TWO SECTIONS—SECTION TWO (Issue of April 19 1924) The. financial lirtintrie INCLUDING Bank 8c Quotation Section Railway & Industrial Section Electric Railway Section Railway Earnings Section Bankers' Convention Section State and City Section A WEEKLY NEWSPAPER Representiug the Industrial Interests of the United States JANUARY TO MARCH, 1924, INCLUSIVE VOLUME 118—PART 1 WILLIAM B. DANA COMPANY, PUBLISHERS FRONT, PINE & DEPEYSTER STS., NEW YORK Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis JAN.-MAR., 1924.] INDEX /II INDEX TO VOLUME 118 PART 1. JANUARY 1 TO MARCH 31 1924. EDITORIAL AND COMMUNICATED ARTICLES Page. Page. Page. A gricultural Bureau Reports on Cotton or Conscripting Property for War 246 France (Concluded)- Grain. See Cotton or Grain. Constitution, Federal. See United States Election of Members of French Senate--- -119 Agriculture-Planting and Price Fixing 834 Constitution. Electoral Bill Passes French Senate by Agriculture, Foretelling the Future for the Constitutional Amendment for Outlawing War 596 Small Majority 941 Farmer 835 Construction, Building, New,in 1923 477 Finances Heavily Weighed Down, Though Allied Reparations Commission. See German Coolidge, President, Defines His Attitude Re- France Had a Prosperous Year Reparations. garding U. S. Senates Requests for Resig- Franc, Severe Decline In. 237. 239, 826. American, and English Banking Systems- nations of Members of His Cabinet__ 461, 705 1181, 1183 Local Versus Branch Banks 475 Coolidge, President, His Lincoln Day Address 717 French Senate Opposition to Government Annual Trade Reviews-Their Value and Corn, Agricultural Bureau Report On. See Measures of Financial Reform--.1060, Their Limitations 127 Grain. 1182, 1316 Anthracite Coal. See Coal. Court Decisions- French Yellow Book Published Indicating Argentine Republic Contribution to Civiliza- Branches of National Banks, U.S. Supreme that President Wilson, Prime Minister tion 12 Court Denies the Right to Establish and Lloyd George and Premier Clemenceau Austria-Its Marvellous Recovery 4 Asserts Authority of State to Enforce Its Intended a Tripartite Treaty of Protec- Her Relations With Russia 712 Own Laws Against Them 472 tion for France in Renunciation of Her Bank Clerks Go on Strike 828 Cecapture Clause of Transportation Act Claim for Indefinite Occupation of the Automatic Train Control and Inter-State Upheld by U. S. Supreme Court 113 Rhine 1184 Commerce Commission 235 Inter-State Commerce Commission's Order General Elections Ordered for May 1317 Automatic Train Control and the Railroads-. 836 for a 20% Cut in Interchangeable Rail- German Reparations and Ruhr Occupa- way Mileage Books Set Aside by U. S. tion. See Germany. ank Clearings, in 1923, and the Course of Supreme Court 339 Government Takes Measures to Strengthen t Trade and Speculation 352 Creation and Coordination-Individual Ef- Financial Position 238 Bank Balance, Advantage of a Big Balance- - 368 fort the Controlling Factor 1066 Great Britain Aids in Stabilizing Franc-- -1183- Banking Institutions, Advantages of a Cen- MacDonald Labor Ministry of Great Brit- • tral Purchasing Department 369 nangers of Compromise in Tax Reduction-- 126 ain Inclined to Remove Differences with Bank of England Weekly Return. See Eng- "awes, Charles G., American Expert on France 462, 589, 707. 1056. 1315 land. Reparations Commission, Committee's MacDonald and Poincare Exchange Let- Bank of France Weekly Return. See France. Acts. See Germany ters 589, 1056. 1315 Bank of Germany Weekly Return. See Ger- Morgan, J. P., & Co. Organize a Syndicate many. conomic Foundation of Business-Book of for Extending a Credit of 1100.000,000 Beck. James M., and Partial Eclipse of Civ- E J. Maurice Clark 1192 and to Rehabilitate the Franc 1181 ilization 595 Emergency Housing (New York) Unrelieved Poincare Asks for Power to Expedite Eco- Belgium Cabinet Defeated 943; Reorganized -Governor Smith's Proposals 129 nomic Measures by Decree___589, 710, 1318 1061. 1186 Emergency Housing and Renting Laws to be Poincare, Premier, Receives Votes of Con- Belgium-German Reparations and the Ruhr Extended 596 fidence 344. 466, €28 Occupation. See Germany. Emergency Housing Proposals,a New Batch of 249 Poincare, Premier, Suffers Defeat, but is Blazoning War Preparations to the World 349 England, Bank of, Weekly Return___6. 119, Persuaded to Form New Ministry 1447 Bok, The World-Peace Award 125 241. 346. 467, 590, 713, 830, 945. 1062. Poincare Works for Closer Accord with Bok, The, World Peace Proposal, Prompts 1186, 1319, 1452 Great Britain 1449 Inquiry by U. S. Senate 339 England. See Great Britain. Bonus, Soldier. See Soldier Bonus. English and American System of Banking- ermany, Bank of, Weekly Return_120, Book Reviews- Local Versus Branch Banks 475 G 242. 