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The
aMflWtTtZItl
financial-
tont&
INCLUDING
Railway& Industrial COmpendium
Public Utility Compendium
State & Municipal Compendium
Railway Earnings Section
VOL. 122.
SATURDAY, APRIL 17 1926
ite Throincle
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The Financial Situation,
There has been renewed liquidation in stocks with
a nervous alternating trend. The Dow-Jone
s average of industrial stocks which declined from
the
February high of 162.31 to 135.20 on March 30,
fluetuated rather violently during the past week
just
above the latter level, a rally on Tuesday carry
ing
the average up 2.37 to 138.90, with almost a
corresponding decline on Wednesday. Again a slight
rally on Thursday was followed by an almos equal
t
decline in the late trading yesterday.
Simultaneously, the bond average crept upward
during the week, reaching a new high point almos
t
every day, the level being higher than at any time
since 1916. Call money, which went over the weekend at 4%, rose on Monday to 5 %,but was
/
1
2
again
down to 4% on Wednesday, the decline on that
day
occurring during a severe drive in stocks. Time
money has continued easy, with indications
of even
greater ease, so much so that there is discus
sion as
to the probability of some rediscount rates
being
lowered.
The flurry in call money on Monday was
probably
in part caused by shipment of funds to Cuba,
in connection with a short and apparently needless
bank
run. A deputation of Cuban sugar growers
has requested the Cuban Government to enact legisl
ation
to curtail the sugar crop by approximately 10%,
with a view to strengthening the price of raw
sugar,
and made the suggestion that if the Government
was
not willing to make such an arrangement that a
moratorium be extended. The use of the word
"moratorium" was unfortunate, and was taken up by certain newspapers in an injudicious way. It seems
quite possible that the plan will be adopted for curtailing the production by 10%, but, as the President
Bank and Quotation SectioL
Bankers' Convention Sectiot.
NO. 3173.
has announced, a moratorium is quite unjustified
and will not be considered. The suggestion,
however, started a sequence resultin-g in a run direct
ed
principally toward the Cuban branches of the
National City Bank of New York and the Royal Bank
of Canada, these two banks having 25 and
65
branches, respectively, in Cuba. Funds were rushe
d
to Cuba from the Federal Reserve Bank of Atlan
ta
and the run was quickly stopped. The amount
of
currency shipped was probably not in excess of $35,000,000, although the first report indicated larger
amounts. The call money rate was probably more
affected by fear of what might happen than what
actually did happen. At all events, the call loan
rate
very quickly eased.
The limiting of production through action
by a
Government, or through concerted co-operation
of
those concerned with the industry, is usually
unwise, and frequently results in passing over presti
ge
in an industry from those who have taken the
restraining action to those who have taken advan
tage
of the situation created by their action; but in this
case there is much to say for the proposed curtailment of sugar productoin. Before the war Cuba
supplied a very large proportion of the sugar requirements in the Western Hemisphere, but did not
supply Europe or the rest of the world. During the
war it was necessary for Cuba to expand her production to supply the crippled European markets,
but it is normal for Europe to supply her own sugar,
and for Cuba to find her market only in the Western Hemisphere. Temporarily at least the capacity
is greater than is required by Western Hemisphere
needs. The recovery in European production has
been more rapid than was anticipated two or three
years ago. There is, therefore, much to say in favor
of the action proposed by the Cuban planters.
Foreign trade figures for March and the first
quarter of 1926 (reviewed further below) have
caused a good deal of discussion, with rather widespread suggestions that our trade position is being
impaired. Imports in March were approximately
$70,000,000 in excess of exports, although in 1925
exports exceeded imports by almost a like sum.
Monthly figures are subject to rather violent
fluctuations for reasons which have little to do with
a
change in trend. For instance, in this case
the Department of Commerce has explained that
the socalled adverse trade balance of March was broug
ht
about largely by small exports of cotton at compa
ratively low prices and large imports of rubbe
r at
prices materially higher than those of a year
ago.
It may be that here is an indication of a change
in
2098
THE CHRONICLE
[VoL. 122.
trend. If this is the case, it is just what economists in the Farm Loan System have involved almost
have been pointing out as bound to occur on account negligible losses to the banks.
of the change in the position of the United States
The change in the course of the country's foreign
from a debtor to a creditor nation. It has been
to export more goods trade, noted in January and February, is again in
habitual for the United States
to the world than it has imported, utilizing this evidence in the return for March. The March statecredit balance on merchandise to pay interest and ment was published on Wednesday of this week. It
dividends on European capital loaned over here. shows a condition as to merchandise exports even
Now our capital is loaned abroad in large quantities less satisfactory than for the two preceding months
and it is necessary for Europe to pay interest and this year, while merchandise imports have mounted
dividends to this country. This can be done by a still higher and in fact exceed in value those of any
balance of goods which would necessitate our im- month back to August 1920. Furthermore, the balports exceeding our exports, or it can be done ance of the foreign trade of the United States, which
through providing entertainment and recreation for January and February of this year was on the
for our travelers, or through shipment of gold, or side of the imports, for March is on the same side
of the account, and for a considerably larger sum.
through borrowing additional funds over here.
All of these methods are actually in process at Merchandise exports last month amounted to only
present, excepting the first, for notwithstanding the $375,000,000, as against $453,653,000 for March 1925.
March indication it is probably true that we still In February this year the exports were only $352,will have an excess of exports over imports for a 916,815, but the increase of $22,000,000 for March
while, but it is quite possible and logical that even- this year over the February report is changed to a
tually imports will exceed exports. This will be a decrease if allowance is made for the fact that Febnormal development if it comes and should not be ruary is a short month, while there is a decrease of
attended by distress. It is significant that not- over $88,000,000 in the comparison of March this
withstanding this very large change in the export year with March last year. On the other hand, mertrade balance during the past year exports for chandise imports last month were valued at $445,the nine months to March 31 have fallen off 000,000, as against $388,503,000 for February and
proportionately little—less than 3%. The change $385,279,000 for March 1925.
The balance on the import side of the account for
has c'ome through increasing imports; in other
additional wealth coming to the United March the present year is $70,000,000. For March
words, the
States through European settlements is being 1925 the balance was on the export side in amount of
expended in part in increased purchases of Euro- $68,274,000. For the first three months of 1926 there
pean goods, and no doubt also in part in increased is an import balance of $125,144,000, against an extravel abroad, but whatever the items entering into port balance for the corresponding period a year ago
the very intricate balance of international transac- of $205,841,000. Merchandise exports for these
tions, the final balance is still in favor of the United three months this year are $145,660,000 less than for
States as evidenced by recent importations of gold, the same period a year ago, while imports show an
our gold stock having reached a record figure as of expansion this year of $185,325,000 over the same
April 1 at $4,494,851,095, an increase during March three months of 1925. The decrease in exports is
raw cotton this
of $50,059,720, and during the first three months largely due to the lower value of
to a smaller movement of that staple, and to a
year,
of 1926 of $86,155,223.
decline in exports of grain. This has been clearly
in connection set forth in our previous discussions of the changed
An interesting situation has arisen
of the United States.
with the Joint Stock Land.banks. Many of these situation as to the foreign trade
e recognized as strong in- Exports of cotton in March this year were $41,500,private banks have.becom
March 1925, while
stitutions, supplementing the Farm Loan System 000 smaller in value than for
a decline of $26,000,000 in the
and affording an excellent medium for investment. grain exports show
the same two months, a total for
The Farm Loan Board has recently ruled that divi- comparison for
ap- these two staples of $67,500,000. The export cotton
dends cannot be paid by these banks except as
ago was 25.2 cents per pound—this year
proved by it, and has requested the Joint Stock Land price a year
suspend its 10% it is about 21 cents. Likewise as to imports, a much
Bank of Southern Minnesota to
for crude rubber this year together
dividend, and another bank to defer a quarterly pay- higher price
dividend later on with an increase in quantity imported will account
ment at present and establish its
e part of the increase in merchana semi-annual basis. Both of these banks wish to for a considerabl
and current earnings are dise imports. During March 1926 the imports of
pay dividends at 10%,
new record, being 42,677 tons, as
somewhat above this figure. The Board's action in crude rubber set a
33,914 tons in March last year and for the
Minnesota is because there have been a number of against
to March 31 the importations were
defaults on interest, and the bank is engaged at pres- three months
It 115,441 tons, against only 87,330 tons in the same
ent in foreclosing quite a good deal of property.
months of 1925. The value of imports of rubis thought that these foreclosures will not be at- three
any, as the ber in Feb. of this year was $58,733,000 in contrast
tended by greater than nominal losses, if
in February 1925. The average
security is thought to be adequate. In view of the with $18,532,000
of having the import price of rubber in February of this year was
very great importance to the country
pound; in February of last year the
entire Farm Loan System sound to the core, and in 80 cents per
which these Joint Stock average import price was 33.5 cents. In the closing
view of the short time in
of 1925 cotton exports were considerably
Land banks have operated, it seems a wise precau- months
than for the corresponding months of the
tion to withhold the payment of dividends during a heavier
but there has been a decline in the
period involving these uncertainties. On the other preceding year,
the outward movement of cotton for the present crop
hand, it has been a cause of gratification from
first that the relatively few foreclosures necessary year to date.
Am. 17 1926.]
THE CHRONICLE
For nine months of the current fiscal year, or from
July 1 1925 to March 31 this year, there is a decline
of $100,393,000 in the value of merchandise exports
from the United States as compared with the figures for the corresponding period of the preceding
fiscal year, practically all of which has been due
to
the loss in cotton and grain exports. The total
value of merchandise exports for the above mentioned period this year was $3,671,640,242, again
st
$3,772,033,611 for the preceding year. Merch
andise
imports for the same period of time were value
d at
$3,413,089,200, against $2,825,302,963 for the corresponding nine months ending March 31 1925,
an increase of $587,786,237. There is an excess of expor
ts
dpring the nine months this year of only $258,551,042, in contrast with an excess of exports for
the
same period of 1924-25 of $946,730,648.
Gold imports are again larger in March,
the
amount being $43,412,576, against $25,415,65
5 in
February and only $7,337,322 in March 1925.
Gold
exports last month were only $4,224,564, as
against
$25,104,416 in March a year ago. For nine
months
of the current fiscal year gold imports amount
to
$175,786,101, against $109,456,281 for the
same period of the preceding fiscal year, an increase for
this
year to date of $66,329,820, while gold expor
ts for
the nine months of 1925-26 were $82,866,13
9, contrasting with $207,023,306 in the same nine
months
of 1924-25, a decline this year of $124,157,167.
There
is an excess of gold imports for the lateSt fiscal
year
to date of $92,919,962, but an excess of gold expor
ts
for the same period of the preceding fiscal
year
amounting to $97,567,025. Silver exports last
month
were $8,333,081, and imports $5,539,071.
2099
Evidently the Premier .did not allow the
attack
upon his life the day before he left Rome to make
any
difference with the carrying out of his
part of the
reception program. It was further relat
ed in the
"Times" dispatch that "after greeting the
Governor
and his staff, Premier Mussolini mounted
a brown
Arabian horse and led a triumphal proce
ssion down
the sand-carpeted street—almost 2,000 years
after
Scipio Africanus led his Roman cohorts
on a similar
march to celebrate the Roman conquest
of North
Africa. Both the pageant and the appea
rance of its
leader added a measure of substance to
the simile.
Seated proudly in the saddle of his beaut
iful mount,
Mussolini looked every inch a prince. A high
white
plume on his bonnet added an Oriental touch
to his
smart Fascist uniform. Even his swollen nose,
painted with iodine, the mark of the attempt on
his
life in Rome, failed to detract from the
charactCristic forcefulness and dignity of his bearing.
He
looked every inch a Roman ruler as stiffly he
acknowledged the salute of the troops.". .
The welcome was described in part as follo
ws:
"Arriving at the palace square, Mussolini swung his
horse to face a detachment of African ballillos
(junior Fascisti), dressed in black shirts and white
trousers, and waited while one of the most pictur
esque military cavalcades imaginable moved by.
The
writer has seen Trotsky address 15,000 Red troop
s in
the Red Square of Moscow in the shadow of
the
Kremlin's walls, and he also watched the stirri
ng
armistice processions in Paris and London typify
ing the most impressive of Europe's pageants.
He
recalls the moving spectacle of New York's
millions
parading the streets in the spring of 1918. But
the
scene this morning in the Palace Square, where
East
Apparently Benito Mussolini, Premier and
Dic- and West mingled and one of tke Orien
t's oldest
tator of Italy, had a triumphal entry into Tripol
i. peoples passed in token of submission to the desce
ndElaborate preparations had been made for the
event. ants of ancient Rome was unique in many.ways.
"
The Rome correspondent of the New York
"Evening
Post," in a wireless dispatch from Tripoli
on April
In an Associated Press dispatch from Rome on
10 referred to "the orders regulating the
dazzling April 10 it was made known that before sailin
g for
program for to-morrow's reception of Premi
er Mus- Tripoli "he left a personally written message
with
solini." Mussolini arrived in Tripoli on the
morn- officials of the Foreign Office calculated to reass
ure
ing of April 11. In a special wireless messa
ge from foreign Powers his dramatically heralded
visit to
that centre later the same day from a repre
sentative Africa involves no threat to the interests
of other
of the New York "Times," the event was
described countries." The correspondent said that in
the
in part as follows: "As the roaring of
the cannon of statement Mussolini declared that "my
voyage to
the old Turkish citadel firing a salute of
twenty-one Libya contains no menace. In spite of the pagea
nt
guns reverberated over the blue waters
of the bay— presented by our warships, my voyage is
merely• a
where his escort of fifteen fighting craft
lay grimly matter of prestige. We wish to concentrat
e attenat anchor—and the streets of the roman
tic Arab sea- tion on our colonies, to make them
better known,
port hummed with strange voices of the
East, Pre- better appreciated and better developed. But
I refer
mier Mussolini landed at Tripoli this
morning. On only to the colonies we possess."
the pier stood the stately native Princ
e, Hushua
Pasha, now Mayor of Tripoli, whose
house ruled the
Mussolini appears to have been particularly
desert land for hundreds of years,
well
with his arm pleased and satisfied with his voyag
e and the recepraised in the Fascist salute. He grave
ly welcomed tion given him upon his arrival
at Tripoli. In an
the modern Roman ruler. Behind, on
the shore, Associated Press dispatch from that
centre on April
waited a native guard of honor of eight
Savaris, 12 it was stated that "Benito'Mussolini's,
first day
clad in rich crimson robes and mounted
on
whitest Arabian chargers, typifying the spirit the on the soil of Tripoli, upon which he landed yesterof the day from the dreadnought'Conte di Cavour,'
left him
desert and the proud past of a conquered
ancient filled with joy and enthusiasm. This
was, he said,
people. To the westward, along a beautiful
cement because the found the Italians here worth
y the best
promenade built since the Fascisti took
over the traditions of Fascism and of Italy's
certainty of a
province, stretched two lines of Itali
an troops, triumphant future. 'This is a day,'
Mussolini told
forming human walls against which pressed
thou- the correspondent of the Associated
Press, 'which
sands of white-robed Arabs. Here and there
de- will go down in history.'"
tachments of native soldiery in colorful
costumes
In explaining the purpose of his trip to
a large
broke the monotony of the modern European
crowd that he addressed in the public squar
e of
khaki."
Tripoli, the Associated Press correspond
ent said
2100
THE CHRONICLE
[Vol. 122.
Rome to some extent and to restore the city to its
"Augustan glory." The Rome correspondent of the
New York "Times," in a special wireless message on
April 13 said that "the full details of the grandiose
plan for the beautification and development of
Rome, which will be begun on 'Rome's birthday,'
April 21, were made public to-day. This work will
be undertaken in obedience to the commands of Premier Mussolini, who, in his speech at the inauguration of Senator Cremonesi as the first Governor of
Rome, ordered him to make Rome again 'as vast,
well-ordered and powerful as in the days of Emperor
Augustus.' The State is advancing 90,000,000 lire
to the City Administration for meeting the first exIt seems that also on April 12 the Premier visited
corre- penses of putting the plan into .effect. The plan
• ancient towns outside of Tripoli. A special
"re- worked out by the City Administration contains
spondent of the New York "Times" cabled that,
chariots much that is highly interesting from an archaeologtracing the route the Roman conquerors'
-day in- ical viewpoint. It includes the demolition of rampassed 2,000 years ago, Premier Mussolini to
of Sab- shackle houses and huts clustering round the Theatre
spected the ruins of the ancient Roman city
Once of Marcellus, the excavation of the Forum Olitorium
ratha,75 kilometres up the coast from Tripoli.
built and the Circus Maximus and the restoration and
one of the most beautiful cities of antiquity,
century beautification of the ancient Appian Way."
under Septimus Africanus in the first
It was added that "dispatches received here
eds of
of the Christian era, Sabratha lay for hundr
from Tripoli tell how the Premier emphasized
, beyears covered by shifting sands. Its excavation
for colonial expansion
ago, is part of the Government's plan there again his plans
gun two years
of old and Italian dominance of the Mediterranean
to redeem as far as possible all the landmarks
sions amid the enthusiasm of the populace. After visiting
Rome. All day long the trip through the posses
by the war memorial to-day [April 12] Signor Mus. continued the standard of the spectacular set
cav- solini went to the Tripoli Town Hall, where the Gov• Sunday's ceremonies in Tripoli. Relays of Arab
side ernment Commissioner welcomed him and presented
alry mounted on the swiftest horses raced along
him an album of photographs of Tripoli. Prince
the car a large part of the way. Every town gave a
with Hashua Pasha, the native Mayor of Tripoli, whose
conqueror's welcome, the streets were lined
house has ruled the land for hundreds of years, then
white-robed figures, arms raised in the Fascist sarai, delivered a speech, declaring that the Premier's visit
lute, voiced rose and fell in cadence, 'rail, rai,
was an inspiration to the whole of Tripoli. He pre
Mussolini? Although here and there the chiefs could
that a sented Signor Mussolini a magnificent gold inkstand
be seen ordering more cheers it was evident
genuine. and pen and a beautiful Arab sword, remarking that
certain amount of the demonstration was
He the gifts were symbolic, for few men could combine
However, I saw no signs of suppressed
enstrative the gifts of sword and pen as the Duce. More
proceeded westward among the more demon
d the
ure and thusiasm broke out when the Premier visite
Bedouins, many faces openly showing pleas
of the headquarters of the city Fascist organization. The
enthusiasm. The Premier was treated to some
with Duce told the Black Shirts he would like to see them
desert's most savage rites. The air was filled
wanted
. On the come to the colony and lend their help, as he
the throbs of tom-toms as he entered Zavia
them from their preoccupation with local
platforms to distract
return trip of the train all the station
them into contact with realities.
Tripoli is bright to-night politics and bring
were lined with natives.
Signor Mussolini declared he wanted above all else
the streets are
with multi-colored,electric lights and
the Italian people wake up to the fact that
lini is cheered everywhere. To- to make
thronged. Musso
is not without
'phantasies' and they had overseas possessions. 'It
night's program includes more Arab
I draw an augury from
significance,' he said, 'that
probably fireworks."
the sea, whose history was so closely associated with
ious all
at frequent inter- that of ancient Rome, and that I am consc
Cable advices continue to come
of an Italian race of soldiers, colonists
cally no limits around me
vals indicating that there are practi
des, let us turn our thoughts
lini plans to assume. In a and pioneers. Comra
to the power that Musso
on to that Italy of the past, from which sprang the
York "Times"
special Rome dispatch to the New
which is ever spurred on toward sure
that, "while Premier Musso- strong Italy
• April 12 it was stated
Tripoli to- triumph to-morrow.' In Government circles in Rome
ess in
, lini continued his triumphal progr
ial the admission is made that an important reason for
nt was made here that 'Colon
• day, announceme
i is
celebrated as the Premier Mussolini's trip is to see how Tripol
Day,' April 21, which is being
the official in- adapted for Italian immigrants."
'birthday of Rome,' also will mark
am for the renoauguration of the imposing progr
That the Italian Premier is regarded as a menace,
ed by the Duce
vation'of the Eternal City, as outlin
States.
lini will stress both by the British Parliament and United
last December. Thus Signor Musso
ors was shown in a cable dispatch from Lonon his coun- Senat
the present imperial greatness of Italy
13 to "The Sun" and in a United Press
the restoration of the ancient don on April
trymen by beginning
the
to the nation's dispatch from Washington on the same date. In
glories of Rome and calling attention
ough the
former message it was stated that, "alth
need for colonies on the same day."
British Parliament, when it reassembles to-day will
inhas led be confronted by many urgent domestic issues,
Premier Mussolini's overtowering ambition
•
coal situation, which
ition of addi- cluding the uncertainties of the
him not only to lay plans for the acquis
attention will
but also to rebuild will make the session a hectic one, its
tional territorial possessions,
was
,that "the Premier told his hearers that his visit
,not an administrative one, but a manifestation of
ded
. the force which originated in Rome and exten
e carries the
• thence to the glorious littoral. 'Rom
an
.beacon lamp of strength to the shores of the Afric
adding: 'No one can stop
Sea,' declared Mussolini,
been
.our inexorable will.' The Premier said he had
the felicitations of the King to the
..charged to bring
• people of Tripoli and to inform them that they would
be protected always by the King's just decrees. The
d
King and Government of Italy, he added, desire
and happy."
that Tripoli should be rich, prosperous
Am. 17 1926.]
THE CHRONICLE
be called on more than one occasion between the
present and the Whitsuntide recess to questions of
major importance in the realm of foreign policy.
Many members frankly confess to-day that the European horizon has become more heavily clouded since
Parliament adjourned for Easter. It is now more
debatable than ever whether any tangible results
will be achieved at the forthcoming preliminary conference on the limitation of armaments at Geneva.
Mussolini's plan to find a more extensive place in
the sun for Italy, and the reluctance of the States
adjacent to Russia to tackle the problem of disarmament at all seriously so long as Russia holds aloof,
are the chief causes of the pessimism felt here concerning the probable outcome of the Geneva conference.
In fact, it still remains to be seen whether the conference will be held on the date agreed upon. While
Mussolini's flamboyant utterances in Tripoli and
the gradual emergence of an aggressive Italian foreign policy have not evoked the same degree of nervousness in London as in Paris, it is not an overstatement of the fact to say that in responsible political quarters here to-day, there is greater concern
about the direction which Italy's foreign policy is
taking than at any time since the dictator became
the arbiter of that nation's destiny. Mussolini's
immediate object is to encourage the development of
a "colonial sense" among the Italians. But he is
also clearly aiming to find support for his plan to
extend the sphere of Italy's influence. For the time
being this plan is one of the enigmas of the European
political situation, for where he will strike out to
obtain the territory he covets or what will provide
the incitement or excuse for his using the big stick,
are both questions that cannot be answered. In
guarded words a certain portion of the British press
to-day suggests that Mussolini is looking forward to
a conquest of Turkish provinces. It is felt in some
quarters here that before world peace can be reasonably assured there must now be some kind of a
reckoning with Fascismo's ambition. The attitude
of the Fascist press toward the Geneva arms parley
is one of calculated scorn. Instead of contributing
to a better atmosphere in which to hold the discussion, it is now recognized very generally here—and
especially among Liberals and Laborites—that the
Initial postponement of this conference has had the
effect of further complicating the situation."
Senator McKellar, Democrat, from Tennessee,
made an attack on Mussolini in the United States
Senate on April 13, in the course of a discussion of
ratification of the Italian debt agreement, which
he vigorously opposed. The Senator was quoted as
characterizing the Italian Premier as "'dictatorbandit,' who abolished local self-government in Italy
and established a secret police like the Russian
Cheka to murder and exile his opponents." Continuing his attack, the Senator was quoted as asserting that "Mussolini is the greatest evil that has befallen the Italian people in one hundred years. If
it were to appear that the Government of Italy
vouchsafed to her people any real measure of liberty, I might be willing to vote for cancellation of
the indebtedness." According to a Washington dispatch to the New York "Times" on April 14 there
will be an early vote on the Italian war debt agreement. It was stated that "ratification of the Italian
debt agreement next Wednesday was indicated in
the Senate to-day when an agreement was reached
2101
to take a vote at that time. Senator Reed, Democrat, of Missouri, one of the opponents, who declared
the settlement 'a species of international grand larceny,' said he would not object to the agreement, but
would have done so if he had been assured of enough
Senators standing with him to force the measure to
await consideration until next December. The arrangement for a vote was reached by unanimous
consent after a short discussion."
Evidently Mussolini was determined *a learn
everything possible in regard to the Italian possessions in the section of Africa of which Tripoli is the
centre. In a special wireless message from that
point to the New York "Times" on April 13, announcement was made that, "after having spent the
day reviving memories of old Rome and receiving
tributes from the desert tribesmen, Premier Mussolini to-day turned to the rock-bottom problem of
the present and future economic development of the
African dominion. Leaving the historic coast, the
Premier's automobile caravan headed straight inland 100 kilometres and saw the progress accomplished by the Italian colonists in the last two
years, during which the frontier cultivated area was
pushed thirty miles to the south. The first halt was
to lay the cornerstone of a building of the concessionaire concern which recently obtained 10,000
hectares, which will export olives and grain. Mussolini helped the mason to mix the mortar, smilingly
remarking that it was his old trade. The party then
raced through the vast terrirtory of new lands which
Italy hopes to reclaim from its present aridity and
transform to farms in the next ten years. To any
one acquainted with the great reclamation projects
of America, this Far East region suggests far-reaching possibilities, both for Italy and Europe, in view
of the fact that Tripoli contains four times as mach
arable land as Italy. Parallel to the large areas of
Arizona and California, which need only a touch of
water to make veritable gardens, the soil is fertile
and artesian waters are actually already on the spot
here, a reasonable depth under the surface." The
"Times" correspondent added that "Mussolini personally is in excellent spirits, and his nose is almost
healed. He seemed eager to get to the bottom of
things in his tour."
Another possible purpose of Premier Mussolini's
trip to Tripoli was suggested in a special Paris ca.
blegram to the New York "Herald Tribune" on April
13. The correspondent reported that "Premier Mussolini of Italy, who now is visiting the Italian protectorate of Tripoli, covets the neighboring French
territory of Tunis and probably will bring sufficient
diplomatic pressure upon France to place this territory under the Italian flag. This statement sums
up the opinion of Jules Sauerwein, foreign editor of
'Le Matin,' and a famous European correspondent,
who returned from Italy to-clay, after a thorough
study of Mussolini's foreign policy. 'In Italy, a
country of artistic imagination, the general feeling
is that the curtain is about to be raised and the real
play will begin,' said M. Sauerwein. 'The Fascist
theatrical company is ready. Their act is prepared.
In every recent speech Mussolini has advertised coming events. He has proclaimed a
fatidic year, and when he sailed for Tripoli he stated
that from "this hour Rome is a resurrection of the
old Roman Empire" and will rebuild the work of this
2102
THE CHRONICLE
empire in the Mediterranean. Tunis is built on the
Site of the glorious Roman remembrance of Carthage. Mussolini is working to place France in a
state of mind where it will be necessary for France,
with her preoccupations in Morocco and Syria, to
cede Tunis to Italy'"
Cabling from Tripoli on April 15, the Associated
Press correspondent said that "the conquest of the
desert sections of Tripoli will be a task which will
add a glorious page to the new Italy, Premier Mussolini to-day said as he began his final inspection
trip of the agricultural districts near the city of
Tripoli. He will sail this evening on his return to
Italy after five days of constant receptions and celebrations, in which he was hailed triumphantly." The
Italian Premier was quoted as saying that "I am
really astounded by the richness and by the possibilities that I have found here. They far exceed my
most optimistic expectations. These magnificent
things we have seen here represent conquest by the
work of men's hands. I am moved to see these glories of work and faith. Step by step Italians will
force back the desert, which task will be one of the
glorious pages of the new Italy. We shall force the
Sand dunes to retreat into the depths of the interior,
creating gardens and forests in their places." ComMenting on one correspondent's opinion that Tripoli
might equal California in the richness of its natural
resources, the Duce answered: "It is most true. It
is a revelation to me also that everything can grow
here." Premier Mussolini sailed from Tripoli for
home on Thursday night, April 15.
• The Fascists are reported to be putting forth vigorous efforts to set up a dictatorship in Czechoslovakia. According to a special Prague dispatch to
the New York "Evening Post" on April 15, "Fascist
excesses here, following a meeting of the Czech
Pascists where Foreign Minister Benesch was violently attacked by speakers, and at which a speaker
who sought to defend him was beaten and driven
from the hall, are felt to-day to be symptomatic of
the underground Fascist movement which has been
going on for some time in Czechoslovakia and which
lately has been gathering force." It was added that
"since the recent Government crisis, which resulted
In the formation of a Cabinet of officials instead of
the coalition which has served the Czech republic
since its formation, there has been a local movement
for a dictatorship."
All week there have been definite reports in Paris
Cable dispatches that peace negotiations between the
French Government and Abd-el-Krim, chief of the
Riffian forces, were under way. In a Paris wireless
Message to the New York "Times" on April 9 it was
Stated that "direct official peace negotiations with
Abd-el-Krim will be opened soon, possibly next week,
the War Minister, Paul Painleve, declared to-day after a Cabinet meeting at which the question had been
discussed. The conference will be held at Oudjda,
between three French representatives, two of whom
have already been named, three Spanish representatives and those of Abd-el-Krim, who, M. Painleve
said, already had been agreed upon." Continuing
his account, the "Times" correspondent said: "To
this definite statement Premier Briand added that
peace terms are being discussed and that France and
Spain are in full agreement, but he refused to give
[VoL. 122
any direct indication as to just what these terms
will be. It is not expected that any armistice will
be arranged. The French have not yet abandoned
their suspicion that an armistice might too easily
serve the Riffian leader as a means of getting his
agents passed through the lines into the southern
part of the country. The basis of the discussions
will be the terms laid down by M. Painleve last July
in so far as the French are concerned. They will
maintain the frontier line to the north of the River
Ouergha, which was established when control of the
Riff was ceded to Spain, and France, acting as agent
for the Sultan of Morocco, will demand acceptance
by Abd-el-Krim and his people of the Sultan's spiritual and temporal authority, in so far as that can
be said to exist. Abd-el-Krim has shown himself
conciliatory on all discussions regarding the extent
of his territory and has abandoned the claim to
Tetuan which he advanced last year. Within his
own borders the Riffian leader will be sovereign, except for his titular acceptance of the Sultan's authority" The Paris representative of the New York
"Herald Tribune" added that "if peace is reached in
the Riff it will in reality be a victory for Krim, as he
has steadfastly held off the highly organized armies
of both France and Spain and inflicted telling defeats on the latter."
What purported to be greater details of the proposed peace negotiations were outlined in a Paris
wireless message to the New York "Times" on April
10. The correspondent said in part that "France's
hope for success in the peace negotiations with the
Riffians lies in her intention to draw away from
Abd-el-Krim the support of the caids and tribesmen
who have until'now been united under his banner.
These negotiations will not be undertaken with Abdel-Krim as chief of the Riff. His position, as such,
is not recognized either by France or Spain. He is
the caid of the Beni Ouriaghel tribe and nothing
else, and negotiations will be conducted simultaneously with his representative and with those of
Djeballa and Beni Zeroual tribes. To these tribes
the alternative will be offered of peace, with restoration of their flocks and herds and probably a considerable pension for the caids themselves, or war, if
they continue to make common cause with Abd-elKrim." It was further claimed that "at the Quai
d'Orsay it is frankly admitted that Abd-el-Krim is
not considered the chief of the negotiators. An attempt will be made to make peace with each of the
Riff caids separately, and the old tactics of Marshal
Lyautey will be followed; for long ago he proved
that it is cheaper to purchase than to impose peace
in Morocco. In order to improve the chances of success, it is the allies' intention to rush the discussion
once it begins, which may be next Thursday. The
caids of three tribes have already been well primed
with promises. All they have to undertake is a
promise to submit to the authority of the Sultan of
Morocco, that is to say, to abandon all their claims
to the independence of the Riff. They then can expect their depleted flock and herds to be replenished
and in future to enjoy the prosperity which has come
to other tribes and caids who have learned wisdom
in preferring peace with France. In this plan there
is no great hope that Abd-el-Krim himself will until
the last moment submit. He has promised too much
in the way of independence to his people to be easily
led to accept less even at personal profit. But if the
APR. 17 1926.]
THE CHRONICLE
2103
other tribes and caids accept the French and Spanish soon and her budget for 1926 actually balanced,
conditions it will be all but impossible for him to France may look to the financial future with real
continue the war."
confidence." According to a special cable message
to the New York "Herald Tribune" on that date,
Word came from the French capital April 12 that "the Finance Minister said he refused to worry over
"General Simon, head of the French peace delega- the present low rate of the franc, which closed to-day
tion for the discussion of terms with the Riffians, at 29.14, but expressed belief that its fall was due to
left Paris this evening for Oudja and will be fol- economic factors in the New York and London marlowed to-morrow by the rest of the mission and the kets and was now over. If he had reason for the beSpanish delegates, who are going by way of Madrid. lief that speculation was playing a part, he said, he
Before General Simon's departure, a final consulta- would intervene with the funds at his disposal. In
tion was held by Premier Briand and Governor any event, the Government intended to remain in
Steeg at the Quai d'Orsay, after which it was an- the closest touch with the market, M. Peret told the
nounced that there was full agreement between the bankers, who assured him of their co-operation."
Spaniards and the French. At this meeting the
Continuing, the "Herald Tribune" correspondent
Spanish delegates insisted strongly that the best said: "One of the happiest auguries for the future,
assurance of peace would be in the complete dis- said M.Peret, was the tendency already being shown
armament of the Riffians, though it is a well-known by the public to offer its confidence through renewed
feature of the situation that the main supply of arms subscription to the national defense bonds, and its
for Abd-el-Krim's followers have in the past been willingness to accept them in exchange for shortobtained by purchase and capture from the Span- term bonds falling due May 20 indicated that the
iards and by purchase from the French before the payments which must be met at that time would be
latter entered the Moroccan war. Further insist- made without difficulty. Expenditures now being
ence was laid to-day on the fact that these negotia- voted by the Senate, it was announced by the retions were not with the Riff as a political entity nor porter for the Finance Commission, will provide a,
with Abd-el-Krim as its leader, but with the tribes surplus of 250,Q00,000 francs, and the slogan he said
and caids of the Riff district separately, who will should be adopted was 'not another bank note for
receive certain compensation for their abandonment the needs of the State.' It is hoped the Senate will
of arms by having their depleted flocks and herds complete its consideration of the bills by the end of
made up to them."
the week and the Chamber, in turn, by the end of the
month, and so complete the budget that it may be
• Still a day later (April 13) the Associated Press promulgated without the necessity of provisional
correspondent in Paris cabled that "the exchange of credits in May. A measure was introduced to stabilviews going on here looking to a settlement of the ize the franc on the basis of 100 par francs for 20
hostilities in Morocco are to be continued in Madrid, of gold or 40 of silver, but it was briefly disposed of
where Georges Ponsot, the French envoy, and Senor when M.Peret pointed out that it would necessitate
Olivan, the Spanish delegate, will remain for a day the issuance of 30,000,000 kilos of silver, which do
or two before rejoining General Simon of the French not exist in the world."
Moroccan Intelligence Service at Oudjda, on the
Morocco-Algerian frontier. General Simon has left
Even on April 9, according also to Paris cable disfor Oudjda by way of Algiers. The peace terms patches to both that newspaper and the New York
evolved in these exchanges will be as concrete as pos- "Times," the French Finance Minister predicted an
sible. It is said little opportunity will be left to the early settlement of his Government's war debt to the
Riffian tribesmen for bargaining, the Franco-Span- United States. The "Herald Tribune" correspondish peace negotiators being determined to have no ent said that"a settlement in principle of the French
Oriental bazaar methods thrust upon them when debt to the United States may be expected within
they meet the Riffians at Oudjda. The terms which the next eight days, according to a remark dropped
the French and Spanish propose as a condition of by Finance Miniser Peret after a Cabinet meeting
peace are severe, notably the proposal to treat Abd- to-day. It was said that Ambassador Berenger had
el-Krim, the Riffian war lord, as another Abd-el- so advised the Ministry of Finance here." It was
Kader and deprive the Riffians of all their arms."
further stated that "M. Peret was asked regarding
According to an Associated Press dispatch from his plans for a trip to London upon a rather urgent
Madrid last evening,"France and Spain have agreed invitation from Winston Churchill, British Chanon the peace terms to be discussed with Ruffian cellor of the Exchequer, for a discussion of the
emissaries in Morocco, says an official statement. Franco-British debt before the Chancellor presents
Georges Ponsot, the French envoy, and Julio Lopez- his budget to the House of Commons. M. Peret said
Olivan, the Spanish peace commissioner, are on their he desired to go to London at the earliest possible
way to Melilla after consulting with the Spanish time, but that this was dependent upon the results
Government. The statement adds that the peace of M. Berenger's negotiations at Washington, which
conference will not be held at Oudjda on the Alge- he had every reason to believe would eventuate in
rian-Moroccan frontier, as previously announced, some agreement within the next eight days. The
but at a place nearer to Melilla. This is due to a Minister declined to comment further, but expressed
desire to keep in closer touch with the Spanish au- his intention of going to London before the end of
thorities in Morocco."
April in any event. M. Peret's only other reference
to the debt to the United States since he became MinRaoul Peret, French Finance Minister, was re- ister of Finance was a statement that France could
ported to have "told a meeting of bankers" in Paris not consider any settlement which did not take into
on April 12, and "repeated it before the Senate" the consideration a safeguarding clause —basing
same afternoon that, "with settlement of her debts France's obligation to pay only in proportion as she
to the United States and Great Britain expected receives reparations payments from Germany under
2104
THE CHRONICLE
the Dawes plan." It was indicated in a special
Washington dispatch to the New York "Times," also
on April 9, that nothing had been made public or
available there that would justify the optimistic
statements said to have been made by the French
Finance Minister.
In spite of previous statements somewhat to the
contrary, word came from London on April 14
through a special cable message to the New York
"Times" that "Premier Briand, after a conference
with the British Ambassador, Lord Crewe, announced that Finance Minister Raoul Peret would
go to London in a few days. It is officially announced however, that the trip should be interpreted
only as a first move toward the resumption of debt
negotiations, and that nothing definite will be settled at present. The French desire to obtain a
Washington settlement first is clearly pointed to by
this decision."
The foregoing dispatch was supplemented by another to the Associated Press the next day (April
15), in which it was said that"'Le Soir' to-day says
that Finance Minister Peret will leave in May for
Washington, where he hopes to sign a debt agreement with the United States." It Ives added that
"news from Washington continues favorable, the
Associated Press learns. M.Peret will go to London
before his American trip because the British want
• to incorporate in their budget the first year's payment by France. When M. Peret returns from London the French Parliament will adjourn during the
General Department Council, and the Finance Minister, those closely in touch with him affirm, will
then cross the Atlantic to close negotiations at Washington." The correspondent likewise observed that
"the French franc sank to-day to a new low level for
all time. The official closing quotation was at 29.61
to the dollar and 143.80 to the pound. The franc
reached this new low level despite a fairly favorable
weekly statement of the Bank of France, showing the
State has repaid 600,000,000 francs in debts. Financiers are at a loss to explain the phenomenon, since
the budget has been balanced."
Judging from an Associated Press dispatch from
Paris last evening, the French Government authorities realize the seriousness of its financial situation.
It was stated that "the speed with which the Senate
is disposing of the budget bill makes it probable M.
Peret, Minister of Finance, can begin preliminary
debt conver: ations with Winston Spencer Churchill,
Chancellor of the British Exchequer, in London, by
next Monday. M. Peret can later, if he desires,
utilize the parliamentary vacation for a flying trip
to the United States, probably in June, on a similar
mission. M. Peret is convinced there can be no real
stabilization of the franc until the war debt question
is in a fair way to solution. He is anxious to supplement his success of finally forcing the Chamber, after various other Finance Ministers had failed, to
vote a balanced budget."
It is claimed that Germany is negotiating for
closer trade relations with Russia. In a special
cablegram from London to the New York "Times"
on April 13 it was stated that "Germany is negotiating with Soviet Russia a treaty providing for
closer relations between the two countries, according to good sources of information here. The new
treaty, it is stated, will be so designed as to adapt
tri..
the terms of the treaty concluded between the two
countries at Rapallo in 1922 to the terms of the Locarno treaty of last autumn. During the past few
days the Governments of Great Britain and France
have been informed of the projected treaty, it is declared, Britain through the British Ambassador at
Berlin and France through the German Ambassador
at Paris. Italy also has been informed. The new
treaty is described as a 'reinsurance' treaty. Though
it is explicitly declared that the new German-Russian agreement does not conflict in any way with the
treaty of Locarno, it must be borne in mind that the
Russians have been consistently hostile to the Locarno agreement and anxious to counteract its effects by drawing closer to Germany. Therefore, if
the new treaty is concluded it will seem, in Russian
eyes, an antidote for Locarno, even though the Germans maintain there is nothing in it detrimental to
the Locarno agreement."
On the other hand it was asserted in a special
wireless message from Berlin to the New York
"Times" on April 13 that "the German Government's Ministerial Commission, charged with studying the application of Chancellor Luther's RussoGerman trade project, has abandoned its task, it was
learned to-night, owing to a deadlock having been
reached between the Soviet authorities and the German banks." According to that dispatch also, "this,
the direct result of the State Department's veto on
A. W. Harriman's proposition for financing German
exports to Russia, plus many rumors as to America's increasingly adverse attitude toward European
credits in general, caused a sharp fall of values on
the Berlin Bourse to-day. The point at issue between the Soviet spokesman and the big Berlin
bankers is the rate of interest, aggregating nearly
11%, demanded by the latter for guaeanteeing the
40% left uninsured by the Government's project.
The banks now allege that the Russian security is
not enough and that pledges of a material character
must be forthcoming if the interest charges are to be
reduced."
On the contrary, the Berlin representative of the
New York "Evening Post" cabled on April 15 that,
"although the German Government officially denies
the conclusion of any new pact with Russia, it is
officially admitted that negotiations, which have
been going on between the two countries continuously, actually are reaching a condition of mutual
understanding which may well form the basis for a
new treaty. Such a treaty might take the form of a
neutrality agreement with special reference to Paragraph XVI of the League of Nations Covenant, in
case Germany enters the League. Whenever it is
questioned on its relations with Russia, the German
Government is at pains to emphasize that the Locarno Treaty does not in any way change the relations Russia has established under the Rapallo
Treaty and since."
Then again, the Berlin correspondent of "The
Sun" said on April 15 that "emphatic denials that
Germany has turned in petulance from the Geneva
fiasco and is secretly negotiating for a new rapprochement with Russia, thereby endangering the
Locarno policy, came from all official sources in
Berlin to-day. While explanations sound thoroughly
logical, there is no doubt that new distrusts have
arisen on all sides and recriminations have been
passed back and forth since the news of German negotiations with Russia appeared in two leading
Am. 17 1926.]
THE CHRONICLE
2105
London papers several days ago. This indicates Friendship with the Soviet Government, it is added,
clearly that the good feeling of last fall is becoming would then give Poland great weight in the discusat least slightly ruffled."
sion of these and other questions, whereas Poland's
western orientation now gives her nothing. There
Soviet Russia appears to have taken a particu- are no signs that the Baltic States have discarded
larly obstreperous attitude toward the League of the cautious attitude which they adopted when Kopp
Nations. In a special Geneva cable message to the made similar proposals in 1923 during his tour of the
New York "Times" on April 13 it was said that "M. Baltic capitals in connection with the revolutionar
y
Tchitcherin, Russian Commissar for Foreign Af- disturbance in Germany."
fairs, has informed the League of Nations that Moscow refuses to participate in the Preparatory DisThe British coal labor situation has appeared
armament Conference. He accuses the League of threatening again all this week. On April 9 it
was
bad faith in inviting Russia to come to the meeting claimed in a special wireless message from London
at Geneva, and finally asks the League 'only to trou- to the New York "Times" that " a serious deadlock
ble to invite the Soviet Government to conferences is threatened between the mine owners and the coal
in which those who direct the League's policy gen- miners on the question of wages. In a
conference
uinely desire it to take part.' The letter alludes to here to-day the miners' delegates from all British
a. remark attributed to the American Ambassador to coal fields adopted a resolution against the acceptLondon, Mr. Houghton, when he was iL Washington ance of wage reductions, the lengthening of hours
recently to report to the President on political con- and the substitution of district for national agreeditions in Europe. This allusion follows M. Ttitche- ments regarding minimum wages." The correspondrin's charge of insincerity on the part of the Euro- ent also pointed out that "the acceptance of some of
pean nations in calling the Preparatory Disarma- these things was suggested as part or a panacea for
ment Conference. He says: 'In other words, as a Britain's crisis in the recent report of the Coal Comleading American diplomatist put it, the Prelim- mission, but the miners have been careful to state
inary Conference on Disarmament will meet at Ge- ever since the publication of this report that they
neva, if it ever meets, to examine proposals on which have not refused to follow it as a whole in seeking
agreement is neither desired nor expected, and which to put an end to the crisis." Discui sing the situahave been put forward for the specific purpose of tion further, he said: "Despite this the fact that
insuring failure of the enterprise." It is the opinion they disagree with the suggestions of the Coal Comof the League authorities that M. Tchitcherin's let- mission in such vital matters as those stated above,
ter will in no manner influence the League Council is reason enough for pessimism as to the feasibility
to change its decision in regard to the time and of general settlement of the crisis along the lines
place of the preliminary conference. However, this laid down in the report. And there are only three
is a matter which is strictly in the hands of the weeks left for such a settlement. On May 1 the coal
Council."
subsidy will be withdrawn and some new way must
Russia evidently is reaching out for treaties with be found of adjusting the serious differences bePowers other than Germany. In a special wireless tween the mine owners and the miners. Neverthemessage to the New York "Times" from Riga on less, despite the general gloominess of the outlook
April 9 it was stated that "the Soviet Foreign Com- to-day, there is a silver lining to the cloud. It was
missariat, according to reports from Moscow, has stated after the conference of the miners' delegates
instructed its diplomatic agents in Warsaw, Hel- that the miners' executive had sent an invitation to
singfors, Reval, Riga and Kovno to reopen negotia- the mine owners to meet them again immediately
tions with those respective States to conclude guar- for the purpose of continuing negotiations. Thus
antee compacts with Soviet Russia. The Soviet Gov- the door is not yet shut in the face of an amicable
ernment seeks three independent accords—one with settlement and it must be Itvrte in mind that to-day's
Poland, one with Finland, and one with the Baltic conference did not decide anything definite. It
States, Esthonia, Latvia and Lithuania, together. simply gave a hint to the miners' leaders in various
The official press of Moscow have hitherto emphatic- districts as to what the delegates at to-day's general
ally declared it an impossibility to negotiate with conference thought the best line to be adopted."
any combination of the Baltic States, and that each
Four days later (April 13) the London represenhad to be approached separately. Under the new tative of the Associated Press cabled that "interest
plan Moscow proposes: To guarantee the existing now lies rather outside than inside the House of
frontiers mutually; to conclude a mutual non-ag- Commons, which reassembled to-day after Easter,
gression accord; to agree mutually to maintain neu- and it already is evident that the Government is
trality if the otl.er party is involved in war; to de- faced with an extremely difficult and delicate task
clare that each shall undertake not to participate in in reconciling many conflicting points of view before
any coalition hostile to the other; to establish a a solution of the coal problem is possible. The first
peaceful method in the settlement of disputes; to conference between the coal mine owners and miners'
conclude an economic trade agreement." It was representatives to-day ended in a deadlock. This
added that "Moscow seems especially anxious to at- leaves no alternative except intervention by the Govtain such an agreement with Poland, and its instruc- ernment, and a Cabinet meeting has been called for
tions apparently allow the Warsaw agent great to-morrow to consider the situation. At the conferscope. The official Soviet organ, 'Isvestia,' indi- ence the miners presented their detailed reply to the
cates what is in the minds of the Soviet leaders by recommendations of the Royal Coal Commission.
declaring the Skrynski suffered a defeat in Geneva, The Government had hoped that with the promise of
and that Poland must change her foreign policy be- a State loan to tide over the industry during the
cause Germany will soon enter the League and will • coming months, the miners, as well as the owners,
certainly raise the question of Poland's western would be willing to accept the Commission's recomfrontiers and the Polish Corridor to Dantzig. mendation. This, however, the miners declined to
2106
do. Briefly, they will consent to no increase in
working hours and no reduction of wages, while they
insist the minimum wage must be settled nationally
and not by districts, as recommended by the Commission. They declare: 'No settlement is acceptable which fails to provide a wage enabling miners
to get •a decent standard of living.'"
Further developments with respect to the situation were reported as follows in a special London
cablegram to the New York "Evening Post" on
April 13: "A huge women's demonstration against
strikes, including a procession along the Thames
Embankment and a mass meeting in Albert Hall
which is to take place Saturday and will be attended by thousands of miners' wives, indicates the
fear that is entertained throughout England that
the final conference between the mine owners and
miners to-day will result in a deadlock. The demonstration is being organized by Mrs. Flora. Drummond, famous as 'General' Drummond of the militant suffragists and now chief of the Woman's Guild
of the Empire. Fearing that the demonstration will
weaken their stand against a wage reduction and injure strike sentiment, the executive committee of the
Miners' Federation has issued a warning to miners'
families against participation. Counter demonstrations are being organized in some mining districts
against the women leaving for London. On Friday
the owners will post a fortnight's notice of the termination of the present agreement. Unless a new
agreement is reached within this fortnight, a national strike appears unavoidable."
Announcement was made in a special London
dispatch to the New York "Herald Tribune" on
April 14 that "Prime Minister Baldwin and Sir
Arthur Steel-Maitland, Minister of Labor, intervened in the labor dispute in the coal mining industry to-night at a meeting of the mine owners and
trade union leaders, but they apparently met with
little success in their efforts to end the deadlock.
The drift toward a national coal strike after April
30 continued, and the mine owners to-day took an
ominous step, posting notices that they would terminate contracts with the miners throughout the
British coal fields at the end of the month unless
terms were agreed .upon in the meantime. Mr. Baldwin learned by to-day's interviews that the difference'between the two sides is over national versus
district determination of what the minimum percentage wage on basic rates shall be. The Prime
Minister impressed on the trade union leaders the
importance of preserving peace in the industry."
Sir William Joynson-Hicks, Home Secretary, was
quoted as saying that "I believe without exaggeration that the anxiety of the Cabinet over the disasters of the day is greater than during the war. There
is a prospect—I will not say of war,' he continued,
'but ,of grave differences of opinion in the body politic, and the nation is not united as it was in the
war. That is the anxiety before the minds of Ministers day and night. If the cloud bursts—if in the
coal trade, and still more in other trades, there
should be a difference of opinion leading to commercial strife, no man can prophesy the extent of the
damage it will cause to the trade of the country as
a whole." He added, however, that, "to avert a
catastrophe, the Government will do everything it
can to relieve the situation."
[voL. 12.1
THE CHRONTOUR
According to a special London dispatch to the
New York "Herald Tribune" Thursday evening,
"the prospect of averting a nation-wide tie-up of
coal mining on May 1 improved this afternoon, when
it was announced that through Prime Minister
Baldwin's intervention a new conference between
the mine owners and the workers had been arranged
for next week. According to 'The Evening Standard,' this has been brought about by Mr. Baldwin
making a concession to the miners and requesting
the owners not to begin local negotiations with the
miners before a nation-wide settlement was reached."
Perhaps one of the most noteworthy features of
the British trade statement for March was that,
with the exception of re-exports of foreign goods,
all the items showed fairly good-sized increases in
comparison with February of this year. The increases ranged from £2,435,000 in total exports to
£10,015,000 in imports. The latter item, of course,
was unfavorable from the British point of view. The
other outstanding feature of the statement, broadly
speaking, was that, compared with March of last
year, the figures showed decreases in every item.
The range was from £696,000 in re-exports to £6,001,000 in imports. The statement for March and the
first three months of this year compares as follows
with the corresponding periods of last year:
1926—Jan,1-Mar,31-1925
1926—March-1925.
£106,81' 000 £112,861,032 f321.319.1C0 £351,916,038
0
Imports
Exports, British goods £66,390,000 £70,303.2791 £189.'80100 £208,684,168
37,042,000
39,917,796
12,776,536
Re-exports, foreign goods 12,080 000
Total exports
£78.470 000
£830798151 1226,622,000 £248,601,964
Excess of Imports
£28,390,000
£29,781,217
£94,767,000 E103,314,074
Official bank rates at leading European centres
/
1
2
continues to be quoted at 7 % in Belgium and Ausin Paris and
tria;
in Berlin and Italy;
5% in London and
/
1
2
Norway; 5 % in Denmark; .
/
1
2
Madrid; 4 % in Sweden and 3 % in Holland and
/
1
2
Switzerland. In London open market discount rates
ruled steady at 4%70 for both short bills and three
/
months' bills, in comparison with 41 4@4%% last
Money on call at the British centre
week.
/
1
2
0
touched 4%7,but finished at 3 %,as against 3%70
the previous week. In Paris and Switzerland open
/
market discounts remain at 414% and 2%, respectively.
The Bank of England in its weekly return again
lost gold, this week's report indicating a decline of
£164,282, which brings total gold holdings down to
£146,490,936, as compared with £128,720,928 a year
ago (before the transfer to the Bank of England of
the £27,000,000 gold formerly held by the Redemption Account of the Currency Note issued), and
£128,112,091 in 1924. However, there was a contraction in note circulation of £1,175,000, so that
the reserve of gold and notes in the banking department increased £1,011,000, while the proportion of
reserve to liabilities again advanced, this time to
22.27%, the highest level of the year, and comparing
with 20.40% last week, 21% a year ago and 18% the
year before that. Pronounced changes were shown
in the deposit and loan items. Public deposits declined £2,211,000 and "other" deposits decreased
£3,353,000, while contraction appeared in the bank's
temporary loans to the Government (£4,930,000),
and in loans on other securities of £1,628,000. Reserve now totals £25,521,000, against £27,108,303
in 1925 and £22,385,046 a year earlier. Loans amount
Am. 17 1926.]
THE CHRONICLE
to £66,578,000, in comparison with £76,415,649 a
year ago and £74,843,131 in 1924. Note circulation
aggregates £140,717,000. This contrasts with £121,362,625 the preceding year and £125,477,045 a year
earlier. Clearings through the London banks totaled £778,831,000, which compares with £636,960,000 last week and £521,340,000 a year ago. No
change has been made in the Bank's minimum discount rate from 5%. We append herewith comparisons of the different items of the Bank of England
return for a series of years:
BANK OF' ENGLAND'S COMPARATIVE!STATEMENT.
1926.
1925.
1924.
1023.
1922.
April 14. .4pril lb.
April 16.
April 18.
April 19.
Circulation
bI40,717,000
Public deposits
10,965,000
Other deposits
103,620,000
Governm't securities 40,210,000
Other securities
66,578,000
Reserve notes & coln 25,521,000
Coln and bullion2146,490,936
Proportion of reserve
to liabilities
22.27%
Bank rate
5%
121,362,625
14,786,413
110,333,035
39,292,221
76,415,649
27,108,303
128,720.928
21%%
5%
125,477,045
18,402,551
102,066,466
40,917,755
74,843,131
22,385,046
128,112.091
122,380,350
14,103,368
111,815.398
51,299,100
67,406,298
24.890,609
127.520,959
121,638,245
16.834,505
117,761.293
48,454,146
78,101,751
25,688,528
128.876,773
18%%
195j%
19.13%
4%
a Includes, beginning with April 29 1925, 127,000,000
gold coin and bullion
Previously held as security for currency notes Issued and which was
transferred to the
Bank of England on the British Government's decision to retirn
to gold standard.
b Beginning with the statement for April 29 1925, Includes
£27.000,000 of Bank
Of England notes issued In return for the same amount
of gold coin and bullion
held up to that time In redemption account of currency
note issue.
a%
4%
2107
ported in other assets no less than 88,259,000 marks.
As against this, however, advances fell 69,846,000 ,
marks. Another though much smaller increase was
shown in gold coin and bullion holdings, namely
33,000 marks, and total gold reserves now aggregate 1,491,132,000 marks, as compared with 1,003,-,
430,000 marks last year and 464,883,000 marks in,
1924. Note circulation outstanding totals 3,061,441,000 marks.
The Federal Reserve Banks' weekly statements,
which were issued at the close of business on Thursday, revealed some rather striking changes. Small
reductions were reported in gold reserves; substan-,
tial expansion in open market operations, both locally and nationally, and an increase in rediscount.
ing of more than $33,000,000 by the New York bank.
For the System as a whole the figures show that
paper secured by Government obligations increased
$44,500,000, but that rediscounts of "other" billsfell $45,800,000, so that the net result for the week
was a decline of $1,300,000 in total bills discounted.
Holdings of bills purchased in the open market 1117
creased no less than $44,300,000. Total bills and
securities (earning assets) rose $77,900,000, and de,
posits $68,700,000. Member bank reserve account;
rose $91,600,000 and the amount of Federal Reserve
notes in actual circulation increased 428,200,000,
At New York a drop of $1,400,000 occurred in gold
holdings. Here also rediscounting of Government
secured paper increased largely-454,200,000, and
rediscounting of "other" bills was reduced, namely,
$20,400,000; thus total bills discounted for the week
gained $33,800,000. Bills bought in the open market expanded $19,300,000. Total bills,and securities
increased $61,100,000 and deposits $79,700,000,
Member bank reserve accounts were augmented $83,800,000, but the amount of.Federal,Reserve notes in
actual circulation was smaller, declining 43,800,000
?
The result of losses in gold holdings and greatly en
;
hanced deposits was, of course, to lower the.reserve
ratio in both statements; that for the banks as a
group recorded a drop of 1.6%, to 73.0%, while at
New York the decline was 4.7%, to 76.9%.
According to the weekly statement of the Bank of
France a favorable change occurred in the note circulation item, namely, a reduction of 407,930,
000
francs. The change is the more significant as
it
contrasts with large increases the two previous weeks.
Total notes in circulation now aggregate 52,443,15
5,640 francs. For the corresponding period last
year
note circulation stood at 42,959,748,000 francs,
and
in 1924 at 39,943,151,000 francs. A further
small
gain of 13,425 francs was reported in the gold
holdings, bringing the'total up to 5,548,348,975
francs,
compared with 5,546,207,460 francs in 1925 and with
5,542,133,860 francs in 1924. Changes among the
other items were: Silver holdings increased
34,000
francs, bills discounted expanded 137,999,000
francs,
and treasury deposits rose 7,035,000 francs. On
the
other hand, trade advances fell off 58,595,000 francs,
general deposits dropped 135,201,000 francs and
advances to the State were reduced 600,000,000
francs.
Comparison of the various items in this week's return
Last Saturday's statement of New York Clearing
with the figures of last week and the correspon
ding
dates in both 1925 and 1924 are as follows:
House banks and trust companies amply fulfilled
expectations in that it revealed restoration of a surBANK OF FRANCE'S
COMPARATIVE STATEMENT.
Changes
plus reserve of well over $19,000,000. Heavy paying
Status as of
for Week.
Apr. 15 1926. Apr. 16 1925. Apr. 17 1924.
OW Holdings—
off of loans was reflected in a reduction of $119,776f
Francs,
Francs,
Francs.
Francs.
In France
Inc.
13,425 3,684,028,068 3.681,886,552
3,677,812,953 000 in the loan account, while net demand deposits
Abroad
Unchanged
1,864,320,807 1,864,320,907 1,864,320.907
were reduced $180,972,000, to $4,290,934,000, which
Total
Inc.
13,425 5,548,348,975 5,546,207,460
5,542.133,860 is exclusive of Government deposits to the amount
Silver
Inc.
34,000
332,209,329
316,292,693
298,342,793
BM discounted- --Ine.137,999
,000 3,481,989.181 5,511,813.894
Time deposits declined $2,293,000,
4,694,887,401 of $44,437,000.
Trade advances.---Dec.58,595,000
2,479,319,875 3,073,892,899 2,604.360.559
Note circulation_ _ _Dec407,930,000
to $583,109,000. Other lesser changes included an
52,443,155,640 42,959,748,000 39,943,151,00
0
Treasury deposits Ine. 7,035,000
10,636.417
34,300,234
18,503,359 increase in cash in own vaults of .members of the
General deposits_ - Deo135,201,000
2,687,180,657 1.925.162,758 2,481.128,734
Advances to State_ _Dec600,000,000
35,650,000,000 23.356,000,000 22,700.000.00
0 Federal Reserve Bank of $2,085,000, th $46,894,000;
although this is not counted as reserve; and expanThe Imperial Bank of Germany's statemen
t,issued sion of $500,000 and $62,000 in the reserves of State
under date of April 7, again showed more
or less banks and trust companies in own vaults and in
important changes. Chief among these
was a de- other depositaries, respectively. Member banks
cline in note circulation amounting to 98,202,00
0 added to their reserves at the Reserve institution
marks, at the same time that other maturing
obliga- the sum of $29,719,000. This factor, coupled with
tions increased 145,313,000 marks, while other liathe heavy reductions in deposits, was sufficient to
bilities diminished 7,452,000 marks. Moderate gains
bring about an increase in surplus reserve of $53,were recorded in the Bank's assets. Holdings of 851,200, which, after wiping
out last week's deficit
bills of exchange and checks increased 11,792,000 in reserve of $34,159,5
00, left excess reserve of $19,marks. Reserve in foreign currencies rose 233,000 691,700.
The above figures for surplus are on the
marks and silver and other coins 162,000 marks. In basis of 13% legal
reserve requirements against deInvestments an addition of 1,976,000 marks was re- mand deposits
for member banks of the Federal Re.
2108
THE CHRONICLE
[Vox- 122.
of
serve System, but do not include $46,894,000 cash in loans against,bankers' acceptances the posted rate
is now 3%%.
own vaults held by these member banks on Saturday the American Acceptance Council
The Acceptance Council makes the discount rate on
last.
prime bankers' acceptances eligible for purchase by
asked
8
Call money had a flurry early in the week that the Federal Reserve banks 3j bid and 33'%
4
bills running 30 to 90 days, 33 % bid and 3%%
was attributed almost wholly to the run on branches for
/ asked for
in Cuba of American and Canadian banks. Some- asked for 120 days and 4% bid and 37 3%
have 150 days and 180 days. Open market quotations
thing like $50,000,000 in currency was said to
been rushed to Havana to relieve the situation areas follows:
throughout the island. Loans were called here on
SPOT DELIVERY.
Monday to an estimated extent of $35,000,000 and
30 Days.
60 Days.
90 Days.
,
3i4(4)35i
3%@3S4
/
advanced to 51 2%. The run on the banks
3%@1351
le bills
call money
FOR DELIVERY WITHIN THIRTY DAYS.
In Cuba was soon stopped with the large influx of
34 bid
eligible bills
foreign currency and the rates for call loans in this
week in Federal
There have been no changes this
market gradually receded until the ruling and on
Reserve Bank rates. The following is the schedule
4%, although it was
quotation on Thursday was 41
of rates now in effect for the various classes of paper
the day on which large mid-month disbursements at the different Reserve banks:
were being made. The same prevailed throughout
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFF
APRIL 16 1926.
yesterday's session. Throughout the period of the
flurry time money remained quiet and largely nom
Paper Maturing—
2
1
/
inal at about 4%(64 %. With the exception of the
After 90 After 6
but
Days, hai
Cuban situation there have been no striking changes
Within I Within 9
Within 90 Days.
Months. Honths.
'
.11",
with respect to the money market, broadly speaking. F. EDERB .VRI:SERVE
I.
Conercial recur. by
General business continues to slacken in some lines,
and
and
U. S. Bankers' Trade
Agricut
Accep- Lirestoct Livestock
Accey&Littler* Cart.
according to most reports. There is less activity in
Paper. Obtiga- lances. lances. Paper. Paper.
lions.
n.e.s.
the steel trade. Offerings of new securities are only
4
4
4
4
4
4
n of stocks is still Boston
4
4
on a moderate scale. Liquidatio
4
4
4
4
New York
4
4
4
4
4
4
htladel• hia
conditions it is not easy '
4
in progress. Under these
4
4
4
4
4
Ch•yeland
4
4
4
4
4
4
4
4
4
4
to see how tightness in the money market is likely RI hrcond
4
4
Atlanta
4
4
4
4
4
4
Chicago
4
in the immediate futue. That loans to 't. Louie
4
4
4
4
to develop
4
4
4
4
4
4
4
4
4
4
4
4
brokers and dealers by New York banks,have con- Minneapolis
4
Kansas CIO'
4
4
4
4
4
4
Dallas
4
4
4
4
4
tinued to decrease was shown by the statement of •'an F'ran•I•co
4
the Federal Reserve Board for the week ended April • Including bankers' acceptances drawn for on agricultural purpose and seen
7. It disclosed a further shrinkage of $89,398,000 in by warehouse receipts. &o.
the loans of those institutions "for their own acSterling exchange displayed a slight but percount."
sistent disposition to sag and the result of trading
Dealing with specific rates for money, call loans operations during the week just closed was a decline
a
this week covered a range of 4@5%, as against to 4 85 9-16 for demand, or the lowest point in
and comparing with 4 85 15-16,
weeks,
%
4(4)432 last week. Monday 5%% was the maxi- number of
end of last week.
mum, with 4% low and 4% the rate for renewals. the closing price quoted at the
Various reasons were assigned for the softening in
On Tuesday, although no loans were made above 5%,
the renewal basis was advanced to 5%, while the low rated, after more than a month of almost unvarying
the
was 454%. Increased ease developed on Wednesday stability. Chief among these, perhaps, was
A
lowering to 41 % for re- change in the relative position of the New York
and there was a further
During and London money markets, which has led to a renewals; the low was 4% and the high
securities by British
the remainder of the week, that, is on Thursday and sumption of buying of American
yet the movement has attained comFriday, there was no range, all loans on call being interests. As
; but it was sufficient
negotiated at 0,4%, which was the high, the low paratively small proportions
about a volume of selling more than the
to bring
and the ruling rate on both days.
was able to absorb. More• For fixed date maturities the situation was not present restricted market
good supply over, buying of futures by commercial houses for
essentially altered. Offerings were in
and loans were negotiated at 0.4.@4/% for sixty fall requirements figured in the dealings. Sterling
and ninety days, with 4%@,4M% for four, five and futures ruled for a time as low as 4 85, at which
.six months, the same as a week ago. Trading was levels they were regarded as "cheap." Added to
these developments were the unpleasant potentiali'dull and narrow.
in fairly good demand, ties of the threatened coal strike in England, as well
Commercial paper was
of
but trading continues to be restricted by lack of as the continued drawing of gold from the Bank
all of which combined to depress sentiment
'offerings. Both local and out-of-town institutions England,
the
were in the market as buyers. Four to six months' and cast, as it were, a dampening influence on
market. Speculators, however, showed very little
names of choice character continue to be quoted at
1
43/%, with names not so well known still requirirg disposition to take advantage of the dip in prices,
43..%. New England mill paper and the shorter evidently regarding present uncertainties as affording
choice names were dealt in at 43j%, the same as too great a risk to warrant the taking on of new
commitments at this time. As a matter of fact,
heretofore.
s ruled quiet but most of the trading was for London account and
• Banks' and bankers' acceptance
steady at the levels prevailing last week. Conditions local prices were in response to developments at the
surrounding the market remain about the same. The British centre. According to some authorities the
week's turnover was small, with country banks recent difficulties experienced by the Royal Bank of
furnishing most of the limited business. For call Canada in Cuba has exercised more influence on the
Ann. 17 19261
TTTECTTRONTCT.1.1
2109
foreign exchange market than was generally supposed. longer constitute an important market factor; hence
Referring to the day-to-day rates, sterling exchange it was not easy to explain the weakness. It is true
on Saturday last was steady and still unchanged, with , that those of a pessimistic turn of mind point out
demand at 4 85 15-16 (one rate), cable transfers at that France's financial position is unmitigatedly bad,
4 86 5-16 and sixty days at 4 82 11-16; trading was all roseate assurances to the contrary notwithstAndquiet. Monday's market was a shade easier on freer ing, and that hopes of a settlement with the Riffian
offerings, and the range was lowered to 4 85 13-16® chiefs may not be realized. The Riff war has proved
4 853/i for demand, 4 86 3-16@4 8634 for cable an almost intolerable burden to French finances and
transfers and 4 82 9-16@4 82% for sixty days. In- greatly hampered all efforts at financial reconstruccreased ease developed on Tuesday that sent demand tion. Therefore, preliminary announcement of the
rates down to 4 85 23-32@4 85 13-16, cable transfers peace negotiations led to an advance to 3.404, alto 4 86 3-32@4 86 3-16 and sixty days to 4 82 15-32 though the upward movement was of short duration.
@A 82 9-16. On Wednesday continued selling was Belgian francs fluctuated nervously on desultory atresponsible for a further fractional decline to tempts to sell on an unresponsive market. Opening
%
4 85 19-32@4 855 for demand, 4 85 31-32@4 86 quotations were around 3.87, but later announcement
%
for cable transfers and 4 82 11-32@4 823 for sixty that direct negotiations for the much-needed Belgian
days; buyirg of American securities by British inter- stabilization credits had not as yet been begun, had
ests, also uneasiness Over the coal situation, were fac- a depressing effect and Antwerp francs dropped to
tors in the weakness. Dulness featured Thursday's 3.68. Italian lire were quiet, but steady, at close
trading, though rates were maintained; demand to 4.01. Greek exchange was heavy, mainly on
ranged at 4 85 9-16@4 853%, cable transfers at foreign selling, said to be induced by the prospect
4 85 15-16@4 863, and sixty days at 4 82 5-16® of important political changes at Athens, and the
.
2
4 823/ Friday's market was quiet but steadier, quotation broke to 1.26. German, Austrian and
with quoted rates at 4 85 13-16@4 85 27-32 for de- Russian exchanges all remain fixed at previous nomimand, 4 86 3-16®4 86 7-32 for cable transfers and nal levels, with no trading to speak of. Of the minor
4 81 9-16®4 82 19-32 for sixty days. Closing quota- Central European group, the only change of imtions were 4 82 19-32 for sixty days, 4 85 27-32 for portance was renewed weakness in Polish zloties
demand and 4 86 7-32 for cable transfers. Commer- which fell to 11.00, or 150 points off, on attempts
cial sight bills finished at 4 85 23-32 and sixty days to sell with no takers.
The London check rate on Paris closed at 144.50,
at 4 82 3-32; ninety days at 4 8111-32, documents
payment (sixty days) at 4 82 11-32, and seven- which compares with 141.60 last week. In New York
for
day grain bills at 4 84 19-32. Cotton and grain for sight bills on the French centre finished at 3.343%,
3
payment closed at 4 85 23-32. The Bank of Eng- against 3.413>.; cable transfers at 3.35%, against
3 against 3.403,
3.423/2; commercial sight at 3.33%,
land is still losing gold in small quantities.
Word was received by New York bankers on April 9 and commercial sixty days at 3.2934, against 3.36
that a $2,000,000 shipment of gold would leave Japan a week ago. Closing rates on Antwerp francs were
on the steamship Kaiyo Maru for the United States 3.6834 for checks and 3.6934 for cable transfers, in
on Tuesday, April 13. The shipment is being made comparison with 3.76 and 3.77 last week. Reichsfor the account of the Japanese Government." Ac- marks have not changed from 23.81 (one rate) for
cording to the advices, also, "This will be the first both checks and cable transfers, the same as heretogold shipment from Japan this fiscal year, in which, fore. Austrian schillings continue to be quoted
it has been said, Japan will send $36,000,000 to this at 143', unchanged. Lire closed the week at
country for the payment of Government obligations 4.013 for bankers' sight bills and 4.02% for cable
%
remittances. This compares with 4.01% and 4.02%
and for the support of exchange."
the previous week. Exchange on Czechoslovakia
A more or less general revival in activity made finished at 2.963á (unchanged); on Bucharest at
/
%
%
itself felt in the Continental exchanges and in some 0.403 , against 0.413 ; and on Finland at 2.5234
unchanged from the previous week. Polish zloties
currencies trading attained fairly large proportions.
This may be said to apply primarily to Spanish and closed at 11.00, in comparison with 12.50 a week
Japanese exchange, which scored substantial ad- earlier. Greek exchange finished the week at 1.26
2
vances as a result on the one hand of prospects of an for checks and 1.263/ for cable transfers. A week ago
%
adjustment of the long drawn out and expensive the close was 1.3034 and 1.303 .
Moroccan military struggle, and on the other of
reports of the hastening of the date for the return
The neutral exchanges, formerly so-called, again
of Japan to a gold standard. Norwegian kroner also came into prominence because of a resumption of
attracted attention by a fresh spurt of activity and strength and activity in Norwegian kroner. After
strength. In the major European division there was a few weeks of comparative quiet, speculative invery little to report up till Thursday, when French terests appear to have resumed their operations.
francs which had received some support earlier in the The movement apparently met with no serious oppoweek, suddenly dropped to another new low record, sition from the Norges Bank and the quotation
of 3.36, while before the close there was a further promptly rose from 21.45, the opening price, to
break to 3.3434. The market at no time was per- 21.743/ in the latter part of the week realizing
;
2
sistently active, but offerings were large and there sales brought about a partial reaction to 21.603,
appeared to be no support. The collapse, coming as it but the close was at a new high of 21.92. The
did in spite of "good news" from Morocco, as well as movement was a disappointment to those busioptimistic utterances on the part of Finance Minister ness interests who had confidently expected Govern-.
Peret regarding France's debt settlement outlook, ment intervention to prevent such tactics. Danish
aroused considerable uneasiness. Most bankers were and Swedish exchanges were steady but quiet and
of the opinion that the 3,000,000,000-franc notes ma- unchanged. The same is true of Dutch guilders, also
turing in May have already been discounted and no Swiss francs. On the other hand, Spanish pesetas
2110
' attracted wide attention by an advance of about
24 points; to 14.323, the first movement of this
• kind in a very long period. The advance of course
, was the direct result of active buying of both foreign
' and domestic origin which in turn was based on the
belief that the latest overtures for an ending of
Riffian warfare would result in the restoration of
peace and the termination of the enormous drain
upon the Spanish Treasury which the struggle has
entailed. There were added reports that Spain was
- in the market for a large foreign loan. Doubts were
• expressed as to the permanency of the advance, however, as Spain's finances are regarded as in a somewhat precarious condition.
Bankers' sight on Amsterdam finished at 40.09%,
against 40.10; cable transfers at 40.11%, against
40.12; commercial sight bills at 40.01%,against 40.02,
4 and commercial sixty days at 39.659, against 39.66
t, last week. Final quotations on Swiss francs were
19.293/ for bankers' sight bills and 19.303/ for cable
2
transfers, in comparison with19.30% and 19.313/ a
t week ago. Copenhagen checks closed at 26.16 and
cable transfers at 26.20, against 26.14 and 26.18.
- Checks on Sweden finished at 26.75, and cable transfers at 26.79, against 26.77 and 26.81, while checks
on Norway closed at 21.92 and cable transfers at
21.96, against 21.443/ and 21.483' the previous week.
Spanish pesetas finished the week.at 14.28 for checks
and 14.30 for cable transfers, which compares with
14.123i and 14.143 a week earlier.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
APRIL 10 1926 TO APRIL 16 1926, INCLUSIVE.
Country and Menglary
Unit.
Noon Buying Rate for Cable Transfers In New York.
Value in Untied States Money.
A pru 10.A prt1 12.April 13-A pri4 14.April 15.Aprfl 16.
1
EUROPEs
Austria, shilling
.14059
Belgium, franc
.0387
Bulgaria, ley
.007242
Czechoslovakia, krone .020620
Denmark, krone
.2618
England, pound ster48828
ling
Finland, markka
.025209
France, franc
.0344
Germany, reichsmark .2380
Greece, drachma
012968
Holland, guilder
4012
Elungary, pengo
1755
Italy, lira
0402
Norway, krone
2149
Poland. Zloty
1193
Portugal, escudo
0515
Rumania,lett
004138
3pain, peseta
1414
Sweden,krona
.2681
Switzerland, franc
.1931
Yugoslavia. dinar_.-- .017615
ASIA.
Dhina-Chefoo. tael
7417
Hankow ta.el
7341
Shanghai tael
.7117
Tientsin tad
7479
Hongkong dollar
.5504
Mexican dollar..
.5193
Tientsin or Peiyang
dollar
5175
Yuan dollar
.5300
[ndla, rupee
.3617
rapan, yen
.4633
lingapore (S.S.) dollar .5658
NORTH AMER.:lanada, dollar
1 000072
2uba, Peso
999375
1evice. Peso
,
486667
Yewfoundland, dollar .997781
SOUTH AMER.krgentina, peso (gold) .9042
3razil, mIlrels
.1376
.1216
)1311e, peso (paper)
•
1 0990
$
$
$
$
.14069
.0380
.007209
.029622
.2620
.14053
.0382
.007222
.029620
.2620
$
.14062
.0376
.007259
.029616
.2617
.14073
.0370
.007211
.029615
.2618
.14067
.0370
.007219
.029617
.2619
4.8621
025202
.0343
.2381
.012927
.4012
.1758
.0402
.2169
.1113
.0514
.004133
.1420
.2680
.1930
.017608
4.8612
.025198
.0345
.2380
.012721
.4010
.1754
.0402
.2171
.1121
.0514
.004119
.1431
.2680
.1930
.017611
4.8596
4.8593
4.8610
.025203 .025204 .025201
.0342
.0337
.0337
.2380
.2380
.2380
.012769 .012791 .012638
.4010
.4010
.4011
.1755
.1756
.1756
.0402
.0402
.0402
.2164
.2178
.2190
.1117
.1118
.1125
.0515
.0515
.0514
.004104 .004082 .004080
.1425
.1421
.1429
.2679
.2678
.2678
1930
.1930
.1930
.017609 .017611 .017612
.7379
.7350
.7111
.7458
.5518
.5083
.7383
.7334
.7109
.7454
.5488
.5093
.7404
.7359
.7113
.7479
.5486
.5155
.7392
.7344
.7090
.7463
.5472
.5148
.7344
.7298
.7062
.7423
.5438
.5140
.5158
.5288
.3621
.4642
.5663
.5129
.5242
.3622
.4637
.5658
.5167
.5283
.3621
.4637
.5658
.5158
.5283
.3619
.4649
.5658
.5125
.5250
.3621
.4663
.5658
.999833 1.000042 1.000793 1.001250 1.001339
.999469 .999094 .999281 .999425 .999363
.486667 .486833 .486667 .486667 .488333
.997656 .997938 .998375 .998656 .999531
.9054
.1382
.1216
.9050
.1373
.1218
.9037
.1385
.1218
.9015
.1382
.1216
1 11071
1 /194K
I WWII
1 "MIA
.9049
.1384
.1214
1 0907
•One s2hIllIng is equivalent to 10.000 Paper crowns.
South American exchange moved irregularly, although trading was not particularly active. Argentine pesos advanced to 39.86, reacted and closed at
39.71 for checks and at 39.76 for cable transfers, then
rallied and closed at 39.93 and 39.98, against 39.75
and 39.80 a week ago. Brazilian milreis opened firm
but reacted and closed weak, with the final range
13.74 for checks and 13.79 for cable transfers, as
compared with 13.81 and 13.86 last week. Chilean
exchange wa.s easier at 12.09, against 12.25, while
• [vat. 122.
THE CHRONICLE
Peru declined to 3 80, against 3 84 the preceding
week.
In the Far Eastern exchanges, the feature of the
week was renewed strength in Japanese yen, which
rose to 47.00 on news that the Yokohama Specie
Bank, the official agent of the Japanese Government, which heretofore has discouraged advances in
yen, had raised its rate. This was interpreted as
meaning that a return to parity was to be permitted
without further delay. The belief led to considerable
speculative activity. The close was 46.70@47.00,
against 463'1@463.' last week. Other currencies
were easier on lower silver prices. Horg Kong finished at 5432@54%,against 55.60@55.75; Shanghai,
71 1-16@713.i, against 71 15-16@723/ Manila, 493/i
2
;
®49%,against 4932@49%;Singapore,57@573 (unchanged); Bombay, 36%@363', against 363@
363', and Calcutta, 363
4@36% (unchanged).
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $6,027,166 net in cash as a result of the currency movements for the week ended April 15.
Their receipts from the interior have aggregated
$6,736,966, while the shipments have reached $709,800, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week Ended April 15.
Banks interior movement
Into
Banks.
Out Of
Barks.
$5.736.966
Gain or Loss
to Banks.
6709 800 Gain S1,027.166
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,
April 10
Monday,
April 12
Tuesday, Wednesd'y. Thursday.
April 13 April 14 April 15
Friday,
April 16
Aggregate
for Week.
$
$
5
86.000.000 90,000.000 90.000.000 100.000014 88.000.000 90.000 000 Cr 544.000.000
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 largo 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 or 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 bet 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:
April 151926.
April 16 1925,
Banks of
Gold.
Silver.
Total.
Gad.
Sifter,
Total.
England _ 146.490,000
146,490,1,, 128,720,92
128,720,928
France a_ _ 147,381,123 13.280,000 160,641.123 147,275,462 12.840.00 159,915,462
Germany _ 58,776.750 d994.600 57,771,350 41,942.950 d994.000 42,937,550
Aus.-Hun b2.000.000
2 000 000 b2,000,000
132,000,000
Spain
101,475.000 26,622,600 128097,000101,441.000 25,980,000127.421,000
35,697,000 3,413.000 39,110 000 35,585,000 3,377,000 38,962,000
Italy
Netherrds 35,745.000 2,098,000 37,843.000 42.041,000 1,730.00 43,771,000
Nat. Bela_ 10,954.000 3,662.000 14,616,000 10.891,00
3,017,000 13,908,000
Switzerl'd_ 16,711,000 3,673,000 20,384.000 10,306,000 3,566,000 22,872,000
12,757 000 12,985.000
Sweden- _ _ 12.757.000
12,985,000
Denmark _ 11,622 000
860.000 12,482 000 11,1137.000
989,000 12,626.000
Norway_
8,180 000 8,180,000
8180,000
Total week 585,768.873 54,602.1100640.371.473 562.005,340 52.293,1
100614,298,940
Prey. week 585,942,154 54,709,600640,651,754559,670,227 52,378,600612,048,827
a 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 £17,779,350 held abroad. d As of Oct. 7 1924.
The Meaning of the Illinois Primaries.
The defeat of Senator William B. McKinley of
Illinois for renomination at the Republican primaries in that State on Tuesday is a political event
of national significance. Senator McKinley is one
of the prominent figures of the Republican Party in
Congress. Before he entered the Senate, in 1921, he
APR. 17 1926.]
THE CHRONICLE
210
had served for seven terms as a member of the House not concealed, or even obscured, the fact that the
of Representatives. His record, if not distinguished, Court owes its existence to the League, that it is
has been one of consistent devotion to the tenets and without effective sanction or support except such as
policies of his party. Among stand-pat Republicans, its connection with the League imparts to it, and
none was counted more reliable than he. He is not that it acts in practice as a virtual agency of the
an orator, and on that account, perhaps, he has been League for the furtherance of League purposes. The
less conspicuous in the public view than some of his People of the United States are emphatically opcolleagues, but everybody knew where he stood and Posed to American membership in the League, and
how he would vote. If party regularity is a virtue there is no sufficient reason for believing that they
in public life, as to a certain extent it undoubtedly favor American participation in a Court which is a
.
is, then Senator McKinley was in a high degree po creation and agency of the League. Were the queslaically virtuous. Mr. Coolidge, it is said, earnestly tion of joining the League submitted to-day to a
desired his renomination, although it does not ap- national referendum, under conditions that would
pear that he exerted himself greatly to bring that assure a free expression of public opinion, it may
result about. Nevertheless, when Senator McKinley well be doubted if a single State in the Union would
this week went before the voters of Illinois as a can- show a majority in favor of the step. If there be in
'didate for re-election, and invited the judgment of the country any greater volume of support for the
the Republicans of the State upon his course as a Court than there apparently is for the League, constalwart supporter of the Administration, he was elusive evidence of its existence has not been forth•rejected by a plurality estimated, on the basis of coming. It is matter of common knowledge that
somewhat incomplete returns, at the imposing fig- many, if not most, of those who have been most
ure of 150,000, and his Republican opponent, Frank urgent in calling for American adherence to• the
L. Smith, who is looked upon by his regular party Court have looked upon such adherence as a first
brethren as a good deal of a dissenter and whom step toward American membership in the League.
Senator McKinley defeated in 1921, was nominated and with public opinion opposed to the League, support for a Court which is the League's offspring is
in his place.
. Senator McKinley's defeat was undoubtedly due not likely to be any more pronounced.
There are several convincing reasons why the
to more than one cause. The Republican Party in
Illinois has for some years been torn by factional People of the United States oppose American enand personal disputes, and the petty rivalries of the tanglement with the League, and why they view with
"ins" and the "outs" have not infrequently obscured Profound apprehension the action of the Senate in
the more important issues of public policy and real voting adherence to the World Court. They do not
party welfare. With all allowance made, however, wish to see the United States mixing in European
for the influence of these internal dissensions, there Politics when no right or interest of the United
is no disguising the fact that what contributed most States is in any way involved. They have no confito Senator McKinley's downfall was his support of dence in the League either as an impartial assembly
the World Court. No other issue was given such or as a guarantee of world peace. They have taken
.
prominence in the Republican campaign which pre notice of the fact that the Powers which control the
ceded the primaries, and there appears to have been League have used it, in the main, either as a means
no doubt that it was upon this issue, practically to of furthering their own political interests or as a
the exclusion of any other, that Senator McKinley forum for irritating controversy as to what those
would stand or fall. That he had not been an ag. interests are. They have seen the League openly
gressive champion of the Court was nothing to the flouted by Mussolini, without will or power to assert
point, for he has never been an aggressive champion its claims; they have not forgotten the Geneva protoof anything as far as his public expressions are con- col, with its threat of war disguised as a program of
cerned. What the voters of Illinois took notice of Peace, or the settlement of the Mosul controversy;
was the fact that he had supported the demand of and the unseemly wrangling which only a few weeks
Mr. Coolidge for American adherence to the Court, ago marked the discussion of Germany's proposed
notwithstanding the long list of reservations with admission to the League is still fresh in mind. They
which adherence had to be guarded, and that he was have seen the Locarno treaties, made wholly outside
one of the Senators upon whose affirmative vote Mr. the League, brought into contempt by the revelaCoolidge knew he could rely. Mr. Smith, who also tion of secret understandings and intrigues, and
appealed to the Republicans for support, made his they view with grave concern the progress of plans
campaign not as an opponent of the Administration for the formation of unions and alliances whose only
in general, but as an opponent of the World Court outcome can be the restoration in Europe of the disand of the action of the Senate in regard to it, and credited system of balance of power. It is imposit was upon this issue primarily, and not upon any sible for the American people, with such a record
other at all comparable to it, that the voters by a open to public view, to feel confidence in the imparresounding plurality voiced their conclusion that tiality of a League Court any more than in the imSenator McKinley should return to private life,
partiality of the League itself, and the Republicans
If the outcome in Illinois is a surprise to the Ad- of Illinois, now that they have had an opportunity
ministration or the Republican Party, it can only be to express themselves in the matter, have made it
because of systematic disregard of certain obvious clear that they do not wish longer to be represented
facts, and inattention to some clear signs of the in the Senate by a man who voted for the Senate
times. As Senator Borah and other opponents of resolution, notwithstanding that in so voting he
the World Court have never tired of insisting, the helped to carry out the policy of the Administration.
Court is a League Court. The time and effort that
To this extent, at least, the defeat of Senator Mchave been spent,in glorifying the Court, explaining Kinley reacts upon the Administration. Whether
its organization and functions, and magnifying the or not it is also an indication of general dissatisfacbenefits that were to result from its operations, have tion with Mr. Coolidge's policy as a whole is a ques.
2112
TTTE CTT R0NTCLE
lion which must be held open for later answer. Dissatisfaction with the failure of Congress to enact
farm relief legislation, a matter in regard to which
Senator McKinley does not appear to have been any
more aggies..ive than Mr. Coolidge, is reported to
have been a factor in bringing about Senator McKinley's defeat. It is among the possibilities, moreover, that Mr. Smith himself, in spite of his indorsement at the primaries, may meet defeat in November, for his Democratic opponent, in addition to opposing both the League and the World Court, is an
avowed "wet," and the prohibition issue is looming
large in the campaign. It is a difficult situation for
the Administration and the Republican Party. With
the result in Illinois to spur them on, the opponents
of the World Court may be expected to force the
fighting on that issue in the States in which Senators are to be elected, at the same time that the
prohibition issue, which has already divided the Republicans, affords useful campaign material for the
Democrats. One thing, however, seems clear. If a
Republican Senator with as consistent a record of
party regularity as Senator McKinley, and with the
backing of the Administration, can be overwhelmingly defeated for re-nomination in Illinois on the
World Court issue, the outlook for the re-election of
other Republican Senators who voted as Senator McKinley voted is in doubt. Their defeat would not
necessarily mean a Democratic victory, for other
Republicans like Mr. Smith may take their seats,
but it would be a rebuke to the Administration at
one of the points on which Administration policy
has been most pronounced. With economy in public
expenditure and a pretentious, but not quite frank,
reduction in taxation offset by condemnation of the
World Court policy and a growing demand for modified prohibition, Mr. Coolidge has need to look to
his defenses.
_
The Question of Cloture in the Senate—Its
Application.
.No doubt when the angel Gabriel sounds the trumpet of doom to call the quick and the dead to a last
judgment, a United States Senator will be on hand
protesting against this summary suppression of free
speech before he has "concluded his remarks." But
this does not alter the fact that if action on entrance
to the World Court could have been postponed until
the quarrel over the admission of States into the
Council of the League of Nations developed, we
might not now be in the Court, or as far in as we can
go without universal permission to enter on our own
terms. Even this, however, is an example without
point unless we consider unlimited debate in the
light of deliberation by a body of law-makers renowned for wisdom and poise. And it may be said
that no presiding officer of a parliamentary assembly can seek to impose his own power to terminate
its proceedings though he do this by a strenuous advocacy of a change in the rules. He usually has no
vote save in case of a tie. He cannot debate a question from the chair and must seek the floor to do so.
He is chosen from the body of the "House" to put
questions as a presiding officer and is the mere agent
and servant necessitated by the nature of things.
If, as in the case of a Vice-President elected by the
people, he becomes a constitutional President of the
Senate, he is less a power than if he had come into
his seat by the vote of the membership. Without in
any way lessening our high regard for the present
(you 122.
occupant of the chair, we are moved to say that it
is not incumbent upon the \gee-President to reconstruct a Senate that existed before he came and will
exist after lie is gone. Nor is an appeal to the people.
in keeping with his prerogatives, if lie has any, for
the people have no more to do with the rules than
has he.
These things have been said many times before.
The entrance into a World Court that is a creature
of a League of Nations which we have refused to
enter is so portentous a matter that it brings into
prominence even the modified form of cloture by
which undoubtedly our entrance was accelerated,
What is it to deliberate? And especially what is it
to deliberate in an august law-making body such as
is the United States Senate? Certainly it is not to
filibuster. To deliberate is to weigh carefully in the
scales of reason the subject under consideration. It
is not to talk against time. It is not to talk to the
galleries. It is not to promulgate politics. Nor is it
to talk to "empty benches." But who can say in advance how much time deliberation will take? Who,
under our system of government, can say what is
politics, what deliberation, in an address or a discussion? And who, in any parliamentary body, can
do more than to compel a quorum to be in attendance? There are so many "customs" in the Senate
of the United States that have grown into fixtures
through long observance, customs that are of highest importance in the dispatch of business, that a
cloture rule, admitting its alleged helpfulness, will
not by any means transform this body into an expeditious one. And deliberation in its'very nature cannot be hurried. Committee rooms, it is said, vie with
cloak rooms, or the reverse would be better, when
most of the "speeches" are made. And whether a
debate is long or short, how can it be deliberative
when it is unheard?
Can a wise man argue a question as portentous to
a nation as entrance into a World Court with all its
implied entanglements in an hour? Allowing that
he may have already and at great length spoken his
solemn judgment on the main question, can he answer the new points raised by his colleagues on the
floor in an hour? And if not in one hour, who can
say in how many hours? Do all minds proceed at
the same pace? Do all speakers or debaters make
equal preparation? Are all men possessed of the
same industry, ability and argumentative power?
Do all, or can all, speak with the same rapidity?
No—the whole question hinges on the manner of deliberation. And just as men cannot be made spiritually temperate by law, so all men cannot be made
deliberative in thought and speech by a rule to cut
off debate. Suppose all politics (as we have suggested the discrimination cannot be made) could be
exorcised from Congressional debate, would there be
need of a cloture rule in either House? And just here
a word may be said in behalf of the "insurgent." He
may be, as we say,"contrary," he may be rebellious,
he may be, perhaps, intolerant, but he probably has
little political incentive in what he does, for, as matters stand, he has so little strength that he must
succumb to majorities in any event. What he cannot have is a powerful political party behind him
intent on formulating party issues.
Keeping to our purpose of considering deliberation, is not a cloture rule the seat of power in a
steam-roller machine? And is not such a machine
always political? What put us into the World
Am. 17 1926.]
THE1 CHBONICLB
Court, if, perchance, forty-eight nations accept our
halting and contemptuous entrance? Two things.
First, an administration policy of a party in power.
Second, a feeling by a party out of power that thus
we are making a belated entrance into a League of
Nations, commonly held to be a creation of President Wilson. It will not do to say (this is not quite
germane) that:the people ordered us to enter the
Court by an overwhelming majority because advocacy was in the successful party's platform. It
was in the platform, but it was very little, if at all,
in the minds of the voters in that election. So that
deliberation, the weighing in judgment, the reasoning together, was undeniably incumbent on the Senate. If it took months it was necessary. But for
the attitude of President Wilson as to reservations,
we would probably have been rushed into the League.
As it is we do not have to worry over giving Poland
and Spain and Biazil and China, as well as Germany, a seat in the League Council. Deliberation,
albeit long drawn out, tinged and tainted with politics, was largely responsible for our staying out.
And comparatively few now object.
A filibuster is bad,'tis said, because it blocks important legislation. But just what is a filibuster?
It ie commonly defined as "talking a measure to
death." But ought not anything that can be killed
by talk to die? Of course, reading the Bible, as has
been done, is not debate. If in the World Court instance a Senator read Washington's Farewell Address it cannot be said it has no bearing on the case.
It is presumed most Senators are familiar with it,
but it has a refreshing sound in these halcyon days
of "internationalism." It has been printed multi.
plied times, but there is nothing quite like reading it
again and listening to its being .read. This is pertinent, however—that such is the nature of parliamentary discussion that holding the floor by legitimate device is not akin to a crime. In entering the
World Court it may yet be found that we deliberated
in haste only to repent at our leisure. It is a proverb that second thoughts are best. Even a filibuster
may reveal a new viewpoint. The motive, not the
fact, is the important thing. Hurry is seldom wise
—and there are to be other sessions of the Senate.
Fewer laws and better has become a slogan. Sometimes the people desire to hear what a Senator has to
say. Brevity may be the soul of wit, but it is not
argument.
Cloture is a petty thing in itself, but a pebble may
change the course of a future river. We submit that
in this World Court case cloture has proved itself to
be a potential menace. Deliberation is thought rather
than action. Deliberation, in a popular assembly
charged with voting a predominating conclusion, is
thinking aloud in speech that there may be common
knowledge and reason as a guide to voting. Hurrying to take the vote is contrary to the "making up
of one's mind." Inevitably it becomes a political
weapon. It can be used to shut off debate where
the object is solely to prevent knowledge and understanding. In this it plays into the hands of dominating majorities. And in this it is recreant to
representative government. Where the people cannot be heard their representatives must be. Laws
written above the beads of the people that they may
not read are parallel to laws passed without debate
that men may not know and understand until they
are haled into court for breaking them. And in
principle, as these discussions are before the people,
2113
there is no point where you can place a limit on debate. A "filibuster" of a kind may flout common
sense, there is a point where further debate is useless and will be admitted to be so, but when the weal
of a people is at stake, this admission must be voluntary, or tyranny exists somewhere.
Who knows what a man has to say until he speaks?
Who knows what argument is germane until delivered? It is a very delicate matter for a presiding
officer to call a speaker to order because he is not
debating the matter before the meeting. It is seldom
done upon a mere shade of thought. He must emphatically and unmistakably be discussing something else before this rule is resorted to. If this be
not customarily allowed how much less should a majority be allowed to close debate by cloture? Moving
the previous question and then voting upon it is not
the same thing as cloture. And in the Senate cloture is stifling the voice of a sovereign State. Contrary to taking the vexed "question to the people,"
the people should take it to the Senate and demand
that the rule of unlimited debate reached in the
cause of justice to the State should remain unimpaired. All this talk about "expediting the business
of the Senate," as if the business of the Senate was
the maximum production of laws at minimum cost
of words, is far and away from the grave question
involved. And to assume that because Senators debate long, earnestly and tenaciously for their cause
they are filibusterers is stretching things. Turning
the Senate into a board of corporation directors in a
hurry to "do business" that they may hurry
to another corporation meeting or to a game
of golf is not properly weighing a nation in the
balance.
A Contribution to Intelligent Thinking.
The materialistic conception of the universe is so
widely advocated that it seems worth while to call
attention to a group of articles not too technical for the general reader, written by men
of high authority, stating, each from his own standpoint, the relation of science to the questions that
concern the accustomed opinions and daily life of
men. The articles are to be found in a readable book,
"Science, Religion and Reality," published by Macmillan; and the range is from the familiar views of
the 19th century, to Mechanistic Biology, Psychology, Modern Civilization, and Magic. Dean Inge in
the closing article says that while the writers have
rightly not contented themselves with a colorless
presentation, they have had a practical object;
their differences are less remarkable than their
harmony; and he feels confident a reconciliation
is "much nearer than it seemed to be fifty years
ago."
This is tribute to the book as being more than a
contribution to the strife of words. As for the
Dean's individual opinion, he rejects the idea that
agreement is useless based on "delimitation" of territory, i. e. fixing boundaries, as in holding that religion and science cannot meet or thinking that fact
and value, reality and appearance, the visible and the
invisible, prose and poetry never meet. Each needs
the other, the religious man needs the scientific, and
the scientific needs religion. The religion of Jesus
2114
THE CHRONICLE
Christ is one of the permanent achievements of humanity, despite whatever aspects it presents at a
particular time. How it is to be interpreted and applied, may be always open to inquiry.
Lord Balfour, who was head of the group that obtained the articles, writes the Introduction. This
may be taken as indicating the purpose and character of the book, and we must confine our account of
it to a statement of his position.
He begins with calling attention to the completeness with which Draper's "Conflict Between Science
and Religion" and the tremendous upheaval of opinion it anticipated have within the half century since
it was written passed out of men's thoughts. Religion has not suffered eclipse, though discoveries in
all directions have been of wider scope and more
fundamental than ever before and science has been
far from stationary. The most striking fact is that
Dr. Draper's book of 1873 has a total want of interest to readers of 1926. The issues and arguments of
fifty years ago are irrelevant to-day.
Lord Balfour's Introduction to the book starts
with reference to the significant fact set forth by
one of the writers, Dr. Malinowski of London University, that in the study of undeveloped races it is
found that with their gradually enlarging knowledge
of nature the sphere of science has increased, and
the sphere officially claimed for religion with them
has not correspondingly diminished. There is no
substantial evidence that the assumed conflict between science and religion will end with the overthrow of the one or the other. There is no evidence
that belief in deities was invented merely to account
for particular kinds of experience. Primitive religions were not rooted in a purely scientific desire for
causal explanations. That would mean belief in a
distinct resident deity in every phase of nature. Religion came to fill a gap left vacant by primitive
science. A supernatun 1 explanation was invoked
to supply the want of a natural or obvious one. As
knowledge increased the sphere officially claimed
for religion was reduced. Here was ground for an
eventual conflict between science and religion,
though it is not inevitable or an inherent issue.
Peace should prevail when the modern man looks
to science and not to religion to explain the world
that lies about him. If there be no world but this,
so much the worse for religion, but science has no
ground of complaint. If, on the other hand, there
is another world, how is science injured if left to its
own territory? Peace on these terms should be easy
of attainment. In the past there was little deserving the name of conflict between the two. Science
was young, and religion had its own controversies.
The Copernican theory of the universe gave a shock
to familiar beliefs, but was so slow of acceptance
that, at least in Protestant circles, it raised no serious religious difficulties, and when at last its significance was realized adjustment of religious
thought occasioned no insuperable difficulty.
Unquestionably to-day there is a conflict, severe
and apparently irreconcilable. It turns chiefly upon
allegations of fact which science cannot accept, and
which Christianity holds essential in its creeds.
These opinions, stoutly as they may be held, are
capable of revision. All men recognize that we have
certain predilections based upon our acceptance of
the usual order of events. No one doubts that the
world about us moves with a certain order and regularity. When men deal in marvels we frankly dis-
believe. But our conception of what lies beyond the
generally known rests on no clear principles; it obviously depends on personal predilections. We are
in fact forced to ask whether any event is inherently
impossible, or whether any statement not self-contradictory may always be pronounced untrue. Science would insist that every claim to the miraculous
is untrue. But this is in fact "loose talk." We fall
back on the uniformity of nature, but every phase of
nature is unique. Her surprises continually startle
us. Why, then, treating nature as a whole, must we
describe it as uniform? We talk as if we could map
out all reality in a scheme of well-defined causes indissolubly connected with definite results in the
ever-changing system of the universe; and we justify
ourselves in our difficulty in bringing ourselves to
accept unexpected reports from the outside world.
In fact, our world is. much too complicated for
this. Causes are never isolated. Their operation is
never unqualified. No two experiments are ever
performed under exactly the same conditions. Unlooked-for intrusions frequently occur; and we are
moved to reject them because they conflict with our
understanding of the close-knit world-process. We
have reached very definite and scientific conceptions
of the universe. In spite of limitless ignorance of
details, we divide one branch of science from another
and discern their connection in the cosmic flow of a
material universe. All is explainable by the interaction of two very simple kinds of electrical subatoms. But the every simplicity of the conception
awakens doubt of its sufficiency. It may do for the
inanimate, but it certainly cannot serve to explain
mind. No man can think of himself as nothing more
than a changing group of continual electric discharges. It does not do to say that everything beyond that conception is superstition. Our thought,
feeling, decision, action cannot be explained in terms
of things which do not think, feel or know, as a product of any conceivable mechanism. Its source lies
quite apart; it is an outside or spiritual invasion of
the physical world.
In our present state of knowledge we must admit
this dualism of matter and spirit. Both, while distinct, belong to the same universe. They influence
each other and somewhere and somehow must be in
contact along the same frontier. But meanwhile
the one furnishes the fundamentals of science; for
the other religion is fundamental.
Lord Balfour concludes by saying that if he were
a scientist he would press the mechanical theory of
the universe to the farthest limit. In the practice of
life, on the other hand, as spiritual beings we must
take account of spiritual values and should not be
limited by mechanical presuppositions. Man's life
is something more, and is different in kind. We
cannot appraise the source because our knowledge
is incomplete and our power of calculation feeble.
But the course of human history is inherently incalculable. The repetitions of history are never more
than vague resemblances. The science of history is
radically different from the science of physics. The
two may be intertwined. Occurrences reported may
be rare and little understood, but they certainly are
not to be rejected because the historian may call
them miracles.
The different writers in the book deal with the
problems presented in different ways, and this
necessarily incomplete sketch of Lord Balfour's
Introduction will serve to show to men en-
APR. 17 1926.]
THE CHRONICLE
gaged in the ordinary affairs of business life
how little we know about many of our accepted convictions and how inaccurate and consequently misleading our judgments may be. The outstanding event which Easter celebrates proclaims
the existence of the two worlds of matter and spirit,
and the actual crossing of the boundary between
them in the resurrection of Jesus Christ. This event
has shaped the Christian centuries and supplied the
foundation of our Christian civilization. The vital
questions as men may discuss them to-day may be
new, but they are also fundamentally old, and were
never more real or more important than they are
now.
Stock Exchange Brokers' Loans and What They
Signify.
2115
from the New York Stock Exchange and Wall Street gambling."
Nov. 15 1914, the day before the Reserve Act went into
effect, the same paper said:
"To-morrow will witness the obsequies of the Money
Trust. Wall Street at any rate will cease to dominate the
banking policies of the country and its grip on the pursestrings of all the people will be relaxed. It is indeed the
dawn of a new freedom."
Another prophet on the benefits of the new law was W. J.
Bryan, who boasted that "the measure would move the
financial centre from New York to Washington." And
Charles Hamlin, first Governor of the Federal Reserve
Board, writing in "Moody's Magazine" November 1914, said:
"The assets of these Federal Reserve banks, and the Government deposits which may be made in them, will be
pledged to strictly commercial uses, and cannot be used for
speculative purposes."
(Mr. Hamlin didn't tell us that the new law would not
prevent Reserve banks from lending their assets to other
banks.)
These several boasts and forecasts prove beyond all controversy that the chief argument in favor of the Federal
Reserve Act •was that it would stop the concentration of
country bank funds at New York, and thus lessen the
amounts available for speculation in Wall Street. The funds
of the Reserve banks were to be used for commercial purposes, not for speculation.
But the publication of these brokers' loans shows that
the Federal ReserVe Act did not stop the concentration of
(alleged) country banks' funds at New York. Neither did
it stop the loan of such funds for Wall Street speculation.
The boast of Mr. Glass that the Act "had clogged the channel to Wall Street and would keep at home the money that
had been used for Stock Exchange speculators," was just a
pleasant little pipe dream. Of the total of $3,535,000,000
brokers' loans, $1,280,000,000 was lent by out-of-town, or
country banks, which was $60,000,000 more than was loaned
by New York banks for their own account. What a commentary on the wisdom of the authors of the Federal Reserve Act! Where did Mr. Charles S. Hamlin get his notion
that "the assets of these Reserve banks would be pledged to
strictly commercial uses, and cannot be used for speculative
purposes"? Does Mr. Hamlin know that in addition to the
above showing, from July 1 1924 to July 1 1925, the total
loans of reporting member banks increased $1,500,000,000, of
which only $100,000,000 were commercial loans? And does
he know that this took place at a time when country banks
were calling loudly for Government aid?
There is much more to be said on this subject, but I don't
want to take up too much space. The pregnant fact is that
brokers' loans, which were but $500,000,000 in 1913 are over
seven times as large to-day, and that the greater portion of
them is from country banks.
W. H. ALLEN.
Brooklyn, N. Y., April 13 1926.
Editor of The Commercial and Financial Chronicle:
The publication of brokers' loans in the early part of February created quite a furore in financial circles, as the official figures placed them at about $1,000,000,000 higher than
the unofficial estimates. The sudden crash in stock market
values that came a few weeks later led people to forget all
about these loans; and those who are now scheming for the
recharter of Federal Reserve banks were doubtless much
relieved by this diversion. For the fact that these loans
had reached the enormous total of $3,500,000,000, and that
so large a proportion of them were from out-of-town banks,
exposes to public view the false argument that helped most
to bring these Federal Reserve banks into existence.
Just twenty years ago the New York Chamber of Commerce appointed John Claflin, Frank A. Vanderlip, Dumont
Clark, Isidor Straus and Charles A. Conant as a committee
to inquire into the causes of financial disturbances and to
suggest the proper remedies. The substance of the committee's report was that our financial ills were due mainly to
Inelastic currency, the concentration of country bank funds
at New York, and the recall of such funds to move the crops.
This theory asserted that after the crops were moved interior banks had more money than they could find use for
at home and so they sent it on to New York to be invested in
2% call loans on the Stock Exchange. Then in the early
fall of the following year several hundred millions of such
funds had to be recalled to move the crops again. And it
was this sudden recall of these funds which caused high
money rates, panics and near-panics.
This theory of the matter was exploited as an argument
in favor of the Aldrich-Vreeland Act, the Aldrich Central
Bank Plan, and the Owen-Glass Bill. Testifying before the
Pujo Committee in 1912 on the concentration of money at
New York, George W. Perkins, of J. P. Morgan & Co., said:
"One thing you could do to stop speculation in New York
and prevent conditions which bring on panics, is to
prevent the banks of Chicago, St. Louis and Kansas City
from sending their money in the summer to New York, loanThe Copper Situation—Demand the Largest
ing it on call at cheap rates, and then suddenly calling it
in History of the Industry.
out in the fall to move the crops."
New high records in the production and consumption of
In "Moody's Magazine," October 1913, Senator Owen
copper were made in 1925, and this means great progress
said:
and vast expansion for the copper industry as a whole. The
"It cannot be denied that the general effect of the bill recent amazing growth of demand is a broad
confirmation
will be to deprive the stock market of the use of a consider- of the soundness of fundamental
conditions. More copper
able part of the reserves of the country which under this
system will be transferred to Government-controlled banks. was consumed last year than was produced. Huge supplies
This will be beneficial to the commerce of the country, and of raw material found their way to both domestic and forwill remove one of the serious elements of instability in our eign mills to be worked up into various fabricated products
financial system."
too numerous to mention.
Requirements from consuming centres have increased by
But the loudest boasts of the decentralizing effect of the
bill were heard just after it became a law. According to leaps and bounds, and manufacturing activity is still holding to a very high level, especially in this country. AuthorMr. Glass:
itative statistics recently compiled furnish some very strik"The Act has clogged the channel to Wall Street. It will ing facts with regard
to the phenomenal utilization of copbreak the shackles which Wall Street has cast about the
commerce of the country by distributing the money power per in the United States and the important countries of
Europe. The figures of consumption are specially signifithroughout the land."
"It will keep at home the reserves of the country which cant, and they afford a realizing sense of the probable large
have heretofore been massed in New York banks, where scale developments during the next few years.
they have been used for the benefit of Stock Exchange specuAccording to the figures of the American Bureau of Metal
lators and gamblers."
Statistics, world movements of copper for the last two years
The New York "World," Dec. 23 1913, called the bill "an were as follows:
act of financial deliverance which effected the complete
1925.
1924.
increass.
3,175.285,380 3.028,238,46o
separation of the organized banking system of the country World production
147.046.820
World consumption
3,331,150,600
3,023.829,360
307,321.240
2116
THE CHRONICLE
Total quantity delivered for consumption last year was
155,865,220 pounds more than the total output for 1925. The
excess shipments were drawn from surplus stocks.
The copper industry makes a great contribution to our
national wealth. During the year 1925 the total United
States refinery output, including imports, was 2,704,618,000
pounds. The total value of this huge output, at the average
price of the electrolytic grade for that year, was $382,973,908. American smelter production last year was 1,894,666,400 pounds, or over 59% of the total world output from this
source. Refinery output includes foreign material treated
here. The total product of the United States refineries from
domestic and foreign origin in 1925 amounted to 85% of the
world's production for that year. It is seen, therefore, that
this country stands out pre-eminently as the premier factor
in the mining and refining of the red metal. This is also
true in regard to the consumption of copper and the vast
amount of capital invested in the industry.
The outlook for a continued large demand for copper is
decidedly encouraging. A great stimulus has been given to
consumption in this country, and a heavy potential demand
from Europe is expected to gather momentum as foreign
conditions improve. Certain anomalous features, however,
have been discernible lately in the situation. Despite the
remarkable record statistics have made, the market has
been characterized by an easier trend compared with conditions a few weeks ago. Although the copper industry is
confronted with higher costs of labor and equipment, the
price is actually below the average for the ten years before
the war. The average price of electrolytic copper for the
first quarter of this year is 14.02 cents, compared with an
average of 15.36 cents for the ten-year period of 1004 to 1913,
inclusive. Some substantial buying was done a few weeks
ago, but recently buyers have moved with caution. Following the announcement of a plan for a new Copper Export Association there was considerable animation to the
market. Activity broadened at home and abroad on expectation that the new organization would be a distinctly stabilizing influence. Pending completion of arrangements for the
new project to function, however, the situation has taken on
a- waiting attitude.
The English view of the metal situation is eagerly weighed
and measured in •trade circles here. Although the copper
production of all of Europe forms but a comparatively small
percentage of the world output, nevertheless European consumption of copper is on an extensive scale. More than a
billion pounds were shipped abroad last year from this
country. There is a big, broad and active market for copper in London every business day in the year. Copper is a
major staple for trading and speculative operations at that
centre. Metal merchants, manufacturers, producers and
smelters in every part of the world transact business in
heavy volume on the London Metal Exchange.
There is also a large stock of rough copper carried in
English warehouses. Recent official returns placed the
total tonnage of these supplies at fully 50,000 gross tons.
This huge stock of low grade metal has a market value of
nearly three millions sterling. But much of this material
carries varying quantities of antimony, arsenic and bismuth, the three ingredients which refiners prefer to avoid
handling. This form of metal, however, is used extensively
as a basis for speculative operations under the Standard
contract at quotations of from RI to £7 per ton below the
price of electrolytic, with extra pro rata allowances for
"deficient produces" on analysis. It is obvious that the
daily movements in the London market exert widespread
and positive influence not only in British trade circles, but
on the situation in the United States as well. Sales of
Standard copper on the London Metal Exchange amounted
to over 900,000,000 pounds last year.
REFINED COPPER STATISTICS (IN POUNDS).
Shipments
Total.
Exports.
Production. Domestic.
1928—
January"
227,948,000 135.658,000 75.082,000 210,740,000
140.812.000 70.928.000 211,740,000
February
221.076.000
March
243.596.000 177,146,000 88,746,000 265,892,000
Total
692,620,000 453,616,000 234.756,000 688,372.000
Surplus stocks of refined copper on March 31 were 150,412,000 pounds, a decrease of 22,296,000 pounds compared
with Feb. 28, and a decrease of 94,284,000 pounds since
March 31 1925.
Brass and copper mills are operating on high schedules.
Shipments of fabricated products have been growing in
irolume lately, and reports indicate that they have reached
(Vol- 12V
the highest point since the war. The American Brass Co.
had the biggest year in the company's history in 1925 in the
matter of shipments and orders taken. Shipments to customers during the first quarter of this year were 121
hgo
over those of the same period last year. March was the
largest month in shipments in the company's history. The
other big brass mills are exceedingly busy shipping out material. Consumption is so great that there is no apparent
accumulation of stocks in manufacturers' hands. The market has firmed up within the last few days, with substantial
sales at 14 cents delivered to Connecticut points over the
next three months. Supplies of marketable copper are down
to less than a month's requirements, domestic consumption
is forging ahead at a tremendous rate, and latest statistics
demonstrate, in concrete manner, the fundamental soundness of the situation.
Lead—Firmer Market and Improved Demand
The recent downward trend in lead carried the price a
shade below the 8-cent level, with St. Louis basis as low as
7.55 cents. Foreign weakness had a pronounced influence
here as the London quotation fell away.
Foreign advices, however, are better lately and the domestic market is firm at 8.00c@8.10c. New York positions
and 7.80c. at St. Louis. Demand has developed in good
volume for prompt shipment. Bargain lots have either been
taken up or withdrawn. The foreign and domestic markets
are in sympathetic touch with each other. Stocks abroad
have been ample for some time past, and the situation has
caused more or less hesitation among buyers. Producers,
however, are fairly well sold up on nearby shipments, and
buyers have displayed more confidence lately.
The Right of an Exchange To Control Its
Own Quotations.
[From the "Wall Street Journal" of April 15.]
Refusal to furnish market quotations or ticker service to
an individual or association is not a violation of the Federal
anti-trust laws. This is a decision of the United States
Supreme Court; it is of far-reaching importance to all the
Exchanges of the country, whether dealing in securities or
commodities. It is important because It establishes their
right to take legitimate means, when such action seems
necessary, to protect their business.
These are the facts of this case: The Odd Lot Cotton
Exchange made application for a ticker service to give it
the quotations of the New York Cotton Exchange. The New
York Cotton Exchange refused to allow its quotations to be
so given, whereupon suit was brought against the New York
Cotton Exchange, the Western Union and the Gold & Stock
Telegraph Companies, alleging the maintenance of monopoly, in violation of the Federal anti-trust laws.
The Supreme Court decided what seems obvious, that the
wire companies, in transmitting quotations, were simply
agents of the Exchange, which is the real principal in these
transactions. As to the New York Cotton Exchange itself,
the court held that its business and the transactions between its members are local, both in their inception and in
their execution.
The New York Cotton Exchange's contract with the wire
companies was made for the purpose of protecting its own
business. And instead of being to maintain an unlawful
monopoly, the court said that it was to protect its business
and was "entirely appropriate and legitimate to that end."
Had an individual or a partnership conducting a grocery
store been in the place of the Exchange, this fact would have
been obvious to anybody. People, however, seem slow to
grasp the fact that an Exchange has the same right in relation to its own affairs as has the individual.
A ground for the refusal of the quotations was that the
Odd Lot Exchange was the successor of another Exchange
which had been convicted of bucketing; that the membership of the Odd Lot Exchange included members of the one
that had been convicted. It is not necessary to discuss that
part of the defense any further. It is sufficient to say that
the New York Cotton Exchange refused to permit its quotations to be used for reasons which it deemed sufficient.
That right is now upheld by the court, and this is the
Important point of the decision. An Exchange can protect
Its business by refusing to permit the transmittal of its
quotations to individuals or concerns that for any reason
are unsatisfactory to it.
APR. 17 1926.]
THE CHRONICLE
2117
Railroad Gross and Net Earnings for February
There is little indication in the returns of railroad
earnings of that activity in trade which one sees
proclaimed everywhere in the public prints. Car
loadings and trade indexes of every kind tell us that
business in 1926 is running ahead of any preceding
year. If that be so, at least the returns of railroad
earnings should give evidence of the fact. But these
returns are far from furnishing corroborative evidence of the kind. Instead, the results, taking the
roads collectively,betray lack of any marked improvement, though someindividual roads and systems have
apparently done well and are having a larger traffic
movement than a year ago. Our compilations today cover the month of February and, as usual, embrace all the Class I roads in the country, namely
those with aggregate gross earnings of a million dollars and over per year. These roads earned altogether $459,227,310 gross in February 1926, against
$454,198,055 in February 1925, or an increase of only
$5,029,255, or a little more than 1%. This small
gain in the gross was attended by an augmentation
in expenses in slightly larger amount ($5,067,263,
/
or about 112%), and accordingly, the net earnings
are actually a trifle less than in the same month last
year, the amount of the net for 1925 (before the deduction of taxes) being $99,480,650 and for 1925
$99,518,658, as will be seen from the following table:
Nona of Feb.(187 roods)—
Mlles of road
Grose earnings
Operating expenses
Ratio of expenses to earnings
Netearnings
1926.
