financial

The
INCLUDING
Railway& Industrial Compendium
State & Municipal Compendium
VOL. 120.

rtintdv

Public Utility Compendium
Railway Earnings Section

SATURDAY, JANUARY 31 1925.

Bank and Quotation Section
Bankers' Convention Section
NO. 3110.

The point that our contemporary makes against
the foregoing is that "it puts national banks into the
PUBLISHED WEEKLY
business of investment banking in an entirely new,
Terms of Subscription—Payable in Advance
broad way, and it apparently tells them to to to it'
Including Postage—
12 Mos. 6 M03.
Within Continental United States except Alaska
$6.00
$10.00
without any legal restraints whatever. It says to
In Dominion of Canada
8.75
11.50
Other foreign countries. U. S. Possessions and territories_ 13.50
7.75 them that
they may buy and sell 'without recourse'
NOTICE.—On account of the fluctuation. In the rates of exchange.
remittances for European subscriptions and advertisements must he made any kind of a note, debenture or anything else 'comIn New York Funds.
monly known' as an investment security."
Subscription includes following Supplements—
It becomes important to know, therefore, what the
COMPENDIUMS—
SECTIONS—
PUBLIC UTILITY (semi-annually.)
RANK AND QUOTATION(monthly.)
RAILWAY AND INDUSTRIAL(semi ann.)
purpose of this provision is. But first it is desirable
RAILWAY EARNINGS(monthly.)
STATE AND MUNICIPAL(send-annually.) lissEcas' CONVENTION (yearly.)
to see what the limitations imposed by the words we
Terms of Advertising
Transient display matter per agate line
cente have put in italics above mean. It will be noted that
45
Contract and Card rates
On request the
provision says that national banks may, "subCameo° Orrtms—In charge of Fred. H. Gray, Business Representative.
ject to the limitations contained in Section 5200 (9)
19 South La Salle Street. Telephone State 5594.
Losnos °mos—Edwards & Smith, 1 Drapers' Gardens. London.E. C.
of the Rev. Stat. of the U. S.engage," etc. Now, what
WILLIAM B. DANA COMPANY, Publishers,
does subdivision 9 of Section 5200 as amended by the
Front, Pine and Depeyster Streets, Now York
McFadden bill say? Here is the paragraph:
Published every Saturday morning by WILLIAM B. DANA COMPANY.
"(9) Obligations of the kind described in Section
President and Editor, Jacob Seibert; Business Manager, William D. Riggs;
Trees.WUllam Dana Seibert; See. Herbert D.Seibert. Addressee of all. Office of CO.
24 (b) of the Federal Reserve Act as amended shall
be subject to a limitation of 15 per centum of such
The Financial Situation.
capital and surplus in addition to such 10 per centum
Now that the McFadden Banking Bill, which re- of such capital and surplus; except that obligations
cently passed the House of Representatives at Wash- of the United States or general obligations of any
ington by a very decisive vote, is receiving considera- State or of any political subdivision thereof, or obligations issued under authority of the Federal Farm
tion at the hands of the United States Senate, new Loan Act, shall
not be subject under this section to
points of criticism are developing against it. This any limitation based on such capital and
surplus."
cannot be deemed strange, seeing that the bill is, as
To understand what it is sought to accomplish by
previously pointed out by us, a very comprehensive
the provision contained in the McFadden bill it is
one, and contains some far-reaching and all-embracing provisions, entirely apart from those relating to necessary to recall the situation as it now exists with
branch banking, the regulation of which is the pri- reference to investment purchases by national banks.
mary purpose of the measure. Criticism, where sin- Under the National Bank Act, national banks are
cere and competent, is never to be discountenanced, permitted, among other things, to "negotiate other
as it may prove helpful rather than the reverse. In evidences of debt." The different Comptrollers of
the present instance the criticism comes from the the Currency have for many years construed this
same source as that with reference to another pro- provision as permitting national banks to buy and
vision of the bill to which we directed attention a few sell Investment securities. These are commonly in
weeks ago, and which was changed in the House to the form of bonds. Under the existing law and pracmeet the objections raised, namely the "Journal of tice there is no limit upon the amount of this characCommerce" of this city, the Editor of which is H. ter of business which may be carried on by a national
Parker Willis, whose opinions are justly held in high bank, nor is there any limitation upon the character
of "evidences of debt" which the banks may negotiate.
esteem both inside and outside of Congress.
In this state of things the McFadden bill, by the
The "Journal of Commerce" in an editorial arprovision referred to, contemplates limiting the inticle in its issue of last Saturday, which we reprint
in our news columns on a subsequent page, finds vestment business to investment securities and furfault with the provision which appears at the very ther limiting it under subdivision 9 as to amount by
prohibiting a national bank from purchasing in exend of the bill, and which reads as follows:
cess of an amount equal to 25% of the capital and
"Any national banking association may, subject surplus of the bank. The bill is not intended to auto the limitations contained in Section 5200 (9) of thorize the
banks to go into the brokerage business,
the Revised Statutes of the United States, engage in nor
to buy and sell stocks,nor to buy and sell non-marbusiness of purchasing and selling without rethe
course obligations evidencing indebtedness of any ketable instruments of credit. One of the main purperson, co-partnership, association or corporation in poses of the provision, we are informed, is to give the
the form of bonds, notes, debentures, and the like, Comptroller of the Currency clear legal authority to
commonly known as investment securities."
keep out of the banks bonds secured by apartment

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houses and hotels in which the banks might be inclined to invest too freely in their localities. The
Comptroller needs legal authority, and under this
provision of the bill he could issue instructions to
the examiners in which would be defined "investment securities," which definition would exclude investments evidenced by paper not having a ready
marketability.
The Comptroller of the Currency has always made
a distinction between the authority of a national
bank to lend money and the authority to invest. It
is the long established view of this office that Section
5200, Revised Statutes, governing the amount which
a national bank may lend to any one customer has no
application to the investments made by the bank.
The bill recognizes, as a matter of policy, that some
limitation should be put upon this character of business as well as the necessity for a more exact definition of the character of investments which may be
made. Of course, if the provision in the McFadden bill
is either too broad or too narrow, or not sufficiently
definite to accomplish what is contemplated, the language can easily be changed, so as to make it definitely conform to the object sought, and we are sure
the Comptroller's office would be the last to raise
any objection to so doing.
France's war debts and the extent to w4ich they
should be recognized and paid have continued subjects of active discussion in Paris and London. Apparently, while political leaders in the French Government were willing to give considerable support to
demands for big reductions and even the cancellation of exterior war debts, they were careful not to
go to the limit of extremism. The former attitude
seemingly was with a view to satisfying the domestic
clamor and the latter to avert undue apprehension
abroad. The speech of Deputy Louis Mann in the
Chamber of Deputies caused even more uneasiness
outside of France than did the presentation, some
little time before, by Etienne Clementel, French Finance Minister, of his, for a time, somewhat famous
"balance sheet of France." Cabling on Jan. 23, the
Paris representative of the New York "Times" said
that "when the Mann speech was delivered a number of Deputies demanded its 'affichage'—that is,
that it should be printed and publicly posted throughout the country. Yesterday, when this demand came
up for decision, less than a quorum of the Chamber
voted and a new vote had to be taken this morning.
The 48 hours which had elapsed since the speech was
made had given the Government time for reflection.
Though the whole Chamber had cheered the speech,
there was in evidence an attitude that it should not
have official status. The Government, therefore, advised its followers to oppose the affichage, and by 290
votes to 224 the motion to post the Mann speech was
defeated." The correspondent added that "this action by Premier Herriot and his Radical-Socialist
majority cannot be interpreted otherwise than as a
disavowal of Mann's plea. Its justice they appear
to recognize, as was obvious during debate, when the
Premier himself, in a short intervention, described
the speech as 'a most impressive appeal to the sense
of justice of the Allies.' But its practical possibilities and its appropriateness the Gov.ernment is not
prepared to admit." In a cable message to his paper
the same day, the New York "Herald Tribune" representative in the French capital declared that "the
debt polemic between French and American poli-

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ticians to-day reached the stage in which some character of developments must be expected in the near
future. French officials refused to comment either
on Senator Borah's speech in Washington or the report that a semi-official reply to Finance Minister
Clementel's memorandum had been dispatched.from
Washington." Continuing, he asserted that "the
'Herald Tribune' has every reason to believe that the
current events may result in the near future in the
sending to Washington of a French envoy extraordinary, holding a position in the French Parliament
almost equivalent to that of Senator Borah in the
Senate, for the purpose of sounding out the United
States Government relative to a debt settlement, as
well as explain France's position on the proposed disarmament conference. Such conversations would be
'unofficial,' but would tend to smother the perhaps
superheated debate now going on through the medium of the press between the legislative bodies in
Paris and Washington."
The statement was made in a special Paris cablegram to the New York "Times" on Jan. 24 that
"Washington has asked Anibassador Herrick to obtain from the French Government a more precise
statement of its attitude on debts than that contained
in Finance Minister Clementel's memorandum submitted through the Ambassador three weeks ago.
This new request is believed here to have been motived partly by the first reception given to Deputy
Louis Mann's speech, but even more by the desire to
have the matter clearly settled as to whether M.
Clementel's suggestions were his own or had the support of the Government." The correspondent also
suggested that "in this way the road has been opt
once more for a direct authoritative exchange of
views, which Premier Herriot has always desired,
and may put an end to the inconclusive public discussion of the whole delicate business to which both
countries have been recently subjected." Continuing
his observations he said: "The present French Government is fully conscious of the necessity of reaching a settlement and has said it is most anxious to do
so. As Frenchmen Herriot and his Ministers approved much of what M. Mann said. As heads of the
Government bound by the country's signature they
felt they could not show approval of his attitude, and
it was for that reason that they gave instructions to
the majority to reject the proposal to post his speech
throughout France. In the political situation which
has developed as a result of the speech Government
circles say it will be necessary for M. Herriot to go
slowly and carefully in the discussions with Mr. Herrick."
Much importance appears to have been attached in
Paris to a statethent by M.Emile Daeschner, the new
French Ambassador to the United States, upon his
arrival in New York recently from Paris that his
country would pay her debts, but that the chief question was as to how it would be done. The Paris representative of the New York "Times" said on Jan. 25
that "Ambassador Daeschner's frank announcement
that France intended to pay her debts and never
dreamed of doing otherwise, it is considered, will go
far toward clarifying the somewhat obscured position. What the French desire above all is to remove
anything which might in the slightest degree interfere with the free expression of the feelings of friendship which have become a tradition of the two coun-

JAN. 31 1925.]

THE CHRONICLE

489

tries." The New York "Herald Tribune" representa- time for the payment of her debt. The first considtive cabled the same day that "the Paris ‘Soir,' which eration should be France, and all other issues should
may be said to represent the views of the Herriot be subordinated. France has her reconstruction
Ministry, announced to-night that Ambassador problem, which must be met. There are 140,000
Daeschner's great task in the United States evidently homes that are to be constructed and as a result of a
will be the liquidation of the debt problem." It was lack of housing facilities there were during the last
added In that newspaper that "it is on a new basis year 100,000 cases of tuberculosis, 18,000 resulting in
that the transaction now will be reopened, adding death. This program of mercy must take precedence
that the conversations between Secretary Mellon and over all other matters, and you must also take into
former Ambassador Jusserand amounted to noth- consideration that while we were borrowing here, we
ing." According to a special cablegram to the New were lending to smaller countries in need that have
York "Evening Post" on Jan. 26, Premier Herriot not met their obligations or paid us back."
was planning "to announce the policy of France on
The new Ambassador presented his credentials to
her war debt to the United States in a speech before
the Chamber of Deputies in a few days." The British President Coolidge yesterday. The latter, according
attitude apparently was reflected in an article in the to Washington dispatches last evening, made reply
London "Times." The following are some of the to the Ambassador in his characteristically frank
most striking assertions and suggestions in that manner, particularly with respect to the question of
article: "Great Britain should look on it as nothing the payment of debts as between France and the
less than a catastrophe if any estrangement between United States. It was stated that "President CoolFrance and America were to come over debts. What idge declared that the United States already had disneeds removing in the French mind is the idea that charged the 'debt of gratitude' she owed France as a
America is playing the part of an international Shy- result of French aid in the American Revolution."
lock. That is not so at all. The angle from which According to one dispatch, "referring to American
the people and the Government of the United States participation in the World War,the President added
have approached the question is that a contract is a that thus had the debt of gratitude been paid and
contract. Their stand is not based merely on legal 'both Governments should experience deep satisfacor commercial considerations. It is based on what tion in their solicitude that material debts shall also
they regard as the principle of civilization. Unless be discharged.'"
obligations that have been indisputably incurred are
Premier Herriot, on Wednesday, made the speech
as frankly admitted and some efforts made to discharge thme, they feel that one of the bonds which in the Chamber of Deputies that had been expected
holds society together is dissolved. That being so, for several days, and to which reference was made
we think the French nation would be well advised in in an earlier paragraph.
According to the Associated Press correspondent,
accepting publicly an dunreservedly, full responsi"laying before the Chamber the Government's policy
bility for all its war debts and in asking an early
conference to discuss ways and means of meeting on questions of foreign policy, M. Herriot disposed
them. It is only when her good faith is thus put be- of the problem of inter-Allied debts in less than five
yond all challenge or suspicion that the many minutes." He was quoted in part as follows on that
weighty considerations advanced by M. Mann will subject, however: "I will say very little on this subcome into play. The moment France takes the course ject because the susceptibilities of certain great
here suggested the whole situation will be changed. friends are such that words, even if expressing the
To disavow her obligations would be a step so far most sublime and noblest sentiments, are apt to be
below France's standard of honor and so ruinous to interpreted in a manner which risks arousing, if not
her credit as to be altogether outside of her contem- danger, at least embarrassment. France has always
plation. Repudiation is a word that finds no place been true to her word. She will be so in the question
of our debts. She will show her customary good-will,
either in her thoughts or vocabulary."
but she has the right to expect the same good-will
On Tuesday evening the Washington correspond- from her creditors. We are still in the midst of disent of the New York "Herald Tribune" stated that, cussions on this affair of debts, and anything I might
."with the arrival of the new French Ambassador, M. say from the height of this tribune might open up a
Emile Daeschner, who is feeling his way as the suc- press polemic through the varied interpretations
cessor to Jules Jusserand, officials are confident which might be given my words, and that is the thing
that a formal proposal, which will lead to negotia- I wish, at all costs, to avoid." The correspondent
tions for funding of the French war debt of $4,000,- added that "M. Herriot set himself to establish that
000,000, is forthcoming in the near future." He France's debts to America could not be regarded sepadded that "reports that a formal proposal already arately as political, commercial or moral obligations,
has been made which would result in formal negotia- but must be considered as the combination of all
tions cannot be verified here. The French Ambassa- three. The Premier made no suggestion that a fresh
dor, it is said, has not communicated in any way proposition for debt settlement was about to be made
with the Secretary of the Treasury nor taken up the by France." He was quoted as follows also, on the
informal discussions of the French debt with Mr. question of debts: "I declare solemnly once more,
Mellon since his arrival. M. Jusserand had several as Viviani, Poincare and Briand have said, that
informal discussions with Mr. Mellon, but nothing France has no intention of repudiating her debts."
formal was even approached." M. Jusserand sailed This assertion was greeted with cheers from all the
from New York for home the next day, and in the benches except those of the Communists, who jeered
course of an interview in this city, which he empha- ironically. "But the Government, above all, has the
sized was given as a private citizen, he was quoted right, after the speeches of Deputies Mann and Duas saying that, "speaking as an individual and as a Bois, to make an appeal to the solidarity Of our
private citizen, I believe France should have more friends and allies."

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Premier Herriot received a virtual vote of confidence in the Chambre of Deputies the next day. The
Paris representative of the Associated Press said in
a cablgram that evening that "the Chamber of Deputies, after a threat of revolt by the Socialists and a
counter-threat by Premier Herriot that he would resign if the Chamber failed to vote the printing and
posting of his speech of yesterday on security against
Germany, this afternoon passed the vote demanded,
541 to 32, implying confidence in the Government's
policy on all questions treated in the speech." He
also made it known that "the sitting of the Chamber
was suspended at one time because of disorders after
Premier Herriot had made a statement satisfying
his Socialist supporters, who had considered his utterances of yesterday reactionary and had decided to
abstain from voting on a motion to post the speech."
Commenting upon the tactics used by the Premier
to secure the vote, the correspondent said: "He had
solidified the right groups behind him yesterday by a
stern denunciation of Germany, but he had antagonized the Socialists. By throwing a little ballast overboard to-day through his declaration France did not
desire to remain on the Rhine indefinitely he performed the feat of bringing back the Socialists into
litie without losing the support of the Right. The
Socialists realized that if the Premier were overthrown they would be committing political suicide."
The Premier's speech was said to have had a depressing effect in Berlin. According to a special
Cablegram Thursday evening from that centre to
"The Sun" of this city,"Premier Herriot's speech be
fore the Chamber yesterday shed gloom over Wilhelmstrasse. His reference to the Rhineland occupation as France's last safeguard against German
aggressions was interpreted in official quarters as
an indirect reply and a sharp setback to Chancellot
Luther's proposed Franco-German 'Truce of God.'"He added that "the result may be the postponement,
although by no means the abandonment, of the
Reich's new peace policy."
In a special London cablegram to "The Sun" last
evening it was stated that, "spurred on by what is
regarded as a clear indication by Premier Herriot
that he, like Poincare, is committed to a policy of
remaining indefinitely on the Rhine in lieu of a pact
of security, both Laborites and Liberals intend on
the reassembly of Parliament to press the Tory Government to withdraw troops from Cologne. They
will seek also to ascertain what, if any, substitute
the Government has in mind for the Geneva protocol,
which was disapproved by the Dominions."
Scarcely had the German Cabinet been presented
formally to the Reichstag when the Prussian Cabi
net felt compelled to resign. In reporting the incident, the Berlin correspondent of the New York
"Times" said in a wireless message on Jan. 23 that
"Herr von Braun, Prussian Premier, and his Cabinet resigned this evening following a wildly exciting
session of the Prussian Diet. Although they technically asserted their contention that they were not
bound to relinquish office, they nevertheless felt the
ground under their feet too insecure following the
afternoon's voting in the Diet to justify sticking to
their posts." The correspondent added that "the attempts to force the'von Braun Cabinet to resign were
technically defeated in the Diet, since those seeking

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to force the resignation did not muster a majority of
the entire Diet membership, which, according to the
contention of the Diet President, was necessary to
overthrow the Government. This ruling was bitterly
opposed by the Nationalists and the Communists,
who led the onslaught against Herr von Braun."
Commenting still further on the incident, the
"Times" representative said: "As events turned out,
what happened in the Diet was a Pyrrhic victory for
Herr von Braun, wherefore this evening he and his
colleagues decided that resignation was the better
part of valor. Though essentially local in significance, the overthrow of the von Braun Prussian Government is interesting abroad as another instance of
the pronounced monarchistic trend now apparent
throughout Germany." Along pretty much the same
lines the New York "Herald Tribune" representative
in the German capital said that "Braun's resignation
represents a severe blow to the Republic and signifies
another victory for the Nationalists, who now hope
to force the reorganization of the Prussian Government along the lines of the new Reich Cabinet.
Should they succeed, they will have accomplished
what they regard as their main object—the seizure
of power in Prussia. This would constitute a victory
much more important than participation in the Reich
Government."
The understanding was said to have existed in Berlin the following day that "the election of a new Minister-President to replace Herr von Braun will be
held by the Diet next week," Announcement was
made in a Berlin Associated Press dispatch last evening, however, that "Otto von Braun was re-elected
Pre ii 'er of Prussia to-day by the Diet, receiving 221
out f 435 votes in that body."

The Dawes plan has not had the favorable effec
upon German trade in all respects that was expected,
according to a special Berlin dispatch to the New
York "Herald Tribune" on Jan. 27. The representative of that newspaper said that"lack of development
of Germany's foreign trade since the adoption of the
Dawes report is causing serious misgivings in Allied
and German official circles here concerning the fate
of the reparations settlement achieved in London.
Figures obtained by the'Herald Tribune' to-day tend
to confirm these fears, although they do not yet justify final opinions. While showing a considerable
increase in German imports, particularly from the
United States, the figures reveal but a slight rise in
German exports. Nor does Germany's economic situation, despite the marked general improvement since
the adoption of the Dawes report, hold out any promise of her exports balancing her imports in the near
future." Continuing, he said that "since it is from
the surplus of her foreign trade that Germany must
begin making reparations payments, experts here do
not see how she will meet these payments unless her
foreign trade shows a decided improvement before
long. Figures for last year, just completed, show an
unfavorable trade balance of $600,000,000, or $50,000,000 a month. The Dawes plan greatly stimulated
Germany's imports by strengthening her currency
and opening up a hitherto locked reservoir of foreign
credits for German industry. It is principally with
these credits that Germany has been paying for her
increased imports, which from the United States
alone registered an increase of about $1,000,000 last
year. These imports doubled in the four months between September and December last year." The cor-

JAN. 31 1925.]

THE CHRONICLE

rspondent pointed out that "the nation's financial
situation, however, is favorable, as the Government
closed the year with a surplus of 208,000,000 gold
marks in receipts over expenditures, despite a
marked reduction in taxes. This surplus is due to
the fact that there have been no reparations charges
as yet on the German budget since the adoption of
the Dawes plan, as the reparations payments have
been met out of the proceeds of the international
loan. But beginning with the present fiscal year,
reparations payments must come from Germany's
own resources. The fact that foreign trade—the
most important of these resources— shows little
prospect of an early profitable revival is responsible
for the serious misgivings now prevailing."

491

lin cablegram to the New York "Evening Post" last
evening: "Two more State institutions, the Prussian State Mortgage Bank and the State Co-operative
Society, were drawn yesterday into the financial
scandal now occupying investigators in the Reichstag
and the Prussian Diet. As the beneficiaries of illegal loans made by both institutions were Nationalists, reactionary enthusiasm for dissolution of the
Diet and a new election, with 'Socialist corruption'
as the slogan, has cooled."

After an interval of some months, without much
news from Austria appearing in cable dispatches
from Vienna and Berlin, it has been indicated in advices from those two centres that economic,financial
and political conditions in that country might soon
Herr von Schlieben, the new German Finance Min- attract general attention again. In a wireless mesister, appeared before the Reichstag Budget Com- sage on Jan.24, the Berlin representative of the New
mittee on Wednesday,and was quoted as saying that, York "Times" said that "the desires of Austrians
while the Government would avert a deficit in 1925, who wish annexation to Germany, that is not only
the financial outlook for Germany was not espe- economic but political union, are again being voiced
cially promising. According to a wireless Berlin after a period of comparative silence, during the
dispatch to the New York "Times," he presented the visit of emissaries of the Austrian Government, the
following outline and forecast of the situation: "As former Vice-Chancellor Franck and Dr. Dinghofer,
far as 1925 was concerned, Germany would worry Speaker of the Austrian Parliament, to Berlin, this
through without a deficit, said Herr von Schlieben, week. Reports which have been printed concerning
but after that great financial obstacles loomed ahead. their visit stated that they had discussed only the inAccording to him, the maximum whereon Germany dustrial, economic and financial union of Austria
can count for budgetary expenses, including repara- with Germany, without touching upon the actual
tions payments,for each year between 1925 and 1930 political union of the two countries. But I can state
is 4,000,000,000 gold marks, whereas her expenses, on good authority that the Austrian visitors also dishe calculates, will rise steadily during those years cussed that vital topic in their conferences this week
from 4,000,000,000 in 1925, which will be just covered with Premier Luther, Foreign Minister Stresemann
special cableby receipts, to 4,900,000,000 in 1930. It will be im- and other German statesmen." In a
by taxation, he gram from Berlin to the New York "Herald Tribune"
possible to collect any more money
to dissaid. Regarding the maximum figure of receipts, on Jan. 27, it was stated that, "according
Austria and Germany have the
he admitted that there was a possibility of a higher patches from Vienna,
of self-detertotal if Germany recovered economically to a really full right, on the basis of the principle
discuss ways and means for their ultiremarkable degree, but he pointed out also that such mination, to
to
an economic recovery would entail additional repara- mate amalgamation, and no one can forbid them
so, Herr Dinghefer, President of the Austrian
tions payments under the Dawes plan." The corre- do
spondent added that, "in connection with Herr von Parliament, declared to-day."
Schlieben's report, it can be mentioned that statistics
Benito Mussolini, Premier of Italy, seems to have
published to-day show an increase of 9% from Jan. 1
to Jan. 15 in the number of persons receiving unem- the political situation in his country pretty well in
hand again. He did not lose control at any time, but
ployment doles."
A new feature of the disturbed political situation before the adjournment of Parliament recently the
was brought out by the Berlin correspondent of the outlook was rather threatening. The Paris correNew York "Herald Tribune" in a cablegram yester- spondent of the New York "Times" made a trip to
day morning. He said in part: "The scandal involv- Rome to study the situation and after doing so for
ing the Luther Government's indemnification of the some days said in a wireless dispatch from that cenRuhr industrialists for losses suffered in the Allied tre on Jan. 25 that "the net result is an impression
occupation was exposed by the Socialists to-day and that Premier Mussolini has hold of the Italian Govmay have far-reaching effects. The scandal involv- ernment with a firm grip and no one now has any
ing the expenditure of 715,000,000 gold marks from plan which appears to have a fair chance of loosenthe German Treasury, was aired before the Budget ing that grip." Continuing to outline his impresCommittee of the Reichstag by Socialist members sions, he said: "Frankly representing a minority
headed by former Chancellor Mueller. They an- and practicing some methods nothing short of tyrannounced they would demand a thorough investiga- nical, he is neither the saint his followers describe
tion by the Reichstag of the first big financial move nor the fiend his enemies portray. Losing some perby Chancellor Luther's Government, which may lead, sonal popularity, but steadily cementing his politit is declared, to the fall of the Cabinet. Mueller ical position, he is in, and the Opposition does not
charged that Foreign Minister Stresemann was a know how to get him out. With a heart of brass and
prime mover in the indemnification of the industrial- nerves of steel he keeps his own counsel. Whether
ists, and alluded to an unnamed high official of the he is an ardent patriot or a supreme egoist no one
Finance Ministry as responsible for the details of the knows. But after all, there he sits in the Palazzo
plan, asserting that this man had been offered an im- Chigi, and outside of his door is the sign: 'If any
portant post by the Federation of German Industries." one wants to know who is boss around here, start
Still another phase of an unfortunate state of af- something.' Any one who tries to predict how long
fairs was outlined in part as follows in a special Ber- Mussolini will last is simply barking at the moon.

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He does not know,Italy does not know, no one knows.
But up to the present, Mussolini is going strong and
gives no sign of weakening. The truth of the matter
is that where Caesars reigned there now rules a man
who thinks he is as good as Julius ever was and who
is backed up by a million tightly organized disciples
who would regard such an estimate as basely modest.
Mussolini would be the first to admit that he does not
represent a majority of the 42,000,000 Italians, but
contends that he represents the best of them and that
is sufficient to entitle him to run the country. Scornfully he watches the tides of political passions play
around him, and, as he did in the Senate the other
day, invites any one who thinks he can oust him to
have a try at it. He knows that the halo he wore
when he turned the country's threatening chaos into
patent order has somewhat faded, but, meanwhile,
he has built for himself a political situation which,
perhaps, no other Italian .ever had, and all of the
pondering of his enemies has not brought a feasible
plan to undermine his position."

ereign, but he was then a younger and more virile
leader and the fortunes of his party were not at such
low ebb as at present. There are, besides, no safe
seats to offer him for another battle at the polls."
Official announcement was from Prime Minister
Baldwin's official residence at 10 Downing Street,
on Jan. 26 of the conferring of the Earldom. He decided to be known as the Earl of Oxford, a particularly old title. It seems that since there have been
two other claimants for the title. The London correspondent of "The Sun" cabled Thursday evening
that "Mr. Asquith's intention of assuming the title
of the Earl of Oxford has not gone unchallenged, for
two claimants have raised objections, one a man in
very poor circumstances who claims he is the direct
descendant of the fighting De Veres, and another
claims to have descended from the daughter of the
last Earl." He added that "Harold De Vere, who
contends he is entitled to be known as the 26th Earl
of Oxford, lives in a tenement in a squalid section of
Wapping wharves district. He asserts he does not
intend to make any effort to prove his claim because
the Earldom would not mean anything to him without money to maintain the position with its full dignity. His eldest son is out of work and is living on a
dole. One suggestion is that Asquith may get around
the difficulty by choosing the title of the Earl of Oxfordshire. He has not so far applied for any title.
Widespread interest is aroused in the matter to-day
as a result of the hitch."
It was rumored rather definitely after Mr. Asquith
accepted the Earldom that he would no longer serve
as leader of the Liberal Party. The London representative of the Associated Press said in a cable message
on Thursday that the rumors "were set at rest, for
the time being at least, when at the convention of the
Liberal Party here to-day he said:
have not resigned my post. It is therefore in that character that
I presume once more to speak to you.' Mr. Lloyd
George, who followed the new Earl of Oxford in addressing the convention, also let it be known emphatically that he did not seek Mr..Asquith's place.
accepted Mr. Asquith's leadership without reserve,'
Mr. Lloyd George said,'and I have no reason now to
alter my views.'"

In another message the next day,in which he dealt
with the finances of Italy, the same correspondent
said in part: "The fiscal situation of the Italian
Government appears to be the best of all the Continental countries. That does not mean that the economic situation of Italy is as good as the economic
situation of France, but it does mean that the technical financial position of the Government is immensely superior to that of France, taking into account all factors. The budget balanced this year,
and the Finance Minister, Alberto de Stefani, says
that the end of the fiscal year, June 30, will show a
favorable balance of between 1,500,000,000 and 2,000,000,000 lire, which probably will be devoted to reducing the advances to the State in the form of paper
money. The budget this year will be about 21,000,000,000 lire, while the receipts will run close to 23,000,000,000, whereas last year's budget showed a
deficit of nearly 500,000,000 lire. In comparison to
France, Italy is able to make this very favorable
showing because of the difference in the cost of service of the national debt. While France has a national interior debt of 400,000,000,000 francs, which
absorbs 18,000,000,000 francs, or 62% of the budget
receipts, Italy has a national debt of only 91,000,No change has been noted in official discount
000,000 lire, which calls for a budget charge of less rates at leading European centres
from 10% in Berthan 5,000,000,000 lire annually. The floating debt lin; 7% in Paris and Denmark; 6 %
/ in Norway;
1
2
of 65,000,000,000 francs, which constitutes the chief 5 % in Belgium and Sweden; 5% in
/
1
2
Madrid, and
danger in the French fiscal situation, has no coun- 4% in London, Holland and Switzerl
and. In Lonterpart in Italy, where the floating debt in short-term don the open market discount rates
were a shade
paper similar to the French defense bonds reaches firmer for short bills, which advanced
to 3 13-16%,
only 11,000,000,000 lire and is gradually being re- against 3%@311-16% last week, although
three
duced by changing it into long-term securities."
months' bills remained at 31346@378%,unchanged.
/
Call money was firmer and finished at 3%%,as comConsiderable surprise was expressed in British pared with 3 %a week ago. In Paris
/
1
2
the open marpolitical circles over the acceptance of an Earldom by ket discount rate continued to be quoted
at 614% and
/
Herbert H. Asquith, a former Prime Minister and in Switzerland at 2%%, the same as
the previous
at least the nominal head of the Liberal Party. Ap- week.
parently students of the political situation in Great
Britain, and particularly of the results of the last
The Bank of England reported a loss in gold this
general election, should not have been at all sur- week of £2,045, although as note circulati was
on
prised. The London correspondent of "The Sun," in again reduced, £387,000, total
reserve expanded
a cablegram on Jan. 26, seemingly gave a correct £385,000, while the proportion
of reserve to liabiliidea of Mr. Asquith's position. He said that "if As- ties showed a further advance
to 18.30%, which comquith was to escape complete retirement after his dis- pares with 18.07% last week
and 17.13% for the week
astrous defeat at the polls it behooved him finally to of Jan. 14. At this time a year
ago the reserve ratio
consent to a peerage. At other times in his career stood at 17 % and in 1923 at 19.7%. Deposits and
/
1
2
he has refused such an honor at the hand of his Sov- also the loan items were smaller
than has been the

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case in recent weeks. Public deposits declined £372,000, while "other" deposits increased £265,000. The
bank's temporary loans to the Government increased
£834,000, but loans on other securities fell off £1,289,000. Gold holdings aggregate £128,569,640, compared with £128,078,997 in 1924 and £127,491,860 a
year earlier. Reserve stands at £23,863,000. A year
ago the total was £21,295,372 and in 1923 £23,923,705. Note circulation is now £124,457,000, in comparison with £126,533,625 last year and £122,018,155
the year before that, while loans amount to £73,990,000, against £69,832,736 and £65,608,129 one and two
years ago, respectively. No change has been made
in the official discount rate, from 4%, the figure
previously prevailing. Clearings through the London banks for the week total £766,102,000, in comparison with £813,027,000 last week and £700,158,000 a year ago. We append herewith comparisons
of the several items of the Bank of England statement for a series of years:

and corresponding dates in both 1924 and 1923 are
as follows:
BANK OF FRANCE'S
Changes
for Week.
Gold Holdings—
Francs.
In France
Inc.
64,100
Abroad
No change

COMPARATIVE STATEMENT.
Status as o
Jan. 30 1925. Jan. 31 1924. Feb. 1 1923.
Franca.
Francs.
Francs.
3,681,229,043 3,676,578.560 3,671,060.250
1,864,320.907 1,864,320,907 1,864,344.927

Total
Inc.
64,100
Silver
Inc.
274,000
Billsdiscounted
Ino. 381,739.000
Advances
Dec. 62,188.000
Note clrculation....Dee. 86,010,000
Treasury deposits-Inc. 30,415,000
General deposits...Inc. 9,199.000

5,545.549,950
304,558,000
5,905.728,000
3,074,906,000
40,515,860,000
46,186,000
1,965,88.5,000

5,540,899,467
297,053.797
4,196,994.102
2,385,428,845
38,834,041,355
40,555,065
2.306,607,691

5,535.405,178
290,259.594
3,057.986,461
2,045,283,001
37,083,577,910
60,411,468
2,309,051,830

The Imperial Bank of Germany continues to add
to its gold reserve, while at the same time showing
substantial shrinkage in outstanding note circulation. In its statement, issued as of Jan. 23, the institution reports contraction in circulation of 96,183,000 marks, to 1,550,015,000 marks. Holdings of bills
of exchange and checks fell 135,875,000 marks, advances 10,068,000 marks, and other assets 26,424,000
marks. Loans from the Rentenbank were brought
down 25,086,000 marks. Among the increases were
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1925.
1924.
1923.
1922.
1921.
21,474,000 marks in gold and bullion,7,158,000 marks
Jan. 28.
Jan. 30.
Jan. 31.
Feb. 1.
Feb. 2.
L
£
in reserve in foreign currencies, 3,742,000 marks in
Circulation
124,457.000 126,533,625 122,018.155 123,586,655 129,600,380
Public deposits
22.550,000 16,248,295 14,600,601 15,646,228 18.603,513 silver and other coins, 7,932,000 marks in notes on
Other deposits
107,272,000 105,289,535 106,323,608 144,749,777 129,851,796 other banks and
176,000 marks in investments. On
Govt. securities-- 50.037,000 48,422,032 49,419,812 74.203.686 70,621.466
Other securities__ 73,990.000 69,832,736 65.608,129 80,589,627 78,696,717 the liability side there was an increase of 7,579,000
Reserve notes at coin 23.863,000 21,295.372 23,923.705 23,615,620 17.142,018
marks in other maturing obligations, but a decrealse
Coin and bul1ion-128,569,640 128,078,997 127,491,860 128.752,275 128,292,398
Proportion of reserve
in "other" liabilities of 17,195,000 marks. Total gold
to liabilities
18.30%
1734%
19.7%
145%
1131%
is given as 813,126,000 marks, as against 467,031,000
Bank rate
4%
4%
3%
5%
7%
marks last year and 1,004,842,000 marks in 1923. The
The Bank of France continues to report small above figures are given in gold marks,a gold mark begains in its gold item, the increase this week being ing the equivalent of one trillion paper marks.
64,100 francs. The Bank's gold holdings, therefore,
now aggregate 5,545,549,950 francs, comparing with
According to the statements put out by the Federal
5,540,899,467 francs last year at this time and with Reserve banks at the close of business on Thursday,
5,535,405,178 francs the year previous; of the fore- rediscounts, which had sharply fallen off last week,
going amounts, 1,864,320,907 francs were held abroad increased again by over $70,000,000 for the banks as
in both 1925 and 1924 and 1,864,344,927 francs in a group and nearly $45,000,000 at New York. For
1923. During the week increases were registered in the System as a whole gold holdings decreased
the various other items as follows: Silver, 274,000 $5,300,000. Rediscounting of Government secured
francs; bills discounted, 381,739,000 francs; Treasury paper increased $62,900,000 and "other" bills $8,000,deposits, 30,415,000 francs, and general deposits, 000, so that the expansion for the week reached $70,9,199,000 francs. On the other hand, advances fell 900,000. Holdings of bills purchased in the open
off 62,188,000 francs. The "Chronicle" is in receipt market increased $1,600,000. Total earning assets
of official mail advices from France, indicating an increased $43,000,000, while deposits were enlarged
error in the press dispatches which reported the by $49,000,000. The local institution at New York
French Bank statement for the week ending Jan. 2 reported a gain in gold of $4,000,000, and expansion
1925. The "Chronicle" check-up of the statement in rediscounting of all classes of bills of approxiin question shows that in transmitting the figures of mately $44,800,000. Bill buying in the open market
note circulation a change of 281,213,000 francs was showed a small increase, viz, $4,900,000. Correspondcabled as a "decrease" instead of as an "increase." ing increases in earning assets and deposits were
Accordingly the total outstanding on Jan. 2 1925' shown, totaling $38,000,000 and $42,400,000, respecinstead of being 40,322,752,000 francs should have tively. Federal Reserve notes in actual circulation
been 40,885,178,000 francs, making it the highest were reduced both nationally and locally. For the
level ever reached by that item. We have conse- System there was a drop of $14,000,000 and at New
quently had to revise our subsequent statements and York $3,500,000. Member bank reserve accounts inthe apparent discrepancy between the figures of creased $31,000,000 for the System and $38,000,000
note circulation reported last week and the total we at New York. The ratio of reserve for the System
now give for the current week (after deducting this was reduced a small fraction, namely .8%, to 78.0%.
week's decrease) is thus accounted for. A contrac- At the local institution, however, a decline of 2.0%,
tion of 86,010,000 francs occurred in that item during to 79.8%, occurred.
the week and the total outstanding is now down to
40,515,860,000 francs, which contrasts with the high
Last Saturday's statement of the New York Clearrecord of 40,885,178,000 francs registered, as already ing House banks and trust companies was featured
stated, on Jan. 2. At this time last year the amount chiefly by a large reduction in surplus reserves, dewas only 38,834,041,355 francs and in 1923 no more spite a big reduction in demand deposits, which fell
than 37,083,557,910 francs. In 1914, just prior to $68,922,000, to $4,644,613,000. This total is excluthe outbreak of war, the amount was but 6,683,184,- sive of Government deposits to the amount of $18,785 francs. Comparisons of the various items in 111,000. In time deposits there was an increase of
this week's return with the statement of last week $14,408,000, to $605,602,000. Loans expanded $13,-

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654,000. Other changes included a gain of $115,000
in cash in own vaults of members of the Federal Reserve Bank, to $47,911,000, which, however, is not
counted as reserve; an addition to reserves of State
banks and trust companies in own vaults of $83,000,
and a reduction of $788,000 in the reserve of these
institutions kept in other depositories. Member
banks drew down their reserves at the Reserve bank
$36,354,000; hence the loss in surplus, which, notwithstanding shrinkage in deposits, fell $28,648,980,
brought the amount of excess reserves down to $41,611,340, as against $70,260,320 a week ago. The figures here given for surplus are on the basis of legal
requirements of 13% for member banks of the Federal Reserve System, but do not include cash in own
vaults to the amount of $47,911,000 held by these
member banks on Saturday last.

[Vor. 1‘20

character, with 3%@4% asked for names less well
known. New England mill paper and the shorter
choice names are usually dealt in at 332%. A good
demand was noted with country banks the principal
buyers.
Banks' and bankers' acceptances continue at the
levels previously current. The inquiry for the best
names was brisk, but the market was not especially
active owing to restricted offerings. Both out of
town and local institutions were in the market. For
call loans against bankers' acceptances the posted
rate of the American Acceptance Council was advanced to 3%, against 2
a week ago. The
Acceptance Council makes the discount rate on prime
bankers' acceptances eligible for purchase by the
Federal Reserve Banks 3% bid and 278 asked for
%
bills running 30 days, 33/% bid and 3% asked for
bills running 60 and 90 days, 3 8 bid and 331 Yo
%
(
For a day or two the present week call money in asked for bills running 120
days and 3%% bid and
this market was quoted at 4%. The prevailing rate 3V% asked for bills running
150 and 180 days..
in the regular loaning channels was 312%,but loans Open market quotations
/
follow:
were said to have been arranged in the so-called outSPOT DELIVERY.
90 Days.
60 Days,
30 Days
side market at 3%. Time money was quiet and un- Prime eligible
IS
314(433
3(4214
31.4(03
changed. Early in the week transactions in stocks
FOR DELIVERY WITHIN THIRTY DAYS.
on the Stock Exchange and elsewhere made smaller Elba, tuber'banks
3 bid
on-member banks
El
314 bid.
daily totals, but later they increased considerably,
so that on Thursday the 2,000,000-share mark wa
here have been no changes this week in Federal
exceeded again. Offerings of new securities Reserve Bank rates. The following
is the schedule
went forward on a larger scale also. In of rates now in effect for
the various classes of paper
some lines of general business greater activity was at the different Reserve
banks:
reported. Still the money market, broadly speaking, DISCOUNT RATES OF FEDERAL RESERVE
BANKS IN EFFECT
JANUARY 30 1925.
did not become more active, or advance, except temporarily, as already indicated.
More European
Paper Maturing—
loans are likely to be offered in this country in the
After 90 After
Days, but
hut
near future. The political situation in Europe is
Within 90 Days.
Within 6 Within
Months Months.
apparently rather more reassuring than a week ago. FEDERAL RESERVE
BANK.
Com'rcial Secured
Political conditions in France and Germany are
Agric't & by U. S. Bankers' Trade Arleta.* Apricot.
Livestock Ogvern't Accep- Accepand
and
about equally unstable, but our bankers think that
Payer
Obliga- tances. lances. Livestock Livestoch
tions.
n.e.s.
Payer. Payer,
the big problems in both countries will be solved, and
Boston
334
3%
334
314
334
3)4
3
3
that they will be justified in offering German and New York
3
a
Philadelphia
334
314
344
314
3%
314
Cleveland
3)4
334
314
French securities in the United States. Unless the Richmond
314
3)4
3)4
4
4
4
4
4
4
Atlanta
4
4
4
4
money market changes by reason of important do- Chicago
4
4
4
4
4
4
4
4
4
4
4
4
mestic developments it is doubtful that the foreign St. Louis
4
4
Minneapolis
4
4
4
4
4
4
4
4
4
4
offerings will affect the local money market. So Kansas City
4
4
Dallas
4
4
4
4
4
4
3)4
3)4
334
3)4
334
great has been the supply of funds that all the hun- San Francisco
334
•Including bankers' acceptances drawn for an agricultural purpose and
dreds of millions of foreign and domestic bonds and by warehouse receipts, 5tc.
stocks that have been placed in this country do not
appear to have lessened the investment demand.
The sterling exchange market failed to maintain
the pace set in the closing days of last week, and the
As to money rates in detail, loans on call have chief characteristic of the week under review has been
covered a range of 3@4%, as against 3@4% a pronounced inactivity. Price movements were irweek ago. On Monday a high point of OA% was regular with the general trend fractionally downward,
quoted, although renewals were negotiated at 3%, although losses were confined to unimportant fracwhich was the low. Tuesday no loans were made tions. At the opening, quotations were strong, deover 4%; the renewal basis, however, moved up to mand touching 4 803' at one time, but thereafter
During the remainder there was a gradual but steady decline until 4 79
4%, while the low was 3
of the week, that is on Wednesday, Thursday and was reached. Now that surplus holdings of sterling
Friday, a flat rate of 332% was quoted, this being have been disposed of, dealers appear to have settled
the high, the low and the ruling figure on each of down to await a definite decision on the part of Great
these three days. Preparations for the Feb. 1 dis- Britain as regards its gold policy.
For the nonce, marked interest in sterling seems
bursements were responsible for the prevailing firmness. For fixed-date maturities also the tendency to have either subsided or been diverted to a certain
was toward slightly higher levels, especially for the sections of the Continental market which showed inlongest periods. Sixty days remained at 33'
2%,and creased activity. The speculative element took very
ninety days at 332@3%%, unchanged; but four, little part in the week's operations and the volume of
five and six months advanced to 3%@4%, against business passing fell to small proportions. Intimida3%70 a week earlier. Offerings were smaller and tions early in the week that the Federal Reserve Board
the market quiet.
would look with favor on the purchase of sterling
Mercantile paper rates continue to be quoted at bills in the open market by the Federal Reserve banks
3M@3%% for four to six months' names of choice aroused considerable attention but had no tangible ef-

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fect on values. Doubt is expressed as to whether buying on a large scale will ever be attempted. Bankers
continue to evince keen interest in the gold outflow
to Australia, which is expected to attain important
proportions. It is said to be due entirely to the
position of exchange and means that the Australian
pound is at a premium.
Referring to the day-to-day rates, sterling exchange
on Saturday last was easier and demand declined to
4 79%@4 803,sable transfers_ to.4 80@4 803/2 and
sixty days t4447%&17T ,4,9
4
3
10ing w as dull and
movements slightly irregular. On Monday there was
a further fractional recession, to 4 79%@4 79% for
demand,4 793'@4 803/s for cable transfers and 4 76%
%
@4 773 for sixty days; no increase in activity was
noted. Price fluctuations were unusually narrow and
the turnover light on Tuesday; the day's range for
demand was 4 79@4 79 8,, for cable transfers 4 793
@4 801 and for sixty days 4 763/@4 77%. Wednes%
2
day's market was a dull affair with trading operations reduced to a minimum; demand was a shade
easier, at 4 79%@4 79%, cable transfers at 4 7932
1
@4 79% and sixty days at 4 76%@4 77%. Dulness
featured transactions on Thursday and quotations
declined fractionally to 4 783/s@4 79% for demand,
%
to 4 791 @4 795 for cable transfers and to 4 76%@
%
4 76% for sixty days. On Friday the undertone was
easy on lack of buying power and demand bills sold
off to 4 78 11-16@4 793,cable transfers to 4 78 15-16
@4 7932, and sixty days to 4 76 3-16@4 76%.
Closing quotations were 4 76% for sixty days, 4 79%
for demand and 4 7932 for cable transfers. Commercial sight bills finished at 4 7938, sixty days at
4 75, ninety days at 4 7432, documents for payment
(sixty days) at 4 7534, and seven-day grain bills
at 4 78%. Cotton and grain for payment finished
at 4 79%.
The bulk of the week's gold exports were- again to
India, with the balance to Australia, divided as follows: The Seaboard National Bank, $500,000; International Acceptance Corporation, $1,000,000; International Banking Corporation, $600,000; Canadian
Bank of Commerce, $1,700,000; Chartered Bank of
India, $2,500,000; Mercantile Bank of India, $325,000; Yokohama Specie Bank, $2,000,000; Handy &
Harmon, $500,000, and the French American Banking Corporation, $50,000---all for India. The Irving Bank-Columbia Trust Co. is shipping $2,800,000,
divided between Europe and the Far East. The
Seaboard National Bank will ship another $700,000
for Australia while the National City Bank has engaged $3,000,000 for shipment to Australia during
the next few weeks. Late engagements announced
yesterday included $1,500,000 for Holland by the
Farmers' Loan & Trust Co., and $150,000 for Venezuela by the National City Bank.

495

moved up from below the 5 cent mark to 5.2234.
although the close was at 5.1734. Among the
favorable factors responsible for the improvement
are the fact that the large profits that have been
realized from the Belgian Congo are to be utilized
for the stabilization of the franc, also the $50,000,000 Belgian loan floated here last month.
Bankers are now inclining to the belief that the
difference in value between French and Belgian
currency has been unwarranted for some time.
Much of the iiiquiry was for foreign account. French
exchange, though less in demand, was well sustained
and •the quotation ruled around 5.40. France's
foreign trade figures are encouraging, but political
affairs are still too unsettled to admit of much enthusiasm over the future of the franc.
Lire were in demand at intervals, and at others
suffered considerable selling pressure. In consequence, price changes were erratic and the range was
wide. At the beginning of the week lire sold at
around 4.11; subsequently, there was an advance to
4.193/, but later on this was followed by a break
2
to 4.13, with the final 4.153. Rumors that the
Italian Government intended active intervertion,
or in other words, actual stabilization of the exchange market, if speculative interests did not
cease their activities, led to a rush to cover short
accounts and were partly responsible for the recovery. Recent dispatches from Italy indicate
that political and financial affairs show some improvement. German and Austrian exchange continue
stationery, at current levels. Of the minor European
currencies, Czechoslovakian crowns were under some
pressure and declined to 2.973/. Greek drachmae
2
were also softer, declining more than 5 points, to
1.68. This is regarded as the result of the temporary
withdrawal of governmental support by the Greek
National Bank, as well as heavy selling against
imports.
The London check rate on Paris closed at 88.60,
against 88.75 last week. In New York sight bills on
the French centre finished at 5.4134, against 5.
403/2;.
cable transfers at 5.4234, against 5.413/; commercial
2
sight bills at 5.4034, against 5.393/2, and commercial
sixty days at 5.35, against 5.3434 a week ago. Antwerp francs closed at 5.153/2 for checks and 5.163/2 for
cable transfers, against 5.103' and 5.113/2 the previous week. Reichsmarks finished the week at 23.81
for both checks and cable transfers, against 23.803/
2
last week. Austrian kronen were not changed from
0.00143. Lire closed at 4.153/ for bankers' sight
2
bills and 4.163/2 for cable transfers. This compares
with 4.123/2 and 4.133 a week earlier. Exchange on
Czechoslovakia finished at 2.97%, against 4.994; on
Bucharest at 0.523/, against 0.52%; on Poland at
8
1934 (unchanged), and on Finland at 2.53 (unchanged). Greek exchange closed at 1.723/2 for
,Indications of a revival of interest in Continental checks and at 1.73 for cable transfers, which comexchange made their appearance for the first time in pares with 1.73 and 1.73% last week.
several weeks and although the market as a whole
was narrow and uninteresting, moderate activity
The former neutral exchanges were dull but steady
was reported in Belgian and Italian currencies. with unimportant rate changes. Guilders remained
Probably the outstanding feature of the week was at close to 40.30, or only 10 points above par. There
the steady lessening of the spread between quotations has been a lessening in the demand and increased inof Antwerp and Paris francs. A short time ago this terest in foreign securities now that the reduction in
differential ran as high as 100 points, whereas, it the Netherlands Bank rate has lowered the return on
has now shrunk to about 20 points. Ever since the Dutch funds. Swiss francs and the Scandinavian
publication of Belgium's 1924 revenues, showing a currencies were quiet at previous levels. Spanish
substantial excess over requirements, Belgian francs pesetas held up well, despite rumors that the Morochave been in active demand and the quotation has can troubles are not yet over, also continued politi al

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unrest. It is claimed that much of the stability is due
to Government restrictions.
•
Bankers' sight on Amsterdam closed at 40.28,
against 40.32; cable transfers at 40.32, against 40.36;
commercial sight bills at 40.22, against 40.24, and
commercial sixty days at 39.86, against 39.90'a week
ago. Swiss francs finished at 19.30 for bankers' sight
bills and at 19.31 for cable transfers. Last week the
close was 19.31 and 19.32. Copenhagen checks
closed at 17.83 and cable remittances at 17.87, against
17.82 and 17.86. Checks on Swedeh finished at
26.913/ and cable transfers at 26.055/, against 26.92
2
and 26.96, while checks on Norway closed at 15.263/2
and cable transfers at 15.303/2, against 15.29 and
15.33 a week earlier. Spanish pesetas finished at
14.32 for checks and at 14.34 for cable transfers.,
This compares with .15.29 and 15.33 the preceding
week.
As to South American quotations, the situation remains essentially the same. Trading was quieter
and rates a shade lower. Argentine checks finished
at 40.14 and cable transfers at 40.19, against 40.26
and 40.31, while Brazilian exchange closed at 11.68
for checks and 11.73 for cable transfers, against 11-88
and 11.93 last week. Chilian exchange was easier
and closed at 11.00, against 11.33, but Peru was
firmer, finishing at 4 12, against 4 08 the week before.
Far Eastern exchange was as follows: Hong Kong,
/
561 8@56%, against 56@563; Shanghai, 76@,77,
against 75%@76%; Yokohama, 385/2@39, against
383/2@39; Manila, 49%@50(unchanged); Singapore,
(unchanged); Bombay, 36M@3634,
563.4@t56
against 36@c3634, and Calcutta, 363/@39% (un2
changed).
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different
countries of the world. We give below a record for
the week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
JAN. 24 1925 TO JAN. 30 1925, INCLUSIVE.
Noon Buying Rate for Cable Transfers in New York.
Value in Untied States Money.

Country and Moneta
Unit.

Jan. 24. Jan. 26. Jan. 27. Jan. 28. Jan. 29, Jan. 30,
EUROPES
4
4
S
S
$
Austria, krone
.000014 .000014 .000014 .000014 .000014 .000014
Belgium, franc
.0510
.0513
.0515
.0522
.0520
.0517
Bulgaria, ley
007333 .007328 .007329 .007325 .007350 .007338
Czechoslovakia. kron .029880 .029783 .029727 .029750 .029746 .029746
.1786
.1786
Denmark, krone
.1786
.1787
.1788
.1787
England, pound ster4.7987
8000
.7971
4.7965
ling
.7953
4.7930
.02.5210 .025188 .025200 .025225 .025220 .025223
Finland, markka
.0540
.0540
.0542
.0539
France, franc
.0541
.0541
.2380
.2380
.2380
Germany,reichsmark• 2380
.2380
.2380
017092 .016936 .016963 .016933 .017044 .017317
Greece, drachma
.4033
4034
.4032
.4033
.4030
Holland, guilder
.4030
000014 .000014 .000014 .000014 .000014 .000014
Hungary, krone
.0413
.0419
.0418
0412
.0411
Italy. lira
.0416
.1532
.1533
.1531
1533
Norway, krone
.1531
.1529
.1918
.1917
.1917
1918
.1917
Poland, zloty
.1918
.0487
.0488
.0485
.0486
.0490
Portugal, escudo
.0490
005233 .005218 .005239 .005219 .005121 .005189
Rumania,leu
.1432
.1426
.1428
1427
.1431
Spain, peseta
.1432
.2695
.2694
.2644
.2695
.2695
Sweden, krona
.2695
.1930
.1930
.1931
.1930
Switzerland. franc_ _ _ .1932
.1930
.016304 .016359 .016410 .016389 .016340 .016339
Yugoslavia, dinar
ASIAChina.7758
.7725
.7729
.7792
.7808
Cheefoo, tad
.7792
.7791
.7759
.7784
.7731
.7734
Hankow,tael
7794
.7468
.7545
.7573
.7530
.7534
Shanghai, tool
7534
.7854
.7833
.7892
.7829
Tientsin, tool
7900
.7892
.5561
.5555
.4474
.5573
.5550
Hong Kong, dollar_ .5546
.5556
.5552
.5550
.5596
Mexican, dollar_
.5550
.5575
Tientsin or Pelyang
.5596
.5596
.5658
.5583
dollar
5546
.5608
.5683
.5713
.5675
Yuan. dollar
.5671
5667
.5713
.3589
.3587
.3584
India. rupee
.3581
.3577
.3581
.3850
Japan, yen
.3851
.3852
.3851
3851
.3851
.5550
.5550
Singapore(S.S.),dollar .5546
.5550
.5546
.5546
NORTH AMER.
Canada, dollar
.997832 .997949 .998635 .999279 .999463 .999568
Cuba. peso
999688 .999688 .999609 .999609 .999643 .999710
Mexico, peso
489000 .489417 .489167 .488583 .489167 .489583
Newfoundland, dolls .995156 .995521 .996146 996667 .997083 996979
SOUTH AMER.
Argentina. Peso (gold) .9126
.9134
.9135
.9131
.9131
.9130
Brazil, mitrels
.1152
.1151
.1172
.1176
.1175
.1160
Chile. peso (payed_ _ _ .1123
.1129
.1129
.1130
.1129
.1129
Uruguay_ DINO
Anus
ARIA
0898
.9884
.9849
.01215
•The new reichsmark is equivalent to 1 rentenmark or 1 trillion paper marks.

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[Vol,. 120.

The New York Clearkg House banks, in their
operations with.interior banking institutions, have
gained $2,694,270 net in cash as a result of the currency movements for the week ended Jan. 29.
Their receipts from the interior have aggregated
$3,861,166, while the shipments have reached $1,166,896, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.

1Veek Ending January 29.

Into
Banks.

I

43.861,166 -

auks'interior movement

Oslo!
Banks.

Gain or Loss
to Banks.

d1,166,896 Gain 42,694,270

As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday, Monday,
Jan. 24. Jan. 26.

Tuesday, 1Wednescry, Thursday, Friday,
Jan. 27. Jan. 28. Jan. 29. Jan. 30.

Aggregate
for Week.

4
S
4
S
4
S
4
68.000,000 82.000.000 68.000.000 63.000,000 80.000.000 64.000.000 Cr. 425,000.000
Note.
-The foregoing heavy credits 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:
Jan. 30 1925.

Jan. 31 1924.

Banks o
Gold.

Silver.

Total.

I

Gold.

Silver.

Total.

£
£
£
C
1
£
I
128,569.595 128.078.997
England -128,589,595
128,078,997
France a__ 147,249.162 12,160,000 159,409,162 147,062.182 11.880.000158,942.182
Germany c 30,724,250 d994,600 31,718,850 28,391,150 3.475,400 31,866,550
b
Aus.-Hun_ b2.000,000
b2,000,000 b2,000,000
b
b2,000,000
_
Spain - 101.430,000 26,158,000127,588,000101,106,000 26,102,000127,208,000
35,583,000 3,374,000 38,957,000, 35,551,000 3,415,000 38,966,000
Italy
Netheri'ds 42,043,000 1.175,000 43,218,000 48,480,000
689,000 49,169,000
Nat. Beig_ 10,890,000 2,959,000 13,849,000 10,819,000 3.097,000 13,916.000
Switzland 20.230,000 3.583,000 23,813.000 21,483,000 3,474,000 24.957,000
13,057,000 15,095,000
Sweden__ 13,057,000
15,095,000
Denmark. 11.640,000 1,154,000 12,794.004 11,643,000
353,000 11.996,000
8,180,000l 8,182,000
Norway - 8.180,000,
8,182,000
---- --,e07 557,8141,529 52,485,400„
------ --, , - -.a ,
weeTotal week
.
M
v04)04)1 R67 166, RAO 004 59 108 100010.086.304
Prey week cc() F134.71I8 61
Gold holdings of the Bank of France this year are exclusive of £74,572,836
held abroad. b No recent figures. c Gold holdings of the Bank of Germany this
year are exclusive of £11,531,600 held abroad. d As of Oct. 7 1924.

France and the American Debt.
Premier Herrioes long-awaited statement regarding the French debt, made in the Chamber of Deputies on Wednesday, cannot be said to have advanced
the settlement of the debt issue very much. It is
gratifying to know from M. Herriot himself that
France has no thought of repudiating its debts, and
his statement will doubtless help to allay anxiety on
that point, but when or how or to what extent the
war loans are to be repaid, M. Herriot did not say.
The French Premier is evidently in accord with those
who think that France is entitled to concessions in
the matter of its war debts, because of the sacrifices
which it made and the common effort of which it was
a part, and in this respect his attitude probably reflects pretty accurately the attitude of the French
people, but precisely what in his estimation the concessions ought to be we do not yet know. If one may
judge by the subsequent proceedings in the Chamber,
M. Herriot was thinking more of national security
than he was of the American debt when he spoke, and
for reasons which he did not then disclose he preferred to leave further discussion of the debt until
later. National psychology, however, is quite as important in politics as are facts or figures, and now
that we know the French point of view regarding the
obligation of the debt, and have again been sharply

JA.w. 31 1925.]

THE CHRONICLE

reminded that the French nation does not feel secure,
it is possible to consider sympathetically some of the
general aspects of the debt question.
The only definite suggestions which have lately
been broughtforward on the part of France for treating the debt problem are those contained in the memorandum prepared by M. Clementel, the French Minister of Finances, at the beginning of January. The
text of the memorandum has not been made public in
this country, and there appears to have been some
doubt as to whether the memorandum was, in the
strict sense, official. Whatever its official standing,
however, the memorandum was carefully examined
at Washington, and some correspondence in relation
to it appears to have taken place. According to press
accounts of what the memorandum contained, M.
Clementel suggested a settlement of the debt question
on the basis of a ten-year moratorium, payment by
installments over eighty years beginning with 1935,
with increases in the amount of the annual payments
for each successive period of twenty years, and the
/
reduction of interest to 1 2 of 1%.
If the particular figures just mentioned are disregarded, as essentially matters of detail, none of
M. Clementel's suggestions seems to be open to objection on any ground of principle. The moratorium,
it was explained, was made necessary by the inability of France to begin payments at once, and by uncertainty as to how long or how well the Dawes plan
may work. The spread of payments over a long period of years, with increased annual payments from
time to time as the total amount of the debt is reduced,is similar to the arrangement made with Great
Britain in June 1923, as is the suggestion of a lower
rate of interest than was agreed upon when the loans
were made. If the official French proposal, when
one is submitted, is found to embody the substance
of the Clementel suggestions, an agreement in prin•ciple on these three points would apparently be easy
to reach.
None of these suggestions, on the other hand, deals
with the question of how much France shall be asked
to pay, or on what grounds a reduction of the present
face value of the debt ought to be made. It is at
these points in particular that public discussion in
the two countries, within and without Government
circles, has suffered somewhat from confused argument and contradictory allegations of fact. Senator
Borah,for example, in the very able speech which he
delivered on Jan. 22, called particular attention to
the territorial and economic gains which have accrued to France through the recovery of Alsace and
Lorraine and the control of the Saar mines. The
point was well taken, for such gains have a bearing
upon the ability of France to pay. Senator Borah
also cited the share which France has received of the
approximately 26,000,000,000 gold marks which, according to the American Institute of Economics, Germany has paid in reparations. M. Dubois, on the
other hand, speaking in the Chamber of Deputies
with the authority of a former Chairman of the Reparations Commission, estimated the value of the
Saar mines at only 300,00,0000 gold marks, or about
one-half of the lowest estimate given by Senator Borah, and further pointed out that the Reparations
Commission, down to August last, had credited Germany with only 8,425,000,000 gold marks, of which
5,732,000,000 gold marks represented the costs of the
army of occupation and of advances of coal under the
Spa agreement.

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497

These are illustrations of the disputed questions
which will have to be straightened out before a debt
agreement can be reached. Their treatment is complicated, moreover, by the widespread feeling in
France that the payment of the war loans is inseparable from the question of reparations, and by the
difficulty of paying the United States without also
paying Great Britain. M.Dubois, who estimated the
total receipts of France under the Dawes plan at
only 15,000,000,000 gold marks, pointed out that the
combined debt of France to Great Britain and the
United States was about 27,000,000,000 gold marks,
so that even if the Dawes plan worked without interruption or default, the receipts from reparations
would cover only a little more than half of the American and British obligations, and leave nothing for
the costs of reconstruction.
In this maze of conflicting claims and opposing
statements certain things should be kept clear. Neither the Government nor the people of the United
States have ever been in the least disposed to drive a
hard bargain with France, and they are not disposed
to do so now. They do not insist upon terms which
cannot reasonably be met, nor have they yet, in the
absence of definite proposals from France, so much
as considered terms of any sort. They do not forget
the sacrifices of France in the war, or the good account which it gave of itself when put to the test. If
persistent appeals by French statesmen and the
French press to Allied solidarity, common effort in
a common cause, or patriotic sentiment and duty
arouse misgivings and even irritation in this country, as unfortunately they do, or if some of those who
speak for France appear sometimes to forget that
the United States contributed largely to the daily
necessities of the French people from the beginning
to the end of the war, the fundamental feeling is still
one of friendliness, consideration and good-will. The
two nations are still friends; let us hope that they
will always remain such.
The guiding principle in the treatment of the
French debt is of course the ability of France to pay.
If the whole amount of the debt, principal and interest, at the face value which it had when it was contracted, cannot be paid, it is for France to pay what
it can, and on such terms as it finds possible. The
determination of how much can be paid, and how, is
to be reached only by taking all the factors into the
account Tithe ability of France to pay depends in
part upon the receipts from German reparations,
then the amount fairly to be anticipated from that
source ought by all means to be given consideration.
On the other hand, if the resources of France, due to
territorial or other gains resulting from i he war, are
materially greater than they were when the war
loans were made, some portion of the increase at
least may fairly be set off against an anticipated
deficit in receipts from reparations, bearing in mind
that the gains of France represent in the main a corresponding German loss. The United States has
made known clearly its opposition to any pooling of
the Allied debts, and the French settlement with
Great Britain is obviously a matter in which the
United States cannot participate, but the fact that
the United States is not the only creditor with which
France has to reckon, and that large loans by France
to its allies have not yet been repaid, is entitled to be
weighed.
None of these matters can be adjusted, however,
as long as the debt issue is treated chiefly as a mat-

498

THE CHRONICLE

ter of sentiment or made a field for oratorical display. Such agitation of the public mind as has been
witnessed in this country and France during the
past week or ten days serves no useful purpose, but
only distorts the issue and hinders a sober and sympathetic judgment. M. Herriot's political position
is difficult, and while he is officially the mouthpiece
of France, public opinion in France is not politically
of one mind, and the settlement of the debt is a political question in France as well as a financial or a
moral one. It would be a pity if anything were done
or said in this country that should imperil M. Herriot's position or impede the realization of his good
intentions. The welfare of both countries will be
served, however, by the early submission of a proposal which can serve as a basis for official discussion of the debt situation, and for any such proposal,
whatever its terms, there is assurance in advance of
careful and generous consideration at Washington.
But no greater mistake could be made than to attempt indefinite postponement. This was made clear
yesterday by President Coolidge in the reply he made
to the statement of the new French Ambassador that
the "material debts" of nations must be paid as well
as their debts of gratitude.

[VOL..120.

through the slow method of each industry saving
where it can. In practical contact the grooving process becomes the concern of two or more industries;
and progress must arise from natural harmony of effort established by experience and mutual agreement.
Standardization of processes and products if carried too far. cramps the flexibility of industries to
meet individual conditions. Co-ordinations are the
result of natural betterments when these conduce to
practical efficiency. They cannot arise from any outside supervision. They are not the result of agreements, but agreements are the result of natural
unity. The subject of "waste," as we have said, is
not new to industry. This saving is going on all the
time, and can little be hastened by Governmental aid.
The Department of Commerce acting as a clearing
house for ideas cannot be supposed to have more influence than industrial associations considering their
own affairs, but it may well, we think, point out
where abrasions and losses occur and suggest plans
for voluntary "getting together" conferences between
closely allied and associated industries. Turning
the mind of industry intensively to the general problem may hasten lagging means.and thus contribute
to the massed saving that will come therefrom. But
there is "waste" always in too rapidly abandoning
old methods for new. In all nature growth is silent.
The Social Side of "Waste."
In his recent report, devoted largely to the need of And in nature there is never any waste, though there
a campaign for the "nation-wide elimination of is seeming destruction and decay everywhere.
What we have in mind to consider now is not the
waste," Secretary Hoover says: "We have the highest ingenuity and efficiency in the operation of our various and varying features of this large and imporindustry and commerce of any nation in the world. tant subject, but a phase of "waste" that comes after
Yet our economic machine is far from perfect. There the fact of industrial economy and efficiency. We
are wastes which arise from widespread unemploy- plunge into this by asking the question of what use
ment during depressions, and from speculation and to save these wastes enumerated without considering
over-production in booms, wastes attributable to the "waste" of social life which follows? Why all
labor turnover and the stress of labor conflicts, these means to increase production and better human
wastes due to intermittent•and seasonal production, life unless life itself in its conduct rightly saves the
as in the coal and construction industries, vast benefits? Of what use, in a word, to save merely to
wastes from strictures in commerce due to inade- spend? Admitting that all these proposed economic
quate transportation, such as the lack of sufficient savings fall back to increase wages and thus sustain
terminals, wastes caused by excessive variations in higher standards of living, of what avail unless ecoproducts, wastes in materials, arising from lack of nomics shall control the social result? And we refer
efficient processes, wastes by fire, and wastes in to the economics of personal and social economy.
human life." This general enumeration is an argu- Work is not all of life. Work is not all of the means •
ment in itself. But it must be acknowledged that in by which we live, when we do live under a rational
all these "wastes" there is constant and well-defined philosophy of life. Happiness is an essential aim
checks going on all the time. The two great indus- and end of living, but we can "waste" our "subtries, refining oils and packing meats, have long stance" in idle living. Comfort and competency are
been saving the by-products, and success and profits requisites of right social living, but we can waste the
of business are largely due directly to this fact. And soul in apathy and content. We are not merely sayit may be said that all industry recognizes the neces- ing there can be waste in everything, we are trying to
suggest thatsocial saving is asimportant as economic,
sity of eliminating waste.
Mr. Hoover, however,in his department work, does and unless practiced may neutralize the former.
Let us take "labor" for an example. Much has
not advocate Government control in this behalf, not
co-ordination, but merely voluntary been said of the extravagances induced by high
even enforced
co-operation. Yet it is possible to carry "standard- wages. Yet it may show the duty of frugal, moderate
ization" too far. Industry left to its natural evolu- and temperate living, to point out that economic
tion is fast solving this problem. Economy is always saving in process and product, in order to pay high
a part of efficiency. And efficiency takes up the wages, in order to lift up the standard of living, is
slack wherever it may occur. Where industries over- lost, is itself waste, when the beneficiary squanders
lap, or where one feeds another, the natural tendency the wage in profligate pleasure. There is a differis to serve in time, product and performance. Noth- ence between economic saving before and after the
ing but good can come from popular consideration fact. Wage becomes a drain upon wealth when the
of the many problems involved in this vital matter. saving is not a social duty. To tell a workingman
Good may come from Government acting as an inter- that his mode of personal living, when extravagant,
mediary to induce consideration and planning. But destroys the capital that employs labor, will in many
it is hardly possible, and probably not practical, to cases astonish him. He has been taught a false
formulate processes and policies for a single indus- philosophy that spending "puts money in circulatry, without voluntary co-ordination of two induced tion." He has been taught that it is his social right,

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JAN. 31 1925.]

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499

regardless,of circumstances, to have as much enjoy- is possible, but let not this be the result of conjecture,
ment, so-called, as his employer. It is true, how- rather of experience, still there looms before us a
ever, that spending needlessly contributes to the de- mightier question—that of saving the "waste" in
crease of capital and contributes to his own downfall. lives that try to gather the roses without thought of
Just as inordinate wages sap the strength of capital the morrow, that battle and boom and borrow reso careless living and idle diversions take away the gardless of those who, though they gain the heritage
reinvestment that industry must have to sustain it- of our "civilization," will also pay for our riotous
self. Verily, it is true that we all go up or go down living.
together.
The Secretary's report will awaken thought—and
Comparative Values in Poverty and
much of the thought will be directed to the saving
Affluence.
of waste in "human life." There will be reiteration
A popular writer, Dr. Frank Crane, in "Liberty,"
of the fact that the human side of "waste" must be discourses on the privileges of poverty. Most men
curtailed. Child labor will be offered as an example will aver, at least, that the state,of poverty is easily
of human waste; likewise the speeding-up of ever- attained. Whether the privileges are duly appreincreasing machinery, making the man a part of the ciated will depend upon the man. Poverty itself as a
machine. It will be shown that insanitary condi- privilege is often more honored in the breach than
tions, excessive hours, and "low wages" slowly but the observance. Carnegie believed it was a disgrace
surely enervate the employee—and that the first to die rich and gave away his wealth for beneficent
duty of the employer, who would be humane and purposes—all save a few millions which he bewho would preserve our civilization, is to the wel- queathed to his heirs. These "millions" would be
fare of the workingman before he considers profits magnificent riches to the majority of persons. Burns
—and some will go so far as to say that when this drew a poignant picture of poverty in his "Cotter's
"welfare," an indeterminate quantity, though it be, Saturday Night," and an inspiring one. Contradiccannot be ensured according to the standards set tions at once appear. Having escaped poverty in his
down by labor unions then the industry ought to early life by hard work and enterprise, the steel
cease. But if we were to admit all this, what shall maker and magnate, in his old age, sought to escape
we say of the toiler who demands the same appoint- riches. The simple cotter by meditation and prayer
ments in life as the very rich and is willing to spend sought spiritual escape from his surroundings, askto the last farthing of his earnings in order to attain ing neither material wealth nor poverty. As a rule
this asserted bliss? If such a thing were possible men do not desire to die poor, though they all do. At
the only sure result would be the erosion of the very this point an old saying always comes to mind:
industry itself to the vanishing point. We know "There are no pockets in shrouds." Poverty as a
that our savings banks' increases in deposits will be spur to endeavor, wealth as a trust, these are philooffered as proof that there is already a great saving. sophic tenets of to-day. Between striving for riches
Also, there are wage scales that cannot endure— and administering them according to their evident
wages born and bred of war conditions, wages which intent there is a golden mean. To this goal thought
Mr. Gompers stated at the last annual meeting of may turn, though the complete answer to life is not
the American Federation of Labor, they will fight to found in comparative possessions. There have been
the last ditch to maintain. We are not denying that societies devoted to the maintenance of poverty, and
employees are saving. We are not discussing proper some still remain. There are multi-millionaires, as
wage levels at this time. We do not assert the mani- we name them, who are held up as leading lights to
fest "high living" is peculiar to wage earners—it is a the generations of men. Neither the secluded monk
part of the social conditions of the times. We do nor the sated millionaire are in themselves examples
seek to impress the fact that economic saving of to follow. Each is a zealot in his own way. Com"
waste" on the part of capital in so far as it is for the plete renunciation of this world's goods is not more
benefit of the wage earner must be met on his part to be followed than complete subjection to its reby a saving in the orderliness and frugality of the wards. One may escape many things in poverty,
social life or the one saving will be, in economics, more of them in wealth. But"escape" is not the purneutralized by the subsequent "waste."
pose of life, rather the fullness thereof, despite both
Nor do we assert a duty here for employees and poverty and riches.
employers alone. It is a general duty, a duty for
What is it a man can enjoy in poverty that he caneveryone. All labor and all industry, or capital, are not in affluence? They tell us there is a disciplinary
in effect for the individual and social sustenance of virtue in being poor. But frugality and temperance
the man. All for each, each for all, this is the law. do not presuppose there is no wherewithal with
Why stop all the wastes in the industrial life, and which to enjoy. Quite the contrary. Frugality and
give no regard to the waste in the social life? We temperance are the wise use of that which is good
say often we work to maintain civilization. Do we and produces good. A man may be profligate in
live for civilization? Do we use,in to-day, our credit poverty, and many are. They spend in idle pleasure
power as communities, with full justice to to-mor- the little they have. A taste for the fleshpots of the
row? Do we need all the things we produce in such world seems to produce a desire for more. It apamazing abundance? Do we buy and sell the things pears, by some hidden process of reasoning, that the
that constitute our commerce carefully, studiously, rich have too much. What a gorgeous time a man
with our thought fixed upon the benefits we derive might have with a million! And yet the rich man,
therefrom, or do our wants ever increase, making being of the same nature as the poor man, must bring
us the slaves of customs and manners that destroy to bear, in point of self-discipline, a greater pressure
our liberties, our independence, and our content- in order to hold his tastes and desires in check. The
ment? Do we save in the material plane that we rich man who reasons soon arrives at responsibility.
may spend in the spiritual? Let there be all the nat- His creature comforts are no more necessities, are no
ural co-ordination and co-operation in industry that greater in number, than those of the poor man. The

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latter may not be able to procure them, but he does course, sentimentally it is a misfortune to be born
not have to worry over the excess. Many of the fine rich—but only when the recipient of an estate is too
charities and benevolences that suggest themselves indolent and ambitionless and improvident to care
to the rich and cause some well-reasoned renuncia- for and improve it. Work is a law of life regardless
tion he does not consider—they are foreign to his of riches.
powers. And just here arises the question that must
One of the privileges enumerated in behalf of povbe put to every envious poor man: Do you desire erty is that it enables a man to know his true friends.
abundant wealth that you may bestow it on others? This is one of the common fallacies attending the
Do you scheme and plan and work for the fabled mil- state. It arises from the fact that fair-weather
lion in order to give away its increase, or do you friends who bask in the reflected sunlight of wealth
envy the rich man his wealth merely as a possession fall away and disappear when riches depart. In
which would give you much pleasure?
absolute poverty, it is not pleasant to say, man has
All Utopias have golden streets. If life is for ser- no friends. Benefactors erect asylums and homes for
vice, then it matters not whether a man be rich or him, but they are not friends. Even his associates
poor. No one would wish a man to be poor. But the are not true friends, for though a tramp will share a
philosopher will not wish all men to be rich. Yet crust with his pal, he has no respect for him. To say
just this is what the dreamers of the world are wish- that the rich man has no friends is to libel the very
ing. It has been shown that total wealth divided by riches all men strive for. Some of the most loyal
total population, measured in dollars and aggregated friends to be found are the poor attendants and assoin physical possessions, would only make all men ciates of the very rich. But beyond this—what is
poor. What the Socialist really wants in his State there in wealth to make one rich man the friend of
ownership of property is an equality on a high level. another?
Does he love the dollars or the man?
He would have each man own and enjoy as much as Coming down to the moderately rich, or better, the
the very rich man has who in fact cannot use it all well-to-do, we see the fallacy of this common statefor his own benefit, and using it in trade and benev- ment. Here the common level permits of that daily
olence must benefit others whether he consciously social intercourse that develops friendship. Friendwills it so or not. So, then, neither discipline nor ship is a priceless blessing but utterly independent
unlimited pleasure follows righteous living. The in essence of the states of poverty or affluence. If
poor man and the rich quickly reach the same stern rich men have friends it is almost infallibly true that
bar to indulgence. It is not denied that extreme pov- riches has nothing to do with it; and though a certain
erty is unpleasant, is a weight that depresses, is a isolation clings to the estate of the rich caused by
handicap to effort. Poverty is a relative term. It incessant work and inescapable responsibility it does
is a condition that is never stationary. And while not dry up the heart and does broaden the feeling of
there are pains and penalties, there are also pleasures human sympathy which takes form in benefactions.
of overcoming. The rich man may not have these in Is there less envy, a companion if not a producer of
quite the same sense, for he passes the point where malice, in Main Street than Wall?
wealth can buy any more personal pleasure, and his
Frugality is not poverty, thrift is not riches. Iron
overcoming is of obstacles to the growth and exercise money as big as cart wheels was introduced into
of power. In fact, the rich and poor, counting that Sparta to make men see the folly of loving money
life is service, are not far apart. And the poor man rather than what it will bring. Nor does mere povmay be nearer the goal than the rich.
erty make man sensible of the value of riches. The
To be poor is not a disgrace, but it is very embar- "beggar on horseback" is a familiar example. Neirassing. One of the ways of looking at poverty is ther poverty nor affluence is the aim or end. Rather
that it is a "goad" that forces the young man to rise that "glorious spirit of independence" which enables
in the scale of social or civilized life. This is attribu- man to overcome both. There are various kinds of
ting a virtue to a condition which has it not. It is riches—knowledge, kindliness, love, good-will. Those
the law of nature that work sustains life—ordered who from the depths of want look upon palaces and
thoughtful, applied, work. A savage with his stone power with a lustful eye are doubly poor in that they
axe worked, it remained for civilization to produce do not see the unending riches of the spirit. But in
the "tramp" who begs at every back door. Even a comparing lots in this world it is forgotten by many
bum will work at intervals. This condition of pov- that the responsibility of great wealth tends to preerty is enervating in itself. There is no "urge" in it. vent the rich man from pursuing paths of knowledge
Acquisition is the law of development, quite another and love. Instead of the comparative poor man being
thing. Poor or rich are distinctions we apply to bound in the chains of penury his spirit is free to
states or conditions of life. Men who are clamoring aspire to the beauty of the universe and the glory of
for Government to work for them are praying for a devotionate living. Thus it is that the rich are often
state of poverty, believing it to be a state of riches. poor, and the poor rich. But man is so constituted
In fact, they are praying they may never become or that toil is his deliverance and property his safebe Astors, Vanderbilts, Carnegies, Rockefellers, or guard. The dream of "economic equality" is not
Fords. Poverty did not spur these men into action what the unfortunate postulate—an equal division of
that continued until it resulted in great fortunes. Or the present accomplishments of mankind. Economic
if it did there is little hope for the majority of those equality already exists. If a man have not lands,
who work. It is work plus an innate acquisitiveness, houses, factories, ships and cars, gold and goods, he
plus a genius for the projection and organization of may have within him the undying riches of the soul.
industrial enterprises that produces vast fortunes. The true economic equality is in freedom and opporPoverty in youth has little or nothing to do with it. tunity. Riches in the last analysis only increase
Moreover, if poverty is an infallible force behind these, but at the cost sometimes of spiritual poverty.
work and thought that make great men, then a lifeWe could not have the "poor with us always" withtime devoted to accumulation to leave to heirs and to out the rich. The social order is better for the consmooth the pathway for loved ones is wrong. Of trast. The dead level of mediocrity no one can con-

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template with satisfaction. Ambition outruns itself,
but emulation educates. Counting the possibilities
of material development of earth's resources each
generation is born poor. Yet what marvelous attainments we witness on every hand. There are continents uncultivated, there are peoples uneducated,
there are achievements unassimiliated. And despite
all the rich men of the world, it is admitted the poor
young man has more opportunities to rise to affluence and to conquer circumstance than ever before.
No gain, however, would result from depriving the
present rich of their possessions, possessions that in
another generation or two will prove paltry enough.
They are short-sighted who contrast unduly the rich
and poor of to-day. Others will come into the world
bringing nothing with them, who will become "big
rich" without depriving anyone. Poor men who
listen to get-rich-quick fables by means of Governmental patrimony are but impoverishing the future
generations. No law, no Government can bestow
wealth in gold and goods—and if it could no spiritual
essence could attach thereto. That is wealth which
man achieves out of his own toil and thought. And
thus the commoner things of wealth to one may only
denote his spiritual poverty.
As indicated, what the world needs is the new view
of wealth coupled with a new view of poverty. Each
is a commonplace condition of the law of toil and
service that environs man. When wealth and its
opposite are seen in their proper light and relation
there will be no antagonism between the two. When
riches and their absence are rightly appreciated there
will be no class distinctions that create envy and
discontent. It is true that human nature still is far
from this perfection. But one thing is apparent—
though men envy and even covet material wealth
they admire wisdom and love. The man who gives
of his great possessions to enduring institutions is
no longer decried by the masses. Already the comparative value of the material and spiritual wealth
is taking hold on the common mind. Men who give
away fortunes, though unconsciously, are teaching
others to be contented with a competency. For, shall
a poor man slave out his life only to give away his socalled undue share of the "social surplus" to the succeeding poor? When the poor realize the golden
mean between owning nothing and owning all there
will be lesss longing for the mere fleshpots of owner.
ship and more contentment in the toil that satisfies
while it serves.

501

ments of war have not only changed of late, they have
swept aside the former ones with a completeness
not unlike that with which gunpowder displaced the
bow and arrow. We have only to see what those instruments are as set forth by the men who are fashioning and preparing to use them, and then to learn
what will be the inevitable and almost immediate
effect.
Standing armies, many and powerful submarines
and numerous highly developed aeroplanes as the
chief instruments of war now receive the most attention. Of these the aeroplane as carrying the combat into an entirely new element is the newest and
least understood. It has so rapidly proved its value
for regular, trustworthy, swift and long-distance
transportation even of very considerable loads, and
that with small expense, and readiness for prompt
action, that its place in the daily business of the
world is already assured. Its improvement as a
vehicle of transportation, whether in its capacity or
its power, its safety or its control, is as sure as has
been that of the locomotive or the motor. Men whose
opinion must be respected, like Lord Thomson, say
that its use in any future war will be commanding
and may easily be decisive; and this opinion may be
accepted without demanding details.
It serves to fix attention upon another instrument
of destruction with which it would be intimately connected. Poison gas has proved itself so deadly, so
widely effective, that there seems to be no reason to
doubt it capable of a development which is now inconceivable, but which would render it deadly to
every living creature within an area of many miles
and which will cast all other instruments of warfare
into the shade. Sent in shells from guns small and
great to expand above or roll along and penetrate
the ground, it has taken on forms which have made it
practically irresistible. It is now found possible to
link it up with the aeroplane. Transported swiftly,
dropped with precision even from inaccessible
heights it may be used in a mass that would obliterate not armies singly, but great cities. Airmen in
any country in the world will have to accept this as
the inevitable task laid upon them in the next war,
should war occur.
Happily, there is no outstanding instance of this
as having occurred, but the terrible effect of the
explosive bomb when thrown upon a city may be
learned in London or Paris, or still more horribly, in
Bucharest, of which little has been said, but where
persistent bombing of an unfortified city for weeks
The Aeroplane, the Gas Bomb and War.
was maintained.
The presence here of General Lord Thomson, the
If anyone would know what havoc poisonous or
British Secretary of State for Air, calls attention to noxious gas can work even when used in its earlier
some questions of great importance to the public, forms, as in the late war, it is well to turn to a book
concerning which the facts, especially in their inter- from the press of E. P. Dutton & Co. having the enrelations, are not generally known.
dorsement of both Marshal Foch and Field Marshal
"War to end war" is about as valuable as "the Sir Henry Wilson.* It starts with the statement
hair of the dog that bit you," as a remedial measure; that compared with 1914 the methods and materials
or if it is to be upheld by the Rimilia Stimilibus of the of war in 1918 "reveal changes which a hundred
doctors it would have to be administered in such ho- years of former peace could not have brought about."
meopathic doses as would certainly prove imprac- The "crux of all disarmament" is poison gas, or chemticable. The difficulty of securing anything like ical warfare. As developed during the war by Gerthe universal disarmament now under discussion many it had behind it the Interessen Gemeinschaft,
shows that the idea of the resort to force as at least the combined organization of all chemical factories
the ultimate appeal is not displaced. Before that in Germany. The first attack was in April 1915 on
end can be attained much groundwork will have to the French at Ypres with asphyxiating gas. The
be done and much information to be disseminated. whole division was rendered practically incapable of
Chiefly what war means whenever and wherever it *"The
Riddle of the Rhine." by Victor Leiebure, a Chemist and Military
next occurs needs to be understood. The instru- Authority of Distinction.

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[vol.. 120.

any action. The smoke and fumes hid everything Generally this is imperative, it diminishes the
from eight and hundreds of men were thrown into a chance of failure, shortens the war and usually recomatose or dying condition. Within an hour the duces the sacrifice of life and property. Modern inwhole position had to be abandoni d, together with struments of war all contribute to this result. What,
about 50 guns. The military comment is that the ever may be charged against them, one or all, on the
enemy "just missed a colossal success." "Had the ground of destructiveness or cruelty is beside the
German military realized what had happened they mark. That pertains to the question of war itself.
might have broken through to the Channel ports." When war was a personal combat for gentlemanly
General Kitchener had to content himcelf with point- purposes, like a duel, or for the entertainment of
ing out that Germany was a signatory to the article princes and the people, like a bull-fight, there might
in The Hague Convention: "The contracting Pow- be prescribed regulations, but that has ceased to be
ers agree to abstain from the use of projectiles, the the case. To-day it can have but one aim, and when
object of which is the diffusion of asphyxiating or any warlike device gives promise of special value for
deleterious gases." Work had been going on in Ger- the purpose of war it will be made use of until some
many in the preparation of the gases since the first more destructive and deadly instrument supersedes
days of the war, and with such pressure of haste that it.
As Lord Thomson said in a recent address, we do
individual men had lost their lives in the research
not hate war because such instruments are used, but
laboratories.
The second attack occurred two days later on the because it is war. Because our feelings are shocked
Canadians with similar effect; and the use and de- by accounts of war, or because we hate war in every
velopment of the gases was taken up on both sides. form, we must concentrate our efforts on making
Tear gas was used at Loos early in the same year war impossible, but until that is accomplished we
and lethal gas and flame projectors appeared by must recognize its inevitable character and certain
July, as did phosgene of high concentration in De- results.
Attention to-day centres on the aeroplane and gas
cember, when previous warning saved 35,000 British
troops from "what would have been high casualties." as the two new instruments which have such cerSo great were the difficulties of preparation that tainty of effectiveness that they are likely to superthe real British offense did not begin until July 1916, sede all others, or at least to make all others secwhen something like "unparalleled slaughter" among ondary. Defense, to be effective, will call for counthe enemy was reported. The effect was reported ter attack in similar form. The airship which will
"10 kilometres back, and vegetation was burned to a carry aeroplanes and material of war will give indepth of 8 kilometres." The delayed effects were so creased scope of action and, according to present inserious that it was reported "this invisible and peril- dications, war will be largely in the air.
All this means, as the highest military autfiorities
oils spectre of the air threatens and lies in wait on
all roads leading to the front."
are saying,that the impact of war,swift and destrucBeginning with the Allied loss of over 5,000 men tive, should it occur, will be upon the community
killed in the first German gas attack, development rather than on the army. People at large need to unof the new method advanced on both sides the line derstand that in the very next war destructive deuntil the invention of the Livens Projector gave the vices possibly even more deadly than those now
British great advantage and loss was heavy for both. known, will inevitably be employed, and that presMustard gas caused terrible distress by the autumn sure of public opinion among the nations directed
of 1917 and continued in use as the chief offensive in against all war and in favor of universal disarmathe disastrous German attack of March 1918. By ment is the only available course. Until that is
the middle of the year a gas projector had been de- made effective, and to give time and weight to pubvised by the Germans which would have proved dead- lic opinion, the duty of those who are charged with
liest of all. The importance of gas as a weapon is the protection of the State is to understand the
witnessed in the fact that as high as 50% of the am- meaning and form of possible attack and be premunition in the German dumps was of gas shells and pared to meet it.
President Coolidge has placed himself on the side
that although the production of mustard gas alone
reached almost 1,000 tons a month that was found of those who would get rid of war, and in favor of
any step that will help to bring about that result.
inadequate.
We can follow the story no further. This is suffi- Dwelling on the horrors of poison gas and the bombcient to show that gas as a weapon of war has come ing of towns does not take the place of supporting
to stay; that its destructive power is capable of far the President in every efort that may serve to eradigreater development, as its method of use will also cate the possibility of war. To attempt to "outlaw"
become more accurate and prevailing. Its produc- war, however, is chimerical, for the endeavor to ention, and therefore its availability for adequate em- force decrees of outlawing would itself mean perployment by any nation, depends on the size and effi- petual warfare and would also involve resort to the
ciency of its chemical factories, and also upon the use of the same destructive and abhorrent instrunew range given to its use by long-range guns, and mentalities that the outlaw himself might employ
more particularly by aeroplanes. It will be both so as to make sure of overcoming him.
more surely lethal and more extensively and comBusiness Failures in 1924.
pletely destructive.
The year just closed proves to have been one of the
We are crowded back, therefore, upon the question
of its use or probable control in a future war. The three years in the history of the United States in
purpose of war is to overcome opposition to the will which the number of commercial insolvencies was
of a nation or chieftain. It is the appeal to force; in excess of 20,000, the first being 1915, the year folits methods must be those which will defeat or de- lowing the declaration of war in Europe,followed by
stroy opposing force whatever its form. The swifter 1922, and now by 1924. In the two years first menand more destructive the attack the more desirable. tioned the number of such defaults was greater than

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last year, both actually and relatively. There were
20,615 commercial failures in the United States during 1924, according to compilations based on the
records of R. G.Dun & Co., with a total indebtedness
of $543,225,451. This is exclusive of banking defaults which in the above return are tabulated separately. The figures for 1924 contrast with 18,718
commercial failures in 1923 with liabilities of $539,386,806; .23,676 similar defaults during 1922 for
$623,896,251, and 22,156 during 1915, with an aggregate indebtedness of $302,286,108. Naturally, conditions in both 1915 and 1922 were such as to cause
more numerous defaults in commercial lines than
they were last year, and this is reflected in the statement showing the ratio of defaults to the number of
concerns in business, which for the year just closed
was 1.01%, whereas for 1922 it was 1.19% and for
1915, 1.32%.
During the past 60 years this ratio of defaults to
those in business has ranged between .38%, which it
was in 1919 and 1.55%, the latter in 1878, when the
number of concerns in business was only about onethird of those now represented. Thronghout this
period there were 36 years in which the commercial
death rate was under 1%. The highest ratio, as
noted above, was for 1878, but it was also high in
1877 and 1876, during the period of readjustment
preceding the resumption of specie payments on
Jan. 1 1879; also in 1867,in 1893 and in 1915. As to
the indebtedness involved, there have been four years
of exceptionally heavy amounts,far in excess of anything previously known. The liabilities growing out
of the defaults of 1921 were $627,401,883, and were
the highest on record. Prior to the four years mentioned, that is 1921, 1922, 1923 and 1924, the highwater mark was 1914, when the amount was approximately $358,000,000, and again in 1893, when it was
$347,000,000.
The increase last year over 1923, in the number of
defaults, was about 10%, but in indebtedness it was
'less than 1%. Contrasted with 1922, in which year
the number of commercial defaults was the largest
and the liabilities close to the largest ever recorded,
there was a decrease in 1924 in number of 12.7% and
in indebtedness of 12.8%. In only three months of
last year were the defaults fewer in number than in
the preceding year, but there was a considerable reduction in the indebtedness shown during several
months in 1924 in contrast with the preceding year,
especially in the last three months of the year. This
was in considerable part due to fewer large failures
during that period, the unusual number of very large
defaults that have occurred, particularly during the
past four years, having occasioned in great measure
the heavy indebtedness noted.
A single heavy default in March last year made the
liabilities recorded in that month the largest on record and the indebtedness for the first quarter of
1924 was much the largest of the year. The liabilities reported for the final quarter of 1924 were the
smallest of the year and very much less than for the
corresponding period of the preceding year. It is
also to be noted that the increase in the number of
business defaults during the fourth quarter of 1924
over the corresponding period of the preceding year
was actually and relatively very much less than for
either of the three preceding quarters and it is necessary to go back to the first quarter of 1920 for average liabilities as low as the amount shown for the
final quarter of last year.

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Below is given the statement of the number of failures quarterly for the past two years; also the
amount of liabiliites reported, and the averages for
each quarter:
DISTRIBUTION OF MERCANTILE FAILURES IN UNITED STATES BY
QUARTERLY PERIODS.
1923.

1924.
No.
First
Second
Third
Fourth
Year

Average
Liabilities. Liabil. No.

5,655 $184,865,571 $32,691
5,130 119,594,388 23,313
4,441 126,263,495 28,431
5,389 112,501,995 20,876

Average
Liabilities.

5,316 $138,231,574 $26,003
4,408 121,192,494 24,998
3,776 98,754,559 26,153
5,218 181,208,179 34,708

20,615 $543,225,449 $26,351 18,718 $539,386,806 $28,816

By geographical divisions all groups of States
report a larger number of business defaults in 1924,
as contrasted with the preceding year, with a single
exception. In the East, which embraces the New
England and Middle Atlantic States, the increase in
number is about 7%, but in the Central East, which
includes the five States of Ohio, Indiana, Illinois,
Michigan and Wisconsin, the addition is 17.7%; it is
8.6% in the South; 6.5% in the Central West and
22.7% for the Pacific Coast States. The group classified as Western, embracing eight States in the Far
West and including Montana, Colorado and New
Mexico, reports a small decrease in the number of
business failures last year as contrasted with the
preceding year, but the total number of defaults in
that section is very much less than in any of the other
sections. As to indebtedness, a much heavier amount
is shown last year for the five States classified as
Central East; also, for the South Atlantic States
(the latter due to an unusually heavy default of a
large manufacturing concern, having its headquarters in Virginia) and for the Pacific Coast States.
The liabilities reported for the New England and the
Middle Atlantic States were much reduced in 1924,
as compared with the preceding year, and the same
thing is true of the report from the Central South,
Central West and Western States.
In the following table the total number of failures
in the eight different geographical divisions of the
country, with the total of defaulted indebtedness, is
contrasted for the last two years. The figures showing banking suspensions last year by sections are also
given; the latter are naturally not included with the
commercial defaults:
FAILURES IN UNITED STATES ACCORDING TO GEOGRAPHICAL
SECTIONS.
Commercial Failures.
Number.
1924. 1923.
New England
Middle Atlantic
South Atlantic
Southern Central
Central Eastern
Central Western
Western
Pacific
United Ststes

1,853
5,179
2,213
2,405
3,979
2,146
737
2,103

Liabilities.
1924.

1923.

Banking, 1924.
No. LiabilUies.

1,723 $38,449,551 $50,911,605 1 $2,700,000
4,855 174,049,464 192,251,816 6
1.240,000
2,038 89,391,052 59,396,769 58
7.405,945
2,213 36,230,325 52,929,126 94 22,928,622
3,381 123,009,597 105,723.445 17
2,316,738
2,015 47,281,302 41,390,991 304 112,655,627
779 10,416,796 14,861,592 116 50,838,499
1,714 24,397,362 21,921,462 17
2,840,775

20,615 18.718 $543,225,449 3539,386,806 6138202,926,206

The increase in New England in the number of
defaults is in Maine and Massachusetts and the indebtedness involved in the insolvencies reported for
Maine and Rhode Island for 1924 exceeds the preceding year. For the other New England States a re-,
duction is shown. The three Middle Atlantic States
each report more failures than in 1923, and liabilities
reported for New York are somewhat larger last year
than in the preceding year, but a decrease in liabilities is shown for both New Jetsey and PennPylvania.
All five States embracing the Central East report
more failures last year than in the preceding year,
but the increase in indebtedness of 16.4% is attrib--;
utable to much larger liabilities reported from Illi-

[VoL. 120

THE CHRONICLE
nois and Michigan, where there were some large
manufacturing defaults; also for Wisconsin; but
Ohio and Indiana show a decrease in liabilities for
1924. At the South, except for the very large manufacturing failure included with the Virginia report,
the return for last year is generally somewhat better
than for the preceding year, at least as to the indebtedness. Arkansas, South Carolina, Florida and
Alabama report fewer defaults last year than for the
preceding year, but for the other States there ia an
increase in number. On the other hand, liabilities
were reduced last year in most of the Southern
States, the exceptions other than Virginia, being
Maryland, Kentucky and Tennessee. West of the
Mississippi River the notable changes are the smaller,
number of defaults last year in North Dakota, Nebraska and Montana and the smaller indebtedness
reported for many of these States in 1924. A single
large trading failure added to the liabilities in Nebraska. On the Pacific Coast failures were more
numerous last year,especially in California, in which
State the indebtedness also showed a considerable
•
increase, especially of trading concerns.
There were 5,208 manufacturing failures in 1924,
14,393 trading defaults and 1,014 defaults of agents
and brokers, these figures contrasting with 4,968
failures of manufacturing concerns in 1923,13,064
.of trading defaults and 686 insolvencies of agents.
The increase last year is relatively greater in trading lines than in the manufacturing division and
still greater as to agents and brokers, there being
nearly 50% more defaults of the latter in 1924 than
for the preceding year. The liabilities reported for
insolvencies in manufacturing lines last year were
slightly larger than for 1923; so also were those for
agents and brokers, but the amount reported for
trading defaults in 1924 was less than in the preceding year. The figures in detail are given in the table
below. It is to be noted that the increase as to the
number of defaults among agents and brokers during
1924 over 1923 is attributable largely to the reduced
number of failures in that classification in 1923, the
number then being very much less than for 1924, as
already noted, or for 1922, likewise for 1921.
In the following table the statement of failures for
three years, divided as to the three classes, is compared; a separate line is given showing the number of
banking defaults, and the amount of liabilities, the
latter figures as to the banks, as already stated, not
being included with strictly commercial lines:
DISTRIBUTION OF FAILURES IN UNITED STATES ACCORDING TO
CLASSES.
Number.
1924. 1923. 1922.

1924.

1923.

1922.

5.208 4.968 5.682 $286.770.260 8281.316.205 8214,925.388
Manufacturing
14 393 13,064 16.923 203.190.115 209,930,272 271.388.107
Trading
Agents and brokers__ 1,0141 686 1.071 53,265.074 48.140,329 137,582,756
Total commercial. 20.615118.718 23,676 $543.225.449 $539.386.806 $623.896.251
277 202.926,206 203,739.138 77,735,551
6131 578
Banking

As to the leading classifications, the increase in
the number of manufacturing defaults affected fully
one-half of the more important lines into which that
department is divided, and the same thing is true of
the indebtedness. Failures were more numerous in
1924 than in 1923, among manufacturers of clothing,
which is one of the larger classes, and the liabilities
were heavier last year than in the preceding year.
Another important line showing more numerous defaults last year than in 1923 was the printing depart• ments, but here the indebtedness was much reduced
in 1924. There were a few more failures among
manufacturers of woolens last year than in the pre.

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

ceding year and a small increase in the liabilities
reported by that class, and the same thing is true of
chemicals, paints and oils and earthenware, each of
these latter in the manufacturing division. A larger
indebtedness appears in the record for 1924 for the
earnthenware division, and a very large increase in
chemicals owing to a heavy Southern default. In
the main, other leading manufacturing lines show
a reduction of liabilities for last year, notable among
them being cotton gods, lumber, leather goods and
tobacco manufacturing.
In trading lines there are some noteworthy
changes in the comparison between the two years.
Practically every important classification into which
the trading class is divided shows more failures in
1924 than in the preceding year, among them dealers
in clothing, dry goods, shoes, groceries and allied
lines, drugs and jewelry. As to most of these classes,
too, liabilities were larger last year than for the preceding year, notably for dry goods, shoes, jewelry
and groceries. There are one or two notable exceptions, insolvencies among general stores being fewer
in number and for a considerably reduced amount of
indebtedness last year than for 1923, reflecting the
improved situation in the Southern States; also,
dealers in hardware show fewer defaults last year
and for a much lower indebtedness than for 1923.
There were fewer large failures last year than in
the preceding year in all three classes and the liabilities involved in these large failures show some decrease in comparison with those of the preceding
year, although the total is very heavy. There were in
all 650 large failures, that is those involving an indebtedness in each case of $100,000 or more, and the
total indebtedness was $300,344,382, leaving to the
remaining 19,965 defaults of 1924 liabilities of $242,881,066, an average to each of $12,165—for 1923 the
average indebtedness for the 17,975 smaller defaults
was $12,142. From the above calculation it appears
that 3.2% of the total number of business failures in
1924 involved 55.3% of the total indebtedness. For
1923 the number of the large failures constituted 4%
of the total number of defaults-and 59.5% of the total
liabilities. The large manufacturing failures in 1924
were 6.8% of the total number and the indebtdeness
71.8%, while for the trading failures last year only
1.6% were included as large failures, with liabilities
of 27.1% of the total trading indebtedness. The
larger manufacturing defaults and the amounts involved are in each year in excess of the large trading
defaults.
Below is given for ten years a comparison showing
the number of the larger failures and the amount of
liabilities for each of the three classes, these figures
including all defaults where the amount of indebtedness is more than $100,000:
•
NO.OF FAILURES FOR OVER 8100,000 WITH THE AMOUNTS INVOLVED.
Manufaauring,
No.
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915

Liabitilies.

Trading.
No.

353 8205.766,703 225
383 214.929.796 284
369 132.790.993 337
410 162.495.458 343
230
89.933,982 139
100
29,644,087 38
132
44,171,393 46
147
43,435,232 53
116
29,257.548 54
163
58.700 533 111

Liabilities,

Agents and Brokers.
No,

$55.152,254 72
70.989,189 76
73,234.665 162
88,337,955 120
34,609,853 84
8,156.247 53
13,780,850 52
13,678,534 50
14.467,600 46
Aft OAR ?Aft Al

Liabilities.
839,425,426
35.218.676
117.817,168
124.292.740
67.264,207
18.186.209
23.610.722
24.747.252
22.782,442
2A053.088

The very heavy indebtedness involved in the insolvencies during the past four years has been in great
measure due to the increase in the number of large
failures. In these four years the average number
of large failures each year was 3.8% of the total;
(Continued On page 510.)

505

THE CHRONICLE

JAN. 31 1925.]

CHICAGO STOCK EXCHANGE RECORD:OF PRICES FOR 1924.
Continuing the practice begun by us twenty years ago, we furnisIP_below7a record of the highest and
lowest prices for each month of 1924 for all the leading stocks and bonds dealt in on the Chicago Stock
Exchange. In the compilation of the figures, which are based entirely on sale transactions, we have used
the reports of the dealings as given in the Chicago Stock Exchange official list each day, and in our range
we make no distinction between sales in small lots and sales in large lots.
For record of previous years see "Chronicle" of Jan. 26 1924, page 366; Jan. 27 1923, page 349; Jan. 28,
1922, page 353; Jan. 20 1921, page 415; Jan. 311920, page 409; Feb. 1 1919, page 416; Jan. 26 1918, page 333;
Feb. 3 1917, page 399; Jan. 29 1916, page 380; Jan.30 1915, page 349; Jan.31 1914,page 347; Jan.25 1913,
page 244; Jan. 27 1912, page 256; Jan. 28 1911, page 234; Jan. 29 1910, page 276; Feb. 6 1909, page 348;
Jan. 25 1908, page 205; Jan. 19 1907, page 138; Jan. 20 1906, page 135 and Jan. 211905, page 198
October
November December
February
Apia
January
March
July
June
August September
May
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low _High Low High Low High
BONDS
4
893 90
90 90
4
90 903 ---- ---Armor & Co Del 20-yr g 5Sis '43 92 02
___ ____
__
:
981 9812 ---------------Central Iowa P & L is "A".1934 ___
7778 - 8 76
79
1927 74 777
77
7412 78
:
751 76
Chicago City Ry 5s
4
493 5012
Chicago City & Con Rys 5s '27 5112 5512 53 5512 513 53
50 02
4
4
1927 7412 793 7712 7814 76
7414 7512
774 75 76
Chicago Ry 5s
1927 584 61
614 6214 --------01
4
5s Series "A"
6114 613 6212
1927 42 45 --------42 4278 393 41
3912 40
4
45 Series "B"
16
1927 -------- ---------------- 22
Adjust income 4s
16
24
4
Purchase Money 5s
4212 433
1943 95 98
9814 984 984 -. - 9 4 9 4 983 1074
Commonw Edison 5s
19
C
8
83
4
1st 6$
Cudahy Pack 1st M g 58_1946 ------------ ---- -------- 87
Lake St El-1st 5s*928
Metrop W Side Eiev 1st 4s_1938
1938
Extension gold 4s
Northwestern Elevated 5s.1941
1945
Ogden Gas Co 5s
Peoples G L & C ref g 5s 1927

87

:
901 903 91
91
9134 92
4
2
8814 8814 9112 92
8
917 9212 917 92
99 99
1412 7578 7612 76 84
78% 74 3
76
75
: 783± (iii l
7812 761 7612 4812 4912 57
47 4812 46
5014 54
52 5312 514 5214 4712 50
8112 86
77 77
75
4
7534 7734 77 79
7812 77 773 74
77
46 47
4
613 63 --------03 6314 --------60 60 5714 58
3612 3612 40 45
36 37
3934 42
38
38 3912 3712 38
40
24 24
:
4
153 1612 --------18 19 --------19 191 22 22
35 43
43
4314 44 4412 --------------------- 38 38
:
9984 109% 1104 1101 10014 11012
4
4
4
993 10018 993 10018 993 100
%100
99

--------85
:
----------------9912 871 8712 gi

-84
4 633
511. - - - 62 - - 61 - . --------65 W312
4
4
81 673
W54
58 62
6312 6312
8
617 63
3 623 637 6514 65
4
4
71
4
753 --------74 74
7612
75 75
75 75

88
7012
6812
7912

88
6912
8612
77%

8
Wg ----------------89 4 904

95 95
88
714 7012 7012 ---- ---67 ----------------08
79
784 7712 7712 7714 80

iii, 73-12 70
aii2 -ii 68 -6812 -,.„,
6812
80

70
„8 80
--------79 4 -

lilt IA - - ----------------92
85-34

____ __ 6 2
1
ii 654 -1 3 ; -1
-- ---- ---- -- -- ---- ----------- ------------------------------------------------ 971
2
1956 -------- ---------------- 87
t
12 918 90 9014 891 8912 ifli4 - 3- ---- ---- ---Pub Serv Co 1st ref g 5s
:
Ii 4
--------9534 97
South Side Elevated 4jis_1924
l,
t2
8
977 99
1944 9512 97
Swift & Co 1st s g 5,
:
951 9614 9412
2
957 9714
- 9414 9414
*941
Wilson & Co 1st 6s
YellowCab Mfg ace 6%s w i a '34 iii: - - - .
W912
.
9
9 12 119i4 - - 591- W9
91
-12 99i4 - 14 9914 9914 ---- -- -- --- - --- - ---- --- - - --- ---- ---- ---- ---- ---- --4

r

9512 iLra I512 6814 I81± 663± 16- 90'4 96±Oak) -913; iiiis If 9738
8

----Wg
----

STOCKS
100 857 90
Amer Pub Serv, pref
g
85 89
4
8512
873 90
87, 8812 8512 8712 85 86
25 96 102 --------96 96
American Radiator
96 97 ---__ ---96 96
57
59 WO
American ShiPbuilding____100 60 63
:
58 59
68 62
60 60 581 60
Preferred
100 --------89 89
,
85 4
87 87 ----------------87 87
____
_
_ _ ____
_ ____
Amer Steel Foundries_ _33 1-3 --------391 40 ____
100 924 9314 9212 9318 86 - .- -go- 86
Armour 8c Co (Del) pref
87 8
93
Wg 83 - - 85 - -7- 8512
100 8012 833 81
4
723 77
Armour & Co pref
7412
84
4
7712 83
69
7812 7314 75
15 7
Armour Leather
714 7
6
7
712 37 6
4 212 27
33
2
8
27
2
Preferred
47 4818 4734
100 7712 78
7712 48 75
77 2 7712 77 781 71
,
:
25 5014 ,5178 5118 513 503 517 38 5114 411 4412 42 4514 444
Balaban & Katz v t c
:
4
4
8
Preferred
100 88 90
90 92 89 100
86 8712 8712 90
90
854 90
Bassick-AlemIte Corp
2912 32
29
,
• 35 4 3814 3312 383 313 35
8
4
28 3212 277 31
4
Beaver BOOM V t c "8"
• 112 02 114 15
8 114 15
114
4 114
8 14 114 04 112 11
15
14
15
Preferred certIficates____199 14
15
1412 16
1518
134 1.51, 13
16
15
10 _— ____ -___ ____ ...... _..._ ____ -___ --- ____ ____ ___ ____
Bendix Corporation
4
new
7
• 6
Booth Fisheries,
512 512 434 5
5
5
4
4 43 --------.53
43
Preferred
100 36 36
37 3812 32 32 ------- - 30 30
29
36 37
* 2714 31
Borg & Beck
27 3018 25 29
2212 251 201 24
23
4
:
20 24
_-- ---- ---- -___ ---- --__ ____ ____ ---- ---- ---- ---- ---Rights
Bridgeport Machine Co com * 10
912 8
8
3
10 4 104 1112 94 121: 8
Bucyrus Co, preferred
100 ------------------------103 103
- ---- ---- ---- ---, 912 91
10 ) 10
Bunte Bros
10 1012 Iola 11
10
1o1 --------91
Preferred
100 ------------------------------------------------ ----_
_
• 112 114
Case (-1 I)
8 1 ---------------- ---- ----1
7
2
1
1st preferred
2d preferred
Central Ill Pub Serv pref
* 85 89
85 85
85 85
85 8518 85 85
i.
85 85
Chicago City Ry
100
____ -___ ____ ____ ____ ____ ____ ____ _.__ ____ ____ ____
14
Chic City & Con Ry pt sh corn* ___- - —
'4
24
14
4
1
/
14
14 14 --------14
_
Preferred
3
212
4 3
4 3
23
33
3
3
,
3
32 4
4 4
• 33 -

8911 92
8913 90
90 914
4
88 903 89 91
- ---- - - --- --- -------- ---- --57 5914
55 59
55
56 4812 12
4
563 51 50 8514 8714 87 8714 ----------------87 87
_ 444 4412
_ ___
_ _ _
_ _ _
8
14
kii 8
8 if', ii "91 gi - 7 is "91 925 95
8W7- 2 §6 - 8
797 8612 85 8912
4
783 80
81% 80 8312 79 81
4 534 7
413 412 61
4 314 418 418 438 4
33
57 86
52 56
4812 49
49 49
484 50
51
5012 5134
4
4812 4934 493 51
474 50
4912 47 49
:
941 98
9112 9112 8914 9112 90 92
92
91
91
8
34 4312 417 45
334 301: 34
31
3112 2914 33
212 25
8 4
25
8 212 612 43
8 4
7
4 72
114 15
22 33
22 23
347 4
8 04
22 23
26
1618 16
____ ____ ____ ____ ____ ____ ___ ____ ____ 3014 39
----------------------5
5
64 414 414
30 31
30 30 ----------------2735
30
2.512 2712 26 28
:
2314 2618 24% 271 25 27
24
--__ ---- ---- ---- -88
- 61
8514

---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---15
11
10
10 --------913 10
1014 1014 10
-----------------------------------4 2
13
112 13
14
114 ---- ---- ---- ---- 212 3
4 114
ii I.12 ii
V
51
____51
14 -------212 114 212 2

Wi

-38
is 24

iii
f4
2

F:6
- -12 15

Wils 85

-14 - -, - - -234 214 212

'8
312

90
11
7
45

Preferred
- -------------------------------- ---------------- 27
Chicago Fuse Mfg Co
__
_
.
ii "ii iiTs 2i7i 2614 1612 ii; -"
6 ii 3
ii
Chic Mil & Lumber Co pfd _ _100 97 9712 9
8 98 96 9
-- ---6 ----- ---- ------- ---- ---- ---- ---- ---- - --- ---- ---Chic Motor Coach common 5 178 189 150 195 155 165 12712 165 1171:1W712 117 igi 12412 Ili- 110 IC6 __-- ____ -__- --__ ---- -- --- ---.
Preferred
100 89 95
863 90
4
85 8812 84 88
83 90
8312 86
88 91 ___.
- ------- ---- ---- ----- - 4
3838 39
Chic Nipple mfg Co "A"____50 382 40
37 4812 35 3912 34 37
31
4
4
343 3512 34 353 35 - - -12 35 153- ----------------33 6
3
4
50 1912 221: 2014 2214 151 20
Class "B"
:
1712 1512 16
16
154 1512 14
1412 14
4
153 --1412 14
__ --- - -- 1612 1612
Chicago Rys part ctf Set - 15
15
10
15
6 11
5
10
5
10
10 --------5
518 518 7 -5 --------8
8
2
7
84
2 ___
h
__ _
4
h 1
Part ctf Series 2
1 1
4 1
5
12
52
12
1
1
1 ---- --1
1
1
14
14
4
14
____ __
18
4
- ------------ ---- ---- ---- -------- ---- ---s
i
_
14
Part ctf Series 3
14
_
14
14 1
_
_
____ ____
____ ____ ____ ____
ts
Part ctf Series 4 ________
100 ----------------330 ii
Chicago Title & Trust
6 5,19 64
6 --------340 340- ---------------- 345- gig- 2,-- ---- ---li- 356
15
Chem of Tenn "B"
• 13
1214 14
1134 13
W
12
114 12
104 1112 10
8
9 --------3
104 9
123± 115 12
:
101 13
Commonwealth Edison- ---100 129 136 13212 133% 133 1363 12634 12934 12614 12714 12612 127 12834 12912 129 132 132 13312 13134 134 132 133 132 MIS
4
4
Rights
1,
4
-i
41g 44 -------------------------214 1 ,_
i
Co COMMOLI— - -100 4
412
Consumers
s
i i
j3±
- -14
100 6212 65
Preferred
61 65
611 63 60 6114 59 61
:
58 604 53 - -1- -45 4 33 40
4
39 57
411; 35 35
-8 58- -42- 53 1
10 7
Continental Motors
814 67
8 7 8 63
5
4 8
4
83
6
3
8
78
6
7
7 8 614 (Ps 618 Vs 612 712 63
4 8
63
8 7
4 714 65
25
30 30
32 32
Crane Co common
6412 697
0
3414 40
73
8
335 35
4212 5014 51
43
3212 35
41
41
34
100 11012 1121: 10812 1111 10712 110 1081:110 10812 110 108411014 10912 11112 11114 113 1113±1131 11214 1133 1134 11614 11412 115
Preferred
:
4
,
5812 5912 5838 5918 55 39
5512 574 5512 59
72 75
Cudahy Packing Co corn. 10O 59 60
5713 64
64 6512 644 75
84 65
:
641 65
26 304 2818 32
2134 3134 2112 264 17
Daniel Boone Wool Mills. _.25 26 28
4
/
4
/
4
1
/
253 143 2012 1112 1712 101 145
4
1
/ 1214 512 101 81 8
8 7
4
4
:
Decker (Alf) & Cohn. Inc____• 19 19 ----------------17 18
__ 183 19
4
2014 2014 20 21
2018 2018 2014 2014 -------- 20 2014
100 87 90
90 904 90 90 --------86 90 --------91
Preferred
____-92
9112 93
,------------------------93..
100
70 73 65 673 64 68
100 69 75
83
4
Deere & Co preferred
634 61
61
3214 8312 81
63
62 71
7212 718 74 S
7.5
72
100 1183±12012 119 120 11712 11912 117 119 117 1183 116 1174 115 116 11512 117 11512 1183 1151 11812 117 119 11612 118
4
Diamond Match
:
4
-___ ____
•
F.arl Motors Co
• 233 2414
4
Eaton Axle & Spring Co
34 3434 1811 344 1714 - - - . § - - 15
* 334 35
19 If
4
2 1: 1
21
15 20
18
ii" 1,6 "ii" "11" ...- _ _ _ __ 20 20
_
Eddy Paper Corp (The)
tlectrical Research Lab
_
_
_
_
_
•
_
2612
Co. Inc, Class "A" _5 _ _
Evans &
loi 1631, ioi 166 ioij4 166 iiiii4 161 ioiii 16612 it591-2 iiii" iai" 166 2 i1ii4 iiii jai 166 jai 16612 ioiT2 16i12 10512 1064
12
12
Far Corp (The), pref
1
" ' 12
•
__ 1412 16
Foote Bros G & Al Co
8 618 1i —61 -- 4 --a1812 175
• 1812 18
-.
6
4
8
4 W3I- --i- -6"2
.71--7i2 -- - 2 --5 -- 1- --51i4 -Gill Manufacturing Co
a 53± 8
614 74 512 7
578 414 5 8 34 312 3
5
24 4
7
28 4
7
4
Godchaux Sugar. coin
314 4
34 3
2 3
4,
28 2912 26 284 233 2612 23
100 27 30
26
29
4
2412 24 29
25
24 25
24
25
23
22 2512 2312 25
Gossard (11 W), pref
1
/
100 804 897 81
4
883 82 84
8
84
7912 844 81
90 95
86 90
821: 84
84 86
4
85 863 85 88
85 89
Great Lakes D & D
liammermill Paper Co,com_10 2912 2912 ----------------29 29
100 10012 10112 --------102 10214 --------102 102 102 10i 4 152f4 163
- 1Preferred
- 1-044
4
1
/
100 42 524 43
4434
134 354 34 3714
Ilartman Corporation
118 1204 121 1234 123 fii 125
iii fiif
120 --------11612 118 111 111
[Ian. Schaff & Marx, com_100 4012 49Z 45 5212
•
flayes Wheel Co
:
6712 11 iiis Wilz 6714
1
:
flibbard, Spen, Bart &Co___25 6512 68 671 70

li

- ii iii-_ -

Com

29

ioo

i-- --i- ""tf- -"A 'IV-

fid

10
litipp Motor
•
ilurley Machine Co
aydrox Corporation, cons_ •
100
Brick
Ilinois Nor Utilities, pref.
•
Indep Pneumatic Tool
25
Inla nd Steel
25
Corp
raternatl Lamp

lIllnois

164
51
4
183
83
83
80
36
7

IA.* Nolpadvalue.
z Ex-dividend.

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

8
177
5312
21
88
86
804
4
383
9

1512
50
2
20,
812
84
79%
36
3

17
1312 164
51% 4812 50
.
83
Si Wilt
8112 8612
85
8
777 797
80
8
34 - 35
38
1 1,4 4
7

jai iiiiI2 ioiiz i6i12 jai foi --------103
iiY fii HZ' iii --------120
1 67 li- -65T2161- -iii- Iii- "ii- ifi- 'fii" II' -ii- efi- -ii- igii
/12
2

11
48

:
134 1434 1318 164 15% 1412 111 12% 107 1212 ii
8
14
1W
138; iiit - . 12i4 15
48 533 5012 6412 52 5912 54 65% 58 62% 59 67
49
5114 48
4
56 • 6512

iiii4
84
70
34
1

16 -- --------821
4
8612 84 8512 844 86
85
62 73
744 76
78
72
3412 ----------------341
4
112 1
214
1
21
. 114

66If" "ii" "Si" la" 85% 87
8612 854 86
67 70
eoir 73
77
4
343 --------------114
112 1
4
/
11

91
85
674
39
14

fii-

16- "
ii- f66 2iiii
(
87
85 8534 8514 87
701 70
:
761: 69 78
3912 3934 40
474 424
4
23
8 312 2
4
1
/
2

506

THE CHRONICLE
STOCKS

[Vol.. 120.

January February
March
April
May
June
July
August September
November December
October
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High

Kellogg Switchboard
25 417 443 44 47
2
4
3934 44
38% 38 39% 38 40
37 40% 37
39 42
41
3913 4712 43 4512
43
40 41
Kentucky Hydro-Elec Co
---- ---- 8712 8712 8712 8712 8712 8712 8712 8712 853 87% 853 8712 86 8712 84 87 853 87 ---- _-_-- -2,- -_..4
4
12
4
12
Kraft Cheese
ii
. ____ ____ ____ 24 2534 25 32
3018 -40
Kuppenheimer & Co, coin_ - _ _5 26 27 --------25 2612 25 26 --------25 2512 ------------------------25 25
27 3112
27 30
Preferred
100 9114 9212 91
9214 91
92
9212 9014 9014 92 93
90 9112 91
93 44 ------------------------96 96
47
Libby, McNeill & Libby
10 512 612 514 57
414 47
4
43
4 514 412 5
47
43 63
4
2 5
614
4 718 85
8 5
57
73
2 43
4 53
Lindsay Light
10 37
4
2
3
2
2
134 2
33
4 33
4 3
4
3 4 23
3
4 3
113 113 113 112 I% 18 113 113 114 11
Preferred
10
Lyon & Healy, Inc„ pref _ -- 100 9712 99
9812 100
97%100
0713 - 6 Oi 6
69- 03i2 -0(112 06 - -9 4 160 1-- ii..)0i2 1/1-12 100 101 16 iiii H&J 1
0 -30012
-1:i
McCord Rad affg Co "A"
• 343 37
2
357 3712 32 358 30 3212 32 34
33 3512 3412 37
36 38
383 404
4
3612 40
353 37
2
363 38
4
McQuay-Norris Mfg
• 18 2012 18 20
1512 19
15
11
17
15
1514 17
12
15
1414 1412 123 13
16
/
4
1234 13
13
4
171 14
Middle West Utilities, com_100 43 53
51
54
52 5713 51
53
50 55
513 55
4
5214 59
57 6234 6134 84
6712 83
73 79
7412 92
Preferred
._100 833 89
853 91
4
_._
8517 8712 85% 86
88 8912 883 913 91
4
87 88
87 89
4
9113 0412
4
943 91
2
9214 90 92
Prior lien preferred
94 99
98 9912 97 9912 9612 98
4
951 973 9412 96
9412 97
9612 9812 96 997 97 99
97 99
9712 99
Midland Steel Products
•
1i_ 3213 35 3212 3434
Murray (2 W) Mfg Co
10 1812 19
17
16
16
20 20
1912 20 _ _ _ _ __ _ 17
16
163 15
4
15 IL- 15 21
4
-- - - ii- -1i
20 203
3
2
Natl Carbon, prof (new)100 124 125 125 125 122 125 118 123 116 117 115 116 116 12212 112 12212 --------11812120 120 121 121 122
Natl Dairy Prod, w 1, a
• 33 351 34 373 32 35
/
4
4
321 3214 --------332 3313 ---/
4
1
3714 371 ---- - - ---- - -- ---- - -- ---, - _—
/
4
National Leather
10 23
2 414 37
414 212 4
212 3
23
2 33
4 214 2% 24 ---- 3
/ 37
1
2
33
4 23 - 13 2% 4 3
538 43 -533
414 4
4
National Tea Co
-----------------------------------------187 187 213 225--__
North American Car
*
-- ---___ 27 3312 27 2814 2784 -28
Northers States Pr Co. __I00 --------99 99 ------------------------------------------------10112 104 1013 10214 1011 103 104 106
4
/
4
Voting trust ctfs w I a
•
15
19
15
1712 1413 1734 1512 18
8
153 1712 1514 175
4
Orpheum Circuit,Inc
1 --------18 1812 1812 20 ------------------------1914 1914 20 20
„
People's Gas Light & Coke-I00 95 95
944 953 -_-/
1
2
18912 9912 102 105 107 107 108 108 1153 I 3
953 97
4
933 93 4 9512 95% 9812 100
4
2 -1812
Philipsborn's, Inc, tr ces___ _I
12
15 ---2
8
12
3
4
12 1
12
13
8
3
4
4 1
I% 212 112 2
112 2
13
14 114
84 114
3
4 27
Preferred
4112 4113 40 40 --------------------------------------------------------18
25 30
18
15
.
25
Pick (Albert) & Co
10 2014 217 20 21
1812 1712 1812 17
1812 17
1978 1734 20
19 2012 17% 913 18
19 21
19 21
2014 2434
Pines Winterfrout"A"
2112 1912 273 267 30
4
5 ----------------2113 2234 1912 2214 20
29 38
3618 5212 4712 5312 49 553 5312 65
8
Pub Serv of Nor III, com
99 10112 100 11,03 100 10112 101 10334 10112 10314 10112 103 103 112
* 991 102 101 102 101 102 10014 10214 100 101
4
Pub Serv of Nor Ill, com_ _100 160 102 10118 102 10118 102 100 10212 97 101 100 101 100 10012 100 101% 10118 10314 102 10312 10113 10212 103 112
Preferred
100 9312 9912 92 94
7
904 93
9112 92
91
93
9114 93
9114 9414 91
9214 93
92
9118 9314 9112 9314 90 9412
.
7% preferred
.105 106 105 106 105 108 105 1053 105 111
4
Quaker Oats Co
100 270 285 285 295 285 290 250 265 255 255 255 260 275 285 285 299 285 293 290 293 295 310 325 350
Preferred
100 9912 1013 993 101 100 10012 100 1003 99%1003 100 10112 1003 102 10012 1017 1003 1013 10112 10213 10114 10312 11)212 103
4
4
4
4
4
8
4
4
3
Rights
14
34
4
3 - -4
373 4113 393 4412 44 5112 51
4
Real Silk Hosiery Mills
4
4
10 31
33
3114 333 303 327 2912 3112 29 323 3212 358 2813 40
4
4
8
5912 5612 61
Reliance Mfg Co pref
100 ----------------9313 95 ----------------------------------------90 90 89 90
Reo Motor
10 17
193 173 19
4
4
% 1618 77 15
614 1534 63 1614 17
157 1814 16
2
8
1614 177 1614 177 173 1/12 1734 1882
4
Ryan Car Co (The)
25 _
-,-3218 35
3
4
---- 30i4 - - Sears-Roebuck common_ _100 8713 92
95 106 103 104 1003 101,2 ----------------14812 1513
82 89
, 9312 9534 --------8012 85 4 80 84
3
4
4
Standard Gas & Electric Co __• 3018 33
32 3212 212 3 14 3214 33
3112 3212 32 36
3412 3784 351 3612 353 4034 36 3914
8
:s 3614 30 4114
50 47 483. 48 4813 48 4812 4712 4814 463 48
Preferred
463 48
4
4712 50
4
49 50
4834 4912 49 4912 49 51
4914 5013
4
8712 0618 7612 913 64 8012 5312 67% 583 68
Stewart-Warner Speed corn_ • 003 101
4912 5514 5134 8014 51
4
5012 67
4
6012 5212 63
603 72
Studebaker Corp
loo --------105 loess ------------------------33 33 ----------------------------------------45 4 4612
_
.
Swift & Co
100 1013 1031: 103 105 10218 10512 10112 1037 10014 I
4
g
4
8
10013 103 1093 11/912 105 I087 10154 07 104 10 12 108 I1134 109 11812
Swift International
15 19
2234 20 213 19 2012 19
4
22 27
21
243 31
2
198 203 198 2112 1912 25
4
2712 3831 3034 3514 313 3518
4
Thompson J R corn
25 47 501, 44
46 48
46 48
453 47
4612 443 4612 4212 45
4
43 45
4434 47
4
442 4713 40 4712 45 48
Union Carbide & Carbon....105714 613 58 634 563 6212 55 587 553 5914 56% 587 5812 6114 5914 6214 59 6112 59 627 6212 6714 6412 67%
4
4
/
1
8
4
8
413 3
United Iron Works v t c
50 3
2
412 3
3
3
312 213 314 2
3
314 3
3,
2 312 312 113 218 13
4 214 214 4
United Light & Power—
Common 'A" w i a
•
31
3212 287 3112 2878 32
30 34
31
3314 313 543 433 56
32% 34
2
4
4
40 48
4412 52
Common "B" w I a
•
3213 33
38 397 38 39
33
32 3412 31
2
3212 39
38 5413 49 55
411 4812 42 5018
Preferred "A" w i a
•
77
7912 7614 78% 77 8012 78 85
80 80
4
80 85
758 7912 783 80
83 84
8312 84
Preferred "B" w I a
•
4412 4412 4612 44 46
4512 46
4
433 4712 42 48
4
4312 4514 44
433 44
40 45
4113 43
United Light & Rys corn...100 135 1371 135 160 155 16012 157 160 --------165 175
:
1st preferred
100 78 81
78 80
76 80
758 7712
Participating preferred_100 87 90 2 90 92
,
90 91 --------8684 1-- - 63
4
- ---- - -- ------ ----- ----- - -100 193 2114 20 2084 193 20 ----------------17 - United Paper Board com
17 - 17% 16
I7
4
1712 I782 16 1713 1814 2.4
17
215 - 14
5 2/
Preferred
100 --------------------------------------------------------48 48 ------------------------6212 6212
Unlv Theatres Co corn
5.
3412 412 42 483
4
20 8834 99
U S Gypsum
79 9412 8113 89
78 87
78 837 78
94 114 108 121 11612 131 1273 170 z125 175
2
873 86% 98
4
4
Preferred
100 --------10488 105 10412 10613 104 107 105 108 10512 106 106 109 108 116 10712 109 109 110 110 11512 112 113
U S Stores Corp pref
100 _
9713 9712
Vesta Battery Corp corn
• 26 28
28 28
26
15
26 --------16 20
15
15
154 2412 16
15
15
18
25
1514 19
17
2112
Wahl Co
• 38 42
373 42
4
3518 38
3412 38
2
2412 2312 26
3514 38
343 373 2112 3714 24 283 21
4
4
21
24
16
20
Wanner Malleable Castings—. 23% 243 22 2514 2012 2212 2134 2234 2058 22
4
20 2312 2212 23
22 22 --------19
19
203 21
4
21
22
Ward Montt} & Co pref
100 11014 11212 11212 115 1123 11413 11114 11234 11134113 111 113 11212 114 114 114 11212 117 115 117 117 117 114 11612
4
20 244 2714 24, 27
When issued
8
343 40
4
24% 3014 2212 25% 213 233 22
4
2
2912 283 353 333 3714 333 37
4
4
3104 478 4312 4612
4
8
Class "A"
• 10712 112 1083 11212 10713 109 10534 108 105 106 1053 111 11012 115 11412 11612 11412 1163 11412 11712 11612 11912 11614 119
4
2
4
Western Knitting Mills Inc._•
12 1
82
3
4
12
12
3
4
12
5
8
5
8
84
IP
84 --- - - - -- - -- - -- -- -- - - ---- -- - - 3
8 188
12
Wilson & Co corn
•
Preferred
100 _
iif --- ----------------8
t 2812
I
Wolff hug Corp
• 7
68 6
814 6
67
413 6
412 5
5
5% 412 784 6% 714 53
4 7
784 93
4 8
9
/ 713 -834
1
4
Rights
8
9 ______
8
/ 81
1
4
/
4
Wolverine Port Cement
10 _
1214 1314
Wrigley Jr corn
3912 353 38
37
4
* 3812 40
4
35% 378 5514 375 368 387 3512 413 40 42
4114 443 42 443 4 31s 4558 423 463
4
8
4
4
Yellow Cab Mfg Co CI "B"10 8712 96
77 93
/
1
4
79 86% 4512 8.534 443 5418 45% 5514 51 12 57
4
5112 57
5012 55
37 5318 32 4112 36 42
Yellow Cab Co Inc (Chic).' 6034 643 5934 641 5912 627 4112 623 39 45
4
8
/
4
2
407 50 4 4712 511 45 50
2
3
/
4
/
4
45 473 3812 501 39 48
473 55
4
•No p ir value.

Banking Situation in the Middle West.
By M. A. TRAYLOR, President First National Bank of Chicago.

The general condition of banks throughout the
Middle West improved very much during the year
1924, largely as a result of better agricultural conditions. In regions which had been suffering from
depression the last few years, banks were able to
liquidate a fair proportion of frozen loans as a result of which more capital was available for new enterprises and extension of old ones. This is proved
very clearly by the large increase of country bank
deposits in the reserve cities.
On the other hand,largely as a result of conditions
preceding 1924, bank failures were larger in the Central West than in the year before, having increased
by thirteen, coupled with a larger increase of liabilities than anywhere else in the country, amounting to
$30,300,000 on the part of the failed banks. As so
often happens, when a situdtion is at its worst, all
agencies are used to prevent a spread of disaster in
order to avoid panic, and thereby institutions are
kept going until better times come. When the necessity for such artificial solvency ceases, support is
withdrawn and a general process of sanitation and
recovery takes place. This is undoubtedly what has
happened in the Middle West during the last year

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Federal Reserve Bank of St. Louis

and to some extent is still going on, and it is the explanation for the large number of failures taking
place last year, a situation which has been carried
over into the present year.
The large city banks and the sounder country
banks have shared in the general increased business
prosperity of the country. Money has been easy in
the Middle West as elsewhere, and deposits have increased very largely. On Nov. 28 1923 deposits of
member banks in the Seventh Federal Reserve District (Chicago) amountd to $3,622,222,000, while on
Nov. 26 1924 they amounted to $4,075,650,000. In
the Ninth Federal Reserve District (Minneapolis)
deposits on Nov. 28 1923 amounted to $834,923,000,
while on Nov. 26 1924 they were $923,722,000. The
clearings during this period alsio show the greater
activity of business, the Central West, however, indicating a smaller increase than many other parts
of the country. The New England States show a
percentage of clearings during 1924 over 1923 of 9.5,
while the Central West had only an increase of 1.9%
to register, the average increase for the whole country being 3.3%.
The banks in the larger cities have naturally given
even more indication of business revival than have
country banks, which, as indicated, are only beginning to recover from the serious depression of recent

JAN. 31 1925.]

TKO ORRONIOLB

507 .

transactions. This immdiately made it possible for
the European holders of commercial bills of exchange to obtain money from our vast surplus funds
locked up in the vaults of the Federal Reserve banks,
and in addition to this, international bankers began
to introduce increased amounts of European securities for sale to American investors.
Short crops in some sections, and the prospect of
foreign purchases, based on American financing of
foreign countries and their subjects, helped the price
of most agricultural products, and in a marked way
this change in agricultural conditions helped to put
our domestic purchasing power on a sounder basis,
and as American financing of foreign countries proceeded we experienced a sharp rise in exports.
This situation seems to have worked out about as
we had anticipated, because we were expecting that
our temporary boom of a year or so ago, based on
building, on road construction, on railroad purchases, and finally on installment buying, would
finally be carried along by American financing of
Europe and an increase in exports. At the end of
the year we consequently are enjoying a strong mental boom, which has already translated itself into
fairly good business activity, and which bids fair to
Elements of Our Prosperity—Warnings Against develop into exceedingly good conditions in the
spring, provided our financing of Europe goes along,
Excesses.
By GEORGE WOODRUFF, Vice-Chairman the National Bank of the upward trend of exports still follows our lending
the Republic of Chicago.
of money and our domestic conditions continue to
At the Beginning of 1924 we had been suffering improve because of more agricultural prosperity and
from several months of somewhat slow business, due the spending of money by our present highly paid
to the falling off of our building activities, road con- labor.
The good outlook that is ahead of us, of course,
struction, and other lines that naturally expand in
the spring and early summer and recede in the fall. depends largely upon conditions in Europe, and if
Aside from these special reasons for prosperous busi- the Dawes plan should fail to accomplish its purness, there had not, in 1923 been a great domestic poses, or European animosities should break forth
trade, or an increasing foreign trade, upon which to in any marked degree, then Americans will hesitate
base continued business activity, and consequently, about financing Europe on a large scale, and this
as we proceeded into the year 1924 our main stand- would have the effect of bringing about a slow-down
bys consisted mainly of our huge surplus bank re- in our business until European financing could again
serves, and our hope that the special activities that proceed. Americans understand that there are
had made the spring of 1923 prosperous would return plenty of good values and plenty of good security in
again in the spring of 1924. We naturally looked for Europe, but they are afraid of the political developa somewhat spotted year, but felt that, later on, for- ments there which might make it impossible for them
eign purchases, based on the sale in America of for- to recover upon the security behind their loans. If
eign securities would make the year 1924 a good av- Europe will continue to stabilize conditions, our peerage one for the business man.
riod of prosperity may run on for some time to come,
During the spring of the year the building industry with only such recessions as must be expected from
surprised everybody by coming back with extraor- time to time.
dinary vitality, and the operation of a very large
Of course, there are some dangers in the situation.
number of so-called finance companies made it pos- The Europeans may get to fighting among themsiblc for people to buy everything from a Rolls-Royce selves and temporarily spoil our confidence in them
to a pair of roller skates on the installment plan. as outlined above. If, on the other hand, European
These factors, together with very easy money, gave us financing goes on at too rapid a rate, we, ourselves,
a somewhat unexpectedly good spring trade. How- might become so overly prosperous as to run the
ever, as these sources of prosperity began to slow business Ship of State into an inflated period that
down in the summer, we felt quite a recession in busi- would result in a great reaction later on. Then we
ness, which lasted until the election of President should also realize thatafter the Europeans have purCoolidge was assured, and then we witnessed a great chased a large amount of our raw materials, machinreaction. The feeling of optimism which then spread ery, etc., they will eventually come strongly into the
over our country was based not only upon the elec- market as our competitors, and as we did not retion of a conservative Government in the United adjust our industrial costs back in 1922 and 1923, as
States, but also upon the election of a very conserva- should have been done, we will then very possibly
tive Government in England. These political devel- meet a situation where we will be compelled to reopments were furthermore backed up by the fact adjust our entire industrial organization in a somethat the Federal Reserve Board published a ruling what drastic way. All of these things are doubtless
.
which made it permissible for American banks to re- too far away for us to worry about at the present
discount, at the Federal Reserve banks, foreign bills time. The best things for us to do now would seem
of exchange, bearing, of course, the endorsement of to be to scrutinize carefully the foreign investments
such American banks as were interested in these we make, to operate on a close and careful basis, to

years, the agricultural districts having been hit
hardest. On Dec. 10 1924 the total deposits of 101
reporting member banks in Chicago amounted to
$2,663,998,000, while on Dec. 12 1923 the total deposits of 106 reporting member banks in Chicago
were $2,293,455,000.
Naturally, this plethora of money in the banks has
meant low money rates in the Middle West as elsewhere in the country. On the other hand, the earnings of most banks have not been seriously affected,
since they have had more money to invest. In other
words, there has been a lower average rate of return,
but on a larger amount of capital. As far as one can
foresee, this situation is likely to continue during
the early months of the present year. Beyond that
it is impossible to predict, but the Middle West can
face the future with equanimity since its banking situation, as a result of the liquidations which have
taken place and are taking place, is sounder than it
has been any time since the war. The banks which
have survived the'struggle have been rid largely of
their bad and doubtful assets, are in a liquid condition and have profited by the experiences which they
have undergone.

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508

THE CHRONICLE

keep entirely away from too much enthisain.amto saw wood while the sawing is good

nii

Municipal Bonds in 1924.
By STACY C. MOSSES, Vice-President Caldwell, Mosser &
Willaman, Chicago.

We are becoming accustomed to record-breaking
figures in financial matters, so that it will not surprise or startle many people to know that during the
year 1924 more municipal bonds were issued and
sold in the United States than in any previous year
of its history. The total for the twelve months was
$1,372,901,443. This is over $160,000,000 more than
were issued in 1921, which was the record year up to
1924. These figures would be astounding to anyone
who was familiar with the municipal business only
up to the time of the World War;for previous to that
time the totals for the year were only about one-third
of the total for 1924. In other words, the total
amount of bonds issued during the three years previous to the war would not equal the amount issued
in 1924. The figures are not so startling, however,
to present dealers and bankers, because during the
last four years the total amount issued has exceeded
one billion dollars each year. In 1921, when the
amount issued was $1,208,768,000, it was thought
this was a freak year due to the heavy income tax
and the buying by people of large incomes; for the
total was almost double the amount issued in 1920.
It seems now, however, that this great expansion in
municipal business, while stimulated by the income
tax, is nevertheless only another example of the immense increase in the financial resources of this
country. It will not be surprising if succeeding
years equal or exceed the totals of 1924.
There is no doubt that the condition of the money
market affects greatly the market for municipal
bonds as well as the market for other bonds. During
1924 the interest rates for bank loans were below
normal,and the demand for bonds was above normal.
At the beginning of 1924 there were a few months of
great business activity, which suddenly stopped, and
during the middle months of the year, there was
much less adtivity in commercial lines and correspondingly less demand upon the banks for money.
In the fall, business activity increased, and the demand for money accordingly increased. Prices of
municipal bonds varied with the demand for money.
During the spring and summer, the prices of bonds
advanced rapidly, reaching their peak in the late
summer and early fall. The last months of the year
showed a slight readjustment of prices downward.
It is of interest to observe how the volume of municipal bonds issued each month varied in accordance with the demand and higher prices. The
amounts for each month are as follows:
January
February
March
April
May
June
July
August

$94,273,946
94,713,665
100,327,802
131,345,993
115,371,017
276,671,727
115,138 749
106,463,580

September____
October
November____
December__ __

$87,375,143
89,955,208
71,622,309
89,641,704

Total
$1,372,901,443
Avge. per mo_ $114,408,453

The demand for tax reduction and greater economy in government does not seem to have had much
effect upon the total volume of bonds issued for municipal improvements. There have been a great many
issues defeated at elections, and the number of
issues is quite large, but the total amount is not
large compared with the total issued. It would seem
that the smaller municipalities and agricultural districts have cut down the amount of bonds issued, but

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Federal Reserve Bank of St. Louis

[VoL. 120.

that the larger cities and industrial centres, which

continue to grow rapidly, have issued .even larger
amounts and thus added to the totals. Road issues
continue to come out in large amounts, and there are
still no signs that road improvements will not be
carried on in a large way for a good many years. The
demand is not only from the automobile owner and
manufacturer, but from the farmer, who has enjoyed
good roads and finds the same profitable.
Prices of municipal bonds would seem to be stabilized, and while they are high compared with prices
of one or two years ago, they seem well in line with
prices of other securities and with interest rates. It
would appear, therefore, that whatever volume is
authorized during the coming year will be readily
absorbed. The municipal dealer is looking for a good
supply of bonds and an equally good demand for
them this year.
Prosperity of American Grain Grower—
Chicago Board of Trade and Cotton.
By FRANK L. CAREY, President Chicago Board of Trade.

A quick transition from depression to prosperity
has been experienced by the American grain grower.
Turning back the calendar to early June we find
wheat selling in Chicago for little more than a dollar. We find certain farm politicians clamoring for
a curious law that proposed Government subsidy
and guaranteed prosperity for grain growers. Today we find the price of wheat nearly doubled. And
without the aid of legislation.
There is no precedent for the wheat market of the
last seven months. In time of war, prices have been
enhanced speedily by the competition of nations for
the available world supply. There have been other
occasions when values were rushed upward through
international rivalry to acquire future needs. But
such a world wheat shortage, with America producing an excellent crop—and at a time when grain
growers were feeling the pinch of depression—is
quite without precedent. The sudden complete
change is the outstanding economic event of the past
year so far as this country is concerned.
Conditions obtaining to-day have developed over
a long period. One by one new factors justifying
high prices have come to the attention of the world.
On every price dip for months foreigners seized the
opportunity to rush into our markets for further supplies. Reliable reports of reduced acreage of fall
sown wheat in European countries; reports that
such wheat-producing countries as Bulgaria are
seeking spring wheat for seed on this continent;
Rumania's prohibition of wheat exports, and the
innumerable other straws showing the direction of
the wind, have in recent weeks made the situation
quite apparent to all.
Then there must be considered the splendid work
of the Dawes committee in Europe, the subsequent
improvement of general business conditions abroad,
the advance of the pound sterling, and the gradual
reduction of the European debt.
Europe is again down to business, which means
that Europe has money to invest and will have still
more money to invest in the future. Then there is
the great wealth of this country to be considered.
When the world situation as a whole is carefully
weighed, not only have the high prices been justified,
but there are reasonable grounds for belief in $1 50
wheat on the next crop. Indeed, the shifting world
situation, from an economic standpoint, may develop

JAN. 31 1925.]

THE CHRONICLE

a new standard under which one dollar wheat, so
long a mile-post in the evolution of agriculture and
business, will become a thing of the past. Basic laws
have a way of making such adjustments.
During the rather protracted period of rising
prices, the Chicago wheat market has given a powerful demonstration of what a market should do by
way of service to the public. It has been completely
free of the hysteria that would be expected to accompany such an extraordinary condition as we have
experienced. Ptice advances have been gradual and
natural. Wide swings have been almost wholly absent, in spite of the high levels. Speculation again
proved its great value in the marketing of grain. It
is the speculator who comes to the support of the
market; who helps to uncover the true conditions,
which are presented to the public through the machinery of the Exchange. This speculative support
soon places the market on a world supply and demand basis so far as prices are concerned. Millers,
knowing their future needs, begin acquiring their
stocks and others are likewise compelled to protect
themselves.
Market prices have been sound prices, arrived at
by the actual shortage that prevails. And these true
values were established quickly—before the farmer
had marketed his wheat—by reason of the support
given the market. Such support was based on world
statistics rather than hope or guesswork.
As customary when prices are unusually high or
unusually low, the question has been asked as to
whether speculation has unduly affected values. In
the present instance the answer has come from the
Government. And it is unmistakably clear. The
Government points to the benefits received by the
farmer, reviews the general condition, and then says,
"the world situation shows unmistakably the reason
for the prevailing price and also indicates that the
conjunction of circumstances responsible for it is
one that unlikely to occur on the average more than
once in many years." The Government says complaint against "wheat prices being too high is unwarranted when they have merely attained a parity
of purchasing power with all commodities and when
the index number of wheat prices is still far below
the index number of wages."
An important step in marketing was taken near
the close of 1924 in the creation by the Chicago
Board of Trade of a cotton market. The Chicago
cotton market is still in its infancy. The volume of
business is not large. But the basic principles on
which the Chicago contract rests are economically
sound. It is confidently believed that the Chicago
Cotton Market will eventually exert an important
and beneficial influence upon the marketing, financing and manufacturing of cotton.
Only after years of discussion by various market
leaders and after months of most intense work during the last year was the cotton market brought
into existence. It came into being under the direction of the most able and experienced sponsors. Its
creation and growth are the natural evolution by
which the Chicago Board of Trade, a long-established
commercial institution, expands when the need
arises.
For three-quarters of a century the Board of Trade
has functioned. Its charter has permitted the trading in all non-perishable agricultural products, and
the long-considered addition of a cotton market was
a natural step.

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509

Gradually the nation's drift has been Westward.
Cotton production has followed this course. All but
about 350,000 bales of the Southwestern production
in 1923 were consumed by the mills of that section.
Cotton production west of the Mississippi in.1873
was 1,473,000 bales, while in 1923 it was 5,570,000
bales. Of this latter amount 5,145,000 bales were
available for export. The exports through the Port
of Houston and Galveston, the joint point of delivery
of Chicago contracts, for 1923 amounted to approximately 3,500,000 bales. Such a quantity of cotton is
by far the largest available supply in any port in
the world.
Prices of cotton at Houston and Galveston represent the export value of our surplus production. It
is an established fact that the price of American cotton sets the price for the world. Hence, it will be
seen that Chicago quotations which rest directly on
the value of cotton at Houston and Galveston, where
ship side values of the commodity are largely determined, should represent the world values for cotton.
Better hedging facilities for Western cotton have
for a long time seemed desirable. New York offers
a contract based primarily on Carolina cotton; the
New Orleans contract represents the value of Mississippi and Louisiana cotton in the port of New
Orleans. There seemed to be no future contract
which reflected actually the value of Texas and
Oklahoma cotton, composing by far the greater part
of the exportable surplus. A Chicago contract market, reflecting the value of Texas cotton, would, it
was confidently believed, add appreciably to the
marketing machinery of the country, and would facilitate the merchandising of the nation's greatest
money crop, to the benefit of cotton shippers, spinners and dry goods distributing houses. Moreover,
instead of taking business from other exchanges,
there was every reason to believe that the Chicago
market would simply create a wider interest in cotton and develop a broader, more liquid trade.
It never was intended or desired by officers of the
Chicago Board of Trade that the new market should
boom at the start. As a matter of fact such a course
was distinctly contrary to the wishes of the officers.
What they did want to establish and what is actually taking place is the gradual growth and expansion of this market. Such a course, it is confidently
believed, the market will continue to pursue, developing slowly along the soundest principles. So far
the action of the new market has been extremely
gratifying. Indeed, it can be stated that the market
has even exceeded the best hopes of its sponsors.
It is here to stay. And time alone is necessary to
prove its high value.
Growth of Mortgage Sales.
By Meant S. CODY, Vice-President Chicago Trust Co.

The steady general increase in real estate securities sales is reflected by the sales of the Real Estate
Loan Department of a Chicago bank, as follows:
1919
1920
1921

$1,924,75000
3,750,793 00
7,022,945 00

1922
1923
1924_

$12,002,137 00
13,178,162 00
__ 16.307.164 00

The practice of limiting their bond issue loans to
the smaller issues is becoming increasingly popular
with the trust companies of Chicago, which seem to
prefer a program which would enable them, in standing back of their securities, to conveniently repurchase the bonds or coupons representing any installment payment of principal or interest which might

510

Fou 120.

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become in default, or, if necessary, take up the entire
issue, pending refinancing or repurchase.
Signed reports filed with the Mortgage and Finance Division of the National Association of Real
Estate Boards, disclose mortgage and bond sales
since 1900—$1,206,998,000 00, without the loss of one
penny to any investor, and with a gross principal
loss to the mortgage bankers handlers these sales, of
only -38.935 00, less than .0003 of 1%. The smile report discloses gross profits, where unfortunate individual situations lead to foreclosure, totaling $207,600 00, or over five times the gross principal loss.
Questionnaire replies recently— collected by the
same division, from second mortgage bankers in Chicago, disclosed similar records for safety in the
handling of second mortgages, thus giving added assurance to the holders of first mortgage securities.
At the end of 1923 the Metropolitan Life Insurance Company had $464,000,000 00 invested in city
loans. During that year, counting a payment as in
default when it is 30 days overdue, out of $23,600,000 00 interest collected, there was only $11,611 00 of
overdue interest on Dec.31. Ninety-one hundred dollars of that amount was paid on Jan. 2, so that the
Metropolitan then had $2,511 of interest in default
on $464,000,000 00 of city loans.
Volume of Business on the Chicago Stock
Exchange.
As in the case of most of the other Stock Exchanges
the volume of business on the Chicago Stock Exchange was not fully up to that for the previous calendar year—chiefly by reason of the inactivity during the months immediately preceding the Presidential election. Total business nevertheless was large
—the heaviest on record, excepting only 1923. In
other words, the stock sales for 1924 reached 10,849,173 shares, against 13,302,187 in 1923, but comparing
with 9,953,637 shares in 1922, 5,165,972 shares in
1921, 7,382,145 shares in 1920 and 7,408,915 shares in
1919. Back in 1918 the sales were only 1,955,151
shares, in 1917 only 1,696,428 shares, in 1916 1,611,317, in 1915 but 715,567 shares, and in 1914 no more
than 385,783 shares. The 1924 bond sales were the
largest on record, footing up $22,604,300, against
$11,979,650 in 1923, $10,017,200 in 1922 and $4,170,450 in 1921.
SALES FOR SERIES OF YEARS.
Bonds.
No. Shares.
No. Shares.
1.234.537
10,849.173 822.604.300 1906
1924
11.979,650 1905
13,302.187
1.544,948
1923
19.017,200 1904
1,251.177
1922_- __- 9.953.637
4.170.450 1903
1,024.002
5,175,972
1921
4.682,400 1902
1.356.558
7,382.145
1920
5.232 15O 1901
1,877.883
7.408,915
1919
4.590.620 1900
1.955.151
1.424.252
1918
9.012.400 1899
3,300.385
1.696,428
1917
11.880.400 1898
1.845.313
1.611,317
1916
9.237.1300 1897
987.772
715.567
1915
9.08.5.500 1896
1,726.400
385.783
1914
9.391.000 1895
1,386.657
1.001,417
1913
13.757.000 1894
1.553.947
1.174.931
1912
14.752.000 1893
1,157.701
1,040.068
1911
7.347,000 1892
1.175.031
894.362
1910
710,000
14.800.000 1891
1.623.495
1909
1,097.000
15.259,000 1890
819.216
1908
150.100
4.466,200 1889
895.984
1907

Business Failures in 1924.
(Concluded from page 504.)

the average during four years prior to 1914 was
2.3%. The average amount of liabilities to each of
the large failures 1921-24, inclusive, was $421,000—
corresponding figures 1910-13, inclusive, is $328,400.
The average amount of indebtedness for each of the
small failures (that is omitting the larger defaults)
is, as noted above, $12,50; in 1910-13, inclusive, it
was about $8,800, and seldom exceeded that amount.
Banking suspensions in the United States last year
numbered 613, with total liabilities of $202,926,206;
the figures for the preceding year were 578 and $203,739,138, respectively. As in 1923, practically 70%
of the bank failures last year (420 defaults for $163,494,000) were in elle 15 Western States west of the
Mississippi River (excluding the three Pacific Coast
States and three States at the South), and considerably more than two-thirds of the total banking indebtedness—for 1924 it is in excess of 80%—belongs
to the same group of 15 Western States. The Southern States furnished nearly 50% more banking failures last year than in 1923, the number last year being 152, with an indebtedness for both years of practically the same amount—about $30,000,000. For
the other sections of the country there were few
banking defaults, while in all sections the bank suspensions were generally small.
Canadian insolvencies numbered 2,474 last year,
the smallest in three years, and the indebtedness was
$64,530,975, the smallest in four years, the foregoing
figures contrasting with 3,247 defaults in 1923 involving $65,810,382. There is little change in the
amount of indebtedness between the two latest years,
but in 1922 and 1921 the liabilities were considerably larger. Quite a marked reduction in the number of Canadian defaults occurred last year for both
manufacturing and trading lines, but manufacturing liabilities are nearly 15% higher in 1924 than in
923, while trading indebtedness shows a decline of
nearly one-third. Last year just 47% of the total
Canadian indebtedness was in the Province of Ontario, attributable to some large manufacturing defaults; in 1923, exactly 47% of the total Canadian
indebtedness was in the Province of Quebec, most of
which was in manufacturing lines, although there
were also a number of large trading failures. One
banking failure occurred in Canada last year, a trust
company in Manitoba,for $100,000, early in the year.
Below we compare the Canadian figures as to number and liabilities for three years:

Bonds.
$5,858,050
9..156.50')
5.432.700
3.364.160
8.967.100
9.338,704
CANADIAN FAILURES FOR LAST THREE CALENDAR YEARS.
8.735,900
12.483.650
9.856.800
Number.
6.575.000
Liabilities,
4.853,950
1924. 1923. 1922.
1924.
8.382.500
1923.
1922.
I
10.213.500
626
792 857 $38,542,658 $31,791,332 $39,080,791
6.575,650 Manufacturing
1,720 2,319 2,717 21,324,089 31,339,783 33,004,203
14.198.000 Trading
129
136
121
9.435.000 Agents and brokers_ _
6,664,228
2,879,287
5,983,985
18,368,000
Total commercial_ 2,474 3,247, 3,695 $04,530,975 S65,810,382 578 068.959
18.530.00C

Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Jan. 30 1925.
Bad weather interfered with trade in different parts of the
country and there can be no doubt whatever that in addition
there is a very conservative spirit among buyers. There Is
much more disposition to buy ahead than there was during
much of 1924. The especially sore spots are the textile
trades, and to some extent the coal trade. But stormy
weather is undoubtedly a contributory factory in the current slowness of trade in some directions. - Yet in some de-

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partments there Is a fair business. Indeed, the steel industry is improving. That is one of the encouraging features of
the week. Dividends have been resumed by the Pressed
Steel Car Co. That may be an event of some significance.
And the fact that the United States Steel Corporation's earnings exceed expectations is of distinct importance; also the
fact that the company is now producing at the rate of 94%
of capacity. Steel prices have begun to rise. Pig iron, on
the other hand, has been quiet at some decline, partly owing
to importation of East Indian and Dutch Iron. Here and

JAN. 31 1925.]

THE CHRONICLE

511

there in the cotton manufacturing business there are signs stock market has been distingulihed by an active business
of betterment. Some of the mills in Maine are running on and rising prices, especially for oils and railroad shares.
full time. And occasionally the same thing is reported from After falling at one time to 1.200,000 shares in a day the
parts of the South. Fall River's business this week has in- transactions ran above the 2,000,000 mark on Thursday.
creased somewhat and one of the minor strikes there has With rising prices for crude oil, fuel oil and gasoline coincijust been settled. But taking the cotton textile industry as dent with largest decrease in crude stocks in December for
a whole, its condition is not by any means satisfactory. The any month on record, the activity in oil shares is not difficult
woolen goods business also might be in better shape. At to understand. Meanwhile the call money shows some tensome of the foreign auction sales prices of wool have de- dency to rise; it ended at 3 %. The feeling in business,
/
1
2
clined; in Boston a somewhat easier tone is reported. Busi- though it leans to conservatism, is not uncheerful, albeit it is
ness in raw wool is backward. That is evident. Meanwhile true that during the past week decliens in commodities have
petroleum and gasoline are advancing everywhere. In De- been more numerous than advances.
cember there was a high record falling off in the stocks of
Meanwhile the tendency of European currencies is still
crude petroleum, although there was some increase during upward. The pound sterling nears par. With the financial
the year. In the West there has been some increase in the interests of the United States and Great Britain acting in
demand for steel, coal and lumber as well as dry goods and concert, much may be done towards a restoration of ecoother merchandise. Steel sheets have advanced in that dis- nomic conditions to their normal level. The effect of a gentrict $2 a ton. Western mills are said to be operating at eral restoration in Europe to the gold basis would naturally
nearly 100%. Collections are reported good. A significant be to cause some decline in European prices of commodities,
circumstance is that money is becoming firmer at the West, especially in the things that Europe imports, reflecting
the
as larger amounts are required to meet the needs of expand- increased buying power of its money. Gold is still unduly
ing business and speculation and also because of the higher plentiful in this country, both because of American big exprices.
ports and because of diminished imports of raw materials as
Of course the most sensational feature in Chicago is the a result of decreased industrial activity in this country.
spectacular, and indeed historic, speculation in grain. The Large currency buying power would cheapen the cost of raw
May delivery advanced 10 to 12 cents, reaching,, it is said, materials to Europe, stimulate manufactures there, increase
the highest price reached in peace times in 50 years. The exports, and so tend to draw gold back to Europe and relieve
rise at Winnipeg is even more striking. In Chicago on a an unhealthy gold congestion in the United States One of
single day the trading in wheat amounted to 111,800,000 the events of the week is the increased exports of American
bushels. The bread loaf has as yet been advanced only here gold, largely, however, to India and Australia. On Thursday
and there, but it is announced that if the price of wheat con- alone $17,270,000 was exported, including $9,620,000 to India
tinues to rise the loaf will naturally cost more. In England and $6,650,000 to Australia, these shipments being,
it apthe price has been very substantially raised. Another fea- pears, in settlement of European accounts. As the
financial
ture of the week is increasing speculation in corn, oats and equilibrium in Europe is gradually restored, as it
is in procrye, which have hitherto attracted less attention. But the ess of being, there will naturally be less danger of
inflation
great feature is the stupendous trading in wheat, with daily in this country reaching a serious phase.
export sales ranging from 300,000 to 1,000,000 bushels.
It is of interest to note that early in the week at least and
Europe is apparently in a bad way. Its crops proved to.be even later, the Russian situation had much to do with the
smaller than had been generally suspected. British and Con- great advance in wheat. It was stimulated by Russian intinental demand, in other• words, outruns anticipations. quiry for 1,000,000 barrels of flour. It became one of the big
Southeastern Europe, including Turkey, are also buying factors of the day. Flour advanced 50 to 75 cents a barrel.
Indian and Argentine wheat. As regards the speculation in Russia, it was insisted, must have foreign grain to head off
wheat it is not altogether a favorable feature. It is perhaps famine in some parts of the old Muscovite Empire covering
going too far. Happily, speculative markets, however, have one-sixth of the globe. Recently it was said to be exporting
a way of correcting excesses when the technical position, grain. But now the peasant population has put down its
as it is called, becomes unhealthy. At the present time the food on exports; the Soviets of Moscow have had to bow to
"long" interest in wheat is so large that a lurch downward it. London reports reiterated that famine is again threatin prices would be neither surprising nor regrettable. There ened in some Russian districts. It has to import flour and
can be no doubt, however, that the speculative spirit is still grain. Winnipeg wired last Monday that Russia, paying
running high and some big operators are quoted as predict- gold, had given Canadian millers orders for one million
baring $250 per bushel. It remains to be seen whether such rels of flour to be shipped as fast as each boatload
was ready.
predictions will be realized or not. All that is clear enough Ample guarantees for payment, it is stated,
have been aris that at one time $2 wheat looked about as improbable as ranged. A recent order for 800,000 barrels
of flour is said
$250 now looks to some of the members of the grain trade. to be sufficient to feed 5,000,000
people for three months.
Something of a check on undue speculation in wheat may These orders, it is stated, will keep
some of the largest
perhaps result from the fact that brokers have increased Canadian mills busy until the middle
of March. Some of
margin on wheat transactions to 30 and 35 cents per them have rejected other business, as
the
the Russian prices are
bushel. Of late it has been 20 cents minimum. In ordinary very attractive. Russia has
this season bought Canadian
times it was only 5 cents. Meanwhile big discounts in prices flour, it is computed, to
the equivalent of some 3,000,000
of light weight corn are feared. There have been rumors bushels of wheat. In addition, it
is estimated it bought at
of export inquiry for both oats and corn, but they have not least 4,000,000 bushels of wheat
and flour in London and
been fully confirmed. Germany, Finland and Norway have Continental
markets. It is believed that Russia will have
been buying rye at times during the week on a large scale. to continue
to bay until its next harvest.
Cotton has advanced somewhat, partly owing to continued
In Massachusetts wage cuts continue to feature employdrought in Texas and also because of large exports, and
a ment conditions in textile plants, according to reports to the
tendency of the spot markets to rise, from a difficulty in ob- Employment
Service of the Labor Department. In New Jertaining the higher grades. Coffee has advanced in response sey cities the
supply of labor appears to be well ahead of the
to higher prices in Brazil. And there have been large trans- demand. At Fall River 100 fancy goods weavers of the
actions in sugar, the consumption of which shows some ten- Davol Mills No. 4,
who went on strike two weeks ago when
dency to increase. Retail trade, as might naturally be ex- asked to accept the
10% reduction in wages returned with no
pected, has become unfavorably affected by stormy weather wage cut. At the Lincoln
mills there was a disturbance on
sections of the country. In any ease it is apt to Tuesday among
over large
striking workers. At Fall River, Mass., the
fall off for a time after the holidays. The wholesale and weavers' strike was settled late on Thursday. At Chicopee,
jobbing trade for the spring season is not active. The shoe Mass., weavers have just struck against
a 10% wage cut. At
factories at the East are doing a fair business at the recent New Bedford. Mass,, the Devon
mill of the Goodyear interadvance in prices. Leather is higher. Coke is lower, and ests closed all departments of its
plant on the 23d inst. until
some ovens, it seems, have closed. Car loadings make an Feb. 2. The closing affected approximately 500 operatives.
excellent showing. Bad weather has held up building in At Providence, R. I., a mill had to close down
on account of a
many sections, but lumber is in better demand in producing strike of doffers. At Manchester, N. H., the Amoskeag mills
parts of the country. One effect of the severe winter is the In the worsted department are said to be now working at
active business in rubber footwear. There is a good trade in 50%, as against 90% recently. At Limerick, Me., the Limradio materials. The manufacturing jewelry business is erick mills recently running three days a week, are now
rather dull. Silk goods have been in fair demand. Men's operating full time. Some other Maine mills have started
goods make the best showing in the clothing trade. The night work in some departments. At Columbus, Ga., the

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Bibb Manufacturing Co., Muskogee Manufacturing Co. and
other mills, all on the Chattahoochee River, which have been
suffering from the worst flood in their history, are again in
operation. At Huntsville, Ala., the Margaret cotton mills
will reopen full time on Feb. 2, having been closed down since
last May. At Danville, Va., the Riverside mills are running
at 85%. Charlotte, N. C., wired that new mill business was
scarce and that all lines were dull.
Department stores in the New York Federal Reserve district increased their sales in 1924 41.2%, including an increase in December of 6.6%. Chain store sales increased
12%. December sales of chain stores were 15% larger than
in December 1923.
On Sunday a blizzard raged over the lower half of Minnesota, parts of the Dakotas and the western portion of Wisconsin also were affected. In some sections of western Minnesota trains and highway traffic were delayed by drifted
snow. Temperatures fell rapidly toward the zero mark. On
Tuesday came the third snow storm of the winter here, making 24% inches thus far this month, as against the previous
record for January of close to 22 inches. The storm of Tuesday and Tuesday night was accompanied by high wind and
the thermometer by 7 a. m. on Wednesday went below zero,
falling to 1 below at 7.40 a. m. It was 16 below at Nyack,
N. Y., 40 below at Canton, N. Y., 32 below at Northfield, Vt.,
10 below at Albany. The ice this winter is unusually thick.
The Hudson River at Nyack, N. Y., is frozen to a depth of 12
Inches. The river at Nyack and Tarrytown is frozen across.
That has happened only three times in the last 15 years. In
northern New England it was 40 to 50 degs. below zero. The
Middle West and Northwest were struck by the cold wave.
On Wednesday the wires were working poorly. The temperatures fell in Chicago to 6 degs. above zero, in Cincinnati
and Detroit to 6 below, In Cleveland to zero, and in St. Paul
to 10 above. On Wednesday the cold wave front was off the
Atlantic coast and covered all sections east of the Mississippi River except Florida and the upper lake region. On
Thursday there came another storm of snow, sleet, hail and
rain here with a high wind from the Northeast.
It cleared during the night. Up-State heavy snows
fell, amounting to 26 inches in Syracuse.
Popular trains were stalled 10 to 17 hours near Syracuse; twenty
trains were held up. The storm at Syracuse was the worst in
25 years. Albany had one of the worst snow storms for 10
years past. The New York Central Railroad yesterday
(Friday) issued the following statement:
The storm of yesterday, last night and this morning was the most severe
in the history of the railroad, especially so between Albany and Rochester,
causing considerable delay in passenger trains.
The snow was from three to five feet deep at the level, with strong
northwest winds, causing the snow to drift into cuts to depths of ten feet.
The trains were held at stations, where food was available. No trains
being held between stations.
The most serious delay to traffic was in the streets of Syracuse, where
street cars were derailed and automobiles stalled on the track of the railroad.
At 10 a. In. the storm continued. Trains are moving well at all points on
the New York Central except between Albany and Rochester, where the
storm was most severe.
Large forces of railroad workers were out all night with special equipment aombating the snow drifts.

Sales in all the main departments of the stores showed at leaseslight increases over December 1923. Sales of cotton goods, chiefly domestic,
showed the largest increase, but large increases occurred also in sales of
furniture and home furnishings, toilet articles and drugs, men's furnishings, and women's apparel. Comparatively small increases ,on the other
hand, occurred in silverware and jewelry, hosiery and silk goods. The following table shows the changes in sales by major departments:
% Change
% Change
in Sales.
in Sales
Dec. 1923
Dec. 1923
to Dec.'24.
to Dec.'24.
Cotton goods
Furniture
Men's furnishings
Toilet articles and drugs
Home furnishings
Women's ready-to-wear accessories
Women's and Misses'ready-towear
Shoes

+28.3
+17.3
+13.5
+128
+12.0
+10.7
+10.5
+9.5

Books and stationery
Toys and sporting goods
Woolen goods
Luggage and leather goods__Men's and boys' wear
Silk goods
Hosiery
Silverwear and jewelry
Linens and handkerchiefs_ _ _ _
Miscellaneous

+9.3
+8.4
+7.9
+6.9
+6.0
+3.5
+3.1
+2.7
+0.8
+10.2

A tabulation in the "Monthly Review" contains comparisons of average stocks of merchandise and the annual rate
of stock turnover in each of the last six years.
Seasonal Decline in Wholesale Trade in Federal
Reserve District of New York in December 1924
Less Than in Same Month of 1923.
According to the Feb. 1 "Monthly Review of Credit and
Business Conditions" by the Federal Reserve Agent at New
York, wholesale trade in this district showed somewhat less
than the usual seasonal decline in December and was VA%
larger than in December a year ago. This banks' index
of trade, afterTallowance for seasonal variation, advanced
slightly to 93% of normal, as measured by the trend of past
years. Total sales for the year 1924 fell 5% below those of
1923, compared with an increase of 15% during 1923 over
1922. The "Review" also says:
In1December Increases in sales over a year previous occurred in silk
goods, men's clothing, dresses, diamonds, shoes, cotton goods, drugs, and
groceries. Hardware sales equaled those of the year previous, but in
stationery, women's coats and suits, machine tools, and jewelry, sales fell
below 1923. The following table gives detailed comparisons_forDecember
sales and total sales of 1924.
Dec. 1924 Sales.
Annual Sales
Per Cl. Per Cl,
(Total Sales 1923 yi
Change Change
100%.)
from
from
Nov.'24. Dec '23. 1919. 1920. 1921 . 1922. 1923. 1924.
Diamonds

+41.0
+10.5
+3.6
+17.4
(b) Silk
+10.3
Shoes
+5.4
Drugs
Clothing
-21.3
-32.2
(a) men's
(b) Women's dresses_ _ _ +26.2
(c) Women's coats and
-49.2
suits
-9.7
Groceries
Hardware
+2.1
+0.9
Jewelry
+12.8
Machine tools
-1.3
Stationery

Dry goods
(a) Cotton

Weighted average

-7.5

+26.7
+24.2
+14.3
+34.0
+18.7
+15.9
+8.6
+31.6
+15.3

214
103
91
116
171
85
84
79
92

125
105
102
107
139
89
97
107
94

56
87
86
88
105
82
77
73
84

82
84
87
80
93
90
83
81
91

100
100
100
100
100
100
100
100
100

102
98
89
107
96
106
91
09
85

-26.0
+2.2
-0.1
-6.8
-8.2
-14.3

83
121
100
169
161
103

87
129
115
157
172
128

75
90
78
77
42
91

80
93
84
87
55
90

100

100
100
100

85
96
06
93
78
102

+7.5

106

113

84

87

100

95

100
100

December Sales of Chain Stores Larger Than
a Year Ago.
"December sales of reporting chain store systems were
15% larger than a year previous, and this bank's index,
which allows for seasonal variation and price changes, rose
slightly to 99% of normal, as measured by the trend of past
Substantial Increase in Department Stores Sales in
years," says the Feb. 1 "Monthly Review of Credit and
New York Federal Reserve District During
Business Conditions" by the Federal Reserve Agent at
December 1924 as Compared with 1923.
the
In its article on retail trade the Feb. 1 "Monthly Review New York. Continuing, sales "Review" says:
year 1924 chain store
increased 12% over'1923. compared
For
of Credit and Business Conditions" by the Federal Reserve with a the increase in 1923 over 1922. During the year
19%
grocery, dry goods
Agent at New York says:
and shoe chains showed the largest increases In the

number of stores, while
Final reports on department store sales in this district showed a substantial grocery, dry goods and ten-cent chains reported the largest increases in the
Increase in sales over the same month of 1923, notwithstanding the fact volume of sales. Candy, shoe and tobacco chains showed smaller increases
that during the first half of the month holiday trade was reported slow. in sales, while in the case of chain drugs sales were in about the same volume
The average increase in sales for the entire district was 6.6%, part of which as in 1923.
was attributed to an extra selling day this year, but the daily rate of sales
The following table compares December chain store sales and number of
showed an increase over December 1923 in several localities. The average stores with December 1923, and annual figures on sales for the past six
with $2 87 in December a year ago.
transaction was $2 95, compared
years.
Per Cent Change
For the year 1924 total department store sales reported to this bank were
Dec. 1923 to Dec. 1924,
over 434% greater than in 1923, compared with an annual average increase
Sales
Annual Sales
of about 8% during the previous five years, after allowance for price variaNo. of Monthly per
(Year 1923=100%)
tions.
Type of Store.
Stores. Sales. Store. 1919 1920 1921 1922 1923 1924
+16.7 +24.3
on hand during the early months of the year Grocery
+6.6
Stocks of merchandise
54
78
70 81 100 114
+19.6 +19.2 -0.3
45 65
72 78 100 121
showed Increases over the 1923 level, but in the latter half of the year there Dry goods
Ten-cent
+8.0 +10.6
+2.3
61
73 75 85 100 112
appeared to be a tendency to carry smaller stocks relative to the volume of Shoe
+24.2
+9.4 -11.9
82 09 94 93 100 109
sales than a year previous. sales in 1924 were four times the average stocks Candy
+5.3
+4.7 -0.5
57 79 81
83 100 109
+5.0 -0.6 -5.4
of merchandise valued at selling prices. This indicates a further slight Tobacco
74 98 07 95 100 102
Drug
+0.7 -1.1 -1.8
79 91
00 92 100 100
increase in the rate of turnover, which has been increasing since 1020.
The following table compares December sales and stocks with those of a
Total
+14.5 +15.3
+0.7
84 100 112
58
78 75
year previous, and also compare;annual sales In each of the past six years.
Annual Sales
Per Cent Change
(Year 1923=100%)
Department Store Sales in New England Reached
Dec. 1923 to Dec. 1924.
1919 1920 1921 1922 1923 1924
Stock
Sales
Largest Monthly Total on Record During
82 96
New York
91
')
93 100 104
+7.8
Buffalo
Newark
Rochester
Syracuse
Bridgeport
Elsewhere, Second District
All department stores_ _
Apparel stores
Mall order houses

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Federal Reserve Bank of St. Louis

+7.8
+7.4
+5.2
-2.9
+2.3
-5.1
+6.6
+24.9
+25.9

+20.0
+4.8
+4.2
-5.0
+3.6
-15.7
+0.7
+56.6

79 96
72
88
73 92
81
99
90 110
82
99
80 95
76
87
101 103

95
86
93
92
95
96
91
90
72

92
89
94
90
93
96
93
93
80

100
100
100
100
100
100
100
100
100

102
108
106
101
100
99
105
108
107

December According to Federal
Reserve Bank of Boston.
--The total volume of sales of the average Now England department store during Dec. 1924 was, without mucladoubt,
the largest monthly/ totalonErecord7aceording to reports

JAN. 31 1925.]

THE CHRONICLE

received by the Federal Reserve Bank of Boston. The
Industrial Statistics Division of the Bank, in its account of
this, made public Jan. 26, says:
Total sales were 234% larger than in Dec. 1923, but since there was
the advantage of one more selling day, the average daily sales in December
1924, were slightly less than in December a year previous. Boston department stores did relatively better than the average department store in other
New England cities. The average daily sales, however, of both groups of
department stores were less than in the corresponding month of the previous
year.
During the first half of January. Boston department store sales were of
about the same volume as in the corresponding period in January 1924.
The retail trade credit situation, as reflected by collections, was very
favorable during December in the average New England departmen
t store.
In fact, the average rate of 54% (ratio of collections during December
to
total accounts outstanding on the first day of December) is as good as or
better than that reported for the average New England departmen store
t
for any month of 1924 or 1923.
More extra employees were hired than usual to take care
of Christmas
trade in the average New England department store. Inasmuch as the
sales were not of exceptional volume during December, the
average amount
of sales per employee per day was fully 10% less than in
December 1923.
According to reports received by the Federal Reserve
Bank of Boston, the
average New England department store made about
15 sales per employee
(all employees in the store) per day, with an average value
of sales of $34
per employee per day. This compares with approximately
16 sales per
employee per day in December 1923, or sales with a
total value of about
$38 per day.
Weather conditions were favorable during most of
December. In eastern
Massachusetts, at least, conditions were very
close to normal,with the
exception of a smaller amount of rainfall than usual.
In fact, although
there were as many rainy days during December
as is usual in that month.
the total rainfall in inches was less than has been recorded
in any December
for over 20 years. This clear, cool weather helped
to add to the sales of
seasonable, merchandise, particularly winter
apparel. Sales of men's
clothing and furnishings showed greater improvem
ent than the average line
of women's apparel in the department stores.
In those establishments
selling only women's apparel, however, the volume
of business was better
than usual during December. In Boston the
December sales of the women's
apparel shops this year were 7% greater
than in December 1923. or an
Increase of about 3% in average daily sales
(taking account of the extra
selling day). Hosiery and shoes, both women's
and men's, were reported
to be selling well in the majority of the departmen
t stores during December.

National Survey of Six Basic Trades by National
Association of Credit Men.
A national survey of six basic trades made by J. H. Tregoe,
Executive Manager of the National Association of Credit
Men,indicates that, in all commercial sections,improvement
is being felt and better business anticipated for the year
just opened. The trades covered are electrical supplies,
wholesale hardware, wholesale dry goods, meat packing and
provisions, boots and shoes, tires and automobile accessories. In no trade is opinion on any one point unanimous.
Individual manufacturers, jobbers and wholesalers gave
their own views and experiences, which are summarized by
Mr. Tregoe and made public Jan. 10. In part the summary
said:
Electrical Supplies.
In the electrical supplies trade there was
a fairly satisfactory distribution, in the early months of 1924, followed
by a falling off in sales during
the spring and summer. There was
a noticeable revival after Nov. 1.
Collections ran from satisfactory to difficult.
Collections on the whole
outstripped distribution.
The volume of receivables at the
close of the year was slightly less than
at the close of 1923. In proportion to
sales, the receivables would be slightly
less in 1924 than in 1923. It is anticipate
d for this line a freer movement of
commodities and satisfactory collections
in the fore part of 1925.
Wholesale Hardware.
The first three quarters of the year
show a falling off in distribution of
• at least 15% as compared to 1923.
A freer buying movement developed in
the latter quarter of the year, and in the
final analysis figures will show the
distribution of 1924 to be less than
10% short of 1923's distribution.
Wholesale Dry Goods.
The first three quarters of 1924 were
unsatisfactory. Textile production
was involved in problems of poor cotton
crop forecasts, fear as to price
movements, causing hand-to-mouth
buying, concerns needing volume
opening new fields and offered
goods at cut prices. The fall and winter
requirements were not anticipated, as
usual. Since Nov. 1 business brisked
up. Advance orders are placed and distribution is improved. Collection
s
on the whole were better than sales. The volume
of
is smaller than a year ago. In proportion to the receivables in this line
sales of 1923 it may on
the whole be slightly smaller.
The outlook for 1925 is healthfully optimistic
. Dry goods will show a
freer movement and very fair collections in the
fore part of 1925.
Meat Packing and Provisions.
The year 1924 was fairly satisfactory.
Distribution compares very
favorably with the distribution of 1923.
Collections were spotty, quite
free in some sections, and very close in others. In
the cities where there
was much unemployment, collections were badly
affected. The close of
1924 finds receivables about the same, proportionately,
as the receivables
of a year ago. The closing months of the year registered some
improvement
In distribution and collections. The outlook for 1925 is
optimistic.
Boots and Shots.
The year 1924 was very unsatisfactory. Garish styles,
particularly in
women's shoes, and a lower consumption led to
piecemeal buying, and the
open winter of 1923 caused the carrying over of large stocks
into 1924.
There was also an overproduction in 1924. This caused
a pressure in
Boning that led to credit losses, and in the failures of the
year, distributors
of shoes to the retail trade were heavily involved. Collections were very
close and difficult. The receivables at the end of the year, while
smaller
in volume than a year ago, yet in proportion to sales would be found larger
than a year ago. There was but little advance buying. The outlook is
more hopeful than expected, with improvements in the distribution of
commodities generally.

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Federal Reserve Bank of St. Louis

513

Tires and Automobile Accessories.
The year 1924 was on the whole satisfactory. Prices ranged a little
lower than in recent years, but distribution was on a more stable and
satisfactory basis. The entire distribution of the year in these lines should
compare very favorably, and it may show a little increase over 1923. Collections were not entirely free, and in spots difficult to make,but receivables
were reduced in volume.
Upward changes in prices due entirely to the higher cost of materials and
a free movement in distribution and collections is anticipated.

Clay Herrick of Guardian Savings & Trust Co., Cleveland, Sees Most Substantial Business Prospects Since Close of War.
"After having discounted the usual first-of-the-year pronouncements of limitless optimism, the known facts bear
out the conclusion that the present year opens with the most
substantial business prospects of any year since the close
of the World War," said Clay Herrick, Vice-President of the
Guardian Savings & Trust Co., Cleveland, in the bank's
current report on conditions. "If emphasis be placed upon
the word substantial," he says,"the year bears better promise
than any since 1914, for the booms of 1916 and 1919, based
respectively upon war and post-war conditions, were artificial and destined to short life." He added:
Last year opened with an attempt at artificial prosperity, which became
it had no solid foundation was soon dissipated. By March a precipitate
decline had begun, particularly in basic production. Partly because it
was so drastic the drop did not last long, and had spent its force in
August.
since which month recovery has been gradual but persistent.
December figures indicate a continuance of the improvement to which
each month since July has added its mite. There are some lines in which
the change is not yet noticeable unless it be in sentiment; unemployment
Is still in evidence here and there.
The signs that business recovery made substantial progress during the
latter part of 1924 and is now being accelerated are unmistakable. Iron
and steel industries are leading with operations steadily increasing and
large additions in unfilled tonnage in December:other industries are
showing
definite evidences of renewed activity.
As suggested, fundamental conditions as a whole are sound and now offer
the best basis for a well-founded revival of business that we have had
since the war started. Psychologically, the country Is prepared to face
the problem of the year with confidence. Nothing appears to stand in the
way of a great increase of business activity,
and in some quarters the
revival may be overdone.
Under these conditions it seems safe to assume that the first few months
of the year will witness a distinct growth in activity.
If it is not overdone
it may be expected to progress steadily throughout
the year.

Slight Decrease in Employment in Selected Industries
in the United States in November.
Employment in manufacturing industries in the United
States as a whole was practically unchanged from October to
November, the actual percentage change being a decrease of
only one-tenth of 1%. Aggregate earnings of employees,
however, decreased 1.3%, resulting in a decrease in per
capita earnings of 1.2%. Regularly occurring seasonal decreases in various industries, such as men's and women's
clothing, for example, were responsible for the slight decrease
in employment, while the larger falling off in earnings was
due almost entirely to the holidays quite generally observed
in many localities during the first half of November. These
unweighted figures, presented by the United States Department of Labor through the Bureau of Labor Statistic
s, are
based on reports from 8,557 establishments in 52 industri
es
covering 2,553,132 employees, whose total earnings during
one week in November were $65,412,934. The same establishments in October reported 2,555,812 employees and total
pay rolls of $66,294,524. Four of the nine geographic divisions of the United States—the New England, Middle Atlantic, South Atlantic and East South Central States—all
made gains in the number of their employees during the
month, but the South Atlantic States alone show a gain in
the earnings of employees. The Bureau continues:
Comparison of Employment in November 1924 and October 1924.
Twenty-five of the 52 separate industries gained employees in
November
as compared with October, and the same number of industries
gained in
pay-roll totals, although the industries in the two groups were
not entirely
identical. The gains in employment were for the most part
relatively
small. The rubber boot and shoe industry, however,shows a
gain of 47%.
which marks a return to more normal conditions after
a depressed summer.
The cigar and cigarette industry gained 11.4% in employees
, and the agricultural implement industry gained
6%•
The losses in employment were especially marked in the sugar
refining
industry(10.7%),in confectionery(10.2%),in ice cream (8.7%),
in women's
clothing (7.8%), and in men's clothing (4.7%).
Increases in pay-roll totals in the rubber boot and shoe and cigar
and cigarette industries were greater even than their increases in
employment. Steel
shipbuilding and pianos also paid considerable increased amounts
in wages,
while the per cent of increase in the pay-roll totals in the
agricultural implement industry was the same as the increase in employme
nt in that industry. Decreases in pay rolls of 18.3% and 11.3%,
respectively, are shown
in the women's and men's clothing industries, and
steam fittings. boots
and shoes, sugar refining, confectionery, pottery and
iCEI cream all show
decreases of over 7%.
The textile, iron and steel, paper, chemicals, tobacco
and miscellaneous
groups of industries all gained in the number of employees
during the month,
the tobacco group alone, however, making a noticeable
advance, and the

over in 20
The decrease in employment in November 1924 was 10% or
in foundry
industries, the greatest being 26.4% in shipbuilding and 21.3%
decreased
and machine-shop products. Twenty-eight industries show
foundry aEd mapay-roll totals of over 10%, three of them-shipbuilding,
fallen off approximately
-having
chine-shop products, and automobiles
25% each.
of the 12 groups of industries show small increases in the number
Two
-month
the 12
of their employees and the amount of their pay-roll totals, in
in the
period, these being the paper and tobacco groups. The decreases
earnings of
other groups ranged from 15.7 in employment and 22% In the
in earnemployees in the vehicles group to 2.1% in employment and 2.6%
ings of employees in the stamped and enameled ware group.

s groups gained
Paper, chemicals, stamped ware, tobacco, and miscellaneou
dropped more than
In pay-roll totals. The food and vehicles group each
a deceease of 8.2%
1.5% of their employees, and the leather group showed
in pay-roll totals.
relating to all emFor convenient reference the latest figures available
I. railroads, drawn from
ployees, excluding executives and officials, on Class
at the foot of the first
Inter-State Commerce Commission reports, are given
and second tables.
ESTABLISHMENTS
COMPARISON OF EMPLOYMENT IN IDENTICAL
DURING ONE WEEK EACH IN OCTOBER AND
NOVEMBER 1924.

'

Industry.

[Vox, 120.

THE CHRONICLE

514

I

Es- No. on Payroll.
%
tabof
Nov.
Rah- Oct.
meats 1924. 1924. Change

MENTS
COMPARISON OF EMPLOYMENT IN IDENTICAL ESTABLISH
DURING ONE WEEK EACH IN NOVEMBER 1923 AND
NOVEMBER 1924.

Amount of Payroll.
Oct.
1924.

Nov.
1924.

%
of
Change

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

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Amount of Payroll.
Es- No.on Payroll.
$
$
%
tabFood and kindred
%
Industry.
of
Nov.
1,010192,084 188,774 -1.7 4,694,77 4,682,333
Nov.
of
products
lish- Nov. Nov.
1924. Change.
Slaughtering & mea
ments. 1923. 1924. Change. 1923.
81 79,288 81,662 +3.0 1,957,190 2,087,71:
packing
$
$
•
24: 34,441 30,944 -10.2 615.852 552,380
Confectionery
rood and kindred
5,955 -8.7 208,137 193,452
9. 6,51
730 172,497 157,909 -8.5 4,337,439 3,995,023 -7.9
products
Ice cream
397,543 378.782
287 14,917 14,635 -1.
Flour
Slaughtering & meat
1,212,372 1,218,013
29 46.70 46,456 -0.
77 89,889 80,405 -10.6 2,276,366 2,035,021 -10.6
packing
Baking
1 10,216 9,122 -10.7 303.685 271,98:
98 17,149 14.390 -18.1 316,215 270,677 -14.4
Sugar refining, cane.
Confectionery
+0.110,164,795 9,922,593
58,921 -1.7
59,935
32 2,030 1,967 -3.1
Textiles & their prods_ 1,639 515,17 515,505
Ice cream
+0.2 2,788,591 2,739,093
320 175,71 176,15
244 14.364 13,181 -8.2 378,056 339,475 -10.2
Flour
Cotton good's
g.... 242 67,98 69,879 +2. 1,173,439 1,219,50
268 39,881 40.055 +0.4 1,033,490 1,050,377 +1.6
Baking
Hosiery & knit
11 9,184 7,911 -13.9 273,377 240,552 -12.0
181 50,09 49,679 -0. 1,084,607 1,023,381
Sugar refining, cane_
Silk goods
resales & their prods_ 1,289485,029421,136 -9.5 9,224,550 8.222,369 -10.9
Woolen and worsted
67.75 69,132 +2.0 1.602,088 1,632,659
172
264 86.397 142.572 -14.3 2,760.926 2,234,638 -19.1
Cotton goods
goods
537,443 566,634
+3.
28 20,294 21,08
Hosiery & knit goods 200 62,509 55,542 -11.1 1,108,055 977,681 -11.8
Carpets and rugs__
168 48,052 47,777 -0.6 995,043 965,300 -3.0
goods
Silk
Dyeing and Ii'
91 27,560 28,070 +1.. 664,321 666,752
Woolen and worsted
textiles
131 52,241 51,822 -0.8 1,221,985 1,268,389 +3.8
266 55,341 52,764 -4.7 1,302,273 1,155,342
goods
Clothing, men's
324,261
489,671 -12.4
86 21,372 21,530 +0.7 322,181
18 19,827 18,613 -6.1 559,141
Carpets and rugs
Shirts and collars
434,973 355,17:
172 16,967 15,637 -7.
Dyeing and finishing
Clothing, women's
239,794
60 23,905 23,806 -1.3 548,142 549,140 +0.2
81 12,09: 11,577 -4.3 254,87.
textiles
Millinery&lacegood
178 45,866 40,405 -11.9 1,144.423 948,696 -17.3
Clothing, men's
Iron and steel and thel
+0.4 15,541,18 15,498,774
1.472544.75 547,08
75 22,395 19,106 -14.7 318,880 285,314 -10.5
Shirts and collars.products
7,400,159
+0. 7,329,1
129 12,485 11,642 -6.8 329,166 295,154 -10.3
218250,324 251,44
Clothing, women's_
Iron and steel
473,933
507,441
66 11,352 10,051 -11.5 238,789 212,388 -11.1
144 18,321 17,930 -2J
Millinery&lacegoods
Structural ironwork_
1Iron and steel and their
Foundry & machin
1,196511,100439,142 -14.1 15,128,119 12.502,484 -17.4
67 168,0 .169.921 +1.1 4,683,719 4.762,151
products
shop products
742,693 769,464
164 230.085204,307 -11.2 8,949,026 5.957,502 -14.3
5 30,937 31,287 +1.1
Iron and steel
Hardware
+1.5 604,106 620,733
173 21,49 21,81
Structural ironwork. 129 18,019 14,552 -9.2 446,890 380,356 -14.9
Machine tools
Foundry & machineSteam fittings and
shop products.... 540 182,209 143,439 -21.3 5,450.917 4,053,593 -25.6
steam & hot-wa
31 22,079 20,135 -8.8 541,307 486,299 -10.2
127 38,835 37,961 -2.3 1,171,43. 998,871
Hardware
heating apparat
502,597 473,463
149 19,828 16,450 -17.0 552,655 462,911 -18.2
8 16,814 16,700 -0.7
Machine tools
Stoves
4,315.749 4,246,652
Steam fittings and
products. 1.036 197,07 195,697 -0.7 2,260,385 2,212,674
Lumber & its
40: 111,16. 109,287 -1.
steam & hot-water
Lumber,sawmins
31,00: -1.4 763,359 732.090
104 23,211 23,801 +2.5 693.780 694,043 %(°)
heating apparatus
Lumber, millwork... 282 31,461 55,402 +1.: 1,292,00 1.301,888
79 17,689 16,45: -7.0 493,544 467,760 -5.2
366 54,44.
Stoves
Furniture
-8.4
-O. 2,472,516 2,268,816
Lumber & its products. 883176,710 170,21: -3.7 3,978,182 3,722,992 -10.3
Leitther & Its products. 311 106.68 106,224 +1.4 580,688 580,012
11 23,40: 23,74.
Lumber,sawmills... 371102.238; 96,717 -5.4 2,185,787 1,960,530 -4.5
Leather
204 28,115 27,235 -3.1 687,099 655,917
193 83,27 82.479 -1.1 1,891,82: 1.688,804
Lumber, millwork
Boots and shoes
+0. 4.259,994 4,264,318
288 46,357 46,286 -0.2 1,105,298 1,106,545 +0.1
731 139,03 139.71
Furniture
Paper and printing__ _
260 97,979 91,629 -8.5 2,181,300 1,974,710 -9.5
1950.49: 50,48 -(P) 1,335,983 1,319,203
Leather & its products_
Paper and pulp
113 23.018 21,156 -8.1 586,729 522,380 -11.0
16,061 +0.1 339,850 342,993
14. 16,044
Leather
Paper boxes
1.232,658 1.235,169
147 74,981 70,473 -6.0 1,594.571 1,452,330 -8.9
Boots and shoe's
book & Jo. 220 37.366 37,591 +0.. 1,351,503 1,366,953
Printing,
+1.3
595 112,659 113,478 +1.7 3,384,933 3.495,896 +3.3
and printing_ _
16 1 35,125 35,57
Paper
Printing, newspape
+2.2
133 41,217 41,374 +0.4 1.061,058 1,084,17
Paper and pulp
Chemicals and allied
+0.1 2,048.699 2,127.557
131 13,972 13,479 -3.5 283,093 283,09 -(*)
71,38
25 71.2
Paper boxes
products
+2.3
897.459 918,01
567,157 568,020
+0.
96 22,088 22,2
181 27.012 27,304 +1.1
Printing, book & Job
Chemicals
+5.9
132.590
104 7.241 7,193 -0.7 133,107
150 30,458 31,319 +2.8 1,143,323 1,210,82
Printing, newspaper
Fertilizers
-O. 1,348,435 1.426,947
53 41,961 41,88
and allied
Dhemicals
Petroleum refining_
-9.2
41,806 -9.4 1,315,032 1,194,23
175 46,143
products
Stone, clay and al
-9.1
69 17,147 15,784 -7.9 462,790 420,88
602 104.513 104,2$ i -0. 2,784.632 2,724,610
Chemicals
products
91.46 -16.3
109,267
707,211 689,439
70 5,654 4,930 -12.8
74 23,89: 23,976 +0.
Fertilizers
Cement
-8.2
742,975 681.88
36 23,342 21,092 -9.6
Petroleum refining
Brick, tile, and
33 30,466 29,771 -2.2 809,759 781,438
3tone, clay and glass
cotta
-8.7
285,723
-0.5 318,164
90,877 84,644 -6.9 2.443,797 2,231,45
510
51 12,27! 12.221
products
Pottery
-3.9
58 18,064 17,622 -2.4 527,487 507,14
144 37.8:, 38,232 +0.9 951,49: 968,010
Cement
Glass
tile and terra
Brick,
Metal products, other
-6.5
299,112 309.458
21,993 -5.6 822,830 582,13
278 23,291
44 13,181 13,152 -0.2
cotta
than Iron & steel..
244,23 -12.8
42 10,083 9,799 -2.8 280,094
Pottery
Stamped and enam
132 39,439 35,230 -10.7 1,013,386 897,93 -11.4
44 13,181 13.152 -0.2 299,112 309.458
Glass
eled ware
192 39,18 42,54' +8.6 881.833 783,244
Metal products, other
Tobacco products
-2.8
259,473 252,64
32 11,018 10.784 -2.1
than iron and steel
Chewing & smoki
133,265
142,898
-O.
9,02
9.09
Stamped and enam3
tobacco and snuff_
-2.6
259,473 252,64
538,937 629.979
32 11,016 10,784 -2.1
157 30,086 33,526 +11A
eled ware
Cigars & cigarettes
168 33,336 33,439 +0.3 612,695 625,374 +2.1
robacco products
Vehicles for land Ira
1.6
889 429.70 422,783 - 13,310.320 12,803,173
Chewing & smoking
portation
-0.3
43,39
43,508
27 3,037 2,954 -2.7
253,03 247,306 -2.3 8,077,041 7.702,063
tobacco and snuff_
Automobiles
+2.2
54,029
56,280
139 30,299 30,485 +0.6 569,187 581,98
Cigars & cigarettes_
39 2,308 2,364 +2.5
Carriages & wagons_
Vehicles for land transreCar building and
641 437.197368.450 -15.7 14,459,56911,272,89 -22.0
portation
pairing
185 279,419234,555 -18.1 9,770,031 7,352,82 -24.7
-0.4 514,122 522,103
174 17.45 17,39
Automobiles
Electric railroad
48,736
43.920 -9.9
31 2,102 1.941 -7.7
-0.814,662,877 4,524,978
456 158,908 155,71
Carriages & wagons..
Steam railroad._
04 +I. 5,720,910 5,801,406
Car building and reI 373 203.1341206.1
Miscel. indstrles
103 19,06 20,217 +0.01 498,45: 528,210
pairing
Implements.
AgrICUI.
188 19,256 18.995 -11.7 581,777 511,327 -12.1
Electric railroad. _ ...
Electrical machinery, 123
257 136,420 114,959 -15.7 4,059.025 3,364,827 -17.1
93,65 92.38, -IA 2,579,466 2,509,782
Steam railroads_ _
apparatus & suPPI
241.728
220,544
+3.
316 210,030194,020 -7.6 5,972,945 h,472,225 -8.4
7,38
32 7,14
!Alma. Industries_ _
Pianos and organs
456,713 -12.7
69 19,258 17,327 -10.0 523,11
Agricul. Implements.
9 9,5861 14,06 +47.01 238,708 374,326
RubberboOts&shoe
-4 11 1,556,892 1,457.219
68 50,027 47,98
Electrical machinery,
Automobile tires.119 104,939 91,092 -13.2 2,977,202 2,479,554 -16.7
+1.6 628,844 690,143
38 23,67 24,06
apparatus & vuppl
Shipbuilding, steel-.
24 7,112 6,745 -5.2 219,982 220,500 +0.2
Pianos and organs
9 17.363 14.063 -19.0 446,469 374,326 -16.2
Rubber boots& shoes
8,557255581 255313 -0.166.294.52465.412.934 -1.1
Total
8
64 38,183 48.272 +27.9 1,069,022 1,409,310 +31.
tires....
Automobile
cent.
31 25,175 18,521 -26.4
737,154 531,822 -27.9
Shipbuilding steel .
* Less than 1-10 of 1 per
,
Recapittdation by Geographic Divisions,
6,77323645732126653 -10.103,298,03454,062,279 -13.2
Total
1,013 332,162 333,962 +0. 7,808.547 7.768,149 -0.5
New England
Recapitulation by Geographic Mations,
+0.221.237,10621.199,766 -0.2
2,21 783,95 785,367
Middle Atlantic
22,555,083 -2.7
722 294,853 257,850 -12.5 7,044,373 8.056.579 -14.0
2,3081800.0741791,716 -1.1 23,180,345 3,328,50
4ew England
-1.6
East North Central
79 137,678 137,199 -0.3 3,382,302
1,816 740,185 663,899 -10.320.320,87517,816.687 -11.8
diddle Atlantic
West North Central-. 93 226,562 232,213 +2.5 4,318,055 4,378,470 +1.4
1,913 795.158 707.299 -11.024,217,36620,261,218 -16.3
last North Central
South Atlantic
+0.7 1,781,973 1.714.611 -3.8
375 91,1251 91,75
Vest North Central... 588 116.205 107,440 -7.5 2,841,413 2,643,152 -7.0
-1.5
East South Central._
324i 68,7671 66,151 -O. 1,399,991 1,379,178 -1.2
744 190,745 178,591 -6.4 3,530,287 3,240,153 -8.2
louth Atlantic
Wort South Central
3
1331 23.094j 22,521 -2.5 621,860 814,255
last South Central... 257 66,549 81,507 -7.6 1,267,374 1,182.783 -8.
Mountain
92,345
461 94,39 JI -2.2 2,586.345 2,476,9141
244 53,231 53,503 +0.5 1,080.271 1,080,552 %VI
Vest South Central
Pacific
3
535,006
474,626 -11.
103 19,014 17,290 -9.1
dountain
1 -1.3
8,557 2555812 255313 -0.186,294,52465,412,934
386 88,633 79,274 -10.6 2,481,069 2,128,532-1.3.6
'Berne
Total
Total
on Class I Raaroads.
Employment
8.773 384573212865 -10.183.298.03454.982.279 -13.2
Total
...
4:3 I
a232,414,352
1,722,704
August 15 1923
61
a233,565,827
Employment on Class I Railroads,
____I 1,785,062 1
I
August 15 1924
month.
a Amount of payroll for one
a248,173,732
1,929,493
July 15 1924
17
I - 57.5
a233,585.827
-177:il
November 1924 and November 1923.
1,785,062
August 15 1924
Comparison of Employment in
ts are available for a comparison of emAmount of payroll for one month.
a
Reports from 6,773 establishmen
• Less than one-tenth of 1%.
between November 1924 and November 1923.
•
ployment and pay-roll totals
establishments in the two years, show a dePer Capita Earnings.
These reports, from identical
of 13.2% in total earna decrease
with
of 10.1% in employment,
crease in 1924
Per capita earnings increased In November 1924 as compared
capita earnings.
there-ings, and a decrease of 3.5% in per
October in 20 of the 52 industries here considered, and decreased in
divisions show marked decreases both in
steel shipEight of the nine geographic
maining 32 industries. The greatest increase, 8.3%. was in the
one exception being the West South
by the rubber boot and shoe, petroleum, piano.
employment and total pay rolls, the
and less than one-tenth of building industry, followed
induswhich gained 0.5% in ernployees
Central States,
cigar, stamped ware, slaughtering and meat packing, and hardware
in per
1% in earnings of employees.
tries, all showing increases of over 2%. The greatest falling off water
hot
gained 27.9% in number of employees and
The automobile tire industry
capita earnings was 12.8% in the steam fittings and steam and
and
-month period, while six other industries
by the two clothing industries,
31.8% in pay-roll totals in the 12
industries show gains in pay- heating apparatus industry, followed
chewing tobacco, stove, silk and
in employment and 10 other
. show small gains
printing and 3.6% in woolen the boot and shoe, pottery, carriage,
roll totals,the greatest being 5.9% in newspaper
structural ironwork industries, all showing decreases of over 4.5%•
goods.

I I

JAN. 31 1925.]

THE CHRONICLE

515

Comparing per capita earnings in November 1924 and in November operation, owing almost entirely to the
holidays generally observed in many
1923, increases are found in 21 industries, and decreases in the remaining localities during the first half
of November. Three per cent of the report31 industries. The industries showing the greatest increases in the 12
- ing establishments were idle, 62% were operating on a full-time schedule,
month period were: Pianos, 5.7%; shirts, 4.8%, and woolen goods, 4.5% and 35% on a part-time schedule, while
40% of the establishments had a
The industries showing the greatest decreases were: Automobiles, 10.4%; full normal number
of employees and 58% were operating with reduced
pottery, 10.3%; carpets, 6.7%; structural ironwork, 6.3%; men's clothing, forces.
6.1%; cotton goods and foundry and machine-shop products, each 5.5%;
The establishments in operation were employing an average of 81% of
and sawmills, 5.2%.
their normal full force of employees, and these employees were working an
COMPARISON OF PER CAPITA EARNINGS NOVEMBER 1924 WITH average of 91% of full time. This is a drop of 1% in the average of fullOCTOBER 1924 AND NOVEMBER 1923.
time operation as compared with the report for October, and no change in
average capacity operation.
% of Change
% of Change
November 1924
Wage Changes.
November 1924
Compared With
Compared With
During the month ending November 15 1924 wage rate increases were
Industry.
Industry.
reported by 39 establishments in 12 industries, and wage-rate decreases by
Oa.
Nov.
Oct.
Nov.
38 establishments in 14 industries.
1924. 1923.
1924. 1923.
The increases and decreases averaged slightly over 8% each,the increases
Shipbuilding, steel
+8.3 -1.9 Chemicals
--0.8 -1.2 affecting a little more than 3.000 employees and the decreases
Rubber boots and shoes_
affecting
+8.7 +3.5 Furniture
--1.0 +0.3 nearly
Petroleum refining
13,000 employees. More than one-half of the establishments re+6.0 +1.6 Paper and Pull)
--1.2 +1.8
Pianos and organs
porting increased wage rates were in the printing industries, while more
+6.0 +5.7 Brick, tile & terra cotta_ --1.3
Cigars and cigarettes__
+4.9 +1.6 Dyeing and finishing
than one-half of the establishments reporting decreased wage rates were in
Stamped and enameled
textiles
-1.5 +1.4 the cotton goods and iron and steel industries.
ware
+3.7 -0.5 Electrical machinery,apSlaughtering and meat
paratus and supplies_ _ -1.3 -4.1 WAGE
ADJUSTMENT OCCURRING BETWEEN OCT. 15 AND NOV.15 1924.
packing
+2.8 -() Leather
0
-1.5 -3.1
Hardware
+2.4 -1.5 Millinery and lacegoods_ -1.7 +0.5
Car building & repairing,
Cotton goods
-2.0 --5.5
Amt. of InEmployees Affected.
electric railroad
+1.9 -0.4 Car building & repairing,
Establishcrease or deIce cream
+1.8 +1.5
steam railroads
ments.
crease in
Per cent of
Carpets and rugs
+1.5 -8.7 Automobiles
-10.4
War,rates.
employees.
Machine tools
+1.2 +1.0 Automobile tires
+3.1
Hosiery and knit goods_
+1.1 -0.7 Lumber, millwork
-2.7 -1.5
Nuns/n estabBaking
+1.0 +1.2 Cement
--2.8
industry.
ber relishm•ts
Glees
+0.8 -0.8 Flour
--2.9 --2.2
Total port'S
Total reporting In all aPaper boxes
+0.8 +3.7 Structural ironwork_ _ _ --4.6 --6.3
lums- ina'se Range. Ayer- nuns- increase tablishFoundry and machineSilk goods
-4.8 --2.5
ber
age. bet,
or deor deshop products
matte
+0.6 -5.5 Stoves
+1.9
report- crease
crease In report's
Iron and steel
+0.5 -3.4 Chewing and smoking
tog. Oswego
Wee*
• Fertilizers
+0.3 -4.0
tobacco and snuff
+2.5
rates.
rata.
Sugar refining, cane_ _
+0.3 +2.1 Carriages and wagons__ -8.4
Agricultural implements -0.1 -2.9 Clothing, men's
-6.9 --8.1
Increases. %
Shirts and collars
-0.1 +4.8 Pottery
-9.2 --10.3
Woolen St worsted goods -0.1 +4.5 Boots and shoes
--9.9 --3.1 Confectionery
248
2
3-9
28
6.8
33
Confectionery
(a)
-0.2 +2.0 Clothing, women's
-11.4 --3.8 Baking
293
1
10 10.0
15
24
Printing, newspapers_ _ _ -0.2 +3.0 Steam fittings and steam
(a)
Silk goods
181
1
10 10.0
200 100
Printing, book and job_ -0.4 +1.2
(a)
and hot-water heating
Lumber, sawmills
408
1
10 10.0
487 100
(a)
Lumber, sawmills
-0.4 -5.2
apparatus
-12.8 -2.4 Furniture
366
3 2-10
6.1
38
(a)
23
Boots and shoes
• Less than one-tenth of 1%.
193
2 3-8.3
5.8
434
58
(a)
Paper and pulp
195
1
10 10.0
131
68
(a)
Paper boxes
Time and Capacity Operation.
146
1
10 10.0
5
19
(a)
Printing,
220
13 1-10
7.3
332
14
1
Reports in percentage terms from 6,176 establishments in November Printing, book and Job
newspaper
169
7 3.7-12 6.1
458
22
1
show no falling off as a whole in full-capacity operation since October, but Tobacco,cigars & cigarettes 157
5 5-18.7 8.8 1,122
80
a
they also show that there was a slight decrease in the amount of full-time Electrical machinery,apparatus and supplies
123
2
5
5.0
46
(a)
14
FULL AND PART TIME AND FULL AND PART CAPACITY OPERATION
IN MANUFACTURING ESTABLISHMENTS IN NOVEMBER 1924.
Decreases.

Industry.

Food and kindred products_ __ _
Slaughtering & meat packing
Confectionery
Ice cream
Flour
Baking
Sugar refining, cane
Textiles and their producta
Cotton goods
Hosiery and knit goods
Silk goods
Woolen and worsted goods._
Carpets and rugs
Dyeing & finishing textiles
Clothing, men's
Shirts and collars
Clothing, women's
Millinery and lace goods
Iron and steel and their products
Iron and steel
Structural-iron work
Foundry & machine-shop prod
Hardware
Machine tools
Steam fittings and steam hotwater heating apparatus.,_
Stoves
Lumber and its products
Lumber, sawmills
Lumber, millwork
Furniture
Leather and its products
Leather
Boots and shoes
Paper and printing
Paper and pulp
Paper boxes
Printing, book and Job
Printing, newspapers
Chemicals and allied products
Chemicals
Fertilizers
Petroleum refining
Stone, clay and glass products.Cement
Brick, tile and terra cotta_
Pottery
Goias
Metal products other iron & steel
Stamped and enameled ware_
Tobacco products
Chewing and smoking tobacco
and snuff
Cigars and cigarettes
Vehicles for land transportation
Automobiles
Carriages and wagons
Car building and repairing
Electric railroad
Steam railroad
Miscellaneous industries
Agricultural implements
Electrical machinery, apparratus and supplies
Pianos and organs
Rubber boots and shoes
Automobile tiros
Shipbuilding, steel

Establish- % of &stab- time. % of Estab- Avge.
menu
lishments % of lishments % o.
Reporting- Operating- Full Operating- Full
Time
CepaOyer.
city
Wed
QM%
Total Per
in Es- Full Part in EsNum- Cent Full Part ab'ts Capa- Cape- tins
ber. Idle. Time. Time. Oper- city. city. Operating.
aline.
729
36
178
46
246
213
10
1,163
143
264
151
154
20
80
171
49
85
46
1,152
151
108
548
39
143

2
--_
1
4
4
--10
2
2
3
1
3
5
1
3
___
2
___
2
5
___
2
-- _
1

60
64
58
65
39
85
50
63
64
68
69
76
75
41
59
69
61
41
51
41
71
50
28
57

38
36
40
30
57
15
40
34
34
31
30
21
20
58
39
31
36
59
47
54
29
49
72
42

104
59
785
328
177
280
203
69
134
477
138
93
141
105
152
58
55
39
497
60
276
45
116
30
30
121

___
7
3
5
2
1
5
9
4
1
4

41
53
28
25
26
32
35
22
42
24
37
24
31

3
2
7
...._
10
1
12
--14
--___
1

59
41
69
70
72
67
60
70
54
74
59
78
70
100
61
71
53
56
83
87
61
33
66
53
53
58

25
96
624
152
29

-__
6
1
2
- --

146 ___
297 (*)
243
2
61
5

89
94
92
90
78
97
83
91
94
92
94
95
95
88
89
90
89
78
88
81
94
88
90
90

41
42
26
37
41
55
20
39
52
36
30
45
50
23
30
49
38
22
18
19
26
16
10
10

57
58
72
59
55
45
70
59
45
62
70
52
45
76
67
51
60
78
80
77
74
83
90
90

82
88
80
73
80
88
70
83
89
85
79
88
83
77
81
81
77
70
69
73
75
67
77
51

36
28
40
44
27
12
27
67
21
47
47
37

89
88
95
95
97
95
90
95
88
95
91
96
95
100
89
93
81
93
91
99
90
79
93
91
• 91
90

34
22
56
69
56
41
25
25
25
64
67
52
49
92
49
43
47
62
45
83
45
24
34
23
23
26

65
71
41
26
41
58
69
67
71
34
28
48
51
8
47
55
45
38
45
15
44
76
53
77
77
69

84
78
89
93
91
85
76
72
78
91
93
89
86
98
80
80
71
90
83
98
82
77
78
72
72
80

48
60
66
33
59

52
33
33
65
41

89
95
93
85
91

20
28
46
11
35

80
66
53
88
66

71
83
82
66
68

85
75
58
38

15
25
40
57

96
96
91
87

71
54
25
13

29
46
73
82

94
86
73
64

76
25
6
54
21

1
....
_-4
--

59
92
33
50
95

39
8
67
46
5

91
99
90
89
99

28
72
17
20
5

71
28
83
78
.95

77
95
73
76
49

6176
••••••1
• Less than one-half of 1%.

3

62

35

91

40

Mil

81

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

Cotton goods
320
Hosiery and knit goods...._ 242
Iron and steel
216
Machine tools
173
Steam fittings and hotwater heating apparatus_ 127
Lumber, sawmills
408
Furniture
366
Leather
118
Paper and pulp
195
Fertilizers
104
Brick, tile and terra cotta
333
PotterY
51
Glass
143
Automobile tires
68
a Less than one-half of 1%.

11 5-12.5 11.2
1
10 10.0
10
1-3
1.7
1
12 12.0
1
5
1
10
1
10
1
10
1
10
2
10
4 10-33
1
• 10
1
5
2 10-20

5.0
10.0
10.0
10.0
10.0
10.0
10.9
10.0
5.0
13.6

5,478
2,809
2,471
75

99
100
36
78

3
4
1
(a)

80
120
32
78
420
470
394
49
277
68

56
27
80
46
100
100
89
28
80
26

(a)
(a)
(a)
(a)
1
7
1
(a)
1
(al

Index of Employment in Manufacturing Establishments.
Index numbers for November 1924 for each of the 52 industries
surveyed
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 numbers for October 1924 and November 1923.
The general index of employment of the Bureau of Labor
Statistics for
November 1924 is 87.8.
INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES,NOVEMBER 1924, AS COMPARED WITH OCTOBER 1924 AND NOVEMBER
1923.
[Monthly average, 1923
100.1
1923

1924.

Industry.

Industry.
Nov. Oct. Nov.

General index

1923.

1924

Noy. Oct. Nov.

98.7 87.9 87.8 Paper and printing-- 101.6 100.5 101.1
Paper and pulp
97.2 93.1 93.1
Paper boxes
107.0 104.6 104.7
Printing, book & job 101.5 101.9 102.5
Printing, newspaper 103.1 10*.0 105.5
Chemicals and allied
products
98.* *8.7 89.0
Chemicals
***.0 89.0 89.9
Fertilizers
** • 85.8 85.2
Petroleum refining
••.• 89.6 89.5
Stone, clay and glass
products
100.0 95.3 94.8
Cement
102.0 98.9 99.2
Brick, tile and terra
cotta
99.6 98.3 96.2
Pottery
103.5 108.0 107.5
Glass
98.3 86.7 87.5
Metal products, other
than iron and steel 89.1 85.1 84.9
Stamped & enameled
ware
89.1 85.1 84.9
Tobacco products.-- 101.0 88.3 97.0
Chewing & smoking
tobacco & snuff _ - 101.4 98.2 97.4
Cigars& cigarettes__ 101.3 87.0 97.0
Vehicles for land transportation
100.9 85.3 84.2
Automobiles
103.0 85.4 83.5
Carriages & wagons_ 87.1 83.4 85.5
Car building and repairingelec.raliroad 102.5 88.8 88.5
Car building and repairing,steam railroad
99.9 85.1 84.4
Miscellaneous industr's 95.6 83.8 84.8
Agricultural imprts_ 88.9 73.5 77.9
Electrical machin'y,
apparatus & Bunn_ 104.0 89.9 88.6
Pianos and organs_ _ 104.2 95.8 99.0
Rubber b'ts & shoes_ 95.4 53.7 79.0
Automobile tires__ 81.1 106.1 101.7
Shipbuilding, steel__ 98.4 78.0 77.2

Food & kindred prodls 105.8 97.2 95.2
Slaughtering & meat
packing
106.6 88.6 91.2
Confectionery
120.4 106.5 95.6
Ice cream
89.5 92.8 84.7
Flour
104.0 98.1 96.2
Baking
101.2 102.6 102.1
Sugar refining, cane. 94.9 94.1 84.0
Textiles & their prod'ts 95.2 86.3 85.5
Cotton goods
93.7 80.2 80.3
Hosiery & knit goods 99.2 86.8 89.2
Silk goods
98.0 96.0 95.2
Woolen & worsted
goods
99.3 93.8 95.7
Carpets & rugs
99.6 88.6 92.0
Dyeing & finishing
textiles
92.2 87.6 89.3
Clothing, men's
93.1 86.2 82.2
Shirts and collars
98.7 80.0 80.5
Clothing, women's__ 91.5 88.1 81.3
Millinery & lace g'ds 89.3 85.6 81.9
Iron and steel and their
products
98.1 81.2 81.7
Iron and steel
100.2 88.1 88.5
Structural ironwork_ 100.2 87.3 85.5
Foundry & machineshop products.._. 96.7 74.7 75.6
Hardware
96.5 88.1 89.1
Machine tools
96.0 76.7 77.8
Steam fittings and
ateam & hot water
heating apparatus 96.1 95.0 92.9
Stoves
99.3 90.2 89.5
Lumber & its products 100.8 94.1 93.2
Lumber, sawmills 101.0 92.8 91.2
Lumber, millwork
99.2 98.0 96.6
Furniture
100.7 96.3 98.1
Leather & its products_ 97.8 91.8 91.4
Leather
96.9 87.5 88.7
Boots and shoes_ __ _ 97.9 93.2 92.3

The following table shows the general index of employment in manufacturing industries from June 1914 to Novem-

THE CHRONICLE

M6

(Vor..

ber 1924, based on figures published by the Bureau of Labor The production of pig iron and crude oil increased in December over November, the latter reversing its trend. Building
Statistics:
GENERAL INDEX OF EMPLOYMENT IN MANUFACTURING INDUS- contracts and unfilled orders of the U. S. Steel Corporation
TRIES,JUNE 1914 TO OCTOBER 1924.
also increased. Bituminous coal production, however,
[Monthly average, 1923 = 100.1
showed decreases. The Bank also has the following to say.:
116.1
115.6
116 9
117.1
117.4
117.9
110.0
109.7
107.0
102.5
97.3
91.1

io;6.4.bb>00'00000

CO OS CO CO 00CSI 0000 0090CO .4
,
103.0 4>"4,4b2C4
00005,

"

000
0

91.9 104.6 117.0 115.5
92.9 107.4 117.5 114.7
93.9 109.6 117.4 116.5
93.9 109.0 115.0 115.0
94.9 109.5 115.1 114.0
95.9 110.0 114.8 113.4
94.9 110.3 114.2 114.6
95.9 110.0 112.7 114.5
98.9 114.4 110.7 114.2
100.8 112.9 113.2 111.5
103.8 114.5 115.6 113.4
105.9 115.1 117.2 113.5

i0Doot
Ooi.a,en000cee,

January
February
March
April
May
June
July
August
September
October
November
December

1914. 1915. 1916. 1917.1918. 1919. 1920. 1921. 1922. 1923.1924.

maamczocom ,
b2c44-4.42c...co.
Opioioiziobio

Month.

