14,556
331,504
5,761 3,625 1,248 4,244 3,832 15,600 105.088
230,645 43,000 39,500 57,360 11,500 217,405 1,582,594
7,391 9.660
8,863 21.951 10,505 215,074
28,604 11,055
125 2,403 2,026 7,951 141,878
Total
519,236 1,534,1251456,480506,564197,460 371,930
LiabilitiesNet amount of Federal Reserve notes received from
1
Comptroller of the Currency
292,012 853,1951253,480 273,114 1 114,785 218,292
Collateral received fromfGold
207,325 569,936 184,633 214,9011 48,106 122,972
Federal Recerve Bank(Eligible paper
19,899 110,994 18,3671 18,549, 34,569 30,666
Federal Reserve notes outstanding
Fede:al Reserve notes held by banks
St. L.
$
35,190 69,795
618,075 201,280 225,094 79,595 148,497
744,138169,695156,130 175,030 124,641 564,571 5,520,000
471,737 92,370 88.831 102.160 70,776 313,110 3,143,862
236,406 56.6101 83,800 61,604 29,888 233,9052.019,186
35,995 20,715, 13,499 11,266 23,977 18,456; 356,952
519,236 1.534,125!456,480506,564'197,460 971,930
744,138 169,695 156,130 175,030 124,641 564.5715.520,000
218,662
15,7130
618,075 201,280 225,0941 79,595 148,497
306,0231 36,3671 16,1941 8,452 14,865
243,797 66.270 67,174 70,467, 51,839 243,510 2.234.260
18,072 8,866: 2,942 5,7881 5,192 34,9821 473,503
202,902
312,052 164.913 208,900 71,143 133.632
225,725 57,404 64,232 64,679 46,647 208,528 1,760,757
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board,
giving the principal items of the resources,
the liabilities of the 747 member banks from which weekly returns are obtained. These figures
those for the Reserve banks themselves. Definitions of the different items in the statement are always a week behind
were given in the statement
of Oct. 18 1917, published in the "ChroniPle" of Dec. 29 1917, page 2639. The comment of the Reserve
Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page
1122.
1. Data for all reporting member banks In each Federal Reserve District at close of business
Aug. 27 1924. Three ciphers (000) omitted.
Federal Reserve District.
Boston
New York
Phila. 'Cleveland Richm'd
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
S
$
8,430, 79,846
253.049 1,944,504
626,666 2,549,300
55
$
:1,638
279,907
369,156
Total loans and dIscounts____
U. B. pre-war bonds
U. S. Liberty bonds
U. B. Treasury bonds
U. S. Treasury notes
U. S. Certificates of Indebtedness_
Other bonds, stocks and securities_
888,145 4,573,650
15,023
51,505
84,945 653,041
5,875
18,924
11,376 337,912
6.366
201,952 1,031,649
Total loans &
& Investmls 1,213,682 6,709,207
Reserve balance with F. It. Bank.
90,016 761,280
Cash in vault
18,860
75.227
Net demand deposits
849,527 5,565,117
Time deposits
325,322 1,026,661
Government deposits
14,255
19,501
Bills Payable and rediscounts with
Federal Reserve Bank:
Secured by U. B. Govt. obliga'ne
425
8,683
All other
867
10,224
78
75
18,607
420,211
707,119
Atlanta
Chicago
St. Louts Mnpls. Kan. City
Dallas
San Fran.
Total.
104
34
25
72
51
6,452
124,645
333,141
32,455
7.805
61,756 677.971
341,790 1,203,550
8,680
146,287
321,727
2,717
46,739
176,941
4,802
81,117
316,719
$
3,102
59,382
204,657
658,701 1,145,937
10.692
47.146
49,837 192,541
2.892
1,909
25,703
55,476
9,970
5,972
237,2871 333,180
464,238
27,837
27,824
1,023
5,086
2,203
56,926
411,351 1,913,976
23,370
14.768
8,638 145,036
11,078
629
3.414 120,648
1,284
13,889
42,689j 372,441
476,694
14,808
23,197
2,574
10,699
1,128
90,933
226,397
8,475
20,047
230
19.710
7,513
26,430
402,638
11,629
39,134
2,358
19,018
2,472
59,905
267.141 1,005,010 12,433,878
18,434
26,912
270,599
12,456 111,428 1,373,124
1,143
10,923
65,558
9.308
34,063
652,413
2,725
12.682
98,730
14,6091 162,487 2,630,488
990,082 1.782,161
77,568, 113,305
15,348: 28,770
723,605! 975,954
149,7061 698,135
12,1801
13,145
585,137
36,720
12,719
333,039
179,382
4,461
482,773 2,600,438
34,299 237,147
54,287
10,676
286.107 1,737,203
187,050 843,559
5,192
12,515
620,033
42,670
6.882
356,848
203,918
2,206
308,802
22,066
6,470
194,726
89.907
2,203
537,154
46,013
325,816'1,369,505 17,524,790
30,340' 100,217 1,591,641
273,862
213,660 760,183 12,419,092
90,888 625,024 4,555,078
2,720
6,169
95,574
2,422
1,149
350
794
449
2,1241
2,342
1,446
833
2,375
6,559
36
1,782
5,329
423,073
135,526
1,027
144
787
1,142
6,596
66
747
9,615
192,149
195,914 4,291,482
799,481 7,950,247
280
1,723
21,173
37.652
2. Data of reporting member banks in Federal
Reserve Bank and branch cities and all other reporting banks.
New York City,
City of Chicago. All F. R. Bank Cities. F. R. Branch
Cittes.10ther Selected Cities.
Total.
'Aug.27. I Aug.20. Aug.27.1 Aug. 20. Aug. 27.
I Aug. 20. Aug. 27.1 Aug.20.1 Aug.27.1Aug.20. Aug.27'24,Aug.20'24
Aug.29'23
Number of reporting banks
67
67
481
48
2551
255
196
Loans and discounts. gross:
196
296
296
747
$
1
$
747
3
769
5
5
Secured by U. S. Govt. obligations
5
5
5
73,280
$
Ocon
73,762
2.5,210
,
133,6021 134,4601
Secured by stocks and bonds_ ___I1,753,159 1,792,118
30,265
30,846
28,282! 28,338
192,149
193,644
230,001
502,364
517,1891
All other loans and discounts____,2,242,612 2,247.960 723,834 717,747 3,153,281 3,171,708 615,135 614,055 523,0661 529,983 4,291,482 4.315,746 3,641,374
5,018,7211 5,013,436 1,588,3621,582,860 1,343,163,1,345,550 7.950,247
7,941,846 7,836,176
Total loans and discounts
4,069,0514,113,840 1,266,283 1,245.328
8,305,6041 8.319,604 2,333.763 2,227,761 1,894,51111,903,871 12,433.878
O. S. pre-war bonds
40,945' 40,689
12.451,236 11,707,551
4.133
4,1251
93,903
bonds
Liberty
93,653
74,197
73,566 102,499 101,661
U. S.
569,577! 563,968
72,130
74,983
852,432
841,684 332,186 332,399 188,506 184,665 1,373,124 1,358,748
11,790
U S. Treasury bonds
11,709
3,6101
1,064,090
3,520
31,343
30.821
17.134
17,066
U. S. Treasury notes
17,081
16,817
318.480 315,341
65,558
89,628
64,704
89,792
88,515
490,987
486,374
112,858
112.802
48,568
48,511
36,570
U. B. Certificates of Indebtedness38,750
652,413
647,687
5,768
881,155
5,757
71,622
18.992 619,670
.
Other bonds, stocks and securities. 797,995 792,640 176,380 178,846
8,116
8,740
98,730
102,456
83,362
1,503,770 1.500,6471 650,28
647,552 476,429 476.700 2,630,488 2,624,899 2,143,933
Totalloans & disets & Invesrts_ 5,844,408 5,876,937 1,617,924
1,601,082
Reserve balance with F. R. Bauk
708.202 687,282 169,4211 169,183 11,349,661 11,346,8293,439,419 3,430,816 2.735,7102,740,965 17,524,79017,518,61016,244,339
1,170,469 1,164,384 254,134 261,325 167,038 169,968
61,289
Cash In vault
1,591,641 1,595,677 1,365,588
62,194
27,7161 27,155
135,756
134,980
60,689
58,375
77,417
5,050,559 5,057,5121.204,327 1,184,924
77,422
Net demand deposits
273,862
270,777
282,805
8,759,822,
8,767,972 1,999,689 1,996,005 1,659,581 1,654,636 12,419,092 12.418,613
deposits
709,477 721,450 394,099 394,503
Time
2,254,770,
2,257,940 1,334,110 1,332,758 966,198 960,743 4,555,078 4,551,441 10,880,405
Government deposits
16,546
16,546
6,324
6,324
4.005.773
63,400
63,589
23,332
23,332
and
rediscounts
payable
with
8,842
8,683
Bills
95,574
95,604
121,642
F. It. Bank:
2,850
Secured by U.S. Govt. obligations
2,025
395
175
5,612
8,524
4,617
8,205
7,356
6,628
6,130
5,223
21,173
All other
19,769
1.500
269,918
14,458
15,101
6,302
8,451
16,892
17,219
37,652
Ratio of bills payable & rediscounts
40,771
251.335
with F. R. Bank to total loans
0.2
0.1
0.02
and investments. per cent
0.1
0.2
0.2
0.5
0.4
0.9
0.9
0.3
0.3
3'2
• Revised figures.
Three ciphers (000) omitted.
[VOL. 119.
THE CHRONICLE
1152
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY;WEEKLY AND YEARLY.
anti
Varthus'
Wall Street, Friday Night, Sept, 5 1924.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 1140
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list:
ramaianr0 'gL6184"g8L
o
on0§al
11188
oo
5-8618-6
0000
0
00 00
88g888
0000_0 §
0 0 828185
000 000
nig§§§§§§M§§§§M§M§§§11§h§g§§§§188n§88q1801
Sales.
for
Week.
STOCKS.
Week ending Sept. 5.
Range for Weak.
Lowest.
p
Highest.
Range since Jan. 1.
Lowest.
Highest.
Week ending Sept. 5.
Blocks,
No Shares
454,605
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
738,553
721,630
779,300
1,157,900
Total
3,851,988
Railroad
,Sc.
Bonds.
State,
Municipal d
Foreign Bcts.
United
&atm
Bonds.
3336,000
$2,641,000 $1,473,000
HOLT DAY
2,220,000
4,719,000
1,933,500
6,302,500
1,835,500
5,302,500
1,911,000
5,882,000
1.456,700
1,455,400
772,200
739,000
$9,373,000
54,759,300
324,847,000
0 $13,230,650
Revised total previous week_ 4.048,219 334,404,000 $11,035,00
are..
Correction.-In last week's table Fridays figures should have read: Railroad,
United States
Bonds, $6,439,000: State, Municipal & Foreign Bonds, 32,540,000;
Bonds,$925,000.
to
0,
7V,SZS".-g: 88'&•888V....»"Sti888811.8 88: 8888881.Sn
4009 •004.. •0•010 •o. t400t0 •_0• 000_0
_006465563666;
••0
.
V.:
666 *'Mr
.
1 $ per share. $ per share. $ per share.$ per share.
Par
Railroads.
Ma 25334 Aug
)236 Aug 3 240 Sept 2 199
Central RR of N J_ _ 10(
Ja. 4734 Aug
)43 Sept 54 4334 Sept 2 29
C St P M & Omaha_ _10(
Ja. 6034 Aug
50
•
Sept
54
59
Sept
59
)
pref_10(
lst
Colo & Sou,
114% Aug
Ma
104
2
Sept
3111 Sept 5411174
Illinois Central, prof _10(
Jan. 1 to Sept. 5.
) 1434 Sept 54 1634 Aug 31 ii 34 July 1634 Aug
Week ending Sept. 5.
Jot Rye of Cent Am_10(
Sales at
Ma 5534 Aug
2
Sept
24
53
4474
Sept
53
104
Preferred
New York Stock
Jan 8034 Sept
1928.
I
1924.
)78 Sept 21 8031 Sept 2 42
1923.
1924.
Manhattan Elev gtd_10(
Exchange.
Jan
)3834 Sept 24 3834 Sept 2 2931 Ap 46
10(
1
MiitP&EISM
Sept
160,029,047
) 76 Sept 2 76 Sept 2 7274 Ma 76
$164,004,400
2.471,660
3,851,988
Northern Central_ _5(
Stocks
Sept
Jan 141
4141 Sept 3,141 Sept 3 37
Pitts Ft W & Ch,pfd 10C
Bonds.
) 2074 Sept 54 2134 Sept 2 1534 Ma 2474 July
$647,897,9501 3535,638,975
Reading rights
Aug Government bonds_ _ 34,759,300 $6,831,300
319,431,900
326,163,000
)6834 Aug 204 6634 Aug 30 6634 Au 6674 Mar
6,570,500
9.373,000
Sou Ry M &0 etfs__10C
&
foreign bonds_
State
9234
Sept
90
4
Sept
90
00 1,091,011,200
4
Sept
1,509,420,(
90
1
pref_
_10C
16,524,000
T
24,847,000
R
City
Twin
RR.& miseell. bonds
Indus. & Miscell.
Aug
104
)102 Sept 102 Sept 5 9634 May
$42,831,288 $29.925,800 $2,483,480,950 $1,946,082,075
All America Cables_ _10C
Total bonds
Apr
Ma 77
I 7434 Sept 2 75 Sept 2 70
Am Beet Sugar pref_100
29Aug
Feb 99
Correction.-Last week's figures should have read: For week ending Aug.
99 Aug 31 99 Aug 30 95
Am-La Fr Fire Eng pf100
bonds,
43 Sept 2 43 Sept 2 3834 July 4334 Jan Stocks, 4,048,219: U. S. bonds, $13,230,650: State. municipal and foreign
Am Teleg & Cable_ __100
Aug $11,035,000; Railroad, &c., bonds, $34,404,000: total. M8,669.650. For Jan. 1
9134
May
4
Sept
8334
Sept
9034
903-4
Assoc Dry G'ds let pf 100
Aug to Aug. 29-Stocks, 160,152,412; U. S. bonds. $643,148,650; State, municipal and
Jan 99
99 Sept 2 99 Sept 2 89
100
2d preferred
000:
foreign bonds, $316,790,000: Railroad and miscellaneous bonds, $1,484,573,
8 Sept 3 8 Sept 3 5 Jun 1174 Feb
Atlas Tack
Feb total, $2,444,511.650.
1574
Jan
11%
3
1434 Sept 3 1434 Sept
Auto Sales pref
Au 1'74 Jan
PHIA AND
BOSTON,
PHILADEL
THE
Si774
Sept
9
AT
31
Aug
TIONS
874
TRANSAC
_100
pf
DAILY
2d
Steel
Brit Emp
Jan
BALTIMORE EXCHANGES.
I 1634 Sept
1774 Sept 4I 1374 May 1934 Jan
Calumet& Heels
60 Sept 2 4134 May 77
I 59 Sept
Case(J I)Thr Mach pf
Baltimore.
Philadelphia
Boston.
Apr 3334 Jan
25%
2
Sept
5
Sept
2734
2734
Century Rib Mills
Jan
Week ending
29 Aug 31 35 Sept 5 2434 Jun 3634
Bond Sale,.
Certain-Teed
Shares.
Sale,.
'Bond
Shares.
Mar
Sales.
Shares. Bond
Sept. 51924.
75 Sept 3 7334 May 78
475 Sept
Cert-Teed Prod let pf 100
Jan
104 Sept 2 104 Sept 2 10034 Ja. 10534 Sept
$2,000
231
Cluett,Peab & Co pf_100
15.200
3,2641
$32.900
7,104
10834
Ma
Saturday
10874 Sept 410834 Sept 4 102
Colo Fuel & Iron pf _ _100
HOLI DAY
Sept
HOLI DAY
HOLIDAY
43 Sept 2 4534 Sept 3 3034 May 4534 Sept Monday
8,400
981
Corn Invest Trust
39,100
6,163
14,000
102
13,588
May
93
5
Tuesday
9934 Aug 31 102 Sept
1011
21,000
Preferred
1,637
36,500
16,175
22,850
13.803
12 Sept 4 731 May 1474 Aug Wednesday
1134 Sept
17,500
Conley Tin Foil
2,236
39,000
9,615
42,250
15,0911
Aug
12334
AP
2
11534
Sept
122
4
Thursday
Sept
12134
24,000
2,771
Corn Prod Refin pref 100
6,500
7,612
June Friday
17,000
19,337
109 Sept 3109 Sept 3 10474 Jan 114
Cont Can Inc pref.--100
Feb
95
8334 Sept 5 8434 Sept 3 8334 Sept 33
$70,900
Cooden & Co pref
7,856
1126,300
42,829
July
$129,000
68,923i
Feb
21
5
Total
Sept
3074 Sept 3 3174
19
Crex Carpet
6254 Aug
5834 Sept 4 6274 Aug 301 5334 Aug 90
Cushman Sons
$91,200
5,330
Aug Prey. week revised
42,410 $688,160
76.9761 $613,100
Ap
8974 Sept 5 8974 Aug 30 85
E I du Pont6% pref_100
Jan
,
11 Sept 3 11 Sept 3 734 Ap 15
Emerson-Brant pref_100
434 Jan
Jun
234
4
Sept
4
234
Sept
Sept. 5
234
4
Sept.
3
Sept.
2
Fairbanks Co (The)..25
Aug Daily Record of U. S. Bond Prices. Aug.30 Sept. 1 Sept.
2874 Sept 5 2874 Aug 30 2534 May 2934
Falrbanks-Morsetemett*
July
Aug 12
5
1074
Sept
Sept
100"ss
1074
100"st
100"st
1034
102iin
Bus
ars
Ave
(Blab 100ths
Fifth
Loan
6474 Sept 3 3874 July 6674 Aug First Liberty of 1932-47._i LOW. lama
6234 Sept
100iin 100"ss 100"st 100iiss
Fisk Rubber Ist pref.1
334% bonds
Aug 234 Sept
100iiss
100"ss
10n
100iin
23-4'Aug 31 234 Sept 3 1% Au
102"ss
100
(Close
Foundation Co rights_
3340
Jan
(First
7
4
118
4 Sept 2 434 Sept 3 374
121
52
2
Gardner Motor
Total sales in 31,000 units__
Aug
Jan 134
_12374 Sept 5 130 Sept 2 93
__
__
(High
of
General Baking Co._
4%
bonds
Converted
Aug
July 9734
9534
2
Sept
97
Sept
9674
pref_
--7%
---Motors
------General
---1932-47 (First 48)----4 LowJan 10374 Aug
___ _
10274 Sept 410374 Sept 3 99
(Close
Gimbel Bros pref _ _101
Feb
8534 Sept
8774 Sept 3 8574 Aug 9674 Feb
Great Western Sugar_2
Total sales in $1,000 unitsApr 95
88
30
Aug
8974
4
Sept
89
A.101
I
MI& 1011isi 10-Ili; 10-1-sis;
Hanna 1st pref C
434% bonds (High 10-1-uss
Jan
Converted
7
3i
May
Sept
334,
5 Sept 3 5
10111ss 1011081 101uss 1011•11
Hydraulic Steel pref_li
011932-47 (First 4348)4 Low_101uss
Aug
Jan 252
Aug 30241 Aug 30 159
241
101
101"ss 101ilss 101"n
1011in
Ingersoll Rand
(Close
101iin
20
10374 Sept 210374 Sept 2 10174 Jan 10374 Feb
21
129
134
2
Inland Steel WI preL
Total sales in 81,000 units...
934 Jan
574 Sept 2 674 Sept 5 3 June 3234
101.00 101iss 101•ss
101in
Int Agricultural new.
)
(High
101
s)
434%
Converted
Second
Mar
June
4
2774
Sept
4
101in
Sept
2974
101.00
2974
100"st
Corp
100"ss
Intertype
,
),
bonds of 1932-47(Finn( Low_ 100)
Aug
Feb 98
92
96 Sept 2 97 Sept
100"311 101.00 101'n 101%
K C Power & Lt let pf_
(Close 101'32
Second 43(s)
June 7834 Jan
234
49 Sept 3 49 Sept 3 40
76
273
209
92
Kelly-Spr Tire6% Pf 10'
Total sales in $1,000 vain'__.
7934 July
Aug
2
Sept
74
5274
Sept
7174
Kinney Co
__ _ _
(High
June Second Liberty Loan
5234 Sept 5 4774 Sept 6234 June
4734 Sept
_
_
Kresge Dept Stores__..*
_
.4
_
Lowof
1927-42_
bonds
4%
July 9734
97 Sept 2 94
97 Sept
__ _
1
Preferred
(Close
(Second 45)
Aug
Apr 77
--1
7674 Sept 3 73
76 Sept
-- - ---Laclede Gas pref.__ _101
__-_ HOLITotal sales in $1,000 mfrs.__
Feb
67 Sept 4 6474 Apr 69
-___ 101in 101n,,
6574 Sept
____
____ DAY
Mackay Cos pref _ _ _ _1
434
% bonds (High
Aug
Converted
334
Sept
21
234
Iss
(
101
Sept
101.00
334
Sept
234
-- - ____
____
Mack Trucks righta
of 1927-42 (Second (Low_
July 6974 Mar
53 Aug 31 55 Sept 4 4
---- 1011,1 101uss
1
_______
(Close
Manati Sugar
474s)
Mar
July 87
2
4
7874
95
Sept
80
4
Sept
____
80
1
____
____
Preferred
Total sales in ELM units--.
Sept
100 Sept 100 Sept . 8974 Mar 100
1
1021n 1021,1 102in 102in
(High 101iis
Manila Electric
Aug Third Liberty Loan
4 7134 Jun 83
102.00
Sept
0ss
102.00
4
8234
Sept
101i
8234
101in
(Low.
-1
Stl
Pf
Prod
%
of
1013
Midland
1928
434% bonds
9874 July 10174 Sept
101 Sept 410174 Sept 3 92%
102.00 102.00 102iss 102%
(Close 101us
Nash MotorsCO pref_I
(Third 434s)
Jun 9734 Aug
164
179
216
97 Sept 4 9734 Sept 4
441
62
Nat Dept Stores pref.'
Total sales in 81,000 sings...
Jan
Aug 89
70
2
Sept
75
2
Sept
1021n 102iss 102in
75
103sn
(HUM 101"ss
Nat Enam As Stpg pf_100
Liberty Loan
July
Fourth
29
Jun
23
2
101"ss
2874 Sept 2 2834 Sept
1014ss 100uss 101uss
New York Canners_ _ _ _
May
434% bonds of 1933-38- _ i Low- 10111,1
Aug 47
43 Sept 4 43
43 Sept
101iin 10131:1 102.00 1024ss
(close 1013531
Niagara Falls Pow 1 1
(Fourth 43(s)
2874 Aug
126
187
447
28% Sept 3 2874 Sept 3 27 June 10234
527
25
69
units_-.
$1,000
Preferred new
in
sales
Total
May
Jun
1043iss 104iin 104"ss 105.00
10274 Sept 10234 Sept 4 101
(High 104iin
Niag Lock &0Pr pf_ ill
Treasury
Apr 3974 Aug
4
104iin
3174
Sept
104"ss
3874
Sept
1042in
3754
104iiss
(Low. 104"n
Ohio Fuel Supply__ _ _2
434s, 1947-52
Jan 10934 June
104iin 104"st 104"ss 104"st
10534 Sept 10574 Sept 3 96
(Mae 104"ss
Otis Elevator pref_ _ 1 i
t al
34 mar
A
1111
II,
OR
108 Sept 108 Sept 3110774 July 111
'Total "aloe d.11 OM flail*
Mar
Owens Bottle pref_ 1 i
9331
Ma
88
Sept
9074
31
9074 Sept
Pacific Tel & Tel pfd_iis
Aug
134
July
coupon
51
174 Sept 54
134 Sept
Note.-The above table includes only sales of
Parish & Bing stmixl__.
June 30% July
2531 Sept 4 2634 Sept 24 2474 Jan 10634 Mar
Park & Tilford
bonds. Transactions in registered bonds were:
105 Sept 105 Sept 54103
Aug
Penney (J C)Co pf_101
15-16
% Aug
100"ss to 1001in
% Aug 301
95 2d 434s
Si Sept
101uss
1 1st 4s
Phillips Petroleum rts
8134 Aug
101))), to 102in
79 Sept 2 8134 Aug 301 5934 Jun 103
1012% to 10114,1 68 341 43(s
Aug 10.1s1 43(s
Pierce-Arrow pr pre_
Jan
1011•81 to 1012131
to 101"ss 31 4th 434s
9834 Sept . 99 Sept 5 95
100"n
43(s
2d
181
30
July
Pittsburgh Steel pref_l•
13 Aug 31 1374 Aug 301 1134 Feb 1434 Sept
1001% to 100"11
5 2d 4s
Pitts Util pre:ctts____ 1
110 Sept 3110 Sept 34 9934 Apr 110
PSCorpNJpf 8%-111
Aug 3 10034 Aug 304 9634 Mar 10074 Aug
10034
ii'
preferred
Aug
7%
Ma 18
Quotations for U.S. Treas. Ctfs. of Indebtedness,&c.
1474 Sept • 1731 Aug 301 1274 Jan 118
July
Rights
Sept 3116 Sept 3 113
116
s
1
pf___
page 1165.
-See
Spring
Feb
Steel
fly
1674
A
Sept 3 10
1034 Sept 411
Jan
Reis (Robt) & Co
62 Sept 5 60 Jun 7474 Sept
Foreign Exchange.
62 Sept
111
let preferred
96
,
4 41 5-1tia
Mar
96 Sept 2 96 Sept 2 86
To-day's (Friday's) actual rates for starling exchange were
Aug
Rossia Insurance Co-2
Ma 112
3 105
46 for cheques and 4 44 1-1604 4634
Sept
112
•
13-1604
43
Sept
4
days.
11034
sixty
4 4334 for
Feb
Schulte Retail St PI-100
days
4134
Jan
sixty
4574,
33
2
l on banks, sight 443 11-1604
3434 Sept 4 3534 Sept
g Aug for cables. Commercia
Shell 'Fran & Trad -C2
% Aug
34 Aug 30
days 439 1-1604 4134, and documents for
34 Aug 35
Skelly Oil rights
July 439 9-1604 4154, ninety
3634 Sept 5 3134 Ma 3734 June
3534 Sept
payment (sixty days) 4 39 13-1604 42; cotton for payment 443 11-160
Stand Gas& El ctfs__ -3574
Jul
Sept 2 2834
443 11-1604 45%.
3034
for
•
payment
Sept
grain
2834
and
44534,
_
ctfs_
Jan
Glass
Stand Plate
5.160
A 11834
117 Sept 4 117 Sept 4 115
To-day's (Friday's) actual rates for Paris bankers' francs were marks
Underw Typevrr pfd_100
Aug
5274 Sept 3 4274 Jun 5454 June
5134 Sept
long and 5.213405.2774 for short. Germany bankers'
for
5.2234
United Cigar St new_.25
21
Jul
m bankers' guilders
3 13
bills.
Amsterda
Sept
short
18%
5
and
long
Sept
for
quoted
not
yet
are
1631
ctfs-•
Univ P & Rad tem
6034 June
53 Sept 4 5774 Sept 3 5074 Jul 3054 Aug were 37.80037.97 for long and 38.16038.33 for short.
Pref temp cgs__ -100
francs
2634 Sept 4 28 Aug 30 2134 Apr
Exchanges at Paris on London 84.40 francs: week's range 82.80
U S Distrib Corp
34 Aug
34 Aug
21
Sept
3-16
30
Aug
%
Feb high and 8.4.40 francs low.
7
U S Hoffamn Mach rte._
Jun
%
follows:
Sept
week
%
31
% Sept 3
The range for foreign exchange for the
June
Va-Carolina Chem 13...•
Aug 69
64 Sept 54 62
Cables.
64 Sept
Cheques.
Sixty Days.
Sterling ActualJulY
Vulcan Detinning pf-100
Apr 117
4 5034
11534 Sept 211534 Sept 2411174 Jan 98
4 4934
4 4774
for the week
High
JulY
West Elee 7% cum pf 100
4 88 Sept 3j 4734
4 44 1-16
Sept
87
13-16
443
5-16
441
July
the
week-for
Low
Penn
West
5 8774 Apr 9474
Sept
93
,
Sept
91
11
Paris Bankers'Franc:
Preferred 7%
Aug 7274 Jan
5.45
1534 Aug i 1874 Sept 21 11
5.44
100
5.3754
Aug
week
the
for
High
Wilson Co pref
7974
July
5.2334
7874 Sept 2 79 Sept 31 68
6.2234
5.16
Worthington pref A...100
Jan 6831 Sept Low for the week
6734 Sept 2 6834 Sept 3 5874
100
Preferred B
Germany Bankers' Marks0.000000000023%
0002374
0.0000000
week
for
High
the
•No par value.
0.00000000002374 0.000000000023,4
Low for the week
NEW YORK CURB MARKET.
DAILY TRANSACTIONS AT THE
Amsterdam Bankers' Guilders
BONDS (Par Ramo
38.72
38.68
STOCKS (No. Shares).
38.26
High for the week
38.43
38.22
37.80
for the week
Week ending Sept. 5.
per $1,000
oti. i Mining. Domestic. Fora Goirt. Low
15025c.
Louis,
St.
Domestic Exchange.-Chlcago. par.
Cincinnati,
149,000 discount. Boston, par. San Francisco,par. Montreal,par.
90,100 6248,000
32,7401
30,785
par.
Saturday
HOLI DAY
is
159,100
529,000
Monday
159,600
65,951
The Curb Market.-The review of the Curb Market
51,305
155,000
Tuesday
486,100
173,210
74,215
79,480
82,000 given this week on page 1140.
Wednesday
704,000
233,200
93,100
73,480
for the
.Thursday
121,000
532.000
184.400
75,605
A complete record. of Curb Market transactions
99,835
Friday
1164.
page
on
found
be
will
$566,100
week
32,499,100
840,510
341,611
334,775
Total
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
1153
PER SHARE
Range Since Jan. 1 1924.
On basis of 100-shard lots
PER SHARE
Range for Prerfose
Fiat 1923.
OCCUPYING FOUR PAGES.
For sales during the week of stocks usually Inactive, see preceding page
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Aug. 30.
Monday,
Sept. 1.
Tuesday,
Sept. 2.
Wednesday.I Thursday,
Sept. 3.
Sept. 4.
Friday,
Sept. 5.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
$ per share $ per share $ per share 5 per share 5 per share $ per share Shares.
Railroads.
Par
Per share
104 10514 104 104
10412 105
10334 104
10314 101
4,300 Atcb Topeka & Santa Fe-100 9718 Jan 2
.9218 9212 92
9212 *9112 9214 *9112 9212
*9212 92741
100 8612 Jan 2
210
Do pref
178 2
2
238
178 2
134
178
lh
178 4,300 Atlanta iiirm & Atlantic_ 100
15s Feb 23
13118 13314 13118 1313s •13118 13312 13012 13234 3,300 Atlantic Coast Line RR__ _100 112 Jan 23
13312 13312
6314 6334 6258 6338 62
6258 6334
6258 6078 6212 17,800 Baltimore & Ohio
100 5218 Apr 22
60
60
*5958 5934 5934 5934 5912 5958
*5978 60
Do pref
100 56h Apr 16
600
2478 2512 2514 263s 2514 25,2 2414 2514 5,800 Bklyn Manh Tr v t e__No par 1312 Jan 4
25
2514
6812 8878 68
68
6838 8838
*68
68
Fret vet tr elf,
No par 4814 Jan 3
6834 68
1,400
0234 312
234 234 *212 312 *234 312
.234 3,4
100 Brunswick Term & Ry____100
1 Jan 3
x148 149
14712 14814 14614 1471.2 14512 14634 7,100 Canadian Pacific
15012 15158
100 142/14/Aar 10
8538 8658 86
8612
86
8714 86
8612 8514 8634 17,800 Chesapeake & Ohio
100 6754 Feb 26
10412 10412 103,8 10458 •10318 10414 10318 1033s 1,500
•10312 105
Do pref
100 9912 Jan 3
458 478 *458 5
.458 5
45s 458
412 434
900 Chicago & Alton
100
34 Apr 15
11
11
11
.1114 11 12
11
*1034 11
1012 1114
Do prof
100
700
818May 20
*2812
2812 2812 28
30
*2812 2912
2812 2778 28
2,100 Chic & East Ill RR
100 21 May 5
.42
45
*42
4312 4312 4312 4312 *4312 45
45
100 37 May 5
Do prof
200
*6
618
6
614
6
6
*6
6,4
6
6
4 Apr 30
600 Chicago Great Western__ _100
17
17
1838 17
1678 1678 1512 1658 1514 1578 4,200
100 1012June 4
Do pre!
1618 1612
1531 16
1534 1612
1512 15,2 1438 1512 10,800 Chicago Nlilw & St Paul-100 11,
4June 7
26
2534 2612
2658 2538 26
2518 2538 2418 2512 23,700
100 2114May 27
Do pref
6218 6314 62
6278 63
6218 61 14 6112 6058 62
2,700 Chicago & North Westera_100 4914 Jan 3
•105 109 *107 109 *107 109
•105 108
107 10714
Do prof
100 100 Jan 8
400
3214 3234 31
3078 3214
3212 30
31
2958 3078 23,800 Chicago Rock Isl & Pacitic_100 2112 Feb 15
*8612 8812 *8614 8812 *3612 8812 87
08612 8812
87
100 76h Feb 26
100
7% preferred
*7614 77
7612 7678
7612 7612 76
76
*7614 77
400
6% preferred
100 6558 Jan 2
3514 3514 3312 341 *3312 3334 34
*3418 3512
34
100 20 Jan 2
600 Colorado & Southern
126 126 *12312 120
•124 131
12358 12358 12312 12334
800 Delaware & Hudson
100 10412 Mar 5
135t2 135,2
13512 13814 136 13758 136 139
138 14314 28,700 Delaware Lack & Western_ 50 11034 Feb 15
2812 30
2812 29
2958 2934 29
2912 2812 2914 20,800 Erie
100 2034 Jan 3
40
4114 4014 41
4014 407s 3912 4014 21.300
3914 40
100 2858 Feb 19
Do 18t preferred
40
40
4114 41
*39
41
4038 4078 3978 3978 4,200
Do 2d preferred
100 2518 Jan 3
6612 6714
67 6738 66
67
6412 6514 6414 6514 11,700 Great Northern pref
100 531 Mar 3
2914 2914
30
30
2958 2958 2912 30
29
2914 1,600
Iron Ore Properties__No par 26 May 23
18
18
*18
1818 1812 *18
187s
18
1812 17
1,100 Gulf Mob & Nor tr ctfs
100 11,
4 ADr30
6712 6712 *6611 67
*6634 6712
*3614 67
*6614 6710
0 50 Jan 3
100
Do pref
11112 11134 11112 11112 11112 11112 110 111
111 111
1,800 Illinois Central
100 10014 Mar 4
27
2758 2712 2712 28
2712 28
2812 27
100 12,
4 Jan 2
3,100 Interboro RBI) Tran
7
2112 2178 *21
2112 2058 21
2078 2118
201
/
4 2012 2,100 Kansas City Southern
100 1784,k1ar 26
5312 5312 53513 5358 5312 53,2 .5312 5410
*5312 54
0 5114 lvfar 31
400
Do pref
5438 5478 5334 5112 5358 5458 5238 5438 13,500 Lehigh V.Irey
5458 55
50 53912 Apr 10
*99 10012
*9812 9912 98
9934 100
98,4 97
9814 1,600 Louisville & Nashville
100 875s Jan 16
46
4658 4578 46
•16I4 4634
461s 4618 4534 4612 1,300 Manb Elevated, mod guar_106 3012 Jan 2
•712 8
8
8
.712 012 *712 9
6l4 Mar 15
100
*712 914
200 Market Street RY
21
•20
2012 *20
*20
2012 *20
21
.20
21
100 22 Feb 20
Do pref
•45
47
*4614 47
*45
465
, 45
4512 .45
47
100 43I2Mar 17
Do prior pref
300
•16
2338 *18
2012
.16
2038 *16
23
16
16
100 14 Mar 18
Do 2d pref
200
*258 3
•252i 3
*25s 3
212 258 *238 3
188 Jan 3
100
300 Minneap & St L (new)
1558 16
1558 1614 1578 1638 1558 16
1514 157 23,400 Mo-Kan-Texas RR____No par 1012May 20
463s 4714
4712 4818 46
47
4734 4712 49
4814 16,400
100 295* Feb 18
Do pref
1878 1918
1914 1978 1014 1934 1914 191 2 1834 1914 15,100 MiE180Utl Pacific corn
9
,
4 Jan 3
100
5278 5438
5312 5478 5338 54
5214 53
52
5334 28,800
100 29 Jan 3
Do prof
*112 1%
158
112
158 158
112
158
158 134 1,300 Nat Itys of Met 24 pref_ _100
118July 16
•10512 10612
10534 100
105 10514 10512 10512 •105 10512
100 9311 Feb 15
800 New On Tel & Max
10858 10912 10734 lOS7s 10718 108
10814 10912
106 10778 19,000 New York Central
100 9918 Feb 15
11134 11134
11112 11134 11134 11484 11314 11912 11714 121
13,700 N Y C & 81 I., new co
100 7212 Feb 18
8934 9018
Stock
89
9012 8958 9114 9012 9314 9158 9378 16,200
100 83 May 21
Do pref
2412 2458
24
2418 2434
2458 2378 2438 2214 2334 19,900 N Y N H & Hartford
100 1418 Jan 2
2012 2012 Exchange
21
2012 21
21
20
2038 2018 2034 2,900 N Y Ontario ,k Western100 16 May 24
*1812 19
1834 19
1834 1878 *1758 19
•1758 1812
100 1212 Apr 22
500 Norfolk Southern
12512 12534 Closed- 12538 12614 12512 12858 12634 12812 12538 128
100 10212 Jan 3
30,000 Norfolk AC Western
•75
78
•75
78 .75
76
.75
76
•75 7810
0 731 Feb 26
Do pref
6512 6612 Labor Day 66
667a 6558 6612 65
6512 6414 6578 15.800 Nerthern Pacific
100 4778 Mar 3
4434 45
45
4514 4434 4518 447s 45,4 4438 45
50 4214 Jan 3
8,800 Pennsylvania
•15
1612 Holiday
157s 1578 •16
17
93 Mar 13
1612 1678
1618 1.81z
100
800 Peoria dr. Eastern
6184 6338 6212 6338 63
6014 62,4
6312 6212 63381 12,700 Pere Marquette
100 4012Mar 3
81
5134 8212 8214 83 .83
81
83
8134 82121 3,000
100 71 12Apr 2
Do prior pre!
71
7312 74
*7014 72,
7518 7412 7412 7412 7412 3.100
4
100 60 Jan
Do prof
6312 6312
6134 6334 6218 6212 62
6212 6018 62
7,100 Pittsburgh & West Va.---100 38 Jan
102 102 *102 10212 102 102
•102 10212
102 102
100 8514 Jan
500
Do pref
6138 6134
6178 6218 61
6134 6012 6138 60
61
10,800 Reading
50 5178May 2
3514 3538 •3514 3512 *3514 3512 •35l4 3512
*35
3514
50 3414June 2
200
Do 1s1 preferred
3538 3538 *3514 36
*3514 36
*3514 36
3514 3514
50 5331, Jan 1
300
Do 2d preferred
*45
55
55
56
53
55
5312
100 32 Jan
600 Rutland RR prof
27
29,4 2758 2834 2734 2834 2758 2878 56,100 St Louis-San Fran
2612 2738
100 1918 Apr 30
5812 5714 5812 3,700
61
6134 6012 61
58
6014 61,4
100 42523 Jan
Do pref A
43
47011,
4312 4112 43
2 6
4114 4112 z6
4212 4314
48
238 4:
20
100 33 Jan
600 St Louis Southwestern
68
69
6858
6834 69
69
69
69
100 5778 Jan
1478 151s
1512 1512 1434 1538 1412 1434 1418 141
100
2,800 Beall%ardreAfir Line
614 Jan
*2812 2534
2712 2814 2714 2734 2714 271
2818 29
100 1414 Jan
Do prat
3,000
9458 9514 94
9414 9538
9514 96
9434 9314 9414 20,100 Southern Pacific Co
100 8512Mar 2
8812 6834
6734 6878 6678 68
6614 67,4 66
6678 26,300 Southern RallwaY
100 3812 Jan 2
7414 7434
*7412 75
7412 743
7378 74,2 7412 7412 1,800
100 6614 Jan 3
Do pref
3634 3718
36
3634 3778 36
3714 35
3414 3512 16,600 Texas & Pacific
-100 19 Jan 3
•11 14 13
*11
•1012 13
14
'11
13
•1112 131.
100
8,
4May 20
Third Avenue
•46
48
*46
48
*46
48
*4614 4734 •46
48
4478July 25
apid Transit.
,
yeiR
ric
T
177
610
118Cpit
14414 14534
z14214 14312 142 14258 14012 142
13958 14034 7,600
10 12658 Mar 3
7612 7612
7458 7478 747,3 7474 74
747ri .73
7434 1,100
100 70 Mar 20
Do pre
*1734 1884 1712 1758 1714 17,4
1712 1712
1614 17
2,100 United Itallwaye Invest_ _ _100
753 Apr 23
4358 4478
45
4558 45
45
4238 43
3914 43
3,200
100 2612 Apr 21
Do pref
69
6814 6812 6812 71
*68
6878 6918 6758 6878 3,600 Virginia Railway & Power_ 100 36 Feb 29
1514 1558 1514 1534 1538 1558 1514 1558 5,800 Wabash
1518 15,4
100 1034 Jan 4
43
4312
4278 4338 4318 4334 4212 4338 4158 4258 13,600
Do pref A
100 34 Jan 3
29
.28
29
•2912 31,4
*2812 3112 .28
*2814 29
Do pref II
100 2212 Jan 3
12
12
1112 1218
1158 1178 1114 1112 11
1114
1,600 Western Maryland
100
838June 3
1934 20
2014 2014 .191 t 2014
19,2 19,2 •1914 20
Do 24 preferred
700
100 1514May 15
2012 2138 2112 2112 21 18 22
2014 21
2113 22
3,400 Western Pacific
100 14h Jan 2
70
70
6734 6734
*69
70
06834 6934 6914 69,4
300
Do pref
100 58 Jan 7
123s 1212 1214 1212 12
12
1118 12
1238 1258
2.900 Wheeling & Lake Erie Ry_100
712 Jan 2
22
22
*22
*21
2212
22
2012 2012
*2184 22
2_0_0
Do pref
100 1414 Jan 2
_
Wisconsin Central
100 34 Jan 16
*86
.11
39
7918
934
8712
12
39
7941
934
*113 114
7334 74
0114 11534
6378 65
*98 10012
14
•13
38
35
132 132
*5414 - -41
41
28
27
.8078 82
•107 110
132 13478
•115I4 116
169 16934
•122 126
2334 2334
2012
20
5
5
118 118
11712 11758
•11612 118
10h
*10
6278 6°71,
•Bid and asked
.86
8712 *86
8678 •86
8712 .86
8714
•1112 1212 *1012 1212 1012 1012 *1012 1112
100
39
39
39
39
39
39
3812 3812 1,100
7734 78
7712 78
*78,2 7934 7712 79
2,100
938 912
878 9,4 3,800
9,4 912
9,2 034
__
.14 .14
.15 .15
600
•118
118
114 *118 114
1 18
118 2,000
1
73
74
7238 7318 72
7278 71114 7214 13,000
.114 116
1157a 11578 •11414 11512 •11312 11512
100
64
64
65
6214 63
63
5914 62
12,900
*9712 10014 *97 10012 100 100 .9812 100
100
•1314 14
1238 1338 1114 123
, 118 12
4,100
36
3734 32
3414 313 323s 6,200
3614 32
*130 133 *130 132
130 130 •130 133
200
55,
.5414 5534 *5414 5534 555
4 •5514 5534
4178 43
421, 43
4134 42
42
4318 7,400
2812 2912 2914 2934 •2614 2712 .25
27
1,300
84
.8012 72
82
•81
82
*8058 83
200
•107 110 *108 110 •108 110 .108 110
1313
8
134
1295
8
1325
13212 13512
$ 126 13012 169,200
11434 11434 11434 115
115 115
11534 11534
800
16814 16814 16812 16834 166 166
169 169
800
•12234 126 *122 126 •121 126 •121 126
24
2414 2412 2458 2412 25
2418 24
2.900
*2078 22
•2058 22
2018 2012 1,000
.2018 22
514
478 512
514 5,900
478 5
518 514
11714 11714 113 11434
•11814 119 •118 120
600
11618 11612 116 11678 11614 11634 114 116
3,000
11714 11714 11712 11778 116 11758 115 11658 2,700
•1O12
11
1112
113
1058 105*
11
8
11
1,300
615,1 6312 6131 6134 6138 61,
63
63
4 3,000
Prime. x Ex-dividend.
Industrial & Miscellaneous
Adams Express
100
Advance Rumely
100
Do pref
100
Air Reduction, Inc_,No par
55)
Max Rubber. Inc
Alaska Gold Mines
10
Alaska Juneau Gold Min
10
Allied Chemical & Dye_No par
Do pre(
100
Allis-Chalmers'Mfg
100
Do prof
100
Amer Agricultural Chem-100
Do pref
100
American Bank Note
50
Do prat
50
American Beet Sugar
100
Amer Bosch Magneto_ _No par
Am Brake Shoe & F__ _No par
Do pref
100
American Can
100
100
Do prat
American Car & Foundry_100
100
Do prof
American Chain, el A
25
No par
American Chicle
Amer Druggists Syndicate- _10
American Express
100
Am & Foreign Pow 25% paid_ _
Full paid
American Hide & Leather_100
100
Do oref
7312 Jan 2
6 June 9
2814June 14
6714 Jan 2
412515y 14
Is Jan 3
h Jan 30
65 Mar 18
110 Apr 8
41May 20
90
98 J
Aapnr 29
18
7;
8
4 Apr
52 May 6
36 Mar 21
2214 Apr 1
76 Apr 14
104'4JuiyIO
9578 Apr 21
109 Jan 8
i53'zAptl4
118h Apr 9
21hMar 2
141 Apr22
312June 6
88 Apr 15
9212 Mar 8
9112 Apr 4
714 Apr 28
5011 Jan 2
Highest
Lowest
Medal
$ Per Marl $ per share $ Per shard
10658July 23
94
Oct 0518 Mar
9312 Aug 1
855* Dec 9058 Mar
314July 22
114 Aug
314 Feb
137 Aug 12 1097s July 27 Feb
65 Aug 15
4018 Jan 6054 Dee
6134July 28
55h May 607s Mar
914 Oct 1412 Dec
29'2 July 17
7014 July 29
3412 Oct 4978 Dec
412May 9
h Nov
258 Jan
15412 Aug 11 13914 Sept 160 Apr
023 Aug 4
57 June 7638 Jan
10918July 25
96 June 10478 Feb
67a July 23
2 May
418 Dee
1334July 22
338 Jan
1288 Doe
3078July 21
19 Aug 38' Feb
5112 Jan 8
4612 Aug 6214 Mar
718 July 21
214 Oct
7 Feb
1812 July 19
Fear:
16
7/
1
4 Ni
1617184 0
1818 Jan 10
Oct
30h Apr 12
2058 Dec 4512 Mar
471 Dec 88 Mar
6414 Aug 18
108 Aug 5
97h Dec 11818 Mar
3634July 28
1918 Oct 3778 Mar
91 July 21
72 Aug 95 Feb
7918July 19
6078 Aug 85 Mar
37 July 19
17
Oct 4512 Feb
13414 Aug 11
9314 July 12412 Feb
14314Sept 5 10978 Oct 13012 Feb
353 Aug 1
1018 May 2284 Dee
427 Aug 1
15
Jan 3114 Dec
42 Aug 8
1014 May 2758 Dec
6938July 23
50,
1 Oct 80 Mar
3112 Feb 4
25 July 36 Mar
22 July 22
912 Aug 20 Mar
7034July 22
4478 Jan 6214 Feb
995 Dec 11712 Feb
11412 Aug 18
912 June 2278 Mar
3914July 17
2418July 21
1558 July 24s Mar
55,2July 29
4858 July 572 Mar
725* Jan 25
54 June 718* Feb
10124 Aug 11
845 Oct155 Feb
5178July 18
2712 Dec 45Ig Apr
1312 Jan 4
712 Oct 22 Mar
4018 Jan 5
23
Oct 6812 Mar
7112 Jan 4
5612 Oct 87 Mar
30 Jan 4
1458 Oct 5614 Mar
4 Jan 28
78 Aug
912 Feb
163sSept 3
934 Oct 17 Feb
49 Sept 3
2478 Oct 4511 Feb
2012July 23
814 Oct 191 Feb
5478SePt 2
2214 Oct 49 Feb
214 Feb 6
114 Nov
414 Feb
121122fay 20
8212 Aug 105 Mar
110h Aug 20
9012 May 10714 Dec
121 Sept 5
6712 Aug 8012 Dec
9378Sept
86 Nov 9512 July
95 July 221 Jan
301s July 24
22,
8 Aug 14
1414 June 218 Feb
2l'* July 21
9 Sept 1818 Feb
13212 Apr 8 100 July 11758 Feb
8018June 10
72 Sept 7812 Aug
6734July 23
491 Oct 8112 Mar
4634 Jan 28
4078 Nov 477 Apr
178 Aug 19
8
Oct 17 Mar
6818 Aug 8
36
Jan 4714 June
8512 Aug 2
6712 Oct 7654 Mar
77 Aug 8
3
57
31
7: O
J.
ac1 50
7042 1,4J yn
63, Aug 7
ay
10218 Aug 27
85 Dec 93
Jan
79 Jan 12
6812 June 811a Feb
44 June 5612 Feb
5612 Jan 14
66 Jan 14
45 June 56h Jan
5014 Aug 29
2212 Oct 39 Dec
2914Sept 2
1614 Oct 27 Mar
62 Aug 18
3212 Jan 50 Mar
4558July 15
2512 Aug 3682 Feb
7112 July 9
543s June 63s Mar
41 Aug
17I2July 28
712 Feb
32hJuly 30
814 Aug 151 Dee
977 Aug 12
844 Aug 951 Feb
7018 Aug 21
24h Jan 39h Dee
7578 Aug 15
63 July
707s Mar
14 Aug 2912 Mar
3914 Aug 19
1812July 17
812 Dec 19h Feb
66 Jan 12
5814 Jan 7712 June
14634 Aug 19 12412 Aug 14478 Feb
7014 Dec 7612 Jan
7612 Aug 27
77 Oct 217s Mar
20I2July 28
5458July 14
Oct 82 Mar
26
7284July 12
Ms Oct
3034 Aug
7 Mar 12 Dec
173*?der 20
47a4 Mar 19
2314 Jan 3612 Dec
1612 Jan 2314 Dec
32,
4 Apr 4
8 Sept 15 Feb
13,
4 Aug 6
14 Sept 26,
2158July 18
4 Mar
12 Seto 2014 Mar
243*June 23
53 May 6358 Mar
7378July 2
Oct 1012 Feb
6
1514 Aug 5
10
Oct 19 Feb
2612 Aug 8
23 Aug 3872 Dee
3712 Jan 29
67 Sept
612 Oct
24 Nov
56 July
414 Oct
Is Aug
54 Oct
5914 Aug
82
1912
541
7288
14s
h
172
80
Mar
Mar
Jan
Mar
Mar
Mar
Oct
Jan
10514 Aug
3784 June
89 Nov
1018 July
4958 Jan 9
2814 Oct
77 Jan
5518 Aug 27
5012 June
25 Aug
4912 Feb 6
3878 Jan 12
2234 Oct
an. Bent
8.578 Aug 15
110 Mar 26 102 July
138Ig Aug 20
7312 Jan
11612July 31 106 Sept
176 Jan 26 14814 July
125 July 18, 117 Sept
25 Sept 5' 2088 June
55* Jan
2312July 10
614 Jan 30
418 Sept
12212 Aug 4
87 Nov
96 Dec
12112 Aug 22
12112 Aug 22.
61s Aug
13,
8 Feb 13
2914 Aug
65 Feb 11
112
5114
9758
3678
8874
100
5514
4912
60
834
110
10758
115
189
127h
2512
173*
711
14312
97
Mar
Feb
Jan
Feb
Feb
Nov
Aug
Feb
Mar
Feb
Jan
Dee
Feb
Mar
Jan
Mar
Nov
Feb
Mar
Dec
8912July 18
1234July 29
41 18 Jan 4
8278July 21
1114 Aug 18
14 Feb 2
112Mar 4
79 July 28
11814July 16
6612 Aug 19
10
3
t
u:
ug
yy 22
239
2
178
0:
:
18 jj
-1314 Mir
7434 Meg
New York Stock Record-Continued-Page
1154
For sales during the week of stocks usually inactive, see second page preceding
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
Aug. 30.
Monday,
Sept. 1.
Tuesday,
Sept. 2.
Wednesday. Thursday, I
Sept. 3.
Sept. 4.
Friday,
Sept. 5.
Sales
for
the
Week.
PER SHARE
Range Since Jan. 1 1924.
On basis of 100-shore lois
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
Highest
$ per share $ per share $ per share $ per share $ per share $ per share Shares. Indus. & !Wheel'.(Con.) Par $ per share 5 per share
5,900 American Ice
7713 78
7614 78
7513 77
79
7934 7512 79
100 72 Aug 28 96 Feb 7
Do pref
400
80
80
80
100 7912Mar 28 83 Feb 5
8034 8014 8014 *7912 8012 *7912 8012
283* 2834
1
4 Aug 21
2634 27% 253* 2634 7,700 Amer International Coro-100 173s Mar 19 29/
28
2918 2714 28
400 American La France F E
1078 107s
*10/
1
4 11
1078 1078 1078 11
*1034 10/
1
4
10 10 May 19 1214 Jan 9
400 American Linseed
20
1813 *18
*1812 20
*1818 2014
*18
1834 18
100 1334May 7 2238 Jan 14
Do pre/
100
3812 3812
*38
41
*3912 41
*39
41
*3812 40
100 30 Apr 15 45 Jan 14
8178 8278 8038 82,4 803s 81
8112 8211
1
4 Aug 21
7918 8012 10,200 American Locom, new_No par 704 Apr 15 83/
Do pref
100
11934 11934
•119 120 •119 120 *11912 120
*119 120
100 11614 Apr 16 12014 Aug 25
4614 2,800 American Metals
46/
1
4 4678 45
48
48
4378 47
483 483*
No par 3834June 3 4912 Aug 18
11514 11684 2,000 American Radiator
116 116
117 11778 11512 116
117 117
25 9414 Apr 16 11834 Alg 20
75g 8
73
5/
1
4 Apr 22
758 73*
738
712 712 9,400 American Safety Razor_ 25
712 712
8 Sept 2
1214 1212 1114 1134 *114 12
*1114 1218 1,600 Amer Ship & Comm__ _No par 1038May 21 15/
1212 1212
1
4 Feb 11
7538 7314 7438 30,800 Amer Smelting dr Refining_100 5712 Jan 14 784 Aug 20
7612 7714 75
7512 7612
7614 74
Do
pref
500
104
104 104
.104 108
10334 10414 10414 10414 104
100 96 Jan 2 105 Aug 19
3618 3612 1,800 Am Steel Foundriee____33 1-3 3313 Apr 21 40 Feb 7
*3658 37
37
373* *3634 37
363* 3714
Do pre!
*105 107 *105 10712 105 10712 *105 10712
*105 107
100 10114 Apr 25 10634 Aug 15
491s 4612 4938 25,900 American Sugar Refining_100 383* Apr 23 6134 Feb 7
4712 4938 48
4612 473*
4938 48
Do pre!
900
9112
89013 91
9012 9012 9012 9012 91
9034 9034
100 79 June 7 9973 Feb 14
500 Amer Sumatra Tobacco
738 758 *733 8
*734 8
638July 11 2813 Jan 9
I00
73* 734
714 734
Do pref
*28
30
*28
31
*28
30
•28
30
.28
30
100 27125uly 11 69 Jan 16
12714 12778 10,200 Amer Telep & Teleg
12734 128
12734 128
1274 127/
1
4
12734 128
1
4 Mar 13
100 12118June 26 130/
3.100 American Tobacco
15314 15314 152 15214 151 15112 14934 152
1533* 15312
100 1365s Mar 25 187 Jan 28
Do pref
500
10578 10578 10514 10514 *105 10534 10512 10512
•10434 10534
100 101 Apr 11 10612July 23
Do common Class B 100 13514 Mar 25 153 Jan 28
1
4 14914 148 14912 4,100
150 15118 14918 15078 148/
151% 15178
1,700 Am Wat Wks & El v t 3_100 40 Feb 18 120 Aug 22
113 113
11612 118
11914 11912
113 113
11314 117
Do 1st pre!(7%) v t()_100 8912 Mar 21 99 July 8
100
•9614 97
*9614 '9714 *9614 9714
97
*9614 9814 97
Do partio pf(6%) v 10.100 66 Feb 19 99 July 10
700
90
91
91
*89
*87
90
91
91
91
90
76
100 543sSept 5 78/
7612
1
4 Jan 11
7534 7678 7112 7618 5812 7212 5438 5778 184,500 American Woolen
Do pref
10078 10073
1003* 100/
*10012 101
100 9634 Apr 30 1023* Jan 19
1
4 97 10012 9673 9712 1,900
Amer Writing Paper pref_ _100
7 July 14
112 Apr 16
312
*3
312
314 *3
334 *3
312 *3
*3
814 914
500 Amer Zino, Lead & Smelt _25
*814 912 *814 9
9
9
9
9
7 Mar 29 1032 Feb 14
900
Do pref
25 24 June 5 3472 Jan 14
2918
*29% 307s 29
2958 30
30
31
*2938 31
3912 4018 3858 3938 3634 3938 30,500 Anaconda Copper Mining_ 50 2812May 20 42 Aug 20
4012 41
4014 41
300 Armour & Co (Del) pref._ _100 8314June 18 934 Jan 24
*90
9014
90
90
90
90
9012 90
*90
9012
100 Arnold Constle&Cov toNopar
.8 12 638
8 June 4 15 Jan 9
*812 912
932 958 *812 914 *812 912
4,000 Associated Dry Goods
100 79 Jan 15 122 Aug 30
114 117
117 11938 117 118
121 121
120 122
25 2712July 16 3453 Feb 5
2812 2838 2812 2812 2812 2834 2814 2812 3,000 Associated 011, new
2878 29
1512 1512 1,700 All Gulf ht W I SS Line_ _ _100 10% Mar 26 215s July 14
*15
16
16
1614 1512 16
1512 1534
Do pref
900
100 124 Jan 4 2738July 3
19
19%
20
1978 1978 2038 208 *19
20
20
100 7812J111y 16 14018 Jan 31
8714 3,900 Atlantic Refining
8712 8712 8614 8712 85
88
8614 85
88
Do pref
100
11214 11214
100 10914June 23 118 Feb 7
•11214 114
*11214 114 *11214 11312 *11214 114
i Austin. Nichols & Co--No par 1812Mar 28 80 Jan 9
*2212 2312
*2214 2312 *2212 23
*2212 24
•2234 233*
Do pre
87
100 79 Apr 17 8814 Jan 241
*85
8634 *85
*85
87
87
*85
87
.83
Auto Knitter Hoslery_No par
100
I%June 20
238 238 41214 3
84 Jan 2
*214 3
*214 3
*214 3
12118 12234 11918 122,4 69,500 Baldwin Locomotive VFks_100 10434May 20 131 Feb 7
12334 12578 12134 124
12334 125
Do
f
100 11012June 10 116 Feb '1
*114 11612
*113 11612 •113 11612'0114 11612 *11312 116,2
1812 6,800 Barnsdall Corp,Class A_ _ _ 25 14 Feb 16 21%June 301
1813 193* *1812 1914 1812 1834• 17
19
19
Do Class B
700
25 10 Jan 7 1614June 30
*1312 1414
•13
1414 1312 1312 1212 123* 1212 1212
Bayuk Cigars, Ino___No par 3912May 16 69 Jan 5
*4218 45 I *4218 45
*4218 45
*4218 45
•424 45
20 4434 Apr 15 684 Jan 31
5312 5312 *5234 5314 5234 5234 5114 52,2 1,100 Beech Nut Packing
53
5312
17,100 Bethlehem Steel Corp
100 4112 July 17 824 Feb 5
4558' 4418 45
4514 46
453* 4614 4512 4534 45
Do cum cony 8% pref _100 10114 Apr 12 11014 Feb 15
*103 109 *105 109 *105 109 i*10412 109
*107 109
Preferred new
500
100 8912J une 30 97 Feb 11
93
.9258 9312 9253 9258 9258 9258 93
*9312 9412
100 Booth Fisheries
74 Jan 6
388June 11
No par
*434 478I *412 5
5
4
4
*414 5
*4
British Empire Steel
5 Feb 9
212 Apr 3
100
*134 214 *134 214 *218 2141 *218 214
*134 214
2,500 Brooklyn Edison, Ins
100 10714June 2 11712Sept 2
11514 11712 11534 11534 115 11512 115 115
1155s 11613
19,100 Bklyn Union Gas now_ -NO par 56% Apr 21 7438Sept 3
74
73
74 I 72
71
72
7112 723 723* 743
Stock
500 Brown Shoe Inc
1
4 Jan 9
100 39 May 27 53/
47
45
4614 4638 4638 *45
*44
*45
47
47
400 Burns Brothers
100 9712 Feb 28 11212June 27
•10412 106 Exchange *10483 106 *10458 106 *10458 106 I 104 10412
Do new Class B com____
300
193* Feb 26 27 June 27
*24
*2312 2434 *2334 24341 2312 2334
24
25
24
612 Feb 14
358June 25
5
700 Butte Copper & Zino
518 518
518 5181
*518 512 Closed512 512 . 514 512
200 Butterick Co
100 17 Apr 28 2333 Jan 23
*1734 19
•1734 1834 .1734 1834 1734 1734 173* 1751
1,900 Butte & Superior Mining
10 14 May 29 2035 Feb 15
17
1778 18 Labor Day 18% 1814 1734 18
17
17181 17
Caddo Cent 011 & Ref _No par
112 Mar 21
44 Jan 19
*113 11
•112 2
/
4 *112 178 *134 17g! *112 178
400 California Packing___No par 80 Apr 30 90 Aug 18
*8712 8778 Holiday
8712 8712 8734 8734 *8718 8734 8714 8714
2134 5,400 California Petroleum, new. 25 1912July 16 294 Feb 5
2158 2134
2178 2214 2134 2178 2114 2178 21
Do pref
200
100 9212July 16 107 Jan 31
96
96
*95
96
97
97
*96
9512 9612 *95
212May 10
5/
1
4 Jan 9
10
4
418 *378 4
4% 418
378 375 1,300 Callahan Zino-Lead
*4
418
1
4 Aug 15
5212
52
5112 5112 5112 z5112 5112 1,200 Calumet Arizona Mining- 10 4134 Mar 31 54/
5234 5414 51
12 Mar 26
134 July 18
Case (J I) Plow
No par
*1
114
114
114 *1
114 *1
.1
114 51
100 Case Tbreehing Mach-No Par 14 Mar 19 29 July 28
2712
2712 *26
*2612 2734
2612 2612 *2812 2712 *25
972 Mar 25 17/
1
4 Feb 13
100
1312 1312 1,700 Central Leather
1334 1334 1378 14
14
14
14
143*
Do pref
100 2914 Mar 5 5234 Aug 15
4812 4912
4914 4914 4768 4978 4758 4758 4678 47% 3,300
4538 4678 13,800 Cerro de Pasco Copper_No par 40a2 Mar 31 4914July 22
4778 4812 4612 4778 4638 47
4712 48
6613 Jan 2
4112 4178
4013 4134 4013 4118 4012 4114 3618 4033 26,900 Chandler Motor Car__ _No par 3934 Aug 27
200 Chicago Pneumatic Tool _100 7978May 15 8732July 21
*8614 8634 8612 8612
*8634 87
*8614 87
*8614 88
5118July 10
39
May
12
par
Chicago
Cab__No
Yellow
1,100
453
4
4514
*46
4612
4612
47
46
*46
46
47
25 25% Mar 29 3512 Aug 18
325* 3334 20,100 Chile Conner
3538 z3418 3412 3338 34
3434 35
35
15 Mar 28 2318 Aug 20
15,100 Chino Copper
22
21
22
221g *21
22
2214 22
2134 2134
1,100 Cluett, Peabody & Co- --100 587s Sept 5 761s Jan 30
5878 59
61
6034 *59
*59
61
61
*59
*59
1
4 Aug 21
No Par 61 Apr 21 78/
767s 7312 7634 15,100 Coca Cola Co v t c
77
7712
77% 7788 763* 7718 76
1
4 Feb 15 5414 Aug 5
100 24/
Colorado Fuel & Iron
44,800
363
4
347
8
36%
3734 3834
3634 383* 3312 36% 3434
100 Columbian Carbon VI o No Par 4033July 24 6532 Jan 18
*4112 44
*4112 44
*4112 43
43
*42
43
43
403* 421s 28,400 Col Gas & Elec, new__ _No Par 33 Mar 21 4253 July 14
4012
4014 4114 4138 4218 4118 42
40
700 Commercial Solvents A No par 4312 Jan 11 6738July 16
6012 6112
*6134 62
62
62
63
621s 621*
263
No pas 33 Jan 15 60 July 16
5214 5018 9112 1,100
*52
5218 53
53
5253 5234
53
Congoleum Co
No Par 3232May 19 66% Feb 18
22,000
46
5g
45
8
48
463
48
49
4713 49
483* 50
No
par 113sMar 25 2212 Jan 14
Cigar
Consolidated
700
18
1812 18
1834 1834
*1812 1912 1812 183* .18
100 5913 Apr 24 84 Jan 15
Do pre
200
77
*76
77
76
77
7614 *74
*78
*76
77
1
4 Jan 2 7278 Aug 20
71% 7134 7018 7184 19,900 Consolidated Gas(N Y)__ _100 60/
714 7134 7118 72
7114 7153
238 Apr 22
8 Jan 5
_No par
27S _3
234 318
_18 36,600 Consolidated Textile_
318 338
318 312
3
334
100 4311 Apr 14 6013 Aug 15
13,200 Continental Can, 100
5773 5678 5712 5573 oi
5734 5918 57
5812 59
6
par
Apr
22
__No
8
Jan 16
Continental
Motors_
4,600
67
8
7
63
4
6
7
8
73
7
718
68 714
7
Corn Products Refining_...l00 15232 Jan 4 187% Jan 28
1
4 Jan 28
25 3112 Jan 15 37/
3314 16,380
New when issued
-324
3314
325*
-3311
No par 2313June 7 404 Feb 6
Co
2634 273* 26/
1
4 2634 2618 2638 26,8 2714 15,200 Cosden &
2614 27
30,500 Crucible Steel of America_ _100 48 May 13 7134 Feb 7
5614 5714 545 57
59
5834 6014 57
5918 603*
100 86 May 22 92 Feb 11
Do
pref
200
9113
*9012
91
9134 9134 *90
9134 91
.90 92
No par 1134 Apr 22 18 Feb 6
1418 1414 7,100 Cuba Cane Sugar
1414 1412 1414 1434 1414 15
*14
1412
100 53% Apr 21 714 Feb 11
Do prat
28,100
6353
6378
6512
633
4
65
654
64
6412
6413 6434
1
4 Feb 11
24,160 Cuban-American Sugar- 10 2812June 9 38/
32/
1
4 323* 3212 3338 32 . 3234 31% 3251
323* 3238
100 96 Jan 4 100 Aug 27
Do pref
200
*99
9934 *99
9934 99
*99
9934
9g1,
41sJune 16
Dominion Sugar No par
812
Feb 5
Cuban
200
9g1
/
4
.5%
*5
514
514 5,2
*5
514
100 41 Aug 29 52 Feb 5
Do pref
400
*4214 44
44
*42
44
4434 *42
*43
42711 44
No par 4634 Aug 28 7412 Jan 3
Cuyamel Fruit
10,500
5018
475*
493
4
49
503
4
48/
1
4 5012
493*
49% 50%
12,2 8,700 Daniel Boone Woolen Mills 25 11 July 31 3214 Mar 6
133* 1414 1214 1312 12
1413 147
1
4
14
14/
4112 4413 18,800 Davison Chemical v t o_No par 41 Apr 14 6912 Jan 8
42% 44
44
454 42
44
4418 45
De Beers Cons Mines-No par 1814 Jan 21 2912M& 14
21
•201s
1
4 •204 208 *197 21
*1934 20/
*20
21
100 10114 Jan 30 11012 Aug 20
900 Detroit Edison
10911 10912 10912 10912 10914 10914 109 10912
*10938 10912
Dome Mines, Ltd....NO par 15 Apr 28 204 Jan 7
2,500
1518
15
1513
1314
1413
1514 1514
1513
1514 1514
94June 9 12% Aug 27
Douglas
Pectin
1,200
11
1134 1134 •1114 113* 114 114 11
11/
1
4 117s
2,500 Eastman Kodak Co-No par 1044 Apr 21 11213 Jan 8
10934 10934 108 109
10912 11038 10978 110
•109 110
200 Eaton Axle & Spring__ _No par 11 June 19 2413 Jan 8
1178 Ills
*1178 12
12
•111* 1212 12
1
4 1212
*11/
1
4 Feb 1
Nem & Co_100 112 May 20 141/
131 13334 x12618 1303* 27,000 El du Pont de
13212 13438 13234 135
1313* 13334
Battery_No par 5012May 15 64 Feb 7
5714 5634 57% 1,800 Elec Storage
5714 5712 57
58
*57
*5712 58
1112June 20 144July 26
Elk
Horn
Coal
Corp
1312
*11%
*114 1314 *1153 1314 *1212 13,4
*114 134
%June 23
312July 29
400 Emerson-Brantingham Co_100
2
2
3
278 278 *2
.278 3
3
*2
50 5573May 0 6712 Jan 16
500 Endicott-Johnson Corp
*133
6412
6212 64
65 *6314 65
*63
*63
65
10512June
26
116
Jan 17
100
Do
pref
100
109 109 •10834 109 *10834 109 •10814 109
*10814 109
200 Exchange Buffet Corp_NO Par 1812May 21 2413 Aug 1
2034 2034 *2012 22
22
*20
22
*21
2078 2078
Playere-Lasky_No par 61 Jan 29 8712 Aug 4
Famous
37,900
7412
79
,
4
8034 8134 80% 8078 7914 8012
8114 8134
100 873* Jan 28 9712June 4
Do prof (8%)
400
05
*94
9534 9534 9534 95% 9518 95
97
54 An, 1 14 Aug 8
*95
Federal Mining & Smelt-g-100
14
•12
14
1378 *12
1378 *12
*12
*12
13
100 4112 Jan 2 5434 Aug 19
Do
pref
2,200
51
494
5134 52
52
5212 5234 52
51
5114
par
94
No
Jan 23 1.338 Jan 26
Fifth
Avenue
Bus
400
1114 1114 1034 104
*1114 12 '1113 12
1114 1114
No par 163 Jan 23 22312Mar 21
400 Fisher Body Corp
183 183
185 185 *183 190
•184 190
*183 190
98
Jan
9 10213 Mar 13
.100
Ohio
prof...
Fisher
Body
*100 1004 .100 10114 •100 10114 *100 1014 4,500 Fisk Rubber
*100 100,4
512June 6 1034 Jan 16.