1925.
Inc.(+)or Dec.(—)
236,839
236,529
+310 0.13%
$459,227,310 $454,198.055 +55,029,255 1.11%
359,746.660 354.679,397 +5,067,263 1.43%
78.34%
78.10%
590,480,650 599,518,658
—838.008 0.04%
These rather indifferent results would furnish
occasion for little disappointment if they stood by
themselves or if comparison was with exceptionally
large totals in February 1925. As a matter of fact,
comparison is with poor results last year, both the
gross earnings and the net earnings at that time
having registered a heavy decline from the corresponding amounts in the year preceding. Stated in
brief, the loss in the gross in February 1925 was no
less than $24,441,938, or 5.11%, and even the net
earnings then showed a falling off of $4,981,506, or
not far from 5%. In other words, only $5,029,255
out of the $24,441,938 loss sustained last year in the
gross has been recovered, and no portion of the
roughly $5,000,000 loss in net.
Of course, as in preceding months, the explanation
is found in the circumstance that certain groups of
roads had unfavorable conditions to contend with,
involving a loss in tonnage, and the shrinkage in the
revenues of such groups offset the gains on roads
and systems elsewhere in the country. In particular, the losses by the anthracite carriers were again
very heavy. An agreement for the termination of
the strike in the anthracite regions was reached on
Lincoln's Birthday, Friday, Feb. 12, but the agreement had to be ratified by conventions of the miners
and it was not until Thursday, Feb. 18, that actual
resumption of work at the mines occurred. All the
different anthracite roads show heavy losses in
gross and net earnings alike. The Delaware & Hudson reports a loss of $1,364,356 in gross and $756,017 in net; the Lackawanna a decrease of $1,252,894
in gross and $553,564 in net; the Lehigh Valley
$1,210,460 in gross and $917,308 in net; the Reading
$718,850 in gross and $769,375 in net; the Central of
New Jersey $659,400 in gross and $494,853 in net;
the Ontario & Western $384,854 in gross and $171,213 in net; the Central New England $243,572 in
gross and $231,633 in net; the New York Susquehanna & Western $128,030 in gross and $113,922 in
net, and the Lehigh & New England $173,570 in
gross and $80,412 in net. As a matter of fact, some
of the anthracite carriers failed to earn bare operating expenses in February the present year, not to
speak of taxes and fixed charges. Conspicuous instances of this kind are the Delaware & Hudson, the
Ontario & Western, the Susquehanna & Western and
the Lehigh & New England. The Erie, a large East
and West trunk line, but also a large anthracite carrier, reports for the month $814,148 decrease in gross
and $527,746 decrease in net.
In addition, some of the Western roads, both those
in the Northwest and those in the Southwest, suffered a reduction of their revenues because of last
year's reduced wheat yield and a diminution in the
foreign demand for the same, and also in some instances because of a smaller live stock movement
than in the corresponding month last year. In the
Southwest decreases in the gross are quite common, the Atchison being conspicuous in that respect
with a loss of $529,019 in gross and $333,365 in net,
while the Missouri Kansas & Texas reports $365,198
decrease in gross and $143,743 in net. The Rock
Island has a small increase in gross, but lost $240,380 in net. The Southern Pacific has fallen $240,732
behind in the gross but has $254,056 increase in net.
The International Great Northern has $75,428 decrease in gross and $100,936 decrease in the net.
Some of the Northwestern roads also suffered a
contraction of their revenues. Among such may be
mentioned the Great Northern, which reports $143,160 decrease in gross but $85,498 increase in net, and
the Milwaukee & St. Paul, the Chicago St. Paul Minneapolis and Omaha, the Chicago Great Western,
the Minneapolis & St. Louis and the "Soo" road.
The New England roads suffered presumably also
by reason of heavy falls of snow. The winter, taking
the country as a whole, was unusually mild, but in
February there were some big snowstorms in the
East, with, however, nothing approaching a blizzard:
In other words, there were no big drifts to tie up
traffic and interfere seriously with the running of
trains. In this city there was no snowfall of any
consequence during the winter until February, but
in this last mentioned month there were two very
heavy storms, namely one on Feb. 3-4, when 10.3 ins.
of snow fell and another on Feb.9-10, when the snowfall was 11.6 inches. For the whole month of
February the snowfall in this city aggregated 25.7
inches, being the heaviest on record for any February
since 1899, when the fall was 27.5 ins., and comparing
with only 0.8 inch in February last year (when,
however, the fall was extremely heavy in January);
and with 11.5 ins. in February 1924 and 17.9 ins.
in Feb. 1923. The snowstorms the present year seem
to have extended all over New England and through
New York State. New England roads virtually all report large losses in gross, as well as in net, and nO
doubt the explanation is found in the circumstance
mentioned and doubtless also these roads had their
coal traffic reduced by the anthracite miners' strike:
The New York New Haven & Hartford reports for
the month $314,316 decrease in gross and $683,500
2118
THE CHRONICLE
[Vox al
decrease in net; the Boston & Maine $382,655 de- authorized by the Commerce Commission at the end
crease in gross and $131,982 in net; the Maine Cen- of the previous July—an advance which it had been
tral $137,747 decrease in gross and $138,582 in net computed would add on the same volume of business
and the Bangor & Aroostook $156,365 in gross and $125,000,000 a month ($1,500,000,000 per year) to
$136,373 in net.
the revenues of the carriers. The reduction in exIt was stated above that in February last year penses at that time was also smaller than it would
our tables had shown $24,441,938 decrease in gross have been because of the wage award made by the
and $4,981,506 decrease in net, business having failed Railroad Labor Board the preyious July, and which
to revive in the way expected. On the other hand, on the volume of traffic then being done it was comhowever, it should be pointed out that comparison puted would add an average of $50,000,000 a month
then was with strikingly favorable results in 1924, to the payrolls of the roads. Nevertheless, the departly due to the extra day contained in the month crease in expenses then reached, as we have already
then,it having been a Leap Year and February there- seen, $30,707,874.
fore having had 29 days. Weather conditions were
In 1920 and previous years expenses had been runextremely propitious in February 1924, with vir- ning up at a frightful rate. In February 1920 our
tually no obstructions to railroad operation in any compilations showed $16,428,891 loss in net on $72,part of the country from snow or ice or extreme cold. 431,089 gain in gross. In that year (1920) the FebContrariwise, in 1923, the winter was of unusual ruary expenses were swollen in unusual degree by
severity in many parts of the northern half of the the adverse conditions under which railroad operaUnited States and the situation then was worse in tions had to be carried on at that time. The winter
February than it had been in January, in part be- weather encountered in February 1920 was indeed
cause of the cumulative effect of the unfavorable of exceptional severity and it was all the more notemeteorological conditions. In January 1923 the worthy because in sharp contrast with the extremely
roads in New England and in northern New York mild weather of the year preceding and comparable
suffered from repeated snowstorms and from the only with the weather of 1918, when the country
depth of the accumulated snowfalls. In February was still in the throes of war. Temperatures in 1920
1923 these sections continued to be afflicted in the were perhaps not quite so low as in February 1918,
same way and the trouble also extended to many but the fall of snow was immensely heavier and the
other sections of the country—in fact, as we pointed interference with railroad operations correspondout at the time, to practically all parts of the coun- ingly greater. In February 1919, notwithstanding
try outside of the South. And the result was to the winter was extremely mild, as already stated,
embarass transportation and to add greatly to the and comparison was with weather in 1918 of excepcost of operation, expenses then having increased in tional severity, accompanied by snow blockades,
all directions. In February 1924, with no such in- railroad embargoes and freight congestion of great
terference by the weather, at least only occasional intensity, expenses increased so heavily that a gain
interference in isolated cases, it was possible to of $61,656,597 in gross was converted into a loss of
bring expenses down again to somewhere near the $1,191,014 in net. In February of the years precednormal, and this circumstance, along with the extra ing, results were just as bad. In other words, Febday which the month contained, gave us an extremely ruary 1918 showed $25,148,451 gain in gross, but
satisfactory statement of earnings, both gross and $28,944,820 loss in net, while the year before (Feb-net, in the month of that year, our statement for ruary 1917) our tables registered an increase of
February 1924 having Shown $31,939,712 increase in $2,655,684 in gross but a contraction of $21,367,362
gross and $33,387,370 in net. These gains, however, in the net. It was this long continued rise in exin February 1924, came after a poor or indifferent penses, with resulting losses in net, that furnished
return in February 1923, due to the severe winter the basis for the subsequent reductions in the exweather conditions to which allusion has already penses. In the following we give the February totals
been made. It must not be supposed that there was back to 1906. We use for 1911,for 1910 and for 1909
any loss in the gross earnings in February 1923. On the Inter-State Commerce totals, but for the precedthe contrary, the falling off was entirely in the net ing years we give the results just as registered by
earnings and, as just stated, was due to the severity our own tables each year—a portion of the railroad
of the weather. In the gross there was then an in- mileage of the country being always unrepresented
crease in amount of $44,745,531, but it was attended in these earlier years, owing to the refusal of some
by an augmentation in expenses of no less than $50,- of the roads in those days to give out monthly fig988,243, leaving hence a loss in the net of $6,242,712. ures for publication:
There were, though, losses in the gross both in 1922
Gross Earnings.
Net Earnings.
and in 1921, but large gains in the net by reason of Year.
Year
Year
Year
Year
Increase or
years,
sharp cuts in the expenses in these earliers
Given.
Preceding.
Given.
Preceding. Decrease.
cuts which were then an imperative requirement, Pebrua
1906
120,728.671 95,625.93
33,486,486 19.937.363
following the tremendous augmentation in expenses 1907 -__ 123,920.810 115.123,660 +25,102,733 30,669.082 32,319.683 +13,549.271
___
+8,797.150
—1.650.601
123,389,28 141.102.297 17,713.009 26,154,613
—8.764,602
during the period of Government operations of the 1908 ___ 174.423.831J161.085.493 +13.338,338 49,194.76 34,919.215 +11,883,173
37.311.587
1910
56,976,253
+7.734.299
roads. In February 1922 our compilations showed 1911 -__ 202.825,380174,574,962 +28,250.418 49,888,584 49,241,904 —7,032,202
— 199.035,257202,492,12 —3456,863
56,920,786
1912 ___218.031,094 197.278,93 +20,752.155 57.411,107 49,135,95 +8.275,149
$4,772,834 decrease in the gross, but $54,882,820 in- 1913 ___232.726.241218,336,92 +14.389.312 59,461.341 57,458.572 +2,002,769
1914 __209,233,005233,056,1431
23,823,138
crease in the net, the result of a reduction in ex- 1915 ___ 210,860,681212,163,967 —1,303.286 39,657,965 59,553,012 —19,895,047
51,257,053 39,274,776 1+1,982,277
1916 -_. 67,579.814209.573.963 +58,005.851 79,929,463 51,043,120 +28,886,343
penses of $59,655,654. And this followed $19,171,075 1917 ___ 271,928,066259.272.382 +2.655.684 58.904,299 80.331,661 21.367.362
1918 -__ 85.776,203260,627,752 +25,148,451 27,305,808 56.250,62 —28,944,820
28,814,420
351,048,747289,392.150 +61,656,597
decrease in the gross and $11,536,799 increase in the 1919 ___ 421.180.876 348,749,787 +72.431,08 27.623.406 27.117.462 —1,191.014
10,688.571
1920 ___
16.428,891
1921 _-- 5.001.273424.172,34
19.171,075
in February 1921. The loss in the gross in 1921 1922 ___ 00,430,580405.200,414 —4.772,834 20.771,731 9,234,932 +11,536,799
net
76,706,840 21,824,020 +54.882,820
1923
+44.745,531 70,387,622
would have been very much larger, as the country 1924 ___ 444.891,872400.146.341 +31.939,712104.117.278 76.630.334 —6,242,712
77,809.944445.870.232
70,729,908 +33,387.370
___ 454,009,669I478.451,607
at the time was suffering intense prostration of busi- 1925 ___ 459.227.310454.198 055 —24.441.938 99.460,389104,441,895 —4,981,506
+5.029.255 99.480.65 99,518 658
—38.008
ness, except that the roads were still enjoying the Note.—Includes for February 101 roads In 906; 94 In 1907; In 1908 the returns
were based on 151.580 miles of road; In 1909 232,007; in 1910, 239,725; In 1911,
benefits accruing from the great advance in rates 242,640; In 1912. 237,082; In 1913, 240,986; In 1914, 244,925; In 1915, 246,186; In
Am. 17 1926.]
THE CHRONICLE
2119
1916,245.541;In 1917.249,795;in 1918,238,891; In 1919, 232,957; In 1920, 231,304;
b The New York
shows 8957.300 increase. Including
In 1921, 235,653; in 1922, 235,625; in 1923, 235,399; in 1924, 235,506; In 1925, the various auxiliary Central proper roads, like
and controlled
the Michigan Central, the
236,642; in 1926. 236.839.
"Big Four" &c., the whole going to form the New York Central System.
the result is a gain of $1,494,567.
F PRINCIPAL CHANGES IN NET EARNINGS FOR:FEBRUARY.
, Increase. ..". G. flab ' Decrease.
Chicago Burl. & Quincy- $995.408 Lehigh Valley
$917,308
Chicago & North West'n- 693,776 Reading
769,375
Chesapeake & Ohio
501.938 Delaware & Hudson
756.017
Michigan Central
436,626 N.Y. N. H.& Hartford__
683.500
New York Central
5422,865 Del. Lack. & Western_ - 553.564
Seaboard Air Line
369.295 Erie (3)
527.746
Norfolk & Western
290,848 Central of New Jersey_ __ _
494,853
Virginian
280.765 Pennsylvania
a363.755
Union Pacific (4)
280,008 Atchison Top.& S. Fe(3)- 333,365
Louisville & Nashville..,. 268,871 Chicago St. Paul M.& 0.. 257,670
Southern Pacific (7)
254.056 Chic. R. I. & Pac. (2)..___
240,380
Southern Railway
228,914 Central New England....__
231.633
Pere Marquette
228,856 C. C. C.& St. Louts
209.673
Missouri Pacific
226.430 N. Y. Ontario & Western171.213
Illinois Central
219.450 Mo.-Kan.-Texas (2)
143.743
Baltimore & Ohio
205,571 Maine Central
138.582
Denver & Rio Or. West_
170,924 Bangor & Aroostook
136,373
Kansas City Southern_ ___
163.464 Boston & Maine
131,982
St. Louis
-San Fran. (3)__
155,432 Elgin Joliet & Eastern_ _ _ 120,097
Wabash
150,772 N. Y.Susq. & Western_..... 113.922
Detroit Gr. Hay.& Maw_
148,467 Pittsburgh & Lake Erie.. _
111,957
Chicago & Eastern Illinois
134.482 Long Island
102,874
Grand Trunk Western___
122.126 Internat. Great North..
100.936
Monongahela
117,067
Western Maryland
105,822
Total(29 roads)
57.610,518
Western Pacific
104,151
With •reference to the results for the separate
roads or systems, we have already indicated that the
anthracite carriers the present year suffered heavy
losses in gross and net by reason of the coal strike and
that the New England roads likewise fell behind, as
also several of the Southwestern roads and a few of
those in the Northwest. It only remains to add that
Southern roads, are, as heretofore, distinguished for
the favorable nature of their results; that the trunk
lines between the Eastern seaboard and Chicago and
St. Louis have also as a rule done well, while several large Northwestern systems likewise are able
to give a very good account of themselves. Among
these latter may be mentioned the Burlington &
Quincy, with $431,711 gain in gross and $995,408
gain in net; the Chicago & North Western with $428,928 gain in griiss and $693,776 gain in net; the Union
Pacific with $738,062 gain in gross and $280,008
gain in net, and the Northern Pacific with $206,942
gain in gross and $82,873 gain in net. In the case
of the Southern roads, improved results are so gen.eral that it would be necessary to name all except
four or five roads in that group if we attempted to
enumerate all those recording gains.
In the case of the Eastern trunk lines the Pennsylvania Railroad on the lines directly operated,
•east and west of Pittsburgh, reports $1,810,055 increase in gross, but $363,755 decrease in net. Last
year in February these lines suffered $2,970,473 decrease in gross and $1,597,563 decrease in net, from
which it appears that only a part of the loss in gross
has been recovered the present year and none of the
loss in net. The New York Central this time reports
$957,300 increase in gross and $422,865 increase in
net. This is for the New York Central itself. If we
include the various auxiliary and controlled roads,
the result is a gain of $1,494,567 in gross and of
$558,423 in net. Last year in February the New
York Central Lines reported $3,898,128 loss in gross
and $1,228,360 foss in net. Here, too, therefore, only
a part of last year's loss has been recovered. The
Baltimore & Ohio the present year shows $581,539
improvement in gross and $205,571 improvement in
net, as compared with $1,388,431 loss in gross and
4236,494 loss in net last year. In the following we
show all changes for the separate roads for amounts
in excess of $100,000, whether increases or decreases,
and in both gross and net:
Total (37 roads)
$7.276.384
a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Company, the Pittsburgh Cincinnati Chicago & St. Louis and
the Grand Rapids Rz Indiana).
S These figures merely cover the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the Michi,
gan Central, the "Big Four, &c., the result is an increase of $551.,423.
1
Dealing with the roads now by groups or geographical divisions, according to their location, we
find just what would be expected from what has been
said above. The New England group, the Eastern
Middle group (embracing the anthracite carriers)
and the Southwestern groups of roads register losses
in both gross and net. All the other groups and
divisions show gains in gross and net. Our summary
by groups is as follows:
SUMMARY BY GROUPS.
Gross Earnings
1925. (Inc.(-1-)or Dec.(-)
1926.
Section or Group.
February
Group 1(9 roads),New England
Group 2(33 roads),East Middle
Group 3(27 roads), Middle West
Groups 4 dr 5(34 roads), Southern
Groups6 dz 7(28 roads), Northwest__
Groups 8 dr, 9(46 roads), Southwest
Group 10(10 roads), Pacific Coast
Total(187 roads)
Group 1
Group 2
Group 3
Groups4 & 5
Groups6 & 7
Groups 8 & 9
Group 10
-Mileage• 1926. 1925.
7,201
7,372
34,697 34,728
15,992 15,988
39,361 39,163
67.192 67.275
55,250 54,979
17,146 17,024
19,361,298
139.886,273
41,540,071
80,486.180
85,087,394
70.060106
22,805.488
20.304.209 -942,911
142.853,113 -2.966.840
40.028.392 +1.511.679
74.162,703 +6.323.477
83.575.014 +1.512.350
71,349,234 -1,288128
21,925,390 +880.098
4.65
2.08
3.97
8.53
1.81
1.86
4.02
459,227,310 454.198,055 +5,029,255 1.11
NetEarnings
1926.
1925. Inc.(-1-)or Dec.(-)
$
$
$
%
3,600.297 4,550,868 -950,571 20 89
21,539,908 25.741,167 -4.201,259 16.32
11,002.892 10,034,894 +967,998 9.65
23,149,184 20,095,017 +2,154.167 10.25
18,664,534 16,831,420 +1,834,114 10.91
16,787.330 17,425,853 -638,523 3.66
4,736,505 3,940,439 +796,066 20.20
,
236,839 236,529 99.480150 99,518,658
Total
-38.008 0.04
NOTE.
-Group I includes all of the New England States.
Croup II Includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo, also aL of New Jersey, De.aware and Mary.and, and
the extreme northern portion of West Virginia.
Group /// includes all of Ohio and Indiana. all of Michigan except the northern
peninsula, and that portion of New York and Pennsy.vania west of Buffalo and
Pittsburgh.
Groups IV and V combined Include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI and VII combined Include the northern peninsula of Michigan. all of
Minnesota. Wisconsin, Iowa and IlilnoLa. ad of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City, also all of Montana, Wyoming
and Nebraska, together with Colorado north of a .me parallel to the State dne
passing through Denver.
Groups VIII and IX combined Include all of Kansas, Oklahoma, Arkansas and
PRINCIPAL CHANGES IN GROSS EARNINGS FOR FEBRUARY.
Indian Territory, Missouri south of St. Louis and Kansas City, Colorado south
Increase.
Increase.
of Denver, the whole of Texas and the bulk of Louisiana, and that portion of New
Pennsylvania
a81,810.055 Missouri Pacific
3108,722 Mexico north of a line running from the northwest corner ot the State
through
Seaboard Air Line
981.096 Detroit & Tol. Shore L__
107,873 Santa Fe and east of a line running from Santa Fe to El Paso
New York Central
5957,300
'Chesapeake & Ohio
Group X includes alt of Washington. Oregon, Idaho, California, Nevada. Utah
934,443
Total (39 roads)
$14.811,833
Illinois Central
and Arizona, and the western part of New Mexico.
760,064
Atlantic Coast Lines_ _ _ _
753,298
Decrease,
Union Pacific (4)
738,062 Delaware & Hudson____ $1.364,356
Southern Railway
697.208 Del. Lack. & Western__ 1,252.894
Louisville & Nashville__ 686,867 Lehigh Valley
1,210,460
Florida East Coast
618,048 Erie (3)
814,148
Baltimore & Ohio
991 .539 Reading
718.850
Norfolk & Western
530.331 Central of New Jersey-659.400
Michigan Central
505,5131Atch. Top. & S. F. (3)....
529,019
Chicago Burl. & Quincy431,711 N. Y. Ontario & Western
384.954
Chicago & Northwestern
428.928 Boston & Maine
382,655
Western Maryland
360,606 Mo. Kan. & Texas (2)__
365.198
Pere Marquette
262,687 N.Y.N.H.& Hartford_
314.316
Chicago & East. Illinois236.841 Elgin Joliet & Eastern__
301,019
Virginian
233,687 Central New England___
243,572
Central of Georgia
226,568 Southern Pacific (7)- --240,732
Northwestern Pacific,...
206.942 Lehigh & New England_ 173,570
San Fran.(3)St. Louis
185,428 Chic. St. P. M. & O..
168,196
Monongahela
184,184 Bangor & Aroostook
156,365
Hocking Valley
172,968 Bessemer & Lake Erie..,.
154.147
Wabash
154.632 Great Northern
143,160
Det. Grand Hay. & MIL.
152,300 Maine Central
137.747
Chic. Ind. & Louisville_ 150,534 N.Y.Susqueh.& West
128,030
Buff. Rochester & Pittsb.
147.199 Trinity de Brazos Valley..
WESTERN FLOUR AND GRAIN RECEIPTS.
126,309
Los Angeles & Salt Lake
131,168 Pittsburgh & Lake Erie_
108.501 4 Weeks End. Flour
Wheat
Corn
Gals
Barley
Rye
Southern Rz Fla_
Georgia
130.528 M. St. P. & S. S. M...._..
100,091
(bush.)
(bush.)
(bbls.)
Feb. 27.
(bush.)
(bush.)
(bush.)
Kansas City Southern__
128,5061
Chicago
Grand Trunk Western__
115,997 I Total (35 roads)
810,177,589
946,000 1,167,000 11.135,000 2,682,000
1926
117,000
630,000
-All the figures in the above are on the basis of the returns filed
Note.
1,218,000 1,511,000 6,484,000 3,700,000 1,072.000
1925
209,000
with the Inter-State Commerce Commission. Where, however, these
the total for any system, we have combined the separate Milwaukee
returns do not show
115,000
1926
101,000 1,219,000
returns so as to make the results conform as nearly as possible to those
109,000
528,000
838,000
1925
74,000
217,000 1,341,000 1,080,000 1.095,000
given in the statements furnished by the companies themselves.
162,000
a This is the result for the Pennsylvania RR. (including the former St. Louts
Pennsylvania Company, the Pittsburgh Cincinnati Chicago & St. Louis
377,000 1,805,000 1,891,000 2,861,000
1926
44,000
13,000
and the Grand Rapids & Indiana).
1925
470,000 2,885,000 1.514.000 2,254,000
61,000
12,000
-
Western roads as a whole had to contend with a
diminished grain movement. The receipts of grain
at the Western primary markets for the four weeks
ended Feb. 27 reached only 57,109,000 bushels the
present year, as against 60,735,000 bushels in the
corresponding four weeks of 1925, and all the different cereals contributed to the falling off, with the
exception of corn. The details of the Western grain
movement in our usual form are set out in the table
we now present:
2120
THE CHRONICLE
Flour.
(bbls.)
Toledo
1926
1925
Detroit
1926
1925
11,000
Peoria
1926
169,000
1925
225,000
Duluth
1926
1925
Minneapolis
1926
1925
Kansas City
1926
1925
Omaha & Indianapolis
1926
1925
Sioux My
1926
1925
Si. Joseph
1926
1925
Wichita
1926
1925
Total All
1926
1925
Wheat.
(bush.)
Corn.
(bush.)
640.000
604,000
624,000
335,000
238,000
568,000
77,000
179,000
138.000
38,000
55,000 2,617,000
58,000 1,723,000
Oats.
(bush.)
Barley.
(bush.)
Rim.
(bush)
1,000
17,000
14,000
70,000
205,000
37,000
26,000
26,000
714,000
177,000
139,000
92,000
9,000
2,000
396,000
429,000
24.000
135,000
369,000
732,000
6,446,000 1,377,000 1,467,000 1,135,000
5,522,000 3.216,000 2,447,000 1,577,000
342,000
196,000
1,500,000
2,714,000
1,000
23,000
2.627,000 1,960,000
2,691,000 2,550,000
438.000
740.000
890,000 3,511,000 1,104.000
1.713,000 2,471,000 1,528.000
169,000
135,000
213,000
367,000
222,000
190,000
515,000
749,000
699,000
844,000
136,000
108,000
786,000
965.000
213,000
368,000
52,000
84.000
8,000
5,000
.
1,000
4,000
1,607.000 16.778.000 25,598,000 11,218,000 2,513,000 1,002.000
1,998.000 19,923,000 21,274,000 14,110,000 4,074,000 1,354,000
Flour
Wheat
Corn
Oats
Barley
Rye
(bbls.)
(bush.)
(bush.)
(bush.)
(bush.)
(bush.)
Jan. 1 to
Feb. 27.
C7tIcago1926
2,126,000 2,402,000
1925
2,711,000 3,429,000
Milwaukee
1926
308.000
417,000
1925
410,000
190,000
Si. Louis
1926
892,000 4,695,000
1925
1,005,000 6,781,000
Toledo
1926
1,121.000
1925
933,000
Detroit
1926
167,000
1925
345,000
11,000
Peon a1926
412,000
133,000
1925
490,000
307,000
Duluth
1926
4,106,000
1925
4,735,000
Minneapolis
1926
16,685,000
1925
15.343,000
Kansas elly1926
5,972.000
1925
5,883,000
maga & Indianapolis
1926
1,889.000
1925
3,720,000
24,191,600 5.789.000 1.216,000
19,870,000 10,198,000 2,090,1100
247,000
631,000
3,793,000 1.798.000 1,398,000
2,616.000 2,561,000 2,516,000
285,000
399,000
4,455,000 6,003,000
5,124,000 6,892.000
170,000
156,000
13,000
15,000
1,426,000
884,000
646,000
983,000
1,000
1.000
40,000
32,000
224,000
98.000
191,000
385,000
3.000
37,000
53,000
76,000
5.389,000 1,521,000
5,027,000 2.090,000
245,000
202,000
Flour.
(bbls.)
Wheat.
(bush.)
Corn.
(bush.)
Oats.
(bush.)
Barley.
(bush.)
Rye.
(bush.)
437,000
589,000
357,000 1,503,000
495,000
632,000
9,000
12,000
4,000
1,032,000 2,082,000
1,890,000 2,315,000
241.000
210,000
1,660,000
1,885.000
Sioux City
1926
1925
EL Joseph
1926
1925
Wichita
1926
1925
Total All
1926
1925
[Vor.. 122
182,000
128,000
603,000
853.000
3,738,000 40,716,000 59,048,000 27,552,000 6,135,000 2,686,000
4.407,000 46,018,000 60,026,000 38.999.000 8.899,000 3.737.000
The Western live stock movement, too, was smaller
than last year. At Chicago the receipts in February
1926 comprised only 20,595 carloads, as against 22,615 cars in the month last year; at Kansas City 7,422
cars, against 8,087, and at Omaha 8,198 cars, against
9,627.
The cotton movement in the South, strange as it
may seem in view of the size of the crop, was smaller
in February 1926 than in February 1925. The gross
shipments overland in February 1926 were but 130,882 bales, as against 180,077 bales in 1925; 113,154
bales in 1924; 116,065 bales in 1923 and 122,154
bales in 1922. The receipts of the staple at the
Southern outports were 564,125 bales, against 711,032 bales in 1925; 361,217 in February 1924 and
337,720 bales in 1923, as will be seen by the following:
10,000
13,000
RECEIPTS OF COTTON AT SOUTHERN PORTS IN FEBRUARY AND
FROM JAN. 1 TO FEB. 28 1926, 1925 AND 1924.
February.
12.000 2,889,000
30,000 2,848,000
145,000 1,135.000
183,000 1,728,000
2,670,000 4,182,000 2,944,000
7,396,000 6.427,000 3.702.000
903,000
838,000
5,508.000 1,083,000
5,741,000 1,476,000
8,105,000 2,532.000
8,569,000 4,169,000
4,000
Since Jan. I.
Ports.
1926.
Galveston
Texas City, dm
New Orleans
Mobile_
Pensacola, grc
Savannah
Brunswick
Charleston
Wilmington
Norfolk
Total
1925.
1924.
1926.
173.019
149,816
134,956
9,793
57
38,344
249.161
171.985
141,267
13,497
219
50,430
132.612
65,927
94,367
4,605
627
28,175
390,670
143.969
251.591
11,951
3,590
64,240
28.217
7,235
22,688
35.394
10.724
38,355
9,866
5,274
19,764
433,012 607,956
289,823 440,700
351,841 354,494
22,911
25,538
582
1,116
87.199
93,416
350
53,363
57,926
15,080
23,873
49,354
67,979
564,125
711,032
361,217 1,303.155 1.673.348
943,201
1925.
1924.
16,852
10,475
49,863
Indications of Business Activity
-COMMERCIAL EPITOME.
THE STATE OF TRADE
Friday Night, Apr. 16 1926.
The curious persistence of bad weather has continued to
operate against business all over the country. It has also
hampered farming. Cold, wet weather has interfered with
the seeding of the cotton crop over most of the belt, so that
It is now anywhere from two to four weeks late. It has
also interfered with the planting of corn in the Southwest.
Spring wheat seeding has been delayed by dry weather at
the Northwest. It has been somewhat warmer here of late,
however, and this may presage the resumption of navigation at a comparatively early date. The weather in the
main has been too cold, however. By some freak of nature
it has happened that when the temperatures were 32 degrees in Texas It was 51 at the same time in Canada up
towards the Arctic Circle. Within a day or two there have
been indications of warmer weather in the cotton belt, especially at the Southwest; so much so. that to-day there was
a break in the cotton market approximately $1 to $150 per
bale. In the nature of things, the weather must soon become more seasonable all aver the 3,000,000 square miles of
Continental United States. The spring wheat acreage may
be reduced somewhat. In the main the winter wheat crop
Is in fair condition; certainly there is less winter killing
than usual, particularly in the Southwest. It is, of course,
true that growth has been delayed by cool weather in some
parts of the belt. For all that, however, the conditions in
Texas, Oklahoma and Kansas are promising. Wheat has
advanced 3 to 7 cents per bushel this week, partly on the
dry weather at the Northwest, but also because of a better
export demand and disappearing supplies. Some Canadian
reports this afternoon said that the export sales had even
reached 2,700,000 bushels within 24 hours. Quite a little
American durum wheat has been sold to Europe recently. A
small export business has been done in oats, rye and barley,
and now and then some foreign demand has appeared for
corn. But in none of these grains has there been any important export buying as yet. It may come later. Wheat
has advanced 12 cents compared with the low point of last
week. The supply is none too large. It is naturally diminishing steadily at this time of the year.
Retail trade just now is smaller than that of a year ago,
largely because of cold weather and bad roads. In fact,
these factors have hurt both retail and jobbing trade. The
farmer and the merchant have both suffered by such conditions. But if we take the figures for the month of March
we find that the retail trade made an excellent showing as
compared with the same month last year and also as compared with the total in February. Mail order houses in
March made sales to the amount of $40,262,327, in contrast
with $35,836,556 in March last year and $36,267,277 in February this year. The March sales of chain stores were $59,893,753, against $51,202,201 in the same month last year and
$50,377,706 in February. Mail order sales in March therefore showed a gain of 11% over those of February and
12.3% over those of March last year. Chain store sales in
March were close to 19% larger than in February and 17%
larger than in March last year. For three months of the
present year mail order sales show a total of $114,387,455,
against $104,338,429 in the seine time last year, an increase
this year of 9.5%. The chain store sales for three months
this year total $160,314,230, against $139,875,616 in the
same time last year, or an increase this year of 14.6%. The
grand total of mail and chain store sales for three months
is $274,701,685, against $244,214,045 in the same time last
year, or an increase of 12.4%.
And taking industry as a whole, it is doing a rather larger
business than a year ago. Cotton has declined of late because of more promising weather at the Southwest. But
the domestic consumption in March, to the surprise of every-
APR. 171926.]
THE CHRONICLE
2121
body, turned out to have been 634,600 bales, the largest on In Connecticut practically all industries are operating full
record. It seemed to show that reports of extreme depres- time. In Massachusetts some textile mills showed increased
sion in the cotton manufacturing business have put too poor employment and have resumed full-time operations. Mana face upon the matter, probably because the buying has chester, N. H., wired that wages in the hosiery mills of
been in small lots. It looks as though the cotton acreage George H. Tilton & Son have been reduced 5%. This conwill be about the same as that of last year. The cotton belt cern is the largest manufacturer of hosiery in the State.
as a whole has a good store of moisture in the soil. All it At Nashua, N. H., mills were active, in some instances opwants now is the quickening influence of seasonal warmth erating better than 85% of capacity. At Suncock, N. H., the
of temperature. That would be highly beneficial, especially Suncock mills are operating much of their loomage five
in Texas. Iron has been dull so far as the American prod- nights a week and are running days better than 85% of
uct is concerned, but it appears that some 20,000 tons of for- capacity. From present indications the plant will reach
eign iron have been sold at a decline of $1 per ton, putting 100% output. At Northfield, N. H., wages in the hosiery
the price some $3 below that of the American metal. It mills of George H. Tilton & Son have been reduced 5%. No
seems that efforts are to be made at Washington to have the trouble resulted from the readjustment. This concern is
tariff on pig iron increased. It is now 75 cents per ton. Of the largest manufacturer of hosiery in the State, having
course, the usual effect of protective tariffs is to stimulate plants in four different cities.
In North Carolina a slight curtailment in textile industry
production and in the end bring down prices. The old
vicious circle is familiar to everybody. Steel has been quiet, was reported. Charlotte, N. C., later wired that it was bepartly because of the bad weather conditions for some lieved that increased curtailment will become effective bebranches of the trade. The tendency of iron and steel fore the week was over. Spinners were generally opposed
prices is apparently downward. That is also the case with to piling up stocks and comment there reflects the opinion
coal and coke. Coffee advanced rather sharply, but more that curtailment would have already been heavy had the
because of the technical position, it would seem, than any- mills not had a good deal more business on their books than
thing else. There has been a tendency to oversell the mar- was generally believed. Gaston County mills continue on
ket. And Brazilian prices of late have risen. The impres- the part-time basis started several weeks ago and report a
sion is very general that advances in Brazilian markets are very light demand for yarns.
Albert Weisbord, textile strike leader, was held in $30,000
largely artificial, from the efforts of the so-called "Defense
Committee" to keep up the price. But to-night the news bail on three charges at Passaic, N. J., on April 12. The
from Brazil is that trade is very dull and cost and freight charges were "inciting to riot, introducing Communist matprices more or less demoralized. Brazil seems to be carry- ter and inciting against the Government." At Passaic, N. J.,
ing large stocks of coffee. The only remedy in the long run Sheriff Charles W. Morgan declared that he believed the
will be a reduction in the growth. All other remedial meas- mill strike "practically over." At Garfield, N. J., Norman
ures are mere palliatives. For the moment they may seem Thomas was arrested on the 14th inst. for making a speech
to do a certain amount of good to the producer, but in the to some of the 14,000 strikers in the Passaic textile mills
end they are found to be futile. The law of supply and de- who have been on strike for 12 weeks. He challenged the
mand is imperative and in the end dominates. That is the legality of the Riot Act proclamation read by the Sheriff of
universal experience of mankind in that form of activity Garfield on the 12th inst. He was held in $10,000 bail.
which we know by the -name of business. Sugar, on the Frequent instances of disorder have been reported since the
other hand, has advanced because of measures which the strike began. The strikers seem to be partly Communists.
Cuban Government has instituted with a view of stemming It is said that they have given the police much trouble pickdownward trend of prices due to large supplies in Cuba and eting the mills, attacking workers and assembling in mobs
elsewhere in the world. An effort will be made to reduce to the detriment of the public peace.
Three thousand tugboat men comprising the crews of
the Cuban output some 10% and to prevent an extension of
the sugar acreage. Just at the moment, too, a strike on the about half the 800 tugs in New York Harbor were ordered
Cuban railroads seems to be playing into the hands of those by their union on April 15 to strike and not to return until
who would put up prices. Some 60,000 workers were on their demand for a 10-hour day and higher wages were met.
strike on the railroads of the island at 6 o'clock to-night. The strike will affect almost all the tugs used for docking
Here, again, there is only one fundamental and lasting freight and passenger ships, including those which maremedy, and that is to keep production in due relation to the neuver to their berths the largest liners which enter the
demand for the product. Cuba has overdone sugar planting, harbor. Bricklayers here are to get $14 a day, the highest
as Brazil has overdone coffee planting. The only remedy wage yet; a rate at once grotesque and incredible. It is an
Is to reduce the output. Rubber prices have been declining increase of $2. They wanted $4 increase. The contract is
here and in London as supplies increase, and there is some for three years.
The weather here has been cool and on the 15th inst. it
evidence that consumers are pursuing a dilatory policy in
purchasing, as they usually do everywhere when prices rained. The season has been backward. Here on the 14th
show signs of weakening. As to building, the peak seems inst. it was 32 to 51 degrees and on the 15th 32 to 44. It
to have been reached in March 1924 and some now believe has been cold all over the country. Curiously enough, on
that the boom is over, or at any rate has passed the crest. the 15th inst., when it was 32 degrees at Dallas, Texas, it
It was noticed that the stock market has declined during was 51 at Edmonton, Canada. For many weeks the South
the week, although to-day there was something of a rally, has been cold and rainy, with not infrequent snows in some
with call loans easy at 41 %. But bonds have advanced. parts. Frosts prevailed in Texas and Oklahoma on the 15th
4
It is regrettable that French francs have fallen to a new inst. and minimum temperatures were in the 30's in some
low level. Of late in London the stock market has been other parts of the Southern States. Over the night of the
rather quiet, owing to the fact that the Government has to 14th inst. the change to colder southward to Kentucky,
face the knotty question of settling the coal deadlock, West Virginia, Pennsylvania, New York and northern New
which, however, it is believed can be solved. Settlement England was sharp, and in some sections extreme. Freezing
day is approaching, however, and naturally this has a ten- temperatures extended to the Ohio River, West Virginia,
dency to reduce transactions. But it has been noticed that Pennsylvania, northern New Jersey and central New Engthe undercurrent of sentiment in London of late has been land. Temperatures of 12 to 20 degrees were general along
In the main hopeful. That is the case also on this side of the Canadian border. Freezing also extended over western
the water.
sections to Kansas and Missouri. A rapid change to warmer
At Fall River, Mass., curtailment of machinery devoted conditions, however, was in progress over the Northwest
to the manufacture of plain goods is increasing, and while and higher temperatures prevailed in the Southeastern secas yet no estimate can be given of the amount of curtail- tions, along the immediate Atlantic Coast. Light snow
ment, due to the fact that mills are shutting down plain covered most sections north of the Ohio River and West
looms, as the warps run out, it is believed that in the aggre- Virginia. At Chicago on the 14th inst. it was 28 to 36, at
gate, it is considerable. New Bedford, Mass., reports be- Cincinnati 28 to 70, at Cleveland 14 to 64, at Kansas City
tween 75 and 85% of the looms of that city are operating 30 to 42, at Milwaukee 26 to 32 and at St. Paul 28 to 38.
full time, while in some instances the machinery is being On the 15th inst. at Chicago the temperatures were 40 to 46
run nights. Cotton and silk mills of the city are operating and at St. Paul 42 to 68. The forecast here to-night was
more machinery than for several years. The output of yarn for fair and warmer weather, but fair and colder on Satmills is between 60 and 70% of normal. In Rhode Island urday. At Malone, N. Y., this afternoon there was a blizovertime schedules continue in textile and silk industries. zard with a heavy snowfall. It Is general throughout north-
2122
THE CHRONICLE
[vou 122.
ern New York and northern Vermont to-night and the effect
Industrial Conditions in Illinois During March.
will be felt in a lowering of the temperature here on SaturReuben D. Cahn, Chief of the Bureau of Industrial
day. To-day the temperature at 3 p. m. was up to 58 degrees
Accident and Labor Research of the Illinois Department of
here.
Labor, reports as follows, under date of April 14 on the
industrial situation in Illinois during March.
Preliminary Business
Indicators for March as Reported
to U. S. Department of Commerce.
Early reports on business conditions to the Department
of Commerce covering the month of March indicate increases
over March 1925 in steel-vessel construction, receipts of wool
at Boston, shipments and unfilled orders of new locomotives,
stocks of corn and wholesale prices of tin and zinc, while the
production of pig iron and North Carolina pine lumber, consumption of tin and silk, stocks of wheat and oats, and
contracts awarded for concrete pavements declined.
The Department's advices to this effect, made public April 12.
also state
among the trade and financial items increases occurred in sales
by mailorder houses and ten-cent chains, bank clearings, postal
and customs
receipts, ordinary receipts and expenses of the Government and
interest
rates on commercial paper, while the number of patents issued
by the
Patent Office and the total number of new incorporations declined.
The
number of business failures increased over a year ago while total liabilities
of failing firms fell off; the gross debt of the Federal Government showed
a
further decline from a year ago.
As compared with February, 1926,increases were noted in the production
of pig iron and North Carolina pine, steel-vessel construction, consumptio
n
of tin, receipts of wool at Boston and concrete-pavement awards,
while
consumption of silk and shipments of new locomotives declined. Trade
and financial items presented increases in bank clearings, mall-order and
ten-cent chain sales, customs and postal receipts, receipts and expenses of
the Government and interest rates for commercial paper, while the number
of new incorporations, prices of railroad and industrial stocks, and
the
number of new incorporations, prices of railroad and industrial stocks, and
the number of patents issued declined. The number of business failures
increased over February while the amount of defaulted liabilities was lower.
BUSINESS INDICATORS.
(Relative Numbers: 1919 Monthly Average = 100.)
1925.
1926.
Inc.(+) or Dec.)-).
Mar.1926 Mar.1928
FebFebfrom
from
ruary. Mar. rums Mar. Feb. 1926 Mar.1925
Pig-Iron production
Postal receipts:
50 largest cities
50 industrial cities*
Ten-cent-store sales (4 chains)
Mall-order sales (2 houses)
Commercial-paper Interest rates_ _ .._
Federal Reserve banks:
Bills discounted
Total reserves
Ratio
Business failures:
Number of firms
Liabilities
Stock prices:
25 industrials
25 railroads
126
140
115
135
+17.4%
-3.6%
140
122
158
113
67
159
130
173
120
73
153
136
172
122
76
182
151
201
135
78
+19.0%
+11.0%
+16.9%
+10.7%
+2.6%
+14.5%
+16.2%
+16.2%
+12.5%
+6.8%
22
138
151
20
137
154
28
133
147
33
133
146
+17.9% +65.0%
0.0% -2.9%
-0.7% -5.2%
333
425
346
360
335
362
369
324
+10.1% +6.6%
-10.5% -10.0%
131
130
129
127
170
146
149
141
-12.4% +15.5%
-3.4% +11.0%
•1922 monthly avenge equals 100.
Federal Reserve Bank of New York on Indexes
of Business Activity.
The following is from the April 1 Number of the Monthly
Review of the Federal Reserve Bank of New York.
General business appears to have continued al approximately as high
a level in February as in any recent month. Bank debits in 140 centers
outside of New York City continued to show more than the normal annual
increase over the high level of a year ago. Railway traffic in merchandise
and miscellaneous freight was larger than in February of previous years,
and loadings of other commodities continued in approximately normal
volume.
Further evidence of active trade appeared in increases over last year in
department store, chain store, and mail order house sales, newspaper and
magazine advertising, and in the volume of postal receipts. Factory employment showed about the usual seasonal increase and business failures
continued below normal. The following table gives this bank's indexes
in percentages of the computed trend, with allowance for seasonal variation and, where necessary, for price changes.
(Computed trend of Past year100%.)
Primary DistribtaionFeb.
Car loadings, merchandise and mlscell_ .. 1925. Dec. 1925. Jan. 1926. Feb. 1926.
.
_108
106
105
106
Car loadings, others
101
106
100
100
Exports
90
p85
89
82
Imports
109
P127
124
130
Grain exports
65
47
47
37
Panama Canal traffic
100
104
97
DIstrOution to consume:
Department store sales. Second District..
.105
100
100
97
Chain store sales
99
102
97
96
Mail order sales
120
122
121
134
Life insurance paid for
116
109
99
113
Real estate transfers
112
113
126
110
Magazine advertising
98
102
103
103
Newspaper advertising
98
98
97
97
General Business Are-trey
Bank debits, outside of New York City__ _109
114
113
111
Bank debits, New York City
122
124
122
128
Bank debits, 2d Dist.. exclusi e of N.Y.C_103
100
110
106
Velocity of bank deposits, outside N.Y.C_r97
r104
r100
r106
Velocity of bank deposits. N. Y. City_ _ _r108
• r118
r120
r115
Shares sold on N. Y. Stock Exchange_*_187
221
245
202
Postal receipts
98
97
108
100
Electric power
104
109
r112
Employment, N. Y.State factories
100
101
101
100
Business failures
96
97
101
96
New corporations formed in N. Y. State_ _106
128
124
127
Building Permits
159
149
160
144
General price level
185
188
188
187
Seasonal variation not allowed for. It Preliminary. r Revised.
Just as the budding of Spring is about to bring a revival of activity to
the out of door Industries which have been dormant through the Winter,
the increase in factory operations in progress since the opening of the year
Is spending its force. Reports to the Illinois Department of Labor from
manufacturers in a wide range of industry show that during the month of
March the number of workers expanded about % of 1%. In February
the gain was 1.6%. Thus, the rate of gain is materially less than it has
been, though the size of factory operations remains at a level substantially
above a year ago.
It has been said that the building industry is the "staff of life" that
has sustained industrial activity in recent years. There appears reasons for
believing that the support which building has given to the general industrial structure is not shortly to be withdrawn, for building construction
work will be particularly large in the coming year. projects already planned
show. In Chicago, requests for authorization to build came in larger
volume. Notwithstanding the fact that the building boom has been in
progress for 5 years, new projects numbering 2.422, a larger total than.
ever before, were taken out in the City of Chicago in March. These
permits called for $35.866,475 worth of work
-a new high record for a
single month and exceeding the entire total for the year 1918. In downstate cities it appears that building work in the main will be sufficient
to
keep mechanics busy.
The placement record at the free employment offices was
high in March;
in part, this was due to the heavy snow. For a few days,
all those who
were willing to work were able to do so. Municipal authorities
broadcasts
jobs at $5.25 per day cleaning the streets. Railroads were also vigorously
seeking labor to keep their *right of way' clear.
The most recent figures show that there were 143 registration
s in March
at the free employment offices of the State for each
100 jobs available.
compared with 170 in February and 190 in January.
The ratio in March
a year ago was 161. For the same month in 1924
it was 157. while in
1923 it was 96. Placements for the State offices
in March this year numbered 13,773, as against 11.461 a year ago;
10.690 in 1924 and 18,373 in
1923.
Industries in the metals and machinery group
of industries were the
strongest factors In the labor market for March
with cars and locomotives
again leading in the employment expansion. The
gain for 13 identical
firms was nearly 11% and followed upon one of
over 13% for the same
firms in February. It is evident that orders for
new equipment on the
part of the railroads are rapidly bringing this industry
back to a normal
production schedule.
Other industries in the metals group with two exceptions
also showed
Increases. The iron and steel mills took on 2% more employes,
while the
machinery industry made a gain of 1.8% and agricultural
implements one
of 2%. There was a decline of employment in the tool
and cutlery Industry which amounted to 5.5%, but the number of workers
involved was not
large.
In response to increased seasonal demand for building
materials, employment in the stone and clay products group made a gain
of 1.5%. This was
in spite of a slight falling off of employment at the brick
kilns and was
mainly caused by glass manufacturers who added 2.4%
more names to the
payrolls.
The wood products group was another industry to expand
in employment
-the increase being 1.6%. Miscellaneous wood products,
with a
gain of 6.5%, led in the group and was followed by furniture
plants whose
operations required 2.7% more workers. Musical instruments
had a
decline of the same percentage.
The fur and leather goods industries showed an adverse employment
trend amounting (0 2.6%. The main factor in this was that boot
and shoe
factories, after passing the seasonal peak, laid off 3.5% of their
workers.
In March last year, this industry curtailed operations to the extent
of
laying off 8.4% of those employed.
The usual March reduction in employment took place in the men's
clothing industry. But this year, the decline, 2.4%, was smaller than
in either 1924 or 1925. A year ago, the reduction amounted to 8.1%.
The decline in the clothing group as a whole was 1.8%. The most Important exception to the general trend was women's clothing in which
there was a gain in employment of 7.1%•
The two other groups of manufacturing industries in which fewer workers
were employed in March than in February, were printing and paper goods
and food, beverages and tobacco. In the former group 4 of the 5 industries
experienced employment gains, but those were more than offset by a
reduction of 2.6% in the number working in job printing shops. The aggregate
loss in the group as a whole was 7-10 of 1%.
The loss in the foods, beverages and tobacco group was more
substantial,
amounting to 3.3%. 5 of the industries concerned showed gains,
but for
the more important industries, the trend was in the opposite
direction.
Meat packing, both in the extent of the loss, 5.6%. and in
the number
involved was the chief cause of a reduction for the group as a
whole. The
decline in employment at the packing plants was seasonal in
nature and
was slightly less than in March of the two preceding years.
3 of the 4 industries in the chemical and oils group took on
additional
employees. Due to the usual seasonal expansion in the
output of oil
refineries, there was an employment increase in this
industry of 2.6%.
Paints and dyes formed the exception-the decline in the
number of workers
amounting to 3.3%. The gain for the entire group was
1.1%.
In spite of unfavorable weather conditions throughout
much of March
for shopping, there was an increase in department store
business which
required an addition of 4% to the number employed.
On the other hand,
mail order houses found it desirable to reduce their forces by
5%.
Public utilities took on 1.3% more employees. The
4 industries concerned with the exception of railway car repair shops,
in which there was
an employment decline of 3-10 of 1%, participated in
the increase.
The operations of reporting coal mines held up very
well during March
and there were 4% more miners employed at these
mines during the week
preceding the 15th of the month than for the same
week in February.
Due to bad weather conditions, in spite of a
substantial increase eluting
both February and March in the number and
estimated cost of new buildings authorized, construction activities were
retarded slightly-1.3%
fewer building workers being employed.
The volume of new building authorized in 24
Illinois cities was valued at
$43,562,020. There were 4,016 structures involved,
compared with
2,427 in February which were valued at
$30,640,780. For the same
cities in March, 1925, the estimated cost of new
construction was nearly
$5.000.000 less than for March this year. An analysis
of the figures
gathered by the Illinois Department of Labor shows
that March
zations for new residential construction will provide housekeepin authorig dwellings.
for 3,815 families in Chicago and 875 in the other 23 cities.
APR. 17
1926.]
2123
THE CHRONICLE
purchasing of groceries, provisions and other supplies in the South was
Wholesale and Retail Trade in Atlanta Federal Reserve below the usual volume at this time of year.
District Larger than Year Ago.
Wholesale and retail trade continue to exceed figures re- Review of Business in Cleveland Federal Reserve
ported for the corresponding period last year, says the FedDistrict—Conditions Fundamentally Sound.
eral Reserve Bank of Atlanta, in its March 31 "Monthly
According to the "Monthly Business Review" of the FedBusiness Review," from which we quote as follows:
eral Reserve Bank of Cleveland, issued under date of April 1,
Except for the retarding effect continued cold weather has had upon
preparation for the coming season generally satisfactory con- conditions in the district "remain fundamentally sound, but
farm work in
'
ditions are reported from nearly all parts of the Sixth District Farm work a tendency toward a slowing up has made its appearance."
has been delayed considerably, and the low temperatures recorded the mid- "Whether this is due to the late winter or to other causes,"
dle of March damaged the peach crop in middle Georgia to some extent
says the "Review," "can probably be more accurately deterwhere the peach crop was ten days earlier than usual.
Wholesale and retail trade continue to exceed figures reported for the mined with the opening of spring." We also quote the folcorresponding period last year. The February index number of sales by lowing from the "Review":
wholesale firms is the highest for February since 1920, and the index
number of retail sales, computed from figures reported by department
stores, is higher for February this year than for any other February since
this series was started in 1920. Stocks of merchandise reported by department stores at the close of February were 2.3% larger than a year ago, and
the rate of turnover for the first two months of 1926 was slightly better
than for the same period last year. Accounts receivable and collections
were both reported in larger volume than a year ago.
The volume of building in course of construction and in prospect continues large, as indicated in building permits issued from month to month.
In February permits were issued at twenty reporting cities for buildings
to be valued at more than 20 millions of dollars, an increase over February
1925 of 53.7%. Prices prevailing on the Savannah Naval Stores market
during February receded slightly from those recorded in January, but were
higher than for February 1925.
The volume of debits to individual accounts at 24 reporting cities in the
sixth district, reflecting the volume of general business transactions settled by check continues to exceed figures for the same week a year ago, in
February there was an increase of 13.9% over February last year. Savings
deposits reported at the close of February by 91 banks were 13.6% greater
than a year ago, and liabilities of firms failing in February in this district were approximately one-half the amount recorded for February last
year. Discounts by the Federal Reserve Bank of Atlanta for its member
banks are at a higher level than a year ago, and weekly reports by banks in
selected cities show a larger volume of demand and time deposits.
As compared with the normal February, the past month may be termed
satisfactory from the business viewpoint. The present situation, however,
appears to be somewhat mixed. Operations in iron and steel in the first
part of March have been at a high level of capacity, and various other
lines, such as automobiles, continued at a high rate of activity in February
and early March. On the other hand, there has been a steady, though
slight, decrease in numerous wholesale prices since September, particularly
in farm products. Such a decline suggests a narrowing of profit margins
in some lines of manufacture and a loss in returns from farm crops. Building permits for the first time in many months declined in February from
the preceding year, although in some quarters this is attributed to the
weather. In the Fourth District, at least, some other industries, while
enjoying a normal volume of business, are falling behind the exceptional
activity of a year ago.
General Manufacturing.
No great changes in the various manufacturing industries of the district
have taken place since last month. Reports indicate that business in some
trades has not as yet developed as expected, whether due to the unusually
severe weather of early March or to a general slackening. In other lines,
orders are running ahead of last year and prospects are favorable. On the
whole, it appears that business is about normal, considering the late winter, but that it is hardly up to last year and is running below the more
optimistic first-of-the-year predictions.
There is still complaint of the hand-to-mouth buying policy, which prevents manufacturers from accumulating a back-log of orders as was formerly the case.
Employment Conditions in Federal Reserve District
of Richmond.
Lumber Activities Show Increase Over Last Year.
Discussing labor conditions in its district, the "Monthly
The National Lumber Manufacturers Association on April
Review," dated March 31, of the Federal Reserve Bank of 15 received telegraphic reports of the status of the lumber
Richmond says:
industry for the week ended April 10,from 403 of the larger
There were no material changes in employment conditions in the Fifth softwood, and 138 of the chief hardwood, mills of the country.
Reserve District between the middle of February and the middle of March.
A considerable volume of new construction work was begun, although the The 386 comparably reporting softwood mills showed some
continuation of inclement weather postponed the start on some projects. increases in production and shipments, and a slight decrease
The approach of mild weather, together with the settlement of the anthra- in new business, when compared with reports from 357 mills
cite strike, lessened demand for bituminous coal, and mines in West Virginia were less active during the past month than earlier in the season. the previous week. In comparison with reports for the same
Manufacturing plants continued operations at or near full time, using their period a year ago, gratifying increases in all three items
customary number of employees. The number of workers and the demand were noted. The hardwood operations, making allowances
for their services appear to be fairly well balanced throughout the District,
with no serious surplus or shortage at any particular point Agricultural for the fact that fifteen more mills reported this week, were
workers continue scarcer than any other class, but farmers have not yet of about the same volume as for the immediately preceding
been able to do _much work in preparation for this year's planting, and
week, except that there was evidently a marked increase in
the shortage h
therefore not been felt to any material extent. In most
of the cities ere is a surplus of clerical workers and the by-the-day do- new business.
mestic help( but practically all skilled workers are normally emp ed for
The unfilled orders of 237 Southern Pine and West Coast
this seasp5 of the year.
mills at the end of last week amounted to 763,160,687 feet,
as against 752,060,956 feet for 233 mills the previous week.
nditions in Federal Reserve District of St. Loui
The 126 identical Southern Pine mills in the group showed
Total Volume of Business Above That
unfilled orders of 280,034,982 feet last week, as against
of Last Year.
283,603,248 feet for the week before. For the 111 West
Reviewing business conditions in its district, the Federal Coast mills the unfilled orders were 483,125,705 feet, as
Reserve Bank of St. Louis, under date of March 31, states against 468,457,708 feet for 107 mills a week earlier.
Altogether the 386 comparably reporting softwood mills
that "while some slowing down in business as compared
with the preceding two or three months was reflected in had shipments 101%, and orders 96%, of actual production
reports covering activities in this district during the past For the Southern Pine mills these percentages were respecthirty days, the total volume was above that of the corre- tively 110 and 105;and for the West Coast mills 105 and 100.
Of the reporting mills, the 350 with an established normal
sponding period last year." The "Review" goes on to say in
production for the week of 218,048,350 feet gave actual
part:
The improvement was represented almost exclusively in sales
for imme- production 107%, shipments 111% and orders 106%
diate delivery, a majority of the lines investigated reporting
no betterment thereof.
whatever In future business. Generally order books contained a
smaller
volume of business for forward delivery than at any similar
The following table compares the national softwood lumber
period in the
past several years. This was true of both manufacturers
and wholesalers, movement as reflected by the reporting mills of eight regional
and to a large extent, the former are making up few goods
in excess of associations for the three weeks indicated:
what they are able to apply on actual orders. The recent
break in the
Corresponding Preceding Week
Past
security markets, and price declines in a number of basic
materials have
Week.
Week 1925
1926 (Revised).
served to accentuate the policy of distributers and ultimate
consumers to
buy only what they require for immediate needs.
Immediate requirements, however, are unusually large, as indicated
by
freight movement of the railroads retail sales statistics, debits to checking
accounts, and current changes in commodity stocks. There has been
'
no
appreciable contraction in purchasing power in consuming channels,
and
the employment situation, except in a few localities, continues very satisfactory. As a result of the conservative buying policy, keen competition
and efforts to hold up sales volume, there is an increasing number of complaints of narrow profit margins. Filling and shipping numerous small
orders and other added service consequent to the changed practice in distribution of merchandise have substantially increased costs. Weather conditions were on the whole unfavorable for the best results in the retail trade,
low temperatures extending through the middle of March having a tendency
to retard the movement of seasonal merchandise. This handicap, however,
was in a measure offset by the early Easter date, and purchasing to fill
holiday requirements assisted materially in lifting the total sales volume.
Sales in February of the leading department stores in the district were
11.4% larger than for the same month in 1925, and small gains were recorded by retail shoe, men's furnishing goods stores, and several other
lines. Preliminary work on farms was delayed by the cold weather and
Mills
Production
Shipments
Orders (new business)
386
269,417,869
270,841,228
259,356,050
382
243,422450
259,382,084
243,144,908
357
259,651,982
260,663.712
260,372,998
The following revised figures compare the softwood lumber
movement of the same eight regional associations for the first
fourteen weeks of 1926 with the same period of 1925:
1926
1925
Shipments.
Production.
Orders.
3,290,025,904 3.511.947,929 3.584,476,198
3,218,179,534 3,339.855,286 3,214,750,566
The Southern Cypress Manufacturers Association of New
Orleans (omitted from above tables because only recently
reporting) for the week ended April 13 reported from 17 mills
a production of 5,641,150 feet, shipments 6,220,000 and
orders 4,580,000. In comparison with reports for the
nrevious week, when three fewer mills reported, this Association showed considerable increases in all three factors.
2124
THE CHRONICLE
[VOL.LLI.
_
West Coast Movement.
West Coast Lumbermen's Association Weekly Review.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 111 mills reporting for the week ended April 10 was equal
One hundred and six mills reporting to West Coast Lumto production, and shipments were 5% above production. Of all new
bermen's Association for the week ending April 3 manufacbusiness taken during the week 45% was for future water delivery, amounting to 51,526,142 feet, of which 31,639.107 feet was for domestic cargo tured 110,044,308 feet of lumber, sold 112,087,342 feet and
delivery, and 19,887,035 feet export. New business by rail amounted to Shipped 106,809,082 feet. New business was 2% above pro1.883 cars (approximately 56,490,000 feet)
-50% of the week's new business. duction. Shipments were 3% under production.
Forty-four per cent of the week's shipments
moved by water, amounting
to 53.579.883 feet, of which 32,848,062 feet moved coastwise and intercoastal, and 20,731,821 feet export. Rail shipments totaled 2,031 cars
(approximately 60.930,000 feet)
-51% of the week's shipments
-and local
deliveries 5,898,738 feet. Unshipped domestic cargo orders totaled
157.987,839 feet, foreign 145,077,866 feet and rail trade 6.002 cars.
Labor.
-Labor turnover at logging camps was reported from most hiring
centres to be heavier than has been the case for some time, according to
the Four L Employment Service. Log production Is holding at about
the same point as for the past month. Sawmill activity is slightly greater
than it was one month ago. Nearly all pine sawmills are
operating.
although there are not as yet so many plants running two shifts as was the
case last year. Several large concerns will not operate more than one shift
this season, it is reported. Summer logging is getting under way and Is
especially active in the St. Maries-Elk River, Idaho. district.
COMPARATIVE TABLE SHOWING PRODUCTION. NEW BUSINESS,
SHIPMENTS AND UNFILLED ORDERS.
March 13.
Week EndingMarch 20.
March 27.
April 3.
108
No.of mills reporting104
106
107
107,947,524
110.346.886
Production (feet)._ 110.044.308
113.170.740
New business (feet)._ 112.087.342
129.372.987
115,342,905
111,025.587
115,896,947
105,129,438
Shipments (feet)
112,215,537
106.809.082
Unshipped Balances
169,650,000
Rail
170,632.000
176,760.000
181.500.000
147.513.353
156.115.450
Domestic cargo
150.964,688
151.788.527
146.186,668
133.641,213
Export
126,188.072
135,169,181
463.350,021
460.388,663
Total
453.912,760
468,457.708
1923.
1924.
First 14 Weeks of1926.
1925.
Production (I
.1,310,438.376 1.264.349.106 1,300,272,632 1,195,061,439
New business (feet)_ _1,427.784,325 1,239,033.754 1,257,539.141 1,413,806,21(1
Shipments (feet)
1,350,704,601 1,265,408,912 1,302,245,419 1,417,844.043
Southern Pine Reports.
r The Southern Pine- Association reports
from New Orleans that for 126
mills reporting, shipments were 9.94% above production and orders 4.62%
above production and 4.94% below shipments. New business taken during
the week amounted to 68.726,070 feet, shipments 72,294,336 feet and
production 65.755.924 feet. The normal production of these mills is
75.464.968 feet. Of the 117 mills reporting running time, 73 operated full
time, 15 of the latter overtime. Three mills were shut down and the rest
operated from one to five and one-half days.
The Western Pine Manufacturers Association of Portland, Oregon, with
one more mill reporting, showed production about the same, a slight
decrease in shipments and a large decrease In new business.
The California White and Sugar Pine Manufacturers
Association of San Francisco, Calif.(six mills closed down),
with eight more Mills reporting, showed marked increases in
all three items.
The California Redwood Association of San Francisco,
Calif., with one less mill reporting, showed production and
shipments about the same, and a heavy decline in new
business.
- The North Carolina Pine Association of - Norfolk,
with six more mills reporting, showed large increases:in ill
three factors.
*qv
The Northern Pine Manufacturers Association of Minneapolis, Minn., reported some decrease in production, heavy
decreases in_shipments,_and new business considerably less
than that_reported the week_earlier.
- The Northern Hemlock and Hardwood Manufacturers
Association of Oshkosh, Wis. (in its softwood produetio)
with two more mills reporting, showed 100% increase in
production, a nominal increase in shipments and new business about the same as that reported for the previous week.
-The hardwood -mills of the Northern Hemlock and Hard.
wood Manufacturers Association reported from 19 mills
production-as 4,819, - , shipments 3,746- --000 feet
--,000, and
orders 2,902,000.
The Hardwood Manufacturers Institute of Memphis,
Tenn., reports from 119 units, production as 16,665,458 feet,
shipments 18,150,281, and orders 18,021,691. The normal
production of these units is 21,049,000 feet.
For the past 14 weeks all hardwood mills reporting to the
National Lumber Manufacturers Association gave production 359,240,168 feet, shipments 347,883,578, and orders
M7394,717.
Census Report on Cotton Consumed and on Hand in
March-Consumption Below a Year Ago.
Under date of April 14 1926 the Census Bureau issued its
report showing cotton consumed, cotton on hand, active
cotton spindles and imports and exports of cotton for the
month of March 1926 and 1925. Cotton consumed amounted to 634,593 bales of lint and 60,532 bales of linters, compared with 583,407 bales of lint and 58,821 bales of linters
in March 1925 and 567,244 bales of lint and 53,978 bales
of linters in February 1926. It will be seen that there is an
increase over March 1925 in the total lint and linters combinedr.of 52,897 bales, or 8.2%. The statistics of cotton in
the report are given in running bales, counting round as
half bales, except foreign bales, which are in equivalent
500-pound bales:
COTTON CONSUMED AND ON HAND IN SPINNING MILLS AND ,IN
OTHER ESTABLISHMENTS. AND ACTIVE COTTON SPINDLES.
(Meters not included.)
Cotton Consumed
During (Bales)Year
Locality.
March.
United States
Eight
Months
Ending
Mar. 31
Cotton on Hand
March 31.
Cotton
Spindles
Active
. In Public
In Con- Storage and Main.
March
sliming Es- at COMpresses (Number).
tablishm'is
(Bales).
(Bales).
1926 5634,593 '4,370008 •1,7117.686 4,162,628 33,233,353
1925 583,407 4,087,199 1,633,783 2,028,331 33,217,162
Cotton growing States_ 1926
1925
New England States__ 1920
1925
1920
All other States
1095
438,396
392,027
165,541
161.337
30.65e
50 041
3.010.200 1,068.664 3,030.83e 17.266,762
2.796.913
948.610 1,708,301 16,917,166
598,806
166,107 14,400.290
1,121.908
118,810 14,757,816
588.537
1,074.17e
226,810
100.21e
65,685 1,566,330
*10 110
08018
201.220 1_5.42.180
Includes 21,770 Egyptian, 7,563 other foreign, 1.003 American-Egyptian and
116 Sea Island consumed, 65.866 Egyptian, 24,272 other foreign. 5,177 American.
Egyptian and 1,902 Sea Island in consuming establishments, and 27,671 Egyptian,
.
16,638 other foreign, 8,689 American-Egyptian, and 420 Sea Island in public storage
Eight months consumption, 139,525 Egyptian,53,145 other foreign,6,619 American
Egyptian, and 1,883 Sea Island.
Linters not Included above were 60.532 bales consumed during March In 1926
and 58,821 bales In 1925: 187.298 bales on hand in consuming establishments on
A
March 311928. and 158,949 bales in 1925: and 84.658 bales In public storage-and. compresses in 1926 and 62,309 bales In 1925. Linters consumed during eight moeaci
.
ending March 31 ;mounted to 501.983 bales In 1926 and 414,823 bales in 19257
IMPORTS AND EXPORTS OF COTTON AND I INTERS.
Imports of Foreign Cotton (500-16. Bales).
Country of Production
March.
1926.
1926 Lumber Cut:2% Ahead of 1925.
During the first 12 weeks of 1926 lumber production was
1.8% more than during corresponding weeks of 1925, 1%
more than in 1924 and 10.7% more than in 1923, according
to reports of eight regional associations to the National
Lumber Manufacturers Association. In 1925 the cut of the
first 12 weeks was 19.2% of the year's total; in 1924 it was
20.'6%;in. 1923, 17.8%.
• Comparison of this period of 1926 with similar weeks of
1923 show decreases of 2.6% in association reports of Southern pine production, 3.5% of North Carolina Pine and 14%
of Northern Pine, about the same number of mills reporting
for the Southern and Northern pines in the two years. Increase in production is shown in the West over the 1923
period, the West, Coast Association cut being 6% greater
despite 25% fewer mills reporting; the Western pine with
similar average number of mills showing increase of 57%
and the California Redwood of 7%. Four times more mills
of the California White and Sugar Pine Association reported
about four times the 1923 ed.
Cumulative orders received for the first twelve weeks of
1926 were 13.9% above those of the corresponding weeks of
1925, and 10.9% above 1926 production.
EgYPt
Peru
China
Mexico
British India
All other
Total
1925.
8Mos.End.Mar.31.
1926.
1925.
33.794 19,024
1,237
288
3,000 7,567
5,437 2.218
1,972 4,545
290
313
176,27e
13,326
20,042
22,516
10,257
1,893
160,417
9,878
18,698
43,138
12,284
2,421
45,726 33,955
244,310
248,816
-Run.
Exports of Domestic Cotton and Linters
ning Bales (See Note for Linters).
Country to Which Exported
137,774 181,558 1,899,839 1,292,444
United Kingdom
France
64,22f 67.112 773,42e 800,537
Italy
58,968 61,115 528,677 546,375
Germany
84.810 115,605 1,416,376 1,577,000
Other Europe
54,971 101 092 748,582 771,610
Japan
82,67^ 88.300 876,892 764,092
All other
36.298 25,294 262,771 199,142
Total
510.712 740 078 A 50e son
ft 079 1110
Note -Figures include 7,711 bales of linters exported during March in 1928 and
32,360 bales in 1925 and 67 280 bales for the eight months ending March 31 BITE
and 130,102 bales in 1925. The distribution for March 1926 follows: United I_
don, 1,273: Netherlands. 313; France, 1,775: Germany, 2.103; BelgiumTM
Spain, 77; Canada, 1,729: Mexico, 2; British South Africa, 269.
WORLD STATISTICS.
The estimated world's production of commercial cotton, exclusive of lInte_m
grown in 1924, as compiled from information secured through the domestio an
foreign staff of the Department of Commerce Is 23,825,000 bales of 478 pound i
lint, while the consumption of cotton (exclusive of linters In the United States) for
the year ending July 311025 was approximately 22,640,000 bales of 478 pounds lint.
The total number of spinning cotton spindles, both active and idle, is about 102,000.000.
APR. 17 1926.]
THE CHRONICLE
Models.
It was announced on April 12 that effective immediately
Wills-Sainte Claire, Inc., would reduce prices $500 on sedan
and limousine models and $300 on traveler and roadster
models. Cabriolet and brougham remain unchanged. Factory prices now are: Five-passenger sedan, $3,150; limousine,
$3,350; traveler and roadster, $2,700. In connection with
this reduction the company says: "Having liquidated the
initial expense incidental to the designing and production of
the new six, combined with greatly improved manufacturing
facilities and the fact that the new prices bring the car within
the reach of a far larger field of buyers, make this reduction
possible."
The Reo Motor Car Co. on April 13 announced that it has
a new line of 1h-ton trucks, listed at $1,090 for chassis, or
-inch
$50 more than the former line. The new model has a 2
longer chassis, new hood radiator and headlights with a different style of cab.
Automobile Prices and New
Crude Oil and Gasoline Prices Firm.
On April 10 the Magnolia Petroleum Co. advanced the
higher grades of crude oil in the,Panhandle district 543. a
barrel. On oil below 31 degrees grav4y, the price has been
educed 15c: to $17Prices.which have been advanced 5c.
a barrel include the following: 31 to 33.9 degrees gravity
now $1 35 a barrel; 34 to 36.9 degrees, $1 55; 37 to 39.9
degrees, $1 70, and 40 degrees and above, $1 75.
A dispatch from Oil City, Pa., on April 9 said that Pensylvania ight stock has been advanced Me. a gallon by
Pennsylvania refineries.
The Standard Oil Co. of Indiana on April 10 virtually
increased the spread between tank wagon and service station
prices in Kansas to 3 cents from 2 cents by allowing 1 cent
discount on lots of 50 gallons or more.
The Standard Oil Co. of Louisiana on April 13 reduced the
price of gasoline Mc. a gallon in Tennessee.
Effective April 15, United States motor grade gasoline
advanced Mc. a gallonin the wholesale market to 103'c. and
10 Xi): -A similar advance was made in some high test grades.
Reportsfrom Tulsa, April 16,say that the gasoline market,
especially on United States motor grade, continues to stiffen
and though prices are unchanged predictions are made by
both_marketers and refiners_that continuation of present
.
fair weather will cause higher prices by the first ornext week.
During the past week there were also announced a few
advances in the price of kerosene. Tfie-Standard Oil Co.
of Indiana on April 16 increased the price of kerosene 1 cent
throughout its territory. At Chicago on April 16 kerosene,
41(443c., water white advanced M to 3j cent a gallonin
the wholesale market, to 7 cents. A similar increase was
made in the latter grade on April 9.
Slight Decrease Noted in Crude Oil Output
__ Tho American Petroleum Institute estimates that the daily
average gross crude oil production in the United States for
the week ended April 10 was 1,946,200 barrels as compared
with 1,947,450 barrels for the preceding week, a decrease of
1,250 barrels. The daily average production east of California was 1,349,200 barrels, as compared with 1,344,950
barrels, an increase of 4,250 barrels. The following are
estimates of daily average gross production by districts for
the weeks ended as indicated:
i DAILY AVERAGE PRODUCTION.
(/n Barrels)Apr. 10 '26. Apr.3'26. Mar.27'28. Apr. 11 '25.
Oklahoma
469,200
478,800
461,850
464,150
Kansas
101,300
101,050
103,050
85,800
North Texas
86,200
86,650
84.800
88,100
East Central Texas_
56,750
57,600
58.400
144,400
West Central Texas__ _
82,150
77,350
77,500
58,450
Southwest Texas
39,700
40,050
39.600
44,000
North Louisiana
51.150
49,150
48,350
50.350
Arkansas
169,450
167,800
168,050
173,000
Gulf Coast
86.550
86.700
90,250
"7,050
Eastern
100,500
99.000
97,500
,
.11,000
Wyoming
73.150
73,100
72,400
80,100
Montana
22,750
17.300
17,200
8,200
Colorado
6,350
6,700
6.550
2,450
New Mexico
4,000
3,700
3,800
550
California
597,000
602,500
604,500
596.000
Total
1,946,200
1.947.450
1,933,800
1,993,600
The estimated daily average gross production of the MidContinent field, including Oklahoma, Kansas, North, East
Central, West Central and Southwest Texas, North Louisiana
and Arkansas, for the week ended April 10 was 1,055,900
barrels as compared with 1,058,450 barrels for the preceding
week, a decrease of 2,550 barrels. The Mid-Continent production, excluding Smackover, Arkansas, heavy oil, was
922,150 barrels, as compared with 924,100 barrels, a decrease
of 1,950 barrels.
2125
In Oklahoma production of South Braman is reported at
10,000 barrels against 10,400 barrels; Thomas 5,950 barrels
against 6,450 barrels; Tonkama 38,800 barrels against
40,100 barrels; Garber 37,850 barrels against 47,550 barrels;
Burbank 41,650 barrels against 42,250 barrels; Davenport
18,550 barrels against 19,600 barrels. Bristow-Slick 30,100
barrels against 30,450 barrels; Cromwell 18,550 barrels
against 18,350 barrels, and Papoose 12,500 barrels against
12,800 barrels.
The Mexia pool, East Central Texas is reported at 13,200
barrels against 12,700 barrels; Corsicana-Powell 31,100
barrels, against 31,400 barrels; Wortham 9,600 barrels
against 10,200 barrels; Reagan County, West Central Texas
35,300 barrels against 31,900 barrels; Haynesville, North
Louisiana 10,300 barrels against 10,400 barrels; Cotton
Valley 8,100 barrels against 8,050 barrels, Urania 9,250
barrels against 6,950 barrels; Smackover, Arkansas, light
17,850 barrels, against 18,150 barrels, heavy 133,750 barrels
against 134,350 barrels; and Lisbon 5,750 barrels against
3,950 barrels. In the Gulf Coast field Hull is reported at
18,250 barrels, against 18,400 barrels; West Columbia 9,350
barrels, against 9,400 barrels; Orange County 12,550 barrels
against 12,300 barrels; South Liberty 6,100 barrels, no
change; Boling 2,150 barrels against 1,750 barrels; and in
the Southwest Texas field, Luling is reported at 22,650
barrels against 22,600 barrels, and Lytton Springs 7,300
'
barrels against 7,700 barrels.
In Wyoming, Salt Creek is reported at 52,950 barrels
against 52,450 barrels.
In California, Santa Fe Springs is reported at 50,000
barrels, no change; Long Beach 103,000 barrels against
106,500 barrels; Huntington Beach 44,000 barrels against
43,500 barrels; Torrance 29,000 barrels against 30,000 barrels; Dominguez 21,000 barrels against 20,500 barrels; Rosecrans 19,000 barrels against 19,500 barrels; Inglewood
51,000 barrels, against 51,500 barrels, and Midwav-Sunset
93,000 barrels, no change.
Slackening in Steel Demand-Production Has Receded
After a Record Month Production.
New orders for finished steel have slackened in the past
week and there is some recession from the high rate of production maintained throughout March, declares the "Iron
Age" in its April 15 market review,from which we quote the
following:
As against an operation up to full ingot capacity for more than half of
last month, the Steel Corporation's rate is now put at somewhat above
98%. In the Pittsburgh and Youngstown districts the average for all producers is slightly under 80%, as against 85% in the latter part of March.
The Steel Corporation's unfilled orders on March 31 and the unprecedented output of steel ingots last month, as reported in the week, both
confirmed what has been said lately of the country's high rate of steel con
gumption.
At 12,450.000 tons, the country's steel production in the first quarter of
the year was 300,000 tons mere than in the like period of 1925. But a
year ago there were evidences that consumers' stocks had grown under the
heavy shipments of the first three months, whereas to-day the meagerness
of such stocks is a matter of gemunent.
The falling off of but 236,009 tons in Steel Corporation orders last month
in the face of so great an output was favembly construed. There were heavy
rollings of rails in March, and sew tonnages to take their place will not come
until fall, but on the other hand in the final month of each quarter there are
fresh tonnages of sheet bars and a new quota is entered up on such contracts
as that of the American Can Ce.for tin plate.
Shipments of steel to railroads and the building trades are holding up,
but the automobile industry Is taking less. Automobile parts makers are
slowing down in view of an apparent overproduction at such plants in the
past three months.
Automobile body sheets, which have been holding their position while
other sheets have weakened, have declined $2 a ton in the past week on sales
at Detroit. Generally sheet prices show irregularity, more business in
blue annealed being done at 2.40c. than at 2.50c.
Can makers are taking out tin plate at the full rate of their contracts,
but are not exercising options on additional amounts, in view of the late
spring.
The weather has not aided construction work and merchant pipe is only
moderately active. Oil field work shows more promise, and one pipe line
-inch pipe for Illinois-represents 20,000 tons. A
inquiry-288 miles of 8
proposed gas line from Amarillo, Tex., to Denver, 450 miles, will require
-inch and larger pipe.
16
.•
On two or three attractive contracts the common price for reinforcing
bars has been shaded.
The Pennsylvania RR. has bought 2,000 automobile cars and 231 items
of passenger equipment and the Burlington bought 500 all-steel hopper cars.
Two large systems have taken the additional rails on which their contracts
gave them options and in the past week new bookings of 10,000 tons have
gone to the Ensley and Chicago mills.
The break of $1 60 in the Pittsburgh pig iron market and the reduction
of $1 that followed at Chicago and Cleveland have had a mixed effect.
At Pittsburgh a large sanitary foundry interest added 7,000 tons to its
original purchase. Foundries tributary to Cleveland have taken 20,000
tons at the new prices. Other consumers in the Central West are holding
off in the hope of lower terms. At Chicago buyers who have been hesitating are now inquiring for May and June iron.
Chicago reports that the average of foundry operations in that and
tributary districts is less than in February and March.
Heavy melting scrap is weaker in the eastern Pennsylvania market. At
Pittsburgh, however, two considerable inquiries have appeared after several
2126
THE CHRONICLE
weeks of dulness, but an offer of $16 50, as against a nominal price of $17,
has been rejected by dealers.
A cast iron pipe company has bought 12,000 tons of foreign iron for its
Birmingham plant and about 8,000 tons for Burlington, N. J., the latter
delivery being made at $19 50, duty paid. The continued firmness of the
Birmingham pig iron market influenced the purchase abroad for that plant,
although the amount saved by buying foreign iron was not Important.
On the eve of a Washington hearing on the pig iron tariff, an increase In
which is advocated by Eastern pig iron producers, imports took a jump
at Philadelphia last week, 12,645 tons arriving, of which England shipped
nearly 7,000 tons and Germany 3,500 tons.
Including 5,100 tons for Holyoke, Mass., and 3,500 tons for Norwalk,
Conn., French works have just taken municipal contracts covering 9.300
tons of cast iron pipe.
"The Iron Age" composite price for pig iron has dropped
to $20 46 per gross ton, or 92c. in two weeks. The composite
price for steel remains at 2.439c. per pound for the third
successive week.
Finished Steel April 13 1926, 2.439c. Per Pound.
2.439c.
Based on prices ofsteel bars, beams,tank One week ago
2.431c.
plates, plain wire, open-hearth rails, One month ago
2.531c.
black pipe & black sheets. These prod- One year ago
-year pre-war average--1.689c.
ucts constitute 88% of U.S. output of 10
finished steel
Pig Iron April 13 1926, $20.96 Per Gross Ton.
$20.71
Based on average of basic and foundry One week ago
21.38
Irons, the basic being Valley quotation.1 One month ago
21.09
an average of Chicago I One year ago
the foundry
-year pre-war average--- 15.72
10
Philadelphia and Birmingham
Pig Iron
Finished Steel
Low.
High.
Low.
High.
Apr.
1926 -2.453c. Jan. 5 2.424c. Feb. 9 $21.54 Jan. 5 $20.46 July 13
7
18.96
1925 -2.560c. Jan. 6 2.396c. Aug. 18 22.50 Jan. 13
19.21 Nov. 3
1924 -2.789c. Jan. 15 2.460c. Oct. 14 22.88 Feb. 26
2.446c. Jan. 2 30.86 Mar.20 20.77 Nov.20
1923 -2.824c. Apr. 24
In spite of the wide spread expectation of an early slackening in the demand for steel, the present situation offers no
tangible evidence of a general recession, observes the "Iron
Trade Review" this week. While inquiry for certain finished
steel products has fallen off slightly, activity in other lines
has increased so that the total volume of new business in
prospect shows no appreciable change. Actual bookings
likewise are being maintained in most market centers, but
in Chicago, where unusually bright conditions have prevailed
the first signs of a reaction are appearing in the form of a
moderate reduction in the volume of new business, adds the
summary issued April 14 by the "Review" from which we
add the following extracts:
Steelworks operations show little changefrom last week. March statistics
completed the picture of remarkable record steel production during the first
quarter. The past month not only established the highest monthly total
and daily average in history but lifted the three months, aggregate to the
greatest figure for any similar period. March's gross production of 9,491.689 tons, brought the total for the first three months ofthe year to 12,449.828
tons, which was 296,501 tons and 2.4% in excess of the corresponding period
In 1925. On an annual basis, steel ingots were being produced in March
at the annual rate of 51,800,000 tons.
The drop in unfilled bookings of the United States Steel Corp. to 4,379,935
tons OD March 31,emphasizes the unusual character of the present situation.
In March 1920, the Steel Corporation's unfilled orders totalled almost
10,000,000. Yet last month, with production at the highest rate in history,
untouched bookings were less than half that amount.
Improved demand for plates has stiffened the price and in districts where
1.80c. Pittsburgh was made several weeks ago. 1.90c.is minimum. Chicago
Rexene
car builders specified 30,000 tons of car steel, chiefly plates. The
Petroleum Corp. will require 26,000 tons for tanks and stills at East Chicago,
pipe
Ind. About 6,000 tons of plates are involved in a San Diego, Calif.
line, contract for which just has been awarded. The Baldwin Locomotive
of
Co. has placed 7,000 tons of pates for 175 locomotives. Tne purchase
2,000 freight and 209 passenger cars by the Pennsylvania is the leading
movement is
transaction In railroad equipment. Secondary mail buying
placed.
developing in Chicago where 9,000 tons of rails have been
121
New business continued light, buyers hoping for still lower
prices, declares the "Coal Trade Journal" on April 14.
There was not a large spot tonnage at Boston but considerable was reported as being en route. All distress tonnage
was cleaned up at Providence and conditions there were
better. The all-rail bituminous market was decidedly dull
with quotations nominal. Company anthracite was in good
demand. Coke prices were lower, continues the "Journal"
in its summary of market conditions, from which we quote:
Last week the New York wholesale trade was less active than during the
week before on account of retailers holding off from further buying awaiting
receipt of their line shipments. Stove headed the domestic list with egg
increasing in popularity at a good rate. Nut was falling off in demand, but
pea coal continued strong and scarce. There was a better tone to the steam
size market. The soft coal trade was back on a pre-strike basis, and no
price changes were noticed. There was little demand for coke and quotations were the same as for the previous week.
With independent prices almost down to the level of the line companies.
Philadelphia wholesalers were doing some good business in domestic sizes.
Pea coal was scarce. Steam sizes were the only weak items on the list and
even at that buckwheat was moving fairly well. Dealers still have heavy
supplies of anthracite substitutes on hand and these were moving slowly.
There was enough distress soft coal on railroad sidings to keep buyers away
from the regular market, resulting in contracts being deferred. Quotations
on soft coal were weak with few changes being registered.
The market at Hampton Roads was In stronger position than was true a
week ago. Supplies in all grades of coal were lower and prices were on a
better basis. This situation, it was predicted, will probably last a long
time.
Central bituminous operators were experiencing the usual dull April and
less coal was loaded last week than during the previous one. Many mines
were idle and others working on part time. Prices continued at a low level.
Some short term contracts were being signed up In the Pittsburgh territory. Prices were soft in spots but slack was strong, especially for the gas
grades. Trading In by-product coals was very limited. There was further
curtailment in the Connellsville coke production and prices remained pegged
at their former low level.
Production in northern West Virginia fell off last week, but prices were
on a slightly higher level, Indicating a healthy market condition. Industrials and cement mills were still silent regarding contracts and it was
rumored that some of the railroad contracts had switched their orders to
other fields. Production has been held down for some time In anticipation
of limited demand, and this resulted in the number of "no-bills" being considerably reduced. Industrial buying was limited to spot orders for small
tonnages.
Shipments from some fields in southern West Virginia were greater than
sales, depressing prices. Smokeless shipments were principally to western
markets and were a little above normal. High volatile prices were holding
well and some railroad contracts were closed. Logan and Kanawha fields
were loading large tonnages but none were being shipped on consignemnt.
Conditions In the Upper Potomac and western Maryland fields were unchanged in spite of increased activity at tidewater. There was a surplus in
production and prices were unchanged.
Considerable contracting was being done with southeastern textile mills
by operators in the Virginia field. Prices were unchanged except for slack.
which was strong.
Efforts of the bituminous trade to reach solid ground for
business in the new coal year are marked by sharp territorial
differences in conditions. These are particularly noticeable
in the steam-coal contract situation, reports the "Coal Age"
in its April 15 resume of events in the markets. In Illinois
and Indiana, for example, industrial consumers have abandoned their attitude of indifference. Many of the agreements now being signed give the shipper the option of supplying non-union coal if union mines are closed down. The
Birmingham district also reports activity in contract renewals at higher prices, adds the "Age," giving further
details of interest from which we append the following:
Along the Atlantic seaboard, on the other hand, contracting is backward.
What business is closed is closed so quietly that it has no effect upon the
market. Distress tonnage still blocks the attempts of Eastern producers
to persuade buyers to sign up agreements at prices that will not mean a
loss to the shipper. The record in the Southwest and in Rocky Mountain
territory is no more encouraging. And railroad renewals are an uncertain
in districts.
Decline. quantity
The situation in the Eastern fields Is further complicated by the backUnfilled Orders of United States Steel Corp.
wardness in the Lake season. Some tonnage has been loaded at the lower
The United States Steel Corp. on Saturday (April 10) ports, but no vessels have cleared. Congestion between the mines and the
Issued its regular monthly statement showing unfilled orders docks at Sandusky and Toledo has forced the railroads to embargo further
been broken. This
great
on books of the subsidiary corporations as of Mar. 31 1926 shipments until the blockade has Region at this seasonmeans that thesomeof the year is
safety valve for the Appalachian
to the amount of 4,379,935 tons. This compares with what choked.
Under such conditions, and with production still above the seasonal
4,616,822 tons on hand Feb. 28 1926, a loss of 236,887 tons.
the two preceding years, it is hardly
On Mar. 31 last year the unfilled tonnage stood at 4,863,564 averages for in spot prices continues unchecked.surprising that the downThe "Coal Age" index
ward trend
tons and on Mar. 31 1923 was no less than 7,403,332 tons. on April 12 stood at 158 and the corresponding price was $1 91. Losses
to beginning of 1922. were registered by Eastern coals generally: even slack, which was stronger
In the following we show figures back
did not wholly escape. The greatest stability in prices
Figures for earlier dates may be found in our issue of April 14 In some markets, Middle West.
was shown in the
1923, page 1617.
Notwithstanding the holidays, bituminous production the week ended
1922.
1923.
1924.
1925.
1926.
End of Month—
April 3 was estimated at 9,034,000 net tons by the Bureau of Mines. This
4,882,739 5,037,323 4,798,429 6,910,776 4,241.678 was 592.000 tons less than in the preceding week. Most of this decline
January
4,618.822 5,284,771 4,912.901 7.283.989 4,141.069
February
4,494,148
4,379,935 4,863,564 4,782,807 7.403,332 5.096,917 was due to the observance of Mitchell Day In the union fields. Contrary to
March
4,446.568 4,208.447 7.288,509
past performance, output on Good Friday and Easter Saturday was ahead
April
4,049,800 3,628.089 6,981,851 5,254,228 of the preceding week. Loadings on Easter Monday were less than 12%
May
3,710,458 3.262,505 6,386.261 5,635.531
June
9
5.776.161 unTer teoserfor t arite 2 r
d he lhrg ae tarch p.
3,539.467 3.187.072 5,910.763
July
oducers are meeting no difficulty In effecting a
3,512.803 3.289.577 5.414.663 5.950.105
August6.691.607 prompt disposition of their output of domestic sizes. Retail
3,717.297 3,473,780 5,035,750
September
distributors.
4,109,183 3,525.270 4,672.825 6,902,287 however, do not try to conceal their disappointment over the failure of the
October
4.581.780 4,031,969 4,368.584 6,840,242
November
to make the old-time spring reductions. They also find that this
5.033.364 4,816.678 4,445,339 6,745,703 operators
December
failure is bitterly resented by some householders who are now withholding
fill-up orders. In some cases the retailers themselves have cut their prices
Prices Are to Induce consumer storing.
Anthracite Trade is Fair—Bituminous Coal
Independent tonnage at high premiums is finding hard sledding. Not
a Trifle Stronger in Certain Sections.
only does the retailer refuse to pay over 50 or 75c. premium, but he Is
There was a decline in the Boston smokeless tidewater becoming more discriminating in the sizes he will accept. Chestnut still
week and prices showed considerable spread. leads in demand. Egg and stove are struggling for second place in New
"Iron Trade Review's" composite price on fourteen leading
iron and steel products this week is $58 53. This compares
previous.
'with $38 54 last week and $38 86 the week
market last
APR. 17 1926.]
THE CHRONICLE
York, but egg is less popular in Philadelphia. Complaint continues that
pea is scarce. The steam sizes are easy and prices are being shaded to
move tonnage which cannot be put in storage.
Declines Shown in Production of Bituminous Coal,
Anthracite and Coke.
Declines due partly to the observance of religious and
trade holidays and partly to the usual seasonal slacking off
are shown by the United States Bureau of Mines reports on
the output of coal and coke for the week ended April 3, portions of which we append:
Production of soft coal during the week ended April 3 is estimated
at
9,034,000 net tons, a decrease of 592,000 tons from the revised figure
for
the preceding week. The curtailment was due to the partial observance
of April 1—Mitchell Day—as a holiday.
Estimated United 8 ‘ Production of Bituminous Coal (Net Tons)a—Incl
1,0,
uding
Coal Coked.
1926
1925
Cat. Year
Cat. Year
Week.
to Date.
Week.
to Date.b
March 20
10,263.000 131,652.000
8,283,000 115,101,000
Daily average
1,710.000
1,959,000 1,381,000
1.713,000
March 27.c
9,626,000 141,278.000
8.353,000 123,454.000
Daily average
1,604,000
1.930.000
1.392,000
1,687,000
April 3.d
9.034.000 150,311.000
7,547.000 131,001.000
Daily average
1.593,000
1,906.000
1,348,000
1.662,000
a Original estimates corrected for usual error, which In
b Minus one day's production first week in January to past has averaged 2%.
in the two years. c Revised. d Subject to revision. equalize number of days
The table of daily loadings shows that for the country as
a whole, April 1
was equivalent to about seven-tenths of a normal working day.
Contrary
to preliminary indications, and unlike the performance in the
anthracite
mines, production of soft coal on Saturday and Good Friday
was heavier
than on the last two days of the week before.
Total production of bituminous during the calendar year
1926 to April 3
amounts to 150,311,000 net tons. Figures for similar
periods in recent
years are given below:
1920
1921
1922
141,026,000 net tons 1923
101,606.000 net tons 1924
131,474,000 net COW 1923
145,266.000 net tons
140,790,000 net tons
131.001.000 net tons
2127
ANTHRACITE.
Production of anthracite during the week ended April 3 is estimated at
1,549,000 net tons, 442,000 tons less than that in the week of March 27.
It was to be expected that there would be a loss in tonnage, because of the
general observance of Eight-Hour Day on April 1 and the occurrence of
Good Friday. In the first or normal half of the week, however, loadings
were higher than in that part of the preceding week.
Production of anthracite in the month of March, preliminary estimate for
which has been published, is revised to 8,790,000 tons, and that for the
coal year 1925-28 to 51,527,000 tons.
Estimated United States Production of Anthracite (Net Tons).
926-1925
Cal Year
Cal. Year
Week Ended—
Week.
to Date.
Week.
to Date.•
March 20
1,963,000 7.970.000
1.513.000 19.309,000
March 27
1,991,000 9.961.000
1,640,000 20.949,000
April 3
1,549.000 11,510,000
1,438.000 22.387,000
a Minus one day's production in January to equalize number of days in the
two years.
Total production of anthracite during the calendar year 1926 to April 3
amounts to 11,510,000 net tons. Figures for similar periods in other
recent years are given below:
1922
22.174,000 net tons 1924
23.455.000 net tons
1923
25,420,000 net tons 1925
22,387,000 net tons
BEEHIVE COKE.
It is estimated that 234,000 net tons of beehive coke was produced in
the week ended April 3, a decrease, compared with that in the last week in
March, of 16,000 tons, or 6.4%. The loss was practically all in the State
of Pennsylvania.
Cumulative production of beehive during 1926 to date amounts to 4,058,000 tons, as against 3,335,000 tons in 1925—an increase in 1926 of 21.8%.
Estimated Production of Beehive Coke (Net Tons).
Week Ended
April 3 Mar.27 Ant 4
1926 to
1925 to
1926 b 1926.c
1925.
Date.
Date,a
Pennsylvania and Ohio
186,000 201.000 166.000 3,303.000 2,603.000
West Virginia
14.000 16.000 14.000
223.000
181.000
Ala.. Ky., Tenn. and Oa
16.000 17.000 23.000
268.000
306.000
Virginia
8.000
8.000
9.000
136.000
131,000
Colorado and New MeXICO
6.000
5,000
4.000
76,000
55.000
Washington and Utah
4,000
3,000
4.000
50.000
59.000
United States total
234,000 250,000 220.000 4,056.000 3,335.000
Daily average
39,000 42,000 37,000
42,000
a Adjusted to make comparable the number of days covered 51.000
in the two years.
b Subject to revision. c Revised since last report.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated condition statement of the
Federal
Reserve banks on April 14, made public by the Federal
Reserve Board, and which deals with the results
for the
twelve Federal Reserve banks combined, shows
increases
during the week of $44,300,000 in holdings of
acceptances
purchased in open market, $35,000,000 in Governm
ent
securities, $28,200,000 in Federal Reserve note
circulation,
and $91,600,000 in member banks' reserve deposits,
with
only a nominal change in total holdings of discount
ed bills.
Discount holdings of the New York Reserve Bank
increased $33,800,000 during the week and those of
the
Cleveland and Richmond banks $4,600,000 and $4,200,0
00,
respectively, while holdings of the Chicago bank declined
$19,100,000; of Philadelphia, $7,600,000; Atlanta, $6,700,000, and Boston, $4,300,000. After noting these facts,
the
Federal Reserve Board proceeds as follows:
Open market acceptance holdings were larger than
a week ago at all of the
banks except Cleveland, which shows a small
decrease, the principal increases in this item for the week being: New
York. $19.300.000: Minneapolis, $11.300,000, and Boston.
$4,800.000.
security holdings increased during the week, All classes of Government
U. S. bonds by 319,100.000.
Treasury notes by $8,600,000 and Treasury
certificates by $7.300.000.
Relatively little change is shown in Federal
Reserve note circulation
except in the case of the Atlanta bank,
which reports an increase of $34,300.000, due largely to the shipment of
currency to Cuba to meet recent
heavy withdrawals of deposits from the
local banks.
The statement in full, in comparison with
the preceding
week and with the corresponding date
last year, will be
found on subsequent pages—namely, pages
2157 and 2158.
A summary of changes in the principal assets
and liabilities
of the Reserve banks during the week and
the year ending
April 14 1926 follows:
Increase (-I-) or Decrease(—)
During
Week.
Year.
Total reserves
+85.200,000 —$46.700,000
Gold reserves
—1,600.000 —62.700,000
Total bills and securities
+77.900.000 +202.900.000
Bills discounted, total
—1,300.000 +182.000.000
Secured by U. S. Government obligations
- +44.600.000 +128.600.000
Other bills discounted
—45,900.000 +53,400,000
Bills bought in open market
+44.300.000
U. S. Government securities, total
+35,000.000 +19.200.000
Bonds
+19,100.000
+9,200.000
Treasury notes
+8.600.000 —101,300.000
Certificates of indebtedness
+7.300.000 +111.300.000
Federal reserve notes in circulation
+28.200,000 —17.000.000
Total deposits
+68.700.000 +139,200.000
Members' reserve deposits
+01,600,000 +141.800.000
Government deposits
—17.300,000
+6,300,000
The Week with the Member Banks of the Federal
Reserve System.
The Federal Reserve Board's weekly condition statement
of 709 reporting member banks in leading cities as of April 7
shows a reduction of $89,000,000 in loans and discounts,
and an increase of $36,000,000 in investments. These
changes were accompanied by reductions of $140,000,000
in net demand deposits and $47,000,000 in borrowings from
the Federal Reserve banks. Member banks in New York
City reported declines of $86,000,000 in loans and discounts
and $151,000,000 in net demand deposits, and increases of
$19,000,000 and $18,000,000, respectively, in investments
and in borrowings from the Federal Reserve Bank. It
should be noted that the figures for these member banks
are always a week behind those for the Reserve banks
themselves.
Loans on stocks and bonds declined $53,000,000 at all
reporting banks and $39,000,000 and $17,000,000, respectively, at reporting banks in the New York and Boston districts.
"All other" loans and discounts were $36,000,000 less than
a week ago, declines of $45,000,000 in the New York district
and $8,000,000 in the Atlanta district, being offset in part
by increases of $10,000,000 in the Boston district and
$6,000,000 in the Richmond district. Total loans to brokers
and dealers, secured by stocks and bonds, made by reporting
member banks in New York City declined $86,000,000, loans
for their own account being $90,000,000 less than a week ago,
loans for out-of-town banks $12,000,000 above, and loans
for the account of others $8,000,000 below the amount
reported the previous week. Further comment regarding
the changes shown by these member banks is as follows:
Holdings of U. S. securities were $443.000,000 larger than a week
ago.
the principal changes including increases of $20.000,000 at reporting banks
in the Chicago district,$19.000,000 in the New York district and $16,000.000
in the Boston district. Holdings of other bonds, stocks and securities
declined 17.000.000, only relatively small changes being reported
for any
of the Federal Reserve districts.
Net demand deposits were $140.000.000 lower than reported
for the
previous week, reductions of $179.000.000 in the New York
district and
$11,000.000 in the San Francisco district being partly offset by Increases
of $41,000,000 and $11.000,000 in the Chicago and Boston districts, respectively. Time deposits increased $38,000,000, principally in
the Cleveland and Chicago districts.
The principal changes in borrowings from the Federal Reserve banks
were reductions of $32,000,000 and $7,000,000 in the Chicago and St. Louis
districts, respectively, and an increase of $11,000,000 in the New
York
district.
2128
THE CHRONICLE
On a subsequent page—that is, on page 2158—we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items
as compared with a week ago and with last year:
Loans and discounts, total
Secured by U. S. Govt. obligations
Secured by stocks and bonds
All other
Investments, total
U. S. securities
Other bonds, stocks and securities
Reserve balances with F. R. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Total accommodation at F. R. banks
Increase (+) or Decrease (—)
During
Week.
Year.
—$89,000,000 +3825.000,000
—33,000.000
+625,000.000
—53,000,000
—36,000,000
+233,000,000
+46,000,000
+36,000.000
—83,000,000
+43,000,000
+129,000,000
—7,000,000
+13,000,000
—33.000,000
—3,000.000
+13,000.000
+125,000,000
—140,000.000
+460,000,000
+38,000,000
—7,000,000
—2,000,000
+158,000,000
—47,000,000
[voL. 122.
The run, which is said to have resulted from the circulation of false rumors, began (according to Associated Press
accounts from Havana) on the 9th inst. on the branch of
the Royal Bank of Canada, and spread on the following
day to other banks in the city. The same advices stated:
President Machado personally deposited $100,000 in the Royal Bank,
and addressing several hundred small depositors, assured them the bank
was solvent and that the Cuban Treasury had $40,000,000 in cash available for loans if any bank lacked cash.
Officials of the Royal Bank announced that they had sufficient funds
to meet all demands, and would keep the doors open as long as depositors
desired to withdraw their money. Early this evening the crowds of
depositors hid disappeared, and the doors were closed.
The bank run started yesterday afternoon in Mariapao, about ten
miles from Havana, and early this morning long lines of depositors were
waiting at the several branches of the Royal Bank of Canada. The
number of persons in line increased until at 9 o'clock, the opening hour,
lines a block or more long were waiting to withdraw their money.
The panic spread to depositors of the National City Bank of New
York and other banks in the city.
At about 11 o'clock President Machado, Miguel de Gespedes, Secreseveral friends appeared at the main
Public Works, and
Digest of Cables Received from Foreign Offices of the tary ofRoyal Bank of Canada. After making deposits aggregating office
more
of the
Bureau of Foreign and Domestic Commerce.
than $1,000,009 the President and Dr. Gespedes spoke to the crowds,
The summary of foreign cablegrams received by the answering them that the bank was solvent and able to pay all deposits.
On April 12th the following statement was made at
Department of Commerce at Washington, released for pubMontreal by officials of the Royal Bank of Canada, relative
lication to-day (April 17), follows:
to the run:
FRANCE.
The French budget for the year 1926, with revenues already voted and
expenditures now awaiting only final ratification by the whole Senate,shows
a surplus of 200.000.000 francs. Industrial activity Is still satisfactory, but
manufacturers, except in textile lines, are still reluctant to quote for late
summary delivery, owing to the uncertainties of finance and the exchange.
Price increases have occurred in nearly all commodities and rising living
Costs are necessitating upward salary adjustments, while the volume of
sales is being somewhat reduced. March coal production is believed to
have reached record levels and stocks are low. Metallurgical activity is
slightly reduced, but the market remains firm. The agricultural situation
is unusually favorable.
GERMANY.
There was a distinct improvement in the German industrial situation
during the past month. Unemployment figures declined somewhat and
the number of bankruptcies was very much lower during the past month
than in February. The Government and the Reichstag have agreed upon
a program of tax reduction to take effect on April 1, bringing about a total
reduction in taxes of approximately 360.000.000 marks as compared with
550.000,000 originally proposed. Connitions on the stock market remain
favorable and money is easy and this has led to a reduction on the part of
the Reichsbank of its ONc...nunt rate from 8 to 7%, and it is predicted that
conditions are such as to make a further reduction likely in the near future.
SPAIN.
Moderate dulness in most Spanish industries and a satisfactory situation
In agriculture, based on high yields at good prices last season, and favorable
prospects for this year's crops, are the leading features of the Spanish situation. Tight money for business purposes makes industrial expansion difficult. Railway earnings continue to increase slightly. Agricultural prospects are regarded in Spain as generally favorable for the coming season.
The metallurgical industry Is prosperous and there has been some recovery
in iron mining. Seasonal slackness continues in automotive sales, but
March registrations exceeded those for February.
POLAND.
Polish finance and business have been depressed by the failure of the negotiations for a loan which has been under discussion recently. The de
pression in the metallurgical and metal working industry continues unabatedi
Operations are being curtailed and workers laid off. The hope for seasonal
revival in building operations failed to materialize. The balance of foreign
trade continues favorable on account of heavy exports and continued
restriction of imports. Continued cold weather has caused some damage
to the fall sowings and has retarded spring planting. General prospects.
however, are considered in Poland to indicate an average harvest.
JAPAN.
•
Japan's March foreign trade was influenced by the impending increase In
the import tariff and by the fluctuations in foreign exchange. Exports
totaled 187,300,000 yen as against 160.900,000 yen during January. Imports aggregated 284.400,000 yen as compared with 243.900.000 in the
previous month. Both imports and exports were affected to some extent
by exchange fluctuations and uncertainty as to the future trend. Substantial increases noted in exports of raw silk and cotton textiles. Expected
tariff changes reflected in heavy imports, especially of iron and steel products and machinery.
ECUADOR.
There was no improvement in the business level in Ecuador during
March. Heavy rains in the coastal region have damaged the sugar and
cotton crops, while crops of the interior have suffered from drought. A
provisional president has been declared by the military_ government and
entered upon the duties of his office on April 2.
Exchange is weak and unsteady, opening on March 1 at 4.66 sucres to
the dollar and closing March 31 at 4.50. Circular checks of banks and
Individuals that have been used to offset the currency shortage are recalled
and their free acceptance as a medium of exchange forbidden.
BOLIVIA.
Business in general was good in Bolivia during March and collections
were fair. There was no noticeable change in the March business level as
compared with that of February. Mineral purchases have been quite
heavy. Tin quotations from London for Bolivia averaged £287 17s. 9d. per
ton for March, with buying strong. Exchange averaged 2.91 bollvlanos
$o the dollar.
Short-Lived Run on Cuban Banks—Shipment of Funds by
Canadian and American Banks—Gov. Strong on
Federal Reserve Bank's Shipment.
A run experienced by the banks of Havana, Cuba, appears to have spent itself almost as quickly as it developed.
A few days ago a deputation representing the cane growers in certain
districts asked the Cuban Government to enact legislation to curtail the
sugar crop with a view to strengthening the price of raw sugar, and,
failing this, to grant a moratorium.
The mere suggestion of a moratorium unsettled certain depositors who
started to withdraw their funds from the different banks. The situation
became quite active on Saturday, but on the definite announcement of
the President that a moratorium was quite unjustified and would not be
considered, the trouble subsided and the situation has since become
normal.
It was also stated in Havana Associated Press advices
on the 12th that the National City Bank, which had experienced a slight run on April 10, reported the usual
business on Monday April 12, with no abnormal withdrawals. On April 11 it was reported that currency to the
amount of $80,000,000 was on its way to Cuba from American and Canadian banks to meet the situation. This information was contained in an Associated Press dispatch
from Havana which said:
An official Treasury announcement today said $35,000,000 would arrive
here tonight on board the cruiser Cuba for the Federal Reserve Bank
branch, and $45,000,000 more by Tuesday morning. Government funds
deposited in the Royal Bank of Canada and the National City Bank of
New York were transitory, the statement added, and with the arrival
of the two shipments the banks would be, in point of actual monetary
reserve available, the strongest in the world.
A special train left Havana early this morning for cities east of
Havana with $18,000,000 in currency for the Royal Bank of Canada
branches in the Republic. The run extended throughout the island, with
the Royal Bank of Canada the chief sufferer. Cuban banks reported
no unusual activity.
The shipment of funds by the Atlanta Federal Reserve
Bank was announced as follows in Associated Press advices from Atlanta, April 11:
The $27,000,000 shipped frum the 6th (Atlanta) District Federal Reserve Bank here to the branch Federal Reserve Bank at Havana, Cuba,
late today was at Key West awaiting transportation to Havana, M. B.
Wellborn, governor of the Atlanta bank, said. An additional $10,000,000
was en route to Havana from the New Orleans Federal Reserve Bank
to stem runs on island banks, Mr. Wellmore added.
Within the last three days the Atlanta bank and the bank at Jacksonville, Fla., have dispatched $13,000,000 additional to the Havana bank,
which, he said, already has arrived in the Cuban capital. The amount
shipped from Jacksonville, Mr. Wellborn, who was at his home, did not
recall, but knew that the amounts sent in the, two shipments from
Atlanta, one from New Orleans and one from Jacksonville totaled
$50,000,000.
The two Atlanta shipments and the Jacksonville shipment, he said,
went via Rey West, while the New Orleans shipment went by direct
ship from that port.
An explanation of the shipment of the Federal Reserve
Funds was given by Governor Strong of the Federal Reserve Bank of New York at the hearing in Washington
this week before the House Bankipg and Currency Committee on the bill to stabilize commodity prices. On April
12 the New York "Journal of Commerce" reported Governor Strong as saying:
Governor Strong told in detail how between the time of the closing
of the banks on Saturday and their reopening today $27,000,000 had
been rushed to Havana, Cuba, to meet the financial difficulties that swept
over the island late last week. He stated that three Reserve banks wre
interested in the movement of gold; Atlanta, from which the money was
shipped, because that bank maintains a supply of currency on the island:
Boston, which maintains a small office in Havana, for the purpose of
buying certain bills and effecting telegraphic transfers, and New York,
because the currency furnished in Havana is largely for the account of
New York institutions.
The witness, who was in Washington, stated that he got in telegraphic
communication with these banks and that it was arranged to supply the
currency. A special train was chartered in Atlanta and some $27,000,000 in currency was put on board. It was loaded at Key West on a
Cuban gunboat and arrived in Havana at 2 o'clock this morning. He
added that the amount actually transferred by telegraph from the Federal Reserve Bank at New Yosir to the credit of the Atlanta institution
APR. 17 1926.]
THE CHRONICLE
for the account of the banks that ordered the shipment of gold to Cuba
was ,$33,000,000.
The same paper announced the following from its Washington bureau on April 13:
Theh shipment of $33,000,000 of currency to Cuba to aid the native
banks in taking care of the bank run was a mere "bagatelle," Benjamin
Strong, governor of the New York Federal Reserve Bank, today told the
House Committee on Banking and Currency.
Asked to explain the report that about $100,000,000 of brokers' loans
were called in New York yesterday as a result of the transfer of funds
to Cuba, Governor Strong stated that the bank frequently loses as much
as $33,000,000 out of its reserve in a single day.
"The day that the loss of reserves occurred by reason of the shipments to Cuba," he said, "we also lost between $25,000,000 and $30,000,000 to the rest of the countrv, through the wire transfers. That,
plus the deficiency in reserves with which our New York banks started
the week made a total deficiency of the New York banks of $78,000,000.
That is quite a large deficiency and must be made up of borrowing from
us and I suppose a lot of money was called. That will straighten itself
out right away. We are taking steps to offset that."
Asked for an explanation of the Cuban situation, Governor Strong
expressed the belief that it was occasioned by the people fearing that
under any moratorium that might be proclaimed by the Cuban Government to take care of the unusual financial conditoins, they would not be
able to withdraw their savings. A lot of money had been loaned on
sugar during the maturing of the crop, be said, and the banks that had
advanced the funds, seeing the low price of Cuban laws, were attempting
to make collections. The situation thus became very tense, and the suggestion was made that a general moratorium should be declared. This
resulted, the witness indicated, in the withdrawal of funds from the
banks to such an extent as to precipitate the run, the depositors fearing
that they might be deprived of their money.
2129
this week, and it was announced on April 14 that the Cabinet
had accepted the plan of the Association of Sugar Planters
to reduce the crop by 10%. It was further stated that the
Cabinet had decided to prevent the overproduction of sugar
for the next two years, as well as to curtail the present crop.
The Associated Press advices from Havana on the 14th
also stated:
Congress is to be asked to pass legislation providing for enforceme
nt of
these two decisions, and the President will probably issue decrees to
prevent
further clearing of land for the planting of additional
sugar cane for the
next two years.
The offer by the cane growers to limit the crop was
voluntary. Enforcement is to be left largely in the hands of the growers'
association.
The Secretary of Agriculture informed the Cabinet
that reports up to
April 1 indicated that the crop would fall well below
the large estimates
made by experts at the commencement of the present
harvesting season,
even though there was no plan to curtail the
crop.
In referring on April 13 to the run which developed during
the past week on Cuban banks (to which we refer elsewhere
in this issue), the New York "Journal of Commerce" said:
The underlying trouble in the Cuban situation,
it is felt, is obviously
the unsatisfactory position of the sugar industry.
Cuba's position as a
one-crop country, and the dependence of the economic life of the
island upon
the sugar crop, is shown graphically by the fact that,
roughly speaking,
sugar represents about nine-tenths of the value of the
country's exports.
During the war when European sugar production was
at a standstill and
world supplies thus rendered inadequate, the Cuban
industry expanded
to fill the gap. Now with Europe's beet sugar crop
fast returning to normal
levels and a particularly marked increase reported in the
Russian crop,
Cuba is faced with a surplus of her one important product,
which has
brought prices down below the costs of a large number
of producers,
The present Cuban crop of 1925-26, which is now near
completion, is estimated at 5,373,000 gross tons. This compares with an output
of 5,125,000
tons in 1924-25 and 4,066,000 tons in 1923-24. At the same
time the world
crop has been increasing. It has grown from 20.116.00
0 gross tons in
1923-24 to 23,641,000 tons in 1924-25 and 24.842,000 tons
It is understood that some plans are under discussion now in 1925-26.
to
situation. Whether it will be decided to cease grinding suchalleviate the
part of the
crop as is as yet uncompleted or to hold off the market
some part of the
finished crop it Is as yet difficult to say.
In the consolidated statement of condition of the
Federal Reserve Banks on April 14, made public by the
Federal Reserve Board yesterday, Feb. 15, it is pointed
out that "relatively little change is shown in Federal Re-'
serve note circulation except in the case of the Atlanta
bank, which reports an increase of $34,300,000, due largely
to the shipment of currency to Cuba to meet recent heavy
withdrawals of deposits from the local banks."
Regarding a conference between President Machado and
In its advices from Havana, on April 11, the New York
his Cabinet on the 14th relative to steps to be taken
"Journal of Commerce" stated in part:
in
An official statement, issued jointly by President Machado and the behalf of the industry, Havana advices were reported as
Clearing House bankers, gives assurance that the banking situation here follows by the New York "Journal of Commer
ce":
is sound and that the rumors chtulated in the last few days are entirely
without foundation.
In a separate statement President Machado points out that loans
made on sugar have been based on low sugar valuations and that therefore the banks are not affected by the present situation in the sugar
market. The President also directs the attention of the public to
the
fact that more than $80,000,000 in currency has been shipped
from American banks to aid in meeting the withdrawals of to Havana
depositors.
• • •
The statement issued by the Government and Clearing House
bankers
says:
"The Government, after a careful consultation with
the representatives
of the banks of the Clearing House of Havana,
confirms its original
statement that there is no reason for people to be
influenced by false
rumors. There is no foundation for reports questioni
ng the
banks. Therefore the Government is ready to vigorously solvency of
repress any
false reports that might impair the credit of the
banking institutions,
whose reputation and credit must be protected for the
preservation of the
national economy.
"From the data that have been examined
banking
operations no difficulties may be expected. of their against and other
the proper
interests of the depositors and creditors to letIt is
themselves be influenced
by conjecture instead of placing all confidence in the
banks.
"The Government will therefore act against
attack on
name of these institutions and will adopt anynecessary the good
measures.
Therefore it begins by recommending to all not the act
to
precipitately, as it
would only serve to alarm and harm the general
business interests."
Sugar Loans Based on Low Value.
President Machado issued the following statement
:
"The banks have more loans on sugar this
prices for sugar, as the prices already were year at very low valuation
low. How can they lose
money on business made under those conditions
and with the most solid
guarantees?
"Besides, the Government cannot fear any
treasury there are $40,000,000 for any needs, crisis. In the national
and the reserves continue
in very good condition, but even if the
income should decline the republic
would never face a crisis, as always the
expenses will be less than the
income. Supposing that the income should
only amount to sixty, the
expenses would neveit be any over fifty-nine
and a half. My salary
would he the first one to be reduced,
those of my secretaries, those of teh and then those of the Congressmen,
magistrates, and in general those of
high officials and employes. I assure
you that Cuba cannot fail economically."
On April 12 the "Wall Street Journal
" referring to the
shipment of funds said:
It appears that the amount of money
reported as sent to Cuba has
been exaggerated. The National City Bank
sent about $5,000,000. Including credits transferred by the Royal
Bank of Canada and the Federal Reserve banks of Atlanta and Boston
it is not believed the total
amount was over $35,000,000.