87.0 98.0
87.7 99.6
83.2 101.8
82.4 101.8
84.3 101.8
87.1 101.9
86.8 100.4
88.0 99.7
90.6 09.8
92.6 99.3
94.5 98.7
96.6 96.9

95.4
96.6
96.4
94.5
90.8
87.9
84.8
85.0
86.7
87.9
87.8

Guaranty Trust Company of New York on Business
and Financial Conditions in United States.
• Developments since the beginning of the year have further
fortified the prevailing confidence in the soundness of the
current business expansion, states the current issue of the
"Guaranty Survey," published Jan. 26 by the Guaranty Trust
Co. of New York. "Throughout the latter half of 1924," the
"Survey" continues, "it appeared to many business men and
others that the chief factors inducing the intensified activities were of a seasonal character. Now, however, there is
accumulating evidence that the bases of the upturn last summer were of a more durable nature. The anticipated betterment in the economic position of major groups of farmers
and the victory of conservative elements in the national election have become realities in the domestic situation, while
the successful inauguration of the Dawes plan has created a
new hopefulness in Europe, and elsewhere as well." The
"Survey" goes on to say:
Bases of Expansion.
Altogether, the bases of expanded activity are fully established. The trend
of industrial production was generally downward from the spring of 1923 till
last summer, with due allowance for seasonal influences. Meanwhile, cautious buying policies preserved a moderation in the accumulation of inventories which prepared the way for a prompt response to developments representing a fundamental change in the general outlook. Current statistics of
industry and trade reflect the comprehensive nature of this response.
Without minimizing the strength of the retarding influences which persist
-such as over-built capacity in some lines of production, unbalanced costs
and prices here and there, and possible stiffening of foreign competition in
international markets-business men need allow none of these nor all combined to induce timidity. It is now some years since the conspicuous excess
of producing capacity was developed. Meanwhile normal peace-time requirements for commodities have expanded in the usual manner, thereby reducing
the margins of surplus plant capacity. Gradually, too, revisions of wage
'rates and changing scales of prices are resulting in more harmonious relationships. And the growing purchasing power abroad is clearly reflected in
our export trade, with widespread benefits to American producers.
A Sound Credit Structure.
Nor is the menace of potential inflation an occasion for want of courage.
A saving element of discriminating caution in the assumption of the risks of
future commitments still persists generally in the conduct of business enterprise. Money rates are low and credit resources are abundant, but these are
not new features of the situation. Besides, the abnormally large stocks of
gold in this country, so long an object of exaggerated fears, are now being
reduced by natural processes. Last month the net export of $29,400,604
marked the first reversal of the direction of the gold flow since August 1920.
The total dock of gold coin and bullion in the United States, as reported by
the Treasury, declined $22,660,361 in December.
Whether the net outflow will be long continued is, of course, problematical. It is not alone the gold stocks held here that may be drawn upon
in the upbuilding of metallic currency reserves in Europe. New gold from
the mines abroad can provide considerable quantities for this purpose. Moreover, European reserves are generally larger than in 1914 and the drawing
down of American stocks may be more gradual than is generally expected.
In any event, the present movement in no way endangers the soundness of
our own credit structure.
Industrial Activity.
Continued expansion in the output of iron and steel, and the surprisingly
large increase in the unfilled orders reported by the United States Steel Corporation last month, are significant indications of the trend in basic industries. The recent decline in the volume of steel buying has occasioned no
surprise. Consumers are believed to be well covered for first-quarter requirements, and the principal purchasing for the second quarter is not expected
quite so early in the year.
the winter season, after
The building industry remains unusually active for
another year of record construction. A significant feature of recent reports
contemplated work and actual contracts
Is the declining ratio between
following
awarded, indicating a smaller proportion of work deferred to the
situation.
year and thus a gradual approach to a normal
year ago, and the purchasing of
Car loadings still exceed the figures of a
year, is
supplies by the railroads, in anticipation of new traffic peaks this
active.
liquidation of
Foreign trade continues on a large scale. And the further
progress in
agricultural debts is an encouraging manifestation of the recent
the rehabilitation of the farmers' financial position.

Business and Industrial Conditions Showing
Continued Strength According to
Bank of America.
That business and industrial conditions are showing contihued strength is recorded in the Chart of Business Barometers in the January issue of "The Bank of:America Review."

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

The price of cotton continued to register a decilne while that of wheat
continued to rise, as did also the wholesale price index.
Increases in the following financial indices in December as compared
with November were reported in The Bank of America's barometers.
Total earning assets and total circulation of the Federal Reserve System,
and alro ratio of loans to deposits of the member banks. The ratio of
reserves to deposits of the Federal Reserve System continued to show a
decline. Both sterling and franc exchange continued their rise. An
undesirable condition was indicated by the reserval of the previous trend
of the number of commercial failures and total liabilities involved, both
registering increases. While railroad and industrial stock prices rose, bond
prices fell, as did also the number of shares of stock sold and new security
issues.

The Bank of America's Business Barometers for January
appear for the first time in the bank's new publication.
"The Bank of America Review" contains not only the charts
and also statistical indices relating to banking,'foreign exchange, securities markets, production, commodity prices
and railroad operations, but also a number of special articles.
These are based on radio talks broadcast from Station
WEAF every Tuesday evening by an officer of the bank.
The January articles are: "The Outlook for the Wheat
Farmer," "Review of Business Conditions in 1924," "The
Possibility of Inflation" and "America's Foreign Investments."
Not a Boom Year-Cautionary Note Sounded by
National Association of Credit Men.
Business men are warned that 1925 will not be a boom
year and every effort should be made to stabilize business
rather than forcing an excessive volume of sales. This
note of caution is sounded by Executive Manager J. H.
Tregoe, of the National Association of Credit Men, in his
monthly letter to members now in the mails. "There is
great danger at present," says Mr. Tregoe, "in expecting of
1925 more than the year can reasonably yield. Granted
that conditions and confidence have improved, and beyond
question they have, there is no reason to feel that 1925 will
be a boom year and give us an unusual quantity of business."
Mr. Tregoe points out emphatically that sales departments should be cautioned against expecting too much of
1925, or doing more than contributing skill in maintaining
a stability for business and in gradually building up the
nation's power to consume. He goes on to say that "if
after a depression there is an upward swing in business, the
sales forces are let loose, and to that end every bit of merchandise possible to sell is ordered sold, despite the material and
moral effects on the buyer. We are never composed, and
seldom keep our heads in the changes upward or downward."
Our everlasting habit of striving to "beat last year's record"
of sales has brought us, according to this economist, into
many disastrous situations. "If it is possible for us to give
up this fetish and concentrate on stability and economies
rather than on volume, we will do our business a world of
good and help to make 1925 a very satisfactory and constructive year."
Railroad Revenue Freight Still the Largest on Record
for the Season.
Loading of revenue freight on the railroads of this country
continues the largest on record for this season of the year,
according to reports filed on Jan. 27 by the railroads with the
Car Service Dvision of the American Railway Association.
During the first three weeks in January this year, revenue
freight loadings totaled 2,630,684 cars, an increase of 157,518
cars, or 6.4% over the corresponding period in 1924 and an
increase of 126,183 care, or 5%, over the corresponding
period in 1923. For the week ended Jan. 17, the latest
reports available, 932,150 cars were loaded. This was an
increase of 37,299 cars over the corresponding week last year
and 67,853 cars over the corresponding week in 1923. Compared with the preceding week this year, however, it was a
decrease of 657 cars. Further details follow:
Miscellaneous freight loading for the week of Jan. 17 amounted to 301,028
cars, 2,688 cars above the week before and 12,945 cars above the same
week last year. It also was an increase of 15,631 cars above the same
week two years ago.
Loading of merchandise and less than carload lot freight totaled 235,395
cars, 2,732 cars above the week before and 11,128 cars above the same week
last year. It also was 24,613 cars above the same week in 1923.
Coal loading totaled 208.013 cars, a decrease of 9,399 cars under the preceding week but 3,348 cars above the same week last year. compared
with the same week in 1923, it also was an increase of 15,235 Cara.
Forest products loading totaled 73,441 cars, 4,144 cars above the week
before and 1,692 cars above last year. Compared with the corresponding
week two years ago, it also was an increase of 3,528 cars.

M

THE CHRONICLE

JAN. 31 1925.]

----The General Electric Co. in Schenectady found it necessary to lay"off
Grain and grain products loading amounted to 51,609 cars, an increase
employees some months ago, but to prevent this
of 661 cars above the week before and 4,183 cars above the same week last about 5% of its 22.000
larger and causing distress over 81,000,000 was
year, as well as an increase of 3,350 cars over two years ago. In the West- layoff from becoming
an appropriated for the manufacture of stock parts at this plant, which is
ern ldstricts alone, grain and grain products loading totaled 34,900 cars,
keeping many workers at least on part time. In recent weeks an improveincrease of 3.909 cars over the corresponding week last year.
in some re-employment by the company, and
Ltvestock loading for the week totaled 38,459 cars, a decrease of 1,458 ment in business has resulted
been put on full time. Only four cases of real need
cars under the week before but 710 cars above the corresponding week last many on part time have
among Its former employees have come to the attention of the company.
year as well as 5,258 cars above the corresponding week in 1923.
for.
Coke loading totaled 13,690 cars, 76 cars in excess of the preceding week and these are being provided
During the last three months the American Locomotive Co. operated
and 1,500 cars above the corresponding period in 1924. Compared with the
nearly at capacity in its Schenectady plant, more than 3,600 being now
same period in 1923, it was, however, a decrease of 128 cars.
Ore loading totaled 10,515 cars, 101 cars under the week before but 1,793 on its payroll.
The building trades have had the best year in a long time. Seasonal
cars above last year and 366 cars above the same week two years ago.
expected, but the demand for their
Compared by districts, all showed increases in the total loading of all unemployment in these trades is to be
somewhat upon the weather.
commodities over the week before except the Pocahontas,Southern, Central services Is still brisk, dependent
Neither the Salvation Army, City Mission, Day Nursery nor clergymen
Western and Southwestern districts, while all except the Eastern showed
from unemployment. Few requests
Increases over the corresponding week in 1924. All districts reported in- have found a seriosu condition arising
for relief have been made of clergymen, and the Salvation Army reports
creases compared with the corresponding week in 1923.
at this time of the year.
Loading of revenue freight this year compared with the two previous that conditions are somewhat better than usual
years follows:
1923.
1924.
1925.
Increase in Retail Food Prices in December.
767,296
706.292
765,727
Week of Jan.3
As we reported in these columns a week ago (page 394)
872,908
872,023
932,807
Week of Jan. 10
864,297 the retail food index issued by the United States Department
894,851
932,150
Week of Jan. 17

of Labor through the Bureau of Labor Statistics shows that
there was an increase of about 1% in the retail cost of food in
November 1924. The
Report of Idleness in Schenectady-Between 2,500 and December 1924, as compared with
index number (1913 equals 100.0) was 150.1 in November
to Be Unemployed-Denials by
5,000 Said
and 151.5 in December. The usual tables showing the index
General Electric Co. and American
numbers of retail prices of the principal articles of food have
Locomotive Co.
since been furnished by the Bureau and we give the same
With regard to the acute unemployment conditions, which, herewith:
it is stated, have developed in Schenectady, N. Y., special INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
OF FOOD IN THE UNITED STATES.
advices to the New York "Times" from that city Jan. 26
1
stated:
Year
Bitt'?jRoemd Rik churl!Plate PorkBus2,473,166

2,504,501

118
120
120
118
117
117
119
115
122
133
143
157

136
135
138
141
146
160
153
153
151
148
144
141

135
134
138
138
141
142
144
142
142
141
139
138

119
118
121
122
124
126
127
125
125
124
123
121

106
106
107
107
107
107
106
104
104
106
105
105

137
140
149
157
164
161
164
187
173
174
157
140

139
140
144
147
147
150
150
150
150
151
151
149

164
173
185
188
191
193
194
189
180
177
172
169

97
101
109
107
108
109
109
109
109
111
111
111

173
173
177
177
177
173
168
164
164
163
159
158

Average for yr.. 147
1923
146
January
146
February
147
March
149
April
152
May
158
June
161
July
162
August
162
September
168
October
153
November
152
December

145

139

123

106

157

147

181

142
141
142
145
148
155
159
159
159
154
148
148

139
139
139
140
142
145
148
147
148
146
143
143

123
122
123
123
124
128
130
130
131
130
128
128

107
106
106
105
106
104
106
105
108
108
107
107

140
137
135
135
143
142
149
153
175
163
138
126

147
146
145
145
145
144
145
145
146
146
143
139

168
167
167
168
169
171
171
172

0 Mr..WM00090MOCa..
,
0 0000N0000 004

145
140
92
92
97
99
104
108
130
157
187
193

139
139
141
143
148
151
154
154
152
151
147
145

Average for yr.. 154 150 143 126 107 145
1924
154 149 144 129 110 130
January

February
March..
April
May
June
July
August
September
October
November
December

173
172
169
166

129 125
161.
134
112
100
102
103
108
120
141
150
192
188

154
151
150
150
156
131
128
135
144
147
154
157

145 169 112 164 135 145
138 166 118 162 158 160

152 148 143 128 110 127 136 165 114 165 144 157
153 148 144 129 110 128 134 184 111 169 101 151
156 151 146 131 110 137 134 165 109 169 93 131
160 155 148 133 112 142 134 166 108 172 95 120
160.2156.1 148.5 132.5 109.1 143.8 134.1 165.8 107.0 168.5 104.6 126.9
160.2155.2 147.0 131.3 108.3 144.3 134.8168.2 108.2 165.7114.2 129.2
160.2 156.1 147.0131.3 108.3 165.7 141 9173.2 122.2 163.4 129.3 126.1
168.3156.8 146.5 130.6 109.1 170.5 145.6 174.3 126.6,165.7150.4 128.8
155.9151.1 144.4 129.4108.3 178.6 148.5175.1 135.4 164.: 173.0125.1
152.4 147.5 142.4 127.5 109.1 150.5 148.5174.7141.8 162.0 197.4 127 7
1504 145.3 141.4 126.3108.3 139.5 147.8 173.2 139.9 161.5 202.3 137.1

1

Average for yr.. 155.9151.6 145.5 130.01109.1 146.7139.6 168.4 120.3 165.7138.6 135.0

I

Year

Cot-

Pole-

C

and Month. che Milk Bread 17our.ntea Rice toes Sugar tee

AU Articles
Tea Combined

1922
January
February
March_
April
May
June
July
August
September
October
November
December

.

Average for yr_ 149
1923
169
January
170
February
168
March_
164
April
May
161
163
June
July
164
164
August
September
167
October
174
November -_._ 71
171
December

194
194
182
171
176
206
212
153
135
129
124
124

113
116
118
122
120
129
138
147
144
144
147
151

120
119
119
120
120
121
121
121
121
122
122
123

125
125
124
124
125
125
125
125
125
125
126
126

142
142
'.9
11.9
139
141
142
139
140
143
145
147

109

165

132 121

125

142

109
108
108
108
108
108
108
108
109
110
111
111

124
124
129
147
159
188
247
218
200
171
153
153

151
158
185
193
204
202
191
175
175
193
187
189

124
126
127
128
128
127
127
126
126
127
127
127

126
127
127
127
127
128
128
128
128
129
129
129

144
142
142
143
143
144
147
146
149
150
151
150

137 1109

168

184

127 128

146

153
148
146
143
140
140
144
145
147
149
151
154

157
154
155
155
157
157
157
155
155
155

148
155
161
161
161
181
158
155
148
145
155 145
154 148

130
130
130
130
127
130
130
130
130
130
130
133

107
107
107
108
109
110
110
110
110
110
110
109

147

155 155

130

154
154
153
153
152
162
153
154
157
158
161
161

155
155
155
155
155
155
157
155
155
155
155
155

148 133
148 133
145 133
148 133
145 133
145 133
142 137
136 137
136 140
139 143
139 147
136 147

I

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

Let

Average for yr.. 167 155
1924
169 160
January
168 157
February
166 156
MarchApril
161 155
May
157 153
155.7151.7
June
July
155.7151.7
August
155.7153.9
156.6156.2
September
October
157.5158.2
157.0155.1
November
157.9155.1
December
-.-..-----

Industries.

'Ham Lard Hens Egg
Steak Steak Roast Roast Beef Chops Bacon

Avera

W
.4

The low point in the business depression, as affecting Schenectady. was
reached several months ago, and improvement in all lines of business has
been steady since then.
The Chamber of Commerce Investigated the reported situation and found
it greatly exaggerated. Business In Schenectady during the year was
the city
much better than in many other industrial centres. This drew to
cities, who were not all absorbed by local
some unemployed from other

1922
January
February
March_
April
May
June
July
August
September
October
November _
December

ev oachoo‘.644Ovi;
mmmmmmvn.ccc
.
.t.o...mo
.2 w.aw.4.o.m.e.sco
WI
WWWWWWWWWW

According to information coming from the General Electric Co. at Schenectady on Jan. 28, business conditions in
Schenectady do not warrant the reports of widespread unemployment and distress. Only 200 men have applied to
the city for relief, it is stated, many of them from out of
town, a smaller number than usual in an industrial city of
100,000 at this time of the year. Banks report an increase
in savings accounts of nearly $5,000,000 during the last
year. The following statement was issued by the General
Electric Co., the American Locomotive Co., the two largest
employers of labor in the city, and the Chanber of Commerce:

and Month.

0 000.0000000001

Unemployment here has become an acute condition at the time of the year
when assistance is most difficult to provide. At least 2,500 men are out of
work and the number may reach 5,000. Men who for years have not known
an idle day are staying home with their children while their wives take
advantage of the only market for labor-household jobs. There is actual
suffering in countless cases.
Early in the fall it became known that 8,500 persons were to be cut from
the General Electric payroll, and since early summer the American Locomotive Works has been operating on a much reduced schedule. Besides this,
the building trades have now reached their lowest point of activity.
While unemployment was a recognized condition throughout the fall and
early winter, little was heard of it even during the holiday season. A moderate amount of aid was called for at that time, but in no way taxed organ
ized charities.
Now the need has taken an acute turn. Men who spent their last dollars
for provisions over the holidays had thought that the beginning of the new
year, the opening of the first year after a Presidential election, would see
jobs for all. Now, penniless, they are finding it necessary to ask for aid.
Most of the needy men of to-day are those who are too independent to
stand or sit in the ante-room of a charities department and in turn fill out
formal application blanks to be scrutinized by experts trained in detecting
fraudulent intent. So these men have turned to labor leaders and others who
in the past have been regarded as leaders. They ask opportunity to work,
not aid. An offer of money or an order on a provision house many of them
consider an insult.
The only relief in sight is in a city bond issue, a program having been
laid out to raise $25,000 specifically for relief purposes. The situation has
been recognized as an emergency.
All winter the General Electric Co. has been seeking to alleviate the situation by part time operation with the specific intent of relieving unemployment. Ex6ept for the radio department, however, there is no division of the
huge electrical works where there is a demand for help.
An apped has been sent to coal dealers and to public-spirited citizens to
make a special effort to see that needy famillts are kept warm. Householders have been asked to provide such jobs as are possible.
A municipal employment office has been opened in the City Hall, presided
over by men formerly.directly affiliated with labor circles. This office is in
distinct contrast to regular industrial firms' employment offices, and its
field Is both to provide jobs and more direct aid when such is justifiable and
possible.
A man who has studied the situation closely said to-day that it was surprising how many families of eight and ten were in dire need, and how many
cases there were where women about to be confined or who had just given
birth to children were suffering for the bare necessities of life.
The streets are filled with jobless men, some of them just waiting.
The ice harvest has been the last employment prospect of the winter, and
that Is about over. Laborers' wages started out at 60 cents for ice pond
work, but men accepted as low as 42 cents toward the close of the harvest.
Labor leaders regard this city as providing as good an opportunity as exists for guarding against seasonable unemployment. They called to their
assistance scientists and other highly educated men, who are studying the
conditions with a view to suggesting legislative measures which may prove
helpful here and elsewhere.

1

2,630,684

MoNo...W.W4..aa
0.•F.NIPW.0N0C0

Total

147 113 165 185 128 131
147 113 165 187 130 130
147 111 165 189 137 130
147 1113 185 181 140 131
147 114 171 167 142 131
. 113.8 194.1 50.9 141.9 130.3
150.0 114.9194.1 52.7 142.3 130.1
158. 117.2 152.9 49.1 145.6 130.8
160. 118.4 152.9 156.4 148.7 130..
186.7 119.5 141.2 160.0 184.7 132.4
170.01120.7129.4 160.0 164.4 135.1
173.3 121.8 135.3160.0 169.5 135.7

tforyr. 159.7155.1 157.1 148.. 156. 116.1 158.8167.3 145.3131

149
147
144
141
141
142.4
143.3
144.2
146.8
148.7
150.1
151.5
145.9

518

THE CHRONICLE

[VOL. 120.
_

Changes in Cost of Living in Various Cities from
December 1914 to December 1924.
Changes in the cost of living in 32 cities and in the United
States as a whole were given out on Jan. 23 by the U. S.
Department of Labor through the Bureau of Labor Statistics.
The following tables, 1 and 2, show changes in the total
cost of living in 19 of these cities from December 1914 to
December 1924, and in 13 cities from December 1917 to
December 1924. In addition the tables show the changes
in each city from June 1920, December 1923, and September
1924, respectively, to December 1924. The first column
in the tables shows the changes from the time this survey
was first taken, up to December 1924. The second column
shows the changes from the date when prices were the highest
to the present. The third column shows the changes during
the year preceding December 1924, and the last column
the changes for the three-month period preceding December 1924.
TABLE 1.
-CHANGES IN TOTAL COST OF LIVING IN 19 CITIES FROM
DECEMBER 1914, JUNE 1920, DECEMBER 1923 AND SEPTEMBER
1924 TO DECEMBER 1924.
Per Cent of Per Cent of Decrease from
Per Cent of
Increase from
Increase from
Dec. 1914 to June 1920 to Dec. 1923 to Sept. 1924 to
Dec. 1924.
Dec. 1924.
Dec. 1924.
Dec. 1924.

City.
Baltimore
Boston
Buffalo
Chicago
Cleveland
Detroit
Houston
Jacksonville
Los Angeles
Mobile
New York
Norfolk
Philadelphia
Portland, Me
Portland, Ore
San Francisco
Savannah
Seattle
Washington

74.8
67.3
77.8
75.3
78.1
82.2
70.5
70.4
75.4
63.9
76.5
72.1
76.1
66.0
55.8
60.1
56.3
67.8
63.1

18.4
(a)
1.3
20.6
1.2
0.8
19.7
0.4
1.2
18.3
b0.9
0.9
19.2
0.8
0.1
22.8
1.4
0.3
19.7
0.1
1.7
21.3
0.9
0.5
13.0
1.9
c0.9
20.8
20.8
1.9
19.5
0.5
1.8
22.5
0.2
1.6
17.5
a0.8
2.4
20.0
0.5
0.7
22.3
1.3
0.8
18.3
1.2
0.7
25.4
1.2
0.6
20.3
0.4
0.5
19.0
0.1
1.8
TABLE 2.
-CHANGES IN TOTAL COST OF LIVING IN 13 CITIES FROM
DECEMBER 1917, JUNE 1920. DECEMBER 1923 AND SEPTEMBER
1924 TO DECEMBER 1924.
Per Cent of Per Cent of Decrease from
Per Cent of
Increase from
Increase from
Dec. 1917 to June 1920 to Dec. 1923 to Sept. 1924 to
Dec. 1924.
Dec. 1924.
Dec. 1924.
Dec. 1924.

City.
Atlanta
Birmingham
Cincinnati
Denver
Indianapolis
Kansas City
Memphis
Minneapolis
New Orleans
Pittsburgh
Richmond
St. Louis
Scranton

14.9
16.8
17.6
20.2
21.4
15.3
20.4
17.3
20.6
24.9
16.5
20.7
25.8

21.7
17.7
20.1
20.0
19.2
23.6
17.8
18.2
15.0
16.2
19.0
18.9
17.0

0.9
a0.7
0.1
1.6
a0.7
1.6
0.5
1.3
a0.3
al.6
0.5
a0.1
(b)

1.1
1.7
0.8
1.8
0.6
1.0
1.1
1.1
2.0
1.3
1.3
, 1.2
1.4

Average United States_ _ _
d72.5
20.3
0.4
1.1
a Increase. b No change. c Decrease. d From 1913 to December 1924.

Tables 3 and 4 show the changes from December 1914 or
December 1917 to December 1924, in each group of items,
and in the total cost of living, in each of the 32 cities.
TABLE 3.
-CHANGES IN THE COST OF LIVING IN 19 CITIES FROM
DECEMBER 1914 TO DECEMBER 1924, BY GROUPS OF ITEMS.
Per Cent of Increase from December 1914 to December 1924
in the Cost of
City.
Food.

Clothing.

Housing.

Fuel House
and
Furn'g Miscet- 40
Light. Goods. laneous Items.

53.0
47.8
51.6
56.2
46.2
49.7
54.4
40.0
38.8
49.7
50.0
46.0
46.4
52.4
36.1
42.1
25.1
35.8
53.6

76.2
89.1
79.9
67.8
72.9
76.1
95.6
94.6
80.4
53.4
97.7
75.4
84.4
75.0
59.2
90.5
75.8
74.4
75.8

72.2
52.4
76.8
105.8
78.6
103.8
34.7
33.5
93.3
40.9
67.1
59.4
75.3
28.8
42.9
39.4
41.0
63.7
36.7

88.7
93.7
117.9
56.1
144.1
82.7
44.3
72.9
34.4
90.2
93.9
99.1
94.8
99.6
62.4
53.5
02.2
59.6
44.9

Baltimore
Boston
Buffalo
Chicago
Cleveland
Detroit
Houston
Jacksonville
Los Angeles
Mobile
New York
Norfolk
Philadelphia
Portland. Me
Portland, Ore
San Francisco
Savannah
Seattle
Washington

125.7
138.1
121.0
121.9
113.4
98.1
143.0
132.4
137.7
107.2
119.4
102.1
100.6
126.0
102.2
114.7
128.7
141.1
125.2

107.1
85.9
100.9
90.7
112.1
125.4
88.0
99.1
104.2
94.3
116.7
103.4
117.6
87.2
74.4
72.7
77.5
96.4
76.5

74.8
67.3
77.8
75.3
78.1
82.2
70.5
70.4
75.4
63.9
76.5
72.1
76.1
66.0
55.8
60.1
56.3
67.8
63.1

TABLE 4.
-CHANGES IN THE COST OF LIVING IN 13 CITIES FROM
DECEMBER 1917 TO DECEMBER 1924, BY GROUPS OF ITEMS.
Per Cent of Increase from December 1917 to December 1924
in he Cost of
CUy.
Fuel House
Furag Miscel- All
and
Light. Goods. laneous Items.

Food.

Cloth-

Houstag.

.5.5
*3.1
*8.3
.7.8
.4.9
*7.7
.9.2
*4.3
*5.7
*2.4
.3.3
.6.5
*1.6

4.9
1.6
1.5
15.1
10.4
12.0
6.4
5.6
17.2
11.2
8.9
7.9
21.1

56.9
68.6
50.1
84.0
46.7
46.2
68.6
44.9
57.2
72.1
41.3
83.4
68.6

33.1
45.7
44.5
25.4
41.5
32.9
66.2
43.2
36.2
92.2
47.9
24.6
75.7

20.4
14.9
23.2
24.2
21.5
16.1
20.1
23.3
30.0
29.8
38.5
27.4
34.6

33.7
27.3
52.3
35.6
53.3
34.3
37.4
31.2
48.7
46.6
35.7
35.8
53.7

14.9
16.8
17.6
20.2
21.4
15.3
20.4
17.3
20.6
24.9
16.5
20.7
25.8

Average United States: 51.5
68.2
71.3
•Decrease. x From 1913 to December 1924.

80.5

116.0

101.7

72.5

Atlanta
Birmingham
Cincinnati
Denver
Indianapolis
Kansas City
Memphis
Minneapolis
New Orleans
Pittsburgh
Richmond
St. Louis
Scranton

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Federal Reserve Bank of St. Louis

Automobile Production in 1924.
The Department of Commerce announces the total production of American-made motor vehicles for 1924, with
separate totals for the last nine months for those made in
the United States and for those manufactuerd or assembled
in Canada. The 1924 total of 3,261,682 passenger cars and
375,396 trucks in both the United States and Canada are not
strictly comparable with the totals for the two previous years,
since not all the Canadian production was formerly included
in the grand total; the totals for 1924 comparable with prior
years are 3,202,059 passenger cars and 362,037 trucks, comparing with 3,637,216 passenger cars and 376,444 trucks in
1923. It is expected that segregated statistics for the production in the United States and in Canada for the first three
months of 1924 can be published at an early date.
The table below is based on figures received from 166
manufacturers for recent months, 69 making passenger cars
and 113 making trucks (16 making both passenger cars
and trucks). Data for earlier months inelude 56 additional
manufacturers now out of business, while December data for
11 small firms were not received in time for inclusion in this
report. Figures on truck production also include fire apparatus, street sweepers and buses.
AUTOMOBILE PRODUCTION.
(Number of Machines.)
1922.

Passenger Cars
January
February
March
April
May
June
July
August
September
October
November
December
Total
Trucks
January
February
March
April
May
June
July
August
September
October
November
December
Total

1932.

Total.

Total.

Total.

81,696
109,171
152,962
197,224
232,462
263,053
225,103
249,498
187,711
217,582
215,362
208,016

223,822
254,782
319,789
344,661
350,460
337,442
297,413
314.431
298.964
335,041
284.939
275.472

293,798
343,431
358,976
346,320
286,146
224,965
244,387
255.073
263,411
260,839
204,313
182,023

2,339,840

3,637,216

3.261,682

9,599
13,365
20,041
22.675
24,126
26,368
22,086
24,714
19,497
21,830
21,972
20,406

19,739
22.178
35,298
38,102
43,757
41.176
30,708
30.884
28,592
30,153
28,085
27,772

30,627
32,756
36,270
37,766
35,112
28,884
26,227
28,503
31.829
32,332
27,766
27,324

246.679

376.444

375.396

1924.
UnitedStates

(*)
(*)
(*)
331,907
270,974
214,277
235,884
249,755
256.880
254,487
198,353
174.823

Canada
()
5
()
5
()
5
14,413
15,172
10,688
8,503
5,318
6,531
6,352
5,960
7,200

(9

(9

(9
(9
(9
35,866
33,401
27,972
25,157
27,645
30,506
31,093
26,706
25,654

(9
1,900
1,711
912
1,070
858
1,323
1,239
1,060
1,670

VI

(9

(9

t*1

• Data not yet available.

Output of Coke During 1924.
The year 1924 as a whole showed a production of.9,463,000
tons of coke, or about the same as 1919. The output of byproduct coke was 33,795,000 tons and has been exceeded
but
once in the history of this industry, the exception being
1923, when the record of 37,597,664 tons was reached. The
year's production of beehive coke was approximately 9,668,000 tons, against 19,379,000 in 1923 and 8,573,000 in 1922,
according to figures compiled by the United States Geological
Survey.
By-product ovens thus contributed 77.8% of the
1924
output, and beehive ovens, 22.2%. In 1923 the proportions
were: By-product, 66.0%; beehive, 34.0%; and in 1921,
by-product, 78.1%; and beehive, 21.9%.
A more detailed statement of the production by States
in
1924 will be issued shortly by the Survey.
Persian Farm Tool Tax Off-Technical Machinery
Also
Exempt From Duties for 10 Years.
A Teheran (Persia) cablegram (Jan. 12) published in the
New York "Evening Post," said:
Parliament has sanctioned the bill exempting
from customs duties for
a decade agricultural and technical machinery
and accessories.
An exception is made with regard to
machines for sewing, embroidering.
printing, engraving, cutting tobacco and
rolling cigarettes.

Wages, Hours and Employment in November-National
Industrial Conference Board on Absence of
Noteworthy Changes.
The absence of noteworthy changes in wages, hours and
eniployment between October and November
1924 is the outstanding feature of the results obtained in the National Industrial Conference Board's monthly survey of conditions in
representative manufacturing plants. Made public Jam 26
the Board's statement says:

JAN. 31 1925.]

THE CHRONICLE

A distinctly upward trend from July to October gave way in November to
a pause, probably due in part, at least, to the uncertainty which was later
relieved by the results of the national election.
Composite figures for all industries covered indicate that between October
and November 1924 average hourly earnings increased very slightly from
56.1 cents to 56.2 cents; average weekly earnings declined four cents to
$26 41, and average hours of work, "real" earnings and total employment
were unchanged. But, although totals for November show so slight a variation from October, noteworthy changes occurred in some industries.
Figures for the automobile industry indicate a recession in activity during
November, with employment and average hours of work substantially lower
than in October. This industry has been slower than some in emerging from
the unsatisfactory conditions preceding the recent upturn in industry. Other
industries which appear to have been less active in November than in October are boot and shoe manufacturing, lumber and mill work, rubber manufacturing, foundries and heavy equipment manufacturing.
On the other hand, improvement was noted in a number of industries.
The substantial improvement since August indicated by figures for the agricultural implement industry is interesting as a probable reflection of increased buying power on the part of the farmer. Iron and steel has advanced steadily since July, and by November had registered a gain of 24% in
employment and 11% in hours of work over the low point in July. The
textile industries, with the exception of the silk industry, continued through
November to show the improvement which has characterized their progress
since midsummer. Particularly in Southern cotton mills and in the woolen
industry employment and hours of work advanced sharply between October
and November. Advances in the Northern cotton manufacturing industry
and in hosiery and knit goods manufacturing have been more gradual, but
the trend is distinctly upward. Meat packing reported a large increase in
employment for November and also an advancement in working hours.
Although a promising picture of progress in industry is presented by figures for November in spite of the absence of definite advance in composite
figures for all industries covered by the study, improvement has been gradual and conservative and therefore the more satisfactory. The basic industries are naturally the leaders in expanding activities and those using their
products for the manufacture of consumers' goods may be expected to follow.

Numerous Advances in Petroleum Prices Continue.
It has been a week of general advance in the prices of crude
oil and gasoline. In addition to the changes in price posted
by the Midwest Refining Co. on Jan. 24 as noted on page
396 of last week's issue, the company announced advances
on all grades of Montana crude oil except Mule Creek, which
was unchanged. Lost Soldier advanced 10c. and Sunburst
15c. per barrel. This makes the entire list posted by
Midwest as follows:
Salt Creek crude, $1 10; Grass Creek, Cat Creek and Elk Basin, $1 45;
Lance Creek, Osage, Greybull and Torchlight, $1 40; Rock Creek, $1 20;
Hamilton Dome, $1 05; Big Muddy. $1; Lost Soldier, 88e.

The Prairie Oil & Gas Co. on Jan. 24 offered to buy all
the remaining oil that it has stored under the plan of July 17
1924 at prices ranging from $1 to $1 60 a barrel.
Premiums ranging from 15 to 25c. above the posted prices
of the major purchasing companies were being offered by
several independent refineries for Mid-Continent oil on
Jan. 26, according to reports from Tulsa, Okla.
This situation also applied to the Wortham fields, where
a premium of 173/20. per barrel was being offered by independent buyers for Wortham production.
Among those offering the premium was the Galena Signal Oil Co.
On Jan. 27 the Sinclair Crude Oil Purchasing Co. announced it had rearranged its posted price for crude oil in
the Mid-Continent field and had established two new grades.
The new price for 39 to 41.5 gravity is $1 60 a barrel and for
41.6 gravity and above, $1 85 a barrel. The old list of Sinclair quoted 39 gravity and above $1 60 a barrel, making
the new price for highest gravity oil, an advance of 25c.
a barrel. The new price is 14c. a barrel more than the
Marland Oil Co. is paying for the highest grade of crude,
under the schedule of prices announced by it last week.
Fuel oil prices in Texas were advanced to $1 65 a barrel
for South Texas oil, while North Texas and Shreveport fuel
oil was quoted at $1 45 a barrel f. o. b. cars.
The Gulf Oil Co. on Jan. 29 announced an advance of
25c. a barrel in the price of Gulf Coast crude oil. Under the
new schedule of prices the company is quoting $1 75 a barrel
for grade "A" oil and $1 50 for grade "B." The advance
was immediately met by the Humble Oil & Refining Co. and
the Texas Company.
On the same date the Tonkawa Petroleum Refinery, according to advices received from the West, announced an
advance in Tonkawa crude. This company is now offering
$195 a barrel for this grade, while the Bolene and the
Champlain refineries are offering $1 85 a barrel.
A news dispatch late on Jan. 30 stated that the Standard
Oil Co.of Louisiana had advanced the price of Bellevue crude
oil 25 cents a barrel.
Reports from Independence, Kan., on Jan. 30 state that
the Prairie Oil & Gas Co. advanced the posted prices of
Mid-Continent crude oil 15 to 35 cents a barrel. Under the
new schedule the company will buy under six grades instead
of five. The top price under Prairie Oil's new schedule is
$1 95 for 42 gravity and above, a new grade. This represents an advance of 35 cents for.the highest grade of Mid-

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Federal Reserve Bank of St. Louis

519

Continent crude over the top price under the old pricejlist.
Prairie Oil's new prices compare as follows:
GradeBelow 30 gravity
30 to 32.9 gravity
33 to 35.9 gravity
36 to 38.9 gravity
39 to 41.9 gravity
42 and above

New.
$1 15
135
1 55
1 70
1 85
1 95

Old.
Si 00
01 15

r 1!35
11150
*1160

*39 gravity and above.

This makes the second upward price adjustment by Prairie
this year and represents an advance of between 40 to 70
cents a barrel in Mid-Continent crude prices since the beginning of the year.
The Marland Oil Co. on Jan. 30 advanced the price of
Mid-Continent crude oil from 12 to 29 cents a barrel, making
the top price 40 gravity and above $2 a barrel. Marland's
top price is 5 cents above Prairie Oil Co.'s, and compares
with the old list as follows:
Grade30 to 32.9 gravity
33 to 35.9 gravity
36 to 38.9 gravity
39 to 41.5 gravity
41 and above

New.
51 40
155
170
185
2 00

Old.
51 24
143
150
159
I 71

Gasoline prices were advanced in many different sections
of the country. Following the increase annuonced late on
Jan. 23 by the Standard Oil Co. of New York and Jemmey
Manufacturing, the Beacon Oil Co. advanced tank wagon
price of gasoline 1% cents to 183' cents, and retail 2 cents
to 22 cents per gallon throughout its territory in New
England.
A special dispatch from Aberdeen, So. Dak., on Jan. 24
announced that the State gasoline filling station here had
been ordered closed. The price of gasoline jumped from
153/ to 20 cents a gallon immediately afterward.
The Gulf Oil Co. followed the advance of one cent a
gallon in Pennsylvania made by the Atlantic Refining Co.•
The Transcontinental Oil also followed with an increase
of like amount.
The Texas Co. is meeting gasoline advances in different
areas as made by other companies, according to reports on
Jan. 24.
Early on Jan. 26 the Sinclair Refining Co. advanced the
tank wagon price of gasoline one cent a gallon throughout
its operating territory in the Middle West and Southwest.
The Standard Oil Co. of Indiana followed the Sinclair
advance, making the price 16 cents, tank wagon, and 18
cents, service station.
The Standard Oil of New Jersey advanced export gasoline
cent a gallon to 14 cents, in bulk. Other grades were
advanced 1 cent a gallon. The price of export naphtha is
now 16.75 cents; 62.63, 18 cents, and 66-68, 193' cents.
Reports from Tulsa, Okla., on Jan. 27 stated that the
Magnolia Petroleum Co. advanced the price of gasoline
1 cent a gallon throughout Oklahoma except in Tulsa, where
the increase was 2 cents, making a uniform price of 18 cents
a gallon, a 3-cent rise within a week's time.
The price of gasoline was advanced in Canada on Jan. 27
when the Imperial Oil Co., Ltd., and other Canadian companies advanced gasoline 2 cents, making the price at filling
stations 26 cents an imperial gallon.
The Northwestern Pennsylvania refiners on Jan. 27 increased their prices of motor gasoline M cent a gallon.
On the same day the Standard Oil Co. of New Jersey advanced the price of gasoline 2c. a gallon to 18c. in North
and South Carolina and Virginia; lc. a gallon to 17c. in
West Virginia, Maryland and the District of Columbia.
The Humble Oil & Refining Co. has advanced gasoline
lc. a gallon at Houston, Waco, Beaumont and El Paso.
The Standard Oil Co. of Louisiana advanced gasoline
lc. a gallon to 173c. tank wagon, 203'c. filling station,
throughout its territory, including Arkansas and Tennessee.
From Denver it was reported that the Continental Oil
Co. and Mutual Oil Co. advanced filling station gasoline
2c. a gallon to 180. throughout its territory except in western
Colorado.
The Sinclair Refining Co. advanced price 3e. in same
territory.
Gasoline prices in Detroit were increased lc. a gallon by
all refining companies on Jan. 27. This is the second
advance within a week. The present price is 17.8c. a gallon.
On Jan. 28 the Standard Oil Co. of Ohio advanced the
price of gasoline lc. a gallon, making the tank wagon price
160. and service station 18c.
The Standard Oil Co. of Kentucky on Jan. 28 advanced
tank wagon and filling station gasoline 2c. a gallon in Ala..

520

THE CHRONICLE

barna, Georgia, Florida and Mississippi; lo. a gallon in
Kentucky.
The Atlantic Refining Co. advanced gasoline le. a gallon
In Philadelphia, making price at service stations 200., plus
2c. State tax. This advance was immediately followed by
the Gulf Oil Corp. and Transcontinental Oil Co.
Reports from Houston on Jan. 29 stated that the Gulf
Refining Co. followed advance in gasoline by Magnolia
Petroleum Co. at all points in Texas. The Texas Co. also
advanced gasoline lc. a gallon at all points in Texas, meeting
advance by Magnolia Petroleum.
On Jan. 30 the Standard Oil of New Jersey advanced
the price of gasoline le.a gallon in New Jersey and Maryland,
except Baltimore, which remains unchanged. New tank
wagon price in New Jersey is 17c. and Maryland 180.
Gulf Oil Co. followed gasoline advance of lc. a gallon in
Maryland and New Jersey by Standard Oil Co. of New
Jersey.
News dispatches late on Jan. 30 stated that the Standard
Oil Co. of New York had advanced tank wagon price of
gasoline lc. a gallon in New York and New England,to 193/20.
a gallon, effective Jan. 31.
The Jenney Mfg. Co. followed the advance of lo. a gallon
on gasoline made by Standard Oil of New York.
The Standard Oil of Indiana, effective Jan. 31, has advanced the price of gasoline lc. a gallon, making service
station price 19c. This advance was immediately followed
by the Roxana Petroleum Co.
The Humble Oil & Refining Co. advanced gasoline lc.
at Houston.
In Denver, gasoline prices have been advanced lc. a
gallon to 19o. by all dealers, except Sinclair, which made
price 19c. earlier in the week.
ic.
Motor gasoline in Oil City, Pa., has been advanced Y
a gallon by Northwestern Pennsylvania refiners.
Decrease in Crude Oil Production.
decrease of 20,450 barrels in the daily average gross
crude oil output in the United States was recorded for the
week ended Jan. 24 by the American Petroleum Institute,
which estimated the production for that week to be 2,003,200
barrels, as compared with 2,023,650 barrels for the preceding week. Compared with the output of the corresponding week of 1924, the present figure is an increase of 108,300
barrels per day. The daily average production east of
California was 1,404,300 barrels, as compared with 1,420,450
barrels the previous week, a decrease of 16,150 barrels.
California production was 598,000 barrels, as compared with
603,200 barrels; Santa Fe Springs is reported at 46,000 bar000 barrels, against 48,000 barrels; Long Beach, 119,000
barrels, against 118,500 barrels; Huntington Beach, 41,000
barrels, no change; Torrance, 41,000 barrels, against 42,000
barrels; Dominguez, 59,000 barrels, against 60,000 barrels,
and Rosecrans, 8,900 barrels, against 8,700 barrels.
The following are estimates of daily average gross production for the weeks indicated:
A

DAILY AVERAGE PRODUCTION.
Jan. 24 '25 Jan. 17'25 Jan. 10'25 Jan. 26'24
In Barrels468.100
382.650
473,500
481.000
Oklahoma
71,350
81.300
81.850
81.950
Kansas
62.600
92.400
91.950
92.500
North Texas
130,700
232,150
254,150
230.250
Texas
East Central
51,550
53,300
53.700
54.650
West Central Texas
53,200
48.800
49.350
49.850
North Louisiana
113,650
106,550
104,550
104,700
Arkansas
87.250
131.150
129.000
124.100
Gulf Coast and S. W.Texas
107.000
103,500
101.000
100,000
Eastern
143,100
81,750
81.400
85.300
Wyoming, Montana & Colo
691.750
606,000
603,200
598,900
California

(VOL. 120. -

New Business in Lumber Trade Less Active Than in
1924.

Telegraphic reports to the National Lumber Manufacturers Association from 368 of the larger softwood sawmills
of the country indicate that for the week ending Jan. 24
the lumber movement was about on the same as for the week
before. A smaller number of reporting mills showed slight
decline in shipments and orders and a small gain in production. But for the first four weeks of the year there has been
a pronounced falling off in new business as compared with
1924, although shipments and production are about the same.
It is noted, however, that January in both 1923 and 1924
was an abnormal month in the lumber trade, having reference
to prevailing seasonal trends, orders being unprecedently
heavy. Details as given by the National Lumber Manufacturers Association follows:
The unfilled orders for 246 Southern Pine and West Coast mills at the
end of last week amounted to 682.959,248 feet, as against 675,198,019 feet
for 247 rail's the previous week. The 129 Southern Pine mills in this group
showed unfilled orders for 275,691,850 feet at the end of last week, and
270,429,350 feet for 129 mills the preceding week. For 117 West Coast
mills the unfilled orders were 407,267,398 feet, as against 404,769,669
feet for 118 mills a week earlier.
Altogether the 368 comparably reporting mills had shipments 104 and
orders 99% of actual production. For the Southern Pine mills these percentages were respectively 95 and 102; and for the West Coast mills 102 and
89.
Of the comparably reporting mills, 340 (having a normal production for
the week of 215,883,187 feet) reported production 96% of normal, shipments 100% and orders 95% thereof.
The following table compares the national lumber movement as reflected
by the reporting mills of seven regional associations for the three weeks
Indicated:
Preceding Wk.
Corresponding
Past Week.
Week 1924.
1925 (Revised).
Mills
368
379
382
Production
222.223.435
227,961.420
219,771,299
Shipments
230,646.081
261.400,518
236,672,812
Orders (new bus.)
219,399,154
265.718,091
231,620,944
The following revised figures compare the lumber movement for the first
three weeks of 1925 with the same period of 1924:
Production,
Shipments.
Orders,
799,067,924
1925
833,508,960
793,956,988
788,667.286
1924
851.766.824
990,764,410
1925 Increase
10,400,638
1925 Decrease
18,257,864
196,807,422
The mills of the California White & Sugar Pine Association make weekly
reports but for a considerably period they were not comparable in respect
to orders with those of other mills. Consequently, the former are not
represented in any of the foregoing figures. Eleven of these mills reported
a cut of 5,237,000 feet last week, shipments 9,122,000 feet, and orders
9,700,000 feet. The reported cut represents 23% of the total of the California pine region.
West Coast Lumbermen's Association Weekly Review.

One hundred and eighteen mills reporting to West Coast
Lumbermen's Association for the week ending Jan. 17,
manufactured 102,284,186 feet of lumber; sold 106,104,206
feet; and shipped 115,214,268 feet. New business was
4% above production. Shipments were 9% above new
business.
Forty-nine per cent of all new business taken during the week was for
future water delivery. This amounted to 51,907;760 feet, of which 30,418,750 feet was for domestic cargo delivery* and 21,489,000 feet export.
New business by rail amounted to 1,649 cars.
Sixty-four per cent of the lumber shipments moved by water. This
amounted to 62,547,812 feet, of which 48,021,928 feet moved coastwise
and intercoastal; and 14,525,884 feet export. Rail shipments totaled
1,601 cars.
Local auto and team deliveries totaled 4,636,456 feet.
Unfilled domestic cargo orders totaled 133,040,814 feet. 17/ifilled export
orders 117,587,855 feet. Unfilled rail trade orders 5,138 cars.
In the first three weeks ef the year, production reported to West Coast
Lumbermen's Association has been 256,191,606 feet; new business 245,417.772 feet; and shipments 273.567.000 feet.

Lumber Production in 1923 and 1924.
Lumber production in 1923, as recently reported by the
Bureau of the Census, of 37,165,540 M feet for 14,302 mills,
confirms the estimate of the National Lumber Manufac2,003,200 2,023,650 2,005,000 1,894,900 turers Association published one year ago in the JanuTotaL
ary 7, 1924, issue of the National Lumber Bulletin, of
Changes in Stocks at Refineries for December.
38 to 40 billion feet for the country as a whole, the total
The following is the American Petroleum Institute's sum- number of sawmills operating being probably between
mary of the increases or decreases of stocks at refineries 22,000 and 25,000. The proportion of output of the mills
.
eovermg approximately 62% of the operating capacity of reporting to the Census Bureau and
Forest Service to
the United States for the month of December:
estimated total lumber production has been about 90%
Decrease.
Increase.
in past years.
Barrels of 42 Gallons
This estimate of the National Lumber Manufacturers
993,224
Domestic crude oil
179,050
Foreign crude oil
Association was based on the reports of subscribing asso209,750
Oil for re-running
382,423
*Gasoline
ciations which are published in the National Lumber Trade
260,422
Kerosene
Barometer.
580,609
Gas and fuel oil
214,890
Lubricating
Similarly estimated, the total production of lumber for
700,102
Miscellaneous oils
1924, from reports of 50 weeks to the National Lumber
2,489,489
1,050,781
Total
1,050,781
Deduct
Manufacturers Association, was 36 to 373 billion feet,
1,418.708
or about 53'% below the 1923 production, and the reported
NetIncrease
wEast of the Rockies there was an Indicated increase In gasoline of 231,708 barrels figures for approximately 14,000 mills will probably be 34
west of the Rockies an Indicated increase of 150,715 barrels, making a net Increase
to 35 billion feet.
.of 382,423 barrels, for the refineries reporting.'

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THE CHRONICLE

JAN. 31 1925.]

Bulletin
The current number of the National/Lumber
quotes the Census Bureau as saying that the lumber cut
for 1923 was the largest since 1916 and shows an increase
all
of 17.7% as compared with 1922. The cut of nearly
species increased except of cypress, which decreased 5.7%.
Southern yellow pine and Douglas fir each showed an increase
of nearly a billion and a half feet, orAl2.6% and 20.4%
respectively, as compared with 1922.
Oregon was the second state in lumbeirproduction"in
1923, surpassing Louisiana in one previous'year only, 1920.
Washington has been the leading state since 1905,'except
for one year, 1914. The production of these three states
in 1923 was 38% of the total of the country.
The detailed figures of the Census Bureau are given in
another column this week.
Census Bureau's Report on 1923
Number of Milts
By States14,303 13,168
Uniteg States
519
499
Washington
464
459
Oregon
282
310
Louisiana
715
785
Mississippi
222
214
California and Nevada
765
1,038
Alabama
240
244
Texas
540
535
Arkansas
729
962
Georgia
221
1,080
168
484
268

Floriga
North Carolina
loaho
South Carolina
Wisconsin

1,110,333,000
1,095,925,000
1,072,930.000
1,070,397,000
1,007,414,000

980,014,000
936,248,000
857,581,000
854,799.000
775,540,000

In addition, states the National Lumber Manufacturers'
Association, the Census Bureau lists Michigan, Virginia,
Tennessee, West Virginia and Minnesota as each cutting
from 840,000 M to 550,000 M feet in the order named:
Montana, Maine, Pennsylvania, New Hampshire, New
York, each between 450,000 M and 200,000 M feet; Kentucky, Indiana, Missouri, and Ohio, from 200,000 M to
150,000 M feet, and all other states aggregating 941,787 M
feet.
These figures do not include mills cutting less than 50,000
feet.
1923
Quantity
Ft. B. M.
By Kinds of Wood12,948,687,000
Yellow pine
8,222,860,000
Douglas fir
2,804,632,000
Western pine
2,027,704,000
Oak
1,872,739,000
Hemlock
White pine
Reg gum
Maple
Cypress
Spruce
Redwood

1,571,598,000
1,016,279,000
842,046,000
819,260,000
757,749.000
592,500,000

% of Diatribution.
34.8
22.1
7.5
5.5
5.0
4.2
2.7
2.3
2.2
2.0
1.6

1922
Quantity % of DisFt. B. M. tribution.
36.4
11,500,771,000
21.6
6,831,580,000
6.6
2,080,994,000
5.1
1,605,154,000
4.9
1.534.641.000
1,382,755,000
808,461,000
639,781,000
868,952,000
731.371,000
565,965,000

521

the low
accumulated stocks of steel, being quite willing to do this because of
ill
prices at which it was bought.
is practically running at its steel
The Steel Corp., at 94% this week,
to
ingot capacity, and the large independent companies are holding up
January in
their recent high rates. The Steel Corp. has taken business in
in that respect than
excess of its shipments. Though it has done better
naturally be
most independents, its gain in unfilled orders this month will
quite below that of December.
against
Fourth quarter earnings of the Steel Corp. at $30,762,000,
lower prices
$30,718.000 in the third quarter, were better than experted,
The present quarter will have
being more than offset by larger output.
increased volume but at low prices.
more than
Rail orders have been a leading factor this week, amounting to
RR., which has yet
130,000 tons, with the 90,000 tons of the Pennsylvania
_and
to place 20,000 tons of extra heavy rails. At Chicago the Burlington
track supplies. As
subsidiaries took 20,000 tons of rails and 10,000 tons of
early advance is looked for in spikes, track bolts and tie plates.
PennThe Flushing bridge of the New York subway system and the
one-half of the
sylvania RR. bridge at Steubenville. Ohio, account for
Though not
31.000 tons of fabricated steel purchases reported this week.
one-half of the
necessarily significant, the tonnage of new projects is only
seal
recent weekly average. There are wide variations in fabricated

Lumber Production.
Lumber Cut(Ft. Board Measure).
1922. •
1923.
37,165.540,000 31,568.888,000
6,677,656,000 5,836.277,000
3,966,083,000 3.023.768,000
3,386,000.000
3,554.212,000
2,690,976,000 2,267.695.000
2,118,094,000 1,720,556,000
1,786,493,000 1,457,608,000
1,559,263,000 1,542,708.000
1,537,533,000 1,382,032,000
809,391,000
1,149,391,000

194
872
144
434
284

-

4.4
2.6
2.0
2.8
2.3
1.8

JanuarY
The sheet market presents the dual aspect of only a moderate
producers, or
business and of a $2 per ton advance by several independent
at 4.606..
to 3.70c. for black. Automobile body sheets have been offered
delivery indior $3 a ton below the so-called regular price. Sales for early
cate a 3.50c. to 3.60c. market for black sheets.
are counted on for
Better sheet orders from the automotive industries
in one company's
February. An increase from 300 to 400 tractors a day
order.
output is reported due to the receipt of a large Russian
have developed a
At Pittsburgh some producers of semi-finished steel
requirements and sheet bar
surplus over their own and regular customers'
10.000 tons of sheet
concession of $1 is reported. An interesting inquiry for
Yard Co.in Japan.
bars comesfrom the new sheet mill of the Kawasaki Dock
of both Indian
The pig iron market is very quiet and the competition
seaboard. Report*
and Dutch irons continues to be felt along the Atlantic
market and
of the selling of Buffalo iron by brokers at 50c. under the recent
indications that the
of concessions on iron in southern Ohio are among
untested for second
market has no great strength, but it is to a large extent
revision of receat
quarter delivery. The unsteadiness in coke has caused a
market.
calculations that high coke would reinforce the pig iron
nearly all centers.
Prices on old material have declined still further in
but without
There has been good buying by steel companies at Chicago
having a good
strengthening heavy melting steel. The fall in scrap is
in coming
deal of attention for its possible bearing on the steel situtaion
weeks, in view of the prophetic record of the old material market.

The usual composite price table follows:
Jan. 27 1925, Finished Steel. 2.560 Cents per Pound.
2.560C.
Based on prices of steel bars, beams, tank1Jan. 20 1925
2.560C.
plates, plain wire, open hearth rails, Dec. 29 1924
constitut- Jan. 20 1924
black pipe and black sheets,
9C
1..78
average. 2689C:
-year pre-war
kW 88% of the United States output__ 10
Jan. 27 1925, Pig Iron, $22 50 per Gross Ton.
$22 50
Based on average of basic and foundry Jan. 20 1925
irons, the basic being Valley quotation, Dec. 29 1924
2
2 17
22 69
Chicago, Jan. 25 1924
the foundry an average of
-year pre-war average. 15 72
10
Philadelphia and Birmingham
Jan. 15; low, 2.460c.. Oct. 14.
Finished Steel.-1924
-High, 2.789c.,
1923
-High, 2.824c., April 24; low, 2.446c., Jan. 2.
3. 1923
Pig Iron.
-1924-High, $22 88, Feb. 26; low. $19 21. Nov.
Nigh. $30 86. March 20; low, $20 77. Nov. 20.

According to the "Iron Trade Review," a more sluggish
tonnage moving to the mills has caused a less vigorous tone.
indeProduction, however, remains at high speed, and some
mills have advanced piices for the second quarter,
100.0 pendent
31,568,888,000
100.0
Total
37,165,540,000
which we quote the
Production of cedar, yellow poplar, larch, birch, chestnut states the "Review," on Jan. 29, from
following:
and white fir was for each species in order named 365,000
followSome of the recent snap has gone out of the iron and steel market
M to 320,000 M feet; sugar pine, elm, beech, tupelo, basscontracts
ing the slowing down of new business and specifications against
228,000 M to 148,000 M which has become noticeable during the past two weeks. How much of
wood, cottonwood and ash from
making.
feet and all other species totaling 309,019 M feet.
this is due to the tremendous shipments the mills have been
and how much to a slower
the pressing
Production of lath in 1923 was 3,328,013,000, an increase thereby satisfying expansion ofneeds of buyers,
consumption, cannot be definitely stated.
movement in the
of 13.2% over last year and production of shingles totaled Apparently the industry has been making steel ingots in January at the
been
7,506,869,000, a decrease of 7.7% as compared with 1922. rate of well over 45,000,000 tons annually, a sustained basis that has the
the past. This, means
by
per cent, of all lath and 80% of all shingles duplicatedthe comparatively few periods in in toe last sixty days.
Twenty-five
output of
industry has been run up 20%
tone
were produced in the state of Washington alone.
The situation as to incoming tonnage is a mixed one and the easier
point is
Stocks of lumber on hand at the mills is given as follows does not apply equally to all companies or districts. The strongesttonnage
Chicago, where the mills are filled with business and are getting
in the Census Bureau's report:
,
considerfrom the buyers at a rate that has caused deliveries to spread out
Jan. 1 1923
Dec. 31 1923

Feet, Board Measure,
9,749,769,000
10,548,087,000

Steel Production High, Prices Advance in Certain
-Pig Iron Market Quiet.
Lines

The main now feature of the week has been the announcement of $2 a ton advances on certain rolled products by
various steel companies, states the market review of the
"Iron Age" in its issue of Jan. 29. At Chicago the Steel
Corp. followed the'leading independent company in going to
2.30c. for plates and shapes and to 2.20c. for bars. Several
sheet producers have advanced to a 3.70c. basis for black
sheets, as against 3.60c. The latest of the $2 advances is on
wire, a Pittsburgh district independent having taken the
initiative.
The advances are based on the large bookings the principal
producers have for the next 60 days, and ingtherhicago
district for a longer period, also on the expectationTthat as
spring comes on the industries consuming steel will be able
to increase their operations beyond the/present rate, adds
the "Age", giving further details as follows:
January has been marked by liberal shipments of finished steel to buyers
have
and in many cases the latter, with only moderate plant operations,

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some
ably. This is especially true in steel bars. Because of this condition
tonnage
Chicago district buyers, including several warehouses, have placed
over
for quick shipment with Pittsburgh mills at a price $4 to $5 a ton
by
their local market. The strength of the Chicago situation is reflected
one
the reported booking of 16,000 tons of bars for second quarter by

maker at a $2 advance.
long the
The question now is being raised in the industry as to how
As yet
present high-speed production of 90 to 95% can be maintained.
there are no signs of any material slackening. Price advances on finished
to apply
steel have been announced this week by various independent mills
to second quarter business. Plates, shapes and bars have been raised 12
per ton by large makers at Youngstown and Pittsburgh. Sheets have been
similarly advanced by mills at Chicago and in the Youngstown district.
With no appreciable pressure yet being made by buyers to be covered on
second quarter tonnage, it is judged these advances have been dictated
mcre to stimulate specifications against present contracts than to boiik
additional future tonnage. These new prices are approximately $4 per ten
above those at which the bulk of the tonnage for first quarter was sold.
The Steel Corporation schedules are unchanged.
Pig iron prices have eased off a bit in most districts except the.South.
Much of this softness is attributed to the influence of the lower market on
coke. In the East heavier offerings of foreign iron $1 below domestic has
been a chief factor.
Pig iron interests are expecting that the advance In Lake Superior iron
ore prices will be 50 cents per ton, but no sales yet have been made. .11111
Some easiness in pig iron has been responsible for a slight recession in
"Iron Trade Review" composite of fourteen leading iron'and
the first dip in twelve weeks. The index this week stands at $41 compared
steelProdu
with $41 10 last week.
Scrap has weakened further. It is down $2 50 from the peak
-at Chicago,
which is typical

522

THE CHRONICLE

[VOL. 120.

Railroad buying is less in volume. The Pennsylvania' rail order
for
100,000 tons and miscellaneous bookings for about
25,000 tons at Chicago
are the principal items. Car buying has dropped off,
though Chicago mills
booked 50.000 tons additional this week against recent
PP Structural steel work is keeping up consistently its large orders. record.
tonnage
The week's awards totaled 34,541 tons, including
one 8,000
-ton bridge
over the Ohio River and another of 7.500 tons at New
York. A tabulation
shows that for buildings exclusively, 540.000 tons was placed
in the New
York metropolitan district in 1924, compared with 450,000
tons in 1923.
St. Louis has closed for 14,000 tons of plate work for a water line
and
New York is taking bids on 6.000 tons for the same purpose.
An estuary
tube at San Francisco will require 10.600 tons.
Iron and steel exports in 1924 were the smallest since
1914. totaling
1,830.262 tons. Imports, on the other hand, were 729 tons,
which, excepting 1923 and 1922, was the largest in
many years.

Bituminous Coal Markets Inactive in Most Centres
Anthracite Firm, with Few Price Changes.
The fourth week in the year still shows bituminous coal
to be quite inactive in most sections of the country with the
exception of a few centres, declares the Jan. 28 market
review issued by the "Coal Trade Journal." In the Pittsburgh district the demand has increased slightly with a
corresponding increase in price. At the Hampton Roads
piers, although movement has increased, the price of Pool 1
has dropped five cents. In the Upper Potomac region
the demand has become equal to the output and prices, in
Judge Elbert H. Gary Says Abolition of "Pittsburgh consequence, have gone up. Johnstown reports a better
demand with production increased to normal, and in Detroit
Plus" System Will Have Little Effect on Industry
there is a slow but steady improvement in the demand for
Sees World Growing Better.
steam coals and a moderately active interest in domestic
Judge Elbert H. Gary, Chairman of the Board of the sizes, continues
the "Journal," giving details as follows:
United States Steel Corporation, who was a speaker and
Cincinnati shows a slight improvement in demand and
price, but this Is
chief guest at the annual banquet in Pittsburgh on Jan. 29 retarded to some extent by the fact that there 'a considerable distress coal
of the University of Pittsburgh, was quoted as stating in on track there. The retail demand in St. Louis is good for middle grade
coals only, the usual grades being temporarily on the
black
an interview that the abolition of the so-called "Pittsburgh of price. At Superior-Duluth the dock companies are list on account
still doing a fine
Plus" system would have little effect on the steel industry in business,.moving large tonnages of steam and anthracite over the Northwestern territory. The
Pittsburgh. The New York "Journal of Commerce" re- section and iron mining industrial demand is picking up all over that
companies over the Minnesota ranges are sending
ported him as saying:
in inquiries. In this district supplies of Pocahontas
are pretty nearly

The decision may stimulate Pittsburgh manufacturers to produce a little
better quality of steel, at a little lower cost, under conditions of delivery
more agreeable to the consumer. What Pittsburgh. Chicago or any other
location secures in business depends on the attitude of the sellers and
buyers. Success is all a question of merit.
Pittsburgh, because of its natural advantages, can never be deprived of
its fair share of the business pertaining to what she produces. Pittsburgh
has a good climate, a good labor market, a great abundance of the best
coal nearby which can be brought to the manufacturer's door at very low
cost, and business organizations as well managed or better than many if
not most other places.
The United States Steel Corporation, through its subsidiaries, is spending
immense sums in the improvement of iron and steel manufacturing facilities
here. This is the best evidence and the most convincing argument as to
what the proprietors and their representatives in charge think of Pittsburgh
as a permanent manufacturing point.

exhausted, only a couple of the dock companies having
any more in stock,
and very few orders are being accepted. The market is very firm
in both
Pocahontas and anthracite. The Fairmont district
reports no change in
conditions and prices and the operators of Central
Pennsylvania
experiencing a better feeling. As a result of the firming of prices are the
at
southern loading piers, prices at Boston have increased
to $5 75 for best
and $5 65 for middle grade New River. All-rail bituminous and anthracite
are still, however, very dull. In Columbus, Buffalo, Philadelphia
and
Chicago supplies are way ahead of demand and the market is consequently
dull and featureless.
Anthracite is moving well in New York and Philadelphia
but not with
the activity that the cold weather of last week caused.

The expected sag in the bituminous coal business, with the
moderation in weather conditions and continuation of heavy
production, has apneared, as was inevitable, according to
In addressing the University's banquet, Judge Gary de- the opinion of the "Coal Age" of Jan. 29. Domestic coal
cribed the world as growing better, and said in part:
prices are in difficulties in the Middle West and even steam
The large majority of the people of the United States must be about
buyers are apathetic, which has caused screenings to slump
right in their convictions and conduct, for this nation, in the general estimation, occupies a place in the front ranks of the world's advance on moral slightly. Though a slight car shortage is developingiin the
questions.
Kentucky fields, production is close to record figures, but as
But after all is said, it will be conceded that the strength, character,
demand is not keeping pace the market is lacking in the
reputation and influence of a nation depend upon the education of the
citizens. Education goes hand in hand, in support, and as a part of religion strength that was in evidence not long ago. Miners are
and piety.
reported to be rapidly drifting back to work in the mines
The nation that Is best educated in all respects will be the safest and
happiest location for residence, and it will succeed in all contests with that have gone non-union, and operations are increasing,
adds the "Age" in its weekly review which is quoted hereothers for supremacy.
with:
Business in the Northwest is considered favorable, the docks having
Advance Report by Federal Reserve Bank of Philadel- shipped more this month
than had been hoped, but here, too, shipments
phia on Steel and Iron Foundry Operations in
have dropped off because of mild weather. Prices are firm. however,
Pocahontas lump and mine-run quotations having advanced. In the
December.
Southwest business is still good, Colorado having a particularly good
The Department of Statistics and Research of the Federal for January. Kansas and Utah, however, are catching up on orders.month
The
Reserve Bank of Philadelphia in its usual monthly state- soft weather in Ohio has caused a marked weakness in high volatile coals, but
the smokeless situation is somewhat better because of the operators' policy
ment,furnishing an advance report on steel and iron foundry of refusing to ship coal except specific
on
orders.
operations in the Federal Reserve District of Philadelphia
Smokeless prices have been advanced in New England, but as there is
no greater demand, it is questionable as to whether the increases will hold,
has the following to say, Jan. 26:
though

It is worthy of note that some of the mills are increasing operations.
Reports received from six steel foundries located in this district indicate
that production, shipments and unfilled orders were greater in December Activity is somewhat more brisk in the New York and Philadelphia markets, prices sticking at practically the old levels, however. Business
than they were in the preceding month, with a corresponding increase in
at
value. As a result of the increased operating schedules, raw stocks of pig Baltimore continues to be a disappointment, even the export trade being
dormant. At Birmingham, however, the trade is optimistic, as
iron and scrap steel declined. In the table below are presented the principal
demand
operating items of these foundries whose combined steel-making capacity has increased and prices are firmer with an upward tendency.
Without showing any particularly high spots, the anthracite market has
totals 6,850 tons per month.
im W Pin
been holding its recent gains, with occasional spurts. Egg is beginning
OPERATIONS,THIRD FEDERAL RESERVE DISTRICT. to show some signs
FOUNDRY'Ek.
of life, though chestnut continues to lead in demand,
Per Cent followed by stove. Steam sizes show the biggest increase in demand, the
December.
November.
Change. supply having been curtailed by the strike. The threat
of a general strike
having passed, the trade is breathing easier. Independent prices
Capacity of furnaces
6,850 tons
6,850 tons
are being
Production of steel castings
4,938 tons
4,070 tons +21.3% maintained pretty well all around except for some slight shading on pea.
Shipments
3,433 tons
"Coal Age" index of spot prices of bituminous coal
3.122 tons +10.0%
registered another
$558,672
Value of shipments
$514,125
+8.7% slight recession during the last week,
Unfilled orders
4,966 tons
4,836 tons +2.7% corresponding price for which Is $2 09, standing on Jan. 26 at 173, the
$1,281,124
compared with 174 and $2 11, reValue of unfilled orders
$1,071,570
+19.6% spectively, on Jan. 19.
Raw stock:
' Pig iron
2,067 tons
3,499 tons
There was
at Hampton
10,871 tons 11,970 tons -40.9% dumpings of a reaction in activity during the Roads during the last week,
Scrap
-9.2%
coal for all accounts
f•nir a
period ended Jan. 22 totaling
871 tons
815 tons +6.9% 399,740 net tons, compared with
421,087 tons dumped during the preceding
The table below includes the pr ncipal operating features of 32 iron week.
foundries in the Third Federal Reserve District whose Iron making capacity
totals 16,220 tons per month. It w 11 be seen that in nearly all items inBituminous Output Falls a Trifle-Anthracite and
creases occurred during December. In fact, the only declines recorded
Coke Remain at Level.
were in the value of shipments and of unfilled orders.
IRON FOUNDRY OPERATIONS,THIRD FEDERAL RESERVE DISTRICT.
December.
Capacity of furnaces
Production of castings
Malleable iron
Gray iron
Jobbing
For further manufacture
Shipments
Value of shipments
Unfilled orders
• Value of unfilled orders
Raw stock:
Pig iron
Scrap
,,,,,,,.

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November.

Per Cent
Change.

16,220 tons 16.220 tons $
5,524 tons +9.8%
6,068 tons
558 tons
353 tons +58.1%
5,510 tons
5,171 tons +6.6%
3,856 tons
3.592 tons +7.3%
1,654 tons
1,579 tons
5,018 tons +4:7%
5,118 tons
+2.0%
$821,311
$887,304
-7.4%
5.256 tons
4,418 tons +19.0%
$1,177,627
$1,335,328
-13.4%
6,400 tons +8,1%
6,919 tons
3,363 tons +13.6%
3,821 tons
.,9a9 tnna
9 105 tnna 4-7 7al_

It appears that some of the sharp spurt in production of
soft coal in the first week of the year was partly to balance
the holiday loss, and the high rate of output recorded in
that week was not maintained. On the other hand, the output of both anthracite and coke.remained practically unchanged from the week preceding, according to figures just
issued by the U. S. Geological Survey, whose weekly report is
appended:
Production in the week ended Jan. 17 declined
to 12,077,000 net tons, a
decrease of 513,0G0 tons, or 4%. The early returns show
that the loss was
not centered in any one section of the country, and a majority of
the coaloriginating railroads reported losses Although the
average production per
working day dropped to a point just above the 2
-million-ton mark, it remains slightly above that for 1923-24.

THE CHRONICLE

JAN. 31 1925.]

for
Preliminary telegraphic reports on daily loadings show that the total
approximately
the first two days of the present week, Jan. 19-24, were
days of the week before.
4,000 cars less than the total for the corresponding
Thus it appears that, should there be no recovery on the remaining days
of the week, the total output will probably decline sharply.
Estimated United States Production of Bituminous Coal (Net Tons).
(Including Coal Coked).
1923-1924
1924-1925.Coal Year
Coal Year
(c)
to Date.
Week.
to Date.
Week.
9,368,000 426,056,000
347.037,000
10.806,000
Jan. 3 (a)
1,837,000
1,812,000
1,492,000
2,039.000
Daily average
12,590,000 359,626,000 12,337.000 438,393,000
Jan. 10 (a)
1.842,000
2,056,000
1,507,000
2,098,000
Daily average
12,077,000 371,704,000 11,992,000 450,385.000
Jan. 17 (b)
1,846,000
1,999.000
1,519,000
2,013,000
Daily average

conditions" forced an all-round curtailment of operations
and the adoption of a five-day week schedule.
From Scranton, Pa., came the intimation Jan. 28 that,
after being idle for more than a year, the Bliss Silk Mill at
North Scranton has resumed operations, giving employment to approximately 300 persons.

a Revised since last report. b Subject to revision. c Minus one day's
production in April to equalize number of days in the two years.
Production of soft coal during the first 245'working days of the coal year
1924-25 was 371.704,000 net tons. In the six preceding coal years it was
as follows:
Years of Depression.
Years of Activity.
385,996,000 net tons
469,576,000 net tons 1919-20
1918-19
334,483,000 net tons
453.536.000 net tons 1921-22
1920-21
313,036.000 net tons
450,385,000 net tons 1922-23
1923-24
Thus it is seen that with but 10 weeks remaining the coal year 1924-25
stands nearly 86 million tons behind the average of the three years of activity and about 27 million tons ahead of the years of depression. Compared
with the average of the six years, it stands about 29 million tons behind.

Textile Strike Area Spreads-Dwight Manufacturing
Co.'s Plant, Employing 1,200, Closed Down As
-Fall River
150 Weavers Walk Out
Situation Improves.
In New England textile industry continues to be impeded
by protest strikes against the widespread wage reductions
which have been put into effect in recent weeks. The situation last week became worse. On Wednesday (Jan. 28) it
was reported that the Dwight Manufacturing Company at
Chicopee, Mass., had closed down its entire plant (employing
1,200 operatives) as a result of a walk-out of 150 weavers.
The weavers struck when a 10% wage reduction went into
effect on Tuesday morning. Their position was set forth
in an article published Jan.28in the Springfield "Republican"
from which we quote:

ANTHRACITE.
The production of anthracite remained practically unchanged in the second week of January. The total output, as estimated from reports of the
anthracite carriers on the number of cars loaded, is placed at 1,803,000 net
tens, an increase of 18,000 tons. The rate of output is now approximately
at the pre-holiday level, and the local strike at mines of one of the larger
producers appears to have been the principal factor preventing improN ement. Compared with production in the corresponding week of 1924,
there was a decrease of 81,000 tons. Cumulative production during the
present coal year to date now stands about 3% below that of the corresponding period of 1923-1924.
Estimated United States Production of Anthracite (Net Tons).
1923-1924
1924-1925Coal Year
Coal Year
to Date.
Week.
to Date.
Week endedWeek.
1,436,000 69,003,OCO
January 3
1,255.000 66,916,000
1,840,000 70,843,OCO
1,785,000 68,701.000
January 10
1,884.000 72,727,000
70,504,000
1,803,000
January 17
a Minus one day's production in first week of April to equalize number
days covered in the two years. b Subject to revision.

The true reason behind the strike is said to be a cut averaging between
19 and 24% given the weavers last summer.
The loom-fixers employed at the Dwight mills are not sympathetic with
the striking weavers, a local loom-fixer stated last night, because it is felt
that the weavers failed in support the loom-fixers during their strike in
September.
After the cut of between 19 and 24% last summer the weavers remained
at work. But a month later when another cut was given, they went out
on strike. The company officials then sent for the strikers, according to the
weavers, and declared the cut a mistake that would be remedied. The cut
was eliminated. The next action was taken by the company a week age
when it declared a 10% cut effective throughout the plant yesterday.
Before the looms were started yesterday morning at the mills the weavers
received word to leave their places in protest. Soon afterwards the entire
plant was closed.

of

BEEHIVE COKE.
The steady increase in beehive coke production that has been in progress
Jan.
since last August was halted, at least temporarily, in the week ended
17. The total output in that week is now estimated at 266,000 net tons,
week. Production
almost exactly the same figure as that for the preceding
the
in Pennsylvania and Ohio and Virginia continued to increase slowly, but
gain in those States was offset by an equally large loss in the other producing districts. The present rate of output is slightly ahead of that eta year
ago.
According to the Connellsville "Courier," production in the Connellsvile region increased slightly to 209,040 tons. The "Courier" attributed
the improvement to the furnace ovens and stated that some of the active
merchant ovens were blown out, and that others reduced operating time to
five days.
Estimated Production of Beehive Coke (Net Tons).
1924
1925
Week Ended
to
to
Jan. 17 Jan. 10 Jan. 17
Date. Date.(c)
1924.
1925.a I925.b
516,000
Pennsylvania and Ohio_ _ _ _216,000 208,000 212,000 523,000
West Virginia
15,000 32,000 36,000
13,000
12,000
55,000 40,000
17,000
Ma.,Ky.,Tenn.& Georgia- 19.000 24.000
26,000 20,000
8,000
Virginia
10,000
11,000
14.000
11,000
5,000
Colorado & New Mexico_ _ _ 4,000
5.000
11.000
12,000
4.000
Washington and Utah
5,000
4,000
United States total
Daily average

523

266,000 265,000 261,000 659,000 637,000
44,000 44,000 42,000
44,000 44,000

At New Bedford, Mass., 75 striking weavers and loomfixers of the Devon Mills, Inc., and the Fisk Tire & Rubber
Co., who walked out on Jan. 19, voted Tuesday (Jan. 27)
to return to work, a settlement having been reached at a
conference with the mill officials. It had already been
announced, however, that all departments of the Devon
mill had closed down until Feb. 2, owing to the "unbalanced
condition in the mills." The closure applied to the Goodyear
unit of the Old Rotch mill, it was announced.
The Fall River situation cleared somewhat on Thursday
(Jan. 29), when 100 fine goods weavers of the Doval Mills,
who were on strike for two weeks in protest against a 10%
wage cut, returned to work. The agreement reached, it
was stated, was satisfactory, although the reduction in
wages was not rescinded. The strike at the Lincoln and
Granite mills is still in force, as also is the strike of 50 dyers
at the Kerr plant of the American Thread Co.
Four hundred employees in the Greenhalgh Cotton Mills
at Pawtucket, R. I., voted on Jan.25 to go on strike Feb. 2,
unless the recently imposed 10% wage reduction is rescinded.
George P. Greenhalgh, Treasurer of the company, has, it
is reported, stated his inability to concede the workers'
demands, as all mills at New Bedford, Mass., are competing
on a 10% lower wage basis. The 200 employees of the
Pawtucket Hosiery Co., who struck on Jan. 19, in protest
against a 10% reduction in pay, have not yet returned to
work.

-Grain Below 1923 But
The World's Crops in 1924
Above Five-Year Average-Cotton Yield Large.
A fairly complete survey of the world's cereal harvest for
the current season is now attainable owing to the receipt at
the International Institute of Agriculture of data of yields
practically in all countries of the Northern Hemisphere
Maine Textile Mills Resume Full-Time Schedules.
(Russia and China excepted) and of forecasts of the wheat
The Boston bureau of the New York "Journal of Com- crops in Argentina and Australia, communicated to the Institute by those Governments. In fact these data of ascermerce" on Jan. 29 advised as follows:
97% of
The Limerick Mills of Limerick, Me., which until recently were operating tained yields deal with countries representing about
on a schedule of three days a week, are now running full time.
the world's wheat crop (outside of Russia and China), pracThe Goodall Worsted Co., another Maine company, has also speeded up
oats, 85% of the maize, and
production somewhat and is running full time in certain departments, while tically all the rye, 90% of the
the Sanford Plush Co.of Sanford, Me.,is now operating on a full-time ached- 80% of the barley crops. The percentages of production this
We, with night operations in some departments.
season as compared with the preceding one are as follows:

a Subject to revision. b Revised from last report. c Adjusted to make
comparable the number of days covered in both years.
Cumulative production of beehive coke during 1925 to Jan. 17 stood at
659,000 net tons. Figures for similar periods in earlier years are as follows:
870,000 net tons
1921
672,000 net tons11923
637.000 net tons
1922
308,000 net tons11924

Amoskeag Operations Curtailed-Slump in Worsted
Department-Scranton Silk Mill Opens After
Year's Idleness.
Operatives in the worsted department of the Amoskeag
Manufacturing Co. are working on a 50% basis, as against
90% recently in force, according to a message received from
Manchester, N. H., under date of Jan. 27. On Monday
last (as we announced in last week's issue) "general business

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Wheat
Rye
Barley
Oats __________________
Maize

89.1
80.6
88.1
98.2
83.7

The production of every cereal this year is therefore below
last season's figures in a considerable degree, with the sole
exception of oats. It should be mentioned that the cereal
yields'of 1923 were unusually plentiful; if, on the other
hand, the current year's figures are compared with the aver-

524

THE CHRONICLE

[VoL. 120.

age of the five years from 1918 to 1922, apart from the
1923 amounting to 5.3%, but a decline in that under rye (4,206
data, the subjoined percentages result:
thousand acres) equal to 3%.
Wheat
Rye
Barley
Oats
Maize

_ 102.9
92.4
98.8
_ 110.6
90.7

A Good World's Yield of Cotton.
The Government of India has telegraphed to the International Institute of Agriculture the data of forecast for
the
cotton crop of 1924-25. It is estimated at 24.2 million centals,
showing an increase of 24.3% as compared with the previous
season and 39.6% over the five years' average.
Aggregating these data with those of estimates for the
cotton crops of the United States, Egypt, Russia, Korea and
the Anglo-Egyptian Sudan, the yield for the current season
in a group of countries growing about 80% of the world's
production is defined. For these countries, the present season furnishes 96.4 million centals, and records an increase of
27%, as compared with last year's out-turn as well as with
the five years' average.

This year's yield of wheat, and still more that of
oats, are
therefore larger than the average for the five years
from
1918 to 1922, while a decrease is recorded in the
case of barley, becoming more decided for rye and maize.
In the December International Crop Report,
just published by the Statistical Bureau of the International
Institute of Agriculture, the details of area and yield
of the various cereal crops are furnished country by country,
and summarized by continents, for the current year as compare
d with
the figures for 1923, and with those of earlier seasons.
Dealing with wheat only, the most prominent of the data
recently
to hand at the Institute are indicated below:
Smaller European Winter Wheat Area Reporte
d.
In Rumania a provisional estimate of the wheat yield
of 1923 gives 44.6
Winter seedings of wheat in Europe reported to date
million centals, as compared with 61.3 million centals
last year and an
to the
average of 46.4 million during the previous three years.
United States Department of Agriculture by the
InternaIt may be remarked that there was an increased area sown in
1924, ex- tional Institute of Agricult
ure at Rome, and made public on
ceeding last year's figures and the previous average by 18%
and 33%, respectively.
Jan. 16, are below last year, reports from seven Europea
n
The Rumanian data complete the European figures (Russia
excluded). countries showing a reduction of about 4%. The decrease
in
The aggregate of 27 countries in Europe indicates that the yield
this yeas Europe, however, is not
has been 645.3 million centals, against 761.2 million last year
sufficient to offset the increase in
and an average of 631.3 million in previous seasons.
areas seeded in the United States and Canada,
the DepartIn the United States the provisional data of yields practically confirm
the ment says, the area seeded in nine countries totaling
64,469,earlier estimates of the winter wheat crop, and announce an increase
in the 000 acres, as compare
d with 62,698,000 acres last year. This
figures of the spring crop. Aggregating the yields of winter
and spring
wheat in the United States, the estimate is for 523.6 million centals,
represents about one-third of the total wheat
against
area of the
471.4 million last year and a five years' average of 528.6 million.
It may Northern Hemisphere outside of Russia
and China.
be noteworthy that the United States harvest was specially plentiful,
being
Estimates of winter wheat acreage seeded in
reaped from a cultivated area decidedly less than that of the previous
European
year
and even in a greater degree below the average.
countries reported to date, as compared with last
year are:
The Canadian wheat crop is definitely declared to be exceptional
ly defi- Rumania, 5,886,000 acres, against 6,631,000
acres; Bulgaria,
cient, so that in North America as a whole the yield has been 686.6
million 2,385,00
centals, against 756.0 million in 1923 and 690.1 million, the average
0 acres, against 1,989,000 acres; Lithuania, 185,000
from
1918 to 1922.
acres, compared with 179,000 acres; Belgium, 373,000
acres,
A recent unofficial estimate is transmitted by the Govern- compared with 343,000 acres; Spain, 9,870,000 acres,
against
ment of Australia, and forecasts a yield of 84.0 million cen- 10,158,000 acres last year. The acreage of England
and
tals against 75.4 million in the preceding season, and 60.7 Wales is reported as 89% of last year and that of Italy as
million, the previous average.
but slightly greater than last year. The condition of winter
seedings in the United Kingdom in general is not good, acThe Condition of Winter Cereals.
cording to the reports. Germination in England and Wales
According to the information to hand at the International has been slow and the plant is thin
and weak, particularly In
Institute of Agriculture, the winter sowings of cereal crops heavy soils. Seeding in Scotland
was carried out under fahave been effected in conditions closely approaching an vorable conditions. In the Irish Free
State extremely wet
average in most European countries. In Great Britain and weather retarded winter sowings, winter
wheat is thin,
Ireland, fields, particularly heavy soils, were very wet, and backward and suffering from prolonge
d wet weather. The
sowings were retarded. In Germany and Poland the crop condition of winter wheat in Italy
is reported as generally
condition is considered as between average and good; ex- satisfactory. In Egypt the conditio
n of the crop is reported
cessively dry weather in Hungary is reported, but the seed- to be 100.
lings are well spoken of, generally speaking, in Belgium,
Winter Rye Area.
Italy and Portugal, and especially good in Bulgaria and
The winter rye acreage of ten countries reported to
date,
Spain. A snowfall in the latter half of November took place including Canada
and the United States, is 12,959,000 acres,
In Rumania while sowing operations were in progress.
against 12,894,000 acres reported for the same countrie
s last
In Russia the snow at the beginning of November was year, an increase of
65,000 acres, or less than 1%. This repfavorable for the crops already well established, as a whole, resents more
than one-fourth of the total rye acreage
of the
but later in the month sharp fluctuations of temperature Northern Hemisphere
outside of Russia. Recent estimates
created ice-sheets on the fields in some districts. The crop of winter rye in countrie
s of Europe received from the Intercondition is generally favorable in North Africa and in In- national Institute are:
Bulgaria, 383,000 acres, against 350,dia. In the United States up to December there was some 000 acres last year; Rumania
, 474,000 acres, compared with
lack of moisture, but since that date a snow cover has pro- 507,000 acres; Lithuania,
1,315,000, against 1,415,000 acres;
vided at once sufficient humidity and in most regions ade- Latvia, 678,000 acres,
against 658,000; Belgium, 578,000,
quate protection. In the United States there is an increase against 563,000 acres; Spain,
1,957,000, against 1,872,000
in the area sown with wheat (42,317 thousand acres) acres.

Current Events and Discussions
The Week with the Federal Reserve Banks.
total reduction of $1.100,000. The principal
increases in discount holdings
The consolidated statement of condition of the Federal were as follows: New York, $44,800,000; Cleveland. $7,900,000; Chicago,
$5,400.000; Boston, $4,800,000.
Reserve banks on Jan. 28, made public by the Federal
An increase of $4,900,000 in holdings
Reserve Board, and which deals with the results for the market is shown by the Federal Reserveof acceptances purchased in open
Bank of New York, while
twelve Federal Reserve banks combined, shows increases of other Reserve banks report only small changes in this item for theall the
week.
The system's holdings of Treasury
certificates of indebtedness fell off
$70,900,000 in holdings of discounted bills and of $1,600,000 $18,000.000 and of Treasury
notes $12,600,000, while holdings
of United
in acceptances purchased in open market, together with a States bonds went up $1,200,000.
Reductions in Federal Reserve note
reduction of $29,400,000 in Government security holdings.
circulation are reported by nine of the
Reserve banks, the San
As a result of these changes, total earning assets are $43,- $5.200.000. New York Francisco bank showing the largest decline
shows a decline of$3,500,000
100,000 above the total reported a week ago. Federal Re- and Dallas of $2,100,000. The Boston, Philadelph ,Chicago of$3,300,000
ia and Cleveland banks
serve note circulation went down $14,300,000, cash reserves report a combined increase of $5,000,000 in Federal Reserve note circulation.
$900,000 and non-reserve cash $3,000,000, while total deThe statement in full, in comparison with the
posits increased $49,100,000. After noting these facts, the
preceding
week and with the corresponding date last year, will be
Federal Reserve Board proceeds as follows:
Increases in holdings of discounted bills are reported by all Federal Reserve found on subsequent pages
-namely pages 556 and 557.
banks except St. Louis, Minneapolis, Kansas City and Dallas, which
show a A summary of changes in the principal assets and liabilitie
s

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525

THE CHRONICLE

JAN. 31 1925.]

of what he had to say as cabled from London to the New
of the Reserve banks during the weekiand the year ending
York office of Barclays Bank, Ltd.,follows:
Jan. 28 1925 follows:
(-I-) or Decrease (—)
Increase

The American Exchange.
During
The feature of outstanding importance at present is the rapid rise in the
Year.
Week.
represents to some extent a reaction
—$900,000 —$180,400,000 sterling dollar exchange. This rise
Total reserves
1923 due to the divergence between
—5.300.000 —203,800.000 from the depreciation which occurred in
Gold reserves
interest rates in this country and in America and at the lower figure sterling
+73.700,000
+43,100,000
earning assets
Total
was undervalued. Nevertheless, there was a further fall subsequently, owing
+70,900,000 —248,600,000
Bills discounted, total
—94,400.000 to the rumors that the British Government intended to have recourse to
Secured by U. S. Govt. obligations---- +62,900,000
apprehension that a Labor Govern+8.000.000 —154.200.000 inflation. After that there was a general
Other bills discounted
+36.000.000 ment might have recourse to confiscatory measures. Some people, therefore,
+1,600,000
bought in open market
Bills
in dollar securities, and these opera—29.400,000 +273,300.000 sold sterling securities and reinvested
U. S. Government securities, total
+57.600.000 tions, coupled with the usual autumn requirements for financing imports
+1,200.000
Bonds
dollars for the service of our American
—12,600,000 +202,300,000 from America and the purchase of
Treasury notes
As the
+13,400,000 debt forced sterling down to the low level of 4 20 in January 1924.
—18,000,000
Certificates of indebtedness
to be unwarranted a reaction fol—14,300.000 —338,200,000 fears to which I have alluded were found
Federal Reserve notes in circulation
has occurred partly during the im+49,100,000 +274,100,000 lowed, and the recent rise, although it
Total deposits
there has been a continual purchase of
+31.100.000 +244.000,000 port season from America and while
Members' reserve deposits
brought the figure to a higher level than
+11.200.000 dollars for payment of debt, has
+21,000,000
Government deposits
+18,900.000 at any time since the armistice.
Other deposits
—3.000,000
There has been a reduction of money rates in New York and a hardening
of rates here (in London) which have brought about the transfer of money
to this side, the pound sterling now being within about 2% of gold parity.
The Week With the Member Banks of the Federal It was also to be expected that the acceptance of the Dawes report would
have a beneficial effect on the exchange. A close study of the relative value
Reserve System.
sterling to dollars calculated on the basis of existing price levels of exAggregate reductions of $45,000,000 in loans and invest- of
portable commodities of the two countries would suggest that the purchasing
in reserve balances, of $212,000,000 power of the pound sterling is a little below the existing quotation. It is
ments, of $118,000,000
real purchasing power of
in net demand deposits and of $58,000,000 in borrowings possible, however, that at the moment the appear from a comparison the
of
pound sterling may be higher than would
from the Federal Reserve banks are shown in the Federal index numbers which can only be approximate. The period of easy money
confidence through the general improvement
Reserve Board's weekly consolidated statement of condition in America and the renewal of
of many Governments to
on Jan. 21 of 736 member banks in leading cities. It should in European countries owing to the determination
balance their budgets and to stabilize their currencies on a basis of gold
be noted that the figures for these member banks are always have led to the investment in Europe of much American capital in addition
to the employment of American funds on the London money market. There
a week behind those for the Reserve banks themselves.
purchases of sterling.
has
Total loans and discounts show a decrease of $36,000,000— The also been a considerable amount of speculative
financial condition of this country has also improved owing to the conincreases of $16,000,000 in loans on U. S. Government tinued reduction in the national debt and the conversion of short-dated into
securities and of $1,000,0n in loans on corporate securities longer dated securities.
Gold Standard.
being more than offset by a decline of $53,000,000 in "all •
Owing to these various causes, it is certain that sterling will return to
other," largely commercial, loans and discounts. Holdings gold parity, the only matter of doubt being the precise date of such return.
of U. S. bonds were reduced by $3,000,000, Treasury notes It will be necessary to provide sufficient safeguards against the possibility
some
by $9,000,000 and corporate securities by $10,000,000, of having to revert to restrictions on gold and also that there should be The
means of avoiding unduly high rates for protection of our gold reserve.
while holdings of U. S. Treasury certificates were increased return to a free gold market, therefore, should not be unduly forced, since it
by $13,000,000. Further comment regarding the changes will certainly follow the economic factors now working in our favor. Many
people fail to understand why a return to a free gold market is so important
shown by these member banks is as follows:
and are inclined to think that it would suit our manufacturers better for this
Reporting member banks in New York City show an increase of $12,000. cour.try to maintain the internal purchasing power of the pound sterling at
000 in loans on U. S. Government obligations and decreases of $9,000,000 a higher level than its external value in order to encourage exports. Such,
and $23,000,000, respectively, in loans on corporate securities and In "all however, is not the case. We have to pay our debts abroad and purchase
other" loans and discounts. Their holdings of U. S. bonds were reduced raw materials from abroad, and if we are to provide markets for our manuby $9,000,000. Treasury notes by $10.000,000, and corporate securities by facturers nad promote the production of raw materials for them to deal in
$14,000,000, while their holdings of U. S. Treasury certificates were ire- we have also to invest capital abroad. The uncertainty involved in dealing
creased by $16,000.000.
with these matters will be less if our currency is at parity than if it is at
Of the aggregate decrease of $212,000,000 in net demand deposits, a fluctuating discount in foreign markets, and these conditions outweigh any
$135,000,000 was shown for the New York District. $25.000,000 for the temporary advantage which might accrue to us through a depreciated curSan Francisco District,$24,000,000 for the Chicago District and $16,000,000 rency. A free gold market for London is the surest guarantee for stability
for the Boston District. Time deposits show an increase of $16,000,000, in world prices and for confidence, both of which are essential to good trade.
the New York City banks reporting an increase of $5,000,000 in this item.
The arrangements for a return to a free gold market will open up the whole
Reserve balances of all reporting members were $118,000,000 less, and
the
question of currency and of the steps that may be necessary to protect
cash in vault $20,000,000 less, than a week earlier. The New York City gold held against the notes in circulation. This is a matter of very great
banks report reductions of $96,000,000 in reserve balances and of$5,000,000 importance and it would be a misfortune if it should become necessary to
in cash.
superimpose for a long period such a heavy weight of high rates for money
Borrowings of all reporting institutions from the Federal Reserve banks as would check the growing indications of improvement in trade.
were reduced by $58,000,000, the New York City members reporting a
reduction of $47,000,000 in their borrowings from the Reserve Bank.
V

British
On a subsequent page—that is, on page 557—we give the Time to Call World Conference on Gold, Says
Banker—Walter Leaf Believes Main Problem Will
figures in full contained in this latest weekly return of the
Be to Keep Sterling Up to Par Basis.
member banks of the Reserve System. In the following is
The following advices from London, Jan. 29, appeared in
furnished a summary of the changes in the principal items
the New York "Journal of Commerce" of yesterday (Jan.30):
as compared with a week ago and with last year:
Increase (±) or Decrease (—)
During
Week.
Year.
Loans and discounts, total
—$36,000,000 +$1,230,000,000
—31,000,000
Secured by U. S. Govt. obligations.--- +16,000,000
Secured by stocks and bonds
+1.000,000
+810,000,000
All other
—53,000.000
+451,000,000
Investments, total
—9,000,000
+1.050,000,000
U. S. bonds
+667.000.000
—3.000,000
U. S. Treasury notes
—9,000.000
—303,000,000
U. S. Treasury certificates
+43,000,000
+13.000.000
+643.000,000
Other bonds, stocks and securities- --- —10,000,000
+167,000,000
Reserve balances with F. R. banks
—118,000,000
+10,000,000
—20.000.000
Cash in vault
+1.933,000,000
—212,000,000
Net demand deposits
+731,000,000
+16,000,000
Time deposits
—3.000,000
Government deposits
R. banks _ _ —58,000.000
—229,000,000
Total accommodation at F.

F. C. Goodenough of Barclays Bank, Ltd., of London
on Importance of Early Restoration of Gold Market.
Frederick C. Goodenough, Chairman of the Board of Barclays Bank, Ltd., one of England's greatest banking institutions, addressing the stockholders of the bank in London
at the annual meeting last week, Stressed the importance of
an early restoration of a free gold market in London as the
surest guarantee for stability in world prices and for confidence. He declared that sterling exchange will return to a
date
gold parity—the only matter of doubt being the precise
at length
of such a return. Chairman Goodenough discussed
sterling-dollar exchange. The text
the present position of

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Belief that the time has come for a conference of the national banks of
issue of the world for the formulation of a plan of co-operation for the
Chairmanagement of gold reserves was expressed to-day by Walter Leaf,
man of the Westminster Bank, in an address at the annual meeting of the
the Genoa Conbank. Such a conference was called for in the report of
ference.
In the meantime, however, said Mr. Leaf, the re-establishment of exbe of
change parity between Great Britain and the United States should
should
great assistance in the promotion of international trade and also
reduce the costs of raw materials to the British purchaser.
Mr. Leaf indicated that he regarded the continued maintenance of exof the
change at parity as more of a problem than he did the restoration
pound sterling to a gold basis during the coming year. He regarded it as
yaer gold may be flowing
probable, he declared, that before the end of the
back to Europe, but, he added,"it will be necessary for unto assure ourselves
that we will have the power to keep the gold here when it comes."
Financial Great Britain. in Mr. Leaf's opinion, is "somewhat dangerously dependent on the current of public opinion in the United States."
and therefore he felt it was necessary for Great Britain to be assured of the
continuance of American good-will in maintainilig, as well as in establishing, the gold standard for the pound.

British Pound Sterling at Par in United States Postal
Money Orders for the First Time Since War.
The British pound sterling was put back at par in the
United States postal service, for the first time since the war,
on Jan. 22 when, in accordance with orders of PostmasterGeneral New., the rate of conversion for postal money orders
payable in Great Britain was fixed at one pound sterling
for $4 87. The order also applies to money orders payable
in northern Ireland, the Irish1Free State, the Commonwealth of Australia, New Zealand and the Union of South
Africa.

526

THE CHRONICLE

Comparative Figures of Condition of Canadian Banks.
In the following we compare the condition of the Canadian
banks as reported for Nov. 29 1924, in comparison with the
figures for Oct. 31 1924 and Nov. 30 1923:
ASSETS.

Nov. 29 1924. Oa. 31 1924. Nov. 30 1923.

Current gold and subsidiary coin—
In Canada
Elsewhere..

$
40.358,579
23,055,354

Total
Dominion notes—
In Canada
Elsewhere

$
46,176,246
19,265,524

69.413,937

59,428,754

65,441,774

161,930,669
14,248

Total
Notes of other banks
United States Az other foreign currencies..
Cheeks on other banks
Loans to other banks in Canada,secured,
including bills rediscounted
Deposits made with and balances due
from other banks In Canada
Due from banks and banking correspondents in the United Kingdom
Due from banks and banking correspondents elsewhere than in Canada and
the United Kingdom
Dominion Government and Provincial
Government securities
Canadian municipal securities, and British foreign and colonial public securities other than Canadian
Railway dr other bonds, debens. Az stocks
Call and short (not exceeding 30 days)
loans In Canada on stocks, debentures,
bonds and other securities of a sufficient marketable value to cover
Call and short (not exceeding 30 days)
loans elsewhere than in Canada on
stocks, debentures, bonds and other
securities of a sufficient marketable
value to cover
Other current loans and disc'ts in Canada
Other current loans and discounts elsewhere than in Canada after making full
provision for bad and doubtful debts_
Loans to the Government of Canada_
Loans to provincial governments
Loans to cities, towns, municipalities and
school districts
Overdue debts
Non-current loans est. loss provided for.
Real estate other than bank premises
Mortgages on real estate sold by the bank
Bank premises at not more than cost lass
amounts (if any) written off
Liabilities of customers under letters of
credit as per contra
Deposit with the Minister of Finance for
the security of note circulation
*Deposit in the central gold reserves_
Shares of and loans to controlled comp'les
Other assets not inel. under the foregoing
heads
Total assets

$
45,275,977
14.152,771

168,036,307
19,635

156,189,488
21,565

161,944,919
15,500,148
33,169,469
112,775,558

168,055,943
13,221,316
24,293.644
127,029.089

156,211,055
14,366,678
27,262,236
120,763,313

7,073,975

4,465,208

4,210,412

8,360,734

8,025,508

when that had been said, the case for managed
currency must be regarded as
closed. He emphasized the importance of the psychologi
cal grounds for
advocating a gold standard, which, he argued,
were not less powerful than
the economic arguments.
"As long as nine out of ten people in every
country think that the gold
standard Is best, it is best," said the former Chancellor
. "One of the greatest advantages of the gold standard is its
moral effect. A nation will think
better of itself, will regard itself as more
honest, if its currency is convertible
Into gold.
"On the basis of official index numbers, price
levels in England have been
more stable during the three years past
than in the United States. . •
Ultimately the rates of exchange must
approximate to a relation between the
price levels of the two countries, but
although this is a dominant fact, there
are other influences to which exchange is
sensitive.
"The recent rise in sterling, in relation to
the dollar, has gone considerably ahead of changes in price levels, but if
the rise is maintained we may be
sure that price levels will finally conform
to the new relation of values between the currencies."
In conclusion he said the restoration of
Europe could not bring prosperity
to England unless internal conditions were
sound.
"The pressure of taxes is too great for our
trade to bear the economy in
national expenditures which are essential,"
he declared.

9,021,094

80,510,106

107.270.745

50,380,861

300.058,853

361.106,050

248,669,201

143,856,707
52,776,972

137.340.990
55.890,765

117.753.732
43,310,866

122.537.415

113,185.752

110,928,603

186,614,354 155,468,182
961.349,103 981,111,418

214,278,010
988,221,179

177,966,320

188,473,939

202,086,046

16,903,252

13,626.556

22,162,470

59,915,820

63,775,211

75,723,973

11,052,299
8,234.366
3,865,553

11,433,919
8,109,105
3,664,387

13,978.631
6,606,770
3,852,445

71,993,950

72,523.723

69,273,699

66,091.694

61.243,530

51,717,264

6,223.581
60,602,533
6,538,896

6.253.581
53.202.533
8.749,618

6,130,425
63,902.533
9,739389

3.523,820

3,900,74/

4,095,595

2,748,854,403(2.808,850,356 2,702,108,217

LzAisairms.

Notes in circulation
176,561,298 172,860,810 181,266,326
Balance due to Dominion Government
after deducting advances for credits,
pay lists, Arc
25,401,242 116,100.909
38,049,542
Advances under the Finance Act
12,700.000
24,200,000
28,500,000
Balances due to provincial governments.
31,533,742
36.104,866
42,545,100
Deposits by the public, payable on demand In Canada
533,299.560 518.771,927 542,796,193
Deposits by the public, payable after notice or on a fixed day in Canada
1,231,861,390 1.189,086,750 1,179,914,963
Deposits elsewhere than in Canada
342,606,113 359,698,817 307,137,906
Loans from other banks in Canada, secured, incl. bills rediscounted
Deposits made by and balances due to
other banks in Canada
15,906,108
15.149,193
14.055,020
Due to banks and banking correspondents in the United Kingdom
8,068.657
8,725,234
8,196,807
Due to banks and banking correspondents elsewhere than in Canada and
the United Kingdom
33,742,852
30,155,982 37,637,263
Bills payable
10,557,867
8,687,309
7,202,912
Letters of credit outstanding
66,091,694
61.243,530
51,717,264
Acceptances under letters of credit.
Liabilities not incl. under foregoing heads
1,620,889
1,393.114
1,927,054
Dividends declared and unpaid
3,752,389
1,868,411
3,497,043
Beat or reserve fund
122,875,000 122,875,000 123,625,000
Capital paid UP
121,909,560 121.909,560 123,409,130
Total liabilities
2.738,488,420 2,788 831,472 2.688.477.593
Capital authorized
170,175,000 170,175,000 182,175,000
Capital subscribed
122,072,300 122,0/2,300 123,572,300
Aggregate amount of loans to directors,
and firms of which they are partners.
and loans for which they are guarantors
12,006,284
11,756.174 16,726,603
Average amount of current gold and subsidiary coin held during the month
61,645,357
59.406,184
62,748,858
Average amount of Dominion notes held
during the month
149,754,844 139.713.767 146,534,995
Oreatest amount of notes of the bank in
eireldminn At any time duel= month_ 184.683.905 177.617.342 203.246.28
3
• Of this deposit $9,502,533 is in gold coin, the balance Is In Dominion
notes.
Note.—Owing to the omission of the cents in the official reports, the footings
in
the above do not exactly agree with the total given.

Reginald McKenna of Midland Bank on Rise of Pound
Sterling to Gold Standard.
Speaking this week at the general meeting of the Midland
Bank, Ltd., of London, Reginald McKenna, Chairman of
the bank and formerly Chancellor of the Exchequer, discussed the decline of the dollar and the rise of the pound sterling. He predicted that sterling would probably soon stand
at its gold value, not because it will have clim bed uphill to
.
meet the dollar, but because the dollar, under pressure
of
the surplus gold supply, will have come down to the pound's
level. The Associated Press cablegrams on Jan. 27,in giving
an account of what he had to say,stated:
During the last three years the managed currency of Great
Britain had
been kept more stable than one based on gold, he added, but
declared that,

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[Vox,. 120.

President Coolidge in Receiving French
Ambassador
Agrees That Material Debts as Well as
Debts
of Gratitude, Should Be Paid.
The French debt issue was touched upon yesterda
y by
President Coolidge in receiving Emile Daeschn
er, the new
Ambassador from France, the President's
remarks having
been made in response to a statement by M. Daeschn
er to
the effect that the "material debts" of nations as well as
their
debts of gratitude must be paid. The President,
declaring
that the United States, through participation in
the World
War, had already discharged the "debt of gratitud
e" she
owed France as a result of French aid in the America
n Revolution, added "both Governments should experien
ce deep
satisfaction in their solicitude that material debts
shall also
be discharged." The new Ambassador, who succeeds
Jules
Jusserand, arrived in New York on the French Line
steamer
Paris on Jan. 24. The exchange between Mr. Daeschn
er
and President Coolidge occurred during the presentation
of
the former's credentials at the White House. Stating that
the direct references to debts was regarded as an unusual departure from precedent, the Associated Press dispatches from
Washington last night,in their account of their remarks,said:
Usually only generalities are exchanged on such occasions and
the outstanding questions pending between Governments are avoided.
M. Daeschner touched only lightly on the debt question, however,
confining his mention of it to an assurance of solicitude in the discharge
of material debts as well as debts of gratitude.
"It gives me pleasure to receive your Excellency as the representa
tive
of the French Republic near the Government of the United States
of
America," President Coolidge said.
"I appreciate your reference to the uninterrupted friendship
which has
existed between our countries since the birth of the American
nation. The
kindly support which was received in our struggle for
independence developed into a permanent firendship,and it was the privilege
of millions of
young Americans to fight side by side with the heroic soldiers
of France in
defense of liberty.

"Thus was paid the debt of gratitude, as you rightly
observe. Both
governments should experience deep satisfaction in
their
material debts shall also be discharged. Friendship based solicitude that
upon clear understanding must and will endure always.
"In the relations between nations problems inevitably
arise which require
for their solution a spirit of loyal and practical
collaboration. With the
historic friendship and traditional good will between our
two nations as an
enduring basis, we look to the future with that firm
assurance which the
past has so amply justified."
Franco-American co-operation, the French
Ambassador said in his
address, can be continued usefully in the study of
the problems on which,
together with the maintenance of peace, "the
restoration of the world's
financial balance depends."
"The auspicious beginning of financial reorganization
recently put into
operation," DI. Daeschner said, "shows how
valuable and effective is the
co-operation of America, which my Government
hopes to see continue,
whether in general matters or in the consideration
of questions in which
our two countries are exclusively interested."
The Ambassador's direct reference to the debts,
which embody the outstanding open question between Washington and
Paris, was regarded in
diplomatic circles as carrying with it a far-reachi
ng significance. It is
unusual on such occasions to go beyond the
generalities of diplomatic
courtesy.
After presenting his letters of credentials the
Ambassador told the President he would find in them, together with an expression
of personal greeting
from the President of France, "further evidence of
the earnest concern of
France and her Government in the maintenance
and development of the
relations of intimate and ancient friendship
between our countries that
have been cemented by the trials and sacrifices at
once painful and glorious
that they have been jointly undergone."
Making reference to the close companionships
created during the war.
the Ambassador said that the French people,
"who after six years of peace
must still labor in the reconstruction of their
homes," were deeply grateful
for the aid given in their hour of trial by the
United States.
"History, which often repeats itself in the
life of peoples," he said, "has
demonstrated that France and America
have in turn extended to each other
at critical moments in their existence,
mutual and efficacious assistance,
thus paying to each other their debt of
gratitude, just as they are firmly
solicitous, whenever the case arises, of
paying their material debts."
After an allusion to the growing interdepen
dence of nations, and to the
part taken by the United States in the financial
organization of Europe,
M. Daeschner concluded with these words:
"You may be assured that I shall spare
no effort carrying to a successful
Issue with the assistance you extend to me, the
high mission with which I
have been entrusted and the great importanc
e and honor of which I fully
realize."

JAN. 31 1925.]

THE CHRONICLE

Declares France Does Not Intend to
Repudiate Debts.
Premier Herriot of France in addressing the Chamber of
Deputies on Jan. 28 on the Government's foreign policy,
declared that "France does not intend to repudiate her
debts." According to the Associated Press version from
Paris the Premier's speech was preceded by an address
by Louis Dubois, former President of the Reparation Commission, who submitted a long list of figures relating to
German reparations, and, treating the debt of France to
the United States from what he termed "a business man's
viewpoint," declared that the United States must make a
considerable reduction in her claims against France. The
accounts continue:

Premier Herriot

While the remarks of M. Dubois did not bear the official seal of the
Government, the Chamber was practically unanimous, excepting for the
Communists, in adopting his views as to the manner in which the problem
of France's debt to the United States be approached. In brief, M. Dubois
said that France could not pay England and the United States twice as
much as France would receive from Germany, especially as the two great
Anglo-Saxon Powers were held jointly responsible for the reduction of
France's claims against Germany.
On the subject of inter-Allied debts Premier Herriot said:
"I solemnly repeat once more what M. Viviani has said, what M. Poincare has said—France does not intend to repudiate her debts.
"It is not the Government over which I preside, attached as it is to respect for treaties and conventions, that will disavow the principle of debts
which France has contracted.
"That being said, we have the right after the speech, filled with such
useful figures, by M.Dubois, after M.Main's, to appeal to the sentiments
of solidarity of our allies and friends. Conversations with them have
begun. It would be ungracious, ungrateful not to thank those who are
aiding us to these conversations.
"If it has been impossible to cite words of an American Senator which
were unfavorable to France, it must not be forgotten how many are those
In America who remember the common ordeal and intend to treat the
problem not as one of an exclusively commercial or financial order, but
almost as one of moral order. France can only say how deeply she feels
such words, coming from far away and how they touch her at the moment
she is searching her resources for her unfortunate devastated regions.
"It is only justice to state that M. Clementel and I have met with a
spirit of sincere cordiality beyond reproach in Winston Churchill, British
Chancellor of the Exchequer. His letter to M. Ciementel recalled what he
termed the terrible agony of the war, agony suffered in common, and he
declared that we ought to approach the solution of the problem now posed
also in common.
"Even from a commercial and practical viewpoint it is impossible that
the Allies cannot see the terrible difficulties there would be in asking France
to transfer to England and America sums corresponding to their credit.
These sums have not increased our means of action, while the loan of
800,000,000 gold marks provided by the Dawes plan—to which I continue
to think we have done well in subscribing—has given Germany fresh
economic force.
"The money lent us prevented us from perishing, but our substance is,
nevertheless, diminished. I hope as much good will will be brought to this
problem as we ourselves are putting into it. France has always been true
to her word. She will be again here, as everywhere."
,
The above quotations from M. Herriot's speech on the subject of interAllied debts were as set forth in the official stenographic report, as revised
by the speaker for publication. Before the Deputies, he said, among other
things:
"We are still in the midst of discussions on this affair of debts, and everything I might say from the height of this tribune might open up a press
polemic to the varied interpretations which might be given my words, and
that is the thing I wish at all costs to avoid."

The Chamber on July 29, after a threat of revolt by the
Socialists and a counter-threat by Premier Herriot that he
would resign if the Chamber failed to vote the printing and
printing of his speech of the previous day on security against
Germany, passed the vote demanded, 541 to 32, implying
confidence in the Government's policy on all questions treated
in the speech. The Associated Press said:
The sitting of the Chamber was suspended at one time because of disorders
after Premier Herriot had made a statement satisfying his Socialist supporters, who had considered his utterances of yesterday reactionary and
had decided to abstain from voting on a motion to post the speech.
During the intermission, Premier Herriot, surrounded by a group of his
followers, announced:
"If the affichage (posting) is not voted, I will resign•"

527

marks; Belgium, 29,558,771 gold marks. Mr. Gilbert declared himself
thoroughly satisfied with these results.
In conclusion he expressed the opinion that it would be better not to proceed with the appointment of the five sub-commissions for the collection of
revenues attachable under the Dawes plan on customs, tobacco, alcohol, beer
and sugar until after Mr. Macfeydean, who is in charge of these sources of
revenue, had put into working order a surveillance of these monopolies.

Net Proceeds to German Government of Recent
International Loan.
•
Figures which have just been received relative to the proceeds of the recent $200,000,000 international loan to Germany, arranged under the Dawes plan, show that of a total
face value of 959,977,000 gold marks, net proceeds to the German Government were 805,418,950 gold marks. These figures are given in the "Index," just issued by the New York
Trust Co. Proceeds at the subscription price totaled 849,269,296 gold marks. Only 5.16% of the proceeds from subscriptions was devoted to paying for the expenses of issue.
Of the portion of the loan offered in New York, the net proceeds were $95,700,000 out of a total subscription value of
$101,200,000.
-General for Reparation
November Receipts by Agent
Payments.
The receipts by the Agent-General for Reparation Payments, in the month of November, amounted to 66,200,000
gold marks, or total receipts from September to November,
inclusive, of 235,900,000 gold marks, as reported to the Bankers Trust Co. of New York by its British Information Service. The advices made public by the latter on Jan. 20 state:
Expenditures in November amounted to 81,900,000 gold marks, and for
the three months to 225,000,000 gold marks. The Agent's credit balance on
Nov. 30 at the Reichsbank and with Rhenish banks, amounted to 11,000,000
marks.
Revenue in November was derived chiefly from the following items (in
millions of marks) Yield of the German foreign loan, 14.9; received on
:
account of reparations recovery acts (a) Great Britain, 17.5; (b) France,
1.2; amounts in paper marks for army of occupation 5.6; requisitions, damages and imposts, 13.0; revenue derived from imports of French and Belgian
'
Governments in occupied territory, 6.6; imposts in the Ruhr, 4.5.
Expenditures in November consisted of deliveries of dye stuffs, coal, etc.,
and of money disbursed on reparations account and for the army of occupation. The payments and deliveries were distributed as follows (in millions
of marks) Great Britain, 21.3; France, 30.9; Italy, 5.5; Belgium, 7.2;
:
Japan, 0,7; Jugoslavia, 2.7; Portugal, 0.01; Rumania, 0.6.
The yield of the international loan is to be paid over to the Reichsbanlc
and debited to a special account for the benefit of the Reich, an account on
which only the Agent-General may draw. He has to refund to the Reich
from this account the payments of the girst months, or some 214,835,000
gold marks up to the present. The German expenditure in recoupment of the
reparations duties is also being refunded in this manner at present; the sum
refunded is based on the estimates of the British and French Governments.

Eight
-Hour Day Ordered by German Cabinet—New
Rule for Coke and Blast Furnaces Issued to Meet
Threats of General Strike.
A cablegram (copyright) from Berlin Jan. 18 to the New
York "Times" says:
Return to the three-shift system in the German coke and blast furnaces,
thus reducing the working day from twelve to eight hours, was decided on at
a Cabinet meeting yesterday. This first official act of the Luther Cabinet is
a sop to the Socialists who have been threatening a general strike as an expression of their disapproval of what they consider reactionary "monarchistic" leanings of the Luther Government.
The new working hours will be introduced on April 1. It was originally
intended to introduce them on March 1, but the Cabinet thought best to
allow the coke and blast furnaces more time for conforming to the new
regulations.
The Cabinet resolution announcing the change states that its grave economic difficulties are not minimized, but these are outweighed by "the, social
-and political significance" implied in re-introduction of the eight-hour day
for coke and blast furnaces.
The Socialist organ, "Vorwaerts," hails the new ruling with satisfaction,
but adds it is merely a step toward introduction of the eight-hour day in all
branches of German industry. It also grumbles because the new system is
not effective until April instead of immediately. It says that on the whole,
the decision means a victory for labor unions.

Agent-General Seymour Parker Gilbert's Report to
Allied Reparations Commission.
According to Paris press accounts Jan. 20, the first ex- Paris Quotes Reichsmarks—Bourse Begins Trading in
haustive report on the successful work of the organizations
the New German Coin.
entrusted with the execution of the Dawes plan was preThe New York "Times" reports the following copyright
sented to the Allied Reparations Commission in Paris that cablegram from Paris Jan. 10:
For the first time the new German mark was quoted officially to-day on
day by Agent-General Seymour Parker Gilbert. The New
the Paris Bourse, following the decision of the Brokers' Syndicate. QuotaYork "Times" in its advices said:
tions were
reichsmarks instead of 1,000,000,000.

made for 100
Complete satisfaction as expressed by the members of the Commission
The market opened at 444.50 and closed at 444.75, which was slightly
over the working of the plan this far. Mr. Gilbert in the course of his rebelow the gold parity of the new coin.
port assured the Commission that practically no obstacles had been en------ countered. The Germans to date have shown every disposition to co-operate,
and, according to Mr. Gilbert, will in all likelihood continue to do so in
Direct Cable Links Spain and America.
realize the benefits of the first external loan which will be available
order to
Beginning Jan. 20 Spain has been connected by direct cable
under unimpeded operation of the plan.
Mr. Gilbert showed that the expenses of the various international com- with the United States for the first time in history, says
missions for the first four months, beginning Sept. 1 last and ending Jan. 1, Associated
Press advices from Madrid, which also has the
had not exceeded the original provisions.
During the same period the receipts from the Dawes plan amounted to following to say:
The cable runs from Malaga to the Azores and thence to the United States.
286,263,477 gold marks, while payments totaled 280,291,415 gold marks,
leaving a total to Mr. Gilbert's credit of 5,972,032 gold marks. Payments Eventually it will be extended to Anzio, 30 miles southeast of Rome, thus
made to Allied accounts were distributed as follows: France, 113,657,668 inaugurating direct cable connection between Italy and the United States.
South America.
gold marks; Italy, 23,523,094 gold marks; Great Britain, 65,863,535 gold Later the line will be continued to

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[VoL. 120.

ing up the situation and to protect the interests of bondKrupps Put Capital on Gold Mark Basis.
Special radio advices Jan. 13 from Frankfort-on-Main to holders."
the, New York "Journal of Commerce" stated:
Vlie Friedrich Krupp steel works at Essen announces the reduction of its Conditions in Austria—Financial Improvement, but
Industrial Depression Continues—Trade Balcapital from 400,000,000 paper marks to 160,000,000 gold marks. A capital reserve is to be provided of 40,000,000 gold marks.
ance Deficit Being Effectively Attacked.
The trend of conditions in Austria has not altered since the
Private Offering by Guaranty Co. of Bremen
election of the Ramek Government on Nov. 22, when
(Germany) Discount Notes.
financial reform was being effected at the cost of business
It was announced on Jan. 17 that the Guaranty Co. of depression and rising unemployment, according to a cableNew York offered privately $5,000,000 Bremen, Germany, gram to the Department of Commerce by Commercial
discount notes, due Dec. 1 1925, on a 6.10% basis.
Attache Upson, Vienna. As in other Central European
countries during the transition period, the readjustment of
German Gold Discount Bank Ceases Issuance of currency and public finance upon a stable basis has made
evident the lack of liquid capital and business disorganizaWeekly Statement.
The following was contained in a special cablegram (copy- tion.
Reserves of the Austrian National Bank have risen to 54%
right)from Berlin Jan.25 to the New York "Times":
The Gold Discount Bank has so far completed its functions that it has of its circulation and immediate liabilities,
as compared with
ceased to issue weekly statements. The return for the end of December
50% on Dec. 4. The 1925 budget provides 10,017,000,000,shows discounts aggregating £6,677.353. against £6.731.502 at the end of
November, while discount liabilities were only £1.406.407, against £3,- 000 crowns for revenues, or 95% of expenditures including
632.004.
those for productive purposes. On the other hand, employment has mounted sharply to 173,000, approximately double
Chilean Government Loan Arranged by Chilean that of November
and exceeding that of the previous year
Branch of National City Bank.
in all categories.
Press advices from Santiago, Chile, Jan. 24, announced
Money rates have shown a decrease during the past two
that the local branch of the National City Bank had closed months, falling from as high as 40%
to the present average
sw$4,500,000 loan with the Chilean Government in connection figure of 20%. Such rates are still
too high for long term
with the State Railways requirements.
loans and may be used only for short term commercial and
speculative purposes. Price indexes fail to follow the decline
J. P. Morgan & Co. Announces Receipt of Funds for in interest rates as a result of the new tariff,
effective Jan. 2,
Payment of Coupons of Imperial Chinese Governwhich imposed higher rates on a number of imports.
ment 5% Hukuang Railways Sinking Fund
The problem of the Austrian $200,000,000 trade balance
Gold Loan Bonds of 1911.
deficit is being effectively attacked through the development
The following announcement was made on Jan. 24 by of water power resources, agriculture, and the restoration of
J. P. Morgan & Co., regarding the above loan:
Vienna's pre-war status as a central financial traffic and
J. P. Morgan & Co., being now in receipt of funds from the Chinese market centre
of Central Europe and the Baltic Sttaes.
Government, announce that on Monday. Jan. 26 1925. they will be
prepared to pay the coupons which matured Dec. 15 1924 on the British. Other measures designed to him) a favorable effect upon
French and American issues of this loan. No funds have been received Austrian trade and to lower Austrian price levels to
Contifrom China to provide for payment of the German coupons.
nental parity are the customs tariff agreements with CzechoReferring to the announcement the New York "Times" of
slovakia, Germany and France, the international railway
Jan. 25 said:
Opt,The Chinese Government was able yesterday to deposit enough money agreement for the facilitation of international traffic, and the
to meet the semi-annual dividend payments on its Rukuang Railroad bonds. establishment of a committee composed of representatives
The deposit, though about three weeks overdue, gratified bankers, who of all central industrial organizations for
the purpose of
have appreciated the Eastern republic's efforts to meet its external obligareducing the cost of living. A 5% reduction in the price of
tions. although it has been pinched financially because of a civil war.
Failure to deposit enough money to cover the German bonds was ex- milk and a 14% reduction in the price of bread have already
plained thus in one quarter: The Chinese Government,finding that it would been attained as a result of the latter measures.
be unable to deposit the amount needed to cover all of the national distriThe Gold Balance Law designed to deflate business and
butions of Its bonds, chose to let the German investors suffer before the
American. English or French creditors. It had consented only recently establish it upon a normal basis has encountered considerable
ta make payments to German nationals at all. Suspension had been opposition among business houses
whose credit is thought
ordered during the war because Germany was an enemy of China, which
to be endangered at a time of loan negotiations. The
aligned itself on the side of the Allies.
Schilling Law was finally passed in a modified form estabJames Brown, of Brown Brothers & Co., Again Heads lishing public finances upon a schilling basis within a period
of six months and leaving its use optional in business acBritish Chamber of Commerce.
counting.
At the adjourned annual meeting of the Council of the
British Empire Chamber of Commerce, the following officers
Austrian Situation Shows Some Improvement,
were elected:
Adcording to Advices to C. B. Richard & Co.
Brown, of Brown Brothers & Co., President.
James
C. S. LePoer Trench, of Charles S. Trench & Co., Vice-President,
According to cable advices received by C. B. Richard
&
Robert R. Appleby, of Kemsley, Millbourn & Co., Ltd., Vice-President.
Co., bankers, from their correspondents in Vienna, the
Norman C. Stenning, of the Angio-South American Bank, Treasurer,
economic outlook in Austria has improved materially during
R. F. Munro, Secretary.
Robert R. Appleby was re-elected Chairman of the the past few weeks. Bills discounted with the Austrian
National Bank have, it is stated, diminished considerably
EXecutive Board.
and now amount only to about 60% of the highest figure
Brazilian Revolution May Delay Semi-Annual Payment reached after the war. On the other hand, the foreign exchange holdings of the National Bank have increased subon Bonds of State of Santa Catherina.
stantially. Savings deposits increased more
than 100
Due to abnormal conditions arising out of the recent
million kronen. The firm also says.:
revolution in southern Brazil, the semi-annual service
realized that the after effects of the war cannot
It is
be remedied over
-year 8% bonds of the State of night and that the progress in economic
charges due Feb. 1 on the 25
conditions as it makes itself felt
Santa Catherina, Brazil, may not be met promptly on that in its slow but steady form is a most promising factor in the present situatdate, according to advices received in New York this week tion. The growing confidence is reflected by the advancing quotations at
the Vienna Stock Exchange and by the increased activity
in all lines of
from the Governor of Santa Catherina by the American Industrial life.
fiscal agents of the Government. The Governor advises,
Denmark Adopts Exchange Stabilization Measure—
however, that his State Government is endeavoring to make
arrangements which, if successful, will enable the GovernLaw Effective Immediately.
ment to forward the necessary funds due on the bond issue
The predominant event during the past month was the
some time after the due date. American investors pur- enactment of the much debated
exchange stabilization plan,
chased all of the $5,000,000 issue of 25
-year 8% external according to cable to the Department of
Commerce by Acting
sinking fund gold bonds of the State of Santa Catherina Commercial Attache Sorensen,
Copenhagen. This law,
which were offered in June 1922. "We are hopeful that effective immediately,
exempts the Bank of Issue from specie
the new Governor will be able to complete his present fiscal payments until Dec. 31
1926, on the following conditions:
plans so as to enable payment within a short time, but it is (1) The one-year revolving
credit of $40,000,000 obtained
impossible to say now when the money may be forthcoming," is placed at the disposal
of the Bank of Issue for currency
an official of one of the original underwriting houses said. stabilization operations,
any losses incurred on this credit or
'We, however, are doing everything possible to aid in clear- on the Currency
Equalization Credit of 5,000,000 pounds

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_
sterling expiring on Dec. 31 1925 to be covered by the
Bank of Issue. These obligations must, however, not
exceed the net profits of the Bank of Issue during the fiscalbe
years 1924-25 and 1925-26; (2) the rate of the dollar is to
"pegged" at 5.74 crowns (17.42 cents to the crown)
until July 1 1925, 5.60 (17.86 cents) until Jan. 1 1925, 5.46
(18.30 cents) until July 1 1926; and 5.32 (18.80 cents)
until Jan. 1 1927. In other words during the next two years
the rate is to be successively enhanced from 65% to 70%
of par;(3) in each ordinary session of parliament an advisory
board of 15 members shall be chosen among the legislators
to study the currency situation and make such recommendations as will be conducive to the success of the stabilization
plan; (4) to provide means for the reduction of the note
circulation, an "exchange donation" will be collected from
the taxpayers partly by means of an increase of 123i%
in the income tax over a period of two years, and partly
by means of higher import duties on luxuries and a prolongation of the automobile sales tax for two years; (5) in order
to preclude the necessity for further loans to the State by
the Bank of Issue, the Exchequer is authorized to issue three
and six months' treasury notes up to 50,000,000 crowns.

529

effect to our economic field. The Government, however, is of the opinion
that the fundamental remedy lies in an improvement of our foreign t ads
and expects the whole nation's co-operation towards this direction.

Progress Toward Economic Reconstruction of Italy.
Further progress toward the complete economic reconstruction of Italy is shown in a recent statement issued by
Prof. De Stefani, the Minister of Finance, in explaining the
budgetary results of the first semester of the current fiscal
year 1924-1925. Advices to this effect have come to us
under date of Jan. 26 from R. Angelone, Commercial Attache of the Italian Government, who says:

The Treasury statement dated Dec. 31 1924. shows a reduction of 1.175
million lire in the internal public debt which now stands at 91,968 million
lire, against 93,163 million lire in July 1 1924. During the same semester
the liquid funds at the disposal of the Treasury have increased by
million lire.
The budget for the current fiscal year, as originally presented, showed a
deficit of 1,355 million lire. Great and careful conservatism had been
used in estimating receipts which were placed at a figure considerably loWer
than the receipts for the previous year. As a matter of fact, during the
first semester of the current fiscal year actual receipts have been in excess
of estimates by 679 million lire and as the result the financial deficit of tbe
semester has been reduced to 183 million lire, in comparison with 700 million lire for the same period of 1923.
The budget for the new fiscal year 1925-1926, which has just been completed, shows a surplus of 198 million lire, very likely that surplus will tre
actually increased, for as in the past, the same conservatism has been
Japan's Budget Indicates Retrenchment Policy.
adopted in estimating receipts.
Paper circulation, which on July 1st stood at 19,953 million lire and
An outline of Finance Minister Hamaguchi's recent speech which was
slightly increased during the month of October to 20.471 millkTh
delivered at the opening of the present session of the Japanese lire, has been gradually reduced since amd at the end of December lass
Acting stood at 20,021 million lire
Imperial Diet has come to us from Tadao Wikawa,
the healthy growth
Japanese Financial Commissioner to the United States. ofAnother very important improvement is shown in 1924, postal savings
the people's savings. During the calendar year of
Hamaguchi indicated that the deposits increased by 567 million lire, while deposits with private savings
Among other things Minister
amount of loans to be issued in the coming fiscal year will banks recorded an increase of 1,431 million lire, during the first 11 months
1924.
be 150,000,000 yen, of which 100,000,000 will be for earth- ofThe merchandise balance of trade has further Improved during the first
construction and 11 months of 1924. The unfavorable trade balance has been reduced by
quake restoration purposes, 40,000,000 for
period of 1923. On
improvement of railroads and 10,000,000 for public works in 1,570 million lire, as compared with the corresponding balance, have shown
the other hand, the credit items of Italy's international
(Korea). Their flotation in the open market will satisfactory increases.
Chosen
be avoided. He also made known that the general account
Minister De Stefan' reconfirms the statement made by Ambassador
the dollar
November, that during next
will be curtailed by about 152,000,000 yen, and the special Caetani last by Italy in the United States,month of February 51,694,0130
which amounts to
floated
herewith the outline loan lire, will be paid off with funds already on hand.
account by 104,000,000 yen. We give
gold
The above said financial and economic developments offer the best prod
of the speech:
finance on a of Italy's economic improvement and give also a clear picture of the Italian
(1) Realizing an urgent necessity of placing our public
practical policies
stabler basis, eradicating roots of its future evils, releasing, at the same people's strong determination to carry on the sound and
time, its pressure upon our economic world and thus contributing to our of the Fascists Government.
coming
economic rehabilitation, the Government adopted in drawing up the
fiscal year's (year 1925. that is, April 1 1925—March 31 1926) budget a
strict retrenchment policy.
Finland Offers to Repurchase Her Bonds Held in
In the general account, a saving of about 68,000.000 yen and postponeFrance.
ment of enterprises which would have required about 84,000,000 yen
The following information received by the Foreign Demakes it possible a curtailment to the total amount of about 152,000,060
yen. In the special account also there is a curtailment of about 104,000.000 partment of Moody's Investors Service from its foreign
yen, consisting of 62.000,000 yen by economy, and 42,000,000 by postponecorrespondents, was made public under date of Jan. 23:
ment.
year
M. Ch. Enckell, Finnish Minister in Paris, has been authorized b
.
(2) The revenue and expenditure in the budget for the coming fiscal
of 1925 is about 1.524,000,000 yen each. The ordinary revenue is esti- his Government to purchase from the French holders of the Finnish Cover ,
the extraordinary about 261.- ment 3s of 1898, the 3;is of 1901 and the 3s of 1903, which have 1)3.
mated to be about 1.300,000,000 yen, while
000,000 yen: showing, in comparison with the present fiscal year's "working placed largely in tho Paris market, their holdings at the rate of $30 p
budget," and increase of about 35.000,000 yen in the former, a decrease of Fcs. 500 bond of the 33.% loans and at the rate of $26 per Fcs. 500 bon I
about 126,000,000 yen,in the latter, and a net decrease of about 91,000,000 of the 3% loan, provided French holders of bonds of at least Fcs. 30.000,00
par value express willingness to accept this plan prior to March 15 1925.
yen in their total.
(3) The amount of loans to be issued in the coming fiscal year will be The Government has also agreed to exchange, if holders so desire, their
150,000,000 yen, of which 100,000,000 yen being for earthquake restora- bonds aggregating at least Fcs. 20,000 or multiples, into Finnish Governtion purpose.40,000,000 yen for construction and improvement ofrailroads, ment 6% Dollar bonds at the rate of $1,000 par value of the latter for
and the rest 10,000.000 for public works in Chosen (Korea). Their Rota- Fes. 20,000 par value of their holdings plus a cash adjustment of $360 for
atestal
the 3% issues and of $200 for the 3% loan.
tattoo in the open market will be avoided.
(The above Finnish loans are outstanding to the amount of Fes. 61,948.(4) Important financial measures in the coming fiscal years are as
follows:
000. of which the 3% loan represents Fcs. 37,546.000 of an original issue
(a) The special accounts for the extraordinary treasury note proceeds of Fes. 55,000,000: the 3Si% loan of 1901, Fcs. 17.839.000 of an original
will be discontinued with the termination of the present fiscal year, carrying amount of Fes. 25,000,000: and the 3A % loan of 1903. Fes. 6,563,000 of
over the principal and interest payment in the said account (from the bepayment on these loans
ginning of the coming fiscal year) to the general account. All the said an original amount of Fes. 10.000,000. Although
extra-ordinary treasury notes at their maturity will be converted to the is scheduled to be made in Finnish marks, or at the option of the holder in
ordinary ones.
Swedish kronor or French francs, the service Is being met in French francs
(b) Special account for extraordinary military expenditures will be
holders regard as a violation of the original loan contract.
closed on April 1 1925. The balance from the same Bourse of revenue which French
amounting to 104,000,000 yen will be loaned to a newly created special If French bondholders accept the Finnish Government proposal, they:will
account for educational and agrarian improvement fund to be used for receive either $30 for a Fcs. 500 bond of the 3;5% loan ($26 for the 3i),
investment in the latter account.
worth $96 50 at par of exchange or $27 at prevailing rates, or $25 par value
(c) Out of the mint fund 130,000,000 yen will be used for the creation
quotations about $22 plus an
of the special account for education and agrarian improvement fund. Of of the Finnish Dollar 6s. worth at present
6,500,000 yen profit from investments in the said account, 4,000,000 yen adjustment of $9 per bond of the 3). % loans, a total of $31. while the
is to be used for the improvement of normal school education and the rest holders of a Fcs. 500 bond of the 3% issue would receive $25 par value of
for the prosperity of agricultural district.
Dollar 65, worth $22 plus an adjustment of $4, a total of $26. In
(d) In order to improve the operation and administration of the deposit the
for bonds worth
section fund,a board of advisory committee composed of the best knowledge other words, Finland is willing to pay a total of $3,521,664
at present rates of exchange some $3,345,192 and $11,955,964 at par of
in governmental and business circles will be created.
both
(0) The expenditures for the above-mentioned now financial measures, exchange.)
together with physical training of young men, and for the improvement of
aeronautic, etc., amounts to approximately 12.000,000 yen. An additional
expenditure for expansion of telephone system is about 22,000,000 yen. Decline in Italian Lire Charged by Deputyito "InternaOther new items are expenditures for seismological research works: division
tional Offensive."
of the present department of agriculture and commerce into two new departments (agriculture and forestry and commerce and industry),and encourageDeputy Manaresi protested in the Chamber of Deputies
ment of foreign trade.
(5) During the year 1924, a total reduction of about 490 million yen on Jan. 16 against the "new international offensive unin capitals of joint stock companies and dissolution of joint stock companies chained against the lira," says Associated Press cablegrams
representing capitals in the aggregate of about 1,000 million yen took place,
showing an increase of 360% and 280% respectively compared with those from Rome that day, which added:
He called this "phenomenon" to the attention of the Government as he
in the home
of previous years. The total amount of debentures issued
it waslogical to suppose that the offensive was due to the work of
market during the same year was 850 million yen, an increase of 340% said
Italian
previous year. Most of them were issued for the purpose emissaries, "animated only by their personal rancor, even if by so dotpg
from that of the
old loans. All these phenomena indicates the steady progress they worked against the interests of the mother country."
of refunding
Deputy Manaresi's remarks were greeted with loud applause.
And the government is quite confident
of our economic readjustment.
The entire Italian press istoommenting on the rapid decline of
finance and no public loan flotation
the lira
that its policy of economy in public
compared with the dollar and the pound sterling. This decline is
such tendency.
contributed a great deal to
attribute*
has decided to resort to every expedient measure for by some of the newspapers to international stock exchange maneuvres armThe Government
the external value of yen, utilizing for this ing to strike at the financial credit of Italy. It is even declared that
the recovery and stabilization of
false
specie held both abroad and at home, with due reports of the assassination of Premier Mussolini were recently
purpose, if necessir, the
and cabled from Berlin to all the stock exchanges publishedIn
consideration a,s to its time andlmethod in order to cause least undesirable Berlin
or the world,

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It is said that other attempts to manufacture false
reports have been in
course of preparation.
Financial quarters in Rome, however, think that what they allege
to be
the present international financial hostility to Italy Is due to
recent Governmental measures, such as the anti-secret society bill, which has
caused
resentment among special classes throughout the world, and has inspired
efforts to influence the Fascist Government by financial pressure.
The "Messaggero" states that the present artificial depreciation
of the
lira is not Justified by Italy's present political, economic and financial
condition. Nevertheless, the newspaper adds, the depreciation will lead
to a further increase in the cost of living. It states that the price of bread
will be increased soon to 20 centimes per kilo, thus rendering
more difficult
the already arduous condition of the working classes.
It The "Sereno" points out that the Fascist Press is constantly denouncing
what they term the "international financial band" controlling
the stock
exchanges of the world,and asks why these newspapers do not give the names
of the financiers alleged to be involved.
It is reported that the bakers' association of Milan has decided to increase the price of bread, while similar increases are already effective
in
Naples.

• Later advices from Rome (Jan. 18) said:
All the Italian newspapers. Including those of the Opposition, continue
• to protest against what they consider an international campaign to depredate the lire. The Italian currency, however, went up in value following
-the vote of confidence for Premier Mussolini in tht Chamber of Deputies.
.
The "Messaggero" to show that the depreciation of the lire has no foundsdon in the economic and financial situation of Italy points out that on
.
Wednesday the pound sterling was worth 115 lire, while on Thursday the
rate was 120 and Friday the exchange went back to 115. These sudden
...changes, the newspaper says, are incomprehensible unless there is in existence an international band of financing plotters in league with the present
Opposition in attacking the solidity of Italian finance.

' Senate Ratifies Agreement for Repayment of Dominican
Republic's $25,000,000 'Debt. •
The United States Senate has ratified treaties with the
Dominican Republic, in which are laid out plans for the
funding of the Dominican debt amounting to $25,000,000.
Explaining these methods, a Washington report, dated Jan.
22, said:
•
Under the terms of the refunding treaty, the President of the United
States will appoint a general receiver of Dominican customs to collect all
customs duties in the republic until the payment or retirement of all bonds
issued for the refunding of its present obligations.
The general receiver will apply the sum so collected first to the payment
of expenses of the receivership; second, to payment of interest on all bonds
outstanding; third, to payment of the annual funds provided for amortization of these bonds, including interest upon all bonds held in the sinking
fund; and fourth, to purchase and cancellaton or retirement and cancellation of any of the new issue of bonds as may be directed by the Dominican
Government. The remainder would be paid to the Dominican Government,
Pr Under an additional article of the pact, the public debt of the Dominican
Republic could not be increased without consent of the United States until
a llbonds of the present debt have been paid.

The treaties also confirm the evacuation of Dominican territory by American troops.
Brown, Boveri & Co., Swiss Electrical Concern, to
Enter United States.
Laurence Wilder, American representative of Brown, Boyer! & Co., of Switzerland, makers of electrical locomotives
and of every variety of equipment for power houses and
electrical systems, announced on Monday, according to the
New York "Times," that this company, which has plants on
all continents and in 27 countries, had decided to invade the
American field. The "Times" says:

[VOL. 120.

Electric Company in this country. It employs many thousands
of operators, it has subsidiary plants in France, Germany and Italy, and
it is not
so many years ago that it took over and absorbed the European
plants of
the Westinghouse Electric Company of Pittsburgh. It has had for the
last
twO years an agency in this country whose chief purpose has been
to test
out the American market for Brown-Boveri products.
They are in many
fields of electrical operation quite unique, and
have no substitute or counterpart.
"The significance of this move is not alone in
the opportunity it gives to
American consumers to obtain readily Brown-Bover
i products, but in the
fact that they can be supplied at lower prices than
now prevailing for similar
products. In the relation of this fact to the
various public services, such as
light, power, and transportation, is seen at
once a method to curb mounting costs of these services, and no more effective
way may be found than
in keen competitive development.

Guy Huston Elected President New York Joint Stock
Land Bank.
Guy Huston, President of the Chicago Joint Stock Land
Bank, has been elected President of the New York Joint
Stock Land Bank. The following, together with Mr.
Huston, have been elected directors:
Ledyard Cogswell Jr., President New
York State National Bank.
Albany, N. Y.; Stewart F. Hancock, Chairman
Executive Committee City
Bank Trust Co., Syracuse, N.Y.;Wm.K.
Payne,President Cayuga County
National Bank, Auburn, N. Y.: Delmer
Runkle, President The Peoples
National Bank, Hoosick Falls, N. Y.; A. F.
Wardwell, Vice-President
Watertown National Bank, Watertown, N.
Y.: Clark Williams, of Clark
Williams & Co., New York, N. Y.; A. M.
Chambers, New York, N. Y.;
Wm. P. Beeber, President First National Bank,
Williamsport, Pa.

It is announced that the New York Joint Stock
Land
Bank has made arrangements with the Guy ,Huston company whereby it will receive the facilities of its organizati
on
and the benefits from its wide experience in the farm loan
business. A similar arrangement exists between
the Guy
Huston company and the Chicago Joint Stock Land
Bank,
Kansas City Joint Stock Land Bank and others, with total
gross assets of over $160,000,000 and representing approximately one-third of the total assets of all the Joint Stock
Land banks in the United States.
Offering of Bonds of New York Joint Stock Land
Bank.
On Jan. 26 Clark Williams & Co. offered at 104 and
interest, to yield about 4.50% to the optional date and 5%
thereafter, $1,000,000 5% farm loan bonds of the New York
Joint Stock Land Bank of New York City. The bonds will
bear date Jan. 11925, will run until Jan. 1 1955 and will be
redeemable at par and interest on Jan. 1 1935 or any interest
date thereafter. They will be in coupon form in $1,000
denomination and will be fully registerable and interchangeable. Principal and semi-annual interest (Jan. 1 and July 1)
will be payable at the Chase National Bank of the City
of
New York. The New York Joint Stock Land Bank of
New York City was organized May 2 1922, receiving
its
charter from the Federal Farm Loan Board to operate
in
the States of New York and Pennsylvania. The loan
statistics of the New York Joint Stock Land Bank
as of
Dec. 31 1924 are announced as follows:

Number of loans in force
694
Number of acres
An initial investment of between $35,000.000 and $40,000,000 will be Total amount
95,940
of loans in force
made in the purchase of six or eight major manufacturing plants which are Appraisal for
$4,536,300
loaning purposes
now in successful operation, according to Mr. Wilder. Negotiations are Average appraised
$12,476,963
value per farm_
now is prograss for a number of plants, and the American Brown-Boveri Average loan per farm
$17,978
Company will be actively engaged in the electrical manufacturing business Average appraised
86,636
value per acre
in this country within ninety days, he said. Former Secretary of State Average amount loaned
$130
per acre
legal representative of Brown, Boveri & Co.
Bainbridge Colby is the
$47.28
Percentage of loans to appraised value
The decision to enter the American field was due, according to Mr. Average number of
36%
acres per farm
Wilder, to concerted demands from the heads of American railroads and
138
The following is from the offering circular:
utility companies that this international corporation should start actual
America.
manufacturing operations in
There were, according to the 1920 Census, 193,195
farms in the State of
New York, with a total of 20,632.803 acres and valued
Urged to Compete Here.
at 31,425,061,740
-an increase in value of 20% between the years
1910 and 1920. Of these
"The demand was made so insistently by American public utility comfarms 151,717 were operated by owners,
approximately half of which
panies because they are eager for competitive development in a field where were
mortgaged. The land and buildings on these
no real competition at present exists," said Mr. Wilder. "For the last two
mortgaged farms were
valued at approximately $425,000,000, and the
outstanding mortgage inYears we have been making a careful survey of conditions in this country debtedness against
same approximated $165,000,000
Brown-Boveri Company should enter it.
to decide whether the
nized as a very sound and conservative condition. . This will be recog"Plants will be acquired by the company on the Eastern seaboard from
This bank is closely associated in managerial
and financial policy with
Boston to Chesapeake Bay, in the mid-West and on the Pacific Coast,
the Chicago, the Kansas City and other joint
Mr. Wilder said that the Brown-Boveri Company expected to play an
stock land banks, with
assets in excess of $160,000,000, or more than
electrification of American railroads
Important part in connection with the
one-third of the total assets
of the Joint Stock Land Bank System.
and the development of super-power. He said that the company would
bring with it a vast command over patents for advanced types of electrical
The board of directors consists of Guy
Huston of the
apparatus in use in Europe, but not yet in the American market. As New York Joint Stock
Land Bank, President; A. M. Chamexamples, he mentioned the Buchli drive for locomotives and the mercury
bers, Vice-President; Wm. P. Beeber,
are power rectifier.
President First
National Bank, Williamsport, Pa.; Ledyard
Brown-Bovert Statement.
Cogswell Jr.,
A statement on behalf of the company was as follows:
President New York State National Bank,
Albany, N. Y.;
"While American manufacturers have made great strides in the field of
Stewart F. Hancock, City Bank Trust Co., Syracuse,
large scale production and in the standardization of machines and equipment
N. Y.;
of the more usual types, it may be fairly said Europe is far in advance of Wm. K. Payne, President Cayuga
County National Bank,
this country in the development and successful application of many electrical Auburn, N. Y.;
Delmer Runkle, President Peoples National
inventions which make for efficiency in operation and economy. These
Improvements have been long appreciated by the users of electrical equip- Bank, Hoosick Falls, N. Y., and a director of Federal
ment in both public utility and railroad fields, and there has been a strong Reserve Bank, N. Y.; A.
F. Wardwell, Vice-President
desire and a great endeavor to obtain the benefit of these improved and
Watertown National Bank, Watertown, N. Y., and Clark
original developments in this country.
The Brown-Boveri Company, whose main office and plant are in Switzer; Williams of Clark Williams & Co., 160 Broadway, N. Y. C.
land, has a position in Europe quite as important as that of the General The bonds are a legal investmen
t for all fiduciary and trust

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JAN. 31 1925.1

UTE CHRONICLE

531

for postal savings. The bonds are prepared and engraved by
the Treasury Department. They are a legal investment for
funds hi trust in the State of Ohio, by Act passed April 6
1923, and in other States. The Ohio-Pennsylvania Joint
Stock Land Bank operates in the two States from which it
takes its name. The officers are Samuel L. McCune, PresiTaber, Vice-Presidents;
Offering of Bonds of Virginia-Carolina Joint Stock dent; Thomas H. Hogsett and L. J.
Dean B. Copeland, Secretary, and John G. Hibbard, TreasLand Bank.
urer.
A syndicate composed of Tucker, Anthony & Co., the
Trust & Deposit Co. of Baltimore, Md., HambleMercantile
Merger of Southeast Missouri Joint Stock Land Bank
ton & Co., the Trust Co. of Norfolk and F. E. Nolting &
With St. Louis Joint Stock Land Bank.
Co. offered on Jan. 28 5% farm loan bonds of the VirginiaAnnouncement is made by L. L. Beavers, President of the
the amount of $875,000.
Carolina Joint Stock Land Bank to
that plans have been perThe bonds were offered at 1023 and interest, to yield St. Louis Joint Stock Land Bank,
Loan Board for
to 1935 and 5% thereafter. They will be dated fected and approved by the Federal Farm
4.71%
They are the merger of the Southeast Missouri Joint Stock Land Bank
Feb. 1 1925 and will become due Feb. 1 1955.
Joint Stock Land
redeemable at the option of the bank at par and accrued of Cape Girardeau, Mo., with the St. Louis
assume the
on Feb. 1 1935 or on any interest date thereafter. Bank, which will take over all the assets and
interest
outstanding liabilities of the Southeast Missouri Joint Stock
• The bonds are in coupon form in denominations of $1,000
charter. The St. Louis
and $10,000 and are fully registerable and interchangeable. Land Bank, which will surrender its
Principal and inter- Joint Stock Land Bank was incorporated in March 1922 by
Interest is payable Feb. 1 and Aug. 1.
Compton Co. and Presiest are payable at the Farmers' Loan & Trust Co., New William R. Compton of the Wm. R.
group of St. Louis capYork City, or the Mercantile Trust & Deposit Co., Balti- dent of the American Trust Co., and a
Bank op- italists who will continue to maintain their original ownermore. The Virginia-Carolina Joint Stock Land
will immediately
erates in the States of Virginia and North Carolina. The ship. The St. Louis Joint Stock Land Bank
reof condition as of Dec. 31 1924 increase its capitalization to $800,000 with a permanent
following is its statement
and •a substantial undivided profit acserve of $100,000
(before giving effect to the present financing):
count. Its present volume of loans, says President Beavers,
Assets.
$2,754,900 00 Is approximately $9,000,000, to which will be added $1,000,First Mortgage Farm Loans
451.000 00
U, S. Bonds and Securities
000 of loans made by the Southeast Missouri Joint Stock
43,184 94
Interest Accrued on Securities
which will
570 00 Land Bank, principally in southeast Missouri,
Furniture and Fixtures
7,619 27 give it an aggregate volume of loans of $10,000,000, with total
Current Installments
504.045 56
Cash and Due from Banks
$11,000,000. Arrangements have
316 00 resources of more than
AU Other Assets
been perfected for the maintenance of a branch office of the
63,761.035 77 St. Louis Joint Stock Land Bank at Cape Girardeau, Mo.,
Total
which will be under the management of C. A. Vandivort, who
$250,000 00
Capital Stock, fully paid
the Southeast Missouri Joint
21,539 22 was Secretary-Treasurer of
Surplus, Reserves and Undivided Profits
11,588 90 Stock Land Bank. C. L. Harrison of the Harrison SecuriAmortization Installments (paid before due)
451,000 00 ties, Inc., of Cape Girardeau, Mo., will become a director of
Bonds and Securities Borrowed
• 2.875.000 00
Farm Loan Bonds Issued
a block of its stock
113.893 49 the St. Louis Joint Stock Land Bank and
Amortization Payments on Principal of Loans
2,487 50 has been apportioned to a group of influential and wealthy
Coupons Due (not presented)
30,833 34
Interest Accrued on Bonds
stockholders of the Southeast Missouri Joint Stock Land
4.693 32
All Other Liabilities
Bank. With the exception of the addition of Mr. Harrison
$3,761,035 77 to its board of directors at its annual meeting in March, no
Total
Land
The following statistics of interest as of Dec. 31 1924 change of management of the St. Louis Joint Stock
Bank is anticipated. The personnel of its officers is Wilare also furnished:
114,943 liam R. Compton, Chairman of the Board; L. L. Beavers,
Acreage covered by closed loans
$7.137.790
Appraised value of land and buildings
President; T. N. Dysart, Vice-President; H. H. Hopkins,
$2,754.900
Total loans closed
10 Vice-President; Ben S. Lang, Vice-President; D. M. Hardy,
$62
Average appraised value per acre
$23 96 Secretary-Treasurer; E. R. Bruce, Assistant Treasurer;
Average amount loaned per acre
38.6%
Total loans to total appraised value
Secretary.
159.9% W. R. Compton Jr., Assistant
funds under the jurisdiction of the Federal Government
and acceptable as security for postal savings and other deposits of Governmental funds. They are exempt from all
Federal, State, municipal and local taxation, excepting
only inheritance taxes.

Factor of safety

As to the earnings of the bank, it is announced:

Message of President Coolidge to Congress Requesting
Enactment of Recommendations of
Agricultural Conference.
In transmitting to Congress on Jan. 28 the recommendaIssued under the Federal Farm Loan Act, the bonds are
tions of the Agricultural Conference (given elsewhere in this
exempt from all State, municipal and local taxation.
issue), President Coolidge urged that "suitable legislation"
be enacted at the earliest possible date. The President in
Offering of Bonds of Ohio-Pennsylvania Joint Stock his advices to Congress said:
conLand Bank.
Transmitted herewith is a preliminary report of the agricultural
wishes to
At 102% and accrued interest, to yield approximately ference. It embraces such reconunendations as the conferencesome legismake at this time. I am advised that, while it does not refer to
4.65% to January 1 1935 and 5% thereafter, a syn- lation which is already pending, the conference reserves the privilege of
dicate composed of the Union Trust Company of making further suggestions at some future time.
of the conference, and know
As I have great confidence in the
Cleveland, R. V. Mitchell & Co., the Herrick Com- that they have given very thoughtfulpersonnelthe entire situation, I recomstudy to
pany and Otis & Co., offered on Jan. 12 a $1,000,000 issue mend that their report be embraccel in suitable legislation at the earliest
of 5% bonds of the Ohio-Pennsylvania Joint Stock Land possible date.
Bank of Cleveland. The bonds bear date Jan. 1 1925, will
Agricultural Legisbecome due Jan. 1 1955 and will be redeemable at the option Report and Recommendations on
lation Made to President Coolidge by Agricultural
of the bank at par and accrued interest on Jan. 1 1935 and on
Conference—Creation of Federal Co-operative
any interest date thereafter. Principal and semi-annual inMarketing Board Proposed.
(Jan. 1 and July 1) will be payable at the Union Trust
terest
Recommendations for agricultural legislation to be considCo., Cleveland, and the First National Bank, New York City.
in a
The bonds in coupon form are in denominations of $500, ered at the present session of Congress were outlined
report presented to President Coolidge by the Agricultural
$1,000, $5,000, $10,000 and fully registered bonds in denominations of $500, $1,000, $5,000 and $10,000, all interchange- Conference on Jan. 27. On the following day, in a special
President
able except the $500 coupon bonds. The bonds are issued message to Congress, transmitting the report, the
looking toward the
under the Federal Farm Loan Act and are exempt from all urged upon Congress immediate action
in behalf of agriculFederal, State, municipal and local taxation excepting only enactment of the measures suggested
tural interests. Prior to the issuance of the report the
inheritance taxes. The bonds are acceptable by the United
agricultural legislation was
States Treasury as security for special deposits of public President's program respecting
White House on
by Act of Congress bonds are lawful investments the subject of a breakfast conference at the
moneys and
the President, Senator Curtis and Reprefor all fiduciary and trust funds under the jurisdiction of the the 27th between
(respectively Republican leaders in
United States Government and acceptable at par as security sentative Longworth

Net income for the year ended Dec. 31 1924 was in excess of $20,000.
or more than 8% on the capital stock on which dividends of 5% per annum
are being paid. The management anticipates increased earnings of approximately $8,750 yearly as a result of the sale of these bonds.

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532

THE CHRONICLE

[VOL. 120.

the Senate and House), members of the Agricultural Confer- given
to the American farmer through
ence and members of the Agricultural Committees of Con- system the full benefits of American the application of the protective tariff
markets. The American farmer can
neither compete with imported agricultu
gress. At its conclusion it was reported that the Preside
ral products, created through
nt cheap
had been advised that some of the legislation would be foreignforeign labor and lower standards of living, nor can he compete in
markets for the sale of his products at world
passed at the present session of Congress, but that it was supply and demand arising out of foreign producti price levels created by
ve standards and foreign
not thought possible to push through all the suggested legis- buying power. Any form of legislation or plan that tends toward a stimulation of production of any particular commodi
ty for export will result in
lation, in view of the differing opinions thereon. The Agri- even further ill balance to
our agriculture, and, therefore, continued subcultural Conference in its report expressed the opinion "that jection of American farmers to competition with producti
on based on
lower standards of living abroad. There
the time has arrived to give due emphasis to the fact that
the a balanced American agriculture by which must, therefore, be established
production is kept in step with
present problems of agriculture rest upon the ability
of the the demand of domestic markets and with only such foreign markets as
may be profitabl
farmer to market his goods at a profit and that constru
ctive without dispropore. The Conference is convinced that this can be done
tionate charge upon the American
assistance to such problems may be found through
the de- the necessity of dislocating the present adjustment consumer and without
involved between the
velopment of producers' marketing organizations creatin wage scale of the country and the
cost of living.
g
The Conference, therefore
the opportunity for orderly distribution, economies in
opera- consideration by the present , makes the following recommendations for
Congress:
tion and adherence to approved standards and grades.
" "For
Co-operative Marketing Legislation.
the proper development of co-operative marketing organiz
In considering the legislation now pending
abefore Congress dealing with
tions," says the report, "It is quite apparent that there
is the co-operative marketing of farm: products, the Conference finds very
many desirable points embodied in several
need for a central unit which would make available
of the proposed bills. Yet
to pro- no bill presents a completely
satisfactory program.
ducers all facilities now in existence and those which
might Conference desires to present the principles which, in Consequently, the
its opinion, should
be brought about, relating to the different phases of co-oper
be embodied in legislation for passage by the
present Congress.
aIn its discussions with representatives of
tive marketing." The conference concludes, therefore,
all departments of the Governthat ment on matters affecting
in the administration of the principles outlined "there should unity of support for certain agricultural legislation there has been complete
principles which also have the unanimous approbe instituted a separate board, as is now the case in industry val of this Conference. These principles have to do
with the solution of
that portion of the agricultural problem
and banking." This board, it adds,"would be able to use all commodi
arising out
ty marketing organizations and the stability of the development of
which may be brought
the facilities of all Government departments and interlo
ck to agriculture through wider recognition of the need
all the problems of agriculture, both those of production and greater confidence in their ability to meet thefor such organizations.
farmers' problems in
much the same manner as industrial problems
with those of distribution." The conference proposes
are solved.
It is the opinion of the Conference that the time
the
has arrived to give due
creation of a Federal Co-operative Marketing Board of five emphasis to the fact that the present problems
of agriculture rest upon the
ability of the farmer to market his goods at a
members, consisting of the Secretary of Agriculture and
profit, and that construction
the assistance to such problems may be
found, through the development of
Secretary of Commerce, and three others," including a Chair- producers' marketin
g organizations creating the opportun
ity for orderly
man to be appointed by the President, to be nominated
by distribution, economies in operation, and adherence to approved standards
and grades. As a result of co-operative organizations
the Federally registered co-operative marketing organiz
it may be expected
a- that commodities so organize
tions upon the expiration of the terms of the three members programs of orderly producti d will find opportunity for the creation of
on, finance and marketing, the developm
ent
first to be appointed by the President. The salaries
of adequate standard
of the consequent return s, the creation of economics in distribution, with larger
to the producers. It is also of vital
three appointed members should be $12,000 a year.
importance that
They leadership should be developed in the different
commodity groups for the
would serve terms of one, two and three years, respect
ively proper and intelligent application of the principles which
with succeeding members to serve terms of six years each." must be granted whether in the field of production, distributagriculture
ion, tariffs
The conference also proposes that the Agricultural Credits transportation, or otherwise.
Finally, it is the purpose of the proposed plan to allow
co-operatives a
Act be amended so as to make loans of national agricultural freedom to develop without governmental interfere
nce or domination except
credit corporations eligible to rediscount with the Federa for the very proper police powers lodged with the Secretary of Agricult
ure
l under the Capper-Volstead Act. It
is clear, however, that leadershi
Intermediate Credit banks. It likewise recommends
the and assistance through the authority of the Government is essential p
and
passage of House Joint Resolution No. 94, with a view
to that greater impulses for the developing of marketing associations will
"an equitable and just readjustment of freight rates as they result from a fostering attitude on the part of a Federal agency. The
purposes of this
relate to agricultural commodities, including live stock.". In dividual action, plan are to create opportunities for group as well as Inbased upon the voluntary action of all parties
order to determine the administration, rules, regulations and Legislation on the following lines is, therefore, recommended: concerned
A. General principles, to be applied upon voluntary action
fees governing grazing, the conference suggests the appoint
by commodity
- marketing organizations, producers, and distributors:
ment of a commission to deal with the subject. The report
1. For the purpose of promoting equitable and advantag
eous distribution '
sets out that "while the conference is not making specific and disposition of their products, co-operative marketing
associations or
any of them may pool their products, exchange crop and
market lbformation
recommendations at this time relative to tariff legislat
and make and carry
ion, It for such purposes out orderly production and marketing programs; and
producers and distributors of such
nevertheless wisheS to be understood as sympathetically
products may so..
rec- operate with such associations.
2. Groups of producers desiring to organize co.operat
ognizing the need of protecting our various agricultural com- should
ive organizations
be given opportunity for application to the
Government to ma.ge a
modities by adequate tariffs on foreign products that come survey of the distributing problems involving any
commodity, and the
Federal agency should make recommendation to
the
into competition with them." It further recommends the toe type of organization best suited to their problem, applicants concerning
based upon the demonpassage of the bill (H. R. No. 157) "to authorize Congress stration of success among other co-operatives or upon other business principles.
• 3. Commodity marketing organizations upon
to provide increased Federal aid for research in agricultural Federal agency
appllcation to the proper
and purely as a voluntar
apply
economics, rural sociology and home economics at the State registered upon demonstration of the y act mays of for and be Federally
soundnes
financial standing of
the organization, and an agreement to submit
their books to Federal
agricultural experiment stations." The conference also ex- inspection for audit semi-annually. This step
First, it gives greater confidence to members inis proposed for tWo purposes.•
the management and
presses itself "In favor of legislation which requires that tion of their organizations by
operasupplying them
from
information
specific statements be placed on all woven fabrics and on from a Government source—information which iswith reliableto
time to time by State or Federal bank exam comparable
that given
Were to depositors about
garments from fabrics purporting to contain wool," and the the condition of banks. Second, from such a system
accounting principles
be gradually developed among uniform general
passage of House Joint Resolution No. 300, providing for a modity organizations willvoluntary action'
co-operative comby
'Furthermore. these organiza
tions should agree that in tho merchandizing of
year's extension of time during which cattle may be returned conform to approved standards.
their product they will
4. The
from Mexico City free of duty is also recommended. A pre- produets establishment of grades and standards for various
of the country is essential. In many lines
agriculture
such standards already
liminary report of the conference on the emergency in the are established by State or Federal law, and such standard
s should receive
full recognition in all trade dealings, both domestic
and foreign, and should
live stock industry was given in our issue of Jan. 17, page be made the basis of settlement of all disputes.
In
do not conform to the best interests of the producercertain cases standards
280. The appointment of the Agricultural Commission by opportunity to make recommen
s and
dations as to amendmentsthey should have
President Coolidge was noted in our issue of Nov. 22, page (lards. In many cases there are no standards and in such in existing stanan event opportunity should be given to establish standards
and
'2348. Below we give the report and recommendations made upon recommendation to Federal authority by grades from time to time
producers who represent at
least 60% of the product of the industry.
to the President the current week:
5. Upon application to the Federal agency
The President's Agricultural Conference herewith submits its recommendations for agricultual legislation to be considered at the present
session of Congress. The Conference has considered all of the legislation
now pending before the Congress and also has canvassed the field in discussion with the various departments of the Government and with representatives of the agricultural interests of the country.
Agriculture is the most importantlindustry of America. Its complex, widespreadand highlytechnical problems do notlend themselves to anyoneremedy
or any specific piece of legislation through which there may be found complete cure fer its many ills. The problems of agriculture, like the problems
of industry, will require constant attention from many points of view and
a continuing effort to establish and maintain stability and prosperit
y.
Agriculture is entitled to the same measure of consideration and the
same
degree of benefits that are received by industry and, therefore, needs
continuing constructive and sympathetic leadership in the administration
of
governmental departments as they affect the farmers' interests, and it also
needs, from time to time, the type of legislation which already
has been
described.
In the field of legislation it is important that not only specific
problems
of the farmers should be solved but also, in general, that there should
be

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distributors at terminal markets may create Federally registered exchanges or
associations, the members
of which shall operate under rules and
regulatio
and approved by the Federal authority creating ns formulated by them
and regulations shall, among other things, call the charter. These rules
for recognition of all established grades and standards of agricultural
disputes under such grades and standards, 'products and arbitration of all
the guarantee of financial standing of members, and the opening of the accounts
of the exchange or association to Federal inspection and audit.
6. Upon application to the Federal
through its co-operative organization,agency by any agricultural industry
the
and advise mwn the problems confrontingFederal agency should consider
the industry in any phases of
production, financing or marketing, or
upon any other matter which such
an agricultural industry may make application
for guidance. The Federal
agency may call upon any department
study of special problems, the furnishingof the Government for necessary
action, and should, in conference with of statistics or other appropriate
solutions for the various problems that the industry, formulate practical
may be presented.
B.—Principles applicable especiall
y to perishables:
The great perishable industry of the country
rqpresenting the producers
of vegetables, fruits and grapes, is at the present time
faced with many
great problems. For the most part this industry represent
s an unorganized
group of producers searching for opportunity to solve
their problems of
distribution through contact with their terminal
markets. For such purpose, in addition to those mentioned above, the following recomme
is
nded:

JAN. 31 1925.]

THE CHRONICLE

Co-operative marketing organizations upon application to Federal
authority may have the right to create clearing houses, for the purpose of
eliminating the over-supply or under-supply in various consuming markets
without interference with the restraint of trade laws. Such clearing houses
thould have the right to freely interchange information upon the volume of
she available supplies of their commodity.
C.—Federal agency under which such an Act is to be administered.
Differences of opinion have appeared among the various Government
agencies in their recommendation as to the nature of Federal authority
'which should administer the principle& herewith presented. These differences have been taken into account in the recommendation of the Conference. Furthermore, for the proper development of co-operative marketing
organizations it is quite apparent that there is need for a central unit which
would make available to producers all facilities now in existence and those
which might be brought about, relating to the different phases of cooperative marketing. Such a unit would act as a co-ordinating agency
and producers' organizations could get in touch with it directly for any
help or assistance they might legitimately seek. The Conference concludes, therefore, that in the administration of the various principles
herein outlined there should be instituted a separate board, as is now the
case in industry and banking. This board would be able to use all the
facilities of all Government departments and interlock all he problems of
agriculture, both those of production with those of distribution.
The Board, as far as the majority of membership is concerned, should
arise from the commodity organizations themselves by nomination to the
President. There should be created a Federal Co-operative Marketing
Board of five members, two members to be the Secretary of Agriculture
and the Secretary of Commerce, and three others, including a chairman
to be appointed by the President. to be nominated by the Federally registered co-operative marketing organizations upon the expiration
of the
terms of the three members first to be appointed by the President.
The
salaries of the three appointed members should be
$12,000 a year. They
would serve terms of one, two and three years, respectively, with succeeding members to serve terms of six years each. For the purposes establishof
ing the Board and of carrying on its first year of operation the sum
of
$500,000 should be appropriated.

533

Commission would make a report of progress to the President at the
opening
session of the Sixty-ninth Congress.
Unappropriated Public Domain,
The Conference reiterates its recommendation contained in
the preliminary report that the unappropriated public domain shouldbe
placed
under lease and that there should be a uniform policy agreed upon
for the
administration of grazing on public lands and in the national forests.
In
order to determine the administration, rules, regulations and fees governing
grazing, the Conference further suggt-sts the appointment of a committee
created essentially as follows: (a) One member who shall
be the Secretary of
Agriculture or his representative;(b) one member who shall be the Secretary
of the Interior or his representative: and (e) three members,
two of whom
shall represent the live stock grazing industry, appointed
by the Secretaries
of Agriculture and the Interior acting jointly.
In order to provide legal authority for leasing unreserved and
unappropriated public domain, the Conference approves and recommend
s passage
of the measure which carries approval of the Departments of
the Interior
and Agriculture.
•
Tariff on Agricultural Products.
In supplementing the opening statements in this report
and re:terating
the report of the Conference on the livestock situation, in
which it was
stated that the cattle industry is suffering through lack of tariff
protection
from competition with hides and meats from foreign countries,
it is the feeling of the Conference that other agricultural enterprises
are suffering from
lack of proper. tariff protection.
In this connection there should be mentioned protection
for the dairy
and animal industries through tariff on such oil bearing
commodities as
copra and a number of vegetable oils not named in the present
Tariff Act.
which are coming into competition with all home produced
oil bearing products whether of plant or animal origin. Certain phases of the
dried fruit
industry also must have Increased protection.
While the Conference is not making specific recommendations at
this time
relative to tariff legislation, it nevertheless wishes to be understood
as sympathetically recognizing the need of protecting our various
agricultural
commodities by ademate tariffs on foreign products that come into
competition with them.

Amendments to he Agricultural Credits Act.
The proposal to amend the law so as to make National
Agricultural
Credit Corporations eligible to rediscount with
Federal Aid for State Experiment Stations.
the Federal Intermediate
Credit banks involves a simple but none the less
The Federal Government has established a
potentially important
great fact-finding agency for
change in the present structure of livestock
agriculture, consisting in part of the research work of the United
finance.
States
To understand this, it is necessary to remember that the Act creating Department of Agriculture and in part of the State agricultura
l experiment
the Federal Intermediate Credit banks also authorized the formation
stations. The latter are located in each of the
of
States in order that there
National Agricultural Credit Corporations
under Federal charter and may be "due regard to the varying needs of agriculture" in the various parts
under Federal Banking supervision.
of the country and that they may be in close contact
with the agricultural
The law authorizing these National Agricultural
Credit Corporations teaching agencies of the several States. There has been no increase in
provides first for a minimum capital, adequate
Federal appropriations to these stations since 1909,
to permit the employment.
during which time the
at proper compensation, of really competent managemen second,
purchasing power of money has declined so
t;
for a
that these funds will not support
reasonable regulation of the total amount
of loans to be made by any one much less research work than when they were first provided. Further, at
company, with relation to capital and surplus; third,
a reasonable regulation the time these funds were appropriated, their use was limited to the study
concerning the amount that might be loaned
to any one borrower with of problems of production, which were then the major problems of agriculrelation to the capital and surplus, and, fourth, for
proper examinations of ture. None of the Federal funds for the support of the State experiment
the loan,company in the same way that national banks
are now examined stations can be used for work In agricultural economics, rural social probfrom time to time.
lems or home economics, which are now such
all-important parts of agriculIn addition,.the members of the Federal Reserve System
are authorized tural business and farm life.
POEM
to subscribe to the capital stock of such companies to the extent
It is of utmost importance that knowledge
of not over
concerning the business and
10% of the capital and surplus of such banks.
social aspects of agriculture keep pace with
that concerning its production
The tatter provision holds out the definite hope,
that, if the National problems if a well-balanced agricultural program is to be maintained.
Agricultural Credit corporations are made eligible
to rediscount with the Hence,the fact-finding research agencies for agriculture should now be given
Federal Intermediate Credit banks, it may be
possible to organize in the financial support to permit them to take up this new field of investigations.
livestock territory an adequate number of properly
capitalized loan com- H. R. No. 157 authorizes Congress to make additional appropriations for
panies. Banking groups interested in serving
their locality may thus this purpose under conditions and limitations which the experience of
easily provide loan companies to take care of the
breeding end of the live- nearly forty years show to be sound and practical to meet the desired end.
ate& industry in a way and by organizations suited to
The Conference, therefore, recommends
the special needs
the passage of H. R. No. 157,
industry:
of the
to authorize Congress to provide increased
Federal aid for research in
This amendment should encourage the formation
of an adequate number agricultural economics, rural sociology and home economics at the State
of soundly organized, adequately capitalized, and properly
managed loan agricultural experiment stations: and suggests that the sums to be approcompanies operating under Federal supervision
. Taken in combination priated to each station In compliance with the Act be fixed at
$20,000 for
with the ample rediscount resources of the Federal
Intermediate Credit the year ending June 30 1926: $30,000 for the year ending June 30
1927:
banks, which would become available through the
proposed amendment, $40.000 for the year ending June 30 1928; 850,000 for the year ending
the breeding end of the livestock industry may be
expected to see itself in June 30 1929, and $60,000 annually thereafter.
possession of ample credit, through sound
institutions.
Nothing in the proposed amendment
Truth in Fabrics.
restricts the organization and
The Conference is in favor of legislation
operation of loan companies under State charts,
which requiresTthat specdfle.
nor is there proposed any statements
restriction of the power of the Intermedia
be placed on all woven fabrics and on garments
te Credit Banks to rediscount fabrics
made from.
purporting to contain wool, indicating the
for such State organizations.
percentages of virgin
wool, shoddy, cotton and silk of which they
To effect this the conference recommends the following:
are made.
Amerid paragraph 1, Section 202, by inserting
Mexican Cattle Duty.
after the word "State"
In the fifth line thereof the words "or of the
The Conference recommends passage of
Government of the United
states," so that the paragraph ELS amended
House Joint Resolution No.r3001
providing for a year's extension of time
"To discount for, or purchase from, any will read:
during which cattlermay be renational bank, and or any turned from
State bank, trust company, Agricultural Credit
Mexico free of duty.
corporation, incorporated
live stook loan company,savings instItntion. co-operative
bank,co-operative
credit or marketing association of agricultural producers,
Market News Service.
organized under
the laws of any State, or of the Government of the
The Conference recommends passage of the Agricultura
l Appropriations
any other Federal Intermediate Credit bank, withUnited States and or
its endorsement, any Bill, including the maximum amount for
note, draft, bill of exchange, debenture,or other such obligation
market news service.
of which have been advanced or used in the first instance for anythe proceeds
Respectfully submitted,
agricultural
purpose or for the raising, breeding,fattening, or
ROBERT D. CAREY, 0. E. BRADFUTE,
marketing of live stock."
Chairman, W. C. COFFEY,
It IS furthermore recommended that the Farm Loan Board
be asked to
FRED H. BIXBY,
take supervision of this matter in presenting it to Congress
RALPH P. MERRITT,
in the appropriate
C. S. BARRETT.
and practical manner.
W. M. JARDINE,
R. W. THATCHER,
Freight Rate Legislation.
L. J. TABER.
first report of the Conference the following
In the
statement was made:
"By reason of the horizontal changes in freight rates during recent years
Brokerage Firm of Keveney, Sawtelle & Co., Boston,.
and of greater depression of agricultural products than those of other
products during the same period, the raw products of
Fails.
agriculture are now
bearing a relatively excessive cost for transportation. .
An involuntary petition in bankruptcy was filed in the.
. . The
Conference does wish to emphasize at this time its
conviction that while Federal District Court
at Boston on Jan. 10 against Herbert
adequate service is essential, the welfare of agriculture also
demands an
early and thorough revision or the freight rate structure to relieve the raw C. Sawtelle doing business at 50 Congress Street, Boston,
products of agriculture and live stock from their disproportionate
share of under the firm name of Keveney, Sawtelle & Co. The firm•
transportation costs."
was stated further that the Conference would announce its recom- was a member of the Boston Stock Exchange. Subsequently
It
D. Loring Young was appointed receiver for the
mendations concerning transportation service and costs for agricultura
l
concern.
products in a subsequent report. In line with this plan. the Conference under $25,000
bonds.
at this time wishes to recommend the passage of Rouse Joint Resolution
No, 94, "Directing the Inter-State Commerce Commission to take action
relative to adjustments In the railroad freight rate structure and the fixing Proposed Senate Changes in McFadde
n Bill—Views of
of rates and charges," feeling that it will make possible an equitable and
Senators Pepper, Glass, Fletcher, &c.
&
just readjustment of freight rat as they relate to agricultural commodiFollowing a hearing on Jan. 29 on the McFadden banking
ties, Including live stock.
The Inter-State Commerce Commission should realize that Immediate bill by the
Senate Committee on Banking and Currency, it
definite action is necessary if the resolution is adopted and the approd
aniation to carry it out should be provided by Congress. In case the was made known that three of the members of the committee.
pr
iesolution is passed It is recommended that the Inter-State Commerce —Senator Carter Glass of Virginia, Senator

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George Wharton,

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Pepper of Pennsylvania and Senator Duncan U. Fletcher of
Florida—favor material amendments to the bill as it passed
the House Jan. 14. The House action on the bill was noted
in these columns Jan. 17, page 282. With regard to the views
of the Senators indicated, we quote the following from the
Washington account of Thursday's hearing, appearing in
yesterday's issue of the New York "Journal of Commerce":
The McFadden national bank bill, if brought into the Senate for final
consideration before the end of the session, will be found to be materially
amended and in important particulars, judging by statements made to-day
by members of the Senate Banking and Currency Committee. Opposition
to the proposal, agreed to by the House, to rewrite Section 5200 of the Revised Statutes, which provides certain restrictions and conditions under
which paper may be discounted by national banks, was voiced by Senator
Carter Glass, Democrat, Virginia.
Former Senator Frank P. Flint. attorney, and John S. Drum, President
of the Mercantile Trust Co. of San Francisco, attacked the branch banking
provisions. Senator Fletcher, Democrat, Florida, put into the record an
editorial from the "Journal of Commerce," "Without Benefit of Clergy,"
which appeared Jan.24, dealing with Section 17 of the measure.

[VOL. 120.

State bank had outside the city, but is limited to the retention of such
branches as the State banks may have had within the confines of the city."
It was suggested that this particular feature of the bill must be given
careful attention with a view to determining whether or not such discrimination indeed exists and, if so, whether a simple amendment cannot be
adopted that would sweep aside this condition.
Johnson to Get Hearing.
Senator Johnson of California has asked for a hearing on behalf of some
of the bankers of his State, which request will be granted. The so-called
Hull amendments also are to be discussed and Representative Morton D.
Hull of Ill'nois will be heard thereon by the Senate committee. There is
said to be a marked division of opinion in the Senate as to the advisability
of retaining these amendments, but it was pointed out to-day that they represent an equitable compromise between the opponents and proponents
of branch banking and were the means of having the McFadden bill endorsed by the American Bankers Association.
The Hull amendments are designed to prevent the extension of the branch
banking privileges to national banks in States which do not now sanction
branch banking, or the establishment of such branches in the event of a
change of State laws granting such authority to State banks without express
authority being legislated by Congress in favor of the national banks.
Senator Pepper to-day stated that there is some difference of opinion as
to the advisability of retaining in the bill the last section of that measure,
which extends from one year to five years the length of the possible life of
real estate security loans and also legalizes the purchase and sale by national
banks of investment securities.

Fletcher Sees Danger.
Section 17 would permit national banking associations to engage in buying
and'selllng investment securities under certain conditions. Senator Fletcher
said that this section appeared to him to be rather broad and perhaps
Three Classes of Problems.
dangerous. Senator Pepper, Republican, of Pennsylvania, author of a
companion bill to the pending measure, said that H. Parker Willis, Editor
The Pennsylvania Senator said that there are three distinct classes of
with him and problems involved in the five provisions of the bill which are likely to lead
of the "Journal of Commerce," had discussed the matter
convinced him that there should be something added to the bill in the to some discussion in the Senate. First, there is the branch banking
problem as it is related exclusively to the national banking system and that
nature of a safeguarding amendment.
He added that he was prepared to offer such an amendment to the bill problem is raised in Sections 1, 4, 7 and 8: second, there is the debatable
whereupon Senator question concerning the branch banking difficulty as it respects the eligiwhen it is taken up for consideration in executive session,
Fletcher expressed a willingness to defer his remarks until he could learn bility for membership in the Federal Reserve System which is the subject
the effect of Senator Pepper's amendment.
of Section 9: and third, there lathe wisdom or unwisdom of broadening the
And with respect to Section 10, Senator Glass said he would defer further field of eligibility for rediscount of certain paper—the commercial sounddebate until it could be decided in executive session of the committee ness of rediscounts—which occurs under Section 14.
whether, as suggested by Senator Pepper, that section should be omitted.
On Jan. 26 Senator Glass was quoted in the "Journal of
The Virginia Senator declared that he had not desired to be identified with
the bill either as a protagonist or an antagonist of the legislation, but that Commerce" as follows:
by
A cursory examination of the bill seems to indicate to me a very prohe has seemingly been drawn into the matter "without any warrant"
digious extension of credit under these reconstructed secions, he said,
some of the newspaper stories.
"What I have desired to do," he explained,"was to find out what the bill referring to the changes made to Section 5200 of the Revised Statutes.
means and I have experienced no inconsiderable difficulty in doing this "As this bill was first drawn, it seemed to me it changed very radically
because there appeared to be so many different opinions.
the classes of eligible paper for rediscount by Federal Reserve banks. The
bill as passed has an amendment in it which materially enlarges the scope
Experts Differ on Bill.
of eligible paper.
"I have found that those who have thoroughly examined Section 5200 as
"This, the McFadden bill, lathe most important piece of banking legislachanged by this bill do not know what it means and differ widely in their tion to come before Congress since the enactment of the Federal Reserve
understanding of this section. I have had prepared three analyses of the Act, and I do not think we should hurry its consideration."
section by persons who are expert in banking technique and nomenclature
An editorial, "Without Benefit of Clergy," which is reand no two of them agree."
Senator Pepper had previously stated that the changes made in this
ferred to further above in our quotation from yesterday's
section were not of sufficient importance to lead to much discussion. Today,however,he frankly stated that matters in this regard had been brought issue of the "Journal of Commerce," and which appeared in
to his attention, which now lead him to believe otherwise. He thanked its Jan. 24 edition, is reproduced herewith:
Senator Glass for bringing to the attention of the committee the possibilities
"wrrHourr BENEFIT OF CLERGY."
of ambiguities and obscurities in the language of Section 10, adding that
Just at the end of the McFadden Banking bill which has sow passed
were this agreed to it might, if enacted into law, modify existing law
the House of Representatives and is thus fairly on its way toward becoming
without the Senate knowing what it was doing.
He declared that the retention of the section in the bill is not necessary to a statute, there occurs a provision Iv hich it would seem a good many bankers
its integrity; it is a piece of legislation desired by the Comptroller's office to and financiers must have overlooked. The proN ision referred to Is as folclarify mechanical operations in dealing with banks subject to its jurisdic- lows:
"Any national banking association may . . . engage in the business
tion and there is no immediate urgency about it. Senator Glass stated
that the omission of this section from the bill would save him from infinite of purchasing and selling without recourse obligations evidencing indebtedco-partnership, association or corporation in the form of
trouble and no little anxiety, and indications are that it will go out of the ness of any person,
bonds, notes debentures and the like, commonly known as investment sebill before being reported to the Senate.
curities."
Wants Branch Banking.
The representatives of the California bankers favoring unlimited branch
banking intimated their belief that the passage of the McFadden bill with
respect to branch banldng would be a breaking of faith with them because
of assurances that had been given them when they entered the Reserve
System.
Mr. Flint said it was the desire of his group that the branch bankers and
the unit bankers could act without interference by Congress in their own
State (California), believing that this could be done.

It may be noted that Section 10 referred to above re-enacts
Section 5200 of the Revised Statutes of the United States,
which limits the amount of money which a nationa -bank
may loan to any one person. A summary of the various
other sections as presented by Representative McFadden
will be found in our Jan. 17 item, pages 284-286. In its
issue of Jan. 20 the "Journal of Commerce" stated that
Senator Pepper had drawn to the attention of the Senate
Committee a possible joker in the McFadden House bill,
which would have the effect of discriminating in favor of
national banks converted from State banks against those
which have consoldated with the State banks, in the matter
of the retention of branch banks. At that time the paper
referred to said in part:
favorably reSenator Pepper introduced a companion bill which was
appeared
ported by the committee at the last session of Congfress, and he
the two measures.
as a "witness" to-day to explain the differences between
might lay aside from the "area of deBe suggested that the committee
bate" these sections of the McFadden bill which were contained in his bill,
and which are not changed in the former. Thus, with brief explanation
he:eliminated all of the eighteen sections except sections 1. 4, 7, 8 and 9.

Branch Banking Question.
national banking association may establish branches within a city
subject to the limitations of population and with the consent of the Comptroller of the Currency," said Senator Pepper. "A national banking association, by virtue of having been the product of conversion from a State
bank may retain branches which the State banks had within the limits
of the city and also outside of the city. In the case of the National Banking
Association, which has a history of consolidation with a State bank,the same
thing cannot happen: namely, a national banking association into which
a State bank has been consolidated may not retain the branches which the

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Of this provision the House report calmly remarks that "national banks
are already engaged in this practice [of dealing in investment securitiesl
and the purpose of this language is to clarify the legal aspects of the situation
and to bring these operations under control by limiting the amount which
a national bank may take of any one issue to 25% of its capital and surplus
. ." We need not trifle very much with this singular explanation of the
provision in question—or allow ourselves to be trifled with by those who
wrote it. The point of the section is that it puts national banks into the
business of investment banking in an entirely new, broad way, and in
"clarifying" the legal aspects of the situation it apparently tells them to
"go to It" without any legal restraints whatever. It says to them that they
may buy and sell "without recourse" any kind of a note, debenture or anything else "commonly known" as an investment security. There is, of
course, nothing to compel them to abide by the investment law of the State
in which they are situated or to observe any restraints where no such law
exists. Certainly this is a most unhallowed scheme "without benefit of
clergy"—or entirely "without recourse,"as the bill itself expresses the matter.
There is need ter a frank word to Congress and to Federal Reserve
authorities on this whole proposition. One of the worst and most indefensible results of Federal Reserve legislation has been the debauching of the
savings bank situation. The Federal Reserve Act authorized national banks
to take time deposits with a reserve of only 3% behind them and without any
segregation of assets to protect theliabilities thus assumed. The State banks
instantly demanded from their legislators the same kind of concessions and
got them. Thus the work of years was neutralized and undone in those
States which had careful savings bank statutes. The savings bank now had
to submit to the unrestrained competition of national and State banks which
were engaging in the savings business, although sedulously keeping the word
savings off their windows and stationery. In the West there are meni
banks which now offer as high as 5% compounded for savings and mall their
"literature" wherever they please for the purpose of attracting small deposits from anybody who is foolish enough to send them in.
Now,do we want to repeat this disastrous experience with our investment
banking? If we do, let us pass the McFadden bill. with its provision for
investment banking without recourse and without protection. Then let us
organize plenty of small, irresponsible national banks to go into the business
of putting out "bonds, notes, debentures" and the like, "commonly known
as investment securities." It may well be that under such a regime a riot
of bad financing may take place, and it is certainly difficult to see how the
most careful and sincere of bank examiners could restrain it under the terms
of the McFadden measure. A bank examiner cannot usually be better
than the law under which he is operating. Irreverent commentators upon
the drift of banking under the Federal Reserve Act have spoken of it as
"department store banking" because it tended to bring in many different
kinds of activities into institutions which had previously specialized in

JAN. 31 1925.]

THE CHRONICLE

commercial banking. The McPqdden bill is well in line with this tendency,
since it now undertakes to establish a department of "notions," thus completing the line of "goods" which the banks have been authorized by past
legislation to offer.
How much thought have our influential bankers given to this situation?
Is it enough for them to be content with their own integrity and to accept
the comfortable view that the survival of the fittest will take care of unwisely
managed or semi-speculative institutions in the future? If they do not
accept this clam point of view, can they afford to see a measure adopted
which while perhaps giving a desirable latitude to ably and unimpeachably
operated banks may be of the most disastrous nature when in the hands
of others?

Federal Reserve Board Said to Favor Purchase of Sterling and Franc Bills by Reserve Banks.
Reports to the effect that the Federal Reserve Board had
again sanctioned the purchase of sterling and franc bills in
the open market by the Federal Reserve banks came from
Washington this week. It was stated in Washington adviees
Jan. 25 to the New York "Journal of Commerce" that:
Operations in pound and sterling bills at present, it is understood, are
more in the nature of a trial of these fields of investment than the following
out of a definite program which would materially aid Great Britain in maintaining uninterrupted free gold payments once the return to the gold
basis has been accomplished. Purchases of these bills in substantial
amounts are expected to develop after, rather than before, the return of
Great Britain to the gold standard, since it will be more difficult for that
nation to continue to withhold limitations upon gold payments than it
will be to withdraw existing restrictions. . . .
Operations in Franc Bills.
Operations in franc bills in this country would have a direct connection
with the gold question in England from the fact that by just so much as
New York, for instance, assumes the financial needs of Paris customarily
met by London would the pressure on London from Paris be removed. An
important factor in the discussion of the British return to the gold standard
has been the problem of England maintaining that position while at the same
time taking care of the European financial centres which have been!accustomed to lean upon London.
United States Sees Benefit.
From the American point of view a return to the gold basis by Great
Britain is considered desirable by higher fiscal officials of the Administration
on the general theory that disrupted exchanges and the fluctuation of sterling have a tendency to cheapen gold and hence weaken the position of the
dollar abroad.
Moreover, there is considerable opinion that with England back to a gold
standard there would be definite prospects of slowing up gold imports into
the United States, which in some quarters are regarded as only temporarily
interrupted by the recent export movement of gold from this country. It
is felt, therefore, that in Federal Reserve operations in connection with the
pound and franc bills the gold position of the United States will be heavily
stressed.

In referring, in advices from Washington Jan. 26, to the
action of the Federal Reserve Board, the New York "Times"
in a Washington dispatch Jan. 25 stated what of course is
true that the Board had sanctioned the purchase of sterling
and !franc some time ago. It was done last year. It added:
No formal action has been taken, it is understood, in approval of this
step, and none is now contemplated. The view is held that the law under
which the Board operates grants the necessary authority. Some criticism,
it is said, has appeared because such paper has not been purchased to a
greater extent.
Sterling bills have been bought for several years. In the early fall of
last year $300,000 or $400,000 was invested in this way. British. French
and Dutch paper is understood to have been included in the purchase.
It is explained that such action has no relation to the pound sterling or a
general scheme for enabling Great Britain to return to the gold standard.

Commenting on this in its financial column of Jan. 21
the "Times" said:
Reserve Banks and Sterling Bills.
While reports from Washington which
indicated that the Federal Reserve
-Board was in favor of making the purchase
of sterling bills by the Federal
Reserve banks a suitable form of investment
lacked confirmation, they at
least gave rise to much conjecture in the financial
district. The New York
Reserve Bank,it was said in authoritative
circles, had not purchased sterling
bills, except in so far as the bank was
guaranteed against loss through exchange fluctuations; nor, it was said,
would the bank be likely to dose until
sterling had been returned to par and the
formally
British
declared that nation again on a gold basis. ButGovernment had
traffic In sterling bills by
private banks has been relatively heavy.
Some have checked themselves
against possible loss by selling sterling
forward ninety days, or whatever
time needed to care for the maturity, while
others have bought the bills
,nntright without recourse to hedging, thus
getting a double profit.

'Semi-Annual Meeting of Business Organization of
Government—President Coolidge on Budget—
Further Need of Economy.
At the semi-annual meeting of the business organization
.of the Government on Monday, Jan. 26, President Coolidge
renewed his urgingsfor economy in the expenditure of Government funds. Referring to the heavy burden of war taxation
to which the people of the country had been subjected, the
President observed that while this burden has been greatly
lightened "our fight must be for further reduction."
The
President indicated it as his desire that our expenditures
this year excluding the amount for the public debt retirement (estimated at $471,800,000) be kept within $3,000,660,.000. This he said will require a curtailment of our expenAliture program by $62,000,000. Since 1921 he said "the

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535

people have been benefited by a material reduction in taxes
of about 2,000,000,000 yearly," and he declared "if the
budget program is sustained by Congress at this session I
will be able in the next budget to recommend a further reduction in taxes. The outlook for 1926 is that we will have a
surplus that year of more than $373,000,000. Any increase
in receipts will swell this surplus. And any decrease in
expenditures will again add to the surplus." In urging, as
part of the economy program, that Federal administrators
should plan to operate with a smaller presonnel than is now
employed, the President reminded the heads of the Federal
departments that "the Government payroll for 1924 reached
the staggering total of $1,680,000,000." Asserting that
"we have superfluous employees, he added. It is an unpleasant and difficult task to separate people from the
Federal service. But it can be done. It will be done."
The President's address was as follows:
Members of the Government's Business Organization.
Burden of Taxation.
This is the eighth regular meeting of the business organization of the
Government. These meetings are probably unique in the history of
nations. We have found them to be most profitable. They are necessay to the conduct of the business of the Government in a business way.
This fiscal year will mark the close of four years of effort to reduce the
cost of Government. How successful these efforts have been can be summarized in very few words. In the fiscal year 1921 we spent $5,538,000,000.
It is estimated that we will spend this fiscal year $3.534.000,000. This will
show a reduction in our expenditures of$2,004,000,000. The four years will
show a reduction in the public debt of approximately $3,198,000,000. This
means a reduction in the annual interest from $999,000,000 to $865.000,000.
a saving of $134,000,000 each year.
In the same period of time the people have been benefited by a material
reduction in taxes of about $2,000.000.000 yearly. This is certainly an
enviable record. It is a record in which the executive branch of the Government shares credit with the legislative. The Chief Executive is pledged to
economy in the requests which he makes upon Congress for funds. This
pledge has been kept in the several budgets. In its consideration of these
budgets the Chief Executive has had the support of Congress.
As I am pledged to economy in my requests for funds, so are you pledged
to economy in the expenditure of the funds which may be granted by
Congress. No longer are the funds appropriated by Congress regarded
as the minimum amount which is to be expended. Every dollars that is
saved by careful administration adds to the amount by which taxes may be
reduced in the future. It is practical economy which I have in mind and
which we must practice. I had rather talk of saving pennies and say
them than theorize in millions and save nothing.
The people of this nation have been not only patient under the heavy
burden of war taxation, they have been heroic. Their burden of taxation
has been greatly lightened, but our fight must be further for reduction of the
burden of the people. This campaign for economy has no other object.
So far as it is within my power. I propose to continue my efforts for economy
In Federal expenditures. What we have done must be considered only
the beginning. We have proved that we can reduce the cost of Government. and I propose that this cost shall be further reduced. In this effort
I look to you for loyal support.
When you leave this meeting tonight carry with you a pledge to bend
every effort to carry on your activities with less money. Take with you the
determination to guard against each and every unnecessary expenditure.
Take with you the determination to close the year with unused balances
of appropriations. These are efforts in which you should take pride.
Sacrifices will be required. I want to see the sacrifices of those who are
charged with the expenditure of the money of the Government somewhat
commensurate with the sacrifices that have to be made in the home by
the taxpayers who furnish the money for the Government.
If you are in
doubt as to the wisdom of such sacrifices, resolve the doubt
in favor of
economy.
I am speaking to you in the interest of the taxpayers. Their
interests are
our only interests. It is our duty to serve them. and serve them well
and
faithfully. They are the main support, the chief and only foundaeon of
the economic system of this country.
We can best serve them by reducing their burden of taxation. If you
become weary under this constant call and pressure for economy, think of
of the beneficiaries of your efforts. Think how they have borne uncomplainingly their burden. This will hearten you to renewed effort. Our
nation is prosperous. Its prosperity is due largely
to the economy which
has been effected in the cost of government.
It is this economy that has encouraged business, abolished unemployment, made wages high and work plentiful. It is this economy which has
enabled us since 1921 to reduce our public debt so materially. It is this
economy which has enabled the reduction in taxes.
Estimated Expenditures For Current Fiscal Year.
It is estimated that our expenditures this fiscal year, excluding postal expenditures, will amount to $3,534,000.000. Included in this estimate is
U71,800,000 required by law to be applied to the reduction of our national
debt. It is my desire that our expenditures this year, excluding this
amount for the public debt retirement, be kept within $3.000,000.000.
This will require a curtailment of our expenditure program by $62,000,000.
With your full co-operation I believe that we can effect this further reduction in our expenditure program for this year. I ask your co-operation and
effort to this end. Our estimated expenditures for the next fiscal year are
well under the $3.000,000,000 mark, but!desire to reach the goal this
year.
Here is a concrete objective. Revise your expenditure programs so
as to
contribute your share to the saving.
Reduction in Government Employees.
At our meeting last June I called your attention to the necessity
of reducing the Government payroll. The matter of personnel should
be kept
constantly in mind. It is the heaviest single item of our expenditures.
In
1913the average salary of Government employees in the District of
Columbia
was $1,134. On July 1 1924 the average salary was $1.749.
This shows an
increase in the average salary of $615 within this period. I do
not think any
one can claim that the cost of living has increased $615 in
the same time.
This is more than a54% advance.
Should the salaries of all employees in each class reach the
average rate
authorized for the class the average salary would be $1,809 per
year. We
cannot look to a reduction in pay to effect a reduction in the
Government
payroll. What we are looking for Ls a reduction in the
number of employees.

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Let me remind you that the Government payroll for 1924 reached the staggoring total of $1,680,000,000. This includes the active personnel of the
Federal service, the several retired lists, the pensioners and other beneficiaries of the Government.
This staggering total should cause concern—not only to us but to every
thinking citizen. While there cannot be, and should not be ,parsimonious
withholding from deserving pensioners who have a just lien on our gratitude
and purse, and while inadequate compensation for necessary and worthy
employees should not be advocated, not a dollar should be asked from the
taxpayers for superfluous personnel.
We have superfluous employees. It is an unpleasant and difficult task to
separate people from the Federal service. But it can be done. It will be
done. I advise Federal administrators to plan to operate with a smaller
personnel than is now employed.
The President is not lacking in appreciation of the high class of service
rendered by Government officials and employees. He has knowledge of the
technical, professional and scientific equipment of personnel in the Government service and the high average of ability, devotion to duty and industry
of the Government employee. If it were not for the intangible spirit of service, love of performance for the Government, devotion to its interests and
complete commitment to projects and interest into which many of these
officials have built their worthy lives, the Government would be in a bad
way.
As it is, the Government service is training ground for personnel for commercial interests, and will always continue to be. A review of the Federal
payroll discloses great administrators,learned scientists, skilled technicians
and talented professional men, In many cases submerged, laboring diligently, intelligently and devotedly, and contributing the best that is in
them—and that best incomparably good—to the nation's interests.
And faithful, capable performance is not confined to these particular
classes, for service of high character and value is being given the Government by the great mass of Federal employees in Washington and in the field.
The disloyal and incompetent are the exception. No more devoted, patriotic and efficient employees can be found anywhere than Government servants. Their loyal effort and intelligent co-operation is making economy
with efficiency possible, and their familiarity with the operations and policies of their various activities make them indispensable to administrators
of the Government.
The President of the United States, the members of his Cabinet, and the
heads of the independent establishments and the great bureaus of this
Government are dependent upon these devoted dependable Federal employees for the efficient conduct of the business of government ientrusted to
them.
At our last meeting I had occasion to call your attention to the fact that,
under the law, the only lawful estimates are those which the Chief Executive transmits to Congress. My reason for then calling the matter to
your attention was that in a few instances officials of the Executive branch
of the Government advocated before the committees of Congress the appropriation of amounts in excess of those recommended in the Executive
estimates. Both the letter and the spirit of the budget and accounting Act
prohibit such action.
There is nothing, however, in the law, nor any intent on the part of the
Chief Executive, to preclude the officials who appear before the committees of Congress from giving the committees full and complete information on any item contained in the estimates. There is a marked distinction
between advocating an increase in the Executive estimates and furnishing
• Congress with full and complete information concerning them. The former
is prohibited by law, as it should be. The latter is a fulfillment of the right
of Congress which has never been questioned nor should ever be questioned.
Before we meet again you will have your appropriations for the next fiscal
year. In formulating your expenditure programs under these appropriations, keep constantly in mind the necessity for economy. In making
your apportionments of these appropriations, set up a reasonable amount
in a reserve status. This course has helped you in the past. It has enabled you to meet ordinary emergencies without interfering with your regular program. It has helped us to save.
Financial Outlook for 1926.
For the next fiscal year. 1926, our financial outlook as presented in the
budget for that year is most encouraging. If the budget program is sustained by Congress at this session I will be able in the next budget to
recommend a further reduction in taxes. The outlook for 1926 is that we
will have a surplus that year of more than $373.000,000. Any increase
in receipts will swell this surplus. And any decrease in expenditures will
again add to the surplus. By economy in operation you can help swell
this estimated surplus. Each dollar that you add to it should go to the
benefit of the taxpayer in reduction in taxes.
This intensive drive for economy is increasing the efficiency of Federal
business. Let those who are inclined to scoff at it, those who are inclined
They
to refer to it as cheese-paring, look at the result it has accomplished.
will find there an answer which is complete and overwhelming. If the
practice of economy is not popular, the results of it are viewed with tremendous satisfaction. Your own closer scrutiny of your requirements, the
searching revision of your estimtaes by the Bureau of the Budget, and the
all lead to
further searching inquiry by Congress of the budget estimates,
efficiency of operation. They separate the necessary from the unnecessary.
sufficient only for the necessary.
Tbey lead to the grant of funds
I say to you here is beThis meeting to-night is being broadcast. What
interests we are gathered.
ing heard by the invisible audience in whose
have not failed them in
They are watching our efforts in their behalf. We
them in the four years to come.
these last four years. We will not fall
will be years of continuous pressure for economy.
These next four years
There must be no retreat.
era of Increasing business activity and
We are evidently entering upon an
business we can surely depend upon
material prosperity. With increasing
heretofore indicated my purpose that growincreasing revenues. I have
unwarranted increases in Federal exing revenues shall not be absorbed in
reasonable increase in cost of
penditures. As the country grows an honest,
must not be timed to
Government is expected. That increase, however;
increase in revenue.' Necessary inkeep step, dollar for dollar, with the
must
creases in the cost of Government, due to legitimate Federal growth,
and the elimination of
be offset by reduction in costs of existing activities
with
projects and the discontinuance of operations that can be dispensed
without interference with Federal efficiency.
We are occupying fields that should be abandoned. We must reduce the
cost of Government to a point which will reduce taxes to a point where
they cease to be a burden. Loyalty to the taxpayers of this nation demands
that we secure this result.
Before turning this meeting over to General Lord, the Director of the
Bureau of the Budget, I wish to express to him appreciation of his disinterested and faithful service. The law has not provided a more important
fiSice than that which he holds. Our entire service has no officer more truly
devoted to the promotion of the welfare of the people. I wish also to exPress my appreciation of your efforts and my faith in your loyalty and devotion to a continuation of the economy program which we are following.

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[VoL. 120.

Brig.
-Gen. Lord, Director of Budget, Urges Support of
Economy Program of President Coolidge.
At the meeting of the Government's Business Organization
on Jan. 26, held at Memorial Continental Hall, Washington,
Brig.-Gen. H. M. Lord, Director of the Budget, proposed,
according to the Washington "Post" that every department
and bureau head co-operate in the formation of a "2%
club," to save that ratio of the appropriations of the budget
now in preparation, for the purpose of paring 862,000,000
from it to bring it under $3,000,000,000. The address made
at the meeting by President Coolidge, in which the need
of economy in Government expenditures was urged, is referred to in another item. Gen. Lord, bespeaking the
support of the President's program, is reported in the
Washington "Post" as saying:
If we are not in full sympathy with the program of the Chief Executive.
If we are not prepared to sacrifice our personal wishes, plans and opinions
to the general administrative policy, if we are not willing to make our pride
of performance subsidiary to the welfare of the government as a whole,
If we are not ready to march loyally with the President along the high road
of economy, we should enlist under another flag.

Gen. Lord in analyzing the Government receipts and appropriations, spoke of the United States as a corporate organization with 115,000,000 stockholders, says the Washington advices to the New York "Times" which added:
He likened tonight's session to a meeting of a board of directors, the
President of the United States acting as the head of the directorate.

The meeting was attended, the same paper says, by 30
or more Government officials, including Secretaries Mellon,
Hoover, Wilbur, Work and Gore; Attorney-General Stone,
Postmaster-General New, General Hines, Chief of Staff,
U. S. A., and Admiral Eberle.
John J. Kiely's Nomination as New York Postmaster
Confirmed by Senate.
The U. S. Senate on Jan. 22 confirmed the nomination
of John J. Kiely as Postmaster of New York City.
President Coolidge Requested by Senate to Call Second
International Disarmament Conference—United
States Navy Is up to 5-5-3 Ratio.
Under a resolution, proposed by Senator King of Utah as
an amendment to the Naval Appropriation bill, President
Coolidge is requested by the Senate to call an international
conference in Washington for the purpose of reaching an
agreement by which an effectual reduction in armaments
will be brought about. The resolution was adopted by the
Senate on Jan. 21 without any objection or discussion. It
reads:
That the President is authorized and requested to invite the Governments
with which the United States has diplomatic relations to send representatives
to a conference to be held in the city of Washington, which shall be charged
with the duty of formulating and entering into a general international agreement by which armaments for war, either upon land or sea, shall be effectually reduced and limited, in the interest of the peace of nations and the
relief of all nations from the burdens of inordinate and unnecessary expenditures for the provision of armaments and the preparation for war."

Diplomatic relations have not yet been resumed between
the United States and Russia, and it will thus be seen that
Senator King worded his amendment so that Russia will be
excluded from the proposed conference. With regard to the
attitude of President Coolidge towards the Senate's recommendation, it is understood that while favoring the idea of
a further international reduction of armaments, the President desires first to await possible action by the League of
Nations with a similar purpose. On Jan. 17 the following
Washington message appeared in the "Journal of Commerce"
on this subject:
Conditions in Europe still preclude any move by the United States toward
another arms conference, in the opinion of President Coolidge. The Washington Government consequently is making no further move toward the calling of such a conference.
The White House to-day authorized a flat denial of published stories that
an arms conference would be called early in the spring.

The British Government, according to London advices,
concurs with the President's views. We quote from a copyright message from the New York "Herald Tribune's" London Bureau, dated Jan. 23:
The British Government is in sympathy with the American Senate's desire
for another disarmament conference, but regards convocation of such a gathering impracticable at present.
There are several factors which determine this attitude. First is the belief
that, until something definite has been settled as to the fate of the Geneva
protocol, the Cabinet has no wish to take up any other disarmament scheme.
Second, there is apprehension lest the Dominions, which already have
shown themselves refractory over the protocol—Australia having rejected it
flatly—should have their own ideas regarding a conference called by President Coolidge.
Want Parley in Europe.
In the third plate, there still is in London adhesion to the idea held by
conference,
most British and French politicians that the next arms limitation

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THE CHRONICLE

537

whenever it is held, should be in Europe. Then there is the definite problem of French security, which now is the centre of intricate and far-reaching
negotiations.

ing with Saghalien oil concessions, regarding which Wilfrid
Fleisher, in a copyright dispatch from Peking to the New
The prolonged discussion which has been carried on in York "Times" on Jan. 22 said:
At the
political circles, based on reports, or rumors, that the Ameri- sions in outset Japan demanded that Russia cede to her all the oil concesNorthern Saghalien for a period of 55 or 99 years as indemnity for
can Navy has fallen below the 5-5-3 standard adopted at the the Nikolaevsk massacre. According to the agreement signed, however,
Japan only obtains "an expression of regret for the acts which took place in
Washington Naval Conference, appears to have been dropped
the town of Nikolaevek."
finally. The assurances of Secretary of State Hughes and
Japan gets only a lease and 50% of concessions for a period of 45 years
Secretary of the Navy Wilbur have been received that the and is obliged to pay Russia a royalty of 10 to 15% of the oil output.
Japan also demanded at the outset the repayment of the Russian debt,
ratio is being maintained. In the report of the Senate Naval
but, according
Appropriations Committee it is stated that with the excep- for adjustment to the agreement just concluded, the question "is reserved
at subsequent negotiations." Such is also the fate of the
the battleship Florida. laid up for refitting, "no one treaties which Japan had asked the Soviet to recognize, with the exception
tion of
can say that as to capital ships the 5-5-3 ratio does not pre- of the Portsmouth Treaty, which is recognized by the present agreement.
On the other hand,
full recognition as a prevail." Secretary Hughes published a letter relating to a liminary to discussionsRussia originally demanded Saghalien, and would only
concerning concessions on
missive received from the British Government on the subject grant concessions to Japan on the same terms as to other nations.
Japan has now agreed to withdraw her troops from Northern Saghalien
of the proposal to increase the elevation of turret guns of
by May 15,
soon
American capital ships. The United States Navy will not thaw sets in,beginning "asis nowas practicable," depending upon when the
icebound.
as the island
proceed with these alterations, for the reason that such acConcerning the question of propaganda, the two countries reciprocally untion might give rise to international competition in arma- dertake not to conduct propaganda in the country of the other.
ments. Secretary Hughes wrote in part:
As regards the question whether such increase in the elevation of turret First Resignation From League of Nations—Costa Rica
guns involves any "reconstruction," it is stated to be the view of the British
Announces Her Withdrawal, Due to Criticism
Government that the increase of the elevation of guns, together with conseof Budget Committee.
quential alterations such as scrapping or replacing of existing fire control
system, etc., involves considerable "reconstruction" in the fullest sense of
The following Associated Press advices from Geneva were
the term.
published here on Jan. 23:
The British Government lay particular

emphasis upon what it described
Costa Rica filed her formal resignation from the League of Nations to-day,
as a larger aspect of the question; that is to say that one of the objects of
the treaty is to reduce the burden of competition in armament, and the transmitting with her message a check for her back dues. No reason was
British Government feels that action by the United States in the elevation given for the withdrawal, but a League official said it was assumed that the
resignation was due to the criticisms of the country for failure to pay her
of turret guns would tend to defeat this object to a considerable extent
In these circumstances the British Government make an earnest appeal assessments, voiced during the sessions of the budget committee at the last
that the Government of the United States should not impose upon the peoples Assembly.
The letter containing notice of resignation inclosed a check for $18,677 in
of the countries concerned the burdens of competition in armament which
are deemed to result from the execution of the proposal to elevate the tur- payment of back dues for the years 1921-1924, inclusive. Costa Rica's annual assessment was about $5,000, her dues, like those of some of the other
ret guns on retained capital ships of the United States. It being considered
that even if argument can be found in support of the contrary interpretation Central American States, having been reduced considerably some time ago.
of the treaty the effect of carrying out such proposals would be incompatible This is the first resignation from the League, and reduces the membership
to 54 nations.
with its contentions.
I may add that, in view of the detailed description given by the Navy
Department of the nature of the changes which would be necessary to elevate United States Will Recognize Honduran Governmen
the turret guns on the capital ships retained by the United States, these
on Feb. 1.
changes appear to be of minor sort, and in my opinion would not constitute
Recognition of the Honduran Government by the United
a reconstruction of the ship within the meaning which should be attributed
States Government will take place on Feb. 1, upon the into the provision of the naval treaty.
I am of the opinion, however, that while such changes as would be con- auguration of the new constitutional authorities of Hontemplated in the case of American ships would not constitute a violation of
the terms of the treaty, they would tend to evoke the competition which duras, Secretary of State Hughes has announced in Washit has been the policy of this Government to mitigate. It may also be stated ington. The National Assembly, it is stated, has declared
that so far as the United States is concerned the question appears to be of the election of President Barahana by an overwhelming
consequence only in relation to certain of the specified retained ships, and
these ships under the replacement clause of the treaty are to be replaced majority.
within ten or twelve years.

C. Bascom Slemp, Secretary to President Coolidge
Resigns—Will Be Succeeded by Representative
Everett Sanders of Indiana.
C. Bascom Slemp, Secretary to President Coolidge, has announced his resignation, which has been accepted by the
President. He will be succeeded on March 4 by Representative Everett Sanders, of Indiana, who has served four terms
in Congress, having declined, however, to offer himself
again as a candidate last November. He was born at CoalSenate Adopts Majority Report, Condemning Governmont, Ind., on March 3 1882. Mr. Slemp intends to take up
ment Oil Reserve Leases—Minority Report
law practice in Washington with the firm of Good, Childs,
Defeated.
Bobb & Westcott, of Chicago and Washington.
The Senate committee's majority report on tne investigation into the leasing of Government oil reserve land to E. L. Thomas
D. Thacher Named as United States District
Doheny and Harry F. Sinclair has been adopted by the SenJudge, Succeeding Judge Learned Hand.
ate by 40 votes to 30. The report was presented by the ComThomas Day Thacher, a member of the law firm of Simpmittee on Public Lands and Surveys, which conducted the
son, Thacher & Bartlett, has been nominated by President
investigations, and, in short, it reviews that which transpired
Coolidge, on the recommendation of Attorney-General Stone,
in the course of the investigations, adding condemnation of
to be United States District Judge for the Southern District
parts played in the negotiation of the oil leases by forthe
of New York, in succession to Learned Hand, who has been
mer Secretary of the Interior Fall, E. L. Doheny and Harry
appointed to the Circuit Court of Appeals. Mr. Thacher, 42
F. Sinclair. The report also criticizes the policy involved in
years of age, has had rich experience in several noted trials
leasing Government oil reserves to private interests.
during the past dozen years. He is also well known in the
Prior to voting on the majority report on Jan. 20, Senator
business field, figuring on various directorates.
Spencer, Republican, of Missouri, presented a minority report on behalf of the Republican members of the investigaUnderwood Muscle Shoals Bill Passed by United States
tion committee. Senator Spencer's report, which concurred
Senate.
In the majority report's criticism of Albert B. Pall, but abThe Senate stand on the Muscle Shoals legislation was
solved former Secretary of the Navy Denby from all blame,
finally determined on Jan. 14, when, by a vote of 50 to 30 it
and asserted that the Government "saved millions" by means passed the
Underwood bill providing for the leasing to priof the oil leases, was defeated by 42 votes to 28. The ma- vate interests
of the Government's war-time nitration fixajority report was written and submitted by Senator Walsh, tion
plants Nos. 1 and 2, located respectively at Sheffield,
Democrat, of Montana.
Ala., and Muscle Shoals, Ala., and providing also for the production and sale of fertilizer to farmers. The Underwood
Gets Saghalien Oil Concessions in Treaty
Japan
bill was accepted by the Senate as a substitute for the House
Effected With Soviet Russia.
McKenzie bill, which had authorized the acceptance of
After three and a half years' negotiation, the treaty be- Henry Ford's offer for the project. The withdrawal of Mr.
tween Japan and Soviet Russia, marking the resumption of Ford's offer was reported in these columns Oct. 25, page
diplomatic relations between the countries, was signed Jan. 1921; in our issue of May 3, page 2131, we referred to the
20 at Peking. The signatory Powers have yet to ratify it. Of adoption by the House on March 10 of the McKenzie bill by
leading importance among the treaty provisions is that deal- a vote of 227 to 142. On May 21 a motion to report the bill
What seemed to be the final word on the subject came
Jan. 19, when the Senate, by 45 votes to 22, defeated a motion by Senator McKellar, of Tennessee, to suspend the rules
to place in order an amendment authorizing the Navy Department to proceed with the elevation of the turret guns on
thirteen capital ships. The Administration's policy is thus
upheld by the Senate.

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embodying the Ford proposal was rejected by the Senate
Committee on Agriculture by a vote of 10 to 6, and on May
27 the Committee, by a vote of 11 to 4, decided to report the
Norris bill for Government operation of Muscle Shoals, after
again rejecting on that day, by a vote of 11 to 4, the Ford
proposal. The majority report on Muscle Shoals was presented to the Senate on June 2, and the minority report was
submitted June 3. On June 4 agreement was reached by the
Senators interested in the project, to postpone consideration
of the legislation until the next session of Congress. Following the reconvening of Congress on Dec. 3 the Muscle
Shoals issue was brought to the floor of the Senate on Dec. 4,
when the authors of the two proposals—Chairman Norris of
the Senate Agriculture Committee and Senator Underwood,
Democrat, of Alabama—presented their views at length.
Both measures called for Government ownership, either
private or Government operation, development of power,
manufacture of fertilizer and improvement of the navigability of the Tennessee River, but the Norris bill stressed power
development, while the Underwood bill required the production first of a minimum amount of nitrogen for munitions
and fertilizer. Senator Norris proposed Government operation, while Senator Underwood favored private operation.
In the House on Dec. 4 Representative Kearns, Republican
of Ohio, introduced a resolution authorizing a Congressional
committee to negotiate with prospective bidders and make a
report on disposition of the property.
Before finally adopting the Underwood bill on Jan. 14 the
Senate switched its position some half a dozen times in the
course of a week; in recording the Senate action on the 13th
Inst. the New York "Journal of Commerce" in its Washington advices said:

[VoL. 120.