No par
81z 9
913 914
638 912
8/
1
4 914
912 912
No par 4414 Jan 23 73345ept 2'
Fleischman
Co
15,400
6612
727
8
73%
73
7334 7314 7334 72
7234 7312
No Par 6612 Jan 11 88 Aug 211
20,500 Foundation Co
/8614 8712 8612 8712 8514 867s 8434 87
87
88
8 Apr 21 1373 Jan 71
No par
8
812 2,700 Freeport Texas Co
812 812
83* 85*
812 812
85* 84
par 3512May 28 494 Aug 20,
_No
CarGen
Amer
Tank
700
*4512 4614
46
*4512 4612 4612 4612 *45
4534 4612
100 31% Apr 11 478 Aug 15'
7,800 General Asphalt
4312
4012
423
4
42
423
4
44
437
8
4312
44
4312
100 714 Apr 5
85 Aug 15
Do prof
200
83
83
8312 8312 *8112 83
*8312 84
*8114 8334
Ex-rights x Ex-dIvidend,
•Bid and asked prices; no sales on this day. e Ex 300% n stook.
a
IA
-5538 -337-8 -55- iiii
2212
so
PER SHARE
Bangsfor Preview
Year 1928.
Lowest
Highest
per share $ Per share
78
Oct 11112 Apr
7734 Oct 89 Feb
16 Sept 3312 Mar
1013 July 13 Mar
13 Got 38 Mar
2813 Out 59 Feb
6434 July 7614 Dec
11412 Sept 122 Feb
1
4 Mar
4014 June 55/
Jan 97 Dee
76
94 Feb
4/
1
4 June
1032 July 2133 Jan
6114 Oct 6912 Mar
93 June 102% Mar
1
4 Mar
31% July 40/
97/
1
4 Aug 10514 Feb
48
Oct 85 Feb
92 Dee 10834 Jan
/
4 Feb
16 July 3611
324 July 854 Feb
11913 June 12834 Dee
14014 July 1614 Feb
1004 Nov 10578 Mar
140 May 13924 Feb
2713 Jan 4484 Apr
Jan
8514 July 93
484 Jan 8712 Dec
65 Oct 109% Mar
9653 Oct 111% Jan
lis Dec 34 Mar
618 Oct 1914 Feb
2434 Dec 5814 Feb
32% Oct 5212 Mar
8834 Oct 9114 Dec
104 Nov
6214 Jan 89 Mar
1
4 Oct 2913 Dee
24/
914 July 34 Mar
834 Jul) 27 Mar
99% Sept 15312 Jan
Jan
115 May 120
17 July 3512 Jan
7834 June 8912 Jan
6% Dec 2814 Apr
11013 Aug 14414 Mar
111 Apr 11634 Jan
9/
1
4 Aug 35 Mar
Jan
Oct 22
6
50 June 6214 ILIO'
1
4 Mar
4812 Dec 84/
414 June 70 Mar
10014 June 1114 Mar
87 July 974 Mar
7la Jan
334 Oct
94 Mar
3 Dec
10414 May 12112 Jan
18., Oct
414 Oct 85* Apr
100 Sept 14434 Mar
Jan
2112 Sept 43
44 Oct 11% Feb
134 June 22 Aug
127e Oct 3771 Mar
24 Feb
14 Nov
77 Aug 87 Feb
174 Sept 29% May
9012 Sept 11012 May
334 Oct 124 Feb
42 Oct 66 Mar
44 Feb
14 Oct
17 Dee 42 Mar
9% Nov 4012 Mar
2818 Nov 79% Mar
3613 Oct 5013 Mar
43 Oct 76 Mar
7513 June 90% Mar
"kisi
Mar
244 June
1434 Aug 31/
1
4 Mar
60 July 7614 Mar
6514 Oct 83% June
20
Oct 3532 May
41
Oct 514 Dec
304 June 3734 Apr
25 Apr 46 Feb
15 Apr 40 Dec
c4413 Dec 18432 Nov
14% Dec 39% Jan
60 Dec 83 Feb
5614 July 69% Feb
6
Oct 1413 Feb
42/
1
4 May 57% Dec
Oct 1214 Jan
11433 July 1601s Des
223* Sept -11i174 Mar
5713 Sept 844 Mar
8534 Aug 94/
1
4 Mar
812 Aug 20 Feb
334 Aug 8912 Dec
23 Aug 37% Feb
92 July 106 Apr
3 July
1214 Mar
30 Aug 5812 Mar
5412 July 724 Des
2O3 May
1834 Dec
10014 June
3034 May
11
1.4ot
8934 Jan
20
Oct
10614 Jan
52 July
1214 Dec
11
/
4 Dec
58/
1
4 Oct
110
Oct
1972 Dec
52 Oct
82 Oct
5 June
3414 June
714 Sept
140 July
94 July
54 Oct
3788 Feb
5813 Oct
912 July
3812 Oct
23 Aug
60 Sept
811* 1511-1
28 Mar
111 Mar
444 „Tan
1414 Awe
11584 AO
27 All/
14812 Apr
6713 Mar
2034 Jan
74 Feb
9414 Jan
Jan
118
Jan •
31
93 Jan
9934 Feb
13 Nov
604 Feb
10% Jan
21214 Jan
102% June
1012 Feb
474 Mar
78112 July
22 Jan
71% Feb
64 Mar
83 Mar
New York Stock Record-Continued-Page 3
1155
For sales during the week of stocks usually inactive, see third page preceding.
HIGH AND LOW SALE PRICE-PER SHARE. NOT PER CENT.
Saturday,
Aug. 30.
Monday,
Sept. 1.
Tbesdas,
Sept. 2.
Wednesday. Thursday,
Sept. 3.
Sept. 4.'
Friday.
Sept. 5.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1924.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Rangefor Preview
Year 1923.
Lowest
Highest
per share $ per share $ per share $ per share $ per share Shares. Indus.& Miscell.(Con.) Par $ Per share $ per share $ Per satire per awe
9734 Jan 10
100 824 Apr 3
804 June 974 Dee
8714 87/
1
4 8.7% 8738
*86
88
*8718 88
600 General Cigar,Inc
107 Jan 11 10414 Nov 110 Apr
Debenture preferred--100 100 Apr
*105 107 *105 107 '105 107 *105 107
281 Aug 4 16758 Sept 20214 Dee
100 19312 Jan
39,700 General Electric
271% 27512 28934 27218 x26018 26412 25512 263
1111July 11
Special
10 104 Apr 2
104 Oct 12 Jan
1114 1112 1114 11% xl1
1118 3,900
1114 11
12314 June 174 Apr
1614 Feb 1
1434 15
1434 15
1434 14% 1434 14% 54,100 General Motors Corp--No par 1234May 2
8614 *86
8718 Aug 21
100 80 June
8714 *86
79 July 89 Apr
Do pref
1186
8718 *88
8714
7834 July 90 Apr
8718 Aug 12
8634 *88
Do Deb stock (6%).-100 8014June
86% 8878 •86
100
8634 *86
8634
9314 Oct 105 Apr
Do Deb stock (7%)-100 92 June 1 10018 Mar 17
25 3833June
45 Aug 4 -- -- -General Petroleum
11-3-a 40'2 4j1
40 -45:114 -4018 4113 16
:56
-ioii 41
5718 5714 55
5913 Aug 19
No par 471/June
3913 June 5112 API
5712 58
5724 58
*57
58
5638 2,600 Gimbel Bros
*912 10% *912 10
*91, 10
*512 10
8 June
No par
8 Sept 1238 Feb
14 Feb 4
Glidden Co
.
10
1014
No par 2812 Apr 1
4114July 28
40 •38
- *38
*3712 39% 3712 38
40
200 Gold Duet Corp
*38
40
16 Aug 12
818 Feb 1
8 Nov 2213 June
*1514 15% *15% 15% *1514 15% 15% 15%
•15
100 Goldwyn Pictures,new_No par
15%
No par 17 June 1
2412 24
24
1738 Oct 4113 Mar
2634 Jan 10
2414 24
23
2334 24
24
2318 1,700 Goodrich Co (B F)
8218 Aug 20
100 7014May
6734 Oct 9212 Mar
Do pref
8014 80,4 8014 8014 *80
*79
81
80
8012
400
8018
35
Oct 6212 Apr
6013 Aug 19
58% 59% 59
5778 58
5814 5814 5734 58
60
4,100 Goodyear T & Rub pf v t 0-100 39 Jan
41)512 97
9712 Aug 23
100 8814 Jan
9612 9812 9614 9814 9612 9812 9612 9612
Prior preferred
88 Oct 99 Feb
600
2153 Aug 20
1934 2012 19
1834 1834 1812 1834 4,000 Granby Cons M,Sm it Pow100 124 Apr I
20
12 Oct 33 Mar
1933 1914
3 June
412 4%
438 412 *114 412 *414 412 1,000 Gray & Davis, ino____No par
94 Jan 11
*424 412
614 Dec 1558 Mar
16% 16% 1612 1812 1614 1614 16
• 1514 1612
13/
1
4 Dec 344 Mar
2,600 Greene Cananea Copper---100 10 May 16 1838 July 22
18
*64 7
534July 18 1018 Feb 6
7
7
*634 714 *634 712 *634 712
5 Sept 1413 Feb
300 Chlant8.1181110 Sugar___ _No par
_100 62 May 20 8914 Feb 7
76
76% 7558 7834 737 7512 7218 7414 13,100 Gulf States Steel tr
7538 7614
66 June 10453 Mar
37
37
3878 3712 36
3434 3614 35
88
79/
1
4 Nov 944 Feb
358 6,500 Hartman Corporation._No par 34 May 14 4434 Feb 4
3534 36
100 32%May 20 5273 Feb 4
31 July 44 Apr
3518 3512 3414 35
8514 3534
4,700 Hayes Wheel
358 357
•42
4222 42
.42
100 35 July 1 5812 Jan 3
4212 *42
4213 42
43
54 Dec 7973 Jar
42
300 Homestake Mining
*34
3418 341 3424 34
/
4 Apr 19 357e Aug 4
*34
3414
2858 July 3938 Mal
34141 34
900 Household Prod,Inc__ No par 311
3414
100 61 Apr 22 8213 Feb 5
7112 7214 71
71
72
7134 70
8,000 Houston 011 of Texas
71
7018 72
40/
1
4 Aug 78 Feb
2934 30
2914 291e 29
29% 29%
2934 2812 2912 14,600 Hudson Motor Car--No par 2012May 13 30 Aug 26
20 June 3234 Mar
*13
10 1113May 13 18 Jan 2
1312 •1278 1312 12% 12781 13
.12% 1334
1518 Dec 304 Apr
1334 1,100 Hupp Motor Car Corp
18 Jan 2
14 Jan 10
No par
%
64 Jan
%
*52
78
300 Hydraulic Steel
*58
781
13 Oct
*38
78
•714 784
914 Jan 18
638July 3
*724 734 *714 734
3/
1
4 Sept 1114 May
100 Independent Oil& Gas_No par
7% 7% *714 734
14 Aug 23
5
1
278 Jan 17
Oct 19 Mar
38
38
*38
12
%
%
700 Indlahoma Refining
14
%'
38
%
18% *17
.18
18
18
18
*17
1
4 Dee
18 Dec 19/
514 Feb 4
18 1 .17
18
100 Indian Nfotocycle____No par 1518June 6
10
*534 612
812 Apr
313 Dec
713June 18
*534 6,4
534 534
534 5341 *534 6
334 Apr 12
200 Indian Refining
36
36
•36
357 36
35% 35581 3513 3578 1,900 Inland Steel
No par 3112May 16 3814 Jan 30
3614
3118 July 4653 Apr
2918 29% 2814 29'8 28
1
4 Mar
2812 2918
2814 27
2314 Oct 43/
28
6,200 Inspiration Cons Copper__ 20 2218 Feb 28 2978Scpt 2
78
78
1
118
78
118
.34 114
118 1%,
2/
1
4 Feb 6
13 Oct 11 Feb
100
12 Apr 15
800 Internat Agricul Corp
*7
812
.712 812 •7
318May 29 10% Jan 8
81
838 858
418 Oct 3978 Feb
100
834 834
500
Do pref
10214 10312 10018 10222 100 100 I 100 10114 3,
101% 10212
Lot Business Machines_No par 83 Apr 11 10714 Aug,20
49
1
4 Aug 26
50% .1914 50'x 4934 50381 49
50
5014
31 June 44 Mat
50
8,000 international Cement__No par 4034 Apr 24 50/
2812 2718 2634 2712 2634 2731 2814 2714 29,600 Inter Combus Engine__No par 22 Mar 31 2758July 15
26
2614
19/
1
4 June 2718 Apr
9312 9434 9312 9414 9112 9312 9012 92
94
9414
66/
1
4 Oct 9812 Feb
6,100 International Harveater--100 78 Jan 3 9918 Aug 21
11112
*111
*111
1111 11014 III I*111 1111
1111 11112
100 106 Feb 26 111 Aug 22 106
Oct 11614 Jan
Do pref
300
1014 104
1038 10
6/
1
4 Jan 2 1114 Aug 18
9711 101
478 Aug 111
100
/
4 Feb
912 934
914 912 2,000 lot Mercantile Marine
4114 4234 4088 4134 3914 40%1 38% 40
4134 4212
1811 Aug 47 Jan
100 2612Mar 28 4312 Aug 21
Do pref
22,300
1814 187
1812 1834
1734 181
1713 18
1758 177 14,800 International Nickel (The) 25 1112May 9 1934 Aug 19
1038 Oct 1614 Feb
881 *87% 8812 *871
*87
8812 *87
*87
8812
100 7512May 29 89 July 9
69/4 Jan 83 June
491 4913 452 451
4912
49
4412 4534 4334 8822po
100 3413 Apr 15 59 July 15
2778 Oct 5831
4514 10,000 Internatl
Proenral Paper
/
4 Max
*7112 73
*71ls 7213 7134 713
7112 7112 *71
60 Oct 751s Jan
72
200
Do stamped preferred_100 6213 Mar 25 7412July 19
84% 84%
*82
8314 8414 841
82
8218 8118 84
100 86 Feb 1 88 Aug 27
64 Oct 7112 Apr
1,000 Internat Telep & Teleg
1212 13
1234 123
1212 13
1212 1212 1212 1234 4,900 Invincible Oil Corp__ __No par 1012July 17 16/
1
4 Jan 2
1
4 Mar
71s Nov 19/
44
44
1142
46
44
*4312 46
44
*4238 43
3213 Aug 5814 Mop
200 Iron Products Corp-No par 3913 Apr 2 5234 Jan 10
*1813 1912 .17
*1812 19
19
*1712 19
1713 1712
100 1658 Apr 15 2314 Jan 2
1538 Oct 24 Mar
100 Jewel Tea. Inc
*9114 9113
9114 9114 *91
94
*90
92
100 78 Mar 31 9318June 30
62 June 8812 Dec
9134 93
Do prat
700
2012 2012 1614 2014 1718 183e 17% 18
2034 2034
100 1614 Sept 3 2712 Jan 3
1
4 Mar
2038 Dec 63/
26,000 Jones Bros Tea, Inc
3214 32%
3218 3234 3118 32
30% 3112 2938 31
No par 2134May 20 3318 Aug 27
4,600 Jordan Motor Car
19
19
1812 1912 187 188 1712 181 *18 ' 1814 1,400 Kayser (J) Co, v t o
Stock
No par 1814 Aug 16 38118 Jan 18
- KU, 457k Feb
85
*80
*80
81
80
80
*78
80
80 80No
par 77 Aug 16 10211 Feb 11
Do 1st pref
96 July 104 Mar
200
1511 16% Exchange
1614 1634 16
934June 20 35 Jan 113
1612 158 1612 15% 1534 4,200 Kelly-Springfield Tire
25
2012 Oct 6218 Mar
*4412 5012
*4512 50
4834 4634 *42
50
100 33 June 21 88 Jan 10
*42
llpreferred
50100
Jan
78 Nov 108
94
Closed- .
*85
85
94
*85
93
*85
93
*85
100 76 May 7 101 Jan 10
93
75 Oct 11714 Mar
Kelsey Wheel.
4878
48
4812 4914 487 4914 4812 4914 24612 478 59,900 Kennecott Copper
No par 3418 Jan 21 4938 Aug 15
2933 Oct 45 Mar
134
134 Labor Day '
172 2
17
2
178
178 •1
14
Rubber__
10
138May
2
438 Jan 9
900 Keystone Tire &
153 Oct 1118 Mar
.420 430
.415 440 *425 440 *420 435 425 425
100 28712 Jan 17 440 Aug 28 177 Mar 300 Dec
'
100 Kresge(S S) Co
Holiday
99
*96
*96
*96
99 •96
99
98
•96
98
Laclede Gas L (St Louls)--100 79 Jan 2 9934July 25
75 July 89/
1
4 June
•10
11
*1012 1112
•10
11
11
11
No par
*1014 11
8 May 13 1718 Jan 11
100 Lee Rubber & Tire
111
/
4 Oct 3153 Mar
Liggett& Myers Tobacco-100 2064 Feb 18 245 Feb 9 190% may 240 Dee
•
ifizi *iii- fii- 117i4 ffil; *iii- 116- ---ioo Do prof
*iii- 1198
100 11473July 7 121 June 26 11134 Apr 11818 Jail
6312 6334 63
*63
6314
6358. *6234 8314 622 8234 1,900
New
25 50 Mar 26 6334 Aug 20
6214 6234 6214 6238 62
8238 82%
621
6133 8214 4,500
25 48% Mar 28 62% Aug 20
B new
61% 6214 *6012 61
6138 6112
6014 61
59
6012 3,100 Lima Loc Wks tern cti _No par 58 June 9 6834 Feb 9
5824 June "iii iii;
17% 17% 1738 1738 17
1714 1714
1714 17
1718 3,700 Loew's Incorporated__ _No par 1518June 25 18 Jan 1
14 June 2114 Feb
6% 6%
7
7
7
54 Apr 22
834 Jan 11
MI Loft Incorporated
6 Sept 1134 Jan
34
66
43 6(1,
627
38 64'
8
'65
•65
.66
677
66
*85
6812
iiielisc t
50 Mar 6 7213 Aug 18
364 July 6614 Dee
3912 40
391 3)7
3834 3934 3834 3934 6,400 Lorillard new
39% 40
25 3413May 15 40/
1
4 July 2 - - - *1712 20
•1712 20 *1713 20
*1818 1938 .1812 197
1714 July 17 2334 Mat 17
No pa
Ludlum Steel
*11412 118 •11434 118 *115 118 2114 114
*11412 118
100 107 Jan 2 119 Aug 1 103 May 121 Feb
100 Mackay Companies
9714 9814 9513 9712 93% 96
9734 99
10012 10134
No par 7534 Apr 14 1074 A ug 20
581s Jan 9312 Apr
21,200 Mack Trucks, Inc
*10212 104 •10214 10414 103 103
*102 104
100 9512 Jan 16 10412 Aug 18
preff:rroo
rred
IS:122
3 Jill%
s
ot o
87 July 9914 Max
200
DDoo
*9012 97
*9613 07
*9612 97
*9612 97
2d
100 87 Apr 22 9714 Aug 16
72 June 92 Max
84
6412
64
6478 6314 64
6414 6414 *6414 67
Mpp
&erCe. Ino_No par 59 May 15.8813 Jan 2
57 July 7112 Jan
3658 37
3658 3714 36
35
36
No par 2618June 14 3714 Aug 18
368 3512 36
274 Oct 3814 Max
16,(7
)(1?) Nag
acy
mitil
*2234 2314
22
2212 4122
23
23
23
2153 22
21 June 40
1,000 Mallinson(H R)& Co-No par 18 Mar 28 3134 Jan 18
Jan
*4314 4414
44
4334 4334 44% 443
44
*4312 44
3314 Mar 21 4934July 15
400 Manhattan Elea SupplyNo pa
35
Oct 66 Mar
*3434 3512
*35
3512 35
35
35
35
35
35
25 3312May 16 44 Jan 10
40
Oct 4773 Jan
900 Manhattan Shirt
28
29% 2838 2838 28
2912
29
2812 2753 2834 2,100 Maracaibo Oil Eng-ble Pa
2528 Apr 21 374 Jan 26
16 Sept 2838 Dee
32%
32
32% 3318 3214 3278 3158 3238 3134 3333 36,700 Marland Oil
No par 29 May 12 42 Feb 5
1713 Oct 59/
1
4 Apr
513 10
• *912 10
10
1014 .
812 912 *812 10
34 Nov 18 Feb
8 Jan 8 1734Mar 11
1,100 Marlin-Rockwell
No par
33
*32
33
33
33
32
33
33
*32
32
400 Martin-Parry Corp-___No par 3114June 3 3753 Jan 17
26 July 3714 Apr
41
41
40% 4112 *39
39
38
4034 39
3834 1,600 Mathieson Alkali Works- 50 295sMay 13 4673June 20
3114 Oct 6334 Mar
59% 6134
8118 62% 6018 6214 58% 6034 5612 5958 49,600 Maxwell Motor Class A100 38 Apr 14 6258Sept 2
36 Oct 6314 Max
1678 1738
16% 1712 1812 17
1878 15,2 16% 47,100 Maxwell Motor Class B.No par 1018 Apr 30 1712Sept 2
16
104 Oct 21
Apr
97% 9813
98
97% 9812 *96
9812 94
96
96
7,900 May Department Stores--100 824 Apr 21 1001 Aug 20
8753 Jan 93 Dee
*1534 16
.1578 18
1573 16
15% 16
18
16
15 May 23 1814 Jan 7
2,600 McIntyre Porcupine Mines.
15 Sept 2013 May
21
211
/
4
21
21% 2114 2178 2118 2114 20% 2138 8,600 MexicanSeaboard OIL No par 1418 Jan 3 2438 Aug 15
514 Aug 2334 May
2112
2113 *21
*21
21
2114 21
*21
2038 2118 1,300
6 Aug 2314 May
1278 Jan 3 23 Feb 6
Voting trust certificates__
24
2334 23%
24
2314 2314 2312 2312 23
2338 1,500 Miami Copper
20 May 19 25 Aug 18
a
2013 Oct 3013 Feb
1%
138
112
1%
138
138
114
138
1%
138 4,700 Middle States Oil Corp
1 Aug 14
10
312 Nov 1214 Jan
6/
1
4 Jan 2
*2634 29
.2814 29
*26
29
*2614 29
*2614 29
Midvale Steel A Ordnance. 50 25 July 17 3414 Feb 7
2113 June 3333 Apr
*6684 67
66% 6834
67
6812 8612
66% 6634 •86
100 6114June 17 71 July 11
300 Montana Power
544 June 75 Mar
3514 35%
36% 35% 38% 34
3512 3634 36
3538 38,400 Mont Ward A Co III Corp_ 10 2134May 20 3713 Aug 16
1
4 Nov
184 May 26/
24
23% 2412
24% 2312 24
2358 23% 2234 23
No par 18 May 20 2713 Feb 7
4,800 Moon Motors
1734 Jan 2938 Max
813 834
812 834
814 812
814 812
8
814 6,100 Mother Lode Coalition_No par
6 May 19
713 June 14 Feb
914 Feb 15
.13
1512
15
*13
•13
1518 *13
1512 •13
1522
Mullins Body Corp-..No par
1018 Aug 29/
9 Mar 22 18 July 24
1
4 Mar
3214 3214 .31
34
•32% 33%
*31
3378 *31
33%
3112 Oct 3613 Nov
No par 2913July 14 3914 Jan 16
100 Munaingwear,Inc
130 13212 11128 132
•125 130
128 1291 127 12934 2,300 Nash Motors Co
No
par
2
29
M13 Jan 11412 Jan
13212Sept
Apr
9611
*512 512
14 •53, 614
5% 5% *534 812 *534
50
5 Aug 6 1013 Jan 28
200 National Acme
7 Nov 1818 Feb
6878 67
6634 6738 6618 6834 66
6618 65
66
25 aou Mar 28 6913 Aug 13
3,700 National Biscuit
38 Jan 5278 Nov
*125 126 •125 126 •125 126
•125 126
125 125
100 12012 Jan 8 126 Aug 15 11812 July 125 Feb
Do pref
100
56
56
.
52
56
*52
*53
5514 5514 *53
56
100 National Cloak & Suit_ _100 44 June 5 64 Feb 1
40 Jane 6714 Feb
3712 38% 371a 3814 3612 37
3738 37%
36
3634 6,200 Nat Dairy Prod tern°Us_No pat 301s Apr 11 3933 Aug 21
30
•38
*38
3812 *38
3813 *38
3812 38
Stores
No
pat
3818
37 June 9 43 Jan 9
300 Nat Department
3434 June 4213 Apr
2412
2412 2612 2433 25/
23
1
4 241s 2458 2358 2458 7,700 Nat Enam'g A Stamping_100 1834May 20 4478 Jan 17
35
Oct 73 Mar
158 159
15414 157
156 157
15112 154
14734 152
100 12312 Apr 21 16914 Aug 15 108 July 148 Dec
6,800 National Lead
11612 11612 *11618___. 1171
*11612
/
4 11714 *11658 118
100 11112May 27 11714 Aug 21 10712 June 114 Jan
Du pref
200
601
/
4 6138 •5812 60
*58
59
59
58/
1
4 58/
1
4
400 National Supply
50 5514July 18 7212 Feb 4
5412 Oct 6812 Dee
1434 14% *1414 14/
1434 14/
1
4
1
4 1478 1478 1414 14/
1
4 2,300 Nevada Consul Copper__ 5 1178 Jan 2 1538 Aug 19
918 Oct 18/
1
4 Mar
42% 42% 4134 411
4258 4258
/
4 *41
42
40
41
1,500 NY Air Brake temp cite No par 3613 Apr 22 45 June 16
2658 Jan 4273 Nov
5012 5012
5034 51
*5012 5138 51
51
*5014 5114
No par 47/
1
4 Jan 7 5112July 19
Class A
300
454 Aug 5112 Feb
*29
32
30
30
*29
31
•29
32
30
30400 New York Dock
100 19 Jan 9 371sMay 23
15/
1
4 June 27 Apr
51
*50
*46/2 51
5013 5012 51
51
51
51
100 4118 Feb 27 554May 14
Do pref
300
37/
1
4 Aug 5113 Max
29% 3013 30
3014 30
2978 3 0
3014 *2913 30
10 22 Jan 2 3012Sept 2
32,800 North American Co
17/
1
4 May 2414 Apr
4838 4812 4818 4838 48/
481
/
4 48%
1
4 48/
1
4 z4734 4838 2,000
50 4378 Jail 2 5014July 11
Do pref
4212 July 4813 Feb
--813 Apr 25 1412 Jan 18
______ Nova Scotia Steel & Coal_ _100
1358 Dec 29/
1
4 Mar
.
8
8% -,ii- -I12 --i- --i- -;i7 Apr 11
200 Nunnally Co (The)__ __No par
9/
1
4 Feb 5
778 Oct 101
/
4 Feb
•
114
*118 11
/
4 •14
11
i's
•114
/
4 *Ds
11
/
4
138
1 July 22
1
Ohio Body & Blower...No par
433
3$ jj
Jua
ain
i3:: 2
1.4
311/4
1018 Jan
-- -- - - - - - - - _
of
Amer__
5
Jan
113
2
Okla Prod & Ref
/
1
4 Nov
31a
Feb
4.6
-.7
*6
7
'6C2 -1711
612 612 *613
4/
1
4 Mar 24
200 Ontario Silver Mining
July
914 Dee
20
20
20
2014 2012 2012 *20
*1934 2014
2012 1,000 Orpheum Circuit. be
1°°
1
18 Feb 18 21 July 29
1614 June 2158 Apr
1
4 66/
1
4 66/
*6512 67 *6614 66/
1
4 6514 6613 1,000 Otia Elevator-3
87
67
July 153 Feb
8 8No
8
814
1
4
814 8/
5° 6rel
par
lu
ng
e 11 7
i Owensu
e S
iet
v
117
5s8jMI2.11 "112
141
/
4 Mu
4212 43
4212 43
41 3
4/
338
3
78
4
4312 4312
2. S
25 3914May 29 47 Jan 10
Bottle
3658 Jan 5234 Apr
*12
38
12
58
*12
34
Pacific
38 Jan 2
14 Jan 11
214 Max
•9424 9512
*95
1
4 95
9512 94/
*9434
100 9018 Jan 4 9614 Aug 13
Pacific Gas& Electric
7338 Novi
94/
1
4 Dee
/Ex-dividend. k Par value changed from $100 to $50 And prices on that baste beginning June
'Bid and asked Prices. no sales this day
3. a Ex-rights.
$ per share
8712 8718
4105 107
272 27412
1132 1138
1478 15
.88
8714
.
86
87%
par
'
:9*,:is2 ,4542: s Otis Steel
11156
New York Stock Record-Concluded---Page 4
For sales during the week of stocks usually inactive, see fourth page preceding.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
Aug. 30.
Monday,
Sept. 1.
Tuesday, ilVednesday
Sept. 2.
Sept. 3.
Thursday,
Sept. 4.
Friday.
Sept. 5.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1924.
On Oasts of 100-share lost
Lowest
Highest
PER SHARE
Range for Preston,
Year 1923.
Lowest
High's.
$ per share $ per share $ per share $ per share $ per share $ per share Shares. Indus.& Miscall.(Con.) Par
per share per Man
$ per share
100 Pacific Mail Steamahlp__-_ 6 :
.812 912
912 912
1.1)
912
10
'812 912 *8
1 1034 Jan 9
9
7
8 m
7 July 1214 Mar
A
sa
r
yrre7
4718 4734
474 4712 46% 4714 4672 4758 17,700 Pacific 011
4734 48
45 Apr 22 6814 Feb 5
3114 Sept 5214 Dec
•1134 1178
1134 1172 4,000 Packard Motor Car
1174 1178 1134 12
1178 12
10
974 Oct 1514 Mar
1274 Jan 7
•97 10014
•85 10014 *95 100 *95 100 *95 100
Preferred
100
904 June 99 Feb
101 Aug 11
5218 5334
54
52
544 5434 5314 5412 53
44:
5334 15,900 Pan-Amer Petr & Trans_.- 50 891
1 A
53 Sera 9314 Feb
F:br 2
14 0114 Jan 2
Do Class B
5234 53% 5134 5314 5112 53% 50,700
53% 54
5134 5314
50 41
158
14m
F4
ey
b 19
4 594 Jan 2
504 Oct 88 Feb
•178 2
*178 2
Panhandle Prod & Ref..No par
•1
2
•14 2
•14 2
614 Apr
44 Jan 23
114 Oct
Parish & Bingham
No par 134 Jan 2 16 Mar 12
9 May 154 Mar
-13-4 10,300 Penn-Seaboard
1l
134
11 - 134
112 -1-73
l's - 13
St'l v t oNo par
6 Apr
414 Jan 17
14 Oct
05
24 2,500 People's L & C(Chic)_--100 9
101 10112 lova 10234 10112 10312 14
10034 101
07
212 14
342
42
13
1714
8
32mm
A
A9
aa
pa
ryr 29
5 10312Sept 4
86 Apr 9812 Dec
4813 48% 49 4914 48
3,600 Philadelphia Co (Pittab)_- 50
4818 4818
4812
5313July 14
41 July 504 Ma5
4514 4614 45
484 47
46% 47
4534 4412 4512 12,500 Philo dr Read C & I w I_No par
28
1 5278July 31
72 •138
72 .68
*88
Phillips-Jones Corp_
72 *88
72
72
.88
No par 44 May 14 88 July 14
55 Aug 80 Apr
1234 1234 1278 127s 1212 1212
800 Phillip Morris & Co Ltd.---10 11 July 10 2334 Jan 31
1278 13
•1214 13
114 July 244 Dec
32% 3312 3234 3314 3234 3314 3212 3312 24,300 Phillips Petroleum
33
3373
No par 36
138
4m
Jual; 17
3 4218 Apr 5
1914 Sept 694 Apr
1112 1114 1114 11
11
1118 11%
11
10
1012 5,400 Pierce-Arrow Mot Car_No par
121s Jan 17
64 July 154 Jan
Do pref
36
34
4,700
38 3812
36% 3512 3512 3412 3558 34
100 1818May 15 3678Sept 2
134 July 3578 Jan
134 .134 *134 178
134 134
134 134
14 134 1,200 Pierce 011 Corporation_ 25
lls Apr 3
412 Jan 22
112 July
6 Feb
25
24
Do pref
25 •2412 2634 24
2312 24
2,300
24 26
100 20 Mar 4 36 Jan 21
16 Oct 45 Jae
*58
58 *564 58 .5612 5734 57
58
500 Pittsburgh Coal of Pa
*564 58
100 53% Aug 12 8334 Mar 12
58 Jan 6774 Mar
97
*9312 97 •94
Do pre!
98 *94
97
200
96
*95 96
100 94% Aug 21 100 Apr 4
Apr
96 Oct 100
1314 1314 1353 1338 13
*13
1312 133g 1338 1,300 Pittsburgh Utilities pref._ _100
13%
9% Jan 22 1412July 10
10 July 1112 Sept
5912 13,800 Postum Cereal Co Inc__No par 4814 Apr 22 61 Sept 3
60 6078 58
5834 6034 6018 61
58 5812
47 July 134 Feb
Do 8% preferred
116 118 *116 119
300
*116 119
*116 119
100 110 Feb 7 116 Sept 3 1084 June 1144 Jan
4814 4614 46
4612 47
47 47
46 *14
15
64 14
15
913 1,400 Pressed Steel Car
100 39 Aug 6 62 Jan 26
424 Oct 814 Jan
Do pref
900
74
73 73
7312 7312 •7112 7312
7478 75
74
100 67 Aug 15 90 Feb 6 80 Oct 9934 Jan
2811 2978 3,400 Producers & Refiners Corp_ 50 2234 Apr 22 434 Jan 22
29 , 29 *2741 2878 *27
2712 2914
28
17 Nov 5814 Mat
5812 5973 57 5812 5634 5714 58% 5713 27,000 PubServCorp ofNJ new No par 39 Mar 25 59% Aug 27 414 Dec 5118 Apr
59% 59%
59
41
3 15
28
412
32 15
12
57478 12
128% 12914
29
5314
8 12812 12812 128% 12813 7.600 Pullman Company
100 11318 Apr 10 1347 Aug 12 11012 July 134 Mat
24,100 Punta Alegre Sugar
5412 5512
5312 5412
50
8778 Mar 14
4174 July 6914 Apr
9
23
2
2234 23
23 2312
'
38
23 23
4 2
234 237
53
5112
4 4,100 Pure Oil (The)
25 4
20
V4J
june 6 2034 Feb 6
1514 Sept 32 Feb
Do 8% preferred
100
9734 9734 *96 98
*9612 08
*97
*97 98
98
100 02 Jan 10 9813 Mar 13
824 Aug 100 Mar
1,300 Railway Steel Spring
12314 12312 121 121
12634 12634 125 125
12434 127
094 Oct 123 Mar
100 106 Jan 3 131 Aug 1r
Rang Mines, Ltd
3312 .3034 3312
•3118 34
*3034 3112 •3034 3312 *31
No par 30 Jan 17 334 Feb 15
2914 July 3434 Feb
7,000 Ray Consolidated Copper_ 10
134 1353 1314 1314 13
12% 1312
13% 1212 13
9 Mar 27 14 Aug 20
94 Sept 1714 Mar
300 Remington Typewriter.--_100 32/4 Jan 4 4958 Feb 5
39
38
38
39 *38
*3714 39
*3714 3812 39
24 June 4814 Mar
1st preferred
100
9012 9012 *9014 9312 *9014 9312 *9014 9312
*9014 93
100
9434 Feb 5
89 Dec 104 Feb
2d preferred
•104 10912
*104 10912 *104 10912 *109 10912 104 10912
100 90
94
1 May 13
80 Jan 99 Nov
1 10434 Aug 20
8,800 Replogle Steel
12
121g 1214 12. 1238 1173 1178 1112 12
1214
No par
Oct 314 Feb
1514 Jan 28
4658 4714 6,000 Republic Iron & Steel
4834 4953 4812 4918 4712 48
4918 49%
40% June 6634 Mar
100 42u
7141un
ne 11
7 614 Feb 11
Do prat
*88 8912
*87 90 *13718 89 •874 8814 •874 89
100 82 June 16 95 Mar 6
8434 Oct 9678 Mar
1612 17
16% 1678 1614 1634 1334 1538 1433 1474 5.800 Reynolds Spring
-No per
9r8May 13 2214 Jan 7
14 June 2974 At r
4,300 Reynolds (It J) Top Class B 25 614Mar 31 7712 Aug 22
7618 7614 7518 76
7634 77
7612 767
7614 763.
47 Jan 75 Dee
100
•120 12012
•120 1204 .120 1201 •120 12012 12012 12012
Da 7% Preferred
100 1154 Mar 25 121 June 17 114 July 118 Feb
4338 4312
4212 4234 9,203 Royal Dutch Co(N Y shares). 4112July 30 5912 Feb 5
4212 4312 4314 4373 4214 43
4014 Aug 5514 Feb
3,400 St Joseph Lead
29
29 29
2978 29
29
2912 2978 2912 29
10 22 Jan 7 3O1 July30
17 June 2314 Dec
500 Santa Cecelia Sugar. No par
213 214
2
•178 2
•134 2
2
•134 2
114 Mar 6
338 Jan 24
114 Oct
5 Feb
59% 8034 5712 8012 4.300 Savage Arms Corporation 100 82% Jan 2 6614 July31
804 6012
6012 611
*80 62
184 Jan 3512 Dec
z100 10012 9912 1003
12518 12514
99% 10014 9812 10014 6,000 Schulte Retail StoresNo par 9
763
534
4m
Aapyr 16
5 12914 AM" 7
83 May 1164 Dee
*10434 106
10512 10678 105 1051 103% 10412 101 10412 15,100 Sears, Roebuck & Co
100
10712 Aug 18
6534 June 9234 Feb
Do pref
*118 120
*118 120 *118 120 *118 120 •118 120
100 11212 Mar 26 120 Aug 22 10612 June 115 Nov
600 Seneca Copper
178 2
2
1% 178
2
*178 2
No par
•134 2
814 Jan 11
474 Oct 1212 Mar
200 Shattuck Arizona Copper__ 10
4I1Ma
A pYr 12
•718 734
1
713 718
8 July 23
714 714
5 Oct 1074 Mar
'712 714 *714 73
1618 1634
1812 1634 1612 1612 12.000 Shell Union 011
No par 1534July 17 2014 Feb
1834 1678 1634 17
1214 Jan 1914 May
1,000
Preferred
98
96
596
96
96
96
96
96
96
9612
100 9112 Jan 4 01334May 6
8912 Nov 95 May
11,400 Simms Petroleum
1318 1378
14
14
1373 1414 1338 1334 1338 14
10 104 Jan 4 1474 Mar 24
64 July 16 Feb
1,200 Simmons Co
2514 2514
25
25
No par 22 Apr 14 27 July 24
Stock
25
2514 2478 257g 24% 25
22% Dec 3478 Mar
14,600 Sinclair Cons 011 Corp-No Par 15 July 16 274 Jan 2
1718 1718
1712 1734 1712 1734 1712 1734 1712 18
16 snit 3938 Mar
Preferred
*96
9612 Exchange •83 84 •83
84
90 Jan 21
*83 84
100
8014 Aug 9918 Feb
4,000 Skelly 011 Co
1834 19
8 29 Feb 4
19
18% 19
1878 1912 19
25 77
171*July17
94 Jan 35 Mar
54
19
5,200 Sloss-Sheffield Steel & Iron 100 52 May 20 7812 Aug 20
7314 7334 Closed 7338 74
7334 7412 73
7373
3914 July 83 Dee
*70 72
*73
74
7312 75
7233 7414 7
3814 Aug 70 Dec
72
334 1,500 South Porto Rfoo Sugar__ -100 6412June 9 9578Mar 8
500 Spicer Mfg Co
1174 12 Labor Day 12
734June 20 18 Jan 12
No par
12 *1114 12 •1114 12
1134 June 274 Feb
Do pre/
100
•85 8612
90 Jan 2
*85 8612 *85 8812 *88
100
8612 8612 8612
88 Oct 9774 Feb.
.5414 59
Standard Milling
Holiday
78
912M
*5414 59 *5414 59
'05
14
61:
jualy
18
4 5
y2
17
9
238
100 3
6014 Dec 9012 Jan
10
8 6212 Feb 7
*5414 59 '
9,400 Standard Oil of California_ 25 554 Apr 21 8812 Jan 26
5778 584 567 577
5678 5778
474 July 12313 Jan
564 567s
35 3534
3518 38
304 July 444 Mu
354 3512 35
3518 13
1432
534 13
15
8%38 12,400 Standard 011 of New Jersey 25 33 May 14 4214 Jan 28
800
Do pre!non-voting__100 11514 Mar 1 11918 Aug 22 114114 Aug 11814 July
1183s 11833 . 11812 11812 11814 11812
•118 11834
500 Sterling Products
No par 5512 Apr 23 6374 Jan 2 51 June 6714 Mar
81
*81
61
8218 8112 6112 *61
81
6112 61
581
41254
Juftly 14
7 10074 Jan 12
5373 5714 5412 5714 5414 5614 52
5314 54
74 July 12412 Apr
55 43,100 Stewart-Warn Sp Corp_No pat 4
594 July 9414 Mar
8474 Jan 11
6778 71
6578 67
67
7134 6714 69
6714 5758 6,500 Stromberg Carburetor_NO par
Studebaker Corp (The)._.100 804 Apr 30 1084 Jan 8
9334 Oct 1204 Mar
3915 1634 3914 5934 39 16- "iiis 40 -8-4:100
New w I
No par 304May 20 40 Sept 4
-56T8 -39-4
5,500 Submarine Boat
7 Mar 29 124 Jan 2
7 Jan 15
No par
9
918
9
912 984
934
E04
9%
834 9
43
2 Sept
24 Jan 2
42,400 Superior 011
84 Aug 4
No par
Feb
378 418
4
4% 412
4
412
Superior Steel
100 23 July 28 3474 Jan 9 2312 Oct 34 Mar
*2818 28 • *2618 28 .2613 28
82
*2818 27
8
:
414
24
8 :_49
1
44
•. i8
3 Jan 2
178 July 22
1 June
4 Oct'
300 Sweets Cool America
10
2
2
*178 2
*134 18
1% 1%
634Mar 31
8 June 1234 Feb
No par
934 Jan 5
500 Tenn Copp az C
812 812
878 85, *814 812
814 814
7
36
3414 Nov 5274 Mar
9
8113
3144
24 4
70
4118 4134 z4018 40% 39% 4014 '
7
513
71448 10,300 Texas Company (They- 25 3734J une 7 45% Jan 30
4012 41
5314 July 65 Jan
23,500 Texas Gulf Sulphur
10 5714 Apr 21 8034Sept 30
z7834 7938 78
7834 7738 7814
7812 8034
9
914
54 Nov 244 Feb
1514 Feb 1
2,000 Texas Pacific Coal & OIL-. 10
*812 9
94 93
8% 8%
8:44.1Juun
ly
e 15
400 Tidewater 011
7 151 Feb 7 94 July 144 Mar
100 118
12414 12414 *120 12012 12014 12014 122 122
12312 12312
3314 Jan 45 Mar
7,000 Timken Roller Bearing-No Par 3112May 19 41 Jan 7
35
35
3514 35
3518 3412 35
348 3514 35
4634 Aug 784 Dec
8514 6878 8518 8612 6434 6514 6334 6514 18,300 Tobacco Pz°ducts Corp...100 53 Apr 11 7014 Feb 5
6412 8434
Do Class A
7612 July 9278 Dee
100 834 Mar 25 93l July 20
9134 92
9178 92
914 9214 9114 9214 4,700
91
91
Preferred
100 113 Feb 19 11978June 30 10434 Feb 11518 Oct
64 Jan 21
14 Oct 1418 Jan
15,000 TranscontiLental 011_ _ No par
- -4-7S - -41-2 -13-4
4'i 444
43 Jan 9 8574 Aug 42 Dec
500 Underwood Typewriter._ 25
37% 38 '3712 38
37
377g 3778 z37
1'374 38
6458 Feb 9 50 Oct 7714 Mar
424 424 41
42 43
42 4212
4212 39% 4112 1,700 Union Bag & Paper Corn-100
336363:11
8
11j6A
'
F
Le
n:b
e: 19
No pa
Apr 9
700 Union Oil
Jan
5
1
14 Jan
14
•14
14
.20 .20
14
14
*14
4
11
500 Union Tank Car
100 94 Jan 7 132 Aug 20
81 Feb 9934 mar
119 119
118 118 •117 121
118 118
117 117
11614July
23
Do
106
714
pre:
m
F
a
e
b
y
2
1
:
100
112
Jan
106
Bent
11212
*110
113
*111
114
•110
*109
11212
*110 114
United Alloy Steel
29 July 3918 Mar
No Par 214June 19 37 Feb 11
*2334 2438 *2334 2458 *2334 2378 •2314 2434
*2334 2434
86 Feb 4
100
744 Oct 8534 Feb
8414 8412 8458 8458 8412 84% 83 8414 2,800 United Drug
84
84
Do 1st preferred
50 4612May 3 49 July 1
464 Feb 49 July
200
4812
484 4834 4813 4812 *48
4812 •48
4148 4812
22412 Aug 5 1524 Jan 1874 Des
100
200 United Fruit
4is
10
10
11412 2
*214 218 *214 218 218 216 :2
10
*21412 218
16
8
4
2
8
Cast
Iron
F
Feb
j
al'
27
10912Sept
U
3
Pipe
4
70,100
az
PO
,
-100
20 July 6912 Dee
107
108
107
10814
10912
10734
10812 10914
100 8174 Jan 15 9512 Aug 30 64 June 87 Nov
Do pref
200
*9214 96 .9314 9534 .94 9634 *9412 96
9512 9512
1314 Oct 23 Jan
4 3,000 U S Hoffli Mach Corp_No par 1614Mar 28 24 Aug 2
207
38
674
21
21
21
214 2012 21
2033 7
21
21
11,700 U 8 Industrial Alcohol-___100 6114May 20 13333 Jan 31
40 June 734 Mat
72% 7314 72 7234 71
71%
73
73%
100 98 Jan 3 10334 Feb 7 9514 June 101 Mar
Do pref
100
103 103 .99 105
'•10212 105
*10212 105
1,200 U S Realty & Improv't.- 100 90 June 9 107% Feb 13 884 July 106 Mar
*94
9
'
78
4 191
98% 984 z
99 9914 99 99
9814 9814
Preferrt d_
100 June 9 109 Feb 13
500
9712 Aug 108ss Mar
08
338
15s 13
02
104 1044 104 104 •10312 10434 •13
•104 105
100 2212May 22 4274 Jan 12
17,000 United States Rubber
3014 Oct 647s Mar
364 36% 3534 3614 3512 36
35% 36
100 6612May 28 9434 Jan 10
let preferred
6,800
Do
7614 Oct 105 Jan
8878 8914 88
88% 89
8812 8134 88
8834 88%
7,800 U S Smelting, Ref & Min__ 50 1818Mar 28 36 Aug 19
184 Oct 4388 Mar
33
3434 3278 3312 32
32
3434 36
3412 3512
pref
Do
3712
Mar
22
4618July
400
50
21
384
Dec 484 Jan
107
4
5
54
44
44
4414
4414
0
4
2
8
4
45 45 ;
*4414 4518
11134 Aug 20
182,700 United States Steel Corp. 100 9414June
8514 July 10978 Mar
109% 11534 10814 10938 10714 108%
109 10934
Do pref
100 118% Feb 1 123 July 23 11614 Aug 12311 Jan
28
114 1,100
27
15s 17
12118 12118 12114 121% 12114 12112 17
•121 12112
1,200 Utah Copper
10 64 Jan 18 8134July 29
5514 Oct 764 Mar
78% 78% 7834 79% *7812 7914
7914 794
100 1658 Jan 4 3414 Sept 5
14 Oct 24% Feb
3414 25,500 Utah Securities
3138 33
3112 3278 32
32 33
3112 33
334 Feb 11
No par
2434 July 4458 Mu
27
2834 2512 2618 0,900 Vanadium Corp
277s 27 2738 28
28 284
Virginia-Carolina
300
1983'
.
11u
un
n
e
10
9
Chem.
-100
1034
4
,
14
Jan
11
17
8
014 June 27 Feb
14 178
•112 178 •112 2
178 178
Do pref
212June 9 3414 Jan 2
1,400
100
17 June 69 Mat
434 5
5
5
514 514
54 54
5
3
Ylvaudou
(V)
1,000
No
par
154
Jan
10
6
618
12
Oct 23 Mar
•5%
6
6
814
•578 6
534 578
No par 14
434.1u
Apr
iY 19
2 1714July 14
2 1,800 Waldorf System
1414 June 20 May
418
4 157
14
5718
1434 15
15
15
15
15
1478 15
800 Weber & Heilbroner___No par 1414 Jan 81 154 Mar 15
1214 Jan UN Dee
1514 1514
*1512 1534 1512 151
•1514 1534
600 Wells Fargo Express
4334 Aug 11
50
33 Dec 105 Mar
4134 4134
43
*42 4238 4238 42% *42
•42 42%
1.500 Western Union Telegraph_100 10
35
514kj
ia
an
y 11
6 118 Aug 19 10114 July 1194 Feb
*113 11412 11314 11414 11314 11314 11212 113
11218 11212
400
Wattinghouee
Air
Brake_..
96%
50
84
Jan
2
Jan
9314
28
9314
76 July 120 Feb
9312
9278
941
*93
934 9313
*93
9334
5212 June 6714 Feb
6378 837.3 63 8334 624 6312 4.000 Westinghouse Elec az Mfg_ 50 554May 15 ea Jan 22
63% 84
8373 63%
800 White Eagle Oil
No Par 2314May 12 21538 Feb 6
20 Oct 3014 Mar
142 2
6334
24
6
20
33
24
*2378 24 *234 24
23% 24
18,500 White Motor
50 5012 April 66 Aug 20
45 June 6074 Mar
6414 8514 6312 64% 6314 64
8412 65
74May 19
2 Dec 14 Feb
118
5
118
5 Jan 11
314 114
1
118 1,800 Wickwire Spencer Steel
118 118
114 114
6,200
WIllye-Overland
144
Jan
16
(Tha)
25
5 June 11 14 Dee
6
8
5
42
812 873
69
858
14
812 8%
812 9
834 9
Do prof
9,700
4
11714
2
8Mla
aYy 16
0
7 88 Jan 15
100 (18
424 Jan 83 Dec
7014 69 69%
70
704 71
7014 71
3,200 Wilson .k Co Inc
19 June 4214 Mar
28 Jan 9
No par
54 5a
7
518 5%
8
614
612 612
8
612
_ _.... Woolworth Co(F W)
100 280 Jan 4 345 Mar 24 19914 Jan 290 Dee
New w I
25 724 Apr 10 12012June 30
1137 1-1133
•Iii- 1131± iii" 1-113-4 110- 112 '10834 107 35,300
3,100 Worthington P & M
100 2314June 9 3134 Jan
19% Oct -kits Feb
2912 2914 30
29% 30% *2834 2912 29
2934 2934
900 Wright Aeronatttleal___No par
958M2y 15 1318 Jan 3
814 Jan 134 NoV
1218
12
12
12
12%
1214 1214 1233 1238 12
8754 Dec 4018 Dee
un
pe
r2
12
0 42 July 28
No par 3
44
514,A
4112 4178 4112 4158 1;700 Wrigley(Wm Jr)
4178 4178 4173 42
4112 41%
Yellow
7,000
Mar
27
Cab
Mfg
tern
8578
etfs--10
5134
50
53
53
52
5312 53 53
53
53
62 Oct "Fki ian
500 Yoimastown Sheet & T_No tfor 62 May 5 7033 Aug 20
89 .87 68
6753 6758 .67
8834 67
•65 67
•Bid and asked price: no sales On 411111 day s Ex-dividend.
72911
68, -AD-;
1157
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.
3193
BONDS.
N.Y.STOCK EXCHANGE
Week ending Sept. 5.
U. S. Government.
Eiret Liberty Loan84% of 1932-1947
Cony 4% of 1932-1947
Cony 44% of 1932-1947
1
4% of 1932-1947
2d cony 4/
second Liberty Loan4% of 1927-1942
Cony 434% of 1927-1942
Third Liberty Loan44% of 1928
Fourth Liberty Loan434% of 1933-1938
Treasury 4318 1947-1952
41930
118 coneol registered
41930
96 000801 coupon
Panama Canal 10-30-yr 28 11936
1961
Panama Canal 38 gold
State and City Securities.
N Y City-434e Corp stock 1960
1964
4;48 Corporate stock
1966
Ilk's Corporate stock
1971
6345 Corporate stock
430 Corporate stock.July 1967
1965
Corporate stock
1963
43.4s Corporate stock
1959
a% Corporate stock
1958
d% Corporate stock
1957
6% Corporatestock
6% Corporate stock reg-1956
% Corporate stock _ _ -.1957
434% Corporate stock .._ 1957
334% Corporate stock _ _ _1954
1961
New York State-48
Canal Improvement 45_ _ -1961
Highway Improv't 4145-1963
Highway Improv't 4 He--1965
1991
Virginia 2-3e
ment
Foreign G
1927
Argentine(Govt)75
Argentine Treasury 5e,1--1945
Temporary e 1 g 6s Ser A_ _1957
1943
Austrian (Govt) s f 78
Belgium 25-yr ext ci 748g-1945
Jan 1925
5-year 6% notes
1941
20-year 5189
1945
Bergen (Norway) e 6 88
1945
Berne (City of) s 188
Bolivia (Republic of) 88.-1947
Bordeaux (City of) 15-yr 68.1934
1941
Brazil, U S external 85
1952
Is (Central fly)
74s(Coffee secur) 2(flat) 1952
Canada(Dominion of) g 59-1926
1931
58
1929
10-year 534s
1952
55
Chile (Republic) ext s f 85_ _1941
External 5-year a f 81,..„.1926
1942
20-yr ext 78
25-year et851946
Oldness (Hukuang fly) 55,,i951
Cheelanla (City) 5 f 85_ _1945
Colombia (Republic) 6348..1927
Copenhagen 25-year s f 545_1944
1944
Cuba 53 01 1904
Eater debt be 1914 Ser A._1949
1949
External loan 449
1953
5348
Czechoslovak (Repub of) 88_1951
Danish Con ?qui:alp 8e"A"-1946
1946
Series B s f 88
Denmark external ef 8s..1945
1942
219-year 60
Dominican Rep Con Adm e f 58'58
Custom AdminIstf 54e_ _1942
Dutch Beet Indies ext 6s_.1947
1962
40-year 88
1953
External 530
Deposit receipts
Branch Remit. 25-yr ext 85._1945
20-yr external loan 745.A941
1945
Finland (Rep) ext 6s
Gt Brit & Ire(UK of) 545_1937
1929
10-year cony 548
1952
Greater Prague 749
1952
Halt! (Republic) 68
Hungary(Kingd of) sf 745 w I H4
/
45A925
Italy (Kilned of) Ser A 61
Japanese Govt--(loan 448 1925
Second series 44e 2
1925
Sterling loan 4e 2
1931
Temporary s f g 63.4
1954
Oriental Development 60.1953
Lyons (City of) 15-year 68._1934
Bilareeillee (City of) I5-yr 68-1934
Mexican Irrigation 448_ _ _1943
Mexico-5e of 1899 £
1945
Gold debt 45 of 1904
1954
Montevideo 75
1952
Netherlands 68 (fiat prizes)_ _1972
Norway external ef8c
1940
30-yr esti (is
1952
20-yr esti Os
1943
Panama (Rep) 548 tr recta-1953
izopto Alegre(City of)
1961
Queensland (State) extol7e 1941
25-year (is
1947
RIO Grande do Sul 88
1946
Rio de Janeiro 25-yr a f 88..1946
25-yr eat 89
1947
. 1948
El Salvador (ROM 88
1952
RaO Paulo (City) e t 8s
Ban Paulo (State) eat,I 85_1936
1942
Seine (France) ext 78
Serbs. Croata & Slovenee 85.1962
Saloons(City)(is
1936
1939
Sweden 20-year Se
01,1138 Confeder'n 20-yr st 85 1940
Switzerland Covt ext 51ts _1946
Tokyo City 5s loan 01 1912
Uruguay (Republic) ext 85_ _1946
1945
Zurich (City of) e tile
Railroad.
Ala(It Sou let cons A 68__ 1943
Ala Mid 1st guar gold 58..„ _1928
1948
Ath & Susq cony 3345
Alleg & West let g 48 gu _ _ _1998
1942
Atka Val gen guar g Is
Atch Top & S Fe-Gen g 48_1995
11995
Ad1u8tment gold Is
11995
Stamp
Stamped
1955
Cony gold 49 1909
1955
Cony 48 1905
1960
Cony 45 issue 01 1910
East Ohio Dly let 45_ _
Reeky Mtn Div let Is_ ._.1985
Trans-Con Short L let 433_1958
Cal-Ariz lst& re 44s"A"1962
1.G
Price
Friday
Sept. 5.
Week's
Range or
Lou Sale
22.3
Range
Since
Jan, 4
BONDS.
N. Y.STOCK EXCHANGE
Week ending Sept. 5.
43-
Price
Friday
Sept. 5.
Week's
Range or
Last Sale
Rana
Rindo
Jan. 1
Low
Hey!
High
Bid
Ask Low
6434
1
57
6212
Inn Arbor let g
6314 6212
11995 Q J 62
70
8475
Atl & Birm 30-yr 1515 48
e1933 MS 8312 83
,
4 8458 Aug'24
81
90
All Knott,&Cin Div 4s_ _ _1955 MN 88 Sale 87%
8914 28
8912 103
1
10058 10058
A tl Knott,& Nor 1st g 5g_ _ _1946 J O 10058
9134 94
94
All & Chart AL 1st A 443_1944 J J
9434 103 Aug'24
96 103
10111 20
1st 30-year 512 Series B
_1944 J J 10034 101 101
8612 9314
8912 60
1009733____ 101133 101132
1 981932 102142 All Coast Line let con 48_131952 MS 8914 Sale 88%
106
MN
10858
Aug'24
98933102
10612
1063
4
secured
78
107
10-year
1011232 Sale 101
101933
97
8614 9313
1944 S D 9112 Sale 9118
General unified 4He
9134 13
81% 87
3
01952 MS ---- 8512 85
L &Neon gold 48
8512
102932 Sale 102931 102931 1662 99141102"31
7314 8014
6
79
1948 J J 79 Sale 79
Atl & Deny
g 4s
65
6878
4
1948 ii 68% Sale 68/
2d 4s
1
4
68%
102131 Sale 101932 103932 15413 98 31 1034
76
/
1
4
7612
68
AO
1)
91933
106',,
801a
1
7334
1949
All
&
Yell
1st
g
guar
4s
77
104nu Sale 1049932105
313
10312 10334 A & N W let gu g Es
9612 10018
10018 Aug'24
1941 J J
10334 1033
1
102% 1029*
_ 10238 Mar'24
9614 10034
. _ Bait & Ohio prior 3413
1925 J J 9978 Sale 997
10018 61
100 Aug'23
96 100%
-937k 9
5
Registered
.
378
11925 Q J 9934 9978 9934
9934
90% ____ 937 Aug'24 8112 88%
1st 50-year gold 49
11948 AO 873 Sale 8658
8758 141
8878
9878 10134
80
Registered
4
11948 Q J 857 Sale 888
88%
10078 10114 10118 Aug 24 -1
4
8214 90/
9958 10212
10-year cony 434e
1933•S 8878 Sale 8834
8912 71
101% _-_ 10178 10178
5
J
O
8
gen
Series
1023
83
88
&
55
45
843
Refund
4
Sale
8434
8514
A_1995
4
99,
102
g 24 10-year 65
62 10018 103%
1929 J J 102% Sale 1024
1023
106E8 frii- 107 July 24
_ _ 10534 10714
9514 997s
P Jct & M Div 1st g 345-1925 MN 997 100
5
997
10638 10678 10638 Aug 24 _- 10234 11/634
998
79
8576
PLE&W Va Sys ref 4s 1941 MN 83
8358 83
8312 24
10614 10678 106% Aug 24 _- 103 10612
9612 10014
Southw Div 1st gold 3%8-1925 J J 9978 Sale 9938
63
100
10614 1063s 1063e Aug'24 _- 10234 1067g
1.5
9458
66%
70
Div
let
ref
48
67
Cin
99%
2
6712
6712
Tol
&
A_1959
6712
9914 Sale 9914
9914
2
94% 99% Battle Cr & Stur lst go 38..1989 ID 5914 64
58
62
62 Aug'24
9912 9914 Aug'24
9012 9312
1938 1.5 917 ___ 9178 Aug'24
4 Beech Creek 1st gu g 48
9618 99,
_ _ 9912 9914 Aug'24 _ -86
86
Feb'24
Registered
1936 J J 888 ___ 88
91% 9814
9814 June'24
2d guar gold 55
/
4
1936 I, 9658 ____ 104 May'21
108 Sale 106
106
2 10318 1061
-VI%
AO
10278
106
-Fir.
774
May'24
Ext
1st
g
7512
____
Cr
348_51951
Beech
108 10614 106 Aug'24
_
80% 84%
8514 90% Big Sandy 1st 45
8312 13
1944 J D 8418 8412 8312
89/
1
4 ..--- 9038 Aug'24 _ _
691
/
4
61
68
_
1
B & N Y Air Line 1st 4311955 P A 68 Sale 68
10212 June'23
/
4 10384 Bruns & W let go gold 42.__1938
8812 92
J 92
93
92 Aug'24
102/
1
4 Aug'24
_ _ 1921
11278 112% Buffalo R & P gen gold be-1937 MS 101 102 102
102
2 100 103
112% Aug'24
87
9014
1957 MN 8714 Sale 874
8
8712
Consol 448
_ _ 10412 Apr'23
/
4
9534 1011
1934 AG 9912 10012 10012 Aug'24
Burl C R & Nor let 59
- - - 7114 Oct'23
BM
Ask Low
1009932 Sale
1019932_ _
101"32 Sale
101 333 Sale
High Aro.
10094310029u
1012932Aug'24
1019932102
1019,32101932
297
____
306
884
Low
High
98nn 101"31
981731 1021932
981131 102942
989033 103
97% 102
Canada sou cons go A 511.--1982 A0 10012 10178 102
102
20
, 48 111 11638
48
0 JD 116 Sale 11512 1163
Canadian North deb e f 7s_ _ 194
1946 .1 J 11614 Sale 115
11612 58 11034 116
25
-years f deb 8348
7834 8288
8034 78
Canadian Pac BY deb 48 stock__ J J 8012 Sale 8014
90
9134
9234 ____ 913 Aug'24
Carb it Shaw 1st gold 45__ - _1932 M
70% 79%
1949.51 7818 7914 7818
7818
1
Caro Cent let con g 48
92% 9934
995* 16
Caro Clinch &0 let 3-yr 58..1938 ID 9912 Sale 9912
los58 181
96 105%
1952 J O 1048 Sale 10458 10512 63
110 11014 110
61,
11012 5
81
83
8234 Aug'24
1981 J O 8058 83
10914 Sale 1094
Cart &A0 let go g 45
10934 14
67
7514
7312
7312
2
94 Sale 9312
Cent Branch U P 1st g 48-1948 J D 7118 75
94
126
5034
J
66
Sale
631
/
4
6312
64
48_
-1961
12
New
Rag
let
go
8812 Sale 8878
Cent
90
98
96
97%
____ 975 July'24 ____
9614 Sale 96
Central Ohio 4 Si5 1930
97
1930 MS 95
99
99 10134
____ 10038
10012
943
5 ✓ A 100
7
Central of Ga let gold 58-P1194
8114 Sale 8114
83
88
MN 99 Sale 99
9514 10012
101 Sale 10034
994
5
Consol gold 55
10034 11
/
4 10318
June 1929 S D 10318 10338 1031
10118 10138 101
8 100 104
10-year secur es
10114 25
781
D 84
/
4 83%
____ 8112 Aug'24
103 Sale 10214
Chet Div put money g 48-1951
10358 55
95% 97%
9758 July'24
1035e Sale 10312 104
Mac & Nor Div 1st g 58-1946'.5 98 100
66
J 948 _ _ 94 July'23
848
7
19
10234 Sale 10234
Mid Ga & Atl Div bs
10334 92
J J 9858 ____ 99 July'24
-96- -9914
106 Sale 10578
Mobile Division 59
10634 46
9178 98
87
2 MN 9514 9712 98 Aug'24
_
_1193
10312 104 10312 10378 29
Cent RR & B of Ga coil g 581
J
1
103
34 10714
8
105
9758 Sale 9712
1057
gen
gold
1043
4
N
J
581987
104
4
Central
of
5
98
48
10258 10578
Q J 10412 105 105 Aug'24
10512 10612 106
Registered
10614 16
85
8938
41
45
1949 FA 87 Sale 8612
8712 68
43
43
Cent Pac 1st ref go g 49
1
91
95%
110 11012 110
11929 J D 95 Sale 95
95
2
110
Mtge guar gold 34s
5
8178 8634
843* Aug'24
9912 Sale 9910
Through St L let go 4s..1954 AO 8414 87
9913 20
.5.5
11514
115%
&Savannah
7s_
11618
_
1
93
___
11538
947 Sale 9414
3
6
8
Feb'24
Charleston
9514 37
97 10172
95
95/
1
4 9518 Aug'24
100
93
29 J J 9938 ____ 100
Ches & Ohio fund & impt 58_ 19
7
9932 103
18t consol gold 58
1939 MN 10112 Sale 10112
93/
1
4 Aug'24
10112
5
MN 100/
98 10014
1
4 ____ 10014 July'24
88
Registered
8814
8814
84% 90
9638 Sale 96
8812 8714
gold 44
1992 MS 88
89
9612 185
55
8
9934 Bale 997
83% 85
Registered
84% 86
85 May'24
1992 M
10012 97
108 10812 10813
8814 9612
96
112
20-year convertible 448-1930 FA 9512 Sale 9538
10914
8
108 10912 10812
8.878 103
10914 14
30-year cony secured 521_ _ -1946 AG 9812 Sale 9814
9912 204
1940 ii 98 100
111 Sale 11018
92/
1
4 9734
9734 Aug'24
Craig Valley let g 5a
111
29
10034 Sale 1003
78
82%
____ 80 July'24 -_-_-_-_
49
6 ii 80
Potts Creek Branch lot 48_ 198
1007e 317
102 102 Aug'24
79/
1
4 8334
7912
R & A Div let con g 48_ -1989'.5 8118 ___ 7912
2
_
'.5 7912 Sale 7934 Aug'24
9:13.4 Sale 91
9114
76
88%
__
24 cone,' gold 48
9
95
9534 Sale 96
95
95 July'24 __
Warm Springs V let g 58 194I MS 935g 98
9634 149
957 Sale 9512
56
6374
/
4 6212 6112
6112
4
Chic &Alton RR ref g 38_ _ _1949 A 0 611
9638 193
90 Sale 90
23 July'23
New York True Co We
"Ei: 1690 Sale 90
57
59
59 Aug'24
Stamped April 1923 interest_
9
90138
94 8
85
5
10538 Sale 10514
E1312 60
Jul'24
__
59
64
60
Stamped Oct 1923 interest.,
1067 445
10134 Sale 101
3034 44
42 Sale 42
4234 99
Railway first lien 34s-1950
104
353
88
_
881/ 88
7834 8312
279
9 J J 8112 8178 81 Aug'24
Chic Burl & Q-III Div 348_ 194
8912 19
1047 Sale 10414
J J 8878 Sale 8834
911z
se
8914 21
Illinois Division 45
105
147
10938 Sale 10912 11018 135
96/
1
4 9958
__
Nebraska Extension 4e...._ 19
95
27
8 MN 987 9912 9912 Aug'24
907 Sale 9012
MN
96 Mar'23
Registered
Re
9138 861
MS 8812 Sale 8818
85 If
907 Sale 8958
8834 139
General 4s
907
29,
9578 1013,
88 Sale 88
1971 FA 101 Sale 10058 101
32
lst & ref be
8834 380'
49
10012 101 10012 10028 31
5512
47
1
Chic City de Conn Rye Ss._ 1927 AO 4758 5112 47
1044 10578
973 9734 9712
9713 11
Chicago & East III let 68.-1934 A0 10512 ____ 1057 July'24 _
6912 7813
9738 971
/
4 9712
7112 176
C & E HI RR(new co) gen 58_1951 MN 71 Sale 7014
9712 10
9178 9914
83 Sale 8238
alio & Erie let gold 58...1982
_119
94
9974
33
102
3
87
2 MN 99 Sale 99
84
75
9212 Sale 9214
50
5712
Chicago Great West 1st 48..1959 MS 5514 Sale 55
9213 232
108
3 105% 110
Chlo Ind az Louie-Ref 66..1947 J J 10778 Sale 1077
8812 Bale 8814
8812 16
J J 9914 ____ 9914 Aug'24
953e 99%
8834 Sale 89
Refunding gold 55
90
103
8158 8578
8814 Sale 8834
C1
1199
988
488
7 J J 8478 ____ 8578 Aug'24
90
Refunding 45 Seem C
108
MN 87 Sale 87
1714 1978 29 Mar'24
8111 87
877
5
General be A
„▪ f 10014 10034 10014
20
9512 10212
5112
38
45
4018
4018 14
10034
3
General fis B
71
2112 ____ 2112
9934
30
18
__
2110 18
68
7612 75 Aug'24
Ind & Louisville let go 48_1956
90 Sale 8918
854 93 Chic Ind & Sou 50-year 45_1956• J 841
8212 88
9014 22
/
4 86
8412
8412
2
8934 10012 Chic L S & East 1St 434s-1969 J D 93 100
81% 92
9558 Sale 955
100
93
93
4
267
109%
113
4934 6054
1123* Sale 11214
11238 29
7
54
1134 S
sa
allee 7
55
114
5
75
33
14
4 13
12
C M & Puget Sd let gu 48___1949
9218 99 Ch M & St P gen g 4.513er A.e1989.5'
9812 Sale 9734
704 7514
9878 260
98 Sale 9758
9113 9828
61/
1
4 651s
9814 256
62
64% 6414 Aug'24
General gold 348 Sec 13._e1989 J
9514 100
995k _ 9914
78
84
100
e1989
28
8013 8212 81
8212 13
General43.45 Series C
92
gg
97 -98
98
98
4934 5512
2
Gen & ref Series A 4345_a2014 A0 5214 Sale 5214
538 84
110
1041
/
4
10914 Sale 10914
110
54
6218
110152
4 FA 5858 Bale 5658
35
Can ref cony Sec B bs___a2
588
41
103 Sale 103
99H 104
J D 5814 Sale 5818
104
41
5412 66
Convertible 445
613* 221
92
gg
99 Sale 9558
J D 79 Sale
99
efos se%
60
4a
9438 Sale 9434
9638 58
87% 99%
4912 80%
77
18
2
1934
.5312 Sale 4
25-year debenture 48
9312 Sale 9334
87
gra
95
60
96 100
Chic & Mo Riv Div 5e__ _1926 JJ
99 Aug'24
104 Sale 10334 104
13 100 10414 Chic & N'west Ext 48._1888-1926 FA 98% 9914 99
9632 9932
99
1
971
/
4 Sale 97
9012 10212
98
11
96
9834
__
Registered
1886-1926 ✓ A 9814 ____ 9834 Aug'24
94 103
100(8 Sale 10012 10012 79
89% 76
General gold 348
743
8
1987 MN 7438 Sale 748
79
9712
9414 938
9512 507
68% 7034
p1
6858 Jan'24
Registered
198
87
7 Q F 7038 73
8912 Sale 89
634 9012
90
652
80
881
/
4
General Is
198
97
7 MN 84 Sale 8312
85
42
87 Bale 87
88
58
76
8934
MN 8312 87
7912 86
Stamped 45
8312
8312
6
_ 10614 1047
10614 190 10178 10614
95 10514
General 5s stamped
1987 M N 10212 10312 10314
1037s
5
11514 Sale 115
116
138 111'8118
99 10414
Sinking fund (is
____ 104 June'24
1879-1929 A0 104
9814 Sale 98
9484 9862
9812 602
His 10038
Sinking fund 58
1879-1929 A0 9912 10034 9758 Aug'24 _
6514 Sale 6514
66
32
5912 6614
96 10412
10412 Aug'24
Registered
1879-119
93
29
3 AG
106 Sale 10114
106
30 10114 107
MN 10014 1017 995*
5
9713 102
Slaking fund deb 55
99
1
11212 Sale 11219 112/
1
4 17 10912 11234
MN 995 Sale 100 Aug'24 _
9814 10712
Registered
10414 108%
10-year secured 78 g
1930
108
8 J 0 10728 108 107
100
__ _ _ 10012 Aug'24
9534 10012
MS 11018 11014 110
10512 11212
15
-year
secured
854e
g
_
_
_1936
11014
7
10028 102 101 Aug'24
9854 101
".5 8212 Sale 8214
7814 84
8212 36
81% Sale nr-8158
3
'.5 ---- 8078 8112 Aug'24
7678 8112
Registered
8158
8218
8218
80
5
80 8012 Sale 8014
7358 83
old
805
8
_2_7
_
9134 9234 91% Aug'24
8
78
984 9
882
99 10158
4314 ChR
Aug'24
g:24
3
uy
ilCceRfR8Let.3g1ILd&sit
4waldytoge148.111999853841 • D 10038 10112 00 Ais
89 Sale 8814
8914 129
'PD
Registered
95s
8214 Sale 8178
8212 20
86
7911 8951
'
1)
77 WGold 34e
1951
8218 8234 8218
7912 85
8212 35
94 97%
Joint 1st ref Ss Series A_ _ _1963 J O 96 Sale 9512
96
172
8113 Sale 8314
83%
8218 85Do Series B
5
J
9514 9614
Fb:
June
424
9
7
5
7
12
1983
8112 Sale 8112
83
8112 35
7
80% 85
Memphis Div let g 48_1951 J O 8212 8412 8314 Aug'24
82
8318 81%
8218
8134 83 C Bt L & P lot cons g 55._ 1932 AO 100
2
99% 10012
___ 10038 Aug'24
98
98
97 Aug'24
9612 9912 Chic St P M &0 cons (is_ _1930
104%
1 101% 106
10412 ____ 10428
8514 Sale 8514
8514
1
980018 8
95
7318 8958
412
193
Cons 68 reduced to 348_1,
30
0J
wi
8458 Sale 8412
8458 10
95(4
83% 885e
Debenture Ss
93
-66- 7 9312 97%
9
96
178 Sale
92
94
9212
9212
3
Chic T Ft h So East 1st 58..1960 J
7712 82
80
9
7934 7912
79
'No price Friday;latest bid and asked 155=2. a Due Jan. dDue April. e "May. gDue June. hDue July. kDue Aug. oDue Oct. pDue Nov. Due Dec. *Option gals
103 Sale 10234
8112 Sale 8112
93 Sale 93
95 Sale 95
109 Sale 109
10028 Sale 10038
10734 Sale 10714
10314 87
8112 29
9358 123
9684 167
110
257
10078 31
100% 10314
78
84
8912 9414
8514 98
97 110%
06% 101
97 109
108 11034
108 112
85
94
87
91
91
9912
76
88
94 103
9958 10112
9913 10358
10034 104
9914 10334
102 10912
10238 104
94
99
102 10714
3914 4712
107 11012
9434 101)
8714 964
9334 9612
89
9312
791
/
4 8814
911
/
4 97%
94 101%
10612 10912
106/
1
4 10912
10714 111
9314 101
100 1021/
85
,
4 9234
9258 9754
92/
1
4 9512
8512 91
85% 9214
9213 109
9012 10514
8512 9112
98% 10512
10612 11134
781
/
4 9312
881/4
87
8911
9813 101
9253 977
914 9812
7653 84
2 8 9
881*
93
138
8
2
272
14a 901
49 1
92
NI' 9,
NI
1158
•
BONDS
N.Y.STOCK EXCHANGE
Week ending Sept. 5.