The actual cash was sent by special
train from Atlanta to Key West
and thence conveyed by Cuban gunboat to
the
A troublesome feature of the run was that island.
and advices were not received here until it started Saturday morning
time. Arrangements for the transfer of about an hour before closing
funds had, consequently, to be
made in haste.
In another item we refer to the proposa
l to reduce the
sugar output by 10%.
President Machado and the Cabinet gave earnest
consideration to Cuba's
economic position today in a conference that
lasted
Industrial situation was gone into thoroughly. At the several hours. The
close of the meeting
Dr. Gutierrez, Secretary of the Presidency,
gave out the following official
statement
:
"The Secretary of Finance read a statement regarding
the firancing of the
proposed great Cuban Central highway. The
Cabinet
the plans for the highway and to ask immediately for decided to accept
bids on the construction work.
"The meeting accepted certain conclusions regarding
the sugar problem.
These are:
"1. To accept the offer made by the Association of Sugar
Planters and a
great number of mill owners to reduce the sugar crop
by 10% from the
estimates of the output as made recently
Commerce and Labor. The details of the by the Secretary of Agriculture.
methods by which the reduction
is to be made will be agreed upon later.
"2. To recommend to Congress the adoption of legislative
measures to
avoid overproduction of sugar in the next two crops.
"3. To•Usue the necessary decrees to regulate
sugar planting) and to direct that no mill is to the clearing of land (for
start grinding until the
President so instructs in a public manner.
"The Secretary of Agriculture presented figures showing
the
the total sugar crop, as of March 31. This estimate puts estimate of
the total at
5,196,883 tons, of which 3,485,350 tons had been prepared
for market, with
1.711,529 tons still to be prepared."
Official denial was made of a report that Cuba had
requested the United
States Government to reduce the tariff on sugar.
Dr. Campa, Undersecretary of State, said no such request had been
made, but he added that
the subject was being given careful study by the Cuban
Government.
Additional advices (April 15) from Havana to the same
paper had the following to say:
President Machado decided to-day to take immediat
e and energetic steps
to assure a reduction of 10% in the quantity of Cuban
sugar to be put on
the market this year.
He prepared to issue decrees by which the clearing
of ground for new
sugar plantings will be prohibited until June, 1927.
A special message will be sent to Congress by the
President urging the
adoption of legislation to levy a tax on all exports
of sugar in excess of 90%
of the crop.
Another decree will regulate the commencement of
cane grinding operationse effect of the measures to be put in force by the
Th
President, it is understood, will be that there will be no new spring
plantings
and next year, and no new winter plantings this year. of cane this year
A statement given out by Dr. Gutherrez, Secretary
of the Presidency,
reads thus:
"I have been authorized by the President to
make the following official
statement: That he will put in all his influence
Congress the necessary legal measures to put intotoward obtaining from
Association of Sugar Planters for reducing the crop effect the plan of the
by
degrees will be published to-morrow restricting the 10%. The necessary
jungles. This will prohibit absolutely the cutting cutting of woods and
down of woods until
June 1927, for the planting of cane.
"In this manner there will be no new spring plantings
year and no new winter plantings this year. Another this year and next
decree
the commencement of grindihg operations. The President will regulate
will
to-morrow to Congress a message urging adoption of the necessary also send
legislative
measures to control future sugar production. Regardin
he will ask Congress for a law establishing a tax on all g the present crop
exports of sugar in
excess of the 90% fixed."
Associated Press advices from Havana
last night (April 16)
Proposed Cut of 10% in Cuban
Sugar Crop—Decree said:
by President Machado Prohibi
Ident Machado has sent a message to
ting New
action on the legislation following offers of the Congress requesting quick
Plantings Until June 1927.
sugar growers to curtail the
present crop by 10%•
Measures for the relief of the Cuban sugar
A decree prohibiting the clearing of new land for
industry have year will be published Monday
cane planting until next
and will be
been the subject of consider
ation by the Cuban Cabinet
effective until January. Another
decree will set the date for the commence
ment of cane cutting.
THE CHRONICLE
2130
[Voi.. 122.
At a conference last Saturday (April 10) between President Silver Price Breaks—Chinese Sell Metal Short and
Buy Yen.
Machado and leading sugar interests proposals for the solution of the sugar problems were discussed as follows, it is
The following is from the New York "Sun" of last night
learned from the "Journal of Commerce":
(April 16):
10% cut in the actual
Two plans of relief were presented: One provided a
The worst break silver has experienced in a single day in about two years
crops, the other withdrawal of 500,000 tons of sugar from the market. occurred to
-day when the price went to a new low at 63% cents an ounce.
Banks interested through loans would be protected by pledging to them the This was a full half cent below the price of yesterday. There was a break
estates, the proposal suggested.
In the London price of Md., which is almost equivalent to the amount as
New York.
From the same source we take the following Havana ad- the loss recorded in here explained that the break was directly due to heavy
Dealers in bullion
vices, April 8:
short selling in China by speculators, who were heavy buyers of Japanese
President Machado In his message to Congress to-day declared the sugar currency, which is expected to go to gold par this year.
that steps must be taken in the direction of relief.
situation was critical and
This explanation was substantiated by the action of the yen, which, after
"At present the nation is resting on a single industry, which is sugar," he displaying strength for several weeks, advanced to-day to a new high level
said. ''It is selling under what It costs to produce. The situation is critical since the days of the great earthquake of 1923. It was that calamity which
and it is necessary to take the proper measures to remedy this condition.
parity. During the past year, however, under
"I have faith in the ability of Cubans and feel confident that we shall sent yen substantially below
finally overcome this difficulty in our econlmic life. I intend to observe the influence of Government support and an increasingly favorable trade
matters in an effort to help relieve the balance, the yen has been moving back to the par point.
strict economies in managing public
critical economic situation due to the sugar problem."
Knowledge that Japan's aim was to restore the gold standard eventually
by Chinese of yen exchange. They have
At the Cabinet meeting it was agreed to hold an extraordinary session has led to a gradual accumulation
silver currency, causing the latter—taels,
Monday to discuss the sugar problem further. The official declaration of been selling at the same time
Hong Kong dollars, &c,—to decline in almost direct proportion to the
the Government follows:
advance in the yen.
Secretary of the Interior regarding the
"In view of the reports of the
India has been virtually the only buyer of silver on the declining market,
sugar crisis now confronting the Republic, the Council agreed, at the behest
the white metal
of the President, to call an extraordinary session of the Cabinet for Mon- But India, according to bullion dealers, has been buying
fall in the price of sugar. conservatively and on a "scale down" principle, thereby supporting the
day to definitely study and discuss the persistent
The Cabinet will discuss measures looking to a possible solution of the market only to a limited degree.
problem and to level costs and regulate production so as to stabilize prices
in the markets of the world."
ssor Kemmerer to
On the other hand, the Association of Sugar Planters held a meeting at Monetary Crisis in Ecuador—Profe
which it was decided to submit to President Machado a plan to hold up
Undertake Study of Finances.
public works. Planters fear that if the Government agrees in the extraCo-incident with the reports of a monetary crisis in
ordinary Cabinet meeting to begin public works at once, further shrinkage
In sugar production will result, inasmuch as cane-cutters are paid only Ecuador it was made known on April 11 that Professor
20 a day while the Government pays $2.
W. E. Kemmerer has been engaged to make a study of the
The planters recommended to President Machado to limit the sugar crop
of each mill. Representative Finales has Country's finances with a view to recommending changes.
to 90% of the estimated output
presented a bill in the House of Representatives limiting production from Associated Press advices from Guayaquil, Ecuador, April 11,
100 to 120 days. According to the measure, sugar produced after that date
reported as follows in the matter;
will be taxed Mc. per pound.
A monetary crisis affecting the Banco Commercial y Agricola prevails
Late this afternoon men prominent in the industry took stops voluntarily
In this city. Three banks have been closed on orders of the Minister of
to reduce the crop to 90% of present estimates.
Finance; their managers were sent to prison, but were released when the
Government acceded to the plea of-other bankers.
The Chimborazo Banking Society and the Italian Bank have since been
Banking Aid, Not Tariff Relief, Cuba's Need, View of permitted to reopen, while mounted police are guarding the closed instiCoolidge.
President
tution.
shortage of funds pleaded by these banks,
The
From Washington, April 13, the New York "Journal of which,cause of the trouble is a charges, have refused to honor checks of
the Minister of Finance
Commerce" reported the following:
the Ministry of Finance in favor of army officers. No other banks here
At the White House to-day it was stated that President Coolidge sees no were affected.
other avenue for the United States to extend aid to Cuba except through the
Telegraphic censorship has been decreed.
Federal Reserve System. Nowhere in official circles has the subject of the
Professor W. E. Kemmerer of Princeton has been engaged by the Ecuasugar tariff been mentioned. The known view of the Administration in that dorean Government to make a study of the country's financial situation.
regard is that there is no price situation in the United States which would The Ecuadorean Charge d'Affaires in Washington informed his Government
create a demand for a lower tariff on sugar.
that Professor Kemmerer has signed a contract and would come to Ecuador
Secretary Hoover said that while he could not speak for the Administra- next October.
tion in the matter,it was his impression that the attitude of the Government
On the same date (April 11) Associated Press advices
was friendly toward assisting Cuba in her difficulties.
from Washington said:
Professor W. E. Kemmerer, expert financial adviser and head of the
recently assisted
Senator Smoot Says Lower Sugar Tariff Would Be department of economics of Princeton University, who the Government
Chile in adjustment of finances, has signed a contract with
Harmful to Cuba.
of Ecuador to do similar work in Ecuador. He is first going to Poland
•
to proceed in
in its financial program and
Discussing Cuban sugar and a report to the effect that to advise that countryspend three months making a expects the financial
study of
August to Ecuador to
appeal had been made to the United States to help Cuba by situation and recommending changes.
lightening the tariff on sugar, Senator Smoot is quoted as
We also quote the following further Associated Press adfollows in a Washington dispatch April 13:
vices from Guayaquil April 12:
refiners of sugar
The tariff relief sought by Cuba would benefit only the
In the United States, Senator Smoot of Utah to-day told the Senate in
commenting on cable dispatches from Havana carrying an appeal by President Machado to help Cuba out of Its present economic crisis "by lightening
the tariff on sugar."
The Utah Senator referred to newspaper accounts of a statement of
President Ogilvie of the Cuba Cane Sugar Corporation at the annual
meeting of his stockholders, that profits would be increased $12,000,000 a
profits
year if they could get the American tariff revised with corresponding
from any reduction that might be obtained.
General improvement in the monetary crisis confronting the banks in
Guayaquil was evident to-day. With the exception of the Banco Comercial
y Agricola, closed by order of the Government, all banks are paying depositors on demand. The Bank of Ecuador cashed several checks for large
amounts, the largest of 700,000 sucres (normally $350,000)•
A committee of shareholders of the Banco Comercial y Agricola met
with Government officials to appoint a committee for the purpose of adjusting the difficulty between the bank and the Ministry of Finance due to
the bank's refusal to honor the latter's checks.
Refining Company ProfRs.
New Loan of City of Tokio.
The Japanese Financial Commission in this city announces the receipt on April 14 of an official cablegram
regarding a new loan to be issued by the City of Tokio for
the purpose of converting 15,000,000 yen Electric Enterprise Loan, Second Issue on the following conditions:
Interest 6%. Terms 30 years. Issue price 92. Yield
6.617%. Date of payment April 30.
He also quoted the report of a statement by the executives of the American
Sugar Refining Co. of March 18, that the corporation made a profit of
nearly $3,000,000 on its Cuban investments in the last year. The company's
own plantations produced 13% of its raw sugar requirements, and this
percentage is to be increased. The company showed a profit of $4,000,000
in its refining department, with a total income for the year in excess of
$7,000.000.
"The American sugar refiners who control the Cuban crop are never
going to allow, unless it becomes absolutely necessary, the price of cane to
advance beyond just what they want it to be," declared Senator Smoot.
"In other words, they can make their profits in Cuba, or they can make
them at the refineries in New York.
Retailing at Five Cents.
"To-day there may be seen on the windows of many grocery stores a
sing, 'Sugar, Sc. a pound.' That is the retail price. I wonder if there is
any other commodity produced in the United States that is so low in
price, even lower than before the war. I know of none, and I want to say
now that if it were not for the tariff on sugar to-day there would not be a
single sugar concern in the United States but would be in the hands of a
receiver.
"The consumer would never get any relief if the tariff was reduced, but
the sugar refiners who control the situation are the ones that would have
the benefit," Senator Smoot added, referring to the statements he had read.
"We all know what the trouble is down in Cuba. People there have been
investing their money by tens of millions of dollars in buying land with the
avowed purpose of controlling the sugar industry of the world. Of course.
the enormous crop of sugar raised in European countries, in Java and all
over the world, has prevented them from doing what they will ultimately
do if they can—destroy the sugar industry in the United States. If that
ever happens. Gold help the people, for what they will have to pay for their
sugar when that shall have been accopllshed, no man can tell."
Cotton Textile Tax in Japan Abolished.
The following from Washington, April 13, is reported by
the New York "Journal of Commerce":
The Japanese internal revenue taxes of 10% ad valorem on patent
medicines and cotton textiles have been abolished, effective April 1,
1926, according to a cable received at the Department of Commerce.
Madrid Bond Issue of 400,000,000 Pesetas Oversubscribed
20 Times.
From the New York "Times" we take the following
copyright message from Madrid April 10:
The Government bond issue of 400,000,000 pesetas, placed on the
market yesterday, was oversubscribed twenty-fold. The City of !Whoa
alone subscribed nearly 2,000,000,000, or five times the entire loan.
With yesterday's issue the amount of Spain's total floating debt
reaches 5,175,000,000 pesetas, with annual interest amounting to 260,000,000, and amortization premiums of 51,000,000. The consolidated
Amu. 17 19261
THE CHRONICLE
-2131
external debt requires an annual interest payment of 630,000,000
pesetas, or nearly a quarter of the country's budget.
Although the public in Europe has not yet realized it, leading bankers
not only on this side of the Atlantic but those in control of the New
Yotic securities markets as well, know perfectly well it is true.
Norway Discourages Foreign Deposits—Banks are Paying
Interest Only on Limited Sums to Discourage
Speculation in Norwegian Kroner.
The following is from the "Wall Street Journal" of
April 14:
Local correspondents of almost all Norwegian banks doing foreign
business have recently received notice they will receive no interest on
their balance in Norway above certain varying maximums, the maximums
usually being between 250,000 and 1,000,000 kroner and mostly around
the former figure.
The step is at once a result and an attempt to curtail foreign speculation in Norwegian kroner. Foreigners, especially a combination of
American bankers and foreign exchange brokers, for more than a year
have been buying heavily of Norwegian kroner and depositing them in
Norway, in hope that kroner would return to parity. The Norwegi
an
banks cannot use the resultant surplus of money profitably, and hence
do not feel like paying for it. Balances are unwelcome from another
standpoint, for the speculative rise in kroner has injured Norweg
ian
business, and .is being combatted ,by the Norges Bank and
the government.
Cessation of interest payment encourages the withdrawal
of deposits
and makes carrying charges on speculative holdings extreme
ly heavy,
thus aiding in restricting speculation. Some banks in Norway also
are
placing a small commission on turnover of foreign
balances. It is
probable the central bank and the government have
steps, though there have been no official regulations. encouraged these
Maximums vary
with different banks and in accordance with estimated
requirements of
the depositors.
It is pointed out that if Norwegian finance officials are
behind these
steps, they are in admirable position to regulate those deposits
considered
speculative, as a large number of banks are under
government supervision as result of the banking crisis during the
post-war depression.
Will Pay Charges on Loans First.
Whatever resentment it may bring, whatever criticism it may cause
to be leveled against the Americans and British who helped to make
the Dawes plan, it remains a fact that practically reparations must wait
on the Germans having met their ordinary business obligations abroad.
In other wonds, if payment of interest and charges of the hundreds of
millions Germany has been borrowing abroad, largely in the United
States, absorbs the capacity of Germany to make foreign payments,
France and other Allies will have to wait for reparations, at least for
that part they expect to get in cash.
The reason is economic rather than legal. It may well be asked bow
it will happen that with such machinery as the Transfer Committee for
sending abroad the maximum of possible reparation payments the Allies
will not be put before American investors whose profits benefit from no
such treatment. The answer is this:
German industries borrowing in America must meet their interest
obligations to preserve their credit, and to do so will buy foreign exchange at the market price, even if they have to pay the price, which
means even if they drive down and endanger the mark. They must
pay
to keep going and to continue to do busienss with the United States.
Furthermore, they will be buying exchange continuously and these
purchases will naturally largely determine the situation with regard to
further transfers, for example, those for reparations.
Transfer Agent Restricted.
On the other hand the transfer agent will buy foreign exchange for
reparation payment only up to the point where such purchases
endanger
the standing of the mark. This is quite plainly laid down in the Dawes
plan. If at any given time it meant paying a considerable premium
in
repurchase of gold exchange the transfer agent would not buy, whereas
a private concern would in all probability do so unless the price
had
reached a very high level.
Anyhow the private German borrower abroad would be buying foreign.
exchange before the transfer agent, and after the transfer agent.
It is.
therefore plain that if private German purchase of foreign
exchange ate.
up Germany's ability to transfer marks abroad at par the transfer agent
would be handicapped, if not blocked, in making reparation payment
gold to the Allies. Therefore, reparations will come after private s iss
German commitments abroad.
Of course if Germany develops ability to make foreign payment
s which
will meet her private obligations and her public or reparati
on obligations
all will be well. If on the other hand she reaches
the other extreme, a
stage where she can pay nothing abroad, all will be
But it is just because her experience will lie somewh bad.
ere between those
two extremes that the correlation of her private
and
tions is interesting. If she can pay both, everyonpublic foreign obligae gets paid. If she
can pay neither, none of her creditors will be paid.
But considering the true situation, reparation
claims appear due to
suffer to the advantage of private investments in
There is, of course, an answer to this criticis Germany.
m. It is this—private
loans are made to Germany for productive
purpose
and lenders did not think they would produce more s, and if borrowers
loans would not be made. The surplus that they than they cost these
produce over theircost represents strengthening of German national
increases the ability of that country's Govern economy and thereforement to meet its foreign
obligations.
In other words, private borrowers in German
mitments abroad before the transfer agent pays y will pay their comreparation cash abroad,
It may be said that it has to be this way, otherwise
loans to Germanywould cease in the next few years.
And so, however immediately disagreeable this relegati
on of the rights.
of reparations payments may seem to the allied
comforted by the argument that in the long run credtiors, they may be
private loans increasetheir chances of getting paid.
Proposed Peruvian Loan.
Limn (Peru) advices were publis
hed as follows in the
"Wall Street Journal" of April 5:
The first issue of the $30,000,000 series loan
Weld & Co. and Blyth, Witter & Co., of New negotiated with White,
York, will be for $14,250,000. Several millions are destined for
000,000 for the Agriculturtil Bank. Interes irrigation works and $2-,
t is not to exceed 7;4%
and the price wlil not be less than 93. Amortiz
ation will be in 30 years.
Security for the loan is principally the
proceeds of inheritance and
mining taxes.
The proposed loan was referred
to in our issue of April
3, page 1853.
Paraguay Abolishes Cotton Expor
t Tax.
According to an Associated
Press dispatch from Asunclan, Paraguay, April 15, printe
d in the New York "Journal
of Commerce," Parliament has passed
a law abolishing the
export tax on cotton.
U. S. Buyers Await Low Coffee
Price—Trading Declines
In Rio de Janeiro.
From Rio de Janeiro of April
15 the New York "Journal
of Commerce" reports the follow
ing Associated Press advices regarding the coffee situat
ion:
Trading in coffee in Brazil's principa
l shipping ports is slumping
badly. The paralysis of the local
is very little trading in Rio spot Coffee Exchange is serious. There
cent a pound higher than America 7s because the actual price is half a
n buyers are willing to pay. Similar
sluggish conditions prevail at
Santos, where the daily quota, shipped to
the port under the coffee
defense scheme, was recently reduced from
36,000 to 26,000 bags in order
artificially to create a shortage of supply
of coffee coming daily by
railway from the interior to Santos.
The situation of the Santos
market reveals desperate efforts to
vent a further fall in the
nation's principal agricultural product, preforced the Coffee Institute to
which
of the world's coffee drinkers reduce by almost one-third the daily ration
.
Action is considered risky by
many dealers because stopping up
stream of the product going
the
abroad
To this must be added the general would result in piling up the interior.
predictions of a heavy oncoming
and the increasing purchase
crop
of
traders and Secretary Hoover' Central American coffees by American
s antagonism against artificial price
trol.
conThe Sao Paulo Coffee Defense
Institute, according to the consens
of opinion among dealers in Santos
us
in the Santos market in an effort to and in Rio Janiero, is now buying
check the tumbling coffee prices.
City of Berne 8s to be Redeemed on
May I Next.
Speyer & Co. announce that in
accordance with the
terms of the City of Berne twenty
-five year 8% municipal
external loan of 1920, the City
of Berne has elected to
redeem on May 1, 1926, all of
the above mentioned bonds
then outstanding at 107% and
accrued interest to May 1,
1920, on which date interest
on the bonds will cease.
Rumania Increases Duty on
Tariff 800%—Other Tariff.
Increases.
An increase of about 800% in
the Rumanian import duty
on raw cotton and increases
in the duty rates on autom
obiles, accessories and a
number of other article
s, mostly
classifiable as luxuries, becam
e effective on April 1
in accordance with the provisions
of a royal decree promul
gated
as of that date, according
to a cabled dispatch
received at
the Department of
Commerce, says advices to the
New
York "Journal of Comme
rce" from its Washington bureau
,
Germany Puts Private
March 31, which also
Loans Above Repara
contains the following information:
tions—Likely
Raw cotton duties will be
To Meet Business Obligations
increased from the present 0.17 gold lei
Before Making Payme
100 kilos to 1.35 lei per
per
nts
100 kilos. Import duties on sheetin
To Allies.
gs will beadvanced 30%.
American investors in Germa
The automobile duty rates
n industrial or other
will be increased approximately
private 300%, those on spare
securities have a better chanc
100 to
parts for automobiles
e of being paid than
have the the rates for motor cycles will be increase will be about doubled, and
Allies to whom German tl
d 300%. Increases in the
rate applicable to agricultural
eparations are due, says
copyright advices, April 13th, the
Other increases, which are machinery range front 33 to 500%.
New York "Times" from per
specifically expressed in terms
100 kilos, are as follows:
of gold lei
Berlin, which, continuing, state:
33.50 to 333; sewing machines, Typewriters and adding machines, from.
That statement will prove to be true, no
automobiles will be assessed asfrom 3.50 to 33.50. The new duties on
matter how much discussion
follows: On cars weighin
there may be about whether reparati
1,000 kilos, 27
g
commitments abroad or do not. It willons come before private German to 1,700 kilos, gold lei per 100 kilos; on those weighing from less than
prove to be true notwithstanding
1,000
40 lei per 100 kilos; and
the provision in the Treaty of Versailles
on those weighing more kilos
1,700 kilos, 67 lei per 100.
saying
than
first charge on all German resources. Things reparations represent a
What will amount to an addition
al 25% increase on
way, regardless of the Dawes plan and all its will surely turn out that as described is also
these new duties
included in
machinery for safety first
transfer of mark reparation payments.
that one gold lei will be made the decree in the form of a declaration
paper lei, instead of 40 paper equivalent, for customs purposes, to 4
0
lei as has been the
case.
2132
[Vat,. 122
T,HE CHRONICLE
Pangalos Modifies Greek Constitution.
Associated Press cablegrams from Athens, Greece, announced on April 6 the issuance of an official decree modifying some of the provisions of the Constitution. The accounts
state:
Gen.
It declares that with the existing form of parliamentism it is becoming
difficult to establish stable Governments; therefore, with a view to procounmoting the return to normal parliamentism capable of governing the
President
try, it is decreed that the Constitution be so modified that the
of
of the Republic can always dissolve the Chamber before the expiration
his term and that the President of the Republic can always get a vote of consession and that if the vote is obfidence in the Government once every
session.
tained no motion of want of confidence can be moved at the same
The New York "Times" commenting on the above said:
Theodorus
Under the present form of administration in Greece, General
the office
Pangalos is not only Premier, but dictator. When he took over
all responof dictator he made the public announcement that he assumed Twelve of
out.
sibility. Presidential elections have been partially carried
has received
the thirty-five provinces have voted and General Pangalos
about 90% of the votes for the office of President.
Hallgarten Syndicate Awarded Uruguayan Bonds—
Public Offering Next Week.
ratificaIt was made known on April 12 that, subject to
of
by the National Congress, the National Council
tion
the bid of a syndicate headed by HallUruguay has accepted
an issue of
garten & Co. and Halsey, Stuart & Co., for
6% gold dollar bonds of the Uruguayan Govern$30,000,000
were made
ment. It was reported a week ago that bids
awarded the
by several groups. The syndicate which was
Lehman
bonds includes, besides those indicated above, Ames,
Co.;
Brothers; Cassatt & Co.; Kissel, Kinnicutt &
Northern
Emerich & Co.; National Republic Co., Chicago;
Guardian Detroit Co., Detroit; ShawTrust Co., Chicago;
Co., Bank
mut Corporation, Boston; Anglo London-Paris
Co.,
San Francisco; Mississippi Valley Trust
of Italy,
& Trust Co., Minneapolis;
St. Louis; Minnesota Loan
amount
Northwestern Trust Co., St. Paul. A substantial
it is stated, will be taken in Europe. In the
of the issue,
's bonds,
past London has been the chief market for Uruguay
bonds
command high prices in Europe. The new
which
next week. It is understood that
will be publicly offered
d by one
the Hallgarten bid has already been approve other was
Congress, and that action by the
Chamber of
scheduled for yesterday (April 16).
the
Antioquia produces approximately one-fourth of the coffee grown in
Republic of Colombia, which is the second largest producer of coffee in the
world. There are over 60,000,000 coffee trees in Antioquia, and the value
of the 1925 production of coffee in the Department is calculated at about
$17.000.000.
of
Security.—These bonds are the direct obligation of the Department
to be
Antioquia. Together with $3.000,000 Series "A" bonds, they are
specifically secured (upon the retirement of Fr. 1,878,000 bonds, funds for
which purpose have been deposited with the Fiscal Agents), by
nt
(I) a first charge and lien on 75% of the revenues of the Departme
derived from the tobacco tax, and
(2) a lien, subject to $3,000.000 internal bonds, on the properties and
earnings of the Antioquia Railway, including all extensions, additions and
improvements constructed or acquired with the proceeds of these bonds.
$3.000,000 face amount of Series "A" bonds are reserved to retire the $3.000,000 internal bonds, whereupon the bonds of this issue will become a
first mortgage on all the properties and revenues of the Railway.
The Department covenants that it will not issue any of the remaining
$8.000,000 authorized bonds unless the proceeds of the assigned revenues
for the preceding fiscal year or the annual average of the two preceding
fiscal years shall be at least equal to twice the annual interest and sinking
fund requirements on the bonds outstanding. including those then to be
Issued.
Revenues.—For the past three years the proceeds (in Colombian Dollars)
of the revenues assigned for the security of these bonds have been as follows:
Year.—
1923
1924
1925
Annual average
Net Earnings
Of Railway
After Deducting
Prior Charges.*
$789.849
822,780
979.431
864,020
75%
Of Revenues
from
Tobacco Ta,v.x
$859.783
851.056
1,264.663
991,834
Total.
$1,649,632
1,673,836
2,244,094
1,855.854
* Year ended December 31. x Year ended June 30.
The average annual proceeds for the three years 1923-1925, from the
revenues assigned for the security of these bonds, as shown above,converted
annual
at par of exchange, were equal to approximately 2.90 times the
interest requirements on the External Gold Bonds to be presently outstanding, including this issue, and in none of the three years were such proceeds
less than 2Y-i times said annual interest requirements. For the year 1925
the proceeds from such revenues, as shown above, were equal to about 3
of
times such charges. On the same basis the average annual proceeds
these revenues for the three-year period were equivalent to 2.11 times the
the External
maximum annual interest and sinking fund requirements on
Gold Bonds to be presently outstanding including this issue. It should
be noted that the net earnings from the railway,for the period shown above.
do not reflect any benefit from the additions and extensions to be provided
with the proceeds of the present issue.
Finances —The total debt of the Department of Antioquia as of December
made
31 1925, exclusive of debt, provision for the retirement of which was
through the issue of Series "A" bonds, amounted to $6,452,000. This
of the railincludes $3,000,000 internal bonds secured upon the revenues
road, for the retirement of which a sufficient amount of bonds of Series
"A" was reserved. Including the present loan, the total debt of the Department amounts to $12,452,000, or about $16(U. S.) per capita.
Since its creation in 1886 the Department has never defaulted in the payment of principal, interest or sinking fund of any of its indebtedness or in the
payment of its bonds when due. The revenues of the Department, exclusive of income from and expenditures on the Antioquia Railway, for each
of the three fiscal years ended June 30, 1925 exceeded expenditures.
the
The banking system of the Republic of Colombia follows that of
United States, the Bank of the Republic being modeled after the Federal
Reserve Bank of the United States.
Antioquia
Offering of 6,000,000 Bonds of Department of
a). Issue Oversubscribed
(Republic of Colombi
Books Closed.
Rollins & Sons
The bonds were offered "when, as and if" issued and reOn April 14 Blair & Co., Inc., and E. H. (Republic of
ceived and subject to approval of Counsel. Interim Re00 Department of Antioquia
offered $6,000,0
fund gold
in the first
Colonibia) 7% 20-year external secured sinking 91M and ceipts or Temporary Bonds may be delivered
at
instance.
bonds, Series "B." The bonds were offered
. A cumuaccrued interest, to yield 7.87% to final maturity maturity
the bonds by
New York Stock Exchange Reminds Members of Ruling
lative sinking fund sufficient to retire
1 1926,
Against Speculative Accounts of Employes.
, payable semi-annually commencing July
is provided
and accrued interest on the next
The New York Stock Exchange has taken occasion to reto call bonds by lot at 100
are callable as a mind members of the ruling forbidding the carrying of specsucceeding interest payment d'ate. They
and accrued
whole only, except for the sinking fund, at 1023' thereafter. ulative accounts for employees, its notice being as follows:
any interest date
NEW YORK STOCK EXCHANGE.
interest on July 1, 1935, and on
closed at 9:30
Committee on Business Conduct,
The subscription books to the offering were having been
ed,
New York, March 22 1926.
a. m. on the 14th, the issue, it is announc
dated July 1 To the Members of the Exchange:
heavily oversubscribed. The bonds will be
The special attention of members is invited to Section 7 of Chapter XII,
proceeds of the
1925 and will mature July 1, 1945. The
of the rules adopted by the Governing Committee pursuant to the Constituthe construc- tion of the Exchange, reading as follows:
present issue will be used to provide funds for
approxi"No member shall take or carry a speculative account or make a specuof an addition to the Antioquia Railway of
tion
lative transaction in which an employee of the Exchange, or of a member
through the coffee-producing zone, of the Exchange, or of a firm registered thereon, or of a bank, trust commately 38 miles extending
lines of the
engaged
firm
and for additions and betterments to the existing authorized pany, insurance company, or of any corporation,or as or individual stocks,
principal, in
in the business of dealing, either as broker
. The bonds are part of a total
Antioquia Railway
bills of exchange, acceptances or other forms of
bonds or
present issue of commerciaother securities,
l paper, is directly or indirectly interested, unless the written
issue of $20,000,000; in addition to the
outstanding $3,000,- consent of the employer has first been obtained. An employee of a corpora$6,000,000 Series "B" bonds, there are
retire $3,000,000 tion of which the Exchange owns a majority of the capital stock shall be
000 Series "A." The latter are reserved to
an employee of the Exchange within the meaning of this resolution."
00 issue will be in deemed
Very truly yours,
internal bonds. The present $6,000,0
and $100,
HARRISON S. MARTIN, First Assistant Secretary.
$500
coupon form in denominations of $1,000,
semi-annual
registerable as to principal only. Principal and
in U. S.
(January 1 and July 1) will be payable Agents, New York Stock Exchange Suspends M. G. Morgan
interest
Blair & Co., New York, Fiscal
gold at the office of
and J. B. Morgan, Partners in the Brokerage Firm
Department of
free of all taxes, present or future, of the
of Bouvier & Morgan, for One Year—DissoluInformation
tion of Firm Announced.
Antioquia and of the Republic of Colombia.
Jaramillo,
furnished the offering house by Ricardo Jimenez
Morgan G. Morgan and John B. Morgan, partners in the
Antioquia, follows
Esq., Governor of the Department of
firm of Bouvier & Morgan, at 60 Beaver Street, this city,
in part.
were each suspended from membership in the New York
in the north-central part of the
The Department of Antioquia, situated departments of the Republic. Stock Exchange for a period of one year from yesterday,
Colombia. is the largest of the
Republic of
and a population of over 800,000.
having an area of 25,000 square miles manufacturing are the principal in- April 16. The substance of the charge against the two
Agriculture, stock raising, mining and
members, who were specialists in the stock of the Indet is the largest producer of gold in the Republic.
dustries. The Departmen
APR. 17 1926.]
THE CHRONICLE
pendent Oil & Gas Co., was that they were found guilty on
Feb. 25 1926 of buying stock of the Independent Oil & Gas
Co. "for their own account at the price at which they had
agreed to protect the interests of another member during
2133
As usual, daylight saving unofficially will become effective for banks and
trust companies in Philadelphia on Sunday, April 25, opening and closing
being an hour earlier.
Petition of Federal Reserve Bank of New York for Re-
opening Of Gold Shipment Case Denied by
his absence from their post." Later in the day (yesterday)
the announcement came that the firm had been dissolved.
The following from Washington appeared in the "Wall
The remaining member of the firm, John V. Bouvier 3d, Street Journal" of April 14:
The Inter-State Commerce Commission denied petition of the Federal
was not involved in the charges against the two Morgans
Reserve Bank of New York, to reopen and reargue before the whole Comand retains his membership in the Exchange. President mission the case
involving the charge that rates,rules and practices covering
E. H. H. Simmons of the New York Stock Exchange, an- the transportation by express of inter-State shipments of money, coins,
nounced the suspension of the brokers from the rostrum of bullion, currency, bank notes, bills of exchange and securities, are unreasonable, discriminatory, preferential and prejudicial. Several months
the Exchange yesterday morning as follows:
ago the committee dismissed the complaint holding that present rates and
A charge and specification having been preferred under Section 7, Article practices were not unreasonable, unjustly discriminatory, unduly prejuXVII, of the Constitution against Morgan G. Morgan and John B. Mor- dicial or otherwise unlawful.
gan, members of the Exchange, said charge and specification were considered by the Governing Committee at a meeting held on April 14 1926,
said Morgan G. Morgan and John B. Morgan being present, and the Nebraska State Banks Prohibited from Paying More
Governing Committee having determined that said Morgan G. Morgan
than 4% on Deposits.
and John B. Morgan were guilty of the charge and specification, said
Morgan G. Morgan and John B. Morgan were each suspended for a period
Lincoln (Neb.) advices in the "Wall Street Journal" of
of one year.
April 5 state:
Section 7, Article XVII, of the Constitution is as follows:
Beginning April 1, State banks are not permitted to pay more than 4%
"Section 7. A member who shall have been adjudged by a majority Interest on deposits, under a law passed a year ago, and only now effective.
vote of all the existing members of the Governing Committee guilty of The payment of more than 4% or the acceptance of a higher rate is made
a violation of the Constitution of the Exchange or guilty of a violation
of a rule adopted _pursuant to the Constitution, or guilty of the violation a felony, punishable by a fine of not less than $100 or imprisonment not
of a resolution of the Governing Committee regulating the conduct or more than three years, or both. Violation of the law by a depositor results
business of members, or guilty of conduct or proceeding inconsistent with in forfeiture of deposit guaranty fund protection. The rate has been very
just and equitable principles of trade, may be suspended or expelled as
the said committee may determine, unless the offense is the violation of a generally 5%, but as the trend of court decisions was to permit bank
resolution or rule for which a different penalty has been provided, in which officers personally to pay the excess above the legal rate and still hold the
case such other penalty may be imposed."
fund responsible, this Act was passed, which relieves the fund of liability
The substance of the charge on which the two members, specialists no matter what ruse or device is employed to provide for a greater payment.
on the floor of the Exchange, were found guilty declared that on Feb. 25
1926 they bought stock for their own account at the price at which they Nebraska State Banks Asked for Assessment—Special
had agreed to protect the interests of another member during his absence
Fund Will Be Used to Pay Depositors in Failed
from their post.
IN
Banks.
Consolidated Stock Exchange Now Asks the State to
Modify Certain Terms of its Agreement with the
State Attorney-General Recently Sanctioned
by the State Supreme Court.
That the Consolidated Stock Exchange was admittedly
finding the drastic regulatory provisions of its agreement
with Attorney-General Ottinger's Anti
-Stock Frauds Bureau
(through the sanction of which agreement by Justice Ford
of the New York State Supreme Court the Exchange was
permitted to resume business on March 30) a burden and
had submitted a formal plea to the State Attorney-General
for relief through modification of five paragraphs of the agreement, was reported in the New York "Times" of April 14.
In this regard, the "Times" said in part:
Deputy Attorney-General Keyes Winter, head of the Anti-Stock Frauds
Bureau, produced a letter from Phillip Evans. President of the Consolidated,
in which the modification proposals were given in detail. Mr. Winter said
that Mr. Evans had also had a long talk with him and that he had been
Informed that the Exchange members were of the opinion that it could not
long continue in business unless material relief was obtained.
Although Mr. Winter would not say what action he would take, it is believed by many that he will not consent to alter the agreement.
Mr. Evans,in his letter to Mr. Winter, asked that the paragraph requiring every commission house member of the Exchange to have, at all times,
a minimum capital of $25,000 be modified by striking out the minimum altogether. In the same paragraph Mr. Evans would change the word "customers" to "non-members" in the following sentence:
"None but commission houses shall buy or sell securities for the public
as brokers, or charge commissions as brokers, or receive accounts, money
or property of customers."
Mr. Evans would change to $1,000 the amount mentioned in Paragraph
11, which reads: "Every member of the Exchange clearing for himself
shall keep on deposit at all times with the clearing house a minimum of
$3,000."
Mr. Evans asked that the "last eleven words" be stricken from Paragraph 6, which now reads as follows: "Commission houses shall be defined
as any member buying or selling securities for the public as brokers and
charging commissions as brokers, or dealing with or for any non-members,
or with or for more than five members of the Exchange."
Mr. Evans would also extend the time limit of ten minutes granted to
"specialists" on the floor in which to execute an order to thirty minutes.
Mr. Winter said he had talked with Mr. Evans about eliminating the
"specialists" altogether and thought an agreement to this effect might be
reached. A specialist is a trader who has sole right to sell certain stocks
on the floor of the Exchange.
Mr. Winter said he had not answered Mr. Evans's communication and
was "not in a hurry" to do so.
Our last reference to the affairs of the Consolidated
Stock
Exchange appeared in the "Chronic'e" of April 3, page 1959.
From the New York "Commercial" we take the following
Omaha (Neb.) advices of March 29:
The Nebraska State Bank Guarantee Fund Administrator has just sent
out notices to 800 State banks calling for payment of a special assessment of
one-fourth of 1% on their average deposits to aid in paying off certificates
Issued by the Banking Board to pay depositors in failed banks.
At present there are outstanding certificates of about $2,250,000. Early
in April certificates of $1.486,515 will be paid,leaving a balance of $850,000
in certificates to be taken care of.
Since its passage. the State bank depositors' guarantee law has refunded
to depositors in failed banks about $13,000.000• This fund has been
collected from solvent banks. Depositors have not lost a dollar since
,
this law has been in effect.
Listings of Baltimore Stock Exchange Approved
West Virginia Securities Law.
under
The Baltimore Stock Exchange has been approved by the
Securities Commissioner of the State of West Virginia under
the West Virginia Securities Law, which went into effect
July 1 1925. The following in the matter is taken from
the Baltimore "Sun" of April 13:
The Baltimore Stock Exchange has been officially recognized under the
Securities Law of West Virginia as an exchange whose listed securities will
not have to be further qualified for sale in that State.
A large volume of investment banking business is done by Baltimore
bankers in West Virginia, wichh will be facilitated by the new ruling.
Had Excluded Local Listings.
The so-called Securities Law had been in effect since the 1st of last July,
and in the meantime had excluded all locally listed stocks and bonds from
sale in West Virginia unless the specified issue was registered at the office
of the Commissioner of Securities.
The only other exchanges whose listings had previously been exempted
from the registration provisions of the law were those at New York, Chicago
and Boston. The fact, however, that securities listed on these exchanges
had been especially exempted had worked hardships on the members of the
Balt:m ire Stock Exchange.
Local Funds Invested in State.
A considerable amount of local capital is invested in West Virginia and is
constantly increasing. This is made evident from the number of West
Virginia industries which already have their securities listed here, including
Consolidation Coal, Elk Horn Coal, Monongahela Valley Traction and
West Penn Traction.
Ig Similar recognition of the Baltimore Stock Exchange also has recently
been granted by the Georgia Securities Commission, by which locally listed
securities can be sold in Georgia without being further qualified or registered.
New York State Bankers Association Endorses Action
of Gov. Smith_in Signing Bill Changing Method
of Bank Taxation.
Through its President, William S. Irish, the New York
State Bankers' Association isques the following under date
The following is from the Philadelphia "Record" of of April 13, regarding the Robinson bank tax law:
The action of Governor Smith in signing the Robinson Bank Tax B11
April 13:
and his memorandum of approval of the bill, are most gratifying:
The Clearing House Association yesterday adopted, effective May 1, the
The passage of the bill was made possible through the enactment by
system now in vogue in New York and
Boston of making a charge for Congress recently of an adrnendment to Section 5219. This was brought
handling collateral loans with out-of-town correspondents. Heretofore the about through the efforts of a Committee of the American Bankers
Assoservice has been rendered free of charge.
ciation, of which President Stephen Baker of the Bank of the Manhattan
The association approved the appointment of Charles E. Ingersoll, Company was the New York member under the leadership
of Goner
President of the Central National Bank, and M. S. Baker, President of the Counsel Thomas B. Paton assisted by the State Tax
Commissions of Ne
Penn National Bank, as members of the Clearing House committee. York, Massachusetts and Pennsylvania. The bill, in principle,
had bee
They succeed Joseph Wayne Jr., President of the Philadelphia-Girard before the legislature for several years, but until this session,
it had b.en
National Bank, and J. R. McAllister, Chairman of the Franklin-Fourth impossible to get it reported out of Committee.
Street National Bank, the changes on the committee following the recent
This year, under the enthusiastic and effective leadership of Mr. M. H
bank mergers.
Cahill, President of the Utica National Bank and Trust Co., and Cfutirma
Philadelphia Clearing House to Charge for Out-of
-Town
Service—Daylight Saving Time Effective April 25.
2134
THE CHRONICLE
(You 122.
Congress is empowered * * * to coin money and regulate the value
thereof.
Now the proposal is that Congress shall instruct the members of the
Government commission, the Federal Reserve Board, to use the powers
The signing of the bill by Governor Smith was noted in of the Federal Reserve System for promoting stability in the value of
money—stability in the price level for commodities in general. Our yardthese columns last week, page 1997.
stick has a stable number of inches and our money should be stabilized in
its purchasing power. Stable money is the ideal gold standard.
This price level now stands at about 160, a drop from 251, and my bill
Governor Smith Signs Bill Increasing the Limit of
instructs the officials in the Federal Reserve System to use the powers of
Deposits in New York Savings Banks to $7,500.
the System "for promoting stability in the price level." In other words
The amount which may be deposited in savings banks in In place of the existing discretionary power in a majority of the eight comNew York State by an individual, corporation or society, missioners on the Federal Reserve Board to bring on falling prices, they
should be obliged by law to hereafter operate the great Federal Reserve
which had heretofore been limited to $5,000, has been in- System to maintain stability in the index number of general prices—the
creased under a bill signed last week by Governor Smith— price level.
I am speaking of the average of prices, the price level. This average of
the bill raising the limit to $7,500.
prices for commodities at wholesale is represented by what is termed an
"Index number," which accurately shows the height of the price level month
after month and year after year. The chart which I am showing has for
Governor Smith of New York Signs Bill Affecting its index number a measurement each month by the Department of Labor
in its Bureau of Statistics, using the wholesale prices of about 300 commodiInvestment by Trust Companies in Foreign
ties and striking an average, which is represented by the index number.
Corporations.
These commodities fluctuate in price among themselves according to the
changes in supply and demand, and at the same time another deflation
A bill signed by Governor Smith permits trust companies
products at wholesale.
to invest up to 10% of their capital and surplus in capital would again lower the prices of practically allwould be injuriously affected,
Furthermore, all the countries of the earth
stock of money corporations incorporated under the laws of along with the evil effects in this Nation. That is, each nation throughout
a foreign country, according to the "Wall Street Journal" the world is endeavoring to maintain a stable par of exchange in its transactions of business with other peoples, and gold prices are the standard, actuof April 8.
ally dominated by the Federal Reserve Board in this country.
My bill when adopted will promote stability in the price level. The
New York Assembly Passes Bill Amending Law Govern- time has come, in my judgment, when the Congress of the United States,
to whom is confided the exercise of the power "to coin money" and to
ing Investment Companies.
"regulate the value thereof," should declare for stability. Now is the
From the "Wall Street Journal" it is learned that the New opportune time in the world's history when the needed stability can be
attained. We have nearly two-thirds of the
York State Assembly has passed the bill introduced by As- instruct for stability in the gold standard ofworld's gold and so can safely
prices.
In 1913 the Federal Reserve bill of Senator Owen actually had in it a prosemblyman Davis, amending the banking law to permit investment companies to buy, hold and sell stocks of any cor- vision instructing the Federal Reserve System to be so operated by its
officials as to "promote stability in the price level." Furthermore, I am
poration engaged in a like business as Its own, to an amount Informed that this was written in the bill after it had been agreed to by
not in excess of 10% of capital and surplus of such invest- the President and his financial advisers, but the World War was about
arrived
ment company, with total investments in all such companies to be fought and the time had not yetnow the for this great advance in
the Industrial and business world; but
conditions are completely
not to exceed 30%. The bill passed the Assembly ApiJi 8.
ripe in all directions. In addition to the essential factors for the maintaining
of stability in the price level which I have mentioned are the additional
elements:
First. The maintenance of the existing price level will be the most nearly
/ Bill to Stabilize Prices Through Discount le
ext of
just, as between debtors and creditors, taking into account the conditions
of Federal Reserve Banks—Senator Strong's
as a whole.
Explanation of Bill.
Second. A further lowering of gold prices in this country will injure
While we are referring elsewhere in this issue of our paper every human being in this world who is not a creditor in considerable degree;
and even those large creditors are where they do not need more wealth,
to the views of Governor Strong of the Federal Reserve and they are vitally concerned in making world conditions safe from the
Bank of New York, and others, on the bill proposing to revolutionary radicalism which Darts up whenever falling prices set in and
stabilize price levels through the discount rates of the Federal unemployment increases. year a crisis has existed for th farming popuThird. For now the sixth
,
Reserve Banks, we are giving here the text of the bill as lation, and on of the remedies is for Congress to instruct the Federal
,
introduced by its author, Representative Strong, of Kansas, Reserve officials to promote stability.
Why should
to stabilize the
on January 18, and the statement in explanation of the of all, business,we not seek and industry? general price level for the good
agriculture,
Is it not time to take the money
bill, made in the House by Representative Strong on Feb. question out of politics or any special class? And at the same time develop
the prosperity of all of our citizens and assist the world at large, for our
20. The text of the bill follows.
Federal Reserve Board is controlling the gold price level of the entire world.
A BILL to amend paragraph (d) of Section 14 of the Federal Reserve Should not this gold standard of prices be a stable standard, to result In
Act, as amended, to provide for the stabilization of the price level for stable money and no longer be a standard that acts like a jumping jack,
commodities in general.
as is shown n the price level?
Be it enacted by the Senate and House of Representatives of the United States
I ask the serious consideration of Members of the House to this proposiof America in Congress assembled, That paragraph (d) of Section 14 of the tion. I have asked the chairman of my Committee on Banking and CurFederal Reserve Act, as amended, is amended to read as follows:
rency for a hearing on the bill I have irtroduced, and I have been assured
"(d) To establish from time to time, subject to review and determination that such opportunity will be given. If there is any objection to such
of the Federal Reserve Board, a minimum rate of discount to be charged legislation, I hope the Members will not hesitate to come to me and present
by such bank for each class of paper, which shall be made with a view to their arguments. I have been for seven years a member of the Committee
accommodating commerce and promoting a stable price level for commodi- on Banking and Currency and have been trying to build up and strengthen
ties in general. All of the powers of the Federal Reserve System shall be our financial systems, both for agricultural and commercial interests. I
used for promoting stability in the price level."
do not want to do anything to weaken or impair them, but if we can, by
With reference to the purpose of the proposed legislation, such an amendment, stabilize the price level of commodities in general,
why should we not do so?
of7our Committee on State Legislation, we succeeded in getting the bill
passed, for which credit is due Mr. Cahill and his associates for the spelnd d
work they have done in this connection.
Representative Strong, in addressing the House on Feb. 20,
said:
Governors Strong and Norris, of New York and PhilaI wish to call the attention of Members of Congress to House bill 78951
delphia Reserve Banks on Bill to Stabilize Prices
which I have introduced, proposing a brief amendment to the Federa
reserve act, but an amendment which, if adopted, may have a far-reaching
Through Discount Rates—Credit to Bank of
effect, namely, the stabilization of the price level of commodities in general.
England—Brokers Loans.
act, paragraph
This amendment is to section 14 of the Federal reserve
Governor Benjamin Strong of the Federal Reserve Bank
(d). This section and paragraph provide that—
Every Federal Reserve bank shall have potter * * * (d) to establish of New York, has continued this week to present his views
from time to time, subject to review and determination of the Federal
Reserve Board,rates of discount to be charged by the Federal Reserve bank to the House Banking and Currency Committee on the bill
for each class of paper, which shall be fixed with a view of accommodating
of Representatives. Strong designed to stabilize commodity
commerce and business—
prices through Federal Reserve discount rates. What
The amendment strikes out the words "and business" and adds—
and promoting a stable price level for commodities in general—
Governor Strong had to say regarding the bill when he
And further adds—
appeared before the committee on April 8, was indicated in
All the powers of the Federal Reserve System shall be used for promoting these columns last week, page 1993.
Both he and Governor
stability in the price level.
The meaning of price level is the average of prices for commodities in George W. Norris of the Federal Reserve Bank of Philageneral at wholesale. This average of prices is indicated by an index num- delphia, as well as Prof. Sprague of Harvard University
ber,so that as the measurement takes place month after month the changes
in the index number describe the changes in the height or the price level. were heard by the Committee on April 9, and on Monday
I have here a chart showing the price level for this country since 1909. and Tuesday of this week (April 12 and 13) Governor
Notice how this price level went up like a skyrocket during the World War Strong further indicated his
views on the bill, the interroand later came down even more rapidly, since which time it has been fluctuating up and down between 140 and 165. At the right-hand side of the gations leading to the discussion of foreign transactions
chart LS shown the even condition of the general price level that would by the Federal Reserve Banks and the
credit to the Bank
result from the stabilization of the general price level.
This chart is constructed from data supplied by the United States Depart, of England. The subject of foreign credit, it has developed,
ment of Labor, which measures the price level for the use of mankind; and was also brought into the hearing accorded Governor
so does "Dun's Review," and "Bradstreet's Weekly," and Prof. Irving Seay of the Federal
Reserve Bank of Richmond, last week,
Fisher, of Yale University.
This chart presents the changes in the price level—the changes in the and to which we are referring in another item in this issue.
average of the prices for commodities in general at wholesale, in this Nation. On April 13 Governor Strong outlined possibilities that
State4 In another form, this chart pictures the changes in the purchasing
would tend to counteract any good that might come from
ower of United St tea money. The Constitution provides that,—
APR. 171926.1
THE CHRONICLE
the enactment of so-called stabilization legislation. The
account of the hearing in the New York "Journal of Commerce" on that day in indicating this said:
These possibilities included giving the right to country banks to consider checks in the process of collection as a part of their reserves,
the payment of 2% interest by Reserve banks on the reserves of member banks held by the former as contemplated in legislation pending
in Congress, heavy borrowings by the Government from the Reserve
systems in the quest of cheap money and maladministration in the
Reserve system or the Treasury of the United States. •
Settled Policy Needed.
Governor Strong discussed with the committee the effect expected
from the adoption of the bill introduced by Representative James G.
Strong of Kansas.
Mr. Strong stated it was his desire in proposing this legislation to
have Congress and the Government adopt a settled policy that its
financial agencies—the Federal Reserve System—should be directed to
use its efforts along lines that would avoid inflation and deflation. He
told Governor Strong that he understood the latter's idea to be that
the adoption of the bill would give the public the idea that the Reserve
system could under all circumstances bring about stability in prices.
He assured the banker that the experts who previously had appeared
before the committee had shown that this mandate would be effective
in ordinary periods to keep prices stable and declared that it was manifestly in the interest of the farmers and the great bulk of consumers
that stability of prices be maintained.
Governor Strong was invited to present a plan to the committee
whereby the manifest ill-effects of great inflation and deflation might
be obviated. He had charged that the proposed legislation neither gave
to the board any additional powers nor withdrew any of its prerogatives.
Some 400 Commodities.
The New York banker had stated that stabilization of prices over the
some 400 commodities that are considered in arriving at what the
experts call the price level, would be highly desirable, since it would
remove much of the uncertainty that occurs in commerce. He explained, however, that activities of the Federal Reserve Board in
endeavoring to bring about stabilization, under the express mandate of
Congress under the proposed legislation could easily be negatived by
Congress itself, or by improper administration in the Federal Reserve
Board or in the Treasury of the United States.
Mismanagement of the Federal Reserve system, due either to lack
of intelligence, capacity or integrity, or possibly by having in the future
men without a proper knowledge of the problems to be solved or actuated by some improper motive whereby they would plunge into inflation
by overexpansion of credit, would dispel, he said, all the benefits that
new legislation of this character might bring. He stressed the difficulty already experience in getting men capable of filling the various
positions in the Federal Reserve system. The only thing in the financial
situation of the New York bank, of which he is the head, where an
apology is needed, he said, is the salary of the employes.
The second possible cause of an inflation might come where, in the
administration of the Treasury, the Government might, regardless of
consequences, in order to borrow cheap money or for other purposes,
obtain large stints from the system.
Danger of Legislation.
Congress, he said, could bring about like results if it should some
time in the future enact legislation returning to member banks a part
of the reserves that they now carry with the Federal Reserve banks,
or in interpreting that checks in the process of collection may be considered as reserves against which the out-of-town banks could draw
immediately upon depositing them in the mails. These amounts to be
between $600,000,000 and $800,000,000. The payment of 2% interest
on the $2,200,000,000 of reserves held in the Reserve banks, as contemplated under the provisions of bills introduced in Congress would
necessitate the Reserve banks endeavoring to do a greater amount of
open market business and would bring them in greater competition
with the commercial banks. That would also bring about inflation, he
added, because between $40,000,000 to $50,000,000 would flow to the
member banks.
Members of the committee brought to the attention of the witness
the fact that a number of banks are complaining that they are forced
to maintain reserves from which they derive no financial benefit.
Governor Strong stated that if interest had to be paid it would be
necessary for the Reserve banks to make loans which would aggregate
$1,100,000,000 and "that you'd give us the dandiest inflation we could
imagine."
Competition for Loans.
It would bring with it a great deal of additional competition for the
member and non-member banks to meet, he explained, adding that
there was no way in which to raise the forty to fifty million dollars
necessary for the purpoes. Cutting overhead would not do it, he told
Representative Wingo of Arkansas, because the total overhead is only
$27,000,000.
The witness declared that the Reserve system would not hesitate to
oppose any legislation that would bring about any of the results above
referred to.
Chairman McFadden, of the committee, in answer to a question by
Mr. Wingo, said there was little likelihood of any move being made at
this session of Congress to bring about the legislation of the type
contemplated in the Strong bill.
The subject was so broad, he pointed out, that much additional study
would have to be given to it before any definite recommendations were
given to the House.
Chairman McFadden also called attention to the statement that the
Reserve banks take the cream of the securities from a bank that has
failed, to the detriment of the depositors.
"I would rather see the Fedearl Reserve Bank lose in the transaction
than to take an excess amount of collateral," responded Governor
Strong.
The $300,000,000 credit arranged last year in behalf of
the Bank of England was brought into the hearing on
April 12, at which time the "Journal of Commerce" gave
the following report of the proceedings before the committee:
He (Governor Strong) defended the system's existence, justified the
continuance of the so-called war powers, and told the committee that
2135
not only has the system the right to engage in certain foreign transactions to which reference had been made, but that it was good policy
to do so. In this way, also, he justified the granting of the $200,000,000
credit to the Bank of England, of which, he said, nothing has thus
far been actually advanced.
War Powers in Question.
The matter came before the committee when its chairman, Representative McFaddan, quoting magazine articles, stated it was indicated
that there was considerable sentiment against the retention of the war
powers of the system. Governor Strong promised to furnish the. committee with a carefully prepared statement answering the questions
brought up in this connection.
At today's session of the committee there seemed to be much of a
feeling of pessimism, reference being made by Representative Luce of
Massachusetts, to statements that have appeared in the financial press
that there are grave indications of serious reaction this summer or fall.
Mr. Luce was inclined to criticise the officers of the Federal Reserve
system for withholding from the public during the 1920 deflation period
that it was acting as a regulator. "With depression coming again," he
said, "it is almost certain that this will be one of the big issues, coupled
with which there will be the proposal to renew the charters of the
Reserve banks, and, he added, there are a few persons in the country
ready to renew the Jackson episode which so distracted and disturbed
the country."
"Would it not be better for us to take the bull by the horns and
say it is best in our judgment to have a regulator and not merely a
fly-wheel?" he inquired of Governor Strong.
What to Regulate.
The witness was inclined to agree with the Massachusetts Congressman, adding that the difficulty would be what "we wish to regulate."
He said if any declarant purpose is to be made in the Reserve act
there should be some disclaimers in addition. He added that the
Federal Reserve Act, no matter how well administered, cannot underwrite prosperity.
[A reference here to assistance rendered by the Reserve Banks to
the Havana banks last week is incorporated in our item relative to the
latter on another page in this issue.—ED.I
Lesson of 1921.
"The collapse that took place in 1921 permitted a contraction of our
loans and note issue and the reserve deposits of the member banks
until they came down to $800,000,000 in loans and investments and
the present $850,000,000 of currency," he said in discussing the trend
since the war. "This imposed a hardship on the country, but on the
other hand now that it has occurred and reasonable adjustments so far
as any adjustment is possible has taken place at this present price level
and present volume of business should we not endeavor to have the
people avoid any future depression and further hardships?
"The amount of business conducted in this country today requires
substantially the amount of credit that is now being employed so long
as prices are about at their present level," he continued. "That credit
is expressed in bank deposits and currency in circulation and is called
into being and requires for its being to be sustained at that level, about
$1,000,000,000 of credit from the Reserve system. If the business
fabric of the country could not be sure of credit being sustained at
about this level or some act or some effort made to retire that $1,000,000,000 of Federal Reserve credit we might have a recurrence of another period of contraction, some reduction in price, some unemployment, until another readjustment was forced on this country. That
is one reason why I think these criticisms of the system are unfair."
He declared the forced retirement of this credit would be a grave
thing for the country and that it is not at all desirable.
For the Rank of England.
The Bank of England has not actually availed itself of the $200,000,000 credit which is to be at its disposal for two years from May, 1925,
the witness said. He explained that in the New York Federal Reserve
Bank there is a credit to provide or furnish the Bank of England if
desired, not to exceed this amount in gold. Under the terms of the
credit, the Bank of England coldd withdraw gold for export, could
have it earmarked in the New York bank's vaults, or order the latter
institution to make payments with it in New York. No charge is to
be made for the service other than on actual operations under the
credit.
He justified the making of this contract by pointing out that under
Section 4 of the Federal Reserve Act, the bank has authority to make
contracts, and under Section 14, to buy and sell bills of exchange at
home or abroad. He also claimed authority to open accounts with
foreign banks and vice versa, and to deal in gold coin or bullion at
home or abroad. This agreement, he held, is nothing but a contract
under Section 4 to sell gold under the terms of Section 14 to one of
our correspondents abroad. Clearly, he said, every step in the contract
is especially authorized and resort is not had to any implied powers.
Why System Was Created.
Governor Strong declared that the system was not created to aid
any one industry or class, but to help all alike and he included in his
list of general beneficiaries the producers and consumers, the importers
and the exporters. He added that one of the biggest things the system
can do is safeguard our markets abroad by the granting of credits with
which our foreign customers can buy American surpluses.
Great Britain, he pointed out, is a large buyer of our exports, particularly of cotton, adding that there is no better way for us ot maintain our foreign markets than to stabilize the exchange so that the
American seller will know the value of the exchange in which he is
being paid, and the way also opened for the sale of his products.
This credit to the Bank of England is not to be taken exactly as
a precedent, Governor Strong informed Chairman McFadden in response to questions; no such agreement would be entered into unless
it were deemed both wise and safe.
On April 9, when Governors Strong and Norris were
both heard, Governor Strong was asked by the Committee
to voice his opinion of the effect of the publicity given the
amount of outstanding brokers loans: the "Journal of
Commerce" in indicating this, goes on to say:
"There had been a feeling expressed to me by members of the board
for some time that information in regard to the volume of credit involved in speculative loans was inadequate," he said.
2136
E CHRONICLE
Publicity Desirable.
"I had felt that it would be desirable to enlighten the country on
that subject but not in such way as would make it appear that responsibility would be assumed by the system. My attitude was that we
should try to get the members of the Stock Exchange to do this themselves. This was done.
"I should say that the effect of the publishing of the figures was to
give a little check to speculation. I anticpiate that there was considerable reduction since the figures were published. There was a
reduction due to natural causes or to the fact that this information
was being made public, causing some tightening of the situation because of possible alarm. Other influences have had a bearing upon the
course of stock prices in recent months. One of them originated
possibly with the evident intention of the Reserve system to somewhat
increase the discount rate.
[VoL. 122.
tended condition and that everybody should do what was possible to
get back to normal and to a saner and safer condition."
Members of the committee were much interested in his statement to
the effect that the fifteen-day limit on borrowing is not effective, that
the notes are renewed by the Philadelphia Reserve Bank. He stated
that the bank never says to a borrower "you must pay off," and it
never, when it is over-supplied with money, seeks business. He explained that inflation never begins with the Reserve banks and that
it is difficult to influence a situation with a change in discount rates.
The member banks institute inflation by loaning large amounts and
then they go to the Reserve banks for loans themselves.
"When a movement in prices is under way," he added, "it would
be dangerous for an outside agency to interfere with or attempt to
alter that current."
At the hearing on April 13, Gov. Strong, according to the
Stable Money Association said that the 12 Federal Reserve
As to the Discount Rate.
"The effect of these things upon the mood or temper of the publia is districts are in effect 12 separate gold standard countries.
cumulative; it is not due to one thing. Influences occur and change They are a good exhibition of how the gold standard works.
the attitude on speculation. I think another influence has been, to
som extent, that we have had a course of rising interest rates for It may be possible in the future to use a gold-settlement
quite a period."
fund internationally through the League of Nations in
Governor Strong added that it was not altogether the advance in the much the same way that the 12 reserve banks now use the
discount rate, for during the period in question there were sold $290,000,000 of the system's holdings of Government security that had been gold-settlement fund at Washington.
purchased through the open market committee. That, he thought, had
If the system has an abundance of earning assets which
had an influence on money rates. Then was the fact that speculation it can sell in order to withdraw currency and credit from
in stocks had gone through a course which had reached something of
a natural crisis, with a little overextension, he suggested; also one or the market it can control a runaway inflation of prices,
two developments that were not "quite to the appetite of the specu- but when we get up against a long, slow decline of prices,
lative community" had had an influence on sentiment.
due to the psychology of the people or some other cause,
There was, too, the effect of the decision of the Interstate Commerce
Commission in the Nickel Plate case. It is technically possible, he said, what can the Federal Reserve system do then? Congressthat the speculator would hold that the sale of speculative stocks ac- man Goldsborough, of Maryland, pointed out to him that
cumulated by him at lower prices depended on the public taking them
this legislation was in the nature of a direction of the
off his hands. These things have resulted in liquidation of Stock
mental operations of the Federal Reserve authorities, a
Exchange loans somewhere in the neighborhood of $600,000,000.
direction not to indulge in excesses of either inflation or
Effect Not Very Great.
"The effect of that on the reserve position of the Federal Reserve deflation. This legislation would not interfere with the
system has not been very great," he explained. "I doubt if it resutled present efforts to control and prevent inflation and dein the reduction of reserve requirements of member banks of an amount flation, only the possibilities of misunderstanding are insufficient to liquidate more than $50,000,000 of their borrowings from
finite. It is in the nature of direction to future managethe Reserve banks."
Chairman McFadden inquired as to the effect of pyramiding of ments. Any legislation which will introduce sound doctrine
balances. Pyramiding, he said, seems to him to be uneconomic and
constructive, said
perhaps tending to force money into the open market, available for into the minds of the system will be
speculative purposes, because of the need to make the interest pay- Governor Strong. The Stable Money Associations account
ments. The pyramiding situation, the witness declared, can never be of the procedings goes on to say:
met under a banking system such as prevails in the United States.
He specified four possible situations which might result in an era of
Governor Strong explained to the committee how a Reserve bank inflation in this
country, as follows:
arrives at a need for revision of the discount rate. Officials of the
(1) The intelligence or integrity of the managers of the system might
bank are kept supplied with charts with indices of money rates, bank deteriorate, or they might be actuated
by improper motives in overdeposits, production and prices. In addition there is information and extending credit. In this connection
he pointed out that commercial
statistics as to retail sales, car loadings, electric energy consumption, bankers have no comprehension of the problems of the Reserve banks,
crops, foreign trade reports, stocks of goods, speculation, bank hold- stating that commercial banks are operated in order to make money,
ings and bank reports showing deposit and loan changes, all to indicate but that Reserve Banks are opertaed to render service to all the people.
the soundness of the credit structure, not to -fix prices of anything.
(2) Some future administrator of the Treasury may for some reason
of national policy recklessly, or otherwise, bring about inflation, which
Prof. Sprague's Views.
under existing and contemplated legislation could not be resisted, and
Prof. Oliver M. Sprague, of the Department of Banking and Finance, this would cause an increase in the General Price Level and all of the
Harvard University, told the committee that he did not know of a hardships that that inevitably brings.
(3) Congress might enact some legislation which would have the
case where a period of inflation had righted itself without a collapse.
He doubted if the Reserve system could have done anything in 1920-21 result of lowering the reserve provisions, such as making checks in
to make the deflation less precipitous. He thought that the sytsem process of collection count as a part of the bank's reserve; or they
should have a more careful regard for the rights of depositors and might require the Reserve banks to pay interest on deposit balances, thus
should scrutinize the reports of the brorowing banks so that when forcing the Reserve banks to go into the open market in competition
they approach an overextension of credit a move toward readjustment with their members in order to earn the mopy to pay this interest and
requiring them to put out from a billion to a billion and a half dollars
could be made.
of credit, which would bring disastrous inflation and increase the GenGoveronr Norris' Views
eral Price Level.
Gov. George W. Norris, of the Philadelphia Reserve Bank, joined
(4) There might be an unavoidable import of gold at a time when
Governor Strong in expressing to the committee the belief that the the Reserve system had no earning assets to sell to absorb the gold, and
pending proposals for the stabilization of the dollar cannot successfully the pending legislation does not give any additional powers to enable
be worked out in the Federal Reserve system.
the Reserve system to handle this situation and prevent inflation and
Governor Norris expressed the belief that the producers of surplus increase of prices.
products in this country might not look kindly on a move to stabilize
Carl Snyder, General Statistician of the Federal Reserve
the price level at a figure which prevented their doing an export
Bank of New York was accorded a hearing by the Combusiness.
"I regard the stabilization of the price level as a desirable thing," mittee on April 14, and reference to what he had
to say
said the witness, adding that under such conditions it would be possible to proceed more smoothly and comfortably than if prices were Is indicated elsewhere in this issue. Besides our item of
fluctuating wildly. "But when we are considering the enormous number last week, the hearings on the bill have been referred to in
of elements that enter into the price of a single commodity or the these columns, March 27, page 1707, and April
3, page 1863.
price index, is it wise, is it safe, to undertake to stabilize the existing
On another page this week we are giving the text of the
price level?
bill and the statement on it made by Representative
Foreign Pricer a Factor.
"Suppose, for example, we are to undertake to stabilize the price Strong in February.
After the Committee hearing on
level at the present figure, and that the tendency in England and April 14, an adjournment for about a
week was taken, to
Germany seems to be toward getting lower costs and the price level
in those countries declined so far below our price level that we would give the members of the Federal Reserve Board an opporbe completely excluded from competing in competitive markets and tunity to review the testimony presented. They will then
our exports to all such markets cut off. Under those circumstances be permitted to appear before the
Committee to make any
what would be the attitude of the producers of surpluses to a system
which had stabilized the price level at a figure which prevented their statement desired.
doing an export business?"
He pointed out also that there would always be a conflict between
producers and consumers, their interests being opposed. He explained Governor Seay of Federal Reserve Bank of Richmond
that the Federal Reserve system has primarily to do with credit and
at Hearing on Bill To Stabilize Prices Gives
currency and has not the close knowledge of the currents that are in
Views on Foreign Financing
operation that anyone should have to undertake the task of stabilization.
Representative Williamson of South Dakota asked Governor Norris
While it appears that George J. Seay, Governor of the
whether an order had been issued by the Federal Reserve Board in
1920 or 1921 to member banks to reduce their loans approximately Federal Reserve Bank of Richlieu and was present last
40%. Governor Norris said that no such order had ever reached the week before the committee which is holding hearings on the
Philadelphia bank.
Strong bill to stabilize prices through discount rates, inThe Position in 1920.
formation regarding his testimony has only become avail"In the extended conditions that the Reserve banks found themselves
in in 1920, when they were within a fraction of their minimum reserves, able the present week. The questions put to him concerned
there was, of course, a strong feeling from top to bottom that credit the credit arranged for the account of the Bank of England
was overextended," he said. "We felt that we were in a very ex- and foreign financing generally. Stating that members
THE CHRONICLE
APR. 171926.]
offthe House Banking and currency Committee had indicated
afdesire to question Governor Strong on this policy with a
view to securing information upon which to determine
whether or not the Federal Reserve system exceeded the
authority of law in the $200,000,000 British loan agreement .
)
the New York "Journal of Commerce" in its advices from
Washington, April 11 reported as follows regarding Governor
Seay's testimony.
Executive Session Offered.
r Representative
2137
Carl Snyder of Federal Reserve Bank of New York
As Hearing on Bill to Stabilize Prices on
Demand For Gold in India.
The demand of the Farmers and merchants of India, who
make their investments in gold, which they store away
against the coming of hard times or in the accumulation
of their fortunes, saved the United States from an orgy of
raising piices, it was stated before the House Committee on
Banking and Currency on April 14, during the hearing on the
Strong bill to stabilize commodity prices through numerous
discount rates. Carl Snyder of the Federal Reserve Bank
of New York, in giving his views on the subject is reported
to the following effect in the New York "Journal of Commerce."
Louis T. McFadden, chairman of the Banking and
Curency Committee, stated to Governor Strong last week that he would
like to have him go into the matter,promising that if there were any features
of such a nature as to make it inadvisable to discuss the matter in public
hearings an executive session of the committee would be held to get his
views. Recently the committee interrogated Governor George Seay, of
the Richmond Federal Reserve Bank on this subject, but failed to get
from him, apparently, the information desired.
The successful planting and harvesting seasons in India, coupled with
"There have been at least three versions of this transaction," said Mr. favorable prices for crops,enabled the people of that country to take $1,500,McFadden today when asked to explain the desires of the committee for 000,000 of the world's gold, Carl Synder, general statistician of the New
Information on the subject.
York Federal Reserve Bank, declared to-day. With the United States in
"When critics of the administration of the Federal Reserve system be- a commanding position with respect to the world's gold, had not this taken
came aware of this established credit, they pointed out that apparently place there would have been a period of financial inflation, coupled with
there was no authority in law which would permit this, and that clearly rising prices of general commodities, that would have brought about much
It was not the intent of the framers of the act that the sacred legal reserve dissatisfaction among the working people of America.
of the system should be loaned outside the United States.
With so much gold gravitating toward the United States to become a part
of the bank reserves, in&eased loans could be made to industry because of
Frozen Assets Possible
the accompanying low interest rates, with a superfluity of loanable money.
"It has been pointed out that in an emergency it might mean that the That would have permitted of industrial expansion and the production of
assets which would otherwise be available to the Federal Reserve member greater surpluses in all lines, upsetting the general stability that efforts
banks might become frozen assets and not available for the use of those are made to maintain.
banks. Apparently, while not attempting or desiring to criticise the
worthiness, or perhaps the justification for the granting of a loan or credit
Bankers Association Urges Adoptio
of this character to Great Britain, to assist in restablishing the gold standard American
McFadden Branch Banking Bill as Passed By
In that country, the methods by which this loan was granted were questioned. Should the Federal Reserve banking system be used for this purpose,
House With Hull Amendments—Opposed to*
instead of arranging a loan along lines similar to the credit established
Senate Changes.
through J. P. Morgan & Co.
"Some critics pointed out the fact that the Government of the United
Bankers throughout the country have been asked by the
States itself was holding a large amount of British securities, as well as the
securities of other foreign nations, and there is a large amount of private American Bankers Association to urge their Senators to
loans to Great Britain outstanding in the United States at this time. They support the adoption by the United States Senate of the Mcseem to feel that instead of involving the Federal Reserve system in a
Reserve Act as passed
transaction of this character, if it was of supreme interest to the United Fadden bill to amend the Federal
States that assistance be rendered Great Britain to re-establish herself on by the House without the changes made in it as subsequently
a gold basis, that should be a matter of negotiations for the Government, reported to the Senate, it was announced by Thomas B.
with the approval of the State Department, or an arrangement, with the
Paton, General Counsel of the Association on April 12. Senapproval of the State Department, through private banking channels.
To Take the Lead.
"There is a desire for information as to whether or not the Reserve
system is to be used, and necessarily used as a stabilizer in taking the lead
In a world-wide establishment of the financial systems on a gold basis."
Governor Seay stated that the open-market purchasing committee
arranged this matter and that his bank on the basis of its capitalization,
etc., would have apportioned to it between 434 and 5 per cent of the proposition. He agreed with Representative Wingo, ranking Democratic
member of the committee, that all that was done was to give to the Bank
of England assurances that, pending operations, we would continue for
the period of the agreement to invest wherever necessary and pay gold
therefor to the extent at least of $200,000,000. The policy of the last two
years would be continued for three years more or less.
Governor Sony stated that the Federal Reserve system about 1920 or
1921 had about $600,000,000 invested in acceptances; at the time he was
speaking, the amount was about $400,000,000. There was some criticism
of the fact that the capital of the system is $120.000,000 and the surplus
$220,000,000, while the investments in question are so much larger.
Where Loans Are Made.
"Are you of the opinion that it is a good plan to loan to foreign Government reserves or make commitments which might absorb the legal reserves
of the Federal Reserve system?" Inquired McFadden.
"I do not think we are loaning to a foreign Government," replied Governor Sony.
"But you are buying notes or bills?" Insisted Mr. McFadden.
"Yes," replied the witness, "but we are not buying from any foreign
Government."
"You are buying them. How ?"
"That would be such bills as we might deal in the Bank of England."
"Are they obligations which would be readily marketable in case of a
sudden outbreak or war?" Mr. McFadden asked.
"I should think so," the witness said. "You know how the bills flow
Into the open market of London, amounting to about 161,500,000,000 when
the war broke out. The British Treasury undertook the guaranty of
these
bills, but so far as those bills are concerned they might be bills of this
country we are authorized to purchase."
The Spirit of the Law.
"Are you of the opinion that it is the spirit of the Federal Reserve
Act
that there might be invested these legal reserve deposits or the
capital of
the system, $200,000,000 in foreign securities such as provided in this
agreement?" continued Mr. McFadden.
"Beyond question," the witness declared. "We have that right to deal
at home or abroad, and no limit placed on that."
The question has been raised in the minds of a great many people as to
the
participation of the Federal Reserve system in a loan of this character, as
to the authority, and as to the terms, and the reasons therefor, as well as to
just what the commitment was, explained Mr. McFadden.
"Is it proper and good that those reserves should be Invested in a
foreign
credit of this kind?" he inquired, adding: "I do not ask you to answer that
one way or the other, but I want to make that statement, in view of the
question that have been put to you here."
"In the first place." replied the witness, "I want to say that there is not
anything wrong about this transaction; nothing to which you are not perfectly welcome, and I am witholding nothing whatever."
He was assured by Chairman McFadden that it was not the intention of
any member of the committee that had Joined in interrogating him to
cause him any embarrassment, but that he was the first Federal Reserve
governor to come before the committee since the matter first came to its
attention, and that it is amatter in which the committee is extremely
interested and concerning which they desire all possible facts.
ate changes include the addition of a rider providing for
indeterminate charters for the Federal Reserve banks and
the omission of two provisions in the House bill, known as
the Hull amendments, aiming to prevent the further spread
of branch banking and also to create equitable rights between State and national bilnks as to branch banking privileges in places where this type of banking now exists. It is
the position of the officers of the association, Mr. Paton
says, that the bill as passed by the House represents the
formally avowed policy of the organization expressed in
general convention, whereas the Senate changes are counter
to this policy. His communication to association members
is in part as follows:
The Senate Committee added the rider for the indeterminate charter of
Federal Reserve banks. Our association is on record in favor of such recharter, but as an independent proposition, not coupled with other amendments to the Federal Reserve Act. There is fear on the part of many
bankers that the rider will inject into the discussion controversial questions
which will prove fatal to the bill and render fruitless all the tremendous
efforts which have been expended in its behalf. The policy of our association, therefore, is to urge upon Senators that the rider be omitted and not
considered in connection with the McFadden bill, leaving the recharter provision to be urged as an independent proposition when the McFadden bill
is out of the way.
We urge retention of the Hull amendments for two reasons. First, these
amendments, which deny city branches or any branches whatever to national banks and State bank members of the Federal Reserve System in
States which do not at the time of the approval of the Act permit branch
banking even though branch banking may hereafter be permitted by the
State, were the compromise upon which our members were brought to support the bill.
Second, the best opinion obtainable is that the bill will not be accepted
by the House without the Hull amendments. Therefore, aside from urging
the Hull amendments as a matter of association policy, they should be
urged upon the Senate to insure the success of the bill, for if the Senate
rejects them, there is danger that the entire bill will fail.
Some Senators reason that these amendments would give to national
banks in 22 States the privilege of city branches which would be denied
to national banks in 26 States which might hereafter adopt branch banking, but there is as good reason for these amendments as there is to allow
existing members to retain their State-wide branches while denying the
privilege of State-wide branches to all in the future. They are therefore
consistent with the other provisions of the bill. The underlying purpose of
the Hull amendments is to stop branch banking where it is now and check
its further growth and if the Hull amendments become law, there is little
chance that any present non-branch banking State will hereafter adopt
branch banking, because national and State bank members 'would necessarily
be arrayed against it.
Furthermore, the Senate Committee has inserted a provision, not in the
House bill, that if a national bank has one or more city branches in a State
which prohibits branches, any other national bank in the city can have the
same number of branches. The report to the Senate says that there are one
or two cities in which there is a national bank having one or more branches
originally established under State law not now in force and that it is proposed to permit any other national bank in such a city to establish not more
than the maximum number of branches possessed by such other national
bank.
However, in Milwaukee, one of such cities, the practical effect would be
that some twenty-odd State banks without branches could have none except-
2138
THE CHRONICLE
ing three whose branches existed before the law was changed in Wisconsin
and the eight national banks in the city would be privileged to have a total
of sixteen branches. This, of course, would work discrimination against
the State banks of those cities and adds a further complication to the bill,
which should be eliminated.
Again, the bill as reported to the Senate provides that "a national bank
may maintain and operatA; such branch or branches as it may have in operation at the date of the approval of this Act." It appears that there is a
situation in Minneapolis where certain national banks established branches
or additional offices at a time when the State law was silent on the subject
of branch banking, following which the State law prohibited branch banking. There is a question, we understand, as to the legality of these
branches, but it is feared that the above provision and also the provision
previously referred to, that where a national bank has city branches in a
State which prohibits branches any other national bank in the city can have
the same number of branches, would permit all the national banks in Minneapolis to have city branches which would be denied State banks. The
Intention, we are advised from Washington, was simply to permit this
privilege where national banks had "legal" city branches.
The complications and uncertainties which would follow these Senate
amendments afford additional reason why our members should urge upon
their respective Senators that the Senate should reject all these amendments
and enact the branch bank provisions as contained in the House bill. We
are anxious that the McFadden bill should pass this Congress in order that
national banks may have needed relief and the branch bank problem be
settled in accordance with the plan worked out and agreed upon at the
Chicago convention.
Annual Report of Federal Reserve Board—Reserve
Credit Policy—Earnings of Reserve Banks—
Relations With Foreign Central Banks.
The annual report of the Federal Reserve Board, made
public on April 12, states that the outstanding financial developments in 1925 were "the large volume of production
and trade financed by the banks of the country and the
progress made in the restoration of monetary, stability
throughout the world." The report, among other things
discusses the Federal Reserve Credit Policy, and the factors which served to delay the raising of the discount rate
of the Federal Reserve Bank of New York to 4%, several
months after that rate had been adopted in the case of the
other Reserve banks. The arrangements to sell gold on
credit to the Bank of England, entered into by the Federal
Reserve Bank of New York, with the participation of the
other Reserve banks, is also dealt with in the report, and
the relation of the Federal Reserve System to the New York
money market is also among the matters which the report
treats of. With reference to the earnings and expenses,
the report states that gross earnings of the Federal Reserve
banks increased $3,460,000 during the year, the 1925 earnings at $41,800,000 comparing with $38,340,000 in 1924.
Earnings on discounted bills, the report shows, increased
by $1,737,000, to $17,680,000, and on bills bought in open
market by $3,394,000, to $9,104,000. The current net earnings of the Reserve banks aggregated $14,273,000 in 1925,
as compared with $9,909,000 in 1924. The Atlanta par clearance case, and the par clearance proceedings against the
Federal Reserve banks of Cleveland and San Francisco are
also referred to in the report, which we give herewith in
full:
Washington, March 22 1926.
Sir: In the year 1925 the outstanding financial developments were the
large volume of production and trade financed by the banks of the country
and the progress made in the restoration of monetary stability throughout
the world. In no previous year has the course of events, both at home and
abroad, afforded a broader scope for the operation of the Reserve banks or
shown more linty the strength nad usefulness of the Reserve System than
during the year covered in this, the Board's twelfth annual report.
Federal Reserve Banks in 1925.
Reserve bank credit outstanding increased in 1925 to meet an export demand for gold amounting to $135,000,000, a growth in the domestic currency requirements, and increased reserve requirements of member banks.
It is at times when demands of this character arising both at home and from
abroad are made that the elasticity and the reserve strength of a banking
system is tested. In the absence of provisions for an elastic currency or
of ample gold reserves the combined demand during 1925 for currency and
for gold would have imposed a serious strain on the credit structure of the
country and would have made it necessary for banks to reduce their loans
to borrowers. Under the Federal Reserve System, however, the Reserve
banks in 1925 were able to make available to member banks the additional
credit needed to meet domestic financial requirements, and at the same
time to pay out reserves in meeting the demand for gold for export.
Through borrowing at the Reserve banks the member banks were able to
meet the demand for currency, which at the end of the year brought the
volume of money in circulation in this country to the largest total in more
than four years, and also to meet the demand for gold from abroad without
being under the necessity of restricting credits extended to customers and
with a much more moderate increase in the cost of credit than would have
occurred in the absence of the facilities furnished by the Reserve banks.
RestoratiOs of Gold Standard.
In the international field the event of greatest importance during 1925
was the restoration of the gold standard by the chief trading countries of
the world, and the most distinctive achievement of the year in Federal
Reserve policy was the arrangement of a credit by the Federal Reserve
banks for the Bank of England in connection with the re-establishment of a
free gold market in London. In giving approval to this arrangement, the
details of which are described later in this report, the Federal Reserve
Board expressed the belief that such an arrangement would be an effective
aid to the general resumption of gold payments. Later developments have
justified this belief. The return of Great Britain to the gold standard was
[vol.. 122.
accompanied and followed by similar action in other countries, with the
result that over a wide area gold once more has become the basis of values
and the major part of the world's commerce and finance has been relieved
of the risks and uncertainties that rise from widely fluctuating exchange
rates. The countries that have resumed gold payments include the largest
purchasers of our agricultural surplus, and international trade in these
products can now be conducted and financed with greater confidence and
on a more secure basis.
From the viewpoint of the banking situation in the United States the
restoration of the gold standard abroad has the additional significance that
gold movements will become more normal and will respond more promptly
to the forces which before the war related the movements of gold to changes
in trade and credit conditions at home and abroad. The inflow of gold
to this country during the period since the Reserve System was organized
has been on an unprecedented scale, and has made the problem of credit
administration unusually difficult. With the re-establishment of an effective international gold standard the movements of gold between countries
will again exercise the corrective influences that experience has shown to
be safeguards against unsound credit developments.
Business Conditions in 1925.
Business and credit conditions in the United States during 1925 are
chiefly of interest in this report because of the bearing they have had upon
the credit policies pursued by the Federal Reserve System. In its official
monthly publication the Board has discussed currently the business developments of the year and has called attention to the increase in industrial
activity, the full volume of employment, the large foreign demand for
American products, and the relation of this demand to the absorption by
American investors of a large volume of foreign securities. The Board has
also commented upon the growth in the buying power of industrial workers
and farmers, the promptness with which the large volume of production
during 1925 has moved through the channels of distribution without an excessive accumulation in the inventories of raw materials or finished products, and the relative stability of the price level. Banking developments
and the movement of money rates have also been reviewed currently, with
a discussion of the growth of member bank credit in relation to Reserve
bank credit, of changes during the year in the volume and character of
Reserve bank credit outstanding, and the employment by member banks
of their surplus funds either by making loans in the New York money market or in the purchase of investments. No brief summary of the year's
business developments in a country where economic conditions are so varied
as in the United States can set forth in sufficient detail the particular conditions which have prevailed in different parts of the country and in
various lines of industry and trade. For a fuller discussion of business
trends in 1925, together with comprehensive business statistics for the
year, reference is made to current issues of the "Federal Reserve Bulletin,"
the Board's monthly medium of communication with member banks.
Looking back upon the business developments in 1925, perhaps the most
notable fact has been the conservative attitude generally maintained by
the business community at a time when the activity of business was large
and the volume of trade increasing. Seldom in the history of American
business has so large a growth in industrial activity occurred without giving rise to marked speculative tendencies. During the year there was a
growth of speculative activity in the security market and in some localities
in real estate, but there was no evidence of speculation in the commodity
markets. A sustained demand for commodities on a scale equal to that of
1925 has tended at other times to result in the development of sellers' markets, a growth of forward orders, a rise of commodity prices, and an accumulation of inventories. In 1925 earnings of business concerns have, in
general, been satisfactory, but profits have usually resulted from a larger
volume of business rather than from a wider margin between costs and selling prices. Proof of the efficiency of present-day production and transportation and of the character of business sentiment is that in those lines
of industry where the growth of activity has been most marked, as in building and in automobiles, prices of materials and of products have either
remained constant or declined during the year.
A factor of increasing importance in its influence upon the course of
business has been the greater efforts of business concerns to adjust their
programs of production to the current changes in the demand for their
products. The broader factual basis furnished by current statistics has
made it possible for business men to take into account not merely the conditions in their own particular industries, but also the general trend of
business. This development of business policies on the basis of the broader
information now being made available by Governmental and other agencies
carries with it a promise of narrowing the fluctuations in business activity.
The number of unknown factors continues to be large and the changes from
time to time in the mood and temper of the business community are such
that industrial activity cannot be expected to pursue an entirely regular
course, but to the extent that those engaged in various lines of industry
undertake to adjust their own activities more closely to the general course
of business, the alternating periods of boom and depression will become less
pronounced.
Federal Reserve Credit Policy.
Federal Reserve policies in 1925 were based both upon the statistical
indications as to developments in business and credit and upon a judgment
as to the prevailing attitude among business men and bankers—the borrowers and lenders of credit. The increase in the use of credit for commercial
purposes, taking the year as a whole, was moderate in extent, and the growth
in the volume of Reserve bank credit during the year reflects largely an
increase in the demand for loans on securities. During the first half of the
year this demand was met by the use of funds released through the decline
of loans for commercial purposes, while in the latter half of the year, when
the volume of commercial borrowing increased in response to seasonal
demands for trade and crop-moving purposes, the continued growth in the
demand for commercial loans was reflected in a rapid growth in the volume
of bank credit and in a rising level of interest rates in the open market.
These developments in the credit situation were followed currently by the
Board and were among the considerations which entered into their decisions with reference to discount and open-market policy. In the first part
of the year member banks, particularly in New York, were under pressure
as a result of the demands made upon them for gold for export, and in
meeting this demand they increased their borrowings at Reserve banks and
reduced the volume of their own loans and investments. In the latter part
of the year, with a large seasonal increase in the demand for credit at
member banks for commercial purposes and with a continued demand for
loans on securities, the volume of borrowing, particularly by member banks
in the larger cities, increased rapidly at certain of the Reserve banks. Problems of Federal Reserve policy arising during the year, therefore, may be
divided into these two periods, and the considerations which influenced the
Board in its action in the early part of the year and near the close will be
discussed separately.
Early in 1925 the two most important influences affecting the money
market were the seasonal return flow of currency and the withdrawal ce
gold for export. The return of currency to the Reserve banks is usually
APR. 171926.]
THE CHRONICLE
in large volume during the opening month of the year, and in January 1925
it amounted to approximately $200,000,000 and was accompani
ed by the
usual seasonal flow of funds from the interior to New York. The return
of
currency from domestic circulation during January was in larger
volume
than gold exports and there was consequently a rapid decline in discounts
at the Reserve banks. In February, however, the volume of discounts,
particularly at the New York Reserve Bank, increased sharply,
both because
of further withdrawal of gold for export, which continued after
the seasonal return of currency ceased, and because of a sale by Reserve
banks of
about $200,000,000 of securities. The volume of discounts at the
Reserve
banks at the end of February was larger than at any time since
the middle
of 1924. The larger demand for credit and the increased volume
of
edness of member banks at Reserve banks resulted in a somewhat indebthigher
level of money rates in the open market, and on Feb. 27 the
New York
Federal Reserve Bank increased its discount rate from
3%, the rate established during the exceptionally low level of money rates in
the
1924, to 3%%. Thus during the first two months of the year summer of
credit policy was expressed both in an advance in the discountthe System's
rate at the
New York bank and in a reduction in its holdings of
United States Government securities.
2139
principles more fully described in the tenth annual report of the Federal
Reserve Board.
Federal Reserve Banks and the Acceptance Mu: et.
Purchases of acceptances by the Reserve banks in the open market are
essentially of a different character from dealings in Government securities,
and in the influences that give rise to them they are in many respects
similar to discount operations. In contrast to operations in Governme
nt
securities, where the initiative of purchase or sale is taken by the Reserve
banks, sales of acceptances to the System are made largely on the initiative
of member banks and dealers. Though of recent origin in this country, the
acceptance has a long history abroad, where it is the primary instrument in
the financing of foreign trade and, as an easily negotiable commercial instrument of prime security, furnishes employment for short-time banking
funds. Prior to the establishment of the Reserve System, the absence of
such a market for bills in the United States was a factor in causing a large
part of American foreign trade to be financed in London, where there was
a well-organized bill market. In order to encourage the use of the acceptance in this country, provision was made in the Reserve Act giving member
banks authority to accept bills of exchange and to deal in acceptances,
and
giving the Reserve banks authority to discount and to purchase acceptances.
It has been one of the functions of the Reserve System, therefore, to assist
in the development of a national discount market, to encourage the use of
dollar credits in our foreign trade, and to promote the growth in the volume
of short-term paper based on commercial transactions available to banks for
the employment of liquid funds.
In pursuance of their policy of encouraging the acceptance market, the
Reserve banks have stood ready at all times to purchase such eligible bills
as were offered to them at rates established by the Reserve banks. It is
because of this policy of the Reserve banks to purchase at their buying
rates all offerings of eligible bills that Reserve bank holdings of bills in
their effect upon the credit situation are similar in character to discounts,
since they represent for the most part the application of member banks for
Reserve bank funds. It is, furthermore, the practice of the Reserve banks
never to sell purchased acceptances, but to carry them, like rediscounted
paper, to maturity. This is in contrast to purchases and sales of United
States securities, which are undertaken at the initiative of the Reserve banks
in the light of the general credit situation at a rate fixed in the market.
The extent of the deve:opment of the acceptance market since the establishment of the System is indicated by the fact that total acceptances outstanding at the end of 1925 were approximately $775,000,000. In general,
the acceptance has found an increasing use in the financing of foreign trade,
and the volume of bills outstanding generally fluctuates from season to
season and from year to year with changes in the volume of foreign trade.
Of the acceptances purchased by the Reserve banks during 1925, 37% represented imports, 31% exports, and 20% paper financing the domestic
shipment or storage of goods.
The extent to which the acceptance is now used in financing the foreign
trade of the United States is brought out by the table, where several of the
more important commodities underlying acceptances purchased by
the Reserve banks during 1925 are compared with the total movement of those
commodities in our import and export trade during that year. The figure
,
represent only such acceptances as were purchased outright by the Reserve
banks and constituted only a part of the total volume of acceptances drawn
in the United States. Of the $527,000,000 of export bills purchased outright by the Reserve'banks during the year, 78%, or $410,000,000, represented exports of cotton, grain, copper and lard and meat. This sum was
equal to 24% of the total exports of these commodities during the year.
Of the $631,000,000 of purchased bills based on imports, 60%, or $376,000,000, covered imports of silk, coffee, sugar, and wool, a sum equal to 32%
of the total imports of those four commodities into the United States during the year. Detailed figures on commodities underlying bills purchased
by the Reserve banks will be given in the complete report. The following
table presents a summary of these figures and compares them with the export and import of certain commodities:
During the remainder of the year the open market policy
of the Reserve
System was to maintain its holdings of Governme
nt securities at a practically constant level, with the consequence that the
seasonal growth in
the demand for Reserve bank credit in the second half
of the year was met
through increased discounting and through larger
sales of bankers' acceptances to the Reserve banks. The increase in the
total volume of Reserve
bank credit between midsummer and the end of the year
amounted to about
$500,000,000, an amount that corresponded roughly
to the increase during
the same period in 1924, and reflected in large
part
the demand for currency. The growth of $175,000, the seasonal growth in
000 in acceptance holdings of Reserve banks during this period, which
brought
same level as at the close of 1924, was in accordanc them to about the
e with the usual developinents at that time of year when a large
volume of acceptances is
drawn to finance agricultural exports. The increase
in the volume of acceptances outstanding, together with the rise in the
open
money, were factors influencing the volume of acceptance market rates for
s offered for sale
to the Reserve banks, and with the growth in the
System's holdings of
acceptances the buying rates on bills were
advanced. The growth in the
volume of borrowing by member banks at the
Reserve banks was larger,
however, than the increase in acceptance holdings,
counts was particularly rapid for member banks and the growth of disin the financial centres
outside of New York. During this period the
larger demand -for credit to
be used in carrying securities was reflected
in an advance in the call 'loan
rate, and there was a large flow of out-of-tow
n funds to the New York
market to be employed in making loans on
securities. The New York banks,
however, during this period were not
increasing their loans of this character. The rapid growth in security loans
by banks outside of New York City
was accompanied, furthermore, by an
increase in business activity more
than seasonal in character, which resulted
in
volume of commercial loans than had occurreda more rapid advance in the
during this period in either
of the two preceding years, and was
reflected in an increase in the rates
for commercial paper in the open market.
In view of this rise in money
rates, and of the growth both in member
bank and in Reserve bank credit,
particularly outside of New York, a series of
made in November. On Nov. 10 the rate advances in discount rates was
at the Boston bank was raised
from 3% to 4%, and this was followed
by
Cleveland, Philadelphia and San Francisco, similar advances in the rates at
so that by the end of the month
discount rates at all the Reserve banks,
except that of New York, stood at
4%. The rate of the New York bank,
however, which had been advanced
from 3 to 3%% in February, remained
at that level until after the close
of the year. In the decision not to
advance the rate at the New York bank
at the time that the other rate advances
were made the Federal Reserve
Bank of New York and the Federal
Reserve Board took into consideration
the fact that member banks in New York
City up to November had shown
but little growth in their loans
on securities and in their borrowings at the
Reserve bank. It was also recognized
York bank, because of its close relationthat the discount rate at the New ACCEPTANCES PURCHASED BY RESERVE1BANKS BASED ON CERTAIN
to the central market, exercises a
COMMODITIES AND FOREIGN TRADE IN THESE COMMODITIES
larger influence upon prevailing rates
for commercial borrowing than do
IN 1926.
discount rates at other Reserve banks.
In the absence of evidence of a
speculative attitude among the commercial
users of credit, the Reserve System was unwilling, for the purpose of
Billa Bought
exercising a measure of restraint
Outright by the Foreign Trade
upon those who were borrowing in order to
Commodity.
carry or deal in securities, to
Federal Reserve
In Each
raise the discount rate at New York and
Banks Based on
Commodity.
thus to exert its influence in the
direction of a further increase in the cost
EatliCommodity
of credit to commerce and industry at the time of the seasonal peak
in the volume of commercial borReports.
rowing and in the demand for credit to
finance the marketing and export Cotton
8299,643,000 31,059,751.000
of agricultural products.
Grains
58,215,000
245.456,000
Copper
The New York money market,
34.669,000
160,933,000
furthermore, is the point of contact with Lard and meat
17,164,000
236,351.000
foreign central money markets,
and changes in money rates in New York
tend to influence the internatio
Total for four export commodities
$409,691,000 81.702,491,000
nal movement of funds and of gold. In the
autumn months, when seasonal
trade movements tend to bring about gold
Imports, there was a net
Imports.
movement of gold to the United States, and, in Silk
1136,886.000
2445.105,000
view of the influence which
Coffee
gold
115,100,000
286,212,000
in this country, the desirabilit imports have upon the banking situation Sugar
84,517,000
y of not adding further to the gold inflow Wool
246,008,000
was a factor in the decision
39,563,000
215,886.000
not to advance the discount rate at the New
York bank in November. On Jan.
Total for four import commodities
8
1376.066,000 $1,193.211.000
credit demands and of the period of 1926, after the passing of the seasonal
the year when gold tends to flow to the
United States, the rate at the New
Corresponding to our increased foreign trade, the total volume
of accept4%, the level prevailing at the otherYork bank was advanced from 3% to ances drawn and outstanding during 1925
was larger than in 1924, and the
Reserve banks.
proportion of the total offered to the Reserve banks was also
In contrast to the cperations in
greater.
the open market during 1923-24, when Member banks in
the financial centres, where the greater part of acceptopen market transactions were an
important phase of Federal Reserve
credit ances outstanding are carried, were continuously in need of a larger volume
policy, the year 1925 was one during
holdings of the Federal Reserve banks which changes in the open market of Reserve bank accommodation than during the preceding year and secured
after the opening months of the year a portion of this by
selling bills to the system in preference to direct borwere relatively small. Purchases and
sales in the open market during the rowing. The level
past year were made chiefly in
of money rates in the open market also tended to inconnection with developments in the
money crease the volume of acceptances offered to the Reserve banks, both because
market at the time of the quarterly tax
of December, when the holiday demand payment periods and near the end other forms of investment yielded more to the investors than in 1924, thus
quarterly tax payment periods the largefor currency was at a peak. At tending to increase the dealers' portfolios, and because the carrying of
operations of the United States acceptances on borrowed money
Treasury, through the Federal Reserve banks
at prevailing relative rates became less
as fiscal agents, tend to have profitable than a year ago.
a temporary influence upon the money
market, and it has been the policy
Legal provisions and Board regulations relating to the purchase
of the Federal Reserve banks at those times to
of acadjust their open market ceptances by the Reserve banks are broad
holdings in such a way as to diminish the
in character. The Reserve hanks
disturbances in the market which have authority to buy indorsed
bills arising out of import or export transwould otherwise result from the Treasury's operations
. Also at the end of actions, and out of the domestic shipment or
1925 the Federal Reserve banks, through the
storage of readily marketable
purchase of $50,000,000 of staple commodities, and also to buy bills
created for the purpose of fur' United States securities in the open market, exerted
an influence toward nishing dollar exchange abroad. In maturity, bills
reducing the temporary pressure on the money market
to be eligible for purat the time of the chase by the Reserve banks must have not more
seasonal peak of the currency demand. The action
than 90 days to run unbuying or selling securities at these times tends of the Reserve banks less they arise out of the marketing of agricultural products or out of forIn
to remove from the eign trade, in which case the limit of
maturity is
market short-time disturbances that would otherwise
occur. The Board, volume of acceptances purchased by the Reserve six months. The total
however, regards these minor operations in the
system during 4926 was
open market as incidental $2,961,000,000, as compared with
$2,172,000,000 in 1924, and the daily
to the general and primary purpose of open market policy, and
major average of acceptance holdings was $287,000,000,
changes in the Reserve banks' holdings of Government securities
falling seasonally
are
with reference to general credit conditions and in accordance withmade from $329,000,000 in January to $206,000,000 in August and rising to
the $368,000,000 in December. The large volume of acceptances
bought during
2140
THE CHRONICLE
[VoL. 122.
the year in comparison with the much smaller total of average holdings discount rate exceeds 6%, then at the discount rate of the bank. The rate
illustrates the highly liquid character of these bills and their rapid turnover. of interest to be paid by the British Government on the credit which it
Of the total bills purchased by the System during 1925, 28% were bought established with private bankers was to be determined in a similar manoutright from member banks, 29% represented outright purchases from ner. Upon the purchase of gold the Bank of England would place on its
dealers and others, and 43% purchases from dealers with agreement to re- books to the credit of the Federal Reserve Bank of New York an equivalent
sell at the expiration of not more than fifteen days. Reserve bank opera- deposit in pounds sterling. This deposit might be used from time to time
tions in acceptances, therefore, enable the System to maintain direct con- by arrangement with the Bank of England in the purchase of eligible
tact with portions of the market other than member banks. Through its sterling commercial bills which will be guaranteed by the Bank of Engreadiness to take all bills offered at its buying rate, the System has given land, and in that case discount earned on the bills would be applied to the
those who use acceptances to finance their operations and investors in these payment of interest. The repayment of any interest or principal of this
acceptances a steady market for their bills at a fairly constant rate in case credit outstanding at the end of two years was guaranteed by the British
they wish to dispose of them prior to maturity. The development of the Treasury. The System's arrangement, however, was strictly a banking
bill market and the freedom of the market from rapid fluctuations in rates, transaction with the Bank of England and not in any sense an agreement
to which the policy of the Reserve banks in regard to the purchase of ac- with the British Government. Since the restoration of the gold standard in
ceptances has contributed in an important way, have resulted in making Great Britain, banking developments in that country have been such that
funds for the financing of agricultural and other exports available at the no necessity has arisen for making use of any part of the credit with the
Reserve banks.
lowest and steadiest rate in the market.
The arrangements entered into between the Bank of England and the
During recent years, and particularly in 1925, many foreign countries in
their currencies and gold have Federal Reserve Bank of New. York involved no commitment as to the
re-establishing a stable relationship between
adopted the policy of holding a portion of their reserves as balances or in policies to be pursued by either bank in dealing with domestic credit conthe form of short-term securities in the world's central money markets. ditions or with changes in discount rates. The lower level of discount rates,
The central banks of those countries, which have correspondent relation- which has prevailed in the United States compared with England throughships with the Federal Reserve Bank of New York, have held a part of their out 1925, has reflected differences in the credit conditions in the two
foreign funds on deposit with that bank and have from time to time in- countries. In the United States bank funds have been abundant as the
structed it to invest these funds on their account in prime commercial bills result both of the large growth in the country's gold reserves during the
in the New York market. The volume of such purchases of acceptances by preceding four years and of the continuous creation of additional wealth
the New York Reserve Bank on account of foreign banks was much larger arising out of the nation's savings under conditions of prosperity. England,
In 1925 than in previous years, owing to the growth in the number of on the other hand, has been obliged to adapt its credit policy to the procountries maintaining exchange stability. Bills held by the Reserve banks tection of its gold reserves, exposed for the first time in a decade to
on account of foreign correspondents at the close of 1925 were $65,000,000, withdrawal at the option of the public, and in addition to so manage the
compared with $43,000,000 at the end of 1924 and $19,000,000 at the end funds available in the market, which since the autumn of the year has been
open to foreign as well as domestic borrowers, as not to encourage a rapid
of 1923.
expansion of bank credit.
Relation Between Reserve Banks and Foreign Central Banks.
It has been the policy of the Federal Reserve Board to make public full
In addition to purchasing acceptances for the account of foreign central statements of any arrangements entered into with foreign banks. The charbanks, the Federal Reserve banks have other transactions with these banks acter of these transactions, particularly as affecting the monetary and
of a character that is customary between central banks of different coun- banking position of other countries, makes it impossible to issue statements
tries. A considerable number of foreign central banks have established in advance of the completion of the arrangements. Whenever arrangecorrespondent relationships with the Federal Reserve banks, and among the ments have been completed, however, the Board has presented detailed
various types of transactions which have been carried out by the Reserve statements of all essential facts. This was done in regard to the arrangebanks for account of their foreign correspondents have been the carrying of ment with the Bank of England in the "Federal Reserve Bulletin" for
deposits, the earmarking, purchase and sale of gold and the making of June, immediately following the final completion of the arrangement
loans upon gold as security. The Federal Reserve Act, in giving the Fed- and the approval by the Federal Reserve Board. Full details concerning
eral Reserve banks power to deal with banks in foreign countries and to the current position of the foreign accounts of the Federal Reserve banks
conduct banking operations abroad, provides that, with the consent and are published in the regular weekly condition statement of these banks.
approval of the Federal Reserve Board, the Reserve banks may buy or sell This statement shows the amounts due to and due from foreign banks, the
cable transfers, bankers' acceptances, and bills of exchange, may deal in volume of outstanding foreign loans on gold, and the Reserve banks' congold coin or bullion at home or abroad, make loans on gold, open and tingent liability on bills purchased for foreign correspondents. In this
maintain accounts in foreign countries, appoint correspondents, and estab- respect the System has pursued its general policy of full publicity for all Its
lish agencies in such countries for the purpose of buying and selling bills operations in so far as is consistent with the confidential relationship exof exchange and open and maintain banking accounts for foreign corre- isting between any bank and its customers and correspondents.
spondents. During the first ten years of operation of the Federal Reserve
In the System's dealings with foreign central banks the immediate operSystem its activities in the foreign field were in relatively small volume, ating relations and the correspondence are conducted by the New York
largely because of the disturbed monetary conditions abroad. Correspondent Reserve Bank, which is located in the country's central money market and
relationships with certain of the principal foreign central banks, however, at the point of contact with the central money markets of foreign countries.
were established as early as 1916, and from year to year additional banks of The other Reserve banks, however, participate ratably in the System's forissue were added to the list of the System's foreign correspondents. In the eign operations, and the conduct of these operations is under the general
early years the transactions with these foreign correspondents were largely supervision of the Federal Reserve Board, which under the law has authorfor purposes related to the war, but more recently they have been chiefly ity to approve or to require the establishment of foreign-correspondent relathe outcome of operations in connection with programs adopted by the tionships. Under these provisions of the law and through the actual
various foreign countries in the re-establishment of gold as a basis of their practice in administration, the point of view of the Reserve System as a
monetary systems. In this connection, loans secured by gold were made by whole is maintained in connection with policies pursued in the development
the Federal Reserve Bank of New York, with participation of all the other and maintenance of relationships with foreign central banks.
Reserve banks, to the Bank of Poland and to the banking office of the MinMarket.
Relation of Federal Reserve System to the New York Money
istry of Finance of Czechoslovakia, and arrangements were made to buy
are other
In addition to the dealings with foreign central banks there reference
-prime commercial bills from the Bank of Belgium, when and if desired.
that must be conducted with
The most important arrangement entered into by the Reserve banks with operations of the Reserve System
reference to
country as a whole rather than with
any foreign central bank, however, was that made with the Bank of Eng- to credit conditions in the
that the law
purely regional considerations. It was partly for this reason various secland during 1925.
Reserve Board, with representatives of the
of the Exchequer announced created the Federal
On April 28 1925 the British Chancellor
policy, to have gentions of the country, to deal with questions of System
and regulathat the law of 1920 prohibiting gold exports for a period of five years,
supervision over the Reserve banks, and to establish rules
except under special license, would be permitted to lapse on Dec. 31 1925, eral
the operations of the ReAmong
would be tions for the conduct of their business. boundaries of a single district are
and that for the remainder of the year the Bank of England
banks that have effects beyond the
given a general license to export gold. Control of gold exports in Great serve
acceptances in the
sales and purchases of United States securities and
the outbreak of the war until the legal prohibition in the
Britain, which from
market operations are
open market, and for this reason the banks' open
1920 had been by informal methods, applied after that time to exports of all
of the Reserve banks, which
carried out by a committee of operating officers
gold with the exception of newly-mined gold produced in the British Doto the directors
makes recommendations to the Federal Reserve Board and
minions and imported into England. In removing restrictions upon gold
banks. While purchases and sales of securities in the open
it essential to obtain the assur- of the Reserve largely in New York, the questions of policy involved are,
exports the British Government considered
market are made
ance of foreign credits upon which England could draw during the transipoint of view and with
under this arrangement, considered from a System
tion period in case its ability to maintain a free gold market was threatened reference to business and credit conditions throughout the country.
of Engby heavy withdrawals of gold. In these circumstances the Bank
banks
The New York money market is national in scope, and the member
land applied to the Federal Reserve System for the right to draw upon the
York City, because of the system of correspondent relationship
for gold up to an amount of $200,000,000, if required, over in New
Reserve banks
characterizes American banking, carry balances for interior banks,
a period of two years. At the same time the British Government arranged which
members of the Federal Reserve System and non-members, and lend
for an additional credit of $100,000,000 with a private group of bankers both
received from out-of-town banks in the money market. It is in the
In this country. In approving the arrangement entered into with the Bank funds
money market that sales and purchases of securities for account
that the re-establishment of New York
of England, the Board acted on the conviction
in all parts of the United States are largely made, and that the
the gold standard would be an important step in the direction of the restora- of persons of domestic and foreign securities are floated. It is to New
large issues
tion of monetary stability throughout the world, and that business and
York houses that issue and distribute securities that investors in all parts
credit conditions in this country would greatly benefit by this increased
to purchase stocks and bonds. Thus the sources of the
other products whose of the country turn
stability. American exporters of agricultural and
funds that flow Into the New York money market are country-wide, and the
had been exposed for a decade to the hazard and expense of dealbusinets
uses to which these funds are put also represent demands that arise in all
log with countries having currencies with unstable values would, by the
parts of the country,, particularly in connection with the purchase, sale
re-establishment of the gold standard, be relieved of the risks arising from
securities. Changes in the condition of the New York money
no longer be dis- and carrying of
unstable exchanges. American credit conditions would
therefore, which are reflected In the changes in the volume of
inflow of gold which had been market,
turbed by the continuous and uncontrollable
funds in New York and in changes in money rates in that market, are
for more than four years the principal cause of a rapid growth in bank national in character and have a definite relationship to changes in credit
free
credit. With the principal money markets of the world once more
funds and banking conditions in all parts of the country.
gold markets, and the exchanges between them stable, the flow of
In 1925, with a relatively small growth in the local demand for credit
rates
between markets would respond more freely to differences in money
financing current industrial and trade operations, there was a continued
the resumption of gold payments by the chief for
and credit conditions. Thus
of and large flow of funds from out-of-town banks to the New York money
trading countries of the world would furnish a basis for the functioning
market. In the preceding year, with the exceptionally low level of call
those forces which before the war had operated to maintain a close contact loan rates, these out-of-town funds were maintained as bankers' balances
between the money markets of the world.
with the New York member banks, and were used by those banks in making
Moved by these considerations the Federal Reserve Board approved the
with loans on securities. During 1925, however, as call loan rates advanced
arrangement entered into by the Federal Reserve Bank of New York,
England. above the level of interest paid upon bankers' balances, interior banks conthe participation of the other Reserve banks, with the Bank of
to verted portions of their balances with New 'York banks into direct loans
Under this arrangement the Federal Reserve Bank of New York undertook
that without
time to time during the upon securities for their own account, with the consequence
sell gold on credit to the Bank of England from
any any resulting change in the volume of funds available In New York there
two years, but not to exceed $200,000,000 outstanding at
following
was actu- was a large decrease in bankers' balances and a large growth In loans on
one time. The credit was to bear interest to the extent that it
discount rate, stocks and bonds for account of banks outside New York City. The growth
ally used at a rate of 1% above the New York Reserve Bank's
New
Federal Reserve In loans on securities in 1925, particularly by member banks outside
with a minimum of 4% and a maximum of 6%, or, if the
Am. 17 1926.]
THE CHRONICLE
York City, followed upon a rapid increase in the volume of these loans in
1924 and carried the total at the end of the year to a higher level than at
any previous time. The larger use of bank credit in carrying securities
during the past two years has reflected the demand for credit to finance the
distribution of the exceptionally large volume of new issues that were placed
upon the market, together with the increased credit requirements due to the
rising level of security prices.
Throughout tbe latter part of 1925 the level of call loan rates was considerably above the discount rate of the New York Reserve Bank. Recent
experience has shown that in general it Is not necessary to maintain a discount rate above the prevailing level of call loan rates in order to prevent
member banks from borrowing at the Reserve banks for the purpose of
increasing their loans on securities. Member banks generally recognize that
the proper occasion for borrowing at the Reserve bank is for the purpose
of meeting temporary and seasonal needs of their customers in excess of
funds available out of the member banks' own resources; borrowing from
the Reserve bank for the purpose of enlarging their own operations is not
considered a proper use of Reserve bank credit either by the member banks
or by the officers of the Federal Reserve banks. In general it is not possible to determine to what use a member bank puts the credit obtained
from the Reserve bank. Member banks generally borrow to make up deficiencies in their reserve balances incurred as the net result of all of their
operations, and it is seldom possible to trace the connection between borrowings of a member bank at the Reserve bank and the specific transactions that gave rise to the necessity for borrowing. In the infrequent instances where there has been evidence that member banks have borrowed
at the Reserve banks and at the same time have been increasing their loans
on securities, the officers of the Reserve banks have pointed out to them
that it was possible for them to adjust their Reserve position through
changes in their short-time loan accounts rather than by recourse to the
Reserve banks.
While the uses to which individual banks put the credit obtained from
the Reserve banks are almost impossible of determination, the Federal
Reserve System is in a position to observe changes in the total volume of
Reserve bank credit and of member bank credit not only for the country as
a whole but in each Federal Reserve district. It can furthermore note the
general character of the growth in member bank loans and the elements in
the demand for Reserve bank credit. Under circumstances such as prevailed in the autumn of 1925, when the growth in member bank credit was
largely in loans on securities, and when the growth in Reserve bank credit
was larger than the seasonal demand for 2urrency, it was evident that a
part of the member banks' borrowings at the Reserve banks was for the
purpose of building up their reserve balances. These balances did in fact
increase considerably in the later months of the year. The increase in
reserve requirements which occasioned the additional borrowing was in
turn due in part to the growth in deposit liabilities arising from the increased volume of security loans. Considerations of this character were
among the factors taken into account in November 1925, when the series of
discount rate advances discussed in an earlier paragraph of this report were
put into effect.
In view of the importance and the magnitude of the market for call and
time loans on the New York Stock Exchange, and of the position this market
occupies in the financial organization of the country, and particularly in the
relation between member banks in New York City and their out-of-town
correspondents to the Federal Reserve Bank of New York, the Board decided at the end of 1925 to extend its reporting System by undertaking
to collect and publish current information on the volume of loans made by
the weekly reporting member banks in New York City to brokers and dealers in securities. These figures give the amount of loans made to brokers
and dealers by the reporting banks on their own account, on account of
out-of-town banks, and on account of others. The publication of these figures, which will be given out currently as part of the weekly statement of
condition of the reporting member banks, will be useful in following movements in the money market and will put the lending banks, the brokers,
and the investing public in a better position to form a sound judgment of
the credit situation. These reports will also furnish to the Reserve System
fuller information concerning the relation between changes in loans made by
member banks to finance security transactions and the borrowings by these
banks at the Federal Reserve banks.
Credit Problems of Reserve Banks Outside of Financial Centres.
The relationship between the Reserve banks and member banks at financial centres, which has been briefly discussed, is different from the relationship in other parts of the country more distant from organized money
markets and where rates charged to customers by member banks change but
slowly and are at all times considerably above the Reserve bank discount
rate. At the Reserve banks located in the larger money markets member
banks use a relatively large proportion of their funds in loans on securities
and in the purchase of commercial paper or acceptances, all of which carry
rates fixed in the open market and subject to relatively wide and rapid
changes. At Reserve banks in such districts the discount rate is more effective in influencing the demand for Reserve bank credit than at Reserve
banks in districts where the bulk of member bank funds is used in making
loans to regular customers at rates that respond but slowly to changes in
the general credit situation.
In addition to changes in the discount rate as a means of influencing the
volume of borrowing by member banks, the Federal Reserve Act and the
rules and regulations of the Board establish rules of eligibility for paper
that member banks may rediscount or may use as collateral in borrowing
at the Reserve banks. These requirements as to eligibility were intended
not only to safeguard the liquidity and soundness of the assets of the Reserve banks, but also to act as limitations on the extent of borrowings by
member banks. In view of the large volume of United States Government
securities owned by member banks and available as collateral for advances
at the Reserve banks, however, the limitations on eligibility of paper for
discount, though they may in some cases be an influence on the volume of
borrowing by an individual member bank, are not a considerable factor
limiting the borrowing capacity of member banks as a whole. The Reserve
banks in the districts outside of the financial centres, therefore, in passing
upon the loan applications of member banks consider not only the legal
eligibility and soundness from the credit point of view of the paper presented for rediscount or as collateral for an advance, but also the general
position of the borrowing bank, the volume and character of its outstanding loans and investments, and to some extent the character of its management. In taking into account these factors, the Reserve banks are influenced by the consideration that funds obtained from the Reserve bank
on the beet possible security may be utilized by the borrowing member bank
in granting loans of a less satisfactory character. While the Reserve bank
would have under these conditions ample protection for its funds in case
of liquidation of the member bank, by being a preferred creditor it would
reduce the ability of the borrowing member bank to repay its depositors.