The forces behind the Jones amendment rallied and again submitted that
amendment as a substitute for the Underwood bill. The leaders of all factions realized that at last a test vote was at hand which would virtually
decide the contest. A roll was called and the Jones amendment was defeated, 43 to 38, forecasting the ultimate adoption of the Underwood plan
when it was reported to the Senate in regular session. This vote was as
follows: For the Jones amendment, 38; against the Jones amendment, 43.
Senator McKellar offered another amendment in a last-hour effort to stave
off action on the Underwood plan by the Senate in regular session. It provided that an appropriation of $100,000 be made for an investigation by the
President and that the latter be authorized to lease or sell the property, subject to the approval of Congress, and report back by December next. Objection was made on the ground that this was but another way of phrasing the
Jones amendment, which had just been defeated. A vote was permitted,
however, as the quickest way to dispose of the proposal, and it was beaten,
52 to 29.
Then, without a record vote, the Underwood bill was substituted for the
House bill and was reported out of Committee of the Whole.
The Underwood bill, as adopted, authorizes the President to lease the
Muscle Shoals properties, either separately or as a whole, for a period not
to exceed 50 years to an American citizen or citizens, or a corporation controlled by Americans. Such leases must be executed by Sept. 1 1925, if they
are to be effective, and if this is not done the Government is to maintain
and operate the properties.
The Underwood bill dedicates the Shoals to national defense and provides
that nitrates should be manufactured and, after the needs of public defense
are provided, the agriculturists shall have first call on the nitrates for use
as fertilizers.
The McKellar amendment, which was accepted by Mr. Underwood, provides
that 40,000 tons of nitrates shall be manufactured not later than the sixth
year of the lease, and that "the farmers and other users of fertilizers shall
be supplied with fertilizers at prices which shall not exceed 1% above the
cost of production.

By a vote of 181 to 41 the House on Jan. 27 voted to send
the Underwood bill to conference. The appointment of the
House conferees that day put the matter again up to the
Senate, for the selection of managers to confer with those of
the House. On the 28th the Senate agreed to name a conference committee and selected Senators Keyes, New Hampshire, and McKinley, Illinois, Republicans, and Kendrick,
Wyoming, Democrat, as its conferees after Chairman Norris,
of the Agriculture Committee, with Senators McNary,
Oregon, and Smith,South Carolina, the ranking Re-publican
and Democratic members, had declined to serve.
Speaker Gillett appointed as the House conferees Representative McKenzie of Illinois, Chairman of the Committee on Military Affairs; Representative Morin of Pennsylvania, ranking Republican on that committee, and
Representative Quin of Mississippi, ranking Democrat.

Out of a welter of votes, arguments and parliamentary tangles the Senate
emerged to-night to find itself in exactly the same position with respect to
Muscle Shoals that it was when the subject first was taken up six weeks ago.
Completing the three-point circuit of measures on the subject, the chamber
wound up with the once rejected Norris plan for Government operation before
them and the once approved Underwood Private Leasing bill again pending
as a substitute.
Chronologically the events of the day were:
The Jones bill to refet the subject to a commission for a report as to a
final disposition was approved, 46 to 33, over the Underwood bill, which had
been accepted last week over the Norris plan, 48 to 37.
The original Norris bill, in slightly amended form, then was accepted as
a substitute for the Jones bill, 40 to 39.
Senator Underwood then offered his bill in amended form as a substitute Federal Trade Commission's Report to Senate on Cotfor the Norris measure, and failing to have it ruled out on a point of order,
ton Merchandising Practices—Suggestions for
supporters of the Norris plan renewed their assault upon it.
Remedying Alleged Abuses.
Finally, the Senate threw the whole subject aside until to-morrow and proceeded to consideration of the first Deficiency Appropriation bill.
In a report on cotton merchandising practices sent to the
Whether the Underwood bill is accepted or rejected, Senator Jones, Republican, Washington, says he will offer his substitute anew after amending Senate on Jan. 20 by the Federal Trade Commission, many
it so as to provide for a commission of five to investigate instead of a com- of the practices in handling consigned cotton are described
mission of three.

According to the same paper, the Senate approval on Jan.
14 of the Underwood bill was brought about by a coalition of
Administration Republicans and a group of Democrats and
came after Senator Curtis, of Kansas, the majority leader,
had conferred with President Coolidge at the White House.
From the Washington dispatch to the New York "Times"
Jan. 14 we take the following:

as "illegal," and suggestions for remedying the conditions
through voluntary measures are offered. Stating, however,
that "voluntary action of this character by the Exchanges
and the banks appears to be altogether unlikely" the Commission says that "Federal legislation would be of great
value in remedying these conditions"; such legislation, the
Commission continues, might well be directed along substantially the following lines:

This result [adoption of the Underwood bill] was reached after ten Sen1. Making it a criminal offense for consignees in the course of inter-State
ators had changed their vote over night. Yesterday these Senators had or foreign commerce (a) to sell the shippers' cotton to themselves without
voted in support of an amendment of Senator Jones of Washington to refer his express consent; (b) to fail to return or to credit to the shipper within
the whole matter to a commission which would report back to Congress next a specified time after the sale is made the full amount of the sales price, less
December. To-day they abandoned the Jones amendment and voted to sub- proper deductions, such as commission fee, charges for storage, interest and
stitute the Underwood plan, in slightly modified form for all other pro- insurance.
posed amendments.
2. Requiring consignees to obtain from shippers notes covering the amounts
The ten Senators, all Republicans, who deserted the Jones commission of all advances on cotton shipped or to be sold or shipped in inter-State or
for the Underwood bill when it was reported from the Com- foreign commerce.
plan and voted
mittee of the Whole were Messrs. Ball, Bingham, Bursum, Cameron, Mc3. Requiring all cotton warehouses licensed under the Federal Warehouse
Cormick, Means, Moses, Oddie, Phipps and Watson.
Act to use uniform single bale receipts with a form on the reverse side,
Shoals wrangle in committee of the which, when filled out will show that the
The Senate tangled up the Muscle
receipt in question has been
whole yesterday by voting, 46 to 33, to substitute the Jones amendment for pledged and is released under a trust receipt.
commission, for the Underwood plan. It was then confidently predicted
a
4. Requiring all shipments of consigned cotton in the course of inter-State
that the Jones amendment would represent the final action of the Senate, and foreign commerce to be stored in a Federal licensed warehouse or Federal
-day that this might have been the licensed section of a warehouse. Warehouses licensed
and some leaders expressed the opinion to
either in whole or In
case but for an unexpected move by Senator Norris, who, not satisfied with part under the Federal Warehouse Act are so numerous and widely distributed
amendment was at least certain to delay matters for that such a requirement is not onerous.
the fact that the Jones
about a year, offered his Government control plan, in amendment form, as
The Commission's letter of submittal outlining the suggesa substitute. The Norris plan had been beaten once before, but this time it
was substituted for the Jones amendment by a vote of 40 to 39.
tions for remedying the alleged abuses also says:
support Mr. Norris obtained was gis en by
It is probable that some of the
LETTER OF SUBMITTAL.
Senators favorable to the Underwood plan, who saw that the ruling by the
Federal Trade Commission, Washington, D. C., Jan. 20 1925.
Chair that the Norris plan in amended form was in order paved the way for
re-submitting the Underwood plan in amended form, although the latter had To the President of the Senate.
been turned down in favor of the Jones amendment only a few hours before.
Sir: There is transmitted herewith, in response to Senate Resolution 252,
June 7 1924, a report on cotton merchandising practices.
Senators Badly Confused.
Abuses in Handling Consigned Cotton.
By this time most of the Senators, except those who had charge of the
In handling cotton consigned to merchants or factors various methods are
various proposals, were badly confused and were voting pretty much the
way the strategist whose leadership they were inclined to follow, advised employed which are condemned by most factors and other members of the
trade, and sometimes by the entire trade. These methods are: (1) Mei'
them.
Senator Underwood had his bill amended by accepting suggestions of chandising by factors, (2) failure to remit full price obtained, (3) selling
Senator McKellar regarding the nitrate production feature, and it was re- cotton without instructions, (4) borrowing on shippers' cotton in excess of
submitted. The first vote to-day, therefore, was on the proposal to accept advances, (5) borrowing excessively on short weight bales and low grade
the amended Underwood bill, in committee of the whole, as a substitute for cotton, (6) loans to consignees and merchants on their own warehouse rethe Norris Government control plan. The vote as recorded on this proposi- ceipts, and (7) repledging pledged receipts.
From a survey made of the existing laws, it is clear that many of these
tion fellows: For the Underwood substitute, 46; against the Underwood
practices are illegal. None the less the fact remains that losses are iresubstitute, 19.

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JAN. 31 1925.]

THE CHRONICLE

quently incurred under the present methods of handling cotton. The question
may be raised, therefore, as to whether the remedy does not lie in improving
the methods of handling.
It seems obvious that much could be done by the Exchanges and the banks
to improve conditions simply through a more general enforcement of rules
and regulations of the character of those which have already been taken in
certain parts of the cotton belt. Assuming that such remedial action should
follow the lines of voluntary measures taken by the trade and the banks, the
following suggestions are offered:
(1) The Cotton Exchanges should adopt rules whereby the consignee is
forbidden to sell cotton to himself or any organization in which he is financially interested. If this be deemed too drastic, he should be forbidden to do
so without the express consent of the consignor.
(2) The Exchange should be required to keep records of spot sales, including exact time of all sales, grades, staples, etc., and to provide the necessary mechanism to enable the consignor to compare the price obtained by
him on sales to the factor with other sales of cotton of similar character in
the same market. Appropriate penalties by way of suspension and expulsion
should be provided to enforce these rules. This should, of course, be subject
to proper qualifications permitting the consignee to sell the cotton to himself or to others to protect advances to consignor in the event of a market
decline.
(3) The Cotton Exchanges should require factors to report to their shippers the names of the purchasers of their consignments!
(4) Exchange rules should require the suspension or expulsion of any
member not returning the full amount of the sales price, less the proper deductions, to the consignor.
(5) The Exchanges and the banks should both adopt rules requiring
cotton factors to obtain notes from shippers covering all advances made
and further requiring them to present these notes to the banks in applying
for all loans secured by consigned cotton.
(6) That cotton shippers instead of consigning cotton to the factor without reservation, should consign either to themselves, or to the factor as
agent for themselves. If this were done, persons with whom the bill of
lading is negotiated will be on notice that the factor is acting as the agent
of the shipper. Banks and cotton exchanges would be performing a real
service if they helped to bring this about.
(7) The block receipt for a number of bales of cotton should be abolished
and the single bale warehouse receipt adopted in its stead. This form of
receipt has been in use successfully at Memphis and also at New Orleans. All
the exchanges should adopt this form of warehouse receipt. The banks are
in a position to compel its adoption by refusing loans based on block receipts. Each single bale receipt should be required to show the weight of
the cotton and, at least in the case of consigned cotton, the grade.
(8) The banks should require that all receipts pledged as collateral and
released on a trust receipt be endorsed on the back to that effect and the
exchanges should adopt rules requiring that all receipts carry on the back a
form of statement adapted to such an endorsement. This would serve to
prevent receipts being pledged more than once.
(9) The exchanges and banks should adopt rules requiring that all shipments of consigned cotton should be stored in a Federal licensed warehouse or
a Federal licensed section of a warehouse and the banks should refuse to loan
on consigned cotton unless so stored.
(10) The Exchanges or the banks, or both of them, should adopt one of
the following plans:
(a) Guaranty by a surety company of the weight and character of the
cotton supporting each receipt.
(b) A custodian system for warehouses under the supervision of the
Exchange, or the banks, or both, providing for the signing of receipts by the
custodian and inspection of warehouses and actual counting of bales.
(11) The Uniform Receipts Act which is in effect in seven of the cotton
States and Virginia should be adopted by all the cotton States. One provision of this Act requires that if a receipt is issued for goods of which the
warehouseman is owner, either solely or in common with others, the extent
of his equity must be indicated on the receipt. Violations of this provision
of the Act should be made punishable by a heavy fine or imprisonment, or
both.
It is believed that the adoption of these or similar measures would have
an excellent effect, particularly if it were general. Voluntary action of this
character by the Exchanges and the banks appears to be altogether unlikely,
however, in any short period of time. Without assuming to pass upon the
constitutional power of Congress to legislate in this field, it is believed that
if it be the judgment of Congress that the transactions discussed are a part
of inter-State commerce, Federal legislation would be of great value in
remedying these conditions.

The legislation proposed is as given further above.

FOREIGN HOLDINGS OF SHARES OF 17.8. STEEL CORPORATION.
Cz
k
rrizt
Dec. 31 Dec. 31 Dec. 31 Dec. 31Dec. 31 Dec. 31 Dec.31
1924. 1923.
1919. 1914.
1922. 1921. 1920.
Africa
2
116
139
73
190
89
135
Algeria
340
Argentina
87
76
a
78
45
90
77
Australia
a
96
80
120
86
107
104
Austria
690
2,080 1,636 2,472 4,438 3,049 2,888
Belgium
2,346 2,318 2.214 2,279 2,264 2,689 3,609
Bermuda
46
84
97
196
191
124
190
Brazil
18
- - - - - - - - -162
80
143
142
144
79
British IndLs17
---Bulgaria
Canada
22,838 23,422 24,948 30,885 31,311 35,686
Central Amer_
34
243
75
226
54,296
Chile
145
_3_8
174
138 !
16
230
187
209
China
141
119
172
179
73
78
Colombia
1
1
1
Denmark
--1-11
16
26
16
26
26
16
Ecuador
2
2
2
2
---------E.gypt
60
60
60
60
England
,621
100,689 101,118 160,876 167,752 159,613 166,387 710
France
10,921 11.203 10,499 13.210 13,939 28,607 64,537
Germany
291
1,395
959 2,664
520
1,281
1,015
Gibraltar ___.,
100
-------------Greece
5
5
5
Holland
45,606 51.054 48,827 50,741 73,861 124,558 342,645
India
50
70
59
96
127
106
Ireland
356
160
228
256
399
353
Italy
269
2;13i6
141
274
281
317
461
273
Japan
56
55
6
55
I
6
Java
28
16
15
8
41
---Luxembourg-.
1
1
1
1
21
Malta
40
ii
40
40
40
40
40
Mexico
125
SOO
165
340
320
225
338
Norway
TO
23
60
65
60
60
65
Peru
6
33
14
5
20
---Poland
------3
503
---Portugal
"iii
Rumania
5
---8
8
8
8
Russia
--io
8
3
14
8
Scotland
1455 -128 4,108
2,489 2.199 2,197
797
Serbia
8
8
8
8
8
Spain
"La 1,225
302
561
232
330
340
Sweden
70
14
104
178
31
165
Switzerland
2.793 2,473 1,980
.180 1.860 1,649 1,470
Turkey
16
---197
200
197
200
197
Uruguay
Venezuela
____
--__
____
-___
623
Wales
39
--55
West Indies.._ 3,888 3.942 3,367 3,502 3.590 3.228
1,872

1?

Total

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Federal Reserve Bank of St. Louis

198.010 203.109 261.768 280.026 292,835 368,895 119 306

Preferred Stock
Africa
Algeria
Argentina
15
Australia
90
Austria
428
Azores
120
Belgium
192
Bermuda
476
Brazil
168
British India
Canada
2i,o6
Central Amer182
Chile
15
China
106
Colombia
5
Denmark
50
Egypt
England
45,444
France
14,170
Germany
1,374
Greece
5
Holland
10,616
India
302
Ireland
989
Italy
1,880
Japan
1
Luxembourg
23
Malta
50
Mexico
56
Morocco
Norway
12
Poland
Peru
4
Portugal
Russia
15
Scotland
1,318
Serbia
Spain
975
Sweden
84
Switzerland
2,745
Turkey
105
Wales
West Indies
1,586
Total

Foreign Holdings of United States Steel Corporation
Common Show Further Decrease.
A further decline in the foreign holdings of common
shares of the United States Steel Corporation is shown by the
figures for Dec. 311924. The holdings abroad of preferred
shares, however, show a slight increase. According to the
latest statement, the foreign holdings of common stock have
fallen off from 201,691 shares on Sept. 30 1924 to 198,010
shares Dec. 31 1924. This compares with holdings abroad
of common of 203,109 shares Dec. 311923, 261,768 shares
Dec. 31 1922, 280,026 shares Dec. 31 1921 and 292,835
shares Dec. 31 1920. The holdings abroad of preferred
shares, on the other hand, totaled 111,759 shares on Dec. 31
1924 as compared with 111,557 shares Sept. 30 1924. On
Dec. 31 1923 preferred holdings abroad were 113,155 shares;
on Dec. 31.1922, 121,308 shares; on Dec. 311921, 128,818
shares, and on Dec. 31 1920, 111,436 shares. As compared
with the period before the war, the shrinkage in these
holdings is very striking. For instance, the foreign holdings
of common, which now, as already stated, stand at 198,010
shares, on March 31 1914 aggregated no less than 1,285,636
shares, while the preferred holdings abroad now at 111,759
shares compare with 312,311 shares on March 31 1914.
Below we furnish a detailed statement of the foreign holdings
at various dates since Dec. 31 1914:

539

116

47

47

67

70

--ia
113

--IB

-"IR

"
-IR

18

123
2,566
120
117
285
20

104
2.463
120
314
348
84

113
123
284,770
120
120
"iiii
292
287
287
430
430
430
36
29
23

68
76
11
484
2,086

-iii
21
31
81

27Na 27713H 2ci.i5i 32r.go 3056 34,673
:
140
41
100

5

70

127
45
92
5
58

21
23
119
16
58

24
23
119
4
58

46,513 54,201 54,282 31,306
15,644 15.675 17.036 18,649
1,101
4.131
4,152 4,142
5
5
5
37
10,742 9,180 9,555 13,935
325
305
• 290
326
505
939 1,049
995
1,958 1,791
1.867 1.811
1
1
1
1
23
23
23
23
50
50
50
50
96
116
25
25
12

12

12

2

----

6

6

15
1.448

15
1.468

26
937

14
78

1.065
84
2,772
115

1,148
74
2,128
115

1,160
79
2.167
115

-OLO

-r7o8

"iiii

1,270
283
2.174
100
39
560

6

9
25
105

55

146
12
42

--iii
78
140
35
37.703 174,906
23,663 36,749
3,796 3,262
38
65
23.094 29,000
302
318 4,iii
1,678
2,087
1
81
23

50

7
28

-ioi

236
7
27

5
6
120
43
12
171 13,747
260
4211
1.270
1,1117
1.370
2,672 1,617
100
100
33 1,0613
874
1.145

111.759 113.155 121.808 128.818 111.436 138.566 809,457

COMMON.
PREFERRED.
DateShares. Per Cent. DateShares. Per Cent.
Mar. 31 1914
1.285,636 25.29 Mar. 31 1914
312,311 8.67
June. 30 1914
312.832 8.68
1,274,247 25.07 June 30 1914
Dec. 31 1914
1,193,064 23.47 Dec. 31 1914
309,457 8.59
Mar 31 1915
1,130,209 22.23 Mar. 31 1915
308.005 8.55
June 30 1915
303.070 8.41
957.587 18.84 June 30 1915
Sept. 30 1915
297,691
8.26
826,833 16.27 Sept. 30 1915
Dec. 31 1915
274.588 7.62
696,631 13.70 Dec. 31 1915
Mar. 31 1916
262.091
7.27
634.469 12.48 Mar. 31 1916
Sept. 30 1916
171,096 4.75
537.809 10.58 Sept. 30 1916
Dec. 31 1916
156,412 4.34
502.632 9.89 Dec. 31 1916
Mar. 31 1917
151,757 4.21
494,338 9.72 Mar. 31 1917
June 30 1917
142.226 3.94
481.342 9.45 June 30 1917
Sept. 30 1917
140.039 3.59
477,109 9.39 Sept. 30 1917
Dec. 31 1917
140.077 3.88
484,190 9.52 Dec. 31 1917
Mar. 31 1918
140.198 3.90
485,706 9.56 Mar. 31 1918
June 30 1918
149,032 4.13
491.464 9.66 June 30 1918
Sept. 30 1918
147.845 4.10
495.009 9.73 Sept. 30 1918
Dec. 31 1918
148.225 4.11
491.580 9.68 Dec. 31 1918
Mar. 31 1919
149.832 4.16
493.552 9.71 Mar. 31 1919
June 30 1919
146,478 4.07
465,434 9.15 June 30 1919
Sept. 30 1919
143.840 3.99
394,543 7.76 Sept. 30 1919
Dec. 31 1919
138,566 3.84
368,895 7.26 Dec. 31 1919
Mar. 31 1920
127.562 3.54
348,036 6.84 Mar. 31 1920
June 30 1920
124.346 3.46
342.567 6.74 June 30 1920
Sept. 30 1920
118,212 3.28
323.438 6.36 Sept. 30 1920
Dec. 31 1920
111.436 3.09
292,835 5.76 Dec 31 1920
Mar. 31 1921
106.781
289.444 5.69 Mar. 31 1921
2.96
June 30 1921
105,118 2.91
288,749 5.68 June 30 1921
Sept. 30 1921
103.447 2.87
285.070 5.60 Sept. 30 1921
Dec. 31 1921
128,818 3.58
280,026 5.50 Dec 31 1921
Mar. 31 1922
128,127 3.55
280,132 5.51 Mar. 31 1922
June 30 1922
275,096 5.41 June 30 1922
123,844 3.43
Sept. 30 1922
270.794 5.32 Sept. 30 1922
123.710 3.43
Dec. 30 1922
261.768 5.15 Dec. 30 1922
121.308 3.36
Mar. 29 1923
239.310 4.70 Mar. 29 1923
119.738 3.32
June 30 1923
207,041
4.07 June 30 1923
117.631
3.27
Sept. 30 1923
210,799 4.14 Sept. 30 1923
118,435 3.29
Dec. 31 1923
203.109 3.99 Dec 31 1923
113.155 3.14
Mar. 31 1924
201.636 3.96 Mar. 31 1924
112,521
3.12
June 30 1924
203,059 3.99 June 30 1924
112,191
3.11
Sept. 30 1924
201.691 3.97 Sept. 30 1924
111,557 3.09
Dec. 31 1924
198,010 3.89 Dec 31 1924
111,759 3.10

540

THE CHRONICLE

[VOL.

On the whole, then, our search for a factor of balance and stabilization
In the following table is shown the number of shares of brings us back to this business of construction which is represented here
the Steel Corporation distributed as between brokers and to-day.
It is found by those governmental agencies which maintain touch with
Investors on Dec. 31 1924 and Dec. 31 1923:
has been made in efforts to lessen the
Common—
Brokers. domestic and foreign
Investors, domestic and foreign
Preferred—
Brokers, domestic and foreign
Investors, domestic and foreign

Dec.31'24. Ratio. Dec.31'23. Ratio.
1 332.113 26.21 1,048,318 20.62
3.750,912 73.7J 4.034,707 79.38
193,607 5.37
172,493 4.79
3.430.318 95.21 3,409.204 94.63

The following is of interest as it shows the holdings of
brokers and investors in New York State:
Common—
Brokers
Investors
Preferred—
Brokers
Investors

Dec.31'24. Ratio. Dec.31'23. Ratio.
905,079 17.80
1 189.461 23.40
1,156,940 22.76 1.287,527 25.33
165,911 4.60
145,173 4.03
1 511.183 41.94 1.502,722 41.70

these matters that notable progress
seasonal element in employment for the construction industries. They report that employment is better spread through the year than ever before and
that in the last two or three years the proportion of winter-time employment
has been considerably increased. This is entirely to the good, although much
remains to be desired in this regard.
Sees Possibilities of Usefulness.
Organizations such as your own represent possibilities of much good usefulness in dealing with all these problems. To the extent that they are
devoted to such useful ends, they are entitled to all encouragement. In the
construction industries the movements to develop uniform contract forms
promise much as an assurance of fair treatment to all competitors and securing the best work. It is always recognized, of course, that such organizations may be made the means of an undesirable limitation of competition
and to the unjustifiable increase of profits.
If trade associations could be so conducted that the public might be
assured of all their potential advantages and at the same time safeguarded
against the disadvantages incident to restricted competition and the exaction of too liberal profits, they would render a large service to the community and would be assured of a corresponding measure of confidence and
support. A very wise man, Adam Smith, writing some century and a half
ago, made an observation which suggests how uniform are the processes of
human nature through the generations. He said:
"People of the same trade seldom meet together, even for a merriment
and diversion, but the conversation ends in a conspiracy against the public,
or in some contrivance to raise prices."
We have had a good deal of evidence in our own time that this dictum of
the wise old Scotchman is quite as applicable in one generation as in another. It is this trait of human nature which has in more recent years
compelled society to adopt regulative measures to protect itself. I ant sure
we can all agree that organizations of this kind will command the greater
public confidence, and be the more capable of lasting usefulness, if they recognize the danger of falling into such practices.
There is ample opportunity for good and useful results through organization without overstepping the boundaries of public interest, honest competition and fair dealing. To such a program every trade association may well
be recommended. By punctilious observance of such aims and limitations,
they will best serve themselves and win the commendation of the community.

President Coolidge's Views on Conduct of Trade Associations—How Construction Influences the
Economic Cycle.
That there is ample opportunity for trades to organize
"
- for good and useful results . . . without overstepping
the boundaries of public interest, honest competition and
fair dealing," was one of the main points brought out by
President Coolidge in an address before members of the
Associated General Contractors of America. An obstacle
Impeding the functioning of trade associations, he saw, was
lack of support and confidence on the part of the public.
Herein, President Coolidge said, lay the key to future policy.
The President, discussing unemployment, declared "construction" to be the best remedy thereof. "If in periods of
great business activity," he said, "the work of construction
might be somewhat relaxed, and if in periods of business depression and slack employment these works might be expanded to provide occupation for workers otherwise idle,
the result would be a stabilization and equalization which
would moderate the alternations of employment and unem-State Commerce Commission and Railroad Conployment. This in turn would tend to favorable modifica- Inter
solidations—Four Systems Proposed Among
tion of the economic cycle. It is something," continued the
Eastern Trunk Lines.
President, "to be greatly desired, but its accomplishment is
"Wall Street Journal" on Jan. 27 in Washington adThe
attended by much difficulty." His address, delivered Jan.
vices reported that representatives of the Baltimore & Ohio.
12, follows:
York Central railroads
There are certain particular reasons why I have been glad to avail myself Pennsylvania, Nickel Plate and New
of the opportunity afforded by your presence here to-day to make some re- held an informal conference with the consolidation commitmarks to the members of this association. The importance of construction
the Inter-State Commerce Commission on the groupamong the country's industries hardly needs any testimony. A recent analy- tee of
1924 was $53,600,- ing of railroads in the eastern territory. At this conference
sys reached the conclusion that the national income in
000,000, of which approximately $6,000,000,000 was expended for con- the Baltimore & Ohio, Nickel Plate and New York Central
struction—that is more than 11% of the income. Constructions of one kind
es presented to the Commission a reply to the
and another largely represent the accumulated wealth of a community, and representativ
at the
it is therefore important that they be erected at the lowest feasible expense statement by the representatives of the Pennsylvania
consistent with a high standard of permanence and usefulness.
informal conference last October. Representatives of the
During the war, owing to more instant demands upon producing capacity,
adhered to their position that they could not
construction was neglected, and an enormous construction deficit resulted. Pennsylvania
The necessity of restoring the balance was realized when peace returned, at this time endorse a four-system plan. They will make a
and we have had an era of high construction activity in recent years.
further reply at an informal conference later. The "Wall
Construction as a Balance WheeL
Street Journal" proceeds as follows:
At the unemployment conference called by President Harding, and held
here in Washington in 1921, the importance of construction as a balance
wheel in the industrial scheme was strongly emphasized. The suggestion,
of course, was not new. The idea of utilizing construction, particularly of
public works, as a stabilizing factor in the business and employment situation has long been a counsel of perfection among students of these problems.
If in periods of great business activity the work of construction might be
somewhat relaxed, and if in periods of business depression and slack employment these works might be expanded to provide occupation for workers
otherwise idle, the result would be a stabilization and equalization which
would moderate the alternations of employment and unemployment. This
in turn would tend to favorable modification of the economic cycle. It is
something to be greatly desired, but its accomplishment is attended by much
difficulty.
As a practical proposition it is not easy to convince a man whose factory
Is idle or running on part time that he ought to construct an addition to it
because at some future time it will be needed, or easy to recognize good
times until they are passed. Also, if Government withdraws from the market others are likely to follow. Nevertheless, the first and easiest applicaworks; the construction of such a regulation is in connection with public
utilities and
tion program which involves public buildings, highways, public
the like.
to
Most forms of Government construction could be handled in conformitydeestablished. Certainly in time of
such a policy, once it was definitely
only to the
This applies not
pression the Government can start building.
Govermnent, but to those of States,
construction activities of the Federal
counties and cities.
Important Economies Possible.
under such a plan are apparent.
More than this, the economies possible
at the same time it becomes
'When everybody wants to do the same thing
every direction, tends to exunduly expensive. Every element of costs, in
themselves in times of slack employment
pand. These conditions reverse
important economies are posand subnormal activity, with the result that
sible.
units would generally adopt
I am convinced that if the governmental
would give the fullest publicity
such a policy and if, having adopted it, they
showing would have a compelling influence
to the resultant savings, the
the great corporations
upon business generally. Quasi-public utilities and
and charted would
whose requirements can be quite accurately anticipated
by a like procedure.
be impressed that their interest could be served
undoubtdly toward conservatism in turnThe tendency of present times is
coming out articles intended for current consumption. The merchandising
of
munity is chary of laying in great stocks against a future market because
period.
the war
the many uncertainties that still remain as a heritage from
less acute in our country than in
It is true that these uncertainties are far
most others; but their existence in other parts of the world Inevitably has
a certain effect here.

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The New York Central was represented by President Crowley, Chairman
Harris of the finance committee, and Vice-President Harwood, in charge
of construction and development; the Nickel Plate group by 0. P. Van
Sweringen and J. J. Bernet, President of the Nickel Plate: the Baltimore &
Ohio by President Willard and Vice-President Shriver, and the Pennsylvania RR. by President Rea and Vice-President County.
The reply of the three trunk lines which are in agreement on consolidation plans to the objections state on behalf of the Pennsylvania by President Rea at the conferences last October points out that the Pennsylvania
position appears to take for granted that Norfolk & Western is part of the
Pennsylvania system.
"While it is the view of the representatives of the three interests." the
statement continues. "that the Norfolk & Western has In recent years become largely an Eastern group line and may be assigned to the Pennsylvania system, it is nevertheless apparent, as indicated by the action of
the Commission in dismembering the Norfolk & Western In the tentative
plan, that this inclusion is not an inevitable one. Clearly such a large and
important addition could not be made to the already preponderant Pennsylvania system unless the other proposed systems were correspondingly
enlarged."
The statement also dissents from the suggestion of the Pennsylvania
that the Lehigh Valley be assigned to that system, on which point it says:
"The history of the relations between the Pennsylvania and the Lehigh
Valley does not establish an association or requirement which would suggest
the latter's inclusion in the Pennsylvania system."
Nickel Plate Needs Lackawanna.
The statement further emphasizes the necessity of including the Lackawanna in the proposed new Nickel Plate system,in order to care for the large
amount of traffic moving over its various lines from the West through
Buffalo. Both the Erie and the Lackawanna are declared to be necessary
to balance the system east and west of Buffalo and this fact precludes the
joint use of the Lackawanna by the New York Central and Nickel Plate,
suggested by the Pennsylvania as an alternative to inclusion of the Lehigh
Valley in the Central.
As to the Pennsylvania's plea for a better position at Buffalo, the statement points out that the recommended plan contemplates two systems having gateways through Buffalo, and two with gateways through Pittsburghand the
the B. & 0. having other gateways via Wheeling and Parkersburg
Nickel Plate other gateways via the C. & 0. and the Virginian. "Congesinstead of
tion via both Buffalo and Pittsburgh is admittedly great and
the
Increasing it something should be done to relieve it. The proposal of
Pennsylvania
New York Central for an additional line through northern
of the
was designed to relieve congestion through Buffalo. Th3 position
increasing
Pennsylvania of having a third line through Buffalo will result in
lines to seek resuch congestion. It would seem as logical for the Buffalo
lief by new and additional routes through Pittsburgh. • • •

JAN. 311925.]

THE CHRONICLE

"The Pennsylvania is afforded an opportunity in the recommended plan
to relieve its Pittsburgh gateway by handling traffic through northern Pennsylvania via Butler and Driftwood over trackage from the B. & 0. and
B. R. & P. between New Castle and Duboise, suggested to be granted the
Pennsylvania for that purpose, together with the suggested trackage over
One of the several routes available east of Sunbury."
The "recommended plan" of the three trunk lines contemplates four
groups made up as shown in tables below. In addition to the roads mentioned under each system, several smaller properties are to be under joint
ownership and control of two, three or four of the systems. System totals
of mileage and investment include portions of these smaller properties, according to proposed ownership.
NEW YORK CENTRAL GROUP.
% Na on
Miles. Investment.
1923 Na.
Invest.
N.Y. Central Lines (present)
11,785 $1,814,620,000 $129,263,965 7.13
Lehigh Valley
1,374
231,652,000
6,573,120 2.84
Buffalo Rochester & Pittsburgh
450
66,986,000
2,580,446 3.86
N.Y.Ontario & Western
569
95,186,000
1,006,955 1.06
Ulster & Delaware
129
6,087,000
151,221
2.49
System totals

15,745 $2,345,862,000 $145,119,505 6.19
PENNSYLVANIA GROUP.
Pennsylvania RR. Lines (present)__ _11,561 $2,193,998,000 $88,170,715
4.02
Toledo Peoria & Western (part)
111
4.398.000
*131,066 *2.98
Norfolk & Western
2,238
336,326,000 19,877,677 5.92
C.& A.. east St.Louis and Springfield 529
74,403,000
2,659.784 3.58
Grand Trunk Western
993
60,177,000
2,949,582 4.90
System totals
16,237 $2,726,273,000 $116,390,539 4.27
NICKEL PLATE GROUP.
New York Chicago & St. Louis
1,696 $182,097,000 $9,198,854 5.05
Chesapeake & Ohio
2,553
329,703,000 19,135,359 5.80
Virginian
544
122,732,000
5,872,092 4.78
Hocking Valley
329
56,260,000
2,454.068 4.36
Erie System
2,603
525,719,000
18,210,313 3.47
Lackawanna
993
232,534,000 13,215,073 5.69
Bessemer & Lake Erie
228
58,971,000
6,862,661 11.65
Pittsburgh & Shawmut
103
13,849.000
258,540 1.87
Pittsburgh Shavrmut & Northern_ _ 211
26.119.000
• *70,610 *0.27
Pere Marquette
2,238
129,517,000
7,086,372 5.48
System totals
13,056 $1,806,393,000 $88,088,629 4.87
BALTIMORE & OHIO GROUP.
Baltimore & Ohio System
5,397 $803,864,000 $42,512,225 5.29
Reading System
1,629
357,927,000 27,726,554 7.75
Central RR.of New Jersey
693
168,577,000
4,583,236 2.72
Chicago Indianapolis & Louisville_ _ _ 657
46,083,000
2,353,034
5.10
Cincinnati Indianapolis & Western_
347
16,734.000
295,148 1.76
Western Maryland
804
138,187,000
4,621,552 3.32
Ann Arbor
294
19,634,000
460,554 2.34
Buffalo & Susquehanna
254
9,660,000
564,699 5.85
Detroit & Mackinac
376
7,152,000
142,049
1.99
Detroit Toledo & Ironton
468
27,577,000
1,786,924 6.49
Wabash (east of Mississippi)
1,622
152.540,000
5,829.711
3.82
System totals
13,465 $1,842,514,000 $95,542,181
5.18
• Deficit

The principal lines to be jointly controlled by two or more of the four
projected systems are the following:
Chicago & Eastern Illinois
-by New York Central and Nickel Plate.
Detroit & Toledo Shore Line
-by Nickel Plate and B.& 0.
Wheeling & Lake Erie, Pittsburgh & West Virginia (west of Ohio
-by
N. Y. 0., Nickel Plate and B. & 0.
D.& EL L.& N.E., L.& Hudson River and P. & W. Va.(east of Ohio
by N. Y. C., P. RR., B. & 0. and Nickel Plate.

Report on Unremunerative Services Adopted by Association of Uptown Bankers.
A special report on unremunerative services, drawn up by
the Executive Committee of the Association of Uptown Bankers, and recently adopted in general principle by the association, states that "while the payment of interest on checking accounts is a purely individual policy of each banking
institution, nevertheless, good business judgment indicates
that, if interest is to be paid, substantial balances must be
maintained." The report continues:

541

to the demands of unreasonable customers can be better employed in assisting and developing the growth of desirable and profitable business.

In presenting its findings the committee said:
During the boom times of the war period, many unremunerative services
grew up within banking institutions. Many of them still remain because It
has not been realized how expensive they are. The information gathered by a
special committee appointed for the purpose served to call attention to the
importance of a general review of these unprofitable methods. The data
collected, having been referred to the Executive Committee, that committee
now desires to record in more permanent form the following comments.

The following is also taken from the report:
The Association of Uptown Bankers is a voluntary gathering of those
bankers in the mid-town section who believe there is value in the mutual
discussion of every-day problems, and who desire to know one another. The
bankers who attend its meetings do so as individuals rather than as officials.
As individuals they find it mutually profitable to discuss and analyze the
every-day problems common to the entire group and whatever influence they
exert comes from a mutual agreement of many minds. This monthly round
tables glories in the fact that it is not encumbered with constitution, bylaws or rules. It has no authority and desires none.

Brotherhood Co-operative National Bank of Portland,
Oregon.
The Brotherhood Co-operative National Bank of Portland,
Ore., began business on January 2. The Portland Brotherhood bank, while affiliated with similar institutions throughout the country, is independent in the sense of having its
own directors and officers. It has a capital of $200,000 and
surplus of $50,000. The officers are George 0. Barnhart,
President; Henry E. Cass, active Vice-President; J. N.
Smith, J. B. Rhodes and F. N. Wells, Vice-Presidents, and
Bert V. Chappel, Cashier. Mr. Barnhart was for many
years general chairman of the Brotherhood of Locomotive
Engineers' organization on the 0.-W. RR. & N. system.
Mr. Cass is Pacific northwest representative of the Brotherhood financial interests, President of the Pacific Brotherhood Investment Co. and executive Vice-President of the
Brotherhood Bank of Spokane. Mr. Chappel was formerly
assistant secretary of the Federal Reserve Bank of Cleveland,
0., and was later representative of the Empire Trust Co. of
New York for the Cleveland Federal Reserve district.
Mr. Chappel has also been chairman of the membership
committee of the American Institute of Banking and a
member of the executive council of the institute.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
The New York Cotton Exchange membership of David
Brown was sold at auction this week to Warner D. Orvis
of Orvis Bros. & Co. for $33,500. The last previous sale
was at $35,000.
Thomas W. Lamont and Dwight W. Morrow of J. P.
Morgan & Co. left last night for a vacation at Nassau.
They expect to be away until the latter part of February.
John H. Trowbridge, Assistant Cashier of the Bank of
America of New York, is leaving for Pittsburgh where he
will attend the banquet of Pittsburgh Chapter, American
Institute of Banking at the William Penn Hotel, Feb. 2.
Following the ratification on Jan. 29 by the stockholders:of

the Metropolitan Trust Co. of this city of the plans incident
The legal reserve is frequently deducted before
figuring interest on such
accounts or a free balance is required.
to the merger of that institution with the Chatham & Phenix
Good business judgment indicates the wisdom of applying
to small check- National Bank,it is announced that the merger agreement is
ing accounts a monthly charge to cover the necessary expense
and overhead.
expected to become effective about March 1. The anGood business judgment indicates that where active
accounts do not main- nouncement also
says:
tain substantial balances, specially printed check books
are not warranted
unless paid for by depositors.
The main office of the new institution will be at
Broadway. New York
The monthly paying of depositors' bills, the making up
City.
of payrolls in
envelopes for depositors, or the issuing of Cashier's
The capital of the combined banks will be
with surplus and
or Treasurer's checks for
group wages or salaries, are special services entitling the banking institution undivided profits in excess of
The resources of both instito adequate compensation.
tutions will exceed
General Samuel McRoberts,now President of the Metropolitan Trust Co.,
A reasonable charge is warranted for the purchase or sale of securities for
the account of depositors unless a direct profit is made through a bond will be an active executive officer in the combined institution, with title of
department, as is also a reasonable charge, covering
Chairman of the Board. Mr. Louis G. Kaufman will belts President. The
actual cost, for the
name of the new institution will be the Chatham-Phenix National Bankr&
transfer, exchange or delivery of securities.
Trust Company.
Securities left for safekeeping longer than 30 days
warrant a service
All the officers and employees of this institution will become officers and
charge.
Every banking institution is entitled to a reasonable profit on foreign ex- employees of the Chatham-Phenix National Bank & Trust Co., thus inchange transactions. The risk taken and the labor involved is not the kind suring the same efficiency and personal attention to your business to which
you have been accustomed in the past.
of service to be given free.
As a preliminary step to the merger, It has been necessary to nationalize
Many banking institutions make application to the Internal Revenue
Office for tax experts to assist depositors in preparing their income tax the Metropolitan Trust Company, and it will operate under a national
reports. Such service is free, but if additional help is required, involving charter as the Metropolitan National Bank & Trust Co. of the City of New
until the merger is completed.
expense to the banking institution, such expense is properly chargeable to York from Feb.
Depositors are advised that there will be no change in the method of
the customer.
The actual cost of obtaining special credit reports is properly chargeable handling their business and that they will be put to no inconvenience whatever by the nationalization of the trust company or its subsequent merger
to the depositor requesting such information.
only in very rare cases has it been found that banking institutions will into the new bank. On Feb. their deposits will automatically become
attract new business by offering accommodations at lower rates their deposits in the Metropolitan National Bank & Trust Co. The checks
endeavor to
on the Metropolitan Trust Co. which they are now using will be honored
than those prevailing for their regular customers.
Banks everywhere are finding it unwise to add to the present high cost by the Metropolitan National Bank & Trust Co., and no new form of check
will be required.
of doing business, the additional expense of submitting to the demands of
Details of the plans were given in our issues ofran.110,
unreasonable customers. Such depositors are never satisfied, no matter how
much is done for them and usually have a higher regard and respect for the page 157, and Jan. 17, page 292.
management that is firm but fair in its policies. The time spent in catering

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$13,000,000.
$280,000,000.

2 1925

2

199
$13,500,000,

THE CHRONICLE

542

At a meeting of the board of directors of the United States
Mortgage & Trust Co. this week Blinn F. Yates was elected
Vice-President in charge of the Grand Central Palace
Branch, to be opened about Mar. 16, and R. B. Raymond
was elected an Assistant Secretary of the company.

[VOL 120.

office will temporarily belin charge of Vice-President E. V.
Connelly. Reference to the proposed opening of the office
appeared in our issue of April 12 1924, page 1741. This will
be the first office to be established by the National Park
Bank outside its main banking quarters at 214 Broadway.

The Guaranty Trust Co. of New York announced on Jan.
At a meeting of the board of directors of the Peoples
Commercial Bank of New York of 150 Delancey St., New 22 that its present directors and officers have been re-elected
York City, on Jan. 22, Francis A. Fullam was elected Vice- to serve for the ensuing year.
President, which office he will hold in conjuniction with his
The stockholders of Irving Bank-Columbia Trust Co. of
present office of Cashier. The complete list of the officers
New York at the annual meeting Jan. 21 re-elected the retirof the bank,as now constituted, is as follows:
B. W. Barasch, President; Morris Barasch, Vice-President; Leo Bickel, ing members of the board of directors without change.
Vice-President: Francis A. Fuliam, Vice-President and Cashier; David R.
i3lonim, Assistant Cashier.

The stockholders of the Peoples Commercial Bank have
voted to double the amount of capital stock of the bank by
the issuance of 1,000 new shares, which are being offered at
$150 a share, the additional $50,000 to be derived therefrom
to be added to the surplus fund. On Dec. 31 1924 a quarterly dividend of 1%% was paid on the capital stock of the
Peoples Commercial Bank.
—•___
At the regular meeting on Jan. 23 of the executive committee of the Coal and Iron National Bank of New York,
Twining Tonsley was made an assistant cashier of the
bank.
—•___
At the annual meeting of the stockholders of the Fulton
Trust Company of -New York on Jan. 21, the following were
unanimously re-elected Directors of the Company for the
term ending Jan. 1928:
J. Roosevelt Roosevelt
Henry IC. Pomroy
Alfred E. Marling
Charles M.Newcombe

Robert L. Garry
A. Douglas Russell
Arthur J. Morris
Warren Cruikshank

George D. B. Keim has been elected a director to fill a
vacancy on the Board of the Trust Company of North
America.
Joseph French Johnson, President of the Alexander Hamilton Institute and Dean of New York University School of
Commerce, Accounts and Finance, died on Jan. 22. Dean
Johnson's death, resulting from an attack of angina pectoris,
occurred at Idylease Inn, New Foundland, N. J. He was
born at Hardwick, Mass. He became Professor of Political
Economy at the School of Commerce in 1901, and in 1903
was appointed Dean. He assumed the presidency of the
Alexander Hamilton Institute in 1909. He was the author
of"Money and Currency,""The Canadian Banking System."
‘.'We and Our Work," and other publications.
Charles Hathaway, senior member of the New York firm
of Hathaway, Smith, Folds & Co., dealers in commercial
paper, died on Jan. 15, at Florida. Mr. Hathaway was an
authority on commercial paper.
—•___
The Bank of New York & Trust Co., New York City, has
distributed to its clients a booklet entitled "Federal Income
Tax Guide for 1924 Income." The pamphlet includes miniature reproductions of sample returns made on the long and
short individual forms as well as the corporation form. Brief
explanations are made for each item, together with references to the law section of the 1924 Revenue Act. The company has a limited supply of booklets for distribution.
At the regular meeting of the board of directors of the
National Butchers' & Drovers' Bank of New York, John E.
Schliesman, formerly Assistant Cashier, was appointed Assistant Vice-President of that institution.
._•_.
At the annual meeting on Jan. 13 of the stockholders of
the East River National Bank of this city plans to increase
the capital from $2,100,000 to $2,500,000 were ratified. The
bank will issue 4,000 shares at $225 per share, of which $125
will be applied to the surplus account, thereby increasing
that fund from $1,500,000 to $2,000,000. The proposed increase in capital was referred to in our issue of Dec. 27,
page 2971. It has not yet been determined when the enlarged capital will become operative.
Frank C. Millett, a member of the New York Cotton Exchange since 1883, and Inspector-in-Chief of the Exchange
since 1907, died suddenly on Jan. 25. He was in his 75th
year.
The National Park Bank will open its new uptown office
on Park Avenue at 46th Street, next Monday, Feb. 2. The

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Federal Reserve Bank of St. Louis

The Equitable Eastern Banking Corporation of New York
announces the opening of a new office in Hongkong to supplement the facilities of its Shanghai office in handling Far
Eastern business. The corporation was organized in 1920
by the Equitable Trust Co. of New York to assist exporters
and importers in developing their markets in the Orient.
Robert J. Kay and Clarence G. Eldredge have been made
Vice-Presidents of the Marine National Bank, Wildwood,
N. J.
Charles G. Wilson, who until recently was President of
the First National Bank of Butler, N. J., committed suicide
on Jan. 28 by shooting himself in the head in the directors'
room at the bank. Mr. Wilson had been in poor health
for some time,and it for this reason his friends had persuaded
him to resign the Presidency of the bank, which he had held
since 1907, and plan a trip. He was forty-seven years of
age.
_•___
Stockholders of the Third National Bank of Syracuse,
N. Y., on Jan. 13 elected Mrs. Mary Lacy Bailey a director
to succeed the late Willard C. Lipe. Mrs. Bailey, who is the
widow of Frederick S. P. Bailey and President of Bailey's
Bookstore, Syracuse, is the first woman to be elected a bank
director in that city, it is said. Officers of the bank were reelected by the directors as follows: Henry Lacy, President;
Jacob Amos and Walter R. Stone, Vice-Presidents, and
Lucius G. Lacy, Cashier.
While attending the directors' meeting of the Liberty National Bank of Syracuse, N. Y., on Jan. 13, William F. Sullivan, one of the bank's founders and a well-known clothing
merchant of Syracuse, died suddenly of heart disease. Mr.
Sullivan was 55 years of age. The meeting, which had only
been in session a few moments, at once adjourned.
At the annual meeting of the stockholders of the North
Avenue Bank of New Rochelle, N. Y., and the subsequent
organization meeting of the directors, all directors and officials were re-elected. The officers are as follows: H. E.
-President; J. W.
Colwell, President; Theo. Wulp, Vice
Spalding, Vice-President and Cashier, and John P. Brown,
Assistant Cashier. As of Dec. 31 1924 the bank had combined capital, surplus and undivided profits of $238,739; deposits of $2,214.800, and total resources of $2,493,539.
The People's Trust Co. of Lebanon, N. H., was closed on
Jan. 13 by order of the State Supreme Court at the request
of the State Bank Commissioners. At the time no reason
for the closing was made public. On the following Monday
(Jan. 19) Arthur H. Hough, Treasurer of the institution
and its founder 11 years ago, was placed under arrest for
alleged falsification of his statements to the State Bank
Commissioners. He pleaded "not guilty" when arraigned
and subsequently was released in $10,000 bonds. On Jan. 21,
however, his bondsmen surrendered the former Treasurer
to the authorities and he was committed to the Grafton
County Jail at Haverhill, N. H. This action followed disclosures by the State Bank Commissioners on Jan. 20 that
shortages in the accounts of the closed bank will amount to
at least $226,643. Hough, it is said, was Treasurer of the
committee which directed the building of the $250,000 town
hall of Lebanon last year, and is President of the Lebanon
Machinery Co. and President of the Rotary Club. The funds
of the town and the deposits of 3,000 persons in both the
commercial and savings departments are involved in the
bank's loss, it is stated. Romeo Painchaud, a former Teller
in the closed bank, has resigned as Town Treasurer. James
E. Farrell of West Newton, Mass., has been appointed
liquidating agent for the Bank Commissioners. A press dispatch from Lebanon on Jan. 20, which appeared in the New
York "Times" of the following day, said in part:

JAN. 311925.]

THE CHRONICLE

The known shortage of other amounts believed to be missing, unsound
loans made by Hough, and other discrepancies, it was said, will probably
bring the total deficit of the bank to about $400,000.
Bank Commissioners Frederick S. Nutting and George E. Farrand to-day
Informed First Selectman Thomas J. McNamara that Hough's account as
Treasurer of the Town Hall Building Committee was overdrawn $123,409,
although the committee's books showed a favorable balance of between $12,000 and $15,000. This balance due the town plus other shortage and the
actual overdraft against the bank brings the total loss of the bank to $226,842.
There is also a balance of $75,000 due the town on the regular funds deposited in the bank.

The trustees of the Dartmouth Savings Bank of Hanover,
N. H., announce the death on Jan. 16 of Frank Webster
Davison who had held the office of trustee from 1884 to
1925 and of President from 1899 until his death.
The proposed absorption o-f the First National Bank of
Fall River by the B. M. C. Durfee Trust Co. of that city, to
which reference was made in our issue of Jan. 10, page 161,
was unanimously ratified by the respective stockholders of
the institutions on Jan. 13, according to a special press dispatch from Fall River on Jan. 14 to the Boston "Transcript."
This dispatch said in part:
Under the provisions of the plan, the First National Bank is to be liquidated and the capital stock of the trust company is to be increased by an
amount equal to the present capital of the First National Bank, namely
$400,000, or 4,000 shares, this new stock to be sold to the First National
Bank for distribution to its stockholders in return for the assets and business
of that institution. In order to facilitate this arrangement, it is proposed
to bring the stock of each institution to a parity at a figure of $209 per
share, by distributing in dividends enough assets of each institution to bring
down the value of the shares in each to the amount stated. This will leave
the trust company with a capital of $800,000, a surplus of $400,000 and
undivided profits of $400,000. On the basis of the present deposits in both
institutions, it will have deposits of approximately $6,000,000 in the commercial department besides trust property now under its management of
about $4,000,000.
The directors and officers of the two institutions are largely the same.
Israel Brayton is President of the B. M. C. Durfee Trust Co. and John S.
Brayton is President of the First National Bank.

543

the fourth year of this fund, which, according to officers of
this bank, has proved successful. With regard to the fund,
the American Trust Co., under date of Jan. 11, stated:
Last year the employees of the bank contributed, through savings paid out
of their salaries, a total of $13,244. The income from the investments of the
savings fund, together with interest, amounted to $4,858, and this, together
with the amount contributed by the trust company, makes the grand total of
the fund on Jan. 1 1925 $107,999.
The plan which is embodied in an agreement between the bank and its
employees, combines the profit-sharing with regular savings by the employees. Participation is optional with old employees, practically all of
whom have joined; it is compulsory for all new employees.
The officers and employees of the bank under this agreement, contribute
a definite sum each year to the savings fund. The percentage is not more
than 5 nor less than 2% of their current yearly salary, and in no case exceeds $200 per individual. Thus the higher salaried men and officers are
restricted in their participation. To the fund so created the company
pledges itself to contribute 5% of its net earnings "as a deferred accumulating additional salary for services rendered." The company's contribution is
made twice a year after its net earnings for the six months are determined,
out of the money applicable for dividends. Hence that part of the whole that
comes from the prosprity of the business is, in effect, a dividend, though it
does not cut into net dividends, being taken, as a matter of fact, from surplus earnings. Thus the plan, in a sense, makes the employees partners in
the bank and encourages loyalty and efficiency.
As already indicated, the plan is open to every officer and employee of
the bank and vaults.
The savings fund is administered by a board of trustees elected from the
employees by the directors of the American Trust Co. As their designation
implies, they may invest the fund of the trust in stocks, bonds, mortgages,
etc.
Money may not be withdrawn from the fund except if the employees leaves
or is discharged from the company. In case he is discharged for fraud or
dishonesty, the company's contribution to the fund is withheld from him and
he receives his own personal principal plus compound interest at 4%. Otherwise the fund is paid to the estate of the contributor on his death. Employees may borrow not to exceed 80% of the amount of the fund to their
credit at 5%, but when borrowing they do not participate in the contribution from the company.

The Executive Committee of the Atlantic National Bank
of Boston on Jan. 21 voted to recommend to the directors
and stockholders of the institution an increase in the capital
to $5,000,000 by the issuance of 5,000 shares of new stock at
At the regular meeting of the board of directors of the $200. The bank's present capital is $4,500,000, so that the
Rhode Island Hospital Trust Co. of Providence on Jan. 13 extra stock subscription will be divided between capital and
surplus. Stockholders will have the right to subscribe for
Ralph W. Bowen was elected a Vice-President.
one share for every nine now held.
The proposed consolidation o- f the Guaranty Trust Co. of
Cambridge, Mass. (Boston), with the Central Trust Co. of
The increase in the capital of the Merchants National
Cambridge was ratified by the stockholders of the Central Bank of Worcester, Mass., from $200,000 to $400,000, reTrust Co. on Jan. 13. At that meeting John Ames, Augustine ferred to by us last week (page 418), was in the shape of a
J. Daly, Francis X. Masse, F. W. Norris, Dr. George R. South- stock dividend of 100%.
wick and Carl T. Whittemore, formerly directors of the
Shirley H. Eldridge has succeeded E. P. Sanderson as
Guaranty Trust Co., were added to the board of the Central
Trust Co. Old directors of the Central Trust Co. were re- President of the Waltham Trust Co., Waltham, Mass., and
elected as follows: Elmer H. Bright,/Charles S. Cahill, Ed- the latter has become Chairman of the board of directors.
gar R. Champlin, Walter G. Davis, John C. Dow, Harmon P.
At the annual meeting of the stockholders of the Waltham
Eliott, John H. Hurley, John C. Morrison, M. E. Philbrick,
David A. Ritchie, William F. Ross, Edward D. Sawyer, E. Trust Co. of Waltham, Mass., on Jan. 21, the important
Ray Speare and Harry F. Stimpson. The officers of the Cen- events were the election of Edward P. Sanderson as Chairtral Trust Co. elected for the ensuing year are as follows: man of the Board, after a service of 22 years as President,
Elmer H. Bright, Chairman of the Board; Walter G. Davis, and the election of Shirley H. Eldridge, formerly Executive
President; John C. Dowe, Charles S. Cahill and A. J. Daly. Vice-President, and for many years Treasurer of the trust
Vice-Presidents; Thomas T. McFarland, Treasurer; Lloyd company, as President, succeeding Mr. Sanderson. The elecA. Frost, Actuary; Alfred C. Coughlan, Secretary, and Clar- tion of Mr. Eldridge as President, succeeding Mr. Sanderson,
ence S. Farnum, Assistant Secretary. According to the Bos- assures a continuance of the successful policies which have
ton "Herald" of Jan. 15, when the new capitalization plan placed the trust company in the front rank of suburban
of the enlarged Central Trust Co. is completed the institu- banking institutions. Mr. Eldridge, after leaving school, betion will have a capital of $500,000, with surplus and undi- gan his banking career in the Shawmut National Bank,
vided profits of more than $1,000,000 and total resources of where he remained a number of years. He resigned in 1911
approximately $15,000,000, making it one of the largest sub- and went to the trust company from the National Shawmut
urban trust companies in New England. The Central Trust Bank as Treasurer, succeeding to the position of Executive
Co., it is said, had its beginning back in 1826, when the Cam- Vice-President in 1921. His election to the presidency is a
bridge Bank was established. In 1865 the institution was well-deserved compliment to his 24 years of successful bankreorganized under the name of the Cambridgeport National ing experience and to the ability which he has displayed in
Bank and this bank in turn was reorganized in 1905 as the all banking affairs. As Chairman of the Board, Mr. SanderCentral Trust Co. Plans are already in the making, it is son will continue to act in a consulting capacity on all necesstated, for the celebration of the bank's centennial next year. sary matters. On Oct. 10 1924 the company reported a capital of $300,000, surplus and undivided profits of $357,530.
Stockholders of the Old Colony Trust Company of Boston deposits of $6,222,693 and total assets of $6,945,223. The folat their annual meeting on Jan. 27 voted to increase the lowing are the officers elected for the ensuing year: Edpresent authorized capital stock of $7,500,000 to $10,000,000. ward P. Sanderson, Chairman of Board; Shirley H. Eldridge,
At present there is outstanding $7,000,000 of stock. Stock President; Frank W. Brigham and Clifford S. Cobb, Viceholders of record Feb. 3 will be offered the new stock at $150 Presidents; Charles G. Clark, Treasurer; Clinton A. Coolper share. The stock now commands about double that idge, Secretary, and Warren P. Elliott, Assistant Treasurer.
figure. We referred to the proposed increase in these columns
At the annual meeting of the Hampshire County Trust Co.
in our issue of Dec. 20 last.
of Northampton, of Northampton, Mass., the following offi•
The report of the Employee- s' Saving Fund of the Ameri- cers and directors were elected for the year 1925:
Officers:
can Trust Co. of Boston and the Union Safe Deposit Vaults and Roger Gordon L. Willis, President; John W. Mason, Vice-President,
W. Wells, Treasurer. Directors: Victor D. Bardwell, William
for 1924, believed to be unique among Boston banks in tbis H. Curran, W. H. Dickinson, George F. Edwards, Edward L. Finn, Ralph W.
respect, shows that for every dollar saved by the employees Hemenway, John W. Hill, Morton B. Howard, Charles H. Johnson, William
M. Kimball, Michael E. Manning, John W. Mason, Frank B. Merrick, Samuel
the bank contributed out of earnings $1 20. This completes Michelman, Peter P. Mokrzecky, Forris W.
Norris, Joseph N.

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Wilbur M. Purrington, Karl S. Putnam, George T. Smith and Gordon L.
Willis.

The resources of the company have doubled in two years.

[vol.. 120.

A proposed increase of $400,000 in the capital and surplus
of the Park Bank of Baltimore,recommended by the directors,
was ratified by the stockholders of the institution at their
recent annual meeting. The bank's former capital was
$300,000 with surplus and undivided profits of $167,000.
The new issue doubles the capital, making the same $600,000
and brings the total of capital, surplus and undivided profits
up to $867,000. Stockholders of record Jan. 13 were given
the right to subscribe to the new stock, the par value of
which is $10 a share, in the ratio of two shares of new stock
for each three shares then held, at $20 per share.

The Bank of Earle, Earle, Ark., organized to replace the
Bank of Commerce, which closed its doors on Nov. 29 last
and turned over its affairs to the State Banking Department,
opened for business on Jan. 12, according to a press dispatch
from Earle on Jan. 13 printed in the Memphis "Appeal" of
Jan. 14. Deposits on the first day, despite unfavorable
weather which prevented many farmers from making deposits, amounted to $77,672. The "Appeal" in its issue of Jan. 9
stated that the new bank was capitalized at $25,000 with a
The Farmers Deposit National Bank of Pittsburgh ansurplus of $2,500, and that the officers chosen were: H. C. nounces the appointment on Jan. 15 of Chester J. Nicklas as
Williamson, President; L. J. Machen, Vice-President, and Manager of its Bond Department.
P. J. Phillips, Cashier. It further said:
The new bank will have no responsibility for the old Bank of Commerce,
Four Baltimore national b- anks made changes in their
yet it is expected that every effort will be made to assist in liquidation of the directorates on Jan. 13 as
follows:
affairs of the defunct bank in such manner as to reduce the expense of liquidation and expedite payment to the Bank of Commerce depositors of any
funds available from the assets of that organization. Application will be
made immediately for membership in the Federal Reserve Bank and negotiations will be commenced also for a connection with the Intermediate Finance
Corporation by which it is hoped to render adequate financial support to the
farmers of the community.

Western National Bank—M. Ernest Jenkins and William Whitridge elected
to fill vacancies.
National Bank of Baltimore—Jacob Blaustein and Charles H. Knapp added
to the board.
Merchants National Bank—W. H. McCormick and Samuel W. Tschudi
elected to fill vacancies.
National Marine Bank—Pierce F. Flanigan, Adelbert W. Means and George
W. Reed elected additional directors.

At the annual meeting of the Franklin Trust Co. of Philadelphia on Jan. 21 the following stockholders were elected
Stockholders of the Guardian Savings & Trust Co., Clevedirectors to serve for the ensuing year:
land, at their annual meeting Jan. 19, authorized a change in
n
Milton D. Gehris, Philip J. Bars!, Hes ry G. Peddle, Robert H. Hood, John
J. Caine, George B. Wells, C. Henderson Supplee, William Innes Forbes, C. the name to the Guardian Trust Co., under which title the
Addison Harris Jr., Thomas E. Coale, Anthony H. Geuting, A. E. Ford, bank was chartered on May 28 1894, J. A. House, President,
Charles W. Mills.
announced. The change will become effective as soon as the
At a meeting of the directors, held the same day, the fol- necessary legal steps are completed, and, as in the past, the
lowing officers were unanimously elected:
savings department will continue to be one of the.most linC. Addison Harris Jr., President; A. B. Dauphinee, Vice-President and portant divisions of the bank. Deposits of
the Guardian SavTreasurer; Arthur Kitson Jr., Vice-President and Trust Officer; A. L.
Crispen, Assistant Treasurer and Secretary; E. S. Conro, Assistant Treasurer; ings & Trust Co., according to Mr. House's annual report, inH. Ennis Jones, Assistant Secretary; H. Earle Jarden, Assistant Treasurer; creased 12.31% in 1924, the largest percentage gain made by
A. L. Taber, Assistant Secretary; A. M. Cholmeley-Jones, Assistant Treasurer; J. Harry Fernan, Assistant Treasurer, and Norman T. Heath, Assistant any of Cleveland's six largest banks. Last year deposits
climbed from $91,745,329 to $103,045,804. Capital, surplus
Treasurer.
Edw. Stonehill is the Real Estate Officer and A. L. and undivided profits total $9,234,305: The'volume 'ottrtist
business transacted last year was also large, Mr. House
Crispen is Secretary.
said. Two branch offices were opened during the year, the
•
At the recent election of officers of the Market Street Title Euclid-Superior office, East Cleveland, and the Coventry
& Trust Co. of Philadelphia, the directors elected W. S. Tash, office, Cleveland Heights. C. P. Hine, of the law firm of
formerly Assistant Secretary and Assistant Treasurer of the Thompson, Hine & Flory, Cleveland, has been added to the
institution, Secretary and Treasurer, to take the place of board of directors.
Reginald B. Chase, who resigned but will continue as a
John H. Meiners was electe- d President of the Cosmopolidirector. D. S. Woodruff was elected Assistant Secretary
and Assistant Treasurer and Joseph New was made Second tan Bank & Trust Co. of Cincinnati on Jan. 13, to take the
place of H. C. Newland, who recently resigned to come to
Assistant Secretary and Assistant Treasurer.
New York. Mr. Meiners has been Cashier of the bank for
The Metropolitan Trust Co. of Philadelphia has taken over over 20 years and a few days before the meeting was made a
the Community Trust Co. of that city. The enlarged Metro- Vice-President of the institution. Elmer Johantrigman,
politan Trust Co. has combined capital, surplus and undi- heretofore an Assistant Cashier, was made Cashier to sucvided profits in excess of $700,000 and total resources of over ceed Mr. Meiners. F. J. Dorger and J. E. McClain were re$4,500,000. It will conduct a branch office at 252 South elected Vice-Presidents.
Broad Street—the former home of the absorbed Community
John P. Ernst, President of the Covington Savings Bank
Trust Co. The officers of the Metropolitan Trust Co. are as
follows: Frank H. Tuft, President; Albert M. Greenfield, & Trust Co., and prominent in the financial life of that city,
John Walton and Fred F. Turner, Vice-Presidents; Wilmer died in Cincinnati on Jan. 13 after a prolonged illness. Mr.
F. Baum, Secretary and Treasurer; Earl B. Shaw, Title Ernst, who was in his 80th year, was a brother of United
States Senator Richard P. Ernst, from Kentucky. In addition
Officer, and Peter J. Johnson, Assistant Title Officer.
to his activities in Covington, he was President of the LudThe stockholders of the Broad Street Trust Co. of Phila- low Savings Bank of Ludlow, Ky.
delphia ratified on Jan. 14 plans to increase the capital stock
William T. Oberer and H. L. Thomas were elected direcfrom $250,000 to $500,000. The new stock will be offered to
of the Columbus National Bank, Columbus, Ohio, at the
the present shareholders at $70 per share (par $50). It is tors
annual meeting of the stockholders, to fill vacancies on the
to be paid in full on or before Feb. 1 1925.
board. At the subsequent directors' meeting Mr. Thomas
and D. H. Baker were elected Vice-Presidents of the bank.
The Third National Bank of Scranton, Pa., announces as
follows its new list of officers and directors for 1925: OffiTwo vice-presidents were added to the officials of the
cers: William H. Peck, President; Bernard L. Connell, B. B.
Commercial National Bank of Columbus, Ohio, by the direcR. A. Gregory, Vice-Presidents; J. Elmer WilHicks and
tors at the annual election. They are W. H. Stephens, forliams, Cashier; R. A. Chase, Clara B.'Whitmore and H. E.
merly an Assistant Cashier and. Manager of the Bond DeBarthel, Assistant Cashiers, and Howard Plumley, Trust
partment, and D. W. Putnam, formerly Trust Officer. B. S.
Catlin, Philo W. Butler, BerOfficer. Directors: George H.
Lehman was promoted from an Assistant Cashier to Cashier,
nard L. Connell, R. A. Gregory, Joseph F. Gunster, B. B.
to succeed Murray Hoffman, who resigned several weeks
Peck, Luther Keller, Robert B. McClave,
Hicks, William H.
previously.
J. W. Oakford.
The directors of the National Bank of Commerce of CoThe proposed consolidation of the Atlantic Exchange Bank
lumbus, Ohio, on Jan. 13 elected Richard Patton, for severe
& Trust Co. of Baltimore and the Baltimore Trust Co., under
years the bank's Cashier, President of the institution to sucthe title of the latter (referred to in our issue of Jan. 10,
ceed J. C. Campbell, who was made Chairman of the Board.
page 161) became effective on Jan. 27, when the stockholders
Manley Acton and Walter P. Reiter. heretofore Assistant
of the two institutions at special meetings ratified the union.
Cashiers, were promoted to Cashier and Manager of the
Eugene L. Norton,former President of the Atlantic Exchange
Bond Department, respectively, the latter succeeding Henry
Bank & Trust Co., heads the enlarged Baltimore Trust Co.
Deeg, who recently resigned. At the stockholders' meeting

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545

held previously, John A. Conner, an attorney, was elected
a director.

as President in 1910 by Charles G. Jenks, who died in 1923,
and who was in turn succeeded by Albert E. Green, who came
to the institution as Assistant Secretary in 1910. Of the
The following with regard to the condition of Detroit original board of directors, George E. Lawson, John T. Shaw,
banks was published in the Detroit "Free Press" of Jan. 11: M. L. Williams and H. C. Potter Jr. have passed away, and
Figures based on the statements of condition presented by the Detroit
banks in response to calls for reports as of Dec. 31 1924 reveal that despite the survivors have been added to in number, so that the presthe slowing down of industrial activity in 1924, the Detroit banks have by ent board includes the following:

far the greater part of their available funds working for them in investments.
The reports of 17 leading Detroit institutions, including all the downtown
banks, reveal aggregate deposits of $676,153,000, of which the bank statements disclose $614,783,000 was outstanding in investments on the last day
of last year, leaving only $61,370,000, or a little less than 10% of the deposits, which were not employed, part of this idle fund being necessary, of
course, in the every-day transactions of the banks.
In this connection it is of interest also to note that the capital funds of
the 17 banking institutions represent a combined total of $74,882,000, this
including capital stock, surplus and undivided profits items.
In the table below is presented the amount of capital funds, the invested
funds and total deposits for each of the 17 banks, as reported in their statements of condition at the close of business Dec. 31:
Capital
Invested
Bank—
Funds.
Funds.
Deposits.
People's State Bank
$15,817,000 $123,902,000 $125,297,000
Wayne Co. & Home Say. Bank
12,165,000
93,988,000
91,392,000
First National Bank
10,860,000
82,529,000
104,743,000
Nat. Bank of Commerce
4,777,000
64,748,000
41,076,000
Dime Savings Bank
4,602,000
52,748,000
47,792,000
Peninsular State Bank
4,377,000
39,081,000
34,774,000
Detroit Savings Bank
3,999,000
33,749,000
31,862,000
Merchants National Bank
26,228,000
3,705,000
25,137,000
First State Bank
3,374,000
16,766,000
16,173,000
Detroit
Bank of
44,113,000
2,787,000
85,266,000
American State Bank
2,045,000
25,180,000
22,573,000
Central Savings Bank
27,883,000
1,924,000
26,135,000
Commercial State Bank
5,612,000
1,209,000
6,201,000
Com'wealth Fed. Savings Bank
11,361,000
1,061,000
11,193,000
United Savings Bank
11,379,000
1,145,000
11,411,000
Continental Bank
2,812,000
2,832,000
740,000
Michigan State Bank
3,038,000
295,000
2,939,000

Standish Backus, Calvin P. Bentley, Frank P. Book, Ralph H. Booth, Lem
W. Bowen, Walter 0. Briggs, Henry M. Butzel, Leo M. Butzel, Emory W.
Clark, D. Dwight Douglas, Charles T. Fisher,' Albert E. Green, Claude A.
Guerin, C. H. Haberkorn, James S. Holden, J. H. Johnson, John Kelsey,
Edwin C. Lewis, Eugene W. Lewis, William Livingstone, Peter J. Monaghan,
M. J. Murphy, Wesson Seyburn, Richard H. Webber, James T. Whitehead,
Charles Wright Jr.

James S. Holden is Chairman of the Board; Claude A.
Guerin, Vice-President and Secretary, and Robert L. Nixon,
Treasurer. Walter B. Tayes is Trust Officer, and Herbert
V. Pusch, Assistant Trust Officer. Charles N. Gray is Manager and A. B. Hoffman, Assistant Manager of the Industrial
Department, and Bertrand R. Porter is Manager of the Real
Estate Department. S. Harvey Hughes is Manager and
W. S. Gilbreath Jr., Assistant Manager of the Bond Department. The Assistant Secretaries are: Fred L. Adams, C.
Tom Darnton, Harry R. Gleeson, Frederick J. O'Donnell,
Kenneth C. Thom, Alfred W. Massnick and Charles E. Mitchell. Harrison B. Grimm is in charge of the Business Extension and Publicity departments. In 1921 the company increased its capital to $1,000,000 and surplus to $1,000,000.
Its statement of Dec. 31 showed capital, surplus and undivided profits of $3,038,080, besides which it has been a consistent dividend payer during its entire history. The values
of the trusts and estates committed to it, which run into
many millions of dollars, are not included in its financial
Totals
$74,882,000 $614,773,000 $676,153,000 statement. Monday and Tuesday, Feb. 2 and 3, will be the
official reception days at the new building, 735 Griswold
The removal of the Security Trust Co. of Detroit from the Street.
Moffat Building to its new home at 735 Griswold Street,
Some of the results of the recent Chicago bank elections
emphasizes the rapid changes on the "Wall Street" of Detroit. Next door to the Security's new home, the new build- not heretofore noted are as follows:
Beverly State Sayings Bank—John W. Casey, President; John W. Seger,
ing of the First State Bank is nearing completion. Recently Assistant Cashier.
Chatham State Bank—John Bain, President; Edward C. Barry, Vice-Presithe American State Bank moved to its quarters at Griswold
Cashier;
and State streets, while the beautiful new Buhl Building, dent; Alex R. Eumson,Savings Theodore C. Fromme, Assistant Cashier.
The Citizens Trust &
Bank—Board of directors was increased from
nearly finished, will house another new financial institution. seven to nine members. One former director, Ossian Cameron, resigned, and
Less than a year ago the Security announced it would erect the following three were elected: H. It. Vause, E C. Garrity and J. A.
a new building on the south half of the old McGraw Build- Woodrow.
Community State Bank—B. J. Zinder, S. B. Goldberg, Meyer Abrams,
ing site. Nine months from the time destruction of the Samuel Rosenthal and S. Sokolsky elected directors and J. W. Meyers, AsMcGraw Building started, the company was able to occupy sistant Cashier.
Equitable Trust Co. of Chicago—Oscar Spindler elected a director.
Its new quarters. The new building is one of the most modHyde Park State Bank—Charles E. Fox elected director.
ern financial structures in the city. It was constructed for
Inland Trust & Savings Bank—George F. Hayes elected director.
The Lake-State Bank—E. H. Kantor and B. F. Hough added to the board.
the sole use of the company and has a 65-foot front on GrisThe Marshall Square State Bank—Officers
wold Street. It is built in Italian Romanesque style, with a and Anthony Formanek made Assistant Cashier.and directors were re-elected
lighter treatment. The material of the facade of the buildThe Mercantile Trust & Savings Bank—William W. Farrell, director;
ing is a limestone treated to give it a buff tone. The win- Charles W. Wenner, Assistant Cashier.
Second Citizens State Bank—C. A. Larson and M. 0. Pfaff elected direcdows are in wrought iron frames, with Levantine marble tors.
spandrels. Italian marble is used for interior trim, while
The Universal State Bank—Frank M. Stresenreuter elected director.
The University State Bank—John W. Algar, Assistant Cashier.
the wood finish is walnut. The furniture is of the Adam
period. The entire four floors of the new building will be
The Diversey Trust & Savings Bank, a new Chicago
•devoted to handling the trust company's business, while in
basement are the security and cash vaults and files. The institution organized last year, celebrates its formal opening
the
ground floor carries the officials' quarters, the new business in its now bank building at Diversey Parkway, Racie and
and the bond department. On a mezzanine in the rear of the Lincoln Ayes. to-day (Jan. 31). The new bank is capitalized
first floor are the auditing, statistical, stenographic and sec- at $200,000 with a surplus of $50,000. Emil J. Dirke, who
retarial force. Estates and personal trusts, publicity and for twenty-five years conducted safe deposit vaults and a
real estate divisions are located on the second floor. The real estate and mortgage business on the same site as the new
stock transfer, corporation trust and industrial departments bank building, heads the institution. The other officers
are on the third, and the directors' room, as well as the rest are as follows: Herman J. Dirks, Vice-President; Ewald E.
and recreation rooms, on the fourth floor. The Security Mueller, Cashier, and Gustav Hake, Assistant Cashier.
Trust Co. goes into its new home in the nineteenth year of
Fred C. Listoe was elected a director of the National ExIts existence, having begun business July 2 1906. It had been change Bank of St.
Paul on Jan. 13 to succeed B. T. Gale of
organized a few months before by a group of persons asso- New
York, who resigned. No change was made in the perciated with Detroit and Michigan banks, headed by M. J. sonnel
of the bank by the directors.
Murphy, who was its first President. Its original capital
was $500,000 with $500,000 surplus. Its first office was in
H. B. Humanson and G. J. Johnson, Cashier and Field
the Carapau Building at Griswold and Lamed streets, in Representative, respectively, of the American National Bank
quarters originally occupied by the old Commercial National of St. Paul, were made Vice-Presidents (newly created
poBank. In 1908 its next move was to its late quarters in the sitions) at the annual meeting of the directors on Jan.
13.
Moffat Building, in joint occupancy with the Michigan Sav- At the previous meeting of the stockholders Mr.
Humanson
ings Bank. When the latter consolidated with the Wayne and Mr. Johnson were elected members of the board.
county and the Home Savings Bank, the Security Trust took
all the available room, which lately included the basement
A. J. Greenman, a Vice-President of the Northwestern
and overflow offices upstairs. Its new building continues Trust Co. of St. Paul, was elected a director of the institution
the dominance of banking and trust services on Griswold at the recent stockholders' meeting in lieu of E. H. Bailey,
Street, many of the foremost banks and trust companies of Chairman of the Executive Committee of the First
Nathe city being on Griswold Street or within the distance of a tional Bank of St. Paul, who resigned on account of the press
square away from it. The Security Trust has had three of other duties. At the directors' meeting all the former
chief executives in its history. Mr. Murphy was succeeded officers of the trust company were re-elected with the ex-

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[Vol,. 120.

ception that A. J. Pearson, heretofore an Assistant Secre- of which was paid out in dividends. With a substantial
sum added to surplus. The report also showed that the
tary, was promoted to Secretary.
deposits of the bank in 1924 had shown a net increase of
Press dispatches from St. Paul on Jan. 28 to the New York $28,565,000 over the previous year, which is a record, it
daily papers report the closing by its board of directors of is said, for all times for a St. Louis bank.
the Farmers' State Bank of St. Joseph, Minn., with deposits
of $125,000. Frozen assets was given as the reason for the
The First National Bank o- f Excelsior Springs, Mo., was
bank's failure.
closed on Jan. 22, following the suicide of its Cashier,
E. B. Brasher, early on the preceding day. A notice posted
Five new members were ele- cted to the directorate of the
on the door of the institution, sigend by E. L. Chapman,
Commerce Trust Co. of Kansas City at the recent stockholdNational Bank Examiner in charge, stated that by order of
ers' annual meeting. They are: C. A. Bennett, Vice-Presi- the directors
the bank had been placed in the hands of the
dent of Theodore Gary & Co.; J. G. Hughes, a Vice-President
Comptroller of the Currency. Worry over the illness of his
of the Commerce Trust Co.; Wesley H. Loomis, of the Ferry- children is
said to have been the cause of the Cashier's act.
Hanly Advertising Co.; H. Y. Lemon,a Vice-President of the According to later
advices from Excelsior Springs (contained
Commerce Trust Co., and Clarence A. Neal, President of in a press dispatch
to the Kansas City "Times" on Jan. 25)
the Union Bridge & Construction Co.
a shortage estimated at $50,000 has been discovered in the
The Italian-American Bank of'Denver closed its doors on bank's funds, and Beth M. Meservey, the defunct bank's
Thursday of this week (Jan. 29), following a run on the President, was arrested and is now at liberty under a bond
institution which started three weeks previously. Total of $20,000. An effort to reorganize the institution is said
liabilities, it is reported, amount to $707,792. Involved to be on foot.
financial transactions and loans to the International Fuel
The closing of the Logan Cou- nty National Bank of Sterling,
Co., of which Prospero Frazzini (the bank's President) is
have been a former director, ate assigned as the Col., was reported in the following press dispatch from
said to
Denver on Jan. 27, printed in the "Wall Street News„ of the
principal causes of the bank's embarrassment. The Intersame date:
national Fuel Co. is now said to be in the hands of a reThe Logan County National Bank of Sterling, Colo., with a capital of
ceiver. The bank's affairs have been placed in the hands $150,000 and deposits totaling $560,000 has closed its doors, and the State
of the State Bank Examiner. It was capitalized at $150,000 Bank Examiner has taken charge. This leaves but one bank remaininglin
operation in the country, three having closed in the past six months.
and had deposits of $550,000, it is stated.
G. P. Reichel, formerly Cashier of the First National
John G. Lonsdale, Preside- nt of the National Bank of
St. Louis, was host to more than 200 guests Bank of Kansas City, Mo., was promoted to a Vice-President
Commerce in
at the St. Louis Club on the evening of Jan. 12 at what he by the directors on Jan. 13, while Sidney Silverman, hereappropriately termed "The Gateway Dinner," as St. Louis tofore an Assistant Cashier, was made Cashier in lieu of
is the gateway to the Southwest. Executives of six intro- Mr. Reichel. W. J. McCarty was promoted from Discount
continental railroads, having their operating headquarters Teller to an Assistant Cashier, and T. C. Burch was elected
in St. Louis, were the guests of honor. For the occasion, a Auditor.
miniature stage was set up behind the spakers' table, with
Angus 0. Swink, of the Atl- antic Life Insurance Co., and
movable scenery, which shifted as each speaker was intro- Bradford H. Walker, of the Life Insurance Co. of
Virginia,
duced, while an electrically-operated engine chugged until a were added to the board of directors of the Virginia Trust
prominent station on the particular railroad appeared, and Co. of Richmond at the Eitockholders' annual meeting on
there appeared by means of a lighting effects, a large map Jan. 20. All the other directors were re-elected. No change
of the railroad system. Overhead, was a "life-sized" sem- was made in the officers of the company by the directors at
aphore—one behind each speaker—also electrically operated their subsequent meeting.
and lighted, and raised as each speaker spoke, and in front
of each speaker was a plaque, a foot in diameter, with the
The ptoposed merger of th-e Broad Street Bank of Richname of the railroad engraved thereon. Appropriately, mond with the State and City Bank & Trust Co. of that
Mr. Ronsdale was "call boy." Carrying out the motif of city was ratified by the stockholders of both institutions
the dinner, the speakers and their subjects were as follows:
the eatly part of this week. The enlarged State and City
"Dean of the Profession," C. E. Schaff, President Missouri-Kansas Texas Bank & Trust Co. will have total deposits of
$21,090,898
Railway, who was represented by E. N. Whitehead, executive Vice-President:"Red, Yellow or Green," Daniel Upthegrove, President Southwestern and total resources of $26,272,461. The Broad Street Bank
Railway Co. (Cotton Belt);"No. 1925 on Time," L. W.Baldwin, President together with its Church Hill and Fulton branches will be
Missouri Pacific Railroad Co.;"Head In, Back Out," Henry Miller, Presi- operated as branches of the State and
City Bank & Trust
dent, Terminal Railroad Association of St. Louis: "Giving the Southwest
-San Francisco Railway Co. 'In addition the State and City Bank & Trust Co. has
the 'Highball,'" J. M. Kurn, President St. Louis
Co.; "Keep Your Eye on the Board," J. E. Taussig, President Wabash branches at Harrison and Broad Streets and North Avenue
Railway Co., and "All Abaord. Let's Go," W. Frank Carter, former presiand Brookland Park Boulevard on the north side of the city.
dent of the Chamber of Commerce, and a director of the National Bank of
Oscar E. Parrish, the former President of the absorbed
Commerce.
Broad Street Bank, it is understood, will be made a Vice:.
Two new Vice-Presidents w- ere elected at the directors'
President of the new organization in charge of the Broad
meeting of the Federal Commerce Trust Co. of St. Louis
Ainsworth, Treasurer, elected Street branch. The basis on which the stock of the two
on Jan. 14. They were W. W.
institutions is to be exchanged was given in the Richmond
Vice-President and Treasurer, and E. T. Tobey of Memphis, "Dispatch" of Jan. 28, as
follows:
appointed Vice-President. All the other officers were
Tenn.,
Stockholders of the Broad Street Bank, other than the State and City
re-elected. John G. Lonsdale is Chairman of the Board of Bank, will surrender their stock and receive in exchange therefor one share
Directors and W. L. Hemingway, President. With regard of State and City Bank stock and $16.37 in cash for each share of Broad
Street stock surrendered, and the State and City
to the election of Mr. Tobey and Mr. Ainsworth as Vice- shares of stock of the Broad Street Bank, which Bank will surrender 6,000
it owns, and which will
beThncremai
cae elled.
President, the St. Louis "Globe-Demoract" of Jan. 15 said:
With the coming of Tobey, the 'Federal Commerce Trust Company
will enter more extensively into the real estate mortgage busines. as he
will head that department. He came from the firm of Marx dr Bensdorf
Memphis, a well known real estate organization of the South. Tobey
organized and was manager of the real estate department of the firm, and
was prominent in the affairs of the Tennessee Realtors' Association. He
will take up his new position Jan. 15.
Ainsworth began as manager of the bond department of the National
Bank of Commerce four years ago ago and aided in organizing the Federal
Commerce Trust Company, which is owned by the stockholders of the
bank.

Four new directors were elec- ted by the stockholders of the
First National Bank of St. Louis at the recent annual meeting
fill vacancies on the board. They were: Isaac H.Orr,Sydney
M. Shoenberg, R. S. Hawes and W. W. Smith. The two
last named are Vice-Presidents of the institution. At the
directors meetings which followed F. 0. Hicks, formerly
connected with the bank, was elected a Vice-President. All
other officers were re-elected. In his annual report to the
shareholders, F. 0. Watts, the bank's President, stated that
the bank had earned 15 47-100% on its capital stock, 13%

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ning 105 shares of Broad Street Bank stock owned by the
State and City Bank will be exchanged for a like number of new shares
In the enlarged State and City Bank, and this new stock forthwith will be
sold for the benefit of the merged institution.

The proposed union of the banks was noted in the
"Chronicle" of Jan. 24, p. 420.
At the annual organization meeting of the board of directors of the Hibernia Bank & Trust Co. of New Orleans, E.
Monter, former Cashier of the Federal International Banking Co. of New Orleans. was added to the staff as VicePresident; W. B. Machade,former Cashier, was elected VicePresident and Cashier; Louis P. Banchet and E. F. LeBreton,
former Assistant Cashiers, were elected Assistant Vice-Presidents. All of the other officers were re-elected. The senior
officers are as follows: Hugh McCloskey, Chairman of the
Board; R. S. Hecht, President, and the following Vice
-Presidents: R. W. Wilmot, W. P. Simpson, A. P. Howard, Fred
W. Ellsworth, Paul Villere, B. H. Sims, James H. Hepper.

JAN. 31 1925.]

THE CHRONICLE

On the occasion of the recent mid-winter meeting of the
Governors of the Investment Bankers Association of America, which was held in New Orleans Jan. 12, 13 and 14, President It. S. Hecht, of the Hibernia Securities Co., Inc., gave
an invitation tournament at the new Mexican Gulf Country
Club at Pass Christian. There were some 25 entries, and
Fred S. Borton, of Borton & Borton, Cleveland, succeeded in
winning the beautiful cup which the Hibernia Securities Co.
had put up as first prize.
The Seaport National Bank of Houston, Tex., which began
business on Sept. 8 of last year, held its first annual meeting
of stockholders on Jan. 13, at which the directors who had
served the institution since the opening were re-elected. At
the directors' meeting held two days later, W. S. Myers,
Chairman of the Board, was elected President of the institution in lieu of Jake Alexander, who on account of his large
personal business interests in La Grange and San Antonio
was unable to retain the presidency. W. E. Fain, President
of the Texas Warehouse Co., of Houston, was added to the
Vice-Presidents of the bank. The roster is now as follows:
W. S. Myers, Chairman of the Board and President; Phil
Stillman and W. R. Hogue, Active Vice-Presidents; Dr.
Gavin Hamilton and W. E. Fain, Vice-Presidents, and William A. Smith, Cashier. Mr. Myers, the new President, it is
stated, has been in business in Houston for the past 22 years.
He is President of the Myers-Spalti Manufacturing Co. of
Houston and Chairman of the board of directors of the
Clive-Myers Manufacturing Co. of Dallas.
Walter Bremond Sr., President of the State National Bank
of Austin, Texas, died suddenly at his home in that city on
Jan. 10.

547

branch, and R. L. Obarr was made a member of the advisory
board of the Huntington Beach branch.
_•___
First Securities Co. of Los Angeles, which is under the
same ownership and management as the First National Bank
of Los Angeles and Pacific-Southwest Trust & Savings Bank,
with aggregate resources of over $280,000,000, announces
that it will open an office in San Francisco Feb. 1 and will
be represented there by Alan J. Lowrey, a resident of San
Francisco.
The directors of the United States National Bank of Portland, Ore., on Jan. 13 added W. L. T. Davies to the bank's
roster as an Assistant Cashier. This was the only change
made in the personnel of the institution. At the stockholders' meeting all the old directors were re-elected.
The Mercantile Trust Co. of California announces the appointment as Vice-Presidents of the Mercantile Securities
Co. of California of Arthur C. Smith and Arthur C. Tuohy,
Manager, respectively, of the New York and Chicago offices.
___•___
Announcement was made in San Francisco on Jan. 22 of
the election of two new Vice-Presidents of the Bancitaly
Corporation, the subsidiary institution of the Bank of Italy.
The new officers are: J. F. Cavagnaro, whose headquarters
will be in New York City, and E. C. Abel, with offices in
Los Angeles.
Characterizing the year just closed as one of unusually
satisfactory progress, James A. Bacigalupi, President of the
Bank of Italy, of San Francisco, described the progress that
had been made during this last year, and discussed plans for
the future at the annual meeting of the bank's stockholders.
An increase of more than $55,000,000 in the bank's resources
was shown during this period, and the deposit growth exceeded $1,000,000 a week for the entire year. Reference was
made to the inauguration of the employees' stock ownership
plan, effective the first of the year. Already the bank's personnel—numbering 2,200—is participating in the new arrangement 100%. The addition of the entire staff of employees to the group of 14,000 stockholders makes possible
an even greater diversification of holdings. No banks were
acquired during the last six months, and but seven in all
during the preceding half year. The branches added were
Monterey, Reedley, Sanger, San Juan, Selma, Shatter and
Wheatland.

According to a dispatch from Phoenix, Ariz., on Jan. 15 to
the Los Angeles "Times," the following changes occurred in
the personnel of the Phoenix National Bank, Phoenix, at the
recent annual meeting of the directors: H. J. McClung
resigned as President of the bank and of its affiliated institution, the Phoenix Savings Bank & Trust Co., positions
which he has held since 1912, and was elected Chairman of
the board of directors, while E. E. Ellinwood, of general
counsel for the Phelps-Dodge Corporation, and for several
years a resident of Phoenix, was elected President in his
stead. R. M. Philleo remains as Chief Vice-President, with
the addition of C. W. Gibson, who has been in charge of the
operations of the Phoenix Bank & Trust Co., and W. C.
Weiss, formerly of the Federal Reserve Bank at Dallas and
The 93d annual statement of the Bank of Nova Scotia
of its El Paso branch. J. E. Kelley, formerly Assistant (head office Halifax) covering the twelve months ended
Cashier, was promoted to the Cashiership.
Dec. 31 1924, was submitted to the stockholders at their
annual general meeting on Jan. 28. The report makes a satPerry Weidner was elected President of the United States
isfactory showing for the period. Net earnings, after estiNational Bank of Los Angeles on Jan. 13 to succeed 0. M.
mating and providing for losses by bad debts, were $2,110,Souden, who was made Chairman of the Board, a newly
028, and this amount, together with $252,696, the balance to
created post. Mr. Souden helped organize the United States
credit of profit and loss brought forward from 1923, gave
National Bank and had been President for 20 years. The
the sum of $2,362,724 as available for distribution. Out of
new President went to Los Angeles in 1899 and since that
this amount, the report shows, appropriations were made as
time, it is stated, has helped organize and establish 15
follows: $1,600.000 to cover dividends at the rate of 16%
Southern California banks.
per annum; $100,000 to pay war tax on circulation; $75,000
Four officers of the Hellman Commercial Trust & Savings contributed to officers' pension fund, and $250,000 written
Bank of Los Angeles were promoted and one new officer off bank premises, leaving a balance of $337,724 to be carwas elected at the regular meeting of the Board of Directors ried forward to 1925 profit and loss account. Total assets
on Jan. 20. Howard B. Kelley, who for more more than are given in the report as $234,760,604, of which $129,127,109
four years had been Cashier, was elected a Vice-President are quick assets, or approximately 64.5% of the bank's liaas well; Percy W. Wilson was promoted from an Assistant bilities to the public. Total deposits are given as $179,943,Cashier to Secretary; E. A. Winstanley and L. S. Colyer, 462. The paid-in capital of the bank is $10,000,000 and its
formerly Assistant Trust Officers, were made Assistant reserve fund $19,500,000. G. S. Campbell is President and
Secretaries, and J. A. Westmoreland, who for several years J. A. McLeod, General Manager.
has been connected With the note department of the bank,
That the Bank of Toronto made encouraging progress durwas elected an Assistant Cashier.
ing the past year is evidenced by the annual report of the
At the recent annual meeting of the stockholders of the institution,
its 69th, submitted to the shareholders at their
Security Trust & Savings Bank of Los Angeles, King C. Gil- annual
meeting on Jan. 14. The report, which covers the
lette, capitlaist and manufacturer, and Ralph M. Walker, twelve months
ended Nov. 30 1924, shows net profits, after
President of the Fifth Street Store, both of Los Angeles, making provision
for all bad and doubtful debts and deductwere added to the directorate. Following the stockholders' ing expenses, interest accrued on deposits and rebate on curmeeting the directors met and made the following changes in rent discounts,
of $968,205, which when added to $1,170,911,
the bank's personnel: Herbert H. Smock, heretofore Cash- representing the balance
to credit of profit and loss brought
ier of the bank, given the additional office of a Vice-Presi- forward from the previous fiscal year, made $2,139,116
availdent; Edmund W. Pugh, formerly an Assistant Secretary, able for distribution. After appropriating from
this sum
made an Assistant Vice-President; V. 0. Wroolie, a former $600,000 to pay the usual quarterly dividends at
the rate of
State Bank Examiner, elected an Assistant Vice-President; 12% per annum; $50,000 to cover tax on circulation;
$50,000
T. H. Boysen and C. C. Hogan, heretofore connected with reserved for accrued taxes; $50,000 contributed to
officers'
the subdivision and corporate trust departments, respec- pension fund and $150,000 written off bank
premises, there
tively, of the institution, made Assistant Trust Officers. remained the sum of $1,239,116 to be carried
forward to 1925
E. C. Boardman was appointed Manager of the Hyde Park profit and loss account. Total assets are shown at
$103,508,-

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548

[voL. 120.

THE CHRONICLE

897, of which $48,033,943 are quick assets, or equal to 52.62%
of the bank's liabilities to the public. The bank's total deposits are given as $77,731,762. The paid-up capital is
$5,000,000, with a rest fund of $6,000,000. W. G. Gooderham
Is President and John R. Lamb, General Manager.
The directors of Lloyds Bank, Ltd., of London, announce
that, after payment of salaries, pensions, staff bonuses and
allowances, other charges and expenses, the annual contribution to the provident and insurance fund, and making full
provision for rebate, income tax, corporation profits tax,
bad debts and contingencies, the available profit for the past
year is £2,468,934. To this has to be added £503,923 brought
forward from the previous year, making a total of £2,972,857.
Out of this total an interim dividend of is. 8d. per share, being at the rate of 162-3% per annum, and amounting, less
Income tax, to £923,253, was paid for the half year ended
June 30 last, £100,000 has been placed to the staff widows
and orphans fund, £250,000 to the staff superannuation fund
and £250,000 to bank premises account. After making these
appropriations, there is a balance of £1,444,604 remaining,
and the directors have decided to recommend to the shareholders at the ensuing general meeting that a dividend at
the same rate, amounting less income tax, to £928,253, be
paid for the past half year, leaving £516,351 to be carried
forward to the profit and loss account for the current year.
The available profit for the previous year was £2,047,116, to
which was added £498,342 brought forward, making a total
of £2,545,458. Out of this £1,841,535 was paid in dividends
(at the same rate), £100,000 was placed to the staff widows
and orphans fund and £100,000 to the staff superannuation
fund, the £500,000 transferred to bank premises account on
that occasion being derived from profits on the sale of investments.

(Kansas) gained five points to 443/s. Standard Oil (Ken%
tucky) after loss of about a point to 1185 , recovered to
1243/3, the close to-day being at 123%. Standard Oil
(Ohio) from 355 reached 366, the final figure to-day being
364. Vacuum Oil rose from 813% to 893%. Gulf Oil sold
up from 663% to 70'and at 693% finally. Red Bank Oil
moved up from 26 to 30 and reacted finally to 27. Ryan
Consolidated Petroleum advanced from 43% to 63% and
finished to-day at 63g. Industrials were somewhat neglected
and lower. Radio shares were weak. Duplex Condenser
& Radio fell from 143% to 103 and recovered finally to 12.
4
Freed-Eiseman moved down from 303% to 263 and finished
4
to-day at 27. Hazeltine Corporation was off from 43 to 41,
the announcement of an initial dividend causing an advance
to 433%. The close to-day was at 43%. Sleeper Radio
%
declined from 193 to 16 and finished to-day at 163. American Gas & Electric common was off from 783% to 733 ,
4
closing to-day at 73%. Commonwealth Power common
declined from 1223% to 117 and recovered finally to 1183%.
Lehigh Power Securities dropped from 111 to 105 and closed
%
%
to-day at 1053 . Borden Co. common rose from 1425 to
4
1493/i and ends the week at 1483 . Continental Baking
Class A common weakened from 1103% to 1083% but recovered finally to 1103%.
A complete record of Curb Market transactions for the
week will be found on page 572.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS(No. Shares).
Week Ending Jan. 30.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total

DuLitMis
54,800
143.535
118,420
117,215
131.965
103.810

OU.

BONDS (Par Value)

Mining.

80,885
231,330
138.080
223,745
345,750
243,690

669,745 1,263,480

Domestic. Porn CON.

85,140 $410,000
142,420
856,000
187,310 839,000
164,110 827,000
139.140 840,000
194,740 754,000

$62,000
108.000
67,000
29.000
29,000
44,000

912,860 84,526,000 8339.000

President Webster K. Wetherell, of the Aldine Trust Co.
of Philadelphia, in the annual report to the stockholders for
COURSE OF BANK CLEARINGS.
the year 1924 stated that the increase in the business of the
Bank clearings for the country as a whole continue to show
company for the past year had resulted "In a substantially
greater profit than in any previous year." In part he also an increase over a year ago, but this time the ratio of gain is
small. This is due to the fact that last year the end of the
maid:
The net earnings for the year appear in the amount of 2208,278 82, which,
calculated on the average capital issued during the year, that is $750,000
for ten months and $1,000;000 for two months, shows 26%, out of which
dividends aggregating 14% have been paid amounting to $105,000.
On Aug. 1 the stockholders received warrants entitling them to the purchase of one share new stock of the company at $225 per share for each three
shares formerly held. These payments were to be made on or before Nov. 1,
and with the transfer of $187,500 from undivided profit to surplus account,
this resulted in an increase in the capital from $750,000 and surplus of $500.000 to the present capital of $1,000,000, with surplus of $1,000,000, which
has completed the full authorized capital and placed the company in a strong
position to serve the surrounding locality which is increasing in commercial
activity.
There has been an increase in deposits, which were,
24,093,676 44
On Dec. 81 1924
4,020,983 58
On Dec. 31 1923
$72,591 88
Showing a net gain for the year of
The investments and real estate held in the various trust accounts amount
does not include the investments in two of the trust
to $4,268,402 20. This
estates, the inventory and appraisement of which have not yet been completed, but which will amount approximately to $150,000.
There was on hand in the trust department at the close of the year $19,
884 92 of cash, including income, a large part of which was distributed as
of the first of January 1926, and including also cash in principal awaiting
distribution.

During the year the death occurred of Dr. Morris Booth
Miller, a director; the vacancy in the board has been filled
by the election from among the active stockholders of the
company of John B. Williams; Mr. Williams is also a director of the Curtis Publishing Co. The plans respecting the
Increase in capital made last year by the Aldine Trust Co.
were referred to in these columns June 21 1924, page 3045.

THE CURB MARKET.
The bulk of this week's trading in the Curb Market was in
the oil shares, with little activity elsewhere. Although
accompanied by considerable irregularity, prices for oil
stocks moved to higher levels, with the advances general.
Solar Refining was conspicuous for an advance from 2173/
to 250. Continental Oil gained about two points to 30, and
Cumberland Pipe Line three points to 145; Eureka Pipe
Line three points to 96. Illinois Pipe Line dropped from
1543% to 142. Magnolia Petroleum sold up from 145 to
158 and closed to-day at 157. Ohio Oil rose from 723% to
4
74% and reacted finally to 733 . Prairie Oil & Gas advanced from 243 to 256 and ends the week at 255. Prairie
Pipe Line declined from 126 to 119 and sold finally at 120.
South Penn Oil improved from 1893% to 197, reacted to 185
and moved upward again, resting finally at 190. Standard
Oil (Indiana) advanced from 653% to 68%. Standard Oil

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month and the first of the month business came in this week,
while the present year these heavy payments will not come
until next week. Preliminary figures compiled by us, based
upon telegraphic advices from the chief cities of the country,
indicate that for week ending to-day (Saturday, Jan. 31)
aggregate bank exchanges for all the cities of the United
States from which it is possible to obtain weekly returns will
register an increase of 3.8% over the corresponding week
,900,809,193, against
last year. The total stands at
$8,573,379,518 for the same week in 1924. At this centre
there is a loss of 0.5%. Our comparative summary for the
week is as follows:
Clearings-Returns by Telegraph.
Week ending January 31.

1925,

1924.

Per
Cent.

New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans

$4,033,000.000
620.134,653
423,000.000
307,000,000
*110,000.000
125,400,000
134.800,000
0125,000,000
135,081,367
105,955,919
81,538,839
69.669,541
60,734,795

84,052,425,186
460,382,588
376,000,000
334.000.000
98,233,432
112,800,000
133,900,000
*118,000,000
125.288.71$
111,895,443
81,814,163
79,281,818
56,737,542

-0.5
+34.7
+12.5
-8.1
+11.9
+11.2
+0.7
+5.9
+7 8
.
-5.8
-0.8
-12.1
+7.0

13 cities, 5 days
Other cities, 5 days

28.331,315,114
1,086,025,880

$
6,140,736,687
1,003,748,245

+3 1
.
+8.2

Total all cities,5 days
All cities, 1 day

$7,417,340,994
1,483,468,199

$7,144.482.932
1,428,896,586
SR R75 570 515

+3.3
+311
-i-s R

Total all cities for week

$8.000.1109 ISE1

Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the previous week-the week ended Jan. 24. For
that week there is an increase of 25.0%, the 1925 aggregate
of the clearings being $10,063,118,873, and the 1924 aggregate ,044,705,461. Outside of New York City, however,
the increase is only 12.4% the bank exchanges at this centre
having recorded a gain of 35.6%. 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 expansion of 25.7% in the New York,

549

T H El, CHRONICLE

JAN. 31 1925.]

Reserve District (including this city) of 35.0%, and in the
Philadelphia Reserve District of 20.0%. In the Cleveland
Reserve District the totals are larger by 8.7%,in the Chicago
Reserve District by 17.4%, and in the Minneapolis Reserve
District by 23.1%. In the Richmond Reserve District there
is a decrease of 0.1%, in the Atlanta Reserve District of
5.8%, and in the St. Louis Reserve District of 8.5%. In
the Kansas City Reserve District there is a gain of 18.7%, in
the Dallas Reserve District of 25.6% and in the San Francisco Reserve District of 3.5%.
In the following we furnish a summary by Federal Reserve
districts:

Week Ended Januar z 24.
Clearings at
1925.

1924.

Inc. or
Dec.

1922.

1923.

Seventh Feder al Reserve D Istrict-Chi cago185.415
173,845
241,149 +33.8
Mich.
322.646
-Adrian _ _
473,466
1.032.412
831,531 +13.5
Ann Arbor__ _ _
943.914
81,854,259
+10.6 126.525.841
Detroit
156,949,373 141,891,807
5,776.813
5.869,221
5.308,399 +61.3
8,563,797
Grand Rapids_
1,906,282
1,736,815
2,310,761 -9.4
Lansing
2.094,561
1,510,390
2,046,554
1,898,621 +28.6
-Ft. Wayne
Ind.
2,440,598
12,074.000
16.899.000
18.104,000 -1.2
Indianapolis... _
17,878.000
1.261,854
2,223,500
2,211,500 -5.7
South Bend...
2,337.000
+2.0
5,399.101
5,507,018
Terre Haute__ _
23,249,230
31,486,028
31,808,098 +15.4
36,735,923
Wis.-Milwaukee
1,551.550
2,250,562
2,143,418 +11.1
2,381.317
Iowa-Cedar Rap
7,591.890
8,871,548
+4.1
9,784,224
10,189,552
Des Moines._
4,574,685
5,769.896
6,131,062 +25.4
7.690,315
Sioux City_ _ _ _
1,020.368
1,388,689
1,138,000 +13.7
Waterloo
1,293,908
SUMMARY OF BANK CLEARINGS
982,375
1,228,635
1,194,853 +16.6
-Bloomington
111.
1,391,728
555,512,764 +10.8 573,190,157 458,378,319
665,601,633
Chicago
a
a
a
Inc.or
a
a
Danville
926,258
1,148.599
1922.
1923.
Dec.
1,046,985 +25.5
1924.
1925.
1,313,472
Decatur
Week Ending Jan. 24 1925.
3.230,292
4,193.459
+30.3
4,203,382
Peoria
5,477,479
1,426,623
1,830,513
$
2,002.497 +25.5
$
%
$
$
2,512,782
Rockford
Federal Reserve Districts.
1,926,381
2,288.551
+6.6
2,296,494
2.447,113
11 cities 550,806,346 438,098,727 +25.7 390,907,031 287,380,570
Springfield
(15t) Boston
11 " 6,069,268,903 4,495,397,972 +35.0 4,154,508,330 3,555,284,456
(2nd) New York
598,994,285 499,034,627 +20.0 603,366,039 389,913,020
Total(20 cities) 934,072,159 795,458,646 +17.4 790,153,825 609,900,450
Philadelphia.- _10 "
(3rd)
391,839,120 360,370,474 +8.7 369,172,518 254,474,8E8
8 "
(4th) Cleveland
183,662,048 183,907,644 -0.1 177,361,635 122,257,510
Eighth Federa Reserve Dis trict-St. Lo uls6 "
(5th) Richmond
3,825,090
4,102,647
4,413,430 +10.6
-5.8 185,910,521 140,826,958
186,614,637 198,207,77
4,881,512
10 "
(8th) Atlanta
934,072,159 795,458,646 +17.4 790,153,825 609,900,450 Mo.-St. Louis_ _ 143,600,000 173,300,000 -17.1
20 "
(7th) Chicago
22,241,245
31.375.144
29,679.781 +15.5
_
223,984,600 244,832,330 -8.5 75,039,440 50,832,328
34,282,497
8 "
St. Louis
(8th)
690,590
426.610
429,750 +25.5
Owensboro. _
123,587,653 100,384,127 +23.1 114,728,978 87,128,117
539,456
(9th) Minneapolis.... 7 "
15,046.636
26,141,491
+2.3
24,915,901
-Memphis
251,066,957 211,676,980 +18.7 232,854,825 207,629,237 Tenn.
25,498,605
(10th) Kansas City. _12 "
7,846,548
11,458,364
10,608,802 +23.1
78,822,234 62,757,892 +25.6 67,927,287 45,831,803 Ark.-1..ittle1tock
13,059,078
5 "
Dallas
(11th)
190,057
319,791 51
227,025 +75.1
470,399,931 454,578,265 +3.5 390,167,416 306,535,652 111.-Jacksonville
397,582
..17 "
(12th) flan Francisco.
992,162
1,215,393
1,257.641 +37.2
Quincy
1,725,870
cltlee 10063118,873 8,044,705,461 +25.0 7,442,097,845 6,057,994,487
125
Grand total
50.832,328
75,039,440
2,587,668,082
4,105,121,899 3,652,470,787 +12.4 3,390,142,318
Total(8 cities) _ 223,984,600 244,832,330 -8.5
Outside New York City
Ninth Federal Reserve Dist rict-Minne spoils
3,557,793
5,184,441
5,027,059 +34.2
M inn.
-Duluth._
d6,745,953
52,903,574
69,713.897
55,690,189 +44.3
M inneapolls_ _ _
80,381,889
25,279,164
33,203.648
34.520,180 -12.9
St. Paul
30,089.450
add our detailed statement, showing last week's
We now
1.342,050
1,796,480
1,335,148 +19.7
No. Dak.-Fargo
1,598,019
885.025
1,059,114
figures for each city separately, for the four years:
1,152,151 +16.2
S. D.
-Aberdeen.
1,338,367
546,266
509,659
375,078 +41.9
Mont.-Bithngs_
532,244
2,614,245
3,261,739
2,284.322 +27.0
Helena
2.901,731
Week Ended January 24.
1924.

First Federal Re serve Distric t-Boston628,427
605,290
Maine-Bangor_
2.526-732
3,232,616
Portland
-Boston _ _ d499.000,000 393,000,000
Mass.
2,251,356
Fall River
2,319,892
a
a
Holyoke
1,212,177
1,001,683
Lowell
a
a
Lynn
1,220,048
1,565,161
New Bedford....
4,834,295
5,775,488
Springfield _ _
3,036.000
3,377,000
Worcester
12.100,866
13,713,837
Conn.
-Hartford.
6,075,726
6,382.079
New Haven_ _ _
11,213,100
13,833,300
-Providence
R.I.
Total(11 cities)

550,806,346

Inc. or
Dec.

1923.

1922.

-3.7
+27.9
+27.0
+3.0
a
-17.4
a
+28.3
+19.5
+11.2
+13.3
+5.0
+23.4

807,618
2,411,281
348.000,000
2,095,476
a
1,107,319
a
1,326,322
4,710,324
3,453,000
10.010,007
5,485,684
*11,500,000

728,269
2,326,961
262.000,000
1,495,671
a
874,107

438,098,727 +25.7

390,907.031

287,380.570

'
1,123,219
3.687,015
2,757,777
7,596,935
4,790,616

-New Y orkSecond Federal Reserve Dist net
3,936,771
3,664,516
4,300,354 +25.7
5,404,516
-Albany._
N. Y.
804,400
981.135
877,300 +19.7
1,050,100
Binghamton.._ _
31,230,751
39,705,431
41,037,748 +27.1
d52,158,639
Buffalo
612,994
+53.6
654,113
1,004,864
Elmira
83,8832
1,031.974
1,117,922 +24.2
d1,388.831
Jamestown._ _
New York..... 5,957,996,974 4,392,234,674 +35.6 4,051,955,527 3.470,326,905
7,146,502
8,158,723
8,898,813 +21.5
10,813,654
Rochester
2,986,097
3,423,437
3,708,759 +15.5
4,283,514
Syracuse
2.887,404
3,202,548
2,518,086 +11.0
C2,795,823
-Stamford
Conn.
364,016
489.185
449.549 +15.9
N. J.-Montclair
521,057
34,762,778
41,282,870
30,600,654 -19.5
31,850,931
Northern N.J_
Total(11 cities) 6,069,268,903 4,495,397,972 +35.0 4,154,508,330 3.555,284,456
Third Federal Reserve Dist rict-Philad elphia
1,158,039 +9.8
-Altoona __ _
Pa.
1,271,992
3.720,176 +6.2
Bethlehem __ _
3,951,553
1,234,510 -1.7
Chester
1,213,130
Lancaster
0,590,957 -11.6
2,289,312
Philadelphia_ _ 569,000,000 473.000,000 +20.3
3,126,114 +13.6
Reading
3,551,772
5,260,589 +26.0
• Scranton
6,630,633
3,943,530 +3.3
d4,074,551
Wilkes-Barre_
1,206,028 +21.7
York
1,468,019
3,794,684 +46.1
-Trenton_ _
N.J.
5,543,323
a
a
Del.-Wilming'n
a
Total(10 cities)

598,994,285

499,034,627 +20.0

Fourth Federal Reserve Dist rict-Clevel and
8,383,000 +17.9
Ohio-Akron._ _
d9,885,000
4,751,943 +1.2
Canton
4,808.792
67,315,690 +6.8
Cincinnati_
71,898,851
98,417,662 +9.8
Cleveland
108,129,345
12,089,400 +12.9
Columbus
13,643,900
Dayton
a
a
a
a
a
Lima
2,025,003 -1.6
Mansfield
d1,992,209
a
a
a
Springfield _ _
Toledo
'
3,338.656
4207,389
Youngstown...
a
a
a
-Erie
Pa.
Pittsburgh._ _ 177,473,634 163,549,120 +8.5
360.370,474

1,242,495
3,919,583
950,819
3.171,892
478,000.000
2,995,002
5,615,682
2,841,075
1,301,397
3,322,094
a

852,080
2,537,524
787,920
1,891,289
370,000,000
2,136,084
4,475,541
2,089,000
1,175.766
3,967,816
a

503,366,039

389.913,020

4,901,000
6,365,000
2,726,842
5.144,275
51,651.464
67.502,759
70,827,197
105,514,659
9,925,000
14,846,500
a
a
a
a
1,073,075
1,868,215
a
a
a
a
2,470,310
4,125,996
a
a
163.805.114 *110,900,000

+8.7

369,172,518

254,474,888

Fifth Federal Reserve Dist rict-Richm ond1,703,790 +3.0
1.754,131
W.Va.-Hunt'g'n
6,968,543 +16.9
d8,148,534
Va.-Norfolk____
69,931,000 -12.3
52,554,000
Richmond ____
2,476,359 +3.4
2,561,488
S.C.-Charleston
90,791,952 +3.8
94,218,267
Md.-Baltimore_
22,036,000 +10.8
24,425,628
D.C.-Washing'n

1,779,318
7,654,193
58.128,035
2,515,356
88,287,303
18.997,430

1,533.609
6,540,708
38,660.634
2,544.409
57,114.138
15,864,012

183,907,644

-0.1

177,361,635

122,257.510

Sixth Federal Reserve Dist ric t-Atlant
6,372,207
d7,519,234
Tenn.-Chatt'ga
Knoxville
20,369,248
19,660,872
Nashville
61.802,151
Ga.-Atlanta__ _ _ d59,047,000
*1.800,000
1,627,084
Augusta
1,354,597
1,150,259
Macon
a
a
Savannah
16,157,852
9,214,705
Fla.-Jack'nville.
29,209,898
24,644,755
Ala.-BIrming'm.
Mobile
1,481,316
1,375,000
Miss -Jackson..
467,992
379,826
Vicksblirg
59,192,516
61,995,902
La.-NewOrleans

-+18.0

Total(8 cities).

Total(6 cities) _

Total(10 cities)

391,839,120

183,662,048

186,614,637

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

198,207,777

6,384,993

4,726,388

--3.5
--4L5
--9.6
-15.1
a
-43.0
--15.6

18,646,434
54,519,331
2,344,006
1,513,787
'
12,349,852
31,389,268

16,719,953
38,828,768
1,553,827
1,001,341
a
9,863,527
20,100.927

--7.2
--18.8
+4.7

991,515
633,489
57,137,846

909,230
283,710
46,839,285

185,910,521

140.826.956

Total(7 cities). 123,587,653 100,384,127
Tenth Federal Reserve Dist rict-Kansa
319,497
Neb.-Fremont _
d402,051
Hastings
430,819
606,692
3,150,821
Lincoln
3,876,163
Omaha
33,238,580
40.448,166
Kan.
-Topeka _ _
2,976,068
d3.926,8171
Wichita
7.178,000
d7,911,000
Mo.-Kans. City 134,376,691 113,001,473
St. Joseph.
7,555,264
d9,695,321
a
Okla.
a
-Muskogee
Oklahoma City d28,097,195
22,360,526
a
Tulsa
a
937,953
Colo.
988,453
-Col. Spgs.
19,641,871
Denver
19,771,432
886,108
Pueblo
e966,976

+23.1 114,728,978
City
348,192
+25.8
448.358
+40.8
3,455,242
+23.0
41.376,467
+21.7
3.188,811
+32.0
10,034,000
+10.2
+18.9 130,793,025
+28.3
a
a
21,042,587
+25.7
a
a
964,405
+5.4
20,325,091
+0.7
878,647
+9.1

Total(12 cities) 251,066,957 211,676,980
-Da
Eleventh Fede ral Reserve District
1,544,000
Texas
1,706,698
-Austin._
36,045,863
Dallas
47,591,484
11,185,979
Fort Worth.._ d13,343,315
9,218,690
Galveston
11,683,559
a
Houston
a
4,763,360
La.
4,497,178
-Shreveport

+18.7
las+10.5
+32.0
+19.3
+26.7
a
-5.6

87,128,117
324,007
428,732
2,492,490
31,698,751
2,607,759
10,454,515
121,917.570
18,164,273
•
759.143
18,168.322
613,675

232,854,825

207,629,237

2,145,658
31,278,656
10.519.144
9,064,400
a
4,919,431

1,254,784
21,925,695
10,032,498
• 8,851,068
a
3,767,758

57,927,287
62,757,892 +25.6
Total(5 cities) _
78,822,234
Twelfth Feder al Reserve D [strict-San Franci sco33,034,123
37,994,120 +1.4
Wash -Seattle...
38,540,613
10,237,000 +7.2 *10,000,000
Spokane
d10,980,000
a
a
a
a
Tacoma
868,333
1,180,493 +12.2
Yakima
1,324,904
29,066,396
32,771,694 -0.3
Ore -Portland._
32,662,270
12,190,025
14,160,383 +43.6
Utah-Salt L. City
20,319,917
a
a
a
a
__
Nev.-Reno
a
a
a
a
Arizona-Phoenix
3.499,569
3,688,616 32.6
2,485,757
Calif.-Fresno.._ _
7,348.836
8,651,846 20.3
6,869,625
Long Beach_ _ _
143,846,000 156,218,000 -7.9 117,387,000
Los Angeles _ _
14,191,711
15,341,135 +24.5
19,106,237
Oakland
5,174.504
6,263,998 +6.3
6,660,741
Pasadena
5,201,604
6,753,232 +8.8
d7,347,403
Sacramento
*3,000,000
3,589,166 +27.5
4,574,728
San Diego_ _ _ _
San Francisco_ 167,700,000 150,100,000 +11.7 144,200,000
1,928,607
1,938,919 +15.2
2,233,872
San Jose
926,608
+4.8
1,172,846
1,229,630
Santa Barbara_
10.4
2,197,017 1,968,234
Santa Monica.
2,150,100
2,365,800 +7.8
d2,550,000
Stockton

45,831,803
30.051,652
a
1,642,580
24,574,504
10,410,471
a
a
3,560,291
3,587.395
86,887,000
11,192,815
3.343.178
4,629.448
2,719.026
119,500,000
1,752,498
748.914
1,935,900

Total(17 cities) 470,399,931 454,578,265 +3.5 390,167,416 306,535,652
Grand total (125
987
10003118,873 8,044,705,461 +25.07.442.097.8456.057,954.
cities)
Outside N.Y..... 4,105,121.899 3.652,470.787 +12.43.390.142.3182.587,668.082
Week Ended January 22.
Clearings at
1925.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_ _ _ _
New Westminster
Medicine Hat...
Peterborough....
Sherbrooke
Kitchener
Windsor
Prince Albert....
Moncton
Kingston
TntRI OA ettlaAl

1924.

Inc. or
Dec.

%
$
$
93,321,113 -3.2
90,361,641
91,738,360 +0.7
92,406,844
35,610,577 +10.7
39,414,228
14,308,235 +9.2
15,639.051
5,204,642 +39.9
7,283,096
5.446,030 -3.1
5,278,775
2,494,364 +9.7
2,735,945
4,958.123 -13.9
4,267,644
5,905,194 +27.5
7,527,593
2,283,880 -1.0
2,260,549
1,713,81
+1.3
1,736,403
2,397,39 +24.0
2,973.357
3,664,13 +32.3
4,849,298
2,730.645 +30.0
3,550,073
+24.2
459,46
570,759
395,83 +10.1
435,776
-8.5
1,445,68
1.322,375
-6.8
1,198,37
1,117,153
815,34 -10.2
732,317
788,88 -11.8
695,898
-3.3
490,18
474,061
312,65 -21.0
246.999
882,09 -19.6
709,206
-6.2
725,15
680,236
+1.8
834.41
849,412
-5.7
2,791,92
2,631,865
278,95 +22.0
340,201
755,310 -6.9
703,516
567,788 +6.0
601,818
292.396.089

284.518.587

+2.8

1922.

1923.
4
MMW.
,00004.00
40
400. 40
10..0.
W.0.0040.4.W00 ,
040000,0KJNW0,3ON0,C0,0000130040130W.P.CO

1925.

.wom
...,w
wcabzwtwo.o.a,
40
. .7amm=e00.00o04,&,4bV.4WWW0e..M.,
,
.00..--.w.o wcwa.
towma.wc.om..Dw000v.

Clearings at

274.286 garc

$
90.560,496
104,361,639
34,292,951
12,234,953
5,107,869
4,552,681
2,962,662
4,682,991
4,243,348
2,514,949
1,954,347
2,620.303
3,529,133
2,683,878
462,416
429,061
1,345,598
927,418
951,880
1,016,657
425,8.52
262,473
598,568
792,139
864,801
2,383,878
290,317
958,594
667,317
986 A/o San

a No longer report clearings. b Do not respond to requests for figures. c Week
ended Jan. 21. d Week ended Jan.22. e Week ended Jan. 23. • Estimated.

550

THE CHRONICLE

[Vox.. 120.

The very small amount of gold available here this week was taken by
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
the
Trade.
Buoyancy in the oil shares and renewed activity in the
The Indian Trade figures (private account) for November last
are as
rails have been the note t orthy features of the stock market follows:
(In lees of
Exports.
Imports. Net Exports. Net Imports
during the present week. The short session on Saturday Merchandise rupees)3364
2254
1110
Gold
was further abbreviated by the delayed opening, because of Silver
63i
6743i
68t
---9
223
214
the eclipse of the sun, and trading was the lightest for the
-Total Net Exports, 228X.
During the month of October last, gold valued at $19,701.00 was imSaturday session since Nov. 7. Price movements were con0
ported by the
fused. Oil shares stood out prominently, particularly ported by thatUnited States of America, whilst $4,128.000 worth was excountry, making a total
month
Pacific Oil, which crossed 60. Railroad shares improved,the 576,000. The movements of gold to andnet import for the during of $15.from the U. S. A.
the first
main movements centering around Kansas City Southern, ten months of this year and of 1923 were as follows:
Ten Months ending October1924.
1923.
which advanced more than a point and reached a new high
Po
$289.584,000
$250.317,000
for the year. Price movements continued irregular on Mon- Exports
15,284,000
27,185.000
Net imports
$274,300,000
$223,132,000
day, turning gradually downward as the day advanced.
The "Wall Street News" of the 20th inst.
states that the Minister of
Oil shares were again in the foreground and many new high Mines for Ontario recently estimated the gold output of that Province for
records for the year were recorded in this group. Specialties this year at between $74,000,000 and $75,000,000, and said that by 1928
Ontario's production was expected to exceed
that of the United States.
were weak, particularly American Woolen, Radio and
SILVER.
General Electric. Sharp declines also occurred in the steel
The poverty of the market became
intensified after the holidays,
stocks. Low priced railroad shares did fairly well, Mis- quotations fell 9-16d. on the 29th. making that for cash 3134d. andand
for
,
souri Kansas & Texas reaching 34% at its high for the day, forward delivery 3150., the lowest quotations recorded during the year.
India has been a special source of
weakness. China. America and the
and St. Louis-San Francisco recording an advance of more Continent have also sold. Bears
have been bold and refrained from
than two points at one time. United States Cast Iron Pipe ing to any large extent. To-day, chiefly owing to the comparative coversmallness of the market, there has been
some reaction.
& Foundry declined from its opening price of 183 to 1773/2.
We learn by the mail leaving Bombay
on the 12th inst. as follows: "The
Oil shares were again in the foreground on Tuesday, new high feature of the market this week has been
an export of 4,049 bars silver to
levels being scored in the last hour by several stocks in this China. This strengthened the market at one stage, but when a large
shipment from America was reported
the market again weakened. Large
group,though the general trend of the market was downward. speculative business is doing
in the Bazaar. Banks have
Gains in the railroad group offset to some extent the de- and selling. Up-country demand for the metal is about been both buying
150 bars per day
clines in the general list. Norfolk & Western stood out and the stock of silver in Bombay is 6.000 bars."
The Deputy Master and Comptroller of
the Royal Mint in his annual
prominently in the day's activities and recorded a net ad- report for the year 1923 (just
issued) states as follows:
"During 1923 a considerably amount of silver
vance of over two points. American Woolen made a gain
coin of the new standard
was exchanged with the Bank of England for
of four points from its early low level and United States necessity
925 coin withdrawn, but the
of affording further relief to the swollen
circulation was emphatic
Steel common closed at 127. Railway and oil shares were and withdrawn coin was,after malting,
disposed of
the leaders in a rising market on Wednesday, though price withoutreplacement. Old coin accumulated in theas bullion to some extent
Currency Note Redempmovements on the whole continued irregular during the tion Account was also replaced by new,and by the end of the year the greater
part of the £7,000,000 allocated to the Account
consisted of silver coin of
greater part of the session. Atlantic Coast Line was one of 500 fineness. . . "
The new silver coin issued during the years 1922
the strongest features and recorded a net advance of over two
and 1923 was as follows:
Issued to
points. Oil shares continued their forward movement and Bank of England
.C4323:0 0
0
.C3,250..000
Banks
were also again the predominating feature on Thursday. Banks in Scotland
16,900
Nil
in Ireland
22,900
19,300
Motor shares were also strong and Mack Trucks made a net Agents of Colonial Governments,etc
178.125
6,900
Sundry persons
3,365
gain of 1*6 points for the day. Railroad shares, oil stocks Currency note redemption account
Nil
2.175,000
2,925,000
and motor issues were the centre of interest in an uneven marTotals
*.C6,519.550
ket on Friday. In the former group Southern Railway com*C6,201,200
*Exclusive of about /60 in Maundy Money.
mon advanced more than three points to a new high level.
Oil shares developed additional strength on the further adINDIAN CURREN i'Y RETURNS.
/n Lacs of Rupees
vances in the price of oil. Industrial shares attracted conDec. 7.
Dec. 15.
Dec. 18.
822
6
Notes in circulation
18025
18961
7 17
3
siderable attention in the early part of the session, interest Silver coin and bullion in India
17830
being focussed largely on Americna Can, Baldwin Locomo- Silver coin and bullion out of India
Gold coin and bullion in India
2823382°
tive, &c. The final tone was good.
32
2. .
-2
52
Gold coin and bullion out of India
Securities (Indian Government)
5713
1139159
TRANSACTIONS AT THE NEW YORK STOCK EXCHANG
8ti5
Securities (British Government)
E
1700
DAILY, WEEKLY AND YEARLY.
Week Ended Jan. 30.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday

552,482
1,453,920
1,331,946
1,667,490
2,048,250
1,685,500

Total

United
States
Bonds.
$852,300
1,832,400
1,271,800
2,012,200
1,624,050
1,341,000

8,739,588 558,930,800
Week Ended Jan. 30.

Sales af
New York Stock
Exchange.

$1,169,000
2,492,500
2.246.500
1,976,000
1,952,500
1,866,000

$11,702.500
$8,951,750
Jan. 1 to Jan. 30.

1925.

1924.

1925.

1924.

8,739,588

4,075,386

40,501,771

21,373,343

$8,951,750 $15,929,450
11,702,500 13,942,500
56,930,800 32,483,000

$48,697,850
57.704,500
245,874,300

$84,205,900
56,241,000
157,405,000

$77,585,050 $62,354,950

$352,270,650

$297,851,900

Stocks
-No. shares___
Bonds.
Government bonds___
State & foreign bonds_
Railroad & misc. bonds
Total bonds

Railroad. ,
State,
.4c.
Municipal.4
Bonds.
Foreign Bonds,
$4,685,300
10,735,000
10,063,500
9,836,000
10,262.000
11,349,000

Stouts,
No. Shares.

DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.

Week Ending
Jan. 30 1925.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total

rostatiesprtia.

BailtlISON.

Shares. Bond Sales. Shares. Bond Sales Shares. Bond Sales
.
.19,760
$24,000
4,204 $266,400
733
812,000
*40,409
42,800
9,405
89,200
3,787
29,200
24,500
.35,434
10,393
60,700
2,164
33,900
.31,616
13,017
39,600
163,800
1,573
13,800
*33,471
12,009
27,850
71,900
1,628
54,000
25,211
28,000
7,445
94,000
2,449
25,000
185,901 $186,250
55,473 $746,000
12,334 $168,000

Frey. week revised

246,404 $278,600
82,149 $431,350
11,773 $199,800
In addition sales of rights were: Sat.1,060, Mon.2,987, Tues.2673„ Wed. 1,576,
Thurs. 2,315.

THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Dec. 31 1924:
GOLD.
•
The Bank of England gold reserve against its note issue on the
24th inst.
amounted to £126,687,115, as compared with £126,684,760 on the previous
Wednesday.

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

1699
No silver coinage was reported during the week ending
22nd inst.
The stock in Shanghai on the 29th instl consisted of
about 53,700,000
ounces in sycee, 38,500,000 dollars. and 3,770 silver bars,
with about 54.200.000 ounces in syces, 38,500,000 dollars, as compared
and 3.050 silver
bars on the 20th inst.
Statistics for this month are appended:er
Silver p. oz. std.Bar
Cash Del.
2 Mos. Del. 8,..of Gold
p 1 d.
s .fine.
Highest Price
3334d.
330d.
Lowest price
Average price
31.119.d.
3 d
2
32.734d.
.
8
8s 9.1d.
8s..
Quotations
Dec. 29
3134d.
313d.
88s. ld.
Dec. 30
9-16d.
88s.
Dec. 31
331
d
A d,
.
88s.
Avrehraegesilfvorerthqen3ntadadysana
f 1.62
3r na
0
51. and 31.7291.ntha, ds. 2d.
tw0
88eliver
Id.y
to-day
are
respectively, Xcl. and 5-16d. below those fixed a
week ago.

We have also received this week the circular written
under
date of Jan. 7 1925:
GOLD.
The Bank of England gold reserve against its note
issue on the 31st ult.
amounted to £126,735,990. as compared with
£126,687,115 on the previous
Wednesday. The trade ab3orbed the small
amount of gold offerings
here this week. The price quoted on Monday-87s.
-is the lowest
fixed since Sept. 12 1919, when dealings in exportable 4d.
gold were resumed
for the first time since the war. The previous low
record for this period
was the price quoted on Feb. 21 1923-87s. 5d.
The low level of _prices now reached has caused the
sales of South African
gold in the London market to be temporarily suspended.
The South
African producers, owing to the premium at which
the
currency pound stands over sterling, can, at the moment, South African
secure a better
price for their gold by converting it into sovereigns.
The Southern Rhodesian gold output for Nov. 1924
amounted to 52,108
ounces as compared with 52,364 ounces for Oct. 1924
and 54,937 ounces
for Nov. 1923.
SILVER.
The feature of the week has been a more or less continuous
demand for
early shipment for the Indian Bazaars, causing a slight premium
on cash
delivery for the first time since Oct. 30 last. This inquiry
coincided with
a steadier tendency on the part of the China exchanges, which
prevented
the pressure of sales from that quarter. Both the Continent
and the
United States sold, though but moderately. Hence, notwithsta
nding the
marked improvement in exchange with the United States,
prices substantially improved until yesterday. To-day Indian prices
came lower
and China sold, and prices have again fallen.
The following was telegraphed from Peking on the 2d inst. by the
"Times"
correspondent:
"Probably the past year has been more troublous for
China than any
other in her history. In many provinces there has been war
on an unprecedented scale; brigandage and piracy have become
established evils,

551

THF, CHRONICLE

JAN. 31 1925.]

APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
have done immense damage
and in nearly every province devastating floods
There is political chaos
and caused widespread famine in populous areas. by the oceans of floating Jan. 21
-The First National Bank of Hawthorne, N. J National$100,000
confusion measurable
DeBoer, care First
everywhere, and a financial
Correspondent: Andrew
have been profoundly
Bank Building, Paterson, N. J.
debt and default abroad. Conditions generally expected to find that
been
100,000
adverse to commerce, and it might well have
-The American National Bank of Sarasota. Fla
Jan. 24
extreme economic depression. But not so. The
Correspondent: Dr. J. A. Oliver. P.0. Box 1412, Sarastatistics would indicate
collected In 1924
duties
Customs figures show that the export and import previous records. This
sota, Fla.
25,000
-The Dart National Bank of Mason, Mich
total 69,550,000 taxis, or 6.050,000 ahead of all £200,000.000. of which Jan. 24
sum represents a foreign trade of the value of over
Correspondent: D. C. Dart, Mason, Mich.
and the Dominions
the private bank of R. C. Dart & Co., bankers,
something like 40% is British. Clearly Great Britain
Succeeds
country. The anomaly
have a very substantial interest in the welfare of this
Mason, Mich.
50.000
be easily explained.
of a rising Customs revenue in adverse times can may be paralized by Jan. 24
-The Hawthorne National Bank, Hawthorne, N.J Ave.,
is so vast that, although must of the country
China
Correspondent: Jos. Schweigert, 230 Lafayette
population of the remainder is so increasingly
disasters of various kinds, the
Hawthorne, N. J.
1,000,000
is maintained. Producabsorbent offoreign goods that the volume of trade
-The Central National Bank of Newark, N.J
in the most difficult Jan. 24
Park,
n'selling and buying are processes which persist even
Correspondent: Edwin Steiner, M.D., 19 Lincoln
any conditions in which the
c
. i:umstances, and one can hardly imagine
Newark, N. J.
that
25,000
expectations. It is probable
-The Richland National Bank of Sidney. Mont
Jan. 24
foreign trade would fail to come up to
months may decline, but the surprising fact
Correspondent: Axel Nelson, Sidney, Mont.
the figures of the next few
virtually out of action
remains that, with nearly the whole railway systemhas not been affected.'"
APPROVED.
APPLICATIONS TO ORGANIZE
during the past three months,the volume of business
N. Y___ _ E50,000
Council Bills and Telegraphic Jan. 22
-The Community National Bank of Hartsdale,
No allotments were made yesterday of India
N. Y.
deferred T. T. at
Correspondent: John W. Appel Jr.. Hartsdale,
Transfers. Applications were received for 25 lacs of
50.000
Bank of Springfield. Tenn
57 lacs and 5 lacs of immediate T. T. at is. 6d. Jan. 22
-The First National
at Is. 6d. and for
Tenn.
next week for 100 lacs.
Tenders are invited
Correspondent: A. L. Dorsey, Springfield.
and Is. 5 31-32d.,respectively.
CHARTERS ISSUED.
INDIAN CURRENCY RETURNS.
Dec. 31.
MilwauDec. 22.
Dec. 15.
-The Grand & Sixth National Bank of
-12628
In Lacs of Rupees17921 Jan, 22
1200,000
17830
17961
kee, Win
Notes in circulation
8076
8186
8317
Feber: Cashier. Nicholas Rendenbach,
bullion in India
President. John Le
Silver coin and
Okla_ 100,000
__
Jan. 22
-The Peoples National Bank of Henryetta,
-12629
Silver coin and bullion out of India
2232
§§§
2232
President, James Cameron: Cashier, C. C. Calvert.
Gold coin and bullion In India
Gold coin and bullion out of India
5713
CHANGE OF TITLE.
5713
5713
Securities (Indian Government)
N. Y.. to "'Me
1700 Jan. 21-5846
1699
1699
-The Suffern National Bank. Suffern,
Securities (British Government)
200
Suffern National Bank & Trust Co."
Bills of exchange
31st ult.
VOLUNTARY LIQUIDATIONS.
No silver coinage was reported during the week ending
about 53,500.000
Lewistown.Ida_$100,000
The stock in Shanghai on the 3d inst. consisted of
-The American National Bank of Lyons, Lewiscompared Jan. 19
-11745
in sycee, 37,000,000 dollars, and 4.410 silver bars, as
ounces
Effective Jan.10 1925. Lig. Agent,A.L.
3,770 silver
Trust
with about 53,700,000 ounces in sycee, 38,500,000 dollars, and
ton, Ida. Succeeded by American Bank &
bars on the 29th ult.
Co. of Lewiston.
-Bar Silver per oz. Std.- Bar Gold
100.000
Jan. 21 8594
-The Hope National Bank. Hope, Ark P. O'Neal,
per oz. Fine.
Mos.
2
Cash.
QuotationsEffective Jan. 13 1925. Liq. Comm., N.
87s. 9d.
31 13-16d.
3135d.
Hope, Ark. SucJan. 1
Talbot Field and Lloyd Spencer,
87s. 9d.
31 13-16d.
31 Ud.
Ark.,
Jan. 2
ceeded by the First National Bank of Hope,
32 1-16d.
32d.
Jan. 3
No. 12533.
87s. 4d.
325-16d.
325-16d.
Jan. 5
87s. 7d.
325-16d.
323d.
Jan. 6
87s. 5d.
3115-16d. 31 Nd.
Jan. 7
87s. 6.8d •
32.031d.
32.020d.
Average
-Among other securities, the following,
Auction Sales.
delivery are
The silver quotations to-day for cash and for two months'
not actually dealt in at the Stock Exchangez were sold at auction
as those fixed a week ago.
respectively 15d. above and the same
of

-PER CABLE.
ENGLISH FINANCIAL MARKETS
for securities, &c., at London,
The daily closing quotations
as reported by cable, have been as follows the past week:
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat,
London,
Jan. 24. Jan. 26. Jan, 27. Jan. 28. Jan. 29. Jan. 30.
Week Muting Jan. 3032 5-16 327-18 327-16
d 321-16 32 3-10 3234
Silver, per ors
87.1
87
88.11
88.11
86.9
Gold, per fine ounce
5736
5715
5715
58
58
Consols, 234 per cents ______
10114
10115 10115
10115
10134
5 per cents
British,
9714
9714
9715
97.4
971f
British, 434 per cents _ _ _ ___ 48.45
48.45
48.45
48.45
48.40
French Rentes (in Paris)fr„ __._
58.70
58.70
58.65
58.70
58.75
Parbi)fr _ _French War Loan (in

The price of silver in New York on the same day has been:

Silver In N.Y., pesos.(cts.):
6815
Foreign

6836

8815

8811

89

8836

gommercial a nilin isceilaneonsBenTE
-The
Breadstuffs figures brought from page 606.
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at-

Flour.

Wheat.

Corn.

Oats.

Barley.

Rye.

.bush.58Ibs.
8815.19615:. bush.60 lbs.bush.58 lbs. bush. 32 lbs.bush.48lbs
94,000
204,000
351,000 2.224,000 1,414,000
313,000
Chicago
152,000
170,000
2,624,000 1,076,000 1,004,000
Minneapolis_
195,000
10,000
280,000
419,000
Duluth
55,000
238,000 319,000
282,000
45,000
26,000
Milwaukee _ _ _
1,000
108,000
117.000
81,000
Toledo
14,000
48,000
15,000
34,000
Detroit
327,000
607,000
84,000
Indianapolis
10,000
754,000 1,008,000 1,320,000
St. Louis
110,000
2,000
25,000
286,000
685,000
125,000
59,000
Peoria
217,000
713,000
781,000
Kansas City
512,000
965,000
507,000
Omaha
38,000
323,000
225,000
St. Joseph_
26,000
134,000
229,000
Wichita
1,000
1,000
100,000
282,000
46,000
Sioux City_
Total wk.1925
Same wk.1924
Same wk.1923

508,000
423,000
387,000

6,305,000
3,827,000
7,586,000

8,431,000
7,405,000
7,532.000

5,918,000
4,236,000
4,627,000

514,000
739,000
335,000
734,000
799,000 1,432,000

Since Aug.111.989,000389,278,000 136,432,000 180,647.000 45,176,00047,545.000
1924
10,874,000 133,944,000 141,782,000 138,093,000 26,328,000 18,785,000
1923
11,391,000235,712,000204.880,000 116,538,000 16,324,000 11,448,000
1922

Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Jan. 24 1925, follow:
Receipts atNew York.._
Philadelphia _
Baltimore.--Newport News
New Orleans*
Galveston_
St.John,N.B
Boston

Flour.

Wheat.

Corn.

Oats.

Bushels.
Bushels.
Bushels.
Barrels,
116,000
8,000
435,000
278,000
50,000
28,000
50,000 1,272,000
413,000
17,000
21,000
23,000
1,000
7,000
46,000
39,000
84,000
151,000
359,000
38,000
1,000
17,000
22,000

494,000 2,669,000
Total wk.1925
SinceJan.1'25 2,003,000 12,224,000

122,000
638,000

Barley.

Rye.

Bushels. Bushels,
199,000
59,000
237,000
49,000

15,000

82,000
23,000

401,000
263,000
191,000
1,189,000 1,772,000 3,203,000

4,000
289,000
546,000 1,078,000
499,000 2.825.000
Same wk.1924
90 non
Atino.,Tan i '24 1.976.000 13.011.000 2.466.000 3.054000 1 A02 non
port
* Receipts do not include grain passing through New Orleans for foreign
on through bills of lading.

-The following informatiou regarding
National Banks.
national banks is from the office of the Comptroller of the
Currenty, Treasury Department:

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

in New York, Boston and Philadelphia on Wednesday
this week:
By Messrs. Adrian H. Muller & Sons, New York:
$ per oh.
Shares. Stocks.
210 Stratton-Warren Hardware
80
Co., preferred
1 Guyandot Coal Land Assn.,
$3 lot
preferred
15 Guyandot Coal Land Assn.,
$I lot
common
60 Mutual Tire dz Rubber Co. of
$1 lot
Del., par 85
25 Amer. Oriental Co. of Maine,
81 lot
common

$ per oh.
Shares. Stocks.
$1 lot
32 Land & River Co.of N.Y
25 Land & River Co. of N.Y., lot
$54 lot
preferred
128 Land & River Co. of N. Y., 3d
$6 lot
preferred
Bonds.
10,000 marks German Govt. 5%
bonds. Issue of 1915. Noncallable until Oct. 1 1924. Anleihe des Deutachen Reich& _ „1.20 lot

By Messrs. R. L. Day & Co., Boston:
I per oh.
Shares. Stocks.
213
7 National Shawmut Bank
33434
I First National Bank
1 Naumkeag Steam Cotton Co- _ _20134
177
5 Farr Alpaca Co
271
1 Sagamore Mfg. Co
1 Sa o Lowell Shops, 2d pref_7334 & div.
134
1 Central Vermont Ry
3 Units First Peoples Trust, par 850 7534
124
6 Plymouth Cordage Co
10 Seamless Rubber Realty Associates, pref., par S1,000..$1.000 & Mir.
(
10 A. L. Bayles & Sons Co., pref.,
(Si
Par $50
20 A. L. Bayles & Sons Co., com.,I lot
l
par $25

Per oh.
Shares. Stocks.
25 Woonsocket Machine & Press
50
Co., preferred
25 Woonsocket Machine & Press
10
Co., common
3Units First Peoples Trust(regular)
75
par 850
562,500 Mill City Tungsten Mining
$100101
Co., par $1
237
35 Great Northern Paper Co
187.497 Mill City Tungsten Mining
$50101
Co., par El
I Per right.
Rights.
25 First National Bank (when, as
3334
dt if issued)

By Messrs. Wise, Hobbs & Arnold, Boston:
$ per sh.
Shares. Stocks.
1 Second Nat. Bank of Boston_36034
10 Holmes Mfg. Co., common__ _145
10436
5 Hill Manufacturing Co
10 Sagamore Mfg, Co
26834
10 Naumkeag Steam Cotton Co-201H
122
10 Columbian Mfg. Co
130
5 Walter Baker Co., Ltd
1 Converse Rubber Shoe Co., pref. 7534
80 Johnson Educator Food Co., pf_ 5
7534
12 Units First PeoplesTrust
15 Graton & Knight Mfg. Co., pf_ _ 48
13 North Boston Lag. Prop.,corn_ 6434

Spot oh.
Shares. Stocks.
15 Blackstone Valley G.& El.,corn. 7915
112 Amer.Invest.Secur., com_434-4 5-16
500 Wickwire Spencer Steel Corp..
31
common Ws. of deposit
7536
4 Units First People's Trust
10434
10 American Felt Co., prof
10 Jones, McDuffee & Stratton
100
Corp., preferred
100 Bohn Aluminum dr Brass Corp- 8
Percent.
Bonds.
$1,000 Marshal's, Inc., 7s, 1939_ _ 75

By Messrs. Barnes & LoflandiPhiladelphia:
Spot oh.
$ per sh. Shares. Stock..
Shares. Stocks.
so
100 Hare & Chase, Inc., prof
30 Norrlstown-Penn Trust Co... _250
12
25 Horn dr Hardart Baking Co.
4 Philadelphia Rifle Club
195
(Philadelphia), no par
31 Philadelphia National Bank _ _ _ _410
40734 20 Phila. & Camden Ferry Co., par
2 Philadelphia National Bank
13434
850
40634
3 Philadelphia National Bank
8 Phila. Bourse, com., par 850_ _ _ 21
15 Philadelphia National Bank ___ _406
5 National Bank of Germantown...315H 5 Mahoning Coal RR. Co.. com--900
210
4 Phila.& Trenton RR
175
1 Southwestern National Bank_
17434
8 13th & 15th Sts. Pass. Ry
2 Fourth Street National Bank_ _ 396
11634
20 Union Pass. Ry
17 Girard National Bank
57834
110
57934 16 Phila. City Pass. Ry
3 Girard National Bank
3Penn National Bank
44034 30 Little Schuylkill Nay., RR. &
4034
Coal
171
10 Nat. Bank of Commerce
39
28 Delaware RR
I Nat. Bank of Del.(Wilmington)202
10 Second & Third Sta. Pass. Ry_ _175
5Producers dr Consumers Bank, par
1034 83.500 mortgage dated Apr.181923.
510
given and executed by Joe Cohen
616
2 Provident Trust Co
to Lena Perlman and recorded at
615
5 Northern Trust Co
Philadelphia in Mtge. Book
2 Jefferson Title & Trust Co.. Par
J. M.H.No. 3163, page 53, &c.,
6536
$50
...
$250 deposit to be paid at the
13234
20 Oak Lane Trust Co
53.592.50
time of sale
29134
10 Bank of N...A.& Tr. Co
29031 $4,500 mortgage dated May 171923,
11 Bank of N.A.& Tr.Co
given and executed by John Ton576
4 Fidelity Trust Co
konow to Lena Perlman and re10 Lancaster Ave. Title & Trust
corded at Philadelphia in Mtge. 60
Co., par $50
Book J. M. H. No. 3167. page
25 Merlon Title & Trust Co.(Ard168, &c., 8250 deposit to be paid
170
more, Pa.), par $50
at the time of sale
$4,212.50
19 John B. Stetson Co., common,
94
120 par
Bonds.
Per cent.
23 Autocar Co., preferred
80
.
6 Schuylkill Val. Nay., RR.de Coal 4634 $5,000 Penna. Elec. Corp.s.f 6Hs,
1954
9734
1034
9 Central Iron & Steel Co
$1.000 Springfield Consol, Water
Certificate of interest in Valley SeCo. cons. 5s, 1958
9336
curities Co. of Pa., par 82,500.1,500
90
8500 Manufacturers' Club of Phila.
100 Hare & Chase, pfd.
1st 6s, 1940
10034
193 Hare & Chase, Inc., common,
$10,000 Guanajuato Reduction dr
80
no par
Mines Co. 1st 68, 1924
34
25 Fire Association of Philadelphia,
245
par $50

552

THE CHRONICLE
DIVIDENDS.

Name of Company.

The dividends announced this week are:
Name of Company.
Railroads (Steam).
Cleveland dr Pittsburgh, guar. (guar.)._
Special guaranteed (guar.)
Delaware de Hudson Co. (guar.)
Green Bay & Western (annual)
Illinois Central, common (quar.)
Preferred
Norfolk & Western,corn.(guar.)
Pennsylvania (guar.)

Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

8734c Mar. 2 Holders of rec. Feb. 10
50c. Mar. 2 Holders of rec. Feb. 10
*214 Mar.20 *Holders of rec. Feb. 26
5
Feb. 9 Holders of rec. Feb. 6
51.31 Mar. 2 *Holders of rec. Feb. 6
*3
Mar. 2 *Holders of rec. Feb. 0
*1.34 Mar.19 *Holders of rec. Feb. 28
4,
75c. Feb. 28 *Holders of rec. Feb. 2

Public Utilities.
Brooklyn Edison (guar.)
*2
Mar. 2 *Holders of rec. Feb. 13
Chicago City & Conn. Ry., partic. pref. 31
Feb. 25 Holders
Consolidated Gas(N. Y.). tom.(guar.). •31.25 Mar.16 *Holders of rec. Feb. 16
of rec. Feb. 11
Eastern Shore Gas & Elec. (guar.)
*2
Mar. 2 *Holders
Niagara Falls Power, common (guar.)._ 50c. Mar.16 Holders of rec. Feb. 14
of rec. Feb. 28
Preferred (qua,.)
4334c Apr. 15 Holders
Pacific Gas& Elec., 1st pref.(guar.)._ _ _ *134 Feb. 16 *Holders of rec. Mar.31
Pacific Lighting Corp., corn.(guar.)._ _ _ *234 Feb. 16 *Holders of rec. Jan. 31
of rec. Jan. 31
Preferred (guar.)
*134 Feb. 16 *Holders of rec. Jan. 31
Penn-Ohio Power & Lt.,8% pref.(qu.) _ *2
Feb. 2 *Holders of rec. Jan. 22
7% preferred (guar.)
*134 May 1 *Holders
'Fri-City Ry. & Light. corn. (guar.)_ __ _ '23.4 Apr. 1 *Holders of rec. Apr. 21
of rec. Mar.20
Common (quar.)
'23.4 July 1 *Holders of rec. June 20
Common (guar.)
*234 Oct. 1 *Holders of rec. Sept.20
Common (guar.)
*234 Jan1'26 *Holders
Utilities Power & Light, Claw A (No. 1). 50c. Apr. 1 Holders of rec. Dec. 20
of rec. Mar.15
United Utilities, preferred
33.50 Mar. 2 *Holders
•
'
Wisconsin Power & Light. pref.(guar.). *134 Mar.16 *Holders of rec. Feb. 20
of rec. Feb. 28
Wisconsin River Power, pref. (guar.)
*134 Feb. 20 *Holders of rec. Jan. 31

[VOL. 120.
Per
When
Cent. Payable.

Miscellaneous (Concluded).
Union Tank Car, corn. (guar.)
*1,44
Preferred (guar.)
*144
U.S. Hoffman Mach., corn. (quar.)_
._ 50c.
Preferred (guar.)
*1%
Van Raalte Co., Prof. (guar.)
*1,4
United States Steel Corp.,corn.(quar.)_
1%
Common (extra)
34
Preferred (guar.)
White(J. G.) Managem't corp.. pf.(go) 1%
134
White Motor (guar.)
*El
Will dr Baumer Candle, coin.
(guar.)-- .25c.

Books Closed.
Days Inclusive.

Mar. 2 *Holders of rec. Febr.10
Mar. 2 *Holders of rec. Feb. 10
Mar. 1 Holders of rec. Feb. 200
Mar. 1 *Holders of rec. Feb. 20
Mar. 1 *Holders of rec. Feb. 16 1
Mar.30 Feb. 28 to Mar. 3 1
Mar.30 Feb. 28 to Mar. 3
Feb. 27 Feb. 1 to Feb. 4
Mar. 2 Holders of rec. Feb. 16
Mar.31 *Holders of rec. Mar.21
Feb. 15 *Holders of rec. Feb. 2

Below we give the dividends announced in previo
us:weeks
and not yet paid. This list does not include
dividends announced this week, these being given in the
preceding table.

Per
When
Books Closed,
Name of Company.
Cent. Payable.
Days Inclusive.
Railroads (Steam).
Alabama Great Southern, preferred-- 334
Atch. Topeka & Santa Fe,corn. (guar.). 1% Feb. 18 Holders of reo. Jan. 18
Mar, 2 Holders of
Preferred
2% Feb. 2 Holders of reo. Jan. 3015
rec.
Baltimore & Ohio.common (guar.)
I% Mar. 2 Holders of reo. Dec. 310
Preferred (guar.)
Jan. 10.
1
Mar. 2 Holders of reo.
Bellefonte Central (annual)
50o. Feb. 15 Holders of re d Jan. 100
Canada Southern
114 Feb. 2 Holders of reo Jan. 310
Jan.
Central RR. of New Jersey (guar.)._ 2
Feb. 16 Holders of rec. Feb. 25
Cuba RR., preferred
62
3
Feb. 2 Holders of rec.Jan 16'250
Great Northern Railway, preferred
2% Feb. 2 Holders of
Gulf Mobile & Nor., pref.(guar.)
1% Feb. 16 Holders of rec. Dec. 26.
rec. Feb. 2a
Houston & Texas Central
*3
July 10
Hudson & Manhattan. prof
2% Feb. 16 Holders of
Banks.
Int. Rys.of Cent. Amer.. prof.(guar.)
1% Feb. 16 Holders of rec. Feb. 4a
National City (interim)
2
Feb. 16 Holders of rec. Feb. 6a Louisv. Hand. & St. Louis, pref.(amen
roc.
4
Feb. 16 Holders of rec. Jan. 310
National City Co
1
Feb. 16 Holders of rec. Feb. ea
Louisville & Nashville
Feb. la
3
Feb. 10 Holders of
Extra
1
Feb. 16 Holders of rec. Feb. 60 MahonIng Coal RR.,common
$12.50 Feb. 2 Holders of rec. Jan. 15
rec. Jan. 260
Mine Hill & Schuylkill Haven
$1.25 Feb. 2 Jan. 16
Fire Insurance.
to Feb. 1
Missouri-Kansas-Texas. pref. A (No.1)_ 1% Feb.
Bankers & Shippers
2 Holders of
234 Feb. 2 Holders of rec. Jan. 24
Nashville Chattanooga & St. Louis
3% Feb. 2 Holders of rec. Jan. 150
Pacific Fire
31.50 Jan. 28 Holders of rec. Jan. 27
rec. Jan. 240
New York Central RR.(guar.)
1% Feb. 2 Jan. 3
to
Norfolk & Western, adj. pref.(guar.)._
1
Feb. 19 Holders of rec: Jan. 28
Miscellaneous.
Northern Pacific (guar.)
Jan. 31.
1% Feb. 2 Holders
Abbott's Alderney Dairies, 1st pf.(gu.). ill% Mar. 1 *Holders
of
Oswego & Syracuse
of rec. Feb. 14
4% Feb. 20 Holders of reo. Dec. 31a
Acme Wire, preferred
2
Feb. 2 Holders of rec. Jan. 19
rec. Feb. 70
Passaic & Delaware
2% Feb. 2 Holders of
American Metal,common (guar.)
*75c. Mar. 2 *Holders of rec. Feb. 18
Pere Marquette, prior preference(MO
1% Feb. 2 Holders of rec. Jan. 240
Preferred (guar.)
el% Mar. 2 *Holders
Five per cent preferred (guar.)
134 Feb. 2 Holders of rec. Jan. 12a
Amer. Multigraph, common (guar.)_ __ _ *40c. Mar. 1 *Holders of rec. Feb. 19
rec. Jan. 12a
Pittsburgh dr Lake Erie
of rec. Feb. 15
$2.60 Feb. 2
Amer.Tobacco.com.& com.B (guar.)._ $1.75 Mar. 2 Holders
Pittsburgh & West Virginia. Prof (guar.) 134 Feb. 28 Holders of reo. Jan. 120
of rec. Feb. 10
Amparo Mining (guar.)
Holders of
*2c. Feb. 10 *Holders of reo. Jan. 31
Reading Company,common (guar.)
$1
Feb. 12 Holders of rec. Feb.2'25a
Armstrong Cork.common (guar.)
ill% Apr. 1 *Holders of rec. Mar.
let pref.(quar.)
500. Mar.12 Holders of reo. Jan. 15a
Preferred (guar.)
el% Apr. 1 *Holders of rec. Mar. 19
reo. Feb.d20a
St. Louis & San Francisco
19
Asbestos Corp. of Canada, common.... 2
Feb. 15 Holders of rec. Feb. 1
Preferred, Series A (guar.)
1% Feb. 2 Holders of
Batchelder & Snyder Co., Pref.(guar.)._ 2
Feb. 2 Holders of rec. Jan. 21
Preferred. Series A (guar.)
134 May 1 Holders of rec. Jan. 15a
Bates Mfg. Co
*6
Feb. 2 *Holders of rec. Jan. 26
Preferred, Series A (guar.)
1% Aug. 1 Holders of rec. Apr. 15a
Botany Cons'd Mills, Class A (No.1)- Ill
Feb. 15 *Holders of rec. Feb. 5
roe. July 16,
Preferred. Series A (guar.)
1% Nov. 2
Butler Bros.(guar.)
*334 Feb. 16 *Holders of rec. Jan. 30
Southern Railway. common (quar.).... 1% Feb. 2 Holders of rec. Oct. 15,
Butler Mill (guar.)
Holders of reo.
2
Feb. 16 Holders of rec. Feb. 5
Syracuse Binghamton & N.Y.(qual.).. 3
Feb. 2 Holders of rec. Jan. 100
Carter (William) Co., pref.(guar.)
134 Mar.15 Holders of rec. Mar. 10
Jan. 240
Celluloid Company, pref. (guar.)
2
Feb. 16 Holders of rec. Jan. 310
Public Utilities.
C. G. Spring & Bumper, common
50. Feb. 15 Holders of rec. Feb. 7
American Electric Power, pref.(quar.)_
131 Feb. 16 Holders
Chicago Mill & Lumber,common (qu.)
*Si Feb. 14 *Holders of rec. Feb.
Amer.Gas & Electric, preferred (quar.).. 1)4 Feb. 2 Holders of reo. Feb. 6.
Chili Copper Co.(guar.)
of rec.
iii62340 Mar.30 *Holders of rec. Mar. 6
Amer. Light & Traction. corn. (gnat.).. 1
3
Feb. 2 Jan. 16 to Jan. 10
Coca Cola Company, corn. (guar.)
S1.75 Apr. 1 *Holders of rec. Mar.15
•
Jan.
Common (payable in common stock). /1
Feb. 2 Jan. 16 to Jan. 29
Consolidated Cigar. prof.(guar.)
144 Mar. I Holders of rec. Feb. 160
Preferred (quar.)
154 Feb. 2 Jan. 16 to Jan. 29
Deere & Co., pref. (guar.)
*1
Mar. 2 *Holders of rec. Feb. 14
29
Amer. Telephone & Telegraph (guar.)
- 234 Apr. 5 Holders
Diamond Match (guar.)
*2
Mar.14 *Holders of rec. Feb. 28
Amer. Water Works dt Elec.. oom.(No.1) 30o. Feb. 16 Holders of reo. Mar.17.
Edwards Mfg
of roc Jan. 31a
*2
Feb. 2 *Holders
First preferred (qual.)
134 Feb. 16 Holders of rec. Jan. 81,
Eisemann Magneto Corp., Prof.(e)._ *131 Feb. 2 *Holders of rec. Jan. 26
of rec. Jan. 10
Participating preferred (guar.)
1% Feb. 16 Holders of reo.
Esmond Mills, common (quar.)
134 Feb. 1 Holders of rec. Jan. 24
Jan. 31,
Associated Gas & Electric. Prof.(extra) 12)40 April 1 Holders
Preferred (quar.)
of rec.
134 Feb. 1 Holders of rec. Jan. 24
Preferred (extra)
12)40. July 1 Holders of reo. Mar. 15
Goodrich (B. F.) Co., prof.(guar.)
134 Apr. 1 Holders of rec. Mar. 16
June 15
Preferred (extra)
12340. Oct. 1 Holders of reo.
Preferred (guar.)
144 July 1 Holders of rec. June 15
Preferred (extra)
1234e. Jan1'26 Holders of rec. Sept.15
Harmony Mills, pref.(quar.)
134 Feb. 2 Holders
Boston Consolidated GILL prof
314 Feb. 2 Holders of rec. Dec. 15
Hart,Schaffner & Marx,Inc., com.(qu.) *134 Feb. 28 *Holders of rec. Jan. 29
Jan. 15
of rec. Feb. 16
Brazilian Tr. Lt.& Pr., corn.(guar.)
1
Mar. 2 Holders
Hayes Wheel (guar.)
*750. Mar.16 *Holders of rec. Feb. 28
Carolina Power& Light.common (oliar.) 114 Feb. 2 Holders of rec. Jan. 31a
Hazeltine Corp.(guar.)
of rec. Jan. 15
*31.25 Feb. 24 *Holders of tee. Feb. 4
Cedar Rapids Mfg. & Power (guar.)...
Feb. 16
Hoosac CottonMills, pref.(guar.)
1% Feb. 16 Holders of rec. Feb. 5
•194 Feb. 1 Holders of rec. Jan. 31
Central Power & Light. pref. (guar.).
Inland Steel.common (guar.)
*Holders
*6234c Mar. 2 *Holders of rec. Feb. 14
Chicago Rapid Transit,priof pt.(mthly.) 650. Feb. 2 Holders of rec. Jan. 15
Preferred (guar.)
of rec. Jan. 13a
'134 Apr. 1 *Holders of rec. Mar.14
Columbia Gas & Elec., corn.(quar.).... 650. Feb. 16
International Harvester, pref. (guar.)._ ill% Mar.
Holders of
Preferred, Series A (guar.)
131 Feb. 16 Holders of reo. Jan. 31
International Match, partic. pref.(au.). 65c. Apr. 2 *Holders of rec. Feb. 10
reo. Jan. 31
15 Holders of rec. Mar.25
Commonwealth-Edison (guar.)
2
Feb. 2
Internat. Shoe, pref.(monthly)
*50c. Mar. 1
Commonwealth Power,common (guar.). $1.50 Feb. 2 Holders of rite. Jan. 156
Interstate Iron & Steel, pref. (guar.)... *I% Mar. 1 *Holders of rec. Feb. 14
Holders of
*Holders of rec. Feb. 14
Six per cent preferred (guar.)
134 Feb. 2 Holders of reo. Jan. 16
Jefferson & Clearfield Coal de Iron, pref. *234 Feb. 16
*Holders
reo. Jan. 16
Connecticut Ry.& Ltg., corn. & pf.(gu.) 1% Feb. 14
Jones & Laughlin Steel, pref. (guar.)... '134 Apr. 1 *Holders of rec. Feb. 9
to Feb.
of rec. Mar.16
Consolidated Gas (N. Y.). pref. (qu.) *8714e Feb. 1 Feb. 1
Keeley Silver Mines
*Holders of rec. Doe. 15
*8
Mar.15 *Holders of rec. Feb. 28
Consolidated Utilities. prof. (guar.).
15
- 131 Feb. 1
Kresge (S. S.) & Co., corn. (guar.)
*2
Apr. 1 *Holders
Consumers Power Co.6% Prof•(qual.).. $1.65 Apr. 1 Holders of reo. Jan. 20
Common (payable in corn. stock)._ _ _ */50c. Apr. 1 *Holders of rec. Mar. 19
Holders of
of rec- Mar. 16
Six per cent preferred (guar.)
131 Apr, 1 Holders of rec. Mar.16
Preferred (guar.)
*134 Apr. I *Holders of rec. Mar. 19
rec. Mar. 16
Seven per cent preferred (guar.)
131 Apr. 1 Holders
Lehigh Coal& Navigation (guar.)
31
Feb. 28 Holders of rec. Jan. 31
of rec. Mar.16
Duquesne Light, pref. (guar.)
13( Mar.16
LIgget & Myers Tobacco, common and
Dallas Power & Light, pref. (quar.)..... 131 Feb. 1 Holders of rec. Feb. 14a
common B (guar.)
*750. Mar. 2 *Holders of rec. Feb. 16
Holders of
Eastern Mass. St. Ry., pref. B
3
Feb. 1 Holders of rec. Jan. 21
Lima Locomotive Works, coin. (guar.). $1
Mar. 2 Holders of rec. Feb. 14
Sinking fund and 1st pref. stocks
3
Feb. 15 Holders of rec. Jan. 21
Loew's Ohio Theatres, lot pref. (guar.). 2
Feb. 1 Holders of rec. Jan. 24
Edison Elec. Ilium, of Boston (guar.)... 3
Feb. 2 Holders of reo. Jan. 31
Lyman Mills
*4
Feb. 6 *Holders of reo. Jan. 26
rec. Jan. 15
Edison Elec. Ill. of Brockton (guar.).
Martin Parry Corp.(guar.)
$1
Mar. 2 Holders of rec. Feb. 16a Electric Bond AG Share. pref.(guar.) __ 62340. Feb. 2 Holders of reo. Jan. 15
114 Feb. 2 Holders
Massachusetts Cotton Mills (guar.)._ _ _
134 Feb. 10 Holders of rec. Jan. 24
Electric Investors, Inc., pref.(quar.)
$1.75 Feb. 2 Holders of rec. Jan. 17
Miller Rubber, pref.(quar.) '
*2
Mar. I *Holders of rec. Feb. 10
Fall River Gas Works(guar.)
750. Feb. 2 Holders of reo. Jan. 15
Preferred (acct. accum. divs.)
*52
Mar. 1 *Holders of rec. Feb. 10
Ft. Worth Power & Light, pref.
131 Feb. 2 Holders of rec. Jan. 170
Missouri-Illinois Stores. pref. (quar.).
2
Feb. 1 Holders of rec. Jan. 20a Idaho Power, preferred (guar.) (guar.)
of reo. Jan. 15
131 Feb. 1
Monomae Spinning (guar.)
134 Feb. 2 Holders of rec. Jan. 26
Illinois Northern utilities. Pref. (guar.). 114 Feb. 2 Holders of rec. Jan. 16
Morris Plan Co. (Cleveland) (quar.)
I% Feb. 1 Holders of rec. Jan. 24
Illuminating dr Power Scour., corn.(gu.) 450. Feb. 10 Holders of rec. Jan. 15a
Nashawena Mills (guar.)
2
Feb. 3 Holders of rec. Jan. 27
Holders
Preferred (guar.)
131 Feb. 14 Holders of rec. Jan. 31
National Grocer,common
*2
Feb. 14 *Holders of rec. Feb. 3
of
Interstate Railways,common
$1
Feb. 2 Jan. 27 reo. Jan. 31
Packard Motor, pref. (guar.)
134 Mar.14 Holders of rec. Feb. 28
Kaministiquia Power (guar.)
2
Feb. 16 Holders ofto Feb. 1
Pepperell Mfg
4
Feb. 2 Holders of rec. Jan. 23
rec. Jan. 31
Keystone Telephone. prof.(guar.)
*31
Mar. 2
Pierce, Butler & Pierce Mfg.,7% pf.(ou) 131 Feb. 1 Holders of rec. Jan.
Knoxville Pow. At Light. pref. (guar.) 750. Feb. 1 *Holders of reo. Feb. 14
20
Eight per cent preferred (guar.)
2
Feb. 1 Holders of rec. Jan. 20
Holders of
Lawrence Gas (guar.)
22
Feb. 2 Holders of reo. Jan. 20
Pittsburgh Steel, pref. (guar.)
131 Mar. 1 Holders of rec. Feb. 14
rec. Jan. 22
Lowell Dec. Light Corp.(guar.)
62140. Feb.
Pressed Steel Car, pref.(guar.)
'134 June 9 *Holders of rec. May 19
Massachusetts Gas Cos., corn. (qual.).. 11( Feb. 2 Holders of rec. Jan. 150
2 Holders
0134 Sept. 9 *Holders of rec. Aug. 18
Preferred (guar.)
Milwaukee Elec. Ry.& Light, prof.(qua
114 Jan. 31 Holders of rec. Jan. 15
Preferred (guar.)
*134 Dec. 8 *Holders of reo. Nov.18
of
Montreal L.. If. & P.. Consd. (quar,)
131 Feb. 16 Holders of rec. Jan. 200
Quissett M111, common (guar.)
2
Feb. 16 Holders of ree. Feb. 5
Montreal Lt., Ht. & Power (guar.)._
131 Feb. 16 Holders ofcoup. No.34u
Radio Corp. of America, pref. (guar.)._
131 Apr. 1 Holders of reo. Mar. 1
Montreal Tramways (qual.)
234 Feb. 2 Holders of rec. Jan. 31
Sagamore Mfg. (guar.)
*3
Feb. 5 *Holders of rec. Jan. 28
rec. Jan. 22
Mountain States Power, common
Si
Feb. 1 Holders of
St. Louis Cotton Compress
2
Feb. 2 Holders of rec. Jan. 28
Municipal Service, preferred (guar.)._
114 Feb. 2 Holders of rec. Dec. 31
Savage Arms, 1st pref.(guar.)
ill% Apr. 2 *Holders of rec. Mar. 16
Profit sharing preferred
6214 Feb. 2 Holders of rec. Jan. 15a
Second preferred (guar.)
ilil% May 15 *Holders of rec. May 1
National power & Light, corn.
rec. Jan.
(guar.). $1.50 Mar. 2 Holders of rec. Feb. 15,
Schulte Retail Stores, pref.(guar.)
*2
Apr. 1 *Holders of rec. Mar.15
14
Nevada-California Elec., pref. (guar.)._
151 Feb. 2 Holders of reo.
Scotten-Dillon Co. (guar.)
*3
Feb. 17 *Holders of rec. Feb. 9
Doe. ago
Newport News & Hampton Ry., Gas &
Extra
*4
Feb. 17 *Holders of rec. Feb. 9
Electric. common (guar.)
$1.25 Feb. 2 Holders of rec. Jan.
Sloss-Sheffield Steel & Iron. corn. (on.). *134 Mar.20 *Holders of rec. Mar.
laa
Northern Mexico Power & Devel.. pref. 7
10
Feb. 2 Holders
.Preferred (guar.)
*134 Apr. 2 *Holders of rec. Mar.20
Northern N. Y. Util.. pref.(guar.)
•1yi Feb. 1 *Holders of rec. Jan. 22
Smith (A.0.) Corp., pref.(guar.)
131 Feb. 16 Holders of rec. Feb. 2
of reo. Jan. 15
Northern States Power(Del.).com.(qu.) 2
Feb. 2 Holders of rec.
Standard Milling, corn. (guar.)
11.4 Feb. 28 Holders of reo. Feb. 18
Ohio Edison, 6% preferred (guar.)
21.50 Mar. 1 Holders of reo. Dec. 31
Preferred (quar.)
154 Feb. 28 Holders of rec. Feb. 18
Feb.
6.6% preferred (guar.)
$1.65 Mar. 1 Holders of rec. Feb. 15
Standard 011(Calif.)(guar.)
*500. Mar.16 *Holders of rec. Feb. 16
Seven per cent preferred (quar.)
Standard Sanitary Mfg., corn. (guar.)._ *52.50 Feb. 14 *Holders of rec.
$1.75 Mar. 1 Holders of rec. Feb. 15
Feb. 5
15
Pacific Power & Light, pref.(qua,.)
Common (payable in corn,stock)
131 Feb. 2 Holders of reo.
4
125 Feb. 14 *Holders of rec. Feb. 5
Jan. 17
Philadelphia Co.,corn.(guar.)
Preferred (guar.)
$I
Jan. 31 Holders
*144 Feb. 14 *Holders of rec. Feb. 5
Philadelphia Company,5% pref.
Stern Bros., pref. (guar.)
(gu.) $1.25 Mar. 2 Holders of reo. Jan. 170
Mar. 1 *Holders of rec. Feb. 16
*2
of reo.
Philadelphia Rapid Transit(guar.)
Thompson-Starrett Co.. preferred
760. Jan. 31 Holders of reo. Feb. 10
4
Apr. 1 Holders of rec. Mar.20
Jan.
Portland Gas & Coke, pref.(guar.)
Troxel Mfg., pref.(guar.)
131 Feb. 2 Holders of reo. Jan. 150
134 Feb. 2 Holders of reo. Jan. 26
Portsmouth Power, pref.(guar.)
17
Union Storage (guar.)
13( Feb. 2 Holders of rec.
Feb. 11 *Holders of rec. Feb. 1
iii234
Jan. 21
Power Corporation, pref.(guar.)
•15i Feb. 1 *Holders
Quarterly
4.234 May 11 *Holders of rec. May 1
of res. Jan. 15
Public Service Elec. Power. pref.(guar) *1% Feb.
Quarterly
2 *Holders of rec. Jan.
*214 Aug. 11 *Holders of rec. Aug. 1
Public Service Investment,corn. (qua,,) 13.4
Quarterly
Feb. 2 Holders of rec. Jan. 15
*234 Nov.11 *Holders of reo. Nov. 1
Preferred (guar.)
134 Feb. 2 Holders of rec. Jan. 14
14

r

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

Name of Company.

553

THE CHRONICLE

JAN. 31 1925.]
When
Pet
Cent. Payable.

Books Closed. •
Days Inclusive.

Name of Company.

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Continued).
Mar. 2 Holderri of rec. Feb. 16
$1
Cuba Company, common (guar.)
$1.75 Feb. 2 Holders of rec. Jan. 16
34 Feb. 2 Holders of rec. Dec. 31
Preferred
•14 Feb. 2 "Holders of rec. Jan. 15
*14 Mar.21 *Holders of rec. Mar. 7
Davis Mills(guar.)
Feb. 2 +Holders of rec. Jan. 15
of roe. Jan. 266
De Beers Consol. Mines (Am. shares)._ 9501x. Mar,22 Holders of rec. Feb. 200
Feb. 2 Holders of rec. Jan. 15
3
Holders
Decker (Alfred) de Cohn,Inc., ph. (qu.)_
1
Feb. 2 Holders of rec. Jan. 15
Feb. 161 *Holders of rec. Jan. 20
Doehler Die-Casting, corn. (guar.)
2 Holders of rec. Jan. 15
Feb.
3
1
16 Holders of rec. Jan. 31
DOLOIOIOn Bridge (guar.)
14 Feb. 2 Holders of rec. Jan. 22
Feb. 2 Holders of rec. Jan. 190
du Pont(ES.) de Nem.Powd.,com.(gu.) 1
$1.75 Feb. 2 Holders of rec. Jan. 16
134 Feb. 2 Holders of rec. Jan. 190
Preferred (guar.)
51.50 Feb. 2 Holders of rec. Jan. 12
3% Jan. 31 Holders of rec. Dee. 31
Eastern Theatres(Toronto), pref
Mar. 1 Holders of rec. Feb. 15
1
Feb. 2 Holders of rec. Jan. 150
2
Elgin National Watch (guar.)
134 Feb. 1 Holders of rec. Jan. 16
Feb. 2 Holders of rec. Jan. 15
0
3
51
Line (guar.)
Eureka Pipe
Feb. 1 Holders of rec. Jan. 21
0, Jan. 31 Holders of rec. Jan. 19.
8734c. Mar.14 Holders of rec. Feb. 28a Exchange Buffet Corporation (guar.). _
to Feb. 1
Holders of rec. Jan. I50 F. dr W.Grand 5-10 & 25e. Stores (qu.). 14 Feb. 1 Jan. 18 of rec. Jan. 200
40c. Feb. 2
1 Holders
1% Feb
$1.63 Feb. 2 Holders of rec. Jan. 150 Fair (The), preferred (guar.)
Holders of rec. Mar. 14a
Feb. 16 Holders of rec. Jan. 29a Fairbanks, Morse de Co., corn. (guar.)._
1
2
1
65 % Mar .• 31 Holders of rec. Feb. 14
Preferred (guar.)
Mar. 31 Holders of rec. Mar. 16a
El
24 Feb. 1 Jan. 13 to Feb. 1
14 Feb. 16 Holders of rec. Feb. 2a Fajardo Sugar (guar.)
14 Feb. 1 Jan. 13 to Feb. 1
Extra
Feb. 2 Holders of rec. Jan. 150
134
May. 1 Holders of rec. Jan. 31
May 1 Holders of rec. Apr. 150 Famous Players Can. Corp., let pf.(qu.) 2
Feb. 2 Holders of rec. Jan. 2
Famous Players-Lasky Corp., prof.(qu.) 2
139 Mar, 16 Holders of rec. Mar. 2
Feb. 1
Firestone Tire & Rubber,7% pref.(qu.) 14 Feb. 15 Holders of rec. Jan. 220
15
1
Feb. 1 Holders of rec. Jan.
E1
31.25 Feb. 2 Holders of rec.
6239c. Jan. 31 Holders of rec. Jan. 210 Fisher Body Corp. (guar.)
Feb. 2 Holders of rec. Jan. 260
Fisk Rubber, 1st preferred
50
1:
$150 Apr. 1 Holders of rec. May, 210
Francisco Sugar (quar.)
Banks.
July 1 Holders of rec June 200
$
Quarterly
3 Feb. 2 Jan. 29 to Feb. 1
Bowery (quar.)
Holders of rem. Sept 2I0
F cb
$1.80 Oet..
Quarterly
Jan. 29 to Feb. 1
7 Feb. 2
Extra
Jan. 21 to Jan. 31
134
4
Feb. 2 Holders of rec. Jan. 290 Franklin(H.H.) Mfg., prof.(quar.)_
Continental
holders of rec. Feb. 5
5
Feb. 2 Holders of rec. Jan. 310 Freshman (Chas.) Co.,corn.(qu.)(No.1) 50c. Feb. 25 Holders of rec. Feb. 5
(guar.)
Corn Exchange
12340. Feb. 25
Common (extra)
Feb. 2 Jan. 25 to Feb. 1
2
Pacific (quar.)
Feb. 2 Holders of rec. Jan. 23a
2
General Cigar, common (guar.)
Feb. 2 Jan. 25 to Feb. 1
2
Extra
14 Mar. 2 Holders of rec. Feb. 206
Preferred (guar.)
1.4 Apr. 1 Holders of rec. Mar. 24a
(guar.)
Debenture preferred
Trust Companies.
Holders of roe. Feb. 100
Feb. 2 Holders of rec. Jan. 2I0 General Development (quar.)
6
Farmers' Loan & Trust (quar.)
1% e
250 F bb 202 Holders of rec. Jan. 64
General Motors, 7% prof. (guar.)
1% Feb. 2 Holders of rec. Jan. 5a
Six per cent debenture stock (quar.)
Miscellaneous.
1% Feb. 2 Holders of rec. Jan. tia
Six per cent pref. (guar.)
Feb. 10 Holders of rec. Jan. 31
2
Alaska Packers (guar.)
Feb. 2 Holders of rec. Jan. 20
General Tire de Rubber,common (guar.) 31
Feb. 10 Holders of rec. Jan. 31
2
Extra
6219c Mar. 2 Holders of rec. Feb. 2
Feb. 2 Holders of rec. Jan. 150 Gillette Safety Razor (guar.)(No. 1)
Allied Chemical & Dye Corp., corn.(qu.)1 $1
124c Mar. 2 Holders of rec. Feb. 2
Extra
Feb. 16 Holders of roe. Jan. 290
(quar.)
$1
Allis-Chalmers Mfg corn
14 Feb. 1 Holders of rec. Jan. 150
Feb 2 Holders of rec. Jan. 170 Gimbel Brothers. preferred (guar.).
Amalgamated Sugar. first pref. (quar.)- - 2
51% Apr. 1 *Holders of rec. Mar.16
Glidden Company, prior pref.(guar.). _
American Art Works, corn. & pref. (qu.) 134 Aor. 15
Jan. 20
2a Gossard (H. W.) Co.. common (mthly.). 25e. Feb. 2 Holders of rec. Feb. 20
81.25 Feb. 16 Holders of rec. Feb.
American Bank Note common (quar.)_
25e. Mar. 2 Holders of rec.
Common (monthly)
Jan. 31 Holders of rec. Jan. 100
1
American Beet Sugar,common (guar.).
1% Feb. 2 Holders of rec. Jan. 21a
Preferred (quar.)
Brick, pref.(guar.) •
550c, Feb. 2 *Holders of rec. Jan. 23
American
Feb. 14 Holders of rec. Feb. 7
2
14 Feb. 16 Holders of rec. Jan. 310 Great Lakes Dredge & Dock (guar.)._ _
American Can, common (guar.)
Feb. 14 Holders of rec. Feb. 7
2
Extra
2
Feb. 16 Holders of rec. Jan. 310
Common (extr.i)
Feb. 17 Holders of rec. Jan. 17
5
Guenther Publishing Co., pref
Mar.31
American Chain, Class A (guar.)
*500. Mar. 31 *Mar. 22 to
Aug. 17 Holders of rec. July 17
5
Preferred
14 Feb. 15 Holders of rec. Feb. 2
American Cigar,common (quar.)
Feb. 2 Jan. 25 to Feb. 1
1
Hamilton-Brown Shoe (monthly)
American Coal
Feb. 1 Jan. 13 to Feb. 1
1
200
Refract.,corn.(qu.) -. 134 Mar. 2 Holders of rec. Feb. 220
Harbison-Walker
Feb. 2 Jan. 17 to Jan. 21
2
American Glue, preferred
Jan. 31 Holders of rec. Jan.
2
Common (extra)
Amer.La France Fire Eng.,corn.(guar.) 25c, Feb. 16 Holders of rec. Feb. 20
1% Apr. 20 Holders of rec. Apr. 10
Preferred (quar.)
to Mar. 2
Amer.Laundry Machinery,corn (guar.) 75e. Mar. 2 Feb. 22
(mthly.) 35c. Feb. 27 Holders of rec. Feb. 20
Mar. 31 Holders of rec. Mar. 140 Hibbard,Spencer,13artiett dc Co.
American Radiator, corn. (guar.)
El
350. Mar. 27 Holders of rec. Mar. 20
Monthly
Feb. 16 Holders of rec. Jan. 310
Preferred (guar.)
200. Mar. 27 Holders of roe. Mar.20
'25
Extra
Feb. 2 Holders of rec. Jan. 15
American Shipbuilding, corn. (qPlaT.)--- 2
14 Feb. 2 Holders of rec. Jan. 15
May 1 Holders of rec. Apr. 1525 Holly Sugar Corp., pref. (quar.)
Common(quar)
2
15
Preferred (acct. accumulated diva.).. al% Feb. 2 [folders of rec. Jan. 20
1 Holders of roe. July 1525
Aug.
2
Common(guar.)
Mar.31 "Holders of rec. Mar.
5$1
coin. (guar.)
14 Feb. 2 Holders of rec. Jan. 150 Hood Rubber,
Preferred (guar.)
1"i Feb. 1 Jan. 21 to Feb. 1
Amer. Smelting & Refining, corn.(quay) 14 Feb. 2 Holders of rec. Jan. 160 Hood Rubber, preferred (quar.)
*14 Mar. 1 *Holders of rec. Feb. 20
(quar.)
14 Mar. 2 Holders of rec. Feb. ea Hood Rubber Products, pref.
Preferred (guar.)
75e. Mar. 2 Holders of rec. Feb. 146
Household Products (quar.)
14 Feb. 16 Holders of rec. Jan. 31
American Soda Fountain (quay.)
3
Feb. 1 Jan. 20 to Feb. 1
2 Holders of rec. Jan. 170 Houston Oil, preferred
Amoskeag Mfg., preferred
234 Feb.
75c. Apr. 1 Holders of rec. Mar.160
Motor Car (guar.)
75c. Feb. 16 Holders of rec. Jan. 170 Hudson
Anaconda Copper Mining
corn,(guar.)... 25e. Feb. 1 Holders of rec. Jan. lba
-Midland Co., prof.(qu.). 14 Feb. 1 Holders of rec. Jan. 21a Hupp Motor Car Corp.,
Archer-Daniel
Apr. 16
2.40 Apr. 15 Apr. 4 to
Illinois Brick (otter.)
500. Jan. 31 Holders of rec. Jan. 19
Arizona Commercial Mining
*2.40 July 15 'Holders of rec. July 3
Quarterly
25c. Jan. 31 Holders of rec. Jan. lea
Art Metal Construction (guar.)
52.40 Oct. 15 *Holders of roe. Oct. 3
Quarterly
Feb. 2 Holders of rec. Jan. 170
134
Associated Dry Goods,corn.(guar.).--Feb. 19 Holders of rec. Jan. 20
51
139 Mar. 2 Holders of rec. Feb. I40 Indiana Pipe Line (quar.) (guar.)
First preferred (guar.)
May. 2 Holders of rec. Feb. 110
2
corn.
14 Mar. 2 IIolders of rec. Feb. 14a Ingersoll-Rand Co., (guar.)
Second preferred (guar.)
$1.25 Apr. 1 Holders of rec. Mar.18
nterlake Steamship
rec. Jan. 150
14 Feb. 2 Holders of
Atlantic Refining, prof. (guar.)
Combustion Engineering (qu.) 50e. Jan. 31 Holders of rec. Jan. 190
Atlas Powder, pref.(guar.)
134 Feb. 2 Holders of rec. Jan. 200 Internat.
134 Feb. 2 Holders of rec. Jan. 156
Austin, Nichols & Co., pref.(quar.)_... 14 Feb. 1 Holders of rec. Jan. 150 Internat. Nickel. pref. (quay.)
50c. Feb. 1 Holders of rec. Jan. 156
Shoe, pref. (monthlY)
Babcock & Wilcox Co.(quarterly)
134 Apr. 1 Holders of rec. Mar.20n International
25c. Feb. 16 Holders of rec. Feb. 26
25e. Feb. 1 Holders of rec. Jan.. 20s Intertype Corp., corn. (quar.)
Balaban & Katz, corn. (monthly)
25c. Feb. 16 Holders of rec. Feb. 20
Common (extra)
525c. Mar. 1 •Holders of rec. Feb. 20
Common (monthly)
Jan. 226
Iron Products Corp., common (quar.)_ _ $1.50 Jan. 31 Holders of rec. Feb. 26
525c. Apr. 1 *Holders of rec. Mar.20
Common (monthly)
Feb. 16 Holders of rec.
2
Iron Products, Prof. (quay.)
Apr. 1 *Holders of rec. Mar.20
•11
Preferred (guar.)
$1 Feb. 2 Holders of rec. Jan. 20
Kaufmann Dept. Stores. corn. (qu.)
15
Feb. 1 Holders of rec. Jan.
Bang Service Stations. Inc., pref.(qu.)_. 2
Jan, 31 Holders of rec. Jan. 24
Kellogg Switchboard & Supply (guar.).- 2
Barnhart Bros. dr Spindler
.
M ar, 1
1
234 Feb. 2 Holders of rec. Feb. 200
Feb. 1 Holders of rec. Jan. 260 Kinney (G. R.) Co., pref. (guar.)
First and second preferred (quar.)_--Holders of rec. Jan. 210
pref. (quay.)
Kelsey Wheel.
Beacon Oil, pref.(guar.)
1.874 Feb. 16 Holders of rec. Feb. 2
Feb. 2 Holders of rec. Jan. 200
1
Beech-Nut Packing. corn. (guar.)
60e. Abr. 10 Holders of rec. Mar.25a Kress(S. H.) & Co.. corn.(guar.)
May. 2 Holders of rec. Feb. 21
3
rec. Aor. la Lake of the Woods Milling, corn.(au)
Apr. 15 Holders of
Preferred, Class B (guar.)
14 Mar. 2 Holders of rec. Feb. 21
Preferred (quar.)
Beet
-Clymer Company
500. Feb. 2 Holders of rec. Jan. 21
14 Feb. 2 Holders of rec. Jan. 27
Bethlehem Steel, 7% pref.(guar.)
154 Apr. 1 Holders of rec. Mar. 7a Lancaster Mills, pref.(guar.)
51.25 Jan. 31 Jan. 16 to Jan. 31
Lehigh Valley Coal etre. of lot
Eight per cent preferred (guar.)
Apr. 1 Holders of rec. Mar. 7a
2
- 134 Feb. 1 Holders of rec. Jan. 20
bow's Boston Theatres. corn. (guar.)
Bigelow-Hartford Carpet, corn, (guar.). *$1.50 Feb. 2 'Holders of rec. Jan. 20
Loose-wiles Blscult, second pref.(guar.) 14 Feb. 1 Holders of rec. Jan. 196
Preferred (guar.)
*14 Feb. 2 •Holders of rec. Jan. 20
'Holders of rec. Jan. 20
*139 Feb.
Lincoln Mfg. (guar.)
Bond & Mortgage Guarantee
50e. Feb. 2 Jan. 28 to Feb. 29
Lit Brothers Corp
On increased capital
Feb. 16 Holders of rec. Feb. 9
3
Holders of rec. Feb. 204
1% Mar,
Lord & Taylor, let pref. (guar.)
21
(Stock dividend)
e66"i Feb. 5 Holders of rec. Jan.
Holders of rec. Jan. 19
Feb.
2
Lord & Taylor, 2d preferred (quar.)__ _
Mar, 2 Holders of rec. Feb. 16
Borden Company,common
2
*Holders of rec. Feb. 20
•184 Mar.
Lowell Shops. 20 pref. (quar.)
Preferred (Oar.)
14 Mar. 16 Holders of rec. Mar. 2
14 Feb. 1 Holders of roe. Jan. 170
Co., pref. (guar.)
Macy (R. H.) &
Boyd-Welsh Shoe (guar.)
50e. Apr, 1
154 Mar. 2 Holders of rec. Feb 14a
Monett Sugar.common (Wren)
Brill (J. G.) Co.. pref. (quar.)
Feb. 2 Jan. 25 to Feb. 1
Common (guar.)
114 June 1 Holders of rec. May 1150
Brown Shoe, preferred (guar.)
Feb. 1 Holders of roe. Jan. 20a
134 Sept 1 Holders of rec. Aug. 15a
Common(guar.)
Brunswick-Balke-Collender.coin.(No.1) 90c. Feb. 15 Feb. 6 to Feb. 14
Preferred (quar.)
134 Jan.2'26 Holders of rec. Dee, 16
Buckeye Pipe Line (guar.)
Mar. 14 Holders of roe. Feb. 20
$1
50c. Feb. 1 Holders of rec. Jan. 23
Shoe Corp., corn. (guar.)
Melville
Buffalo Loew's Theatres, Ltd., pt.(gu.)- 2
Feb. 2 Holders of rec. Jan. 23
Feb. 1 Holders of rec. Jan. 29
2
Preferred (guar.)
Bunte Bros., pref.(guar.)
14 Feb. 1 Jan. 25 to Jan. 31
11 to Feb. 20
Burns Bros.,common A (guar.)
52.50 Feb. 16 Holders of rec. Feb. 20 Mercantile Stores, Inc.(stock dividend). (8) Feb. 20 Feb.
250. Mar. 2 lloiders of rec. Feb. 2
Common B (guar.)
50c, Feb. 16 Holders of rec. Feb. 20 McIntyre Porcupine Mines, Ltd
25e. Feb. 2 Holders of rec. Jan. 200
Prior pref.(guar.)
Feb. 2 Holders of rec. Jan. 230 Marlin-Rockwell Corp.. common
Holders of rec. Jan. 204
134 ma.
California Packing Co.(quay.)
$1.50 Mar.16 Holders of roe. Feb. 280 McCrory Stores Corporation, pref. (qu.) 1 54 Feby
Holders of rec. Apr. 20a
Preferred (quar.)
Calumet & Hecht Control, Copper
50c. Mar. 4 Holders of rec. Jan. 30a
14 Aug. 1 Holders of rec. July 200
Preferred (quay.)
134 Feb. 16 Holders of rec. Jan. 31
Canada Cement. prof. (quar.)
Nov. 1 Holders of rec. Oct. 200
1%
Preferred (guar.)
Canadian Converters (guar.)
134 Feb. 16 Holders of rec. Jan. 31
Feb. 16 Holders of rec. Jan. 20
$4
Mercantile Stores Co., Inc
1
Celite Co., corn. (quar.) (No. 1)
Feb. 1 Holders of roe Jan. 24
Preferred, Class A (guar.)
Metropolitan Chain Stores first and
14 Feb. 1 Holders of rec. Jan. 24
5144 Feb. 1 *Holders of rec. Jan. 17
second preferred (guar.)
Preferred, Class B (guar.)
14 Feb. 1 Holders of rec. Jan. 24
500. Feb. 16 Holders of rec. Feb. 20
Miami Cooper Co. (quar.)
Centrifugal Cast Iron Pipe (quay.)
37%c Feb. 16 *Holders of rec. Feb. 2
Feb. 1 Holders of rec. Jan. 22
2
Century Ribbon Mills, coin.(guar.)..._ 50c. Jan. 31 Holders of roe. Jan. lea Missouri Portland Cement (quay.)
31 Mar. 2 Holders of rec. Jan. 310
144 Mar. 2 Holders of rec. Feb. lea Mohawk Mining
Preferred (quar.)
75e, Feb. 1 Holders of rec. Jan. 16a
Jan. 220 Moon Motor Car (guar.)
Paseo Copper (guar.)
Feb. 2 Holders of roc.
$1
Cerro de
1
b. 2 Holders of rec. Jan. 206
81
2
Chicago Wilm.& Franklin Coal, pf.(qu.) 1 34 Feb. 2 Holders of rec. Jan. 150 Motor Products. pref. (guar.)
Holders of rec. Jan. 150
Feb.
331-30 Feb. 2 Holders of rec. Jan. 20a
Chicago Yellow Cab (monthly)
Mullins Body Corp., pref. (guar.)
750. Mar. 1 Holders of rec. Feb. 160
33 1-3c Mar
Monthly
Holders of rec. Feb. 204 Munsingwear, Inc. (guar.)
$3.50 Feb. 1 Holders of rec. Jan. 20a
54 Mar.
Nash Motors, common
*Holders of rec. Feb. 15
Cities Service, COM.(monthly)
Holders of rec. Jan. 200
.
2
1
$ 40 Feb.
*Ilolders of rec. Feb. 15
Common (extra)
Common (payable in common stock). *.(4 Mar.
Holders of rec. Jan. 200
Common (mthly.) (Pay. In cash scrip) •g14 Feb.
*Holders of rec. Jan. 15
Preferred (guar.)
75e. Apr. 15 Holders of rec. Mar.31a
National Biscuit,common (guar.)
*Holders of rec. Jan. 15
Corn. (mthly. pay. in corn, stk. scrip) *el34 Feb.
14 Feb. 28 Holders of rec. Feb. 14a
preferred B (monthly)_
19 Feb.
*Holders of rec. Jan. 15
Preferred (quar.)
Preferred and
Feb. 2 Holders of rec. Jan. 21
2
Holders of roe. Feb. 9
National Carbon. preferred (guar.)
City Ice & Fuel of Cleveland, corn. (qtr.) 50e. Mar.
50e. June
Holders of rec. May 12
National Cloak & Suit, pref. (guar.)... 14 Mar. 2 Holders of rec. Feb. 210
Common (quar.)
2
r 3
50c. Sept.
Feb.134 f1 Holders of rec. Jan. 156
Nat. Dept. Stores. 1st pref. (guar.).
Holders of roe. Aug. 12
Common (guar.)
Holders of rec. Mar.11
50e. Dec.
Holders of rec. Nov. 11
Nat. Enameling & Stamping. pref. (qu.) 134
Common (guar.)
14 June 30 Holders of rec. June 10
1% Mar.
Preferred (guar.)
of roe. Feb. 150
Holders
Cleveland Stone (guar.)
14 June
144 Sept. 30 Holders of rec. Sept.10
Holders of rec. May 150
Preferred (guar.)
Quarterly
14 Dec. 31 Holders of rec. Doe. 11
14 Sept.
Preferred (guar.)
Holders of rec. Aug. 115a
Quarterly
1% Apr. 15 Holders of ree. Apr. 1
5
Feb. 2 *Holders of rec. Jan. 26
National Fireproofing. preferred
Clinchfield Coal, preferred (quar.)
1% Mar. 14 Holders of rec. Feb. 20a
Feb. 2 Holders of rec. Jan. 210 National Lead. preferred (guar.)
Cluett, Peabody & Co.. corn. (guar.)...
14 Feb. 15 Holders of roe. Jan. 314
Feb. 2 Holders of rec. Jan. Ifra National Refining, corn. (guar.)
(guar.)
Columbian Carbon
Feb. 15 Holders of rec. Jan. 314
110
Common (payable in corn. stock)..
Commercial Inv. Trust Corp.,com.(qu.) 62c. Feb. 15 Holders of rec. Jan. 3I0
75c. Feb. 16 Holders of rec. Feb. 5
Mar. 1 Holders of rec. Feb. 160 National Supply, common (guar.)
Congoleum-Nairn Co., preferred (guar.).
1% Feb. 1 Holders of roe. Jan. 20
Jan. 31 Holders of rec. Jan. 200 National Tea, preferred (guar.)
(guar.)
Consolidation Coal
25e. Feb. 23 Holders of rec. Feb. 66
Feb. 16 Holders of rec. Feb. 50 New Cornelia Copper Co.(quay.)
Continental Can. common (guar.)
*$2 Feb. 2 *Holders of rec. Jan. 26
stock)_ 15
Feb. 16 Holders of roe. Feb. 50 New Niquero Sugar (guar.)
Common (Payable In common
Feb. 10 Holders of rec. Jan. 20
2
New Jersey Zinc (quar.)
2 Holders of rec. Jan. 15
Feb.
3
Continental mills
Feb. 2 Holders of rec. Jan. 70
81
Mar. 42 Holders of rec. Feb. 14a New York Air Brake,common (guar.)
Cosden de Co., pref. (guar.)
Apr. 1 Holders of rec. Mar.100
51
Jan. 31 Holders of rec. Jan. 150
Class A (guar.)
Crucible Steel. com.(guar.)

Public Utilities (Concluded).
Public Service of Nor. Ills., corn. (guar.)
Six per cent preferred (guar.)
Seven per cent preferred (guar.)
Railway & Light Securities, common_ __
Common (extra)
Preferred
Sierra Pacific Elec. Co., pref. (guar.)._
Standard Power & Light, pref. (guar.).Tennessee Electric Power,20 pref. (au.)
Texas Electric Ry.. coin. (guar.)
Second prefened (quar.)
Texas Power & Light, pref. (guar.)
United Gas Improvement, pref. (quar.)_
United Light & Power, corn. A & B (qu.)
Un.Light& Rys.634% prior pr.01'24(an.)
TJnited Rys. & Elec. (Bait.) (quar.)
West Penn Company, corn.(guar.)
Preferred (quar.)
West Penn Power Co..7% pref.(quar.)_
West Penn Power, pref. (guar.)
West Penn Rye., pref. (guar.)
Winnipeg Electric Railway,corn.(guar.)
York RS's., preferred (guar.)

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

*134

134

134

I

14

4

14

14

14
154

14

14
14
$1
14
134
$1

14
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554
Name of Company.

THE CHRONICLE
Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

For.. 120.

Weekly Returns of New York City Clearing House

Banks and Trust Companies.
Miscellaneous (Concluded).
New York Canners, Inc.
The following shows the condition of the New York City
Common (payable In common stook)- 13
Feb. 2 Holders of roe. Jan. 15
First preferred
33.4 Feb. 1 Holders of rec Jan 220 Clearing House members for the week ending Jan. 24. The
Second preferred
4
Feb. 1 Holders of rec. Jan. 22a
figures for the separate banks are the avergaes of the daily
Ontario Steel Producta, com.(quar.)
1
Feb. 16 Holders of rec. Jan. 31
Preferred (guar.)
156 Feb. 16 Holders of rec. Jan. 31
Orpheum Circuit, common (monthly). 15o. Feb. 2 Holders of rec. Jan. 20a results. In the case of the grand totals, we also show the
Common (monthly)
15c, Mar. 2 Holders of rec. Feb. 200 actual figures of condition at
the end of the week.
Common (monthly)
1543. Apill 1 Holders of rec. Mar.200
Owens Bottle, corn. (guar.)
NEW YORK WEEKLY CLEARING ROUSE RETURNS.
75o. Apr. 1 Holders of rec. Mar. 16a
Preferred (guar.)
I% Apr. 1 Holders of rec. Mar.160
Mated in thousands of dollars
-that to, three ciphers MOM omitted)
Pacific Coast Co., first preferred
236 Feb. 1 Holders of rec. Jan. 26a
Pacific Mills(guar.)
$1.50 Feb. 2 Holders of rec. Jan. 23a
Packard Motor Car,common (guar.)... 30e Jan, 31 Holders of rec. Jan. 1150
New
Penman's,Limited,com.(guar.)
2
Feb. 16 Holders of rec. Feb. 5
Capital Profits Loans,
Reserve
Preferred (guar.)
116 'Feb. 2 Holders of rec. Jan. 21
Week Ending
Discount, Cash
with
Net
Time Baal
Penn Traffic Co
756c. Feb. '2 Holders of rec. Jan. 170
Jan. 24 1925 Nat'l, Dec. 31 InvestIn
Legal Demand
De- Clew
Permanent Mtge. Co., preferred (extra)
134 Feb. 1
State. Nov. 15 ments, Vault. Deport- Deposits. posits. laPermanent Mortgage Corp., pref
3
Feb. 1
(000 omitted.) Tr.Coa.Nov.15
de.
tortes.
stoa.
Preferred (extra)
1% Feb. 1
Philadelphia Insulated Wire
Feb. 2 Holders of rec. Jan. 150 Members of Fed. Res. Bank. Average Average Average Average Average
$2
Phillips-Jones Corp., pref.(guar.)
154 Feb. 1 'Holders of rec. Jan. 200 Bank of N Y
$
Pick (Albert)& Co.. common (quar.)
40e. Feb. 2 Jan. 21 to Feb. 1
Trust Co.... 4,000 12,462
73,971
891 7,377
54,766 9,514
Pittsburgh Plate Glass (quar.)
2
Apr. 1 *Holders of rec. Feb. 15
Bk of Manbat'n 10,000 13,874 150,036 2,483 17,138
125,589 23,120
Extra
e
Apr. 1 *Holders of rec. Feb. 15
Mech & Met Bk 10,000 15,970 181,953 3,415 22,611
171,139 10,453 "jai
Postum Cereal Co.,common (guar.)._
21
Feb. 1 Holders of rec. Jan. 294 Bank of America 6,500 5,412
84,363 1,643 12,486
93,725 4,357
Preferred (guar.)
Feb. 1 Holders of rec. Jan. 2Ia Nat City Bank_ 40,000 55,297 598,202 4,751 72,553
12
Prairie 011 dr Gas(guar.)
2
Jan. 31 Holders of rec. Doe. 31a Chem Nat Bank 4.500 17,024 142,258 1,358 17,259 *674,966 72,672 956
130,475 5,284
348
Prairie Pipe Line (guar.)
2
Jan. 31 Holders of rec. Dec. 31a Nat Butch & Dr 1.000
277
7,731
103
878
8,092
272 491
Procter & Gamble, com. (guar.)
5
Feb. 14 Holders of rec. Jan. 240 Amer Exch Na
5,000 8,246 111,681
961
100,492 13,162 4,934
Producers dr Refiners Corp., pref.(guar.) 873.4e Feb. 2 Holders of rec. Jan. 160 Nat Bk of Coin. 25,000 39,761 354,422 1,159 12,970
41,827
320,098 13,194
Pullman Co.(guar.)
2
Feb. 16 Holders of rec. Jan. 31
Pacific Bank_ _ _ 1.000 1,708
33,926' 1,022 4,474
31,420 3,151
Punta Alegre Sugar (quar.)
$1.25 Feb. 16 Holders of rec. Feb. 20 Chat& Phen Na 10,500 9,318 171,762 4,426 18,468
132,087 35,257 6:66i
Pure Oil. com.(guar.)
3716c Mar. 1 Holders of rec. Feb. 10
Hanover Nat Bk 5,000 23,519 132,794
590 15,514
120,671
295
Pyrene Manufacturing, corn. (qu.)
234 Feb. 2 Jan. 22 to Feb. 1
Corn Each Bank 10.000 13,493 204,849 6,254 24,918
181,364 28,11- 7
Quaker Oats Co.. preferred (guar.)
116 Feb. 20 Holders of rec. Feb. 2a Nat Park Bank_ 10,000 23,743 178,554
991 19,176
145.729 9,389 s:iii
Remington Typewriter,2d pref.(guar.). 2
Feb. 20 Feb.. 11 to Feb. 20
East River Nat_ 2,100 1,942
31,618 1,025 3,367
23,734 7,458 495
Republic Iron & Steel, pref. (quar.)...._. 156 Apr. 1 Holders of ree. Mar. 9
First National _ 10,000 66,060 337,835
460 32,767. 246,441 24,011 7,371
Reynolds Spring. common (quar.)
250. Feb. 2 Holders of roe. Jan. 15a IrvingBk-ColTr 17,500 12,417 278,143, 2,761 36.340
272,112 29,718
Richmond Radiator, preferred (guar.)._
134 Apr. 15 Holders of rec. Mar.31a Continental Bk_ 1,000 1,066
7,782
148
928
6,569
378
Preferred (guar.)
154 July 15 Holders of rec. June 300 Chase National_ 20,000 25,461 413,056 4,254 53,012
*414,033 21,163 "iii
Preferred (guar.)
lit Oct. 15 Holders of rec. Sept.30a Fifth Ave Bank
500 2,704
25,548
802 3,475
26,376
Preferred (guar.)
600 1,099
13.4 JanI526 Holders of rec. Dec. 310 Commonwealth
13,314'
419 1,445
10,383 2:iia
Rock!. & Rockp. Lime Corp.. com.(qu.) $1.50 Feb. 2 Holders of rec. Jan. 15
Garfield Nat... 1,000 1,656
16,809
508 3,008
17,069
118
396
Preferred
$3.50 Feb. 2 Holders of rec. Jan. 15
Fifth National. 1,200 1,344
19,461
195 2,482
18,613 1,150
243
Second preferred
/3
Feb. 2 Holders of rec. Jan. 15
Seaboard Nat.. 4,000 7,852 105,298
937 12,903
97,954 3,739
63
St.Joseph Lead (guar.)
500. Mar.20 Mar. 10 to Mar.20
Coal & Iron Nat 1.500 1,375 20,811
213 2,296
16,307 2,791
411
Quarterly
500. June 20 June 10 to June 21
Bankers Trust_ 20,000 26,514 338,803 1,056 37,371
290,949 54,161
we. Sept.21 Sept. 10 to Sept.21
Quarterly
3,000 4,619
57,401
us Mtge & Tr_
706 6,711
50,979 6,330
Quarterly
50o. Dec. 21 Deo.10'26to Dec.21 '25
Guaranty Trust 25.000 19,180 490,979 1,348 53,451 *475,897 46,899
St. Lawrence Flour Mills, corn.(guar.)_ _
1
Feb. I Holders of rec. Jan. 20
Fidel-InterTrust 2.000 2,117
21,929
376 2.618
19,676 1,868
Preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 20
N Y Trust Co__ 10,000 19,147 175.369,
595 20,562
151,111 26,238
Salt Creek Producers Ass'n (guar.)
20c. Feb. 2 Holders of rec. Jan. 160 Metropolitan Tr 2,000 4,129 46,664'
309 5,597
42.198 3,462
Extra
30e. Feb. 2 Holders of rec. Jan. 16a Farm Loan & Tr 5,000 17,370 148,1971
433 15,382 *119,570 30,408 Savage Arms Corp., 2d pref.(quar.)
13.4 Feb. 1/1 Holders of rec. Feb. 2a Equitable Trust1 23,000 11,262 265,8521 1.568, 31,384, 295,954 34,372
Savannah Sugar Refg., common
$1.50 Feb. 1 Holders of rec. Jan. 20
Preferred (quar.)
900467,431 5,240.471 48.160612,748c4,570.872530,76932,318
134 Feb. 1 Holders of rec. Jan. 20
Total of average:291,
Schulte Retail Stores, corn.(quar.)
.
1m2 Mar. 2 *Holders of rec. Feb. 16
Scott Paper, pref. (guar.)
156 Feb. 1 Holders of rec. Jan. 24a Totals, actual co nilltIon Jan. 245,221,247 47,911'640,344 c4,530,468538,08032.394
Scruggs-V.
-B. Dry Goods, com.(MO - 2
Feb. 1 Holders of rec. Jan. 22
Totals, actual co minion Jan. 17 5,207,127 47,796 682,878c4,597,965 524,190 32,269
Sears. Roebeck A. Co.. common (guar.)
13.4 Feb. 1 Holders of rec. Jan. 150 Totals. actual conditIon Jan. 105,301.594 53,268591.866 c4,647,088525,370 32,247
Selberling RubberState Banks Not Me mbers of Fed'I Reeve Bank.
1
Preferred (acct. accumulated
_ *52
Feb. 15 *Holders of rec. Feb. 6
Greenwich Bank 1,000 2,431
22,026 1,887 2,172!
22,1071
946!
Preferred (acct,accumulated diva.) _ •h2
Bowery Bank_
Mar. 16 *Holders of rec. Mar. 6
250
897
5,615
326
3551
2,8611 2,013
Shavnnut Mfg.. corn.(guar.)
*1 56 Mar. 31 *Holders of rec. Mar. 20
98,974 4,005 2,398,
State Bank__ 3.500 5,134
35,179 61,2021
Preferred (guar.)
•I% Mar.31 *Holders of rec. Mar.20
Shell Union Oil, pref. A (quar.)
51.50 Feb. 16 Holders of rec. Jan. 26a Total of averages 4,750 8,4671 126,615 6,218 4,9251
60,1471 64,1611
Sherwin-Williams Co., com. (quar.)_ Feb. 1(1 Holders of rec. Jan. 31
2
Common (extra)
56 Feb. 16 Holders of rec. Jan. 31
Totals, actual c minion Jan. 241 126,573 0,452 4,678
60,189 64,1271
Preferred (guar.)
Mar. 2 Holders of rec. Feb. 14
134
Totals, aaual condition Jan. 11 127.017 6,3721 5,134
60,801 64.1441
Simmons Co., pref.(guar.)
154 Feb. 2 Holders of rec. Jan. 15a Totals, actual condition Jan. 10 127,356 6,586 5,726
62,136 64,139,
Sinclair Consul.011 Corp., pref. (quar.)
2
Feb. 16 Holders of rec. Feb. 2a Trust Companies Not Members of Fed '1 Res'ye Bank.
Spalding(A. G.) a: Bros.. pref.(quar.)_
2
Mar. 2 Holders of ree. Feb. 21
Title Guar & Tr 10,000 15,908, 59,033 1,4911 4,156
37,5591 2,1151
Second preferred (guar.)
2
Mar. 2 Holders of rec. Feb. 21
LawyersTit&Tr 6,000 6,3111 27,578
8461 1,703
16,690
,
8341
Standard Motor Construction
250. Feb. 28 Holders of rec. Feb. 2
Standard Oil (Ohio), pref. (guar.)
156 Mar. 2 Holders of rec. Jan. 30
Total of averages 16,000, 22,2201 86,611 2,3371 5,859
54,2491 2,949:
,
Stearns(F. B.) Co., corn. (guar.)
3756c Feb. 1 Holders of rec. Jan. 250
Steel Co. of Canada. corn. & pf. (qu.)
Totals, actual condition'Jan 24' 80,549 2,303' 5,865
154 Feb. 2 Holders of rec. Jan. 7
53,9561 3,395
Sterling Products (guar.)
$I
Feb. 2 Holders of rec. Jan. 15a Totals, actual c ndition 'Jan. 171 86,571 2,300 6,197
54,769, 2,860
Stewart-Warner Speedometer Milani_ .._ $1.25 Feb. 16 Holders of rec. Jan. 310 Totals, actual c written IJan. 1C) 87,044 2,4591 6,245
55,5111 2.878
,
Stover Mfg.& Engine pref.(guar.)_ _ _ _
114 Feb. 2 Jan.422 to Feb. 1
Sugar Estates Oriente, Inc., Pref. (qe.). 2
Feb. 1 Holders of rec. Jan. 15a Gr'd aggr., aver.312,650 498.1185,453,697 58.715623,632 4,685,268 597,879
Superior Steel, common (guar.)
75c. Feb. 2 Holders of rec. Jan. 150 Comparison with prey.week_ _1-38,635-3,416-13033 -68,961 +3,77332.318
+75
Swift Internacional
90c. Feb. 14 Holders of rec. Jan. 15
Thompson (J. R.) Co., corn.(monthly). 25c. Feb. 2 Holders of rec. Jan. 230 Gr'd aggr., ace/cond'n Jan. 17 5,434,369 56,686668,887
4,644,613605,602 32,394
Common (monthly)
25e. Mar, 2 Holders of rec. Feb. 230 Comparison with prey. week..!+13,654 +198-37322 -88,922+1440
8 +125
Tobacco Products Corp.. Class A (au.)._ 51.75 Feb. 16 Holders of rec. Feb. 2
Union 011 of California (No. 1)
45c. Feb. 10 Holders of reo. Jan. 16a Gr'd aggr.. own cond'n Jan. 17 5,420,715 56.468894,209 4,713,535
591,194 32,269
United Drug, common (quar.)
116 Mar. 2 Holders of rec. Feb. 14a Gr'd aggr.. Geri cond'n Jan. 105,515.994 62,313806,837 4,764,735692,3
87 32,247
First preferred (guar.)
13.4 Feb. 2 Holders of rec. Jan 15a Gr'd aggr., gel cond'n Jan. 35,549,337 65.189636.288 4.831,837
Second preferred (guar.)
condo Dec. 275,518,956 74.283651.230 4,736,421 599,092 32,139
134 Mar. 2 Holders of roe. Feb. 160 Gr'd aggr..
,
United Fruit (guar.)
cond'n Dec. 205.313,282 73.257615,240 4.764,916 594,106 32,148
23.4 Apr. 1 Holders of rec. Mar. 60 Gr'd aggr.,
Quarterly
234 July 1 Holders of rec. June 60 Gr'd aggr oat cond'n Deo.135,465,102 64.849607.091 4,728.926 599,63632,283
606,837 32,40g
Quarterly
234 Oct. 1 Holders of rec. Sept. 5a
Quarterly
-U. S. deposits deducted from net demand deposits in the
Note.
234 an 2'26 Holders of roe. Dec. 50
United Verde Extension Mining (guar.). 50e. Feb. 2 Holders of roe. Jan. 3a above were as follows: Average total, Jan. 24, 518,111,000; actual general total°
totals, Jan. 24
818,111,000; Jan. 17, 518,112.000; Jan. 10, 518,110,000;
U.S. Cast Iron Pipe & Fdy., pref.(qu.)_
134 Mar. 16 Holders of rec. Mar. 2
Jan.
Preferred (extra)
Dec. 27, 523,250,000. Bills payable, rediscounts. acceptances and 3, $23,250.000
234 Mar. 16 Holders of rec. Mar. 2
other liabilities,
average for week Jan.24,$597,260,000; Jan. 17,$569,074.000; Jan.
Preferred (guar.)
13,4 June 15 Holders of roe. June 1
Jan. 3, 5599,377,000; Dec. 27, $617,953,000. Actual totals Jan. 10, $564,942,000;
Preferred (extra)
2.511 June 15 Holders of rec. June 1
24, $651,085,000:
156 Sept.15 Holders of rec. Sept. 1
Jan. 17. 5594,368,000; Jan. 10, 5567,331,000; Jan. 3, $
Preferred (guar.)
537.537.000; Dec. 27,
5650,384,000.
134 Dec. 15 Holders of rec. Dec. 1
Preferred (guar.)
• Includes deposits is foreign branches not Included in total
•250. Jan. 31 •Holders of reo. Jan. 24
U.S. Giese (guar.)
footings, as follows:
National City Bank,5132,773.000; Chase National Bank,
1
Apr. 15 Apr. 1 to Apr. 15
U. S. Radiator, corn. (guar.)
$9,953,000;
194 Apr. 15 Apr. 1 to Am. 15
Co., $17,416,000; Guaranty Trust Co.. $83,176,000: Farmers' Loan Bankers Trust
Preferred (quar.)
$7,788,000; Equitable Trust Co., $62.560,000. Balances carried & Trust Co.,
Realty &'met.,common (quar.)-- 2
Mar.16 Holders of rec. Mar. 5a
U.S.
in banks In
13i May 1 Holders of rec. Mar. 5a foreign countries as reserve for such deposits were: National City
Preferred (guar.)
I% Feb. 2 Holders of too. Dec. 5a Chase National Bank.$300,000; Bankers Trust Co.,51.657,000; Bank $18,605,000;
Preferred (quar.)
Farmers' Loan & Trust Co.. 57,778.000; EquitableGuaranty Trust Co.,
U.S. Rubber.first preferred (quar.).-- - 2
Jan. 31 Holders of rec. Jan. 150 $6,115.000;
Trust Co., $8,261,Universal Pipe& Radiator, pref.(guar.). 154 Feb. 2 Holders of roe. Jan. 22a 000. c Deposits in foreign branches not Included.
Ventura Consolidated Oil Fields (quar.)_ 50o. Feb. 2 Holders of rec. Jan. 15
The reserve position of the different groups of institution
Washburn Crosby Co., pref. (guar.).
- 154 Feb, 1 Holders of rec. Jan. 24a
s
Weber & Hellbroner. preferred (quar.)_
134 Mar. 2 Holders of rec. Feb. Uks on the basis of both the averages for the week and
Western Grocer, preferred
'33.4 July 1 *Holders of rec. June 21
condition at the end of the weak is shown in thethe actual
Preferred
*334 Jan1'26 *Holders of rec. Des. 21
,
following
Westinghouse Air Brake (guar.)
$1.50 Jan. 31 Holders of rec. Dot. 310 two tables:
Westinghouse Elec. JC Mfg.. corn.(quar.) $1
Jan. 31 Holders of rec. Dec. 3I0 STATEMENT OF RESERVE
POSITION Git CLEARING ROUSE
White (J. G.) dr Co., Inc.,common
Feb. 1 Holders of rec. Jan. 20
6
BANKS
AND TRUST COMPANIES,
114 Mar. 1 Holders of rec. Feb. 15
Preferred (guar.)
Wilcox (H. F.) Oil & Gas (quar.)
Feb. 5 Holders of rec. Jan. 1.5a
2
Wolverine Portland Cement
Feb. 15 Holders of roe. Feb. 5
2
Averages.
Woolworth (F. W.) Co.(guar.)
75e. Mar. 1 Holders of rec. Feb. 100
Wrigley (Wm.) Jr., & Co.
Cash
Reserve
a
Monthly
250. Feb. 2 Holders of roc. Jan. 20a
Reserve
In
Total
Rtiend
Monthly
Surplus
250. Mar. 1 Holders of rec. Feb. 204
In Vault. Depositories Reserve.
Required,
Yellow Cab Mfg.,class B (roonth17)RUSIN.
- 210. Feb. 2 Holders of rec. Jan 20a
Claw B (monthly)
21e. Mar. 1 Holders of roe. Feb. 20a Members Federal
Reserve banks__ _
612,748,000 612,748,000 610,136,430
• From unofficial sources. t Tne New York Stock Exchange has ruled that @took
6,218,000 4,925,000 11,143.000 10,826,460 2,611,570
reill not be quoted ex-dividend on this date and not until further notice. I The State banks.
316,540
New York Curb Market Association has ruled that stock will not be quoted ex- Trust companies*._ _ 2,337,000 5,859,000 8,196,000 8,137,350
58,650
dividend on this date and not until further notice.
Total Jan. 24.,... 8,555,000 623,532,000 632.087,000 629,100,240
•Transfer books not closed for this dividend. a Correction. o Payable in stock
2,988,760
Total Jan. 17._ 8.681,000 636,585,000 645,246.000 638,000,140
7,245,860
I Payable in common stock
g Payable in scrip. h On account of accumulated
Total Jan. 10._
9,178.000 845,018.000654.194,000 644,370,530 9.823,470
dividends in Payable in preferred stock
n Payable in Canadian funds.
Total Jan. 3____
9.063,000 655,049,000 664,112,000 640,265,910 23,846,090
Dividend Is at rate of 5% per annum for period from May 26 to Deo.31 1924.
•Not members of Federal Reserve Bank.
u Payable to holders of record Jan. 31.
a Thiele the reserve required on the net demand deposits In the case of State
k Dividend is one share of $100 par value preferred stock for two shares of no-par
banks
and trust companies, but in the case of members of the Federal
value common stock.
Reserve
includes also amount In reserve required on net time deposits, which was as Bank
peyeure to holders of Coulson
follows.
Jan. 24,$15,923,070; Jan. 17,115,813,270; Jan. 10. $15,879,240; Jan.
No. 7
3,114.896,070,

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

Actual Figures.
Reserve
In
Depositories

Cash
Reserve
in Vault.
Members Federal
Reserve banks_
State banks*
Trust companies*._
Total
Total
Total
Total

555

THE CHRONICLE

JAN. 31 1925.]