New York Bond Record-Continued-Page 2
Price
Friday
Sept. 5.
Week's
Range or
Last Sale
se.5
Range
Sines
Jan. 1.
BONDS.
N Y.STOCK EXCHANGE
Week ending Sept. 5.
t'
Price
Friday
Sept. 5.
Week's
Range Or
Last Sale
13
caQ
High No
High 1111mils Central (Concluded)Bid
Ask Low
Aak Low
Bid
High /Va. Low
Purchased lines 31.4e
894 9212
91 Sale 91
1952 J J 8114 8614 81 July'24
9112 14
OhMUD Sta'n let gu 404e A-1963 J
16
8312
84
Co1.141,eral trust gold 48...1953 MN 834 84
97 10112
1963 .5.5 10038 Sale 9934 10038 11
61 B
Reillstered
8018 May'24
4
11 1144 118,
1963 I' 118 Sale 118
1953 MN
118
let Series C 654e
10434 10518
Refunding Is
10358
0512 Aug 24
00le & West Ind gen g 65...51932 QM 10518
1955 MN 102 i6i7; 10173
J 7612 Sale 7618
15-year secured 554e
7112 7814
56
1934 J J 10218 10214 10214 Aug'24 32
1952
77
Consol 50-year 411
9
15-year secured 6545 g
110
9 10112 1044
15-year e I 7.55s
1935 M S 10312 Sale 0314 10312
1936 3' 110 Sale 110
Cairo Bridge gold 48
9912
94
8618 June'24
9812 Aug 24
Oboe Okla & Gulf cons 5s__ -1952 MN 9858 99
1950 J D 8658 89
Litchfield Div let gold 38_1951 J J 7078
70 Apr'24
88 Mar 17
()Find dr Ft W 1st gu 446-1923 MN
8812 9412
Louis,Div & Term g 3545 1953 3' 7712 82
79 Aug'24
9412
Cln H & D 2d gold 4548
1937 J J 9214 9412 9412
Omaha Div let gold 3s
824 8978
-_ 91
91
k1936 Q F 903
1951 FA 7038 7012 72 July'24
OIStL&CIstg4s
If_ St Louis Div & Term
/1936 Q F 89 8-9112 87 Dec 23
Registered
it 38-1951 3' 7018 7212 704 July'24
Gold 3348
86
1942 MN 8758 8812 87 Apr'24
1951 3' 7658 8214 82 July'24
Cln Lab & Nor gu 4e g
Springfield Div let g 3548_1951'.5 7818
9834 997e
CInS&Clconelstgls
1928 ii 99 10012 994 Aug'24
82 July'24
Western Lines let g 4s
87 July'24
Clear'& Malt 1st go g 58
1943 J J 9712 ____ 93 Mar'23
1951 FA 8634 88
785:3 84
Registered
Cleve CM Co dr St L gen 48_1993 J D 8234 Sale 8212
1951 FA 85
8234 16
8712 85 May'24
824 9734 Ind B & W let pref 4e
1931 J J 9658 Sale 9658
20-year deb 450
1940 AO 994 _
86 Mar'16
9634 11
9758 10414 Ind III & Iowa let it 45
2
8518
General bs Series B
1993 in 9912 106 10314 Aug'24
1950 Ii 8518 Sale 8518
'
3 9912 9978 9912
2
6 1004 104 Ind Union Ry 515 A
Ref & leapt 6s Series A
1929 J J 10234 103 10258 103
1965
9958
'5658 Sale 55
1 10158 10714 Int & Great Nor adjust 68_1952 J
1941 .5.5 10312 105 105
105
Si C
574 595
1st mortgagees certificates1952 3' 9934 Sale 9958 100
864 90
Cairo Div 1st gold 45
1939 .5.5 90 Sale 8812
77
15
90
6312 11
77
8914 Iowa Central let gold 55.-1938• D 62 Sale 62
9
Cin W & M Div 1st g 48_1991 3.5 7914 8012 793s
7938
7812 85
Refunding gold 48
2
St L Div let coil tr g g 48 1990 MN 85 Sale 8212
85
184 19
1951 MS 18 Sale 18
854 8618
Syr & Col Div lst g 4s
1940 MS 8734 9112 8612 Mar'24
87 James Frank & Clear let 431-1959 in 8412 8734 86
86
W W Val Div let g 4s
8
8678 Aug'24
1940 Ji 864
8734
10358 10918
10918 Aug'24
10918
CC&Igen cons g(is
1934
9778 10012 Ka A AGE let gu g 5s____1938 3, 9918 ____ 99 July'24
Clev, LO? & W con 1st g 58..1933 AO 9934 foo
9834 Aug'24
8438 963s Kan & M 1st gu g 48
7
96 Aug'24
CI & Mar lat gu g 454e
1935 MN 96
1990 AO 7938 Sale 794
8014
2d 20-year 55
95
99
1
1012
99 Aug 24
Cleve & Mahon Vail g 55...1938
0818 99
1927 3, 100 10014 100
91
91
KC Ft BA M cons it 68---1928 MN 10314 Sale 10314
1
91 Mar'24
til&Pgengu4l4eSerA.__.j942
10314
8412 9434 K C Ft S & M Ry ref g 4s 1036 AG 7934 Sale 7934
8012 56
8412 Aug'24
Series B
1942 AO 9618
KC&MR& 13 1st gU 5s 1929 AG 9758 ____ 97 July'24
lot reduced to 356s
1942 AG 8212 --__ 7612 Feb'12
Kansas City Sou 1st gold 38-1950 * 0 704 Sale 6914
7018 Dec'17
SerieeC 354a
1948 MN 8038
7014 56
841e
Ref &(rapt 55
84
Apr 1950 J J 8812 Sale 8818
Series D 354s
1950 P A 83 -6412 8418 Aug'24
8834 23
9011 9734 Kanst3s City Term 1st 4s---1960
'
3 8338 Sale 8278
2
97
8312 40
Cleve Sher Line 1st gu 4548.1961 * 0 9514 9712 9612
Kentucky Central gold 4s.-1987
3
834 Sale 83
Clare Union Term 554e
834
1972 A0 10412 105 10412 10434 21 10238 108
9512 10118 Kea & Des Moines let 543-1923 AG 8012 8234 83 Aug'24
23
100
be(w1)
1973 * 0 99 Sale 99
80
8412 Knoxv & Ohio 1st g 63
84
6
8412
Coal River Ry let gu 4s
1945 J D 8318 86
1925 3, 10058 ____ 10012 Aug'24
924 98
9712 15
9714 Sale 9714
Colorado & South 1st g 4s._1929 FA
801/ 8978 Lake Erie & West let it 58_1937• J
5
8814 50
8814 Sale 88
Refunding & ex ten 4548_1935 MN
994 9978 9934
9934
8658
2d gold Se
8118
J J 9312 95
AG
865
8
July'24
5
8514
857
8
94
94
Col & II V 1st ext g 48
1948
8178 8378 Lake Shore gold 33.45
'
P 78
8378 June'24
90
79
Col & Tol 1st ext. 48
7814
1997
7914 24
1955 P A 84
8134 85
Registered
18
84
4
83
84
77
77
Cuba RR 1st 50-year leg.--1952 3' 83
1997 in 7518 80
Debenture gold 45
2 101 103
1928 MS 9818 Sale 984
let ref 754s
9812 27
1936 3D 101 10238 025s 10258
25-year gold 4s
58
96
1931 MN 9534 Sale 9512
9212 9434
Registered
9334 June'24
__ 9534 July'24
Day & Mich let cone 454,3_ _1931 • J 9412
1931 MN 9178
91
834
Leh Val N Y let gu it 4%8.4940 J J 9458 -88
35
Del& Hudson 1st & ref 48_ __1943 MN 88 Sale 874
95
9412 Aug'24
924 10078
Registered
24
09
20-year conv 58
1935 AG 984 Sale 9814
1940 3, 9138-- _ 9412 July'24
974 1025s Lehigh Val (Pa) cons it 43-2003 MN
20
15-year 5549
3
1937 MN 10018 10078 0012 102
General cons 4148
3 1064 110
88
94
2 Sale
10-year secured 78
8f 8
1930 ill 10934 Sale 0958 10934
80 9718
2
2003 MN 8
81
8958 16
92 Leh V Term Ry let gu g 58_4941 A 0 10158 10212 10178
92
92 June'24 _
D RR & Bdge let gu 48 g--1936 FA 9212
102
6
6714
7914
AO
7858 101
Registered
'
3 7878 Sale 7712
Den & R Gr-Ist cons g 48..1936
9912 Jan'24
1941
724 8418 Leh Val RR 10-yr coil 6s__n1928 M S ioi" 1-63171 103
8112
8112
83
2
103
Consol gold 455s
1936• 3 82
7912 914 Lob & N Y let guar gold 4s 1945 151 5 84
Aug'24
,,
212
9014 15
Improvement gold 5s
1928 J D 9014 Sale 8914
341g 4512 Lex & East 1st 50-yr 55 gu_1965 * 0 10214 1-037
44
54
3
--.
8 1084212
let & refunding Is
1955 FA 43 Sale 43
Little Miami 45
do Registered
1962 MN 8138 ____ 8112 July'24
3414 4413 Long Dock consul @e
4212
5
4212 Sale 4212
Farmers L&Tr rail Aug '55_
it
1935 AG 10738__ 107 May'24
344 4434 Long bed 1st con gold 58...81031 Q J 100 Sale 100
43
37
43 Sale 4212
3
100
Bankers Tr ctfs of dep
33
4215
1st consol gold 4s
4178 4034 Aug'24
do Stamped
___ 10018 Aug'24
81931 Q J 921
4334
37
40 July'24 _
General gold 48
2-8812 88 Aug'24
Am Ex Nat Bk Feb '22 etre.
1938 in 8818
344 41
Gold 48
3812 June'24
do Aug 1922 ctfe
1932 in 88 ____ 89 July'24
3713 4714
4112
4112
6
Unified gold 48
41
42
Dee M & Ft D let gu 4s____1935 j
1
1949 MS 8212 Sale 8212
8212
9314 Sept'12
Debenture gold Is
Dee Plaines Val let gu 4545._1947 MS 9212 94
1934 J D 9314 ___ 9334 July'24
71
60
N 8758 -89
70
1
20-year p m deb 5s
7038 70
Det & Mack-let lien g 48_1995 J D 70
89
10
8812
1937
70
60
MS
4
•
D
70
70
Guar refunding gold 48-1949
65
68
Gold 49
1995
8178 8378 8114
5
834
8712 9312
91
17
Nor Sh B let con it gu 58_31932 Q J 9712 99
9058 9112 9038
Dot RI, Tun 4545
1961 MN
98 Aug'24 __
9938 10011 Louisiana & Ark let g 58
10012 June 24
Dul Missabe & Nor gen 5s_ _1941 J J 10034 _ _ 9978
1
9978
1927 MS
98 10034 Lou & Jeff Bdge CO gu it 45.-1945 MS 80
9978
5
DUI & Iron Range 1st Ie.__ _1937 AG 994 ____ 9978
9934-8412
- 8412 Aug'24 __
9278 Ju y 23
Louisville Oa Nashville 55
Registered
1937 AG
1937 MN 10138 104 104 Aug'24
844
76
8318
J
833
4
84
11
Unified
J
gold 45
834
Dal Soil Shore & Atl g Is.._1937
9238 Sale 9114
0212 40
1940 3
Registered
1940 3, 8734 ____ 9134 July'24 _ __.
841/ 8918
AO 8752 8914 8858 June 24
E Minn Nor Div let g
Collateral trust gold 58... -1931 MM 10178 Sate 1017e
1
10178
9912
9011
•
S
967e
964
1
964 99
10-year secured 78
E Tenn reorg ten g 58
1938
107
3
1930 MN 10658 107 lOS3s
9834 100
994 Aug 24
let refunding 53.45
E T Va & Ga Div g 5s
1930• j 9978 101
2
2003 AO 10618 10634 10612 10612
977
8
1003
4
MN
9978
100
Sale
100
3
B
Is
(when
*
0
Cons let gbld Is
issued)
1956
10234 Sale 1O2l2 10234 32
2003
9712 10012
10058 10058
3
N 0& M let gold 68
Elgin Joliet & ERA ist g 5e_ _1941 MN 100
0478 Aug'24 ____
1930 J J
10914 20 10458 10938
24 gold 65
'3 1023410234t - _ - 02 June'24
Erie let consol gold 75 ext_ _1930 MS 10875 16914 109
1930
613
4
744
7114
121
7012
7114
Sale
'.5
Paducah & Mem Div 4.3_1946 FA 8538 -88
let cons g 43 prior
1996
July'24
90
6432
61
65 Aug 24 ____
St Louts Diu 24 gold 39.-1980 MS 5918 62
Registered
1996 ii
62 Aug'24 ___
5313 66
6434 363
let consol gen lien g 48 1996 • J 6413 Sale 6258
_ 9418 Aug'24 _ __
L&N&M&MIstg4501945 MS 9318
53
59
L & N South joint M 48_ _1952 3, 82 --8314
_ 59 July'24
3
Registered
1996 J J
82
_- 82
9534 49
8812 9538
Registered
Penn coil trust gold 4e_ _1951 FA -95" Id. 9534
81952 Q J 9
77658
15 ________ 977753 Aug'24:
5434 6612 Louis, Gin & Lea gold 4149_1931 MN
65
93
60-year cony 45 Ser A_ _1953 * 0 644 Sale 63
544 6912
80
65
do Series B
1953 * 0 65 Sale 6412
5934 77
Mahon Coal RR 1st Is
7034 230
Gen cony 48 Series D
,
e8
6:24
1934 ii 10058 _ _ _ _ 9834 A
1953 * 0 6914 Sale 6914
F
8912 102
0058 101
4
Manila RR(Southern Lines) 1939 MN 60 Sale 5914
Erie dr Jersey let a1 68
1955 3' 10034 101
60
7
85
82
1
Manitoba Colonization IS..-1934 in 9712 100
844
8418
84
86
Erie & Pitts gu g 3 a B
1940 J
85
83
85
Aug'24'....
Man
'3
84
86
GB&NW let 35is.. 1941
Series C
1940 J
8214 July'24
8114
Mex Internat'l let cons 48-197'7 M S
88 Apr'22
Evans T H let gen g 5s- _1942 A0
37 Mar 13
Michigan Central 56
7912 Apr'23
Sul Co Branch let g 58_ -1930 * 0
1931 MS 10058
0034 July'24,____
1
_
9914 Oct'23
Registered
Vargo & Sou Be
1931 QM 9878
1924 J J
Apr'24 ____
88
98
98
4s
'
3
'
3 9818 ---- 98 June'24
Fla Cent & Pen let ext g 58.1930
1940
93
90 July'24
9338
9914
Aug'24
J
J
974
j
Registered
9758-__
1940
886812
Coneol gold 5s
1943
78 Mar'24 ____
8758 9412
J L & S 1st gold 330
- 94 Aug'24
1951 MS 7712
Florida E Coast let 41.4s_..1959• D 9149334
8
77
1:
11 Apr'24
8 4
4 ____
8
70
65
8
let gold 331s
6514
1952 MN 8018
Fonda J Cloy 4555
1952 MN 65 Sale 65
824
8712
AO
20-year debenture 4s
874 Aug 24
1929
9712 97% 8
Fort St U D Co let g 4Sis 1941 ii 8712 90
8
99
712
% 26
2
97
911
10034 10558 Mid of N J let ext 59
0458 Aug'24
1940 *0 8914 9934
Ft WA Den C 1st g 554s-1961 3D 10218 _
844 9434 Milw LB & West imp g 54_1929 FA 10012
9318 -1412 9412 Aug'24
101 Aug'24
Ft Worth & Rio Gr let g 4s 1928 j
107
1 10514
107
Ashland Div let 568
1925 MS 10038 foil; 100 Dec'23
Bram Elk & Mo V 1st Oa__ - _1933 AG 107 10912 07
954 10012
2
Mich Div let gold 68
100
1924.5,
10012 May'24 ____
GH&SAM&P let 5s
1931 MN 100 Sale 00
9612 100
Milw & Nor let ext 4558_1934• D "65'4 ____ 9158 Aug'24
00 Aug'24
211 eaten 58 guar
1931 J J 9934 100
89t8
9334
Cons extended 431s
1934 J D 9158 __ 92 July'24
Gal,Hous & Rend let 58...1933 A0 9214 9212 9234 Aug'24
89 100
7
Mil Spar & N W lit
9878
9912
4s-1947 MS ____ 94 - 87 July'24
1957 3.5 9958 100
Genesee River 1st s f 6s
844 92 Mild & S L let gu 3548
92 Aug'24
1941 Ji 8014
__ 8612 May'24
Da & Ala Ry let con 5s ...01945 JJ 9112 _
934 100
99 -90-3
Minn & St Louis 1st 7s
; 99 Aug'23
1927 J D 10212
_ 10212 Aug'24
1929
Ga Car & No 1st gu g 58
6034 65
1
64
let corusol gold 5s
64 64
1934 MN 564 -59
- - 59
1946 * 0 63
Gs Midland 1st 38
984 1001s
00 July'24
let & refunding gold 4s
1949 MS 18
1924 MN 100
19
Gila V G 34N 1st gu giSe
18
8
18
914
2
1
_ 9834 Fets'24
98
9854
Ref & ext 50-yr be Ser A.-1962 Q F 1358 1634 1534
1942 I) 0812
Gou & Oswegatch 58
1654
4
9038 95 M St PASSM con g 48 In?. go'38 J J 8612 874 974
94 -fie:12 94 Aug'24
1941
Gir R & lea let gu g 454s
9714
5
11634 Sale 11514 116
57 11034 116
let cons 55
1938 3, 9814 9914 100
100
2
Grand Trunk of Can deb 78_1940 AG
40 1024 1071s
10-year coil trust 654e
1931 MS 10214 Sale 10218
1936 MS 107 Sale 10634 107
103
15
l6-yeare f 68
_
8634
_ 1014 Apr'07
13s A
1946 3, 100 10238 9714 Aug'24
1947
Grays Point Ter 58
71 106 11018
let Chicago Term s f 45...1941 • N 924 95 10158 May'24 __ __
109
Great Nor gen 7e Series A 1936 3.5 1084 Sale 10838
83
0234 MSSM&A lets 48 int go..1926 J 1 9912 100
9018 9078 8034
9014 38
1961
9958 Aug'24 ___
let & ref 45le Series A
90 June'23
Mississippi Central let 5e...1949 ▪ j
1961 JJ
91
91
4
Registered
96T8 1-0-1-7s M K & Okla let guar 5s._ _ _1942 MN
1952 JJ iooE8 6;11 .13J038 10034 27
554e Series B
2
5934 70
67
67
Mo Kan & Tex-let gold 40_1990 J D "85E8 Sale 808
75
Feb 67
Green Bay .54 W deb etfa
1678
49
8
7
11
1114 Mo-K-T
153 Ser A_1962 1 J 84l Sale 8412
Feb 1058 1112 11
85
Debentures ctls -15"
23
_
40-year 4s Series B
1962• J 6958 Sale 6972
70
Greenbrier Ry let go g 49... _1940 MN 834 ____ 8412 Oct'23
3
5 "ii"
9112
'
3 10114 Sale 101
10-year 138 Series C
1932
Gulf & El I 1st ref & t g 58-b1952 3 .1 914 Sale 82
10114 54
_
734
8312
Aug'24
793
4
815
8
815
8
AO
Cum
adjust
Is
Ser
A
MN
Jan_1967
6318 Sale 634
64
Harlem R de Pt Ches let 4s..1954
515
14
834 9038 Missouri Pacific (reorg Co)
883s 8814
8812
Hocking Val 1st cons it 4148.1999 3' 88
83
84
83 May'24
let & refunding 52 Ser A..1965 FA 82 Sale 82
1999 3, 8414 90
8212 53
Registered
97 10014
99 June'24
1st & refunding Is Ser C..1926 F' A 100 Sale 994 100
H & T C 1st g be int gu
1937 J J 9912 100
29
9914 97
9612 12
let & refunding Si Ser D._1949 FA 9712 Sale 9714
9634 9612
9734 70
Houston Belt & Term 1st 55_1937 3' 9612
9812
_ 9934 Aug'24
9514
997
a
MS
General
48
MN
1975
1933
6118 Sale 6118
281
62
Hous E & W T 1st g 5a
100
100
100
5
100
Missouri Pacific1933 MN 9912 1-61lit guar 58 red
1
9414
8414 95
3478 extended at 4%....1938 MN 8958 ___ 8214
8214
2
Housatonic fly cons g 513-- - -1937 MN 9414 Sale 9414
8034 8734 Mob & hr prior lien g 5e
8612 48
1945 1
Bud & Manhat be Series A._1957 FA 8534 Sale 8534
9638 974 964 Aug'24 _ _
584 6812
6634 59
Mortgage gold 48
1945 3 .1 7414 76
1957 A0 664 Sale 6614
7612 Aug'24
Adjust Income be
92
9012
July'24
88
913
4
_
Mobile
&
3D
Ohio
new
gold
J
J
68_1927
103
____ 103
10318
2
Mots Central let gold 4s_ _1951
89
89
1st extended gold Os....h1927 Q J 10258 ____ 10258 Aug'24
1951'3 8714 -- 89 July'24
Registered
78
8314
General gold 4s
193S M 5
let gold 354s
1951'3 80 -8314 8212 Aug'24
8412 July'24 _ _ _ _
80
Oct'20
7714
-Montgomery Div let it 58_1947 FA 974 98
1951 J
9718
9712
9
Registered
7734 54l
St Louis Div 58
1927 3D 9958 Sale 9912
1951 *0 7714 -- 81 Aug'24
9912
1
Extended let gold 3588
8012 8012 Mob & Ohio coil tr g 48.-1938 MS 81
-- 8012 June'24
8178 8112
8218 19
1951 AO 7714
Registered
_
June'24
69
61
Cl
60
Mob & Mal let gu g 45
1991 MS
1951 MS 62 let gold 38 sterling
8012 June'24
2
86
86
83
8914 Mont C let gu g 65
1937 J J 110
____ 110 July 24
Collateral trust gold 48.__1952 MS 8512 86
9338 Sept'19
Registered
1937.5, 108
1952 A0
____ 13614 May'06,
Registered
894 72 "8412 9e5-2
1st guar gold he
1937 3 J 10034 ____ 10014 July'24 ____
let refunding 45_.
195 MN 8912 Sale 8818
Due June, 11 Due July. n Due Sept. o"(Oct. s Option sale
•No price Friday; latest bid and asked this week. a Due Jan, 9 Due Feb.
Rang.
Since
Jan. 1.
High
Low
7512 81
7972 864
78
80111
9934 1054
10012 104
10842 11212
85
864
694 704
7434 80
6834 72
704 79
75% 824
7558 82
8334 67
85
65
8334 87's
994
96
4018 58
904 100
57
70
1515 26
5314 8734
99
99
774 83
95 101
10013 104
7312 82
9412 674
717s
67
91
86
so% 854
82
8(04
6012 834
10014 101
9358 10014
96
87
7518 8012
7834
75
944 9834
9214 97
9134 9534
924 9611
914 944
764 83
854 Ku
10014 108
9912 9912
101 104
8214 844
99 105
8112 8111
1064 107
974 10012
934 10012
8434 881e
83
89
79
8412
9138 9334
84
89
79
86
944 99
954 1007s
7913 95
10073 10413
89
9414
8918 9134
9678 10214
10614 10834
10434 10712
9712 10514
10312 105
102 10312
8512 904
60
64
94
9534
79
85
77
77
96
975s
9834
55
964
804
9934
60
99
824
"oi"
88
98
8634 90
774 85
774 934
774 83
9214 983s
8712 8958
9912 101
ioof2 IOC
8858 9212
874 9212
8358 87
82 8612
100 1024
55
6812
1315 234
134 21
8618 9714
9734 10334
101 10334
974 1024
9112 1014
9614 994
91
88
-8-3-34
7834 87
65
7234
944 102
5134 64
7518 8514
9414 10014
8758 100
51
6214
8034 8412
9234 914
68
774
10214 1044
10034 10234
844
74
98
92
9514 10034
8438
78
8012 83,2
1084 11038
554 fa"
New York Bond Record-Continued-Page 3
. 1: •
BONDS....:3
N.Y
Y.STOCK EXCHANGE z t
...,44,
Week ending Sept. 5.
Price
Friday
Sept. 5.
'Week's
Range or
Last Sale.
"
1"18
c,so§!
Range
Since
Jan. 1.
BONDS.
N. Y.STOCK EXCHANGE
Week ending Sept. 5.
11 •
El
.k.. t
....13.,
1159
PHee
Friday
Sept. 5.
Week's
Range or
Last Sale,
4. •
gi
111
Ras
SW.
Jan. 1.
Bid
Aik Low
High No Low
High
Hiek
Hick No. Low
Bid
Ask Low
M & E let gu 844s
80
7638 80 Peoria & East hit cons do__ _1940 A 0 77 Sale 77
7738 11
2000 J 0 7758 7838 7738
67
6
77
3512
99/
1
4 10114
Naahv Chatt & St L lot 52-1928 A 0 10114 10112 10114 Aug'24 ____
21
Income 4s
1990 Apr. 33
3518 35
3538 3413
99
993
8
____
A
Apr'24 __-_
N Fla & S let gu g 58
99
99 Pere Marquette 18t Ser AS. 1956 J J 96/
1937 F
9684 44
9113 99
1
4 Sale 9614
Nat Ry of Mex pr lien 434e_ _1957 J 1 --------30 Sept'23 --__ ___
7618 817s
1st Series B 48
__.
1956 J J 80 Sale 80
8078 16
--3378 1534 July'24
July coupon on
1534 -37 Plana Bait Sr W 1st g 48
1943 MN 9012 94
8912 9924
9114 July'24 --do off--37
4512
13
- ---- 26 Nov'23 ____ ____ ____ Philippine Ry 15t 30-yr s f de 1937 J J 4312 4412 44
44
1977 A-0 --2718 July'23
General 48(Oct on)
1940 A 0 951, 9612 9514 Aug'24 --P C C & St L gu 4;38 A
93/
1
4 97
18 May'24
April coupon on
Series B 4348 guar
1942 A 0 95
18
18
9334 9538
9618 Aug'24 ___
96
24 Dec'23
off
do
88
Series C 434s guar
1942 MN 95
9412
944 May'24 -__
Nat RR Mex prior lien 430_1926 1 J --------3814 June'23 ____
_ _
Series D 4s guar
1945 MN 91 -91-12 90/
83
9034
1
4 Aug'24 --26 ____ 25 July'24 ____ ____July coupon on
8612 91
25
Series E 334s guar gold
1949 F A 9114
414
91 Aug'24 ___
34
do
off
Oct'23
8712 974
Series F guar 4s gold
1953 J 0 91
___ 9712 Mar'24 --_
let consol 4s (Oct on)____1951 A 0 --------28 Apr'23 ____
MN
_ _
8813 9112
Series CI 4s guar
1957
91 -9413 9113 Aug'24 ___
April coupon on
36
Jan'24 ____ ____Series Icon. guar 048_1963 F A
36
9612 Sale 9612
369028 9128
3
9612
do
1814 Apr'24
off
9058 9318
Series J 04,3
1964 MN 95
10
22
___ 9318 Aug'24 ___
Naugatuck RR lot 45
71
N
6678 May'23
1954 M
2
93/
1
4 101
General 58 Series A
1970 J D 100 1-0012 10012 10012
New England cons 5e
90 July'24
1945.3 1 8978
90
90 Pitta & L Erie 29 g 55
a1928 A 0 1013 ____ 10012 July'24 _-_ 100 1004
Consol Is
____ 7834 Aug'24 ____
1945J J 75
75
83 Pitts McK & Y 1st gu 68........1932J J 1034 ____ 105 Dec'23 ___ ____ -N J June RR guar let 4a _ _1986 F A 83 Sale 83
83
1
98/
1
4 100
2d guaranteed 68
8084 83
1934.3 J 102
____ 9834 Aug'24 --_
NO &N E let ref & imp 0.3s A'52 .1 J 85
8512 8512
8512
8113 88 Pitts Sh & LE 1st g 59
4
1940 A 0 10018 ____ 100/
9812 10084
1
4 Aug'24 _-_
New Orleans Term 1st 48_ _ _1953 J J 804 Sale 8014
8034 21
let consol gold 58
1943 .1 J_
7614 83
_
97
9824
_ _ 9834 Feb'24 -___
HO Texas & Mexico lot sa_ _1925 J D 10158984 10178
6
99 102
984 10258 Pitts Y & Ash 18t cons 5s......1927 MN 1001.2
13
101
__ 101
Non-cum income 58
1935 A 0 9078 If5-4 8914
9074 18
4114
1957 M N 4338 -4-8
8513 9312 Providence Secur deb 4s
40
40 June'24 --__
;38_
1945
J
gen
gu
4
.1
N & C Bdge
9218 93
92 Aug'24 ____
92
9412 Providence Term 181 48
1956 NI S 7758 ____ 7184 Dec'23 -----------_
N Y 13 & M B 1st con g 55_ _1935 A 0 9758 9812 9758 Aug'24 ____
95
9758 Reading Co gen gold 4s
1997 1 J 94 Sale 9312
49
94
874 9612
N Y Cent RR cony deb 68_1935 M N 10714 Sale 107I8
10814 167 1034 10938
Certificates of deposit
8714 92
9312___ 92 May 24 ---_
Consol 45 Series A
801e 8638
8312
8312
1998 F A 8358 84
1
8314 88
1
Jersey Central coil g 4s___1951 A 0 8618 -87
87
87
Ref & impt 414s "A'•
2013 A 0 8758 8812 8758
8812 24
8412 8978
1
4 9415
9278 68
Gen & ref 434,Ser A
1997.3 J 9212 Sale 9218
88/
Ref & impt 5s
2013 A 0 9858 Sale 9858 100
234
9533 100 Renss & Saratoga 20-yr 6s__ _1941 MN 115
NY Central & Hudson RiverRich & Dan 58
1927 A 0 9978 10012 9978 June'24 ____ -Ws -697
;
Mortgage 3345
1997 J .1 77 Sale 7434
74
8
77
7918 Rich & Meek 1st g .5a
1948 MN 6812 ____ 72 Mar 23 -----------Registered
7712 Aug'24 _
78
1997 J -I
724 7814 Rich Ter 511
913 10038
1952 J J 99
___ 10058 Aug'24 --__
9212
Debenture gold 48
1934 M N 9334 Sale 9338
84
8918 9458 Rio Grande June 1st gu 58_ _1939 J D 9012 -9214 9012 Aug'24 ____
9334 57
30-year debenture 4,
1942 1 J 8912 9012 9312
87
9334 ____
9334 Rio Grande SOD 1st gold 48-1940 J 1
24 514
312 6
314 Aug'24 ---Lake Shore coil gold 3348_1998 F A 7414 7514 7434 Aug'24 ____
70/
1
4 7714
Guaranteed
4
1940J J
7 Dec'23 ---- ---- -7212 Aug'24 _ _ _
Registered
1998 F A 72i4 74
6978 75 Rio Grande West 1st gold 48-1939 J 1 79 -82 6918
6918 84
3
6914
Mich Cent eoll gold 3;48_ _1998 F A
7512 7612 7758
7158
60
7734 13
Mtge & coll trust 4s A_ __ _1949 A 0 6914 Sale 6814
73
784
6914 18
Registered
1998 F A 7334 80
7412 8312
7414 Aug'24 ____
7214 7614 RI Ark dr Louis 1st 43'45
1934 M S 8038 Sale 7953
8038 37
N Y Chic & St List g 45
1937 A 0 924 9284 9178
894 93
21
93
Rut-Canada let gu g 48
1949 1 J 7153 7134 74 Aug'24 ---68
8378
Registered
1937 A 0 8834
8908 June'24
80/
1
4 87
1941 J J 8318 86
8818 8958 Rutland let con g 4338
87 Aug'24 -___
1931 M N 93 Sale 9318
Debenture 48
7112 77
9334 33
2
1947 J J 75
88
7514
7534 7514
9518 St Jos & Grand Isl g 4.
1027
29 69 A B C
N
8 103 10234 103
1931 M
27 10018 10318 St Lawr & Adir 1st g 58
1996.3 J 9314 9512 95 July'24 ---9114 90/
1
4
VI Y Connect 1st gu 4345 A...1953 F A 8918 Sale 8834
894 14
98
861
/
4 91
98
1996 A 0 9818
2d gold 68
98 Mar'24 ---re Y & Erie lot ext g 4s
1947 RI N 89
8812 May'24
8812 89
1931 J J 9234 -93
St L & Cairo guar g 4s
89
9234 Aug'24 ---934
____ 96 May'24 ____
Bd ext gold 4138
1933 M 9 91
9312 96 St L Ir M & 9 gen con g 58.1931 A 0 9834 9914 99 Aug'24 ---96 101
4th ext gold 511
1930 A 0 99
97 May'24
96
8312 93
1929.3 J 9114 sale 9114
97
9158 40
Unified & ref gold 45
6th ext gold 48
1928.3 D 9714
9714 Aug'24
My & G Div 1st g 45
9312 9714
76
1933 MN 8212 Sale 82
72
83
8578
N Y & Green L gu g 58
1946 M N 89
9018 8834 Aug'24 ____
8412 904 St L M Bridge Ter gu g 58-1930 A 0 9812 9934 9934 Aug'24 ---9812 9934
N Y & Harlem g 334e
784 Sale 78 July'24 ____
2000 M N
6578 7171
148
70
7634 78 St L & San Fran (reorg co)481950 J i 69/
1
4 Sale 69
N Y Lack & Western 58.._.1923 F A -------- 9934 June'23 ____ ____
8012 874
854 42
1950.3 J 85 Sale 85
Prior lien Ser B 55
__
lot & ref 55
9812 Mar'24
9853 103
1973 MN
23
1928.3 .1 10212 Sale 10212 103
9812 -Prior lien Ser C 68
9812
1st & ref 410
1973 M N 9634
874 9534
96
9312 32
1942 .1 J 98 sale 93
9612 July'24
971,
51.46
N Y D E & W 1st 78 ext
1930 M 5 --------10214 Aug'24 __
10214 10212
cum adjust Scr A 613____111955 A 0 8018 Sale 8018
72
8112
9138 233
Dock 62 Imp 58
9738 9814 9734 Apr'24 _
1943.3 J
5838 7.5
541
141960 Oct. 7334 Sale 7313
75
9724 98
Income Series AS.
N Y & Jersey lat 58
9934 100
1932 F A
9912 Aug'24 -__
9612 9934 St Louis & San Fran gen 68-1931 J J 10518 ____ 10518 Aug'24 ---9938 105¼
NY & Long Br gong 49_.1941 M S 8912 ____ 91 July'23 ____ ____ ____
1931 J .1 98
9712 100
General gold 58
____ 100 Aug'24 ---NY N H & HartfordSt L &9 F RR cons g 45_ _ _1996 J 1 9018 ____ 8212 July'23 ---- --,974
Non-cony deben 3335- -.. _1954 A 0 Si
9712 -53
51
5134
3912 55
7
Southw Div 1st g 58_ _ _ _1947 A 0 0714
9714 Mar'24 ---_
Non-conv deben 48
58/
1
4 5834 Aug'24 ____
1947 hi S 56
98 101
4412 60 St L Peo Sr NW lst gu 56-1948 J J 9934 foci loo
8
10012
Non-cony deben 3;le__ _1947 M 8 4918
55 Aug'24 ____
9118 92/
1
4
1931 M S 9212
38
55 St Louis Sou let gu g 4s
9253 Aug'24 ---_
Non-cony deben 48
5612 -58
1955.3 J
76
83
4418 61
5612 Aug'24 _
St L SW let g 48 bond ens-1989 MN 8118 Sale 8018
8118 20
Non-cony deben 4s
1956 M N 51
52
2
56
574
694 744
4312 60
2d g 4s income bond ctfs.P1989 J J 7384 75
7324 Aug'24 ---Cony debenture 3Sle
51 Sale 51
19.50.3 J
52
1932.3 D 8514 Sale 85/
39/
34
Consol gold 48
1
4 60
7778 864
1
4
8524 38
Cony debenture 138
1948.3 J 7578 Sale 7534
85
59
80
76/
1
4 40
78
1st terminal & unifying 58_1952 1 J SIT? 8212 8133
3
82
4% debentures
1957 MN 47 Sale 4678
81
73
47
8
79
7878 Sale 7858
36
497a St Paul & IC C Sh L let 4139_1941 F A
22
75 European Loan
1925 A 0 8634 Sale 8612
90
95
7038 88 St Paul E Gr Trunk 430.-1947 1 J 90
60
87
9412 Aug'24 ---Francs
1925 A 0 8312 Sale. 8312
8434 314
9134 95
1933 1 .1 9318 -94
69
8612 St Paul Minn Sr Man 4s
9434 Aug'24 ---Cons Ry non-cony 4s__1930 F A -------- 44 Apr'23 ____ --__1933 1 .1 107 10712 10718 July'24 ---7 105 108
1st consol g 68
Non-cony 45
1954 J J
5158 53
4612 -5512
5134 __
5134
Os reduced to gold 4348_ _1933 1 1 974 9734 9714
9714
954 984
2
Non-cony deben 48_1955 J J 5158 53
1937 J D 9212 9378 9212 Aug'24 ---55 Aug'24 --- r
Mont ext 1st gold 48
48
5512
8812 977
5712
2
Non-conv &ben 48__1956 J J .5158 53
5712
4212 5712
8212 8212
Pacific ext guar 45
1940 1 1 87
____ 8212 Apr'24 --„
NY & Northern lot g 50._1927 A 0 10028 _ _ _ 100 July'24 ____
9984 100 S A & A Pass let gu g 48
1943 1 i 78 Sale 7712
7834 32
7138 79
NY 0& W ref 1st g 4s_ _ 41992 M S 6578 Sale 6584
66
9928 100
____ 1011 Aug'24 ---12
60
66/
1
4 Santa Fe Pree & Phen 55_ _ _1942 M 5 100
General 4s
1955.3 D 6412 65
66 Aug'24 _
1950 A 0 8378 Sale 8218
8012 8734
8378 28
5583 66 San Fran Terml 181 48
NY Prey & Boston 4e
1942 A 0 851
854 851
1934 A 0 113734 10912 108 Aug 24 ---- 10712 108
8518 May'21 _
/
4 Say Fla & West Se
/
4
NY & Pu lot cons gu g 4s_ -1998 A 0 8078 --._ 8312 Aug'21 ____
58
8312
1934 A 0 10034 10214 10058 July 24 ---- 10013 10112
81
NY & R B 1st gold 5a
1927 M S 9918 ___ 9958 Aug'24 ____
8912 100 Scioto V & NE 1st gu g 46..1989 MN 85
8478 90
8878 894 Aug'24 ---NY Sun & W let ref 5s
1937 1 .1 66 Sale 5978
1950 A 0 701 7234 7118
6212 71
14
Seaboard Air Line g 4s
66
7
72531
55/
1
4 7234
25 gold 434e
1937 F A
54
43
5712 56 Aug'24 _
5812 73
4
1950 A 0 71
5312
71
7112 71
Gold 48 stamped
General gold 58
1940 F A 6013 Sale 6018
01949 F A 6114 Sale 61
4014 66
5
Adjustment 58
6012
62
4374 68
158
Terminal let gold Es
1943 MN 9112
1959 A 0 5514 5534 5513
8614 94
94 Aug'24
59
56
472e 5814
Refunding 48
NY W'ches & B lot Ser I 4135_'46 J J 5212 Sale 52
71
82
3912 58
5278 69
6724 85
lot & cons 6e Series A.......1945 M S 8134 Sale 8114
Norfolk Sou let & ref A 58_1961 F A 68
6112 70 Seaboard & Roan 1st 58.- 1926 J J 10078 10118 10034 10034
6
68
6812 68
9734 10024
5
Norfolk & Sou let gold 58_ _1941 MN 9338 ---- 9412 July'24 ____
89
9434 Sher Sh & So 1st gu g 58_ _ _ _1943 J D ____ ____ 3612 June'23 ---- ____ ._
Nod'& West gen gold 6s_ _ _ _1931 M N 10612
1936 F A 10112 _
107 June'24 ____ 10523 107 9& N Ala cons gu g 58
10158 July'24 ---- 101/
1
4 1044s
Improvement extg
10678 May'24 ____ 106 107
1934 F A 10714
Gen cons guar 50-yr 58_ _ _1963 A 0 10138 1-04 104 Aug'24 ---99 &
10513
New River let gold
84341 43
1932 A 0 10712
1 106 10713 So Pac Col 48(Cent Pac col)1c1949 J D 8438 Sac 84
10712 10712
814 8612
N dz W Ry let cons g 421__ _1996 A 0 8978 Sale 8834
61929 M S 9712 Sale 9714
86
9212 98
1
4 112
911
/
4
8978 168
97/
20-year cony 48
Registered
1996 A 0
8614 87
87 June'24 _
90
1934.3 D 100 10218 101 Aug'24 ---97/
1
4 101/
1
4
20-year cony 55
Mel let lien dr gen g 48.19441 .1 8734 90
90 Aug'24 ---1927 MN 101 103 103 Aug'24 ---- 101 103
NU 9078 80 Pac of Cal-Gug 53
10-25 year cony 434,.....l938 M 5 12712 12818 92 Dec'23 ____ -_9112 1011
/
4
1937 J J 9055 94 10118 Aug 24 ---. So Pee Coast 1st gu 48 g
10-year cony 68
1929 M 5 12612 Sale 12514
128%524 10612 13112
1955 J J 8858 Sale 8814
85
90/
1
4
--- So Pac RR Ist ref 48
88341 92
Pocah C & C Joint do_ HMI J D 8912 Sale 8912
Me 91 Southern-let cons g 58_ _ _ _ 1994 J J 100 Sale 9978 100
2
9518 102
53
8912
North Ohio 1st guar g NJ__ _ _1945
8814 Sale 8814
84/
1
4 91
69/
1
4 Mai
8812 10
7412 113
Develop & gen 48 Ser A_ _ -1956 A 0 7412 Sale 74
Nor Pacific prior lien 4e
19971Q .1 8514 Sale 8438
101
86
8013 8612
964 10312
/
4 10212 109
1956 A 0 102 Sac 1011
68 (w I)
Registered
783 8412
8314 Aug'24 _
1997IQ 1
1
4 81 10114 10712
1956 A 0 10638 Sale 10612 106/
834'
General Ilen gold 3e
6014 26
a2047 Q F 60 Sale 5934
5634 62/
1
4
9323 100
1
9812
Mem Div 1st g 434s-5s.,.19901 J 9812__ 9812
Registered
a2047 Q F
57
5912 Aug'24 _
60
7924 88
5912
1
4 Aug'24 ---St Louis Div lot g 4s
1951 J 1 8434 1514 84/
Ref & impt 4135 ser A_ _ _ _2047 J .1 85
86
8412
85
31
79/
1
4 8712 So Car & Ga 1st ext 048
9778 102/
1
4
1929 MN 101 10218 10238 Aug'24 ---7
tle ser B
2047.3 J 10538 Sale 10558 106
38 1011
/
4 10712 Spokane Internal 1st g 5s-1955 J J 86/
5
881
83
87/
1
4
1
4 8818 88
55 C
2047.3 .1 95
9534 9514
9055 974 Sunbury & Lew 48
9512 11
Oct'23 ---- --__ ____
1936 J J 89 ___ 91
156 D
2047.3 .1 94/
1
4 Sale 9434
9534 67
89/
1
4 97 Superior Short Lists.g
95 May'18 ---- ---„
_
e1930 M S 9718
,-St Paul-Duluth Div g 40_1996J D --------89 Feb'23 --__
-.
,. -- _ Term Assn of St L Iota 4138_1939 A 0 9314 157g 9412 Aug'24 ---9255 -9-6
St Paul & Duluth 1st 5e_ _1931 Q F 99/
1
4
-994 9614
9914 Mar'24 __
974 1004
9912 ____ 9912 Aug'24 ---1st cons gold 5
1944 F A
let consol gold 48
1968.3 D 7918
8414 Jan'23 ------------Gen refund 8 f g 4s
7884 868
8312 12
1953 .1 J 8312 Sale 8312
Nor Pao Term Co lot g 681933 J J 10914 __
1094 Aug'24 ____ 10912 104 Tex & NO con gold 58
9412 95
9412 June'24 ---,
1943 J J 9714 99
No of Cal guar g 5s
1938 A 0 10014
9114 Aug'24 _
8912 10912 Texas & Pac 1st gold 58
92 1004
8
98/
1
41
9838
1
4 100
2000 J D 98/
North Wisconsin let Se
1930.3 J 10318
100 June'24 _
97/
1
4 100
734 7318
2d gold income 58
42000 Mar 734 __ 7318 Aug'24 ---,
Og & L Cham 1st gu 48 g_ _1948 J J 7038 72
7134 Aug'24 --__
69
7312
91
1
9812
9817!
La Div B L let g 58
9811
1931 .1 J 9734 foci
Ohio Conn Ry 48
1943 M S 9012 ____ 8912 Apr'24 ____
8913 89/
1
4 Tol & Ohio Cent let gu 55_ _1935 J .1 9938 Sale 9938
2
99/
1
41
97 10012
Ohio River RR iota 55
1936 J D 9878
9912 Aug'24 _
974 994
94/
1
4 1004
Western Div let g 55
1935 A 0 9824 994 9824 Aug'24---General gold 58
1937 A 0 9758 99
9778 Aug'24 _
95/
1
4 984
9112 9612
General gold 5s
1935 J D 9312 9512 9612 Aug'24 ____
1927 J J 10058 101 101 Aug'24 ____
Ore & Cal 1st guar g 55
9914 1011
/
4 Toledo Peoria & West 48_ _ _ _1917 J J 2238 2414 2384 July'24 ---,
2212 304
_ _1946 J D 8814 Sale 88
Ore RR & Nay con g
8538 9012 Tol St L dz W pr lien g 3348_1925 J J 9912 Sale 9912
8818 16
9612 100
0
9912
4s_988..46 J J 102 104 10218
10218
Ore Short Line-let cons
1 101 10614
8214 10
76
50-year gold 45
1950 A 0 8184 8214 8178
8412
Guar cons 58
1946 J J 10218 103 10218
10212
9 1011
/
4 10638 Tol WV &0 an 434s A
9514 97
1931 J J 9738 ____ 97 July'24 ---Guar refund 45
1929 J D 974 Sale 9718
9714 48
924 98
Ws 9512
Series B 4348
1933 J J 9638 ____ 9518 Feb'24 ---Oregon-Wash 1s1 & ref 412.._ _1961 J J 8284 Sale 8238
82/
1
4 38
7938 84
__ 8612 Mar 23 ---- ____ _ _
Series 04.
1
4
1942 M S 89/
Pacific Collet Co lot g le_ _..1946 J D 78 Sale 78
78
8112 85-1
4 Aug'24 --7512 8013 Tor Ham & Buff let g 48....k1946 J D 8218 -8-711 83/
1
1938 F A
78
82
9018 Aug'24 --__
Pao RR of Mo 1st ext g 4s
5
97141
93
9v,
78
9018 ulster & Del 1st cons g 88
1928 g D 9712 sale 9617
J
extended
gold
59
1938
8912
.1
9818 Aug'24 _
26
Aug'24'---62/
1
4 70/
66
6512
lot
1
4
663
4
A
0
refunding
1952
89
9
9
/
1
4
g
4s
Paducah .12. Illa lilt Fl f 4345_1955 J J 9378 Sale 9334
9414 15
8858 94
23
9112 9813 Union Pacific 1s1 g 4s
915
911
/
4
Sale
9138
J
19471
Parte-Lyons-Med RN 6s
1958 P A 81
82
8118
83
289
85
9538 100
8412
9934 96
20-year cony 4s
1927 J J 99 Sale 99
194261
5 96 Sale 9512
Paulleta KY 78
96
9
89
9612
30008 3,3 8 8538 Sale 84/
8138 8814
1
4
85% 55
let & refunding 413
9112 9238 Aug'24 -__
Pennsylvania RR-cona g 48 1943 MN 91
104
16 100 107
/
4 104 10218
let & ref temp 58
8912 9512
02008 M S 1021
194851 N 914 Sale 9034
Conflolgold 4a
9118
6
87
93
9 10214 106
10-year perm secured 60.1928.3 J 1041- Sale 10414
10412
May 1 1948 M N 90
9114 91
91
is stamped
1
874 95 II NJ RR & Can gen 4s.__ _1944 M 9 9114 93
9214 Aug'24 -_ -8834 9214
1960 F A 98
9818 9714
Consol 4348
9812 22
90 100
Utah & Nor gold 58
1926.3 J 10018... 10018
10012
6
93 10034
1965.3 D 93 Sale 911
General 434e
/
4
9414 98
93
93
9014 994
4 93 Aug'24 -___
let extended 46
1933 J J 92 -9431968 J D 102 Sale 10hz 102
General 55
22
93/
1
4 110
Jan'24 ---85/
1
4 ____ 85
85
1955 F A
85
Vandalla CODA g 48 Ser A
1930 A 0 109 Sale 109
10914 20 101 11014
10-year secured 7e
89
85
M N 8534 ____ 89 Mar'24 ---Series B
Consol
45
1957
1936 P A 10924 Sale 10934 110
55 10758 11078 Vera Cruz de P Ist gu 4138_ _ _1934 J J --------36 June'23
15-year secured 83.4,
Pennsylvania Co26 Apr'24 ---July coupon on
25:13
2
-6-1;
M
S
trust
reg
A_I937
8518 8578 8614
8614 10
Guar 3 9 C011
8614 8614 Verdi V I & W lot g 58
1926 M 9 9958 10012 9912 Aug'24 ---- 9914 994
8 8314
8314
8338 84
4
Guar 3 WI coil trust Ser B-1941 A A 8318 84,
97 10072
Virginia Mid Series E 58.-1926 M S 10018 10038 10014 Aug'24 ____
etre
C._
_
_1942
D
trust
8114
Aug'24
813
4
8312
;48
_-__
8138 81%
Guar 3
1936 MN 9912 9978 9912 Aug'24 ___General 55
98 100
D 82 ____' 8234 Aug'24 --__
81 14 8314 Va & Southern 1st gu 58_2003 J J 95
Guar 333s trust aft; D_._ _1944
96/
1
4 9612 Aug'24 -___
924 97
905 954
Guar 15-25-year gold 4e....1931 A 0 948 __' 95 Aug'24 ___
844 8418 Aug'24 ---,
1958 A 0 83
let cons 50-Year 5s
764 8812
70
105?
8512
PA
85
____
Aug'24 ____
Guar 45 9••• u'
83/
1
4 8718 Virginian 1st 55 Series A _ _ _ _1962 M N
9512 Sale . 95
9524 121
924 9714
•No price Friday;latest bid and asked,a Due Jan, c Due March, 5 Due April. eDue May. oDue June. hDue July. kDue Aug. oDue Oct. pDue
Deo. a Option sale
1160
BONDS.
II. Y.STOCK EXCHANGE
Week ending Sept. 5.
New York Bond Record-Continued-Page 4
t3•
Fried
Friday
Sept. 5.
Week's
Range or
Lag Sale.
Bangs
Since
.Tan. 1.
BONDS.
N. Y. STOCK EXCHANGE
Week ending Sept. 5.
Pries
Friday
Sept. 5.
Week's
Range or
Last Sale.
ig
Rants
Slue
Jan. 1.
High
High
Mob No Low
Ask Low
Bid
SW No, Low
Ask Low
80
84/
1
4 93
9812 101
Wabash let gold Si
Det United let cons g 148_1932 .1 .1 9134 Sale 9112
7
26
1939 M N 10038 Sale 10038 10034
93
5418
40
8718 9818 Distill Sec Corp cony 1st g 55 1927 A 0 32
516 gold Si
8
93
1939 F A 9234 9314 9234
40 July'24
40
38
75
54.7s
68
lit lien 50-yr g term 4s
Trust certificates of deposit.......
74 Aug'24
384 Aug'24
1954 J J 7314 75
6438 8418
97
9914 Dominion Iron de Steel be__ _1939
Del dr Ch ext let g 5e..
1941 .1 .1 0818 ____ 9878 Aug'24
65
6614 65 Aug'24
9212
81
7212 8414 Donner Steel 7s
Des Moines Div let g 4s 1939 J J 8012 8114 7212 Aug'24
7
1942.1
8418
85
8418 85
9213
91
6734 7312 du Pont (E I) Powder 448_1936 J D
Om Div 1st g 34a
1941 A 0 71
724 72 Aug'24
8912 Aug'24
77% 82 duPont de Nemours& Co 7448'31 MN 108 Sale 10778 10812 63 1067s 1087s
Tol & Ch Div g 48
82 Aug'24
1941 M
82 100
Warren let ref gu g 34s
Duqueane Lt 1st & coll 6s
744 May'23
2000 F A
1949 J .1 10438 Sale 10414
105/
1
4 109 10338 101318
-Has -861-2 East Cuba Hug 15-yr et g 744s'37 MS 1064 Sale 10614
8612 Aug'24
Wash Cent let gold 48
1948 Q M 8112 89
228 10318 111
107
894 90/
1
4
9918 99% Ed El III Etkn let con g 4s 1939 .1 .1 90
W 0& W let cy gu 48
1924 F A
9938 July'24
9014 90 Aug'24
9812 10118
80% 89 Ed Elee Ill let cons g 5s
8212 Aug'24
Waah Term lst gu 34s
1945 F A 8212
1995 .1 J 10018
10012 Aug 24
9934
733
96
4 8814 Elk Horn Coal cony 6s
1945 F A 8814
let 40-year guar 45
74 July'24
1025.1 D
9934 Aug'24
8878 97
9518 Empire Gas & Fuel 7.4e
90
9312 Aug'24
W Min W & N W 1st gu 5431930 F A 9278 94
1937 M N 96 Sale 934
9614 354
8512 Equit Gas Light 5s
58
9334 9884
1952 A 0 6414 Sale 6414
West Maryland let g 4e
6412 36
4
1932 M
9812 Sale 981•
98,2
97% 10114 Federal Light & Trac
98
2
93
West N Y
Pa let g 581937 J .1 9918 99% 9912
9912
M S 9638 Sale 96
9612 16
7812 81
9812
1074
81
80 Aug'24
1943 A 0 80
Gen gold 4s
78
5
1953 M
104
1034 10434 104
7912 9314 Fisk Rubber lst a 88
9818 10512
Weertern Pao let Ber A 58_1946 M S 91% Sale 8978
9212 495
Sale 10338 104,8 12
1033
4
7738 81
92/
1
4 10112 Ft Smith Lt & Tr lst g 5a1
10118 Sale 10012 10118 22
1946 M
B 68
M S 79
1936
941 MEI
81 Aug'24
82
3
8438 9712
78/
1
4 85 Frameric Ind & Dev 20-yr 730'42 J J 9512 Sale 95
West Shore lit 48 guar
2361
8312
J 8114 83 82
33
96
11
7714 88% Francisco Sugar 73
Registered
2361 3 .1 7912 8114 7912
80
M
13 10118 10778
581
1949
2j
-Is
103
103
Sale
103
9838 1004 Gas& El of Berg
9575
Wheeling & L E let g 5a1926 A 0 10012 -- 10014 Aug'24
94
10 9578 9578 Aug'24
98 10018 General Baking let 25-yr 68_1936 .1 D 104
Wheeling Div let gold 58-1928 J .1 9812 100 100 Aug'24
2 101 1044
10414
____ 104
9438 Gen Electric deb g 34a
94
8334
Eaten & impt gold 58
80
1930 F A 9418 10018 94 Mar'24
1942 F A
Aug'24
83
534 681s
5
Refunding 440 Series A 1966 M S 6418 65% 65
6514
Debenture 58
10412 10434 18 100 10434
104 - _
75 Gen Refr 1st a f g 6s Ser A 195
9814 1007s
RR let consol 48
60
1949 M $ 7018 7078 70
7018 11
MS
A 99
10
32 F
100
9912 99
70 Goodrich Co 64s
8
49
Wilk & East 1st gu g 58
19423 D 6312 Sale 6314
933s 10013
6312
26
98
9738 Sale 97
99 101
Will & S F Ist gold 58
11412
119
19383 D 10012 10134 10012 Aug'24
Goodyear Tire az Rub 1st f 88'4
4
7.1
111
43
19 1
10578 Sale' 11814 11812
84%
81
Winston-Salem SB lit 48..._1960 J J 8238 ____ 8412
10-year f deb g 88
84,2 10
51931 F A 11814 11812 1051
10714 61 100 10714
92
5
76% 8414 Ors
91
Ms Cent 50-yr let gen 4s....1949.1 J 8212 Sale 8134
atnabz
82,2
,
C
ed
ons M & P con 65 A'28 MN
Aug'24
91
90
94
10
77
8734
Buy & Dul div & term let 48'36 M N 83 Sale 82
83
20
94
9312 Sale 9314
INDUSTRIALS
89
98
Cony debenture 85
5
193
28
5 M N 9612 97
98
977
8
8534 Gray & Davis75F
78
83
4
Adams Express coil tr g 411948 M S 83 Sale 83
78
96
NI N
A 80
9312 80 Aug'24
7434 95 Great Falls Power lit it 58994302
9212 20
Ajax Rubber 85
98 1021s
1936 J
9134 Bale 9112
5
9978
9978
9978 105
538 712 Hackensack Water 43
518 512 518 Aug'24
Alaska Gold 51 deb 68 A_1925 M S
7914 8234
8234 Aug'24
8234
518 712 Havana El Ry L P gen 58 A 19
_518 752 512 Aug'24
811
/
4 8613
1926 M S
Cony deb 68 series B
95
84
25
M
Aug'24
86
847
8
84
9834 Havana Eleo consol g 5s
9812 14
94
95
92
Am Agile Chem let 58
1928 A 0 9812 Sale 98
1952 F A 9414 Sale 94
8
9414
82 101
1
4 189
94/
1941 F A 9314 Sale 93
let ref s f 7340 g
Hershey Choc let s f g 6s
1942 M N 10378 Sale 10234 104
20 101 104
8412
20
914 964 Holland-Amer Line 68 Ulan -1947 MN
96
72
9612 9534
American Chain 65
1933 A 0 96
4
81
8034
82
8012
9014 Hudson Co Gas let g 5s_ _1949 MN
82
5
90
8912
9414 9734
8912
Am Cot 011 debenture 56_1931 M N 89
9714
1
4 Humble 011 & Refining 53-48.1932.1 .1 9714 -.- 97,4
963
0
100
Ant Dock & Impt gu 6s
19361 .1 10612 10734 107 Aug'24 _ _ _ 10612 107/
44
9934 Sale 9934 100
9312 98,4
87% 97% Illinois Bell Telephone 5s
19
92
Amer Republics 8a
1937 A 0 9112 9238 9134
195
936
6 .m
/ D
N 9634 Bale 06%
85
97
9155 95% Illinois Steel deb 43
914 95
58
94
1940 A 0 9334 Sale 9338
Am Sm&R.let 30-yr 58 Der A1947 A 0 9318 Sale 93
-Is
9478 22
1013
4
10612
887s
9
82
104
103
Sale 10278
Ind Nat 0.140 58
1947 A 0
Sin
7
88
88 Sale 8734
96% 102% Indiana Steel let 5s
10034 64
Amer Sugar Refining 68__1937 J .7 1008 Sale 100
1952 M N 10114 10214 10138
5 Um 10312
10112
9212 98 Ingersoll-Rand 1st 58
100 100
Am Telep & Teleg con tr 48_1929 J .1 9714 Sale 9714
973s 137
919351.1 J 9834 102 100 Aug'24
93 Interboro Nletrop coil 448_ .1958;A 0
87
104 11
9134
4
9138 9112
1936 M S 88
Convertible 4s
1078 June'24
11
14
1
4 109 Interboro Rap Tran let 55-1968'J J
5 100/
5834 7114
1933 M S 10134 Sale 10512 107
20-year cony 44s
41
66
6512 Sale 6538
68%
102%
9718
7214
125
100
102
1946 J D 100 Sale
80-year coil tr 58
Stamped
6538 38
65% Sale 85
9714 10234
10214 152
5418 7214
1943 M N 102 Sale 10118
10-year 8s
20-years f 54s
6738 35
67 Sale 67
9278
3 1124 123
83%
11918
119
7s
1925 F A
7-year convertible 138
MM
88% 93
8812 Sale 88
844 94 Int Agric Corp bet 20-yr 53__111999333222 A
46% 7012
0112 15
Am Wat Wka & Elec 5s__1934 A 0 9112 Sale 91
6812 6714 Aug'24
36
57 Inter Mercan Marine sf6s 1941 A 0 62
7912
90
50 1
2
Am Writ Paper a f 7-6s
1939 .1 .1 49 Sale 49
41
884
88 Sale 88
944 987s International Paper 5a
88
83
9814 227
Anaconda Copper 138
1953 F A 98 Sale 9778
1947 .1 J 8578 Sale 84/
8618 24
1
4
9412 10114
225
8318 85
let & ref .55 B
101
1938 F A 10014 Sale 10014
75
84 Mar'24 -83/
1
4 877s Jurgens Works6s(flat price)_1
8512' 25
7312
82
Amour & Co 1st realest 4461939 .1 D 8512 Sale 8478
J .1
j 8112 Sale 8112
19
047 j
51
82
8438 9212 Kansas City Pow az Lt 58_1952 5.1 S
94
235
92
89
Armour & Co of Del 548-1943
9314 44
J 9178 Sale 9178
93 Sale 9234
9634 10112 Kansas Gas & Electric 6s
9914
93
Associated 011 temp 6e
1935 M S 10012 101 10018 101 I 45
1952 M S 984 Sale 97
9812 35
29
40 Kayser & Co 73
_
9724 1054
Atlantic Fruit cony deb 7s A _1934 J D
35 Mar'24
10218 Sale 10112 104 I 34
2212 40 Kelly-Springfield Tire 88 _1
1
4
8614 104/
28 I 12
2018 28
Trust certificaUre of deposit__
2612
19
931
42 M
F N
_
S 96% Bale 9812
97
29
21
3912 Keystone Telep Co let 54
734 80
do
2034 32
1 -1
stamped
2514 2534 2534
1935
June'24
80
967, 9938 Kings Co El
9838 103
Atlantic Refg deb 5s
1937.1 .1 99
9914 9838
09
& P g 5s
1937 A 0 102 10214 103 Aug'24' -10 10018 10234
Baldw Loco Works let 58_ A940 M N 10012 101 10012 101
Purchase money 6s
11382 113/
1
4' 6 1104 11414
113%
9514 102% Kings County El let g 4a _ _ 199
6934 76
Barnsdall Corp f cony 8% A1931 J J 101 10134 10034 10114
F D
A 7214 74
949
7S
9
75 Aug'24 -9712 101
7014 76
Bell Telephone of Pa 68_ _ 1948 .1 J 100 Sale 100
Stamped guar 4s
10012 60
j
A 7214 74
9
N3_1
19
93
44
7214
3
7214
yy4 103
99 10112 Kings County Lighting
Beth Steel lit ext i f 5a
1926 .1 J 10078 Sale 10078 10112 22
1
8618 874 8618
864
9338 9712
lat & ref 58 guar A
16
95 1027s
1942 M N 94 Sale 9212
6.12s
94
2
1954 J .1 103 10312 103
103
8712 9134 Kinney Co This
36
20-yr p m dr Imp f Bs__ 1936 J .1 8912 Sale 89
90
2 1014 105
10514
1047
105
1043
4
8
BB A
88
93
1948 17 A 96 Sale 96
9534 100 Lackawanna Steel Sc A
195
30
8 .1
9618 215
M D
S
9112 22
8778 92 Lao Gas L of St L ref & ext 581934 A 0 91 Sale 91 Aug'24
8812 16
91% 98
1053 F A 88 Sale 8778
548
- -98
971 98
7212 8334
92% 95%
Booth Fisheries deb it 65_ _1926 A 0 7714 80
C II &
80 Aug'24 --_1195343j
F A
j 9438 Sale 94
9438 19
94
Braden Cop M coil tr s f (Ss_ A931 F A
91
_ _ 1004 10512 Lehigh Cf9
10478 Aug'24
& Nav f 448 A
9312 9512, 94 July'24
9714 Lehigh Valley Coal be
93
Brier Hill Steel lit
91 101
_1942 A 0 964 Bale 9612
3
1933 .1 J 10038 Sale 10085 10038
9634 12
8711
6011 7314
8712
Wway & 7th Av 1st c g 55-1943 J D 67
45
67
5
70
67
_
June'24
8712
88
9114 Lex Av & P F 1st gu g 58_ 199
32% 434
Brooklyn City RR 58
41 87
1941.1 J 9058 -- -- 9012
5
33 j
9012
M j
S
3812
38,2
974 10218 Liggett & Myers Tobao 78 1944 A 0 3833 40
Bklyn Edison Inc gen 58 A1949 J .1 100 Sale 100
10012 23
11738 12 11434 1184
11714 Bale 11714
1024 106
9578 99
General 6s Series B
5s
1930 J J 10418 10514 105,4 Aug'24
A 9814 98% 93
1951 F
M
A 0N
9812 19
General 78 Series C
3 11418 1184
1930 .1 J 10512 10718 10434
Lorillard Co (P) 78
10434
1 1054 109
1161z
11014
11614
99
96,2 11612
95
97
55
8
1940.1 D 1087e Sale 10812 1084 18, 107 1104
General 7s Series D
9812
964
8818 92
7234 8212 Louisville Gas & Electric 58_1
akin Man R Tr See(tem)65 1908 .1 J 7918 Sale 79
7934 288
19
995
12
41 F
9012 14
Sale 9014
9012
1084 11934
6334 6918 Magma Cop 10-yr cony g 78_1932 J D
82
Bklyn Qu Co & Sub con gtd 55'41 M N 634 64
66 Aug'24
4
1193
118
Sale
118
9738 10113
80 Manati Sugar 73-45
80
_
1941.1 .1
let 58
Jan'24
80
4s_1
1990
42 A 0 99
9918 9918
9984 16
7814 101
56
70
Manhat Ry(NY)cons g
Brooklyn Rapid Trans g 58_ _1945 A 0
101 June'24
6178 07
1
4
6112 Sale 59/
96
47
96
5334
4
2d 48
Trust certificates
96 June'24
53
5238
524 53
6478 8234 Manila Electric 7s
9413 100
let refund cony gold 48_2002 .1 J 8018 8238 8234 June'24
9812 19
98
Sale
98
10912
9715
8212 86
3
Manila Elec Ry & Lt
1094 10912
58_2
19
3-Yr 7% secured notes_1921 J
9°.4
5
123
3
D
N
S 8434 8514 8212 Aug'24 _ 984 11612 Market St fly 78 Sec A
98 10034
11612 Aug'24
Certfficatee of depoeit
1940 Q J
984 34
98
9234 11078 Marland Oils f 8s with waents'31 A 0 9812 Sale
1163s 140
Ctfs of deposit stamped
11034 July'24
-134 12.5 July'24 _
126
8011 8512
100 10514
Without warrant attached.. _ A 0 10438 10734 105 Aug'24
8212
1950 FA 8238 83
BklYn Un El 1st g 4-5a
82% 14
81
8512
_
5 117 136
73,
0Series 13
1931 F A 117 126 123
83 Aug'24
1950 F A 8238 83
Stamped guar 4-5e
123
964 10014
2
9834 10434
do without warrants
27
MOTO Un Gas lit cons g 55.1945 MN 14014 Sale 9814
993
10272 10312 10212 103
114
14114
64
Merchants
J
D
&
Mfrs
Each
1932 M N 136 14014 136
Ti
7s__1942
May'23
14114
100
9734 102
9912 107
Metr Ed let & ref g6s See B-1952 FA 10038 Sale 100
21
let lien & ref 68 Series A..1947 M N 10738_ _ 9912 Aug'24
101
944 100
4 114 137 Metr Power 68
5
75
137
136
1929 M N
1953 3D 98/
_ 1511
98/
1
4
984
1
4 99
100
90%
10114
933
4
1
Mexican
MN
24
Petroleum s f 8s.„1936
917
___ 9212
Buff & Susq Iron if 58
1932 J
9212
10578
Sale 105
81
86% Midvale Steel&0 cony sf581936 MS 105
8-8512 85 Aug'24 - 8534 90%
117
Bush Terminal lit 4s
1952 A 0 8414
89
8834 Sale 88
83/
1
4 88/
1
4
11
89
3
s
9514
Certificates of deposit
1955 J
Feb'24
87
861
/
4 Sale 86
Consol 68
1936
93
91
9734 5,111w Elan Ry & I.t cons g 55 1926 FA 151-)12 fof 1054 Aug'24
96 1051s
9434 13
Building 58 guar tax ex_1980 A 0 9434 Sale 9418
9714 100
9012 95
7
95
Refunding & eaten 445_19
31 3.1 94 Sa'e 94
Cal & E Corp 58
1937 M N 9918 Sale 99
994
9414
95 101
96
J O 9538 96
92
2
General 58 A
Cal Petroleum 8341 (V, -- _1933 A 0 10018 Bale 9978
10014 45
95/
1
4
95%
9412 9734
8012 88
4
let 55 B
95
1961 3D 84
9612 95
Camaguey Sug let if g 7e..1942 A 0 95
8412 8414 Aug'24
91
96
9533100
1st dr ref g 138 ser C
18
9
1953 NI 8 97 Sale 97
98
9514
Canada SS Linea lit coil it 78'42 M N 9514 96
9712
94/
1
4 981s
3
5 10238 106% Milwaukee Gas Lt 1st 48-1927 MN 9734 9812 9712
Canada Gen Elee Co es__ 1942 F A 10534 Sale 10512 10534
98
9734 101
95
981s
Montana Power let Si A
1943 .1.1 9712 Sale 973s
10012 Aug'24
Cent Dist Tel lit 30-yr 5e 1943 J D
9734 30
93
8912
86%
9434
13
.1,
Montreal
July'24
Tram
let
8912
& ref 5s-1941
Cent Foundry lit i f 68-1931 F A 8912 if"
94/
1
4
9414 Sale 9414
9212 100/
1
4 Morris & Co let it 448
83
76
.1 79
33
100
1939
Cent Leather 20-year g 58_1925 A 0 9978 Sale 9978
8012 20
794
80
1
4 110 Mortgage Bond 4s
7412 7412
1 107/
194 MN 108 1084 109
1966 A0 7418 ___ 7412 June'24
109
Central Steel 88
127 144/
1
4
9414
58
92
1931.1 J
1932 A0 93
94
3
138 July'24
Cerro de Pasco Cop 88
9412 94
934 987s Mu Fuel Gas let cu g 5s_..1947 MN 954 96
92
9814
5
9518 Aug'24
9818
9812
az L & Coke let gu g 58..1937 J .1
81
74
95
34
937
8
t
a
C
MN
unE
66
g
it
e
d
c
b
go
r
ld
t
5
4
2
199
11
935
411
1
un
ad
r
Sale
s
ge
o
77
1927 F A 7778
78
9518 Aug'24
Chicago Rys lit Si
9434
99 10914
.1 .1 62 Sale 59%
5354 63
123
Chile Copper 6. Sec A
1932 A 0 10678 Sale 10634 108
63
70
95/
1
4 100/
1
4 Natlonal Acme 71413
94
J D 88 Bale 8712
82
4
100
8912 45
Cincln Gas & Eiec lit & ref be'58 A 0 100 Sale 984
96 10112 Nat Enam & Srampg let 55-1929 3D 9734 ____ 9734
9618 994
7
9912 100
0
9734
69.25 Ser B due Jan 1....._1961 A 0 9934 100
811s 9314 Nat Starch 20-year deb 5s_ _1930 J J 95/
954 97
9238 92 Aug'24
Colo F & I Co gen s 5s
1943 F A 89
1
4 ____ 9512 May 24 ____
994
75
8
102
M
National
18
Tube
lit
1952
81
Sale
58
8
803
Col Indus lit & coil Se gu
10114 Sale 10112 10112
5
1934 F A 8034
9358 1003/1
9614 100/
1
4 Newark Con Gas 5s
1948 J o 97
_
10038 19
1927.1 .1 10014 Sale 10018
9738 97 Aug'24
Columbia G & E lat 55
961
/
4 10014 New England Tel & Tel 56_ _1952 Jo 10017 Sale 10018
9714 10112
1927 .1 .1 10014 Bale 10014
10012 14
10012 101
Stamped
7
7
N Y Air Brake let cony 68. _1928 MN 103 10338 10314 10314
7 Apr'24
2 101% 104
Col & 9th Av lat gu g 56-1993 M S
83
9634 N Y Dock 50-yr let g 43 _ _ _1951 FA 78
787s
73
9
7812
7812 7734
Columbus Gas let gold 58_1932 J .1 96% -- 93 July'24
70
7614
NY
1
4 11314
A0
Edison
1
lit
A.1941
&
74
ref
6
413
74
7012
11214
74
1124
2397
11232 22 109/
Q .1
Sale
Commercial Cable let g 4s
9814 102
97
87
N Y GU El Lt & Pow g 5s_ _1948 J O 100 Sale 100
9812 51
1947 M N 9614 Sale 96
10038 18
Commonwealth Power 6s
824 8672
Purchase money g 45
4 100 10354
1949 FA
103
8534 8614 8538
1937.1 .1 10212 Sale 10214
86'i 20
Comp Asir Bare 750
98 102/
1
4 N Y Munie Ry 1st s f 55 A 1966 ii 8012 ____ 8112 Apr'24
801s 8111
7
10112 Sale 10012 102
Computing-Tab-Ken if tbs_ _1941 .1
877s 8838 N Y Q El L & P 1st g 5s.__ _1930 F A 0938 100
98 100
8778 July'24
0938
9938
5
Conn Ry & L let dr ref g 430s 1951 J J 8714
82
3312 4412
88%
N
Y
Rys
.1.1
1st
R
Aug'24
E
&
ref
4s
1942
3812
3812
4
3812
Sale
J 871
1951
Stamped guar 4145
/
4 -- -- 8714
86
9034
4334
32
Certificates of deposit
8814 28
3934 101
3818
3838 39
/
4 Bale 8734
Conn Coal of Md let & ref 55 1950 J D 881
9312 100
112 6
30-year ad) Inc 55
4
81942 A0
4
4 Sale
Con Co of Ch 1st for g 5s_ _1936 J .1 9712 9814 9878 Aug'24
112
6
926
8
87
17
Certificates of deposit
90
418
7
4
418 418
1952 M N 8978 Sale 894
Consumers Power
90% 103
58
65
NY State Rye let cons 445 1962 hi -14 6312 834 6384
11
64
1931 MN 9938 ____ 905 July'24
Corn Prod Reg if g .55.