The Reserve banks further realize that while protecting the depositors of a
member bank by refusing to assist it in extending unsafe loans they are
also protecting the bank's borrowers from incurring obligations which they
2141
may not be able to repay. A bank loan obtained under such circumstances
is in most cases of no real assistance to the borrower, but on the contrary
is likely to make it more difficult for him to regain a sound financial condition. The fundamental interests of depositors and borrowers of a bank
and of the community, which suffers in case of the bank's failure, are all
best served by the maintenance by the bank of a sound and cautious lending
policy. In encouraging the borrowing member bank to pursue such a policy the Reserve banks act in accordance with the law creating them, which
had as one of its purposes the establishment of a more effective supervision
of banking in the United States.
Operations of the Federal Reserve System.
In the preceding pages there has been presented, as a background for the
discussion of the Reserve System's activities, a brief survey of business and
banking developments in 1926. The following sections of this report will
present in more detail the changes during 1925 in the condition of the Federal Reserve banks and of member banks, and will give an account of the
operations of the Federal Reserve banks and branches and of administrative matters with which the Federal Reserve Board has dealt during 1926.
Condition of the Federal Reserve Banks.
During the year 1925 the volume of Reserve bank credit outstanding
increased by about $250,000,000 to the largest total since the close of 1921.
This increase in the demand for Reserve bank credit was due to the extent
of about $135,000,000 to an export demand for gold, which member banks
obtained from the Reserve banks; to the extent of about $50,000,000 it
was due to a growth in deposits, consisting chiefly of member bank balances and made necessary by an increase in the member banks' deposit liabilities, and to the extent of about $65,000,000 to an increase in the demand upon the Reserve banks for currency. This growth in the currency
demands upon the Reserve System reflected only to a minor extent (about
$15,000,000) a growth in the volume of money in circulation, while for
the most part it was due to the withdrawal from circulation by the Treasury of about $50,000,000 of national bank notes, with a consequent need
by the public of a corresponding amount of other currency to be supplied
by the Reserve banks.
In an analysis of the factors explaining the increase in the volume of Reserve bank credit outstanding at the end of 1925 as compared with the end
of the preceding year, it appears, therefore, that gold exports account for
more than one-half of the total, and that changes in the amount of money
in circulation were a relatively minor factor. In the fluctuations of the
volume of Reserve bank credit from month to month, however, changes in
the volume of money in circulation were the principal influence. This is
brought out by the chart [This we omit.—Edit], in which the volume of
Reserve bank credit, as measured by daily average holdings by the Reserve
banks of bills and securities during each month, is compared with money
in circulation, the figure used being the average of the total at the beginning and at the end of the month. Seasonal peaks in the demand for currency are reached in December of each year, and it is at that time that the
volume of Reserve bank credit is also in the largest volume. After the
turn of the year, with the return flow of currency from circulation, the
demand for Reserve bank credit declines, and both money in circulation
and Reserve bank credit generally reach a low point in mid year, when the
currency demand for crop moving and autumn trade begins, followed by the
Christmas holiday demand, which carries the volume of currency and ef
Reserve bank credit to the highest level at the close of the year.
The position of the Reserve banks, as indicated by the principal items
in the condition statement for Dec. 31 1924 and Dec. 30 1925 is shown
below:
FEDERAL RESERVEIBANKS.
Is •
.
, libb
MILDIle. Ili
Dec. 311924. Dec 30 1925. Inc. orypec.
.
83,047,054,000 82,822,133,000 —8224,921,000
Total reserves
1.249,438,000 1.500.827,000 +251,389,000
Total bills and securities
749,672.000 +435,544,000
314,128,000
Bills discounted
387,100.000
362,818,000 —24,282,000
Bills bought in open market
377,032,000 —163,128,000
540,160,000
United States Govern't securities3,205,000
2,050,000
+1,155.000
Other securities
6,000,000
+2,100.000
8,100,000
Foreign band on gold
642,000
641,000
+1,000
Due from foreign banks
1,862,062.000 1,835.010,000 —27.052,000
Federal Reserve notes
2.310,668,000 2,357,141,000 +46,473,000
Total deposits
2,220,436,000 2,308.614,000 +88,176,000
Member bank reserve account_ _
Ratio of reserves to deposits a notes
73.%
Na 67.3%
t
Contingent liability on bills purchased for foreion eorresnondents_
$65,049,000 +822.366.000
842.683.000
In the composition of Reserve bank credit during the year the important
change was an increase from $314,000,000 to $750,000,000 in discounts for
member banks, and a decrease from $540,000,000 to $377,000,000 in holdings of United States securities. Deposits of the Reserve banks increased
by about $46,000,000, while Federal Reserve notes in circulation decreased
by $27,000,000. Cash reserves of the Reserve banks declined by $225,000,000, partly as the result of gold exports and partly in consequence of
the continued policy of some of the Reserve banks of paying gold certificates into circulation. The banks' reserve ratio at the end of the year was
67.3%, the lowest ratio in nearly five years.
Contingent liability of the Reserve banks on bills purchased for foreign
correspondents increased considerably during the year and amounted at the
end of December to more than $65,000,000.
Condition of Member Banks.
The large volume of business and financial activity during 1925 was
reflected in a growth of member bank credit that carried loans and investments of member banks at the end of the year to over $31,000,000,000, a
larger total that at any previous time. The increase for the year was about
$2,173,000,000, nearly all of which represented an increase in the member
banks' loans, as the volume of their investments remained relatively constant during the year. That the growth in loans by member banks was,
largely in the form of loans on securities is indicated by figures for report,ing member banks in leading cities, which showed for the year 1926 an
increase of nearly $1,200,000,000 in total loans and of about $1,100,000,000
in loans on seemirities. Among the factors accounting for the rapid growth
in member bank loans on securities have been the exceptionally heavy
volume of domestic and foreign securities floated during the year, and the
rise in security values, which made necessary a larger volume of credit for
financing transactions in securities. The relatively small growth of loans
for commercial and industrial purposes during a year of active business
was due in part to the cautious attitude of business in reference
to inventories, to an increase in the rapidity of merchandise turnover, to a
great
improvement in time efficiency of the transportation system, to a continued
repayment of frozen loans, and to the policy of many corporations to fund
their bank loans through the issue of long-term securities. Demand deposits
of member banks increased by $1,284,000,000 during the year
and time
deposits by $848,000,000. The amount of bankers' balances,
however, declined by $327,000,000, the decrease taking place in the early
part of the.
Fear when banks in the interior converted part of their balances
with city
correspondents into loans on securities on their own account. Bankers'
2142
THE CHRONICLE
balances had increased very rapidly in 1924, when money rates were exceptionally low, and with the rise of rates in 1925 it became more profitable
for country banks to employ them in making collateral loans rather than
to keep them as balances with banks in financial centres. The increase
for the year in total deposits of member banks was about $1,867,000,000,
compared with a growth in loans and investments of $2,173,000,000. The
excess of the growth in loans and investments over the increase in deposits has been accompanied by an increase of $355,000,000 in the member
banks' borrowings. In the following table are shown the principal items
In the condition statement of member banks at the end of 1924 and of 1926,
together with changes for the year:
ALL MEMBER BANKS.
Dec. 311924.
Dec. 311925.
Inc. or Dec.
Number of banks
9,489
9,587
—98
Loans
320,181,309,000 $22,27¢,285,000 +$2,093.976,000
Investments
8,845,279,000 8,924,231,000
+78.952.000
Loans and investments
29,026,588.000 31,199,516,000 +2,172,928,000
Demand deposits*
17,766.469,000 19,050,460,000 +1,283,991,000
Time deposits
9,804,738.000 10,653,028,000
+848,209,000
United States deposits
242,482.000
+61.649.000
304.131,000
Due to banks
4,547,963,000 4,220,582,000
—327,381.000
Total deposits
32.361.652.000 34.228,201,000 +1,866,549,000
Bills oavablefandfrediscounts
656.743.000 1.011.812.000
+355.069.000
* Including certified and cashier's checks.
Operating Functions of the Federal Reserve Banks.
In considering the relations between member banks and the Reserve
banks, emphasis is generally placed on the amount of accommodation extended by these banks to individual member banks or to all member banks
combined. From the point of view of the service rendered by the System
to its members, however, interest attaches to the number of member banks
that use the discount facilities of the Reserve bank. During 1925 the number of member banks accommodated through the discount of paper was
5,183, indicating that in the course of the year more than one-half of the
member banks received direct accommodation from the Reserve banks.
Changes from month to month and from year to year in the number of
banks accommodated by the Reserve banks are not closely related to
changes in the amount of Reserve bank credit required by the member
banks. Thus in November 1925 the total volume of paper discounted by
the Reserve banks was $2,538,000,000, compared with $3,331,000,000 in
October, while the number of banks accommodated increased from 2,796
to 2,876; and for the year 1925 the number of member banks discounting
one or more times at the Reserve banks was 5,183, compared with 6,941
in 1920, when the demand for Reserve bank credit was at the peak, and
the volume of discounts for the entire year was $85,321,000,000, while in
1925 it was $32,563,000,000. Discounts of smaller amounts may be of as
much aasistance to member banks at certain times as larger discounts are
at other times, and the extent to which member banks use the discounting
facilities of the Reserve banks is reflected in the number of banks that
apply for accommodation, a number which even at times of a relatively
small demand for Reserve bank credit includes in the course of a year a
majority of the member banks.
In addition to discounting and open market operations, which affect the
total volume of Reserve bank credit in use and are the principal channels
through which the System expresses its credit policy, the Federal Reserve
banks continuously render a large number of other services to member and
non-member banks. These other services include the handling of member
bank reserves, the supplying of currency, the collection and clearance of
checks, the collection of non-cash items (drafts, notes and coupons),,the
transfer of funds by wire, and the safekeeping of securities for member
banks. In addition to these services rendered directly to banks are those
rendered by the Reserve banks functioning as fiscal agents and depositaries
nf the Federal Government.
During 1925 the total volume of checks cleared through the Reserve System aggregated more than $250,000,000,000, and since the bulk of these
checks were deposited by member banks this indicates that the members'
balances with the Reserve banks, which are about $2,200,000,000, in order
to take mare of this volume of clearings, would have to be turned over on
the average about twice a week. In the ordinary course of their transactions from day to day member banks constantly make deposits to be credited
to their reserve accounts and make payments to be charged against these
accounts. It is far from true, therefore, that member banks' reserve balances with the Reserve banks, on which no interest is paid, are idle assets
available for no purpose other than to meet legal requirements. On the
contrary, in addition to their use as reserves, member bank balances are
available as clearing accounts through which member banks can make continuous settlements with other banks in the most expeditious and economical
manner. In their clearing operations, the twelve Reserve banks handled
during the year a total of 779,000,000 items.
In 1925 the Reserve banks collected practically free of cost to member
banks non-cash items (drafts, notes and coupons) aggregating nearly
$7,008,000,000, including the payment of over 44,000,000 United States
Government coupons in the aggregate amount of $681,000,000, and the
handling of over 5,000,000 of other non-cash items in the aggregate amount
of $6,116,000,000. In this year, also, the banks made 1,566,000 transfers
of funds by wire over the telegraph wires of the Federal Reserve System
for an aggregate amount of approximately $110,000,000,000.
In supplying currency and coin to member banks and for their account
Also to non-members the Reserve banks pay out, receive, count and ship to
and from out-of-town banks notes and coin, and also redeem and replace
unfit notes turned in from circulation. Currency and coin received and
counted during the past year exceeded $12,000,000,000, or more than
double the total amount of money in circulation outside of the United
States Treasury and of the Federal Reserve banks.
The fiscal agency operations of the Reserve banks include the sale and
delivery of Government securities newly issued, the redemption of securities
called for payment or matured, denominational exchanges, interchanges of
coupon and registered bonds, transfers of ownership, purchases of securities in the open market for Government account, maintenance of Government deposit accounts which designated depositaries, and the custody of
Government securities. Acting as depositaries for the Treasury, the Reserve
banks pay Government checks, warrants and coupons, collect checks and
items for the account of the Treasury, withdraw Government de11011-Ca
posits from depositary banks, transfer funds by telegraph, and render services formerly rendered through the sub-Treasury offices, including the
replacing, exchange and redemption of United States paper currency and
.coin. Expenses incurred by the Reserve banks directly in connection with
the issue of new securities are reimbursed by the Treasury, but all other
'expenses incurred in the discharge of their fiscal agency functions are absorbed in the operating costs of the Reserve banks.
Earnings and Expenses and Volume of Work of the Federal Reserve Banks.
• Gross earnings of the Federal Reserve banks during 1925 aggregated
411,800,000, an increase of $3,460,000 over the $38,340,000 reported for
[Vol.. 1`...!"'
1924, and comparable with gross earnings of about $50,000,000 in 1922
and 1923. The larger earnings during 1925, notwithstanding a lower average rate of return on earning assets, were due to an increase of about 20%
in average daily holdings of bills and securities. Holdings of both discounted and purchased bills were considerably larger and those of United
States securities considerably less than in the preceding year, with the
result that earnings on United States securities decreased by $1,930,000 to
$12,783,000, while earnings on discounted bills increased by $1,737,000 to
$17,680,000, and on bills bought in open market by $3,394,000, to $9,104,000. The average rate of return on total bill and security holdings of the
Federal Reserve banks in 1925 was 3.51%, compared with 3.83% the year
before, and the average rate on discounted bills was 3.67%; as compared
with 4.25% in 1924. Slightly lower average rates of earnings prevailed also
for the other classes of bills and securities. Average daily holdings of each
class of bills and securities, earnings therefrom, and annual rates of earnings
are shown in the following table:
HOLDINGS OF DILLS AND SECURITIES, AND EARNINGS THEREFROM.
Bills
Discounted
Daily average
holdings:
1923
1924
1925
Average rates of
earnings(%)
1923
1924
1925
Earnings:
1923
1924
1925
Bills
Bought in
the Opera
Markel.
United
All Other
States
Government Bills and
Securities. Securities.
Total.
738,114,000 226,548,000 185,823,000
85.000 1,150,570,000
374,831,000 172,428,000 401,365,000 1,690,000 950.317.000
481,515,000 287,329,000 358,962.000 11,701,000 1,139.507,000
4.46%
, 367
4 25
. /
$
32.956,000
15,943 000
17,680.000
4.01%
4.14%
5
33..667/
33..3171%
%
$
$
9,371,000 7,444,000
5,710,000 14,712,000
9.104.000 12,783.000
4 51/
3 60
.
3..59%
$
4.000
61,000
419.000
• 4.33%
3.83%
3.51%
49,775,000
36,426.000
39.986,
Current operating expenses of the Federal Reserve banks, exclusive of the
cost of Federal Reserve currency and of fiscal agency expenses reimbursed
by the United States Treasury, aggregated $25,725,000 during 1925, as
compared with $26,998,000 during 1924, a decrease for the year of $1,273,000. This decrease was due principally to the reduction in the amount of
salaries paid to the clerical staff of the banks, which totaled $12,090,000
in 1925, compared with $13,289,000 in 1924. Salaries paid to officers declined by $142,000, while salaries paid non-clerical employees, including
special officers and watchmen, guards, janitors, cleaners, other building
employees, etc., increased by $80,000. This increase resulted from the
fact that more of the Reserve banks were occupying their own buildings in
1925 than in 1924, thus necessitating a larger force of building employees
than was the case when they were occupying rented quarters. As a result
of the completion of new buildings the taxes on bank premises increased
from $841,000 in 1924 to $1,293,000 in 1925.
The decrease noted above in salaries paid to the clerical staff was due
•
in no small part to the fact that the Reserve banks, after having been established in their own buildings, were able to operate under more favorable
working conditions than when they were occupying rented quarters where
their operations were, in some cases, carried on in more than one building.
The reduction in salary payments is especially noteworthy in view of the
fact that the volume of work in the principal departments of the banks
shows a substantial increase over the volume handled during the preceding
year, the number of pieces of currency received and counted having increased from 1,838,000,000 in 1924 to 1,947,000,000 in 1925, the number
of coins received and counted from 2.187,000,000 to 2,329,000,000 and the
number of checks handled from 743,000,000 in 1924 to about 779,000,000
in 1925. These are the departments in which the larger part of the personnel of the Federal Reserve banks is employed. The volume of work - in
the discount and in the fiscal agency departments showed some falling off
during the year, while the number of bills purchased in the open market
and the number of transfers made for the account of member banks increased. The total number of employees of the Federal Reserve banks on
Dec. 31 1925, excluding those of the fiscal agency departments, was 9,486,
compared with 9,964 at the end of 1924.
Owing to continuing decrease in the volume of new securities placed by
the Treasury, the cost of such work at the Federal Reserve banks for
which they asked the Treasury for reimbursement was only $167,330 in
1925, compared with $444,067 in 1924. The number of employees in fiscal
agency departments, including those whose salaries are absorbed by the
Federal Reserve banks as well as those engaged in work for which reimbursement is received from the Treasury, declined from 484 at the end of
1924 to 359 at the end of 1925.
The volume of operations in the principal departments at the Federal
Reserve banks during the past three years is shown in the following table:
VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS.
1925.
1924.
1923.
Number of Pieces Handled:
Bills discounted:
Applications
116,000
129.000
168,000
Notes discounted
475,000
583.000
782.000
Bills purchased In open market for
own account
201,000
143,000
179,000
Currency received and counted
1,047,419,000 1,838,279,000 1.722,877,000
Coin received and counted
2,329,014,000 2,186,737,000 2,076,075,000
Checks handled
778,686,000
742,878,000
697,502,000
Collection items handled:
United States Government coupons paid
44,174,000
50,471,000
64,662,000
All other
5,467,000
6,113,000
5,732,000
United States securities—issues,
redemptions, and exchanges by
fiscal agency department
7.116.000
16.097.000
•114,409,000
Transfers of funds
1,566,000
1,503,000
1,413,000
Envelopes received & dispatched_
37,222,000
40,050,000
44,932,000
Amounts Handled.
Bills discounted
$32.562,620,000 $15,419,155.000 $38,379,926,000
Dills purchased in open market for
own account
2,961,170,000 2,172,142,000 2,547,010,000
Currency received and counted
11,556,980.000 10,777,306.000 10,306,411,000
Coin received and counted
467,732,000
293,924,000
308.051,000
Checks handled
258,611,276.000 219,832,179,000 207,719,529,000
Collection items handled:
United States Government coupons paid
680.921,000
719.784,000
761,731,000
All other
6,116,958,000 5,509,093,000 5,900,520,000
United States securities—issues,
redemptions, and exchanges by
fiscal agency department
5,578,995,000 6.708,272,000 8.433,891,000
Transfer of funds
109.430.683.000 OR RAO A9ci nnn 7Gt an,,no nn'.
* Large total due to redemption of war savings securities which matured Jan. 1
1923.
As a result of larger gross earnings and smaller current expenses, the
current net earnings of the Federal Reserve banks aggregated $14,273,000
.1 IT. 17 1926.]
THE CHRONICLE
in 1925, as compared with $9,909,000 in 1924. Charges against current
net earnings, authorized by the Board, included $2,297,000 for depreciation
on bank premises, $706,000 for furniture and equipment purchased during
the year, $1,750,000 for reserves for probable losses on paper of failed
banks, and $307,000 for reserves for self-insurance. Other deductions
amounting to $242,000 were more than offset by credits to current net
earnings aggregating $479,000. After making these deductions, there remained $9,449,000 net earnings available for dividends, surplus and franchise taxes.
Earnings at the Federal Reserve Bank of St. Louis were $93,540 less than
current expenses, depreciation and other charges, with the result that that
bank had to charge this deficit, together with dividends amounting to
$306,753, to its surplus account. Net earnings of the Federal Reserve Bank
of Atlanta amounted to $26,191 and dividend payments to $276,488, the
part of the dividend payments not covered by net earnings, $250,297, being
charged to the bank's surplus account. All the other Federal Reserve banks
had sufficient net earnings to pay all accrued dividends. Of the banks
whose earnings were in excess of dividend requirements, Boston, New York,
Philadelphia, Cleveland, Richmond, Chicago and Dallas transferred to surplus account, as authorized by law, the entire balance of net earnings remaining after the payment of dividends, as their surplus accounts are less
than their subscribed capital, while the Minneapolis and Kansas City banks,
whose surplus accounts are in excess of subscribed capital, transferred 10%
of their net earnings remaining after the payment of dividends, or $6,589,
to surplus account, and paid the balance, $59,300, to the United States
Government as a franchise tax, the amount of the tax paid by Minneapolis
being $37,255, and by Kansas City, $22,045. Total dividend payments by
all Federal Reserve banks during the year amounted to $6,916,000 and the
net increase in their surplus accounts to $2,474,000. Gross and net earnings of each Federal Reserve bank during the year, dividends paid to member banks, amounts transferred to or withdrawn from surplus account, and
amounts paid to the Government as a franchise tax are shown in the following table:
FINANCIAL RESULTS OF OPERATION OF THE FEDERAL RESERVE
BANKS DURING 1925.
Federal Reserve
Rant-
Net EarnSurplus Account.
ins AvailFranGross
able for Dividends
clams Tax
Earnings. Dividends, Paid.
Transfers WithPaid
Surplus &
todrawals United
Franchise
from- States.
Tax.
Boston
53,288,546 21,140,581 2502,648 2637,933
New York
10,217,174 3,103,298 1,888,196 1,215,102
Philadelphia
3,135,550 1,078,120
673,212
404,908
Cleveland
4.013,456 1,210.576
778,811
431.765
Richmond
2,182,460
576,110
358.162
217,948
Atlanta
2,072,378
26,191
276,488
$250,297
Chicago
5,424,663 1,121,273
934,016
187.257
St. Louis
2,055,637
4
.93,540
306,753
400,293
Minneapolis
1,438,341
234,954
193,560
4,139
537,255
Kansas City
2,309,985
282,921
258,426
2,450
22,045
Dallas
1,813,626
278.135
255,239
22,896
San Francisco__ 3,848,890
490,447
490,447
Total
$41,800.706 29.449.066 56.915.958 23.124.398 5650.500 ISOM()
•Deficit in earnings before payment o dividends
Building Operations of Federal Reserve Banks.
Completion of the bank building at St. Louis, which was occupied by the
Federal Reserve bank in June, brings to a close the construction of permanent quarters for the Federal Reserve banks. Buildings to house the Little
Rock, Denver and Omaha branches were also completed in 1925, as well as
an addition to the building occupied by the Louisville branch. Construction of an annex to the Philadelphia building was begun during the year,
and remodeling of the annex building at New York, which was undertaken
on completion of the bank's main building with a view to adapting it for
rental purposes, was practically completed. Construction of buildings on
the sites owned at Birmingham and Salt Lake City has been authorized,
and arrangements have been made to provide space for the Cincinnati
branch in the building to be constructed by the Chamber of Commerce on
the site owned by the Federal Reserve Bank of Cleveland, which has been
leased to the Chamber of Commerce for a period of 99 years with an option
to purchase.
. All of the Federal Reserve banks and thirteen of the Federal Reserve
branch banks are now housed in their own buildings. No buildings or
building sites have been acquired for the branches at Buffalo, Memphis,
Seattle, Spokane, Los Angeles and Portland. Tables showing the cost of
building operations at each Federal Reserve bank and branch will be found
In the complete report.
Branches and Agencies of the Federal Reserve Banks.
No additional branches or agencies of Federal Reserve banks were authorized during the year and no changes have been made in the character
of business transacted by the existing branches and agencies. The directors
of the Federal Reserve Bank of Richmond were given a hearing in the
early part of 1925, on their request, submitted in the latter
part of 1924, for authority to establish a branch of the Federal Reserve
bank to serve the southwestern portion of the Fifth Federal Reserve District. Upon the disapproval of the request by the Federal Reserve Board,
formal application was made by the directors of the Richmond bank for a
rehearing, which Was granted by the Board on Jan. 15 1926.
The volume of work handled by the branches and agencies in their principal operating departments has continued to increase, as may be seen
from the following comparison for 1923, 1924 and 1925:
1923.
Checks handled:
Number of items
Amount
Currency received and counted:
Number of pieces
Amount
Coin received and counted:
Number of pieces
Amount
1924.
1925.
CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM
DURING 1925. BY CLASS OF BANK.
Member Banks.
Number.
Natl.
Active member banks, Dec. 31 1924.
Additions to membership:
Organization of national banks
Conversion of non-member banks to
national
Admission of State banks
Resumption following suspension _ _ _
Conversion within the system
353,158,000
$55,633,000
387,200,000
$60,199,000
393,994,000
$63,619.000
Change., in Membership.
On Dec. 31 1925 9,489 banks with resources of $41,425,295,000 were
members of the Federal Reserve System; of this number 8,048 with resources of $25,839,450,000 were national banks and 1,441 with resources of
$15,585,845,000 were State banks and trust companies. During the year
1925 the number of national banks increased by 5 and the number of State
bank and trust company members declined by 103, with a consequent net
reduction of 98 in the number of member banks. Notwithstanding the
Resources.
State.
8.043
Total.
1.544
9,587
838.986,867,000
120
120
17,844,000
69
69
40
7
36,029.000
139.865,000
2,785.000
b(235,171.000)
43
236
$198,523,000
42
12
12
118
11
29
53
18
13
147
b(360,159,000)
5(115,255,000)
8,211.000
101,209,000
28
14
42
37,640.000
21
al
1
39
a45
234
Total losses
40
2
al
239
Total additions
Losses to membership:
Merger of member banks
Inter-class
Inter-class
Voluntary liquidation (terminal) _
Suspension or insolvency
Absorption of member by non-member
banks
Conversions of member to non-member banks
Withdrawal of State banks
Conversion within the system
5
a45
146
6
2
3
- _
334
12,411,000
32.008,000
b(231.171000)
$191,479,000
Net change
+5 -103 -98 c+$2,438.428.000
Active member banks. Dec. 31 1925W 8.048 1.441 9.480 241.425.295.000
a Changes not affecting total number of member banks.
0 Changes not affecting total resources of member banks
e Includes changes In resources due to reorganization, growth, contraction, &c..
addition to changes enumerated.
Banks on Par List.
The number of non-member banks on the par list, I. e., non-member
banks which have agreed to pay without deductions for so-called exchange
such checks drawn upon them as are presented for payment by the Federal
Reserve banks, decreased from 15,445 at the end of 1924 to 14,643 at the
end of 1925, while the number of banks not on the par list increased from
3,647 at the end of 1924 to 3,970 at the end of 1925. The principal increases in the number of banks not on the par list took place in the Minneapolis, St. Louis and Chicago districts. The following table shows the
number of member banks at the end of 1925, all of which are on the par
list, and the number of non-member banks on the par list and not on the
par list at the end of 1924 and 1925:
NUMBER OF MEMBER BANKS AT THE END OF 1925 AND NUMBER OF
NON-MEMBER BANKS ON PAR LIST AND NOT ON PAR LIST AT
THE END OF 1925 AND 1925.
Member Banks.
Federal Reserve District
Total.
Natl.
Non-Member Banks.
Stale.
1925.
Current expenses of the 23 branches and 8 agencies during 1925 were
$5,843,000, as compared with $5,747,000 in the preceding year.
decline in the number of member banks, total resources showed an increase during the year of $2,438,428,000, of which $1,470,459,000 was in
the resources of national banks and $967,969,000 in the resources of State
member banks.
The decline in the number of member banks during the year is accounted
for largely by decreases incidental to mergers, suspensions, and voluntary
liquidations which terminated the existence of member banks, as is shown
in the following table:
CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM.
DEC. 31 1924 TO DEC. 31 1925.
Number of Banks.
Active member banks Dec. 31 1924
9,587
Banks joining the system
236
Banks withdrawing from the systems
101
Net increase from banks joining and withdrawing
Banks lost to membership through mergers between member banks, suspen- 135
sions, &c
233
Net decrease for the year
9s
Active member banks Dec. 31 1925
_9,489
•Includes 42 withdrawals which were Incidental to the absorption of member
banks by non-member banks.
In 1925, 236 banks joined the Federal Reserve System and 101 banks
withdrew from membership. Thus there was a net addition of 135 to the
membership of the System through the exercise of the banks' option with
regard to the assumption or relinquishment of membership. Against this
voluntary accession to membership there was a decrease of 233 in membership resulting from mergers between member banks, from bank suspensions,
and from other causes not related to the bank's choice in the matter of
membership. Of the 236 banks that joined the System, 120 were newly
organized national banks, 69 were non-member banks that were converted
into national banks, 40 were non-member banks that were admitted to
membership as State institutions, and 7 were banks previously closed which
resumed operations during the year. Of the banks that withdrew from the
System, 37 were member State banks that withdrew as such after advance
notice to the Federal Reserve Board, and 64 were member banks that
dropped out of the System because they were absorbed or succeeded by nonmember banks; the latter include 42 withdrawals incidental to the absorption of member by non-member banks, which in many instances did not
represent the exercise of the banks' option regarding membership in the
System. The other decreases in membership were the consequnce of 71
mergers between member banks, 13 voluntary liquidations terminating the
banks' operations, 147 suspensions and insolvencies, and 2 compulsory
withdrawals.
In the following table changes in membership are shown in detail, by
class of bank, for the year 1925:
207,187.000
222,622,000
230,685,000
253,197,150.000 254,763,840,000 $60,989,227,000
397,973,000
433.582,000
451,132,000
22,415,356,000 $2,468,886,000 22,621,983,000
2143
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kama City
Dallas
San Francisco
420
880
753
863
604
495
1,398
628
829
1,027
852
740
382
734
671
747
548
379
1,051
498
744
994
725
575
On Par List.
1925.
38
146
82
116
58
116
347
130
85
33
127
165
246
391
513
1,073
712
366
3,808
2,111
1,185
2,667
768
803
Not on Par List*
1924. 1925.
234
381
519
1,075
743
383
3,927
2,225
1,498
2,747
862
851
System
9,489 8,048 1,441 14.643 15.445
•Incorporated banks other than mutual savings banks.
1924.
--10
10
687
1,102
260
401
1,062
205
182
61
715
1.105
218
332
853
204
153
57
3.970
3,647
2144
THE CHRONICLE
[Vol.. 122
from the Federal Reserve bank of the amounts of exchange charges and
Bank Suspensions.
alleged it had been illegally deprived.
A survey of bank suspensions in 1924 and 1925, made during the past interest of which the plaintiff and 8 1924, the District Court denied a preAt a hearing held on Oct. 2
year, shows that in 1925 612 banks with deposits of $172,900,000 susinjunction and dismissed the Federal Reserve Board from the
pended operations, as against 777 banks with deposits of $213,444,000 in liminary
of Section 51 of the Judicial Code
in 1925, 146 with deposits of $67,264,000 suit on the ground that under the terms
1924. • Of the banks suspended
it could not be sued in the Northern District of Georgia without its consent
were member banks and 466 with deposits of $105,636,000 were non-member
On Dec. 15 the case was argued in the District Court on its merits and
banks. The Board's reports on bank suspensions cover all banks in the
on Dec. 29 1924 the court rendered a decision dismissing the bill and
country, whether incorporated or unincorporated, which were declared inholding in effect that:
solvent or were closed to the public by order of supervisory authorities,
(1) The Federal Reserve banks are not required to give depositing member
and it is not known how many of the institutions thus reported may ultiimmediate credit and availability for checks and drafts drawn on
mately prove to be solvent or be restored to solvency. The record of suet- banks
member banks in the Atlanta district and are justified in refusing
pensions during 1924 and 1925 is summarized, by class of banks, in the other
or to be
to permit the amount of said checks to be counted as reserves
following table:
withdrawn by check or otherwise until they actually have been collected.
BANK SUSPENSIONS DURING 1924 AND 1925.
(2) Under the terms of the so-called "Hardwick amendment" to Secto
tion 13 of the Federal Reserve Act, member banks have not the right
Total Deposits,
Capital.
Number.
make an "exchange charge" for remitting payment to a Federal Reserve
not the
bank for checks drawn on themselves, although such checks are
1924.
1925.
1924.
1925. 1924. 1925.
property of the Federal Reserve bank, but are handled for collection;
Act, the
(3) That, under the terms of Section 13 of the Federal Reserve
612 777 $24,441,000 $28,373,000 $172,900,000 $213,444,000
All banks
limited to
Member banks,
authority of a Federal Reserve bank to collect •checks is not
146 159 9,920,000 10,305,000 67,264,000 74,469,000 checks sent to it by its own members and checks payable within the distotal
7,660,000 58,537,000 60,889,000
122 7,970.000
118
National
Reserve bank
8,727,000 13,580,000 trict of such Federal Reserve bank; and, therefore, a Federal
28 37 1,950,000 2,645,000
State
non-member clearing
Non-member banks 466 618 14.521,000 18,068,000 105,636,000 138.975.000 may collect checks on its own member banks and
may handle checks paybanks which come to it from other districts, and
Moat of the suspended banks in both years were small institutions and able on presentation sent to it by its member banks or non-member clearmost of them were located in small centres. In both years about 40% of ing banks whether payable within its own district or not; and
has the
the closed banks had capital of less than $25,000 and about 70% had cap(4) That the provision in the "Hardwick amendment," which
ital of less than $50,000. The average amount of deposits per bank for effect of requiring member banks to pay, without deduction, checks drawn
non-member banks suspended in 1925 was about one-fourth the average on them when presented by Federal Reserve banks, whether paid over the
amount of deposits per bank for all non-member banks, and the average counter or by the more convenient means of checks on their deposits elseamount of deposits of suspended member banks was about one-seventh of the where, does not deprive member banks of property without due process of
average amount of deposits for all member banks. A classification of the law and, therefore, is not contrary to the fifth amendment to the Constisuspended banks, by size of the centres in which the banks were located, tution.
Supreme Court
shows that, of the banks suspended in 1923, 37% were located in towns
The plaintiffs immediately appealed the case direct to the
with a population of less than 500; 78% were in towns with a population of the United States on the ground that it involved a constitutional quesand 96% were in towns and cities of less than 25,000 tion; and on Nov. 30 1925 the Supreme Court issued an order transferring
of less than 2,600,
population. In the following table bank suspensions for 1925 are classified the case to the Circuit Court of Appeals for the Fifth Circuit, on the ground
in
for the major geographic divisions of the country, by size of the centres of that the constitutional question raised by the plaintiff was not sufficiently
and, that,
which the banks were located. The distribution of suspensions, by size
substantial to support the court's jurisdicion on a direct appeal
Court of Aptowns in 1924 was similar to that in 1925.
therefore, the case should have been appealed to the Circuit
to a holding by
peals instead of the Supreme Court. This was tantamount
BANK SUSPENSIONS DURING 1925, BY SIZE OF TOWN OR CITY.
Federal Reserve
the Supreme Court that the provision of Section 13 of the
on
Total Number of Suspended Banks in Towns or Cities with Act which forbids Federal Reserve banks to pay exchange charges
charges on checks colPopulation of
Numchecks and forbids member banks to impose such
ber of
banks is constitutional.
Bank Less 500 1,000 1,500 2,500 5,000 10,000 25,000 lected through Federal Reserve
20 and
and
to
to
to
to
The case was argued before the Circuit Court of Appeals on Jan.
to
to
SUS- than
pen- 500 999 1,499 2,499 4,999 .9999 24,999 Over. 21 1926 and that court rendered a decision on Feb. 11 1926 affirming the
however, reneons.
decision of the District Court on all points. Judge Foster,
dered a dissenting opinion.
1
1
2
New England States
opin6
2
10 • l
The opinion of the Circuit Court of Appeals and also the dissenting
Eastern States
1
11
9
16 23
51 --56 21
171
Southern States
ion of Judge Foster will be published in the complete report.
6
5
former annual
213 86 46 19 23 18 10
_
-In
Middle Western States_
Cleveland and San Francisco Par Clearance Cases.
10
9
192 83 42 23 12 13
have been
Western States
3
reports the Board has discussed the par clearance suits which
4
4
6
3
4
24
Pacific States
past against the Federal Reserve banks of Cleveland
for several years
23 pending
Total United States._ 612 226 130 87 56 60 32 18
and San Francisco.
The Brookings State Bank, of Brookings, Ore., which had originally
3.8
2.9
Per cent of total number_ _ 100 36.9 21.2 11.0 9.2 9.8 5.2
San Franbrought an injunction suit against the Federal Reserve Bank of
Cumulative per cent of
100 36.9 58.1 69.1 78.3 88.1 93.3 96.2 100.0 cisco, followed this with an action for damages to compensate it for losses
total number
been caused by the collection methods employed by the
Both in 1924 and in 1925 bank suspensions were most numerous in the alleged to have
bank. This action for damages came to trial during the past year
Minneapolis, Chicago and Kansas City districts. Of the banks closed in Reserve
on June 9 a verdict was returned by the jury awarding to the plaintiff
ten1925, 354 were in these districts, and these banks had deposits of $107,- and
the $1 actual damages and $17,500 punitive damages. Judgment was
about 60% of the total deposits of the banks suspended during
809,000,
to the Circuit
of all dered accordingly. An appeal was taken from this judgment
year. The following table shows the number, capital and deposits
while the appeal was
Court of Appeals, but the case was settled out of court
suspended banks, by districts, for 1924 and 1926:
pending.
followed its
BANK SUSPENSIONS DURING 1924 AND 1925 BY DISTRICTS.
The Farmers and Merchants Bank of Catlettsburg, Ky., also
by bringing
injunction suit against the Federal Reserve Bank of Cleveland
in Kentucky and in
All Banks (Member and Non-Member).
an action at law in the Federal district courts, both
1925 these cases
Ohio, for compensatory and punitive damages. During
Deposits.
Capital.
Number.
Federal Reserve
by the parties
together with the injunction suit, were settled out of court
Distria1925.
1925.
1924.
1925.
involved.
1925. 1924
Trust Powers of National Banks.
612 777 $24,441,000 $28,373,000 5172.900.000 $213,444,000
AU districts
and 13 suppleDuring the year 1925 the Board has granted 178 original
$1,605,000
trust
1
$125.000 $150,000 $1,298,000
2
Boston
1,746,000 mental applications by national banks for permission to exercise
85,000
6
York
New
901,000 powers in accordance with the provisions of Section 11 (k) of the Federal
2,665,000
125,000
355,000
2
3
Philadelphia
1,137,000
banks holding
9.624,000
129,000
Dec. 31 1925 the total number of national
6
730,000
14
Cleveland
5,822,000 Reserve Act, On
powers was 1,951, a list of which,
68 43 2,615,000 1,654.000 13,182,000
Richmond
5.002,000 permits from the Board to exercise trust
6,079.000
44 48 2,104,000 1,974,000
Atlanta
will be published in the complete report.
109 108 4,961,000 4.622.000 34.126,000 36,950,000 with the powers granted,
Chicago
53 53 1,761,000 1,903,000 11,942,000 13,674,000
St. Louis
Administration of the Clayton Act.
168 295 4,724.000 9,084,000 44,985.000 85,539,000
Minneapolis
4,142.000 28,698,000 34,763,000
In each of its annual reports beginning with 1921 the Board has pointed
77 133 3,433.000
Kansas City
50 53 2,498,000 3,108,000 11,830,000 19.612,600 out certain difficulties in administering the Kern amendment to the ClayDallas
6.663,000
8.471,000
by the un24
29 1.135.000 1,397.000
San Francisco
ton Act and certain illogical and inequitable situations created
Check Clearing and Collection.
scientific modus operandi of that provision and has recommended the
the situation. Bills to this effect
-On Feb. 11 1926 the United States Circuit enactment of an amendment to remedy
Atlanta Par Clearance Case.
the were introduced during the 68th Congress, both in the Senate and in the
Court of Appeals for the Fifth Circuit rendered a decision affirming
with respect thereto. The Board wishes
of House, but no action was taken
decision of the United States District Court for the Northern District
Bank again to renew its recommendation that an amendment to the Clayton Act
Georgia in the case of Pascagoula National Bank vs. Federal Reserve
full in the Board's in substantially the same form as that suggested in former annual reports
of Atlanta, 3 Fed. (2d) 465, which was published in
be enacted for the reasons stated.
annual report for the year 1924, commencing on page 231.
involves
In the year 1925 the Board received and considered 295 applications for
This suit differs from the former par clearance cases in that it
certain permission to serve in interlocking bank directorates. The Comptroller of
a national bank, rather than a non-member bank, and also raises
been the Currency reported 45 alleged violations of Section 8 of the Clayton
questions dealing with check collection transactions which have not
Bank of Act; these the Board investigated and, where necessary, required the bank
adjudicated before. On Aug. 9 1924 the Pascagoula National
the law wherever it was being violated.
Moss Point, Miss., filed a bill of complaint in the United States District directors involved to comply with
Reserve
Court for the Northern District of Georgia against the Federal
Use of the Words "Federal" and "Reserve" in the Title of Banks,
Agent, and the
Corporations or Firms.
Bank of Atlanta, Joseph A. McCord. as Federal Reserve
defendants
Federal Reserve Board. In general, the bill charged the several
The Board wishes to call attention to numerous complaints which it has
violated various provisions of the Federal Reserve
with having ignored and
of received during a number of years past about the use of the words "FedAct and prayed for an injunction against the Federal Reserve Bank
or a combination of the two as part of the title of
eral" or Resrv"
Atlanta, which, if granted, would in effect:
or firms other than Federal Reserve banks. In most
Atlanta to give immediate banks, corporations
(1) Require the Federal Reserve Bank of
these
and of the instances called to the Board's attention it is obvimis that
credit and availability to the plaintiff for all its deposits of checks
at words have been employed in an attempt to take advantage of the prestige
drafts drawn on other member banks in the Atlanta District, no matter
enjoyed by the Federal Reserve banks and to arrogate to the firms or corwhat distance from Atlanta the drawee banks may be;
it porations using such words a part of the benefits accruing from this pres(2) Permit the plaintiff to charge exchange on checks drawn upon
tige, and the Board has felt not only that this purpose is in itself objecand presented for payment by or through the Federal Reserve banks; and
tionable but also that such use of these words is likely to mislead the public
(3) Prohibit the Federal Reserve bank from handling checks for any and to cause confusion. Indeed, in several instances it has been found
checks
banks other than its own members and, for its own members, any
that the i.e of these words by firms or corporations, other than Federal
which are not payable within the Atlanta district
or other Federal corporations, actually has led to confusion.
that the Federal Reserve Board and Joseph A. Mc- Reserve barks always opposed such use of these words and feels that there
The bill also asked
The Board has
enjoined from promulgating and enforcing the provisions of the
Cord be
recovery is a necessity for legislation which would prevent abuses of this characte"..
Board's regulation J, and further asked for an accounting and
APR. 17 1926.]
THE CHRONICLE
2145
position that since the Constitution delegates the Senate u sole judge of
Meetings of Federal Advisory Council.
Its membership, the Executive has no authority in latch matters.
Four meetings of the Federal Advisory Council were held in Washington
The 45 votes recorded in the Senate on April 12 in favor
during 1925 on the following dates: Feb. 16, May 22, Sept. 21 and Dec. 1.
Conferences Held by the Federal Reserve Board.
of the unseating of Senator Brookhart were cast by 29 DemThe Federal Reserve Board, as usual, conferred with the Federal Adocrats and 16 Republicans; the 41 votes In the negative were
visory Council on the occasion of each of its meetings during the year.
The Governors of the Federal Reserve banks met in Washington on those of 33 Republicans, 7 Democrats and one FarmerApril 6-8 and the Governors of the Federal Reserve banks and Federal Labor Senator. Mr. Brookhart had been, a member of the
Reserve agents conferred, separately and jointly, on Oct. 28-Nov. 5. At
both conferences special sessions were held at which the Board was in Senate since 1922, and at the 1924 election he was a candiattendance.
date for re-election.
Organization Staff and Expenditures.
Crissinger, whose term as Governor of the Federal Reserve
Hon. D. R.
Board expired on April 30 1925, and Hon. Edmund Platt, whose term as Senator Cummins Bill For Consolidation of Railway
Vice-Governor expired on Aug. 10 1925, were redesignated by the PresiProperties Reported to Senate.
dent. Mr. W. W. Stewart, who had been Director of the Division of ReThe bill of Senator Cummins, providing for the consoliat the end of the year,
search and Statistics since Sept. 16 1922, resigned
effective Jan. 81 1926.
dation of the railroad systems of the country, was favorably
The total cost of conducting the work of the Board during the year 1925 reported to the Senate on April 13 by the Senate Committee
was $691,056 07. To meet these *expenses the Board levied two assessments
against the Federal Reserve banks aggregating $709,499 19, or approxi- on Inter-State Commerce. The bill was introduced by
mately one-fifth of 1% of their average paid-in capital and surplus for the Senator Cummins on December 21 last, and was at that time
year.
referred to the Committee. A reference to the bill appeared
By direction of the Federal Reserve Board.
in these columns Dec. 26, page 3082. The bill provides for
D. It. CRISSINGER, Governor.
The Speaker of the House of Representatives.
the voluntary consolidation of roads, subject to the approval
Governor Smith of New York Signs Bill Which Makes
Unnecessary Filing of Income Tax Returns Where
Net Income Is Below Exemption.
A special dispatch to the New York "Evening Post" from
Albany, April 8, said:
of the Inter-State Commerce Commission; where a consolidation has not been voluntarily effected within five years' the
Commission would be authorized to proceed to unify the
roads into a limited number of systems. The committee
report on the bill said:
It Is submitted as an inevitable conclusion thatif a process of wise consolidation is not soon entered upon and rapidly carried forward, not less than
Governor Smith to-day signed the Mastick bill removing the necessity 60.000 miles of our rail transporation system must be either abandoned or.
of filing income tax returns where the net income is below the new exemp- at the best, will be rendering the most unsatisfactory and inefficient service.
tion limits set in the Bouton Act.
It has been estimated that with the service now being rendered. from
'Under the provisions of the new law it is unnecessary to file a return 8300.000,000 to $500.000,000 annually could be saved, all of which could be
income is less than $3,500, if the head of a family, or $1,500 if utilized in a reduction of freight and passenger rates
if net
single. Persons whose gross income is over $5,000 must file a return,
however, whether the net income is under $3,500 or not.
United States Senate Unseats Senator W. Brookhart of
Iowa—D. F. Steck, Who Contested Seat, Sworn in.
.The question as to whether Smith W. Brookhart (Republican) was entitled to retain his seat as Senator from Iowa,
or should be displaced in favor of Daniel F. Steck, his Democratic opponent at the polls in 1924, was decided by the
United States Senate on April 12, when, by a vote of 45 to
41, the following resolution declaring Mr. Steck elected, was
adopted:
Reappointments By President Coolidge to Railroad
Labor Board.
On April 14 President Coolidge sent the Senate the
nominations of the following as reappointed members of the
Railroad Labor Board:
Management group, Samuel Higgins, of New York;
Public Group, Ben. W.Hooper, of Tennessee; Labor Group,
Walter L. McMenimen,of Massachusetts all are reappointed
for a period of five years.
R. C. Dunlap Appointed Treasurer United States
Railroad Administration.
Effective April 1 1926, R. C. Dunlap was appointed
A sub-committee of the Senate which had investigated the Treasurer of the United States Railroad Administration in
Senatorial contest was unanimous in its conclusions, re- place of C. L. Stryker, Treasurer, resigned.
ported to the full committee on March 15 that Mr. Steck had
received a plurality of votes over Senator Brookhart, and ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
The New York Stock Exchange membership of Theodore
should be seated. At that time the Associated Press acA. Lightner was reported posted for transfer this week to
counts stated:
The sub-committee was unanimous in its conclusions that Steck had George N. Richard, the consideration being stated as
received a plurality, but Senator George (Democrat), Georgia, differed $133,000. This is the same price as the last preceding sale.
other members on some details.
Resolved, That Daniel F. Steck is hereby declared to be a duly elected
Senator of the United States from the State of Iowa for the term of six
years, commencing on the 4th day of March 1925, and is entitled to be
seated as such.
with the
The report held that Steck had a plurality of 1,420 votes under the committee rule that the "intent of the voters" should be the deciding factor
in election contests, and that, regardless of the intent of the voters, Steck
still would have a plurality of 76 ballots.
The New York Coffee and Sugar Exchange membership
of William May Wright was reported sold this week to
Farr & Co. for another, the consideration being stated as
On March 25 the Senate Committee on Privileges and $17,000.
Elections voted 10 to 1 to unseat Senator Brookhart in favor
Mayor Walker was the guest of honor at the annual meetof Mr. Steck. The majority and minority reports of the
committee were filed in the Senate on March 29, at which ing of the Association of Stock Exchange Firms last night
(Friday, April 16) at the Hotel Astor. The speakers were
•
time Associated Press advices said:
Seeking to give only the intent of the voter and sweeping aside all tech- United States Senator Lenroot, Attorney-General Ottinger
nicalities and irregularities, the majority held that Daniel F. Steck, the of New York and former United States Senator Calder. A
Democratic candidate, received a plurality of 1,420 votes.
On the other hand, the minority report contended that Senator Brookhart short business session for the election of officers preceded
had a plurality of 1,181 on "a proper count of the ballots before the corn. the speakers. Secretary of the Association Frederick F.
mittee, in the light of the law of Iowa."
Lyden, in charge of the arrangements, made preparation
The majority report was filed by Senator Caraway, Democrat, Arkansas,
on behalf of himself and nine other members of the elections committee, for 1,000 members and guests, who included representatives
while the minority report was filed by Senator Stephens, Democrat, Mis- of every Stock Exchange house and financial institution in
sissippi, on behalf of himself.
Wall Street. Out-of-town Stock Exchange houses in every
On April 9 a unanimous Consent agreement was reached large ctiy in the United States were also represented. Col.
In the Senate to act on the dispute on April 12, the agree- Henry Rogers Winthrop presided.
ment calling for the limitation of debate after 3 p. m. on the
John J. Mackall, Chairman of State Roads Commission
12th, to 15 minutes for each speaker and a roll call at 5 p. m.
In stating this the Associated Press dispatches from Wash- of Maryland, was the principal speaker at the regular meeting
ington added:
of the Bankers' Forum of the American Institute of Banking
The outcome will have an important bearing on the political situation in on April 14 at the Building Trades' Club. Mr. Mackall
Iowa, as Senator Brookhart has indicated he will become a candidate in discussed "Some of the Economics of the Highway Situation."
primary against Senator Cummins, Republican, who is running for
the
renomination, if he is unseated. If Steck is seated, the Democrats plan to
wage a bitter fight against the Republican nominee in the hope of getting
another Democratic Senator from Iowa, which has not had two Democratic
Senators since Statehood.
As the Senate was reaching an agreement for a vote Monday the White
House sought to quiet rumors that President Culidge had expressed a preference for Stock over Brookhart by denying that the President had any
opinion on the case.
The President was represented as having no official information on the
points at issue or any clioice between the two contestants. He takes the
The consolidation of the Chase National Bank and the
Mechanics & Metals National Bank under the name of the
Chase National Bank of the City of New York was carried
into effect on Monday of this week, April 12. The consolidated bank has a capital of $40,000,000, which with the
$10,000,000 capital of the Chase Securities Corporation and
the combined surplus and profits will give the bank a capital
2146
THE CHRONICLE
structure of more than $90,000,000. The union of the Chase
National Bank and the Mechanics & Metals National Bank
has been prompted by the opinion of the directors of both
institutions that the consolidated bank, with so much greater
capital than either of the separate institutions as well as with
the combined personnel, will be able to serve the public in a
more efficient and adequate manner.
The April letter of the Mechanics & Metals National
Bank says in regard to the consolidation:
There still is need for the neighborhood and community bank, and in the
United States there always will be that need. But the functions and productive services of large financial institutions, their capacity to undertake
loans and credits which run to big figures, their work in the trust and
foreign fields, and their capacity to develop advantages of economy and
efficiency in operation, all now combine to constitute a most important
constructive factor in the financial affairs of corporations, firms, business
partnerships and individuals as well.
[VOL. 122.
Company of New York. Mr. Townsend's career commenced in 1866, when he entered the employ of the Importers
& Traders Bank as junior clerk. A year later he was
made correspondence clerk and in 1873 he was appointed
Assistant Cashier; seven years later he became Cashier. Mr.
Townsend held this position until 1902, when he was chosen
President of the bank. In 1916, on the fiftieth anniversary
of his services with the bank, he was made Chairman of the
Board. In 1923, when the bank was merged with the
Equitable Trust Company,he was appointed Chairman of the
Advisory Committee of the branch of Importers & Traders
of the Equitable Trust Company.
The Equitable Trust Company of New York announces
the addition of Frederick W. Wilson to its staff of New
Business men. In addition to several years' association
with industrial firms in New York City, Mr. Wilson has had
active banking experience as New Business Manager of the
Empire Trust Company.
The principal offices of both banks are retained at 57
Broadway and 20 Nassau Street. The former is the main
office, and the latter becomes the Mechanics & Metals
branch of the consolidated Chase National Bank. The local
and foreign branch offices of the consolidation will be as
William E. Ford has resigned as Manager of the Credit
follows:
Mechanics & Metals branch, 20 Nassau St.; Metropolitan branch, Fourth Department of the New York Trust Co. and has been elected
Ave. at 23d St.; Shoe & Leather branch, 320 Broadway; Maiden Lane Assistant Vice-President of the Guardian Trust Co. of New
branch, 75 Maiden Lane; Prince Street branch, 565 Broadway; Seventh Jersey,.which will open for business in Newark on Aug. 2.
Avenue branch, Seventh Ave. at 36th St.; Forty-fifth Street branch, MadMr. Ford will take up his new duties immediately to assist
ison Ave. at 41st St.; Hamilton Trust branch, 91 Montague St., Brooklyn; Park Avenue branch, Park Ave. at 60th St.; Produce Exchange branch, in the organization of the new bank.
25 Broadway; Worth Street branch, Broadway at Worth St.; Stuyvesant
Square branch, Second Ave. at 14th St.; Fifth Avenue branch, 204 Fifth
Ave.; Fifty-Seventh Street branch, 143 West 57th St.; Seventy-second
Street branch, Broadway at 72d St.; Eighty-sixth Street branch, Broadway
at 86th St.; Columbus Avenue branch, Columbus Ave. at 93d St.; Harlem
Market branch, 2011 First Ave.; Harlem branch, Third Ave. at 116th St.;
Manhattanville office, 422 West 125th St.; Havana branch, Havana, Cuba;
Cristobal branch, Canal Zone and Panama City branch, Republic of Panama.
Coincident with the consolidation of the Chase National
Bank and the Mechanics & Metals National Bank, the
new Park Avenue Branch of the Chase National Bank was
formally opened for business on April 12. This new branch
is located at 510 Park Avenue, at the corner of 60th Street.
The advisory committee of the new Park Avenue Branch is
as follows: A. J. Drexel Biddle Jr., Mrs. Jonathan Bulkley,
Edward L. Burrill Jr., Middleton S. Burrill, Harry C. Cushing 3d, V. Event Macy, Mrs. Charles E. F. McCann, Miss
Anne Morgan, Mrs. John T. Pratt, Noah C. Rogers, Miss
Mary Vail Andress, Robert L. Clarkson, Gates W. McGarrah, John McHugh, Reeve Schley, Carl J. Schmidlapp,
Albert H. Wiggin. The new branch is equipped with a
women's department under the direction of a trained woman
banker. With the opening of this branch the business conducted by the Mechanics & Metals National Bank at Madison
Avenue and 60th Street is consolidated with the Park Avenue
Branch of the Chase National Bank, and the entire staff of
the Mechanics & Metals National Bank, Madison Avenue
Branch, will be housed there. This is the only branch of
the Mechanics & Metals National Bank which moves its
location in connection with the merger.
By acquiring thirteen additional branches through its
consolidation with the Mechanics & Metals National Bank,
the Chase National Bank of New York has now one of the
largest branch banking systems in the city, with a total of
20 branches in New York and Brooklyn. Until the year
1921 the Chase National Bank had achieved its rapid development without mergers or the addition of branch banking facilities. In that year a merger was completed with the
Metropolitan Bank and the Chase acquired seven branches,
six in New York and one in Brooklyn. This greatly extended the scope of the organization and increased its deposits
856,000,000 to a total of $443,000,000. In 1924 three foreign
branches were acquired in Cuba and on the Isthmus of Panama.
The consolidation with the Mechanics & Metals Bank added
13 more local branches, making a total of 23 in this city and
outside the United States. Previous accounts of the proceedings leading to the present consolidation have appeared
in our issues of Feb. 13, page 845;Feb.20, page 966; March 6,
page 1265; March 20, page 1563, and April 3, page 1997.
The Bank of Athens Trust Co., organized under the laws
of the State of New York with a capital of $500,000 and a
surplus of $500,000, began business in New York City on
April 1. The trust company has been formed by interests
in the New York Agency of the Bank of Athens at 25 Pine
Street. The trust company, however, is an institution
entirely independent of the Bank's New York Agency, which
will continue to do business at the same address. The
offices of the trust company are as follows: J. Plastropoulos,
President; J. Lippuner, Vice-President, and M. Cavalla,
Secretary.
On April 14 Nelson A. Mer- sereau was made an Assistant
Secretary of the American Trust Co. at a meeting of the
board of directors held in the company's main office, 135
Broadway. Mr. Mersereau and W. F. Mulledy, Assistant
Secretary, will be associated in the management of the
American Trust Co.'s new Staten Island office. The American Trust Co. and the New York Title & Mortgage Co. are
to have a new banking and business building at 30 Bay
Street. Property has been acquired and work will begin
soon. In the meantime, temporary quarters have been secured at 57 Bay Street, in the space now occupied by the
Staten Island Edison Co. Mr. Mersereau has been in charge
of the New York Title & Mortgage Co.'s Staten Island
office since it was first opened.
Two branches of the International Banking Corporation
have been taken over by the National City Bank of New
York. One branch is in the city of Panama and the other
in Colon.
The Fulton Trust Co. of New York announces the election
of Russell E. Burke as director. Mr. Burke's father was
also one of the directors of the Fulton Trust, and one of the
founders, having served on the board of directors from 1890
until his death in 1924. Russell E. Burke is a lawyer and
a member of the firm of Burke & Kirk, this city; he is also
a trustee of the Chesebrough Manufacturing Co., Cons.
The National Bank of Com-merce in New York announces
that C. Alison Scully, heretofore Second Vice-President and
Trust Officer, has been appointed Vice-President and Trust
Officer. James S. Rogan and Henry T. Skelding have been
appointed Assistant Cashiers.
The American Union Bank announces the removal of its
22nd Street office to new and enlarged quarters at 21st Street
and Broadway on Monday April 12 . The bank also has
Mr. Oscar E. Dooly, who served as a Vice-President of offices at Eighth Avenue at 37th Street, and
1597 Second
The Mechanics & Metals National Bank of this city for Avenue.
several years, has chosen the present time as an opportune
The Brooklyn "Eagle" announced yesterday that George
one to retire and realize a long-cherished wish—namely, to
return to his home in Habersham County, Georgia. Mr. W. Chauncey Chairman of the Board of Directors of the
Dooly carries with him the cordial good will and best wishes Mechanics Bank, Vice-President of the Dime Savings Bank,
and a foremost figure in the real estate field in Brooklyn,
of the bank's entire official staff.
died at one o'clock yesterday morning in his appartment in
Edward Townsend, who holds the unusual record of the Hotel Bossert, where he had
been ill for two weeks with
serving one institution for sixty years, announces his retire- double pneumonia. He would
have been 79 years old
ment from the office of Chairman of the Advisory Committee to-day.
of the Importers & Traders office of the Equitable Trust
APR. 17 1926.]
THE CHRONICLE
At a meeting of the directors of the Home National Bank
of Meriden, Conn., on April 13, Charles Smith Perkins,
formerly Casier of the bank, was elected President to succeed
thellate Edgar J. Doolittle, and George J. Sokel, heretofore
Assistant Cashier, was promoted to Cashier to succeed Mr.
Perkins, according to a special dispatch from Meriden on
that date to the Hartford "Courant." The dispatch further
stated that Herbert W. Perkins, who some time ago was
elected an Assistant Cashier, would assume Mr. Sokel's
formerl'cluties. In regard to the new President's banking
career the dispatch said:
Mr. Perkins was born in New Haven May 11 1854 and entered the employ
of the Home National Bank here in 1870. He remained for 29 consecutive
years and in 1899 was appointed National Bank Examiner by the United
States Treasury Department for Connecticut and Rhode Island to succeed
Michael Dooley of Hartford. Mr. Perkins was a National Bank Examiner
for 14 years and then returned to the local bank in an advisory capacity.
He was made Cashier in 1915 following the death of Louis Fiske.
A charter was issued on March 6 to the National Bank
of Ridgewood in New York, N. Y., by the Comptroller of
the Currency. The new institution has a capital of $200,000
and surplus of $50,000. It will begin business on April 19
1926. The officers are John F. Pitz,President; Charles H.
Schroeder, Vice-President, and Charles W.O'Reilly, Cashier.
The stock was placed at $125 per $100 share.
2147
The Pennsylvania Trust Co. of Pittsburgh, continuing its
program of advertising Pittsburgh products, is showing some
interesting displays of the various glass companies. In
one window, the Pittsburgh Plate Glass Co. has a display,
showing twenty-two different materials, weighing 230
pounds, which are required to make one upper windshield
for an automobile. This window also contains samples of
the various kinds of other products. In another window
the Macbeth-Evans Glass Co. has a display. The Standard
Plate Glass Co. is displaying samples of their mirrors, their
various paints and white leads, and the United States Glass
Co. has a display of many of their kinds of glassware.
Announcement has been made by the officers and directors
of the Boatmen's Bank, St. Louis, of the conversion of the
institution into a national bank under the title of the Boatmen's National Bank of St. Louis. The new bank is capitalized at $2,000,000 with surplus of $750,000. Its officers
are as follows: Julius W. Reinholdt, President; Aaron Waldheim, B. F. Bush, Edgar L. Taylor, Vice-Presidents; Leroy
C. Bryan, Vice-President and Cashier, and Albert Wagenfuehr, C. C. Hammerstein, R. Felsch and H. A. Bridges,
Assistant Cashiers. The institution dates back to 1847.
The announcement said in part:
As a national bank with membership in the Federal Reserve System and
trust powers permitting us to act as executor, administrator,
On April 6, William S. Williams, heretofore Assistant ing agent of bonds and coupons, registrar and transfer agent fortrustee, paycorporations.
Treasurer of the Oneida County Trust Co. of Utica, N. Y., and in all other trust capacities we will be in a position to render complete
Treasurer of the institution to fill the vacancy and comprehensive banking and trust service.
was made
caused by the recent death of James W. Lamb. In regard
Cable advices received on April 15 at
advices
New York office
to Mr. Williams' banking career the Utica "Press" of April
of Barclay's Bank Limited of London report that the Genoa
7 said:
branch of Barclay's Bank S. A. I., the Italian affiliate of
Mr. Williams is a graduate of the Utica Free Academy, and in March of
1910 entered the employ of the Second National Bank. He continued there Barclay's, will open for business on April 19. The address
through the organization of the Oneida County Trust Co., advancing through of the branch is 1 Piazza Competto.
various positions to the one to which he was chosen Tuesday.
He has served as President of the Utica Chapter, American Institute of
Banking, and also as a member of the National Committee of Public Speaking and Debate for the Institute last year.
,
Richard McAllister, President of the Marine Trust Co.
of Atlantic City, New Jersey, died on April 5. Mr. McAllister had been the founder of the McAllister Coal Co. of
Philadelphia, Camden and this city, and a director of several
banks. He was a director of the Philadelphia & Reading
RR. for more than twenty years. Mr. McAllister was
seventy years of age.
A plan which has been under consideration for several
weeks to merge the Fidelity Trust Co. of Philadelphia and
the Philadelphia Trust Co.,two of the leading State-chartered
institutions in that city, was approved on Monday of this
week (April 12) by the respective direct9rs of the institutions
and the plan has been submitted to counsel for review. Following the report of the latter, it is said, the stockholders of
the banks will be called in special meeting to ratify the proposed consolidation. The resulting institution will be known
as the Fidelity-Philadelphia Trust Co., and, according to
the Philadelphia "Ledger" of April 13, will be the largest
State-chartered bank in Philadelphia. When measured by
capital, surplus and undivided profits, it is said, it will be
exceeded only in the State of Pennsylvania by the Union
Trust Co. of Pittsburgh. The Girard Trust Co. of Philadelphia, the "Ledger" states, will exceed it from a corporate
trust point. The combined capital, surplus and undivided
profits of the new bank, according to the latest reports of
the two institutions to the State Secretary of Banking, will
be $30,433,268, with deposits of more than $79,000,000.
Total resources will amount to $113,452,201. Under the
merger plan, it is said, each holder of Philadelphia Trust Co.
stock will receive one and one-half shares of stock in the new
company for each share now held. The latest auction sale
price of Fidelity Trust Co. stock this week was at $662 a
share, while Philadelphia Trust Co. shares sold at $926 each.
The par value of both stocks is $100. William P. Gest,
President of the Fidelity Trust Co., will be Chairman of the
board of directors of the consolidated bank, while Henry G.
Brengle, President of the Philadelphia Trust Co., will be
Chief Executive. The Fidelity Trust Co. at present has a
building program for a 23
-story building to be erected at
Broad and Walnut streets, and the ground floor of this building, it is said, is to be the main office of the new bank when
completed-possibly late in 1928. The present office of the
Fidelity Trust Co.is in Chestnut Street east of Fourth Street,
while that of the Philadelphia Trust Co. is in Chestnut Street
west of Fourth Street. The former was founded in 1866 and
the latter in 1869.
COURSE OF BANK CLEARINGS.
Bank clearings the present week will again show an increase
as compared with the corresponding week last year but this
time the ratio of gain is more moderate. Preliminary figures
compiled by us, based upon telegraphic advices from the
chief cities of the country, indicate that for the week ending
to-day (Saturday, April 17) bank exchanges for all the cities
of the United States from which it is possible to obtain weekly
returns will aggregate 4.5% more than in the corresponding
week last year. The total stands at $10,383,834,056, against
$9,932,864,266 for the same week in 1925. At this centre
there is an increase for the five days of 6.6%. Our comparative summary for the week is as follows:
Clearings-Returns Si' Telegraph.
Week Ended April 17.
Per
Cent.
1926.
1925.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$4,759,000,000
574,318,755
541,000,000
427,000,000
112,493,059
132,800,000
166,500,000
156,42.1,000
148,233,409
148,174,609
111,853,984
105,313,872
57,563,309
84,465,566,758
596,124,903
527,000,000
390,000,000
118,735,488
130,800,000
159,142,000
134,045,000
160,854,919
145,681,419
116,603,675
107.903,412
50,572.988
Total 13 cities, 5 days
Other cities, 5 days
$7,440,671,997
1,212,523,050
87,103,030.562
+4.7
1,092,956,280 +10.9
$8,653,195,047
1,730.639,009
$8.195.986,842
1.736,877,424
+5.0
-0.4
$10,383,834,056
$9.932.864,266
+4.5
I Total all cities, 5 days
All cities, 1 day
Total all cities for week
,.
...
+6.6
-3.7
+2.6
+9.5
1
-5.3
+1.5
+4.6
+16.7
-7.9
+1.7
-4.1
-2.4
+13.8
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 April 10. For
that week there is an increase of 20.7%, the 1926 aggregate
a the clearings being $9,769,252,708 and the 1925 aggregate
$8,093,716,996. This large gain is due in part to the fact
that Good Friday fell in this week last year, while the present
year it came a week earlier. Outside of New York City
there is an increase of 12.9%, the bank exchanges at this
centre recording s. gain of 27.5%. 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 29.3%, in the New York
Reserve District (including this city) of 27.2% and in the
,Philadelphia Reserve 'District of 27.8%. In the Cleveland
Reserve District the totals are larger by 12.9%, in the Richmond;Reserve District by 18.4% and in the Atlanta Reserve
District by 23.1%. The Chicago Reserve District has a
gainl'of 1.4%, the St. Louis Reserve District of 6.8% and the
Minneapolis Reserve District of 22.3%. In the Dallas
Reserve District the increase is only 0.9% and in the Kansas
City Reserve District there is a trifling loss, namely 0.8%.
The!San Francisco Reserve District has a gain of 6.6%.
In the:following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended April 12.
1926.
1925.
It Federal Reserve Districts.
118 i
2nd
3rd
lithl
5th
6th
7th
8th
9th
10th
11th
12th
$
$
12 cities 543,843,917 420,494.443
Boston
5.645,163,568 4,438,957,183
11
New York
632.417,416 495,015,314
Philadelphia
10 "
404.087,742 357,847,233
8 Cleveland
215,797.412 182,225,299
6 "
Richmond
255.869,076 207,819,712
13 "
Atlanta
906,932,559 893.898.975
20 "
Chicago
220.242,058 206,265,189
8 "
St. Louts
132.939,883 108,502.492
7 "
Minneapolis
224,529,192 236,339.383
12 "
Kansas City
68,385,372 67,773,561
5.
Dallas
509,044.513 478,578,112
San Francimico_.-.17 ”
inc.or
Dec.
.
1924.
1923.
$
$
+29.3 428,952,771 433,645.807
+27.2 4,534,009,641 4,241,302.911
+27.8 481.254,529 519,909,999
+12.9 3.968,603 392,114.239
+18.4 182,220.625 176,968,992
+23.1 198,039,567 177,784.987
+1.4 807,142.770 868,6'72,666
4-8.8 192,217,973 75,753,405
+22.3 107,333,593 121,094.910
-08 206,895,470 '249,561.165
+0.9 61,065,845 54.840,061
+6.6 453,708,451 460,287,909
129 cities 9,769,252,708 8,093,716,996 +23.7 8,015,809,835 7,771,937.052
Grand total
4,249,495.482 3,764,094,593 +12.9 3,585.799,897 3.647,902,019
Outside New York City
IC
grvr no, or, -1.-1,7 Mil O. CAA
WU 17n OOP
an ...... , ICC MIN
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended April 10.
Clearings ca
1926.
1925.
Inc.or
Dec.
1924.
1923.
$
-Boston
First Federal Reserve Dist Oct
859,118- 8.2
797,387
Maine-Bangor__
3.094 054 +6.8
3,303,738
Portland
487,000.000 370,000,000 +31.6
-Boston _
Mass.
2,559,801 -17.4
2,115,125
Fall River__ _
a
a
Holyoke
1,086.796
1,146.640
Lowell
a
a
a
Lynn
1,614,028 -15.5
1,363.635
New Bedford..
5,961,827 +0.1
5,967.317
Springield___ _
3,766,462 7.5
3,482,691
Worcester
11,564,971 +61.8
18,717.406
-Hartford.
Conn.
5,788,268 +28.5
7,437.464
New Haven
13,442,000 -12.4
11,781.900
R.I.-Providence
3.5
757,118 730,614
ff.H.-M'cheeter
791.012
2,866,869
378.000,000
2,225,787
a
1,153,258
a
1,452,797
6.190,365
4,30(3.810
13,030,519
6,671,825
11,458,000
805,529
777.491
2,916.740
382,000.000
2,994,551
a
1,351.238
a
1,709.328
5,395,092
3,856,000
11,068,441
6.474,203
14,175,800
928,323
420,494,443 +29.3
428,952,771
433,645,807
Total(12 cities)
543,843,917
Second Feder al Reserve D istrict-New
5,730,258
7,299,752
-Albany._
N. Y.
1,247,500
1,269,551
Binghamton__ _
54,627,279
52.426,604
Buffalo
1,064,277
957,028
Elmira
1,662,369
1,958,947
Jamestown___ _
New York_ __ 5,519,737,22e 4,329,622,403
9,358,429
12,702,824
Rochester
5,644,946
5,888.103
Syracuse
3,422,228
3,370,856
Conn.-Stamford
452,935
831,461
-Montclair
N. J.
26,124,561
38,723,216
Northern N.J_
York
4,934.906
+27.4
6,618,664
1,223,000
1,240,900
+1.8
46,413,265
4.0
43,451,586
751,291
843,697
-10.1
1,266.615
1.306,446
+17.7
+27.5 4,430,009,938 4,124,035.033
11,563,394
12,118.616
+35.7
4,503,184
5,360,428
+4.3
3,053.078
3,110,832
-1.5
521,496
464,856
+83.6
43,037,649
+48.2
29,483,678
Total(11016185) 5,645,163,568 4,438,957,183 +27.2 4,534,009,641 4241,302,911
Third Federal Reserve Dist rict-Philad elphia
1,253,143 +41.8
1,778.776
-Altoona__ _ _
Pa.
4,182,112 +5.0
4,389,607
Bethlehem..._
1,161,663 +30.4
1.514,455
Chester
3,225,319 +17.0
3,775.335
Lancaster
Philadelphia__ _ 596,000,000 465,000,000 +28.2
3,524,003 +48.4
5,229.145
Reading
5,548,824 +22.3
6.786.688
Scranton_
4,257,308 +4.7
4,459,693
• Wilkes-Barre_ _
2,106,124 +14.9
2,420,259
York
4,756,818 +27.5
6,063,458
-Trenton_ _
N.J.
a
a
a
Del.-WIlming'n
Total(10 cities) 632,417,416 495,015,314 +27.8
1.476,803
4.450.462
1,231,217
3,901,905
449,000.000
3,862,333
5,904,159
3,788.858
1.970,489
5,668,300
a
1,523.182
4,429,375
1,388,368
4,144,974
490,000 000
3,850.178
5,333,768
3,206,503
1,642.653
4,390,998
a
481,254.526
519,909,999
Fourth Feder al Reserve D strict-Cie veland
4,899,000 +22.4
5,995,000
Ohio-Akron. _
4,063,502 +5.4
4,284,656
Canton
67,524,071 +10 0
74,276,298
_
Cincinnati
110,219,683 106,331,390 +3.6
Cleveland
16,438.100 +22.7
20,165,500
Columbus
a
a
a
Dayton
a
a
a
Lima
1,781,903 +12.5
2,005.448
Mansfield
a
a
a
Springfield_ _ _
a
a
a
Toledo
6,550,941 +133.0
15,262,536
Youngstown
a
a
a
-Erie
Pa.
Pittsburgh.... 171,878,621 150,258.326 +14.4
7,563,000
4,902.206
63,235,733
111,514,020
15,714,200
a
a
1,819,346
a
a
6,049,413
a
152,170,676
5,638,000
5,428,415
69,737,012
116,722,709
22,973,400
a
a
1,805,793
a
a
5,338,956
a
164,469,954
357,847.233 +12.9
362,968,603
392,114,239
Fifth Federal Reserve Dist rict - Rich mood
1,532,996
1,589,763 -3.6
W.Va.-Hunt'g'n
7.500,422 +9.0
8,172,863
Va.-Norfolk_
48,427,000 +5.4
51,035,000
Richmond _
3,411,676 +5.5
.3,600,000
-Charleston
S.C.
94,853,068 +29.8
Md.-Baltimore _ 123,150,166
26,443,370 +7.0
28,306,387
D.C.-Washing'n
2,093,752
7,500,031
49.970,000
2,636,387
97,204.455
22,816,000
2,137,207
6,996,118
48,295,658
2,649,564
94,091,132
22,799,313
182,225,299 +18.4
182,220,625
176,968,992
Total(8 cities) _
Total(6 cities)-
404,087,742
215,797,412
Sixth Federal Reserve Dist Oct-Atla n ta6,438,196 +12.1
d7,220.807
Tenn.-Chatrga_
2,651,258 +31.0
3,473.809
Knoxville
19,965,338 +21.8
24,316,844
Nashville
62,392,537 +4.1
64,927,094
Georgia-Atlanta
1.8
2,056,616 2,020,627
Augusta
1,583,168 +35.8
2,150,595
Macon
a
a
a
Savannah
23,731,900 +45.1
34,448,651
Fla.-Jack'nvUle
13,131,577 +70.8
22,440,799
Miami
3.8
27,113,415 26.076.002
Ala.-Birminfern
2,149,028 -0.4
2,140.646
Mobile
1,299.513 +36.2
1,770,000
Jackson
391,352 +10.6
433,015
vtc2snurg
44,915,814 +43.5
64,450,187
La.-NewOrleans
6,375,739
4,375,495
20,810,278
54,571,429
1,641,849
1,258,154
a
16,098,901
6,136,497
3,113,537
21,385,419
52,690,765
1,811.065
1,516,902
a
14,830,158
28,824,322
.2,000,000
1,081.062
409,934
60,592,404
24,691,527
2,437,565
992,261
386.557
47,792,734
207,819,712 +23.1
198.039,567
177.784.987
Total(12 cities)
(Tau In
THM CHRONICL1i
2148
255.869,076
Clearings at
-
'Talmo
1926.
'Week Ended April
1925.
Inc. or
Dec.
$
$
%
Seventh Fe ler al Reserve ID istriet-Chi cago273.280
265.868 +2.8
Mich.
-Adrian1,105,681
993,205 +11.3
Ann Arbor_ __
Detroit
149,645,805 128,658,853 +16.3
8,111,097
8,069,339 +0.5
Grand Rapt is..
2,460,000
2,205,865 +11.5
Lansing
_
2,772,095 -1.2
Ind.-Ft. Way,ne
2,737,898
21,461,000
16,360.000 +31.2
Indianapolis .__
3,277,400
2,773,000 +18.2
South Bend __
5,464,96, -0.4
5,443,541
Terre Haute ._
39,394,529
38,107,501
+3.4
Wls.-Milwau we
2.697,875 -2.6
2,628,578
Iowa-Ced. Itsip.
11,989,759 -8.1
11,024,1911
Des Moines __
8,017.252 -6.3
7,513,746
Sioux City_ __
1.417.448 -16.1
1,187,780
Waterloo_ _ _ __
1,922,839 +13.7
on
2,185,560
Chicago__-_ _ 636,359,401 649,502.431 -2.0
a
a
a
Danville__ _ _
1,257,912
1,554,905 -19.1
Decatur_ _ _ __
5,030,563 -12.0
4,383,495
Peoria
3,342.456
2,905,410 +15.1
Rockford_ _ _ __
3,189,804 -1.6
3,139,197
Springfield-_ _
Total(20 citi Hi) 906,932,559 893,898,975 +1.4
Eighth Federa I Reserve Din trist-St. Le uis6,153,148 -9.4
5,573,429
Ind.-Evansville.
Mo.-St. Louis __ 141,000,000 135,200,000 +4.3
33,197,427
31,983,958 +3.8
Ky.-Loulsvill
394,187
423,263 -6.9
Owensboro- _ _ _
17,029,713 +40.9
23,999,642
Tenn.- M emp ats
13,243,207 +3.3
13,678,284
Ark.
-Little R ck
363,662
394,257 -7.8
III.-Jacksonv Ile
2,035,427
1,837,643 +10.8
Quincy
mown
1924.
1923.
$
$
287,863
276,038
842,630
668,725
122,597,122 123,015,727
6,695,529
7,280.911
2.535,854
2,456,461
2,267,802
2,354,835
17,998,000
20,878,000
2,317,700
2,595,800
5,422,341
6,070,794
38,642.438
38,410,364
2,383,387
2,438,613
10,810,286
11,968,183
6,717,112
7,172,725
1.845,648
1,291,151
1.790,121
2,034,352
572,539,394 628,433,822
a
a
1,522,948
1,348,303
4,378,347
4,394,333
2,771,157
2,524,915
2,782,091
3,058,614
807,142,770
868,672,666
5,072,973
124,900,000
28,884,837
466,738
19,515,992
11,726,162
313.361
1,337.910
31,909,273
478,717
22,038,189
13,448,291
334,660
1,561,227
Total(8 cities0_ 220,242,058 206,265,189 +6.8 142,217,973
Ninth Fede •al Reserve Din trict-M inn eapolis6,483.417
d7,481,521
8.410,266 -11.1
Minn.-Dulutls
61,967,068
67,804,204 +23.6
83,796,448
Minneapolis __
32,749,406
26,083,320 +33.0
__
34,704,136
St. Paul_
2,200,669
1.763,000 +2.1
2,030,000
No. Dak.-Fa go
1,111,128
1,387,943 +18.4
1,644,148
S. D.-Aberd en
508.360
605.733 +3.2
625,235
Mont.
-Billings _
2,313,545
2,448,020 +8.6
__
2,658,395
Helena
Total(7 citie 1) _ 132,939,883 108,502,492
Tenth Fede al Reserve Die trict-K a n s
398.370
Neb.-Fremon
445,100
640,492
Hastings_ _ _ _ __
718,489
5,142,756
4,864,785
Lincoln
39,492.240
40,368,133
Omaha
4,585,217
Kan.
-Topeka __
d3,808,733
d7,402,814
7,363,035
Wichita ___ _ __
Mo.-Kan. Cit y_ 119,252,565 124,909,556
6,653,551
7,440,766
St. Joseph_
a
a
Okla.-Musko ee
27,486,153
23,811,544
Okla, City_.
aa
Tulsa
1,171,342
1,014,707
Colo.
-Col. Sp 21.
20,679,489
20.573,039
Denver
e1,400,067
1,245,632
Pueblo
+22.3 107,333,593
as City451,798
+11.7
481,473
+12.2
3,791,899
+5.7
35.802,901
+2.2
2,863,854
-16.1
6,905,974
+0.5
-4.5 108,890,048
6,603,471
-10.6
a
a
17,932,249
+15.4
a
a
1,188,984
+15.4
+0.5
20,819.386
1,163,433
+12.4
Total(12 MU s) 234,529,192 236,339,383 -0.8
Eleventh Fe le ral Reserve District-Da Iles1,664,536
-Austin __
Texas
3,245,254 -48 7
40,681,676
Dallas
42.651,610 -4.6
11,666,380
10,035,291 +16.2
Fort Worth_ __
Galveston
8,702,000
7,522,700 +15.7
a
a
a
Houston._ _ _ _
5.670,780
La.-Shreveport..
4,318,706 +31.3
68,385,372
67,773,561
Total(5 cities)_
Twelfth Fed en al Reserve I)Istrict-San
41,851,923
-Seattle ,._
48,402,353
Wash.
10,972,000
10,198,000
Spokane - _
aa
Tacoma_ _ .1,809,460
1,470,940
Yakima _
_
35,972,165
39,978,570
-Portland.
Ore.
16,613,384
14,737,310
Utah-Salt L. 'Y
a
a
Nevada-Reno _ _
aa
'
Arizona-Phoe Ix
3,559,182
2,896,454
Calif.-Fresno_
7,460,369
6,464,437
Long Beach.
__,
Los Angeles.-- 159,198,000 145,550,000
18,320,934
21,835,719
Oakland_ _ _ __
6,344,134
6,238,711
Pasadena _ _ _
7,632,124
8,880,731
Sacramento.
6,021,929
5,174,702
San Diego_
San Francisc )_ 178,838,000 159,642,901
2,968,455
2,520,759
San Jose- _- _
1,537,436
1,350.640
Santa Barbar I_
2,214,049
1,955.754
Santa Monte t_
2,938,100
3,073,000
Stockton__ _ ._
5,982,049
75,752.406
6,428,768
73,636,572
33,368,000
2,527,216
1,235,260
575,067
3,234,027
121,094,910
460,147
572,392
4,524,216
46,423,412
4,176,430
10,405,679
137,422,083
a
22,720,167
a
1.368,874
20,477,345
1,010,420
206,895,470
249,561,165
1,669,134
38,513,415
8,948.521
6,391,101
a
5,543,674
2,929,615
27,700,000
10,946,788
8,113,458
a
5,150,200
+0.9
61.065,845
Frondi sco-46,698,047
-13.5
12,506,000
+7.6
a
a
1,199,952
+23.0
37,9432,704
-10.0
+12.7
15.061,257
a
a
a
a
+22.9
3,394,267
7,215,492
+15.4
+9.4 133,764,000
+19.2
16,217,028
6,509,008
+20.5
8,209.287
+16.3
+16.4
4,492,967
+12.0 152,200,000
2,372,987
+17.7
+13.8
1,284,697
+13.2
2,261,358
+4.6
2,359,400
48,029,128
9,938,000
a
1,338,097
38,368,676
15,441,833
a
a
4,350,497
8,317,344
134,178,000
17,378,990
5,501,456
6,551,728
4,196,090
160,000,000
2,518,360
1.416,110
54,840,061
2,763,600
Total 117 cities) 509,044,513 478,578,112 +6.4 453,708,451 460,287,909
Grand total (I :9
9,769,252,708 8,093,716,996 +20.7 8,015,809,835 7.771,937,052
cities)
Outside New Yo .1, a. 940 del% 4R9 2 7R4 (104 502 -1-12 9 2 5R5 70Q
RR7 2 1147
cm
Al0
Week Ended April 8.
1926.
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
$
108,359,859
135,950,661
33,508,366
14,529,158
6,295,390
6,008,114
2,523,003
3,956,168
8,207,708
2,533,616
1,834,210
2,537,166
4,130,612
3,254,412
520,977
450,344
1,726,574
1,042,229
980,295
646,309
647,777
289,922
649,904
850.678
1,181,094
2,968,061
381,683
781,445
709,295
1925.
Inc. Or
Dec.
1924,
5
e7.
$
96,529,056
87,420,142
53,068,956
14,552,608
6,422,057
5,640,840
2,846,9543
4,755,688
5,773,767
2,458,372
1,885,739
2,752,725
5,269,031
3,157,015
578,968
519,656
1,514,936
1,075,147
1,014,980
800,366
580,194
319,140
932,081
879,666
1,063,430
3,593,786
353,950
783,269
739,433
+12.2
+55.5
-37.8
-0.2
-2.0
+6.5
-11.4
-16.9
+42.1
+3.1
-2.7
-7.8
-21.6
+3.1
-10.0
-13.3
+14.0
-3.1
-3.4
-19.3
+11.6
-9.2
-30.3
-3.3
+11.1
-17.4
+7.8
-0.2
-4.1
89,378,140
86,013,396
32.506,309
14,753,411
6,715,984
5,798,064
3,695,583
4,728,797
6,211,838
2,438,417
1,922,380
2,868,435
4,985,317
2,854,265
487,412
347,681
1,508,870
983,499
924,551
752,529
549,877
306,251
729,920
985,768
1,080,119
2,966,431
331,805
778,684
647,921
1923.
5
94,255,101
100,360,372
40,829,918
14,530.836
6,445,788
5,602,345
2,957,723
5,455,890
4,608,898
2,794,674
1,970,960
2,880,949
4,081,797
3,397,450
506,138
566,000
1,481,147
1,148,517
1,012,402
716,092
601,513
334,763
760,000
895,211
1,167,830
3,289,888
367,002
1,182,768
568,256
Total(29 cities) 346,455,030 307.281,954 +12.7 278,251,654 304,770,228
a No longer reports clearings. b Do not respond to requests for figures. c Week
(Jaded April 7. d Week ended April 8. e Week ended April 9. •Estimated.
THEICURB MARKET.
in the Curb Market were:again subjectlito selling
Dealings
pressure in the early part of the week, which brought about a
generally lower range of values. Later prices moved about
irregularly with narrow fluctuations. The volume of business
was the smallest in some time. Baking stocks were again the
most active of the industrials. Continental Baking Class A
dropped from 91 to 82, recovered to 853% and closed to-day
at 843%. Class B stock was off from 15 to 123%, sold back to
14 and at 133% finally. General Baking Class A sold down
from 523% to 443%, back to 523.1 and ends the week at 49%.
Ford Motor of Canada was conspicuous for a drop from 580
to 470, the final transaction to-day being at 475. Auburn
Automobile corn. declined from 51% to 44. Electric Refrigeration lost over five points to 583%, the final transaction
to-day being at 593%. Business in public utilities was the
smallest in some time with prices lower, though changes were
3
%
small. Amer. Gas & Elec. after early loss from 74 to 693%,
at 703%. Amer. Power &
recovered to 723% and sold finally
Light corn. weakened from 53 to 50 and finished to-day at
%
513 . Commonwealth Power lost 43% points to 32 and ends
the week at 323%. Northern States Power cora, declined
from 1033% to 993% and sold at 101 finally. United Light
& Power Class A fell from 713% to 68. Oils were very quiet
with few changes of importance. Humble Oil & Ref. was off
from 573% to 543% and sold finally at 553%. Prairie Oil &
Gas lost three points to 51 and closed to-day at 52.
A complete record of Curb Market transactions for the
week will be found on page 2174.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS(No. Shares).
Week Ended April 16
2149
TI1E CHRONICLE
APB.. 17 1926.]
led AUtO.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
cit.
71,940
199,615
137,250
261.095
305,500
201,300
62.900
92.370
98,050
62,675
47.400
57.300
1,176.700
430,695
Mining.
BONDS(Par Value).
Domestic. Poen Oat
26,000 $1,479,000
33,410 1,415.000
43,700 1,456,000
42.230 1,046.000
37.100 1.141,000
31.400 1,356,000
$170,000
206.000
184.000
225.000
285,000
201,300
213,840 $7,893,000 $1,251,300
curred near the close of the session, but had little effect on
the general list. The large volume of selling orders that
poured into the stock market on Thursday morning depressed
prices all along the line, particularly the industrial and motor
stocks. New minimum figures were recorded by United
States Steel corn., Hudson Motors and a dozen of the more
or less active and prominent issues. In the final hour the
market improved and a sharp rally carried many issues from
2 to 4 points above the low levels of the morning. Railroad
stocks were weak and oil shares were quiet. Local traction
stocks continued in strong demand, Interborough Rapid
Transit moving up 2 points and crossing 40. Under the
leadership of United States Steel com., the market moved
forward for a brief period on Friday, the early advances including United States Cast Iron Pipe & Foundry, General
Electric, General Motors and Hudson Motors, together with
numerous issues in the general list. As the day advanced
motor shares turned downward and prices gave way all along
the line. The final tone was weak.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE;
DAILY. WEEKLY AND YEARLY.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.
Stocks—No. shares__ _
Bonds.
Government bends___
State & foreign bonds_
Railroad & misc. bonds
Total bonds
State,
Municipal &
Foreign Bonds.
Stoats.
Number qf
Mares.
Sadroad.
&c.,
Bonds.
520.697
1,650,113
1,385,563
1,337.726
1,353.446
1,055,000
58,175,000
8,821,500
6,412,000
8,171,500
7.963.500
8,315.000
51,208,500
1.801.000
2,039,500
1,959,500
1,795.000
1,436,000
7.302.545
Week Ended Apra 16.
1.45.858.500
310,266.500
Week Ended AprU 16
1926.
1925.
United
States
Bonds.
$608,000
972,600
1,096,500
1,370,250
1,574,650
1,119,000
86.741,000
Jan. 1 to April 16.
1925.
1925.
7.302,545
6,232,797
142,666,033
126,563,242
$6,741,000
10,266.500
45.858,500
$8,041,000
15,489.000
46,448,000
588,670,100
181,701.350
668.836,950
5130.039.850
192,504.600
845,482,500
$26,866,000 $69.978,000
3939.208.400 $1,168,026,950
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
Philadelphia.
Baltimore.
Shares. BondBala Shares. Bond Sates. Shares. BondSales.
April 16.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
$13,000
489
$3,000
19.044
$2,500
8,715
Except for one or two brief periods of recovery, the stock Saturday
21,000
3.515
10,000
49,788
20,000
21.138
Monday
16,000
2.247
27,000
44,852
12,550
market has gradually drifted toward lower levels during Tuesday
25,344
22,000
1,915
17.800
41,265
15,500
20,810
Wednesday
22,000
1.798
most of the present week. Prices have been unsettled, par- Thursday
37.700
40,619
37,000
20,593
8,000
1,325
6.000
14,069
27.000
11,198
ticularly in the motor stocks and industrial issues, which Friday
11.287 $102,000
8101.500
107,598 5114.550 209,637
Total
suffered sharp losses. Aside from the interest manifested
in local traction stocks, the market has been without notable onw week revised 135.401 398.800 182.642 5225.350 9,097 5129,300
features. Price movements were more or less unsettled during the half-day session on Saturday, many issues slipping
back from 1 to 4 points. The United States Steel CorporaTHE ENGLISH GOLD AND SILVER MARKETS.
tion tonnage report,' made public shortly after the close of
We reprint the following from the weekly circular of
the session, indicated a reduction of 236,887 tons in unfilled Samuel Montagu & Co. of 'London, written under date of
orders for the month ending March 31, the present total March 31 1926:
GOLD.
being the smallest since Oct. 31 1925. Motor shares were
reserve against notes on the 24th inst.amounted
weak, Hudson Motors yielding 4 points to below 71, fol- toThe Bank of England gold with £144,169,645 on the previous Wednesday.
compared
£145,366,305 as
lowed by Jordan Motors, which registered a new low at 37. Only a trifling amount of gold was on offer this week in the open market
following movements of gold
The motor stocks were again the weak feature of the market and was mostly taken for the trade. Theannounced since our last letter
group having an unset- to and from the Bank of England have been
on Monday, the severe break in this
Received. Withdrawn.
Received. Withdrawn.
7.000
nil
tling effect on the general list, with the result that many March 25_ ___ nil
March 29_ _
.C23,000
nil
nil
March 30_ _ _ 5,000
speculative favorites yielded from 1 to 12 points. Aside from March 26_ _ _ nil
15.000
March 31__ _ _ £12,000
nil
nil
March 27_ __
announced
the motors, the railroad shares felt the recessions most keenly,
The destinations of the £20,000 sovereigns withdrawn were
During
including such representative roads as Missouri Pacific, St. as follows: India, 515.000. and Ceylon, .£5,000.from the the week under
bank, reducing
withdrawn
has been
Louis Southwestern, Union Pacific, Atlantic Coast Line, review .£38,000 on balance1026 to £2,194,000 and increasing the net influx
the net influx since Jan. 1
Southern Pacific and Seaboard Air Line. The trend of the since the resumption of an effective gold standard to C9.401.000. United
market was almost completely reversed on Tuesday, many Kingdom imports and exports of gold during the week ending the 24th
issues forging ahead from 1 to 6 points. Interest centred inst. were: Imports.
Exports.
£502,828
£36,025 Germany
South Africa
largely in local traction stocks, Interborough Rapid Transit Britishcountries
66,500
3,739 British India
Other
52.800
Straits Settlements
5 points for the day, followed by Third
moving forward over
20.000
Ceylon
31.866
Other countries
Avenue and Brooklyn-Manhattan with substantial gains.
Stocks were particularly strong in the final hour. On Wednes4673,984
£39,764
to
day heavy selling from professional sources again had a weakThe Southern Rhodesian gold output for February 1926 amounted
ening effect on the market and the brisk rally that developed 46.026 ounces, as compared with 48,967 ounces for January 1926 and
for February 1925.
in the final hour on the preceding day was not maintained. 48.284 ounces
SILVER.
Sharp declines were registered by many of the stocks that had
purchases have been made for India and for China, but the latter
Some
to impart
moved strongly upward on Tuesday and recessions of from has also sold, and the general inquiry has been insufficient dull. Th
which still remains Inclined to be
1 to 20 points were numerous among the more active stocks. strength to the market, America has worked both ways. A fortnight
Continent is inactive and
The weak stocks included many prominent issues, notably ago the average offtake in Bombay was 300 bars a day, according to the
Electric, American Locomotive, United States Rub- "Times of India." This represents roughly two million ounces a week,
General
that is to say about 40% of the world's production. Such an offtake
ber, Woolworth, National Biscuit and several of the motor Is unusually good and indicates that India at the present time is absorbing
stocks. United States Steel common maintained a firm tone the lion's share of the supplies not required in the West for the purpose
favorable future of the market, failing any other important
in the forenoon, but in the last hour slumped below its pre- of trade. Theseem to depend very much upon the ability of the Indian
factor, would
vious low at 117%. Railroad stocks were particularly heavy, Bazaars to maintain consumption on this substantial scale.
United Kingdom imports and exports of silver during the week ending
Ches. & Ohio dropping over 2 points, Atlantic Coast Line
were:
4 points, and New York Central 1 point. A brief rally oc- the 24th inst.
2150
THE CHRONICLE
Imports.
United States of .America__ £99,999
Mexico
86,536
British West Africa
25,773
Other countries
186
Exports.
Hungary
China
British India
Other countries
£33,080
26,500
286.450
5,579
£212,494
£351,609
RETURNS.
(In Lacs of Rupees)
Mar. 7. Mar. 15. Mar. 22.
Notes in circulation
19135
19162
19212
Silver coin and bullion in India
8292
8319
Silver coin and bullion out of
8370
India
'Gold coin and bullion in India
2232
2232
Gold coin and bullion out of
2232
India
Securities (Indian Government)
5711
5711
5711
.Securities (British
Government)
2900
2900
2899
No silver coinage was reported
during the week ending 22nd inst. The
stock in Shanghai on the 27th
inst. consisted of about 56.600.000 ounces
In sycee. 71.900,000 dollars and 8,730 silver
bars, as compared with about
56.600,000 ounces in sycee, 71.300.000
dollars and 7.840 silvers bar on
the 20th inst. Statistics for the
month of March are appended:
-Bar Silver per Oz. Std.Bar Gold per
Cash.
2 Mos.
Oz. Fine.
Highest price
30 9-16d.
30344.
845.
Lowest price
3034cl.
30 3-164.
84s. 10d.
Average price
30.2984.
30.3794.
84s. 11.1d.
Quotations during the week
March 25
303-164.
30344.
848.
March 26
30 3-16d.
30 5-164.
848. 108
March 27
3
30gd.
30 5-164.
845. 1034
March 29
3034d.
30 5-164.
84s.
March 30
303-164.
30344.
848. 11d.
March 31
3034d.
303-16d.
84s. 104.
Average
20.197d.
30.270d.
848. 10.9d.
The silver quotations to-day
for cash and two months' delivery are
each 3-164. below those fixed a
week ago.
INDIAN CURRENCY
1134
1134
1134
• ENGLISH FINANCIAL MARKE
TS
-PER CABLE.
• The daily closing quotations for
securities, &c., at London,
,as reported by cable, have been as
follows the past week:
•
• London,
Sat.,
Mon., Tues., Wed., Thurs., Fri.,
Week ended April 16.
Apr;io. Apr.12. Apr.13. Apr.14. Apr.15. Ayr.16.
Silver,
Per ounce
d 29 15-529 13-162934
2934
2934
2934
Gold, per fine ounce
84.1134 84.1134 84.1134 84.1134 84.1134 84.1134
Consols. 2)4 Per cents
54%
5434
5434
5434
54%
British,5 per cents
102
102
102
102
102
British, 434 per cents_______
95)4
958i
9534
9534
95%
French Rentes(in Paris)_ _fr_
47.35
47.75
47.05
46.55
46.50
French War Loan (in
Paris)
fr
57.65
57.95
57.40
57.10
56.90
'Silver in N.Y pores.(cts.):
Foreign
65
6434
6434
6434
6434
6334
Public Debt of United. States
-Completed
Showing Net Debt as of Jan. 31 1926. Returns
The statement of the public debt and Treasury
cash holdings of the United States as officially
issued
'delayed in publication, has now been received Jan. 31 1926,
, and as interest attaches to the details of available cash
net debt on that date, we append a summarand the gross and
comparisons with the same date in 1925. y thereof, making
CASE AVAILABLE TO PAY MATURING OBLIGATIONS
Jan. 311926. Jan. 31 1925.
Balance end month by daily statement.
die
'Add Or Deduct
-Excess or deficiency of receipts over $318,178,262 8286,900,302
or under disbursements on belated items
+2.031,331
+1,652,258
Deduct outstanding obligations:
Treasury warrants
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates
Settlement warrant checks
8320,209,593
38,209,943
53,994,034
13,121,567
2,418,252
$288,552,560
$3,095,502
39,592,842
64,507.403
20,512,537
Total.,
8107.744,396 8127.708,284
Balance,deficit(-)or surplus(+)
+8212,465,197 +3160,844,276
INTEREST-BEARING DEBT OUTSTANDING.
Interest Jan. 311926. Jan. 311925.
Title of LoanPayable.
$
$
25, Consols of 1930
Q.
-J. 599,724,050
599,724,050
del. Loan of 1925
Q.
-F.
117,734,700
2501 1916-1936
Q.
-F.
48,954,180
48.954.180
Is of 1918-1938
Q.
-F,
25,947,400
25,947,400
35 of 1961
Q.
-M.
49,800,000
49,800,000
3s Conversion bonds of 1945-1947
28,894,500
-.Y.
Q.
28.894,500
Certificates of indebtedness
J.
-J. 823,602,000
592,924,000
334s First Liberty Loan, 1932-1947
J.
-J. 1,402,143,100 1,409.997,950
ds First Liberty Loan, converted
J.D.
5.157,450
6,528,000
1134s First Liberty Loan, converted
J.
-D. 532,873,600
531.504,550
411s First Liberty Loan,second
converted
J.
-D.
3,492,150
3,492.150
ds Second Liberty Loan, 1927-1942
M.
-N.
20,855.450
25,723,400
434s Second Liberty Loan,
3,083,682,400 3,078,844,200
434s Third Liberty Loan 01converted
1928
-S.
M. 2,724,196,800 2,885,388,850
dlis Fourth Liberty Loan of
1933-1938
A.-0. 6,324,476,750 6,324,489,850
434e Treasury bonds of 1947-1952
763,948,300
763,948,300
ds Treasury bonds of 1944-19M
1,047,088,500
756,925,800
45 War Savings and Thrift
Matured 364,297,620
393,255.464
2345 Foetal Savings bonds Stamm
J.
-J.
12,540,040
11.995,880
5345 to 5345 Treasury notes
J -D. 2,158,081,500 3,133,046,900
Aggregate of interest-bearing debt
20,019,755,790 20,789,120,124
Bearing no interest
249,517,417
251,664,666
Matured,interest ceased
13,974,003
16,077,695
Total debt
020,283,247,210 21,056,863,485
Deduct-Treasury surplus or add Treasury
deficit__ _ +212,465,197 +160,844,276
Net debt
b20,070,782,013 20,896,018,209
a The total gross debt Jan. 31 1926
on the
820,283,413,428 53, and the net amount basis of daily Treasury statements was
of public debt redemption and receipts
In transit, Ac., was 8166.218
68.
No deduction is made on account
of obligations of foreign Governments or
Other investments.
-Month of March
Nine Months
Receipts- 11:11 i EL 11926.
1925.
1925-26.
1924-25.
Ordinary3
$
$
s
Customs
54,890,935 53,858,429 441,526,364 416,370,851
Internal revenue:
Income and profits tax_
499,1328.780 441,492,270 1,427,118,714 1,296,172,246
Misc, internal revenue_ __ _ 74,136,097
61.432,783 684,439,090 638,093,693
Miscellaneous receipts:
Proceeds Govt.
-owned securitiesForeign obligations
Principal
25,790,420
23,206.082
Interest
90,166,492
90,014,918
Railroad securities
5.285.800 17,502.453
33,119,922 135,821.904
All others
2,357,739 1,451,594
26,631,797
7,297,771
Trust fund receipts (re-appropriated for investm't) 2,541,411 2,157,661
24,191,622
28,223.724
Proceeds sale of surplus
property
619,760 2,506,944
15,052.718
15,458,772
Panama Canal tolls, &c_ _
. 1.859,067 1.238,168
17,679.988
17.158.318
Receipts from misc,sources
credited direct to appropriations
1,290,647 2.528,192
18,610,814
21,666.371
Other miscellaneous
15,010.735 16,569,423 124,523.604 130,228.183
Total ordinary
657,620,971 600,737,917 2,932,883,647 2,815,680,729
Excess of ord. receipts over
total exps. chargeable asst.
ordinary receipts
191.380.989 215,609.261 297,834,460 263.181,391
Excess of total exps. chargeable agst. ord. receipts over
ordinary receipts
Expenditures
Ordinary (checks and warrants paid,‘4c.)
General expenditures
145,361,772 151,605,365 1.381,349,035 1,398,728,519
Int. on public debt a
82,650,398 98,713,909 528,298.857 574,035.146
Refunds of receipts:
Customs
1,756,007 1,559,764
17,089,025
22,019,595
Internal revenue
17,802,415 17,202,969 100,429,624
97,330.704
Postal deficiency
81,198 18,000,000
23.206.051
27,989.082
Panama Canal
726,564
533,044
6.752,877
7,559,618
Operations in special acc'ts:
Railroads
73,899 1,495,636
4,329,382
1,383,162
War Finance Corporation_ 5747,798 52,234,477 517,621,199 537,732.166
Shipping Board
25,482.544
17,590,054
5188,608 1,869,362
Allen property funds
b1,205.070 54,115.538
5614.406
2,398,114
Adjusted service ctl. fund c- 69.891,675
99,658,639
9183,545 119,899.449
Investment of trust funds:
Govt.life Insurance
2,541,713 2,130.162
27.727.569
23,443,820
Civil Service Retirement
9,207,113
10,697,487
9632,381
1,660.335
Dist. of Col. Teachers' Retirement
184,499
35,025
182,028
For. Service Retirement_
91,174
108,033
558
96,000
Gen. Railroad Contingent_
503,303
314,128
8302
57.527
Total ordinary
The price of silver in New York on the same
day has been:
[VOL. 122.
318,108.482 284,943,756 2,230,324.636 2,241,756.224
Pub,debt retirements chargeable agst. ord. receipts:
Sinking fund
148,122,950 100.000,000
Purchases from foreign rePayments
180,900
Received from for. gov'ts
under debt settlements_ _
Received for estate taxes. _
Purchases and retirements
from franchise tax recto.
(Fed. Res. & Fed. Intermediate credit banks)_ _ _
Forfeitures,gifts, die
8.550
4,000
Total
148,131,500 100,184,900
311.797.250
218,374,000
92,310,000
90,950,000
47,550
5137,900
49,400
794,159
187.903
404,724,551
310,743,114
389,500
Total exps.chargeableagainst
ordinary receipts
466,239,982 385,128.656 2.835,049,187 2,552,499.339
Receipts and expenditures for June reaching the Treasury in July are included.
a The figures for the month include $888,489 49 and for the fiscal year 1926 to
date $4,188,801 37 accrued discount on War Savings certificates of matured series.
and for the corresponding periods last year the figures Include 81.687.835 00 and
37,897.704 76, respectively.
S Excess of credits (deduct).
c Investments made Jan. 1 1925 for account of the fund were 5100,000,000 face
amount of adjusted service series obligations, of which 84,600,000 were redeemed to
June 30 1925. to provide funds for authorized payments to that date. Investments
made Jan. 1 1926 and Mar. 5 1926 in similar obligations were 8120,000,000 face
amount from the appropriations available on those dates and 53.500,000 face amount
from annual interest payments on investments. 538,200.000 face amount of wiener Treasury certificates of indebtedness held in the fund matured Jan. 1 1926.
and after redemption the proceeds of principal were reinvested in like obligations
maturing Jan. 1 1927. See items of adjusted service series under public debt receipts
and expenditures above for issues and redemptions since June 30 1925. The difference between amounts of above charges and the amounts appropriated for invest
ment is due to working balance required for use of Veterans' Bureau in making authorized paymentsfrom the fund.
Treasury Money Holdings.
The following compilation made up from the daily Government statements shows the money holdings of the Treasury at the beginning of business on the first of January, February, March and April 1926:
Holdings in
U. S. Treasury.
Net gold coin and bullion_
Net silver coin and bullion
Net United States notes.,
Netnation i bank notes.,_
Net Fed" a eserve notee__
Net Fed', Hee, bank notes
Net subsidiary silver
Minor coin,ece
Total cash in TreasuryLess gold reservefund--Cash balance in Treasury..
ep In spee'l depositories:
Acct. ctfs. of indebt- _
Dep. in Fed'I Res. banks_
Dep. in national banks:
To credit Treas. U. S.
Tocredit dish. officers
Cashin Philippine Islands
Deposits in foreign deptaDep.in Fed'l Land banks_
Jan. 1 1926. Feb. 1 1926. Mar. 1 1926.1 April 1 1926.
8
332,922.543 320,372.442 361.280.015 342,719.938
21,263,843
20,828.656
19,725,905
21,499,426
4.385.075
4.286.386
4,302,1741
4,800,032
14.953.851
20,064,163
13,955,357
15,528,789
1,543,974
1.069,927
1.319376
894,248
183,885
212,507
160,856
140,325
5,531,039
5,871.619
5,829,537
6,010,534
2,969,547
3.664,597
3,949,018
3,947,762
333.754,357 378,370.297 410,522,038 *395,541,05
4
153,620.986 154,188,886 154,188,886 154,188,880
230,133,371 222,181,411 256,333,152
241,352,168
290,398,000 257,688,000 257,532,000
369,783,000
38,073,652
47,594,165
51,011,966
97,992,165
7.497.562
7,482,279
6,866,181
7,655,788
21,645.172
20,912,887
21,000,354
21,283,567
1,080,934
029,421
1,224,957
819,132
449,279
362,437
312,483
241,852
Government Revenue and Expenditures.
Net cash in Treasury
Through the courtesy of the Secretary of the Treasury we
and in banks
are enabled to place before our readers to-day the details of Deduct current liabilities_ 589,277.970 557,150,600 594,281,093 739,127,672
260,570,037 238,972,333 253,449,686
252,185,825
Government receipts and disbursements for March
1926
Available cash balance_ 328.707.933 318,178,202; 340,831.407
and 1925 and the nine months of the fiscal years 1925-1926
486,941,847
•
Includes Apr. 1, 811.950.32079 silver bullion
and 1924-1925.
not included In statement "Stock of Money," and $1.983.547 21 minor coin,&a.
Preliminary Debt Statement of United States
March 31 1926.
The preliminary statement of the public debt of the
United States March 31 1926, as made upon the basis of the
daily Treasury statements, is as follows:
Bonds
Consols of 1930
Panama's of 1916-1936
Panama's of 1918-1938
Panama's of 1961
Conversion Bonds
Postal Savings bonds
$599,724,050 00
48,954,180 00
25,957.400 00
49,800,000 00
28.894,500 00
172,540.040 00
First Liberty Loan of 1932-1947
Second Liberty Loan of 1927-1942
Third Liberty Loan 01 1928
Fourth Liberty Loan of 1933-1938
31 was
-The amount to the credit of disbursing officers and agencies March
Note.
Governments are
$390,886,171 85. Book credits for which obligations of foreign
05.
held by the United States amount to $53,236,629
money for the
Under the Acts of July 14 1890 and Dec. 23 1913. deposits of lawfulnotes are paid
retirement of outstanding national bank and Federal Reserve bank
obligations are made under
Into the Treasury as miscellaneous receipts, and these
of such obligations
the Acts mentioned a part of the public debt. The amount
March 31 was $50,086,337.
bank notes are
$697,702 in Federal Reserve notes and $15.433,070 in national deposits for the
in the Treasury in process of redemption and are charges against the
respective 5% redemption funds.
Sou:mm=14 andRaisceliancons4nus
$765,860,170 00
$1,943,666,300 00
3,104,533,300 00
2,573,568,450 00
6,324.474,450 00
•
13,946,242,500 00
Merchandise Movement at New York.
Month.
2,305,933,900 00
$90,289,000 00
243,434,000 00
452,879,000 00
34.400,000 00
Treasury Savings Certificates.
Series 1921, issue of Dec. 15 1921
Series 1922, issue of Dec. 15 1921
Series 1922. issue of Sept.30 1922
Series 192:,. issuesof Sept.30 1922
Series 1923, Issuelof Dec. 1 1923
Series 1924. Issue of Dec. 1 1923
$1.798,598 10
95,852,560 95
14.650.23580
130,454,471 10
23,678,768 05
95,754,175 55
-bearing debt
Total interest
Matured Debt on Which Interest Has Ceased
Old debt matured-issued prior to April 1 1917.
Certificates of indebtedness
Treasury notes
33(% Victory notes 01 1922-23
4X% Victory notes of 1922-23
Debt Bearing No Interest
'United States notes
Less gold reserve
$
s
$
362,218,809 60
519.813,660,97960
20.713,420 26
3,740,352 34
I
$
1925-26.
1925-26.
$
s
s
1,663.473 3.684,687
3,416.707 4,645,001
761.900 3,439.551
1,609,338 5,307.958
838.906 5.511.428
1,299,468 5.256.286
1,858,862 6,436,232
11,248.654 34.251,141
-CHANGES IN TOTALS OF, AND IN
BANK NOTES
-We give below tables which
DEPOSITED BONDS, &c.
show all the monthly changes in national bank notes and
in bonds and legal tenders on deposit therefor:
248.366,59174
National Bank Circulation
Afloat on
CURRENT ASSETS AND LIABILITIES.
GOLD.
Liabilities
614,158.992 47 Gold ctfs. outstanding_1,700,036,299 00
3,124,732,979 47 Gold fund, F. It. Board
(Act of Dec. 23 1913
as amended June 21
1,696,135,735 12
1917)
154.188,886 20
Gold reserve
Gold In general fund- 188,531,051 62
Bonds.
s
Fed. Re. .
National
Bank Notes. Bank Notes
220,082,740,991 60
!Aar. 31 1926_
Feb. 27 1926_
Jan. 31 1926_
Dec. 31 1925Nov.31 1925._
Oct. 31 1925...
Sept.30 1925Aug. 31 1925_
July 31 1925.June 30 1925._
May 31 1925._
Apr. 30 1925._
Mar.31 1925._
Feb. 28 1925_
Jan. 31 1925_
Dec. 30 1924Hey.80 1924_
Oct. 31 1924.,
Sept.30 1924....
Aug.30 1924-Itily 31 1924_
line 30 1924._
May 81 1924A ...al nn 1004
3.738,891,971 94
Total
3,738,891,971 94
Total
Note.
-Reserve against $346,681,016 of U. S. notes and 21,367.304 of Treasury
also secured by silver dollars
notes of 1890 outstanding. Treasury notes of 1890 are
In the Treasury.
SILVER DOLLARS.
$
Liabilities$
Assets459,693,492 00 Silver etre. outstanding_ 448.777,083 00
Silver dollars
Treasury notes of 1890
1.367.304 00
outstanding
9,549,105 00
Silver dols. In gen. fund_
Total
Exports.
1924-25.
$
Amt. Bets. on Deposit to
Secure Circulation for-
GENERAL FUND.
Liabilities
Assets
188,531,051 62 Treasurer's checks outGold (see above)
standing
9,549,10500
Silver dollars (see above)
4,800,032 00 Deposits of Government
United States notes____
officers:
894,247 50
Federal Reserve notes.
P. 0. Department
140,325 00
F.R bank notes
Bd. of Trustees Postal
15,528.789 00
National bank notes_ _ _
Savings System_
6.010,53442
Subsidiary silver coin. _
5% reserve, lawful
1,963.547 21
Minor coin
money
11,950,320 79
Silver bullion
Other deposits
Unclassified-ColleoPostmasters, clerks of
1,984,215 05
[ions, &c
courts, disbursing ofDeposits in F.R.banks_ 97,992,165 13
ficers, Ste
Deposits in special deDeposits for:
positaries account of
Redemption of F. It.
sales of Treasury bds.
notes(5% fd., gold).
and ctfs. ofindebt__ _ _ 369,783.000 00
Redemp'n of nat. bk.
Deposits in foreign denotes(5% fund, lawpositaries:
ful money)
To credit of Treasurer
Retirement of addl
112,21950
United States
circulating notes, Act
To credit of other
May 30 1908
129,632 18
Govt. officers
Uncollected items, exDeposits in nat. banks:
changes, Ac
To credit of Treasurer
7,655,787 78
United States
To credit of other
21.283.567 94 Net balance
Govt. officers
Deposits In Philippine
treasury:
To credit of Treasurer
819,131 97
United States
Silver-New York.
Imports.
Exports.
230.51
6,489,017 15.222,422 2,468.247
July
759,804 14,279,486 1,024,953 1.730,671
August
672.61) 1,028,986 5,660.700 2.167,626
September
1,710.347
October.-- 42,379.042 16.070,991 1,395,082 4,452,453
November. 3,867,632 15,798,143 2,969.990 39.070,707
947,408 6,827.266 4,597,913
December_
1,029,134 2,569,831 66,002,262
705,69
January
Total- 55.821.2111 70,256,4281 20.086.716115,364.578
50,081,377 00
2,047,732 60
Total
1924-25.
$
24.327,006
26,235,015
30,186.355
29.389,797
29.333,221
26.729,187
26,628,880
1925-26. I 1924-25. I 192526.
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
Mar. 31 1926 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury of March 31 1926.
1925-26.
Imports.
Month.
$233877026
365,000 00
13,089,600 00
29,400 00
4,890.6W 00
Total gross debt
Net redemption value of certificates outstanding.
739,127,672 09
1924-25.
Gold Movement at New York.
$192,492,129 80
Deposits for retirement of national bank and
Federal Reserve Bank notes
Old demand notes and fractional currency_
Thrift and Treasury Savings stamps, unclassified sales, dtc
Total
1925-26.
Movement of gold and silver for the seven months:
821,002,000 00
8346,681.016 00
154.188,886 20
459.693,492 00
1924-25.
s
1925.26.
$
25,426.495
154.206,974134,244,024 135,781.354 113.857.700
July
24.565,320
166,853,232 111,756,587168,713,039139,802.244
August
28,765,865
141,844,404
- September 16(3,212,020 1:31.786.636 137,468,018
28,358,873
192.479.742 154,424.252 i28.701.020168.984.842
October
23.732.283
.892.978
November.196,527.068140.605,417136.152.139138
23 451,575
December.221,274,002152,380.5134 172.257,373127,781.237
17,121,252
56.023.263153.410.759156,313,003
1,612.403.600 00 January 215,137.7351
171,421.643
_ 1312690773980,122,7431030483700 987.480,44 192,829,456
Total__
Total.
2414,922,200 00
355,779,900 00
668.201,40000
50,000,000 GO
53,500,000 00
70,000,000 00
Treasury Certificates
Series TJ-1926, maturing June 15 1926
Series TJ2-1926, maturing June 15 1928
Series TD-1926, maturing Dec. 15 1926
Adjusted Service, Series A-1927
Customs Receipts
at New York.
Exports.
Imports.
$17,018,036,570 00
Total bonds
Treasury Notes
Series B-1926, maturing Sept. 15 1926
Series A-1927, maturing Dec. 15 1927
Series B-1927, maturing March 15 1927
Adjusted Service, Series A-1930
Adjusted Service, Series A-1931
Adjusted Service, Series B-1931
Total
-MONTHLY
TRADE OF NEW YORK
STATEMENT.