Reserve
Required.

Total
Reserve.

Surplus
Reserve.

-In the folBoston Clearing House Weekly Returns.
lowing we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.

646,344,000 646,344,000 605,103,240 41,240,760
295,980
6,452,000 4.678.000 11,130,000 10,834,020
74,600
2,303,000 5,865,000 8.168,000 8,093,400

Jan, 24____ 8,755,000658,887.000 665,642,000 624,030.660 41,611,340
8,672,000 694,209,000 702,881,000 632,620,680 70.260,320
Jan.
Jan. 10_.9,045,000 608,837,000 615,832,000639,393.670 df23511,670
Jan. K.- 8,799.000 636,288,000 645,087,000 648,192,510 df3,105.510

• Not members of Federal Reserve Bank.
b This Is the reserve required on net demand deposits In the ease of State banks
sad trust companies, but In the case of members of the Federal Reserve Bank
Includes also amount of reserve required on net time deposits, which was as follows:
Jan.24,816,142,400;Jan. 17.$15,725,700;Jan. 10,$15,761,100; Jan.3,815,950,940.

Jan. 14
1925.

Jan. 21
1925.

Changes from
previous week.

Jan. 28
1925

it
$
$
$
57,300,000 57,300,000
Capital
57,300,000 Unchanged
54,000 78,871,000 79,922,000
Surplus and profits
78,925,000 Inc.
Loans. dIsc'ts & Investments_ 920,177,000 Dec. 12,619,000 932.796,000 922,933.000
Individual deposits.Incl. U.S. 656,959,000 Dec.26,875,000 683,834,000 672.905,000
142,097.000 Dec. 12.451,000 154,548,000 155.870,000
Due to banks
Time deposits
171.068.000 Inc. 5,879,000 165,189,000 174.002,000
8,000 26,441,000 26.447,000
United States deposits
26,449,000 Inc.
Exchanges for Clearing House 27,064,000 Dec. 13.010,000 40,074,000 36.785,000
Due from other banks
76,958,000 Dec. 10.605,000 87,561.000 87.714,000
78,622,000Dec. 2,180,000 80,802,000 78.338,000
Reserve In Fed. Res. Bank
220,000 10,355,000 11.017.000
Cash In bank and F. R.Bank_ 10,135,000 Dee.
Reserve excess in bank and
Add nnn nee 1.121.000 1.565.000 1.132.000
Federal Rwawrvo Timnk

State Banks and Trust Companies Not in Clearing
-The State Banking Department reports weekly
House.
-The Philadelphia Clearing House
Philadelphia Banks.
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows: return for the week ending Jan. 24, with comparative figures
for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER requirements for members of the Federal Reserve System
NOT INCLUDED IN CLEARING HOUSE STATEMENT.
NEW YORK.
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"
Differences from
.mero.is not a part of legal reserve. For trust companies not
previous week.
Jan. 24.
Loans and investments
$995,456,600 Dec. $15,010,400 bers of the Federal Reserve System the reserve required is
Gold
4,363,800 Dec.
173,900
"Reserve with legal
Currency and notes
21,516,200 Dec. 1,176,000 10% on demand deposits and includes
Deposits with Federal Reserve Bane of New York89,727,500 Dec. 4,140,300 depositaries" and "Cash in vaults."
Total deposits
1,063,328,600 Dec. 24,779,900
Deposits, eliminating amounts due from reserve
depositaries and from other banks and trust
companies in N. Y. City, exchange and U. S
deposits
1,008,661,300 Dec. 18,236,200
Reserve on deposits
154,746,400 Dec. 9,023,900
Percentage of reserve, 21.9%.
RESERVE.
-State Banks- -Trust COMpantes-Cash In vault
•$33,859,300 16.54%
$81,738,200 15.13%
Deposits in banks and trust cos._ _ 11,361,800
5.55%
27,787.100
5.14%
Total

$45,221,100 22.09% $ 109,525,300 20.27%

• includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Jan. 24 was $89.727,500.

Banks and Trust Companies in New York City.
-The
averages of the New York City Clearing House Banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
,10M B(NE') RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK
Loans and
Divestments.
Week EndedSept. 27
Gat. 4
Oct. 11
Oct. 18
Otte 25
Nov. 1
Nov. 8
Nov. 15
Nov 22
Rev.29
Dec. 6
Dec. 13
Dec. 20
Dec. 27
Jan. 3
Jan. 10
Jan. 17
Jan. 24

$
8.380,981,700
8,482.535,800
6.413,398.600
6.406.300,400
6.455.020.500
6.471.127.800
6.426,927,200
6.433.204.400
6,474.249,900
6,518,724,600
6,528,299,100
- 6,511,329,700
6.467,071.000
6,499,441,100
6.517,941.600
6,534.475.500
6,502,799,000
8.449_153 ern

Reserve lti
*Total Cash
in Vaults. Depositaries

Demand
Deposits

5
81,522,500
81.794,900
87,219,200
85.602.500
83.921,000
83.783,000
84.099.700
88,084.800
85,378.900
87,856,300
89.895.100
93,755.200
98,888.600
104,910.200
102,032,000
94.214.000
87,350.900
so SRS non

$
5,544,168,600
5,618,632,400
5,588,625,300
5.572,477,300
5,649,960.400
5.627,593,900
5,591,046.400
5,603.989.100
5.684.532,300
5,708,357,400
5.760.687,300
5,757,800,800
5.767.935,500
5,745,656.500
5,790,937.000
5,819.488.500
5,781,126,500
x awl 11511 nnn

5
749.472.300
748,565,400
749,029,900
765,528.200
762,706,900
750,335.800
751,013,300
773.736,400
761,712,200
759.845.500
775.979,000
764,940.900
785,191.000
766.967.300
783,386.400
783,368.300
773,115,400
7.co Anil Inn

New York City Non-Member Banks and Trust Companies.
-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEM BER INSTITUTIONS OF NEW YORK CLEARING
ROUSE
(Slated in thousands of dollars
-that is, three ciphers 10001 omtUed.)

Trust
Membersof
F.R.System Companies

Capital
Surplus and profits
Loans, disc'ts & Invesette.
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposit's
U.S. deposits (not incl.)Res've with legal deposles
Reserve with F.R.Bank_ _
Cash in vault *
Total reserve & cash held....
Reserve required
Excess res. & cash in vault_

Cash
in
vault

Wet
Reserve
Net
with Demand Time
Legal Deposits Deposits
Depost
far+VI.

Average Average Average Average Average
$
$
$
$
$
10,315
45
709
4,725
3,582

$
1,000

$
1,748

Total
State Banks
Not Members of
Fed'I Res've Bank
Bank of Wash. Hts.
Colonial Bank

1,000

1,748

10,315

45

200
1,000

481
2,541

7,366
26,900

762
2,887

Total
Trust Company
Not Members of
Fed'I Res've Bank
Mech.Tr,. Bayonne

1,200

3,022

34,266

3,649

2,056

29,994.

5,366

500

508

8,931

424

64

3,195

841,839,0
126,927,0
812,462,0
37,678.0
111,954,0
155,552,0
594.649,0
96,845,0
847,046,0

$5.000.0
16.739,0
45,577,0
1,006,0
17,0
976,0
27,092,0
1,567,0
29,635,0
3,550,0

64,794,0
10,019,0
74,813,0
(14,968,0
9,815,0

1,358,0
4,908,0
4,134,0
774,0

Jan. 10
1925.

Jan. 17
1925.

1925
Total.
516,839,0
140,666,0
858,039,0
38.684,0
111,971,0
156.528,0
621,741.0
98,412,0
876,681,0
11,558,0
3,550,0
64,794,0
11,377,0
79,721,0
69,102,0
10,619.0

$46,839,0
140.686,0
849,135,0
41.247.0
126,809,0
161,378,0
625,263,0
98,673,0
885,314,0
12,342,0
4,492,0
66,094,0
1.2,135,0
82,721,0
69,263,0
13,468,0

$46,839,0
140,666.0
861,137,0
39,175,0
122,909.0
162,144,0
631,648,0
97,929.0
891,721.0
11,528,0
4,139,0
65,239,0
11.713,0
81,091,0
69,728,0
11,353,0

•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 Jan. 28 1925 in
comparison with the previous week and the corresponding
date last year:
ResourcesGold with Federal Reserve Agent
Gold redemp. fund with U S Treasury_

Jan. 28 1925. Jan. 21 1925. Jan.30 1924.
5
444,017,000 444,115,000 643,310,000
7,690,000
6.725.000
5,018.000

Gold held exclusively nest. F.R. notes. 419.055,030
Gold settlement fund with F. R. Board. 212,083.000
Gold and gold certificates held by bank. 289,632,000

450.840.000
207.937.000
287,981.000

651,000,000
107,830,000
204,677,000

Total gold reserves
Reserves other than gold

950,785,000
33,018,000

946,758,000
30,926,000

963,507,000
32,206,000

Total reserves
Non-reserve cash
Bills discounted
Secured by U. S Govt. obligations
Other bills discounted

983,803,000
28,509,000

977,684,000
27,881,000

0
995,713.00
13,046,000

69,291,000
15,210,000

30,039,000
9,640.000

0
91,002,00
0
14,244.00

84,501,000
67,191,000

33,679,000
62,279,000

105,246,000
50.603,000

12,440,000
93.870,000
8,202,000

12,440,000
98.709,000
14.940,000

.
1,202 000
6.803,000
0
6,058.00

Total U. S. Government securities._
Foreign loans on gold

114,512,000
3.055,000

126,089,000
3,055,000

14,063.000

Total earning assets
Uncollected Items
Bank premises
All other resources

269.259,000
125,787,000
16,250,000
7,963,000

231.102,000
140,900,000
16,250.000
8,132,000

169,912,000
111,880,000
13,641.000
2,011,000

Total bills discounted
Bills bought In open market
U. B. Government securities
Bond'.
Treasury notes
Certificates of indebtedness

,
1 431.571,000 1.401,949,000 1.306,203 000

Total resources

I

Net
Loans,
CLEARINO
Capital., Profits
DUNON MEMBERS.
-- counts.
Nat, Us, Dec.31 InvestWeek Ending State Mut Nov 15 menu.
Tr. ens Dec. 31
Jan. 24 1925
.
+C.
Members of
Ped'I Res've Bank
Grace Nat Bank_ __

Week Ended Jan. 24 1925.
Two Ciphers (00)
omitted.

Liabilities
Fed. Res. notes In actual circulation
338,531,000
-Member bank, reserve wet_ 845,739,000
Deposits
Government
18,364,000
Other deposits
30,934.000

342.054,000
807.726,000
12,538,000
32.344.000

0
383,563.00
721,689,000
4,265,000
11,766.000

Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilitiee

852.608.000
118.364,000
30.167,000
58,749,000
2,007,000

737.720,000
93,504,000
29,454,000
59,929,000
2.033.000

895,037,000
108,895,000
30,165,000
58,749,000
2,194,000

6,042

709

3,582

4,725

359
1,697

5,994
24,000

2,078
3,288

CURRENT

500

508

8,931

424

3,195

6,042

2,700
Grand aggregate-Comparison with p ev. week

5.279

53.512
-211

4,118
-78

2,829 236,771
+60 -355

16,133
+39

2,700
2,700
2,700
2.700

5,279
5.216
5,172
5.113

53,723
52,071
51.184
51,121

4,196
4,297
4,376
4,172

2,769
3,103
2,585
2.396

16.094
16.037
15,723
15 401

Total

Gr'd
Ged
Or'd
Or'd

aggr., Jan. 17
aggr., Jan. 10
aggr., Jan. 3
aggr., Dec. 27

1,431 571,000 1.401.949,000 1,306,203,000

Total liabilities_

64

a37,I26
a35,722
a35,030
a34.080

a United States deposits deducted, $203,000
Bills payable, rediscounts, acceptances and other liabilities, $990,000,
Excess reserve. $40,580 increase.

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

Ratio of total reserves to deposit and
Fed Res, note liabilities combined
Contingent liability on bills purchased
for foreign correspondents

79.8%

81.8%

88.8%

13,646,000

13,804,000

5,719,000

NOTICES.

-For the sixth consecutive year the United Shoe Machinery Corp.
presents an illustrated calendar, the title for 1925 being "A Calendar for
.
Americans." Its predecessors have been: "Laws, Liberties, and Rights,'
Calendar for the Year 1924." "A Calendar of the Constitution of the
United States, for the Year 1923," "A Washington Calendar, for the Year
1922,""A Pilgrim Calendar. for the Year 1921,""A Lincoln Calendar, for
the Year 1920." The United Shoe Machinery Corp. originated and s
continuing this series of educational and patriotic calendars, actuated by
the belief that to stimulate good citizenship and good Americanism is the
duty of all, corporations as well as individuals. These calendars have
been compiled, arranged and copyrighted by Daniel S. Knowlton.

556

THE CHRONICLE

[VoL. 120.

Weekly Return of the Federal Reserve Board.

The following is the return issued by the Federal Reserve Board Thursday afternoon, Jan. 29.
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we presentand showing the conditiou
the results for
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding weekthe system
last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The
Federal Reserve Agents
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller
and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returnsfor the latest
week appears on page 524, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT
THE CLOSE OP BUSINESS JAN. S 1925.
Jan. 28 1925. Jan. 21 1925. Jan. 14 1925. Jan. 7 1925 Dec. 311924. Dec. 24 1924.
Dec. 17 1924. Dec. 10 1924.1Jan. 30 1924.
RESOURCES.
Gold with Federal Reserve agents
1,730,679.000 1,744,722,000 1,744,250.000 1,729,287,000 1,702,306,000 1,747,218.000
1,822,424.000 1.838.288,000 2,127,175,000
Gold redemption fund with U.S. Trees53,660.001
50,590.000
45,703.000
45.854,000
41.245,000
45
47,048,000
50,931,000
.758.000
32,093,000
Gold held exclusively eget. F. R. notes 1,784.339,000 1,795.312,000 1.789,953,000 1,775,121,000
Gold settlement fund with F. R. Board.. 590.815.000 592,391,000 603,544,000 637.330.000 1,743,551.000 1,792,974,000 1,869,472,000 1.868.381,000 2,178,106,000
079,464.000 637.240,000
Goldand gold certificates held by banks_
564,232,000 557.014,000 559,538.000 538,493.000 513.518,000 482,605,000 589.390,000 647.843.000 573,226,000
495.258.00G 481.474.000 391,821,000
Total gold reserves
2,939.386,000 2,944.720.000 2.953.035.000 2.950.914.000 2,938,533.000 2,912,819,000
2,954,118,000 2,997.498,000 3,143,153,000
Reserves other than gold
143,160.000 138,715.000 138,664.000 124,397.000 110,521.000
84,694,000
94,467,000
95,218,000 119,758,000
Total reserves
3,082.516,000 3.083.435.000 3.091.699.000 3,075,341.000 3,047.054.000 2.997,513.000
3,048.585,000 3,092,716,000 3,262,911,000
Non-reserve cash
74,371,000
77.322.000
78,642.000
73,479,000
82,567.000
37,868,000
40,418.000
59,661,000
41,643,000
Bills discounted:
Secured by U. S. Govt. obligations__ _
164,892.000 101.946.000 141,281,000 148,698,000 188.840.000 239,230,000
158,413,000 127.279.000 259,280,000
Other bills discounted
104.803,003 100,811.000 120.478.000 117.710.000 127.288,000 157,199.000
125,398.000 126.977,000 263,027,000
Total bills discounted
273,692.000 202,757,000 261,759,000 264,408.000 314,128,000 396,429,000
283,811,000 254.258.000 522,307,000
BOW bought in open market
307.767,000 306,176,000 323.901,000 340,978.000 387.100,000 389.574,000
336,827.000 352.838,000 271,792,000
U. S. Government securities:
Bonds_ _
76.174,000
74,347.000
78.540,000
75,505,000
75.265,000
74.758,000
64,578,000
18,584,000
46,358.000
Treasury notes
279,665.000 292,307.000 332,168,000 342,533.000 349.354,000 342.552,000
341,485.000
77,355,000
Certificates of indebtedness
38,225,000
56,210,000
76.214.000
77,991,000 115.541,000 120.571,000 158,099,000 361.082,000
24,833,000
144.458,000
Total U. S. Government securities.._
391,084.000 423,464,000 486.922,000 498.029.000: 540,160,000 537,879,000
584.162,000 551.896,000 120,772,000
foreign loans on gold
10,500,000
10,500,000
8,000,000
6,000,000
8.000,000
6.000.000
6,000.000
6.000.000
All other earning assets
2,559.000
2,559,000
2,559,000
2,550,000
2.050,000
2.050,000
2,050,000
2,050.000
10.000
Total earning assets
988,582,000 945,456,000 1,081.141,000 1,109.965.000 1,249,438.000 1.331,932,000
1,192,850,000 1,167,040,000 914,881,009
6% redemp. fund agst. F. It. bank notes
28,000
Uncollected Items
572,000.000 628,914,000 697.811,0001 702,909,000 856,197,000 874,514,000 831,419.000
649,131,000 531,163,000
Bank premiss.
57.939,000
57,902,000
57.689,000, 57,595.000
57.595.000
61.819.000
61,768,000
61,741,000
54,594,000
All other resources
24,831,000
24,604,000
25.010,000
24,049,000
23,529,000
23,827,000
23.458.000
26.239.00,
19,027,000
Total resources
4.800,269,003 4,815,633,000 5.031.772,000 5,043,338,000 5,096.380,000 5,127,273.000
5,198,498.000 5.038.510,0004.842,265,000
LIABILITIES.
F. Ft. notes In actual circulation
1,684,311,000 1,898,628,000 1,737,977,000 1,805.383,0001.862.082.000 1.941,747,000
1.871.453,000 1,853.614,000 2,022,514,000
V. R. bank notes in circulation-net
434,000
Deposits
1
Member banks
2,171,723,000 2,140,611.000 2,258,491,600 2.247,745,000 2,220,436,000 2,222,870.000
-reserve account
2,214,744,000 2,192,333.000 1,927,714,000
Government
52,114,000
31.146,000
30,583,000
28,040,000
51,197.000
58.081.000
8,542,000
35,975.000
40,941,000
Other deposits
41,379,000
44,339,000
43.288,000
42.748,0001 39,035.000
30.233.000
33.022.000
31,002,000
22,430,000
Total deposits
2,265,216.000 2.216,096,000 2.330.340,0W 2,318,533,000 2,310,688,000 2,311,184,000 2.256.308.000
2,259.310,000 1,991,085,000
Deferred availability items
510.330,000 581,045.000 623.881,000 581,799,000 584.718.000 526,99/.000 723.943.000
Capital paid in
112,246,000 112.187,000 112,193.000 112,228,000 112.038.000 112.028.000 112,036.000 578.885,000 484.338,000
eurplus
217.437.000 217,837,000 217.837,000 217.837.000 217,837,000 220,915,000 220.915.000 112,123,000 110,043.000
220,915,000 220,915,000
All other liabilities
10,323,000
9,840,000
9,744.000
9,558,000
14.409,000
9,059,000
13.843,000
13,863,000
12,936,000
Total liabilities
4,800,269,000 4,815.633,000 5.031,772.000 5,043,338,000 5,098,380.000 5,127,273.000 5,198,498,000
5.038,510,000 4,842,265,000
Sitio of gold reserved to deposit and
F. R. note liabilities combined
74.4%
75.2%
72.5%
71 6%
68.4%
70.4%
71.5%
72.8%
78.3%
Ratio of total reserves to deposit and
F. R. note liabilities combined
78.0%
78.8%
76.0%
73.0%
74.6%
70.5%
73.9%
75.2%
81.3%
Contingent liability on bills purchased
1
for foreign correspondents
47,174,000
47,332,000
49.817,000
44,720,000
41,754,000
42,683.000
42,725,000
37.297.000
16,843,000
Distribution by Manning,
1-15 days bills bought In open market..
90.251,000
92.898.000 100,717.000
88.656.000 117.576,000 101.937,000
81.993.000 100,198,000 103,186,000
1-15 days bills discounted
202,035,000 133.962.000 188.207,000 185.841.000 211,803,000 313.715.000 200.751.000 174.476.000
341,181,000
1-15 days U. S. certif. of Indebtedness_
14,000
1.485,000
341.000
240,000
40,000,000
55,428,000
120,000
1-15 days municipal warrants
10,000
18-30 days bills bought in open market
78,374,000
66.104.000
64,478,000
76.288.000
70.548.000
75,192,000
59,338.000
54,043.000
62,372,000
16-30 days bills discounted
17,691,000
16,734.000
18,385.000
20.220,000
22.988,000
18,335.000
27.796,000
23.755.000
44,481,000
18-30 days U. S. certif. or indebtedness198,000
-30 days municipal warrants
16
9,003
9,000
9.000
81-60 days bills bought In open market-98,502.000 108,240,000 116.636,000 114,313.000 111.099.000 114,184.000 105,192,000
108,012,000
72,304,000
31-80 days bills discounted
28,531,000
26,849,000
28,381,000
29.211,000
30,116.000
26,413.000
28,816,000
28.835,000
67,922.000
81-80 days U. S. certif. of Indebtedness_
296,000
62,000
302,000
10,644,000
81-80 days municipal warrants
34,973,000
61-90 days bills bought in open market__
31,355,000
33,237,000
51.830.000
90.046,000
71,576.000
78.504,000
78,724.000
31,278,000
61-90 days bills discounted
15,069.000
14,931.000
16,501,000
18.789.000
18,989.000
17.343.000
18.159.000
17,303.000
40,764,000
61-90 days U. B. certif. of indebtedness_
240,000
2,772.000
18,012.000
13,012.000
24.087,000
241,000
120,000
61-90 days municipal warrants
7,667,000
Over 90 days bills bought In open market
7.581,000
8,833,000
9,891.000
12.859,000
11.657.000
11,800,000
11,861.000
2.652,000
10.366,000
Over 90 days bills discounted
10,281.000
10,285.000
10,347.000
10.434.000
10,621,000
10,289,000
9,887.000
27,959.000
Over 90 days certif. of indebtedness
37.719.000
55.908,000
74,427,000
75,219.000 102.289.000 102.218.000
94,032,000
88,789.000
13,949,000
Over 90 days municipal warrants
Federal Reserve Notes
Outstanding
2,073,163,000 2,099.962,000 2.144.712.000 2,202.002.000 2,244.981.000 2.253,234,000 2,216,729,000
388,857.000 401.334.000 408.735.000 396.619,000 382.899,000, 311.487,000 345.276.000 2.200,892,000 2,605,244,000
Held by banks
347,278,000 582,730,000
1,884,311,000 1,698.628,000 1.737.977.000 1,805.383.000 1,862,062,000 1,941,747.000 1 871,
In actual circulation
.
453.000 1.853.614.000 2,022,514,000
1
Amount chargeable to Fed. Res. Agent 3,083,368,000 3.113,354,000 3.131.216.000 3,165,860.000 3,181,478,000 3,195.722.000
1,015,200,000 1.013.392,0001 986,504.000 963,658.000 936.517.000, 942,488,000 3.189.942,0003,203.7110® 3,548,646,000
La hands of Federal Reserve Agent
973,213,000 1,002,819,000 943,402,000
2.073,168,000 2,099,962,000 2,144.712,000 2,202,002,000 2,244,961,000 2,253,234,000 2,216,729,000
Issued to Federal Reserve Banks
2,200,892,000 2,605,244,000
How Secured
281,849.000 281.449,000, 281,449,000 280,494,000, 279,494,000 278.494,000 278.904.000,
BF gold and gold certificates
342.439.000 357.552.000 402,596,000 472,735,1)00 542,655.000 506,018,000 394,305.000 278.904,000 327,584,000
By eligible paper
107.412,000 107.196.0001 107,875,000 117,533,000 114,918,000 116,771,000 118,314,000 364,604,000 478,069,000
Gold redemption fund
1.341.418,000 1,356,077,000.1.354.928.000 1.331.240.000 1,307,894,000 1,351,953.000 1,425,208,000 113,954.000 114,542,000
With:Federal Reserve Board
1,443,430.000 1,685.049,000
2,073.168.000 2,102,274.000 2.146.848,000 2.202.002.000 2.244.961.000 2.253.234.000 2,216,729,000
Total
2
,200.892.000 2,605,244,000
557.310.000 485.488.000 566.736,000 584.219 000 888.793.000 742.885,000 577.093,000
Eligible paper delivered to F. R. Agent.
578.283,000 764,932,000
•Includes Victory notes.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE RANKS AT CLOSE OP
BUSINESS JAN. 28 1935
Two ciphers (00) omitted.
BOOM. New York. Phila. Cleveland. Richmond AWN& Chicago. St. Louis. Nfinnsap. K.
Federal Reserve Bank of
City Dallas. San Fran.
Total
---$
$
$
RESOURCES
$
$
8
8
$
S
8
8
8
S
Gold with Federal Reserve Agents 150,065.0 444,047,0 159,128,0 170,417,0 78,458,0 144,054,0 165,795,0 53,533.0 67.945,0 61,179,0 33,719,0
202,319,0 1,730,679,0
5.018.0 9.431.0 3,637.0 1,807.0 1,380.0 3,928,0 3,677,0 1,438,0 3.182,0
001d rent fund with U.S. Treas. 15,777,0
2.401,0 2,083,0
53,660,0
Gold held exci agst.F.R.notes 165,862,0 449,065,0 168,559.0 173,954,0 80,265,0 145,434,0 169,721,0 57,210,0 69,383,0 64,361,0
Gold settle't fund with F.R.B'rd 53.554,0 212,038,0 29.781,0 55,595,0 11.963,0 8,875.0 78,534.0 20,699.0 23.163,0 43,441,0 36,123,0 204,402,0 1,784.339,0
Gold and gold oils, held by banks 20,839.0 289,632,0 26,147,0 23,547,0 21,900,0 9,802,0 110.067,0 8,772,0 6,345,0 4,276,0 19,876,0 33,463.0 590,815,0
10,003,0 33,102,0 584,232,0
210,255,0 950,785.0 224.470,0 253,098.0 114,128,0 163,711,0 358,322,0 86,681,0 98,891,0
Total gold reserves
33,018,0 5,726,0 11,408,0 6,670.0 12,898,0 19,637,0 19,487,0 2,128,0 112,078,0 66,002,0 270,967,0 2.939.386,0
12,764.0
Swerves other than gold
4,107,0 9,646,0 5,673,0 143,160,0
Total reserves
253,019,0 933,803.0 230,198,0 264,502,0 120,798,0 178,609,0 377,959,0 108.168,0 101,019,0
116.185,0 75.648,0 276,640,0 3,082,548.0
28.509,0 1,927.0 5.200,0 3,805,0 6,058,0 10,019,0 4,412,0
Non-reserve cash
3.858.0
943,0 2,676,0 2,831,0 4,135,0
74,371,0
Bills discounted:
89.291,0 18,572,0 22,643,0 0,436,0
Bee. by U S. Govt. obligations 14.673,0
784,0 21,130.0 3,642,0
120.0
684,0
200.0 6,717,0 164,892,0
Other bills discounted
5,913,0 • 15,210,0 8,785,0 10,168,0 19,203,0 13,482,0 16,591.0 4.131,0 3.931.0
4,137,0 2,674.0 8,577,0 108,800,0
Tote bills discounted
84.501,0 25.357.0 32.809.0 25.639,0 14,260,0 37,721.0 7,773.0
20,588.0
Bills bought in open market
67,191,0 16,689,0 37.963,0 1,258,0 4,901,0 30.483,0 20,074,0 4,051,0 4,821.0 2,874,0 13,294,0 273,892.0
45,506,0
12,424,0 22,006,0 49,372,0 307,767,0
V.S. Government securities:
Bonds._
12.440,0 1,345,0 11,126.0 1,340,0 1,808,0 19.481,0 1,264.0 10,077.0
2,472,0
7,940,0
76,174,0
Treasury notes
93,870,0 22,245,0 27,148,0 1,960,0 1,160,0 37.012.0 8,913.0 10,427.0 14,925.0 3,718,0 3,185.0
18.125,0
13,429,0 30,391,0 279,665,0
Certificates of indebtedness- 4,750,0
8.202,0 2,262,0 7,505.0
658,0 3.482,0
230,0
104,0
875,0 2.495,0 1,070,0 6,792,0
38,225.0
Tots 10. S. Gort. securities__ on 047 n 114 .515.0 25 R52 n 45 779 0 0 520 0 3.624.0 59.9115.0 10 211 0 91 1700 25 2f111
n IR 917 n an RRR 0 26141184.0

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

RESOURCES (Concluded)
Two ciphers (00) omitted.
---

New York

Boston

Total.

5
798,0

$
10,500,0
2,559,0

219,259.0 70,980.0 117,771,0 31,030,0 23,253,0 129,753.0 38.677.0 25,613,0 43.579,0 43,496,0 103.832,0
125,787,0 51,7772 52,960,0 50,386,0 28,350,0 71,812,0 31,893,0 12,631,0 36.319.0 26,078.0 33,140.0
16,250.0 1,111.0 7,573,0 2,446.0 2,780.0 8,099,0 3,385,0 2.982,0 4,024,0 1233,0 3,263%0
767,0 1,831,0 4.620,0
7,943,0
652,0 2,110,0 2,317.0
315.0 3,352,0
293,0
421.0

988,582,0
572,000.0
57239,0
24,831,0

$

91.339.0
50,847.0
4.190,0
189,0

Cleveland. Richmond Atlanta. Chicago. St. Louis Minneap Nan. City Dallas. San Fran

Phila.

3
3,055,0

Foreign loans on gold
All otner earning assets
Total earning assets
Uncollecteditems
Sank premises
&Bother resources

557

THE CHRONICLE

JAN. 31 1925.]

$
1,032,0
2,050,0

$
1.220,0

$
603,0

$
462,0

$
1,564,0

$
519,0

5
374,0
9,0

5
399,0

$
474,0
500,0

403,460,0 1.431,571,0 356,287,0 448.427,0 209,117,0 239,160,0 599,959,0 184,851,0 146,540,0 203,550.0 151.717,0 425,630.0 4,800,269,0
Total resources
LIABILITIES.
185,549,0 338,531,0 149,462,0 182,839,0 76,297.0 138,471,0 183,189,0 54,088,0 66,725,0 66,846,0 48,076,0 194,238,0 1,684,311.0
B.R.notesin actualcirculation
Deposits:
Memberbank-reserveacct_ 140,331,0 845,739,0 127,155,0 179,858,0 67,564,0 64,604,0 304,609.0 81,534,0 55,309,0 86,525,0 60,394.0 158,101,0 2,171,723,0
52,114,0
18,3642 2,665,0 2,336,0 2,460,0 2,051,0 1,699,0 2,672,0 1,538,0 2,938.0 2,123,0 9,580,0
3,688,0
Government_
41,739,0
121,0 4,862,0
358,0 ' 925,0
151.0
908,0
143,0
332,0 1,100,0
1,169,0
30.934,0
376,0
Other deposits
144,170.0
49,046,0
8,004.0
16,382,0
309,0

Total deposits
Deferred availability items
Dapital paid in
lupins
&Bother liabilities

895,037,0 130,196,0 183.102,0 70,167.0 66,987,0 307,408,0 85,375,0 57,205.0 90,388,0 62.638,0 172.543.0 2,265,216.0
106.895.0 45.836,0 46,374,0 44,448,0 19,530,0 62.006.0 29,893,0 10,957,0 32,568.0 28.517,0 34,266,0 510,336,0
30,165.0 10,510,0 12,735,0 5,901,0 4,591,0 15,405,0 5,090,0 3,272,0 4,331,0 4,139,0 8,103.0 112,246,0
58,749,0 20,059,0 22,462,0 11,701,0 8,950.0 30,426.0 9,971,0 7,497,0 8.977,0 7,592,0 15,071,0 217,837,0
10,323.0
755.0 1,409,0
440,0
884,0
2,194,0
224,0
631,0 1,525,0
434,0
915,0
603.0

Fotalliabilitles
403,460,0 1,431,571,0 356,287,0 448,427,0 209,117,0 239,160,0 599,959,0 184,851,0 146,540,0 203,550,0 151,717,0 425,630,0 4,800,269,0
Memoranda.
Etatio of total reserves to deposit
and F. R. note liabilities com78.0
75.4
68.3
73.9
77.0
82.5
86.0
76.1
81.5
76.7
79.8
82.3
72.3
bined, per cent
DontIngent liability on bills pur47,174..
13,646.0 4.729.0 5.438.0 2,743,0 2,081,0 7,046,0 2,364,0 1,655,0 2,081,0 1,797,0 3,594,0
nhasedfor foreign correspond'ts
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS JAN. 28 1925.

$
$
$
$
5
329,510 46,000 67,550 25.444 62,831
508,500 193,556 200,179 95,932 160,183

St. L. Minn. K.Cag. Dallas San Fr. Total.
-3
$
$
$
$
$
$
259,537 25,660 18,143 29,873 19,272 65,200 1,015.200
197,864 62,143 69,603 74,223 56,180 252,983 2,073,168

188,531 6,000 8,780
3,500
29,516 10,739 11,637 1,663 7,554
226,000 142,389 150,000 76,795 133,000
61,453 31,428 29,762 17,474 16,129
71,525 3,467 38,543 9,333 2,871

___ 281.849
14,511
12,175 13,052
-819 3.708 15:089 107,412
5,151 3,358 1,393 4
160,644 38,000 53.500 56,360 15.500 187,230 1,341,418
32.069 8,610 1,658 13,014 22,461 50,664 342,489
35,887 19.058 1,865 4.080 2,322 11,615 214,821

484.009 1,418,065 436,579 506,451 226,641 386.068
Total
immures
Met amount of Federal Reserve notes received from
Comptroller of the Currency
267,972 838,040 239,556 267,729 121,376 223,014
Collateral received from Gold
150,085 441,047 159,128 170,417 78,458 144,054
Federal Reserve Bank lEligible paper
65.992 135,978 37,895 68,305 26,807 19,000

691.152 169,004 159,214 182,399 133,954 582,781 5,376,357
-

484,049 1,418.005438,579 506,451 226,641 366,068
,
!
201,822 508,500193.556 200,179 95,932160,183
16,273 169,9491 44,094 17,340 19,6351 21.712
,
.
10; 510 220 521 140 412 182 810 76.297 11R 471

691,152 169,031 159,214 182,399,133,954 582,781 5,376,357

Federal Reserve Agent at-

Boston New York Phila.

Resources(In Thousands of Dollars)
5
66,150
Federal Reserve notes on hand
201,822
Federal Reserve notes outstanding
Collateral security for Federal Reserve notes outstanding
35,300
Gold and gold certificates
12,785
Gold redemption fund
102,000
Gold Fund-Federal Reserve Board
51,737
Eligible paper)Amount required
14,255
(Excess amount field

Total
federal Reserve notes outstanding
federal Reserve notes held by banks
federal Reserve notes in actual circulation

Cleve. Richm'd Atlanta Chicago.

457,401 87,803 87,746 104,096 75,452 318,183 3,086,368
165.795 53,533 67,915 61.179 33.719 202,319 1,730.679
67,956 27,668 3,523 17,124 24,783 62,279 557,310

197,864 62,143 69,603 74,2231 56,180 252,983 2,073,168
14,675 8,055 2.878 7,377 8,104 58,745 388,857
162.160 51. 081 01.72.; 60.846 45.070 194.218 1.684.311

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 736 member banks from which weekly returns are obtained. Those figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Oct. 181917, published in the "Chronicle" 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 V5.
1. Data for all reporting member banks in each Federal Reserve District at close of business Jan. 21 1925. Three ciphers (000) omitted.
Federal Reserve District.
Boston. New York
Number of reporting banks
108
42
Loans and discounts, gross:
$
$
73,398
Secured by U S Gov't obligations
8,772
Secured by stocks anti bonds
292.703 2,162,223
All other loans and discounts
666,492 2,619.315

Phila.

Cleveland. Richmond Atlanta. Chicago. St. Louis. Ifinneap. Nan. City Dallas. San Fran.
33

25

71

$
6,412
124,271
341,465

3
S
7,547
32,706
71,167 693.100
367,218 1,215,726

$
10,694
182.989
316,548

$
2,831
54,600
209,470

$
4,247
96.800
332,139

735
$
$
$
192,355
10,951
5,018
64,622 213,278 4,686,798
232,654 826,345 8,207,860

472,148

445,932 1,941,532

510,231

266,901

433,186

302,204 1,050,574 13,087,013

14,341
27,637
6,376
12,080
1,658
103,941

8,206
26,539
9,385
18,973
6,320
36,608

9,984
42.771
13,117
20,835
2,975
72.330

$
10,424
313,632
357,598

$
19,355
417,413
722,980

681,654 1.159,748
10,568
53,446
26,421
20,941
7,452
257,540

45,419
184,408
26,474
56,081
8,146
348,915

25,714
37,176
5,013
2,693
444
64,523

316,323 2,279,870

376,368

669,443

135,563

Total loans and Investments
1 284,290 7,134,806 1,058,022 1,829,191 607,711
Reserve balances with F. It. Bank
38,726
91,546 724,577
80,535 117,609
Cash In vault
79,764
20.471
15,806
14,087
31,012
Net demand deposits
896,871 5,808206 765,752 1,019,139 364,430
Time deposits
326,471 1.153,177 179,335 698.338 182,933
Government deposits
30,676
13,811
26,079
14,281
3,068
Bills pay'le & redisc. with F. R. Bk.:
Secured by U.S. Gov't obligations
18,331
2.210
1,300
3,020
1,505
All other
2,750
1,070
6,411
5,591
Bankers' Balances of Reporting Me mber Ban ks in Pede rat Reserv e Bank Cities
banks
flue to
142,458 1,189,521 199,099
54,127 • 40,269
rtoo from hooka

36

75

53,124
13,474
81,484 638,490
17,531 170,352
8,449 238,876
84,253
1,764
193,621 1,094,975

Totalinvestments

76

967,967 4,854,936

Total loans and discounts
Investments:
U. B. pre-war bonds
U.S. Liberty bonds
U.S. Treasury bonds
U. S. Treasury notes
U. S. Treasury certificates
Other bonds,stocks and securities

Ad,
004

04n77
.

10 109
.

Total.

100

55

00 104
1, 0011
„

14,958
8,611
2,839
2,494
2.037
41,240

21.670
163,519
48.889
102,981
16,596
416,129

72,179

769,784

166,033

106,031

676,264
46,982
7,870
416,684
212,366
7,286

372,932
27,686
6,126
254,360
102,825
1,850

595,198
54.395
12,122
487,473
136,080
998

10,430
877

150
488

19,760

423,270

10 ona
.

1 KO n,1
An A Ail
„

113,706

72,166

260,709
25,003
124,513 1,402,629
375.472
43,518
520,150
26,490
150,713
16,892
187.027 2,838,135

70,759

145

488
4,125

423,443 5,547,808

372,963 1,474,017 18,634.821
32,913 107,007 1,602,152
286,092
21,987
10.693
281,643 783,578 13,143,171
92,149 675,316 4,868,758
135,544
10,276
2,142

234

411 CC.,
,

66

18,248
14,035
5,557
9.457
2,176
21,286

162.012

518,111 2,711,316
41,040 239,136
11,263
54,891
313,051 1,751,384
189,219 920,549
3,711
21,276

49

2,403
131,464

45,600

..,n.,,
,

50101
•

1.900
1,614

39,568
25,474

119,484 2,550,924
40 iv47
AAR ma
•

2. Data of reporting member banks in New York City, Chicago, and for whole country.
AU Reporting Member Banks,

Reporting Member. Ranks in N. Y. Cup.

Jan. 211925. Jan. 14 1925. Jan. 23 1924.

Jan. 21

Reporting Member Banks in Chicago.

1925.1Jan. 14 1925. Jan. 23 1924. Jan. 211925. Jan. 14 1925 Jan. 23 1924.

Number of reporting banks
738
736
761
67
67
67
$
$
$
Loans and discounts, gross:
$
$
$
192,355,000
175,619,000
Secured by U. S. Govt. obligations
223.451,000
68,970.000
56.814,000
74,219,000
4,686,798,000 4,686,310,000 3,877,395,0490 1,941,911,000 1,951.704,000 1,455.812,000
Secured by stocks and bonds
8,207,860,000 8,260,685,000 7,756,597,000 2,322,920.000 2,345,772,000 2,157,309,000
All other loans and discounts

46
$
25,523,000
517,008.000
714,562,000

46
$
23,153,000
514,850,000
728,037,000

48
$
27,088,000
458,325,000
640,075,000

13,087,013.000 13,122.614,000 11,857,443,000 4,333,801,000 4,354,220,000 3,687,310.000 1,257.093,000 1,266,040,000 1,125,488,000
Total loans and discounts
Investments:
260,709,000
260,311,000
269,704,000
42,597,000
4,094,000
4,215,000
U. S. pre-war bonds
42,348.000
4,066,000
38,108,000
1,402,629,000 1,403,891,000 1,024,363,000 541,425,000 547,355,000 402,176,000
41,897,000
81,369,000
82,133,000
U. S. Liberty bonds
375,472,000
378,424%000
77,693,000 153,580,000 156,606,000
5,443,000
28,519,000
28,169,000
16,567,000
U. S. Treasury bonds
520,150,000
528,900,000
823,627,000 220,890,000 230,342,000 424,007.000
79,057,000
74,557,000
73,321.000
U. S. Treasury bonds
150,713,000
138,006,000
107,419,000
82,640,000
10,996,000
11,912,000
13,119.000
67,071,000
19,809,000
U. S. Treasury certificates
Other bonds, stocks and securities_ 2,838,135,000 2,847,550,000 2.195,398,000 829.683,000 843,948,000 557,046,000 200,021,000 202,739,000 162,523,000
Totalinvestments
Total loans and investments__
Reserve balances with F. R. banks_ _
Coati in vault
Net demand deposits
Time deposits
Government deposits
Buis payable & Rediscounts with
Federal Reserve Bunks:
Secured by U.S.Govt.obligations_
All other
Total borrowings from F R.bks

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

5,547,808,000 5,557,082,000 4,498,204,000 1,870,815,000 1,887,668,000 1,457,713,000

399,528,000

402,278,000

305.754,000

18,634,821,000 18,879,696,000 16,355,647,000 6,204,616,000 6.241.958,000 5,145,053,000 1,656,621,000 1,668,318,000 1,431,242,000
1,602,152,000 1,720,270,000 1,434,796,000 670,832,000 767,078,000 620,105,000 170.595,000 178.647.000 142,967,000
286,092,000
305,585,000
276,547,000
64,864,000
28,386,000
30,412,000
63.951,000
27,927.000
70,011,000
13,143,171,000 13.355,190,000 11.209,811,000 5,267,842,000 5,396,681,000 4,288,335,000 1,183,392,000 1,208,192.000 1,018,169,000
4,868.758,000 4,852,867,000 4,137,429,000 804,960,000 800,146,000 619,182,000 454,119,000 450,164,000 371.274.000
135,454,000
138,798,000
16,096,000
16,096,000
135,566,000
20,499,000
6,878,000
20,499,000
37.746.000
39,568,000
25,474,000

72,618,000
50,545,000

rum

190 1112 0110

005510

165,257,000
128,397,000
902 ASA

nnn

7,350,000
1,011.000

33,830,000
21,193,000

70,475,000
9,094,000

rim

50 f120 rid,

20 00005555

0501

870,000
173,000
1

635.000
320,000

3,074.000
2,190,000

nan nrin

055 nnn

n 904

min

558

THE CHRONICLE

[VoL. 120.

ankcr'%azette.

United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—Below
we furnish a daily record of the transactions in Liberty Loan
Wall Street, Friday Night, Jan. 30 1925.
Railroad and Miscellaneous Stocks.—The review of the bonds and Treasury certificates on the New York Stock
Stock Market is given this week on page 550.
Exchange. The transactions in registered bonds are given
The following are sales made at the Stock Exchange this in a footnote
at the end of the tabulation.
week of shares not represented in our detailed list on the
pages which follow:
Daily Record of U. S. Bond Prices. Jan. 24 Jan. 26 Jan. 27 Jan. 28 Jan. 29 Jan. 30
STOCKS.
Week Ended Jan. M.

Sales
for
Week.

Range for Week.
Lowest.

Highest.

Range Since Jan. 1.
Lowest.

Highest.

Par.Shares $ per share. 8 per share. 8 per share $ per share
Railroads.
Brunsw Term &Ry Sec 10
200 434 Jan 28 43.4 Jan 28 4
Jan 464 Jan
Buff & Susquehanna_100
Jan 27 97
200 94
Jan 30 8464 Jan 105
Jan
Canada Southern__100
Jan 24 57
32 57
Jan 24 56
Jan 5734 Jan
Duluth So Sh & AU_ _100
100 334 Jan 27 334 Jan 27 334 Jan 4
Jan
Morris & Essex
5 7734 Jan 28 7754 Jan 28 7734 Jan 78
50
Jan
Nat RysMex 1st pref 100
300 5 Jan 29 534 Jan 27 5
Jan 534 Jan
N Y Lack & Western_100
1410034 Jan 2810034 Jan 28 100
Jan 10064 Jan
Pacific Coast
100
500 2864 Jan 24 2834 Jan 27 25
Jan 2964 Jan
2d preferred
100
100 4134 Jan 29 4134 Jan 29 3434 Jan 4134 Jan
Pitts Ft W & Chl pf_100
11 13934 Jan 2813934 Jan 28 13934 Jan 13934 Jan
Rights
2,500 2234 Jan 26 2234 Jan 27 2264 Jan 2434 Jan
Industrial & Miscall.
Am Bank Note
Jan 24 179
50
Jan 30 161
400174
Preferred_
50
200 5464 Jan 24 5434 Jan 28 5334
Amer Plano pref _ _100
Jan 27 9434 Jan 30 94
200 94
American Snuff
Jan 30146
100146
100
Jan 30 144
AmWholesaleCorppf100
100 97
Jan 30 96
Jan 30 97
Art Metal Consten_ _ _10
Jan 29 15
200 15
Jan 29 15
Auto Sales
100 434 Jan 27 434 Jan 27 434
50
Barnet Leather pratIli
150 9334 Jan 26 96
Jan 24 9334
Bayuk Bros 1st pref_100
200 9764 Jan 26 98
Jan 29 97
Booth Fisheries lst pf100
100 30 Jan 29 30
Jan 29 28
Briggs Mfg
30,800 37
Jan 29 3934 Jan 30 37
Brunswick-Balke-Coll'r 3 000 47
Jan 30 4814 Jan 24 47
Cert-Teed Prod 1st pf100
100 8934 Jan 28 8964 Jan 28 8934
Coca-Cola pref
100
Jan 27 99
100 99
Jan 27 99
Crex Carpet
100
400 43 Jan 26 4434 Jan 27 43
Deere & Co pref
100
100 8734 Jan 29 8734 Jan 29 8234
Devoe-Rayn'ds 1st p1100
100 9734 Jan 29 9734 Jan 29 9734
Emerson-Brant pref_100
100 12
Jan 30 12
Jan 30 12
Fisher Body new
• 2,900 6364 Jan 27 6634 Jan 30; 6334
Franklin-Simon pref_100
10010464 Jan 2610434 Jan 26;10464
Gt West Sugar pref_ _100
100110
Jan 30110 Jan 301110
Gulf States SVI 1st pf 100
100 105
Jan 30105 Jan 30 105
Hanna 1st pref C 1 A.100
200 87
Jan 26 87
Jan 26 87
Hayes Wheel pref_100
300 101
Jan 29102
Jan 27100
Helme(G W)
25 1,200 7634 Jan 27 7734 Jan 28; 7634
Jones & L Steel prat_ _ 100
100 112
Jan 3011234 Jan 30112
Kelsey Wheel Inc pref100
200 10764 Jan 2710834 Jan 28 10764
Kresge Dept Stores pf100
100 80
Jan 26 88
Jan 26 88
Liggett Myers Tob righ
9,500 764 Jan 27 734 Jan 26 764
Long Bell Lumber A_ _ _ _ 1,000 4834 Jan 30 50 Ja 29 4864
Loose-Wiles B 1st pf_100
100 10564 Jan 2640564 Jan 26 10564
Mathieson Alkali rights_ 14,326 164 Jan 261 264 Jan 30 134
Nat SuPPIY Pref
100
Jan 30,107
100 107
Jan 30 10434
N N & H By G & El 100
100 5434 Jan 30 5434 Jan 30 543-4
NY Steam 1st pref. _ _*
.
200 99
Jan 28 100 Jan 28 97
Onyx Hosiery prat_ _100
100 82
Jan 24 82 Jan 24 79
Orpheum Ciro Inept 100 200 9964 Jan 27 9934 Jan 27 98
Pacific Tel /4 Tel_ _ _100 1,05010234 Jan 24 11264 Jan 28 94
.
Preferred
100 350 9434 Jan 26 95
Jan 26 9234
PanhandleP&R pref_100
300 50
Jan 26 5064 Jan 26 43
Penney(J C) Co pref 100
300 105
Jan 29 10534 Jan 26 105
Phoenix Hosiery
5
100 21
Jan 28 21
Jan 28 21
Preferred
100 200 85 Jan 27 85
Jan 27 85
Prod & Ref Corp pref_50
700 4564 Jan 26 4734 Jan 29 4334
P S Corp of N J rights __ 2,200 2534 Jan 30 2734 Jan 26 2434
New rights
700
64 Jan 26
64 Jan 26
64
Ry Steel Spring pref_100
10011934 Jan 2711934 Jan 27 117
Simmons Co prat_ _ _ _100
10010034 Jan 2910034 Jan 29 10034
Sloss
-She St'l & I pf_100
100 9634 Jan 26 963.4 Jan 26 95
So Porto Rico Bug pf_100
10010134 Jan 2! 10134 Jan 2 9964
Stern Bros prat
100
100113
Jan 28 113
Jan 28 113
Synington tern etfs____• 2,600 133.4 Jan 30 1434 Jan 26 1034
Class A
•11,800 213.4 Jan 27 23 Jan 28 213.4
tin. Cigar Stores new_25 1,600 633.4 Jan 27 6464 Jan 24 6034
Va-Caro Chem ctfs.._ _ _
700 134 Jan 26 164 Jan 26 134
Virginia Coal & Coke 100
100 4034 Jan 20 4034 Jan 28 4034
Preferred
100
100 79
Jan 29 79
Jan 29 79
Weber as Hellbroner new
200 5464 Jan 29 5434 Jan 29 5434
Western Elec last etre__ 1,200 13 Jan 30 14
Jan 29 13
Class A ctfs
2,100 22
Jan 29 23 Jan 20 22
West Penns Power pf 100 300104
Jan 27105
Jan 27 104
Wickwire Steel sights_ _ _ 25,700
64 Jan 30 134 Jan 24
64
Preferred rights
4,600 834 Jan 27 934 Jan 28 5
•No par value.

Jan 179
Jan 5464
Jan 95
Jan 14664
Jan 9734
,Ja. 1534
Jan 434
Jan 96
Jan 98
Jan 3434
Jan 3934
Jan 4964
Jan 9034
Jan 99
Jan 4434
Jan 8834
Jan 9764
Jan 15
Jan 6834
Jan 10434
Jan 111 64
Jan 10534
Jan 88
Jan 102%
Jan 7734
Jan 113
Jan 109%
Jan 90
Jan 834
Jan 50
Jan 106
Jan 264
Jan 107
Jan 5434
Jan 100
Jan 82
Jan 9964
Jan 112%
Jan 95
Jan 5064
Jan 10514
Jan 23
Jan 85
Jan 4734
Jan 2734
Jan
%
Jan 119%
Jan 10034
Jan 9634
Jan 100%
Jan 113
Jan 163.4
Jan 2364
Jan 66
Jan 134
Ja 4334
Jan 7934
Jan 5464
Jo 14
Jan 23
Jan 105
Ja
2
Jan 17

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

Foreign Exchange.—Sterling ruled steady but quiet
and a shade under last week's levels. In the Continental
exchanges moderate activity was noted in francs and lire.
Belgian francs were the strongest feature of the list, and
lire the weakest.

First Liberty Loan
(High 10118:2 101"ss 101"n 1011in 101"s1 1011Iss
364% bonds of 1932-47_(Low_ 10117ss 10113
, 101"n 1011Iss 1011631
.2 101 14
(First 364s)
[Close 1011Iss 10117ss 101"st 101"ss 10117n 101uss
Total sales in $1,000 units__
102
48
168
107
98
358
Converted 4% bonds of (High
------------1012 3
, ----- - 1932-47 (First 4s).... Low_
(
____
____ 101,632
-.----Total sales in $1,000 units_ _ _
____
_
1
_
_
---,
Converted 434% bonds (High 101t101",,101278 10liiss 102.00 102.00 102.00
__of 1932-47 (First 4%s)(Low_ 10123n 101"n 101"s, 10133,1 101"s, 101"n
(Close 10133s, 10133n 10133s, 101331, 10133
,, 102.00
Total sales in $1.000 units__
14
94
12
65
22
35
Second Converted 434%augh
,
__ 101163 100263
,
bonds of 1932-47 (First( Low_
____ 101192 100uss
----- ---- Second ots)
[Close
___ - 10116n 100IIss
- -- -- --Total *ales in $1,000 units__
____
4
Second Liberty Loan
(High
--(Second 4s)
Total sales in $1,000 units__
Converted 464% bonds (High 100"n 101.00 101.55 101Iss 101-8n 1016ss
011927-42 (Second (Low_ 100"ss 1006Iss 100"ss 10080n 101.00 1011n
4348)
[Close 100"n 100"n 10033a/ 1013n 1013,, 101 n
,
Total sales in $1,000 units__
285
286
717
357
129
643
Third Liberty Loan
(High 101"n 101332, 10111,, 10101, 101",, 101":,
434% bonds of 1928
(Low_ 101".1 101"n 10114n 10115n 101un 101111,1
(Third 464s)
(Close 10133,, 10133s, 101"ss 101"In 101",, 1.011732
Total sales in $1,000 units_ -83
207
197
323
72
116
Fourth Liberty Loan
(High 101"ss 10161n 10130ss 10210s 102.00 102.00
434% bonds of 1933-38_(Low. 101"ss 101"n 101"ss 101I•ss 101oss 101"ss
(Fourth 464s)
[Close 101641 101"ss 101392, 101", 102.00 101"n
Toted sales in 81,000 units__
213
340
349
242
399
678
Treasury
(High 104Ion 104"n 105.00 105.00 105.00 104"ss
43(a, 1947-52
(Low. 10433n 10433
:: 104"ss 104", 10433s, 104"st
,
(Close 104372, 104",, 10433
,, 105.00 10434, 10433n
Total sales in $1,000 units__ _
11
152
106
42
23
53
4. 1944-1954
(111gh 100Ioss 10023ss 100331, 100", 10033,1 100"n
Mow.. 10011ss 10010
,, 10034, 10011
, 10033a, 10011n
(Close 100",, 10030,, 100331, 100", 100un 10013:f
Tata5 salsa Call non units
115

Note.—The above table includes only sales of coup on
bonds. Transactions in registered bonds were:
55 1st 33.48
9 1,1461s
69 2d 464s

10114n to 101113,1126 3d 4648
10116n to 10121ss 145 4th 434s
10067ss to 101.00 26 Treasury 464s

10111n to 1011631
10114n to 101"ss
10410ss to 10414ss

Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.

Int,
Bale.

Bid.

Mar.15 1925-,1
% 1003
Mar.15 1926
434% 10134
Deo. 15 1925___ 4%% 101%
4ept.15 1926.,...
% 10034
rune 15 1925._ 434% 100%

Asked.

Maturuy.

10032, Dee. 15 1927._
Mar. 15 1927___
101%
10164 Mar. 15 1925_ _ _
Sept 15 1925.101
1002lit

Int.
Rate.

Bid.

Asked.

414% 101"ss 1021ss
434% 101"st 1021ss
4%
1003-4 1001,4
234% 99111 1001ss

New York City Banks and Trust Compa flies.
All prices dollars per share.
tlanke—N.Y
Martha •_ —
tater Ezell_
laser Union*
aowery •BroadwaY Can
Bronx Boro•
aronx Nat..
tiryant Park •
Butch a, Drot
Capitol Natant Mercan _
base
?hat & Phen
'Theism Excb•
Chemical .
Joel ez iron
3olontal•

Bid
Ask
Bid Ask Trust Co.'s Bid
Banks
Ask
245 255
490 510
New York
345 855 Manhattan •- 178 183 American__ -165
Mech & Met- 393 397 Bank of N
510
Mutual*.
- 415
& Trust Co 565 575
155
Nat American 180
Bankers Trust 423 428
250
National City 405 410 Bronx Co Tr. 190 200
150
Rights
51
52 Central Union 710 720
175
New Netb •-. 160
Empire,,,,,,, 298 306
160 iiO Park
455 485 Equitable Tr 243 246
160
Penn Exch._
105 115 Farm L & Tr 750 800
210 220 Port Morris
178
Fidelity Inter 245 256
424 438 Public
475 486 Fulton
360 385
298 303 Seaboard _
435 440 Guaranty Tr 325 330
175
Seventh Ave 100 120 Irving Bank
620 ZOO Standard .. 300
Columbia Tr 240 244
260
State*.
_ 420 iin Law Tit & Tr 270 280
450
Trade•
144 148 Metropolitan. 435 450
OMMeree
354 359 Crademen's•
Mutual (West
lom'nwealth• 300 325 United States* 200 210
cheater)
165
Continental
220
Wash'n Hts• 270
N Y Trust__ 408 413
5155
_torn Exch
Yorkville•_
1300
Title Cu & '1r 525 540
'osmoplan• 130 150
Brooklyn
U S Mtg & Tr 350
&sat River
217 223 Coney island' 180
United States 1730 1786
1
fifth avenue 1660
First
460
Westches Tr 250
?Mb
270 285 Mechanics'• 175
Brooklyn
Pirsa
2700 3000 Montauk • . 185
Brooklyn Tr 720
itrfield
315
Nassau . _
ao5
Kings County 1975
Aham
135 145 People's,
270
Manufacturer 315
3reenwicb a_. 400
Queensboros. 166 176 People's
680 705
Elsnover..
1000 1050
• Ranks marked with (9 are State banks (4
Ex-dlvidend (0 New stock.
p Ex-rights.

To-day's (Friday's) actual rates for sterling exchange were 4 76 3-16@
4 7634 for sixty days. 478 i1-16@4 7934 for checks and 4 78 15-16@4 7934
for cables. Commercial on banks, sight, 4 78 9-16@4 793.4; sixty days,
474 7-16@4 75; ninety days. 473 15-16@4 743.4, and documents for
payment (sixty days). 474 11-16@4 7534. Cotton for payment,478 9-16
New York City Realty and Surety Companies.
@4 7934. and grain for payment. 4 78 9-164t4 7934•
Alt prices dollars per share
To-day's (Friday's) actual rates for Paris bankers' francs were 5.3334@
5.353<4 for long and 5.39@5.4034 for short. German bankers' marks are
ma Ask
Bid
Ask
Hid I4
%Mance R'Ity 115
not yet quoted for long and short bills. Amsterdam bankers' guilders were
Mtge Bond
125 135 Realt) ASSOt
xmer Surety 112 123 Nat Surety
210 215
39.86 for long and 40.22 for short.
(Balyn)oon• 182 192
iond & M 0 250 260 N 1111e &
it prof..
94
90
Exchanges at Parii on London. 88.60 fr.: week's range. 88.50 fr. high
'By Investing 104 109
Mortgage - 332 337
2d prof..
as
81
and 89 fr. low.
Preferred
101
US Caaualty- 260
Weetcbeeter
•awyers Mta 208 218 U 8 Title Guar 235 245
The range for foreign exchange for the week follows.:
Title. 4
260
Sixty Dap.
Checks.
Sterling, Actual— ,
Cables.
tNew stock.
48034
High for the week
47734
48034
Low for the week
4 76 3-16
479
47934
•
CURRENT NOTICES.
Paris Bankers' Francs—
High for the week
53534
54234
54334
Low for the week
539
53134
—R.S. Dickson & Co., Inc., of Gastonia, N.
540
C., specialists in Southern
Germany Bankers' Marks—
securities, commercial paper and municipal
bonds, have opened an office
High for the week
23.81
23.81
in Lord's Court Building. 40 Exchange Place, New
Low for the week
York City, under the
23.80%
23.80% management
of R. A. Bigger, Vice-President.
Amsterdam Bankers' Guilders—
High for the week
—The New York Trust Co. has been
39.90
40.32
40.36
appointed depositary for all outLow for the week
39.84
40.26
40.30
standing securities of the Southwestern
Cities Electric Co. under a plan
Domestic Exchange.—ChIcago, par. St. Louis, 15@25c. per $1,000 and agreement for
reorganization dated Jan. 17 1925.
discount. Boston, par. San Francisco, par. Montreal, $0.3125 per
—Harris, Ayres & Co., of this city, have made a
$1.000 discount. Cincinnati, Pan
study of the bonds of the
Chicago Milwaukee
, The Curb Market.—The review of the Curb Market is special letter which & St. Paul and are reporting their conclusions In a
can be obtained on application.
given this week on page 548.
—The Central Union
A complete record of Curb Market transactions for the for the Lower Austrian Trust Co.of New York has been appointed registrar
Discount Co.of Vienna, New York,shares certificate
week will be found on page 572.
of deposit issued by Farmers Loan & Trust Co.

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

559

New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING FIVE PAGES.
For sales during the week of stocks usually inactive, see preceding page.

-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Jan. 24.

Monday,
Jan. 26.

Tuesday,
Jan. 27.

Wednesday, Thursday,
Jan. 28.
Jan. 29.

Friday,
Jan. 30.

$ per share $ per share $ per share $ per share $ per share $ per share

Sates
for
the
Week.
Shares.

STOCKS
NEW YORK STOCK
EXCHANGE

Lowest
.

risx AriELKIS
Range for Previous
Year 1924.

PER 311AIti5
Range for Year 1925.
-share lots.
On basis of 100

3 per share

Lowest

Highest

$ per share

Highest

3 per share $ per share

Railroads.
Par
7
12 Apr 22 Dec
Ann Arbor
100 2212 Jan 2 2712 Jan 12
*2212 2512 *2212 28
*2212 26
*2212 26
4
*223 26
26
*23
25 Mar 4614 Dec
100 43 Jan 2 46 Jan 6
300 Do pref
*42
44
*42
44
*42
44
*42
44
43
43
44
43
9718 Jan 12034 Dec
s
1173 1183 1177 11918 11818 1194 211878 11734 12.200 Atch Topeka & Santa Fe 100 11614 Jan 16 123 Jan 6
8
8
4
117% 1173 11714 11818
86% Jan 965 Dec
7
100 92 Jan 16 95 Jan 30
2,200 Do pref
8
9418 947 95
93
•9314 94
9338 9318 9314 93 9315 93
5 Dec
15 Feb
414 Jan 3
3 Jan 14
100
38
36
33
6,300 Atlanta Birm & Atlantio
312 37
418
35
35
312 312
1
3
312
Jan 1524 Dec
3,900 Atlantic Coast Line RR_--100 147% Jan 16 152 Jan. 7 112
8
s
8
1497 1497 14814 1513 150 15112 151% 15112 150% 15112
149 149
8
5218 Apr 847 Dec
7 794 15,650 Baltimore & Ohio
777 7834 77 4 7912 77
100 7714 Jan 16 8212 Jan 8
3
7818 7712 7814 7714 78
78
56% Apr 6613 Dec
100 65 Jan 2 6812 Jan 6
8 6512 6512 6512 6513 6512 6511 1,700 Do pref
65% 6512 *6511 657
*651z 66
3934 Dec 444 Dee
3912 Jan 3 4214 Jan 15
& Aroostook
50
41
4014 4012 40% 4012 2,100 Bangor
41
404 40% 4012 41
*4012 41
86
Jan 95 Nov
94 Jan 15 9412 Jan 5
Do pref
100
*8812 94
*91
94
*8811 94
*8812 94
*8812 94
*8812 94
1312 Jan 417 Dee
38% 3734 383
4 37% 391 17,800 Bklyn Manh Tr v t 0._..No par 3518 Jan 5 4012 Jan 20
8 38
381s 387
4 Ms 40
3838 393
4
8
4838 Jan 753 Dec
727 Jan 2 757 Jan 22
No par
7512 3,100 Do pref v t o
75
7512 *75
75
4 75
75% 7412 743
75 4 75
3
*75
8
40 May 683 Dec
200 Buffalo Rochester dr Pitts_100 6834 Jan 8 77 Jan 28
69 69
*71
72
77
77
*71
72
72
*71
72 *71
8
4
100 1473 Jan 16 1523 Jan 8 1425 Mar 15612 Nov
14914 14938 3,800 Canadian Pacific
4
14912 1493 149 1497 1493 150
150 151
4
150 150
500 Central RR of New Jersey_100 293 Jan 2 321 Jan 3 199 Mar 295 Dec
309 309 '
5307 310
305 305 noo 308 305 305
309 309
673 Feb 9814 Dec
4
4
100 95 Jan 5 983 Jan 15
9614 967 19,700 Chesapeake & Ohlo
g
8 9612 975
4
973 9712 963 9714 965 9714 9612 973
8
9912 Jan 1091e July
Do prof
100 10614 Jan 6 10812 Jan 19
500
.
10814 10814 *108 10814 10712 108 *10814 10812 "10814 1081 2 10814 10814
314 Apr 1012 Dec
9% Jan 5
7 Jan 16
100
8
83
4 2,400 Chicago dr Alton
83
812
84
3
8% 8
12 *8
83
4 88
88 88
5
7
818 May 197 Dec
Do pref
100 1318 Jan 16 16% Jan 24
11,800
4
1512 1538 157
8 1512 1512 143 16
4
1538 1638 153 1612 15
100 148 Jan 5 18112 Jan 28 100 Apr 1504 Nov
400 C C C& St Louis
•150 160 '
5150 160 "150 15912 159 16112 *150 170 *150 170
21 May 38 Dec
100 32 Jan 21 3512 Jan 2
200 Chic & East.Ill RR
34
*32
*32
34
*32
3312 *32
34
35
343 348 *33
4
37 May 62% Dec
Do pref
100 4912 Jan 21 57% Jan 2
1,100
*8311 56
52
53
52
5214 52
52 -52
54
543 *53
4
4 Apr 11% Nov
9 Jan 2 10% Jan 19
100
97 10% 4,800 Chicago Great Western
104
10
1018 10
1018 10
1018 10
10
10
10% June 315 Nov
4
Do prof
100 253 Jan 14 298 Jan 2
8 267 273
2634 27% 8,900
27% 2812 27
26
2 27% 2714 283
e 27
5
107 Oct18 Nov
e
Chicago Milw & St Paul
100 1314 Jan 30 163* Jan 7
1412 1514 141s 1412 1338 1418 1338 1412 1314 133 16,100
15
15
4
1814 Oct3218 Nol
Do prof
100 2212 Jan 30 2812 Jan 7
24% 2514 24
25
23
2414 22% 233
2312 24
4 22% 231 27,900
4914 Jan 75% Dee
71
72
72
72
71% 16,500 Chicago & North Weatern_100 70 Jan 5 7535 Jan 12
7012 7112 70% 7112 7084 7
70%
2
4
Jan 1143 Dee
Do prof
100 11114 Jan 2 116 Jan 17 100
300
11512 11512 *11412 118
11412 11412 *11412 11612 116 116 *11412 116
2112 Feb 50 Nov
14,400 Chicago Rock Isl & Paelfle_100 44% Jan 16 4918 Jan 10
457 463
4 45% 4638 45
453
4 447 4612 45
4518 48
46
8
4
4
763 Feb 973 Dee
7
100 92 Jan 2 95 Jan 12
49312 94
Do 7% preferred
*9312 94
900
93
9314 9312 9312 93% 93 8 933 93
7
4
65% Jan 8712 Nov
100 83 Jan 2 8714 Jan 14
Do 8% Preferred
900
8412 8412 8412 8412 8514 *84
8514
*84
84% 84% 8412 *84
Jan 5718 Del
29
700 Chic St Paul Minn le Om 100 52 Jan 16 5912 Jan 13
5
54
54
54
*54
5414 54
5312 5312
5338 53 8 155312 54
6814 Apr 94 Deo
Do pref
100 94 Jan 7 108 Jan 13
100
102 102 *102 105 *10212 105 *102% 105
*103 105 *103 105
Jan 49 Nov
20
100 44% Jan 6 4912 Jan 29
46
4712 47
4735 47
48
4912 4818 48% 6,700 Colorado dc Southern
473 4812 49
4
Jan 6514 Dei
50
Do lst pref
100 61 Jan 6 83 Jan 29
300
*6212 65
63
63
7
623 623
4
•61
63
8
4 62 s 627 *6212 65
45 Jan 59 Nov
*5513 .56
Do 2d pref
100 54 Jan 21 567 Jan 5
400
58
55 553
4 55
0
54
58
56
*55
56
55
100 1361z Jan 8 142% Jan 17 10412 Mar 139% Do
3,900 Delaware & Hudson
13812 138% 138 13834 138 138
3
4
13734 138 4 1383 13912 138 4 139
3
8
4
3,500 Delaware Lack & Western_ 50 138 Jan 16 144% Jan 13 1103 Feb 1493 Do
13912 140
13811 13812 138 1383 13812 14012 13812 141
•13812 139
4
42 Dec 431 De
Denver Rio Gr & West pref 100 42 Jan 2 60 Jan 12
48
48
46% 5,200
47% 4814 4518 46
45% 4614 46% 4714 48
203 Jan 358 leu1
4
4
8
100 307 Jan 27 333 Jan 8
9,200 Erie
313 32
8
31
313 32
4
313
8 307 307
8
307 317s 313 321
8
8
285 Feb 4914 De
8
Do 1st pref
100 42% Jan 28 46% Jan 2
433 4414 4238 4312 4214 4234 421 44
8
4234 4435 4318 4312 17,200
2518 Jan 4614 De
4
Do 2d pref
100 40 Jan 23 433 Jan 5
4011 4012 40
4112 2,600
41
40
40
40
403 4112 41
4
41
538 Mar 75 De
8
100 6818 Jan 16 713 Jan 8
8 9,800 Great Northern prof
• 69
693
8 69
8
8
693* 683 6918 693 69% 88% 7014 687 693
8
,
26 May 39 No
Iron Ore Properties.
.No par 3538 Jan 2 4038 Jan 19
40,300
8 3914 4038 3878 398 39
3938 403
4
39% 383 3912 3812 39
4
113 Apr 29% De
100 24 Jan 30 2812 Jan 7
1,000 Gulf Mob dr Nor tr ctfs
24
•26
263
2412 24
4 28
•24
2638 *243 25
4
24% 25
Jan 99 De
50
Do prof
100 91 Jan 6 10112 Jan 10
600
94
*95% 97
94
97
95
9512 94
9312 9312 *94
94
20% Nov 2914 De
2418 Jan 27 2678 Jan ?0
267 17,100 Hudson &Manhattan
8
2412 25
2518 Ms 26
2412 25
24111 243
4 2412 25
57% Oct 647 De
4
Do prof
100 643 Jan 5 65% Jan 29
s
700
*64
65 '
65% 6512 6512 6512
564
65
65
65
65 65
4
100 1133 Jan 16 1195s Jan 7 10014 Mar 1177 De
1,300 Minas Central
116
115 11578 *115 116 *115 116
7
4
118 116% 1153 1164 116
Do pref
100 11612 Jan 20 119 Jan 7 104 Mar 11714 De
•115 118 *11612 118 *11612 118 .11612 118 *11612 11712 *11612 118
84
Jan 73 De
Do RR Sec, Series A 100 70% Jan 6 713 Jan 8
.71
76
711s
*70% 7112 713 713 *703 7112 *703 7112 *74
4
4
8
8
113 July 18% No
4
8
183 1834 1834 19
19
1914 1914 1914 1935 1912 1912 1,800 Int Rys of Cent America_ _100 18 Jan 8 195 Jan 29
19
4414 May 63 No
Do pref
100 5912 Jan 2 62 Jan 20
1,100
62
*62
63 z62
62 62
62
*62
63
62
62
82
123 Jan 3914 Jul
4
100 29 Jan 30 3314 Jan 13
7,000 Interboro R,apld Transit
30
311s 31% 3234 31
2912 303
4 29
•31
318 30% 31
4
173 Mar 415 De
100 33 Jan 16 3932 Jan 26
3818 374 3735 38,500 Kansas City Southern
8 3612 38% 3612 3818 37
38 383
4 3735 393
5114 Mar 5912 De
Do pref
100 57 Jan 15 5834 Jan 28
4 1,400
573 573
8
4 5714 571
5718 5714 573 583
8 573 58
4
5738 573
8
50 743 Jan 26 82% Jan 10 83911 Apr 85 De
14,700 Lehigh Valley
77
7814 7512
76
7672 7412 763
4
4 743 7512 7434 7814 76
8
87% Jan 109 De
'
100 106 Jan 16 1127 Jan 14
400 Louisville & Nashville
*107 10712 107 107
107 107 "107 10712 106% 10612 *107 10712
42
Jan 85 De
Manhattan Elevated guar_100 85 Jan 2 100 Jan 14
96
96 .90
*90
96
*90
96
90 .90
*90
96 '90
30% Jan 517 Jul
100 4834 Jan 5 4912 Jan 13
Do modified guar
700
478
471 48
4712 4712 *47% 48
4712 47%
4738
48 48
61 Mar 1312 Jo
Market Street Ry
9 Jan 3 1012 Jan 2
100
*81 10
*712 9
9 4 .712 9
3
157
5
1
*8
10
10
20 s4ct 42 De
Do pref
100 20 Jan 13 20 Jan 13
*26% 31
*2612 31
31
*26
31
•26% 31
*25
*2612 31
41 Nov 71% Ja
100 48 Jan 28 52 Jan 3
Do prior pref
1,100
493 50
4
52
4814 *48
501 504 50
501
503 5012 48
2
Ja
14 Mar 30
Do 2d pref
100 20 Jan 14 2212 Jan 7
22
*17
22
*17
*1412 21
*20
•20
23
*20
23
22
4
Ja
138 Jan
31 Jan 22
212 Jan 5
2,700 Minimal) & St L (new)._ 100
5
8 2
25
234 2 4
3
.25
314
272 3
234 3
272 272
2814 Mar 5312 De
100 Minn St Paul & S SMarle_100 47 Jan 30 5614 Jan 14
47
47
50
*45
*45
50
50 "45
48
*45
*45
48
50 June 75 De
Do pref
100 70 Jan 8 71 Jan 9
72
*65
72
565
72 '
*69
*68
72
*65
72
*68
72
1012 May 3435 De
8
7
33% 3214 33 8 161.700 Mo-Kan-Texas RR____No par 2814 Jan 2 343 Jan 25
323 3435 32
31% 33
3332 3212 3314 32
847 29,900
8
3
Do prof
298 Feb7534 De
100 74 4 Jan 2 817 Jan 30
4 82
81
8112 8112 823
8212 8218 823
81% 82's 82
9 4 Jan 3414 No
3
100 30% Jan 5 38% Jan 17
4
37
36% 3714 3614 363 19,000 Missouri Pacific corn
374 3638 377
3612 37
36
36'z
29
Jan 74 DE
100 72% Jan 2 82% Jan 13
Do pref
7712 783 20,600
4
7 7912 773 793
4
7814 78 4 78
3
79
77
783
8 77
3 De
118 July
23 Jan 12
4
2 Jan 3
100
2% 23
8 1,100 Nat Rys of Mex 2d pref
5
*214 234 3238 234
2% 2 8
235 235
23* 258
9312 Feb 121% Ma
8
100 1143 Jan 8 1183 Jan 7
1,200 New Orl Tex & Max
115 115
114% 115
*11412 115% 115 115 *114% 11514 115 115
99s Feb 11938 De
100 11712 Jan 2 12434 Jan 13
12218 1227 1213 1221 1213 1221 12138 12312 122 12338 12218 1227 68,600 New York Central •
8
s
8
s
7212 Feb 128 De
100 124 Jan 6 130 Jan 9
2,700 N Y C & St L new co
1283 129
8
12838 129
128 1281g 129 129
128 128
1273 129
4
Nis 0078 *9012 91
83 May 93 8 Set
s
7
Do pret
100 8812 Jan 6 917 Jan 14
9018 1,700
90
903* 90
9014 91
9012 903
141 Jan 3314 Di
100 29% Jan 19 32 Jan 6
30% 3035 30
4 302 3118 41,400 N Y N H de Hartford
301
8 2938 301
29% 3114 30% 313
*23% 24
16 May 2814 No
2312 231
*2312 238g 233 233
% 1,500 NY Ontario & Weatern_100 2335 Jan 28 2718 Jan 7
3
8 23 4 24
2318 237
4
*231: 24
12% Apr 29 No
8
100 22 4 Jan 20 2612 Jan 2
2,700 Norfolk Southern
24
23% 24
2412 2318 2312 *23
223 2284 23
4
1275 1275e 127 127's 1263 1293 12812 129% 12812 12912 12835 1297 11,800 Norfolk & Western
2
100 1263* Jan 27 1323 Jan 10 10212 Jan 13314 DI
8
8
•7713 80
723 Feb 80% Jul
4
Do pref
100 75% Jan 8 77% Jan 29
100
80
7712 7712 *74
57712 80
*7712 80 .
*7712 80
691 69% 6878 6912 6514 691
4778 Mar 73 DI
100 68 Jan 16 71 Jan 9
6814 693 11,200 Northern Pacific
69
70
6914 693
4814 4838 4814 48% 4818 4838 4818 4838 48% 481
4214 Jan 50 DI
50 48 Jan 2 487 Jan 5
4818 481 17,750 Pennsylvania
1818 1818 1818 1818 1814 1814 18
9 Mar 2212 No
/
1
4
100 18 Jan 5 207 Jan 12
*18
19
18
18
18
600 Peoria & Eastern
*673 69
4
40% Mar 73 Di
68
100 67 Jan 16 703* Jan 9
68
68
6814 681
68
*8714 673 *67% 677
500 Pere Marquette
e
582
*82
83 '
83
7112 Apr 85% At
8213 821 *803 821 •531
81% 811s
821
Do prior prof
100 80 Jan 12 84 Jan 18
200
4
•72
742
72% 7212 .72
Jan 77 At
60
4
Do Prof ,_
100 7218 Jan 26 753 Jan 10
74
74
74
300
72's 7234 723 *73
38
Jan 7514 Di
3,100 Pittsburgh & West Va„...100 6814 Jan 30 737 Jan 2
697 70
8
*6 1 71
9
3
69
697
8934 693
4 69
4
89% 683 69
5
77 s 78
517 May 7912 Di
8
7612 77
7714 783 44,300 Reading
791
7612 7714 773* 7835 78
50 745 Jan 2 8214 Jan 6
4
373 3814 *3714 371
Oct 5818 JI
381 3814 *38
34
37% 3735 3714 37% 1,300
39
Do 1st pref
50 3714 Jan 30 398 Jan 20
42
42
41% 4112 41
Jf
Do 2d pref
403 42
8
4
40% 40% 1,800
411
4114 41
50 40% Jan 30 433 Jan 6 83318 Jan 56
,
Jan 66 11(
32
Rutland RR pref
59
59 .55
581 .55
584 .50
*57
5812 .50
*50
55
100 58 Jan 20 6278 Jan 9
59
5912 5912 613
8 59% 61
1918 Apr 65 Di
60
6014 OO7
603
s 6012 8212 51,600 St Louis-San Francisco -..100 5735 Jan 16 8238 Jan 2
7612 7612 785a 775 *77
42% Jan 8212 D
Do prof A
78
7812 2,700
775 7754 77
100 76 Jan 20 797 Jan 2
7735 78
4812 4812 48
8
4914 473 48% 4735 4835 473 481
33 Jan 557 D
8
4
100 4714 Jan 21 523 Jan 3
48
487 11,700 St Louis Southwestern
•70% 703 "70
4
703
577 Jan 74 N(
2
4 701s 703
Do prof
4 7035 70% 70% O'2 7012 70% 9,200
100 7012 Jan 19 71% Jan 9
2214 211% 2212 213 22% 22
22
614 Jan 2418 D
2212 17,100 Seaboard Air Line
22% 21% 2214 22
4
Jan 26
100 20% Jan 16 2212
8 3914 4038 3914 404 39
3912 397
1414 Jan 4512 D
Do pref
4112 Jan 2
393
8 38% 40
100 37% Jan 16 39
4014 11,100
*
10518 1057 10414 105% 1035 10412 1033 10535 10418 10512 104% 105
8512 Mar 10512 Ni
27.700 Southern Pacific Co
4
100 102 Jan 5 108% Jan 9
815 81% 805 81% 8014 81
s
3812 Jan 793 D
81% 8514 60,300 Southern Railway
8038 8138 8114 82
100 7735 Jan 2 8514 Jan 30
%45y 35
8472 8472 8412 845
8 8412 847
Do Prof
683 Jan 85 D
4
s 843 843
843 8518 1,800
4
•
100 83 Jan 2 8614 Jan 10
4
e4412 447
44
45
4314 44% 434 445
Jan 4838 D
19
44
44% 45
4518 17,000 Texas & Pacific....
100 434 Jan 27 47 Jan 10
*1214 14
113 1112 1112 1212 12% 13
12
*1213 14
12
1,600 Third Avenue
834 May 1812 is
100 1112 Jan 28 148 Jan 12
6112 8012 8012 *81
615 61% *81
8
J.
613 61% 1,100 Twin City Rapid Transit 100 58 Jan 22 6512 Jan 2
8
4ct 66
617 62
8
62
3912 3
149 14938 14835 14914 1483 1491s 148 4 1491 149 14912 17,800 Union Pacific
149 8 150
7
8
3
100 147% Jan 5 15314 Jan 10 126% Mar 151% D
737 74
7412 *7334 74
7412 74
7812 14
7412
Do prof
74
70 Mar
7214 2,200
74
100 72 Jan 30 75 Jan 5
72
*18
2012 191 193
19
4 19
*18
19
*18
19
500 United Railways Invest
20
20
100 19 Jan 27 288 Jan 2
738 *pr 41 D
5518 5518 5512 533* 55
54
55
Do prof
54
54
5312 5312 1,600
54
261g 14pr 64% D
100 5312 Jan 30 61 Jan 3
*65
68
*65
87
67
*85
*65
Virginia Railway & Power_100 6418 Jan 14 6912 Jan 21
*65
67
67
4
36 Feb 723 Jo
*65
67
21
2135 207 2114 21114 213
213* 211
4 211 2218 2118 2234 43,800 Wabash
103 Jan 24% 1)
4
23 Jan 7
100 2035 Jan 21
563 5714 5714 583
2
4
23 563 58
Do pref A
4 5714 591p 5714 6014 93,200
34
Jan 60% D
573 583
4
100 553 Jan 20 6014 Jan 30
7
*3712 40
403 *3712 40
4
403 403
41
*39
Do pref B
42
4 41
2212 Jan 42% D
1,000
42
100 38% Jan 21 4278 Jan 30
4
1512 15
1614 112
83 June
8
1535 1614 1514 1614 143 1518 1478 154 15
1514 10,700 Western Maryland
100 1412 Jan 6 178 Jan 9
233
4 23
8 23
2378 23% 237
8
237 237
Do 2d pref
23
2314 2,000
24
1514 May 2614 D
24
8
100 227 Jan 5 2614 Jan 9
35
3512 344 353
343 3514 341 35
4
7,600 Western Pacific
36
143 Jan 367 ID
4
4 3312 347
36
100 3212 Jan 5 3912 Jan 13
90
91
9012 90
9012 91
1589
Do pref
90
91
90
91
58
Jan 8612 12
907
s 2,500
100 8412 Jan 6 94 Jan 13
k
3512 1528 1514 153
4 147 15% 1512 15% *1514 1534 15
1514 5,400 Wheeling & Lake Erie Ry 100 148 Jan 16 1612 Jan 7
171k D
7 1g Jan
29
29
291 2914 283 29 •2812 2912
4
Do prof
1414 Jan 3212 u
600
2912 293 •2812 29
100 271± Jan 16 3135 Jan 7
Industrial & Miscellaneous
• *63
*120
98
• •14
• *47

64
122
98
15
51

63
*120
9714
*14
*47

631
126
971
145
51

*6212
122
*9612
143
4
*47

•Bid and ask prices.

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

64
63
122 *120
*96
97
143
4 1414
50% *41

64
*84
122 *120
9714 *97
1414 *14
*47
50

-dividend.
z Es

65
*64
122 '
5120
973
4 97
15
*14
50
*47

it Ex rights.

65300
• 100
122
600
97
400
15
50

Abitibi Power & Paper_No par 62
All American Cables
100 119
Adams Express
100 91
Advance Rumely
100 14
Do prof
100 49

Jan 6 67
Jan 5 122
Jan 5 10314
Jan 8 1514
Jan 20 51

Jan 10
Jan 27
Jan 9
Jan 2
Jan 5

61 Dec 64 E
9812 May 122% E
7312 Jan 93% E
6 June 163 E
8
2814 June 54 E

New York Stock Record-Continued-Page 2

560

For sales during the week of stocks usually inactive, see second page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Satuniall.
Jan. 24.

Monday,
Jan. 26.

Tuesday,
Jan. 27.

Wednesday, Thursday,
Jan. 28.
Jan. 29.

Friday,
Jan. 30.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range for Year 1925.
On basis of 100-share lots
Lowest

Highest

PER SHAUN
Range for Previous
Year 1924.
Lowest

Highest

$ Per share $ per share $ per share $ per share $ per share $ per share Shares. Indus. & Miscall. (Con.) Par $ per share $ per share S per share $ per share
*88 8914 87% 88% 8734 8818 861 874 8734 8734 8634 8712 2,000 Air Reduction. Mo.-No par 8614 Jana) 9113 Jan 6 6714 Jan 93 Deo
1114 113
4 1114 1112 113e 1134 1118 1134 1184 1112 1112 1134 7,200 Ajax Rubber, Ins
412 May 1412 Deo
50 11 Jan 21 14 Jan 3
Alaska Gold Mines
10
.05 Dec
.15 Jan 2
14 Feb
38 Jan 14
*1
118
118
---------1,000 Alaska Juneau Gold Min_ 10
78 Jan
14 Mar
1 Jan 6
14 Jan 2
8314 83 4 827 8418 8284 8384 823 8314 83 84
3
83
8314 9,200 Allied Chemical & DYe.No par 8184 Jan 16 85% Jan 2
65 Mar 8712 Dec
*11758 11814 *11784 118 *11758 118
11734 118
11758 1175 11734 11784 1,350
Do pref
100 117 Jan 9 1184 Jan 13 110 Apr 11884 Deo
79
792
4 7514 75
75
78358 7518 77
78
778
4 76
73 15.800 Allis-Chalmers Mfg
100 7112 Jan 5 824 Jan 17
4154May 7354 Deo
*10618 109 10612 1064' 10612 107 10812 107 *108 10612 108 106
'
1
Do pref
400
100 1034 Jan 3 107 Jan 20
90 Apr 1047 Dec
15 8 1678 1534 1638 1584 16% 164 1678 1612 1734 1638 1884 18,500 Amer Agricultural Chem 100 1384 Jan 5 1884 Jan 30
5
718 Apr 1718 July
4914 5078 49 52
4918 517
4712 49
5114 54
513 5334 17,800
Do prof
4
100 4014 Jan 5 54 Jan 29
1834 Apr 4984 Jan
4134 42
40% 4134 41
42
4012 4184 41
4
100 397 Jan 5 43 Jan 7
413 403 4114 3,200 American Beet Sugar
8
4
36 Mar 4912 Feb
*81
88 *81
88 .81
86 *81
86
*81
83 *81
Do pref
86
100 8014 Jan 19 874 Jan 6
6812 Oct 83 Deo
4214 4212 4078 42
3612 40
367 334 3
8
612 3384 37 437 14,400 Amer Bosch Magneto_No par 33 Jan 2 '544 Jan 3
8
2214 Apr 387 Jan
*9612 99 *9612 98
9612 964 93 98 *9612 98
9612 977
500 Am Brake Shoe & F._ __No par 9812 Jan 27 102 Jan 12
76 Apr 102 Deo
*107 109 *10714 109 *107 109 *107 109
10714 109 *107 109
Do pref
100 10712 Jan 12 110 Jan 3 10414 July 110 Mar
16412 1654 163 16614 16378 16634 164 168
16538 16984 216414 16684 180.000 American Can
957 Apr 16312 Deo
100 15318 Jan 16 16934 Jan 29
*11512 116
1151g 116
115 115
115 116
116 116
1154 1157
Do pref
2,100
100 115 Jan 29 11812 Jan 8 109 Jan 119 Oct
19912 20114 19912 201
1934 19312 19312 19812 19812 20014 201 201
2,900 American Car & Foundry_100 192 Jan 5 207 Jan 3 15312 Apr 20014 Deo
012212 125 *12212 12514 *12212 125
1224 125
12212 125
12312 12388
Do prof
100
100 1214 Jan 9 124 Jan 2 1183 Apr 125 July
4
2412 247
2484 25
244 2412 244 2414 24
2484 *244 2438 4,000 American Chain,class A.-- 25 2234 Jan 2 2618 Jan 17
2184 Mar 25 Sept
377
3712 *37
3812 384 3712 3734 37
39 *37
38
37
No par 37 Jan 27 4134 Jan 3
900 American Chicle
1434 Apr 408 Deo
*90 94 *94
95 *94
95 *94
95 *94
95 *94
Do pref
95
103 91 Jan• 5 94 Jan 5
5112 Feb 9312 Deo
*374 3812 *374 3812 37 37 *35
3712 *36
3712 *36
Do certificates
100
Na par 37 Jan 7 3914 Jan 13
3712
23 Sept 39 Deo
658 634
4
658 634
684 61
618 634
614 612
614 612 12,500 Amer Druggists Syndicate_ 10
512 Jan 2
684 Jan 22
7 Oct
34 June
15234r15312 152 153 150 150 14814 15212 151 15212 150 151
_103 14814 Jan 29 168 Jan 2 88 Apr 16434 Dec
1.600 American Espress
34 34 *33 34
33 3312 3214 334 32% 3318 3214 3358 6,900 Amer & Foreign Pow._No par 32 Jan 13 3912 Jan 7-8934 90
8934 897
9134 9118 917s 9114 9112 7.600
8934 903
8 90
Do pref
Nu par 87 Jan 6 917 Jan29-12212 12212 *121 124
12184 12212 123 123 123 123 12318 12318 1.500
Do 25% paid
121 Jan 16 12718 Jan 7
9212 Mar 13214 Dec
--__ ___ ____
Do full paid
125 Jan 6 128 Jan 7
9112 Apr 133 Dec
1214 1212 1134 12
1158 1138 *11% 1212 *114 1212 *1112 1282
900 American Hide & Leather-100 111* Jan 27 14 Jan 14
714 Apr 1484 Deo
704 71
*7014 71
7112 7112 71
694 71
72
71
Do pref
100 6834 Jan 2 751 Jan 14
72
2,300
5012 Jan 7218 Dec
87 87
88
8634 8634 87
8784 8734 8818 89
8734 8312 1,900 American Ice
100 85 Jan 21 9312 Jan 12
72 Aug 96 Feb
*7712 781
78
78
77 *7634 77 *7634 77
7734 773
4 77
Do prof
100 77 Jan 28 8014 Jan 7
400
7312 Nov 83 Feb
3412 3518 344 3434 344 3112 3434 3512 3514 36
3458 35
12,900 Amer International Corp.:100 33 Jan 6 364 Jan 14
173 Mar 3558 Nov
1212 1212 1212 124 124 1212 1212 1212 124 124 *1212 1284 1,400 American La France FE.. 10 1114 Jan 2 14 Jan 15
10 May 1214 Jan
*26
27
*2512 26
2618 2578 26
2512 2514 2514 234 10.400 American Linseed
26
100 2514 Jan 30 29 Jan 2
1334 May 2834 Dee
5688 57
Do pref
100 53 Jan 2 6112 Jan 30
50 5712 57 574 574 5712 59 6112 3,500
4
5634 57
30 Apr 5358 Des
114 1154 113 11412 115 11614 115 11784 11534 117 21,000 'American Locom new...No par 10112 Jan 5 12118 Jan 19
11584 116
7018 Apr 10934 Dec
*12014 121
12014 1201 •120 121 *120 12134 1312034 1214 *12034 12112
4
Do pref
100
100 11984 Jan 7 12118 Jan 19 11614 Apr 1204 Sept
4 4984 503
4 4984 5014 50 504 50
5084 503
4 5018 501
No par 4958 Jan 27 5384 Jan 2
5112 9,300 American Metals
3334 June 54 Deo
*11412 _ _ *116 120 *115 117 *115.•115
_ _ 115 115
, Do pref.
100 115 Jan 10 11612 Jan 8 10714 Apr 11512 Dec
1000g 101
- - 10085 1004 100 100 10014 16114 100 101
- 10012 10012 1,7001 American Radiator
25 897 Jan 3 105 Jan 17
8
9414 Apr 136 Deo
8212 82 82 *8113 8212 *8012 82 *81
*82
82 •81
82
100 Amer Railway Express__100 7813 Jan 8 84 Jan 13
7712 Nov 83 Oct
3158 64 *55 64 *55 64 •55 63 *53 64 *55
American Republics... no par 48 Jan 8 6614 Jan 17
64
25 Jan 48 Dec
*3714 3734 3714 3784 3714 374 374 3714 373* 373
3714 3784 1,200 American Safety Razor__.100 .367 Jan 2 3918 Jan 10
8
57 Apr 1014 Nov
8
4 1112 1112 114 1112 1112 1112 1114 1114 1114 1134 2,400 Amer Ship de Comm. .No par
1134 113
1114 Jan 29 121 Jan 13
104 Oct 157 Feb
8
9858 9978 9358 9978 9678 9314 974 99
954 994 977 9914 20,300 Amer Smelting & Refining.100 9512 Jan 5 1017 Jan 15
8
s
5718 Jan 10038 Dec
110 110 11018 1101 11018 1104 1093 110
8
4
10934 10914 *10938 110
Do pref
700
100 10512 Jan 5 11018 Jan 28
98 Jan 10758 Deo
47 474 474 4734 4618 4712 4858 4614 4618 47
46
4612 13,800 Amer Steel Foundries_33 1-3 46 Jan 30 49 Jan 12
3313 Apr 49 Deo
1094 10312 *10812 110 10312 110 *100 1104 *109 11012 *109 11012
Do prof.
103 103 Jan 7 11012 Jan 15 10114 Apr 10914 Nov
300
613 6318 6014 613
8
623 66
4
4 614 6334 6012 63
8
6014 131% 43,300 American Sugar Refining_103 475 Jan 16 68 Jan 23
36 Oct 6134 Feb
984 99
*9812 99
9734 9734 9714 98
98 93
98
Do prat
103 9114 Jan 16 99 Jan 20
98
1,100
77 Oct 997 Feb
11
11
1034 1112 *1012 11
*1028 101
11
s 1078 1118 11
1,300 Amer Sumatra Tobacco
109 1014 Jan 20 127e Jan 9
6% July 2812 Jan
42
*37 43 *37
1336
42 *374 39 *3712 42 *374 42
100 33 Jan 6 3384 Jan 19
Do prof
2212 Sept 69
Jan
*44 4612 454 4514 *45 47
4534' 4534 *4334 47
*45
47
210 Amer Telegraph & Cable..100 4014 Jan 8 453 Jan 28
3814 Dec 4312 Jan
133 13314 13278 13314 13318 13318 13234 133
13234 133 •13218 1327
100 12312 Jan 15 1364 Jan 3 12118 June 13434 Dec
6,800 Amer Talon 88 Teleg
8 8718 8712 87
87% 877
8778 8714 87% 8612 8712 8678 8778 6,700 American Tobacco
50 8512 Jan 3 897 Jan 5 13658 Mar 1697 Nov
8
8
1044 1013 1047 1047 *1013 105
8
4
4
1047 1017 10434 10434 10434 10134 1,100
8
8
Do pref
100 10112 Jan 5 105 Jan 14 101
Apr 10612 July
8714 8714 868 873
8 8618 861s 8814 867
e 8614 8714 883 8834 7,900
Do common Class B..„..59 84% Jan 3 8814 Jan 7 13514 Mar 16858 Nov
2
*108 10912 108 103 107 107 108 103 10714 10714 *109 110
400 American Type Founders_103 10312 Jan 20 11214 Jan 2 108 Sept 115 Sept
3412 3412 3458 35
347 35
8
35
35
35
35 235
40 Feb 144 Dec
357
8 2,700 Am Wat Wks & El v t e._ _20 344 Jan 13 3978 Jan 2
*99 101 *100 101 *100 101 *100 101 *100 101
*9912 101
Do 1st pref(7%) v t c_101 100 Jan 9 102 Jan 13
8912 Mar 101 Dec
97% 9712 974 9712 9734 9734 93 .98 89711 93
*9714 93
68 Feb 102 Nov
Do partlo pf(6%) v t c 100 9512 Jan 2 9812 Jan 21
703
4914 5314 4958 53
51
528 .55
5284 4918 527
*
8 493 524 151,000 American Woolen
103 494 Jan 29 6114 Jan 6
5114 Sept 7878 Jan
854 90
9112 93
8814 894 9112 9212 8812 92
90
9014 12,600
Do pref
100 8518 Jan 28 9618 Jan 20
90 Oct 10258 Jan
*412 512 *434 514 *412 514 *412 514 *43
6
Amer Writing Paper prof...100482 Jan 16
712 Jan 3
*44 54
112 Apr
7 July
1084 1084 1012 1012 1012 104 1012 1012 104 1018 1018 1018 1,300 Amer Zinc. Lead & Smelt 25 1018 Jan 29 1212 Jan 9
7 Mar 1214 Dec
3218 33
33 33
324 344 *33 34
3278 327
8 3214 35
24 June 36% Deo
26 31 Jan 23 39 Jan 9
2.200
Do pref
4478 454 4414 45
4312 4414 4384 4412 44
4412 44
45 32,300 Anaconda Copper Mining_50 4312 Jan 27 48 Jan 3
2812 May 4814 Deo
26
26
27
*264 2712 26
27
2714 273* 274 27
274 1,400 Archer, Dan'is Midi'd.No par 28 Jan 7 287 Jan 8
2812 Dec 29 Dec
8
•9317 95
95
99
95
95 *9258 95 *9228 95
*9258 95
200 Do pref
100 9312 Jan 5 95 Jan 19
90 Dec 9113 Dec
93 93
*92
94 *92 93 *9112 93
91
91
92
9214
500 Armour & Co (Del) pref
100 91 Jan 29 934 Jan 10
8314 June 9438 Deo
1018 1078 1058 11
1012 12
10% 1212 1012 124 1058 1114 29,200 Arnold Constle&Covtc No par
8 Jan 5 1212 Jan 28
8 Oct 15 Jan
148 14714 1434 145
148 149
*146 149
150 156
156 157
-100 128 Jan 5 157 Jan 30
5,100 Associated Dry Goods
79 Jan 10412 Nov
*94
95 .9412 9512 .94 96
96
*94
95
9512 *9412 96
Do 1st pref
100 94 Jan 7 9512 Jan 29
8312 May 94 Nov
*103 106 *10412 106 *10412 106 *10112 106
10412 1044 105 105
200
Do 26 pref
100 101 Jan 2 105 Jan 30
89 Jan 10234 Deo
4 3638 383
3512 353
4 3614 3712 3712 385
8 38
39
38
3914 73,700 Associated 011, new
25 33 Jan 6 3914 Jan 30
2712 July 3458 Feb
2418 243
8 233 2412 2314 2328 2358 24
4
2414 243
4 2412 2514 10,100 ALI Gulf & W I SS Line____100 20 Jan 5 254 Jan 19
103 Mar 23 Dec
4
363
4 3534 3612 3512 3512 3558 364 361s 387
3814
Do pref
100 31 Jan 5 38 Jan 19
s 3612 364 3,100
1212 Jan 3112 Dec
10814 1094 109 10912 107. 108 10314 11012 111 115
114 1167 18,700 Atlantic Refining
8
100 954 Jan 2 116% Jan 30
7812 July 14018 Jan
*11312 11412 11333 11358 11334 11334 *11334 11412 •114 11412 114 114
Do pre(
400
100 1134 Jan 8 1143 Jan 9 108 Oct 118 Feb
*5112 52 *5014 517 *5158 52 *5178 52
5178 52
52 52
400 Atlas Powder
No par 51 Jan 19 52 Jan 29
47 Apr 5434 Feb
9182
1190 92 *90 9012 *90
9112 *90 914 *90
9112 *90
Do pref
100 92 Jan 14 94 Jan 9
8212 Feb 93 Deo
10
*10 104 10
10
10
94 9 4 .91 10
*912 10
3
400 Atlas Tack
No par
912 Jan 28 1034 Jan 10
5 June 1118 Jan
294 2918 284 29
273 28
4
273 28
4
.No par 2712 Jan 20 3212 Jan 12
273 284 273 273
4 3,100 Austin, Nichols & Co.
4
4
1812 Mar 3312 Deo
8758 8712 *87 91
*87
*88 90 *88 88
90 *87
Do prof
90
300
100 8718 Jan 27 90 Jan 23
79 Apr 91 Nov
21 ' 27; "
;
*2
212
25s 258 *2
1% Jan 7
100 Auto Knitter Hosiery. No par
24 "2
234 Jan 2
21e
2
2
112 Nov
812
4
4
13218 13312 13078 13212 1293 1324 130 1313 13018 1317s 13058 13334 58,000 Baldwin Locomotive Wk8_100 12814 Jan 5 137% Jan 14 10438 May 1343 Jan
8 Deo
*11614 117 31116 117 *116 11718 11614 11718 •1164 1174 *11614 2174
Do prig
100 115 Jan 5 1164 Jan 17 1104 June 11718 Nov
8
23% 2414 2334 2412 234 2412 2412 254 245 28
243 2578 63,800 Barnsdall Corp, Class A
4
25 2112 Jan 21 26 Jan 29
14 Feb 234 Dee
21
2138 2034 21
20 2034 2084 2058 20 2012 2034 21
Do Class B
5,800
25 174 Jan 2 2138 Jan 23
10 Jan 174 Dee
*3412 37 *3412 39 *3412 39 *344 39 *3412 39 *3412 39
Barnet Leather
No par 35 Jan 5 374 Jan 12
2312 Nov 39 Dee
•4512 47 *4584 4612 *4518 4612 *45
4614 4514 45% 4514 4612 1,500 Bayuk Cigars, Inc
No par 4514 Jan 29 484 Jan 5
3912 May 59 Jan
69
6934 6818 8914 5,100 Beech Nut Packing
6918 6918 6818 6918 68 6818 674 69
20 68 Jan 5 744 Jan 10
4434 Apr 7234 Dec
3 5012 514 22,200 Bethlehem Steel Corp
100 5018 Jan 21 5312 Jan 13
5012 517
52
515 52
s
5012 50% 5012 52
51
3734 Oct 6218 Feb
112 115
112 113
112 113 113 113
11234 11234 *112 113
Co cum cony 8% pref_100 11012 Jan 7 113 Jan 30 10114 Apr 11014 Feb
700
977 977 *9788 9778 977 977 *97
2
2
9734 977 9778 97 4 99
Do prat new
3
2,300
100 9512 Jan 5 99 Jan 30
8912 June 97 Feb
4 *512 8
53
4 614
6
5% 53
84
*54 6
1,700 Booth Fisheries
614 614
No par
5 Jan 6
7 Jan 10
333 June
718 Jan
8
312 311 *34 35
358 358 *312 32
*34 35
•312 4
200 British Empire Steel
100
3 Jan 5
338 Jan 26
114 Nov
6 Aug
*30 32
*3114 32
32
3314
Do 1st prof
100 30 Jan 5 3314 Jan 30
3234 *3012 32% *3058 32
400
*30
30 Aug 54 Mar
4
Do 2d prof
300
100
*714 1014 *914 1014 *914 1014 *914 1014 *93 1014 1014 11
814 Jan 21 11 Jan 30
5 Nov 1534 Jan
,
2
3 000 Brooklyn Edi,on, Inc
100 12028 Jan 2 133 Jan 7
12534 12612 127 12714 128 12312 1272 125
12624 12718 126 127
8114 7934 8034 7934 8014 79 4 8118 13,000 Bkiyn Union Gas new_No par 7714 Jan 6 837 Jan 22 10714 June 12414 Dec
3
8214 8014 8134 80
81
8
563 Apr 8234 Deo
7112 7014 72
71 .70
71
*70
71
7258 2,900 Brown Shoe Inc
70
100 70 Jan 26 784 Jan 10
73
*71
39 May 7612 Deo
Do prof
100
100 9824 Jan 8 10014 Jan 19
*99 10012 *994 10012 100 100 533I2 lows .9912 10012 *994 10012
84 June 9934 Deo
1830 944 Jan 7 1033 Jan 12
9812 1,500 Burns Brothers
99 4 9712 9712 98
3
97 9712 98
97 97
*9612 99
8
95 Dec 11212 June
*2014 21
Do new Class Boom
*201s 2118 2018 2018 *2014 21
1,500
2014 2112 201s 21
20 Jan 9 234 Jan 14
1984 Feb 29 Nov
*943* 97
9512 ;
39418 954
Do pref
8
942 9433 9414 9412 *9418 97 *94
300
100 9318 Jan 10 9612 Jan 7
954 Mar 9918 May
77
77
7712 *76
900 Burroughs Add'g Manh_No par 65 Jan 3 8112 Jan 20
7712
7912 7912 7712 7712 *75
*78
79
623 Nov 6712 Oot
4
714 784
7
74 74
7
74
712 7 4
3
8
834 10,500 But te Conner & Zinc
78
5
7 Jan 27
83 Jan 2
4
328 June
94 Dec
23
*2212 23
23
23
2212 2212 23
800 Butterick Co
23
100 2112 Jan 15 283 Jan 3
23 2314 23
4
17 Apr 2538 Dec
2018 2034 1912 2014 1884 1912 18% 20
19
2012 1914 2114 22.000 Butte & Superior Mining...10 184 Jan 28 2414 Jan 9
14 May 254 Dee
134 2
134 134
134 134 1,200 Caddo Cent 011 & Ref...No par
158 158
158 184
11
17
118 Jan 8
218 Jan 12
1 Nov
414 Jan
No par 10012 Jan 27 10614 Jan 3
10134 10134 102 10212 10012 10112 102 102
10115 10112 102 10284 1,600 California Packing
80 Apr 10614 Deo
4
2738 2734 2712 27% 2718 2778 273 2812 234 29
2814 285 83.400 California Petroleum, new. 25 237 Jan 2 29 Jan 29
4
1912 July 2914 Feb
10812 10712 107 10758 10634 10634 2.900
Do prof
106
•10412 106
100 100 Jan 2 10738 Jan 29
104 10514 105
9218 July 107 Jan
313 37
373 4
37
35
8 334 7,500 Callahan Zinc-Lead
372 37
10
4
33
4 334
57 Jan
38 Jan 29
458 Jan 2
24 May
455
,
5582 5412 55 .5488 55
5414 544 _!!4 _5_64 _5_4_2 _5_83 _?. Calumet
.
1_
.
1
! : 00
6
jetIA)
Mining
10 54 Jan 5 58 Jan 7
4134 Mar 5834 Deo
Plow
No par
No
134 July
...
12 Mar
;17; -1.f7i -17; -173 -1158 17 8 -1712 -800 Calumet & Hecla
-- 4
17% 17% 1712 *1614 1714
-5
25 1712 Jan 26 1828 Jan 5
1318 May 1912 Deo
30
30
*28 31
30 30
30
30
*30 3012 *30 31
800 Case Thresh Machine_.No par 29 Jan 2 30% Jan 23
14 Mar 35 Dec
66
*65 69 .65 67 *65 67
65
65
Do pref
200
65 65 *65
100 62 Jan 8 6712 Jan 14
4114 May 77 Jan
4
19
19
1834 1918 1712 182
8 1812 1812 183 1918 1878 1884 3,400 Central Leather
100 1812 Jan 27 2034 Jan 10
97 Mar 2123 Deo
Do prat
3 56
4
5,600
5678 56
57 573
5614 5584 561s 553 564 5512 50
100 55 Jan 8 5378 Jan 13
2914 Mar 5814 Dec
3312 3538 3512 1,400 Century Ribbon Mills_No par 3112 Jan 5 42 Jan 13
•36
37
364 3678 36
3814 3434 3134 35
2534 Apr 3514 Nov
•96
1
98 *96
98
Do pref
98 .96
98 *96
*96
98
98 *96
100 97 Jan 13 9834 Jan 14
91
Jan 9512 July
54% 5438 5312 5414 53 5312 5212 534 ._ ,_4 5258 54
16,800 Cerro de Pasco Copper.No par 524 Jan 28 5512 Jan 2
53 53
404 Mar 5834 Dec
4314 4314 43 4314 418 4284 4158 42
414 iIll 4182 4234 4,100 Certain-Teed Products_No par 4112 Jan 8 4614 Jan 10
247 June 4412 Deo
8
2914 30
2918 2978 2912 2934 293 298 2958 303
4 3018 3034 11,600 GhanIller Motor Car..
.No par 2812 Jan 22 367 Jan 3
8
288 Nov 6818 Jan
91
91
8512 86
8938 8934 8758 89
87
87
87
3,200 Chicago Pneumatic Tool_100 8512 Jan 29 9858 Jan 3
87
7978 May 10078 Dec
.5112 54
51
*5012 54
*5012 54
51
*5012 54
54
800 Chicago Yellow Cab.....No par 51 Jan 21 55 Jan 3
39 may 514 ior
361, 3638 357„ 3658 *5012 357, 351, 357, 3538 35
5 387 30,400 Chile Copper
5
3514
, 35
7
8
25 354 Jan 28 37% Jan 2
2558 Mar 38% Dec
•2412 2512 2434 2434 2412 244 *24
25
25 *234 25
2538
400 Chino Copper
5 244 Jan 27 2718 Jan 2
15 Mar 29 Dec
663 68 4 6978 7018 68 6934 *673 6812 *67
4
3
681 *67 684 2,000 Cluett,Peabody Ss Co
s
4
100 6018 Jan 2 7134 Jan 12
55 Oct 754 Jan
•

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

New York Stock Record-Continued-Page 3

561

For sales during the week of stocks usually inactive, see third page preceding.
-PER SHARE, NO?' PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Jan. 24.

Monday,
Jan. 26.

Tuesday,
Jan. 27.

Wednesday, Thursday,
Jan. 28.
Jan. 29.

Friday,
Jan. 30.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

Yen WI AK6
Range for Year 1925.
-share tots.
On basis of 100
Lowest

Highest

I
-GIC On /1 rt.

Range fgr Previous
Year 1924.
Lowest

Highest

per share Shares. Indus. & Miscall. (Con.) Par $ per share $ per share $ per share 3 per share
$ per share $ per share $ per share $ per share S per share S8738 88
Apr 8318 Dec
61
4
No par 80 Jan 6 913 Jan 23
24.900 Coca Cola Co v t c
8
4
8818 873 884 873 88
87
91
87
9018 91
247 Feb 5414 Aug
4814 Jan 13
100 4214 Jan 21
463 47.500 Colorado Fuel & Iron
8
443
4414 43
8 43
4412 4238 4338 43
8
4314 4312 423
3934 Sept 554 Jan
4
3,100 Columbian Carbon v t c No par 4812 Jan 20 513 Jan 8
4
493 5012 493 50 .
4
49
49
8
497 50% 4933 50
4914 50
497 Jan 26
33 Mar 48 Dee
8
4
4
483 4912 483 4938 4914 4912 z481 483 21,600 Col Gas & Elect new__No par 454 Jan 21
4
4 4834 497
4914 493
100 10414 Jan 5 107 Jan 26 10314 Dec 105 Dee
Do pref
1,600
1063 1063 107 107 *10518 107
4
4
107 107
10614 10612 10612 107
304 May 53 Noy
Comml Invest Trust__No par 50 Jan 2 60 Jan 2 k
*57
594 *564 5912 1,300
*52
59 '
60 60
60
59
59j 60
93 May 103 Nov
Do pref
100 103 Jan 5 1064 Jan 19
104$ 1064 *103 10612 *103 10612 *103 10518 *103 10518 *103 10512
4312 Jan 131.14 Dee
12,000 Commercial Solvents A No par 10912 Jan 9 111 Jan 29
173 185
17512 190
4
15214 1583 15912 170
150 159
*142 150
Jan 12912 Dee
33
Jan 9 189 Jan 29
Do "B"
No par 10712
17,500
172 185
153 15812 15212 10812 15912 17634 175 189
*1424 160
4
323 May 663 Feb
8
No par 3914 Jan 30 4312 Jan 2
393 4014 23,500 Congoleum Co
4
40
41
4
8 403 41
4118 424 4012 413
414 42
4
73 May 1414 Deo
14 Jan 3 1514 Jan 20
No par
2,300 Conley Tin Foil
s 155 153 *1512 1538
8
8
4 1512 153
154 154 1512 1512 154 153
113 Mar 30 Nov
8
3114 3114 11,600 Consolidated Cigar--- _No par 2612 Jan 2 32 Jan 29
303 32
4
3018 3112 304 3112 3114 317
30
30
Jan
5912 Apr 84
4
Do pref
100 793 Jan 2 8778 Jan 28
,
8 3,200
4 86 2 867
87
877 .864 863
86, 87
1*
8518 87
85
8.5
33 Dec
4
4 Jan
814 Jan 30
318 Jan 7
814 47,000 Consolidated DIstrib'rs No par
7
73
4
7
57
53
8 713
4
5
4 5
513 6
0
60% Jan 797 Dee
7634 24,700 Consolidated Gas(NY) No par 757 Jan 27 78 Jan 7
764 76
8 76
8
7612 7718 763 7633 757 7612 7614 763
Jan
8
21 Apr
8
54 Jan 7
44 Jan 2
44 45
412 434
8 9,800 Consolidated Textile-No par
412 434
4
4 8 43
3
4
412 43
4
438 43
4312 Apr 604 Dec
100 6634 Jan 27 69% Jan 2
8
4
4 6712 6814 663 677 16,000 Continental Can. Inc
678 663 6714 667 673
4
67
6778 68
894 Apr 1094 Dee
25 103 Jan 5 12112 Jan 21
113 11312 13,200 Continental Insurance
1117 12012 115 11812 113 11612 11412 115
8
112 114
6 Apr
8
88 Dee
814 Jan 2 103 Jan 13
8 s 94 28.200 Continental Motors__No par
7
8
% 94
4
94 93
4
87
8 9
9
4 93
8
91
: 94
3112 Jan 4334 Nov
8
25 383 Jan 20 4112 Jan 2
3914 39
4
3914 384 394 3812 383 17,650 :::arn Products Refin w1
397
8 39
8 39
393 397
2
4
100 1l$' Jan 7 121 Jan 3 11518 Apr 1233 Aug
Do pref
206
12012 12012
(431812 12012 12012 12012 *11912 121 *11912 12012 *120 121
8
223 Sept 4014 Feb
4
No par 263 Jan 2 3318 Jan 29
8
8 323 3318 85,400 Coaden & Co
8
3
4 313 32 8 3214 333
314 311
8 3114 3218 304 313
80 Dec 95 Feb
Do pref
100 83 Jan 2 8714 Jan 30
500
8712 8712 873 8734
4
863 87
8
*861 87
8
*863 87
8
87
87
48 May 78 Dec
8
26,000 Crucible Steel of America._100 723 Jan 16 7914 Jan 17
733 754 7312 75
4
4 7412 7614 7418 7514 7314 76
7614 763
86 May 93 Dee
4 9412 941
Do prof
100 93 Jan 2 96 Jan 15
800
943 943
4
95
9514 9514 95
4 948 947
9518 953
104 Oct 18 Feb
13
1318 1234 1234 5,600 Cuba Cane Sugar
13
No par 1214 Jan 12 1312 Jan 7
13
4
1318 1318 127 1318 123 13
8
534 Apr 717 Feb
Do prof
100 5618 Jan 14 6912 Jan 7
567 5714 13,800
8
567 577
8
8
564 5712 561 58
58
5812 5712
58
3137 Feb
s
2814 Nov
Jan 2 31 12 Jan 7
12,700 Cuban-American Sugar___10 2912
31
3018 305
8 304 3l's 31
30
303 3114 3018 3012 30
8
Jan 10014 Nov
96
4
$98
9912 498
Do pref
ggis *98
100 93 Jan 9 993 Jan 8
100
991 *98
9912 *98
99'i 9834 9834
812 Feb
418 June
6 Jan 2
4 4,300 Cuban Dominican Sug_No par
5t2 53
53 Jan 28
8
54 57
6
54
54 54
5 8 512
3
*512 54
38 Dec 52 Feb
Do pref
100 3914 Jan 3) 4412 Jan 6
2,100
3934 41
42
4314 4212 421 *41
4212 42
3
8
423 42 8 *42
4
No par 65 Jan 6 73 Jan 19. 564 Aug 763 Sept
500 Cushman's Sons
*69
72
*69
72
86812 72
*6812 74
714 72
73
•72
4518 Nov7412 Jan
5214 2.800 Cuyamel Fruit
525 Jan 14 5514 Jan 7
8
No par
517 517s 5234 523k 5112
8
53
51
5112 52
5212 53
6 Nov 3214 Mar
77 Jan 9
8
412 Jan 30
6.100 Daniel Boone Woolen Mills_20
614 64
412 6
6
512 61
6's
618 64
6% 7
3812 Nov 6912 Jan
4
8 4512 4714 455 467 27,200 Davison Chemical v t c-No par 4234 Jan 5 493 Jan 23
4712 4514 4634 4512 463
8
8 46
473 487
8
1814 Jan 2214 Dec
500 De Beers Cons MInes_No par 23 Jan 28 2418 Jan 28
231 *2214 2318
•2318 2418 *2218 2418 *2212 2118 23 . 241 *23
4
100 110 Jan 5 115 Jan 7 10114 Jan 1153 Dec
1,450 Detroit Edison
1144 11412 *114 11412 11418 11418 11414 115 *114 115 .114 115
114 Nov2014 Jan
Jan 13 1612 Jan 19
1513 158 1512 1,500 Dome Minas, Ltd
par
144
8
No
154
1512 1534 1512 1578 153 15o
16
16
93 June 18 Dee
8
1514 15
15 Jan 21 167s Jan 12
600 Douglas Pectin
15
154 15
15
*15
8
8 15
•1518 1534 153 151
650 Duquesne Light 1st pref _100 105 Jan 7 107 Jan 30 10012 Mar 10814 Sept
106 106 .107 107
106 106
8
8
8
4
105 1053 1053 1051 1057 106
14
8
8
4
4
8
11412 1143 10,800 Eastman Kodak Co____No par 11018 Jan 5 118 Jan 19 10418 Apr 1147 Nov
4
8
4
114 1153 114 1147 11318 1137 11312 1133 1123 115
834 Sept2418 Jan
8
123 Jan 24 16 Jan 3
123 131 *13
4
4
1,900 Eaton Axle & Spring-No par
14
4 121 123
4
4 123 123
8 1213 123
1233 121
14138 142
29,000 E I du Pont de Nem& Co-100 13414 Jan 5 146 Jan 14 112 May 142 Dee
14214 145
14112 14212 14012 142
14313 146
14214 143
Apr 96 Dee
85
Do pref 6%
100 94 Jan 23 96 Jan 13
700
9412 9514 *9514 95 8 954 9514
3
9478 9178 *9434 95
49412 95
5012 May 66 Dec
65
4
657
8 85
65
56
6614 11.300 Elec Storage Battery _No par 6214 Jan 2 703 Jan 3
651
8 65
4
663 6714 6514 67
Dec 144 July
11
1118 *9
1118
10 Jan 22 1012 Jan 22
50
100 Elk Horn Coal Corp
1118 *9
*9
1118 89
10
1118 10
*10
312 July
7 June
8
212 *2
2 Jan 5 . 212 Jan 3
700 Emerson-Brantingham Co_100
214 214
212
2l3 82
214 24
212 *2
*2
8
557 May 733 Dec
8
687
8 684 6812 88
6814 6814 6814 2,100 Endicott-Johnson Corp_ 50 68 Jan 27 72 Jan 9
69'i 68
6912 6912 69
Jan
114 114 *1133 114
Do pref
100 11212 Jan 21 114 Jan 29 10512June 115
100
4
4 114
4
115 *1133
r... *1133
•1124 115 411312
18 Dec 2412 14111(
8
100 Exchange Buffet Corp_No par 183 Jan 23 198 Jan 3
181 *184 194 *1812 1912 *1812 1912
1881 -*1812 20
•184 20
412 Jan
2 Dec
3 Jan 5
212 Jan 10
Fairbanks Co
25
24 34 *24 34
*214 31
: •
*214 31
*214 312 *24 31
3414 33
2512 May 34 Dec
7 3414 337 34
100 3214 Jan 2 357 Jan 7
3414 3414 1,700 Fairbanks Morse
337 34
8
343
8 34
*34
Jan 9812 Des
933 9538 9414 9514 19,000 Famous Players-Lasky_No par 9314 Jan 27 1003 Jan 10
4
61
9412 95
9614 9314 95
8
9618 9712 95
87% Jan 10812 Dec
Do pref (8%)
100 10514 Jan 19 110 Jan 8
600
106 1061 •105 107
107 108
107
106 106
106 106
*10612
7412 May 12212 Deo
134 1353 *133 134
1,100 Federal Light & TraeNopar 11412 Jan 3 137 Jan 9
136 13612 135 135 *132 l33'I 133 136
4
518 Apr243 Deo
8
900 Federal Mining & Smelt's-100 203 Jan 28 25 Jan 19
23
23
21
20 8 203
3
2012 201
23
s 21
2318 2318 22
4112 Jan 6412 Dee
*6012 61
61
61
614 613
Do pref
100 6014 Jan 5 6414 Jan 15
2.300
61
61
6112 61
4 61
62
151 1531s 1,100 Fidel Phan Fire Ins of N Y__25 14712 Jan 6 16614 Jan 12 118 Ma 146 Deo
159 159 *156 158 *154 158
15712 161
4155 160
8
912 Jan 133 Jan
12 Jan 8 13 Jan 15
400 Fifth Avenue Bus
No par
*1212 13
13
13
13
13
*1212 13
13
13
13
*12
Jan240 Deo
____
____
____
__ _
_
Fisher Body Corp
__ ____
---No par 239 San 2 230 Jan 12 163
*240 272
5'1June 13% Dec
8
11 Jan 23 133 Jan 2
No par
113Y 17,800 FIsk Rubber
8
7116 11 8 1113 118 1118 --8
-7111 12
8
114 12
114 12
3818 July 86 De3
sigi
82 z80
Do 1st pref
100 7512 Jan 16 854 Jan 14
7914 7912 1,000
*79
794 794 80
*784 79
80
4414 Jan 904 Nov
0834 844 834 834 813 83's 817 821
No purl 814 Jan 27 8612 Jan 2
823
8 824 833 12,500 Fleischman Co
2
: 82
2
4
8
6612 Jan 941 Dec
8
35,680 Foundation Co
10314 1051 1033 105
8
1033 106
8
9918 1017 101 104
No part 90 Jan 6 101 Jan 28
4
99 100
97 Jan 20 113 Jan 2
97 10
74 Sept13 8 Jan
7
4
No pan
103 1012 6,700 Freeport Texas Co
8
10
11
9 8 10
7
104
1012 1012 10
7 Jan
Oct
314
83 Jan 12
8
44 Jan 2
No par
3,930 Gardner Motor
63
4 7
7
7 14
7
7
7
73
4
714 714
78 8
4544 55
3512 May 53 Dec
No par 51 Jan 5 5812 Jan 10
53 53
*5312 54
54
54
54
5414 5414 53
700 Gen Amer Tank Car
92 Feb 9912 Dec
99
*98
99 .91
495
Do pref
100 9712 Jan 6 99 Jan 19
100
*98
99
.98
99
98 98
99
8
8
313 Apr 633 Dee
100 5618 Jan 19 6334 Jan 2
6012 584 61
34,200 General Asphalt
584 574 5914 58
3
8
5734 584 573 58 4 57
71 18 Apr 100 Deo
Do pref
9914 9914 9912 100
100 9512 Jan 5 100 Jan 2
1.600
9912 100
9612 9914 9914 97 97
•96
Jan 160 Sept
93
14114 14212 14334 14334 14214 14214 141 142 *143 145
4
No par 140 Jan 16 1473 Jan 2
1,000 General Baking
*140 144
947 95
96
8214 Apr 984 Dec
957
9434 9514 95
*94
100 1414 Jan 28 9812 Jan 10
95
95
96
2,000 General Cigar.Inc
*95
Do pref
3
3
100 105 Jan 3 103 Jan 5 10114 Mar 106 Deo
100
4
4
•10614 108 •107 108 4 *107 1083 107 107 *10614 1083 *10612 10834
Apr 109 Dee
Do debenture pref
100 107 Jan 5 109 Jan 23 100
'
310812 112 *10814 112 *10814 112 *109 113 *109 113 *109 113
100 30212 Jan 12 320 Jan 2 19312 Jan 322 Dee
4
8
$10 3101 307 3104 305 30812 30313 3061 30312 30712 30414 3093 21.300 General Electric
11 Jan 2 114 Jan 3
1012 Apr 1112 July
10
Do special
1118 1114 1118 1114 1114 1114 1114 1114 1118 1114 1118 1114 8.000
8
7312 741
8 7314 7414 7312 747
553 Oct 66% Dec
4
73 4 75
3
737k 747 181,000 General Motors Corp_No par 613 Jan 5 754 Jan 23
744 75
95
*90
95 .90
94
94
*90
95
80 June 93 Dee
100 93 Jan 9 9412 Jan 21
*90
95
Do pref
100
95
•90
*90
95
*90
95
94 94
94
8018 June 9312 Dec
Do deb stock (6%)
200
*90
94
100 9212 Jan 8 91 Jan 13
95
95
*90
108 10814 108 1044 6,400
106131061s 1067 1074 107 10714 107 108
954 July 10312 Dec
Do 7% pref
100 102 Jan 5 1084 Jan 30
4413 433 4433 4312 44
4418 4514 4512 46% 4618 4712 97,100 General Petroleum
4
383 June 45 Aug
8
25 42 Jan 16 4712 Jan 30
44
Jam
5514 5534 *54
5514 •5412 55
544 55
31 June 55
1,000 General Refractories___No par 53 Jan 7 534 Jan 14
5512 551
*55
56
474 June 64% Dec
5314 5312 5412 10,000 Gimbel Bros
4
5212 513 5314 53
513 5213 52
8
s
No par 5t3 Jan li 57 Jan 13
524 53
10318 10318 1034 1034 103 103 *103 10314
Jan 107 Befit
99
100 103 Jan 29 10514 Jan 20
300
•103 105 *102 104
DO Prof
23
23
23
23
*23
24
24
23
23
21 Dec 274 Nov
400 Ginter Co
227 Jan 15 2512 Jan 3
8
No par
2314 231 *23
8 1312 1334 133 14% 147 1514 147 154 23,900 Glidden Co
4
8 June 15 Nov
134 13'4 1312 133
13 Jan 19 15 8 Jan 29
No par
8
4112 3.300 Gold Dud Corp
2812 Apr 437 Nov
No par 40 Jan 5 424 Jan 2
4114 4ls 4012 4012 404 4012 4012 4112 4112 4112 41
38 Dec
4214 4512 411: 437 26,2001 Goodrich Co(B F)
8 41% 447
4218 404 423
424 427
s 40
8
17 Jun
No par 363 Jan 5 4512 Jan 15
4
*9412 95
94
9412 *9412 95
95
96
9412 95
7014 May 92 Dec
DO pref
1,200
*9412 95
100 92 Jan 3 96 Jan 10
8
Jan 901 Dec
8912 4,400 Goodyear T & EtUb Of v t c_100 8618 Jan 0 933 Jan 10
88
8814 68
88
87
88
88
88
89
39
891
8
89
(4106 1061 *106 1061s 106 106 *10512 106 *10512 106
8814 Jan 1084 Dec
Do prior pref
200
1054 10512
100 10314 Jan 5 107 Jan 22
8
1814 1812 18
104 19'4 1914 19'4 1834 187 •1812 19
41
1212 Apr 2I7 Dec
1914 2,400 Granby Cons Min Sm & Pr_100 18 Jan 30 2114 Jan II
918 Jam
54 51
212 Oct
5
5
*5
53
*4
800 Gray & Davis, Ine....No par
53
4 *413 5
718 Jan 3
414 Jan 2
8
44 53
8
7 937k 9114 924 913 924 917 9212 923 9213 4,200 Great Western Sugar
4
8314 Oct 967 Dec
8
25 91 Jan 16 94 Jan 7
924 931e 92
8
1718 1712 1712 18
10 May 217 Dec
174 173
4 1712 17
18
1,300 Greene Cananea Copper... 100
17
17
17
1914 Jan 2
17 Jan 2'
54 538
700 Guantanamo Sugar____No par
4 534
53
4
54 53
48 Nov 1018 Fet
612 Jan 5
538 Jan 30
*53
4 6
*53
4 6
5 4 511
1
8 8514 87
8538 863
857 8734 87
867
8
86
62 May 894 Fet
88
9114 Jan 3
884 15.800 Gulf States Steel
100 84 Jan 16
8714
3214 321s 3112 321
:
31 Sept 4434 Fet
3114 32
3114 317 17,200 Hartman CorporatIon_No par 3114 Jan 29 3712 Jan 7
323 3314 321 33
8
8
3718 3712 367 3812 3738 377s 6,200 Hayes Wheel
3214 May 527 Fet
374 377
3712 38
38
100 367 Jan 29 4314 Jan 3
38
4813 473 48
4814 4314 445
4814 Dec 5178 Dee
900 Hoe(R)& Co Class A_No par 47 Jan 13 437 Jan 9
8
484 48
8
4
48's
•481 48 4 *483
: 3
447 45
4534 453
46
4514 4614 46
46
35 July 5612 Jar
900 Homestake Mining
4612 48
100 43 Jan 2 50 Jan 12
•46
8 3612 384 3614 3612 3638 3633 4.200 Household Prod. Inc-No Par 3412 Jan 5 373 Jan 20
313 Apr 38 Nos
8
8
3614 364 3614 36's 3614 363
Apr 8212 Fet
4
61
4
8 8018 8184 8134 8312 823 85
8312 8433 31.300 Houston 011 of Texas
100 7712 Jan 5 85 Jan 29
80% 814 793 823
3412 354 343 353
2012 May 36 De(
4
8 35
35
35's 3412 343
3612 Jan 23
354 15.300 Hudson Motor Car---No Par 333 Jan
4
3
35 8 36
Jar
154 153
1518 16
1118 May 18
4 153 1614 154 157
15 4 157
8
4
Jan 5
8 7,000 Hupp Motor Car CorP
4154 16
194
- 10 1518 Jan 21
23 De(
8
12 Jan
114 Jan 8
Hydraulic Steel
1 Jan 5
No par
4
33 May 10 De(
733 -II --;1 -.
9
9
Iii- -- .- -ii- -- - -iii4 -- .- •
9
7:4 Jan 29
Do wet
8 ii -;ii2 -ii- ---io5
6 Jan 5
100
53 Sept 1614 Dot
4
4 16
8
4 1714 1714 1814 1834, 204 197 2314 149,100 Independent 011 & Ga.s.No par 1312 Jan 5 2314 Jan 3)
17
1712 164 163
*1612 17
*1612 17
154 June 2514 Fet
200 Indian Motocycle
*1812 17
1612 161 •1614 17
1614 Jan 8 20 Jan 3
No par
*1613 17
712 JUI114
34 kpr
74 73 11,000 Indian Refining
8
4
67
8 74
Jan 29
714 73
74 74
7'
718 74
64 6%
512 Jan 2
10
*85
*85
91
*85
91
60 Mar 75 Del
91
91
Do prat
*85
91
*85
91
1.85
100 80 Jan 5 95 Jan 7
3112 May 484 No1
4612 4612 4612 4612 4612 47
47
467 497 15.000 Inland Steel
8
46
4
No par 453 Jan 7 497 Jan 30
47
4
47
4
110 *108 110 *10712 10918 *10712 110
Do prat
100
10912 1094
No par 107 Jan 3 110 Jan 22 10114 Jan 1071 De(
*108 1094 *108
4 224 3038 6,300 Inspiration Cons Copper.- 20 284 Jan 27 323 Jan 12
8 2834 294 2914 203
8
2418 293
2218 Feb 337 Del
8
4
297 30
30
30
918 Jas
101 104 1012 1114 1012 1118
:
11
1112 1112 1138 111
3 June
123
8 5,400 Internat AgrIcul new
8
718 Jan 7 123 Jan 31
No pa
113 11318 1,500 Int Business Machlnes_No par 112 Jan 27 11912 Jan 9
11278 113
8
11218 113
112 113
114
83 Apr 1187 De
•11212 114 *11212
54
531 544 53 4 5614 5.739 International Cernent_No par 52 Jan 5 5114 Jan 30
8
534 5312 54
1
4014 Apr 5912 Nol
45334 6414 5314 54
3212 324 3212 11,400 Inter Combus Engine.
313 3218 317 3212 32
4
22 Mar 39 De
.No par 313 Jan 21 3714 Jan 2
324 33
4
2
324 3 4
78
Jan 11012 De
8
10518 Jan 16 1107 .Ian 23
8
4 107 1087 1074 10314 5.700 International Harvester_10
1083 10912 10714 1084 10611 1074 1064 108
4
1143 1143 11412 11412
4
4
4
4
Do prat
500
4 1143 1143 *11412 115
4
100 11412 Jan 21 115 Jan 3 106 Feb 11512 Not
•1143 11518 1143 1143
4
133
123 1312 13
4
2 7,000 rut Mercantile Marine____100
4
154 De
1318 *123 13
634 Jan
13
8
1212 Jan 6 137 Jan 13
4
41234 1314 123 134
8
4
DO Prof
32,100
4 443 4614 4518 4512 454 4612 4614 48
2612 Mar 473 De
4412 463
100 4314 Jan 5 4814 Jan 12
447 45
9
263
8
30
9
teo
26
:
s
27
1112 May 27, DO
4
63 26 2 25, 2638 2024 93 8 9712 9813 83, 00 InD rnationaI Nickel (The)25 2514 Jan 15 28 Jan 30
58
*9 2 , 97 4 977 9778 .6
::
% 97
' 95
9, 26 2 *26 4 26
2614 96
7512 May 95 No.
Prof
8
94 Jan 6 977 Jun 28
10
557 5612 13,800 International Paper
567
3412 Apr 60 De
100 5418 Jan 26 62 Jan 13
544 5612 5414 5512 5518 5612 56
5 1 57
61
7312 7312 7312 *72
7312 .72
Do stamped prof
300
7312
6212 Mar 74% Oc
7313 *72
8
100 73 Jan 8 :74 4 Jan 12
7312 7312 *72
11512 11512 *115 116 *115 116
,
Apr 119 No
300 International Shoe
116 116
73
116
No pa 115 Jan 2 11712 Jan 14
1164 1 1 2 *1 1511 1,„
20,12 *119 12012 *11914 12012 *11912 12012 *11912 12012
Do pref
100 11912 Jan 8 11912 Jan 8 11514 May 11918 De
9
0
*119 126115 *1 1,
903 93
4
4
4,200 Internal Telep & Teleg_ 100 90 Jan 5 9614 Jan 3
4 903 91
66 Feb 94 De
92
93
4
vI1
4 903 903
9i
9112 92
*2412 2514 *25
254 2514 2514
25
500 Intertype Corp
2412 Dec 3212 Ma
No par 248 Jan 15 2612 Jan 5
2514 25
'244 2514 *25
Invincible 011 Corp___ _No par
__
1878 Jai
1012 July
8
1512 Jan 2 223 Jan 9
*50
523
86
4
893
4 86
200 Iron Products CorP._ No par 85 Jan 27 99 Jan 7
*80
8
3912 Apr 1003 De
82
82
iii iiiiii Ii
163 Apr 2314 Jai
8
200 Jewel Tea. Inn
4
4 1912 1912 *1912 193
4
1812 Jan 21 2012 Jan 3
10
4193 2012 *193 2014 51911 193
4
0 20
600
10312 104 *103 104t2 104 104
78 Mar 106 De
Do prof
100 1024 Jan 19 1043 Jan 8
4
104 104 *10312 105
aioei. 1O4 .
v en
ar value changed from $100 to $50 and prices on that basis beginning June 3. a Ex-rights.
prices: no sales on tills day.
•Bld and asked

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

562

New York Stock Record-Continued-Page 4

For sales during the week of stocks usually Inactive, see fourth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Jan. 24.

Monday,
Jan. 28.

Tuesday,
Jan. 27.

Wednesday
Jan. 28.

Thursday,
Jan. 29.

Friday,
Jan. 30.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

ERIC SHARE
Range for Year 1925.
On basis of 100-share lots.

PER SHARE
Range for Previous
Year 1924.

Lowest
Lowest
Highest
Highest
$ per share $ per share $ per share $ per share IS per share $ per share Shares. Indus. & Miscall. (Con.) Par $ per share $ per share
$ per share $ Per share
'
31812 19
18% 185
19
*19
8 19
1912 19
19
1938 198
700 Jones Bros Tea,Inc
100 1818 Jan 19 2078 Jan 3
1434 Sept 2712 Jan
42
434 4214 4313 44
4414 4412 43 44
4514 4434 454 12,700 Jordan Motor Car
No par 42 Jan 27 5214 Jan 3
2134 May 6258 Dee
5
8
5
8
5
8
5
8
5
8 114
5
8
5
8
1
114
15,700 Kansas & QM
10
% 1
58 Jan 5
Jan
% May
114 Jan 28
1
'2414 25
2312 25
2338 24
2338 234 224 2234 22
2234 3,600 Kayser (J) Co v t c----No par 22 Jan 30 2734 Jan 5
1614 Aug 38 8 Jan
3
"86 89 *8412 8712 *80
8712 '80
87 '7612 77 *84
Do lst prat
87
No par 8912 Jan 12 90 Jan 13
77 Aug 10212 Feb
16
16
15
1512 15
15% 141 151
15
1512 15
1534 6,400 Kelly-Springfield Tire
25 145 Jan 21 1734 Jan 3
8
934 June 35 Jan
*4414 50 *4414 50 *44
49 *4334 48
48
48
*4334 48
Do 8% prat
200
100 44 Jan 22 51 Jan 5
33 June 88 Jan
*50
52 *50
52 '50 52 *50
52 *50
52 "50 52
Do 6% prat
100 52 Jan 10 5212 Jan 7
40 June 78% Jan
94 94
951 9512 "94
98
93 94
95
9812 96
99
1,700 Kelsey Wheel, Inc
100 9211 Jan 21 101 Jan 13
76 May 104 Dec
. 5414 5514 533 543* 537 543
55
5.51
8
4 5414 547 , 5418 5538 56,700 Kennecott Copper
No Par 533* Jan 27 6734 Jan 13
34% Jan 573 Dec
2
178 17
17
2
17
2
2
11
2
18
17
2
1,900 Keystone Tire & Rubber... 10
178 Jan 9
438 Jan
2% Jan 5
112 Oct
80 80 *80 82
7834 7834 78
78
7812 7834 '78
79
506 Kinney Co
No par 78 Jan 28 87 Jan 3
5214 May 8614 Dec
•466 470 '462 470 •462 470 461 461
470 510 49934 50012 1,300 Kresge(88) Co
100 461 Jan 28 510 Jan 29 28712 Jan 47514 DOO
• 34
34
34 3412 34
34
3212 3318 *33
34
33
33% 1,600 Kresge Dept Stores._ _No par 3112 Jan 21 453 Jan 7
4
7
4212 Nov 62 June
12512 12634 128 13412 13378 139
1375 139
*
130 134
132 13234 3,200 Laclede Gas L (St Louis)_100 11014 Jan 5 139 Jan 27
79 Jan 113 Nov
.1212 1312 *1212 1314 *1212 1234 1212 1212 1212 1212 "1212 1234 1,100 Lee Rubber & Tire. .:No par 1214
Jan 5 1312 Jan 15
8 May 17% Jan
*6512 68
65 654 84
6412 6414 6414 6412 6412 6512 6512
900 Liggett & Myers Tobnew_ 25 64 Jan 27 67% Jan 13
50 Mar 683 Dec
4
*11612 118 *11612 118 117 3 1174 *11612 118
7
11612 118
11612 118
Do prat
100
100 11612 Jan 16 11814 Jan 8 11478 July 121 June
6.484 65% 633 64% 627 64
4
*
62 * 6312 63% 637
7
8 64
6414 6,400
Do "B" new
25 62% Jan 27 673* Jan 7 48% Mar 6812 Dee
7014 7114 6912 70
69 6914 68% 6934 6812 6912 6914 693* 4,300 Llme. Loc Wks tern ett_No par 6812 Jan 29 745* Jan 14
56 June 71 Dee
23% 2312 2312 2312 23
2312 2234 23
2278 '2314 23% 2312 10,600 Loew's Incorporated__No par 2214 Jan 6 25 Jan 12
1518 June 25 Dec
614 614
6% 618
618 618
6
6
6
6
6
6% 3,100 Loft Incorporated
No pox
6 Jan 28
834 Jan
512 Apr
68 Jan 12
'78 80
78 78
7714 7812 '77
79
79
79
*78
79
1,000 Loose-Wiles Biscuit
100 7714 Jan 27 8418 Jan 12
50 Mar 84 Nov
3014 33
314 3234 3214 334 34
35
334 3412 334 3412 31,400 Lorillard new
25 304 Jan 24 377 Jan 13
333* Dec 404 July
*109 1102 +109 11034 *109 111 *109 111 *109 111
11034 11034
Do pref
100
100 109 Jan 6 112 Jan 12 112 Nov 117 Feb
203s 203
4 2014 203
4 1934 2014 197s 204 204 214 2034 2114 58,200 Louisiana 011
No par 1634 Jan 7 2214 Jan9-3814 3814 38
3913 374 38
3713 3778 3734 38
3734 3813 4,700 Ludlum Steel
No par 32 Jan 5 4012 Jan 19
17 Oct 3814 Deo
11712 11712 1174 1174 *116 118
114 118 *11614 1174 1164 118
200 Mackay Companies
100 115 Jan 15 11712 Jan 24 107 Jan 119 Aug
12134 12212 12012 12214 119 120% 11912 12112 12112 13412 133% 13934 95,400 Mack Trucks, Ino
No par 117 Jan 16 1398 Jan 30
753 Apr 1188 Dec
*105 106
10434 10134 101 101
104 104
105 105
10512 106
Do 1st pre
500
100 104 Jan 27 10678 Jan 5 95% Jan 10714 Dec
3991 10012 *9912 10012 *9912 10312 10012 10012 10014 1003
*9912 101 '
Do 2d pref
83
300
100 99 Jan 2 10012 Jan 29
87 Apr 10114 Dec
•118 121 '117 120 '115 120 "11412 11812 12438 130
114 118
200
Do 2d paid
116 Jan 5 130 Jan 29
93 Oct 115 Dee
78
7914 77% 7712 76
77
76
7614 753 77
4
7514 7618 3,200 Macy (11. H)& Co,Ino_No par 6912 Jan 3 8412 Jan 10
59 May 7112 Dec
424 424 4134 4212 41
4138 404 41
41
42
4034 42
5,200 Magma Copper
No par 40 Jan 5 4414 Jan 2
2618 June 455* Dee
8
35 * 37
34
365* 333 34
323* 3312 33
335
8 3214 33% 11,900 Mallinson (KR)& Co_No par 3114 Jan 16 3712 Jan 23
18 Mar 4112 Dec
*84 87 '84 88 *84
86
*81
85
84
84 *84
86
100
Do pref
100 3314 Jan 15 86 Jan 16
7834 July 93 Dec
*5114 52
51
51
51
51
50% 5012 '
74912 51
*50
51
500 Manati Sugar
No par ,50 Jan 5 5112 Jan 7
45 July 6934 Mar
•78 80 *78 80 '78 80 '78 80 *78
80 '78
Do pref
80
100 80 Jan 6 80 Jan 6
78 Oct 87 Mar
*441g 47
44
448 4618 44
44
44 '44
48
4412 45
1,900 Manhattan Elea SupplyNo par 437 Jan 2 54 Jan 3
33% Mar 4934 July
2612 264 26
264 25 4 26
3
253 2714 2878 284 264 274 4.1300 Manhattan Shirt
4
25 2518 Jan 20 3034 Jan 3
2612 Dec 44 Jan
2914 2934 2912 2912 *29% 295* 29
294 2912 2958 *2914 294 1,200 Manila Electric Corp_No par 29 Jan 28 30 Jan 3
2834 Dec 3112 Dec
3
29 2912 283 2912 238 30
4
293 3014 283 303* 3012 3414 67,100 Maracaibo Oil Expl-No par 2715 Jan 8 34% Jan 30
4
4
243* Oct 3712 Jan
4414 44% 44 447
4312 445* 44
453* 4412 45% 4412 46 156.700 Marland 011
No par 3814 Jan 2 454 Jan 29
29 May 42 Feb
•12
1212 12
12 *12
1212 12
124 1134 1134 *12
124
900 Marlin-Rockwell
No par 1034 Jan 14 1234 Jan 22
8 Jan 1784 Mar
3212 3212 33% 34
3312 3334 3312 3334 334 3414 334 34
1.500 Martin-Parry Corp--No par 32 Jan 23 374 Jan 7
31% Nov 373* Jan
53% 534 a52
52 52
53
5214 5214 53 55
5512 5712 5.900 Mathieson Alkali Works__ 50 51 Jan 8 5734 Jan 2
2958 May 5834 Dec
7718 7814 7614 7712 745 7634 7614 7712 77 80% 78
Maxwell Motor Class A__100 7458 Jan 27 8134 Jan 13
79 27,300
38 Apr 8418 Dec
35 3512 34 3512 3314 3414 334 344 3414 354 35
3514 37.400 Maxwell Motor Class B No par 3314 Jan 27 38
1018 Apr 3934 Dee
10612 10612 106 106
10312 10512 10558 10613 1067 1073 10612 10712 8.700 May Daptrtment Stores...100 10312 Jan 27 11134 Jan 13
8
4
Jan 2
8212 Apr 115 Dec
'91
92
*91
92 *90
91 "90
91
*90
92
90
91
300 McCrory Stores Class B No par 90 Jan 30 9112 Jan 13
86 Oct 10634 July
* 163 163
16% 167
4
4
4 163 1634 16% 165* *1618 17 *1612 17
900 McIntyre Porcupine Mines._
16 Jan 2 17 Jan 2
14% Dec 1814 Jan
k
9812 997 '9812 997 *99 994 9912 9912 *9212 993
s
4 9934 994
No par 93 Jan 7 997 Jan 30
300 Metro Ellson Power
9014 AM 101 Dee
1878 19
188 1878 1878 19
19
19 •1878 19
1878 19
1,303 Metro-Goldwyn Pictures pt.27 13 Jan 3 193 Jan 13
15 Sept 19 Dec
16% 164 165 17
8
1612 1714 17
1714 17
1758 1638 1714 19,300 Mexican Seaboard 011 No par 15 Jan 20 2212 Jan 6
144 Jan 2534 Sept
8
2334 233
4 233 234 2314 2312 23
2314 2318 234 2314 2334 6,400 Miami Copper
5 2214 Jan 5 244 Jan 13
20 May 25 Aug
112 I%
112 15
8
112 158
112
2
112 152
112 138 10,300 Middle States Oil Corp..... 10
15 Jan 13
118 Jan 2
1 Aug
678 Jan
•102 10212 102 10212 102 102 '101 10112 101 101% '102 10212
403 Midland Steel Prod prof _100 96 Jan 2 104 Jan 14
9112 June 98 Nov
*29 3018 "29
3012 *29
304 •29
304 *28
30 *28
30
Mld vale Steel
53 2918 Jan 3 3018 Jan 10
2312 Oct 3414 Feb
*69 6912 683* 68 4 6814 6812 68 68
3
68 68
69
70
1,700 Montana Power
100 68 Jan 28 72 Jan 3
6114 June 7434 Dec
523 53% 5114 528 50% 5134 51
4
513* 513* 525
513 52 51,400 Montg Ward & Co III corp_10 4612 Jan 2 555* Jan 13
8
213 May 4812 Dec
4
2414 23% 24
4 24
2412 243
2312 234 2312 234 23
21
No par 23 Jan 30 2512 Jan 13
5,70) Moon Motors
1712 Oct 2712 Feb
82 8%
818
858
8% 812
812 812
83* 812
8% 812 13,800 Mother Lode Coalition_No par
818 Jan 30
9% Jan 2
6 May
914 Feb
•15
1512 "15
152 15
15
15
15
'15
15
*1434 153
3
403 Mullins Body Corp-.-No par 15 Jan 27 173* Jan 3
9 Mar 1814 Dee
'3312 333
4 333 3334 3384 3312 *33
4
3312 *3212 3313 *3212 334
403 Munslngwear Co
No par 33 Jan 7 34 Jan 23
2918 July 3914 Jan
4
246 4 2463 227 240 229 23612 2443 270 I 262 288 254 250
3
4
4,593 Nash Motors Co
No par 19312 Jan 5 290 Jan 19
98% Apr 204 Dec
10412 10412 10412 10412 10438 10133'102 103 *10112 105
105 105
400
100 10334 Jan 21 10512 Jan 16
Do pref
9814 July 1043* Nov
67
7
7 14
7
7
63
4
6% 7
77 Jan 13
*612 7
*612 7
50
400 National Acme
63 Jan 9
334 Oct 1015 Jan
70% 70
7014 6312 7014 6312 6914 69
701* 7012 70
7014 11,000 National Biscuit
25 6312 Jan 28 75 Jan 2 5014 Mar 7714 Sept
122 12514 *122 12514 •122 12514 *12212 12512 *12212 12512
•122 126
Da prat'
100 128 Jan 7 1264 Jan 3 12012 Jan 12634 Dec
704 7214 73
78
75 7534 7.5
754 73
7312 7212 74
4,600 National Cloak Je Salt__ 100 66 Jan 20 78 Jan 26
44 June 701 Dec
100 100 100 10014 10012 10012 *102 103 103 104
10312 10312 1.100
Do pref
100 99 Jan 13 104 Jan 29
9112 Mar 10078 Dec
47 4734 4714 483
4714 4734 4712 48
8 47 477
4738 484 10,000 Nat Dairy Prod tern ctfallo par 42 Jan 2 484 Jan 26
3018 Apr 4414 Dec
7
40 40% 40 40
3934 40
397 39
8
40
41
40
40
2,300 Nat Department Stores No par 3812 Jan 2 42 Jan 8
3514 Oct 43 Jan
100 100 1004 10334 *10012 101
100 100
100 10012 100 100
Da pref
1,030
100 100 Jan 16 102 Jan 2
9238 June 101 Dec
*58
59
60 613
8 6012 61
6114 6112 594 6118 60 6014 4,700 Nat Distil Prod prat.....No par 5212 Jan 8 6212 Jan 21
3012 Aug 54 'Dee
35% 355
35 3512 34% 35
3514 35% 3512 3512 35
35
2,900 Nat Enam at Stamping
100 33 Jan 2 357 Jan 21
1812 Sept 44% Jan
88
88 •85 89 "85 88 *85
88
88
83
8514 8514
Do pre(
301)
100 83118 Jan 7 8334 Jan 12
67 Sept 89 Jan
16012 1593 1593 15614 159
4
16012
15614 15314 156 153 1564 15314 2.700 National Lead
100 155 Jan 19 1684 Jan 9 12312 Apr 1694 Aug
11634 11634 117 11714 *11612 11718 "11612
*11612 117
- *11612
300
Do pre
100 116 Jan 5 11714 Jan 27 11112 May 118 Sept
6712 88
67 6778 67 674
694 6938 --71
6914 - _-- 9,500 National Supply
6934
50 6134 Jan 2 71 Jan 29
5812 Oct 7212 Feb
147 15 *15
1514 1434 15 •1412 15
141 1514 15
4
1514 2.700 Nevada Con3o1Copper_ _ 5 1414 Jan 21 164 Jan 7
.
117 Jan 1654 Dee
8
5212 5012 5112 50
5214 5214 52
5112 5012 5113 5312 5314 5,100 NY Air Brake tern ctfs_No par 50 Jan 18 5612 Jan 3
3512 Apr 57 Deo
5 *55
3 573* *555, 574 554 553 *5512 56
*553 57
4
514 554
4
Do Class A
600
No par 543* Jan 30 67 Jan 7
4714 Jan 57 Dec
34
33% 3334 34
34
34
34
34
34
34
3334 333
700 New York Ctnners_ _ _ _No par 33 Jan 20 3514 Jan 8
32 June 37 Dec
2612 2612 2534 2534 *2512 261 *254 2812
27
274 2712 27
4)0 New York Dock
100 251 Jan 28 304 Jan 5
4
19 Jan 3718 May
5312 5312 *5212 55 *5212 55
51
5514 551g 5512 551 5.514
4
Do pref
630
100 524 Jan 14 554 Jan 3
414 Feb 5514 May
__ *50 60 *48 _ __ *46
56 •53
56
*53
53
Niagara Falls Power
100 45% Jan 5 4512 Jan 8 42 Sept 47 May
2812 2814 2814 2814 2814 2818 2814 *28
*46-*28
284 2818 2318, 1,100
Do prof
25 28 Jan 5 29 Jan 2
27 June 29 Sept
4314 4312 4234 4318 4218 4234 4218 4278 423* 433
4214 4214 25,030 North American Co
10 4118 Jan 5 44 Jan 12
22 Jan 45 Dec
4654 467
465 467
8
4634 47
467 467
464 47
47
Do pref
4718 2,700
50 4658 Jan 2 4718 Jan 30
4378 Jan 5014 July
934 10
912 912
9
*8
84
3
9
10
84 9
3
1012 1,200 Nunnally Co
8 Jan 16 104 Jan 30
_
No par
7 Apr
912 Dee
3512 6
*512 6
*512 6
*512 6
*512 6
*512 6
(The)Ontario Silver Mining
512 Jan 22
100
6 Jan 16
43 Mar
4
833 Oct
20 *18
21
2012 20 20 *19
*20
*18
21
*18
21
100 Onyx Hoilery
No par 184 Jan 6 2112 Jan 7
18 May 30 Jan
2614 253 253
4
28
4 254 26
26
26
*253 265* 26
4
2614 4,900 Orpheum Circuit, Ina
1 2534 Jan 16 274 Jan 2
18 Feb 29 Dee
914 *90
90 90
9114 9114 9112 9112 9178 9178 91
1.500 Otis Elevator (k)
50 8912 Jan 5 9212 Jan 10
685 June 92 Dec
8
11
103* 10% 10% 1088 11
1018 1014 1018 103* 10
1112 34,700 Otis Steel
No par
912 Jan 5 1112 Jan 10
614 Nov 1178 Jan
62 62 *61
6234 6212 6212 6314 6414 4.700
6034 61
62
•61
Do pref
109 6012 Jan 14 644 Jan 3')
44 Oct 7434 Mar
464 454 464 4512 4733 4634 474 4612 484 7,709 Owen3 Bottle
461s 464 46
25 4512 Jan 23 504 Jan 3
3914 May 4714 Jan
10312 10312 103 10312 10312 10312 1034 104
10312 10312 *10312 104
800 Pacific Gas & Electric
100 10212 Jan
10412 Jan 10
904 Jan 105 Dee
93
93
*9
4 *9
93
4
9
9
200 Pacific Mall Steamship
94 94 *9
94
3
*9
5
9 Jan
94 Jan 16
7 Apr 1054 Jan
037 603* 5914 604 5912 6214 6214 643 624 65
8
8
5312 514 301,800 Pacific Oil
5312 Jan 3
65 Jan 29
45 Apr 5814 Feb
1514 15
1514 15
1514 1518 1514 12,300 Packard Motor Car
8 15
1514 1512 1514 153
10 15 Jan 1
1614 Jan 3
94 May 1612 Dee
__ 105 105 *105 106 *105 108
•105
105 1051s
1 104
.
Do prof
400
100 10214 Jan
105 Jan 20
8912 Apr 10214 Dec
8 6812 703
6.55s 6638 65 4 - - s 664 684 6812 693
4 6914 7034 57,000 Pan-Amer Petr & Trans
3 873
50 64 Jan
7034 Jan 29
4414 Feb 65 Dee
8 69
71
6934 703 318,000
6514 658 6514 6738 6658 6812 6812 697
4
Do Class B
50 834 Jan
71 Jan 29
4114 Feb 8433 Dee
5
4 4 44
5
53s
3
5
5
5
44 54
8.100 Panhandle Prod & Ret_No par
5
5 14
3 Jan
53s Jan 26
112 Sept
41s Jam
4 14 •13
4 14 *13
4 Fs •13
4 17
Parish & Bing stamped_No par
4 14
*134 178 *13
8 *13
112 Jan 1
13 Jan 12
4
134 Des
3 July
4
3212 33
33
3234 3314 3254 3314 3,000 Park & Tilford
3314 33
*33
3312 33
No par 3214 Jan 1
3512 Jan 10
24 Sept 3534 Dee
194 20
194 197
214 1912 20
8 1914 1914 2,000 Penn Coal & Coke
21
2112 2112
50 1914 Jan 30 264 Jan 2
1814 Nov 3018 Jan
2% 23
212 278
4
212 27 81,200 Penn-Seaboard St'l vto No par
212 27
8
234 3
234 3
134 Jan
3 Jan 9
14 Oct
414 Jan
118 11512 *115 116
114 11412 1134 1134 2.600 People's0L & C (Ch1c).-.100 112 Jan I 11512
115 11538 11312 114
Jan 22
9234 Apr 11912 Dec
5418 54
544 534 534 3,600 Philadelphia Co (Pittab)._ 50 534 Jan 30 5712 Jan 7
544 5413 5414 5412 544 5414 54
4278 May 57% Dec
346
4612 •46
4612 4612 *4614 47 '
*4614 47
Do pref
47
47%
*40
100
50 4512 Jan 5 47 Jan
4214 Jan 47 Jan
4678 484 4834 14,800 Phlia & Read C & I w I_No par 48 Jan 29 5212 Jan 13
49 493* 4834 4914 4834 494 4858 494 48
9
3412 Mar 5414 Des
*4834 4912 *4734 484 *4734 4813
*4834 4934 •4838 49 *4812 49
Do pref
No par 5012 Jan 23 5012 Jan 23
35 Mar 524 July
78 *72
78 *72
78 *72
•70
78 *70
PhillIp3-Jones Corp- _ _No Par 75 Jan 19 904 Jan 12
78
78 *70
44 May 88 July
1418 14
144 1334 144 4,200 Phillip Morris & Co, Ltd_.100 1334 Jan 30
1414 144 144 1412 14
15
15
1614 Jan 5
11 July 2334 Jan
427 445* 4412 453* 445* 453* 183,300 Phillips Petroleum
42
4234 42% 43% 413* 431
No par 354 Jan 5 4552 Jan
2812 Oct4212 Apr
1314 1234 1234 1212 134 1314 134 6,600 Plerce-Arrow Mot Car No par 1212 Jan 29 15 Jan 30
1234 13
13
1314 13
13
64 May 16 Dec
4912 4714 487
4612 4612 4634 47
464 4634 46
Do prof
8 6,300
47 48
100 41 Jan 29 5113 Jan 13
1818 May 54 Des
*8712 891
89
8814 883 *8712 834
89
4 8938 89 s *8712 89
4
Do prior prat
3
300
No par 87 Jan 9 90 Jan 12
5912 June 95 Dec
238 212
238 212
238 212
214 212 12.200 Pierce Oil Corporation
23* 212
25* 212
25
134 Jan 2
212 Jan 21
182 Apr
482 Jan
3314 3334 3313 3334 3212 335
34
334 334 3.100
34
8 3312 34
Do pref
100 254 Jan 2 35581 Jan 21
20 Mar 36 Jan
64 64
64 634
612 634
612 834
64 634 51,800 Plerce Petroleum
612 65,
No par
534 Jan 2
634 Jan 26
44 Oct534 Dec
.52
53
514 52
Pittsburgh Coal of Pa
51
51
*51
100 484 Jan 5 5412 Jan 13
5112 5112 5212 514 5112 1,500
474 Doc 6334 Mar
*9712 99 *9712 99
9712 9734 9712 9712 9713 9712
Do pref
*9712 99
800
100 9712 Jan 211 99 Jan 5
944 Aug100 Apr
102 102 *101 102
101 101
200 Pittsburgh Steel prat
101 101 *101 102 *101 102
100 101 Jan 27 10212 Jan 8
95 Jan 103 Aug
*59 61 •59 61
533 59 *59
4
*5834 60
59
59
5934
300 Pitts Term Coal recta
100 58 Jan 12 6334 Jan 17
584 Dec 6334 Dec
88
88
*8714 8712 874 877 *8714 8712 *8714 8712 8712 8712
Do pre releipts
300
8
100 8578 Jan 2 83 Jan 6
83 Dec 8734 Dee
1453 144 1414 1414 .1418 1412 '1418 1412 1415 1414 14% 1418 1.000 Pittsburgh Utilities pret
100 144 Jan 9 1512 Jan 2
97 Jan 164 Deo
4
14
14 *14
14
14
1412 •14
14
14
1412 14
Do pref certificates
14
600
10 14 Jan 24 15 Jan 15
1118 Feb1612 Dee
99
994 96
9834 954 97
9412 96
9413 964 9612 9612 3,700 Postum Cereal Co Ino-No par 9412 Jan 28 1034 Jan 2
4812 Apr 10312 Dec
1 11412 117 *11412 117 *11412 117 *11412 117 •11412 117 *11412 117
'
Do 8% pre!
10 116 Jan 7 117 Jan 13 110 Feb117 Vet
I
Id and asked pr ces: no sales on this day.
,
s ex-dividend. j Aa ex-new rights.
a No par.
a ex-rights.

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

90

563

New York Stock Record-Continued---Page 5
For sales during the week of stocks usually inactive, see fifth page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Jan. 24.

Monday,
Jan. 26.

Tuesday,
Jan. 27.

Wednesday, Thursday,
Jan. 28.
Jan. 29.

Friday,
Jan. 30.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range for Year 1925.
On basis of 100
-share lots
Lowest

Highest

PER SHARE
Range for Previous
Year 1924.
Lowest

Highest

Indus. & Miscall.(Con.) Par $ per share 3 Per share $ Per share $ Per share
39 Aug 62 Jan
Pressed Steel Car
100 6112 Jan 2 69 Jan 23
67 Aug 90 Feb
Do pref
100 87 Jan 16 9212 Jan 3
223 Apr 4312 Jan
4
Producers & Refiners Corp_ 50 2734 Jan 6 3214 Jan 29
39 Mar 70 Dec
PubServCorp of NJ newNo par 6712 Jan 14 72 Jan 23
9612 Mar 10118 Deo
Do 7% pref
100 99 Jan 7 102 Jan 27
9914 Apr 115 Deo
Do 8% pref
100 110 Jan 5 1124 Jan 28
8
4
Pullman Company
100 14112 Jan 30 1513 Jan 3 11312 Apr 1513 Dec
8
373 Dec 675 Mar
8
Punta Alegre Sugar
50 3912 Jan 2 4714 Jan 7
20 June 3014 Dec
Pure Oil (The)
25 2914 Jan 6 3212 Jan 29
92
Jan 10514 Dec
Do 8% pref
100 10212 Jan 5 10618 Jan 29
8
257 Oct 667 Dee
8
8
Radio Corn of Amer..
.No par 6412 Jan 5 777 Jan 2
45 8 Oct 50 Dec
7
Do pre
50 4934 Jan 5 51 Jan 28
Jan 13712 Dec
4
Railway Steel Spring
100 133 Jan 18 1413 Jan 5 106
Jan 3312 Nov
30
Rand Minas, Ltd
No par 337 Jan 7 3554 Jan 22
8
9 Mar 174 Dec
8
Ray Consolidated Copper_ 10 1438 Jan 30 167 Jan 2
3214 Jan 5412 Dec
Remington Typewriter____100 463 Jan 27 5313 Jan 3
4
4
9014 July 993 Dec
Do 1st pref
100 100 Jan 2 100 Jan 2
9012 May 110 Deo
Do 2d pref
100 109 Jan 21 109 Jan 21
714 June 2314 Nov
Replogle Steel
No par
1914 Jan 30 2314 Jan 13
42 June 633 Dec
8
Republic Iron & Steel
100 574 Jan 16 6438 Jan 3
82 June 95 Mar
Do met
100 93 Jan 27 95 Jan 13
9 8 May 2214 Jan
7
Reynolds Spring
No par
155 Jan 2 18 Jan 5
8
8
615 Mar 793 Dec
8
Reynolds(RJ)Tob Class B 25 7278 Jan 29 7612 Jan 2
Do 7% pref
100 11978 Jan 8 12012 Jan 27 11514 Mar 121 June
86 Mar 96 Sept
Rossia Insurance Co
25 92 Jan 19 93 Jan 8
403 Sept 5912 Feb
8
Royal Dutch Co(N Y shares)_
5118 Jan 21 5718 Jan 30
22
Jan 454 Dec
St Joseph Lead
10 424 Jan 16 4618 Jan 21
8
32 8 Jan 887 Dec
,
Savage Arms Corporation_100 83 Jan 14 91 Jan 22
963 14pr 12914 Aug
4
Schulte Retail Stores__No par 11214 Jan 5 11612 Jan 15
4
8
Do pref
100 110 Jan 6 1123 Jan 16 105 May 1123 Dec
783 May 155 Dec
4
8
100 148 Jan 6 1727 Jan 13
Sears, Roebuck & Co
12 may
614 Jan
15 Jan 5
8
12 Jan 27
Seneca Copper
No par
8 July
4 Apr
Shattuck Arizona Copper_ 10
Vs Jan 3
634 Jan 29
Jan 42 Dee
33
Shell Transport & Trading_ £2 41 Jan 16 454 Jan 30
153 July 2212 Dec
4
Shell Union 011
No par 2212 Jan 6 274 Jan 29
9112 Jan 9912 Dec
Do pref
100 9912 Jan 2 10112 Jan 24
103 Jan 24 Dee
8
Simms Petroleum
4
10 207 Jan 27 263 Jan 12
8
22 Apr 37 Dec
Simmons Co
No par 3258 Jan 16 357 Jan 30
3
15 July 274 Jan
Sinclair Cons Oil Corp_No par 17 Jan 6 24 Jan 30
75 Oct 90 Jan
Do pref
100 783 Jan 2 92 Jan 30
4
1718 July 29 Feb
Skelly 011 Co
25 2418 Jan 6 29 Jan 29
8
52 May 847 Dec
Sloss-Sheffield Steel & Iron 100 82 Jan 5 877 Jan 23
8
Oct 9578 Mar
58
South Porto Rico Sugar_ _ _100 62 Jan 6 69 Jan 23
Spicer Mfg Co
No par 174 Jan 20 1978 Jan 7
78* June 20 Dee
78 July 9814 Dee
Do pref
100 94 Jan 21 96 Jan 5
3112 May 414 Dec
Standard Gas & El Co-No par 4014 Jan 2 46 Jan 10
4
Standard Milling
3912 May 733 Dec
100 684 Jan 29 7113 Jan 5
70 July 85 Mai
Da pref
100 81 Jan 20 82 Jan 3
Standard 011 of California_ 25 615 Jan 20 663 Jan 29
5512 Apr 684 Jai]
4
8
Standard Oil of New Jersey 25 4014 Jan 2 167 Jan 29
33 May 4214 Jar
8
Do pref non-voting___100 1164 Jan 30 11838 Jan 19 1153 Mar 1194 Aul
4
Stand Plate Glass Co__No par 1418 Jan 30 16 Jan 16
14
1318 Oct35 June
Sterling Products
554 Apr6512 Nov
No par 6212 Jan 17 65 Jan 23
Stewart
-Warn Sp Corp_No par 7018 Jan 2 777 Jan 3
4812 July 10078 Jar
8
Stromberg Carburetor_No par 6514 Jan 12 793 Jan 3
8
5412 May 847 Jam
4
StudebrCorp(The)n WI No par 4114 Jan 24 463 Jan 2 • 3012 May 464 Dec
4
Jai
Do pref
100 114 Jan 29 1141 Jan 19 1097 Nov 115
8
4
Submarine Boat
124 Dee
6 Nov
9 8 Jan 27 11 Jan 13
3
No par
Superior Oil
84 Ain
2 8 Jan
3
55 Jan 9
8
47 Jan 17
8
No par
Superior Steel
23 July 35 De(
s
No par 35 Jan 3 413 Jan 10
Sweets Co of America
3 Jai
4
9 Jan 23 113 Jan 7
50
13 Sept
4
Telautograph Corp___No par 117 Jan 15 1412 Jan 2
614 June 1434 Din
8
Tenn Copp & C
934 Jar
912 Jan 30
No par
8 8 Jan 28
3
63 Mar
4
Texas Company (The)____ 25 423 Jan 5 485 Jan 30
8
4
373 June 4538 Jaz
4
Texas Gulf Sulphur
10 10112 Jan 5 10914 Jan 23
5714 Apr 110 Dec
8 Oct 1514 Pet
4
164 1634 1614 1714 157 17
8
8
165 1712 163 173
8
4
4 167 1712 88,500 Texas Pacific Coal & OIL _ 10 1112 Jan 5 173 Jan 29
100 130 Jan 2 143 Jan 30 11614 Oct 151 Fat
7,600 Tidewater 011
*137 138
140 143
14012 141
138 13914 137 1387 13814 140
8
mg 39
3012 398
Jai
3112 May 41
3812 39
3812 383
4 384 383
4 3818 3812 8,700 Timken Roller Bearing_No par 3818 Jan 30 41 Jan 5
.100 70 Jan 2 7712 Jan 13
8
744 74
52 Apr 733 De(
7518 753
12,500 Tobacco Products Corp..
8 745 7512 74
8
75
4
745
8 74
741z 7
Do Class A
100 9318 Jan 2 9838 Jan 13
3,200
8314 Mar 934 Oci
97
973
8 9715 9712 9718 9712 973 973
97 97
8
8
4 977 98
614 Jai
512 Jan 12
478 6
37 Jan 2
8
478 54
3 4 Apr
3
47
8 5
514 54,800 Transcontinental 011___No par
47
e 5
5
5
5 14
32
32
3134 3134 3134 3214 *313 324 313 313
8
700 Transue & Williams St'l No par 31 Jan 3 35 Jan 10
283 Oct 354 Jai
4
4
4
4 313 3134
395 395 *3912 40
8
8
900 Underwood Typewriter... 25 3918 Jan 30 42 Jan 15
3618 Sept 43 Jai
3912 3912 393 393
4
8
8 3918 3918
4 397 397
8
*42
47
700 Union Bag & Paper Corp_ _100 3912 Jan 3) 4513 Jan 2
42
42
3312 Sept 645 Fel
41
"41
4212 41
3912 40
40
40
.21 Jan 3
No pa
*18
14
.22 .22
4 Feb
.30 Jan 30
.23 .23
3 AP
8
4
.25 .30 6,200 Linton 011
.25 .25
14
25 3714 Jan 16 42 Jan 30
3938 3834 3918 387 403
38 8 394 39
7
88,000 Union 011, California
35 Nov 39 Nol
8
8 4058 4158 414 42
*11913 125 -120 125 *121 123
100 11812 Jan 17 12738 Jan 28
1,200 Union Tank Car
8
94
Jan 1327 Sep
12478 12738 122 1267 *12014 124
8
*1153 116 *11514 116
4
Do pref
100 114 Jan 6 11618 Jan 13 1064 Feb 1163 Jull
116 116 *11534 116 *115 116
4
300
1157 1157
8
8
*3214 3212 32
No par 2812 Jan 2 347 Jan 17
32
8
700 United Alloy Steel
*3114 313
20
Oct 37 Fel
8
313
8 3034 307
4 3138 3112 *29
114 11612 115 115
117 117
100 114 Jan 28 1203 Jan 6
4,600 United Drug
8
71 May 1215 De
4
1145 115
8
1145 114 8 114 114
8
,
*5214 5212 5214 5212 523 523 *52
Do 1st pref
50 52 Jan 16 5412 Jan 12
8
8
4612 May 53 De
524 1,200
5212 52
5212 *52
*210 218 *210 217 *210 217 *210 217 *207 217
100 207 Jan 12 231 Jan 3 182
200 United Fruit
Jan 2244 An
211 213
4034 42
3834 4034 3712 39
13 July 48 Do
38
40
4
3812 407
8 393 414 38,600 Universal Pipe & Rad_No par 3712 Jan 27 4712 Jan 3
7884 7778 76
77
13 78
Do pref
100 7314 Jan 16 80 Jan 19
763
77
4 7613 78
4713 Oct 79 Do
783
8 7612 7712 8,500
181 1834 176 183
17514 180
23,200 U S Cast Iron Pipe & Fdy_100 160 Jan 5 185 Jan 23
8
64 Feb 1695 De
178 180
178 1793 178 182
4
11014 11014 109 109 *109 110 *109 1093 *109 110
110 110
pref
Do
100 10312 Jan 9 11014 Jan 26
300
814 Jan 10414 Oa
4
8
3714 3713 365 3714 354 3678 344 3512 3512 367
No par 3414 Jan 28 393 Jan 17
8 35
2112 May 42 De
4
3512 7,000 U S Distrib Corn
*120 ---- *122 ____ *122 ____ *140 ____ *140 ____ •140 ---Do Met
100 14812 Jan 18 154 Jan 8
98 July 168 De
2518 2518 25
2514 *24
25
2412 2413 2413 25
8
247 247
8
8 1,300 U S noir,' Mach Corp_No par 23 Jan 3 2512 Jan 9
165 Mar 243 Oc
8
8
817 8212 807 82
8
79
81
79 8 82 8 7938 8112 793 8118 29,800 U S Industrial Alcohol.._.100 79 Jan 27 88 Jan 2
3
3
6118 May 8714 De
4
*105 107 *106 107
106 106 *104 107
Do pref
100 105 Jan 29 106 Jan 27
300
105 105 *105 107
98 Jan 10634 De
12214 12414 120 12212 12112 12312 12114 12518 124 12712 17,200 U S Realty & Improv't
124 124
100 120 Jan 14 129 Jan 19
90 June 14311 De
4
*1233 125 *12312 12512 *122 125 *122 125 *122 124
Do pref
12214 Jan 2 1273 Jan 19 100 June 143 De
400
125 127
s
4 41
4134 404 4118 4012 414 4118 4214 411/ 417 20,800 United States Rubber
41 13 413
,
100 4012 Jan 28 4412 Jan 13
2212 May 4278 Ja:
8
3
OA
9413 9412 *9412 95
Do 1st prat
100 9414 Jan 16 974 Jan 13
8
4
8 947 95
945 9434 1,500
8
2 043 047
6612 May 957 De
8
353 3618 ' 9 58 3412 35
4
36
3 3 351
-414 4
2
36
3434 35
3412 3634 5,300 US Smelting, Ref & Mln- 50 3412 Jan 28 39 Jan 7
1812 Mar 4112 De
46
46
46
46
46
46
Do pref
4512 4512 4512 4512 *4514 46
8
1,100
50 4514 Jan 14 4612 Jan 5
3712 Mar 467 De
4
12814 1285 1264 1283 12638 1271/ 12534 12712 120 12734 12818 127 210,900 United States Steel Corp.-100 11934 Jan 2 1295 Jan 23
8
944 June 121 De
8
125 12658 125 1257 12478 12514 125 125142124 1244 5,100
1244 125
Do pref
8
100 12258 Jan 2 1265 Jan 26 1183 Feb 123 Jul:
8
1
8
859is 90
*8912 90
89
8912 90
3
90
Jan 88 4 De
600 Utah Copper
90
64
10 86 Jan 8 92 Jan 15
90
*8814 9014
4914 5113 4914 50
5014 51
100 42 Jan 5 53 Jan 22
8,500 Utah Securities
49
8
4
165 Jan 46 De
5012 4914 5012 492 50
2912 273 2812 2714 283
2912 294 29
4
8 28
No par 2714 Jan 28 313 Jan 3
1918 June 3313 Fe]
2814 273 2814 3,800 Vanadium Corp
4
4
*18
'1514 20 "1514 20
20
20
20
100 Van Ralte
*18
*18
21
153 Oct 3318 Jai
4
100 20 Jan 28 2112 Jan 3
21
6914 6413 644 *60
6914 *80
.60
Do Ist pref
65 "60
100
100 6412 Jan 27 6518 Jan 5
*60
67
Jai
53 Sent 80
67
3
278 318
3
23
4 3
278 3
34 June 103 Jai
*278 3
s
4,700 Virginia-Carolina Chem
100
28 3
7
214 Jan 2
Jan 27
133
8 12
1214 12
4
113 134 12
Do pref
1314 1214 1212 1234 134 9,200
4
212 June 343 Jai
100
812 Jan 5 134 Jan 24
112
134
17
8 17
114
114
114
8
Do -13"
114 *114 2
7 Jai
38 June
1,200
No par
2
'11
178 Jan 27
1 Jan 17
84 814
7 8 84
7
8
8
814 84
434 July 1518 Jal
8
1158 1012 1118 29,900 Vlvadou (V)
No par
714 Jan 13 1158 Jan 29
8
8 1713 18
4 175 175
173 173
4
*173 18
4
,
1734 18
14 Apr 20 No
No par 1712 Jan 27 197 Jan 3
8
17 4 184 8.900 Waldorf System
3
177 18
8
4
18
*173 18
18
18
18
185
8 4,400 Weber & Helibroner
1814 174 18
1412 Nov 1912 Ma
1712 Jan 15 1878 Jan 5
No par
*123 13
8
*123 13
8
*125 13
8
'1.24 13
,
*1258 13
100 Wells Fargo
12 8 125
5 Oct 1213 No
5
8
8
1212 Jan 5 125 Jan 8
1
1143 1143 11414 11414 114 114
4
4
115 115 *11412 115
8
600 Western Elea 7% Pref
115 115
100 1133 Jan 9 115 Jan 19 1115 Apr 117 Jut
4
11914 1203 119 4 1207 1203 1215,3 12012 1213
8
8
3
4
1213 1223 12014 121
Western Union Telegraph100 11614 Jan 2 12458 Jan 13 105 May 11834 De
8
4
8 9,100
106 10512 106 10812 105 10513 105 10512 2.000 Westinghouse Air Brake
1063 107
4
4
*1063 107
Jan 111 De
84
8
50 105 Jan 29 1137 Jan 7
751
4 7414 75
7313 7412 72
4
753 7614 75
743
8 7212 7412 28,800 Westinghouse Elea & Mfg- 50 714 Jan 2 84 Jan 3
554 May 75 Ma:
*82
83
84
*82
8514 83
84
84
*83
Do 1st prat
84 8 *82
5
72 Jan 82 De
300
84
100 83 Jan 26 86 Jan 5
1113 11312 *112 115 *112 114 *112 115
4
115 115
*112 116
4712 Jan 127 De
'400 West Penn Co
No par 110 Jan 14 119 Jan 2
a95 / 9512 *953 96
96
8
96
954 9514 96
Do 7% pref
96
8712 Apr 97 De
98
866
98
8
100 947 Jan 6 96 Jan 14
8 2914 294 293 304 303 31
4
2912 2912 2918 2912 2918 295
8
2338 May 293 Fe]
27,100 White Eagle Oil
8
No par 28 Jan 2 31 Jan 30
7212 735s 723 734 723 76
4
8
4 733 75
743
4
74
74
5012 Apr 7213 De
47,800 White Motor
75
50 71 Jan 2 76 Jan 13
78
1
i
s
4
5 Oct
3
4
7
8
3
4
7
8
5
12
Jai
158 Jan 10
3
4
3
8
3 10,700 Wickwire Spencer Steel
4
12 Jan 29
5
247 '.___ 25 *____ 25 *____ 25
8
Do pref
*___ 30 *....,- 255 *22
24 Dec 24 De
100 25 Jan 22 32 Jan 19
94 95
8
958 93
4
94 0 8
3
918 914
032 1014 44,900 Willys-Overland (The)
0 8 10
3
918 _Lan 28 107 Jan 5
25
6 s May 1414 Jai
7
8
724 7414 73
7414 7214 74
8
8 73
725 743
4
Do pref
14,700
75
73 8 741
5
Jai
6112 May 88
100 7214 Jan 28 80 Jan 6
712 712 *74 712
W*712 734
7 8 73
3
8
712 712
418 May 28 Jai
83 Jan 9
4
74 7 8 2.700 Wilson & Co,Inc
7
834 Jan 5
No par
213
8 2114 2112 2112 2112 2112 2178 22
21
Do prof
22
11 Aug 7218 Jai
3,000
24
1 521
100 19 Jan 5 2512 Jan 9
11214 1137 1124 114
8
113 117
11412 11614 58,300 Woolworth Co(F W)n w I_ 25 11214 Jan 28 1257 Jan 7
8
7212 Apr 1263 De
8
11814 11912 11612 1183
4
6634 6514 663
4 6214 66
64
6414 69
694, 70
62 8 653 38,600 Worthington I. & M
7
2314 June 81 De
4
4
100 6214 Jan 29 793 Jan 2
4
8612 8612 *843 8612 *8434 86
87
*86
85
87
68 July 8912 De
Do Dref A
200
85
100 85 Jan 30 88 Jan 9
*86
4
8 7034 703
4
4
4 713 713
713 713 *703 724 *703 715
4
4
Do pref B
300
4
5812 Jan 753 De
8
4
100 7014 Jan 29 737 Jan 14
'713 74
4
1634 1712 17
17
8 17
17
1758 175
8 1,800 Wright Aeronauttoill__No par 1612 Jan 21 233 Jan 2
95 May 233 De
8
8
. 8 1812 1718 175
517 4
s
49
49
49
3 4812 4812 49
8
49
494 2,800 Wrigley(Wm Jr)
35 Apr 463 De
12 4914 487 492
No par 4578 Jan 2 4912 Jan 22
48
4
8 3912 3912
3
800 Yellow Cab Mfg hem ctfs_ 10 394 Jan 29 42 Jan 3
4
393 393 *3914 39 4 *3914 3912 3914 395
4
3938 398
32 Nov 855 Ma
8
72
724 •7112 7213
73
*72
300 y00nestown Sheet dr T No pail 70 Jan 2 76 Jan 12
73
7312 73
598 Oct 72 De
*73
7338
*73

$ Per share $ per share $ per share $ per share $ per share $ per share Shares.
7,100
6614 65
6612 64
66
653 6614 6312 6414 64
8
67
67
600
8912 8912 90
90
90
90
8812 89
89
. *87
3214 3118 3178 20,700
4
4
8 303 3112 31
307
8 293 313
-51:
7 -- 8 30
114 3
077014 20,300
703
4 70
8
8 70
713 717
8
8 707 717
0
7014 70
7012 7
100
__
102 102 *101 102 *101__ *101
*100
_ *101 102
11112 11218 112 112 *110 113
-110 110
500
•110 11112 *110 113
--14234 1423 14214 14314 214112 14112 4,300
4
144 14414 14212 14412 14214 143
4314 444 4312 4414 427 4312 6,300
43
43 8 43
5
8
4314 4458 43
3134 3212 3178 3212 78,900
8 3012 32
3038 307
8
3012 303
4 305 31
10514 10514 10618 10618 *10413 106
500
10412 10412 *105 106
1043 105
4
6614 6218 6578 157,010
5
8 62
4 64 8 665
8
6812 697
8 663 684 6518 663
51
8
8 51
8 505 507
2,100
51
SI
504 51
4 504 505
503 503
4
133 133 *131 13314
400
13312 13312 13314 13314 133 133 *131 133
4
,
*3512
_
*354
*353 3712 *3512 3712 *353
4
*36
37
8 1413 1434 1412 1478 1438
_144 1518 1412 147147 15
8
4814 484 4712 4818 46 4 4714 47 8 4
3
3
8
48
48 "474 4814 2,900
*98 100
4
*98 100
*983 100 *98 100
*983 100
4
*98 100
•10818 112 *10818
*10818 112 *10818 112 *10818 112 *10818 112
4
8 193 2018 193 2014 194 20
8 207
4
2012 2012 203 - ; 20 203
11,500
5712 597
8 58
597 603
8
8 5812 5912 .5818 59
583
4 58
585
8 6,600
89312 94
937
934 *93
9374 *93
93 8 *93
7
*93
200
9312 93
174 1614 1658 16
16
1612 16
163
4 16
1612 17
1612 8,000
74
73
5,400
733
8 72 8 727
7312 743
43 7313 7438 73
7
73
8 73
8
8
__ *120
*12012- _ 1203 1203 12012 12012 *120
300
. *120
__
*92 - 4 *92 Wi 92 -92
92 8 9218 924 92
300
923*92 - -5
92
g
53 8 5418 5314 533
7
8
4 525 535
4 5438 5718 87.900
33
4,
8 5 4 5 8 533 543
4
4414 4338 435
8 435 4414 424 44
4 43
8
443 443
4
4212 4312 5,900
853
4 85
8812 8612 8812 85
85 8 8512 8614 861.8 8814 5,900
7
87
3,700
8
4
114 11412 1133 11412 1144 11412 114 11434 1145 115
11412 115
4
•110 11234 *110 1103 *110 11234 *110 1123 1123 1123 *110 11234
4
100
8
8
15812 1615 1594 15934 161 16412 152 15212 13,000
8
162 1633 161 165
4
12
34
12
34
34
1
1
1
12
5 28,500
8
12
3
8
7
7
*7
714
714
*7
712 *7
63
300
4 63
4 *7
714
8
43 8 427 4278 4278 4312 42
5
4234 423 *43
4
44
434 453
4 8,200
265
8 25 4 2614 264 263
3
26
265
8 26
4 2634 2714 2718 2714 143,000
3
3
4
10112 10112 *99 4 10012 99 4 993 100 100
800
10018 10014 10018 10014
23
2334 2078 23
2112 233
23 4 24
3
8 23
23 8 23
7
2334 65,300
3318 3318 3318 3318 3318 3318 324 3318 33
3314 334 3578 7,300
1912 197
8 197 2012 204 21
21
23
8
2234 23 4 234 24 243,200
3
894 89
90
*89
80s 89
3,000
90
903
4 9012 9118 91
92
263
8 2612 2778 275 283
8
8 28
283
26
4 2814 29
2814 287 133,700
8
8 85
857
8 85
8512 85
8614 867
8512 85
8512 85
883
8 4,500
6612 6612 *65
65
68
*66
65
600
6812 67
68
65
65
1878 18
1818 1818 18
*17
18
1734 1734 1812 1712 1712 2,000
*91
95 t... 90
95
*95
95
200
*95
97
96
96
96
4312 4314 4334 4318 4312 4314 434 8,300
4415 43
43 4 4414 43
3
*66
89
*66
69
*66
69
100
*66
683 683 *66
4
69
4
69
*81
84
84 *_ _ - 84
*80
5931
84
*79
84
*81
84
635 6414 6338 643
8
8
4 635 643
8
4 645 65 8 65
7
663
4 6518 6678 121,600
4312 434 44
42 4 43
3
43
8
44
3
453
4 453 467
4
8 45 4 463 237,200
11712 1173 11734 11734 11712 1174 1173 1173 11718 11712 1167 11714 4,100
4
8
4
4
15
15
*1478 15
147 147
8
8 1413 145
8 1412 1434 144 1418 1,400
65
65
64
6414 64
64
6412 6412 644 2,100
64
64
64
723 73
8
7114 7212 7012 713
7314 18,600
4 703 717
8
4
8 713 7312 z71
*70
7134 67
600
67
68
68
*69
7012 *69
6814 6814
71
43
4314 423 43
4418 444 45 112,900
8
417 4212 414 4214 42
8
*114 115 *114 115 *114 115 *114 115
100
114 114 *114 115
10,600
94 9 4
3
3
10
93
4 93
94 93
94 912
4
97
8 9 8 10
7
4
5
518
5
518
54 5 8
5
514
47
8 5
3
53
8 512 21,200
200
*37
3812 37
*35
37 "35
37
*35
3612 *3512 37
37
900
9
*914 10
10
9
9 8 10
7
9
*93 1012
4
10
10
1314 1312 1312 144 1312 13 8 1312 135
8 1338 134 6,000
8 1312 135
7
88 8 8
5
5
812 912 9,200
83
8 812
812
812
812 8 8
5
83
8 812
4514 4512 4558 46
45 8 464 465 473
7
485 84,300
8
8
812 48
4 474 4
10614 10714 10518 1073 10312 106
1035 1063 104 10513 27,100
8
10414 106
8
4

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

-- 21,600
1ei.

564

New York Stock Exchange—Bond Record, Friday, Weekly and Yearly

"and interest"—except for income and defaulted bonds.
Jan. 1 1909 the Exchange nsethad of quoting bonds /I/ IS changed and prices are now

BONDS
N. Y. STOCK EXCHANGE
Week ending Jan. 30.

"Iva

Price
Friday
Jan. 30.

IVeek's
Range or
Last Sale

High No.
Ask Low
Bid
U. S. Government.
First Liberty Loan
JD 1011544 Sale 1011444 101 1341 884
334% of 1932-1947
1
1012141 1011,44
JD
Cony 4% of 1932-47
252
Sale 1013'44 102
J 13 102
Cony 414% of 1932-47
4
101,544 101
,344
JD 11)13332
24 cony 454% 01 1932-47
Second Liberty Loan
MN 100":4 102344 100"32 1001514
48 of 1927-1042
MN 101444 Sale l003344 l0181 2417
Cony 04% of 1927-1942
Third Liberty Loan
M $ 101 141 Sale 101"31 1011133 998
44% 01 1928
Fourth Liberty loan
AO 1013144 Sale 101:743 10244 2211
434% of 1933-1938
337
.41
322
1947-1052 A 0 104' S1111! 104,1 105
Treasury 4349
1944-1054 JD IOU",, Sale 100,42 1007344 1836
Treasury 45
8
1023 Mar'24
41930 Q
25 consol coupon
9712 Oct'24
1961 QM
Panama Canal 35 gold
State and City Securities.
-414s Corp 8tock.1960 M S
NY City
M S
Registered
1964 M S
4545 Corporate stock
1966 A 0
414s Corporate stock
1971 2 D
444s Corporate stock
434s Corporate stotk_July 19672 J
1965,1 D
434o Corporate Fitock
1063,m s
430 Corporate stock
1959M N
4% Corporate stock
M N
Registered
4% Corporate stock
1)57 M
1958 M N
4% Corporate stock
4% Corporate stock reg_.1956 m N
434% Corporate stock_ _ _ _1957 M N
43-4% Corporate stork__ 1957 M N
M N
Registered
335% Corporate stock_ _ _ _ 1954 M N
New York State Can Imp 45 1961 J J
Highway Improv't 4 As_ _1963 M S
Foreign Government.
1927 F A
Argentine (Govt) 78
1945 M S
Argentine Treasury 5.5.£
Sinking fund 63 Ser A _ _1957 M
Ext1 6s ser B temp_ _Dec 1958
1943 2 1-3
Austrian (Govt) 175
Belgium 25-yr ext s 1 7SO 5_1945 J I)
1911 F A
20 year s 1 88
25 yr ext 640 interim rct5.1949 M S
1955 5 J
Esti s f 6s Inter rets
Bergen (Norway) a f 80___ 1945 M N
1949 A 0
25- years f 6s temp
1945 M N
Berne (City of) s f 8s
Bolivia (Republic of) Fla__ 1947 M N
Bordeaux (City of) 15-Yr 68-1934 M N
Brazil US.external gs _____ .1941 J D
1952 J I)
7s (Central Ry)
7945 (coffee secur) E (flat).1952 A 0
2
Buenos Aires (City) ex. I 63451955
Canada (Dominion of) g Is. _1926 A 0
1931 A 0
58
1929 F A
10-year 510
1952 M N
5s
1954 J J
Carlsbad 'City) s 1 gs
(
Chile (Republic) extl s 88..1941 F A
1926 A 0
External 5-year a I 88
1992 NI N
20-year extl 75
11146 MN
-year f Ss
25
Chinese (Hukuang RI') 1s...1951 J 1)
1945 A 0
Christiania (City) sf88
1951 M S
30-year s 168 II,) rcts
Colombia (Republic)6 S48._ _1927 A 0
Copenhagen 25-year 81 5348.1944 3 J
1944 M S
Cuba Is of 1904
Exter debt 58 1914 Ser A..1949 F A
External loan 43-4s1949 F A
1053J J
Czechoslovak (Repub of) 85_1951 A 0
Sink fund 88 Ser B Int ctfs I952( A 0
Danish Con NI unielp 88"A" 19161F A
1946 F A
Series Ft f fis
1945 A 0
Denmark external s f 8s
1942 J
-year 68
20
Dominican Rep Con Adm f 5558 F A
Custom Administr 5155...1942 M S
Dutch East Indies ext 65._1947 J J
1962 M S
-year 65
40
1953 m g
-year ext 51.48
30
1953 M N
-4
30 year ext 59 8
French Repub 25-yr ext 89_ _19)5 M
21)-yr external loan 734s..1941 2 I)
External 7s of 1921 temp_ _1949 J D
_
Finnish Mun L'n 6 SO _ _1954 A 0
A63.0 Series B Interim etN 1951 A 0
1945 M
Finland (Rep) ext 6s
I949 A 0
German ext'l loan 7s w L
PrO & Ire!(UK of) 53-4s 1937 F A
Gt
192)) F A
10-year cony 51.40
1952 M N
Greater Prague 7 SO
1961M N
lot rets
Greek Govt 7s
Haiti (Republic) Its1952 A 0
.
Hungary (Killed of) s 17 348. 1)144 F A
Ind Bank of Japan 6% roves 1927 F A
Italy (King() of) Ser A 6 Sis. _1925 F A
1 13 J J
Japanese Govt .0 loan 48-1,5 1 F A
30- years 16345
Oriental Development 65 1953 M S
Lyons (City of) 15-year Os_ _1934 M N
Ntarseilles (City on I5-yr 68.1934 M N
Mexican Irrigation 4148-1943 1.1 N
1,113
Assenting s 14 Sis
Mexico(U S) exit 5.s of '99 £ 1915 Q J
1945
Assenting Soot 1899
1954 J D
Gold deb 48 of 1904
Assenting 4s of 1904
Assenting 4s of 1901 large.........
Assenting 45 of 11804 small_ __ _
J
Assenting 4s of 1910
Assenting 48 of 1910 large.........
4s of 1910 small
Assenting
Tress Os of '31 /talent(large)'33
Small
1952 J
Montevideo 75
Netherlands Os (flat prices)...1972 M S
external Os (flat)_ _1954 A 0
-year
30
1940 A 0
Norway external s f 8s
11143 17 A
211-year exti Os
1944 F A
20-year external Os
1952 A 0
-year WI68
30

$5 -=E.

Low

1002031100.x
,
100 ." 101.1,
,
101 3410113n
43
101"34102,
104”4/ 10512m
1001,41100.:1
--- — --

2
10034
10034
10014 Jan'25
8 15
1013
8
1015
101 14 Jan'25
1013
s
_
10618 Sept'24
4
1053
8
10618
10518
8
1055
8
-11053 106 4 1063 Nov'24
8
8
8
1055 10614 1053 Jan'25
10
99
4
983
8
985 99
9814 Jan'25
8
983 Jan'25 9808
5
9812
981e
4
983
8
9818
9818
98
_
8
8 - 71053 10i 1/ 1053 Dec'24
1053
4 36
1053 Sale 10514
4
Jan'25
105
8912
1
7
16 9 8912
_
10212 Aug'24,
111 Dee'24110212 248
102 Sale 102
4 12
84,
83
8512 8314
95313 153
9514 Sale 95
9514 116
4
Sale 943
4
95,
9734 149
4
9714 Sale 963
65
8 110
109 Sale 1085
8 51
1075
10714 Sale 1063
4
9418 124
93% Sale 931e
8
877 273
88 Sale 87
7
4
1103
11014 Ill 1104
9718 Salo 961e
73
9 4 25
10
110, Ill 1 B113 ill
2
9312 77
93 Sale 93
68
85
8412 Sale 8414
8
975 274
8
965 Sale 9614t
8412 168
8
837 Sale 8212
8 1063
10612
1053
4 84
8
963 Sale 9613
4 32
97,
8 10114 47
8
1005 Sale 1005
10213 46
102 Sale 102
10338 38
103 Sale 103
8 103
145
1027 Sale 1023
s
9818 32
8
973 9814 973
4
10811 60
10712 Sale 10714
37
10212 103 10212 103
112
101 Sale 10012 101
10712 36
107 108 107
4
443 134
8
4218 Sale 415
4
111 14
111 14 Sale 11012
98
48
98 Sale 9612
100
24
8
995 Sale 9912
9712 28
4
963
4
963 07
8
9612
9612
97
96
95
96
9712 Dec'24
84
2
84
84
83
4
983 206
4
983 Sale 98
100,4 119
100Is Sale 9934
10012 87
4
10014 Sale 993
8
1103
9
8
4
1103 Sale 1093
9
11012 Sale 11014
110 2
,
25
11013 Ill 11012 ill
8
102
36
8
1017 Sale 1015
102
1
10112 10212 102
9413 98
9412 9212
94
4
1003 118
4
4
100, Sale 993
8 89
10014 Sale 993
4 1005
9531 Sale 9512
9612 59
961
98
4
953 Sale 95,
2
10312 Sale 10212 10312 182
10014 229
100 Sale 100
8
9214 700
91 11 Sale 913
91
98
91 Sale 90
46
91
91 Sale 9013
87
37
8612 Sale 8612
9512 764
8
953 Sale 9518
8
1065 270
10612 Sale 10618
117311 139
8
117 Sale 1167
4 80
923
4
923 Sale 92
88 18 87
88 Sale 88
94
32
94 Sale 9214
4
9014 191
90 Sale 893
9912 165
8
993 Sale 9918
_
4
993 Jan'25
4
993 100
8208 125
8218 Sale 82
8
913 273
Sale 9114
91 14
12
86
85 Sale 8444
86
37
8514 Sale 8518
85
44
s
8413 Sale 843
_
Jan'25
24
5
24
_
4512 Jan'25
45
41
121
41 Sale 3712
Jan'25
26
2458 135
2414 Sale 22
261 2 Jan'25
2912 30
Jan'25 _
24
Jan'25
23
2913 319
2934 294
2912 Sale 27
2718 122
2584 Sale 2512
35
43
41 14
43
41
42
73
41 13 Sale 41174/
91
25
9012 Sale 90
1053 128
4
8
10514 Sale 1043
1027 237
8
4
1023 Sale 102
11234 21
4
Ills/ Sale 1113
10198 156
8
8
093 Sale 995
4
8 1003 143
100 Sale 993
8 62
997
4 Sale 991e
993

Due Aug.

BONDS.
N.Y.STOCK EXCHANGE
Week eliding Jan. 3).

t.3

High

1001.4410112x
101 11441005a
101 1344 102
1011sa
101

100%

a Due Jan. 5 Due July. lc

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

Range
Since
Jan. 1.

1=1

4
100% 1003
10014 10014
101 14 101%

10114 10114

10518 10618

Panama (Rep) 53-45 tr recta.1953 S D
1944 A0
Peru (Rep of) extl 8s
1940 * 0
Poland (Rep of) g Os
Porto Alegre (City of) Ss._ _1961 JO
Queensland (State) ext 817, 1941 A0
1947 FA
-year 6s
25
1916 A0
Rio Grande do Sul 88
Rio de Janeiro 25-yr 5 f 8s 1946 A0
1947 AO
25-yr extl 8s
Rotterdam (City) external 601964 MN
1943 J J
El Salvador (Rep) 8s
1952 MN
Sao Paulo (City) a I Ss
San Paulo (State) ext s f Ss _ _1936 J
1942 J J
Seine (France) ext 78
Serbs. Croats & Slovenes 88_1962 MN
1936 MN
Soissons (City) Os
1931 ID
Sweden 20-year 6a
External loan 53.4s Inter cas'54 MN
Swiss Confeder'n 20-yr 5188 1940 J J
Switzerland Govt ext 53-4s..1946 * 0
Tokyo City 58 loan 01 11)12
NI
Trondhlem (City) ext.) 6348.1914 J J
Uruguay (Republic) ext 8s_ _1946 P A
1945 A0
Zurich (City of) s 1 85

Price
Friday
Jan. 30.

. IVeek's
Range or
Last Sale

••
44

High
High No. Low
Ask Low
Bid
4
_ 100% 1013
Jan'25
8
1003 101 14 101
8
991e 1023
8
1023 155
10214 Sale 101
77
79
72
77
7512
76 Sale
9412 901 4
951e 37
9412 Sale 9412
37 109 110
110
4
11.0 1101e 1093
4
4 35 101 12 1033
1(133
4
1933 Sale 10314
8
945 9714
46
97
8
963 Sale 9638
9712
94
9612 31
4
953 Sale 95
9412
93
9412 64
9312 Sale 9312
4
19 1003 102
102
102 Sale 101,
4
1031e 26 103 10313
10313 Sale 10214
9813 101
51
99 Sale 9812 100
4
57 1003 103
103
10214 Sale 101 14
8
8914 907
9(13 153
4
03
9 4 Sale 9018
4
851e 863
8614 105
8
4
857 Sale 853
4
8
831.2 853
8412
831e
84 Sale
4
4
10414 54 1033 1043
4
4
1033 104,3 1033
9812 1008
181
100
4
993 Sale 991e
11614 20 11512 117
1151e 11612 11512
9812 10212
11)212 123
101 12 Sale 10112
13615 67,2
2
6712
6714 6712 6714
9812
97
0812 72
981e Sale 9713.
27 10614 108
108
10714 - - - - 1067
8
4
Wiz 111
10 110 111,
11012
111,
4

1053; 165'3„

Railroad.
1
11
101
tla Gt Sou 1st co11.9 A 5s___1943 J O 10012 ____ 101
101
8
1928
(1
Ma Mid 1st guar go, 58_ , MN 11)1 1013 101
1
8232
8
823
48 A0 8214 _ _
(lb & Suso cony 3%s
,
8
8312 Dec'24
klieg Jr West 1st 5 48 gu__ _1993 A0 817 85
8
915 91
1942 kri g 91
klieg Val gen guar g 4s
6412 12
8
6418 645 6418
knn Arbor 1st 5 45_ _July 1995 Q
8
897 129
1051s 1053 Atch Top & S Fe—Gen It 48_1995 A 0 8834 Sale 881e
2
4
813
4
4
9
Adjustment gold 4s _July 1955195 jNoov 813 8212 813
105 105
8334 35
4
July 1995 M N 823 8314 83
Stamped
8918 8918
Sale
Cony gold 4s 1909
-- 3
7
83314
82 2 1:
'3
8l 4 82
S3 e83'4
1955j F) 8
Cony 45 1905
- -- _
Cony g 45 19.9,19 of 1910.t961)2 D 8058 8312 81 18 Jan'25
9858 993 9812
8
9808 13
East Okla Div 1st g 4s._ _1928 m
8
Itocky Mtn Div 1st 4s_ _ _ _1965 .11 J 835 ____ 8412 Dec'24
4
1013 1021r
1
86 Sale 86
86
Trans-Con Short L let 48.1954
8
817 8412
1
8
94
94
Cal-Ariz 1st & ref 4 yis "A"1962 M S 933 95
95 95 1.2
8
M S 8818 ____ 913 Jan'25
Registered
,
94 4 96
8
881e Jan'25
9614 973 Atl Knoxv Sr Cm n Div 4s... _1955 M N 883 90
4
,
108,2 11014 All Knox / & Nor 1st 5 5s_ _1946 J D 101 12 ____ 10212 Nov'24
8
9614 Jan'25 -- -Atl & Chart A L 1st A 434s.1944 J 2 943 96
10614 108
10212 13
1st 30-year 5s Series B_ _1944 J J 102 111213 192
9238 9414
9014 38
1 0M S
Atl Coast Line lot con 48.81942 ra N 8918 Sale 89
88
87
12
107 Sale 1063
4 10714
10-year secured 75
11014 112
8
91 Sale 907
91 1e
16
1964 J
General unified 434s
9512 98
4
8
8 64
867
52
1, ' M 2
L & N coil gold 40_ ___Oct 1044 2 N1 863 Sale 863
11018 11112
8
767 Sale 767
8
8
767
1
8
923 93,2 Atl& Danv late 4s
63
Jan'25
1948J J 6318 68
2 2 4 yad 1st
4
853 (t1.1 , s
84
75
Jan'25 - — 1 19
, A 2
C guar 4s_._1 941 2 0 751e 77
973x
96
9812 ____ 10018 Aug'24
& N W 1st gu g 5s
4
843
82
1
8
100
1925 J J 997 100 118)
Balt & Ohio prior 3345
104 106
4
July 1925 Q .1 9914 - - 993
4
993
1
Pegistered
9513 9714
8
4
8712 71
3
93
gold 4s_ _July 1948 A 0 867 Sale 863
1st 50-year
1005 10214
8
86
____ 86
July1948 Q J 86
Registered
10112 10212
9014 264
9014 Sale 8912
10-year cony 43.8$
102 1033
8
4
893 123
8
44
, A 0
Refund & gen 58 Series A_ 1995 J0 8913 Sale 887
10134 103
1003 310
4
10012 Sale 10038
1st g 5s Int ctfs
9814
96
10313 207
8
1929 J J 1033 Sale 10314
I0-year 65
10614 10812
225
102
Ref & gen 65 ser C temp. _1995 J D 102 Sale 101 14
10212 10312
4
993 Jan'25 _ _
4
I' Jet & M Div lot g 3%8_1925 kIN 993 100
4
983 101 14
28
85
8
N 8408 Sale 843
48_1941
PLE&W Va Sys ref
107 1073
4
10018 41
8
Southw Div 1st gold 3448.1925 J J 100 Sale 997
8
413 44,
8 10
693
Tol & CM Div 1st ref 45 A.1959 J J 6914 Sale 6918
4111 1 ,
1093
Battle Cr & Stur 1st gu 3s_ _1989 J D 6014 _ _ 60 Dec'24
9512 98
9218 10
19311 J J 9218 Sale 9218
9914 100 ',leech Creek 1st gu g 48_
1951 A 0 7712 7814 7714 May 24
94, 973 Beech Cr Ext lot g 350
4
4
8.5
Jan'25
1944 J
9512 96 2 Big Sandy 1st 45
,
118
691e 67
& N Y Air Line 1st 45. _ _1955 F A 66
8
92 Nov'24
84 -8617 3runs & W 1st go gold 4s_ _.1938 J J 915 93
10218
10218 Sale 10218
44P
,
c ns i 44
9612 983 iiuffatooR & gen gold 58..1937 M
4
40
88
4
1957 M N 873 Sale 8714
9814 10014
9
4
8
997
1934 A 0 9934 10018 993
4
973 10012 Burl C K & Nor lot 55
10114
8
8
10934 11012 Canada Sou eons gu A 53_ 1062 A 0 1007 101 14 1007s
8 33
1163
deb s f 7s 1940 J D 11614 Sale 11614
4
4
1093 1103 Canadian North
8
11713 47
1946J J 1173 Sale 11714
109 111
20-yearsfdeb634s
793 165
4
Canad(an Pac Fty deb 48 stock._ J J 7934 Sale 7914
9912 102
931
4
4s......332 M S 9212
Carb & Shaw 1st gold
10112 102
Jan'25
1938 J D
9412 Caro Cent 1st con g 4s
92
1015
4
8 42
8
4
983 1007 Caro Clinch & 0 1st 3-yr 58.1938 J I) 101 Sale 1013
8
8
107
104
1952J D 1065 Sale 1065
Os
s
987 101
__ 84
Jan'25
1941 J D 821e
9314 963 Cart & Ad lot gu g 45
4
7514
6
923 06, Cent Branch U P 1st g 4,.. _1948 2 D 7513 Sale 75
4
4
8
6512
8
10212 1043 Cent New Eng 1st gin 48._ _ _1961 J J 643 6512 653
8
9714 Sale 9714
9714
1
9812 10112 Central Ohio Reorg 4 tis._ _1930 M
8
8 10138
1
,
1 4 171 A
8
8
913 927 Central of Ga 1st gold 55_51941 :% N 1013 11)178 1013
9934 Sale 9912
100
10
Consol gold 58
91
90
8
1(1378 60
June 1929 J I) 1037 Sale 1031e
Os
91
90
1959 A 0 10012 Sale NO
101
26
R1(e)-fy&eagresnee5qisser B
8512 871,
84
Oct'24
Chatt Div our money g -18-1951 .1 1)
935s 9512
)193
J
8
993
8
5
1st g 59._1916 2 ; 9912 _ _
Mac & Nor Div
11)47 10634
8
100
100 Dee'24
1946
Mobile Division 5s
116 11712
92- Cent RR & B of Ga roil g 58.1937 M N 9518 9714 9514 Jan'25
90
8
8
21947,42 2
111732
6
88 88 13 Central of NJ gen gold 5s.__ , 2 2 107, 1073 10712
8
s
614 1077 11161
10
8
1063
1
Registered
9114 94
877k 67
_1949 F A 8712 Sale 873
8
8914 9012 Cent Pac 1st ref gu g 48
,
95 8 Jan'25
Mtge guar gold 334o8
985 9912
3
863
8
863
1
Through St L 1st gu 4s..1951 A 0 8618 87
9318 9934
8
8
8
1175
1
83 Charleston & Savannah 7E1_1936 J J 1173 Sale 1173
82
2
100
1
8
903 9108 Ches & Ohl() fund &'mut 5.8_1929 J .1 11/108 5al,t 111092
1939 M N 102 Sale 10134
10238 24
1st consol gold 58
897x
84
8
1939 M N 1003 1017 101 Nov'24
8
Registered
85
8613
1992 M S 8818 Sale )01132
8834 48
General gold 4 .
853x
84
1092,M S 8611
Registered
8618 Jan'25
24
21
8
20- year convertible 450_1930 F A 9.57 Sale 953
4
9618 170
24
23
11402 .1
8 10778 372
30-year roily secured 5.s...1, 4(4 A 0 11)608 Sale 1063
4513 4512
99 10012 99
Craig Valley 1st 58
99
1
3,
327 41
Potts Creek Branch 1st 40.194611 .1 8214 83
2
8214
8214
25
22
1 4,
,
1
84
It & A Div lit con g 48...11189!; 2 83741 84
84
8
197 241 2
7812 823 80
2(1 consol gold 45
8
1
80
2611 261 3
Warm Springs V 1st g 5s 194I,M S 9614 983 977 Jan'25
8
_
8
24
24
Chic & Alton RR ref g 35...1949A 0 61 Sale 6214
120
65
__
Certifs dep /And Oct 1924 Int_
2
5914 ._,59i8
5918
2218 39
6012 6212 6014
11
Cent( deli stated Apr 1924
213 '287
4
8
6014
.
Railway first ilen 334s _1950 .1 J 467 Sale 455
8
8
105
47
3613 43
4518 Sale 4518
Ctfs dell Jan '23&xubcoup..
2
43
4518
36
81 12 82
7
Chic Burl & Q-111 Div 344s 1940 .1
81 12
82
91
88
1949 J J 91) Sale 89%
Illinois Divielon 4s
7
90
104 10512
Nebraska Extension 48_1927 M N 9944 100
993
8
8
991e 39
10018 1027
893 Sale 885
General 4s
8
8
8 24
893
111 34 113,,
9
1954 M A 101 12 Sale 101 1 2
71,F S
tot & ref 58.
10212 77
,
971e 1001
36
4
8
4
14,
9712 1603 Chic City & Conn Ryx 5.8._ _1927 A 0 5(112 583 563
_ .19311 A 0 107 1075 10514 Jan'25
Chicago & East III 1st
8
9713 100
6s607
77
C E 111 RR(new co) gen 58.4951 m N 77 Sale 76
98
9814
98%
98
9818

99
9814
,
98 8
9812
9818

7:1 Due Nov. 8 Option sal .

Range
Since
Jan. 1.

823!3

(Cash sale of Atlantic Coast Line 48 on Jan. 19 at 9254.

101 1014
101 101
8
8218 833

-61" 6164
8814
8112
8
823
8
815
8112
81 18
98

"iti

8
647
8
897
8214
4
833
4
833
8212
8118
99

8712
9214 94
91% 91%
4
8
883 89,
,

2
4
-061 -661102 10212
905s
89
1061e 10712
4
9078 913
8618 87
8
763 7712
6234 63
75
75

8
1561 100
99 14 993
4
853 873
4
4
8518 8612
8918 90,
4
853 893
4
4
100 101
4
1023 1031e
10034 102
4
4
993 993
8
833 8516
993 1001s
4
4
0812 693
921s 921s
85
67

85
68

8714 8813
8
995 10014
10013 101,
4
115 1165
8
11614 1171e
80
79
03
93
8314
81
10012 101514
8
1057 10713
84
84
8
743 753
8
6418 66
0714 97 4
,
8
1013 10112
9914 10012
103 104
09 101

100"
96
95
10718 10814
8
8
1063 1067
/
8731 8814
9512 9534
8812 87
8
1175 117%
,
8
997 100 8
4
1013 10312

"tiffs "isiti
857, 8714
4
943 9618
,
106 109 4
4
9712 993
,
82 4 93
83(2 84
80
80
8
977 977
s
65
62
5854 5918
4
6014 60,
4414 4734)
,
45 3
45
,
8114 83 4
8812 01
9913
99
4
8
88, 893
10038 102,
8
58
55
.10514 Iowa
3
743 77'4

New York Bond Record -Continued -Page 2
BONDS.
N. Y. STOCK EXCHANGE
Week Ended Jan. 30.

b4
511

Price
Friday
Jan. 30.

Week's
Range or
Last Sale

co

Range
Since
Jan. 1.

BONDS.
N.Y.STOCK EXCHANGE
Week Ended Jan. 30.

565
Price
Friday
Jan. 30.

Week's
Range or
Last Sale

Range
Since
Jan, 1.