98
85
,
4
1014
96
MN
648
3
10118
1962
10118
1
88
88
88
Sale
N
100
1934 M
let 25-year e f Se
85 NY
71
9212 99
Y Steam let 25-yr 14 Ser A 1942
7
7 MN 9714 98
9714
80
8114 80
9714
9
Crown Cork & Seal 68
1943 F A 79
9112 98 NY Telep lit & gen eI4 46_1939 MN 0618 9638 96
93/
1
4 974
24
98
9614 63
9634 96
Cuba Cane Sugar cony 78_193( .1 J 96
10814
98
105
10112
30
-year
FA
63
9912
deben ei6s._ _Feb 1949
100
10712 36
10714 ____ 10718
0934 Sale
Cony deben stamped 8W4-1930 11
20-year refunding gold 63_1941 AO 10614 Sale 106
1064 63 10318 10718
10814 20 107 10812
Cuban Am -Sugar let toil 86_1931 M S 108 Sale 108
9414 9714 Niagara Fails Power let 55_ _1932 .1 .1 100 Sale 100
99 102
14
101
6
97
Cumb T & T let & gen 5a.._ _1937 .1 J 9638 Sale 9638
844 9118
Ref & gen 68
9 104 1061s
10534
a1932'' 0 10534 Sale 1051r
8914 89
9034 8814
Den Gas & E L lstarref f g 58'51 MN 90
9912 104
67
82 Niag Lock &0 Pow let 55. _1954 M N 10312 Sale 103 Aug'24
1
3
76%
Dery Corp (D 0)78
7612 7838
1942 NI S 76
914 98
99
10114
No
6
49
Amer
90
Edison
96
Sale
95
100
Ss
Detroit Edison let con tr 58_1933 J J 100 10014 9914
96 103
95 101
Secured stgayie SerB1
10014 55
19
948M
52 51 8
16 10014 Sale 100
99% 10
11940 51 S 99 Sale 99
let & ref Is Series A
10614 31 104 10812
k1940 M S 106 Bale 10578
let & ref (la &ales B
Due July. 1 Due Aug. o Due Oct. 17 Due Nov
i Due Dee s Option sale.
•No mice Friday: latest bid and asked. a Due Jan. b Due Feb. c Due June,
New York Bond Record-Concluded--Page 5
BONDS.
N.Y.STOCK EXCHANGE
Week ending Sept. 5.
Price
Friday
Sept. 5.
Week's
Range or
Lan &de
Mange
Since
Jan. 1
High No. Low
MA
Ask Low
11408
8813 10
S 88 Sale 88
884 93
Nor Ohio Trao & Light65_1947
8914 94
934 26
Nor States Pow 25-yr 58 A__4941 AG 93 Sale 9234
let 52 ref 25-yr 438 Set B__1941 AO 10413 Sale 10314 10413 12 101 104
109
10712 1091e
Plorthweet'n Bell T 1st 78 A _1941 FA 109 Sale 108
92
9513
North WY let Id g 4448 gtd_1934 33 9334 95 954 July'24 13
1104 25 10375 11014
Ohio Public) Service 7448_1946 AO 110 Sale 110
1947 FA 107 Sale 107
107
4 10014 10714
70
9814
7
943a 99
Ontario Power N F 1st 58...1943 FA 9814 Sale 98
9678 97
2
1945 MN 96
97
94
9813
Ontario Transmission 5s
1941 FA 9414 Sale 94
941r 10113
Otie Steel 85
954 12
8
8914
let 25-yr a f g 740 Ser B_ _1947 FA 89 Sale 89
87
95
24
'
3 9234 Sale 9238
93
9034 95
Pacific G & El ego & ref 59_ _1942
Pao Pow&Lt let&ref 20-yr 55 '30 FA 9814 Sale 98
92
9812
9814 13
Pacific Tel & Tel let 55
1937
195327 .7.7 9813 Sale 9814
44
99
98
9934
55
92
52
N 9175 Sale 9112
905s 9374
Pan-Amer P & T let 10-yr 75 1930 FA 9754 9812 10358 105
15
996s 10514
6 Sis(w1)
1935 MN 9112 9175 9614 Mar'24
93
98
Park-Lex (etre) 6445
94 100
1953 3' 9534 Sale 9518
9554 17
Pat & Passaic(3& El cone 581949 MS 9653 ---- 96 May'24
9378 96
Peep Gam & C let cons g 60_1943 AO 10712 108 107
2 10414 10778
107
Refunding gold .5e
6
1947 MS 93 Sale 9434
8714 98
9434
Philadelphia C 68 A
1944 P A 10275 Sale 10135 1024 52
9955 1034
5445
9314 Sale 9314
1938 M
90
96
9418 27
Phlia & Reading C& I ref 5a_1978 33 9834 Sale 98
34
931e 10014
99
Pierce-Arrow 8s
1943 MS 86 Sale 85
70
8858 35
8858
Pierce Oil s f 88
5
1931 3D 10114 Sale 10114 10113
844 10214
Pillsbury Fl Mills (le (rets)_1943 AO 100 Sale 984 100
10
9475 9812
Pleasant Val Coal 1st g s f 58 1928 3' 9812 ____ 97
93
1
97
97
Pooah Con Collieries lets f 581957 3' 84
85 94 Aug'24
0012 94
Portland Gen Elec let 58_1935 J
1
9858 99
95
984
99
9835
Portland Ry 1st & ref 5e_
1930 MN 9134 9214 92
2
92
88
9313
Portland Ry Lt & P let ref 5s1942 P A 8312 Sale 834
8038 90
8312 31
Os B
1947 ▪ N 9334 9375 9334
8934 9534
9334 31
let 52 refund 7445 Set A 1946 MN 106 107 10513 10612 23 103 106
Porto Rican Am Tob 8s__1931
, 1 1044 10515
105 10513 105
105
Premed Steel Car 58
19333, 9013 Sale 90
24
91
8812 95
Prod & Ref 518s(witti war'nte)'81 3D 113 116 109
10 10935 11614
1097e
Without warrants attached..__
10913 110 110 Aug'24
10612 11014
Pub Sery Corp of NJ gen 58_1959 AO 10438 Sale 104
1044 53
77 105
Punta Alegre Sugar 78
1937 3, 109 10978 10875 109711 78 106 122
Remington Arms 69
1937 MN 93 Sale 92
93
92
29
9512
Repub I dc Ei 10-30-yr 58 s L1940_
AO 9512 9534 9534
13
95
93
9634
63-40
1953
'
3 9112 Sale 9113
87/
1
4 917a
8
9104
Robbins & Myers e 75
1952.1 D 81 Sale 80
7513
10
81
Roeh & Pitts Coal 52 Iron 58_19413 51 N
91
90 Aug'24
91
Rogers-Brown Iron Co 7s_. _1942 M N 7514 783e 76
74
1
90
7614
St Jos Ry Lt Ht & Pr Ss__ _1937 M N 834 86
8414 Aug'24
7634 8424
St L Rock Mt & P fts stmpd_1955 J J 7718 7712 754 Aug'24
74
80
St Louis Transit be
1924 A 0
59
5914 15
5213 7812
St Paul City Cable &
1937 J J 9454 9558 95 July'24
914 9554
St Paul Union Depot 55--1972 J J
9512 10134
15
9912 100
Sake Co 78
1942518 1041 105 105
1 102 10574
105
Ban Antonio Pub Ser 65._ _1952 J J
0912 28 9334 100
9913 Sale 994
Sharon Steel Hoop 1st 88 eer A '41 M S 102 Sale 102
4 10(3 10234
10212
Sheffield Farms 6445
1942 A 0 10414 Sale 10114 10414
3 10014 105
Sierra dr San Fran Power 58_1949 F A 864 88
8934 Aug.'24
Ws 9112
Sinclair Cons 011 15-year 78-1937 al 8 9212 Sale 9212
93
8775 97
61
640 B(w 1)
19383
864 Sale 86
8613 74
8334 9014
Sinclair Crude 011 544e
1925 A 0 100 Sale 100
97 10012
10114 36
131
1926 F A 100 Sale 100
9578 10013
10018 37
Sinclair Pipe Line 58
1942 A 0 814 Sale 84
8412 121
814 86
South Porto Rico Sugar 75_1941 .1 11 103 Sale 10212 103
19 10058 10412
South Bell Tel & Tel fetal 581941
3 9734 Sale 9638
94
9734 59
9912
fTweet Bell Tel let et ref 58_1954 F A 9615 Sale 96
9312 9(334
9613 241
Southern Colo Power 6s.. _ _1947 J .1 91 9112 91
87
9312
2
91
Stand Gas 52 El cony f 65.._1926 J D 09 9914 105 May'24
100 105
Cony deb g 644e serIcs
1933 M S 99 Sale 99
9412 1004
10058 28
Standard Milling let(51
1930 M N 99
9938 99 Aug'24
9554 100
Steel & Tube gen s 178 Ser01951 .1 .1 10514 Sale 10514
21 103 106
106
Sugar Estates (Orienti) 7e-1942 M S 95
9514 95
954 974
5
95
Syracuse Lighting let g 59._1951 J D 984 Sale 9914
92
9834
14
9914
Light & Pow Co coil tr I 58 54 .1 J 10478 ____ 10475 May'24
8415 105
Tenn Coal Iron 52 RR gen 55 1951 J .1 10118 10212 101 Aug'24
11914 10212
Tennessee Cop let cony 6E1_1925 M N 10112 10212 1014 Aug'24
9713 103
Tennessee Elec Power 08._ _ _1947 .1 D 9713 Sale 9738
9355 9875
9758 39
Third Ave let ref 4e
494 6158
1960.7 .1 5614 Bale 56
5715 44
Adjustment income 58-a1960 A 0 4913 Sale 4914
3912 5838
5012 153
Third Ave Ry 1st g 513
1937.7 J 9334 9458 954
1
9515
96
Tide Water Oil 13345
3 102 10434
1931 F A 10254 1034 103
10315
Toledo Edison 75
1941 M S 10818 Sale 10815 109
20 100 109
Toledo Tree, Lt & Pr 60_1925 F A 10038 Sale 10018 10038 26
9812 101
Trenton GI & El let g 581949 NI
9254 Nov'23
9615
Undergr'd of London 4345...1933 J .1 8813 ___ 90 Aug'23
'OF 16'
Income 65
1948 J J 79
8914 Oct'23 -Union Bag & Paper Gs
1942 M N 94 Sale 94
93
944 11
981-4
Union Elea Lt & Pr 1st 168.1932 M S 994 Sale 9978 10014 17
974 100
50
1933 M N 98
9814 98
98
15
905a 99
Union Elev (Chicago) 55_1945 A 0
70
75 May'24
75
Union Oil 58
1931 .1 .1 984 Sale 9814
9514 102
9914
2
11e
c1942 F A 10214 Sale 1024
10214
7
9913 10254
Union Tank Car equip 7s _1930 A A 1044 Sale 10415 10412
6 103 1054
United Drug cony 88
1941 3 D 11512 Sale 11514 1154 43 1114
United Fuel Gas lets f 68_ -1936 J J 9712 Sale 9712
9212 9912
98
52
United Rye Inv 58 Pitts Issue 1926 al N 984 Sale 98
9815 13
91
9878
United Rye St L let g 4s _ 1934
j 664 Sale 6575
6115 me
68
72
United SS Co lot rote 68_ _1937 MN 9134 Bale 914
86
9134 10
9212
United Stores 65
1942 A 0 10075 101 1007e 101
9814 1001
8
U B Hoffman Mach 88
1932
J 11014 11154 11014 11014
4 103 11112
U S Realty & I cony deb g 56 1924
9975 July'24
J
995e 100
US Rubber ist & ref rte Ber A 1947
J 84
8411 8334
8412 18
7938 8775
10-year 744e
1930 F A 103 Bale 10214 10414 41
994 10512
US Smelt Ref & M cony 613_1926 F A 10134 Sale 10134 102
9934 102
28
el Steel Corp(coupon ___d1983 MN 10455 Sale 10415 105
128 102 105
f 10-60-yr 5e registered __d1963 MN
10378 Aug'24
10134 105
Utah Light & Traction 5L...1944 A 0 8315 831 83
80
9784
854
11
1944 F A 91
Utah Power & Lt let 5s
9135 91
8714 9324
9138 15
L
&
Pow
Elee
let
f
56
Utica
1950
.1 10014 ____ 954
9514
1
973e 98
1957
Utica Gas & Elec ref &
J 9714 Sale 97
9015 9884
97
3
Va-Caro Chem let 78
1947
D 64 Sale 6312
644 68
531
/
4 8512
12-yr 745 with warrants_1937 j .1 3212 Sale 3212
28
35
60
7314
Without warrants attached_ J J
3012 Aug'24 _ _ _
27
76
Coke
let
g
58 1949 M S 8913 92
91 Aug '24 ____
Pit Iron Coal &
88
92
1934.7 J 94 Sale 9214
88
9252 127
Va RY Pow let & ref 5.
9412
1942 3 D
Vertlentee Sugar 75
94 9433 9414
9538 11
8914 9738
19413 D 102 Sale 10134
Warner Sugar 75
lO2'z 18 101 10314
19893 .1 9034 Sale 9034
First 82 ref 7eSer A
9558
4
894 10212
Powers
f
58__1939 J
10012 -_- 101 Aug'24
Wash Wat
9931 10135
weetenee Ltg g 58 atmpd gtd 19503 D 9834 _-__ 99 Aug'24
_
964 9934
Series
A
Power
581940
M
941i
Penn
94
8915 9512
Sale
9212
7
West
10418
let 40-year 6s Series C___.19583 D 10418 Sale 104
7 101 10434
c1946 F A 10612 1063 10612 10612 12 1044 107%
let series 13 7e
1963
M B 924 9312 921a
924 19
51 E
8634 9715
1944 A 0 98 Sale 9778
Western Electric deb 55
98
1201 964 9875
Western Union coil trout 55-1938 J .1 9914 Sale 994
994
9
9614 10114
95
Fund & real estate g 4445-1950 MN 9412 Sale 9413
8
904 95
1936 F A 1104 Sale 110
11014 141 10855 11214
15-year 64411 g
weetinghoufte E & M 714._ _ _1931 MN 1084 Sale 10818 1084 29, 10634 10934
5•3255edre open Steel 1st 78-1935 J J 724 Sale 7112
7275 301 56
7978
1933 M S 98 Sale 9734
Willye-Overland e f 6s
98
181 9712 9812
884 132
80
9858
Wilson & Co let 25-yr el 6e-1041 A 0 8712 Sale 864
1928 J D 48 Sale 4678
4938 28
44
9254
10-year cony 5 1 55
1931 F A 5078 Sale 51
5313 27
4712 100
71401
1941 A 0 10134 102 10154 102
20, 10034 LOA
Winchester Arms 7148
9534 91' 941a 97
Tounen Sheet & T 6s(w 1)-1943 J J 9538 Sale 9535
pte price Friday. latest bid and asked. aDue Jan. dDue April. oDue Mar. eDue
w DUa Juno. hDue July. kDue Aug. oDue Oct 4/Due Dec. r Option sale.
1161
THE CHRONICLE
SEPT.6 1924.1
on
11534
Quotations of Sundry Securities
All bond prices are "and interest" except where marked "I."
Railroad Equipments Per Cf. Balsa
Standard 011 Stocks Par Bid. Ask
Anglo-American 011 new. El 154 1514 Atlantic Coast Line fle
5.20 4.95
5.00 4.80
86
Atlantic Refining
100 85
Equipment 644s
5.35 5.00
Preferred
100 112 113 Baltimore & Ohio 138
5.00 4.80
100 210 220
Equipment 440 & 5s
Borne Serymeer Co
Buckeye Pipe Line 0o-50 5112 5212 Buff Rooh A Pitts eQUID 6e- 5.00 4.75
Chesebrough Mfg new.. 25 49
50 Canadian Pacific 4445 & fie- 5.05 4.85
5.25 5.05
100 115 119 Central RR of N J 65
Preferred
5.35 5.05
48 Chesapeake & Ohio 6s
Continental 011 new.... 25 42
5.10 4.85
14
50 12
Crescent Pipe Line Co
Equipment6448
5.00 4.75
Cumberland Pipe Line_100 140 143
Equipment58
5.25 5.00
Eureka Pipe Line Co_-100 9534 9512 Chicago Burl & Quincy 61
56 Chicago & Eastern Ill 5lSol- 5.50 5.05
Galena Signal011cent...100 54
100 112 118 Chicago A North West 60
Preferred old
5.30 5.05
100 102 107
5.05 4.85
Preferred new
EquIpmentil%e
5.15 4.95
Humble Oil& Ref new.. 25 354 36 Chic R I & Pao Ole & 511
100 130 133
5.50 5.20
Illinois Pipe Line
Equipment6s
25 105 106 Colorado A Southern 0s...
5.45 5.20
Imperial OH
50 8612 8712 Delaware & Hudson 85
5.20 4.95
Indiana Pipe Line Co
5.00 4.70
2012 Erie 4448 & 58
International Petroleum-(I) 20
5.45 5.20
Magnolia Petroleum--100 128 132
Equipment68
National Transit Co__12.50 2112 217a Great Northern&
5.20 5.00
100 62 63
5.00 4.70
New York Transit Co
Equipment 5e
Northern Pipe Line Co 100 80
5.40 5.10
84 Hocking Valley 65
25 604 6114
Ohio 011 new
5.0(1 4.75
Equipment 58
25 32
34 Illinois Central 4445 & be
4.95 4.85
Penn Mel Fuel Co
Prairie Oil & Gas new- 100 21012 21112
5.20 4.95
Equipment65
100
106 10614
Prairie Pipe Line new
5.00 4.85
Equipment 78 & 8448
100 19
80
4 19
80
612
Michigan
5.50 5.20
Solar Refining
Os
100
KanawhaeAntM4Aiehle
Southern Pipe Line Co_1
5.20 5.00
140 142 Kansas City Southern 544.- 5.30 5.05
South Penn 011
5.25 5.00
SouthwestPa Pipe Linee-100 80 82 Louisville & Nashville 81
Standard Oil(California) 25 5634 574
5.05 4.80
5 5654 57 MEg
entnValn 53 & 68_ 5.20 4.95
Standard Oil(Indiana).- 25
iga
Pn
niCe
ichill
34
Standard Oil(Kan)
3412 Minn& P & BEIM 444e& 5e 5.30 5.00
Standard 011(Kentucky) 25 11114 112
Equipment 8445 & 7e__ _ _ 5.30 5.10
Standard Oil(Nebraska) 100 241 242 Missouri Kansas & Texas 85 5.65 5.35
20
5
Standard 011 of New Jer_10
35'z Missouri Pacific Os & 83411- 5.65 .5.25
5.10 4.90
13'8
18
5 11834 Mobile & Ohlo 440 & 54
Preferred
Standard 01101 New York 25 3913 40 New York Central 4445 & 51 4.90 4.70
290 295
5.20 4.95
Standard 011(Ohio)
Equipment8s
100 11513 119
5.00 4.80
Preferred
Equipment 78
100 42 46 Norfolk & Western 4341..._ 4.85 4.40
Swan & Finch
100 115 117 Northern Pacific 73
5.05 4.85
Union Tank Car Co
108 112 Pacific Fruit Express'71_._ 5.05 4.80
Preferred25 6334 6414 Pennsylvania RR eti lis & lle 5.10 4.75
On Oil new
mgto
asaiin
10 2912 31 Pitta & Lake Erle 645
5.15 4.90
5.60 5.25
Other 011 Stocks
Equipment65
()
4.75 4.50
254 3 Reading Co 4448 & 58
Atlantic Lobos 011
50
6
Preferred
12 St Louie & San Francis's° 513.
as 5.15 4.90
25
5.50 4.90
SitibrarnpmAracenirtLine 434s A
Gulf 011 new
Mexican Eagle 011
1714
1e Co 4345_ _ 4.85 4.50
*5
13091
1
1 5
5.05 4.80
140951%4
8
Mutual 011
100 104 106 southern Ry 43.is A Si
5.05 4.85
National Fuel Gas
0 23
5.35 5.00
Bait Creek Producers.. 15
2318
Equipment65
Sapulpa Refining
82
514 Toledo & Ohio Central81- 5.60 5.30
Public litillties
5.00 4.80
Union Pacific 75
on100
:
50
) 84114
cks
oo
temni
Amer Gas & Eleo new-(
garS
4313 444 AMOIlT
77
75
Preferred
ean
ebC1
MAN 95
100 8412 87
Deb Os 2014
98
Preferred
Amer Light & Trao oom_ 100 12212 12312 Amer Machine & Fdry-100 140 150
2434
39214
90 393
515 British-Amer Tobae ord. gl 24
Preferred.
2434
El *25
Amer Power & Lt oom 100
63
394 40 Helme ((leo W) Co,COM 25 61
Corn new w 1
100 89
114
112
100
Preferred
Preferred
91
MAO 94 95 Imperial Tob of G B & Irei'd *1718 1758
Deb 65 2018
100 94 98 lot Cigar Machinery--.100 50
Amer Public Mil oom_1
58
p
rr
e
ef
f
rlorop
83
86 Johnson Tin Foil A Met-100 75
7
4% Dparti
100 73 75
6 Mp
er & Forbes-100 148 150'
aorr
en
dre
Blackstone Val G&Ecom 50
100 99 101
Carolina Pow & Lt com.100 230 235 Mengel Co
28
100 25
100 144 148 Porto Rican-Amer Tob-100 52
Cities Service Co corn
60
Preferred
33
erred
Leaf Tob oom-100 30
414 Unl
pre
vefreal
i
713
711 77
10
Preferred B
100 80
84
100 7112 7212 young (IS) Co
Preferred B B
100 118 121
cltiesServloeBankere'Shares x1438 1478
preened_
100 103 107
100
00 33
Colorado Power eons_ _1
35
Rubber Stoeks(Clereiasg) prices)
Preferred
8
4
93
95 Am Tire & Rub corn
Com'tv'th Pow Corp corn (5) 109 110 Firestone Tire & Rub corn 10 .79
80
Preferred
100 9512 96
*76
78
6% preferred
100
Consumers Power prel
90
90 93
100 88
7% preferred
Elea Bond & Share pref-100 100 101 General Tire & Rub corn 50 •190 210
100 96 100
(0 *1412 1512
Else Ry Securities
Preferred
Lehigh Power Securities-(I) 78
79 Goodyear Tire & R com_100 1258 1234
00
0 31
Mississippi Riv Pow corn 10
32 Goody'r TAR of Can pf..100 v7712 78
Preferred
87
89 India Tire & Rub oom 100 74
80
100 75
First mtge 5e, 1951_35a 98
80
97
Preferred
B F g deb 78 1935__MAN 10234
Mason Tire & Rub oom-(I)
114
/2)
) *188 1-91'
100 13
15
Nat Power A Lt cora_ 1
Preferred
100 81
Preferred
85
92
94 Miller Rubber
.149J
100 98 100
Income 7e 1972
9712 984
Preferred
Northern Ohio Electric_(I) 5812 11 Mohawk Rubber
100
10
8
100 .24
Preferred
55
50
27
Preferred
North States Pow com_100 101
Tire & Rubber(t) *714 8
Selberling
Pr_
94
100
Preferred
73
100 68
1i
Nor Texas Elan CO 00112-100 60 63 Swinehart Tire & R coin-100
10
100 70
100 _
Preferred
40
73
Preferred
Pacific Gas & El let pref 100 90 91
Sugar S
Power Securities coax-(I)
12
60 •10
9
11 Caracas Sugar
Second preferred
79
) 37
39 Cent Aguirre Sugar oom- 20 *77
Coll trust (le 1949_J&D 74
100 10412 10612
76 Fajardo Sugar
Incomes June 1949._FAA 88
61
90 Federal Sugar Ref com 100 56
Puget Sound Pow & Lt__100 57
100 92
97
59
Preferred
6% preferred
100 82
85 Godchaux Sugar. Inc--(I) •212 413
100 d1024 10412
100 25
30
Preferred
D 9634 98 Holly Sugar Corp own-.11) .22
7
1e
%
t Apr71851
17
4 1949 _ _
26
Republic Ry & Light-100 38
100 7812 81
3912
Preferred
Preferred
100 8612 68 Juncos Central Sugar_ 100 75 125
South Calif Edison oom_100 98 99 National Sugar Refintng_100 89
91
8% preferrea
100 117 ___: New Niouero Sugar___ _100 90
95
Standard Gas &Elec com(I)
Santa Cecilia Bug Corp pf 100
2
6
7% cum prior pref_ _100
corn._
*6712 70
8% cum pref
50 1
-la 84
87
.-4
1i2
8-'1i -4
35
912 BaPvraenfnearrhedaugar
Tennessee Else Power---(I) 84012 4112 Sugar Estates Oriente p1100 85
89
Second preferred
(I) *6712 6912 West India Bug Fin oom_100
5
15
Western Power Corp
100 35
36
Preferred
100 23
26
Preferred
100 10
80
214 84 IndustriaiRMIrcell
Short Turin Securities
American Hardware
8112
ar _ _ _100 81
Am Cot 011 65 1924__M&52
Amer Typefoundere corn 100 106 108
Anaconda Cop M11168'29 J&J 10318 10-31 -2
Preferred
100 1044 105
Anglo-Amer0117448'25 A&O 1024 10238 Babcock & Wilcox
100 12412 12512
Federal Bug Ref(le'33-MAN 10034 10114 Bliss (E W) Co new
12
(:) *10
Hocking Valley 54 1926 M&S 100
oom..100 *59
1103
01114
34
Preferred
64
2l
i l:: Bordenoo
K 0 Term Ry 640'31 J&J
Company
127 129
1926
51511
t *123 125
Lehigh Pow Sec fla '27.F&A
100 103 105
Sloes-Shelf(Ma 139 '29.FecA
Ceitr
ite
dfoid!
err Company
100 60 65
U 8 Rubber 73.4s 1930_F&A 10
100
103
53
114 11003
212
Joint Stk Land Ilk Ronde
Childs Company corn _ _ _(I) .3512 3612
Preferred
100 112 113
Chic Jt Stk Land Bk 59-1951 101 102
10114 10214 Hercules Powder
100 84
55 1952 opt 1932
88
Preferred
10114 10214
100 1091. 104
55 1963 opt 1933
102 103 International Silver prat 100 l05' 109
5 5 1951 opt 1931
10014 10114 Lehigh Valley Coal Sales 50'
4 5 1952 opt 1932
83
84
97 Phelps Dodge Corp
96
100 107 ill
4 s 1952 opt 1932
100121 10112 Royal Baking Pow com_100 140
Ws 1963 opt 1933
Preferred
Pac Coast of Portland, Ore
100 9912 100
J&J 101 110154 Singer Manufacturing. 100 156 158
50 1954 op 1934
• per share. t No par value. b Basle, d Purchaser also pays accrued dividend.
c New stock. f Flat price. k Last sale. n Nominal. z Ex-dividend
r Ex-rights.
!Ex-stock dividend. a Sale price. r Canadian quotstinn.
ao
Newterrcoot
1.34 wii. pre
BOSTON STOCK EXCHANGE-Stock Record
1162
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
Aug. 30.
Monday,
Sept. 1.
Tuesday,
Sept. 2.
Wednesday. Thursday,
Sept. 3.
Sept. 4. I
PrtdaY,
Sept. 5.
*2154
7712 7712
*93
11212 flit;
•__ _ _ 99
15
15
*19
20
21
23
*25
26
*21
*3614 -*160 165
*2014 22
*6012 615s
*50
52
35
35
153 153
153 154
153 153
153 153
*76
76
7612 76
77
7612 77
7612
93
*93
03
93
93
11212 11212 *11212
*11212 114
99
99
99
99
98
93
981
/
4 99
15
*1412 16
1614 1512 16
1534 16
*19
*19
21
2078 21
21
22
22
23
2212 25
23
26
29
2712 29
27
33
21
24
24
28
2512 26
37
37
41
42
37
40
165 165 *160 165
_
165 165
2112 22
22
2312 -211-2
2212 24
23
*6012 61% *6158 62
60
6012
51/
1
4 52
5112 5212
35
36
3612 35 "id"
35% 3634 36
28
30
2412 2434
78
•75
•____ 100
90
90
"3E1 "3"6" *27 30
2418 2478 2378 2112
*75
*75
77
77
100 100
90
*90
91
90
"5" "k" "55"
24
77
98
90
2412
77
98
90
26.2232 2334
;55" "90" "55" "56" ;55" If"
9.34 178
*14
15
12712 128
*7112 74
134 134
134 134
*134 178 *134 178
14
14
*14
15
*14
15
*14
15
12714 12818
12734 128
127% 123
12712 128
*70
74
74
72
74
72
*15
17
*6
712
*107 10712
*.07 .10
*2412 25
*25
2512
*86
8712
214 214
*412 5
45
4514
3512 3512
*89
91
•____ 18712
3% 3%
.37
38
17
*15
17 .15
*15
17
712 *6
*6
712 *6
7/
1
4
•107 10712 *107 10712 *107 10712
*.07 .10 •.07 .10 *.07 .10
25/
1
4 2534 2512 2512 2532 2512 2518 2538
*2534 26
*25
2512 *2134 26
87
*86
*86
8712 *86
871
/
4
*214 3
*214 3
*2
3
--412 -11;
*412 5
*412 5
*412 5
46
46
45
4612 4612 4712 *4614 47
3618 3612 3614 3614
35
36
91
*89
91 I 91
91
88
17612 17712
175 176
177 18712 176 177
4
*3% 4
*358 4
*35
37
37
37
37
*37
38
*37
33
*X
.1-14
*79
*13
*50
*50
•.10
*11
/
4
*211412
*211412 ---- *211412
*79
•79
*79
13
13
1314
-.13 -13-14 *13 -51
50% *50
*50
50% *50
*4912 5012
51
*4912 5012 *50
*.25 .50 '.1 .25 .50 *.25 .50
*118 2
*118 ---- *118 2
_
1314
5078
51
.50
2
*8414
5 •
•____ 70
Stock
*9/
1
4 10
7378
*72
*65
6612 Exchange
*157 161
Closed*9
10
32
32
*8812
Labor Day
314 154
*312 4
HolldaY
•21
23
10714 10712
*19
20
*8212 83
•16
1612
•234 314
*.15 .50
10612 106%
3712 3712
*6
9
3834 39
*26
2612
20% 20%
1434 15
7
7
*1412 19
*17
18
36
3618
*3612 38
*39
41
*.25
.50
*.25
.20
178
1112
1712
17%
138
28
.20
*112
1112
*1612
1712
*1
2714
•1612
"134
•.75
*2
*114
*11:
.114
*234
36
2112
Ils
*35
*6014
614
412
'.75
24
*414
•1412
*2312
37
.74
•.25
•114'
.36
3
18
2
.90
21:
134
174
112
3
37
2112
118
3812
65
614
434
.90
24
43
15
25
3812
.74
.76
1%
.42
3
.40 -".415
*.50 .75
•.17 .50
•.20 .25
19.1-3
5_
8412 8412 *8414
- *8414
5
5
5
5
"if,?;,
518 514
70
70
70
912 913
10
10
914 - -9-1
10
10
4
73
73
7318
7374 7374 7378 73% 73
64
6412 65
64
*63
65
6412 66
159 159 2159 159 *2157 159 *15712 15812
*9
10
*9
10
*9
10
31
31
3114 32
32
3114 31
32
*871: 89
87
*8712 89
87
313
"Ws
314 34
334 334
3',S*
312 412
412 412
•334 413
21
22
22
2434 2714
23
108 10934 10812 10912 46544 1-0-01-2
10712 108
*1912 2012 *1912 2012 2012 2012 2032 2032
8212 8212 8218 8212, 82
821
/
4
83
83
1612 1534 16
*16
1612 *16
*278 312 *2% 312 *278 312
'.15 .50 •.15 .50 *.15 .50
10614 10634 10614 10612 115514166.34
10614 107
3712 3712
3712 3712 37
3714 *3714 38
*6
9
*6
9
*6
9
3812 33% 38% 3878 55i2 3834
3812 39
2614 2612 *26
2612 *2614 2612 2612 2612
2078 2114 2112 2112 2112 2134 2112 2134
14% 14%
1434 15
1434 15
15
15
7
7
*7
9
*7
9
*1512 19
-451.2 151-2
*1412 19
17
17
17
17
*17
18
17
17
3512 3578 "351:I "3"53"4
36
36
35% 36
3612 3612
*3612 38
*3612 38
41
*39
41
*39
*39
41
*.10
*112
114
*1612
1714
*1
271*
-134
•.75 .90
*1
112
24
2412
*1
14
132 133
491
.25 .25 *.20 .50
*.20 .50
.20 *.10 .20 .0.10 .20 *.10 .20
*Os 2
158
15* *152 2
18
1114
1134 1112 1112 *1114 1112 11
*1612
1712
1712 *1612 1712 *1612 1712
1612 16%
1634 17
1712 1634 17
112
112 *1
112 *1
112 *1
2634
25
27
28
271
/
4 2638 27
.50
4
-;412 -13•.75 .90
112 112
2414 2412
114
112
132 133
99
*97
17
17
*134 2
*.75 .90
*2
214
*114
134
•138 2
*114
112
*254 34
3634 37
22
22
1 1X4 114
*35
3812
*6014 65
4.8
614
434 434
*.60 .90
24
24
*414 4%
14% 1434
*2312 2412
39
38
.70 .70
'%25 .75
*114
1%
.39 .45
3
3
-412 -11;
412 413
.60 .60
.70 .80
112
*114
*1
2
2412
2418 2412 *24
112 112
1%
11
/
4
13112 13212 13012 13214
9834 9834
16
*16
16
17
*134 2
*134 2
*.50 .90 *.50 .90
*2
214 *2
214
134
134
134 134
*1% 2
*138 2
114 114
114 14
3
3
*234 314
3512
3512 3612 35
21
2112
2112 22
.95 118
11
4 118
3812
3812 *33
*35
*6014 65
*6014 65
6
6
618 618
412 412
4/
1
4 412
.75 .75 '.60 .90
2312 2312 2318 234
*414 453 *414 45*
1414 1452 1414 1414
*22
2312
24
*22
38
*3712 3812 38
.60 .60
*.60 .75
*.25 .75 *.25 .75
15* 134
112 11
/
4
.35 .37
.35 .40
278 3
238 2%
.35 -:35 -"."3"0
'%50 .75 *.50
.45 .45 ..35
.25 .25 • 20
:45
.75
.50
.25
."35 "Tio
.50
40
*.20
.50
.50
.25
*412 434
+.50 .00
*14 2
24
24
112
•114
131 13218
*9714 9912
16
16
.134 2
*.65 .90
2
2
134 2
*138 2
114
*1
2% 234
33
2012
1
*38
*8014
g
414
+.65
21
*414
1414
21
37
.65
'.25
1%
.34
*238
3412
21
1/
11.4
3812
81
814
4'4
.90
22
4%
1412
21
37%
.65
.75
I%
.38
234
.31
•.55
.48
*.20
.35
.75
.48
.25
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Range Since Jan. 1 1924
Lowest
Railroads
Shales59. Boston & Albany
100
132 Boston Elevated
100
5 Do pref
100
25 Do 1st pref
100
65 Do 2d pref
100
719 Boston & Maine
100
45 Do pre!
100
1,220 Do Series A 1st prat
100
696 Do Series 13 let pref
100
464 Do Series C 1st pref _ -100
199 Do Series D 1st pref.
__ _100
45 Boston & Providence
100
701 East Mass Street Ry Co- _100
30 Do let pref
100
100 Do pref B
100
1,268 Do adjustment
100
East Mass St fly (tr ctfs).-100
80 Maine Central
100
3,255 NY N H & Hartford
100
3 Northern New Hampshire_100
36 Norwich & Worcester pref _100
40 Old Colony
100
Rutland pref
100
20 Vermont & Massachusetts _100
Miscellaneous
300 Amer Pneumatic Service
25
10
Do pref
50
1,636 Amer Telephone & Teleg 100
30 Amoskeag Mfg
No par
Do pref
No par
Art Metal Construe,Inc_ _- 10
Atlas Tack Corp
par
Boston Cons Gas Co pref
N_o
Boston Mex Pet Trus_ _No par
1,245 Connor (John T)
10
Dominion Stores. Ltd
Preferred A
100
20 East Boston Land
10
50 Eastern Manufacturing.- 5
474 Eastern SS Lines, Inc
25
111
Preferred
No Par
7 1st preferred
100
1,099 Edison Electric Ilium
100
25 Elder Corporation
No par
20 Galveston-Houston Elec_ _100
Gardner Motor
par
No 100
Georgia Ry & Elec
5% non cum pref
100
33 Greenfield Tap & Die
25
9 Hood Rubber
par
Interest Cement Corp_Na
N° par
International Products.No par
Do pref
100
Kidder, Peabody Acceptance
25 Corp Class A pref
100
242 Libby. McNeill& Libby
10
Lincoln Fire Insurance...-. 20
155 Loew's Theatres
25
88 Massachusetts Gas Cos_100
132
Do pref
100
15 Mergenthaler Linotype_ l00
Mexican Investment, Inc.. 10
155 Mississippi River Power__ _100
Do stamped pref
100
254 National Leather
10
530 New England 011 Corp tr etre2631 Preferred (tr We)
100
1,043 New England Telephone_ _100
200 Orpheum Circuit, Inc
1
379 Pacific Mills
93 Reece Button Hole
10
!Reece Folding Machlne_.._ 10
'Simms Magneto
5
'
545 Swift & Co
100
238 Torrington
25
Union Twist Drill
5
1,400 United Shoe Mach Corp.__ 25
110
Do pref
25
1,155 Ventura Consol 011 Fields. 5
542 Waldorf Sys, Inc,new sh No par
82 Walth Watch CI 11 corn.No par
10
100
Preferred trust ctfs
15 Walworth Manufacturing_ 20
1,471 Warren Bros
50
50
Do 1st pref
50
Do 2d pref
Wickwire Spencer Steel._. 5
Mining
100 Adventure Consolidated- 25
25
200 Algomah Mining
25
60 Arcadian Consolidated
5
900 Arizona Commercial
Bingham Mines
10
25
1,066 Calumet & Heels
1
Carson hill Gold
25
1,140 Copper Range Co
10
Davis-Daly Copper
150 East Butte Copper Mining_ 10
25
250 Franklin
25
25 Flancock Consolidated
1
440 Hardy Coal Co
25
1,100 Helvetia
1
534 Island Creek Coal
Do pref
1
53
25
25 Isle Royal Copper
Kerr Lake
5
Keweenaw Copper
25
25
200 Lake Copper Co
25
375 La Salle Copper
Mason Valley Mine
5
195 Mass Consolidated
25
25
310 Mayflower-Old Colony __
400 Mohawk
25
715 New Cornelia Copper
2,961 New Dominion Copper
Now River Company
100
Do prof
100
355 NIpissing Mines
5
1,300 North Butte
15
100 Olibway Mining
25
335 Old Dominion Co
25
Park City Mining & Smelt_ 5
Qc1
315
65 PCry
i6nek Pocahontas Co_No par
25
261 St Mary's Mineral Land
25
775 Shannon
10
South Lake
25
500 Superior
25
6,525 Superior & Boston Copper- 10
1,055 Utah-Apex Mining
5
Utah Consolidated
1
_ "2:750 Utah Metal & Tunnel
1
50 Victoria
25
250 Winona
25
100I Wyandot
25
'Bid and asked prices: no sales on this day. a Ex-righaa- S Ex-div. and rights. z Ex-dividend
BONDS
PER SHARE
Range for Previous
Year 1923.
Webs11
Highest
Lowest
143 Apr
76 June
9114 Aug
11114 Aug
95 Nov
734 Dec
7 Dee
1214 Oct
151
:Dec
1814 Dec
20 Dec
135 July
18 Feb
58 Dec
503,4 Dec
31 Dec
31 Nov
2214 Deo
934 J1119
62 Des
80 Jan 2
7212 Jan 4
34 Mar 3
70 Jan 22
158 July 28
80 Jan 8
9614May 10
11614 Jan 24
100 Feb 27
17 July 28
21 Sept 4
25 Sept 4
33 Sept 4
28 Sept 4
42 Sept 4
165 Sept 2
27 July 30
68 June 27
58i July 28
3912 Feb 14
3912 Feb 11
37/
1
4 Apr 9
3012July 25
77 July 31
100 July 23
92 July 26
5412 Aug 29
90 Aug 28
Dec
Oct
Aug
Nov
151 June
Jan
84
100 Mar
125 June
106 Mar
2014 Mar
27 Feb
3213 Mar
48 Feb
42 Mar
59 Feb
16014 Jan
35 Mar
Jan
72
65 Mar
46 Mar
45 Mar
Jan
43
2212 Jan
84 Feb
Jan
100
81
Feb
3878 Dec
Jan
98
11
/
4 April
12 Jan 3
121 June 24
65 Apr 28
7I34May 7
13 Aug 8
6 June 10
104 Jan 18
.07 Mar 29
23 June 25
2412May 22
84 Jan 15
214Mar 5
414 Aug 26
38 Jan 3
341
/
4 Jan 25
85/
1
4 Jan 8
16313 Jan 2
214 Jan 17
13 Jan 11
4% Aug 2
1134 Mar 26
79 Aug 18
1234 Mar 31
46 Mar 25
41 Apr 28
.10 Feb 18
.25 Feb 14
2 Jan 18
15 June 5
13074 Mar 12
83 Jan 14
79 AIM 14
16 Feb 15
104 Jan 8
108 July 1
.20 Jan 10
2818 Mar 5
3014 Feb 14
86 Aug 7
3 Feb 25
814 Feb 6
5514Mar 8
40 Feb 7
93 Mar 8
190 Aug 6
434May 14
40 Aug 31
612 Jan 8
116 Jan 8
80 Jan 3
157s Jan 7
52 Jan 8
46 July 12
112May 26
2 June 20
1 Sept
12 Dec
119 June
8712 Oct
Oct
72
1434 Nov
8 Dec
Oct
104
.05 Dec
19 July
2514 Dec
314 Jan
Jan
20
12814 Dec
Jan
112
Jan
88
1614 Mar
2014 Feb
10814 •Feb
Jan
.30
27 Mar
2614 Dee
Dec
5 Dec
31 Nov
35
Oct
85 Aug
15234 Nov
vs Dec
5 July
514 Dee
Oct
116
78 Feb
1434 Nov
50 Dec
32 July
.10 Dec
.60 Dee
Jar
4
1412 Mar
12712 Mar
Oet
40
Oct
88
Jan
172
1074 Jan
2913 Feb
153: Mar
11618 Oct
8014 June
24 Feb
63ts Mar
44 Mar
3 Mar
8 Mar
14574 Mar 27
7134 Aug 8
887s Aug 6
110 June 18
9514June 10
812 Jan 2
12 Jan 10
13 June 12
171
:Jan 2
16 Feb 27
23 Jan 3
143 Jan 4
18 May 12
5815 Jan 8
48 May 26
28 May 21
3134 Apr 23
25 June 19
14 Jan 3
62 Jan 14
75
6412
2112
70
80 May 831s Feb
80 Jan 3 8412Sept 2
814 Aug
414 Dec
4 June 12
614 Jan 4
70 Jan 9 70 Jan 9
8* June If Apr
1012 Jan 9
9 Mar 21
731: Dec 8714 Jan
6912July 7 Si Feb 20
Jan
62 Dee 73
62 June 26 70 Jan 31
Jan
150 Apr 22 162 July 3 147 June 179
612 Jan 2 1734 Feb 21
3 Dec 1444 Feb
18 Nov 2814 Jan
19 Feb 18 3212 Aug 22
Jan 84 Feb
80
80 Jan 4 89 July 25
81, Feb
4% Jan 28
2 Apr 24
13
4 Dec
414 SeO
2 Oct
534 Apr 8
2 Jan 2
Oct
1214 Dec 16
17 Jan 10 3114 Mat 20
10312 Apr 24 11512 Jan 31 110 Dec 122 Jan
14 Jan 16 2034 Aug 2
1634 July 2114 Apr
Jan
84 Dec 190
7214June 30 87 Feb 14
1134 Jan 5 17 July 22 41434 Dec 18 Mar
314 Mar
2 Jan
218May 14
3 Jan 2
2 Feb
.15 Apr 14 .40 Feb 15 .10 Dec
9814 June 10914 Jan
100 June 11 10914 July 30
3984 Dec 50 Mar
3512June 3 4215 Jan 11
6 Dec 11 Mar
7 Feb 2 10 Feb 18
321
:Nov 5534 Mar
34 Jan 3 3934July 30
2434 June 2814 Jan
243e Feb 29 27 Jan 7
Jan
1954 Aug 30
2012 Aug 29 27 Jan 29
15 Dec e2214 Mar
13% Apr 30 1714 Jan 9
5 Feb 13 Mar
612 Jan 11 1012 Feb 1
15 Dec 2914 Mar
14 June 10 2312 Feb 13
1114 Jan 18 Dee
1512June 20 2114 Feb 11
:Mar
2512 Jan 341
29% Jan 3 3834 Mar 12
3434 Apr 25 41 Jan 25
3014 Dec 3912 Mar
38 Mar 5 42 Jan 18
33 July 42 Mar
5/
1
4 Jan 14
.00 Aug 20
3 Dec 1214 Feb
.20 Apr 8
.10 Jan 15
.75 June 16
8 Jan 2
14 June 13
1334May 15
1 Mar 31
1812June 6
3% Jan 3
314July 15
.40 May 24
.75 June 26
2112June 24
30 May 10
9414 Apr 2
90 June 4
12 June 7
112 Mar 5
.50 Jan 7
.90 Apr 3
.70 June 13
134July 7
.50 Jan 8
.80 Apr 9
2312June 13
1612 Jan 2
.75 June 19
35 June 16
60 June 10
534 Jan 10
2 Jan 18
.40 June 10
15 Jan 30
315 Jan 3
1074JIlly 11
14 June 10
26 June 16
.30 Apr 2
.25 July 19
.90 Jan 15
.25 Aug 19
174June 26
.01 Jan 3
.14 June 18
.15 Apr 24
.13 Feb 6
.10 July 23
.25 Sept 4
.20 Mar 20
212 July 22
1218 Aug 19
1872 Jan 15
1974 Jan 7
3 Feb 1
2914 Aug 20
434 Jan 23
512 Jan 24
1 Jan
2 Jan 28
281: Jan 7
112Sept 2
135 Aug 28
99 Aug 23
20 Jan 3
21e Feb 13
1 Feb 19
234July 23
2 July 23
2 Mar 7
134 Aug 20
5 July 21
3812 Aug 20
23 Aug 18
234 Apr 7
40 Mar 11
75 Mar 11
61111Feb 1
632July 26
.95 Aug 18
2712July 28
51e Feb 1
1512July 23
2534July 28
4014 Aug 18
.95 July 22
.31 Aug 15
174July 25
2 July 26
314 Mar 8
.01 Jan 3
.70 July 22
1 Aug 18
.71 July 22
.25 July 26
Ex-stock dividend. a Assessment paid.
1 Feb
Nov
.10 July .50 Mar
414 Mar
.70 July
7 Dee 1412 Mar
1412 Oct 19 Feb
17 Oct 49 June
Vs Feb
174 Dec
2214 Oct SA Mat
6 Feb
214 June
43s Nov 1112 Mar
.30 May
2% Mar
4 Mar
1
Ott
2434 Mar 3334 June
114 Feb
.10 Sept
9313 Nov 11514 API'
9014 Nov 19012 Mar
Oct 3314 Mar
16
31/1 Jan
174 Dec
214 Mar
.60 Sept
54 Mar
Oct
1
314 Mat
.50 Dec
234 Mar
114 Nov
.50 Dec
414 Mar
7 Feb
114 Oct
Oct 71 Mar
27
1414 Oct 2412 Mar
212 Aug
414 Apr
35 Apr 40 Apr
72 Nov 84 Mar
644 Feb
484 July
Nov 1234 Mar
Vs Mar
.50 Nov
: Oct 3212 Mar
131
452 Nov
214 Aug
1214 Dec MA Mar
Oct 30 Mar
18
27 Oct 6314 Mat
112 Mar
.30 Dec
1 Aug
.10 June
314 Mar
1 Dec
3s4 Feb
.65 Dec
0 Apr
214 Oct
3 Mar
.01 Dec
las Feb
.25 Dec
23s Feb
.60 Aug
124 Mat
.10 Dec
1 • Mar
.10 Dee
e Price on new basis.
.10
SEPT.
6 1924.]
THE CHRONICLE
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange Aug. 30 to Sept. 5, both inclusive:
Friday
Last Week's Range Sales
of Prices.
Sale
for
Price.Low. High. Week.
Bonds-
1948
Adams Express 45.. _1948
80% 80%
Amer Tel dz Tel 4.s. _ _ _1929 97% 97% 9754
AU Gulf&IV I SS L 551959 54
53
5454
Chic Jet Ry & T1 Y 551940 95
95
97
E Mass St RR B 55_ _ _1948
63
61
Series D 88
1948
71
71
Hood Rubber 78
1936
101% 101%
K c Mem & B Inc 55_1934
94
94
Mass Gas 4145
1929
9731 9751
4145
1931
95% 95%
Miss River Power 55_ _1951 9634 96
9615
New England Tel 58_ _1932 100% 100% 100%
New River 5.9
1934
88% 88%
Swift de Co 55
1944 96% 98% 9655
Warren Bros 7145_ _ _ _ 1937
119 119
Western Tel & Tel 55_ A932 9914 9914 9914
Range since Jan. 1.
Low.
$5,000 80%
1,000 95
18,000 42
5,000 92%
17,600 59
2,000 70
1,000 9934
10.000 87
1,000 94%
2,000 91
3,000 92
7,000 97
5.000 87
9,000 94%
1,000 106
22,000 95%
High.
Sept
May
Jan
Jan
Aug
Jan
May
June
Jan
Jan
Jan
Jan
Jan
May
Jan
Jan
80%
97%
60%
97%
75
7914
102
94%
Sept
Sept
July
July
June
June
A:u
eb
g
r
6‘
1;
13
97% Aug
101% Aug
89
Mar
101
July
124% Mar
10034 Aug
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Aug. 30 to Sept. 5, both inclusive, compiled from official lists:
Stocks-
"may
Sates
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Arundel Sand & Grav_100
Autoline 011
10
Benesch (I) pre:
25
Century Trust
50
Ches & Po Tel of Balt-100
Commercial Credit
•
Preferred
25
Preferred B
25
Cog3sol Gas E L de Pow.100
04% preferred
100
7% preferred
100
8% preferred
100
Consolidation Coal._100
Preferred
100
Continental Trust
100
Cooden & Co
5
Eastern Rolling Mill
•
8% preferred
100
Fidelity & Deposit
50
Finance Co of America_ _25
Finance Service Class A_10
Preferred
10
Mfrs Finance 1st prof__ _25
2d preferred
25
Maryland Casualty Co_.25
Metropolitan Cos N Y_25
Merch & Min Tr Co_100
Mtge & Accept Corp
•
Mt V-Woodb M pf v t r 100
New Amsterd'm Cali _100
Northern Central
50
Pepna Water & Power_100
United Ry de Electrib._ _50
US Fidelity de Guar_ _50
Wang Balt & Annap pf _ _50
West Md Dairy pref_ _ _ _50
71
273.4
111
2334
2434
2434
12734
10234
122
7641
191
2634
85
09
8734
4654
20
934
2114
81
7534
50
4014
77
120
19
1534
5134
BondsBaltimore Brick 1st 55_1943
Bait Eelectric 55
1947 9934
Bernheimer-L Stores 7s -43
Consol G E L & P 4445 -35
Ser E 514s
1952
Ser A 13e
1949
Ser D 6145
1957 10834
Elkhorn Coal Corp 80_1925
Fair & Clarks'Frac 59.1938
Georgia & Ala eons 56_1945
Ga South de Fla 5s_ _ _ _1945 9634
Knoxville Traction 55_1938 96
Norfolk St Ry 5s
1944 98
United fly & E 4e. _1949
Income 4s
1949 5134
Fundung 58
1936
65
1949
wags Balt & Ann 5s_ _1944 68
71
71
4
4
2734 2734
99
99
11034 111
2334 24
24% 2434
2434 25
117 129
102% 10255
10734 10834
12034 122
71
7834
102 102
191 191
2634 27
80
85
99
9974
8734 8734
4834 4614
1834 20
851 9%
2314 2334
2134 2151
8034 81
75% 7534
109 109
16
16
50
50
40
4034
77
77
11634 123
1834 19
158 156
15
1534
5151 5151
Range since Jan. 1.
Low.
415 46
22
4
55 26
10 99
9 10934
424 2234
373 2334
141 2434
2,385 z108
23 100%
31 z104%
42 11534
107 6934
5 102
10 17934
62 2511
270 6614
27 88
108 77
14 45%
23 1734
396
734
2 22
75 2144
82 75
25 64
18 102
16 11
20 45
87 3834
40 72
956 9851
494 1541
27 145
140 15
3 3941
High.
Jan
Sept
Jan
Mar
Jan
June
June
May
Mar
June
Mar
Jan
Apr
Sept
July
Aug
Jan
Jan
June
Jan
Apr
June
Jan
Sept
June
June
June
July
June
June
Apr
Jan
May
Apr
May
May
71
4
2734
10154
112
3134
25%
26%
129
102%
110
122
8134
104
191
2841
95
106
90
47
20
934
2314
23
83
7534
109
18
6034
4034
7734
123
1934
15634
28
52
Aug
Sept
Apr
Jan
Feb
Feb
Jan
Mar
Sept
Jill),
Apr
Sept
Jan
May
Sept
Aug
Mar
Mar
June
Apr
Sept
Sept
Sept
Mar
Jan
Sept
Aug
Sept
Jan
Sept
Aug
Sept
July
Aug
Jan
July
oy% 9734 $2,000 9714
Sept9734
9954 9914 1.000 9734 Jan 9934
102 102
2,000 10034 Apr 10234
9514 9514 5,000 91
Jan 9551
101% 10154 5,000 9734 Jan 102
10454 10434 3,000 10134 Jan 105
10814 10834 2,000 107 May 10834
9934 9934 1,000 9514 Jan 9934
9434 9441 1.000 90
Jan 95
92
92
3,000 84
Jan 92
9634 9634 1,000 8834 Jan 0634
96
96
1,000 94
Mar 98
98
98
4,000 9531 Mar 98
71% 7234 4,000 6851 Mar 7334
5154 5151 12,000 49
Apr 5234
7154 72
3.000 6214 Jan 74
0634 9644 6,000 9551 Apr 9951
68
68
2,000 67% Aug 71%
•
,
Sepl
Sent
Aug
Aug
June
June
Juni
Aug
July
Sete
Sep
Aug
Sep
Aug
Jai
Jai
Jai
hug
Sept
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange Aug. 30 to Sept. 5, both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices. 1Veek.
Par. Price. Low. High. Shares.
48
31%
26
914
8634
641
11154
6414
1244
116
634
88
13
54
70
1
43
534
90
91
90
91
80
81
43.4 434
49
4934
4734 48
3114 3214
4
4
23
23
26
2634
944 914
86
8834
2734 2734
132 13254
4434 4434
634 7%
41
41
11134 11114
6414 65
1114 1414
7334 7334
11534 11634
634 654
24
2434
86
8634
10314 10334
1251 1354
54
5554
84
84
86
86
6934 70
1
134
43
43
554 534
154 1%
1003.4 10094
215
390
1,105
50
510
170
1,065
200
110
1,410
50
45
100
725
10
1,055
220
so
225
5,289
10
40
10
325
60
100
1,070
275
65
12
155
470
395
325
20
50
Low.
High.
IMISIttnii5gnittelpgrargaggNaiRg!
G
91
90
8034
Range since Jan.!.
MX
X
MX
XXX
MMONI..00...020000700.0..MMN0000000.
004.t..0.00
W000 e0MN
M040,
00
0 M0M.O.
M
•-•
Amer Pub Serv, pref._ _100
Armour & Co (Del), p1.100
Armour & Co, pref_ .100
Armour Leather
15
Preferred
100
Balaban & Kate v t e___25
Ilassick-Alemite Corp__ •
Beaver Board v 1 0"B" •
Preferred certificates-100
Borg de Beck
•
Bunte Bros
10
Cent III Pub Serv, pref_ _ _•
Chicago Fuse Mfg Co_
•
Commonw'th Edison -100
Consumers Co, pref.---100
Continental Motors
•
Crane Co, common
25
Preferred
100
Cudahy Pack Co, com_100
Daniel Boone Wool Mills 25
Deere & Co, prof
100
Diamond Match
100
Gill Mfg Co
•
Goasard,II NV, pref
•
Great Lakes D & D _ _100
Hammermill Paper, p1_100
Hupp Motor
10
•
Hurley Machine Co
100
Illinois Brick
Illinois Nor Ut11, pref __Hip
•
Indep Pneum Tool
Internet Lamp Corp_.25
Kellogg Switchboard__ _ _25
Libby, MeN de L, new_10
10
Lindsey Light
Lyon de Healy,Inc, pf._100
c or
• No par value.
1163
Friday
Salo.
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
91
9331
84
714
7814
5178
3834
4
26
31
11
89
28
136
65
851
41
113
65
38
75
12034
18
30
8954
10334
1734
6415
86
8634
8054
9
47
644
4
10034
Aug
Jan
Feb
Mar
Mar
Jan
Jan
Aug
Aug
Jan
Mar
Jan
Aug
Jan
Jan
Jan
Aug
Aug
Aug
Jan
Jan
Jan
Jan
Jan
Jan
June
Jan
July
Jan
Jar
Jar
Jan
Fel
July
„tan
Aug
Middle West Util, coin_._*
Preferred
100
Prior lien preferred 100
Murray (J W)Mfg Co_ _10
National Leather
10
Omnibus, pref"A," w 1_100
Voting trust ctfs w I a_ _•
People's G L & Coke---100
Philipsborns. Inc, tr ctf_.1
Pick (Albert) .Se Co
10
Pines Winterfront "A"_ _5
Pub Serv of N Ill, corn...,
Pub Serv of N Ill, com_100
Preferred
100
7% preferred
100
Quaker Oats Co, pref--100
Real Silk Hosiery MI115-10
Reo Motor
10
Sears-Roebuck, coin_ _ _100
Standard Gas de Elec Co_.*
Preferred
50
Stew-Warn Speed,com__ _•
Swift de Co
100
Swift International
15
Thompson. J R, com__ _25
Union Carbide & Carbon_•
United Iron Works v t c.10
United Light & PowerCommon "A" w I a_ •
Common "B" w 1 a- -•
Preferred "A" w I a_ _ _•
Preferred "B" w I a__ •
United Pap Board.com_100
U S GYM=
20
Wahl Co
•
Ward, Montg de Co,com.10
Class "A"
•
•
Wolff Mfg Corp
•
Wrigley Jr, common
Yellow Cab Mfg,"B"_ _ _10
Yellow Cab,Inc (Chic)_ _•
BondsArmour V Co of Delawaer20-year gold 534s_ _ _1943
Chicago Railways 58_ _1927
CommonwIly Edison 55'43
Northwestern Elev 58_1941
Swift & Co 1st s f g 55_1944
68
9114
96%
16
3%
14%
51
18%
3934
101%
9141
101
40
1651
101%
36
4911
53
107
25%
46
5954
38
7934
111%
24'
3511
116
41%
51
4514
61% 72
91
91%
9611 96%
15% 16
311 3%
90
90
14% 1511
102 102
54
41
18% 19%
36% 39%
101 101%
101% 10134
9134 9151
105 105%
100 51101
40
41%
1641 17
101% 101%
3541 36%
48% 49%
5214 57%
10614 107
25% 28%
44% 46
59% 61%
3% 3%
Range since Jan. 1.
Low.
12,835 43
565 8351
315 94
170 15
23(
372
50 88
2,475 1414
11 9351
44
525
575 17
18,335 19%
107 99
10 97
370 90%
77 105
120 99%
1.830 28%
350 15
200 80
525 3034
470 4651
19,100 4914
2,285 toe%
16,025 19
375 42%
5,762 55
2
100
31% 3151
81 2814
38
38
169 31
79% 7951
170 75%
44
44
50 43%
1744 17%
100 16
108 114
2,650 78
2444
24
840 2111
34% 37
5,810 213,1
115% 116
70 104
4%
75
554 614
41% 42
5,875 3514
7,245 44%
50% 55
45
4741 10,710 39
91%
9134
7751
100
7834
80
96% 9634
92 $25,000
7731 2,000
100
3,000
80
15,000
9641 8.000
8854
7454
95
71
9434
High.
Jan
Mar
Jan
Aug
June
July
Sept
May
Aug
July
Apr
June
May
June
Aug
May
July
June
May
Jan
May
Aug
May
Jan
Apr
Apr
May
72
91%
99%
20
4%
92
1851
102
2134
3934
103
103
99%
106
102
41%
1951
106
3711
50
101
10934
27
50%
6311
4%
Sept
Aug
Jan
Feb
Jan
July
July
Sent
Jan
Jan
Sept
Apr
Apr
Jan
Aug
July
Aug
Jan
July
July
July
Jan
July
Aug
Jan
Feb
Jan
May 34
May 39%
Apr 80%
Apr 46
July 2111
Apr 114
July 42
May 3751
May 116%
Apr
8%
July 42
May 96
May 64%
June
July
Aug
Mar
Jan
Aug
'Jan
Aug
Aug
Jan
Aug
Jan
Jan
June 92
Jan
May 7951 Jan
Jan 10744 May
Jan 80 Sent
May 9831 July
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange Aug. 30 to Sept. 5, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low, High Shares.
Alliance Insurance
10
Amer Elec Plow, pref-100
American Gas of NJ...100
American Stores
"
Baldwin Locomotive__ _100
Cambria Iron
so
Eisenlohr (Otto)
100
Elec Storage Battery_ _ _100
Giant Portland Cement_50
Preferred
Insurance Co of N A_ _ _ -10
Keystone Telephone_ ._50
Preferred
50
Lake Superior Corp_ _100
Lehigh Navigation
50
Lehigh Valley
50
Leh Val Coal ctf of interest
MInehill de Schuyl Hay_ _50
Penne Beaver Oil
Pennsylvania Salt Mfg_ _50
Pennsylvania RR
50
Philo, Co. pf(cum 6%)--50
25
Phila Electric of Pa
Preferred
25
PhIla Rapid Transit._ _ _50
Philadelphia Traction.._50
Phile & Western
50
Reeding Company
50
Scott Paper Co, pref...100
Tono-Belmont novel_._ _1
Union Traction
50
United Gas Impt
50
Preferred
50
BondsElec & Peon tr ctf 4e_ _1945
Interstate Rya coil 4s_1943
Lake Superior Corp 55 1924
Phile Elec tr ens 414.- _1950
tat 55
1966
1947
514s
1953
514s
85
1941
Reading Traction 6s...1933
so
Range since Jan. 1.
Low.
I
142 32
Jan
3744
37
91
93
91
51 7751 Mar
452 7734 API'
10414 104% 104%
3654 34% 3734 16,750 2614 APT
12314 12354
10 106 May
40
40
56 38% Apr
30 30% July
5741 58
112 50% May
12
11
125 '3 May
38 23
Feb
3851 38%
60
6044
59
289 48% Jan
654 6%
6% Aug
50
26
26
Apr
8 26
214 June
685
334 351
81% 8154 82%
280 6444 Jan
54
54
100 39% Apr
39% 39%
15 34% July
50
19 48% Mar
50
.40 .40
.37 July
500
84
85
20 80% June
4451 4551 2.337 4251 Jan
Jan
4514 4551
150 42
3754 3754 3854 9,098 29 May
37% 37% 3811
837 29% Mar
33% 3311 3454 1,555 3054 June
61
61
5854 May
61
45
15
15
9
Jan
10
6041 6151
40 5151 May
95
95
93% June
1
400 7-16 Apr
44
54
39
39
42
3714 Jun
3941
58% Jan
8034 80% 81% 4,69
57
4
5741
5534 Jan
63
63
53
15
89
10211
10311 103%
103
107
106
6454
53
15
89
102%
10331
103%
10744
106
$8,500 62 May
1,000 44
Feb
18,000 1351 Mar
5,000 82% July
Feb
2.000 97
9.000 9934 Jan
22.100 9851 Jan
29.000 103% Jan
2,000 100% Apr
High.
3741 Sept
98 June
109 June
3734 Sept
130% Feb
Mar
41
6141 Jan
63% Feb
Sept
12
3844 Aug
Aug
62
844 June
30
Jan
4% Jan
8614 July
Jan
72
44% July*
50% July
.40 Sept
Feb
89
4651 Jan
45% Sept
39% Aug
39% Aug
Jan
39
Jan
64
2014 May
78% Jan
9834 Aug
11-16 Feb
Jan
43
Aug
84
58 June
66
60
19%
89
10311
103%
10351
107%
108
Mar
June
Feb
Sent
Aug
June
July
Sept
July
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange Aug. 30 to Sept. 5, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Am Wind Glass Mach--100
Preferred
100
Arkansas Nat Gas, cora -10
_5
Carnegie Lead & Zinc
Citizens Traction
50
Common'th Trust Co_100
Consolidated Ice, pref_ _ _50
Federated Metals
•
Jones Laughlin Steel, pf 100
25
L9ne Star Gas
Mfrs Light & Heat
50
Nat Fireproofing, com_ _50
Preferred
50
1
Ohio Fuel 011
25
Ohio Fuel Supply
Oklahoma Natural Gas_ _25
Pins & Mt Shasta Cop._ _1
Pittsburgh Plate Glass_100
Salt Creek Coneol Oil_ _ _10
*
Standard Plate Glass_
25
Standard Mfg,corn
25
Union Natural Gas
25
Union Storage Co
25
U S Glass
West'house Air Brake__ _50
W'house El & Mfg,com_50
Bonds-
89
451
35
2834
5851
1054
2641
38
26
9c
250
774
32
Range since Jan. 1.