FOREIGN
$763,948,300 00
1.047.087,500 00
494,898,100 00
Treasury bonds of 1947-1952
Treasury bonds of 1944-1954
Treasury bonds of 1946-1956
Assets
Gold coin
Gold bullion
2151
THE CHRONICLE
Ara. 17 1926.]
15,694,188 42
40,472.701 24
154,233,349 71
28,326,837 27
4,36500
4,995,134 19
252,185,825 47
486.941,84662
739,127,672 09
$
661,016,470 44,211,319
601,244.347 45,059,372
661.298.333 45,050.979
658.362,223 46.194,204
662,622.888 48,127,556
662,538,483 51,264.261
661.380,320 56.543,569
662,186.083 61.476.914
660,341,413 66,214,271
660,501,393 72.864,681
661,293,895 78.275,574
661,397.558 86,028,261
661,613,281 93,597.406
663,324,911 100,532,366
722,092,263 47,748,139
727,175.641 44,871,176
733,995.581 40,152,976
735,602,435 38,679,189
736,557,660 39,269,184
737,141,058 40.052,136
740,549,740 36,537.849
744,953.710 33,058.059
745.029.518 82,460.609
7411 7056.53 31.611.330
Total.
$
705,227,789
709.303.719
701.349,312
704.556.427
710.750,444
713.802,744
717,923.889
723.662,997
726.555.684
733.366,074
739.569,469
747,425,819
755.210,687
763,857,277
769,840,409
772,046,817
774,148,557
774,281,624
775.826,844
777,193,194
777,087,581
7714.011.171
777,490.121
777.408.999
The following shows the amount of each class of United
State bonds and certificates on deposit to secure Federal
Reserve bank notes and national bank notes on Mar. 31:
U.S. Bonds Held March 31 to Secure
Bonds on Deposit
March 31 1926.
28. U. S. Consols of 1930
4s, U. S. Loan of 1925
25. U. S. Panama of 1936
25, U. S. Panama of 1938
Totals
6,586,790 49
322,840 34
s
31 1926 secured by
$5,983,378 Federal Reserve bank notes outstanding Mar.
lawful money. against $7,823,193 Mar. 31 1925.
459.693,492 00
1.540,61881
$
$
665,568,140
665,235.640
665,363.590
666.273.130
660.087.630
666.185.130
665,542,630
685.810.130
685.227.130
665,061,330
665,502,880
666,010,330
685.608,330
668,943,330
725,171,780
731,613,630
737,635,790
739,842,890
741,239,890
742,462,390
746.611,640
750,858.930
545,900
750.118,480
11411 000
75n 11711 awl
Legal
Tenders.
On Deposit to On Deposit to
Secure
Secure Federal
Reserve Bank National Bank
Notes.
Notes.
Total
Held
591,256,400
591,256,400
48.559,420
25.752,320
48,559.420
25,752,320
665,563,140 665,568.140
The following shows the amount of national bank notes
afloat and the amount of legal tender deposits Mar. 1
1926 and Apr. 1 1926 and their increase or decrease during
the month of March:
National Bank Notes-Total Afloat
Amount afloat March 1 1926
Net decrease during March
8706,303,719
1,075.930
$705,227,789
Amount of bank notes afloat April 1 1926
Legal-Tender Notes
Amount on deposit to redeem national bank notes March 1 1926._ 545,059,372
848,053
Net amount of bank notes retired in March
Amount on deposit to redeem national bank notes April 1 192&.. 844,211,319
-The
Breadstuffa figures brought from page 2241.
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:
2152
Receipts atChicago
Minneapol1s
Duluth
Milwaukee
Toledo
Detroit
Indianapolis
St. Louis_
Peoria
Kansas City__
Omaha
St. Joseph_
Wichita
Sioux City,.
THE CHRONICLE
Flour.
Wheat.
[Tex. 1St
Corn.
APPLICATIONS TO ORGANIZE APPROVED.
Oats.
Barley.
Rye.
Capital.
April 7
-The Citizens National Bank of Muskogee, Okla
(, .196115 'ash,60 lbs.bush. 56 lbs.bush. 32 lbs. bush A8lbs bush.58Ibs.
$100,000
Correspondent, L. H. Rooney, Muskogee, Okla.
245,000
232,000 1,443,001
866,000
111,000
19,000 April 8
-The Prospect National Bank of Trenton, N..1
1,232,000
184,000
627,000
288,000
Correspondent, Geo. H. Boyle, Pennington Ave. and 200.000
49,000
655,000
239,000
21,000
189,000
P. & R. RR., Trenton, N. J.
19,000
101,000
106,000
152,000
65,000
2,000
90,000
43,000
CHARTERS ISSUED.
78,000
3,000
2,000
-12910
4,000
-The Altadena National Bank, Altadena, Calif
1,000 April 6
14,000
267,000
President, W. F. Bledebach; Cashier. C. K. Newhall. $50,000
84,000
107,000
307,000
515,000
-12911-The First National Bank of Newfoundland. Pa..
732,000
9,000
101,000 April 7
42,000
49,000
495.000
President. Harry R. Megargel; Cashier, Roger G. 25,000
205,000
32,000
356.000
222,000
58,000
Fahringer.
115,000
294,000
April 8
-12912
-First National Bank in Derry. Pa
104,000
50,000
29,000
137,000
President, William Ramsay; Cashier. J. Fred Kuntz.
26,000
52,000
21,000
April 8
-12913
-The Commercial National Bank of Santa Marla.
4,000
36,000
41,000
90,000
Calif
100.000
President, A. B. Bigler; Cashier. L. R. Peck.
April 8
-12914
-First National Bank in Tuckerman, Ark
President, James Graham; Cashier, Chas. E. Smith. 30.000
Succeeds Citizens Bank of Tuckerman, Ark.
April 9
-12915
-The First National Bank of Pickton. Texas_....
Since Aug.1Succeeds the First State Bank of Pickton, Texas. 25,000
1925
16,170,000 275,863,000 178.628.000 176,090,00061,6
President, G. A. Brown; Cashier, D. F. Jackson.
69,000 19.787,000
1924
16.950,000 436,515,000 195,707,000216,434,000 54.467,00050,354,00
-12916
-The Boatmen's National Bank of St. Louis,
0 April 9
1923
15 288 nnn 170 042000999 729 000 101 401 nnn RR 7124 00091
Conversion of the Boatmen's Bank of St. Louis, Mo_2,000.000
AAA nnn
Mo.
President. Julius W. Reinholdt; Cashier, L.C.Bryan.
-12917
Total receipts of flour and grain at the seaboard ports for April 9
-The National Bank of Mantua, N J
50,000
President, Edward C.Geehr; Cashier, Alvin I. Haines.
the week ended Saturday, April 10, follow:
CHANGE OF TITLE.
April 5-4668
,
-The Old National Bank of Spokane, Wash., to
Receipts atFlour.
Wheat.
Corn.
Oats.
"The Old National Bank & Union Trust Company
Barley.
Rye.
of Spokane."
Barrels.
Bushels.
Bushels.
Bushels.
Bushels. Bushels.
New York-- - 205.000 1,001,000
VOLUNTARY LIQUIDATIONS.
20,000
912,000
201,000
21,000
Philadelphia__
34,000
285.000
-10092
-The Placentia National Bank. Placentia, Calif_
10,000
281,000
16,000 April 6
Baltimore_.
21,000
259,000
Effective March 12 1926. Liquidating Agent. Jay E. $50.000
58,000
102,000
55,000
Norfolk
1,000
Randall, Los Angeles, Calif. Absorbed by the Bank
New Orleans.
41,000
6,000
of America, Los Angeles. Calif.
69,000
15,000
Galveston....
April 8
11,000
-11611-The First National Bank of Big Lake, Minn...... 25,000
Montreal
55.000
65.000
Effective March 26 1926. Liquidating Agent, Charles
21,000
162,000
34,000
Boston
37,000
22,000
M. Wenzel, Big Lake, Minn. Absorbed by Big Lake
187,000
298,000
Farmers State Bank, Big Lake, Minn.
Total week '28
j00 1,649,000
394,0
178,000 1,659,00C
-2014
-The National Bank of D.0. Mills & Co., Sacra588.000
37,000 April 10
Since Jan .1'26 6,924,000 38,009,000 6,056,000
mento. Calif
9,946,001 7,565,00( 1,846,000
500,000
Effective April 10 1926. Liquidating Agent, A. I.
Week 1925_
619.000 2,826,000
80.000
635,004
Diepenbrock. Sacramento, Calif. Absorbed by the
734,00( 1,703,000
Since Jan.11 8.736 nen 47.543.000 2.040.000 8.108 001
California National Bank of Sacramento, No. 8504.
7.901 004 8.632.000
April 10
-4663
-The American National Bank of Pomona.Calif
•Receipts do not include grain passing through New
175.000
Orleans for foreign ports
Effective March 25 1926. Liquidating Agent, Jay E.
on through hi Is of lading.
Randall, care Bank of America, Los Angeles. Calif.
Absorbed by 13 ink of America, Los Angeles. Calif.
The exports from the several seaboard ports for the week
Apri110-5236-The Commercial National Bank of Muskogee.
ending Saturday, April 10 1926, are shown in the annexed
Okla
250,000
Effective April 2 1926. Liquidating Agents, H. H. Bell
statement:
and Villard Martin, Muskogee, Okla. Succeeded by
the Commercial National Bank in Muskogee,
No. 12890.
EzporU fromWheat.
Corn.
Flour.
Oats.
Rye.
Bar el.
CONSOLIDATIONS.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
Apri110-The Chase National Bank of the City of
New York, N. Y.
New York
1,721,420
(No. 2370), capital $20.000,000, and the Mechanics & Metals
77,820 618,825 295,915 103,797
Boston
24,000
National Bank of the City of New York, N. Y. (No. 1250).
2,000
Philadelphia
204,000
77.000
capital $10,000.000. Consolidated under the Act of Nov. 7
8,000
88,000
9,000
17,000
Baltimore
81,000 146.000
1918, under the charter and corporate title of "The Chase
8,000
Norfolk
National Bank of the City of New York," No. 2370. with
1,000
New Orleans
10,000 136.000
capital stock of $40.000.000, and with nineteen branches, all
19,000
2.000
Galveston
located in the City of New York.
5,000
St. John, N. 1.1
400,090
33,000 189,000
-The National Bank of Charlottesville, Va. (No. 10618), capital
8,000 April 10
$400.000, and the Farmers & Merchants National Bank of
Total week 1926._ 2,440,420 359,000 153,820
897,825 304,915 128.797
Charlottesville, Va. (No. 11517), capital $100,000. ConsoliSame week 1925 ___ 4 845 709
46.000 108.701 3541 1152 1 AM AAR 275 040
dated under the Act of Nov. 7 1918, under the charter and
corporate title of "The National Bank of
The destinat'on of these exports for the week and since
No. 10618, with capital stock of $500.000. Charlottesville.'
Total week'26
Same wk. '25
Same wk. '24
413,000
358,000
356,000
3,271,000
1,797,000
2,123,000
3,770,000
2,132,000
4,705,000
3,269,000
2,065,000
2,922,000
526,000
404,000
641,000
361.000
122,000
139,000
July 1 1925 is as below:
lksports for Week
and Since
July 1 to-
Flour.
Week
Apr.10
1926.
Since
July 1
1925.
Wheat.
Week
Apr. 10
1926.
Since
July 1
1925.
Corn.
Week
Apr. 10
1926.
Since
July 1
1925.
Barrels. Barrels.
Bushels.
Bushels.
Bushels. Bushels.
United Kingdom_ 43,47: 2,797,979
685,852 73,801,654
34,000 1,984,204
Continent
93.34' 4,363,200 1,703,568 99,394,971 256,000 5,410,674
So.& Cent. Amer. 5,000
285.467
9,000 2,913,595
21,000 2,166,000
West Indies
10.000
616,529
1.000
139,925
48,000 1,442,900
Other countries__ _
2,000
763.389
41.000 1,688,234
2,355
Total 1926-25_ 153.820 8,826,564 2,440,420 177,938,37
9
Total 1925-24
508.705 14.413.598 4.845.709 248.856.595 359,000 11,0013,133
49.000 2.470.501
Auction Sales.
-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
By Adrian H. Muller & Sons, New York:
Shares. Stocks.
$ per sh.
Shares. Stocks.
$ per LC
6,700 Everett Benny & Co. Inc_ _3700 lot 81,000 Washingto Farm
Lands Co.1
n
1,252 The T. A. Scott Co., Inc.,
1st and serial 6s, series B, second
preferred
$10,000 lot
lien, due June 11923, with June 1
$1,000 New York Terminal Co.)
1915 and subsequent coupons
income bond, temp. ctf
attached
$2,000 Brooklyn Ferry Co. of N.Y.1
100 Nat. Public Serv. Corp. foun1st consol. 58. Aug. 1 19481
ders shares
ctf. of deposit
100 Nat. Public Serv. Corp., pref.. $15
The world's shipments of wheat and corn, as furn'shed
by 37 Autosales Gum & Chocolatel
founders shares, ser. A, Par $1
lot
ctf. of dep
Broomhall to the New York Produce Exchange, for the
week 2,3l6).i Rocky Fork Town & Elec./350 100 Nat. Public Serv. Corp., corn.,
founders shares. Par 31
ending Friday, April 9, and since July 1 1925 and 1924,
Co.of Red Lodge, Mont
I lot 1.000 Mohegan 011 Co.. par $i__ _ _
100 Edison Portland Cement Co..
are shown in the following:
5 Moore Haven Creamery & Poulcommon, par $50
try Assn., par $10
50 Tezultlan Cop. Min. & Smelt
86 Just Proems Co
5 U.S.Safety Egg Carrier Co..I nc _
Wheat.
1,000 Rising Star Oil Co. members
Corn.
$2,000 Mountain Valley Mining Co.
ctf. of Interest, par El
1st 8s, July 1 1910, with Oct. 1
1925-26.
251 The Knickerbocker Farms....
1924-25.
1925-26.
1924-25.
1909 and subsequent coupons
500 Cleopatra Mining Co., par $1....
attached
Sundry notes, certificates and reSince
Since
Week
Since
Since
1,150 Steel Cushion Tire Co., par $10
July 1.
July 1.
April 9.
ceipts aggregating approximately
July 1.
July 1.
163 So. Amer. Trade & Finance,
$19,513 38. Also chattel mortcommon
Bushels. I Bushels.
Bushels.
gage covering six of these notes.._$5 lot
13 So. Amer. Trade & Finance. pf
North Amer_ 6,887.000 304,204,000 358,984,00 Bushels. Bushels. I Bushels.
441,000 9.488.0001 1.016,000 4.000 Mountain
Black Sea__ _
Valley Mining, 812
704,0001 21,496,000 3,280,000
Bonds.
570,001) 22,555,000 26,296,000
Argentina_
Par 21
3.467,0001 68,537,000 111,512,000 1,280.000 12,788,000 141,014,00
lot $5,090 United Zinc & Chem. Per cent.
0 50,000 Republic Gold Mines, Ltd.,
1st
Australia
1,120,0001 59,351,000 85,996.000
513, May 1 1928; May 1925 and
India
par $1
5,768.000 34,976,000
subsequent coupons attahced..$325 lot
0th. oountr'
100 Railroad-Steamship Sanitary
1,040,000
33,850.000 1,438,000
Supply Co., coin., par $50
50 Railroad-Steamship Sanitary
Total
12,178.00 4(30,3913.000 594,748,000 2.291.000)
78.681.0001169,764 000
Supply Co., pref., par $50
50 Imperial Valley Farms Co., par
$10
National Banks.
-The following information regarding sop Peerless Mining Co., par
I
national banks is from the office of the Comptroller of the 1 Brighton Bch. Boat Club, par $501
1 pref. share the Amer. Perch. Reg-I
Currency, Treasury Department:
istry Assn., La Grange, Cook 1
Co.,Ill., membership ctf., Par 510.1
APPLICA
TIONS TO ORGANIZE RECEIVED.
Ccaltgl.
00
Awn 7
-The First National Bank of Dunsmuir, Calif
Correspondent, Horace A. Weed, Dunsrnuir, Calif.
April 7
-The First National Bank of Ardsley, N. Y
25.000
Correspondent, Albert Walter, Ardsley, N. Y.
April 7
-The First National Bank of Bradley. South Dakota....
25,000
_
Correspondent, Olaf Wolfe, Bradley, So. Dak.
April 8
-The Farmers & Merchants Nat. Bank of Roseville,
_
50,000
Correspondent. Arthur Taylor. Roseville, Ill.
-The Agricultural National Bank of New York, N. Y_
April 8
_ _ 200,000
Correspondent, Lincoln Rea Peabody, 17 State St.,
New York, N. Y.
April 10-The Seaford National Bank. Seaford, N. Y
25.000
Correspondent, Frank W. Raynor, Seaford, N. Y.
-The Woodside National Bank of New York, N. Y._ _ _
April 16
Correspondent, R. Leslie Smith, 209 Steinway Ave.. 200.000
Long Island City, N. Y.
By Wise, Hobbs, & Arnold Boston:
Shares. Stocks.
2m
t Per t. Shares. Stocks.
$ per M.
21 Atlantic National Bank
4 Atlantic Works
5 Beacon Trust Co
255M 3 Maas, Ltg. Co., 8% pref__115 98
ex-div.
5 Indian Head National Bank,
4 special units First Peoples Trust_
5
Nashua, N. H
301
85 Lowell El. Lt. Co., par $2559)4 ex-div
100 Canad. Conn. Cotton Mills,
40 Union Twist Drill Co.,
Ltd., com. cl. B. par 310
27c 10 State Theatre Co. com.,pf_96M & div.
par $10. 634
46 Naurnkeag Steam Cotton Co_ _ _157X 6
units First Peoples Trust
723(
10 Nashua Mfg. Co., corn
51
5 Puget Sound Pr. & Lt. Co., prior
iw
l Franklin
RR
210
Pre(
106N
1283 5 Turners Falls Pow. & Elec. Co_ _172
22 Hood Rub. Co. 7)4% Pr. Pref.. _104
14 units First Peoples Trust
723.(
6 Reed Prentice Co.. corn
1M
3-5 Amer. Piano Co., corn...820 Per 1-5 3 Mass. Ltg. Cos. 8% Pf__115 ex-div.
7214
14 special units First Peoples Trust- 5 6 units First Peoples Trust
Bonds,
Per Cent.
5 Garage dr Factory Equipment
$500 Van Camp Packing Co. 8s,
Co.. par $10
2
April 1941
89 & int.
2153
THE CHRONICLE
APR. 17 1926.]
Books Closed.
When
Per
By R. L. Day & Co., Boston:
Days Inductee.
Cent. Payable.
Name of Company.
$ per Or.
$ per *h. Shares. Stocks.
Shares. Stocks.
units First Peoples Trust_ 5
10534 13 special
2 Federal National Bank
Miscellaneous (Conclnded).
100 Power Securities Corp..2d pref. 1734
131
10 West Point Mfg.Co
*$2.50 May 15 *Holders of rec. Apr. 30
Bros., corn., class A (guar.)
215 3 Lynn Gas de Elec. Co.. par $25-12534 Burns
30 Hamilton Mfg. Co
*50e. May 15 *Holders of rec. Apr. 30
Common, Class B (guar.)
845-81.4 58 North Boston Ltg. Prop., com-- 93
25 Great Falls Mfg. Co
134 May 15 Holders of rec. Apr. 30
Canadian Converters. Ltd.(guar.)
3 Boston Cooperative Bldg. Co.,
27
23 Fitchburg Yarn Co., corn
Chic. Mllw.& Franklin Coal, pref. (qtr.) 135 May I Holders of rec. Apr. 164
18
par $25
131
,
.1 1%
5 West Point Mfg.Co
May 1 'Holders of roe. Apr. 24
Clinchfield Coal, preferred (guar.)
15 Boston Real Estate Trust. par
70
135 George H. Bicknell Co
May 15 Holders of rec. May 8.
$1
950 & dlv. Cincinnati Tobacco Warehouse (guar.)._ $I
31.000
25 F. H. Roberts Co., 7% pref.... 61
Apr. 26 Holders of rec. Apr. 15
Cleveland-Cliffs Iron (guar.)
78
Factory Buildings Trust
20
12 Federal Pr. dr Lt. Co., pref.._- 78
Tank Car, com.(in corn. stk.).. .200 Apr, 16
$1 lot 13 Post Office Square Bldg. Trust. 6535 Conley
10 Mass. Chocolate Co., pref
(No. 1)... 50c. Apr. 30 Holders of rec. Apr. 15
Consolidated Laundries Corp.
7234 52 Proprietors of Boston Pier or the
2 units First Peoples Trust
25e. Apr, 25 Holders of rec. Apr. 15
(guar.)
15634 Consolidated Royalty Oil
Long Wharf
6 special units First Peoples Trust_ 5
Continental Can, Inc., common (guar.). $1.25 May 15 Holders of rec. Maya 58
6 Suffolk Real Estate Trust, par
25 Eastern Texas Electric Co., pfd_101
May 15 Holders of rec. Apr. 30
1
Dominion Bridge, Ltd. (guar.)
450
$1,000
7234
28 units First Peoples Trust
(No. I)._ *50c. May 1 *Holders of rec. Apr. 19
463547 Electric Refrigeration (guar.)
160 State Street Exchange
1 special unit First Peoples Trust__ 5
May 1 *Holders of rec. Apr. 20
*El
Eureka Vacuum Cleaner (guar.)
75 Boston Ground Rent Trust_111 & env. 20 Amer. Investment Securities,
3715c. Apr. 30 Holders of rec. Apr. 194
734 Exchange Buffet (guar.)
common. par $10
•1,4 May 1 sHqlders of rec. Apr. 20
2 Converse Rubber Shoe Co., pref_ 7834
Franklin (H. H.) Mfg., pref. (quar.)
2 Mass. Ltg. Cos..6% pref
95
20 North Boston Ltg. Prop.,com__ 93
General Tire & Rubber, com. (guar.).- 50e• May I Holders of rec. Apr. 20
2 Central Mass. Lt.& Pr.Co., pref. 95
50 Montpelier a: Barre Lt. & Pr.
*75e. June 1 *Holders of rec. May I
Gillette Safety Razor (guar.)
9734 2 Cent. Mass. Power Co., corn_.._ 49
Co., pref
.250. June 1 *Holders of rec. May I
3
Extra
25 HoodRubber Co., 734% pref_ _ _104
10 Rockland (N. Y.) Lt. de Pr. Co.,
335 May I Apr. 21 to Apr. 30
a per Right. Globe Automatic Sprinkler, pref
Rights.
8034
common. par $50
Gossard (H. W.) Co., preferred (guar.). *134 May 1 *Holders of rec. Apr. 20
7234 5 Concord (N. H.) Electric Co__ _ - 1834 Grand(F.& W.)5- 10- 25-ets.St.. pf(gu) 134 May 1 Holders of rec. Apr. 17
2 units First Peoples Trust
Grant Tire. com. & founders shares_ _ _ .50c. May 1 *Holders of rec. Apr. 20
By Barnes & Lofland, 'Philadelphia:
.50c. June 15 *Holders of rec. May 15
Hecla Mining (guar.)
$ per eh. Hollander & Sons (Inc.), common (au.). •623.4c May 15 *Holders of rec. May I
$ per 55. Shares. Stocks.
Shares. Stocks.
62015 9 Burlington Co. Nat. Bk. of MedMay 1 Holders of rec. API% 14
1 Corn Exchange Nat. Bank
Holly Sugar Corp., preferred (guar.).
83
ford. N. J
620
8 Corn Exchange Nat. Bank
Independent Packing, common (guar.). 3235c May 1 Holders of rec. Apr. 22
3 Mechanics Nat. Bk., Burlington.
10 Philadelphia-Girard Nat. Bank_525
134 May 1 Holders of rec. Apr. 22
Preferred (guar.)
153
N. J.. par 350
"134
25 Philadelphia-Girard Nat. Bank_525
Internat. Harvester, Preferred (guar.)._ •1% June I 'Holders of rec. May,10
359
30 Philadelphia Life Insurance Co.,
May 15 *Holders of rec. Apr. 15
24 Southwark Nat. Bank
Ipswich Mills, pref.(guar.)
14
Dar $10
562%c June 1 *Holders of rec. May 21
20 Franklin-Fourth St. Nat. Bk_ _524
Jaeger Machine (guar.)
1 Phila. Nat. League Baseball Club. 65
•1% July 1 *Holders of rec. June 17
11 Third Nat. Bank of Philadelphia325
Jewel Tea, preferred (guar.)
30 Camden Fire Ins. Assoc., par $5_ 1434
152% July 1 .Holders of tee. June 17
10 Third Nat. Bank of PhiladelpMa325
Pref.(account accumulated dividends).
50 Camden Fire Ins. Assoc., Dar $5_ 1431 Keiner-Williams Stamping (guar.)
40c. Apr, 30 Holders of rec. Apr. 20
10 Nat. Bk. of No. Philadelphia_ ..220
7 Commercial Truck Co., let pref._ 7
335 May 1 Holders of rec. Apr. 15
5 First Nat. Bk. of Philadelphia....460
Knox Hat, Inc., 2d preferred
4 Nat. Guarantee Credit Corp., pref 1
220
10 Textile Nat. Bank
Loew's Boston Theatres, common MI_ *3134c May 1 *Holders of rec. Apr. 20
5 1-3 Nat. Guarantee Credit Corp..
May 15 Holders of rec. May 1
10 Republic Trust Co., par $50-__198
Louisiana 011 Refining. 634% Pref. (g11.)
common
698
June 1 Holders of rec. May 10.
1
3 Provident Trust Co
McCrory Stores, common (quar.)
670% 20 John B. Stetson Co., corn.,
May If. Holders of rec. Apr. 30
$1
5 Fidelity Trust Co
Mercantile Stores, Inc.,common
93
no par
662
17 Fidelity Trust Co
134 May 15 Holders of rec. Apr. 30
Preferred (guar.)
200 Reading Traction Co.,com _ _ _ 2234 Metropol.Chain Stores, 1st & 2d PL(Ou.) $1.75 May 1 Holders of rec. Apr. 20411
Phoenix Trust Co., par $50-- 62
35
12 Manufacturers Casualty InsurMay 1 Holders of rec. Apr. 24
10 Industrial Tr., Title& Says.Co.,
Morris Plan Bank (Cleveland) (quar.).... 2
ance Co., with 6 rights to sub405
July 15'Holders of rec. June 30
par $350
11
3
National Biscuit, common (guar.)
scribe
31%
131 May 29 Holders of rec. May 144
5 Guarantee Tr.& Safe Deposit Co.227
Preferred (guar.)
118
45 Continental-Equitable Trust Co.233
25 Mutual Trust Co.. par $50
134 June 15 Holders of rec. May 21
National Lead, preferred (guar.)
400. May 24 Holders of rec. May 711
10 Bk. of No. Amer. & Tr. Co14534
New Cornelia Copper Co.(guar.)
Percent. N.Y.& Honduras Rosario Mining
Bonds.
2 Northeastern Title & Trust Co.,
2% Apr. 24 Holders of rec. Apr. 14
75
$500 Huntingdon & Broad Top Mt.
Par $50
2)5 Apr. 24 Holders of tea. Apr. 14
Extra
•1% May 1'
RR.& Coal.2d extend.6s,ser. B,
Holders of ree. Apr. 20
,
20 First Nat. State Bk. of Camden.
North Amer. Cement. 7% pref.(guar.)_
323
50
1940
N. J
North Central Texas Oil, Inc.(guar.) - 10c. June 1 Holders of rec. May 11311
926
$300 Benevolent Protective Order of
5 Philadelphia Trust Co
Collins de Co.,common (qu.) 75e. May 15 Holders of rec. Apr. 20.
Oppenhelm.
79
Elks, gen. fis, 1942
3 Farmers Tr.Co.. Mt.Holly, N.J.137
134 May I Holders of rec. Apr. 244
Pacific Coast Co., let pref.(guar.)
May 1 Holders of rec. Apr. 244
1
Second preferred (guar.)
By A. J. Wright & Co., Buffalo:
A (qu.) 4331c. May 15 Apr. 24 to May 14
Pick (Albert), Barth & Co., pref.
$ per oh
$ per $h. Shares. Stocks.
Plant(Thomas G.) Co., let pref.(qn.)- 131 Apr, 30 Holders of rec. Apr. 20
Shares. Stocks.
1.12 3 Tucker Rubber Corp. Cl. A pref.
$1.10 May I Holders of rec. Apr. 214
Postum Cereal, common (guar.)
260 Kirkland Lake
May 15 Holders of rec. Apr. 30
*2
with 11 shares corn. bonus_ _ _ _3254 lot Pullman Company (guar.)
1 Buff., Niag. & East. Pow. pref._ 25
$4.75 lot Pyrene Manufacturing. common (guar.) 234 May 1 Apr. 21 to Apr. 30
3.20 1,000 Silver Bar Mining
500 Teck Hughes
26
5 Buff., Niag. & East. Pow
St. Lawrence Flour Mills, pref. (guar.). 134 May 3 Holders of rec. Apr. 20
May 18 Holders of rec. Apr. 17.
$2
St. Mary's Mineral Land
'134 May I 'Holders of rec. Apr. 24
Scott Paper, prof.(quar.)
135 May 15 Holders of rec. Apr. 30
Shell Union 011, pref ser."A" (guar.)._
DIVIDENDS.
May 1 'Holders of rec. Apr. 21
Securities Corp., no par com.(No. 1).. 1111
May 15 *Holders of rec. May 1
Oil, preferred (guar.).._ *2
Dividends are grouped in two separate tables. In the Sinclair Consol.
*50e. June 15 *Holders of rec. June 14
Skelly Oil (guar.)
13.4 June 1 Holders of rec. Apr. 30
Standard 011 (Ohio), preferred (guar.). _
first we bring together all the dividends announced the Sterling Products(guar.)
$1.25 May I Holders of rec. Apr. 234
Corp.,
current -reek. Then we follow with a second table, in which Tobacco Products (guar.)Class A (guar.) 114 May 15 Holders of rec. Apr. 27
134 May 1 Holders of rec. Apr. 20
Mfg., pref.
Troxel
18
we show the dividends previously announced, but which Van Raalte Co., 1st preferred (guar.)._ _ '134 June 1 'Holders of rec. May 15
8735e May 1 Holders of rec. Apr.
Vick Chemical (guar.)
have not yet been paid.
17
•$1.75 May 1 *Holders of rec. Apr. 24
pref.(No. 1)
Waltham Watch, prior
134 May 1 Holders of rec. Apr.
Washburn-Crosby Co., pref. (guar.)._
The dividends announced this week are:
134 June 1 Holders of rec. May 144
Weber & Helibroner. preferred (guar.)_ _
June 1 *Holders of rec. May
Woolworth (F. W.) Co.. common (gu.). *$1
Per
When
Books Closed.
Cent. Payable.
Days Inclusive.
Name of Company.
previous weeks
131
Railroads (Steam).
Georgia Southern & Fla.. let & 2d pref._
Internat. Rye,of Cent.Am.,pref.(qu.)..
2% May 27 Holders of rec. May 13
1% May 15 Holders of rec Apr. 30
Below we give the dividends announced in
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Public Utilities.
Amer. Dist. Teleg.of N.J..com.(qtr.).- 75c. Apr. 29 Holders of rec. Apr. 15a
134 Apr. 15 Holders of rec. Mar.15a
Preferred (guar.)
American Superpower. partle. pfd.(qu.) *50e. May 15 *Holders of rec. Apr. 23
134 May 15 Holders of rec. May 1
Amer. Water Wks.& Elec.,corn.(qua
134 May 15 Holders of rec. May 1
7% first preferred (guar.)
Broad River Power, preferred (guar.).- 134 May 1 Holders of rec. Apr. 15
Central Power & Light. prof.(guar.)... $1.75 May 1 Holders of rec. Apr. 15
Cent. & Southwest. Utilities
Preferred & prior lien stock (guar.)._ e$1.75 May 15 *Holders of rec. Apr. 30
134 July 1 Holders of rec. June 15
Consumers Power.6% pref.(guar.)
1.65 July 1 Holders of rec. June 15
6.6% preferred (guar.)
7% preferred (guar.)
131 July 1 Holders of rec. June 15
6% preferred (monthly)
50c. May 1 Holders of rec. Apr. 15
6% preferred (monthly)
500. June I Holders of rec. May 15
6% preferred (monthly)
50e. July 1 Holders of rec June 15
6.6% preferred (monthly)
55c. May 1 Holders of rec. Apr. 15
6.6% preferred (monthly)
55e. June 1 Holders of rec. May 15
6.6% preferred (monthly)
55c. July 1 Holders of rec. June 15
Electric Invastors, Inc.,7% pref.(guar.) $1.75 May 1 Holders of rec. Apr. 15
$6 Preferred (guar.)
$1.50 May 1 Holders of rec. Apr. 15
Ft. Worth Power & Light, pref.(guar.). 134 May 1 Holders of rec. Apr. 15
Idaho Power. preferred (guar.)
I% May 1 Holders of rec. Apr. 15
Knoxville Power & Light, pref. (guar.). 134 May I Holders of rec. Apr. 20
Long Island Lighting,common (guar.)._ 50c. May 1 Holders of rec. Apr. 21
National Power & Light, com.(guar.)... •10c. June 1 *Holders of rec. May 12
Northwest Utilities, preferred (guar.).- $1.7S May 15 Holders of rec. Apr. 30
Pacific Gas& Electric, preferred (quar.)_ •I34 May 15 *Holders of rec. Apr. 30
Southern Colorado Power,class A (guar.) 50e. May 25 Holders of rec. Apr. 30
Standard Power & Light, pref. (guar.). $1.75 May 1 *Holders of rec. Apr. 16
Texas Power & Light, Pref.(guar.)
154 May 1 Holders of rec. Apr. 17
West Penn Electric Co., pref.(guar.)... 134 May 15 Holders of ree. May 1
Banks.
Amer. Colonial Bank of Porto Rico (qu.) 2
May 1 Holders of rec. Apr. 16
Extra
2
May 1 Holders of rec. Apr. 16
Dresdner Bank (Berlin), Amer. shares... $6.85 Alm. 26 Holders of rec. Apr. 19
Trust Companies.
Farmers Loan & Trust (guar.)
*4
May 1 *Holders of rec. Apr. 19
Miscellaneous.
Amerada Corporation (guar.)(No. 1)_.. 40c.
1%
American Felt, preferred (guar.)
*134
American Linseed, preferred (quar.)_
*I%
Preferred (guar.)
*134
Preferred (quar.)
*114
Preferred (guar.)
Amer. Sales Book, preferred (quar.)...., 1%
114
Amer. Soda Fountain (guar.)
Archer-Danlels-Midland Co., Pref. (gu.) 1%
Arnold Bros.,Ltd.(Toronto),1st pr.(qu.) 1%
2
Second preferred (guar.)
3
15c.
Art Metals Construction (guar.)
Atlantic Refining, preferred (guar.)._ 1%
Benesch(Isaac)&Sons,Inc.,com.,A(qu.) 750.
50e.
Preferred (guar.)
Apr. 30 Holders of rec. Apr. 22a
June 1 Holders of rec. May 19
July I *Holders of rec. June 18
Oct. 1 *Holders of rec. Sept.17
Jan3'27 *Holders of rec. Dec. 17
Aprl'27 *Holdersofree.Mar.18'27
May I Holders of rec. Apr. 15a
May 15 Holders of rec. Apr. 30a
May 1 Holders of rec. Apr. 20a
May 1 Holders of rec. Apr. 15
May 1 Holders of rec. Apr. 15
Apr. 80 *Holders of rec. Apr. 22
May 1 Holders of rec. Apr. 15
Apr. 30 Holders of rec. Apr. 20
Apr. 30 Holders of rec Apr. 20
Name of Company.
When
Per
Cent, Payable
Books Close
Days Imitates.
Railroads (Steam).
Atchison Topeka & Santa Fe. corn.(qu.) 134 June I Holders of rec. Apr. roe
10
234 May 10 Apr. 28 to May 17.
Atlantic Coast Line RR., preferred
134 June 1 Holders of rec. Apr.
Baltimore & Ohio, com.(guar.)
June I Holders of rec. Apr. 17a
1
Preferred (guar.)
331 July I Holders of rec. June 94
Chesapeake & Ohio. preferred
'
-/200
Apr. 29 Holders of rec. Apr.
CM. N.0.& Texas Pacific, common_
pref
$1.50 May 1 Apr. 16 to May 2
Cincinnati Sandusky & Cleveland,
134 Apr. 20 Holders of rec. Mar.2641
Cleve. Cin.Chic.& Bt.L.,tom.(qu.)
13.4 Apr. 20 Holders of rec. Mar.264
Preferred (guar.)
Apr. 20 Holders of rec. Apr. 30
Delaware Lackawanna & west.(guar,). 3
Apr. 30 Holders of rec. Apr. 204i
2
Hocking Valley Railway
Apr. 30 Holders of rec. Apr. 204
4
Extra
June 3 Holders of rec. May 15.
Hudson de Manhattan RR., common......
Aug. 10 Holders of rec. July 154
3
Nashville
Louisville &
Mahoning Coal RR., common (guar.).- $12.50 May 1 Holders of rec. Apr. 14
151
Missouri-Kansas-Texas, pref. A (quar.).. 13.5 May 1 Holders of me. Apr. 26
13.4 May 1 Holders of rec. Mar.
New York Central RR.((Bar.)
May 19 Holders of rec. Apr. 3041
Norfolk & Western, ad). pref. (quar.)... 1
114 May I Holders of rec. Mar.18
Northern Pacific (guar.)
May 1 Holders of roe. Apr. 15
2
Pere Marquette. common (extra)
34 May 1 Holders of rec. Apr. 15
Corn.(extra incr.guar.rate to 134%)..
May 1 Holders of rm. Apr. 154
(guar.)
Prior preferred
331 May 1 Holders of rec. Apr. 15a
Five per cent preferred (guar.)
135 Apr. 30 Holders of rec. Apr. 13
Fitts. & W. Va., com.(qu.)(No. 1)
135 Julyd31 Holders of rec. July 154
Common (guar.)
134 Oct. 30 Holders of rec. Oct. 16.
Common (guar.)
135 Jan.d31 Holders of rec.Jan.15'276
Common (guar.)
May 13 Holders of rec. API% 1611
Reading Company.common (quar.)..-.... $1
134 May 1 Holders of rec. Apr. 101
St. Louis-San Francisco, pref.(guar.)_ _
134 Aug. 2 Holders of rec. July 154
Preferred (guar.)
135 Nov. 1 Holders of rec. Oct. 154
Preferred (guar.)
134 May I Holders of rec. Apr. 10.
Southern Hy., common (guar.)
134 May 25 Holders of rec. Apr. 17.
Wabash, preferred A (guar.)
9
131
131
Public Utilities.
American Electric Power, pref. (guar.). 114 May 15
134 Aug. 2
Preferred (guar.)
American Gas & ElectricUnstamped no par val. pref.(guar.).- $1.50 may 1
May 1
American Light & Traction,corn.(guar.) 2
May 1
2
Common (extra)
134 May 1
Preferred (guar.)
Associated Gas & Elec.. corn. A (guar.) s6215c May 1
Bangor Hydro-Electric Co..com. quar.) 134 May I
June 1
Brazilian Tr., Lt.& Pow.,com.((Buar.).
3
May 1
Cape Breton Electric Co., pref
65c. May 1
Chicago Rapid Transit (monthly)
650. June 1
Monthly
134 June 1
Cleveland Elec. Ilium.. pref.(guar.).__ _
Columbus Ry.,P.& L.,ser.B Pref.(qn.) $1.63 May 1
2
May 1
Edison (guar.)
Commonwealth
Commonwealth Power,common(guar.). 50e. May1
May 1
Corn. (stk. dlv. 1-40 share com.stk.),.
131 May 1
Preferred (guar.)
131
Holders of rec. May 5.
Holders of rec. July 22.
Holders of rec. Apr. 10
Apr. 17 to Apr. 29
Apr. 17 to Apr. 29
Apr. 17 to Apr. 29
Holders of rec. Apr. 10
Holders of rec. Apr. 10
Holders of rec. Apr. 30
Holders of rec. Apr. 168
Holders of rec. Apr. 204
Holders of rm. May 134
Holders of rec. May 164
.
Holders of rec. Apr. 15
Holders of rec. Apr. 151
Holders of rm. Apr. 124
Holders of rm. Apr. 126
Holders of rec. Apr. 12a
2154
THE CHRONICLE
Per
When
cent. Payable
'
.
Books Closed
Days Inclusive.
Public Utilities (Conauded)
•
Consolidated Gas N.Y., pref.(guar.)--May 1 Holders of rec. Mar.150
Eastern States Power. pref
May 1 Holders of rec. Apr. 15
Edison Elec. Blum.. Boston (guar.).May 1 Holders of rec. Apr. 15
Edison Elec.Ilium.of Brockton (quar.)_
May 1 Holders of rec. Apr. 15a
Elec. Bond & Share, pref.(guar.)
May 1 Holders of rec. Apr. 12
Empire Gas & Fuel, pref.(monthly)_ -.
May 1 *Holders of rec. Apr. 15
Fall River Gas Works (quar.)
May 1 Holders of rec. Apr. 150
Gen.Pub.Serv. Corp.. $6 pref.(No. 1)May 1 Holders of rec. Apr. 90
Convertible pref. (guar.)(No. 1)__,_
May 1 Holders of rec. Apr. 9a
Havana Elec,Ry.,L.& P.,corn. es pref.
May 15 Apr. 22 to May 20
Havana Electric & UtIIIt1es 1st pref
,
May 17 Holders of rec. Apr. 21a
Illinois Nor. Utilities, pref. ((rear.).May 1 Holders of rec. Apr. 150
International Utilities, pref. (guar4)
May 1 Holders of rec. Apr. 19a
Interstate Railways. common
May 1 Apr. 16 to May 2
Jamaica Water Supply, pref
May I Apr. 11 to May 2
Lowell Electric Light
(quer.)May 1 Holders of rec. Apr. 12a
Massachusetts Gas Cos.,common (311.)May 1 Holders of rec. Apr. I5a
Middle West Utilities, common (guar.).
May 15 Holders of rec. Apr. 30a
Milwaukee El.Ry.& Light, p1.(qu.)--Apr. 30 Holders of rec. Apr. 20a
Mountain States Power, pref.(guar.).Apr. 20 Holders of rec. Mar.31a
Nat.Electric Power,Class A (guar.)_
May 1 Holders of rec. Apr. 10
Nevada-California Elec.0o.,pref.(qu.)May 1 Holders of rec. Mar.30a
Northern States Pow , n., cl. A(V.)
co
May 1 Holders of rec. Mar.310
Common,class B(guar.)
May 1 Holders of rec. Mar.31a
Preferred (guar.)
Apr. 20 Holders of rec. Mar.31a.
Ohio Edison.6% pref.(guar.)
June 1 Holders of rec. May 15
6.6% preferred (quar.)
June 1 Holders of rec. May 15
7% Preferred (guar.)
June 1 Holders of rec. MaY 15
6-6% Preferred (monthly)
May 1 Holders of rec. Apr. 15
6.6% preferred (monthly)
June 1 Holders of rec. May 15
Oklahoma Natural Gas(guar.)
Apr. 20 Holders of rec. Mar.290
Pennsylvania-Ohio P.& L.,8% pt.(qu.)
May 1 Holders of rec. Apr. 20
Seven per cent preferred (guar.)
May 1 Holders of rec. Apr. 20
7.2% preferred (guar.)
May 1 Holders of rec. Apr. 20
Peoples Gas Light es Coke(quar.)
Apr. 17 Holders of rec. Apr. 3
Philadelphia Company, corn. (quar.)
Apr. 30 Holders of rec. Apr. la
Six per cent preferred (guar.)
May 1 Holders of rec. Apr. la
Philadelphia Rapid Transit, corn.(guar.)
Apr. 30 Holders of rec. Apr. 156
Preferred
May 1 Holders of rec. Apr. 1
Pittsburgh Utilities, cons
May 1 Holders of rec. Apr. 10a
Common (extra)
May 1 Holders of rec. Apr. 10a
Preferred
May 1 Holders of rec. Apr. 106
Preferred (extra)
May 1 Holders of me. Apr. 100
Public Service Elec.
pref.(guar.).
May 1 Holders of rec. Apr. 15
Public Service of Nor. Ills., corn.(quar.)
Pow.,
May 1 Holders of rec. Apr. Ha
Six per cent pref.(guar.)
May 1 Holders of roe. API% 156
Seven per cent pref.(guar.)
May 1 Holders of rec. Apr. 15a
Republic Icy. & Light, pref.(quar.)
Apr.d15 Holders of rec. Apr.412a
Sierra Pacific Electric Co., corn.(No 1).
May 1 Holders of rec. Apr. 150
Preferred (guar.)
May 1 Holders of rec. Apr. 150
Southern Canada Power corn.(guar.)--May 15 Holders of rec. Apr. 30a
Standard Gas& Elec., common(guar.)
Apr. 25 Holders of rec. Mar.31
Seven per cent preferred (guar.)
Apr. 25 Holders of rec. Mar.31
Tennessee Elec.Power,6% 1st pref.(q11)
July 1 Holders of rec. June 15
Seven per cent first preferred (guar.)
July 1 Holders of rec. June 15
7.2% first preferred (guar.)
July '1 Holders of rec. June 15
Six per cent first preferred (monthly).
May 1 Holders of rec. Apr. 15
Six per cent first preferred (monthly).
June 1 Holders of rec. May 15
Six per cent first preferred (monthly).
July 1 Holders of rec. June 15
7.2% first preferred (monthly)
May 1 Holders of rec. Apr. 15
7.2% first preferred (monthly)
June 1 Holders of rec. May 15
7.2% first preferred (monthly)
July 1 Holders of rec. June 16
United Lt.& Pow.,old corn. A & B (qu.)
May 1 Holders of rec. Apr. 15
New class A and B. common
May 1 Holders Of rec. Apr. 15
Old A & B corn.(pay.in new cl. A corn.)
May 1 Holders of rec. Apr. 15
New A &II com. Pay In new ci. A com)
( .
May 1 Holders of rec. Apr. 15
West Chester Street HY.. Prof.((Mar.).June 1 Holders of rec. May 22
Preferred (guar.)
Sept. 1 Holders of rec. Aug. 22
Preferred (quar.)
Dec. 1 Holders of rec. Nov.21
West Penn Power Co., 7% pref.(guar.).
May 1 Holders of rec. Apr. 150
Six per cent preferred (guar.)
May 1 Holders of rec. Apr. 156
York Railways, preferred (guar.)
Apr. 30 Apr. 21 to Apr. 29
Banks.
Corn Exchange (guar.)
May 1 Holders of rec. Apr. 30
Miscellaneous.
Name of Company.
0
0
04
n
0 ..... MN
t•:
XgXZT ,e
69
, 66666,
2
0
6
XX=XM
N
OM
666
000N.00N.00
.......
444 M
N
•
6 X66=X=
MM
=X66:g66MX6XXXX:A666X X•X
......
t•..0
NNN
Nity
'X
66X
ONt•
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
British Columbia Fish & Packing (guar.) 13( June 10 Holders
of rec. May 31
Quarterly
13i Sept.10 Holders of rec. Aug. 31
Quarterly
134 Dec. 10 Holders of rec. Nov.30
Buckeye Pipe Line (guar.)
Si
June 15 Holders of rec. Apr. 24
Bunte Bros., preferred (guar.)
134 May 1 Apr.d25 to Apr. 30
Burns Bros., prior pref.(guar.)
134 May 1 Holders of rec. Apr. 150
Byers(A. M.) Co., preferred(guar.).- 134 May 1 Holders of
rec. Apr. 150
California Packing Corp.
Stock dividend
*100% Subject to stock's'rs meet. May 18
California Packing (guar.)
•$2
June 15 *Holders of rec. May 19
Canada Dry Ginger Ale
Stock dividend (guar.)
sly( July 15 Holders of rec. July 1
Stock dividend (guar.)
sly( Oct. 15 Holders of rec. Oct. 1
Stock dividend (guar.)
.s134 JanI5'27
Century Ribbon Mills. pref.(guar.).- 134 June 1 Holders of rec.Jan 1'27
Holders of rec. May 200
Cerro de Pasco Copper Co.(guar.)
May 1 Holders of rec. Apr. 156
81
Chicago Pneumatic Tool (guar.)
134 Apr. 26 Holders of rec. Apr. 15a
Chicago Yellow Cab (monthly)
331-30 May 1 Holders of rec. Apr. 200
Monthly
331-50 June 1 Holders of rec. May
Christie, Brown & Co.,Ltd.,com.(No.1)- 30c. May 1 Holders of rec. Apr. 20a
156
Preferred (guar.)
134 May 1 Holders of rec. Apr. 20
Chrysler Corp., pref. (guar.)
•2
June 30 *Holders of rec. June 15
Preferred (guar.)
*2
Sept. 30 *Holders of rec. Sept.15
Preferred (guar.)
*2
Jan.3•27 *Holders of rec. Dec. 15
Cities Service, corn. (monthly)
534 May 1 *Holders of rec. Apr. 15
Common (payable in corn. stock)
•34 May 1 *Holders
rec.
Preferred and preferred B (monthly). 94 May 1 *Holders of rec. Apr. 15
Apr. 15
of
Cluett, Peabody & Co.. corn.(guar.).- $1.25 May 1 Holders of
rec. Apr. 200
Cohn-Hall
-Marx Co., corn. (guar.)
70c. July 5 Holders of rec. July 5
Collins & Aikman, pref.(guar.)
134 May 1 Holders of rec. Apr. 150
Columbian Carbon (guar.)
May 1 Apr. 20 to Apr. 30
$1
Consolidated Royalty 011 (guar.)
234 Apr. 25 Apr. 16 to Apr. 25
Continental Motors (guar.)
20c. Apr. 30 Holders of rec. Apr. 150
Copper Range Co
$1
May 3
Corn Products Refining, common (qu.). 500. Apr. 20 Holders of rec. Apr. 3
Holders of rec. Apr. 50
Crucible Steel, common (quar.)
134 Apr. 30 Holders of rec. Apr. 15
Cudahy Packing, 7% preferred
334 May 1 Holders of rec. Apr. 21
Six per cent preferred
3
May 1 Holders of rec. Apr. 21
Cuneo Press (guar.)
*El
June 15 *Holders of rec. June I
Cuyamel Fruit Co
$1
May 1 Holders of rec. Apr. 15
Diamond Match (guar.)
2
June 15 Holders of rec. May 296
Dome Mines, Ltd. (guar.)
50c. Apr. 20 Holders of rec. Mar.31
du Pont (E. I.) de Nem. & Co.
Debenture stock (guar.)
134 Apr.
du Pont(E. I.) deNem.Powd.,com.(4311.) 134 May 26 Holders of rec. Apr. 100
1 Holders of rec. Apr. 206
Prof (guar.)
134 May 1 Holders of rec. Apr. 206
Eagle-Picher Lead,common (qilar.) -.
40e. June I Holders of rec. May 150
Common (guar.)
400. Sept. 1 Holders of rec. Aug. 15
Common (guar.)
40c. Dec. 1 Holders of rec. Nov.15
Eastern Dairies, common (guar.)
50e. May 1 Holders of rec. Apr. 20
Preferred (guar.)
134 May 1 Holders of rec. Apr. 20
Eaton Axle & Spring (quar)
50c. May 1 Holders of rec. Apr. 156
Electric Household Utilities (quar.)
50c. Apr. 17 Holders of rec. Apr. 100
Elgin National Watch (guar.)
6234c May 1 Holders of rec. Apr. 156
Eureka Pipe Line(guar.)
$I
May 1 Holders of rec. Apr. 116
Fair (The), corn. (monthly)
200. May 1 Holders of rec. Apr. 200
Common (monthly)
•200. June 1 Holders of rec. May 20
Preferred (guar.)
•134 May 1 •Holders of
Apr.
Fairbanks
-Morse es Co.. corn. (guar.).- 75e. June 30 Holders Of rec. June 20
156
rec.
Common (guar.)
75e. Sept.30 Holders of rec. Sept.150
Common (guar.)
75c. Dec. 31 Holders of rec. Oct. 150
Fajardo Sugar Co. (guar.)
234 May 1 Holders of rec. Apr. 150
Famous Players-Lasky Corp., Pref.(qu) 2
May 1
Firestone Tire & Rubber,corn.(guar.).- $1.50 Apr. 20 Holders of rec. Apr. 156
Holders of rec. Apr. 100
Fisher Body Corp.. corn.(guar.)
$1.25 May 1 Holders of rec. Apr. 206
Fisk Rubber, 1st pt. (acct, accum. diva) h134 May
1 Holders of rec. Apr. 150
Convertible preferred (No. 1)
134 May 1 Holders of rec. Apr. 150
Foote Bros. Gear & Mach.. pref.(qu.)
•134 July 1 Holders of rec. June 20
Preferred (guar.)
•134 Oct. 1 Holders of rec. Sept. 20
General Cigar, common (quar.)
$1
May 1 Holders of rec. Apr. 200
Preferred (guar.)
IN June 1 Holders of rec. May 220
Debenture preferred (quar.)
134 July 1 Holders of rec. June 246
General Motors Corp.
Seven per cent preferred (guar.)
134 May 1 Holders of rec. Apr. 50
Six per cent debentures (guar.)
134 May 1 Holders of rec. Apr. 54
Six per cent preferred (guar.)
134 May 1 Holders of rec. Apr. 56
Gilchrist Company (guar.)
750. Apr. 30 Holders of rec. Apr. 150
Gimbel Brothers, preferred (guar.)
134 May 1 Holders of rec. Apr. 15a
Apr. 20 Holders of rec. Apr. 100 Globe Automatic Sprinkler, cl. A (qu.)
May 1 Holders of rec. Apr. 150 Goodrich (B. F.) Co., pref. (guar.).- 6234e. May 1 Apr. 21 to Apr. 30
134 July 1 Holders of rect. June 150
May 1 Apr. 15 to Apr. 26
Gossard (H. W.) Co.. corn.(monthly).- 33 1-3c May 1 Holders of rec. Apr.
20
May 15 Holders of rec. Apr. 240
Common (monthly)
33 1-30 June 1 Holders of rec. May 21
May 1 Holders of rec. Apr. 180 Gotham Silk Hosiery
First & second preferred (guar.)
134 May 1 Holders of rec. Apr. 150
Apr. 20 Holders of rec. Apr. 10a Great Lakes Dredge & Dock (quar.)
2
May 15 Holders of rec. May 7
May 11 Holders of rec. Apr. 30a Great Northern Iron Ore Properties.... 75e. Apr.
30 Holders of rec. Alm 00
June 30 June 20 to June 30
Guenther Publisher, pref. (guar.)
234 May 16 Holders of rec. Apr. 16
May 1 Holders of rec. Apr. 150
Preferred (acct. accumulated dim).- h234 May 16 Holders of rec. Apr. 18
May 1 Apr. 11 to May 1
Preferred (guar.)
234 tug. 16 Holders of rec. July 18
May 1 Holders of rec. Apr. 17
Preferred (acct, accumulated divs.)
h234 tug. 16 Holders of rec. July 16
May 1 *Holders of rec. Apr. 15
Preferred (guar.)
234 'toy. 16 Holders of rec. Oct. 16
Apr. 26 Holders of rec. Apr. 140
Preferred (sect, accumulated dim).- 5234 'toy. 16 Holders of rec. Oct.
18
Apr. 26 Holders of rec. Apr. 14a Gulf States Steel, pref. (quar.)
134 fuly 1 Holders of rec. June 15a
May 15 Holders of rec. May la
Preferred (guar.)
134 )cf. 1 Holders of rec. Sept.15a
June 1 May 23 to June 1
Preferred (quar.)
134 fan 2'27 Holders of refs. Dec. 15a
July 1 Holders of rec. June 17
Halle Bros.. pref. (guar.)
13( kpr. 30 Apr. 25 to Apr. 30
Oct. I Holders of rec. Sept. 17
Harbison-Walker Rehm., pref. (quar.)- 134 \pr. 20 Holders of
Dec. 31 Holders of rec. Dee. 17
Hellman (Richard), Inc.. porde. pf.(qu.) 6234. fay 1 Holders of rec. Apr. 10a
rec. Apr. 200
Mar.31 Holders of rec. Mar.17
Participating preferred (guar.)
12.854 May 1 Holders of rec. Apr. 20a
July 1 Holders of me. June 17
Hercules Powder. pref.(guar.)
•134 May 15 *Holders
Oct. I Holders of rec. Sept. 17
Hibbard, Spencer, Bartlett Co.(mthly.) 35e. 4pr. 30 Holders of rec. May 5
of roc. Apr.
Dec. 31 Holders of roe. Dec. 17
Monthly
35c. May 28 Holders of rec. May 23
May 1 Holders of rec. Apr. 150
Monthly
35e. June 25 Holders of rec. June 21
May 1 Holders of rec. Apr. 15
Extra
20e. June 25 Holders of rec. June 18
18
May 1 Holders of rec. Apr. lea Hollinger Consol. Gold Mines
Sc, Mu', 22 Holders f rec.
8
June I Holders of rec. May 7a Homestake Mining (monthly)
50c. Apr. 26 Holders of rec. Apr. 200
Apr.
July 1 June 16 to July 1
Hood Rubber, preferred (guar.)
134 May 1 Apr. 21 to May 2
Oct. 1 Sept. 16 to Oct. 1
New 734% pref. (guar.)(No. 1)
61.88 May 1 Apr. 21 to May 2
May 1 Holders of rec. Apr. 200 Horn & Hardivt.or N.Y,:com.(guar.).- •25c. May
1 *Holders of rec. Apr.
May 24 Apr. 18 to May 19
Common (extra)
•12 34c May 1 *Holders of rec. Apr. 9
9
July 15 *Holders of rec. July 2
Hupp Motor Car, corn. (ilier.)
25e. May 1 Holders of rec. Apr. 150
May 1 Holders of rec. Apr. 10a Illinois Brick (guar.)
2.4 July 15 Holders of rec. July 43
June 1 Holders of rec. May la
Quarterly
2.4 Oct. 15 Holders of rec. Oct.
44
June 1 Holders of reo. May la Indiana Pipe Line (guar.)
$I
May 15 Holders of rec. Apr. 16
Apr. 26 Holders of rec. Mar. 46
Extra
$1
May 15 Holders of rec. Apr. 16
May 1 Holders of rec. Apr. 200 Intercontinental Rubber(No. 1)
51
May 15 Holders of rec. Apr. 30
May 1 Holders of rec. Apr. 15a International Nickel, pref.(guar.)
134 May 1 Holders of rec. Apr.
July 1 Holders of rec. June 200 International Shoe, corn.(quar.)
81.50 July 1 Holders of rec. June 150
150
Common (guar.)
Oct. 1 Holders of rec. Sept.200
81.50 Oct. 1 Holders of rec. June 150
Jan2 27 Holders of rec. Dec. 200
Preferred (monthly)
34 May 1 Holders of rec. Apr.
Aprl'27 Holdersofrec.Mar.20'27a Intertype Corp., common (guar.)
25e. May 15 Holders of rec. May 15
la
May 1 Holders of rec. Apr. 20a Iron Products
50c. Apr.
June 1 Holders of rec. Mayd20a Kaufman Dept. Stores, corn.(guar.)... 52 Apr, 30 Yielders of rec. Apr. 150
28 Holders of roc. Apr. 204
July dl Holders of rec. Junedlea
Preferred (quar.)
134 July 1 Holders of rec. June 210
July dl Holders of rec. Juned19a
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept.200
Preferred (guar.)
134 an2'27 Holders of rec. Dec. 200
May 1 Holders of rec. Apr. 240 Kayser (Julius) & Co., corn.(quar.)
750. May 1 Holders of rec. Apr. I90
July 10 Holders of rec. June 250 Kelsey Wheel,Inc., pref.(guar.)
134 May 1 Holders of rec. Apr. 200
July 15 Holders of rec. July la Kirby Lumber (guar.)
134 June 10 June 1 to June 10
May 1 *Holders of rec. Apr. 14
Quarterly
134 Sept.10 Sept. 1 to Sept. 10
May 1 *Holders of rec. Apr. 14
Quarterly
134 Dec. 10 Dee. 1 to Dec. 10
Apr. 29 *Holders of rec. Apr. 20
Knox Hat, Inc., class A participating stk $1
May 1 Holders of rec. Apr. 15
May 1 Holders of rec. Apr. 20
Kress(S. H.) Co.,common (guar.)
I
May 1 Holders of rec. Apr. 200
May I Holders of rec. Apr. 20
Laclede-Christy Clay Prod., Prof.(qu.).
134 July 1 Holders of rec. June 21
May 1 Holders of rec. Apr. 200 Landay Bros_ inc., Class A (quar.)-75e. May I Holders of rec. Apr. 150
May 15 Holders of rec. May 8a Lion Oil& Refining (guar.)
50c Apr, 27 Holders of rec. Mar.314
June 1 Holders of rec. May 150 Loose-Wiles Biscuit, preferred (quar.).154 May 1 Holders of rec. Apr. 170
June 1 Holders of rec. May 150 Lord & Taylor, 2d pref. (guar.)
2
May 1 Holders of rec. Apr. 170
Apr. 26 Holders of rec. Aim 100 Macy(R. H.) at Co.. pref. (guar.)
134 May 1 Holders of rec. Apr. 17a
May 1 Holders of rec. Apr. 206 Maple Leaf Milling, pref.(quar.)
134 Apr, 19 Holders of rec. Apr. 3
o44
6 o
ns6XxX,
1XX2X 6rq666 g6
NN000
Abitibi Power & Paper,common (quar.)_
Abraham & Straus, Inc., Prof. (guar.).Allied Chemical & Dye, common (guar.)
Allis-Chalmers Mfg., corn. (guar.)
Amalgamated Sugar, pref.(guar.)
Amer. Brown Boverl Elec. Corp.Participating stock (No. 1)
American Can, new $25 common (guar.)
American Chain, class A (guar.)
American Cigar. common (guar.)
American Coal(quar.)
American Glue, pref. (guar.)
Amer.Home Products(No.1)(monthly)
American Ice, common (guar.)
Preferred (guar.)
Amer.
-La France Fire Eng., corn. (qu.)Amer. Laundry Machinery. corn. (qu.)_
American Manufacturing, corn. (quar.).
Common (guar.)
Common (quar.)
Preferred (guar.)
Preferred (guar.)
Preferred (guar.)
-,Preferred (quar.)
Amer. Shipbuilding,common (guar.)...
Preferred (guar.)
Amer.Smelting dv Refin ,com.(guar.)._
Preferred (guar.)
American Stores Corporation (quar.)_....
Quarterly
Amer. Vitrified Products, pref.(guar.)._
Anaconda Cooper Mining (quar.)
Asbestos Corp. of Can., 7% Pt (NO.
1).
Associated Dry Goods Corp., corn.(qu.)
First preferred (guar.)
Second preferred (guar.)
Associated Oil (guar.)
Atlas Powder. preferred (guar.)
Austin, Nichols & Co., prof.(guar.).Babcock & Wilcox (quar.)
Quarterly
Quarterly
Quarterly
Balaban & Katz, common (monthly)._
Common (monthly)
Common (monthly)
Preferred (guar.)
Barnhart Brothers & SpindlerFirst and second preferred (guar.).Beech-Nut Packing, common
(cluar4)
Preferred (guar.)
BIgelow-Hartford Carpet, corn. (guar.).
Preferred (guar.)
Big Lake 011
Blaw-Knox Co., common (guar.)
Preferred (guar.)
Bloomingdale Bros.,Inc.,Pt.(gu.)
(NoI)
Bond & Mortgage Guarantee (guar.)...
Borden Co., common (guar.)
Common (extra)
Briggs Mfg. (guar.)
Brown Shoe. pref.(guar.)
Name of Company.
[VoL. 122.
Name of Company.
2155
THE CHRONICLE
APR. 17 1926.]
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Apr. 10. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
Miscellaneous (Concluded)
*50c. June 1 "Holders of rec. May 15
Maytag Co.(quar.)
*50c. Sept. 1 "Holders of rec. Aug. 15
Quarterly
*50c. Dee. 1 *Holders of rec. Nov.15
Quarterly
50e. May 1 Holders of rec. Apr. 20a
McCall Corporation (quar.)
lx May 1 Holders of rec. Apr. 20a
McCrory Stores, pref.(quar.)
14 Aug. 1 Holders of rec. July 200
Preferred (quar.)
14 Nov. 1 Holders of reo. Oct. 200
Preferred (quar.)
Apr. 20 Holders of rec. Mar.310
33
Mexican Petroleum, corn. (quar.)
Apr. 20 Holders of rec. Mar.310
52
Preferred (quar.)
25e. May 15 Holders of rec. May la
Miami Copper Co.(quar.)
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Petrol., pref. (quar.)--- 14 June 1 Holders of rec. May 150
Mid-Continent
(Mated in thousands of dollars-that is, three (000) MOW* omitted)
50e. Apr. 25 Holders of rec. Apr. 50
Miller Rubber, common
75e. May 1 Holders of rec. Apr. 19a
Moon Motor Car, common (quar.)
51.50 May 1 Holders of rec. Apr. 15a
Moore Drop Forging, Class A (quar.)
New
'Motor Prod.Corp.,com.(qu.)(No.1).. *50c. May 1 'Holders of rec. Apr. 20
Reserve
CapitalProfits. Loans,
•51.25 May 1 *Holders of rec. Apr. 20
°Preferred (quar.)
Time Bast
Net
with
Discount. Cash
May 1 Holders of rec. Apr. 170 Week Endfn
2
Mullins Body Corp., pref.(quar.)
De- Circa.
Legal Demand
in
April 10 1926. Nat'l, Dec.81 Invest2
May 1 Holders of rec. Apr. 210
National Carbon, pref.(quar.)
ioState, Mar.25 meats, Vault. Deposi- Deposits. Posits
$1.50 May 15 Holders of rec. Apr.d26a
National Casket,common
Mos.
tortes.
eke.
Coe. Mar,25
(000 onliddl.)
rec. Apr.d15a
14 May 1 Holders of
Nat.Dept.Stores, let pref.(quar.)
14 June 1 Holders of rec. May 15a
2d preferred (quar.)
Average A v'o•
Members of F d. Res. Bank. Average. Average Average Average.
624c May 15 Holders of rec. May 3
Nat. Food Products. class A (quar.)-3
$
$
$
$
$
Bank of N.Y.& $
July 1 June 20 to June 29
3
National Grocer, preferred
58,442 8,345
4:1 7,870
77,526
Trust Co_ -- 4,000 12,905
Jan1'27 Dee. 21 to Dec. 31
3
Preferred
134,414 25,463
3.216 18,382
Si May 15 Holders of rec. May 50 Bk of Manhia'n 10,000 14,965 162,024 2,585 21.466
(quar.)
National Supply,common
547
162,183 10,52:
154 May 1 Holders of rec. Apr. 220 Mech& Met Na 10,000 10,134 173,361 1,832 11,769
National Tea, pref.(quar.)
87,654 5,8 I
78,129
6,500 5,258
May 10 Holders of rec. Apr. 200 Bank of Ameri
2
New Jersey Zinc (quar.)
80
5,272 61,034 "621,860 77,702
80 National City_ 50,000 65,032 588,1
50c. May 1 Holders of rec. Apr.
New York Air Brake, com.(quar.)
347
116,696 3,24
1,283 15,451
July 1 Holders of rec. June 9a Chemical Net. 4,500 18,050 132,808 2,095 18,387
SI
Class A (quar.)
137,184 10,222 4,945
7,500 12,547 150,888
Am Ex-Pact Na
14 May 1 Holders of reo. Apr. 20
Co., pref.(qu.)
New York Merchandise
285,522 11,94
71: 37,520
150. Apr. 20 Holders of rec. Mar.31a Nat Bk of Com_ 25,000 40,935 335,165 2,549 23,599
Niplssing Mines, Ltd.(quar.)
107,291 40,94. 5:875
Chat Ph NB&T 13,500 12,571 216.094
•14 May 1 'Holders of rec. Apr. 15
011 Well Supply, prof.(quar.)
107,687
514 14,165
(monthly)__ _ 162-3 May 1 Holders of rec. Apr. 200 Hanover Nat__ 5,000 25,505 124,799
Orpheum Circuit, common
178,727 31,77!
Exchange_ 10,000 14,799 205,107 6,997 24,638
162-3 June 1 Holders of rec. May 200 Corn
Common (monthly)
130,827 8,237 3:479
811 17,141
16 2-3 July 1 Holders of rec. June 19a National Park_ 10,000 23,843 162,279 1,494 5,147
Common (monthly)
35,567 15,642 992
51,589
Bow'ydrEastRiv 3.000 3,071
2
July 1 Holders of rec. June 150
Preferred (quar.)
182,842 10,966 4,862
596 24,088
750, May 1 Holders of rec. Apr. 20a First National_ 10,000 73,804 307,916 2,731 35,279
Outlet Company,com.(qu.)(No. 1)
264,368 28,845 --__
17,500 14,017 290,262
50c. May 1 Holders of rec. Apr. 20a IrvingBk-Col
Common (extra)
430 0,862
125 1,030
8,150
154 May 1 Holders of rec. Apr. 20a Continental.__- 1,000 1,198
1st preferred (quar.)
987
48,186 *378,410 22,504
154 May 1 Holders of rec. Apr. 20a Chase National_ 20,011 27.184 399,728 4,560 3,431
2d preferred (quar.)
25,794
787
25,371
600 3,031
Fifth Avenue__
(quar.).... 14 July 1 Holders of rec. June 18
Overman Cushion Tire, prof.
10,799 5,116
518 1,568
15,091
800 1,320
50c Apr. 30 Holders of rec. Apr. 15a Commonwealth.
Packard Motor Car. corn.(quar.)
2. i
16,910
464 2,593
10,789
1,731
Pan Am.Pet.&TransP.,com.&com.B(qul 51.50 Apr, 20 Holders of rec. Mar.310 Garfield Nat'l__ 1,000 9,764 119,689 1,104 15,21!
45
115,48! 2,75
6,000
Pathe Exchange. Inc., corn. A&B (quar.) 75e, May 1 Holders of rec. Apr. 20a Seaboard Nat'l_ 20,111 31,707 353,081
--__
795 37,795 *310,742 51,15
May 1 Holders of rec. Apr. 20a Bankers Trust_
Corn. A de 11 (pay.In new cl. A stock) e5
61,698 5,794
773 7,981
U S Mtge & Tr_ 3,000 4,915 67.248
2
(quar.)
May 15 Holders of rec. May 5
Penman,. Ltd.. com.
55,49
Guaranty Trus 25.000 22,588 407,421 1,324 45,437 *386,743 2,948
114 May 1 Holders of rec. Apr. 21
Preferred (quar.1
38,061
922 5,149
42,554
14 May 1 Holders of rec. Apr. 20a Fidelity-InterTr 4,111 3,174
Phillips-Jones Corp.. prof.(quar.)
151.779 24,611
466 20,851
New York'True 10,000 20,312 184,700
14 Apr. 20 Holders of rec. Apr. la
Plymouth Cordage (quar.)
405 14,220 .107,924 22,390
10,000 18,963 148,198
Farmers L &
*50c. Apr. 30 "Holders of rec. Apr. 20
Plymouth 011
.276,594 29,361 -51.10 May 1 Holders of rec. Apr. 21a Equitable Trust 23,000 14,439 269,390 1,706 28,553
Postum Cereal (quar.)
Apr. 30 Holders of rec. Mar.31a
52
Prairie Pipe Line (quar.)
47.129567.94:c4,222,103 12,622.' 2,162
Total of averages 310,800513.774 5,113,547
June 15 Holders of rec. June 1
1
Pro-phy-lop-tic Brush, pref. (quar.)._...
14 May 29 Holders of roe. June 1
Quaker Oats, preferred (quar.)
512,947 2,183
25c. Apr. 30 Holders of rec. Apr. 20a Totals. actual condition Apr. 105,071.318 46.894576,425c4,170.520
Ray Consolidated Copper Co
c4,352,129515,161?2,118
50e. May 1 Holders of rec. Apr. 21a Totals, actual condition Apr. 35,191,235 44,809546,706
Reed (C. A.) Co., Class A (quar.)
Totals. actual condition Mar.27 5,096,494 40,204 578,697c4,212,572512,000, .295
50o. June 21 June 10 to June 21
St. Joseph Lead (quar.)
State Banks Not M misers of Fed'i Res've Bank.
25c. June 21 June 10 to June 21
Extra
22,376 2,013 ---23,349 2.147 1,962
Greenwich Bank 1,000 2,600
50c. Sept.20 Sept.10 to Sept.20
Quarterly
38,705 64,75 -State Bank__ 5,000 5,324 107,273 4,917 2,242
25c. Sept.20 Sept.10 to Sept.20
Extra
500. Dec. 20 Dee. 10 to Dec. 20
Quarterly
61,081 60.771 - Total °leverages 6,000 7,925 130,622 7,064 4,204
25e. Doe. 20 Dec. 10 to Dec. 20
Extra
Salt Creek Producers Assoc.(quar )__ _ 20s, May 1 Holders of rec. Apr. 15a
61,373 66,738 -424c May 1 Holders of rec. Apr. 15a Totals. actual co ndition Apr. 10 130,747 7,014 4,415
Extra
61,045 66,862 Totals, actual condition Apr. 3 130,817 0,602 4,463
Savage Arms Corp., preferred (quar.) _ '134 May 15 'Holders of rec. May 1
62.164 66.551 ---Totals. actual condition Mar.27 132,182 6,664 4,338
Savannah Sugar Refg. Corp.,corn.(qu.) $1.50 May 1 Holders of roe. Apr. 15
Trust Cowman es Not Membe is of Fed 'I Res'N e Bank
154 May 1 Holders of rec. Apr. 15
(quar.)
Preferred
39,051 2,271 --10.000 18,105 63,093 1,747 4,134
June 1 Holders of rec. May 15a Title Guar &Tr.
2
Schulte Retail Stores, common (quar.)
20,150 1.155 -918 2,171
24,559
July 1 Holders of rec. June 156 Lawyers Trust_ 3,000 3,231
2
Preferred (quar.)
300. Apr. 20 Holders of rec. Apr. la
Seagrove Corp.,(common (quar.)
59,201 3,425 -2,665 6,305
87.652
Sears,Roebuck&Co.,new com.(qu.)(No.1) 624r May 1 Holders of rec. Apr. 15a Total of averages 13,000 21.336
- 14 May 1 Holders of rec. Apr. 206
Silver (Isaac)& Bros. Co.. pref
59,041 3,424
87,176 2,593 6.704
14 gay 1 Holders of rec. Apr. 15a Totals,actual co edition Apr. 10
Simmons Company, pref. (quar.)
58,732 3,370
Totals, actual condition Apr. 3 85,965 2,505 6,594
25e. May 15 Holders of rec. May 1
Smith (A. O.) Corp., common (quar.)
59,683 3,400 --88,564 2,487 0,524
Totals,actual condition Mar.27
25c. gay 15 Holders of rec. May 1
Common (extra)
14 gay 15 Holders of rec. May 1
Preferred (quar.)
4,342,385 582,825 .162
'Or. 20 Holders of rec. Apr. 10a Gr'd aggr.,aver_ 329.800543,037 5,331,821 50,858578.457 -86,410-7.957 +13
Smith (Howard) Paper Mills (quar.) - 2
Apr. 30 Holders of rec. Apr. 15a Comparison with prey. week.._ -39,394 +2,396-31.123
Southern Dairies, Clogs A (quar.)
$1
14 Tune 1 Holders of rec. May 15a
Spalding(A. G.)& Bros.. 1st pf.(qu.)
,183
Gr'd aggr., aa'lcond'n Apr. 105,289,241 56,501 587,544 4,290,934583,103+
tune 1 Holders of rec. May 15
2
.
Second preferred (guar.)
Comparison with prey. week ..-119.776 +2,585 +29781 -180.972-2,293 +87
e50 May 6 Apr. 7 to May 6
Standard 011 (Neb.) stock dividend
154 Apr. 20 Holders of rec. Apr. 12
Standard PublIshing, Class A (guar.).585,402 2,116
Gr'd aggr., act cond'n Apr. 35.409.017 53,916 557,763 4,471,906 81,951 2,296
dteel Company of Canada, ord. Mara - 1;4 May 1 Holders of rec. Apr. 8
Gr'd aggr., aalcond'n Mar.27 5,317,240 55,355589,559 4,334,419
14 May I Holders of rec. Apr. 8
Preference (guar.)
4,363,020568,361 2,267
1 Holders of rec. Apr. 15a Gr'd aggr., ace cond'n Mar.205,314,812 56,800588,312 4,383,441 73,717+ 2,296
30c. May
TelautograPh Co.,common
Gr'd agrr., acticond'n Mar.135,328,039 57,421 507,326
"50. Apr. 24 *Holders of rec. Apr. 14
Texon Oil de Land (quar.)
Gr'd aggr.. ad',cond'n Mar. 6 5,325,463 58,030597,877 4,408.815560,439'2,324
.15c. Apr. 24 *Holders of rec. Apr. 14
Extra
230 nen near.. ateleond'n Feb. 275.398.595 57.329592.559 4,448,278558.775 2,311
Thompson (J.R.) Co., corn. (monthly)_ 30c. May 1 Holders of rec. Apr.
300. June 1 Holders of rec. May 230
Common (monthly)
-U. S. deposits deducted from net demand deposits in the genera totals
114 May 15 Holders of rec. Apr. 30a
Note.
Tide-Water Oil, pref. (quar.)
Tononah mining (guar.)
74e. Apr. 2 Apr. 1 to Apr. 7
above were as follows: Average total Apr. 10. $44,445,000. Actual totals Apr. 10,
Holders of rec. Apr. 170 544,437,000; Apr. 3, 544,441,000; Mar. 27, $44,447,000; Mar. 20, 657,424,000:
Union 011 of California(quar.)
50c. May 1
May 2
Union Storage (quar.)
6254e. May 1
Mar. 13, 544,537,000. Bills payable. rediscounts, acceptances and other liabilities
June
Holders of rec. May 15a" average tor week Apr. 10,$645,113,000; Apr.3,$633,909,000;Mar.27,$638,117,000:
United Drug, corn (guar.)
$2
First preferred (quar.)
154 May
Holders of rec. Apr. 15a Mar.20,5615,395,000; Mar.13,5534,677,000. Actual totals Apr.10,$656,998,000:
United Profit Sharing, preferred
Apr. 3 Holders of rec. Mar.31a Apr. 3, 6587,074,600; Mar. 27, $656,190,000; Mar. 20, $650,916,000: Mar. 13.
5
United Verde Extension Mining (quar.)_ 75c. May
Holders of rec. Apr. 6a $656,899,000.
U.S.Cast Iron Pipe& Fdy.,com.(qu.). 254 June 15 Holders of rec. June la
as follows
•Includes deposits in foreign branches not included in total footings
Common (guar.)
254 Sept.15 Holders of rec. Sept. la National City Bank, $161,837,000: Chase National Bank, $11,763,000: Bankers
Common (quar.)
24 Dec. 15 Holders of rec. Dec. la Trust Co.. $32,681,000; Guaranty Trust Co., $63,020.000; Farmers' Loan & Trust
Preferred (quar.)
114 June 15 Holders of rec. June la Co., 34,563,000; Equitable Trust Co., $63,102,000. Balances carried In banks In
Preferred (quar.)
154 Sept.15 Holders of rec. Sept. la foreign countries as reserve for such deposits were: National City Bank,820,288.000:
Preferred (quar.)
154 Dec. 15 Holders of rec. Dec. la Chase National Bank, $1,929,000; Bankers Trust Co., $1,089,000; Guaranty Trust
U.S.Rubber,1st prof.(quar.)
2
May 16 Holders of rec. Apr. 20a
Farmers' Loan & Trust Co., $4,563,000; Equitable Trust Co..
Universal Pipe de Radiator, pref.(qu.)_. 14 May 1 Holders of rec. Apr. 15a Co., 51.535,000;
$6,758,000.
Van Camp Packing Co., preferred.__
7.874
'Holders of rec. Apr. 27
c Deposits in foreign branches not Included.
Vivaudou (V.), Inc., pref. (quar.)
51.95 May 1 Holders of rec. Apr. 15
Preferred (quar.)
51.75 Aug. 2 Holders of rec. July 15
Preferred (quar.)
51.75 Nov. 1 Holders of rec. Oct. 15
The reserve position of the different groups of institutions
Vulcan Detinning Prof. & pref. A (qu.)
14 Apr. 20 Holders of rec. Apr. 15a
Preferred (account accum. dividends)_ h2
Apr. 20 Holders of rec. Apr. 15a on the basis of both the averages for the week and the
Warner (Chas.) Co. of Del.
First & second preferred (quar.)
actual condition at the end of the week is shown in the
154 Apr, 22 Holders of rec. Mar.31
Washington 011
52
Apr. 20 Holders of rec. Apr. 15a
following two tables:
Waverly Oil Works, Class A (No. 1)_ _
50c. May 1 Holders of rec. Apr. 18a
Weber & Helibroner, common (quar.)-- $1
June 30 Holders of rec. June 160
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
Westinghouse Air Brake (quar.)
51.50 Apr. 30 Apr. 1 to Apr. 13
AND TRUST COMPANIES.
Extra
25e. Apr. 30 Apr. 1 to Apr. 13
Westinghouse Elec.& Mfg., com.(quar.) 51
Apr. 30 Holders of rec. Mar.31a
White Eagle 011 & Ref.(quar.)
500. Apr. 20 Holders of rec. Mar.31a
Averages.
White Sewing Mach.(quar.)(No.1)_ _
51
May 1 Holders of rec. Apr. 19a
Wilcox(H. F.) Oil & Goa(quar.)
50c. May d5 Holders of rec. Apr. 15a
Reserve
Cash
Wrigley(Wm.)Jr.& Co.(monthly)..... 25e. May 1 Holders of rec. Apr. 20a
Reserve
Surplus
Total
in
Reserre
Monthly
25e. June 1 Holders of rec. May 206
Required.
Reams.
in Vault. Depositaries Reserve.
25e. July 1 Holders of roe. June 19a
Monthly
Federal
Members
•From unofficial sources. IThe New York S ock Exchange has ruled that stock
567,948,000 567,948,000 564,252,260 3,695,740
Reserve Bank..
273,420
will not be quoted ex-dividend on this date and not until further notice. !The State Banks
7,064,000 4,204,000 11,268,000 10,954,580
89,850
New York Curb Market Association has ruled that stock will not be quoted ex Trust Companies.
-- 2,665,000 6,305,000 8,970.000 8,880,150
dividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable in stock
April 10- - 9,729.000 578,457,000 588,186,000 584,126,990 4,059,010
Total
9,230.000 609,580.000 618,810,000 595,661,040 23,148,960
Total April 3_IPayable in common stock. ()Payable in scrip. h On account of accumulated
9,218,000 582,462,000 591.680,000 585,053.850 6.626.150
Total Mar.27
dividends. m Payable in preferred stock. n Payable in Canadian funds.
9.112,000 594.626,000 603,738,000 595,005,720 8,732,280
Total Mar.20-8 At option of holder dividend payable either in cash or stock at rate of onefortieth of a share of Class A stock.
•Not members of Federal Reserve Bank.
u Dividends are five-fortieths of a share of new class A common for old class A & B
b This is the reserve required on the net demand deposits In the ease of State banks
common and one-fortieth of a share for new class A & B common.
and trust companies, but in the case of members of the Federal Reserve Bank
o Company has been enjoined from paying more than 4% on pref. stock, and no Includes also amount in reserve required on net time deposits, which was as follows
Apr. 10, 515,378,870; Apr. 3, $15,617,370; Mar. 27, 515,247,860; Mar. 20, 514,973
dividends on common stock until pref. stock has been retired.
810; Mar. 13, $14,816,130.
w Dividend is 45e. in eash Or in Class A stock at rate of one-fiftieth of a share.
8
2156
THE CHRONICLE
Boston Clearing House Weekly Returns.—In the following we furnish a summary of all the items in the Boston
Clearing House weekly statenient for a series of weeks:
Actual Figures.
Cash
Reserve
Reserve
in
In Vault. Depositaries
Members Federal
Reserve Bank__
State Banks.
Trust Companies...
$
7.014,000
2.593,000
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve.
9,607,000 587,544,000 597,151,000 577.459,300 19,691,700
9,107,000 557,763,000 566.870,000 601,029,500-34.159.500
9,151,000 589,559,000 598,710,000 583,136.330 15.573,670
0 919 nen 555 312 11(111 507 524 non 55(1 350 320 11.134.680
•Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank Includes also amount of reserve required on net time deposits, which was as follows:
Apr. 10, $15,388.410; Apr. 3. 315,454,830; Mar. 27. $15,360,000; Mar.20, 314,897,
760; Mar. 13, 315,122,550.
State Banks and Trust Companies Not in Clearing
House.—The State Banking Department reports weekly
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK; NOT INCLUDED IN CLEARING HOTJBE STATEMENT.
(Figures Furnished bg State Ranking Department.)
Differences from
Previous Week.
April 10.
Loans and Investments
$1,219,793,500 Inc. $8,191,300
Gold
5,736,900 Inc. 1,465,300
Currency notes
24,765,700 Inc. 3,789,000
Deposits with Federal Reserve Bank of New York_ 101,365,400 Dec. 6,238,300
Time deposits
1,271,646,400 Inc. 9,275.400
Deposits eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y. City, exchange &U.S. deposits__ _ 1,190,579,000 Inc. 3,333,200
Reserve on deposits
177.335,600 Dec. 3,525,300
Percentage of reserve. 20.6%.
RESERVE.
State Ranks
—Trust Companies—
Cash In vault
.338,649.200 16.60%
393,218,800 14.87%
Deposits In banks and trust cos____ 12,495,700 5.37%
32,971.900 5.27%
Total
$51,144,900 21.97%
$126,190,700 20.14%
• Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on April 10 was $101,365,400.
Banks and Trust Companies in New York City.—The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Week Ended—
Dee. 12
Dec. 19
Dee, 26
Ian. 2
Jan, 9
Jan. 16
Jan. 23
Jan. 30
Feb. 6
Feb. 13
Feb. 20
Feb. 27
Mar. 6
Mar. 13
Mar. 20
Mar. 27
Apr. 3
Anr. 10
Demand
Deposits.
*Total Cash
In Vaults.
Relieve Is
DepositarieS.
g
6,498,683,600
6,539.445,800
6.584.447,000
6,688,745,000
6,713,047,300
6,614.199.500
6.557,007.300
6.538,928,200
6,583,367.000
6.551.072.500
6.539,198,100
8,538,928.200
6.574,532.600
6.501.882,000
6,559,263,300
6.528,460,200
6,582,817,200
(I 551 fil4 5(1(1
$
5,602.113.700
5,638,893,200
5,619,923,800
5,740.772,300
5.770.909,300
5,711,092.600
5,657,830,000
5,628,105,200
5,669.834,300
5,617,024,100
5.572.396.500
5,628,105,200
5.621,468.900
5.562,180.300
5,624,406,300
5,539.714.200
5,616,040,800
it 832 111140011
g
91,125,200
98.884.300
105,692,300
99,811,300
95.988.600
90.893,800
87,033,900
87,174,800
84,220.500
89.198.200
85,608,600
87,174.800
84,322,400
85,376.300
83,752,000
82.310.600
79,710,300
57 flan non
s
732,709,200
746,673,400
734,118,200
764,938,500
764,899,000
762.604,500
746,110,700
732,989.600
740,775.600
732.243,100
732.631.000
732.989,600
744.749,500
726.793,200
737,864.500
726,143,200
765,192,600
725 200 11(11
New York City Non-Member Banks and Trust Cornpanies.—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:
Week Ending
April 10 1926.
Members of
Petri Res'ye Bank.
Grace Nat Bank.._ _
Total
State Banks.
Vol Members of the
rederal Reserve Bank
Bank of Waeh. Hts_
Dolonlal Bank
Total
.
Trust Company
Vol Member of the
Federal Reserve Bank
idech Tr, Bayonne
Learn.
Diecounts,
Net
InvestCapital. Profits. meats.
&C.
April 14
1926.
Changes freers
preoteits week.
April 7
1926.
Mar.31
1926.
$
$
$
8
Capital
68.500,000 Unchanged
68.500,000 68.000.000
Surplus and profits
90,551,000 Inc.
857.000 89.694.000 89,058,000
Loans, dtsc'ts .4 Investments. 1033796000 Dec. 514,000 1034310000 1031479000
Individual deposits
675,278.000 Inc. 4,120.000 671,158,000 656,629.000
Due to banks
142,657.000 Dec. 5.784,000 148,441,000 135.323.000
Time deposits
218,916,000 Inc. 2.977.000 215,939,000 214,873,000
United States deposits
46,895,000 Dec.
7,000 46,902,000 46,900,000
Exchanges thr Clearing House 32.161.000 Dec. 7,949.000 40,110,000 31.834.000
Due from other banks
83,467.000 Inc. 1,275,000 82,192,000 76,760,000
Reserve In legal depositaries_ 79,284.000 Inc.
285.000 78,999.000 76,947.000
Cash•in bank
10.167 OM Dec. 199.000 10,366,000 10.031.000
Reserve excess In P.R. Bk__ _
435.000 Deo. 428.000
863.000
481.000
Philadelphia Banks.—The Philadelphia Clearing House
return for the week ending Apr. 10, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not members of the Federal Reserve System the reserve required is
10% on demand deposits and includes "Reserve with legal
depositaries" and "Cash in vaults."
Two Ciphers (00)
omitted.
Wed Ended AprU
Membersof
Trust
F.R.System Companies
Capital
344,275.0
Surplus and profits
132,146,0
Loans, dtsc'ts & investm'ts 853,500,0
Exchanges for Clear.House 38,952,0
Due from banks
115,176,0
Bank deposits
140,945,0
Individual deposits
588,127,0
Time deposits
1128,591,0
Total deposits
857,663,0
Reeve with legal dopes_
Reserve with F.R.Bank_ 64,045.0
Cash In vault•
10,209,0
Total reserve dr cash held
74,254,0
Reserve required
64,070,0
Excess res.& cash in vault_
10.184.0
• Cash In
$5,000.0
17,137,0
50,706,0
431,0
20,0
811,0
32,332.0
2,129,0
35,272,0
4.863,0
1,483,0
6,346,0
5,009,0
1,337.0
10 1926.
1926
Total.
$49,275,0
149.283.0
904,206,0
39,383.0
115,196.0
141,756,0
620,459,0
130,720,0
892,935.0
4.863,0
64,045.0
11,692,0
80,600,0
69.079,0
11,521.0
April 3
1926.
Mar. 27
1928.
$49,275.0
149.283,0
902,779,0
50.969,0
120,888,0
140,953.0
634,443,0
129.988,0
905.383,0
6.224,0
63,897.0
11,718,0
81,839.0
69,835,0
12.004.0
347,275,0
146,573,0
910,568,0
35,854,0
107,000,0
136,281.0
615,507.0
125,447,0
877.235,0
4,824,0
62,631,0
11,512,0
78,467,0
68,445,0
10.022.0
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 Apr. 14 1926 in
comparison with the previous week and the corresponding
date last year:
AprO 14 1926 Apr. 7 1926. April 151925.
ReSettreeS—
Gold with Federal Reserve Agent
Gold redemp.fund with U.S. Treasury
288,898,000
13,631,000
344,020,000
9,968,000
Gold held exclusively eget.F.R.notes
Gold settlement fund with F. R. Board
Gold and gold certificates held by bank
302,529,000
296,155.000
358,103,000
353.988.000 344,010,000
253.054,000 222,982,000
351,112,000 322,754,600
Total gold reserves
Reserves other than gold
956,787.000
45,073,000
958,154,000
42.878.000
889,746,000
32,660,000
Total reserves
1,001,860,000 1,001.032.000
Non-reserve cash
21,095.000
22,264,000
Bills discounted—
Secured by U. S. Govt. obligations— 160,627.000 106.406.000
Other bills discounted
28.342.000
48.778,000
922.406,000
15.481,000
Total Mlle discounted
Bills bought in open market
U.S. Government securities—
Bonds
Treasury notes
Certificates of Indebtedness
331,612,000
12.398,000
74,792,000
41,003,000
Reserve
Cash
with
Net
Net
in
Legal Demand Time
Faun. Dcpost- DePOSita Deposits.
tortes.
Average. Average Average. Average Average.
$
3
s
$
$
12,597
44
997 6,468
3.821
$
1.000
$
1,856
1,000
1,856
12,597
44
997
6,468
3,821
200
1,200
616
2.967
9,293
31,200
777
3,100
377
2,116
6,268
25,790
2,694
5,050
1,400
3.583
40,493
3.877
2,493
32,058
7.744
188,969.000
63,437,000
155,184,000
44,187,000
115.795,000
57,504,000
9,936,000
32,117,000
23,922.000
5,352.000
30.119.000
22.417.000
12,461,000
85,681,000
5,067,000
65,975.000
2,384,000
57.888.000
2,411,000
103,209.000
3,055,000
Total bills and securities (See Note).— 320.765,000
ItZT17RN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(&5es4 fa Ganseande of dollars—that is, three ciphers 10001 emitted.)
CLEARING
CON-MEMBERS
BOSTON CLEARING HOUSE MEMBERS.
$
$
11
$
576,425,000 576,425,000 557,556,010 18.868.990
4,415,000 11,429,000 11,047,140
381,860
6,704,000 9,297,000 8,856,150
440.850
Total April 10____
Total April 3____
Total Mar.27____
Tntnt Mar 90
[You 122.
2159.670,000
279,563,000
Due from foreign banks (See Note)._
Unoolleoted items
Bank premises
All other reeouroes
643.000
145.077.000
16,701.000
3,518,000
639,000
196,929.000
16,570,000
5.339,000
Total U.S.Governmen 'securities-.
Foreign loans on gold
.
Total resources
643,000
191.595,000
16.701,000
4.355.000
1,557.014,000 1,448,905.000 1,436,927,000
LtaMlittes—
Feel Reserve notes in actual circulation- 366,065,000
Deposits--Member bank, reserve suet— 922,827,000
Government
6.098.000
Foreign bank (See Note)
660.000
Other deposits
6.687,000
369,838.000 342,070,000
839.003.000 812,900,000
8.082.000
7,567.000
2,652,000
4,319,000
6,859.000
12,707,000
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other Ilabilitlee
856,596,000
125,634.000
33,922.000
59,964.000
2.951.000
936.272,000
157,345.000
34.242,000
59,964.000
3.126,000
836,993,000
164,397,000
31,343,000
58,749,000
3,375.000
Totalliabilities
1,557,014.000 1.448,905,000 1,436,927,000
Ratio of total reserves to deposit and
9,207
385
176
3,528
6.046
Fed'l Reeve note liabilities combined
76.9%
81.6%
78.2%
;rand aggregate.
2.900
6,029 62,297
4,306
3,666 a42,054 17,611 Contingent liability on bills Purchased
for foreign correspondents
)om!mignon with Prey, week
—237
18,697.000
+75 +640 —341
—53
17.962,000
12,037,000
NOTE.—ileginning with the statement of Oct. 7 two
)x.(1 aggr., Apr. 3
new
2.900
5.838 62,534
4,231
3.026 242,395 17,664 order to show separately the amount of balances held abroad items were added in
led agar., hiar.27
2,900
5.838 64,581
4,388
3,090 0,42,861 17.713 foreign oorrespondents. In addition, the caption. "All other and amounts due to
2,900
Jed seer.. Niar.2
5,838 63,431
4,339
3,192 a43.214 17,709 made Up of Federal Intermediate credit bank debentures, earning assets," now
led Baer.. Mar.13
has been changed to
2.900
5.5.15. 112 475
4. 5119
0 Rdit sten ARR. 17 551 "Other securities," and the caption, "Total
earning assets" to "Total bills and securities." The latter term has been adopted as a more accurate
a United States deposits deducted. $161,000.
total of the discounts, acceptances and securities acquired under description of the
Bills payable. rediscounts acceptances, and other liabilities, $2,751,000.
the provisions at
Sections 13 and 14 of the Federal Reserve Act, which are the
Exeees reserve 8776,680 increase.
only Items Included
herein
Total
500
589
500
589
9,207
385
176
3,528
6,046
2157
THE CHRONICLE
APR. 17 1926.]
Weekly Return of the Federal Reserve Board.
afternoon, April 15, and showing the condition
The following is the return issued by the Federal Reserve Board Thursday
for the system
close of business on Wednesday. In the first table we present the resultsweek last year.
of the twelve Reserve banks at the
figures for the seven preceding weeks and with those of the correspondingReserve Agents'
as a whole in comparison with the
each of the twelve banks. The Federal
The second table shows the resources and liabilities separately for in Federal Reserve notes between the Comptroller and
Accounts (third table following) gives details regarding transactions The Reserve Board's comment upon the returns for the
Reserve Agents and between the latter and Federal Reserve banks. of "Current Events and Discussions."
latest week appears on page 2127, being the first item in our department
RESERVE BANKS AT THE CLOSE OF BUSINESS APRIL 14, 1926.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL
1926 Mar. 10 1926 Mar. 3 1926. Feb. 24 1926. AprIt 151925.
4ort/ 141926 April 7 1926. Mar. 31 1920. Mar.241926. Mar. 17
s
$
s
$
$
s
$
$
s
RESOURCES.
1,383,170,000 1,406,149,000 1,554,000,000
1,385,430,000 1,384,531,000 1,361.723,000 1,404,307,000 1,432,402.000 1,408,704.000
54,419,000
46,334,000
Gold with Federal Reserve agents
50,723,000
50,406,000
58,131.000
58,036,000
48,754.000
47,741,000
52,815,000
Gold redemption fund with U. S. Treas.
1.608,419,000
1,410,477,000 1.462,393.000 1,490,833,000 1,459.114.000 1,433,893.000 1,452.483.000 637,009,000
Gold held exclusively eget. Fit, notes 1,438.245,000 1,432,272,000 751,935,000 713,203,000 688,599.000 692,997.000 688.567,000 674,072,000
715,880,000 730,247.000
Gold settlement fund with F. R. Board
618.885,000 631,833,000 647,047,000 642,324,000 640,048,000 599.055.000
Gold and gold certificates held by banks_ 627,663,000 620,827.000 604,461,000
2.764,784,000 2,766,603.000 2,844,481,000
2,781,788,000 2,783,346.000 2,766,873,000 2,794.481.000 2,811.265.000 2,799.158,000 148,754.000 149,907.000 141.044,000
Total gold reserves
157,017,000 150,305.000 152.973.000 155.295.000 153.392,000 151,682,000
Reserves other than gold
2,950.840,000 2,913,538,000 2,916,510.000 2.985.527,000
2,938,805,000 2,933.651.000 2,919.846,000 2,949,776.000 2,964,657,000
56,630,000
Total reserves
66,298.000
65,296.000
68,998,000
66,786.000
66.102,000
62,078,000
61.484.000
62,838.000
Non-reserve cash
Bills discounted:
311.570,000 206,132,000
319,423,000
334.735,000 290,169.000 311,487,000 340.564.000 260,479.000 263,904,000 263.791.000 228.513,000 189.170,000
Secured by U. S. Govt. obligations
238,521,000
242,549,000 288,383,000 320,904,000 276,983.000 220,136,000
Other bills discounted
,
502,425,000 583,214,000 .540,0 13.000 395,302.030
577.281,000 578,552.000 632,391,000 617,547,000 480,615,000 284,520,000 286,607,000 304.128,000 274,058,000
Total bills discounted
274,058.000 229,773,000 249.633,000 252,228,000 257,138,000
Bills bought in open market
84,896,000
60.213.000
U. 8. Government securities:
60,285,000
60.437.000
63,831,000
63,877,000
70,054,000
74.997,000
94,136,000
Bonds
75,418,000 187,335,000 171,432.000 174.954,000 244,780,000
143,465,000 134.897,000 131.644,000 121,303,000
28,156,000
Treasury notes
95.418.000
94,041.000
139,415,000 132,135,000 128,139,000 123,016,000 213,328,000 111,894,000
Certificates of indebtedness
359,666,000 325,758.000 330.585.000 357,832.000
377,016.000 342,029,000 329,837.000 308.201.000 352.577,000
1,652.000
Total U. S. Government securitie8
3,150,000
3.150.000
3,150.000
3.610.000
3,810.000
5,185,000
5,185,000
5,185,000
10,500,000
Other securities (see note)
7,100.000
8,700,000
8,798.000
7,700,000
8.010.000
8,491,000
8,800,000
8,700,000
Foreign loans on gold
1,207,429.000 1.185.046,000 1.039,344,009
.1,242,243.000 1.164.339.000 1.225,537,000 1,189.796.000 1,101,840.000 1,158.559.000
639.000
Total bills and securities (tee note) __ _
780.000
749.000
737.000
712.000
643.000
613.000
643,000
643,000 One from foreign banks (see note)
711,125,000 *697,4'29.000 786,206,000
768.248,000 635.145,000 620,294.000 635.857.000 831.669.000 628.454,000
59.241,000
Uncollected items
59,368,000
59.368.000
59,406,000
59,406,000
59.406.000
59.441,000
59,430,000
59.431,000
21.618.000
Bank premises
17,008.000
16.918.000
17.775.000
14.134 000
14.732.000
14,759,000
15,040,000
16,201,000
MI other resources
5,039,004,000 4,884.769,000 4,974,423.000 .4942439,000 4,949,205,000
5,088,459,000 4.869.782.000 4,902.598,000 4,916,312,000
Total resources
LIABILITIES.
1,675.354,000 1.679,362,000 1.698,090,000
1.681,096.000 1,652,878,000 1,656,482,000 1,653,996,000 1,659,210.000 1.671.754,000
F. R.notes in actual circulation
Deposits—
2,224.329.000 2,202.879,000 2,141,443,000
2,283,222,000 2,191.635.000 2,215,243,000 2,218,007,000 2,230.282,000 2.209,698.000
Member banks—reserve account
37,027.000
36,670.000
52,472.000
48,554,000
7.039,000
68,892,000
85,813,000
60,580.000
43,280,000
Government
5,905,000
5.450.000
6,160.000
4,784,000
5.971.000
8.420.000
5,399,000
7,951.000
4,576,000
Foreign bank (see 001e)
000
23.571.
17,232.000
19.322,000
18,253,000
21,305,000
18,313,000
16.897,000
18,298,000
16.074,000
Other deposits
2,302.283,000 2.262.231.000 2,207,946.000
2,347,152,000 2.278,467,000 2.323,352,000 2,313.632.000 2.264,647,000 2,281,289.000 644,103.000 648.557.000 698.694,000
deposits
Total
703,600,000 582,779,000 567,879,000 588,910,000 761,104,000 577,943.000 119.721,000 •119.316.000 114,586,000
Deferred availability items
120,898,000 120,455,000 120,427,000 120,404,000 120,394.000 119,993,000
Capital paid in
220,310.000 217.817,000
220,310,000 220.310.000 220,310,000 220,310.000 220,310,000 220,310.000 220,310,000 .12,663,000
lurplus
12,052,000
12.652.000
13,480.000
13,335.000
14,060.000
14,148,000
14,893,000
15,403,000
4 . nther liabilities
4,916.312,000 5,039,004,000 4,884,769,000 4,974,423,000 .4942439,000 4,949,295,000
5,088,459,000 4.869,782,000 4,902.598,000
rotal liabilities
ilLitiO of gold reserves to deposits and
72.8%
70.1%
69.5%
71.6%
70.8%
70.3%
69.5%
70.8%
68.9%
F. R. note liabilities combined
Ratio of total reserves to deposit and
76.4%
74.0%
73.2%
74.6%
75.0%
74.3%
734%
74.6%
73.0%
F. R. note liabilities combined
Contingent liability on bills purchased
44,897,000
82,168.000
82,408,000
83.009,000
78,975,000
71,016,000
69,161,000
63,172.000
68,202,000
for foreign correspondents
.o.
$
$
0
s
0
$
$
Distribution by Maturities—
80.433,000
96,085,000 111,474.000 110,558,000 122,574,000
97.117.000 117.659,000 110.540,000
1-15 days bills bought in open market.. 132,730.000
294,842,000
473,606.000 486,050,000 364,185,000 390,088,000 465,043,000 440,813.000
436,193,000 430.712.000
1-15 days bills discounted
1,339,000
74,000
18.000
48.000
99,013,000
2,884.000
10.000
36,000
13,000
1-15 days U. S. certif. of indebtedness.
2,000
1-15 days municipal warrants
58,633,000
59.878,000
55.568.000
66,139.000
70,533,000
61.546,000
52.635.000
52,615,000
57,559,000
10-30 days bills bought in open market_
26,847,000
25,324,000
28,917,000
29,551,000
30,957,000
31,386,000
37.181,000
34,987,000
33,897,000
10-30 days bills discounted
1,505,000
200,000
16-30 days U. S. certif. of indebtedness_
16-30 days municipal warrants
86.606,000
87,880.000
84,340.000
72,552,000
57.847,000
52,619,000
52.287.000
51.824.000
54,633,000
35,439,000
31-60 days bills bought in open market
42,022,000
47,586,000
43,601,000
43,340,000
51,259,000
65,230,000
59.119,000
56,491,000
31-60 days bills discounted
31-60 days U. S. certif. of indebtedness.
41,184,000
31-80 days municipal warrants
29,952,000
29.571.000 31,508,000
28.574.000
22,744.000
23,327,000
24.807.000
24.268.000
21,294,000
61-90 days bills bought In open market.._
22,463,000
30.700,000
27,087,000
29,589,000
35,345,000
41,319,000
37.770.000
33,156,000
61-90 days bills discounted
24.988,000
25,203,000
59,418,000
62,991,000
66,863,000
61-90 days U. S. certif. of indebtedness_
7,202,000
61-90 days municipal warrants
3,844.000
4,633,000
4,784.000
4.099,000
4,779,000
3,725.000
3,410,000
4.868,000
Over 90 days bills bought in open market
16,880,000
9,461.000
10.068,000
11,098.000
12,544,000
13,507,000
15,055,000
15,964,000
17,547,000
Over 90 days bills discounted
26,817,000
93,839,000
94,023,000
89,327.000 111,846,000
94,929,000
68.711,000
69.108.000
72,339,000
Over 90 days certif. of indebtedness
Over 90 days municipal warrants
2,807.701.0002.819,400.000 2,826,107.000 2,839,467,000 2,845,899,000 3,007,407,000
F. R. notes received from Comptroller 2.832,211,003 2,802,474,000 2,809,809,000 827,637,000 829,901,000 825,142.000 833,374.000 834.530.000 982,046,000
830,057,000 843,261,000 843,106.000
F. R. notes held by F. It. Agent
2,006.093.000 2,011,369,000 2,025,361,000
2,002,154,000 1,959,213,000 1,966,703,000 1,980,064,000 1,989,508,000 2,000,965.000
Issued to Federal Reserve Banks
=I=
How Secured—
310.846,000 311,246,000 277,316,000
309,653,000 309,393.000 311,743,000 310,498,000 310,748,000 310.846,000 104,140.000 100,489,000 117,518,000
By gold and gold certificates
99,051,000 104,805.000 105,606,000 102,162.000 107,962.000
110,457,000
Gold redemption fund
994,414,000 1,159,166,000
965.320,000 976,087,000 945,175,000 988.203,000 1.019,492,000 989,900.000 968.184.000 802,364,000 641,013,000
Gold fund—Federal Reserve Board
822,806,000 777,026,000 838.769,000 827,811,000 704,667,000 754,218,000 835,592,000
By eligible paper
1419 4120000 2 21R 762 non 2 954 Al2 nnn 7 lac Ali ROA
Total -----990493000109 1411 0c7 nnn 7 900 eon non 9 932 110 (19(1 2 1:17 MO nnn 9
added In order to show separately the amount of balances held abroad and amounts due
NOTE.—Beginning with the statement of Oct. 7 1925 two new items were
has been changed to
to foreign Correspondents. In addition, the caption, "All other earning assets", now made up of Federal Intermediate Credit Bank debentures, description of the total
adopted as a more accurate
"Other securities," and the caption, "Total earning assets" to "Total bills and securities." The latter term has been Act, which are the only items
included therein.
and 14 of the Federal Reserve
of the discounts, acceptances and securities acquired under the provisions of Sections 13
3
3
OF BUSINESS APR. 14, 1926.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE
Two ciphers (00) omitted.
Federal Reserve Bank or—
Boston.
New York.
Phila.
Cleveland Richmond Atlanta.
Chicago. Si. Louis. Minneap Han. CUy Dallas, San Fran
Total.
$
RESOURCES.
Gold with Federal Reserve Agents 120.497,0
6,733.0
Gold recrn fund with 43.5. Trate_
$
S
$
$
8
$
S
$
s
$
$
$
288,898,0 122,427,0 172,192,0 50,531,0 175,689,0 29,330,0 16,838,0 51,969,0 47.635,0 27,358,0 182,066,0 1,385,430,0
52,815.0
87803 1,339,0 3,632,0 1,039.0 2,244,0
3,165.0 7,341,0
13,631,0 9,256,0 1,492,0 2,065,0
Gold held excl. agst. FM.notes 127,230,0
Gold settle't fund with F.R.Board 42,088,0
36,891,0
Gold and gold certificates
302,529,0 131,683,0 173,684,0 52,596.0 178,854.0 136,671,0 17,716,0 53.308,0 51,267,0 28,397.0 184.310,0 1,438.245,0
296,155,0 62,300,0 56,698,0 19,970,0 21,274,0 125,374.0 11.228,0 15,618,0 25,906.0 12,699,0 26,570,0 715,880,0
358,103,0 20,873,0 48,477,0 6,274,0 3,621,0 72,327,0 18,100,0 7,094,0 6,100.0 10,450,0 39,353,0 627,663,0
206,209,0
20,629,0
956,787,0 214,856,0 278,859,0 78,840,0 203,749,0 334,372,0 47,044,0 76,020.0 83,273.0 51.546,0 250,233.0 2,781,788,0
45,073,0 4,459,0 7,037.0 8,501,0 9,187,0 19,488,0 20,219,0 3,209,0 4.932.0 5,828,0 8,455.0 157,017.0
Total gold reserves
Reserves other than gold
226,838,0 1,001,860,0 219,315,0 285,896,0 87,341,0 212,936,0 353.860,0 67,263,0 79,229,0 88.205,0 57,374,0 258.688,0 2,938,805,0
Total reserves
62,838,0
21,095,0 2,053.0 3,347,0 4,634,0 4,270,0 8,577.0 3,752,0 1,238,0 2,659,0 3,015.0 3,600,0
4,589,0
Non reserve cash
Bills discounted:
388,0 5,375,0
11,432,0
Sec. by U. S. Govt. obligations 13,977,0 160,627,0 28,088,0 44,495,0 13,413.0 8.700,0 23,497,0 13,634,0 4,452,0 12,102,0 1,190,0 23.553.0 334,735,0
4,595,0 18,192.0 242,549,0
28,342,0 19,199,0 19.889,0 31,296.0 32,164,0 41.558,0
17,126,0
Other bills discounted
31,103,0
Total bills discounted
45,332,0
Bills bought in open market
d. Government securities:
U.
2,471,0
Bonds
2,224,0
Treasury notes
Certificates of Indebtedness... 6,321,0
Total U. S. Govt. securities... 11.016.0
188,969,0 47,287,0 64,384,0 44,709,0 40,864.0 65,055.0 25,066,0 4,840,0 17,477,0 5,785,0 41.745,0
63,437,0 11,142,0 21,076.0 10,636,0 10,886,0 35,174,0 6,651,0 20,528,0 13,758,0 10,747,0 24,691,0
577,284,0
274,058,0
9,936,0 2,752,0 11,122,0
32,117,0 2.124,0 16,675,0
23,922,0 17.939,0 8,178,0
2,948,0
3,347,0
2,367.0
9,276,0 10.955,0 9,964,0 3,978,0
5,732,0 13.263.0 12.919,0 21,700.0
4,252,0 11,535,0 9,595,0 23,099.0
94,136,0
143,465,0
139.415,0
65.975,0 22.815,0 35,975,0
8.662,0 19.451.0 51.112.0 25.742.0 19.260.0 35.753.0 32.478.0 48.777.0
377.016.0
2,944,0 24,591,0 3.199,0
7,834,0 15,195,0 10,335,0
8.673.0 11,326,0 12,208,0
2158
THE CHRONICLE
RESOURCES (Concluded)
Two Ciphers (00) omitted.
Boston.
Other securities
Foreign loans on gold
Total bills and securities
Due from foreign banks
New York.
Phila.
$
$
$
661.0
' 88.112,0
Uncollected items
Bank premises
$
4,625,0
827,0
2.384.0
$
931,0
S
560.0
348,0
461.0
Chicago. St. Louis. Minneap. Ran. City
San Fran.
$
3
$
3
374.0
1,192,0
Dallas.
3
$
278.0
339.
305.0
600,0
Total.
$
5,185,0
8,700,0
320,765,0 86,696,0 122,366,0 64,468,0 72,109,0 152,533,0 57,833,0 44,906,0 67.327,0 49,315.0 115,813,0 1,242,243,0
643,0
643,0
191,595,0 70,796,0 73,196,0 65,642,0 35,821,0 91,897,0 38,281,0 14,844,0 41,855,0 27,491.0 43,284,0
768,248.0
16,701,0
2,364,0
7,409,0
1,532,0
2,774,0
2,943,0
4,111,0
7,933,0
4,636,0
3,217,0
1,793.0
59,481,0
4.355,0
419,0
343,0
907.0
1,014,0
524,0
1,918.0
2,276,0
3,326,0
411,0
620.0
16,201,0
73,546,0
4,068.0
88,0
All other resources_
Cleveland. Richmond Atlanta.
[VoL. 122.
Total resources
397,241,0 1,557,014,0 380,811.0 493,121,0 224,792,0 328,924,0 616,718,0 171,764,0 145.436,0 205,302.0 139,399,0 427.937,0 5,088,459.0
LIABILITIES.
F. R. notes in actual circulation_ 145,858,0 366,065.0 143,568,0 201,678,0 74.028,0 197,358,0 167,020,0 37,068,0 63,643,0
62,870.0 36,163,0 185,777,0 1.681,096,0
Deposits:
Member bank-reserve wet_ 144,903,0 922,827.0 135,444,0 180,482,0 66,842,0 77.318.0 314.085,0 78,123,0 52,624,0 87,008,0 58,784,0 164,782,0 2,283.222,0
Government
7,451.0
6,098,0
3,391,0
3,038.0
3,251,0
6,812.0
1.631,0
3,462.0
2,018,0
1.908.0
1,624.0
2,596.0
43.280,0
410,0
Foreign bank
660.0
512.0
577,0
216,0
286.0
739.0
232,0
210,0
173.0
189,0
4.576,0
372.0
Other deposits
101,0
6.687,0
179,0
103,0
68.0
1.022.0
1,048.0
270.0
246.0
48.0
133,0
6,169.0
16,074,0
Total deposits
Deferred avallabllity items
Capital Paid In
Surplus
All other liabilities
152,865.0
71,935,0
8,772,0
17,020.0
791.0
936.272,0
157.345,0
34,242,0
59.964,0
3,126.0
139,526,0 185,332,0 70.234,0 84,449,0 317,503,0 80,533,0 56.505,0 89,047,0 60.645.0 173.341,0 2,347.152.0
64.705.0 68.327.0 61,664,0 32.708,0 82,996.0 38,470.0 13.362.0 38,540,0 30.039.0 43.509,0 703,600,0
11.949,0 13.475.0
5,983.0
4,938,0 16,288,0
5.246,0
3,142.0
4.336,0
4.242.0
8.285,0
120,898,0
20,464,0 22,894,0 11,919.0
8,700.0 30.613,0
9,570.0
7.501,0
8,979.0
7.615.0 15.071.0 220,310,0
964,0
599.0
771.0
1.415,0
2.298,0
877,0
1.283,0
1,954,0
601 0
724.0
15,403,0
Total liabilities
397,241,0 1,557,014,0 380,811,0 493,121,0 224,792,0 328,924.0 616,718,0 171,764,0 145,436.0 205,302,0 139.399,0 427,937,0 5,088,459,0
Memoranda.
Reserve ratio (per cent)
75.9
60.5
77.5
75.6
76.9
73.9
73.0
65.9
57.2
57.7
59.3
73.0
72.0
Contingent liability on bills purchased for foreign correspondls
2,728,0
5.182,0
3,614,0
6,478.0
18,697,0
7,296,0
9,342,0
2,932,0
2,182.0
2,387,0
2,659,0
68.202,0
4.705,0
R. notes on hand (notes ree'd
from F. R. Agent less notes in
eirculation)
16.626.0
141 650 0 20.250.0 15.475.0 18.527.0 28.018.0 18.263.0
4.330.0
3.139.0
6.192.0
5.057.0 33.413.0 321.058.0
r.
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS APRIL 14 1926.
Federal Reserve Agent at-
Boston.
New York.
(Two Ciphers (00) Omitted.)
S
F.R.notes rec'd from Comptroller 213.184,0
F.R.notes held by F. R. Agent__ 50,700,0
$
Richmond
Atlanta.
$
$
Chicago. St. Louis. Minneap. Nan. City
s
$
$
Dallas.
San Fran
Total.
$
$
$
s
740,564,0 211.447,0 273,803,0 119,095,0 258,891.0 407.520,0 65.538,0 86.310.0 116.212.0 57.057.0 282.590,0 2,832,211,0
232.840,0 37.520,0 56.650.0 26.540,0 33,515,0 222,237,0 24,140,0 19,528.0 47.150.0 15,837,0 63.400,0 830.057,0
F.R.notes issued to F.R. Bank 162,484.0
Collateral held as security for
F.R.notes Issued to F. R.Bk.:
Gold and gold certificates__ 35.300.0
Gold redemption fund
17.197,0
Gold fund-F.R.Board
68,000,0
Eligible patter
76,435,0
Tnt.ftlrtrall‘tPrsd
Cleveland
$
Phila.
$
507,724,0 173,927,0 217.153,0 92,555,0 225,376,0 185.283,0 41,398,0 66,782,0 69,062,0
41,220,0 219,190,0 2,002,154,0
186,698,0
8.745,0 13.212,0
800.0
8.780,0 25,655,0 13,237,0
17,226,0
7.452,0
4,376.0
3.686,0
26,200.0 12,030,0 13.412,0
757,0
1,593,0
3,775,0
3.132.0 16.847,0
6,500,0 38.000.0 43.860,0
7.000,0 165.219,0
76,000.0 109,597,0 150.000,0 20,500.0 155.000,0 125,644,0
240.539,0 52.501,0 82,994,0 51,377,0 59.584.0 100.060,0 30,643,0 25.204,0 30,925,0 16.174,0 65.370.0
n 955 IRA
105 632 n
590 437 A 174 090
flint 005 0 226.273.0 229.390.0
47.481.0
77.173.0
78.560.0
309,653,0
110,457.0
965.320,0
822,806,0
43.532.0 247.436.0 2.208.236.0
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
and liabilities of the 709 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Dec. 12 1917. published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 2127.