Bid
Ask Low
High No. Lew
High
Bid
Ask Low
High No, Low
1982 MN
Chic & Erie 1st gold 523
Mph
100
100
9912 100
6
Fla Cent & Pen 1st ext It 58.1930.5
Chicago Great West 1st 48_1959 MS 6212 Sale 6112
Jan'25 -- 100 100
J 99--- 100
6212 367
593 6212
4
Consol gold 58
9812 100
984 Jan'25
Chic Ind & Loulsv-Ref 65 1947 J J 1101 -- 10954
983 99
3
4
III
21 10912 111
Florida East Coast 1st 4%8.1944 j
199 J D
53 m s 9238 9312 9213
7
Refunding gold 58
9212
j
1947 3, 995 100
1
9214 9212
8
9912
9912
2
9915 993
1st & ref 59 Series A
4
Refunding 48 Series C._ 1947 3, 86
95 Sale 945
8
95
74
93 4 95
3
87
861 Jan'25
.
853 8612 Fla West dr Nor 7sSeries A 1934
4
General 55 A
MN 1084 Sale 10814
109
1966 MN 874 Sale 8714
83 1027 110%
8
8812
8718 8812
5
1952 MN 6612 674 6618
General 65 13
May 1966 JJ 103 Sale 10212 10314 16 1013 10314 Fonda Johns & Glov 4%5
6712 24
4613 6912
4
Fort St U D Co 1st g 43.49_1941 J J
Ind & Louisville 1st gu 49_1956
1041 Nov:24
881 jau2
:
5
'
3 773 784 78
8
78
2
774 784 Ft W & Den C lat g 5 Me
1961
Chic Ind & Sou 50-year 48..1956 .5 J 8618 8718 8618 Jan'25 --.
894- 4
1043* 10412
861s 8618 Ft Worth dz Rio Gr 1st g 45..1928 J D 10412 1053
963
4
95
Chic L S & East 1st 434s...1969 in 9218 944 93 Nov'24
983
921s 9334
4 11
Frem Elk & Mo Val 1st 6s 1933 5 .1 108 Sale 108
110
C M & Puget Sd lst gu 49_ __I949 j
A 0
108
2 108 108
535 54
8
5412
56
20
534 5714 GH&SAMdrPlst,58
1931MN 1003 Sale 10014
8
Ch M & St P gen g 45 Ser A_e1.989 J J 7118 72
1004 15 100 100 5
5
7112
7314 26
7112 74
2d extens 58 guar
General gold 3345 Ser 13_e1989 J J 63 5 64
1931 J J 10018
100 5 Jan'25
3
100 1003g
3
6312 Jan'25
6312 64 Galv Hous & Rend 1st 58
1933 A 0 9112 gota 9212
Gen 4 Me Series C
92
1989• J 8014 Sale 8012
92
9212
5
81
31
8014 823 Genesee River 1st s f 5a
4
Gen & ref Series A 4%8..0014 3
1957 J J 10214 Sale 19314
02 2 10212 52 10014 10212
,
943
8 11
51 Sale 5012
5212 134
5012 54
Ga & Ala Ry 181 cons 59
01945 J J 9412 Sale
Gen ref cony Ser B 58...0014 P A 55 Sale 55
9412
93
58
86
544 5814 Ga Caro & Nor lst gu g 59 I929 J J 9912 995 9913 Jan'25
1st sec 68
1934 J J 9918 Sale 99
s
--9915 9912
998q 153
99 10018 Georgia Midland 18t 39
Debenture 430
1932 J D 57 Sale 56
Jan'25 --6414 6612
5722 203
553 6012 Gila Val G dr N lst gu g 59 1946 A 0 6412 6512 OS
4
Debenture 45
1924 MN 993 -- 100
4
1925 J D 7218 Sale 7218
Oct'24
76
453
7218 7812 Gouv & oswegatch 58
25-year debenture 48
1942 J D 9912
983 Feb'24
4
1934
.• 1 52 Sale 51
5312
51
5614 GrIt&lextletgug4
Chic & Mo Illy Div to_ _1926 S i 9612 964 963 Jan'25 73
94
9512 9412 Jan'25 --_9484 "lib;
8
--953 97 Grand Trunk of Can 3.4s..194l5 J 11614 8
deb 68_1940 A 0
Chic & N'west Ext 59__1886-1926 FA 997
11612 11618 11614 18 11511 11611
9
_
995
8
9958
I
9912 10018
15-year s 1 68
Registered
Sale
1886-1926 P A 984 995s 983 Jan'25 -- -1075
3
8 84 1063 1075
5
4
983 984 Great Nor gen 78 Series A 1936 M S 10714 Sale 107
4
General gold 33
1936 J J 11012
110
1103 100 10918 1103
MN
4
7412 Sale 737
19874
4
8
7412 67
7314 7412
1st & ref 41413 Series A
General 48
1961 J J 913 9212 913
4
4
92
1987 MN 853 Sale 837
24
4
913 923
4
8
8
86
50
8312 86
General 514s Series B
Stamped 45
1972 J J 10112 Sale 10118 10134 82 10014 10134
953
1987 SI N 8412 Sale 84
844
84
85
7
General 55 Series C
General 522 stamped
8
1987 MN 1023 1045 103
J J 933 Sale 93
935 187
923 93 4
8
3
4
3
8
103
2 103 1043 Green Bay & West deb
4
Sinking fund Os
ctfs"A"__ Feb 7512 82
1879-1929 AO 104
76
Jan'25 255
76
_ 10418 Jan'25 -- 10418 10418
76
Debentures Ws "B"
Sinking fund 58
1512 Sale 1314
1879-1929 AO 10012 1003 10012 1003
16
1212 16
4
4
4 10012 100
Greenbrier Ry let gu 4s_ ___1940 Feb 86
Registered
1879-193 AO 99 10012 10012 10012
1923
86
Jan' ---4
9 25
9
_
9
MN
86 86
2 10012 10012 Gulf & S I Ist ref & t g
Sinking fund deb 5s
59....b1952 J J 9812 100 99
99 101
MN
10012 10012
4 10012 10114 darlem It & Pt Ches 1st
Registered
45_1954 MN 80
813 813
1933 MN
4
4
4
813
1
80
813
4
10012 Dec'24
docking Val Ist cons g 4349_1999
10-year secured 79 g
9012 32
4
1930 in 1581 9219 108
J J 9012 Sale 893
8912 9012
4
1083
4 33 105 10834
Registered
15-year secured 6148 g
119937.5' 7712 ___ 9913 Jan'25
99
1936 MS 11214 Sale 112
9912 9912
11214 12 1113 11212
8
& T C let g int guar
1st & ref g 55
Jan'25 -d2037 J D 101 Sale 1003
J J 100 10014 100
9913 100
4 10113 81 100 1015 Houston Belt & Term
8
Chic It I dr P
1st 58_1937.5' 9718 Sale 974
-Railway gen 431988 J J 8314 8312 8314
98
25
96
98
8338 122
83
83's Houston E & W Tex 1st 58_1
Registered
___ 100
It
1933 MN
Jan'25 -933
J J 8112 8212 8218 Jan'25 993 100
3
824 8218
let guar 58 red
Refunding gold 48
10014 10012 994 Jan'25
1934 AO 853 Sale 8412
MN 100997 997
e
8
8
8518 434
834 854 Housatonic Ry cons It 5s
Chic St L & N 0 gold 58_ _1951 J D 10134 ____ 1023
1937 MN 9218 ____ 9212 Jan'25
9214 9213
103
4
9 10112 103
Hud & Manhat 58 Series A 1957
Gold 3345
8613 88
88
1951 J D 783 ____ 793 Jan'25 FA 8778 Sale 8634
45
4
8
793 793
8
8
Adjustment income 5s
Memphis Div let g 4s__ _ _1951 J o 853 8S7 8414
8
1957 AO 727 Sale 68
737 891
8
4
674 737
3
e
Jan'25 -844 844 Illinois Central 1st gold 48..1
C St L & P let cons g 5s
___ 89 Dec'24 --1951 J J 891
0
1932 AO 10118 103 10114 Dec'24 -Chic St P M &0 cons (is__ _1930 in 10518
889 July'24 __-' -___ 90
3
10484 foil; Registered
10612 105
10518
8
let gold 310
Cons 6s reduced to 33.48_1930 J D 9214 ____ 023
1951 J J
--- 814 Jan'25 -- "8134
4 Nov'24 ---Extended let gold 334s. 1951 AO 82Debenture 55
8218 8312 81
Jan'25
81
1930 MS 99
81
9938 9814
9958 36
964 995
Registered
Stamped
1951 AO 78
__ 8012 June'24
8
994
let gold 3s sterling
Chic T H & So East 1st 55..1060 J o 9 8 Sale 9812 Dec'24
1951
58
72
61 June'24
773
7612
7612 79
7778 45
Collateral trust gold 48_ 1952 MS 864 88
Inc gu 59
Dec I 1960 M S 5714 Sale
87
MS
8714 16
8614 8712
5914 27
5612 60
let refunding 45
Chic Un Stan let gu 434s A.I063 J J 923 Sale 5612
1955 MN 884 885 883
8
60
88
8
89
4
8912
9212
913 927
8 32
927
4
s
Purchased lines 33.55
let 58 Series B
1952• J 7814 ---- 784 Jan'25
1963 J J 100 Sale 100 • 10218
78s 79
6 100 1021,
Registered
let 6 Me Series C
79
Jan'25
.5.5
79
1963 J J 1163
79
4
: Collateral trust gold 45_
4 1171a
6 1164 1171
Chic & West Ind gen g 68__p1932 Q M 1054 117 1163
__ 1955 MN 8314 831 834
93
5
8312 --10
83
84s
___- 10512 Nov'24
Refunding 513
Consol 50-year 48
MN 1034 Sale 10312 104
36 10312 10412
1952 J J 78 Sale 7713
-17814 158 /6 2
15-year secured 534s
15
-year s f 7;0
1934 J J 10212 Sale 102
10212 62 102 103%
1935 MS 1023 Sale 1023
4
36 102 104
4 1031
I5-year secured 6348 g
181 A ref 5125 ser A w I
110 8 11113 11038 1103
3
1936 J
8
1 1091e 111
1962 MS 9718 Sale 97
31
9714 974
971
Cairo Bridge gold 49
Choc Okla & Gulf cons 5s
1950 J o 8814 _--- 8814 Dec'24
10014 Sale 9934 10014
1952 M
9914 100
Litchfield Div 1st gold 313_1951
Cin H & D 2d gold 4 Ms_ __ _19371J J 93 4
70
3
94
935 9412
8
Jan'25
Loutsv Div & Term g 3348 1953 J J 783 803 7012 Nov'24
C I St L & C lst g 49
4
4
"Hi "fit;
11936 Q F 9118 9214 905 Dec'24
8
Omaha Div let gold 3s_..1951 J J 7014 7184 7712 Jan'25
Registered
4
11936 Q F 8715 ____ 9112 Sept'2
St Louts Div & Term g 35_1951 FA 71's...- 703 Nov'24
CinLeb&Norgu4sg
72
J J
7184 72
Jan'25 ---1942 MN 8712 883 88
4
Jan'25
- "Hie ill'
Gold 3355
Cmn S dc Cl eons 1st g Es__ I028 J J 994
1951 S i 8918 811 79
79
82
-Springfield Div let g 33i8_1951 iJ 7714 82
Cleve Cin Ch dr St L gen 48.1993 J O 8218 Salo 10018 Oct'24 23 -81782 July' 4
°4
82
817
8
8
821
Western Lines 1st g
20-year deb 414s
1951 P A 853 88
4
87
Jan'25
1931 J
9714 Sale 9714
87
87
973
4
96
1
971
Registered
1951 P A 84
General 58 Series 13
87
85 May'2 -- ---- -1993 in 0912 102 1015 Jan'25 _9912 1015 Ill Central & Chic St L &
8
8
NO
Ref & Impt 13s Series A
1929 J J 10314 Sale 10314
8
Joint let ref 58 Series A
1034 61 103 1033
196 J o 9714 Sale 9678
96
9714 10
3
69 Series C
1941 ii 106
9614 974
1 10512 10714
- 106
106
DoSeries B
•D
5s Series 13
9513 June'24
1963ii 95 Sale 95
9412 96 Ind Ill & Iowa 1st 45
95 1 125
87e
1950
Cairo Div 1st gold 48
1939'.5 8914 90
87'z 8734
894
8914 894 Ind Union Ry gen It Ser A1965 J J 1003 181 8734 Jan'25 -2
897
58
4 101 100
Cin W & M Div 1st g 48-1991 J J 80
iJ
6 100 101
100 4
3
803 80 4
80
2
80.
4
3
Gen A, ref 58 Series B
804
1003 Sale 1003
4
St L Div 1st coil tr g g 4s-I990 MN 814 8212 82
4
4 10024
1 1008 1001
4
82 8314 Ent & Grt Nor 1st (38 Ser A. 1965
2
82
1013
4
Spr & Col Div let g 45....1940 M S 884 9113 8812 Jan'25
10111 87 10012 10112
88
/ 881
1
4
: Adjustment 69, Series A _1952 ii 733 Sale 101
8
I952 Apr
W WVal Div 1st g 45
732 977
68
1940 J J 873 __-- 873
4
737
2
873 873 int Rye Cent Amer 1st
8
6
4
.
874
5s
Sale 7
1972 MN 77 Sale0 4
C C& I gen cone g ea....1934 J J 1073 Sale 1073
63
77
4
7612 7814
77
1073 1073 Iowa Central8 gold58
4
4 1073
4
4
tral 1
1st 4
66
1938 in 5814 Sale 5714
Clev Lor & W con 1st g 55 1933 AO 102
57
5812
____ 102
58'z 18
102 102
Jan'25
1951 MS
CI & Mar lst gu g 4 Ms
1935 MN
-___ 963 Jan'25
19 s 2011
3
965 961 James Frank & Clear 1st
4
8
4
17
9
49.1959 in 8 44 8 12 8712
Cleve dr Mahon Vail g 5s
81 19
8742 11
20
1
1938 J J 9912 ____ 983 Jan'25
87 8719
983 983 Ka A & G R 1st gu g 5s
4
4
4
1938 S i
CI & P gen gu 4 Ma Ser B
- 100 Nov'24-1942 AO 973
4
8412 14ug'24
Kan & M let gu g 48
1990 AO 8012 "
Series A
9934fili so%
sose 10 'id" -WS;
1942.52 974 _
.
91 Nov'24
2d 20-year 5e
Series D 314s
1927.5' 9914 Sale 9914
9914
1
1950 P A 803 863 8712 Dec'24
8
4
0014 10011
KC Ft S& NI cons g 68
Cleve Shor Line let gu 4345_1961 AO 9718 ____ 9718 Jan'25
1928 MN 103 104 1023
4 10312 11 10211 10311
9718 9712 K C Ft S & M Ry ref
g 4s 1936 AO 823 Sale 82
Cleve Union Term 534s__1972 AO 10418 105 1047
4
823 159
4
8 105 8 ro 1043 106
4
3
001 824
K C dr M It &B 1st
let s f 55 Ser 13
5
1973 AO 9912 Sale 994 100
9912 10014 Kansas City Sou 1st gu 59..1929 AO 981s ___- 983 Jan'25...
98
9834
84
Coal River Ry let gu 49
gold 39_1950 AO 7114 Sale 70 9
_1945 in 8314 84
3
8314
8314 834
7114 114
7018 711
4
Ref & hunt 58
Colorado & South 1st g 49_ _1929 FA 98 Sale 9712 Jan'25
Apr 1950 J J 8914 Sale 885
8
8938 91
8813 91
9818 62
967 984 Kansas City Term let
8
Refunding & exten 4 Ms 1935 MN 923 Sale 923
48_1960 J J 854 855
8
4
8512 36
8
905 93
84 85
93
5
34
12
Kentucky Central gold 45_1987 S i 8318 ____ 85
Col & H V 1st ext g 48
AO 8612
84 Dec'24 -8718 Nov'24
1948
_ Kook & Dee M 58 ctf dep_193
Col dr Vol let ext 48
4 AO 8814 -__ 86 Nov'24 -1955 F A 8413 ____ 9412 Dec'24
Knoxville & Ohio
Conn & Passum Riv Ist 4s_ _1943 A 0 81
8
10058
8
8312 815
2 i60 i66 1
841 8152 Lake Erie & West1st g 6s___1925 J J 1005 Sale 1003
.
5
4
8Cuba RR let 50-year 55 g__1952 J J 851/ Sale 85 8 Jan'25
1st g 58_1937 J J 993 997 994
4
8
997
8.111 851
8
85 12 40
0.3 1 00%
1
: 2d gold 5s
3
let ref 714s
1941 S i 95
9614 954 Dec'24 -1936 J 13 1037 Sale 10312 1037
8
8
9 10211 106
Lake Shore gold 334s
Cuba Northern Ry 1st 55
1997 J D 7918 Sale 7814
1966 J
97 Sale 89
791k
791ti
00
89
784
24
90
9
Registered
Day & Mich 1st cons 4 1/3_ - _1931 J
8
1997 J D 767 771 767 Jan'25 -- 767
9118 ____ 9713
8
96
8 Ma
9712
Debenture gold 48
Del & IIudson 1st & ref 423_1943 M N 883 Sale 8812 Jan'25 _
1928 M S 9814 Sale 984
4
9813 69
977 98 s
8914 102
8
8812 90
5
25-year gold 4s
30-year cony 553
1931 M N 9618 Sale 96
1935 A 0 10512 Sale 10518
9638 70
9518 981z
106
158 10114 10612
Registered
15
-year 5345
1931 M N 917 985 954 Jan'25
e
1937 M N 10113 Sate 10114
952 954
8
8
1013
4 56 101 1023 Leh Val Harbor Term
4
10-year secured 78
58...1954 F A
1930 J D 1093 1097 1093
8
11 10034 10114
8
8
1011
1097
8
3 10812 110
Leh Val NY 1st gu g 4 Ms 1940
D RR & Bdge let gu 4s g__ _1936 F A 933
964 Sale 964
J
8
965*
9612 97
967
94 Dec'24 _
8 15
Registered
Den & R G-Ist cons g 491936 J
1940 J
8418 Sale 834
93 Jan'25
93
93
82
8414 Lehigh Val (Pa)
8418 167
-Consol gold 434s
cons g 49_2003 M
_1936 .1
Sale 80
87
877
8O'i
79 81
7
86
873
s 10
874
General cons 43552003 M
Improvement gold 5s___ _1928 .1 D 9658 Sale8 87
884 891 8918
9614
893
88
9
SOla
95
964 89
97
Lehigh Val RR gen 58 Series_2003
let & refunding 58
994 Sale 9918
1955 F A 5812 Sale 597
9952 62
983 994
8
8
58
61
67
38
Leh V Term Ry 1st gu g 58 1941 M
Registered
A 0 10112 Sale 10112 10134
4 10118 10214
4614 Nov'24
Registered
Farmers L & T dep rcts for
1941 A 0 994 ___
9934 Nov'24
Leh & NY let guar gold 49._1945
1st & ref 5s
Aug 1 1955
47
M S 8
617 67
8
44 --- 855
8
853
Jan'25
85s 87
5
s
59
70
Lax & East 1st 50-Yr 58
Bankers Tr Co ate dep
gu- -1965 A 0 10313 ___ 1033 Jan'25
8
10312 105
Little Miami 4s
Asent to June 15 '23 agree
47
1952 M N 83
70
60
a
108 J u n 25
8114 j y 4
Jan'25
595 6912 Long Dock consol g 68
8
Stamped
49
107.8 168
63
1935
59
108 108
Jan'25
58
703 Long Ield 1st con gold 58__81931 A 0 100 - -1
4
Am Ex Nat Bk Ws Feb '22
9278
100, A un:24
00 28 Jas 2
Q
2
607 Jan'25
5
9978 10012
8
607 607
8
1st consol gold 45
8
Am Ex Nat Bk etfs Aug '22
91931 Q
_ 594 Dec'24
General gold 48
Den & R G West 58
14 5814 Sale 574
1955 1938 J D 894 891 8914 Jan'25 ---89's 8914
5914 jai -H3 - 1- 06 2
4
Gold 4s
Des M & Ft D 1st gu 4s_ --1935 J J 4023 Sale 40
1932 i D 883 ___ 89 July'24 -8
407
8 13
3912 4118
Unified gold 45
Det & Mack-let lien g 49..1995 J D 73
74
8414 Sale 84
1949 M
73
84 14 17
84
8412
73
73
73
Debenture gold 59
Gold 45
1995 J D 6712 7014 6714 Dec'24
1934 J D
__ 96 Nov'24
20-year p m deb 5s
Dot Riv Tun 4115
1961 MN 9113 913 9114
1937 M N 9548920
88
883 8812
4
4
3
915
8 33 "if]; "if7;
87l 89
Guar refunding gold 4s
Dill Missabe & Nor gen 58_1941 J J 10212
1949 M
102 Dec'24
82
821
8234
82
Nor Sh 13
Dul & Iron Range 1st 553-.1937 AO 10078
gu 58.01932
99 100 100
10 100 100
100
1004
10034
1
idi - Louisiana 1st con It g 58_1927 Q
let
Dul Sou Shore & Atl g 58...1937 ii 89 Sale 884
100 10112 100
M
Jan'25
90
9918 100
43
as% 90 Lou & Jeff& ArkCo gtt g 4s_ _1945 PA
Bdge
East Minn Nor Div 1st g 49_19451 AO 8818
84 Sale 84
_ 883
84
2 ' 83
4
89
8413
6
88
89
Louisville & Nashville 58_1937
1938 MS 093 10014 993
East Tenn reorg lien g 59
8
M N 10318 __ 104
8
4 103 104
104
99 8
3
994 993
Unified gold 48
4
East T Va & Ga Div It 58_1930 ii 997
8
19402
923 Sale 924
8
10033 Dec'24
9258 54
917 9318
8
Registered
Cons 1st gold 58
1956 MN 10012 1013 10012 101
1940 J
4
873
_
013 Dec'24
4
16 idcic; 101
Collateral trust gold 5s
Elgin Joliet & East let It 59..1941 MN 101
_ _ _ 101
1931 M N 101 4- -7 10012
101 :2
10058 10 idc71 103
101
2 101 101
2
10-year secured 75
1965 AO 9912 100 100
El Paso & S W lst 5s
1930
107
Jan'25
5 10612 10712
9938 100
let refund 530 Series A 2003 M N 10618 Sale 10612 107
Erie let consol gold 79 ext..1930 54 S 10718 1073 107
8
A 0
1063 106
4
10718 15 107 1074
10612 21 10414 10612
lot & ref 58 Series B
1i41 consg 48 prior
J J 713 Sale 70
8
2003 A 0 102 10214 10218
48 1013 103
713 212
1021
8
4
70
711
: let & ref 4 34s Series C...2003
Registered
1996 J J 67
69
A 0 925
8
673 Dec'24
4
92
92
9314
N 0 & M 1st gold 58
1st consol gen lien g 4s_ _1996 J J 6412 Sale 6418
1930i
10414 1O77 104 Nov2
6412 189
104
9242
92
'4
43
634 641:
20 gold 138
Registered
1996• J
1930 J J 1034 10512 1033 Dec'2 -67
8
Jan'25
6612 67
Paducah & Mom Div 4s 1946 F
Penn colt trust gold 45._1951 FA 053 9614 955
4
A 8914 897 885 Dec'24
8
8
4
9522 9012
06
177
St Louts Div 2d gold 3s 1980
4
50-year cony 4s Ser A 1953 AO 653 Sale 644
6312 6212 Jan'25
-021- 2 00
653
64
4 33
65
L& N&M & 54 1st g 410.1945 M S 62
1953 AO 6512 Sale 6414
do Series B
_07 Jan'25
657 147
8
97
97
637 6518
8
L & N South joint M 48_ 1952 M S 942...
4
Gen cony 45 Seres 13__ _1953 A /0 733 Sale 73
J J 82
82
76,2 8271_1 877158 a62 4 _12
.
3
74
8112 823
133
73
4
753
4
Registered
1955 J J 10318 Sale 103
July 1952 Q J
Erie & Jersey 1st s f 68
Jan
1035
8 16 10113 1033 Lotdsv Cin & Lex
4
B..19403,
gold 4%9_1932 M N 985 1912 983
8
2
.84
9858
8
Erie & Pitts gu g 3348
Jan'25
981s 99l
84
84
S i
Series C
84
Oct'24
-

a Due jan.g Due Feb. c Due June, 4 Due May. •Due May. h Due
.b
Ju y. k Due Aug. a Due Sept. o Due

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

p Due Dec. 5 Op ton sale.

566

New York Bond Record-Continued-Page 3
IV

Range
Week's
Week's
Range
Price
Price
BONDS
14
.
Range or
t,
Range or
Friday
Since
Friday
1:S1
tt
t.2
N. Y. STOCK EXCHANGE
Since
,s .
Last Sale
Week ended Jan. 30
Jan. 1.
Jan. 30.
trA
ro r54
Last Bak
Jan. 1.
Jan. 30.
.a,
High No. Low
High
Ask Law
Bid
Ask Low
Bid
High No. Low
High
8
N Y W'ches & B 1st Ser I4 Ms_'46 .1 .1 61 Sale 597
Mahon Coal RR lot 55
597 62 4
1934 3 .1 10110114 Dec'24 6114 103
8
____ ____ Nord Ry s f630 w I
Manila RR (Southern Lines) 1939 MN 583 613- 613 Dec'24 -___
8
4
184
4
8214 8414
84
1950 A 0 83 Sale 8214
1St 45
_
7038 72
4
72
4
6414 68 Nov'24 ____ . _ ___ Norfolk Sou 1st & ref A 5s 196I F A 72 Sale 713
1959 M N 60
Manitoba Colonization 5.5...._1934 J D 9912 ___ 100
Norfolk & Sou 1st gold 5.5
100
9515 95 4
___ 9518 Jan'25 ____
2
973- 100
4
1941 M N 951
,
Nonf & West gen gold 6s_ _ _ _1931 M N 1065 107 10658 Jan'25 -_-- 1065 1071s
Jan'25 ____
84
Man GB & NW 1st 3Hs_ _1941 j j 8238 ____ 84
84
38
2
Improvement & ext 68_1934 F A 1073 ---- 0712 Oct'24 ---- - -- - --Michigan Central 58
8
8
8
1931 M 5 10012 ____ 1007 Jan'25 __-_ 1007 1007
4
Registered
99 Dec'24 ------------New River let gold
1931 Q m 98%
1932 A 0 1063 ____ 0712 Sept'24 -----------4
45
U
897
g
8
3
973
8834 18
1940 1 .7 973 Sale 974
8
N & W Ry let cons g 48.__1996 A 0 8812 Sale 88
9612 973
Registered
86
8612 Sept'24 ------------Registered
86
1940 3 J 8614
5
86
1996 A 0 86 Sale 86
DWI 1st lien dr gen g 48_194 43 J 863 Sale 8812
J L & S 1st gold 3448
8812 9014
8 _ _ 77% Apr'24 ---- - - - -___
1951 m S 773
.
4
883 180
4
let gold 3348
4
1952 MN 7912 141 823 Dec'24 ------------10-year cony Os
1929 M S 128 129 12712 13012 88 12712 13313
Pocah C & C joint 4s_1941 3 D 924 944 913
20-year debenture M
91
93
18
93
1929 A 0 974 973 9618 Dec'24 ---- - - - -- 4
4
Mid of NJ let ext ba
913 9312 Nor Cent gen & ref bs A_ _ _A974 M 5 10114 102 10113 10112
-- 8
1940 A 0 915 Sale 915
6
6 1014 10112
8
915
8
8
3
Mllw L S & West imp g 58_1929 F A 10014 100 4 10014
1 10014 10014 North Ohio let guar g 5s_ _1945 A 0 87
87 8712
10014
87
8712 87
7
Ashland Div let g 68
844 847
s
4___ 10014 Jan'25 _-_ 100 10014 Nor Pacific prior lien 4s_ __ _1997 Q j 84% Sale 8414
1925 m s 993
8
847 139
Mil &Nor let ext 4 44s(blue)1934 .1 D 977 Registered
834 8412
1997 Q 3 8458 843 84 Jan'25 --3 93 95 Dec'24 - - _ -8
General lien gold 3/3
Cons ext 440 (brown)
6012 6138
a2047 Q F 604 Sale 6012
1934 .1 D 89 Sale 89
884 9112
63
I
89
61
Mil Spar & NW 1st gu 4s__ A947 m 5 87% 89 8712
Registered
a2047 Q F --------595 Dec'24 -----------89
5
863 89
Milw & State L 1st gu 3;48_1941 j .1 80 4
Ref & impt 4448 ser A __ __2047 J .1
8612 July'24 --- -___ - - - 8512 8712
3
36114 867 867
3 14
8
887
8
Minn & St Louis 1st 78
6s ser B
987
8
99
1927 j D 99 103
2047 J .1 1067 Sale 0612 1078 73 1064 107%
2
985 9918
8
s
1st consol gold 55
5134 537
5.4 C
2047.3 1 9618 Sale 9618
8
537
9612 15
1934 M N 52% Sale 525
97
8 10
96
1st & refunding gold 4s_ _1949 M B 21% 2214 2118
M D
2212 47
2047 J 3 967 Sale 9618
21
4
8
2212
953 97
967
8 30
Ref & ext 50-yr Ser __ _1962 Q F 163 18
St Paul & Duluth 1st 55 1931 Q F 100% ---- 994 Mar'24 -----------165 1714
8
4
1638
1714 20
M StP& SS M con g 48 intgu'38 j j 874 Sale 87
1st consol gold 48
1968.3 D 854 ____ 8414 Jan 23 ---- --- - ---A8612 87 8
871 64
/
4
,
Nor Pee Term Co 1st e 6s---193 33 3 10918
1st cons 58
9814 99
4
1938 3 3 983 Sale 983
3
10914 Jan'25 __-_ 10914 10912
4
985
10-year cell trust 634s- _1931 m s 1023 Sale 1022
No of Cal guar g 58
1938 A 0 10213
31 10212 104
9114 Aug'24 ---- - -- - - --4 104
4
1st & ref 68 Series A
North Wisconsin 1st 6s
1930 J .1 1033
4 10 100 103
1003
1946 3 3 10218 Sale 100
4- - 00 June'24 -----------25
-year 530
72
7112 72
1949 M S 88 Sale 874
6
7112
843 88 Og & L Chem 1st gu 45 g_ _1948 J J 7118 4
7112
7
88
let Chicago Terms f 4s_ _ A941 m N 9212 ____ 9212 Dec'24--, _._ _
Ohio Conn By 48
1943 M S 903 ---_ 90 4 Dec'24 -----------4
3
.
MS S NI dr A 1st g 48 int gu I926 j .1 9912 ---- 9912
1936.3 D 100 ___ 9812 Jan'25 ____
3
99 4
9912 ___- Ohio River RR let g 5s
984 9812
2
9912
General gold 55
1937 A 0 99 Sale 99
8
Mississippi Central let 5s_ ..1949 3 .1 9212 ___ 92
9238
925
99
5
91
99
99
3
1927.3 J 10112 Sale 0118 1014 43 10038 10112
8
8258 103
Mo Kan & Tex-lst gold 48_1990 3 D 8258 Sale 815
804 8258 Ore & Cal 1st gum g 55
Mo-K-T RR-Pr I 58 Ser A-1962 J J 90 Sale 8812
1946.3 D 883 Sale 8858
86
9012 220
4
902 Ore RR & Nay con g 4s
8814 89
89
8
Ore Short Line-lst cons g 58;46 3 .1 104 Sale 1035
40-year 4s Series E
8 104
7114 75
8
1962 j j 75 Sale 7314
71
12 1035 1044
75
Guar cons 513
1946 .1 j 1033 Sale 1035
10-year 68 Series C
8
4
10234 48 10112 1023
8
8 10458
8
1932 .1 J 10212 Sale 10214
6 1035 1053
Guar refund 45
1929 3 D 97 Sale 97
Corn adjust 5s Ser A Jan 1967 A 0 8758 Sale 8214
4
76 4 873
96% 97
3
8734 57
97
58
Oregon-Wash 1st & ref 48_ _ _1961 .1 J 821 Sale 813
Missouri Pacific (reorg Co)
8
4
813 8312
4
8218 66
Pacific Coast Co 1st g 5s_ _ _ _1946 3 D 8314 8978 90
1st & refunding be Ser A1965 F A 87 Sale 844
83 87
90
298
87
82
Jan'25 ---_
1st & refunding 58 Ser C-1928 F A 10058 10012 10014
10034 145 100 1007 Pile RR of Mo let ext g 4s...1938 F A 90 ____ 904
8
904
3
9018 98 8
3
1938 3 3 981
_ _ 9814
2d extended gold 58
1st & refunding 68 Set D1949 F A 101 Sale 100
99 101
9814 20
167
101
984 9858
0432 9412
Paducah dr Ills 1st s f 4348_ _1955 .7 J 9312 4438 9412 Jan'25 -2General 4s
511
627 65
8
65
1975 M s 65 Sale 64
Mo Pac 3d 7s ext at 4% _A938 MN 84% -_-_ 843 Jan'24 --80
101
844 844 Paris-Lyons-Med RR 6s..-1958 F A 80 Sale 79
79 8053
4
S f external 78 lot rcts
1958 M El 8713 Sale 87
Mob & Sir prior lien g 52-1945 J J 961s___ 984 Dec'24 --___ _ _ _ _
87 8
88% 273
9
1954 M S 87% Sale 87
Mortgage gold 45
87
89
1945 3 j 76
90
7718 7618 Jan'25
142
7618 764 Paris-Orleans RR s f 78
1942 M 13 99 Sale 9834
Mobile & Ohio new gold 68_1937 3 D 1023 104 1023
4
8
9914 46
7 1023 10312 Patinae By 78
97 100
4 10314
Pennsylvania RR-cons g 481943 M N 913 93
4
1st extended gold 68_ _ _ _31927 Q J 1017 10212 10212 Jan'25 --- 10212 10212
95
95 95
Jan'25 -___
1948 M N 91% 92
Consol gold 45
General gold 4s
91
8112 874
1938 M S 87
87
5
903 913
Jan'25
4
91
8
45 stamped
May 1 1948 MN 9114 93
9113
Montgomery Div lst g 58_1947 F A 98
977 98
Jan'25 -..
9112
9838 98
3
9012 9112
Cense'440
1966 F A 99 Sale 99
St Louis Div 55
1927 3 D 10018 1003 1004
9914 36
9814 100
10014 10 100 10014
4
General 434s
1965.3 D 9314 Sale 9318
Mob & Mar 1st gu g 413
9358 94 93
1991 m S 84
95
85 8412 Dec'24
1968 J D 10218 Sale 102
Mont C 1st gu g (38
General 50
_ 110 July'24
10214 77 101% 103
4
19373 j 1103
8
1st guar gold 55
10-year secured 78
1937 j j 1013s 10212 103
1930 A 0 1085 Sale 10812 109
51 108 109
10112 103
Jan'25
M & E let gu 3445
s
1936 F A 1103 Sale 110
15-year secured 6345
1103
2000 j D 7.558 77
8 85 1093 11012
7712 Jan'25
763 78
4
4
Nashv Chatt &St L let Se- 1928 A 0 101 102 101 2 10112
1964 M N 9814 Sale 98
40-year gold 58 temp
4
984 374
5 10018 1013
98
,
98%
N Fla & 81st gu g 58
1937 F A 1005 ____ 99 Apr'24 _-_
.
___ _ _ ... Pennsylvania Co8
-- 845 Dec'24 ---- _ _ ..„._ _
Nat Ry of Mex pr lien 44M1957 .1 1 --------30 Sept'23 --- ______
Guar 3448 coll trust reg A_193Z M 5 85
83
July 1914 coupon on
8312 18
Guar 3445 coll trust Ser 13_194f F A 8318 14
_15 4 July'24_-- _
_ ____ 26
3
83 831z
84
85% Sept'24 ---- ____ _ ___
Assents f red June coup on
Guar 344s trust ctfs C
1942 J D 82
_ 2012 21
4
2014 Jan'25 --191- -2134
Guaranteed 70-year s f 45_1977 ,k 0 ____ ____ 2718 July'23 --- -- ---.
_ _ _ _ _ __
--Guar 3458 trust ctfs D_ _ _ _1944 J D 824 8312 89% Dec'24 --- _
.
April 1914 coupon on
Jan'25 -___
4
____ ____
Guar 15-25-year gold 4s 1931 A 0 943 --- 95
944 95
/
1
_ _ 18 May'24 --_ _ _ ___.
8518
Gen s f 4s assenting red
1952 M N 86 1714 8514 Jan'25 --,_
Guar 48 Ser E
85
4
18 - - 173
1878
21
9 -1618 194
1940 A 0 78% Sale 78
Nat RR Mex prior lien 440_1926 .1 j --------3812 June'23 --- _ _ - - -. Peoria & East 1st cons 48
785
8 39
74
79
41
36
July 1914 coupon on
35
1990 Apr. 36 Sale 3558
__ _ 26
Income 4s
__ 25 July'24 _., _ _ _ _ _ ___
3613
Assent with July'24 coup on _ -_ 3 4 -984 37
97% 9814
3014 3212 Pere Marquette 1st Ser A 58_1956 J J 97% Sale 9712
23 3
314 32
3214 10
2
8112 832
8
5
4
817
8
1st consol 45
1956J 3 813 Sale 813
28 Apr'24------------1st 43 Ser 13
1951 A -0
9214 Dec'24 ---_ ,._- - - __
April 1914 coupon on.
1943 MN 9214 100
Phila. Bait & W let g 45
36
Jan'24
Assent with Apr 1924 coupon
20 ____ 20 Jan'25 --1974 F A 104 10412 104
1738 20
6
Gen 55 Series B
10412
7 104 10
417 43
8
4212
9
42
Naugatuck RR 1st 4s
1954 IN-. -_-- .._ 667 May'23 --- ____ ___
. Philippine By 1st 30-Yr 514 1937 J J 424 43
N
8
8
96
9614
7
New England cons 55
FCC& St L gu 4448 A
1945 3 .1 9212
1940 A 0 96 Sale 96
9612
924 Oct'24
Consol 43
1942 A 0 96
1945.3 J 783 81
787 Dec'23
Series B 4445 guar
8
___ _
4
_- - 96
96
5
96 _96
612 9412 Aug'24 --__ - NJ June RR guar 1st 4s
1942 MN 96
1986 F A 82
86
83 Sept'24 _-Series C 4445 guar
__
-893 8$3
-- __4
4
4
1945 M N 9012 ---- 893 Jan'25 ---NO & NE let ref &Imp 444s A'523 J 863 8712 863
12 -86 - -87
Series D 48 guar
87
4
s
9012 Jan'25 ---_
9012 91
New Orleans Term let 411- --1953 J J 8114 Sale 8112 Jan'25 --Series E 334s guar gold__ _1949 F A 901
8014 8112
19533 D 9012 ---- 8912 Nov'24 --__ -.-- -- -NO Texas& Mexico 1st 68-1925 3 D 101% 1013 1015
8 101% 10 10138 101%
4
Sedge F guar 45 gold
1957 m N 901
__ 91 Nov'24 -----------Non-cum income bs
1935 A 0 94 Bale 9312
Series G 43 guar
9414 36
923 9414
8
2- 2
1954 A 0 91 Sale 90%
1963 F A 9412 957 9538 Dec'24 ---- - - -- --- 1st 5s Series B temp
9012 91
43
Series I cons guar 444s
91
let 5348 Series A temp_ __ _1954 A 0 9912 Sale 987
- -- - -..9412 Dec'24 --_
1964 MN 9414
8
9912 121
Series 34345
98
9912
--8
8
N & C Edge gen gu 444s_ 1945 3 3 9212 ____ 937 Nov'24 --997- 101
1970.3 D 10018 11107 1004 10014 13
General 58 Series A
8
-___
8
a1928 A 0 101 1013 10011 Sept'24 --_N Y El & MB 1st con g 5s__ _1935 A 0 100
___ 100
100
Pitts & L Erie 2d g be
4 _- 100
997
8
NY Cent RR cony deb 613....1935 M N 115 4 Sale 1147
8 1167
-3
8 53 11114 11712 Pitts McK Sr Y let gu 68-___1932 J J 10418 ---- 105 Dec'24 ---- -- Registered
983 Aug'24 ---_ 8
19343 3
2d guaranteed 13s
-- --M N--------11514 116%
5 11514 11612
100 10118 10112 1011:
Consol 4s Series A
1998 F A 883 Sale 8312
1940 A 43 10241 101 10112
4
91
823 85 Pitts Sh & L E 1st g 58
4
84
1943 3 j 95 101 101
Ref & impt 4448"A"
1 101 101
101
2013 A 0 9014 Sale 9018
let consol gold 58
88 8 91%
7
9118 51
Ref & impt 55
2013 A 0 100 Sale 995
10014 217
100
99 10014 Pitts Y dr Ash 1st cons 58_ _1927 M N 10018 ---_ 100
2 100 100
Registered
9912 997 Providence Secur deb 4s
1957 M N 511s ____ 5312 Jan'25 ---8
A 0 ---- ---- 997 Jan'25 ___
8
5312 5414
NY Central & Hudson RiverProvidence Term 1st 48
1956 M 13 811 r--- 80 Sept'24 --__
____ _ _ __
1
Mortgage 3348
7638 25
1997 J .1 76 Sale 75
75
78
19973 J 95 8 Sale 954
Reading Co gen gold 43
,
12
9412 96
96
Certificates of deposit
Registered
1997.3 J 7412 753 7458
2
9514 Nov'24 -----------745 745
8
745
8
913 91
9414 25
1934 M N 94 Sale 94
4
Jersey Central coil g 48-1951 A 0 90
9314 945
8
Debenture gold 48
92
1942 3 3 923 Sale 913
9114 925
/
8
1
4
8
7
30-year debenture 45
Gen & ref 4 Ms Ser A
4
928
1997 J j 93 Sale 93
9312 55
93
94
Lake Shore colt gold 3448_1998 F A 7512 Sale 75
76
__ 1003 Oct'24 -----------37
Rich & Dan M
$
75
76
1927 A•0 993
1998 F A 7235 7412 735 Dec'24
Registered
8
Rich & Meek 1st g 5s
8-1948 M N 7412 754 7412 Jan'25 ---74% 74
3
1952 3 3 1003 101 1004 Nov'24 ---_ .-- - - - - Rich Ter 55
Mich Cent coil gold 3348_1998 F A 75 8 Sale 7514
7
755
76
6
75
e
7378 Dec'24___
1998 F A 7412 80
Registered
____
_ Rio Grande June 1st gu M 1939 J D 9414 Sale 935
925 9414
8
9414 40
1937 A 0 92 Sale 9112
9212
91 __- Rio Grande Sou 1st gold 4s 1940 J J
518 Sale
9212 20
NY Chic & St L let g 4s
5
5%
8
5
5 18
89
Guaranteed
Jan'25
1937 A 0 89
19403 .1
Registered
618 --- 7 Dee'23 --__ - - - - - - - 89
89
96
1931 MN 9414 9412 94
Rio Grande West 1st gold 45-1939 J J 87 Sale 8414
6
25-year debenture 48
92 8 96
7
87
153
834 87
I949 A 0 74 Sale 723
1931 M N 1023 Side 10 8 1027
Mtge & coil trust 45 A_
2d 65 Series A 13 C
4
23
4
s 27 10212 10314
74
99
714 74
4
943 125
1974 A 0 943 Sale 9412
4
93 8 95 RI Ark & Louis 1st 4445_ 1934 M S 853 Sale 854
7
Ref 5448 Series A
85 86
853
4 34
91
91
1949 3 J 715 74
11
Rut-Canada let gu g 49
90
8
NY Connect 1st gu 4448 A.1953 F A 9118 9114 9038
7378'Dec'24
-92 89
4
Oct'24 ---- - - - - - - - - Rutland 1st con g 434s
1947 MN 89
19413 J 8618
NY & Erie 1st ext g 4/3
8514 Jan'25 --- -g54 iii
____
96 May'24 ------------St Jos & Grand 18Ig 4s
8
1933 M 13 913
1947 3 J 7512 ---- 757 Jan'25 ___
3d ext gold 4445
767
8
7513 75 8
7
9714 Dec'24 ------------St Lawn & Adir 1st g 58
1930 A 0 993
1996 J J 9314 - _ 95
4
4th ext gold M
Oct'24 ---_ - -- __9714 Dec'24 ------------2d gold 65
19283 D 9714
1996 A 0 101 102 101
5th ext gold 48
Jan'25 ___ 101 101
8
923
1931 .1 J 9412 Sale 9414
2
92
1946 M N 9112 9334 923
9258 St L & Cairo guar g 43
NY & Green L go g be
94 943
4
9
9412
7814 7814 St L In M & Seen con g 58_1931 A 0 10014 sale 997
2000 M N 7814 8312 7814 Jan'25 __
NY & Harlem g 3345
10014 153
9914 10014
Unified & ref gold 45
1929.3 J 9312 Sale 938
7
_
NY Lack & W 1st & ref 58-1973 MN --------9858 Nov'24--_
913 93
4
937
8 70
8
Registered
_ 10014 Jan'25
J 3
i(1614 i(73118
1973 M N 987
1
74
9214 Jan'25 --__
lot & ref 4348
9112 9214
Ely & a Div 1st g 43
1933 M N 847 Sale 84
8
1930 M S 10312 ____ 10712 Jan'25 --- 10712 10712
N Y L E & W let 78 ext
833 85
4
85
232
1943.7 .1 99 4--- 99 4 Jan'25 --3
3
99 4 99 4 St L M Bridge Ter gu g ba---1930 A 0 9914 10014 993
3
3
Dock & impt 58
4 1003
99 8 10012
3
8
8
8
99 4 100 St L &San Fran (reorg co) 45 1950 3 J 7214 Sale 7112
3
997
2
997
3
1932 F A 99 4 100
NY & Jersey let 58
72
301
7114 72
Dec'24 --- ____ ___ _
Prior Ilen Ser 13 58
1950J J 863 Sale 8513
7
8
N Y & Long Branch gen g 48 1941 MS 89 3 __-- 9013
854 88 0
865 131
8
7
Prior lien Ser C 55
1928.3 J 10214 Sale 10214 103
N Y N H & Hartford3
58 1017 103
2
643
Prior lien 5445 Ser D
4
61
643
65
10423 J 945 Sale 945
4
4
1947 M S 643
8
951 169
Non-cony deben 45
933 98l
3
8
555 5712
8
1947 M 5 5712__ 5712 Jan'25 _
Cum adjust Ser A 68-21955 A 0 8735 Sale 86
Non-cony deben 3445
8438 8713
8712 466
1
5558 56%
5614
Income Series A 138
h1960 Oct
4
7935 Sale 7
Non-cony deben 340.-195 A 0 5614 1412 5614
76 8 791
7
s
79% 567
738
6312 st Louis & San Fran Ry gen 6s'31 J J 10558___ _ 10512 Jan'25 -_ 10612 10512
6214
60
6212 42
63
J 62
19553
Non-cony deben 45
6212
9
General gold 514
60
6312
1931 3 .1 1003 10114 101
1958 M N 6212 Sale 62
4
Non-conv•deben 4s
101
5 100% 101
557 573
8
5612 12
8
St Louis & SF RR cons 45_1996 J .1 0018 --- 8412 Dec'24 -- ---- - --4
96
Cony debenture 340.-1 5 J J 5212 557 56
Southw Div lot g 5e
87
897
1947 A 0 98_ 973 .1)&3'24 -----------8 83
19483 J 884 Sale 88
9014
Cony debenture 65
8
. ..
97 100 St L peo & NW let gu 58.....1948 3 J 10212 103 103
4
993 394
4
3
7s European loan dollars_1925 A 0 993 Sale 9912
14 102 4 103
103
531
96
99
9958 St Louis Sou let gu g 48
1931 M S 933 _-_ 924 Jan'25 __
4
92143 93
78 European loan francs_ _1925 A 0 98 Sale 98
5614 70
54
57 St L SW 1st g 413 bond ctfs 1989 MN 8058 Sale 803s
1957 M N 5614 Sale 5514
CDebenture 421
80
807
8
8078 59
____ _ _ _
2d g 42 income bond ctfs.p1989 J J 723 75
74
8
Cons By non-cony 4s.._ - _1930 F A -------- 44 Apr'23 ___
74
3
74
74
55
Jan'25
55
64
Consol gold 48
55
1932 J D 88 Sale 8538
1954 J .1 62
Non-cony 4s
147
85 6 8
3
88
8
lst terminal & unifying 58.19523 J 8412 Sale 83
_ _ _-_ _ _
Non-cony deben 45_ _ _1955 J J 62 ____ 5512 Dec'24 ____
818 8412
3
8412 21
2 Jan'25 ___
82 62 St Paul de K C Sh L lat 440_1941 F A 82% Sale 8138
1956 J J -------- -6
Non-cony deben 4s
82
.
7
80
827
8 47
Jan'25 ____ 100 100 St Paul E Gr Trunk 4348._1947 J J 9018 -- 88 Sept'24
4
NY & Northern 1st g 5s__ -1927 A 0 111 1003 00
68
55
65
6812
NY0& W ref 1st g 48.June 1992 M 8 68 Sale 6712
64
42
6318
6318 6852
General 48
1955 3 13 64 Bale
_
8618 Jan'25
864 8612
NY Prey de Boston 4s
1942 A 0 857
8214 8214
NY & Putnam 1st con gu 48-'93 A 0 8212 13 8214 Jan'25 ___
NY & RE let gold 55
1927 M S 9914 100 99% Dec'24
74
NY Sum & W 1st ref 5e
27
667- 74
8
1937 3 J 7318 7338 7312
6112 82
2d gold 440
64 62 Jan'25 --__
1937 F A 63
63
604 64
8
General gold be
1940 F A 63 Sale 6214
94 94
94
4
98 94
Terminal 1st gold be
1943 M N 94
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 30.

a Due Jan. 1, Due July, 3/ Due Nov. a Option sale.

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

New York Bond Record—Continued—Page 4
BONDS
Y.STOCK EXCHANGE
Week Ended Jan. 30.

Price
Friday
Jan. 30.

Week's
Range or
Last Sale

tat

Bid
Ask Low
High No.
it Paul Minn & Man 4s_. _1933 Si 944 943 9414 Jan'25 -___
4
let consol g 68
1933 S i 10814 10912 10814
1
10814
68 reduced to gold 434s._ _1933 J J 9814 985 9814
8
6
99
Mont ext 1st gold 48
1937 JD 92% 9312 93
Jan'25
' Pacific ext guar 48
1940 J J
89 Sept'24
St Paul Union Depot 55
1972 J J 10118 Sale 1003
4 10114 20
SA & A Pass 1st mug 48_1943 j j 83 Sale 827
8
8314 61
Santa Fe Pres & Phen 5s-1942 MS
Oct'24
100
Say Fla & West 65
1934 AO 1067 -- -- 10712 Jan'25
s
58
1934 AO 101
10114 Nov'24
Scioto V N E 1st gu g 4s_ _1989 MN 8712 933- 90
s
Jan'25
Seaboard Air Line g 45
1950 AO 783 — -- 78
4
7918
3
Gold 48 stamped
1950 AO 783 Sale 78
4
80
80
Adjustment 58
Oct 1949 FA 78 Sale 7713
388
79
Refunding 48
1959 AO 65 Sale 64
6512 242
• 1st Sr cons 68 Series A
1945 MS 9012 Sale 90
913 502
4
ALI &Birm 30-yr 1st g 48_ _ _d1933 MS 8512 853 8512
4
8612 12
Seaboard & Roan 1st 5s_ _ _1926 Si 853 Sale 10014 Jan'25 ____
4
33 & N Ala cons gu g 5s
1936 FA 1023
8
10218 Jan'25 _
Gen cons guar 50-yr 58-1963 AO
104
_,
Jan'25
So Pac Col 48(Cent Pae col)31949 S D 843 85 844
4
8518 22
Registered
_
S D 7918 85
81
Jan'25
20
-year cony 48
June 1929 MS 97 Sale 963
4
158
97
20
-year cony 56
1934 in 1003 101 10012 101
8
7
San Fran Terml 1st 42_1950 AO 853 Sale 85
8
853
4 20
So Pac of Cal—Cu g 5s
1927 MN 101
103
103
4
So Pao Coast 1st gu g 48... _ _1937 J J 93%
9412 Jan'25 - So Pac RR 1st ref 4s
1955 j j 893 Sale 8812
4
8918 96
Southern—lst cons g 5s___ _1994 S i 101 Sale 1003
4 10114 73
Develop dc gen 4s Ser A1956 AO 764 Sale 7514
7614 225
Develop dr gen 68
1956 AO 1043 Sale 104
4
1043
4 94
Develop & gen 65s
1956 AO 10814 Sale 10712 10812 106
Mem Div 1st g 4348-5s_ _1996 iJ 995
8
_ 100
100
2
St Louis Div 1st g 45
1951 S i 855 861 8512
8
8512 10
Mob & Ohio coil tr g 4s
1938 is.4
83% Sale 83
22
831
So Car dr Ga 1st ext 548.. _ _1929 MN 101 102 101% Jan'25 ____
Spokane Internet 1st g 55_ _1955 j
8514 87
851
/ 8514
1
4
10
Sunbury dr Lew 48
1938 5 J 89% -- -- 91
Oct'23
Superior Short L 1st 58 g
e1930 M S 9912 - - 95 May'18
Term Assn of St L lat g 448_1939 A 4:1 95 4 96
,
9512 Jan'25
1st cons gold 5s
1944 F A 10014 1005 10053 Jan'25
8
Gen refund s g 48
1953 J j 8312 Sale 83
8312 15
Tex dr NO con gold 55
1943 j j 974 99
99 Dec'24
• Texas & Pac 1st gold 58_ _ _2000 J D 101 Sale 100%
101
13
2d gold income 58
2000 Mar 88
95
90 Dec'24
La Div B L 1st g 58
1931 j
987 9912 9912
8
1
9913
Tex Pac-Mo Pac Ter 534s_ _1964 M S 9812 Sale 9812
987
8 26
Tot & Ohio Cent 1st gu 5s_1935 j j 10018 10012 101
Jan'25
Western Div 1st g 58
1935 A 0 9912 105
95%
95%
51
General gold 58
1935 j
9813 Sale 97%
9812 26
Toledo Peoria de West 48_1917 J j 25
323 37% Dec'24
Tol St L & W pr lien g 345..1925 j
99% Jan'25
50-year gold 4s
1950 A 0 8212 83 83
83
4
ToIWV&Ogu44sA
1931j
95 8
5
8
995 Jan'25
Series B 434s
1933 j j 955 -- 97
8
Jan'25
Series C 45
1942 M S 8912 ___ 89%
89% 10
Tor Ham dr 13uff istg4s.._1946j D 8612 Sale 86
8612 17
Ulster & Del 1st cons g 18....1928 J D 86% 94
92
3
92
1st refunding g 48
1952 A 0 55
58 55
2
55
Union Pacific 1st g 4s
1947 j
917 Sale 913
8
9238 218
4
20
-year cony 4s
1927 3 J 9912 Sale 9918
99% 325
Registered
3 j _
98 Jan'25
Ise& refunding 1s
e2008 M
85 Sale 84%
124
85
1st lien & ref 58
e2008 M S 104 10414 10418 1044 24
10
-year perm secured 613-1928 J J 10412 Sale 104
104% 69
N J RR dr Can gen 45__1944 m
9218 --.- 92% Jan'25
Utah & Nor gold 5s
1926J
10018 1C13 10118
8
5
1014
1st extended 4s
1933 3 J 933
4 --- 93 Aug'24
Vendetta cons g 48 Ser A_ _1955 F A 8612 .--- 86%
2
86's
Consol 48 Series B
1957 M N 86%
8612 Dec'24
Vera Cruz de P 1st gu 430._ _1934 j
Oct'24
20
3 July 1914 coupon on
18 If' '20 Dec'24
Assenting (at 434s
1934
2412 Jan'25
Verdi V I & W 1st g 58
1926 M S ioo"
100 Jan'25
Virginia Mid Series E 5s
1926 M S 1001, ____ 10018 Dec'24
Or General 58
1938 M N 100 10012 103
Jan'25
Va & Southw'n 1st gu 5s...2003
.1 974 - - 98
98
5
1st cons 50-year 58
1958 A 0 8712 Sale 8712
8712 10
Virginian 1st 55 Series A_ _1961 M N 9558 Sale 95%
95% 115
Wabash 1st gold 58
1939 M N 1005 Sale 10014 10114 32
8
I, 2d gold 56
1939F A 95 Sale 95
95 18 23
1st lien 50-yr a term 4s_ _ _1954 j J 743 77% 7712 Jan'25
4
Det dr Ch ext lat g 58
_1941 j
100 10012 100
1
100
I Des Moines Div 1st g 4s_ _1939 J J
823
4 11
2
8 % Sale 8212
E Om Div 1st g 348
1941 A 0 75
7512 74
751
• Tot & Ch Div g 4s
1941 si
8318 84% 7812 Dec'24
Warren 1st ref gu g 3348_ _2000 F
7718
_ - 77% Oct'24
Wash Cent 1st gold 45
1948 Q M 8418 Sale 8418
1
8418
Wash Term 1st gu 348
1945 F A 8118 8212 8212 Jan'25
115 1st 40-year guar 48
,
1945 F A
84 July'24
WIMin W & NW 1st an 53_1930 F A 95
95% 95% Jan'25
West Maryland 1st g 4s
1952 A 0 853 Sale 645
8
8
6512 83
Weet N Y dr Pa 1st g 5s
1937j j 10012 10014
3
10014
0. Gen gold 48
1943 A 0 8018 813 8118
4
8112
3
Western Pac 1st Ser A 58_ _ _1948 M S 9112 913 9114
9112 46
4
13 68
1946M S 101 10112 101
10113
4
West Shore 1st 45 guar
2361 J J 82% Sale 82
82% 23
Registered
2361 J J 8014 8118 80 4 Jan'25
3
Wheeling & L E 1st g 5s_ _1926 A 0 1003 ___ 10118 Jan'25
4
6 Wheeling Div 1st gold 68.1928 J J 10034 Sale 10034 101
Eaten dr impt gold 5s(193 OF
9712 993 9612 Nov'24
4
1 Refunding 4348 Series A1986 M S 6918 693 6918
4
70
5
F RR 1st consol 45
1949 M S 7312 Sale 73
73% 20
Wilk & East 1st gu g 5/1
1942 J D 6414 67 65
Jan'25
Will & S F 1st gold 5s
1938J D 10114
1003 Dec'24
8
Winston-Salem S B 1st 4s_ _1960 J J 817 -- 8312 Jan'25
8 8312
Vile Cent 50-yr 1st gen 4s_ _ A949 J J 80 4 Sale 79%
,
8014
Sup & Dul dly & term 1st 48'36 M N 8614 8812 8612 8612 30
4
INDUSTRIALS
Adams Express coil tr g 46_1948 MS
85
3
874
Max Rubber 88
1936
5
D 952 Sale 9413
43
95
Alaska Gold M deb ISs A__ 1925 MS
5 Sale
5
5
10
Cony deb Os Series B
1926 MS
5 Sale
5
5
5
AM Agric Chem 1st 58
1928 A 0 992 100
8
9912 100
1st ref s f 7148 g
1941 F A 10014 Sale 100 .
10012 153
American Chain 68
1933 A 0 98 Sale 9712
98
59
Am Cot 011 debenture 5,3-1931 M N 9212 93'I 9212
9212 10
1936 J J 10614 1088 107 Aug'24
AM Dock & Impt gu Ca
4
_
1939 AO 98
Am Mach & Fdys f 138
991208
98
16
AmerRepublics 138
1937 A 0 9618 Sale 96
987
s 43
Am Sm dr R 1st 30-yr 58serA 1947 A 0 963 Sale 9612
4
97
116
1947 A 0 1057 Sale 10512 106
138 B
25
Amer Sugar Refining 65.--1937 J 5 102 Sale 10114
102
74
Am Telep & Teleg colt tr 4/3_1929 J J 10014 Sale 96%
96% 376
1936 MS 9014 904 89%
91
8
a Convertible 48
1933 M S 11112 Sale 11118 1117
20-year cony 4345
s 16
1946 J D 10014 Sale 10018
30-year colt tr 55
10053 211
1960 J J 9518 Sale 95
35-yr s f deb 58 w 1
9518 571
1943 M N 1015 Sale 101
20
-year s f 548
8
10134 193
7-year/convertible 68
1925 F A 12814 Sale 1284 1283
4 24

Range
Since
Jan. 1.

t•
t

Price
Friday
Jan. 30.

Week's
Range or
Last Sale

csA

Range
Since
Jan, 1.

High
Low
Low
High
Bid
Ask
°w
Am Wet Wits
9414 95
1414 7 9
9418 2.
Elec 58_ _ _ _1931 AO 9414 Sale 9312
92% 9414
o
10814 1083 Am Writ Paper s f 7-68
4
4514 48
48
6
1939 is 4758 Sale 4 12
47% 23
Temp interchangeable Otis dep_
9814 99
43 8 4638
4
5
45%
44
45%
923 93 Anaconda Copper 68
4
994 1014
234
1953 1A 10054 Sale 10012 101
75
4
1938 FA 10314 Sale 1023
103% 334 10212.104
Andes Cop MM deb 78w L _ _1943 J J 100% Sale 10118
100 102
6
10218 41 100 10018
,
0
0
9
9112 93
84 Comp Azuc Antilla 7348_ _ _1939 .1 J 9112 Sale
81
14
Armour & Co 1st realest 43481939 in 8714 Sale
85
873
6
Armour &Co of Del 548_1943 J J 91% Sale 86 4
9112 92
90
8714 81
9
2
91:
2
Associated Oil temp 68
1935 MS 10212 Bale 1013
10212 57 101% 10212
4
Atlanta Gas L 181 58
973 97%
4
973 Jan'25
4
1947 J D 973
4
7918 Atlantic Fruit 75 etts dep._ _1934 S D 18 74
20
24
Jan'25 _
24
za
80
74
Stamped etfs of deposit
22
22
8
9 25 _9
'
_
393 9214 Jan9 —3_
4 2
Atlantic Refg deb 5s
7412 79
Sale
1937 S i
97% 99
5912 6512 Baldw Loco Works 1st 5.s.„1910 MN 10214 103 1023
3 102 103
8 103
845 917e Comp Azu Bare 7348
8
103 104
4
1937 S i 101 10314 1033 Jan'25
2
837 8612 Barnsdall Corp s f cony 8% A1931 J J 10414 Bale 10414
105
9 102% 105
998 10014 Bell Telephone of Pa 5s
10114 58 1004 1014
1948 J J 1014 Sale 1003
10218 10218 Beth Steel 1st ext f 58
12 10014 1014
4
1926 J J 1003 Sale 10012 101
103 10414
1st & ref 58 guar A
9312 95%
957
30
995 95
8
1942 MN 95
86
30-yr p m& imp
84
0014 924
5s
8
9253 99
1936 is 9218 Sale 915
81
81
Cons 30-year 6s Series A_ _1948 FA 955 Sale 95
933 95%
4
957 330
8
Cons 30-year 534s Series B 1953 FA 88 Sale 8712
9612 97
85% 8812
8814 26
9934 101 Booth Fisheries deb s f 6s_.1928 A0 83 • 841 837 Jan'25
824 8414
_
8
8414 86 4 Brier Hill Steel 121 534s_ _ _ _1942 A0 99 Sale 9212
,
4
993
97
7
981
22
71
79
3
103 103 B'way & 7th Av 1st c g 53_ _ _1943 S D 7514 Sale
7212 7514
8
Ctts of dep stmpd Dec '24 lot
943 9412
7518
73
751
7
7412 75
, 74
884 89% Brooklyn City RR 55
935 93
8
92
933 92
5
1941 Si 92
10014 101, ilklyn Edison toe gen 5s A_ _1949 S i 993 Sale 9912
4
995 172
4
4
9914 99 4
8
4
7358 76,
General 6.3 Series B
7
i 12 10414 104 8
4
1930 J J 1043 Sale 10453 1045
103 1043
4
General is Series D
107% Nov'24 _ _
1940 S D
4
1063 10912 Bklyn-Man R Tr Sec 68_ _ _1968 S i 867 Sale 8618
12 4 71 8712 601 . 1 8712
8
9912 100
6612
Bklyn Qu Co & Sub con gtd 55'41 MN 6812 6912 6812
69
13
1st 58
8514 86
83 80
1
80
7812 ____ 80
1941 j
82% 8313 Brooklyn Rapid Trans g 5s_ _1945 AO
90 Nov'24
10012 102
Trust certificates
96 June'24
1st refund cony gold 48_ _ _2002 Si
8312 86
81 Dec'24
3-yr 7% secured notes_ __ A921 S i
10912 Sept'24
Certificates of deposit
- _
120 Nov'24
g
9514 957
Ctfs of deposit stamped
18 38 Dec'24
1318
7
loo 10038 Bklyn Un El 1st g 4-5s
83 8384
7
1950 FA 8353 8384
3
Stamped guar 4-5s
7
6212 8i
_86 _8 i6 13
83 83%
2
8353
1950 FA 83% 834 834
9914 1013
Bklyn Un Gas let cons g 5s_ _1945 MN 101 Sale 10012 101
8
10
7s
158 163%
___ 1633 Jan'25
4
1932 MN 135
lat lien & ref Os Series A _ _1947 MN 1087 __-- 10814 Jan'25
10714 10814
8
9812 99'z Buff & Susq Iron s f 5s
1932 J D 917 ___ 9218 Oct'24
8
985 984 Bush Terminal 1st 43
8
84 86
1952 A0 88
____ 86
Jan'25
10014 101
Consol 58
soli 89
9858 1311: 9358
1955 is 86 8
%
865
6
8
8658
9
8
9852 95%
Building 5s guar tax ex__ _1960 AO
93% 955
8
41
96% 98
'3
Cal G & E Corp 58
9918 997
8
1937 MN 99 100
9912
9953 23
991 997 Cal Petroleum 6343 temp _ _ _1933 A0 1023 Sale 101
4
4
103
75 1004 103
8218 84 Camaguey Sug 1st f g 78_ _ _1942 A0 93
93 93
9314 93
93
3
995 99% Canada SS Lines let colt 1 75'42 MN 9812 985 9814
8
96% 99
8
99
36
07 97 Canada Gen Elec Co 68
4
1912 P A 1074 Sale 10712 10753 16 10712 1073
%
81 8 89 Cent Dist Tel 1st 30-yr Ss_ _ _1943• D 10053__ 10012 100%
,5
8
6 10014 1007
85% 8612 Cent Foundry 1st s 6.9
9514 9514
1931 FA 924 96
9514 Jan'25
92 92% Cent Leather 20-year g 58_ _ _1925 A0 10018 Sale 10018
1004 — 39 100% 10012
-56 62
Registered
9914 994
AO 9918 1004 9914 Jan'25 _9 5 9 58 central 68 ca
9 144 9 12 Ch o L Steel
8
0
9
2
8
1941 MN 1125 11312 11314
11314
1 111 114
kr1st gu g 58_ _1937 Si 984 99'z 99
9912
99
99
6
98 98
Chicago Rya 1st 58
8258 8514
1927 FA 845 Sale 844
8
85
114
8414 86 Chile Copper (is Ser A
1932 A0 11014 Sale 109
11014 295 109 11112
104% 10514 Cincin Gas & Elec 1st dr ref 5s'56 A0 9912 100
99% 1007
8
9912 1007
8 10
5348 Ser B due Jan 1
103 4 104
3
%
1961 AO 1003 Sale 10012 10113 23 10012 102
4
9212 92 Clearfield Bit Coal 1st 48._ _1940 is 78
%
87
10118 1014 Colo F & I Co gen s
_ _ _1043 FA 91
923
- 27 91 9214
Col Indus 1st & coil 5s
80
_ _1934 FA 82 Sale 81
8214
js 86's Columbia G dr E 1st 55
8
1927 is 1003 Sale 10012 102'4 22 10012 1014
8
04 15
Stamped
4
1927 is 1003 Sale 1008
s 10053 46 100 10118
Coll flti
lAv 1st gu g 5s__ _ _1993 MS 12
9% 12
14
12
12
2
Columbus Gas 1st gold 5s_ _ _1932 Si 983 983 9812
8
9812 9812
9812
4
2412 2414 Commercial Cable 1st g 4.8_ _2397
724 76
72.s 7212
7214 Jan'25 -J
99 8 100 Commercial Credit s f
5
9918 Sale 99
99
_ _1934
9912
9918 25
____ Commonwealth Power 68_ _ _1947 MN 9912 Sale 9914
9758 100
995
8 70
100 100 Computing-Tab-Rec s (ls_ _1941 MN 1025 ____ 10212
8
103
4 10114 103
93% 98 Coon Ry & L 1st & refrr 4348 1951 Si 90-_
8818 Oct'24 _ _ _ _
iJ
84% 8712
Stamped guar 448
93
1951
92
89
90
90
2
95 955 ConsCoaIofMdist&refssAOSO is 8
5
9
8 Sale
814 -i
&vs
885
8 23
1 Cons'd Pr dr Ltg let 6Sis_ _1943 Jo 1014 Sale 8814
10014 101
101
MS
10112 50 100's 10i'
9412 9512 Cont Pap & Bag Mills645._1944 FA 8812 Sale 8712
071, 89
8812 24
773 Con G Co of Ch let gu g 5s _ _1936 Si 9818 100
4
7711
98
9812
98
Jan'25
99% 1004 Consumers Power 1st 5s_ _ _ _1952
MN 93 Sale 9218
93
903 93
4
157
813 8253 Corn Prod Refg s f g 58
4
1931 MN 1001
4_ 9058 July'24 _ __
7512
1st 25-years f 58
74
iC1f 2
1.
MN 10053 101 101
Jan'25
Crown Cork & Seal 65
1943 PA 7512 Sale 7514
22
4
75
76
77
- 01
- Cuba Cane Sugar cony 78_ _ _1930 J J 9512 Sale 937
93% 96
96
44
Cony deben stamped 8542_1930
841s 841s
0514 102
1007 Sale
8
s
102
255
817 8212 Cuban Am Sugar 1st coll 85_1931 is 1C74 108 1003
s
8
1073
MS
4
10814 12 1/175 10812
- Cuban Dom Sug 1st 748_ _ _1944 MN 9712 Bale 9718
963 9712
4
9711 100
;
- 3 -957 Comb T de T 1st & gen 65_A937 is 9712 98
E4
97
9712
9714
97'l 10
631 653 Den Gas& E L let&ret at g 5s'51
8
4
9212 9312
MN 93 Sale 9212
9312 50
100 10012 Dery Corp(D G)7s
79
MS 7714 78
75
7714
773
3
811 821s Detroit Edison 1st coll tr 55_1932
9 3 J J 102 Sale 10012 102
4
11 100 102
9014 914
1st de ref 55 Series A_July 1940 MS 10012 Sale 100
00% 10114
10114 86
10014 10112
lat & ref 88 Series B._July 1940 MS 107, 10714 107
8
10714 29 1063 108
5
813 83 Det United 1st cons g 44s_ _1932 is 915 Sale 9114
4
90% 92
8
917
15
793 81
4
Dold (Jacob) Pack 1st 63_1942 MN 85
82 87
8814 85
88
14
1002 1014 Dominion Iron dr Steel 5s__1939
4
65 Sale 65
65 6812
65'2
6
9938 101
Donner Steel 7s
w...193
1942
D 903 91
4
6
884 916
901
9112
8
4
du Pont(El)Powder 4
9012 9012
9114
_ 9012 Jan'25
70 duPontdeNemoure&Co 7348 1931 M
68
N 108 Bale 108
10812 47 10714 10812
74
Registered
72
1074 107%
.612
6
104s Jan'25
071s
M N 1042
i
034 65 Duquesne Lt 1st & coll 6s_ _ _1499 J J
Sale 10514 106
23 105 10612
1st coll trust 534s Series B_1949
105
12 104 106
- -al; East Cuba SUg 15-yr s f g 748'37 J J 10414
2
131
142 1104 105%
105
7958 8012 Ed El 111 Bkn 1st con g 4s___1939 M S 91% Bale 104
93
91
J J
Sale 915
8
, 5
915
8514 874 Ed Elec Ill 1st cons g 5s_
__ _1995 J J 101
10112 Jan'25 _ _ _ 10112 10112
Empire Gas & Fuel 743_ _ _ _1937 M N 99 4 Sale 9953 1013
97% 1013
4
3
4 571
Equit Gas Light 513
1932 M S 9914
- 100
100
10 100 10014
8712 Federal Light dr Ti 1st 58_ _ _1942 M S 90
85
91
ao
so 10 88 94%
9413 96%
1st lien 65 stamped
96% 1015
1942 M S 10112 Bale 101
s
10112 31
5
5
Cony deb is Ser A
1953 M S 11512 136 13214
134
6 118 136
8
5 Federated Metals at 78
1939 J D 104 Sale 104
10514 35 104 10612
9814 100
Fisk Rubber 1st s f 88
1941 M S 11014 Sale 110
108 11012
945 10012 Ft Smith Lt al Ti 1st g 58_ _1936 M S 7812 Sale 7612 11012 31
7812 7812
7812
7
9658 98 Frameric Ind & Dev 20-yr
7348'42 J J 9412 Sale 94
924 95
95
41
91% 9312 Francisco Sugar
734s
1942 M N 105 1053 105
4
106
3 104% 106
Gas dr El of Berg Co cons g 581949 J D 9818 __-98% 98%
9818
984
1
98 100 Gen Asphalt cony 65
1939
1 101 1017
8
9112 967 General Baking 1st 25-yr 68_1936 A 0 1014 Sale 10118 1014
s
J D 105 10584 1047
8 lO47
e
1 1045 105
8
9512 97 Gen Electric deb
g 3He
1942 F A 8414 ___ 84
Jan'25
_
83 84
1035 10618
8
Debenture 5s
11 10112 10514
9912 102 Gen Refr lat s f g 63 Ser A_ _ 1952 M S 102 Sale 10112 103
_1952 F A 100 10184 10012 10188
7 10014 101%
9618 967 German Gen Elm 75 w 1
8
1945 J J 93 8 Sale 937
7
941 119
93% 9 4
4
9058 91
Goodrich Co 630_,
19475 J 10214 Sale 102
1021
8
96 1003 102%
11012 115 Goodyear Tire dr Rub
1st at 1941 M N 1197 Sale 1197
s
8 120
110 119 120
1004 10112
10-year 81 deb g 88
0 34
d1931 F A 19314 Sa_l_e 106
8
. 9812 196
09
73 108% 1091s
6
95 953 Granby COri8 M 8& P con 68 A'28 M N
96 96
101 10212
Stamped
931k
1928 M N 9314 934
96
4
9318 94
125 4 13012
3
Cony debenture 841
1925 M N 99 9912 99
8 52
995
9958
95
Gray dr Davis 75
1932 F A
92
95
Gt Cons El Power(Japan)78_1944 F A 88 4 aal
903 W
: 93114
904
893 9112
90 4 571
983
4
Great Falls Power 151 s f 5s_ _1940 M N 100 101 101
101
1 100 101
Hackensack Water 4s
7
1952 J J 8418
8353
83
835 85
8
1
Havana El Ry L dr P gen 58 A '54 M S 86 sale 853
8312 86%
8618 27
4
Havana Elec consol g 5s
1952 F A 9312 94
9312 Jan'25
_
9212 9312
Hershey Choc lat 31 g 6s _ _ _1942 MN 1034 Sale 1037
8
10414 22 1037 10412
8

d Due May. e Due June. h Due July. k Due Aug. s Option sale.

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 30.

567

568
BONDS.
N.Y STOCK EXCHANGE
.
Week Ended Jan. 30.

New York Bond Record-Continued-Page 5
is
a.

Price
Friday
Jan. 30.

Week's
Range or
Last Sale

44.2

Range
Since
Jan. 1.

BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 30.

Price
FridaY
Jan. 30.

Week's
Range or
Last Sale

Range
Since
Jan. 1.

High No. Low
Bid
Ask Low
Bid
Ask Low
High No Low
High
High
Hoe(R)& Co 1st 6348 temp_1934 A 0 1013 Sale 10034 102
4
75 10038 10212 Pat & Passsic G & El cons 5s 1949 MS 9812 -- 9712 Jan'25
9712 9712
85 Peep Gas & C 1st cons g 6s.1043 A0 10712 10818 10818
2 107 10814
79
Holland-Amer Line 65 (fl t)_1947 MN 84% Sale 8412
48
10814
85
943 9512
4
9512
9
Refunding gold 5s
Hudson Co Gas 1st g 55_ _ _1940 m N
9815 98%
981s 98% 9814
9814 11
1947 54 S 95
951 9412
Philadelphia Co 68 A
9912 101
10312 14 101% 103%
8
11,3494 FA 10318 Sale 103
9
Humble 011 & Refining 5345_1932
J 1007 Sale 10012 101
85
52
95
Illinois Bell Telephone 58._ _1956 J D 9712 Sale 97
89
97
972
5345
975
MS 95 Sale 94%
93% 9514
5
18 100 10134
923 935 Phila & Reading C & I ref 55.1973 J J 10018 10012 10018
4
10034
Illinois Steel deb 434s
1940 A 0 935 Sale 9314
93
60
Pierce-Arrow 88
8712 91
9538 64
Ind Nat Gas & 011 5s
1936 m N 893 91
9014
20
91
1913 MS 94% Sale 9412
9414 9618
2
2 102% 104
Indiana Steel 1st 521
4
4
1952 M N 1013 1023 1017
8 10212 18 1013 10212 Pierce 011s f 88
1931 SD 10312 1033 10312 104
4
Pillsblry Fl Mills 20-yr 6s_ _1943 AO 101 102 101
Ingersoll-Rand 1st 55
1935 .1 j 983 ____ 100 Aug'24_ _
4
10134 16
99% 102
1
1-- Pleasant Val Coal 1st g 8198.1928 J J 9712 _ -- 9712
Interboro Metrop coil 4%s_ _1956 A 0 11
___
11
97 9712
Jan'25
9712
3
70
9312
4
68
Pocah Con Collieries 1st 51581957 J j 9312 Sale 934
8
228
93% 94
Interboro Rap Tran 1st 55_ _1966 j j 693 Sale- 69
70
Stamped
6814 Sale 6814
6712 6914 Port Arthur Canal & Dk 65 _1953 FA 99% Sale 99%
10314
9
9912 10014
6914 350
72
10-year 6s
767 Portland Gen Elec 1st 55_1935 Si 99
5
24
1932 A 0 7512 Sale 7412
767 127
8
99
983 99
8
9912 98%
75
9214 9338 .ortland fly 1st & ref 5s____1930 MN 0312 Sale 923
1932 M S 9214 Sale 9212
93 202
9212 95
4
9312 11
693 7218 Portland fly Lt & P 1st ref 551942 FA 84% 8512 84%
4
Int Agri° Corp 1st 20-yr 5s_ _1932 M N
85
3
8414 85%
7218 11
7118
73
71
65 B
634 70%
Stamped extended to 1942_ _- - M N 70 Sale 6912
98
35
98
707
8 23
1917 MN 98 Sale 95
94
91
88
1st & refund 7345 Ser A 1946 MN 10578 ____ 1057
Inter Mercan Marines f 55_ _1941 A 0 90 Sale 893
223
91
8
106
4 10512 106
17
International Paper 55
1947 j j 88% Sale 8838
883
54
873 8915 Porto Rican Am Tob 88_ _ _ _1931 MN 106
4
106 Dec'24
Pressed Steel Car 55
1st & ref 55 B
84 Mar'24
1947 j j
9412 100 13 4 14 2
1938 J J 9412 Sale 94
-3-19912 Sale 90
9024 Prod & Ref s 18s(with war'nts)'31
88
Jurgens Works 68 Mot Price)
.1947j J
903 133
8
12 104 11514
1147
D 114 Sale 114
Kansas City Pow & Lt 5s_ _ _1952 M S 97 Sale 96
Without warrants attached__ .55) 110 Sale 110
97
69
953 97
8
11014 22 110 11012
9414 100
Pub Serv Corp of NJ gen 58_1959 AO 10412 104% 13412 1345
Kansas Gas & Electric 68...1952 M
100 Sale 98% 100
61
8 18 10412 104%
s
9512 223
Kayser & Co 75
27 10112 103
Secured g 65
95%
1942 F A 1023 103 10214 103
1914 FA 9512 Sale 95
95
Kelly-Springfield Tire 88......1932 M N
98 Sale 974
9912 52
98% 63
4
97
98 8 Pub Serv Elec & Gas 1st 5%51959 AO 993 Sale 9914
987 99%
8
82
8212 Pub Serv El Pow & Ltg 135_ _1948 AO 104 10438 104
Keystone Telep Co 1st 55_ _ 1936.5_
8
J 8218 847 8212 Jan'25 ____
1043
4 14 10212 10512
Kings County El & P g 5s_ _ _1937 A 0 1012 ____ 101
s
Jan'25 ____ 10012 101
Punta Alegre Sugar 78
4
1937 ii 104% Sale 0414
10518 69 1023 106
1145s 118
1145s Jan'25
_
Remington Arms 65
Purchase money 68
1937 MN 90 Sale 90
92
9
8814 92
1997 A 0 11518 _
75
Kings County El 1st g 45_ _ _1949 F A
_ 75 8
,
4
753
4
7534 Repub I & S 10-30-yr 58s f._1940 AO 9514 95% 95
9312 95%
9534 23
913 927
747 74
8
4
7618 7714 75
76
12
Stamped guar 48
1949 F A 76--5348
1953 ii 9214 Sale 92
5
9214 13
89
7312
Kings County Lighting 55_ 1954j_
j 8912 93 894 Jan'25 __
89 4 Robbins & Myers s f 78
,
7312
3
1952 ID 7012 7312 71
67
j 10412 Sale 10414
5 103% 1048 Roch & Pitts Coal & Iron 55_1946 MN 907 _
1954
10438
6555
90 Aug'24
8
2 1077 1087 Rogers-Brown Iron Co 7s_.l942 MN 8338 Sale 833
8
8
Kinney Co 73.45
1936.5 D 106 10812 10814 1087
8312
8218 -- -1
8
83;
8938 9112 St Jos fly Lt Ht & Pr 5s_ _ _ _1937 MN 8514 89
9112 55
Lackawanna Steel 55 A
1950 M S 91 Sale 905s
8512
8512
6
8518 85%
984 99
It Joseph St- Yds 1st 4,(
Lac Gas L 01St L ref&ext 55_1934 A 0 9812 Sale 9812
99
41
48t1930 .1 .1 95
8
9614 131
Coll & ref .534s Series C _ _ _1953 F A 9614 Sale 957
9514 96 4 St L Rock Mt & P58 stmpd_1955 J J 7718 7914 7812
,
77% 79
7812
1
4_ 9712 Jan'25 ____
Lehigh C & Nav f 4%s A_ _1954 j ..1 971
955 97 2 St Louts Transit 55
,
1924 AO 7412
74
74
7412
7412 12
10018 11- 10034
1
5 100 101
St Paul City Cable 55
1933
10034
95
Lehigh Valley Coal 55
1937 J J
0612 95
_
95
95
Jan'25
1933J J
895 Sept'24 ------------ Saks Co 75.
8
45
1942 MS 107 Sale 106
46 106 107
107
41
41
San Antonio Pub Ser 6s_ __ _1952 j J 10118
994 10012
Jan'25 ____
Lex Ave & P F 1st git g 58-1993 M S 4112 ____ 41
% 100% 13
99
Sharon Steel Hoop 1st laser A '41 MS 1063 Sale 10612 107
4
8
Liggett & Myers Tobacco 75_1944 A 0 117% Sale 11712 11778 18 11712 118
5 1057 107
8
973 99
4
Sheffield Farms 6345
1951 F A 987 Sale 9812
987
2 49
1942 A0 10612 _ _ 1064
55
10612 .12 105 10612
s 1153
1944 A 0 1145 Sale 1145
4
Lorillard Co (P) 75
4
7 114, 11514 Sierra & San Fran Power 5s_1949 FA 91 Sale 903
4
6
91
90
9218
1951 F A 96% Sale 9618
9678 71
53
9
6
304
97 Sinclair Cons Oil 15-year 75_1937 MS 94% Sale 9l78
95
88
95 •
8
Louisville Gas & Electric 55_1952 M N 927 Sale 9212
905 93
1st in coil tr 65C with wan'1927 Jo 11618 Sale 108% 11618 1324 10514 116%
93
82
,
j D 9018 Sale 8612
-1st Ilen 6%5 Ser B
Lower Austrian Hydro-Elec Co
2
903 1054
8
8
823 903
1944 F A 8514 Sale 854
1st s f 63.4s int ctfs
8514 8512 Sinclair Crude 011 pur 5%5_1925 AO 10012 Sale 10012 10012 16
8512 49
9912 10012
3-yr 61 notes At
Magma Cop 10-yr cony g 78_1932 J D 126 Sale 122
126
4
165 122 132%
1928 FA 9912 Sale 9914
9912 212
994 99 2
,
1942 A 0 1003 Sale 100
Manat1 Sugar 7348
1005s 21
3-yr 6'48 notes A Feb 15 _1926 F 14 101 Sale 101
99 10012
101
15
9934 1014
Manhat fly(NY)cons g 45_1990 A 0 6314 Sale 6212
6314 47
62
637 Sinclair Pipe Line 58
1942 A0 84 Sale 83%
843 175
8
82
843
8
5514 543 Jan'25
3
8
2013J D 541254 543 Skelly 011 6% %
2d 45
4
4
notes
8
1927 A0 115 Sale 11012 116
148 1067 116
8
Manila Electric 75
1942 M N 100 Sale 985a
9714 100
100
16
South Porto Rico Sugar 75_ _1941 JO 1023 Sale 102
10238 30 102 1028
4
99 8 Sale 99% 100
,
847 8512 85
8
Manila Elec Ry & Lt f 55_1953 M
85 85
Jan'25 _ _
Sloth Bell Tel & Tel 151 s f 581941 1
17
99 100
9714 430
9914 75
9812 9934 S'west Bell Tel 1st & ref 5s_ _1951 FA 9714 Sale 9612
Market St fly 75 Series A_ _1940 Q J 99 Sale 9838
9618 9712
Marland Olis f 88 with warets'31 A 0 130 150 135
Jan'25 ____ 1304 140
Southern Colo Power 65.....1947 J J 9412 9512 94
9512 32
9314 95%
Without warrant attached_ _ _ _ A 0 106 Sale 106
6 105 106 2 Spring Val Water g 58
10612
4
9738
2
,
1948 MN 9714 973 97%
97% 97%
11412 Sale 114
__ 130
710 Series B
1931 F A 12512
73 10612 12012
Jan'25 ____ 130 130
Stand Gas & El deb g 6345..1933 M
117
99% 10014 100
1047 11514 105
do without warrants
105 10538 Standard Milling 1st 58
I
Jan'25
105
1930 MN
9912 100%
Maxwell Motors f 7s
105
1934 M S
10714 25 105 10714
Jan'25 ____ 105 105, Steel & Tube gen 51 75 Ser C 1951 J J 107 Sale 106
4
Metr Ed 1st & ref g 6s Ser B_1952 F
103" slide- 10212 103 20 10212 10312 Sugar Estates (Oriente) 75_ _1942 MS 9714 Sale 9634 9712 32 9614 9712
98
99
1st & ref 55 Series C
9812
5
9318 38
9812
9153.5 J 93 Sale 92
9112 934 Superior Oil 1st Rf 75
1929 FA-I
98
9812
8
Metropolitan Power 65
8
1953 J D 10012 Sale 10011
10118 14 1003 101, Syracuse Lighting 1st g 55_ _1951 JD 975 9812 984 Jan'25
9712 9814
8
Midvale Steel de0cony s f 5s 1936 M S 90 Sale 8918
871g 9014 Tenn Coal Iron & RR gen 55_1951 J J 10114 1.2 18238 Jan'25
1023
9014 175
8.102%
Milw Elec Ry & Lt cons g 55_1926 F A 10038 Sale 10012 101
Jan'25
101 1(12
14 100 101
Tennessee Cop 1st cony 65_ _1925 M N 101 103 101
4 101
89
Refunding & exten 4345_1931 J J 9518 9534 954
9518
994 101
4
,
6
0
9 78 9542 Tennessee Elec Power 1st 68_ 1947 ID 10018 Sale 993
9
6
5
,
General 58 A
5614 25
8
4
543 567
8
1951.5 D 965 973 9812 Jan'25
Ii 5614 Sale 55%
Third Ave 1st ref 45
47
238
8
46
lst 58 B
1961.5 D 86 Sale 853
847 8
504
86
29
s
Adl int Sa 5..x-ex N Y___a1960 A0 4612 Sale 46
94%
Series C___ _1953 MS 9938 Sale 993
95
7
Ist & ref g
94% 95
9938 Third Ave fly 1st g 58
8
37
99
1937 J J 94% 95
9938
10312 46 1023 104%
Milwaukee Gas Lt 1st 45_ _ _1927 M N 9812 9912 984
4
9812 19
964 98 2 Tide Water 011 10-Yr 6345..1931 FA 1034 Sale 193
,
109% 23 10812 10912
Montana Power 1st 55 A__ _1943 J J
9812 Sale 9814
993
4 62
9738 99.. Toledo Edison 1st 75
1941 M S 10914 Sale 109
9438 Sale 9412
Montreal Tram 1st & ref 55_1941 J
94
94
4
943
46
Toledo Tree Lt & Pr 6% notes'25 FA 10012 100% 10012 10012 13 1004 1003
97 Sept'24
Morris & Co 1st 81 4345_ _ _1939 J J 81 Sale 8018
7812 81
81
44
Trenton G & El 1st g 58_ _ _ _1949 MS 97% _ _ _
9014 Jan'24
Mortgage-Bond Co 45 Ser 2_1966 A 0 77
89 9014
--- 7412 June'24 _ _ _ _
Underged of London 4%8_ _1933 J J 9018
8812 Dec'24
_
9614 96
-ig11
10-25-year 55 Series 3_ _ _ _1932 J .1 96%Income 135
Jan'25
1948 J J
15 14
97
-1 97
;
Murray Body 1st 6345
1934 J D 97 Sale 97
9838 Union Bag & Paper 1st M 68_1942 MN 9412 9614 9514
98
63
97
9512 961, Union Dec Lt & Pr 1st g58.1932 MS 99% 10018 998
4
99% 31
Mu Fuel Gas 1st gu g 58
9612
2
99% 10012
1947 M N 9612 Sale 9612
Mut tin gtd bonds ext 4%_ _1941 M N
4
9912 29
954 Aug'24
Ref & ext 55
9814 9912
1933 MN 9914 Sale 983
75
77 Dec'24
6014 63
Nassau Elec guar gold 45_ _ _1951 J J 61
Union Elev fly (Chic) 55_1945 A0 73
8 14
627
4
62 618
9838- National Acme 7.445
1931 J D 93 Sale 93
9238 94
Union 011 1st lien a 1 Ss.__ _1931 .1 J 100 10012 993 Nov'24 _
938 19
Nat Enam & Stampg 1st 58_1929 J D 98 100
98 Dec'24 _ _
10312
8 1623; 1/-1
;
May 1942 FA 103 Sale 03
13
30-yr 65 Ser A
412 1343
Nat Starch 20-year deb 5s_ _1930
9912
_ 96
12 10312 104%
Oct'24
i 4 iii- Union Tank Car equip 78_ __1930 PA 10412 Sale
-3
12
National Tube 1st 58
13
1952 M N 10 8 102
0112 Jan'25
United Drug 68 tempy
AO-I 101 Sale 0012 101
93 10014 101
4
Newark Corumi Gas 55
997 99
99 9914 United Fuel Gas 1st 5 1 65.... _1946 J J 993 Sale 934
-8
99
1
1948.5 D 99
193
4
993
4 33
98
993
4
New England Tel & Tel 6.s_.1952.5 D 100 Sale 100
8
997 10038 United Rys Inv 58 Pitts issue 1926 M N 100 10014 100
10038 108
100
6 100 10018
100 Sale 100
NY Air Brake 1st cony 6s..1928 M N 104 10414 104
14 104 104
100
104
Stamped
15
8
99 4 100
NY Dock 50-year 1st g 48_ _1951 F A 80 Sale 80
7
773 80
4
80
United Rys St L 1st g 45_ _..,1934 J J 7312 Sale 7312
74
45
7414
73
95 Sale 9412
N Y Edison 1st & ref 634s A.1941 A 0 11412 Sale 11338 11438 48 1123 114% United SS Co 15 -yr 6s
4
95
68
95%
91
NYGasEIL1&Powgss..l948J D 1013 Sale 10112 1013
4
4 22 10012 10212 United Stores Realty 20-yr 65'42 M N 102 103 103
1937 A O
10314 13 102% 104%
Purchase money g 4s
1949 F A 8638 Sale 8638
86
8718 26
87 5 U S Rubber 1st &ref 55 ser A 1947 J J 85% Sale 8512
,
86
182
85
864
1_
_.
NYLAAWest001111.551942 M N
10-yr 7%% sec notes
1930 F A 10714 Sale 106
1 712 50 10412 10712
4
N Y Munic Ry 1st f 55 A_ _1966 1 J
8112 Apr'24 _ _ _
(IS Smelt Ref & M cony 65_1926 F A 1018 101% 1013 • 1017
4
5 10138 102
N Y Q El L & P 1st g 5s_ _1930 F A 00 _ _ 100
- - -8- 101 U S Steel Corp(coupon_ __d1963 MN 1054 Sale 1043
9 4 9
Jan'25 _ _ _ _
10518 116 10414 105%
50
13
45
1043
8 105
Y Rya 1st R E & ref 45_ _ _1942 J J 50 Sale 50
50 2
,
8110-60-yr 5sIregistered_d1963 M N
10 1037 105
8
497 50
Certificates of deposit
495
423 5014 Utah Lt & Trac 1st &ref 5s_ _1944 A 0 8512 Sale 8414
8
50
107
8512 36
8318 8512
53
12 514 514
9214 Sale 9214
-year ad) Inc 5s___ _Jan 1942 A 0
4
15
418 53 Utah Power & Lt 1st 55__1944 F A
8
30
925s
91
9238 37
31
_ __ _
512 Utica Elec L& Pow 1st s f 58.1950.5 J 99, - - 9918 Dec'24
Certificates of deposit
512 45
535 53
4
5
100
3
9912 100
2
NY & Rich Gas 1st 68_ _ _1951 M N 9938 ____ 100
Utica Gas& Elec ref & ext 58 19575 .1 983 9812 983
8
983
8
s 98l 91)
8
667
8 23
1:1•
. 6814 Victor Fuel 15151 55
,
NY State Rys 1st cons 4%5_1962 M N 667 Sale 6618
1953.5 .1 53% 60 53
Jan'25
__
53 53
907 9012
8
1962 M N 87
904
2
888 907 Va-Caro Chem 1st 75
8
1947 J D 827 Sale 81
73
84
6345
84
459
99
987
Certificates of deposit
--83 80
9914
5
9712 99 2
,
NY Steam 1st 25-yr 68 Ser A 1947 M N 98
80
57
7113 80
963 Sale 9614
8
76 Sale 76
9612 94
9513 9612
Certificates of deposit stmpd
NY Telep 1st & gen s f 4 As _1939 MN
_
4
773
773
4 23
68
8 10838 51 1077 10838
8
30-year deben s f 68_ __Feb 1949 F A 1063 Sale 1083
734s with & without war_ _1937 J D 474 Sale 47
49
49
250
44
3
4712 50
Certlfs of dep with warrants_ _ _ _ _
4 81 10614 10738
45
20-year refunding gold 68_1941 A 0 1063 Sale 10618 1063
45
484
4
43
42
13 10014 10214
Certls of dep without warrt _ _ _ _
45
4412
Niagara Falls Power 1st 58_ _1932 J J 1004 101 10014 101
45
4612
41
7
10478
4 10354 105
Va Iron Coal & Coke 1st g 58 1949 M
9212 93
Jan 1932 A 0 10412 Sale 104
013 Jan'25 _ _
90 9154
4
4
Ref & gen 65
Jan'25 ____ 10412 106
Va Ry Pow 1st & ref 5s
1943 J J 9414 Sale 933
Niag Lock & 0 Pow 1st 55_ _1954 MN 10512 Sale 106
9414 31
9314 9414
8
8
3 1043 10512 Vertientes Sugar 1st ref 75_ _1942 .1 D 92 Sale 92
pli4 9212
Refundlni 65 Series A.... .1958 F A 1053 ____ 10512 10512
9212
6
997
9912 Sale 983
8
77
967 997 Warner Sugar Refin 1st 78__1941 J D 95% Sale 94
1952 M
Nor Amer Edison 68
95% 45
4
8
897 953
i
4
84% Bale 84
1023
s 32 1003 1023 Warner Sugar Corp 1st 78_..1939 J
7712 843
4
Secured s f g 6%5 Ser B_ _1948 M 5 1021g Sale 102
843
4 23
923 Sale 9212
4
03
11
9212 93
Wash Wat Power 5 1 55_ _ _ _1939 J .1 993 ____ 10012 Jan'25
4
Nor Ohio Trac & -ight 135_1947 M
100 10012
8
943
93
943 Westches LOg ass stmpd gtd 1950 J D 9912 100
,
4 44
9912 102
Nor States Pow 25-yr 58 A._1941 A 0 943 Sale 9418
1
99,
2
9912
104
4 103 10512 West Ky Coal 1st 75
1944 M N 101 Sale 19335
1st & ref 25-yr 6s Ser B__ _1941 A 0 10312 Sale 103
101
24 10012 101
9312 Jan'25 __
A 0
9314 9314 West Penn Power Ser A 55_ _1946 M
96 Sale 9514
96 8
,
Registered
28
94
96
e
8 1077
8 21 1073 1077
8
1st 40-year 6s Series C. _1958 J D 105% Sale 10514
8
8
Northwest'n Bell T 1st 75 A_1941 A A 10712 g2Z1- - 1073
1057
8
6 1043 1057
9512 95
95
6
9438 95
1st 78 Series D
1946 M
1067 Sale 10 12 1067
2
North W T 1st fd g 4348 gtd_1934 J J 95
8 22 1053 10678
6
4
,
11012 Sale 11012 11038 18 108 11038
1st 55 Series E
1963M S 94% 95% 9434
93% 95.
9514 II
4
Ohio Public Service 7345_1946 A 0
10814
4 1073 11014
s
1st 5545 Series F
1947F A 107% 10712 10738
1953 A 0 101% 102 10112 102
78
16 10034 102
101
9
9812 101
Western Electric deb 55_ _1944 A 0 0812 Sale 9812
9814 99
Ohio River Edison 1st 68__1948 J J 100% 101 100
0884 120
98
31
9714 9818 Western Union coll tr cur 55_1938 J J 994 Sale 9918 100
995 100 4
8
1944 F A 98 Sale 974
,
Old Ben Coal 1st 68
8
0918 13
983 9938
8
Fund & real estate g 4345_1950 M N 9312 9414 94
1943 F A 99 Sale 99
8
923 9414
Ontario Power N F 1st 5s
9414 16
97
15- near6Z g
6tiy gho
E
97 4
,
1936 F A 111 Sale 111
1945 M N 9712 -- -- 9714 Jan'25
Ontario Transmission 55_
11114 22 11014 11112
100
10
983 100
4
M 7s.,.1931 M N 10818 Sale 108
1941 F A 100 Sale 085
10814 70 10712 10814
Otis Steel 88
9314 16
9112 9314 Wickwire Spen Steel 1st 75_.1935.5 J 8412 Sale 8312
934 927
s
76
91
lat 25-yr f g 7%s Ser B 1947 F A 93
85
28
1
947
0312 95
87
Certificates of deposit
7612 85
8412 Sale 823
4
85
26
Pacific G & El gen & ref 58.1942 J J 9412 Sale 94
9814 99
983
8
993
8 40
98
993 WIllys-Overland 51 6 Ms_ _ _ _1933 M S 100 Sale HO
9954 1003
8
Pac Pow & Lt lst&ref 20-yr 55'30
1003
8 83
4 100
42
9914 100
100 Sale 993
Wilson & Co 1st 25-yr 8168.1941 A 0 93% Sale 9314
1937 J .1
915 94
8
Pacific Tel & Tel 1st 65
94
57
9314 39
9213 9314
10-year cony f 135
69
1952 M N 934 Sale 93
683 Sale 6412
4
55
55
69
128
53
10512 20 10412 1054
Certificates of deposit.........._928.1
6512
Pan-Amer P & T 1st 10-yr 78 1930 F A 10512 Sale 105
6512 Sale 6512
6512
1
109 1273 103 109
53% 6612
10-yr cony 8 r 7%s
MN 10818 Sale 106
p19
66 Sale 637
6612 183
Convs 165 1934 temp
96
96
7
96
9514 9612
Certificates of deposit _.____ 1
P
_
51
2
3
6414 593 Jan'25 _
Park-Lex St leasehold 63413._1953 J .1 95
8
_ 593 593
Winchester Arms 7345
1013 Sale 10134 102
22 10154 102
4
Young'n Sheet & T 20-yr 65_194 J-11 9712 Sale 97
4
9 4 973
5
1 41 A .1
3
973 142
4

102

-

4 Due April. p Due December. a Option sale.

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

569

BOSTON STOCK EXCHANGE-Stock Recordser:eTt'%,.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Jan. 24.

Monday,
Jan. 26.

Tuesday,
Jan. 27.

Wednesday, Thursday,
Jan. 29.
Jan. 28.

Friday,
Jan. 30.

Sales
for
the
Week.

STOCKS
BOSTON STOCK
EXCHANGE

Range for Year 1925.
Lowest

Highest

riCK UlAKE
Range for Previous
Year 1924.
Lowest

Highest

Railroads
8
100 182 Jan 5 16434 Jan 7 1457 Mar 164 Dee
153 Boston & Albany
16212 16212 16212 163
16212 16212
18212 16212 163 163
163 163
7134 Aug 85 Dec
100 78 Jan 17 86 Jan 2
78
496 Boston Elevated
78
7914 79
784 78
8
8
7812 783 783
7912 78
7914
8714 Dec 9814 May
100 92 Jan 18 97 Jan 3
21 Do pre!
9212 9212 9212 9212 9212 9212 9212 9212
9214 9214 9214 93
100 113 Jan 7 11412 Jan 16 107 Dec 11614 Jan
114 11414 --------110 Do 1st pref
11414 11414 11414 11412 114 114 0114
92 Sept 10114 Dec
100 98 Jan 19 102 Jan 9
*98
99
9814 9814 98 18
241 Do 26 Ord
9812 9812
99
99
99
99
812 Jan 2514 Nov
100 15 Jan 7 174 Jan 10
4
8 163 183
312 Boston& Maine
4 1512 167
1614 1614
8
1512 1512 01512 165
•1512 16
8
Jan 267 Nov
12
100 18 Jan 21 18 Jan 21
*18
____ ____
18
18
45 Do pre!
18
___
18
__ *18_
•18
13 June 3714 Nov
Do Series A 1st Ore!. 100 25 Jan 3 26 Jan 3
25 2512 25
25
25
--------385
25
25
25 - .
25 25
174 Jan 48 Nov
..100 32 Jan 27 3612 Jan 3
35
36
36
32
35
34
35
--------368 Do Series B 1st Ore!.
*__ 3512 34
16 Feb 41 Nov
3312 30
3112 3112 3212 --------654 Do Series C 1st pref _100 28 Jan 21 34 Jan 5
_ 33
28._*
27
27
Jan 62 Nov
23
50
51
*50
050
51
--------119 Do Series D lot prat_ _ _100 50 Jan 21 5114 Jan 5
51
50 50
51
•50
Jan 172 Nov
43
100 16812 Jan 5 172 Jan 16
Boston & Providence
*16812
_ 016812
_ 018812
'168',.. 016812
__
18 May 3812 Dec
3
- 12 3212 -East Mass Street Ry Co_100 32 Jan 20 38 Jan 9
14 3212 2 34- 34
1.513
31
34
33
33
4
323 335s 3212 534 Jan 71 Dec
100 63 Jan 20 69 Jan 6
6912 67
68
6912 --------151 Do 1st Ore!
068
6912 067
+6712 6912 067
48 May 611 Nov
:
100 57 Jan 23 6212 Jan 12
58
60
58
58
60
160 Do pref B
____
60
58
:57
*2574 58 0
8
28 May 4614 Dec
42
100 41 Jan 27 447 Jan 2
42
4 434 437
424 41
433
8 4358 ---- 1,515 Do adjustment
4334
42
14 44
042
25 June 3712 Apr
100 30 Jan 23 3712 Jan 29
30
30
63 Maine Central
3712 3712 32
31
*30
30
32
30
31
•
14
Jan 3314 Dec
8
. 4
iaF9r 3034 297 3012 0 4 3014 30
100 293 Jan 20 3218 Jan 7
293
30
8 3012 31
3012 315
2 126 NY 7711 & FI trtford
8
62
Jan 81 Nov
Northern New Hampshire.100 75 Jan 2 77 Jan 14
80
75
*73
073 ---- *----80 •_ _ _ _ 80 0_ _
80
Jan 108 Nov
100 101 *101
.
- -----------20 Norwich & Worcester pref_100 100 Jan 13 105 Jan 15
•100 ____ •100 102 *100 102
7212 Jan 98 Nov
100 98 Jan 2 99 Jan 9
96
9612 9712 96
99
8 9634 9634
964 96
*98
9612 965
193 Old Colony
34 Mar 64 Nov
Rutland pref
100 63 Jan 2 6312 Jan 2
0___
--__ ____
70
Jan 934 Nov
88
92
2 Vermont & Massachusetts_100 88 Jan 28 93 Jan IC
.
_ _ _ 92
88
•____ 92 •
. __ ._
Miscellaneous
I Nov
414 Dec
414 Jan 7
3 Jan 27
3
34
3
3
314 314 --------485 Amer Pneumatic Serv1ce_25
314 314
314
*3
12
Jan 2014 Dec
50 1714 Jan 23 1912 Jan 7
1712 18
18
0174 1812 01712 1812 --------2551 Do pre!
1712 174 18
8
Amer Telephone & Teleg_ _100 1303 Jan 2 1354 Jan 5 121 June 13412 Dec
8
1333 13234 13338 13258 13318 13212 133
1323 1327 1325 1327
4
8 2,409
8
8
133
Jan
5712 Oct 83
71 Jan 3 77 Jan 13
No par
7112 7214 7214 7112 72
71
72
300 Amoskeag Mfg
7114 7112
734 7312 71
Oct 79 Aug
69
4
•733
_ +734
4
__ 074
__
76
75
No Par 731 Jan 17 76 Jan 15
75
75
75
50 Do pre!
75
13 Aug 16
Feb
15
15
1112 1412 *214
11 Art Metal Construe, Inc__ 10 14 Jan 16 1412 Jan 28
15
*214 16 *214 .- 0214 -8 June 1014 Jan
978 Jan 6 104 Jan 2
No par
,Atlas Tack Corp
____ ____ ____ ____ ____ ____ ___ ____ ___
871Boston Cons Gas Co pref__100 103 Jan 17 107 Jan 9 100 Dec 108 July
4
10112 10112 10412 10412 10434 1043 1.043 105
___ __ _
4
Jan
.05 Dec .20
•_
.10 •___ _
(Boston Met Pet Trus._No par
.10 •____
.._
.10 0
__
.10 *___
.10 ____
2018 Dec 2818 Mar
10 20 Jan 26 23 Jan 28
2012 205 203
8
Connor (John T)
4 2012 23
2212 223
4 223 -4 2214
RIZ& 2012 20
2412 May 35 Sept
Dominion Stores, Ltd__No par 284 Jan 30 33 Jan 6
2912 02912 31
02912 31
02912 31
8
2814 2814
02812 2912 02814
Jan 8812 Dec
84
•92
100
_ _ 092
•92
_ _ 092
_ __ 092 . _ ____ ____ ____ _ _ 1 Do pre( A
3 Feb
2 Sept
3 Jan 2
3 Jan 2
10
70'East Boston Land
____
-3
3
12
3
12 *3
1
*3
3
3
312
*3
812 Feb
Oct
4
4
63 Jan 24
5 Jan 7
5
300 Eastern Manufacturing
4 *512 614 *54 614 • 8 64 *512 614 *512 - - -18 63
63
57
62
Jan 5514 Mar
38
25 494 Jan 5 54 Jan 22
52
51
50
52
5012 5014 52
8
515 515
561 Eastern SS Linea, Inc
8 5118 5112
52
344 Jan 40 Feb
No par 35 Jan 15 3712 Jan 22
37
3712 3712 037
3712 37
3712 3712 37
3712 37
250, Do pre(
3712
8512 Jan 93 Mar
•992 90
100 89 Jan 3 90 Jan 5
4
894 90
894 897
8 90 90
4
1821 1st preferred
*883 90
894 90
100 200 Jan 5 208 Jan 2 16312 Jan 20111 Dee
2,880 Edison Electric Ilium
00 200 200 20012 200 20012 200 201
004 2
00 2
00 2
200 2
5 Dec
212 Jan
312 Jan 16
4 Jan 6
•3t4 4
10
0314 4
0314 4
•314 4
lElder Mfg Co (v t c)
*314 4
____ _ _ _
Jan 41 Dec
13
•3812 38
Galveston-Houston Elea _100 38 Jan 7 38 Jan 7
+3612 38
*3612 38 .3612 38 .3612 38
__
--_612 Jan
344 Sept
No par
'Gardner Motor
_-- __
11314 Mar 1164 Sept
100
Jan
79 Aug 80
9 I in 28 79 Jan 28
Do 5% non-cum prof __100
____ . _ __ . __ .
5512 Oct 5812 Oct
4
654 65
6412 65
644 - 65
4
6i3 6
'
liii2 51t 1,745 Gillette Safety Razor_No par 5712 Jan 2 673 Jan 7
66
(
8
157 Jan
1218 Nov
25 14 Jan 2 154 Jan 24
Greenfield Tap & Die
1514 144 1514 15
1518 •1412 15
15
*1412 15
--------515
46 Mar 60 Dec
No par 55 Jan 28 5812 Jan 8
56 •____ 56
56
96 Hood Rubber
___ __
57
55
056
55
56
.
35
41
Apr 59 Nov
Internat Cement Corp_No par 5212 Jan 5 53 Jan 7
*5312 5414 *5312 5412 +5312 5412 *5312 5414
55
*54
2 Jan 3 .10 Feb
3 Dec
138 Jan 3
14 *114 2
0114
0114 2
*114
2
*114
8
17 __ _ -_ ___-_ ___ _._ International Products_No par
9 Jan 8 104 Jan 9 .25 Feb 14 Dec
100
100 Do prof
10
*8
10
*8
10
08
9
9
0712 9
_-__
Kidder, Peabody Acceptance
Jan 8812 Dec
80
+8812 89
100 8212 Jan 6 89 Jan 29
0884 89
08812 89
100 Corp Class A pref
8812 8812 89
89
____
4 June
8
93 Jan 7
812 Dec
4
73 Jan 29
8
8
223 Libby. McNeill & Libby__ 10
8 8
77
8
8
.734 8
8
8
8
8
Jan 71 Nov
70
20
Fire Insurance_
Lincoln
•____ 89 •__ 69 0____ 69 •____ 69 •____ '69
___ ____ ____
8
9 Mar 13 Dec
25 12 Jan 10 137 Jan 5
41 Lostv's Theatres
*21212 1234 13
_ ___ _
1314 *21212 13
1212 1212 021212 13
Feb
86 Nov 81
531 Massachusetts Gas Coo.. 100 6812 Jan 24 72 Jan 10
6812 69
6812 69
8918 6918 6812 69
-4
683 62
69
69
Jan
62 June 70
100 6312 Jan 9 81 Jan 22
370 Do pre(
65
65
65
65
66
65
065
65 65
65
65
68
211 Mergenthaler Linotype-100 167 Jan 7 170 Jan 20 150 Apr 172 Dec
167 170
16712 16712 02167 168 *2167 168
16714 16714 167 167
612 Jan 174 Feb
4
Mexican Investment, Inc_ 10 12 Jan 10 183 Jan 15
1312 1414
8 1312 14
1334 143
1312 1312 13
124 1312 2.070
13
19 Feb 364 Dec
415 512191321M River Power....100 36 Jan 2 39 Jan 14
3812 38
3734 38
3712 3712 3714 3812 3712 384 038
3812
Jan 90 Sept
80
100 8712 Jan 10 90 Jan 12
--------20 Do stamped pre!
89
.88
088
89
89 89
088
39
89
*88
834 Jan 13
2 Apr
4
53* Nov
43 Jan 2
10
617 National Leather
8 54
55
8
8 55
55
8
8 57
55
8 *55
4
8 57
*55
512 53
8
8 57
178 Jan 8 .60 Dec
512 Apr
1,920 New England Oil Corp trot!.,. .75 Jan 27
1
1
1
1
1
.75 .75 0.50
e.50
1
1
138
4
6 Dec 314 Mar
812 Jan 8
63 Jan 27
100
80 Do Ore! (tr etts)
0612 712 *612 712 -------*7
634 7
7
7
74
98 Dec 11512 Jan
10212 10212 10214 1024 102 1024 10112 10218 1014 10214 10112 10214 1,430 New England Telephone. 100 10018 Jan 2 10412 Jan 9
4
8
021
390 OlymPla Theatres, Inc_No par 2014 Jan 6 253 Jan 18, 2112 Dec 223 Dec
21
21
2112 2112 2111 21
21
2014 2014 2012 21
Jan 2812 Dec
14
4
*22534 2612 0226
2612 012512 2612 022514 2614 2614 2614 --------53 Orpheum Circuit, Inc.- 1 253 Jan 16 2612 Jan 9
6918 Oct 87 Feb
100 7812 Jan 2(3 8112 Jan 13
457 Pacific Mills
7812 79
7912 7912 7812 7912 7812 785
8 7812 7812 7812 79
10 16 Jan 5 1812 Jan 10
4
113 Jan 17 July
80 Reece Button Hole
1638 1838 1612 016
*16
____ ____
16
1612 16
16
16
24 Jan 8
218 May
Jan
3
211 Jan 2
10
137,Reece Folding Machine
212 212 5212 234
212 0212 23 ____ ____
212
4
24 24
Oct 40 Feb
10
5
. Simms Magneto
__ ___
.20 •___ _
.20 ____
•____
.20 •____
.20 •____
.20 •____
100 11412 Jan 12 117 Jan 21 100 June 118 Dec
118 1164 11512 116
597 Swift & Co
1164 117
11614 117
8
1157 1184 116 11612
3512 June 52 Dec
25 4712 Jan 8 51 Jan 14
494 494 4912 4912 4912 50
494 4812 4812 --------125 Torrington
+43
5 Dec 10 Feb
.712 812 *712 812
712 Jan 23
712 Jan 23
5
712 712 +712 812 *712 812 --------50 Union Twist Drill
4
8
25 417 Jan 5 43, Jan 22
Jan 433 Dec
31
4
4314 4314 434 435
8 4314 435
4,633 United Shoe Mach Corp
8 43
4312 4318 4312 4314 4314
25 2612 Jan 13 28 Jan 16
8
245 Feb 284 Nov
8
*275 277
02712 28
8 2712 2712 2778 2778 2712 2712 2712 2712
821 Do pre!
5 1912 Jan 3 22 Jan 29
Jan
8
207 2158 2112 22
194 Oct27
2138 2078 21
8 21
2118 213
2112 217
8 4,8131 Ventura Consol Oil Fields
4
1712 Jan 27 193 Jan 3
137 Apr 20 Nov
515Wa1dorfSys,Inc.new oh No par
8
4
•173 184 173 173
4
4 174 1754 174 173
4
1814
4 18
4
173 173
8 Jan 6 1212 Jan 30
612 Jan1012 Feb
10
10
__
12
12
13
•1()
11
*12
11
11
1212 121
159 Walth Watch CI B com_No pa
100 1714 Jan 3 25 Jan 29
2312 Feb
-------14 Jun
25
_
2412 25
2412 2412 24
24
24
02312 15
194 Do pre( trust ctfs
100 65 Jan 6 73 Jan 8
73
_
*70
6212 Dec73 Feb
74
Do prior pre!
74
*70
070
74
*70
73
070
1512 June 22 Feb
4
4 1914 1912 19
8
1912 193 193
4 194 195
4
1914 1914
1912 193
997 Walworth Manufacturing. 20 19 Jan 27 203 Jan 3
50 37 Jan 2 394 Jan 23
3814 3878 3814 39
8
295 Jan 393 Nov
4
4 384 39
383
38
4
383 39
2.503 Warren Bros
4
383 39
3912 40
8
50 375 Jan 10 4012 Jan 27
Jan
40
40
40
344 Apr 41
4012 40
*39
40 4012 40
4012 2,419 Do lot prof
--------315 Do 26 Ore!
42
43
43
°4012 42
42
42
44
50 4012 Jan 17 44 Jan 29
Jan
38 Mar 42
•4012 42
Mining
.25 .25 0.15 .20 0.15 .30 *.15 .30 0.15 .30
•.25 .30
2001 AdventureConsolidated___ 25 .20 Jan 2 .25 Jan 26 .15 Dec .51 Dee
jAlgomah Mining
•.I5 .25 *.15 .25 0.15 .25 +.10 .25 0.10 .25 0.10 .25
25 23 Jan 2 .25 Jan 2 .10 June .25 Dec
8 *214
212
112 24
214 23
4
212
5 June
112 Jan 26
5
212
02 8 23
25
212 212
330'Arcaellan Consolidated
3 Jan 10
312 Dee
1234 1234 12
124 1212 13
Jan 16 Dec
8
5 12 Jan 28 15 Jan 7
*2134 1312 1314. 1314
1212 1318 1,400 Arizona Commercial
8 3312 331, 32
3238 32
3212 32
8 3214 3214 6,426 Bingham Mines
323
3312 335
8
14 June 315 Dec
10 304 Jan 7 34 Jan 20
8 174 . 177
8 174 177
4 1712 175 x17
1358 May 1978 Jan
8 1712 173
8
174 177
25 17 Jan 30 1878 Jan 2
1718 3,333 Calumet & Hada
3 Feb
.50 .50
.50 .50 0.42 .50 0.50 .60 0.50 .60 1.300 Carson Hill Gold
1 .50 Jan 7 .70 Jan 5 .37 Nov
•.50 .55
30
2812 2712 2812 2814 29
27
8
3018 30
28
1812 June 335 Dec
25 27 Jan 27 33 Jan 10
4 1,059 Copper Range Co
293
30
•A5 .70 0.65 .68 0.60 .63
.65 .65 0.60 .63
.62 .62
1 .62 Jan 30 .75 Jan 7 .30 Dec .70 Mar
250'Davis-Daly Copper
5
5
5
5
44 5
512 512
13724 Dee
4 5
43
314 July
5
434 Jan 23
2671East Butte Conner Mining_ 10
5
614 Jan 2
(21
0
14 *al
1
1
112
138
Jan
1
1
1
118
2
475 Franklin
8
13 Jan 24 .40 May
8 13
13
25 .40 Jan 7
Jan
2
Oct
112 *114
112 *14
•114
11- *114
112 *114
114
114
114 Jan 7
112
20 Hancock Consolidated- 25
112 Jan 13 .30
4 2112 2238 2134 2212 2112 22
8
215 223
23
1912 Dec 2812 Jan
02112 213
4 3,132Hardy Coal Co
20 Jan 10 23 Jan 24
1
22
2
2
2
218
24 Dec
4 2
*13
2
2
2
400 Helvetia
2.1, Jan 15 .30 May
*13
112 Jan 6
25
•112 2
1334 136
1354 13514 1354 136
13512 13712 013514 136
914 Apr 142 Nov
1 13112 Jan 14 13712 Jan 29
2131Istand Creek Coal
•135 136
09618 97
97
97
*9618 97
96
984 97
97
97
97
90 June 100 Sept
3291 Do pre!
9514 Jan 5 97 Jan 7
1
01712 1812 17
18
18
.1912 19
174 1712 173 18
17
4
12 June 2212 Dec
165 Isle Royal Copper
25 17 Jan 28 2012 Jan 7
4 0112
134 0112
8 15
15
8 015
218 Feb
8 2
•112 134 •112 13
4
13
112 Mar
50 Kerr Lake
134 Jan 9
112 Jan 11
5
112
112 0.93
.99 .99 0.99
.75 .75 01
114
14 Nov
Jan
114 Jan 10 .50
112
25 .75 Jan 21
58 Keweenaw Copper
01
2
214 214
24 *214 23
314 Dec
24 24
4
165 Lake Copper Co
5
3 Jan 2 .90 Apr
23
2 Jan 21
25
2511
0212 3
212 0214
212 *214
212 *214 212 .214 212
3 Dec
24 Jan 10 .70 June
214 Jan 20
25
*214 212 0214
1La Salle Copper
*218 24
8
8 23
23
212
212
214 214
234 Dec
14 Oct
550 Mason Valley Mine
24 Jan 13
214 212
2°X, 24
5 21i, Jul 12
1
1
1
1
1
.90 .90
1
14 Aug
1
Jan
315 Mas.s Consolidated
114 0.90
14 Jan 2 .50
25 .90 Jan 28
•1
24 214 0214
3
24 214
218 218
5 July
80 Apr
24 214
3 Jan 2
2671Mayflower-Old Colony
25
218 Jan 30
3
0214
3612 3712 3714 38
3614 37
38
3712 38
36
703,Mohawk
2312 June 41 Dec
39
25 3512 Jan 6 41 Jan 13
39
8 22
223
8 224 2212 2218 2214 22
8
2212 227
2211 1,350New Cornelia Copper
1612 Jan 255 Dec
5 22 Jan 29 25 Jan 2
2234 23
.40 0._ __
.40 .40 •____
.40 ____
200'New Dominion Copper
.40 .40
4
23 Apr
.40
.40 Jan 26 .50 Jan 19 .40 Dec
•_ __
0_
30 •---- 30 *_ _ 30
New River Company
35 June 40 Mar
- _ 30 e_-_- 30 0_ _ _ _ 30
100
*5514 60
*5514 60
5112 554 •55
60
64 Do pre!
*554 60
5712 Dec 75 Mar
100 54 Jan 12 60 Jan 3
5414 60
.
614 612
8 63
63
614 614
64 614
64 614 *614 63
8
100 Niplssing Mines
4
63 Dee
534 Jan
4
4
63 Jan 10
618 Jan 2
5
4
24 23
24 23
4
4 3
023
24 27
4 3
*23
820 North Butte
3
8
3
8
63 July
8
17 Oct
34 Jan 14
2 Jan 10
15
.99 .99
.90 .90 0.99
.90 .90
871011bway Mining
114
114 Jan 10 .40 June
1 Nov
114
114 0.99
25 .90 Jan 6
4%95
21
24
2334 24
4
02412 25
233 24
635,01d Dominion Co
2414
15
Jan 2812 Dec
25 23 Jan 20 27 Jan 10
2414 2414 24
4 5
4 54 043
2001Park City Mining & Smelt_ 5
4 54 *43
312 Jan
4 54 *43
5 Jan 12
518 Feb
458 Jan 13
2 013
44 47
*44 514
*1314 14
*1314 14
*1312 1412
520'Pd Crk Pocahontas Co_No par
1034 July
1512 July
12 Jan 6 1412 Jan 24
1412 1412 1412 14 • 14
14
3112 33
3012 323
3214 33
3014 31
1,652 Quincy
14 June 343 Dec
34
4
25 29 Jan 6 3912 Jan 10
334 3312 31
4214 42
42
4312
4012 42
9221St Mary's Mineral Land
26 June 49 Dec
4112 4312 4114 42
25 4012 Jan 28 48 Jan 12
•431. 44
118 01
114 1%1
118
780,8hannon
14 138, 1'A..,
112 Jan 9 .30 Apr
1 Jan 6
10
1I2 Sept
•118 114 *14 114 0.25 .75 0.25 .75 0.25 .75
1South Lake
.25 July .75 Dec
..25 .75
25
•.25 .75 +.25 .75
*218 24 0214 24
214 21
214 2I
200 Superior
214 Jan 27 :2950
2 Jan 3
25
2 Dec
218 218
214
214
..2
410 Superior & Boston Copper_ 10
112 112 *112
2 Jan 5
8
15
Aug
14 112 *112 14
112 Jan 6
112 158
.
8
112 15
18 Dec
512 7
8
65
6
512 65 56,325 Utah-Apex Mining
8
8
178 June
612 67
838, Jan 23
8
37 Jan 2
5
4 8
61
2 8
62
7
3 8 Dec
.93 .98
.88 .98
.88 .90 20.363 Utah Metal & Tunnel
.70 .95
1 .43 Jan 43 98 Jan 29 ,I4 June .70 July
.69 .72
.69 ,75
.75 .75 , .70
.70 .70
1
700 Victoria
1 Jan 30 .15
25 .70 Jan 28
Apr
..79 .75 0.70 .75 0.70 .75
1 Aug
.15 .30 1,100 Winona
25 .15 Jan 30 .48 Jan 7 .13 Feb .71 July
.26 .26 0.20 .40 0.20 .30 0.20 .30
•.25 .40
.„
Wyandot
.10 July .25 July
.30 *.20 .30 0.20 3.0 0.20 .30 0.20 .30
25
•.20 .30 * 20
Ex-stock dB. I Assessment paid. o Price on new basis.
sales on this day, 8 x-r g ta. b Es-dIv. and rights. z Ex-div.
,
*Bid and asked prices: no
-------------50

%

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

570

THE CHRONICLE

Quotations of Sundry Securities

[VoL. 120.

Outside Stock Exchanges

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

. P

A..e4
4m.oa.aw.00an..,ww..ww

?81848 08??8888g
§
- 00,...,00000
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DO 00 0

00,04,..,400.400C000000,.&.&0.40‘.40,1W00.010

0.0N.400wW.WOW000000100rW0100,0

All bond prices are and intorese except where marked"
Standard 011 Stocks Par Bid. Ask.
Railroad Equipments Per Cf. Basis
Boston Bond Record.
-Transactions in bonds at Boston
Anglo-American Oil new_£1 *1988 197 Atlantic Coast Line 65
B
5.30 5.00
Atlantic Refining
100 115 116
Equipment OMs
5.05 4.85 Stock Exchange Jan. 24 to Jan. 30, both inclusive.
Preferred
1133 11412 Baltimore & Ohio 68
4
100
5.35 5.05
Borne Scrymser Co
Equipment 4)4s & 58__ _ _ 5.00 4.70
Friday
100 230 235
Buckeye Pipe Line Co
69 Buff Roth & Pitts equip 6s. 5.10 4.85
Last Week's Range Sales
50 .68
Range Since Jan. 1.
Chesebrough Mfg new.. 25 *52
5212 Canadian Pacific 4 Ms & 65. 5.05 4.80
Sale
.of Prices.
for
Preferred
Bonds100 11212 115 CentralRR of N J 68
Price. Low. High. Week.
5.30 5.00
Low.
High.
Continental Oil new__ _ _ 25 *297 30 Chesapeake & Ohio 6s
4
5.35 5.05
Crescent Pipe Line Co
Equipment 6 Ms
50 *1412 15
5.15 4.85 Amer Tel & Tel 4s _ _ _ _1929
96% 96% 81,000 96% Jan 96% Jan
Cumberland Pipe Line. 100 14612 148
Cony 1384
1925
Equipment 5s
5.05 4.85
125 125
100 125
Jan 129% Jan
Eureka Pipe Line Co_ -_ -100 92
95 Chicago Burl & Quincy Os.. 5.30 5.00 At1G dr WI SSL 5s_1959 68% 68
68% 9,000 63
Jan 0934 Jan
Galena Signal 011 cora_ 100 6012 61 Chicago & Eastern III 5
84% 84% 2,000 8434 Jan 8434 Jan
%11- 5.50 5.05 Chl Jct Ry dr U 8 Yds 48'40
Preferred old
5s
1940
100 110 117 Chicago dr North West fis
96% 96% 1,000 96% Jan 97% Jan
5.30 5.05
Preferred new
Equipment 6 ris
100 102 105
5.10 4.85 E Mess St R11.ser A 4)0'48
69% 71% 27,000 64
Jan 71% Jan
Humble Oil & Ref new
Series B Is
4514 Chic RI & Pac 4%s &
1948 76
25 *45
5.15 4.90
74% 77% 18,200 70
Jan 7734 Jan
Illinois Pipe Line
Series D 65
143 145
Equipment 6s
1948
100
87
5.55 5.25
87
3,000 80% Jan 87
Jan
Imperial 011
1936
25 13112 132 Colorado & Southern 6s_ _ 5.45 5.20 Hood Rubber 7s
1023-4.102% 20,000 10154 • Jan 103
Jan
New when issued
*3314 33 4 Delaware & Hudson 6s
3
1934
9234 9234
5.00 K C Man & B 4s
1,000 92% Jan 9254 Jan
Indiana Pipe Line Co... 50 *82
Income 55
84 Erie 4%s & 5s
1934
5.35 5.05
7,000 9554 Jan 96
9534 96
Jan
International Petroleum-(I) *2514 2512
Equipment 6s
98% 9854 6,000 9834 Jan 9834 Jan
5.55 5.25 K C Mem Ry Br 5s_ _1929
Magnolia Petroleum_...100 157 158 Great Northern 6s
1929
5.40 5.10 Mass Gas 434s
9734 9734 15,000 9734 Jan 9754 Jan
National Transit Co.
2512
434s
1931
Equipment 58
.12.50 *25
5.05 4.80
9534 9634 16,000 9434 Jan 9634 Jan
New York Transit Co_ _ _100 7412 76 Hocking Valley 5s
5.40 5.10 Miss River Power 5s_ _1951 9734 9734 9734 10,000 9634 Jan 97% Jan
New England Tel 5s_ _1932 10034 100
Northern Pipe Line Co__100 87
87
Equipment 68
5.05 4.80
10034 10,000 9934 Jan 10034 Jan
Ohio Oil new
99
25 *731 74 Illinois Central 4%s & 58 ' 4.85 4.70 Siemen's & Halske 78w 1'28
99
5,000 99
Jan
Jan 99
Penn Mex Fuel Co
7s w 1
1935
Equipment(3s
25 *3714 38
963-4 96% 5,000 9634 Jan
5.25 53)0
NA Jan
Swift & Co 5s
Prairie 011 dr GM new_ 100 255 256
1041 98
Equipment 75 dr 6%d98
5.05 4.80
98% 8,000 9734 Jan 9834 Jan
Prairie Pipe Line new._ _100 120 12012 Kanawha & Michigan 6.s_... 5.50 5.20 Warren Bros 73-4s....1937 1263-4 126
12634 3,000 123
Jan
Jan 128
Solar Refining
Equipment 4)is
100 100
100 250 254
5.20 5.00 Western Tel & Te158_1932 100
12,000 9934 Jan 100)4 Jan
Southern Pipe Line Co.
.100 99 100 Kansas City Southern 5%s. 5.35 5.05
190 191
South Penn 011
Baltimore Stock Exchange.
Louisville dr Nashville Os... 5.30 5.00
100
-Record of transactions at,
Southwest Pa Pipe Lines 100 82 83
Equipment 6)is
5.05 4.80 Baltimore Stock Exchange
Jan. 24 to Jan. 30, both inStandard 011 (California) 25 6614 6612 Michigan Central 58 &
_ 5.20 4.95
8
Standard 011 (Indiana)._ 25 *6814 681 Minn St P &SS M 434s & 58 5.30 5.00 clusive, compiled from official lists:
Standard 011 (Kansas)_ 25 *433 4414
Equipment 634s &
_ 5.40 5.10
4
Standard 011 (Kentucky) 25 •12334 1233 Missouri Kansas & Texas 65 5.65 5.35
I' r tuuv
Antes
Standard Oil(Nebraska) 100 267 269 Missouri Pacific 6s & 6 Ms.. 5.65 5.25
Last Week's Range for
Range Since Jan. 1.
Standard Oil of New Jer_ 25 *453 46 Mobile & Ohio 4)is & Ss_ _ - 5.00 4.75
Sale
ofPrices.
Week.
116'z 117 New York Central 4)is dr 58 5.00 4.75
StocksPreferred
Par. Price. Low. High. Shares.
100
Low.
High.
.477 4814
Standard Oil of New York 25
Equipment 613
5.25 5.00
Standard Oil (Ohio)
Equipment 78
....100 363 366
97
5.00 4.80 Amer Wholesale pref_ _ _100 97
97
9234 Jan 97
Jan
116'I 119 Norfolk & Western 4 Ms.... 4.85 4.40 Armstrong-Cator 8% pf100
Preferred
55
100
57
50
Jan 57
Jail
Swan & Finch
98 109
100 2512 26 Northern Pacific 7s
5.40 4.85 Arundel Sand & Gravel-100 105
Jan
8334 Jan 109
Union Tank Car Co_...100 12012 124 Pacific Fruit Express 78_ _ _ _
Baltimore Brick
100
6
6
5.10 4.90
Jan
6
Jan
6
Preferred
50
165 168
100 11534 116 Pennsylvania RR eq 55 & Os 5.10 4.75 Baltimore Trust Co
155
Jan 169
Jan
s
Vacuum 011 new
New
11234 112% 11234
25 893 90 Pitts & Lake Erie 6)1s
5.15 4.90
11234 Jan 112% Jan
30
32 Equipment 1381
Baltimore Tube pref. _100
Washington 011
63% 66%
10
5.60 5.20
63% Jan 70
Jan
Other 011 Stocks
•
38% 38%
4.75 4.50 Benesch (I) common
38% Jan 38% Jan
8 312 3 4 Reading Co 4%s & 58
,
Atlantic Lobos 011
3 St Louis & San
Preferred
25 26% 26% 2634
2634 Jan 26% Jan
1012 11 Seaboard Air Francisco 58_ .5.15 4.90 Boston Sand & Gravel_100 55
Preferred
Line 5%s dr 135_ 5.60 5.25
54
55
50 •69
54
Jan 55
0912 Southern
Jan
Gulf 011 new
Pacific Co 4 Hs_
25 *4
154
154
4.85 4.50 Central Teresa Sugar Df-10
134 Jan
2
Jan
5
Mexican Eagle 011
Equipment
11134 111%
5.00 4.85 Ches dr Po Tel of Balt_ _100
110% Jan 1113-4 Jan
*197 20 Southern Ry 78
4
Mutual 011
25
38
4 ris & 5s_ _ _ _
5 10912
38
5.05 4.80 Colonial Trust
38
Jan 38
Jan
National Fuel Gas
Equipment 83
* 25
25
100
2534
6.40 5.10 Commercial Credit
25
Jan 26
Jan
*2514 2512 Toledo ck Ohio Central
Salt Creek Producers
Preferred
25 2534 2534 2534
10
68_ _ _
5.35 5.10
25
Jan 2534 Jan
Sapulpa Refining
Preferred B
Union Pacific 7s
25
2634 26%
5
5.00 4.80
26
Jan 2
654 Jan
Public Utilities
Consol Gas E L dr Pow_ __• 32% 32% 3334
32
Jan 34
Jan
Amer Gas dr Elec new - _(2)
6%% preferred
Tobacco
100 106% 10634 107%
105% Jan mg Jan
*74
75 American Cigar Stocks
Preferred
7% preferred
100 110
109% 110%
50 *45
common 100 75
109% Jan 110% Jan
77
46
Deb 6s 2014
8% preferred
Preferred
100 123
MAN 96
123 123%
123
100 95
98
Jan 123% Jan
97 Amer Machine
Amer Light & Trac corn. 100
Consolidation Coal_ _ _100 6934 68
& Ddry_ _100 165
70
68
Jan 72
Jan
145 148 British
Preferred
-Amer Tobac ord. £1 *2514 2614 Continental Trust
100
100 94
201
20234 202%
Jan 205
Jan
96
Amer Power dr Lt common_
Cosden dr Co
Bearer
3334 32
32
3334
£1 *2512 2814
Jan 3331 Jan
5612 5712 Helme
Preferred
Eastern Rolling Mill
(Geo. W.) Co corn 25 .
109 110
*
100 8712 89
107
78
Jan 112
78
Jan
Deb 693 2016
8% preferred
Preferred
100 117
115 120
M&S 95
112% Jan 120
100 113 115
Jan
96 Imperial
Amer Public Util corn_ __100
Equitable Trust Co
Tob of G B dr herd 203
25
52
52
52
Jan 52
Jan
7% prior preferred_..J00 80 85 Int Cigar Machinery_ _ _ _100 75 4 2114 Fidelity & Deposit
50 89
89
89%
89
Jan 90
Jan
95 Johnson
85
4% partic pref
Tin Foil dr Met_100 70 16- Finance Co o:America_ _25
52
52
100
50% Jan 52
Jan
75 MacAndrews
Associated Gas & El pf Q)
Finance Service Class A_10
19
19
& Forbes_ _100 150 153
19
Jan 19% Jan
52
Secured gold 6%s'54_J&J ao
Preferred
Preferred
10
934 934
9
100 100 102
Jan
934 Jan
Blackstone VaIG&E coin 50 9812 100 Mengel Co
Houston 011 pref tr rcts_100
93
93
93
100 37
Jan 97
40
Jan
Carolina Pow & Lt com_100 7712
Humphryes Mfg Co
Porto Rican-Amer Tob _ _100 53
25
*
25
25
Jan 25
58
Jan
Cities Service Co corn._100 310 320 Universal Leaf Tob com.100 40
Preferred
25
25
25
25
Jan 25
46
Jan
19212 193'z
Preferred
Manufacturers Finance_25 56
Preferred
100 8128 8214
5534 56
55
100 90
94
Jan 56
Jan
Preferred B
First preferred
25
25
25
10 *712 75-4 Young (J 5) Co
25
100 120 124
Jan 25
Jan
Preferred B-B
Second preferred
Preferred
25
23% 23%
100 *773 78 4
100 100 105
23% Jan 24% Jan
4
3
Cities Service Bankers Shares
Maryland Casualty Co_ _25
85% 85%
84% Jan 86% Jan
Colorado Power common 100 *1914 2014 Rubber Stocks (Cleveland) Prices)
Maryland Trust
141% 14134
100
140
Jan 141% Jan
34
35 Am
Preferred
Merch dr Min Tr Co_ _100
Tire & Rub coin
115% 11534
100 93
3
115
7
Jan 118
Jan
Com'w'Ith Pow Corp corn(S)
Monon Val Trac pref_ _25
Preferred
21
2234
30
20% Jan 2234 Jan
*117 120
Preferred
Mortgage & Accept
Firestone Tire & Rub corn 10 4,166 101
•
15
15
100 80
1334 Jan 15
81
Jan
Consumers Power pref_ _100
Preferred
50
6% preferred
45
45
100 98
99
93
4334 Jan 45
Jan
Elec Bond & Share pref_100 90
Mt V-Woodb Mills v t r 100 14
7% preferred
14
14
100 96
98
14
102 103
Jan 15
Jan
Elec Ry Securities
Preferred v t r
100 6534 6534 66
(5) '13
643-4 Jan 68
14 General Tire & Rub corn. 50 232 238
Jan
Lehigh Power Securities_(5)
New Amsterd'm Gas Co 100 44
Preferred
43% 4434
100 9912 101
105 107
Jan 4434 Jan
4234
Norfolk Ry dr Light
Mississippi Riv Pow coin 100 3712 39 Goodyear Tire & R com_100 28
_100
27% 27%
29
27
Jan 27% Jan
Northern Central
Preferred
50
76% 76%
100 88
76% Jan 77
90 Goody'r T & Rot Can p1100 •9312 94
Jan
Penns, Water dr Power_100 130
First mtge 58 1951_ _J&J
India Tire & Rub com
126% 130
100
126% Jan 130
9714 9814
Jan
Roland Pk Homel 1st pf 100
S F g deb 7s 1935_ _M&N 102 103
Preferred
98% 98%
100
98% Jan 99
Jan
Silica Gel Corp
Nat Power et Lt corn
• 17%
Mason Tire & Rub com.(5) *1.12
11334 20
(I) 198 202
13% Jan 22
Jan
United Ry dr Electric_ _50
Preferred
Preferred
18% 18%
(I) 98 100
100 13
16
18% Jan 10% Jan
US Fidelity 4r Guar__ AO 195
Income 75 1972
Miller Rubber
194 196
100 110 111
179
9912 101
Jan 198% Jan
Wash Bait dc Annap__..50
North States Pow corn_ _100 104
Preferred
6
6
6
100 104
6
- - - - Mohawk
Jan
6% Jan
Preferred
Preferred
50
15
Rubber
15
100 95 100 15
15
Jan 19% Jan
Nor Texas Elec Co corn. 100 62 65 Preferred
5134 52
70
80 West Md Dairy pref _ __ _50
5134 Jan 5234 Jan
Seiberling Tire & Rubber(V
Preferred
100 68
17
18
72
Bonds
Pacific Gas& El 1st pref _100 94
Preferred
100 96 leo
96
Alabama Co gen 6s._ _1933
Power Securities corn_ -(1) *17
10034 100%
_
20 Swinehart Tire & R com_100
9934 Jan 101
Jar
Baltimore Electric 58_1947 10034 100% 10034
Second preferred
Preferred
(I) *46
100
50
- 16- Bernhelmer10034 Jan 10034 Jar
Leader St7s'43
Sugar Stocks
Coll trust 6s 1949......J&D 91
10434 104%
95
10454 Jan 10434 Jar
Charles Con Ry G & E58'99
Caracas Sugar
Incomes June 1949_ _F&A 82
894 89%
50 •2
4
85
89% Jan 89% Jan
Commercial Credit 68_1934
99% 9934
Puget Sound Pow de Lt..
.100 53 55 Cent Aguirre Sugar corn. 20 x7612 78
9934 Jan 9954 Jan
ConsolGEL&PserAns'49
6% preferred
100 83
1053-4 105%
100 113 115
85 Fajardo Sugar
104% Jab 10554 Jail
Elkhorn Coal Corp 63_1925
Federal Sugar Ref corn_ _100 47
7% preferred
9936
100 d104 107
9934
50
99% Jan 100
Jar
Fairmont Coal 55
1931
Preferred
98
1st & ref 5 Ms 1949....I&D 9712 9812
98%
100 85 100
98
Jan 0834 Jar
Macon Dub & Say 58_1947
Republic Ry & Light_ -.100 60 62 Godchaux Sugar, Inc- (I) *2
78
78
4
7534 Jan 78
Jar
Monon Valley Trac 5s_1942
Preferred
Preferred
8834 90
100 75
100 18
24
88% Jan 90% Jar
Norf & Ports Tram 5s_ _1936
93
South Calif Edison com_100 102 104 Holly Sugar Corp com_(I) *32
93
36
Jar
92
Jan 93
North Bait Trac 5s_ _ 1942
Preferred
8% preferred
90
9934 9934
100 116
100
94
9954 Jan 99% Jar
Penne Water dr Power 5s'40
Juncos Central Sugar_..100 75 125
Standard G&E17% Pr Pf 100 95
1003-4 10034
No
Jan loosi Jar
United Ry & Elec 48._1949 70% 7034
8% cum pref
ao *51 53 National Sugar Refining_100 90 93
7034
7034 Jan 7034 Jar
Income 4s
1949 513-4 5134 52
New Niquero Sugar..._100 91
Tennessee Elec Power -(5) *50
52
95
51% Jan 52% Jar
Funding 5s
1936
7234 7254
Second preferred
2
74 Santa Cecilia Sug Corp pf100
(I) *73
5
Jar
7235 Jan 74
(is
1949
Western Power Corp_ _100 35
(5) 871
9634 96%
75
36 Savannah Sugar com
96
Jan 96% Jan
Wash Balt dr Annan 58 1941 84
113
Preferred
114
IVI
Preferred
inn
100 88
88
AR IA
100 84
MU
85
Sugar Estates Oriente pf_100 95
99
Wog India Sug Fin com_100 11
Philadelphia Stock Exchange.
Short Term Securities
17
transactions
-Record
Anaconda Cop M in6s'29J&J 1033 1035s
s
at Philadelphia Stock Exchange, Jan. 24 to of
• Anglo-Amer 011 7 Ms'25A&O 10012 1003 industrial&Miscell
Jan. 30, both
4
inclusive, compiled from official sales lists:
American Hardware _ _ _ _100 89
Federal Sus Ref 6s '33_11 1&N 9714 98
1
92
Babcock & Wilcox
Hocking Valley 58 1926 liflatS 1005s 101
100 133 135
K C Term Ry 13%s '31 J&J 10314
Bliss(E W)Co new
Friday
(5) *14
16
Sates
Preferred
5%a
Last Week's Range for
56
50 *53
1926 1017 10218
4
Range Since Jan. 1.
Lehigh Pow Sec 13s '27.F&A 10114 10112 Borden Company corn (5) •148 150
Sale
ofPrices.
Week.
Stocks
-Par.Price. Low. High. Shares.
Preferred
Sloss-Sheff S&I 68 '25_F&A 10114 102
100 106 108
High.
Low.
US Rubber 7)is 1930_ _F&A 1061, 1063 Celluloid Company
100 47
51
4
Preferred
100 96
99 2 Abbots Al Da, pref_ _ _ _100
93% 93%
Jan
Jan
15 93
Alliance Insurance
Joint Stk Land Bk Bonds
Childs Company coin.-- (I) *404 421
10
40% 42
Jan
261 37% Jan
Amer Elec Pow, pref___100
Chic Jt Stk Let Bk 58_1951 102 103
Preferred
100 114 116
98% 97
34 96
Jan 99
American Gas of N J__ -100 138
58 1952 opt 1932
100 102 105
10214 10314 Hercules Powder
137% 141
.ian
Jaa n
2,801 135
4943
Jan 19
American Milling
58 1963 opt 1933
10
100 104 106
Preferred
10212 10312
11
11
40 10% Jan
3-4 Jan
American Stores
5%s 1951 opt 1931
• 46% 45% CM 6,164 4534 Jan 9 % jan
10412 10514 International Silver pref_100 108 110
J
7
49
Bell Tel Cool Pa
4%s 1952 opt 1932
83
1013 1023 Lehigh Valley Coal Sales 50 *80
8
108% 109
4
Jan
69 108
Jan 109
4%s 1952 opt 1932
Brill(JO) Co
992 1004a Phelps Dodge Corn
4
100
100 123 130
108 108
Jan
200 106
Jan 109
11
Preferred
4348; 1963 opt 1933
109 99
98
10112 10212 Royal Baking Pow com_100 148 151
99
Jan
18 96
Pac Coast of Portland. Ore-Buff & Snag, pref v t c_loo
Preferred
100 100 101
52
Jan
53
60 52
Jan
Cambria Iron
rgi 1954 opt 1934
to 39% 39% 40
an
J&J 102 103 Singer Manufacturing_ _ _100 202 204
Janeann
5344403
125 39% Jan 40
60
43
*Per share. :No par value. h Basis. d Purchaser also pays accrued dividend Catawissa, 1st pref
43
43
Jan
:I3-4
43
8 New stock. I Flat price. k Last sale. n Nominal. 2 Ex-dividend. y Ex-rights. Consol Tree of N J____100 43
43
Jan
10 41
oEx-stock dividend. 4 Sale price. r Canadian quotation.
*No par value.

JAN. 31 1925.]

THE CHRONICLE

Yrtaay
baie4
Last Week's Range for
Sale
Week.
ofPrices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Cramp(Wm)& Sons_ _..100
East Shore G & E8% p1.25
100
Eisenlohr (Otto)
Elec Storage Battery_ _100
50
Fire Association
General Asphalt
100
100
Preferred
Giant PortI'd Cement_ -50
50
Preferred
Insurance Co of N A_ _ _ _10
Warrants
Keystone Telephone_ _50
Preferred
50
Lake Superior Corp_ _ _ _100
50
Lehigh Navigation
Lehigh Valley
50
Leh Vail Transit, pref.. _50
Lit Brothers
10
Minehill & Schuyl Hav...50
Northern Central
50
North Pennsylvania_ _50
Pennsylv Salt Mfg
50
Pennsylvania RR
50
Pennsylv Seaboard Steel_*
Philadelphia Co(Pitts) _50
.
Preferred (cumul 6%)
-50
Phila Eleetric of Pa
25
Preferred
25
*
Insulated Wire
Phila
Phila & Reading C & I..*
Philo. Rapid Transit__ _50
Philadelphia Traction_ _ _50
50
Philo. & Western
Railways Co General. _10
Reading Company
50
Scott Paper Co, prat _100
Tono-Belmont Travel_ _1
Tonopah Mining
1
Union Traction
50
United Gas Impt
50
Preferred
50
Warwick Iron & Steel__ _10
West Jersey & Sea Shore_ 50
Bonds
Amer Gas& Elea 5s_ _2007
.
Amer Gas of NJ 7s_ _1928
.
Bell Tel of Pa 55
1948
Bethlehem Steel 65_ _1998
East Shore Gas & Elea 55_ _
Elec & Peop tr ctfs 45.1945
General Asphalt 6s_ _ _1939
Keystone Tel 1st 5s_ _ _1935
Lake Superior Corp 5e1924
I Certifs of deposit 56.1924
Lehigh C & N cons 4335'54
New Jersey Traction Ss__ _
Peoples Pass tr ctfs 48.1943
Phila Co cons &stpd 561951
Phila Electric 1st 55.-1966
55, when issued_ _ _ _1960
5335
1947
5538
1953
65
1941
Spanish-Amer Iron 65_1927
United Rys gold tr ctf45'49
United Rys Invest 55.1926
York Railways as
1027

36

67
36
5

5134
8434

4134
4013
4034
63

96
42
90
5713

55
55
26
26
36
40
6534 66
244 24513
59
59
98
98
21
18
48
48
6634 683(
3733
35
633 633
2634 2634
5
534
9253 9433
7534 7534
48
48
2334 2334
5134 5134
7633 7654
8134 82
84
8434
4834 4834
3
3
5451 5453
4534 4633
4153 4234
4034 4134
6134 5134
4
834 4
834
40
4056
63
6353
70
17
753 8
7733 7734
96
96
33 9-16
114 134
4034 42
89
9174
5754 58
„ 733 733
3834 3834

Range Since Jan. 1.
High.

Low.

Jan 55
20 53
Jan 2634
90 26
Jan 4133
380 36
45 6411 Jan 7053
Jan 247
165 227
100 5634 Jan 5953
Jan 98
100 98
553 1734 Jan 21
Jan 4953
50 46
1,231 6634 Jan 70
7,930 35
Jan 3734
300
634 Jan 7
Jan 27
50 26
554
434 Jan
1,745
1,312 89
Jan 100
10 7434 Jan 81
Jan 48
5 48
45 2334 Jan 2333
Jan 5256
123 51
50 7653 Jan 7653
40 8113 Jan 82
50 8334 Jan 85 13
3,136 4874 Jan 4874
Jan
200
3
3
100 5433 Jan 5753
75 4534 Jan 4634
8,670 4033 Jan 4534
1,673 40
Jan 4413
40 5134 Jan 5134
50 4833 Jan 52
5,542 40
Jan 4234
271 62
Jan 6333
50 1634 Jan 1853
200
8
634 Jan
Jan 82
560 77
Jan 97
5 96
641
13
33 Jan
418
113 Jan 1 15-16
3,071 3933 Jan 42
5,190 8833 Jan 9333
130 57
Jan 58
209
734
73-4 Jan
30 3753 Jan 40

9134 91
9234 266,000
138
13733 140
58,900
101
101 101
4,000
113 113
1,000
10434 10434 10434 1,000
6334 6354 11,200
10134 10153 1,000
84
8353 84 134,000
4.000
17
17
17
17
8,000
9733 9834 17,000
76
77
5.000
6813 6813 1,000
1,000
94
94
60.600
10034 10013 101
9954 9934 9913 55,000
10434 10434 34,000
105
105 10553 24,000
10633 10653 6,000
10134 10134 1,000
6634 6634 6653 2,000
2,000
100 100
on
On
5.000

8934
13733
101
113
10434
6234
100
8234
17
17
96
75
6853
9353
10033
9913
10334
105
106
101
63
100
92

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

9234
141
101
113
10434
64
10153
84
19
17
9834
77
70
94
102
9934
10434
106
10633
10134
6634
100
93

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jar
Jan
Jan
Jan
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jan
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jai
Jar

National Leather
10
553
North Amer Car Co
• 27%
Omnibus pref"A" w _100 90
Vot trust ctfs w I a. _• 1533
Philipsborns,Inc, tr ctfs_.1
133
Preferred
100 32%
Pick (Albert) & Co
10 21%
Pines Winterfront"A"_ _ _5 69
Pub Ser of Nor Ill nom._ _• 112;3
Pub Ser of Nor Ill com.100 112%
Preferred
100
7% preferred
100
Quaker Oats Co
100
Preferred
100
Real Silk Hosiery Mills_ _10 7253
Reo Motor
10 18%
Ryan Car Co (The).. _ _ _25 32
Standard Gas az Elea Co_ _• 4333
Preferred
50 52
Stew-Warn Speed nom .• 72%
Swift & Co
100 117
Swift International
15 33%
Thompson (J R) corn.. _25 46
Union Carbide & Carb- _• 67%
United Iron Works v t c..50
4
United Light & PowerCommonj"A" WI a _ _ _ ..• 49
Common "B" w Ia.. •
Preferred "A" w I a__ _ _• 86
Preferred "B" w I a_ _ _ _• 46%
Univ Theatres Co
5 52%
U S Gypsum
20 125
Preferred
100 116
Utilities Lt & Pr "A"
•
Vesta Battery Corp com_ _•
Wahl Co
•..16-Wanner Malleable Cast *
Ward,Montg'y&Co, pf _100
Common
10 51%
Class "A"
•
Wilson & Co certificates_ _
10
Wolff Mfg Corp
933
Certificates
Wolverine P'tl'd Cement 10 13%
Wrigley, Jr, common...
4953
Yellow Cab Mfg Cl"B"_10 39
Yellow Cab, Inc (Chic)--• 51
Bonds
Chic City & Con Rya 55'27
Chicago Rys 55
1927
45 Series "B"
1927
Adjust income 48_1927
Cudahy Pack 1st M g 55'46
Northwestern Elev 55.1941
Consumers Gas 1st 55_1936
Pub Serv Co 1st ref g 5558
Swift & Co Ist s f g 5s_1944

Stocks-

Bela
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Par. price, Low. High. Shares.

Range Since Jan. 1.
Low.

High.

Amer Pub Serv, pref.
Jan 91
_100 90
90
380 90
9054
Armour & Co (Del), pf _100 92
525 9134 Jan 94
9134 9334
Armour & Co, pref_ _ _100 8734 8734 8834 1,430 86
.
Jan 90
Armour Leather
15
333
534
313 434
334 Jan
672
Preferred
100
80 86
Jan 8834
88
8853
Balaban & Katz v t e......25 51
820 5053 Jan 5134
5053 51
Beaver Board v t a "B" •
7
633 Jan
85
634 634
Preferred certificates.100 3634 3653
Jan 3953
492 36
37
Bendix Corporation __AO 35
7,450 33
Jan 36
3334 36
Borg dr I3eck
Jan 27
650 26
• 2634 2634 27
Bunts Brothers
10 1353
100 1134 Jan 14
1334 14
Preferred
100 91
Jan 91
10 91
91
91
Case (J I), 1st pref_ _ _ _100
198
2
2
153 Jan
2
2
Cent Ill Pub Serv. prat__ •
Jan 8534
10 84
8534 8534
Central Ind Power, prat_ _ ...... 85
130 85
Jan 89
89
Chicago City Ry
11
5$55
50 55
Jan 55
55
Chic City&Con pt sh com _•
g
16
1
5,060
13 Jan
134
•
7
Preferred
4
Jan
953
553 834 10,975
Chicago Fuse Mfg Co_. _• 3134 3134 3234
.
395 29
Jan 3234
Chic Nipple mg co"A" 15
3034 3034
260 3034 Jan 3033
Chic Rys Part Ctf Series 1_
9
20
9
654 Jan 10
Part Certif Series 2
134
153
153
250
1% Jan
134
Commonw'th EdLson_100 135
13434 135
458 13434 Jan 139
Consumers Co. corn__ -20
2
1,100
2
14 Jan
234
233
Preferred
100
36
Jan 4054
220 35
36
•
9
Continental Motors
834 Jan 1034
834 953 2,975
Crane Co, common
25 69
6734 69
Jan 69
337 67
Preferred
100
117 11753
32 115
Jan 11734
Cudahy Pack Co, com.100 10633 96 10713 17,595 79
Jan 10713
Daniel Boone Wool Mills 25
536
434 Jan
434 7
7,525
754
Decker(Alf)& Cohn,Inc.*
21
21
350 20
Jan 21
Preferred
100
99
99
Jan 99
10 98
Deere & Co, pref
100 88
87
88
403 83
Jan 88
Diamond Match
100 11734 117 11753
Jan 119
150 117
* 3534 34
Elm Research Lab
37
4,475 3253 Jan 3754
Evans& Co, Inc, Class A _5 2834 28
2954 6,375 27
Jan 3014
Fair Corp (The), pref._100 106
10534 10633
105 10534 Jan 10733
Foote Bros G & M Co.... •
15
1534
790 15
Jan 16
4% 43-4
Gill Manufacturing Co__ _• • 4%
300
4
Jan
5
• 2934 28
Gomard(H W), pref
1,460 2633 Jan 2934
2934
Great'Lakes D & D.__ _100 10434 9933 105
1.310 9433 Jan 106
Hart,Schaff&Marx,com 100
124 125
55 111
Jan 125
Hibbard, Spencer, Bartlett
25 72
7134 72
150 68
Jan 72
& Co
10 1533
1534 1653 7,880 15% Jan 1934
Hupp Motor
• 5134 51
52
1,420 50
Jan 56
Hurley Machine Co
100 12053 118 119
1,245 11633 Jan 12234
Illinois Aria
86
87
70 85
Jan 8734
Illinois Nor UM, pref...100
400 65
Jan 70
Indep Pneumatic Tool_.• 6734 6734 6853
233 234 2,060
234
2% Jan
3
Internat Lamp Corp.__.25
45
625 40
Jan 48
Kellogg Switchboard_ ... _25 4433 40
90
87
40 8534 Jan 90
Kent, Way Hydro Elec.100
39
1,030 3534 Jan 40
25 3734 37
Kraft Cheese
733 813 2,100
8
734 Jan
Libby, McNeil & I., new 10
934
1% 1%
100
10
1%
13-4 Jan
Lindsay Light
6
250
6
6
Jan
10
6
Preferred
4153 1,305 40
Jan 4153
McCord Rad Mfg Co"A"• 4134 41
16
16
50 16
• 16
Jan 1734
McQuay-Norris Mfg
3953 1.835 3213 Jan 40
38
• 39
Midland Steel Products,.
910 8453 Jan 90
8953
86
Utilities corn...* 87
Mid West
595 9153 Jan 9433
100 9333 9336 9433
Preferred
523 98
Jan 103
100 10134 10053 10274
Prior lien Wet

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jab
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

56

93
9853
9851

Range Since Jan. 1.
Low.

6% Jan
433 Jan
1,000
513 533
Jan
Jan 29
150 27
27;3
27
Jan 9153 Jan
55 90
90
90
15% 15% 1,450 1553 Jan 1733 Jan
153 Jan
34 Jan
1;3 I% 19,415
Jan
460 2833 Jan 34
3253
31
2153 22% 1,835 21% Jan 2353 Jan
Jan
Jan 74
70% 5,050 64
69
432 10753 Jan 113% Jan
108% 113%
Jan
Jan 112
95 108
109 112
Jan 94% Jan
70 92
93% 9354
Jan
27 10433 Jan 106
105 105%
Jan
Jan 350
25 350
350 350
Jan
72 10253 Jan 104
103% 10
4
Jan 7253 Jan
67% 7234 8,380 59
970 1733 Jan 1854 Jan
18
18%
450 3134 Jan 33 I Jan
31% 32
Jan
2,805 40% Jan 46
43;3 44
Jan 5255 Jan
625 50
51% 52
7033 73% 28,600 70% Jan 7713 Jan
Jan 117% Jan
116 117% 4.800 114
Jan
32% 3333 8,220 31% Jan 36
Jan
Jan 47
980 45
4553 47
67
68% 10,870 66% Jan 69% Jan
5
3% Jan
Jan
200
4
4
48% 49%
55
55
85
86
46%
43
50
53
124 217
115 115
2533
25
21
21
16
1753
2253 2254
11353 114%
50% 53
117 11754
10
13%
7% 953
7% 733
12% 14%
48% 49%
39
40
sox 52 ,
56
83%
4333
2233
93
80
9856
92
9853

512
130
1,530
1,932
5.150
3,975
160
215
15
3,015
20
80
9,250
380
1,672
2,050
100
2.800
7,790
2.725
2,985

5833 274,000
84% 6,000
44
4,000
22)4 5,000
93
5,000
2.000
80
9833 2,000
92
1,000
9833 2,000

46
49
83
42
45
11916
112
25
1633
16
22
11353
4653
11653
10
513
6
1234
46%
39
5033

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

Jan
55
83% Jan
40
Jan
2253 Jan
9153 Jan
Jan
80
98% Jan
Jan
92
98
Jan

51
60
8633
4653
53 I
13133
115
26 g
24
18%
24 .
115 •.
5553
123
1333
9%
7%
1434
49%
43
55%

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

58%
84%
44
22%
93
80
98%
92
98%

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

Pittsburgh Stock Exchange.
-Record of transactions at
Pittsburgh Stock Exchange Jan. 24 to Jan. 30, both inclusive. compiled from official sales lists:

Stocks-

Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange Jan. 24 to Jan. 30, both inclusive,
compiled from official sales lists:

571

Friday
Sales
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.

rrtaay
bases
Last Week's Range for
Sale
Week.
ofPrices.
Par Price. Low. High. Shares.

Am Vitrified Prod, com_50
Am Wind Glass Mach...100 94
Am Wind Glass Co, pf_ 100
Arkansan Nat Gas, com_10
8
Carnegie Lead & Zinc__ ....5
633
Colonial Trust Co
-See No to bele
Duquesne Light, pref..100
Federated Metals
•
Jones & Laughlin St, pf 100
Lone Star Gas
25 3434
Nat Fireproofing, cOm--50
Preferred
50 35
Ohio Fuel Corp
25 3333
Ohio Fuel 011
1 14
Oklahoma Natural Gas_ _25 2934
Pitts Bess& L E RR cons 55
Pittsburgh Brew, pref _ 50
.
Pittsburgh Coal, com _ _ 100
Preferred
100 98
Pittsb Malleable Iron _ _ 50
.
Pittsb & Mt Shasta Cop_.1
Pittsburgh Oil & Gas_ _ _ _ 5
83.4
Pittsburgh Plate Glass_ 100 285
Pittsb Stk Exch memb'ship
Pittsburgh Trust Co
-See Note
Salt Creek Cons Oil_ _ _ _10
73-4
Stand San Mfg,com_ _ _ 25
Tidal Osage Oil
10 1034
U S Glass
25 1933
West'house Air Brake__ .5() 10534
Bonds
Pittsburgh Brew 65_ _1949
West Penn Rye 55_ _ _ _1931

Range Since Jan. 1.
Low.

22
450 1953
23
93
94
958 88
114 114
25 11333
653 8
20,103
534
6
9.902
7
4
w
293 10534
10534 106
3853 3833
100 3753
113 113
90 11134
34
3,418 32
35
1353 1434 1,080 1134
3513 1,010 3174
35
3234 34% 8,900 32
14
355 14
1453
2734 29% 1,680 26
2953 2953
100 293-4
7
145
7
634
5134 5133
200 4834
9833
98
165 9734
9534 9553
100 9513
Sc 4,500
7c
Sc
713 834
315
73.4
275 285
152 257
1900 1900
1 1900
below
475
733
734 734
13154 136
2,131 122
10
310
1034
834
1953 20
161 17
105 10734
670 105
90
$3,000
90
1,000
9534 9534

88
9534

High,
Jan
Jan
Jan
Jan
Jan

Jan 23
Jan 94
Jan 114
Jan
8
Jan
7
106
41
113
35
1453
3533
34%
15
2934
2934
7
54
99
9533
Sc
834
285
1900

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

8
Jan
Jan 136
Jan 1074
Jan 2034
Jan 113

Jan
Jan
Jan
Jar]
Jan

Jan
Jan

Jam
Jan

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

90
97

Note.
-Sold last week and not reported: 8 Colonial Trust Co. at 195; 25
burgh Trust Co. at 220.

Nur

St. Louis Stock Exchange.
-Record of transactions at
St. Louis Stock Exchange Jan. 24 to Jan. 30, both inclusive, compiled from official sales lists:
Friday
Saks
Last Week's Range for
Sale
Week.
ofPrices.
Stocks
-Par.Price. Low. High. Shares.
Boatmen's Bank
147
First National Bank
Nat'l Bank of Commerce... 150
Mississippi Valley Trust_ _ _ -----United Railways pref
American Credit Indemnity 60
Best Clymer Co
44%
Brown Shoe preferred
Carleton Dry Goods corn_ -----Certain-teed Prod 1st prat
Second preferred
Chicago Ry Equip prat_
Emerson Electric pref
101
Ely & Walker Dry Gds nom
First preferred
Fulton Iron Works pref.
Hydraulic Press Brick corn..
Preferred
8754
International Shoe common
Preferred
Kennard Carpet preferred.
Missouri Portland Cement.
5 No par value.

147 147
205 206
14533 150
242 242
553 5%
45
80
4434 44;3
9853 9853
77
77
8953 89%
8153
81
2653 26%
100 101
2254 2254
102% 103
43
40
7%
7
873.4
82
115 11613
11953 120
103 103
168 173

5
30
144
12
247
165
106
2
5
18
20
25
86
550
15
305
495
1,332
456
47
20
456

Range Since Jan. 1.
Low.
143
Jan
Jan
205
14333 Jan
Jan
242
533 Jan
3633 Jan
44
Jan
98% Jan
Jan
77
Jan
87
Jan
77
26
Jan
Jan
96
2233 Jan
102 ,Jan
3733 Jan
6
Jan
81
Jan
115
Jan
119% Jan
103
Jan
154
Jan

High.
147
207
150
242
516
60
46
100
77
90
8153
2633
101
22%
103
43
833
8734
118
120
103
173

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

572

Range Since Ian. 1.
Low.

High.

National Candy common_
102% 102%
Second preferred
106 106
Rice-Stlx Dry Gds 1st pref. 10951 10955 10955
Scruggs
-Y-B D G 1st pref _ 86
86
86
Southwestern Bell Tel pref. 10831 10851 109
Wagner Electric common_
3955 32
4751
Wagner Elec Corp pref.._ _ _
85
84
87
See Inv coin
4331 4251 43%
Johnson Bros Shoe
43
42% 47
Pedigo
4255 42% 42%
Boyd Welsh Shoe
45
46%

105 9951
35 105
5 107
10 86
138 107%
3,857 26%
384 so
570 4231
275 42%
86 42%
285 44

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

Jan
107
Jan
106
10954 Jan
Jan
86
10954 Jan
47% Jan
Jan
87
4454 Jan
525-5 Jan
4515 Jan
5055 Jan

Bonds
Alton0& St L Tr 5s C D
United Railways 4s
4s CD
St L & Sub gen 58 C D_

127
1,000
432
92

Jan
Jan
Jan
Jan

Jan
66
Jan
24
Jan
72
83% Jan

66
72

6554
73%
72
82

66
7355
72
8234

6534
73
72
82

New York Curb Market.
-Below is a record of the
transactions in the New York Curb Market from Jan. 24 to
Jan. 30, both inclusive, as compiled from the official lists.
ks noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
Week Ended Jan. 30.
Stocks-

Friday
Sales
Last Week's Range for
Week.
ofPrices.
Sale
par. price. Low. High. Shares.

Indus. & Miscellaneous.
35
Adirondack P&L, eom..100
35%
200
•
834
851 8% 1,000
Allied Packers,com
100 6434 63
6531
Prior preferred
600
Amalgam Leather, pref.100 ______
42
42
50
10
Amer Cyanamid,com_ _100 _ -----120 120
Amer Gas dr Electric
Common(ex stock div)..• 7334 73% 78% 7,000
50 _
45
4551
Preferred
700
10 - 13
1234 13
Amer Hawaiian SS
200
Amer Lt & Trac,com_100 146
1,625
142 14634
100 ------9434 9434
Preferred
50
Amer Pow & Lt com new-• 5634 55
6151 26,000
100 8834 8734 8834
Preferred
110
• 33% 33% 36
Am Superpow Corp. CI A5,300
Class B
• 3451 3454 3634 4,800
Ape° Mfg class A w 1_ _ _25 25
2454 2534 1.300
Appalachian Pow,com 100
7555 76
500
100
7% preferred
9651 99
20
Assoc, G & E Cl A w L___•
300
26
26
Atlantic Fruit dr Bug-.• 81e
1,300
81e 940
Bklyn Shoes Inc com_ -- -10
5
400
5
5
Boissonnault(0) Co
•
2%
131 254 31,580
Borden Co. common__ _100 14834 142% 14934
730
Botany Cons Mills, CI A 50 4834 48
4834 2,100
•
Briggs Mfg
12.000
3551 37
Brit
-Am Tob ord bear-E1 26
25
2634 6,000
Brooklyn City RR
10
8%
8
8% 3,800
Burroughs Add hi pfd_100 105
10451 105
100
Campbell Soup. prat_ _100
10
11055 11034
Car Ltg dr Power. coin_.25
1,600
251
255
234
Centrifugal Cast Iron Pipe. 2234 2155 2234 4,100
Chapin-Sacxs Inc w 1---• 18
1734 1834 1,300
10 1334
Chatterton & Son
1,800
13% 1331
Checker Cab Mfg.cl A.._•
100
21
21
Chicago Nipple Mfg el A50
400
3055 32
• 4555 4434 46
Childs Co new stock
2,000
100
Preferred
40
113% 115
181 193
Cities Service, com---100 193
5.450
New when issued
3874 3834 3874 2,000
100 8134 8051 8131 3,300
Preferred
li
Preferred B
755 75^
300
Stock scrip
189
175 190
1100000
Cash scrip
99
995 55,000
Bankers' shares
' 19
18
5,900
193.'.'
,
Cleve Automobile nom...
20
100
20
Colombian Syndicate...-.
85c
85e 98c 39,600
Coni'wealth Pow Corp-. 118% 117 1225". 1,850
Preferred
101
8034 80
625
805"
Warrants
3755 37
41
550
Cons Gas,E L&P Balt new. 33
32% 333.
4,800
Continental BakIng,comA' 11034 10834 Ill
2,800
Common B
' 2411 2334 255' 27,700
100 9255 9231 9353
8% preferred
2,400
Continental Tobacco......
24
24
24
100
3751 3853
Cuba Company
2,600
100 105
95 105
Cudahy Packing
740
1434 15%
Curtiss Aero & hi,new corn,
1,300
10(
63
Preferred
1,100
61
100
2834 2831
Davies(Wm)Co class A..'
De Forest Radio Corp_ _-• 2851 2754 2934 25,100
150
Del Lack & West Coal_50 12235 12034 12234
• 19
18
3,000
1934
Doehler Die-Casting
DubillerCondar& Rad new* 3131 3034 3331 11,700
500
Dunhill International__ - -• 2931 2834 2931
5,600
Duplex Cond & Rad v t c_• 12
1034 1431
1
1
1
700
Du Pont Motors, Inc_.. •
• 17
17
1751 2,500
Durant Motors, Inc
2,500
Duz & Co, Inc, Class A..' 3051 3034 3155
64% 6555
210
East Penn Elec Co com_ •
680
Elea Bond & Share.pref 100 102% 10235 10231
4851 12,100
Elea Invest without warets 4755 44
14
•
14
100
Electric Ry Securities_
38
2,800
36
Federated Metals Corp_ •
9% 1155 5,300
Film Inspection Machine.• 10
20
98
98
Firestone Ti & Run corn. 10
180
508 513
Ford Motor Co of Can_100 513
• 130
12051 13055
130
Foundation Co pref
Freed-Elsemann Radlo---• 27
2634 3031 7,100
•2335 2234 2655 17,600
Freshman (Chas) Co
• 1034
lom 1474 1,700
Garod Corp
100
1334 1334
Gen Alumin & Brass,com10
20
81
78
General Gas & Electric__-• 78
50
80
80
Convertible Preferred-:*
100
3134 3151
Georgia L.P drRys,comlo0
7,400
66
64
Gillette Safety Razor_ _ _ -• 65
1,100
119 120
• 119
Glen Alden Coal
16,700
2634 29
Goodyear Tire & R,com100 2855
1,300
Grand(FW)5-10-25c Strs." 6634 6551 6931
10
111 111
Great Atl & Pac Tea, pf 100
1751 2,200
16
Grennan Bakerks Inc__ _ _• 1634
17% 19% 10.400
Grimes(D)RA & Cam Rea* 1834
100
4
4
Hall Switch & Sig com_100
651 655 3,900
651
Happiness Candy St cl A_•
500
651
6
Founders' shares
4374 14.400
• 43% 41
Hazeltine Corp
50
Hercules Powder, pref.
106 106
_100
1,300
Heyden Chemical
251
2
•
100
Imperial Tob of Gr Br & Ire
2156 2135
1,700
55'
Intercontinental Rubb_100
534 6
lutenist Concrete IndustIO
900
1134 113-4
Inter Match non-vot pf w I_
8,700
4034 4034 42
Internat Utilities cl A _ _ _ _.• .. _
200
46
46
Class B
• 1351 1251 1454 5,500
• No par value.

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

120.

THE CHRONICLE

Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.

Range Since Jan. 1.
Low.
35
8
57
42
120
7234
45
1134
137
94
55
87
33%
34
2454
733.1
96
26
810
5
1%
133
48
3534
2534
8
103
11034
131
2034
1634
13
21
3034
4051
11331
17634
38%
8051
755
125
95
17%
20
60e
116
7934
39
3134
108
2151
9134
2355
3734
80
1454
57
2631
2655
12034
1651
3134
2834
1034
1
17
26
60
102
40
14
36
631
98
491
11751
2631
22
12
1334
80
80
3131
5734
119
2455
60
111
16
1734
351
634
6
41
106
2
21
531
1154
3754
4554
1754

High.

Jan 3751
Jan
9%
Ja . 67
Jan 42
Jan 120
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jr
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

8234
4651
13
14634
96
6734
89
36
3634
2534
83
99
2034
1
5
251
14934
4834
3934
2634
951
10534
110%
3
2734
1834
1334
2451
3355
46
115
192
3834
8134
734
190
100
194
21
98e
12634
82
50
34%
115
2631
94%
2634
3951
105
16
64
3134
31
126
2031
3534
31
17
134
21
3274
6551
10334
4835
1534
41
1134
98
511
13034
3334
28
1734
1335
81
80
3134
6731
122
2974
7351
111
1734
1934
4
731
631
5131
108
3
2155
635
1234
4334
4634
17

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
lan
Jan
Jan
ran

Friday
Saks
Industrial and
Lan Week's Range for
Miscellaneous Stocks
Sale
of Prices.
Week.
(ConOluded).
Par. Price. Low. High. Shares.
Inter-Ocean Radio Corp_ _• 1351
Jones(Jos W)Radio Mfg..'
731
Keiner Williams Stamp'g_• 2134
Keystone Soleleather _ _10 500
Landover Holding Corp A 1
Lehigh Power Securities_.• 105%
Lehigh Valley Coal Sales 50 8255
Leh Vail Coal ctfa new w I 46%
Libby McNeil & Libby_ _10
8
Liberty Radio Ch Stores_.•
8%
Long-Bell Lum Corp A. •
Marconi Wirel Tel of Lend
Mengel Co
100 3951
Mesabi Iron Co
Middle West Utilities corn* 8634
Midvale Co
•
Motor Wheel Corp.com_10
Murray Body Corp w 1__• 42%
Music Master Corp w l..* 2
034
Nat Distillers Producers_.• 28%
National Leather
10
Nat Power & Light, corn..' 200
Preferred
•
National Tea
• 240
New Mex dr Ariz Land _ _ _1
8%
N Y Telep 6 % pref_ _100 11155
N Y Transportation__ _10
Nickel Plate corn, new, w L 86
Preferred, new. w I
86
New Corp when Issued
(El Bond & Sh Hold Co) 68
Nor States Pr Del warrants
Omnibus Corp v to
• 15%
Series A preferred_ __100
Palge-Detrolt Mot Car. 10 18%
Penn Water dr Power_ _100
Power Corp of NY. corn.' 3514
Power Securities corn. •
_
Pratt & Lambert. Inc._ • 42%
Pro-phy-lac-tic Br, corn.' 42
Pyrene Manufacturing._10
Reid Ice Cream Corp corn • 35%
Preferred
10 1851
Reo Motor Car
5
Repetti, Inc
Rova Radio Corp tr etfs • 12%
14%
Seagrave Corp, corn, WI..
Shattuck (Frank G) com..• 3251
Sierra Pac Elec Co com_100 1954
17
Silica-Gel Corp corn vi C.
100
Singer Mfg
• 1651
Sleeper Radio v t0
Sou Calif Edison6% pf 10
0
100
7% preferred
8e
Southern Coal & Iron_ _ -5
S'eastern Pr & Lt com__• 5331
Southwest Bell Tel pref 100
Stand Publishing Cl A...25 26%
•
655
Stutz Motor Car
100 116
Swift & Co
15 33%
Swift International
Tenn Elec Power, corn_ •
•
Second preferred
• 1751
Thermiodyne Radio
Thompson(RE)Radio vte• 1831
Tob Prod Export Corp_ •
•
Todd Shipyards Corp_
5 20
Tower Mfg Corp
Union Carbide & Carbon..• 6731
United G& E corn new _ _10 3351
United Lt & Pow corn A
6%
United Profit Sharing_ - _1
United Shoe Mach,com_ _15 53%
US Lt & Ht Corp, com_10 85e
2
10
Preferred
27
Universal Pictures w L._
25
Utilities Pr & Lt el A
Vesta Battery Corp
Victor Talking Machine _ _ ......
Ward Corp, corn, Class A •
• 42%
Common Class B
100 95
7% preferred
• 3134
Ware Radio Corp
0 35
Western Pr Corp, com_10
100 8534
Preferred
1
White Rock Mln Spgs v t c•
15%
Common stock
455
Wickwire-Speneer St com_5
Yellow Taxi Corp N

Range Since Jan.1.
Low.

High.

11% 1351 3.000 11%
751
2,300
7% 8
400 21%
21% 2251
49e 55e
2,300 490
8%
9
9
400
105 111
3,300 109
81
8451 1,275 81
4634 48
15,000 4551
8%
8
8
700
8
9
7,100
7%
4955 5251 3,100 4935
955 951
200
30
870 30
3954
4
4% 1,200
351
8551 90
2,860 84
24
25
300 24
15% 1555
100 1555
42
4231 1,300 42
1854 21% 27.700 1834
27
2931 7,600 16%
534 534
431
300
188 210
2,480 188
98
98
10 95
235 240
50 230
9
8
8,000
651
111 11154
275 11055
3834 3855
100 31351
84
8651
1,600 84
84% 86
2,000 84%

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

14
9
23%
600
9
117
87
5051
951
9
53%
10
3954
451
90%
28%
1554
4551
2155
29%
655
240
98
247
934
11151
3851
8834
8734

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

6534 7134
755 8
15% 15%
90
90
18
18%
127 127
3354 3551
22
24%
4151 43
42
42
115 115
3555 3951
99
9955
1854 1855
51e 51e
1251 1451
1455 14%
32% 34%
19
19%
1554 20%
196% 202
16
19%
89% 8951
106% 10634
6c
9c
53% 56%
108% 108%
26
26%
655 7
11555 117
3255 3331
51
54
7354 74
1551 21%
16% 20%
4
4
40
4034
18% 2031
67
68%
32% 3551
49
4951
6% 6%
5351 5351
77e 90e
131 2
2634 27
25
25
21
2351
105 105
119 120
4151 43%
94% 95
30% 3551
35
36
8531 86%
1654 1655
15% 16
4% 5%
1955 1934

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

9134
9
1751
91
19
130
3451
26
43
44
1151
43
9934
1851
52e
1434
1474
35%
20%
21
203
19%
91
106%
be
66
108%
27 '
10
117
3551
6051
7431
22%
25
551
41
2435
6951
38
5031
754
45%
151
2%
28
25%
23%
105
121%
4555
95%
4031
38%
8751
1751
17%

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jail
Jan
Jan
Jan

2031 Jan
235
Jan
Jan
70
52% Jan
114
Jan
30
Jan
15
Jan
145
Jan
96
Jan
60% Jan
104% Jan
4535 Jan
151% Jan
13255 Jan
3351 Jan
Jan
84
Jan
157
25% Jan
Jan
79
Jan
87
7431 Jan
39% Jan
Jan
256
6354 Jan
Jan
126
Jan
250
197 ' Jan
Jan
103
Jan
84
68% Jan
4434 Jan
12455 Jan
Jan
268
4855 Jan
Jan
366
Jan
27
89% Jan
30% Jan

54,900
300
1,700
100
9,500
10
300
400
15,800
100
200
1,200
400
1,200
100
7,800
2,800
2,100
400
2,400
60
4,100
10
10
36,000
1.300
30
9,700
500
320
3.300
1.000
150
20,500
9,900
700
300
3,000
3,700
1,200
1,900
100
100
1,900
1.000
1,100
1,700
100
130
200
3,100
1,000
8,100
3,200
410
100
200
17,800
3,400

65%
754
1551
90
18
127
33%
16
41%
42
1054
35
99
17%
51e
10%
14%
3134
17%
13
19251
16
88
10635
fie
5354
107
26
(511
114
32
51
73
1551
1651
335
40
18
66%
32
48%
551
42%
75e
1%
27
25
21
105
119
4155
9255
3051
35
85%
16
16%
4%
19

22

Former Standard Oil
Subsidiaries
Ll
Anglo-American Oil_
Borne-Serymser Co.......100
50
Buckeye Pipe Line
Chesebrough Mfg. new._25
100
Preferred
Continental Oil vi c w L.._
25
Crescent Pipe Line
Cumberland Pipe Line_100
100
Eureka Pipe Line
Galena-Signal Oil, corn_100
100
New preferred
Humble Oil & Refining...25
100
Illinois Pipe Line
Imperial Oil(Can) coup_25
Coupon new w
50
Indiana Pipe Line
..100
Magnolia Petroleum.
National Transit _ _ _12.50
100
New York Transit
Northern Pipe Line_ ......100
25
Ohio 011
25
Penn Mex Fuel
100
Prairie 011 di Gas
25
New when issued
100
Prairie Pipe Line
100
Solar Refining
100
South Penn Oil
Southern Mae Line.. _100
South West Pa Pipe L-100
Standard 011 (In(iiana)_ _25
Standard Oil (Kansas)...25
Standard 011 (Ky.)
25
Standard Oil (Nab)_ _ _100
Standard 01101 N V......25
Stand 011 (Ohio) corn....100
Swan & Finch
100
Vacuum 011
25
Washington 011
10

1955 19
2051 22,300
227
225 230
130
69
66
70
1,420
51
52%
300
114 114
10
30
28
30
37,600
1454 15
900
145
142 145
410
93
96
130
60% 59
6054
600
102 102
10
4551 4354 4551 17,800
142
142 15435
240
13131 122% 132% 7,120
3351 31
3351 29,600
83
80% 84
740
157
145 157
4,170
2555 24
25% 4,100
75
77
170
86
85
87
290
7331 72% 7431 8,700
3734 37
3955 2.600
255
243 256
6,750
64% 6134 64% 28,300
120
119 126
6,465
250
217% 250
1,050
190
185 197
6,945
100
9954 103
760
8355 8351
10
68% 65% 6834 130,600
44
3934 441
m 11,400
12331 11855 124% 8,900
268
253 268
1,210
48
47
4851 43,900
364
355 366
380
2551
2534 27
720
89% 8151 89% 40,200
30
30
50

18
225
62
4854
114
25%
14
13551
86
5651
102
42%
127
119%
30%
75
137
23
6554
8155
64
3551
209
52%
106
202
139
92
76%
6254
37
11711
244
4451
338
21
80%
30

Other 011 Stocks
Amer Maracaibo Co
Arkansas Nat. Gas
10
Atlantic Lobos 011 corn_._•
Preferred
•
Syndicate
Carib
Consolidated Royalties_ _ _1
Creole Syndicate
5

3
751
351
1031
4
10

2%

3
3,700
751 6,700
351 335 3,400
935 1051 8.500
335 4
2,400
151
1.000
151
851 10% 27,700

234 Jan
536 Jan
251 Jan
-Jan
7
3% Jan
Jan
1
851 Jan

3
731
4
10%
4
1%
10%

Jan
Jan
Jan
Jan
Jan
Jan
Jan

JAN. 31 1925.]

THE CHRONICLE

Friday
Sales
Other Oil Stocks.
Last Week's Range for
of Prices.
(Concluded)
Week.
Par Sate
Price. Low. High. Shares.

Range since Jan. 1.
Low.

Derby 011 & Refg com___•
5
554
5%
1,200
4%
•
Preferred
26
100 25)4
26
Engineers Petroleum
1
40
70
7c 52,000
40
Euclid 011 Co
920
94c 3,100 870
5
Federal 011
23e
23c 2,000 23e
I
Gibson 011 Corp
174
1% 12,400
14
Gilliland Oil corn v t e_._ •
3
3
100
3
i0
Glenrock Oil
240 2,000 20c
20e
10
Granada 011 Corp
50c
500 1,000 400
25 6934 6654 70
Gulf 011 Corp of Pa
23,000 65%
International Petroleum--• 2554
2454 2554 83,700 23
3
•
Kirby Petroleum
24 3% 13,700
251
Lago Petroleum Corp_ _ ...•
54
5% 5% 31,500
5A
lc
Lance Creek Royalties__ -1
lc
lc 66,000
lc
1
3c
Latin American Oil
3o
4c 79,000
2c
•
Margay Oil Corp
50c
50e
500 50c
1
4
Marland 011 of Mex
24 4
2,900
14
..10 80e
Mexican Panuco Oil.
74e
800
600 610
10 180
Mexico Oil Corp
120
200 5,000 120
Mountain & Gulf 011
1
14 14
100
1)4
Mountain Producers._ _ _10 20
19% 20% 19,100 18%
Mutual Oil vot trust ctfs.5
13% 14% 130.700 11%
National Fuel Gas
*
106 109
170 106
5
New Bradford Oil
434
434 44 1.000
3%
_5
New England Fuel Oil .
20
21%
500 20
25
New York 011
9
931 931
200
84
Noble(C F) 011 &0com..1 110
lle
Ilc 5,000 10e
Northwest 011
1
30
30 1,000
30
25
Ohio Fuel Corp
3234 334
400
31%
•
Peer 011 Corp
134
154 9,300
14
154
Pennock Oil Corp (new)...• 2331 224 25
5.500 17%
Pennsylvania Beaver 011_1
7c
90 43,000
60
60
25 27
Red Bank 011
26
30
1.800 2234
Royal Can 011 Syndicate..
751
6% 74 18,700
634
Ryan Consol Petroleum_ _•
64
4% 6% 18,300
354
Salt Creek Consol Oil_ _ _10
734 734
754
1,200
634
Salt Creek Producers._ _10 2534 25)4 2531 8,800 24
5
Savoy Oil
3% 34
400
1%
Tidal Osage Oil voting stk • 10%
10
1035
400 10
United Cent 011 Corp _ _ _.•
34 44
431
300
234
Venezuelan Petroleum....
354 4
10,470
3%
Wilcox Oil& Gas
1
74
654 731 59,000
54
Woodley Petroleum Co..°
6
5% 6%
1,500
5
"Y" 011 & Gas
1
60
60 1,800
50
Sc
Mining Stocks
Arizona Globe Copper.._1
110
110 120 40,00
7e
Butte & Western
1
15e 150
2,00
150
Calaveras Copper
14
131
134
30
13.4
Caledonia Mining
1
So
90
90
1.00
8c
Calumet & Jerome
18e
180 180
1,00
18e
Canute Copper
10
34 4% 6,07
334
334
New
34 44 3,00
34
Chief Consol Mining
1
34 331,
10
33.4
Chino Extension
500
413e 500
2,80
40c
Comstock Tun & Drain 100 50c
50e 51e
7,40
34c
C011801 copper Mines..
..l
34
311• 314 5,100
331
Cortez Silver Mines
1
10e
100 20c
7,000 10c
Cresson Cons Gold M&M.1
351 W11
1,100
3)4
Crown Reserve
1 500
50c 53e
1,100 50c
Diamond Bi Butte Reorg_ I
70 12,000
60
Sc
Divide Extension
1
30
40
30
30
3,000
Dolores Esperanza Corp._2
350 50c
3,500 35c
Emma Silver
1
30
30
30
2,000
Engineer Gold Mines, Ltd_
16
15% 16
400 1434
Eureka Cream's
1 140
120 140 38.000
70
First Though G M
380
30e 45e
6,000 30c
Golden State Mining
90
ile
80
4,000
70
Goldfield Consol
7e
40
70 27,000
40
Goldfield Deep Mines_ _.5c
lc
20 17,000
lc
Goldfield Development_ _5c
50
50
60 11,000
Sc
Goldfield Florence
1
90
90 12,000
70
60
Gold Zone Divide
50
10c
40
80 27,100
40
Harmill Divide
10c 100
10e Ilc 13,000 10c
Hawthorne Mines Inc__ _1 150
150 160
3.000 13c
Hecht Mining
25c 14
13% 144 3,000 124
Hollinger Consol G M._._5 1434
144 14%
300 144
Howe Sound Co
1
34
34 3% 39,500
3
Independence Lead Mm.
.1 22c
200 23c 161,700 110
Jerome Verde Devel
14
1 118 lA
400 980
Jib Consol Mining
1 39e
350 45c 88,000 35c
Kay Copper Co
2
1
I% 2)4 76,000
1%
Kerr Lake
1% 1%
200
I%
Knox Divide Mining_ .10c
30
30
1,000
2c
Lone Star Congo!
7e
1
50
70 17,000
40
Mason Valley Mines
5
234 2% 3,100
234
National Tin Corp
Mc
8c
7o
80 13,000
70
New Cornelia Copper Co_5
22
23
1,000 22
New Jersey Zinc
100 193
19034 194
580 189
NipissIng Minos
5
64
634 634 4,900
6%
Ohio Copper
1%
1
Pit 14 16,500
134
Parrnac Porcupine Mines_ I 35e
35c 35c
1,000 30e
Plymouth Lead Mines.....1 810
76c 81e 68,100 720
Portland Gold Mining.. 1
40e 40e
1,000 400
Premier Gold Mining Ltd _l
2
24 19,500
234
2
Ray Hercules, Inc
100 110
2,000 100
Red Hills Florence__ _10e
20
20
18.000
lc
Red Warrior Mining
35e 35c
2.000 350
Reorg Div Ann Minn
4c
40
1,000
4c
Rochester Silver Corp__ _
lie
110 11 c
2,000 100
Silver Dale Mining
3c
20
3c 28,000
20
Silver King Coalition
6
5
200
5
Silver King Divide Reorg_ _
Sc
5e
1,000
30
South Amer Gold & Plat_ _1
3
3
331
1,000
3
Spearhead
1
8c
80 22,000
6c
6c
Standard Silver-Lead._ _ _1
lle
140
8e
7.000
8c
1
6c
Success Mining
Sc
6c
9,000
Co
1
154
14
Teck Hughes
Mt 9,200
14
Tonopah Belmont DevelA
58c
58e 59e
400 540
Tonopah Divide
1 38e
35c 390
9,000 26e
3
1
Tonopah Extension
Vile 3
6.20
21814
14
1
Tonopah Mining
14 1"i.
70
154
D
10c
12e 120
S&
1,00
11c
15e
150
Trinity Copper
1,00
15e
55e
52c 60e
7,10
United Eastern Mining..
39c
2734
United Verde Extens....50c 274 27
50
27
90 110 18,00
Sc
8 Continental Mines.._5 lle
U
3
71c 750
40
Unity Gold Mines
68e
5 4834
5)4 74 6.100
4%
Utah Apex
1
1,600 90c
Utah Metals & Tunnel_ _ _ _ ...... 90c
311s 31,
1
10
Walker Mining
334
24 2% 7,200
24
Wenden Copper Mining_ _1
20e 200 15,000 150
Western Utah Copper_ _1
90
90
90
Wettlaufer-Lorrain S_ _ _ _1
1.000
90
40
40
3.000
30
White Caps MinIng_. .10e
Sc
8e
80
1
1,000
3e
Wilbert Mining
16
-----16
100 15
Yukon-Alaska Trust.etf_

High.

Jan
5%
Jan 25
Jan
70
Jan 950
Jan 23c
Jan
1%
Jan
3%
Jan 24c
Jan 50c
Jan 70
Jan 25)4
Jan
54
Jan
651
Jan
20
Jan
4e
Jan 550
Jan
4
Jan 80e
Jan 296
Jan
134
Jan 2034
Jan 14%
Jan 109
Jan
4%
Jan 24%
Jan
934
Jan lle
Jan
30
Jan 3341
Jan
134
Jan 25
Jan
13c
Jan 3244
Jan
741
Jan
634
Jan
7%
Jan 26
Jan
344
Jan
1054
434
Jan
Jan
4
Jan
731
Jan
641
Jan
50

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

Jan 14e
Jan
15e
134
Jan
Jan
90
Jan 25e
4)4
Jan
Jan
414
Jan
33.4
Jan 500
Jan 51e
Jan
3111s
Jan 200
Jan
34
Jan 53e
Jan
8o
Jan
40
Jan 500
Jan
40
Jan 16
Jan 140
Jan 580
10e
Jan
Jan
7c
Jan
2e
Jan
9e
90
Jan
Jan
8o
Jan 160
Jan 17c
Jan 144
Jan 154
Jan
3)5
Jan 230
Jan
134
Jan 810
Jan
234
Jan
134
Jan
30
Jan
8o
Jan
2%
Jan 100
Jan 24%
Jan 199
Jan
651
Jan
134
Jan 520
Jae 80c
Jan 46e
Jan
234
Jan 160
Jan
30
Jan 480
Jan
Sc
Jan 14c
Jan
3e
Jan
5
Jan
fle
Jan
34
Jan
90
Jan 14e
Jan
12e
Jan
17t•
Jan 590
Jan 39e
Jan
3%
Jan
14
Jan
13e
Jan 250
Jan 600
Jan 294
Jan
120
Jan 770
Jan
84
Jan
1
Jan
3115
Jan
24
Jan 24e
Jan
90
Jan
60
Jan
80
Jan 16

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

Bonds
Allied Pack cony deb 6s'39 82A
1939 9134
.
Ea, Series B.
Aluminum Co of Am 7s1933
1925
78
99
Amer Beet Sugar fis_ _1935
Amer G & E deb 63-2014 9641
107
American Ice 78
American Power & Light
95%
er) old warr attach-2016 1014
Rolling Mill 6s .1938
Amer

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

573
Friday
Last Week's Range Sales
Sale.
of MGM.
for
Price. Low. High. Week.

824 824 $32,000 804 Jan 8334
92
91
27,000 88
Jan 94
107 107% 3,000 1064 Jan 10734
10254 10234
5,000 1024 Jan 102)4
9634 99 255,000 9634 Jan 99
964 96% 177,000 95
Jan 97
105)4 107
16,000 105
Jan 107
944 95% 138,000 9334
100% 1014 21,000 100

Jan
Jan
Jan
Jan
Jan
Jan
Jan

Jan 9534 Jan
Jan 1014 Jan

Bonds (Concluded)
Amer Surnat Tab 7 A 8_1925
American Thread 68-.1928
Anaconda Cop Min 68_1929
Anglo-Amer 0114 As._1929
Assoe'd SIMM0119 Hardware
1933
634s
Atlantic Fruit 88
Atl G & W I SS L 59_1959
Beaver Board Co 88 1933
Belgo-Canadian Pap 68 '43
Bell Telep of Can 5s._1955
Beth Steel equip 7s
1935
Canadian Nat Rys 4345'54
78.
1935
Central Leather 6s...._1945
Chic RI & Pac 530..1926
Chic Un Station 58....1944
Childs Co (is
1929
Cities Service 7s Ser B_1966
7s Series C
1966
7s Series D
1986
Cities Sem Pr & Lt 68_1944
Cons GEL&P Bait 65'49
5548
1952
Consol Textile 85
1941
Cuban Telephone 734s 1941
Cudahy Pk deb 534s..1937
Deere & Co 7348
1931
Det City Gas 6s
1947
Detroit Edison 68_ _ _ _1932
5s
1949
Dunlop T&R of Am 78 1942
Fed Lt & Tr 6s "B"_ _1954
Federal Sugar Cs
1933
Fisher Body 6s
1927
(is
1928
Gail'(Robert) Co 7s....1937
Galena-Signal 011 78. _1930
General Pe.roleum 68_1928
Grand Trunk Ry6 A s_1938
Gulf Oil of Pa 55
1937
Hood Rubber 7s
1936
Kan City Terrn fly 5 3.4s '26
Lehigh Pow Scour 6s...1927
Libby, McN & 1.1b 7s_1931
Liggett Winchester 70_1942
Manitoba Power 7s...1911
Slid-Cont Petrol 654s.1940
Missouri Pacific RR 581927
Morris &Co 7348
1930
Nat Distillers Prod 78_1930
National Leather 88..1925
New Orl Pub Serv 55.A952
Nor States Pow 6 348...1933
834% gold notes_ 1933
Ohio Power 5s. Ser B...1952
Park Sr Tilford 6s_ _ _1936
Pennoit Oil Corp Ils._ _1927
Penn Pow & Light 5s_1952
Phlla Electric 5 As_ _ _ _1947
1953
5348
fis
1941
5s
1960
Phillips Petrol 7 As_ _1931
Pub Sent El St Gas 534s '64
Pure 011 Co 6348
1933
Rims. Steel 78 w I_ ..1959
Shawsheen Mills 7s_ ..1931
Sloss-Sheff St & I 68..1029
1931
Solvay & Cle Cs..
South Calif Edison 56_1944
Stand GILI ac El 6 A s_ _1954
Stand 011 of N TO 54s-1933
1939
Sun 011 5145
Swift & Co 5s_ _Oct 15 1932
Tidal-Osage Oil 78._ _1931
Union EL L & P of 111434'54
Unlon Oil of Cal 58_ 1935
1926
6s
United Oil Prod 8s_ .1931
Un Rys of Havana 7348.36
Vacuum 011 78
1936
1937
Wayne Coal Cs
Webster Mills 6 A s---1933

974 9631
103% 1034
10334
100)S 10034

68%
9534
9854
103%
97
98
12034
10235
9434
10254
9434
107
9334
1044
103
97%
103
92
10234

10734
99
101%
102%
10754
1024
9734
10234
1014
8734
107
101
97
97
10434
99%
98)4
100
884
104
101%
93
115
9831
95%
100%

107
3534
102

Range since Jan. 1.
Low.

High.

Jan
974 31,000 944 Jan 98
103% 8,000 1024 Jan 103% Jan
103% 17,000 1024 Jan 103)4 Jan
1,000 10034 Jan 100% Jan
1004

14,000
83
83
20% 20% 2,000
69 109.000
67
94% 96
63.000
98)4 9834 10,000
98
98
1,000
103% 1044 32.000
923.4 92% 5,000
29.000
10934 110
964 97 381,000
10134 10134 13,000
974 9834 31,000
56,000
112 115
163 1654 4,000
11634 12034 132,000
9954 1024 224,000
94)4 94)4 52,000
105 1054 18,000
102 10234 7.000
48.000
9251 95
1084 107
4,000
91% 93% 62,000
1044 1044 33,000
102% 103
14,000
113% 114)4 82.000
9734 97)4 28,000
1024 103
68,000
2.000
92
92
29,000
98
97
10154 101 A
1,000
1014 10235 2,000
1
101
10134 11,000
105 105
6.000
19,000
10051 101
10614 10734 28,000
9834 99% 46,000
102% 10235
1,000
102 10234 4,000
10134 10134 41,000
1024 102)4 12.000
10734 108
10,000
1004 10254 52,000
97)6 9731 10.000
1004 100)4 94,000
1004 10255 49,000
10034 10134
2.000
10134 10135 51,000
87)4 8831 53.000
106 107% 82,000
101 101% 31,000
90% 9131 14.000
97
97
4,000
97
97
16,000
934 9344 7,000
1044 104)5 6.000
10434 10434
3.000
1064 1064
1,000
9934 99% 33,000
1034 104
17,000
98
98% 212,000
99)4 10034 172.000
884 88% 15.000
1034 104
75,000
101 102
13,000
101
10134 10,000
9231 93% 1" 000
11434 11635 172,000
10734 107% 72,000
9634 97
54,000
954 95% 94,000
104 104
1.000
99% 101
83,000
98
9634 7.000
101 102
35.000
29
31
9,000
10931 110
22,000
106% 107% 48,000
35)4 35)4 20.000
102 1034 106,000

83
184
62
88
974
98
103%
924
10854
954
100%
974
107
1504
ill
9844
9444
10444
101%
88
106
894
104
10254
11031
97)4
10034
92
96
10134
101%
993(
10454
100%
10534
98%
102
1014
10034
102
10734
9814
974
1004
984
100
10134
86)4
105%
99)4
89
964
97
93
104
10434
106
99%
103%
96%
97%
884
1034
101
100
92
1004
106%
9534
94
103
994
96
101
28
1094
108%
3534
10134

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jun
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

8334
244
6954
96
98%
98
1044
944
110
974
1014
98%
115
1854
12034
10234
94)4
1054
102)4
95
107
934
1044
103
11434
97%
10434
9234
9831
10154
10234
10154
1054
101
1074
994
103
1024
101%
10234
1084
10234
9731
10034
1024
10134
102
8854
108)1
102
9134
98
9734
9334
104)4
10414
1064
994
104%
984
100%
8834
104
102
10134
934
121)4
10734
97
95%
1044
101
9634
102
3534
110
10711
354
10331

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

Foreign Government
and Municipalities
Bogota (Colombia) 88_1945 964 98
9614 55,00
96
Jan 974 Jan
Cuba (Rep of) 65w i..193S
9834 9834 17,00
98)4 Jan 984 Jan
French Nat Mail SS 7s 1949 90
90
904 26,00
Jan
Jan 91
90
Indust Mtge Bit of Finland
1st M tolls 7s_ ... _1944 947% 9434 95 102,000 93)4 Jan 95
Jan
Krupp (Fried) Ltd 7s w 129
984 99
Jan
16,000 0851 Jan 99
Netherlands(Kingd)6813
.72 10534 10434 10534 29,000 104
Jan 105)4 Jan
Peru (Republic of) 88_1932
Jan
Jan 100
9954 9934 4,000 99
Russian Govt6 As____1919 16% 16
173-4 51,000 1334 Jan 17% Jan
1474 16
63.4n certificates_ _ _ _1919 15
82,000 15
Jan 16)4 Jan
534s
1921
1534
15
Jan 17)4 Jan
1674 29,000 14
5 As certificates_ _ _1921
.
1434
1434 15
Jan 154 Jan
12,000 13
Switzerland Govt 5 As 1929 1014 10134 101 4 24,000 101
Jan
Jan 102
1
192e 10034 1004 10074 29.000 100% Jan 10114 Jan
Ext r notes ..
• No par value. k Correction. I Listed on the Stock Exchange this week, where
additional transactions will be found. o New stock. s Option sale. to When
issued. z Ex-dividend.
Ex-rights. z Ex-stock dividend.
CURRENT

NOTICES.

-Guaranty Trust Company of New York has been appointed Registrar
of stock of the Essex Cotton Mills, Inc., consisting of 30,000 shares of
first preferred stock of the par value of 100.
-In the current number of The Lamborn-Hutchings Review, which is
issued by Lamborn, Hutchings & Co. for distribution to investors, the new
era of railroad prosperity Is discussed.
-Murphey. Favre & Co., dealers in investment bonds, Spokane. Wash..
have opened an office in the Lumbermens
Bldg.. Portland, Ore., under
theman agement of John J. Hess.
-B. J. Baker & Co. of Boston announce that Hon. James Jackson.
retiring Treasurer and Receiver-General of Massachusetts, has
become
associated with them.
-McDonnell St Co. announce that James O. McMaster has
become
associated with them as salas-manager of their investment department.
-F. L. Carlisle & Co., 49 Wall St., New York, have issued a special
circular on the Metropolitan Casualty Insurance Co. of New York.
-The American Trust Co. has been appoin.ed trustee of the
7% serial
gold notes of the Florida Improvement Corp.
-The Seaboard National Bank has been appointed Dividend
Disbursing
Agent for the Broad River Power Company.
-Bartlett, Knight & Co., Chicago, announce the removal of their offices
to 137 S. La Salle St.

574

Xnutstuunt and

ilrmttintelliffenct.

-Crossfrom Railway- -Net from Railway- -Net after Taxes
1924.
1925.
1925.
1924.
1924.
1925.
$
$
$
Baltimore & Ohio
846,625
December. 18,215,159 17,075,254 3,892,876 1,675,632 3,369,991
From Jan 1.224318795 255594,435 51,566,162 56,270,474 41,915,003 46,305,059
B & 0 Chic Terminal
49,959
11,070
December.. 268.354
90,447
330,545
51,342
1925.
Third Week of January.
1924.
Increase. Decrease.
20,857
From Jan 1_ 3,542,926 3,767,983
508,711 -348,875
121,124
S
$
Bessemer 6r Lake Erie
$
S
310,006
43,018
353,024
Buffalo Rochester & Pittsburgh
December.. 774.081
930.651
6,761 -355,232 -15,248 -350,032
3,781,673 4,344,425
562,752
Canadian National
From Jan 1_14,506,820 20,367,251 3,149,875 6,449,359 2,269,962 5,457,143
2.651,000 2,883,000
232,000 Boston & Maine
Canadian Pacific
Duluth South Shore & Atlantic_
111,072
91,363
19,709
461,736
December.. 7,001,642 8,621.391 1.820,620
719,216 1,356,847
10,923
11,411
Mineral Range
488
From Jan 178.697,297 86,193,418 14,784,741 10,938,525 11,731,991 8,003,108
358,710
302,692
Minneapolis & St Louis
56,018
334,492
383,404
48,912 Brooklyn E D Terminal
Mobile & Ohio
41,170
December.. 102,215
24,023
32,622
109,428
28,454
4,975
4,065
Nevada-California-Oregon
910
From Jan 1_ 1.379,527 1,488,725
442,487
512.983
592,851
522,782
St Louis
-San Francisco
1.730.268 1,588,803 141,465
Buff Rochester & Pitt,
3,571,948 3.446,616 125,332
Southern Railway System
141,564
December.. 1,278,905 1,423,290
272,746
360.436
387,060
28,624
167,847
Western Maryland
310,797
From Jan 1_15,951,853 22,024,651 2,500,731 1,849,382 2,092,799 1,447,496
Total (11 roads)
13,225,503 13,795,863 343,434 913.794 Buffalo & Susquehanna
Net decrease (4.130
7„)
570.360
December__ 194,272
28,411 -54,750
235,251
39,776 -30,610
From Jan 1_ 1,913,818 2,780,877 -26.813
128,833 -98,495 -19,158
In the table which follows we also complete our summary Canadian National Rya-Atl & St Lawrence
of the earnings for the second week of January.
92,809
December.. 288,701
426,379
-8,946
108.034 -27,112
716,898
FromJan 1_ 2,427,877 3,149,125 -347,213 -534,709 -548.928
1925.
1924.
Increase. Decrease.
Second Week of January.
Chi Det as Can G T Jot
208,326
December.. 244,983
116,471
330,003
215,029
130,612
$
S
$
$
From Jan 1_ 2,894,546 3,393,576 1,321,425 1,832,432 1,175,452 1,723,432
Previously reported (15 roads)-- 15.727.227 16.304,638 400,956 978,367
Det G H & Milwaukee
4,119
4.065
54
Nevada-California-Oregon
December.. 493,974
629,711
135,721
285.731
139,750
267,555
From Jan 1_ 6,451,947 6,935,222 1,534,457 1,750,966 1,469,705 1,708,281
15,731.346 16.308,703 401,010 978,367
Total (16 roads)
Net, dr1Prit..ARIA (x 54.0211
577.357 Canadian PacificDecember.
.15,690,172 19.136.674 3,729,301 3,956,127
From Jan 1182502,156 195837,089 37,227,242 37,479,010
In the table which follows we also complete our summary
Central of Georgia
earnings for the first week of January.
of the
December.. 2,365,000 2,049,258
*382,000 *241,605
From Jan 127,174,000 26,198,846
*4,556.000 *3,944,371
1925.
1924.
Increase. Decrease. Central RR of N I
First Week of January.
December_ _ 4,306,983 4,338,059 1,321,938
985,582 -366,681
88,524
$
$
$
$
From Jan 1 55,466,963 57,383,653 15,814,306 8,833,365 11,253,588 5,026,255
Previously reported (15 roads)-- 14,588.529 14,972,259 625,135 1,008.865
Central New England
610,988
570,546
40,442
Texas & Pacific
91,899
682,157
December... 707,929
251,984
140,522
234,885
From Jan 1 8,145,477 7,988,226 2,381,570 1,971,492 2,081,292 1,674,705
15,199.517 15,542,805 665,577 1,008,865
Total (16 roads)
Net decrease (2.20%)
343.288 Charleston & West Carolina
298,733
128,401 -28,690
December.. 371,780
91,652 -84,996
639,723
906,396
From Jan 1 3,908,781 3,878,508
851,654
676.146
In the following we show the weekly earnings for a number
Chem & Ohio Lines
of weeks past:
1,153,451
December.. 9,084,640 8,194.021 2,005,890 1,826,412 1,432,997
From Jan 1.108033449 101975,798 25,251,744 23,088,017 20,463,076 18,369,353
Current
Previous Increase or
Chicago & Alton
Year.
Year.
*374,288 *492,761
Week.
December... 2,518,356 2,584,188
Decrease.
*4,394,793 *5,319.568
From Jan 130,854.030 33,588.193
6
6
Chicago Burlington & Quincy
20.743,925 22,525,076 -1,711,151 7.90
)
let week October I16 roads
December-13,851.421 13,279,205 3,578,898 3,656,457 2,535,066 3,045,590
20,567,810 22,435,931 -1,868.121 8.32
2d week October 16 roads)
From Jan 1 162674,878 171270,681 42,716,144 36,980,282 31,998,094 27,654,771
23,294,670 21,936,283 -1.358,387 6.19
3d week October 16 roads)
31.627,038 35.092.977 -3,465,938 10.95 Chicago & East Illinois-- 2,242,919
4th week October 16 roads)
458,700
423,271
319,727
272,455
December__ 2,427,271
1
1st week November16 roads...._ 21.523,466 22.971,811 -1,415,345 6.16
From Jan 126,068,788 28,405.408 3,615,532 4,126.296 2,155,917 2,563,430
20.905.122 23.411,584 -2,506,462 10.70
2d week November 16 roadsS
November 16 roads...... 20.734,931 22,568,666 -1,833.735 8.84 Chicago Great western
3d week
*233,378 *398,591
December.. 2,050,522 1,916,017
4th week November 16 roads)..... 24,470,236 27,366.760 -2,896.524 10.58
*2,234,046 *2,118,674
From Jan 1 24.726,678 25,723.707
let week December 16 roadsL.__ 19,379,076 20.782,125 -1,403.049 6.75
roadsS
18,620.438 20,042.471 -1,422,033 7.09 Chicago Milw & St Paul- •
2d week December 16
18,038.076 19,848.054-1.609.978 8.29
3d week December 16 roads
December_ _12,961,819 13,298,562 3,295,732 3,364,358 2,582,044 2,770,857
4th week December 15 roads)__. 19.030.914 20,177,845-1,146,931 5.70
From Jan 1-158366459 169628,338 32,816,398 34,629,110 23,674,507 26,011,818
15,199,517 15,542,805 -343,288 2.20
roads)
1st week January
15.731,346 16,308,703 -577,357 3.54 Chicago & North Western12,433,984 2,469,606 2,926,738 1,518,221 1,980,254
2d week January 16 roads)
December_ _11,398,167
13,225,503 13.795.863-570,360 4.13
3d week January 11 roads)
From Jan 1149454,584 160425,965 28,917,939 27,918,434 19,505,576 18,576,892
St LouisWe also give the following .comparisons of the monthly Chicago Peoria &108,597 112,160
1,879
3,040
-1,850
30,382
58,738
33,721
10,771
-4,492
totals of railroad earnings, both gross and net (the net before
December.From Jan 1 1,300,335 1,404,059
Pacific
the deduction of taxes), these being very comprehensive, they Chic R I &
Chic R I & Gulf
including all the Class A roads in the country, with a total
258,889
103,215
245,977
91,557
509,173
December.. 632,944
968,077
mileage each month as stated in the footnote to the table.
From Jan 1- 6,693,418 5,774,848 2,051,364 1,057,403 1,898,777
Chicago St Paul Minn Sr Omaha
461.393
828,250
342,856
462,719
December__ 2,251,503 2,326,496
Net Earnings.
Gross Earnings.
From Jan 1 27,915,736 28,363,234 5,725,912 4,847,087 4,096,901 3,236,381
Month
Cinc Indiana & Western
Increase or
Increase or
345,783
92,270
53,331
December.. 408,574
89,213
37,408
1924.
Decrease.
1923.
Decrease.
1923.
1924.
740,530
759,330
From Jan 1- 4.520,729 4,629,344
511,800
523,428
& Southern
Colorado
December.. 1,102,185 1,104,427
Jan -- 467,887.013 501.497.837 -33,610,824 83,953,887 93,366,257 -9,412,390
*130,116 *125,402
Feb -- 477,809,944 445.870,232 +31.939,712 104,117,278 70,729,908 +33.387,370
From Jan 112,834,280 12,675,911
•1,759,280 *790,130
504,018,114 534,644.454 -30,628.340 114,754,514 117,668,590 -2.914,076 Delaware & Hudson
Mar-April- 474.094,758 522,336,874 -48,242,118 101,680.719 122,974,961 -21,594,242
571,748
December.. 3,813.801 3,894,904
603,807
509,175
336,404
May. 476,458,749 548.934,882 -70.476.133 96.048.087 126,496.150 -30,448,063
From Jan 1_44,954,449 47,194,777 8,332,013 7,956,640 6.955,909 6,888,495
June _ 464,759.958 540.202,295 -75.442.339 101,527,990 124,374,592 -22.846,802 Delaware Lack Sr Western
July_- 80,704,944 534,222,102 -53,517.158 112,626,696 122,228,450 -9,601,754
December.. 7,339,355 7,565,273 1,768.571 1,869,523 1,095,550 1,068,339
Aug-- 507,406,011 583,358,029 -55,952.018 134,669.714 136,817,995 -2,148,281
From Jan 1_88,753,529 88,490,646 22,193,467 18,522,191 15,280,374 12,478,992
Bept_ 39.853,880 544,970,083 -5,116,223 165,049,184 134,911,897 +30,137,287
Oct -- 71,405.130 586,540.887 -15,135,757 188,750.421 142,540,585 +26,209,836 Detroit & Mackinac
-3,262
December.. 109,538
124,002
-3,268
6,247 -13,418
Nov-- 504,589.062 530.724.567 -28.135.505 131.435,105 125.084,714+8.350.
323,914
From Jan 1 1,925,509 1,924,863
154,140
52,488
196.567
-Percentage of increase or decrease in net for above months has been Duluth & Iron Range
Note.
January, 10.08% decrease; February, 47.19% Increase; March, 2.47% decrease;
111,118 -248,480 -295,358 -256,502 -315,439
December..
99,666
decrease; June. 18.37% decrease; July, 7.86%
April. 17.32% decrease; May.24.07%
From Jan 1 5,960,969 7,768,818 1,082,063 2,320,702
269,274 1,709.953
decrease; August, 1.57% decrease; September. 22.33% increase; October. 18.38%
Increase; November, 5.08% increase. In January the length of road covered was East St Louis Connecting
December.. 204,050
181,157
67,001
92,561
78,891
112,448
238,698 miles in 1924, against 235.886 miles In 1923; In February. 235,506 miles.
From Jan 1_ 2,230,183 2,391,142
987,477 1,300,214
930,805 1,132,539
against 235.878 miles; In March, 235,715 miles, against 236,520 miles; in April,
233,983 miles,against 235,665 miles; In May,235,894 miles, against 234,452 miles; In Elgin Joliet & EasternDecember- 1,983.735 1,938.774
171,829
594,978
June. 236,001 miles. against 235,691 miles; In July, 235.145 miles, against 235,407
465,932
497,687
From Jan 1_21,521,787 27,539,298 6,262,488 9,055,764 5,210.345 7,739,892
miles;in August, 235,172 miles, against 235,445 miles; In September, 235,178 miles,
against 235.840 miles; in October, 235,189 miles, against 235,625 miles; in Novem- Erie
ber. 238,309 milts. against 236.122 miles.
December.. 7,999,000 8,828,022
*1,241,000 *1,799,880
From Jan 1105042,000 118354,531
Dcember_.
*15,912,000.17,935,613
Net Earnings Monthly to Latest Dates.-The table Evans Ind & Terre Haute
December.. 210.021
151,493
59,933
89,791
following shows the gross and net earnings for STEAM
86,119
61,878
From Jan 1_ 1,915,772 1,762,509
446,797
490,778
490,111
437,009
railroads reported this week:
Ft Smith & western
-Grossfrom Railway- -Net from Railway- -Net after Taxes
December.. 189,370
139,323
74,854
12,168
20.192
73,766
1924.
1925.
1924.
1925.
1924.
1925.
From Jan 1_ 1,909,118 1,590,871
146,382
492,899
426,429
220,621
$
Georg
pee
Youngstown
Akron Canton &
Fo 1
la
emter _l_ rida49,200
24,143
152,601
69,760
20,970
80,989
40,178
84,334
87,028
40,589
217,455
December_ _ 244,345
From Jan 1 1,780,889 1,785,526
248,749
864,001
455,196
225,664
996,996
428,739
From Jan 1_ 2,824.646 2,695,136 1,133,372 1,034,736
Grand Trunk Western
Ann Arbor
December.. 1,337,187 1,309,604
138.774
122,471
235,561
157,032
98,526
202,473
142,347
127,744
485,672
December.. 478,237
From Jan 1.17,889,156 19,589,964 2,954,889 5,388,643 2,037,254 4,862,573
805,892
951,309
From Jan 1 5,532,185 5,602,575 1,241,306 1,059,575
Great Northern SystemSystemAtchison Topeka & Santa Fe Ry
December..8.768,221 8,415,677 2.677,187 2,398,984 .
1,718,980 1,598,024
December..20,696,018 19,911,754 7,088,221 6.010,746 5,262,538 3,370,898
From Jan 1110243,104 120077,772 35,031,046 33,327,249 24,781,037 24,193,040
From Jan 1235410,952 238683,736 85,098,144 65,607,488 47,365,183 45,290,977
Green Bay & Western
Atlanta Birmingham dr AtlanticDecember__ 140,223
11,347
111,889
43,807
32,618
25,823
48,437
401,056
December..434,376
1 673
50
From Jan 1.. 1,497,887 1,317,718
111, 2
:1
350,576
200;093
0 32
0
25200
38 5
283,829 -88,968
70,049
421,371
From Jan 1 4,810,482 4,838,689
Gulf Mobile & Northern
Atlantic City
75,361
December.. 532.141
100,899
472,463
128,494
77,882
December.. 272,802
261,831 -106,797 -215,238 -142,185 -232,892
From Jan 1_ 6,088,028 5,944,548 1,721,741 1.484,596 1,375,047 1,157,796
322,701
560,812
177,005
From Jan 1_ 4,747.277 4.850.819
448.181
Hocking Valley
Atlantic Coast Line
December.. 1,212,282 1,054,201
153.153 -57,828
23,118
258,978
December_ _ 8,016,418 7,753,024 2,868.545 2,497,188 2,026,473 1,714.648
From Jan 1_17,443,399 17.583,402 4,264,896 3,536,213 3,044,845 2,460,830
From Jan 181,786,921 80,882,311 21,450,795 21,013,882 15,766,661 15,546,425
International Great NorthernBangor Sr Aroostook
December_ 1,633.000 1,508,140
*437.000 *231,241
172,959
119.016
200.890
December.. 804.585
182,880
554,036
From Jan .
*2,884,000 *2,178.504
116,901,000 15,800,608
From Jan 1 6.924,115 6,769.803 1,825,075 1,690,028 1,305,130 1,158,345
,

Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the third week
of January. The table covers 11 roads and shows 4.13%
decrease from the same week last year.

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

JAN. 31 1925.]