Low.
89
89
July
75 86
93
93
60 9231 May
311
434 June
434 454
4
151 May
430
434
3741 37%
80 2854 Apr
175 175
5 17354 Apr
22
22
50 1754 Feb
3441 35
490 32
July
113 113
20 11174 July
595 26% Jan
283,1 2834
5751 5911 1,115 51
Apr
1011 2,410
9
7 June
24
2611 1,365 2034 Jan
115 1114 June
1354 14
3734 3834 1,345 31
Feb
2534 28
680 2254 May
Sc 110 19,050
Sc Mar
249 250
146 209
Jan
744 741
600
754 Sept
10 25
2934 2954
Jan
20 9041 June
9934 9914
34
32
110 20 June
34
34
10 34
Sept
18
265 18
1834
July
85 84
9331 94
Feb
633.4 6334
30 5534 May
High.
9634
9631
7
6
3934
1753.4
24
35
11454
2841
5911
1051
2811
1544
3931
2654
lle
265
1034
39
110
34
34
3054
9644
65
Feb
Mar
Apr
Apr
Apr
Mar
July
June
Jan
Aug
Sent
Sept
Sept
Jan
Aug
Aug
Jan
Mar
Jan
May
Jan
Sept
Sept
Aug
Jan
Jan
TILE CIIRONICILE
St. Louis Stock Exchange.-Record of transactions at
St. Louis Stock Exchange Aug. 30 to Sept. 5, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Boatmen's Bank
143%
First National Bank
196
Nat'l Bank of Commerce... 138
State National Bank
160
United Railways, com_
Best Clymer Co
29
Brown Shoe. pref
903$
Cert-Teed Prod, let pref._ -----Common
Emerson Electric, pref _ _ _
Ely & Walker D G,corn.
First preferred
Fulton Iron Works, pref_ _ _ -----Hydraulic Press Brick, corn
Preferred
85
International Shoe, corn.. _ _ 97
Preferred
Missouri Portland Cement_
National Candy, corn
Rice-Stix Dry G'ds, let pf _
SouthwesPn Bell Tel, pref_ 106
BondsEast St Louis Jr Sub Co 5s
United Railways, 4s
Certificates of deposit_
Klnloch Long Distance 5s_
813$
66
14334
196
138
160
50c
29
90
77
2934
92
2134
103
94
3%
65
95
11634
10834
8334
10734
1054
81%
66
6534
99%
14334
19736
138
160
500
29
9034
7734
29%
92
21%
103
95
334
65
97
116%
110%
84
10734
106
15
25
31
5
300
50
40
23
25
15
100
10
20
130
205
270
25
31
24
5
57
81% $2,000
66
4,000
67% 8,000
9931 1,000
Range since Jan. 1.
Low.
High.
Sept
Sept
July
July
Aug
May
June
July
July
June
July
May
Aug
Sent
Jan
May
May
Apr
May
Apr
Mar
148
201
147
16634
750
30
92%
80
3734
96
24
104
100
6
69%
97
118
11034
92
108
106%
Feb
Feb
Feb
Jan
Mar
July
Apr
Feb
Jan
Jan
Jan
July
Jan
Feb
Mar
Sept
July
Sept
Jan
June
June
Feb
77
Mar
61
Mar
61
NU Jan
8134
71
69
99%
Sept
June
June
Sept
143%
196
135
160
400
1834
85
70
25
90
20%
101
92
334
6134
73
115
94
80
106
103
New York Curb Market.-Below is a record of the
transactions in the New York Curb Market from Avg, 30 to
Sept. 5, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
Friday
sates
Week ending Sept. 5.
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High Shares.
StocksIndus. & Miscellaneous.
Acme Packing
10
Adirondack Pr & L com 100
Allied Packers common__'
Prior preferred
100
Amalgamated Leather_ _ _•
American Cigar, pref 100
Amer Foreign Pow new w I
Amer Gas & Elec. com---•
Preferred
50
10
Amer Hawaiian SS
Amer Lt & Tract. com-100
Preferred
100
Am Pow & Light, com_100
Common, new
•
Amer Stores new
•
Amer Type Fdrs corn_ _100
Appalachlan Pow. com-100
7% preferred
100
Archer-Daniels-Mid Co_ •
Armour & Co (III), pt..100
Atlantic Fruit & Bug, Iv I-•
Borden Co. common___100
10
Brooklyn City RR
Burroughs Add Mach-- •
1150
New preferred
Centrifugal Cast Iron Pipe.
ChM Nipple Mfg, CI A.._50
50
Class B
Childs Co. new stock- •
Cities Service. corn---100
100
Preferred
Stock scrip
Cash scrip
•
Bankers' shares
Cleverd Automobile com-•
100
Preferred
Colombian Syndicate
Com'wealth Pow Corp...*
100
Preferred
Continental Tobacco_
•
•
Cuba Company
Curtiss A & M,new com- •
•
Doehler Die Casting
Dubiller Condenser & Bad'
Dunhill International---•
Du Pont Motors, Inc----•
•
Durant Motors, Inc
Duz Co, Inc, Class A WI..
East Penn Elea Co corn._ _•
Mee Bond & Share,pref 100
- _•
Electric Ry
Securities_Corp..'-•
Federated Metals
Film Inspection Machine_•
Ford Motor of Canada_100
•
Foundation Co, pref
Franklin Simon,7% p1.100
General Motors new w I--Gillette Safety Razor....'
•
Ginter Co. corn
*
Glen Alden Coal
Goodyear Tire dr R.com100
Hall Switch & Sig,com.100
100
Preferred
•
Hazeltine Corp
•
Heyden Chemical
25
Hudson Cos, pref
Hudson & Manh,com__100
Intercontinental Rubb _100
Jones(Jos W)Radio Isafg _•
10
Keystone Solether
Kuppenheimer & Co, pf 100
Lehigh Power Securities..'
Lehigh Val Coal Sales_ 50
Leh Vail Coal, ctis new m 1
Mengel Co
100
•
Mesabi Iron Co
Middle West Utilities corn*
Midvale Co
•
Nat Distillers Prod
Nat Power & Light, corn.'
National Tea new
•
New Mex & Ariz Land--_1
N Y Tele],04% pref--100
Nickel Plate com,new,w I_
Preferred, new, w 1
Omnibus
v t e, m I _ _•
•
..--.- •Corp,
--•••••
-•
• No par value.
3434
3834
934
88
34
85
43
12234
9334
391
3934
36
75
134
12834
10
5934
10034
31
3534
14
144
7636
82
70
1434
1934
90
10834
7736
3434
18%
48
I%
1734
2434
49
1434
3434
83$
109
10534
5934
291
2634
1236
20
2636
3
39
1934
33$
834
1
91
78
83
3934
26
70
189
536
11031
7534
83
1451
Sc
50
333$ 3494
534
4
38
3834
934 934
88
88
333$ 3634
824 85
43
43
11
114
121 12334
91
9334
391 401
3934 4034
3414 354
10734 10734
73
79
90
90
19
19
81
81
134 134
12834 12934
x854 1234
5934 60
10034 10034
30
3134
3536 3634
14
1434
31334 3634
14334 14434
7534 7534
82
83
70
70
1434 1434
1934 2034
90
90
50c 50c
10434 10934
7634 7736
224 2234
35
35
634 7
18
1834
4734 5034
26
26
134 234
1736 1934
2434 26
5034
47
10034 10036
1434 153$
3434 3534
734 834
455 462
109 11034
10534 10634
5934 603$
291 294
2634
26
118 11936
12
1234
334 334
20
15
2234 2634
234 3
3836 3934
1934 22
334 331
834 834
1%
1
91
91
80
78
8334
83
3954 4034
26
26
234 234
71
63
2334 2334
734 74
180 190
233 238
534 536
11034 11094
7634
74
85
83
14 y, 1531
nil
nn
trt,
1,000
500
500
200
100
10
3,300
1,700
200
200
535
200
325
6,200
500
10
6310
100
20
4,300
830
1,400
630
90
1,700
1,200
800
300
380
700
19,000
8,000
900
500
160
100
2,555
50
400
800
500
1,000
8.200
100
3,700
3,900
19,200
520
380
300
2,300
1,900
30
395
WO
17,800
430
1,500
700
2,300
100
400
58.800
8,300
600
400
1,100
5,600
2,900
100
700
275
24,900
10
1.100
1.226
700
100
50
560
2,300
450
20,000
18,900
5,300
AAA
Range since Jan. 1.
Low.
4c
2234
134
1434
934
88
30
4334
4134
8
117
91
202
38
30
98
6634
90
1634
72
14
11736
z834
45
98
2534
3334
14
32
132
6634
77
70
1334
164
82
25c
58
74
2034
32
434
18
1034
23
1
12
244
36
97
11
3234
334
410
8636
10536
52
257
2434
7634
834
1
4
13
1
1734
934
2
75-4
750
9034
33
72
2636
25
2
50
18
736
8334
151
354
109
74
83
1434
WILL
High.
Mar 100 Jan
Feb 3534 June
Mar
634 Aug
June 4034 July
June 1834 jam
Sept
Sept 88
Aug
Aug 39
Jan 8534 Aug
Apr 4634 July
Jan
Apr 14
Aug 14036 July
Mar 9334 Apr
Aug
Jan 418
Aug 4034 Sept
Sept
Feb 36
Aug
June 108
May 93 June
Sept
Sept 90
Aug 2636 Feb
Mar
Apr 83
June
236 Feb
Mar 13336 July
Sept 143t July
Aug
July 62
July 10134 July
Apr 3334 June
May 4034 Jan
Aug 2234 Jan
May 3734 July
Feb
June 155
Jan 7534 Sept
Jan 98
Feb
Jan
May 74
May 16
Jan
June 2334 Jan
Aug
Apr 95
Jan
May
1
Feb 11036 Aug
Aug
Mar 81
May 2634 Jan
July 4036 Feb
Aug
June
7
May 223$ Mar
Jan 5634 July
May 2834 July
Mar
334 Jan
May 3634 Jan
Sept
Sept26
June 51
Aug
Jan 10234 July
Mar 19 June
Aug 3534 Sept
Aug 1d34 Aug
June 482 Apr
July 112
Aug
Sept10634 Sept
May 6034 Aug
July
May 301
July 3036 July
Jan 1224 July
Jan 1234 July
44 June
Feb
Sept
Feb 20
July
Feb 30
June
334 Aug
Feb4034 Aug
Mar 2334 July
Feb
5
June
Aug83$ Sept
July
June
2
June 92 May
Jan 8234 Aug
May 8994 Feb
July
Apr 45
Apr 3534 Apr
Mar
834 Jan
Sept
May 71
Jan 2534 Mai
834 June
Sept
Mar 190
Sept
July
May 245
Am
Jan 10
Mar 11234 July
Sept 7634 Sept
Sept 85 Sept
July
Aug 19
Ttilv
92 Sub
[You lit
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
Paige Detroit Mot Car_ _10 13
13
13
100 1234 May
Preferred
Aug
50 83
100
8634 8634
Pines Winterfront, CI A_ _5 3934 37
3934 2,100 264 June
Pro-phy-lac-tic Br, corn_ _• 45
3,000 404 Aug
404 45
Radio Corp of Amer.com-•
34 Apr
434 534 5,900
44
3"i.July
Preferred
5
800
43.4 4eris
New A common w 1_ ___• 2334 2334 2534 1,700 19
Apr
New preferred m
July
46
900 40
4534 464
Reo Motor Car
10 isg 163$ 17
400 153$ June
Repetti, Inc
5
100 50c Mar
650 650
Rosenb'm Grain Corp,0150
474 48
600 4634 Aug
Rova Radio Corp tr ctfs.• 16
936 July
15% 1734 23,500
Sierra Pac Elec Co cotn_100
1734
200 16% July
17
Silica Gel Corp, corn v t 0_• 18
1834
18
300 1734 July
Singer Manufacturing._100 154
Jan
154 160
105 125
Sou Calif Edison.corn_ _100
30 974 Aug
9831 9834
Southern Coal & Iron.......5
4c
40 May
50 15.000
4c
Standard Mot Constr...i0
234 Jan
300
351 331
Stand Publishing Cl A _._25 254 2534 2534 2,800 25% July
Stutz Motor Car
•
5
Aug
700
/4
5%
Swift & Co
100 1083$ 106 10631
150 100 June
Swift International
15 2534 2554 2694 3,300 1834 Mar
Tenn Elec Power, com___• 4034 4034 4134
700 17% Jan
Second preferred
• ------ 6836 6834
250 4934 Jan
Thompson(RE)Radio vto•
8
12% 2,200 8
Sept
8
4 June
Timken-Detroit Axle_ ...10
434 4%
4%
400
Tob Prod Export Corp_ •
3% 3%
334 Feb
500
25 42% May
Todd Shipyards Corp_
46364636
6134
Apr
Union Carbide & Carbon..
200 56
61
92
Feb
5,400 43
Unit Bakeries Corp corn.' 88% 88
975$ 1,600 85
Preferred
Jan
97
100
300 1834 Jan
United G & E.corn, new_10 3235 32
324
536 July
United Profit Sharing_ _ _ _1
600
534 554
4
Mar
534 6,300
Unit Retail Stores Candy,'
5
54
39
United Shoe Mach,com_25
39
100 3434 Apr
LOCK) 500 May
60c 710
IT S Lt& Ht Corp,com....10
50
850 July
Preferred
1% 134
10
1%
100 107
1,400 524 Jan
Ward Corp,corn,Class A_• 107
14% Apr
23% 2,70
Common, Class B
• 23% 23
883i 88%
100 7934 Jan
7% preferred
100
Ware Radio Corp. m 1,...' 2234 224 2334 2,100 1334 June
Mar
Western Pr Corp. com-100 3534 3034 3634 3,415 28
84
82
80 June
Preferred
56
100 84
Apr
18% 10%
Yellow Taxi Corp, N Y.. •
300 17
Rights
Fifth Ave Bus ctf of dep...
N Y Transport'n ctf of deP
48c 530 14,50
1% 1%
10
Former Standard Oil
Subsidiaries
AngleAmerican 011____£1 1534
Buckeye Pipe Line
50 52
Chesebrough Mfg,new. _25 49%
Eureka Pipe Line
100 95
Galena-Signal Oil, com_100
Humble Oil& h.•.fining__25
Illinois Pipe Line
100 132
Imperial Oil (Can) coup_25 106
Indiana Pipe Line
50 89
Magnolia Petroleum__ .100 130
National Transit. _ _ _12.50 21%
New York Transit
100
Northern Pipe Line_ .....100 -----Ohio Oil
25 6034
Penn Mex Fuel
25
Prairie 011 & Gas
100 211
Prairie Pipe Line
100 106
Solar Refining
100 185
South Penn 011
100 141
Southern Pipe LIne.......-100
So West Pa Pipe Lines.100
Standard Oil (Indiana)_.25 5614
Standard Oil (Kansas)_ _25 34%
Standard Oil(KY)
25 111
Standard 011 (Neb)____100 242
Standard 011 of N Y....26 39%
Stand Oil (Ohio) corn..100 291
Swan & Finch
100
Vacuum 011
25 64
15
15% 2,800 14%
51
5734
760 51
49% 50
600 4734
95
95
20 94
5434 5434
10 53
35% 36% 1,700 3434
130 131
220 129
10434 106% 2,675 98%
9134
89
220 88
130 133
13 122
2134 214
100 20%
5934 62
260 55
84
84
10 80
6036 62
58
2,00
3334 3434 1,200 27
209 21334 2,660 19431
10534 10635
39 100
184 185
4 175
140 1434
30 117
90 .9036
90
10
85
85
1
80
564 5834 19,800 54%
344
34
700 32;4
111 1124 3,400 101
32 199
240 246
3934 40% 5.000 37%
70 275
287 296
10 34
43
43
634 6534 5,200 58)4
Other Olt Stocke
434 434
Arkansas Natural Gas...10 --234 234
Atlantic Lobos Oil corn- -•
2%
614 634
Preferred
•
651
820 85e
Boston-Wyoming Oil.. _1 820
354 334
Carib Syndicate
334
93(
8
Creole Syndicate
5
834
3
3
Derby OH & Refire, corn _ _• -----Sc
40
Sc
Engineers Petroleum Co 1
17e 32c
5 360
Federal 011
4
4
•
Gilliland OIL v t c
Gulf Oil Corp of Pa
25 593-4 5855 59%
3c
20
1
2c
Hudson 011
International Petroleum..' 2034 193$ 2034
43$ 534
434
Lago Petroleum Corp__ _ _•
50
2.3
1
40
Latln-Amer 011
1% 1%
Livingston Petroleum- _-•
lo 12o
Mexico 011 Corp
10
13$ 1%
Mountain & Gulf Oil- _1
1734 18%
Mountain Producers... _10 18
Mutual Oil vot trust etts-5 10% 1034 11
110 110%
110
National Fuel Gas
434 4%
434
New Bradford Oil
5
37
35
New England Fuel Oil. _5
9
9
New York 011
25
Sc
5e
1
Northwest Oil
Ohio Fuel 011
1 1331 1334 1334
50c 550
umar Oil& Gas
10
1
1
I eer 011 Corporation
•
300 350
Pennsylvania Beaver 011_1 300
163$
10 1594 15
Pennok 011
6% 6%
Pierce Petroleum w 1
•
634
46%
Red Bank Oil
25 4334 41
534 634
Royal Can Oil Syndicate.'
6
734
734
..l0
011_
Salt Creek Consol
Salt Creek Producers-10 2334 22% 233$
134 134
5
Savoy Oil
14c 16o
Sunatax 011
250 250
Superior 011 Corp warr'ts
Union 01101 California _100
132 132
Dillon, Read & Co lot rec 132
12c 15c
Western States Oil & Gast
44 5
Wilcox 011 & Gas
1
4%
Woodley Petroleum Co..' 1034 1034 1134
Mining Stocks
Arizona Globe Copper-1
Black Hawk Cons
1
Black Oak Mines Co
1
Butte & West Mining.- -1
Caledonia Mining
1
Calumet & Jerome Cop 1
Canarlo Copper
10
Cash Boy Consol
1
Consol Copper Mines- -1
Consol Nevada-Utah__ _3
Continental Mines, Ltd.15
Cortes Sliver
1
Cresson Con Gold M dr M 1
Crown King Cons klines..1
20
1
10c
4
3%
231
12c
50o Aug
114 Sept
JUDO
Sevt
May
July
June
Aug
July
Apr
Feb
July
June
Aug
June
June
July
July
Feb
July
June
Aug
Feb
July
Aug
May
Jan
May
June
July
Jan
High.
18
8634
3934
45
514
4%
273$
4634
18%
134
50
1734
19
35
161
10434
170
434
25%
1554
10834
26%
42
68%
18%
7%
5%
634
6334
92
973(
4134
7%
534
39
1%
1%
107
2434
8934
304
36%
84
89)5
Feb
Sept
Sept
Aug
July
Jan
July
Sept
Jan
Jan
Jan
Sept
July
Jan
Aug
Apr
Jan
July
Aug
Jan
July
Aug
Aug
Aug
Aug
Jan
Feb
Feb
Feb
700
2
Aug
Aug
18
8534
524
105
70
43%
161
119
100
162
2734
97
10734
79%
43
289
111
230
171
100
89
68%
50%
120
256%
48
335
81
69%
Feb
Jan
Mar
Jan
July
Mat
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Aug
Sept
June
Feb
Sept
Sent
Jan
Jan
Sept
July
July
July
Aug
Sept
Jan
434
100
400
2'%
500
5
500 75c
1,100
3
37,500
234
2%
100
15.000
30
28,000 15c
500
1%
2.300 5834
17,000
20
1.4,000 1634
12,900
2%
76,000
is
1.200 800
1.000
7c
1,000
134
6,500 16
15,400
94
140 85
500
43(
300 20
400
834
100
2c
115 12
200 500
1.000
I
10,000 210
7,400 12%
10,400
634
7,700
534
10.700
2%
100
734
2,600 19%
500
14
9,000 14e
1 200
Jan
July
7
4% Jan
Aug
Jan
July 11
May
1% Jan
July
834 Jan
Jan
9% Sept
Jan
June
8
Mar 130 June
May 60e Jan
Jan
534 Feb
Jan
May 65
June
70 Jan
June 2214 Feb
534 Aug
Jan
Pio Feb
Aug
Mar
214 July
May 30c Jan
134 Mar
Jan
Feb 1934 May
July 131i Jan
Jan 11034 Sept
634 Jan
Aug
July
Jan 44
Feb
June 14
Jan
June
9c
Mar
July 16
Jan
Aug 80o
Jan
July
6
May 62o Feb
July 16)i June
Sept
234 July
Aug
Jan 58
7
Aug
Apr
Aug 1034 Jan
Feb 26% MAY
334 Jan
Jan
Aug 250 May
July
May 750
610 132
2,000 12c
1,600
434
2,100
7
JUIY 134% July
Aug 30c Jan
8% Feb
May
Apr 13 May
Sc
.5c
6,000
2c
2c
4,000
1
194 13,700
14c 14e
1,000
10e 100
1,000
23c 23c
2,000
11,300
334 4
8c
8o
2,000
9,300
334 4
ScSc
1,000
2% 234
100
12e 14e 85,000
3111. 3%
400
900
134 134
40
lc
37e
be
6c
7c
134
40
1%
Sc
1
10o
3'is
1
Apr
Jan
Jan
Mar
Apr
Feb
May
Mar
Jan
Apr
Jelly
June
July
Aug
126 Jan
4c Mar
lin Aug
55c
j ng
120
c MayAua
2
lg
JAuuy
4
Sc June
334
Or
200
4%
136
May
Feb
Mar
Jan
Aug
SEPT. 6 19241
Diamond 1311 Butte ReOrgl
1
Divide Extension
1
Ely Consolidated
Engineer Gold Mines,Ltd 5
1
Eureka Croeeus
Goldfield Deep Mines..-50
1
Goldfield Florence
10e
Gold Zone Divide
Green Monster
1
Hard Shell Mining
10e
HarmIII Divide
_1
Inc__
Mines,
Hawthorne
288
Heels Mining
.5
Hollinger Consol GM
1
Howe Sound Co
Independence Lead Min...1
Jeronie Verde Develop- -1
1
Jib Consol Mining
1
Kay Copper Co
5
Herr Lake
Kewanas (Reorganized)...1
1
Lone Star Consol
Lorrain Silver Syndicate_ _1
MacNamara Cres Devel _1
McNamara Mln & Mill_ _1
5
Mason Valley Mines
McKinley-Darragh-Sav - -1
Mizpah Extension of Ton__
1
Mohican Copper
10c
Nevada Hills
New Cornelia Copper Co_5
100
New Jersey Zinc
5
Nlpissing Mines
1
Ohio Copper
Parmac Porcup Mines Ltd_
1
Pittsb & Mt Shae,la
Premier Gold Mine Ltd_ 1
Plymouth Lead Mines.....l
5
Ray Hercules, Inc
10c
Red Hills Florence
Red Warrior Mining Co..!
Reorg Div Ann M
Rocky Mt Smelt & Ref.-1
I
Preferred
Silver Horn Min & Dev 10e
Silver Pick Consol
South Amer Gold & Plat_l
1
Spearhead
1
Success Mining
1
Teck Hughes
Tcmiskanung Mining Ltd 1
Tonopah Belmont Deve1.1
1
Tonopah Divide
1
Tonopah Extension
1
Tonopah Mining
Trinity Copper
United Verde Extension 50c
US Continental Mines.._5
Unity Gold Mines
5
Walker Milling Co
1
Wooden Copper Mining_ _1
West End Consolidated_ _5
West End Extension Mln_l
Western Utah Copper
_1
Wettlaufen-Lorrnin S
_1
White Caps Mining.._ _10e
BondsAllied Peek cony deb 60'39
1939
8s, series 13
Aluminum Co of Am 7s.'33
1925
7s
Amer U & E deb 6s__2014
American lee 7s
AM Pow & Lt 6s w 1_2016
6s old warr attach _2016
Amer Rolling Mill 68.1938
American Thread Os_.1928
Anaconcia Cop Min 65 1929
Anglo-Amer 011 750_1925
Assoc'd Simmons Hardware
1933
6%8
Atlantic Fruit Os
Atl Gulf & W I SS L 50 1959
Bait & Ohio Sew 1____1948
Beaver Board Co 813_1933
Beaver Products 7 %s_ 1942
Beth Steel equip 7s_ _ _1935
Canadian Nat Rye 78.1935
1925
5s
Chic R I & Pac 53.48_1026
Childs Co Os w 1
1929
Cities Sem,75, Ser B _1966
7s, Series C
1966
Is Series 13
1966
Cons G.E L&P,Balt.6s'49
1952
543
6340, series D
1951
COID301 Textile 88
1941
Coat Pap & Bat M 640'44
Cudahy Pk deb 540...1937
Deere & Co 734s
1931
Detroit City Gas 6s__1947
Detroit Edison 68.___1932
Dunlop T&R of Am 78_1942
Federal Sugar 60
1933
Federated Metals 6s_ _1939
1925
Fisher Body 6s
68
1926
1927
13s
1928
68
Gail'(Robert) Co 78_1937
Galena-Signal Oil 70_1930
General Asphalt 88_ _1930
General Petroleum 68_1928
Grand Trunk Ry 640_1936
Gt Cons El Pow (Japan)
1944
1st s 7s tier A
1937
Gulf 011 of Pa 55
1936
Hood Rubber 78
Internal Match 8340..1943
Kan City Term Sly 548'26
Kennecott Copper 78_1930
Lehigh Power Secur 68 1927
Lehigh Val Har Term 5s'54
Lehigh Vail RR 5s w 1_2003
Libby MeNeill&Libby78'31
Liggett Winchester 7s 1942
Lower Austrian HydroDec Pow 6318w L.1944
Manitoba Power 78_ _1941
Missouri Pac Is w I...1927
1930
Morris & Co 74s
Nat Distil Prod 7s w 1_1930
National Leather 88._1925
New Orl Pub Serv 5s1952
Northern Cent ItR 5s_1974
Nor States Pow 6340_1933
1952
Ohlo Power 55
Penn Pow & Light ds _1952
1941
PhIla Electric 68
1947
35$
1165
THE CHRONICLE
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Mining (Concluded) Par Price. Low. High. Shares.
200
2c
13%
7c
2c
10c
10e
22e
130
55c
1%
5c
65c
40
100
14
12c
330
6
18,6
50c
730
250
151
14
1 Si
260
3115
64c
16c
154
1715
670
26e
220
71
85
9551
10134
943.4
9434
10034
10334
102
5436
9834
784
103
074
96
10434
1014
103
7031
94
863-4
1024
10134
100
9931
10534
10835
854
Oh
10034
869.4
10
10151
8734
924
10294
High.
48
57
1054
10134
94
102
9434
945i
98%
101%
101
101%
May
May
Mar
Jan
Feb
Aug
Aug
Sept
Apr
Jan
Feb
Mar
71
85%
107%
103%
964
107%
95
94%
100%
103%
104
1024
Sept
Sept
Aug
June
June
Aug
Aug
Sept
Aug
Aug
Aug
June
June
Aug
Jan
Aug
Jan
June
Feb
Jan
Jan
Jan
June
Feb
Jan
Jan
Jan
Jan
May
Sept
May
May
May
Jan
Jan
so Jan
99% Jan
Aug
100
100
Mar
994 Jan
984 Jan
975' Jan
944 May
1044 Jan
10234 May
94;4 Jan
1054 Jan
934
36
61
98%
80
1004
104
112
100%
101%
1044
124
974
96%
10531
101N
1084
97
95
884
10334
1034
10934
94
10131
101
101%
1024
10234
102%
100
106
10534
101
1084
Feb
Mar
July
Aug
Aug
Sept
Aug
Sept
July
July
July
Mar
Sept
Aug
June
June
July
Jan
Feb
Jan
Aug
June
Aug
Feb
Aug
Aug
July
Sept
Aug
Aug
Apr
Aug
Aug
Aug
Aug
48,000 914 July 93
35,000 94
Jan 9834
5,000 99
May 10234
94,000 924 Jan 9834
9,000 10034 Jan 10234
117,000 103
Jan 107
9,000 96
Jan 10134
28,000 955' Jan 10134
36,000 9934 Aug 1004
8,000 94 June 101
6,000 1024 Jan 10534
July
July
May
Aug
July
Aug
Aug
July
July
Feb
Aug
65e
28
113e
134
34
171
680
32c
170
230
Sc
68%
8174
106%
10351
9551
1014
94%
94%
10051
1039-4
103%
102
71
$77,000
106%
1033,
1
95%
10254
944
9431
100%
10354
10334
1024
87
25
53
98%
78
1003.1
103
110%
100%
100%
103%
124
97%
954
104%
101%
108
68
933i
8634
103%
102%
107
92%
1004
99%
100%
102%
102%
1014
9934
10534
105
10034
108%
14.000
87
2531 16,000
27,000
55
98% 150,000
28,000
80
1004 1,000
1034 27,000
12,000
112
1.000
100%
100% 3,000
103% 2,000
1,000
124
9751 18,000
35,000
964
10451 4,000
1014 2,000
12,000
108
67,000
76
23,000
94
864 27,000
2,000
103%
17.000
103
107% 7,000
924 5,000
101% 26,000
1004 37,000
100% 5,000
10254 9,000
102% 6,000
24,000
102
38,000
100
10534 6,000
5,000
105
1004 16,000
108% 13,000
853-4 100,000
85 , 8534
100 1001.4
99% 994
98% 984
92
92
10034 101
8634 8654
1014 102
9954 1013i
• 87
87%
92
9234
107 107
1024 1024
Low.
220 July
7c Aug
2c Feb
234 June
Jan
15c
70 Sept
42e
Jan
12c
Jan
7c Sept
Jan
5c
26c Aug
Jan
82c
934 Mar
144 July
Jan
3
180 Feb
2
Jan
95c July
134 Sept
231 Jan
8c Aug
9c Aug
650 Sept
3c Sept
120 Sept
2% Aug
16e Mar
8c Mar
48e
Jan
43c July
22% July
170% Aug
634 May
13,4 Aug
67c Mar
10c Sept
2% Jan
73c Sept
38c Feb
Sc
Jan
75(1 Aug
25c Aug
194 July
14 June
Sc
Jan
40
Jan
Aug431
10c June
51c Feb
134 Jan
310
Jan
750 Feb
40e Feb
3115 May
2% July
80c
Jan
3034 July
200
Jan
24 Feb
334 Aug
14 Jan
86c
Jan
32c Sept
500
Jan
27e May
Cc
Feb
61c
27%
130
151
3
131
65e
16c
17e
22c
50
9134 914 0134
98
98
1
984
1034 10134 1014
97;5 98
98
10134 102
1064 10634 1064
10094 10034 101
100 3-1 9951 10031
9934 994 9936
100 1004
100
10531 1054
Rangs since Jan. 1.
4o
Jan
2c
Jan
lc
Jan
Mar
6
4c June
20 Sept
10e Aug
2c June
3c Aug
le Feb
2c
Jan
150 May
834 Jan
11% Mar
1
June
60 Apr
76c July
15c Mar
1
Apr
15i Mar
4c Aug
So May
30c Aug
Sc Aug
Sc
Jan
131 Jan
6c
Jan
4c Mar
10c May
Sc
Jan
15% Jan
i34' May
54 Jan
65c Mar
16c June
10c Sept
1% Apr
30c
Jan
10c Mar
lc
Jan
21c
Jan
Sc July
1
Apr
1
Apr
Sc Feb
Sc May
234 June
2c
Jan
15c July
1'14 May
lfic Aug
400 Apr
17c May
154 Jan
14 Jan
25c May
21
June
100 May
60c July
2
Apr
AD
30c June
20 May
15e Aug
120
Jan
20 Ma
70,000
2,000
100
2,800
3,000
58,000
5,000
3,000
2,000
8,000
25,000
5,000
200
800
200
51,000
200
68,800
14,700
200
5,000
32,000
19,300
26,000
10,000
200
2,000
1,000
1,000
8,000
300
10
1,500
8,000
2,200
1,000
600
9,700
100
9,000
3,200
32,000
4,500
900
1,000
1,000
300
1,000
1,000
1,600
1,000
100
3,000
3,000
400
13,200
300
19.000
1,100
400
7,300
1.800
113,000
2,000
3,000
1,000
17e 20c
Sc
Sc
2c
20
14%
13
7c
7c
3c
2c
10c 1lc
40
4c
Sc
7c
20
2c
10e 12c
22e 24c
954 951
14
14
24 24
13e 14c
1
1
53c 72c
1% 134
1%
191
40
4c
40
Sc
620 650
20
3c
10c 12c
1% 1%
9c
9c
6c
6c
120 12e
32c 32c
21% 22
165 165
6
8%
The 14
600 50c
100 10c
234
23-4
70c 73e
180 180
3e
30
50e 55c
21c 25e
13-4
P15
Pie 1%
lc
lc
2e
2c
3% 34
7c
7c
18c
180
13-4
134
17e 17c
65e 65c
26c 27c
215i. 311
1,000
3,000
80,000
47,000
41,000
3,000
10,000
1,000
15,000
11,000
Friday
Last Week's Range Sates
Sale
of Prices.
for
Price. Low. High. Week.
71%
25
42
9834
70
97%
10234
1063,4
0934
974
102
11834
894
89
10134
93
106%
68
90
8134
9934
994
1024
34,000 85
Aug 853.4 Aug
4,000 9534 Jan 10034 Sept
4,000 99% June 1004
Aug
30,000 92
June 10034 Feb
7,000 85
June 92
Aug
36,000 9234 Apr 101
Mar
33,000 8131 Jan 9554 Jan
8,000 50194 Aug 1024 July
70,000 98
Jan 10434 June
8,000 8434 Jan 90
July
21,000 8731 Jan 94
June
5,000 1044 Jan 107
July
2,000 984 Jan 104
July
Bonds (Concluded)Phillips Petrol 734s---1331
Public Service Corp 70 1941
(is
1944
Pure 011 Co 6348
1933
1931
Shawsheen Mills 7s
1927
Skelly 0116348
1934
Solvay & Cie Os
Standard Gas & El 6Sis 54
Stand 011 of NY 650_1933
7% serial gold deb_ _1925
7% ser gold deb_ __ _1927
7% serial gold deb 1928
7% serial gold deb 1929
7% serial gold deb 1930
1931
Sun Co 78
Swift & Co 5s__Oct 15 1932
Tidal-Osage Oil 75_ _ _ _1931
Union El L& Pal B1540'54
Union 0116s Ser ..A926
United Oil Produc 88_1931
Un Rys of Havana 731s'30
1936
Vacuum 011 78
Valvoline Oil Cs
1937
Virginian Ry 58 ser A_1962
WebsterMills6 Si %notes'33
Range since Jan. 1.
Low.
102
10134 102
4,000 100
108
108 10834 25,000 101
96
96
9634 119,000 9534
95% 95% 96
40.000 9234
104 1043-4 44,000 102
104
10194 10151 21,000 1014
10031 1004 10034
1,000 99
9734 974 9734 96,009 96
1074 10734 10734 4,000 1054
1004 10034 1004
1,000 100%
105
105 105
2,000 104%
10591 10534 10614 5,000 105
10634 1054 1064 28,000 1054
106
106 10634 26.000 105
1024 10234 4,000 100
94
934 9454 73,000 8934
10331 10351 10334
10 101%
9734 9734 9734 37.000 9454
10151 1014
1,000 1004
3934 39
39
3.000 30
107 107
1,000 10551
10634 10631 10634 33,000 106
10231 10235 10234
1,000 10134
9534 33,000 92
95
95
103
1024 10434 61,000 1004
High.
Apr
Jan
Aug
Jan
Jan
Aug
Apr
Aug
Jan
Sept
July
Jan
Jan
Feb
May
May
Jan
Apr
Mar
Aug
Jan
Jan
Apr
Jan
Jan
104
10851
97
96 34
10434
10234
101%
984
1094
1024
1064
1064
10734
108
103
9531
104%
9834
102
7934
109
108
104
9634
10434
Aug
July
July
Aug
Mar
Aug
Aug
Aug
June
June
Aug
Feb
June
June
Aug
Aug
July
Aug
July
Feb
July
June
July
June
Sept
Foreign Government
and Municipalities
Indus Mtge Bk of Finland
bat M coil s f 7s _1944 96
955i 9834 223,00
964 Sept
9534 Au
Indus Bank of Japan Ltd6% deb notes Aug 15'27 9954 994 99H 188,00
9951 Au 100
Aug
Netherlands(Kingd)6813'72 9634 96
9634 31,000 894 Apr 100% Aug
1919 1634
Jan 2134 Aug
9
Russian Govt 64s
1694 174 37,000
Jan 2034 Feb
1919 1634 104 174 27,000 10
648 certificates
192
1634 164 164 5,000
934 Jan 20% Aug
53is
10.000
Aug
164 1636 17
934 Jan 21
531% certificates_ _ _192
1014 10136 26,000 974 Apr 102
Switzerland Govt 534s 1929
Aug
1926 1004 1003i 10034 29,000 974 Jan 1004 Aug
Ext 5% notes
Listed on the Stock Exchange this week, where
• No par value. k Correction.
additional transactions will be found. o New stock. a Option sale. is When
Ex-rights. z Ex-stock dividend.
Issued, x Ex-dividend.
New York City Banks and Trust Companies.
Au prices dollars per share
Banks-N.Y.
America
e_b___
eryE:_
mwer
B
Ao
Amer Union.
Bid
220
315
5
16
25
Ask
225
320
Broadway Cen
Bronx Bore*.
Bronx Nat_
Bryant Park •
Butch & Drov
155
250
155
160
125
170
Banks
Manhattan S.
Mech & Met_
Mutual•_____
Nat American
National City
New Neth •__
Pacific•
Park
Penn Exch...
Port Morris..
Public
Seaboard
Seventh Ave_
Standard
Bid
159
368
400
135
396
140
300
445
105
178
390
417
95
260
370
143
200
145
191
168
84 374
CenerMean. 3
Chase
Chat & Phen_ 269 273
, 150 160
Chelsea Exch.
Chemical ___...x556 562
20
20 227
Coal Az Iron__ 4
Trade•
Colonial'.... 338
341 Trademen's•
Commerce
16
20
g3d Ward'...
Coro'nwealth• 2
210 United States* 185
Continental__
4
11
45
0 445 Wash'n Bte•_ 200
Corn
125 Yorkville•
1100
o
Epl
'ta
chn-•-:
East River_ _ _ 215 220
12
3
4
5
0
5
Brooklyn
Avenue
Fifth
255 Coney Island* 180
Fifth
1840 1865 First
410
First
300 310 Mechanics' •.. 140
Garfield
122 132 Montauk _ _ 180
Gotham
375 400 Nassau
Greenwich •_. 8
265
People's
Hanover
270
Harriman__ 390
Ask
163
373
Trust Co.'s Bid
Ask
New York
American....
Bank of N Y
145
& Trust Co 550 560
400 Bankers Trust 385 390
155 Central Union 630 635
Empire
293 303
450 Equitable Tr_ 230 233
115 Farm L & Tr_ 698 705
Fidelity Inter 215 225
ila Fulton
320
Guaranty Tr _ 268 272
i(55 Hudson Trust 290
275 Irving Bank380
Columbia Tr 228 231
Law Tit & Tr 215 220
Metropolitan_ 340 350
Mutual (Wes
140
03 cheater)
N Y Trust___ 384 388
166 Title Gu ,S6 Tr 440 445
U S Mtg & Tr 320 330
United States 1490 1505
Westches Tr. 245
Brooklyn
560 Brooklyn Tr_ 570 590
Kings County 1050
Manufacturer 293 566
People's
415
•Banks marked with (.) are State banks. (z) Ex dividend. (0 New stock.
New York City Realty and Surety Companies.
All prices dollars per share.
Alliance R'ItY
Amer Surety.
Bond& MO.
City Investing
Preferred..
Lawyers Mtge
Bid
115
105
328
98
98
175
Ask
Mtge Bond_
110 Nat Surety__
832 N Y Title &
Mortgage..
102
105 US Casualty_
S Title Guar
180
Bid
113
163
238
225
185
Ask
Bid
120 Realty Assoc
166
(Bklyn)com 140
1st prof.... 83
244
26 pref.... 73
Westchester
195
Title & Tr_ 230
Ask
150
as
78
260
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Int.
Rate.
Mar. 15 1925_
Mat-A.5 1926Dec. 151925...
Sept.15 1926___
June 151925...
44%
44%
45-4%
451%
414%
Bid.
Asked.
10118
10114
102
10234
10158 101,
5
10111 10134
1014
. 1017
.
Maturity.
Int.
Rate.
Dec. 551927...
Mar.15 1927___
Dec. 15 1924...
Mar.15 1925___
Dec. 151924....
434%
44%
434%
4%
231 7.
Bid.
Asked.
10234 10251
10234 10251
1005Is 100111,
1004 10031
IMP,, 10071.
CURRENT NOTICES.
-"The Art of Selling Bonds," which has just recently been published by
the investment house of Frederick Peirce & Co., of 207 South 15th Street,
Philadelphia, is a somewhat unusual contribution to financial literature.
Most of the texts in current use have to do with the theoretical principles of
bond investment or with the technical and mechanical phases of the business, such as Stock Exchange procedure and kindred subjects. The distinctive feature of this book consists in its emphasis upon the practical side
of selling. Its discussions are entirely limited to the actual problems that
confront the bond salesman from day to day. It is a compact hand book for
field work.
Each of the first ten chapters takes Up a specific aspect of practical bond
salesmanship. The reader is told how to obtain his prospect, how to get in
to see him and how to handle the interview when he gets there. Then follow three chapters on the technique of offerings, leading up to the subject
of trading, which constitutes Chapter VII, perhaps the most informative
one in the entire volume. Here the various ldnds of trades are explained
with illustrations to make clear each classification. The next three chap:.
ters deal with the taking of the order, delivery and settlement, and with the
methods to be used in meeting competition. The final chapter sums up
the treatise by attempting to assess the value of the various elements entering into the success or failure of the salesman. A high moral tone and
sense
of responsibility, which are so essential to the proper conduct of the
bond
business, pervade the whole work, which sets before the bond man an
admirable standard of ethics as well as of accomplishment.
This little volume, which was written primarily for the instruction of
the
sales force of the publishers, should find a wide appeal among the other
bond
houses, for it unquestionably fills a need and covers a field that has
been inadequately treated heretofore. The attractiveness of the book is
enhanced
by its appearance-pocket size, with clear and readable type. The
author,
Frederick A. McCord. has had many years experience as
salesman, sales
manager and executive.
1166
Inutstinent anti
gailraati Intelligente.
--Crossfrom Railway- -Net from Railway- -Net after Taxes
1923.
1924.
1924.
1923.
1923.
1924.
$
$
5
Detroit Toledo & IrontonJuly
361,625
202,554
870,488
375,342
930,667
240,228
From Jan E 6,902,102 5,962,103 2,676,088 2,086,179 2,427,139 1,995,942
Det
&
Toledo
Shore LineFourth Week of August.
1924.
1923.
Increase. Decrease.
July
90,580
67,937
221,763
326,177
108,880
90,130
From Jan 1_ 1,959,923 2,513,548
613,607 1,112,013
773,215 1,240,113
Ann Arbor
148,680
178,157
29,477 Duluth & Iron RangeBuffalo Rochester & Pittsburgh_
466,240
689,416
223.176
July
532,254
336,392
861,869 1,155,512
618,421
393,235
Canadian National
6,109,614 7,168,372
1,058.758
Front Jan 1_ 3,516,428 4,148,892
713,692
236,465
471,803 1,014,215
Canadian Pacific
4,697.000 5,365.000
668,000
Dul
Missabe
Sc
Northern
Minneapolis & St Louis
368.621
413.520
44,899
July
2,223,239 3,711,247 1,499,059 2,746,777 1,296,391 2,428,907
St Louis San Francisco
2,606,765 2,704,341
97,576
From Jan 1_ 7,467,868 10,086,493 2,932,280 5,192,893 1,950,446 3,874,065
Total (6 roads)
14,396,920 16,518,806
2,121.886 Dul So Shore & AtlanticNet decrease (12.85%)
2,121.886
July
95,518
546,464
516,135
89,369
121,371
123,552
From Jan 1_ 3,488,169 3,326,822
344,498
441,520
660.623
546,567
In the following we also complete our summary for the
Dul
Winnipeg
&
Pacific
third week of August:
July
130,267
2,935
175,179 -19,708
11,694 -26,059
From Jan E 1,324,076 1,486,465
122,935
125,435
242,058
192.149
Third Week of August.
1924.
Increase. Decrease. East St Louts Connecting1923.
July
87,664
159,946
184,459
59,983
56,793
97,427
From Jan 1_ 1,275,782 1,358,314
$
672,393
$
$
481,939
$
533.074
767,612
Previously reported (11 roads)_ 16,541.501 18,755.820
12,359 2,226,678 Elgin Joliet& EasternAnn Arbor
100.848
108,240
7,392
July
826,972
1,333,069 2,422,837
143,557
937,347
225,501
Duluth:outh Shore & Atlantic_
120,037
122,174
2,137
From Jan 1_12,904,197 16,800,355 3,457,845 6,018,471 2,883,365 5,375,566
Mineral Range
8,500
8,260
234
El
Paso
&
Southwestern
Texas & Pacific
624,851
617,890
6.961
July
1,150,424 1,130,360
406,768
307,009 1,211S28
354,685
From Jan 1_ 7,422,161 7,572,742 1,951,306 2,058,421 1.339,084
3
Total (15 roads)
17.395,737 19.612,390
19,554 2,236,207
Net decrease (11.31%)
Florida
East
Coast
2.216.653
1,177,167
July
802,273
191,695
92,928 -76,300
38,141
From Jan L12,102,271 10.222,366 4,323,774 4,216,204 3,624.595 3,530,304
Net Earnings Monthly to Latest Dates.-The table
Northernfollowing shows the gross and net earnings for STEAM Great
July
9,120,577 10,013,916 2.785,173 3,167.353 1,909,778 2.439,144
railroads reported this week:
From Jan L54,798,236 62,557,621 12,394,869 10,447,122 6,885,911 5,582,367
Green
Bay
&
-Grassfrom Railway- -Net from Railway- -Net after Tara
WesternJuly
1924.
112.939
1923.
12,984
1924.
1923.
107,004
13,795
6,295
1923.
1924.
20,984
From Jan 1_
848,913
55,788
754,626
132,271
184,819
112,164
8
Akron Canton & YoungstownGulf & Ship IslandJuly
202,074
216,591
70,911
67,778
57,791
53,307
July
30,009
262,660
257,149
35,653
59,201
51,523
From Jan 1_ 1,533,884 1,554,177
590,028
595,871
496,96;
496,171
From Jan 1_ 2,022,290 1,897,552
340,110
398,414
576,921
508,097
Alabama & VicksburgInternational Great NorthernJuly
278,521
278,103
48,812
73,740
26,500
35,536
July
135,984
1,166,662 1,149,171
119,227
155,046
168,808
From Jan 1_ 1,999,528 1,949,893
245,445
399,433
233,745
463,049
From Jan 1_ 8,852,574 7,977,205 1,323,118 1,119,549 1,077,352
891,418
American Ry ExpressKan City Mel & OrientMay
12,954,663 13,459,410
75,323
250,383
257,239
86,870
July
218,774
36,212
213,434
54,470
44,373
41,212
From Jan 1_64,319,850 65,257,289 1,258,798 1,323,871
441,119
395,807
From Jan 1_ 1,132,099
999,228
18,806 -58,538
-9,781
67,844
Atch Topeka & Santa FeK C Mex & Or of TexasGulf Col & Santa FeJuly
203,134
181,426
39.673
42,311
35.311
39,866
July
476,211
2,323,334 2,271,513
649,962
565,834
557,572
From Jan E 1,197,480
974,832
92,791 -95,434
127,039 -57,933
From Jan 1_14,117,941 13,161,968 1,544,255 1,543,603
974,738 Kansas City Southern948,888
Panhandle & Santa FeJuly
1,397,286 1,602,090
235,610
231,923
323,832
316,016
July
65,784
892,938
736,977
205,459
88,915
180,081
From Jan 1_10,359,998 11,346,353 2,462,456 2,656,606 1,837,396 2,041,884
From Jan 1_ 5,172,331 4,367,599
672,641
319,866
846,156
498,586
Texarkana & Ft SmithJuly
Atlanta dr West Point238,943
91,695
231,727
101,328
103,411
125,699
July
From Jan E 1,651,626 1,535,936
659,003
215,642
697,776
243,999
31,263
38,272
806,113
27,013
45,201
739,523
From Jan 1_ 1,653,891 1,695,150
297,517 Kansas Okla & Gulf395,414
320,622
237,597
July
Baltimore dr Ohio-8,411
158,647
159.409
14.518
4,228
1,510
B &0 Chic TerminalFrom Jan 1_ 1,170,038 1,497,078
182,110
62,502
-8,520
261,792
July
300,856
301,481
2,430
-1,014 --39,170 --35,995 Los Angeles & Salt LakeFrom Jan 1_ 2,058,037 2.170,787
511
--7,993
July
277,465 --277,256
1,877,115 2,011,810
251,187
214,677
70,247
364,352
Bellefonte CentralFrom Jan 1.14.336,105 13,523.858 2,756,281 2,741,378 1,854,549 1,948,613
July
6,653
10,878
1,632 Louisiana Sty & Nav Co419
1,752
249
From Jan 1_
58,107
77,988
4,381
3,9,
10
5,221
2,750
July
361,278
15,648
288,725
42,399
23,720
32,856
Belt Sty of ChicagoFrom Jan 1_ 2,212,963 2,262,060
174,206
86,643
296,050
213,371
July
516,968
570,676
192,364
189,056
226,267
146,493
La Sty & Nay Co of TexasFrom Jan 1_ 3,835,574 4,170,487 1,160,860 1,475,141
865,025 1,198.399
July
2,478
97.745
94,021
8,348
4,334
6.478
Bingham dr GarfieldFrom Jan 1_
713,714
17,882 -12,698
340,106
2,302
45,903
July
41,950
31,574
11,769
--1,861
1,275 -10,510 Louisv Henderson & St LFrom Jan 1_
273,357
253,125
14,241
64,913
67,481
-8,035
July
247,583
36,019
283,727
27,776
58,920
43,011
Canadian National RysFrom Jan 1_ 1,958.752 1,985,542
454,036
315,312
394,422
538,419
July
19,986,670 20,824.408
585,251 1,478,790
Minneapolis & St LouisFein Jan 1134,849,228 136738,959 3,214,681 3,070,147
July
-7.529
1,118,860 1,179,025 -244.043
30.299 -272.986
Au & St LawrenceFrom Jan 1_ 8,124,600 9,329,452 -439,437 1,092,185 -862,201
650,414
July
153,100
166,049 -20,738 --174,781 --42,054 --189,931 Mississippi CentralFrom Jan 1_ 1.435,802 1,911,183 -236,992 --351,921 --349,255 --458,082
July
335
22,332
145,544
134,388
5,335
29,841
From Jan 1_ 1,047,701 1,051,052
Chic Bet & Can CI T Jet170,246
224,648
207,336
273,832
July
156,551 Mo-Kan-Texas181,715
290,901
55,385
41,422
107.877
From Jan 1_ 1,755,558 2,039,193
817,135 1,137,029
741,334 1,072,625
Mo-Kan-Tex of TexasJuly
Bet 011 & Milw328,724
1,754,273 1,638,989
381,964
375,054
429,910
From Jan 1.11.015,516 10,927,966 2,369,375 1,625,196 2.022,061 1,266,496
July
124,115
478,039
608,782
78,406
72,468
127,232
From Jan 1_ 3,757,783 3.908,020
893,601 Missouri & North Arkansas810.367
847,353
923.905
Can Pacific Lines in MaineJuly
117,251
120,585
28,320
2,988
6,118
20,566
July
From Jan 1- 856.049
819,250
100,730•
128,290
24,395
160,680 -150,178 -31,428 --161.178 --46,428
47,169
118,030
From Jan 1_ 1,654,493 1,751,931
98,767 Nevada Northern42,084
203.787 --34,918
July
Central Vermont99,050
89,397
46.367
51,300
45.356
$2,975
From Jan 1_ 615,494
July
532,518
51,254
238,523
757,145
694,376
284,741
160,169
305,947
141,142
258,657
72,168
From Jan 1_ 5,037,783 5,050,026
288.573 New Orleans Texas & Mexico Sty Co (Gulf Coast LInes)537,671
404,806
433,768
July
Chic Burl & Quincy1.012,720
955,116 *318,167 *374,597
a7,338 a206,078
From Jan 1_ 8,270,966 6,274,953 *3,419,743 *2,173,675 21,726,987 a978,595
July
648.364
12,626,305 13,369,117 3,175,171 1,450,477 2,292,324
From Jan 1_88,569,284 98,148,888 20,779,201 18,820,803 14.642,804 12,579,711 New On Tex Sc MexicoJuly
333,869
Chic Ind & Louisville234,378
33.430
158,851
139,832
60,900
From Jan 1_ 1,932.118 1,745,510
July
291,579
1,340,427 1,431,995
415,725
336,844
640,603
493,592
604,488
423,467
376,306
From Jan 1_ 9,732,246 10,425,219 2,510,414 2,708,677 1,998,331 2,158,960
Beaumont So Lake & WJuly
183,324
Chic Peoria & St Louis212,672
54,333
106,562
46,586
101,873
From Jan 1_ 1,610,890 1,314,136
669,028
July
98,358
499,539
90,285
-6,515
623,846
466,869
-3,036 -10,016 -12,538
From Jan 1_
-105,931
27,246
775.046
702,397
-2,296 --39,345 St Louis Browns & MexJuly
473,823
487,701
Chicago River & Indiana113,087
194,223
76,913
175,201
From Jan E 4,580,049 3.058,764 2,056,849
193,072
July
963,302 1.858,364
584,113
530,715
158,702
126,081
833,567
224,483
From Jan 1_ 4,021,247 4,312,053 1,328,939 1,654,040 1,068,667 1,397,846 Northern PacificJuly
7,299,929 8,098,515 1,444,962 1,101,905
Chic R I & Pac760,254
370,203
From Jan 1_49,907,377 54,745,642 8,380,914 6.259,067 3,640,883 1,339,378
Chic RI& Gulf156,305
July
587,578
630,993
199,170
186,659
168,614
Northwestern Pacific231,226
From Jan 1_ 3,586,066 3,164,954
879.340
791,319
317,612
884,038
772,577
July
342,128
341,944
388,502
295,901
From Jan 1_ 4,006,584 4,460,563
936,886 1,146,556
805,047
Cinc Indiana & Western617,684
52,132 Pennsylvania SystemJuly
372,229
372,779
68,369
49,869
72,630
302,430
From Jan 1. 2,487.993 2,685,023
365,464
239,502
441,107
Balt Chcs dr AtlanticJuly
197,962
50.173
187,595
22,455
1,711
Colorado & Southern37,865
From Jan 1_
815.932
840,478 -41,475 -166.516 -65,201 -198,946
183,422
120,471 --56,606
983,912
1,011.190
July
12,633
121,993
From Jan 1_ 7,054,342 7,116,304 1,082,679
643,095
580,292
MonongahelaJuly
333.277
498,462
128,651
174,970
118,051
164,953
Ft Worth & Denver CityFrom Jan 1_ 2,657,958 3,348,665
225,811
833,156 1,147,807
359,480
July
759,134 1,078,050
320,027
810,091
284,116
906,314
984,516
From Jan 1_ 5,551,074 5,075,337 1,714.677 1,248,156 1,434,127
Toledo Peoria dr West153,041
July
151,255
5,873 -12,356
-5,027 -23,366
Trinity & Brazos ValleyFrom Jan 1 _ 1,118,593 1,051,528
135,373
140,012
97,168
--5,305
July
62,452 -174,312
1,812
341,000
142,886
146,570
54,231 Quincy Omaha & K C
FromJan 1_ 1,115,125 1,113,842 -306.843
103,246 -357,050
July
88,857 -20,999 -19,255 -25,731 -22,738
73,335
Wichita ValleyFrom Jan E 586,369
37,936
740,350 -64,376 -101.529 -92,994 -132,793
July
44,146
45,074
51,696
108,982
118,497
199,299 St. Louis-San Francisco379.048
From Jan 1_
242.675
432.559
736,680
981,525
July
7,201,236
7,001,867
2,048,417 1,813744 1,680,627 1,511,882
Columbus & GreensFrom Jan 1_46,821,959 48,921,963 12,777,382 13,313,184 10.438,052 11,009.183
July
10,127 -25,743
118,542
125,342
11,678 -23,243
60,766
From Jan 1_
100,308
110,390
59,732
St L S Fran of Texas857,572
875,538
30,382
July
159,034
157,490
41,510
39,405
32,475
Denver & RIO Grande56,090
From Jan 1_
980,533
890,499
190,978
July
175,847
71,125
155,507 --42,262 -12,942
2,761,042 2,833,785
125,589
501,682
FromJan 1_17,211,642 18,133,010 2,338,519 1,680,431 1,165,491
Ft Worth & Rio GrandeJuly
3,988
133,187
23.691
19,854
140.170
7,731
Denver & Salt Lake30.165
From Jan 1_
60,740 -45,069.
870,582
July
87,866 -17,325
815,905
274,111 -46,113
39,167 -55,113
234,534
From Jan 1_ 1,561,619 1,361,010 -125.554 -26.219 -188,563 -89,358 St Louis SouthwesternSt LS-W of TexasDetroit Terminal57,435
19,264
18,137
-8,491
July
701.166
608,275
July
12,488
78,431
183,483
27,412
187,264
FromJan 1. 4,204,396 4,436,900 -150,822 -868,624 -331.959 -1,058,541
340,311
From Jan 1_ 1,374,508 1,259,130
213,616
452,044
348,318
Latest Gross Earnings by Weeks.-In the table which
follows we sum up teparately the earnings for the fourth
week of August. The table covers 6 roads and shows
12.85% decrease from the same week last year.
TH 14-4 CHRONICLE
-Grossfrom Railway--Net from Rat/way- -Net after Taxes
1924.
1923.
1924.
1923.
1924.
1923.
San Antonio & Aransas Pass71,559
477,385
54,598
42,618
57,868
July
577,002
320,634 -136,594
From Jan 1_ 3.723.037 2,929,201
201,398 -245,789
San Ant Uvalde & Gulf18,081
25,437
101,755
14,484
116,500
22.235
July
177,444
698,825
903,919
113,715
153,530
90,237
From Jan 1_
Southern Pacific SystemGalv Harris S Ant674,352
179,379
590,000
2,205,445 1,810,726
99,437
July
978,899
From Jan E14,582,091 12,750,641 2,835,028 1,421,120 2.346,342
Central
Texas
Houston &
267,118
1,112,314 1,175.555
218.750
July
220,441
165,808
972,601
820,888
From Jan I_ 7,980,142 7,601,575
668,000
479,245
Houston E & W Texas259,394
30,229
261,822
47.482
19,531
JulY
37,084
16,348
129,812 -29,899
From Jan 1_ 1,762,781 1,864,493
65,977
Louis Western314,247
351,325
84,678
76,646
July
58,825
76,692
526,946
From Jan 1_ 2,325,188 2,647,227
700,694
335,451
518,017
Morgans La & Texas617,601
653,672
48,859
11,519
July
634 -35,085
From Jan 1_ 4,548,521 5,030,960
-5,393
429,950 -343,236
105,691
Texas& New OrleansJuly
211,236
776,282
727,638
175,803
78,580
38,097
From Jan E 5,228,649 5,062,027
392,042
389,222
180,994
178,478
Southern Ry SystemAla Great Southern762,495
886,484
July
195,508
253,137
,105,585
204,593
From Jan 1_ 5.680,240 6,279,398 1,302,526 1,937,357 1,027,050 1,564,062
CinNO&TP1,765,767 1,869.017
505,503
425,868
July
426,324
342,289
From Jan 1_12,692,013 13,732,288 3,577,306 4,066,118 3,073.991 3,364,947
Georgia So & Florida436,501
429,991
131,338
July
75,956
112,387
58,327
From Jan 1_ 2,848,332 3,051,489
715.595
653,067
584,634
513,760
Spokane International95,302
91,032
22,781
July
17,508
17,152
11,642
673,693
187,250
169,072
From Jan 1_ 666,414
147,162
128,255
Spokane Port & Seattle628,843
649,578
190,408
203,600
July
121,216
128,597
From Jan 1_ 4,610,899 4,464,101 1,609,026 1,472,618 1,118,068
947,115
R
T
Staten Island
282,508
262,367
7,421
38.075 --11,681
July
25,544
54,963
66,330 -57,796 --36,664
From Jan 1_ 1,568,947 1.458,466
Tennessee Central248,966
229.788
37,663
50,844
July
33,904
42,771
From Jan 1_ 1,589,930 1,796,425
378,485
417,679
330,064
375,951
Louis
of
St
Term Ry Assn
392,612
423,108
102,836
148,948
July
45,296
88,771
734,596
981,290
From Jan 1_ 2,879,313 2,922,626
316,799
544,782
Texas& Pufflc2,671,922 2,483,006
335,672
July
502,040
183,169
401,236
From Jan E18,063,457 17.426,013 3,349,896 2,576,725 2.317,393 1,861,562
Ulster & Delaware200,097
231,032
69,893
70,511
July
64,893
64,508
From Jan 1_
853,667 1,023,164
115,888
163,306
77,307
121,276
Union Pacific
8,726.887 9,345,356 2,312,111 2,351,518 1,576,193 1,758,781
July
From Jan 1_57,344,874 60,303,793 16,213,393 16,705,451 11,522,480 12,725,720
Oregon Short Line2,782,525 2,847,165
July
597,157
490,981
315,606
239,113
From Jan L10,346,670 20,264,252 4,474,335 4,477,824 2,526.732 2,712,602
Ore-Wash RR & Nay Co2,248,891 2,186.737
332,587
23,982
July
161,436 -153.885
From Jan 1_16,286.420 15,566,192 3,166,974
904,077 1,970,258 --286,278
St Jos& Gd Island225,523
251,648
31,790 -21,178
July
10,632
34,308
From Jan 1_ 1,809,953 1,796.380
282,377
178,128
181,202
85,736
Utah118,305
119,840
34,118
15,309
July
27,976
8,860
857,345
From Jan 1_
195,393
811,268
169,816
147,106
122,993
\ricks Shreve & Pacific351,766
77,501
334,093
108,565
July
53,457
71,409
462.272
From Jan 1_ 2,386,585 2,452,132
696,282
313,722
474,558
Western Maryland358,803, 476,391
288,803
1.436,219 2,005,106
July
386,391
From Jan E11,061,786 13,736,046 2,812,053 3,030,411 2.242,053 2,475,411
Western Pacific101,791
289,185
33,762
1,298,181 1,293,563
July
207,398
101,080
672,059 1,414,690
From Jan 1_ 7,264,050 7,175,317
866,732
Western Ry of Alabama52,409
52,501
240,746
42,785
229,889
July
40,930
435,766
From Jan 1_ 1,761,079 1,082,188
436,038
349,053
346,548
Includes other income. a After railway tax accruals, fixed charges, &c.
Companies.
Federal Light &
July '24
Traction Co
'23
7 mos ended July 31 '24
'23
July'24
Ft Worth Pow &
Light Co
'23
12 mos end July 31 '24
'23
Georgia Ry & Pow July '24
1167
Gross
Earnings.
Net after
Taxes.
Fixed
Charges.
Balance,
Sur Ins.
134,056
414,853
62,743
71,313
416.240
129.199
67.284
61.915
3,266,619 1,224.616
410.687
813,929
3.197.555 1,211,315
746,070
465.245
232.472 *108,267
16,768
91.499
228,994 *100,805
17.912
82,893
3,119,292 *1,408.505
216.307 1,192.198
2,835,414 *1,343.089
228,992 1.114,097
1,270,979
304.180
354,613
50,433
md Atl Nor Ry Co '23 1,276,071
376,989
243,138
133,851
12 mos end July 31 '24 16,694.834 5,584,244 3,264.324 2.319,920
'20 15,971,465 4,849,201 2,863.576 1.985,625
July'24
Kansas Gas &
92,631
383,960 *127,041
34,410
Elect Co
'23
368,501
*105,125
14,072
91,053
12 mos end July 31 '24 5,601,661 *1.900,283 1.103,681
796,602
'23 5,411,178 *1,806,345
871.742
934,603
Manchester 'Frac, July '24
197,227
61,912
39,729
22.183
'23
L & P Co dx Subs
203,964
22,459
42,714
65,173
7 mos ended July 31 '24 1.483.116
577.873
155.810
422,063
'23 1.483.749
151.229
382,625
533,854
Metrop'n Edis Co July '24
600.716 a240.851
'23
Co & Sub Cos
616.698 a170,933
12 mos ended July 31 '24 7.863,063*a3,016,569 1,485,857 1,530.712
'23 7.431,306'1%2.491,965 1,243,548 1.248,417
Milwaukee Electric July '24 1,654,885 *444,325
216.444
227.881
'23 1,711,260
Ry & Light Co
*432,485
174,011
258.474
12 mos ended July 31 '24 22,509.627 *6.654,133 2,438.132 4,216,001
'23 21,449,741 *5,930,523 2,330,750 3,599,773
Nebraska Pow Co July '24
286,289 *115,579
56,182
59,397
'23
289.770 *107.475
54.988
52,487
12 mos end July 31 '24 3.881,623 *1.848,437
650,889 1,197,548
'23 3.728,402 *1,594.836
649.159
945.677
New Jersey Power July '24
79,375
a19.826
'23
& Light Co
a15,152
76.955
12 mos ended July 31 '24 1,049,694 '&276.775
137.248
139,527
'23
888.455 '
1%1+260,467
113,042
147,425
Niagara Lockport& July'24
444454 *174.725
75,026
99,699
'24
Ontario Pow Co
440,019 *162,472
74.657
87,815
7 mos end July 31 '24 3,358,055 *1,406.720
573.156
833,564
'23 3.133,554 *1,239,856
519,940
719,916
The Nor Amer Co July '24 „ '2.168.1251.104.868 1,063.257
'23 5,784,294 *2,073.786
& Sub Cos
987,840 1.085,946
12 mos ended July 31 '24 77,837,214'29,348,164 12,936,409 16.411,756
'23 69.841.753+25,643.739 10,656,748 14,986,991
Northwestern Ohio July '24
46,437
a5,739
'23
Ry & Power Co
50,918
a7.754
558,129 *2'68,268
12 mos ended July 31 '24
71.593
-3.325
'23
553,660 *a98,459
68,550
29,909
July'24
Pacific Power &
256.299 *117.168
59,449
57.719
'23
Light Co
260,357 *121,610
59,033
62,577
12 mos end July 31 '24 3,246.854 *1,575,399
719,843
855,556
'23 3,052,456 *1,471.666
666,884
804,782
Penn Central Lt & July '24
283,668
135.966
69,190
66,776
'23
Power Co
260,879
112,335
29,058
83,276
12 mos end July 31 '24 3,597,006 1.699.135
672,763 1,026,371
'23 3,019.251 1,307,865
342,893
964,972
Penna Edison Co July '24
230,566
a73,277
and Sub Cos
'23
266,103
a69,847
12 mos ended July 31 '24 3.138.978*a1,054.476
472.273
582,203
'23 2,986,530 *a997.438
397,327
800,110.
July '24
Pine Bluff Co
83,681
d28,603
e9,510
19.093
'23
81.126
d31,884
e9,502
22.382
12 mos end July 31 '24
891,719 d356.462 0109,084
247,378
'23
863,910 d343,003 e108,789
234.214
July '24
Portland Gas &
275,401
*91,889
39.322
52,567
Coke Co
'23
269,263
*95,431
38,442
56.989
12 mos end July 31 '24 3,542,075 *1,298,324
467,473
830.851
'23 3,390.917 *1,263.138
431,934
831,204
Reading Transit & July '24
248,812
a22,400
& Lt Co & Sub Cos
'23
263,312
a22.077
12 mos ended July 31 '24 3.063,741 *a271.719
85,050
186,660
'23 3,068,292 *11287,838
82,235
205,603
Rutland By. Light July '24
39.799
b7,161
& Power Co
'23
41,844
b13,038
12 mos ended July 31 '24
537,686 *6161,157
94,768
66.389
'23
564.468 *6150,515
95,968
54,647
Sandusky Gas &
July '24
a10,391
52.384
Electric Co
'23
53,285
a9,216
12 mos ended July 31 '24
73,895
844.129 *4,243.913
170,018
'23
846.523 *a209,269
139,169
70,100
Sayre Electric Co July '24
a4,177
16,408
'2
15,684
a2,661
12 mos ended July 31 '24
24.901
216,353 *a67,929
43,028
22.249
'23
200,990 *a45,822
23,573
Electric Railway and Other Public Utility Net c Southw Power & July '24 926.539 388,545
Light
Co
366,493
'23
845,829
Earnings.-The following table gives the returns of
12 mos end July 31 '24 11,958,551 5,597.596
ELECTRIC railway and other public utility gross and net
'23 10.789.258 5.074,674
earnings with charges and surplus reported this week:
Texas Power &
July '24
73,168
458,815 *172,436
99.268
Light
Co
58,159
386,078 *146,403
'23
88,244
-GrossEarnings--Net Earnings-12 mos end July 31 '24 6.184,288 *2,667,849
759.653 1,908,196
Previous
Current
Current
Previous
'23 5,261.228 *2,164,822
738,573 1,426.249
Companies.
Year.
Year.
Year.
Year.
United Gas &
July'24 1,064,174 *338,552
152,419
186,133
Elec Corp
Barcelona Traction, Light &
'23 1,040,213 *338.961
144,443
194,518
Power Co
12 mos end July 31 '24 14,519,189 *4,995,907 1,842,709 3,153.198
July e4,011,718 3,521,912 2,228,575 1.901,956
7 mos end July 31
'23 13,501,959 *4,705,029 1,734,507 2.970,522
e32,378,871 29,280,899 19,473.942 16.554.953
Vermont HydroJuly '24
British Columbia Electric Ry
51,643
b17.133
Electric Corp
'23
June 882,722
Co
831,005
58,135
b14,724
221,084
210.932
12 mos ended July 31 '24
12 mos end June 30_ ... _10,778.524 10,373,178 3,119.484 3,035,744
725,591 *13259,745
155.706
104.039
'23
146,625
696,661 ob311,851
165,226
108,086
July 115,255
Porto Rico Rys Co
45.031
22.846
12 mos end July 31
769.671
839,591
34.548
126,430
60,483
303.913
26,295
245,269 Yadkin River Pow July'24
Co
'23
34.260
152,545
40,583
74,843
c Given in pesetas.
12 mos end July 31 '24 1,819,605
414,193
983,205
569,012
Gross
Net after
Fixed
Balance,
'23 1.620,783
320,785
849,609
528,824
Earnings.
Taxes.
Charges.
Surplus.
*Includes other income. a After depreciation and rentals. b After
Arkansas Light & July '24
199,186
102,356
e23,179
79.177 rentals.