I. Data for all reporting member banks In each Federal Reserve District at close of business April 7 1926. (Three ciphers (000) omitted.)
Federal Reserve District.
Number of reporting banks
Loans and discounts, gross:
Secured by U.S. Gov't obligations
Secured by stocks and bonds
All other loans and discounts
Boston.
New York
40
Phila.
Cleveland. Richmond
98
52
75
10.263
55.641
310.011 2,336.065
661,038 2.661,679
11.647
394,675
373.777
20,904
539.009
774,065
981,312 5,053,385
167,938 982,898
225,791 1,164,105
107,707
246.846
Atlanta.
68
Chicago. St. Louts Minneap. Kan. City
36
24
Dallas.
tan Fran.
Total.
99
33
5.060
138.435
375,774
8,052
21.313
104,905 794,233
412,832 1,251,341
11,346
202,429
316.616
2.511
62.555
172,753
3,924
101.863
320,013
3.068
84,798
225,042
780.099 1,333,978
519,269
525,789 2,066,887
530,391
237,819
425,800
312,908 1.194,461 13,962,098
289,485
344,273
71,644
60.958
52,143
53,754
292,238
451,505
58,416
105.404
72.093
42,528
111.876
82,011
633,758
132,602
105,897
743.743
163,820
114,621
193,887
Total loans and investments
1,375,041 7,200.388 1,134,652 1,967.736
Reserve balances with F.R.Bank
91,843 740.064
82.492 119,971
Cash in vault
21.359
32.326
16.461
82,447
Net demand deposits
875.495 5,563,786 749.886 1.005,932
Time deposits
400.470 1,249.873 223,898 787.053
Government deposits
47,452
57,676
36,006
35,718
Bills pay. & redisc. with F. R. Bk.:
Secured by U.S.Gov't obligations
2,748
27,703
88,000
9,637
All other
12,560
12,681
9,617
37,692
651.871
43.022
14.180
367,563
209,428
11,397
631,686 2,810.630
41.696 240,124
11,257
48,368
349,919 1.719.364
218.483 1,021,112
26,402
14,456
694,211
48,491
7.708
405.075
216,839
9,922
352,440
25,398
6,344
218.920
110,252
5,142
619,687
55,013
12,833
479.666
147.552
10,096
Total loans and discounts
Investments:
U.S. Government securities
Other bonds, stocks and securities
Totalinvestments
Total borrowings from F.R. Bank
Bankers' balances of reporting member banks in F. R. Bank cities:
Due to banks
rma frnm hank.
$
$
$
393,729 2,147,003
15,308
354,553
$
$
$
$
$
$
69
s
$
49
$
66
$
709
164.103
10.373
280,994 5,349,972
903,094 8,448,024
56.695
22,432
260.076 2,523,209
207.638 3,007,245
79,127
467.714
5,530.454
392,035 1,662.175 19,492.552
29.799
104.016 1,621,929
11.225
20.613
285,121
275,376 749.772 12,760.754
99.788 830.517 5,515,274
8,824
30,336
293,427
3.576
12.325
9,071
24,037
28,335
28,326
5,011
9,973
1,640
1,254
4,784
6,233
1,015
1,362
21,357
14,422
202,877
170,482
40,384
15,901
33,108
56,661
14,984
2,894
11,017
2,377
35.779
373,359
125.692
19.254
136,781 1.078.815
176,543
48,376
33,011
17.977
405,408
85.596
42,944
92.561
29,701
94.477 2,242,190
70 Ant
2843!
15.565
12.524
144,540
27,881
21.422
39,057
22,901
48,841
AS 114
Ina 742
581.529
2. Data of reporting member banks In New York City, Chicago, and for the whole country.
•
Reporting Member Banks in N. Y. City.
AU Reporting Member Banks.
Apr. 7 1926.
Mar.31 1926.
Number of reporting banks
60
60
65
736
710
709
Loans and discounts, gross:
51,304,000
Secured by U. S. Gov't obligations
50,804,000
71,819,000
197,554,000
164.338,000
164,102.000
Secured by stocks and bonds
5,349,972,000 .5.403,269,000 4,725,112,000 2,054.696,0002.099.750,000 1,874,086,000
All other lean, and discounts
8,448,024,000 .8,483,960.000 8,214,618,000 2,338,763,000 2.379,578,000 2,248,547,000
s
Total loans and discounts
s
$
$
a
$
13,962,098,000 14,051,567,000 13,137,284,000 4,444,263,000 4,530,632,000 4,194,452,000
Investments:
U.S. Gov't securities
Other bonds, stocks and securities_
Total Investments
Reporting Member Banks
in Chicago.
-
Apr. 8 1925. Apr. 7 1926. Mar.311926. Apr. 8 1925. Apr. 7 1926. Mar. 311926. Apr, 8 1925.
2,523,209,000 2.480,163,000 2,606,402.000
3,007,245,000 3.014,540,000 2,877,614,000
870,248,000
864,625,000
850,924,000
864,440,000
927,302,000
846,077,000
5,530,454,000 5,494,703.000 5,484,016,000 1,734,873,000 1,715,364,000 1,773,379,000
$
-
46
14,767,000
588,197.000
695,167.000
$
46
11,840,000
592,948,000
687,450,000
s
46
23,352,000
518.045,000
692,019,000
1,298,131,000 1,292,238,000 1,233,416,000
148,244,000
213,679,000
130.763,000
218,758.000
100,761,000
199.230,000
361.923,000 349,521,000 389,991,000
Total loans and investments
19,492,552,000 19,546,270,000 18,621,300.000 6,179,136,000 6,245,996,000 5,967,831,000 1.660,054.000 1,641,759,000 1.623,407,000
Reserve balances with F. R. Banks_ 1,621,929,000 1,655.265,000 1,609,198,000 682,867,000 743,016.000 697,204,000 163,549.000 152,364,000
154,024,000
Cash In vault
66,417,000
62.203.000
288.502,000
65.189,000
285,121,000
272.422,000
21,144,000
20,937.000
26,601,000
Net demand deposits
12,760,754,000 12,901,244.000 12,635,199,000 4,999,087.000 5,150,963,000 4,946,408.000 1.130.666.000 1,090,346,000 1,108,372,000
Time deposits
5,515,274,000 5.476,941,000 5,055.057,000 836.291,000 835,248.000 812.868,000 495,874.000 480.485,000 463,987,000
Dovernment deposits
52,067,000
52.067,000
300,898,000
295,809,000
51,779,000
293,427,000
11,362,000
11,362,000
24,418,000
Bills payable and rediscounts with
Federal Reserve Banks:
Secured by U.S. Govt. obligations
74,012,000
57,332.000
116,018,000
214,496,000
47,500,000
202.877.000
10,395,000
11,594,000
4,918,000
All other
32,684,000
99,127,000
30,985,000
32,499,000
205,606,000
170,482,000
10,896,000
32.964,000
4,185,000
Total borrowings from F. R.bks
215,145,000 106,696,000
88,317,000
420,102,000
79,999,000
373.359,000
21,291,000
44.558,000
9.103.000
Loans to brokers and dealers (secured by stocks and bonds) made by 61 reporting
member banks in New York City:
958,386,000 1,047,784.000
For own account
1,018.156,000 1,006.411,000
For account of out-of-town banks
510,810,000 518,856,000
For account of others
Total
•Revised figures.
2,487,352,000 2,573,051,000
Daily Record of U. S. Bond Prices. Apr.10 Apr. 12 Apr.13 Apr. 14 Ayr. 15 Apr.16
Oatikers' Oloazeitt,
Wall Street, Friday Night, April 16 1926.
-The review of the
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 2149.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
Range Since Jan.1.
Range for Week.
Sales
STOCKS.
Week Ended April 16. for
Week.
Lowest.
Highest.
Lowest.
Highest.
Par.Shares 8 Per share. $ per share. S per share.i per share.
Railroads.
ICI
10 2734
Erie ctfs
12720
Michigan Central.,_.i00
Nat Rys Mex let Pref 100 1,100 434
131 255
NY Rye etfs stamped....
73 7934
Northern Central____50
1,400 1634
Reding Rts
201 un g
Twin City Rap Tr pf_100
a.
Apr
Apr
Apr
Apr
Apr
Apr
Apr
14 2734
12 780
10 534
12 260
15 80
13 1734
14 102
Apr
Apr
Apr
Apr
Apr
Apr
Apr
14 2739
15 703
13 434
16 255
15 79
12 1634
14 101
AD 3834
AP 780
834
Ap
Apr260
Mar 80
Mar 2234
Mar 10234
Jan
Apr
Jan
Apr
Apr
Feb
Feb
Industrial & Mtge
Feb
Ma 50
21i 44 Apr 12 44 Apr 12 44
0
.
Abraham & Straus
Mar
111 10634 Apr 12 10634 Apr 12 10439 Mar 108
100
Preferred
Corp
• 5,500 2534 Apr 12 2634 Apr 10 2434 Ma 2634 Apr
Amerada
Ja. 10234 Mar
100 100 Apr 11 100 Apr 10 100
American Snuff pref_100
Jan
200 9934 Apr 12 9934 Apr 12 9934 Ap 100
Am Wholesale Cor pf 111
1 1 I 9834 Apr it, sigg Apr 16 9834 Ap 1003-4 Feb
pref-100
Bayuk Bros 1st
Feb
Ap 26
Chandler-Cleve Motor.. 2,311 15 Apr 12 1534 Apr 10 15
* 4,201 3134 Apr 15 3434 Apr 12 3134 Ap 45)( Feb
Preferred
Apr
Ap 137
101 137 Apr 15 137 Apr 15 137
Cocoa-Cola Internat'l_.*
Mar 9939 Feb
550 94 Apr 10 94 Apr 10 94
Com Cred let p1(634) 100
Jan
Apr 100
Inv Trust(6)9)-100 501 90 Apr 10 91 Apr 10 90
Com
Apr
Apr 43
• 800 42 Apr 15 43 Apr it, 42
Congress Cigar
Jan
100 300 107 Apr 1110834 Apr 1210434 Ma 109
Deere & Co prof
Ma 2034 Feb
25 2,100 1234 Apr 14 1334 Apr 12 12
Eisenlohr & Bros
• 301 6434 Apr 14 65 Apr 13 6134 Ma 8234 Feb
Elea Auto Lite
sg Apr 12 4 Mar 83-4 Feb
* 3,15 43-4 Apr 1
Electric Boat
Feb
Apr 107
First Nat Pic 1st prof 100 300 98 Apr 12 983-4 Apr 12 98
Ap 8434 Mar
Fisk Rub Ist pf Eit'd_100 4,• 1 I 77 Apr 11 7934 Apr 14 77
Mar
100 300 9634 Apr 15 9834 Apr 12 963.4 Ap 107
cony
let prof
Jan 10934 Mar
101 10639 Apr 1210634 Apr 12 108
Franklin-Simon pref.100
Intercontinental Rub._'34.50C 1434 Apr 12 1734 Apr 10 1434 Ma 2134 Feb
• 1,011 1739 Apr 14 18 Apr 10 173.4 Ap 2134 Feb
Life Savers
Mar
Mack Trucks 1st Paid..., 811 101 g Apr 12 104 Apr 12 10134 Apr 124
Ap 1033,4 Apr
700 102 Apr 13 10334 Apr 16 102
2nd Paid
Apr 5039 Jan
100 3,601 27 Apr 14 37 Apr 14 27
Manatl Sugar
Mar 4434 Feb
• 501 35 Apr 11 3634 Apr 12 34
Miller Rubber cgs
211 11434 Apr 1511534 Apr 16 11234 Jan 11934 Jan
Montana Power pref _100
• 2,711 1534 Apr 16 173.4 Apr 16 1434 Mar 2234 Feb
Omnibus Corp
100
211 9039 Apr 14 9034 Apr 12 9034 Apr 9834 Feb
,
Preferred
Feb
Jan 85
300 71 Apr 16 713-4 Apr 10 51
Panhandle P dc 11 pf_101
l's 6934 Apr 15 6934 Apr 15 60
Jan 8134 Jan
Porto-Rican Am Tob 100
Jan
400 983.4 Apr 15 99 Apr 10 9534 Mar100
Reid Ice Cream pref_101
10010334 Apr 1610334 Apr 1610034 3an10334 Apr
Sloss-E3heffStagIrpf.100.Apr
Mari 52
Southern Dairies el A_.• 2,500 47 Apr 16 52 Apr 10 43
Mar30% Apr
•20,000 2634 Apr 14 3034 Apr 10 22
Class B
Mar
Jan 105
Spalding Bros 1st pi _100
20010334 Apr 1510334 Apr 15 101
Thompson (J R) Co-25 1,700 4239 Apr 16 4439 Apr 15 4239 Mar 473-9 Feb
• 7,211 7999 Apr 12 8234 Apr 10 7734 Mail 8639 Mar
Un Carbide & Carbon
Apr 101% Apr
1
. 2,600 98 Apr 1510134 Apr 16 98
United Fruit, new
600 4454 Apr 1 46 Apr 13 4434 APII 5134 Feb
*
Vicksburg Chemical
100
201 97 Apr 16 98 Apr 12 9434 Jan 103g Feb
Vivaudou pref
I, t 88 Apr 16 88 Apr 16 88 AprI 95 Mar
Vulcan Detinning pf-100
1
10' 434 Apr 12 43,4 Apr 12 33-4 JanI 434 API
Wells Fargo & Co
Max
101 96 Apr 14 96 Apr 14 95
Marl 97
West Penn Pw pf6% 100
% Apri 634 Feh
134 Apr 1
White Motor Rts_._ _100 6,150 134 Apr 1
(High
Fleet Liberty Loan
33.4% bonds of 1932-47_(Low.
(Close
(First 33,4)
Total Wes in $1,000 units_ _ _
Converted 4% bonds of (High
1932-47 (First
-- I."
L Close
Total sales in 81,000 units.,.,.
bonds (High
Converted 434%
of 1932-47 (First 434i)i Low(Close
Total sales in $1,000
Second Converted 4%%(High
bonds 01193247(First( Low.
Second 43(5
(Close
Total sales in $1,000 units_
(High
Second Liberty Loan
4% bonds of l9'47-42....,( Low_
(Close
(Second 45)
Total sales in $1,000 units.,..,
Converted 434% bonds (High
of 1927-42 (Second (Low.
(Close
434s)
Total sales in 51,000 units...,
(High
Third Liberty Loan
(Low_
43/% bonds of 1928
(Close
(Third 4345)
Total sales in $1,000 units_ _
(High
Fourth Liberty Loan
4%% bonds of 1933-38-{Low(Close
(Fourth 434s)
Total sales in $1,000 units- _
(}11gb
Treasury
Low.
434e, 1947-62
(Clow
Total sales in 91,000 units.,..
(High
4. 1044-1954
Low.
(Close
Total sales in 91.000 units
(High
Low_
3)(s, 1946-1956
(Close
Total sales in $1,000 units.,.,.,
New York City Banks and Trust Companies.
Ask.
320
418
215
380
375
1400
450
230
180
225
290
430
353
220
760
369
300
Sib
240
2200
2640
200
375
240
All prices dollars pa share.
Bid, Ask.
Banks.
- 180 190
Hamilton
1015 1040
Hanover
555 570
H arriman
Manhattan* - 218 223
500
Mutual*
Nat American 180 200
National City 602 607
270 285
New Neth•
492 497
Park
Penn Each... 124 134
215
Port Morris
535 540
Public
Seaboard- -- 600 810
180 190
deventh
Standard-- - - 600 650
585 600
State*
157 162
Trade*
215 230
United
United States. 297 305
700
Wash'n
Brooklyn
Coney Island* 250 300
548 558
First
Mechanics'.. 275 285
Montauk* _ _ _ 305
Municipal* -- 280 iio
355 365
Nassau
580
People's
Queensboro• _ 175
535
• Banks marked ( ) are State banks
0
Ex-rights
Trust Co.. Bid. Asa.
New York.
American.....
Bankof N Y
& Trust Co 595 605
Bankers Trust 605 610
Bronx Co Tr. 300
Central Union 840 847
345 353
Empire
Equitable Tr 263 266
Farm L & Tr. 502 507
FidelityTrust 275 290
31,0 400
Fulton
Guaranty Tr_ 350 352
rving BankColumbia Tr 311 315
Lawyers Tr__
Kir
Manufacturer 498
Mutual(Westcheater).- 180 200
N Y Trust..,_ 515 520
Title Gu & Tr 635 642
(IS Mtg & Tr 390 400
United States 1670 1700
Westches Tr_
Brooklyn.
Brooklyn _- 710 718
Kings County 1900
Midwood--- 1260 276
(I) New stock.
(s) Ex-dividend
New York City Realty and Surety Companies.
But
Alliance R'Ity 14714
Amer Surety. 167
Bond & MG. 307
Lawyers Mtge 255
Lawyers Title
& Guarantee 285
(I) New Stock.
Ask
51
172
312
259
292
11 prices dollars per Mare.
eta
Bid. Ask
145 Realty A6500.
138
(Bklyn)com 130
204
209
83
lat pref
2d pref ____ 85
455 462
375 400 Westchester
Title & Tr. 495
305 310
Mtge Bond__
Nat Surety__
N Y Title &
Mortgage__
US Casualty.,
U S Title Guar
Ask
133
88
90
Quotations for U. S. Trees Ctfs. of Indebtedness, &c.
Maturity.
/nt.
Rats.
Bid.
,
Sept. 15 1926... 4%% 100 14
3% 991(ts
June 15 1926...
Dec. 15 1926- 33(% 1001gg
Asked.
100%
1001n
100'n
Maturity.
ha.
Rate.
Bid.
Asked
10041
June 15 1928..., 3)(% 100
Dec. 15 1927___ 4)4% 101"ss 101"a
,
% 101% 101 as
Mar.15 1927---
United States Liberty Loan Bonds and Treasury
-Below
Certificates on the New York Stock Exchange.
we furnish a daily record of the transactions in Liberty Loan
bonds and Treasury certificates on the New York Stock
Exchange. The transactions in registered bonds are given
in a footnote at the end of the tabulation.
ss
ss
,
100"u 100"n 100"a 100 in 100,, 1.002,
100"ss 100"ss 100n., 100"ss 100"ss 100"ss
,
,,
,
100"ss 100 41 100uu 100 ss 100 fin 100"n
120
57
18
26
11
12
99,131
_
---9931.,
---gun.,
---102mis;
--10i7In 1021422 102agi 102Ws;
10211s: 102"ss 1021111 102"ss 102"st 102"ss
11
10211s: 1021, 102"ss 102"n 102"1: 102"ss
133
14
4
•
10
27
_
----
lob:65
100.00
100.00
1
100"st
1001in
10Orrn
10110n
101'n
,
101 ::
263
st
100,,
100,0ss
102".12
234
107141
107 42
,
107"ss
103
,0a
103"ss
103"st
7
---.2
1000
100'42
15
100"st
100"st
100"ss
518
101un
1011n
101on
235
102"n
102"ss
102uss
153
,
107 Iss
107"”
,,
107 ss
4
103842
103"ss
103"n
11
100"n
100"ss
1000n
46
%
1001
.n
1001
197
10111n
101in
01:
101.
148
102"n
10251n
,
102 42
156
lupin
107"ss
107"a
13
103",
103",
103";
100",
100u,
100"a
111
---100"ss
100
,,n
100"ss
190
101"n
101"n
101"ss
191
102"n
,,n
100
102"sz
78
107"n
,,n
107
107"ss
126
103"a
103"ss
103"ss
33
,,
100 ss
1002,12
100"ss
1
100",,
100"ss
100"ss
27
101"n
101"ss
101"n
187
,,
102 n
1021,ss
1021 st
306
108.00
107"n
107"st
203
104iss
103"ss
1048gg
128
,,s
100
,1s
100
1001,3
3
0 2
- 100",,
10 -14
100"st
100"n
113
1011,os
101"n
101"ss
79
1021611
102"n
102"a
433
108.00
107"n
841
107
16
,
104 1t
10310ts
103"n
22
100"12
100"n
100"ss
159
-The above table includes only sales of coupon
Note.
bonds. Transactions in registered bonds were:
101145 to 101ass
1 2 3d 4%5
99ren to 991
1 1st 4s
10218n to
•No par value.
Banks-N.Y Bid.
America •___. 313
Amer Ex Pac 410
Amer Union*. 200
BoweryEastR 365
Broadway Can 325
Bronx Bore*.1300
Bronx Nat__ 400
Bryant Park* 210
Butch & Dro 170
Capitol Nat__ 210
Cent Menen., 280
426
Chase
Chath Phenix
NatBk&T 348
Chelsea Exch. 210
Chemical_ _ 750
Colonial*. _ -- 550
Commerce_ _ 365
Com'nwealth• 285
Continental__ 275
Corn Each... 550
Cosmop'tans., 210
Fifth Avenue*2050
2610
First
180
Franklin
350
Garfield
Globe Each.' 220
Grace
325
Greenwich*. _ 500
2159
THE CHRONICLE
APR. 17 1926.]
1 2d 45
2d 4%,
100.0010 100.00 66 4th 4)(5
100",, to 100",,
102",
-Sterling Exchange was easier and
Foreign Exchange.
declined about % cent on foreign selling, although trading
was at no time more than moderately active. In the Continentals, the noteworthy features were strength and activity
in Spanish, Japanese and Norwegian exchanges, and a fresh
collapse in French franc quotations.
-day's (Friday's) actual rates for sterling exchanges were 4829-16®
To
4 82 19-32 for sixty days, 4 85 13-1604 85 27-32 for checks and 4 863-16
04 86 7-32 for cables. Commercial on banks,sight.4 85 11-1604 85 23-32;
sixty days, 4 82 1-1604 82 3-32; ninety days, 4 81 5-16 ®4 81 11-32. and
documents for payment (sixty days). 482 5-16 ®4 82 11-16; cotton for
payment. 4 85 11-16(84 85 23-32, and grain for payment, 4 85 11-16
04 85 23-32.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.283-I ®
3.31 for long and 3.333403.3536 for short. German bankers' marks are
not yet quoted for long and short bills. Amsterdam bankers' guilders were
39.65039.6534 for long and 40.01040.01% for short.
Exchange at Paris on London, 144.50 fr.
The range for foreign exchange for the week follows:
Cables.
Checks.
Sixty Days.
Sterling Actual486 5-16
482 11-16
High for the week
4 85 15-16
4 859-16
4 82 5-16
Low for the week
Paris Bankers' Francs
3.4734
3.4635
3.41
High for the week
3.383-4
3.3434
3.2834
Low for the week
Germany Bankers' Marks
23.81
23.81
High for the week
23.8034
23.8034
Low for the week
Amsterdam Bankers' Guilders
40.13
40.11
39.67
High for the week
40.1034
40.0834
39.6434
Low for the week
-Chicago, par. St. Louis, 15025c. per $1,000
Domestic Exchange.
par. Montreal. $1.5625 per
discount. Boston, par. San Francisco,
$1,000 premium. Cincinnati, par.
-The review of the Curb Market is
The Curb Market.
given this week on page 2149.
A complete record of Curb Market transactions for the
week will be found on page 2174.
CURRENT NOTICES.
-Lewis & Snyder, announce that the co-partnership under the above
name has been dissolved by mutual consent as of the close of business
April 14 1926.
-George D. Lewis, announces the opening of offices for the transaction
of a general investment business under the name of Lewis & Co., with
offices at 1427 Walnut Street, Philadelphia.
11. Maurice Snyder, announces the opening of offices at 1520 Locust
Street, Philadelphia, for the transaction of a general investment business,
under the name of R. M. Snyder & Co.
L.
- S. Ordan, formerly with Steiner, Rouse & Stroock, announces the
formation of L. S. Ordan & Co., with offices at 165 Broadway, New-York,
to act as financial advisors to banks, corporations and investors.
-Stroud & Co., Inc., announce the removal of their Philadelphia offices
from 1429 Walnut Street to 1500 Chestnut Street.
-Nixon & Co., Incorporated, dealers in investment securities, announce
the removal of their offices to the Land Title Building, Philadelphia.
J.
- S. Bache & Co., Chicago, announce the removal of their office to
231 S. La Salle St. Telephone. Dearborn 9000.
-Wm.L. Ross & Co., Inc.. Chicago, have removed their offices to 231
S. La Salle St.
E.
- H. Rollins & Sons, Chicago, announce the appointment of John H.
Morris as assistant sales manager.
-Frazier Seiko As Co., Chicago, announce that George L. Bralmen,
formerly with Babcock, Rushton & Co., is now associated with them.
-F. E. Warner & Co., investment dealers, announce the removal of
their offices to larger quarters in the Lafayette Building, Philadelphia.
Maynard, Oakley & Lawrence announce that Roger S.Palmer formerly
with Dlllon, Read & Co. has become associated with their concern.
-Schuleter & Co. of 61 Broadway, New York, dealers in investment
with the firm.
securities, announce that T. M.Byer, has become associated
2160
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING SIX PAGES
For sates during the week of stocks usually Inactive, see preceding page.
'
PER SHARE
PER SHARE
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Sales
STOOKS
Range Stnro Jan. 1 1926. Range for Previous
for
NEW YORK STOCK
On basis 01 100-share lots
Year 1925.
Saturday,
Monday,
Tuesday, Wednesday, Thursday,
Friday,
the
EXCHANGE
April 10.
April 12.
April 13.
April 14.
April 15.
April 16. Week.
Lowest
Highest
Lowest
Highest
$ per share $ per share $ per share 2 per share $ per share 3 per share
Shams
$ per share $ per share $ per share 2 Per share
Railroads.
Par
*4312 45
*4312 45
*4312 45
*4312 45 *4312 45
*4313 45
Ann Arbor
100 44 Jan 19 45 Jan 6
22 Feb 48 Dec
*6814- _ *6814 _
_ *6814
_ *681 _ - *633
/
4
Do pref
4
- *6814
100 6412 Jan 21
40 Mar 67 Del
12614 12/12 12412 12112 1251a 126
-12 12452 12612 2412 1/.7.12 12458 12738 15,100 Atch Topeka & Santa Fe 100 122 Mar 30 6934 Jan 27
139 Jan 5 11614 Jan 14012 Dec
9712 9712 974 98
97% 98
974 974 98 98
98 98
2,000 Do pref
100 944 Mar 5 98 Apr 12
9212 Feb 98 Dec
*114 132
114 13
1% 114
Ils 11,
14 114
115 14 9,400 Atlanta Blrm dr Attantio
100
1 Apr 7 10 Jan 2
3 Jan 1134 Dec
184 188
1951$ 19512 18314 189
1854 189 18112 186
18318 18534 11,600 Atlantic Coast Line RR
100 18112 Mar 30 26212 Jan 2 14714 Jan 253 Dec
87% 8814 854 8714 8512 865
/
1
8534 883
4 854 884 38134 8518 21,400 Baltimore & Ohio
100 8312 mar 3 9534 Jan 11
71 Mar 9418 Dee
6814 6814 *68 6814 6814 6814 *68 6314 *68 6814 *673 6814
300 Do pref
100 6712 Jan 6 6934 Feb 10
621 Apr 6734 Nov
*3812 3912 39 39
/
4
3812 38
/ 383 39 *3312 39
1
4
4
39
& Aroostook
50 33 Mar 2 46 Feb 1
3514 Mar 561i Noy
*99 101 *--__ 10014 *-- - 10014 *____ 1001 *__ .. 10014 *1001 39 __ _ 500 Bangorpref
/
4
___
Do
100 97 Feb 8 100% Jan 20
/
1
4
89 June 100 Oct
61 6212 5912 6014 66 628
4 60% 6278 60 627
8 617 63 21,900 Bkin Manh Tr v t o---No par 5418 Mar 31 6914 Feb 5
4--14
3518 Jan 64 Nov
8032 80 8 8034 804 7912 8014 81
3
3
82
8014 82
82 8212 13,700 Do pref v 1 e
No par 78 Mar 31 8614 Jan 29
,
727 Jan 8384 Dec
*88g 10
10
10
10
10
10
10
*9% 10
*914 10
800 Brunswick Term & Ry Seo..100
812 Mar 4 1438 Mar 18
3 Feb 17% Nov
*60
75 *60
75 *60
75
70
70
*6514 75
10 Buffalo Rochester & Pitts_ 100 6934 Mar 26 84 Jan 4
*6514 75
48 Apr 925, May
*584 60 *5312 60 *5812 60 *5813 60 *5812 60 .59
Canada Southern
61
100 58 Jan 15 60 Apr 9
56 Jan 59 May
15534 15534 155 1553 15338 154
4
1534 15414 1534 154
154 155
5,400 Canadian Pacific
100 1464 Jan 9 162 Feb 3 1364 Mar 1521$ Jal
*250 265 *240 270 245 245 *242 270 260 260 *245 260
400 Central RR of New Jersey_100 240 Mar 30 305 Jan 11 265 Mar 321
Jan
12478 12612 12235 125 1223, 1237 121 12334 121 12212 122 12313 39,800 Chesapeake
& Ohio
100 112 Mar 2 13614 Mar 12
8914 Mar 1304 Dee
*123 127 *125 128
12414 1241 *118 125 .116
/
4
100 Do pref
_ *12112 126
100 119 Jan 20 136 Mar 12 10514 Apr 130 Dee
712 75,
712 75,
712 735
74 712
714 _-712
714 85, 11,400 Chicago & Alton
100
6 Feb 24 1184 Feb 20
338 Apr 105 Feb
1014 1038
95, 1014
934 93
4 10
1012 104 1034 1034 1214 8,600 Do pref
100
93 Feb 25 1814 Feb 13
2
54 Apr 1912 Feb
*155 185 *155 185 *155 185 *15512 185 *156 185 *156 185
C C C St Louts
&
100 17314 Mar 29 200 Jan 12 140 May 200 Dec
*31
33 *31
33 *31
33 *31
33
31
31
400 Chin & East Illinois RR
*303 32
4
100 31 Apr 3 37 Feb 10
2984 Mar 3814 Allis
3934 40
39 3912 3918 394 387 39
39
1,100 Do pref
39
387 39
8
100 3612 Mar 31 5134 Feb 10
40 Mar 5714 Jan
9
9
812 83* *8
84
9
9
83
4 9
814 812 1.730 Chicago Great Western
100
784 Mar 31 12 Feb 20
9 Jan 15 Feb
20 2084 1838 19
187 1912 19
*
1958 19
4,200 Do pref
19
1818 19
100 1614 Mar 30 28 Jan 2
1914 Mar 328* Feb
912 934
914 101
914 912
91 914
/
4
/
5
4
6.800 Chicago Milw & St Paul
9
9 11 *91z 97
7
100
9 Mar 29 1412 Jan 8
3% Apr 1638 Jam
884 94 *94 9
/
1
4
914 914
95, 93*
914 9 4
3
100
9'4 914 4.100 Certificates
AI Apr 10 14 Jan 8
7 Sept 11 Nov
1534 1614 1511 1614 1514 1512 1538 163
4 153 161s 16
4
161 9,900 Do pref
/
4
100 144 Mar 31 2214 Jan 9
7 Apr 284 Jan
/
1
16
16
1512 16
1512 154 1512 1612 154 16
*1513 16
127 Oct 22 Nov
68 6814 67 671 6614 668* 6718 674 6614 6714 6718 671 4,500 Preferred certificates--100 1418 Mar 30 2178 Jan 5
/
4
/
4
2
47 Apr 807 Dec
s
0119 123 *119 123 *119 122 *119 122 *119 122 121 12112 2,700 Chicago & North Weetern_100 6514 Mar 30 817 Jan 2
300 Do pref
100 11815 Jan 4 12112 Feb 19 10184 Apr 120 Dec
43% 44
4212 4312 421 4313 425 4312 425, 44
/
4
,
438 4614 23.400 Chicago Rock 121 a,Paolflo_100 4012 Mar 3 603 Jan 15
8
4
464 Mar 587k Dec
0
97 99 *97 99 *9714 973
j
4 9734 973
4 973 977 *373 99
4
4
300 Do 7% preferred
100 96 Mar 4 100 Jan 2
92 Jan 100 Dee
•8112 8512 *84 85 *8412 8434 8414 841 84 84
/
4
844 843
300 Do 6% preferred
4
100 8314 Mar 31 90 Jan 29
82 Mar 89% Mar
*47 48 *46 4712 *48
48 *45 48 *45
55 *45
ChM St Paul Minn & Om__100 48 Apr 5 53 Jan 26
55
3318 Apr 5912 Jan
*110 110 *100 110 *100 110 .98 110 •98 110
*95 110
Do Ord
100 100 Mar 16 114 Jan 9
7314 Apr 1201 Dec
/
4
*543* 57 *5434 57
55 55
5434 55
55 55
55
57
1,300 Colorado & Southern
100 52 Mar 3 65 Jan 13
444 Jan 701 Sept
/
1
/
4
*664 67
661/ 13618 *66 67 *86 07 *66 67 *6618 68
100 Do let Ord
100 62 Mar 2 67 Jan 11
60 Mar 6684 Dee
*53 57 *53 60 *53 60 .53 80 •53 60 .53 60
Do 24 prof
100 59 Jan 11 59 Jan 11
54 Jan 624 Aug
160 161
15518 15318 15514 157
157 15713 15538 1564 *156 15678 3.300 Delaware & Hudson
100 15014 Mar 30 17414 Mar 12 133% Mar 155 Apr
1374 1373 135 135 13434 136
4
136 13634 13312 135
13212 135
3,500 Delaware Lack & Western_ 50 129 Mar 30 15312 Jan 12 125 Mar 14734 June
*40 42 *40 42
40 40 *3818 40
40 40
40
411
/
4
600 Deny Rio Or & West pref 100 38 Mar 31 47 Jan 2
3455 Oct 60 Jan
*4
412 *4
41 *4
/
4
44 *4
44 *4
412 *4
Duluth Sou Shore & A11-100
412
4 Mar 29
5 Jan 23
/
1
4
238 Apr
5 Dee
/
1
4
*6
612 *6
612 *6
612 *6
612 *6
61 *6
Preferred
/
4
100
6 Mar 10
/
1
4
612
8 Jan 18
/
1
4
38 Apr
84 Dee
283, 297s 284 295, 27
/ 2912 2858 293
1
4
4 291 2935 2912 3014 84,000 Erie
/
4
100 2212 Mar 29 40 Jan 2
2634 May 395, Dee
394 4114 3814 40
3818 393
383, 39% 377 3834 38 3914 29,800 Do let pref
100 333* Mar 30 4532 Jan 4
35 June 464 Jan
/
1
3512 3614 35
35
3434 35
34% 3434 35 35
3512 351s 2.400 Do 2d pref
100 30 Mar 30 43 Jan 2
34 June 435 Jan
723 7312 7034 72
7012 7134 7134 7134 71
71
7112 7134 3,400 Great
,
100 6812Mar 30 785 Jan 4
60 Apr 8285 Doe
*23 24
2234 2284 225, 223* 2212 2258 2214 2235 221/ 2235 2,200 IronNorthern prof
Ore Properties_No par 21 Apr 1 2714 Feb 15
25 Dec 40% Jan
*27
28
261s 2618 .264 27
263 27 *2612 27
26
26
400 Gulf Mobile & Northern 100 26 Mar 4 354 Jan 7
/
1
23 Mar 3635 Sept
.97 100
*96
98 *96 100 *96 100
97 97
*96
99
100 Do prof
100 95 Mar 29 10214 Jan 28
8912 Mar 10914 Sept
3734 377k 363* 3735 37
7 377
3814 37 38
37 3712 36
6,800 Hudson & Manhattan
100 3455 Jan 22 3912 Feb 9
218 Mar 383$ Atli,
7214 73 *7112 73 *7112 73 *7112 724 •714 7211
73
*72
300 Do Prof
100 6784 Mar 31 75 Feb 20
/
1
4
6412 Feb 72 July
118 11812 117 118
117 117
117 11712 118 118
11814 11814 2,300 Illinois Central
100 11312 Mar 3 124 Jan 2 111 Mar 12512 Dec
•117 11834 11714 1171 *117 118 11734 1173 *11714 11812 *118 119
/
4
4
400 Do prof
100 11512Mar 30 12312 Jan 2 11213 Apr 1254 Des
*714 73 .711 73
/
4
s7114 73
7114 7114 *7114 7212 *7114 7212
10 Railroad See Series A....1000 711 Jan 6 75 Feb 15
/
4
684 Aug 7414 Dee
*2512 2612 *2512 264 *2513 2612 *2512 2612 .254 2714 *2512 2612
Int Rye of Cent America-100 2514 Mar 30 31 Feb 13
18 Jan 3318 Sept
1
6113 6412 *6112 6412 *6112 64 *614 64 *6112 64
*614 64
Do pref 100 62 Mar 30 65 Apr 9 594 Jan 6612 July
3534 3684 323$ 3412 331 3814 371 40
/
4
/
4
38
4012 395 4118 89,700 Interboro Rap Tran v t e 100 244 Jan 15 417 Mar 4
134 Mar 3412 Feb
•114 211 *114 212 *114 212 *114 212 *114 2
/ .114 212
1
4
Iowa Central
100
214 Feb 25
34 Jan 15
14 Jan
/
1
34 Mar
4012 41
384 41
3884 3934 39
/
1
405, 394 391 3814 403, 17,600 KaneasCity Southern
/
4
100 3414 Mar 3 49% Jan 13
28% Mar 51 Dee
62% 62 8 *62 64
5
*6112 6212 *6112 63 *61
634 *614 6312
100 Do pie!.
100 1105s Mar 31 64 Mar 11
57 Jan 6314 Dee
824 8212 81
81
804 804 8012 81
/
1
803* 81
*3058 818
4,700 Lehigh Valley
50 7512Mar 3 87 Feb 13 69 Mar 884 Dec
12414 12434 121 12312 121 122
121 122 121 12118 12214 12314 3.700 Louisville& Nashville
100 118 Mar 30 143.., Ian 4 106 Jan 148 Dec
*83 93
*8313 93 .84 93 *83% 901s •804 904 *804 9018
Manhattan Elevated guar_100 84 Mar 3 897
tFeb 5 64 May 11912 Sept
4718 474 454 4612 455, 083
/
1
4 4912 5212 5018 5112 5014 5158 4,400 Do modified guar
100 3818 Jan 26 5382 Feb 15
32% Mar 5114 Feb
*8
8
9
8
*7
/ 8
1
4
*71
8
*7
/ 8
1
4
*712 8
100 Market Street Ry-_ _100
7 Feb 1 10 Feb 9
6 Nov 12 Sept
*30 33
2812 2812 *2812 31
*2812 31
•29 35 *284 31
100 DO pref
/
1
_100 2514 Jan 5 40 Feb 9
20 Jan 4614 Sent
.44
4512 421/ 425, 421 421/ *4212 45
/
4
*4212 45 *4212 45
WO Do prior pref
100 4078 Mar 30 513, Feb 10
42% Nov 655, Sept
•18
19 *18
19
18
18
18
18 *16
19 *16
19
200 Do 2d pref
100 1312 .150 18 2212 Feb 10
15 Dec 3514 Sept
*2
24
/
1
218 24 *2
/
1
214 *2
214 *2
100 Minneap & St Louhi
pa *2
24
/
1
100
37 Jan 11
2 Mar 3
214 Oct
4 Mar
*36
35 35
38
3514 351 *35
/
4
36
38
36 •35
600 Minn St Paul & EIS Marie_100 35 Apr 12 5212 Feb 3
37
3055 Apr 57 Noy
.56 60 *55 60 .56 60 *55 80
5512 5512 *56
59
100 Do prof
100 55 Mar 20 79 Feb 3
40 Mar 8614 Nov
644 6413 •635, 66
*8332 66 '
*833, 66
16314 86
100 Leased lines
100 6212 Jan 4 867 Feb 24
8
5712 June 63 Feb
367 3714 348 36% 343 3635 3618 3634 343 351 *834 64
*
/ 3512 3614 9,400 Mo-Kan-Texas RE____No par 32 Mar 3 47 Feb 9
4
/
1
4
284 Jan 451k Sept
/
1
*9014 907
8312 905s 89 903
4 9012 90% 38912 8912 8914 8912 2,900 Do pref
100 82 Mar 2 95 Jan 4
743 Jan 924 Dee
3084 31% 2914 31
29% 2958 2914 307, 29
30
2911 3012 14,300 Missouri Pacific
100 27 Mar a 4014 Jan 14
305 Jan 413* Dee
765 777
8
7514 77
76
7612 764 774 753* 7635 764 775, 13,800 Do pref
/
1
100 7112Mar 3 891 Jan 4
4
71 Mar 9112 Dee
•150 160 15014 1501 *145 175
/
4
145 175
160 160 *145 175
150 Nash, Chatt & St Louie__ 100 150 Apr 3 188 Jan 14 143 Apr 192 Dee
*214 25,
212 212
2
4
/ 23
1
4
212
212 .211 25,
2
/ 212 1.800 Nat Rya of Max 2d pref-100
1
4
2 Mar 18
412 Jan 7
112 June
314 Dee
•120 12278 1201s 12018 *12014 12112 1201s 12018 *12014 1227 1204 12014
800 New Orl Tex & Mexico----100 120 Mar 30 1324 Jan 9 11314 June 1374 Dee
1215s 12312 120 12234 120 122 121 1224 11912 1201 120 12154 27,500 New York Central
4
100 117 Mar 30 1351* Jan 2 11314 June 13712 Dee
1554 15612 153 155
154 154 153 15414 152 152
15213 15212 1,700 N Y Chic & St Louis Co_ _ _100 130 Mar 3 1818 Jan 11 118 June 183
4
Dee
.97 98
/
1
4
974 975* 97 974 9712 9712 974 9714 9713 98
/
1
4
/
1
500 Do pref
100 93 Mar 11 997k Feb 11
8812 Jan 987s Nov
337 3512 334 348
3414 357
353* 36
3334 35
3418 3514 23,900 N Y N H & Hartford
100 30% Mar 30 458* Jan 2
28 Mar 47 Dec
02214 22
/ 204 2014 214 217
1
4
8 204 22
204 2014 204 214 3,100 NY Ontario 52 Western_100 1934 Mar 30 287 Feb 13
8
20% Apr
339 340 340 340 340 340 *340 345 *340 345 *341 345
61 N Y Railways part ctfs_No par 296 Jan 4 359 Feb 17 262 Aug 3484 Aug
310 Oct
.11
15 *11
13
13
13
17
13
161
14
11,400 Preferred certiftcates_No par
17
16
6 Jan 25 2014 Feb 6
5 Dee 12 June
*2512 28
25 2512 •2512 29 *254 29
/
1
4
251 *24
25
400 New York State Rallwaye_100 22 Mar 24 2812 Jan 14
28
21 Dec 30 July
*28
29
*2814 34
28 28
*274 30
1 28
28 28
400 Norfolk Southern
27
100 277 Apr 15 37 Jan 13
2172 Apr 45
14434 1454 143 14414 142 144 *142 143 14014 1411 14114 14212 6.300 Norfolk dr Western
100 13914 Mar 30 1574 Jan 19 1234 Mar 151 Sept
Deil
*84
86 •84
86 *84
*84
86
841 8414 *84
86
/
4
100 Do pref
88
100 84 Jan 7 85 Jan 7
75 Jan 86 Dee
/
1
4
897 70 4 635, 70
3
s
6812 6958 687s 69
6S'4 6914 6935 6,200 Northern Pacific
8814
100 654Mar 30 761k Jan 2
581 Apr 7835 Dee
/
4
*26
35 *26
35 *26
*26
36
35 *26
Pactflo Coast
*26
36
36
100 243 Mat 31 48 Jan 6
20 Aug 4012 Dee
5118 513
4 5078 51% 50% 51
5034 5118 5084 51 18 503 514 12,450 Pennsylvania
4
50 485s Mar 30 5518 Jan 2
424 Apr 553s Dee
/
1
•17
21
*17
23 *17
23 *17
23 *17
23 *17
Peoria & Eastern
23
100 19 Mar 4
Jan 14
133* Apr 215 Dec
83% 845* 83 841 8312 8378 8312 84
/
1
4
/
4
100 67 mar a 268* Mar 11
xSOls 81
81
8112 7,000 Pere Marquette
E6312
618* June 851s Dec
*83-_- *83
86
*83
84
84 38312 834 84
84
84
Do prior pref
300
100 79 Mar 3 8712 Feb 24
78 July 893* Dec
*7312 75 *731 75 *731 75
/
4
/
4
75
75 *7212 75
747 75
400 Do pref
100 7034 Mar 29 8012 Jan 13
681, Apr
144 144
14312 144 *143
_ _•143
•143
.•143 . __
12 Pltta Ft Wolth & Chlo pf-100 142 Jan 2 145 Mar 30 139 Jan 7938 Dec
/
1
4
144 Nov
93 944 394 - - *92 *9412 96
/
1
94
1,200 Pittsburgh & West Va_.....100 85 Mar 30 1193* Jan 11
96
*92 iii *92 96
63 Mar 123 Dee
83 8312 8214 83
824 833
4 825 8334 38112 82
82 824 10,500 Reading
50 79 Mar 30 9014 Jan 11
693* Mar 9114 June
*4034 413$ *4012 403 *4012 4034 *4012 40 4 *4012 4034 *404 40 4
4
Do 1st prof
3
8 Feb 17
3
50 40 Jan 5 41,
357 Mar 41 June
8
41% 4138 *41
4112 41
41
41
42
*41
41
*41
4138
700 Do 2d pref
40 40 Mar 30 41% Jan 11
363* Mar 443$
*42% 448
42 42 *3612 43 *30
42
45
*36
1,000 Rutland RR prof
*36
45
100 42 Apr 8 57 Jan 7 42 Apr 6278 June
Jan
8912 8912 877 885
8 87
/ 8818 88 8812 8712 8814 8778 9038 8,300 St Louis-San Francisco____100 85 Mar 30 1011 Jan 21
1
4
*
57 Jan 10214 Aug
/
1
4
*83 87
85 85 .84 86
86 87 *8512 87 '
5854 87
600 Do pref A
100 834 Apr 1 881j Jan 22
76 Jan 921 July
/
4
6838 68% 6412 6634 643 663 66 667
4
4
2 65% 6814 6512 6712 8.80081 Louis Southwestern
100 5713 Mar 19 74 Feb 9
4384 June 691 Dee
75 *73
*72
75 *72
75 *72 75 *72
Do pref
75
75 *72
100 72 Mar 19 7712 Feb 6
701s June 7834 Dee
29
3012 31
30
2834 30
2934 297
29
29
3,200 Seaboard Air Line
30
29
100 274 Mar 31 51 Jan 2
2035 Jan 5414 Nov
*34 35
3212 33
3112 3234 33
33 *3214 3212 34
1,800 Do pref
34
100 3112 Mar 31 483s Feb 18
35 Mar 514 Aug
7
9834 9914 9814 99
9814 98
98 9814 9758 98
100 964 Mar 30 1044 Jan 2
977 9814 6,900 Southern Pacific Co
s
96 Oct 1083$ Jan
109 10914 1057s 10834 107 10812 1074 1077 10612 1074 10712 1084 20,600 Southern Railway
/
1
100 1035 Mar 30 1193 Jan 4
8
775* Jan 120 Dee
/
1
4
8984 8958 891 8978 897 897 *8812 8934 90
,
90 90
90
2,200 Do pre!
100 874 Apr 6 9212 Jan 2
83 Jan 954 Sept
48 4932 4634 4938 4714 4934 498, 5138 497 5112 5014 5114 53,500 Texan & Pacific
8
100 424 Mar 30 61% Jan 13 ' 4314 Jan 59 Dee
378* 3814 35
38
353 38
361 39
/
4
14,300 Third Avenue
36
383
8
4 365 39
100 1312 Jan 8 4112 Feb 5
712 Apr 153 Sept
*7014 73 *701s 73 *--__ 7112 *694 711 -- -- 7113
711.,
Twin City Rapid Transit_ _100 71 Mar 30 783* Jan 4
/
4
58 Jan 784 Dee
4
146 1463 1437 1464 14412 1457 144 14512 144 14434 144 144
/ 5,900 Union Pacific
1
4
100 14112 Mar 30 150 Jan 2 13314 Apr 15314 Jan
773 777
7
77 78
78
78
78 78
2,900 Do prof
7734 78
777 78
100 745 Jan 6 784 Feb 23
72 Jan 7714 July
27 27 *2612 27
254 2612 *254 28
1,700 United Railways Invest_100 1934 Mar 3 2712 Apr 7
28
26
*25
28
18 Aug 3312 May
8412 844 8312 84
83 834 82
/ 831
1
4
83 83 *83
84
100 65 Mar 2 8634 Apr 6
3.900 Do Ore!
484 Mar 837 Dec
mph 4038 38 3934 38 39
3858 404 3812 393
7 Mar 30 52 Jan 12
39's 55,300 Wabash
/
1
384
100 33
194 Mar 471 Aug
/
4
718* 7212 715 717
s 7184 717k 715, 723, 711 7178 z7014 70 4 7,400 Do pref A
3
/
4
100 68 Mar 30 788 Jan 13
553 Jan 737 Deo
4
*60 65 *60 65 *60 65 *60 65 *60 65
60 60
100 Do prof B
100 57 Mar 29 72 Jan 29
381 Jan 6012 Aug
/
4
/
4
12 124 111 1112 111* 1138 1114 1112 1118 1114 11% 11% 2,300 Western Maryland
100 11 Mar 3 163 Jan 4
11 Mar 1884 Aug
*18
1712 1712 1712 17% 17% 177, 1712 171, *17
19
171/
700 Do 24 prof
100 16% Mar 30 24 Jan 4
16 Mar 2614 Jan
-dividend. bEn rights.
•Bld and aeked rem.
New York Stock Record-Continued-Page 2
Foe 4sles d,tring the week of stocks usually inactive, see second page preceding.
HIGH AND LOW SALE PR10ES-PER SHARE, NOT PER CENT.
Saturday, 1 Monday,
April 10.
April 12.
Tuesday,
April 13.
Wednesday, Thursday,
April 14.
April 15.
Friday,
April 16.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1928.
On basis of 100
-share tots
2161
PER SHARE
BMW for Previous
Year 1925.
Lowest
Highest
Lowest I Highest
per share Week.
Railroads (Con.)
Par $ Per share $ per share $ per sharej$ Per am
34
Western Pacific new
903
314
100 3314 Mar 30 394 Jan 2
193* Jolyl 3913 Dee
*7812 79
600 Do pref new
100 774 Jan 15 81 Mar 12
72 Jul71 81 Dee
218 22
2,700 Wheeling & Lake Erie Ry-100 18 Mar 33 32 Jan 2
103* Marl 32 Dee
40
40
300 Do prof
100 37 Mar 30 5012 Jan 4
22 AprI 534 Dee
Indust.lal & Sliscellano.ms
*751s 7613 7512 768 7514 7514 747 747
76
76
7412 /412 1,103 Abitibi Power & Paper-No pa
714 Jan 12 8412 Feb 1
62 Jan 7614 Dee
•136 141 *136 141 *136 141 *136 141 *136 141 *136 141
AU American Cables
101) 131 Jan 6 14112 Feb 18 119 Jan 133% Oct
105 10513 10412 1041t 10112 105 *110 115
•106 107
106 108,
8 2,500 Adams Express
100 997 Mar 18 109 Jan 6
8
90 Apr 1174 Oat
*1118 1212 1112 1112 11
11
11
11
*11
1112 1014 10%
900 Advance Rumely
100 10 Mar 19 284 Jan 29
13 AP
20
Oct
514 5112 *50
53
504 5118 *504 53
*50
52
50
51
501 Do pref
100 4913 Apr 1 634 Jan 28
47 Feb 624 Oct
714 oct 725,
834 83
8% 8%
131
8 84
1
8% 83
4
8
8% 87
8% 81
4 2,200 Ahumada Lead
1
7% Jan 23
918 Jan 4
*11011 1117 109 111
1097* 11114 10918 111
1035* 1104 1051z 11013 8,800 Air Reduction, Ino___No pa 107% Jan 16 11914 Mar 1
864 Jan 1173* Dee
10% 10 4 10
3
103
4
97 1014 10
8
104
9% 94
9% 10
6,400 Ajax Rubber. Inc
No pa
912 Mar 33 16 Feb
24 Dec 157 Jun
8
' 13
112 184 •11 7 14
12
8
4
112 112 *112 13
112
112 1.50 Alaska Juneau Gold Min_ 10
4
112 Feb 1
2 Jan 4
1
Jen
2% Oct
115 1167 11114 11434 11178 11412:11018 1133 10712 1107 10914 111.3 133,73 Allied Chemical
8
4
8
4
& Dye_No pa 106 Mar 30 142 Fob 13
80 Ma 116% Dec
120 120
12018 12018 121 121
121 121
120 120 •11.97 123
8
701 Do prof
100 1183 Mix 20 1217 Feb 15 117 Jan 12114 NOT
4
8
83% 83
8011 814 8119 8112 81
% 811 82
81
8113 8112 1.20) Allis-Chalmers Mfg
100 784 Mar 23 942 Jan 14
8
7113 Jan 97 Deo
14
14354 10514 *105 10612'105 10612'105 106% 4
'106 107 *106 137
10) Do pref
100 105 Apr 7 110 Jan 4 1034 Jan 109 Deo
20% 20 8 174 202
3
8 1814 203* 1978 20
1814 1912 193* 207* 9.000 Amer Agricultural Chem_ 10
1714 Apr 12 34% Jan 14
1312 Mar 2978 Oet
687 68
8
62 6718 60
6112 6418 ells 64 4 6312 6612 20.600 Do
65
3
f
10
60 Apr 13 9812 Jan 14
36% Mar 8212 Dee
3712 3712 3
3614 364 37
85* 37
37
37
37 4 37% 373
,
4 2,400 Amer Bank Note, new
10 342 Mar 31 43 Jan 8
8
7
3913 Dec 443 Dee
8
*54
____ *55 _
57
57
'55
*58 -__
103 Preferred
50 55 Jan 15 57 Jan 9
5313 Jan 58% Sept
3
24
24 4 25
2422 244 24 2 25
7
257* 245 25
25
2513 2,800 American Beet Sugar
234 Apr 8 384 Feb 5
10
295 Oct 43
Jan
78
*75
*75
78
*75
78
*75
78 "75
76
75
75
100 Do pref
75 A Dr 16 83 Feb 24
10
78 Dec 877 Juno
8
.
2028 2112 20
21
20% 203
4 2022 2034 20
2014 20
2018 3,700 Amer Bosch Magneto_No pa
1918 Mar 30 345k Jan 4
2618 Mar 5412 Jan
117 118
117 117
11712 11712 11622 118 *116 117
117 117
1,100 Am Brake Shoe & F._.No pa 1133 Mar 39 180 Feb 2
4
9014 Mar 156 Dec
111 111 *111 114 *111 114 13111 11312 '111 11312 "112 113
Do pref
10 11014 Mar 24 12814 Feb IS 10713 Jan 114% Dee
'
31% 3212 3122 3214 314 3218 3178 3214 32
3418 3414 3512 15.103 Amer Brown Bayed El_No pa
3014 Mar 29 48% Jan 9
7 Oct
4734 Dec 53
894 894 *88
90 •88
90
8712 91
90
90
92
93 8 1,100 Preferred
7
100 8113 Mar 31 974 Jan 16
904 Nov 98 Dee
4213 43% 41
423
4 4113 4384 4178 4312 4122 42% 417 43 103,600 American Can
wI
8
25 387 Mar 30 58 Feb 20
4714 Dec 492 Dee
4
12311 1231? 12412 12412 1243* 125
124 124 13124 1253 125 125
4
1,400 Do pre!
10 121 Jan 4 12512 Feb 26 115 Jan 1217; Sept
95 95
9312 954 94
95
93
94 4 92
3
931
93
91
8,100 American Car & Fdy__No pa
9111 Mar 31 1147 Jan 12
8
9712 Apr 115 4 Sept
*125 12538 13125 12522 •125 1251 *125 12522 *125 125% 1253* 126
3
8
200 Do pref
100 12312 Apr 7 1282
8711u 9 12034 Apr 128 July
24
24
24
2414 2218 2418 24% 2412 2422 241
2412 2412 2,500 American Chain, class A.__ 25 2314 Mar 30 25 Jan 2
2213 Oct 27 Feb
.3914 41
3818 39
*3312 41
3312 383 *374 39
4
*3712 39
600 American Chicle
No par 37 Apr 16 51 Jan 4
37 Jan 62 Ally
37
39
*37
37
*38
37
3612 363 '
4 336
37
37
37
500 Do certificates
No par 3112 Mar 31 47 Jan 7
14
57
37 Jan 58 Apr
12
6
$ 54
6
64
58
53
4 6
;
6
57
53
4 57
414 Jan 5
64 Mar 12
44 Dec
644 Jan
115 115
111 113 *111 116 *110 116 *110 11612 •114 11612 1,800 Amer Druggists Syndicate_ 10
50) American Express
8
100 1057 Mar 31 140 Jan 6 125 Apr MI Jan
19% 10 4 184 204 1812 19
3
17
19's 17
173
4 173 1814 16.500 Amer & Porn Pow new-No par
4
17 Ain 14 4284 Jan 2
27 Apr 51% Sent
14
*92
92
9212 92
91
9112 *90
91
894 90
8914 89 4 1.020 Do pref
,
No par 89 Mar 27 98 Feb 13
87 Jan 94 Feb
111 111 1
100 Do 25% paid
108 Mar 30 131 Jan 2 1143 Apr 142 Sens
8
*1011 11
*1012 11
1014 107
1018 1018 *10
11
*10
11
4001 American Hide & Leather-100
9 Mar 30 17 Feb 9
81 Mar 143* Dee
12
*
48% 47
*45
47 '45
47
*45
47
45 45
*45
47
100 Do pref
100 45 Mar 18 6714 Feb D
5812 Sep
76 3 Jan
7
118 119
*118 119
11814 120 :117 117 *11618 117
1171s 11914 2,400 American Ice
100 109 Mar 31 135% Jan 7
83 Mar 139 Dee
84
8412 8518 '84
84
85
*83
85 '83
84
•83
84
303 Do pref
100 8212 Jan 13 8518 Apr 12
1
74.Mar 86 July
3712 378 3614 377
364 367
36
363
4 3522 36
36
3612 6,900 Amer International Corp_100 3418 Mar 30 464 Feb 16
3218 Mar 4678 Nov
•
4
1384 133 *1338 1312 13
1384 13
13 '12 * 13
7
13
13
900 American La France F E
10
1234 Mar 31
157 Jan 4
114 Jan 20 Nov
*34
347
8 3318 3318 30
3218 30
3184 30
302
30
3012 3,500 American Linseed
100 30 Mar 30 527 Jan 4
20 Mar 594 Nov
77
77
*76
80
7712 7712 79
79
78
79
*7712 79
600 Do pref
100 75 Mar 31 87 Jan 4
53 Jan 89 Oct
9814 98% 944 9712 9384 963
9514 94
4 94
963
95% 98
23,700 American Locom new __No par 9014 Mar 31 119 8 Jan 4 1044 Jan 1447 Mar
7
10119 11914 "119 11914 31119 11914 1191$ 11918 1194 1191 *119
8
11914
300 Do pref
100 1173 Mar 31 12014 Feb 11 115 Aug 124 Feb
4
5014 5014 •504 51
501s 5014 4914 51)
*49
491
50
2,300 American Metals
50
No par 47 Mar 30 57 * Feb 16
1
4534 Mar 573* Oct
•113 116 "113 115 *113 116 '
1113 115
11312 1131 "11312 11518
100 Preferred
100 11312 Apr 15 120 Feb 6 111 Mar 119 Nov
107 1073 10712 108
4
107 109
108 10914 •10712 108
108 1083
4 5,200 American Radiator
25 10612 Mar 30 120 4 Feb 13
3
897 Jan 12212 Nov
8
78
78
7712 7712 *7712 78
*7712 78
137712 78
7712'7712
700 Amer Railway Express-..100 771 Mar 31 7812 Mar 10 176 Sept84
8
.6413 6712 *85
Jan
6712 *6412 68
GA 64 4 *6412 67
136412 68
100 American Republics_No par 63 Mar 13 74 Jan 5
48
Jan 793 Dec
44% 443* 4312 44% 4312 432 42
4
42
43's 42
4214 43
2,500 American Safety Razor-100 42 Apr 14 03 Jan 8
367 Jan 763 Nov
8
11
11
4
1014 11
101$ 1028 101/ 11
1014 1022 103 11
4
9,000 Amer Ship & Comm_ _.No par
5's
8
11614 118
518 Dec 1412 Feb
1173 118
4
115 1171 113 1174 1123 115 z11234 11412 45,200 Amer Smelting & Refining.100 11218 Jan 2 117 Mar 12
4
Mar 30 144 4 Jan 7
3
90 8 Mar 14413 Dec
3
*113 114 *11312 1141e •11312 114
114 114
114 114
1143
4
4
300 Do pre(
100 1121 Mar 31 11713 Feb 30 1054 Jan 11514 Oct
;
*13712 13912 13137% 13913 •137% 140 *13713 140 *13712 140 *13712 1143
140
American Snuff
100 13712 Mar 30 165 Feb 9 13814 Apr 154 Nov
4124 4134 41
4114 41
4114 403 4114 4012 40 4 4012 41
4
3
3,000 Amer Steel Foundries-Ns par 4018 Mar 30 467 Feb 1
8
113% 11312 13110 113 *110 113 ,11110 112 *110
375* June 4712 Dee
113 13110 112
100 Do inef
100 111 Apr 0 115 Feb
Jan 11318 Oct
*0812 6912 6614 674 8684 68 1 6514 663
8 684 6612 7.000 American Sugar Refining..100 6514 Apr 14 82% Feb 23 108
4 6514 651
5
475* Jan
77 8 Dec
2
101 101 *10013 102
100% 100% 101 101 *100% 101
1002 100%
8
100 10014 Mar 30 105 Feb 26
750 Do pref
914 Jan 10414 Nov
1114 1114 *11
1112 1114 1112 11
1114
11
111
1138 2,500 Amer Sumatra Tobacco_100
11
914 Mar 29 144 Jan 11
6 May 24% Feb
*90 117
*90 130
1190 130
*90 130
130
"90 130
100
Do pref
28 Apr 1204 Oet
*39
40
*39
40
*394 41)
1339
40
*3914 40
*3914 40
Amer Telegraph & Cable-100 3912 Mar 26 411 Feb 10
3
*
37 June 47 Feb
143% 14484 14318 14418 144 1443 14412 1451 1443 1451 145
4
4
14514 6,100 Amer Teiep & Teleg
100 141 Mar 29 15(.4 Feb 15 1302 Jan 145 Dee
8
11434 1143 1133* 114
113 11314 11414 1141 114 114 •1123 114
4
1.600 American Tobacco
50 1113
8Mar 31 1211 Feb 6
4
85 Feb 121% Oct
10984 10928 10984 1093 110 110
11018 1101 •110
•110 112
100 1064 Jan 4 11018 Apr 14 115413 Jan 110 Nov
400 Do prof
113 123 8 1124 1134 112 11238 111% 1121 111 112
3
111% 111% 4,700 Do common eiaas B
50 1101s Mar 31 12012 Feb 6
8412 Feb 11912 Oat
•117 1217 '117 1213* 118 118
8
118 119 *117 1217 •1173 1217
8
4
400 American Type Founders 100 114 Jan 22 135 Feb 13 103 Apr 1354 Nov
4714 4712 45
43% 47
47
45
473
444 46
4428
25.500 Am Water Works & Elea- 20 433 Apr 13 74 Jan 4
4
93471384
103
76
"100 106 '100 106 311023 1033 *10212 1051 102% 102% *1023 48
4
4
4 105
100 Do 1st pref (7%)
100 10112Mar 3 1084 Jan 27
Aug
Dt
FIZ1
30
31
2914 30
3018 313
4 301z 311
31
31
3114 3218 9,300 American Woolen
100 294 Apr 8 427 Jan 13
8
,;
343 May 648 Jan
4
*77
79
7684 7612 7612 7712 774 771 *7714 773
4 77% 77%
100 7418 Feb 23 8934 Jan 4
800 Do prof
69 Nlaz 961 jan
7% p
1
71 J
*214 2 8
7
24 214
214 24
218 21
*218 278 *2
2%
700 Amer Writing Paper pref _100
114 Jan 4
52 Jan 13
8
•
128 2
*12
8 2
*128 2
3112
8 2
13128 2
.
1% 2
Preferred certifIcates..--100
1 Jan 4
412 Jan 13
12 Dec
4
Jan
3
74 8
7% 74
714 714
714 71
714 712
718 Mar 31 1218 Feb 4
800 Amer Zinc. Lead & Smelt__ 25
74 714
7 May 1212 Jan
*30
31
2818 30
287 28% *29
8
31
30
*29
30
31
800 Do prof
25 2618 Mar 31 484 Feb 4
24e May 447 Dec
4334 433
4 43
4312 4212 43
4212 4314 42% 4314 242
43% 9.400 Anaconda Copper Mining- 50 4112 Mar 30 61 Feb 9
354 Apr 53 Noir
14
*363 37
364 3614 3612 37
*36
37
3612 38% *36
37
400 Archer, Danis Midrd-No par 364 Apr 12 4414 Jan 2
26
Jan 461 Dec
*100 1013* *100 1013* *100 1013 "100 101% 100 100 *100
4
104%
100 Do pref
100 100 Mar 4 105 Jan 4
9013 Jan 105 Oct
•
95% 99
*9512 96
*9511 96
*9512 96
*951 96
* 54 9
:
9
7
6
Armour & Co(Del) prof...100 9512 Apr 1 97 Jan 13
901 Mar 100 Oct
8
224 2214 217 2214 21% 214 21% 211
8
4 212 21% 203 2178 20,600 Armour of Illinois class A__ 25 203* Apr 16 251s Feb 13
8
20 Mar 27 Oct
12
107 107
8
8 1018 1084
9% 1018
9% 1014
9% 10
9 4 9%
3
25
9.800 Class B
94 Mar 31 17 Jan 4
16 Dec 20 ,; Oct
5
*894 90
*8912 90 •
89% 90
*8912 90
*8912 90
Preferred
*8912 89%
100 89 Mar31 93 Feb 11
90 Dec 934 Nov
1
197 20
)8
18
18
18 •1818 1913 18
18
19
19
1,600 Arnold,Consie&Co new No par 18 Apr 12 313 Jan 6
4
8
Jan 175* Oct
Certificates
No per
14 Jan 5 15 4
3
8
Dee
-if- ;14- 21 ;RC IC iii" 21 ;ii- -if"
ii" ------ Art Metal Construction__ __10 19% Jan 2 2312 Jan 26 27 Dec 8038 Nov
Jan
15 Jan 20
'51
52
3150
53 *49% 5112 134914 52
*4914 52
5112 5112
100 Artioom
No par 50 Mar 30 6312 Jan 21
39 June 60 4 Deo
*107 10718 "107 109 *107 1074 108 108 *107
3
10812 *107 10812
100 Do pref
100 108 Mar 18 1113 Feb 1 10112 Aug 110 Dee
4
41% 4112 39% 3 1
9 s 38% 393
4 39% 40
397 4018 393 404 5,400 Associated Dry Goods---100 374 Mar 30 647 Jan 9
4
8
4612 Aug 613 Nov
139634 98
8
*9612 9713 *98
98 .95
98
*96
98
*96
98
Do Ist prof
100 96 Mar 25 10212 Jan 6
•105 107 *104 108 •104 108 •104
94 Jan 102
Oct
107 *103 107 *104 108
Do 2d prof
100 107 Jan 4 108 Jan 28 101
13
48
Jan 1081 Feb
48
4
48
48
4712 48
47% 484 4712 475
48
1,200 Associated Oil
48
25 442 Jan 6 60 Mar 4
4
32 Mar 4714 Dec
40
40
36
3613 35
35% 353 35 4 33% 343* 35 3512 3,900 At Gulf & W I SS Line--100 3318 Mar 31 08% Jan 6
4
3
20 Jan 77 Bent
*37
38
9712 3712 "3712 40
3614 3714 3513 36
3514 368 1,600 Do prof
100 354 Apr 16 5614 Jan 13
107 109
31
Jan 80 Sent
10778 1113* 109 11014 106% 10912 10612 108
107 108
15,100 Atlantic Relining
100 97 Mar 3 1113 Apr 12
4
•11528 117
95 Jan 11712 Fels
12
1155* 117 *115% 117
116 116 "115 115 4 *11518 11512
3
100 Do prof
8
100 1152 Apr 8 11712 Mar 3 113 Sept 1174 June
5512 5512 *55
5512 3154
5512 *54
55% *54
554 5518 554
200 Atlas Powder
No par 54 Mar 4 59 Jan 6
*97__ *97
45 June 85 Deo
_ 97
*97 __
97
4197 _
*97
100 Preferred
100 94 Jan 8 97 Apr 13
1310 1
012 *10 1012 "10
9013 Oct 94 Jan
•10
11
11
108 103* 103* 103*
8
300 Atlas Tack
No par 10 Mar 27 1712 Jan 30
2014 2014 193* 20
918 Feb 21 Dec
20
20
1912 1912 1915 20
194 1914 1,800 AustIn.Nichols&Co vtc No par 172 Mar 31 28 Jan 29
8
1388% 91
*8813 9012 *8813 8912 *8812 90
22 July 3213 Jan
8512 9012 *371 901
Do prof
100 85 Mar 30 98 Jan 8
4% 1
*I
118
4% 1
1
1
7
2 1
*78
1
400 Auto Knitter Hosiery.
.No par
% Jan 2
21a
871 Dec 9514 M
1 jan
10384 pm% 1005* 10318 99% 10212 00% 102
4 Ary
994 10114 10014 102% 52,800 Baldwin Locomotive Wks_100 9278 Niar 31 13612 Feb 11
Jan 4 107 Mar 146 Feb
.105 107
1
106 107
107 107 •106 108 *10534 106
106 106
500 Do pref
100 105 Mar 31 114 Feb 6 107 Aug 1162 Jan
261 263
4 2512 264 2512 26
8
253 26
4
2512 253
4 253* 26
6,000 Barnsdall Corp class A.... 25 243 Mar 30 3312 Jan 2
8
1k
1834 Aug 33 Dec
244 24% 244 2412 2412 2412 24
2414 23% 2334 312314 2312 1,100 Do class B
25 2314 Apr 15 2913 Jan 2
*392 41% *39% 49
8
16 Aug 30 Dec
*391 40
133978 40
39
39
39
39
400 Bayuk Cigars, Inc
No par 39 Mar 31 4918 Jan 4
5012 57
8814 Sept 534 Feb
5518 56
534 5518 54
54
54
5418 54
54
4,300 Beech Nut Packing
20 5318 Apr 13 71% Feb 4
34
60 Mar 77 4 Aug
333 34
8
34
3
3318 337
33
33% 3212 33
3212 3318 1,900 Belding Bros
par 313 Mai 31 39 4 Jan 4
Nu
4
3912 403
3
$
37 Sept 415 Dee
4 3812 40
385 40
3914 4014 38% 393* 39
393 27,300 Bethlehem Steel Corp
100 3812 Apr 12 504 Jan 7
11512 11512 ▪11512 116 *115% 116
37 June 5313
11512 11512 115% 11512 311151z 1155*
500 Do cum cony 8% pref _100 114 Mar 8 120 Jan 26 109 Mar 1164 Jan
100% 10 % 10018 1003* 100 1004 1004 10018 *10014 10012 100 100
Feb
0
2,600 Do pref 7%
100 100 Mar 5 105 Feb 2
9314 June 102
*54 6
*512 6
*54 6
Jan
*518 6
*518 6
514 514
100 ik 0th Fisheries
No par
44 Mar 24
9 4 Jan 11
5
3.36
*35
41
41
*354 42
44 May
83* Oct
*35
44
3518 3518 *35
41
200 First preferred
100 351 Apr 15 5112 Jan 7
25 June 52
*34
35
35
34
*34
Oat
34
*33
34
*33
34
*33
3312
100 Botany Cons Mills class A. 50 3312 Apr 5
40 8 Aug 403 July
2
2812 2812 2712 285* 2714 273
4 26% 27% 263* 2712 263 278 11,100 Briggs Manufacturing_ _No par 263 Apr 14 614 Jan 4
4
8
3712 Jan 4
27
2
*2
2
Oct 441 May
111 112
2%
112 112 *Ilz 2
1
131% 2
800 British Empire Steel
100
112 Mar 19
3 Jan 18
*24
27
•23
27
15a May
25
*24
*20
5 Oct
24% 20
20 *____ 20
100 First preferred
100 20 Apr 15 27 Jan 28
47
22 July 36
*7
9
*7
7%
Oct
53
6
6
514
*514
400 2d preferred
55*
100
54 Apr 15 1018 Jan 11
•13612 137
13612 137
136 13612 136 136% 13534 136
135 137
1,200 Brooklyn Edison, Inc
100 133 Mar 31 14612 Feb 1 12021 j an 156 N
6
s73
J Y
7184 7114 7114 72
7
ul
734 7112 72
1413 °g
'
c
71% 7112 7112 3.800 Bkiyn Union Gas
71
No par 68 Mar 30 783* Jan 11
73% Dec 10014 Nov
32 321s *321z 34
32 4 33% 3314 338 333 333
3
34% 347
8
4 2,000 Brown Shoe Ina w 1
100 30 Mar 29 484 Jan 7
46 Dec 461 Dee
2108 115 *106 115 *106 115 •106 115 *108 115 *108 115
4
Do pref
100 109 Jan 18 111 Mar 10
98 Mar 109
26
253* 26
"2613 263
2618 2613 26
Oet
4 26
26
2578 26
1.300 Brunswick-Balke-Colfr No par 243 Mar 30 30% Jan 4
8
24 June 495 Jan
3
4
4
4
•1283 1293 *12812 12912 12812 128 4 1283 1283 127 128
4
12718
600 Burns Brothers
No par 121 Mar 31 14114 Feb 13
43312 3412 *338 3312 *334 341z *333 3413 333 338 323 1274
9212 Feb 136 Dec
8
4 323
4
200 Do new class B corn No par 29% Mar 31 44 Feb 13
17 Mar 39 Des
49712 99% •9712 098* •97% 9
*9712 997 *971 9978 *9712 997
8
914
:
Preferred
100 97 Mar 30 10012 Jan 11
91% July 99
Oct
8512 852 8312 8512 771, 8312 784 81% 7712 7812 78
80
9,800 Burroughs Add Mach_.No par 7713 Apr 13 93 Jan 4
65
Jan 103 sons
•13341 and asked iniourt no sales 00 Mut day. a Ex-rights. a Es
-dividend.
$ per share $ per share $ Per share $ per share S per share
3412 341/ *3414 35
3434 343
4 31
32 8 *3378 34
,
78 4 783 •783* 79
3
4
783 79
4
*783 79
4
79
79
22
3212 2212 22
21
2112 2118 22
2112 22
*40
41
40
40
1340
41
*39
40
*39
40
New York Stock Record-Continued-Page 3
2162
For sales during the week of stock. usually inactive, see third page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
AprU 10.
Monday,
April 12.
Tuesday,
April 13.
Wednesday, Thursday,
April 15.
April 14.
Friday.
April 16.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1926.
-share lots
On basis of 100
Lowest
Highest
PER SHARE
Range for Previous
Year 1925.
Lowest
Highest
per share $ per share $ per share $ per share
$ Per share $ per share $ per share $ per share $ per share $ per share Shares. Indus. & Miscall.(Con.) Par $164 Mar 18 227 Jan 4
4
/
141 June 28 Dea
8
1
/
1
/
224 1,400 Bush Terminal new__ _No par
.2014 2112 21
21
21
19
2014 2014 *2012 2112 21
7
80 May 89 8 June
100 86 Apr 6 90 Feb 10
Do debenture
800
87
87
*8614 87
*8814 87
•8614 87
87
8614 87
*86
9612 Jan 103 Deo
Bush Term Bldgs, pref____100 9912 Jan 20 10112 Jan 30
101 *100 101
*9918
4
/
•991 101
89918 101
4
/
*9914 - -- *991 101
4
1
/ Jan
8
414 Mar
8
47 Apr 16
64 Feb 10
5
4
1
/ 1,200 Butte Copper & Zinc
4
1
/ 4
4
5
5
8 5
*47
5
5
5
5
5
5
4
17 May 283 Jan
4
100 173 Mar 3 24 Apr 6
4,000 Butzerick Co
23
2312 23 2312 23
23
2312 2314 2314 2318 2314 23
4
/
61 May 2414 Jan
10 11 Mar 30 1614 Jan 11
8 1,209 Butte & Superior Mining
4
1
/ In 1214 123
4
1
/ *12
4
1
/ 123 *1214 12
4
/
4
121 1212 1218 1218 12
4
1
/ Oct
23 Oct 44
2
No par 28 Mar 29 3818 Feb
Byers dr Co
32 •____ 30 *4_ __ 30 *____ 30
*28
32 *_ _ __ 32
*28
Oct
1
/
954 Oct 100
8
4
1
/
100 98 Mar 20 995 Feb 18
Preferred
*--__ 9912 *___ _ 9912 *____ 9912 •_-__ 9912 *---- 9912 *4-44 9912
4
1
/ Jan
2
4
1
/ Jan 8
14 Dec
14 Jan 2
Caddo Cent 011 & Ref__No par
Jan 3812 NOT
12812 12712 6,100 California Packing____No par 12114 Mar 30 17912 Feb 4 10012
12618 12714 12512 127
126 123
126 127
3/
-4
12f 7 fib
1
/
4
1
/
23 Jan 344 Dec
4
/
25 301 Jan 20 3818 Feb 10
17,700 California Petroleum
4
1
/ 33
32
1
/
4
1
/ 334 3212 33
4
4
1
/ 323 3314 32
4
4
/
3312 341 323 33
4
43 Feb
114 Oct
4
1
/
2 Jan 15
4
/
11 Mar 26
10
4
/
4
/
112 11 *112 11 2,500 Callahan Zinc-Lead
112
112
112
112
112 112
112 138
45 Apr 6118 Dee
10 5512 Mar 29 6414 Jan 8
5738 1,300 Calumet Arizona Mining
57
57
563 57
57
8
567 67
4
564 67
57
*66
8
151 Jan 6
1214 May 185 Jan
:
8
25 133 Mar 31
5.100 Calumet & Heels
8 1412 1412 1418 1418
8 143 147
1
/
8
8 144 147
1414 143
1434 15
24 Mar 6812 Dec
4
100 621: Jan 4 903 Feb 13
3,000 Case Thresh Machine
7612 77
7534 7318 7512 76
74
7614 7514 76
*7534 77
60 Mar 10711 Dec
8
100 96 Jan 5 1053 Feb 23
600 Do prat
8
*9914 10212 100 100 *1001 103
102 102
*99 102
102 102
4
143 Mar 2358 Oet
:
4
93 Apr 8 201 Jan 5
100
4
/
1012 101 4,500 Central Leather
4
/
101 11
1014 11
11
1014 1078
4
1
/ 1012 10
9
Oct
4
1
/
49 Mar 71
4
8
100 457 Apr 9 683 Jan 5
Do pref
4
1
/ 6,209
4
/
4312 4718 4814 471e 471 4814 43
4
1
/ 47
4712 4734 4612 47
3
30 4 Sept 4712 Mall
1,009 Century Ribbon Mills__No par 13 Apr 8 3278 Jan 8
13
13
1412
1
/
144 *13
1318 *1314 1412 *13
*1312 14
13
94 Dec 9834 Jan
100 8514 Mar 2 90 Jan 21
Do pref
83
*85
88
*85
88
*85
88
*85
83
*85
88
*85
434 Mar 6438 Non
4
/
611 4,700 Cerro de Pasco Copper_No par 5712 Jan 22 6914 Feb 11
6112 61
8 6112 617g x61
615
61
8
62 6212 607 62
4
1
/
40 Mar 5334 Sepi
4
/
2,200 Certain-Teed Products_No par 371 Mar 30 4912 Jan 5
4
393 40
8 40
4018 4012 393 4018 393
4
41
40
*4112 42
891: Jan 110 Sept
100 10212 Jan 2 10512 Jan 21
1st preferred
8
8
8
8
8
*9712 1025 *9714 1035 *9712 10338 *9712 1035 *9712 1033 *9712 1033
271: Aug 52 Oci
4914 Feb 10
3
__ ._ ______ Chandler Motor Car__ _No par 43 4 Feb 1
____
1
/
No par 45 Feb C 484 Jan 7
Certificates
__
15ec
8014
2
9412 Apr 8
300
2 17 - Chicago Pneumatic Tool_4100 501 Mar 30 120 8 Jan 4 - / Mar fii -Oci
- 3-- 0-2
4 1
1 0- -93 --1 1- -9§- 1994 -55- IVO- ;6/ f66- i.(56- 16/1- - 2:1
/ --9i I0
4
1
/
4
1
49 Mar 74
663 Jan
4
/
No par
1,90) Childs Co
52
52
52
4
1
/ 52
52
5218
5218 53
53
1
. 11212 5312 53
8
8
1
/
304 Mar 375 Jan
25 30 Mar 3 363 Jan 6
5,20) Chile Copper
3218 3218 3218
8 32
3218 3218 323
8 32
4 32 323
*3212 323
4
1
/
19 Apr 28 Feb
5 16 Mar 3 2112 Feb 17
2012 *2014 2078 2014 2012 1,100 Chino Copper certifs_No par 40 Mar 30 63 Jan 4
20
21
21
21
.20
8
207 *19
4
1
/
62 Dec 6412 Dec
4
1
/
609 Christie-Brown
4
1
/ 4338 43 43
1
/
434 x43
4212 *42
4 42
*4234 4378 4234 423
1
/
123,200 Chrysler Corp new__ __No par 2812 Mar 30 544 Jan 9
4
1
/
4
1
/ 3014 3212 3114 32
314 33
4
1
/
4
/
331 344 303 3314 3112 33
a
-- Non
No par 93 Mar 30 108 Jan 2 10018 July 1117 Do prat
1,400
4
4
993 993 100 100
4
1
/
99 100
9912 9912 100 100
*9912 100
5812 Mar 7134 Jam
600 Qua'', Peabody & 0o____100 6014 Mar 31 6812 Jan 7
64
6412 *63
6412 *63
6414 6314 6312 *63
64
*6418 65
100 1034 Jan 13 110 Feb 25 10312 Jan 109 Sepl
Preferred
*108 120 *103 120 *108 120 *103 120 *103 110 *103 120
4
Jan 1773 Non
80
No par 128 Mar 24 16112 Feb 4
1
/
133 1404 33,300 Coca Cola Co
4
/
4
/
1
/
4
1
/
142 1444 1331 14212 133 1.411 13614 14178 135 139
Jan 10112 Mal
99
100 99 Jan 14 10114 Mar 21
_ _ 4 _ 4 _4 Preferred
__ *100
__ *100
___ •100
_ *1004 *100
*100
3214 Apr 4814 Jan
4
1
/
27 Mar 3 3814 Feb 11
100
31
29 - 14 5,700 Co(orado Fuel & Iron
8
285 29
20 29
29
1 4 2334 -- 3
;
9
2 4 20 *29 1 3
45 Mar 6234 Del
8
8
6434 6538 3,900 .7olurnblan Carbon v t C No par 555 Jan 26 697 Feb 23
4
6412 6414 6112 633 65
6314 63
6412 63
64
Oct
4
1
/ Jan 86
45
No par 6312 Mar 29 90 Jan 9
64,500 Col Gas & Elec
7412 76
4 7218 75
4
1
/ 7212 7412 7214 743
8
1
/
4
1
/ 744 715 73
73
100 112 Mar 30 115 Jan 12 10414 Jan 11412 Del
300 Preferred
11312 11312 *113 11312 11318 11318
*11212 114
113 113
•11212 11414
4
/
3812 Sept 551 Dec
4
1
/
1,200 Commercial Credit444-No par 29 Mar 3 4712 Jan 14
31
3012 *3012
30
4
1
/ 31
8 3112 3112 30
3112 315
32
*31
2514 Sept 2712 Oct
25 25 Jan 20 2614 Jan 13
Preferred
27
*2212 24 '*22
24
*23
24
*23
24
*22
24
.23
4
1
/
264 Sept 27 Dec
4
1
/
25 2514 Apr 8 27 Jan 11
Preferred B
*2514 23
27
*25
28
*25
27
*25
*2514 27
*2512 27
Jan 8412 Non
50
500 Comm Invest Trust44-No par 55 Apr 12 72 Jan 11
5412
*53
53
*53
1
/
*534 56
55
55
65
55
56
56
100 08 Mar 31 104 Jan 28 100 Nov 10712 Nos
7% preferred
99
*94
99
*91
90
*94
99
*94
99
*94
99
Jar
*94
80 May 100
8
1,200 Commercial Solvents A No par 1203 Jan 4 15212 Feb 13
128 132
128 13112 *126 129
128 128 *12712 130
*130 134
Jar
76 May 189
No par 11814 Jan 4 146 Feb 13
B
Do
1,300
131 131
126 12912 *125 129
1
/
12512 1254 126 126
•129 132
4
1
/
15 Nov 4312 Sat
4
No par 1512 Apr 16 213 Feb 4
Co new
1
/
1
/
1618 154 154 1512 1512 3,300 Congoleum Foil stpd___No par
1618 16
16
7
1618 1618 15 8 16
11 May
17 Fel
I Mar 12
8
8 Mar 18
Conley Tin
78
"4
8
7
4
*3
8
7
"4
8
7
"4
8
7
"4
8
7
4
1
/
*
4
1
/
2612 Jan 63 Do<
Feb 20
47
4
493 19,000 Consolidated Cigar____No par 4514 Apr 15 87 Feb 11
5012 4514 47
4914 5012 47
8
5314 503 53
53
4
1
/ Jan 98 Del
79
100 91 Mar 31 10212
Do pref
99
*95
99
*95
90
*93
99
*93
99
*92
99
1092
318 Jan
4
1
/
9 Fel
612 Jan 7
214 Mar 3
314 34 3,300 Consolidated Distrib'rs No par
318 34
3
34
*312
318
4
1
/
8 34
27
34 3
7418 Mar 97 De<
4
/
1041 Feb 23
9012 9112 14,909 Consolidated Gas(NY) No par 87 Mar 30
8
9112 897 9112 9012 9134 9018 91
90
9134 92
54 Jar
4
1
/
2 June
4
1
/
3 Jan 18
2 Apr 12
..No par
218 3.600 Consolidated Textile.
2
211
2 14
2
2 14
2
'4
2
218
218 2
*214
4
1
/
6012 Mar 93 Dec
4
1
/
19,900 Continental Can, Inc__No par 70 Mar 31, 92 Jan 2
7214 73
7118 7334 7118 72
1
/
8
1
/
744 7514 725 744 7114 73
Jan 140 Dec
1
/
25 /22 Mar 31 1444 Jan 9 103
100 Continental Ineurance
*125 12712 124 124 *124 125 *125 126 *124 125 *124 127
1512 001
814 Jan
104 Mar 3 13 Jan 5
1034 11
1034 11
4
/
4
1
/ 11
10
21014 101 1012 1018 10,500 Cont'l Motors tern ette_No par
1078 11
4
1
/
8
323 May 42 Del
4
1
/
4
1
/
25 35 Mar 30 43 Jan 13
8
3814 393 32,100 Corn Products Refin w 1
4
1
/ 3814 39
4
1
/ 39
4
1
/ 33
33
4
1
/ 3878 38
8 37
4
1
/ 393
35
100 12212 Jan 8 125 Mar 2 11818 Jan 127 Jul:
900 Do pref
12418 12414 124 12418 124 12434 125 125 *125 127 *126 120
48 Aug 6012 Dec
4
No par 4412 Mar 29 603 Jan 4
600 Coty, Inc
8
*4512 47
477
*4512 48
47
46
4614 4614 46
4614 43
36 Mar 6418 De(
100 25 Apr 9 63 Jan 2
Crex Carpet
40
*25
40
*25
40
*25
40
*25
40
*25
40
*25
4
1
/
4
1
/
84 Mar 84 Non
6158 6512 6712 8,800 Crucible Steel of America_ 100 64 Apr 15 8112 Jan 4
4 6518 6612 z64
6614 6514 663
65
67
65
92 May 102 De(
4
100 96 Mar 30 1003 Feb 20
200 Do pref
93
*96
99
*96
99
9812 *96
*96
93
*9312 9812 98
1
/
4414 Deo 544 Oel
par 3912 Apr 15 53 Feb 4
No
4
/
431 3912 4112 4114 4312 17,100 Cuba Co
40
4212 44
4
1
/ 45
4518 4538 42
8
4
1
/ Oct 145 Fel
7
Vs Mar 11 1112 Jan 29
No par
018 914 3,200 Cuba Cane Sugar
1
/
94 912
4
/
91 018
914 914
*914 912
914 914
4
1
/
4
/
371 Oct62 Fel
4
/
IC0 3918 Apr 14 491 Feb 4
1
/
414 18,300 Do pref
41
42
4018 413
4
4
/
*4112 4212 394 4134 3958 4112 391
Oct3312 Ma
20
4
/
Cuban-American Sugar____10 24 Mar 29 301 Jan 28
4
/
241 2412 2412 2412 5,900
25
24
1
/
244 25
26
25
*2514 26
4
1
/
93 Nov 101 Mg
100 9754 Jan 5 101 Feb 5
400 Do pref
100 100
•96 101
*96 101
*97 101
101 101
*101 103
4
1
/
212 Oct6 Fel
4
1
/
3 Feb 8
4
/
11 Apr 6
2,100 Cuban Dominican Sug_No par
2
2
178 2
*178 2
2
2
2
2
2
2
16 Dec 4412 Jaz
4
1
/
100 1618 Mar 8 22 Feb 6
100 Do pref
*1712 1812
18
1
/
8 1712 184 18
4
1
/ *1712 187
18
•1778 1812 *17
9312 Dec 107 00
100 82 Mar 29 97 Jan 4
700 Cudahy Packing
84
*81
84
84 8418 *81
84
83
85
*84
001
85
85
62 Mar 104
No par 7712Mor 1 100 Mar 4
8912 01
9012 9012 1,500 Cushman's Sons
4
913 92
89
*9018 9214 924 9214 87
44 Nov 59 Ma,
No par 4218 Apr 15 51 Jan 14
3,300 Cuyamel Fruit
43
x4218 4312 43
*4412 45
4312 45
4418 45
4
1
/ 451
45
1
/
74 Jaz
4
1 Jan 4
0 Dec
4
1 Feb 16
100 Daniel Boone Woolen MIlls_25
8
7
"4
8
7
4
*3
8
7
"4
N
4
3
8
7
"4
4
1
/
27 Apr 493 Jai
8
7
4
"4
1
/
par
30 464 Feb 17
4
/
3338 311 3238 3214 334 17,800 Davison Chemical v t o_No par 2718 Mar 9 29 Jan 8
4
/
3114 3312 311 3312 32
3112 34
2014 Mar 29 Dec
28 Jan
De Beers Cons Mines__No
4
293
2934 *28
*28
*2734 30
*2734 30
*2778 30
Jan 15912 Sol
*2834 30
100 12312 Mar 30 14118 Feb 1 110
1,700 Detroit Edison
8
4
1
/
125 1257 12512 12512 125 126
4
126 1263 126 126
Oct9014 Dec
3
*125 4 127
53
4
1
/
1,300 Devoe & Raynolds A__No par 33 Apr 15 10418 Feb 10
1
/
4
1
/ 344 *3312 35
*3538 3612 3478 3514 3412 3412 *3434 3612. 33
2134 June 48 Not
4
1
/
15 474 Jan 2
8
8 263 2814 187,600 Dodge Bros Class A___No par 2614 Apr 15 8818 Jan 8
4 27
3034 2614 283
4
3134 3212 293 3112 2938 303
7312 May 9112 00
Preferred certifs____No par 81 Apr
8 9,400
813
81
82
8314 81
8318 82
8 83
8318 837
4
123 Apr 1818 Not
8338 831
par 13 Apr 15 20 Mar 13
No
1312 1312 1414 18,600 Dome Mines, Ltd
8 13
1314 143
1412 16
16
4 16
14 Feb 2312 Atli
1814 163
19 Mar 20 2512 Jan 30
No par
100 Douglas Pectin
21
*20
21
*20
21
*20
21
*20
20
20
21
Jan 11314 Dec
105
*20
600 DuquesneLIghtlotprOt___100 11112Mar 3 114 Feb 11 1043 July 118
4
4
4
4
8
8
4
1
/ 1137 1137 1133 1133 1133 1133 114 114
11312 113
4
Jai
•11312 114
2
8
1065 Mar 30 1123 Jan 5
No par
4
/
109 1091 5,400 Eastman Kodak Co
8
1012 Feb 3012 Dec
10914 10914 109 10912 1087 10918 10912 10912 10814 109
4
8Mar 30 323 Feb 13
245
4,100 Eaton Axle & Spring_ No pa
27
2612
4
1
/ 22612 27
2712 27
8
4 263 28
4
2814 263 273
ns
7
1
/
NeNeroC0_410 1934 Mar 29 238 2 Jan 4 1344 Jan 27114 Not
8
4
4
1943 1993 194 1997 194 19812 195 19938 28,600 E I du Pont de
8
Jan 10412 Not
94
20018 2033 195 201
100 101 Feb 25 10412 Jan 18
8
8
8
1015 1015 10114 10112 1013 10138 1,500 Do prof 6%
101 101
4
1
/
1
/
*101 102 *101 102
4
1
/
17 Mar 30 344 Feb 10 1 17 Apr 4010 Jul)
1812 11,600 Elec Pow & Lt ctfs____No par
4
/
8 181 1812 18
8
187 187
4 1812 1914 184 19
1912 193
9912 Mar 30 115 Feb 11 100 Mar 110 Jon'
200 40% pr pd
4
10034 1003
102 102
3
1
/
•10012 103 *100 4 103 *10114 103 *10112 102
105 Apr 1 1104 Feb 26 10012 Mar 11034 Jun(
Prof full paid
*100_ *100 105
8
897 Aug 943 De1
4
*100 101 *100 106 *100 106 *100 106
8912 Mar 24 9712 Feb 11
900 Do prat Ws
*921z 03
4 924
923 - 3
93 93
93
9212 9212 93
4
603 Mar 80 Dec
93
4
1
/
93
Storage Battery__No par 7118 Mar 3 79 Mar 12
8 7812 7714 3,800 Elec
8
767 7714 7614 767
4
1
/
5 Jul]
7612 7618 77
4
/
11 May
774 7714 75
1 Feb 1
112 Mar 29
300 Emerson-Brantingham Co_100
*112 2
*112 2
*112 2
4
/
11 168
4
/
11
138
8 May 264 Alli
•114 2
1
/
1
/
100 10 Feb 20 244 Jan 29
Preferred
13
*10
13
*10
13
*10
13
*10
13
*10
13
4
/
4
1
/
63 Apr 747g Sep
•10
50 6512 Mar 31 721 Feb 8
*6612 6712 1,100 Endleott-Johnson Corp
s
8
4
1
/ 663 663 *6612 6712 6614 6614 *11513117
66
674 66
67
4
1
/
100 114 Jan 7 118 Feb 2 111 May 118 001
200 Do pref
- 11512 11512 *11512 117 *11513117
4812 Nov 5712 Dec
4
1
/
•11510 11512 *11512
300 Eureka Vacuum Clean_No par 45 Mar 29 53 Jan 8
47
*46
*4612 47
4612 4612 *4612 47
4
1
/ Jaz
19
46
4612 46 *46
:
181 Jan 2
1312 July
Exchange Buffet Corp_No par 1512 Mar 1
8
8
*155 1612 *155 2658
17
8
*1538 1612 *1538 1612 *155
1
•15 8 17
312 Feb 25
214 Mar
43 Aui
2 Apr 16
25
4
100 Fairbanks Co
2
2
3
*2
3
*2
3
*2
3
*2
3
*2
324 Jan 545 001
4
1
/
8
No par 46 Mar 29 59 Feb 10
Morse
8 5012 SO's 1,000 Fairbanks
4
1
/ 503
50
50
4912 4912 50
4
493 50
52
100 1081: Jan 6 115 Feb 9 1061: June 11018 Not
*51
Preferred
*105 115 *105 115
*107 115 *107 115 *105 115 •105 115
4
904 Feb 114 J085
4
1
/
114 11712 26,100 Famous Players-Lasky_No par 10318 Jan 19 1263 Mar 12
11512 117
8
11512 1187 1154 119
11718 11812 11514 117
100 115 Mar 31 124 Mar 11 10378 Feb 120 Jull
900 Do prof (8%)
117 117
*117841195* 11612 11812 *11712 11812 *11712 11812 2118 118
8
26
15 28 Mar 31 393 Feb 3
Oct 37 Del
4
1
/
3,100 Federal Light & Trao
291
29
2812 2812
2912 30
2912 30
30
3
3
30 4 30 4 30
8211 Sept 89 Dei
No par 87 Feb 11 89 Jan 4
Preferred
87
*85
87
*85
87
*85
87
*85
87
*85
87
*85
1514 Mar 9512 Dec
100 Federal Mining & Smelt1-100 75 Mar 3 11154 Jan 5
90
*80
90
*80
00
*80
90
*80
90
*80
86
86
4
1
/
49 Mar 947 Dei
8
100 61 Mar 3 105 Jan 6
900 Do pref
72
72
72
71
72
7612 73
72
*73
73
*7212 74
700 Fidel Phen Fire Ina of N Y__26 160 Apr 15 20014 Jan 23 14711 Jan 179 Dec
160 164 *155 170
165 167 *160 173
*165 175 *165 175
4
/
12
Jan
4
173 Jul)
Fifth Ave Bus tem otts_No par 1478 Jan 2 211 Feb 9
19
*14
19
*15
19
*14
19
*15
19
*15
19
•16
4
1
/
No par 30 Mar 31, 49 Feb 5
3812 Dec 40 Do
1,200 First Nat'l Stores
3318
33
3212 33
34
*3114 32
3212 33
33
33
33
6014 Feb 125 Not
25 85 Mar 24 10514 Jan 4
8
877 10,500 Fisher Body Corp
8 86
8618 867
4
1
/ 8618 87
8618 87
88
86
89
88
No par
1
/
144 Mar 3 2614 Jan 13
101: Mar 283 Oc
4
8
167 1712 19,000 Fisk Rubber
4
1
/ 1812 167g 1772 1634 1714 1812 1714 1612 17
17
4
/
751 Jan 11612 Not
100 10514 Mar 2 115 Jan 2
Do lot prof
_
•106 11312 *106 11312 *106 11312 *106 113 *10414 11312 906 11312 31,000 Fleischman Co new_ ___No par 3214 Mar 29 5612 Feb I
3778
8 37
1
/
4
1
/ 364 373
37
3712 37
3612
1
/
364 33
3814 39
No par 934 Mar 29 179 Jan 29 4
1
/
- 4
0
Jan 1 - Nol
90
8 6,300 Foundation Co
8
4
/
8 97 10134 971 9812 983 983
997
4
1
/ 9912 97
95
8
1003 101
No par 554 Mar 31 85 Jan 2
1
/
681: Sept 85 Dec
6212 6112 6312 7.300 Fox Film Class A
8 61
6114 633
63
6114 6312 61
65
64
4
1
/
1
/
No par 19 Jan 13 283 Feb 9
4
8 Mar 244 001
2514 244 2538 55.600 Freeport Texas Co
4 2312 2518 2410
2
2312 2312 2214 2314 223 233
No par 29 Mar 25 42 Feb 11
1
/
284 Aug 39 Not
4
1
/
3312 3,200 Gabriel Snubber A
3314 3314 3312 33
4 3312 3312 33 3314 33
3354 333
612 Apr 3
94 Jan 4
No par
418 Jan
1
/
164 M151
1,500 Gardner Motor
7
7
7
7
1
/
*64 7
714
7
7
7
714 714
001
100 39 Mar 29 553 Jan 2
8
4
1
/
44 Aug 60
2,500 Gen Amer Tank Car
414 42
4
1
/ 43
8
4
/
4212 4312 42 421 4212 427 *42
44
44
100 101 Feb 10 104 Jan 15
4
1
/
93 Feb 104 Not
Do prof
*100 102 *100 102 *100 102 *100 102 *100 102 *100 102
100 50 Mar 3 73 Jan 11
4212 Mar 70 Del
4
/
4
/ 5914 5812 611 47,100 General Asphalt
4 571
5 573 603
4
3
3
4
593 60 4 5618 59 4 5614 593
8
100 947 Mar 3 113 Jan 11
4
1
/
8612 Mar 109 Dec
700 Do pref
4
4
1033 1033
1004 101
10012 10052 *101 105 *10012 105
*10112 104
1
/
5014 2,500 General Cigar, IncnewNo par 46 Mar 29 594 Feb 11
50
50
50
50
50
50
5014 50
5012 5012 50
100 109 Jan 11 11512 Feb 18 195
Jan 11114 idal
Preferred (7)
*11114 11512
•1114 11512 *11114 11512 *11114 11558 *11114 11512 *11114 11512
100 Debenture preferred (7)4100 10914 Apr 12 11812 Feb 10 104 July 116 Dec
*10914 11312 10914 10914 0100 117 *100 11712 *10712 11712 *100 117 145,000 General Electric
100 285 Apr 15 38812 Feb 19 22714 Feb 3374 Ain
4
285 29314 289 2953
4
30212 30514 292 3014 28712 2953 28714 29712
10 11 Jan 5 111 Mar 22
8
4
/
7
13 8 Oct 117 Jul)
special
2 1112 1112 1138 1112 1138 1112 4,100 Do Gas & Elec A__No par 34 Mar 30 59 Jan 2
8
2 113 1112 1128 113
1132 113
4
1
/
4
1
/
58 Dec 61 Dec
4
1
/ 1,700 General
4
1
/ 35
4
1
/ 35
36
3712 38
4
1
/ 36
37
38
3714 363 38
4
38
1
/
1
/
No par 954 Mar 8 994 Jan 4
99 Dec 100 Del
100 Preferred A (7)
4
1
/ 9558
*9514 9612 *954 9812 *95
9612 96
96
9612 *98
*96
4
/
No par 1051 Apr 8 11014 Jan 15 110 Dec 110 Do
Preferred A (8)
•105 10812 *105 10812 *105 10612 *105 10612 *105 10612 *105 10612
No par 933 Mar 30 96 Jan 4-4
---•
100 Preferred B (7)
4
/
*931 95
4
*933 95
3
093$4 95
3
93 4 93 4 *9313 95
4
1
/ 94
*93
No par 51 Mar 30 55 Feb 4 - 1- 'Aug - 4 SeD1
4
1
/
494
943
700 Oen Outdoor Adv A
*5154 53
5112 5112
g
62
5118 511 517 517
8
4
/
5212 5212 52
4
/
4
/
261 Aug 34s8 Dec
900 Trust certificates_ 4 _ _No par 261 Mar 30 33 Jan 6
1
/
2814 2814 *284 29
4
1
/ 29
2912 281s 2018 28
:
291 2912 29
•Bid and asked peon; no sale. on this day
Et-d1v1dend. a Ea-danto
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.
April 10.
Monday,
April 12.
Tuesday,
April 13.
Wednesday, Thursday.
April 14.
April 15.
I Sales
for
Friday, I the
April 16. Week.
STOCKS
NEW YORK STOOK
EXCHANGE
PER SHARE
Range Singe Jan. 1 1926.
On basis of 100-share iota
2163
PER SHARE
Range for Previous
Year 1925.
Lowest
Highest
Lowest
Highest
$ per share $ per share $ per share $ per share 8 per share $ per share Shares. Indus. & Miscall.(Con.) Par $ per Mars
$ per share $ per share $ per Aare
1183 12038 116 119
4
116% 1187 11514 119
8
5
1158 117% 1157 1181 302,600 General Motors Corp_No par 11314 Mar 29 13114 Feb 4
/
4
648k Jan 14934 Nov
•113 114 *113 114
11312 1131: 114 11414 114 11414 114 114
3,100 Do 7% prof
100 113% Jan 29 11512 Jan 11 102
Jan 115 DWI
•98% 9912 *9312 9912 9814 9814 *97
99
*98
931 98%
:
93
203 Deb 6% prat
100 9814 Apr 13 100 Jan 11
8832 Apr 9913 Nov
593 6012 5814 597k 5812 59% 5814 5918 577 5812 584 534 34,800 General Petroleum
5
8
25 49'z Mar 2 653 Mar 16
3
42 Jan 59% Dee
70
7212 674 6912 6712 6734 68
13313 6712 63
67
68% 7,400 GenRy Signal new---No par 6012 Mar 31 843 Jan 7
5
68 Nov 803 Oct
4
•1011: 103 •101% 103 *10112 103
103 103 *103 1034 *103 10114
100 Do pref
100 103 Apr 14 101 Jan 18
9012 July 1057 Nov
5
•___ _ 43 •____ 43 4 _ __ 42 *__ _ 42 *____ 42 4
._
General Refractorles_No par 43 Mar 29 49 Jan 4
'.. _ 42
42
Oct58% Jan
4913 491 4812 4912 4815 49
/
4
4833 49
49
4913 49i2 50
3,303 Gimbel Bros...
No par 45% Mar 3C 78% Jan 4
47 Mar 83 Dec
*104 10612 •105 107
105 105
105 105 •1027 107 *1027 107
*
8
200 Do prof_
100 1033 Apr 1 1113 Jan 19 10214 Mar 11413 Nov
5
8
Ginter Co temp etfa___No par 40 Jan 2 443 Jan 4
4
224 Feb 53 Dec
4
----"- -ior -- -ior4 Ziii "io- icili -iois lit; -- :565 Glidden Co
i 26.;
4
No par 18 Mar 23 253 Jan 7
4
1212 Mar 2612 Deo
437 45
*4513 46
4434 45
4314 45
4212 4338 4314 4414 4,400 Gold Dust Corp v t o No par 4112M kr 31 557 Feb 4
37 Mar 51
Oct
5614 573
8 533 553
5
4 538 5515 5312 551
4 53
5414 5315 5435 20,803 Goodrich Co(B F)
No par 52 Mar 33 703 Feb 3
4
363 Jan 743 Nov
4
4
•
99 9913 *99
99% 9914 9914 993 993 *98
9912 *99
200 Do prof
994
100 9612 Jan 22 100 Feb 9
92
Jan 102 Nov
10212 1023 102 102
4
10114 102 *10134 102
10114 10114 10112 102
1,503 Goodyear Y & Rub pf v t 0_100 9812 Mar 33 1093 Feb 4
4
8612 Jan 1145s Oct
14107 108 *107 108 *107 108 41107 108
1071 107% *107 103
:
100 Do prior pref
100 1051 Jan 22 108 Mar 9 103 Apr 109 Dec
*35
% 36
3513 335% *35
354 3512 354 *34
3513 *35
20) Gotham Silk Hosiery-No par 3314 Mar 33 417 Jan 11
3513
2
39 Dec 42 Deo
*9812 99
99
99
99
99
9914 994 *99
9912 99
99
600 Preferred
100 98 Apr 6 10312 Jan 11
9913 Dec 10212 Dee
4118
1814 18
18% 18
18
k
177 18
16% 164 17
1,030 Gould Coupler A
No par 16% Apr 15 2112 Jan 23
17
187 Dec 23 Sept
3
141734 18
1714 173
4 17% 1714 17
/ 1714 174 1714 1712 18% 3,800 Granby Cons M Sm & Pr_100 1615 Mar 31 23 Feb 5
1
4
12
13 Mar 217 Dec
egg
9312 94
944 91
/
1
9334 89
93 4 90
3
11,200 Great Western Sugar tern ctf25 89 Aar 14 10614 Feb 2
91
9312 95
91
Jan 11315 June
11114 11114 41109 11114 *109 11114 *109 11114 *1087 111 *109 11114
3
10) Preferred
100 10812Mar 30 116 Jan 14 107 Apr 11512 Dec
*10
11
10
10
10
7
10
975 97
2
934 9
10
10% 2,900 Greene Cananea copper-10U
94 Apr 3 1414 Feb 10
4
114 Mar 1914 Jan
/
1
*714 8
7
712
7
7
6
/ 63
1
4
4 *63
-No par
37 Sept61 Jan
4 7%
903 Guantanamo Sugar.
5% Jan 5 107 Feb 1
5
6912 7014 6813 69
69 69
3 63 69
6312 697
6312 69
5
2.303 Gulf States Steel
100 6712 Mar 31 93 Jan 4
6715 Mar 9544 Nov
•42
52
1442
50
*42
50
4
42
50
*42
50
*42
Hanna lot prat class A
50
100 50 Aor 8 57 Feb 26
4212 July 89 Feb
*273 2810 271: 2712 27
4
27
27
274 *27
2714 27
903 HEILIMSUI Corporation__No par 26 Mar 31 85 Jan 6
27
25 Apr 3712 Jan
/
1
4
38 38
37 37
3712 3712 37
37% 3514 3612 353 3614 2,933 Hayes Wheel
4
No par 345 Mar 30 46 Jan 14
30 Mar 4913 Nov
*71
72
70
71
*634 71
*70
71
*68% 71
*681s 71
403 Helms(OW)
25 68 M ,r2* 7413 Feb 11
66 May 773 Jan
4
*2534 281 *253 2814 *253, 27
4
1
26
26
•25
2712 26
203 Hoe(R)& Co tern ctfs_No par 25 Mar 29 35 Jan 8
25
27 Dec 487 Jan
5
1153
55
*53
55
*53% 55
*533 55
4
*54
55
*54
Homeetake Mining
55
100 471 Jan 4 62 Feb 23
:
43
Jan 50
Jan
42
43
43 43
43
43
*4212 43
421 4213 43
43
1,60) Househ Prod,Inatem cittNo par 40 Mar 3 483* Jan 8
3413 Jan 471 Nov
557 558 54
55
5178 51
,5238 51
524 5214 53 53
Houston 011 of Tex tem otfs100 5014 Mar 31 71 Jan 5
3,800
59 Apr 85
Jan
323 33
4
3212 3318 "3212 33
3112 324 "314 32
*315 324 1,600 Howe Sound
4
No par 27 Jan 8 353 Mar 10
4
1613 June 3113 Nov
703 7514 63 4 70's 64
4
3
6334 613 634 61
4
6513 62
No par 61 Apr 15 12314 Jan 4
681 550,80) Hudson Motor Car
8
333 Jan 13912 Nov
4
2034 2118 197 2013 1975 21
204 204 5193 20
4
1972 2012 14,600 Hupp Motor Car Corp____ 10 17 Mar 2 288 Jan 4
1414 Mar 31 Nov
23 2314 215s 224 214 224 213 2312 2134 2214 2238 224 15.703 Independent Oil &
4
Gas_No par 193 Mar 30 34 Jan 2
5
1312 Jan 411 June
/
4
218s 21
*21
211
203 214 2012 211g •20
4
21
*20
1,803 Indian Motocycle
21
No par 18 Jan 6 244 Feb 4
13 Mar 24 Aug
'
49% 10
9% 91
9
9
*9
914
94 915
9% 912 1,303 Indian Refining
10
9 Mir 31 133 Feb 13
4
5% Jan
1414 Dee
•83
2 912
83
3 83
8
8
8 14 *8
914 *8
913 *74 712 1,030 Certificates
10
8 Apr 13 1212 Feb 13
6 Sept 12% Dee
*85 101
*85 101
1485 101
4185 100
*85 101
*85 101
Preferred
100 1014 Apr 1 104 Jan 7
77 Mar 110 Dee
1488
*90
92
91
90
91
913 92
4
92% 924 92
923*
803 Ingersoll Rand new____No par 8014 Mar 31 104 Jan 5
77 Nov 107% Dec
3754 3814 37% 3754 38
38
3734 37 4 393 3984 37
3
4
/ 37
1
4
/ 1,700 Inland Steel
1
4
No par
37 Mar 30 43 Jan 7
13
38 4 May 50 Feb
3
•____ 10914 10914 1091 1 _ -- 1107 *---- 1107 10912 10913 109 109
.