THE CHRONICLE

-Grossfrom Railway- -Net from Railway- -Na after 2'ares1924.
1925.
1925.
1924.
1924.
1925.
$
Illinois Central SystemDecember__15,168.075 14,443,692 3,919,636 3.325,228 2,534,777 2,304,868
FromJan 1 173838,132 186763,167 39.813,211 36,739,891 27,033,816 25,664,063
Illinois Central CoDecember.
.13,056,131 12,511,701 3.282,453 2,760,007 2,017,187 1,889,976
From Jan 1 151711,549 165626,982 33,866,817 33,197,751 22,477,517 23,500,783
Yazoo & Miss Valley
December.. 2,111.944 1.931,991
637,183
556,221
517,590
414,892
From Jan L22,126,583 21,136,185 5,946,394 3,542,140 4,556,299 2,163.280
Kansas City Southern
December.. 1.398,373 1,390,525
227,172
111,087
154,649 -29,589
From Jan 1_18,131,751 19,594,128 4,435,190 4,408.148 3,338,899 3,148,833
Texarkana & Ft Smith
December.. 247,287
247,820
72,235
112,344
59,868
71,926
From Jan L. 2,892,262 2,890,971 1,332.294 1,368,140 1,142,482 1,181,237
Lake Terminal
December..
79,524
83,528 -11,941
-1,192 -15,166
-3,687
From Jan 1_ 1,060,848 1,150,060 -54,151
45,357 -127,876 -25,598
Lehigh & Hudson River
December.. 251,098
271,730
60,536
27,865
49.460
20,057
From Jan 1_ 3,146,656 3,117,709
906,560
924,670
740,542
769,040
Lehigh & New England
December... 409.135
419,172 -36,624
88,789 -37.304
69,493
From Jan 1_ 5,413.878 5,843,136 1,275355 1.374,891 1,069,546 1,149,814
Lehigh Valley
k December__ 6.287,565 6,313,856 1,330,503 1,567,303 1,025.696 1.470,133
From Jan 1-76,374.805 75,935,153 15,406,837 9,180,939 12,189,751 6,853,696
Loulsv Henderson & Bt L
December_ _ 312,278
268,953
113,176 -19,661
89,727 -18,499
FromJan I_ 3,450,575 3,464,744
813,151
918,067
764,764
636,937
Maine Central
December._ 1,522,487 1,624,450
a97.044
a96,883
From Jan 1.20,178.337 21,192.265
al0,464
a389.022
Midland Valley
December_ _ 397,172
367,278
94,066
158.573
136.354
82,018
From Jan 1_ 4,535,840 4,500,148 1,543,243 1,465,908 1.329,095 1,274,682
glicneapolis & St Louis
December.. 1,227,829 1,354,720
156,774
222,068
151,314
95.138
From Jan 1-15,097,126 16,524,961
550,134 2,236,170 -194.898 1,442,797
Minn St P & S S M
December_ _ 2.398,991 1,998.860
618.617
606,836
513,212
468,985
I FromJan 1_28,724,694 28,957,095 7,463,391 7,067.990 5,478,639 5,212,365
Wisconsin Central
December.. 1,508,070 1,438,222
107,281
336,649 -14,608
241,533
From Jan 1_19,220,666 20,388,242 3,668,114 4,662,212 2,553,515 3,534,272
Minn St P&SSM System!, December_ _ 3,907,062 3,437,082
725,898
943,485
454,377
754,746
From Jan 1_47,945,360 49,345,336 11,131,505 11,730,202 8,032,154 8,746,637
Missouri-Kansas-Texas
December._ 3,118,836 2,825,970 1,100,282
518,717
346,308
850,253
From Jan L34,488,364 34,911,504 11,131,897 8,166,344 8,507,484 6,158,122
Missouri Pacific
December._11,205,761 9,575,383 2,339,898 1,545,267 1,908,911 1,177,558
From Jan 1 123047,723 114607.948 25,181,358 16,667,982 20,445,463 12,185,417
Mobile & Ohio
December.. 1,533,009 1,537,910
309,367
240,224
311,380
230.161
From Jan 1_19,464,381 20.112,417 5,173,980 4,275,357 4.105,541 3,289,496
Montour
December.. 109,774
98,860
-762 -30,576
-4,074 -44,155
From Jan 1_ 1,650,309 2,368.202
228.461
542.327
692,268
140,790
Nash Chatt & St Louis
December.. 1,967,043 1,934,128
146,081
454.784
188,099
422,639
From Jan 1.23,601,646 24.801,787 4,120,677 3,348,740 3,465,104 2,642,169
Newburgh & South Shore
December.. 189,620
192,614
61,044 -31,722
-2,377
87.524
From Jan 1_ 2.017,985 2,142,416
150,637
338,978
325,040
167,723
New York Central
December._31,718,848 31,933.654 7,286,787 3,990,188 5,464,103 2,928.695
Fr'm Jan 1369,940,387421034,783 89,970,316 95,117,542 66,459,751 72,355,698
Indiana Harbor Belt
December._ 827,461
879,254
187,238
152,640
228,304
217,799
From Jay L10,778,697 11,607,333 2.629,320 3,424,070 2.298,890 3,051,050
Michigan Central
December.. 7,141,000 7,406.735
•1,386,000 *662.239
From Jan 187,615,000 94,798,042
•18.985.000•19,388,175
CXI C & St Louis
December.. 7.479,125 7,066.148 2,141,392 1,011,755 1,641,278
704,237
From Jan 1.87,712,382 94,941,444 20,971,654 22,826.703 16,049,966 17,689.270
Cincinnati Northern
December.. 422,012
361.973
201,219
151,170
161,021
133.568
From Jan 1- 4.826.932 5,174,419 1,661.099 1,600,421 1.373,353 1,352,579
Pittsburgh & Lake Erie
December.. 2,713,886 3,054,380
492.915
336,318
358,807
188,040
From Jan 1_31,421,149 44,666,690 5,831,001 13.988,791 3,919,542 11,233,649
New York Chic & St L
December_ _ 4,431,026 4.393.157 1,366,447
572,386 1,088,471
537,295
From Jan 1_53,992,435 57,477,379 13,715,479 13,539.217 10,959,716 10.679,044
NYNH& Hartford
December_ _10.841,743 10,731,004 2,666,351 2,646,287 2,311,836 2,247,931
Fein Jan 1127,213,698 133940,586 29,733,375 26,124,492 24,904,426 21,095.558
N Y Ontario & Western
December_ _ 991.883 1,028,955
113,850
141,227
97.706
123.735
From Jay 1_13,666,132 13.937,366 2,652.826 1,779,017 2,173,971 1,368,425
Norfolk Southern
December743,907
839,431
204,600
236,361
161,533
197,681
From Jan 1_ 9,291,928 9,386,053 2,359,833 2,261.008 1,839,144 1,798,043
Norfolk St Western
December_ _11,650,848 8,074,152 4,991,329 2,763.334
4,414,597
From Jan 1_97,709.793 95,494,687 27,837.580 22,870,888 20,423.721 2,212,600
16,610,445
Pennsylvania System
Pennsylvania Co
December. _52,775,237 54.769,582 8,670,824 11.924.302 6.739.297 9,819,524
From Jan 1 645299,176 721397,408 127848,503 130879,378 97,480,202 98,064,258
Long Island
December.. 2,620,562 2,577,712
198,834
456,019
131,184
385,741
From Jan 1_35,077,885 31,085,420 8,397.032 8,348,331 6,803,596 6,548,596
Monongahela
402,312
December.. 415,483
186,889
75,492
169,832
60,132
From Jan 1_ 4,692,826 5,960,181 1,789,635 1,997,399 1,642,186 1,867,123
W Jersey de Seashore
842,176 -33,510
December._ 808,387
-9.699 -33,542 -10,087
From Jan 1_12,932.368 14,142,520 2,069,936 2349.954 1.164,878 1.288,947
Pere Marquette
December.. 3,347,350 3,501,735
772,198
793,969
644.971
610,519
From Jan 1_41,797,915 45,965,737 10,834,985 11,094,640 8,799,160 9,232,215
Perklomen118,233
December _ _ 103,018
46,474
57,152
32,905
50,785
504,123
From Jan 1_ 1,214,345 1,173.419
474,902
440,487
409.418
ShawmutPittsburgh &
92.492
29,983
December_ _ 125,129
-1,537
28.833
-1,692
.
79,219 -128,577
From Jan 1 1,161,390 1,264,602
43.174 -145,847
Pitts Shawmut & North
102,947 -157,781 -43,056 -163,102 -48,297
December_ _ 147,203
From Jan 1_ 1,507,224 1.386,208 -49,127 -207,800 -83,985 -240,857
Pittsburgh & West Va132,656
304,769
68,465
December_ _ 341,741
102.803
30,460
824.261
From Jan 1. 4,164,733 3,844,588 1,323.206
834,053
343.102
Port Reading68,078
140,100
185,150
121,923
December-. 229,692
45,304
928,012 1,181.171
758,160
• From Jan 1_ 2,162,931 2,632,344
968,345

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

575

-Grossfrom Railway- -Na from Railway- -Na after Taxes
1925.
1924.
1924.
1925.
1924.
1925.
$
Quincy Omaha & K C
December_ _
87,825
13,766
-8,188
18,498
-2,389
93,832
From Jan 1_ 1,051,805 1,250,380 -72,727 -56,367 -128,005 -108,370
Reading Co
December _ _ 8,040,11
192,084 1,196,889 --283.345
7,846,426 1,678,882
From Jan 1_92,088,258 105807,432 21,781,702 29.048.523 17,491,674 24,069,691
Richmond Fredericksburg & Potomac
December.. 1,050,436 1,036,806
282.805
286.485
337.299
344.575
From Jan 1_11,836,355 12.077,813 3,941,011 4,141,037 3,272,544 3,468,093
RutlandDecember.- 507,000
*39,000
•1,955
469,278
From Jan 1 6.509,000 6.695,786
*800,000 *868,H3
Si Louis Southwestern System
December.. 2,601,542 2,358,659
404,102
675,655
From Jan 126.326.291 29,551,120
5,504,934 6,487.651
St Louis Transfer
December..
70,501
1,410
14.693
1.698
64,641
15,243
From Jan 1- 787,275
242,322
123,846
249,314
127,572
867,804
Seaboard Air Line
December.. 5,303,674 4,908,450
1.060,219 1,039,481
From Jan 153.384,173 52,249,111
9.536,195 9.690.481
Southern Pacific System
December_ _16,032,574 16,692,738 4,381.322 4.894,488 3,055,936 2,791,306
Fr'm Jan 1192.441.645205901,389 57,093.355 66,782,795 40.814,102 49.655,262
Atlantic SS Lines
December.. 720,844 1,104,874 -359,090 -21.461 -374.796 --34,206
From Jay 1_11,764,228 13,888,678
96,706 1,880,039 -80,360 1,736.007
St Louis Western
December.. 361,298
76,684
108.484
123.378
399,404
98.410
From Jan 1_ 4,197,085 4,663,298 1,200,510 1,302,887
831,374
951,550
Southern Railway System
Southern Ry Co
December._12.630,624 12.432,825 4,314,969 3,709,984 3,600,426 3,142,035
From Jan 1 142486,514 150467,985 39,811,840 38,053,726 32,059,735 31.011,931
Ala Great Southern
December.. 883,010
186,296
324.399
250,622
872,480
384,087
From Jan 1-10,093,450 10,853,219 2,758,178 3,136,841 2,199,967 2.490,090
Cm N 0& T P
December _ 1,835,731 1,861,117
441.594
508,410
531,507
624,843
From Jan 1_21,951,667 23,049,393 6,673,855 6,527.108 5,676,947 5.489.652
Georgia So & Florida
December.. 537,796
128.387
231,479
150,704
474.959
247,933
From Jan 1_ 5,180,128 5.319,344 1,568,268 1,217,157 1,347,534
977.536
New Orleays & Northeast
December.. 482,016
96.040
136,860
147,440
554,179
179.069
From Jan I_ 5,667,589 6,887.849 1,769.483 1,603,707 1,298.914 1,002,972
North Alabama
December.. 129.193
47.711
69.778
72,309
136.581
48,925
From Jan 1_ 1,478,290 1,737,436
621,637
565,168
624.647
694,053
Staten Island It TDecembet_ _ 215,357
194,861 -10,528
-8,696 -26,795 -24,581
From Jan 1.. 2,766,010 2,550,326
41,748
80,490 -149,595 -95.210
Tennessee Central
December.. 246,934
43,129
210.573
45,073
51,200
48,222
From Jan I_ 2,912,794 3,055,803
575,875
710.740
631,414
651,545
Term Ry Assn of St Louis
December.. 430,959
17.649
406,936
32,709
113,831
93,253
From Jan 1_ 5,103,883 5,121,840 1,483336 1.568.168
793,771
752,939
St L Mer Br Term
December.. 413,650
388,268
48,729
118,462
86,755
72,519
From Jan I_ 4,609,469 4,885,640 1,037,242 1,481,122
748,462 1,117.297
Texas & Pacific
December.. 3,212,261 3,105,219 1,069,585 1,117,183
908,889
889,571
From Jan 1-33,784,580 32,592,489 8.542,256 7,610.831 6,665,560 6,152.999
Ulster & Delaware
December..
89,311
24,059
24,165
83,507
24,154
22,664
From Jan 1_ 1,504,984 1,742,002
228,018
273,297
211,135
294,146
Union Pacific
Total SystemDecember..15,166.941 16,369,867
*2.932,971 *3,022,967
Fr'm Jan 1199.035,117211318.465
*37,913,16139,660,245
Union RR (Penna)December_
790,861
875,848
8,451 -160,506
31,403 -150,238
From Jan 1-10,719,728 12,645.303
851,972 2,796,767
681.260 2,327,915
Virginian
December. 1,455,291 1,178,317
473,092
341,989 -66,374
1.493
From Jan 1_18,988,439 20,328,348 6,778.992 6.716,927 5,387,848 5,532,711
Wabash
December.. 5,674,805 5,536,266 1,466,590 1,203,976 1,092,341
816,499
From Jan 1.65380,929 66.617,636 15,482,512 14,584,141 12,431,963 12,096,957
Wheeling & Lake Erie
December _ _ 1,328,270 1,346,200
226,338
193,361
141,356
281,025
From Jan 1_18,332,401 19,211,572 3,922,128 4,458,531 2,661,790 3,130,214
*Gulf & Ship Island
November. 292,157
280,887
88,155
41,275
59,762
62,428
From Jan 1- 3,278.337 3.046.611
944,533
494105
748.141
660,501
•Figures corrected. * After rents. a After charges.
-Grossfrom Railway -Available for Int.Net Income
1924.
1923.
1924.
1923.
1924.
1923.
$
$
$
$
$
Missouri-Kansas-Texas Lines
December.. 5,544,410 4,790,249 1,424,454
178.965
801,987
813,506
From Jan 1_57,309,345 55,987,918 13,024,478 10,181,669 5,508.438 2.608,681
-Gross from Railway -Available for InJ.- -Surplus after Chile.
1924.
1923.
1923.
1924.
1924.
1923.
$
$
St Louis-San Fran (incl sub lines)
December.- 8,065,469 7,199,838 1,816,633 1,748,146
501,264
560,572
From Jan 1_89,900,574 89,187,828 20,796,136 18,212,343 5,919,444 3,741,215
Balance.
Charges.
Income.
New York New Haven & Hartford$
December 1924
508.886
*2.450,184 1.941.298
months ended Dec 31 1924
12
*26.151.242 23,152.592 2,998.650
Fixed
Total Net
Balance.
Charges.
Income.
St Louis Southwestern (End. St. Louis Southwestern of•Texas)December 1924
389.744
238,694
*628,438
December 1923
131,344
230.152
*361,496
12 months ended Dec. 31 1924
*5.154.167 2.789,798 2.364.369
12 months ended Dec. 31 1923
*6,044,990 2,661,037 3,383.953
* Includes other incomes.

Electric Railway and Other Public Utility Net
Earnings.
-The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
-Gross Earnings- -Net EarningsCurrent
Previous
Curretn
Precious
Year.
Year.
Year.
Year.
$
Georgie Ry & Pow Co., inci
Atlanta Nortehrn Ry_Doc 1,418,600 1.463,754 *601.112
*696,900
12 mos ended Dec 31..-16,006.929 16,179.766 *4,820,065 *5.314.099
Southern Canada Power_Dec
89.421
52,146
98,491
50,920
3 mos ended Dec 31_ _ _ - 281,317
257,333
149.349
141.811
cUtah Securities Corp_ __Dec 1.030,559
953,101
*528,573 *470.228
12 mos ended Dec 31.__1O,913.901 10,135,955 *5,523,070 *5,170.737
* After taxes. c Earnings for subsidiary companies only
Companies.

Gross
Net after
Earnings.
Taxes.
$
8
737.926 d277.800
654,820 d267,573
7,378,502 d2,434,461
6.902,447 d1.998,955

Fixed
Charges.
$
138,955
97,581
1,470,905
1,134,828

Balance,
Surplus.

138,845
Adirondack Pow & Dec '24
169,992
Light Corp
'23
963,556
12 mos ended Dec 31 '24
864.127
'23
Atl Gulf & W I SS Linea
426,169
and subsidiaries Nov '24 2.388,086 */616,739 8390,570
limos ended Nov 31'24 24,677,693*35,879,625 k2,184,573 3,695,052
94,177
37,498
East Penn Elec Co Dec '24
1131,675
300,978
73.544
1112,867
39,323
'23
279.805
624,209
461,582
12 mos ended Dec 31 '24 3,179.359 11,085,791
599,283
323,325
'23 2,943,988
1922,608
Eastern SS Lines
35,176 -118.737
Ddc '24
288,676 -83.561
287.031 -17 109
20 831 --37,940
'23
679.892
12 mos ended Dec 31 '24 6,326,625 *1,067,370
387.477
961.585
409,852
'23 6.576.7o6 *1.371.438
Great Western
277,306" 118M
i...
395.313
Dec'24
647.133
134,899
Power System
257.410
392,309
'23
641,084
12 mos ended Dec 31 '24 7,676.287 4.490,837 3,294.590 1,196.247
'23 7,214.474 4.526,223 3,052,258 1.473.96
intertoro
Amt313,110
T Co Dec '24 5,240,86rT.780,940
430,058
'23 5,163,613 1,700,360 . .
6 mos ended Dec 31 '24 28.552,712 9,004,927 7,721,153 1,283,774
'23 28,082,920 7,247,292 7.574.459 --327,167
92,919
Manchester Tr, L Dec '24
260,284
116.008
23.089
92,569
& P Co & sub cos
247,002
114,714
22.145
'23
722,529
989,953
267.424
12 mos ended Dec 31 '24 2.561,753
689,797
949,247
259,450
'23 2.560,842
Penna Coal & Coke Dec'24
606,839 -*4,877
937,893 --42.770
11,872
Corp and subs
580,782
*48.549
936.677
'23
12 mos ended Dec 31 '24 6,062,975 --*12.216 9406,160 -418,376
750,794
'23 8,572.605 *1,172,083 9421.289
44,242
249,541
174,511
30,269
Staten Island Edi- Dec '24
43,852
237.593
171.593
27,741
son Corp
'23
403,799
1756,367
12 mos ended Dec 31 '24 2.768,661
352,568
543,417
'23 2,619,649
1769.223
225.806
69,176
245,646
104.604
35,428
Texas Electric Ry Nov '24
89,180
'23
281,067
126.318
37,138
721.385
427.155
12 mos ended Nov 30 '24 2,842,386 1,148.540
763.438
'23 2,929,240 1.210,431
446.993
Third Ave Ry Syst Dec:24 1,251.759 *209,248
226,263 -17,015
5,417
1,239,805 *229,834
224,420
6 mos ended Dec 31 '24 7,335,177 *1,309,033 1,351,510 -42,477
65,159
--'23 7,272,545 *1.408,891 1,343,732
United Gas & Bloc Dec '24 1,225.625
193.576
390,078 .
196,502
'23 1.120.434
200,698
Corp and subs
373.439
173,141
12 mos ended Dec 31 '24 12,736,070 4,239,266 2,202,082 2.037.184
'23 12,062.549 4,008.556 2,101.041 1,907.515
York Utilities Co
Dec '24
--2,083
16,656
*31,969
k4,052
--3,452
'23
15,637
*j713
k4365
12 mos ended Dec 31 '24
180,856
*310,776
k48,920 --38,144
'23
224.809
*313,403
k49.914 --36.511
d After deducting credit to reserve for depreciation. h Afrer rentals.
/Before taxes. k Includes taxes. !After rentals, renewals and replacements. * Includes other income.
g Includes depreciation.
Month of December
12 Months Ended Dec. 31
Suiplus after
Surplus after
Gross.
Gross.
Net.
Charges.
Net
Charges.
$
$
8 Puget Sound Power dc Light Co
1924
1,178,108
467,571
313,842 12,539,869 4,583,059 2,606,797
1.147,504
480,150
315,098 12,424,708 4,889,414 2,987,402
1923
Baton Rouge Electric
707,106
1924
65,085
25,542
20,031
250,465
198,657
58,775
17,714 ' 14,987
634,003
213,079
183,024
1923
Blackstone Valley Gas & Electric Co
437,434
185,694
129.790 4,627,312 1,545,807 1,108,030
1924
397,760
138,993
111,094 4,525,997 1,822,969 1,283,239
1923
Cane Breton Electric Co, Ltd
2,313
862,908
127,330
58,922
1924
56,491
8,007
701,214
92,651
24,670
68,082
14,309
8,647
1923
Central Miss Valley Elec Properties
119.589
14,847
11,457
598.217
158,162
1924
54,403
119,732
11,302
574,115
159,451
51,597
14,536
1923
Columbus Electric & Power Co
788,442
88,466
56,446 2,326,800 1.058,816
1924
216,569
872,682
94,077
71,779 2.240,190 1,144,454
1923
189.587
Eastern Texas Electric Co
841,768
885,831
54.339
35,326 2,361,301
202,032
1924
778,986
580,106
59,978 2,087,155
189,400
77.688
1923
Edison El Ilium Coot Brockton
556,644
64,596 1,572,415
558,918
64,264
1924
152,628
574,729
564,732
53,882 1,583,804
54,786
146,938
1923
The El Lt & Power Co of Abington dc Rockland
59,854
440,457
82,298
7,844
7,976
44,225
1924
67,162
71,465
11,234
454,235
11,333
43,896
1923
El Paso Elec Co (Del)
837,108
54,242' 2,434,371
851.879
71,968
214.490
1924
682,219
887,191
58,759 2,407,468
75,820
209,890
1923 .
Fall River Gas Works Co
247,429
248,612
21,451 1,006,400
21,543
83,231
1924
231.295
231,915
18,712 1,028,389
18,721
83.772
1923
Electric Co
Galveston-Houston
476.425
44,041 3,832,088 1,010,779
90,210
330,687
1924
681,508
187.797
25,256 3,317,846
67,367
297,078
1923
Haverhill Gas Light Co
143,592
145,288
617.254
4,795
4,803
45.876
1924
122,284
122,833
588,032
4,142
4,201
43,249
1923
Houghton County El Lt Co
138,205
87,096
511,736
9,934
14,019
52.237
1924
82,928
132,880
10,312
530,064
14,400
52,280
1923
Keokuk Electric Co
66,323
106,547
423,522
6,094
9,517
37,581
1924
68,257
108,008
413,175
6,259
9,524
35,842
1923
The Key West Electric Co
85,411
95,419
241,747
6,179
8,518
20.788
1924
84,513
95,138
245,125
5,581
7,951
20,240
1923
Lowell Elec Light Corp
The
513,508
532,621
69,775 1,541,383
69,807
153,972
1924
550,414
559,688
60,167 1,617.113
62,892
143.789
1923
Mississippi River Power Co
70.988 3.191,911 2,367,473 1,183,828
168,767
246,811
1924
75,961 3,017,583 2.254,245 1,052.300
175,287
239,345
1923
Northern Texas Electric Co
87,595
1924
248,288
94,641
1923
262,406
Paducah Electric Co
17,322
1924
59,565
20,886
1923
57,316
Savannah Electric & Power Co
88,065
1924
168,262
67,382
1923
172,457
Sierra Pacific Electric Co-1924
23,823
101,109
1923
41,938
.87,095
Tampa Electric Co
1924
238,817
113,210
1923
90,504
201,694

Digitized for FRASER
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Federal Reserve Bank of St. Louis

[Vor.. 120.

THE CHRONICLE

576

59,238 2.706.003
66,491 2,901,132

943,383
977,388

805,317
656,059

830,489
610,772

188,162
201,504

75.888
94,679

36,461 1,904,045
36,317 1.774.881

721,671
623.701

347,901
292,978

17,740 1,094,187
36,180 1,023,648

442.527
487.820

369.893
424.465

108,733 2,350,876 1.003.505
923.824
85,892 2,146,820

948,219
857.962

8,057
12,214

FINANCIAL REPORTS.
Annual, &c., Reports.
-The following is an index to al
annual and other reports of steam railroads, public utilities,
industrial and miscellaneous companies published since and
including Dec. 27 1924.
. This index, which is given monthly, does not include
reports in to-day's "Chronicle."
Boldface figures indicate reports published at length.
Page.
Steam Railroads.
Page.I Industrials (Concluded)214. 458
Florida East Coast Ry
*3006, 83 Commercial Solvents Corp.
*3014
Gulf Mobile & Northern RR__ _*3008, 84 Consolidated Textile Corp
324, 340
Mexican Railway Co
*3007 Continental Motors Corp
335
Pittsb. Youngstown dc Ashtab. Ry-*3007 Cuba Company
91
Cuban-Canadian Sugar Co
*3003
Public UtilitiesCudahy Packing Co
448
American & Foreign Power Co., Inc.
Detroit Edison Co
*3007, 84 (Jacob) Doid Packing Co.(and subs.) 91
American Telep. & Teleg. Co
458
207 Dome Mines, Ltd
336
Associated Gas & Electric Co_*3008, 208 Dominion Bridge Co
447
Birmingham (Ala.) Electric Co
84 Endicott-Johnson Corp
*3015, 91
Broad River Power Co
85 (E. S.) Evans & Co., Inc
338
Brooklyn City RR
328 Fisher Body Corporation
*3003
Brooklyn-Manhattan Transit Corp_ 451 Firestone Tire & Rubber Co
80
Canadian Western Natural Gas
Fisk Rubber Co
Light, Heat& Power Co
338
*3008 General Asphalt Co
92
Central Illinois Public Service Co.- 209 General Tire & Rubber Co
337
Chicago Aurora & Elgin ER
209 Ginter Company, Boston
215, 337
Cities Service Co
328, 452 Glidden CompanY
Columbia Gas & Electric Co
452 (F.& W.)Grand 5 -25
-10 -Cent Stores,
215
Consumers Power Co
Inc
328
Continental Gas & Electric Co
210 (David) Grimes Radio Ss Cameo
215
Denver Tramway Co
86
Record Corp
Detroit Edison Co
329 Hammond Standish & Co..Detroit.*3016
216
El Paso Electric Co
453 Hartman Corp.. Chicago
Eastern Tel. Ss Tel. Co. of Malne
210 Hayes-lonia Co., Grand Rapids.
337
Edison Electric Ilium. Co.of Boston. 329
Mich
Federal Light di Traction Co
88 Hudson Motor Car Co
*3016, 204
General Fuel Corp., Terr Haute,Ind 210 Independent Oil dc Gas Co
837
92, 204
Great Consol. Elec. Power Co., Ltd.
International Shoe Co
Ipswich Mills
nolo
(Daido Denryoku Kabushiki Kai337
*3009. 88 Jewel Tea Co. Inc
sha)
337
Huntington Devel't & Gas Co
*3009 Jones Bros. Tea Co., Inc
Interborough Rapid Transit Co____ 211 (Geo.E.)Keith Co.,Brockton,Mass. 337
218
330 (G.it.) Kinney Co., Inc
Iowa Southern Utilities Co
218
330 (8.5.) Kresge Co
Jamaica Water Supply Co
(S.H.)Kress & Co
216
Jersey Central Power & Light Corp.
3009, 453 (B.) Kuppenheimer & Co., Inc.__ _*3004
330 tacoma Car Co
Kaminisqltula Power Co., Ltd
*3017
Keystone Telephone Co., Phila._ 453 Lawton Mills Corp
459
330 Lever Bros. Co
Knoxville Power & Light Co
338
331 Libbey-Owens Sheet Glass Co
Laclede Gas Light Co
82
Lower Austrian Hydro-El. Pow. Co. 331 Loft Inc
338
Ludlow Valve Mfg. Co.(of N. J.)_ 459
Marconi Wireless Teieg. Co. of Can*3010 McIntyre Porcupine Mines. Ltd
ada, Ltd
460
Market Street Ry., San Francisco._ 453 (H.It.) MailLson & Co.,Inc
338
454 Maned Sugar Co
Massachusetts Gas Cos
*3017, 81
Memphis Power & Light Co-•3009, 211 Manhattan Shirt Co
324
*3010 Maytag Co., Newton,Iowa
Midwest Power Co
338
211 Metro-Goldwyn Pictures Corp
Monongahela Valley Water Co
480
86 Metropolitan Chain Stores, Inc
Montpelier & Barre Lt.& Pow.Co
338
Mid-Continent Petroleum Corp
Montreal Tramways & Power Co.,
480
82 Montgomery, Ward & Co.. Chicago- 481
Ltd
454 Munsingwear, Inc
217
Niagara Falls Power Co
*3010 Munson Steamship Line
461
North American Co
*3011 Nash Motors Co
217
Northeastern Iowa Power Co
339
Northern Ohio'frac.& Light Co__ __ 87 Nashua Manufacturing Co
454 National Biscuit Co
324
Ohio Public Service Co
212 National Department Stores, Inc._ 461
Pacific Gas & Electr c Co
454 National Fabric & Finishing Co41017
Pennsylvania Power & Light Co__
454 National Licorice Co
461
Philadelphia Rapid Transit Co
331 National Tea Co
461
Pittsburgh Utilities Corp
455 New Niquero Sugar Co
*3003
Public Service Corp.of New Jersey
(Geo. B.) Newton Coal Co
94
Public Service Electric & Gas Co.,
*3011, 88. 332 Northern Securities Co
325
88 Packard Motor Car Co
Reading Transit Co
218
Santa Monica (Cal.) Bay Telep. Co- 332 Park & /Ilford, Inc
*3018
South Pittsburgh (Pa.) Water Co- 212 Parker-Young Co
339
332 Penn Seaboard Steel Corp
Southern Cities Utilities Co
*3018, 94
332 (J. C.) Penney Co.(Del.)
Southwest Power Co
*3018
*3011 Pennsylvania Coal & Coke Co
Tennessee Electric Power Co
*3018
455 Pierce-Arrow Motor Car Co
Tide Water Power Co
*3018
213 Pillsbury Flour Mills, Inc
United Electric Securities Co
*3018
United Light & Power Co.(Md.)_ __ 455 Portland (Ore.) Woolen Mills
94
455 Pressed Steel Tank Co
Bait
United Rya.& El. Co.of
*3019
333 Realty Associates
Western Union Teleg. Co
94
Reynolds Spring Co
462
Industrial & Miscellaneous
Reynolds (R. J.) Tobacco Co
324
456 Richardson & Boynton Co., N. Y.
Acme Steel Goods Co
456
City
Alaska Packers Association
*3019
Alliance Realty Co., N. Y
458 Sanford (Me.) Mills
462
*3012, 89 Seaconnet Mills
American Radiator Co
94
American Railway Express Co_ _89. 213 Seagrave Corporation, Columbus,O, 462
American Ship & Commerce Corp_ _*3012 Sears, Roebuck & Co., Chicago
94
447 (Frank G.) Shattuck Co
American Sugar Refining Co
*3020
American Vitrified Prod. Co_ 4
.
.3012, 334 Simmons Co
*3020, 94
American Wholesale Corp
448,Sinclair consolidated oil Corp
343
Apco Mfg. Co.. Providence, R. I...._ 214
. .) Spring & Bumper Co
343
Appleton Co
*3013 Standard Slag Co.(of Ohio)
219
Armour Leather Co.(& subs.)
214 Sterling Products, Inc
463
Arundel Corp.(Baltimore)
*3013 Stewart-Warner Speedometer Corp. 463
Atlantic Gulf & West Indies S. S.
Superior & Boston copper Co
219
Lines
90 Swift & Co
204
Atlas Tack Corp
*3013 Timken-Detroit Axle Co
95
Barnsdall Corp
*3013 Tonopah-Belmont Develpment Co-*3020
Beattie Sugar Co
*3013, 334, 90 Union Stock Yards Co. of Omaha,
Bethlehem Steel Corp
446
463
Ltd
Botany Consolidated Mills, Inc.,_ _*3013 United Paperboard Co
343
*3014 United States Dairy Products Corp_ 343
Boyd-Welsh Shoe Co
Briggs Mfg. Co., Detroit
*3014 United States Stores Corporation- 95
British-Amer. Tobacco Co., Ltd_ _90, 324 Universal Pictures Co., Inc
95
Brunswick-Balke-Collender Co
334 Utah-Apex Mining Co
464
(A. M.) Byers Co
4571 Washburn-CrOsby Co
*3021, 220
Canadian General Electric Co., Ltd.
na
Waucantuck Mills, Uxbridge, Mass- 96
214, 335 Wayagamack Pulp de Paper Co.,Ltd_ 96
'
(J.I.) Case Plow Works Co
*3004 West Kentucky Coal Co
344
Central Aguirre Sugar Co...*3003, *3022 West Virginia Coal & Coke Co
96
Chicago Mill & Lumber Co
214 Westinghouse Electric & Mfg. Co.__ 484
Childs Co.(and subsidiaries)
220
*3014 (F. W.) Woolworth Co
Commercial Credit Co., Baltimore
484
I Zellerbach Corporation
(and subsidiaries)
*3014
,
Commercial Investment Trust Corp. 901-----Co
•Volume 119.
(and subsidiaries)
457

Great Northern Railway Company.
(Preliminary Statement of Earnings-Cal. Year 1924.)
President Ralph Budd, Jan. 22, reported in substance:

During 1924 the company's locomotives, cars and tracks were further
perfected and improved and the transportation service rendered the public
was adequate at all times. Weather conditions were favorable, except in
December, when it was exceptionally cold and stormy. Although the
railway operating revenues in 1924 were about $10,000,000 less than in
1923, both gross and net revenues in the month of Oct. 1924 exceeded those
of any previous month in the history of the Great Northern. The decrease
In total traffic for the year with unusually heavy traffic in the autumn
constitute the main features of the year's business.
The cost of handling freight is much greater when it moves in such
varying quantities during the different seasons of the year than when it
moves at a more uniform rate, as it did in 1923. For example, in the one

JAN. 31 1925.]

THE CHRONICLE

577

Number of Stockholders.
-There was outstanding at the end of the year
the full amount of authorized capital stock, consisting of 3,600,000 shares
of the Common stock without par value, held by approximately 23,500
stockholders, and 300,000 shares ($15,000,000) Cumulative Participating
Preferred stock, hold by approximately 37,000 stockholders. These stockholders reside in practically every State of the Union and in many foreign
countries. They represent virtually every business and profession and
every social and economic station in life. Widows, orphans, guardians,
trustees and estates are represented in large numbers.
Dividenas.--Quarterly dividends were maintained during the year on
both classes of stock, the rate on the Common being $5 per share per annum and on the Preferred 7% per annum.
To Increase Capital Stocks of Subsidiaries.
-Applications have been made
to the P. 5. Commission for permission to effect substantial increases in the
capitalization of a number of our affiliated companies for the purpose of
disenarging their obligations to this company for their capital requirements,
and the issuance of such securities as may be deemed practicable and proper.
Te Issue $50.000,000 5 % Debentures.
-As soon as the approval of the
Commission can be obtained, it is intended to make a nubile offering of
-year debentures. These debentures will not be made
$00.000.000 b3 % 20
convertible as it nas been deemed advisable to take advantage of the present favorable conditions to issue a straight debenture which will not interfere with subsequent financing by the issue of stock or secured obligations.
Capital Expenctuures.-The aggregate gross capital expenditures of the
company and its affiliated gas and electric companies for land, plant and
equipment for the year 1924 amounted to $61,430.439.
Credits to capital account, due to the retirements of plant and equipment from service and the sale of real estate. aggregated $10.624,723:
leaving a net increase in the investment inland, plant and equipment for
the year of $60,505,715.
-One of the largest single items entering into the selling price of
Taxes.
gas anti electric service in the City of New York is that of the taxes assessed
by the city. State and Federal authorities. We are thus compelled to act
as a collecanig agency for the tax departments, making such collections from
our patrons in the necessarily nssuituig prices charged for gee and electricity.
The Federal, State and municipal taxes charged as a part of the operating
costs of the company and its affiliated gas and electric companies during
the year 1924 amounted to 313,842.992. as compared with $13,876.096
Cltirtug the pp:ceding year.
The taxes thus yaw on account of gas properties and operations amounted
to la.tia cents per 1,000 Cu. ft. of gas sold in 1924 by the system companies;
and the taxes paid on account of electric properties and operations amounted
te SS cent per enowatt hour of electric current sold by the system companies.
-The rate e4E.es resuiting from the
kines-c mantes of Special Master.
regrettable enactment of the $1 gas law on June 2 1923, prescribing in
coniunc ion with the rate limitation a standard of not less than 650 B. T. U.
per en. ft., have in large measure absorbed the time and energies of the
engineering and accounting staffs. Triune were carried to a successful conclusion in the U.S. District Court during 1924 the cases of the New York &
emeens this Co.and the Bronx Das a II:Wane Co.; and a similar outcome of
the case of the COIISOhttateu (.1.1s CO. is anticipated through the filing of
the final and favorable report of the Special Master.
,
treat's* no rate litigation in the history of American public utilities was
ever tried with such insistence by the defendants upon every trivial detail.
The testimony comprise(' 10.5lb typewritten pages, supplemented by 1.052
eamons. of wnich 1,037 were offered by the company.
The opinion and report of the Special Master is a monumental document
of 159 printed pages and furnishes at great length a detailed analysis of the
facts as to tins company a operations and properties. It broadly upholds
the souuuness anti integrity of the company's operations, the good faith
aim muguient of its trustees and officers, the renenabieness of its outlays
ems of the prices paid, the efficiency of its plants and the economy of its
operating costs. in no respect does the special Master find reason for
uoueting the accuracy and integrity of the company's accounts er records,
or tor interfering with the juuguient of its trustees and officers.
Among some of the more important principles recognized in this decision
is the one that is public utility in New 1 ork City is entitled to earn at least
on the present value of its property; and the Master indicated the ecolieuec reason why an adequate return must be allowed upon the "present
Total ry. oper. rev--$110,200.0003120.077.772$103,452,937$101.317.204 cost to mind or buy- such a property, demonstrating that a fair return sigRailway oper. expenses..$75.400.000 $86.750,523 $79,636,038 $80,496.913 wiled much more than "the amount the pialutiff shouni pay in the way
10.100.000
9,134,209
8.097.725
8,291,224 oi interest on bonds and dividends on stock"; and he poLutett out that "good
Taxes
Equip. & joint fac. rents Dr500.000 Cr538,952 Cr1,572.958 Cr385,423 business management requires that disbursements of this character should
absorb only a portion of its earnings and some part should be carried to
Net ry. oper. income_$24,200,000 $24,731,992 $17,292,132 $12-914.491 surplus account,"
x11,600.000 10,313,261 10,487,006 31,731,122
Upon the basis of property values and operating expenses, as found by
Other income
him. the Master reached the conclusion that at prices of coal and oil and
$35,800,000 $35.045,253 $27,779,138 344.645,613 other materials current in 1924. the Si rate for supplying gas of the preTotal income
y17,400,000 16,560,822 16,478.961 14.909,315 scribed 600 B. T. U. standard would permit a return upon the property
Interest
500.000
416,483
434,505
1.242,576 actually used by the company in the service of its consumers, or only 2%%
Other deductions
upon the present value ofsuch property,and less than 33 % upon the actual
Bal. avail, for diva_ -$17,900.000 $18,067,948 $10,865,672 $28,493,722 investment therein.
The runngs as to the wasteful and dangerous character of a 650 B. T. U.
x Includes $8,302,560 dividend from C. B. & Q. stock. y Includes staudaru followed those in the previous cases; that the rate and standard
$8._050.000 interest on bonds issued for purchase of C. B. & Q. stock.
provision of tile statute were inseparable; and he followed the ruling of the
The balance available for dividends in 1924 equals $7 18 per share of District Court as to the Legislature's lack of legal or moral right to repudiate
stock outstanding. Owing to the fact that the value of the Great Northern the 1922 action of the Public /Service Commission.
Is greatly in excess of the par amount of the stocks and bonds outstanding,
ties vutput.-The combined output of all the manufacturing stations in
- 1924 was over 44,000.000.000 Cu. it,. an increase of 1.31% over 1923.
the net railway operating income is only 4%% of the value of the property.
V. 119. p. 2643, 2407.
instaluutons.-During the year 1924 the company and its affiliated gas
companies metalled 192.603 gas appliances, being an increase of 10.44% over
Southern Railway Company.
the appliance installations of the previous year. Dining the same period
there were returned to the companies 98,202 appliances, leaving a net in(Preliminary Statementfor Year Ended December 31 1924.)
crease for the year of 94,401 appliances.
Electrical uutput.-Tne combined output of all the electrical generating
INCOME ACCOUNT FOR CALENDAR YEARS.
stance's in 1924 was over 2,050.000.000 kilowatt hours, an increase of 8%
t1924.
1923.
1922.
over 1923.
The New York Edison Co. secured during the year 231.575 contracts,
142,486,514 150.467.985 128,489.847 covering installations aggrexating 8,376,561 60-watt equivaients. Included
Gross operating revenues
102,674,674 112,414,259 97,170.133 In these figures are 201 new buildings, 30 pnvate electric plants displaced
Total operating expenses
and 51 breakdown services contracted for in Manhattan, together with
39,811.840 38,053,727 31,319,714 15 wholesale and high-tension contracts in the Bronx.
Net revenue from operation
7,041.796
5.853,511
-The Sales of the company and its affiliated gas companies for
Sales.
Taxes and uncollectible railway rev-- 7,752,105
1.617,016
2,883,794
4.993,425 1924 amounted to 41,612,084,400 cu. ft., an Increase over 1923 of 163,Equipment and joint facility rents
092.900 Cu, ft., or 0.39%. The affiliated electric companies sold 1,661,30.442,720 28.128,137 20,472,778 106,123 kilowatt hours of electric current, an increase over 1923 of 117,373.Railway operating income
4,842,661
3,584,167
4.483.467 431 kilowatt hours, or 7.60%. The Bronx Gas & Electric Co. obtained the
Other income
greatest percentage of increased gas sales, its increase being 17.91% over
35.285.381 31,712.304 24,956,245 1923. The Northern Westchester Lighting Co. obtained the greatest
Total gross income
3,266.056
3,666,145
3,716.696 'percentage of increased electric sales. its Increase being 25.94% over 1923.
Deductions
Meters.
-The total number of gas meters of the company and Its affilInt. on mtge. bonded & secured debt- 14.250,185 12.909.160 12.415.753
3,000,000
3.000.000
1,500,000 iated companies in use at the end of 1924 was 1.056.008. The total number
Preferred dividend
of hiectric meters of the affiliated companies in use at the end of 1924 was
14.769,140 12,136,998
7,323.797 882.471.
Income balance
The municipal street lamps on the lines of the company and its affiliated
Prellminary. V. 119, p. 2875.
gas and electric companies on Dec. 31 1924 consisted of 5,772 incandescent
t
gas lamps, 473 electric arc lamps, and 76.380 electric incandescent lamps,
a total of 82.625 street lamps.
Consolidated Gas Company of New York.
t
18
cost of $11,525,3 for repairs and $6.906.065 for renewals, or a total
costtaf
t of
Ao
all of these g...s and electric properties have been main(Statement Presented at Annual 'Meeting Jan. 26 1925.)
tained in excellent repair and at the highest possible.point of operating
meeting Jan. 26 Pres. George B. Cortelyou efficiency, thus insuring a uniformly satisfactory quality of gas and electricAt the annual
ity and their economical production and distribution.
stated in substance:
the practice
Combined Statement.-Followingthe assets andof recent years, the report COMBINED EARNINGS STATEMENT(INCLUDING SUBS. & AFFIL.
liabilities of the company
COS.) CALENDAR YEARS.
contains a combined statement of companies, as of Dec. 31 1924, together
and its affiliated gas and electric
1924.
statement of the revenues and expenses of these companies Gas sales (Cu.ft.)
45
1,2
9
,4
199 1
41.448 2 ..500 37.43 9223,500
with a combined year 1924. with all intercompany items elimina
To Electricity sold (k.w.h.)- - -41,612.084.400 1.543.732.692 1,343.977.025
calendar
. 1.661.106.123
for the
have been added a combined surplus account and a com- Gross earns., incl. miscell,
these statements financial transactions for the year.
oper. & non-oper. reveaue. 3126.459.961 3123.741.998 $113,086.372
bined sununary of
-The balance
of Financial Condition of Company.
Reason for Stability confirming the strength and stability of the com- Oper. & non-oper. revenue
81,258.743
evidence
87.933,228
90.963.272
retirement exp. & taxes
sheet contains condition. This is attributable not only to the fact that
pany's financial
issued in earlier years, at sub331.827.630
$35.8Pis,770
$35.496.689
this company's capital stock was
Net
Much ofpremiums, but also to the conservative policy which for many Int. earnings
9.954.831
7.555.521
7,521.772
on fund.& unfund.debt_
stantial
dividend distribution as well as the acyears has governed the matter of were within the limits of a reasonable
$28,253.250
321.872.798
327.974.917
Surplus earnings
Cumulation, out of earnings which
'prudent reserves as safegu prds Divs. paid
investment. of substantial but
Consol. Gas
return on
hazards and vicissitudes. The investment of these
18.525.597
114,88.3,785
Co.'s Common stock
$17.933.442
lerainst uninsurable electrical properties gives assurance of the company's
508.153
1,001.970
Preferred stock
yikeress in gas and
capacity.
47.813
37.003
40,681
maintain at least its present earning
Divs. pd. on affil. co.'s stk_
Willy to
-During 1924 the installments upon the issue of
No-Par-Valile Shares.
without par value. authorized in Dec.
8
113.310,198
$12,813,499
$8,998,823
Bal. carried to sun. acctshares of Conunon stock amount of such stock has been issued.
• 600 000
completed and the entire
1923, were

over 51,000,000
ltem of equipment rents this fluctuation In movement addedThis was due to
as compared with 1923.
to the cost of operation in 1924 general use for equipment throughout the
there was
the fact that in 1923
year, thereby enabling the Great Northern to obtain rental for its equipment used by other lines prior to harvest season, while in 1924 there was no
such general demand for equipment and many cars remained idle until
harvest time.
grain movement, however, which
In order to provide for the very heavyGreat Northern accumulated
was known in July to be in prospect, therental until the crop moved. large
Notnumbers of foreign cars on which it paid handled at less cost in 1924 than in
withstanding the varying traffic, it was
of operating ratios: 1924,68.42%
1923. The following shows comparisons56.70%.
1923. 72.25%; 1914-1917 (test period), fixed by the
Government, and as
As rates charged for transportation are
efficiency in
these rates vitally affect net results, the best measure of than the net
is the unit cost of producing transportation rather
operation
railway operating income or even the operating ratio. The operating
cost per 100 ton-miles, based on the average cost of handling one ton of
freight one mile, was 1924, 55.3 cents: 1923. 61.0 cents; 1914-1917
(test period), 34.2 cents.
Considering the increase in wages and in the price of all materials that
enter into railroad operation,the ton-mile cost in 1924 was quite satisfactory,
62%
being 9% less than in 1923 and the more than the test period average.
high efficiency of the employees and
Credit for this is due largely to
their splendid co-operation with the management. Economies were
realized also from facilities provided at large capital expense during the
past two years.
This record would seem to represent quite a good situation and it would,
were it not that interest and taxes as well as operating expenses have inereased so much and that rates have not been advanced accordingly. The
property investment has increased on account of the enlarged and improved
acilities which hcve been provided with borrowed money,thereby increasing
Interest charges. Taxes have more than doubled;in 1924 they were approximately $10,100.000, compared with $4,790,573 in 1914.
One-third of last year's large grain crop remains to be hauled to market;
the improved credit of the farmer, resulting from good crops and fair
prices, promises some increase of freight to be moved into the territory;
and the more active industrial prospectindicates a good demand for iron ore.
So, all in all, the traffic outlook for 1925 seems better than it did at the
beginning of 1924. The results of operation during the 4 years that have
elapsed since the end of Federal control, however, indicate clearly that the
railways of the Northwest have suffered from the effects of the greatly
increased cost of doing business without a corresponding increase in rates.
Thus the average revenue per ton-mile for the United States increased 55%
from 1914 to 1924. while for the Northwest it increased 39%. To accentu-year
ate the difficulty, the traffic of the roads of the Northwest in that 10
mood increased less than the average for the whole country. the figures
being 39% for the country as a whole and 27% for the Northwest region.
As a result, the railways of the United States in 1924 earned a return of
approximately 4.30% on the r investment, while the roads of the Northwest
earned approximately 3.12%.
It is important to bear these things in mind lest the superior service
which the railways are able to render and the large volume of traffic they
handle should lead to the mistaken idea that they are enjoying a satisfactory state of prosperity and that rate reductions might be justified. The
railroads of the Northwest are in need of a larger return to maintain their
credit, and this would be in the public interest as well, because the prosperity
and growth of the country demands adequate service of the highest quality.
Railroads with impaired credit cannot long continue to give either one.
[Figures appearing under the name of this company in last week's "Chronicle," page 446, should have appeared under the name of the Northern
Pacific Ry.]
INCOME ACCOUNT FOR CALENDAR YEARS.
a1924.
1923.
1922.
1921.
$86,100,000 $93,672.147 $78.065,563 $74,700.241
Freight revenue
13,700,000 15,305,242 15,112,453 16,460.280
Passenger revenue
Mail,exp.,&c.,transp.rev 10,400.000 11.100,383 10,274.921 10.156,683

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578

THE CHRONICLE

COMBINED SURPLUS ACCOUNT FOR THE CALENDAR YEAR 1924.
Credit balance Dec. 31 1923
$104,139,784
Balance of earnings carried to surplus account
8,998,823
Taxes canceled-Real estate of corporations 1923
554,293
Special franchise 1917 and 1918
100,372
Interest on canceled taxes
58.968
Total
$113,852,241
Miscellaneous items (net debit)
24.940
Credit balance Dec. 31 1924
8113.827.300
COMBINED SUMMARY OF FINANCIAL TRANSACTIONS FOR
CALENDAR YEAR 1924.
Resources
Cash on hand Dec. 31 1923
$8,739,040
Balance of earnings carried to surplus account
8.998,823
Amount charged for gas under restraining orders above
Statutory rate
5,075,827
Proceeds of issue of Preferred and Common stock
2,281,470
Transferred to Corn. stock acct. from cap. stk. prem. acct
37,798,061
Increase in unfunded debt
37,166,564
Special franchise & real estate of corporations taxes canceled713,633
Variation in current assets and liabilities (net)
2,644,740
Total
1103,418.160
Appropriations of Resources
Invested in land, plant & equipment
$50,805.715
Decrease in retirement and insurance reserves
3,338.973
Capital stk. prem. acct. transferred to corn. stk. acct
37,798.051
Sundry minor adjustments
41.161
Invested in miscellaneous securities
778,182
Miscellaneous profit and loss debits (net)
24,940
Total
Cash balance Dec. 31 1924

892,787,033
$10,631,127

COMBINED BALANCE SHEET DEC. 31.
(Consolidated Gas Co. of New York and Affiliated Gas and Electric Companies.
Inc. (+) or
1924.
Assets1923.
Dec.(-).
Land,plant & equipment
8553,915.621 $503,109,906 +$50.805.715
7,224,419
Investments
6.446,237
+778,182
Cash
10,631,127
8.739,040
+1,892,086
Accounts receivable
18,024,019
17,561,369
, +462,650
Materials and supplies
17,169,472 17.338,033
-168,561
Total
$606.964.659 8553,194.586
Liabilities
Common stock
a$217,999,236 $178,224,966
Preferred stock
b15,000,000 14.694.738
Affiliated companies
c964,350
998.350
Funded debt
120,497,790 120,491.790
Unfunded debt
d50,307,207 13,140,643
Accts. payable & accr. charges
18,261,248 15,322,419
Res. for retirements & insurance7.497,148
10,836,121
Reserve for contingencies
55,016,202 55,016,202
Stock and bond premiums
261,014 38,072,236
Gas sales suspense
e7,333,164
2,257,337
Surplus
113.827,300 104.139,784
Total

+853,770.073
+839,774,270
+305,261
-34,000
+6,000
+37,166,564
+2,938,830
-3,338,973
--37,811,222
+5,075,827
+9,687,517

8606,964,659 $553,194,586 +853,770,073
shares, no par value, Dec. 31 1924. b 300,000 shares.
par value $50, Dec. 31 1924. c 9,623.50 shares, par value 3100, Dec. 31
1924; 40 shares, no par value, Dec. 31 1924. d Includes consumers'
deposits ($6,686,490) and disputed taxes )$2,869,318) Dec. 31 1924.
Amount of gas sales, resulting from the excess in the price charged for
gas, by the Consolidated and its affiliated gas companies, in the City of
New York. above the statutory rate of $1 per 1.000 cu. ft., not included in
the earnings pending the termination of the proceedings in the Federal
Court.
-V. 120. p. 329, 210.

a 3.600,000

[Vol,. 120.

Interest charges of subsidiary companies deducted before arrivingZat
aforesaid net earnings above are as follows:
1923.
1922.
1921.
January
$685,765
$698,547
$656,248
8685,593
February
684,507
698.070
656,958
684,135
March
684,022
697,989
650,441 ,:, 685,556
April
680,543
697,049
649.506 4. 674,320
May
674,090
693,395
688,051 ,,L 672,873
June
671,333
691.405
705,753 i 672,712
July
666,183
687,774
711,010 ,, 667.043
August
665.394
685,578
708,974 ii 665,169
September
665,068
685,485
708,131
666,228
October
662,893
690,601
708,437 Ift660,515
November
662,535
689.607
708,639
660,289
December
662,622
688,804
707.458 .v.; 666,284

421
In

INCOME ACCOUNT FOR CAL. YEARS(PRELIM. FIGURES FOR 1924).
1924.
1923.
1922.
1921.•eil
$
$
$
$ -1
Net earnings (see above)152,937,130 179.646,674 101,529,310 92,726,058
Deduct-•
For deprec.& res.funds.. 38,542,236 41,745,434 33,382,624 27,905,045
Sink. fund on U. S. Steel
OM
Corpration bonds- 10.205,169 9,724,720 9,305,885 8,863,180
Interest
18,274.208 18,764,568 19,232,305 19,679.582
Prem.on bds.redeemed967,645
940,077
875.079
747.462
Add
-Net bal. ofcharges
Including adjustments er.87,070 er.235,189 er.920,038 cr.1,086,230
Total deductions__ 67,902,188 70,939,610 61.875,855 56.109,039
Balance
85,034,942
36,617,019
Dividends--Pref. (7%).. 25,219,677 108,707,064 39.653,455 25,219,677
25,219,677 25,219,677
Common (5%)
25,415,125
Common. extra--(2%)10.166,048(325,415,125 25,415,125 25,415,125
,
1)3812,268
Surplus net income--- 24,234,092 54,259,993df10,981,347
d114,017,784
Less
-For expends, on
auth. approp.for add'l
property & construc'n 20.000,000 40,000,000
Balance for year
4,234,092 14,259,993df10.981.347df14.017,784
Note.
-These amounts for the year
changed somewhat
upon completion of audit of accounts for 1924 "may be Corporation's fiscal
the year. The
year corresponds with the calendar year, and complete annual
report comprising general balance sheet, financial statements, statistics, &c., will be
submitted at the annual meeting in April 1925 or earlier."
This applies
also to the quarterly income statement given above.
-V.120. p. 464,344.

Liggett & Meyers Tobacco Co., New York.
(Annual Report-Year Ended Dec. 31 1924.)
INCOME ACCOUNT FOR CALENDAR YEARS.
1924.
1923.
1922.
1921
Net profits, incl. divs.
from subsidiary dos..-313,714,197 $11,375,627 $11,483,679
312,650,740
*Difference between pur.
price & par,7% bonds
23,621
23,593
21,260
9,930
Interest on bonds
1,720,747 1,729,638 1.738,125
1,753,358
Interest on 6% notes_ _
Pref. dividends (7%)_ -- 1,575,987 1,575,987 1,575,982 1,033,294
1,575,980
Common divs.(12%).
4.898,455 4.038.993 3,965,775 3,894,309
Balance, surplus
$5,495,386 $4,007,417 $4,182,536 $4,383,868
* This is the difference between purchase price and par of 7% gold bonds
of this company (par $127,000) purchased and canceled during the year
as required by trust indenture.

BALANCE SHEET DECEMBER 31.
1924.
1923.
1924.
1923.
Assets
Real estate, ma7% Pref. stock- 22,514,100 22,514,100
chinery & fixCommon stock_ 21,496,400 21,496.400
United States Steel Corporation.
tures
18,238,074 17,307,881 Corn, stock B.... 21,471,875 12,392,700
7% bonds
13,857,000 13,984,000
(Results for Quarter and 12 Months ending Dec. 31 1924.) Brands, trademarks, good5% bonds
15,059,600 15,059,600
will,&c
The results of the operations for the quarter ended Dec. 31, Leaf tobacco, 40,709.711 40,709,711 Accint.pay.Apr. 242,497
244,720
AccAnt.pay.Feb.
313,742
313,742
as presented to the directors meeting Jan. 27, compare as
manuf'd stock
Pt. div. pay.Jan
393,997
393,097
and operating
Accounts & bills
follows:
supplies
65,099,110 60,153,177
payable
PRELIMINARY EARNINGS FOR QUARTERS ENDING DEC. 31. Stocks other cos. 1,892.584 1,892,584 Res've for taxes, 9,214,945 14,864,604
Cash
15,779,461 13,813,816 advances, &c_ 1,827,287 1,363,905
1924.
1922.
1923.
1921.
Bills & accounts
Unfilled orders Dec. 31.
Deprec. reserve_ 6,263,818 5,854,454
receivable_ _ _ 10,495,864 9,389,299 Profit and loss 40,459,544 34,964,157
tons
4,816,676 4,445,339 6,745,703 4.268,414
Net earnings (see note)-$30,762,231 $49,958,980 827.552,392 $19,612,033
Total
153,114,804 143,246,468 Total
Deduct
153,114,804 143,246,468
-V. 120, p. 338.
Sinking fund on bonds of
subsidiary cos., depreciation & reserve funds 9,237,121 10,511,846 9,833,230 6,031.657
Sears, Roebuck & Co., Chicago.
Int. on U. S. Steel Corp.
4,520,746 4,645,546 4,764,386 4,878,304
bonds
(Annual Report-Year Ended Dec. 31 1924.)
217,645
Prem.on bds.redeemed..
167.577
275,079
147,462
.S
Sink.
fds.0 .Steel Corp. 2,611,084 2,529,838 2.349.333 2,258,364
President C.M.Kittle in his remarks to stockholders says:
During 1924 the company paid off notes of $7,880,900, which were out$16,586.596 $17,854,807 $17,222,028 $13,315,787
Total deductions
$14.175,635 332.104.173 810.330,364 86,296,246 standing on Dec. 31 1923, and the entire Pref. stock was retired Nov. 15
Balance
1924 at a cost of 810,000,000. The 850,000,000 serial gold
Add
-Net bal. of sundry
by the company in 1920 have been gradually brought down notes floated
charges and receipts
and are now
entirely paid off. There are at the present time no notes or
incl. adjustment of
bank loans
235,189
87,070
952,982 1,081,555 outstanding. Cash on hand Dec. 31 1924 was $12,666,000 as compared
various accounts
with $5,737,000 on Dec. 31 1923.
January sales are favorable. Conditions urban and rural are
$14,262,705 832,339.362 $11,283,346 87,377,801
Total
more promthan they have been in some
Preferred divs. (j3%).. $6,304,920 86,304.920 86,304,920 $6,304,920 ising the 12 months immediately time, and there is every reason to believe
ahead of us will be good.
6,353,782 6,353.782
6,353,782 6,353,782 that will,
Common divs.(1g
We
during the current year, build a big branch at Kansas City,
Common,extra (3i -- 2,541,512 2,541,512
which we expect to have operating by the fall and will open retail store
BUMS approp. & exp. or
a
in Chicago on or about Feb. 2.
to be exp. acct. of
additions & bettermla
INCOME ACCOUNT FOR CALENDAR YEARS.
20.000,000
to plant & properties..
1924.
1923.
1922.
1921.
Balance for quarter_df$20.937,509 $17,139,148df$1,375,356d1$5,280,901
$
$
Gross sales
222,174,744 215.540.604 182,165,825 178,014,981
-The net earnings for the quarter ending Dec. 31 1924 (and also Returns,allow.,disc.,&c.
Note.
22,628.881 24.216,457 21,517.672 18,980,463
shown after deducting all expenses
for the 12 months period-see below)
incidental to operation, comprising those for ordinary repairs and mainNet sales
199,545,862 191.324,147 160.648,153 159.034,519
tenance of plants, also estimated taxes (including estimate for Federal Other income
6,884,665 7,158,799 5,865,957 5,005.202
income taxes), and interest on bonds of the subsidiary companies.
See also footnote following the annual figures below.
Total income
206,430,527 198,482,946
164,039,720
Purchases,expenses.&c.185.517.334 184,445,023 166,514.110 177,963,577
NET EARNINGS FOR CALENDAR YEARS.
157,385,331
Repairs and renewals_ _ _
1922.
1921.
1923.
1924.
848,913
690,542
816.050
600,484
810,561,241 $4.654,134 $14,387,474 Depreciation reserve__ _ 1.379,157 1,133,624
$14,771,103
January
594,199
1,321,368
6,180,685 10,157,896 Reserve for taxes
February
16,238,867 9,527,181
3,158,530
March
19,065,475 14,691,647 8,505.166 7,741,352 Other reserves
1,226,871
1.500,000
Profit sharing. &c.,fund 3.172.196
575,631
271.758. -----Total (first quarter)- 350,075,445 $34,780,069 $19,339,985 832,286,722 Preferred dividend (7%)
489,204
559,188
559.188
559,188
April
$16,048,911 $14,399,988 *7.750,054 *7,336,655 Common dividend (3%) 2.999,758
y2.099.470
May
13,419,194 17,698,675 8,824,887 7,731,649
Balance, surplus
June
11.912.934 15,759.518 10,712,004 6,823,712
8,865,435 10,953,430 4.875,980 z19,094.127
Previous surplus
7,564,374
17,575,017 6.621,587 1,745,607
Total(second quar.)_ 341,381,039 $47,858,181 $27,286,945 $21,892,016 xDonation of 50,000 shs_
5,000,000
July
$10,430,105 $15,767,003 $9,833,664 $5,157,395 :Profit on sale ofreal est.
8.275,360
August
10,107,685 16,997,467 10,615,085 6,502,976
Profit & loss, surplus.. 26,440,452 17,575,017 6,621,587 1,745,607
September
10,180.625 14,289,210 7,019,590 7,257,687
x Julius Rosenwald (then President) in Dec. 1920 purchased the comTotal (third quarter)j30,718.415 $47,053,680 $27,468,339 $18,918,058
October
812,236,014 $18,600,197 $8,566,354 $8,204,358 pany's real estate in Chicago and donated 50,000 shares of the Common
November
9.663.351 6,440,438 stock to be sold at not less than par. Mr. Rosenwald had the option for
8.903,576 17,286,551
December
9.622,641 14,072,232 9.322,687 4,967,237 three years to repurchase the stock at par. (V. 113, p. 2827.)
y The Feb. 1921 2% dividend was paid in 6% scrip. due Aug. 15 1922
Total (fourth quar.)--$30.762,231 $49,958,980 $27,552,392 $19,612,033 (which have all been paid. V. 115. p. 655). Common dividends were
Total for year
$152.937,130$179,650,910$101,647,661 592,708,829 again resumed with the payment of
% on Aug. 11924. zLoss.

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JAN. 31 1925.]

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CONSOLIDATED BALANCE SHEET DEC. 31.
1924.
1923.
1924.
1923.
Assets$
Common stk_y100,000,000 100,000,000
$
Realest., bldgs.,
Preferred stock- z154,071
mach'y, Stc__ 24,069,386 25,660,717 Accts. payable_ 10,588,488 8,000,000
8,953,036
Good-will, esc__ 30,000,000 30,000,000 Notes payable_
7,880,900
Capital stock of
Accrued taxes,
Other cos ____ 5,392,097
5,230.947 including rezInventories ___ 35,510,954 40.272,512 serve for FedAccts.receivable 20,021,821 23,989,034
eral taxes__ _ _ 3,158,530
975,229
Purchase money
Preferred divimtge. notes__ 12,000,000 12,000.000
dend payable
Marketable sec's 1,019,200 1,056,051
Jan. 1
139.797
Liberty bonds__
857,980
861,801 Reserves
4,061,567 4,049.435
Cash
12,666,011 5,737,245 Surplus
26,440,452 17,575,017
Insur., int., &c.,
paid in adv'ce
and other deferred charges 2,865,658 2.765.107
Total
144,403,108 147,573,414
Total
144,403,108 147,573,414
x Cost or market, whichever is lower. y After deducting 50,000 shares
in treasury donated by formet President Julius Rosenwald, not to be sold
at less than par.$5,000,000(V. 113, p. 2828). z The entire Pref. stock was
called for payment Nov. 15 1924 at $125 and div. This amount of
$154,071
represents Pref. stock not presented for redemption.
-V.120, p. 343, 94.

F. W. Woolworth Co.(5 and 10 Cent Stores), New York.
(Annual Report-Year Ended Dec. 31 1924.)

GROSS SALES AND PROFITS FOR CALENDAR YEARS.
YearSales.
ProfUs.
YearSales.
Profits
1924
$215,501,187 $20,669,397 1917
898,102,858 $9,252,349
1923
193.447.010 20,698,180 1916
87,089,270 8,713,445
1922
167,319,265 18,324,399 1915
75,995,774 7,548,210
1921
147,654,647 13.792,960 1914
69,619,669 6,429,896
1920
140,918,981 9,775,252 1913
66,228,072 6,461,118
1919
119,496,107 10,361,557 1912
60.557,767 5,414,798
1918
107.179.411 7,088,716
INCOME ACCOtiNT FOR YEARS ENDING DEC.
31.
1924.
1923.
1922.
1921.
No. of stores Dec. 31-_ _
1,356
1.260
1,176
1.137
Net sales
$ 15,501,187$193,447,010$167,319,265$147.654,647
2
Net income
20,669,397 20,698,180 18,324,399 13,792,959
Deduct
Preferred dividend (79')
700,000
770,000
Common diva
(10%)6,500.000(8)5,200,000(10)6500,000(8)5,200,000
Balance, surplus
$14,169,397 $15,498,180 $11,124,399 $7,822,960
Res. for protested taxes_
500,000
3.000,000
Surplus
$13.669,397 $12,498,180 $11,124,399 $7,822,960
Previous surplus
13,161,529 10,663,349 22.038,950 14.361,366
Total
$26,830,926 $23,161,529 $33,163,349 $22,184,326
Reduction of good-will
10.000.000 10,000,000 20,000,000
Prem.on pref.stock, &c.
2,500,000
145,375
Total surplus
$16,830,926 $13,161,529 $10,663,349 $22.038,950
1916. 1917. 1918. 1919. 1920. 1921. 1922. 1923. 1924.
Net earnings on
sales(%)
10.01 9.43 5.46 7.89 7.01 9.34 10.95 10.70 9.59
Net earnings on
corn,stock (%).15.57 16.72 9.96 17.11 13.87 20.04
27.11 31.84 31.80
BALANCE SHEET DECEMBER 31.
Assets1924.
1923.
1924.
1923.
i
Liabilities
i
Real est.,bids.4ca30,464,564 24,104,418 Common stock__ 65,000,000 65,000,000
Good-will
10,000,000 20,000,000 Mtges. payable.__ 3,302,571 2,721,353
Securities owned
1.067,540 1,120,266 Accounts payable
Cash
8,015,800 6,273,458
accr. int., &c_ _ _ 689,361
719,463
Accts.receivable_
839,355
715,371 Res. Fedi taxes,
Inven.(mdse.,&c.j25,378,009 23.302,108
conting.,&c_ ___ 6,500,000 6,000,000
Adv. payments to
Employees' benefit 100,000
100,000
importers
587,538
534,182 Surplus
16,830,927 13,161,529
Net adv.to for.br's 143,927
163,713
Impleas.premisesb14,496,717 10,217,432
Store supp., dtc_ 1,323.158 1,193,897
Mtges. receivable_ 108.250
77,500
Total
92,422,858 87,702,345
92,422,858 87,702,345
Total
a Includes in 1924 (book values) real estate and buildings owned, $12,894,111, less depreciation reserve, $475,871; buildings owned on leased
ground, to be amortized over period of leases, $4,379,082, less amount
charged off during year 1924, $79,518 furniture and fixtures $18,793.859.
leas reserve for depreciation, $79,518. b Alterations and improvements
e
t
tEmilero
n tm
dto
19 4 terms of leases
Te
.
off
eafter
profit a
:
s
% ss elint r62 d
b
during
1
220.

Montgomery Ward & Co., Inc.
(Annual Report-Year Ended Dec. 31 1924.)
Pres. Theodore F. Merseles, Chicago, Jan. 23, wrote in
brief:

579

prior stock. 3 Common stock represented by 1,141.251 shares of
,
$10 each
(after all of Class "B" shares have been exchanged
Common stock).
z Adjustment of Common stock from no par to a basisfor$10 par value
of
was
made in Feb. 1922. resulting in the extinguishment of the deficit of
$7,677.641 at Dec. 31 1921 and the creation of the surplus of $9,189,738 (V.
114.
p. 635. 859).-V. 120, p. 461. 217.

GENERAL INVESTMENT NEWS.
STEAM RAILROADS.
Senate Inter-State Commerce Committee Approves Bill to Reduce Interest
Rates on Government Advances to Roads.
-Bill provides that when necessary
the rate shall be so reduced as to exceed by only ;Ca 1% the amount paid
the Government for money borrowed by it.
no case, however,
the rate to the roads be made less than 434% N In ."Times" Jan. could
. .Y
24. p. 3.
Chicago Burlington &Quincy RR. Grants Wage Increase of 5% Retroactive
from Sept. 1 1924 to 8,000 Engineers. Firemen and Hostlers. Boston "News
Bureau" Jan. 24. pp. 5, and "Wall Street Journal" Jan. 23, p. 13.
Railroads Will Seek Revision of Mall Carrying Rates.
-Will petition I.
-S.
C. C. for higher rates on the ground that carrying costs have advanced
and that mail tonnage has increased greatly since charges were changed
from a weight to a space basis under an order issued in 1919, but retroactive
to Jan. 1 1918. "Sun" Jan. 29, p. 25.
W. W. Atterbury, Vice-President Pennsylvania RR., Defends Policy of
Dealing with Own Employees Instead of Representatives of Absentee Organizations to Which They Belong. N. Y."Times" Jan. 30, p. 3.
New Haven RR. Shopmen's Strike Will End at Midnight,
31.
-Was
part of nationwide strike begun July 1 1922. Demands notJan. Hartford
met.
"Courant" Jan. 30.
Surplus Cars.-With loadings of revenue freight the heaviest
season of the year on record, a marked decrease in the number offor this
surplus
freight cars in good repair and ready for service is reported by the railroads
to the Car Service Division of the American Railway Association. Class I
railroads on Jan. 14 had 255,967 surplus freight cars, according to these
reports, a decrease of 24,699 under the number reported on Jan.7. Surplus
coal cars in good repair on Jan. 14 totaled 92.829,a decrease of 14.158 within
a week, while surplus box cars in good repair totaled 122,401, a decrease of
8,518 during the same period. Reports showed 16.813 surplus stock cars.
an increase of 153 over the number reported on Jan. 7, while there was a
decrease during the same period of 167 in the number of surplus refrigerator
cars which brought the total for that class of equipment to 13,165.
Car Shortage.
-No car shortage is being reported.
A New Rebuilt and Leased Equipment On Order.
-In anticipation ofa heavy
freight traffic during the year. Class I roads had over 30,000 more freight
cars on order on Jan. 1 this year than they did on the same date last year,
according to reports filed today by the carriers with the Car Service Division
of the American Railway Association.
On Jan. 1 1925 freight cars on order, deliveries of which were being made
daily by car builders, totaled 55,684 compared with 25.619 on Jan. 1 1924,
or an increase of 30,065.
Of the freight cars on order at the beginning of this year, box cars totaled
33.636, coal cars 14,997, refrigerator cars 2.888 and stock car 2,951.
Locomotives on order on Jan. 1 1925 totaled 287 compared with 510 one
year ago.
During the calendar year 1924, the railroads installed in service 156,414
freight Cars, a decrease, however, of 41,461 compared with the number
Installed during the preceding year. Of the total number placed in service
in 1924, box cars totaled 72,808, coal cars 48,678, refrigerator cars 13,546
and stock cars 9,571.
They also installed in service during the twelve months period, 2,246
locomotive; compared with 4,037 during the year 1923.
Freight cars now being installed have a larger carrying capacity than
those being retired from service. The average capacity
on
Jan. 1 1925 was 44.32 tons compared with 43.56 tons on of freight cars an
Jan. 1 1924, or
increasP of nearly four-fifths of a ton per car.
These figures as to freight cars and locomotives
on
order include new, rebuilt and leased equipment. either installed or
Matters Covered in "Chronicle" Jan. 24.-(a) Revenue freight breaks
all records for the season, p. 394. (b) 87,000 employees get 1 to 2 cents
per hour wage increase-rail brotherhoods granted 5% raise, p. 414.

Boston & Maine RR.
-To Pay February Interest at 6%
Rate for 33% Bonds Then Maturing.
-The following statement was issued after the meeting of directors Jan. 27:

The board of directors considered at a meeting to-day (Jan. 27)
request of the General Readjustment Committee that the holders of the
$500,000 3Si% Boston & Maine RR. bonds, which mature Feb. 1 the
1925,
should withhold presentation of their bonds for a few weeks until the plan
of the General Readjustment Committee for
the
financial structure of the railroad should have the readjusement of that
been completed and
the railroad shall agree to pay interest at the legal
meantime. The directors accordingly voted to pay therate of 6% in the Feb. 1
interest accrued
and at the rate of 6% for the period requested by the committee, but they
made no provision for the principal of the bonds.

Hearing on Receivership To-Day.
--

Judge George F. Morris in the U. S. District Court at Concord, N.
has set to-day (Jan. 31) for hearing the petition of E. F. Brown for If.,
the
The net sales amounted to $150,045,065, compared with $123,702,043 appointment of a temporary receiver for the road. There is also pending a
. for the appointment of a permanent receiver.
1t1on
In 1923, an increase of $26,343,1322, or 21.30%. The sales for 1924 in- =4
00110
creased 77.07% over 1922 and 118.97% over 1921.
Amster Opposes Readjustment Plan-Says It Hurt Chances
The net profits for 1924 amounted to $10.433,501,compared with
$7,702.- of Financing Needs.
625 in 1923. an increase of $2,730,876. or 35.45%.
As of Dec. 31 1924 current assets were $39,948,599 and current liabilities
N. L. Amster has sent a circular to the stockholders
of the B. & M.
$10,717,814, showing a ratio of 3.73 to 1, which compares with a ratio
of urging opposition to the Loring financial readjustment plan, and declaring
3.82 to 1 as of Dec. 31 1923. Company again ends the year with no notes that the plan
frightened security holders and that it
payable outstanding.
financing the needs of the company for 1925 through hurt the chances of
its general bonds.
On Feb. 18 1924 company resumed payment of dividends on
Declaring that Boston
the Class
"A" stock, and during the year paid dividends for the five quarters ending country, went through & Maine. in common with other railroads of the
Dec. 31 1924. At the end of 1923 the arrears on Class "A" dividends ment of the Hepburn some very trying periods, beginning with the enactLaw, and through to the end of the war, following
amounted to $22 75 per share, or $4,663,750.
These arrears have now been which came a coal strike and a shop strike, the circular says:
reduced to $12 25 per share, or 112.511,250, $3 50 per share having been
"By 1924 the management succeeded in overcoming most of these diffipaid on Nov. 5 1924, and $5 25 per share is to be paid on Jan.
culties and the road began showing marked improvement
26 1925.
-so much so that
After payment of current dividends on Pref. and Class "A" stocks,
and in 1924 the
$3 50 per share on dividend arrears on Class "A" stock, and reserving surplus for B.& M. not only earned its full interest charges but $1,500,000
the stock, which is equal to more than 50% of the required
$1,200.000 for Federal income tax, and deducting $500,000
for charter annual dividends on all classes of the company's First Preferred stock.
requirements in regard to Pref. stock sinking
"In November
surplus,
mained a balance carried tl undivided profits forfund and1924 of there re- through the press Charles F. Choate, Jr., attorney for B. & M., announced
the year
a rate division adjustment with New York Central which
$5,990,071.
increase in sales has made it desirable to extend
The
some of the com- figured to add $800,000 or more annually to B.& M.'s net income. Addipany's plants. The new plant opened in Oakland, Calif.,
on Jan. 1 1924 tional adjustments were pending with Delaware & Hudson and other lines
has been doubled in size, the new unit being opened for business on Nov.
1 calculated to bring in additional substantial net income. Following these
1924. Larger quarters have been leased at n. Worth and
additions are statements came an official announcement of the company's reneal of its
being made to the Kansas City and St. Paul
coal contracts, at a reduced cost of from 30 to
50 cents per ton-or a net
being built in Baltimore which, it is expected, branches. A new plant is saving of
will be opened for business
$300,000 to
in Aug. 1925. The financing of these expenditures has been accorftplished cated that B. & M. $400,000 a year beginning with 1925. In all, it indiwould easily earn, in 1925, double its fixed charges-or
without depleting cash account of funds needed to carry increased inven- Interest charges,
tories and for other cash requirements incident to the largely increased COMMOD. Wich full dividend on all Preferred stock and about $6 on the
such favorable showing
no sane-thinking stockbusiness.
holder could possibly have expected that as this would have the temerity
to suggest, much less to actually plan to any one Company through bankThe comparative income account was given in V. 120, p. ruptcy
put the
or through a kind of 'philanthropic financial readjustment' as Mr.
461.
Loring decided upon.
COMPARATIVE BALANCE SHEET DECEMBER 31.
"On Dec. 17 Nfr. Loring's financial plan of readjustment came upon us
as from a clear sky. That the plan was unwarranted, unnecessary and
1924.
1923.
1924.
1923.
unexpected can be seen from the company's own published statement and
Assets$
$
Liabilities8
8
the constantly increased net income of 1924. Mr. Loring's public utterReal estate, bldgs.,
Preferred 7% cum.
17,475,460 18,163,102
plant, &a
stock
4,249,800 4,249,800 ance had its effect as such official utterances generally have; it frightened
Sinking fund preClass "A" etock_z5,594.037 5.594,037 security holders and the investing public and precipitated a veritable panic
in the company's securities
812,075 Common stock_ _y11,412,510
ferred stock_ _ -- 1,015,434
-the stock dropping an average of over $10 and
8,224,855 3,365,476 Accounts payable_ 8,505,607 11,412,510 the bonds nearly as much; and worst of all, Mr. Loring's plan achieved the
Cash
Marketable secur. 280,412
242.858 Accrued taxes..___ 2,212,207 7,139,972 purpose it evidently aimed at, namely, it hurt the chances of financing the
1,392,924 needs of the
Accounts & notes
company for 1925 through its general bonds.
Reserve
2,076,412
"I claim that the present B.& M.mortgage is adequate and elastic enough
receivable
5,120,898 4,544,009 Surplus created_ _.z9,189,738 1,993,643
2,457,148 2,559,878 Res.Pf.stk. sk.fd. 1,000,000 9,189,738 to finance the company's every requirement indefinitely, and that the
Investments
800,000 bankers who placed
26,322,434 24,451,485 Sur. perch. reciter_ 1,500,000 1,200.000
the last $4,000,000 bonds for the B.& M.in 1922 were
InventerY
Undivided profits _15,156,330 9,166,259 willing to take enough bonds of the company to provide for all its immediate
requirements
-but l'vft. Loring deliberately ignored them and launched
his own pet
60,896,641 52,138.883
Total
Total
60,896,641 52.138,883 publication but impossible scheme of financial readjustment, the very
of which has
x 205,000 shares of no-par-value Class "A" stock ($7 per share cum.) financial arrangements hurt if not killed the possibility of making the
which bankers offered the company before Mr.
liquidation or dissolution receives $100 per share, subject to rights of Loring's plan
on
was published.

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580

THE CHRONICLE

"I shall from time to time continue to mail to stockholders and make .
public other relevant facts concerning the property and the company's
affairs with the hope that the interest of stockholders will be awakened to
a point where they will see the advisability of not standing supinely by and
Watching these properties drift, but will co-operate with me and assert
their rights as stockholders and insist upon protecting the great equity back
of- the stock, which, even on the Government's conservative valuation,
figures par for the bonds and Preferred stock, and over $250 per share
for the Common stock."
Earnings for Calendar Years.
1922.
1924.
1923.
$78,697,297 $86.193.418 $79,800,123
Gross earnings
63.912.556 75,254,894 67,054,397
Operating expenses
Operating revenue
Net operating income
Other income
Gross income
Deductions

$14,784.741 $10,938,524 $12,745,726
$8.972.021 $2,987,414 $6,475,739
745.359
797.209
466,493
$9,438.514 $3,732,773 $7,272,948
7,244.957
7,223.843
7,665.777

$27,991
Net income
$1,772.737df$3,491,070
Edward Lovering has been elected a director, succeeding Walter C
Baylies.-V. 120, p. 449.

Buffalo Rochester & Pittsburgh Ry.-No Action on
-The directors on Jan. 30 took no action
Common Dividend.
on the regular semi-annual dividend of 2% usually paid
Feb. 15 on the outstanding $10,500,000 Common stock,
par $100. Dividends at the rate of 4% per annum had been
paid on this issue from 1919 to 1924 incl.
The regular semi-annual dividend of 3% on the Preferred stock was
declared payable Feb. 16 to holders of record Feb. 9.-V. 119, p. 2282.

Central New England Ry.-Abandons Parts

of Lines.

-S. C. Commission on Jan. 15 issued a certificate authorizing the
The I.
abandonment of those parts of its railroad (1) between Shekomeko and
Millerton, being 7.73 miles of main track. all in Dutchess County. N. Y
and (2) between Ancram Lead Mines and Boston Corners. being 5.97 miles
-V. 118, p. 2571.
of main track, all in Columbia County, N. Y.

Chesapeake & Ohio Ry.-To Vote on Lease.
See New York Chicago & St. Louis RR. below.
-S. C. Commission has authorized the issuance of $741,000 1st
The I.
-year gold bonds due 1930 of the Chesapeake & Ohio By. of
Mtge. 5% 20
Indiana; said bonds to be delivered at par to the Chesapeake & Ohio
-V. 120.
in satisfaction and discharge of a like amount of indebtedness.
P. 325.

RY.

-Guaranteed Bonds
Chicago & Western Indiana RR.
-J. P. Morgan & Co., First National Bank, New
Sold.
York National City Co. and Harris, Forbes & C. h ye
sold at 97 and int. to yield 5.70% $16,092,000 1st &
Ref. Mtge. 53.% Gold Bonds, Series "A."
Chicago & Western Indiana RR. 15-Year VA% Collateral
Trust Sinking Find Gold bonds, with all unmatured coupons
attached, will be accepted n paym3nt at 102.7335% and
int. to Feb. 13 1925 which price is equivalent to a 3%
interest basis from Feb. 13 1925 to March 11925, computed
/
on the redemption price of 1021 .

[vorh 120.

Northern Pacific R,y. The earnings of the Great Northern
Ry. for the year 1924 are given under "Financial Reports"
on a preceding page of this issue.
The I.
-S. C. Commission on Jan. 20 authorized the company to assume,
jointly and severally with the Western Fruit Express Co.. obligation and
liability, as guarantor, in respect of $1,980,000 Western Fruit Express Co.
Equipment Trust of 1925 Series "B" Trust Certificates, to be issued by the
First National Bank, New York, under an agreement to be dated Jan. 2
1925.-V. 120. p. 326.

Green Bay & Western RR.
-Annual Dividends.

The directors have fixed and declared 5% to be the amount payable on
the Class "A" debentures and on the capital stock, and % of 1% to bathe
amount payable on the Class "B" debentures, out of the net earnings for
the year 1924, payable at 40 Wall St.. New York, on and after Feb. 9
to stockholders of record Feb. 6. On Feb. 10 1923 and Feb. 11 1924,
dividends of si of I% each were paid on the Class "B" debentures.
V. 118, p. 550.

Gulf Mobile & Northern RR.
-Bonds.

The 1.-S.C.Commission on Jan. 16 authorized the company to procure
authentication and delivery of not exceeding $2.000.000 First Mortgage
Gold bonds of 1950, to be held subject to the further order of the Commissinn.-V. 120, p. 84.

Hocking Valley Ry.-To Vote on Lease.
-

See New York Chicago & St. Louis RR. below.
-V. 119, p. 1172.

Hudson & Manhattan RR.-Pref. Dividend-Interest.
A regular semi-annual dividend of 234% has been declared on the noncumulative 5% Preferred stock, payable Feb. 16 to holders of record Feb. 4.
The directors have also declared the regular semi-annual 2fi% interest
on the 5% Adjustment Income bonds, payable April 1.-V .119. p. 1952.

International-Great Northern RR.
-New Officer.
J. A. Hamilton has been elected a Vice-President.
-V.120. p.449. 206.

Kansas City Southern Ry.-Acquires Interest in "Katy."

See Missouri-Kansas
-Texas RR.
The New York Stock Exchange has authorized the listing of $3,000.000
Ref. & Improv. Mtge. 5% Gold bonds. due April 1 1950. making the
total amount applied for $21.000.000.
Combined Income Account for 10 Months Ended Oct. 31 1924.
$17,608.688
Railway operating revenues
12,737,412
Railway operating expenses
1,093,021
Railway tax accruals
4.108
Uncollectible railway revenues
Railway operating income
Non-operating income

$3,774,146
452.656

Grass income
Total deductions

$4,226,802
2,511.215

Net Income
Dividend appropriations of income
Miscellaneous appropriations

1,715,586
630.000
3.489

Balance
-V. 120. p.449.

$1.082,097

--Bonds.
Leavenworth & Topeka RR.

-S. C. Commission on Jan. 16 authorized the company to issue not
The I.
exceeding $64.000 1st Mtge. 6% bonds, f48.000 of the bonds to be sold at
and the proceeds used for retiring a like amount of 1st Mtge. 75 which
par
have been called for redemption on Feb. 1 1925. and $16,000 of the bonds
Dated Sept. 2 1912: due Sept. 1 1962. Bearing int. from Sept. 11924, to be deposited with the Central Trust Co. of Topeka. Kan.for the purpayable M.& S. In N.Y. City. Red. all or part, at 105 and int. on any pose of creating a sinking fund as required by the laws of Kan'sas.-V. 120,
deduction for taxes. Bankers Trust Company, New York. trustee, a p. 84.
Jut, date, upon 90 days' notice. Denom. c* 91.000 and r* $1.000 and
Louisiana & Pacific Ry.-Abandonment Branch Line.
authorized multiples thereof. Principal and interest payable without
deduction for taxes. Bankers Trust Company, New York, trustee.
-S. C. Commission on Jan. 16 issued a certificate authorizing the
The I.
-S. C. Commission.
-Authorized by the I.
Issuance.
company to abandon,as to Inter-State and foreign commerce, a branch line
Data from Letter of Pres. Howard G. Hetzler, Chicago, Jan. 27. of railroad extending from a connection with its main line at DeRidder
Guaranty.-The five proprietary companies which own all of the capital Junction in a general easterly direction to Longacre, 8.7 miles, all in Beau-V. 119, p. 2407.
stock of the company, viz. Chicago & Eastern Illinois Bp.*, Chicago & regard Parish. La.
Erie RR.(Erie RR.): Chicago, Indianapolis & Louisville Ry.: Grand Trunk
-Kansas City Southern and
Missouri-Kansas-Texas RR.
Western By.' Wabash By.: are jointly and severally to be obligated (under
a joint supplemental lease dated Jan. 28 1925) to pay, directly to the Affiliated Banking Interests Acquire Interest.
-Referring to
trustee, interest on the entire amount of Series A bonds outstanding and
the sinking fund in.stalments payable under the mortgage, which are cal- rumors that there will be a change in the control of the
be sufficient to retire such bonds at 105% by maturity.
culated to
Missouri-Kansas-Texas RR. it developed upon inquiries at
-As a sinking fund for the Series A bonds. there is payable
Sinking Fund.
under the 1st & Ref. Mtge., as amended, $176,730 annually beginning the office of Speyer & Co. and J. & W. Seligman & Co. who
.al
'
Mar. 1 1925, plus the interest on bonds in the sinking fund. Tot pay- were active in the reorganization of the "Katy," that these
ments Into the sinking fund (incl. int. on the bonds held therein) will be in
known for some time that Kansas
excess of $246.855 during the year beginning Mar. 11925. and will increase bankers and others have
cumulatively each year thereafter. Sinking fund moneys are to be applied City Southern and banking interests affiliated with that comto the purchase of bonds at not exceeding 105 and int., or to the acquisition pany had acquired an interest in the stock of the Missouriof bonds upon call by lot at such price.
Property.-Company owns valuable railroad property in the City of Kansas-Texas RR. Co.
It was pointed out that the mileage of the Kansas City Southern was
Chicago and vicinity, comprising passenger and freight terminals and
main tracks leading thereto, and a "belt railway," Including a clearing yard, about 843 miles and that of the Missouri-Kansas-Texas about 3,200 miles.
It is understood that the bankers who financed the reorganization of the
used entirely for freight interchange between the railroads entering Chicago.
The total trackage owned is about 553 miles. This property forms one of "Katy" not only have retained their holdings in the bonds and shares of
the most extensive and complete systems of railroad terminals in this coun- that company, but have increased them since then and they have no interest in the Kansas City Southern or Missouri Pacific securities.
try and is indispensable to the handling of railroad traffic at Chicago.
When questioned, these bankers would not deny that they have been conThe terminal properties, including the Dearborn Station, are used jointly
under 999 year leases, which have been in force for many years, by the five sidering passible combinations of railroads, but stated that their only in-V. 120, p. 450.
proprietary companies named above for all their freight and passenger terest is in the Missouri-Kansas-Texas property.
business to and from Chicago. The Atchison. Topeka & Santa Fe Ry Co.
New Orleans, Texas & Mexico Ry.-New Officer.
also uses a portion of the company's tracks and the station for its Chicago
long-term lease.
H. R. Safford. Vice-Pres, of the Chicago, Burlington & Quincy RR.,
passenger business under a
-V. 119, p. 2875.
The 'belt railway" is operated through an operating company, under a has been elected Executive Vice-President.
-year lease expiring Sept. 1 1962, in the interest of 13 tenant companies.
50
New York Chicago & St. Louis RR.
-To Vote on
consisting of the five proprietary companies named above and the following
companies: Atchison, Topeka & Santa Fe: Chesapeake & Ohio By. Co. Approving Merger of Railroads
8
-Sufficient Stock of the Five
(Ind.): Chicago, Burlington & Quincy; Chicago. Rock Island & Pacific Companies Deposited to Declare
Plan Operative.
Ay.; Illinois Central RR.: Mimi., St. Paul & Sault Ste. Marie: Pennsylvania
The stockholders will vote April 2 on approving a proposed contract
Co. and Pere Marquette By.
most
the "belt
Tile clearing yard included Ininterchangerailway" division is the trunk of lease from the company to tha New York Chicago & St. Louis By. (a
of freight cars between
corporation organized or to be organized under the laws of Ohio), pursuant
important common point for the
about 10,000
lines in the Chicago district. It has a capacity for handling the company to which. among other things, the properties and assets, with certain exceptions, of this company are to be leased to said corporation, subject to all
cars per day and represents an actual cash expenditure by
liabilities and agreements of this company, for the term of 999 years, and
of over $10,000,000.
expert appraisal made
was
The company's real estate alonetotal valued by Including construction, subject to the necessary approval of public authorities. The contract and
valuation.
In 1917. at $96,057.950. and the over $128.000,000. As compared vrith the action authorized thereby are pursuant to the plan for the unified control
and operation of the railroads of New York Chicago & St. Louis RR..
additions and improvements, was
total outstanding debt,
this valuation, the company'sexcluding the 1st & Ref. upon the completion Chesapeake & Ohio By., Hocking Valley By.. Erie RR., and Pere MarMtge. Series A bonds quette By.. set forth in the proposal by
of the present financing, but
Messrs. 0. P. and M. J. Van
$74,663,000.
pledged as collateral, amounts to been amended so that bonds bearing Sweringen. dated Aug. 20 1924, as given In V. 119, p. 1183.
-The mortgage has
The stockholders of the Erie RR., Hocking Valley By. and Chesapeake &
Mortgage.
per annum may be issued thereunder. The mortgage Ohio By. will vote March 25, 28 and 30, respectively, on approving the
Interest in excess of5%
is secured (as to principal and as to interest not in excess of 5% per annum) lease of their properties. The lease has been approved by the directors
by a first lien on the clearing yard. It is a junior lien on all of the re- of the foregoing roads and it is expected that the Pere M Lrquette directors
mortmaining property of the companv, subject to the lien of underlying
outstanding. will also approve the lease and call a meeting of the stockholders to approve
the lease.
gages,so far as they attach, under which $50.000.000 bonds are
-Proceeds will be used, in part, in the retirement of
A Cleveland dispatch, Jan. 29. says: The committee to carry out the plan
I Purpose of Issue.
Gold
the 15
-Year 7%% Collateral Trust Sinking Fund to thebonds (which have for unified operation of the five roads, met here to-day to complete details
extent of approxi- preliminary to the voting of stockholders'
been called for redemption on Mr. 1 1925) and,
shares in M rch and April.
expenditures for future additions and betterThe committee includes J. J. Bernet. Pres, of the Nickel Plate: W. J.
mately S8.289,000, for capital
ments to the Company's property.
Harahan, Pres. of Chesapeake & Ohio: W. L. Ross, V.-Pres. of the Nickel
IS-year 7347, Coll. Trust S. F. Gold Plate: F. E. Underwood, Pres. the Erie: E. N. Brown, Chairman of Pere
(All of the outaLtandieg
of
bonds. dated Sept. 1 1920. have been called for payment March 1 at 102fi Marquette:0.P. Van Sweringen.Ch airman of the Nickel Plate. Chesapeake
and hit, at the Bankers Trust Co.. New Yorkl-V. 120. p. 326.
& Ohio and Hocking Valley, and M. J. Van Sweringen, V.-Pres. and director of the three last-named roads.
Erie RR.
-To Vote on Nickel Plate Lease.
After the meeting the committee announced it had found sufficient stock
-V. 120, p. 449. 326.
Bee New York Chicago & St. Louis RR. below.
deposited to make the plan operative as to all companies. It ordered that
Co..
-The state- notice of operation be filed with the depositary, J. P. Morgan &whichNew
Statement.
Great Northern Ry.-Earnings
had
York. The committee approved forms of leasing each railroad,
ment of earnings appearing under this company in last week's been prepared by counsel. It approved submission of the leases to the
lessor companies.
"Chronicle" p. 446 should appear under the name of the

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of

JAN. 31 1925.]

THE CHRONICLE

581

The new company for unification, according to the proposal of the Van
Sweringens, has been incorporated under the laws of Ohio as 'The New
York Chicago & St. Louis Railway Co."
The next important development on the $1.500.000,000 merger will come
when the meeting of the stockholders is held. After the stockholders have
accepted the leases the unification will have to be presented formally to the
I.
-S. C. Corannssion.-V. 120. p. 450, 326.

an authorized Capital stocIdlof $2,500,000, of
issued and is outstanding. Of the latter amountwhich $1,597,508 has been
Southern Pacific Co.. having been purchased on81.596.818 is owned by the
Dec. 31 1920 at
$1,279,369. The Market Co. owns approximately 15;5 acres of a cost of
improvements in the vicinity of Sixth and Alameda streets, Los land and
Angeles,
Calif.. which, it is stated, are valuable for industrial purposes in connection
with the Southern Pacific Co.'s operations in and about Los Angeles.
It is
represented that, in order to obviate the expense of maintaining a separate
New York New Haven & Hartford RR.
-Earnings.
corporate organization for
The final figures for 1924 show that the Company finished the year with handled more conveniently the Market Co. and permit its property to be
and efficiently, the company's proposes to pura net income after charges of $2,998,650 compared with last year's deficit chase the properties of the
of $2,917,106, or a gain of $5,915,756; operating expenses for the year Feb. 29 1924. and making a Market Co. by assuming its liabilities as of
cash payment of $913,718.
were $97,480,323 as compared with 6107,816,094 for 1923, a decrease
The Southern Pacific proposes to incorporate in the proposed
of $10.335,771.
of the properties of the Market Co.an express obligation that it conveyance
will assume
December showed a net income of 5508,886 which was a decrease of and agree to pay the Market
Co.'s bonded der in
6105.079 over the previous month but an increase of $101,138 over Dec. of $815,500 and interest thereon, in accordance with the principal amount
the terms of the out1923.
standing bonds and the mortgage dated March 1 1911 securing them.
Month of 12 Mos.End. V. 120, p. 451. 327.
PeriodDec. 1924. Dec. 31 '24.
revenues
Railway operating
610,841,743 $127,213,698
Railway operating expenses
8,175,292 97,480,323
PUBLIC UTILITIES.
Net railway operating income
61,915,798 819.787.279
Non-operating income
Spokesmen for 30,000 Street Railway Employees Pledge Support
534.386
6,363,963
Mass. Legislature Which Provides that Buses and Jitneys Must Beof Bill in
Licensed
Gross income
$2,450,184 $26,151,242 by Local Authorities or by Metropolitan District Commission, Classing Them
Deductions from gross income
1,941,298
23,152,592 as Common carriers.
-New York "Times" Jan. 28, p. 27.
Net income
Adirondack Power & Light Corp.
$508,886
$2,998,650
-Earnings.
--V. 120, p. 450. 326.
Calendar Years1924.
1923.
Gross earnings
$7,378.501 $6,902,447
Western Railway.
Norfolk &
-Listing, &c._
Expenses,taxes and depreciation
4.944,040 4,903,492
The New York Stock Exchange has authorized the listings of $6,000,000 Interest and rentals
1,470.905
1,134,828
additional Divisional First Lien & General Mtge.4% Gold bonds, due July
1 1944, making the total applied for $29,000.000.
Net income
$963,556
$864.127
Income Account 10 Months ended Oct. 31 1924.
-V. 120. p. 327, 207.
Railway operating revenues
$77,271,678
Atlantic City Gas Co.
-Bonds Authorized.
Railway operating expenses
57,696,893
U.
Railway tax accruals
6,250,000 toThe New Jersey P.1st Commission recently authorized the company
issue
Uncollectible railway revenues
Mtge. bonds at not less than 80 and int.-V.
10,802 120, 13.• $400.000 5%
84•
Railway operating income
$13,313,983
Bell Telephone Co. of Canada.
-Lee,hgEquipment rents (net)
-Bonds Sold.
1,374,670
Joint facility rents (net)
191,407 ginson & Co., Royal Securities Corp., Ltd., and Harris,
Other income items (balance)
702,636 Forbes & Co. have sold at 98, yielding over 5.13%, $25,Gross income
615,582,696 000,000 First Mtge. 5% gold bonds, Series "A." Of the
Interest on funded debt
4,231,824 foregoing $25,000,000 bonds, $10,000,000 have been placed
Dividends on adjustment Preferred stock
689,769 in the Canadian
Dividends on Common stock
market.
6,906.524
Dated March 1 1925; due March 1 1955. Both principal and interest
Balance
$3.754.579 (M.& SA payable in U. S. gold coin at the agency of the Bank of Montreal
-V. 120. p. 450. 327.
in New York, or in Canadian gold coin at the Bank of Montreal, Montreal
or Toronto. Denom.c* $500 and $1,000.and r 61,000,$5,000 and $10,000.
New York Ontario & Western Ry.-Earnings.Not callable prior to 1940. Callable on any
date, on 60 days'
calendar Yearsnotice, at the following prices plus interest: 105interest years 1940 to 1951.
1924.
1923.
during
1922.
Operating revenue
$13,666,131 $13,937,366 $12,341,911 Inclusive, and at par during the years 1952 to 1954, inclusive. Royal Trust
Operating expenses. taxes, &c
11,492.160 12.568.942 11,440,832 Co., Montreal, trustee.
Equipment, rents, &c.(net)
Capitalization (upon Completion of Present Financing).
498,603
361,969
566,864
Capital stock, par $100 (authorized 675,000,000)
Net operating income
848.497,200
81.675,368 81,006.455
$334,215 First Mtge.5% Gold bonds, due March 1 1955 (Series A,auth.,
Other income
347,194
508,784
322,949
530,000.000)
25,000.000
Total income
Data from Letter of Pres. L. B. McFarlane, Montreal, Jan. 24 1925.
$2,022,562 $1,515,239
8657,164
Deductions
Company.
1,395.062
1.392,454
1,441,223 provinces -Owns and operates the principal telephone system in -Me
of Quebec and Ontario, serving a territory of
831.837 sci• miles.
Net income
8627.500
$122,785 def$784.059 with 5,500,000 population, including Montreal and Toronto, the largest
-V. 119, p. 3007.
cities in Canada. Book cost of real estate, buildings and telephone plant.
Dec. 31 1924. was approximately $88.400,000, or over 335 times the
Northern Pacific Ry.-Preliminary Statement of Earn- $25.000,000 First Mortgage bonds. Present actual
value greatly exceeds
ings.
-The preliminary statement of earnings for the calen- the book cost.
Earnings for Calendar Years (Dec. 1924 Estimated).
dar year 1924 appearing under the heading of Great NorthGross
Net Applic. to
Bond
ern Ry. in "Chronicle" of Jan. 24, P. 446, are those of the
Net Earnings
Revenue.
Bond Int.
Interest. Times Bd.Int.
Northern Pacific Ry. The statement of earnings of the 1921
818.796,357
82,050,475
$942,855
2.17
1922
20,454,295
3,881.168
Northern Pacific Ry. follows:
947,500
4.10
1923
22,921.590
4,757,459
947.500
5.02
Income Account for Calendar Years.
1924 (Dec. est.)24,900,000
4,700.000
947,500
4.96
Average 4 years21,768.060
3,847,276
*1924.
946,339
4.07
1923.
Average net earnings last four years were 3.08 times
Operating revenues
$94,583,954 $102,002,060 charges.
these interest
Operating expenses
70.505,936 80,364.810
Dividends on Capital stock at the rate of 8% per annum
have been paid
Net operating revenue
$24,078,018 $21,637.250 continuously since Jan. 1 1891. Present market price $134 per share, or
Operating results after taxes
approximatelft 65,000,02 market value 1301 e junior
$o
0
t
o 1 f 7alliti
.
15,275.162
tothis bond issuei
13,154.931
eeds
ed
the
Net oper. Inc. incl. equip. & joint facility rents.
April 1 1925, and forr
.818.811.503 $17.100,557 $16Tinfo0 bonds which mature
a'.owtll t nd
e'a o
Other income
extension of the company's business generally. Additions p
11,512,404
to plant and
11,181.675 real estate in the year 1924 aggregated
approximately $12,000,000.Gross income
120, p. 327.
$30,323,907 $28.282,232 V.
Interest and other deductions
15,373,683
15,300,806
Bell Telephone Co. (of Pa.).
-Annual Report.
Net income
Calendar Years1924.
1923.
1922.
614,950,224 $12,981.426 Operating revenue
1921.
Dividends
846,531.023 841.145.358 637,223,878 834,154,690
12,400,000
12,400,000 Op.exp., maint. & deer_ 35,437,310
32,352.776 27,764,436 25,437,836
Income balance
Taxes and uncollectibles 1,642,486
1.424.407
$2,550,224
1.759,606
1,517,916
$581.426
Ratio of all expenses to revenues
74.54
78.79
Ratio of transportation expenses to revenues_ __ _
Operating income_ ___ $9,451,226 $7,368,175 67,699,835
35,99
67,198,938
37,78 Non-oper. revenue (net) 1.671,990
1,609.892
1.272.207
1,574,547
*1924 figures subject to slight corrections when
books are closed for the
year.
-V. 119. p. 2643.
Gross income
$11,123,217 68.978,067 $8,972,041 $8,773,486
Interest charges, &c
4,602,101
3.704.396
2,896,604
Pennsylvania RR.
2,904,580
Preferred dividends:::: 1,035,949
-Number of Stockholders.
The number of stockholders on Jan. 1 1925 were
Common divs. paid (58) 5.200,000
4,800,000
4,800.000 4,800.000
145,174, a decrease of
1 226 compared with Dec. 1 1924, but an increase of 946 over Jan.
i
verage holdings on Jan. 1 1925 were
11924.
Balance, surplus
68.78 shares, a decrease of
6285,167
$473,671 $1,275,437 81.068,904
as compared with Jan. 1 1924. The foreign holdings totaled .45 shares, -V. 120. 13• 327, 84•
3.80% of
-V. 120, P. 206, 84,
the stock.

Boston & Worcester St. Ry.-Foreclosures.-

St. Louis-San Francisco Ry.-Earnings.-12 Months Ended Dec. 31

Average miles operated
Freight revenues
Passenger revenues
Miscellaneous revenues

Total operating revenue
Maintenance of way and structures
Maintenance of equipment
Transportation expense
Other expenses
Total operating expenses
Net railway operating income
Balance available for interest
Surplus after all charges
V 120. P. 450, 206.
-

1924.
1923.
5,166
5,155
864.984,724 862.112.779
18,512,488 20.563,988
6,403,362 6,511,061

889,900,574
11,630,012
17,933,618
30,637,214
3,560,232

889,187.828
12,204,246
18,329,056
31,882,505
3,262,613

663,761,076 $65,678,420
820,845,411 ;18,511.456
$20,796,136 $18,212,343
85.919,444 $3,741,215

Seaboard Air Line Ry.-Equipment Trusts.
-

On the recommendation of Charles Hayden. Chairman, Roger W.Bison
and George A. Butman, members of the reorganization
committee, the
American Trust Co. of Boston. as trustee under the mortgagee of the company, filed in the Supreme Judicial Court at Cambridge, Jan. 27. bills for
the foreclosure of the mortgages and a petition seeking the appointment
of a
receiver.
The reorganization committee, which was appointed
July 16 1924. when
the new reorganization plan (V. 119.
rectors, went on record in favor of the p. 2876) was approved by the diproceedings.
411
The reorganization committee issued
holders of First Mortgage bonds of the a letter, dated Jan. 27, to the
Worcester
the Framingham, Southboro & MarlboroBoston &as follows: St. Ry. and
Oise
"Bonds to the amount of $1,841,000, St. Ry.,
standing in the hands of the public, have out of a total of $2,297,000, outbeen deposited with the American
Trust Co., Boston, under the reorganization plan
of July 16 1924.
"The committee believe that it will be to
holders to foreclose the mortgages securing the the advantage of the bondbonds, and at its request the
American Trust Co.,trustee, has filed in court bills for the
foreclosure of the
mortgages and also a petition for the appointment of a receiver.
4
6
,
"It will simplify the foreclosure proceedings and expedite the
Lion of the company if the holders of the undeposited bonds will reorganizAdeposit them
with the American Trust Co."
-V.119. p. 2876.

-S. C. Commission on Jan. 20 authorized the company
The I.
obligation and liability in respect of $3,390.000 Equip. Trust to assume
Certificates.
Series "X," and $87,745 of Deferred Equipment Trust Certificates. Series
Broad River Power Co.
to be issued by the Bankers Trust Co. under an
-Trustee.
-agreement
The Chase National Bank has
dated Jan. 11925; 63,390,000 of the certificates to be sold at not lessto be
than issue of $1.500,000 10-Year 635%been appointed Trustee of an authorized
98.25 and dividends, and $87,745 deferred certificates to be sold at par,
Secured Sinking Fund Gold bends, due
in Nov. 11934. See offering in V.
connection with the procurement of certain equipment. (See
120, p. 85.
offering in
V. 116, p. 2758.) V• 120, p• 84•

Brooklyn City RR.-Earnings.-

Southern Pacific Co.
Period-Assumption of Obligation.
Gross earnings
-S. C. Commission on Jan. 15 authorized the company
The I.
obligation and liability in respect of $815,500 First Mtge.& Coll.to assume Oper. exps., taxes, &c
Trust 6%
bonds of the Los Angeles Public Market Co.
Net earnings
The Market Co. was incerp. in 1911 in California for the
establishing markets for the purchase and sale of products of thepurpose of Fixed charges
manufactured goods and cmomodities, and to engage in the soil and of
business of
Surplus
conducting such markets, as well as a general mercantile business. It has
-V. 120. p. 328. 208.

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Federal Reserve Bank of St. Louis

1P24--Dec.-1923.
1924-6 Mos.-I923.I
61,027,694 $1,037,655 $5,901,334 66,140,851
844,874
792,728 4.935.313 4,840,996
$182,820
$244,927
6966.021 81,299.856
38,375
48,043
226.083
310.630
$144.445
6196,884
6739,938
$989,225

582

THE CHRONICLE

.-Acquisition.Central Power Co. (Del.)

-V.119, p. 201.
The company has acquired the Hastings (Neb.) Gas Co.

Chicago City & Connecting Rys. Collateral Trust.
Resumes Dividends on Preferred Participating Shares.

[You 120.

Interborough Rapid Transit Co. Earnings.
Net Earnings of the Interborough System under the Plan.
--6 Mos. End. Dec.31-Month of December
1923.
1924.
1923.
1924.
Total revenue
$5.240,860 $5,163,613 $28,552,713 828,082,921
(a) Oper.exp., taxes &
rentals paid city for
old subway
3,404,922 3.298,728 18,967.226 19,395,834

The directors on Jan. 26 declared a dividend of $1 per share on the outstanding 250.000 Participating Preferred shares, no par value, payable
Feb. 25 to holders of record Feb. 16. This dividend represents earnings
accrued in the last seven years in excess of interest charges of the trust.
$1,864,886 $9,585,487 $8.687.087
which, under the terms ef the trust agreement, must be distributed to (a) Maint. in excess of $1,835,939
Preferred shareholders. In Jan. 1918 a distribution of $1 50 per share was
1,439,795
580.560
contractual provisions
164,525
54.998
-V. 118, p. 427.
made on the Partic. Pref. stock; none since.
Inc. for all purposes $1,780.940 $1,700,360 $9,004,927 $7,247,292
-Earnings.
Cleveland Electric Illuminating Co.
-jut. on
Fixed charges
1921.
1922.
1923.
1924.
Calendar YearsFirst Mtge. 5s
$672,557
$672.138 $4,035,120 $4,032,628
$18.229.295 $17,519,169 $15.125,956 $13,001,871
904.120
Gross earnings
Int.on Man. Ry. bds_
904,120
150,687
150.687
9.548.740 9,435,714 8,917,327 8,113,717
1.120.942
Operating expenses
Int. on 7% sec'd notes
1,187,551
198.346
186,921
Int.on 6% 10-yr.notes
105.546
179.097
30.906
19,717
Net operating revenue $8,680,555 $8.083.455 $6,208,630 $4,888,154
Int. on equip. trusts
33.320
74,420
17,787
7.000
145,978
251,320
193,123
223.420
Non-operating revenue_
Miscell. deductions-_ _
293.481
232.305
58.071
53,052
(b)Sk.fd.on 1st M.5s
1,084,522
184.757
180.788 1,108.540
Gross income
$8,903,975 88,276,578 $6,459,950 $5,034,132
Total deductions
3,718,173 4.004,157 3,731,152 3,302,442
Totals
81.313.111 $1.270,303 $7,721,153 $7,574,459
1,146,851
Dividends
2,048,520 2,220,740 1.462,836
Balance
$430,058 81.283.774 def$327,167
$467,830
Reserve to cover amt. of
$584.839
Surplus
add'l rental which may
$3,137,282 $2,051,680 $1,265,962
-V. 120. p. 209.
becomepayabletoowners of Man. Ry. Co.'s
-To Issue 850,000,Consolidated Gas Co. of New York.
stock not assenting to
the plan ofreadjustm't
32,291
6,635
-Year Debentures
-New Trustee.
000 5%% 20
Dividend rental on $60,See company's report under "Financial Reports" on a preceding page.
000.000 Man. Ry.stk.
John D. Ryan has been elected a trustee to succeed the late Robert A.
under plan
1,200,000
250,000
1,500,000
200,000
Carter, Sr.
-V. 120. p. 329.
Balance after actual
-Lumber-Notes Sold.
Coos & Curry- Telephone Co.
maintenance
$211,194
$230,058 def$248.517df$1.527.167
men's Trust Co.
-Bank, Portland, Ore. has sold at 100 and
(a) From the commencement of operations under Contract No.3 and the
certificates,
all
'
int. 8100,000 1st Lien 5M% Secured gold notes. A cir- related of operating respectively, it has been the practice to include in the
reports
expenses 14% of the gross operating revenue upon
cular shows:
Manhattan Division and 17% of the Subway Division. to cover maintenance
Dated Jan. 1 1925. Due Jan. 1 1926. Int. payable J. & J. Denom. and depreciation. These are the percentages fixed for the first year of
$1.000 and $500 c*. Principal and int. payable at Lumbermens Trust Co., operation in each case. Negotiations have been pending between the comPortland. Ore.. trustee. Callable by lot on 30 days' notice at 10034 and pany and the Commission ever since the end of the first year to determine
int. Interest payable without deduction for normal Federal income tax what, if any, changes in these percentages should be made for subsequent
years. Prior to July 1 1923 the amount expended in excess of 14% upon
up to but not exceeding 2% per annum.
-Organized in Oregon in 1914 for the specific purpose of con- the Manhattan Division was approximately offset by the amount under
Company.
ducting a general telephone and telegraph business. Serves, without com- 17% expended upon the Subway Division. The net expenditures for
petition, Coos and Curry counties and western Douglas County in Oregon, maintenance in excess of the amounts therefor, included in "operating
also Del Norte and northern Humboldt counties in California. Four sep- expenses, taxes and rental paid city for the old subway," are shown hereinarate connections with the Pacific Telephone & Telegraph Co.(Bell system) above as "maintenance in excess of contractual provisions."
(b) Under the plan of readjustment payment of the sinking fund is deare made. Company owns and operates over 3,620 miles of wires and cables
and over 569 miles of pole lines. It has 11 exchanges, giving service to ferred until July 1 1926 on condition that, prior to that date, an amount
equal to the deferred sinking fund be expended on additions or improveover 4,500 telephones.
-V. 120, p. 453. 211.
Earnings.
-Earnings applicable to interest for the year ending Nov. 30 ments to the property.
1924 were 3.18 times the interest requirements of $21,750 on the company's
Lower-Austrian Hydro-Electric Power Co.("Newag)
total funded debt. Earnings of the company applicable to interest charges
for the past three years have averaged 2.58 times such charges.
-Interest Payment.
Capitalization After Giving Effect to This Present Financing.
Interest due Feb. 1 1925 on the 1st Mtge.634,bonds,dated Aug.1 1924.
$250,000 will be paid by the Metropolitan Trust Co., N. Y. City. Trustee, On preFirst Mortgage 634E3
*100,000 sentation of interim receipts outstanding, for endorsement as to interest
First Lien 534% Secured gold notes
100,000 payment. The permanent bonds, bearing coupons, are expected to be
First Preferred 7% stock
200,000 ready for delivery on or about Feb. 15. Such bonds will be delivered with
Participating 6% Preferred stock
Common stock ($100,000 auth. and subscribed, $50,000 issued)- 100,000 Aug. 1 1925 and subsequent coupons attached, against surrender of interim
•Secured by $110,000 First Mtge.634% gold bonds.
-V.118„- 1397. receipts. For offering of bonds see V. 119. p. 1070.-V. 120, p. 331.
P.

Equitalile Illum. Gas Light Co.
(Phila.).-New Director.

Malden & Melrose (Mass.) Gas Light Co.
-Stock.
-

The Mass Dept. of Public Utilities has authorized the company to issue
W. H. Gartley has been elected a director to succeed the late David H.
43.712 additional shares of capital stock at par ($25) . Of the proceeds
Lane.
-V. 119. p. 2760.
$770,000 is to be used to pay promissory notes and the remainder for
-V. 119, p. 2411.
Gladwin (Mich.) Light & Power Co.
-Bonds Offered.
- additions to plant and property.

Link, Petter & Co. and Backus, Fordon & Co., ,Detroit,
are offering at 96
and int., to yield about 6.30%,
1125,000 1st Mtge. Sinking Fund 6% Gold Bonds, Series
"A." A circular shows:II
Dated Nov. 1 1924. due Nov. 1 1944. Principal and interest(M.& N.)
payable at Michigan Trust Co., Grand Rapids, Mich., trustee, without
deduction for any Federal income tax not exceeding 2%. Tax free in
Michigan. Denom. $1,000, $500 and $100. Red. all or part on any int.
date upon 30 days' published notice at the following prices and accrued int.:
to and including Jan. 1 1930 at 102, thereafter at 34 of 1% less for each
succeeding 5
-year period or part thereof prior to maturity.
Company.
-Owns and operates a hydro-electric plant at Gladwin, Mich.,
located on the Cedar River, 13 miles from the fork of the Cedar and
'Tobacco rivers. The installed capacity of the electric generating station
upon completion of the new unit will be 664 h.p. and the average annual
output of the plant, based on the water flowage over a 20-year period, will
be about 2,032,500 kw.h.
Contract for Power -Consumers'Power Co.has contracted for the entire
electrical output of the company, when, and as generated and delivered
from the Gladvrin plant, for a period extending beyond the life of the
bonds, excepting only such power as is necessary for the company to retain
for retail distribution in Gladwin, Mich. Under the terms of the contract
the Consumers'Power Co. is obligated to purchase all of the electrical
energy developed by this property during the term of this contract and this
en of the Consumers'Power Co.assures pyament of the interest and
g fund requirements of these bonds, as the purchase of this power is
In effect an operating charge against the gross earnings of the Consumers'
Power Co.
Purpose.
-To provide funds for the retirement of the bonds now outstanding, and for the installation of a new hydro-electric power unit.
Earnings.
-Average annual earnings available for interest for the last
three years are $15.408, or over twi ce the annual interest requirements on
these bonds. Upon completion of the new hydro-electric power unit, it
Is estimated that under the contract with the Consumers' Power Co..
annual earnings available for interest and s liking fund charges, after
deducting operating expenses, will be $22,037, or approximately 3 times
the annual Interest requirements of this . .issue.
(After MTFinancing).
Capitalization Outstanding.
$29,000
Preferred stock
65.000
Common stock
125.000
lst_Mtge. Sinking Fund 6s (this issue)

:W

-Great Western Power Co.-Earnings-Application.(Incl. Great Western Power Co. of Calif. & California Electric Generating Co.)
1923.
1924.
12 ionths Ending Dec.31$7,676,287 $7,214,474
Gross revenues
3,185,450 2,688,251
Operating exp., taxes & miscall
2.616,573 2,542,258
Interest on funded debt
150,000
150.000
Accr. divs. on Calif. El. Generating Co.pref.stock
360,000
528,018
Renewal and replacement reserve
$1,196,247 $1,473,965
Balance
The company has applied to the California RR. Commission for author-year bonds and
ity to issue $1.500.000 Series "D" 1st & Ref. 534% 30
82.000.0007% Cum. Preferred stock. The proceeds will be used to pay for
-V.119,D.2761.
extension of facilities, &c.,and to reimburse the treasury.

-Tenders.
Ironwood & Bessemer Ry. & Light Co.

The American Trust Co., trustee, 50 State St., Boston, Mass., will until
Feb. 15 receive bids for the sale to it of 1st Mtge.5% bonds, dated June 28
1911,to an amount sufficient to exhaust 823,182.-V. 118, p. 664.

-Hanson
-Bonds Offered.
Laurentide Power Co., Ltd.
Bros. and Aldred & Co. Ltd., Montreal, are offering at 99
and int. to yield about 5.60%, $1,525,000 Gen. Mtge. 5%
'
Sink. Fund Gold bonds, Series "A." Dated Feb. 1 1925;
due...Fell. 1 .1946.-V. 120, p. 330.

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Federal Reserve Bank of St. Louis

Marconi's Wireless Telegraph Co., Ltd., Eng.-Div.-

An interim dividend of 5% has been declared on the Ordinary shares on
account of the year 1924, less tax, payable Feb. 16 to holders of record
Jan. 22.-V. 120, p. 211.

-Rate Cut Ordered.
Michigan Bell Telephone Co.
The Michigan P. U. Commission has ordered a temporary reduction in
telephone rates in Detroit which it is estimated will save Detroit subscribers
approximately 8400,000. The reduction is effective Feb. 1 unless court
-V. 120. p. 211.
proceedings to prevent it are instituted.

Middlesex & Boston St. Ry.-Wage Increase Denied.
-

Union street carmen employed by the company are denied an increase in
an award handed down by a board of arbitration. The principal demands
-hour day. In continuing for another
were for 70 cents an hour and the 8
year the present maximum wage of 55 cents an hour the board rejects nine
out of the eleven demands of the men. An eight-hour day was favored, but
was left to be worked out between the parties if feasible.
-V.119, p. 579.

Missouri Power & Light Co.
-Expansion.
-

Work will be started as soon as weather permits on a 33,000-volt transmission line, connecting Center. Mo., with Vandalla, Mo., a distance of
20 miles. This line will connect properties of the company.
A large sub-station will be located at Vandalia, to change the frequency
of the current from 25 cycles to 60 cycles, conforming with the current now
being supplied throughout the system by steam plants. The voltage of
the line from Vandalia to Mexico will be raised from 16,500 to 33,000 volts
to carry the additional load, and to conform to the voltage of the lines out
of Mexico. The cost of the entire project will be approximately $325,000.
-V. 119, p. 1072.

Mobile (Ala.) Electric Co.
-New Control.
-

See Standard Gas & Electric Co. below.
-V. 118, p. 2447.

Montreal Light, Heat & Power, Consolidated.
-

Earnings
-Cal. Yrs.- 1924.
1923.
1921.
1922.
Gross earnings
$17.394.091 $16.140,960 $14 431 323 $13,289,964
6,847,8811 x7,113,960 6,504, 17
Expenses
549,933
7
6
Taxes
1,136,6081
Deprec. & renewal res.- 1,739,409 1,614,096 1,443.133 1,328,988
Pensions fund
20,000
20,000
20,000
20,000
Fixed charges
1,209,778 1,211,654
1,188,293
1.214,786
Dividends paid
3,770,642 3,231,767 2.690,397 2,689.740
Dividends accrued
754,261
537,946
754.041
646,070
Insur. reserve
150,000
Balance, surplus

81.765.508 $2,195,442 $1,912,220
$975,056
x Not including income tax.
Balance Sheet Dec. 31.
1924.
1923.
Assets$
$
$
Assets1923.
1924.
Property
223,790 Liabilities$
$
2,291,690 2,627,616 Capital stock
Cash
64,651,000 64,632,100
Investments
8,100,880 6,710,628 Accounts payable_x1,940,067 1,056,955
Dills recelvable 11.257.7881 110.400 Customers' depos- 564,878
469,730
11,192,910 Accrued Interest._
Accts.receivable J
42,581
43,004
12,653,360 9,401,694 Dividend accrued
Advances
(not declared)._ 754,261
Stocks, bonds and
754,041
Insurance reserve_ 641,956
interest in other
491.956
60,426,012 61,100,105 Contingent reserve 534.002
companies
534,002
St res& supplies 1,624,410 1,945,035 Deprec'n reserve.- 9,116,480 8.310,818
Suspense account- 637,826
687,760
Total (ea. side)-86,354,143 83,312,181 Surplus
7,471,081 56,331,811
x Including provision for income tax. a Subject to income taxes for
1923.-V. 119,9. 2530.

New England Tel. & Tel. Co.
-New Director.
Edward H. Rathbun of Woonsocket, R. I., has been elected a director.
-V.119, p. 2878.

JAN. 31 1925.]

THE CHRONICLE

-Plan Approved.
New York Railways.
-The approval of
the plan of reorganization dated July 18 1924 (V. 118, p.
2438) has been obtained from the protective committees
representing the following bond issues:

583

Data from Letter of Pres. C. 0. G. Miller, San Francisco, Jan. 22.
CapitalizationOutstanding.
Authorized.
Pref. stock 5% Cumulative (par $100)
24.162.000
110.000.000
Common stock (par $100)
9.504.000
10.000,000
6% Secured Gold Bonds (this issue)
4.000.000
6.000.000
Company.
(a) Broadway & Seventh Avenue RR.1st Consol. Mtge.5% Gold bonds. Co., which -Organized in 1907. Is the successor of the Pacific Lighting
was formed in 1886 to acquire and own gas and electric comdue Dec. 1 1943.
panies in California. Besides other valuable holdings, the corporation
(b) Broadway Surface RR. 1st Mtge.5% bonds due July 1 1924.
owns all
& Electric Corp., a sub(c) South Ferry RR:5% 1st Mtge. bonds due April 1 1919.-V. 120. stantial the Common Stock of Los Angeles Gas stocks of Pacific Gas &
amount of the Common and Preferred
v. 331.
Electric Co., and has recently arranged to acquire control of Southern
Counties Gas Co. The greater part of the funds derived from this financing
Northern Ohio Electric Corp.
-Plan Approved.
The stockholders at their annual meeting Jan. 27 approved the plan for will be used for the last-named purpose.
reorganization of the company outlined in V. 120, p. 87. More than 80% Consolidated Earnings of Los Angeles Gas & Electric Corp: and Southern
Counties Gas Co.
of the outstanding Capital stock has been deposited. The name of the
new reorganized company will be the Northern Ohio Power Co.
1922.
t1924.
1923.
Certain minority interests on Jan. 24 announced that they would oppose Gross earnings
$21,452,713 $18.522,309 $17.359.902
the plan.
-V. 120. p. 454.
Operating expenses, maint. & taxes
13,227,879 12,359,916 12,048,691
Bond interest and depreciation
2.763,831
3,516.041
4.414.595
Northern Ohio Power Co.
-New Company.
Preferred dividends
257.779
469,543
551.613
See Northern Ohio Electric Corp. above and in V. 120. P. 87.
Balance available for common stocks $3,258.628 $2,176.809 12.289.601
Northern Pacific Terminal Co.
-Bonds Called.
t Southern Counties Gas Co. earnings for 12 MOA ending Nov. 30.
Seventy-two of the outstanding 1st Mtge. 6% Gold bonds, dated Jan.
In addition to its
1 1883. aggregating $72,000, have been called for payment Feb. 13 at 110 derives a substantialinterest in the above earnings, Pacific Lighting Corp.
revenue from its other investments. It is estimated
and int. at the Farmers' Loan & Trust Co., 22 William St.. N. Y. City.
- that the net earnings of Pacific Lighting Corp. available for interest on the
V.119. p.455.
entire $6,000.000 bonds of this issue, will be more than 9 times interest
Northwestern Utilities, Ltd.
-Bonds Offered.
-Nesbitt charges.
Security.-Secured by deposit of
Thomson & Co., Ltd., Montreal, are offering at 100 and Los Angeles Gas & Electric Corp., 80.000 shares of the Common stock of
the value of which is in excess of $11.000.000. This stock has yield dividends without interruption for over
$3,250,000 15-Year First Mtge. 7%
interest,
carrying 30 years, and the current dividend on the 80.000 shares directly pledged is
a bonus of two shares of Common stock of no bonds, of the more than sufficient for the interest charges and sinking fund payments
par value
of this loan.
Canadian Utilities, Ltd., with each $1,000 bond.
Sinking Fund.
-Beginning Feb. 1 1926 and every 6 months thereafter, the
Bonus of Common Stock.
-The bonus of Common stock is the Canadian
Utilities, Ltd. This company owns all the stock, both Preferred and corporation will pay to the trustee 5120.000. in cash, or in bonds of this
Common. of Northwestern Utilities, Ltd., in addition to all the stock issue at par. Any cash so paid to the trustee must be used for the purpose
of calling bonds by
interest date. For each
of the Princeton Petroleums. Ltd., which cover additional valuable rights. retired, the trustee lot at the next corporation 10 shares Los $1,000 bond
Angeles Gas
will release to the
Dated June 1 1923: due June 1 1938. Principal and interest (J. & D.)
payable at Royal Bank of Canada, at Montreal, Toronto and 'Winnipeg. & Electric Corp. Common stock. The sinking fund will retire over 50%
Can., and at New York. Callable on any interest date at 110 and interedt of the issue by maturity, while during this period less than 41% of the stock
on or before June 11928, inclusive; thereafter to June 11933. inclusive, at directly pledged will be released.
107% and interest; thereafter to maturity at 1053. and interest. Trustee,
Declares Quarterly Dividend of 214% on Common Stock.
Trusts & Guarantee Co., Ltd., Toronto.
The directors have declared a quarterly dividend of 2% % the outon
Data from Letter of C. Y. Yorath, President and General Manager. standing $9.504.000 Common stock par $100, payable Feb. 18 to holders
of record Jan.31. This is equivalent to 18% per annum on the old $5,280.CapitalizationAuthorized.
Issued.
First Mtge.7% Sink. Fund Gold bonds (this issue)-$4,000.000 23,250,000 000 Common stock which was outstanding prior to the payment on Dec. 22
8% Preferred stock (Cumulative)
1924
1,500,000
1,500,000 were of an 80% stock dividend. Distributions on the old Common stock
at the rate of 16% per annum.
Common stock (no par value)
.
-V. 119. p. 3011, 2648.
60.000 shs. 60.000 shs.
Company.-Incorp. under the laws of the Dominion of Canada. Operates
Peoples Gas Co.(New Jersey).
-Bonds Authorized.
under an exclusive 20
-year renewable franchise, to supply natural gas to the
The New Jersey P. U. Commission has approved the issuance of
city of Edmonton(
having a population of 63,160-1924 municipal census).
for domestic and heating purposes at favorable rates. These rates are 21.300,000 First Mtge. Gold bonds, due 1954. See offering In V. 119. 9.
fixed by the P. U. Commission of Alberta, based on a 10% net return after 2879.
deducting sinking and depletion funds and operating expenses. The ComProvidence Gas Co.
-Increase in Capital Sought.
mission established a rate for the first three years of 46% cents per 1.000
The company has applied to the lower branch of the State Legislature
cu. ft. of gas, with a lower rate for large consumers, and from actual operations the average rate is approximately 41 cents. Favorable franchises are of Rhode Island for authority to increase its capital stock from $10.000,000
also held for supplying gas to the residents of five towns on the main trans- to 215,000,000. It is not the intention of the company to issue any of the
additional stock at the present time but to hold same in the treasury to
mission line between the field and Edmonton.
Propertiss.-The field is near Viking, about 80 miles southeast of Edmon- pay for future expansion, &c.,of the company's properties.
-V.120. P.3311
ton, and aovers a proven area of 27 square miles. Leases on approximately
Puget Sound Power & Light Co.
-To Change Par Value
16,000 acres in this reserve and extending for a period of 21 years, and which
are renewable for similar periods in perpetuity, have been vested in the of 6% Preference Shares.
.
company by assignments. It is estimated by prominent geologists that the
The stockholders will vote March 3 on changing the par value of the
reserve contains not less than 60,000,000,000 cu. ft. of gas. Ten wells have
been drilled and all are producing with an average open flow capacity of over Preferred stock from $100 to no par and on authorizing 40.000 additional
-V.
4.800,000 cu. ft. per day. Three of these wells have never been used and shares to be sold from time to time as the directors may determine.
are at present held in reserve. Apart from the proven area of 27 square 120. p. 212.
miles, the company owns leases covering an additional extensive area tvhich
Rutland (Vt.) Ry., Light & Power Co.
-Buses Displace
contains as much, or more, gas (60.000,000,000 cu. ft.) than is now known
Trolleys in Rutland.
to be contained in the proven area.
The main transmission line is 77 miles long, over the company's own
After having transported passengers through the streets of Rutland. Vt..
right of way, and consists of 40 miles of 12-in.pipe and 37 miles of 10%-in. for 40 years, the trolleys of that city have been withdrawn in favor of buses.
pipe. There are also two stations, one at each end of the line, to regulate This move entirely eliminates electric railways as a transportation factor in
the pressure. No pumping stations are required, as the gas comes in under and around Rutland, other lines connecting Rutland with neighboring
dts own pressure. The distribution plants consist of 80 miles of pipe lines towns having been supplanted previously by bus service.
-V.120, p.332.
and seven main pressure regulating stations in the city and six similar
stations in the towns. The plant is already constructed in the city of
San Joaquin Light & Power Corporation.
-Stock.
Edmonton to take care of approximately 10,000 consumers, and al the
The corporation has applied to the California Railroad Commission for
close of the year 4.875 customers were connected.
authority to issue 10.000 shares of 7% Prior Preferred stock, the proceeds
Purpose.
-Proceeds are to be used to retire loans, which were advanced
to reimburse the treasury for capital expenditures. The company
for the purpose of constructing the main transmission line, the distribution to be usedto spend
proposes
$3,970.541 for additions and betterments this year.
system, pressure regulating stations, &c.
Security.
-Secured by a first morttage on all the fixed assets now or here- V. 119, p. 2880.
after owned, and a floating charge on all other assets of the company.
Spring Brook Water Supply Co. Wilkes-Barre, Pa.Fixed assets as at Sept. 30 1924 were valued at over 25,400,000.
-First National Bank, Marshall Field, Glore,
Earnings.
-Gas was first supplied to the city of Edmonton in the fall of Bonds Sold.
1923 and at present the company has over 4.875 connected consumers. Ward & Co., Graham, Parsons & Co., and Green,
Ellis &
Additional connections are being made at the present time at the rate of
15 For day. The total prospective number of consumers is in excess of Anderson, have sold at 100 and interest, $2,500,000 First
12.000. At the beginning of 1924 the company had only 1,200 customers Refunding Mortgage 5% Gold bonds.
connected, and for the first six months an average of 2,000 gas consumers.
Dated April 11925; due April 1 1965. Interest payable A.& 0.at First
Notwithstanding this fact the company shows net earnings (the first year
of operation) of $173,720. The number of customers connected at the end National Bank, New York, without deduction for normal Federal income
.
. the year was 4,875. nearly 2,000 of which were connected the last three tax not to exceed 2%. Denom. $1,000 c5 Redeemable as a whole on 60
of
months of operation; the gross earnings for the month of December amount- days' notice. at 107% on Oct. 1 1935 to and including April 1 1945: at 105
to and including April 1 1955; at 1024 to and including Oct. 1 1964, plus
ed to $91,516.
Sinking Fund.
-The trust deed provides for a sinking fund as follows: At accrued Interest in each case. First National Bank, New York. trustee.
the rate of 5 cents per 1,000 Cu. ft. of gas sold to Dec. 1 1928: thereafter to Free from Pennsylvania four mills personal property tax.
Dec. 1 1933 at the rate of 6 cents; thereafter to Dec. 1 1937 at the rate of Data from Letter of Pres. L. A. Watres, Wilkes-Barre, Pa., Jan. 23.
7 cents. Company is also obliged to pay into the sinking fund an amount
Company.-Incorp.
perpetual
equal to the interest of the bonds that have been redeemed by the trustees. franchisee. Companyin Pennsylvania in 1896. Operates undersystem of
owns
gravity
Under these provisions it is estimated that the sinking fund will retire this water supply and reservoirs or controls an extensiveValley,
Pa.,supplyin and about the Wyoming
entire issue before maturity.
ing 64,000 customers in the cities of Wilkes-Barre, Pittston and the south
Northwestern Bell Telephone Co.
-1925 Expenditures. side of Scranton, and 42 other municipalities in the same district. Total
The company's budget for 1925 contemplates $6,013,000 expenditures population served, approximately 375,000. Aggregate capacity of the
for construction and replacements in Iowa, Minnesota and the Dakotas. company's reservoirs is 11300,000,000 gallons. and there are more than 675
miles of pipe lines.
'This is $1,000,000 larger than 1924 expenditures.
-V. 119, p. 2530.
Security.
-Secured by a direct mortgage,subject to $6.390,000 underlying
Pacific Gas & Electric Co.
-Stock Offered.
bonds, on all the physical properties of the company, which. together with
The company is offering additional Common stock at par ($100 per "share) the properties of certain subsidiary companies, are conservatively carried on
Puro
on the installment plan,$10 per share as an initial payment and $5 per share the company's books at $18.211,591. or more than twice the total mortgage
debt.
ers may buy up to ten shares.
per month.
Bonds of this issue are reserved to refund the underlying bonds, and addiThe company's construction and maintenance program calls for an expenditure of $33,721.000, of which amount $17.821,000 will be spent tional bonds may be issued only in accordance with the conservative restrioduring 1925. Early next July the Pit No. 3 plant of the great chain of dons of the mortgage.
hydroelectric developments on the Pit River in Shasta County will be in
Subject to the lien thereon of the company's first mortgage, the stocks of
operation and adding 1,000,000k. w, h, of electrical energy daily to the the subsidiary companies (to the extent that title to the properties thereof
company's output, but before this plant is completed work will be begun may not have been conveyedfo or vested in the company at or before the
on the Pit No. 4 plant. This plant which will cost about $15,000.000, creation of the new mortgage) will be pledged under the new mortgage,
calls for a tunnel 4 miles long, a big diversion dam, a surge chamber, three which will contain provisions permitting the company to acquire title to the
properties of such subsidiary companies.
penstock lines and a power house with an installed capacity of 135000 h.p.
Purpose.
-Proceeds will be used to retire $1.750.000 notes, issued in conIn the Shasta division $905,000 will be spent for a new substation at Cottonwood and the lines that will bring additional power from the California- nection with the construction of an additional reservoir, and for other corOregon Power Co. The substations at Red Bluff, Roseville and Livermore porate purposes.
Capitalization (as of April 1 1925.)
are to be reconstructed. in the East Bay territory nearly $1,500,000 will
'be spent in the construction of new substations. In the Sacramento First Mortgage 54, due April 1 1926
15,000.000
district, Vacaville-Dixon improvements, including the largest condenser First Refunding Mortgage 5% Gold bonds (this issue)
2.500.000
ever constructed in California, will cost $900.000. San Francisco additions Plymouth Water Co. First Mortgage 54. 1926
300,000
to the new Martin substation will take $660.000, and $236,000 will be North Mountain Water Supply Co. First Mortgage 54. 1933---- 1,000.000
-V. 120, e. 212.
feeder lines.
Capital stock (par $100)
devoted to new
7,500,000
Earnings Years Ended December 31.
-Bonds Sold.
-Bond & Goodwin
Pacific Lighting Corp.
1920.
1922.
1924.
1921.
1923.
.85 Tucker, Inc., Blyth, Witter & Co., and Mercantile Secur- Gross income-31,278,673 11,308,107 $1,250,974 $1,418,453 11,450.668
avail.
ities Co. of Calif., have sold at 100 and in $4,000,000 6% Net earns,depr'n
for int.,
Secured Gold Bonds.
and Fed'l taxes 908,833
874,844 1.029,681 1.069.644
926,068
o
i'
Dated Feb. 1 1925idue Feb. 1 1940. Red. on any int. date, onpMagr Lit. requirements of total funded debt, incl. this issue
440.000
notice, on or before Feb. 11930. at 103% and thereafter1
Int. payable F. & A. without deduction for any Margin over present interest requirements
each expired 6 months.
$829.544
Company has never failed to earn a profit in any year since its incorporanormal Federal income tax, not exceeding 2%. Denom.$500 and $1.000ct.
Ion in 1896 and has paid dividends continuously since 1903.-V.97. p.1667.
Mercantile Trust Co.of Calif., trustee.

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[VOL. 120.

THE CHRONICLE

584

-Sells Mobile Holdings.
Standard Gas & Electric Co.

Gas & Electric Co.
H. M. Byllesby & Co. announce that the Standard interests identified
to
has disposed of its holdings in the Mobile Electric Co. order to permit the
was taken in
with the Alabama Power Co. This action comprehensive transmission line
Mobile Electric Co. to become part of a
being worked out. Elecand hydro-electric development program now
been developed by steam.
tricity at Mobile (Ala.) has heretofore Jackson, President of the Mobile
that Theodore K.
It is understood
with the Byllesby organization,
Electric Co. and for many years connected new owners-V.119,p.2531.
will remain in charge of the property forthe

-Merger Upheld.
Tennessee Electric Power Co.

-Buses.
United Electric Railways, Providence, R. I.

Among other trolley lines which have been displaced by the bus within
the last month is one formerly operated between Providence, R. I.,eand
North Scituate, Mass., by the United Electric Railways Co. The com-V.120.
pany has been authorized to operate buses as a substitute service.
Kt

-Tenders.
United Electric Securities Co.

The company, at its office. 31 Nassau St., New York City, will until
Feb. 9 receive bids for the sale to it of Collateral Trust 5% bonds of the
23d Series, to an amount sufficient to exhaust $19,964.-V. 120. p. 213.

8c

-Earnings.
a combination efUnited Gas
Electric Corp. (incl. Subs.).
The suit instituted by the State of Tennessee to dissolve
1923.
Light Co. Chattanooga Railway &
1924.
12 Months Ended Dec. 31fected by the Nashville Railway & Tennessee River Power Co., the vot- Gross earnings
'
$12,736,071 $12,062,550
Light Co., Tennessee Power Co. and in the Tennessee Electric Power Co.,
8,053,993
8,496,804
Operating expenses, maint. & taxes
been vested
ing power of which had
4,008,557
in favor of the defendants.
4,239,267
the holding company, has been decided the monopoly in the control and Net earnings income
194,858
that
201,892
The Tennessee Supreme Court heldState was legal and authorized under Non-operating
the
distribution of electric power in delivered by Justice Cook, affirming the
Total gross income
$4,441,159 $4,203,413
the State laws. The opinion was
of Nashyllle.-V. 119. Interest on funded debt
971,340
1,045.430
decision rendered by Chancellor James B. Newman
484.269
Other fixed charges
550,600
p.3011.
807.169
Reserve for renewals St replacements
769,032
-Earnings.
33,118
Inter-company dividends
38,912
Third Avenue Railway.
1922.
1923.
1924.
384,459
Proportion not applicable to holding cos
364,938
6 Mos. ending Dec. 31Operating Revenue7.065.545 7,081,456 Holding Cos.' proportion
7,124,521
x$1,672,246 81,523,058
Transportation
104.837
125,618
128,469
Rents
65.867
81,381
x Balance, $1.672,245. Add: Net income from bond investments and
82,187
Other
other sources than those covered above. $223,950. Total, 81,596,195.
7,257,161 Deduct: Interest on United Gas & Electric Corp. bonds,$580.140; amortiza7,272,545
7,335,177
Total operating revenue
tion of debt discount, $49,412: balance, $1,266,644.-V. 119, p. 2764.
Operating Expenses
707,911
865.077
1,036.660
Maintenance of way
United Gas Improvement Co.
553,887
-Gas Sales.
730.655
765.274
Maintenance of equipment
499,716
172,305
The sales of gas in Philadelphia by the company through its subsidiary,
Cr.21,766
Depreciation
612,794 the Equitable Illuminating Gas Light Co. are as follows:
542,522
515,444
Power supply
1924.
1923.
1921.
2.530,068 2.451,274 2,302,774 3 mos. end.
1922.
Operation of cars
703,883 Mar. 31--- 4.767,938,160 5.106,415.260 4,472,207,576 4,308,885,540
762,244
831,949
Other
June 30.-- 4,306,186,550 4,355,965,170 3,862,506,580 3,825,330.100
5,380,966 Sept.30_ -- 3,380,849,280 3,428,429,360 3,295,361,050 3,172,832.710
5,524,077
5,657,629
Total operating expenses
1,748,468 1,876,195 Dec. 31_ -- 4.441,847,900 4.365,515,650 4,306,279,840 4,140,238,560
1,677.548
Net operating revenue
489,813
479.842
508,078
Taxes
Total yr-- 16,896,821,890 17.256.395,440 15,936,355,040 15,477,286,910
1,386,382
1,268.626
The amount due the city on sales for the quarter ended Dec. 31 1924
1,169,469
income
Operating
143,329 was $1,015,140.-V. 119, p. 2764.
140,265
139,564
Interest revenue
1,529,710
Utah Fuel Co.
-Tenders.
1,408,891
1,309,033
Gross income
274,040
274,040
274,040
The Guaranty Trust Co., trustee, 140 Broadway, New York City, will
Interest on 1st Mortgage bondsbonds_
439,810 until Feb. 17 receive bids for the sale to it of First Mtge. 5% bonds due
439,810
439,810
1st Refund. Mtge.
Interest on
563,400 March 1 1931, to an amount sufficient to exhaust $12.780, at prices not
563,400
563.400
Interest on Adj. Mtge. bonds expen_
10,607 exceeding 110 and Interest -V. 119. p. 706.
10.935
11.226
Amortization debt, discount &
16.740
16,740
16,740
accruals
Sinking fund
41.587
Utilities Power & Light Corp.
-Initial Dividend.
38.807
46,295
Miscellaneous
An initial quarterly dividend of 50 cents per share has been declared on the
183,525 outstanding 150,000 shares of Clasa "A" stock, no par value, payable Apr. I
65.159
def.42,477
Net income
to holders of record Mar. 15. See also offering in V. 119. p. 2880.
-V. 120, p. 333.
-Gas Rate Increase Asked, &c.
Edison Co.

Toledo
of artificial gas rates with the
The company has filed a new schedulean average increase in domestic
will mean
Ohio P. U. Commission, which
19% and a 36% increase in domestic rates.
and industrial rates of about were straight meter rates. The new rates
The old rates in all instances
-part rates and will include a customer charge
will be what are known as 3
a capacity charge and a consumption
which includes the cost of billing, etc.,
charge.
said in part: The company has a $5,000,000
President B. C. Adams
Last year the gas division earned on that
investment in its gas properties. schedule, if approved, will give a return
Investment only $456. The newor a little better than 3%. which is still
of $175,000 on the Investment,
as a fair return on an investment.
considerably under what is recognized
discount, were $1.10 for illuminating, 85
The old rates, all subject to 15% domestic rates, for example, will average
The new
cents for domestic gas. and that holds good for the other rates. The new
about $I per 1,000 feet
a customer charge of 75 cents, a capacity charge
new domestic rate contains cents a month for the ordinary sized meter and
of 3 cents a foot. or about 75
charge of 75 cents less 15% discount, or net rate of 60 cents
a consumption That will result in an average rate of about $1 per 1,000
per 1.000 feet.
trustee, 16 Wall St., N. Y. City, will until
The Bankers' Trust Co.,
sale to it of First Mtge. gold bonds, 7% series.
Feb. 9 receive bids for the
amount sufficient to exhaust $67.500 at prices not exceeddue 1941, to an
333.
ing 103 and int.-V. 120, p.
-Annual Report.
Rapid Transit Co.

Twin City
1021.
1922.
1923.
1924.
Calendar Years$13,463,111 $13,772.647 813.865,582
Total oper. revenue_ _ _ -$12,704,569 9,537,841
9.914,325 10.990,535
Total oper.expenses_ ___ 9,185.928
1,130,637
1,251.924
1,373,069
1,265,982
'Taxes
$2,606,306 $1,735.409
9
Operating income----$2,252,65 $2,552,201
5.5.732
69,241
116,936
101,062
Non-operating Income-$2,353,721 $2,669.137 82,675,639 $1,791,142
Grass income
1,093,837
1,110,438
1,099,070
1.084.712
Interest. &c
210.000
210,000
210.000
210.000
Preferred diva. (7%)
dividends_ _ _ -(4%)880,000 (6)1,320,000(4%)880.000(2%)440,000
Common
Balance, surplus
-1t. 119. p. 2181.

$179,009

$40,067

$475,201

$47,305

-Protective Committee for
Union Traction Co. of Ind.
18t Mtge.
of Indianapolis Northern Traction Co. 5%appointed a
Holders
the Madison Circuit Court of Indiana

On Dec. 31 1924
the Union Traction Co. of Indiana, successor
receiver for the property ofFirst Mortgage Gold bonds of the Indianapolis
to the guarantor of the 5%
which subsequently was consolidated with the
Northern Traction Co.,
Indiana, and the company has defaulted in the
Union Traction • Co. of
the bonds due Jan. 1 1925,
payment of the interest on has been requested by the holders of a large
committee (below)
The
above bonds to form a committee for the protection of the
amount of the Holders of the bonds are requested to deposit their bonds
bondholders.
subsequent coupons attached, with Fidelity Trust
with Jan. 1 1925 and Philadelphia, depositary; or Indiana Trust Co..
St..
Co. 325 chestnut sub-depositarY.
Indianapolis, Ind.,
(V.-Pres. Fidelity Trust Co., Phila.);
Committee.-J. C. Neff. Chairman Co. for Ins. on Lives & Granting
(V.-Pres. Penna.
Arthur V. Morton Carl W. Fenninger (V.-Pres. Provident Trust Co.)
Phila.;
. Annuities),
Daly & Co.), Baltimore, Md.; S. C. Parry:
Phila.; T. J. Jeanneret (Owen. Forrey Jr. (Pres. Fletcher American Co.),
Indianapolis. Ind.; George C.
Winchester, Ind.
and James P. Goodrich,
Indianapolis,

-Earnings,
Virginia Railway & Power Co.
1924.
1923.
1922.
Calendar Years1921.
Gross earnings
810,454,047 $10.508,608 $9.513,095 $10.173,335
Oper. exp., maint., taxes
6.549.589 6,676.189 6,207,077
and rentals
7,488,089
Operating income__ __ $3,904,458 83,832,419 $3.306,018 $2,685,246
138,122
236,035
142.095
Other income
235.457
Total Income
$4,046,553 $3,970,541 $3,542.053 $2,920,703 •
1,183.673
1,196,833
1,227,732
Int. & sink,fund deduc_ 1,302,160
1,480.345
1,422,500
610,400
Deprec'n & renewal res_ 1,586.329
8935,880 $1.082,570
11.158.064 $1,293,362
Comparative Balance Sheet.
Dec. 31'24 July 31 '24
Dec. 31 '24 July 31 '24
Liabilities
Assets
Common stock_ -11,950.500 11,950,500
Prop. plant, work
In progress, dte_44,891,349 46,196,739 Preferred stock- _ - 8,987,090 8,987,090
22,402,626 21,952,626
2,526,949 2,563,264 Funded debt
Investments
30,488 5, F. bonds retired 2,468,616 2,305,985
Adv. to Mill. cos_ _ 351,701
29,021
14,431
Sinking funds_ _ _ _ 2,475,455 2,312,825 Deferred credits._
107,110
83,136
Deferred charges_ _ 712,832
724,966 Allied companies..
2,556,650 2,233,939 Current liabilities. 1,428,667 1,734,859
Current_assets_ _
Reserves
4,483,993 5,717,453
Total(each side).53,514,937 64,062,220 Surplus
1,681,288 1,292,156
Net.income

The above statement does not include Norfolk Ry. & Light Co. assets
and obligations.
-V. 119, p. 2881.

-To Pay Bonds.
Washington Ry. & Electric Co.
The $1,850,000 5% bonds of the Metropolitan Railroad Co.. due Feb. 1,
will be paid off at maturity at office of Baltimore Trust Co., Balto., Md.
In connection with this payment the Wash. Ry. & Elect. Co. will issue later
$1.850,000 6% General & Refunding bonds, dated Nov. 1 1923, and due
Nov. 11933. The new securities have not been sold to or underwritten by
bankers.
1922.
Calendar Years1924.
1023.
1921.
Revenue pass. carried_ _ 77,786.675 81,518,607 82,716,756 85.481,656
Gross earns,from oper__ $4.759,244 $4,957,215 $5,022,967 $5.455.624
Miscellaneous income_ _ _
844,338
690,226
x860,089
654,511
Gross income
$5.619.333 $5.801.550 $5,713.193 $6,110,135
Op.oxps., dopr..tax.,&c. $3,820,622 $4,089,016 $4.109,060 $4,382,937
755,878
764,315
790,676
Int. on fund. & unfd. d't
772,961
425,000
425.000
Pref. diva.(5%)
425,000
425,000
Common dividends_ -_(5%)325,000(3%)243.750
Balance

$258,036

$287,906

$414,818

$529,238

x Including dividends from Potomac Electric Power Co. and $1,287
miscellaneous items credited to profit and loss.
Aside from dividends from the Potomac Electric Power Co., included
above, no income was received by the Washington Ry. & Electric Co. on
-V. 119. p. 2881.
its investment in stocks of subsidiary companies.

-Depositary for New Stock.
Western Power Corp.
The Bank of America. New York, has been appointed depositary to
accept subscriptions for 72,500 shares of Common stock, no par value.
See V. 119, p. 2881, and V. 120. p. 213.

Wisconsin Traction, Light, Heat & Pow.Co.
-Fares.

Cash and ticket fares charged by the company on its interurban lines
Appleton. and between
Neenah, Menasha
Traction Co. of Indiana 5% connecting Wis., were reducedand Jan. 5. The cash fare Kaukauna and
on
between these
Protective Committee for Union
Appleton.
points has been changed from 20 to 15c., with no transfer privilege, however,
Gold Bonds.
General Mortgage bonds are requested to deposit their bonds with the to city cars. Substantial reductions have been made in the cost of tickets
of the above
Holders
-ticket rates of $4 has been discontinued and
Co., 316-320 Chestnut St., Philadelphia, and weekly passes. The 25
Guarantee Trust At Safe Deposit Indianapolis, sub-depositary. All bonds In its place a new book of 10 tickets for $1 35 will be issued. This is a
Co.,
depositary, or Indiana Trust
must bear the coupon ma- saving of 2c. per ticket. Passengers who use this ticket are ipermitted to
are extended to July 1 1932
so deposited which
subsequent coupons. Bonds extended only to transfer to and from city cars. 'Weekly passes are sold for $1 50 instead
turing Jan. 11925. and all extended at all, which presumably have no of $1 75. The former rate of 12 tickets for $1 for use in any 15c. fare
July I 1922 and bonds not
zone has been changed to 10 tickets for 57c., with transfer privilege to
be accepted without coupons.
coupons attached, will
(Pres. Girard National Bank),
-Joseph Wayne, Chairman Life Insur. Co.), Phila.; Henry city cars. These reductions have been made possible through the increased
Committee.
Mutual
use of the company's
A. Law (Pres. Penn Co.), Phila.; Lewis H. Parsons (Gra- economies in operation. interurban service by the public and numerous
Phila.: William
-V. 118, p. 3200.
("Electric Ry. Journal.")
G. Brengle (Pres. Philadelphia TrustDickson (Union Trust Co.).Indianapham,Parsons & Co.),Phila.; Fred C.
Vermillion (Pres. Anderson Banking Co.), Anderson,Ind.
olis, Ind.:Jesse L.
Title Building, Philadelphia, Counsel,
with Morgan, Lewis & Bockius, Land St., Phila., Sec. See V. 120. p. 333:
INDUSTRIAL AND MISCELLANEOUS.
and Herbert W.Goodall,316 Chestnut
-On Jan. 24 Arbuckle Bros. list price was 6.10c.
-Inc.
Refined Sugar Prices.
(The) United Elec. Light & Power Co. of N. Y.
the authorized Capital stock from but for shipments on or before Feb. 21 the price was 6.00c. per lb. On
The stockholders on Jan. 8 increased
par Jan.28 the American, National and Warner companies reduced price 15 pie.,
(20,000 Preferred, par $100, and 213,942 Common, no
233.942 shares
and 573,942 Com- to 6.10c. per lb., although it is understood they are accepting business at
value), to 593,942 shares (20.000 Preferred. par $100,
stock is owned by the 6.00c. per lb. Federal reduced price 10 pis., to 6(46.05c. per lb. Revere
mon, no par value). Practically all the outstanding
price
in turn controlled by the Consolidated Gas Co. of reduced to 6.c5 pie., to 6.10c. per lb. On Jan. 29 Revere reduced price
New York Edison Co.,
per lb.
10 pts.,
-V. 116, p. 526.
New York.

Digitized for FRASER
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Federal Reserve Bank of St. Louis

JAN. 31 1925.]

THE CHRONICLE

Strike of 11.000 Workers of Pennsylvania Coal Co. Ended
-Men Return to
-New York "Times" Jan.
Work Jan. 26.
23.
-Esmond (R. I. Mills cut wages of 1,200
New England Mill Situation.
24.*
employees up to 10%. "Wall Street Journal" an. 24, p. 9.
Devon Mill(New Bedford, Mass.) management on Jan. 24 posted notice
mill would close down at once until Feb. 2. owing to "unbalanced condition
In the mills.
Weavers and loom-fixers had been out on strike since
Jan. 19 in protest against 10% wage cut. New York "Times" Jan. 24,
p. 17. Dispatch on Jan. 28 says strikers and management reached agreement and operatives will return to work. "Boston News Bureau" Jan. 28,
P.
Greenhalgh Mills of Pawtucket threatened with strike of 400 employees
against 10% wage cut. Plan to walk out Feb. 2 if cut is not rescinded.
New York "Times" Jan. 26, p. 21.
Dwight Mfg. Co., which cut wages 10% effective Jan. 26 (see last week's
Issue, p.456), now has strike of 200 weavers as protest against cut. Neither
mill nor strikers have made a move toward conference. New York "Times"
Jan. 30, p. 28.
Pepperell Mfg. Co. (Cotton Mills) of Biddeford, Me., Plan Removal to
-New unit will have 20,000 spindles and 600 looms. NecesOpelika, Ala.
sary machinery will be moved from Biddeford to Opelika. New York
"Times" Jan. 27, p. 19.
Lead Price Reduced.
-American Smelting & Refining Co. reduced price
25 pts.: to 9.75c. per lb. "Wall St. News' Jan. 31.
Collar Prices Advanced.
-Manhattan Shirt Co. advances price per dozen
from $2 10 to $2 60 wholesale. The Nustyle brand is now quoted at
$3 75 per dozen wholesale. "Wall Street News" Jan. 30, p. 3.
Matters Covered in "Chronicle" Jan. 24:
(a) 1924 record of new building construction p. 377-383. (b) New
capital flotations in December and the 12 mos. of the calendar year
p. 384-392. (c) Refined copper statistics show 1924 was most active
post-war year-p. 397. (d) Copper production breaks peace-time records
-smelter output for 1924 more than a billion and a half pounds
-p. 397.
(e) Textile strike situation-New Bedford operatives, by minority vote,
accept wage cut
-Strikers in Barnard Mills, Fall River,
p.399. (f) Manville Jenkes weavers on strike for higher return to work
wages.
-P.399.

All America Radio Corp.
-Stock Sold.
-Paul H. Davis
& Co. and Stein, Alstrin & Co., Chicago, have sold at $26
per share 40,000 shares Class "A" stock.

Transfer agent. Chicago Trust Co. Chicago. Registrar, Central
Co. of Illinois, Chicago. Dividendsexempt from normal Federal Trust
*
income
tax under present laws and exempt from personal property taxes when
held by residents of Illinois. Application will be made in due course
to
list this stock on the Chicago Stock Exchange.
In event of liquidation, Class "A" stock shall be entitled
up to $30 per share plus unpaid accrued dividends at the to distribution
rate of $2 per
share per annum before any distribution is made to Class "13" stockholders.
After Class "B" stockholders shall have received $30 per share,
any further
assets shall be divided ratably among both classes of stock,
Class "A" stock shall be entitled to a cumulative dividend share for share.
of $2 per share
per annum from Feb. 1 1925. After
In any year, Class "B" stock shall be provision is made for this payment
of $2 per share per annum. Furtherentitled to a non-cumulative dividend
distribution of dividends in any year
shall be divided ratably among both classes
of
Class "A" stock is convertible into Class "B" stock, share for share.
stock at any time at the
option of the stockholder, share for share. Class
"A" stocs is red. at $50
per share plus divs. at any time upon
60days' notice, opportunity being
given Class "A" stockholders to
"B"stock during such interval. convert their Class "A" stock into Class
Both classes of stock are entitled to vote.
Capitalization
Authorized. Outstanding.
Class ""A" stock (par $5)
50,000 shi. 50,000 abs.
Class B"stock (par 35)
*100,000 ohs. 50,000 stn.
* 50,000 shares reserved for conversion of the Class "A"
stock.
Data from Letter of Pres. E. N. Rauland, Chicago, Jan. 20.
Company.
-The business was organized in the early part of 1920 as the
All-American Electrical Manufacturers, a co-partnership, to manufacture
and sell a number of different electrical devices, including transformers,
condensers and specialties in the general electrical field. Shortly afterwards the possibilities of the radio becoming a commercial necessity having
been recognized, the developing
could
be manufactured and distributedof certain lines of apparatus, which policy
on a
of the company has been to specialize large scale, was begun. The
in certain fundamental instruments
that could be sold to all users of the radio and it developed
"All-American" line of audio frequency transformers which the well-known
are now recognized as leaders in their field.
In May 1922 the business was incorporated under
the name of
Mfg. Co. The All-American Radio Corp. has taken over the going Rauland
business
and all astets of the Rauland Mfg. Co.
favorable lease, a plant at Chicago and theCompany occupies under a
management is now taking
steps for further expansion of facilities.
Purpose.
-Proceeds will be used in part to provide additional working
capital.
Earnings of Predecessor Company Before and After
Deducting Federal Taxes.
Earnings before
Net after
Taxes.
Taxes.
Taxes.
1923
$109,792
$13,530
$96.261
1924
417,507
52,500
365.007
For the year 1924 net earnings after taxes
were more than 33 times
the regular dividend requirements on
the Class "A"
tions are that the sales for 1925 Will greatly exceed stock. Present indicathose of 1924.
Dividends.
-The Class "A" stock bears cumulative dividendsfrom
Feb. 1 1925 at the annual rate of $2
signified their intention of placing the per share, and the directors have
stock
initial quarterly dividend of 50c. per share to on that dividend basis, the
be payable at an early date

Allerton Fifty-Fifth Street Corp. N. Y.
City.Bonds Offered.
-P. W. Chapman & Co., Inc., are offering at
971 and int., to yield about 53 %,$1,300,000 1st Closed
4
Mtge. 53.% Sinking Fund Gold4
Loan. A circular shows:
Dated Feb. 1 1925; due

Feb. 1 1945. Principal and int.(F.& A.)
Payable
at New York Trust Co., N. Y., trustee. Denom. $1,000
in part for sinking fund purposes on any int. date upon and $500c*.Red.
30 days' notice, to
and incl. Feb. 1 1930 at 103 and int.; thereafter to
and incl. Feb. 1 1940
at 102 and int.; thereafter to and incl. Aug.
as a whole on any int. date upon 60 days' 11944 at 101 and int. Red.
Interest
payable without deduction of any Federal notice at 101 and in
income tax not in excess of 2%.
Refund of the Penn., Kentucky
exemption tax, Virginia 5A mills and Conn. 4 mills tax. Michigan 5 mills
tax, and Mass, income tax not to exceed
67o•
Allerton Fifty-fifth Street Corp.
-Owns the Allerton Fifty-fifth Street
Building which Is one of the successful Allerton
residences constituting
the Allerton group comprising 6 large buildings in New
York
The ever-increasing demand for Allerton accommodations and Chicago.
, representing a
practical solution of the problem of suitable living
quarters in larger cities
reasonable cost,has resulted in the unprecedented
at a
growth ofthe Allerton
enterprise. The Allerton buildings combine the
appointments of a home,
the service of a hotel and the sociability of a select club.
Building.-The building is located at the
northeast corner of Madison
Avenue and 55th St., N. Y. City. The building,
completed
of brick and fireproof construction throughout, and consists in 1921, is
and 2 basements. The third to the 16th floors, inclusive, areof 17 stories
devoted entirely to living quarters.
Security.-The loan will be secured by a first
building owned in fee, having a frontage of 75.4mortgage on the land and
ft. on
a frontage of 100 ft. on 55th St., a total ground area Madison Ave. and
of over
The properties have been independently appraised as having a7,541 sq. ft.
total valuaexcess of $2,200.000.
tion in
-Principal and interest of this loan guaranteed
Guaranty.
by written
endorsement by the Allerton Corp.
Earnings of Allerton Fifty-fifth Street Corp.
-Years Ended Nov. 30.
1924.
1923.
Gross earnings
$358,943 $360,196
Operating expenses, maintenance and taxes
158.813
164,482

585

American Beet Sugar Co.-BOndS Sold.
-Spencer,
Trask & Co., Redmond & Co., Maitland, Coppell &Co.,
New York, and Lane Piper & Jaffray, Inc., Minneapolis,
have sold at 96 and div. to yield about 6.55% $3,500,000
10-Year 6% (Closed) Cony., Sinking Fund Debentures.
Dated Feb. 1 1925; due Feb. 1 1935. Interest payable F.& A. 13anr7e
-at-Trust Co., New York, trustee, without deduction for any normal Federal
income tax, not exceeding 2%,Penn. 4
-mills tax and Mass, income tax on
int, not exceeding 6% of such int. per annum refunded. Denom. $500
and $1,000. Red. all or part on any int. date upon 30 days' notice at
105 and int. up to and incl. Feb. 1 1926 and thereafter at 105 less A %
for each succding year. When called for redemption the debentures may
be converted into common stock at any time before the date named for
redemption.
Convertible at any time at the option of the holder into Common stock
at $50 per share, if converted on or before Feb. 1 1927; thereafter at $60
per share if converted on or before Feb. 1 1930 and thereafter at $70 per
share.
CapitalizationAuthorized. Outstanding.
10-Yr.6% Conv,Sink. Pd. Debentures (closed)_ _43,500.000 $3,500,000
Cumul.7% Pref. Stock (per $100)
6,000.000
5,000,000
Common stock (without par value)
260.000sh
150,000sb
Data from Letter of Pres. R. Walter Leigh, NewAYork, Jan. 24.
Company.-Incorp. in 1899. Is one of the larger producers of beet sugar
In the United Stages. It now owns and controls 8 beet sugar factories.
of which 5 are in active operation. in California, Colorado, Nebraska.
Minnesota and Iowa, with a capacity in excess of 250,000,000 pounds of
sugar per annum. It also owns and controls 33726 acres of land, and leases
13.558 acres additional, located adjacent to its factories.
Purpose.
-Proceeds will be used to finance part of the cost (purchase
price $4,437,841) of the entire issues of capital stock of the Minnesota
Sugar Co. and Northern Sugar Corp., with properties which the Honolulu
Iron Works Co.. Consulting Engineers and recognized authorities on sugar
properties, give a fair physical value as of 1924 of $4,643,000. after allowing
for depreciation and obsolescence, and a reproduction cost new as of 1924.
of $5,778.000, and with earnings in the fiscal year ended Mar. 31 1924 of
$596.348.92.
Sinking Fund.
-The trust indenture will provide for a sinking fund of
$100.000 per annum, payable semi-annually out of net earnings, to be
applied to the purchase of debentures at not exceeding the then current
redemption price or to their redemption by lot at such price.
Listing.
-Application will be made to list these debentures on the New
York Stock Exchange.
Earnings Years Ended March 31.
ancluding Minnesota Sugar Co. and Northern Sugar Corp.]
Operating
Net
Exp., Incry
Gross
Earnings. Adjust's, Ito. Earnings.
1918
$14,571,724 59,988,881 54,682,844
1919
1,920.052
10,652,924 8.732,872
1920
16,626,324 13.332,510 3.293.814
1921
*190,806
12,987,607 13,178.412
1922
11,219,087 15.109,428 *3,890.347
1923
1.020,378
8,438,036 7,417,658
1924
2.112.322
11,242,495
9,130,173
Current Operations.
-It is expected that the output of the 2 new plants
will aggregate in excess of 70,000,000 pounds during the present campaign.
and that, even at the low prices for sugar now prevailing, substantial net
profits will be shown for the 1924-25 fiscal year and on the carry-over.
The company, apart from the Minnesota and Iowa plants, will have a
much larger output during the 1924-25 campaign than for 1923-24, and is
expected to show satisfactory results. The combined output of all the
properties for the year will probably aggregate in excess of 170.000,000
pounds.
Consolidated Balance Shcet as of Dec. 31 1924
After giving effect to the issue of the $3,500.000 10
Convertible
-Year 6%a
Sinking Fund Debentures and to the exchange of the New Preferred and
Common stocks of the American Beet Sugar Co.for the present outstanding
shares.]
Assets
Liabilities
Land, bides., mach., &c.
7% Pret stock
$5.000,000
Less deprec
$22,957,789 Common stock (150,000 shs.
Cash
1,773,932
no par)
15,000.000
Accounts & bills rec
953,730 6% debentures, 1935
3,500.000
Inventories
7,344,328 Bills payable
2.500.000
Accrued interest
30,232 Short term notes
1,350,000
Inv'ts In other cos
1,593.705
251.040 Accounts Payable
Deterred expenses
350,000 Accrued taxes
373,846
Unpaid dividends
229,296
Total (each side)
$33,661,051 Reserve for idle season exp._ _
304.100
-V. 120, p. 456, 89:
Earned Surplus
3,810,304

American Car & Foundry Co.
-Change of Par Value of
Common Shares Proposed-Subsidiary Co.Incorporated.
-

The stockholders will vote Mar. 5 on changing the authorized and outstanding Common stock from 300,000 shares, par $100. to 600.000 shares of
no par value. If the change is approved, it is proposed to issue two no-par
shares in exchange for each $100 par share of Common stock. (See also
V. 120. p. 213.)
The American Car & Foundry Securities Corp., a subsidiary, was incorporated in Delaware on Jan. 24 1925 with an authorized capital stock of
$10,000.000. See V. 120, p. 456.

American Cotton Fabric Corp.
-Liquidation.-

In a letter to stockholders Jan.22, Wm.F.Warncke,Treasurer,says:
In Nov. 1924 company disposed of over 60% of its opberating properties.
The mills at Fall River were sold to Firestone Tire & Rubber Co. and the
Retch Mills at New Bedford, Mass., were sold
Goodyear Tire &
Rubber Co. and partly to Fisk Rubber Co. partly to
The directors, deeming it desirable to dispose of the remaining mills, the
stockholders on Jan. 21 1925 authorized the sale of the remaining mills.
located at Passaic, N.J.. and Newburyport, Mass., to Essex Cotton Mills.
Inc. (see that company below) All the operating mills having been disposed of, the stockholders voted to place the corporation in liquidation and
distribute its assets.
Under the provisions of the agreement of association the Preferred stockholders upon a dissolution of the corporation are entitled to receive the par
value of their shares and accrued dividends. The directors have authorized the payment to the holders of the Preferred stock of the full dividend
for the quarter ending April 1 1925 and has appointed Guaranty Trust Co.
agent to receive the Preferred stock and make payment therefor. All outstanding Preferred stock certificates should be presented to Guaranty
Trust Co., 140 Broadway, N. Y. City. Upon presentation and surrender
of such certificates payment will be made therefor at the rate above stated,
1, e., the par value thereof and the dividend to April 1 1925, or a total of
$101 75 per share.
-V.119. p.2413.

American Glue Co., Boston.
-Business in 1924
-Outlook.

At the annual meeting on Jan. 20, President Jesse P. Lyman said in
substance:
"The volume of business done by the company during the past year haa
not been as satisfactory as anticipated. Improvement during the latter
period of the year was. however, noticeable. Glue and abrasive
have moved slowly and at no advance in price. Gelatine sales, materials
however,
were more substantial, particularly on the higher test and more expensive
grades. For the coming year I anticipate a substantial increase in
denand for all our lines, with a gradual improvement in the market price
of
glue. The earning power of the company is not entirely dependent
upon
glue. It also manufactures and sells a diversified line of materials
most of which it is to-day enjoying a fair and reasonable margin of upon
profit.
The weakness in glue prices is the major factor, however, for
earnings not
having been better for the past three years.
"Despite the adverse conditions existing in 1924, net earnings for
as near as can be estimated at this time, will be an improvement the year,
Net available for interest and depreciation
over 1923
$200,130 $195,714 and probably will be equivalent to $4 or better per share
on the Common
The maximum annual interest charger (this issue)
stock after providing for all fixed charges, adequate
amounts to
depreciation, current
$71,099
taxes, and Preferred dividends. Net earnings for 1923
-These securities, in the opinion of counsel,
Trust Funds.
were equivalent to
Legal for
are $1 86 per share
legal for the investment of trust funds under the laws of the State of New floating debt ofon the Common stock. The combined debenture note and
the company will show a decrease of $55.000 on
York.
Dec.31
19241as compared with the same date a year previous.
It is estimated

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[VOL. 120.

THE CHRONICLE

586

accounts payable will show a decrease as against last year of between
$150,000 and $200,000.
"I think that this year will show a satisfactory improvement over the
-V.119, p.1813.
last."

-Earnings.
American Republics Corp. (& Subs.).

-Sale.
Boston-Montana Corp.

The mining, milling and railroad properties of the company were sold
to the newly reorganized Boston-Montana Mining Corp. The new com-V. 120, p. 214.
pany has already started operations.

-Acquisition.
Boston-Montana Mining Corp.

31.
See Boston-Montana Corp. above.
Consolidated Income Statement, Quarter and Year Ended December31
-3Months Ending- -Year Ending Dec. -Annual Report.
Boston Wharf Co.
1923
1924
Dee. 31'24 &V.30'24
1921.
1922.
1923.
Years ended Dee. 31- 3924.
$5,439,511 $6,037.772 $24,458,469 $24.958,353
Sales
5688,528
$709,745
$741.875
$787.266
18,958,971 20,102.952 Rental account
4,838,740
4,207,441
Cost of sales
28,791
12,197
7.175
15.223
Storage account
$1,232.070 $1,199,032 $5,499,499 $4,855,400
Gross profit from oper.
$717,318
$721,942
$749,050
2,047,295
5802.489
Total credits
2,066,865
547.015
439,948
Gen., adin. & misc. exp_
61.691
56,732
60,350
59,052•
599.796 Expenses account
650,366
96.7.40
340.370
Other changes (net)
85,461
77,006
84,537
87.680
105.375 Taxes paid
133,600
1
Not shown.
Reserve for Fed'l taxes I
106.290
100,067
103.268
700.000 Insur. prem. & int. acc't
101,122
700.000
1
Preferred dividends_ _ _ _ f
5,000
45.000
Contingent fund
4.670
6,725
5.316
15.491
4630,217 4478,969 $1,948,667 $1,402,934 Repairs and renewals.._ _
Net income
330,000
360,000
360,000
Dividends
360,000
deducting reserve for Federal taxes (and adding credit adjust- Cred.stk. N.Y.N.H.&
x After
6.425
H. RR
ments for the quarter ended Dec. 31.1-V. 119. D. 1956.
$129,205
$121,412
$130,580
$127,719
Balance
-$1 75 Common Dividend.
American Tobacco Co.
A dividend of $1 75 a share has been declared on the Common and Com- -V. 118, p. 555.
mon "B" stock (par, $50) payable in cash on Mar. 2 to holders of record
-Initial Dividend.
Botany Consolidated Mills, Inc.
Feb. 10. This is the first dividend on the new shares of $50 par, and is
The directors have declared an initial quarterly dividend of 2% on the
equivalent to $3 50 per share on the old $100 Common and Common "B"
- Class "A" stock (par $50), payable Feb. 15 to holders of record Feb. 5.
of that amount was paid on Dec. 1 last.
stocks, on which a dividend
(For offering of Class "A" stock, see V. 119, p. 2290 and 3013.)-V. 119.
V. 119, p. 3012.
p. 3013.

-Directors.
Anglo-Chilean Consolidated Nitrate Corp.

-Listing, &c.Briggs Manufacturing Co.
Agustin Edwards, formerly Chilean ambassador at London; Carlos
The New York Stock Exchange has authorized the listing of 1,999.622
Aldunate Solar, Chilean Minister of Foreign Affairs, and Alfred Houston,
at Santiago, Chile, have shares of non-par value stock, with authority to add 312 shares of stock on
general representative of Guggenheim Brothers
for outbeen elected directors of the corporation. See also V. 119, p.3013; V. 120, official notice of issuance upon payment in full, or in exchange official
standing scrip; with further authority to add 25,000 shares on
p.213.
of issuance to employees and payment in hill; making the total
notice
-Preferred Stock of Delaware Com- amount applied to be listed 2,025,000 shares.
Armour & Co. (111.).
Summary of Earnings. Years Ended Sept. 30.
pany Offered to Customers.
Provisions
Profit before
A permanent plan by which customers may become part owners of Armour
Net
Deprecia- for Federal •
Deprec'n &
& Co. was recently announced by President F. Edson White. The new
Profit.
Fed'l Taxes.
Taxes.
Hon.
may purchase guaranteed
plan provides that customers of the company
$688.383
$407,180
$151,825
$1,247,388
& Co.
7% Cumul. Pref. stock of Armour will beof Delaware on a partial-payment 1920
1.636,215
1,121,553
3,040.125
282,358
sold will be the average closing 1921
plan. The price at which stock
786,606 3,463,763
4,749,836
499,467
for
Chicago Stock Exchange quotation of the week in which application per 1922
5,042.321
718,535
701,138
6,461,994
is accepted in Chicago by the company. An initial payment of $10 in 1923 *
it
13,782,127
1.606,897 11,225,132
950,098
1924
share is te accompany the application and the remainder to be paid
monthly installments of $10 per share. A purchase may have under con•The fiscal year formerly ended Sept. 30. Beginning with the calendar
time not to exceed 10 shares of stock.
tract at any one
the fiscal year ends Dec. 31. Compare also V. 119. p. 3014;
During the last year a stock purchase plan for the benefit of employees year 1924.
was worked out and executed. 40,000 employees are now listed among V. 120, p. 214.
120. p. 214.
-V.
77,000 stockholders of the company.
-Radio Field.
Brunswick-Balke-Collender Co.
The company has become an active factor in the manufacturing of
Arundel Corp., Balt.-May Split Up Shares-Earnings.
a proposal to split up the combined phonographs and radios by reason of its close association with
The directors are reported to be considering
Common shares into no par stock on a basis of 5 shares of new stock for each the Radio Corp. of America, with which it has a favorable contract for the
designed and
old share of $50 par stock. The company has outstanding $4,615.556 manufacture of the "Brunswick Radiola, an instrument It is the only
perfected by the combined staffs of the two organizations.
Common stock, par $50. The Preferred stock was retired June 30 1924.
company at the present time selling radios produced by the Radio Corp.
Earnings for Calendar Years.
of America in combination with a phonoRraph.
121.
1922.
1923.
1924.
Radiola" has proved to be a great success but repreThe
$545,135 sents, "Brunswick
$726,801 51,120.538
Net income, after taxes_ $1,063,524
however, only a portion of the company's total business. The
68,250 company is operating at capacity in an effort to fill orders but is experiencing
68,250
68.250
23,363
Preferred dividends. _ -205,634
339.634
393,077
589,691
Common dividends
some difficulty in keeping up with the demand for its products.
It is expected that the profits for 1924 will amount to approximately
$271,251
$712.654
$265.474
$450,470
Balance. surplus
-V. 120. p. 334
52.800,000 available for the no par value Common stock.
-V. 119, p. 3013.
-Resumes Dividends.
Asbestos Corp. of Canada, Ltd.

-Patent Suit.
Burroughs Adding Machine Co.

A St. Louis despatch Jan. 23 says: After 20 years of litigation, Federal
Judge Faris today decided that Hubert Hopkins, a St. Louis inventor, and
not Isaac Dement, an Eastern inventor, devised in 1904 an intricate "totaling" device for adding machines. The decision,in effect, upheld the claims
of the Burroughs Company against those of the National Cash Register Co.
Judge Faris's decision upheld the ruling of a District of Coulmbia court in
-Sale.
Atlantic Coast Co., Boston.
The assets of the company including 22 schooners, will be sold at auction 1914.
Judge Faris gave two reasons for his decision. First, that Dement, while
in the U. S. District Court house at Portland. Me.. on Feb. 3. Nathan
to produce his first
idea in Oct. 1909
W. Thompson, trustee in bankruptcy, will conduct the sale. The value claiming that he conceived the was operative. Itfailed
was explained by counsel
it
of the entire property has been appraised at $135,000 minimum. Lia- model in court,to prove thathad been dissembled to estimate costs. but no
for Dement that the model
119. p. 2535.
bilities are 51437,000.-V.
witnesses were offered to testify as to the dissembling. The Burroughs
the other hand, exhibited
- company, on a fair degree of accuracy. an alleged original model which
-Earnings.
Atlantic Gulf & West Indies SS. Lines.
operates with
Income Account for November and 10 Months Ended Nov. 30 1924.
The second reason was Dement's delay in refiling and prosecuring his
11 Months. suit after the Washington decision, which delay was held "inimical to the
Month of November.
$24,677,693 rights of the defendant." Judge Faris described the device as "the most
$2,388,086
Operating revenue
5,525.399 Intricate piece of machinery imaginable, more than human, and incorrect
576,548
Net revenue
5.879.624 only in the event of human error."
616,738
Gross income
2,184,573
190,570
Both inventors in 1904 filed for letters patent, describing a mechanism
Interest,rents and tax
3,695,051 of more than 6,000 parts. Dement's claim became the property of the
426,168
Surplus before depreciation
90.
National Cash Register Co.,and that of Hopkins went to the Moon-Hopkins
V. 120. p.
Adding Machine Co.of St. Louis,which later was absorbed by the Burroughs
-The report company.
-Earnings.
Atlantic Mutual Insurance Co.
Officials of the National Cash Register Co. have indicated that the
of the trustees for the year ended Dec. 31 1924 will be found case would be appealed.
-V. 120, p. 457.

The directors have declared a dividend of 2% on the outstanding $3,000,000 Common stock, par $100, payable Feb. 15, to holders of record Feb. 1.
A distribution of 1% was made on the Common on Oct. 15 1923; none since.
-V.118, p. 1522.

in last week's "Chronicle."

The company now has assets aggregating $12,777,021,of which $6,563,920
is in U.S. and N.Y.State bonds,city, bank and other securities;$1,450.354
ncluding $441,440 in hands of foreign bankers for payment of losses);
765.335 premium notes and bills receivable; $3.905,000 in real estate,
he profit and loss surplus at Dec. 31 1924 stood at 52,835,420.-V.
118. p. 434.

i

-Annual Report.
Belding-Corticelli, Ltd.
Years end. Nov. 30- 1923-24.
$254.771
*Profits
14.791
Sinking fund provision
62.408
Depreciation reserve
36,980
Interest on debentures
Disc,on debts written off
10.000
Res.for empl.insurance_
60.571
Preferred dim (7% -29.980
Common diva. (4%)---

1921-22.
1922-23.
$250,478
$279.801
14,791
14,791
62,837
61,510
36,980
36.980
25,342
26.250

)-

Balance, surplus
Profit & loss stirplus____

$40.041
y$361,899

1920-21.
$212,943
14,791
58,506
36,980
6,250

60.571
(2)14,990

60,571

60.571

$64,290
$514,077

$550,377
$449,787

$35,844
$399,410

• After deducting all manufacturing, selling and administration expenses
and after provision for income tax, but before providing for depreciation and
y After
sinking fund requirements and before charging bond interest. $56,109
account
deducting $248,329 for good-will back. written off and crediting
Government tax reserve written
Balance Sheet Nov. 30.
1924.
1923.
1923.
1924.
Liabilities$
$
$
a
Assets1,444,835 7% Cum.Pref. stock 865,300 865,300
Property account_ _ _1,478,303
Common stock
749,500 749,500
Good-will and trade
-Year 5s_-_ 433,523 465,837
700,000 948,328 1st M.25
marks
25,000
1 Loans payable
1
Investments
29 &eels dr bills pay.,drc 96,083 230,084
Sinking fund
28,988 Accr.charges, wages,
6.5,321
Cash
55,111
35,290
&c
Cali loans dr accr.int. 75,443
15,143
15,143
Acc'ts & bills recely. 397,252 493,790 Pref. dlys. payable
14,990
645,673 Corn. dirs. payable_ 14.990
563,776
Inventories
Deprec. dr sk.Id. res. 647,452 561,181
Bonds of co. acquired
35,000
38.235 Accident ins. res. ft. 45,000
for sinking fund_
49,381
81,708
13,053 Replacement reserve 78,644
Deferred charges_ _ _ _ 13,347
!Profit dr loss surplus_ 361,899 514.077
Total(each side)_ _3,342,823 3,612,931 I
-V. 118, p. 667.

-Acquisition.
Bethlehem Spark Plug Co.
See Splitdort Electrical Co. below.

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-Bonds Offered.
Butler Hall, N. Y. City.
-S. W. Straus
& Co., Inc., are offering at par and int., to yield 6% for all
maturities except 1928, 1929 and 1930, which are offered at
prices to yield 5.85, 5.90 and 5.95%,respectively, $1,500,000
1st Mtge.6% Serial Coupon Gold bonds. Safeguarded under
the Straus plan.
Bonds are a first mortgage on land and building and through the Straus
plan of monthly deposits, a first lien in effect on net annual earnings estimated at $180.750. The property located at southwest corner Morningside Drive and 119th Street, N. Y. City, has a valuation of $2,100,000.
-story building.
On this property will be a 15

Butte Copper & Zinc Co.
-Annual Reports.
1921.
def$70,135
43,962

Calendar YearsProceeds of ore
Other income

1924.
$145,951
32,436

1923.
$93,664
22,354

Total income
Expenses & taxes, &c_

$178,387
45.275

$116,018
40,697

$51,952 def$26,173
34,902
29,105

Net income
-V. 119, p. 2291.

$133,112

$75,321

$22,847 def$61,075

1922.
$17,591
34,361

Caddo Transfer & Warehouse Building, Shreveport,
-Bonds Offered.-Caldwell & Co. Nashville, are offerLa.
ing at 100 and interest $140,000 Firth Mortgage Gold 7s.
Dated Jan, 1 1925; due serially Jan. 1 1927 to 1940. Interest payable
J. & J. at the Liberty Central Trust Co. St. Louis, Mo. (trustee), or at
Chemical National Bank. New York. Callable at 105 and interest on any
interest date, on 90 days' notice, in the inverse of numerical order. 2%
normal Federal income tax paid by borrower. Denom. 51,000. 5500 and
5100.
These bends are secured bye closed first mortgage on the land,conservatively appraised at $35,000; and the 8-story warehouse, containing 60,000
sq. ft. of floor space, being erected thereon at a cost of $182,006: making
toe total security 5217.006. The building has been leased for. the entire
term of the bond issue to the Caddo Transfer & Warehouse Co.for the sum
of 525,000 per year net.

-Production.
Calamba Sugar Estates, San Francisco.

The crop for the year ended Sept. 30 1924 yielded 254,687 short tons of
cane, from which was manufactured 26,446 short tons of sugar. Of this
-V.115. p. 642.
amount the share of the estate was 17,544 tons.

JAN. 31 1925.]

THE CHRONICLE

Calumet & Hecla Consolidated Copper Co.
-Earnings.

Quarters Ended
ReceiptsDec. 31 '24. Sept. 30'24. June 30'24.
Copper sales
$2,287,126 $2,250,814 $2,002,387
Custom milling & smelt_
20,140
11,740
32,801
Dividends
11,853
1,762
1,777
Interest
97,125
44,363
45,111
Miscellaneous
9,078
19,969
3,418
Total receipts
$2.425,322 $2,328,649 $2.085.495
Disbursements
Copper on hand
$6,101,438 $6,148,993 $5,198,235
Prod.,sell., adm.& taxes 1,992,529
1,946,918
2,058,879
Deprec'n & depletion
1,012,512
777,236
936,582
Miscellaneous
80,526
41,300
145.589

Mar.31 '24.
$2,688,924
35,818
3,714
6,098
6,722

587

Chicago Nipple Mfg. Co.
-Annual Report.
-

Calendar Years
-1924.
Gross operating profit
5111,678
Reserve for taxes
21,200
Reserve for depreciation
31,680
Suspense
5,625
Organization
Less dividends paid and reserved
97,500

1923.
5313,102
32,176
31,680
6.000
6.000
90.000

$2,741,276

Balance
def$44.327 sur$147.246
Comparative Balance Sheet December 31.
Assets1924.
Liabilities1923.
1924.
1923.
Real est. dr
$510.515 $413,789 Capital stock
$3,075,000 $3.000,000
Mach'y & equip-- 227,454
227,178 Accounts payable_
48,158
81,207
Tools
28.824
25,109 Notes payable....
70,000
45,000
Total expenditures__ $9,187,006 $8,914,447 '
$8,339,286 $8.090,017 Chie.Nip.Mfg.Co.
Reserves
135,323
127,288
Jess copper on hand.--- 5.866.909 6.101,438 6.148,992
Calif. Corp29,759
Surplus
218,230
244,550
5,198,235
Patents, &c
2,330,155 2,330,154
Net expenditures.--- $3.320,097 $2,813.008 $2,190,294
30,574
34,720
$2,891,781 Cash
Loss for period
$894,776
$484.359
98,585
127,572
3104.799
5150,506 Accts.receivable
-V. 120. p. 457.
Mdse. inventory
261,596
298,001
Deferred charges.33,447
23,502 Total(each side).$3,548,709 $33,478,024
Canadian Car & Foundry Co., Ltd.
-v. 118. p. 3082.
-Directors.
At the annual meeting held Jan. 22 Lewis L. Clarke,
Andrew Fletcher
and 0. F. Harvey, all of New York, resigned as
Cluett, Peabody & Co., Inc.
-Purchases Earl & Wilson.
directors.
Webster was elected a director, the other two vacancies Hon. Lorne C.
The company, according to a Troy, N. Y., dispatch has purchased
remaining open.
All the other directors were re-elected for the ensuing
year. The board is assets and trademark of Earl & Wilson also of Troy, N. Y., and manufacnow composed as follows: W. E.
of shirts
Beauclerk, W. W.Butler, Hon. N.Angus, Hon C. P. Beaubien, H. W. turers public. and collars. The financial consideration involved was not
Curry,
A. Hicks Lawrence, Wm. McMaster, Hon F. H. Clergue, V. M. Drury, made
E. C. Smith, W. H. Woodin,
It was said that the Earl & Wilson trade mark would be continued. The
Mark Workman and Hon. Lorne C. Webster.
Purchase is subject to the approval ofCluett,Peabody & Co.,stockholders.
A change in the executive committee was
placing W. H. Woodin as Chairman of the announced, V. M. Drury re- V. 120, p. 214.
committee.
-V.119. p. 3014.
-Earnings.
Coca Cola Co.
-Canadian General Elec. Co., Ltd.
-Debentures Called.
-3Months Ended- -12 Months EndedAll of the outstanding 20
Period-year 6% Gold debentures, Series "A,"
Dec. 31 '24. Dec. 31 '23.
1924.
1923.
due Gross receipts
April 1 1942, have been called for payment April 1
$5,256,982 $4.459.091 525.444.196 524,320,064
at
the Guaranty Trust Co., 140 Broadway, New York 1073 and interest at Mfg.& gen. expenses_ _ _ 4,427.178 3,781,062 18,996.249 19.097.380
City.
-V.120, 19• 335. Res. for Federal taxes_
648.000
Celite Co.
-Initial Common Dividend.
Int. & discount, &c_
49.275
66,185
45,576
The directors have declared an initial quarterly
dividend of 1% on the
Common stock (par $100) and the usual
Net oper. income_ _
$829.804
$628.754 $6.381,762 54.529.109
quarterly dividend of 1 % on
the Class "A" and "B" Preferred stocks, all payable
125.232
125,232
Feb. 1 to holders of Other income
record Jan. 24.-V. 117. p. 2216.
Net income
x$955.036 $628,754 x$6,506.994 $4,529,109
Celotex Co.
-Bonds Offered.
x Before Federal taxes.
-An issue of $1,250,000
$4,816,495
2,253,644
966,862
53,016

1st Mtge. Convertible 15-Year 6
Sinking
bonds,Series"A,"is being offered by Donoghue Fund Gold
, Krumsick &
Co., Inc., Chicago, and the Michigan Guaranty
Corp. of
Grand Rapids at 100 and interest.

Dated Dec. 1 1924: due Dec. 1 1939. Int.
payable J. & D. at Illinois
Merchants' Trust Co. trustee, Chicago,
without deduction of normal
Federal income tax up to 2%. Callable
'
days' notice until Dec. 1 1929, diminishingat 105 on any int, date after 60
thereafter at the rate of
of 1%
per annum until maturity. Denom.
$1,000 and $500 c*.
Data From Letter of B. C. Dahlberg,
President of the Company.
Product, ctc.--Celotex is a thermal
converting the tough, spiney fibres insulating lumber. It is made by
firmly felted board. As an insulatorof bagasse (sugar cane fibre) into a
against heat and cold, Celotex is the
approximate equal of cork. Tests made
Armour Institute of Technology show thatby Professor Gebhardt of the
one inch thickness of Celotex
has the same insulating value as 3.8
plaster,6 inches of Portland cement Inches of solid wood, 4.5 inches of
stucco, 12 inches of brick and 18 inches
of concrete.
The principal users of Celotex are: U. S.
Illinois Bell Telephone Co., General MotorsGovt., Wm, Wrigley Jr. Co.,
mours Co., Pacific Fruit Express Co., Erie Corp..' . I. du Pont de NeRR.,
Corp. Michigan Central RE. Fruit Growers' Famous Players Lasky
Express Co. American
Express Co., Boston & Maine. Fruit
'
RE., Nickel Plate, Western Frith Express
Co. and American Car & Foundry Co.
Under the British Government reconstruction
program, initial specifications have been received from English
20,000,000 square feet of Celotex to becontractors calling for more than
delivered in 1925. Over 12.000
refrigerator cars have been insulated with Celotex.
Company owns, in fee simple, 84 acres of land
the harbor of New Orleans, with ample facilities located on deep water in
for the economical gathering of raw material and the marketing and
shipping of product by rail or
water. The present plant has a
Celotex insulating lumber daily capacity of approximately 400,000 feet of
and with the
waill produce approximately 600.000 feet daily. additions now being built
Security.
-A lbst mortgage lien on all physical assets
of the company now
or hereafter owned, valued at $2,607,585
(by
as of Oct. 31 1924. All U. S. patent rights American Appraisal Co.)
contracts pertaining to the
manufacture of Celotex now or hereafter
granted shall be unconditionally
assigned to the trustee as additional
security
assets equal $2,086 for each $1,000 bond, and for the bonds. The fixed
the net assets after deducting
all liabilities exclusive of this issue amounts
Earnings.
-For the 10 months ending to $3,303 for each 51.000 bond.
available for bond interest were $314,921 Oct. 31 1924 the net earnings
-equal to more than 4% times
the interest charges on the entire issue for the
new units nearing completion will add more period. The output of the
than 100% to the present
earnings.
Purpose.
-Proceeds will be u ed in part
treasury for expenditures made in connection to reimburse the company's
with the installation of additional machinery which will increase
company to take care of the increased the production 50%, permitting the
demand for its product: also provides
additional working capital.
Conversion.-Convertible at the option of
the holder
Dec. 31 1934 into 7% Cum. Pref. stock, par for par. at any time before
Balance Sheet Oct. 31 1924 (Alter
Financing).
Assets
Liabilities
L
and, bidgs., mach., &c_-$2,607.
585 7% Preferred stock
Cash
258,357 Common stock (36,7943 $2,304,500
Acets receiv. & accept's_
568.819
shares, no par value)....
Sundry notes & acc'ts rec..
40,292 Sinking fund Cony.614s..- 573,952
Inventories
162,671 Acc'ts pay. & accr'd exps., 1,250,000
Notes & acc'ts rec.,secured
154.477
incl. local & Fed, taxes
Insurance premiums. &c. _
36,697
and bond interest
241,623
Patent rights
275,000
Organization, &c
266,177
Total (each side)
$4,370,077
-V. 120, p. 214.

Certain-teed Products Corp.
-Monopoly Charged.

This company,manufacturers oflinoleum,oil cloth and kindred was charged with violation of the Federal Trade Commission act products,
plaint which was made public Jan. 27. The complaint allegesin a comcompany first took over the capital stock of Thomas Potter Sons & that the
Co.,Inc..
and then acquired the physical assets of the Cook Linoleum Co. and of the
Standard Inlaid Manufacturing Co. By these acquisitions,the Commission
charges, the Certain-teed Company obstructed and suppressed the
sale and
distribution throughout the country of a substantially large portion
linoleum, oil cloth and kindred products. The respondent through of
its
acquisitions, also placed itself in a position to dominate the industry
against
the interests of the consumers, the complaint alleged.
-V.119, p. 2535.

Chanin Theatre Building, N. Y. City.
-Bonds Offered.
-S. W. Straus & Co., Inc., are offering at par and int., to
net 6% on 1926, 1927, 1928 and 1929 maturities; 6.10% on
1930, 1931, 1932 and 1933 maturities, and 6.15% on 1934,
1935, 1936 and 1937 maturities, respectively, $625,000 1st
Mtge. 6% Serial Coupon Gold bonds. Safeguarded under
the Straus plan.

The bonds are secured by first mortgage on land and building valued at
$940,000 and the annual rent under net lease to Shubert Theatre Corp.
for $85,000 is also assigned to the trustee as additional security and must be
deposited in accordance with the Straus plan. The property is located at
226-236 West 46th St., New York City. The company borrowing is
Realty Traders. Inc.

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

To Retire $2,000,000 of Preferred Stock.
-

The directors have voted to retire $2,000,000 Preferred stock at par and
diva. At present there is authorized and outstanding $10,000,000 of 7%
Preferred stock, par $100.-V. 119, p. 2068.

Consumers Co., Chicago.
-Defers Preferred Dividends.
-

The directors have voted to defer payment of the dividend due on the
$4,500,000 7% Cumul. Pref. stock at this time. This action was taken,
It is said, for the purpose of increasing working capital, necessitated by a
large increase in business expected by the company.
-V. 120, p. 458.

Consumers Service Co., South Bend, Ind.
-Receiver.
-

W.B.Heiner,of Pittsburgh, has been appointed receiver. The company.
it is said, has property valued at $1,250.000, and current debts of only
$175.000. The company operates 4 filling stations in Pennsylvania and a
number in northern Indiana, these being situated in South Bend, Mishawaka, Elkhart. Bristol, Napanee, Michigan City, Plymouth and Goshen.

Continental Oil Co.
-Mutual Oil Co. Adopts Namelof
Continental Oil Co.
See Mutual Oil Co. below.
-V. 118. p. 2708.

Covington & Cincinnati Bridge Co.
-Stock Div., &c.
-

The stockholders will vote Feb. 16 on approving a plan for refinancing
the company. The plan provides for the reduction of the present authorized Common stock from 5500.000 to 5144.300 by the cancellation and retirement of the pr?sent unissued $355,700 Common stock then for the issuance
of 5250,000 of 2d Preferred stock and of $855,700 of Common stock.
It is proposed to give holders of the present Common stock the right to
exchange said stock for 2d Pref. stock,share for share. After the readjustment of the capital it is porposed to declare a stock dividend of
100% in
Common stock upon all the outstanding stock.
It is also proposed to declare a dividend of 25% on the present outstanding Preferred and a cash dividend of 10% on the present outstanding Common stock.
-V. 109. p. 75.

Creole Syndicate, New York.
-Contract, &c.

The directors have negotiated contracts with the Gulf Oil Corp. through
its subsidiary, the Venezuela Gulf Oil Corp., which provide for not
comprehensive drilling program, but for the protection, physical andonly a
legal,
of all the company's properties and for complete geological investigations
by the Gulf Co.'s engineers. Two wells have already beep brought in and
are now producing 5,000 bbls. of oil per day, which is being stored in field
tanks preparatory to being shipped to the main tank farm at Paraguana
Peninsula.
The company has issued and outstanding 986.840 shares of stock and has
cash on hand and in banks amounting to $734.676. It has no bonds or
Preferred stock.

Crew Levick Co.-Acguiries Add'l Tank Stations.
-

This company, a subsidiary of Cities Service Co.. has acquired from the
Indian Refining Co. a number of tank
Schenectady
and Long Island City, N. Y. together stations at Syracuse. in Syracuse.
with filling
one in Schenectady, six on Long Island andatwo in station N. J.
Newark,
-V.
119, p. 27661

Cuba Co.
-Consolidated Bal. Sheet June 30 1924.
-

[Consolidated Railroads of Cuba. Cuba RR., Cuba
Ferrocarril de Camaguey y Nuevitas, Compania Foment°Northern Rya..
Puerto
Compania Industrial y Naviera Cubans and Compania Cubana.1 Tarafa.
Assets-$
Liabilities
Property investment
x105,877,981 Preferred stock
Cash
3,109,492 Common stock
y9 142,VG
2 5° 0 00
,
Traffic balancesrec
419,751 Consol. ER's of Cuba:
Notes & accounts rec., he__
. 2,464,477 Preferred stock
3,281.050
Sugar accounts receivable...... 7,207,329
Common stock
z4,127,523
Materials and supplies
2,789,099 Cuba RR.Pref.stock
9,999,000
U. S.& Cuban Gov. bonds__
12,350 Unsecured loans
1,858,753
Mortgages receivable700,00
186,102 Secured loans
0
Contract account1,000
50,530 Acceptances payable ,000
Unamortized discounts
3,374,905 Audited vouchers, wages &
Oper. expenses, 1924 25 crop
,
483,313 accounts payable
1,274.77
Other deferred charges
815,098 Int. due and accrue()
922.80
Accr. U.S. dr Cuban taxes_ _ _
885,71
Equip. Ar constr. ob.ig
1,477,26
Preferred dividends payable_
640,00
Arc., term debt
4,8256Funde
6% cony. bonds
10,000,00
Equipment cony. contract.._ _
799,05
Reserves for conting., &c...,
544,55
d credits
400,93
Total (each side)
127,790,427 Surplus
ef
33,410.93
xAfter deducting $13.806,518 reserve for depreciation of property and
replanting of cane fields. y 640,960 shares of no par value. z
159,643
shares, no par value.
-The condensed consolidated balance sheet is, after giving effect
Note.
to the following transactions conusmmated since June 30 with respect to
Cuba Northern Rys.: (a) the retirement of 51,000.000 4% Cumuf. Pref.
Stock; (b) the issuance of $2,702,000 1st Mtge. 67,, bonds and 5780,000
2nd Mtge.7% bonds;(c) the retirement of loans from bankers of$3.099.429.
of which $2.500,090 was secured and $599,429 was unsecured: (d) the issuance of a note payable to bankers of $1.158.641: and (e) the
of other long term debt in the amount of $98,708. Effect hasretirement
also
given to the following transactions proposed to be consummated been
with
rpect to Cuba Co.' a) the issuance of $10,000.000 10
es
-Year Secured 6%
Cony. Sinking Fund' old bonds and (b) the retirement of notes
and so-

[VOL. 120

THE CHRONICLE

588

counts payable to the amount of $7.500.000. This consolidated balance
sheet gives effect to the formation of Consolidated Railroads of Cuba and
its acquisition of the entire Common stocks of the Cuba RR. and Cuban
Northern Rys. Effect has also been given to the sales of sugar by Compania
Cubans subsequent to June 30 1924 and estimated value of sugar under
tolling contracts at Dec. 31 1924. See also V. 120. p. 335, 215.

-Annual Report.
Cuban Dominican Sugar Co.

On Oct. 21 1924 the directors recommended the acquisition of 7 additional
sugar estates, two of which, Quisqueya and Las Pajas, are located in the
Dominican Republic, and five, Alto Cedro, Cupey, Palma, Oriente (now
Altagracia) and America, are located in Oriente Province, Cuba. The
stockholders on Nov. 18 1924 confirmed the recommendation of the directors
and the issue of $15,000,000 First Lien 20-Year Sinking Fund 7M % Gold
bonds, $1,600,000 of Secured 7% Serial Gold netes, 32,930 shares of
Preferred stock and 593,389 shares of Common stock (See V. 119, P. 1960.
2069, 2184, 2414. 2766). Before Dec. 16 all the necessary steps were
completed and the company now is in possession of the seven properties.
The company, a holding company organized in Maryland, owns its sugar
estates through 100% Common stock ownership, the only outstanding stock
of any subsidiary company (except directors' shares) being the $4,000,000
of 8% Cumulative Preferred stock of Sugar Estates of Oriente, Inc.
-The total production of the twelve estates from the last crop
Production.
was 2.002,563 bags, and the production from the last six crops has been as
follows:
1923-24. 1922-23. 1921-22. 1920-21. 1919-20. 1918-19.
Cuba144,434 196,011 154.703 146,668 112,608 150,317
cuper
Alto Cedro_ 222.708 234,939 244.575 164,000 214,767 212,384
164,171 126.787 153.142 123,097 103,723 108,168
Altagracia
250,267 108,228 115,635 101,285
America__ _ _ 191,613 171.621
304.823 242.072 211,642 264,663 245,338 257,846
Palma
96,328
96.117
132,892 105.499
106,360 104,8.31
Hatillo
96,130
59,389
59,527
88,668 107,428
91.591
Santa Ana_
San Domingo203,464 127,000 101,031
Barahona
178,776 223,056
Consuelo_ _ - 307,444 175,419 18.5,395 187,781
75,989
95,723
86,455
75,763
91,776
109,224
San Isidro
80,348
79,970
98.410 107,277
92,748
- 108.479
Quisnueya43.366
48,287
48,350
40,853
43,158
48,252
Las Pajas

The company and its predecessors have operated at, a profit in every year
since 1885 and with the exception of 1916 and 1918 dividends have been
paid on the Common stock outstanding in each year since incorporation.
Purpose.
-Proceeds will be used to reimburse the company for cost of
certain timber and land acquired by the company and its subsidiaries: to
reimburse the company for cost of extensions and betterments to the mills,
and for general corporate purposes.
Consolidated Balance Sheet Dec. 31 1924 (After This Financing).
Liabilities
Assets$5,284,600
$219,555 Capital stock
Cash
3.000,000
195,516 Serial notes. 5 sis
U. S. Govt. bonds
738,774 Minority int. In Choctaw
Accounts receivable
2,135,139
Co
Lumber
85,787
Notes receivable
1.692,974 Accounts payable, 115,110
Inventories
237.790
Accr'd exp.. wages. &c__
1.195,204
Prepaid exps., &c
307,500
390,553 Reserve for Federal tax_ _
Investments
234,766
309,233 Due to stockholders, &c_
Advances
13.955
9.780,572 Liability ins. reserve_ Timberlands, &c
5.790.182
Sawmills, plants & equip. 2,510,875 Surplus .
Total
-V.90. v. 851.

$17.119,043

Total

$17,119,043

-Balance Sheet Dec. 31.(W. L.) Douglas Shoe Co.

1923.
1924.
Liabilities1923.
1924.
AssetsPlant & fixtures__ $361,791 $385,131 Preferred stock__ _$3,800,000 $3,800,000
1,540,000
Good-will
933,033
933,033 Common stock__ 1,540,000
226,133
Cash
529,781 Accounts payable. 143,061
991,238
168,001
162,279
Reserve for taxes_
Customers' sects
620,424
620,424
& notes recely.
401,109 Surplus
284,987
Materials & sum. 460,579
518,883
Fin. goods-res've 870,536 1,001,382
do
stores 2,078,781 2,364,516
Total(each side) $6,265,764 86,354,558
Sundry assets __ 284,819
220,723
Prof.
During the past year the company paid the regular 7% div. on the -V.
stock and in addition a substantial dividend on the Common stock.
119, p. 1739.

-Orders.
Dubilier Condenser & Radio Corp.

The corporation is reported to have received an order for 1,000 new tYPe
Grand tota1.2,002.563 1,695,030 1,756,101 1.401.545 1,350,333 1.445.217
a
condensers from the Consolidated Car Heating Co., and has also closed
C011.101fdated Income Account Years Ended Sept. 30.
contract with the Remington Typewriter Co. to supply the latter with 500
1922-23.
1923-24.
condensers for the new electric typwriter to be offered to the trade shortly.
$10,884.563 $8,662,993 -V. 120, v. 336.
Raw sugar produced
86,923
330,910
Molasses produced
44.015
-Sale.
78,256
Interest received
Duesenberg Automobile & Motors Co., Inc.
95,058
205,411
&c
Profit on stores. cattle,
William I. Rasmussen, receiver, will commencing Feb.4 at Indianapolis
-V. 118. p. 89.
offer for sale the entire property of the company.
$11,499,140 $8,888,988
"
1 Total
.
5,808.238
7,356,629
-Bonds Offered.
Expenses of producing. manufacturing, &c
Dumbarton Bridge Co.,San Francisco.
972,115
970,258
Provision for depreciation
262,511 -Mercantile Securities Co. of California are offermg at
280.000
First Mtge. 8s of Santa Ana Sugar Co- _
Int. on
436.218 98M and int. for all maturities $900,000 1st (closed) Mtge.
620,509
Interest on bills payable, current accounts, &c- _ _ _
Net profit for year
-V. 119. p. 3015.

r

$2,271,744 $1,409.905

Deere & Co. of Moline.-Laroer Preferred Dividend.

The directors have declared a auarterly dividend of 1% on the 7%
Curnul. Pref.'stock, par $100, payable March 2 to holders of record Feb. 14.
ef 1%
From Dec. 1921 to Dec. 1924. Inclusive, quarterly dividends of
-V. 119, p. 3015.
were made on the Preferred shares.

-Receiver.
Detroit Mortgage Corp.

Charles J. DeLand. Secretary of State of Michigan. on Jan. 21 was named
• receiver for the company. The appointment was made in proceedings
before Judge Land Carr In Ingham circuit court,instituted by the attorneygeneral's department.
The bankruptcy case of the concern recently was withdrawn from Federal
court in Detroit in order that action by the State court could be clarified.
According to the original petition of the attorney general, the assets ofthe
company were being impaired to the extent of several million dollars through
deals with other corporations in which Ben B. Jacobs, then its president,
and his friends were interested. It was claimed that Jacobs and his friends
made profits through the deals, while the corporation's 4,000 stockholders
stood as the possible losers.
Company's present assets are listed as $1,500,000. while its unsecured
liabilities are said to amount to between $25,000 and $30.000. Its other
liabilities are secured by land contracts and mortgages, it is said.

-Earnings.
Devoe & Raynolds Co., Inc.
Net sales
Cost of sales and expenses

11 Mos.End 12 Mos.End
Nov. 30'24. Dec. 31 '23.
$10,593,166 810,692,038
9,456,873
9,539,046

Operating profit
Other income

$1,054,120 $1,235,165
88.504
91,638

P" Total income,
Discounts. adjustments, &c
Provision for Federal taxes
First Preferred dividends
Second Preferred dividends
Common dividends

$1,145,758 $1,323,669
294,573
231,546
133,416
116,899
105,000
103,803
65,485
49,114
200,000
180.000

Surplus
Profit and loss. surplus

$464,396
1,630,350

$525,192
1,166,479

63'% Serial Gold bonds.
Dated Jan. 11925; due serially Jan. 1 1930 to Jan. 1.1949 incl. Interest
payable J. & J. at Mercantile Trust Co. of California, San Francisco.
trustee, without deduction for any normal Federal income tax up to 2%•
Callable as a whole only except for sinking fund purposes, on 60 days' notice, on any int. date at 105 and int. Denom. $500 and $1,006 c*. Exempt from personal property tax in California.
-A California corporation; will construct at a coat of approxiCompany.
mately $2,000,000 a vehicular toll bridge across the lower San Francisco
Bay, three-quarters of a mile northwest of and parallel to the Southern
Pacific Co.'s railroad bridge over Dumbarton Straits. At the westerly
end 5.000 ft. of roadway will connect the bridge with the highway about
of road4 miles east of Redwood City. At the easterly end about 20,000 ft.County.
way will connect the bridge with the highway at Newark, Alameda
The bridge over deep water will consist of 9 steel spans, each 226 feet long,
carried on 10 concrete piers. One span, suspended between towers, still
operate vertically to provide for the passage of vessels, affording an opening
200 feet wide and 135 feet high.
-Proceeds will be used to defray, in part. the cost of construePurpose.
of the bridge. Balance of the cost approximately $1.100,000. will be
derived from the proceeds of the sale of Common stock, already subscribed.
Officers.-Pres.. John H. Mackenzie; V.-Pres'ts, J. B. McCargar and 14.5.
Shainwald; Sec., Chester T. Haggett; Gen. Mgr. John G. Sutton.
-W. W. Crocker, W. I. Brobeck, Elf H. Wiel, John H. MacDirectors.
kenzie, J. B. McCargar, R. S. Shainwald and John G. Sutton. Among
the holders of the company's Common stock are: R. S. Shainwald, W. I.
Brobeck, J. H. Mackenzie, J. B. McCargar, A. B. C. Dohrmann, Wallace
M. Alexander, Charles Sutton, George T. Cameron, Henry Rosenfeld,
H. 0. Harrison. Crocker Investment Co., Providence Securities Co., Pacific Securities Co.

-Report.
(E. I.) Du Pont de Nemours & Co.

1921.
1923.
1922.
1924.
Calendar Years890.861.633 894,069,319 $71,956,448 $55,285,185
Net sales
Net income from oper.
7,258,072
18,660,468 21,134,656 12.920.458
and investments
Profit and loss on sale of
Cr.111.198
Cr.3,424 Cr.334,233 Cr.200,883
real est., secur., &c
818.771,666 $21,138,081 $13,254,691 $7,458.955
Total earnings
Deduct bond int., incl.
2,825.577
3,263.575 .1.696,538
proportion of discount 1,740,178

Balance of income for
$17,031.488 818.312,505 89.991,117 $5,762,417
the year
5,762.417
15,947,424 17,346,222
Co.'s portion thereof
9,445,751
year
Co., ansas City, Mo.-Notes Surplus at beg, ofof Gen. 54,642,476 37,6.52,211 x69,061,369 69,659.748
r Dierks Lumber & Coal
sale
yProfit from
--Sold.-Blyth, Witter & Co., New York and San FranMotors Secs. stock_
9,926,086
6
cisco, have sold at prices ranging from 97.87 and int. to
$75.422,16
Total surplus
S70,589,899 $64.924,519 $78,507,121
100 and int. to yield from 53.% to 6%, according to ma- Deduct--Debenture stock
dividend (cash)
$4,104,868 $4.104,770 $4,103,432 $4,273,602
'
turity, $3,000,000 Serial 53% Gold notes. $850.000 on Feb. 1
4
5,067,90
Com.stk. div. (cash). 7,603,540
5,068,878
6,177.274
and
Dated Feb. 1192.5: due $650,000 on Feb. 1 1927in New York. Denom.
-------Com. stk. div. (stock)
(50%)31,682,600
1930. Prin. and int.(F. & A.) payable
to provide for
1929 and
upon 60 days' notice Approp.& disc. on
or part on any
prem.
$1.000 and $500 c*. Red. all Iron National int. date
%
Bank, trustee. Authorized.
3,000,000
bonds
at 1004 and int. Coal & without deduction for any Federal income
Interest payable
$5,000,000.
in Maryland not
tax
6
Total deductions
$14,708,408 $10.282.043 $40,854,910 $9,341,50
tax un to 2%. Penn. 4-mills tax, any securities any year: any personal
exceeding 434 mills on each dollar ofassessed value in mills on each dollar of Profit and loss surplus_ _$55,881,491 $54,642,476 $37,652,211 $66,080,660
4
property or exemption tax in Conn. not exceedingtax not exceeding in any
x Includes $2,980,710 surplus of subsidiaries not heretofore included in
the principal in any year, and any Mass. Income
annual report. y Increase in surplus arising from sale by Gen. Motor
year 6% of the int. on such notes refunded.
Securities Co. of a 30% interest in its stock.
-V. 119. p. 2886.
from Letter of Herman Dierks, Vice-Pres. & Gen. Mgr.
Data
Company.-Incorp.In Nebraska in 1895 as successor to a business founded
Eastman Kodak Co.
-Sub. Company Expansion. Kingsport
original capital of $10,000. Operations have grown steadily
in 1880 with an
Choctaw Lumber Co.,
Ground will be broken this month for an addition to the
until now the company, with Its principal subsidiary, company now owns
(Tenn.) plant of the Tennessee Eastman Corp., a subsidiary of the Eastman
control was acquired in 1908 and of which the
of which
lumber manufacturing Kodak Co., engaged in the production of chemicals from hard woods,such
64.54% of outstanding stock, is one of the foremost
The earnings of 90% of the as pure methanol, acetone and other solvents used by the parent company.
'and selling organizations in the Southwest.
Lumber Co. will be available to the company while the The improvements will increase the capacity of the plant more than 50%,
stock of Choctaw
company's business con- and will consist of a group of buildings to be erected north of the present
notes are outstanding. A substantial part of the
-V. 119, P•
flooring, molding and finishing structures on a site of 375 acres. ("Manufacturers' Record.")
sists of the manufacture and sale of ceiling,have about 3.000 employees.
•*••
subsidiaries now
3015.
4111.... ikaaOsato:mai.00lls. iss IN.Attir*
material. Company and
its subsidiaries consist chiefly of the
The properties of the company andof timber on approximately 900,000
-Notes
Eighteenth Street Building Co., St. Louis.
of timber lands or
ownership in fee
two billion
a stand of
acres in Oklahoma and Arkansas withleaf pine approximately 4 modern Offered.
-Federal Commerce Trust Co., St. Louis, is offering
feet of high quality Southern shortcapacity ofand hardwoods:of lumber: $500,000 1st Mtge. Real Estate Serial 51 % gold notes at
4
175,000.000 ft.
an annual
manufacturing mills'with
with its various operations, prices to yield from 5% to 53i%, according to maturity.
several merchandise stores run in connection in Nebraska.
14 retail lumber and coal yardsearnings after giving effect
and a chain of
Dated Dec. 1 1924; due serially (J. & D.) June 1 1926 to Dec. 1 1934.
Borst/vs.-Average annual consolidated net
at Federal Commerce Trust Co..
Principal and int.
to the financing arrangements for the 5 years ended Dec. 311924, available St. Louis, trustee. (J. & D.) payable$1,000c'. Red. all or part on any
for interest on these notes, depreciation, depletion and Federal income taxes, int, date on 30 days'Denom. $500 and int.
notice at 102 and
charges have been deducted,
H.
except in case of subsidiaries where all such
the company, which is owned by ISIIItC
These notes are obligations
were $1,588,913. or 9.62 times maximum annual interest charges of $165,000 Lionberger and members of of
The notes are secured by a closed
on these notes. For the year ended Dec.31 1924 such earnings were $1,388,- first mortgage on all of Cityhis family. 496 in the City of St. Louis and a
Block No.
annual
373. After deduction of depreciation and depletion, such average
thereon. Due to var,yIng street grades.
earnings available for interest on these notes were 8.47 times the maximum modern building now being erected stories. Onlythe 18th St. front of the
Its height will range from two to four
annual interest charges on this issue

-v. 119, P. 2767.

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JAN. 31 1925.]

THE CHRONICLE

ground floor and part of the Pine St. side will be rented. The remainder
of the building will be occupied by the Eighteenth Street Garage, which
will be operated by the Eighteenth Street Building Co. This garage will
be the largest in the world, with a capacity of 1.600 cars.
Electric Finance Corp.-Pref. Stock Offered.
-Parsley
Brothers & Co. and Schibener, Boenning & Co., Philadelphia, are offering at $50 per share and div. 4,000 shares (no
par value) Cum. Pref. (a. & d.) stock, each 10 shares of
Pref. stock now offered carrying 3 shares of Common stock.
Restrictions as to Calls for Further Payments.
-At the time of its initial delivery,$50 per share will be paid in on the Cumulative Preferred stock. The

company will have the right to call for additional payments to an amount
not exceeding in the aggregate $50 per share. Calls for additional payments
may be made on 15 days notice. Such calls shall not exceed $10 per share
within any 30-day period, and shall not be made unless earnings available
for the payment of dividends shall,for the 12 months immediately preceding
such call, have been at the rate of at least twice the annual dividend requirement on the amount theretofore paid in. The company, however, has
the right to call for additional payments during the first year of its operation,
in which event the period of time shall begin with the first calendar month
ofoperation and end on the last day of the month immediately preceding the
call.
Entitled to dividends of $8 per share per annum. Entitled to amount
paid in and accrued dividend in liquidation. Red. all or part upon any div.
date upon 30 days' notice at 110% of the amount paid in and accrued div.
Dividends Q.
-F. The foregoing dividend is based upon the payment of
$100 per share. Until this amount is paid, the Preferred stock will be
entitled to dividends at the rate of 8,e on the amount paid in. Transfer
7
agent, Pennsylvania Co. for Ins. on Lives & Granting Annuities, Phila.
Registrar. Real Estate Title Insurance & Trust Co., Phila. Exempt from
Present Penn. 4-mills tax. Dividends free of present U. S. normal Federal
Income tax.
CapitalizationAuthorized.
Issued.
Cumul. Pref. stock (dive. $8 per share)
10,000 sits.
4,000 shs.
Common stock (no par value)
30,000 shs.
13,500 shs.
Data from Letter of F. G. Sykes, President of the Company.
Compamb-Has been organized in Pennsylvania to finance partial
ment sales of electric and gas appliances for public utility companies payand
dealers. Company will begin business with a capital substantially in excess
of the amount received from the sale of the Cumulative
the
Common stock having been purchased for cash by thosePreferred stock, the
associated with
management of the company. The sale of electric and gas appliances,
such
as ranges, heaters, water heaters, vacuum cleaners, dish washing and clothes
washing machines, &c.,is rapidly increasing and such appliances have come
to be regarded as established household necessities. A large percentage of
such sales are made on the partial payment, or so-called "easy payment"
plan.
The company has reasonable assurances of a substantial amount
business as the management is closely identified with the electric of this
and gas
industries.
Dividends on Common Stock.
-Provision has been made under
dividends may be paid on the Common stock which would result inwhich no
reducing
the earned surplus of the corporation to an amount not less than five times
the annual dividend requirements on the amount
lative Preferred stock at the time outstanding. paid in on the CumuVoting Rights.-Whenever four quarterly dividends are in arrears
Preferred stock will be entitled to full voting rights with the further the
vision that, if at any time eight quarterly dividends are in arrears,prothe
Preferred stock will be entitled to exclusive voting rights
until such arrears
are fully paid.
Voting Trust.
-All shares of Common stock
trustees and will be so held for a period of fivewill be transferred to voting
The voting trustees
will be F. G. Sykes, Percy C. Madeira Jr. and years. Parsly.
E.
Directors -Prank B. Ball (V.-Pres. American G.
Gas & Electric Co.).
Henry D. Boenning (Schibener, Boenning & Co.), Duncan Campbell
(V.-Pres. & Gen. Mgr. Scranton Electric Co.). C. S. MacCalla (V.-Pres.
Gen. Mgr. Pennsylvania-Ohio Power & Light Co.), Percy C. Madeira,
Jr. (Ballard, Spahr, Andrews & Madeira, attorneys), E. G. Parsly
(Parsly
Bros. & Co.), N. M. Seabrease (Kentucky & West Virginia Power Co.),
P. G. Sykes (formerly President, American Power & Light Co.),
Thomas
W. Wilson (V.-Pres. & Gen. Mgr., Wilmington (Del.) Light 3s
Power Co.).