'23
Power Co
163,876
81.675
e24,622
57,053
c Earnings from operation of the properties of subsidiary companies and
808,355 e313,649
12 MOS end July 31 '24 1,697,548
494,706 not the earnings of the Southwestern Power & Light Co.
'23 1.407,542
589,228 e252.355
336.873
d After depreciation.
Asheville Pow &
July '24
86,890
'34,435
5,756
e Includes all interest charges and amortization of dept. discount & exp.
28,679
'23
84,762
*34,416
Light Co
5,226
29,190
Month of July
12 Months Ending July 3112 mos end July 31 '24 1,020,750 *421,096
67,346
353,750
'23
937,487 *354,701
Surylut
62,576
Surplus
292,125
Gross.
Net.
aft. Chgs.
Gross.
Net.
aft. Chits.
Binghamton Light July '24
95,673
a19.667
8
$
8
'23
88,005
a23,774
& Power Co
176,468
12 mos ended July 31 '24 1,275,413 '4'434,734
258,266 Puget Sound Power & Light Co964,714
1924
'23 1,113,951 *a337,950
345,020
171,782 12,606,208 4,842,746 2,886,494
129,220
208,730
979,555
383,104
1923
225,528 11,538,315 4,622,652 2,839,122
183,078
*81,205
July '24
Carolina Power &
40.464
40.741
Electric
Co
160,020
*60,143
'23
40,966
Light Co
19,177 Baton Rouge
53,316
1924
15,116
9,514
667,629
420,647
218,510
12 mos end July 31 '24 2,467,461 *1,244.862
178,663
824,215
49,873
16,964
1923
14,486
'23 2,142,724 *890,909
614,918
278,906
215,529
181,444
612.003
104,430
*1,893
15,612 --13.719 Cape Breton Electric Co, LtdEast St Louis & Bub July '24
51,777
1924
8,841
116,251
2,989
*21.255
'23
706.211
15.625
148,964
Co-Alton Cos
78,837
5,630
53,996
1923
3,829
.1,801
677,951
187.717
90,435
12 mos ended July 31 '24 1,409,144 *181,591
-6.126
22,770
'23 1.402.817 *182,768
187.178
-4.441 Central Miss Valley Else Prop44,738
10,554
1924
7,353
292.127
*29,016
'24
Co
July
589,987
56.152
Sub
&
L
158,499
St
-27,136
119,731
E
44,832
11,947
1923
8,714
*78.488
323.544
53.091
566,847
Exclusive of Alton Co '23
160,449
25.397
118,719
660.692
286,993 Columbus Electric dc Power Co12 mos ended July 31 '24 4.135,107 *947,685
632,018
'23 4,432,256 *1.281,997
169,017
75.925
52,937 2,266,359 1,089,433
1924
649,978
818,634
174,325
90,152
1923
36,195
67,547 2,171,306 1,119,400
*5,354
8,121
July '24
-2.767
El Paso Gas Co
846,386
*9.035
7,969
37,853
'23
1,066 Edison El Ill Co of Brockton99,081
610,238 *192,744
107,124
27,708
1924
93,663
27,837 1,583,127
12 mos end July 31 '24
542,424
532,054
96.658
611.823 *204.663
'23
108,413
21,753
108,005
1923
20,785 1,531,181
553,839
543.246
TH I
1168
Month of July
Gross.
Net.
Surplus
After Cho.
El Lt & Pr Co of Abington & Rockland1924
5,599
35,802
5,840
1923
3,251
3,205
34,060
Fall River Gas Works Co1924
21,213
21,180
80,625
16,847
1923
17,172
83,875
Galveston-Houston Elec Co50,774
1924
336,971
95,044
15,154
55,955
1923
278.646
Haverhill Gas Light Co14,368
14,371
1924
55,183
8,601
8,607
1923
43,371
Houghton County El Lt Co5,064
984
1924
35,454
1,045
5,127
1923
36,620
Keokuk Electric Co4,880
8,236
32,974
1924
5,205
33,385
8,438
1923
Hey West Electric Co4,181
6,669
1924
18,778
5,563
3,046
1923
18,548
Lowell Electric Light Corp-27,567
25,655
1924
104,572
31,442
1923
114,927
32,342
Mississippi River Power Co1924
267,174
207.629
108,407
1923
94,782
254,703
195,645
Northern Texas Elec Co34,036
1924
201,981
62,179
1923
68,697
41,389
226,515
Paducah Elec Co & Sub Cos5,815
1924
15,273
49,537
13,765
4,662
1923
46,915
Savannah El & Pr Co25,159
1924
153,813
56,620
48,718
17,409
1923
154,669
Sierra Pacific El Co & Sub Cos18,237
1924
88,593
26,172
35,230
40,690
1923
86,765
Tampa El Co & Sub Cos1924
69,545
64,904
175,405
1923
164,481
67,505
62,081
Blackstone Valley Gas dr El Co & Sub Cos1924
50,008
337,210
91,984
1923
90,397
62,864
336.289
El Paso El Co & Sub Cos1924
63,327
41,555
193,574
48,142
• 1923
65,206
189,622
12 Months Ending July 31
Surplus
After Chgs.
Net.
Gross.
5
450,440
426,217
74,659
68,710
73,304
61,414
1,024,933
1,028,912
249,754
249,221
3,571,267
3,280,941
844,717
654,271
331,402
171,847
585,098
566,983
122,900
130,028
121,023
129,643
523,080
538,765
136,901
136.282
87,791
84,927
421,308
406,614
108,333
110,374
69,218
68,684
237,687
253,294
91,323
104,285
61,160
73,056
1,509,432
1,623,512
507,965
575,687
482,738
573,908
3,110,176 2,245,268 1,054,041
985,958
2,961,738 2,200,361
958,150
2,804,074
2,973,792 1,000,186
623,003
693,049
627,876
599,143
199,978
207,545
89,835
105,534
1,929,353
1,619,624
716,552
576.263
34,
4993
280,445
1,057,785
981,319
482,283
478,486
410,773
420,348
2,225,102
2,015,924
951,683
875,021
895,524
811,189
4,543,945 1,492,819 1,109,081
4,370,546 1,589,530 1,249,656
2,411,885
2,365,383
871.758
890,006
660,212
685,619
• Deficit.
FINANCIAL REPORTS
Financial Reports.-An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Aug. 30. The next will appear in that of Sept. 27.
Pennsylvania Company.
Annual Report-Year Ended Dec. 31 1823.)
INCOME ACCOUNT FOR CALENDAR YEARS.
1922.
1923.
1920.
1921.
Rentfrom equipment..
$55.021
$463,462 $1,246,677
61.929
Income from lease of rd_
13,581
10,014
10.724
11,898
Miscell. rent income-6,669.487
6,786,869
9,213,905
5,388,159
Dividend income
592,919
423,800
695.150
534,860
Income from funded secs.
Inc.from unfund. secs. &
1,378,144
110,667
733,255
1.371,348
accounts
Income from sinking and
196,094
2,000
48,905
157.079
other reserve funds....
(52d
.
$7,219,536 $8,329,213 $7,926,806 812.700,393
Gross income
Deductions$667,781
8290.089
$450,000
$143,960
Tax accruals
799.954 2,074,563
794,093
4,254,655
Int. on funded debt1,007,631
1,120,658
455,865
1,786,937
Int. on unfunded debt
17.149
58,568
31,845
24.516
Maint. of invest. organ_
72,332
5,999
17.298
22,931
Miscell. income charges_
Total deductions
$1,955.583 $2,187,154 34,353.314 $5,600,772
$5,263,952 $6,142,059. $3,573.492 87,099,621
Net income
Inc. appl. to sinking and
$49,934
$571,335 $1,524,033
$7,367
funds_
reserve
other
Inc. approp, for inv. in
118,948
118,948
208.234
physical property-Balance transferred to
credit of prof. & loss $5,256,585 $5.973.177 $2,883,209 $5,367,354
$42,324,417 $17,397,988 817,941.742 $16.858,226
Previous surplus
1,373.035
518,162
4.874.314
635.771
Sund. net cred. during
4,800.000
4,800,000
4,800,000
Less div. approp.(6% - 4,800,000
16,000,000
Special dividend (20% L P.&I.surp. Dec.31-$43.416,773 $7,445,479 $17.397,988 $17.941,743
BALANCE SHEET. DEC. 31.
tug
1922.
1923.
1922.
1923.
RI
Liabilities$
$
$
Assets$
Common stock_ 80,000,000 80,000,000
Inv. In road &
464,216 4% gold loan of
405,716
equipment_ __
1906 ars
19,846,000 19,900,000
Misc. phys. prop 2,325,153 2.249,916
Loans & bills pay 1,836,813 21,764,379
Inv.In affil. cos.:
112,247,505 111,878,830 Aud. accts. &
k Stocks
500,099
728,821
wages payable
k Bonds
11,661,648 11,647,348
674,396 Misc.accts. pay. 1,443,219 1,632,804
, Notes
674,396
14,033
13,013
Int.
matd'
unpd.
4,612,023
Advances..... 3,230,582
F'd debt mat'd
Other invests.210,788
195,432
unpaid
12,193,765 12,194,016
Stocks
200,000
200,000
754,509 Unmat. Int. accr
755,959
Bonds
7,980
6,691
47,519 Other curr. liab_
41,158
Notes & adv_
101,752
5,652
40
Other
def.
nab._
38
Miscellaneous
304,830
367,929
330,106 Tax liability__
Cash
643,837
382,027 0th. unadi. cred 1,919,450 1,954,677
Special deposits_
367,169
Loans dr bills rec
275 17,080,275 Add'ns to Pron.
140,514
thr. inc.& sur.
Misc,accts. rec_ 2,728,021 2,937,765
Int. & divs. rec. 1,782,171 2,587,679 Fd.debt ret. thr.
34,738,424
Inc. & surplus
Ins.,&c., prepay 1,811,220 1,886,890
1,951,443
Other def. assets
4,694 Misc, fund res._ 1,964,751
Unddi. debits__ 1,075,929 1,134,953 '. dr 1.-balance 43,416,773 7,445,479
Total
151,944,545 170,867,201
-V. 117. p. 2324.
Total
[VoL. 1.19.
CHRONTCLE
151,944,545 170,867,201
Pittsburgh Cincinnati Chicago & St. Louis RR.
(7th Annual Report-Year Ended Dec. 31 1923.)
President Samuel Rea wrote in substance:
Income Statement.-The railroad and property of the company were
operated and maintained during 1923 by the Pennsylvania RJR., lessee,
and the annual rental, under the terms of the lease of the railroad and
property, was duly received and disbursed. The increases in the rental received from the lessee and the interest on funded debt were due chiefly to the
interest on the note issued in settlement of Federal control.
After giving consideration to the Federal settlement and adjustments in
connection therewith, there was a net deficit of $1,233,220, which was
transferred to the debit of profit and loss account. The profit and loss
account was also charged with sundry net debits during the year aggregating $1,252,474, consisting chiefly of adjustment of accounts in conneetion with the settlement for Federal control period, less discount on bonds
retired during the year, amount received from the Indianapolis Union Ry.
covering this company's proportion of distribution of income of that cornpany, accrued during prior years, and other miscellaneous net credits.
The amount to the credit of profit and loss account on Dec. 31 1923 was
$4,173,948.
Final Settlement.-Final settlement was effected during the year between
the United States and the Pennsylvania RR., and the leased, operated and
controlled lines embraced in its system, including the lines of this company
and its leased lines, covering all claims arising out of the possession, use and
operation of their properties by the United States during the period of
Federal control, from Jan. 1 1918 to Feb. 29 1920, which included the
reimbursement of the Government for road and equipment expenditures
made by it during that period for this company and its leased lines, aggregating $25.778,969.
The terms of such settlement required the payment to the Government
of $18 255.449, and this company issued its note to the Government for
$18,250,000, the balance having been paid in cash. This note, in accordance with the provisions of the Transportation Act of 1920. is secured by
collateral and bears interest at 6% per annum, and is due March 1 1930.
It was a net settlement and covered balances due this company on account
of its standard return, or compensation, for the possession and use of its
property; for assets collected; depreciation; retirement of property and
equipment not replaced; interest, and undermaintenance of property and
equipment. It likewise included balances due the United States for road
and equipment expenditures. liabilities paid, and for the excess in materials
and supplies returned to the company.
As far as it was possible to do so, all of these items have been reflected in
the accounts for preceding years, but, as a result of making final settlement, the income statement for the present year includes net debits of'
$1,178,470. and there is being carried in "other unadjusted credits," on
the general balance sheet, 88,907,776, which amount will, upon the consummation of the settlement for the guaranty period, be closed into the
profit and loss account.
Road and Equipment.-The investment in road and equipment shows a
net increase of $1,697,171. The expenditures for road amounted to
$2,627,708. In accordance with the terms of the lease, all expenditures
for additions and betterments to the railroad and property approved by the
directors will be made by the Pennsylvania RR., lessee, which company
will render to this company, from time to time, statements of the cost
thereof.
INCOME STATEMENT-YEAR ENDED DEC. 31.
1923.
1922.
Mileage
1,862.15
1.856.67
Income rental received
$8,649,319 $9,815,963
Income from lease of road
Dr.1,588,840
Income from unfunded securities and accounts - 1.646.814
21,293
Miscellaneous income
Dr.14,612
Gross income
Deductions-Interest on funded debt
Interest on unfunded debt
Maintenance of investment organization
Miscellaneous income charges
Total
$8.692,881 $9,837,255
$5,255,888 $4,788,105
1,650,254
1,236,325
4,882
149
40,257
86.537.352 $6,438,508
Net income
Dividends(4%)
$2.155,329 $3,398,748
3,388,500
3,388.548
Balance
def.$1,233,220 sur.$10,248
The profit and loss statement shows: Amount to credit of profit and loss
Dec. 31 1922. $6,659,642; deduct debit balance of income for the year,
31.233,220; sundry net debits, $1.252,474; amount to credit of profit and
loss Dec. 31 1923, $4.173.948.
BALANCE SHEET DEC. 31.
1923.
1922.
1922.
1923.
AssetsLiabilities$
$
Investment in
Common stock_ 84,714,790 84,713,893
road & equipStock Habil. for
ment
266,191,009 264,593,838
cony,of outst.
Improvemls on
145,321
148,219
sec. coast.cos.
leased railway
Gen.5s,Ser."A" 20,000,000 20,000,000
property
3,230,652 3,277,780 Cons. M. bonds 51,788,000 53,064,000
Misc. physical
C.St.L.&P.con.
property
870,872
720,197
M.5s, 1932._ 1,412,000 1,429,000
Investment in
625,000
625,000
Chart'rsfly.334s
attn. cos.:
Vand, Cons. M. 15,518,000 15,695.000
Stocks
1,879,367 1,829,994 T. H.& I. 5s_ __ 1,899,000 1,899,000
Bonds
69,000
69,000 6% Coll. note__ 18,250,000
Notes
303,158
303,158 Pa.RR.Co.adv. 14,980,240
Advances
4,309,106 4,883,349 Equip. tr. oblig_ 9,713,426 10,885,678
Other stocks
595,150
595,150 Non-negot. debt
Notes
38,606
to still. cog.-2,590,643
Advaren, &c
143,661
1,180,904 L'ns & bills pay_
16,080,000
Miscellaneous
15
16 Traf.& car serv.
Cash
68
19,191
bal. payable__
6,545
6,545
Special deposits_
106,004
121,102 Misc.accts. pay.
18,687
9,138
Misc, accounts
Int. mat. unpaid
120,102
106,054
receivable
81,439 2,501,751 Divs. mat.unpd.
19,350
8
Rents receivable 2,846,168 6,129,426 Funded debt maOther deferred
9,012
tured unpaid_
9,012
assets
1 8,524,761 Unmat.divs.dec. 1,694,280 1,694,258
Otherunadjusted
Unmat.Int.freer. 1,151,888 1,124,703
debits
19,408,130 17,670,369 Deferred Habil__
171,535 30,449,521
Accr.depr.,equip 27,698,294 28,140,214
Oth.unadl cred. 9,014,820
171,744
Corp. surplus_ 36,952,400 36,916,381
P.& L.deb. bal. 4,173,948 6,659,642
Total
300,033,703 312,458,592
-v. us, P. 456
Total
300,033,703 312,458,592
American Agricultural Chemical Co., New York.
25th Annual Report-Year Ended June 30 1924.
Chairman Robert S. Bradley, N. Y., Aug. 20, wrote in
substance:
Results.-After deducting all operating expenses, including interest on
notes payable, the gross income for the fiscal year ended June 30 1924 was
$5.953.220. From this amount there have been deducted as reserves for
freights, discounts and possible losses $1,863.909; for depreciation of plants
and depletion of mines $1,535,481; for interest paid and accrued on funded
debt $2.441,367; or an aggregate of 85,840,757, leaving $112,463 as the net
profit for the year.
Conditions Improve -While conditions in the Cotton States have measurably improved during the past year, prosperity in that section has not
revived sufficiently to enable the planters to liquidate their old indebtedness. The same is true of the potato growers in Aroostook County, Maine.
Farm conditions there have improved but have not returned to normalcy.
Conditions on the Island of Cuba have materially improved and while collections from fertilizer sales since 1921 have been quite satisfactory, colleclections on receivables of 1920-21 have been disappointing. Although good
prices were realized for the 1924 sugar crop, the colonos were so heavily
indebted to banks and other secured creditors for loans of previous years
that they were unable to liquidate a very substantial amount of the balance
of their fertilizer debts of 1920-21.
SEPT. 61924.]
THE CHRONICLE
Reserves.-No effort has been spared to collect or secure the past due notes
and accounts of 1921 and previous years. but the extraordinary losses incurred in 1920-21 by the cotton, potato and sugar growers,due to the precipitous decline in the market prices of their products, far below their actual
cost of production, made it impossible for these farmers to liquidate their
debts to the fertilizer dealers, a great many of whom were, in turn,unable
to meet their obligations to the manufacturers. A general resort to the
courts would have availed little in the collection of these receivables and
would doubtless have resulted in driving many debtors into bankruptcy.
There was no practical alternative but to exert every effort to collect or
secure these accounts wherever possible while awaiting the return of agricultural prosperity which course has been persistently pursued by the
compa.
ny
Under these circumstances, it must be realized that it has been impossible
for the management to estimate with any degree of accuracy the amount of
the ultimate losses on past due receivables. While the cash collections
during the last fiscal year on receivables of 1921 and prior have been about
$2,000,000, they have fallen far short of expectations and the older these
accounts become the more difficult, of course, it is to collect them. Therefore, pending the final liquidation of past due receivables, the directors have
decided to set up additional reserves for possible lasses and to eliminatefrom
current assets all but $2,000,000 of the entire uncollected balance of receivables of 1921 and prior years. Accordingly, additional reserves of $6,699,755 have been set up and charged to deficit. This amount added to the
unabsorbed balance of reserves previously set up. together with the reserves
for freights, discounts and possible losses on sales of the fiscal year 1924,
makes an aggregate reserve against outstanding receivables of $12.253,300.
Of this amount $9,275.155 is applicable to sales of 1921 and prior years and
$2,978,146 is applicable to other receivables. The reserves now available
against receivables from sales of 1920 and 1921, added to the amounts aleeady charged off on these years would represent a loss of about 7% of the
total sales of 1920 and 1921.
Demand for Fertilizer Better.-While there was a better demand for fertilizers last spring and the sales of the company for the fiscal year of 1924
increased over the tonnage of 1923. the unsound business methods which
have prevailed in the industry for several years have been responsible for
the unsatisfactory results shown by nearly all companies. There are, however, encouraging signs that the industry has begun to realize that the business must be conducted on a more conservative and saner basis. Agricultural conditions in general are improving and the higher prices now prevailing for farm products indicate a revival of prosperity in many sections and
give promise of a more normal demand for fertilizers this fall and next
spring.
Operating Plants in Good Condition.-The operating plants of the company
have been maintained in a high state of efficiency and were never in better
physical condition than at the present time.
As forecast in the last Annual Report (V. 117, p. 1015) active steps hava
been taken by the management to dispose of all properties not actually
required by the company and with a general revival of business many of
these properties should be sold at satisfactory prices.
Charlotte Harbor & Northern Ry. of Florida.-Owned entirely by the
company, is handling the largest traffic in its history which is reflected in
satisfactory and increasing earnings.
Annual Operating and Overhead Expenses Reduced.-The economies inaugurated by the management in 1920-21 and the increased efficiency in all
departments have reduced the company's annual operating and overhead
expenses by about $3,000,000.
Financial Position Sound.-The current financial condition of the company is sound. After deducting reserves of $12,253,300 from accounts and
notes receivable, current assets on June 30 1924 amounted to $34.882,736
against current liabilities of $3,562,517. or a ratio of 9.79 to 1. Since the
close of the fiscal year all notes payable have been retired and trade acceptances have been reduced to $184,200.
CONSOLIDATED INCOME ACCOUNT, YEARS ENDED JUNE 30.
Profits from*1923-24. 922 a1-23. *1921-22.
1920-21.
Consol'd income after deducting oper.charges &
Int. on notes payable_ $5,953,220 $6.306,129 $5.234,143 141,912,208
Less reserves for freights,
disc., doubt'l accts.Ac $1.863.909 $1,762,891 $2,335,445 $4,130.667
Int. paid and accrued__ 2,441.367
2,529,942
2.576,272
1,437,929
Plant depr. & mines depl 1,535,481
1.511,815
1,446,499
2,479.322
Total
Profits
Previous surplus
$5,840.757 $5.804,648 56,358,214 58,047,918
$112,463
$501.481df$1.124,071 df$6.135,710
def.12,817,584
1,545.880
2,669,950 18,105,306
Total surplus
def$12,705.121 52.047.361
DeductInventory adjustment__
$1,802,262
Reserves:
Bad & doubtful rec.__ 56,699,754
3.241,181
Unamort. bond disc. &
•
2,168,352
expenses
1,250,000
Federal taxes, &c_
5.165,362
Adj. of prop. values
Losses on sundry inv_
475,860
Misc, surplus adj_
761,927
Preferred divs. (6%)_
Common dive. (cash)_ __
Common divs. (stock).
$1,545,880 $11.969.596
$5.022,732
1,707,312
(4)1,279,176
(4)1,290,426
Profit & loss deficit_ _ _ _$19,404,875 $12,817,584sr$1,545,880 sr$2,669,950
a Including in 1923-24 and 1922-23 subsidiary cos. and investments in (but
not in 1921-22) Charlotte Harbor & Northern By. Co. and associated cos.
b After deducting operating charges and Federal taxes.
CONSOLIDATED BALANCE SHEET JUNE 30.
[Including Charlotte Harbor & Northern By, and Assoc. Cos.]
1924.
1923.
1922.
Assets$
$
$
Land, building and machinery
x22,379,078 23,879,703 29.366,148
Other investments
*5,406,888
4,831,778
6,371,757
Mining properties
17.062,359 17.125,152 17,167,389
U. S. Govt. and other securities
483,116
136,564
394.375
Brands, patents, good-will, &c
1
1
1
sinking fund
506,320
594,367
17.022
Accounts and notes receivable
y21,411,361 29,064,222 33,518.842
Merchandise and supplies
9.628.762 10,860.410 13,318,304
Unexpired insurance, taxes, &c
535,029
1,170.288
3,559,982
Incomplete new construction
1,176,625
Cash
3,309,496
2,384,324
2,498, 517
Profit and loss deficit
19,404,875 12,817.584
Total assets
100,177,289
LiabilitiesCommon stock
633,322,126
Preferred stock
c28,455,200
d5,481,000
1st Mtge. Cony. Gold bonds
t Ref. Mtge bonds
Accounts payable and accrued taxes_ _ l,068:822
'
1,542,135
Notes payable
Accrued bond interest
951.559
919,931
Res. for Fed. taxes & contingencies
179,015
Deferred liabilities
Profit and loss, surplus
Total liabilities
102,864,394 107,388,963
33,322,126 33,322,126
28,455,200 28,455,200
5.859,000 6,247,000
29,153,500 30,000,000
1,368,341
1.253,998
2,143,261
4,806,356
983,347
1,015,588
1.250,000
329.618
742,815
1,545,880
100.177,289 102,864.394 107,388,963
x After deducting $9,523,114 reserves for depreciation and adjustment
of property values. y After deducting $12,253,300 reserves.
a Includes the investment in the Charlotte Harbor & Northern By. Co..
which is owned wholly by the company. b Common stock auth.,$50,000,000; less unissued, $16,677,874. c Preferred stock auth.. $50,000.000; less
unissued, $21,544,800. d 5% 20-Year Cony. Gold bonds due Oct. 1 1928,
512.000.000, less $5,306,000 (as contrasted with $4,928,000 June 30 1923)
retired through sinking fund,and 51.213,000 bonds converted into Preferred
stock.
-V. 118. p. 1776.
1169
Lake Superior Corporation.
(20th Annual Report-Year ended June 30 1924.)
President William H. Cunningham (of Philadelphia) Sault
Ste. Marie, Ont., Aug. 1924, wrote in substance:
Results.-The net earnings from operations of subsidiary cos. of
the Lake Superior Corp., excl. the Algoma Central & Hudson
Bay Ry,for the year were
$1,156,741
From which deduct deficit brought forward from previous year 1.307,949
3151.208
To which has been AddedDivs.& int. on bonds ofsubs.cos.,on bank and other advances,
& rentals (less int. earned on bank balances & investments)--S1.307,827
Amount set aside for depletion and depreciation of mining
properties and quarries, &c
86,163
Deficit carried forward by all companies
$1,545.199
Algoma Steel Corp., Ltd.-The tonnage as compared with the preceding
year is as follows:
1922-23. 1923-24.
1922-23. 1923-24.
Coal imported-590,341 711,321 Pig iron produced_222,616 300.685
Ore imported
453,548 636.985 Steel ingots prod 219.884 297,960
Limestone produced 77,467 259.523 Steel products_ _ _ _168,924 223.134
Coke produced_ --.281,088 374,392
While orders received during the fiscal year ended June 30 1924 were not
sufficient to keep the mills in continuous operation, a marked improvement
Is shown in both tonnage and earnings figures over the preceding year.
Rail orders received were 29,000 tons greater than in 1923, and orders for
rail fastenings were more than double those of 1923. The rail mill operated
from July 1 to Aug. 31 on double turn,from Sept. 1 to 15 on single turn, and
from Jan. 14 to June 8 on double turn, being closed down 123 days.
The 18-inch merchant mill operated approximately 8Si months on double
turn and the 12-inch merchant mill 7 months on single turn.
Prices of rails and fastenings were practically unchanged throughout the
year. As a result of market conditions, however, pig iron prices declined
toward the close of the fiscal year.
Rail production for the year was 175,550 tons, as compared with 146,238
tons in 1923; production of rail fastenings was 29.807 tons, as compared
with 14,417 tons in 1923: and pig iron shipments amounted to 100,619 tons,
as compared with 122.798 tons in the preceding year.
While the company has no rail orders on its books at the present time,
it is expected that later in the year the Canadian Railways will purchase
rails, and that contracts will be made for winter rolling. In anticipation
of this, the company's requirements of coal and ore up to the opening of
navigation next spring are at present being provided for. The merchant
mills are at present working on orders for bars and light sections, and it is
expected sufficient business will be secured to continue the operations of
these mills.
Cannelton Coal & Coke Co.-For the year ended June 30 1924 production
was 198,098 tons, compared with 477,314 tons in 1923. The mines were
idle from September (when shipments of coal to the lakes for the Steel Co.
were shut off) to April 1, on account of lack of business. Since April 1 no
coal has been mined because of disagreement between miners and operators
in the Kanawha District regarding wages. A reduction in wage schedules
was made, but it was not thought advisable to try to operate the mines because coal could be purchased at prices below the cost of production.
Lake Superior Coal Co.-Output of coal for the year was 354.261 tons, as
compared with 223.569 tons in 1923. While production was good,earnings
were disappointing on account of low prices prevailing. A record monthly
output for these mines was made in May when production was 47,462 tons.
Algoma Eastern By. Co.-Operating results for the year show an improvement, net profits being $7,885, as against a loss of $43,523 for the previous
year. The general business depression was reflected in the traffic receipts
for the last six months of the Meal year.
During the year the unpaid liability in respect of Equipment in Trust and
amounting to $247.303 was paid off and the cost value of the equipment,
$632,817 is now included in the property account.
Algoma Central & Hudson Bay Ry.-The year's operations of the Railway
Company and Algoma Central Terminals resulted in net earnings, before
bond interest, of $207,288, as against net earnings for last fiscal year, before
bond interest, of$37,998.
No Interest on Income Bonds.-Results for the fiscal year do not permit
the payment of Interest on the income bonds.
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
1923-24.
1922-23.
1921-22.
1920-21.
Int. & div. on securities
of subsidiary cos
$295.000
5293.500
8293.500
$295,000
income
Other
32,711
46,806
100,391
97,815
Total
Int. on 1st Mtge. bonds_
Other interest
Mineral land expenses_ _
Bank exch. & comm'n_ _
General expenses
$327,711
5263.900
$340,306
8263,900
1.557
65,975
1,117
68.211
Net income
def.t.3.721
Balance, preceding years
955,160
$7,078
948,082
Total surplus as per
balance sheet
$393.891
5263.900
2030
,
25,000
$392,815
8263,900
76.565
165,864
$26.396 def.$36,949
921,686
958.635
$951,160
$955,160
$948,082
$921,686
OPERATIONS OF SUBSID. COS. FOR YEARS ENDED JUNE 30.
[Excluding the earnings of the Algoma Central & Hudson Bay Ry.1
1923-24.
1922-23.
1921-22.
1920-21.
a Net earnings from oper.
of all sub.cos$1.169,018 $1,004,792
$335,592 $1,746.050
Deduct Charges.Dice.. &c.,Paid by Sub. Cos.
lot,on bonds ofsub.cos.
& on bank & other
advances,divs.,&c--- 81,306,034 $1,331,219 $1,412,571 $1,501,004
Dividend paid
116,000
5,000
3.500
195,000
87,703
Depletion & depreciation
92,246
86,164
98,131
Reserve for possible bad
8,704
debts and taxes
445
0.46:4
Income tax
368
Deficit for year
$237.251 2544,136 *1.1tia,o28
AnA
.ol
q
0.tAg'ai
rirlicR
514
-def.1.3n7
049
Brought forward_ -Total deficit
$/...),,,A4sr.4
khi
41.545,2u0 al..sui.1,5o
Other adjustments-net
2.1q,R24:1
Bal.def. carried ford. 21,545,200 21,407,bb0
$763,bi4sur 4,4b4813
a Includes other income.
INCOME OF SUBSIDIARY COS. (EXCL. ALGOMA CENTRAL et
HUDSON BAY BY. CO.)-YEAR ENDED JUNE 30 1924.
Net Earns. Net Earns. Interest, dc. Deprecia- Net Deficit
Yr.'22-23. Yr.'23-'24. Rentals.
Hon, dc. for Year
Algoma East Ry___ $195,953
62234,166
$8,704 sur.$7,885
$217,577
Br.Am.Exp.CO......
3,814
b5,676
368 sur. 5,308
Algoma Steel Corp__ 489,919 b1,051,724
1,075,678
23,954
Fiborn Limestone __ det.9,440
del.7,60S
15,206
22,814
Cannelton C.& C _
136,092 det.135,725
12,780
36,000
184,504
Lake Superior Coal _ 194,091
b21,79S
30,901
9,102
det.5,636 bdet.1,014
S. S. Marie Trac
4,056
5,070
Total 1923-24._ _ _
$1,169,018 $1,306,034
$95,235 $232,251
Total 1922-1923_ _$1,004,792
$1,331,219 $101,708 $428,136
Net Defied Previous
Dividends
Total
Continuedfor Year.
Deficit.
Payable.
Defied.
Algoma Eastern Ry
sur. $7,885
2579,167
$571,282
British-Amer. Express
stir. 5,308
sur.28I
5,000
sur.590
Algoma Steel Corp
23,954
755,333
779,287
Fiborn Limestone Co
22,814
37,567
60,381
Cannelton Coal & Coke Co
184,504
25,378
209,883
9,102 sur.117.581
Lake Superior Coal
sur.108,479
Sault Ste. Marie Trac
5,070
28,366
33,436
Total 1923-1924
$232,251 $1,307,949
$5,000 $1,545,200
Total 1922-1923
$428,136
$763,814
$116,000 21,307,950
b Includes other income.
1170
THE CHRONTCLE
[VOL. 119
At this time Central Indiana Power Co. (all of whose common stock is
BALANCE SHEET JUNE 30 (Lake Superior Corp.)
owned by American Public Utilities Co.) has completed, to the extent of
1924.
1924.
1923.
1923.
53,000 h. p. of capacity, a central station on the Wabash River near Terre
AssetsInvest'ts & securs_46,626,164 46,867,187 Capital stock
40,000,000 40,000,000 Haute, Ind. This station is the first modern installation of size which fits
Real estate, &c.__
95,976
104.059 First mtge. bonds_ 5,278,000 5.278,000 into that picture of super power which is being drawn by economists and
Due by sub.eos___ 1,677,997 1,535,300 Income bonds
2,432,500 2,685,000 engineers with regard to the industrial and domestic electric supply of the
Proc.of sale of inv.
71,658 future. This station is planned for 100,000 kilowatts, or 133,000 h. p. It
572
15,806
572 Accounts payable_
21,992 it set down in the coal fields, nearly 4,000 acres of land underlaid with coal.
Cash
21,992
32,302
130,534 Accrued interest_ _
29,488 assuring a supply nearly a half a century ahead on any normal basis of
Miscellaneous _ _
9,285
14,224 Coupons unpaid__
29.687
198,417 growth or demand, being owned by the operating company.
Accrued interest
25,085
28,500 Suspense account_ 198,417
Already two turbine units of this plant, with the complementary outfit of
955,160
Cash for unpaid inProfit and loss_ _ _ _ 951,439
boilers, coal and ash-handling machinery, provisions for electrical control
terest coupons
29,162
28,963
and distribution and the like, are in operation. The capacity of these two
Cash on tempor'y
units is 40,000 kilowatts, or 53,000 h. p., and the product of their operation
200,000
loans secured__ _ 200.000
is being distributed over the entire system area controlled by Central Indiana
Def. pay't acct.
Power Co. As more capacity is needed, its installation will mean only the
326,874
sale of Um. Ids_ 226,297
3.500
Div.rec'd sub.cos.
5.000
Tot.(each side)_48,927,841 49,239,714 growth of the plant, instead of its revision,a process which has meant much
unremunerative cost in such installation in the past history of electric power
The company has (as of June 30 1924 contingent liabilities on its guaranty of production.
principal and interest of .310,080,000 bonds of Algoma Central & Hudson Bay RY.,
The population of the area served by the Central Indiana developments of
$2,500,000 Algoma Eastern RY., $15,459,373 Algoma Steel Corp., Ltd., let & Ref. this company
is nearly 1,500,000. The variety of its resources is not exbonds, and •34,992,713 Algoma Central Terminals, Ltd., bonds.
celled by that of any similar area in the United States, and the diversity of
b Interest not fully paid by Algoma Central & Hudson Bay Ry.and Algoma Cent. its forms of industry is equally extensive.
Terminals, Ltd.(see "Railway & Industrial Supplement," p. 7).-V.119, p. 1070.
As its share in these developments American Public Utilities purchased
for cash during the year reported an additional $2,000,000 of the Common
stock
of Central Indiana Power Co. This investment was made in line with
Algoma Steel Corporation, Ltd.
the policy of American Public Utilities Co. of owning all the Common stock
of its subsidiaries. The remaining financing of these enterprises has been
(Report for Fiscal Year Ended June 30 1924.)
on their own credit and amounted to approximately $9,000,000 during the
This company, whose operations are discussed above, year,
which was realized from the sale of bonds and Preferred stock.
Accrued dividends on the 7% Preferred stock of the Utah Gas & Coke Co.
under caption "Lake Superior Corporation," reports:
amounting to $252,464 have been paid by the issuance to the stockholders
INCOME & PROFIT& LOSS ACCOUNT FOR YEARS END. JUNE 30. of 7% Participating Preferred stock of that company, and the payment of
current cash dividends has been resumed.
1923-24.
1922-23.
1920-21.
1921-22.
During the year the company has disposed of its interests in the Elkhart
Net earns,from oper'ns_ $1,042,109
$355,093
$330,088 $1,065,906 (Ind.)
Gas & Fuel Co. at a satisfactory price. Through the transfer of this
Dividend (sub. cos.).- 190,000
112,500
property, which was outside the general territory of the company's Indiana
subsidiaries,
the acquisition of other properties more directly connected
Total net income
$1,042,109
$1,255,906
$467,593
$330.088
with properties controlled has been made possible.
Interest charges,less int.
The other properties of the company include the Utah Gas & Coen Co.,
on investment,&c__ _ _ 1,066.064
1.249,944
1,049,233
1.161,984
Income tax
.1.881
x522,251 of Salt Lake City; Holland Gas Works, of Holland, Mich.; and the Albion
Invent. written down _
1,117.072 Gas Light Co. of Albion, Mich. Each of these properties is in a stable and
For general depreciation.
500.000 satisfactory condition.
INCOME ACCOUNT YEARS ENDED JUNE 30.
Bal., def., for year....
$23,954 def$583,519 def$831,896df$2,133,361
__
Column "A" Column "B"
Bal. at credit of p. & I.
1923 24-- 1922-23.
1921-22.
acct.. brought forwarddeb.755,333 deb.171,813
660,083 2,793,444 Gross earns,from oper__ $7,760,632 $8,088,658 $10,508,809 $7,523,240
xOper. expenses & taxes- 5,230,351
5.461.582
4,720,604
6,669,988
Bal. carried forward_ _def$779,287 def$755,332 def$171,813
$660,083
Net earnings
$2,530,281 $2,627,075 $3,838,821 $2,802,636
x For years 1919 and 1920.
Miscellaneous income__ _
62,759
BALANCE SHEET JUNE 30.
Gross income
$21530,281 $2,627,075 $3,838,821. $2,865,394
1924.
1923.
1924.
1923.
y Expenses
see y
See y
See;
209,736
Assets$
$
LiabilitiesInterest on funded debt.. 1,321,884
1,329.059
2,004,501
2,067337
Property account. 41,114,81141,224,054 Cap. stock, com__ 15,000,000 15,000,000 Miscellaneous interest
125,243
126,932
177,373
209,218
Pref. 7% Cum__ _10,000,000 10,000,000 Federal taxes
Moneys invest. In
36.043
41.133
55,049
See y
subsid. & other
Purch. money 5%
Miscellaneous deductions
92,409
92,409
97,575
companies
1,413,154 1,413,154
bonds
5,800,000 5,800,000 Divs.on subsid.Prof.stk
421,392
421,392
689,121
1st & Ref. M.5%
Funds in trustees'
7,693
6,477
hands
gold bonds_ _ _ _z15,459,373 15,459,373
Remainder for deprec.
Products on hand_ 235,700
383,881 Deb. bonds of city
and company divs_ - $533,367
$616,149
$720,418
$473,784
Material & supplies 4,492,244 4,141,657 of S. S. Marie_ _
73,056
110,629
x The report for 1922 shows "operating expenses," and for 1923 and 1924
Miscellaneous__ _
47,408
58,329 Adv. from Lake
"operating
expenses
and
taxes."
y
The
19'22
report
shows
"expenses
and
Advance payments
Superioe Corp 1,385,000 1,010,000
." the 1923 report gives Federal taxes separately, and the
37,190 Accounts payable_ 1,526.920 2,590,473 Federal taxeson ore, &c
40,083
report gives Federal taxes and miscellaneous charges.
Accts.receivable 2,245,308 3,419,431 Accr. Int, on bonds 218,009
218,276 1924
Note 1.-Column "A" is the earnings of all compsnies owned during the
Cash
709,947
272,082 Suspense account_
169,699 period
7,382
of their ownership. Column "B" includes earnings of Huntington
33,609
31,926 Reserve for depreSuspense accounts.
and
from July 1 1923, although they were acquired subsequent to
Profit & loss deficit 779,287
755,333
ciation. &c
1,649,505 1,385,065 that Attica
date. These are partly estimated as complete information is not
Neither statement includes earnings from the new Wabash
Total
51,119,247 51,743,515
Total
51,119,247 51,743,515 available.
station.
•Dividends in arrears from March 30 1916. z First & Refunding Mort- River
Note 2.-In addition to earnings from its subsidiaries the company has
gage 5% gold bonds, authorized issue. $30,000,000, outstanding, $20,995.- realized
other profits from miscellaneous sources. The surplus of the com619,less pledged as security for city debs, and temporary loans.$3.981,113, pany after
payment of all dividends, fixed charges and depreciation, has
and bonds held in sinking fund. $1,555.133.-V. 118. p. 204.
been increased from $333,605 as of July 31 1923 to $673,455 as of June 30
1924.
COMPARATIVE BALANCE SHEET.
American Public Utilities Co., Grand Mapids, Mich.
Jan.30'24 July 31 '23
LiabilitiesJune 30'24 July 31 '23
(Annual Report-Year Ended June 30 1924.)
AssetsStocks owned_ _
8,534,336 7,075,069 Common stock_ 2,822,400 2,823,700
President Joseph H. Brewer reports in substance:
Real estate, &c_ _ _
88,163 Preferred stock_
92,992
345,800
The end of the last fiscal year found the company interested, both on its Turn. dr fixtures
2,189 Prior Prof. stock__ 1,488,600 1,268,700
own account and through its subsidiaries, in important changes in its Miscell's assets__ _
Partic. Pref. stock 3,530,400 3,407,800
48,682
organization and in the development of its properties.
Collat. trust bonds 456,300
Cash for construc456,300
The plan of reorganization of the 6% Preferred stock issue, which was
tion of Wabash
Acer.bd.& note int.
11,219
33,332
part of the earlier corporate plan of the company, into two classes of Pre3,459,421 Prof. stk. warrants
River pow.house
11,780
20,610
ferred stock, denominated, respectively, Prior Pref. and Participating Prof. Sinking fund depRes,for consten of
stock, and the resumption of dividends under tihs plan had progressed so
18,612
posits
W.R.pow.plant
18,612
3,459,422
far at the end of the last fiscal year that the directors were enabled to report Refinancing expenRes.for disc.on sec.
23,660
that it was effective at that time as to a high percentage of the original 6%
268,373 Deferred credit_
ses
206,230
27,073
Pref. stock. During the year the entire issue of the6% Pref. stock has been Accounts and notes
Res.for insurance_
41,727
58,221
retired.
198,953 Pref.51k. div.scrip
receivable
739,809
53,507
The plan of capitalization authorized by the stockholders on Feb. 19 1923 Cash & stocks dr
Notes al acets pay. 224,517
772,748
Is now in full effect. Following the adoption of that plan and the exchanges
bonds at market
Accts. pay.-Subs. 692,702
incident thereto all dividends on the Pref. stock issues of the company have
values
312.438 1,973,697 Surplus
333,604
673,455
been regularly declared and paid as was anticipated.
At the date of the last annual report the company had recently disposed
Total
9,953,100 13,084,481
Total
9,953,100 13,084,481
of its interests in Wisconsin-Minnesota Light & Power Co. applying the -V. 119, p. 944.
proceeds to retirement of the major part of the company's bonded debt and
the development of properties of subsidiaries in Central Indiana.
American Safety Razor Corporation.
That development, through Central Indiana Power Co., has gone on with
gratifying progress since the date of the last report. Some unexpected and
(Report
for Six Months Ended June 30 1924.)
unavoidable delays, incident to deliveries of material and machinery, and
protracted litigation over rights of way, prevented the completion of the INCOME AND EXPENSES SIX MONTHS ENDED JUNE 30 1924.
plans respecting these properties at as early a date as had been anticipated. Gross profit
$1,487,820
This delay was actually six months, the new station going into operation Selling and general expenses
937,979
July 5 1924.
At this time, however, the directors are able to advise the stockholders
Net income
$549,841
that the facilities which were in progress of provision a year ago are in Additions to income
56,285
operation and returning income.
During the year the company has been in a period of transition. The
Total income
$606,127
gross earnings of all subsidiaries, which were $7.760,631, with operating Deductions from income
75,876
expenses of $5,230,351, showed a ratio of operating expenses to gross Dividend No. 4
200,000
earnings of 67.39%.
those
of
the
previous
with
year,
accrued
from
compared
These results,
Net profit before Federal taxes
$330,251
the absence of earnings from Wisconsin-Minnesota Light & Power Co.,
CONSOLIDATED BALANCE SHEET.
which appeared in the previous year's income, and from the failure to realize
June
3024.
Dec.31
'23.
'23.
Dec.31
June
30
'A.
investments
of
the company during
anticipated earnings from the Indiana
Assetsthe past year. This failure to realize was due to delays incident to the Plant,
mach'y,&c.. 1,583,582 2,020,143 Capital stock
10,800,000 10,800,000
completion of the new facilities under construction, and to some extent to Cap.stk.
affil. cos_ 1,327,652
271,600 Mortgage on real
litigation with a competitive organization over right of way for the main Other investments
27,984
400,000
estate
transmission line to Indianapolis.
Interest
accrued__
6,503
Accounts payable
decided
in
These difficulties are now out of the way. The litigation was
110,241
patents
and accruals
72,900
favor of Central Indiana Power Co., and the lines have been completed and Good-will,
and trade-marks 6,876,992 7,463,001 Installments on real
are in use. The Wabash River power station is in operation. All estimates Sundry
50,000
accts.
145,223
143,446
recestate
mortgage_
of the cost of producing power on an economical basis are being realized.
104,166
4,688 Federal, &c., taxes
52,938
During the current year the ratio of operating expenses to gross earnings Invest.Insecurities
Deferred
charges__
128,048
177,301
Rents
receivable
2,217
income
applisubstantial
net
promises to be largely reduced,leaving a more
9,867 Surplus
2.307,835 1,782,084
cable to dividends upon the company's interests. A year ago estimates of Prepaid int., &c_
earning power from these' properties were presented to the stockholders. Cash res, for contingent
liability_
1,000,000
1,000,000
These estimates published in the last annual report looked forward to gross
178,197
380,437
earnings of $9,259,075 for the calendar year 1924, with a balance available Cash
680,443
for depreciation and dividends of 51.430.690. The delays incident to causes Accts. dr notes rec. x740,325
1,068,845 1,056,158
herein referred to have prevented the realization of these figures, but the Inventories
39.406
company is growing into this income during the current year and the esti- Duefrom attn.cos. 152,536
mates set up for 1924 may confidently be adopted for the year 1925. Since
13,235,889 13,246,493
13,235,889 13,246,493
Total
the making of the estimates published in the last annual report. over IffTotal
x Customers' accounts receivable, $781,215; customers' notes receivable.
56,000,000 kilowatt hours per annum of new business has been contracted
and Is gradually coming on to the system. In addition to this amount $4.109; less $45,000 reserve.
already contracted, a careful survey shows that approximately 165,000,000
Contingent Liability.-In purchasing good-will on Sept. 22 1919. the corkilowatt hours are being generated in private plants in the territory served, poration assumed a contingent obligation expiring Sept. 22 1925, to make
and there is every prospect that a very large portion of this load will even- additional payments up to but not exceeding 81,60 ,000, against which
tually be secured by the company. In view of the foregoing the figures there is a special cash and U. S. Government securities reserve fund of
submitted are somewhat removed from the field of estimate.
31,000,000.-V. 118. p. 1271.
SEPT. 6 1924.]
THE CHRONICLE
GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
The following news in brief form touches the high points
In the railroad and electric railway world during the week
just past, together with a summary of the items of greatest
interest which were published in full detail in last week's
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
All Bids for Hoboken Shore Line RR. Are Rejected.-Sec. of War Weeks
decides to reject all offers to await Congressional action on bills permitting
sale of securities of Port of New York Authority.-New York "Times"
Aug. 30. p. 4.
Railroads May Sue Reckless Drivers Who Damage Trains in Automobile
Collisions.-Great Northern recently collected damages from driver who
smashed freight car, the suit for same setting a legal precedent which the
road is going to follow in all.cases where collision is fault of driver.-New
York "Times" Aug. 31, Sec. 2, p. 1.
Canadian Notional Rys. Reduce Wages of Carmen 15%.-5,000 men in
Montreal car shops and others throughout system are affected by order.
"Wall Street News" Sept. 3, p. 2.
Twenty Miles of Unused Street Car Rails Will Be Removed.-Many companies have ceased to exist and tracks serve no purpose. 20 days notice
muat be given as required by law.-"Sun" Sept. 4, p. 7.
Authorized Statistics.-The Car Service Division oi the American Railway
Association, on Aug. 30, reported the following: Surplus Cars.-Due to the seasonal increase in the demand for transportation facilities, a gradual reduction in the number of surplus freight cars in
good repair and immediately available for use Is being reported by the railroads of the United States.
Surplus freight cars, on Aug. 15, totaled 278,476, a decrease of 18,020
compared with the number reported on Aug. 7, at which time there were
296,496. Surplus coal cars in good repair on Aug. 14 totaled 127.801, a
decrease of 10,524 under the number reported on Aug. 7 while surplus box
cars in good repair totaled 117.111,0 decrease of 6,233 within a week. Reports showed 13,372 surplus stock cars, a decrease of 1.239 since Aug. 7,
while there was a decrease during the same period of 42 in the number of
surplus refrigerator cars, which brought the total for that class of equipment
to 10,907.
Car Shortage.-Virtually no car shortage is being reported.
New Equipment.-Class 1 railroads, during the month of July, installed
17,926freight cars, bringing to 88,800 the total number offreight cars placed
in service during the first 7 months this year. which was a decrease, however, of 8,150 compared with the number installed during the first 7 months
in 1923. Of the 17,926 installed in July, box cars totaled 7,179. coal cars
5.121. and refrigerator cars 2.770, including those of both railroad and
•railroad-owned private refrigerator companies. Reports showed
freight cars on order and awaiting delivery on Aug. 1 compared with 52.375
on Aug. 11923. Class 1 roads also placed in service 197 locomotives 86.716
during
the month of July which brought the total installed from Jan. 1 to Aug.
1
1924 to 1.268. buring the first 7 months in 1923 the railroads installed
2,221 locomotives or an increase of 953 compared with the corresponding
period this year. Locomotives on order on Aug. 1 totaled 401 compared
with 1,772 on order on the same date last year.
These figures, both for freight cars and locomotives, include new, rebuilt
and leased eouipment.
Alabama Traction Co.-To Continue Railway Service.-
It Is announced that the company will continue
service in Albany
and Decatur, Ala. A new plan and schedule for thecar
operation of the oars
has been worked out. Under the agreement reached
between
the company
and the Georgia P. S. Commission the cars may not be stopped
until a
30 days notice is given to the Commission. See also V. 119,
p. 1063.
Algona
Eastern
Railway
Co.-Annual Report.-
See Lake Superior Corp. under "Reports" above.-V.117.
p. 1016.
Berkshire Street Ry.-Bonds Extended.-
The $300,000 4% bonds of the Hoosac Valley Street Ry., due
Sept. 1
1924. were extended until Sept. 1 1929 at 7% interest, but
subject to call
on and after Sept. 1 1925 at 104 and interest, reducing
1% annually until
maturity. Berkshire Loan & Trust Co., trustee, Pittsfield,
Mass., handled
the extension.-V. 118. p. 1770.
Black Mountain Ry.-Tentative Valuation.
The I.-S. 0. Commission has placed a tentative valuation
of $388,622
on the company's property, as of June 30 1916.-V.
103. p. 1592.
Buffalo & Susquehanna RR.-Regular
Dividend.The directors have declared the usual quarterly dividend
of 1%% on
the outstanding $3,000,000 Common stock, par $100.
payable
Sept. 30 to
holders of record Sept. 15. A like amount was paid June 30 last.
During
the four quarters in 1923 and on March 31 1924,
ex.ras
of
2)i
each were
%
paid on the Common stock In addition to the regu:ar
quarterly dividends
of 13%.-V. 118, p. 3195.
1171
See under "Reports and Documents" on subsequent pages.V. 119, p. 1063.
Chicago Memphis & Gulf RR.-Tentative Valuation.The I.-S. C. Commission has placed a tentative valuation of $812.174 on
the company's property, as of June 30 1915.-V. 115„.p. 2683.
_
.
Chicago Rock Island & Pacific Ry.-Equipment Trusts
Sold.-Freeman & Co., New York; J. S. Wilson Jr. &
Co., Continental Co., Baltimore, and the Coal & Iron National Bank, New York, have sold, at prices to yield from
4% to 5%,according to maturity,$3,760,000 5% Equipment
Trust Gold Certificates, Series "M." To be issued under
the Philadelphia plan.
Dated Oct. 1 1924. Principal to be payable in semi-annual installments
of $188,000 each April 1 1925 to Oct. 1 1934, incl. Both principal and
dividends are to be paid without deduction of the normal Federal income
tax not in excess of 2% per annum. Guaranteed principal and dividends
by the Chicago Rock Island & Pacific Ry. by endorsement. Coal & Iron
National Bank. New York, trustee. Dividend warrants payable A.& 0.
These certificates are to be secured by deposit with the trustee of title
to the following equipment: (a) Equipment now in use and delivered in
1921-22: 31) superheater freight locomotives. 10 superheater passenger
locomotives, 50 steel underframe caboose cars, 200 steel underframe composite gondola cars(100.000 lbs.capacity). (b) Equipment now being built
for delivery in 1924: 10 superheater passenger locomotives, 8 all steel
dining cars, 5 all steel combinatioh buffet baggage cars. The total original
cost of all the above described equipment amounts to $5.266,653 or over
40% in excess of the total amount of certificates to be issued under this trust.
The issuance of these certificates is subject to the approval of the I.-S. C.
Commission.-V. 119, p. 1063, 941.
Cincinnati Indianapolis & Western
Announcement has been made of the purchase by the company of the
Hammond & Jeffers Co., car repair shops at Brazil, Ind.-V. 119, p. 194
Colorado & Southern Ry.-Branch Line Abandonment.-
The dispute over the abandonment of the branch line from Buena Vista
to Romley, CoM., for which permission was granted by the I.-S. C. Commission (V. 118, p. 906) and which the State of Colorado protested, will be
taken to the U. S. Supreme Court. Ruling on the plea of the State that the
I.-S. C. Commission was without jurisdiction, inasmuch as the road was an
intra-State and not an Inter-State line, a special Court of three Federal
Judges dismissed the application on the ground that the Court lacked equity
in the case, being unable to decide whether the loss of money on the branch
line of the railroad properly constituted a burden on inter-State commerce.
The State of Colorado gave notice that an appeal to the U. S. Supreme
Court will be made immediately.-V. 118, p. 2698. 3195.
Consolidated Railroads of Cuba.-Voting Trustee.-
Guy W.Currier has been made one of the voting trustees and a member
of the board.-V. 119, p. 1063.
Denver & Rio Grande Western RR.-Minority Bondholders Denied Right to Intervene in Foreclosure.-
Harold Palmer and H. L. Finklestein of New York and Horace W. Bennett of Denver, Sept. 4, were denied the right to intervene in the foreclosure
sale of the road by Federal Judge J. Foster Symes, after a hearing which
started Sept. 3.
The upset price and the date for the sale under a decree of foreclosure
sought by the Bankers Trust Co., New York, trustee of the 1st Mtge &
Ref. bonds, now in default, will be fixed shortly by the court.
Palmer, FinIclestein and Bennett sought to attempt to prevent the probecoming effective. The reorganization plan already
nosed
has been approved by 87% of the holders of the 1st Mtge & Ref. bonds.
Palmer, Finklesteln and Bennett hold but little more than 1% of the entire
issue of $38,119,000. Intermt on the bonds has been in default since Feb.
1 1922, and totals more than $4,000,000.-V. 119. p.693. 454.
Eastern Massachusetts Street Ry.-Div. on Adj. Stock.
The trastees have declared a dividend of 2 % on the Adjustment stock,
payable Oct. 1 to holders of record Sept. 15.
The declaration of a dividend of 214% on the Adjustment stock is the
first since April (V. 118. p.2041). whsn the trustees ordered the payment of
5-6 of 1% (83 1-3 cents) for the two months, February and March, which
was at the rate of 5% a year, or the full rate to which the stock is entitled.
Under the readjustment plan of the comgany, which was declared effective
as of Jan. 4 1922 (V. 114, p. 197: V. 113, p. 2079). the Adjustment stock
became non-cumulative until Feb. 1 1924.-V. 119, p. 693, 197.
Erie R. R.-Proposal by 0. P.&M. J. Van Sweringen for
for the Unified Control and Operation of the Nickel Plate,
Chesapeake & Ohio,Hocking Valley and Pere Marquette Railroads.
See under Reports & Documents on subsequent pages.V. 119, p. 1063.
Burlington (Ia.) Railway & Light Company.-Sale.Georgia R. & Power Company.-Stock Authorized.The Iowa Southern Utilities Co. recently acquired
by purchase the properties of the Burlington Ry. & Light Co.-V.
The Georgia P. S. Commission has authorized the company to issue
118. p.430.
52.500.000 7%CumuI. 1st. Pref. stock, series of 1924. (See offering in V.
Canadian National Rys.-Guaranteed Bonds
119, p. 324.
- 119. p, 7.0
Dillon, Read & Co.; National City Co.; Guaranty Sold.
Grand Trunk Pacific Ry.-Debenture Interest.Co.
of
New York; Lee, Higginson & Co.; Harris, Forbes & Co.;
With reference to the notice respecting the payment of interest on the
Bankers Trust Co.; White, Weld & Co., New York; Conti- 4% Debenture Stock, it has now been decided that it shall not be made to
on the register on Dec. 31. 1923, but on a date to be decided shortly.
holders
nental & Commercial Trust & Savings Bank; First Trust
& -See V. 119. p. 811.
Savings Bank, and Illinois Merchants Trust Co. Chicago,
Hoboken Shore Line RR.-To Reject All Bids.have sold at 96 and int., to yield 4.75%, $26,000,000
All bids recently made for the waterfront property of the Hoboken Shore
30- Line
RR. will be rejected, and the property will be held by the War DepartYear 434.% Gold bonds. The Dominion of Canada guarment until Congress has had an opportunity to act upon the Wadsworthantees principal and interest by endorsement.
bill, which, if passed, would enable the Secretary of War to turh over
Mills
Dated Sept. 15
1924. Due Sept. 15 1954. Principal and
interest the railroad and the land to the Port of New York Authority in exchange
payable in gold in N. Y. City at
agency of the Bank of Montreal, for $1,000,000 in 30-year gold bonds, according to a letter of Secretary
also payable in Canadian currencythe
In Toronto,
and Ottawa. Weeks to Dewitt Van Buskirk, Chairman of the Port Authority, dated
Int. iayable M. St S. Denom. $1,000c*. Total Montreal
issue, $26,- Aug. 29. The letter follows:
I. Callable as a whole, or in part by lot, onauthorized
any int. date: at 105
Your letter of Aug. 25 1924, regarding the proposed sale of the waterfront
to and incl. Sept. 15 1929, at 103 and int. thereafter to and
of the Hoboken Manufacturers' RR.Co. received.
1934. at 102 and int, thereafter to and incl. Sept. 15 1935, incl. Sept. 15 property
As you are aware, the War Department has been desirous of selling the
and
thereafter
at further successive annual reduction of one-tenth of 1%.
Manufacturers' RR. Co. property for several years. It has
Hoboken
National
City Bank of New York, trustee.
carried the property at a disadvantage solely as a courtesy to the Port of
Listing.-Application will be made in due course to
Authority in order that the Port Authority might work out some
list
York
New
on
the
New
York Stock Exchange.
plan by which it could purchase the property on a fair basis to it and fair
These bonds will be the direct obligation of the Canadian
owners of the property, the taxpayers of the United States.
the
also
National
to
R3rs.,
which operates a trans-continental railway system across
Recently a portion of the property, namely, the waterfront lands, has
from
the Atlantic to the Pacific Ocean. All of the capital stock ofCanada
the
vacant,
become
thus entailing in the future an additional loss to the taxcompany
owned
by
the
Government
of the Dominion of Canada, which
is
guarantees payers in carrying the property. Believing on competent disinterested
the bonds.
advice that this waterfront property is not essential to the plans of the Port
Authority, I called for public bids for this portion only of the property-the
Makes Bid for Pacific Great Eastern.
highest bid received being $600,000 cash.
According to a Vancouver dispatch, M.H. McLeod, consulting
engineer,
This amount is $49,300 in excess of the valuation as appraised
Canadian National Rys., has made an offer to Premier
the diOliver for rectors of the corporation. is $69,000 higher than the valuation ofby
acquisition by CanadMn National of the Pacific Great John
the Chief
Eastern Ry. in Land Valuator of the Interstate Commerce
connection with the development of the Peace River country.
Commission
for
the
Port
of
-V.
no, New York District, and is $73,896 in excess of the book value of the propp. 941, 578.
erty. From a business standpoint, therefore, it would seem to be a good
offer for the property.
Carolina Clinchfield & Ohio Ry.-Valuation.Your letter of Aug. 25 1924 protests against the sale of this portion of the
The I.-S. C. Commission has placed a tentative valuation of
$1,634.073 property,and renews your former offer of $1,000,000 in 30-year 4% bonds
on the properties of the Carolina, Clinchfield & Ohio Ity. of South
Carolina of the Port Authority for the whole property, railroad, as well as waterfront.
of
subsidiary)
as
June
30
1917.-V.
119, p. 941.
(a
These bonds are of unascertainable market value, presumably have no intangible assets behind them, except the property which it is proposed to
Carolina Power & Light Co.-Acquisitions.with them,and run at a rate of interest less than the Liberty bonds
company
acquired
has
by
lease, and now operates, the properties purchase
The
which could be retired by the acceptance of the cash offer. As compared
of the Sand Hill Power Co., the Deep River Power(Yo. and the Smitherman with the cash offer of $600,000 for
the least valuable portion of the property.
Power Co.-V. 119. p. 323. 1063.
this offer is obviously inadequate from a strictly business viewpoint.
However,as a further act of courtesy to the Port of New York Authority.
Chesapeake & Ohio Ry.-Proposal by 0. P.& M. J. Van and
a further evidence of the desire of the War Department to co-operaet
Sweringen for the Unified Control and Operation of the Nickel with it, I am willing to reject these
bids and to hold the property until the
of the next session of Congress in order to enable the Port Authority
Plate, Hocking Valley, Erie and PereMarquette Railroads.- close
to work out an acceptable plan for the acquisition of the property.
000,ri
1172
THE CHRONICLE
This action must not be construed in any way as an indication that I
consider the present offer of the Port Authority as adequate and acceptable
so to do.
or that I would accept it unless expressly directed by CongressPort
of New
Inasmuch as this action is based upon the statement by the
carrying
the
to
essential
is
property
York Authority that this waterfront
competent
out of their plans and as this opinion is not shared by other
authorities, I request that you submit a brief at your earliest convenience,
giving the facts on which you base this opinion.-V.119. p 1064.
[VOL. 119.
Nov. 1 1929, and semi-annually thereafter, the applicant will pay into a
sinking fund a sum of money equal to 1% of the face amount of all bonds
issued and outstanding at the date of such payments, which shall be applied
to the purchase and redemption of the bonds. The bonds so purchased or
redeemed will be canceled.
The applicant now proposes to issue $300,000 of the $350,000 of bonds
provided for by the mortgage. Under a contract dated May 12 1924, the
applicant agreed to sell $187,500 of the bonds to M. Joseph Levine of
Boston. Mass. at 80 and int., and gave to Levine an option to purchase
the remainder of the $300.000 of bonds at the same price at any time within
one year. The proceeds from the sale of $300,000 of the bonds at 80 will
amount to $240.000. The applicant contemplates using the proceeds for
the following purposes: (a) cash payment for road. $70,000:(h) equipment,
$120.000; (c) rehabilitation, $25,000; (d) working capital, $25,000.-V.
118, p. 2949.
Hocking Valley Ry.-Proposal by 0. P. & M. J. Van
Sweringen for the Unified Control and Operation of the Nickel
Plate, Chesapeake& Ohio, Erie and:Pere Marquette Railroads.See under Reports and Documents on subsequent pages.V. 119, p. 1064.
New York, Chicago & St. Louis R. R.-Proposal by
Indianapolis Street Ry.-May Operate Buses.bus 0. P. and M.J. Van Sweringen for Unified Control and OperaPresident Robert I. Todd stated that plans of the company for motor
surveys tion of Nickel Plate, Erie, C.& 0., Hocking Valley and Pere
service to supplement city street car service are progressing, with that
the
it is possible
being made on street car lines throughout the city, andin
the next few weeks. Marquette.-The proposal by 0. P. and M. J. Van Sweringen
first buses will be placed in operation by the company
any
give
for the unifed control and operation of the railroads of the
to
now
prepared
not
is
company
the
that
stated
also
Todd
Mr.
information on the number of buses to be used, the routes for the buses, the New York, Chicago & St. Louis R. R., the Chesapeake &
type of buses or the rate of fare to be charged.-V.119. p. 1064.
Ohio Ry., the Hocking Valley Ry., the Erie R. R. and the
Inter-State Consolidated Street Ry.-May Discontinue.
and
opera- Pere Marquette Ry. is given in full under "Reports
Zenas W. Bliss, receiver, has applied for authority to discontinueJudicial
Documents" on subsequent pages.tion of the company. A hearing will be held before the Supreme
Court in Boston on Sept. 9.-V. 119, p. 693.
Kansas City Clay County & St. Joseph Ry.-Earnings.
Calendar YearsTotal operating revenue
Railway operating expense
Depreciation
Taxes (not including Federal income tax)
1922.
1923.
$1,235,041 $1,212,291
692,359
715,933
100,004
100,060
30,396
29,094
Net railway operating income
Interest from funded securities, &c
Deductions-Interest on funded debt
Federal income tax (estimated)
$389,954
Cr.8,038
161.450
24.892
$389,531
Cr.5,865
161,304
20,262
Balance available for surplus and dividends
-V. 112. p. 2190.
$211,649
$213,830
Laurel (Miss.) Light & Ry. Co.-Notes.-
The Guaranty Trust Co. of New York has been appointed countersigning
of $200,000
agent and paying agent as to principal and interest of an issueserially
from
:have been issued $100,000, due
6% Serial Notes, of which that,
Sept. 1 1929 to Sept. 1 1934.-V. 119. p. 1064.
Manufacturers' Ry., St. Louis.-Not Merged With
Pennsylvania Ohio cfc Detroit RR.
erroneously stated that the
In the Aug.9 issue of the "Chronicle" it was
Manufacturers By. Co. of St. Louis was merged with the Pennsylvania
Detroit & Ohio RR. The company which was absorbed was the Manufacturers' By. of Toledo.-V. 119, p. 694.
Milwaukee Elec. Ry. & Light Co.-Balance Sheet.-
July 31'24.Dec.31'23.
Liabilities11,865,600
_12,721,8'30
Preferred stock_ _
Common stock _ _ I 1,250,000 11,250,000
46,944,500
47,258,200
debt
Funded
837.272
Accounts payable. 728,160
69,986
Nlat'd int. on bds
98,296
Deposits
900,333
Inter-co. accounts 970,920
209,222
Misc,current nab_ 519,988
469,003
Taxes accrued.... 1,315,156
616,111
Unmat'd int. neer_ 673,450
89,269
97,347
Dividends accrued
889
29,108
Misc. gab. accrued
14,252,635 13,532,462
Reserves
Customers'line ex96,643
ten'n donations_
961,084
Open accounts_ _ _ _ 610,846
2,195.211 2,089,828
Total(each side)92.622,853 90,030,502 Surplus
-V. 119, p. 694.
July 31 '24. Dec.31'23.
AssitsProperty & plant _ 77,508,014 74,557,699
134,149
67,056
Treas'y securities_
Sundry invest'ts._ 1,937,743 1,078,935
Reserve, sinking &
225,857
spec. fund assets 255.810
318,200
603,136
Cash
52,880
17,846
Notes ar bills rec._
Acc'ts receivable_ 1,600,951 1,428.746
Inter-co. accounts 3,214,298 4,353,216
Material Jr supp _ 3,059.156 3,311,080
49,396
13.471
Prepaid accounts.
758,823
871,206
Open accounts_ _ _
289,331
Work in progress_
Bond disc.& exp _1 3,438,242 13,409,265
1 98.849
Note disc. dr exp..I
Maryland & Delaware Coast Ry.-Securities Authorized.
to issue
The I.-S. Commission on Aug. 22 authorized the company delivered
to be
1) 17,500 shares of capital stock without par value; the stock
railroad
of
miles
40
for
approximately
payment
to Jesse Rosenfeld in part
& Virginia
and other property formerly owned by the Maryland, Delaware
Sinking-Fund
-Year
20
Mtge.
1st
$300,000
not
exceeding
(2)
and
By. Co.;
proceeds
6% Gold;said bonds to be sold at not less than 80 and int, and the
used to complete payment for the property, and for other purposes.
part:
in
The report of the Commission says
from Love
The line of the Maryland Delaware & Virginia By. extendedand
EllenPoint, Md.,through Queenstown. Hillsboro and Denton, Md.,
also from
miles;
72
dale and Milton, Del. to Lewes. Del., a distance of about
of about 534
Queenstown northeasterly to Centreville, Md., a distancetransportation,
miles. Certain property used in the service of water-line
Md., was
Including a ferry operated between Love Point and Baltimore,
to the
owned by the M. D. & V. Ry. A through route from Baltimore
and railferry
the
of
Atlantic Coast was operated by the company by means
road owned by it. and a line extending from Lewes to Rehoboth. Del., used
under trackage rights.
to foreOn Jan. 16 1923, a suit was brought in the U. S. District Court
7 1923, the
close a mortgage to the Girard Trust Co., Phila., and on Maythe
railroad
all
sale
properties were sold at foreclosure. At the judicial
$225,000
properties and the ferry were sold to the E. B.Leaf Co.of Phila.forwere sold
and 11 other vessels, together with wharves, landing places, etc.,
to other purchasers for the aggregate price of $425.000.
railroad
It is stated that the purpose of the Leaf Co. was to dispose of the
inhabitants
property as junk, but that this course was strongly opposed by
the line.
of the Eastern Shore of Maryland and of Delaware, residing along
acquisition of
An application Is now pending before the Commission for the
the Balthat part of the line extending from West Denton to Love Point by
RR.
Pennsylvania
the
of
subsidiary
a
RR..
Eastern
&
timore
an
Baltimore,
of
Rosenfeld.
gave
to Jesse
On March 4 1924, the Leaf Co.
Md.,
option to purchase the part of the line extending from West Denton,
the
After
$70,000.
40
approximately
for
of
miles
distance
to Lewes,Del.,a
operations
judicial sale of the properties the Pennsylvania RR. conducted
between Milton
over a part of the line, including a section about 8 miles long The option to
it.
line
by
a
owned
and Ellendale, a point of junction with
RR.for
purchase was conditioned upon reimbursement of the Pennsylvania
line between
expenditures amounting to $4,628 made for rehabilitating the
upon
property
the
Ellendale and Milton. Rosenfeld agreed to purchase
was made to
that basis. Thereafter an offer of $125,000 for the property
declined
was
which
Balto.,
of
&
Co.,
Metal
Rosenfeld by the Boston Iron
benefit
because it was desired that operation of the line be continued for the
route from
of the adjacent territory and for the maintenance of the through
Baltimore, through,Lewes, to Rehoboth.
of the
It appears that Rosenfeld then brought about the organization
On
applicant to take over the ownership and operation of the property.
with an authorApril 15 1924, the applicant was incorporated in Maryland
By apvalue.
par
without
shares
17,500
of
consisting
ized capital stock
was
propriate corporate action purchase of the property from Rosenfeld
shares of
authorized for a consideration of $70.000 in cash and the 17,500
purpose
the
for
stock
the
to
assigned
the stock, a value of $1 per share being
Title to the
of fixing the aggregate amount to be paid for the property.
dated
property was conveyed to the applicant by deed from the Leaf Co.,
May 14 1924.
to be issued to
The applicant states that the 17,500 shares of stock areperiod
of nearly
Rosenfeld to cover personal services rendered by him over a
transa year, liabilities incurred for legal assistance in consummating the
action, etc.
date
under
properties
The applicant proposes to make a mortgage of its
to
of May 1 1924. to the Atlantic Exchange Bank & Trust Co. of Balto.,
and
$100.