300 Do pref
100 10834 Mar 16 115 Feb 9 104% Apr 112 Sept
2214 2134 217
142214 23
22
22
221 •2178 22 "217 22's 1,100 Inspiration Cons Copper
g
20 203 Mar 30 267 Feb 10
4
2214 Apr 3234 Jan
2
17
1714 16
17
16
16
184 me 167 17
17
17
2,600 internat Agrleul
No par 1514 Mar 31 2614 Jan 22
715 Jan 24% Nov
1487
88% 87
87
87 87
*87
883* •87
883* 87
87
600 Prior preferred
100 8312 Jan 12 95 Jan 27
40 Apr 85 Nov
4113 4218 40
41
4115 4114 407 4138 4
8
411 41's 4,100 Int Business Machines_No par d3818 Mar 30 d47 Mar 2 110 Mar 17614 Nov
035 411
6012 6114 60
6113 63
60's 60
s 53 4 593
603
3
5,500 International Cement__No par 57 Mar 29 717 Jan 21
59
52 Jan 811 Sept
:
*102 10213 *102 10212 *102 1021 10212 10212 •102 103 4 10212 60
200 Preferred
10212
100 102 Mar 17 106 Jan 26 10213 Nov 107 Aug
44% 4612 421 4412 417 447
5 4313 4514 4314 453* 4438 457 156,200 Inter Combas Engine_No par 331
:Mar 30 6412 Jan 5
313 Jan 691 Dec
4
:
*117 118
115 1167 11512 11734 116 116
115 11612 11475 11534 8,900 International Harvester
100 11214 Mar 29 13412 Feb 10
96% Mar 13814 Sent
'122___ 122 122
1213 1217 *121 12112 *12114 1213* 12114 12114 1,500 Do pref
4
100 118 Jan 5 5223 Apr 9 114 Mar 121 Nov
4
*934 10
9% 1012
938 93
9% 912
913 913
9% 913 2,600 Int Mercantile Marine.......100
84 Mar 31 123* Feb 17
7lsJune 147 Feb
5
393* 403* 38
40% 3712 39s 374 40
36
33
37
prof
384 34,000 Do
100 27 Mar 30 463* Feb 16
27 Aug 523* Feb
*58
5312 58
58
574 5712 5712 5712 5712 573
3 58
1,000 International Match pref_35 531:Mar 3 668 Feb 23
58
56% Dec 60% Des
35 3514 34
3434 34
3412 3414 35
33 8 3412 34
3
35
23,003 International Nickel (The)_25 324 Mar 30 4614 Jan 5
2414 Mar 48% Nov
14103 105 *103 105 *103 105 •103 105 •103 105 14103 105
Do pref
100 10112 Jan 29 10313 Jan 26
94
Jan 102 Nov
50
49
51
50
47
4914 48
493
4 441 4714 45% 477 17,800 International Paper
100 444 Apr 15 633* Jan 9
4814 Mar 76
Oct
•80 85
*80
85
*80
85
*80
85
*80
85
*80
85
Do stamped pref
100 85 Jan 14 86 Jan 8
71 Mar 88 Dec
*90
9212 *9113 92
92
92
*9112 92
*9115 92
*9115 92
100 Do Prof (7)
100 9012Mar 3 9812 Jan 2
86 July 993s Oot
•150 156 *15018 156 41151 155 *150 155 *1503 155 *151 155
4
International Shoe__ _No par 150 Mar 24 175 Jan 11 108 Feb 1993 July
4
1184 11814 1143 117
4
11413 1162 115 117
11412 116
115 116
6,100 Internat Telep & Teleg
100 111 Mar 3 133 Jan 25
8712 Apr 144 Aug
1122
231 *22
223
4 22 4 223
3
4 2212 2212 .22
2234 4122
2234
303 Intertype Corp
No par 2112 Apr 5 29 Jan 7
18 July 294 Oct
323 32's 31
s
32 "31
3212 3212 324 "3012 32
*31
313
1,000 Jewel Tea, Zoo
100 25 Jan 4 351 Feb 10
161* July 263 Dee
8
*112 123 *112 123 *110 122 41110 122 *110 122
*110 122
100 11512 Jan 29 125 Feb 9 10212 Jan 11512 Dec
Do prof
153* 1552 •15
16
*15
1512 •15
1512 •15
1512 1534 15 2
7
300 Jones Bros Tea,Inc,stpd-100 1412 Mar 31 1912 Feb 5
113* Dec 217s Feb
37
4
39s 313 364 33
36
327 36
3314 3538 3413 353 83,600 Jordan Motor Car
No par 313 Apr 12 66 Feb 19
4
3535 Aug 65 Nov
*14
3
8
*le
hi
3
8
se
3
s
*14
*4
3
0
100 Kansas Gulf
10
*4
3
4 Mar 4
8
34 Jan 8
4 May
112 June
__ *107% 111
108 109% 109 109 *108
__ •108
400 Kan City Lt &P 1st pf..No pa 10714 Mar 29 111 Apr 3
-99
Jan 1098* Sept
41107-3812 38% 3612 361
37
3734 3638 363
s 36 -36
*36 -5 Jan 14
37
1,400 Kayser (J) Co v t o____No par 341
:Mar 3 47
183 Mar 4215 Dec
4
*9912 10312 *99% 1031 419912 1031 1498% 103
419912 10212 *9912 10213
Do let pref
No par 102 Mar 33 105 Jan 15
83 Mar 10312 Dec
16
1614 1514 15 4 1535 151
3
151 151
: 1412 153* 15
1535 5.800 Kelly-Springfield Tires
25 1415 Mar 30 2112 Feb 6
1214 Mar 21% July
*61
70
*61
70
1461
70
61
61
60
60
*60
70
200 Do 8% pref
100 60 Apr 15 244 Feb 5
41 Mar 74 July
"6414 70
"6414 70 "6414 70
*644 70
*644 70
*6414 70
Do 6% Pre
100 65 Mar 31 7314 Feb 5
43 Mar 72 July
*101 103
10014 1001 1003 100 *101 102
4
3
9814 10114 99 99
400 Kelsey Wheel,Inc
100 9314 Mar 29 126 Feb 4
87 Aug 124 Dec
52
52
51
517
505 518
s
311: 517 14,200 Kennecott Copper
51% 517
517
51
No par 493 Mar 30 58% Feb 10
4
461 Mar 59 Nov
:
/
1
4
•115 14
114
114
112
11
1
I%
118
l's
3
4 I% 6,500 Keystone Tire.4 Rubb-No par
34 Apr 16
31 July
213 Jan 2
134 Sept
*65
66
65
65
*62% 63 "624 68
*624 68
"624 65
100 Kinney Co
No par 61 Mar 30 8215 Jan 7
75 Mar 100 Oct
4534 464 43% 4514 434 453
433 45
434 45%
/ 44
1
4
/ 4512 61,100 Kresge(88) Co new
1
4
4
10 423 Mar 30 82 Jan 29
•108 114 *108 1143 *108 1081 41110 114 *110 114 *110 114
Preferred
100 113 Feb 18 1143 Feb 26 1104 4
Mar 116
Oct
*17
18
1612 17
175 173 *17
18
44712 1834
1712 1712 1,100 Kresge Dept Stores____No par 1515 Mar 25 333* Jan 14
28% Dec 45 4 Jan
3
*7212 90 •72% 90
*7212 81
*72% 80
417212 84
•721 90
Preferred
100 7014 Mar 25 93 Feb 1
/
1
4
88
Jan 97% Jane
•152% 155
15212 1521 *15012 152 *150 153 *150 153 *148 153
100 Laclede Gas L (St Lou1s)._100 146 Mar 29 168 Jan 14 11014 Jan 178 Mar
*11
1133 11
11
1034 11
1012 11
*1012 11
*1014 103
4 1,800 Lee Rubber & Tire____No par
84 Mar 29 14 Jan 4
111s Feb 19
Oct
32
32
314 31's 314 32
32
32
3112 32
"314 32
1,100 Lehn & Fink
No par 303
iMar30 411 Jan 2
3714 Dee 4413 Oat
763 76% 76
4
76
*75
76
•75
78
75% 7513 76
800 Liggett & Myers Tob new__25 7215 Mar 31 94 Jan 25
76
7
57 Mar 92 Dec
124 124 *120 124
124 124 14120 12414 *120 12414 *120 124
200 Do pref
3
100 119 4 Jan 18 124 Mar 16
1612 Jan 124 Dee
75
75
75
75
75
75
7514 758
75% 75% 751s 76
6,600 Do "B" new
25 71 Mar 24 94 Feb 1
5512 Mar 8978 Dee
573 573 *563 571
4
4
4
56
561g 55
5534 5414 5434 5434 5714 2,400 Lima Loa Wks
No par 5312 Mar 31 69 4 Jan 4
3
60 June 743 Jan
8
374 3712 364 371
364 371
36
37
36
3612 36
367 22.100 Loew's Incorporated-No par 344 Mar 2 41 Mar 16
2
22 Feb 448 Nov
715 712
7% 712
712 71
74 714
7
74
74 714 4,300 Loft Incorporated
No par
7 Jan 28 114 Feb 10
Jan
6
918 Apr
*4712 484 474 7
'2 474 471 *47
4712 *47
483 *47
48
200 Long Bell Lumber A
No par 4612Mar 30 5012 Feb 3
le Mar 43 Sept
•100 10234 100 100
934 981 *96 100
93
95
*92
95
1,800 Loose-Wiles Biscuit
77 Feb 14334 Dec
100 88 Mar 30 14013 Jan 4
•120 130 •120 130 •120 130 *120 130 *120
130 11121 130
235 preferred
100 12014 Mar 30 14314 Jan 6 104 Feb 148 Deo
385 383* 373* 3835 3734 377
373 38
3714 3713 3712 38
4,600 Lorillard
26 3514 Jan 2 4214 Feb 3
3014 Jan 393 Sept
113 113 *11114 114 *11114 115 4412 113
4
113 113 *112 115
200 Do pref
100 11112 Apr 5 11614 Feb 8 10813 Feb 116 Aug
4114% 1435 133* 14
1312 14
1314 14
1315 133* 1314 1312 8,000 Louisiana 011 temp ctle-No pa
12 Mar 3 193* Jan 4
2312 2315 234 231
133* Oug 233 Feb
234 234 2314 23
/ 23
1
4
2314 234 234 2.600 Louisville GI & El A____No par 223 Mar 31 2615 Feb 10
4
*3535 3683 34% 353* 3334 35
23 Dec 2635 July
34
3512
/
1
3512 3.500 Ludlum Steel
No par 1014 Mar 30 584 Feb 4
*13012 13312 *130 1331 41131 1331 *131 13312 3413 344 35
3134 Feb 60 Dec
*13014 13312 14131 13312
Mackay Companies
100 1303 Mar 27 138 Feb 9 114 Msr 141 Sept
5
*6814 70
*69
70
6912 691 *6812 70
69% 6912 *6812 6912
200 Preferred
100 68 Mar 19 731s Feb 9
10912 11114 10512 109
66 Mar 783 Feb
4
107 l097s 105 11112 105 1088 107 1097
5 79,600 Mack Trucks, Ina
No par 10312 Mar 30 159 Jan 4 117 Jan 242 No
*104 109 4110934 110
110 110
110 110 *10934
4
300 Do let prof
3
41105 10612 10414 1041 *103 106 *103 106 *103 110 *1093 110
100 109 4 Jan 4 112 Mar 4 104
Jan 113 Atte
100 Do 2d prof
100 10414 Apr 12 107 Mar 13
4190
91
99
Jan 1063* Aug
8812 90 8814 90 90 9012 893 106 .103 106 5,300 Macy(R H,) at Co,
90
90
907
Ino_No par 8512 Mar 29 106 Feb 10
*11614
*117
_ *117 . _ *11714
69% Jan 112 Oct
_ 117 117 z116 116
300 Preferred
100 11512 Mar 1 1183 Jan 14 114% Jan 118 Aug
374 .--7
4
37
37 -37
3712 i711
3635 31% *3612 37
3612 3612 1,700 Magma Copper
447 Feb 10
No par 363 Apr 14
2
1912 1953 193 1934 187 19
34 Mar 46 Noe
*19
20
19
19
*19
20
600 Mallinson(H R)& C9-No par 1714 Mar 30 281s Jan 5
6914 703
2114 Dec 37% Jam
s 6718 69's 66
/
1
4
6712
64%
67
ManhEleeSupptemc
•2412 25
4.24l3 25 *24 683 *2414 6914 *24 674 *244 684 7,500 Manhattan Shirt tfsNopar 58 Jan 4 7618 Feb 11 32 Mar 69 Mat
241
2412
2412
2413
25 227 Mar 27 32 5 Jan 4
g
7
8
2014 Mar 347 Noe
34
*33
3212 321 "32
34
33
33
*2112 34
"3112 33
200 Manila Electric Corp __No par 2712 Mar 20 35 Feb 23
'
•22% 2312 22
2812 Mar 4915 Apt
22's 22
2214 2114 224 203 21
4
2034 22
2.700 Maracaibo Oil Expl___No par 203
*Mar 3 28 Feb 2
2035 Sept3513 Jam
5318 5312 52
53
5112 527
514 523
507 52
51% 523* 39,700 Marland 011
No par 4914 Mar 30 804 Jan 29
3283 Mar 6015 Dec
2814 2814 277 28
28
28
*28
29
2814 2814 29
29
1,200 Mariln-Rockwell
No par 27 Mar 29 33 Mar 11
igis 194 •1914 20
10 Mar 327 Oci
/
1
4
s
*1914 191 *194 20
1912 191 *19% 1912
/
4
700 Martin-Parry Corp.
-No par 1813 Mar 2 2134 Mar 12
19 Dec 371s Jai
*76
77
76
75
7312 73's 73
7412 71
7234 697 717
4,200 MatlilesonAlkaliWkstemett50 694 Apr 16 10615 Jan 2
51 Jan 10714 Dec
112 112
10813 111
10812 110
108 11014 108% 112
/
1
4
11012 1117
7,800 may Department Stores___50 1073 Mar 30 13712 Jan 2 101 Mar
4
13913 Dee
•122 123 13120 130 *120 130 11120 130 *120 130 *120 130
Preferred
100 12232 Feb 2 12412 Jan 18 11615 Mar 124 June
4120% 21
21
21
2012 205
* 2012 2012 *2015 21
2012 2013
500 Maytag Co
No par 19 Mar 3 2315 Feb 13
214 Nov 263 Oct
/
1
8
80% 8012 79
793
793 go
4
8214 75
7812 7812 *76
773
4
79 Mar 13934 Ocl
25
*25
25
243 251 *244 2518 "244 2412 2412 244 1.300 McCrory Stores Class B No par 72 Mar 30 121 Jan 11
26
4
1,100 McIntyre Porcupine Mines_5 224 Jan 2 30 Feb 15
5
16
Jan 223* Oct
228 23
•223 23
*224 23
3
3
*2243 23
*2212 23
23
23
300 Metro-Goldwyn Pictures p1.27 2214 Jan 8 244 Feb 9
18 Jan
913
914 914
g
2412 Nov
838 87
87
871,
84 834
84 87
8 6,100 Mexican Seaboard 011 No par
6 Feb 25 1215 Jan 4
9 Dec 2212 Jan
l2Is 117 12
1218 12
12
12
1215 12
12
12
12
5 11 Mar 3 1315 Feb 11
4,000 Mlaml Copper
8 May 243 Jae
4
2912 297
2812 30
285* 2914 29
298
29
2914 2914 293 10,600 Mid-Continent Petro_No par 28 Mar 30 87 Jan 2
253 Aug 38 Nov
4
"9212 941 *924 941 *924 944 *224 344 *9214
3.9218 95
Preferred
9413
100 90 Mar 30 97% Feb 27
834 Apr 944 Oct
113 115
•14 13
1% 133
4
112
13*
1% 112 *112 142 2,603 Middle States 011 Corp____10
14 Jan 2
2 Jan 8
12
/ Apr
14
1
34 June
1
112 *1
1
•1
11
1
h
1
h
1
1
500 Certificates
10
7 Jan 7
5
1% Jan 8
112 Feb
1 Feb
/
1
4
112 115 *110 116 *110 113 *110 115
*115 117
11014 11014
600 midland Steel Prod pref___100 107 Mar 30 13312 Feb 23
96
Jan 147 Aug
3 714 7213 72
727s 727
7234 723
72
711 7112 7112 72
100 693 Mar 28 83% Jan 14
2.600 Montana Power
2
64 Apr 9914 Aug
4 5914 62
634 591 623
83
605* 6214 5912 613
604 615 50,100 Montg Ward & Co ni corp-10 58 Mar 30 82 Jan 2
8
41 Mar 8414 Nov
29
314 234 304 294 30
30
31
29
294 294 304 12.500 Moon Motors___L - _ ___ No par 28% Mar 30
373 Feb 10
223 Mar 42 Del
4
63
6%
61 635
/
4
133
1 613
61 612
/
4
61 614
/
4
63
3 612 2.700 Mother Lode Coalition.No par
614 Mar 30
713 Feb 8
6 May
914 Jan
•ad and &eked prime; no aka on this day. z Et-414'140nd, a ra-neW
clinics. a No par. d New stool issued on basis of 3 shares for each abase of old stook.
2164
New York Stock Record-Continued-Page 5
Fur sales during the week of stocks usually inactive, see fifth page precedln§.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturdatt,
April 10.
21101414Y,
April 12.
Tussday,
April 13.
Wednesday, Thursday,
April 14.
April 15.
Friday,
Aprtl 16.
$ per share 3 per share 5 per share $ Per share $ per share $ per share
20
21
1918 21
*1934 20
2012 304 20 20
52034 21
4
8 383 39
40
40
394 3812 387
3918 39
394 3962 39
26
2714 2778 28
4
4 26
25
52 264 253 253
2714 2.514 26
1412
5144 15
*1412 1512 51412 15
144 144 144 1412 *14
*3412 35
53412 35
*344 35
*3412 35
*344 35
/
1
*344 35
912 912
4 672
53
9
18 914
514 7
84 9
812 85,
4
526 542
8
8 53% 543
: 5318 55
55
553* 534 3472 538, 551
---Do
82
8 55
8 *84 9
*812 9
8
/ 9
1
4
9
9
*812 9
4
4 7914 8212 783 80
7
8434 874 8314 85 8 8368 853
797 813
8
4
_
130 13012 *1294 131 5129 131 512914
130 13014 *130
43
4214 423
8 40
-12
39
/ 41
1
4
-i3
4212 4224 42% 4012 il
24% 2412 25
24
2514
24
23
2312 23
2414 244 23
4
575
80 , *75
751 753
:
*751 78
:
5754 80
575
80
80
61
6114 5.915 603* 56
53
5712 544 564 5512 5712
585
28
528
30
274 28
28
2712
*2714 28
2714 2712 27
91
9312 91
931 934 *924 9312 59212 931, *91
1
931
*91
18
18
18
18
1818 18
18
19
19
13
1814 19
547
47
474 471
: 47
52
52
57
57 •47
547
57
2712
5264 271: e26ly 374 2618 264 2618 2618 528
526
27
/
1
*82
86
582
86
86
84 84184
582
84 84
84
139 1401
/
1
4
*145 143 I 144 1444 143 144
1434 1444 138 143
4
1173 1173
511712 119 511712 119 •1174 11814 51174 119 *11718 118
201: 207
a1 194 201: 194 20 4 194 214 19
2
014 1918 19'a
3
60'8
5
62 8212 613* 63
: 598 6014 60
613 6112 614 611
'107 112 5107 4 112
4
107 112 51073 112 51073 112 '1071,112
/
1
4
4
3
---- ---- --__ ____ ____ ___ ___
123 123
124 124
127 13038 124 12614 124 127
5132 135
4
4
4
8 123 123
123 127
8
512% 1284
3
1234 124 12 4 123 127
125g
5
4014 411
384 394 3812 39%
3914 40
3818 39
3912 40
60
60
5583 59% •583* 5918 *59
4
5918 59
593* 5912 60
8
3312 3238 337
333 34 I 32
4
32
34
333
8 3214 3318 32
3514 3514 3514 3614
*3514 38 I 5
3514 361: 354 3514 *3514 37
56912 70
*6912 70
5691 70
*6912 70
694 70
*694 70 I 5
*9914 101
*9914 101
994 9914 *994 101
3914 100
*9914 100 I 55
2814
28
2814 28
528
•28
2814 528
28
28
2814 28
4714 468* 4714
474 48 I 4512 4712 45
474 4614 474 46
4
493 493
4
54912 50
5491: 50
49% 49
4968 49% 497 50
/ 933
1
4
4 93
4
93 8 93% 5934 9412 *934 933
6
593 941
934 114
107
8
1018 1018 10
103 11
8
9 8 11
3
104
11
114j 10
51312 141,1 134 134 *1312 1412 51312 1412 *1312 1412 5134 1412
53078 31
8
8
304 3012 5306 317 53012 31
31
314 3141 31
___
___
____
*3334 35
*33% 35
3
3412 *33 4 35
3418 3412 34
*35
36
96
96
971
97 '
/ 396
1
4
*96
974 596
5
97
975* 97 97
515* 515 55112 53
5112 5214 52 52
53
5312 5312 52
2912 2912 52912 30
62 2912 29% *291: 30
2934 2934 293* 29
__
__ *104
_ *104
__ 5
_ 5104
__ 5104
5104
112 1131 11312 1131:
104114 114
1147 11478 1124 11218 114 114
8
*10414 106 *1044 106 510414 106 51044 106 510414 106 510414 106
4
914 93* *93 10
93* 934
94 914
9
10
91
978
95 95
95 95
*90
95
95
95
9534 9614 95 95
4
:
58
5912 58 4 58 4 581 581 *583 61
3
3
534 60
1
607 61
748
50
548
50 '
548
50
*48
50
*48
80
548
51
99's 98 98
397
934 9912 *9814 994 *9814 994 '
983 984 *
11912 1194 120 120
120 120 51191: 120
1194 120
*119 120
g 527 531
533 534
8
8
$34 5462 533* 5412 5314 537
5412 55
333 3138
8
337
7
3418 3514 3418 35 8 x33
3578 3618 344 36
18% 19
4 1814 183
4
9
2014 2014 11 4 2014 193* 1912 183 193
4
813 613
4
63 4 6314 61
6
5
61
63
623 623
4
4 6014 62
62
6314 6218 6314
63 8 61
7
624 6312 5215 644 6214 6414 62
8
4
2
3314 373 394 3 4 39
37 37 8 37
7
8
4 371 3814 373 384
3
58 4 9
8 2 914
6
9
94
9
10
8% 9
9
94
20
207
8 20
*20
20
20
193 20
4
21
521
2212 31
63* 612
63
8 6%
612 63
4
4 *
5
/ 7
1
4
*613 63
63
4 68
7
50
504 4818 51
5018 511
5612 $24 5014 52
524 53
184
/
1
1818 181 518
184 181
7
51834 194 51834 1914 18 8 19
*1012 11
1Sl 12 •1012 1114 1012 1014 1014 11
*1014 12
14 14
112 11
112 1%
112 13
4
11 • 14
/
4
1% Ills
113 1183* 118 11834 119 119's 119 119 5118 120
511878 119
7218 733* 72
743
4 724 733
8
727
754, 72
7568 753* 75
*4812 4912
*484 50
*484 50
49
49
549
60
5
59
60
3612 37
4 3614 37
3614 373
373
363* 3 4 37
7
8
33
3
535
39
38
536
*35
39
40
35 .35
535
40
536
52
546
52
521 548
5212 546
524 546
546
524 546
18
*17
181 18
/
4
19
*17
19
184 517
51718 183* 517
414 421s 4214 43
/ 4112 4214 4152 42
1
4
427 434 42% 49
33
33
35
*33
35
*33
36
533
33
33
*33
36
0
15 100
595 100
95
95
5
95 100
*95 100
5
95 100
5s
8
12 243
8 2212 243* 213 2312 2212 23
8
8 224 243 22
243 263
4
761 8314 784 834
:
871
84
8418 87
3478 35
5
87
92
14
14 14
118
14 14 .14 14
*14 14 *14 14
52012 23
5201 24
:
5204 24
24
214 2112 521
521
24
4% 4
/
1
4
44 41
43* 44
4% 44
4
/ 412
1
4
412 468
8
4 3238 325* 3218 323
/
1
324 53214 323
32
324 32
53212 33
72
72
72
714 714 72
72
72
Fl
72
18
*72
*94
97
96
96
98
5
94
96
5
14
94
98
*94
93 5
428 44
•42
46
44
4044 403* 542
46
544
*42
46
583
87
583
87
83
871: 83
374 533
874 *33
*83
4 183 19
183* 1834 184 1828 1812 1872 1838 183
19
19
8
8 1114 187
184 18% 1868 183
/ 18 4 *13% 19
1
4
3
194 18
*19
8
4 187 188
3
185, 1834 18 4 183
18
/ 18% 5185* 19
1
4
19
19
7
8 8214 83
8414 7912 817
80
3
844 855* T94 35 8 793* 847
38
343 347 535
8
35
35
35
364 35
371: 32
*37
86
854 *84
85
*84
86
85
55
*85
87
585
87
124 1212 124 1218 111: 114 114 1112 1178 1178
•1268 13
3212 3212
32
*31
*31
32
531
32
32
32 •31
31
4 7612 773
4 735* 773
4
777 78
7612 773
7
7
11
7612 75 2 76
2
•10514 10578 10214 10514 10514 10514 10514 1051 1053* 1053 •10514 1054
•11638, 117% 1174 11714 51174 1175, •11714 1175 •11714 1175* •1174 1175,
,
9818 98 4
98
*9712 9812 9734 9734 98
98
981
98 .98
8
*10818 1094 103 1084 *10812 1091 *10812 1091 *108 1091 *108 1093
153 1567 15512 16012
154 1561: 1544 15814 15514 158
157 158
3518 354 3518 3518 33
36
36
33% 353* 3412 3512
351
3
8 25 4 26
/ 23
1
4
3
25 4 2614 25% 257
253 26
2
2614 2612 25
106 10612 5106 109 5108 109
510612 108 5105 108 5106 108
4
343 353
4
334 354 3312 36% 34
35
/ 36
1
4
344 35
364
4512
454 45
454 *45
*45
45
454 *45
8 45
*45
457
8312 64
634'6414 6178 831s 61
6214 61
8214 6114 63
8
8
8
116 116
1164 11812 1163 1165* 1163 1163
116 116
*1151: 117
53168 34
53118 34
53168 34
5313* 34
5314 34
53214 34
Sates
for
the
Week
1.516 ZIYABIS
Range Since Jan. 1 1926.
Os basis of 100
-share lots fi
Lowest
Week. Indus. & Miscall. (Con.) Par 8 per shard
No par 19 Jan 26
1,600 Motion Picture
3,800 Motor Meter A
No par 36 Mar 30
No par 24 Mar 30
3,500 Motor Wheel
No par 1418 Mar 4
300 Mullins Body Corp
4
Munsingwear Co
No par 343 Apr 6
54 Apr 15
No par
7,700 Murray Body
No par 52 Mar 24
80,300 Nash Motors Co
pref
100 106% Jan 4
2,200 National Acme stamped-100
83* Apr 12
73,100 National Biscuit
25 74 Jan 8
400 Do pref
100 126 Jan 37
27,000 Nat Cash Register A w I No par 3912 Apr 15
100 23 Apr 9
2.60' National Cloak & Suit
100 7512 Apr 16
200 Do prof.
88,201 Nat Dairy Prod tern cUsNo par 53 Apr 14
2,900 Nat Department Stores No par 27 Apr 16
Do pref
200
100 91 Apr 16
2,800 Nat Distill Products_No par 18 Mar 4
500 Nat Distil Prod pf tem ctf No par 47 API* 16
700 Nat Enam & Stamping-100 2618 Apr 13
100 84 Apr 10
300 Do pref
100 ]138 Apr 15
7,200 National Lead
100 Do pref
100 116 Jan 16
47,300 National Pr & Lt otts_No par
188 Mar 2
4
50 554 Jan 4
2,200 National SuranY
Preferred
100 10414 Mar 30
National Surety
100 208 Mar 31
1,600 National Tea Co
No par 123 Apr 15
8
4,500 Nevada Consol Copper-- 5 117 Mar 33
3,400 NY Air Brake tern otfs-No par 3612 Jan 2
2,400 Do Class A
No par 5514 Jan 6
8,400 N Y Canners temp ctte_No par 32 Apr 12
100 324 Mar 30
500 New York Dock
Do pref
100 6912 Mar 31
100 N Y Steam 1st pref_ __ _No par 9914 Apr 13
8
400 Niagara Falls Power pf new_25 276 Mar 31
58,400 North American Co
10 42 Mar 30
50 49 Jan 2
1,700 Do pref
400 No Amer Edison pref __No par 9118 Mar 31
7,200 Norwalk Tire & Rubber_ -10
94 Mar 30
8Mar 1
100 Nunnalli Co (Thel____No par 133
35 3038 Mar 31
400 011 Well Supply
Ontario Silver Mln new No par 10 Jan 8
No par 3114 Feb 2
300 Onyx Hosiery
100 96 Feb 5
200 Preferred
1.000 OPPenheim Collins & CoN0 par 47 Jan 12
1 2712 Mar 25
1.900 Orpheum Circuit, Inc
Preferred
100 101 Jan 13
_ _
.
50 11014 Mar 30
1,400 Otis Elevator (k)
Preferred
100 1023 Jan 13
4
9 Mar 29
No par
5,600 Otis Steel
100 6718 Mar 30
900 Do pref
4
25 533 Mar 29
2,700 Owens Bottle
Outlet Co
No par 47 Mar 29
100 9712 Apr 1
200 Preferred
700 Pacific Gas & Electric-100 118 Mar 31
4
33,100 Pacific 011
No par 513 Mar 31
4
10 313 Mar 31
27,800 Packard Motor Car
7,000 Paige Det Motor Car__No par 181* Mar 31
50 534 Mar 31
3,181) Pan-Amer Petr & Trans
8
36,500 Do CUM B
50 567 Mar 31
10,700 Pan-Am West Petrol B_No par 34 Mar 1
44 Jan 21
7,800 Panhandle Prod & Ref_No par
4
1,000 Park & Tilford tern cAfs_No par 193 Apr 13
64 Mar 19
1
2.000 Park Utah CM
484 Mar 30
4,800 Pathe Exchange A
No par
8
No par 167 Jan 28
800 Penick di Ford
100 Penn Coal dr Coke
50 1012 Mar 30
112 Feb 17
6,900 Penn-Seaboard St'l vtc No par
2,200 People's G I. & C (Chic)_100 117 Jan 4
38,100 Philadelphia Co (Pittsb).--50 5918Mar 2
50 47% Jan 4
100 6% preferred
/
4
5,300 Phila. & Read C St I_No par 261 Apr 14
Certificates of int___No par 3818 Mar 8
Phillips-Jones Corp._ _ _ No par 50 Mar 30
_ _10 16 Apr 3
100 Phillip Morris & Co.,
32,500 Phillips Petroleum
Ltd- par 40 Mar 33
NO
5 31 Mar 30
200 Phoenix Hosiery
100 94 Mar 25
100 Preferred
38,200 Pierce-Arrow Mot Car No par 21%Apr 15
100 7612 Apr 15
11,200 Do pref
1 Mar 30
25
1,600 Pierce 011 Corporation
100 2012 Mar 30
800 Do pref
43 Mar 20
8
3,800 Pierce Petrol'm tern ctfallo par
100 3134 Mar 24
1,400 Pittsburgh Coal of Pa
100 71 Mar 25
Do pref
900
100 94 Mar 29
100 Pittsburgh Steel pref
100 40 Mar 29
500 Pitts Term Coal
100 83 Mar 26
100 Preferred
12,500 Pittsburgh Utilities pref____10 1412 Mar 3
10 15 Mar 20
700 Do prof certificates
10 15 Jan 22
1,400 Preferred atilt new
33,200 Posi'm Cer Co Inc new_No par 751:Mar 30
100 345* Apr 15
1,300 Pressed Steel Car new
100 82 Mar 4
400 Do pref
1,800 Producers dr Refiners Corp_50 11 Mar 29
50 31 Mar 29
200 Preferred
5,600 PubServCorp of NJ newNo par 72 Mar 2
100 1034 Jan 12
400 Do 7% pref
100 115 Mar 2
100 Do 8% prof
500 Pub Serv Flee & Gas p51-100 97 Jan 22
200 Pub Service Eleo Pr pref-100 106 Jan 18
100 14514 Mar 31
59,000 Pullman Company
60 33 Apr 14
11,800 Punta Alegre Sugar
25 2518 Apr 13
9,700 Pure 011 (The)
100 106 Apr 14
400 Do 8% prof
14,800 Radio Corp of Amer___No par 32 Mar 30
50 445, Mar 31
300 Do pref
18,500 Railway Steel Spring new-50 534 Mar 1
100 115 Apr 9
700 Preferred
No par 334 Jan 18
Rand Minot, Ltd
16,900 Ray Consolidated Copper__10 1012 Mar 3
No par 4612 Mar 30
800 Reid Ice Cream
94 Mar 31
No pa
6,500 Reis(Robt)& Co
7,300 Remington Typewriter_ ___100 87 Apr 15
100 10812Mar 19
Do 1st pref
100 105 Apr 1
Do 2d pref
9 Mar 31
No par
3,200 Replogle Steel
100 4518 Mar 30
7,500 Republic)Iron & Steel
100 9114 Mar 30
100 Do pref
512 Feb 24
No pa
1.700 Reynolds Spring
3,000 Reynolds (RJ) Tob Class B 25 90 Mar 30
21 88 Mar 2
200 Rossia Insurance Co
50 Mar 3
2,700 Royal Dutch Co(NY shares)
10 377 Apr 13
3,400 St Joseph Lead
No par 424 Mar 31
800 Safety Cable
15,700 'avage Arms Corporatlon_100 73 Mar 31
5 Mar 31
No par
300 'mem Copper
600 Shubert Theatre Corp-No par 52 Mar 4
-No Par 421
:Mar 30
1,800 Schulte Retail Stores
100 11212 Jan 6
100 Do pref
No par 1212 Mar 3
80 Seagrave Corp
0
56,000 Sears.Roebuck&Co new NO par 4414 Mar 29
47 Mar 30
No pa
3,400 Shattuck (F CI)
4
123 123
4
5
4
1212 12 2 123 121
7
125* 123
4 1212 12
s 123 127
4778 48
48
48
5
48
50
5484 60
50
548
*48
50
1238 13
1212 13
12
1334 1318 14
131
124 121: 12
91
9152 88
87
90 94
97
924 94
9912 94
99
*10514 108 *1054 108 *10514 108 *10514 108 *10514 108 *1054 108
*104 10812 5104 1081 *104 1081 5104 10812 *104 10812 *104 10812
98
3
9
9 8 912
3
938 978
934 9
3
912 10
1018 1014
4
6
/ 473 49 8
1
4
493
4714 48
48
483* 49li 474 484 4738 49
92 4
3
592
93
92
/ 92 4 *92
1
4
3
92
93
5
592 93
592 93
618 618
618
618
64 84
618 638
5
618 614
92
92
914 92
92
92
9134 02
92
921
924 927
*887 90
8
5864 88
*8612 89
89
89
8972 897
589 8 92
7
513 5112 5112 5112
8
514 513 5514 52
511 517
/
4
5513 52
4 3812 3812
377 38
3814 383
39
39
39
394 38% 391
453
4 45 45
4 454 451 *45
4538 *45
*4514 45 4 454 453
3
4
4
773 803
4
753 77
7512 7834 764 78
7414 77
7514 79
*512 6
5512 6
6
6
6
6
6
6
*5
/ 6
1
4
*5312 5512 *5312 5512
*634 55
5 4 544 534 54
4
*54
55
434 434 4334
4414 43
3 *44
444 44
45
46
*45
46
:
*112 1141 5112 11412 5112 1141 *112 11412 5112 11412 11412 11412
13
13
13
1318 1314 134 134 *1318 133* *1318 1314 13
5 472
8
/ 463 474
1
4
6
8 45 8 4714 4618 473* x4514 46
48
484 45
521: 5212 "5212 -......
53
53
54
52
554 56
56
554
•Bid and asked Priem: ne sales on this day. r Ex-dividend. a Ex-debts.
STOCKS
NEW YORK STOCK
EXCHANGE
Ex-60% stook dIviden .
Highest
II
ran *fl.A4
Banff for Prete°le•
rear 1936.
Lowest
Highest
$ per share iS Per share h Per share
12
2314 Feb 2511 1918 Dec 20 Dee
40 Nov 447 Oct
8
533 Feb 10
337 Feb 1511 18 Apr 35 June
8
194 Feb 1j 13 Aug 2112 Feb
38 Jan 211 3018 Apr 39 flea
514 Dec 4212 Mar
157 Feb 2011
Oot
66 Feb 2311 19312 Jan 488
4
10818 Jan 4 1033 Jan 107 July
8
1278 Jan Ofl
44 Mar 121 Dee
9314 Jan2911 65 Apr 79 Del
Mar 1284 Ma7
13012 Apr
_ -- - ---54 Jan
491
847
57 Jan 5.2 211 - - Dec - ; Oat
Jan
9212 Jan 88734 Dec 104
8
80 Jan 211 42 Jan 817 Nov
42 * Jan 7fl 3812 Jan 45 May
3
Jan
97 Jan 1911 96 Apr 102
1
29 8 Dec 43 * Oat
1
34 Jan 4
OM
52 Jan 81
/
1
4
7315 Jan 4
25 Apr 41% Del
4012 Jan 2
75 June 89% Jan
89$4 Jan 4
4
17434 Jan 5 13812 Apr 1743 Nov
4
1173 Apr 16 11412 Sept 119 Sept
383 Jan 21
8
543i Dec 71 - Jan
65 8 Mar 16
7
110 Jan 26 10438 Jan 110 Apr
Oct
Jan 222
227 Jan 20 206
238 Jan 4 201 Dec 250 Del
114 Apr 1638 Jan
14 Feb 15
314 Oct 5612 Jan
4434 Mar 11
Jan
50 Sept 67
..0 Feb 3
3114 Mar 8112 Des
843* Jan 29
18 Mar 4514 Nov
457 Feb 5
8
5218 Jan 76 Dec
74 Feb 5
Jan 102 June
97
101 Jan 12
Jan
27% Oct 29
285 Jan 22
8
Oct
4112 Jan 75
67 Jan 14
5012 Jan 11
46% Jan 5012 SW
9412 Dec 9612 Dee
9514 Jan 2
1212 Sept 1814 Aug
15% Jan 14
1812 Nov
8 Jan
1712 Jan 7
8338 Dee 38 Nov
38 Feb 6
'II12312
11
ON
54 Jan
1012 Jan 14
181* Jan 39 Dee
86 Jan 12
7814 Mar 97 Nov
99 Jan 12
411* Sept 53 Dec
6012 Mar 11
8
254 Jan 327 July
/
1
305, Apr 9
Jan 107 Sept
98
104 Apr 9
1293 Feb 5
4
8718 Feb 1404 AN
107 Feb 8 101 Feb 112 July
1412 Jan 19
8 Mar 154 Aug
1077 Feb 17
8
50 Mar 9712 Ana
14
423* Mar 693 Nov
6814 Feb 8
494 Nov 57 Nov
52 Apr 5
10114 Jan 16
8
98 Nov 1007 Dee
13214 Jan 29 1024 Jan 13718 Nov
*
8318 Feb 13
511 Aug 7812 Dee
15
43% Jan 4
/
4
Jan 481 Nov
Oil
1738 May 32
284 Jan 4
7612 Jan 2
594 Sept 83% Mal
783 Jan 4
8
604 Aug 844 Mal
374 Oct 493* Dee
46 Jan 2
614 Dec
113 Feb 23
4
214 Aug
25 Sept 354 Jan
284 Jan 4
84 Feb5-70 Nov 904 OW
83 Jan 7
Ain
17 Dec 28
203* Jan 30
*
121 Apr 2638 Jai
17 Feb 8
3 Jar
1 Aug
24 Jan 4
130 Feb 11 112 Jan 123 OW
5112 Mar 6714 Dec
766 Apr 8
8
4512 Jan 49 July
507 Mar 30
8
373 May 5212 Jam
4
488, Feb 13
38 July 504 Jar
4612 Jan 11
51 Nov 9018 Jar
4
553 Jan 29
123 Mar 2514 Sept
4
8
207 Feb 23
3614 Mar 474 Juno
49% Feb 13
18 Apr 424 July
447 Jan 9
84 Apr 99 Del
994 Jan 21
107 Mar 473* OM
8
43% Jan 9
43 Mar 100 Nov
1087 Jan 11
8
17 Jan 30
114 Nov
34 Fel
2014 Dec 40 Pet
27 Jan 30
18
84 Feb
44 Dec
7 Jan 30
3714 May 5412 Jan
4218 Jan 5
80 May 99 Jai
85 Jan 5
94 Mar 1024 Jae
98 Feb 1
30 Apr 633 Jar
637 Jan 9
8
4
79 July 8814 Nov
9214 Feb 5
127 Mar 177 June
8
197 Apr 8
8
8
123 Mar 16 June
4
196 Apr 8
8
12 4 Nov 164 July
1
194 Apr 8
1247 Feb 3
8
646 Nov 131 Dec
8
41's Mar 19
9534 Jan 7 -1/612 July iill jai!,
174 Jan 2
1212 Aug 325* Feb
35 Feb 11
37 Sept 47% Feb
628, Mar 877 Aug
9218 Jan 19
10812 Feb 3
99 Jan 106 Nov
119 Jan 28 108 8 Apr 119
Oat
3
993 Mar 8
4
99 Jan 106 Nov
921k May 10018 Dee
110 Mar 29
174 Jan 14 129 Mar 1734 Sept
47 Feb 4
33 July 474 Jan
31 Jan 4
254 Aug 3334 Feb
1114 Feb 27 10212 Jan 10812 Sept
463 Jan 12
8
$94 Nov 777 JI.0
2
47 8 Feb 1
3
45 Dec 64 Feb
68% Mar 10
123 Feb 20 11414 Mar 112 Dee
84 Feb 5
/
1
4
333 Nov 397 Aug
4
2
127 Feb 9
*
114 Apr 175 Feb
*
56 Jan 4
43 Oct 604 Dec
184 Feb23
/
1
10 Ma,l 2814 July
127 Feb 3
464 JanI 1171 Dec
10812 Mar 10 100 Jai 10918 Oct
111 Jan 5 103 Beptl 11312 Apr
7
15 Jan 4
12l,Junel 2314 Ian
424 AprI 6488 Jan
63 8 Jan 7
3
844J nly 95 Jan
95 Feb 3
Jan
8 JulyI 18
10 8 Jan 5
6
3
7214 Marl 95 4 Nov
9812 Jan 6
100 Jan 20
85 Junej 9712 Feb
8
484 Mar 573 Yam
573* Jan 9
35 4 Jul71 524 May
3
484 Feb 10
48 Dell 504 Dec
54 Jan 14
8
4812 July 1083 Mar
10212 Feb 10
11 Nov
9 Nov
104 Jan 4
6112 DId 554 Dee
60 Jan 28
12
138 Jan 23 1014 Sept 1347 Dee
12
118 Jan 12 110 Jan 118 AN
3
16 4 Junt
134 No
14 Mar 12
/
1
4
49 Apr 1____ -52 AN
40%
69 8 Jan 4 6
8 After payment of 900% stock 41Y194.
New York Stock Record-Continued-Page 6
t165
For sales during the week of stocks usually Inactive, gee girth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT,
Saiurday,
April 10.
Monday.
April 12.
Tuesday,
April 13.
Wednesday
April 14.
Thursday,
Aprli 15.
Friday,
Apra 18.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ Per share $ per share $ per share $ Per share 2 per share Shares. Indus.& Miscall.(Con.) Per
*4234 4334 134234 4334 *4214 4334 *4234 4313 *4213 43
/ *4213 434
1
4
Shell Transport & Trading_52
/
1
2513 2434 25
2518 2518 25
2434 25
2412 243
4 243 25
10,600 Shell Union 011
4
No par
8
10334 1037 *1037 104
10378 10378 10378 10378 *1033 104
8
4
104 104
500 Do pref
100
/
4
2118 2114 2014 211 2018 207
8 2034 2118 2018 2013 2018 204 11.500 Simms Petroleum
/
1
10
4478 4234 4334 434 43
44
44
/ 45
1
4
/ 42
1
4
/ 4314 4318 4318 13,700 Simmons Co
1
4
No par
3
/
1
4
55107 4 110 4110734 110 *107 110 *10734 110 *108 110 *1083 110
Preferred
4
100
205 21
8
1958 20
/ 1938 20
1
4
1934 2014 19
/ 20
1
4
191 20
/
4
47,000 Sinclair Cons 011 Corg_No par
9134 9134 *911 93 .92
/
4
93 93
934 9214 9214 9314 9314
509 Do pref
100
3034 2934 304 30
3014 3052 30
3038 293 30
4
30
3014 27,900 Skelly 011 Co
25
10614 104 108
10313 105
107 10812 103
10412 108
108 110
9,600 Sloss-Sheffleld Steel & Iron 100
12312 12312 119 1251t 116 119
98 11934 92 103
/ 98 1003 24,600 South Porto Rico Sugar___100
1
4
4
51114 119 *114 119 *114 116 *114 115 *114 115
114 114
100 Preferred
100
'13
1412 •13
•13
14
14
1214 1214 *1213 1313 *12
1312
103 Spear &Co
No par
7412 744 •74
74
75
74
*72
75
*72
75
5
72
75
200 Do pref
100
2013 213
2212 2213 2112 22
8 2012 2114 20
21
193 2012 3.400 Spicer Mfg Co
4
No par
*9918 102
*9918 102
*9918 102
*994 102
*9918 102
*9918 102
Do pref
100
5518 5238 55
5518 554 55
5212 51
5212 534 5212 5312 41,700 Standard Gas & El Co_No par
/
1
*5518 5512 *
554 5514 *554 5514 5518 5514 5518 554 5512 5512
803 Preferred
50
7212 73
7012 71
74
*71
71
71
7012 7012 71
713
2 1.100 Standard Milling
100
87
8312 831 •82
'82 87 '
582
87 •82
87
*82
87
100 Do pref
100
5413 55
5334 544 53 4 54
/
1
3
5314 5414 52
534 54
/ 531
1
4
14,700 Standard 01101 California_ 25
/
1
4218 4234 4114 424 4078 413
4112 40
41
/ 41
1
4
/ 414 417 35,500 Standard 01101 New Jersey 25
1
4
8
11713 11712 11718 11712 1174 117
/ 1174 11714 117 1171 117 1178
1
4
/
1
4
/
1
4
100
4 3,300 Do pre:non-votIng
*7
8
7
7
7 12
7
7
7
7
7
*74 8
1,000 Stand Plate Glass Co.
-No par
8212 84
82
/ 8312 84
1
4
8334 83
831
81
821
803 8118 6,000 Sterling Products
4
No par
754 7812 734 7512 7314 7612 74
77
73
/ 753
1
4
8 7314 757 22,300 Stewart-Warn Sp Corp_No par
4
*67
4 67
663 663
88
67
66
66
*8312 68
65
68
700 Stromberg Carburgtor_No par
53
5313 5118 53 8 5112 52
3
/ 51
1
4
5258 49
/ Slit 504 517 83,400 Studeb'rCorp(The) newNo par
1
4
15117 118 *117 118 *117 118 *117 118 *117 118 *117 118
Do pref
100
2
2
2
11 2
/
4
2
134 11
/
4
13
4 2
13
4
11 7,400 Submarine Boat
/
4
No par
3318 32
513318 331
32
32
32 32
3038 3013 303 3112 2,000 Sun Oil
4
No par
2
/ 212
1
4
2 8 211
3
23
8 212
214 238
214 2
/ *232 2
1
4
/ 5,700 Superior 011
1
4
No par
1912 20
*1912 20
20
20
/ 511912 2012 •20
1
4
204 1520
204
/
1
500 Superior Steel
100
9
/ 912
1
4
'912 12
8
/ 9
1
4
*813 10
*812 94 •
813 912
400 Sweets Co of America
50
9
812 9
9
9
9
*9
914
9
9
*1712 18
1.700 Symington temp ctig_No par
*1712 18
*174 173
4 1714 174 *17l2 18
•1712 1734 1758 175
8
300 Class A temp ctfs___Ns par
124 *1118 1212 11
*1118 121 *11
11
1511
13
*11
13
200 Telautograph Corp____No par
111 1158 111 1134 1114 113
/
4
12
111 12
/
4
121
/
4
8 113 113
8
2 5,300 Tenn Copp & C
No par
*503 51
/ 493 5018 49
1
4
50
4
4
50
/ 50 8 494 49
1
4
3
/ 49
1
4
/ 50
1
4
11,200 Texas Company (The)____ 25
12832 131
12812 13058 128 1323 128 12914 12812 130
132
131
/
1
4
4
10
15,100 Texas Gulf Sulphur
1234 134 12
1312 131
/ 13
1
4
12
/ 1318 1212 13
1
4
1234 13
6,400 Texas pacific Coal & 011
10
615 615 820 620 620 625 *600 650 630 635 650 660
167 Texas Pacific Land Trust_100
152912 3014 2912 294 30
304 29
/ 29
1
4
/ 2912 2912 2958 2952 1,300 The Fair
1
4
No par
3114 3014 31
*31
*304 31
*31
3138 3014 3014 *3012 303
4 1,500 Tidewater 011
100
94
593
9378 93
1
9212 94 '
/ *9312 944 93
1
4
9318 *9213 94
200 Preferred
100
5014 485 50
5018
48
8
49
49
50
4813 494 49
4912 7,200 Timken Roller Bearing_No par
8 9514 994 96
9912 1003
98
9814 9734 95
9714 32.600 Tobacco Products Corp.__100
/ 963
1
4
4 96
106 106 *108 10813 1057 10614 105 106
*1063 109
4
8
106 108
2,200 Do Class A
100
3
/ 34
1
4
4
34 314
3
3
4 33
332 3 8
5
34 33
4
3 8 33 57,500 TrantafflOiltemctfnew No par
5
4
251 *22
251 *22
•22
254 *2214 24
*2214 2512 *2214 25
Trangue & Williams St'l No par
*5414 55
5414 5358 54
54
5414 5414 5312 54
*5314 55
1.300 Underwood Typewriter- 26
39
40
391 37
/
4
37
39
3714 39
36
373
4 3712 3713 4,300 Union Bag dr Paper Corp_100
/ 431
411 424 411 4278 4214 43
1
4
/
4
42
/
4
411 42
/
4
/ 34218 4234 30,400 Union Oil, California
1
4
25
89
89
88
881 *88
90
8812 89
8812 88
8714 8714
Union Tan_
100
*11518 1151 *110 1151 *11518 1151 11514 11514 *11514 11512 •1154 11514 3.300 Do pref Car
100
100
2934 30
2912 2958 294 291
30
305
8 2914 2912 2918 291
5,100 United Alloy Steel
No par
9018 914 853 90
4
87
91
8813 903
8 87
/ 893
1
4
4 8912 901 17,700 United Cigar Storm
25
51118 120 *116 120 15115 120
119 119 *117 120 *117 120
200 Preferred
100
13518 139
140 141
13513 13914 139 1394 13614 137
1364 138
/
1
8,100 United Drug
100
*5612 574 *563 6712 583 571 *56 4 58
4
4
3
*56
57
*557 57
2
Do lgt pref
50
*10
12
*10
12
*10
12
*10
12
*10
12
*10
12
United Dyewood
100
•255 258
25312 257
2514 253
248 250
/ 246 249
1
4
2523 252
4
/ 2,300 United Fruit
1
4
100
*26
267 *28
8
267 *26
2612 26
26
26
26
*26
29
200 United Paperboard
100
*91
95
1591
95
91
91
*90
95
*90
93
*90
93
100 Unliersal Pictures let pfd_ 100
*1618 1612 15
16
153 1634 154 16
4
15
16
1514 161
6,000 Universal Pipe & Bad._No par
*9
5
63
59
39
601 356
5
814 59
57
57
59
61
2,500 Do pref
100
16512 167
162 165
16012 166
16112 1661 159 184
163 1644 7,600 US Cast Iron Pipe & Fdy_100
10158 1011 *101 102
/
4
10178 1017 *101 102
101 101 *100 102
100
600 Do pre/
47
49
4612 4812 454 50
4818 511 49
/
4
513
8 503 53
8
49,600 U S DIstrib Corp tem ctf No par
*15011 . _ *15012 _ .*15012 _
*15012 _ .*15012 --- _ _
100
Do Pre:
5218 5218 51
i218 51 - 51
514 - 1 51 -si
/ 51 4
1
514 62 2.700 USHoff Mach Corp•tcNo par
484 4914 4738 48
4714 48
4712 48
474 494 474 4912 5,300 U S Industrial Alcohol____100
/ *9914 1017 *101 1014 *101 1017 *101 101
4
*100 1011
8
/
1
8
7 *9914 10114
8
Do pref
100
54
534 54
54
5212 53
53
53
53 5318 53
/ 53
1
4
/ 2,400 USRealty&Improv't newao pa
1
4
663 684 6212 663
4
/
1
4 6234 854 6214 6514 61
64
6214 6412 97,300 United States Rubber
100
10614 10614 105 4 1053 10558 10534 105 10534 10312 10438 104 104
4
3
2,500 Do 1st pref
100
*4072 42
*4078 42
4078 41
40
/ 4114 *4018 414 403 403
1
4
8
4 2,600 U S Smelting, Ref & Min_ 50
*47
/ 48
1
4
47
/ 473 *48
1
4
48
4
/ •48
1
4
4812 48 48
•48
48
/
1
4
200 Do pref
50
12018 12118 11818 12014 118 1194 1173 1193 117 1184 11813 1193
/
1
2
4
/
1
4 207.800 United States Steel CorP-100
1263 1267 *12638 1274 12612 127
8
8
1263 12612 12812 1263 1263 1283
8
4
4
100
4 2,000 Do pref
*5812 60
*5812 60
•584 80
*5813 60
*5812 60
*5812 60
No par
V S Tobacco
'112_..•11214
_
__ *112
_ _ •l1212
_ _ •11214
_ •11214 -_ _ ___ _
. Preferred
100
1593
99
*93 -99
*9814 99
9834 19 .97 110
-99 99
10
800 Utah Copper
*3014 31
*3014 31
2912 30
294 2918 29
2912
2914 •29
700 Utilities Pow & Lt A....No par
3518 35
/ 343 354 35
1
4
4
38
35 4 3713 344 35
3
/
1
/ 3614 374 15,000 Vanadium Corp
1
4
No par
*1514 163 01514 16
4
154 1514 14
1412 *10
•12
16
14
No par
300 Van Raalte
*8814 73
*6812 73
*6812 73
*6812 73
*8812 73
*6812 73
Do 1st pref
100
* 8 14
7
*
/ 118
1
4
1
1
*1
14 *1
118 *1
118
100 Virginia-Caro Chem--No par
134 18 4 18
3
18
1634 1778 17
/ 1734 174 1714 1712 1712 2,600 New
1
4
No par
7
5 115
*7
5 115
*7
5 115 *1
*1
115
113
1
1
200 Certificates
No par
*8
918 *8
94 *8
9
•712 9
*8
9
*8
9
Do pref
100
*8
94 *8
913
818 8
/ •712 9
1
4
814 814
81s 812
900 Prat Ws
No par
•
/ 118
4
1
•
/ 118
1
4
1
1
1
1
*
/ 118
1
4
*
/ 118
1
4
200 Do "B"
No par
60
60
5934 5934 57
5878 5814 5814 5612 57
/ *57
1
4
58
2.000 8% pref w I
100
98
96
9
514 96
9412 95
954 9514 95
951
9514 9514 2,300 7% pref w 1
100
•47
50
*47
50
*47
50 '
547
50
47
47
47
471
600 Virginia Iron Coal & Coke_100
*2712 2813 2732 2713 274 271 *2758 28
2712 2713 2713 2711 1,000 Vivaudou (V) new
No par
511778 18
1778 177k
1738 17
/ 1738 1758 •1714 173
1
4
8 17
/ 1712 2,300 Waldorf System
1
4
No par
19
1913 *1812 191 *18
19
19
19 .18
19
*15
184 1,100 Walworth & Co
No par
*105 112 15106 109 *102 109 15105 110 .100 115 *100 107
Ward Baking Class A_ _No par
32 4 33
3
29
321
284 3013 2884 301
283 30
4
2918 3014 29.500 Clan B
No par
93
92
93
921
91
91
91
91
90
90'± 90
90
2,200 Preferred (100)
No per
•13
1312 1214 13
*1212 13)4 1212 1258 123 123 151234 16
4
4
2,500 Warner Bros Pictures A-- 10
044
4612 *44
46
44 44
46 46
43
/ 437 *44
1
4
8
46
400 Warren Bros
No p.r
*5713 58
57
5713 54
563k 54
56
5312 544 50
5518 6,800 Weber & Hellbr, new_c No par
513814 13813 138 13814 138 1381 1513734 13811 13712 13812 139 139
900 Western Unton Telegraph_100
4
*10911 1113 10812 1093 10918 11014 109 1101 10712 110
8
109 11014 5,000 Westinghouse Air Brake- 50
/
1
4
685 68
8
67
/ 674 683
1
4
2 674 681
68
6614 87
/ 66
1
4
/ 6712 16.000 Westinghouse Eleo & sus_ so
1
4
1812 1534 16
1538 16
15
/ 16
1
4
*16
1513 1513 15 g 15 8 1,200 West Elea Instrument
3
3
2934 •29
4
293 *29
•29
291 1529
291 *29
2912 •
29
2
912
Class A
No par
Certiflcatsa
--,- ---- ---- ---- ---- --- ---- --- ----- ---- -- ----__
Do 7% pf tem at! new.100
92 •90
92
no 92
*88
1590 ---------400 West Penn Elactrle
A...,No per
49418 9814 1594
98
*94
98
*94
98
*94
9712 .94
98
Preferred
100
gm 110 *107 109 *109 110 *10912 110 .10814 110 *109 110
West Penn Power pref
100
264 2612 2614 2612 26
26
25
/ 2618 25
1
4
/ 253
1
4
4 25
/ 28
1
4
2,800 White Eagle 011
No par
3
8314 6412 60 8 6314 6012 6338 8214 6312 x5118 53
52
5312 33.600 White Motor
50
*295 3014 29
8
30
*3012 3112 30
29
2815 284 27
/ 28
1
4
1.500 White RR. M & S ctfa_No par
2
2
14 2
/
1
14 14
/
1
/
1
134
14 *11 11
/
1
/
4
/
4
134 178 2,300 Wickwire Spencer Steel ctf___
/ 24
1
4
2512 23
/ 23
1
4
/ 25
1
4
24
23
/ 26
1
4
24
237
8 2318 24 178,900 Maya-Overland (The)
5
25
/ 95
1
4
/ 953 9534 95 4 953
1
4
4
3
4 9538 9534 95
95
/ 95
1
4
/ 953
1
4
8 1,800 Do pref
*3
/ 4
1
4
/ *314 43
1
4
4 *34 41 *314 4
/
4
/ *3
1
4
4 41 *314 41
/
4
Wilson & Co,Inc
/
4
No par
18
*9
*9
*9
18
18
*9
18
*9
18
*9
18
Do pref
100
139 146
8
/
1
4
14013 14512 141 1453 14218 145 160,700 Woolworth Co (F W)
1484 1507 13914 148
4
/
1
4
25
22
/
1
2212 214 23
*2213 2312 •215 2312 22
*2412 25
22
4
1,200 Worthington P & M
100
76
*73
*73
76
78
73
73
*73
73
73
76
*73
300 Do prat A
100
34
58
5.54
54
*54
1554
58
56
*54
56
*54
56
100 Do pref B
100
2614 27
26
27
2678 2612 2612 2612 2612 27
27
28
4,700 Wright Aeronautical___No par
4,50
5014 50
50
50 50
50
50
50 50
5014 511 1,000 Wrigley(Wm Jr)
/
4
No par
*6112 63
*6112 63
63
62
*81
62
*61
6214 *81
6212
500 Yale & Towne
25
/ 25
1
4
/ 23
1
4
/ 234 25
1
4
2414 2414 24
3
25 4 25
2413 24
/ 25
1
4
4,400 yellow Truck & Coach-100
9484 93
93
*93
94
*93
94
9314 934 *93
*93
94
200 Preferred
100
7234 7034 7112 71
72
7213 73'2 71
7038 71
7034 7138 6,900 Youngstown Sheet dr T NO par
•Bid and asked prices; no sales on this day. MU-dividend. I Itc-rishts.
PER SHARE
Range Since Jan. 1 1928.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Frage=
Year 1925.
Lowest
$ per share
4258 Mar 31
24 Mar 3
103 Mar 3
197 Mar 30
8
423 Apr 13
4
10714 Jan 29
19 Apr 13
/
1
4
90 Mar 30
2634 Mar 30
103 Apr 12
92 Apr 15
113 Jan 8
1214 Apr 14
74 Mar 29
18 Mar 30
/
1
4
101 Jan 12
51 Mar 2
4
533 Mar 30
68 Mar 30
/
1
4
80 Mar 2
5213 Mar 31
40 Mar 3
12
11614 Feb 25
634 Jan 2
75 Mar 27
7012 Mar 30
6412 Mar 31
49 Apr 15
/
1
4
11412 Feb23
11 Apr 13
/
4
3012 Mar 30
214 Apr 14
1912 Apr 12
8 8 Apr 13
5
75
8Mar 3
1814 Mar 31
11 Apr 5
10 Mar 31
/
1
4
48 Mar 30
11912 Jan 12
1218 Mar 2
510 Mar 19
27 Mar 31
/
1
4
30 Apr 12
/
1
4
90 Mar 31
44 Mar 3
/
1
4
9514 Apr 12
103 Mar 3
3 Mar 4
254 Mar 23
514 Mar 30
36 Mar 30
3714 Jan 20
8414 Mar 31
113 Feb 24
/
1
4
2513 Jan 21
8318 Feb 4
1147 Mar 4
8
134 Mar 30
5512 Mar 5
10 Mar 17
236 Jan 7
23 Mar 30
90 Mar 8
135 Mar 31
8
52 Mar 30
15812 Mar 30
100 Mar 8
/
1
4
39 Mar 30
$ per share
485 Jan 4
8
2318 Jan 4
10612 Jan 25
28 8 Jan 2
5
5413 Jan 4
109 Jan 14
24 Feb 23
/
1
4
95 Jan 29
3278 Jan 25
13612 Jan 4
14712 Feb 2
11718 Feb 8
173 Feb 19
4
8212 Jan 13
311 Feb 5
/
4
105 Mar 11
69 Feb 8
573 Feb 9
8
92 Feb 4
/
1
4
90 Feb 5
62 Jan 2
/
1
4
46 Jan 2
/
1
4
1183 Feb 23
2
10 Feb 10
/
1
4
8812 Jan 7
92 Jan 2
/
1
4
7714 Jan 4
611 Feb 23
/
4
121 Feb 1
81 Feb 1
4
41 Jan 4
/
1
4
414 Jan 8
25 4 Jan 12
3
13 Jan 7
14 Jan 4
12
20 Feb 4
/
1
4
147 Jan 1
5
16 Feb 5
54 Jan 2
/
1
4
142 Feb 1.
/
1
4
1912 Jan 7
785 Jan 13
34 Jan 14
394 Jan 23
103 Jan 25
584 Feb 10
/
1
1103 Feb 23
2
113 Feb 20
434 Jan 4
27 Jan 28
3
63 4 Jan 7
7114 Jan 5
493 Mar 23
8
94 Jan Lb
11612 Feb 8
3112 Mar 17
994 Mar 12
121 Jan 21
167 Feb 4
57 Mar 22
/
1
4
12 Jan 11
297 Feb 16
8812Mar 2
95 Jan 6
4
283 Jan 5
7812 Jan 5
2104 Jan 4
104 Feb 2
6113 Feb 13
45 8 Jan 2
7
45 Mar 30
/
1
4
10018 Apr 6
484 Mar 29
81 Mar 30
10112 Mar 30
39 Mar 31
/
1
4
47 Apr 9
/
1
4
117 Apr 15
12412Mar 3
5812 Jan 4
112 Mar 19
93 Apr 1
2814 Mar 31
29 Mar 3
14 Apr 14
6814 Mar 4
34 Feb 26
594 Feb 4
/
1
7512 Jan 13
104 4 Jan 13
3
7178 Jan 4
8814 Jan 23
109 Jan 19
497 Jan 2
8
50 Jan 4
13812 Jan 4
12718 Jan 28
63 Feb 19
11418 Feb 26
105 Feb 11
37 Feb 15
374 Apr 14
22 Feb 8
75 Feb 11
14 Jan 15
/
1
1838 Mar 18
1 Mar 24
10 Jan 30
64 Mar 24
/
1
1 Jan 15
/
1
4
52 Mar 31
/
1
4
9212Mar 18
41 Jan 12
26 Mar 30
17 Jan 12
/
1
4
18 Mar 29
105 Mar 29
28 Mar 29
00
Apr 15
1214 Apr 12
7
43 2 Apr 15
5313'Apr 15
13413 Mar 30
10514 Mar 31
8
657 Mar 31
13 2 Mar 31
7
27 Jan 4
14
118 Mar 2
12212 Jan 13
9571Mar 3
8813 Jan 8
9813 Jan 8
108 Mar 25
253 Mar 31
4
5118 Apr 15
26 Mar 27
14Mar 27
/
1
21 Mar 25
08 Jan 19
314 Mar 29
16 Mar 24
13914 Apr 12
2014 Mar 30
73 Apr 14
53 Mar 29
2412 Mar 30
47 Apr 3
6012 Mar 4
2318 Mar 30
9112 Apr 3
6912 Mar 30
2512 Feb 3
173* Dec
138 Feb 14
/ Dee
1
4
11 Feb 3
Pe Jan
11 Jan 7
/
1
4
4 Marl
/
4
11 Jar 5
75 Anti
69 Jan 4
304 Nov
9818 Jan 6
92 Nov
/
1
4
4912 Mar 23
30 Junel
3258 Feb 10
7 Jan
/
1
4
19 Feb 11
/
1
4
1413 Aug
23 Jan 27
/
1
4
214 Dec1
195 Jan 2 116
Apr
8.53 Feb 1
8
3714 Marl
11012 Jan 15
9412 Fell
1818 Jan 6
174 Dec
5013 Feb 18
43 Junel
8512 Jan 13
51
AprI
1473 Feb 4 1164 .JanI
2
12814 Feb 9
97 Apr
7912 Feb 10
6614 Marl
19 Feb 16
914 Apr
$1 Feb 24
/
1
4
19 8 Marl
5
130 Jan 27
9714 Sep11
124 Jan 6 167
/
1
4
Octl
101 Mar 11
94 Apri
97 Feb 11 --- ---10018 Feb 19-_ _ ___
112 Jan 18 104 JanI
2934 Feb 10
2512 Augl
90 Feb 11
5718 Marl
383 Feb 3
8
23 Deci
/
1
4
338 Jan 6
2 Dec
84 Jan 4
9
/ Jan
1
4
99 Feb 4
7214 Jani
54 Feb 10
458 Dec
1718 Feb 2
17 Sept
222 Jan 4 1124 Jani
4434 Jan 6
354 AugI
80 Feb 2
76 NovI
65 Feb 24
58 Aug1
33 Feb 18
16 Marl
59 4 Feb 11
5
4512 Marl
6414 Jan 5
62 Sept
32 Feb 9
/
1
4
22
/ Octi
1
4
9612 Feb 28
98
Oct
89 2 Jan 4
7
62 Mar
Highest
$ yes Share 5 Per share
3912 Sept 49 Dee
211 Aug 2812 Dee
/
4
994 Jan 10614 Nov
173 Sept 26
4
/ Jan
1
4
3114 Mar 544 Nov
/
1
10018 Jan 10818 Dee
17
Jan 247 Feb
8
783 Jan 941g Feb
4
2134 Mar 3213 Nov
8014 Mar 14313 Dec
Jan 10918 Dee
62
619
/ Jan 11314 Dec
1
4
1318 Dee 24 May
7814 Dec 92 May
7513. Feb 387 Sept
8
92 Apr 108 July
4014 Jan 61
Oct
5012 Mar 5818 Nov
62 May 88
Dee
Jan 8834 Doe
81
5112 Aug 674 Feb
38 Mar 4713 Feb
/
1
4
11614 July 119 Feb
552 Aug 16
Jan
624 Mar 82 Dee
55 Mar 9612 Dee
61 Mar 89
/ Oct
1
4
414 Jan 6853 Nov
112 Mar 125 Sept
3
Oct 12 Mar
384 Nov 437 Nov
8
2 Dec
618 Feb
110 May 411 Jan
/
4
5 Mar
/
1
4
1512 Oct
10 Jan 201 Sept
/
1
4
/
4
193 Dee 261s Sept
4
11 Aug
1614 Nov
7 8 Apr
5
16 Doe
42
/ Jan
1
4
55 Dee
2712 Feb 1217 Dec
8
10 Aug
/
1
4
23 Feb
/
1
4
Apr 657 Doe
255
3214 Sept 3914 Oct
3014 Sept 364 Dee
/
1
99 Nov 101
Om
/
1
4
37 Mar 59 8 Oct
3
70
Jan 1013 Nov
4
6318 Jan 1103 Nov
8
3 Sept
/
1
4
5 May
/
1
4
2412 Sept 35
Jan
3812 Mar 6514 Nov
38
Apr 8,6
Oat
33
/
1
4
Oct 43 Feb
554 Dec 134 June
1134 June 1171 May
8
24 May 36 Mar
/
1
4
804 Jan 11671 Nov
115 Dec 13314 Dee
11278 Feb 1824 Oct
52
Jan 5818 Nov
9 Dec 20 Mar
204 Mar 248 Sept
/
1
4
184 Apr 3313 Dec
944 Dec 10312 Oct
/
1
26 Dec 507 Feb
s
65 Ju171 94 Feb
1311 AprI 250 Feb
/
4
91 Jul71 113 Aug
201 Febi 83 Dee
2
/
1
4
130
250 Dee
hal 4918 Oct
23
70
/
1
4
98
Oct
102 Dec1 115 Jung
____ ___.
334 Mar 9712 Nov
92114 M
108 2 Nov
7
30
Feb 51 Dee
44
Ap
494 1301
3
112 M
/
1
4
13914 Nov
12218 Mayl 1265 Jan
8
5112 Marl 5914 Nov
105 8 AD 114 Sept
5
82 Marl 111 Nov
11.1 Anti 38 Aug
20g Mayl 3 4 July
41
1514 AntI 26 8 Nov
7
(10
Apti 80 Nov
112 Sept
8 July
/
1
4
2173 Dee
6 July
2313 July
20 Nov
4 July
/
1
4
83 8 Dee
7
9513 Dec
46 Dee
283 Dec
4
197 Jan
8
2414 Dec
198 Dec
9512 Oct
112 Deo
27 Oct
g
012 July
10012 Dec
144 Slept
/
1
4
144 Aug
84
Jan
204 Aug
28 Dec
/
1
4
145 May
1253 Dec
2
100 Jay
--- ----
in
July
31
/ Feb
1
4
10412 Aug
49 Aug
/
1
4
53 May
8
344 Nos
/
1
123 Dec
/
1
4
1334 Mai
60 MAI
220 08
7938 Jar
88
Jar
76714 Fel
323 Jul,
8
5714 Oil
7014 .11113
40 001
/
1
4
001
100
021, Nor
2166
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Rzchange method of purging bonds was changed and prices are now "and interest"—ezcept for income and defaulted bonds
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 16.
t
ZE
Prize
Friday,
April 16.
Week's
Range or
Last Sale
to-,
Range
Since
Jan. 1
High
U. S. Government.
BEd
Ask Low
High No.Low
First Liberty Loan
.,
334% of 1932-1947
J D10021,, Sale 1002332100"o 246 9910 010o
1 99343 011313
Cony 4% of 1932-47
J D 100 101
99.42 99142
Cony 41 of 1932-47
J D 10211.2Sale 10211321022034 189 1011344 02"s4
/
4%
1014.2 013402
2d cony 43E% of 1932-47
J D 102 10210.2 10111
.2Mar26 _
•
-•
Second LibertyLoan—•,,
0011.2
48 of 1927-1942
M N 10010.2101 100
10011
/
4
, 16 99
10017,,Sale1002,
42
Cony 4)4% of 1927-1942
1046 1000 101
M N
441003.44
Third Liberty Loan-'.
/
4
M 5 10110r2Sale 1010 10213.2 1101 10071 0111.2
.,
434% of 1928
Fourth Liberty Loan
A 0 102",,Sale 102,0441022844 1360 013344 02":3
41
/ of 1933-1938
4%
,
,
373 106 44 08 44
1947-1952 A 0 1071,,Sale10713,2 108
/
1
s
Treasury 44
.,
,
1944-1954 J D 1033044Sale 1032444 104 4 202 10213 0417.1
Treasury 48
.,
Treasury 3 8
/
1
4
1946-1956 M S I00',,Sale 10017 100n4 353 1001341 0021,4
State and City Securities.
NY City-434s Corp stock_ 1960 M S
/Ms Corporate stock
1964 M S
41s Corporate stock
/
4
1966 A 0
41 Corporate stock
/
45
1972,A 0
4340 Corporate stock
1971 1 J D
4348 Corporate stock_July 1967 J J
4346 Corporate stock
1965.1 D
4345 Corporate stock
1963 M S
4% Corporate stock
1959 M N
4% Corporate stock
1958 M N
4% Corporate stock
1957 M N
4% Corporate stock
1956 M N
4% Corporate stock
1955 MN
4% corporate stock
1936 MN
434% Corporate stock_ _1957 MN
434% Corporate stock
1957 M N
334% Corporate stk_May 1954 M N
334% Corporate stk_Nov 1954 M N
334s corporate stock
1955 M N
New York State Canal Im_481961 J J
48 Canal
1942 J J
4348 Canal 1mpt
1964.1 J
48 Highway impt register'd19581--Highway Improv't 4348 1963 M S
Virginia 2-38
1991 J .1
10014
_ 10014
1007 1018 10034
8 - 3
1007 1013 10128
8
8
10118 1012 10114
8
10558 Sale 10528
10514 1057 105
8
1054 1057 105
8
105 10512 1043
4
977 Sale 977
8
8
977 983 973
8
8
4
974 98% 98
9718
9714
974 ____ 9714
99
--104
-34____ 1043
4
105 Sale 104
8812 ____ 8814
4
8812 ---- 883
89
_r_2
10158
- -- -___ 10118
_ 11014
---- -___ 10278
-___ 10512
643 ---- 7612
8
Foreign.G eeeee merit.
1
9 8 ar
,
4
Argentine (Nat Govt of) 75.1927,F A 1s Z8 p e 11g38
S f 6s of June 1925 temp...1959 .1 D
Extl 8 f 6s of Oct 1925
1959 A 0 9812 Sale 9814
4
19571M S 993 Sale 99
Sinking fund 68 Ser A
External 6s Series B__Dec 1958.J D 9812 Sale 9814
Argentine Treasury 58 £.....A945 M S 8712 8812 87
4
Australia 30-yr 58_- July - 1955 3 i 983 Sale 9758
15
19431.1 D 10012 Sale 10012
Austrian (Govt) s f 7s
73
955
9 34
88
4
993
983
4
88
4
963
10114
3 1
2 2
5
5
202
222
.5
201
32
Belgium 25-yr ext 11 i 734s g_19451.2 D
1941F A
20
-year s f 88
25
-year ext 6349
1949 M S
Extl a f 68 inter rcts
1955!J 2
Mal 8 f 78 inter Ws
1955'2 D
Bergen (Norway) s t 8s
1945M N
25-year sinking fund 68_1949,A 0
1950:A 0
Berlin (Germany) 6345
1945IM N
Berne (City of) s f 88
Bogota (City) ext'l s 1 88_19451 A 0
1947 M N
Bolivia (Republic of) 88
Bordeaux (City of) 15-yr 68_1934 MN
Brazil U S, external Sa
1941 J D
78 (Central fly)
1952 J D
7348 (coffee secur) (flat).1952 A 0
Bremen (State of) extl 7e
1935 M N
Buenos Aires (City) extl 6348195513 J
109 Sale 1083
4
10712 Sale 1J628
9112 Sale 9112
843 Sale 8412
4
945 Sale 9412
8
114 11434 11338
9914 9912 9938
87 Sale 87
10 7 10714 1067
6s
8
99 Sale 99
9912 Sale 9812
8312 Sale 8314
103 Sale 10114
4
93 Sale 913
1042 Sale 1044
8
95 Sale 9414
9914 Sale 99
10912 23
10712 23
9212 49
81
85
101
95
18
114
4
9912
8712 84
3
107
9912 22
9912 41
844 37
103
111
93
154
1045
, 11
947
40
10018 35
1931'A 0
Canada (Dominion of) 55
1929 F A
10-year 5349
1952 M N
58
1936 F 14
4348
Carlsbad (City) 5 f 88
1954 J
Chile (Republic) mat s f 8s 1941 F A
External 5
-year 8 f 88__ _1926 A 0
1942 M N
20
-year extl 79
1946 M N
25
-year s f 8s
Chile Mtge Bk 1334s June 301957 J D
Chinese (Hukuang Ry) 58_1951 J D
Christiania (Oslo) 30-yr s f 6,1954 M
Colombia(Republic)634s.1927 A 0
Copenhagen 25
-year s f 5%8_1944 J J
Cordoba (Proy) Argen 713_1942 .1 .1
1944 MI S
Cuba 58 of 1904
External 5s of 1914 Ser A_1949 F A
1949 F A
External loan 4348
Sinking fund 5345
1953 J 3
Czechoslovak (Repub of) 85_1951 A 0
1952 A 0
Sink fund 88 SerB
1945 A 0
Ext'l s f 74 Ser A
/
1
8
1011 102 1013
/
4
4
102 Sale 102
8
1043 Sale 10334
9834 98% 983
4
103 Sale 10112
10812 Sale 108
10112 102 10112
10112 Sale 10034
108 Sale 10734
97 Sale 963
4
423 433 4212
4
4
10012 10114 100
100 Sale 120
9912 Sale 99
9714 Sale 9714
10114 Sale 10114
99 10114 99
90
8918
89
1013 Sale 10112
4
1013 Sale 101
8
1007 Sale 10012
8
9714 Sale 9714
102
103
/
1
4
10412
987
8
103
10812
102
101
108
973
8
4314
10014
10018
993
4
974
10114
99141
8918
1013
4
8
1017
101
97
/
1
4
31
50
93
13
15
34
3
59
19
86
8
16
15
32
14
13
5
5
8
30
47
47
6
/
4
Danish Con Municip 88 A 1946 F A 112 Sale 1111 112
4
1946 F A 110 112 11138 112
Series B 1 88
103
/ 37
1
4
103 Sale 10278
/
1
4
Denmark 20
1942 J
-year he •
Dominican Rep Con Adm 81 54'58 F A 10214 ____ 10112 Apr'26
98 I 13
Custom Administr 534e
1942 M S 98 Sale 9712
10414 41
Dutch East Indies extl 6s
1947 1 J 104 Sale 104
10414 50
40
-year 6s
1962 M S 10414 Sale 104
79
30
-year extl 534s
1953 MS 10212 Sale 10212 103
10212 15
30
-year eat] 534s
1953 MN 1J214 Sale 10214
El Salvador (Rep) 88
5
1948 J , 106 Sale 10614 10604
24
/ 8712 87
1
4
Finland (Rep) eat! 68
1945 MS 85
F8
External e 1 78
1950 MS 98 Sale 96
90 4 15
3
Finnish Mun Ln 6348 A____1954 AO 903 Sale 90
4
4
8
905
903 905
8
8
External 6348 Series B____1954 AO 90
8
French Repub 25-yr eat! 88_1945 MS 1014 Sale 10034 1017 262
9814 215
20-yr external loan 7346_1941 J D 9714 Sale 9658
460
89
4
External 78 of 1924
1949 J D 873 Sale 87
German Republic extl 75_1949 A 0
German Cent Agile Bk 7s_ __1950 M 5
at Brit & Del(UK of) 5%12_1937 F A
10
-year cony 5345
1929 F A
Greater Prague (City) 7348_1952 M N
Greek Govt 78
1964 M N
Haiti (Republic) s f 6s
1952 A 0
Hungarian Munlc Loan 734s 1945 J .1
Hungary (Kingd of),f 730_1944 F A
Ind Bank of Japan 6% notes1927 F A
Italy (K1ngd of) ern 75
1951 J D
Japanese Govt loan 4s
1931 J
30
-year 8 I 6348
1954 F
Oriental Development 68_1953 M
Lyons (City of) 15
-year 69._1934 M
Marseilles(City of) 15-yr 68_1934 M
Mexican Irrigation 434 s
1943 M
Assenting, f 434s
1943
Mexico(US)esti 5s of 1899 £_'45 4
Assenting 58 of 1899
1945 _
Assenting 58 large
Assenting 55 small
J
A
S
N
N
N
J
10238 Sale 10178
97 Sale 97
10412 Sale 1042
8
118 Sale 11838
/
1
4
9712 Sale 971/4
8514 Sale 8514
98 Sale 9712
8712 875 875
s
,
95 Sale 9518
/
1
4
10018 Sale 100
9412 Sale 9412
1N3
08
4
.13
30
142
105
1185
8 51
9
86
97% 16
12
33
98
47
88
954 26
10014 26
9412 339
8614 19
854
947 412
944
22
89
88
30
84
834
/
1
27
84
83
/
1
4
30 Mar'26 -- __
303
4
31
6
4212 Feb'26 ____
il) 60
221
41
404 407 401
/
1
8
8618 Sale
9438 Sale
88 Sale
83
84
833 Sale
8
3114 3112
Bid
Week's
Range or
Last Sale
Ask Low
1
,
3
High No
Range
88ace
las. 1
Low
High
2714 Jan'26
47
24
25
2314 'Aug'25
263 30
4
2528 Oct'25
263, giu- " 262
8
e
27
/ 68
1
4
243 Sale 2412
4
2514 129
4334 437 4318
4312 30
41%
4314 39
983 Sale 9812
4
987
8 36
18
1064 10714 1063
4 107
1033 Sale 1033
4
4 10418 48
10114 Sale 100
/ 10114 42
1
4
101 Sale 1003
4 10114 74
10112 Sale 101
1013
4 33
963 Sale 954
4
/
1
964 86
/
1
14
993 Sale 995
4
8
100
7
2333 32
/
1
294
22
4118 47
40
47
96 100
1064 1097
/
1
s
10314 1044
993 102
4
100 10214
10014 10212
95 971s
984 101
Panama (Rep) extl 534s
1953 JD
Peru (Rep of) external 8,8_1944 A0
Extl sink Id 7348 temp
1940 MN
Poland (Rep of) gold 6s
1940 AO
Extl sink Id g 88
1950 s
Porto Alegre (City of) 88.. 1961 SD
Queensland (State) ext Si 75_1941 AO
25-year external 65
1947 FA
Rio Grande do Sul extl s f 85_1946 A0
Rio de Janeiro 25-yr ,f 85...1946 A0
25-yr eat! 88
1947 A 0
Rotterdam (City) extl 68__A984 M N
102 10212 102
103 Sale 10314
/
1
4
9814 Sale 9818
6714 Sale 6714
8
8814 Sale 872
99% 1003 10012
4
11134 Sale 1103
4
10514 Sale 10438
10114 102 1003
4
101 Sale 100
1004 Sale 100
/
1
10412 Sale 10412
10212 23
38
104
984 24
/
1
675s 90
7
89
10012 127
7
11134
10534 11
1013
4 19
1015
8 29
10012 32
73
105
10012 1023
4
10112 105
97 9912
66
683
4
91
86
/
1
4
985 102
8
11012 114
10414 106
985 102
8
9714 1024
97 1017
s
104 105
/
1
4
22
4 104
Sao Paulo (City) s f 8s
1952 M N 104 Sale 1023
12
4 105
8
San Paulo (State) cite f 85_1936 .1 .1 1045 Sale 1033
4
External 5 f 844 Int rests_1950 J J 10212 1023 10212 10314 44
9718 72
9718 Sale 96 8
External water loan 7s__ _1956 M S
88% 15
Seine (France) extl 75
1942 .1 Ji 8712 Sale 874
9012 79
8
Serbs, Croats & Slovenes Se_1962 M NI 903 Sale 90
843 83 Apr'26 -4
Soissons (City) extl 65
1936 M N 83
/
1
4
Sweden 20-year 65
1939 .1 D 1043 Sale 1044 10528 76
8
External loan 5)4,1954 M N 1027 Salo 102% 103 I 49
115% 19
Swiss Confed'n 20-yr s f 8s 1940 .1 .1 115 Sale 115
10312 113
Switzerland Govt ext 534s 1946 A 0 10318 Sale 103
/
1
4
6912
3
Tokyo City 55 loan of 1912 1952 M S 6912 Sale 69
9
9912 10018
Trondhjem (City) en' 6348_1944 J .1 10012 101
9212 54
10012 10218 Upper Austria (Prov) 78_1945 J D 9212 Sale 91
109
18
8
8
( y oo l f . 8s 1946 F A 1087 Sale 108
it ePubic)cxt
R
8
107
9
/
4
9 7 99
58
6
Z
UruguayurchC
1945 A 0 1061 Sale 1067
9614 100
953 99
4
Railroad
88
Ala Gt Sou 1st cons A 59_1943 J D 10212 103 10212 Apr'26
85
Feb'26 -/
1
4
1928 M N 100 101 101
9618 984 Ala Mid lot guar gold 5.s
853
4
1
4
4
100 1024 Alb & Susq cony 3348
/
1
1946 A 0 853 8612 853
84
Oct'25
4
Alleg & West 1st g 48 gu
19981A 0 823
95
95 I
5
105 111 04 Alleg Val gen guar g 48
1942 M 23 95
1054 10858 Ann Arbor let g 48
July 1995 Q J 78 Sale
/
4
93
/ 140
1
4
95
88
Atch Top dr S Fe—Gen g 48_1995A 0 9214 Sale 921
9012 Apr'26 -8112 877
8
IA 0
Registered
8638 49
2
92
975
4
Adjustment gold 4s_ _July 1995 Nov 863 Sale 8614
8612 20
/
1
4
113 115
Stamped
July 1995 M N 8612 Sale 85
8314 Jan'26
98 10012
151 N 8212 85
Registered
8418 86 2 87 Feb'26
,
854 88
Cony gold 48 1909
19552 D
88 1 16
86
1067 108
8
Cony 48 1905
19552 D 85
86 Apr'26 - /
1
964 100
Cony g 45 issue of 19)0_..1960i D 8418
2
9912 11;1
- - 9912
9912
,
9612 101 8
East Okla Div let g 45_1928 M S
8841
5
8
4
81, 8614
4
Rocky Mtn Div 1st 45_ 1965 .1 J 883 89, 883
4
90
4
8912
4
1004 104
Trans-Con Short L 1st 48_1958 J .1 893 91
8
8
8918 94
4
Cal-Ariz 1st & ref 434s A.1962 M S 952 953 953 Apr'26
10312 Apr'26 -103% 10714 All Knoxv & Nor 1s1 g 55
1946 J D 1034
964 Mar'26
9212 9618 Atl & Charl A I.. lot A 434,19445 .1 97
10312
8
lot 30-year 5s Series B
9714 101
1944 J .1 10338 Sale 10314
8512 July'25 -Atlantic City 1st cons 48
1951 J .1 85
4
4
9414 15
10114 10212 All Coast Line 1st cons 48-.01952 M S 933 gZe- 933
22
1061
/
4
10112 1031
/
4
10
-year secured 78
1930 M N 10618 Sale 10618
964
/
1
063
4
6
/
1
1022 10412
8
General unified 4345
1964 .2 D 964 97
9318 70
983 987
4
L & N coil gold 48____Oct 1952 MN 92 Sale 92
8
7712 32
7712 Sale 76
10114 10312 Atl & Danv 1st g 49
19482 .1
6512 6512 Apr'26
10712 1093
4
.1 64
1948
7614 Apr'26 -1007 1023 All & Yad let g guar 45
8
4
1949 A 0 771z 78
101041 10
10114
10114
100 10212 Austin & N W let gu g 55-1941 3
107 109
1
9212 154
943 98
4
Bait & Ohio lst g 48____July 1948 A 0 92 Sale 91
9014 1
1
8818 ____ 9014
Registered
4212 484
July 1948 Q
963 255
4
96 8 Sale 9633
,
101
99
10
-year cony 4345
1933 sl S
883 Apr'26
4
993 10058
4
M S
Registered
97 1 165
98, 100 8
4
,
Refund & gen 58 Series A_I995 J D 97 Sale 9614
1042 360
8
4
953 99
1st g 59
1948A 0 10412 Sale 1034
94
4 103
4
993 10112
10-year 68
1929 J .1 103 Sale 1023
8
1073 181
41
98 10012
D 107 Sale 1067
Ref & gen 68 Ser C
19555
9112 62
911 Sale I 91
/
4
884 91
PLE&WVaSys ref 45_1941 M N
10138 289
101 Sale 10058
4
1003 103
Southw Div 1st 55
19502
793 Sale 7812
8
7912 150
933 1023
4
4
Tol Jr Cin Div 1st ref 42; A_1959 J .1
65 1 6214 Feb'26
904 102 2 Battle Cr dr Stur 1st an 35 1989 J D 61
,
1
94141
9578 9914 Beech Creek let an g 48
1936 J J 9412 9512 9414
903 Nov'25'--__ ,
4
J D 9214 95
Registered
8
811 12
/
4
1101 112
/
4
Beech Cr Eat 1st g 3348____1951 A 0 8114 8312 815
913 91
4
9112 53
110 112
19442 D 91
Big Sandy lot 45
741 Sale 743
/
4
4
741 10
/
4
102 103
/ Bost & NY Air Line 1st 4s_1955 F A
1
4
10112 103
13runs & W lst gu gold 4s
1938 J J 9412 ____ 9312 Jan'26
/
4
5
937 993 Buffalo R & P gen gold 5s 1937 St S 1021 ____ 102 Mar'26
8
4
914 108
103 10514
/
1
4
Consol 414s
1957 M N 9112 Sale 893
8704 Feb'26
M N
103 10514
/
1
4
Registered
____ 10114 Feb'26 ----1
10112 10312 Burl C R & Nor let 55
1934 A 0 101
81
102 10314
/
1
103 1064 Canada Sou cons an A 58_1962 A 0 10312 Sale 11034 104
/
1
94141 94
94
1
Canadian Nat 432s_Sept 15 1954 M S 94
/
1
/
4
4
984 24
/
1
5-year gold 4348__Feb 15 1930 F A 984 981 983
gr4 98
115
23
891 9212 Canadian North deb e f 78_1940 J D 115 Sale 1147
/
4
1173 118 117,
4
8 1173
4 14
19483
8914 9212
20
-years f deb 634s
7
97
3
10-yr gold
9812 10312
Feb 15 1935 F A 97 Sale 96
84 4 a
6
9414 oct5152. 1
8 2 1_3:11
4
9212 993 Canadian Pac Sty 4% deb stock. J J 9 3 S9le 83
Carb & Shaw 1st gold 45
1932 M
8618 91
8218 Apr'26
1938 .1 D 8218
Cam Cent 1st con g 48
/ 1023
1
4
4
5
/
4
1011 1021 Caro Clinch &0 1st 3-yr 58.1938 .1 D 10218 103 102
/
4
10814 10912 10814
10814 11
94
9714
Ist & con g 68 Ser A
1952 3 0
87
85
/
1
4
8534
1
19812 D 86
10414 1065, Cart dr Ad let go g 4s
/
1
8114 10
1173 119
4
Cent Branch tjPlstgds._1948J D 804 8212 8114
10412 10412
2
Central of Ga 1st gold 55___271.045 F A 10414
1034
4
Conant gold 58
1945 M N 10318 Sale ,103
9712
84
9278 89
9
8
M N . 218 ____ 1 1013 Feb'26
9554 920.4
Registered
10318 19
10
-year secur 6s____June 19292 D 1034 Sale 103
844 8858
10412
7
Ref & gen 54 Ser 13
/
1
5
1959 A 0 10412 Sale 104
8914 87 Mar'26
93 108
93 9 4
1 0
Chatt Div pur money g 48_1951 J D 87
/
1
4
943
4
Mac & Nor Div lot S 5s 1946
J 99 ____ 100 Dec'25
94
___.1 99 Dec'25,___ _1
J 101
1948
Mobile Division 5s
70121
7,
8358 87
1961 .1 .1 7012 Sale I 70
Cent New Eng 1st fru M
/
1
923 947 Central Ohio Reorg 4348_1930 M S 9812 ____1 984 Mar'26I__
8
8
8
4
993
41
11
85
8914 Cent RR & B of Ga coil g 58_1937 M N 995 10014 993
1103 Apr'261 ____1
8
811/4 991/4 Central of N J gen gold 58_1987 J .1 11018
8
8112 8612
Registered
1987 Q J 10914 ____ 1087 Mar'26
91
9138 9012
9114 76
31
1949 F A
30
Cent Pao lat ref go g 4s
/
4
9714
2
/
1
4
Mtge guar gold 3348
*19292 D 9714 Sale 971
283 34
4
/ 90
1
4
875
8
8812
7
42
4
4/
3
1
4
3 12 45
Through St L let an 45___1954 A 0 87
/
4
1960 F A 101 Sale 10012 1011 388
Guaranteed IC 58
374 40.4
: 041
1001 10 1
01
102: 506'i
0 4 07
62
__ _
1 2 illaa ---_- 1 ....._ ____
3
,
St=1. b Due July. 8 Due Aug. p Due Nov. 8 OPtles sale.
Price
Friday,
April 16.
Mexico (Concluded)—
Gold deb 4s of 1904
1954J D
Assenting 4s of 1904
Assenting 4s of 1904 small
JJ
Assenting 4, of 1910
Assenting 48 01 1910 large
Assenting 48 of 1910 small..
Trees 68 of '31 assent (large)'33 1-3
Small
1952 JD
Montevideo 7s
Netherlands 65(flat prices) 1972 MS
30
-year external 6s (flat)_..1954 AO
1943 FA
Norway 20
-year extl 68
20
-year external 68
1944 FA
30
-year external 6e
1952 AO
40
-year s f 5348 temp__1965 3D
Oslo (City) 30
-year s f 65
1955 MN
Apr'26 _—
01 8
Mar'26 ___ 1012 191 3
,
Feb'26 ____ 10012 101 8
4
Jan'26 ____ 1003 10114
,
2 10512 105 8
105%
8
8
Mar'26 ____ 1047 1053
8
Mar'26 ____ 1045 10512
Mar'26 ____ 10412 105%
973 9812
4
5
974
974 9814
Apr'26 __
974 98
Apr'26 __
/
1
4
9714 97
Mar'26 _
9714 9714
Apr'26 ____
99
98
Mar'26 ____
Apr'26 ____ 10412 10514
2 10414 10512
105
873 883
4
4
Mar'26 ___
883 88 4
4
3
Mar'26 ___
4
883 89
Apr'26 _
Jan'26 ____ 101% 10158
Mar'25 -----------11014 11014
Mar'26 _
July'25 -----------Oct'25 -----------Feb'25 -----------101%
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 16.
2714 2714
2014 29
/
1
4
84
9014
8712 94
82
85
10418 1053
4
1011 103
/
4
/
1
4
1023 105
4
67
70
12
9914 101
90 94
10712 111
116 s 110 4
057 11 7141
1017 16212
4
101 1014
844 854
9238 95
757 7812
4
8912 934
8814 9012
864
85
8
132 8014
8314 8334
842 87
4
8414 88
834 864
984 100
864 89
88
90
9474 957
s
10312 10312
964 972
4
1023 1034
4
92's 9454
10514 107
944 9634
91
94 4
2
7812
76
69%
65
4
764 782
1004 10114
8914 9212
8832 9014
94
97
883 883
4
4
93 2 97
,
10212 1043
8
10212 10312
104 1073
4
89
/ 913
1
4
4
98 10134
744 7912
61
6214
93
95
-813;
89
/ 9112
1
4
7314 744
934 9312
10112 10214
874 9172
8714 8714
10014 10114
1027 104
s
934 944
983 9912
2
1143 1171
4
4
117 1183
4
9612 9714
8018 8512
1121
;
1
10112 1037
5
10712 10812
813 88
4
/
1
4
79
/ 83
1
4
10312 10412
10212 1035
4
1014 1015s
/
1
10212 10311
1017 10412
2
8614 87
/
1
4
68
73
983 98
4
/
1
4
98 8 993
3
4
1085 11011
2
8
/
1
4
1083 108
/
4
887 911
2
,
4
962 97 4
893
4
87
97 10114
/
1
4
New York Bond Record-Continued-Page 2
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 16.
Zt
Price
Friday,
April 16.
Week's
Range or
Last Sale
b
Range
Since
Jan. 1
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 16.
t
2167
Price
Friday,
April 16.
Week's
Range or
Last Sale
...eZ1
AO
Bangs
Singe
Jan. 1
Bid
Ask Low
High No. Low
High
Ask Low
High No. Low
MA
Hifi
Charleston & Savannah 713_1936 .1 J 11712 ____ 11212 Feb'25
_
Del & Hudson 1st & ref 4e_1943 M N 9314 ___ 9258
_
9312 48
9053 9312
10118
Chee dr Ohio fund dr Mint 58_1929 J J 10014 13118 101
1005 1011
- 8
/
4
30-year cony be
1935 A 0 10912 110 10912 1113 112 1084 11614
4
181 consol gold 58
1939 M N 10518 Sale 10434 10518
9 10238 10518
15
-year 511s
1937 M N 105 Sale 104
105
18 102, 10611
Registered
1939 M N
_ 10214 Mar'26
10
100
-year secured 75
0214
7 107 110
1930 J D 10712 1075 10712 108
8
General gold 43s
1992 M S 9518 9512 9434
9512 39
92
0512 13 RR & Bdge 1st gu 48 g
96
95 Apr'26 ____
9414 95
1936 F A 94
__
Registered
1992 M (3
9018 July'25
Den & R G-lat cons g 4s 1936 J J 895 Sale 8818
8
895 247
8
85 8 8 /
3
91
4
20
-year cony 4313
8
977 911
1930 F A 985 Sale 9812
987
8 53
Consel gold 411s
1936 J J 93
9314 924
924 71
89 924
30
-year cony secured 58_19461
129 Sale 12812 12918 14 124 15014
Improvement gold 55
1928
92
98
99
D 99
9914 983
4
99
A 0 129 Sale 129
129
Registered
5 129 14312 Den & itO West gen 58_Aug 1955 MN 6412 Sale 6312
62
6514 177
7014
Craig Valley 1st g 55
1940 J J 98___ 9812 Dec'26
Dee M & Ft D 181 gu 48_ __ _1935 J J 44
_
44
4712
49
44
Apr'26 ____
Potts Creek Branch 1st 45_1946 J J 8034 85
83 Mar'26
Temporary ars of deposit_____
42
47
35
40
42 Apr'26 ____
it & A Div lat con g 4s__ _1989,1 J
__- 877 Apr'26
8
864 87 2 Des Plaines Val let 41113._ _1947
/
1
,
934 954 9312 Feb 25 ---/
1
/
1
.
2d corned gold 48
8214 87
1989 J .3 888412
8412
5
82 8 8412 Dec & Mack-tot lien g 48._1995 .1 D 70
7
'Yr Iti"
72
72 Mar'26
"arm Springs V 1st g 58_1941 M S 94 100
/
1
4
9834 Oct'25
Gold 48
65 65
1995 • D 65
70
65 Mar'26 ____
Chic & Alton RR ref g 3s__ _1949IA 0 69 Sale 67
69
13
Detroit River Tunnel 434s_1061 M N 953 Sale 954
8
6
945 984
4
/
1
95
/
1
4
/
1
CU dep stpd Apr 1926 lot
___ _ 6714 6814 6714 Mar'26
64 6752 Dui Missabe & Nor gen 5s_1941 J J 10312 ____ 10312 Apr'26 --__ 10312 10312
Railway first lien 331s_ _1950 J J 5614 Sale 5512
563
4 89
513 584 Dui & Iron Range 1st 5s.,.1937 A 0 1017 103 10212 1027
8
8
8 12 1014 1027
8
Ctfs dep Jan '23 & sub-coup-I.-, 54 Sale 54
54
1
51
5613 Dul Sou Shore & All g 58
1937 J .1 85
8712 8714
8714
2
85
874
Chic Burl & Q-Ili Div 310_1949 J J 853 864 8578
4
/
1
86
6
833 88
4
Registered
/
1
4
11 J 82 ____ 8412 Feb'26
8412 843 East Ry Minn Nor Div 18t 43_'48 A 0 9138 9212 91 Mar'26 ____
4
91
91
Illinois Division 48
19494 1
-- 92
/
1
4
927
8
9
911 935 past T Va & Ga Div g be_ _1930 5 J 10012 ___ 10012 Apr'26
/
4
8
1004 101
/
1
9314- 4
Nebraska Extension 4s_ 1927,M N 993 997 9678
8
997
8
7
Cons 1st gold 53
1956 1)1 N 1041 ____ 10418
/
1
/
4
964 10014
10414
6 10214 10414
Registered
1 M N 9812 ____ 9912 Mar'25
Elgin Joliet & East le g 55_ 1941 M N 10214 103 1023 Feb'26
,
8
10118 10253
8
General 45
9314 14 165- 9314 El Paso & 8 W lat 5s
1958 M S 925 Sale 9258
1965 A 0 1033 ____ 1033 Apr'26 ____ 1025 10354
8
4
4
8
2
Registered
M S
023 Mar'26
8
9118 9238 Ere let consol gold 7e eat_ _1930 hi S 10714 Sale 1074 10712 2 10714 10811
let & ref 58
1971 F A 1041 Sale 10413 1044
/
1
8 10258 1047
let eons g 48 prior
1996 J J 7818 Sale 7718
8
785 227
8
7412 784
/
1
Chic City dr Conn Rye 55_ _1927 A 0 5014 Sale 50
5012
9
7112 Dec'25
Registered
1997 ▪ J
4712 5'3
Chicago & East III le 6s_ _1934 A 0 106 1067 10612 Jan'26 _ _ _ _ 10612 10612
8
let consol gen lien g 4s_
/
1
247 ---- ---64
717
s
1996 J J 684 Sale 66
69
C &E III Ry (new co) gen lisi 1951 M N 7512 Sale 7512
76
185
Registered
7318 7812
/
1
4
1996 J
-6814 Feb'26 -___
65 68
Chic & Erie 1st gold 5s
1982 M N 10378 ____ 10358 1035
8
1 10158 106
1951 F A 964 9814 963
Penn eel: trust geld 4s
/
1
J---4
963
4
2
965 984
8
Chicago Great West 1st 4a 1959 M S 665 Sale 6614
8
6614 217
1953 A 0 7218 Sale 705
644 6812
8
7112 277
67
be year cony 4s Ser A
/ 73
1
4
/
1
4
713 273
4
do Series B
1953 A 0 71 Sale 70
6714 7414
8
Chic Ind dr Loulsv-Ref 68_1947 J J 1107 ____ 11212 Mar'26
Geo cony 45 Aerles D
1953 A 0 7912 Sale 79
11158 11212
80
251
734 85
10112 10212 101 Mar'26 ____• 101 10112
Refunding gold be
1947 .1! J
4
Erie &Jersey 1st a f 6s
1956 I J 10718 ____ 1063
107
2 104 107
Refunding 48 Series C1947 J J 853 90
4
Jan'26
80
Genesee River 1st s 1 bs 1957 J J 108 Sale 107
79
/ 80
1
4
108
20 10414 108
General be A
4
1966 M N, 973
4 31
96
973
92
1940 3 J 897 ____ 92 Mar'26 ____
9634 Erie& Pitts gu g 31113B
8
86
92
May 1966 J J, 108 Sale 10712 10834 15 10314 1083
General (38 B
Series C 311s
1940 ▪ J 893 ____ 8912 Mar'26 ____
4
4
89
89
11
Chic Ind & Sou 50-year 48_1956 .1 Ji 8(114 91
90 Mar'26
_
8978 9012
Chic L S & East 1st 4118_ _1969 J D ___ 96
95 Mar'26._
98 Mar'26 -___
95 95
98 100
Fla Cent & Penn 18t ext g 59_1930 J J 10012 102
J
4718
M dr Puget Sd let gu 4s___1949 5 Ji 474 4812 4718
2
1943 J J 963 963 10012 10012
47
8
4
Consol gold 58
523
4
8
9814 100 3
5
Certificates of deposit
4714 Sale 47
47141
6
457 5212 Florida East Coast let 4118_1959 J D
8
9614
9614
5
95 8 97
3
/
1
4
8
Ch M & St P gen g 4s Sec A-e1989 J 3 825 Sale 8258
823
41
6
1974 M S 9812 Sale 9818
8
99
361
97
997
8
813 8312
1st & ref 5s Series A
General gold 3313 Ser B...e1989 J 3 72
____ 72 Apr'26
_1 7014 72
/
4
2
69 8 647
Fonda Johns & Glov 411s
1952 M N 60 601 60
61
3
8
4
93 I 11
Gen 41 s Series C___May 1989 J 3 9212 Sale 9238
60 61
Fort St U D Co lst g 4 As_ _1941 J J 9218 ____ 61 Mar'26 ____
90
/ 93
1
4
_
Registered
49 Apr'26 _ _ _
91
/ __ 10512 Jan'26 --__ 103 10513
1
4
1961 J D 100
91
Ft W & Den C 1st g 5115
Gen dr ref Series A 411ii _ _a2014 A 0' 4812 49
49
49 I 10
484 537 Ft Worth & Rio Or 1st g 48._1928 J J 9618 9712 96
8
'
Apr'26 ___
96
98
_ 49 Sale 4812
_
Certificates of deposit __
/
1
4
49
83
4714 5312 Frem Elk &NI° Val 1st 68_ _.1033 A 0 10814 ___ 10814 Apr'26 ____ 107 108
Gen ref cony Ser B 53_ _a2014 1-A. 4812 ____ 4812
48
/ 29
1
4
4712 5314 GII&SAM&Plst5s
100 1003
1931 M N 10012 10112 1003 Feb'26
/
1
4
4
4
48 Sale 48
Certificates of deposit
4812 25
1931 J J 100 1003 1003
47
53
4
8
1003
4 30 10018 101
2d extens 58 guar
let sec fle
1935 J .2 10412 Sale 10438 104
/ 28 10212 106
1
4
8
Galv Hous & Hend 1st 5s_1933 A 0 965 9718 96
97
4
9312 97
/
1
4
Debenture 411e
1932 J D 4812 Sale 4812
49 I 22
8
47
535 Ga & Ala Ry 1st cons 5s__ _01945 J J 98
8
9758
3
96
975
8
9812 975
48 Sale 4734
Certificates of deposit
483 1 59
4
463 5314 Ga Caro & Nor 1st gu g Ss_ 1929 J J 10018 Sale 10018
4
10918
5 1004 10012
Debenture 45
4812 4913 4812
iiiE
49 I 40
1946 A0
455 5312 Georgia Midland let 33
8
71
63
721
4
71
2
Certificates of depoelt _ _ _
48
483 48
4812 61
4
4678 53
3
Gr R & I ext 1st gug 410_1941 3 J 96
967 953 Mar'26 -___
8
4
95 4 97
-year deben.ure 413
4812 Sale 4811
49 I 36
26
1934
4712 533 Grand Trunk of Can deb 73_1940 A 0 115 Sale 1147
8
8
115
11 1143 116
4
Ceriificates of deposit______
473 483 4812
4
4
4812 10
47
1936 M S 10714 Sale 1067
53
15-year s f fla
8
10714
32 106 107
/
1
4
/
1
4
384 99
Chic & Mo Ely Div 53_1926
9038 9934 9938 Apr'26
I
/
1
/ Great Nor gen 75 Series A_,1938 J .1 1123 Sale 11214
1
4
4
280 10934 113
113
Ohio& N'west Ext4s-__1888-1926 F A 995 100
8
9958
99511
5
9938 997
J
Registered
8
_ 11214 Feb'26 ____ 11214 1124
Registered
1886-1926 F A 9912 130
9938 Jan'26
993 9912
8
J 963 9612
8
93
96
1st & ref 413s Series A_ __ _1961 J J--- - 9412 Apr'26 _-__
General gold 330
1987 MN 77
78
77
77 I 16
1952 J J 10512 Sale 10514
74 8 7812
5
General 511s Series B
54 102 3 108
5
106
I
Registered
•F
7212 July'25 _
General 55 Series C
1973 J S 10114 Sale 10012 1013
9714 1011
/
4
8 33
General 4e
1987 MN 873 8812 8714
4
8853 311 854 8812 Green Bay & West deb ctfs A__ -- Feb 77
78
/ 79
1
4
7912 7914 Feb'26 ____
/
1
4
Stamped 48
4
1987 M N 883 Sale 8834
8834!
3
4
Feb
855 883
8
15
Debentures cgs B
16
161
/
4
17
35
1312 19
/
1
4
General 58 stamped
8
1987 M N 1083 Sale 10838 1083
8' 2 104 1083 Greenbrier Ry let gu 43
1940 MN
8
/
1
4
884 ____ 883 Jan'26 -___
/
1
883 88
8
8
Sinking fund 63
1879-1929 A 0 1033 10418 104 Apr'26
4
104 1057 Gulf Mob & Nor 1st 5348.._1950 A 0 10412 Sale 10412 10412
0
8
8 101 1 412
A 0 10312 ___- 10334 Feb'26
Registered
10334 1033 Gul/ & S I let ref & t g 5a___81952 J J 10412 10512 10418 Mar'26 ---- 10312 105
4
Sinking fund 58
1879-1929 A 0 10158 ___ 10112 10112
1 1004 102
Registered
1879-1929 A 0 ____
13012 Jan'26
10012 10012 Hocking Val 1st cons g 430.1999 3 J 95 Sale 9412 ma 22 ___1_1.
90
14
r15
9_11 9512
/
4
Sinking fund deb be
1933 M N 10134
10)8 Apr'26 _
5
1999 J J
8
Registered
100 1017
MN 10058 1011 10014 Dec'25
Registered
/
4
4
1937 MN 953 97
_ Housatonic Ry cons g 58_
97 Mar'26 _ _ _ _
- -2 - 951- 18
10
-year see nod 78 g
1930 J D 19712 Sale 10712 1077
/
1
4
s, 9 107 10 -18
1937J J 10214 103 102 Mar'26 ____ 100 102
-8
& T C lst g Int guar
15-year secured 13318 g_.1936 M S 112518 Sale 11258 113141
6 11114 11314
4
4
1930 M N 1013 ____ 1011 Mar'26 ____ 1013 1013
/
4
4
Waco & N W let 68
May 2037
D 10114 1013 10112 13212' 26
1st & ref g Se
4
9958 10212 Houston Belt dr Term let 58_1937 J J 081 100
/
4
984
/
1
9834
2
9612 98 4
3
Chao RI Sr P-Railway gen 431988 J J 8612 Sale 86'I
863
87
Houston E & W Tex 1st g 58.1933 M N 10018 ____ 101 Mar'26 ____ 101 101
85
J J
Registered
8412 Mar'26 _
1933 M N 10018 ____ 10112 Mar'26 --__ 100 10113
8412 841z
1st gear 55 red
Refunding gold 4s
1934 A 0 9312 Sale 90
9012 357
9618 Sale 9412
9618 271
92
/ 9618
1
4
8712 9012 Hud & Manhat bs Series A_1957 F A
Registered
A 0
F A ____ ___ 9414 Jan'25 ____
8814 883
8812 Apr'26 _
Registered
4
8014 333 - 14 - 2 fi Adjustment Income 5s_ ___1957 A 0 7912 Sale 7918
ChSL &NO Mem Div 4s _1951 J D 884 --__ 88 Apr'26
2
923 977
8
8
86
/ 88
1
4
97
/
1
4
Illinois Central 1st gold 48___1951 .1 J 9712 ____ 9712
8
_ 1013 102
C Bt LA P 1st cons g 511_ _ _1932 A 0 1013 ____ 102 Mar'26
4
93
93
1951 1 J 9114 94
93 Mar'26
Registered
Chic SIP M &O cons 6s__ _1930 J D 10312 106 10312 10312
1 1024 10412
83
/ 85
1
4
1951 J J
843
4
85
3
1st gold 311e
Cons 68 reduced to 3118_1930 J D
4
933 Oct'25
Registered
J J 8318 85
823 Jan'25 ____ 1
4
Debenture be
1930 M B 10012 Sale 13013 lOt
WI; fcif" Extended 1st gold 3318_1951 A 0 85
8
833 Mar'26 ____
4
-- ii - -3831- 83 4
984 10014
10012 10112 10014 10014
Stamped
6
952
1951 M 8 66
Feb'26
i
8112 81
7
8
7
71
let gold 33 sterling
Chic T
& So East lat 513_1960 J D 85 Sale 85
87
14
85
90
Collateral trust gold 43._ _1952 A 0 9018 _
855s
805s
Dec 1 1960 M $ 79 Sale 773
Inc gu 5s
8
80
23
A 0 8414 - -3- 863 Nov'25
7718 833
2
Registered
87 4
4
Chic tin Sta'n let gu 411s A_1963 J J 9534 9612 9512
9418 9512
9618
8
8
---1955 M N 933 Sale 93
449 891
- 6- -7 %
1st refunding 4s
.
1st be Series B
1963 J J 13358
10358 1034 10 10218 10414
/
1
Purchased lines 311e
1952 J J 8 ,4 89 I 84 2 j ay,2
793 8
2
4
8 , All933
414 u '6
814 8412
/
1
r 24
5
_
Guaranteed g 58
1944 J D 10214 Sale 102
10212 12 100 10312
Registered
J J
let 6118 Series C
1963 J J 11734 ____ 11758 117
8
/
1
4
5 1157 11812
Collateral trust gold 45_1953IM N 864 871 8612
/
1
85
87
/
4
863
4
.
15
Chia & West Ind gen g 63_7,1932 QM 1053 ___- 1033
8
4 10 1033 10514
4
4 1033
Registered
M N 843
4
Dec'25
Coneol 50
-year 48
1952 J J 85 Sale 8414
81
86
Refunding 58
-373 - -11
1955 M N 1065 107 1065
8
8 10658 16 1015 106;
85 I 65
let ref 531e ser A
1962 M S 104 Sale 10312 10414 70 10011 10414
1934 1 J 10312 Sale 103
10312 17 10214 104
15-year secured 5313
Owe Okla & Gulf cons 58_ _ _1952 M N 10314 1041 10312 Apr'26
1023 10312
3
/
4
15-year secured 6113 g_ _ _ _1936 J J 1127 114 1127
8
8
1 11112 1134
1127
8
HADCia
2d gold 411s.._ _ _1937 J J 967 98
8
96 Mar'26
96 963
8
9035 90 8
3
Cairo Bridee gold 45
1950.2 D 914 ____ 903 Jan'26
8
0 I St L & C let g 43_ Aug 1936 Q F 933 --_- 9414 Feb'26
9338 9414
4
Litchfield Div 1st gold 36_1951'J J 7418
74
74
Jan'26
Registered
Aug 1936 Q F 923 94
4
9214 Dec'25 _ _ -Loulsv Div & Term g 311519535 J 82
803 815
4
4
83
813 Mar'26
4
ClnLeb&Norgu4sg
WI; 164
1942 M N 90
1,3 J 803 8212 7838 Jan'26 __
903 Apr'26
8
Registered
4
78311 783
8
Chz S & CI cons 1st g 55_ _1928 J J 10014
10018 101
101 Mar'26
Omaha Div le gold 3s_ _1951 F A
733
4
733
4
2
7312 733
733
4
4
St Louis Div & Term g 33_1951 J J 7314 __-- 7414 Feb'26 ____
744 7453
/
1
Cleve Gin Ch & St L gen 48_1993 J D 864 _-_- 8838
87
/
1
87 I 25
85
Gold 3118
1951 J J 85
____ 813 Mar'26 ____
4
811 82
8
/
1
4
20
-year deb 4315
1931 1 J 98 Sale 9738
974 99
9812 10
Springfield Div Is g 3318_1951 J J 833 ____ 82'z Feb'26 _-__
8212 9212
4
General 53 Series B
1993 J D 103
____ 10314 Mar'26
1023 10314
8
Western Lines 1st g
1951 F A 8918 ____ 8944 Feb'26 ___
89 4 89 4
3
3
Ref & impt 68 Series A
1929 J J 103 Sale 103
10134 103
1031a
/
1
4
7
Registered
1951 F A --------84Aug'25
68 Seriee C
1941J J 10518 ____ 106 Apr'26
105 107
III Central & Chic St L dr N 0
Se Series D
1963.2 J 1011 Sale 10158 10318 30
/
4
993 10318
4
Joint let ref 58 Series A_ _ _1963 J
102 'Sale 10112
9912 1021 8
'
10278 43
Cairo Div 1st gold 4s
1939 .1 J 91 ---91 Feb'26
9118
91
Gold 58
1951 J D 10418 10712 104 Mar'26 ____ 104 1054
Chi W & M Div 1st g 48._1991 J .1 83
827
8
3
8434 827
8
813 834
4
Registered
S D
10214 Apr'26
102 4 1021
,
4
St L Div tat coil tr g g 48_1990 MN 843 86 I 8478 Mar'26
4
8212 85 2
,
Gold 331e
1951 .1 D
7912 ___ 7812 Feb'26 ____
7812 78
/
1
4
Registered
M N 823 __ -I 8314 Feb'26
4
8314 8314 Ind Bloom & West tat ext 48_1940 A ii 9038 ____ 8814 Aug'25_ -33pr & Col Div 1st g 4s____1940 M S 90
9113 8934
893
4
89
1
093 Ind III & lowa Ist g 4a
4
19505 J
911 Feb'26
/
4
804 9153
W W Val Div 1st g es__ .1940 J J 8912 91 i 8734 Jan'26
873 873 Ind & Louisville let gu 41h_ _1956 J J 794 ____ 793 Mar'26 __
4
4
/
1
8
793 79 4
s
3
C C & I gen cons g 6s___ _1934 J J 107
__ _ - 107
Apr'26
8
1064 1073 Ind Union Ry gen 5 ser A_1965 5 j 10234
/
1
4
10212 Mar'26 ____ 10058 1024
Clay Lor A W con let g 58_1933 A 0 10112 10212 10112 Mar'26
1011 102 2
/
4
,
Gen & ref ba Series 13
19655 J 10234 ____ 10218 Mar'26 ____ 1007 102
8
/
1
4
Cleve & Mahon Val g 58_1938 J J 9978 ----' 985 Dec'25
8
Int dr Grt Nor lat 6s Ser A_ _1952 J J 10518 106 105
8
1051 12 103 1053
/
4
& Mar lat gu g 4 As
1935 M N 9614 99
/ 963 Mar'26 _
1
4
8
064
Adjustment 68, Series A_1952 APrl 664 Sale 66
/
1
66
737
s
6612 139
CI & P gen gu 4318 Ser A_ 1942 J J 9918 ___- 10112 Mar'26
10113 10112
Stamped
Aprl
744 Dec'25 -- -/
1
Series C 3118
1948 MN 8518 86 I 86 Apr'26
8312 86
Int Rys Cent Amer 1st 55_1972 M N
7612 Sale 7614
7658 11 --- 761 lit
;
Series D 31113
1950 F A 84
853 833 Nov'25
4'
4
_
Iowa Central 1st gold 58_ _ _1938 J D 60
603 6558
4
607 603
8
4
6034
1
Cleve Sher Line 1st gm 4113_1961 A 0 99 Sale I 99
99 I
1
100 2
-1Certs of Deposit
605 6018
8
6018
1
604 65
Cleve Union Term 5148._1972 A 0 1033 Sale 1063
4
4 1063
4 17 10513 108
3
Refunding geld 4
1951 M S 1612 177 1814 Apr'21
8
1814 234
/
1
1st s 58 Ser B
1973 A 0 1063 Sale 10338 1037
4
8
9 1003 1037 James Frank dr Clear 1st 4,1_1959 J D 8912 9114 9114 Mar'26 -___
4
8
88 8 9114
5
Coal River Ry let gu 4s
1945 J D 8712 8914 8718 Apr'26
_
86
/ 873
1
4
4
Colorado & South let g 48_1929 F A 985 Sale 9838
8
9812 25
981 99 4 KaA&GRIstgugbe
/
4
,
19383 J 10118 ____ 101
Apr'26 ____ 101 101
Refunding & exten 4118_1935 M N 965 97
9512 9712 Kan AM let gu g 48
8
9612
9678i 10
1990 A 0 8518 ____ 8414 Apr'26
83
84
/
1
4
1948 A 0 871 ____ 8718 Jan'26
Col St H V let ext g 45
/
4
874 8718
19275 J 1003
2d 20
-year 58
8
_ 1005 Apr'26 _ _ 1004 10114
8
1955 F A 87
/ 90
1
4
001 & Tol let ext 43
8712 Apr'26
874 8712 KCFtS&Mconag 68._ 1928 MN 10213 10212 10218
10212
7 1001s 103
/
1
4
Coco & Passum Rly 1st 43_1943 A 0 8512 ____ 8212 Jan'26
81
8212 K C Ft & M Ry ref g 48-1936 A 0 9178 Sale 913
4
92
8918 92
26
Ooosol Ry deb 45
1930 F 14 8312 90 82 Mar'26
7512 82 KC&MR&B let gu ta_ _1929 A 0 100
___ 100
100
1
983 100
4
Non-cony 45
1954 .1
6718 69
6714 Mar'26
654 70
Kansas City Sou 1st gold 35_1950 A 0 754 7618 75
/
1
/
1
4
76
20
74
78
Non-cony debenture 48,19555 J 674 71
6718
6718'
6512 7014
1
Ref & Imps be
Apr 1950 J J 97 Sale 9612
9712 250
93
/ 97
1
4
/
1
4
Non-cony debenture 43_1956 J .1 6718 ____ 68 Mar'26
__
6512 70
-year Se 8_1952 S J 92 Sale 92
Cuba RR let 50
883 9312
9312 23
4
1936 J D 1067 Sale 1063
let ref 7315
/
4 107 I
4 105 107
Cuba Northern Ry let 68_1966 J J 9612 Sale 961
, 971 84
/
4
'
924 977
8
1931 J J 9814 ____ 9838 Feb'26
Day & Mich let cons 4118
97 8 983
7
8
a Due Jan, 5 Due Feb. e Due May. o Due Oct. p Due Dec. $ Option sale.
New York Bond Record-Continued-Page 3
2168
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 16.
Kansas City Term 1st 0-1960
Kentucky Central gold 0_1987
Kentucky & Ind Term 430_11161
1961
Stamped
Lake Erie & West 1st g 55-1937
1941
2d gold 55
1997
Lake Shore gold 330
1997
Registered
1928
Debenture gold 4s
1931
-year gold 49
25
1931
Registered
Leh Val Harbor Term 581_1954
Leh Val N Y let gu g 480_1940
Lehigh Val (Pa) cons g 0_2003
Registered
2003
General cons 480
Lehigh Val RR gen 55 Series_2003
Leh V Term Ry let gu g 5s_ _1941
Leh & N Y 1st guar gold 4s...1945
Lex ,k East let 50-yr 5a gu-1965
1952
Little Miami 4s
1935
Long Dock consol g 6s
Long Bold 1st con gold 58..311931
81931
1st consol gold 4s
1938
General gold 0
1932
Gold 45
1949
Unified gold 45
1934
Debenture gold 58
20
-year p m deb Se
1937
Guar refunding gold 413_ _ _1949
Nor Sh B let con g gu 513.01932
1927
Louisiana & Ark 1st g 5e
Lou & Jeff Bdge Co gu g 4s.1945
1937
Louisville .4 Nashville 5s
1940
Unified gold 46
Collateral trust gold 56_1931
1930
-year secured 75
10
lit refund 510 Serlea A.2003
le & ref 58 Belles B
2003
hrt at ref 480 Series C__.2003
NO & M let gold 6s
1930
1930
26 gold 611
Paducah & Mem Div 45_1946
St Louis Div 2d gold 35_1980
Mob & Monte 1st g 4845_1945
South By joint Monon 49_1952
1955
At! Knoxv & Cln Div 4s_
Loulsv CIa & Lea gold 4149_1932
1934
Mahon Coal RR 1st 5e
Manila RR (South L nes) 45_1939
1959
lit 45
1934
Manitoba Colonization 5s
Man GB&NW let 380._ _1941
Mien Cent Bet & Bay City 50.'31
Registered
1940
Mich Air Line 41
1951
J L &IS 1st gold 380
1952
let gold 3185
1929
20-year debenture0
1940
hfid of N J let ext 56
Milw L S & West bop g 5s_ _1929
Mil & Nor let ext 410(blue)1934
1934
Cons ext 480 (brown)
MU Spar & N W let gu 4s..1947
helw & State L let en 310-1941
1927
Minn & St Louis tat 78
1934
let consol gold 53
Temp Ws of deposit
lot & refunding gold 45_ __1949
Ref & ext 50-yr 58 Ber A__1962
1927
let guar g 7s
St P & 88 M tong 46 Int gu'38
1938
1st cons 58
let cons 58 gu as to Int_ _ _1938
tO-year roll trust 680___ _1931
1946
1st & ref 6e Series A
1949
-year 550
25
let Chicago Term s f 4e_ _1941
Mississippi Central let 511_1949
Mo Kan & Tex-let gold 0_1990
Mo-K-T RR-Pr I511 Sec 4_1962
1962
-year 4e Series B
40
1932
10
-year Os Series C
Cum adjust fo SET A Jan_1967
Missouri Pacific (reorg Co)
lit & refunding 5e Set A_ _1965
lot & refunding fhe Ser D.A949
let & refund 63 Sex E int_1955
1975
General 45
1938
Mo Pat 3d 7e extat 4%
Mob & Dir prior lien g 5e_ _1945
1945
Mortgage gold 0
Mobile & Ohio new gold 80_1927
81927
lit extended gold 68
1938
General gold 4e
Montgomery Div 1st g 55_1947
1927
St Louis Division 735
Mob Mar let gu gold 0_1991
1937
Mont C let gu g Os
1937
let guar gold 58
Morris & Essex 1st gu 354s..2000
Nash, Chatt & St L 1st 5e...1928
1937
NIrla&BlOgug 55
Nat By of Mex pr Aen 480..1957
July 1914 coupon on.......