589

gross sales Of the mills acquired by the corporation amounted to more than
$10,000,000.
The properties comprise Passaic Mills at Passaic, N. J., and Essex Mills
at Newburyport, Mass., the latter being owned by a wholly owned subsidiary. These mills have a total of approximately 105,000 spinning
spindles, 32,000 twisting spindles and 550 heavy automatic looms. The
mills have an aggregate floor space of about 690,000 sq. ft. and employ
over 2,300 factory hands.
Purpose.
-Proceeds of the 1st Prof. stock will be used in part in payment
for the current assets acquired by the corporation and for working capital.
Sinking Fund.
--Commencing July 1 1925 the company shall set aside•
In equal semi-annual installments, out of the earnings remaining after the
payment of dividends on the 1st Prof. stock, an amount equal annually
to 2% of the greatest amount of 1st Prof. stock at any time outstanding,
to be used as a sinking fund for the purchase and redemption of the 1st
Pref. stock. This obligation Is cumulative so that if in any period earning
shall be insufficient to permit the full amounts required for such sinking
fund, the deficiency shall be made good out of the earnings of succeeding
periods before any dividends shall be paid on the 2d Pref. or Common stocks.
Appraisal.
-The mill properties owned have been appraised as of Jan. 1 .
1925 by Charles T. Main of Boston, at a replacement value of $8.228,300
and a present depreciated value of $6.625,300, without making any allowance for good-will, patents, going value, &c.
Earnings.
-Net profits, after taxes, of the mills acquired during the
period that they were owned by American Cotton Fabric Corp. were as
follows: 1923, $906.500: 1924, $947,839.
Net profits for 1924 amounted to more than 4 Ji times the annual dividend
requirement on the 1st Pref. stock. For the 5 years ended Dec. 31 1924.
such net profits showed an average in excess of this amount.
'
Consolidated Balance Sheet Dec. 31 1924 (After This Financing).
Assetsr.4Mli
Real estate, buildings and
$3,000,000'
7% 1st Pref. stock
machinery
5,000.000
$6,074,928 6% 2d Pref. stock
Cash
537,613 Common stock (300.000
Accounts receivable
1.216.289
shares, no par)
1,292,454
549.263
Inventory
2,426,138 Notes payable
565,581
Accounts payable
$10.331,133
Total
Total
$10,331,133
Directors.
-Myron C. Taylor. Chairman; Edward R. Stettinius, Joseph
P. Knapp,J. D.Armitage, R.P. M.Eagles,P.T.Jackson, H. Hier Davies
and Joseph A. Bennett.

(H. H.) Franklin Mfg. Co.
-New Director.

Arthur E.Parsons has been elected a director,succeeding John Wilkinson.
-V. 118, p. 3203.

Freed-Eiseman Radio Corp.
-Settle Radio Litigation.

All litigation heretofore pending between Freed-Eisemann Radio Corp.
on the one part and Hazeltine Corp. and Independent Radio Manufacturers
on the other has been discontinued by mutual consent. The differences
between these interests have been satisfactorily adjusted and Freed-Elsomann has paid Hazeltine $186,361. representing royalties withheld and
deposited in Court pending the result of litigation.
By this settlement Freed-Eisetnann will resume active participation In
the affairs of Independent Radio Manufacturers, the corporation comprised
of licensees under the Hazeltine patents, one of their members becoming
a director.
Freed-Eisemann Radio Corp. states $186,361 paid over to the Hazeltine
Co. under the settlement arrangements just announced has never affected
either the assets or liabilities of the company, the money having been set
aside in a separate account when the same was deposited in Court.
Preed-Eisemann net earnings for the last quarter of 1924 are reported
before taxes, but after royalties, as $592.000.-V. 119. p. 2293.

General Electric Co.(Allgemeine Elektricitats Gesellschaft), Germany.
-Bonds Sold.
-The National City
Co. has sold at 933 and int., to yield 7.70%, $10,000,000
4
20
-Year Sinking Fund 7% gold debentures.

Dated Jan. 15 1925: due Jan. 15 1945. Int. payable J. & J. Denom•
$1,000 and $500 c*. Principal, interest and sinking fund payable in N. Y.
City in U. S. gold coin of the present standard of weight and fineness, at
National City Bank, New York, trustee, without deduction for any past.
Years ended Nov. 30- 1923-24.
1922-23.
1921-22.
1920-21. present or future
Gross sales
$45,441,757 $50,959,331 $44,908,090 $44.047,539 lied. at 105, on 30taxes or duties levied by or within the German Reich,
days' notice, either as a whole, on any interest date after
Less returns
2,164.147
2,495,234
2,034.499
2.274,881 July 15 1929, or by lot, through the operation
of the sinking fund, on any
Interest date after Jan. 15 1930.
Net sales
$43,277,610 $48,464,097 $42,873,591 $41.772,658
Sinking Fund.
-As a sinkinrc fund for the redemption of the debentures,
Earnings Years Ended Nov. 301923-24.
1922-23.
1921-22.
the company agrees to pay
Earns. aft. Fed. & all other tax prov__ $1,002,371
$1,472.278 $1,138,489 before June 1 1930, and theover to the trustee the Rum of $360,150 on or
First Preferred dividends(7%)
sum of $349,650 on or before each succeeding
105,000
105,000
105,000 Dec. 1 and June 1, so long as any of the
Second Preferred dividends (6%)_ _ _ _
debentures remain outstanding.
90,000
90.000
90,000 The sums so received shall
Common dividends
(6%)444,343(6%)439.380 %)240.000 Interest dates next following be applied by the trustee, on the respective
(8
the receipt thereof, to the redemption by lot.
at 105, of $343.000 of debentures on
Balance, surplus
$363,028
$837,898
$703,489 amount thereof on each subsequent July 15 1930, and $333.000 principal
Profit and loss surplus
interest date. The trust agreement
$2.212,006 $1,848,979 $5,011.081 will provide that any debentures
which shall not have been redeemed by
Balance Sheet Nov. 30.
the sinking fund or otherwise retired prior to maturity on Jan. 15 1945
1924.
1923.
will be paid on that date at 105.
1924.
1923.
Assets
LiabilitiesListing.-Application will be made to list these debentures on the New
$
Factory lands and
1st pref.7% stock_ 1,500,000 1,500,000 York Stock Exchange.
bldgs., machln'y
2d pref.6% stock_ 1,500,000 1,500,000
and equipment_ 686.802
863,050 Common stock... 7,405,725 7,375,600 Data from Letter of M
. Deutsch and Mamroth, Managing
Investments
731.188
330,546 Notes payable_ _
Directors of the Company.
6.485,000 7,290,500
Inventories
8,819,650 10,951,110 Accounts
Company.
-Was originally incorporated in 1883 under the name of the
& notes rea.a9,376,693 9,399,381 Bonuses, payable_ 823.117 2,371,610 German Edison
Accts.
Federal
Co. to exploit the Thomas A. Edison patents for incanAdv. to salesmen
and other taxes. 551,324
743,809 descent lamps. In 1887 its corporate name was changed to "Allgemeine
and employees
b199,097
272,874 Sundry dep. accts. 375,589
377,619 Elektricitats Gesellschaft," since known the world over as the "AEG.
1,385,397 1,537,123 Res.for dividends_ 343,115
cash
343.115 For many years AEG has enjoyed a co-operative relationship with the GenDeferred charges_
3,048
3,048 Surplus
2,212,006 1,848,979 eral Electric Co. (America) under a contract which provides for the exchange and mutual use of intents, technical knowledge and experience.
Taal
21,195,875 23.357,131
Total
AEG manufactures all forms of electrical apparatus
21,195,875 23,357,13
largest.
a Accounts and notes receivable, $9,691,473: less reserve for doubtful turbo-generator set to a flashlight bulb. During the fiscalfrom the
years 1910-1914.
debts. $314.781. b Partially secured by deposit of company's stock.
Inclusive, total business averaged over $85.000,000 per annum and in some
HS, P. 316.
V.
years exceeded $100.000,000. Present indications are that total business
for the current fiscal year will measurably approach the pre-war average.
Emerson Electric Mfg. Co., St. Louis.
At. _present approximately 32% of the company's business is done outside
-Receiver Suit. of Clermany. Its
products have achieved a world-wide reputation for techThe receivership suit against the company, which has been
pending in nical perfection and quality.
Circuit Court at St. Louis since Sept. 18 last, was dismissed Jan. 5 by
During the first thirty years of Its history, the company enjoyed a pracC, R. Meston, plaintiff in the action.
-V. 119. p. 1513.
tically continuous record of prosperity
the increase of its
capital stock from about $1,190.000 to as Indicated in
$36,890,000, in
the equivalent
Essex Cotton Mills, Inc.-Pref. Stock Sold.
-Guaranty addition to which its reserves (surplus) on June 30 1914of
aggregated about
Co. of New York has sold at 97 and div., to yield over $22,776,600. At present quotations the market value of the outstanding
shares is in excess of $45,000,000. The company has a long dividend record.
7.2(J%,$3,000,000 Cumulative 7% 1st Pref. (a. & d.) stook.
In 1924 A E G purchased in the American market over 60,000,000 pounds
Dividends cumulative and payable Q.
,
of copper and considerable quantities of zinc, silver, oil, benzine. &c.
-J. In case of voluntary
voluntary dissolution, entitled to payment at par and dividends. or inSecurity -Debentures will be the direct credit obligations of the company
Red.
all or part on any div. date on 30 days notice at 110 and div. Non-voting, which will covenant in the trust agreement securing the debentures, that
except in the event of dividends being in arrears for four quarters. Divi- so long as any of the debentures remain outstanding and unpaid, the comdends exempt from present normal Federal income tax. Mass.income tax pany will not execute any mortgage upon or make any pledge of any part
up
u to 6% per annum refundable. Transfer agent, J. P. Morgan & Co., of its properties and assets either real or personal, unless such mortgage or
York. Registrar, Guaranty Trust Co. of New York.
agreement of pledge shall provide for the security of these debentures either
Capitalization
equally and ratably with the bonds. notes or other obligations or liabilities.
Cumulative 7% First Preferred stock (this issue)
$3,000,000 of whatsoever character, which are to be secured by such mortgage or
-cumulative 6% Second Preferred stock
Non
5,000,000 pledge, or, at the option of the company, in priority thereto.
Common stock (no par value)
Except for the charge or lien in favor
300,000shs.
so-called "Dawes debentures,"
Listing.
-It is expected that application will be made to list this First the capital amount of which has now of thefixed
been
at the equivalent of $7,Preferred stock on the New York Stock Eqchange.
732.620, the only outstanding liens on any of the company's properties are
Letter of President ..1. D. Armitage, New York, Jan. 21. small mortgages to the extent of only $95,282. Company will also covenant
rrrriorn
i i
In the trust
company.-Incorporated Jan. 21 1924 in Delaware. Has acquired the law, under agreement not to take advantage of the provision of the German
which the
business formerly conducted by the American Cotton Fabric Corp. at its an owner's mortgage "Dawes debentures" have been created, to register
in Its
mills located at Passaic, N.J.. and Newburyport, Maas. These mills have have redeemed or repaid own name to the extent that it may at any time
such debentures.
successful and profitable operation under the management and
been in
The trust agreement will
agency of Taylor, Armitage & Eagles, Inc., which has had many years of any cash dividends on its further provide that the company will not pay
capital stock subsequent to Sept. 30 1924 except
experience In the textile industry. This company has also been out of net earnings.
successful
acquired by Essex Cotton Mills, Inc., and will continue to act as its agents
Purpose.
-Proceeds of the present issue will be used to reduce current
and supervise its management.
liabilities and to increase working capital and to some extent to install
The company is engaged in the spinning and weaving of Egyptian and additional machinery.
American staple cotton into combed and carded yarns and fabrics for
Earnings.
-Company's earnings prior
growth
automobile tires, leather cloths and other high grade specialties. In 1924 and consistent prosperity. For the five to 1914 reflected its steady the net
years ending June 30 1914

Ely & Walker Dry Goods Co., St. Louis.
-Ann. Report.

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590

THE CHRONICLE

[VoL. 12

earnings available for dividends after deducting all interest, tax and deGreenville Community Hotel Corp. (Poinsett Hotel).
preciation charges, were as follows:
-Bonds Offered.
-Hibernia Securities Co., Inc., are offering
1912.
1914.
1910.
1911.
1913.
$4,496,448 $600,000 7% 1st Mtge. Serial gold bonds, due Jan. 1 1927
$5,804,014
24,385,204
$5,269.493
26,879,267
During the year ended Sept. 30 1924 the books of the company have again
been put on a gold basis and in spite of relatively unfavorable conditions to 1935, incl., at 100 and int.g44111 ft id
,yable=nli=arleston, National
Principal and int. (f." & rr7r
during the first half of the year the company has been able to show net
earnings, after deducting all interest and tax charges (except income taxes Banking Association, Charleston, S. C., or National Bank of Commerce.
Which are a charge against earnings after Interest) but before deducting New York. Callable at 105 and int, on any int. date on and after Jan. 1
depreciation-equal to $3,201,107. and net earnings, available for divi- 1928. Denom. $1,000, $500 and $100 c*&r. Charleston Trust Co..
dends, after all charges, of $1,719,143. The company has recently de- Charleston, S. C., trustee.
The Poinsett Hotel, which will be located in Greenville, S. C., is expected
clared a cash dividend payment of 5% on its Common stock.
to be completed by June 1 1925. The building will be 12 stories high above
Condensed Balance Sheet as of Sept. 30 1924.
ground, will contain 198 rooms, with baths, and will be so constructed
AssetsLiabilities- '
added when they are needed.
Real estate, plant and equipCommon stock
$28,560,000 that 125 additional rooms may be Poinsett Hotel and rentals from store
Annual gross earnings of the
ment (less depreciation)- -$18,038,352 Preferred stock
4,165,000 buildings have boon conservatively
estimated at $367,080 and net earnings
Stocks of subsidiary, &c.,
Preferred "B" stock
4,462,500 applicable to interest
and principal charges at $183,182.
companies
13,076,893 General reserve
3,808,000
A sum equal to one-twelfth of the annual interest and of the principal
Cotherinvestments
7,249,528 Welfare reserve
952,000 maturing, not
exceeding $24,000 in any one year, is to be paid monthly
26,656 Mortgages
95,282
Mortgages
3,758,401 to the trustee.
Merchandise and materials__ 13,690,254 Debenture bonds,1932
2,935,465
Accounts receivable
13,399,547 Due banks (net)
Gulf States Steel Co.
-Earnings.
-1
Due from branches and subs_ 2,180,646 Accounts payable
8,182,125
-3 Mos. End,Dec. 31- -Year End. Dec.31Acceptances
168,856 Balances due on contracts_ _ _ 1,194,638
1923.
Period1924.
1924.
1923.
Cash on hand
131,326 Due branches,sub.&aim.cos. 2,251,025
$392.316
$388,365 $1,493,971 $2,169,862
Prepayments by customers._ 5,878,479 Net oper. Income
593,343
514,656
132,277
122,499
Total(each side)
1,719,143 Taxes, depreciation, &c..
$67.962,058 Profit and loss account
All valuable models, patents and tools, as well as all furniture and fix$1,576,521
Net income
$979,315
$260,039
$265,866
tures, are carried in the balance sheet at a total valuation of less than $1. -V. 119, p. 2071.
All machinery is carried at a figure of only $3,383,554, although it would
probably cost more than $50,000,000 to replace to-day.
Hamilton-Browni5ho4Co.-Balance Sheet Dec. 31.[Figures have been translated from German marks into dollars at the
1913.
1914.
1924.
1923.
parity of 23.8 cents.]
Assets
LiabliniesReal est., bldgs.,
5,000,000 5,000.000
Capital stock
General Electric Co., Schenectady, N. Y.
-Suit.
mach'y & fixt's_ :965,538 1,027,023 Notes & accounts
Arguments in the Government injunction proceeding against the General Lasts
3,029,605 2,702,882
yl
1
Payable
Electric Co., the Westinghouse Electric & Manufacturing Co. and the Cash and dies_ _ 659,146
50.000
50,000
566,269 Div. pay. Jan. 2....
Westinghouse Lamp Co., alleged to have conspired to violate the Sherman Due fr. customers_ 4,018,494 4,043,345 Due to off.& empl.
74,534
62,079
Anti
-Trust Law, were heard Jan. 27 by Federal Judge David C. Western- Acc'ts & notes rec_ 336,966
97,390
302,730 Due to depositors_ 103,629
haver at Cleveland, who reserved his decision.
Inventories
It is charged that these companies control the retail price of a certain Securities owned 5,121,111 4,707,843 Federal & State in- 120,000
100,000
373,467
come taxes
396,066
make of electric bulb. Defense attorneys contended that the General Deferred charges
4,347
5,060
77,272 Other reserves_._.
70.784
Electric Co. through patent rights had a complete monopoly in making the
3,175,132 3,091,395
Surplus
-V.
bulbs and therefore could designate how they should be distributed.
120, p. 336. 215.
Total
11,545,505 11,120,548
11,546,505 11,120.548
Total

-Earnings.
General Fireproofing Co.
-Sales
Gross sales for the year ended Dec. 31 1924 were reported at $8,500.000,
an increase of approximately $250.000.000 over 1923.
Net profits for 1924, after all charges, were 1558,885.-V. 119, p. 3015.
General Motors Corp.
-Estimated Earningsfor 1924.
-

x Real estate, incl. buildings, $1,766,68rless depreciation, $1,031,029:
machinery and fixtures. $709,966; lesaldepreciation, $480,085. y Lasts
and dies, $152,646; less depreciation, 1152.645.-V. 119, p. 2887.

Hamilton Woolen Co.
-Balance Sheet Nov. 30.-

Assets1924.
1923.
1923.
Liabilities1924.
The report of the corporation covering 1924 operations, shortly to be
83,450,325 $3,190,891 Capital stock
$2,585,000 $2,585,000
issued, will show nearly $7 a share earned on the 5,161.000 shares of no Plant
par value Common stock outstanding, according to a booklet issued by Mat'ls dr supplies_ 2,622.299 2,402,258 Notes& accts. pay. 2,118,369 1,675,524
38,775
38.775
Dominick & Dominick. The number of cars and trucks sold by the cor- Cash & accts. rec. 1,199.515 1,319,577 Div. pay. Jan. 10_
92,776
86,922 Res. for deprec
759,767
629,767
poration to its dealers was about 25% less than in 1923, the banner year in Prepaid Items....
Res. for taxes..._
110,000
7,000
Use automotive industry, and their value was about 18% less. However,
Tot.(each side)37,364,915 $6,999,648 Surplus
1,856,004 1,960,581
sales of the corporation's products to the public was only 10% smaller than
-V. 118. p. 913.
n 1923.
In the 15 years ended with 1923 the booklet shows that the General
Harbauer Co., Toledo, Ohio.
-Stock Sold.
-R. V.
Motors Corp. made aggregate net sales of 13.690,240,502 and reported net
earnings available for dividends of 2311,048,655. Cash dividends paid on Mitchell & Co., Canton, 0.; Bell & Beckwith, Toledo, and
the Common stock during this I5
-year period aggregated $122,327.219. The Herrick Co.,
Cleveland, recently sold at $18 per share
During the same period the company reinvested $148,662,573 in the business out of earnings.
-V. 120, p. 336.
27,800 shares of no par value Common stock. This does not

German General Electric Co.
See General Electric Co., Germany, above.
-V. 117. p. 331.

Glidden Co., Cleveland.
-New Director.
M. F. Emrich has been elected a director, succeeding F. A. Glidden.
V. 120, p.458.

(B. F.) Goodrich Co.
-Preliminary Statement for 1924.
The directors on Jan.28,1925,issued the following statement:

represent new financing in behalf of the company.
Exempt from the normal Federal income tax and from personal nroperty
taxes in Ohio. Application will be made in due course to list these shares
on the Cleveland Stock Exchange.
Data from Letter of A.E. Harbauer, Toledo, Dec. 27.
Company.-Incorp. in Ohio in 1904, succeeding to a former partnership;
and has operated successfully since that date. Owns and operates three
plants located in the city of Toledo. Company's products consist of
catsup, pickles, mustard, mixed pickles, relishes, vinegar, chili sauce and
puree. Company ranks among the four largest producers of catsup in the
United States, and is the largest producer of that product under private
labels.
Capitalization after Conversion of Present Par Value Common Stock into Shares
of No Par Value.
.
Authorized. Out
7% Cumulative Preferred stock
$200,000
2194,300
Common (no par value)
50,000 she. 40,000 shs.
Net Profits Available for Common Stock after Depreciation and Int. Charges.
Before
After
PeriodFed'I Tares. FetPl Tares.
7 years, average
$121,012
$101,038
3 years, average_
198.763
173.643
1924 x
235,632
206.133
x Month of December 1924 estimated.
Dividends.
-It is the company's policy to <art dividends on the basis
of $1 80 per share per annum payable quarterly upon its no par value
Common stock, and to make extra disbursements from time to time, should
conditions warrant.

Results for 1924.
-Net sales for the fi*cal year ended Dec. 31 1924 were in
excess or$109,000,000. The net profits from operations for that period,
after deducting ample depreciation on properties, interest on borrowed
money and 21,000,000 for contingencies, but before making any provision
for Federal income taxes, were approximately $8,800,000.
Comparative Net Sales, Calendar Years (Inserted by Editor).
1924 (est.).
1923.
1920.
1922.
1921.
1919.
$
109,000,000 107,092,730 93,649,710 86.687,339 152,007,346 141.343.419
Assets
-Current assets on Dec. 31 1924 approximated $44.000.000 and
the current liabilities $3400000. With the exception of $124,950 represented by acceptances of our foreign companies,in payment of merchandise.
all bills payable covering bank indebtedness had been liquidated prior to
the close of the year.
Preferred Dividends -The directors have declared dividends on the Pref.
stock as follows: $1 75 per share payable April 1 to holders ofrecord Mar.16
and El 75 per share payable July 1 to holders of record June 15.
In view of the substantial decrease in the company's surplus account following the severe depression in the rubber industry in 1920. the directors
have deemed it advisable to replace at least a portion of this surplus and
therefore inexpedient at this time to take any action with respect to dividends on the Common stock.
Hart, Schaffner & Marx.
-Authorized Capital Reduced.
-The directors also approved the retirement of 23,760
Stock Retirement.
The stockholders on Jan. 26 voted to reduce the authorized capital stock
shares of Preferred stock in accordance with the provisions of the charter.
by its accountants to 215,000,000 (all one class), par $100. The entire outstanding Preferred
The regular annual audit of the company's accounts
Is now in progress and when completed the annual report will be published. stock was retired on March 31 1924.-V. 120. v. 337.
-V. 120. p. 337.
Hazeltine Corp.
-Initial Dividend of $1 25.
- An initial quarterly dividend of 11 25 per share has been declared on
-Div. Plans Considered.
Goodyear Tire & Rubber Co.
the capital stock, no par value. payable Feb. 24 to holders of record Feb.4
statement:
The company has made the following
p. 800).
The directors have informally received and considered a number of sug- (see offering in V. 118.Radio Corp.
See FroW-Eisemann
above.
-V. 119. p. 3016.
gested plans for the funding of back dividends on the Preferred stock. No
plan has been adopted, no plan has yet received a measure of approval
Haynes Automobile Co. Kokomo, Ind.
•
-Sale.-warranting any announcement as to its character and no specific basis for
Robert L. Tudor, trustee in bankruptcy, has refused to accept a bid of
payment of Preferred dividend accumulations in Common stock has been 1380,000 for the property. The bid was
submitted in behalf of bondhold-V. 120. v. 458, 92.
discussed or considered by the board.
ers at public sale on Jan. 22.-V. 120, v. 92.

-Annual Report.
(H. W.) Gossard Co., Inc.

1921.
1922.
1923.
1924.
Calendar Years$4.847,694 $5,120,574 $4,926,746 $5,363,881
Net sales
138,084
200,588
380,948
354.378
Net after taxes
64,925
61,572
55,360
51,014
Pref. dividends (7%) _ _
(13)225,000 ($2)150,000 (11)75,000
Common dividends
94.208
50,000
Adj. credits
$73,158
$158,224
$225,588
$78,364
Balance, surplus
Balance Sheet Dec. 31.
1923.
1924.
1923.
1924.
$
Liabilities
Assets
$
707,200 785,300
Preferred stock
Plant and equipment
798,207 798,207
(less depreciation). 668,103 697,919 Common stock*
420,000 472,500
Cash
99,557 126,424 Notes payable
124,322 119,400
Accts. rec. (less res.) 641,188 677,432 Accounts payable_
27,911
27,000
Dividends accrued
Deposits, lease
31,182
72,751
1,808,596 1.819,056 Reserve for taxes._ 53,439
Inventories
1 344,136 1,265,772
Surplus
47,163
Other current assets_ 45,294
86,685
Deferred charges_
93,083
87,160
Other assets
87,298
3474,305 3,541,843
3 474,305 3,541,843 Total
-V.118. p. 799.
* Represented by 75,000 shares of no par value.

Total

Hibbard, Spencer, Bartlett & Co., Chicago.
-Extra
Dividend of 15 Cents-Annual Report.
The directors have declared three monthly dividends of 35c. per share
payable Jan. 30, Feb. 27 and March 27 to holders of record Jan. 23, Feb.
20 and March 20, respectively. In addition an extra dividend of 20c. Per
share has been declared payable March 27 to stockholders of record March
20. Extras of 15 cents per share were paid quarterly during 1924.
Balance Sheet Dec. 31.
1923.
1924.
1923.
1924.
Assets$
$
$
Liabilities$
Real estate, bids&
5,000,000 5,000,000
Capital stock
654,592
& equipment... 5,188,869 3,883,865 Ace,pay.& accr exp. 633,391
U.S.Govt.,&c.,sec. 1.582,968
850,438 Acer. taxes,local &
304,100
Cash
429,836
282,379
410,395
Federal
572.865
Notes & acc'ts rec. 3.031,816 3,247,189 Res.for depreo'n- 598,489
Inventories
2,904,339 3,331,888 Bills payable
1,200,000
259,118
Prepaid expenses__
7,174
11,144 Other reserves.... 247,785
Officers' & empl.
5,496,889 5,346,758
Surplus
notes receivable 188,986
344,013
Stocks of MM.cos_
58,500
58,600
Treasury stock--66,456
Total(each side) 13,458,933 12,137,433
-V. 119. p. 3016.

-S. W.
Hotel St. Regis, Los Angeles.
-Bonds Offered.
-Contract.
- Straus & Co., Inc., Pare offering at par and int. $525,000
f Great Lakes Engineering Works, Detroit.
The Columbia Steamship Co. of Cleveland is reported to have contracted 1st Mtge. 6% Serial Coupon bonds (safeguarded under the
-footfreighter.
with the above companyfor the delivery to it,in 1925,of a 600
Straus plan).
-V.117. p. 1133.

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JAN. 31

1925.]

THE CHRONICLE

The bonds are secured by a direct closed first mortgage on a new 12
-story
hotel and store building and on a one-story and garage building adjoining,
both to be erected, and on their site, at Los Angeles. The value of the
land and completed buildings is appraised at $848,750.

Howes Bros. Co.
-Annual Report.
-

Calendar YearsNet earnings
Preferred dividends paid

1924.
$139,518
120,311

Balance
Profit and loss surplus

1923.
$138,170
120,311

$19,207
$17,859
$1,329,344 $1,310,136

Balance Sheet Dec. 31.
Assets1924.
1923.
LtattUtites1924.
1923.
Cash
5527,638 $538,558 Preferred stock_ _.$1,850,000 $1,850,000
Meta receivable.... 1,553,837 1,623,251 Common stock._ _ 1,150,000 1,150,000
Inventory
4,763,257 5,508,069 Ace'ts payable_ _ _
291,193
133,547
Investments
349,005
350,305 Notes payable__ 2,540,000 3,535,000
For'n acceptances_
33,200
41,500
Totakeach side) $7,193,737 $8,020,183 Surplus
1,329,344 1,310,136
-V.118, p. 2445.

Hudson Valley Coke & Products Corp.
-Notes Offered.
-Porter & Co., Boston, and Otis & Co., Cleveland, are
offering at 98 and int., to yield about 732%, $1,000,000
b-Year 7% Sinking Fund Gold notes, due Jan. 1 1930.

The proceeds of this issue will be used to increase
coke oven capacity of 44 ovens to 55 ovens to takethe originally planned
care of the
demands of the companies to which gas will be supplied. Theincreased
capacity
of the blast furnace will also be increased.
Corporation is constructing at Troy, N. Y., a by-product gas and coke
oven plant to supply at favorable rates under 20
-year contracts,
requirements of the public utility companies which now furnish the gas
all the
gas used in Albany, Troy, Schenectady and Cohoes, with a total
population
of 350,000. The corporation also has acquired from Burden Iron
blast furnace and approximately 40 acres of land located at Troy. Co. a
Net earnings available for interest and depreciation for the
first full
year of operation of the originally planned 44-oven
are estimated at $757,000, or 3.43 times combined plant and blast furnace
interest charges
first mortgage bonds and these notes. After allowing for interest on the
charges
on tha first mortgage bonds, net applicable to the notes is
$606,500, or 8.66
times interest requirements of the notes.
-V. 119, p. 3016.

Hudson Valley Portland Cement Corp.
-Sale.

Earl B. Barnes, Special Master, will sell at public auction,
valuation. appraisement, redemption, stay or extension, to the without bidder
highest
or bidders on the front steps of the Court House at Catskill, N. Y., on
Feb. 26 1925, the property of the company. No bid of less than $500,000
will be accepted.
-V. 119, p. 2416.
Illinois & Market
Stock Offered.
-

Realty Co., Indianapolis.
-Preferred

Meyer-Kiser Bank, Indianapolis. is offering at par and dividend
th
unsold portion of $850,000 5%% tax-exempt downtown real estate
Preferred
stock. To be secured by new 10
-story store, shop and office building at
Illinois & Market streets, valued at $1.350.000. Payment. of principal
and dividends to be guaranteed by L. Strauss & Co.. Indiana's leading
clothiers.
The stock is dated Jan. 1 1925: due annually July 1 1928
to 1935. Dividends payable Q.
-J. Callable at 102 for five years and 101 thereafter.
Buildiny.-The company will hold, under 99
-year leases, a
ground 107)x120 feet at the southeast corner of Illinois andparcel of
Market
streets, in Indianapolis. Upon this property the company is to erect a 10
story and basement fireproof store, shop and office building, covering the
entire area. Valuation of the completed property has been estimated at
$1,350,000.
Income.
-Company can now close leases on the first two floors and basement which will bring in $139,000 per
Figuring the income from
the upper floors at only 51 66 per sq. ft. year.
of rental space, makes total gross
Income from the building of $259,000. Expenses of all kinds, including
ground rent, taxes, insurance, upkeep and maintenance of the building, are
most liberally estimated at $128.900, leaving total estimated net income of
5130.100 available for tho Preferred stock requirements.
Stock.
-Total amount of First Preferred stock issue is 51,100.000, divided
Into 8850,000 Series A stock and 5250,000 Series
stock is now ming offered and the $250.000 Series B B stock. The Series A
stock is
at par for cash by L. Strauss & Co., who also will own the being purchased
It is provided in the stock certificates that Series B stock Common stock.
is junior
the
Series A atom, both as to dividends and liquidation until $250,000 to the
of
Series A stock has been redeemed.
Guaranty.
-Payment of principal and dividends on this Preferred stock is
unconditionally guaranteed by L. Strauss & Co.. who
and largest dealers in men's clothing and furnishings inare one of the oldest
the Middle West.

Illinois Pipe Line Co.
-Total Oil Deliveries,

See under "Pipe Line Statistics" in V. 120, p. 462.-V. 1924.
119, p. 3016.
Inland Steel Co., Chicago.
-Earnings.
Calendar Years-

1924,
1923.
1922.
1921.
Total income
38,063,420 57,673,408 n2.434,023 *$1,728,031
Depreciation,&c
1,503.871
1,321,270
1,004,336
911,993
Bond interest
38.250
162,180
288,510
305,310
Federal tax
716,000
650,000
Employees' pension fund
288,000
265,000
Preferred dividends_ _ (7%)700,000(53i)525.000
Common diva_ _ _ _ x .50)2.956.997 z2,471,313
($2
($1)1014.009($1)1013,964
Balance, surplus
$1,860.302 52,278,645
$127.168 def$503.236
•After reserve for Federal and other taxes. x
Approximate, Inserted
by Editor. z $2.13.-V. 119, p. 2071.

591

and also approved the reclassifying of the Preferred stock as outlined in
V. 119, p. 3016.
Income Account Ten Months Ended Nov. 1 1924.
Net sales
$11,376,192
Cost of sales, including raw materials, labor, supplies, operating
expenses, depreciation, &c
10,720,287
Net profit from route operations
Other income

$655,905
155,222

Net profit
Reserve for Federal taxes

$811,127
101,391

Net profit for tOn months
$709,736
The general balance sheet as of Nov. 1 1924 shows: Total current assets of
34.317.213: deferred charges, $690,421; capital assets, $728.911: good will.
$12,000,000; total assets, $17,736.557; with current liabilities, $1,587,342:
7% Cumul. Prof. stock, $3,640.000; Common stock, 812.000,000, and
surplus, $509,214: total, $17,736,557.
Preferred stock dividends are in arrears since Oct. 1 1919 and amounted
to $1,274,000 on Oct. 1 1924.-V. 120, p. 337.

Jib Consolidated Mining Co.
-Offering of Notes.
-

The stockholders recently approved an offering of $400,000 2
-Year
6% notes and 200,000 shares of treasury stock for pro rata subscription
to stockholders, at the par amount of the notes. Stockholders of record
Jan. 17 are entitled to subscribe. Each holder of 650 shares of stock is
entitled to subscribe for $100 of notes and 50 shares of stock at the par
amount of the notes. The subscription privilege expires Feb. 6 1925
and payment in full in New York funds muct be delivered to Corporation
Trust Co., 37 Wall St. Feb. 6.
President R. W. Shingler, in a recent letter to the stockholders, said in
substance: "Company had outstanding notes due Dec. 15 1924 and
Jan. 1 1925 with interest to Jan. 1 1925, amounting to about $392.000. Of
this debt Pres. Shingler owned not less than approximately $242,000, of
which $213,000 is represented by 1st Mtge. notes which are a first lien upon
certain of the company's assets. Company will be unable to meet this outstanding indebtedness from its current assets, and arranged to fund this
Indebtedness through the issuance of $400,000 2-year 6% notes (unsecured).
together with one-half share of treasury stock for each dollar of notes.
"In order to insure the sale of the notes, company has arranged with
certain New York bankers to have the notes, with accompanying stock,
underwritten for a commission of 525,000 cash and 200,000 shares of
treasury stock.
"The net result of the foregoing transaction will be that company will
receive $375,000 in cash and will liquidate approximately $392,000 of its
present indebtedness and will dispose of 400,000 shares of its treasury
stock. President Shingle and certain of the present directors will participate in the underwriting."
The following directors have been elected: J. Ford Johnson Jr. of
0. D. Barney & Co., S. Bywater of F. S. Smithers & Co., G. A. Lauzier.
P. J. Quesly, S. B. Thorne, W.E. Decker and L. H. Thompson.
4

(S. S.) Kresge Co.
-50% Stock Dividend.
-The directors
on Jan. 29 declared a 50% stock dividend on the Common
stock, payable April 1 to holders of record March 16.
The directors also declared the regular quarterly cash
dividends of 2% on the Common stock and 1%% on the
Pref. stock, both payable April 1 to holders of record March
19. The regular cash dividend on the Common stock will
be payable on the increased stock and is equivalent to 3%
on the present outstanding shares.
Income Account for Calendar Years.
1924.
1923.
1922.
1921.
Stores
256
233
213
200
Sales
$90,096,248 $81,843,232 365.191,452 355,859.011
..
Net incomes
10,114,163
9,493,988 6,616,417
3,402,033
Pref. dividends (7%)
140,000
141,350
141,445
141,446
Common divs., cash_(8%)1,961,450(8)1,958,257(7)1,168,557 (6)600,590
Balance, surplus
$8,012,713 57,394.381 $5,306.415 $2,659,997
Profit and loss surplus.._515,398.585411,161,180 39,888.034 y$4,581.610
* After providing for taxes and contingencies. x After payment of
33 1-3% (56.121,233) stock dividend. y After payment of 54% (85,645.700) stock dividend.
-V. 120, p. 216.

Kresge Department Stores, Inc.
-New Officers, &c.
-

E. W. Glover has been elected Treasurar and S. J. Ryan as Secretary,
succeeding L. S. Plant and J. E. Mullaney,
Mr. Glover has
also been elected a director and A. C. Case respectively.
has been elected a Vice-President and a director.
-V. 119, p. 2416.

(S. H.) Kress & Co.
-Earns. Year Ended Dec. 31 1924.-

1924.
1923.
1922.
1921.
Sales
$40,259,232 534,005,484 530.646,938 528.908.981
Net profit aft. Fed.taxes $3,143,934 $3,472,902 $3,088,641 $1.258.142
Divs.on 7% Pref.(7%)
209,349
_
220,105
232,024
229.238
Divs.on Corn.stk.(4%)
480,000
480,000
480,000
480,000
Balance, surplus
52,454,585 52.772.797 82,376,617
$548.904
V. 120, p. 216.

Lewis & Son Buildings, Denver, Colo.
-Bonds Offered.
-United States National Co. and James H. Causey & Co.,
Denver, are offering, at 100 and interest, $300,000 6% First
(Closed) Mortgage Serial Gold bonds.

Dated Jan. 1 1925: due serially Jan. 1 1927-1940. Redeemable on any
Interest date upon 30 days' notice at 102 and interest. The bonds of the
longest maturity outstanding shall first be subject to call. Principal payheld Jan. 27,
"The company corrected its financial President John J. Watson said: able at United States National Bank, Denver, Colo., trustee. Interest
considerably reduced overhead charges. position by reorganization and (J• & J.) payable at United States National Bank, Denver, Colo., or at
The great trouble
keen competition and the practice of selling on a guaranteedhas been the Seaboard National Bank, New York City. Denom. $1,000 and $500 c*.
basis. The Interest payable without deduction for the normal Federal income tax not
corporation has discontinued selling on this
basis. Prices
than last year, and orders booked ought to assure profit. are better in excess of 2%. Exempt from Colorado Personal property tax.
The bonds are issued by the Hartford Investment Co.of Colorado. This
The company .shouM make a satisfactory showing in the
current year.
conditions are better. The demand also is better. Progress is Credit latter company is a subsidiary of, and all of its issued Capital stock is held
being and owned by, the A. T. Lewis & Son Dry Goods Co. of Denver. These
made in collecting old accounts, against which ample reserves have been bonds, constituting the
only indebtedness of the company, will be secured
set np._ Accounts receivable Nov. 30 were about $5,000,000, against by a first
(closed) mortgage on all of the property of the company. Total
$6,233.913 on June 30 last, but are now increasing with spring
shipments.' of appraised values of these properties, upon which this issue of bonds is a
[F. N. B. Close has been elected a director, succeeding A. A. Tilney.]- first
(closed) mortgage, $726,133.
V. 119. p. 2295.
All property of the company has been leased to the A. T. Lewis & Son
International Match Corp.
-Initial Preferred Dividend. Dry Goods Co. at a rental sufficient to cover all fixed charges to be paid
by the company, such as taxes, ground rentals, insurance, other operating
The directors have declared an initial quarterly dividend of 65 cents per charges,
including a sufficient amount to pay the entire interest and principal
share on the Participating Preference stock (par $35), payable April 15 to requirements
of this issue of bonds. The term of this lease extends beyond
holders of record March 25. See V. 119, p. 2887.
the maturity date of any of the bonds of this issue. The said lease is
Irrevocable,
International Salt Co.
thereunder, has been assigned
-Earnings (Incl. Subsid. Cos.).
- and pledged and,together with the rentalssecurity for this issue of bonds.to
with the trustee as additional
Quarter Ended Dec. 311924.
1923.
1922.
Total earns., after deducting all exp.,
Liggett
-Winchester-Ley Realty Corp.
-Bonds Called.
except Federal taxes
$125,541
$8,088
$259,300
Certain of the outstanding 7% Guaranteed S. F. Gold bonds, due
-Fixed charges & sinking fund
Less
95,365
96.751
98,218 1 1942, aggregating $45,500, have been called for payment Mar. 1 at Mar.
10755
and int. at the Bankers Trust Co., 10 Wall St., N. Y. City. See offering
Net earnings
$30,177 loss$88.663
161,082 of bonds in V. 114, p. 953.
-v. 119, p. 1963.

International Agricultural Corp.
-Status,
the
At the annual meeting

Jones & Laughlin Steel Corp.
-Earnings.
-

Calendar Years1924.
1923.
1922.
Net income after depreciation, deple$8,626,228 $10,913,878 $5,413,903
tion, taxes and interest
-V. 120. p. 216.

-Listing-Plan Approved, &c.Jewel Tea Co. Inc.

The New York Stock Exchange has authorized the listing of 120,000 shares
of Common stock without par value, on official notice ofissuance in exchange
for outstanding shares of Common stock, par $100 each on the basis of one
share of Common stock without par value for each $100 par value share.
The stockholders on Jan. 27 approved the change in the Common stock

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Long-Bell Lumber Corp.
-Listing, &c.
-

The New York Stock Exchange has authorized the listing of 150.000
shares of Class A Common stock without par value, with authority to
add
443.921 shares of Class A Common stock on official notice of issuance, in
exchange for outstanding receipts for Common stock of Long-Bell
Lumber
Co.. making the total amount applied for 593,291 shares of Class A Common
stock. Compare V. 119, p. 2655, 2538.

Magma Copper Co.
-Stock Increased-Rights.-

The stockholders on Jan. 26 increased the authorized capital
stock
from 350,000 to 410.000 shares without par value.
The stockholders of record Jan. 31 will be given the right to
on or before Feb. 24. at $36 50 per share for the 60,000 sharessubscribe,
of capital

592

TRE CHRONICLE

[VoL. UN.

stock created. Payment for the stock is to be made in full at the time of
Mattagami Pulp & Paper Co., Ltd.-Reorg. Plan.
subscribing and not later than Feb. 24 1925.
A statement
The offering has been underwritten by a syndicate organized for the reorganization is being made by National Trust Co., Ltd., concerning the
of the company. The letter says:
purpose, which has agreed to purchase from the company the stock which
"In Sept. last the committee served definite notice upon the holders of
Is not subscribed for by the stockholders. See also letter of Secretary the
junior securities that the properties of the company would be brought
H. E. Dodge in V. 120, p. 216.
to sale forthwith in the present action in the Supreme Court of Ontario.
unless some acceptable plan of reorganization were put forward by junior
(H. R.) Mallinson & Co., Inc.-Bal. Sheet Oct. 31.
security holders and we were requested by the committee to apply to the
court for the sale of the properties unless within two months we were advised.
(Including Erie Silk Mills and Pussy Willow Co., Inc.)
by the committee that a plan had been submitted to the committee whicb
AMU1924.
LiaMlities1923.
1924.
1923.
Real estate, equipPref.stock,7%--z52,501,500 52,601,800 In its opinion was likely to result in a reorganization.
"The outline of a plan was submitted to the committee some weeks ago'
ment, dm
x$2,731.231 52,771,383 Common stock (no
and has been under consideration by it. The committee has now requested
Cash
200,787
226,569
oar value)
500,000
8500,000
parties putting forward the plan to formulate it in detail and has asked
Notes receivable__
8,153
139,649 Notes payable__ _ _
825,442 themeantime
50,000
UB
to take no proceedings for the sale of the property prior to
Inventories
2,338,720 3,244,927 Accounts payable
Mar. 10 next. If the plan should ultimately be approved by the committee,
Accts.receivable_ .. y1,188,825 1,772,238
dc accrued accts. 251,296
364,242
Securities
75,403 Foreign drafts, Arc. 225,928
78,595
398,825 a meeting of the bondholders will be called to consider it.
"Broadly speaking, the outline of the plan provided for the bondholder;
Insur., sur. value
25,749 Federal taxes, esti28,633
accepting bonds ranking equally with their present bonds in satisfaction of
Accrued interest_ _
1,087
mated
18,322
185,000 arrears
the
Investments
67,916 Surplus
103,069
3,183,055 3.504,040 total ofof Interest and interest on such arrears, This would increaseplan
the first mortgage bonds to approximately $2.250,000. The
Deferred charges_ _
37,194
32,679
also called for raising of $1,000,000 by the issue ofsecond mortgage securities
to finance certain capital expenditures and provide additional working capital
Total
86,711,779 58,379,348
Total
86,711,779 88,379,348 for the company.
"The results of the operations of the company for the year 1924, BB
x Real estate and mill buildings,at $1,470.462; machinery and equipment.
$2,176,418; total. $3,646,880, less depreciation. $915.649, leaving $2,731,- reported by the receiver, show that the net operating earnings, after providing for depletion of limits, maintenance, interest on receiver's borrow231. y Accounts receivable less allowance for bad debts and discounts. ings, and other
reserves and overhead expenses (but excluding plan depreAuthorized issue of Pref. stock, $10.000,000; unissued. $7.000,000; outstanding, $3,000.000; acquired for sinking fund, held in treasury, $498,500. ciation and receiver's, trustees' and solicitors' charges) were substantially
more than adequate to meet interest upon first mortgage bonds.
a 200,000 shares, no par value.
"In the opinion of the receiver the surplus of liquid assets over the borrowThe comparative income account was given in V. 120, D. 338.
logs and liabilities of the receiver amounted as of Jan. 1 to more than
$500.000. During the receivership extensions and betterments to the fixed
Manhattan Shirt Co.
-New Directors,
plant were made at a cost of approximately $200,000 and were financed
Sidney J. Weinberg, of Goldman, Sachs & Co. and A. C. /Wass, have partly out of the earnings but largely
out of the realization of floating assets
been elected directors, succeeding L. B. Tim and Harry Sachs.
'
In the hands of the receiver.
Silas Thomas,formerly Treasurer, has been elected 2d V.-Pres.. succeed"It Is hoped that the receivership can be terminated within the next few
ing L. B. Tim, and Sylvan Geismar has been made Treasurer.
-V.120, p. months."
-V. 118, p. 3085.
324.
Manville Jenckes Co.
-Bonds Called.
All of the outstanding 15
-year 8% S. F. Gold Debenture bonds of the
Jenckes Spinning Co., dated Sept. 1 1921. have been called for payment
March 1 at 1073 and int. at the offices of Lee, Higginson & Co. in New
York, Boston or Chicago.
-V. 117, 1)• 2778.

Maracaibo Oil Exploration Corp.
-To Redeem Bonds.
Conversion privileges of the corporation's 8% debentures expired Jan. 26.
Debentures not designated for conversion into stock will be redeemed at
par on Feb. 1 next at the New York Trust Co.
-V. 119, p. 2539.

Martin-Parry Corp., New York City.
-Stock Increased.

The stockholders on Jan. 26 increased the authorized Capital stock from
100,000 shares of no par value (all outstanding) to 200,000 shares of no par
value. See V. 120, p. 338.

Marysville Land Co.
-Reorganization Plan.
-

A plan of reorganization has been arranged which it is believed is advantageous to the bondholders.
This plan-which has received the approval of a group of substantial
stockholders of the company-involves the stockholders contributing a sum
in cash which will enable the bondholders to receive in cash 30% of the
principal amount of the bonds held by them, together with all accrued
Interest on their bonds, the remaining 7% of the principal of the bonds
being payable in bonds of a new companys to be organized.
A bondholders' Committee, consisting of M. H. Lewis, of M.H. Lewis &
Co., Los Angeles; Paul A. Pflueger, Asst. V.-Pres, of the Humboldt Bank:
W. H. Orrick, R. B. Carter and H. G. Cave. Pres. of Shasta Lumber CO.
of Marysville, has been selected, which will carry out the details of the reorganization, if approved by the bondholders. Humboldt Bank. 783
Market St., San Francisco, is depositary. In brief the plan is as follows:
New Company.
-A new company shall be organized in California, to be
known as the Marysrille Land & Improvement Co., with an authorized
capital stock of $250,000 (par $100).
Property Covered by Existing Mortgage to Be Sold.
-The property covered
by the existing mortgage (including the interest of the company in the
securities now held by the Humboldt Bank to secure the tax lien obligations
of.the mortgaged lands arising out of its inclusion within Reclamation
District No. 784 and Sacramento and San Joaquin Drainage District) will
be sold and will be purchased by the committee.
New Mortgage.
-The committee shall cause the new company to authorize and execute its bonds in the amount of $166,000, to be dated Sept. 1
1924. to bear int. at rate of 7% per annum, payable M. & S., red. on 30
days notice on any int. date at 101 and int. Bonds shall mature serially
Sept. 1 1927 to Sept. 11934. Secured by first mortgage to Humboldt Bank,
trustee, covering all of the property now covered by the mortgage dated
March 1 1922. The first mortgage shall contain a release schedule providing for partial releases of the property, in parcels of not less than 10
acres, at tfie price of $50 per acre.
Property to Be Conveyed to New Company.
-If the property he sold to the
committee, it shall cause the same to be conveyed to the new company in
' consideration of (a) $165,900 bonds, (b) a sum in cash equal to 179,987.
plus a sum equal to the amount by which the interest on $237,000 at the
rate of 7Yi% per annum from Sept. 1 1924 to the date such conveyance is
delivered exceeds the int. on $165,900 at the rate of7% per annum for such
period, and (c) the assumption by the new company of all expenses incurred
In connection with the sale of the property. &c.
The securities now held by the Humboldt Bank to secure the tax lien
obligations shall, after such sale, be retransferred by the new company to
the Humboldt Bank. which shall continue to hold such securities as trustee
for the holders of the new bonds to secure any and all tax lien obligations of
the mortgaged lands arising out of their inclusion within the Reclamation
District No. 784 and the Sacramento and San Joaquin Drainage District;
provided that in the event of foreclosure of the mortgage securing the new
bonds,the securities may be sold and the proceeds of sale be applied toward
payment of the tax lien obligations and toward the payment of the new
bonds, In the discretion of the trustee.
.-The committee shall cause to be distributed
Distribution to Bondholders
to the holder of each bond which shall have been deposited pursuant to this
plan (a) bonds of the new company equal in principal amount to 70% of
the jeer value of such deposited bond, and (b) an amount in cash equal to
307 of the par value ofsuch bond, plus all accrued interest on such bond.
Any bondholder who shall not have deposited his bonds will receive only
his distributive share of any balance of the proceeds derived from the sale
of the mortgaged properties that may remain after the discharge of obligations and liabilities entitled to prior payment under the terms of the mortgage. In order to effect payment to such non-depositing bondholders, the
committee is authorized to sell, at such price as it deems advisable, bonds
of the new company as such non-depositing bondholder would have been
-V. 120. p. 338.
entitled to receive bad he deposited his bonds.

-Dividend Reduced.
Massachusetts Cotton Mills.
The directors have declared a quarterly dividend of $1 50a share, payable
Feb. 10 to holders of record Jan. 24. In Aug. and Nov. last quarterly
dividends of $2 per share were paid. Compare V. 119, p. 462.

Michigan Sugar Co.
-New President.
-

William H. Wallace of Saginaw, Mich., has been elected President of the
company, succeeding Charles B. Warren, who has been nominated by
President Coolidge to be Attorney-General.
Sherwin Hill, of Detroit, Mich., has been elected a director, succeeding
Mr. Warren.
-V. 119, p. 1178.

Middle States Oil Corp.
-Listing.
--

The New York Exchange has authorized the listings of the Empire Trust
Co. certificates of deposit for $29,800,220 Capital stock
official notice
of issuance in exchange for outstanding Capital stock. on the close of
At
business Jan. 21 1925 there is deposited with the Empire Trust Co.as depositary, $3,763.900 stock, for which certificates of deposit have been issued.
V. 119. p. 2889.

Miller Rubber Co., Cleveland.
-Pays Back Dividends.
-

The directors have declared a dividend of 2% on account of
tions in addition to the regular quarterly dividend of 2% on theaccumulaPreferred
stock, both payable March 1 to holders of record Feb. 10. This payment
will clear up accumulations on the Preferred stock.
-V. 119, p. 2187.

Missouri Portland Cement Co.
-Dividend Increased.
-

The directors have declared a quarterly dividend of 2% on the capital
stock, par 8100, payable Jan. 31 to holders of record Jan. 22. This compares with 2% laid quarterly since April 30 1924.
Tha stockholders on Jan. 6 reduced the par value of the stock from $100
to $26 per share and approved the issuance of four shares of $25 par stock
In exchange for each share of $100 par stock held. The exchange will be
made about Feb. 1.-V. 120. P. 330.

Monomac Spinning Co.
-Dividend of 1%
-Sales.
The directors have declared a quarterly dividend of 1%%, payable
Feb. 2 to holders of record Jan. 26. This compares with I%% paid July 1
1924 and 2% in the first two quarters of 1924.
Sales for the year ended Dec. 31 1924 amounted to $2.270,588. The
balance sheet as of Dec. 31 1924 showed current assets of $3,979,829 (inch
$236,691 cash), against current liabilities of $1,578,602.-V. 118, p. 3086.

Montgomery Ward & Co.-Restgnation.J. Chas. Maddison has resigned as Senior V.-Pres., Sec. & Treas., and as
a director of the company.
-V. 120, p. 461.

Montreal Abattoirs Ltd.
-Liquidation Sale.
-

The property of the company and the L'Union des Abattoirs de Montreal
will be offered for sale (in liquidation) Feb. 25 at 142 Notre Dame St.,
West Montreal. The company has outstanding $300,000 7% 1st Mtge.
bonds, $580,000 6% 2d Mtge. bonds and $500,000 7% Prior Lien 5
-year
Gold bonds.

(H. K.) Mulford Co., Phila.-Dividend Increased.
-

The directors have declared a semi-annual dividend of 2% g on the
o
capital stock (par $50). payable Feb. 14 to holders of record Dec. 31.
Since the last half of 1921 the company had been paying 4% per annum. •
-V. 118, p. 439.

Mutual Oil Co.
-Changes Name and Par Value.
-

The stockholders on Jan. 27 voted to change the name of the corporation
to Continental 011 Co. and to change the par value of the shares from $5
to $10 per share. The stockholders will receive one new share of $10 ,
par for each two shares of$5 par. This action reduces the number ofauthorized shares of stock from $10,000,000 to $5.000,000.-V. 120, p. 217.

(A. I.) Namm & Son, Brooklyn, N. Y.
-New Treasurer.

Bernard L. Brown, a director, has been elected Treasurer, a position
formerly held by President Benjamin H. Namm.-V. 118. p. 2188.

National Acme Co. Cleveland.The Kent (Ohio) Machine Co. has purchased from the National ACIlle
Co. all drawings, patterns and tools for the manufacturing and also all
rights to manufacture under patents the complete line of auxiliary machinery which has been manufactured by the latter company for the past few
years.
This machinery was developed by the National Acme
secondary
operations in their own screw products plants and the Co. for for these
demand
machines on the part of the users of their automatic screw machines caused
them to place these on the market. Since that time a
has been
found for each one of the machines, not only in screw ready field
products plants but
also in other machine shops.
-V. 119. p. 2073.

National Cash Register Co.
-Patent Suit.
-

See Burroughs Adding Machine Co. above.
-V. 120, p. 339.

National Department Stores, Inc.
-Listing.
-

The New York Stock Exchange has authorized the listing of $294.000
additional 7% Cumul. 1st Prof. stock (par $100) on official notice of issuance in exchange for stock of the two corporations of the name of E. E.
Atkinson & Co., with authority to add $1,706,000 on official notice of issu-Listing.
Mathieson Alkali Works (Inc.).
and 'payment in
The New York Stock Exchange has authorized the listing of 117,714 ance for $10.000,000.full, making the total amount of 1st Pref. stock apshares (authorized 200,000) Common stock without par value on official plied stockholders on
The
5
notice of issuance, share for share. in exchange for outstanding shares shares of 1st Pref. stockNov. of 1924 authorized the issuance of 20,000
1,000 shares of 2d Prof. stock, of which
Par $50 each, with authority to add (1) 23,543 no par shares on official 2.940 shares of let Prof. and
and 1.000 shares of 2d Pref. stock (and 16,096
notice of issuance and payment in full on subscription at $45 per share. shares of Common
and (2) 10,000 shares on official notice of issuance to and payment in full E. Atkinson et al. stock without par value) are to be issued to Harold
and 17,060 shares of 1st Prof.stock are to be sold for cash.
by officers and employees.
Of the $2,000,000 1st Pref. stock there is to be issued 2,940 shares to
Income Account 11 Months ending Nov. 30 1924.
Harold E. Atkinson et al., together with 1.000 shares of 2d Prof. stock and
16,096 shares of Common stock (no par value) in payment or exchange of
Gross profits, $1,318,389; selling & gen. adm'n exp., $555,304:
Net profits
$763,085 the following described stocks of the following named corporations; E. E.
73,655 Atkinson & Co.(of Mimi.), 8,000 shares of Common stock, par $100 each:
Miscellaneous profits, int, received, rents, &c
H. E. Atkinson & Co. (of Del.), 2,270 shares of Common stock, par $100
Total
$836.740 each.
National Department Stores, Inc. has therefore acquired and now owns
Interest paid
7.453
Preferred dividends
295,855 all of the issued and outstanding shares of stock of E. E. Atkinson & Co.
of Del, and all of the issued and outstanding stock of E. E. Atkinson &
Profit
$533,432 Co. of Minn., other than directors' qualifying shares. See also V. 120.
See also V. 120. p. 93. 216, 460.
p. 461.

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

-

JAN. 31 1925.1

TIM CaRONICLE

4'93

National Ice Co., Detroit.
-Bonds Offered.
-Harris,
'Small & Co., Detroit, are offering at par and int. $135,000
1st Mtge. Serial 63/2% gold bonds. A. circular shows:

and dividends. As the greater part of this stock was issued in 1919.
the
directors feel that the surplus funds can
to
retiring this 7% stock, thereby reducing a be employed for advantage in
fixed charge
dividends of
between $25,000 to $35,000 per year, depending upon the amount of
Second
Dated Jan. 1 1925: due $15.000 each Jan. 1 1927 to 1935. Denom. Preferred stock retired and at the same time removing from $400.000 to
-$1000 and $500 c*. Interest payable J. & J. at Detroit Trust Co. Detroit. $500,000 of prior claim against the assets of the company.
Mich., trustee, without deduction for normal Federal income tax not to
Nunnally Co.
-Earnings.
exceed 2%. Red. all or part on any int. date on 30 days' notice at 103
Calendar Yearsand interest.
1924,
1923.
1922.
1921.
Company.-Incorp. in Mich. Has Just completed two ice plants for the Net profit after charges
and Federal taxes
'Manufacture of artificial ice; one in Detroit. and one in Toledo, 0., having
$190,491
$147,408
$117,445
$133.066
Dividends paid
a total daily capacity of 230 tons. Company will not do a retail business,
41)160.000 (81)160,000 (50c)80.000 (81)160.000
'necessitating a costly and cumbersome delivery system, but will sell all its
Surplus
ice at its platforms to independent distributors and for cash.
830.491 def$12,592
837.445 def$26.934
-V. 119, p. 2073.
Earnin9s.-1924 earnings are not available, as the company's plants were
not completed in time for the 1924 season. Estimated earnings, which
Oppenheim
have been figured on a most conservative basis, show a net income after
& Co.,lins
Inc.
-Stock Sold.depreciation, available for interest and sinking fund, of $90,000 per year, Merrill, Lynch & Co. have sold at
'
$45 per share 50,000
which is nearly ten times maximum interest requirements and over 3H
shares Common stock (no par value).
• times the maximum interest and principal payments due in any one year.
The company has no funded
Purpose.
-Proceeds will be used to pay for part of the cost of construcdoes not involve any financing debt or Preferred stock. The transaction
tion of new plants.
for the company which
additional working capital, but represents a sale of stockis not in need of
Capitalization (After Completion ofthis Financing)- Auth.
held by those in
Outstand'g. control. The
First Mtge. t3; 0 Serial gold bonds
,
6
$135,000 $135,000 the New York company expects to make application to list the stock on
Stock Exchange.
Preferred stock % (par 1100)
400,000
270.000
The business was originally established in New York
Common stock (no par value)
in 1901 and now
3,000 abs. 2,350 shs has stores in
addition in Brooklyn, Buffalo, Newark, Philadelphia. Pittsburgh and Cleveland. The net assets have been increased
National Surety Co.
-Results for 1924.
almost entirely
Gross premiums in 1924 were $27,381.573, an increase over the preceding from the re-investment of surplus earnings and now amount to over
$6..year of $1.224.116, or 4 6-10%. Net premiums were $17.007.657, or 000,000, while annual sales amount to over 221.000.000.
Net profits after Federal taxes for the 5 years ended July
nearly $500,000 over the preceding year. After paying $900,000 in divi31 1924 averaged
dends, the surplus of the company increased $2,067,436.-V. 118, p. 2313. $1.012,080, or $506 per share on the Common stock. Net sales for the
5 1-3 months ended J'an. 10 1925 were 89,636.299
.
profits for that
Naumkeag Steam Cotton Co.
-Annual Statement.- ' period, on the same basis, amounted to 3552.237. and
It is contemplated that dividends will be inaugurate
d on the Common
Production
Sales
Receipts
stock at some period during 1925 at the annual
_Nor. 30 Yearsrate of at least $3 per
(Yards).
(Yards).
from Sales. share.
-V. 120, p. 462.
11923-24
22.115,941
21,660,499
88,725,837
1922-23
21,705,784
22,474,026
9,112,872
Owl Drug Co. San Francisco.
1921-22
21,461,236
-Stock Offered.22,566,142
8,282.612
The company is offering for public subscriptio
1920-21
20,535,237
20.718,771
n the unsold portion of its
7,091.476 8'Ye Cumul.Pref.stock
'1919-20
at par,$100 per share. Dividends payable J.&.1.1.
18.252,527
18.379,083
9,360.384
Capitalization1918-19
15,955,473
Authorized.Outstanding.
17,315.933
6,503,226 8% Cumulative Preferred
1917-18
19,453,269
stock (par $100)
19.363,376
$6,000.000 15.250.000
7,057,470 Common stock
1916-17
(par $100)
19,327,464
19,285,524
4,835,015
4.000.000
President C. A. Henry, in a circular dated Jan. 4,000.000
1915-16
17,397,586
16,139,296
1 1925. says in part:
3,298,174
Company.-Oommenced
Balance Sheet.
store. The initial capital business in San Francisco in 1892 with one retail
was $20,000.
Noe. 29'24. Dec. 1 '23. LiabilitiesNov. 29'24. Dee. 1 '23 dividends, the company had installed eightBy 1906, in addition to paying
stores out
earnings of
Real est.& constr.$7,910,699 $6,554,978 Capital stock
$6,000,000x$6,000,000 business. Company buys direct from manufacturersof thecash basis, the
on a
and
-Cash
388.250
295,754 Deprec'n account- 1,545,642 1,325,962 sells for cash only in its stores, thus
eliminating all credit risks and expense.
Aco'ts receivable 1.796,736 1,903,575 Reserves
238,889
446,376 Operates factories in San Francisco and New York,and large wholesale and
-Cotton
1,376.456 2,340,257 Notes payable__
distributing warehouses in San Francisco,
600,000
Los Angeles and Chicago.
•Stock in process &
Bills payable
107,699
106,654
Number of Stores and Sales by Years.
mid. goods
1.171.771
794,413 Profit and loss__
4,284,728 4,150,725 Year
Miscell. supplies
Stores.
133,046
140,740
Sales.
Year'Stores.
Sales.
1892
1
$112,000 1916
25 $4,780,018
1906
Total
$12,776,958512,029,717
8
Total
856,900 1918
$12.776,958$12,029,717 1908
30
5,519,316
10
In Oct. 1923 a 100% stock cilv. was distributed.
1,426,167 1920
38 10,022,926
-V. 118, p. 1401.
1910
15 2,450,599 1922
44 11,025,088
1912
New England Mutual Life Insurance Co.
18 3,499.898 1923
-818t Annual 1914
47 11,925.940
20 4.437,725 1924
Report.-Pres. Daniel F. Appel presented the 81st annual
87 17,500,000
Purpose.
-This issue is offered for the purpose of further
expansion of the
business.
import of the company to the members on Jan.26.
Acquisition.
-In the early part of 1924 the
The company has shared most generously in the wonderful record fo
company purchased the conlife insurance in 1924. This record was8% greater than the preceding year. trolling interest of the Sun Drug Co. of Los Angeles, operating stores in the
larger cities of Southern California-Los
The transactions of 1924 have put the company in the strongest position San
Angeles, Long Beach, Pasadena,
Diego, &c. At this writing nearly all of the
it has ever held. The insurance in force is now $781,084,967,
former Sun stores have
-of $61,663,333. The assets are $153,956,139. or $13,628,819 an increase raised to the same standard of equipment and service as characterizesbeen
more than
Owl
last year. The liabilities are $143.617.370. making the net surplus $10,- ,Drug Stores.
Earnings.
-The total net average earnings for the
338.768, an increase of $1,172.233.
past five years have
shares of surplus paid policyholders on their policies amounted to been more than four times the amount of Preferred stock dividend requireThe
.
44,671.882 73. The shares payable in 1925 have been increased to the large ments: the Preferred dividend requirements having been less than 34 on
%
the present volume of sales.
-sum of $6,150.000, which is included in the liabilities.
-V. 120, p. 218.

New Mexico & Arizona Land Co.
-Contract.
-

The company has made a contract to have at least four wells
part of its acreage. The company, it is understood, will be drilled on
partner in this undertaking, sharing equally in the expense. an active
-V. 119, IL
4743.

New York Air Brake Co.
-Annual Report.
-

Calendar Years'Gross profit
40ther income

1924.
1923.
1922.
$2,268.063 $3,592,359 82.208.636
170.826
421,339
34.355

1921.
$459,664
48.114

Total income
$2,438,889 14,013,698 82,242,991
$507.778
Exp.,taxes int.. &c
872,575
1,487,210
1,284,250
966,478
Class"A"dividends_ _ _ _
400,000
400,000
84,000
-Common"B"dividends_
800,000
400,000
x375.000
Balance, surplus
$366,314 $1.726.488
$874,741 def$833.699
Dividends on old stock of $100 par value.
-V. 118. p. 2189.

New York Canners Inc.
-Listing.-

The New York Stock Exchange has authorized the listing on
'Feb. 2 of temporary certificates for 3,000 shares without par value or after
ized 120,000 shares) additional Common stock, on official notice of(author..as a stock dividend of 3%, making the total amount applied forissuance
to date
103,000 shares.
-V. 119.
2770.

Norwich (N. Y.) Pharmacal Co.
-Changes Par of Common Stock-To Retire Second Preferred Stock.
The stockholders on Jan.21 approved a change in the authorized
Common
,stock from 120,000 shares, par $25, to 61.000 shares of no par value,
the exchange of the present outstanding 61.000 shares, par $25. for no and
par
stock..share for share. The authorized $500,000 5% First Preferred stock
(of which there is outstanding $345,800) and $1,500,000 of 7% Second Preferred stock ($1.000,000 outstanding) remain unchanged.
The corporation will, on March 1. redeem that part of the
ferred stock which was originally issued on March 1 1919, and Second Pre-outstanding, and will pay therefor $102 per share and accrued which is now
March 11925. Payment will be made by the National Bank dividends to
Stockholders have the option of presenting the certificates of Norwich.
for payment
any time prior to March 1, and will receive $102 and dividends to date of
surrender.
Should holdings include Second Preferred shares not callable at this time,
these may also be redeemed on the same terms as the other shares; but if
preferred, a new certificate for the remaining shares will be issued.
The stockholders may, if they desire, exchange Second Preferred stock,
abate for share, for 5% First Pref, stock, par $100 per share, and receive
An addition the premium 0142 per share in cash, together with the accrued
dividends on the Second Preferred stock. The amount of First Preferred
,
stack available for exchange is limited to 1.542 shares still unissued.

Treasurer R. S. Eatoni in a recent letter to the holders of
the Common stock, said in substance:
The constructive policies covering production and sales which had been
adopted to meet unusual conditions-confronting the company, gave gratify-

4ng results in 1923 in establishing a surplus in place of the deficit existing
year, while from the
at the beginning of thatus to pay all back operations of 1924 the surplus
and current dividends on outings have enabled
eferred and Second Preferred stocks.
of eliminating from our list many more or less obsolete and
The polia
unprofitable items, while at the same time directing sales pressure toward
converted
of our
r1
the moi43 Frofitable ones, has together much better hitherto slow-moving
with
rate of earnings, has
d se into cash which,
pnlroduced additional surplus funds. These not being available for dividends
operation of the business have been
- lad not needed in the securities yielding approximately invested by the
marketable
4% net. This
officers in
situation clearly indicates that the company has capital in excess of its
normal requirements.
stock was
The terms under which the Second Preferred from date issued provide
retired six years
of issue at $102
that all or any part of it may be

Digitized for FRASER
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Federal Reserve Bank of St. Louis

Pacific Mills, Lawrence, Mass.

-Earnings.
Calendar Years1924.
1923.
1922.
1921.
Net sales
$39,683,113 $44,810,158 $27,661,834 $43,352,894
Net profit before Federal
taxes
lossx$2,266,870 $3.690,912 $1,354.594 83.553,663
x After inventory adjustment.
-V. 119, p. 463.
Pacific SS. Co.(The "Admiral Line").
-A syndicate consisting of Peirce, Fair & -Bonds Offered.
Co.,
Conrad & Broom, Inc., Carstens & Earles,Geo. H. Burr,
Inc., AngloCalifornia Trust Co., A. B. Leach & Co.,
don Palis Co., Bank of Italy, Stevens, Inc., Anglo LonFirst Securities Co., Hunter, Dulin & Page & Sterling,
tional Bank of Seattle is offering a new Co. and First Na1st Pref. Marine Equip. Mtge. 6%% issue of 85,000,000
due serially Jan. 1 1926 to 1945 incl., at Serial Golf bonds,
prices to yield from
5% to 63 %.
4
Dated Jan. 1 1925. due serially, Jan.
and interest (J. & J.) payable in San 1 1926-1945, inclusive. Principal
Francisco at the Anglo-California
Trust Co. or in New York City, at Chase
National Bank. Denom. $1.000
and $500 c5
.
ayable without
tax not in excess of 2/0.tedeema ededuction for normal Federal income
Interes Redeemabl all or
maturity (except for sinking fund purposes) part, but not less than any
on 30 days' notice at 105 and
interest on any interest date up to and
including Jan. 11930; thereafter at
105 less 3. of 1% for each full
such redemption. Anglo-Califyear elapsed between Jan. 1 1930 and date of
ornia Trust Co.and Grant Cordrey. trustees:
First National Bank of Seattle,
registrar.
CapitalizationAuthorized.
Issued.
First Prof. Marine Equip. M4i4
4
74age 6s
$15,000,000 25.000.000
7% Participating Preferred s
5.000,000
2.250,000
Common stock (no par value)
50.000 shs. 30,000 she.
Data from Letter of H. F. Alexander
, President of the Company.
Company.-Incorp. in 1916 in Maine for the purpose
of consolidating
several old established steamship lines.
steamship company on the Pacific Coast,It is to-day the largest coastwise
having 99 ports of call and doing
approximately 90% of the passenger
60% of the total commercial cargo. business and carrying approximately
Company is absorbing the properties
of the companies with which it is
own fleet of 21 vessels of 52,200 affiliated and will continue to operate its
Emma Alexander and Dorothy gross tons, including the H. F. Alexaader,
Alexander, and operate in addition the
Ruth Alexander, which is chartered
but
Its subsidiary, the Pacific Motorship not owned, and four freighters of
Co., these five ships agsreaating
approximately 20.000 gross tons
additional. Company maintains routes
between San Diego, Los
Sound points, and British Angeles, San Francisco, Columbia River, Puget
Columbia; also between Puget Sound and Southeastern and Southwestern Alaska
Tacoma, Wash.; Portland, Ore.; ports. It operates wharves at Seattle and
San Diego, Calif.• and Juneau, San Francisco, Oakland, Wilmington and
Alaska.
Purpose.
-Proceeds will be used to
provide additional working capital. retire all present funded debt and
Earnings
.-Net earnings. before Federal income
taxes and depreciation.
available for interest for the five-year
period ending Dec. 31 1923, have
averaged $1,236,661 per annum, or
over 31 times the maximum annual
/
1
40
interest requirements and approximat
ely
times the average annual
principal and interest payment
on these 85.0 .000 bonds. For the nine
months period ending Sept. 30 1924.
such earnings were 8707.669, or on the
basis of 2.9 times the maximum
interest requirements.
Security.
-Secured by
owned by the company a direct first mortgage on all the 21 vessels now
and the
An appraisal of these vessels as affiliated companies now being merged.
of Sept.
of $14,460.000 and a sound depreciated 1 1924 shows a reproduction value
value of
to being a first mortgage on these vessels will $7,691,000. In addition
be a similar lien on future
acquisitions to the fleet. The mortgage it
will be executed and recorded as a
preferred mortgage pursuant to the U. S.
Merchant Marine Act of 1920.
Insurance.
-The mortgage will require
forms of marine insurance coverage in an the company to carry the usual
amount aggregating at least 150%

594

T F174 CHRONICLE

of the par value of all outstanding bonds. Loss under these policies will be
payable to the trustees.
Balance Sheet as of Sept. 30 1924 (After Present Financing).
Assets.
Property acct. less deprec'n_47,857,755 1st Pref. Mortgage 6 yis
$5,000,000
Stock of Pacific SS,Term.Co_ 755,000 Preferred stock
2,250,000
Stocks and bonds
22,253 Common stock
x2,478,670
Cash
273,034
446,701 Accounts payable
Notes receivable
672 Accrued interest and taxes___
58,939
Accts. receivable (less res've)_ 710,714 Deferred liabilities
40,790
Material and supplies
308,341

[VOL. 120.

Pratt & Lambert, Inc.
-Stock Sold.
-Dominick &
Dominick; Edward B. Smith & Co., and Chas. D. Barney
& Co. have sold at $37 50 per share, 50,000 shares no par
value capital stock.

Bankers Trust Co., transfer agent. Brooklyn Trust Co. (New York
office), registrar. Application will be made to list stock on the N.Y.Curb.
Capitalization.-After giving effect to capital readjustment as planned:
Capital stock (authorized, 375,000 shares), outstanding, 202,500 shares.
No Preferred stock or funded debt.
Data from Letter of Pres. J. H. McNulty, Buffalo, Jan. 23.
Total
$10,101,435
Total
$10,101,435
Company.
-Incorporated in New York in 1885, to continue a business
established in 1849. Products consisting of varnishes, enamels, lacquers,
x Represented by 30,000 no par value shares.
-V. 120, p. 218.
dryers, stains and kindred products, are of high reputation and include
nationally advertised
varnish, Vitralite enamel
Paige-Detroit Motor Car Co.
-To Change Par Value of such Effect° auto finishes. articles as "61" floor sold largely through disand
These products are
tributors in practically every city and town in the United States and
Common Shares from $10 to Non-Par.
The stockholders will vote Feb. 9 on changing the authorized Common Canada. In addition, a considerable portion of the total putput is taken
and by furniture and automobile manufacturers.
stock from 600.000 shares, par $10. to 1,000.000 shares of no par value. by railroads -It is the
intention of the management to inaugurate dividends
It is proposed to issue the new stock in exchange for the present Common onDividends.
the new stock at the rate of $3 per share annually,from date of delivery
stock, share for share.
-V. 120, p. 399.
ofinterim certificates.
Pennsylvania Coal & Coke Co.
-Omits Dividend.
- Earnings Available for Dividends, after Depreciation and Federal Taxes
Years Ended Dec. 31 1924.
The directors on Jan. 27 voted to omit the quarterly dividend 1915-4331,68411918 __ -4333,758(1921 _ -- $597,34611923 _ _$1,144,328
of 2% usually paid Feb. 10 on the outstanding $8,630,300 1916---- 436,519 1919____ 511,736 1922.,....1,3j6,457 1924-- 1,144,443
Capital stock, par $50. Payments had been regularly 1917-- 373,341 1920-- 419,211
Balance Sheet Dec. 311924.
made since 1919 at the annual rate of 8%. In Feb. 1923 a
[Giving effect to retirement of $836,600 Pref, stock
40% stock dividend was also paid. President J. W. Searles $2.700.000 Common stock for 202,500 shares of no par and the exchange of
value capital stock.]
says:
Assets.
"For the past year the bituminous coal industry of the country has been Plant St equip.,less depre_$1,743,979 Notes, bills & accts. pay-_ $739,153
In an extremely depressed condition. Although the company's cash and Inv, in affil. enterprises__
368.454 Res,for diva. prey. decl__
135,000
other liquid assets are in an entirely satisfactory condition and sufficient Cash & certifs. of deposit_
490,212 Res.for U.& S. Can. Fed.
for its requirements, the board has deemed it wise to conserve this position Receivables, net of res___ 1,718.558
taxes
165,750
1,222,001 Capital & surplus
by omitting the payment of the dividend of $1 a share usually declared at Inventories
x4,618.617
Miscellaneous
this period. •
115,316
Earnings for December and 12 Months Ended Dec. 31.
Total
$5,658,520
Total
$5,658.520
December
12 Mos. End. Dec. 31x 202,500 shares, no par value, and surplus.
1923.
1924.
1923.
1924.
Directors.
-J. H. McNulty, F. W Robinson, W. P. Werheim, W. G.
Gross earnings
$606,839
$580,782 $6,062,975 $8,572,605
. D. Graves, A. C. Bedford, J. N. Welter.
547,557 6,276,552 7,580,229 Andrews, J. B. Houck
xOper. expenses & taxes__ 628,567
J. P. Gowing and F. W.
Jr.,F. Clark.
$33,225 loss$213,577
$992,376
Surplus
loss$21.728
Pressed Steel Car Co.
-Resumes Preferred Dividends.
Miscellaneous income--16,851
15,324
201,361
179,706
Gross income
def$4,877
37,893
Charges,incl.depl.& depr
Net inc. bef. Fed. tax_

$42.770

$48,549 def$12,216 $1,172,082
36,677
y421,289
y406,160
$11.872 def$418.376

$750,793

x Not including Federal taxes. y Includes depletion 1924, $288,282,
and depreciation 1923. $314,029.-11. 119, p. 3018.

The directors on Jan. 27 declared three quarterly dividends
of $1.75 per share on the Non-Cumulative Preferred stock,
payable June 9, Sept. 8 and Dec. 8 to holders of record
May 19, Aug. 18 and Nov. 17, respectively. The previous
dividend on the Preferred stock was paid in June 1924.
President F. N. Hoffstot said in substance:

The directors have been advised by counsel that under the company's
Pepperell Mfg. Co.
-To Build New Unit.
Treasurer Russell H. Leonard says: "The trustees of the company have charter it is their opinion that dividends on the Non-Cumulative Preferred
authorized the construction of a new manufacturing unit in the South. stock for any fiscal year should only be paid from net profits of such year
Options have been secured on several sites at Opelika, Ala., although all after the same has been determined at the end of the year. Net profits
the preliminary details have not yet been finally arranged. The unit for the fiscal year 1924 have now been determined sufficiently to know that
at the start will have approximately 20,000 spindles and 600 looms, and the earnings after depreciation are more than sufficient to pay full dividends
necessary machinery will be moved from the company's present plant at for the year.
But three dividends have been declared, this by reason of the fact that on
Biddeford, Me."
-V. 119, p. 2298.
June 10 1924 one quarterly dividend was paid from 1924 earnings; thus the
full 7% dividends on the Preferred stock from 1924 earnings have now been
Phillips
-Jones Corp.
-Litigation Ended.
-V. 119. p. 704.
The litigation involving patents for the Van Heusen collar has been satis- declared.
factorily ended. Van Heusen Products, Inc., owner of the patents, and
Radio Corp. of America.
-Annual Report.
Phillips-Jones Corp., sole licensee, brought suit in the U. S. District Court
Calendar Years1924.
1923.
1922.
1921.
against Cluett, Peabody & Co. and Earl & Wilson. By the terms of the
Figures
$22,465,091 $11,286,489 $1,468,920
settlement 9 manufacturers, representing the great bulk of collar produc- Gross sales
tions, acquiesced in the decree rendered by Judge Learned Hand. The From transoceanic comnot
munication
3,191,559
2,914,283
2,138,626
validity of the patents is acknowledged, a substantial payment is made for
738.140
630,084
553,299
damages, llcenses are granted to defendants for manufacture of 2
-piece From marine service_ _ - _ available
collars on a royalty basis, and Phillips-Jones Corp. retains exclusive license
Total
to manufacture the single-piece and weakened fold collar, and is to have sole Deduct gross income- $54,848,131 $26,394,790 $14,830,857 $4,160,845
-Gen.oper.& adright to use name Van Heusen.
min. exp. deprec. &
Judge Learned Hand rendered a decision in July last sustaining the validand cost of sales
45,838,398 21,833,040 12,126,465 3.762,231
ity of the patents and authorized the granting of an injunction to restrain
further violations and requiring the defendants to account for damages and
Balance
$9,009,733 $4,561,750 $2,704,392
$398,613
patents. An appeal was taken to Circuit Court of Appeals and was argued Other
income
493,709
176,024
270,188
28.187
a month ago. Seven collar manufacturers who had participated in the defense of these actions, came into the negotiations, which have now ripened
Net income
$9,503,442 $4.737,774 $2,974,580
-V.119, p. 2188.
$426,800
into a contract.
Applied as Follows
Res,for amort.of pat'ts_ $989.907
$931,460 $2,480,576 $426,800
Pittsburgh Plate Glass Co.
-Extra Dividend.
Res.for Fed. tax
1.100,000
500,000
270,000
The directors have declared a special dividend of 5%, payable Feb. 16 Bal.oforgan.exp. wr.off
275.000
277,805
224,004
to holders of record Jan. 31, and the usual quarterly dividend of 2%, Am't wr.offfor fosses,&c. x1,356.357
payable April 1 to holders of record March 14. A special dividend of like Res.agst.foreign invest..
414,236
amount was paid Feb. 15 1924, and in October 1924.-V. 120, g. 462.
Amount writ, off constr.
goodwill.&c
626,699
-Bonds Offered.
-Union Res.for Pref. dividend.. _ 1,384,591
Pittsburgh Steel Products Co.
1,384,591
surplus
1,643,918
Trust Co. of Pittsburgh is offering at 99 and int., yielding Transferred to(1) $768,5133,356,651 on
x Including
written off
account of ascertained losses sus6.05%, $3,000,000 1st Mtge. 6% Sinking Fund Gold bonds. tained on investments in associated and subsidiary companies taken over
from the Marconi Wireless Telegraph Co. of America, and (2) $587,844
Dated Feb. 2 1925, due Feb. 1 1937.
set aside for reserve against account due by Marconi Wireless Telegraph Co.
Denom. $1,000 cs. Principal and interest (F. & A.) payable at Union of America.
-V. 119, Ei• 2298, 2074.
Trust Co., of Pittsburgh, without deduction for normal Federal income tax
up to 2%. Redeemable, all or part, on any interest date upon four weeks'
Richardson & Boynton Co.
-Listed.
--notice at 102X and interest. Sinking fund of 6300,000 per annum, comThe Pittsburgh Stock Exchange has admitted to
mencing Dec. 1 1926, to be used to purchase bonds at lowest prices upon tificates for 20,000 no-par Participating Preferred trading temporary cershares. Gross sales for
tender during each December at less than 1023i and Interest. To the the 11 months ended Dec. 31 were $5,217,722. See V.
119, p. 3019.
extent that this fund is not exhausted by tenders, bonds shall be called by
lot for redemption on the succeeding Feb. 1 (except Feb. 1 1937) at 102)4
Rima Steel Corp. (Rimamurany-Salgotarjan Iron
interest. Free of Pennsylvania State tax.
and
Works, Ltd.), Hungary.
-Bonds Sold.
-F, J. Lisman &
Data from Letter of Emil Winter,Pres. of the Company,Dated Jan.21.
Company.-Incorp. in Pennsylvania Feb. 9 1909, successor to the Seam- Co. have sold at 88 and mt. to yield 8%, $3,000,000 7%
Tube Co. of America. Company is one of the largest producers in the Closed 1st Mtge. 30-Year Sinking Fund Gold bonds. The
less
United States of seamless steel tubing for all purposes. Has at present an
annual capacity of approximately 125.000 tons and upon completion of the bankers state that industrial corporations in Hungary are
improvements to be made from a portion of'the proceeds of these bonds, free from all reparation charges. (A description of the bonds
costing about $1,000,000, will have an annual capacity of approximately was given in V. 120, p. 462.)
185.000 tons.
Company.-Rima Steel Corp. (itimanturany-Salgotarjan Iron
Products comprise hot rolled and cold drawn seamless steel tubing, locoWorks'
motive boiler tubes, superheater flues and superheater pipe, commercial Ltd.) was formed in 1881 by amalgamation of the oldest plants in Hunboiler tubing, mechanical tubing of all kinds, and automobile and motor- gary, which were started in the 18th century. It has since paid 63 annual
straight.
cycle tubing, both formed and approximately $1,000,000 will be expended dividends amounting to 434%; a yearly average of 10.09%. $17,406,366
was distributed among stockholders during the last 24 years alone. At
-From the proceeds
Purpose.
Allenport, and the
on the installation of additional plant and equipment at indebtedness, con- present the Rima holds the leading position in the iron and steel production
of Hungary and is considered one of the large European producers of iron
balance will be used to provide funds for the payment of
tracted in the usual course of business, and to provide additional working and steel.
Company owes its dominating position to the fact that its blast furnaces
capital.
of Interest,
Net Earnings Available for the PaymentEnded June after Taxes, but Before and steel plants are centrally located with respect to its own widely extended
30.
iron and coal mines and that it is able to supply its needs for mine props,
Depreciation, Years
1922
$4,248,3
def$104,140 firewood and lumber from its own forests, which have an area of about 35,000
1,48.759
$2,251,618
1916
8911923
1,016,870 acres. Company owns conveniently located limestone quarries and a
4,253,223 11920
1917
1,142,691 1924
880.114 magnesite pit. It therefore owns practically all the raw material required
1921
3,531,020
1918
for its business. All its plants are situated in Northern Hungary, exceptBalance Sheet June 30 1924 (After This Financing).
ing part of the mines and forests equal to 18% of its properties (valued at
Liabilities.
$3.866,305), which are in Czechoslovakia at a distance of less than 25 miles
Assets.
$6,000,000 from the Hungarian plants.
Capital assets, less deprec'n--$6,894,123 Capital stock
3,000,000
1,525,839 1st Mortgage 68
As the result of a contractual agreement between the Hungarian
Inventories
875,241 Czechoslovakian Governments the company is guaranteed equal and the
Accts.& notes rec., less res•ve_ 843,285 Accounts payable
treatment
90,408 with all Czechoslovak industrial enterprises and complete co-ordination
25,000 Accrued payroll
Invest. in marketable secur's_
of
• 15,393 management and administration of the properties situated in both countries.
1,513,730 Accrued interest and taxes
Cash
1,051,772
230,838 Surplus
80% to 90% of the output of the company, equal to 66% of the needs of
Deferred charges
Hungary, is sold in the domestic market, thus leaving only 10% to 20%
Total
$11,032,814 for export. In the domestic markets the company enjoys the benefit
811,032,814
Total
of
Directors.
-Emil Winter (Pres.), W. C. Reitz (V.-Pres., Sec. & Treas.). protective duties varying from 30% to 50% of the declared value of its
Albion Bindley, Edward H. Bindley (V.-Pres.), Dwight Winter, R. B. products; in the Balkan States (Roumania, Jugoslavia, Bulgaria, Greece
and Turkey) it has the advantage of the shortest haul.
462.
Duggan, W. Edgar Reed.
-V. 120, p.

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JAN. 31 1925.]
p The company owns and

THE CHRONICLE

595

operates:
4 modern blast
modern open-hearth furnaces; (c) rolling mills, produci furnaces: (b) 10 discovered the/dynamo electrical principle, the basis of the great
ng black
lets, rails, beams, plates, shapes, fine and middle fine iron rollers; steel bil- ment in the use of electricity. In 1879 he invented and constructed developthe first
(d) rolling electric railroad. From a
mills for fine sheets producing black steel sheets, iron
plates, dynamo and reached its present form. small beginning the business grew until it has
transformer plates, as well as zinc, iron and tin plates;
(e) factories producThe Siemens group covers the whole field of electrica
ing wire and nails, axletrees, tools, galvanized wire, plows,
l manufacture,
shovels, anvils and horseshoes; (f) iron and steel foundry pitch forks and subdivided into several companies. The Siemens & Halske A. G. and is
.
is the
parent organization. Its scope of business
The company has valuable investments in
includes the automatic and
industri
owns: (a) 10% of the shares of the Salgotarjan other Mining al works. It manual telephone, the telegraph, the signalling and electro-medical apparat
Coal
Co., Ltd., the us and all kinds of radio equipme
largest coal mines of Hungary and Rumania. the market
value of which the SiemensISchuckertwerke G nt. The principal associated company is.
holding is about $600,000, while the intrinsic value of
G. m. b. H., over 50, of whose stock is owned
7
at about $2,000,000. (b) 50% of the Bon3od Mining the same is estimated by Siemensl& Halske A. G.
balance of the stock being owned by theCorp., which owns the closely allied Elektrizitaets'
largest iron mines in Hungary nad Czechoslovakia and
Aktiengesellschaft, formerly Schucke
tion of about 400.000 tons of iron ore. Half of this has a normal produc- The Siemens Schuckertwerke G. m. b. H. manufactures all kinds ofrt & Co.
electrical
production is at the machinery and appliances for
disposal of the Rime for pig iron production and has to
lighting, power, traction and electro-chemical
be sold to the Rime purposes, also wires and cables.
at cost. The minimum value of this investment is estimat
The Siemens & Halske A. G. also owns.
(c) 50% of the shares of the Van Valley Co.. a new coal ed at $600,000. 40% of the stock of the Osram Co.,A German incandescent lamp factor_y,
development. (d) 10% of the shares of the Industri mine capable of employing about 20,000 hands. The Siemens Schuckertwerke G. m.
al Explosi
b. H.
(e) All the stock of the Romeister Co., Ltd., which is the export ves Co. owns 67% of the stock of the Austrian Siemens Schuckertwerke A. G. with
organiza- works at Vienna, at Pressburg and Mueglit
tion of the Rims.
z in Czechoslovakia, and at
Budapest, employing about 8,000 hands.
Annual Capacity of the Plants and Mines (in Tons).
There are a number of other
subsidiaru companies for the manufac
ture of electric carbons, porcelain,
Iron ore
glass, paper
500,000 Various steel products
50,000 products. and other material required for use in the companieseprincipal
Roasted ore
300,000 Coal
450,000
Pig iron
The concern has outside of Germany
200,000 Magnesite
and Austria 82 branch offices
10,000 ted in most of the
Steel ingots
300,000 Limestone
countries of the world. About 40% of its productsitua150,000 exported. The
Rolled material
250,000 Wood
Siemens group consists of 26 factories situated at ion is
80,000 points in German
various
In the last three pre-war years the company reached
y. The main plants are located at Siemensstadt,
near
of $9,000,000 and an annual average profit of $2,800, an average output Berlin, and in Nuremberg. The area covered
by the factory grounds all
000. This does not told comprises some
Include the profits of affiliated establishments
986 acres not including grounds in foreign
in Czechoslovakia and Osram and Austria
countries.
Tranyvanial,since disposed of.
n Siemens Schuckertwerke A. G. The floor
space in the
Earnings.—From July 1 1900 to July
factory buildings cover an area
were $37,588.590. or a yearly average 1 1924 net earnings after all expenses than 85,000 employees. At the of 286 acres and the companies have more
Interest and sinking fund charges onof $1,566,191, equal to nearly 7 times operating at 100% of its normalpresent time the Siemens & Halske A. G.is
present
capacity and the Siemens Schuckertwerke
G. m. b. H. at about 80%.
From July 1 1900 to July 1 1924 reserves issue.
$16,899,427, or a yearly average of $704,14 and depreciation amounted to
The
3. An amount equal to nearly ployed whole concern is under one management. In number of men emi
6 times the present issue of bonds, therefore, was
and
of plants the Siemens group ranks with the
written off during the concerns of area world.
big electrica
last 24 years, the annual average being nearly 3 times
the
The business of the two companies, Siemens &
interest and sinking Halske A. G. and
fund charges on present issue.
Siemens Schuckertwerke
such a way that they may be considered G. m. b. H., is interwoven in
The depression resulting from the war is being
as one.
quickly overcome. The
following are net earnings after all expenses: July
Security—The bonds area joint and several obligati
on of the two
000: July 1922 to July 1923, $503,000; July 1923 1921 to July 1922, 5303,- lea, the Siemens & Halske A. G.and the Siemens Schuckertwerke compan-.
to July 1924 (working at
G. m.b.H.
These bonds will be secured by the actual ownership
60% capacity), $815,000. equal to about 33i those
of salable merchaninterest and sinking dise, title to which will
fund charges on the issue.
be held by a trustee under the provisions of the
Conservatively estimated earnings for normal
German law for the
future years 4 to 5 times to the merchandise benefit of the bondholder. The method of taking title
these requirements.
and of handling the security during the life of the bonda
will be the
Value of Real Properties, &c. (June 30 1924).—
(a) Insured value of the to German same as that used by the Netherlands Government to its credit
premises, plants and equipment of the Rime.,
industry. It will be remembered that in 1920 the
Netherlands
$18,675,000: (b) ore, coal, Government arranged
magnesite and limestone mines, $3,650,0
to advance to
00; (c) forestsa
as a whole 140.000.(d) inventory of equipment,track and rolling material nd lands, $990,000; 000 guilders (about $56,000,000) forGerman industry years.
period of ten
The Netherest part at scrap-iron prices, $852,000; (e) investm ,figured for the great- lands Government insisted that these a
credits should be secured as much as
ents, $1,430,000: (f) ac- possible and in such a
counts receivable and cash, $1,033,000:
way that the total amount of the credit should always
(0)
prices of the last pre-war business year, goods on hand, valued at market be covered by merchandise having a current market
1913-1914 (present selling price of substantially in
value at all
which, however, is about 54.800.0
excess of the amount borrowed. Under the Germantimes
00). $3,200,000; total. $29,830,000. the actual ownersh
laws
Less accounts payable, $1,647,000: total net
assets, $28.183,000, equal to position to disposeip of the commodities passes to the trustee, who is in a
over 9 times present issue of bonds.
of them without referenc
foreclosure of the mortgage is called for. e to the company, if and when
Purpose of Bond Issue.—Company is engaged
The Netherlands Government
at the present time in an thus has ownersh
extensive improvement program, embraci
ng the enlargement of its electric form of salable ip through the medium of a trustee of quick assets in the
power station through a new
merchandise the value of which exceeds at all times
the
plate mill, opening of two new 3,000 h. p. unit, the enlargement of its fine amount of the credit granted.
coal mines and
For the purpose of handling these government
as well as the building of additional workmen a recently acquired iron mine,
credits there was organize
's houses and other corporate In Germany the "'rreuh
purposes.
andverwaltung Fuer das Deutsch-Niederlaendis d
che
For th above productive purpose
Finanzabkommen"(Trustee Administration for the
s, the present issue of bonds, repre- Agreeme
German-Dutch Finance
senting but 10% of the value of
which
the properties, was authorized.—V. 120. purpose nt)handlinpasses on and grants the individual credits. For the
of
p. 462.
g the merchandise there was also organized
by most
prominent members of German industr
y the "Deutsche Kreditsicherumg
A. G., Berlin" (German
Sagamore Mfg. Co., Fall River.—Smaller
Dividend.— pose the safeguarding of Securities Trustee Co., Berlin) having for its purThe directors have declared a quarterl
foreign financing for the lender. The trustee comy dividend of3% on the outstanding pany has a thorough
$3,000,000 capital stock, par $100, payable
and elaborate system of segregating the commodi
Feb. 5 to holders of record held as collateral
ties
Jan. 28. From Nov. 1923 to
Nov. 1924, inclusive, the company paid 5% necessary values.security and permanently controls the maintenance of the
quarterly.—V. 118, p. 561.
It also supervises the
satisfies itself as to the adequacy thereof.insurance of the merchandise and
The trustee thus safeguards the
above-mentioned Netherlands Government credit,
Savage Arms Corporation.—Annual Report.—
way and to the same extent safeguard the collater and will in the same
Calendar Years—
al security given for this
1923.
1922.
loan.
1921.
Net profit, after charges x1924.
The Siemens companies will transfer to the
and depreciation
German Securities Trustee
$693,799
$404.044 loss$168.1651oss$1234011
as the German agent of the Central Union Trust
Co., New York,
trustee, stocks of salable merchandise,
Co.'
x Preliminary figure.
zinc, steel, iron plates, dynamo plates, such as brass, copper, aluminium,
Net profit for the last quarter of
lumber, oils and rubber, as well as,
1924 was 579,549. against $163,181 in suitable half
the previous quarter and 5383.968 in
-finishe
the June 30 quarter.—V. 119. p.2419. under the German d and finished goods. The value of these stocks, which
law will be actually owned
agent and which will be kept open to permane by the trustee's German
Schulte Retail Stores Corp.—LiSting.—
nt inspection by the trustee's.
German agent, will at all times exceed the amount
The New York Stock Exchange has
of bonds outstanding by
authorized the listing on or after at least
March 2 of $750.000 (authorized,
$15.000,000) additional 8% Pref. stock, trustee's 66 2-3%. The merchandise will be constantly revalued by the
on official notice of issuance as
German agent at the lowest market prices prevaili
a
ng. The comstock, making the total amount of stock dividend of 2% on the Common panies will obligate themselves to insure the stocks
Preferred stock applied for $7,100,000.— security against all
V. 120. p. 462.
risks in accordance with the requireserving as collateral
ments of the trustee's
German agent.
Scotten-Dillon (Tobacco) Co.—Extra Divide
Sinking Fund.—A sinking fund is provided for
the -Year bonds sufficient
nd.—
to retire $250,000 each six months through purchas 3
The directors have declared
e at prices not exceeding
quarterly dividend of 3%, both an extra dividend of 4% and the regular par and interest if obtainable, any unexpen
payable Feb. 17 to holders of record Feb.
ded balance to revert semiDividends paid in 1924 (includi
9. annually to the companies. The 3
-Year bonds are callable as a whole
ng extras) totaled 16%, compared with a any interest
total of 20% paid in 1923.—V.
on
date, at the option of
119. p. 2298.
A sinking fund is provided for the companies. at 101 and interest.
the 10
-Year bonds sufficient
Seaboard Finance & Investment
by lot
Co.—Protective Corn.— through call of less $132,000 of bonds each six months at 102 and to retire
interest,
At the request of the holders of more
the balance
than 50% of the issue to mature at 102
than 60% in amount of the Two- The 10
and interest.
Year Secured Convertible
-Year bonds are
following have consented Gold notes, of the company now outstanding, the on any interest date, at callable as a whole, at the option of the companies,
to act as a noteholders' committee to
104 and interest on July 1 1925, the,call
price being
and protect the interests of the holders
represent
by ti
of the notes. The company has reduced y the of 1% each 12 months until July 1 192,from which date until
defaulted in the payment of
maturit
call price remains 102 and
Interest thereafter maturing interest which matured Sept. 1 1923, and all
Sales and Earnings.—Earnings of both interest.
on the notes.
companies can be given reliably
Only for the
A deposit agreement has been prepared
under which Guaranty Rrust Co. had a stable fiscal years ended July 311912. 1913 and 1914. while Germany
of New York, 140 Broadway, New York
currency, and are set out below. In addition
City, will act as depositary, years and for
receive said notes and issue
the
1923-24 are as follows (fiscal year ends July sales for these
transferable certificates of deposit therefor
Copies of said agreement will be
31):
furnished upon application to the Secretar .
Sales
of the committee or the depositary.
Net Earnings—
y
Siemens
Siemens
Noteholders are requested to
Siemens
Siemens
communicate at once with the
Halske ' Sehuckertiverks
the depositary and to deposit their notes
committ
de Halske
Sehuckerticerke
A. G.
under the agreement in orderee or
G. m. b. II.
the committee may act promptly in their
A. G.
that 1912
G. m. b. H.
behalf.
$20,115,000
$55,100,000
Bayard Dominick (Dominick &
24,142,000
$5,800,000
Dominic
20,935,000
70,900,000
(Pres. Indian Refining Co.). W. C. Janney k) Chairman, J. IT. Graham 1913
3,264,000
5,623.000
(Janney & Co.). with Wickes & 1914
21.750,000
Nelson, counsel. 60 Broadway, New
72,100,000
4.930,000
6,941,000
1924 x
York,
y29.650,000
63.050,000
Buzbee, Sec
60 Broadway, N. Y. Guaranty Trust Co.and Robert
of New York, depositary._
B.
V. 113. p. 1478.
x Including sales of Siemens Bau Union,
G. m. b. H.,formerly a department of Siemens & Halske but
Siemens & Halske (A. G.)
Siemens Schuckertwerke company. y Fiscal year ended now incorporated as a separate subsidiary
(G. m. b. H.).—Bonds Sold.—Dillon,
deductions for depreciation andSept. 30. z Net earnings before making
reserves.
Read & Co., MarAll expenditure incurred for
shall Field, Glore, Ward & Co., New York;
mainten
and the
Union Trust Co., ating plant during these periods have ance and upkeep of the properties
Cleveland, and Central Trust Co. of
expenses. The figures of earnings been regularly charged off as operIllinoi
of Siemens & Halske A. G.,shown
sold $10,000,000 bonds as follows: $5,000s, Chicago, have above, do not include the dividends which they have received from Siemens
Schuckertwerke G. m. b. H., nor
,000 3
-Year 7% company
do the figures of sales contain any interSecured Sinking Fund Gold bonds due
deliveries. The above mention
Jan. 1
and int., to yield 7.37%; $5,000,000 10-Year 1928, at 99 on the basis of 4.20 gold marks equal to ed dollar amounts are calculated
$1.
Balance Sheets Dated Sept. 30
Sinking Fund Gold bonds due Jan. 1 1935, at 7% Secured
1924 (Figures Estimated).
minimum yield 7.64%. $1,500,000 of these 963 and int.,
Siemens
Siemens
Siemens
Siemens
& Halske Schukertke,
purchased from the bankers by Mendelssohnbonds have been
Halske Schuckertke
A.0.
G.m.b.H.
A. a.
Assets—
G.m.b.H.
son & Co., both of Amsterdam, Holland,& Co. and Pier- Land
$
i
Mortgages(see'd)for offering in
a3,157.225 4,964,727 Credit granted by $23,131 $134,949
that market.
Buildings
a3,352,132 6,353,273
Netheeds Gov't
Plant Si equIpm't a
Dated Jan. 1 1925. Interest payable J. & J.
i
1
secured on
Coupon gold bonds in Cash
1,645,000
denoms. of $1,000 and $500,registerable as to principa
1,191,651 1,479,815 Long term mdse.
loans
and sinking fund payable at the office of Dillon, Readl. Principal, Interest Inventories_ b -- _ _ 9.347,216 19,988,098 (unsecured) _
& Co.. New York,in Accounts receivle,
1,746,632 2,667,288
U. S. gold coin of the present standard of weight and
Adv. payments by
less reserves..- _10,152,430
fineness, without
deduction for any German taxes, present or future.
customers
3,940,466 8.528,546
Central Union Trust Other assets.c.-- 7,092,817 22,672,204
Co. of New York, trustee; Deutsche Kreditsicherung A.
7,398,988 Social funds
1,373,810 2,373,809
G., Berlin, German agent of trustee.
Accounts payable_10,766,092 13,266,232
Due to bankers__ _ 104,609 2,096,422
Data from Letter of Dr. Carl F. von Siemens, Berlin,
History and Business of Companies.—The business of Jan. 26 1925.
Total
34,293,472 62,855,104
the Siemens &
Total
17,954,740 30,712,246
Halske A. G. was founded in 1847 by Werner von Siemens
,
a The properties
of the first to develop long distance electric telegraphy and who was one
invented the more than 8:5,000 represented by these figures include 26 factories with
methods which made submarine cables possible. In the year
1869 he built finished material employees. b Including raw materials, processed
the longest telegraphic overland line from England to India. In
and
s.
1867 he eluding the Siemens c Including interests in other companies, but not inSc Ilabake interest in Siemens Schucke
rtwerke.

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

596

THE CHRONICLE
-

The above statement is made without giving effect to the proceeds of
the present issue of notes which will increase the cash account by that
amount and will provide funds for working capital.

p

Splitdorf Electrical Co.
-Merger, &c.
-

[VOL. 120,

The proceeds of the sale, together with Cash and securities on band,less
indebtedness and expenses incurred, will be distributed to stockholders.
Excess of current assets over current liabilities at the end of 1923 was
$174.648, mostly in cash, Liberty bonds and United States certificates of
Indebtedness. Calumet & Hecla owns 50-100 of the 100,000 shares.
V. 119, p. 2891.

In a letter to stockholders Jan. 21, the company says:
The Bethlehem Spark Plug Co. of New Jersey was organized in New JerThermiodyne Radio Corp.
-Contract.
sey Dec. 29 1924 with an authorized Capital stock of 67,000 shares of no
par value, with the intention of taking over the assets of the Bethlehem toPresident Leo Potter announces that the corporation has signed a contract
build and deliver to the Music Master Corp., distributers of radios,
Spark Plug Co., Inc., of New York. The latter corporation for the past
nine years has been engaged in the manufacture and sale of spark plug's 63.000 receiving sets during 1925. Based on the present cost of manufacture, Mr. Potter
and automotive accessories at its plant at Bethlehem, Pa. It is owned and be approximately said that the corporation's profits on the contract would
$940,000.-V. 119. p. 2076.
controlled by Charles M. Schwab.
The two companies above mentioned entered into an agreement on
(John R.) Thompson Co.(Chicago).
-Annual Report.
Jan. 5 1925 which provides for the transfer of all of the assets and business
Years Ended Dec. 311921.
1924.
1922.
1923.
of the old company to the new company in consideration of the issuance x Net profit
$1,504,952 $1,152,006 $1,493,972 $1,907.859
the new company to the old company of 22,230 shares of its Capital Adjust of
by
't inventories_
350,000
stock and the assumption by the new company of all the obligations of the Provision for
Fed'l taxes
265.757
167,500
190,000
150,000
old company.
80,328
63,281
79.627
67,173
Preferred Preferred diva. (7%)
The new company desires to acquire not less than 51% of the
and not less than 51% of the Common stock of the Splitdorf Electrical Co.. Common dividends..__(12%)720,000 (12)720,000 (10)600,000 (8)480.000
in exchange for its stock in the ratio of one share of the stock of the new
Balance, surplus
$554,171
$731.774
$624,345
$214.833
company for one share of the Preferred stock of the Splitdorf Electrical Co. Profit and loss surplus
$2,796,607 $2,280,764 $2,138,932 $1,549,814
and one share of stock of the new company for ten shares of the Common
stock of the Splitdorf Electrical Co. Stockholders desiring to avail themx Net profit after deducting all expenses, including depreciation, &C•
Beim; of this offer should sign the necessary contracts and return them to
John R.Thompson,Jr., has been elected President,succeeding his father,
'Bethlehem Spark Plug Co., 392 High St., Newark. N. J., not later than
John R.Thompson, who becomes Chairman of the board.
Web. 10.
-V.119, p. 1636.
The holders of more than 51% of the stock of the Splitdorf Electrical Co.,
Tulip Cup Corp.
-Stock Offered.
-H.D. Williams & Co.,
including G. 13. Alvord and C. F. Splitdorf, the two largest stockholders,
New York, are offering at $15 per share 30,000 shares Corn:
have agreed to exchange their stock on the terms stated.
The proposed affiliation of these two companies, it is believed, will result
in an increased volume of business as well as in reduced costs, which should stock (no par value). The present offering does not represent
Insure a substantial profit to the stockholders. In the selling department new financing by the company. The bankers state that the
alone it has been estimated that $300.000 annually can be saved by dis- stock is being offered as a
speculation.
banding the former Bethlehem sales force and having the Splitdorf sales
The Central Union Trust Co. of New York has been appointed Transfer
force handle the product of both companies.
Directors and officers of the new company will be: E. H. Schwab, Chair- Agent for the 100.000 shares Common stock and 2,086 shares Preferred
man, C. M.Schwab, M. W. Bartlett, Pres., G. B. Alvord, C. F. Splltdorf, stock. The Empire Trust Co. has been appointed Registrar of the stock.
-V.119,
0.E. Roraback, H.P. Ingels, Joseph Remick, W. W. Davidson.
Union Oil Co. of California.
-Dillon,
-Bonds Sold.
p. 1406.

Read
- Co., & Co., Blair & Co., Inc., New York, and Union Trust
Standard Oil Co. of New Jersey.
-Subscription Price.
Cleveland, have soli at 96 and interest, to yield over
532%,$10,000,000 10-Year 5% Sinking Fund Gold bonds.

The company recently announced that the price fixed on the Common
stock, par $25, to be offered to employees in 1925, will be $35 a share.
co
xiirred with $33 a share in 1924 and $3920 in 1923.-V. 119. p. 3020.

-Stock Sold.
1r Standard Publishing Co., Chicago.
Chas. H. Jones & Co., New York, have sold at $26 per
share 40,000 shares 6% Cumulative (Participating) Noncallable Class "A" stock.
-J. Dividends not subject to present normal
Dividends payable Q.
Federal income tax Transfer agent, Corporation Trust Co., New York.
Registrar, Metropolitan Trust Co., New York. After Class "A" stock
has received dividends of $1.50 per share (cumulative) and the Class "B"
stock has received dividends of not exceeding 25c per share (non-cumulative)
In any year, any additional surplus or net profits available for dividends
5% to Class "A" as a class, and 25% to Class "B"
are to be distributed ,
as a class). Class "A. stock has priority in liquidation or dissolution over
Class "B" stock up to $30 per share and the amount of all unpaid cumulative dividends thereon. .After this preferential payment to Class "A
stock is provided for and provision has been made for the distribution to
the Class "B" stock of $7.50 per share, 75% of the remaining assets shall
,
be distributed to the holders of the Class 'A" stock and 25% among the
holders of the Class "B" stock.
CapitalizationOutstanding.
Authorized
Class "A" stock 6% Cumul.-Participating shares
171.356
400,000
"lass "B"shares (no par)
100.000
125,000
-Stock now listed on New York Curb Market, Company
CI Listing.
Intends to make application in due course to list stock on New York and
Chicago Stock Exchanges.
Data from Letter of Pres. Vern C. Divine, Chicago, Dec. 19.
-Company and its subsidiary, Standard Corp., are incorp.
Company.
In3Delaware. Engaged in the business of illustrating, engraving, printing
and publishing. Business established in Nov. 1917, actual operations
beginning Jan. 1918 with the publication of a single syndicated illustrating
and advertising service for department stores. The organization specializes
In service to retailers. It produces in its own offices, studios and plants,
through a highly efficient staff of editors, fashion experts, department
store specialists, artists and advertising writers, 16 complete copyrighted
publications that embrace practically every phase of retail store promotion,
Including aids to better and more successful advertising, selling and
organization. Its clientele is composed of the leading department and
retail stores in the United States and Canada. Credit risk is therefore
reduced to the minimum. During the 7 years that the company has been
operating, the credit losses have been less than 1%;the number of publications have increased from one to a total of 16; the number of contracts in
force have steadily mounted until there are over 4,000; sales have shown
,
a steady growth and profits have increased substantially. Its publications
include 'Modes and Manners."
Earnings.-Business has for 7 years at all times earned more than twice
its dividend requirements. With the contracts now on the books and
in the process of closing, the management conservatively estimates that the
net earnings for the year 1925 could exceed $600.000, or over twice the
dividend requirements of the outstanding Class "A" stock at the completion
of this financing.
Consolidated Balance Sheet Sept. 30 1924.
Liabilities
P
$4,283,880
$725,907 Class"A"stock
Cash
100,000
514,007 Class "B" stock (no par)
Notes & accts. receivable
8,044 1st Mtge. Real Estate bonds__ 185,000
salesmen
Advances to
_
1.239
17.032 Minority shares of sub.
Sundry notes & accts. rec....
77,522
518,515 Notes payable
Fixed assets
45 012
22:945
2,705,763 Trade acceptances
Investments
444,924 Accounts payable
Organization expenses
27,624
125,265 Accrued payroll
Deferred charges
Reserved for contingencies__ _ 130.959
mu
185,275
Surplus

(7

Total
119, 1). 590.

$5,059,460

Total

$5,059,460

-25% Stock Dividend.
StandardSanitary Mfg. Co.

declared a 25% stock dividend on the Common
IF The directors on Jan. 29to a regular quarterly cash dividend of $2 50 per
stock, par $25, in addition to holders of record Feb. 5. On Nov. 15 last
payable Feb. 14
share, both
share was paid on the Common
a quarterly cash dividend of $1 25 per
-V. 119. P. 951.
stock.

Dated Feb. 1 1925; due Feb. 1 1935. Interest payable A. & 0. Meet
coupon payable Oct. 1 1925) without deduction for any Federal normal
income tax up to 2%. Denom. $1,000 and $500 c*. Principal and interest
payable at Pacific-Southwest Trust & Savings Bank, Los Angeles, trustee,
and Central Union Trust Co., New York. Callable, all or part by lot, on
any interest date on 30 days' notice at 102 and interest up to and including
April 1 1927, 101% and interest up to and including April 11929, 101 and
interest up to and including April 1 1931. and 100% and interest thereafter.
Listing.
-Company agrees to make application in due course for listing
this issue on the New York Stock Exchange.
Sinking Fund.
-A sinking fund will be provided, payments due April 1
1927 and annually thereafter to maturity, of $300.000 per annum to and
including April 1 1930, $500,000 on April 1 1931. and $600,000 per annum
thereafter to maturity, to purchase bonds if obtainable at or below the then
prevailing call price, and to the extent not so obtainable to call bonds by lot
at such price. Bonds so acquired are to be cancelled. .
Data from Letter of W. L. Stewart, President of the Company.
Comparty.-Incorp. in 1890. Is to-day one of the largest oil companies
In the United States, combining in its activities producing, transporting,
refining and marketing of petroleum and its products. Owns in fee, or
mineral rights in fee, 189,636 acres, and holds under lease 184,343 acres
all in the United States. Also owns in fee approximately 425,700 acres in
Colombia, So. Am. In a recent report E. De Golyer, independent oil
engineer, estimates the company's proven oil reserves in California alone at
200.000,000 bbls. These reserves, embracing every important field, are
generally recognized as being among the most valuable in California. In
addition, company's Colorado, Wyoming and New Mexico properties are
believed to have additional potential value. Production during 1924
amounted to approximately 15,052,000 bbls., and total receipts (including
oil purchased) to approximately 34,900,000 bbls. Present production from
506 wells in California is at the daily rate of approximately 44,000 bbls.,
and in addition the company is purchasing an average of about 52,000 bbls.
per day. It also has 140 wells shut in capable of an initial daily production
of about 12,000 bbls.
Earnings for Calendar Years.
Net Avaine yDepreciation Maximum No. Times
for Depr.. Int.
and
Annual
Interest
YearSales.
& Fed.Taxes Depletion.
Interest. Earned.
1916
$27,745,009 $10,313,107 $2,432,465 $1,156,078
6,‘
1918
43.863,562
13,088,386 4,862.626
1,152.621
7
1920
63,430,146
23,449,963
7.920,705
990,377
15',i
19 4 mos.)58,937,141
92
2 (9
22,719.697 10,563,729
1,370,093
83
1923
72,962,578
21,820,443 12.311.235
1,651.559
5
50.749,874
18,780,436 8.357,998
1,127.740
9H
x Depreciation and depletion subsequent to 1918 includes labor and incidental cost of new drilling, which has thus been charged direct to income.
y On these bonds, plus interest actually paid, but giving effect to present
refunding.
Assets.
-The consolidated balance sheet as of Sept. 30 1924 (before giving
effect to this financing) shows total assets of 3158.118,825, after deducting
reserves for depreciation and depletion of $71.999,264. Current assets
amounted to $47,566,169 as against current liabilities of only $8,352,209, a
ratio of over five to one.
Purpose.
-Proceeds will be utilized in part for retiring on April
6% Series"B" Gold bonds due in equal installments in April 19251 1925 the
and 1926,
amounting to $5,000,000. The balance of the proceeds will be utilized as
additional working capital. At Dec. 31 1924 the company
over
$10.000,000 of cash and U. S. Government securities on hand. had
Equity.
-Company has outstanding $94.500,000 Capital stock. At
present quotations this stock represents a market equity of approximately
$147.000,000. Cash dividends amounting to $57,006,577 and stock distributions amounting to $59,745,993 have been paid during the 25 years ended
Dec. 31 1924.
Capitalization upon Completion of Present Financing.
Capital stock (par $25)
$94,500,000
First Mortgage 5s, duo 1931 (closed)
6,173,000
20
-Year 6s, Series "A," 1942
8.937,500
10
-Year 5s, 1935 (this issue)
10,000,000
Purchase money obligations
962,402
-V. 120. p. 219.

United Drug Co.
-Rights.
-

Holders of the let Pref. stock who did not waive their right to purchase
additional shares authorized Jan. 21 are being offered this new stock at
-Suit Dismissed.
$52 50 per share in the ratio of one new share of 850 par stock for each old
of America.
Steel & Tube Co.
prevent the share owned. The right to subscribe will be void after Feb. 16 and subDye Corp.
The action started by the Allied Chemical &Youngstownto
Sheet & Tube scriptions are payable in full May 1. Stock subscribed and paid for will be
America to the
sale of the Steel & Tube Co. of Delaware Court of Chancery. The Allied delivered after May 1 and will carry the quarterly
dividend payable Aug. 1.
Co. has been dismissed by the
See also V. 120, p.464.
Chemical & Dye Corp. was a minority stockholder in the Steel & Tube Co.
-V. 119, p. 1518.
United Oil Co., Los Angeles.
-Earnings.
--Suit.
-Operations of the company and its subsidiary, the Richfield Oil Co., for
Stutz Motor Car Co. of America, Inc.
Indianapolis by the year 1924 resulted in a net profit of 31,225,183 after the ddeduction of
A suit for $750,000 has been filed in Superior Court at
Stutz general expenses, depletion and taxes. Compared with 1923 this is ah inWilliam Fletcher, receiver for the Weidley Motor Co., against the
crease in net earnings of $486,693.
company. The complaint alleges that the Weidley company held a contract
Gross earnings
operations, according to the preliminary statement
the Stutz for the manufacture of about 10,000 motors each year for before allowance fromdeductions, totaled
with
for
$4.427.432, as compared with
contract was cancelled by the Stutz company while
twoyears, and that the
General
the Weidley company had on hand $300,000 worth of material for the manu- $2.112,363 in 1923.and other expenses and taxes, not including Federal
company to
the Stutz company, forcing the Weldleyreceivership. taxes, depreciation and reserve similar items was $2,629,224; abandoned
facture of motors for
properties, interest
funds, $480,025; Federal taxes, estimated.
cease the manufacture of motors and indirectly leading to the
393.000; dividends paid (12%). $540,000; balance. $685.184.-V. 119. p.
-V. 119. p. 951.
2541.

-Sale.
Superior Copper Co.

The property and assets of the company, other than cash and Government securities, were sold at public auction at Houghton Jan. 5 to Calumet
Heels Consolidated Mining Co. for $80,000. This was the only bid
submitted.

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United Oil Producers Corp.
-Defaults Int. Payment.
-

Notice having been received that interest due Jan. 25 1925 on
Oil Producers Corp. 1st Lien Gold 8% & Partic. Fund ProductionUnited
will not be paid, the committee on listing and securities of the New bonds
York

JAN. 311925.]

THE CHRONICLE

597

Curb Exchange has ruled that the bonds must be dealt in flat and until standing
further notice to be a delivery must carry Jan. 25 1925 and susbequent for each stock, five shares for each present preferred share, one-tenth share
present Common share. Subscription rights will expire
coupons.
-V. 118. p. 1786.
Feb. 25.
The plan was adopted by a meeting of shareholders held
which 3:0% of the stock outstanding was voted in favor of Sept. 25 last at
United States Cold Storage Co.
the
-Bonds Offered.
- time for deposit of stock under the plan will expire Jan. 31 plan. The
and stocktis
Curtis & Sanger, Jackson & Curtis, Spencer Trask & Co. and coming in to the depositaries in large volume.
"s1
Additional deposits of bonds are being
Stevenson,'Perry, Stacy & Co. are offering at 100 and int.
daily and over
or more than82ireissue, havemadebeen deposited 810,400.000,
t
now
. New mort$1,600,000 1st Mtge. 6% Real Estate Gold bonds. The gage bonds will eof the to depositing bondholde
issued
rs secured by mortgage of
present outstanding 1st Mtge. bonds will be accepted at all the property of the company, subject only to the small remnant of undeposited bonds. The new bonds will carry the privilege of
conversion into
103 and int. in payments for bonds of this issue.
the new stock
Dated Jan. 1 1925;due Jan. 1 1945. Interest payable J.& J. at Guaranty present issue. of the company at $25 a share, a feature not possessed by the
Trust Co., New York. and First Trust & Savings Bank. Chicago. trustee. by March 1. The reorganization committee expects to complete its work
Denom.$1,000 and $500. . Redeemable in whole but not In part (except
The new company,
sinking fund) on any interest date on 60 days' notice as follows; On for Delaware Jan.3 1925 the Wickwire Spencer Steel Co., was incorporatedrin
or
(compare plant in V. 119. p.823).-V.120, p. 97.344
before Jan. 1 1930 at 105 and interest* after Jan. 1 1930 and on or before
Jan. 1 1935 at 103 and interest; after Jan. 1 1935, and on or before Jan. 1
Weston Electrical Instrument Corp.
1940, at 102 and interest; after Jan. 1 1940 and before Jan. 1 1944 at 101
-Listing-Earns.
The New York Stock Exchange has authorized the listing
and interest; and on or after Jan. 1 1944 at 100 and interest. Company
of 100.000
agrees to pay interest without deduction for any Federal income tax not shares of Class A stock without par value and 100,000 shares of Common
exceeding 2%, and to reimburse the holders of these bonds for the Massa- stock without par value.
chusetts income tax not exceeding 6% of such interest per annum.
Income and Expenses of Weston Electrical Instrument Co.
Data from Letter of H. E. Poronto, President of the Company
[After eliminating from expenses royalties paid and adjustme
.
istrative salaries and deducting int. on bonds to be issued nt of adminProperty.
-The United States cold storage and freezer plant is one of the
by new co..
largest and most complete in the world. The entire construction is
10 Mos.end.
of the
Calendar Years
most substantial and permanent character as well as of
Oct. 311924.
1923.
1922.
1921.
practical design. The plant is located in the heart of thean attractive and Net sales
central manufac$2,055,110 $2.104,472 81,675.806 81,810,629
turing district of Chicago in the immediate vicinity of the large
Cost of sales
1,234,771
1,321.571
1,075,090
1,224,594
plants, and adjacent to the Ashland Ave. receiving yards and to packing Selling expenses
the Union
297,672
287,876
240,692
252.560
Freight Station. The railroad service is provided by the Chicago
Junction Gen.& admin.expenses.
137.071
163,199
142.903
148,541
Ry., the belt line serving the stock yards and central manufacturing
district, and connecting with every trunk line entering Chicago.
Net income
$385.597
$331.826
$217,120
$184.933
Security.
-These will be secured by a closed first
Other income
on
28,325
30,155
22,946
16.701
real estate and plant of the company. Title to this mortgage is the entire
a guaranty policy of the Chicago Title & Trust Co.property of covered by
Total income
in favor
$413,922
8361.981
$240,066
8201.635
under the mortgage, for the full amount of the bonds issued the trustee Other deductions
hereunder. Federal
87,332
83,392
92,927
92,764
An appraisal has been made of the property showing a
income taxes at
land and buildings on the basis of new production, present value of the
present rate of 12X%
41,316
34,331
18,392
13,608
93,267,000. On this basis the appraised value of theless depreciation, of
property is equal to
more than 200% of this issue of bonds.
Net profit
8289,214
$240,317
Earnings.
$95,262
-The average net earnings for the past five years,
See also V. 119. p. 2892.-V. 120. p. 97, 344. $128.747
based on 11
months for 1920 and estimated earnings for
interest, depreciation and Federal taxes, wereDecember 1924, before bond
Western Fruit Express Co.
$242,518, or over
-Equip. Trusts.
the annual interest requirements of this issue. The net earnings2% times
See
for 1924, 2773. Great Northern By. under "Railroads" above.
-V. 119, p. 2892.
based upon estimated earnings for December before bond
interest, depre•
ciation and Federal taxes, were $222,844, or over
2 3-10 times the annual
interest requirements of this issue.
Wm. Wrigley Jr. & Co.
-Annual Report.
Purpose.
-Bonds are being issued for the purpose of
Calendar Yearsrefunding $1,282,000
1924.
1923.
1922.
1921.
First Mtge. bonds, now outstanding in the hands
of the public, which will Operating profit
$17.133.960 $16,572,227 $11,628.710
Not
be called for redemption July 11925. and for the purpose of
Expenses
6,972,472 8,147.413 4,167.940 available.
supplying the
company additional necessary working capital.
Sinking Fund.
-Under the terms of the mortgage
• Net profit
$10.161,488 $8,424,814 87,460.770 8.5313,945
fund will be established which is estimated to retire a cumulative sinking Depreciation
407,198
387,321
464.134
maturity. For the purpose of the sinking funds, $1.117,000 bonds before Reserve for Federal
422,415
bonds may be called by
taxes 1,214.977
940,000
x849,999
1.252.454
lot at par and interest plus a premium of 1% if called
Preferred dividends_
within the first five
(1 )26,250 (7)105.000
years; Si% if called within the second five years,
and thereafter at par and Common dividends-(83)5.380,414(24)4012.422(24)3120.992(24)2919.056
interest.
Officers.
-H. E. Poronto. Pres., and Arthur G. Leonard and
Balance
Thornhill Previous surplus
$3,158,899 $3,035,069 $2,999.393
8615,020
Broome, Vice-Presidents.
-V. 110, p. 473.
surplus_ __
Tax adjust. for prior(adj.)11,465,800 7,988.320 7,568.098 6.780,726
yrs_
United States Gypsum Co.
451.546
-To Increase Stock.
The stockholders will vote Feb. 11 on increasing
Total surplus
the authorized Common
$14,624,700 811,474,936 $10,567,492 $7.395.746
stock from 910,000,000 to $15,000,000, par
Stock dividends
$20.
(20)2579.172
President Sewell L. Avery is quoted as saying: "This does
not mean
that any further distribution of stock dividends is contempla
Profit & loss, surplus314,624.700 811.474,9
36 $7.988,320 $7,395,746
This increase is proposed merely to restore the deficiency ted at present.
in the unissued
stock, in accordance with the established policy of the
x Includes $29,803, which amount was
board of directors
to have it available for such corporate purposes
taxes." in excess of amount actually to placed to "reserve for 1922 Federal
be paid.
-V. 119. p. 2773.
time in the future expansion of the business." as may arise from time to
-V. 119, p. 2301.
Yosemite Lumber Co.
-Bonds
All of the outstanding 1st Mtge. 6% Called.
U. S. Hoffman Machinery Corp.
-Earnings.Gold bonds, due subsequent to
April 1 1925, have been called for redemptio
Calendar Years1924.
1923.
1922.
Illinois Merchants Trust Co., Chimgo, n April 1 at 101 and int. at the
Profit after expenses
$1,217,157 $1,274,212 $1,370,282 prior to Awil
Ill.
Other income
1. upon presentation of the bondsHolders may at any time
137.016
(due subsequent to April 1
191.275
127,386 1925) at the trust company,
receive 101
Holders of bonds due April 1 1925 and int. to the date of presentation.
Total income
may present same any time prior
$1,354,173 $1,465,487 $1,497,668 to April 1 and
Interest, taxes, &c
receive par and int, to date of presentation.
451,377
572,257
610,032
-V.119, p. 2'773.
Amortization of patents
213,422
211.911
204,017
Net income
CURRENT NOTICE.
8689.374
$681,319
8683.619
Profit and loss, surplus
$1,457,424 $1.105,402
$510,679
-Y. 119, p. 2301.
-Some of the many and little known
ways in which taxpayers may
unwittingly make themselves liable for more
United States Rubber Co.
income and other Federal
-Tenders.
taxes than there is any necessity for their
The Central Union Trust Co. of N. Y., trustee,
doing, are shown in a pamphlet
until Jan. 29 received
bids for the sale to it of 1st & Ref. Mtge. gold bonds,
just issued by the Corporation Trust
due
Company, 37 Wall Street, New York.
at not exceeding 105 and int., to an amount sufficient 1947. Series "A." and entitled.
to absorb $670.170.
"Paying Too Much in Taxes." Actual
and "B" bonds at not exceeding 110
cases are used as
exhaust 8250,000.-V. 120, p. 344. and int., to an amount sufficient to illustrations to show how liability for a wholly unnecessary
amount of tax
(in one case $20,000) is often created
purely through oversight, not in
United States Steel Corporation.
-Extra Dividend of making the annual return, but in handling the transactions the results of
of 1% Declared-Quarterly Statement Issued.
-The di- which are reported in the return. Copies of the
rectors, after the close of business Jan. 27 announced the without charge to taxpayers or their attorneys. pamphlet are being sent
declaration of an e tra dividend of M of 1%on the outstan
Farr & Co., sugar specialists and
members of the New York
$508,302,500 Common stock, par $100, in addition toding Exchange, have issued a copyrighted analysis of the Central Aguirre Stock
Sugar
the Co. of Porto Rico. New figures
usual quarterly dividend of 13i%, both payable March
are submitted showing annual average
30 price per
to holders of record Feb. 27. Like amounts have been paid clusive. pound received by company during the years 1911 to 1924, inThe circular tabulates the expansion
quarterly on the Common stock since and incl.
of the company during the
past 15 years, emphasizing how
1924. (For record of cash dividends paid on the March 29 turned back into the business. this growth has been made from earnings
Common
stock, since 1908, see V. 119, p. 277.)
The Gatzert Company, Illinois Merchant Bank
s
Bldg., Chicago, reThe regular quarterly dividend of 13 % on the
cently opened as a new investment house.
4
This firm will specialize in tax
$360,281,100 7% Cumul.Pref.stock, par $100, outstanding exempt securities, beginning with special
has also been and
assessment bonds issued for paving
declared, payable Feb. 27 to holders of record Jan.
similar improvements in various States. The directors
of the company
31.
The financial statement of the corporation and subsidiary are: August Gatzert, Modie J. Spiegel, Leonard S. Florsbeim and Walter
A. Gatzert, the latter being in active charge
companies for the quarter ending Dec. 31 1924
of the business as President
will be found and General Manager.
under "Financial Report" above.
-V. 120, p. 464, 344.
-Daniel E. Wade, Thomas P. Flaherty
& Walter A. Wade announce
Universal Gypsum Co.
the formation of a partnership under the
-Capital Increase
firm name of Wade Bros. & Co.
The company has filed a certificate at Dover, Del., d.
increasing its author- with offices at 60 Beaver St., to engage in a general brokerage business.
ized stated capital from $12,508,000 to 824,000,000.-V.
They are members of the New York Stock Exchange
119, p. 1181.
, New York Cotton
Ward Baking Corp.(& Subs.).
-Consolidated Statement Exchange and the New York Coffee & Sugar Exchange.
of Operations Year Ended Dec. 27 1924.
M.W.Samuels & Co. announce the opening of their new
offices in the
Net earnings from oper., $6,417,740; other income,
Illinois Merchants Bank Bldg., Chicago. They are members
of the Chicago
Interest charges, $327,395; depreciation, $1,546,658$331,254-- 86,748,995 Board of Trade.
The offices are equipped with direct wire and phone ser1,874,053
for Federal taxes
Reserve
505,202 vice to leading markets combined with club features. This style
of brokers
office is something entirely new in that territory.
Net profit for year
$4.369,740
119, p. 2773.
-Freeman & Company announce the completion of their
seventh edition
of "Car Trust Securities," which is being distribute
Weber & Heilbroner.-Listing.d to dealers and banks.
This booklet of 177 pages gives a full description and
The New York Stock Exchange has authorized the listing of
the position of all
75,173
shares of Common stock without par value (auth. 100,000
shares), on railroad and industrial equipment trust bonds, notes and certificat
official notice of issuance, in exchange for 225,520 shares of
es
Common outstanding on January 16 1925.
stock without par value, on the basis of one share of new Common
stock
Winfield Newton Burdick, formerly with A. G.
for three shares of the present outstanding Common stock.
-V.120. p.96.
Becker & Co., has
become associated with Auerback, Pollack &
Wickwire-Spencer Steel Corp.
Richardson, members New
-Subscriptions.
York Stock Exchange, 30 Bond Street, New York,
Jan. 12 are given the right to
The stockholders of record ,
in their investment
-Year 7%, Class 'A" notes and 440,125 shares subscribe to department and will have particular
$2,515,000 5
of Common
supervision of their
institutional
stock of the reorganized company. Holders of Preferred stock will be en- business.
to subscribe $20 for each share held, receiving in return $20 of new
titled
-Announcement is made that the name of Bull &
notes and 3Yi shares now Common; present Common stockholders may
Rockwell Company,
subscribe $2 25 for each share held, receiving an equivalent face value of the New York, has been changed to Bull Brothers
new notes and 63-160 share new Common. These shares of stock ef the made for the reason that J. W. Rockwell, Jr., Company. The change is
is no longer associate
new company are in addition to the shares reserved for exchange for outd with
this company or with International Securities
Trust of America.

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[VOL. 120.

Tu ii CHRONICLE

598

The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-ETC.
-WOOL
-DRY GOODS
-METALS
PETROLEUM-RUBBER-HIDES

COMMERCIAL EPITOME.
The introductory remarks formerly appearing here will now be
found in an earlier part of the paper immediately following the
editorial matter in a department headed "INDICATIONS OF
BUSINESS ACTIVITY.")

Friday Night, January 30 1925.
COFFEE on the spot was rather quiet with No. 4 Santos
27% to 28Xe., No. 7 Rio 22% to 23c., fair to good Cucuta
273/2 to 28c., Honda 2934 to 30c. Thursday offers of Santos
4s were at 25.80 to 26.40c.; with 2s-3s at 28c.; 3s-4s at 26 to
4c.; 5-6s at 660.;
%
268 c.; 4s-5s at 2534 to 25.90c.; 5s, 25Y
6s 24.850.; 7s 24.20c.; 7s-8s 22 to 23.35c. Rio 7s were here
at 21.35 to 21.50c.; and 7s-Ss at 21.35c. Rio 7s were sold at
22c. ex dock by fast steamer, but are now held at 22340.
To-day on the spot there was a somewhat better demand.
No. 7 Rio sold at 2334c.; Santos No. 4 was 28 to 283'c.
Futures declined early in the week with cost and freight
offers lower and other cables irregular or depressed and
liquidation general. On Wednesday Santos was 450 reis
lower to 525 reis higher and exchange off 5-64d. to 5 27-32d.,
with the dollar 100 reis higher; Rio was 575 to 350 reis higher,
with exchange down 5-64d. and the dollar 90 reis higher.
Later strong statistical conditions were dominant. The
market had been subject to drastic liquidation. It had got
into healthier shape. Last week's clearances from Rio and
Santos amounted to anly about 25% of the American consumption. The market had got short. Stop orders on that
side were caught on Thursday as prices advanced 25 to 50
points. Santos rose 375 to 625 reis. Rio opened higher,
being net 200 reis higher, with exchange on London unchanged at 5 27-32d. and the dollar rate 40 reis higher at
8$560.
It is pointed out that the recent steady decline in exchange
enabled shippers to make lower firm offers and this, together
with the uncertainty as to just how prices would be adjusted
to neutralize the increased export, has caused considerable
liquidation. But New York's technical position improved.
On Thursday it was still better. It had more of a sold-out
look. .But some are bearish. They say that wholesale
grocers report a general reduction in buying. The consuming
trade continues to buy from hand to mouth basis. Admittedly, there is no accumulation of supplies in this country.
The total visible supply for the United States, including
that which is being shipped, is now 881,938 bags, compared
with 929,374 last year. But some maintain that decreased
consumption through the free use of substitutes will prevent
any further important advance in prices. To-day futures
advanced 30 to 40 points, with higher Brazilian markets,
covering of shorts and a larger local demand generally.
Santos advanced 400 to 500 reis and Rio 75 to 100 reis.
Exchange on London was 5 27-32d. and the dollar rate
dropped 20 reis to 8$540. Sales latterly of cost and freight
-6s. at 25c., and
coffee include No. 4 Santos at 25.80c., 5s.
No. 7 Rio at 21.40c. The expiration of export licenses in
some cases under the old duty caused some shippers to advance prices sharply. On Thursday February-March firm
offers in one case were 25.50 to 25.90c., prompt. To-day
from the same source the offerings were at 27.50c. Futures
show a rise for the week little net change for the week after
irregular fluctuations. March is up 25 points but later
deliveries show little change. Coffee .prices closed as
follows:
Spot (unofficial)---23c. I May
March -- _20.95@nom. I July

19.52@19.54 September
December
18.55@

17.55
16.90

-Prompt Cuban raws for a time fell back to
SUGAR.
2 13-16c. and became more active after a ull Some 35,000
bags Cuba sold at 2 13-16c. 0. & f. and about 100,000 bags
Porto Ricos also prompt at 4.590. to refiners and operators.
Sme 35,000 bags Porto Ricos for February loading sold at
4.59e. c.i.f., as well as 10,000 Cubas loading Feb. 5th at the
same price. Futures became stronger on the increased
activity in prompt sugar and reports that estimates of the
coming Cuban crop had been reduced to 4,500,000 tons by a
.
prominent authority, as against 4,750,000 by others. Included in recent raw sugar sales for export, which amounted
to some 7,000 tons for February loading and shipment at
2.68c. to 2.70e. f. o. b. Cuba, were some 5,000 tons at 2.70e.
for Japan and 1,000 to 2,000 tons at 2.65c. f.o.b. for shipment to South America. On Thursday 23'c. was asked for
prompt and February Cuba and 15,000 bags sold at that
price. European markets were firmer, a sale being reported
to the Continent at 14s. 1 Md. c.i.f.; equal to slightly over
2.75c.f.o.b. Cuba. Cuba afloat sold to the United Kingdom
at 14s., or close to 2.75c. f.o.b. Argentina bid 2.70c. f.o.b.
for a cargo, after buying at 2.65 to 2.68c. Java reported
sales of 10,000 tons Browns at 2.80e. f.o.b. and 70,000 tons
whites at 3.05c.f.o.b. Refined sugar was rather more active
at 6e., which seemed to be substantially uniform price.
Receipts at Cuban ports for the week were 162,947 tons,
151,763 in the previous week, 158,873 in the same week last

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year and 186,454 two years ago; exports 94,756, against 86,422 in the previous week, 108,097 last year and 94,102 two
years ago; stock 219,337 tons, against 151,146 in the previous
week, 184,777 in the same week last year and 189,444 two
years ago. The number of centrals grinding was 168, against
161 in the previous week, 163 in the same week last year
and 158 two years ago; of the exports United States Atlantic
ports received 61,625 tons, New Orleans 18,675 tons; Galveston 3,000, Savannah 3,449 tons, Canada 3,971 and
Europe 4,036. Havana cabled: "Weather favorable for
harvesting."
Japan has again shown greater interest in Cuban raw sugar
and this, coupled with the scant offers from Cuba, seemed
to check any desire to sell contracts aggressively. Receipts
at U. S. Atlantic ports for the week ending Jan. 28 were
48,286 tns, against 61,923 in the previous week, 61,352 in
the same week last year and 52,661 two years ago; meltings
for the week were 58,000 tons, against 48,000 in the previous
week, 47,000 last year and 56,000 two years ago; total stock,
40,164 tons, against 48,878 in the previous week, 49,383 last
year and 51,694 two yeais ago. It is estimated that sales
to refiners this week have reached 70,000 tons of Cuban
and Porto Rican and sales to foreigners about 15,000 to
%
20,000 tons at prices ranging from 2 13-16c. to 27 c. c. & f.
basis. Large crop estimate have held prices down for some
time past. Have they been discounted? This question is
being asked. The increase in the world's sugar production
estimated to average from 2,775,000 to 3,000,000 tons, it is
suggested is losing its force and becoming burnt powder.
United Kingdom and Continental demand for Cuba raws,
coupled with a further buying interest from Far Eastern
countries, has tended to steady the raw market.
It is pointed out that the average pre-war price of raws
for 17 years up to 1913 was 2.54 c. & f. New York; lately
raws have sold at 2Mc. c. & f. New York and outports,
though producing costs it is declared are much greater than
they were in the 17 pre-war years. Increasing consumption
of sugar is expected. Consumption and rebuilding of
invisibles, this year in the United States should be, it is
argued by some, about 600,000 tons greater than last year.
The invisible supplies of refined sugar throughout the
United States are at present at a minimum and low price
of sugar will appeal to the wholesale grocer and manufactuerer. Today prompt Cuba was less active and hardly so
firm with 23/sc. asked and 2 13-16c. about the average bid.
British cables reported small offerings of Cuba. Feb.shipment
at 14s and of larger lots at 14s 13/2d. to 14s. 3d. Czecho
whites sold at 18s. 6d. c. i. f. U. K. with more offered at that
price. Java reported additional sales of whites to the amount
of some 33,000 tons at 3.05c. f. o. b. supposedly to Japan.
The Cuban Mill Owners and Planters' Association estimated
The Cuban crop at 4,604,000 tons as against 4,700,000 tons
in previous estimates. Futures declined slightly but end
at an advance for the week of 6 points. Sugar prices closed
as follows:
.
c 2.96 I September
2
c 3.22
.i
gcteltinofficial) _ _.211I Niu.
3.11 I December

3.22

-.
-Lliftron tlTe"73r3ot was firm early in the week with
-

air
business. Prime Western, 16.80 to 16.90c. Refined Continent, 17c.; South America, 180.; Brazil, 19e. To-day on
the spot there was a moderate demand with Prime Western
16.55c.; refined Continent, 16.75 to 17c.; South American,
17.75c.; Brazil, 18.75c. Futures declined with hog prices
lower, receipts large, local traders selling, cables off and corn
declining. Later came a rally. Packers gave support. A
bullish Government hog report was expected and smaller
receipts of hogs. Also corn advanced. Shorts covered.
Outside buying for a rise was a factor with the Washington
report in view. The Government report said that the
supply of hogs in this country is 12,000,000 smaller than a
year ago. On the 27th inst. deliveries on January contract at
Chicago were 200,000 lbs. To-day prices declined. The
rise in grain failed to stimulate provisions. Packers sold to
a moderate extent on all upturns. The Western run of
hogs was larger than that of a year ago. The cash situation
showed no change. Export clearances of lard, however,
were larger. Last prices show a decline for the week of 15
to 20 points.

DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon. Tues. Wed. Thurs. Fri.
January delivery.._ -cts-16.05
15.97 16.15
15.82 15.95 15.85
16.35
May delivery
16.40
18.50
16.45
16.52 16.30
16.67
July delivery
16.72
16.80
16.75
16.87 16.60
IP PORK firm; mess, $,35 75 to $37; family, $36 to $,37; short

clear, $38 to $42. Beef quiet; mess, $17 to $18;• packet,
$17 to $18; family, $20 to $22; extra India mess, $33 to $35;
No. 1 canned corned beef, $2 75; No. 2, six lbs., $1750;
pickled tongues, $55 to $65. nominal. Cut meats inactive
pickled hams, 10 to 24 lbs., 173,4 to 20%c.; pickled bellies,
6 to 12 lbs., 163/2 to 190. Butter, creamery, lower grades to

JAN. 311925.1

THE CHRONICLE

high scoring, 33 to 39c. Cheese, flats, 19 to 26e. Eggs,
fresh gathered, mediums to extras, 48 to 61c.
-Linseed of late has been in slightly better demand
OILS.
and firmer. Business, however, is largely confined to small
lots. Stocks are small. Leading crushers quote $1 18 for
-Feb. raw oil in carlots, cooperage basis, $1 19 for MarchJan.
April and $1 20 for May-June. Some others were quoting
$1 17, $1 18 and $1 19 respectively. Late in the week there
was some improvement in the demand and this with the
increased cost of flaxseed caused higher linseed prices. Leading crushers quoted $1 20 per gallon for raw oil in carlots,
cooperage basis, $1 21 for March-April and $1 22 for MayJune. Cocoanut oil, Ceylon bbls., 11 Mc.; Cochin 11 Yic.
Corn crude, tanks, mills 101.4c.; 100 bbl. lots 14(c. Olive
$1 30; Soya bean, crude, tanks 12c. Lard, prime 19c.; extra
'
strained, New York, 163 c. Cod, domestic, 60c.; NewA
foundland, 62c. Spirits of turpentine 94 to 97c. Rosin
$8 40 to $10 10.
Cottonseed oil sales to-day, including switches, 5,900 P.
crude S. E.9 Mc. Prices closed as follows:
10.800
Spot
Feb
March _ _ _ _10.94

10.800
May
010.961June

11.00011

201July
11.22011.23 Aug
11.30011.40 Sept

11.42011.45
11.52011.54
11.59011.64

PETROLEUM.
-Crude oil continued its upward movement. Pennsylvania crude oil has been in better demand
and many close observers were predicting $4 before very
long. Production in the Wortham pool is falling and
recent estimates put the output at 120,000 bbls., against
167,000 on the Mth inst. Gasoline was stronger. On the
26th inst. export prices of gasoline were advanced M to 1 l c.
A
by the Standard Oil Co. of New Jersey. Navy in bulk
was cineted at 14c. The price was raised lc. by the Sinclair
Refining Co. and the Standard Oil Co. of Indiana throughout
the Middle and Southwest, while in the vicinity of Houston
the price was marked up lc. by the Magnolia Petroleum Co.
Canadian prices were advanced 2c. Later on the Standard
Oil Co. of New Jersey advanced the price 1 to 20. throughout.the South. In the Pittsburgh and westernPennsylvania
districts on the 28th inst. the Atlantic Refining Co. and
other refiners advanced gasoline lc. to 20e. and 23c., exclusive of the State tax. The Standard Oil Co. of Kentucky
advanced the tank wagon price 2c. a gallon in Alabama,
Georgia, Florida and Mississippi. In Kentucky the price
was raised lc. Diesel oil was advanced 40c. by the Standard
Oil Co. of New Jersey on the 27th inst. to $270 a bbl. f.o.b.
New York Harbor refinery. One refiner on that day,
however, was still quoting $2 10. Kerosene has been rather
more active and firm at 8c. for water white in tank cars
delivered to trade. There was a better export demand.
Bunker oil firm at $1 80 refinery. Gas oil was higher. The
Standard Oil Co. quoted 6%43. for 28 plus gas oil. One of
the large refiners was still quoting 5303., however. The
/
Rumble Oil Co. advanced gasoline at Houston, Beaumont,
El Paso and Waco lc. The Standard Oil Co. of Ohio
announced an advance of lc. The tank wagon price of
gasoline in New York and New England was advanced lc.
a gallon by the Standard Oil Co. of New York, effective
Jan. 31. This brings the price up to 194c. Gulf Coast
crude oil was advanced 25c. a barrel by the Gulf Oil Co. on
the 29th inst. This advance was immediately met by the
Humble Oil & Refining Co.and the Texas Co. The Tonkawa
Petrole-m Refinery, according to advices from the West
has made an advance in Tonkawa crude. This company is
offering $1 95 a bbl. for this grade while the Bolene and the
Champlain refineries are offering $1 85. Latest advices
state that the Wortham field in Texas is producing 77.000
bbls.from 144 wells, compared with a peak of around 168,000
bbls. on Jan. 14. New York prices: Gasoline, cases, cargo
lots, U. S. Navywapecifications, 28.15c.; bulk, 14.00e.;
export naphtha, in cargo lots, 16.75e.; 62
-63-deg., 18c.;
66-68-deg., 19.50o. Kerosene, in cargo lots, cases 16.90e.
Petroleum, refined, tank wagon to store, 13c.; motor gasoline, garages (steel bbls.), 18 Me.

$1

Pennsylvania
53 25 Bradford
$3 35 Illinois
62
Corning
70 Corsicana, lgt_
50 Crichton
1 25
Cabell
1 70 Lima
1 83 Plymouth
1 15
Somerset, light._ 1 95 Indiana1 63 Mexia
1 50
Wyoming
1 45 Princeton
1 62 Calif., 35 & above_ 1 40
Smackover.25 deg. 1 00 Canadian
2 48 Gulf Coastal
1 50
Oklahoma, Kansas and TexasMid-Continent
-Under 28 Magnolia
Below 30 deg
SO 75
155
0
0
$111 3
31-329- .
1 15
30-32.9
39 and above
1 60
33-35.9
Below 30 Moran
1 00
36 and above
1 50
33-35.9
1 35 Caddo
36 and above
1 50
Below 32 deg
1 25
32-34.9
1.40
38 and above
1.60

1

1

RUBBER declined in sympathy with easier London prices.
Business was quiet both here and in London. There was a
slight advance in London early on the 26th inst. on the favorable stock report, but later on that day prices receded on
liquidation. Primary markets were closed and c.i.f. business
was lifeless. Here spot to Jan. arrivals were sheets and
crepes were quoted at 35%c. and April-June at 353c.
Stocks at London were reduced 838 tons to 28,443 tons. It
is generally expected that the exports from the Far East
during the quarter commencing Feb. 1st will be increased
only 5 per cent. This had a bullish effect and prices here
rose %c. on the 28th inst. to 35%c. for spot and nearby deliveries and %c. to 35%c. for April-June. The Singapore
5
trade was looking for an increase of 10% in the exportable
allowance and despatches from that centre strongly criticize the tactics used in London during the past fortnight,
which it claims eliminated the possibility of the 10% in-

Digitized for FRASER
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Federal Reserve Bank of St. Louis

599

crease. It is almost certain that the Stevenson Committee's
action to-morrow will result in an increase in the percentage
from 50 to 55%. Later on prices declined in a tired market.
Even concessions by consumers-failed to stimulate buying.
Manufacturers are very cautious, awaiting the action of the
restriction committee in London on the export allowance.
As some regard it, London must average 16Md. for the rest
of this week in order to average under 18d. for the quarter
and thus defeat a 10% increase in exports, or an additional
release of 8,367 tons from Malaya for February, March and
April. Feb.
-March plantations were quoted at 353/2c. and
April-June 353 c.
4
HIDES have been in somewhat better demand at higher
prices. These prices, however, tend to restrict actual
business here. But the River Plate market for frigorifico
hides was firmer and showed more life. Sales were reXe. c. & f.,
ported of 6,000 Uruguayan steers at $51 or 227
2,000 Armour Santa Anna frigorifico steers at 20 Mc., 2,000
light La Blanca s1eers at 17 15-16c. c. & f.; 5,000 Buenos
Aires kips at 19e. c. & f. to Europe. City packer hides
were dull. Of country hides a sale was reported of a ear
of New York State all weights9lbs. and up at 13 Me. selected.
For common dry hides importers ask Me. advance. At
Ch;cago business has been good. Of big packer hides some
20,000 heavy native cows sold at 14%c. or /e. advance over
3
11
recent prices. But heavy native steers going into sole leather
hides fell Me. Light native hides were firm with some
20.000 native cows sold at 15%c. Skin markets were quiet
except for the trading by two packers of slunk skin on the
basis of $1.15 per skin. Packers asked 27c. for calf skins.
First salted Chicago city calf skins were 25e at most. Country hides fell. Good Buff weights sold at 13e.; a few days
ago they bought 13%c. Extreme weights 15c. with scattering outside lots selling at 14 Me. selected, Chicago freight
basis. Heavy country hides were slow at 12 Me. though
some quote 13e. for free of grub. Domestic dry hides were
dull with all weights 20c. Chicago freight basis though
some are still quoting 21c. Later 4,000 Las Palmas steers
sold at $45.75 or 203e. 0. & f., 5,000 La Blaneas in the
neighborhood, it was rumored, of 203 e.; 3,000 Rasairo
4
frigorifico type steers at 18c. and 2,000 Armour Santa Anna
steers at 203 3.
4
OCEAN FREIGHTS have been in moderate demand and
steady with prompt tonnage none too plentiful. The ocean
freight rate on cotton from New York to Liverpool is now
quoted at 30 cents for high density and 45 cents for standard
bales. This is a reduction of 5 cents per 100 lbs. from the
rate recently p• evailing. Later grain business increlsed;
40 to 50 loads were taken. Petroleum tonnage was more
active than anything else. Still later Funch, Edye & Co.
said that spot steamers were scarce and speaking of Gulf
business in grain added: "The Gulf recently came in for
some busine s this week (the first full cargoes reported in
about a month) three February charters being reported from
London at 4s. 9d. per quarter to the Mediterranean, which
represents 233 0. per 100 lbs. The advance in this instance
/
is exeeptit nil, not only in the light of the present stiffer
levels, but even when compared with top prices paid last
September, when the demand for grain bottoms was at its
'peak and evidently London merchants anticipate a general
advance in grain rates, or foresee difficulty in covering
February Gulf requirements."
CHARTERS included grain from Gulf to Marseilles, 4s. 9d. Feb.; from
Atlantic range to Black Sea, 4s. 434d. Feb. 22; from West St. John to west
coast Italy and Sicily, 19c.. 20c. and 205ic. first half Feb.: 32.000 qrs.
from West St. John to Genoa. Naples. Catania and another Italian west
coast port at 19, 20 and 20%c., according to number of ports: sugar from
Cuba to United Kingdom-Continent, 23s. less 3d. direct orders Feb.; frOm
Cuba to Japan, 57 to 57 50 Feb.; from San Domingo to United KingdomContinent, 23s. 9d. March: from San Domingo to United Kingdom-Continent, 23s. 9d. less 3d. for direct orders Feb.; fuel oil, six trips, non-consecutive, from Tampico to Galveston. 13c. Feb.; clean oil from North Atlantic
to Stockholm. 37s. 6d., Gulf loading 42s. 6d., March; from Tampico to
New York, 283ic. late Feb.; from Tamnico to Philadelphia. 28c.; option
Guld. 25c. Jan.; refined and (or) spirits from United States Gulf to United
Kingdom-Continent, 37s. 6d. Feb.
-March: lumber from Gulf to two forts
Mediterranean, 150s, base rate March; from Vancouver to New York,
$14 Jan.; time charter.4 or 5 months.delivery Cuba, 1.113
-ton net steamer,
51 60 early Feb.; 1,951-ton steamer net.
trip across SiSI 90; 12 months,
2,950-ton net steamer. delivery and redelivery Pacific'Coast. Si 10; 1.469ton steamer 3 months West Indies, $1 35Feb.;sugar from Cuba to LondonLiverpool-Hamburg-Havre, 21st Feb.

COAL has been in better demand for steam sizes at firmer
quotations. Here at the East there is a fair business in
bituminous. Smokeless coal is rather firmer in New England. There is a rather larger trade in New York and
Philadelphia but it is not enough to advance prices. But
Birmingham has raised them sharply. Baltimore is depressed. Anthracite is in steady demand and larger sales
are made of egg. Most of the business, however, is in chestnut with stove next in order of preference.
TOBACCO has been in fair demand and prices have been
firm and Connecticut Havana leaf was held at 90c. to $1 10,
according to grade and size of order. The opinion is spreading that the outlook for business is better. Rather more
inquiry is noted for Wisconsin with a fair business resulting.
Some of the larger manufacturers are looking around more.
Wisconsin binders, 20 to 25c.; binder Northern, 45 to 50c.;
binder, Southern, 25 to 35c.; New York State seconds, 40
to 60c.; Ohio Gebhardt B., 26 to 30c. Little Dutch, 23c.;
Zimmer Spanish, 30 to 35c.; Havana first Remadios, $1 05
to $1 10, second, 85 to 95c. Pennsylvania broad leaf filler,
8 to 10c.; broadleaf B, 26 to 30c.• Porto Rico, 45 to 85c.;
Connecticut top leaf, 20 to 25c.; do. 1 sec., 80 to 95c.; seed
fillers, 12c.; medium wrappers, 75c.; dark wrappers, 40 to
50c.;light wrappers,$1 to $1 25; Havana seed,90 to $1 10.

600

THE CHRONICLE

. COPPER was firm, though quiet, earl in the week. The
let-up in selling abroad had a strengthening effect here for a
time. The range was 14:y to 15e. Michigan mines re3
ported better sales. The Middle West was also doing a
better business. Later in the week the tone was better and
while business could have been done in a few instances at
14Xo. leading producers refused to cut 15e. There was a
better inquiry, but foreign business still lagged.
TIN early in the week was higher on the favorable statistical position, and higher London prices. Sterling exchange,
too, advanced. The market here was quiet. In London on
the 26th inst. 1,000 tons sold, which is a little better than the
daily average of last week. Straits here sold at 5740. On
the 27th inst. there was a decline of .£1 10s. to .£2 at London
and this with lower sterling exchange caused lower prices
here. A difference in prices between prompt and futures
prevailed for the first time in about a week. Prompt sold
at 573g and futures at 57Xe. Later in the week came an
advance on a stronger London market and higher exchange.
Prompt on the 28th inst. was quoted at 573.e. and futures
4
at 58c. A decrease is expected of 1,000 to 2,000 tons in the
world's visible supply at the close of the month. Late in the
week the price advanced Mc. to 58Xe. on a higher London
market and a good demand.
LEAD was the weakest it has been for some time past.
In the outside market the price was cut at least $2 per ton
to 9.90c. at New York for prompt and 9.75c. for futures
and at East St. Louis at 9.65e. for prompt. The leading
refiners quoted 1--c. at New York and 934c. at East St.
Louis. Increased production has had its effect.
ZINC has been quiet and unchanged. Most of the business is for prompt delivery. At New York, 7.973/i to 8c.
was asked and at East St. Louis 7.623% to 7.65c.
STEEL has advanced and the U. S. Steel Corporation is
working at 94%. It's earnings turn out better than was
expected. Rolled products rose $2. Plates and shapes are
up to 2.30c. and bars to 2.20c. Some sheet producers quoted
3.70c. for black, an advance of 10e. Wire has risen $2 in
Pittsburgh district. Sales of rails are the outstanding
feature. they reached fully 130,000 tons. Higher prices are
expected for spikes, track bolts and tie plates. It is true
that track accessories are rather irregular in the East. Track
spike prices are cut, but prices for nuts, bolts and rivets are
more firmly maintained than for some time past. On large
bolts, 50, 10 and '10 off is paid quite generally. Rivets are
2.60 to 2.65c. base Pittsburgh. Specifications are slow
after December's activity. New demand is light. While
2.90c. base Pittsburgh is the usual price for standard track
spikes, this figure has been eased somewhat, on tempting
orders. At Chicago heavy steel was quoted at $18 50 to
$19 a ton, a decline of 25 cents.
PIG IRON has been in only moderate demand, mostly
light, and prices show some tendency to weaken. Certainly
there are some reports to that effect. Competition with
East India and Holland is telling in the Atlantic markets.
Buffalo prices are reported 50c. lower. Southern Ohio
prices have been reduced. The Buffalo business is said to
have been reselling but it has had an unsettling effect.
Chicago, too, it is said, does not by any means get $24.50
on all its business;it takes $24,it seems, more often than not.
Some 600 tons of malleable iron sold, it is stated, at $22.50
Buffalo. Charcoal iron, according to some reports, sells
more readily than coke iron because the charcoal product
looks relatively lower all things considered. Eastern Pennsylvania is more generally $23.50 than the $24 recently
quoted. That is only obtained on small lots. Buffalo
producers quoted $23, whatever resellers may do.
WOOL has been quiet without pronounced changes in
prices. The tone is called steady here and supplies are said
to be moderate or small. Heavy weight woolens will be
shown by the American Woolen Co. on Feb. 8 or 9. Some
expect an advance of 5 to 10% over the prices of six months
ago. Foreign wool sales have dragged; prices have at times
weakened. In New York domestic fleece, unwashed Ohio
and Pennsylvania fine delaine, 70 to 720.; Ohio and Pennsylvania XX,66 to 67c.; Ohio and Pennsylvania M blood,
68 to 70e.; X blood, 68 to 70c.; X blood, 68 to 70c. Australia, clean basis, in bond, 64-70s, combing, $1 55 to $1 60;
64-70s, carding, $1 42 to $1 44; 58-60s, $1 20 to $1 22;
56s, $1 06 to $1 10; 50s, 86 to 92c. The rail and water shipments of wool from Boston from Jan. 1 1925 to Jan. 22 1925,
inclusive, were 12,769,900 pounds, against 14,467,000
pounds for the same period last year. The receipts for the
same period in 1925 were 25,610,800 pounds, against 12,859,400 pounds last year. Domestic, Ohio and Pennsylvania nominally as follows in Boston, where the tone is
easier:
combing,

[VoL. 120.

42 to 6730.; crossbreds. 35 to 60d.; crossbreds, 1934 to 3431d. Victoria.
854 bales; scoured merinos, 40 to 67d.: crossbreds. 25 to 50d.; greasy
merinos. 20 to 4034d.: crossbreds, 18 to 293.4d. South Australia, 461 bales;
greasy merinos, 24 to 36d.: crossbreds, 1434 to 2734d. West Quatralia,
1,068 bales; crossbreds, 1934 to 50d.: crossbreds, 17 to 2834d. Cape Colony, 1,516 bales; scoured merinos,45 to 67d.; crossbreds, 34 to 54d.: greasy
merinos, 20 to 328.

In London on Jan. 26 11,273 bales were sold. Details:

New South Wales, 2.822 bales; scoured merinos, 45 to 63)0.; crossbreds.
2234 to 45d.; greasy merinos. 20 to 37d.: crossbreds. 16
land, 1,535 bales; greasy merinos, 28 to 38d.; crossbreds.to 29d. Queens14 to 30d. Victoria, 119 bales; greasy merinos, 21 to 4434d. South Australia, 193 bales;
crossbreds, 30 to 3934d.; greasy merinos, 201 to 36d.: crossbreds. 19 to 26d.
West Australia. 2,820 bales; scoured merinos, 50 to 67d.: crossbreds, 40 to
52d.; greasy merinos. 1934 to 3834d.; crossbreds, 15 to 32d. New Zealand.
3.096 bales; scoured merinos, 42 to
crossbreds. 31 to 46d.; greasy
merinos, 19 to 32d.; srossbreds, 14 to 2930. Cape Colony, 688 bales:
5d.•'
greasy merinos,20 to 31d.

In London on Jan. 27 10.966 bales were sold. Prices are
much lower thus far than for similar December clips. Some
think the decline has culminated. But in London it is
suspected that the decline in Australian wool has been greater
than reported. Sydney quoted clean cost 64s topmaking
wools at 70d., equalling 80d. cornbed, yet leading Bradford
topmakers will sell good warp 64s at 77d. Spinners declare
that they could buy at ld. under this. The wool offered
for growers' account has been mostly sold. Details:
New South
Wales. 3.466 bales: greasy merihos, 75 to 84d.; crossbreds.
17 to 31d. Queensland, 1,658 bales: scoured merinos. 50 to 63d.: crsosbreds, 44 to 5634d.: greasy merinos, 30 to 368.; crossbreds. 17 to 30d.
Victoria, 1,124 bales: scoured merinos. 45 to 58d.;
greasy merino 23 to 4234d.; crossbreds, 20 tocrossbreds, 35 to 48304
-3,
40d. South Australia.
256 bales: scoured merinos. 50 to 608. West Australia. 701 bales: greasy
merinos, 20 to 36d.:_ crossbreds. 16 to 2834d. New
Zealand. 1.291 bales:
crossbreds, 17 to 47d. greasy merinos, 20 to 3234d.; crossbreds.
13
Cape Colony. 62 bales: scoured merinos, 45 to 583id. Punta to 33d.
Arenas.
2,402 bales: greasy merinos, 22 to 30d.: crossbreds, 19 to 25d.

In London on Jan. 28 some 10,680 bales were sold. Pricea
were reported steady, with rather more competition from
home buyers and Germany more active. Details:

New South Wales, 4.787 bales: scoured merinos.40 to 6634d.:
crossbreds.
31 to 42d.: greasy merinos, 21 to 4134d.:
land, 1,045 Was: scoured merinos, 45 to crossbreds. 16 to 3434d. Queens55d.; greasy merinos. 30 to 33d.
Victoria. 962 bales: greasy merinos, 20 to 39d. South Australia,
scoured merinos,42 to 51d.; greasy merinos, 19 to 321 4d. West 290 bales:
.
Australia,
512 bales: greasy merinos. 18 to 3134d. New Zealand. 2,404 bales: scoured
merinos, 30 to 52d.; greasy merinos. 16 to 3334d.:
Cape Colony.680 bales: greasy merinos, 26 to 30d. cross'reds, 12 to 29d.

In London on Jan. 29 a good selection, amounting to 9,155.
bales was,offered. Greasy merinos were dull. American
buyers bought some Queenslands at 2s. 8d. to 3s. Id.
Scoureds were irregular. There were fewer withdrawals.
Details:
New South Wales, 2,121 bales: crossbreds, 40 to 50d.: greasy merinos,

21 to 42c14 crossbreds, 16 to 3434d. Queensland. 1,471 balm: scoured
merinos, 50 to 63d.; crossbreds, 41 to 53d.; greasy merinos, 24
crossbreds, 20 to 35d. Victoria, 444 bales: scoured merinos, 40 toto 39d•;
crossbreds, 39 to 5534d.; greasy merinos. 20 to 3634d.; crossbreds. 68d.:
19 to.
2934d. South Australia. 235 bales: greasy crossbreds, 16 to 23d. west
Australia,402 bales: greasy merinos, 18 to 32d. New Zealand. 4,228 bales:
scoured merinos, 41 to 6534d.; crossbreds, 20 to 59d.: greasy merinos, 20 to
37d.; crossbreds. 16 to 29d. Cape Colony. 202 bales: greasy merinos. 25
to 29d. Tasmania. 52 bales: crossbreds, 18 to 2734d.

At Adelaide on Jan. 23, 20,000 bales were offered and
14,500 sold; selection fair, including super wools. Bradford
was the largest buyer. Americans did little. Japan bought
super wools. Compared with Dec. 5, sales prices are lower.
Supers, 73%%; average to good, 73% to 10%; burry and
inferior, 10 to 123%%. Highest price, 40d. on Benalla.
At Dunedin on Jan. 26, 18,000 bales were offered and 16,700
sold. Demand uneven- prices fairly steady. On the 27th
inst. Australian markets were steadier than last week. At
'
Sydney it was asserted that the tone was steadier with
American buyers taking more than recently, though Japan
was still the largest buyer. Prices which had been par to'
5% lower had it asserted fully recovered the recent decline.
At Geelong, Australia, on Jan. 28, prices fell 10% compared
with the previous sale there. There was a fairly good selection and some American demand. Prices werel it is said,
quoted on the basis of about $1 53 for 64-70 choice combing
wools; $1 47 for 64s. of the same character and $1 43 for
60-64s. of the same type at $4 80 exchange. At Invercargill, N. Z., on Jan. 28, at the first sale of the season,
18,000 bales were offered and 14,500 sold. Selection was
good, but demand irregular. Yorkshire bought moderately.

COTTON
Friday Night, Jan. 30 1925.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
200,371 bales, against 201,602 bales last week and 231,584
bales the previous week, making the total receipts since
Aug. 1 1924 7,039,383 bales, against 5,336,323 bales for the
same period of 1923-24, showing an increase since Aug. 1
1924 of 1,703,060 bales.
Receipts atSat.
Mon. Tues. Wed. Thurs. Fri.
Total
Galveston
13.087 10,482 21,964 7,948 12,579 6,701 72,761
Texas City
207
____
936
230 2.195
823
Houston
3.085 19.676 2.954 2.775 21.971 16,170 66,631
New Orleans
6.48
5.377 7.791 6,603 3,993 4,369 34,618
Mobile
37: 1,236
862
11
551 3,097
59
Jacksonville
9
9
Savannah
175
--ilf) -4of) 1.,1.15§ 1,§67 3,595 7,471
- 1
Charleston
537
359
681 1,126
377 1,945 5,025
Wilmington
107
138
119
137
103
227
831
Norfolk
894 1.222 1.007 1,010
999 5.770
638
New York
60
Boston
-------- 775
620 1,422
-----------Baltimore
-------466
466
__
-Philadelphia14

68 to 69c.; 34-blood
,
Delaine unwashed, 70 to 75c.; 34-blood
combing, 69 to 70c.; fine unwashed, 60 to 61c. Michigan and New York
fleeces: Delalne unwashed, 67 to 68c.: 34-blood unwashed. 66 to 67c.:
34-blood combing.69 to 70c.: ki-blood unwashed.68 to 69c.;fine unwashed,
57 to 58c. Wisconsin. Missouri and average New England: Half-blood,
65 ta 66c.: 34-blood, 68 to 69c. 3i-blood. 68 to 70c. Scoured bases: Texas.
fine 12 months (selected). $1 70 to 51 75: fine 8 months, $1 55 to 1 60:
California, Northern. $1 60 to $1 65; Middle Country, $1 40 to SI 45;
Southern. 31 35 to 51 40; Oregon, Eastern No. 1 staple, $1 60 to $1 65;
fine and fine medium combing, SI 50 to 51 55; Eastern clothing, $1 45 to
51 50; Valley No. 1, SI 40 to 51 42. Territory. Montana and similar,
fine staple choice, 51 65 to $1 70; 34-blood combing, $1 50 to $1 55 %blood combing. 31 30 to $1 35: 3i-blood combing. 51 25 to $1 28. Pulled:
Delaine, $1. 70: AA, 51 65 to 51 70; A supers, 51 40 to 51 45; mohair, best Totals this week- 24.9961 35.640 35.577 29.520 42.4.4if 35.552 200.371
combing. 85 to 90c.: best carding, 75 to 80c.

In London on Jan. 23 10,871 bales were sold. Details:
New South Wales, 3.488 bales; cro3sbreds, 30 to 48d.; greasy merinos.
22 to 40d.;crossbreds,15 to 32d. Queanslanci.3,484 bales;scoured merinos,

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

The following table shows the week's tc0411 receipts, the
total since Aug. 1 1924 and stocks to-night, compared with
last year.

JAN. 31 1925.]
1924-25.

TRE CHRONICLE

601

ening in the trading. It was supposed that there was some
overflow of speculation from stocks and wheat to cotton.
But if so it was not on a large scale. That seemed plain. Peo1925.
1924.
Galveston
72.761 3,043,279 49,376 2,491,415 579,758 260,088 ple are engrossed with the phenomenal trading in wheat,corn
Texas City
2,196
51,892
____
18,606
36,476
143 and other grain as well as stocks. On a single day the transHouston
66.631 1,273,377 19,257 889,462
actions in wheat alone exceeded 110,000,000 bushels, the
Port Arthur, &c_
New Orleans
34,618 1.465.092 25,618 938,323 413.182 207.151 highest since the war, and nearly five
times the trading of a
Gulfport
year ago. And with daily stock transactions ranging from
Mobile
3,097 114,268
912
41,835
12,062
10,072
Pensacola
9,118
1,200,000 to nearly 2,000,000 shares a day it will readily be
10.135
Jacksonville
9
2.642
____
2,971
863
2,882 seen that the speculative public has a big field without
Savannah
7.471 478,219 7.700 296,534
73,844
71,000 troublin
Brunswick
g itself much about cotton. Its sluggish fluctuations
539
__-606
130
181
Charleston
5.025 167.564 1,581 149,739
29,134
35,294 for many months past have discouraged outside participaGeorgetown
Wilmington
831
98.033 1,658 106,449
35,256
16,165 tion in cotton trading. This of course cannot last forever.
Norfolk
5,770 279.425 7,142 343,604 106,593
92,778 Indeed, there is a growing feeling that in no distant day a
N'port News, &c_
New York
60
19,248
548
6,687 194,617 165,814 good deal of the outside speculation will turn to cotton as
Boston
1,422
17,475 1,173
20,297
538
5,858 something cheaper and unexploited. At times there has been
Baltimore
466
18,492 1,089
18,719
1.337
3,063 more or less buying
Philadelphia
14
720
attributed to Wall Street, uptown and
50
941
3.900
3.727
Chicago for both sides of account and more or less covering
Totals
200.371 7 OAQ 222 116 104 A 545 5921 4527 Aon 274 915
by Palm Beach interests. Liverpool now and then has
In order that comparison may be made with
bought; also Japan. Boom traders have deemed
we give below the totals at leading ports for six other years, to cover. Back of this were such motor forces it advisable
as drought
seasons:
In Texas, large exports and more active and higher spot
Receipts at- 1924-25. 1923-24. 1922-23.
markets. Drought in Texas is attracting wider and wider
1921-22. 1920-21. 1919-20.
attention. If it continues for a few weeks longer it is beGalveston__ -72,761
49,376
47,121
32,850
68,500
71.699 lieved
Houston, &c_
66,631
19,257
that it will have a large part in shaping the course of
30.465
203 .18,085
10,091
New Orleans_
34,618
25,618
35,573
16,092
35,017
39,006 prices, and that course, it is taken for granted, will be upMobile
3,097
912
1.159
1,184
2,717
5,049
Savannah....74,71
7.700
5,899
6,967
8,142
30,603 ward. The fall and winter rain deficit in Texas is large.
Brunswick
850
200
100
4,000 In parts of that State plowing is going on where there is sufCharleston.. _ 5,025
1,581
3,769
665
2,558
3,056 ficient surface
Wilmington_
831
1,658
moisture. In other parts it appears that much
594
309
593
1,040
Norfolk
5,770
7,142
7,155
2,101
5,249
8,006 plowing has had to be delayed. And almost everywhere in
N'port N.,&c.
48
302 that State, if
All others___ 4,167
2,860
present indications may be trusted, there is
3,255
5.952
8.428
6,763
less subsoil moisture than usual. Texas, and in fact the
Total thls wk_ 200.371 116,104 135,820
66,553 149,437 179,88.5 whole Southwe
st would be much the better for copious rains.
61nreit6w.1__ 70.20 2526 225 592A sin 1A2.
1 590 kCIA A inn l'o A 004 0121
On the other hand the eastern belt has had too much rain.
While crop preparations are delayed in Texas by drought
The exports for the week ending this evening
reach a total
of 182,494 bales, of which 67,412 were to Great Britain, they are delayed in the eastern belt by rains, by the wetness
of the soil followin
1,627 to France, 41,443 to Germany,11,125 to
Italy, 43,080 to of time for all thisg recent floods. Of course, there is plenty
Japan and China and 17,807 to other destinations.
In the cor- keep in mind that to be corrected. But it is well enough to
responding week last year total exports were
the date of average crop preparations is
For the season to date aggregate exports have 146,536 bales. close at hand. In tile more southerly portions of Texas they
been 5,269,240 are supposed to
bales, against 3,834,599 bales in the same period
begin about Jan. 15 and gradually make
of
vious season. Below are the exports for the week. the pre- their way northward as the season advances. They begin in
Oklahoma on Feb. 20 or thereabouts; in Arkansas by Feb.
15; in North Carolina by Feb. 25; and in Alabama, MissisExported to
Week Ended
sippi, Louisiana and Georgia by Feb. 1. So that what with
Jan. 30 1925. Great
Gerdrought on one side of the river and a soggy soil on the
Exports from
- Britain France. many. Italy. Russia. Japan& Other. Total.
China.
other side interfering with land preparations, it is not surGalveston
14,987
10,306
12,497 9,937 47,727 prising that the weather reports are
Houston
being scrutinized more
24.543
775 12,493 8:iio
10,414 6,695 63,040 sharply
New Orleans__
than is usual at this time of the year. The exports
7,191
2.453
9,500
107 19,251
Mobile
4:a6
300 4,900 are another feature which attracts more and more attenSavannah
1,028
738
888
4:66
175 6,829 tion. Rightly or
Charleston
3,691
wrongly, many people are now inclined to
7,128
10,819
Norfolk
4,750
5,370
2:666
12,120 think that the total this season may reach 7,500,000 to 8,000,New York
5,463
114
658 'Lii
1,719
551 9,057 000 bales,, which would be
Boston
271
a considerable increase over those
42
313
Los Angeles2,071
-iio
2.541 of last year and the year before. If such expectations are
San Diego
3,417
3,417 realized and the estimated domestic
San Francisco
consumption of 6,000,000
2:ioo
2,100
13eattla
400
400 bales is also reached, it is emphasized that the next carryover will again be small. With this in mind there is more or
Total
67.412 1,627 41,443 11,125
43,080 17.807 182,494
less buying of October, which is at a premium over several
Total 1924
40,130 14,579 29,641 19,795
24,739 17,652 146,536 of the old crop months. A year
Total 1923..
73.475
ago October, for instance,
9.147 23.457
8.358
---- 5,431 12.454 132.322 was
560 points under March. Latterly it has been 42 points
From
over March. A year ago October was 470 points under July.
Exported to
4uy.11924 to
Latterly it has been only 12 points under July.
Jan. du Iwo (Beat
OerA year ago
Japan&
Exportsfrom- Britain. France. many. Italy.
October was 577 points under May. This week it
Russia. China. Other.
Total.
has been 12
points over May. This shows the nervousness about
Galveston__ 587,827 295.781 392,577 171,381
the
Houston...._ 421.774 239,071 284,249 111,141 21,950 225,760 284,062 1,979,338 next crop problem.
Also, there is a fear that the hiberna27,500 64,109 102,476 1250.320
Texas City__
8,760
___ 8,034
--------------- - 16,794 tion of weevil has been large,
New Orleans 333,144 55,721 133,581 94:847
especially east of the Missis15143 91.472 73:877 797,785
Mobile
24,823
500 20,348
--------1,000 46,686 sippi River, where periods of rain and comparatively mild
Jacksonville.
835
---------------------___
_
60
895 weather have favored it. There is a tendency to reduce the
Pensacola
6.239
490
600___
____
225
7.551
Savannah
131,574 7,089 138,038 2,530
___- 13:200 8,422 300.853 estimates on the East Indian crop to around 5,800.000 to
Charleston.._
69,273
216 38,938___
____ 8,000 6.601 123,028 5,900,000 bales, whereas at one time
Wilmington_
23.066
they were as high as
25,500 6,25
0
------------54,816 6,600,000 bales.
Norfolk
70,429
It is significant that the exports of East
56,511
--------2,300
40
129,640
New York
130.132 31,398 77,006 30812
Indian cotton this year have shown a noteworthy falling off.
--2,292 43,510
315,150
Boston
4,136
__
32
___
____
____ 3,563
7,731 That is to say to Great Britain
Baltimore_
i45
they have decreased 76,000
88
Philadelphia
1,262
114
14
&5 --------138
1,578 bales and to the Continent 317,000 bales. There has also
30,953
Los Angeles_
400 ------------13,153
5 44,511 been a small decrease to Japan.
Diego..
19,364
San
-------------As the case stands, Liver____
19,964
SanFranciseo
------------ -----600
---- 99,848
__
99,848 pool people look for large takings of American cotton. These
Seattle
-----____ 72,546
115
72,661 are estimated at what is considered a conservative total of
Total
1,863,591 630,830 1175466 417.026 64,593
593,280 524,454 5,269,240 13,000,000 bales. In the English trade some take the ground
that there is no reason why the world's requirements should
T0ta11923
-24 1,384,776 531,466 733,313 351,013
50439,877394,1043,834,590
Total 1922-23 1,072,629 481,860 595,344 316,012
290 331.681 434 401 3 232 217 not sooner or later measure up to those of the pre-war years.
In addition to above exports, our telegrams to-night also A decrease since then is explained by small crops and high
prices. Finally, while there is talk of a decrease in the workgive us the following amounts of cotton on shipboard,
not ing time in the American department in Lancashire mills
cleared, at the ports named.
some people in New York and Liverpool think that it will
not be done. Forwardings from Liverpool to Manchester
On Shipboard, Not Cleared for
have been very large, the largest for years. The Master
Great
OerOther CoastSpinners' Federation have had to resort to circularizing the
Leaving
- Britain. France. many. Cont'nt wise,
Jan. 30 a/
Total.
Stock.
mills to induce them to cut their working time, and even so
26,346 20,600 17,000 35,500 8,000
Galveston
17,131 5,949 7,629 25,874 13,211 107,446 472,312 they may fail to do so.
New Orleans
69,794 343,388
10,000
Savannah
On the other hand,cotton speculation is, as already Intimat1,500
300 11,800
62,004
Charleston
_
688
688
28,446 ed, in a more or less torpid condition. Increased exports of late,
1:866
1,146
Mobile
2,746
9,316 It is argued, are
Norfolk
largely mere filling-in orders on January
106,593
8:666 3:666 3:666 8:666 1,866 28:866 252,617 commitments.
Other ports.
The greater activity in the spot markets is
explained in some quarters in the same way. A good deal
Total 1925-- 60,077 29,549 29.129 70,520 23.699 212,974
Total 1924-- 18,408 5,709 15.987 29,057 2.277 71,438 1,274,716 of the crop this year
is of short staple. There have been a
802,778
Total 1923-- 13,199 5,615 12,474 57,497 18,887 107.672 805,343
good many rejections this year of cotton tendered on
Estimated.
con*
tracts. The stock in New York is approximately 200,000
Speculation in cotton for future delivery has been at
some bales. Rumors are afloat that some 50,000 to 75,000
advance, but has continued on a small scale despite the fact
will be shipped from New Orleans to New York for bales
tender
that now and then there seemed to be indications of a broad- on March contract
s. The Liverpool market has hesitated.
Receipts to
Jan. 30.

1923-24.
This Since Aug This Since Aug
Week. 1 1924. Week. 1 1923.

---..

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Stock.

[VoL. 120.

THE CHRONICLE

602

THE VISIBLE SUPPLY OF COTTON to-night, as made
On a single day spot sales there did rise to 8,000 bales, but
Manchester news has been up by cable and telegraph, is as follows. Foreign stocks, as
as a rule they have been less.
and consequently
more or less discouraging. Trade there, in fact, is reported well as the afloat, are this week's returns,
down to Thursday evening.
dull. What is more, the Federation of Master Spinners has all foreign figures are brought
figures for to-night
directed that a ballot be taken on Feb. 6 on the question But to make the total the complete the United States,
whether mills using American cotton will reduce their work- (Friday), we add the item of exports from
ing time from 394 hours per week to 35% hours. It is de- including in it the exports of Friday only.

clared that Lancashire's trade is so dull that stocks are piling up. In Liverpool Egyptian cotton on Thursday dropped
150 American points. Manchester and London were selling
futures there. Worth Street was quiet. With it all, as already intimated, there is a lack of speculative snap. The oldtime vim, life and verve are absent. Without speculation on
something like a normal scale, it is held to be futile to attempt to organize anything like an old-time bull market.
Meanwhile the market, such as it is, tries the patience of
operators on both sides of the account.
To-day cotton moved within very narrow bounds, upward
and downward, and finally ended steady at a net decline of
4 points on this crop and 10 to 16 on the next. There was
much disappointment among the believers in higher prices at
the failure of the market to advance on bullish week-end
statistics. They were bullish as to spinners' takings, the
quantity brought into sight, the decrease in world's visible
stocks and increase dexports. Also, there were persistent
reports of a good spot demand, partly to fill end-of-themonth engagements. From various parts of the Southwest
came wires stating that the basis was the highest of the
season. Yet in the end there was a slight decline in some
of the spot markets, although business has undoubtedly increased somewhat of late. Fall River's sales of print cloths
this week were 75.000 pieces, as against 60,000 last week.
But Liverpool was sluggish, Manchester was dull and Worth
Street quiet. And as for the speculation, it Is still thrust
aside for stocks and grain, where the action is much quicker
and greater, things which appeal strongly to the rank and
file of the speculative world. Last prices show a net rise
for the week, however, of 45 to 50 points. Spot cotton ended
at 23.90c. for middling, a rise for the week of 45 points.

The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Jan. 24 to .;an. 30Middling upland

Sat, Mon. Tues. Wed. Thtirs. Fri.
23.55 23.55 23.65 23.90 23.95 23.90

MARKET AND SALES AT NEW YORK.
Spat
Market
Closed

Futures
Market
Closed

SALES.
Spot.

1925.
bales 868,000
2.000
89,000

1924.
760,000
3,000
102.000

1922.
1923.
812,000 1,002,000
2,000
6.000
71,000
69.000

959,000
2,000
218,000
207,000
7.000
79,000
53.000
5.000
2,000

865,000
8,000
66,000
134.000
13,000
118,000
32,000
7,000
2,000

887,000 1,075,000
35.000
2,000
110,000 287.000
196,000 180.000
6.000
9,000
107.000 146,000
39,000
44.000
2,000
16.000
3,000

573,000

380,000

473.000

709.000

Total European stocks
1,532.000 1,245,000 1,360,000
90,000 228,000 165,000
India cotton afloat for Europe
American cotton afloat for Europe 624.000 341.000 352,000
99,000
Egypt.Brazilo&c.afloat for Europe 74,000 116,000
252,000 245,000 307,000
Stock in Alexandria. Egypt
463,000 483,000 598.000
Stock in Bombay. India
1 487,600 874,216 913,015
.
Stock in C S. ports
Stock in U. S. interior towns
1,306.792 944,868 1,150,906
2.200
800
U. S. exports to-day

1,784,000
67,000
321,000
105,000
332,000
1,118.000
1,139,012
1,488,284
7.148

Jan. 30Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Antwerp
Stock at Ghent
Total Continental stocks

Total visible supply
5330.282 4,477.084 4.947.121 6,361.444
Of the above, totals of American and other descriptions are as follows:
American
bales 691,000 491,000 469,000 591,000
Liverpool stock
53,000
46,000
76,000
86,000
Manchester stock
536.000 293,000 426.000 603,000
Continental stock
624.000 341,000 352,000 321,000
American afloat for Europe
1,457,690 874,216 913.015 1,139.012
U. S. port stocks
1,306,792 944.868 1,150,906 1,488.284
U.S. interior stocks
7.148
2,200
800
U. S. exports to-day
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock...,
Manchester stock
Continental stock
India afloat for Europe
Eeypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American

4,722,282 3,030.084 3,359.121 4,202.444
177.000
2.000
13.000
37,000
90,000
74.000
252,000
463,000

269,000
3,000
16,000
87.000
228,000
116,000
245.000
483,000

343.000 411.000
2,000
6,000
18,000
23,000
47,000 106,000
67,000
165,000
99,000 105,000
307,000 332.000
598,000 1,118.000

1,108,000 1,447,000 1,588.000 2,159,000
4,722.282 3.030,084 3.359,121 4,202,444

5,830,282 4,477,084 4,947,121 6,361,444
Total visible supply
9.35d.
15.254.
19.17d.
Middling uplands, Liverpool.. _ _ _ 12.924.
17.20c
34.00c.
27.75c.
Middling uplands. New York- 23.90c.
19.154.
33.r0d. 23.904.
19.254.
Egypt. good sakel, Liverpool
18.50d. 13.004.
Peruvian, rough good. Liverpool- 20.754. 24.504.
8.704.
13.154.
11 654. 17.004.
Broach fine, Liverpool
9.70d.
14.904.
18.154.
12.20d.
Tinnevelly, good, Liverpool

Total.

Contet

Continental imports for past week have been 200,000 bales.
The above figures for 1924 show a decrease from last week
of 158,030 bales, a gain of 1,353,198 from 1923, an increase
Loon
4,100
of 83,161 bales from 1922, and a falling off of 531,162
5.500
bales from 1921.
-that is,
AT THE INTERIOR TOWNS the movement
14,500 14,500
Total..
the receipts for the week and since Aug. 1, the shipments for
-The highest, lowest and closing prices at the week and the stock to-night, and the same items for the
FUTURES.
corresponding periods of the previous year-is set out in
New York for the past week haye been as follows:
detail below:

Saturday-. Quiet, 10 pts. adv._ Steady
Monday ___ Quiet, unchanged _- Steady
Tuesday ___ Steady, 10 pts. adv.. Steady
Wednesday_ Steady. 25 pts. adv_ Steady
Thursday __ Quiet, 5 pts. adv___ Barely steady_ _
Quiet, 5 pts. dec. Steady
Friday

Saturday,
Jan. 24.

Monday,
Jan. 26.

3,900

------

Tuesday, Wednesday, Thursday,
Jan. 29.
Jan. 28.
Jan. 27.

3,900
1,000
4.100
5,500

Friday,
Jan. 30.

Movement to Jan. 30 1925.

. Movement to Feb. 1 1924.

gaz

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M ONOMMMOWNVNIMNMODePOtft.NMVMW.0QM.MMVON.0
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0.0Nt..MMM0MM.. W4VMOMNOM,..,VOMINM.MNO
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Ship- Stocks
Receipts.
Ship- Stocks
Receipts.
Towns.
January
Range__ _ __ _ ___ _ __ _ ____ _ __ _ _
molts. Jan.
meets. Feb.
__ _ ____
Week. Season. 1Veek.
- - -- - _ _ _ _ _ _
1.
Week. Season. Week. 30.
Closing_ - - February
476 27,834
797 9,187
------22.95-22.95-- -- ---- -- ---- -- - Ala.,Birmlng'm 1,150 65,962 1,236
Range__
505
759
9,016
50 5,300
338 17,615
Eufaula
Closing_ 23.19 -23.20 -23.25 -23.49 -23.55 -23.51477 46.506 1,043 13.715
894 74,494 1,767
Montgomery.
&larch
690
146 31,519
118 60,829
Selma
43 7,130
Range_ _ 23.13-23.40 23.06-23.42 23.11-23.42 23.32-23.70 23.57-23.86 23.57-23.82
495 61,718 1,609
152 13,244
133 9,246
Closing. 23.29-23.30 23.26-23.27 23.40-23.41 23.6443.65 23.70-23.71 23.66-23.61 Ark., Helena
1,599 189,200 4,883
1,471 102,732 4,076 33.433
Little Rock
elyrU- 971 97.590 4,995
413 72,998
Pine Bluff...
174 37,972
Range__ - - -- - -- - - - - ____
3,871
___
2
2,068
87 2.109
Closing. 23.45 -23.41 -23.55 ---- 23.80 -23.85 -23.81 - Os., Albany...
497 35.927 1,719 19.70
1,146 39,518 1,380
Athens
Way-23.87-24.19
2,564 178,293 6,849
2,304 118,135 3,560 36,524
Atlanta
Range__ 23.45-23.73 23.39-23.74 23.43-23.73 23.63-24.03 23.89-24.20 23.96-23.91
2,388 183,200 4,022
Augusta
3,493 104,440 3,209 44,363
23.57 ---- 23.71-23.7323.95-23.96 24.00-24.01
Closing. 23.81 1,055 67,211 1,957 15.606
Columbus.... 2,966 55,826 2,090
Tune
901
880 8,501
125 35.384
503 22,944
- Macon
-- - - -- - -- - - Range....296 40,036
650
Rome
650 7,190
29 29,088
Closing_ 23.73 -23.68 -23.82 -24.07 -24.12 -24.08La., Shreveport 1,000 95,000 3,000
1,000 107,000 2,000 25,000
fuly23.85-24.23 24.12-24.40 24.12-24.3C Miss.,Columbu
200 34,597 1,200
200
18,342 1,200 6,010
Range._ 23.70-23.96 23.61-23.98 23.66-23.96 24.1924.24-24.26 24.20-24.21
893 107,672 2.287
513 75,747 1,868 30,641
Clarksdale.- 23.79-23.80 23.93-23.94
Closing_ 23.85362 132.399 2,266
Greenwood.,.j
172 95,482
773 38,892
lugust-----174
Meridian._ _ _
35,300
846
137 19.834
-- ---- -- -203 6,151
Range..----23.97-23.9724.07 ---- 24.03 ------Natchez
373
257 38,653
305 30.024
531 7,453
I
Closing. 23.77 ---- 23.84 ---- 23.98 ---- 23.97
Vicksburg ..i
76 30,159
603
192 16.255
357 7,632
lept.742
58 32,831
Yazoo City
20 10,116
209 10,127
-24.2-- -24.32-24.32
-23.8-Range_ -------------24.3224.22- Mo., St. Louis_I 32,008 516,523 32,248
5
14,770 420,971 14,442 7,207
8 -23.99
Closing_ 23.87
985 43,632 1,319
521 50,872 1,095 21,351
N.C..Gr'nsborol
23.76-24.0623.96-24.25 24.00-24.20
95
148
Raleigh
100
6,017
48
I
9,941
7,
Range 23.50-23.73 23.52-23.83 23.55-23.80
24.12-24.13 24.02- Okla., AItUB_..I 6,596 173.485 10,797
-24.054,295 105,936 6,585 30,012
Closing_ 23.67-23.68 23.68 -23.79
Chickasha_.i 2.837 125,761 3,459
4,039 83,804 3,839 11,942
Ver.Oklahoma... 1.967 128,946 2,563
3,685 57,089 6,117 25,764
g
9.C..Greenvillel 6,135 139,901 5,548
5,091 102,473 5,565 33,616
23.66 -23.78 -24.08 -24.17Closing_ 3.6524
12,129
Greenwood_ _
218
- 10,497-- 10.291
)ec.3.52-23.74 23.57-23.72 23.78-24.12 24.04-24.31 24.06-24.23 Tenn.,Memphis 33,099 949,647 37,302
23:196 675,484 24.767116,391
Range__ 3.53-23.64 .2 as ........._92 7524.10-24.1224.22- 4.06-24.07
NashvIlle...- -I
9
743
Texas, Abiiene..l 1,021 63,165
674
-iii 61,736 "iii 1",108
Brenbam,.,...,.I
140
18,021
179 5,470
250
87 25,321
435 30.096
Austin
380
318 39,194___ 1,700
I
Range of future prices at New York for week ending
1,728 174,656 3,178
Dallas
2
777 114,614 2,01 11,187
on each option.
Jan. 30 1925 and since trading began
Houston__.i 83,742 4,062,871121,782
45,871 3,162,119 57,556 80,044
653 88,227
Paris
415 1,577
505
99 75,941
I
San Antonio_
291 60,439
500
400
400 52,666
622
Range Since Beginning of Option.
Range for Week.
Option for
Fort worth._ 2,585 144,149 3,025
479 84,168 1,251 4,676
21.20 Sept.16 1924 28.98 July 28 1924
Jan. 1925.
40 towns 192.473 3:1R 5552Rft RAL 1e0e705 I 1 e 7575 ORLI TIM 1 ocn 117 Old RAS
1924
Aug.
Feb. 1925_ _ Jan. 27 22.95 Jan. 27 22.95 22.69 Oct. 25 1924 25.60 July 20 1924 Total.
Mar. 1925_ _ Jan. 26 23.06 Jan. 29 23.86 21.50 Sept. 16 1924 29.06 Sept.28 1924
4
NEW YORK QUOTATIONS FOR 32 YEARS.
24.02 Dec. 24 1924 24.18
April 1925
e,
May 192- _ Jan. 26 23.39 Jan. 29 24.20 21.72 Sept. 16 1924 29.16 July 28 1924 1925-c
12.00
23.90 1917.c
17.35 1909-c
9.85 1901.c
22.55 Sept. 11 1924 25.55 Oct. 2 1924 1924
June 192S
8.00
33.40 1916
11.95 1908
11.75 1900
July 1925.. Jan. 26 23.61 Jan. 29 24.40 21.40 Sept. 16 1924 27.50 Aug. 6 1924 1923
6.38
28.10 1915
8.45 1907
11.00 1899
Aug. 1925.. Jan. 28 23.97 Jan. 28 23.97 22.45 Oct. 24 1924 25.00 Dec. 29 1924 1922
5.94
16.45 1914
12.75 1906
11.50 1898
21.80 Oct. 15 1924 25.05 Dec. 29 1924 1921
7.31
Sept. 1925_ _ Jan. 30 24.32 Jan. 30 24.32
7.10 1897
14.30 1913
13.15 1905
Oct. 1925._ Jan. 24 23.50 Jan. 29 24.25 21.50 Nov. 1 1924 24.85 Dec. 29 1924 1920
8.25
39.50 1912
9.65 1904
16.75 1896
24.07 Dec. 16 1924 24.40 Dec. 27 1924 1919
5.62
Nov. 1925
9.05 1895
26.70 1911
14.90 1903
Dec. 1925._ Jan. 26 23.52 Jan. 29 24.31 23.36 Jan. 5 1925 24.31 Jan. 29 1925 1918
8.06
8.25 1894
14.55 1902
31.55 1910

JAN. 31 1925.]

THE CHRONICLE

OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
----1924-25---Since
Week. Aug. 1.
32,218 480,513
6,350 174,510
1.002
23,442
938
36.531
6.394 134.578
19,439 334,332

Jan. 30
ShippedVia St. Louis
Via Mounds
Ria Rock Island
Via Louisville
Via Virginia points
Via other routes, eic

Total gross overland
66,341 1,183,906
Deduct ShipmentvOverland to N. Y., Boston, &c..
1,962
56.885
Between interior towns
711
15,250
Inland, &c.,from South
18,227 337.867
Total to be deducted
20,900 410.002
Leaving total net overland*
45.441 773,904

----1923 24
---Since
Week. Aug. 1.
14.442 418,500
3.960 134.180
13,161
964
479
18,181
4,815 123.153
12,980 248,387
37.640

955.562

2.860
645
14.649

46.644
15.386
400.079

18,154

462,109

19,486

493,453

*Including movement by rail to Canada.

603

the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Receipts at Ports.
Stocks at Interior TIMM!. Receiptsfrom Platuations
Week
Wino 1924-211923-2 1922-23 1921-25 1923-24 1912-23 1924-2 1923-24 1922-23
Nov.
83,258235,636294,2271,307.376 1,165.388 1308.301494,453314.509346.876
14--373.602307.467251.5781,411,260 1,179,333 1,461,019 477.486 321.432 304.296
21-- 432,208224,528 217.9831,486,392 1,244,7731384,662487.588289.968 241,626
28-- 370,024 298,211 215,436 1,545.601 1,251,7851,457,156429,23:1305,223 . 42
Dec.
370.752 265,609158.801 1,683,9551,225.801 1.445.0051409,10 239.525148.850
12__ 333.821 264,183138.941 1.565,764 1378.7451.426.33031 1.630217,127 120.266
19__ 330.647214,353136.866 1,558.379 1.132.9171.384.1 323.262 168.525 94,666
26_ 232.346 199,76711 ,035 1.577.9971.119.113 1,391.872! 5i,264 185.963120,777
2
Jan.
306.967134.224 94,3901,514,4501,067,0131,355,894 246,11 82,1241 68,412
234.091 136,603123,9521374.156 1,043,974 1.300.285198,561 123.5641 68.843
16_ 231.584 169,448 92.2381.441(41996,3561.265 828 198.46"121.8301 57,781
23-- 201,602 110,351 101,4791,383,828 977.2631,224,059144,18- 91.2581 59.710
30..,'200.371 116,104 138,8201,306,792 944,888 1,150,906 123.537 83,709 65,667

The foregoing shows the week's net overland movement
The above statement shows: (1) That the total receipts
this year has been 45,441 bales, against 19,486 bales for the
week last year, and that for the season to date the aggregate from the plantations since Aug. 1 1924 are 8,158,979 bales'
net overland exhibits an increase ovcr a year ago of 280,451 in 1923 were 5,947,957 bales, and in 1922 were 5213,874
bales. (2) That although the receipts at the outports the
bales.
past week were 200,371 bales, the actual movement from
-1924-25- -----1923-24
In Sight and Spinners'
Since
Since plantations was 123,537 bales, stocks at interior towns
Takings.
Week.
Aug. 1. Week.
Avg. 1.
Receipts at ports to Jan.30
200.371 7,039.383 116,104 5.336.323 having decreased 76,834 bales during the week. Last year
Net overland to Jan. 30
45.441
773,904
493.453 receipts from the plantations for the week were 83,709
19,486
South'. consump'n to Jan. 30.85.000 2,227,000 72.000 2,161,000
bales and for 1923 they were 65 667 bales.
Total- marketed
330.812 10,040,287 207.590 7.990.776
Interior stocks In excess
WORLD SUPPLY AND TAKINGS OF COTTON.
*76,834 1,132,038 *32,395
683,977
Excess of Southern mill takings
The following brief but comprehensive statement indicates
over consumption to Jan. 1
____
529,272
499,957
at a glance the world's supply of cotton for the week and
Came into sight during week_ -253,978
175.195
since Aug. 1 for the last two seasons, from all sources from
Total in sight Jan. 30
11.701,597
9.174.710 which
statistics are obtainable; also the takings, or amounts
North spinner's takings to Jan.30 77.714 1.158.637 62.515 1,264.373 gone out of sight,
for the like period.
* Decrease.
Movement into sight in previous years:
Cotton Takings.
1923-24.
1924-25.
Week1922
-Feb. 1

Bales. Since Aug. 1.
161,664 I 1922-23
-Feb.1

Bales.
8.825.297

QUOTATIONS FOR MIDDLING COTTON 'AT
OTHER MARKETS.
-Below are the closing.
quotations for
midd ing cotton at Southern and other principal cotton
markets for each day of the week:
Week ending
.),.

I

Closing Quotations for Middling Cotton on-

,
(11141-Uay,

Galveston
New Orleans
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock
Dallas
Fort Worth

23 30
23.30
22.85
23.19
23.31
23.13
22.75
23.25
23.2.)
22.80
____

nzunady.
23.30
23.20
22.85
23.17
23.25
23.75
23.00
22.00
23.25
23.25
22.75
22 78

!WHIM/.

23.45
23.40
23.00
23.32
23.44
23.50
23.13
22.50
23.40
23.35
22.90
22 00

weactay. Inursay. xxloott.
23.65
23.65
23.25
23.66
23.69
23.50
23.38
22.75
23.65
23.75
23.15
22.15

23.70
23.85
23.30
23.70
23.75
23.50
23.44
23.25
23.70
23.75
23.20
23.20

23.70
23.75
23.25
23.67
23.75
23.75
23.38
23.25
23.70
23.75
23.15
23.15

Week and Season.

Season.
Week.
Season.
Week.
Visible supply Jan.23
5.988.312
4.669.183
Visible supply Aug. 1
2.024.671
2,190.493
American in sight to Jan.30---- 253,978 11,701,597 175.195 9,174.710'
Bombay receipts to Jan. 29--- - 155,000 1,199,000 163.000 1,528.000
Other India shipments to Jan.29
9.000
138.000
259,000
17.000
Alexandria receipts to Jan. 28_ _
30.000 1.220.800
27.000 1,080.400
Other supply to Jan.2853
13.000
199,000
153.000
11,000
Total supply
6,449.290 16.648,890 5,062,378 14,219,781
Deduct
Visible supply Jan. 30
5,830,282 5,830,282 4.477,084 4,477.084
Total takings to Jan. 30a
619,008 10,813.608 585.294 9.742.697
Of which American
374,008 7.912.808 337,294 6,998,297
Of which other
245.000 2.905.800 248,000 2.744,400
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills. 2,227.000 bales in 1924-25 and 2,161,000 bales in 1923-24
takings not being available-and the aggregate amounts taken by Northern
and foreign spinners, 8,591.608 bales in 1924-25 and 7,581.697 bales in
1923-24, of which 5.685,808 bales and 4,837,297 bales American.
b Estimated.

ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton now receive a weekly cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
market for the past week have been as follows:
shipments for the past week and for the corresponding week
of the previous two years.
Saturday, Monday, Tuesday, Wednesday, Thursday, Friday,

Jan. 24. Jan. 26. Jan. 27. Jan. 28. Jan. 29. Jan. 30.
Alexandria, Egypt,
January.,. 23.10-23.13- ,-- --- -January 28.
March- __ 23.27-23.29 23.20-23.25 23.39-23.41 - - - - -23.63-23.65
23.69-23.68 23.74-23.75
May
23.55-23,57 23.50-23.52 23.65-23.64 23.87-23.89 23.95-23.97 23.87-23.89 Receipts
(cantors)
July
23.73-23 74 23.70-23.71 23.8424.09-24.0724.14 -24.08This week
October -' 23.37-23.38 23.4023.5323.75-23.77 23.84-23.86 23.72-23.73
Since Alps. 1
December- 23.32-23.94 23.32-23.34 23.44-23.46 23.74-23.75 23.88-23.88 23.74-23.76
Tone
Spot
Quiet
Quiet
Firm
Steady
Steady
Steady
CMtions__ Steady
Exports (bales)Rtfkady
FltsloAw
gltemAv
111.oefil,
fleoaelv

1924-25.

1923-24.

1922-23..
.

150,000
fl _173ARS

135,000
83114 AMR

155.000
8.184.771

This Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.

To Liverpool
WEATHER REPORTS BY TELEGRAPH.
7,000 137,737 5.000 158.282 _-__ 143.050
-Reports to
To Manchester, .kc
151,101 7,250 135.234 ---- 96.962
us by telegraph from the South this evening indicate that the
To Continent and India
5,000 229,191 9,000 227,012 8,250 177.695
To America
early part of the week the weather was generally dry, with
1,000 87,383 2,000 70,851
_--- 154.798
temperatures somewhat higher. As a rule, however, the
mo.....-1 .....
._
ground was too wet from previous heavy rains to admit of
Note.
-A canter is 99 lbs Egyptian ba es weigh about 750 lbs.
This statement shows that the receipts for the week ending Jan. 28 were
much farm 7o k being done, though good progress was macde
in plowing in the southern sections of Alabama, Mississippi 150,000 canters and the foreign shipments 13,000 bales.
INDIA COTTON MOVEMENT FROM ALL PORTS.
and Louisiana. Texas also reported that this wo k had
made good advance. The latter part of the week tempera- The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
tures have been somewhat lower again.
Aug. 1, as cabled, for three years, have been as follows:
Rain. Rainfall.
Thermometer

Galveston,Tax
Abilene
Brownsville
Corpus Christi
Dallas
Delrio
Palestine
San Antonio
Taylor
New Orleans, La
Shreveport
Mobile, Ala
Selma
Savannah, Ga
Charleston,S.0
Charlotte. N.o

2 days 0.27 in. high 66 low 35
1 day 0.02 in. high 70 low 16
1 day 0.06 in. high 74 low 30
1 day 0.06 in. high 72 low 30
dry
high 66 low 20
dry
low 28
dry
high 68 low 24
1 day 0.04 In. high 76 low 26
drylow 22
3 days 0.38 in.
1 day 0.02 in. high 68 low 22
3 days 0.04 in. high 70 low 35
2 days 0.08 in. high 65 low 29
2 days 1.25 in. high 73 low 34
7 days 0.76 In. high 68 low 32
7 days 0.52 in. high 64 low 21

mean 51
mean 43
mean 52
mean 51
mean 43
mean 26
mean 51

1924-25.

January 30.
Receipts atBombay

mean 58
mean 45
. Exports
'Great
mean 53
from
Britain
mean 44
mean 54 Bombaymean 50
1924- 25__ 3,000
mean 44
1923-24-_-__
The following statement we have also received by tele1922-23.- __-graph, showing the height of rivers at the points named at Other India
1924-25,_ 4,000
8 a. m. of the dates given:
1923-24.... 1,000
Jan. 30 1925.
1922-23-- 4,000
Feb. 1 1924.
Above zero of gauge..
New Orleans
3.7
15.7
Above zero of gauge..
16.7
Memphis
Total all
27.3
Above zreo of gagueNashville
11.2
1924-25_ 7,000
11.8
Above zero of gaugeShreveport
10.3
1923-24._ 1,000
19.6
Above zero of gauge_
Vicksburg
20.1
1922-23-- 4.000
43.6

1923-24.

1922-23.

This
Since
This
Since
This
Since
Week. Aug. 1. Week, Aug. 1. Week. Aug. 1.
1AS 'Inn 1 100 nnn 1112 nnn 1 8911000 187 non 1 287 one
Fords Week.

Since August 1.

Conti- Japan&
Great
neat. China. Total. Britain.

Contineat.

Japan dt
China.

Total.

22,000 87,000112,000
19,000114,000 133,000
6,000120,000 126,000

26.000 160.000 640.000 826,000
90,000 425,000 608,000 1,123,000
59,000j 291,500 776,500 1,127,000

5,000
16,000
7,000

17.0001 121,000
48.0001 211.000
25,000 134,550

____ 9,000
___ 17,000
____ 11,000

138,000
259,000
159,550

27,000 87,000121.000 43.0001 281,000 640.000 964,000
35.000 14,000150,000 138.0001 636,000 608.0001,382,000
13.000 20.111 137.000 84.0001 426.050 776.500 1.288.550

RECEIPTS FROM THE PLANTATIONS.
-The folAccording to the foregoing, Bombay appears to show a
lowing table indicates the actual movement each week from decrease compared with last year in the week's receipts of

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

604

THE CHRONICLE

8,000 bales. Exports from all India ports record a decrease
of 29,000 bales during the week, and since Aug. 1 show a
decrease of 418,000 bales.
-Our report received by
r MANCHESTER MARKET.
cable to
-night from Manchester states that the market in
both cloths and yarns is steady. Manufacturers are gener-day below and leave
ally complaining. We give prices to
those for previous weeks of this and last year for comparison:
1923-24.

1924-25.

d. a. d.
26 17 4
26 17 3
2534 17 4
25% 17 4

32s Cop
Twist.

a. d. d. d.
018 0 13.25 26
017 7 13.87 27
018 0 13.63 27%
018 0 13.59 29%

16
16
16
16

5
5
4
5

017 1
017 0
016 7
017 0

2.98 27%
13.11 28
3.28 27%
13.24 27%

25 16
25 16
24% 16
24 16
23% 16

7
7
5
5
5

017 1
017 1
017 0
017 0
017 0

3.57 27
3.03 8%
3.08 6
2.87
2.92

2454
24%
24%
2454

p

00000 0000 0000

Nov. d.
7 23%
14 23%
21 23%
28 2344
Dee.
23
12 23
19 23
26 23
Jan.
2
9 2331
23%
18 2231
23 2244
30 22

00000 COOS COCO

32s Cop
Twist.

831 lbs. Shirt- Cot's
ing,. Common Mid.
to Finest.
UPI's

831 lbs. Shirt- Coen
tags, Common Mid.
to Finest.
Upl's

d. s. d.
27 17 0
2734 17 4
28.% 17 4
30% 20 2
19 4
19 6
19 8
19 7

020 2
020 4
020 2
020 3

19.42
19.48
19.68
20.62

28% 19 7
28 19 5
2734 19 2
27% 19 2
27% 19 6

020 2
020 0
019 5
019 5
019 5

19.93
19.32
8.83
9.31
9.17

29%
30
29
28%

-As shown on a
SHIPPING NEWS.
exports of cotton from the United States
reached 182,494 bales. The shipments
up from mail and telegraphic returns, are

s. d. d.
017 7 19.02
018 0 19.89
018 0 20.14
021 0 21.37

previous page, the
the past week have
in detail, as made
as follows:
Bales.

114
-To Havre-Jan.23-Schodark,100;La Savoie. 14..
NEW YORK
-Brazilian, 100___Jan. 28-Helllg
To Copenhagen-Jan. 23
289
189
Olav,
102
To Rotterdam-Jan. 23-Grootendijk, 102
1,719
To Japan-Jan. 24-Teucer, 1,719
-Lancastrian, 1.817; Devonian,3.596
5,413
-Jan.23
To Liverpool
-Maine, 10
10
To Antwerp-Jan. 23
-President Harding, 658
658
To Bremen-Jan. 26
-Winona. *552
552
To Genoa-Jan.29
50
To Manchester-Jan. 27-Kloto, 50
-Cabo Crept, 100
100
To Barcelona-Jan. 23
-Coeur d'Alene, 50
50
To Syria-Jan. 23
-Belgian Meru, 6,879....
-To Japan-Jan. 22
NEW ORLEANS
8.800
City of Canton. 1,921
-West Hobomac,7,191
7,191
To Liverpool-Jan. 23
-Teresa, 2,453
To Venice-Jan. 23
2.453
To Porto Colombia--Jan. 24-Heredia, 100
100
-Maine,7
To Copenhagen-Jan. 23
7
To China-Jan. 24-City of Canton. 700
700
-Seattle Meru, 2.241-Jan.
GALVESTON-To Japan-Jan. 22
-Naples Marti, 10,256
, 12.497
28
-Orator,2,183
To Liverpool-Jan.26
2,183
-Orator, 247; Minnie de Larrinaga,
-Jan. 26
To Manchester
12,804
12.557
-City of Weatherford, 7,533; Nord
To Bremen-Jan. 24
10,156
Schleswig. 2,623
To Oslo-Jan.24-Tortugas,49
550
To Copenhagen-Jan. 24-Tortugas, 550
-Nord Schleswig, 150
150
To Hamburg-Jan.24
2,250
To Barcelona-Jan. 24-0gontz, 2,250
7,088
To Rotterdam-Jan. 26-Edam, 7,088
HOUSTON-To Manchester-Jan. 23-Minnie de Larrinaga,
2,535
2,535
-Orator, 13.697_ ....Jan. 28
-Mercedes
To Liverpool-Jan. 24
-Dictator,3 976
18,772
de Larrinaga, 1,100_ __Jan. 29
-Mar
To Barcelona-Jan. 23-0gontz. 3,050--Jan. 28
3,599
Blanco,549
-Nord Schleswig, 504---Jan. 29
-Rio
To Hamburg-Jan. 24
854
Panuco, 350
-Nord Schleswig, 2.425-Jan. 29
-Rio
To Bremen-Jan. 24
11,639
Panuco, 3.230; Endicott, 5.984
-Belgium
-Naples Marti, 2,954..... Jan. 28
To Japan-Jan. 24
8,364
-Lowther Castle, 775
To Havie-Jan. 27
200
-Lowther Castle, 200
To Antwerp-Jan. 27
1,800
-Lowther Castle, 1.800
-Jan. 27
To Ghent
-Mercedes de Larrinaga, 3.235
-Jan. 28
3,235
To Manchester
2,959
To Genoa-Jan. 28-Scantic, 2.009; Mar Blanco, 50
.
500
-Jan. 28-Scantic, 500
To Naples
4,011
To Venice-Jan. 28-Scantic. 550; Basso Piave, 3,461
-Basso Piave, 650
650
To Trieste-Jan. 28
-Belgium Meru,2,050
2,050
To China-Jan.28
1,096
-Endicott, 1.096
To Rotterdam-Jan. 29
-Jan. 17
271
-Darien, 271
BOSTON-To Liverpool
-West Haven,42
42
To Rotterdam-Jan. 14
CHARLESTON-To Liverpool-Jan. 28-Shickshinny, 2,730--- _ 2,730
941
To Manchester-Jan. 28-Shickshinny, 941
20
To Glasgow-Jan. 28-Shickshinny, 20
1,750
To Bremen-Jan. 28-Bervrindmoor, 1,750
5,37R
To Hamburg-Jan.213-Berwindmoor,5,37R
-West Ira, 3.800
3.800
MOBILE-To Bremen--Jan. 23
-Saco. 800
800
To Hamburg-Jan. 22
300
-West Chetac. 300
To Barcelona--Jan. 26
-Jan. 24-Manchester Importer,
NORFOLK-To Manchester
-Bolivian, 550_ Jan. 30
-Manchester
2.600_ _ _Jan. 26
3.950
Merchant, 800
800
-Bolivian,800
To Liverpool-Jan.26
5,370
To Bremen-Jan. 27-Hornfels. 5,3711
-Venice Maru,2,000
2,000
Japan-Jan.29
To
PORT TOWNSEND-To Japan-Jan. 16-Wheatland Montana.
400
400
3,417
. i-§ieel Voyager,",:ii.i
Liverpool-Jan. ,
-ToIlieip
SAN DIEGO
-President Pierce, 1.675
1,675
-To Japan-Jan.24
SAN FRANCISCO
425
Po To China-Jan.24-President Pierce. 425 Voyager, 2,071---- 2,071
-Steel
SAN PEDRO-To Liverpool-Jan. 22
To Japan-Jan.23-West450
-Rio Azul, 673
673
SAVANNAH-To Havre-Jan. 23
65
-Rio Azul, 65
To Dunkirk-Jan. 23
50
-Rio Azul, 50
-Jan. 23
To Ghent
125
-Rio Anal, 125
-Jan. 23
To Antwerp
888
To Bremen-Jan. 22-Bilderdijk, 888
4,000
-Bowes Castle. 4,000
To Japan-Jan. 28
688
-Jan. 29-Inkum,688
To Liverpool
340
-Jan. 29-Inkum, 340
To Manchester

[V(m. 120.

-By cable from Liberpool we have the folLIVERPOOL.
lowing statement of the week's sales, stocks, &c., at that port:

Jan. 9. Jan. 16. Jan. 23. Jan. 30.
37,000
35.000
34,000
39,000
26,000
20,000
21,000
26,000
4,000
1,000
1.000
1,000
71,000
68,000
84,000
84.000
764,000 723,000 855.000 868.000
608,000 567,000 678.000 691,000
51,000 196,000 107,000
138,000
88,000
25,000 162,000
108,000
352,000 369,000 326,000 304.000
263,000 309,000 264,000 243,000

Sales of the week
Of which American
Actual export
Forwarded

Total stock
Of which American
Total imports
Of which American
Amount afloat
Of which American

The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.

Saturday.

Monday.

Tuesday. Wednesday. Thursday.

Friday.

Market,Quiet
Quiet.
and
Steady.
Quiet.
12:15 { Quiet.
Quiet.
P.M.
unchanged.
Mid.17p1

12.77

12.79

12.68

12.78

12.02

12.92

Sales

5,000

6,000

8,000

6,000

6,000

5,000

Quiet
Futures.
Steady
Q't but et'y Bar.steady
Quiet
Market J Irregular. 6 to 9 p18.3 to 4 pts. 10 to 13pts. 13 to 17pta 2 to 4 Pts.
decline,
opened k
advance,
advance, advance. advance.
Market, (Bar.steady Q't but sty Steady
Q't but sty Steady
Quiet
4
(10to 25pts. unch'd to 7 to 13 pts. 9 to 12 pta 1110 15pts. 10 to I2pt5.
advance.
advance
advance
nts adv. decline
P M. l decline
Prices of futures at Liverpool for each day are given below:
Jan. 24
to
Jan. 30.