8500
$1.000.
of
denorns.
in
bonds
secure $350,000 bonds. These
Redeem.
mature May 1 1944. and bear int. at the rate of 6% per annum.
at 105 and int. The mortgage contains a provision that beginning with
Attached to the proposal mailed to stockholders Sept. 1 is the deposit
agreement under which stockholders of all the railroads concerned are
asked to deposit their holdings. Accompanying the proposal and deposit
agreement are proxies and letters to the stockholders signed by the secretaries of the individual roads requesting the stockholders to sign the proxies
and mail them to the commit 12th floor, Marshall Building, Cleveland.
Ohio.
The New York Curb Market has admitted to dealings the Common and
Preferred shares "when issued" of the New York, Chicago & St. Louis
Railway. The first sale of the Common stock was made at 7434 and the
first transaction in the preferred at 83.
Paragraph 10 of the deposit agreement says:
10. The plan accoMpanying this agreement and any substantially similar
plan with such changes or modifications as may be necessary or desirable to
meet the requirements of the I.S.C.Commission and to comply with the laws
of the several States and of the United States applicable thereto and which
in the judgment of the Committee (which shall be conclusive and binding)
do not materially alter the rights of depositors is hereby accepted, approved
and adopted and shall be taken to be a part of this agreement with the same
effect as though each and every statement and provision thereof had been
embodied herein, and such plan and this agreement shall be read and construed as one and the same instrument; but no estimate,statement, explanation or suggestion, nor anything else contained herein, in the plan, in such
substantially similar plan, or in any modification or substitute plan, or in
any amendment of or supplement to this agreement or any such plan, or
in any document, circular, notice or communication issued or published, or
which may hereafter be issued or published, by the Committee or by the
depositary or by any sub-depositary, is intended or is to be accepted as a
representation or warranty or as a condition of or inducement for deposit or
assent under this agreement or any such plan, modification, amendment or
supplement, and no defect or error herein or therein or in any such document, circular, notice or communication shall release any depositor or
affect or release any deposit or assent hereunder, except by the written consent of the committee.
The committee shall have power to determine when sufficient stock of the
various lessor companies shall have been deposited hereunder to warrantits
declaring the plan or any modified or substitute plan to be operative as
to any one or more of such companies, and shall file notice of such determination with the depositary or give notice thereof in such other manner as
the committee may deem proper. The committee is specifically empowered
to carry out in whole or in part the plan or such substantially similar plan
or any duly modified or substitute plan, and to use, transfer, deliver or
surrender any stock deposited hereunder and receive or cause to be delivered
in exchange therefor, in accordance with such plan, stock of the now company. The committee may investigate and obtain information concerning
the financial condition, accounts, business and affairs of the respective
lessor companies and the physical condition and value of their properties.
It may, in its name, as owner of the deposited stock (if it shall have taken
title thereto), or otherwise, institute, carry on or defend any and all suits.
actions or proceedings or become a party to or intervene in any suit, action
or proceeding now pending or hereafter to be brought, take any and all steps
and proceedings, and do any and all acts and things which to it shall seem
necessary or expedient, proper or desirable for the purpose of consummating,in whole or in part,the plan or such substantially similar plan or any
modified or substitute plan, or for the purpose of ascertaining, protecting
or enforcing the rights or interests of the depositors or for any of the purposes
hereof; and may,also, modify or rescind any action taken whenever the committee may consider such modification or recission wise or proper for the
same purposes or any of them, whether before or after any such plan shall
have been declared operative in whole or in part. It shall have power in its
name, in the name of the depositors, or otherwise, as it may deem proper,
to give such directions, make such requests and demands, give, make, sign.
execute and deliver such authorizations, contracts, consents, powers of
attorney, proxies or other instruments in writing as will, in its udgent.
tend to protect the rights and interests of the depositors or further any of
the purposes hereof, with full power of revocation and substitution
The enumeration in this agreement of specific powers conferred upon the
committee shall not be construed to limit or restrict the general powers conferred upon it by this Agreement or intended RO to be conferred, and it is
hereby expressly declared that it Is the intention to confer upon the comznitte in respect of all stock deposited hereunder, and in all other respects,
any and all powers which it may deem necessary or desirable in or towards
carrying out and accomplishing in whole or in part the general purposes of
this agreement in any and every particular, even though such powers be
of a character not now contemplated. All powers granted by thisgreement to the committee or to the depositary may be exercised either Liefore
or after the committee shall have declared the plan or any modified or substitute plan operative.
11. If at any time in the opinion of the Committee the plan or such a
substantially similar plan as is referred to in paragraph 10 hereof, or any
modified or substitute plan of the character in this paragraph 11 provided
for, should be, or become, impossible, impracticable or undesirable of accomplishment, the committee may abandon suchIplan, in whole orinlpart, as
to any one or more of the lesser companies, and may modify the same or
forntulate such substitute plan as in its discretion may seem desirable.V. 119, p. 1065, 694.
New York Railways.-Reorganization.-
The time for depositing the securities and claims under the plan of reorganization dated July 18 1924 without payment of any penalty has been
extended by the reorganization committee (of which Harry 13ronner is
Chairman) until the close of business on Sept. 23. Securities and claims
should be deposited with the respective depositaries indicated below:
(a) New York Rys. 30-Yr. 1st Real Est. & Ref. Mtge. 4% Gold bonds
(bearing coupons maturing on and after July 1 1919), with Guaranty
Trust Co., 140 Broadway, New York.
(b) New York Rys. Adjust. Mtge. 30-Year 5% Income bonds (bearing
coupon numbered 10 and all subsequent coupons), with Bankers Trust
Co., 16 Wall Street, New York.
(c) Lexington Avenue & Pavonia Ferry RR. 1st Mtge. 5% Gold bonds
(bearing coupons maturing on and after Mar. 1 1920) with Central Union
Trust Co., SO Broadway, New York.
(d) Stock of Forty-Second Street & Grand Street Ferry RR., with Guaranty Trust Co., New York.
(e) Stock of: (1) Sixth Avenue RR., (2) Broadway & Seventh Avenue
RR.,(3) Bleecker Street & Fulton Ferry RR.,(4) Twenty-third Street By..
(5) Christopher & Tenth Streets RR., with Central Union Trust Co..
New York.
ID Claims for materials and supplies and other general unsecured claims
against New York Rys. of the classes and subject to the conditions set forth
In the plan of reorganization, with Guaranty Trust Co.. 140 Broadway,
New York. (Compare plan in V. 118, p. 2438.)-V. 119, 13• 694, 679.
Northwestern Elevated RR.-Tenders.-
The Central Union Trust Co., trustee, 80 Broadway. N. Y. City, will
until Sept. 10 receive bids for the sale to it of let Mtge. 5% bonds dated
SEPT. 61924.]
THE CHRONICLE
1173
franchise for the operation of gas-electric buses on a straight Sc. fare.
with a 2c. transfer privilege, over approximately 125 miles of New York
City streets. The directors of the corporation are: William Schell of
Pacific Electric Railway.-Fares Reduced.William Schell & Co., 160 Broadway;E. M.Howe,Pres. American National
The California RR. Commission recently ordered fares between San Omnibus Corp. 80 William St.; S. P. Goldman of Goldman & Unger.
Bernardino and Colton. Calif. reduced from 9 cents to 6 cents.-V. 119, 120 Broadway;'
William R. Willcox. formerly Pres, of the Rapid Trasit
Commission, 120 Broadway, and Bernard Tameling of Tameling, Keen
p. 943, 694.
Wall
St.
Co.,
7
&
Pacific Great Eastern Ry., Ltd.-Pro posed Sale.The buses of the corporation would be similar in type to those used in
See Canadian National Rys. above.-V.115. p. 1210.
London, throughout England and other European countries and also in
India and China. They operate without gear or clutches. The power
Paulists Railway.-Bond Redemption.Certain First & Ref. Mtge. 7% Sinking Fund Gold bonds dated Mar. 15 Is generated by a gas engine and this power is converted into electrical
1922. aggregating $57,000, have been called for redemption Sept. 15 at energy by a dynamo attached to the engine. This power unit has no
102 and interest at the office of Ladenburg, Thalmann & Co., 25 Broad St., direct or mechanical connection with the driving mechanism of the vehicle.
the electric power being conveyed to an electric motor which, in turn, is
New York City.-V.119, p. 455.
coupled to the driving axle.
Many years' operation of this class of buses on London's streets, the
Pennsylvania RR.-Orders New Equipment.
Announcement was made on Sept. 3 that the Pennsylvania RR. System Incorporators declare, has brought great economy in operation and a total
has placed orders for the purchase of 10,000 new all-steel box cars for absence of the jars and shocks noticeable in the gear-driven vehicles.
(6) Mayor Hylan, in a letter Sept. 2 to John H. Delaney, Chairman of the
delivery at an early date.
The order has been divided equally between the following companies; Board of Transportation, said that the public hearing set for Sept. 11, at
American Car & Foundry Co., Standard Steel Car Co., Pressed Steel Car which it was proposed to petition Governor Smith again to call a special
session of the legislature to pass an amendment to permit the city to issue
Co., and the Bethlehem Steel Co.-V. 119, P. 811, 456.
$275,000,000 of bonds for subway construction, would probably not be held.
Pere Marquette Ry.-Proposal by 0. P. & M. J. Van The Mayor pointed out that a constitutional amendment must oe passed
by two legislatures, the first of which must take action three months before
Sweringen for the Unified Control and Operation of the Nickel the
succeeding body is elected. As there is not the required time InterPlate, Chesapeake & Ohio, Hocking Valley & Erie RR's.-See vening before the November elections a special session would not be effective and the Mayor says that the city will have to depend on the next
under "Reports and Documents' on subsequent pages.- legislature
and its successor for the desired legislation.-V.119, p. 76.
Sept. 1 1911 to an amount sufficient to exhaust $178,749, at a price not
exceeding 102 and interest.-V. 117, p. 1129.
V. 119, p. 1065.
Philadelphia Rapid Transit Co.
The names of members of a committee as announced Sept. 2 to the Public
Service Commission on occasion of the hearing in the matter of application
of the P. R. T. Co. for increase in fares are given below. Explaining the
purpose of the committee,it was stated,in part as follows:
"After careful study of the P. R. T. situation and earnest consideration,
the conviction is that the problem which it presents involves primarily
necessity for and financial ability to provide up to possibly $100.000,000
additional corporate capital in the next ten years for transit development in
conjunction with what the municipality has undertaken. The present
Mitten management makeshift demand for increase of 20% in the minimum
fare does not go to the real heart of the problem and offers nothing sure or
largely constructive. Particularly is this true if, as we suspect and believe
the financial exigencies growing out of extreme undertakings of the Mitten
management have caused properly capital expenditures to be charged to
expense accounts.
"There is reason to believe that a right and practical plan can be evolved
and made effective. The committee is prepared to work and give its best
efforts to that end, going at the job convinced that when the plan is completed it will so commend itself to every interest concerned and be so obviously for the good of the city and all in it that its acceptance will be assured."
In belief that the P. R. T. problem has become again one of.vital
to all in Philadelphia, an independent committee. representative ofconcern
various
interests, has accepted appointment by C. WiRiam Spiess, Chairman
of the
Philadelphia General Committee, acting by its authority and direction,
as
given July 25, as follows: Samuel H. Barker, financial counsel; Jay Cooke,
Second. of Chas. D. Barney & Co.; C. C. Davis, Philadelphia Northwest
Chamber of Commerce; Director Henry E. Ehlers of City Transit; Daniel
Gimbal of Gimbel Brothers, Inc., department stores; James Collins
Jones.
counsel; David Kirschbaum of A. 13. Kirschbaum Co., manufacturers;
C. William Spiess, real estate; William II. Wilson, ex-President Philadelphia Real Estate Board; Carl Fissell, Secretary.-V. 119, p.
811, 456,
Pittsburgh Cin. Chic. & St. Louis RR.-Tenders.-
The Farmers' Loan & Trust
. Y. City, will until Sept. 29 receive
bids for the sale to it of Consol.
Co..iltge. bonds to an amount sufficient to
exhaust 81,229,679 at a price not exceeding par and int.-V. 119,
p.456.
Pittsburgh 8c West Virginia Ry.-Denies Joining Nickel
Plate Merger.-
Chairman Frank E. Taplin denied again Aug. 30 that this
railroad
would be sold to the Van Sweringens and incorporated into
the Nickel
Plate system. The rumor appears to have been based on the
fact
that
of the representatives of the Union Trust Co. is a member of the boardone
of
directors of the Pittsburgh & West Virginia.-V 119. p. 199.
Public Service Co. of No. III.-Sub.Co. Stops Ry.
Staten Island Rapid Transit Ry.Owners of property on the Eastern shore of Staten Island for 1 14 miles
from Clifton to Tompkinsville taken by the city for harbor development
purposes received an award of aggregate damages of $8,529,837 from Justice Leander B. Faber in the Supreme Court in Brooklyn. The amount
fixed by the court exceeds by more than $5,000,000 the highest estimate
made by experts employed by the city to appraise the land. The figure of
the expetts as to the value of the property was about $3,000.000. The
amount claimed by the property owners aggregated more than $12.000,000.
Some of the largest awards are: Stapleton Dock and Warehouse Corp.,
land and improvements. $3,348,169: Staten Island Rapid Transit Co.,
and New York Transit & Terminal Co., Ltd.. $1.965.951; Staten Island
Railway, $826,202; Staten Island Rapid Transit Ry., for land not involved
In first award. $701,125: Atlantic Mutual Insurance Co., $540,750; Stapleton Dock az Warehouse Corp., for property not covered by prior award,
$536,921; Consumers Ice Cream Co., $301.189.-V. 112, p. 1145.
Terre Haute Indianapolis & Eastern Traction Co.
The Indiana P. S. Commission has authorized the company to issue
$425.000 of 63 % notes to meet obligations. The company was permitted
to pledge as security for the issuance $700,000 of notes that were issued
to it by the Tractional Terminal Co. some time ago.-V. 118. p. 3080.
Trenton & Mercer Co. Trac. Corp.-To Issue Notes.The New Jersey P. U. Commission has approved the issuance by the
company of 10-Year Serial notes. aggregating $304.944, under a cartrust agreement with the J. G. Brill Co. for the purchase of 20 trolley cars
-V. 119, p. 812.
Twin City Rapid Transit Company.-Bonds Paid.The 500,000 1st Mtge. 5% bonds of the Minneapolis & St. Paul Surlly., which matured on Sept. 1 1924, were paid in full at maturity
barban
'
at the office of the Central Union Trust Co. of New York. In connection
with this payment, the company will not issue any new securities whatever.
The entire issue of maturing bonds will be purchased by the Twin City
Rapid Transit Co. and held by that company.-V. 119. p. 695. 457.
United Gas 8c Electric Corporation.-Dividend.The directors have declared the regular quarterly dividend of I 34.% on
the Preferred stock, payable Oct. 1 to holders of record Sept. 16.
Upon presentation and surrender of their respective shares of old 1st
Pref.stock or scrip certificates issued for fractional shares of Preferred stock,
after the close of business on Sept. 16, there shall be paid the quarterly
dividend upon the full shares of Preferred stock, issuable to them on such
surrender and exchange, together with dividends thereon at the rate of 5%
per annum for the period from July 20 1923 to July 1 1924.-V. 118, p.
2706.
United Light & Power Co.-Dividends, etc.-
Service.
The Illinois Commerce Commission has authorized the
The directors have declared the following dividends on the stocks of the
on Nov. 1 next, of railway service in Streator, Ill., by the discontinuance,
Illinois
Light & company:
Traction Co. a subsidiary. The company has agreed to tear up its
A quarterly dividend of $1 63 per share on the Class "A" Pref. stock
(1)
tracks
and replace '
the pavement.
and a quarterly dividend of $1 per share on the Class"B" Prof.stock, both
The Commission stated that the company had been operating at a loss payable Oct. 1 to holders of record Sept. 15.
for many years and that neither a change in the operating schedule
(2) A dividend of 40c. per share on the Class"A"and Class"B"Common
nor stock,
rate of fare would insure a profit.
payable Nov. 1 to holders of record Oct. 15.
A stock dividend of 1-40 of a share of"A" Common stock to holders
Puget Sound Power & Light Co.-Tax Suit Dismissed.- of(3)
"A"and "B"Common stock, payable Nov. 1 to holders ofrecord Oct. 15.
Formal dismissal of the company's complaint against the
dividend of like amount was paid on May 1 lest.
City of Seattle A stockcompany
was signed Aug. 27 by Federal Judge Jeremiah
reports a considerable improvement of business conditions
The
Neterer. At the same time
Judge Neterer allowed the appeal of the
territory. The company also reports large cash balances and no
its
In
company
from
the
Court's
decisions, floating debt.
which have uniformly been against it.
This was the controversy which culminated in the
The steel framework of its new Riverside power plant on the Mississippi
Federal Court requiring the company to pay to the county $650.000
the course of erection and it is contemplated that the first
taxes. The company River is now in
contends that it is liable for only one-fourth
unit will be ready to place in operation on approximately Dec. 15.
electrical
these taxes, which were for
the year 1919. The street car lines were soldofto
Subsid. Companies)-12 Months Ended July 31.
(Including
Earnings
the
city
in
March
of
that
year under an agreement between parties that
each should pay the t xes
1923.
1924.
during the period in which it held title.-V.
119, p. 812, 199.
$12,549,648 $12,434,572
Gross earnings, all sources
8,059,719
8,324.639
Rapid Transit in New York City.-Operation of Buses.- Oper. exp. (incl. maint., gen. and income taxes)
Recent developments in the bus situation in New York City
may be sum$4,489.929 $4,109,933
Net earnings
marized as follows:
688,908
507,847
(1) Application by Fifth Avenue Coach Co. to
Int. and Pref, div. charges, subsid. companies__ _ _
Board
of
Estimate
for
franchises to inaugerate approximately 116 miles of new
motor coach routes
$3,982,082 113.421,025
Balance
in Manhattan, Queens and Bronx Counties. (See details
in V. 119, p. Security charges. United Light & Power Co
$1,764,017 $1.311,407
NS). The franchises probably will come up at the
Sept. 19 meetingssf the Class "A" Pref, stock diva., $6 50, U. L. & P. Co..
636,079
607,140
board. Meanwhile they also are
to the Committee of the Whole, Class
stock
.
L.
&
272,290
P.
Pref.
Co.__
$4,
U.
diva.,
"B"
258.358
the Franchise Committee, and thereferred
municipal Board of Transportation.
(2) The Brooklyn Manhattan Transit Corp.,
Aug. 26, began operation
earns. avail,for depr., amort. & Cons. divs- $1,309,696 $1.244.120
Sur.
of "sample" free motor bus service on certain on
prohibited by the police on orders from Mayorstreets. The company was -V.119. P. 77•
over routes now served by private bus operators. Hylan from running buses
Washington Water Power Company.-Tenders.(3)The State Transit Co.,on Aug.27. granted a certificate
of convenience
The Farmers' Loan az Trust Co., trustee, has $28.320 to invest for the
and necessity to the Nassau Bus Line, Inc., for the
operation of buses over quarterly purchase of 1st Ref. Mtge. 5% bonds of 190%. due 1939. for the
the Valley Stream-Far Rockaway route, on recommendation
of Com- sinking fund, and will receive offers up to Sept. 15.-V:119. p.326.
missioner Leroy T. Harkness. The Ocean Electric Ry.,
operating trolley
cars in the same district, contested the franchise granted
the
Western Pacific RR.-Bonds Offered.-W. A. Harriman
by the Board of Estimate on the ground that the new route bus line July 1
permitted the
bus line to compete for some distance with the trolley company.
% and int. to yield about
Co., Inc. are offering at 913
Com- &
missioner Harkness held there was no competition.
5.70%, $800,000 1st Mtge. Gold bonds, Series "A," 5%.
(4) Dating a hearing Sept. 2 before James B. Walker, Sec. of the
Transit
Commission, Alfred T. Davison. of counsel for the Third
June 26 1916. Due March 1 1946. This offering
Avenue RR. Dated
system, announced the incorporation of the Surface
Transportation Corp., does not represent any financing on the part of the company,
a subsidiary of the Third Avenue RR.,and said that it
would
apply
in
a
day
or two to the Board of Estimate for franchises to operate 19 bus
the bonds having been acquired by the bankers from sources
upper Manhattan and the Bronx. Mr. Davison added that, ifroutes in other than from the company. A circular shows:
the city
would grant franchises to the new company, it proposed to
establish bus
Company.-Owns and operates a railway system of about 1,043 miles and
lines throughout the Bronx to connect with the surface railroad
that borough, which is entirely controlled by the Third Avenue system in extending from Salt Lake City to San Francisco. The system is the logical
company. Pacific Coast connection for one or another of the large systems; in the I.-S.
It is proposed to charge a 10-cent fare and give free transfers between
bus lines and surface lines. Passengers also may transfer from trolleysthe C. Commission "Ripley" plan it is grouped with the Atchison Topeka &
to Santa Fe. It was completed in 1911 and was built to secure the greatest
bus and from bus to trolleys. The company's plans provide also for
economy of operation and permanency of structure. The original cash
bus lines in upper Manhattan, including one to the Dyclanan streetseveral
ferry.
investment in the enterprise was in excess of $80,000,000; equivalent to over
chief
the
Bronx routes would be established on the Grand
One of
Concourse, $80.000 per mile of line originally built. Reorganization became necessary
Mr. Davison said. The new company was incorporated in Albany
on Aug. and in July 1916 the property was acquired under foreclosure proceedings
27. The proposed bus routes will be outlined in its application to the
Board by a committee representing the 1st Mtge. bondholders. The entire funded
of Estimate.
The hearing before Mr. Walker was on the application of the Third Ave-- debt of the old company was eliminated. The capital stock of the newcomProf. and $47,500.000 Common), except directors'
nue RR. to acquire $500 of stock of the Concourse Transportation Corp., pany (427.500,000passed
to The Western Pacific Railroad Corp. of Del.
in the Bronx, and of the Dyckman Street Transportation Co., which oper- qualifying shares,
company) the Preferred and Common stocks of which
holding
present
(the
on
two
of
lines
the
routes
bus
ates
included in the proposal of the Surface
holders
of the original 850,000,000 of 1st Mtge.
distributed
the
to
were
Transportation Corp.
Western Pacific Ry.(the predecessor operating company). At the
(5) The Service Bus Corp.. which was incorporated Sept. 2 1924 In bonds ofreorganization
Western
Pacific
Railroad Co. (the present operating
time
of
New York, filed Sept. 5 with the Board of Estimate its application for a company) required additional equipmen,
and thereupon issued and sold for
1174
THE CHRONICLE
the development of the system $20,000,000 of 1st Mtge. Gold bonds, Series
Summary of Income Account Calendar Years.
Net Af'er
Gross
Times
Exp. & Chgs.
Operating
Earned.
Interest.
Except Interest.
Revenue.
2.77
$1,202,754
$15,612,843
x$3,333,162
1920
1.43
1,225,860
12,104,155
y1.761,943
1021
1.91
1.213,048
12,505.348
2.318.393
1922
2.25
1,457,268
14,138."69
3,277,064
1923
z Including 2 months of Government operation. y After deduction of
$2,815,908 received from the Director General of Railroads in 1921 as
additional rental for the years 1918 and 1919 and the first 2 months of 1920.
Also after taking into consideration $493,459 of expenses practically all of
which were incidental to the settlement of claims against the Director General and for additional income tax.
Recently an agreement has been made with the Southern Pacific for the
joint use of certain facilities and for the division of traffic. It is expected
that this agreement will materially increase the earnings of the Western
Pacific,inasmuch as the volume of traffic on the Southern Pacific, now to be
divided, was such that the Southern Pacific was faced with the necessity of
double tracking a long section of the Central Pacific, which expenditure is
now obviated.
Sinking Fund.-Mortgage provides for an annual sinking fund in the
amount of $50,000 to be used for the retirement of the 1st Mtge. bonds.
Bonds acquired through operation of the sinking fund are cancelled.
Listing.-Listed on the New York Stock Exchange.-V. 119. p. 1066.
American
[VoL. 119.
Public
Utilities Co.-New
Control.-
It is announced that control of the company has passed from Kelsey,.
Brewer & Co. to Samuel Insull and associates, the United Gas & Improvement Co., the Middle West Utilities Co. and the Midland Utilities Co.
through ownership of the majority of the Common stock. Mr. Insull
stated that the American Public Utilities Co. will be operated as a separate
holding company and that no consolidation with his other interests was in
contemplation.
The .American Public utilities Co. is a holding company which, through
stock ownership, controls the Central Indiana Power Co., the Merchant
Heat & Light Co., the Northern Indiana Power Co. Indiana Electric
Corp.. Wabash Valley Electric Co., and Attica Electric Co., all serving
Indiana cities and towns, and the Albion (Mich.) Gas Light Co., Holland
(Mich.) City Gas Co. and Utah Gas & Coke Co., Salt Lake City, Utah.
The Indiana subsidiaries serve with one or more classes of service 135
cities and towns in 27 counties having a population of 550,000. and include
motr
otmoof,the brsiness
untLf
encas
tha
on
'
tt
usingigno
n ofdtean
svaige
oliwfanbdalte finotcleesbter
van. Approximately 784 of the companies' business is electric light and
power.
be Indiana Electric Corp.. one of the subsidiaries, recently completed the first two units of a large power station on the Wabash River
adjacent to large coal land holdings of the company. Gross earnings of
subsidiaries of the American Public Utilities Co. for the 12 months ended
Juno 30 1924. were $7,760,631.-V. 119, p. 944.
American Road Machinery Co., Inc.-Earnings.President S. Jones Philips, in a letter to the stockholders,
Winnipeg Elec. Co.-To Increase Rate on Deben.Stk.- says in part:
The gross business for the 6 months ended June 30 1924 totals $1,147,486
New Financing Proposed.-Sir Augustus Nanton, President,
as compared with $1.190,971 for the same period of 1923, a difference of'
in a letter to the shareholders, dated Aug. 18, says in part:
$43.482 in favor
and including
In March 1909, the shareholders authorized the creation of an issue of
Perpetual Consolidated Debetture stock bearing interest at 436% per
annum, payable half-yearly, and executed a trust deed securing same.
Under the provisions of the trust deed issues of the debenture stock were
made from time to time and there is now outstanding the following amounts:
(1) £900,000 issued and sold to the public;(2) £400,000 issued in 1914 and
used as collateral security for certain temporary financing; (3) £1,343,000
issued and deposited as collateral to the issue of 3,250.000 6% 20-Year Gen.
Mtge. & Coll. Trust bonds issued in 1923.
When the original issue of the stock was authorized it was a well known
method of financing adopted by Canadian and English companies, and at
that time was readily saleable, but on account of changed conditions, principally the increase of interest rates and the fall in value of the English
pound in Canada, this class of security is unsalable except at a considerable
discount. This company finds itself in a condition requiring furtherfunds
to meet capital requirements and is desirous of discontinuing the practice
heretofore existing for some ,vears of putting back into property the surplus
earnings of the company. The company has control of the two issues of
stock above mentioned. £400,000 and £1,343.000, subject to collateral
pledges, and is desirous of using said blocks of debenture stock as a means
of financing for capital requirements.
At a meeting of the stockholders in London on March 17 authority was
given to change the rate of interest on the £900,000 outstanding in the nands
of the public from 436% to 5%,and to authorize the increasing of the rate
of interest on the £400,000 and the $1,343,000 controlled by the company.
or any future issues which might be made, to an interest rate not exceeding
6% per annum, and to convert such stock into bonds and make it payable
either in English sterling, U. S. dollars or Canadian dollars and give them a
maturity date, and a supplemental deed of trust covering such changes was
submitted to the debenture stockholders at the meeting and approved of by
them.
At a meeting of the directors held on July 9 1924. the supplementary
trust deed containing the modifications and changes agreed to at the London meeting was approved of subject to ratification by the shareholders
at a meeting to be held Sept. 22. See aLso V. 119, p. 1066.
•
Worcester Consolidated Street Ry.-To Curtail.-
It is reported that the company is to discontinue trolley car service
Sept. 6 on its lines from Worcester to Spencer, Clinton to Hudson. North
Grafton postoffice to Grafton Center and Grafton State Hospital to Westboro Center. Mass. This action is in line with toe company's plan of
retrenchment, resulting from an award made by an arbitration board
last June, giving employees a raise in wages dating back to Jan. 1 1924
and shorter working hours.-V. 118. p. 3081.
INDUSTRIAL AND MISCELLANEOUS.
The following brief items touch the most important
developments in the industrial world during the past week,
together with a summary of similar news published in full
detail in last week's "Chronicle."
Steel and Iron Production, Prices, &c.
The review of market conditions by the trade journals formerly given
under this heading appears to-day on a preceding page under "Indications
of Business Activity.
Coal Production, Prices, &c.
The United States Geological Survey's report on coal production, together
with the detailed statements by the 'Coal Trade Journal" and the "Coal
Age," regarding market conditions, heretofore appearing in this column,
will be found to-day on a preceding page under the heading "Indications
of Business Activity."
Oil Production, Prices, &c.
Tha statistics regarding gross crude oil production in the United States
compiled by the American Petroleum Institute and formerly appearing
under the above heading, will be found to-day on a preceding page.
Prices, Wages and Other Trade Matters.
Refined Sugar Prices.-On Sept. 3 the following advances in price were
McCahan and Pennsylvania, 15 points to 7.25.c per lb.;
American.
listed:
Arbuckle National and Warner. 10 points to 7.10c. per lb.; Revere. 15 Points
to 7.10c., and b'ederal 5 points to 7@)7.05c. On Sept. 4 Arbuckle, National
Revere and Warner advanced 15 points to 7.25c.; McCahan, 15 points to
7.40c.. and Federal, 15 points to 7.10©7.15c.
•Wages Cut.-Puddlers' wages will be reduced from $12 63 to $12 13 Per
ton for September-October and finishers' wages will be cut 5% in accordance with sliding wage scale agreement of Amalgamated Ass'n.-"Boston
News Bureau" Sept. 3. p. 4.
Paterson Silk Mill Strike Continues-Pickets Arrested.-107 pickets arrested, Jailed, released on bail, for disturbance at mill housing several small
weaving companies.-New York "Times" Sept. 5, p.1.
Matters Covered in "Chronicle- Aug. 30.-(a) New capital flotations in
July and the 7 months since Jan. 1. p. 992-997. (b) Continued decline in
factory pay-rolls in New York State during July. p. 1.000. (c) Brockton
(Mass.) shoe manufacturers take first step looking to wage reduction.
P. 1.004. (d) Rigelow-Hartford Carpet Co. closes tapestry dept. temporarily, 300 laid off, p. 1.004. (e) Wages reduced by Is elson D. White mills.
N. J., p. 1.004.
P• 1.004. (f) Hatmakers strike ends in Orange Valley.-manufacturers'
(g) Paterson silk strike-some workers win demands
p. 1,005. (i)
down,
shut
mills
Cotton
stand unchanged, p. 1.004. (h)
R. V. Ingersoll appointed Impartial Chairman of women's wear trade in
New York, p. 1,005. (.i) Glass window plant resumes operations, p. 1.005•
Acme Steel Goods Company, Chicago.-Earnings.-
The results of the first 6 months of 1924 are as follows: Net shipments
after all deductions, $3,682,826; net profit after all deductions for expenses,
depreciations. etc., $760,335; bond interest. $46.742; set aside for Federal
taxes, $85.916; net profit to stockholders. $627,668.
A special stock dividend of 10% paid out ofstock in the Treasury on Aug.
5. Toe regular cash dividend of $1 per share was paid Sept. 1.-V. 119,
American Cyanamid Co.-Extra Dividend.-
An extra dividend of 36 of 1% has been declared on the Common stock
In addition to the regulaxr
, uarterly dividends of 1% on the Common stock
stock, all payable Oct. 1 to holders of record
and 133% on the Prete
Sept. 16. Like amounts were paid Jan. 2, April 1 and July 1 last.V. 119, p. 940.
of 1923. Our business for the year up to
Aug. 28 totals $1,759.228. which exceeds 1923 volume by $34,848.
Our net profit for the first half of 1924 totals $95,782 as compared with
$65.151 for the same period of 1923, an increase of nearly 50%•
We are gaining ground slowly but surely, having reduced our bank indebtedness since Jan. 1 1924 to the extent of $67,400.
Comparative Balance Sheet.
AssetsJune 3024 Dee.31 '23
June 30'24 Oec.31'24
LiabilitiesReal estate, buildCommon stock__ _$2,000,000 52,000,000
&c
z$671,023 $689,015 Preferred stock_ __ 1,015,300 1,055,300
277,940
Investments
8,063
8,063 Dividend scrip__ _ 277,940
693,011
Bills & accts. rec.... 941,358
660,079
789,944 Funded debt
544,800
Cash
477,200
71,162
66,557 Loans
202,509
Inventories
1,027,054 1,058,500 131118 & accts. pay_ 303,618
Pats.,good-will,&c 2,000,000 2,000,000 U. S. Treas. Inc.
17,351
17,351
Deferred charges_ _
8,922
10,143
taxes
'
Deficit
168,690
72,907
54.800,489 54,790,911
Total
54,800,489 54.790,211
x Including machinery, tools and equipment at factories, automobiles
and office furniture at sales offices, less depreciation to June 30 1924.V. 118, p. 1913.
Total
Anderson (Ind.) Foundry & Machine Co.-Stockholders
to Run Plant.According to a dispatch from Anderson. Ind., Aug. 30. the stockholders
and creditors of the company (a subsidiary of R. L. Dollings Co. of Ind.).
will take charge of the plant of the company Sept. 12 and will undertake to
operate it, pursuant to the terms of an agreement reached in the Madison
Circuit Court Aug. 29. It was further agreed that Winfield T. Durbin.
formerly Governor of Indiana, who bad been receiver of the company, will
retain control of approximately $57,000 for payment to the Preferred stockholders of the present company.
A committee of the creditors and stockholders will arrange for the new
corporation to take charge and finance the new organization. The plan
proposed is to issue capital stock of approximately $1,400,000 and to assume
the claims of commercial creditors and the cost of the receivership.
A large majority of the stockholders consented to the arrangement for a
new corporation to take over the property.-V. 118, p. 87.
American Ice Company.-Earnings.-
-8 Months Ended- -12 Mos. End. Oct. 311921.
1922.
1923.
June 30 '24.
$7.541,858 $16,121,366 $16,000,404 $17,250,537
Gross receipts
Income from investmls
249,897
346,577
331,070
162,149
Interest, discount, &c
$7,704,007 $16.452,436 $16,346.981 $17,500,433
Total
Loss cost of merchandise
7,059.810 12,934.967 12,439,512 13,491,250
oper. expenses, &c_
Balance
Bond int., Fed.tax., &c
Depreciation
$644,197 $3,517,468 $3.907,469 $4,009,184
849,651,
759,052
690,118
299,748
862,128
802,514
989,084
$344,449 31,838,266 $2,286,289 $2.357,012
Net gain
449.880 (6)899.742 (6)899,656 (6)899,505
Preferred diva. (3%)_ _ _
Common dividends__(3). %)262,410 (7)524,806 (7)524,755 (6)449,730
$413,718
$861.878 $1,007,778
Balance, surplus_ __ _def$367,841
x Included in expenses above.
Commenting upon the earnings statement, Pres. Wesley M. Oler, Sr.,
said; "The company deems it only fair to the stockholders to say, that the
poor earnings made during the last eight months were due to an usually
cold April, May and Juno and other unfavorable conditions, that July and
August have been very satisfactory months, and that its dividends have
already been more than earned, with probable good earnings the balance of
the fiscal year which ends Dec. 31."-V. 118, p. 3201.
American Pipe & Construction Co.-Redemption.-
Forty-five American Pipe Mfg. Co. 5% Coll. Trust Ctfs., Series "A."
due Oct. 1 1927, of $1,000 each, and ten certificates of $500 each (a total of
$50,000), have been called for payment Oct. 1 at 10233 and interest at the
Girard Trust Co., trustee. Philadelphia, Pa. Tha following certificates
remain unpaid, called for Oct. 1 1923: Nos. 6 and 8. for 31,000.-V. 118.
p. 553.
American Pipe Manufacturing Co.-Certificates Called.
See American Pipe & Construction Co. above.-V. 118, p. 553.
American Telephone & Telegraph Co.-Tenders.-The Old Colony Trust Co., trustee, 17 Court St., Boston, Mass., will
until Sept. 16 receive bids for the sale to it of 30-Yr. 5% Collateral Trust
Gold bonds due Dec. 1 1946 to an amount sufficient to absorb $800.197.
Interest on bonds accepted will cease Sept. 18.-V. 119, p. 1067. 944.
American Woolen Co.-Omits Common Dividend.-The
directors on Sept. 4 voted to omit payment of the usual quarterly dividend of PA% due Oct. 15 on the outstanding
$40,000,000 Common stock, par $100. The company had
been paying dividends of 14% on the Common stock since
Oct. 15 1919, when the dividend was increased from 131 to
1 %• Dividend record on Common stook follows:
In cash (per cent)
In Liberty bonds (per cent)
1916 1917 1918
311
5
5
--
1919
5t3
15
1020-23
7
--
1924
63-i
Following the suspension of dividends on the Common
stock, the company said:
In view of the severe depression in the textile business, it was deemed advisable to omit at this time the usual dividend on the Common stock.
When conditions warrant, dividends on the Common stock will be resumed.
The directors have declared the regular quarterly dividend
of 13A% on the outstanding $50,000,000 7% Cumul. Pref.
stock, payable Oct. 15 to holders of record Sept. 15.-V. 118,
p. 3081, 2707.
SEPT. 61924.]
THE CHRONICLE
1175
Atlantic Dyestuff Co., Portsmouth, N. H.---Sale.--- of the State, and also do the entire electric light and power business in other
Charles M.Dale, Harry I. Caswell, A. C. Burrage Jr., trustees in bank- Important communities, including Kokomo, Huntington, Noblesville.
ruptcy, will sell by public auction, at the factory of the company in New- Rochester. Clinton, Wabash and Sullivan. The industries served by the
ington, N.H.,on Sept. 15,the personal property belonging to the company, companies are of a widely diversified character.
consisting of finished goods, raw materials, stores, hardware and machinCapitalization After New FinancingAuthorized. Outstanding.
ists' supplies, factored goods, shipping supplies, office furniture, sundry 7% Cumulative Preferred stock
310,000,000 $6.403,800
patents,auto trucks. etc.
Common stock
1st Mtge. Coll. & Ref.6% Gold bonds,Series"A"_ 7,0
(r)
'
04)° 12
7,198;0
501
Balaban & Katz Corp.-Earnings.Divisional bonds, not pledged
(Closed)
1.564.000
-3 Mos. Ended- Tot. 6 Mos. 3-Year Coll. Gold notes,due Mar.1 1927
x8.000,000
Close
PeriodJune 30 '24. Mar. 31 '24. June 30'24. 3-Year 77 Coll. Gold notes. due July 1 1925
Closed
2.000,000
Gross profits
a Restricted by the provisions of the mortgage. x $6,500,000 bearing
$471,264
$549,146 $1,020,410
Depreciation
60,474
70,768
131.242 77 interest and $1,500,000 bearing 5 4% interest (this issue).
Federal taxes
Note.-The company has guaranteed the payment of both principal and
50,958
59,797
10.755
Interest of $7,200,000 1st Mtge. Gold bonds of the Indiana Electric Corp.
Net profits
outstanding in the hands of the public.
$359,832
$418,581
$778,413
Preferred dividends
Purpose.-Proceeds of these notes will be used to reimburse the treasury
49,898
49,898
99,796
Common dividends
198,154
198.154
396,308 for advances made or to be made to its subsidiary companies or to the Indiana Electric Corp. for or on account of improvements, betterments and
Surjlus
$111.780
$170,529
$282.309 extensions to their properties.
p. 2707.
Security.-The 3-Year Collateral Gold notes are secured by pledge of
$5,000,000 Central Indiana Power Co. 1st Mtge. Collateral & Ref.7%
Barnsdall Corporation.-Properties.-bonds, Series "B," due Mar. 1 1929, or temporarily, cash to the prinAccording to a recapitulation of its properties, made by the corporation, cipal amount of bonds not
so pledged:(b) $1,612,500 Indiana Electric Corp.
It has 2,600 oil wells of settled production, 491 gas wells and 94 combination 1st Mtge.6%% Gold bonds,
Series"B,"due Aug. 1 1953;and (c)$3,802,000
gas and oil wells. The company in addition has three fields with
of stock of the Indiana Electric Corp. being all its issued and outstanding
impressive
potentialities. It has two large tracts in Oklahoma, one of 1,100 acres and capital stock except directors' qualifying
shares.
the other of 1,400 acres, on which it has been producing
from the upper Consolidated Earnings
sands. Recently the company tested the lower sands with
and Expenses of Sub. Cos., 12 Months Ended June 30.
several good
wells, thereby extending the life and value of these properties.
Estimated.
Actual.
The corporation is engaged in drilling in the California
12 Months' Period EndedJune 30'24. June 30'25.
in conjunction with
the Union Co. of California. and in the Montana field,
Gross revenue (including other income)
$7,541,402
field
$6,691.687
it
is
drilling
with
the
'
Mid-West Refining Co. These properties are carried on the corporations Operating expenses, maintenance and taxes
4,447.223 4,098.944
books at a nominal sum.-V. 119. p. 815, 696.
Net earnings before depreciation
$2.244,464 $3,442,458
Binghamton (N. Y.) Lt., Ht. & Pwr. Co.-Acquisition. Annual
int. on outstanding senior funded debt,
The company has applied to the New York P. S. Commission for authorIncluding this issue, requires
$1,351,780 41,797,280
ity to acquire all of the capital stock of the Afton-Windsor
Power Co., operating in Broome and Chenango Counties, Light, Heat &
x Including interest on the 1st Mtge. bonds of the Indiana Electric Corp.
N.
Y.
-V.
119,
p. 583.
outstanding in the hands of the public.
Management.-Company is controlled by Samuel Insull and associates,
(Chas. B.) Bohn Foundry Co., Detroit.-Merger.
the United Gas Improvement Co. the Middle West Utilities Co. and the
The Charles B. Bohn Foundry Co. and General Aluminum & Brass
Mfg. Midland Utilities Co., through ownership of the majority of the Common
Co. both of Detroit, have agreed through their respective boards
of direc- stock of the parent company, the American Public Utilities Co. (See that
tor; and subject to stockholders' ratification to merge into
the Chas. B. company above.)-V. 118. p. 2442.
Bohn Aluminum & Brass Mfg.(Jo. The new corporation will have
600,000
shares of Preferred stock, par $100, bearing 8%, and 335.700 shares
Central Metal Products Corporation.-Sale.of
no par value Common stock. The capitalization also includes
The College Point, N. Y., plant of the corporation will be sold at forean issue of
$1,500,000 1st Mtge. 7% 10-Year Real Estate bonds.
Sept. 9 on the premises. by Hugh Govern Jr., attorneys for the
clmure.
Application
will
be
made to list the Common stock on the New York, Chicago
and Detroit trustee. 120 Broadway, New York.-V. 118. p. 1915.
Exchanges.
The constituent companies manufacture bronze babbitt,
Chero Cola Co., Columbus, Ga.-Stock Offered.line bearings
and aluminum and brass castings for the automobile
The Bankers Securities Co., Savanah, Ga., are offering 3,000 shares of
Their combined
business in 1923 totaled $10,000,000, thus makingtrade.
stock (par $100) at $125 per share (exempt from all Georgia taxes
Common
the
new
company
one
of the largest of its kind in the field. Chas. B. Bohn will
become President. and Federal normal tax). Transfer Agent, Chero Cola Co., Columbus.
The General Aluminum & Brass Mfg. Co. stockholders
will receive one Ga. The banker's circular says:
share of new no par Common and $4
in
Company.-Incorporated in Georgia in 1912, having acquired the entire
for each present share of $10
Common now held. It has been agreedcash
that dividends at the rate of $1 bottling business and physical properties, formula. trade-mar and goodannually will be paid on the new Common
stock.-V.109. To• 777.
will of the Union Bottling Co., owned and operated by the Hatcher Wholesale Grocery Co. of Columbus. Ga. The business had been started several
Borne-Scrymser Company.-Extra
- years earlier and had assumed such proportions that the grocery business
An extra dividend of $2 per share has been Dividend of $2.
was out-grown and the officers of the company liquidated it in order to
declared
on
the
stock
in
addition to the regular semi-annual dividend
of $4 per share, both payable devote their entire time to the manufacture and marketing of Chero-Cola.
Oct. 15 to holders of record Sept. 20. Like amounts
Consumption of Chero-Cola is greater than that of any other soft drink
were
paid
April
15
last.
An extra distribution of $3 per share was
made on Oct. 15 1923 and one of sold exclusively in bottles. 156.000.000 bottles being average annual con$1 on April 16 1923. Prior to the 400% stock
distribution on Dec. 30 1922 sumption for past five years. Over 270 concerns are bottling and reselling
the company paid annual dividends of 207 each.
This amount was paid in the product.
October of each year since 1912. In April
Average Annual Profits for the past 5 years, giving effect to the royalty
1922 the company made an extra
cash disbursement of 15%.-V. 118.
contracts recently acquired by the company and to amounts which have
p. 1015.
applied to the liquidation of a property account, have been $264,000
been
(Edward G.) Budd Mfg. Co.
- per year, after depreciation and before Federal taxes. This record does not
The stockholders of the Budd Wheel -Sub. Co. Indebtedness.
any savings of interest or increased earning power by reason of the
assume
Co.
a
subsidiary,
will
vote
Oct. 27
on increasing the indebtedness of tile
company from nothing to $5,000,000. introduction of $375.000 in cash as a result of the present financing. For
-V. 116. p. 2888.
the past 5 years (1919 to 1923 incl.) an average production of 1.300,000
gallons of syrup has been sold to bottlers.
Carib Syndicate, Ltd.-Waives Option Payment.-The stockholders on Sept. 2 ratified
Capitalization After Present Financing. '
the
action
of
the
in
directors
waiving
the 1924 payment by the Texas Co.on
$1,000,000
its option on certain properties of the Class A and Class B 77 Cumulative Preferred stock
Carib Syndicate, Ltd. Sae statement
Common stock, par $100 (incl. 3.000 shares now being offered).. _ 1.000.000
in V. 119, p. 1067.
)
gGold
Calumet & Arizona Mining Co.
-Production.Month ofAugust.
July.
June.
May.
April.
Copper output(lbs.)__3,802,000 2,732,000 2.346,000
3.332.000 3,330,000
-V. 119, p. 697. 78.
Calumet Gas & Electric Company.-Merger.--
• Under the proposed merger plan outlined in
a petition filed with the
Indiana P. S. Commission, the company
will purchase 14 other public
utilities and merge the properties with its own.
The
companies which it is
proposed to consolidate with the Calumet Gas & Electric
Co. are:
(1) Elichart Gas & Fuel Co.' (2) Knox Electric
Light & Power Co.; (3)
Monterey Light & Power Co.;(4)
North
Electric
Judson
Co.;
(5) Plymouth
Electric Light & Power Co.; (6)
(7) Valparaiso Lighting Co.; (8)La Grange County Light & Power Co.;
Consumers Electric Co.: (9) DeMotte
Utilities Co.;(10) Hanna Light & Power
Co.;(11) Kankakee Valley Electric
Co.; (12) Kingsbury Light & Power Co.;
(13) Union Electric Co.; (14)
Wanatah-LaCrosse Electric Co.
The companies operate in 12 counties in the
north end of the State of
Indiana. Communities served are
Joseph, Elkhart, Newton. Starke, located in Lake, Porter. LaPorte, St.
Marshall.
Fulton,
Pulaski. LaGrange
and Noble Counties.-V. 119. p. 815.
Cannelton Coal & Coke Co.
Central Foundry Company.-Time Extended.see Universal Pipe & Foundry Co. below.-V.
118, p. 2708.
Central Home Telephone & Telegraph Co.-Sale.-See Cumberland Telephone & Telegraph Co. below.
-V.118, p. 3202.
Central Indiana Power Co.-Notes Offered.
-Halsey,
Stuart & Co., Inc., are offering at 993
4 and
Yielding
over 5.60%, $1,500,000 3-Year 532% CollateralMt.,
Gold notes.
Hoe Lake Superior Corp. under "Reports" -Annual Report.
above.-V.117. p. 1020.
Dated March 1 1924. Due March 1 1927. Int. payable
M. & S. at
the office of Halsey, Stuart & Co.. Inc., in Chicago or New
York. Denom.
$1,000. $500 and 3100 c5. Int. payable without deduction
for Federal
income taxes now or hereafter deductible at the source not
in excess of 2%.
Red. all or part at any time on 30 days' published
at the following
prices and int.: at 101% to Mar. 11925: on and fromnotice
Mar. 1 1925 to Mar. 1
1926, at 101; on and from Mar. 1 1926 to Sept. 11926,
at 100%; and on
and after Sept. 1 1926 at 100. Company agrees to reimburse
the holders
these
notes,
if
requested within 60 days after payment, for the
of
Pennsylvania 4-mills tax and for the Connecticut personal property tax, not
exceeding 4 mills per dollar per annum, and for the Massachusetts income
tax on
the interest not exceeding 6% of such int. per annum.
Data from Letter of the President, Chicago, III., Aug.
1924.
Company.-Incorp. Sept. 17 1912 in Indiana. Company owns
all the
outstanding bonds and the present outstanding capital
stocks, except $1.564,000 of bonds and directors' qualifying shares, of the Merchants
Co.,
the
Northern Indiana Power Co., the Wabash Valley Heat
& Light
Electric co. and the Attica Electric Co. Company also owns all the outstanding stock, except directors' qualifying shares, of the Indiana Electric
Corp.,
Which company owns a now central station generating plant on the Wabash
River with an initial electrical equipment installation of 40.000 k.
w. capacity.
The subsidiary companies serve 135 cities and towns located in 27 counIndiana,
one
or
with
more
in
classes
of public utility service. The estities
mated total population of the communities served is in excess of 550,000.
Their business is essentially the supplying of electricity for domestic and
commercial needs, as over 78% of the combined operating revenue is now
being derived from such service.
The subsidiaries of the company operate one of the two electric light and
power companies in Indianapolis, the capital and chief manufacturing city
$2,000,000
Total capitalization
None of the physical properties of the company are encumbered by mortgage or indebtedness. The company has no obligations of any kind except
current liabilities.
Purpose.-To provide additional working capital.
Dividends -Company is paying dividends on all classes of stock: $7 on
Preferred and $8 on Common. In 1920 the company declared a 400% stock
dividend from earnings..
Balance Sheet Dec.31 1923 (Giving Effect to Present Financing).
Assets$1,000.000
Prop.& plant (after dep.)- $3361,019 Common stock
92.295 Preferred stock-Class A- 500,000
Cash
461,185 Preferred stock-Class B- 500,000
Acets receivable
290,317 Accounts payable
8,087
Notes receivable
Invent., mat.& supplies..- 351,735 Notes payable
170.000
Investments
372,815
4,000 Surplus
Prepaid values and trade
303,213
marks(at cost)
$2.550,902
Cost of royalty contracts_ 687,137
Total (each side)
Directors.-C. A. Hatcher, Pres.; H. E. Weathers, Vice-President.;
W. D. Manley; W. W. Banks; W. A. Anthony, Treas.; E. C. Gunn; C. A.
Sears, Sec.; J. A. Shields.
Colorado Power Co.-Consolidation Approved.See Public Service Co. of Colorado below.-V.119. p.460.
Community Power & Light Company.-Expansion.The Missouri P. S. Commission has approved the sale of $434.500 7%
bonds and $45.500 Common stock by the Missouri Public Service Co. and
the issuance and transfer of the $45,500 of Common stock to the Community Power & Light Co. The purpose of the financing is to provide funds
for the purchase of electric plants at California, Bunceton. Tipton, Clarksburg, Speed. Bell Air. Eldon, Versailles and Cardwell. Mo.,and to construct
a transmission line from Eldon to Versailles, Mo.-V. 119, p. 698. 329.
(John T.) Connor Co., Boston.-Sale8.1924-A ug.-1923.
$1.352,741 $1.283.015
-V. 119. P. 698, 78.
Increase.' 1924-8 Mos.-1923.
Increase,
569,7261511,278,734 $9,731,720 $1,547.014
Consolidated Gas, Electric Light 8c Power Co.Change in Par Value of Common Shares Proposed.The stockholders will vote Oct. 21 on changing the par value of the
Common stock from $100 to no par, and on approving the issuance of
four new no-par Common shares for each share of Common stock, par
$100. now held.-V. 119, p. 584.
Cumberland Tel. & Tel. Co., Inc.-Purchase of Prop.The I.-S. C. Commission on Aug. 22 authorized the acquisition by the
company of the_properties of the following telephone companies: (a)
Louisville Home Telephone Co., Inc.;(b) Central 1 ome Telephone & Telegraph Co., Inc.: (c) Bowling Green Home Telephone & Telegraph Co.
Inc.; (d) Cynthiana Telephone Co., Inc.; (e) Maysville Telephone Co..
Inc.; (f) Nicholas Telephone Co., Inc.; (g) Owensboro Home Telephone &
Telegraph Co., Inc.; (h) Owenton Telephone Co., Inc.; (i) Paducah. Home
Telephone & Telegraph Co., Inc.; (j) Paris Home Telephone & Telegraph
Co., Inc.; (k) Russellville Home Telephone Jr Telegraph Co.. Inc.; (I)
Frankfort Home Telephone & Telegraph Co.. Inc.; (m) Carrollton Telephone Exchange Co., Inc.; (n) Henry Home Telephone Co., Inc.; and (o)
the Independent Long Distance Telephone & Telegraph Co., Inc.
The raport of the Commission says in part:
The Cumberland Co. is one of the Bell group. It owns and operat •
exchanges and toll lines in Kentucky. Tennessee, Mississippi and Louisiana.
1176
[voL. 119
THE CHRONICLE
The other companies, members of the so-called independent group, are
Fuller BrushvCompany, Hartford, Conn.-Sales.-affiliated with each other and are controlled by the same interests.
The company reports sales of $1,374,936 for the 4 weeks' period ended
The independent companies own and operate 38 switcnboards at various Aug. 12, a 169' increase
the sales of the corresponding period last
points In Kentucky, particularly in the northern and western part of the year. The total sales for over
the first 32 weeks this year are 59,865.964, an
State, from which they serve 47,086 subscriber stations of which 7,913 increase of 16% over last
This amount is $1,500.000 greater
year's
figures.
lines
own
toll
also
Co.
They
stations are duplicated by the Cumberland
than the total sales of the company for the entire year of 1921.-V. 118.
having a pole mileage of 707 miles, which parallel to a large extent the toll p. 2310.
lines of the Bell system. At Louisville. which is the largest municipality
Involved, the Cumberland Co. and the Louisville Co. served 19.666 and
General Aluminum & Brass Mfg. Co.-Merger.-32,009 subscriber stations, respectively, as of Dec. 31 1923, and 5,635
See Chas. B. Bohn Foundry Co. above.-V.118, p. 2579.
stations were duplicated.
On Sept. 14 1923. the Cumberland Co. contracted to purchase all the
General Asphalt Co.-Debentures Called.properties of the other applicants for $3.750,000 in cash. There is to be
All of the outstanding 6% -year Sinking Fund gold debentures dated
deducted from the purchase price $486.308, the estimated valueof certain April 1 1915 have been called10
for payment Oct. 1 at par and int, at the
properties of the independent companies located in Indiana. Authority Fidelity Trust Co., 325 Chestnut
St., Phila., Pa.-V. 119, p. 699.
to acquire these properties is not sought in this proceeding. The contract
the
provides that the Cumberland Co. will also assume outstanding bonds of
General Gas & Electric Co.-Tenders.
par amount of $1,925,000; will pay the actual cost of extensions and addiThe New York Trust Co.. trustee, will until Oct. 2 receive bids for the
tions to the properties of the independent companies since Dec. 31 1922: sale
to
it of 6% 10-Year Secured Gold bonds, due Sept. 1 1929, to an
and will assume existing contracts for like extensions and aaditions in process
of construction, but not completed, upon the date of conveyance of the amount sufficient to exhaust $340,318, at a price not exceeding par and
interest
.-V
. 119. p. 1070.
the
properties. The payments are to be credited by an amount equal to
net accruals to surplus and reserve for depreciation accounts of the indeGeneral
Motors Corp.-Manufacturing to Be Kept in
executed
since
contract
was
pendent companies
Dec. 31 1922. Since the
bonds to the amount of $70.300 have been retired through sinking funds. Line With Retail Sales.-President Alfred P. Sloan Jr., Aug.
The total purchase price. Including the bonds and other liabilities to be 30, says in part:
assumed, will be $6,040,424. Funds to pay the purchase price will be borWe shall maintain a reasonably level line of plant operation in order to
rowed by the Cumberland Co. from the American Telephone & Telegraph
Co. on open account and no additional securities will be issued for that gain the maximum of efficiency in manufacturing costs. The trend of sales
to consumers will be appraised monthly and production schedules will be
purnose.-V. 118. n. 3202.
adjusted promptly if there is any indication of an altered trend of retail
Consolidated Textile Corp.-Dissolves Restraint on demand. Manufacturing schedules will be kept in line with the trend of
retail sales as we see it, and no General Motors division in the future will
Converse & Co.-Reorganization Plan Progressing.require or permit its dealers or distributors to carry stocks beyond what is
Federal Judge William .1. Bondy has handed down an opinion dissolving logical and economical.
-V. 119, p. 1070.
the temporary restraining order granted recently by Federal Judge Goddard
comGeneral Railway Signal Co.-Resumes Dividend.which prevented the Consolidated Textile Corp. and its affiliated
panies from effecting a proposed reorganization plan of Converse & Co.,
The directors have declared a dividend of 19', on the Common stock and
selling agents. Judge Bondy's order requires that Converse & Co. post the regular quarterly dividend of 1 % on the Preferred stock, both payable
a bond for $250,000 to insure any judgment against Converse & Co. which Oct. 1 to holders of record Sept. 19. This is the first disbursement on the
the Kelsey Textile Corp. may obtain. Suit was originally brought by Common stock since January 1921. when a quarterly disbursement of
the Kelsey company against the Consolidated Textile Corp. and others 131% was made.-V. 119, p. 1070. 79.
In the New York Supreme Court last July. Proceedings were transferred
Haynes Automobile Company.-Receivership Sought.to the Federal Court, where Judge Goddard granted a restraining order.
Petitions to have the company declared bankrupt and for receivership
Attorneys for the Consolidated moved to have the order dissolved Aug. 27
and tne Kelsey attorney brought a counter motion asking restraining order have been filed in Federal Court at Indianapolis. Liabilities are listed at
be continued as a temporary injunction and receiver be appointed for $4,602.000 and assets at not to exceed $2,500,000. The bankruptcy peConverse & Co.
tition was filed by the Chicago Tool & Kit Mfg. Co. of Illinois, Thomas
It is understood that the plan of reorganization is fast nearing completion McIntyre and B. F. McIntyre of the Grinding Wheel Clearing House.
and that the terms will shortly be announced.
Detroit, Mich., and H. Merrifield of Chicago. The Chicago Tool & Kit
The Consolidated Selling Co., with a stated capital of $3,500,000, has Mfg. Co. and H. Merrifield asked for the receiver.-V.119. P• 585.
been incorporated in Delaware by the Consolidated Textile Co. to replace
Hamilton (0.) Machine Tool Co.-Receivership.-Converse & Co. as selling agents. This, it is understood, is a further
step in the reorganization plan.
Charles L. Anderson and R. T. Radcliffe, Hamilton, 0., have been apSee also B. B. & R. Knfght, Inc., below, and V. 119, p. 1068.
ointed receivers on the application of the Citizens Savings Bank Sr Trust
Deere & Co.-To Redeem $1,500,000 Notes.-
The company has elected to redeem and pay on Nov. 1 $1.500.000 of
731% gold notes, dated Feb. 15 1921, at 10331 and hit. at the Central
Trust Co. of Ill., 125 West Monroe St., Chicago, Ill., or at the Chase Nat.
Bank. 57 Broadway, N. Y. City.-V. 11•
8 p• 3202.
-
Devoe & Raynolds Co., Inc.-Larger Extra Dividend.-
The directors have declared an extra dividend of 31 of 1% on the Common
stock and the regular quarterly dividends of 131% on the Common and
lir% on the 1st and 2d Preferred stocks, all payable Oct. 1 to holders of
record Sept. 20. An extra dividend of la" of 1% was paid on the Common
stock on July 1 last.-V. 119. p. 329.
Dodge Brothers.-To Finance Dealers Selling Dodge Cars.
Announcement was made Aug. 28 of the establishment in New York of a
new corporation known as the Cromwell-Dodge Co., Inc., 41 East 42d St.,
which will finance dealers in motor cars manufactured by Dodge Brothers.
The company will operate throughout all of New York State, having New
York City as its place for headquarters offices.
The Superintendent of Banks of the State of New York has formally
approved of the new company's certificate of incorporation and has authorized the company to begin business with a capital of $200,000 and a surplus
of $50,000. The business is similar ,to the credit arrangement that has
recently been adopted by many motor companies. Under it the financial
corporation extends credits to dealers in automobiles, carrying them over
the period starting when the dealers purchase their cars to the time that
they sell their automobiles and with the proceeds are able to liquidate the
advances.
The officers of the Cromwell-Dodge Co., Inc., are J. IT. R. Cromwell,
Pres.; Horace E. Dodge Jr., V.-Pres.: Fred A. Weber Jr., Treas., and
Austin W. Beetle, Sec.-V. 119, p. 330.
Dohrmann Commercial Co.-Bonds Offered.-AngloLondon Paris Co. and Bond & Goodwin & Tucker, Inc., are
offering at prices ranging from 99 and int: to 101.27 and int.,
$2,000,000 serial 6s, maturing 1926-35.
and
The company operates a chain of 12 Pacific Coast house furnishing
department
Chinaware stores and similar departments in 7 Pacific Coast
stores, including the Emporium, San Francisco.
Dome Mines, Limited.-Gold Production.-
April.
May.
August.
July.
June.
Month ofGold production (value)_ $369,032 $361.994 $360,750 $371,055 $358,811
-V 119 p.698.
(E. I.) duPont de Nemours & Co.-Large Order.-
p
Harbison-Walker
Refractories
Co.-Earnings.-
Net earnings for the quarter ended June 30 1924 are estimated at $38,000
after deductions, including Federal taxes, against $957.000 in the preceding
quarter.-V. 118, p. 1527.
Heller Brothers Co., Newark, N. J.-Bonds Offered.P. W. Brooks & Co., New York, are offering at par and int.
$500,000 1st Mtge. 7% Serial gold bonds.
Dated June 1 1924. Due serially June 1 1926 to 1915. incl. Int. payable
June and Dec. 1 in New York. Redeemable on 30 days' notice at 107
and int. Coal & Iron National Bank, New York,. trustee. Company wil
pay or refund 4% Federal income tax. New York and Mass. State income
tax refunded; Penna.4-mill tax paid; Conn. personal property tax refunded.
Denom. $1,000, $500, and $100c*.
Company.-Owns valuable well equipped plants at Newark, N. J., and
Newcomerstown, 0., about 235,000 sq. ft. of working floor space. Business was established in 1836. It consists principally of the manufacture
of files, mechanics' tools and tool steel. Company produces its own requirements of steel, so that its operation embraces a complete 'unit, from
the manufacture of raw matreial to finished product. Company's products
are in demand throughout North America and in many foreign countries.
Earnings.-Net sales of the company and subsidiaries (eliminating intercompany transactions) for the 8 years and 5 months ended Dec. 31 192
show an average of $1,879,062 annually, and net earnings show an average
of $192,841 (incl. dividends received on stocks of subsidiaries owned)
before deducting interest and depreciation, but after deducting the sum of
5200.000 set up as a special reserve against inventory, or more than WI
times interest charges on the entire issue of bonds. The business showed a
substantial operating profit during each of the years of the period mentioned.
Authorized. Issued.
Capitalization$500,000
$500,000
First Mortgage 7% Serial gold bonds
200,000
197,800
Preferred stock. 7%
500,000
498,000
Common stock
Security.-Secured by a first closed mortgage on all land, buildings and
equipment now or hereafter owned, and, in addition, by a first lien upon
all of the emtstanding capital stock of the Vixen Tool Co., a majority of the
capital stock of the Heller Tool Co. (both locat3d in or adjacent to the
company's plant at Newark, N. J.) and a majority of the capital stoca of
the Rex File Co., whose plant is at Newcomerstown, 0., all of which
stocks will be deposited as collateral under the bond mortgage. The sound
depreciated value of the assets subject to this mortgage, based upon appraisal by Geo. W. Goethals & Co., is $1,636,611 as of Dec. 31 1923.
Purpose.-Proceeds will be used to reduce notes and accounts payable
and for working capital.
Houston (Tex.) Lighting & Power Co.-Bonds Ready.-
The largest single order for explosives, not excepting the enormous
Halsey, Stuart & Ce., as syndicate managers, announce that the permarequisitions of the World War,has just been placed with the du Ponta by the nent 1st Lien & Ref. Mtge. 5% gold bonds, Series "A," due March 1 1953.
U.S. Government,according to a statement just made public by the Ameri- are now available in exchange for the temporary certificates now outstandused
be
can Chemical Society. The order is for 100.000,000 pounds to
ing (see offering in V. 119, p. 331).-V. 119, p. 1070.
entirely for purposes of peace, such as the construction of highways, agriIllinois Bell Telephone Co.-Expansion.cultural purposes and other peaceful industrial pursuits.
The "Manufacturers Record" states that the powder plant at Carl JuncThe directors have approved an additional expenditure of $1,488,060 for
tion, Mo., formerly owned by the General Explosives Co. of Chicago, has plant and extensions. The total approved for this year is $16,734,531.
recently been acquired by the E. I. duPont de Nemours & Co. of Wilming- --V. 119, P• 461.
ton Dela.-V. 119. la• 699, 576.
InterstatePower Co. (Wis.).-Bonds Sold.-West &
(J. H. & C. K.) Eagle, Incorporated.-Sales, &c.- Co.,
Spencer Trask & Co., Federal Securities Corp. and
W. S. Hammons & Co., have sold, at 96 and interest, to
yield about 6.35%, $6,000,000 First Mtge. Gold Bonds,
Easton Gas Works.-Mortgage Approved.Series "A," 6%.
of
a
execution
Commission
has
approved
the
P.
U.
New Jersey
This company, in a suit to restrain competitors from using the name
"Eagle Mills," state that their sales volume in 1921 was $15,170,735; 1922
$25,778,233; and 1923, $23,877,223.-V. 117. p. 1132.
The
second mortgage on the property of the company for $2,000,000 to the Bank
of North America & Trust Co., as trustee. tinder the mortgage, the corporation will issue $245.000 of 5% bonds, not to be sold at less than 80%
of par.-V. 105, p. 2275.
Edison Electric Illuminating Co. of Boston.-To
Increase Capital Stock by 20%.
The stockholders will vote Sept. 16 on increasing the outstanding capital
stock by 20%. There is now outstanding $38,928,400, par $100. The
proceeds are to be applied to the payment of liabilities heretofore or hereafter
Incurred for additions to and extensions of the plant and property. In
April last the company sold an issue of $8,000,000 notes to pay off maturing
obligations. These notes come due Jan. 15 1925. (See V. 118, p. 2185.)
-V. 119, p. 1069.
Elkhart (Ind.) Gas & Fuel Co.-Merger.
See Calumet Gas & Electric Co. above.-V. 118, p. 1142.
Ford Motor Company.-Balance Sheet.-
The statement from Detroit, as published in last week's "Chronicle"
(V. 119, p. 1069) giving the balance sheet of the company as of June 30
1924, should have read Dec. 31 1923 and not June 30. Likewise the statement published in V. 118 p. 2185 dated Feb. 28 1924, should have been
dated Dec. 31 1923 which is the end of the company's last fiscal year.V. 119 p. 1069.
Dated July 1 1924. Due July 11944. Interest payable J. & J. at Chase
National Bank, New York, or Continental & Commercial Trust & Savings
Bank, Chicago. Denom. c* $1,000. $500 and $100. and r* $1,000. $5,000.
$10,000 and $25,000. Redeemable, all or part, on 60 days' notice on anY
interest date on or before July 1 1934 at 105; thereafter on or before July 1
1937 at 104: thereafter on or before July 1 1940 at 103; thereafter on or before
July 1 1943 at 102; and thereafter on or before Jan. 1 1944 at 101. together
with accrued interest in each case. Pennsylvania Co. for Insurances on
Lives & Granting Annuities, Philadelphia, trustee. Company agrees to
pay interest without deduction for any Federal income tax not exceeding
2%. Penn. and Conn. 4 mills tax and Maryland 414 mills tax. Mass•
income tax on interest not exceeding 6% of such interest per annum, and
New Hemp. income tax on Interest not exceeding 3% of such interest per
annum, and any similar tax that may be imposed in Maine, refunded.
Issuance.-Authorized by the Wisconsin Railroad Commission.
Data from Letter of President H. L. Clarke, Chicago, Sept. 2 192.
Company.-Incorp. in Wisconsin. Will operate electric and gas properties throughout southern Minnesota, northeastern Iowa and southwestern
Wisconsin (see V. 119.13 .1070). These properties furnish electric light and
Power without competition to 51 cities and communities in Minnesota. 28
in Iowa, and 16 in Wisconsin, the principal cities being Albert Lea and
Owatonna in Minnesota: Oelwein, Decorah, Cresco and Waukon in Iowa:
and Lancaster and Prairie du Chien in Wisconsin. Company will also own
and operate gas plants at Rochester. Owatonna, Albert Loa and Austin in
Minnesota, and heating plants at Albert Lea and Owatonna.
SEPT. 6 1924.]
THE CHRONICLE
Company will serve 25,750 customers with electric light and power and
6,800 customers with gas. The total population of the territory served is
estimated to be over 200,000.
The present properties of the company and certain adjoining ones which
it is now acquiring will be physically connected, effecting large economies in
operation and permitting the use of all the current generated annually at
the company's two hydro-electric plants on the Upper Iowa River. Over
90% of the net income from these properties is derived from the sale of
elec•ric light and power.
Company has favorable contracts for the purchase of power, including
contract with the Northern States Power Co.,at several points in Minnesota,
and with the Wisconsin Ry.& Light Co. in Minnesota, and with the Interstate Light & Power Co. in Wisconsin. Company wAl own steam plants
at Owatonna and Albert Lea, Minn.; Prairie du Chien, Wis.; Decorah and
Oelwein, Iowa. By virtue of a power-interchange contract with the Iowa
Ry. & Light Co., company's Iowa properties will be connected with Cedar
Rapids and intervening water plants and to the Iowa Electric Co. Company will have 86 substations with a capacity of 14.000 k.v.a.. 675 miles of
high tension transmission lines and 1,156 miles of distribution systems.
CapitalizationAuthorized. Outstanding.
First Mtge. Gold Bonds, Series A,6%, due July 1
1944 (this issue)
(a)
General Mortgage 7% Bonds, due July 1 1934-33.500,000 $6,000,000
2,500,000
7% Cumulative Participating Preferred Stock
3,500.000
1,900,000
Clan- A 8% Non-Cumulative Stock
3 500,000
(b)
Common Stock
3.000,000
2,000,000
a Issuance of additional bonds restricted by provisions of the mortgage.
b Reserved for conversion or retirement of a like face value of General
Mortgage 7% Bonds.