346, 468, 590, 714, 830, 945, 1062, Economics of Overhead Costs by Prof. J. European Banks, Weekly Return of Gold and 1187. 1319, 1453 Maurice Clark 1192 Silver Holdings_10, 123. 245, 349, 471, Germany, German Reparatios and French The Key to National Prosperity by Jules 594, 716, 833, 948, 1066, 1190, 1323, 1456 Occupation of the Ruhr- Nahoum, Secretary of the American- European Money Centres, Rates at. See American Representatives on Committee of European Finance Corporation 248 Money Rates at Foreign Centres. Experts, Their Action and Doings- Branch Banks Versus Local Banks-The Exports and Imports of U. S. See U. S. For- Barthou, Louis, Stresses Importance of American and English System 475 eign Trade. Work of Experts 238 Branches of National Banks, U. S. Supreme Belgium, Attitude Favorable 825 Court Decision 472 ailures. See Business Failures. British Labor Premier, MacDonald. Bricklayers Dispute with Mason Builders' Farmer. Foretelling the Future for 834 Speaks Hopefully of Outlook for Set- Association 706 Farmer,The -Regulating Planting and Price tlement of Reparations Policy 941 British Foreign Trade Statement. See Great Fixing 834 Committee Begins Work 236 Britain. Federal Budget. See Budget. Dawes, Charles G.; Young, Owen D., Bruce, Senator from Maryland, Makes Cred- Federal Constitution. See U. S. Constitution. Robinson, H. M., on Their Way to itable Record 824 Federal Government. See U. S. Government. Europe 5 Building Construction, New,in 1923 477 Federal Reserve Banks, Comment on Weekly Dawes Committee, British Members of. Building. Cost of, and Living, Cost of 476 Returns_7, 120, 242. 346, 468. 590, 714, Have a Conference with Prime Minis- Business Community Disturbed by Gov. 830, 945. 1062, 1187. 1319, 1453 ter MacDonald Over Week-end 1448 Smith's Message Suggesting Local Income Federal Reserve Banks. Discount Rates_8, Dawes Committee Declares Independent and Local Luxury Taxes 1447 121, 243,347. 469,592,714, 831,946, 1063, Gold Bank a First Essential 343 Business Failures- 1188. 1321, 1454 Dawes Committee's Plans Outlined. In Calendar Year 1923 129 Federal Reserve Board Changes Grouping of 1183, 1314, 1449 In January 586 Gold Items in Weekly Return of Federal Dawes, Gen., Quoted as Approving Ruhr February In 1055 Reserve Banks 113 Policy 941 Federal Taxation. See United States. Dawes, Gen., Says Disaster Faces Eu- apital Flotations, New- Financial Situation, The--1, 113, 235. 339, rope Unless Common Sense Is Exer- C-"During December and ‘ Calendar Year 361 461, 585, 705, 823, 939, 1055, 1181, 1313,1447 cised 236 January During 844 Flume Becomes an Italian Port 467 German Bank of Issue Proposed-238, February During 1460 Ford, Henry, on the Effect of Surtaxes_ -950. 1056 463. 590, 709, 824, 940, 1059 Cereal Production. See Grain. Foreign Exchange Market. Weekly Review, German Budget and the Dawes Com- Chicago Stock Exchange Record of Prices for 8, 121, 243, 347, 469, 592, 715, 832, 947, mittee 484 1923 366 1064. 1188.1321, 1454 Germany Able to Pay 940 Exchange, Large Increase Chicago Stock in Foreign Money Rates. See Money Rates at Germany Friendly to Experts 463 Volume of Business 370 Foreign Centres. McKenna Committee and Its Activities, Labor Unions Church, The, and -A New Foreign Trade. See U. S. Foreign Trade. 710, 941, 1315. 1316 Phase Christian Socialism of 1324 Foreign Trade the Key to National Prosperity 248 McKenna Committee at Work 342 Eclipse Civilization, A Partial of That Will Plans for Mortgaging Railroads .825. Pass 595 France- • 940.11059 Clearings, Bank in 1923 and the Course of Bank of France Raises Its Discount Rate, Possible Complications by Reason of Trade and Speculation 352 119, 241 Inter-Allied Debts 1314 -United Coal Mine Workers' Meeting 597 Bank of, Weekly Return_ _6. 120. 242, 346, Schacht, Dr. Hjalmar. Examined, Makes Complacency of Public Opinion-Tax Reduc- 467,590,713.830, 945, 1062.1186.1319,1453 Good Impression 344• tion the Demand of the Hour 471 Chamber of Deputies Passes Measure to Welcomed on Their Arrival 116 Congress. See United States Congress. Increase Taxes 826. 942 German Finances Improving 825 Congress, the Political Flurry in 949 Damage by Overflow of Rivers 3 German Government Contemplates Com- Congressional Investigation of Oil Leases. Dawes, Gen., Quoted as Approving France's mercial Treaty with France 117 See Oil Investigation. Ruhr Policy 941 Martial Law Revoked Throughout Germany 710 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis IV INDEX [VOL. 118—PART 1. Page. Page. Page. Germany—(Concluded)— Inter-State Commerce Commission and Auto- RailroadGrade Crossing Elimination Still a New Year's Eve Celebrated in Extravagant