Sat. I Mon
Fri.
Tues.
Wed.
Thurs.
'
1234 1245112%1 4:00 1245 4:00 12441 4:00 1234 4:00 1245 4:00
p.m.p.m.P.In.1P. m p.m.p.m. p
p.m. p.m.
.m.p.m.p.m.p.m.
d.

January
February
March_
April
May
June
July
August
September--._
October
November _
December

d. d.
d.
d. d.
d. a.
d. d.
d.
d.
12.42 12.4312.42 12.3 12.36 12.48 12.4 12.82 2.6012.62 12.71
12.42 12.49,12.42 12.3:12.35 12.47 12.44 12.81 2.59 12.61 12.71
12.5112 59,12.52 12.4 12.44 .
. 12.70 2.6912.71 12.81
12.54 12.63'12.58 12.5 12.4812.60 12.57 12.73 2.72 12.74 12.84
12.62 12.7112.6 12.6212.1612.6812.6612,8212,81J12,5312,92
12.6512.74 12.69 12.66 12.59 12.71 12.70 12.86 12.84 12.87 12.95
12.70 12.78 12.74 12.71 12.64 12.76 12.76 12.91 2.8912.92 13.00
12.70 12.77 12 7312.70 12.62 12 73 12.73 12.8812.86 12.89 12.96
1 '
12.67
2.82 12.86 12.92
12.65 12.71'12.70 12.66 12.58 12.68 12.68 12.81 2.79 12.83 12.89
12.59 12.65 12.6 12.61 12.53 12.64 12.64 12.77 12.76 12.80 12.88
12.58 12.62 12.62 12.68 12.49 12.61 12.61 12.74 2.73 12.77 12.83

BREADSTUFFS.

Friday Night, Jan. 30 1925.
Flour advanced 25 to 60c. in response to the big advance
in wheat. Prices are up to a new high level for the year.
There were rumors of a certain amount of reselling, but they
had no great effect. It was believed to be on only a moderate
scole. Singular to say, many buyers are still purchasing on
a hand-to-mouth scale. Millers find it hard to get even ordinary milling grades of wheat, let alone choice, and costs of
production are therefore high. Not a few of the trade here
contend that the situation in the flour business is distinctly
bullish. But this does not cause any great increase in business. There is some demand for export, but the rapid rise
has sent prices, it appears, well beyond exporters' limits.
Vague rumors were afloat that Russia was asking for offerings of a large quantity of American flour. This was not
confirmed. It may be that commission houses are trying
to see what they can do in making offerings of flour to
Russia, seeing that Russia has undoubtedly been buying
Canadian flour and also in foreign markets. Clearances
on the 28th inst. were 99.442 sacks of flour for Riga, this being one of the cargoes of Canadian flour recently sold to
Russia. Other shipments were 29,031 sacks to Salonica and
12,583 sacks to Piraeus, with other scattered shipments
bringing the total clearances on a single day up to such
imposing figures as 161,051 sacks.
Wheat advanced on a big export demand, Russian and
Continental generally, for wheat and flour and a gigantic
speculation for a rise, with the world supply situation more
acute than had been suspected. On Tuesday Winnipeg ran
4c.
up 7c. and Chicago 3Y on May, only to react later. The
visible supply in the United States decreased last week
2,580,000 bushels, against 2,213,000 in the same week last
year. It is now 80,572,000 bushels, against 68,282,000 a year
ago. The real secret of the great rise, of course, is the decrease in the world's crop. The Northern Hemisphere raised
325,000,000 bushels of wheat and 140,000,000 bushels of rye
less than last year. Production in the Southern Hemisphere
did not offset it. Russia is importing and parts of that
country are said to be suffering from famine. Of course the
United States and Canada cannot by any means count to a
certainty on a similar state of things this year. Europe,
alarmed, will increase its acreage of wheat and, rye this
spring. That is a foregone conclusion. The pendulum of
prices may swing the other way later in the year. There
was a decrease in winter wheat acreage last year in Russia
and Rumania. Other parts of Europe were unfortunate.
-182.494
Total
Plans are suggested in England to cut off or at least reduce
.0
MOTTON FREIGHTS. Current rates for cotton from middlemen's charges, so that consumers' costs will be closer
New York, as furnished by Lambert & Burrows, Inc., are to producers' prices. Also, it is suggested that the British
wheat acreage be increased 6,000,000 acres to give employas
:follows, quotations being in cents per pound:
High Stand- ment to half a million men now idle. If wheat goes much
High StandHigh StandHama,. ard.
Density. ard.
Density. ard.
higher consumption, according to a natural economic law,
.500. .650.
Bombay
Liverpool .30o. .45.3. Stockholm .50e. .65e.
may be curtailed. Substitutes will be used. They can be;
Gothenburg ......
.450. .60e
Manchester.30e. .4.5e. Trieste
Bremen
.450. .60e.
.45e. .600.
Antwerp .350. .500. Flume
Hamburg .38350. .53%0. they were during the war as a war measure in which the
Ghent
.500. .65e.
.4134o. .5644o Lisbon
people willingly took part. On the 27th inst. trading was on
Piraeus
.60e. .750.
.75e. .90e.
Havre
.35e. .50c. Oporto
Saionica
.70e. .90e.
Rotterdam .40e. .55o. Barcelona .30o. .450.
an enormous scale, and though Chicago was irregular at the
Genoa
.40e. .55o. Japan
.62140. .77140
.
close, with a decline of 1% to a rise of 2%c., the undertone
.500. .60e. Shanghai .67460. .82450.
Ode

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JAN. 31 1925.]

THE CHRONICLE

605

on the whole was distinctly strong. Winnipeg closed 6% to to see a
lurch in the market within a few days. Winter
7c. higher. Winnipeg and Chicago May wheat and also wheat crop
reports indicate no damage by recent weather or
prices at Winnipeg and Argentina were up to new highs for Ice
covering. On the other hand, Argentina and Australian
the season. Foreign news was generally bullish. Profit tak- shipmen
ts are large. World's shipments this week may
ing on a big scale caused setbacks from time to time. Still, reach
on the whole, such selling was absorbed with remarkable light 18,000,000 to 19,000,000 bushels. That is surely no
matter, and it is significant that Liverpool should have
ease, although a good many sold out when May crossed $2. Ignored
it. Some have sold out, however, and are looking
Winter wheat advices, it is true, are favorable and Septem- on,
fearing a break in American markets. Wheat speculaber felt this; also, the trading in spreads. But Liverpool tion has
become one of the great spectacular features of the
ran up sharply, Buenos Aires rose 3 to 3%c. At Winnipeg
May was 12%c. over Chicago May. Export sales in this daily news. Chicago has gone wild over grain speculation
generally. One dispatch says it is more popular than the
country were estimated at 700,000 to 800,000 bushels. The
United Kingdom and Italy took it. Hungary bought 1,000,- movies. Final prices show an advance of 10%c. for the week
000 bushels of Argentine wheat. Egypt and Smyrna bought on May, 2c. on July and 1%c. on September. After May
two cargoes of East Indian wheat. Europe evidently is pro- touched 205% there was a,break this week of 5%c.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
foundly alarmed over the situation. Big operators at the
Sat. Mon. Tues. Wed. Thurs. Fri.
seaboard are still said to be bullish. Leading Western bulls. No. 2 red
• cts_224% 22514 22831 234
23251 23251
it was said, have not been selling. Receipts at interior points DAILY CLOSING
PRICES OF WHEAT FUTURES IN CHICAGO.
were rather liberal. But in the last two months visible rsql
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
American stocks have fallen off some 20,000,000 bushels,
cts_19551 196% 19951 20451 20351 20334
de- July delivery in elevator
170% 17034
spite large receipts during that time. On Wednesday wheat September delivery in elevator_ _--156% 1553-1 17034 17251 17154 17151
15434 15651 15651 15751
outdid itself in Chicago and Winnipeg. Chicago wound up DAILY CLOSING
PRICES OF WHEAT FUTURES IN WINNIPEG.
2% to 6c. higher and Winnipeg 8% to 9c. higher. With new
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery
high prices for the season, speculation was more than ever July delivery in elevator
ets_20234 20551 21151 21951 21454 216%
in elevator
19951 20254 20951 21834 213 214;4
at white heat. The world was in the market, not only in the
Indian corn advanced, partly under the spur of rising
United States and Canada, but in England and Argentin
a. prices for other grain.
Prices advanced by leaps and bounds. May in
It would no doubt have gone higher
Chicago but for the weaknes
reached $205% and in Winnipeg 220%, or in other
s of the cash position. The receipts were
words, on a fair scale
and cash and commission houses were steady
well above the often predicted $2 wheat. Foreign
export buying were the things that still stood news and sellers. Covering of shorts had for a time as much, if anyout most thing, to do with
clearly on the speculative skyline. Russia was
whatever advance took place. But later
supposed to there was big
buying for a rise in hope that corn would folbe buying heavily•again in England. Germany
considerable flour to Russia. Export sales in was selling low wheat as the trail maker. As a matter of fact corn led
this country, wheat later.
mostly to England, Prance and Italy, were estimate
It was
d at showed less inclinati said, too, that on setbacks the country
1,000,000 bushels. Cash prices vied with futures
on to sell. And on the 28th inst. greater
in the great strength was
noticed.
rise of the day. Now and then professional operator
s sold, active trading. The Prices advanced some 1% to 2%c. on
thinking that the rise might be near its culminat
rise was then partly due to reports of
every recession there was good new buying. It ion, but on a better cash demand. Pressure to sell was comparatively
may be
the high prices may cause economy in the use of wheat. that light. Country offerings were smaller. Receipts were still
Con- only fair. Cash
sumption may be diverted to other grain. But
prices rose 1 to 3c Corn for a time did not
that it is a case of the merciless working out of bulls think respond with any great emphasis, after all, to the specthe law of tacular rise
supply and demand and that the logical ultimate
in wheat, but it changed front later. Some of
price has the leading
not yet been reached, because of the world's shortage
of sup- buying side.Chicago operators took hold with vigor on the
plies. Whether this is true or not, events in the
Argentine prices, moreover, moved upward.
near future There is,
may determine. In any case the market is heavily
to be
long. The all is said, the sure, a big supply of low grades. And after
technical position is theoretically or actually weak. Some
cash business was nothing very encouraging,
of even though it
the shorts have covered and doubled up on the long
side. time. Later in might show some improvement from time to
Some of the more radical bulls are predicting $2 50. Chicago
the week corn showed greater independence.
on Wednesday sold 225,000 bushels of No. 2 hard to go to It no longer leaned on wheat. This was illustrated by the
fact that on Thursday, when wheat declined, corn ran up
store. The dominant factor will continue to be Europe with
its deficient supply and potential buying. Later in the week 2 to 3c. per bushel, and held most of the rise at the close.
wheat weakened somewhat at Chicago under heavy liquida- It is true that early in the day it was somewhat affected by
tion. The net decline on Thursday, however, was only 1 to the weakness in wheat. But no •pronounced selling pressure
,6
%c., though Winnipeg fell 5% to 6c. At one time it was was apparent. Professional operators bought persistently.
down 10 to 11c. on that day. A sharp rally followed. That Commission house business increased. Shorts became
alarmed. Their buying had a stimulating effect.
was the vital point. Trading was still on a vast scale.
Not to
outside public was still in the market. There was some The put too fine-a point on it, shorts were caught napping and
feel- they covered on a
ing for the top, but it was cautious. Yet foreign
markets demand showed big scale in spite of the fact that the cash
were rather weaker. The East Indian acreage was
reported rather weaker no increase. Cash premiums, indeed, were
somewhat larger than that of last year, with conditio
than otherwise. Speculation dominated the
favorable. Export business in this country fell off ns there market. That was the outstanding factor. Another rather
to 300,000 remarkable fact
bushels. Foreign markets are a little dazed
was that most of the rise was held at
by
America. The British loaf has been advancedthe prices in close in the teeth of a Government report showing that the
there
. The tech- are 12,000,0
nical position is considered to be long, and
00 fewer hogs in the country than a year ago.
therefor
less weak. Still, sentiment is generally bullish. e more or There were some rumors of a foreign inquiry, but no great
England importance
has been buying Duluth spring at the highest
Was attached to them. For Europe was a big
prices of the buyer of
season. Italy has bought durum. Receipts
barley for feeding purposes. In fact, on the 29th
were fair. Al- inst.
though the cash demand for domestic
it took no less than 700,000 to 1,000,000 bushels. Barley
consump
moderate and the export business slackened, tion was only Is cheaper, of course, than corn. World's corn shipmen
ts
wheat, singular totaled
to say, was helped by the unexpected and independ
3,694,000 bushels. To
-day prices advanced about
ent rise 1%c., then
in corn and oats. World's wheat shipments last
reacted, ending irregular. But the trading was
week were again
12,268,000 bushels, against 14,745,0
on a large scale. On setbacks there was
disposi000 a year ago. A final estimate of00 last week and 16,549,- tion to take hold on the long side. • Commiss more
ion houses and
Canada's wheat crop for
professional operators were buying. A new high was
the year 1924 made public by the Dominion Bureau
of Statis- reached
tics placed the total at 262,097,000 bushels,
valued at $320.- deal of by the later months. It is true there was a good
362,000, as compared with a crop of
profit taking and May in particular showed the
474,199,
1923 valued at $316,934,700; the average for000 bushels in effects. But corn was helped by a rise of 7 to Sc. in Winnifive years is peg.
326,258,640 bushels. The remarkable
increase in future one Yet the cash corn trade has not improved. That is
trading in wheat is illustrated by the fact
of the drawbacks and to
-day cash prices were only fairly
that on Jan.
the transactions at the Chicago Board of Trade were 28 steady. On the other hand, receipts were nothing large;
111,- they were
827,000 bushels, the highest since the
simply fair. And as for country offerings, they
war. The previous
were on only a moderate scale. Last prices show a net rise
high since the war was 90,134,000 on March 9
1922. The
transactions in May wheat alone on the
2t8h inst. were for the week of 2% to Sc.
nearly 90,000,000 bushels. On the same day
DAILY CLOSING PRICES OF CORN IN NEW YORK.
last year the
total in all months was 24,094,000 bushels. On
Sat. Mon. Tues. Wed. Thurs. Fri.
Jan.
No.2 mixed
ets_145
143
142
year it was 72,392,000 bushels. To-day wheat was 21 this DAILY
14151 146% 146
CLOSING PRICES OF CORN FUTURES IN CHICAGO.
advancing at one time some 2 to 2%c., and then irregular,
Sat. Mon. Tues. Wed. Thurs. Fri.
reacting. May delivery in
elevator
The ending at Chicago was % to 1%c. higher for
cts_1324 1304 1314 123% 135% 135
7
the day. July deliverY in elevator
13451 1314 13254 134% 13634 13654
Winnipeg rose 1% to 3e. net. The Australian
crop to-day September delivery in elevator_ _ _ _134% 13251 13251 134% 136% 137
estimated at 156,000,000 bushels, against
was
Oats have advanced of late on their own initiative
last year. Argentina's exportable surplus was 125,600,000
estimated in earlier under the stimulus of rising prices for other and
quarters at 135,000,000 bushels, as compared
grain.
some
with re- The action
cent estimates of 120,000,000. Liverpool was irregular, but sure. For of the market was at times rather sluggish, to be
ended firm. Argentina was firmer. Winnipeg was per- and early there has been a certain amount of liquidation,
in the week support was lacking. On the
sistently strong. That stimulated buying in Chicago.
It hand, receipts have been rather small, offsetting in a other
measwas in a sense the sheet anchor of the day. Egypt was re- ure the dulness
of the cash business. On the 28th inst.,
ported to have bought another cargo of East Indian wheat. wheat and
corn were noticeably higher, especially when
There was a good deal of profit-taking on bulges, but the oats were still
wheat,
largely unresponsive. There was only a
tone was still bullish. It is not denied, however, that the erate demand .
modBulls were then greatly disappointed.
technical position is weaker. Some would not be surprised all upturns
On
commission houses were selling. So
were cash

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Federal Reserve Bank of St. Louis

•

606

[VOL. 120.

THE CHRONICLE

GRAIN.
Interests. Speculation was light. Nobody seemed then to
Oats:
70
care much about oats. Cash demand was persistently small. Wheat, New York:
No. 2 white
23234
No. 2 red. f.o.b
69
No. 3 white
21634
No. 1 Northern
It is true that on Wednesday cash prices were 6 to lc. higher.
No. 2 hard winter, Lo.b__21534 Rye, New York:
But that was no great response to the advance in other grain.
183%
No. 2 f.o.b
Barley. New York:
Receipts, however, continue to be only moderate. Later in Corn:
117
114@
Malting
146
No. 2 mixed
the week oats struck out for themselves with greater inde101
93t9
Chicago
No. 2 yellow
, 147
pendence, and on Thursday ended 1 to 2%c. higher, in spite
1151.
For other tables usually given here, see page
of a decline in wheat and rye. The speculation widened out.
The exports from the several seaboard ports for the week
Seaboard exporters were buying. Wall Street houses as well
as the West took hold. Big Western shorts covered. Of ending Saturday, Jan. 24 1925, are shown in the annexed
Canadian oats 100,000 bushels were taken for export. It is statement:
said that the supply of Canadian oats at the seaboard has
Barley. Peas.
Rye.
been pretty well closed out. What is more, American oats Exportsfrom- Wheat. Corn. Flour. Oats.
were declared to be only 2c. above exporters' limits. That
Bushels. Bushels. Barrels. Bushels, Bushels. Bushels Bushels.
25.926 417.036
10,750
89.268
775,286
fact alone accounted for a good deal of buying. It is sup- New York
12,000 62,000
2,000
Boston
posed that Arthur Cutten is friendly to the long side of oats. Philadelphia ____ 963,000
26,000 '
16,000
257,000 138,000
264,000'
8,000
If a good export demand should develop the effect of the Baltimore
1.000
heavy visible supply might be largely neutralized. Here on Newport News_ - 104,000 72,000 44,000
4,000
New Orleans__ 4.000
604,000
the Atlantic seaboard it is predicted that both domestic and Galveston
62,000
38.000
foreign trade is likely to improve markedly during the next St.John, N.B_ _ _ 359.000
60 days or so. World's shipments for the week were 1,276,000 Total week 1925.. 3,069.286 72,000 202,268 14,750 382,926 617,036
541 AM 557.M2
bushels. The Canadian crop in 1924 turns out to have been Rnmet arpek 1024_ R 120 140 MA 7R4 279 959 AAR 059
411,697,000 bushels, from 14,491,299 acres, against 563,997,The destination of these exports for the week and since
500 bushels from 14.387.807 acres in 1923 and with 481.313.200 bushels from 15,366.021 acres the five-year average. July 1 1924 is as below:
The average yield per acre was 28.4 bushels, against 39%
Corn.
Wheat.
Flour.
bushels in 1923 and 31.4 bushels the five-year average. To- Exportsfor Week
Since
Week
Since
Since
Week
Week
and Since
1c.
/
day prices advanced 1 to 22 and then reacted on profit
July 1
Jan. 24
July 1
Jan. 24
Jan. 24 July 1
July 1 to1924.
taking. The speculation is taking a much wider scope in
1925.
1924.
1924.
1925.
1925.
oats and in the main the tone was firm. On the upturns, it
Bushels.
Bushels. Bushels. Bushels.
Barrels.
Is true, there was heavy selling, as the advance of late has United Kingdom_ Barrels. 2,866.448 1.251.027 73,173.550
66.636
70.961
96.007 5,425,739 1,806,039 131,989,270
been sharp. There were rumors of some export trade, but Continent
816,830
15,000
373.300
200
Cent.
could not be confirmed. Cash oats were firm. At one 80.St IndiesAmer. 34,685 621.331
they
829.810
57,000
94,150
10.000
850.127
West
21.000
6.135
time Winnipeg to-day was up 4c. That tended to brace Chi- Brit.No.Am.Cols.
3,900
2,220 1.139,552
cago. Country offerings were on only a fair scale. One Other countries__ 4,740 381.024
72.000 1,742,501
10.150,804 3,069.286 206,769.822
is that there is no real improvement in the cash
drawback
202.268
Total 1925
272.252 9,019,351 3.120.149 153.925.736 356.784 3.306.709
2
/
trade in this country. May ended .1c. lower for the week. but Total 1924
2
/
and September closed 11 to 34c. higher.
July
The wo Id's shipment of wheat and corn, as furn'shed by
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Broomhall to the New Yolk Produce Exchange, for the week
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 69% 68
6834 6814 70
70
No. 2 white
ending Friday, Jan. 23, and since July 1 1924 and 1923,
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO. are shown in the following:
Sat. Mon. Tues. Wed. Thurs. Fri.
6114 6031 6014 60H 631' 603
62
6114 6134 61H 63% 64t
581
5834 5834 59
60
6034
OATS FUTURES IN WINNIPEG.
Sat. Mon. 7' as. Wed. Thurs, Fri.
cts_ 69
6834 69
6811 6934 7234
7014 70
7011 7034 7111 7414

cta_
May delivery in elevator
July delivery in elevator
September delivery in elevator_ -DAILY CLOSING PRICES OF

4
,

Corn.

Wheat.
1924-25.

1923-24.

1924-25.

1923-24.

Since
July 1.

Since
July 1.

Week
Jan. 23.

Since I
July 1.

Since
July 1.

Bushels.

May delivery in elevator
July delivery in elevator

Week
Jan. 24.

Bushels.

Bushels.

Bushels. I

Bushels.

Bushels.
733.000, 4,657,000
16,000
Rye has been rising rapidly with wheat and other grain North Amer- 4,234,000287.699.000263,989.000
40.000 3,088,000 31,314.000 1,803,000 17,302.000 16,410,000
also because of a steady export demand. Central Black Sea-and
58,012,000 52,774,000 1.552.000132,346,000 71,094,000
Europe has been inquiring for American rye. Small crops in Argentina__ 4,074,000 28,844,000 26,672.000
Australia ___ 2,944,000
976.000 25,936,000 12,410.000
southeastern Europe force Europe to buy more or less Amer- India
962,000 14,755,000
1,584,000 323.0001
grain. The American visible supply increased last week 0th. countr'
ican
388,749.0001 3.694.000151.343,000106.916.000
bushels, against 468,000 last year. The total is now
Total
12,268,000403,579
651,000
22,970,000 bushels, against 19,962,000 a year ago. Prices
visible supply of grain, comprising the stocks in
on the 27th inst., with export trade slow.
The
were irregular
Nearby months stood up the best. May went to a new high. granary at principal points of accumulation at lake and
Cash rye at the seaboard was firm. Yet futures were erratic. seaboard ports Saturday, Jan. 24 1925, weie as follows:
distant months falling and near advancing. On the 28th
GRAIN STOCKS.
Barley.
Rye.
Inst. it was much the same. May closed 2%c. higher at a
Oats.
Corn.
Wheat.
bush.
bush.
bush,
bush,
bush.
United Statesnew peak for the season. Later months fell slightly. There
335,000
2,991.000
721.000
126.000
3,386,000
was but little export business. Wheat's rise of 6c. really New York
500.000
25,000
Boston
240.000
149.000
133.000
1,093,000
lifted rye. Cash rye at Chicago advanced 4c. Scattered buy- Philadelphia
145.000
213.000 6,505,000
47.000
3.055,000
Baltimore
ing was a feature with considerable covering in May. On Newport News
116,000
1,000
36.000
502.000
646.000
1,810.000
2 2
1 /
the 29th inst. rye closed at a decline of / to 11c. in Chicago New Orleans
90.000
1,158.000
Galveston
and 8%c. In Winnipeg. Trading in both markets was on a Buffalo
763,000
623.000
5.322,000 1.291.000 1,607,000
3,530,000 1,765.000
9.076.000
afloat
big scale. Prices rallied at Chicago after an early break of
74,000
553,000
222,000
1.511,000
2
1
/
3 to 4c. in sympathy with weakness in wheat and also be- Toledo afloat
540,000
1,244,000
20.000
18.000
270,000
265,000
cause of very heavy liquidation. The collapse in Winnipeg Detroit
269.000
6.983.000 10,937.000 21.4126,000 2,148,000
also told. The later upturn at Chicago was due to buying Chleitgo afloat
529,000 1,351.000
1,022.000
319.000
644.000
355,000 2.704.000
269.000
by commission houses, covering of shorts and a jump in the Milwaukee
175,000
84,000 11,782,000 4,346.000
9,227,000
export sales to 750.000 bushels. Norway, Denmark, Finland Duluth afloat
1,383,000
1.009.000
"
551.000 22,606.000 1,193,000 2.111.666
13,198,000
and Germany bought. After the close there were rumors of Minneapolis
8,000
9.000
498.000
483.000
331,000
further liberal orders to be filled. Exporters took 700.000 Sioux City
21.000
342.000
2,177.000 1,540.000
St. Louis
10,000
139,000
1,000.000 bushels of barley on Thursday. To-day prices Kansas City
12.223.000 5,117,000 2,123,000
to
2.407.000
2
1
advanced early / to 2%c., but reacted later and lost most Wichita MO
3.000
11,000
258,000
681,000
851.000
St. Joseph,
120,000
941,000
of the rise. The trading. however, was 'active under the Peoria
73.000
235.000
845.000
465.000
of wheat. And there was a tendency to take the Indianapolis
influence
9,000
259,000
2,490,000 1,960.000 2.069,000
Omaha
long side. Not a little covering was done, and further export
Total Jan. 24 1925-80.572.000 25,685.000 74,161,000 22,970,000 4,143,000
reported to the amount of 250.000 to 300.000
business was
Total Jan. 17 1925„....83,161.000 22,648,000 73.721,000 22,319.000 4,772,000
bushels, mostly to Norway, for March shipment. Moreover,
Total Jan. 26 1924____68.282,000 8,959,000 17,980,000 19,962,000 2,483,000
of a good export business in barley,
there were reports
-Bonded grain not included above: Oats. New York, 418,000 bushels;
Note.
fully confirmed. A few small lots of Boston, 245,000; Buffalo, 72,000: Buffalo afloat. 683,000: Duluth, 79.000: total,
though they were not
York. 1,080,000
bushels. against
Germany. It is intimated that important 1,497,000Boston, 130,000;1,507,000 bushels in 1924. Barley. New Duluth, 18,000:
rye were bought by
Baltimore, 94,000: Buffalo, 651.000;
further foreign sales are under way bushels;
bushels in 1924. Wheat, New York,2.8410,total, 1,973,000 bushels, against 372,000
negotiations looking to
225,000; Philadelphia, 1,329.000; Baltimore, 785,000; Buffalo,
In the rye trade. Last prices show a rise for the week of 7c. 000 bushels: Boston,afloat, 7,570,000; Duluth, 373,000: Toledo. 11.000; Toledo
26,721,000
2
1c.
September / lower. In 3.103,000: Buffalo
on May and %c. on July, with
afloat, 549,000; Chicago, 762,000; total, 17,567.000 bushels, against
bushels in 1924.
Winnipeg barley advanced 7 to 8c. to-day.
IN CHICAGO.
DAILY CLOSING PRICES OF RYE FUTURES Wed. Thurs. Fri.
Sat. Mon. TueS.
18011 17934 180%
cts-17634 17814 178
May delivery in elevator
156H
15734 156
158
159
158
July delivery In elevator
135
13434 135
13211 134
September delivery in elevator_ _--137

The following are closing quotations:
FLOUR.
00
Rye flour,
Spring Patents
$1035 $10 75 Seminola patents_ _ _ _139 40@$10
634
No.2,lb
965
Clears, first spring_ _
9 25
335@3 50
Soft winter straights_ _10 25
10 50 Oats oods
45
Hard winter straights_10 15
10 58 Corn lour
Hard winter patents_ _10 65
11 00 Barley goods
450
Nos. 2, 3 and 4
975
Hard winter clears_ _ _ _ 9 25
Fancy pearl, Nos.2,3
Fancy Minn. patents_11 40
12 05
750
and 4
City mills
12 00
11 50

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Canadian
1,661,000
Montreal
Ft. William & Pt. Arthur_19,784,000
1,388.000
"
afloat
7.798.000
Other Canadian

692.000
135,000
271,000 3,258,000
9,167.000 1,414,000 3.662.000
127,000
680.000
357,000 1,396,000
3,702.000

271,000 16,807,000
Total Jan. 24 1925...A0,631,000
288,000 16,856,000
Total Jan, 17 1925_..3O.357.000
1,000 9,912,000
Total Jan. 26 1924_ __ _53,522,000
Summary
80,572,000 25,685,000 74,1111.000
American
271,000 16,807.000
30.631,000
Canadian

1,906,000 5,877.000
1,861,000 5,893.000
1,997,000 1,573,000
22.970,000 4,143,000
1,906,000 5,877,000

10.020,000
Total Jan,24 1925...A.11,203,000 25,956,000 90,968.000 24,876.000 11.665,000
Total Jan 17 1925_ _ _113,518,000 22,936.000 90,577.000 24.170,000 4,056.000
Total Jan.26 1924._ _ _121,804.000 8,960,000 27,892,000 21.959.000

JAN. 31 1925.]

THE CHRONICLE

607

WEATHER BULLETIN FOR THE WEEK ENDING
JAN. 27.—The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week ending Jan. 27,follows:

Arkansas.—Little Rock: Warm and dry weather very favorable for farm
work, but soil still wet in most portions. Some plowing and considerable
other work done. Wheat and oats improving; wheat good, but oats badly
killed in most portions. Fruit uninjured.
Tennessee.—Nashville: Unusually mild and generally fair. Crops improved somewhat, but still generally only fair condition. Some plowing
A moderate disturbance was central over the middle Atlantic area at
beginning of the week with rain or snow prevailing from the upper the done. Roads improved. Week ended cold.
Kentucky.—Loulsville: Temperature variable; soil fairly dry and lifting
Ohio
Valley and eastern Lake region eastward. This storm moved
rapidly effect of night freezes slight. Condition of most early wheat good; latenortheastward and was followed by fair and somewhat colder weather, sown poor,
but now snow covered. Favorable for stripping tobacco, which
and at the same time high pressure and moderate temperatu
re were pre- Is nearing completion, but muddy dirt roads hindering deliveries.
vailing over the southern half of the country. A second disturbanc
rapidly eastward over the southern Canadian Provinces during e moved
the first
few days of the week and, while little precipitation occurred,
there was a
general warming up over the Northern States.
Following the passing to sea of the nothern storm,an area of high
pressure
Friday Night, Jan. 30 1925.
overspread the eastern half of the country with fair and
much
A more normal expansion toward seasonal trade was reportweather prevailing. The fall in temperature was especially marked colder
In the
Northeast, with interior points in New England
readings as low as 20 deg. below zero on Saturday, therepo rting minimum ed in most sections of the market for textiles during the past
24th. In
time it had become warmer over the Northwest. but near the the mean- week. Prices as a rule held steady, but commitments conclose of the
week an extensive high pressure area over that
colder weather, with minimum temperatures as lowsection brought much tinued to be characterized by careful buying. While orders
as
prevailing in the northern Great Plains on the morning 30 deg. below zero were small in size, the aggregate, which covered a wide
of the 26th. At the
close of the week the cold wave had advanced
southward and eastward variety of merchandise, was of fair volume. Merchants lowith subzero temperatures prevailing in the
tral Plains States and freezing southward to western Lake region and cen- cated in agricultural sections were said to have been the
the
Except for local precipitation in the extreme west Gulf coast.
principal buyers, although they were not inclined to be overand Northwest, fair weather was the rule quite Southeast, the Northeast,
generally during the first liberal with their orders. Both the volume
and middle parts of the week. Near the close rain
of trade and
occurred in the Pacific
States, the upper Ohio Valley,
profits from these sections were claimed to be satisfactory,
middle
reported from the Lake region, and Rocky Atlantic area, and snow was
the
Mountain districts, and parts as mall order houses reported an increase of approxim
of the northern Plains.
ately
Chart I shows that the week, as a whole,
was warmer than normal In 20% in sales and more willingness to pay the prices asked.
all sections of the country, except in the Northeast
and locally In the There has been particular interest displayed in the knit and
Southwest. It was especially warm for
and northern Rocky Mountain districts the season in the northern Plains silk goods, with the outlook for the future promising.
In
tures In some sections were 10 deg. to where the weekly mean tempera14
departures were 4 deg. to 7 deg. in the deg, above normal, and the plus the knit goods division agents handling light weights reinterior valleys and far Western ported that
States. In the Southeast freezing weather
the re-order business had begun earlier than
did not extend farther south
than the central portions of Georgia and
freezing was reported practically to the Alabama. but in the Southwest usual with request for larger amounts of merchandise. The
Gulf coast. Minimum tempera- hosiery section has
tures were below zero southward to southern
also been more active, with many mills
Kansas and generally from the
Lake region eastward.
running overtime to catch up with back orders. In regard
Chart II shows that very little precipitati
on occurred In the Southern to silk, no abatement in activity has been apparent
States, where the preceding two weeks
, and the
were very wet, except that considerable rain fell in the Florida
Peninsula. Generous rains were re- majority of mills are beginning to install double shifts. It
ported from the Pacific Coast States,
except in southern California, and Is feared that a shortage of crepe de chine and
moderate amounts were received
georgettes
in
Mountains eastward. The snow-covenorthern districts from the Rocky might develop, as mill stocks are low,
with demand in excess
red
was nearly the same as reported a week area during most of the week
ago. A light covering extended of current production. Converters figure strongly among
southward to the Ohio River and
interior States at the close of the substantial increases occurred in some the buyers, who appear to be placing orders
with an inweek, while in the Southwest some snow
cover was reported as far south as
Abilene. Tex. There was an unusually creased degree of confidence. As regards cotton goods,
large amount of sunshine for the season
though much cloudy weather prevailed in nearly all sections of the country, while there has been no great amount of activity, with
nov
in parts of the Southeast.
In the Southern States
ing heavy rainfall duringthe dry and moderately warm weather, follow- eities the feature, there has been a better call for some of the
the preceding two weeks, gave much better
conditions for agricultura interests,
staple lines.
though the soil had become so saturated with moisture thatlit
DOMESTIC COTTON GOODS: Buyers of cotton goods
continued too wet in many places to permit
much plowing or other
preparations for spring planting. Considerable for the most part
plowing was accomplished,
have not been scrambling for goods. InMisslasippi and Louisiana, however, in the southern portions of Alabama. stead, they continue to pursue
and good advance was reported from Texas.
a cautious policy and have
though this work is still backward
in the last-named State.
cDnfined their purchases to immediate and nearby needs.
Heavy rainfall did some
damage in southeastern Florida, but at the
same time the Increased moisture
was beneficial on some uplands of the This policy has been encouraged by the easier markets for
Peninsula; cooler and dry weather
would be beneficial generally. In the raw material and increased production. Prices
Georgia, where severe floods were
in a
reported last week, the dry weather number
brought considerable
of directions have also ruled easier. Unfinished
of the State continuedimprovement, but lowlands in the southern portion
flooded;
in coast districts, and there has many acres of truck crops have been ruined lines in particular have been uninteresting, with an easing
been heavy loss of livestock by drowning.
tendency noted in some of the gray cloths and convertibles.
Mild weather in the interior
valleys and Central-Northern States reduced the snow cover considerab
ly
the close of the week a new cover hadand left some localities bare, but at Novelties, however, proved to be the exception and buying
been deposited in the southern Plains of this class of merchandise continue
and the central Mississippi
d to be a feature of the
sheet was largely removed and immediate Ohio Valley localities; the ice market. Finished lines
from Missouri and Illinois. The week was
held steady and sales were reported
generally favorable for stock interests
grazing districts, but considerable in the great western and northwestern to be on a slightly better basis than in the unfinished lines.
also beneficial in California, though range remained closed. Rainfall was For instance, agents handling gingham
good soaking rains are needed in that
s and percales noted
State.
a broadening demand for their goods and look for a good
SMALL GRAINS.—The week was
mild over the principal Winter Wheat
Belt until near the close when a cold
wave set in. Much snow disappeared distribution throughout the year. Some of the Southern
In the central Mississippi Valley
and the Great Plains States and many gingham mills were said to be sold as far ahead
wheat fields had become bare,
as April.
but preceding the cold wave a snow cover
was deposited over most
southern sections of the belt, which was favorable. A steady call was reported for the cheaper lots, and repeat
Some damage by freezing and
thawing was noted in Indiana. but no reports orders were numerous for the plain shades
of material harm were received
and checks.
from Illinois. There was much thawing of Sales
the ice sheet that had
of seasonable napped goods, wash goods and cotton
snows occurred in that prevailed for a long time over Missouri, but general
State at the close of the week; wheat Is dormant
blankets were about equal to the hopes of most traders, and
It is not known whether severe
and
Injury resulted from the ice.
Favorable reports
mills were comfortably provided with business for the next
wheat still retaining continued from the Great Plains States, with much
a green color in Kansas, though
generally. dormant. five months. Sheets, pillow cases, towels and such kindred
Considerable reseeding will be
Fields continued snow covered necessary in parts of the far Northwest. items were in moderate demand. Print
cloths, 28-inch, 64 x
isfactory reports are generally in most Rocky Mountain sections, and sat4c., and 27-inch, 64 x 60's,
week was favorable for winter noted from Atlantic coast districts. The 64's construction, are quoted at 71
cereals in the Southern States, though the at 6%c. Gray goods
oat crop Is in unsatisfactory
in the 39-inch, 68 x 72's construction, are
condition in many sections.

THE DRY GOODS TRADE.

quoted at 11c. and 39
-inch, 80 x 80's, at 13%c.
The Weather Bureau also
furnishes the following resume
WOOLEN GOODS: Despite the easiness of foreign raw
of the conditions in the different
States:
wool markets, a firm undertone continued to prevail in the
North Carolina.—Ralettgh:
mostly too wet, but drying Weather favorable for outdoor work; soil markets for the manufactured
products. Undoubtedly the
and potatoes. Farm work latter part of week. Preparing to plant Peas
backward in east. Small grains doing fairly most important item of news was the announc
well. Roads improving.
ement by the
South Carolina.—Columbia: Last
American Woolen Co. that they would open their fall men's
plow and not much outdoor work. of week mild. Soil still too wet to
Winter cereals and truck in normal wear lines next Wednesday. This is about two weeks later
condition, except too wet for best
spinach development. Winter cabbage than last year's
being cut. Some hog killing.
opening and is said to be due to the unsatisGeorgia.—Atlanta: Moderate temperatu
res
but Southern Georgia still flooded; damage and little rainfall favorable, factory development of the spring season. It is generally
very great and many acres predicted that prices
in truck crops near coast ruined and thousands
will show an advance of from 7% to
Soil beginning to dry out in central and northof cattle and sheep drowned. 10% on the
staples as compared with last year's opening levportions. Roads improved
and railroad traffic resumed.
els. Worsteds, however, are expected to be relatively lower
Florida—Jacksonville: Work advanced
damaging rains in southeast, but showers in west. but lowlands still. wet: than the strictly
woolen goods, which may eventually lead
sula. Mild temperature and moist soilbenefited some uplands of Peninstimulated truck, citrus trees, to a larger use of these cloths.
oats and strawberries, but unfavorable to
Mill agents are optimistic
celery and lettuce. Potato
planting began in west; most of crop planted In
concerning the new season, as it is thought that stocks in
up; germination poor locally. Tobacco plants Peninsula and much early
doing
ments active; some dropping reported. Plowing for well. Citrus ship- retail channels have been materially reduced owing to the
corn and cotton ad- numerous
vanced in west. Dry, cool weather needed generally.
sales made at very low prices. In regard to the
Alabama—Montgomery: Little farm work accomplis
hed account of wet women's wear division, increased activity was reported
soil, though good progress in coast region latter part where
,
preparations with mills starting producti
for planting corn begun. Oats mostly poor: truck and
on on spring goods. Indications
vegetables doing
fairly well in more southern counties. Condition of surviving
pastures point to a good movement of ready-to-wear goods.
generally poor.
FOREIGN DRY GOODS: Although a seasonable lull was
mississipni.—Vicksburg: Generally fair, except
Monday. Temperature slightly above normal. Goodlight precipitation noticeable in the
progres.s in breakmarkets for linens, basic conditions coning ground In central and south portions. Truck made good progress.
tinued sound and evidences of activity were reported
Louisiana.—New Orleans: Temperature mostly above normal,
in
except some
rather cold at beginning and close of week. Generally fair, except
centres. Manufacturers were busy shipping the last
rain last day. Favorable for oats, cane, winter truck, and field work;light of the January
conand February damasks to retailers. Price
siderable plowing in south and central portions. Pastures poor
to fair. levels maintain
Roads improved slightly.
ed attractive levels, with many items still in
Texas—Houston: Temperatures mild until last day when cold wave over- stock at exceptio
nal values as compared with replacement
spread State with freezing nearly to coast. Sunshine abundant and precipitation light. Growth of wheat, oats and truck good. Farm work made costs. A number of importing houses sent their salesmen on
excellent progress, but plowing still backward. Truck shipments In- the road, but their business
was more to create good-will
creasing. Dirt roads mostly fair to good. Amarillo: Ranges fair to poor, than to
increase sales at this time. One of the favorable
except range dead at Fort Worth.
Oklahoma.—Oklahoma City: Fair weather and moderate temperature
but developments of the week was the Increasing indications of
closed with severe cold wave and snowstorm. Some plowing in south a price stability in
primary markets. Burlaps were firmer,
portion. Much barley frozen out: wheat dormant, but reports indicate no
fair to good condition. Dirt roads with an improved demand for deferred shipment
rione
serious permanent Injury.
muddy in east; fair to good in central and west portions.
rough and
weights are quoted at 7.85c. and heavies at 9.40c. s. Light

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608

THE CHRONICLE

lartment
jitate anti Titg pt
NEWS ITEMS.
.—Legislature Adopts Federal Child
Arizona (State of)
Labor Amendment.—The Arizona Legislature completed
ratification of the Federal Child Labor Amendment on
Jan. 28, when the Senate, by a unanimous vote, adopted a
House resolution calling for ratification. The House had
adopted the resolution by a vote of 41 to 3.
Bridgewater, Mass.—Town Votes to Buy Local Water
Works.—At a special meeting on Jan. 24 the town voted to
buy the Bridgewater Water Co. for $100,000 in cash and
$75,000 in bonds, to mature 1929. The present owner of
the company, it is stated, is former Governor Eugene
N. Foss.
Chester School District (P. 0. Chester), Delaware
County, Pa.—Bill in Equity Filed to Restrain Issuance of
$1,500,000 Bonds.—The Taxpayers' Committee of Chester
has filed a bill in equity asking the Court of Common Pleas
to restrain the issuance of $1,500,000 bonds. In addition
to asking the Court to enjoin the bond issue the Committee
also asks for a decree declaring the loan election void. The
Philadelphia "Record" of Jan. 25 said with regard to the
litigation:
A bill in equity has been filed by the Taxpayers' Committee of this city,
asking the Court of Common Pleas to restrain the School Board from issuing
$1,500,000 of bonds provided for in the school loan voted upon last April.
It is contended that a proper count of the vote will reveal that the loan
was defeated by the people and that the purpose of the issue was so phrased
that the Board can use all or any part of the money from year to year to
pay off or refund floating indebtedness or deficits and is not required to
use It for constructing new schools.
In addition to asking the Court to enjoin the bond issue, the committee
also asks for a decree declaring the loan election void. A resume of the
reasons for the suit, given out by the committee, says in part:
"Our committee has been endeavoring for more than two months to
ascertain from the School Board the cost of construction of the Booker T.
Washington and Smedley schools. The Board promised to give the information, but has, so far, failed to do so. From information which has
reached us it would appear that there has been waste, extravagance and
favoritism in the construction of these schools, and we feel that, in the
construction of any future schools, these features should be eliminated and
schools should be properly and economically built.
'The committee has endeavored to take up these matters in a friendly
way with the School Board, but the Board has refused even to meet us
to discuss them. If the committee is successful in its injunction proceedings, it is willing to enter into a real effort with the School Board to plan
for the construction of schools in the several sections of the city where a
real need for schools certainly exists.
"We feel, however, that the Board should definitely announce to the
citizens of the city its plan, indicating the location of the schools and the
type of schools, and also that an honest effort should be made to procure
the lowest bids for the erection of substantial and well-built schools.
lisi"If the School Board will do this we will recommend to the citizens ofthis
city that they give their assent to a bond issue and we will co-operate fully
with the Board in the efforts to secure this consent at the earliest possible
date. We say this because we realize that in several sections of the city
there is dire need for new schools to take care of children who are now either
on part time in crowded rooms or in unsuitable quarters."

Delaware (State of).—Lower Branch Again Rejects Federal
Child Labor Amendment.—The House of Representatives of
the Delaware Legislature on reconsideration again refused,
by a unanimous vote, to ratify the proposed Child Labor
Amendment to the Federal Constitution on Jan. 28. The
House had previously rejected the proposed amendment
on Jan. 21 (V. 120, p. 477).
East Bay Utility District, Calif.—Suit Filed Contesting
Validity of $39,000,000 Bond Election.—Suit was filed on
Jan. 22 by F. G. Kelley of Oakland contesting the validity
of the $39,000,000 water bonds voted on Nov. 4. The
matter will be heard within a few weeks in the Superior
Court in Oakland before an outside Judge, who is not a taxpayer of the district. The San Francisco "Chronicle" of
Jan. 23 published the following with regard to the suit:
A contest of the validity of the $39,000,000 water bond !Wile voted
at the November elections by the voters in the East Bay Municipal Utilities
District Was filed in Oakland yesterday by F. G. Kelley • 627 53d St.,
Oakland. The contest was filed in the form of an answer to the district's
recent suit against "all persons interested in the bond issue" to establish
through court proceedings the validity of the bonds.
Kelley's contest is based on a charge that the Directors of the district
did not wait the required thirty days after authorizing the bond election
before placing the proposition before the voters. Kelley charges that the
directors voted to call the election on Oct. 14, and the bonds were voted
on Nov. 4. Kelley admits he voted in favor of the bonds, but says that
within the days between the election and Nov. 14 he discovered features
of the issue which would have changed his vote. He charges that the
directors acted in haste and without due consideration to the rights of the
voters of the district.
The matter will be heard within a few weeks in the Superior Court in Oakland before an outside Judge who is not a taxpayer in the district.

Kansas (State of).—Legislature in Session—Rejects
Federal Child Labor Amendment.—The General Assembly of
Kansas convened in regular biennial session on Jan. 13.
The Kansas State Senate, by a vote of 30 to 9 on Jan. 27,
adopted a House concurrent resolution rejecting the proposed
Federal Child Labor Amendment. The rejection resolution
was adopted by the House Jan. 21 by a vote of 121 to 21.
The House also postponed indefinitely a resolution to submit
the amendment to a referendum.
-1923 State Inheritance Tax
New Hampshire (State of).
Law Invalid.—In an opinion handed down by the State
Supreme Court on Jan. 26, the State Inheritance Tax Law
of 1923 was declared unconstitutional. The opinion in the
case was written by Chief Justice Peaslee, all of the Justices
concurring. The decision leaves the 1915 law in effect, the
Court rules. The Boston "Herald" on Jan. 27 gave the
following with regard to the decision:
Th0.1923 State Inheritance Tax Law was declared unconstitutional in an
opinion handed down on Jan. 26 by the State Supreme Court. This ruling
was expected as a result of the opinion of the Court rendered a few months
ago in which the 1919 Legacy Tax Law was found unconstitutional. The
decision loaves the 1915 law in effect, the Court rules.

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

[VoL. 126.

The decision means that the State has collected in excess of $1,000,000 Im
illegal legacy taxes, apart of which must, and all of which may be, returned
to the estates which have overpaid the State. A considerable part of the
illegal taxes collected under the 1919 law cannot be repaid by the State
unless the Legislature so rules. The taxes paid within a year of the date of
the two decisions may be recovered by Court action if the State does not
voluntarily refund.
The average income from the 1915 law, which provides a flat 5% tax, has
been approximately $150,000, while the 1923 law was producing more than
$400.000 annually. The opinion in the case was written by Chief Justice
Peasiee, all of the Justices concurring.
Under the 1923 law all property passing by will or inheritance to a spouse
ancestor or descendant should be subject to a tax of 2%; that passing to
near collateral relatives to a tax of 6%,and to all others 10%•

New Mexico (State of).—Lower House of Legislature
Adopts Federal Child Labor Amendment.—On Jan. 28 the
House of Representatives of the State Legislature voted 401
to 8 to ratify the Federal Child Labor Amendment. The
State Legislature convened in regular biennial session on
Jan. 12.
North Dakota (State of).—Ratification of Federal Child'
Labor Amendment Refused by State Senate.—North Dakota's
Senate on Jan. 27 voted against retification of the proposed
Federal Child Labor Amendment, 32 to 17.
Norwich, Conn.—Sale of Municipal Gas and Electric Plant
Opposed.—According to Hartford "Courant" of Jan. 27 the
proposal to sell the Norwich Gas Sr Electric Light plant was
voted down by an overwhelming majority of the 3,000 voters
who attended the special city meeting held at the town hall
the previous night. The "Courant" further said:
According to Mayor Milo B. Waters and other members of the Council,
while the voters agreed to what they believed to he a proposal to rind negotiations in regard to the sale of the plant, the resolution as it is worded really
means that all negotiations which have already been made are valid but
that no further negotiations should be made. It is understood that the
Insertion of the word "further" in the body of the resolution was not intentional.
Plans have been made to ask the Legislature to grant permission to the
city to hold a special election to determine whether the city shall sell the
plant to A. E. Fitkin & Co. of New York for $3,000,000. The firm's
offer to purchase the plant was favored by the City Council on Dec. 11
(V. 119, p. 2786).
The resolution reads as follows:
"Whereas, the gas and electric plant, so-called, of the City of Norwich
has for a period of approximately twenty years yielded a profit to the said
city of Norwich and is therefore of great and growing value as a public
utility, be it, therefore, resolved that the Mayor and Court of Common
Council be and hereby are enjoined from any further entertaining of bids or
proposals that would in any way contemplate the sale or lease of the said
gas and electric plant except they be authorized otherwise by a vote of the
city of Norwich.'
A resolution, presented by G. Warren Davis, to stop the use of Trading
Cove Brook as a source of the city's water supply was voted down as was
also the proposal to discontinue appropriations for the maintenance of the
pumping station at the brook.

Ohio (State of).—Federal Child Amendment Rejected.—
Ohio, on Jan. 27, refused to ratify the Federal Child Labor
Amendment when the House of Representatives defeated the
joint resolution proposing ratification. The vote was 35 for
ratification to 90 opposed.
Oklahoma (State of).—Federal Child Labor Amendment
Rejected By State Legislature.—The Oklahoma Senate on
Jan. 27 rejected ratification of the proposed Federal Child
Labor Amendment to the Constitution. The vote was 24 to
19. Ratification was defeated in the House last week.
(V. 120, p. 478.)
Texas (State of).—Federal Child Labor Amendment Rejected By Legislature.—The House of Representatives on
Jan 27, by a vote of 111 to 6, adopted a concurrent resolution
that the State refuse to ratify the proposed Federal Child
Labor Amendment. The Senate had on Jan. 26 adopted the
resolution by a vote of 20 to 2.
Washington (State of).—House Rejects Bill Providing for
a Referendum Vote on Child Labor Amendment.—The House on
Jan. 28 rejected the Westfall bill, which would refer the
Child Labor Amendment to the voters at the next general
election. It was passed by the Senate on Jan. 27.

BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
ABERDEEN, Moore County, No. Caro.—BOND SALR.—The $80,000
street improvement bonds offered on Jan. 21—V. 120, p. 356—were
awarded to Ryan, Sutherland & Co. and David Robinson & Co.. jointly, of
Toledo, as 5%s at a premium of $351 10. equai to 100.58, a basis of about
5.62%. Date Oct. 11924. Due Oct. 1 as follows:$6,000 1925 to 1934 incl.
ADAMS COUNTY SCHOOL DISTRICT NO. 27 (P. 0. Brighton),
Colo.—BOND SALE.—An issue of $175,000 434% school bonds was
purchased on Jan. 18 by a syndicate composed of the International Trust
Co.. Sidle, Simons, Day & Co. and Boettcher, Porter & Co., all of Denver,
at 102.70.
AIKEN COUNTY SCHOOL DISTRICTS (P. 0. Aiken), So. Caro.—
BOND SALE—The following 5 % school bonds offered during September
(V. 119, p. 1423) were awarded to the Bank of Charleston on Oct. 1:
$3,500 Capers School District bonds.
2,500 Gloverville School District bonds.
4.000 Kathwood School District bonds.
Date Feb. 1 1925. Interest payable F. & A.
AKRON, Summit County, Ohio.—BOND SALE.—A syndicate com,
posed of the Equitable Trust Co., Hallgarten & Co. F. B. Calkins & Co.
Hemphill, Noyes & Co., Stranaban, Harris & Oath,. Inc., and the Old Colony Trust Co. has purchased the $3,000,000 4(% coupon or registered
general obligation sewer bonds offered on Jan.26(V.120, p. 233) at 103.189,
a basis of about 4.44%. Date Feb. 1 1925. Due $120,000 Feb. 1 1926 to
1950 incl. Bids were as follows:
Bidders—
Premium. Rate.
Equitable Trust Co., Haligarten & Co., F. B. Calkins &
Co., Hemphill, Noyes & Co., Stranahan, Harris &
Orals, Inc., and Old Colony Trust Co
National City Co., Harris, Forbes & Co.. Curtis & Sanger,
$95,670 103.189
Remick, Hodges & Co. and Hayden, Miller & Co
85.110 102.579
Chase Securities Corp., H. L. Allen & Co., Federal Securities Corp., Hornblower & Weeks, Austin, Grant & Co.,
C. W.McNear & Co.. Geo. H. Burr & Co., Batchelder,
102.799
Wack & Co.and Gran, Todd & Co
102.6
National City Bank, Akron
)
Pri 102.579
Tillotson & Wolcott Co.and Bankers Trust Co
First National Bank, Kissel, Kinnicutt & Co., White,
Weld & Co., Lehman Bros., B. J. Van Ingen & Co.,
R. W. Pressprich & Co., Phelps, Fenn & Co. and
Stroud & Co
1131.
7
31,2'n 1 .3?
'
Geo. B. Gibbons & Co. and A. T. Bell & Co

JAN. 31 1925].

THE CHRONICLE

ALAMEDA (P. 0. Pocatello), Bannock County, Idaho.
-BOND
SALE.
-The following bonds. aggregating $40,000, offered on Dec. 17V. 119. p. 2787
-were awarded to J. E. Edgerton as 6s at 97.50:
$10,000 park bonds.
1330.000 water bonds.
Date Jan. 11925. Denom. $1,000. Coupon bonds. Due Jan. 1 1945,
optional Jan. 1 1935. Interest payable (J. & J.). We reported in V. 119,
p. 2787, the amount of bonds offered as 880,000, which was incorrect.
ALLEGANY COUNTY(P.O.Cumberland), Md.-BOND OFFERING.
Sealed bids will be received until 11 a. m. Feb. 17 for $500.000 01%
common school bonds by Edward F. Webb, superintendent of schools.
Denoms. $1,000. $500 or $100. Date July 1 1924. Prin. and semi-ann.
int. (J. & J.) payable in Cumberland. Due $50,000 yearly on July 1 from
1940 to 1955 incl. Cert. check for 5% required.
ALLEN COUNTY (P. 0. Ft. Wayne), Ind.
-BOND SALE.
-The
$47,000 5% coupon Zimmerman-Yoste road bonds offered on Sept. 25
(V. 119, p. 1423) were sold to the Fletcher American Co. of Indianapolis
for $49,128, equal to 104.52, a basis of about 4.46%. Date Sept. 1 1924.
Due $1,175 every six months from May 15 1925 to Nov. 15 1944 incl.
ALTUS. Jackson County, Okla.
-BOND ELECTION.
-On Feb. 9 an
election will be held for the purpose of voting on the question of issuing
$3,000 school fire escape bonds.
ALVORD, Wise County, Tex.
-BOND ELECTION.
-On Feb. 21 an
election will be held for the purpose of voting on the question of issuing
323,000 school bonds.
AMERICUS, Sumter County. Ga.-BOND SALE.
-The 360,000
414% street improvement bonds offered on Jan. 23-V. 120, p. 478
-were
awarded to the Planters Bank of Americus at a discount of $1.750. equal
to 97, a basis of about 4.80%. Date Jan. 1 1925. Due Jan. 1 as follows:
$2,000, 1926 to 1955 incl.
ANDERSON COUNTY ROAD DISTRICT NO. 8 P. 0. Palestine),
-BOND SALE.
Tex.
-The 3500,000 5% road bonds offered on Jan. 27
(V. 120, p. 233) were awarded to the Illinois Merchants Trust Co. of Chicago and Federal Commerce Trust Co.of St. Louis, jointly, at a premium of
3301, equal to 100.06. Due in 30 years.
ANNA MARIA, Manatee County, Fla.
-BOND SALE.
-The 340.000
6% coupon civic improvement bonds offered on July 1 on which all bids
were rejected-V. 119, p. 222
-were purchased during November by
'Cornell, Mathews & Walker of Orlando at 85. Date April 1 1924. Due
April 1 1954. optional April 1 1944.
ANTONITO. Conejos County, Colo.
-BOND SALE.
-An issue of
18,500 5% funding bonds was purchased by Este & Co. of Denver.
ARKANSAS CITY, Cowley County, Kan.
-BOND OFFERING.
Sealed bids will be received until 10 a. m. Feb. 4 by C. A. Snyder, City
Clerk, for the following bonds:
366.000 (approximate) paving bonds. $18,562 22 of these bonds to be
dated Nov. 1 1924. The balance of about 357,500 will be dated
Dec. 1 1924.
9.606 27 sewer bonds. Date Nov. 1 1924.
A certified check for 52,000 is required.
ATLANTA,Fulton County, Ga.-BOND OFFERING.
-Until lp a. m.
Feb. 2 sealed bids will be received by B. Graham West, City Comptroller,
for $122,000 414% street improvement bonds. Date Feb. 1 1925. Denom.
$1,000 and $500. Coupon bonds with provilege of registration as to
principal and interest. Due yearly Feb. 1 1927 to
Principal and
Interest (F. & A.) payable at the City Treasurer's 1934. or at
office
fiscal agency New York City, at option of holder. Purchaser tothe city
attorney's opinion. A certified check for 2% of bid, payable to the pay for
City of
Atlanta. is required.
AUBURN, Cayuga County, N. Y.
-BOND SALE.
-The $49,509 19
41 % coupon or registered public Improvement bonds offered on Jan. 23
,
1
V. 120, p. 479) were sold to Westcott. Karr & Parrott,
NewlYork, at
100.508, a basis of about 4.15%. Date Feb. 1 1925. of
Due 34.50919,
1926, and 35.000, 1927 to 1935, inclusive.
AUBURNDALE, Polk County, Fla.
-BOND SALE.
-A syndicate
composed of Wright, Warlow & Co. of Orlando. Fla., G. B. Sawyer Co. of
Jacksonville. Fla.. and Prudden Ar•Co. of Toledo. 0., has purchased the
following bonds offered on Nov. 14-V. 119. p. 1867
-as 6s at 96-a basis
of about 6.81%.
$90,000 street paving bonds, maturing July 1 as follows: $2,000, 1928 to
1932, incl.; $3,000. 1933 to 1952, incl., and 34,000. 1953 to
1957, incl.
20,000 water works bonds, maturing $1.000 yearly July 1 1930 to 1949.
incl. Date July 1 1924. Coupon bonds.
120,000 street improvement bonds. Date Dec. 1 1924. Due $12,000
yearly Dec. 1 1925 to 1934. incl. Coupon bonds.
BEDFORD, Cuyahoga County, Ohio.
-BONDS NOT
-The
$11,302 50 634% coupon sewer outlet bonds offered on Sept.SOLD.
18-V. 119.
p. 1197
-were not sold.

609

Sept. 1 1929. Bonds are not subject to call but may be redeemed
two
years from date of issue.
BOXELDER COUNTY (P. 0. Brigham City), Utah.
-BOND SALE.
-The Palmer Bond & Mortgage Co. of Salt Lake City on Jan. 19
purchased an issue of $100,000 4% refunding bonds at 96.41.
BOYD SCHOOL DISTRICT, Wise County, Tex.
-BONDS VOTED.
At an election held on Jan. 21 the voters authorized the issuance of
$10,000
school building bonds by a vote of 64 to 1.
BRADY, McCulloch County, Tex.
-BOND ELECTION.
-An
will be held on Feb. 3 for the purpose of voting on the question ofelection
issuing
3100,000 534% water bonds.
BROWN COUNTY (P. 0. New Ulm), Minn.
-BOND OFFERING.
Sealed bids will be received until Feb. 20 by Louis G. Vogel, County
Auditor, for the following bonds, aggregating $268,000:
Until 2:30 p. m.
$18,000 public drainage bonds to bear interest at a rate not to exceed 6%.
Due March 1 as follows: 32,000. 1930 to 1932. and $1,000, 1933 to
1944. inclusive. A certified check for 10% of bid, payable to
County Treasurer, is required.
Until 1:30 p. m.
$250,000 road bonds to bear interest at a rate not to exceed 6%. Duo
March 1 as follows: 525,000. 1935 to 1944, inclusive. A certified
check for 5% of bid, payable to the County Treasurer,is required.
Date March 1 1925. Denom. $1,000.
Financial Statement.
Total actual valuation estimated
Total equalized assessed valuation for the real estate taxes for$75,000,000
the year 1924
17.245.378
For personal property taxes for 1924
2,540,211
For money and credits for 1924
2,395,548
Bonded indebtedness (not including this issue)
844,000
Floating indebtedness
None
Population, 1920 Census, 22.421.
BUFFALO, Johnson County, Wyo.-BOND SALE.
-The Johnson
County First National Bank and Wyoming Loan & Trust Co. of Buffalo
purchased an issue of $25,000 6% special assessment bonds at par. Date
July 11924. Denom. $500. Coupon bonds. Due July 1 1934. Interest
payable J. & J. These are the bonds offered on May 7-V.118. p. 2218.
BUFFALO SCHOOL DISTRICT, Johnson County, Wyo.-BOND
SALE.
-The United States National Co. of Denver has purchased an issue
of 310,500 school bonds. Due in 1934 to 1949.
BULL RUN SCHOOL DISTRICT NO, 7, Golden Valley County,
No. Dak.-CERTIFICATE OFFERING.
-Sealed bids will be received until
11 a. m. Feb. 9 by Oscar Teppla, District Clerk, at the County Auditor's
office at Beach. No. Dak., for a 31,000 7% certificate of indebtedness.
Due in 18 months. A certified check for 5% of bid is required.
BURLEY, Cassia County, Idaho.
-An election
will be held on Feb. 16 for the purpose--BOND ELECTION.
of voting on the question
$24,000 water improvement bonds and $5,300 cemetery-purchaseof issuing
bonds.
BUTLER COUNTY (P. 0. Allison), Kan.
-BOND SALE.
-The
Guaranty Title & Trust Co. of Wichita purchased
an issue of $130,000
41i% road bonds at 100.71 on Jan. 19. Due serially 1-20
-years.
CAMBRIDGE, Cowley County, Kan.
-BONDS REGISTERED -On
Dec. 12 the State Auditor of Kansas registered $12,500 5% electric .
transmission line bonds.
CAMDEN, Carroll County, Ind.
-BONDS NOT YET SOLD.
-The
310.000 5% improvement bonds offered on Sept. 15-V.
119, p. 1090
have not been sold as yet.
CAMERON, Brownsville County, Tex.
-BOND ELECTION POSTPONED.
-The election scheduled to
purpose
of voting on the question of issuihgbe held on Dec. 22 for the bonds
3125.000 534% funding
V. 119. p. 2288
-has been postponed until late in February because of an
allegpd irregularity.
CAPE CHARLES, Northampton County, Va.-BOND SALE.
-The
$50,000 street paving bonds offered on Feb. 4 on which
all bids were rejected-V. 118, p. 932
-were sold later to J. R. Parsons of Cape Charles
as 514s at par. Date Feb. 1 1924. Coupon bonds. Denom. $500. Due
1944, optional Feb. 1 1929 upon 60 days written notice. Interest payable
Feb.and Aug.

CARLSTADT SCHOOL DISTRICT (P. 0. Carlstadt), Bergen
County, N. J.
-BOND SALE.
-The Carlstadt Nat. Bank of Carlstadt on
Jan. 28, purchased the $15,500 5% coupon or registered school bonds
offered on that day
-V. 120. p.'357
-for $15,680, equal to 101.16, a basis
of about 4.82%. Date Jan. 15 1925. Due yearly
on
$1,000 1926 to 1936 incl. and 31,500 1937 to 1939 incl. Jan. 15 as follows:
CARROLL COUNTY (P. 0. Delphi) Ind.
BEE HIVE RURAL SCHOOL DISTRICT (P. 0. Warrensville
-BOND SALE NOT
), COMPLETED.
-The sale of the $7,600 41
Cuyahoga County, Ohio.
Jesse° Johnston et al. road
-BOND SALE.
-The 3259,843 75 534% bonds to the Fletcher-American Bank of
coupon school bonds offered on Jan. 19 (V. 119. p. 110)
Indianapolis (see V. 119. p. 223)
Braun. Bosworth & Co. of Toledo at par and accruedhave been sold to was not completed.
interest plus a
The bonds were re-offered and sold on Aug. 9 to J. F.
premium of $11.504. equal to 104.42. Date Jan. 1
Wild & Co. of
months beginning April 1 1926. Other bids were as1925. Due every six Indianapolis at 101.01, a basis of about 4.29%. Notice of this sale appeared
follows:
in V. 119, p. 837.
Premium.I
Premium.
Hayden. Miller & Co
CASS COUNTY (P. 0. Virginia), III.
38,097 Herrick & Co
-BOND SALE.
-It is stated
-Otis & Co
8,679 Milliken & York Co
$18:375 2 county bonds State Bank of Beardstown has been awarded 350,000 4%%
0 27 that the First
Ryan, Sutherland & Co
8,3891 Stranahan, Harris & Oath',
at 100.50. Denom. $500. Due yearly in from 1927
Prudden & Co
to
1938, inclusive,
9.337 I Inc
9,510
BENTON COUNTY (P. 0. Fowler),
CHANUTE, Neosho County, Kan.
-BOND SALE.
-J. F. Wild
-BONDS REGISTERED.
-The
& Co. of Indianapolis have been awarded Ind.
State Auditor of Kansas registered $30,206 05
5% paving bonds on Dec. 9.
Embleten et al road impt. bonds offeredthe $12,140 5% coupon James B.
on Jan. 26-V. 120, p. 357
-for
CHENEYV1LLE, Rapides Parish, La.
$495, equal to 104.07-a basis of about 3.55%. Date
-BOND SALE.
-The People's
Jan. 15 1925. Due Savings Bank of Mansura
31.214 every six months from May 15 1926
purchased at
Dec.
to Nov. 15 1930, incl.
327,000 6% water works and electric private sale on Date 27 an issue of
light bonds.
BERLIN SCHOOL DISTRICT,Colquitt
Oct. 1 1924.
County, Ga.-BOND SALE. Legality approved by Martin & Campbell of New Orleans.
-An issue of $8,000 6% school bonds was purchased
CHEROKEE COUNTY (P. 0. Columbus), Kan.
Co.. Inc., of Atlanta. Date Sept. 1 1924. Denom. by J. H. Hilsman &
-BONDS REGIS3500. Due Sept. 1 TERED.
-On Dec. 3 the State Auditor of Kansas registered $14,160
as follows: $500, 1928 to 1943, inclusive. Principal
and interest (M• &
5%
road improvement bonds.
payable at the Hanover National Bank, New
York
proved by Storey, Thornclike, Palmer & Dodge, of City. Legality apCHERRY COUNTY SCHOOL DISTRICT NO.
Boston.
70 (P. 0. Valentine),
Nebr.-BOND SALE.-Benwell
Financial Statement.
Actual values
ing bonds aggregating $20,000: & Co. of Denver has purchased the follow$500,000 $15,000 5Y%
Assessed values. 1924
school building bonds. Due serially 1-15 Years.
149,000
-Total bonded debt (this issue only)
5,000 5% refunding bonds. Due 5-20 years, optional.
8,000
Popula lion (estimated), 1,000.
CHICAGO SANITARY DISTRICT, 111.
BERRIEN COUNTY (P. 0. St. Joseph).
-BOND OFFERING.Sealed proposals addressed to the Board
-BOND SALE.
-Joel
of Trustees of the Sanitary District
Stockard & Co. of Detroit have purchased Mich.
$225,000 Covert Road bonds of Chicago will be received by the Clerk of the Sanitary District of Chicago
as 43.1$.
at room 700, 910 South Michigan Ave.,
Chicago,
BEVERLY, Essex County, Mass.
time) on Feb. 5. The bonds for.the purchase ofuntil 11 a. m.(standard
which said bids will be
-Percy A. received are
Wallis, City Treasurer, asked fer sealed -BOND OFFERING.
$3,000,000 worth of
bids until
4% coupon high school bonds. Denom.31.000. 5 p. m. Jan.29 for $200.- to bear date of Jan. 1 1925. with bonds in denomination of 31.000 each, all
Date Feb. 11925. Prin. annually
interest at the rate of 4%, payable semisemi-ann. int.(F. & A.), payable at the
and
(J. & J.); $156,000 payable
Old Colony
Due 310,000 yearly on Feb. 1 from 1926 to 1945, incl Trust Co., Boston. Jan. 1 1928 to 1945, both principal andJan. 1 1927 and $158,000 payable
interest to be payable at the office
- of the Treasurer of the
by Storey, Thorndike, Palmer & Dodge, of Boston. tegality approved
said Sanitary
of the United States of America. AllDistrict of Chicago in lawful money
BISCAYNE DRAINAGE DISTRICT (P. 0.
bonds
Miami), Dade County, cipal at the option of the owner. Proposals may be registered as to prin-NO BIDS.
-No bids were received for the
Fla.
5212.000 6% drainage worth of bonds or any portion thereof. Each will be received for $3,000,000
bonds offered on Jan. 13 (V. 120, p. 110). Date Dec. 1
by certified check or cash in amount equal toproposal must be accompanied
1924.
3% of the amount of the bid.
BLACKDUCK, Beltrami County, Minn.
All certified checks
-BOND SALE.
-The 36,000 bank and must be or drafts must be drawn on some responsible Chicago
village bonds offered on Dec. 16-7. 119, pi. 267I-were
payable to the order of the "Clerk of the Sanitary DisFirst National Bank of Bemidji, at par. Due in 5 to 10 awarded to the trict of Chicago.
Bonds to be paid for and delivered at the office of the
years.
Treasurer of the Sanitary District of Chicago. Payment to include accrued
BLOUNT COUNTY (P. 0. Maryville), Tenn.
-BOND
-The interest from Jan. 1 1925 to the date of the delivery. An opinion by Wood
3380,000 5% coupon road bonds favorably voted upon Sept. SALE.
20(V. 119. P• & Oakley will be furnished certifying the legality of said bond issue.
1982) were awarded to I. B. Tigrett & Co. of Jackson on
Dec. 17 at a
premium of $9,530, equal to 102.50-a basis of 4.80%. Date
Financial Statement.
Jan. 11925. Equalized value of property,
Denom. $1,000. Due Jan. 1 as follows: 310.000, 1926 to
$1,918,548,484
1963, inclusive. Authorized indebtedness, 3%1923
Interest payable J. & J.
57,556,454
BOULDER COUNTY SCHOOL DISTRICT NO. 17
Outstanding bonds. Jan. 2 1925
(P.
$40.635,000
-BOND ELECTION.
-On Feb. 17 an election 0. Long. Amount of present issue
wont), Colo.
will be
3,000.000
for the Purpose of voting on the question of issuing $264,000 434% hercl
school
building bonds.
Total bonded debt, including present Issue
$43.635,000
Fixed contract liabilities
BOUNTY SCHOOL DISTRICT NO, 38, Divide County,
13,875,000
-During the month of December the State of No. Dak,BOND SALE.
Total
murchaged $3,009 5% building bonds at par. Date Sept. North Dakota
1 1924. Due Unexercised debt incurring
3157.510.000
power
46,454

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

610

THE CHRONTCLE

The money derived from the sale of these bonds, it is stated. is to be used
for the purpose of assisting to pay the cost of permanent improveme Is.
Estimated population of the Sanitary District of Chicago is 3,142,000.
For further information apply to the Chairman of the Committee on Finance
of the Board of Trustees of the Sanitary District of Chicago, room 700.
910 South Michigan Ave., Chicago.
-BOND SALE.
CHIPPEWA COUNTY (P.O. Sault Ste. Marie), Mich.
-The "Evening News" of Sault Ste. Marie in its issue of Jan. 23 said:
"Supervisors of Chippewa County accepted the bid for a $135,000 bond
issue, made by Mather & Co., Inc., of Chicago at a special session of the
board held on Jan. 23. The bid was a flat offer at 5% interest and a
premium of $425, with a special added provision on $250 allowed for
financing the special session of the Supervisors to ratify the bid."
-An issue of
-BOND SALE.
CLAREMONT, Sullivan County, N. H.
$42.000 44% water bonds has been awarded to E. H. Rollins & Sons of
Boston at 101.85, a basis of about 4.27%. Denom. $1,000. Date Jan, 1
1925. Prin. and semi-ann int (J & J ), payable at the Old Colony Trust
Due yearly on Jan 1 as follows: $3.000 1926 and 1927
Co of Boston
and $2,000 1928 to 1945, inclusive. Legality approved by Ropes, Gray
& Perkins, of Boston
CLAY SCHOOL TOWNSHIP (P. 0. Greensfork), Wayne County,
Ind.
-BOND SALE.
-On Aug. 8 the Merchants Nat. Bank of Muncie
purchased the $35.000 4% coupon school bonds offered on that day
119, P. 488. Date Aug. 1 1924. Due $1,250 every six months from
July 11025 to Jan. 1 1939, incl.
-BONDS VOTED.
-At the election
CLUTIER, Tama County, Iowa.
held on Jan. 26-V. 120. p. 358-the voters authorized the issuance of
,
$35.000 school building bonds by a vote of 106 for and 33 against.
COITSVILLE RURAL SCHOOL DISTRICT (P. 0. Coitsville),
-On Dec. 17 the $25.000 54%
Mahoning County, Ohio.
-BOND SALE.
-were sold to
-V. 119. p. 2788
coupon school bonds offered on that day
Ryan, Sutherland & Co. of Toledo for $25,013 25, equal to 100.053-a
basis of about 5.47%. Date Dec. 1 1924. Due yearly on Dec. 1 as
follows: $2.000, 1926. and $1,000, 1927 to 1949, incl.
COLEMAN INDEPENDENT SCHOOL DISTRICT,Coleman County,
Tex.
-BOND DESCRIPTION-The $100,000 5% school bonds purchased
by the Commerce Trust Co. of Kansas City on Aug. 27-V. 120. p. 358
are described as follows: Date Nov. 15 1924. Coupon bonds. Due
serially 1925 to 1964. Interest payable M. & N.
-The
-BONDS REGISTERED.
COLUMBUS, Colorado County, Tex.
State Comptroller of Texas on Jan. 21 registered $75,000 54% school
building bonds. Due serially.
COLUMBUS SCHOOL DISTRICT (P. 0. Columbus), Franklin
-BOND SALE -An issue of $125.000 5% coupon school
County, Ohio.
bonds has been sold to the Commission of the Sinking Fund at par Denom.
$1,000. Date Feb. 16 1925. Prin. and semi-ann. int. (F. & A.). payable
at the National Park Bank of New York. Due yearly on Feb. 16 as follows:
$6.000 1927 to 1936. inclusive. and $5,000 1937 to 1949. inclusive.
COLUMBIA TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
Columbia Station), Lorain County, Ohio.
-BOND OFFERING.
Sealed bids are being asked until 7 p. m. Feb. 17 by Jay Jasper, Clerk,
Board of Education, for $2.600 6% school bonds. Denom. $500. one for
$100• Date Jan. 1 1925. Prin. and semi-ann. int. (A. & 0.) payable
at the Bank of Berea Company, Olmsted Falls. Due yealry on Oct. 1 as
follows: $100, 1926, and $500, 1927 to 1931 incl. Certified check for 5%
required.
CORNING INDEPENDENT SCHOOL DISTRICT, Adams County,
-BONDS DEFEATED.
-The proposition to issue $170.000 schoolIowa.
building bonds was defeated at the election held on Jan. 15(V. 120, p.234).
-BOND OFFERING.
CORVALLIS,Benton County,Ore.
-Sealed bids
will be received until 7:30 p. m. Feb. 2 by J. M.Conner, Municipal Judge,
for 578,552 67 6% paving bonds. Denom. $500 except one for /52 67.
Due Feb. 1 1935. A certified check on a national or State bank, payable
to the order of J. M. Conner. Municipal Judge, for $1,000 is required.
-BOND ELECTION-On April 7 an
CRAIG, Moffat County, Colo.
election will be held for the purpose of voting on the question of issuing
$10.000 library building bonds.
-- CROWLEY, Crowley County, Colo.
-BONDS VOTED AND
-At the election held on Nov.4-V.119. p. 1982
AWARDED IN PART.
the voters authorized the Issuance of $8,000 water bonds. $6.000 of said
bonds were awardedito the Boettcher,Porterf& Co.of Denver as 514s at 95.
Date Nov. 1 1924. Coupon bonds. Due 10 to 15 years from date. Intay
erest payable semi-annually.
1111
CUYAHOGA COUNTY(P.O. Cleveland),Ohio.
-BOND OFFERING.
-Until 11 a. m.Feb. 11, Louis Simon, Clerk Board of County Commissioners, will receive sealed bids for the following 5% Chadron Road No. 2
impt. bonds:
$71,250 (special assessment) bonds. Denom. $1,000, one for $250. Due
yearly on Oct. 1 as follows: $6,250. 1926, $7,000 1927 to 1933 incl.
and $8,000 1934 and 1935.
59,375 (county's portion) bonds. Denom. $1,000 and for $375. Due
yearly on Oct. 1 as follows: $5,375 1926, and $6,000 1927 to 1935
incl.
Date Dec. 1 1924. Prin. and semi-ann. int. (A. & 0.) payable at the
County Treasurer's office. Cert. check for 1% of the amount of bonds
bid for, payable to the County Treasurer, required.
-BOND OFFERINCI bids
DADE COUNTY(P.O.Miami),Fla.
will be received until Feb. 17 by Ben Shepherd. Clerk, Board of County
Commissioners, for $212,000 6% drainage bonds.
-BOND OFFERDECATUR COUNTY (P. 0. Greensburgh), Ind.
-0.B. Evans, County Treasurer, will receive sealed bids until 1 p. m.
ING.
Feb. 7 for $16,000 4)4% Bernard Raver et al. highway bonds. Denom.
$800. Int. M. & N. 15. Due $800 yearly on Nov. 15 from 1926 to 1945
incl. Certified check for 2% of the total amount of bonds bid for required.
DECATUR PARK DISTRICT (P. 0. Deactur), Macon County, Ill.
-DESCRIPTION.-Following is a description of the $200,000 44%
coupon park and driveway bonds sold to the Guaranty Co. of New York
was given in
for $203,559 40, equal to 101.77, asand semi-ann.V. 120. p. 480. Denom.
int.
$1.000. Date Jan. 11925. Prin. in lawful money of (J. & J.) payable at
the First National Bank of Chicagoas follows: $6,000, the United States of
1926 to 1929 incl.;
America. Due yearly on July 1
$8.000. 1930 to 1933 incl.; 1110.000. 1934 to 1937 incl.; $14,000, 1938, and
expense
$15.000, 1939 to 1944 incl. The borne byof legal opinion of Wood & Oakthe district.
ley and the cost of printing bonds
Following is a list of the bids received:
8203.559 40 Stevenson, Perry, Stacy&Co. 202,459 60
N. Y
Guaranty Co. of
& Co
202,352 00
Cont. & Corn. Tr.& Say. Bk. 203.347 00 Taylor, EwartBank,
Citizens Nat.
Decatur 202.314 00
Northern Trust Co. and
202.303 00
203.318 00 Birth, Witter & Co
Ames, Emerlch dc Co
Smith
Stlx & Co. and Union Tr. Co. 203,230 00 Kaufman,Peck && Co. and 202,257 60
Emery,
Rockwood
203,150 00
Hill. Joiner & Co
W. R. Compton Co
202,20200
Detroit Co. and E. H. Rol203,128 00 Iii.Standard Tr.Co ,Decatur 202,19600
Sons
Ilns &
203,119 00 N.L. Rogers Co.,Peoria....-- 201.880 00
First Trust & Savings Bank_
201,808 90
H. D Fellows Co
A. G. Becker & Co. and
201,703 10
Minton, Lampert & Co___ 202.900 00 Nat. Bank of Decatur. Dec'r 201,588 75
W. A. Harriman & Co., Inc_ 202.841 00 Hanchett Bond Co., Inc
201,549 00
202,582 00 Paine, Webber dt Co
National City Co
201,289 50
Farmers' State Bk., Decatur 202.557 00 Bonbright & Co.,Inc
accrued interest.
All the bids included
-During the latter
-BOND SALE.
DEERFIELD, Lake County, III.
and disposal plant
Part of December approximately $180,000 5% sewerConstruction Co. of
bonds were issued to the Pastoret
special assessment
Duluth at par, which in turn sold the bonds to Blanchard, Rowe & Co. of
Chicago. Denom. ono. Int. payable annually. Due in two to ten years,
but may be retired before maturity on official call.
-BOND SALE.
DE FUNIA K SPRINGS, Walton County, Fla.
The $15.000 6% street improvement bonds offered on Jan. 16-V. 120,
the Hanchett Bond Co. of Chicago at a discount
1: 111-were awarded to
1•
of $45, equal to 99.70. a basis of about 6.02%. Date Jan. 1 1925. Due
Jan. 1 as follows: 51.500 1926 to 1935, inclusive.
-Until 7:30
-BOND OFFERING.
DEL RIO, Val Verde County, Tex.
p.m. Feb. 10 sealed bids will be received by L.J. Bochat, City Secretary,
for the following bonds, aggregating $150,000:

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

•[you 120.

$100,000 5% street improvement bonds. Due as follows: $2,000 1926 to
1930 incl., $3,000 1931 to 1934 incl., $4,000 1935 to 1940
incl., $5.000 1941 to 1946, $6,000 1944 to 1950 incl.
50,000 5% sewer improvement bonds. Due as follows: $1,090. 1926
to 1932,32.000 1933 to 1943 incl., $3,000 1944 to 1950 incl.
Date Jan. 15 1925. Denom. $1,000. Principal and int. (J• & J. 15
).
payable at the Seaboard National Bank, New York City. Coupon bonds.
A certified check for 2% of bids is required.
DETROIT, Mich.
-BOND SALE.
-A syndicate composed of the
Bankers Trust Co., National City Co., Guaranty Co. of New York,
Harris, Forbes & Co., Estabrook & Co. Wnt, R. Compton Co., Eldredge
& Co.. Remick, Hodges & Co., Detroit Co., Keane, Higbie & Co., First
'
National Co., Ames, Emerich & Co., Kean, Taylor & Co., W. A. Harriman & Co., Marshall, Field, Glore & Co. and Hannahs, Bailin & Lee
has been awarded the following issues of coupon or registered bonds offered
on Jan. 26-V. 120. P. 480
-at a premium of $84,066, equal to 100.42a basis of about 4.3233%.
57,000.000 44% school bonds. Due yearly on Feb. 1 as follows' 5243.000,
1926, and $233,000, 1927 to 1955 I net.
9,000.000 4%% public sewer bonds. Due $300,000 Feb. 1 1926 to 1955
incl.
1,000.000 431% lighting bonds. Due yearly on Feb. 1 as follows: $43,000,
1926, and 333,000, 1927 to 1955 incl.
499.000 44% various public improvements bonds. Due yearly on
Feb. 1 as follows: $35,000, 1926. and 516,000. 197 to
1955 incl.
703,000 44% grade separation bonds. Due yearly on Feb. 1 as follows: 536.000. 1926, and 523.000, 1927 to 1955 incl.
1,000.000431% art museum bonds: Due yearly on Feb. 1 as follows:
543,000, 1926. and 333.000. 1927 to 1955 incl.
353,000 431% market bonds. Due yearly on Feb. 1 as follows: $34.000.
1926, and 811.900. 1927 to 1955 incl.
Denom. $1 000. Date Feb. 1 1925.
Financial Statement (as Officially Reported).
Assessed valuation 1924
52,455,327.680
Total bonded debt (including this issue)
, .
Water debt
$20,001,114
Sinking fund
17,102,317
Net debt
155,621,036
Population. 1920 Census. 993.678.
DILLEY, Frio County, Tex.
-BOND ELECTION.
-An election will
be held on Feb. 21 for the purpose of voting on the question of issuing
$30.000 8% water bonds.
DODGE CITY, Ford County, Kan.
-BOND SALE.
-D. E. Dunne
& Co. of Wichita have purchased the following bonds, aggregating $58,897 23,registered on Nov.13 by the State Auditor of Kansas.
-V.1204).111
529.412 66 4%% Series A paving bonds.
29.484 57 4%"7 Series B paving bonds.
0
DYER COUNTY (P.O. Dyersburg),Tenn.
-BOND ELECTION.
-An
election will be held on Feb. 26 for the purpose of voting on the question
of issuing $150.000 road bonds.
EAST ROCHESTER, Monroe County, N. Y.
-BOND SALE.
-Sage.
Wolcott & Steele of Rochester have been awarded $8,600 458% street impt.
bonds at 101.66-a basis of about 4.44%. Denom. $1.000. Date Feb. 1
1925. Due yearly on Aug. 1 as follows: 58.000, 1926 to 1935, incl., and
.
56,000. 1936. Legality approved by Clay & Dillon of New York.
EAST TAMPA SPECIAL ROAD AND BRIDGE DISTRICT NO. 2,
Hillsborough County (P. 0. Tampa), Fla.
-BOND SALE HELD UP.The sale of the 5750.000
% road bonds offered on Dec. 5-V. 119, p.
-Is being held up pending action of the Supreme Court.
2556
ELIZABETHTOWN, Essex County, N. Y.
-BOND OFFERING.
Sealed bids will be received until 4 p. m. Jan. 31 by William H. Barton
Town Clerk, for $12,500 6% registered village bonds. Denom. 31.700 and,
$um. Date March 1 1925. Principal and annual interest (March),
payable at the Lake Champlain National Bank of Westport, nue yearly
on March 1 as follows: $2.200 1926 to 1930, inclusive. and $500 1931 to
1933, inclusive. Certified check for 2% of the par value of bonds bid for,
payable to the Town Supervisor, required.
ELKHART COUNTY (P. 0. Goshen), Ind.
-BOND SALE.
-The
Fletcher Savings & Trust Co. of Indianapolis purchased the two issues of
5% rod bonds offered on July 12-V. 119, p. 109
-as follows:
$36.000 Martin V. Crippe et al. bonds, at a premium of 52.008 80. equal to
105.58, a basis of about 4.31%. Due $900 every six months from
May 15 1925 to Nov. 15 1944, inclusive.
13,000 Jacob C. Brown et al. bonds at a premium of 5717 70 equal to
105.52, a basis of about 4.32%. Due 9325 each six months from
'
May 15 1925 to Nov. 15 1944, inclusive.
Date June 15 1924.
BONDS NOT SOLD.
-The $29.000 434% coupon road bonds offered unsuccessfully on Oct. 4-V. 119, p. 1762
-due to injunction proceedings,
have not yet been sold.
ELLIS SCHOOL DISTRICT NO. 2, Ellis County, Kan.
-BONDS
VOTED.
-At an election held on Jan. 23 the voters authorized the issuanceof $100,000 high school building bonds by a vote of 2 to 1.
ELLSWORTH, Ellsworth County, Kan.
-BOND OFFERING.
-Until
8 p. m. Feb. 3 sealed bids will be received by Elden R. Shaw, City Clerk,
for 523,500 434% water works improvement bonds. Date Jan. 1 1925.
Denom. $1-000, except one for $500. Coupon bonds. Due Jan. 1 as
follows: /1.500 1926 and 52,000 1927 to 1937, inclusive. Interest payable (J. & J.).
EMPORIA,Lyon County, Kan.
-BOND OFFERING CALLED OFF.The bond offering of 5100,000 sch.gluled to take place on Jan. 26-V. 120,
-was called off.
p. 358
EUREKA CONSOLIDATED SCHOOL DISTRICT(P.O. Goldsboro),
Wayne County, No. Caro.
-BOND SALE.
-The $25.000 coupon or
registered school bonds offered on Nov. 3-V. 119, p. 1983
-were awarded
to the Wachovia Bank & Trust Co of Winston-Salem as 5%s at a premium
of 8415. equal to 101.66, a basis of 5.09%. Date Oct. 11924. Due $1,000
yearly on Oct. 1 from 1927 to 1951, inclusive.
EVANGELINE PARISH (P. 0. Ville Platte), La.-BaND SALE.Prudden & Co. of Toledo purchased an issue of 550,000 6% school bonds
on Nov. 18.
FAIRVIEW SCHOOL DISTRICT (P.0. North Olmsted), Cuyahoga
County, Ohio.
-BOND OFFERING.
-Ross P. Jordan. Clerk Board of
'
Education, will receive sealed bids until 12 m. Feb. 12 for 5208,500 5%
school bonds. Denom. $1,000, one for $1,500. Date Dec. 11924. Prin.
and semi-ann. int. (A. & 0.) payable at the First National Bank. Rocky
River. Due each six months as follows: $4,500 April 11926,$4,000 Oct. 1
1926. $4,000 April 1 and Oct. 1 from 1927 to 1946 incl., and 55,000 April 1
and Oct. 1 from 1947 to 1950 incl. Cert. check for 10% of amount of bonds
bid for, payable to the District Treasurer, required.
FAIRVIEW VILLAGE SCHOOL DISTRICT (P.O. Fairview), Cuyahoga County, Ohio.
-BOND OFFERING.
-Sealed proposals will be received by Ross P.Jordan, Clerk of Board of Education, until 12 m.(Central
standard time) Feb. 5 for 5208.500 5% coupon school bonds. Denom.
$1,000 and one for $1,500. Date Dec. 11924. Prin, and semi-ann. int.
(A. & 0.) payable at the First Nat. Bank of Rocky River. Due every
six months as follows: $5,500, April 1 1926; 54.000, Oct. 11926 to Oct. 1
1946. incl., and 55,000, April 1 1947 to Oct. 1 1950, incl. Certified check
on some bank other than one making bid, payable to the District Treasurer,
required.
FARRAGUT,Fremont County,Iowa.
-BOND SALE.
-The following
5% bonds, aggregating $10,000, offered on Jan. 19-V. 120. p. 234-were
awarded to Geo. M. Bechtel & Co. of Davenport at a premium of $311.
equal to 103.11. a basis of 4.48%:
$5,000 sewer bonds. Due July 1 as follows: $500 1927 to 1931, incl..
and 1933 to 1937, incl.
5,000 sewer outlet bonds. Due July 1 as follows: $500 1927 to 1931.
incl and 1933 to 1937. incl.
Date Feb. 1 1925.
FLORENCE, Marion County, Ala.
-An issue of
-BOND SALE.
550.000 54% water bonds was purchased on Aug. 18 by Marx & Co. of
Birmingham at 94. Due in 1944.
BOND SALE.
-Caldwell & Co. of Nashville purchased on Dec. 16 an
Issue of 550,000 54% water bonds at 96. Due in 1944.

JAN. 31 1925.]

THE CHRONICLE

FLOYD COUNTY (P. 0. Neiv Albany), Ind.
-BOND SALE.
-The
Fletcher Savings & Trust Co. of Indianapolis has purchased the $26.700
5% coupon Fairview Knob Road bonds offered on Nov. 5(V. 119, P. 2093)
at par and accrued interest plus a premium of $1.353 60. equal to 105.069.
a basis of about 3.95%. Due $1,335 every six months from May 15 1925
to Nov. 15 1934, inclusive.

611

HENRY COUNTY (P. 0. Abbeville), Ala.
-BOND SALE.
of $165,000 5% road and bridge funding bonds is being sold-An issue
at par to
various purchasers.

HENRY COUNTY SCHOOL DISTRICT NO. 192 (P. 0. Woodhill),
111.
-BOND SALE.
-The White-Phillips Co. of Davenport purchased an
issue of $45.000 school bonds as 5s. Date Jan. 1 1925.
FOREST SCHOOL TOWNSHIP (P. 0. Forest), Clinton County,
-BOND SALE.
Ind.
-J. F. Wild & Co. of Indianapolis on Sept. 20 purHIAWATHA, Brown County, Kan.
-NOTE REGISTERED
.The
chased the $50.000 5% coupon school bonds, offered on that day
-V. 119, State Auditor a Kansas on Dec.2 registered a $12,976 02 491% temporary
-for $51,280. equal to 102.56. a basis of about 4.47%. Date July note.
13• 1199
1 1928. Due $2,500 every six months from July 1 1925 to Jan. 1 1935 incl.
HILLSBORO, Hill County, Tex.
-BOND ELECTION.
-On Feb. 24
FORT DODGE,Webster County,Iowa.
-BOND SALE.
-The $13,000 an election will be held for the purpose of voting on the question of issuing
funding bonds offered on Jan. 21-V. 120, p. 359
-were awarded to Geo. $25,000 water and sewer bonds.
M. Bechtel & Co. of Davenport as 4 91s at a premium of $299, equal to
HOLTON, Jackson County, Kan.
-BONDS REGISTERED.
-$118.102.30. Date Feb. 1 1025. Denom.$1,000. Due Feb. 1 1945. Interest 512 74 5% street
improvement bonds were registered on Dec. 27 by the
payable (F. & A.). Coupon bonds.
State Auditor of Kansas.
NOTES REGISTERED.
-On Dec. 20 the State Auditor of Kansas regisFOUNTAIN HILL SCHOOL DISTRICT (P. 0. Bethlehem),
tered $14,926 12 6% temporary notes.
Northampton County, Pa.
-BOND SALE.
-It Is stated that the E. P.
Wibur Trust Co. of Bethlehem has purchased, subject to legality, $50,000
HORTON, Brown County, Kan.
-NOTE REGISTER
-A $44,% school bonds at 100.05.
555 15 4K% temporary note was registered on Dec.27 by theED. Auditor
State
of Kansas.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
-BOND SALE.
The following four issues of bonds offered on Jan.28-V. 120, p. 235
HOT SPRINGS-SPRING CREEK ROAD DISTRICT (P. 0. Hot
all sold. A. T. Bell & Co. were the successful bidders for the -were
Springs), No. Caro.
-BOND SALE.
-The $50,000 coupon road bonds
bonds at a premium of $3,904, equal to 103.12. a basis of about hospital offered
4.17%.
on Aug.12-V.119, p.725
-were awarded to tha Hanchett Bond Co.
and the Second War Securities Co. of Milwaukee for the other three of Chicago
as 6s at a premium of $1.517 60.equal to 103.03, a basis
issues at a premium of $925 75, equal to 102.31. a basis of about 4.52%.
5.85%. Data July 11924. Due July 1 as follows: $1.000 1925of about
$125,000 addition to Franklin County Tuberculosis Hospital bonds
to 1934
in the and $2.000 1935 to 1954, inclusive.
denom. of $1,000 each. dated Jan. 15 1925, bearing interest
at
the rate of 441%. Bonds due and payable as follows:
HOUSTON, Harris County, Tex.
$11.000
-BONDS REGISTERED.
Oct. 15 1926 to 1930, inclusive. $10,000. 1931
Jan. 19 the State Comptroller of Texas registered the following -On
bonds
Bonds to be issued under and by authorityto 1937, inclusive. aggregating $725,000:
of Sections
(Am. 0. L. 105-6, P. 502); 5639-1 (Am. 0. L. 105-06. p. 2434 $300,000 5% auditorium
502):
bonds.
5639-1 (Am. 0.1.. 105-6. p. 16): 5642-1 General Code
250,000 491% permanent paving bonds.
of Ohio,
and other sections of the said code applicable thereto
100.000 491% gravel street paving bonds.
by
of the people of Franklin County, Ohio, and by resolution vote
75,000
% sanitary sewer bonds..
of the
Board of County Commissioners of Franklin
Due serially..
County, Ohio,
adopted Dec. 20 1924.
2.900 S. D. Franklin No. 4 Watermain Bonds, Improveme
BOND ELECTION POSTPONED.
-The election to be held on Feb. 28
nt No. 55 for the purpose of
bonds in the denom. of $1,000 each, and one bond
voting on the question of issuing $500.000 water works
of $900, dated Jan. 151925, bearing 5%. Bonds in the denom. bonds (V. 120. p. 235) has been postponed until April 13.
as follows: $1,000 Oct. 15 1926 and 1927, and due and payable
$900. 1928.
HUNTINGTON PARK, Angelina County, Calif.
10,700 S. D. Clinton No. 2 Watermain Bonds,
-BOND ELEC-On
bonds, in the denom. of $1,000 each and Improvement No. 54, TION.
one in the denom. of the question Feb. 17 an election will be held for the purpose of voting on
of issuing $3,600,000 sewer bonds.
$700, dated Jan. 15 1925, bearing 5% intetest.
Bonds due and
payable as follows: $700. Oct. 15 1926:$2.000.
HURON, Beadle County, So, Dak.-BOND ELECTION.
26.400 S. D. Clinton No. 2 Sewer Bonds, Improveme 1927 to 1931,incl.
-A special
nt No. 52.
the denom. of $1,000 each, one bond in the denom. bonds in election will be held on Feb. 6 for the purpose of voting on the question of
of $400. Issuing $69,000.
dated Jan. 15 1925, bearing 5% interest. Bonds
able as follows: $2,400, Oct. 15 1926: $3,000. 1927due and payILLMO, Scott County, Mo.-BOND SALE.
to 1934. incl.
-Kaufman. Smith
FRANKLIN COUNTY COMMON SCHOOL
Louis have purchased an issue of $15.000 591% sewer system & CO.
of
bonds
DISTRICT NO. 3 at St.
(P. 0. Preston), Idaho.
par. Interest payable A. & 0. Due in 20 years.
-BOND SALE.
-The $40,000 school bonds
offered on May 17-V. 118. p. 2478
-were awarded to the State of Idaho.
INDEPENDENCE, Montgomery County, Kan.
-BONDS REGISFRANKLINTON, Franklin County, No. Caro.
-The State Auditor of Kansas on Dec. 22 registered
-BOND SALE.
- TERED.
$18.662 40
The two issues of bonds aggregating $85,000
offered o Nov. 14-V. 119. 491% pumping sewerage plant bonds.
p. 2206
-were awarded to Otis & Co. of Cleveland as 591s at the
following
prices:
INDIANAPOLIS, Marion County, Ind.
-BOND SALE.
-The $71.000
$50,000 street improvement bonds at a premium
491% negotiable coupon street and public highway bonds of 1924,
of
a basis of .5.69%. Due July 1 as follows: $270. equal to 100.54, on Oct. 16-V. 119, p. 1426-were sold to the Meyer-Kiser Bank of offered
$3,000 1926 to 1935, apolis for $71,827
inclusive: $2.000 1936 to 1945, inclusive.
50. equal to 101.16, a basis of about 4.32%. DateIndianNov. 1
35,000 water bonds at a premium of $189, equal to
1924. Due yearly as follows: $7,000 1927 to 1935. inclusive,
5.71%. Due July 1 as follows: $1.000 1927 to100.54, a basis of 1936. In V. 119, p. 2094. notice was given that Joseph L. and $8.000
1961, inclusive.
Hogue. City
Date July 1 1924.
Comptroller, had taken the above bid and a bid of
$933 premium subGALION CITY SCHOOL DISTRICT (P. 0. Galion), Crawford mitted by the Harris Trust & Savings Bank of Chicago under advisement.
County, Ohio.
-BOND SALE.
INDIANAPOLIS PARK DISTRICT (P. 0. Indianapolis),
-The $245,000 491% school bonds offered
Marion
on Jan. 5(V. 119. p. 3038) were sold to the Guardian Savings & Trust
-BOND OFFERING.
-Joseph L. Hogue. City Comptroller,
Co. County, Ind.
of Cleveland at a premium of $3,042 90. equal to 101.24. Date
Jan. 11925. will receive sealed bids until 12 m. Feb.6 for $80.000 414% coupon school
bonds. Denom. $1.000. Date Feb. 6 1925. Prin. and
GLADYS SCHOOL DISTRICT NO. 36, Williams County, No. Dak.
semi-ann. Int.
(J. & J.), payable at the office of the City Treasurer. Due $2.000 yearly
-BOND SALE.
-The State of North Dakota purchased $4.000 5%
ing bonds during the month or December at par. Date Oct. 11924. build- on Jan. 1 1927 to 1966. inclusive. Certified check for 2 K% of the par
Due value of bonds bid for, payable to the City Treasurer.
Oct. 1 1944. Although the bonds are not subject to call
required
they may be
redeemed two years from date of issue.
INMAN, Spartanburg County, So. Caro.
-BOND
-The
GLENMORA, Rapides Parish, La.
$50.000 6% water works and $50,000 6% sewer bonds on SALE.
-BOND SALE.
-The $12.500 were
which
water-works system bonds offered unsuccessfully on Jan.6
rejected on March 27-V. 118. p. 1702-were awarded, on all bids
May 30.
were purchased at private sale by Sutherlin, Barry & Co.(V. 120. P. 359) to A.C. Heyward & Co.of Columbia. Date April 1 1924.
of New Orleans Denom.
as 6s. Interest payable .1. & J.
$1,000. Due on April 1 as follows: $2,000, 1925Coupon bonds.
to 1936, incl.;
$4.000. 1937 to 1946, incl.; $6,000, 1947 to 1952. incl.
GOUVERNEUR,St. Lawrence County, N. Y.
-BOND OFFERING.
Sealed bids will be received until 7:30o. m. Feb. 3 by A. M.Jepson,
IRONTON, Lawrence County, Ohio.
Village
-BOND SALE.
-The $129.000
Clerk, for $100.000 491% coupon lighting plant bonds.
Denom. $1.000. 591% city bonds offered on Jan. 19-V. 119:p. 3039
-were sold to Breed,
Date Jan. 1 1925. Prin. and semi-ann. Int.
Elliott &
of Cincinnati for $133,925 70, equal to 103.04. a
National Bank, Gouverneur, or the Chase (J. & J.) payable at the First of about 'Harrison Date
basis
National 13ank, N. Y. Due
4.86%.
Dec. 1 1924. Due yearly on Dec. 1 as follows:
$5,000 yearly on Jan. 1 from 1926 to 1945. incl. Certified
check for $2,000. $13,000 1925 to 1933, incl.. and $12,000 1934. Following is a complete
payable to Wallace A. Streeter, Treasurer, required.
list of the bids received:
GREAT BEND, Barton County, Kan.
-BONDS
Premium
- The Herrick Co., Cleveland
$97,400 491% sewer bonds were registered by the State REGISTERED.
Auditor of Kansas Title Guarantee & Trust Co., Cincinnati
$4.012 00
on Dec. 29.
2.915 00
Stranahan, Harris & Otis, Toledo
GREENE COUNTY (P. 0. Waynesburg), Pa.
00
-BOND
- N. S. Hill & Co., Cincinnati
Sealed bids will be received until 2 p. m. Feb. 27 by Russell OFFERING.
I. Lemly. Chief Ryan, Bowman & Suttle, Toledo
Clerk of the County Commissioners. for $800.000
491% coupon or registered W. L. Slayton & Co., Toledo
highway and bridge bonds, Series of 1925. Denom.
33:099252 00
4. 68 0070
$1,000. Date March 1 A. T. Bell Toledo
1925. Prin. and semi-ann. Int.(M. & S.)
3.961 00
Breed, Elliott
er's office. Due $100.000 March 1 1929 topayable at the County Treasur- Seasongood & & Harrison, Cincinnati
4.925 70
1936. incl.: optional at par and
Mayer, Cincinnati
accrued interest on March 1 1930. Certified
4.3t48 00
Assel Goetz
check for
for required. Legality approved by Saul, Ewing. Remick 1% of bonds bid Otis & Co.. & Moerlein, Cincinnati
4.735 00
Cleveland
& Saul of Phila.
3.276 50
Bohmer,_Rienhart
GREENE COUNTY (P. 0, Greenville),.Tenn.
4.154 00
-BOND SALE NOT Detroit Trust Co., & Co., Cincinnati
CONSUMMATED
-RE
Detroit
-OFFERED AND SOLD.
-The
3.031 00
way bonds reported sold to Green County Bank and $75,000 5% high- Provident Savings Bank & Trust Co., Cincinnati
3.624 90
the First National Well, Roth & Irving, Cincinnati
Bank of Greenville
-V. 118, P. 2476
-was never
3.250 80
All bids included par and accrued interest.
were re-offered on Sept. 15-V. 119, p. 840- and completed. The bonds
States National Bank of Memphis. Date July awarded to the Central
1 1924. Due July 1 as
JACKSON COUNTY (P. 0. Jackson),
follows: $25.000, 1929, 1934 and 1939.
-BOND SAM-The
Continental & Commercial Trust & Savings Mich. of Chicago
Bank
purchased
GREENFIELD, Highland County,
the $100,000 5% coupon highway bonds offered on Jan.21-V.120,
Ohio.
-BOND SALE.
-The for $102.156, equal
p.359
Provident Savings Bank & Trust Co. of Cincinnati
to 102.156. Date Feb. 1 1925.
was awarded two issues
or 591% bonds as follows:
$16,510 90 street improvement bonds at a premium of
JAY COUNTY (P. 0. Portland County), Ind.
-BOND
-On
a basis of about 5.39%. Denoms. $500 $70, equal to 100.43, Sept. 2 the $8.600 4)4% coupon Geo. Wise at al. road bonds SALE.
offered on that
Nov. 11923. Due $1.834 54 annually. and $334 54. Date date
-V. 119. p. 1092
-were sold to the Merchants Nat. Bank of
8,332 70 street improvement bonds at a premium of
for $8.688 15. equal to 101.02. a basis of about 4.29%. Date Sept. Muncie
1 1924.
100.12. a basis of about 5.46%. Denom. $10 83, equal to Due $430 every six months from May 15 1925 to Nov. 15 1934
incl.
Date Dec. 1 1923. Due $925 86 annually.$500 and $425 86.
JEFFERSON DAVIS PARISH (P. 0. Jennings), La.
Legality approved by Peck, Shaffer & Williams of
-BOND OFFERCincinnati.
ING.
-John I. Hood,Clerk Police Jury, will receive sealed bids
GREENWOOD COUNTY SCHOOL
until Mar.5
for $75,000 6% road bonds.
Eureka), Kan.
-BONDS REGISTERED. DISTRICT NO. 64 (P. 0.
-00 Dec. 5 the State Auditor
JIM WELLS COUNTY COMMON SCHOOL DISTRICT
of Kansas registered $14,000
% school bonds.
NO. 15 (1.
2
0. Alice), Tex.
-BOND SALE.
-The $40,000 534% school bonds regisHAGUE, Emmons County, No. Dak.-BOND SALE.
-The $5,500 tered on May 8 by the State Comptroller of Texas
-V.118, p. 2605
-were
7% funding bonds offered on Aug. 16-V. 119, p. 724
-were awarded to purchased by the State Board of Education at par.
the Drake-Jones Co. of Minneapolis at par. Date Aug. 1 1924.
Due
JOHNSON COUNTY(P.O. Olathe), Kan.
Aug. 11934. Legality approved by Ambrose Tighe of St. Paul.
-NOTES BM'
STERED
.The Statenv ditor of Kansas on Dec. 10 registered
$20,000
HAMILTON COUNTY (P. 0. Noblesville), Ind.
-BONDS NOT PLR- notes and on Dec. 11 registered $5.585 65 temporary notes. 6% temporary
CHASED.
-J. F. Wild & Co. of Indianapolis inform us that
KANSAS (STATE
-NOTES REOISTERED.-Following ispDecee
which appeared in V. 119. p. 2092 to the effect that they had the report of notes registered by OF).
%
.8
purchased
the 8tate Auditor of Kansas during December: a list
g9,300 Shugart road construction bonds, was erroneous.
Amount.
Place.
Inf.
Date Reg.
$3,270 Burlington temporary notes
HARDIN COUNTY (P. 0. Kenton), Ohio.
-BOND SALE.
-The
3,400 Goff temporary note
$37.000 5 , % I. C. H. No.230 bonds offered on Jan. 26-V. 120, p. 359
;
6
3.366 Iola temporary note
were sold. to Breed. Elliott & Harrison of Cincinnati at a premium of $1.307.
4,1%
'Dec. 8
equal to 108.53-a basis of about 4.64%. Date Jan. 11925. Due yearly
KANSAS CITY, Wyandotte County,
-BOND SALE.
on Sept. 1 as follows: $4,100. 1925 to 1932, incl., and $4,200. 1933.
following bonds, aggregating $350.000, offered Kan.
-The
on
were awarded to the First Trust Co. of Wichita Jan. 29-V. 120. p. 482
HAWARDEN, Sioux City, lowa.-BONS VOTED.
-At the election
at a premium of 310,155,
held on Jan. 15(V. 120, p. 112;the voters authorized the issuance of $93,000 equal to 102.90-a basis of about 4.28%.
$200,000 491% electric light improvement bonds.
high-school building bonds by a vote of 400 for and 280 against.
150,000 434% water works improvemen
M
HAYES, Ellis County, Kan.
-BONDS REGISTERED.
Date Feb. 1 1025. Due Feb. 1 1945. t bonds.
-On Dec. 23
the State Auditor of Kansas registered $42,048 17 5% internal improvement.
KANSAS CITY, Wyandotte County, Kan.
bonds and $66,973 78 5% internal improvement, Series "13," -On Dec.27
Series "A,"
-BONDS REGISTEREP.
the State Auditor of Kansas registered
bonds.
$124,543 435% Paving
bonds.

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612

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-BOND
KANSAS CITY SCHOOL DISTRICT, Jackson County,!No.
OFFERING.
-J. B. Jackson, Secretary of Board of Education, will receive
sealed bids until Feb. 3 fro 31.000,000 school bonds. Bids are requested
for 5% bonds dated July 1 1921 and 44% bonds dated July 1 1923.
KAUFMAN COUNTY (P. 0. Kaufman), Tex.
-BOND ELECTION.
An election will be held on Feb. 21 for the purpose of voting on the question
of issuing $65.000 road bonds.
-On Feb. 18 an
KILLEEN, Bell County, Tex.
-BOND ELECTION.
election will be held for the purpose of voting on the question of issuing
$16,000 6% water bonds and $36,000 6% sewer bonds.
-BOND OFFERKINGS MOUNTAIN, Cleveland County, No. Caro.
ING.
-Sealed bids will be received until 12 m. Feb. 7 by Chas. E. Dilling,
Town Clerk, for $60.000 53.% public improvement bonds. Date Feb. 1
1925. Denom. $1,000. Due Feb. 1 as follows: $2,000, 1928 to 1951,
incl. and $3,000. 1952 to 1955, incl. Principal and semi-annual interest
payable in New York.
-ADDITIONAL INFORKNOX COUNTY (P. 0. Vincennes), Ind.
MATION.
-Breed. Elliott & Harrison of Indianapolis have been awarded
three issues of road bonds as follows:
-equal to 103.22.
$22,200 Tucker Road bonds for $22,917
-equal to 103.23.
18,400 Ridgeway Road bonds for 318.995
16,200 Lowhad Road bonds for 316,723
-equal to 103.53.
The above appeared in V. 119, p. 841. We are now informed that
these were 5% bonds• maturing serially May and November each
year from one to ten years. They were in denominations of $920. $555
and 3810, and were awarded on Aug. 8 1924.
BOND SALE.
-On Nov. 12. the following issues of 5% road bonds
were awarded to Breed, Elliott & Harrison of Indianapolis:
$16,200 road bonds.
33,000 road bonds.
4.500 road bonds.
Denoms. $825, $810 and $225. Int. M. & N. 15. Due serially May
and Nov. each year from 1 to 10 years.
KOSSUTH COUNTY DRAINAGE DISTRICTS (P. 0. Algoma).
lowa.-BOND SALE.
-The following three issues of drainage bonds,
-were awarded to Geo..M. Bechtel &
offered on Jan. 21-V. 120, p. 360
Co. of Davenport as 41e's at a premium of 3179, equal to 100.54.
34,755 08 Drainage District No. 82 bonds.
1,80600 Drainage District No. 166 bonds.
26,065 00 Sub-Drainage District No. 13 of District No.6 bonds.
Date Feb. 1 1925. Due 1929 to 1935. Interest payable J. Si D.
LABETTE COUNTY SCHOOL DISTRICT NO. 62 (P. 0. Oswego),
-The State Auditor of Kansas registered
Kan.
-BONDS REGISTERED.
$6,500 5% school bonds on Dec.3.
-The First
-BOND SALE.
LA GRANDE, Union County, Ore.
National Bank of Baker has purchased an issue of $73,160 75 6% improvement bonds at a premium of $2,502 10, equal to 103.42.
-D. H.
-BOND OFFERING.
LAKE COUNTY (P., 0. Tavares), Fla.
Moore, County Superintendent of Schools, will receive sealed bids until
10 a. m. Feb. 23 for $10,000 514% school bonds. Date Jan. 1 1925.
LAKE TOWNSHIP SCHOOL DISTRICT (P. 0. Hartville), Stark
County. °Mo.-BOND SALE.
-The $195,000 5% school bonds, offered
on Jan. 24 (V. 120, p. 360) were awarded to W.L. Slayton & Co. of Toledo
on their bid of $200,169 80. equal to 102.65. a basis of about 4.71%. Date
Mar. 1 1925. Due yearly on Mar. 1 as follows: $5,000 1927, and $10,000
1928 to 1946 incl.
The following is a list of the bids received:
Premium.
$5,16990
The W.L.Slayton & Co.,Toledo
4,271 00
Otis & Co., Cleveland
4,231 00
Tillotson & Wolcott Co.. and Millikun & York Co., Cleveland_ _
4,16000
The Herrick Company, Cleveland
4,11600
A. T. Bell & Co., Toledo
4,06200
A.B.Leach & Co.,Inc.,Chic
Canton Bond & Investment Co., Canton; Brown, Bosworth &
4.01110
Co., Toledo; Detroit Trust Co., Detroit
3.92000
L.B.Bollinger & Co..Breed,Elliott & Harrison, Cincinnati_ _ _ _
3.58800
Guardian Says. dr Trust Co., Cleveland
3,313 50
Seasongood & Mayer. Cincinnati
3,452 00
Bohmer Reinhart & Co., Poor & Co., Cincinnati
3,371 55
Stevenson. Perry. Stacy & Co., Chicago
3.12000
Vandersoll & Co., Ryan,Sutherland & Co
3.476 50
Brandon. Gordon & Wadell. New York
1,17000
Grail,Todd & Co., Geo.C.Riley Co.,Cincinnati
-BOND OFFERING.
-Until 7.30
LAKE WALES, Polk County, Fla,
p. in. Feb. 4, sealed bids will be received by J. F. Du Boise, Town Clerk.
for $.30.0006% sidewalk hnprovement bonds. Date Jan. 15 1925. Denom.
$1,000. Due Jan. 15 as follows: 36,000 1926 to 1930, inclusive. Principal and interest (J. & J. 15) payable at the Hanover National Bank. New
York City. Legality approved by Caldwell & Raymond, New York City.
A certified check on a national bank or State bank for $1,500 is required.
LANDRUM, Spartanburg County, So. Caro.
-The
-BOND SALE.
$100,000 serial water and sewer bonds favorably voted upon-V. 119.
-were purchased by A. M. Law & Co. of Spartanburg on Jan. 15
p. 1870
Rs 6s at a premium of 31,550, equal to 101.55. Date Feb. 1 1925. Denom.
$1,000. Interest payable F. & A.
-BOND SALE.
-The
LA PORTE COUNTY (P. 0. La Porte), Ind.
following issues of 5% coupon highway improvement bonds, offered on
-have been sold to the Meyer-Kiser Bank of
July 26-V. 119, p. 358
Indianapolis:
$10,000 Fink Road bonds at a premium of $347 50. equal to 103.475, a
basis of about 4.29%. Denom. $500.
16,000 Bull Road bonds at a premium of $550 50, equal to 103.44, a
basis of about 4.29%. Denom. $800.
20,400 Hollaway Road bonds at a premium of $702, equal to 103.44, a
basis of about 4.29%. Denem. $1,020.
Date July 19 1924. Int. semi-ann. Due one bond of each issue every
six months from May 15 1925 to Nov. 15 1934, inclusive.
-During the month of July an issue of $.30.600 5% coupon
BOND SALE.
bonds was sold to J. F. Wild & Co. of Indianapolis for $31,617 45, equal
to 103.32.
-BOND
LARKSVILLE (P. 0. Wilkes Barre), Luzerne County, Pa.
-The Liberty State Bank & Trust Co. of Wilkes-Barre on Nov. 12
SALE.
-V.119,
purchased the 325,000 514% Borough bonds offered on that day
-at par. Date Nov. 1 1924. Due $5,000 Nov. 1 in 1929; 1934,
p. 2095
1939, 1944 and 1949.
LA SALLE COUNTY WATER IMPROVEMENT DISTRICT NO, 1
-M. W. Elkins & Co. of Little
-BOND SALE.
(P. 0. Cotulla), Tex.
Rock have purchased an issue of $75,000 6% water bonds. Due in 1926
to 1930.
LIBERTY UNION SCHOOL DISTRICT (P. 0. Liberty), Fairfield
-Sealed proposals will be received by
-BOND OFFERING.
County, Ohio.
in.,
P. H. Snider, Clerk Bd. of Education until 7 p. in. Feb. 16, for $125.000
for $2,700. Date
school bonds. Denom. 32.600 and
5% coupon
Jan. 1 1925. Int. A. & 0. Due annually beginning Apr. 11925. Cert.
check for 1% of the amount bid for, upon some solvent bank, payable to
the Bd. of Education, required.
LINCOLN COUNTY SCHOOL DISTRICT NO. I (P.O. Kemmerer),
-At the election held on Jan.20-V.120. p.113
Wyo.-BONDS VOTED.
the voters authorized the issuance of $150,000 school building bonds by a
vote of 96 for and 2 against.
-Sealed bids will be received until 8 p. m. Feb. 23 by
BOND OFFERING.
Roy A. Mason, District Clerk, for $150.000 5% school building bonds.
Date June 1 1925. Denom. $7,500. Due June 1 as follows: $7,506, 1926
to 1945 incl. Interest payable J. & D.
-BOND SALE.
-The $8,500
LITTLETON, Arapahoe County, Colo.
coupon sidewalk improvement bonds offered on July 7-V. 119, p. 112
were awarded to the United States National Co. of Denver as 5345 at par.
Date June 1 1924. Due June 1 1934. Interest payable (J. & D.)
-BOND OFFERING.
LONG BEACH, Los Angeles County, Calif.
Sealed bids will be received until 9 a. m. Feb. 17 by H. C. Waughop, City
Clerk, for $500,000 harbor improvement bonds to bear interest at a rate
not to exceed 5%. Date Aug. 1 1924. Denom. $1,000. Due 3125.000
Aug. 1 1961 to 1904. Principal and interest (F. & A.) payable at the City

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[VoL. 120.

Treasurer's office or at the Hanover National Bank, New York City.
Legality approved by Bordwell & Matthews of Los Angeles and John C.
Thomson of New York City. A certified check for 3% of bid payable to
the City Auditor, is required. These are the bonds offered on ,San. 27V. 120, p. 483
-on which no bids were received.
LUZERNE COUNTY (P. 0. Wilkes-Barre), Pa.
-BOND SALE.
The 3500.000434% coupon Fort Jenkins Bridge bonds offered on Jan. 26V. 120. p. 113
-have been awarded to the Mellon Nat. Bank of Pittsburgh
for a premium of $7.055 50, equal to 101.41-a basis of about 3.94%.
Date Feb. 1 1925. Due yearly on Feb. 1 as follows: 3150,000, 1930 to
1932, incl., and 350,000, 1933. Other bidders, all of Philadelphia, were:
Premium.
Premium.!
Lewis & Snyder
35,039 95
$5,200 00'Harris, Forbes & Co
M. M.Freeman & Co
5,43150
5,038 45 Stroud & Co
LYNDHURST (P. 0. Cleveland), Cuyahoga County, Ohio.
-BOND
SALE.
-Milliken & York of Cleveland have purchased the 323,800 5)4%
coupon Oakmont Drive sewer bonds offered on Jan. 19-V. 119, p. 3039
for 324,103, equal to 101.27, a basis of about 4.99%. Date Feb. 1 1925.
Due yearly on Oct. 1 as follows: X1.800 1.126: 32.000 1927: $3.000 1928:
32,000 1029; $3.000 1930; 32.000 1931 and 1932; 33,000 1933; $2,000 1934
and 33.000 1935.
McCALL SCHOOL DISTRICT, Marlboro County, So, Caro.
-BOND
DESCRIPTION.
-The $90,000 5)4% school bonds purchased by Braun.
Bosworth & Co.of Toledo at 104.33, a basis of about 5.08%-V. 120. p.360 •
-are described as follows: Date Jan. 1 1925. Denom. $1,000. Coupon
bonds. Due $5,000 yearly 1931 to 1948 incl. Interest payable J. & J.
McCOOK, Redwillow County, Neb.-BOND DESCRIPTION.
-The
335,000 4 % school bonds purchased by the Omaha Trust Co. of Omaha
on Jan. 9 at 100.12, a basis of 4.49%-V. 120, p. 360
-are described as
follows: Date Jan. 11925. Denom. 31.000. Coupon bonds. Due Jan. 1
as follows: $7,000, 1940 to 1944 incl. Interest payable J. & J.
McDONALD, Rawlins County, Kan.-BONT) OFFERING.
-Sealed
bids will be received until 7 p. m.Feb. 10 by H. J. Hallenbeck, City Clerk,
for $23,000 5% water works bonds. Date Jan. 2 1925. Due Jan. 2 as
follows: $1,000, 1927 to 1041 incl., and $2,000, 1942 to 1945 incl. A
certified check for 2% of bid is required.
MAGNOLIA PARK, Montgomery. County, Tex.
-BOND ELECTION.
-An election will be held on Feb. 24 for the purpose of voting on the question of issuing $700,000 bonds.
MALINTA, Henry County, °Mo.-BOND OFFERING.
-Sealed bids
will be received until 12 m. Feb. 21 by E. R. Reed, Village Clerk, for
$1,065 6% lighting assessment bonds. Denote. $200 and one for $265.
Date April 1 1925. int. semi-ann. Due yearly on April 1 as follows:
$200, 1926 to 1929, incl., and $265, 1930.
MAMARONECK PARK DISTRICT NO. I (P. 0. Mamaroneck),
Westchester County, N. Y.
-BOND OFFERING.
-Sealed bids will be
received by Frederick M. Sherman, Town Clerk. until 8:30 p. in. Feb. 6
for 3148,000 4)4% coupon or registered park bonds. Denom. $1,000.
Date Feb. 1 1926. Interest F. & A. Due $4,000 Feb. 1 1932 to 1868,
inclusive. Certified check for 5% of the amount of the bid, payable to
the Town. required. Legality approved by Clay & Dillon, of New York.
MAPLE HEIGHTS (P. 0. Bedford R. F. D.), Cuyahoga County,
-BOND OFFERING.
-Until 12 m. Mar. 4 sealed bids will be reOhio.
ceived by F.J. Vasek, Village Clerk,for the following issues of 534% special
assessment bonds.
$1,371 50 Center Road Grading and sidewalk bonds. Denom. $130 and
one for $201 50. Due yearly on Oct. 1 as follows: $130 1926 to
1930 incl., $260 1931, $130 1932 and 1933 and $101 50 1934.
7,015 75 McCracken Road Water Series 3 bonds. Denom. $500 and one
for $515 75. Due yearly on Oct. 1 as follows: $500 1926 and
1927. $1,000 1928, $500 1929, $1,000 1930, $500 1931 and 1932,
$1.000 1933,$500 1934 and $1,015 75 1935.
33,294 88 Maple Heights Blvd. Pavement Series 2 bonds. Denom. $500
and one for $294 38. Due yearly on Oct. 1 as follows: $3,500
1926 to 1928 incl., 34,000 1929, $3,500 1930 and 1931, $4,000
1932 and 1933 and $3,794 38 1934.
8,120 31 Maple Heights Blvd. Water, Series 2 bonds. Denom. $500 and
one for $620 31. Due yearly on Oct. 1 as follows: $500 1926,
$1.000 1927, $500 1928. S1.000 1929 and 1930. 3500 1931. $1,000
1932, $500 1933, $1.000 1934 and $1 12031 1935.
'
3,587 00 Meadow St. Sewer bonds. Denom.$350 and one for $437. Due
yearly on Oct. 1 as follows: $350 1926 to 1934 incl. and $437 19'35.
6,330 00 Beech St. Sewer bonds. Denom. $500 and one for $330. Due
yearly on Oct. 1 as follows: 3500 1926 to 1928 incl., $1,000 1929.
$500 1930 to 1932 incl.. 31,000 1933, $500 1934 and $830 1935.
Date Feb. 15 1925. Prin. and semi-ann. interest (A. & 0 )payable at
the Central Nat. Bank Savings & Trust Co. of Cleveland. Cert. check for
5% of the amount of bonds laid for, payable to the Village Treasurer.
MARENGO, Iowa County. 10Wa.-BONDS VOTED.
-The voters
authorized the issuance of 3150.000 high school building bonds at the
election held on Jan. 20-V. 120, p. 360.
MARION COUNTY (P.O.Indianapolis), Ind.
-BOND OFFERING.
Until 10 a. m. Feb. 12 sealed bids will be received by Harry Dunn, County
Auditor, for $600.000 4)4% Flood Prevention bonds. Denom. $1,000.
semi-ann. int. (J. & J.) payable at the
Date Jan. 1 1925. Prin. and
County Treasurer's office. Due 332.000 1927 to 1944 incl. and $24,000
1945. Cert. check for 3% of the par value of bonds bid for, required.
MARION AND CLINTON COUNTIES SCHOOL DISTRICT NO.135
-BOND SALE.
(P.O. Centralia), III.
-A.C.Allyn & Co. of Chicago have
purchased the 360.000 school bonds offered without success on June 24.
-V. 119. p. 112.
MARION SCHOOL TOWNSHIP (P. 0. Veloen), Pike County Ind.
-BOND SALE CANCELLED.-BONDS RESOLD -The sale of the $10,000
434% school building bonds to the Fletcher Savings & Trust Co. of Indianapolis (see V. 119, p. 1314) was cancelled. Attorneys, it me stated, refused
to approve the issue.
The bonds, we are informed, were later re-offered and sold to the Fletcher
American Co. of Indianapolis.
MARTINS FERRY,Belmont County, Ohio.
-BOND SALE -Seasongood & Mayer,Cincinnati,have been awarded the $12,5006% fire apparatus
bonds offered on Jan. 5 (V. 119. p. 3039). Date Sept. 24 1924. Due
31.250 yearly on Oct. 1 from 1925 to 1934. inclusive.
MARYSVILLE, Marshall County, Kan.
-NOTES REGISTERED.
The State Auditor of Kansas on Dec. 19 registered $14,750 155% temporary
notes.
BONDS REGISTERED.
-On Dec. 20 the State Auditor of Kansas registered $106,000 5% paying bonds.
MASSILLON, Stark County, Ohio.
-BOND OFFERING.
-Lester S.
Lash. City Auditor, will receive sealed bids until 12 m.Feb.5 for $57,094 35
5% property owners' portion street Lmpt. bonds. Denom. $1,000 and one
for $1,094 35. Date Oct. 1 1924. Prin. and semi-ann. int. (A. & O.)
payable at the office of the State Bank of Massillon. Due yearly on
Oct. 1 as follows: $5,094 35. 1926; 36,000, 1927 to 1933, incl., and $5,009,
1934 and 1935, incl. Certified check for 3% of the amount of bonds bid
for, payable to the City Treasurer, required.
MATTHEWS, Mecklenburg County, No. Caro.
-BOND SALE.The $30,000 coupon or registered electric light bonds offered on Nov. 8-were awarded to Prudden & Co. of Toledo as Os. Date
V. 119, p. 1985
Sept. 1 1924. Due Sept. 1 as follows: $1,000, 1927 to 1952 incl., and
$20,000, 1953 and 1954.
MAURY COUNTY (P. 0. Columbus), Tenn.
-BOND OFFERING.Sealed bids will be received until 1 p. m., Feb. 10. by W. C. Whittborne,
County Judge, for $55,000 highway, coupon or registered, bonds to bear
interest at a rate not to exceed 54%. Date Dec. 11923. Denom. $1,000.
Due June 1 as follows: 314,000, 1940 to 1942 incl., and $13,000, 1943.
Principal and interest (J. & D.) payable at the National City Bank. New
York City. A certified check for $1,000. payable to the County Judge.
is required.
MAYSVILLE, Jones County, No. Caro.
-The 35,000
-BOND SALE.
electric light bonds offered on Aug. 25-V. 119. je. 974
-were awarded
to Bruce Craven of Trinity as Os at a premium of $10. equal to 100.20.
Date Sept. 1 1924. Denom $500. Coupon bonds. Due serially, 1925
to 1934. Interest payable Sept. 1.
MEANDS (P. 0. Albany), Albany. County, N. Y.
-BOND SALE.Geo. B. Gibbons & Co. of New York have been awarded the 316,000 414%

JAN. 31

1925.]

TrrE CHRONICLE

613

fire fighting equipment bonds offered on Jan.27-V.120, p.483
-at 100.77, $48,000 Department of Public Works equipment bonds,
maturing
a basis of about 4.38%. Due $1,000 Jan. 1 1926 to 1942 incl.
on Jan. 1 of each of the years 1926 to 1928, incl., $10,000 on $9,000
Jan. 1
MEDINA SCHOOL DISTRICT (P. 0. Medina), Medina County,
1929, and $11.000 on Jan. 1 1930 at 100.25, a basis of about 4.16%.
Ohio.
-BOND SALE.
-The Herrick Co. of Cleveland has purchased the 120,000 drainage bonds, maturing $6,000 on Jan. 1 of each of the years
1920 to 1945, incl., at 101.28, a basis of about 4.08%.
814,000 534% coupon school bonds offered on Jan. 21-V. 120, p. 236
-for
18,000 highway improvement bonds, maturing $1,000 on Jan. 1 of each
$14.496 33, equal to 103.40. a basis of about 5.33%. Date Jan. 1 1925.
of the years 1926 and 1927, and $2,000 on Jan. 1 of each of the
Due yearly on Oct. 1 as follows: 81,000 1926 and 1927 and $1,500 1928
to 1935 incl.
years 1928 to 1935, incl., at 100.77
basis of about 4.11%.
5,000 sewerage bonds, maturing Jan. 1 1945 at 103.06. a basis of about
MELROSE, Middlesex County, Mass.
-BOND SALE.-Estabrook &
4.02%.
Co. of Boston have purchased $34,000 4% Memorial Building extension
Date Jan. 1 1925.
bonds at 100.92. Date Feb. 11924. Due in from 1926 to 1942,inclusive.
MOUNT VERNON SCHOOL DISTRICT (P. 0. Mount Vernon),
Other bidders were: Paine, Webber & Co.. 100.585; Edmunds Bros. & Co..
-DESCRIPTION.
100.539; Blodget & Co.. 100.521; Merrill, Oldham & Co., 100.41, and Jefferson County, III.
-Following is a description
the 360,00() 5% coupon school bonds awarded to 0. W. McNear & Co. of
Old Colony Trust Co., 100.40.
of
Chicago at 101.24, a basis of about 4.57%. as was stated in V. 119. p. 1871.
MIAMI COUNTY (P.O.Troy), Ohio.
-DESCRIPTION.-Following Is Denom. $1,000. Date July
description of the $3,400 534% coupon bridge bonds sold to Aasel, Goetz & as follows: $3,000, 1925 and 1 1924. Int. J. & J. Due yearly on July 1
1926, and $6,000, 1927 to 1935, incl.
Moerlein of Cincinnati for $3,490 10, equal to 102.65, as was given in
MULBERRY, Crawford County, Kan.
V. 119, p.842. Denom. $500 and one for $400. Date Aug. 1 1924. Int.
-BONDS REGISTERED.
F.& A. Due yearly on Feb. 1 as follows:$400 1926 and 8500 1927 to 1932 On Dec. 17 the State Auditor of Kansas registered $6.000 5% road improvement bonds.
incl. Net income about 4.94%.
MULLINVILLE RURAL HIGH SCHOOL DISTRICT NO. 2,
MICHIGAN (State of).
-BOND SALE.
-Howe, Snow & Bertles of
Kiowa
Detroit have been awarded the following three issues of coupon Road County, Kan.
-BOND OFFERING.
-Sealed bids will be received
2 p. m. Feb. 2 by Wayne C. Alford. District Clerk. for 850.000 until
Assessment District bonds offered on Jan. 27-V. 120, p. 483
414%
-as 4 Hs at school bonds. Date
100.023, a basis of about 4.73%.
Jan. 1 1925. Denom. $500. Due 35,000. 1927
1936 incl. Interest payable (J. & J.). Bidders are to state whether to
$42,000 Road Assessment District No. 1096 in Lapeer County, maturing not they
or
will pay for printing the bonds, legal services and registration
serially on May 11926. 1927 and 1928. Bonds are the obligation
charges. A certified check for 2% of bid is required.
of Almont Township in Lapeer County, the County of
Lapeer
and an assessment district.
MULTNOMAH COUNTY (P. 0. Portland), Ore.
-BOND OFFER53,000 Road Assessment District No. 1089 in Saginaw County, maturing ING.
-Sealed bids will be received until
by Jos.
serially on May 11926, 1927 and 1928. Bonds are the obligation idge, County Clerk, for 3350.000 bridge 12 m. Feb. 11 to bear W. Bevercoupon bonds
interest at
of Richland and Thomastown Townships in Saginaw County, a rate not to exceed 5%. Date March 2 1925. Denom. $1,000.
Due
the County of Saginaw and an assessment district.
March 2 as follows: $14,000, 1931 to 1955 incl.
Road Assessment District No. 1063 in Macomb County, maturing annual interest payable in gold at the fiscal agency in Principal and semi62,000
serially on May 1 1926. 1927 and 1928. Bonds are the obligation office of the County Treasurer, at option of holder. New York or at the
Legality approved
of Bruce Township in Macomb County, the County of
Macomb by Storey, Thorndike, Palmer & Dodge of Boston. A certified check for
and an assessment district.
5% of bid, payable to the County Clerk, is required.
Date Feb. 1 1925. Int. M.& N.
NASHUA, Hillsborough County, N. H.
-TEMPORARY LOAN.
-A
temporary loan of
MIDDLESEX COUNTY(P.O. New Brunswick), N.J.
-BOND SALE. Co. of Boston on 8200,000 has been awarded to the Old Colony Trust
-The two issues of 455% coupon or registered bonds offered on
a 3.18% discount basis. Date Jan. 27 1925. Due
Jan. 29- Dec. 2 1925.
-were sold as follows:
V. 120, p. 483
$489,000 ($498,000 offered) road 'mot. bonds to Graham Parsons & Co.
NELSONVILLE, Athens County, Ohio.
-BOND OFFERING.
I
Phelps, Fenn & Co.of New York at 101.96, a basis of about
Sealed bids until
Due yearly on Feb. 2 as follows: 825,000 1927 to 1938 incl., 4.26%. itor, for 813.182 12 m. Feb. 7w!)) be received by W.L. Barker, City Aud$33,000
50 6% Factory Street impt. bonds. Denom.
1939 to 1943 incl. and $24,000 1944.
Date Feb. 1 1925. Int. payable annually on Feb. 1. Due $1.318 25.
81.31825
23,000 bridge bonds to the South Amboy Trust Co. of South Amboy Feb. 1 1926 to 1935 incl.
Certified check for 2% of the amount of bonds
at 101.54, a basis of about 4.35%. Due $1,000 Feb. 2 1927
to bid for, payable to the City Treasurer, required.
1949 incl.
Date Feb. 2 1925.
BOND OFFERING.
-At the same time sealed bids will be received for
$4,658 80 6% Fourth Street impt. special assessment bonds. Denom.
MILFORD TOWNSHIP (P. 0. Mt. Vernon), Knox
County, Ohio.
- $465 88. Date Feb. 1 1925. Interest payable annually (Feb. 1). Due
BOND SALE.-Durfee. Niles & Co. of Toledo purchased the
$465 88 Feb. 1
Johnstown Road coupon bonds offered on Nov.5-V.119, 82,500 555% for, payable to 1926 to 1935 incl. Cert, check for 4% of the amount bid
p.2095
the City Treasurer, required.
and accrued interest plus a premium of $12 80. equal to 100.005. -at par
NEWBERRY, Newberry County, So. Caro.
about 5.50%. Date Oct. 1 1924. Due 8250 Oct. 1 1925 to 1934,a basis of
-BIDS.
-Following is a
incl.
list of bids received for the 8150.000 5% street improvement bonds awarded
MILLBURY, Wood County, Ohio.
-BOND
Bank of Charleston, Charleston, on Jan. 20-V. 120, p. 484:
-H. E. Wright,
purchased the 82,500 554% coupon electric light SALE. extension bonds to theDickson & Co
R. S.
system
3147.4651Spitzer. Rorick &Co Bock $149.026
offered on Nov. 17-V. 119. p. 2439
-at par and accrued
Citizen & Say Bank
145,5501W. L. Slayton & Co
Oct. 1 1924. Due yearly on Oct. 1 as follows: 3100 1925 to interest. Date R. M.Grant & Co
150.255
1926,incl., and
150,0001Peoples Nat. Bank,
$300 1927 and $200 1928 to 1937 incl.
N.S. Hill & Co
150,1001 Hill
147,657
MINNEAPOLIS, Hennepin County, Minn.
NEW BRUNSWICK, Middlesex* County, N. J.
-BIDS.
-Following is
-BOND SALE.
-The
list of bids received for the $500,000 451% auditorium bonds awarded a two issues of 455% coupon or registered
to
bonds offered on Jan. 27-V.
Eldredge & Co. of New York and the Wells-Dickey Co. of Minneapolis. 120. p. 361-have been awarded as follows:
jointly
-V.120, p. 484:
$162,000 (8163.000 offered) general impt. bonds for 3163.450, equal to
100.27-a basis of about 4.36'7,,
Int. Rate.
Prem.
-to Graham,
Gibbons & Co., Inc
New York. Due yearly on Feb. 2 as follows: Parsons & Co. of
8350
454' c$'
810.000. 1927 to
Kalman, Gates, White & Co
1932, incl.: 313,000, 1933; 815,000, 1934 to 1938, incl., and
4H
120
Minnesota Loan & Trust Co
314.000. 1939.
9,000
4H
Lane, Piper & Jaffrey, Inc
56,000 ($57,000 offered) water bonds for $57,022 22. equal to 101.825,000
414%
Halsey, Stuart & Co., Inc
a basis of about 4.32%-to M. M.
Freeman & Co.of
3.500
434l
Chase Securities Corp
Due yearly on Feb. 2 as follows: $2,000, 1927 to Philadelphia.
434%
2.000
Denom. $1,000. Date Feb. 2 1925. Bids were as follows:1954, incl.
BIDS.
-Following is a list of bids received for the $1,340.000 impt.
bonds awarded to Eldredge & Co. of New York and the Wells
Take.
Bid.
-Dickey Graham, Parsons
Take.
Bid.
Co. of Minneapolis, joint.y-V. 120. p. 483:
&
Barr Bros. & Co_ _J 163,000 163,927 47
W.A. Harriman & Co., Inc.; Ames, Emerich & Co.; Detroit Co.; Keane.
Co
5162,000 8163,450 00
Higbie & Co.. and Biodget & Co.: First bid of par plus a premium of George B.Gibbons( 162,000 163,085 87 L. F. Rothsehlids 57,000 57,355 11
162,000 163,029 00
& Co
$1,058 60, all bonds to bear int. at the rate of 434%: second bid of par
57,000 57,454 29 & Co
plus a premium of $1,715 20. $10.000 maturing 1926, 820,000 maturing in C. W. Whit% &(163,000 163,335 00 R. M. Grant & 57,000 57,347 70
163,000 163,888 35
1927 to 1946 incl., and 825.000 maturing in 1946 to 1955 incl.. to bear int.
Co
1 57,000 57.725 00
Co
at the rate of43i%.and the balance 825,000 maturing in 1926 to
New Brunswick( 163,000 163,135 00 Harris, Forbes & 57,000 57,758 81
,
and $20,000 in 1946 to 1955 incl., to bear int. ar the rate of 4%. 1945 incl.,
Trust Co
1 57,000 57,315 00
Co., National( 162,000 163,099 98
Dillon, Read SG Co.; Brown Bros.: White, Weld & Co.: Halsey, Stuart Micl'sexTitleGuar.1 163,000 163,649 59
City Co., Bank-I 57,000 57,444 43
& Co.: One bid of par plus a premium of $1,484, all the bonds to bear
Title & Tr. Co.! 57,000 57.669 09
era Trust
int, at the rate of 43i%
M. M. Freeman 162,000 163,433 33 SeasongoodCo_ _
.
& 1 163,000 163,652 00
E. H. Rollins & Sons; Roosevelt & Son; Kountze Bros.; Phelps, Fenn
& Co
56,000 57,022 22
Mayer
I 57,000 57,231 00
& Co., and Kalman, Gates. White & Co.: One bid of par plus a premium H. L. Allen & Co_1 162,000 163,326 78
$1,180, all the bonds to bear int, at the rate of 4 %•
of
1 57,000 57,466 83
Bankers Trust Co.; Kean. Taylor & Co.: National City Co.; Guaranty
OAKDALE IRRIGATION DISTRICT (P. 0. Oakdale),
Co. of N. Y.. and Lane, Piper & Jaffrary, Inc.: One bid of par plus a
Calif.
BOND OFFERING.
-Until 10 a. in. Feb. 6 sealed
premium of $1,058 60. all bonds to bear int. at the rate of
434%•
M.P. Kearney, Secretary, Board of Directors, for bids will be received by
Harris Trust & Sayings Bank: One bid of par plus a premium of
$25,000 536 irrigation
$26: bonds. Date June 1 1924. Interest payable (J. & J.).
$260,000 maturing 1926 to 1931 to bear int, at the rate of
A certified check
455%. and for 2% of bid is required.
$1.080,000 maturing 1932 to 1955 incl. to bear int. at the
rate of 4 %•
Geo. B. Gibbons & Co.: One bid of par plus a premium of $2.934 60,
OAKLAND CITY, Gibson County, Ind.
-BOND SALE.
-On Nov.
bonds to bear int. at the rate of 4313.
all
1, the 325.000 5% coupon municipal bonds offered on
that day-V. 119.
Chase Securities Corp.: Seasongood & Mayer; Barr Bros.
p. 1985
-were awarded
the Meyer-Kiser Bank of Indianapolis at par
blower & Weeks; H. L. Allen & Co., and Hemphill. Noyes& Co.; Horn- and accrued interest plusto premium
& Co.: One
a
of $487 50,
bid of par plus a premium of $1,317, all bonds to bear int. at the rate of4 H% $625. Date June 14 1924. Int. J. & D. 15. equal to 101.95. Denom.
Duo four bonds each year.
Wei. R. Compton Co.: Hayden, Stone & Co.; First
Trust & Savings
OSBORN, Greene County, Ohio.
Rank, and Minneapolis Trust Co.: One bid of par plus a premium
-BOND SALE.
-The 32,500 534%
of highway and street improvement bonds offered
$926, all bonds to bear int. at the rate of 434%.
on
-V. 119.
p. 2209
-were purchased by the First National Bank ofNov. 217 $2,505.
First Nat. Bank of New York; Kissel Kinnicut & Co.; Redmond
Osborn for
Van Ingen & Co.: R. W. Prossprich & Co., and Merchants & Co.: equal to 100.20. a basis of about 5.42%. Date Oct. 20 1924. Due $500
B. J.
Trust & Oct. 20 1926 to 1930, inclusive.
savings Bank: One bid of par plus a premium of $2,841, all bonds
to bear
interest at the rate of 434%
OSICALOOSA, Jefferson County, Kan.
-BONDS REGISTERED.
Northern Trust Co.: Lehman Bros.: Equitable Trust Co., and Flallgarten On Dec. 5 the State
Auditor of Kansas registered 831.448 73 534% Paving
& Co.: First bid par plus a premium of 9580, the bonds maturing 1926 bonds.
bear int. at the rate of 4 %. and the bonds maturing
to 1932 to
1933
OSWEGO, Labette County, Kan.
1955 to bear int. at the rate of 4 H%; second bid, par plus a premium to
-BOND OFFERING.
-Sealed bids
of
$100, all bonds to bear int. at 45% except the bonds maturing 1954 and will be received until Feb. 3 by J. F. Waskey, City Clerk, for $3,000 5%
paving bonds. Date Jan. 1 1925. Denom. 8500. Due Aug. 1 as follows:
1955 to bear int at the rate of 4
$5.000, 1926 to
Estabrook & Co.: Remick, Hodges & Co.; R. L. Day & Co.:
Curtis & bid is required.1929 incl., and 81.000, 1930. A certified check for 2% of
Sanger, and the Minnesota Loan & Trust Co.: One.
bid of
premium of $859. all bonds to bear int. at the rate of 431%. par plus a
OTTAWA SCHOOL DISTRICT (P. 0. Ottawa), Putnam County,
-BOND SALE.
Ohio.
-The First Nat. Bank of Ottawa was the successful
MITCHELL, Lawrence County, Ind.
-BOND OFFERING.
-Sealed bidder for the $20.000 555% coupon school bonds offered on Jan. 10received until 1 P.10. Feb.4 by Stella Edwards,
bids will be
City Clerk, for V. 119. p. 3040
-at par and accrued interest plus a premium of 8401 equal
$14,500 5% bonds. Denom. $500. Date Nov. 1 1924. Prin. and semi- to 102.005, a basis of
about 5.08%. Date Jan. 1 1925. Due $1,000 every
int. payable at the office of the City Treasurer, Due 81,000 every six months from
Mar. 1 1926 to Sept. 1 1935 incl.
six months from Jan. 1 1926 to Jan. 1 1932, incl., and $500 July 1 1933.
PAINESVILLE, Lake County, Ohio.
-BOND ORDINANCE REMOBILE, Mobile County, Ala.
-CORRECTION IN AMOUNT.
- PEALED.
-We are informed that the ordinance authorizing the issuance
In V. 120. P. 113 we reported the sale of 8160.000 5%,_
improvement of the $39,000 and
Series ..j3" bonds to Austin Grant & Co. of New York. This amount to be offered on Aug.$23,000 5% sidewalk assessment bonds. scheduled
25 (see V. 119, p. 609 to 974), were repealed.
was incorrect, the correct amount being $106,000.
NOTE SALE.
-The following issues of special assessment notes have
MONEY CONSOLIDATED SCHOOL DISTRICT(P.O. Greenwood), been sold at par:
-BOND SALE.
-An issue of $3,500 teachers home $32,000 sewer notes.
Leflore County, Miss.
23,000 sidwalk notes.
bonds was purchased by R. J. Jones of Greenwood during the early part of
All mature in one year.
1924.
VILLAGE SCHOOL DISTRICT (P. 0. Morrow),
PALATINE (P. 0. Fort Plain), Montgomery County, N. Y.
MORROW
Warren SALE.
-BOND
-The 31.750 6% coupon school bonds
-The Fidelity Trust Co.of Buffalo purchased the
County, Ohlo.-BOND SALE.
850.0005% bridge
offered on Oct. 4-V. 119. p. 1534-were sold to the First National Bank bonds offered on Jan.7-V.119. p.3040
-at 100.698. Date Feb. 11924.
PALATKA, Putnam County, Fla.
of Morrow. Date Aug. 15 1924.
-BOND SALE.
-The 384.000 6%
paving Series A bonds offered on Jan. 27-V. 120, p. 362
-were awarded
MOUNT KISCO, Westchester County, N. Y.
-ADDITIONAL IN-The $4,500 6% street impt. bonds sold to Sherwood & to Farson, Son & Co. of New York at 103.77. a basis of about 5.20%.
FORMATION.
Date Jan. 1 1925. Due Jan. 1 as follows: $8,000 1926 to 1931
Merrifield of New York at 101.88, a basis of about 4.54%-V. 120. p.484
incl.. and
- 39.000 1932 to 1935 incl.
are of denom.$500, date Feb. 21925. and int. M.& S.
PAULLINO INDEPENDENT SCHOOL DISTRICT,O'Brien
VERNON,Westchester County, N. Y.
-BOND SALE.
County,
-The four Iowa.
-BOND OFFERING.
MT.
-Sealed bids will be received
Parrott f
York
Issues of coupon or registered bonds offered on Jan. 27-V.120, p.48 -were Feb.3 by S. D.Jacobsen. Secretary, Board of Education, for until 7.30p. m.
$130,000 455%
o New
as 45is as follows:
awrded to Westcott, Kearr &
school bonds. Date Feb. 1 1925. Due Feb. 1 as follows:
85.000, 1931

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

614

THE CHRONICLE

to 1935 incl.: $6.000. 1936 to 1940 incl.: $7.000, 1941 to 1944 incl., and
$47,000, 1945. A certified check for $3,000 is required.
PASADENA CITY HIGH SCHOOL DISTRICT,Los Angeles County
-BOND OFFERINO.-Sealed bids will be received by L.E.Lampton,
Calif.
County Clerk, until Feb. 2, for $750,000 4q% school bonds. Date July
1 1924. Denom. $1,000. Due July 1 as follows: 813.000. 1926, 825.000,
1927 and 1928, $26.000. 1929, 827.000, 1930 to 1953 incl., and $13,000,
1954. Principal and interest (J. & J.) payable at the office of the County
Treasurer or at Kountze Bros., New York City, at option of holder. A
certified check for 3% of bid payable to the order of the Chairman of the
Board of Supervisors is required.
-At an election
-BONDS VOTED.
PASCO, Franklin County, Wash.
held on Jan. 20 the voters authorized the Issuance of $66,000 water works
system bonds by a vote of 441 for and 91 against.
-J. H. Hilsman &
PELHAM, Mitchell County, Ga.-BOND SALE.
Co., Inc.. of Atlanta, have purchased an issue of $25.000 5% water-works
follows:
bonds. Date Jan. 1 1925. Denom. $1,000. Due Jan. 1 as payable
$1,000, 1930 to 1954 inclusive. Principal and interest (J. & J.) Legality
'
at the United States Mortgage & Trust Co. of New York City.
approved by King, Spalding, MacDougall & Sibley, of Atlanta.
Financial Statement.
$5.000,000
Actual value
Assessed values, 1924
$118,000
Total bonded debt (including this issue)
Less sinking fund
3 5
3 3
2 ,0
$ 90 0
Less water bonds
62,350
55.650
Population, 3,000.
-ADDITIONAL INFORMAPENDLETON, Madison County, Ind.
the
TION.
-We are now in receipt of the following information regarding$7.$7.500 school bldg. bonds sold to J. F. Wild & Co. of Indianapolis for
25, equal to 100.99, a basis of about 4.37%. Interest at 434%.
574
-year average.
Denom. $500. Date Aug. 1 1924. Int. F. & A. 8
-BOND
PENNINGTON COUNTY (P. 0. Thief River Falls), Minn.
-T. P. Anderson, County Auditor, will receive sealed bids
OFFERING.
to
until 2 p. m. Feb. 16 for $18,966 81 trunk highway reimbursement bonds
bear interest at a rate not exceeding 5%. Date Feb. 1 1925. Denom.
1 as follows: $2.000 1936 to 1944
$1,000, except 1 for $966 81. Due Feb.
incl., and $966 81 In 1945. A certified check for 5% of bid, payable to the
County Treasurer, is required.
PERRYSVILLE VILLAGE SCHOOL DISTRICT (P. 0. Perrysville),
-The State Teachers Retire-BOND SALE.
Ashland County, Ohio.
ment system purchased the $2,000 534% coupon school bonds offered on
-for 82,033 20, equal to 101.66. a basis of about
Oct. 17-V. 119, p. 1658
4.98%. Date Oct. 15 1924. Due $250 every six months from Mar. 15
1926 to Sept. 15 1929, incl.
-On Jan. 21
-BONDS REGISTERED.
PHARR, Hidalgo Count, Tex.
the State Comptroller of Texas registered the following improvement bonds:
$25,000 6% water works bonds.
20.000 street improvement bonds.
Due serially.
-BONDS REGISTERED.
PHILLIPSBURG, Phillips County, Kan.
On Dec. 22 the State Auditor of Kansas registered $88,000 43j% sewer
bonds.
-The State:Auditor of Kansas on Dec. 22 regisNOTES REGISTERED.
tered $19,941 59 temporary notes.
PINELLAS COUNTY SPECIAL ROAD AND BRIDGE DISTRICT
-The $998.000
-INTEREST RATE.
NO. 6 (P. 0. Clearwater), Fla.
road and bridge bonds awarded to the Peoples Bank of Clearwater.
-bear 6% interest.
V. 120. p. 485
-BONDS REGISTERED.
PITTSBURG, Crawford County, Kan.
On Dec. 1 the State Auditor of Kansas registeral $27,222 94 434% sewer
bonds and on Dec. 29 registered $38,930 90 434% paving bonds.

[VeL. 120.

-BOND SALE..
RANDOLPH COUNTY (P. 0. Winchester), Ind.
The $8,600 5% Geo.0. Wise et al. coupon road bonds offered on Sept.2Bank of Muncie for
-were sold to the Merchants Nat.
V. 119. el. 1094
$8,866 66, equal to 103.08, a basis of about 4.41%. Denom. $430. Int.
M. & N. 15. Due $430 every six months from May 15 1926 to Nov. 15
1935 incl.
-BOND OFFERRANDOLPH COUNTY (P. 0. Asheboro), No. Caro.
ING.
-Sealed bids will be received until 12 m., Feb. 2 by John F. White,
% road and
Chairman, Board of County Commissioners, for $500.000
bridge bonds. Date Feb. 11925. Denom.$1,000. Due Feb. 1 as follows:
A.) payable at
$50,000. 1944 to 1953 incl. Principal and interest (F. & to be approved
the Seaboard National Bank in New York City. Legality
by Storey, Thorndike, Palmer & Dodge of Boston. Bonds to be delivered
to any bank designated by purchaser. A certified check for 2% of bid if
required.
-BOND SALE NOT COMRAVENNA, Portage County, Ohio.
-The sale of the following five issues of special assessment bonds
PLETED.
aggregating $94.800 to the Provident Savings Bank & Trust Co. of Cincinnati on July 12 (see V. 119, p. 361) was not completed:
$5,000 Clinton St. bonds. Denom. $625. Due $625 yearly on Oct. 15
from 1925 to 1932 inclusive.
*4,400 Main St. bonds. Denom. $550. Due $550 Oct. 15 1925 to 1932
inclusive.
*30,800 Meridian St. bonds. Denom. $1,000 and $850. Due yearly on
Oct. 1 as follows: $3,850 1925 to 1932 inclusive.
7,200 Lawrence St. bonds. Denom. $900. Due $900 yearly on Oct. 15
from 1925 to 1932 inclusive.
47.400 Main St. bonds. Due 1925 to 1932 inclusive.
Date April 15 1924.
*Awarded together with two other issues to Durfee,Niles & Co.of Toledo.
Notice of this sale was given in V. 120, p.485.
READING SCHOOL DISTRICT (P. 0. Reading), Barks County,
-The following bids were received for the $500,000 434%
-BIDS.
Pa.
coupon or registered school bonds sold to Reading Nat. Bank of Rea
at 103.33, a basis of about 3.96% (see V. 119, p. 485):
Premium.
$12,895 00
Reilly, Brock Co
7,509 75
George A. Rick
*5,835 10
National Union Bank
8.447 50
Barks County Trust
16,605 00
Farmers National Bank
14,650 00
Mellon National Bank
16,650 00
Reading National Bank
14,885 50
W. H. Newbold Sons
12.350 00
North-eastern Trust Co
15,245 00
Colonial Trust Co
12,345 00
Pennsylvania Trust Company
*On $250,000.
REYNOLDSBURG RURAL SCHOOL DISTRICT (P. 0. Reynoldsburg), Franklin County, Ohlo.-BIDS RETURNED UNOPENED.-The 3100.000 5% coupon school bonds offered on
-OFFERED.
BONDS RE
-were not sold, owing to improper advertising.
Jan. 15-V. 119. p. 2914
All bids were returned to the bidders unopened.
Sealed proposals will again be received by C. G. Smith, Clerk-Treasurer
Board of Education. until 10 a. m. Feb. 14 for $100,000 5% coupon school
bonds. Denom. $2,500. Date Jan. 15 1925. Prin. and semi-ann. int.
(A. & 0. 15) payable at the office of the above official. Due $2,500 every
six months April 15 1926 to Oct. 15 1915 incl. Cert, check for 5% of the
amount of bonds bid for, on a solvent bank in Franklin County,required.

-The
RICHMOND COUNTY (P. 0. Augusta), Ga.-BOND SALE.
$350,000 434% coupon school bonds offered on Jan. 27-V. 120_, p. 238were awarded to the National City Co. of New York and Wm. E. Bush &
102.87, a
Co. of Augusta, jointly, at a premium of $10.051 25, equal to 1 in each
$11,000 on Jan.
basis of about 4.81%. Date Jan, 11925. Due Jan. 1 in each of the odd
the even years 1926 to 1954. and $12,000 on
of
years 1927 to 1953. and $17,000 in 1955.
RICHMOND TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
-BOND OFFERING.
R. D. No. 3), Ashtabula County, Ohio.
-G. If. Walker Dorset,p m. Feb. 18 sealed bids will be received by H. M. Hall, Clerk
-BOND SALE.
PITTSBURG, Camp County, Tex.
Until 1
has purchased an issue of $110.000 534% school bonds, subject to their Bd. of Education. for $55,000 5% coupon school bonds. Denom. $1,000.
being voted at the election to be held on Feb. 11.-V. 120. p.485.
Date Mar. 1 1925. Prin. and semi-ann. int. payable at'the office of the
six months from Mar. 1 1926
$1,000
-BOND ELECTION. Clerk Bd. of Education. Due Sept. 1 every years 1928, 1931, 1934, 1937,
PITTSBURG COUNTY(P.O. McAlester),Okla.
in the
to Sept. 1 1949 incl., except on
On Feb. 24 an election will be held for the purpose of voting bn the question 1940, 1943 and 1946, when $2,000 becomes due. Cert. check for 5% of
.
of issuing $300,000 court house bonds.
the amount bid upon, payable to the Board of Education,required.
-The
-BOND SALE.
PITTSBURGH SCHOOL DISTRICT, Pa.
RICHMOND TOWNSHIP RURAL SCHOOL: DISTM7r
-was sold
loan offered on Jan. 26-V. 120. p. 237
$5,000,000 4.10% school
-Campbell & Co. of
-BOND SALE.
Dorset), Ashtabula County, Ohio.
as follows:
Toledo have purchased the $1,114 71 6% coupon school bonds offered on
-at par and accrued interest. Date Jan. 1 1924.
$4,500,000 to the Union Trust Co.of Pittsburgh at a premium of$83.562 09. Aug. 2-V. 120, p. 492
equal to 101.85, a basis of about 3.94%. Due yearly on Jan. 1 Due every six months as follows: $70 Feb. 1 1924 to Feb. 1 1931, incl.,°and
as follows: $166.000 1929. 8267,000 1930, $167.000 1931, $188.71 Aug. 1 1931 incl.
0001932.$167.000 1933, $167.000 1934.8166.000 1935.8167.000 364
-The $43,500
RIDGELEY, Mineral County, W. Va.-BOND SALE.
1936, $167,000 1937, 8166.000 1938. 8167.000 1939. 8167.000
1941, $167,000 1942, $167,000 1943, 8166.000 534% water and sewer system bonds favorably voted at the election held
1940. $166,060
1944. $167.000 1945. $167,000 1946. $166,000 1947. $167,000 on Aug. 1-V. 119. p. 1202-were purchased by the State of West Virginia
1948. 8167.000 1949. $166.000 1950 8167.000 1951. $167,000 at par during September. Date Sept. 1 1924. Denom. $500. Coupon
'
bonds. Due $1,500. 1926 to 1954 incl. Interest payable M. & S.
1952, 8166.000 1953. 3167.000 1954, $167,000 1955.
par.
$500,000 to the Board of Public Education for its Shildng Fund at 1927
RITTMAN SCHOOL DISTRICT (P. 0. Rittman), Wayne County,
Due on Jan. 1 as follows: $166,000 1926, and $167,000
-BOND SALE.-Seasongood & Mayer of Cincinnati purchased an
Ohio.
amd 1928.
issue of $9,380 sti% funding indebtedness bonds at a premium of $24.
of
Date Jan. 1 1925. The bonds are coupon bonds in the denomination
equal to 100.24-a basis of about 5.43%. Denom. $500 and $700. Date
June 1 1924. Int. semi-ann. Due $670 every six months from Feb. 1
$1,_000 and are registerabie as to principal only.
The bidders were a syndicate composed of the Mellon National Bank. 1925 to Aug. 1 1931, incl. Legality approved by Peck, Shaffer & Williams
of Philadelphia, Biddle & Henry of
Bank of North America and Trust Co.Co. Their bid was all or none at a of Cincinnati.
Philadelphia, W. H. Newbold's Son &
7Tho,
--ROCK COUNTY (P. 0. Luverne), Minn.-BONDOF
a premium
price of 101.035, and the National City Company,85.000.000 at is also a Sealed bids will be received until 2 p. m. Feb. 2 by Olaf Skybsrg, County
50. This bid
of $65.995; or $4,500,000 at a premium of $69,745
to bear
Harris, Auditor, for $45.309 43 trunk highway
bid, representing the joint bid of the National City Co.,Peoples interest at a rate not exceeding 5%. Date reimbursementAbonds
syndicate
certified check
Feb. 1 1925.
and the
Forbes & Co.. the First National Bank of Pittsburgh,
bid is required.
for 10% of
Savings St Trust Co. of Pittsburgh.
No. 9
ROCK FALLS SCHOOL DISTRICT (P. O. Rock Falls), Whiteside
ROAD &
POLK COUNTY SPECIALOFFERING.BRIDGE DISTRICT
-An Issue of $71,50 5% school bonds was
-BOND SALE.
-Sealed bids will be received County, Ills.
-BOND
(P. 0. Bartow), Fla.
of County Com- recently sold to the White-Phillips Co. of Davenport (Iowa) at a premium
Clerk, Board
until 1:30 p. m. Feb. 24 by J. D. Raulerson, Date July 1 1924. Denom. of $2,860, equal to 104. The company also agreed to pay for printing of the
$600.000 534% road bonds.
missioners. for
1933.$20.000, 1934 to 1938. bonds. Denom.$500. Date April 1 1925. Due in from 1930 to 1945 incl.
81.000. Due July 1 as follows:$10,000. 1929 to interest (J. & J.) payable
Principal and
ROCKFORD, Winnebago County, Ill.
-BOND OFFERING.L17r7
and $30,000 1939 to 1953 incl. N. Y. City, at option of holder. Legality
Fla., or in
bids will be received by Elmer 0. Strand, City Clerk.
5
In the City of Bartow.
of New York City. A certified 2 p. m. Feb. sealed yard site, building and equipment bonds. Denom.
for $50,000 4;4% city
to be approved by Caldwell & Raymond
bank or trust company payable to $500. Date March 11925. Bidders may bid for a lower rate of interest.
check for $2,000, upon an incorporated
County Commissioners, is Interest semi-annual.
the order of the Chairman of the Board of
required.
7
ROCKINGHAM COUNTY (P. 0. Wentworth), No. Caro.- -Brfrb
Tex.
-BOND OFFERING.
SALE.
-The 81,000,000 permanent improvement funding coupon bonds
PORT ARTHUR, Jefferson County,
receive sealed bids for 81,003,000 offered on Jan. 28-V. 120. p. 485
-were awarded as 434s to Ames.
Jesse C. Hamilton, City Clerk, willFeb. 9.
Emerich & Co.of New York City, Illinois Merchants Trust Co.,and Northmunicipal improvement bonds until
- ern Trust Co. of Chicago, and Kauffman, Smith & Co. of St. Louis at
-BOND OFFERING.
PORTSMOUTH, Scioto County, Ohio.
follows:
received by J. Earl Chandler. City Auditor, until 101.01, a basis of about 4.67%. Date Feb. 1 1925. Due Feb. 1 as $20,00
Sealed proposals will be
5% coupon street and alley improvement and 85.000 1926 to 1929, 810.000 1930 and 1931 815.000 1932 to 1935.
12 m. Feb. 11 for $48,270 18 Denom. $1,000 and one for $270 18. Date 1936 to 1942,$30,000 1943 and 1944, $50.000'1945 to 1949 and $75,000 1950
sewer construction bonds.
.
& J.) payable at the office of the to 1955 incl. Legality approved by Reed, Rougherty & Hoyt, N. Y. City:.
Jan. 11925. Prin. and semi-ann. Int. (J. as follows: $2,270 18 1927 and
1
Financial Statement.
City Treasurer. Due yearly on Jan.
$75,000,000
Estimated actual valuation
, ,987
$2.000 1928 to 1950 incl. the same time sealed bids will be received for Assessed valuation
43
BOND OFFERINO.-At
3,459,000
Run sewer extension bonds. Denom. Total bonded debt (including this Issue)
85,382 34 534% coupon Lawson
1924. Prin. and semi-ann. int. a Population, 1920 _Census, 44.149.
...-- -....-............-- ,
$500 and one for $382 34. Date Dec- 1
Treasurer. Due yearly on
the
An issue Tor
BOND SAT
PORT, Essex County, Mae
(J. & D.) payable at the office of $500City to 1937 incl. Cert. check
1926
Street.
1926 and
Dec. 1 as fellows 11382 34
for 2% $15,000 4% water bonds has been sold to C. S. Butler, Newbury
on some solvent bank, payable to J. Earl Chander, City Auditor,
Boston, at 100.23, a basis of about 3.92%. Date Dec. 15 1924. Due
1
4
of the par value of bonds bid for, required.
yearly in from 1925 to 1929 incl. Other bidders, all of Boston, were:
100.14
-At an election held Estabrook & Co
100.216IMerrill, Oldham & Co
--BONDS VOTED.
POST, Garza County, Tex.
100.01
Old Colony Trust Co
100.18 IF. S. Moseley & Co
issuance of $50.000 street paving bonds.
recently the voters authorized the
-DESCRIPTION.
ROCKY RIVER, Cuyahoga County, Ohio.-BoNtrIALE cnIv!
II PULASKI COUNTY (P. 0. Winamac), Ind.
Robert ditch bonds sold
-The sale of the $13.000 534% assessment improvement bonds
Following is a description of the $5,000 Perry R.premium of $135, equal CELLED.
V.,119,
to Otis & Co. of Cleveland at 102.08. a basis of about 5.07% (see Nov. 11
Indianapolis at a
to the Peoples State Bank of
at 6%. Denom. p. 1535) was not completed. The bonds were re-offered and sold on
to 102.70, as was stated in V. 119,_p. 491. Interest
Int. J. & D. Due $5,000 Dec. 1 1924 to 1933 to Milliken & York Co. of Cleveland at 103.12, a basis,of about148.5%•
$500. Date Dec. 11923.
Notice of this sale appeared in V. 119, p. 2440.
incl. Net income about 5.42%.

Digitized for FRASER
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis

JAN. 31 1925.]

THE CHRONICLE

ROME RURAL SPECIAL. SCHOOL DISTRICT (P. 0. Athalia),
Lawrence County, Ohio.
-BOND OFFERING.
-Sealed bids will be received until 1 p. m.Feb. 14 by W.H. Wylie, Clerk Board of Education,for
$13.000
% school bonds. Denom. $650. Data April 1 1925. Int.
A. & 0. Due $650 yearly on April 1 from 1926 to 1945 incl. Cert. check
for 5% of the amount bid, payable to the Board of Education, required.

615

This corrects the notice which was given in V. 120. p.
363 to the effect
that the above bonds had been sold.

SMITHFIELD, Jefferson County, °Mo.-BOND SALE.
-On
the $4.543 6% coupon street improvement bonds offered on thatAug. 4
day
V. 119, p. 361-were awarded to the First Nat. Bank of Smithfield at par
and accrued interest, plus
of $57, equal
ROSS TOWNSHIP, Wood County, Ohio.
-BOND SALE.-Stranhan, about 5.63%. Date July a premiumDue yearly onto 101.25. a basis of
15 1924.
Sept. 15 as follows
Harris & Oat's, Inc., of Toledo purchased the $17.000 6% coupon sidewalk
$500 1925 to 1929, incl.. $1,000 1930 and $1,013 1931.
bonds offered on Nov. 24-V. 119, P. 2319
-for 317,387 10, equal to
BOND SALE.
-The $4,500 6% municipal hall and public office bldg.
102.77, a basis of about 5.17%. Date Sept. 15 1924. Due $2.000 every
six months from Mar. 1 1925 to Sept. 1 1927 incl. and $2,500 Mar. 1 and coupon bonds offered on Sept. 29-V. 119, p. 1203- were sold to the First
Nat. Bank of Columbus for $4,658 40, equal to 103.52. a basis of
Sept. 1 1928.
5.19%. Date Sept. 1 1924. Due $500 Sept. 1 1925 to 1933 incl. about
ROSTRAVER TOWNSHIP (P.O. Bell Vernon R. F. D.), WestmoreSOLOMAN, Dickinson County, Kan.
land County, Pa.
-BOND SALE.
-BOND OFFERING.
-The $70,000 4%% road bonds offered •bids will be
-Sealed
received until 7.30 p. in. Feb. 5 by G. M. Spaulding, City
on Nov. 8-V. 119, p. 2209
-have been sold to M. NI. Freeman
Philadelphia at a premium of $1,925, equal to 102.75, a basis & Co. of Clerk, for the following 2 issues of bonds.
of about $46,000 431% internal improvemen
4.22%. Date Dec. 1 1924. Due on Dec. 1 as follows: $10,000 1930, 1933,
t bonds.
46.000 43j% internal improvement bonds.
1936. 1938, 1941, 1943 and 1944.
Date Jan. 1
-years. A certified check for 2%
ROYALTON TOWNSHIP (P. 0. Cleveland), Cuyahoga County, of bid, payable 1925. Due serially 1-10
to the City Treasurer Is required.
Ohio.
-BOND SALE.
-Milliken & York of Cleveland have purchased the
$4,889 85 5%% coupon road bonds offered on Oct. 24-V.
SOLON TOWNSHIP (P. 0. Solon), Cuyahoga County, Ohio.
119. p. 1872
- BOND SALE.
at par and accrued interest plus a premium of $2. equal
-An issue of $3,281 49 6% township's portion road bonds
of about 4.99%. Due yearly on Oct. 1 as follows: $889 to 100.04, a basis has been sold3
loo3. Chagrin Falls Banking Co. ofChagrin Falls for 33.291 49,
tothe
85 1925 and $500 e
1926 to 1933 incl.
RUSSELL, Greenup County, Ky.-BOND DESCRIPTI
SOMERVILLE, Middlesex County, Mass.
-TEMPORARY LOAN.-The
$50,000 6% city building bonds purchased by J. E. Lynd of ON. - A temporary loan of $100.000 due Oct. 30 1925 has been
Russell
awarded to F. S.
V.120, p.362
-are described as follows: Date Jan.5 1925. Denom.$5,000. Moseley & Co. of Boston one 2.94% discount basis.
Coupon bonds. Due Jan. 5 1945. Interest payable J. & J.
SOUTHAMPTON (Town of), Suffolk County, N. Y.
-BOND OFFERST. MARIE TOWNSHIP (P. 0. St. Marie), Jasper County,
-Sealed proposals will be received until
Ills.
- ING.
BOND SALE.
-According to reports issues of $12,000 bridge and $16,060 the Town Board in the village of Southampton12 in. Feb. 18 at the office of
for the
additional bridge bonds have been disposed of by this township.
part of $30,000 5% highway bonds. Denom.$1.000.purchase of all or any
Date Feb. 15 1925.
Prin. and semi-amm int. (F.
SABETHA, Nemaha County. Kan.
payable at
-BOND OFFERING.
-Sealed Southampton. Due $5,000 & A.15) Feb. 15 the First National Bank,
yearly. on
bids will be received until 8 p. m. Feb. 3 by Lola Mishler,
City Clerk, for Cert. check for 10% of bid, required. The rightfrom 1926 to 1931 incl.
the following bonds:
is reserved by the Town
to any and all bids and sell the bonds at public auction to the highest bidder.
$24,950 (approx.) 4%% internal improvement bonds.
Benjamin G. Halsey is Town Supervisor.
48,100 4%% internal improvement bonds.
Date Jan. 1 1925. Principal and semi-annual interest payable
SOUTH CREEK DRAINAGE DISTRICT, No. Caro.
-BOND SALE.
at the
office of the State Treasurer, at Topeka. A certified check
for 2% of bid -The $24.000 6% drainage bonds offered on Sept. 5-V. 119. p. 1095
is required.
were awarded to H. C. Lawrence at par. Date Oct. 1 1924. Coupon
bonds. Due Oct. 1 1927 to 1936, Inclusive.
SACRAMENTO & SAN JOAQUIN DRAINAGE DISTRICT
(P. 0.
SCARAMENTO), Calif.
SOUTH EUCLID-LYNDHURST VILLAGE SCHOOL DISTRICT
-BOND OFFERING POSTPONED.
-The offering of $7,133,000 5%% drainage bonds (V. 120. p. 362) has been postponed (P.O. South Euclid), Cuyahoga
County, Ohio.
-BOND OFFERING.
Indefinitely. Date July 1 1923.
Sealed bids will be received by Paul R. Prasse, Village Clerk, until
12 m.
(central standard time), Feb. 2, for $421,360.37 4
SALEM, Richardson County, Mo.-BOND DESCRIPTI
coupon school
-The bonds. Denom.
ON.
$90,000 5%% water and sewer bonds purchased by the First National Bank and semi-ann. $1,000 and one for $1,360.37. Date Feb. 11925. Pritn.
int. (A. & 0.) payable at the office of Cleveland Trust Co.
of Salem on fan.8-V. 120, p. 362
-are described as follows: Date Jan. 15
1925. Coupon bonds. Denom. $1,000. Due in 5 to 20 years. Interest of Cleveland. Due yearly on Oct. 1 as follows: $19,360.37 1926, $19.000
1927 to 1944 incl. and $20,000 1945 to 1947 tncl Cert. check for 10%
payable J. & J.
of
thb amount of bonds bid for, payable to the District Treasurer,
required.
SALEM, Marion County, Ore.
-BOND
-The $30.SOUTH PASADENA, Los Angeles County, Cal.
923 74 6% street improvement bonds awardedDESCRIPTION.
-MS.
-Following
to the Ralph Schneelock Co. is a list of bids reviewed for the
of Portland-V. 120 p. 485
$50,000 5% park bonds awarded to the
-are described as follows: Date
1925.
-V, 120, 13. 363:
Denom. $500. Coupon bonds. Due Jan. 1 1935, optional Jan. 1 Jan. 1 Security Co. of Los Angeles.
after
1926. Interest payable J. & J.
Premium.
Stevens, Page and Sterling
$400
SAN AUGUSTINE,San Augustine County,Te
Wm.R. Staats Co
2.031
-An election will be held on Feb.7 for the purpose ofx.-BOND ELECTION.• E. H. Rollins & Sons
voting on the question
1.937
of issuing $35,000 5%% sanitary sewer bonds.
First Securities Company
1,769
Anglo-London Paris Co
SAN RAFAEL SCHOOL DISTRICT, Mann County, Calif.
3.035
- R. H. Molton Company
BOND OFFERING.
2,016
-Sealed bids will be received until 11 a. m. Feb. 3 by
Robert E. Graham, County, Clerk, for $133,000 5% school bonds. Date
SOUTH SAN FRANCISCO, San Mateo
County, Calif.
-BONDS
April 1 1923. Denom. $1,000. Due April 1 as follows:
-At an election held on Jan. 22 the voters
1935 to VOTED.
authorized the issuance
1953, inclusive. Principal and interest (A. & 0.1 payable $7,000 County of$54,000 high school bonds by a vote of422 for
at the
and 45
Treasurer's office. A certified check for 10% of bid, payable to the order grade school construction bonds by a vote of 442 for against and $120,000
and 25 against.
of the Chairman of the Board of Supervisors of Mario County is required.
SOUTH ZANESVILLE, Muskingum County,
-BONDS NOT
Ohio.
SCOTTDALE SCHOOL DISTRICT (P. 0. Scottdale), Westmore- SOLD.
-The $55,000 5% improvement assessment
bonds offered unland County, Pa.
-BOND SALE.
-The $100,000 4)1% coupon school successfully on July 3-V. 119, p. 230
it is stated,ruled the bonds not legal. -have not been sold. Attorneys,
bonds offered on Jan.20(V. 120, p. 114) have been sold to the First National
The city will offer about $3.000 bonds soon.
Bank of Scottdale at 102.415. a basis of about 4.055%. Date Jan. 11925.
Due $10,000 on Jan. 1 in 1930. 1934, 1937, 1939, 1941, 1943, 1945. 1947,
SOUTH ZANESVILLE RURAL SCHOOL
1949 and 1950. Bids were as follows:
DISTRICT (P. 0. South
Zanesville), Muskingum County, Ohio.
M. M. FreemanPhiladelphia
-BOND OFFERING.
-H. H.
$101,229 00 Collins, Clerk Bd. of Education, will
receive sealed bids until 7 P. m. Jan.
Fidelity Trust Co., Buffalo
100.723 00 30 for $75,000 school bonds. Denom.
First National Bank, Scottdale
102.415 67 M. & S. Due $3,750 yearly on Sept. $3,750. Date Mar. 1 1925. Int.
Graham, Parsons & Co.. Philadelphia
101,675 20 for 1% of the amount of bonds bid for, 15 1926 to 1015 incl. Cert. check
Halsey, Stuart & Co.. Chicago
required.
101,800 00
W. A. Harriman & Co.. Inc.. Pittsburgh
SPARTANBURG COUNTY (P. 0. Spartanbur
101.397 00
g), So. Caro.
-BIDS.
Lewis & Snyder, Philadelphia
101.027 00 -Following is a list of bids received, but rejected, for the $216.000
National City Co., New York
%
101.309 00 highway bonds offered on Jan. 9-V. 120, p. 363. The bonds, we are
Peoples Savings & Trust, Pittsburgh
advised, will be re-offered for sale as soon
101,190 00
as an amendment to allow bonds
Redmond & Co., Pittsburgh
100,947 65 to be sold at the highest price is passed by the South Carolina General
Union Trust Co., Pittsburgh
102,305 00 Assembly, which is now in session.
S. M. Vockel & Co., Pitts urgh
Int.
101.957 00
• Special Conditions
Scottdale Trust Co., Scottdale
Name of BidderRate.
101,556 00
Amount Bid.
of Bid.
TIFFIN, Seneca County,
-BOND SALE.
-The City National A. M.Law & Co..; Harris,
Bank of Tiffin has purchased Ohio.
Forbes & Co
the
bonds
434
Par & int.
Brokerage fee $2,550 96
offered on Jan. 28 (V. 120, p. 363) following issues of 5% coupon 101,
at a premium of $403, equal to
a W.A. Harriman & Co- _4% $98,649
basis of about 4.72%: '
Emory, Beck & Wood:
$24,909 67 Series No.1 bonds. Due yearly on Sept. 1 as follows:
David Robison Co.:
$3,909 67
1926, and $3,500, 1927 to Ion, inclusive.
Ryan, Sutherland Co_4%
210,513 60 & int.
14,190 43 Series No.2 bonds. Due yearly on March 1 as follows:
$2,19043 Citizens & Southern Co-434
97.
81
1926, and $2,000, 1927 to 1932,
National City Co
inclusive.
98.309
Date Feb. 1 1925.
R.M. Grant & Co Inc.
212.392 80 & int.
Halsey. Stuart & Co Inc.4%
SEABREEZE, Volusia County, Fla.
211.701 60 & int.
-BOND OFFERING.
-Sealed Otis & Co
bids will be received until 7.30 p.
4% Par & int.
Feb.
Brokerage fee $4,057 11
Clerk, for $120,000 6% street improvemnet5 by H. D. Gilmore, Town Second Ward Secur. Co 4%
213,015 00 &
bonds. Date Feb. 1 1925. Robinson, Humphrey
Denom. $1,000. Due $12,000 yearly. 1926 to 1935 incl.
&
Interest payable
Co
F.& A. A certified check for 2% of bid payable to the
4% Par & int.
Brokerage fee $3,196 80
order of the Mayor Bank of Commerce
of Seabreeze. Fla., is required.
4%
212,586 00
Guaranty Co. of N. Y_4%97.8679 & int.
SHADYSIDE, Belmont County, Ohio.
Well, Roth & Co
-BOND OFFERING.4
Par & hit.
Brokerage fee $4,040 00
C. J. Saffell, Village Clerk, will receive sealed bids until
Stranahan, Harris &
93.180 6% water works impt. bonds. Denom. $200 12 in., Feb. 2. for
Oatis Inc.
and one for $180.
4% Par & int.
Brokerage fee 58.95200
Date Dec. 1 1924. Int. payable annually. Due yearly
on Dec. 1 as fol- Hanchett Bond Co
434 Par
Brokerage fee $4,248 00
lows: $380 1926 and $200 1927 to 1940 incl. Cert.
Security Trust Co Inc.- _4% Par & int.
Brokerage fee
dc int.
amount of bonds bid for, payable to the Village check for 5% of the
Treasurer, required.
SPRINGFIELD TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
This corrects the notice given in last week's edition on
page 363.
Springfield), Clark County, Ohio.
-BOND OFFERING.-Untll 12 m.
SHARON TOWNSHIP RURAL SCHOOLDI
STRICT,MedinaCounty Feb. 13 sealed bids will be received by Alvie R. Smith, Clerk Board of
-BOND SALE.
Ohio.
-The Industrial Commission of
Education
$3.150 6% coupon school bonds offered on Aug. 6-V.Ohio purchased the 5% school (post office address County Building, Springfield), for $32.000
bonds. Denom. $1,000. Date Feb. 11925. Interest M.& S.
'
July 11924. Duo $350 yearly on Oct. 1 from 1925 to 119, p.493. Date Due yearly on Sept.
1933 incl.
1 as follows: 53,000 1926 to 1935. inclusive, and
$2,000 1936.
SHAWNEE RURAL SCHOOL DISTRICT
(P.O. Lima R. F. D. No.4), some solvent Certified check for 5% of the amount of bonds bid for upon
Allen County, Ohio.
bank, payable to the Board of Education, required.
-BOND OFFERING.
-Until 12 m. Feb. 12, sealed
bids will be received by E. E. Clem, Clerk Bd.
STAMFORD
-LOAN OFFERING.-l7ntil
5% school bonds. Denom. $500. Date Feb.of Education, for $150.000 10 a. m. Jan. , Fairfield County, Conn.
1 1925. Prin. and semi31, sealed bids will be received by Leroy I. Holly, City
ann. int., payable at the office of the Clerk Board of
Education. Due Treasurer, for a temporary loan of $200,000. Date Feb. 2 1925. Due
$7,500 Oct. 1 1926 to 1945 incl. Cert. check for 1% of
the amount of Oct. 6 1925.
bonds bid for, payable to the Clerk Board of Education, required.
STEPHENS COUNTY (P. 0.Breckenbridge), Tex.
-BONDS VOTED.
SHAWSWICK SCHOOL DISTRICT (P. 0.
Bedford), Lawrence -At an election
-BOND SALE.
County, Ind.
-The City Trust Co. of Indianapolis pur- court house and held recently the voters authorized the issuance of $250,000
jail bonds by a vote of 943 for and 915 against.
chased the $42.500 5% coupon school bonds offered on July
7-V. 119.
-for $44,132 50, equal to 103.84, a basis of about
STEUBENVILLE
p. 3230
4.27%. Date Jefferson County, SCHOOL DISTRICT (P. 0. Steubenville),
June 1 1924. Due each six months as follows: $2,500 July 1
-Halsey, Stuart & Co., Inc.,
-BOND SALE.
1925 and A. G. Becker & Co.Ohio.
$2.990 Jan. 1 1926 to July 11935, incl.
and Stevenson, Perry, Stacy &
have been awarded the $992,750 4%% school bondsCo.. all of Chicago,
offered on Jan. 15
SHOSHONI, Fremont County, Wyo.-BOND
ELECTION.
-On (V. 119, p. 3041) for $994,766, equal to 100.203, a basis of about 4.475%.
Feb. 7 an election will be held for the purpose of voting on the
question of Purchasers also agree to furnish legal opinion and printing of the bonds.
issuing $18,000 6% water bonds.
Date Feb. 15 1925. Due yearly on Sept. 15 as follows:
$50.000 1926 to
1944. inclusive, and $42,750 1945.
SILVER LAKE (P. 0. Cuyahoga Falls R. F. D. No.
-BOND SALE.
County, Ohio.
-On Dec. 15 Milliken & York 1), Summit
STUART, Palm Beach County, Fla.
of Cleveland
nurchmed the $7,500
-BOND DESCRIPTION.
% coupon water-works Series 3 bonds
-The
offered on $100,000 improvement bonds purchased on Dec. 29 by the Farmers Bank &
-at par and accrued interest. Date Oct.
Oct. 20-V. 119, p. 1767
10 1924. Trust Co. of West
-are described as follows:
Due yearly on Oct. 1 as follows: $500 1926: $1,000 1927, $500 1928: $1,000 Date Jan, 1 1925. Palm Beach-V. 120. p. 363
Interest at the rate of 6% payable J. & J. Denom.
1929,_$500 1930, $1,000 1931. $500 1932, $1,000 1933, $500
1934 and $1,000. Coupon bonds. Due in 1957.
$1.000 1935.
SUGARCRE
BOND SALE REPORT ERRONEOUS.
-We are informed by Julia E. Tuscarawas EK RURAL SCHOOL DISTRICT (P. 0. Sugarcreek
County, Ohio.
-BOND OFFERING.
Oswald, Village Clerk, that the $3,000 5st% coupon water-works bonds will be
received by J. A. Lang,Clerk Bd.of Edr-ttion, -Sealed pro
offered on Jan. 5-V. 119, p. 2792
-have not been sold as yet.
until 1 p. m.Feb.20
for $7,000 6% coupon school bonds. Denom.
A500. re' Feb. 1 1925.

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616

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Lat. A.& 0. Due $500 every six months from Oct. 1 1924 to Apr. 1 1933,
incl. Cert.check for 5% of the amount bid upon,drawn on some sol-vent
bank, payable to the order of the District,required.
SWAYNE COUNTY (P.O. Bryson City), No. Caro.
-BOND SALE.
An issue of $40,000 5%% refunding bonds was purchased by Brandon,
Gordon & Waddell of New York. Date Jan. 1 1925. Due Jan. 1 1955.
Legality to be approved by Storey,Thorndike, Palmer & Dodge of Boston.
Financial Statement.
$20.000,000
Value taxable property (estimated)
13,211,000
Assessed valuation
505.000
Net bonded debt (under 4%)
Population, 15,000.
SWIFT COUNTY (P. 0. Benson), Minn.
-BOND OFFERING.
-D.P. Carney, County Auditor, will receive sealed bids until 1 p. m. Mar.3
for $36,000 refunding bonds to bear interest at a rate not to exceed 5%•
Date Mar. 1 1925. Due Mar. 1 1935. Prin. and semi-ann. int, payable at
the First National Bank of St. Paul. A certified check for 5% of issue,
payable to the County Treasurer, is required.
TAMPA, Hillsborough County, Fla.
-BOND SALE.
-The $622,000
5% water works extension bonds offered on Jan. 27-V. 120, p. 363
-were
awarded to R. M. Grant & Co. of New York,and Sutherlin, Barry & Co.,
of New Orleans, jointly, at a premium of $37,506 60, equal to 106.03, a
basis of about 4.68%. Due Aug. 1 as follows: $26,000 1949 to 1971,
inclusive, and $24,000 in 1972.
TERRY COUNTY (P. 0. Brownfield,) Tex.
-BONDS AND WAR-A special telegraphic disRANTS SOLD SUBJECT TO BEING VOTED.
patch from our western correspondent informs us that $70,000 court-house
and jail bonds and $75,000 6% warrants have been disposed of, subject to
their being voted at election to be held soon.
TEXAS (State of).
-The State Comptroller
-BONDS REGISTERED.
of Texas registered the following bonds:
Int.
Amount.
Due.
Reg.
Place.
$2,500 Bowie County Co. S. D. No. 63 6% 10 to 20 years Jan. 19
5 to 20 years Jan. 21
3,700 Houston County C. S. D. No. 46 5%
THAYER SCHOOL DISTRICT, York County, Neb.-BOND SALE.
-The American Trust Co. of York has purchased an issue of $18.000 5%
school bonds at a premium of $600, equal to 103.33.
The above corrects the report given in V. 120, p. 363.
TIPPECANOE COUNTY (P. 0. Lafayette), Ind.
-BOND SALE.
The $2.600 5% Chas:B. Frets et al. coupon road bonds offered on July 22-were sold. Date June 20 1924. Due $130 every six
V. 119, p. 362
months from May 15 1925 to Nov. 15 1934,incl.
-On Oct. 4 the $3,900 434% Geo. W. Smith et al, road
BOND SALE.
-V. 119, p. 1536---were sold.
improvement bonds offered on that day
Date Sept. 6 1924. Due $195 every six months from May 15 1925 to
Nov. 15 1934, incl.
TOMBSTONE, Cochise County, Ariz.
-BONDS VOTED.
-At the
-the voters authorized the
election held on Jan. 12-V. 119, p. 2916
Issuance of $25,000 6% light plant bonds by a vote of 124 for and 4 against.
TOPSAIL TOWNSHIP SCHOOL DISTRICT, PENDER COUNTY,
-BOND SALE.
-The $60,000 5)4% school bonds offered on
No. Caro,
Nov. 29-V. 119, p. 2441-were awarded to Prudden & Co. of Toledo at a
premium of $2,000, equal to 103.33, a basis of 5.17%. Date Nov. 1 1924.
Coupon bonds. Due Nov. 1 as follows: $2,000 1925 to 1954, inclusive.
TRINITY COUNTY (P. 0. Trinity), Tex.
-BOND ELECTION
BOND SALE.
-11. C. Burt & Co., of Houston, have purchased an issue
of $1,000,000 road bonds subject to their being voted at an election to be
held soon.
TROY, Miami County, Ohio.
-BOND SALE.
-The $2.100 535%
water street and sanitary sewer special assessment bonds authorized by the
City Council (see V. 119. p. 2097) were sold. Denom. $250 and one for
$100. Date Sept. 11924. Int. M.& S. Due 1925 to 1932 incl.
TRUMBULL COUNTY (P. 0. Warren), Ohlo.-BOND SALE.
-An
-year water-main bonds has been awarded to the
Issue of $37.000 5% 20
First National Bank of Girard at a premium of $508 38, equal to 101.37a basis of about 4.88%. Date July 1 1924. Due 1944.
TUSCALOOSA, Tuscaloosa County, Ala.
-BOND SALE.
-The
$175,000 5% water works bonds offered on Jan. 20 (V. 120, p. 239) were
awarded to Ward, Sterne & Co. and Marx & Co. of Birmingham, jointly,
at 97.25.
TUSCALOOSA, Tuscaloosa County, Ala.
-BOND OFFERING.
D. B. Robertson, President Board of Commissioners, will receive sealed
bids until Feb. 17 for $20,000 6% public improvement bonds.
TUSCARA WAS COUNTY (P. 0. New Philadelphia), Ohio.
-BOND
OFFERING.-Untll 1 p. m. (eastern time) Feb. 23. sealed bids will be
received by A. D. Schlegel. Clerk Board of County Commrs., for $95.105
5% coupon I. C. H. No. 352 Sec. "J" bonds. Denom. $1.000 and one for
$105. Date Apr. 11925. Int. A.& G. Due yearly on Oct. 1 as follows:
$19,105 1926 and $19,000 1927 to 1930 incl. Cert. check for 5% of the
amount of bonds bid for on some bank other than one making bid, required.
UNION COUNTY (P. 0. Elizabeth), N. J.
-BOND SALE.
-The
51.000 coupon or registered road and bridge bonds offred on Jan. 28
. 120 p. 486) were awarded as 4 %a to Prendergast & Co. and Hoffman
O'Brien of New York for $351,712, equal to 100.20, a basis of about
4.22%. Date Feb. 1 1925. Due yearly on Feb. 1 as follows: $15.000,
1927 to 1936, inclusive; $18.000, 1937 to 1944, inclusive, and $19,000,
1945 to 1947. inclusive.
UNION TOWNSHIP (P. 0. Rawson), Hancock County, Ind.
-We are informed that the $4,000 5% road bonds
BONDS NOT SOLD.
offered unsuccessfully on Aug. 16 (see V. 119. p. 976) "have not been and
will not be sold."
UNIVERSITY PLACE, Lancaster County, Neb.-BOND DESCRIP-The two issues of bonds purchased by James T. Wachob of Omaha
TION.
-are described as follows:
-V. 119, p. 976
$32.000 6 paving district bonds. Due serially in 10 years.
30.000 5% water bonds. Due 1944.
Date Pe .11924. Coupon bonds. Denom.$1,000. Int. payable F.&A.
UPPER GLENDIVE-FALLON IRRIGATION DISTRICT (P. 0.
-The $106,000 6% irrigation bonds
-BOND SALE.
Glendive), Mont.
-were awarded to S. C. Mercer at 90.
offered on Dec. 22-V. 119, p. 2792
.
Due in 10 to 30 years.
-BOND OFFERING.
-Sealed
VANCOUVER, Clarke County, Wash.
bids will be secured until Mar. 2 by the City Clerk for $20,000 warehouse
bonds. Date Mar. 2 1925. Due serially 1 to 20 years.
VERMILLION VILLAGE SCHOOL DISTRICT (P. 0. Vermillion),
-Sealed bids will be received
-BOND OFFERING.
Erie County, Ohio.
by C. A.'nter,Clerk Board of Education, until 12 m.Feb.24 for $142,000
coupon school bonds. Denom. $1,000. Principal and interest payable at
the Erie County Banldng Co. of Vermillion. Due on Sept. 1 as follows:
$5,000 in 1926, 1928, 1931. 1934. 1937, 1941, 1945 and 1949, and $6,000
In 1927, 1929, 1930, 1932, 1933, 1935, 1936. 1938, 1939. 1940, 1942, 1943.
1944, 1946. 1947, 1948 and 1950. Certified check for 5% of the face value
of bonds bid for, required.
VERNON TOWNSHIP RURAL SCHOOL DISTRICT (P.O. Whitles.
-BOND OFFERING.-Unt11
burgh R. No. 2), Scioto County, Ohio.
12 m. Feb. 18, sealed bids will be received by Jacob Rase, Clerk-Treasurer
$31,500 5% coupon school bonds. Denom. $500.
School District, for
Date Mar. 1 1925. Int. M.& S. Due $1,500 yearly on Sept. 1 from 1926
to 1946 incl. Cert. check on some solvent bank for $1,575 required.
-The
VIBORG, Turner County, So. Dak.-BOND DESCRIPTION.
$10,000 5% street bonds purchased at par by the South Dakota School
-are described as
Fund Commission on Sept. 15 1923-V. 118. 13. 357
follows: Denom. $1,000. except one for $5,000. Coupon bonds. Due
$5.000 1928 and $1,000 1929 to 1933,inclusive. Interest payable (J. & J.).
-The
-BOND SALE.
PIVIGO COUNTY (P 0. Terre Haute), Ind.
$5.800 5% Waldo G. Watts et al coupon road construction bonds offered
on July 23-V. 119, p. 362
-have been sold sold to the Fletcher American
Co. of Indianapolis at a premium of $196 45. equal to 103.38, a basis of
Due $290 every six months from
about 4.30%. Date July 15 1924.
May 15 1925 to Nov. 15 1934 incl.
1111BONDS NOT SOLD
.-The following two issues of5% impt, bonds offered
on Sept. 2-V. 119, p. 1075
-were not sold.

P

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Federal Reserve Bank of St. Louis

[VOL. 120.

$2,200 C. W. Wools et al. Fayette Twp. bonds. Denom. $110. Int.
M.& N. 15. Due $110 each six months from May 15 1925 to Nov.
15 1934 incl.
6,000 Earl French at al. bonds. Denom.$600. Int. ann. May 15. Due
MO yearly on May 15 from 1925 to 1934 incl.
Date Sept. 1 1924.
VIGO COUNTY (P. 0. Terre Haute), Ind.
-ADDITIONAL IN
connection with the $15.000 J. E. Milks road in Harrison Twp. coupon bonds awarded to J. F Wild & Co. of Indianapolis for
$64,381, equal to 103.68, as was stated in V. 119, p. 845, we are in receipt of the following: Interest at 5%. Denoms. $2.000 and $250. Date
July 15 1924. Int. 1V1. & N. Due in one to ten years.
VIRGINIA, St. Louis County, Minn.
-An issue of
-BOND SALE.
$40,000 city bonds was awarded on Aug. 5 to local banks.
WAKEFIELD, Clay County, Kan.
-The
-BONDS REGISTERED.
State Auditor of Kansas has registered $10,850 42 4%% sewer Series "A"
bonds and $15,331 03 4%% sewer Series "B" bonds.
WAPATO, Yakima County, Wash.
-BOND SALE.
-An issue of $48,500 water-main bonds was purchased recently by the Yakima Trust Co. of
Yakima.
WARREN, Trumbull County, Ohio.
-BOND AND NOTE SALE.
The bonds and notes offered on •Tuly 25 last (V. 119, p. 115) were awarded
on that day as follows:
$84400 53 % coupon property share notes issued under authority of
Ordinance No. 1523, awarded to Second National Bank of
Warren at a premium of $1,606, equal to 101.90-a basis of
about 4.577. Date June 2 1924. Interest J. & D. 2.
Due June 24
1925. Denom. $1.000 and $1.400.
45,000 5% coupon city's share paving bonds issued under authority of
Ordinance No. 1537. awarded to Stranahan, Harris & Oatis,
of Cleveland, at a premium of $2.031 26. equal to 104.51a basis of about 4.015%. Denom. $1.090. Date April 1
1924. Interest semi-annual. Due $5,000 yearly on Oct. 1
from 1925 to 1933. inclusive.
*4.500 53 % coupon city's share water main construction bonds issued
under authority of Ordinance No. 1557. Denom. $1.000
and $500 Date April 1 1924 Interets semi-annual. Due
$1,000 yearly on Oct. 1 from 1925 to 1928, inclusive, and
$500 Oct. 1 1929.
*56,000 5% coupon city's share paving bonds issued under authority of
Ordinance No 1558. Denom. $1,000. Date April 11924.
Interest semi-annual. Due on Oct. 1 as follows:f6,000, 1925
to 1927, inclusive; $7.000. 1928: $6,000, 1929; $7,000, 1930.
and $6,000, 1931 to 1933, inclusive.
*1,900 5%% coupon city's share sanitary sewer bonds issued under
authority of Ordinance No. 1559. Denom.$1,000 and $900.
Date April 1 1924. Interest semi-annual. Due $1,000
Oct. 1 1925 and $900 Oct. 1 1926.
137,000 5%% coupon city's share water main construction bonds issued
under authority of Ordinance No. 1565, awarded to Benj.
Dansard & Co. of Toledo for $147,017 86, equal to 107.31a basis of about 4.60%. Denom. $1,000. Date April 1
1924. Interest semi-annual. Due on Oct. 1 as follows:
$7.000, 1925 to 1930, inclusive; $8.000, 1931 to 1934, inclusive, and $7.000, 1935 to 1943. inclusive.
* Awarded to Braun, Bosworth & Co. of Toledo for $65,052 20, equal to
104.25, a basis of about 4.03%•
WARREN, Trumbull County, Ohio.
-ADDITIONAL INFORMATION.
-We are now in receipt of the following additional information
regarding the $137.000 53.4% coupon water bonds awarded to Benjamin
Dansard & Co. of Detroit at 107.28. a basis of about 4.50% (V. 119, p.
2793). Denom. $1,000. Date Apr, 1 1924. Int. A. & 0. Due yearly
on Oct. 1 as follows: 87.000 1925 to 1930 incl., $8,000 1931 to 1934 incl.
and $7,000 1935 to 1943 incl.
WARREN TOWNSHIP SCHOOL DISTRICT NO. 5 (P. 0. Mount
Clemens), Macomb County, Mich.
-BOND OFFERING.
-J. M. Vedder,
Secretary Board of Education, will receive sealed bids until 8 p. m. Feb. 2
for $60.000 5% school bonds. Interest semi-annually. Due Jan. 1 1931
to 1950, inclusive.
WARSAW, Wyoming County, N. Y.
-BOND OFFERING.
-0, H.
Hain, Village Clerk, will receive sealed bids until 8p.m. Feb. 2 for $21,000
6% coupon or registered bonds. Denom. 81.000. Prin. and semi-ann.
int. (A. & 0.) payable at the Wyoming County National Bank, WarsawDue $1,000 yearly on April 1 from 1925 to 1945 incl. Cert. check for 5%
of amount of bonds bid for required.
WASHINGTON COUNTY (P. 0. Salem), Ind.
-BOND SALE.
J. F. Wild & Co. of Indianapolis were the successful bidders for the $15.800
5% Elmer Winslow et al. road bonds offered on Oct. 28-V. 119. p. 1988
for $16,254, equal to 102.86. a basis of about 4.41%. Date Sept. 11924.
Due $790 every six months from May 15 1925 to Nov. 15 1934 incl.
WASHINGTON COUNTY (P. 0. Washington), Pa.
-BOND OFFERING.
-Sealed proposals will be received by T. J Underwood, County
Controller, at his office. Washington, until 11 a. m. Feb. 24, and opened
In the office of the Commissioners of the County at 11.30 a. m.for an issue
of $200,000 road improvement bonds bearing hit, at the rate of 434% free
of Pennsylvania State tax, dated Jan. 1 1925 and maturing as follows:
on Jan. 1 as follows: $22.000 1941. 320.000 1942, $5,000 1943, $5.000 1946.
810,000 1948, 850,000 1949, 850.000 1950, 838,000 1951. Certified check
to the sum of $2,500 must accompany each proposal. These bonds are
Issued under authority of the electors of county and under the approval of
Townsend, Elliot Sr Munson, attorneys at law, Philadelphia.
WASHINGTON TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
Portsmouth Route No. 1), Scioto County,Ohio.
-BOND OFFERING,
Sealed bids will be received by Geo. A. Doll, Clerk and Treasurer. School
District. until 12 m.Feb. 18 for 1.47,250 5% coupon school bonds. Denom.
$500 and one for $250. Date Mar. 1 1925. Int. M.& S. Due yearly on
Sept. 1 as follows: $4.000 1926 to 1936 incl., $3,750, 1937. Cert. check
for 52.362 50 on some soh/ent bank required.
WATERVILLE, Lucas County, Ohio.
-BOND SALE.
-The National
State Savings Bank of Waterville purchased the following two issues of
54% bonds offered on Dec. 4-V. 119, p. 2210
-at par:
$5.600 special assessment paving bonds. Due Oct. 1 as follows: $500
1925 to 1929 incl.; 5600 1930 to 1933 incl. and 8700 1934.
1.900 villages portion paving bonds. Due Oct. 1 as follows: $100 1925
and $200 1926 to 1934 incl.
Date Oct. 1 1924.
WATON WAN COUNTY (P. 0. St. James), Minn.
-PRICE PAID.
CORRECTION.
-The $12.350 07 trunk highway reimbursement bonds
awarded to the Farmers & Merchants State Bank of Lewisville
-V. 120,
n. 363
-were purchased as 4345 at a premium of $209, equal to 101.45
bate Dec. 1 1924. Denom. $1,000. Coupon bonds. Due in 1944.
Interest payable J. & D. The interest rate on these bonds is 434% and
not 5% as given in above reference.
WAYNE COUNTY (P. 0. Goldsboro), No. Caro.
-BOND SALE.
Otis & Co. of Cleveland purchased an issue of $25,000 5% coupon (registerable as to principal only, or both principal and interest) bridge bonds at a
premium of $147. equal to 100.58. Date June 1 1924. These are the
bonds offered on June 2-V. 118, p. 2349.
WEST JEFFERSON, Ashe County, No, Caro.
-BOND SALE.The $25,000 6% water bonds offered on Sept. 15-V. 119, p. 977
-were
awarded to Spitzer, Rorick & Co., of New York City, at par.
WHITE COUNTY (P. 0. Monticello), Ind.
-BOND DESCRIPTION.
_Following is a description of the 55,836 26 Griesez ditch coupon bonds
awarded to the City Trust Co. of Indianapolis for $5,980 26, equal to
102.46 as was stated in V. 119, p. 845. Denom. $580 and one for $616 26.
Date July 8 1924. Int. J. & D. Due yearly on Dec. 1 from 1925 to 1929
incl. Interest at 6%.
DESCRIPTION.
-Following Is a description of the $13,400 Roy Lawyer
coupon road bonds sold to the Fletcher .American Co. of Indianapolis at
103.28 as was given in V. 120. p. 494. Interest at 5%. Denom. $670.
Date Jan. 15 1924. Int. M. & N. 15. Due $670 every six months from
May 15 1925 to Nov. 15 1934 incl. Net income about 4.26%•
DESCRIPTION.
-We are now in receipt of the following regarding the
$16,400 coupon road in Prairie TWD. bonds awarded to the Fletcher American Co. of Indianapolis at 103.128-V. 119, r...845
-Interest at 5%.
Denom. $820. Date May 15 1924. Int. M. & N. 15. Due $820 every

JAN. 31 1925.1

THE CHRONICLE

six months from May 15 1925 to Nov. 15 1934 incl. Net
income about
4.36%.
WHITLEY COUNTY (P. 0. Columbia City), Ind.
-BOND SALE.
The $6,481 30 69' coupon Thomas Friskney et al. drainage
bonds offered
on Oct. 6-V. 119, p. 1430
-have been sold to the Farmers Loan & Trust
Co. of Columbia City at par. Date Sept. 15 1924.
WICHITA, Sedgwick County, Kan.
-BONDS REGISTERED.
-On
Dec. 1 the State Auditor of Kansas registered $55,000 43f,%
park bonds.
WICHITA FALLS, Wichita County, Tex.
-BOND OFFERING.
Sealed bids will be received until Feb. 2 by the City
refunding bonds. Bidders are to name rate of interestClerk for $394,000
and maturities.
WILBARGER COUNTY COMMON SCHOOL DISTRI
CT NO. 47
(P. 0. Vernon), Tex.
-BONDS REOTSTERED.-On Jan. 21 the
State
Comptroller of Texas registered $48,0006% school bonds.
Due 10 to 20 yrs.
WILKES-BARRE TOWNSHIP (P. 0. Wilkes•B
arre), Luzerne
County, Pa.
-BOND SALE.
-The 39,000 5%
on Dec. 8-V. 119. p. 2561-have been sold to% paving bonds offered
Trust Co. of Wilkes-Barre at 100.125, a basis the Dime Bank Title &
of about
Nov. 1 1924. Due $1,000 Nov. 1 1927 to 1935, inclusive 5.47%. Date
.
WILLOUGHBY, Lake County, Ohio.
-BOND
Miller. Village Clerk, will receive sealed bids until 12 OFFERING.-Arvilla
m.
5% coupon Orchard Park Street improvement bonds. Feb. 14 for $12,665
one for $665. Date Oct. 1 1924. Interest A. & 0. Denom. $1,000 and
Due
1926 to 1937, inclusive, and $665. 1938. Certified check $1.000 Oct. 1
for 10% of the
amount of bonds bid for, payable to the Village
Treasurer, required.
WILLOUGHBY RURAL SCHOOL DISTRICT
(P. 0. Willoughby),
Lake County, Ohio.
-BOND OFFERING.
-0. K.
Education, until 7.30 p.m. Feb. 18 will receive sealed Tietma, Clerk Dd. ot
bids for $17,5004%%
school bonds. Denoms. $1,000 and $500. Date
Jan. 1 1925. Prin. and
semi-ann. Int.(A. & 0.) payable at the
Cleveland Trust Co.,of Willoughby.
Due yearly on Oct. 1 as follows: $1,000 1926
1929 and 1930.$1,500 1931.$1,000 1932 and and 1927: $1,500 1928: $1,000
and 1936, 21,500 1937,$1000 1938 and 1939 1933. 21.500 1934.$1.000 1935
and
for $250 payable to the above Clerk required. $1,500 1940. Cert. check
WINDSOR, Bertie County, No. Caro.
-BOND SALE.
6% street and light coupon bonds offered on Jan. 24-V. -The $100,000
120. p.364
-were
awarded to Braun, Bosworth & Co. of Toledo
equal to 103.39-a basis of about 5.66%. Date at a premium of $3,390,
Jan.
as follows: $3,000, 1928 to 1937, incl., and $7,000, 1 1925. Due Jan. 1
1938 to 1947. incl.
WINDSOR TOWNSHIP RURAL
sor), Ashtabula County, Ohio. SCHOOL DISTRICT (P. 0. Wind-BOND OFFERING.
-Until 1 p. m.
Feb. 18 sealed bids will be received by Mrs.
of Education,for $50.000 5% school bonds. Nellie L. Rhodes, Clerk Board
Denom.$1,000. Date Mar. 1
Int. semi-ann. Due $1,000 every
1925.
six months from Mar. 1 1926 to
Sept. 1 1949 incl. Cert. check for 5% of
the amount bid upon, payable
to the Board of Education, required.
WINFIELD, Cowley County, Kan.
-BONDS REGISTERED.
-The
State Auditor of Kansas on Dec. 31
registered $20,288 93 4% street
Improvement bonds.
WOODLAND HIGH SCHOOL DISTRI
CT, Yalo County, Calif.
BOND OFFERING.
-11. R. Saunders,
receive sealed bids until 10 a. m. Feb. 2 Clerk Board of Supervisors, will
for $72,000 5% school bonds. Date
June 2 1924. Denom. $1,000. Due $9,000
yearly 1942 to 1949 incl. A
certified check for 5% of bid is required.
WOOSTER CITY SCHOOL DISTRICT
(P. 0. Woolter), Wayne
County, Ohio.
-BOND SALE.
offered on Aug. 11-V. 119, yo.-The $53,000 55i% coupon school bonds
612
-have been sold to the Detroit Trust
Co. of Detroit for $56.135 23, equal
to
Date June 11924. Due yearly on Dec. 105.91, a basis of about 4.29%.
1 as follows: $5,000 1925 to 1934
incl. and $3,000 1935.
WYANDOTTE COUNTY (P. 0. Kansas City),
-NOTES
REGISTERED.
-The State Auditor of Kansas registered Kan.
$61,661 71 5%
temporary notes on Dec. 6. 326,784 39 5% Wolcott
Road temporary notes
on Dec.19 and $20,357 285% Wolcott Road temporary
notes on Dec.23.
WYANDOT COUNTY (P. 0. Upper Sandusk
-BOND OFFERING -Sealed bids will be received until 10.30 y), Ohio.
a. m.
time or 11.30 a. m. eastern time Feb. 7 by Anthony central standard
J. Kraus. County
Auditor, for $181,866 67 5% highway bonds. Date
Jan. 1 1925. Denom.
31t000 except 1 for $866 67, Due Sept.
as follows:
320.000 1927 to 1934 incl. Principal and1semi-ann. $21.866 67 1926.
Interest (M. & S.)
payable at the office of the County Treasurer
at
certified check for 5% of bid payable to the order Upper Sandusky. A
of the County Auditor
Is required.
BOND OFFERING -Sealed bids will be received
at the same time for
$20,666 675% coupon I. C. H. No. 524 Sec."A"
bonds. Denom. $1,000,
$300 and one for 3266 67. Date Jan. 1 1925. Prin.
and semi-ann. int.
(M. & S.) payable at the office of the
County Treasurer. Due yearly on

617

Sept. 1 as follows: $2,266 67 1926, and $2,300
check for 5% of the face value of bonds bid for 1927 to 1934 incl. Cert.
required.
YOAKUM, Lavaca County, Tex.
-BONDS VOTED.
-At an election
held on Jan. 10 the voters authorized the
issuance
torium bonds by a vote of 201 for to 88 against. of 28,000 school audiYPSILANTIAN CITY SCHOOL DISTRCT (P.
0. Ypailantia),
Washtenaw County, Mich.
-BOND SALE.
-At
School Board disposed of $175,000 school bonds a meeting on Jan.23 the
authorized to provide for a
new gymnasium at Central High School. The bid
of the Detroit Trust Co.,
which was the highest and which
considere
accepted. All expense of printingthe board opinion d very favorable was
and
are to be borne by the
purchaser and accrued interest to date legal
of delivery will also be paid.
Bids were as follows:
Detroit Trust Co., par and premium
81,819 25
Harris Trust Co., par and premium
1,647 00
Watling, Lerschen & Co., par and premium
1,155 00
Bank of Detroit, par and premium
1,063 99
Paine Webber & Co., par and premium
555 00
Stranahan, Harris & Oatis, par and
316 75
John Nuveen Co., par less discount premium
1.00000

CANADA, its Provinces and Municipalities.

AYLMER, Que.-BOND OFFERINO.-BIds
are invited up to Feb. 3 for
the purchase of $45,000 534% 10
-year bonds. E. Manbach. Sec.-Treas.
BARRIE, Ont.-BONDS VOTED.
-Reports say that the ratepayers
approved a high school debenture by-law and
also a 210,000 hospital by-law.
COATICOOK, Que.-BONDS PROPOSED.
-The
applied to the Provincial Legislature for authority to town, it is said, has
issue $150,000 bonds.
GLAMORGAN TOWNSHIP, Ont.-B
OND OFFERING.-Blds are
invited for the purchase of $2,200 6% -installm
10
ent school bonds. G. D.
Lake, Gooderham, Ont.
HULL, Que.-BOND OFFERINO.-Bisd
will be received up to 4 D• m•
Feb. 9 for the purchase of 2267.000 5% 20
-year bonds, dated Nov. 1 1924.
and payable in Hull, Montreal or Quebec. H. Boulay,
City Clerk.
MEDICINE HAT, Alta.
-BOND SALE.
we are informed, has purchased 350.000 -The Royal Financial Corp.,
-year bonds payable in
535% 20
Canada and New York. The bonds
are dated Dec. 1 1924.
OWEN SOUND, Ont.-BONDS VOTED.
-The ratepayers approved a
$450,000 grain elevator bond by-law.
QUEBEC, Que.-BOND SALE.
-The 3830,000 5% coupon 30
-year
bonds offered on Jan.23(V. 120, p.486).
were sold to the Bank of Montreal
and the National City Co., Ltd., of
Montreal, at 100.19. Date June 1
1924. Due June 1 1954. The bids were
as follow:.
Thirty- 1 to 30
Year
Serial.
Bank of Montreal and the National
City
100.19 99.52
Harris, Forbes & Co., Hanson Bros. andCo., Ltd
Rene T. Leclerc,
Inc
99.27 99.27
Bell, Geuhalock. Mead & Co., and
99.07 99.13
A. E. Ames & Co., and DominionBray. Caron & Dube_
Securities
99.09 99.09
Wood, Gundy and A. S. Law
99.525 99.43
Municipal Debentures Corp.. and
Gourdeau & Co
98.89
Gairdner, Clark, and Dominion Bank
99.393, 98.64
L. G. Beaubien, Greenshields & Co.,
and McLeod, Young
& Weir
98.66 98.66
MacKenzie & Kingman, Matthews & Co.,
and Geo. Beausoleil
99.07
Nesbitt, Thomson, Corcoran, May & Co.,
and Pry, Mills &
Spence
99.317 99.317
Dyment, Anderson. and Aird. McLeod
98.75
98.75
Credit Anglo-Francais. and MacNeill
, Graham
98.58
98.68
SALTFLEET TOWNSHIP, Ont.-BONDS
VOTED.
-It Is stated that
the Council passed a $30,000 drainage debentur
e by-law.
SARNIA, Ont.-BOND OFPERING.-Bids
were invited up to 12 m.
Jan. 30 for the purchase of $40,000
% 20
-installment hydro bonds.
W. W. Simpson, Treasurer.
SHERBROOKE, Que.-BOND SALE.
-Recent reports say that Versailles, Vidricaire & Boulais, Ltd., were the
successful bidders for $80,000
-year serial, $385,000, 30-year
25
price paid was 98.92. Bids were and $77.000 40-year 5% bonds. The
lows.
Versailles, Vidricaire & Boulais as fo Rene
T.Leclerc Inc., and L. G.
Ltd
98.92
Beaubien & Co
Municipal Debentures Corp_ --98.57
97.55
A. E. Ames & Co. amd DominCredit Canadien, Inc
98.10
ion Securities Corp
97.27
Bell, Gouinlock & Co
97.65 Gairdner, Clarke & Co
96.22
Bray, Caron & Dube, Ltd
97.57 C.H.Burgess & Co
95.56
Hanson Bros
95.28

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Suffolk Co., N. Y.
• HIGHWAY BONDS
NOTICE IS HEREBY GIVEN that sealed
propsals will be received y onscouy
olsouta:pt thelownloark of
the sown
York, at the office of the said Town Board in
the Village of Southampton, New York at 12:00
o clock noon on the 18TH DAY OF FEBRUARY,
1925, for the purchase of any or all of an issue a
bonds of said Town of Southampton, in the
amount of THIRTY THOUSAND DOLLARS
($30000), issued pursuant to the provisions of
Sections 138A and 177 of the Highway Law of
the State of New York, for the purpose of reconstructing a portion of the Quogue-Riverhead
County Highway No. 694 in the County of Suffolk and State of New York, at an additional
width; the said bonds will be dated February
15th, 1925, and shall bear interest at the rate of
five per centutn (5%) per annum, payable semiannually on the 15th days of February and August
in each year until retired.
The said issue shall consist of thirty (30) bonds
for ONE THOUSAND DOLLARS ($1,000)
each, which will mature in numerical order, bonds
1 to 5 Inclusive on the 15th day of February in
the year 1926 and five (5) bonds on the 15th day
of February in each year thereafter to and including the year 1931.
Said bonds and Interest will be payable at the
First National Bank of Southampton, New York.
All bids must be in writing, sealed and the number of bonds bidder will purchase stated and must
be accompanied by a certified check for 10% of
the amount of the total amount of the bid. No
bonds will be sold for less than par. Interest
will be charged purchaser from February 15, 1925,
to date of delivery.
The right is reserved to reject any and all
and to sell the same at public auction to the bids
highest bidder at the time and place above stated.
Dated January 28th, 1925.
BENJAMIN G. HALSEY,
Supervisor of the Town of
Southampton, New York.

[VOL. 120.

THE CHRONICLE

618

COTTON, GRAIN. SUGAR AN_D COFFEE MERCHANTS
ohs&

0. Corn
August Schierenberg

Paul Schwarz
Frank A. Kimball

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Johnson & Turner, Ltd., Lisbon
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