Purpose.-Proceeds received by the company from the present financing
will be used in the retirement of the underlying bonds now a lien upon the
properties which Interstate Power Co. will operate as above stated, in the
acquisition of certain of those properties and for other corporate purposes.
Security.-Secured by a direct first mortgage on all real estate, plants,
franchises, transmission lines and all other fixed properties, whether real or
personal (excepting stocks and securities hereafter acquired unless specifically pledged under the mortgage) now or hereafter owned, except that
property may be hereafter acquired subject to prior liens, as defined in the
mortgage, not exceeding an amount equal to one-third of the
of the
aggregate principal amount of all bonds previously outstandingstun
under this
mortgage plus all then outstanding prior lien bonds.
The properties upon which these bonds will be secured by first
have been appraised by Day & Zimmermann, Inc., engineers, as mortgage
of July 1
1924, at not less than $11,000.000. Further property having a value of
approximately $400,000 (not included in this appraisal) is
acquired, against which no additional bonds may be issued. about to be
Earnings of the Properties Which IVill Be Operated by Company, Year Ended
June 30.
1922.
1923.
1924.
Gross earnings
$1,456.609 $1.578,909 $1,869,743
Oper. exp.& taxes, excl. of Fed'i taxes_
891,002
993,127
1.142,228
Net earnings (before depreciation &
Federal taxes)
$565,607
$585.782
$727,515
Annual interest requirements on $6,000,000 First Mtge.
Bonds,
Series A 6% (this issue)
$360.000
Net earnings available for interest, depreciation and Federal income
for the 12 months ended June 30 1924. as shown above, were equal totaxes
over
twice the annual interest requirements of this Issue of First Mtge. Gold
Bonds, Series A 6%.
The savings directly attributable to the interconnection of these properties, together with the normal increase in demand for light
and power in
this territory, makes this combination of properties especially
attractive.
The management estimates that the economies to be effected should
alone
result in an improvement in net earnings of approximately
$200,000
the next twelve months and a careful survey of the territory disclosesduring
additional business to be acquired immediately, which should result in material
increases in gross and net earnings.
Maintenance and Renewal and Replacement Funds.-The mortgage will
provide for a maintenance fund and renewal and replacement fund, in which
there shall be set aside in the calendar year ending Dec. 31 1925,
and each
year thereafter, amounts respectively equal to 8% and 5% of the
gross
operating earnings, as defined in the mortgage, less
credit for amounts
actually expended for such purposes. Unused balances
these funds
may be used for the acquisition or construction of extensions,in
and other permanent additions which shall not be made theimprovements
basis for the
issuance of additional bonds under the mortgage, or for the retirement
of
First Mortgage bonds.
Franchises.-Company operates under the jurisdiction of the Railroad
Commission of Wisconsin. The franchises of the company,in opinion
of its
counsel, are (with minor exceptions) satisfactory in terms and provisions
and without burdensome restrictions.
Managentent.-Company will have the benefit of the management of the
Utilities Power & Light Corp., through that corporation's control of its
stock. Utilities Power & Light Corp. now controls utilities successfully
operating in a number of States, among which are Indiana Power Co.,
Consumers Power Co.(of Delaware) and Eastern New Jersey Power Co.V. 119. p. 1070. 586.
Indiahoma Refining Company.-Objections to Plan.-
At the hearing in the bankruptcy case of the company a plan
submitted by the readjustment committee. Claiming it had a priorwas
lien for
income and other taxes amounting to $708,481. the Government
objected
to the proposal. Attorneys representing the receivers, appointed
the
State courts prior to the bankruptcy, claimed the plan would notinleave
enough assets in the estate to pay the State receivers and
the attorneys.
The matter was laid over to permit filing of formal objections. See
V. 119.
p. 332. 947.
Iowa Southern
1177
Forbes & Co. Mr. Walsh represents the New York house of the same
firm. Mr. Clarkson is V.-Pres, of the Chase Securities Corp.
Chase National Bank. New York, and the First National Bank, Boston,
are named as depositaries. A depositary will be named in Chicago also.
The bonds, which were sold to investors at 94 four year; ago, declined
to 44 Sept. 3 in desultory trading "over tee counter." This is believed
to be the lowest price at which they have ever sold and respresents a loss
to lavestors of nearly $3,700,000.
Early in January 1924 eight mills in various parts of Rhode Island
were put on a three-day work basis, affecting nearly 4,000 mill hands.
These mills were Centerville, Arctic. Nottingham, Grant, Royal, Pontiac,
White Rock and Valley Queen. Mills at Nattick and Clinton Mill at
Woonsocket were not affected. On March 13 Nottingham and Grant
Mills at Dodgeville. Mass., closed indefinitely, and Valley Queen Mills
at River Point, It. I., of the B. B. & R. Knighb group of Consolidated
Textile Corp., were shut down because of poor business, affecting 1,600
mill hands. The remainder of the chain was reit on half time. In May
announcement was made that Dodgeville mill would close permanently,
a petition before Bristol County Commissioners for abatement of taxes
revailing that neither Dodgeville now Hebronville mills made a profit
In 1923.
The company was incorporated in 1920 in Massachusetts to succeed
a Rhode Island corporation and partnership of the same name incorporated
in 1848. It manufactures combed yarn, print cloths, sheetings, twills.
&c., all cotton goods being marketed under trade name "Fruit of the Loom."
Owns 17 mills in Massachusetts and Rhode Island having aggregate floor
.000slftincrig carehous4an1
space of
are equilrdwta0248spnmil
Tebei,y
50,000,000 yards per annum.
he properties also include 1,500 houses
for employees, three large farms, stores and other properties.
In addition to the funded debt, the company has outstanding 22,500,000
8% Cumul. Pref. stock (par $100) and $2,325,000 7% Non-Cumul. Prof.
stock (par 2100) (the latter issued in September 1921 for the acquisition of
the entire Common stock of Converse & Co.) and 102,000 shares of no par
Common stock. All of the Common stock is owned by the Consolidated
Textile Corp.-V. 115. p. 189.
Lake Superior Corp.-Plan to Extend $2,500,000 Bonds
for Five Years-To Cancel $500,000 of Bonds.
The corporation requests the holders of the Income bonds which fall
due Oct. 1 1924 to agree to an extension of time for the payment of the
principal for a jyriod of five years from Oct 11924. The plan submitted
protects the position of the bondholders by providing that if events shall
occur which may prejudice the rights of the bondholders, the extension
agreement shall terminate and the bondholders shall be free to proceed
as if the extension agreement had never been made. Under the terms
of the plan the corporation Is surrendering for cancellation $500.000 par
value of bonds, thus reducing the outstanding issue to $2,500,000 par value.
A circular letter signed by Pres. W. H. Cunningham,
dated Sept. 2, says in substance:
The most valuable asset of the corporation is the equity in the property
of Algoma Steel Corp., Ltd., represented by the ownership of the entire
capital stock. The source of income of Lake Superior Corp. is such dividends as it may receive on the stocks of its subsidiary companies, principally
the Algoma Steel Corp. At the conclusion of the war the Algoma Steel
Corp. had paid all of its floating indebtedness, including an issue of shortterm notes amounting to $2,500.000. Furthermore, the plant of the Algoma
Steel Corp. had been brought up to the highest possible state of efficiency
and its financial condition was undoubtedly sound. The plant is in equally
good state to-day. It had, however, been patent to the board of directors
for a long time that additional money had to be put into the steel plant
to enlarge the scope of its products, which, with the exception of the war
period when munitions were made, are largely confined to steel rails.
To this end steps were taken to commence the construction of a structuralsteel mill and sheet mill. After-war conditions, however, did not justify
the expectations of the board in this respect and the work of construction
which had been started had to be deferred. Furthermore, the general
business depression in Canadian trade compelled the railway companies
in Canada so to curtail their buying that during the last two years the
steel company had to face serious shut-downs in its operations.
For some time negotiations have been in progress looking to the raising
of the requisite money to build the new mills necessary to provide the
Algoma Steel Corp. with a more diversified product, and it is confidently
hoped that with improved trade conditions the new financing will be
arranged for. The contemplated additions and improvements to the
steel plant will, it is sincerely believed, provide full operation of the plant
for the future and thus put the Steel corporation on a sound earnings basis.
Depositaries.-Bondholders are requested to deposit their bonds on or
before Nov. 1 1924. together with Oct. 1 1924 coupons, with Bank of
North America & Trust Co.. Penn Square, Philadelphia. depositary, or
at the offices of the following-named designated agents of the depositary:
(a) Metropolitan Trust Co., 120 Broadway, New York. N. Y.;(b) National
Trust Co., Ltd., by and at the offices of its agents, Bank of Scotland.
30 Bishopsgate, London, E. C. 2. England: (c) National Trust Co.. Ltd..
20 King St. East. Toronto, Canada; (d) National Trust Co., Ltd., 153
St. James St., Montreal, Canada.
No Interest on Income Bonds.-
Under date of Aug. 23 1924, the corporation notified the Philadelphia
Stock Exchange that at a meeting of the directors held Aug. 15, it was
decided that no interest would be paid this year on the Income bonds.V. 119. p. 1070. 948.
Lake Superior Coal Corporation.-Annual Report.-
See Lake Superior Corp. under "Reports" above.-V.117. p. 1021.
Leland Coal Co.-Bonds Offered.-Gararel & Co., Chicago
are offering at par and int. $250,000 1st Mtge. 7% Sinking
Utilities Company.-Acquisiiion.- Fund 10-Year Gold bonds. A circular shows:
See Burlington R. & Light Co. under railroads above.-V. 119,
p.
818. 701.
Dated May 1 1924. Due May 1 1934. Callable, all or part, on any
int. date upon 30 days' notice at 110, less 1% for each year or fraction
thereof after date of issue. Interest payable M. & N. without deduction
for normal Federal income tax up to 2% at the office of Standard Trust
Pipe & Radiator Co. below -V.119. P. 948. 818.
& Savings Bank, Chicago. trustee.
Compang.-An Illinois corporation. Owns and operates coal mines
Island Creek Coal Co.-Production.in the northern Illinois. west Kentucky, and southern Indiana fields, and
in addition, has leases and exclusive sales contracts covering several central
The company in August produced 460,000 tons of coal, compared
with
Illinois properties, which provide a well-diversified line of coal of all grades
about 473.000 tons in July last.-V. 119. p. 461.
produced in the middle Western field.
CapitalizationKelsey Wheel Co.-Balance Sheet.Issued.
Authorized.
stock
Preferred
$300,000
2500,000
June 30'24. Dec.31 '23.
June 30'24. Dec. 31 '23. Common stock (roar $5)
12,000 abs.
12,000 shs.
Assets1st Mtge. 10-Year Sinking Fund Gold
8
Property account_ 4,838,604 4,696,323 7% Pref. stock__ 2,365,300
bonds (including this issue)
2,453,700
1.500.000
1,500.000
Trade name, goodCommon stock_ _10,000,000 10,000,000
Security.-Bonds are secured by direct closed first mortgage on all of
will & pat. rights 9,543,236 9,543,236 Accounts payable_ 361,986
393,957 the company's property now or hereafter owned, the present depreciated
Investments
279,980
275,222 Acer. pay-rolls,&c. 120,440
74,552 value of which is reported by Allen & Garcia, consulting engineers. Chicago.
Inventories
3,595,461 3,299,131 U. S. & Canadian
to be 82.422.555, exclusive of $302,830 capital expenditures made since
Notes & accts. rec. 2,087,779 3,408,123
taxes
x154,293
291,766 the engineers' report, giving a total value of $2,725,385.
25,151
Life ins. policies
25,151 Res.for workmen's
Earnings.-Valuable contracts have been secured for practically the
822,091
Cash ------851,975 comp.ins., &c._
95,876
234,659 entire present output of the three mines, which assure satisfactory earnings.
U. S. Liberty bds_ 992,067
Surplus
x9,171,767 8,795,538 It is conservatively estimated that the net earnings for the first year will
Deferred charges_ _
87,293
145,012
be 2275.000. over 3i5 times the annual interest charge on the entire bonded
Indebtedness,
Totsi ........22,269.662 22,244,173
Total
22,269,662 22,244,173
Louisville Home Telephone Co.-Sale.x No provision has been made for Federal and Canadian income
in respect of the profitfor the 6 months ended June 30 1924.-V. 119, p.taxes
See Cumberland Telephone & Telegraph Co. above.-V. 118. p. 3205.
948.
Iron Products Corporation.-Time Extended.See Universal
Kentucky-Tennessee Light & Power Co.-Acquisition.
John R.Coston, Mayor of McKenzie.Tenn.,has applied to the
P. U. Commission for authority to permit engineers to makeTennessee
a valuation of the McKenzie plant in anticipation of its sale to the KentuckyTennessee Light & Power Co. This company has recently secured
several
other municipal plants in west Tennessee. See V. 119. p. 332.
(B. B. & R.) Knight, Inc.-Interest on $7,393,000 1st
Mtge. 7% Bonds Postponed-Protective Committee Formed.-
The interest due Sept. 1. 1924 on the $7,393,000 1st Mtge. 7% bonds
having been postponed, the following have been appointed a
committee to look after the interests of the bondholders: George protective
1V. Treat,
Chairman; T.J. Walsh. W.E. McGregor, C. W.Beall and R. L. Clarkson,
Messrs. Treat and Walsh are officers in the investment banking company
Rollins
&
Sons. Mr. McGregor is of the Boston house of Harris,
of B. H.
McIntyre Porcupine Mines, Ltd.-Annual Report.-
The company during the year ended June 30 1924 acquired further substantial interests in adjoining properties and now owns a 75% interest in
the Platt Veteran property, comprising 160 acres on the southeast, and
approximately 98% ofthe Plenaurum,comprising 120 acres on the northeast.
Conunencing with the dividend of 5%, payable Sept. 1, it is now the
policy of the directors to pay dividends of 5% quarterly hereafter, in place
of the former distribution tri-yearly.
Results for Years Ended June 30.
1924.1923.
1922.
1921.
Total income
$3,368.715 $2,306,360 $2,103,897 $2,177.278
Operating costs
1,788,332
1,334,517
1,242,537
1.088,704
Reserves& ap
u%
5prorris...._
387.543
232,335
308,614
272,984
Dividends
559,639
546,042
546,042 •
546,042
Balance, surplus
8633.201
$193,466
$6,705
$269,488
•
[VOL. 119.
1 TIE CIIRONTrT,E
1178
Balance Sheet June 30.
1923.
1924.
1923.
$
$
Liabilitiesa
s
AssetsPlant, equip., &e.$5,705,300 85.605,702 Capital stock_ _ _ _x$3,990,000 $3,690,283
35,769
39,940
payable_
Pay-rolls
243,657
514.757
Cash
57,073
47,012
202,825 Accounts Payable_
Bullion In transit. 264,262
53,364
93,537
Taxes
Bullion & precIplsundry
for
Prov,
16,000
tatee on hand
8.746
liabilities
300.000
Can. Govt. bonds_ 1,000,000
148,987
148,987
3,600 General rescrve
Demand loans__
42,053 Depreen reserve 1,582,356 1,353,690
49,458
Accts.,&c.,recelv.
55,523
161,834 Contingent reserve
167.805
Supplies
3,137,489 1.795,615
619,494 Surplus
1,326,077
Investments
11,139
4.408
Deferred charges_ _
89,048,067 $7,190,304
Total
$9,048,067 $7,190.304
Total
x Capital stock. authorized. 800,000 shares, par 85, $4,000,000: issued.
$3.990,000, as above.-V. 119, p. 1071. 948.
1924.
for Sale.Marathon Co., Cuyahoga Falls, 0.-Plant Cleveland.
0..
Under the orders of the United States District Court of
by
the plant of the company at Cuyahoga Falls, 0.is to be offered for sale600
the receiver Sept. 22. The plant is equipped to make approximately
tires and 1,000 tubes a day and also to make belts and other pressed goods
in guantities.
Falls
The property to be sold includes about 6 acres of land in Cuyahoga name
and modern buildings and equipment, but does not include the trade
certain
and
designs
"Marathon." the good will, patents, trademarks, tread
other minor items specified in the decree and order for sale.
The property for sale will be offered as an entirety and also in parcels.
Walter H.Jenks is receiver of the company.
Missisquoi Pulp & Paper
Company.-Tenders.-
The Metropolitan Trust Co., 120 Broadway, N. Y. City, will until Oct.
1 receive bids for the sale to it of 5-Year Guaranteed 7% Convertible Gold
notes, dated April 1 1924, to an amount sufficient to exhaust $20,000 at
prices not exceeding par and int. See also V. 118, p. 2447.
Mohio Coal & Mining Co.-Sale.
A receiver's sale of the effects of the company is advertised at public
auction Sept. 23 on the premises at McArthur, 0. Property offered for
sale consists of'64 acres of coal land and property, leasehold on 135 acres,
certain rights of way, mining equipment and supplies. Fred 0. Valentine,
Cincinnati. and Alfred H. Moore, McArthur, 011., are receivers.
Montgomery Ward & Co.-August Sales.-
Increase.
35372
1924-Aug.-1923.
Increased 1924-8 Mos.-1923.
$10.332.893 88.425.433 81.907.460 I $94,711,733 $80,354,361 $14.
-V. 119, p. 948, 587.
Moon Motor Car Company.-Outlook, &c.-
Pres. Stewart McDonald says: 'Our business shows every indication of
being much greater next year than this year has been. We have just completed laying out our schedule with the Continental Motors Corp. for our
motor requirements for 1925. This will be larger by 25% than our 1924
schedule. Our dealers have no surplus stocks on hand."-V.119, ri• 703.
National Cottonseed Products Corp.-Organized.-
Incorporated Aug. 11 1924 in Delaware with an authorized capital of
re818,000,000. The Memphis "Appeal" of Aug. 15 has the following
garding the company: The new corporation will represent a merger of many
the
of
largest
owner
present companies, including the Dixie Cotton 011 Co.,
mill in the United States, at Memphis: and various other mills; the Jefferson Cotton Oil Co. and the Planters' Cotton Oil Co. of Pine Bluff: the
Co. of Jonesboro, Ark., Cairo, III., and Malden, Mo.:
Roberts Cotton Oil'
23/27o.- Covington
Mountain Producers Corp.-Extra Dividend of
Cotton 011 Co., Covington, Tenn.; Lake County Cotton 011
ashore)
cents
(25
t5%
2
of
dividend
Tenn.; Cotextra
an
The directors have declared
both Co., Tiptonville, Tenn.: Tennessee Cotton Oil Co., Jackson,
Oil Co.. Memphis:
in addition to the regular quarterly dividend of 2% (20 cents a share),
extras tonseed Products Co., Louisville, Ky.; Valley Cotton
payable Oct. 1 to holders of record Sept. 15. In April and July last,
Bellevue Cotton Oil Co.. Memphis: Crescent 011 Co. Memphis, and the
of 2% were paid.-V. 118, D. 2833.
Gayoso Oil Works, Memphis. The corporation's mills will have a crushing_capacity of 3.000 tons of seed a day.
Paid.
-Loans
0.
Kent,
The organization of the new corporation is taken as a move on the part
Mason Tire & Rubber Co.,
and of the operators, not included in the cotton seed oil syndicate recently
The company has retired all direct loans with commercial bankers
maturity
of
advance
formed
in
by
September
interests, to censolidate their holdings as a purely local
taken up those of the last maturities in
due association.Eastern
It is a strictly territorial organization, representing mill
dates. It has deposited with the trustees the funds to meet interest
usiciknyTennessee, Arkans,s, southern Missouri and Illinois, and western
r
t
e
Sept. 1 on its 82,000,000 1st Mtge. 7% Gold bonds.
$1.181,000 on Ken.
o
The company has reduced its current indebtedness from
assets to
Officers of the new corporation will be as follows: Ed Cornish, Little
May 1 1924, to $757,000 on Aug. 11924. The relation of current
as of Aug. Rock, President: W. 0. Scroggin, Morrilton, Ark.. E. Rice of Dyersburg,
2.95
with
compared
current liabilities, as of May 1 1924, was 2.37
Tenn.. and Walter Jones, Pine Bluff, Vice-Presidents; W. F. Bridewell,
1 1924.
Sales for General Operating Manager.
Sales for the 1st 7 months of 1924 averaged $831.288 monthly.
118.
-V.
months.
7
first
August. it is said, will exceed the average for the
National Dairy Products Corp.-A couisitions
p.2833.
The corporation has acquired the business of the J. T. Castles Ice Cream
Michigan Sugar Co.-Annual Report.of Irvington, N. J., and of Castles Ice Cream Co. of Perth Amboy.
Co.
a$752.907
Operating profits for year ended June 30 1924
186,740 N..1., through an exchange of capital stock of the National Dairy Products
Proportion of operating profits of affil. co. (Toledo Sugar Co.)
Corp.for the entire Common stocks of these two companies.-V.119, p.703.
$939,647
Total
555,525
Nat. Enameling & Stamping Co.-Orders Increasing.Preferred dividends
Vice-President William H. Matthai says: "Orders are steadily coming in
$384,122 and are increasing in volume every day. The two Baltimore plants are
Balance, surplus
Owosso operating, one at 100% and nearly 75% at the other. and we are increasing
a Do not include any profits from last season's operations of the
our force. Prices are firm, and there does not seem to be any indication of
and Lansing plants, which were acquired April 1 1924.
any serious competition to change this aspect. Business of all the branches
Balance Sheet June 30.
of the company for the first 7 months of this year was within 6.45% in
1923.
1924.
1923.
1924.
dollars and cents, compared with the corresponding period of last year. you
$
8
LlabduiesAside$
$
"By referring to the balance sheet of Dec. 31 192:3 (V. 118, p. 1277)
3,703,500
x5,609,950
_
_
Pref.
Cum.
6%
will find that the surplus will justify a continuation of the dividends on the
Lann,bldirs..mach.
& equipment__ _10,028,616 8,080,720 Common stock._ _ 7,471,100 7,471,100 Preferred stock by a comfortable margin. The company has no maturing
Accrued taxes (not
having been reduced since
Good will, trade
57,232 obligations. The funded debt is $1.191,000.
84,242
due), &e
3,742,924 3,742,924
names. &c
Jan, k to the extent of $216,000."-V, 118. p. 2834.
Reserve for depreInv. in other cos.
1,612,766 1,512,767
ciation
1,287,481 1,074,240
(at cost)
New Cornelia Copper Co.-Production.2,815,700 2,405,078
April.
May.
629,236 Surplus
June.
July,
867,051
Inventories
August.
Month of23,696
25,340
Accle receivable
Copper output (lbs.)_ _5,627,261 4.427.373 4.651,589 4.505.996 5,472.542
400,299
155,481
Bills recelvable
-V.119, p. 703.131.
59,193
31,238
Land contrts rec.
648,507
897,518
Cash
New England Oil Corp.-Distribution of Shares.- has
2,228
10,791
Accrued Int. rec_ _
The noteholders' committee of the New England Oil Refining Co.to
a
Adv. pay, on beet
filed a report of its juarticipation in the recent reorganization, pursuant
22,255
14/ seed, &e
decree entered by Judge Anderson on Aug. 13. The report states that out
Total(each side) 17,593,759 15,149,676 of 250,000 shares of stock of the refining company provided in the plan of
488,632
525,061
Deferred charges
corporate purposes ofthe refining company,
of the readjustment to be reserved for
employees. 238,481 shares were
x 190.000 shares of Preferred stock used in payment for plantsV.
119. Including the issue of shares to offices and
Owosso Sugar Co.,located at Owosso and Lansing. Mich. See also
Issued as follows:
2255:000000
committee
702.
noteholders'
a) To the
P.
b) To the syndicate managers
5,000
Midco Gasoline Company.-Sale.-C) To the First National Bank of Boston for financial assistance
5,000
See Midco-Petroleum Co. below.-V. 119. p. 587.
d) To the Old Colony Trust Co. for financial assistance
Cochrane
To
Douglas
e)
F.
15615..666165662
Midco Petroleum Company.-Sale.To Warwick Greene
Co., including
36;366363
Bondholders of Midco Gasoline Co. and Midco Petroleum
17) To Llewellyn Howland
Chicago and Wilthe Continental & Commercial Trust & Savings Bank of
h) To Gaspar G. Bacon
these
of
equipment
and
properties
the
liam P. Kopt. trustees, purchased
To Samuel Vaughan
of the
11:666666
concerns when sold at auction Aug. 20 at Tulsa, Okla. Properties
To David Schulz
It is underM. Gile
em
former company brought 8250.000 and the latter, 8100,000.
k To Clement
bondthe
by
effected
stood that a reorganization of the companies will be
I) To Ilorace Field
au6
a6
holders.-V.119. p.587.
The report further states that the shares issued to the banks were
thorized by the directors as moderate and just compensation for unusual
incurred by the banks in advancing
risks
and
rendered
Middle States Oil Corporation.-Co-Receivers.
assistance
financial
3, announced
company pending reorganization and in order to permit
Judge Franklin E. Kennamer, at Tulsa. Okla., on Sept.
co-ancillary re- funds to the refining
out. Witarhut such financial assistance the refining comthe appointment of Julius M. Mayer of New York. as a
properties of the It to be carried
taken
ceiver with N. T. Gilbert of Tulsa, for the Oklahoma
pany could not have been kept solvent until the readjustment had
corporation.
and its subsidiaries place.-V. 119. p. 820.
Receivership proceedings against the corporation Sept.
A.
ders.-Joseph
4 by
New England Oil Refining Comnany.-Ten
S. District Court at Texarkana, Ark..
were filed
St., Boston,
The First National Bank of Boston, trustee, 70 Federal St.
York, a creditor.-V.119.9. 1071, 948.
MU'
Phelan of New
10Mass., will until Sept. 25 receive bids for the sale to it of let
Certificates.
Fund Gold bonds, due March 1 1931, to an amount sufSinking
8%
Year
Middle West Utilities Co.-To Pay Divident
called
on
cease
been
on
will
the
have
bonds
Interest
accepted
8233,968.
1928
to exhaust
The 10-Year 6% dividend certificates due June I
33 years be- ficient
118. p. 1278.
for redemption at par with accrued interest on Dec. 1 1924,
the Oct. 1.-V.
basis,
7%
a
on
now
is
stock
Preferred
fore maturity. The company's
the quarter
New England Telephone & Telegraph Co.-Rates.first dividend at the increased rate being payable Oct. 15 for
The Massachusetts Department of Public Utilities has allowed the higher
ending Sept. 15.
as
Co.
Trust
Bankers'
toll rates proposed by the company, which became effective Sept. 1. The
The company announces the appointment of the
Chase National Commission's decision of July 31 had suspended operation of the new rates
its New York transfer agent and the appointment of the
1071.
p.
until Sept. 1. so that by failing to "further suspend," the rates became
119,
-V.
Bank as its New York registrar.
J. effective.
The new charges provide an increase of 5 cents in the initial toll period
Midland Steel Products Co.-Status.-President E.
on calls from 25 cents to $1 55. and a reduction in the initial tolt period from
Mikis says:
3 minutes. Rates on the 15 and 20-cent calls will remain unchanged,
to
5
Bingham
&
Parish
the
of
to
The books of the Detroit Pressed Steel Co. and
statement as of but the initial period will be cut to 3 minutes. This change also applies
beim exempted
Corp. were consolidated in June 1923. The consolidated
current liabilities of the rates in Metropolitan Boston, which section was to have
June 30 1923, showed current assets of $3.791.305 and
filed by the company. See also V. 119. p. 587.
original
schedule
the
In
31,051,681, maldng liquid working capital of $2,729.634.
period, the balance
N. J. Refrigerating Co.-Oppose Confirmation of Sale.On May 31 1924. the end of the first year operating
liabilities of$1,126,575
of
sheetshowed current assets of $4,880,102 and current
Confirmation of Chancellor Walker was sought Sept. 2 on the bidthe
declared) waking liquid
(which includes provision of 8588,000 for dividends
T. Brown, N. Y. City, for the purchase of
the first year's operations $625,000 made by Charles
working capital $3,753.527. This is an increase in8776.667
at public sale held by receivers Aug. 28. Objections to
property
had
company's
dividends
in
for the
of over 31,000,000 in liquid working capital after
the proposed sale to Brown was entered by Edward Maxon, counsel
withheld
been paid or provided for.
or other current Riley Stevedoring Co. of New York, and Chancellor Walker
The company does not owe any money for bank loans
briefs.
submit
to
counsel
ordering
decision,
Net
816,000,000.
pay
borrowings: Sales for the first year were in excess of
At the public sale Brown bound his offer with 825,000, agreeing to
These earnings
and take over a
earnings for the same period were in excess of $1,600,000.
stock and slightly 8268,000 in cash at the closing of the title to the property
asserted
receivers,
are at tho rate of practically 18% on the Preferred
the
for
counsel
N.
J.
Harrison,
of
$332,000.
mortgage
in excess of $7 50 per share on the Common stock. months of 1924 were in that Mr. Brown's offer was the highest obtainable on the open market, and
Net earnings before Federal taxes for the first 6
the bid was approved by various counsel for stockholders.-V. 117. p. 214.
excess of $1,000,000.-V. 119. p. 462.
Rates Adopted.
Minneapolis Gas Light Co.-New the
new 98-cent gas rate
New York & HondurasRosarioMining Co.-Production.
company
Officials of the company estimate that production of thesilver
and
The City Council of Minneapolis has adopted
over 1,150,000 oz. of
from 331 01 to 981 cents, for the first seven months of 1924 was this
133,000 oz.
of
increase
ordinance, which will bring the price of gas down
an
is
silver
of
to
case
the
mains
gold.
In
of
oz.
2.300
new
1,017,000
WRS
beginning Sept. 1, and result in immediate construction of
output
total
over the corresponding period last year, when the
was
serve 3,000 applicants.-V. 118, p. 1529.
oz. Gold production at the end of July 1923 was 2.600 oz., which
in April
-Acquisition.- 300 oz. better than this year. This is due to a lower production
Minnesota Power & Light Company.
a revolution was in progress in
months
which
year,
during
this
May
ctric
and
hydro-ele
(Minn.)
Rapids
company,
The company has purchased the Park
Honduras. The revolt had no great effect on the activities of the
plant and added It to its Little Falls-Cuyuna division.-V. 118. p. 2958.
SEPT. 61924.]
THE CHRONICLE
the only difficulty being in getting up supplies to the base of operations.
However, the company had a good stock on hand to meet this situation.
The company produced 2,038.210 oz. of silver in 1923. Gold output
totaled 4,681 oz.-V. 118, P. 3206.
New York Telephone Co.-Referee Named.
Federal Judge John Knox has granted the motion made by the company
for the appointment of a special master to hear and determine the application for increase in rates in New York City. Judge Knox appointed Isaac
R. Oeland of the firm of Oeland & Kuhn, as the special master. The
company is now working under a temporary order of the court getting a
10% increase over the 1923 rates in New York city, and wants to make
this rate permanent. The defendants in the action are the New York P. S.
Commission and Carl Sherman,the State Attorney-General.-V.119,p.587.
Northern Indiana Gas & Electric Co.-Stock Sold.-
Sale of Class "A" 7% Preferred stock has closed, according to an announcement made Sept. 2. a total of $6,000,000 of these securities having
been sold during the last 10 months. The company to-day has 15,298
stockholders, including those who are buying the securities on the monthly
savings plan. More than half of that number are fully paid up stockholders. A large percentage of the stockholders are customers and employee;
of the company. The stock is widely distributed, the average number of
shares held being only four per stockholder. Employees of the company
who are stockholders number 1,239. or 74% of all the employees.-V.119.
p. 949.
Northwestern Power & Light Co.-Bonds Offered.Blyth, Witter & Co. and Peabody, Houghteling & Co. are
offering at 100 and int. $800,000 1st Mtge. Sinking Fund
Gold bonds, 20-Year, 6%3i, Series of 1944.
Dated Oct. 11924. Due Oct. 1 1944. Int. payable A. & 0. at Bank
of California, N. A., San Francisco, and Seattle. trustee. Denom. $1,000
and $500. Red. on 30 days' notice to and incl. Apr. 1 1935 at 105 and
int.:
thereafter at
of 1% less each year until maturity. Authorized, $3,000,000; to be presently outstanding, $800,000. A sinking fund amounting
to
3% per annum of the greatest amount of Series of 1944 bonds
at any time
outstanding will operate semi-annually. beginning April 1 1928.
to
retire
bonds by purchase in the open market at or below the prevailing call
If obtainable, or to call by lot. Operation of the sinking fund will price.
retire
48% of the Series of 1944 bonds by maturity. Interest paid without
deduction for normal Federal income tax, insofar as may be lawful, not
exceeding 2%.
Data from Letter of Pres. M. R. Higgins, Seattle, Wash., Aug. 19.
Company.-Organized in Delaware. Owns and operates hydro
-electric
properties near Port Angeles, Wash., having succeeded to a business
established in 1914. Majority ownership of the company is vested
an intermediate corporation in Isadore Zellerbach, J. D. Zellerbach,through
M. M.
Cohn and M. R. Higgins, San Francisco, who are also the
principal stockholders of Zellerbach Paper Co. and Washington Pulp & Paper
E. M. Mills. Seattle, who is also V.-Pres. & Gen. Mgr. of the Corp and
Washington
Pulp & Paper Corp.
Company generates electric energy at the Elwha
plant on the
Elwha River, which it sells under long-term contractspower
to public utilities,
municipalities and industries situated along its 125 miles
of transmission
lines in the territory between Port Angeles and Bremerton, Wash.
the principal customers of the company are the Washington Pulp &Among
Corp.. the united states Navy Yard at
Paper
Bremerton, and the municipalities
and public utilities through which service is rendered to Port
Angeles,
Port Townsend. Sequim and Bremerton.
Company owns or controls sites for power development and
water rights
on the Eiwkia River which are capable of ultimate
to produce
40,000 k. w. The unit now in operation consistsdevelopment
of
hydraulic earthfilled dam 100 feet in height, reinforced by a concretean
retaining
wall, and
the Elwha Power plant, which has an installed capacity of
12.660 k. w.
The transmission and distribution system consists of
approximately 125
miles of line through Clallam, Jefferson and Kitsap counties.
The company
has 8 sub-stations.
Purpose.-Proceeds will be used to retire by call $470,000
first mortgage
bonds of Northwestern Power & Mfg. Co now outstanding
to refund
fexpenditures previously made for additions and bettermentsand
to the propeurity.-Seoured by an absolute first mortgage on
fixed property
now or hereafter owned. The value of the fixed assetsall
carried on the
books of the company, less depreciation, is $1,981,791.as The
value of properties on which these bonds are a first mortgage is estimated
equivalent
to nearly 23i times the total amount of bonds presently
to be issued.
Earnings of Properties of Company for Calendar Years.
Calendar Years-- 6 Mos. End.
1921.
1922.
1923.
June 30 '24.
Gross income
$303,834 $266,689 $280.717
$12
55
4:7
16
98
7
Operating expenses
82,674
75,027
54.898
Net income avail, for int_ $221.159 $191,662 $225,819
Franchises.-Franchises of the company are satisfactory in term $128.370
and without burdensome restrictions.
L
(Robert) Oakman Land Co., Detroit.-Bonds Offered.Union Trust Co.; Security Trust Co.; Livingstone,
& Co., and Watling, Lerchen & Co. Detroit, are Higbie
at 100 and int., $2,000,000 10-Year 63.% 1st Mtge. offering
Sinking
Fund Gold bonds.
Dated July 11924. Due July 1 1934. A
fund for the retirement
of not less than $225,000 bonds annually issinking
provided so as to insure the
liquidation of the entire issue at maturity.
as a whole or in part
for sinking fund purposes on any int. date,Red.
following premium
prices, unless purchaseable in the open marketatatthe
figures: Jan. 1
1925 to July 1 1926 at 102. Jan. 11027 to July 1 1929lesser
at 10134. Jan, 1 1930
to July 1 1932 at 101. Jan. land July 1 1933 at 10014.
Jan.
1934 at 100. Denom. $100, $500 and 51,000. Int. payable land July 1
J. & J. at the
office of Union Trust Co., Detroit, trustee, without deduction
for normal
income tax up to 2%.
Bond Issue.-These bonds are issued by Robert Oakman
Land Co.
under a trust indenture authorizing the issue of
$3,000,000 bonds. There
is issued $2,250,000. $2,000,000 of this is now being
offered to the public:
the remaining $250,000 is held in escrow by the trustee
to be used by the
the company if it should become necessary to secure additional
funds for
improvements.
Security.-As security for the payment of the bonds, the
trustee
has
taken title to real estate aggregating in excess of 1.050 acres
lyirg between
Thayer Ave.-one-quarter mile south of Warren
Ave and Grand River
Ave. and the Townline Road in Springwells Village and
Township. and
Plymouth Ave. This tract includes the following
subdivisions: Aviation
Field No. 1, No. 2 and No. 3: Warren Grove; Bonaparte
Seamless Steel Tubes: Bertram Aviation Field; Heston Blvd.; Detroit
Ave. and other
properties which have not been subdivided and sold.
The property covered by this mortgage has been appraised
by the
Union Trust Co. and a conservative liquidating value of
$6.31-6.800 has
been placed on the property. It is estimated that the value of
this
property
at present selling prices is in excess of $10.000,000.
Selling in these properties started in April 1917. The
original selling
price of the lots sold on contract total $7.279.169. on which
payments
amounting to S2.058,337 have been made, leaving an unpaid
balance of
$5,220,832. The unsold property is on the books of the
company
figure in excess of 41.700,000. which is the actual cast of the land at a
and
improvements. As sales are made the new contracts must
be
with the trustee and are subject to the terms of this indenture. deposited
The above contracts have been deposited with and made payable
to
the Union Trust Co., trustee, which is in active control, and has been
for the past two years, and every day is receiving payments on the contracts.
a
of which go into a special fund for the payment and protection
of this
bond issue. Collections for the first six months of this year average
00,000 a month as compared with maximum monthly sinking fund requirements of bonds now issued as follows: Interest $10,833 33; principal,
$18.750.
Ohio Building Realty Co., Akron,0.-Bonds Offered.Schultz Brothers & Co., Cleveland, are offering at 100
and interest, $500,000 First (Closed) Mtge. Leasehold
t3M% Sinking Fund Gold Bonds.
1179
Dated Aug. 15 1924. due Aug. 15 1939. Mortgage will contain provisions for minimum and contingent sinking fund payments,
calculated to retire the entire issue by maturity. Int. payable together
F. &
Denom. $1,000 and $500 c*. Callable all or part on any int. date on A.
30
days'
notice on or before Aug. 15 1930 at 105 and int., and thereafter at 103
and
int. Interest payable without deduction for normal Federal income
tax
up to 2%. Company will refund Penn. 4-mills tax and Mass, income tax
up to 6%. Union Trust Co.. Cleveland, trustee.
Property.-The property covered by this mortgage consists of 99-year
leasehold estates on two parcels of land having a combined frontage
of
174 ft. with a depth of 140 ft. on the southeast corner of South Main and
Church streets, Akron, 0., under leases dated Oct. 16 1915 and Nov. 26
1915, respectively, renewable forever at a flat combined rental for both
parcels of $29,500 per yew.
There is erected on the land a modern concrete and steel terra cotta faced
8-story and basement office and store building, known as the Ohio Building, and a 2-story annex building. Rental space of both buildings consists
of 8 stores, desirable office space and completely equipped nydropathic
quarters in the basement. The property is located on the main business
thoroughfare of Akron.
Security.-These bonds will be secured by a closed first mortgage on the
leasehold estates and buildings, appraised as follows: Value of land, $789,810; ground rent, capitalized at 6%. $491,666; value of land in excess of
leasehold rental. $298.144; deprecist -s:1 value of buildings, $759,097: total
net value mortgaged property, 51,057,241. Based upon these appraisals,
this issue of bonds is approximately a 47% loan.
Eamings.-Earnings based on present low rental leases after operating
expenses, ground rent, taxes, &c., are more than sufficient to provide for
interest and minimum sinking fund requirements. Estimated net earnings
based upon -rental appraisals by the Akron Real Estate Board, beginning
with the year 1926. after all charges but before interest, will be $90.474 Per
year, equal to more than 231 times interest charges on this entire loan.
Pacific Light & Power Corporation.-Tenders.-
The United States Mortgage & Trust Co., truStee. 55 Cedar St., N. Y.
City, will until Sept. 17 receive bids for the sale to it of 1st & Ref. Mtge
bonds, dated Nov. 20 1911 to an amount sufficient to exhaust $371,709.V. 117, p. 1135.
Pacific States Box & Basket Co.-Bonds Offered.Anglo London Paris Co. and Dean, Witter & Co., San Francisco, are offering, at 100 and interest, $500,000 First
(Closed) Mtge.7% Gold Bonds. Dated July 1 1924. Due
July 1 1938.
Dated July 11924. Due July 11938. Denom.$500 and 51.000. Principal and int. payable J. & J. at the office of the Anglo-CaliforniaTrust
Co., San Francisco. trustee. Callable upon 30 days' notice at a premium
of
of 1% for each year or fraction thereof of unexpired life, such call price
not to exceed 105. Company agrees to pay normal Federal income tax up
to 2%. Exempt from personal property tax in California.
History and Business.-Company is the successor to and will take over the
assets and business of the Southern California Box Co. and the Lis Angeles
Basket CO. These two companies have been engaged in the manufacture
of metal topped fruit and berry baskets and various types of wooden boxes
and crates for many years, under the same control and management. The
Los Angeles Basket Co. was organized prior to 1887 and is now doing over
70% of the fruit and berry basket business in California.
Security.-The sound value of the company's land holdings, as appraised
by independent appraisal, is 5673.751. The buildings, machinery and
equipment have been appraised by the American Appraisal Co. at S924.861.
or a total of $1.598,612 in fixed assets, as security for this closed first mortgage of 5500.000. In addition, net working capital as of June 30 1924. as
certified by Haskins & Sells, after giving effect to this financing, was $431.042. Total assets, therefore, aggregate V029,654, or over $4.000 Per
$1.000 bond.
Earnings.-Net earnings of the consolidated companies, available for
the payment of interest and taxes for the six years ending Dec. 31 1923
have averaged 588.000. or over 2H times maximum interest charges on this
issue. For the two years 1922 and 1923, such earnings averaged over three
times interest requirements on this issue, and for six months ending June
30 1924 were $100,537, or over five times the six months' interest requiremerits on this issue. Neither company has ever experienced an unprofitable year.
Sinking Fund.-BeginnIng July 1 1926 the company will rosy to the trustee semi-annually a suns estimated to retire the entire issue by maturity.
Purpose.-Proceeds will be used for the retirement of present mortgage
debt, to fund floating indebtedness and to furnish the company with additional working capital.
Paige-Det. Motor Car Co.-Stocks in Dealers' Hands Low.
President H. M.Jewett, in discussing its car stocks and dealer situation.
is quoted as follows:
Record of stock (new cars) in Paige and Jewett dealers' hands show an
average of 23. Jewetts and 31 Paige cars per dealer. This includes cars in
showrooms and demonstrators. Should every dealer carry a full line of
cars he would have on hand 7 Jewetts and 7 Paiges.
The company has no cars in storage, having only the normal day-to-day
supply to meet shipping requirements. Further, during July, stocks in
dealers' hands were decreased 2,400 new cars, 300 of which were Paige cars
and 2,100 Jewetts. This means that Paige and Jewett dealers sold during
the month 2.400 more new cars than were shipped from the factory. The
present stock of cars per dealer is as low as the company has ever had under
normal conditions. Our records, obtained from dealer reports, also show
less capital tied up in used cars than at the same period last year.-V. 119.
p. 1074.
Pan-American Petroleum & Transport Co.-Consolidated Balance Sheet.June 30'24. Dec.31'23.
Assets-x126,277,601 123125,208
Properties
y2,145,002 2,145,002
Investments
Acc'ts receivable 8,864,449 8,282,242
U. S. Govt.-Ree.
3,531,375 3,000,230
in oil
Depos. with Mex.
Govt. to protect
minority interest 1,500.000 1,500,000
Loan applicable in
paym't of taxes
(Mexico)
1,711,328 4,382,179
6,617,773 8,479,313
Cash
U.S.receivers__ _
549,301
Inventories
24,705,231 20,473,198
Deferred charges__ 2,548,736 2,076,872
Total
178,450,799 173464,242
June 3024. Dec. 31'23
Liabilities$
$
Common stock_ _ _50,077,800 50.077,800
Corn, stock B___78,065,300 77,856,600
Contrord cos.'stk.a2,210,640 2,372,140
Marine equip. bds. 6,209,500 6,416.500
Sub. cos.' bonds__ 8,515,500 8,607,500
Mtees. secured by
421,733
421,733
lands
Acc'ts payable__ _ 5,734.918 5,313,396
7,645,000 2.500,000
Notes payable
Divs. payable__ 2.619,842 .5.192,409
Res,for taxes, &c. 4,473,136 4,876.548
U.S.receivers357,923
suspense
612,119,507 9,829,515
Surplus
Total
178,450,799 173464,242
x Oil lands, leases and development, steamships, refineries, marketing
stations and facilities. &c., $184,817.357; less reserve for depreciation and
depletion. $58.539.755. y Includes American Oil Co.(affiliated company).
$1,750,000; Bankers & Shippers Insurance Co., $250.000; miscellaneous.
$145.002. a Includes Mexican Petroleum Co., Ltd. (of Delaware), Preferred 8% non-cumulative stock, $556,900: common, $1.355.880: Caloric
Co.. Preferred 8% Cumulative stock. $59,014; Common,$187.586; Mexican
Petroleum Co. ((alifornia) stock, $51,260. b Includes $10.694,652 applicable to Pan-American Petroleum & Transport Co. and $1,424,854 applicable to minority stockholders.
The usual comparative income account for the 6 months ended June 30
was given in V. 119, p. 1074.
Government Sues to Cancel Another Oil Lease.-
Cancellation of another Doheny lease in the Elk Hills Naval Reserve in
Kern County is sought in a suit filed in Federal Court at Los Angeles, Sept.
3 on behalf of the United States Government against the company, accordding to a Los Angeles despatch. The plaintiff asks that a lease on Sections
1 and 2 in the naval reserve be declared null and void on the ground that it
was illegally and corruptly obtained.
The suit is similar to one filed last March seeking cancellation of the
Doheny lease on Section 34, and is based on similar allegations, the complaint charging that no open bidding preceded the granting of the lease;
that no adequate consideration was mentioned, and that E. L. Doheny.
[Vol,. 119.
THE CHRONICLE
1180
head of the Pan-American Petroleum Co.. gave to Albert B. Fall. then
Secretary of the Interior, $100,000 to corruptly "secure special privileges."
-V. 119, p. 1074.
Panhandle Prod. & Ref. Co.-Earns.(Incl. Subsid's.).-
-Six Months Ended-Quarter Ended
June 30 '24. June 30 '23. June 30 '24. June 30'23.
Period$2,166.801 $1,920,432
$1,062,381
$1.141,962
Operating revenues
1,452,142
1,782,756
816.286
1,009,909
Operating expenses
121,755
100,916
62,750
52,598
Admin., selling & taxes_
Net earnings
Other income
$79,452
4.820
$183,345
3,641
$283,126
6,310
$346,535
5,716
Gross income
Deductions
Preferred dividends_ _ _ _
$84.275
15,762
58,704
$186.986
15,452
58,704
$289,439
34,290
117,408
$352,251
28,708
117,408
89,808
$112,830
$137.739
$206.135
Balance
-V. 118. p. 2582.
Paraffine Companies, Inc.-Balance Sheet June 30.1924.
47,085,051
128,109
229.135
6,563,950
547,101
1923.
$6,682,764
121,924
210,895
5,987.683
337,783
$14,553,347
Total
Liabilities
$8,832,700
7% cumulative preferred stock
3.532.000
7%% 1st mtge bonds
Currentliabilities(incl. prov.for Fed.taxes)_ _ 1,142,521
50,106
Res.for roofing guar.royalties,&c
3,996,020
Surplus
$13.341,050
AssetsLand, buildings, equipment, etc
Patents,trade-marks and good will
Investments in other companies
Current assets
Deferred charges
$5,832,700
2,893,000
1.574,615
3,040,734
$13,341,050
$14,553.347
Total
x Land and buildings $3,114,815; machinery and equipment $7,516.614;
$3„897,depreciation
reserve
for
less
$350,826;
construction work in progress
204.
Note.-Common stock, no par value, issued and outstanding, 92,619%
shares.-V. 119, p. 950.
Penn Seaboard Steel Corporation.-Sale.-
The corporation has disposed of its interests in the Rockaway Rolling
Mills Corp., Rockaway, N. J. ("Iron Trade Review.")-V. 119. P. 1074.
(J. C.) Penney Co., Inc.-August Sales.-
Aug.
1923. Increase.11921-8 Mos.-1923 Increase.
1924
$987.1981839,693.651 832.915.536 86.778,115
$4,289.083
85,276.281
-V. 119, p. 704, 588.
Pennsylvania Water & Power Company.-Listing.-
The London Stock Excnange has granted an official quotation to 31,000,000 additional 1st Ref. Mtge. Gold bonds .5%. Series "A." due Oct. 1
1953, making the total amount of bonds listed .4.3.900.000.-V. 119. P.
950.
Philadelphia Electric Co.-Conowingo Development.Schlbener, 13oenning & Co. of Philadelphia say in part:
"Development work is expected to begin very shortly on the Conowingo
Dam, located on the Maryland side of the Susquehanna River. The
entire output of current from this source will be taken by the Philadelphia
Electric Co., thus insuring economical and low-priced supply of current
for years to come.
"The property, it is understood, will be built from the proceeds of
$40.000,000 of 1st Mtge. bonds which will be issued; and further that
each and every Common stockholders of the Philadelphia Electric Co.
will be given the privilege of subscribing to the extent of 25% of its holdings
of the 8% Preferred stock of the Conowingo Dam hydro-electric power
development with a bonus of 150% of Common stock. Thus every holder
of 100 shares of the Philadelphia Electric Co. stock will probably be given
the right to subscribe to 25 shares of the new Preferred stock of the Conewingo Dam at par, and receive in additional 37% shares of the Common
stock as a bonus."
The Philadelphia "News Bureau" of Aug. 25 says:
"Plans for financing the big hydro-electric development on the Maryland
side of the Susquehanna River at Conowingo Falls have been completed.
Development will be carried out by Susquehanna Power Co., which has
been taken over by the Philadelphia Electric Co. Financial details were
handled toy Drexel & Co.
Construction is expected to begin shortly. The plans call for a concrete
dam 3,300 ft. long with an average head 62 ft. above the bed of the river,
and a viewer house 120 ft. wide and 700 ft. long. Eventually ten turbines
will be
of 30,000 h.p. each will be installed, but the initial installation
estimated
six turbines. with 180,000 h. p. The expenditure at the outset isdeveloped.
is
at $15,000,000, and $30,000100 when maximum capacityroadbed
of the
Part of the preliminary work will be raising 20 miles of the
Columbia & Port Deposit RR., a branch of the Pennsylvania RR.
of the
most
and
acquired,
been
have
river
the
"All rights of way along
strips of land for the transmission line from Conowingo to Philadelphia
have been bought. All the current will be distributed by the Philadelphia
Electric Co."-V.119, p. 704. 588.
Earnings.-In no year since 1887 has the company failed to show a substantial profit or failed to pay a cash dividend.
For the past 63 years net earnings, after deduction of Federal taxes at
the current 12%% rate, and after all plant and other depreciations,averaged
over $580,000 per annum, as follows:
$717,120
1918
$545,55111920 -- - -- -8466,47111922
872,125
1919
548,34211924 x
624.23211921
x 18 months to July 1.
In no year of the above8% were the net earnings of the company less than
approximately 6 times Preferred stock dividend requirements.
Balance Sheet as of June 30 1924 (But Giving Effect to This Offering).
AssetsLiabilities$89.819
Bldgs., mach. & equip., less
Current liabilities
255,515
depreciation
$708,751 Reserve for taxes
104,000
Investments
41,891 Other reserves
1,300,000
Prepaid fire, empl. liab. &
6% Preferred stock
life insur. premiums_ _ __
16,635 Surplus applicable to 100,Advertising & office supp_
77,747 MO shares no par value
1,637,609
Cash
241,027 Common stock
Accounts recle & advances 296.816
Notes receivable
39,813
Life insurance
35,604
$3,386,942
Inventories
1.928,658 Total (each side)
Common Stock.-The Common stock is listed and traded in upon the
New York Curb. Application will be made to list the shares upon the
New York Stock Exchange.
The average net earnings (as above) were over $580.000. leaving after
payment of 6% on the $1,300.000 of outstanding Preferred stock, over
$500,000 applicable to the outstanding 100,000 shares of Common stock,
or in excess of $5 per share.
Public Service
Co. of
Colorado.-Consolidation.-
The stockholders of this company and the Colorado Power Co., on Sept.
3, approved a merger of the two companies under the name of Public Serce
Co. of Colorado. See V. 119, p. 464.
Public Service Electric & Gas Company.-Listing.
The New York Stock Exchange has admitted to the list $26,206,000
temporary 1st & Ref. Mtge 5%% Gold bonds due 1959.-V. 119. 1:1• 589.
Quebec Power Company.-Listing.The London Stock Exchange has granted an official quotation to £:300.000
Series "A" 30-Year 6% 1st Mtge. S. F. Debenture stock.-V. 118. p.
1676.
Rockaway Rolling Mills Corp., Rockaway, N. J.
See Penn Seaboard Steel Corp. above.-V. 116, p. 730.
Safety Car Heating & Lighting Co.-Director.-
Henry T. Stetson has been elected a director to fill a vacancy.-V.
118. p.1531.
Salmon Falls Mfg. Co.-Balance Sheet June 30.1923. •
1924.
1923.
1924.
$
$
Liabilities$
Assets$
Real est. & mach1,177,350 1,171,529 Capital stock_ .1,346,302 1,346,300
Merchandise_ _ _ 295,706 826,894 Notes payable__ 400,000 655,000
10,415
Cash & accts.rec 475,157 546,189 Accts payable_ _ _ 10,618
1,994
91,586 Unpaid payroll_
Investments
91,586
Ac, prop. taxes.. 28,797
31,649
Res,for taxes81,695
Res.for acols.rec 35,944
Profit and loss_ - 218,140 309,145
Total
2 039,799 2,436,198
:
-V.119.P. 1074
Total
2 039,799 2,436.198
Santa Monica Bay Home Telephone Co.-Sale.--
See Santa Monica Bay Telephone Co. below.-V. 118, p. 561.
Santa Monica Bay Telephone Co.-Acquisition.-
The company has applied to the California RR.Commission for authority
(a) to create a bonded indebtedness of $10,000.000: and (b) to acquire the
property and business of Santa Monica Bay Home Telephone Co. and to issue
stock in payment therefor. The Santa Monica Bay Telephone Co. has a
total authorized capital stock of 52,000,000, divided as follows: 10,000
shares of Common stock, par $100, and 10.000 shares of Preferred stock.
Par $100. The Santa Monica Bay Home Telephone Co. has a total authorized
capital stock of $500,000, all of which is Common stock. There is outstanding $263,000 of Common stock, and the funded debt is $497.500.
Savannah Sugar Refining Co.-New Officers.-
W. S. Pardonner has been elected President and Treasurer, and T. L.
Anderson as Secretary.
B. A. Oxnard Jr. has been elected a director to succeed the late Ben A.
Oxnard. B. 0. Sprague has been appointed a member of the executive
committee of the board.-V. 119. p. 950.
Sears, Roebuck 8c Co.-Augu)st Sales.1924-Aug.-1923.
$13,476,326 $13.909.300
-V. 119, p. 590. 84.
Decrease.
Decrease.; 1924-8 Mos.-1923.
$432,9741$131,810,544$135.647,496$3,836,952
Sierra & San Francisco Power Co.-New Officers &c.-
Stock.Postum Cereal Co.-To Retire 10,000 Shares Pref.
diva., 10.000
The following were elected the new officers of the company: President.
3.3. O'Brien; Vice-Presidents, R. J. Graf, Samuel Kahn. Allen L. ChickerMg; Secretary, Alma L. Ferguson; Treasurer, B. B. Smith. Directors are.
J. .T. O'Brien, R. J. Graf, It. S. Huey, H. F. Jackson, H. L. Jackman,
Samuel Kahn, E. N. D'Oyley, Warren Gregory and Allen L. Chlckering.
-V. 119, p. 821. 705.
Mills of New Bedford.-Bal. Sheet June 30.-
(Franklin) Simon & Co. Inc.-Pref. Stock Sold.Goldman, Sachs & Co. and Lehman Brothers have told at
103
to yield over 64%,$4,000,000 7% Cumulative Preferred (a. & d.) stock.
The company has called for redemption Nov. 1, at 115 and been called
shares of Preferred stock. Any stockholders whose stock hasfrom
Aug. 1
may convert his stock into cash before Nov. 1 at 115 and div.
1924 to date of delivery. See also V. 119. p. 1074.
Potomska
1923.
1924.
1923.
1924.
Assets81,800,000 $1.800,000
$694,484 $694,484 Capital stock
Real estate
72,197
6,537
1,038,082 1,038,082 Accounts payable_
Machinery
95,705
95,705
1,020,970 1,018,819 Res. for taxes_ _
Merchandise
Res. for denrec. &
Caah acc'ts & notes
882,559
improvements__ 866,440
51,776
171,216
receivable
403,672
417,622
261,551
450,971 Sundae
Securities
83,254,135
$3,186.305
Total
$3,254,135
$3,186,305
Total
-V. 116, p. 187.
Pro-phy-lac-tic Brush Co.-Pref. Stock Sold.-George
H. Burr & Co. have sold, at 100 and div., $1,000,000 6%
Cumulative Sinking Fund Pref. (a. & d.) Stock.
from present Mass.
Free from present Federal normal income tax. Free
or part, at
income taxes. Dividends payable Q.-M. 15. Redeemable, all
1925 to retire
125 and div. upon 60 days' notice. Sinking fund beginning
Transfer agent,
annually 3% of greatest amount at any time outstanding.York Trust Co.,
Bankers Trust Co., New York City. Registrar, New
New York City.
Issued.
Authorized.
Capitalization$1,300,000
6% Cumul.Sinking Fund Pref.stock (par $100)- $1.300,000 100,000 shs.
100,000 shs.
Common stock (no par value)
1924.
Data from Letter of President William Cordes, Sept. 2
the United
Company.-Is the largest manufacturer of tooth brushes insucceeds
the
States, and one of the largest in the world. The company in 1866, its
Florence (Mass.) Manufacturing Co.. which was established
hair
to
confined
product at that time and for some years thereafter beingthe manufacture
brushes and hand mirrors. In 1884 the company began
tooth brush,
of ordinary tooth brushes, and in 1885 the first Pro-phy-lac-tic
company made
boxed and sterilized, was put upon the market. In 1892 theeach
succeeding
with
increasing
$6.000,
its first advertising appropriation of
year, until Pro-phy-lac-tic has become a household word. has been spent
$2,000,000
approximately
alone
years
last
6%
During the
countries, until
in national advertising, both in America and in European
and it is
to-day the company's product enjoys world-wide distribution,
any part of the
almost
in
brush
tooth
possible to purchase a Pro-phy-lac-tic
civilized world.
name ProThe company also manufactures and distributes under the
and is a large
phy-lac-tic a line of nail, clothes, shaving and hair brushes,
manufacturer of wood back brushes, under trade-mark "Keepclean," and
a line of shaving brushes under the trade mark "Nevershed."
Redeemable all or part at 115 and diva. On or before Dec. 311926, and
annually thereafter, out of its surplus or net profits, company shall acquire
by redemption or by purchase (at not to exceed 115 and diva.) at least
3% of the largest amount in par value of the Preferred stock that shall have
been at any one time outstanding, Dividends payable quarterly, cumulative from Sept. 1 1924. Bankers' Trust Co. New York, N. Y., transfer
agent: National Bank of Conunerce, New York, registrar.
Listing.-ApplicatIon will be made in due course to list the Preferred stock
on the New York Stock Exchange.
Issued.
Authorized,
Capitalization$4,000,000 $4,000,000
7% Cumulative Preferred stock (par $100)
value)
par
(no
shs.
10,000
stock
employees'
x Executive
150,000 shs. 150.0 shs.
Common stock (no par value)
To be junior in all respects to the Preferred stock. y Not to be deter
mined until an offering is made to employees.
Company shall create for sale to its executive employees, in order that
they may share in the prosperity of the business, an issue of 10,000 shares
of' Executive Employees'stock." Pres. Franklin Simon and his associates
are retaining $1,000,000 of the issue of Preferred stock.
Data From Letter of Pres. Franklin Simon, New York, Aug. 29.
History.-To be incorp. in New York State, Franklin Simon & Co.,
Inc., started in business in 1902. Sales for the first complete year (1903)
were $310,000. The business has steadily and continuously grown until
the sales last year (1923) were over 823,000,000 and the business now
occupies a large portion of the block on Fifth Avenue, with connecting buildings on 37th and 38th streets. Company's employees number approximately 3,000.
Company is engaged in the retail selling of wearing apparel for women.
misses, girls boys and infants, with separate shops for men. Company's
business is national in its scope and extends to all sections of the country.
This is accomplished by national advertising, the distribution of catalogues,
and by exhibiting goods in various large cities through the United States.
wellas well as in all the leading colleges, with the result that it has to-day aorder
established and very large good-will. Company has a large mail from
benefits
great
but
the
secures
of
it
country,
business from all sections
its catalogues, exhibits and national advertising, through the fact that shopto
pers from all parts of the United States come to New York regularlY
purchase their requirements. Company has approximately 350.000 charge
SEPT. 6 1924.]
TTTE CIIRONTOLE
accounts of which 225,000 are active each year. These customers reside
over a wide area from Maine to California and they are of the highest class
patronage in the United States. The losses from bad debts have averaged
less than 1-3 of 1% over a period of ten years.
The growth of the company's business is coincident with the extended
Interest taken in styles and fashions by the men and women of the country.
Company makes available to all buyers high quality goods of taste and fashion at moderate prices, but while affording widespread opportunity for the
purchase of the latest styles and fashions, the company has never sacrificed quality in order to increase the volume of its business. In following
this procedure, it has developed the trade names of "Bramley," "Parfait,
and "Carmoor-London," which have become valuable assets to the business.
Sales and Profits, Years Ended Jan. 31.
x Net Profits.
Net Sales.
Net Sales.
x Net Profits
$18,199,899
51,424,991 1923
1920
$20,759,104
$1,051,82i
1921
20,030,568
599,657 1924
23,475,110
1,399,065
19,384,678
500,473 1924 y
1922
11,604,796
457,968
x After deducting taxes on the basis of current Federal income tax rates.
• y Six months ending July 31.
The average annual net profits for the 5 years ending Jan. 31 1924, after
deducting taxes on the basis of current Federal income tax rates, were
$995,202, or more than 316 times the annual dividend requirement on the
total issue of $4,000,000 of Preferred stock. Of the annual net profits,40%
are made in the first six months of the fiscal year and 60% in the second
six months. The net increase of business for the six months ending July 31
1924, as compared with the same period last year, amounted to $511,291.
With the 37th Street building now being remodeled, which will give additional room for this coming fall, there is every reason for sales to go well
over the $25,000,000 mark for the fiscal year 1924.
Consolidated Balance Sheet July 31 1924 (After Proposed Recapitalization).
AssetsLiabilitiesCash
$1,437,659 Trade creditors, less discount_ $561,412
Liberty bonds
250,000 Mine'. current liabilities_ _ _ _
49,822
Miscellaneous loans
65,723 Accrued salaries & expenses__
68,111
Life ins., cash surrender value_
37,179 Fed. Si real est. taxes reserved
Accounts receivable
and accrued
2,809,315
307,019
Inventories
2,017,181 Reserve for diva. accrued on
Buildings, Land, &c
x1,587,138
Common & Preferred stock_
43,600
Prepaid expenses
67,092 Preferred stock
4,000,000
Common stock and surplus__ _y3,241,323
1181
Sun Oil Company.-To Redeem 7% Bonds.-
All of the outstanding $4,264,000 10-Year 7% Sinking Fund Gold bonds,
dated April 1 1921, have been called for payment Oct. 1 at 10214 and int.
at the Bankers Trust Co., 16 Wall St., N. Y. City.
Holders may, at their option, present any of the bonds for payment at
the Bankers Trust Co.or at the Bank of North America & Trust Co.,Philadelphia, Pa., prior to Oct. 1 1924, when, upon surrender of such bonds, wit
all unmatured coupons attached, they will receive in payment therefor the
full redemption price and interest to Oct. 1, less discount at the rate of 4%
per ann. between date of presentation and Oct. 1. See also V. 119. p. 951.
Superior Oil Corporation.-Condition Sound.President H. Cl. Davies says:"The corporation's condition is more satisfactory than for years. Production has been greater during the last three
months than for any such period in the corporation's history. We believe
It will be greatly increased within the next sixty days from 5 wells now being
drilled on 60 acres in the Cromwell pool. The company's financial condition
is excellent, with no bank loans and over $600.000 cash in bank. Bonds
outstanding total only $700.000."-V. 119. p. 706, 207.
Temescal (Calif.) Water Co.-Bonds Offered.-Bond &
Goodwin & Tucker, Inc.; Banks,Huntley & Co.; First Securities Co., and Security Co., San Francisco, are offering at
993, to yield over %%,$475,000 First Mtge. 63/2% Gold
Bonds. The bankers state:
Dated July 1 1924. Due serially $25,000 July 1 1929-1947 incl. Int.
payable J. & J. at Pacific Southwest Trust & Savings Bank, Los Angeles.
trustee. Denom. $1,000 and $500. Red., all or part, on any int. date
upon 30 days' notice at 102 and int. Int. payable without deduction of
normal Federal income tax up to 2%.
Authorized. Outstanding.
Capitalization$860,582
$815,665
Capital stock (par $100)
Gold b00
ot
750, 0
475.000
one of nds
he oldest mutual water companies in California.
istCM
Oratp
ge
a4
6
Incorporated in 1887, it has a long record of satisfactory service to its
territory and a resulting high credit standing. Company is the sole source
of domestic water in the City of Corona, and supplies water for irrigating
purposes to approximately 5,000 acres of highly developed citrus properties
thereabouts. It owns or controls practically all of the available water
rights that can be economically used in its territory. The lands so served
valued at over $5,000,000. The assessed valuation of
.Total
$8,271,286
Total
$8,271,286 are conservatively
City of Corona is $5,645,832.
x Building and land at cost, less depreciation ($2,515,778, less mortgage, the
seeurity.The 1st Mtge. bonds will be a first lien upon valuable assets
$1.500,000), $1.015,778; building improvements, at cost, less depreciation, in the form of land. water and distributing system, appraised by competent
$249,739; store fixtures and equipment and delivery equipment, at cost less engineers at $1.519,020, equivalent to over 83,100 for each $1.000 bond
depreciation, $321,620. y 150.000 shares, no par value.
In addition, there will be hypothecated with the trustee
Note.-The above balance sheet has been prepared exclusive of the value outstanding.
for the further security of these bonds, all of the Common stock, except
of the good-will.
directors' qualifying shares, of the Corona City Water Co., a public utility
domestic water to Corona, a city of 5,600 population.
Singer (Sewing Machine) Mfg. Co.-Operations.- supplying
Income.-A mutual water company derives its income from the assessPresident Douglas Alexander says in substance: "We are operating at ments
voted by its directors and levied upon the capital stock of the comabout 50% of our pre-war basis. We were making 2,000,000 machines a pany.
The stock of the company is owned only by land owners within
year before the war, and now about 1,000,000 a year. From present indiserved by the company and is a basic element in the value of
cations, our earnings will be less than in the previous year. Our English the district
involved.
land
the
factory is operating at about 50% capacity. We are doing very little busiwill be used for the acquisition of additional water
-Proceeds
Purpose.
ness in Germany and nothing in Russia. It will take us at least a year and a
and to defray the cost of acquiring and constructing additional canal and
half to get back to normal business."-V.117, p.2119.
pipe line facilities connecting the source of supply with the company's terriSouth Pittsburgh Water Co.-To Increase Rates.- tory in and around Corona.-V. 1,16, p. 1063.
The company has filed with the Pennsylvania P. S. Commission an appliTexas Co.-Carib Co. Waives Option Payment.cation to increase meter rates. The service charge, discount and all other
See Carib Syndicate, Ltd., above.-V.11b, p. 1075.
features of the present schedules are to remain unchanged. The new rates
are declared necessary owing to a 40% increase in filter capacity, and the
United Drug Co., Boston.-Net Sales.installation of a new pumping system and water-softening plant.-V. 118,
Net sales of the company, with inter-company accounts eliminated,
p. 3209.
amounted to $5,807,785 in July 1924, an increase of $268.838 over the
month last year, when turnover amounted to $5,538,948. In every
Spanish River Pulp & Paper Mills, Ltd.-Balance same
month gross has shown a substantial increase over the corresponding
months of 1923 with a proportionate expansion in profits.-V.119. p. 591.
Sheet June 30.[Including Lake Superior Paper Co., Ltd.]
1924.
1923.
1924.
1923.
Assets$
3
Liabilities-'
5
$
Property aceount_31,583,500 31,034,373 Common stock__ 9,447,000 9.447,000
Pulpwood
19,605,587 15,612,102 Preferred stock__ 8,619,500 8.619,500
Equipment, &c_ _ _ J
12,023,403 First Mtge. 65.._ _ 7,281,527 7,605,593
Securities of other
Gen. Mtge.bonds_ 2,942,000 3,000,000
companies
491,875
538,875 6% Serial notes_ _ _ 1,273,000 1,468,000
Mill products.
387,464 Bank loans
1,000,000
Acc'ts receivable._ 2,292,519 2,277,684 Acc'ts & bills pay_ 2,634,140 1,991,404
Secure. purchased_ 151,708
421,479 Accrued interest__ 239,851
252,733
Cash
223,594
413,890 Accrued dividend_ a386,422
386,422
Deferred charges
355,867
367,216 Miscell. reserves__ 1,252,568 1,101,308
Depree'n reserve__ 4,829,153 3,719,425
Bond sk. Id. res..
1,259,863
Totaileach side) 44.704.650 43.076.486 Profit & loss surp_ 5,799,488 3,225,137
a Paid July 15.
Note.-Contingent liabilities, $45,000.
The usual comparative income account for years ended June 30 was given
in V. 119, p. 1075.
Sperry Flour Co.-Balance Sheet June 30.1924.
1923.
1924.
1923.
Assets$
$
Liabilities$
3
Property, Plant St
Common stook_ 5,400,000 5,400,000
equipment
16,510,130 1.5,540,846 Preferred stock_._ 3,592,500 3,586,500
Invest. & secure.
Funded debt
5,243,500 5,359,500
in other corps__
62,956
61,277 Prem,on bds. call.
Sinking funds__ 147,794
77,714 for redemption125
Cash
821,986
77.564 Notes payable_._ _ 3,719,750 3,687,000
Notes receivable
86,926
51,357 Acc'ts payable.... 451,262
297,595
Acc'ts receivable 3,046,790 2,862,716 Accr'd Pref. diva..)
(62,729
Inventories
5,049,980 5,114,639 Accrued taxes____1
155,175
Deferred charges.. 625,519
564,523 Accrued interest__) 148,535
I 26,860
Accr'd Insurance..I
(18,978
Deferred credits._
16,922
2,041
Reserves
x4,767,003 3,678,868
Capital surplus... 1,896,637 1,918,638
Totalieach side)26,352,083 25,043,636 Surplus
1,115,849
949,751
x Depreciation. $4,206,357: doubtful acc'ts, $350.292: sinking funds,
taxes, insurance, pensions, &c., $210,354.
See also V. 119, p. 1075.
Splitdorf
Electric
Company.-Denies Insolvency.-
Answering affidavits were filed in the Court of Chancery at Trenton, N.
J., Sept.
@FedFRASER