Assent cash war rot No 3 on.
1977
-year s f 48
Guar 70
Assent cash war rct No 3 on.
Nat RR Met prior lien 4545_1920
July 1914 coupon on
Assent cash war rdt No 3 on.
1951
lit consol 4s
Meant cash war rot No 3 on.
1945
New England cons 58
1945
Consol 48
19813
NJ June RR guar let 45
NO & NE ler ref&imp 450 A '52
New Orleans Term 1st 4e_ ....1953
NO Texas & Met n-e bee 5/3_1935
1959
let 55 Series B
1954
lit 5545 Series A
N & C Edge gen guar 454s._1945
NYB&MB 1st eon g 56_1935
NY Cent RR cony deb 66_1935
Registered
1998
Consul 4s Series A
2013
Ref & impt 480"A"
Ref & Impt 5s Seriea C2013
Regiettered
Price
Friday,
April 16.
Week's
Range or
Last Sale
High
Ask Low
High N o Low
87
114
87
85
Sale 864
87
86
_
87 Apr'26
8
893
1
82
82
82
8812 8714 Mar'26
4
853 8714
1 10012 102
10112 10112
s
983 101
10012 10038 Apr'26
4
8114
7888 8112
Sale 807
8
80
1
7914
77
7914
8 10
987
e
983 99
8
8
987 Sale 987
9484 97 4
3
9738 56
9714 Sale 9718
96 Dec'25
102 104
1023 -- 104 Mar'26
4
9512 983
8
4
1
963 Sale 9734 1,1ar*26
8
823 8414
8234
8314 84
8312 24
,
803
80
80 Feb'26
944
92
10
9334 9478 93
94
8
8 1004 1035
10312
10314 Sale 10314
10212 104
10114 10314 10314 Apr'26
8
1
881 905
90
88
8914
3
8912
_ 10512 108
108 10814 108 Apr'26
844 8712
8512 Apr'26
85
109 10912
110 10912 Feb'26
1001a 10012
10012 Feb'26
8
1007
9412 95
9412 Apr'26 _
9412
8
905 91
91 Mar'26
4
903
9312 Aug'25 _
4
923 __
143;
_
8658 ____ 8618 Apr'26
2
9912
4
973 9912
9912
9958
94
9612
Apr'26
96
9534 97
87
85
18
87
87 Sale 86
8
995 10014
8
8
993 10014 995 Apr'26
997 101
8
2
100
100 10018 100
1
4
8718
s
863 891
8718
8718 88
2 10212 104
10312 Sale 10312 10312
9314 955s
9558 10
9478
97
95
101 104
10014 10112 10112 Apr'26
10712 Sale 10612 10712 18 19814 10712
7 10612 11014
10818
108 109 108
3 1094 10814
106
8
106 1065 106
9914
96
9914 11
991s 9912 99
8
1047 107
10614 107 10614 Mar'26
8
10388 10352
104 105 1033 Mar'26
8
8
914 921 9138 Feb'26
913 918
6512 6012
664 Sale 6614
6614
984 99
99 Feb'26
9914 --sea 8712
8712 37
8714
88
87
904 9318
1
9318
9318 Sale 9318
9938 10
_ 9938
8
995 _
9914 993,
4
1012 10124
1013 Mar'26
102
4
29
63
8
63 Sale 625
6012 64
3
6612
4
65
6212 663
661 6612
4
100 Mar'26
10018
100 1003
8.5
85
7
85
8138
85
8
2997 1007
10078 Mar'26
s
10058
10014 Dec'25
4
9538
8
8
9o5 Sale 955
9233 9533
79 Mar'26
85
803e
83
79
8,312
83
8518 8512 8312 Mar'26
984 107
98 Sale 98
4
973 9814
9012 85
_
9414 94 Mar'26
92
2 10018 1004
10012
10018 10112 10012
9412 Dec'25 _4
943 Mar'26
9412 95
9333 1W3"4
91
Apr'26
9118 9112 91
89
82
87
8188 Dec'25
Bid
87
8
867
8
905
8512
10158
100
8
807
8
-861-
102 103 Nov'25
60
1
60
60
57
4
4
583
57 Sale 57
193
20
4
4
1912 20
8
147 16 Mar'26
14
102 102 Sept'25
8
9014 47
9014 Sale 893
8 16
993
4
9834 993 983
9918 79
8
987 Sale 9812
104
4
104 Sale 10314
10212 16
4
10114 1013 1013
4
1
9012
8918 901 9012
93 Mar'26
9212 _
93 Apr'26
94
93
4
8612 23
8612 Sale 853
8 10012 227
10014 Sale 995
84
29
8
84 Sale 833
8
4
4
1023 Sale 10212 1023
9318 773
s
923 Sale 92
60
57
1912
15
14ON
23
1614
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 16.
Price
Friday,
April 16.
a.
Bid
N Y Central & Hudson River11903: mj NJ
Mortgage 350
1997 ,j
Registered
Debenture gold 45
Registered
M N
1942 g j
Reg sterbenture 4s
30-year deed
.Lake Shore coll gold 354e-1998 V A
Registered
2
95
1,
, F A
Mich Cent coil gold 380_19 8 F A
Registered
R
N Y Chic & St L lst g
7
1 3
,
-1 93 A 0
Registered
25-year debenture 4e
1931 M N
2d 6s Series A B C
127 A O
4
Refunding 580 Series A_ _1931 M N
1975 J g
Refunding 510 Set B
NY Connect ist gu 4;0 A_ _ 1953F A
,
1st guar 5s Series B
7
3 Y & Erie 1st eat gold 45-193 M N
0
1947 A o
3d ext gold 480
4th ext gold 58
193 1V1 13
92 .1 1'
5th ext gold 48
8
3
N Y & Greemy L gu g 5s___ _1946 M N
N Y& Harlem gold 380._._2000 MN
1950 AO
Nord Ry esti f 6%s
Norfolk South let at ref A 59 1961 FA
Norfolk & South 1st gold 56.1941 MN
Nonf & Wen gen gold 6s_ _1931 MN
1934 FA
Improvement & ext 6s
1932 AO
New River let gold
N & W Ry let cons g 4s_ _1998 AO
1996 AO
Registered
Dly'l 1st lien & gen g 46_1944
1929
10
-year cony 6a
Pocah C & C joint 0_1941
1974
Nor Cent gen & ref 5e A
North Ohio 1st guar g 5a
1946 A 0
Nor Pacific prior lien 4s_ __A997
1997
Registered
_52047
General lien gold 39
a2047
Registered
Ref & impt 480 ser A._.2047
Registered
2047
Ref &(met Os eer 11
Registered
2047
Ref & kept 51e eer C
2047
Ref & Rapt 55 ser D
Nor Par Term Co let g 68..1933
1938 A 0
No of Cal guar g Ss
.1930
North Wisconsin 1st Os...
Mar'26
Apr'26 Mar'26 -2
964
16
87
1004 37
10034 66
10512 169
1
4
963
1
4
1003
4
1073
9
Jan'26
4 38
65
96
10412 145
2
10318
9514 9514 Peoria & East 1st cone 0-1040 A 0
1990 Apr
8412
Income 45
81
8413 841 Peo & Pekin iln 1st 580_ _ 1974 A 0
:
4
923 9618 Pere Marquette let Ber A 58.1956.3
1956.3 .1
87
let 4s Ser B
84
1943 MN
9/34 10012 Phila Balt & W 1st g 4s
1974 F A
1
Gen 5s Series B
96 100 4
1024 10512 Philippine Ry let 30
-ye s 4 45 1937 J J
1932.3 D
4
9412 963 Pine Creek regstd Os
1940 A 0
4
1003 1003 PCC&StLgu4;04 4
1942 A 0
s
Series B 4345 guar
8
1043 1087
1942 M N
Series C 4135 guar
10613 10012
1945 M N
4
Sallee D 4s guar
4
853 883
924 96
Series E 3548 guar gold_ _1940 F A
1953.3 D
Series F 0 guar gold
1011s 10412
1957 M N
Series G 45 guar
1 18 10318
96
73
10512 64
8
1053 106
8
687 790
4
90
102 Sale
8
1023 Sale
8
903 911
10012
9912 1001
91
89
11018 1121
4
1023
8
775 79
101 Sale
1013
4
9514
8412
8412
9618
8514
10014
10014
105
4
963
10034
8
1043
10812
8814 Sale 88
96 Sale 9458
8
10414 Sale 1035
1031s
8318 _
8418 853
4
4
9818 963
4
863 Sale
10012 Sale
8
10012 1005
10514 Sale
_
4
963
4
1003 101
10438 Sale
I
o Due Jan. ts Due July. flaw Oet.
Option sale.
Ask Low
High No. Low
8014 Sale
7912 84
8
953 Sale
33
1
5
High
7812
7812
9414
944
93
8112
1
78 4
96
944
94
757
7812
76
7912
77
77
77
4
4
923 943
921s
92
4
9312 973
4
1023 105
9812 1024
4
984 1023
94
92
10018 101
8912 8912
34
1
12
87
68
19
9
10088 10088
5
8
981 983
97
04
7914 7914
2
3
4
6
%
80 A l 2
100 Jupy;2
N Y Lack At W la% At ref be_ _1973 MN
10138 10214
lst & ref 4 Sfe
3
970 M S
, F A
19 3 AIN 10518 -- 107 Dec'25
32
NYLE&Wlet 75 ext
101 10114 10114 Apr'26
Y & Jersey lst 5s
GO Mar'26
87 Y & Long Branch gen g 0_1941 M
7012 Jan'26
NY NH& Hart n-c deb 0_1947 m s
Registered
M S
Non-cony debenture 350_1947 M s "65E8 661;
64 6607 .11.0ene 2278
: 6 5
6621
b2 s
Non-cony debenture 380_195414 0 63
8
7014 13
Non-cony debenture 46...1955 J J 695 Sale 8938
7014 85
4
693
Non-cony debenture 4s_ _1956 M N 704 71
10
63
1956 g g 6314 634 63
Cony debenture 380
994 31
8
1948 3 ,y 99 Sale 985
Cony debenturedebenture(is
_
61
- 8
-B - 904
9- (;7 66 Mar'26 _ _9
-0
9812 68
8
1940 JI O 983 Sale 9814
Collateral trust 921
A j
1957 m N
Debenture 4e
8718 Apr'26 __
Harlem R & Pt Chen let 481954 M N 8714 90
4
N Y & Northern let g is..J927 A 0 10018 1003 10014 Apr'26 1 ___ _
66. 86618
47
.
70
70
NYO&W ref let g 4s_June 1992 M S 64 Sa_1e 687z
General 49
8514
952 A
1927 m
N Providence & Boston U.: 45 j
8 96% 8618 Mar'26'26
b6.526
N Y & Putnam let con gu 0.1993 A 0 857 8
995 10014 10034 Apr'26 _
NY&RB 1st gold 5s
8312 20
8012
84
N Y Susq & West let ref 55..1937 g j 83
2d gold 430
1937 F A
0 07
5
6 8 7
684 72 6812 MA1. 236 -8
68 4
General gold 56.
74
l- 93
2 PA A 974 - e- 7842 Mar'26 _58
1941 F N ,74
Terminal let gold 55
Sale
NY W'ches & B lat Ser 430'46 J
9912 ___ 99 Sept'25
8
815 Jan'26
5
102
102
1
10232.
8
1023
8
903 Feb'26
1
9938
9938
5
100
100
4
883 Apr'26
8
1093 Mar'26
4
1023 Apr'26
79381 21
8
783
16
101
101
4
1013 Feb'26
30 Sept'24
19 Apr'25
1714 20
1714 6;ie 1638
8712 June'24
2018 11
2018 221 2018
3812 July'24 ---24 Sept'25 -"iiTs 16" 2812 2812 9
28 Apr'25 _
6
14121
1412 1612 14
Sale 9412
4
Sale 1043
Sale 1044
Sale 6712
90
90
96
8
1047
10518
8
687
89
Range
Since
Jan. 1
Week's
Range or
Last Sale
8112
80
4
783
4
783
96
96
9418 Jan'26
8
937
9378
654
93 Feb'25
77
774
7714
78
7612 Apr'26
7618 77
7812 80
78 Mar'26
7734 80
77 Mar'26
9434
4
943
4
943 95
4
923 -- 9219 ar'26__
4
9534 9612 953 Apr'26
10318
103 Sale 03
8
10234 Sale 0214 1027
10234
10214 Sale 0218
94
9312 94
94
101
01
_
8912 Feb'26
90
94 Nov'25
9614
8
10018
005 Mar'26
8
8
983
983 Mar'26
96
96 - -12 96
67
7914
7914
793 81
s
8
8.57 9014
4
8
975 993
4
973 9914
1023 104
4
8
3
100 8 1033
,8912 9272
93
93
4
933
93
3
84 9 8612
9614 10012
8012 8512 Og & L Cham ist gu 4e g---1948 J J
1936.3 D
10212 10414 Ohio River RR le g 5/1
9012 953
1937 A 0
4
General gold 5e
1927 J J
Ore & C1.1 let guar g 58
1946 J D
Ore RR & Nay con q 4s
8914 96
J
4
1013 10512 Ore Short Line--Ist cons g 5s_'46
1946 3 J
1014 10512
Guar cone 58
8
1929.3 D
65 687
Guar refund 0
90
88
Oregon-Wash 1st & ref 4._.196l J J
RHO .1 13
Pacific Coast Co 1st g
Pac RR of Mo 1st ext g 4s-1938 F A
1938,7 J
8
161- 8188 2d extended gold M
tot% 10388 Paducah & Ills let St 450_1955 J J
1007 10212 Paris-Lyons-Med RR (33_ _1958 F A
e
1958 51
90%
S f external 75
90
1954 M
Paris-Orleans RR e f 75
9914 101
1942 M
4
993 10012 Paulista Ry 7s
4
883 Pennsylvania RE
-cons g 45 19 PA N
/ 43
87
1948 M N
Consol gold 44
10088 101,118
4
10112 1023
4e titer] stpd dot_ May 1 1948,M N
1960F A
Consol 4545
s
783 81%
19651 D
General 484e Ser A
4
1003 1014
19581J D
General 55 Ser B
4
1013 1014
1930 A 0
10-year secured 75
1936 F A
-year secured 654s
15
F A
Registered
15 ycivi
1964 M N
-year gold M
40
Pa Co-Gu 380 coil tr A reg 1937 MS
1812
Guar 380 coil trust Beg B_1941 F A
_
Guar 354s trust We C__ _ _1942 J D
D
WI; 3311 Guar 380 trust ars D 1944.3 0
Guar 15-25-year gold 0_1931 A
1952 111 N
"g" 164 Guar 45 Sex E
•Edieke
Range
Since
Jan, 1
1 ;
-6
9938 1C 3
- 37
160 e 10133
90
90
7012 704
6
0288 .- 14
614 64
71
68
8
675 71
64
01
7
9734 99 5
97
96
12
9612 99
3
62 4
58
4 73
843 8 1
100 1004
674 70111
3
6212 85 2
86';
100 1004
2
773 844
7012
64
3
63 741
4
973 99
694 26
79
7814 Sale 7714
7714 824
28
8214 8314 82
8312 31
774 834
994
9912 13
9912 Sale 99
98
1064 106 4
1
10612 107 10612 Apr'26
110
8
1083 Apr'26
1071s -- 10712 Mar'26
107 10712
1
/
go% 834
9314 37
9214 Sale 9212
89
89
89 Feb'26
4
/
904 911
4 13
4
913
913 Sale 91,34
140 143 142 Mar'26
138 1584
924
9218
9214 9238 9218
91
5
6
4
4
1033 10414 10312 10312
5 1002 103 4
93
9218 923 923
88 93
2
8
4
8618 90
90 Sale 8814
33
90
86 874
8612 --- 8718 Apr'26
8
6412 54
4
613 653
6412 Sale 6334
Jan'26
60 00
_
60
93
93
87
8
923 Sale 923
20
s
4
853 Feb'25
112.18 Sale 1113
8 11212 160 1081g 112'z
11014 11014
_ 11014 Mar'26
10114 gale 10034 10114 17 9814 10114
10114 Sale 1003
9814 1014
4 10114 53
4
1093 1098.
_ 1093 Apr'26
1093
4
10112 1014
4
41023 10514 10112 Jan'26
1024 1024
103 ____ 1023 Jan'26
8
3
7512 76
76
4
753
1
10158
8 1015s
1015
1005 1 1 4 100 Dec'25
8 0 -110038
8
1003 10012 1014
9118
1
9118 Sale 9218
106
1
106 107 106
10618 10612 10612 Apr'26
8
975 Sale 975s
77
9 8 38
8814 163
8818 Sale am,
8
8
917 94
913 Apr'26
9214
9218
9214
3
10012
10038 Mar'26
9614 -- 9614 Mar'26
4
7618 68
743 Sale 744
8418 96
84 Sale 83
83
8214 Sale 82
22
10114 Sale 10114 1013
8
2
933 943 9414 Mar'25
4
8
4
943 934
95
94
8
Sale 9418
95
9418
11
4
10114 1013 10134 1013
4
1
9812 83
98 Sale 9712
10614 Sale 10514 10618 30
10734 Sale 10712 108
41
8
1127 Sale 11234 113
55
_
10912 Jan'26
ioi gitie 10114 10212 177
8612 -- 881s Oct'25
- 83 Mar'25
8314
__
82 Dec'25
8312
82
4
83 8314- 3 8312
8
1)65 Sale 9812
8 12
965
8712 8814 8612 Mar'26
8
825 84
82
8718
36 Sale 38
3614
1003 10114 10038 Mar'26
4
10314 Sale 10234 10312
8714
8718 Sale 8714
9312 Mar'25
9414 __
_
1081
10812 10812
2- 4214
4234 433 4214
1005 -- 10512 Mar'26
8
Jan'26
4
973
97
4
973
8
973 ___
9712
9738 Apr'26
8
973
9312 ___ 82 Mar'26
93 ___ 9214 Feb'26
934
9278 Feb'26
8
933
9312 ___ 935
8
23
30
_
76
3
5
76
73
10012 102
i
160"C 1011.,
894 914
1044 107
1
10514 106 8
8
967 9Th
834 8614
914 98
902 SIM
100 1003
5
0614 904
7313 781
,
4
1
/ 8735
82
87
82
100 4 102
3
94 944
9112 99 4
1
9114 95
984 1014
944 9812
1024 1064
107 1084
11118 113
9812 1024
83
8314
831; lit;
984 981
4
884 88
5
79 8 871e
414
35
1004 102
10112 10312
3
85 8 8714
9312 934
locos 10812
4012 444
167i "if"
9658 9724
8
972
32
4
921
7.
92 8
93
974
82
924
93
8
933
New York Bond Record—Continued--Page 4
BONDS
N. Y.STOCK EXCHANGE
Week Ended April 16.
t
Prize
Friday,
April 16.
1Bid
Pitts Gin Chic & St L (Concluded)
Series H 48
1960,F A 94
Series I eons guar 446_1963:F A 9814
Series J 431s
1964 58 N 967
8
General M 58 Series A_ I970 j 0 102
Gen mtge 55 Series B
1975 A 0 10238
Pitts & L Erie 2d g 5s
al928 A 0 100
Ms McK & Y 1st gu 66_1932 j 3 106
Pitts Sh & L E 1st g 58
1940 A 0 10138
1st consol gold 58
1943 3 ,7 10
014
Fitts Ve & Char lot 4e
1943 M N 92
Pitts Y & Ash 1st eons be_ -1927 M N 993
4
1st gen 4s series A
1948
0112
1st gen 58 series 11
1962 F A 1003
8
Providence Scour deb 441___A957 Ai N 6212
Providence Term 1st 4s
1956 m g 84,
4
Week's
Range or
Last Sale
Ask Low
. 1
v
;
g".9.
Range
Since
Jan. 1
High N 0. Low
033 Sept'25
4
973 9614 Mar'26
4
973 9638 Mar'26
4
101
10114
ga1-- 1015
-e
8 1025
8
101 101
Dec'25
106 Aug'25
102
Apr'26
1013 10018 Oct'25
8
0114 May'25
0 Apr'26
914 Mar'26
1027 Jan'26
8
63 64 Mar'26
8318 Dec'25
12
60
High
9514 96 4
,
963
96
8
100 102
994 1025
8
iths- 163
-14
993
- 4
91
10212
64
8318
1(10
9112
102
/
1
4
64
834
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 16.
2169
Price
Friday,
April 10.
Week's
Range or
Last Sale
I4
Range
Binge
Jan. 1
Bid
Ask Low
Hill
Iffeh iN 0• Low
I
U NJ RR & Can gen 4s____1944,m S 9312
9212 Dec'25 -Utah & Nor gold 58
192613 j 993 100 10012 Mar'26 -- - -7 fliFs
4
48
1st extended 4s
1933 3 3 944
9512 Mar'26 -9512 9513
Vanden° cons a 45 Ser A._1955,F A
88
884
893
4
- 8814 Mar'26 -Consol 48 Series B
1957IM N 884 _ _ _ _ 873 Dec'25 - 8
Vera Crux & P let gu 448_1934'j 3 213 233 20 Sept'25 -4
4
Assenting 1st 43.',s
1934
2578 Jan'26
23
28
Virginia Mid 58 Series F
193113 3 100
100 Dec'25
__
General 55
1936 m N 102
102
Apr'26
- 161" 102
la & Southw'n 1st gu ts
200313 J 1003 103 100 Mar'26
4
9912 100
1st cons 50-year 58
90 4 9311
19581A 0 9312 Sale 92
3
9312 14
Virginian 1st 5s Series A
9934 1024
8
1962,181 N 1025 Sal e 1014
10258 123
Wabash 1st gold 58
I939
'm N 10214
102
10.334 38 10114 104
2d gold 5s
9812 1014
19391F A 1013 Sale 101
4
10178 54
Ref s f 514s ser A
150
1975 M S 103 Sale 10214
9812 1033
5
103
Debenture B 6s registered..1939 m 8
933 Feb'25 -4
lot lien 50-yr g term 4s_ _ A 954 .1 3
- 14
843 Mar'26 -4
4
Dot dr Chi ext 1st g 5s
1941 3 3 10212 _
4
10214 Mar 28 ---- 101 1021
Des Moines Div 1st g 48_ _1939 3 3 8514 87
844 85
85 Feb'26
Om Div 1st g 314s
1941 A 0 82
5
771s 83
8212 82
82
Tol & Ch Div a 4s
19811W S 88
87 89
887 Apr'28
90
8
Warren let ref gu g 3413___ _2000 F A
77
Oct'25
Wash Cent let gold 4s
1944 Q Ri 82
84
88
Apr'26 -Wash Term let gu 34s
1945 F A 8312
83 88 8
8312 Apr'26 -7
1st 40-year guar 4-1
1945 F A 904
83
903 Apr'26
9112
8
Reading Co gen gold 48
1997 33 96
96 Mar'26
954 974
/
1
Registered
447 May'26
8
.1 J
_
Jersey Central coil g 4s___1951 AO 0034 9114 01
9114
5
90 l9134
Gen & ref 44s Ser A
1997 33 97 Sale 961
. 9712 40
9414 9712
RIchm & Deny deb Is etpd 1927 AO 993
___ 993 Mar'26
4
993 100
4
Rkh & Meek let g 48
80
1948 MN 76 475 Dec'25 _ _
Mehra Term Ry 1st gu Os_.1952 .1 J 10214
1013 Apr'26
4
8
1015 10212
Rio Grande Juno 1st gu 5&._1939 3D 9812
_ 985
8
985
8
2
9512 984
Rio Grande Sou 1st gold 4s_.1940 33
4
_- 7
512 Dec'25
Guaranteed (Jan 1922 coup on) J J
4
_
May'25
W 88mW & NW let gu 58_1930 FA 9718 ___ 985 Mar'28
96 8 984
5
Rio Grande West let gold 48.1939 33 9012 Sale 9038
8
905
8 22 167 9158 West Maryland In g 45
3
g91 223
(1
1952 AO 6914 Sale 685
_
67
8
Mtge & coil trust 4s A _ .__I949 AO 8014 Sale 797
70 5
3
8
8014 13
7418 8014 West N Y & Pa 1st g 5a
1937 is 1007 ___ 10114 Apr'26
1007 10212
8
e
it I Ark & Louis 1st 448_ _1934 MS 9312 Sale 925
8
9312 44
89
954
Gen gold 4s
3
1943 AO 8614 Sale 801
Rut-Canada 1st gu g 48
833 864
5
/
4
4
7712
1949
77 Feb'26 -J
753 77
8
Income g 58
Apr 1 1943 Nov
Rutland 1st con g 4 Ms
45 Feb'26
1941
91
90
90
J 90
3
87
Western Poe 1st Ser A 58.__1946
90
957 100
S 994 Sale 9914
St. Jos & Grand lel 1st g 4s...1947 33 80
100
16
81
80 Mar'26
7818 80
1st gold 63 Series B
1946 M
10412 10612 10612 Apr'26 -- 1003 10613
St Lawr de Adir Ist g 5s
4
1996 3 3 9712
977 Mar'26
8
_
973 974 West Shore 1st 48 guar
4
2361
17
'3 853 857 85
83 8 83 4
8
5
8
2d gold 68
,
8514
1996 AO 102 10312 101 Sept'26
Registered
2361 J J. 8518 Sale 84
L & Cairo guar g 48
83 854
854 37
4
1931 33 953 97
9618 Mar'26
953; 9612 Wheeling & L E 1st g 58
1926 AO 997 10112 100
8
997 100
St L Ir TA & S gen con g 58_1931 AO 1004 Sale 10014
8
Apr'26 ---1003
4 23 10014 1001
Wheeling Div 1st gold 58_1928 3, 10012 ----10138 Mar'26 ---- 10014 10212
/
4
Unified & ref gold 48
1929
8
97
J 964 Sale 967
14
954 9714
Ext'n & impt gold 55
1930 F A' 994 10018 99 Apr'28 -984 99
Registered
93 Sept'26
J
Refunding 44s Series A.1966 88 S 884 Sale , 884
RN At G Div let g 4s
807 884
8
885
8 13
1933 MN -92E8 Sale 9218
9278 57
89
9238
RR 1st consol 45
81
1949 01 S 86
3
87 ! 87
St L M Bridge Ter gu g 5s
8712
87
1930 AO 9934 10114 100 Apr'26
100 10012 Wilk & East 1st gu g 58
1942 3D 664 683 664 Apr'26
6414 734
8t L & San Fran (reorg co) 4s 1950 33 8178 Sale 805
4
8
8134 661
7758 813 Will & 8 F 1st gold 55
4
1938 3D 10212 10378 10212 Jan'26
1023 10212
Registered
8
80
J .1
Apr'26
_
80
80
WInston-Salern 311 1st 4s
7, 854 874
1960 J J 88
Prior lien Ser B 5s
8812 864
887
8
98 gaTie" 963
1950 J
4
974 90
93
977 Wis Cent 50-yr 1st gen 48_ _ _1949 3, 824 8312 827
8
Prior lien Ser C 58
8
8312 13' 804 84
1928 3 J 10212 Sale 10218
10238 52 102 103
Sup & Dui die & term 1st 4s'36
3
Pr'or lien 54e Ser 13
8612 897
NI 8914 894 8914
2
1942 J J 10212 Sale 102
89,
4
1024 24
994 103 8 Wor & Con East 1st 44s
,
1943 .1 31 7618
7614 7614
Cum adjust Ser A 68____I11955 AO 9534 Bale 953
7614 Mar'26
8
9614 267
9212 9614
Income Series A as
875 Sale 87
8
61910 Oct
88
303
845 8914
8
INDUSTRIALS
litLouls & San Fran lty gen 68 '31 .1 3 1053
8
10538 Mar'26
101 1054 Adams Express coil tr g 433_1948 M S 85
1
General gold 5e
85
86
885 85
85
1931 J J 10034
_ 10038 Mar'26
10018 101 14 Ajax Rubber 1st 15-yr s f 88_1938 J D 10312 Sale8 1034
16 10214 106
St. Peo & N W Ist gu 5e1948 J J 10338 cos 110338 Apr'26
104
10212 1033 Alaska Gold M deb 68 A __ 1925 M 8,
8
St. Louis Sou 1st gu g 48_
44 44
418 5
418 Feb'26
9612 9418 Apr'26
1931 MS 95
9418 944
Cony deb 6e Series B
I926 M S
4
L SW 1st g 48 bond ctfs 1989 MN
44
44 6
412 Feb'26
857 03 I 853
8
4
853
4
2
8418 853 Alpine-Mentan Steel 7s
4
2d g 4s Income bond etre_ p1989 3 3 77
9012 9112
1955 M E4' 91 Sale 91
12
91
77341 76 Feb'26
75
76
Am Aerie Chem 1st 53
1928 A 0 103 Sale 103
Consol gold 4s
6 1023 10414
4
1033
8
937 Sale 9312
8
1932
9412 58
D
913 941.
8
1st ref s f 74s g
1st terminal dr unifying 68.1952 .1 .1 93 Sale 03
1941 F A 1 1044 Sale ,104
10414 89 10334 105
95
83
8912 95
Amer Beet Sug cony deb 65_1935 F AI 963 Sale I 9512
St. Paul & K C Sh L 1st 448 1941 FA 8912 Sale 8812
9512 1014
4
967
8
8912 82
88
American Chain deb s f 68_ _1933 A 0, 10014 Sale ,10014 10013 27 9814 101
90
St. Paul & Duluth 181 58
12
9914 Mar'24
1931 Q F 10114
Am Cot Oil debenture 5e_ _1931 M N, 94
1st eonsol gold 48
9312 974
96 1 95
Apr'26
1968 3D 8812 ____ 89 Feb'26
If 19 Am Dock & Impt gu 65
St Paul E Gr Trunk 4)4e_ .1947
1936 3 3 1055 10658 1053 Mar'26
8
1054 1063
8
5
Jan'26
J 92t ____ 91
9018 91
Amer Ice deb 7s__Ju.sr
St Paul klinn & Man con 45_1933
110
1939
118
Feb'26
_ 96 97 Am Mach & Fdy s f Os 15 1939 A __ I 101 125 125 Mar'26 4 1004 13412
D 9714 ____ 97
_- 0,
Registered
10212 10112 1014
103
iow8
0214 July'25
3D
Am Republic Corp deb 68_1937 A 0 993 0912 9914
1st consol g 4e
8
98
9914
11
99 4
3
10878
1084
1933 3D
1 1Wf78 109
In 30-yr
A 0
99 10114
75
Registered
107 Mar'26
_ 107 107 km Sin & ItSeries B 5s ser A1947 A 0 10034 Sale 1004 101
J
let M 65
88 reduced to gold 4 45_ __1933
1947
108 10814 108
17 106 1084
100 gaIe" 003
108
4 100
.
4
33
9938 100
Amer Sugar Ref 15-yr 68_ ..1937j 3 1033 Sale 10314
10418 132 1023 1044
Registered
4
4
9812 Feb- ___
1933 33
26
9812 9812 km Tele') Sr Teleg coil tr 4s.19295
Mont ext 1st gold 48
200
8
964 98
3 977 Sale 1 973
4
98
94
1937
2
D 94l 95's 94
93
954
Convertible 45
1936 M a 9214 ----I 93
92
Registered
3
9312
9312
923 Mar'26
8
3D
923 9212
8
20-year cony 44s
Pacific eat guar 48 (sterling)'40
1933 M El 10038 ___ 10212 Apr'26
9714 lt,212
-891 If- 8958
4
8958 1 8914 8958 35:yr delb tr 58
0 yea:tcoi u
St Paul Union Depot 5e___ .1972 Si 10318 ____ 10318
194613 D 10214 Sale 1021 1023
/
4
/
1
4 53 10018 1034
1034 15 lop 10314
.1 J
s
974 1004
1960'.I J 10012 Sale 100
1003 529
4
20
-years f 54s
A dr A Pass lst gu g
1943IM N 10512 Sale 1043
10512 152 103 1051z
4
88
ii 88 Sale 8734
5
84
88
Am Type Found deb 6s
Santa Fe Pros & Phen 513_1942 M S 10212 1083 10234 Apr'26
19401A
/
4
4
10412 50 1031 1043
8
10012 1023 Am Wat Wks & Elec 5s__1934'A 0 10412 Sale 104
4
Say Fla & West let g 6s___ _1934 AO 10714
953 9712
0 97 Sale 97
4
9712 22
110
Jan'26
110 110
Am Writ Paper s f 7-6s
g 5e
42
1939 J J 45 Sale 4414
56
3
45
10134 Dec'26
1934 AO 102
Temp Interchangeable ctfs dep. ____
Scioto V & N E let gu g 48 1989 MN 8918 933 8918 Apr'26
45 Sale 45
1
4115 544
45
iff - 1s g41
Seaboard Air Line g 45
4
1950 AO 793 8112 7834 Apr'26
7814 83
Anaconda Cop Min let 6s_ _1953 F A 1033 Sale 1034
,
8
Gold 4,3 stamped
273 1011 1044
103
804 Sale 7918
8038
9
1950 AO
7814 82
15-year cony deb 75
111 103 107111
1938,F A 103 Sale 104
Adjustment 58
10.5
4
Oct 1949 FA 783 Sale 7814
7918 52
76
874 Andes Cop Min deb 7s50% pd'431.11 J 99 Sale 983
967 102
8
Refunding 48
4
9914 113
1059 AO 7114 Sale 704
7114 52
694 74
Anglo-Chilean Nitrate 7s_ 1945 01 N 977 Sale 97
8
1st & cons 68 Series A _ _1945 MS 9312 Sale 934
95, 1001e
4
977
8 44
9418 160
91
964 %Mills (Comp ..zue) 745_1939
88
Atl & BIrm 30-yr 1st g 48_411933 M
8612 :,314
914 Sale 0112
9012 11
9112
2
8812 914 srk & Mein Bridge & Ter 5_1964 3 J 9614 Sale 89
M S
944 974
12
Seaboard-All Fla 1st gu 6s A.1935 FA 943 Sale 04
96
97
95
4
9518 41
92 4 983 Armour Li Co 1st real eet 43481939 J D 913 Sale 9112
,
4
4
003 92
Seaboard & Roan let 5e
s
913
/
1
4
4 46
Apr'26
1926 3, 100
100 1004 Armour & Co of Del 53.98. 1943 J J 95 Sale I 944
9514 148
So Car & Ga 1st ext 5)4s_1929 MN 10112 10134 1013
9378 9615
4
1013
4
10114 1013 Associated 0116% gold notes 1935 M S 1023 Sale .10214
4
4
102 1034
8 & N Ala cone gu g 5s
103
1035 10418 1033 Apr'26
8
8
1936 FA
1033 1033 Atlanta Gas L 1st 55
4
8
8
1947.J 13 995 ____1 994 Mar'25
Gen eons guar 50-yr 5e__ _1963 AO 108
____ 1083
8
1083
8
8
10534 1083 Atlantic Fruit 7s etfs dep
4
1934j D 263 ___ _ 1 28
So Pay Col 48(Cent Pac col)k1949 J
2028
Jan'26 -87 Salo 87
88
8814
86
Stamped etre of deposit
L. 2314 394 2018 Jan'28 ---Registered
2038 204
83 Sept'25
3D
Atlantic Refg deb Se
977 Sale- 9734' 98
20-year cony 48
193711 J 100
____ 101
99 4 1011
3
10118 21
4
62 167i 08 June 19291M
20
-year cony 513
10118 Sale 101
10118
3 100 1023 Baldw Loco
1934 J D
4
Works
20
-year g 58
104
3
3 10214 105 4
_1944 M N 10078 Sale 10038 1004 48
993 1017 Banana (Coup Az) lot 543_1940 M N 104 Sale 110314
4
8
734s___.1937 5 J 103 Sale 1 103
San Fran Terml 1st 48___1950 AO 8812 89
1034 12 103 10615
885
8
884 10
87
90
Barnsdall Corp deb 6s
10103 D 9814 Sale 1 975
97 101
Registered
8
9814 102
Jan'26
AO 8512 8612 85
85
83
Belding -Hemingway Os
So Pac of Cal—Gu g 5s
19363 J 981 Sale 973
/
4
97 10075
9814 26
4
8
1937 MN 10312 105 1033 Apr'26
10314 104
Bell Telephone of Pa 58
So Par Coast let gu g 4s _
1948 J J 10314 Sale 1 103
10312 32 100 8 1034
3
9414 Jan'26
1937 3.1 9418
0414 9414
Ist & ref 5s Ser C
So Pee RR 1st ref 4s
1060A 0 10312 Sale
8
1037 133 100 1037
8
9212 294
1955 33 9218 Sale 92
90
921z Beth Steel 1st & ref 5s guar A_'42 M N 99 Sale 1024
9812
954 1003
9912 48
8
30-yr p m Imp s f 5s_ _ _ _1936 .11 J 963 Sale 9512
Plouthern—lst cons g 5s_ _ _ .19943 .1 106 Sale 1055
8
93
8
98 4
9612 51
3
106
69 104 106
Cons 30-year Os Series A._1948 F A 99 Sale 9814
Registered
103 Mar'26
9515 991
8
995 155
4
J D
1013 103
4
Cons 30
Develop & gen 48 Ser A1956 A 0 -84i2 Sale 8412
-year 545 Series 11 1953 F A 923 Sale 92
8
87 931,
11
9213 71
85
270
8114 85
Develop & gen 68
8
1950M S 935 94
94
94
9012 95
11012 30. 1074 11012 fling & Bing deb 61413
7
1950 A 0 110 Sale 10918
Booth Fisheries deb f 6s
Develop dr gen 6145
1926 A 0 8112 Sale 8112
8212
70
97
1958 A 0 11512 Sale 11434 11512 158; 112 11512 Botany
Cons Mills 645_1934 A C 904 Sale 00
Mem Dly 1st g 44s-513_1996 J 3 104
10438
90
39
10412
91
954
2 Nu% 10412
Brier Hill Steel 1st 53
St Louis Div 1st g 45
8
86
1942 A 0 1017 Sale 1014
.9a
1017g
Apr'26
9 101 103
1051 J J
86
89 4 D'way & 7th Av 1st c g 5s__ _1943 J D 7118 73
,
Ran 1 enn reorg lien g 55.1938 M H 1004 10212 100 Mar'26
71 14
71
7114
6
764
994 100
Mob & Ohio con tr 4s_ _1938 M S 914 Sale 9114
Ctfs of dep strand June '25 Intl __ 6914 74
71
9112 15
7012 71
Apr'26
8712 92
Brooklyn City RR 58
SPokane Internet 1st g 55.1955'J J 8118 833 833 Apr'26
8
933
8 14
8314 95
4
83 4 Bklyn Edison Inc gen 5e A 1941 J J 9312 Sale 0312
81
3
Term Assn of St L 1st g 446_1939 A 0 973 Sale 973
4
.19493 J 1043 Sale '10418
4
973
4
4
105
4
32 103 1054
987 973
8
4
General 65 Series 11
1st eons gold La
1930.1 J 10312 10478 105
1944 I. A 102 103 10214 Mar'26
105
2 1037 1061s
8
101 106
Bklyn-Man R
Gen refund a f g 413
8
864
1953 J .3 867 Sale 8612
9 843 87 llklye Qu Co Tr Sec as_ I968 J J 9512 Sale 944 954 576 9214 9612
4
Tex & N 0 con gold 58
& Sub con gtd 5s'41 M N 62 Sale 62
Apr'26
1943 3 J 100 10112 102
6312 10
61
64
983 102
8
1st M
Texas & Pac 1st gold 58___ _2000 1 D 1034 Sale 10312 1037
755 77
1941 3 J
8
755
8
72
7558
7 103 10412
8
1
774
Brooklyn R Tr let cony g 45.2002 J J 88
La Div II L let g 58
____ 92 June'25 ---19313 J 1004 10038 100 Mar'26
993 101
4
3-yr 7% secured notes_ _ _ _1924.1 J
Tex Pac-Mo Poe Ter 546_1964 M S 10234 Sale ,102
10234 10
13638 Nov'25
4
9914 1023
Ctfs of deposit stamped.......
Tol & Ohio Cent 1st gu 5s_ _1935 J .1 10138 ___11011,3 Apr'20
1231 May'25
/
4
10018 101 14 Bklyn Un El
Western Div let g 58.1935 A 0
1st ft 4-5a
1007 Mar'26
8
1950 F A -9214 9234 9214
81 kis
9212 15 - 1i '
10012 10118
Stamped guar 4-55
General gold 58
884 9212
9918 Apr'26
1950 F A 9214 9234 9214
19353 13 994 100
9212
8
973 100
8
Bklyn Un Gas let cons g 53 1945 M N 1033 10378 103
roledo Peoria & West 4s
374 Jan'26
8
1917 J J
5
10314 23 1017 1034
84
374
let lien dr ref 68 Series A I947 M N 112
Tol St L & W 50-yr g 4s1950 A 0 8838 887 881/1
e
8838 13
____ 1121 11238 12 110 11238
/
4
875 8812
8
rol W V & 0 gu 4,48 A
Cony deb 54s
98 Mar'26
19363 J 130 Sale 11294
_1 9 3 3 .1
19 1 1 3
3
1304 144 126 135
975 98
8
fluff&Slisqlronsfss
Seriess
9812
965 Dec'25
8
1932J D 91
____ 92 Mar'28 -92 92
-- Bush Terrains, lst 4s
Series C 48
90 Nov'26
1952 A 0 89
1942 M S
9014, 884
871 89
4
883
4
6
Congo! 5s
Tor Hare dr Buff 1st g 48_ __ _1946 J 13
1955 3 J 94 Sale 92
Apr'26
90
94
94
17
8718 88
Ilush Term Bldgs53gu tax ex_ _ '50 A 0 97 Sale 971
/
4
95 4 100
9712
3
4
8
Ulster & Del 1st coils g 58
1928 J 13 683 7514 76 Apr'26
76
80
Cal G & E Corp unit & ref 58.1937.111 N 10012 10114 1004
let refunding g 45
41
1952 A 0 4014 Sale 4018
10012
19
1004 1014
4018 48
Cal Petroleum e f g 64s
moon Pacific 1st g 48
1933'A 0 10312 10334 1033
9478 26
4
1947 .1 J 9438 8le
104
21 10312 10534
9218 944 Camaguey Sug let afg
6
Registered
9 4 Apr'26
93:3
4
J J _5 4 g
995
8 50
9131s 997
913 0334 Canada SS Lines 1st 78_ 1942 A 0 99 Sale 99
4
s
collet 71342 MN 104 Sale 1033
0912 36
-year cony 45
20
19273 J
4
104
12 10118 104
9914 100
Cent Dist Tel lot 30-yr 5s
1943 J D 1023
4
1st & refunding 48
_ _ 103
e2008 M S 8912 Sale 89
8912 51
103
5 1013 10314
4
88
894 Cent Foundry 1st s f 68
1931 F A 935 9514 9512 Mar'26
108 Sale ,I08
8
1st lien & ref Is
10818 13 1064 1084
e2008
93 4 993
3
4
4
8 103
-year perm secured 418_ _1028 J J 1023 Sale '1025
10
26 10258 1033 Cent Leather 1st liens f 6s_ _1945 J J 10018 Sale 1004
1007
8 49 100 1013
4
4
Due Ja,i. 0 Due May
e Due June. b Due July
4 Due Aug
Due Nov. 8 Option sale.
New York Bond Record-Continued-Page 5
2170
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 18.
Price
Friday,
April 18.
Week's
Range or
Last Sale
Range
BOVA
Jan. 1
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 16.
IN
Peke
t Friday,
N A, April 18.
Week's
Range or
Last Bale
11
Range
Lined
Jan. 1
High
High NO, Low
Ask Low
Bid
High
High No, Low
Ask Low
Bid
8
99
985s 1003
1
sings County Lighting 5&..l9545 S 993s 993 99
8 11514 118
g f 8s____1941 MN 11734 Sale 11714 118
3 106 110
Central Steel
1954j j 10834 Sale 10834 109
1st & ref 6548
8 1014 10214
Ch G L.4 Coke 1st gu g 56__1937 J .1 10218 Sale 10134 1024
105
5 104 107
10412 105 105
Kinney(G R)&Co7A% notes'38 J D
8534 81
714 82
1927 F A 71 Sale 7012
984 9812
Chicago Rye let 58
7
9712
13 9738 Sale 9735
Steel 1st 55
1932 A 0 10658 Sale 10618 10714 128 1054 1094 Lackawanna St L ref&extA-1950 NI 0 10138 102 10114 10112 12 10034 10134
Chile Copper 68 Ser A
56_1934 A
12 Lac Gas L of
6 102 183
Cincin Gas dr Elec 1st & ref M*58 A 0 10214 Sale 10218 10214
63 10258 105
105
1953 F A 10414 Sale 104
Coil & ref 534e Series C
5
8 10912 1048s
10414 105 10414 105 s
98
1961A 0
98
53s Bee B due Jan 1
98 Jan'26 8218 824 Lehigh C & Navel 454s A_ _1954 J J 96 Bale 10014 1003
8218 Feb'28
s
Clearfield Bit Coal 1st 4s_ 1940 J J
3 10018 101
934 Lehigh Valley Coal 1st g 56_1933 J J 10038
91
3
9212
Cobo F & I Co gen s f 56_1943 F A 924 93 9212
7
39 3 404
.
4012 Feb 26
_
8334 8514 Lex Ave & P F let gu g 58 1993 M S
12
9514
118 1264
Col Indus lair & coil 58 gu_1934 F A 8514 Sale 85
12014
Sale 120
6 100 10114 Liggett & Myers Tobacco 7e-1944 A 0 iia -- - 122 Jan'26
1927J J 10014 1003s 10018 1004
122 122
Columbia G & E 1st 58
117
Registered
4 100 101
1927 J J 10014 Sale 10014 10014
4
993 103
Stamped
1024
6
1951F ° 102 --- 102
A A
50
Oct'26
Col & 9th Av let gu g Ea__ _1993 NA B
984-- 98 Oct`25
11 figli fa;
1944 F 0 118 11812 11913 120
11 8
laeg Co )
9914 100
LorilR rolls1eral 78
9914 __-- 100 Apr'26
1932 J J
Columbus Goa let gold 5s
11534 Oct'25
115
Registered
77
75 78
25
Commercial Cable let g 41_2397 Q J 77 Sale 75
9838 1001,
gs
A A
1951 F ° 1004 Sale 9811 1001t 48
99 901;
94 1061
6
9914
Commercial Credits 168._1934 M N 99 Sale 99
0814 003,15
9414
Reglatered
14
1935 J J 9412 Sale 9412
95
Col tr Cf 54% notes
97* for
33
2
3 M 5
90 F A
195 I N 9958 Sale 9914 £100
Louisville Gas & Electric 56_
3
7 102 4 105
10313
90 944
Commonwealth Power 6s_ 1947 PA N 103 Bale 103
8934 90 90 Apr'26
Louis)" Ry 1st con 58
4
9 10458 106
1053
ComputIng-Tab-Rec 6 f 80..1941 J J 105 Sale 105
904 92
Lower Austrian Hydro-Elec Co1
85 87 e
Conn Ry & L lst ex ref g 4As 1951 J J 8412 ---- 9011 Mar'26
7
8514
85 8512 85
19443' A
%) 924
18153 6548
1951 J J 90 92 90 Apr'26
Stamped guar 4As
8114 13 8014 86
9912 103
Cons Coal of Md 1st & ref 58_1950 J D 8012 82 8012
1942 A 0 9913 Sale 994 1004 16
7Aii
8
594 85
Consol Gas(N Y)deb 5As1945 F A 10578 Sale 10584 10884 231 10414 1063 Mama!Sugar
644
1090A O
10414 k514 Manhat RY(NY)cons g 48_29135 D 8412 Sale 8358 Mar'26 82
0478 Mar'26
53 80
Cons'd Pr & Ltg let 656.._1943 SI
5912 584
58
2d 48
8
737 82
751s 15
Cont Pap & Bag Mills As_ _1944 F A 75 Bale 75
32 102 1154
1942 61 N 115 Sale 11478 115
9814 10114 Manila Electric 75
894 94
_
Consumers Gas of Chic gu 58 1936 J .1 10118 _--- 10114 Apr'26
9112 9212 91 Apr'26
974 10112 Manila Elec Ry & Lt s f 56_1953 M
10014 10034 35
10014 Sale
9734 9912
Consumers Power let 5s__1952 M
983
6 26
4
99 1003 Market Bt Ry 78 Series A..1940 Q .7 98 Sale 9734
9934 10014 Mar'26
Copenhagen Telep ext 68_1950 A 0 99
2 104 108
10714
10714 Sale 107
MetrEdlst&refgCsSerBJO52 F A
4
983 10012
1931 MN 99 --__ 9058 July'24
Corn Prod Refg s f g 5s
10012 Sale 9934 10012 88
-31604 1I1 4
1st & ref 58 Series C
1934 MN 101 10212 101 Apr'26
_ _ 10212 10412
lat 25
-year s f 59
1953.3 D 104 10412 10334 Apr'26
4
823 854 Metropolitan Power 63
43
84
7112 7414
Crown Cork & Seal Ist 6 f 68_1943 IP A 8334 Sale 834
6
744 73
73
s
921s 963 Met West 8Ide El (Chic) 48.19383' A 73
9414 69
s
1935.3 .7 935 Sale 9314
Cuba Co cony 81 68
s 28 10114 10414
1940 PA El 10318 Sale 10278 1033
Mid-Cont Pctr let 654e
93 98
18
93
9234 9512
Cuba Cane Sugar cony 78_1930 J .1 93 Sale 9218
5
953 200
111dvale Steel &0cony if Se 1938 M S 9478 Sale 9412
9812 100
4 23
983
98 Sale 98
97 99
Cony deben stamped 8%_1930J
5 11
983
.1
8 3 .1 J 9814 Sale 9814
10 108 10912 MilwElecRy&Ltrefizext4A19 1J D 9914 Sale 9914
108 1084 108
102
9841 100
Cuban Am Sugar 1st coil 88_1931 IN
2
9912
General & ref 58A
9114 984
9712 98
9018 97
Cuban Dom Bug let 7344._1944 PA N 961: Sale 9812
98
97
1961.3 D 9512 Sale 9514
1st & ref 5s B
4 11 1004 102
Cumb T dr T lat & gen 6s_ 1937 J J 10134 102 10124 1012
1953 MS 10414 Sale 10334 10414 26 10034 1044
lst&refgcs Series C
4
933 954
94
1
99 9914
Cuyamel Fruit 1st 138 tat et's '40 A 0 94 Sale 94
2
9914
Milwaukee Gas Lt 1st 43.-1927 P4 N 9914 9953 9914
9918 10154
20
Montana Power 151 53 A-1943 J .1 10114 Sale 10058 10112 20
924 Aug'25
4
9618 971
4
Deny City Tramw 1st con Ed 1933 A 0
94 9534 Montreal Tram 1st & ref 58-1941 .1 .1 9714 Sale
9534
95
7
9218 93
.
Den Gas & E L 1st & ref s f g 53'51 M N 9512 _
1955 A 0 9258 9355 93 Feb 26 ___
Gen dr ref a f 58 Ser A
934 96
96
19
84 88
M N 9518 Sale 9514
Stamped
8
873
854 91
Morrie & Co lst f 4,As_ _1939 J .1 87 8714 87 Mar'28 27
87
8734 Apr'26
80 80
_
Dery Corp(D G) 1st s f 78._1942 M S 85
81 80
5
1 101 1023 Mortgage-Bond Co 45 Ser 2-1966 A 0 80 97 9812
964 98
J 10134 Sale 10112 10112
9612
Detroit Edison 1st coil tr 58_1933
8
.1 9611
1932
4
10-25-year 5s Berle) 3
1
8.312 431
4 19 1004 1023
10212 Sale 10134 1023
18
1st & ref 54 Serlezi A_July 1940 M S
84
19345 D 83 84 84
4
100 1023 Murray Body 1st 13348
5
9834 10212
1949 A 0 10112 Sale 10112 10111
s
Gen & ref 5s Series A
1
10078 Sale lows 1007
gu g 56._ 1947 M
10814
4 108 4 10 108 1013 Mu Fuel Gas 1st ext 4% 194I MN
'
.
Feb 28 ____ 10133 10214
1st & ref 138 Series B_July 1940 M S 10734 108 1073
10158
4 Mut Un gtd bonds
9 10018
10134 Sale 10138 10144
Gen & ref 58 ger B
90 97
91
9391
533864¼
Det United 1st cons g 4H.__112.i 3 91
0212 Bale 8018
6212 19
N
3
93 97 8 Nassau Elec guar gold 48.._1981 J
9512 306
9438 Sale 94
98 10014
(18
99
Dodge Bros deb
7
1931
75
9 72 83 National Acme 734s notes_1940 3 ,D 9638 Sale 98
954 987$
75 Bale 75
ggt4
9712 55
Dold (Jacob) Pack let 68_18:1
MN
4
3 Nat Dairy Prod 8%
57 62
57
59 57
10018 103
Dominion Iron & Steel 58_1939
10118 Sale loots 101
924 9711 Net Enam & 8tampg let 55.19295 D
9412 13
9958 101
1942.3 J -6i; 9412 94
Donner Steel 1st ref 78
-year deb 56-1930 J J 9914 101 101 Mar'26
914
7
1094
9 10952 Nat Starch 20
du Pont(El)Powder 4 As...1938 J D 10958 Sale 100
1 10134 1034
s
1952 SI N 10214 1037 10314 10314
National Tube 180 58
10614 36 10514 107
Apr'28
Duquesne Lt let & coil 6s 1949 J J 106 Sale 106
_ 10012 10278
1024
19485 D 102
6
36 105 10611 Newark Consol Gas 56
10078 10314
J 1053s Bale ,10514 106
1st coil trust 5As Series 13.1949
New England Tel & Tel 58-1952 J D 10314 Sale 10234 13314 67 10078 1023
8
7
Sale 10112 10112
N
8
1065s 57 1043 10852 N Y Air Brake 1st cony 86..1928 P4 0 10112 Bale 9258
9034 9438
East Cuba Bug 15-yr f g 7%5. M S 10514 Bale 1105
94
37
12
94
8
93 997 New Orl Pub Serv 1st fa A 1952 A
1
9484
J 95 ----I 9438
Ed El III Ilk,, let con g 48_1939
4
9014 311
94
32
19555 D 9312 Sale 9314
B
103 105
let & ref 58 ser
814 8458
1995 J J 1054 __- 105 Mar'26
Ed Elec Ill 1st cons g 5a_
8
843
2
_ - 8418
-year 1st g 48._1951 F A 844
3
8578 89 4 NY Dock 50
8814 38
8712 Sale I 8738
3
Elea Pow Corp(Germany)838•50 M
16
11612 28 115 1165
99 100
N Y Edison 1st & ref(lAs A.1941 A 0 11614 Sale 1033
-- 100 Apr'26
1925.3 D
8 1034 25 102 10353
Elkhorn Coal 8% notes
4
4
98 A D
944 J O 10338 1033
4
1st lien & ref 5a B
10214 55 1013 104
Empire Gas & Fuel 7)s.. l937 61 N jai; Eizae 102
4 12 104 105
0458 1043
8
1045
9712 98
N Y Gas El Lt & Pow g 5s-11
4 50
973
894 91
1st & ref 6 As(wIth warr1s)'41 A 0 9758 Bale I 974
9012 18
91
1949 F A 9012 -. 9038
Purchase money g 48
99711 1004
.
Equit Gas Light let con 58_1932 M S 10038 101 10038 Feb 28
9213 9778 NY LEA West C &RR 5SO 1942 M N 1004 -- -- 0012 Apr'25
9
944 9412 934
9414
jail; iair,
& Tr lat 56_1942 M
Federal Light
Sale 0214 10213
J
8
10014 1033
102 10211 1024 10212 10 100 1043 NYLE&WDock&Imp 58_1943 J A 10213 10212 0173 1017
4
let lien 6.1 stamped
3
10153
1930 F
93 98
N Y Q El L P 1st g 5a_
62 60
1911 I" 17 9312 9414 94 Apr'26
-year deb 6s Ser B
30
_ 60 Feb'26
92 97 N Y Rye 1st R E & ref 48_1942 J J 50
93
93 I 92
13
1939 J D 91
40 60
Federated Metals s f 78
55
597 55
50 Certificates of deposit
11312 116
4
115 Bale ,11438 11518 28
4
514 101
Fisk Rubber let 8185
712
5
74
712 10
-year adj Inc 5s_ _ _ _Jan 1942 A 0
30
7514 86
81
81 Sale I 81
5
34 1014
1 3111
111 1
Ft Smith Lt & Tr 1st g 5s
712 10
5 Apr'28
88 93
Certificates of deposit ______
7
4
3
/
90
22 84
Frameric Ind & Dev 20-yr 710'42 J .1 8934 Sale I 8958
321z 2110
8
1075 NY Rye Corp Inc 13s_ _ _ _Jan 1965 - 3134 Sale 29
10514 15 104
3
Francisco Sugar 1st at 7%8.1942 M N 105 Bale ,105
2 10044 102 4
1951 iiWT 10112 Sale 0112 10112
N Y & Rich Gas 1st 68
1
54 69 4
1
57
10
1004 1004 N Y State Rys 1st cons 4345_1962 MN 56 Sale 56
- 10078 Mar'26
7814 82
o
Gaa dr El of Berg Co cons g 581949 J D
4
1982 MN 5814 733 7814 Mar'26 -let con 634s series B
4 10418 1084
10138-105 10543 10514 10514
3
Gen Asphalt cony 6s
3 10116 103 4
87 884 NY Steam 1st 25-yr 6s 8er A 1947 M N 10212 Sale 0212 10212
87
88 88 Apr'26
97 984
18',
Gen Electric deb g 314s
9814
98 5 68
5
9855
10 1004 10252 NY Telep 1st & gen s f 4 As_1939 MN 11014 Sale 1014 11012
8
Gen Refr 1st s fg 86 Sec A_1952 F A 1014 10234 10112 102
5 10978 1107
Sale
F A
95 984
-year deben s f 6s._ _Feb 1949
30
40
98 Sale 974
98
German Gen Elec 7s_Jan 15 1945
10914 69 1074 10912
104 1064
-year refunding gold 68_1941 A 0 109 Sale 09
20
4
4
3
M__
5
Goodrich (B 5) Co 1st 6l,s.1947J J 10512 Sale 10518 1053 160 120 122
2 100 4 1023
Power 1st 54_1932 J J 10214-- 0214 1023
Niagara Fall
4
121 Sale 12012 1214 42
4
9 1043 1084
Goodyear Tire & Rub 1st 51 1941
4
Jan 1932 A 0 1053 Sale 0534 1053
4
4
1104 68 1093 1113
99 101
d1931 F A 11014 Bale 110
100 8 20
10-year f deb g 8s
7
1007s
90 9318 Niag Lock &0 pr let 5.3 A __JOSS A 0 10078 Sale 100
91
9712 100
10
08
42
Gould Coupler 1st s f 68_ _ _1940 F A 9034 Sale I 9058
100 101
No Amer Cement deb()As A 1940 M S 98 Sale 98
Granby Cons M B & P con 68 A'28 M N 100 10012 100 Mar'26
104 Bale 0314 10412 60 10114 1044
10012 101
Nor Amer Edison 135
1004 .7an'28
1928 M N 100
4 25 1034 106
Stamped
8
195 M 8
Secured f g 6 As Ser B__1942 SI 8 10534 Bale 0514 1053
100 1094
9234 913
10214 42
102 Bale 101
31
98
Cony deb 713
9514 Sale 944
9814 109
Nor Ohio Trac & Light 68.-1947
105
3
9734 10014
32
19318 A
Gray & Davis let cony s f 78_ 1 9 9 F N 10434- 105
100
8
8
903 933 Nor fitetes Pow 25-yr 58 A 1941 A 0 100 Sale 9914 Jan'25 _75
908 41
le 9118
9314
Gt Cons El Power(Japan)78_1944;F A 9138 Eli;
A 0
10412
Registered
103
1 10134
105'a 19614
Great Falls Power lets f 58-19401M N 10258 103 103
1st & ref 25-yr 138 Ber B_ _1941 A 0 10514 1b1- 10514 10514
9812 98
We 88
North W T letfdg454egtd.19345 J 98 9812 98 Apr'26
4
873
8734 ____ 8734
Hackensack Water let 4s 1952.3
11218 11312
8834 ---- 854 Aug'26
let 48
4
Hartford St Ry
9218 948 Ohlo Public,Service 7As A-1948 A 0 11313 Sale 11312 11312
944
9412
3
A' 4
4
1 110% 110
Havana El Ry L & P gen 58 1959 M S
1947 F A 11118 11112 11118 11113
let & ref 7s series B
3 944 9812
9612
J 10334 104 10354 104
20 10114 10412
Havana Elea consol g 52_ _ 1952 F A 9612 Sale 9612 10114 159
994 102
Ohio River Edison let 86-1948
9534 974
10072 Sale 10078
1
10
Hershey Moe let & coU 55s 1940 a .
1944 F A 9524 9612 952
96
4
94 994 Old Ben Coal 1st 66
5
94
8
993 101
s temp.1934 A 0 94 Sale 94
Hoe(R)dr Co 1st
2
8
3
79 85 4 Ontario Power N F 1st 58_1943 F A 10014 101 10012 1007
8212
5
9936 9934
4
993
4
1
Holland-Amer Line (is(140_1947 MN 8212 Sale 82
1945 M N 998 ____ 9 AL
Ontario Transmission 5s
85 10038 103
103
8
1940 M N 1025 Sale 102
Hudson Co Gas 1st g fgo
1081s 22 1054 10834
108 Bale 1u8
1014 103
Otls Steel 85
10212 28
10218 Sale 102
10034 103112
10318
Humble Oil & Refining 5A6_1932 J
47 F A
ist 25-yr f g 7)46 Ser B 1941 F A 103 Sale 103
10312 44 1004 10312
9712 100
Illinois Bell Telephone 58_1956 J .1, 10312 Bale 103
4 78
993
Pacific G & El gen & ref 58..1942 J J 9914 Sale 9914
3
94 4 97
16
O
97
9912 101
4
3
4
90A _
19 6 DI N 9658 Sale 9512
Illinois Steel deb 4 As
6
9412 Pac Pow & Lt Ist&ref 20-yr 5630 F A 993 gale 9944 100
914
941
2
94
101 1024
941
Ind Nat Gas & 011 58
1937IJ J 10232 ___- 10158 10214 18
1024 1044 Pacific Tel & Tel lst 58
98% 10212
Indiana Steel lat fie
1952 31N 10358 Sale 10338 104 _ _ 17
10238 Sale 10111 10212 89
Ret M 56 series A
_
4
1124
1935 J J 100 _--- 993 Dec'26
Ingersoll-Rand 1st 55
4
2
195 M N
- Pan-Amer P & T cony (4_193 ,M N 10514 Sale 10433 10614 137 1047
ii Apr'26
1930 F A 10514 10512 105
Interboro Metrop coil 4 A 5.. _1956 A 0
10512 12 103 s lora
-year 78
1st 10
412 Aug'26 _ _
9211 984
Guaranty Tr Co Ws den
96 Sale 9514
9814 105
- ParamountAldway 1st 5340_1951
1012 Mar'26 _ _ _
8518 96
Ctf dep stpd asstd 16% sub.__ ---94
94 Sale 92
45
/ 12 Park-Least leasehold 6 As-1953 J
Eli 7 3
8
713 620 Interboro Rap Tran 1st fie_ 1966J J 7114 Sale my
10158 103 10118 Mar'26 - 100 1011e
62 7214 Pati& Passaic0& El cons fro 1949 M
s
703 1082
11014 111
70 Sale 6734
Stamped
cons a 6s...1943 A 0 11038 11112 11014 Mar'26
s
64 787 Peop Gas & C 1st
7334 144
9812 10112
7314 Sale 70
10-year 65
1947 M S 10034 10112 10012 10112
4
864 94
Refunding gold 58
170
93
8
-year cony 7% notes_ _19 2la 927 Sale 9114
3
10
193 A
884 954 Philadelphia Co coll tr 65 A_1944 F A 10434 Sale 10434 10474 18 1034 105
94
19
984 101
Int Agric Corp let 20-yr 5s_ _1932 M N 9358 944 9338
9934 Sale 9912 10014 31
15-year cony deb 554e_ _ _1938 76
824 90
12
994 102
88
Stamped extended to 1942_ __ M N 88 Sale 88
J 101 Bale 100
101
11
4
843 9112 Phila & Reading C & I ref 58.1973
914 899
4
Inter Mercan Marine 81 13s.._1941 A 0 8912 Sale 883
9138 9514
9414 49
4
9414 Sale 9234
103 1081
International Paper 65
Plerce-Arrow Mot Car deb 881943 31 S 10314 Sale 10314 10412 30
984 100
P417 It 1 99 Sale 9884
5
9953 53
Ref
7
(Is Ser A
108
2 bOSls 1074
10812 11814 °term 011 of 8s_.Dec 15..1931 .1 D 106 10814 106
7
10184 10444
lot Telep & Teleg cony 550 1945 M S 11018 Sale 1101s 110 s 183
6e_1943 A 0 102 Bale 102
10256
9
Pillsbury Fl Mills 20-yr
4
3
/
9812 88
984 _-- 9858 Mar'26
Val Coal let g of 56_1928
6
106 Bale 10512 10614 34 100 1113 Pleasant Collieries 1st s f 581957.3 J 9112 93 9212
4
904 923
Jurgens Works 8a (flat price) _1947 J
4
923
10014 10214 Pocah Con
Kansas City Pow & Lt 58..._1952 M S 10314 Sale 10238 10314 60 1011 10314 Port Arthur Can & Dk 68 A-1953 F A 1034 Sale 10312 10312
2 102 10312
8
26
105
Kansas Gas & Electic 88__.1952 M S 10458 Sale' 1044
3 1014 1024
10312 Sale 10312 10312
1st M 813 Series B
10814 10712
4
99 1021
Kayser (Julius) dr Co 1st 81 76'42 F A 107 10714 10634 Apr'26
1
101 Sale 10114 10112
10318 108 Portland Elea Pow 150 6$ B 1947
8
991s 100 4
Kelly-Spring(Tire8% notee_1932 P4 N 10458 Sale 10458 1054 40
10058
003 Apr'28
4
90 9112 Portland Gen Elea let 58.-1935
2
9112
9214 954
Keystone Telep Co 1st 58._1936 J J 9112 Bale 914
95
Ry let & ref 5a__1930 M N 9434 9534 9458
7
5 102 10314 Portland
_ 0314 10314
8834 93
Kings County El dz P g 56._ _1937 A 0 1034
2
Portland Ry Lt & P 1st ref 661942 F A
1207s 123
A 0 1234
2258 Mar'26
99 10214
Purchase money
91
10071 10174 10131 10112 10
9212 9
92
0
1st 1 & ref 13s Ser B
7714 80
4
80
3
4
1 7
Kings County El 1st e 48_ _1949 F A 784 80 7812
1063 108 6
as99
1 6M
A__1947 PA N 10758 Bale 10758 1075
4
let & refund 754e Ser
8
12
77 80
1
1949 F A 7812 793 7884
784
3
Stamped guar 48
8
2 105 4 1064
Porto Rican Am Tob 8a____1931 M N 10578 Sale 10534 1054
Due May. s
Mu sale
APR. 17 1926.]
THE CHRONICLE
New York Bond Record-Concluded-Page 6
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 16.
Price
Friday,
April 16.
t
Bid
Ask
Pressed Steel Car cony g 5s_ _1933 ii 95 Sale
Prod & Ref f 8s(with war'llts)'31 J D 111
Without warrants attached___ J D 11014 ---Pub Serv Corp of N J sec 63_1944 P A 103 Sale
Pub Serv Elec St Gas 1st 5%81959 AO 105 Sale
lat & ref 53311
8
1954 40 1047 Sale
Pub Serv El Pow & Ltg 6s_ _1948 A0 10714 Sale
Punta Alegre Sugar deb 7s_ _1937 .7.2 10412 1051
Remington Arms Os
1937
N 84 Sale
Repub I & S 10-30-yr 5as L-1940•0 99 Sale
Ref AG gen Bids Sec A___..1953
'3 9334 Sale
Rims Steel 1st 75
8812 Sale
195 FA
Robbins & Myers s f 79
195 in 61 Sale
Rochester Gas & El 75 Sex B.1946 M S 1123 113
8
Gen Mtge 533a Series C
4
1948 M S 1043 1051
Rogers-Brown Iron Co 7s
1942 MN
Week's
Range or
Last Sale.
4,
4
Range
Since
Jan. 1-
boa
High No Log
ig
9413 11 5
29
96
95
9
8
11112 Mar'26
1104 1123
4
3 1093 1103
1103
11014
4
4
4
8 10314 107 100 1034
1023
10518 35 103% 10512
105
104%
10512 24 1037 10512
3
10712 36 106 108
10714
105
1063
8 71 104 111
8
84
84
823 88
3
2
99
99
9714 1004
8
94
9212 9412
4
933
3
8812
88
88 90%
6
63
60
60 6812
2 1123 114
1123
8 11212
3
4 10518 106
10518 10518
71 Mar'26
08 73 4
3
St Jos Ry Et lit & Pr 5s___ _1937 MN
St Joseph Stk Yds 1st 4335_1936 I J
St L Rock Mt & P bs stmpd _1955 ii
St Louis Transit gen imp 53_1924 40
St Paul City Cable cons 55 1937• J
Saks Co s f 7a
1942 FA
Saxon Pub Wks(Germany)7845 MS
San Antonio Pub Serv 1st Os.1952
J
Sharon Steel Hoop 1st 88 Ser A'41 MS
Sheffield Farms lot & ref 6338.'42 40
therm & San Fran Power 515_1949 P A
Sinclair Cons 011 15
-year 79_1937 MS
1st In col tr Os C with warr 1927 J D
1st lien 633s Ser B
1938 in
Sinclair Crude Oil 3-yr 138 A_1928 FA
3-yr 6% notes B Feb 15_1926 FA
Sinclair Pipe Line a f 5s_ _ A942 40
Skelly Oil 614% notes
1927 A0
Smith (A 0) Corp 1st 6345_1933 ▪ N
94 Sale 94
9434
3
Jan'26
971g-96
797 81.
807
8
8 11
- 8038
75
761z
7612
81
6
953 100
4
9514 Feb'26
11038 Sale 11038 11012 47
954 Sale 9514
957
81
10214 Sale 10214
4
102'2
10712 107% 10712 107'2
1
1074 Sale 107% 108
6
9418 Sale 93
9418 27
9534 Sale 9514
96
55
10614 Sale 10512 107
194
90 Sale 8938
9014 51
10012 Sale 10012 10034 40
1004 Sale 10013 100%
7
893 Sale 894
4
90
48
122 Sale 12014
12314 102
10138 1011 101
Apr'26
South Porto Rico Sugar 7s_ _1941 J D
South Bell Tel & Tel let at 531941 J
Southern Colo Power Os _ _1947 ii
14 west Bell Tel let & ref 52..1954 F A
Spring Val Water g bs
1948 M N
Standard 51111Ing 1st bs
1930 M N
1st & ref 15335
1945 M S
Steel & Tube gen a f 7s Ser C 1951 J .1
Sugar Estates (Oriente) 75_1942
Superior 011 1st a f 7s
1929 FA-I
Syracuse Lighting 1st g 5s_1951
D
Tenn Coal Iron & RR gen 55_1951 J J
Tennessee Else Power 1st 69_1947 J D
Third Ave bat ref 4s
1960 J J
Ad) Inc ba tax-ex N Ya1960 A 0
Third Ave Ry 1st g ba
1937.7 J
Toho Elea Pow 1st 7s
1955 M S
Tokyo Else Light 6% notes_1928 8' A
Toledo Edison 1st 75
1941 M S
Toledo Tr L & P 533% notes 1930 3 1
Trenton G & El 1st g 5s_ _1949 M S
Trumbull Steel 1st s f 6s
_1940 F A
Twenty-third St Ry ref 811_1962 J
Tyrol Hydro-El Pow 7330_1955 M N
Undergr'd of London 434s_1933 J J
Income Ss
1948 J J
Union Bag & Paper lat M 63_1942 MN
Union Eiec Lt & Pr lat g 55_1932 MS
Ref & ext ba
1933 M N
1st 533s Series A
1954 J
Union Elev Ry (Chic) 511_1945 A 0
Union 011 1st lien a f 53_ _ _1931 J J
30-yr es Set A
May 1942 F A
1st lien a I bs Ser C
1935 F A
United Drug 20-yr fla_Oct lb 1944 A 0
United Fuel Gas 1st a f 65_ _ _1936 J J
United Rya Inv bs Pitts issue 1926 M N
Stamped
United Rye St L let g 45___A934 .1 J
United SS Co 15-yr 13s
1937 M N
United Stores Realty 20-yr 5s '42 A 0
US Rubber lat & ref ba Ser A1947 i J
10-Yr 714% sec notes
1930 F A
US Steel Corp coupon__ _d1963 MN
(
I 1 10-60-yr 5s)regiatered _d1963 SIN
Utah Lt& Trac 1st & ref bs 1944 A 0
Utah Power de Lt let 5a
1944 F A
Utica Elec L & P 1st 65
1950 J J
Utica Gas & Elm ref ,2 ext ba 19573 J
Vertlentes Sugar 1st ref 78_1942 .1 D
Victor Fuel In sf ba
1953 J
Va-Caro Chem let 71
1947 J D
Certificates of deposit ______
__
63116 as to PaYt 40% of prin
1st 75
1947
Ctf of deposit
Ctf of deposit stpd ______
7345 with & without war_ _1937
Certifs of dep without warr.
Certlfs of dep with warrants.
Vs Iron Coal & Coke 1st g be
- 1949 11011
3
Va Ry Pow lat & ref bs
19343 J
Walworth deb 6;is(with war)'35 A 0
1st sinking fund Os Ser A 1945 A 0
Warner Sugar RefIn let 75_1941 J D
Warner Sugar Corp let 7s
1939 J J
Wash Wat Power a f ba. _1939 J .1
Westches Lte g Bs stmpd gt6 19501 D
West Ky Coal Ist 73
1944 M N
West Penn Power Her A 55_1946 M
let 75 Series D
1946M S
lat 5.1 Series E
1953 M
1st 5336 Series F
1953 A 0
West Va C & C let Os
1950J 3
10734
107
10338
10238
9812 Sale 98
10313 Sale 1027
9914
9918
1004
99 Sale 983
4
1074 107% 10734
9915 Sale 99
9518 97
9512
101_ 1003
4
1014 10 12 10312
-i
1054 Sale 105
6014 Sale 5912
5814 Sale 5612
95
953
4
96
9178 Sale 914
9778 Sale 9734
10814 Sale 108
9812 983 9812
4
_ _ 10018
9534 957
10112- 8 9512
66
6718
69
96 Sale 96
9518
96
954
- 95
1047 17195 1047
3
101 Sale 10078
100% 101 10038
100% Sale 10112
7914
-- 80
_ 1001
1004
10414 gnie 10414
96 Sale 96
106 Sale 1054
102 Sale 102
993 100
4
993
4
993 100
997
4
8
76% 78
78
9213 931 9212
10414 Sale 10414
9414 Sale 937
8
1073 Sale 10738
8
10634 Sale 1063
8
106
"ii 80 88
9714 Sale 9612
10218 1031 10213
10212 -- 1013
4
983 Sale 983
4
4
52
62
58
107 Sale 106
10514
9114 97
95 4 96
3
81%
78
7012 7612
9514 953
3
10712 11013
923 967
4
8
1013 10312
3
1074 109
1063 10812
9112 9,
7
934 9714
10512 1134
87 9054
10014 101
1003 101
3
87 91
1113 131
3
101 10212
108
66 107 108 2
7
103'z 17 10118 10312
98% 31
974 994
71 1003 1033
10338
8
8
Apr'2
__
5914 9914
lOOlz
8
98410114
10012 14
9778 10012
1073
4 12 1073 109
4
993
4 37
8912 100
1
9538
95 9712
Mar'26
- 100 1003
4
Apr'26
10513 36 1°3 4
024 105 2
°3714
6038 42
6513 54
5912 343
9112 057
4 78 98 8
3
953
4
1
92
33
9012 927
8
98
208
97 983
8
10812 28 108 19 54
9
8 0 38
9
99
77
Jan'26 _ _ _ 1001s 101
96
49
9514 97
6718
1
61
704
9614 26
953 9712
4
96
1
94 93
Mar'26
Apr'26
_ 10 7 105s
1 921
0 8 0
2 5
101
10
10114 19 1004
1013
4
102
7 10013 10212
,Apr'26
7712 80
10038 20 10013 10112
10438 15 1003
6 10512
963
4 46
9518 98
106
24 10313 1064
10212
7 10112 104
Apr'26 _
99 4 1004
3
Mar'26
__
997 100
3
79
15
7413 79
94
11
10414
1 10212 105
93 95
9412 262
108
28 10134 108 8
9 4 953
6
%
107
182 105 107
106
1,63 1964
054 09
8
89
46
97
53
95 97
10212
2 100%10212
10238 2s 10013 1023
8
9914 43
Feb'2 _ _
5°4 9 12
931 52
9
Apr'26
105 1074
Mar'26
10514 106
10614 107 1063
4 107
14 105 108
106%
1071 314 107 1
4
4 193
0112
4
10712 Jan'26
10678 1084
110 1. eh'2
3
971
9712 Sale 96
46
107
Jan'26
107 10 %
93
13
7
94 Sale 94
94
5
9114 94
9812 99
983
3
983
15
9712 99
9412 Sale 94
941
94 9412
944 9412 94
941
11
9114 9412
92
923 92
4
931
15
92 100
773 Sale 77%
8
81
27
10178 _
10178
1017
2 1014
76 102 4
5517s
102 1703 103 Mar'26
10218 1033
8
101
_ _- 1024
1021
2 100
1024
10134 Sale 10113 1013
20
997
3
10614 10612 10618
1061
8 1054 102
1084
102 Sale 10134 102
3
99 4 102
3
10514 Sale 10514
10514 17 1043 106
8
84 Sale 84
85
26
81
01
10214 Sale 10214
103
103
97 - . 12 97
91
1121$ Sale 11218
106 Sale 1057
8
95
9512 9412
6012 65
66
---- 7412 6014
7012
63
53 Sale 513
8
10234 Sale 10234
99% Sale 994
93
IS" 454
---- 45% 45
45
- 50
47
454
48
102 Sale 102
10215 Sale 102
Standard 011 Stocks Par
Anglo-Amer Oil vot et__81
Non-voting stock
.£1
Atlantic Refining
100
Preferred
100
Borne Scrymser Co
100
Buckeye Pipe Line Co_ _ _ 50
Chesebrough Mfg new
25
Continental 011 new
10
Crescent Pipe Line Co_ 50
Cumberland Pipe Line 100
Eureka Pipe Line Co_ _._100
Galena Signal 011 corn _ 100
Preferred old
100
Preferred new
100
Humble 011 & Ref
25
New
Illinois Pipe Line
100
Imperial Oil
Indiana Pipe Line Co... 50
International Petroleum t
National Transit Co_ _12.50
New York Transit Co_..100
Northern Pipe Line Co__100
Ohio 011 new
25
Penn Mex Fuel Co
25
Prairie Oil& Gas new.... 25
Prairie Pipe Line new_ 100
Solar Refining
100
Southern Pipe Line Co_ _100
South Penn 011
100
New
25
Southwest Pa Pipe Linee.100
Standard 011 (California) 25
New
Standard 011 (Indiana)__ 25
Standard 011 (Kansas)__ 25
Standard Oil (Kentucky) 25
Standard Oil(Nebraska).100
New
Standard 011of New Jer_ 25
Preferred
100
Standard Oil of New York 25
Standard 011 (Ohio) __.100
Preferred
100
Swan & Finch
100
Union Tank Car Co_ _ 100
Preferred
100
Vacuum 011 new
25
Washington 011
10
Other Oil Stocks
Atlantic Lobos Oil
Preferred
50
Gulf Oil new
25
Mountain Producers
10
Mexican Eagle 011
5
National Fuel Gas
100
Salt Creek Cons 011
10
Salt Creek Producers
10
Public
kmer Gas & Else
6% pref new
3
Deb Os 2014
MAN
Amer Light & Trac corn _100
Preferred
100
Amer Power & Lt common
Preterred
100
Deb (is 2016
M&S
Amer Public CBI com _100
7% prior preferred_ _ __100
4% partic pref
100
Associated Gas & El pt___3
Secured g 84s 1954_ _Jdzi
Blackstone Val G&E corn 50
Cities Service common
20
Preferred
100
Preferred B
10
Preferred B
-B
100
Cities Service Bankers Shares
Com'w'Ith Pow Corp new_t
Preferred
100
Elee Bond & Share pref _100
Eiec Bond & Sh Scour
Lshigh Power Securitles_t
Mississippi Riv Pow corn 100
Preferred
100
First mtge 5s 1951_ _ _J&J
S F g deb 7s 1935__M&N
Nat Pow & Lt pref
Income 7s 1972
J&J
North States Pow corn._100
Preferred
100
Nor Texas Else Co com_100
Preferred
100
Pacific Gas & El 1st pref_100
Power Securities corn
t
Second preferred
Coll trust Os 1949._ _J&D
Incomes June 1949__F&A
Puget Sound Pow & Lt_ _100
6% preferred
100
7% preferred
100
1st & ref 5i4a 1949__J&D
Republic Ry & Light__ _100
Preferred
100
South Calif Edison com_100
8% preferred
100
Standard G&E1 7% pr p1100
Tenn Eiec Power 1st pf 7%
Western Pow Corp pf 100
West Missouri Pr 7% pref_ _
Short Terns Semidries
Anaconda Cop Min 63'29 J&J
Chic RI & Pac 5s 1929_J&J
Federal Sug Ref Os'33_M&N
Missouri Pacific bs '27_J&J
Sloas-Sheff SAL 62 '29_F&43
Wls Cent 634s Apr lb '27._
1021
12 100,3
0001 4 102
2 0073i
i
Apr'26
97
25
11314 76 111
10614 107 105 11314
10614
9512
3
Joint Stk Land Ilk Bonds
Mar'26
6478 9071i Chic Jt St Ed B bs_ _1951
6 2 81517
9
6 7
0
'
Mar'26
ba 1952 opt 1932
Jan'26
7013
be 1963 opt 1933
5313 15
533s 1951 opt 1931
103
30 10°1%4
52 10511
7
63
494s 1952 opt 1932
100
69
98% 101
494* 1952 opt 1932
Feb'25
4338 1964 opt 1934
4512
1
445 1983 opt 1933
45%
5
45 71
4 1' 7
5
2
434s 1985 opt 1935
45
2
45 83
Pac Coast of Portland. Ore
4512
5
43% 72
55 1955 opt 1935___M&N
10214 17
ba 1954 opt 1934___M&N
10213 96 101% 10234
10114 103
a Due Jan. d Due April. y Due Deo. s Op ion sale.
Quotations of Sundry Securities
All bond prices are"and interest" except where marked •.f."
11
Western Electric deb bs
1944 A 0
Western Union coil tr cur 59_1938 J .1
Fund & real estate 8 434s-1950 61 N
15
-year 633s g
1936 F A
Westinghouse E & M 7s_ _ _1931 MN
White Sew Mach 6s(with warr)'36 J .1
Wickwire Spen Steel tat 75_1935 J J
Certificates of deposit
Certificates of deposit stamped MN
Wickwire Sp Steel Co 7/2 Jan 1935 MN
Willys-Overland a f 634a_ _ _ _1933 M S
Wilson & Co 1st 25-yr s f 68.1941 A 0
B10 yearconvaf 65
1928 3 D
Certificates of deposit__________
10-yr cony if 734s
91931
Certificates of deposit..........
'Winchester Arms 74s
1941
Yemen Sheet & T 20-yr 6s _1943 J J
2171
Ask
.
Railroad Equipments Per CY 1 Baste
•1712 18 Atlantic Coast Line 05
512 500
*1718 1714
4 90 4 75
Equipment 6)4s
1063 108
4
515 500
Baltimore & Ohio Os
11518 11512
Equipment 494a & 5s.._. 4 80 4 70
230 260 Buff Koch & Pitts equip 68_ 615 500
*5312 54 Canadian Facile 494s & 65_ 4 95 4 70
.65 66 Central RR of NJ 65
512 500
2018
*20
5 15 5 00
Ohio Os
*1312 15 Chesapeake &
5 00 4 80
Equipment 6 As
120 122
4 85 4 70
Equipment 5s
5412 Chicago Burl & Quincy 65._ 515 500
52
*20
22 Chicago & North West 61
- 5 15 b 00
85
80
5 00 4 80
Equipment6 AS
84 Chic R I & Pac 433s & bs-- 4 90 4 70
81
*5518 5512
b 30 b 05
Equipment68
56 Colorado & Southern Oa
*55
520 500
14112 143 Delaware & Hudson 611
512 500
33
5 00 4 80
3314 Erie 4345 & bs
*63 65
5 30 5 10
Equipment Os
*3012 304 Great Northern 6s
520 500
1612
*16
4 85 4 75
Equipment 68
54312 46 Hocking Valley 5
4 90 4 75
5
y312 74
5 20 b 00
Equipment Os
5913 60 Illinois Central 4945 & 5s
4 75 4 65
512 500
22
*19
Equipment Os
*5112 52
4 93 4 75
Equipment 75 & 6%s123 124 Kanaaha & Michigan Os
5 20 5 00
5 00 4 80
196 199
Equipment494
6612 674 Kansas City Southern 533s.
5 35 5 00
512 599
156 160 Louisville & Nashville 61
4 90 4 75
*383 40
4
Equipment6 As
*54
56
Michigan Central bs & Os__ _ 4 95 4 75
*5315 53% MinnSt P & 55 St 434e& 55 5 10 4 85
5 20 4 90
*527 03
8
Equipment 6948 & 78
*613 131% Missouri Kansas dr Texas6s_ 5 35 5 10
8
5 25 5 00
.2614 27
Pacific 6s & 6945
Missouri
5 00 4 70
115 118
Mobile & Ohio 4 33 a & 5s_
246 250 New York Central 433s ASS
5 7 4 60
4 12 5 05
5
*413 42
8
Equipment Os
4 85 4 75
4114 4112
Equipment 7s
4 70 4 60
11712 117% Norfolk & Western 434s
4 95 4 80
*3012 30% Northern Pacific 75
4 95 4 80
315 317 Pacific Fruit EXpreS137a
118 120 Pennsylvania RR eq ba & 6$ 5 10 4 70
5 05 4 80
18
1813 Pitts & Lake Erie 63411
530 505
.89
90
Equipment65
4 75 4 02
11518 11514 Reading Co 434s Ass
97
9712 St Louis & San Francisco 5s_ 64 95 4 75
Line 5348 & 6s. 5 35 5 05
Seaboard Air
4 75 4 65
Southern Pacific Co 4%5
4 95 4 75
*13
4 2
Equipment 78
5314 4 Southern Ry 4948 & 55
4 95 4 70
b 15 500
*82
83
Equipment Os
.2318 2314 Toledo & Ohio Central 6s. 4 90 4 00
5 20 5 78
*412 8 UnionPacific 76
130 135
rg
812
Tobacco Stocks
29
2912 American Cigar common 100 114 117
100 97 100
Preferred
69
Amer Mach & Fdy new-100 165
274
*70
72
British-Amer Tobac ord. LI *26
274
Ll *26
*9212 9315
Bearer
*9812 9912 Imperial Tob of G B & Irei'd •24
25
202 208 Int Cigar Machinery----100 90 100
105 107 Johnson Tin Foil & Met_100 60
42
51
52 MaeAndrewe A Forbes_ _100 40
100 100 103
9212 934
Preferred
40
100 35
95
9712 Mengel Co
72
80
83 Porto Rican-Amer Tob 100 68
63
87
90 Universal Leaf Tob cow _100 60
0
100 97 10
82
86
Preferred
100 125 130
*47
50 Young (J 5) Co
100 104 .108
10013 10113
Preferred.-.
.92
97
1
*4012 41
Rubber Stocks (Cleveland)
(t) *5 1 10
8315 84 Falls Rubber corn
25 15 1 184
Preferred
Firestonel ire & Rub aim 10 *114 115
100 100 ---6." preferred
100 98 1 99
*3214 324
7% preferred____.
170
4
85 General Tire & Rub cum_ 25 *160 110
84
100 105
104 10612
Preferred
R com _100 32 I 33
65 66 Goodyear Tire &
12
13 Goody'r T & R of Can pf 100, r9412
- India Tire & Rubber_ __ _ 100 ____ 165
95 100
- -62 64
Preferred
*12 114
993 10012 Mason Tire & Rub cora_(3)
4
11
8
100
102 103
Preferred
36
*9812 100 Miller Rubber corn new.100 35
100 101 '1014
10112 10212
Preferred
100 37 45
10012 101
Mohawk Rubber
75
99 102
Preferred
40 Selberling Tire & Rubber (1) .204 22
--_100 90 95
58
Preferred
91 99
•5
10
Sugar Stocks
50 5138 312
*13
18 Caracas Sugar
79
*86
90 Cent Aguirre Sugar coin_ 20 77
100 2128 132
*76
80 Fajardo Sugar
55
49
81
Federal Sugar Itet com_100 50
75
100 60
83
86
Preferred
10612 10812 Godschaux Sugar. Inc--it) *2
4 112
20
100 15
10012 10112
Preferred
38
Holly Sugar Corp com (t) *34
100' 105
-86
100 83
Preferred
118 119 Juncos Central Sugar _ _ _100
120 130 National Sugar Refining _100 106 - 108
99 100 New Niquero Sugar
75
100 55
98 100 Santa Cecilia Sug Cern pf100
1
4
94
97 Savannah Sugar corn(t) *z115 125
94
97
100 z107 112
Preferred
70
Sugar Estates Oriente p1.100 65
10238 10318
993 10018
4
92
96
10018 1003
4
1023 10314
4
100% 100 4
3
101 10214
10114 10212
1014 103
10212 10413
1004
9914 10014
9912 1004
1004 10112
100 110034
Indus. & Miscellaneous
25
American Hardware
Babcock & Wilcox
100
Bliss(E W)Co new
(t)
Preferred
50
Borden Company corn--(t)
Celluloid Company
100
100
Preferred
Childs Company pref. .100
100
Hercules Powder
Preferred
100
International Silver pref-100
Lehigh Valley Coal Sales 50
Phelps Dodge Corp
100
Royal Baking Pow corn-100
Preferred
100
Singer Manufacturing_ _ _100
*79
122
•19
*55
*92
24
67
114
145
113
100
*82
120
145
102
310
82
124
22
60
96
29
72
116
150
115
84
130
160
104
315
1014 1034
101 110254
•Per share. t No par value. b Basis d Purchaser
also pays accrued dividend.
t New stock. IFlat price. k Last sale. n Nominal.
z Ex-dividend. y Ex-righta.
a Ex-stock dividend. a Bale price. r Canadian
quotation.
4
BOSTON STOCK EXCHANGE-Stock Records..13 '.7,rPage
2172
-PER SHARE. NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
April 10.
Monday,
April 12.
Tuesday,
April 13.
Wednesday. Thursday,
April 15.
April 14„
Friday,
April 16.
Sales
for
Me
Week.
STOOKS
BOSTON STOOK
EXCHANGE
Ranee Since Jan. 1 1928.
Lowest
Highest
Railroads
100 159 Jan 9 175 Feb13
100 Boston & Albany
17014 17014 170 17014
170 170
170 171
170 170
•17012 174
100 7712 Apr 14 8214 Jan 11
530 Boston Elevated
7812 771 7712 7712 78
.
7812 79
7712 7712
784 7912 78
100 89 Feb 27 102 Mar 20
107 Do pref
9612
.99_ ?..)84
3
*9812 99 .____ 98 4 *9612 9812 96
100 11518 Jan 16 122 Jan 7
--------210 Do let pref
116 116
116
-16
116
11512 1 116 118
-116 116
100 9813 Jan 9 112 Jan 2
Do 26 preferred
267
101 101
_ 10112 102
100 101
10112 10112 102 10212 *10111
100 35 Mar 30 4814 Jan 7
724 Boston &Maine
___
374 3712 3718 371s
6
3 34 ____
3612 - -374 38
__
---13
100 32 Apr 14 47 Jan 6
-------------45 Do pref
•32
32
32 .33 25
*3312 34
3213 34
--------125 Do series A 1st pref__. 100 59 Apr 15 86 Feb 4
59
5912 5912 .59
6012 6012 60
60
6012 80
100 84 Apr 15 95 Feb20
10 Do series B 1st pref
__
___
84
84
85
__ .84
___ .84
*8512 87 .84
155 Do series C let pref_._ 10074 Apr 15 85 Feb20
74 24
74
74
*754 80
75
*74
75t2 754 75 - 75
100 105 Jan 29 120 Feb20
Do series D 1st pref
_ ___
_
____
__ •110 120 *110 115
•11012 113 .110 120 *110
94 Apr 16 9813 Jan 4
113 Prior preferred
94
94 -- 95 95
96
•93
95 .93 26
95
_ __ _
.95
100 217512 Mar 19 182 Jan 29
__ 176 176 •1761. _ ..17612 ------------5 Boston & Providence
,_
*176__ •175
615 East Mass Street Ry Co_100 94 Apr 16 61 Jan 6
5314 51
*5312 - 53
53
53 54
53 53
54
*53 100 60 Mar 29 71 Jan 2
10 Do 1st pref
_ _ _ _ __ _. 64
62 ._ _ _
62
64
*82
64
64 .62
*62
100 57 Apr 14 69 Jan 13
20 Do pref B
-__ _ ___
57 •__ 58 .
57
.
•
58 ._ _ 58 4 __ 57
100 4014 Apr 14 491s Jan 29
475 Do adjustment
4012 4012
4014 4012 404 41
41
il
ii
41
.
+464 41
100 50 Feb 10 60 Feb 3
52
50
5018 5018 --------170 Maine Central
52 52
53
55
.52
*52
8
100 317 Mar 30 454 Jan 4
8
4
*333 3414 3512 3512 .337 343 ---- ----100 NY N H & Hartford
4
*353 3614 *3413 35
--------89 Northern New Hampshire_100 81 Apr 8 88 Jan 8
82
.8112 82
82
8112 82 .814 84 .814 84
42 Norwich & Worcester pre1_1001 12012 Apr 10 124 Mar 18
121 121
____ 12012 12012 .121 122
12012 12012 .121
100 111 Jan 6 120 Jan 29
30 Old Colony
116 116 .115 ____ 11512 11512 .11412 11512 *11414 11412 11412 1 114
1
23 Vermont & Massachusetts_100 99 4 Mar 12 1034 Feb 4
4
4
•100 ____ .100 ____ .100 101 .100 1003 *100 1003 100 100
i
Miscellaneous
5 Jan 7
314 Mar 29
350 Amer Pneumatic Service___25
4
4
4
4
4
4
4
*4
4
414
414
*4
50 2112 Mar 3 24 Jan 29
--------300 Do pref
23
2212 2212 .22
23
2
23 .22
*2212 227 *22
4
141 Mar 30 1503 Feb15
1,313 Amer Telephone & Teleg_100
4
4
4
4
14312 14434 1434 1433 144 14434 1444 1443 1443 1454 1443 145
No par 53 Apr 16 71 Jan 2
867 Amaskeag Mfg
5312
53
5312 54
54
54
54
54
55
5514 5512 54
No par 7313 Jan 27, 78 Feb 23
8 Do pre!
10
__ *75 -----------*75
75
7514 75
75
*75__
__ ___ ___ Art Metal Construe. Inc_ 10 20 Jan 16, 2113 Jan 23
____
22
*20
.20 -22 .20 22
22
22 .20
*20
5212 Apr 14, 633 Jan 19
540 Adam Plywood to
55
55 -54
5212 5212 53
53
53
56 .25414 58
56
No par 10 Mar 30 1714 Jan 2
____ ____ ______ Atiaz Tack Corp
11
.10
11
.10
11
11
•10
.10
*10
11
1518 Mar 25 2012 Jan 14
corn
_
8
.153 1614 ____ -_ ___ - _ Bar con 011 Co co T C
3
.15 4 1814 .1513 16 .154 1614 •1538 16
par 8512 Apr 16 9812 Jan 2
340 Bigelow-Hartf Carpet.
8612 8612
87
89 *28612 8712 87
88
89
80
8812 89
Boeton Cons Gas pref 6A%100 10512 Jan 25 1084 Feb 18
65 Dominion Stores, Ltd__No par 58 Apr 6 6812 Feb 1
____ ____
.
,
iiii iii
ii iii .811 WO . i 16 .ii 16
100 104 Jan 5 112 Jan 26
Do pref A
____ ____ ______
.112 114 *112 114 .112 114 .112 114 *112 114
312 Jan 21
2 Mar 31.
10
____ _ _ ____ __ East Boston Land
3
3 .
4 *214 234 .____
*214 224 .214 28
412 Jan 191
12
3 Mar 8
25 Eastern Manufacturing.-- 5
4
-*3
4
312
.
4 4
*312 4
*313 4
3
3
3 4 3 4 *33
25 57 Apr 15 8812 Jan 22
1,635 Eastern SS Lines, Ins
59
59
58
57
59
5913 8012 59
8312 63% 59 4 62
3
4
401 Do pref
No par' 383 Apr 15 45 Jan 8
39
39
4
383 39
39
39
41
•24112 42 .2414 4212 40
100 97 Mar 3 9912 Jan 9'
1st prat
96
96
•94
98 .94
*96
98
.96
98 .96
1 20 Mar 31 26 Feb Si
225 Economy Grocery Stores
21
21
21
2112 .20
20 .x20
20
21
21 .320
20
100 2207 Jan 15! 250 Feb 11
261 Edison Electric Ilium
214 214
213 215
217 217
216 217 216 217
216 217
212 Jan 8
1 Mar 16:
114 Elder Mfg Co (v t c)
212 ____
*11
2
2
.2 ____
1
*21
-21 Apr 10' 2512 Feb 25
5 Galveston-Houston Elec.
____ ____
*18
21
*18
21
21 .18
21
4
(10 General Pub Ser Corp com__ I 113 Apr 12, 17 Jan 22
1212 1134 1212 *1112 1212 '1112 1212 '1112 1212 ---- ---•1112
No par, 35 Apr 9 40% Jan 12
475 Gilchrist Co
_
35__
3
4 35 4 354 3512 .x34
3 354 35
3
36
36
8
4
943
4 92 - -- 10,681 Ghlette Safety Razor_No par. 8812 Mar 30 11312 Feb 11
943
9512. 94
0512 93
94
97
94
9634 98
25 1013 Jan 12 12% Feb
--------270 Greenfield Tap & Die
11
1012 1012 11
.1012 11
.1012 11
1012 104
No par 58 Apr 16 684 Feb 4
Hood Rubber
741
5812
58
6112 6012 6112 60 60
.61
81
8212 61
.61
_ ______ 1nternat Cement Corp_No par 66i• Jan 7 6814 Feb 9
*5812 591
Si
.5912 6012 *5912 61
64 .06
.63
1.10 .45 ...10 .45 ____ ____ ______ International Produota_No par .10 Jan 2 .25 Mar 24
•.10 .45 *AO .45 ..10 .45 .
100 .50 Mar 3 .55 Jan 5
Do pre(
____ ____ ____ __
1
6..25
..25 1
1
1
.
. .25
1.25 1
.
•.25 I
30 Kidder. Peab Accep A pref_100 x93 Apr 15 9514 Jan 9
_
____ _
93
_ z93
.9514 _ __ *9514 _ __ *9514 _
•9514
3
9 4 Feb 1
7 Mar 24
10
458 Libby, McNeill & Libby
1
8
14 .73
*734 1
4 814
8
7% 8
8
812
*8
25 1012 Mar3lI 1218 Jan 18
99 Loew's Theatres
8 1012 103
4
1034 103
11
4 1012 105
1034 1034 1084 1034 11
442 Massachusetts Gm Coe -.100 28114 Apr 15 8612 Feb20
32
28114 813
82
83 83
83
83
824 83
84
*83
100 85 Jan 6 7018 Feb20
153 Do pref
67 6712
68
68
6712 671
68
68
68 68
68
68
_ _ ____ ______ Mergenthaler Linotype---100 19312 Jan 6 218 Jan 26
.205 210 .208 210 .205 210 *205 210 *205 210
8 Mar 11 103 Jan 7
_ _ ._ ____ ____ __ Mexican Investment, Inc.. 10
8
8 •____
8 .____
8 *__
8 *____
•____
100 89 Apr 9 96 Jan 4
,
27 Miss Rh Pow stpd pref
_ _ _ ____
94
•92
94
*92
92
92
94
92 .92
92
33 Apr 1
413 Jan 5
10
------153 National Leather
312 31
33, 312
3% 37
34 34
,
3 2 312
5 1513 Jan 9 2814 Feb 19
140 Nelson (Herman) Corp
2
22
2112 2112 22
22
21
2212 21
22 .21
22
Jan 2 .65 Mar 6
.50 .50 1,750 New Eng 011 Ref Co tr °Ifs- .20
.50 .50
.50 .50 ..30 .40
.36 .35
•.30 .40
13 Feb25 1013 Jan 6
100
300 DO pref (tr et(e)
9
9
1012 •712 1012 .74 101
104 .8
1012 .8
*8
75 New England Pub Say prior pf 96 Mar 2 100 Jan 8
_ _ _ _ .... _
98
98
98 98
98
98
99
98 .398
98
8 Feb 18
4 Mar 151
____ ____ ______ New Eng South Mills...No par
4
4 •____
4 0..,..
1.
4 . _ ___
4
•____
100 20 Mar 25; 28 Jan 29
Do pref
_ ___ ___
____
20
•__ __ 20 ...___ 20 .____ 20 •____ 20 *
4
548 New Engl'd Telep & Teleg.100 1107 Apr) 1183 Feb 17
-12
11114 1 - 11114 11114 111 11112 111 112
11178 112
112 112
15, 96 Feb 25
____ _ _ No Amer Util 1st pi full paid__89
943
9434 .92
4
943 .92
945 .92
3
94 4 .92
.92
18 Feb 11 27 Feb25
3
- 5 1st pref 25% paid
-------1912 1912 *194 2012 1912 197* .1912 2014 .1912 201
1 2912 Apr 13! 30 Jan 14
2912 2912 ------------------------1.000 Orpheum Circuit, Inc
100 40 Apr 16! 55 Jan 2
637 Pacific Mills
41
40
41
404 41
4114 41
41
2
.
414 4
42
1
,
100 40 Mar 25 6814 Jan 12
98 Plant (Thos G), let pref
__
4112 414 ____
_ _
4112 4112 .41
60
_ __ 50
*41
10 15 Feb 8 17 Jan 12
155 Reece Button hole
3 16
15 4 -4
.153 16
4
.153 16
16
16
*1534 16
18
16
14 Jan 19
112 Jan 19
10
_
134 •13
8 13 --------55 Reece Folding Machine
4
134 134 .15*
113 •15, 114
138
Inv par pref 100 99 Feb 6 106 Feb 19
981 Swed-Amer
100 10 14
9912 100
9914 9934 99 100
9913 100
994 100
100 11112Mar 30 117 Feb20
552 Swift & Co
4
11312 11312 113 11312 11212 1123 11214 113
112 113
11212 113
25 51 Mar 311 70 Jan 4
61% --------135 Torrington Co
6112 6112 .61
61
6114 61
61
63
*61
7 Jan 5. 1512 Feb 11
5
165 Union Twist Drill
1018 1018 1012 1012
1014 1014 •1018 1112 104 1018 1018 1018
4
25 47 Mar 31I 523 Feb20
487
4812 487* 4818 4318 1,234 United Shoe Mach Corp
48
4712 4812
4815 484 473 48
4
25 28 Jan 2, 2812 Jan 25
315 Do pref
28
2814 28
*28
28
28
28
2814 28
28
2814
6! 20 Feb 11
4 1712 1712 1712 1712 1,640 Waidorf Sys,Ine,newshNo par 17 Jan 18' 40 Feb 5
8
175 173
4 1712 175g
4
7 177
173 173
17
655 Welch Watch Cl B com_No par 29 Jan
394 3914
*3914 40
12 3978 *3914 40
4039
40
394 40
100 52 Jan 23 59 Feb 10
--------50 Do pref trust otts
57 •____ 57 .____ 57 •____ 57
57
59
59
100 102 Jan 29: 11012 Apr 13
--------337 130 prior pref
110
110 ._
110 ...
1._
110 1104'
107 110
20 18 Apr 16 23 Jan 27
410 Walworth Company
1 12
116i2 19
1912 .iiii 1912 .iSi4 1912 1914 1912 19
50 44 Mar 25 504 Feb 18
420 Warren Bros
4412 4512 444 4418
45
4412 4514 45
484 454 48
46
50 39 Apr 15 4214 Mar 11
14 Do 1st pref
40
40
39
39
41
•40
41
42 .40
.40
41
•49
50 42 Apr 16; 47 Feb 10
78 Do 2d pref
42
42
43
4
4
423 423 .42
43
43 .42
43 .42
•42
Jan 2
1414 1414 --------100 WIII Jr I3aumer Candle corn.. 1414 Apr 15 174
4
.141 15% .1414 1514 *1414 1514 .1414 1514
Mining
I
Adventure Consolidated- 25 .05 Mar 15 .20 Feb 1
1.06 .20 ..06 .20
..Oa .20 ..06 .20 ..06 .20 '
•.06 .20 .
25 .10 Feb 2 .10 Feb 2
Algomah Mining
1.05 .20 ..05 .20
1.05 .20 .
•.05 .20 •.05 .20 •.05 .20 .
25 .25 Mar 27, .90 Jan 4
.35 .45 1,055 Arcadian Consolidated
.33 .35
.30 .30
.30 .35
45
.40
.35 .35
912 Apr 14' 12 4 Jan 2
1
5
Commercial
325 Arizona
98 9 8
44
312 3
4
812 33
10
/ WS
10
44 *35
4 3
33
10 38 Apr 16; 5514 Jan 4
1,340 Bingham Mines
39
3912 3912 38
40
40
3912 40
41
40
43 43
s
25 132 Mar 31. 1513 Jan 7
3,536 Calumet & Heels
8
4 143 144
1428 1434 145* 1518 1412 143
1428 1478
144 15
1 .30 Mar II .50 Jan 2
Carson Hill Gold
1
.
•.35 .50 ..35 .50 •.35 .50 . .35 .50 •.35 .50 ..30 .50
25 15 Apr 15, 20 Jan 4
481 Copper Range Co
1512 1518 1512
1814 1514 1512 1512 1512 15
18% 1818 16
4 Feb 3
314 Jan 271
F.ast Butte Copper Mining_ 10
50
314 312
34 314 .34 312 *314 312 •
34 3%
.314 342
14 Jan 20
25 .50 Jan 4
15 Franklin
.50 .50 a..50 .75 *a.50 .75 .a.50 .80
*0.50 .75 •a.50 .75
Hancock Consolidated__ 25 .50 Feb 2.5 .80 Feb 13
3.50 .80
'
1
0.50
'
1
*.50
1
•.50
1
0.50
1
•.50
1 14 Mar 29 2114 Jan 4
380 Hardy Coal Co
16
8 16
163
16
•1514 164 •1514 1611 1578 157 *1534 17
2 Jan 11
25 .80 Mar 27
Helvetia
Its
118 *1
114 .1
1
11,
118 ..98
1
114
•1
1 141 Mar 29 175 Feb 8
423 Island Creek Coal
154 155
151 156
158 158
15614 15614 15614 158
4
.1563 160
1 994 Jan 4 10212 Jan 28
Do pref
.100 102 .100 102 .100 102 .100 102 .100 102'
.100 102
25 10 Apr 15 1314 Feb 10
425 IsIs Royale Copper
1012 .1014 11
10
104 1012 *1012 1112 .1014 11
11
11
1 18 Apr 16
25 .50 Jan 2
920 Keweenaw Copper
118
114 .1
•1
118
14
114 .1
1
.95
1
..90
14 Jan 4
25 .90 Mar 10
50 Lake Copper Co
8
13
114 .118
.1
114 .113
.1
1
114
1
114
•1
212Mar 15
1 Feb 1
25
La Salle Copper
114
13
138 .11;f
1 1,, 114 918
•1 /
4
X
•1 1 . 114 *1 3.
4 1% *1;4
134 Jan 26
23 Feb20
5
8
Mason Valley Mine
____ __
4 2
.13
.178 2
.1% 2
.178 2
8 2
•17
25 .25 Marie .70 Feb 13
585 MOM Consolidated
.30 .35
.26 .26 ..30 .50 0..30 .50
.28 .30
•.40 .50
112 Jan 5
25 .90 Apr 8
745 Mayflower-Old Colony
1
1..95
'
1
.95
1
1
1
.95
1
1
.98 .98
25 30 Mar 30 37 Feb 10
539 Mohawk
4 3034 31
3012 303
31
31
3
30 4 3018 32
3
30 4 3034 30
6 19 Mar 3 2114 Feb 13
4 1,490 New Cornelia Copper
4
204 204 2014 203 .2014 203
3
3
•19 4 20/2 *19 4 1104 1912 20
.05 Jan 30 .10 Jan 7
______ New Dominion Copper
__
..10 .18 *AO .18 *AO .15 *AO .18 ..10 .18 ____
100 25 Feb 4 25 Feb 4
New River Company
25
25 ..- _ -.
1
25 •____ 25 ._ _ __ 25 . ...
1._
25 . __ _
1
100 50 Jan 4 72 Feb 11
125 Do pref
50
511
55 *z_ _ 55
55
q_ _ 55
5114 51% *3__ _ _ 55
4
8
77 Jan 27
5 5 3 Mar 5
8 4,58
4 6
210 Nipissing Mines
,5i
- 8 57
8 6
•,357
6
6
.2578 6
,34 6
•x6
2 Apr 13
15
14
3 Jan 9
662 North Butte Mining
X
27*. 21 ,
2
2
*24 24
2
2
24 218
*2
27*
25 .50 Jan 4 .80 Mar 20
Oilbway Mining
_ __ *al
14 *51
*al_ 'al
14
1
1
1 'a.90
..2.90
25 143 Apr 1 1912 Feb10
4
385 Old Dominion Co
16
16
1512 16
16
538
2
1512 154 1512 154 15 8 1- .15
240 rd Cr'k Pocahontaa CoNo par 1012 Mar 29 15 Jan 2
11
11
11
1114 11
1134 115g 1134 1134 11
•11114 12
25 183 Jan 22 237 Feb 25
2
320 Quincy
19
4
183 19
1934 19
19 .19
19
207* 1934 20
•20
1,217 St Mary's Mineral Land__ 25 228 Apr 16 3812 Feb 10
28
29 14 2978 223
2812 30
2812 29
30
30
31
•30
95 Jan 4
514 Apr 1
Seneca Mining
618 .512 64
614
51
.512 64 *512 64 *512 618 .512 .70 '.50 .65 . 2 .70
10 .50 Jan 13 .80 Jan 6
175 Shannon
1.
..50
.50 .50 •.50 .70 ..50 .60 ..50
110(Mar 1
900 Superior & Boston Copper 10 .50 Mar 16
.50 .55 .1.50 .70 4%50 .70
.50 .55
.60 .60
•.58 .75
818 2,450 Utah-Apex Mining
48
4 83
73
2
2 87
83
6 Jan 6 104 Feb 5
87
5
87
s
87* 87
9
9
1 .50 Jan 82",. Mar 13
8,528 Utah Metal & Tunnel
4 2
*13
2.i,
2
2
2
214
2
218
2
2%
2
25 .43 Mar 2 .75 Feb 23
Victoria
1.50 .60 *.50 .60 ..50 .60
•.50 .60 ..40 .80 ..50 .60 '
25 .15 Jan 23 .25 Feb 9
Winona
..17 .25
•.17 .25 •.17 .25 +.17 .25 ..17 .25 ..17 .25 ____ ____
25 .40 Feb 1 .45 Mar 22
Wyandot
MI .a.40 .50 .a.40 .50 *a.40 .50
RA ./. AO
.... .0
••__
run an an.
Ranee for Prelim
Year 1925.
Lowest
156 Feb
7514 Mar
92 Jan
109 Mar
94 Mar
10 Apr
114 Apr
17 Apr
29 Apr
25 Apr
3513 Apr
96 Dec
167 Feb
26 Sept
60 July
51 Aug
35 Sept
23 May
28 Mar
70 Feb
Jan
100
Jan
96
87 Feb
1643g Jan
86 Jan
10414 Dee
130 Dee
116 Dee
4913 Dee
46 Dee
66 Dee
8712 Deo
7913 Dee
116 Dee
99 Nov
180 May
8212 Nov
73 Deo
70 Deo
50 Dee
56 Deo
464 Des
90 Del
Got
125
Oct
113
101 Dee
5 Deo
212 Mar
1611 Mar 2413 Dee
8
1303 Jan 145 Dee
614 May 87 Aug
4
7014 May 883 Aug
Jan 18 Aug
14
4612 Aug 6713 Dee
94 Aug 21 Deo
9713 Nov
Jan
103
2814 Jan
99 June
112 Apr
3 July
42 Mar
Jan
35
Jan
89
18 Aug
Jan
200
2 Dec
Oct
17
10913 Oct
10814 AU
Oet
74
100 Dee
87* Sept
4
63 Jan
8
897 Dee
4614 Oct
100 Jule
2312 Sept
213 May
584 Oct
Jan
38
ug 43 Jill;
3234 -A-5712 Jan 11513 Dee
1512 June
11 May
Oet
72
52 May
Oct
5213 Jan 80
Jan
2
.05 Dec
.10 Deo 1012 Jan
9512 Nov
8212 Jan
3
9 3 Jan
614 Apr
1114 Aug 137 Jan
8
68 Feb 85 Deo
834 Jan 70 Oct
Oct
Jan 197
167
7 14 Sept 16% Jan
874 Jan 9614 Nov
4
63 .1213
3% Dec
1113 Dee 17 Dee
2 June
.10 Dec
4
51 Apr 12 Sept
Feb
2
27 Dec 11 -Feb
Jan
20 Dec 55
99 Apr 12213 Nov
90 Sept 100 May
20 May 28 Max
214 Oct 323 July
50 Dec 8113 Jan
Oct
32 Aug 75
1514 Aug 18 Apr
114 Nov
234 Jan
9914 Dec 101 Dee
10914 Apr 120 Feb
454 Apr 7312 Des
74 Jan
Oct
3
4
403 July 50 Nov
Oct
2612 Jan 29
4
1413 Aug 193 Jan
Jan 34 DOI
5
174 Jan 57 Dee
Jan 105 Dee
65
4
163 June 2714 July
Jan 5013 July
37
8
371 Jan 4312 July
4013 Jan' 48 Dec
11 Mar 217 Dee
8
.05 Dec
.10 Mar
.50 Dec
912 Mar
2814 July
1238 June
.20 May
18 Dee
3 June
Jan
.04
.50 June
154 July
1 Dec
121 Mar
9414 May
7
9 8 Apr
.50 June
Apr
1
1 Dec
.95 Sept
.40 May
.50 Nov
2512 June
18 Mar
.10 July
25 Apr
40 June
4% July
.89 June
.15 Nov
184 Dec
1012 June
19 Apr
2812 Apr
714 Nov
.50 May
.70 May
8
37 Jan
.40 July
.22 Nov
.10 Dec
Apr
AR
-dividend. 0 Ex-,took dividend. o Aseesement paid.
•Bid via naked prime: no saJes OD this day. I ax-rigbts. 8 Ez-dIvidend and rights. e Es
ROMA
Jan
.25
Jan
.25
3 Jan
3
15 8 Feb
6014 Oct
8
187 Jan
.90 Aug
33 Jan
614 Jan
17* Jan
134 Feb
23 Jan
34 Fib
185 Dee
10012 Deo
204 Jan
112 June
3 Jan
4
3 Jan
234 Jan
114 Jan
3 Jan
Jan
41
Jan
25
.85 Feb
31 Aug
85 Aug
6% Jan
37 Noe
114 Jan
Jan
27
1878 Sept
394 Jan
48 Jan
11 Nov
112 Jan
2 Jan
8114 Jan
Jan
.98
114 Jan
Jan
.48
Feb
.21
Pries on new basis,
APR. 17 1926.]
THE CHRONICLE
Cincinnati Stock Exchange.—Record of transactions at
Cincinnati Stock Exchange April 10 to April 16, both inclusive, compiled from official lists:
Boston Bond Record.—Transactions in bonds at Boston
Stock Exchange April 10 to April 16, both inclusive:
Pittsburgh Stock Exchange.—Record of transactions
at Pittsburgh Stoc c Exchange April 10 to April 16, both
inclusive, compiled from officials sales lists:
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Stocks—
Am Vitrified Prod corn. _50
100
Preferred
5%
Arkansas Nat Gas corn_ _10
Byers(AM)Co pref...100
10
Carnegie Metals
10 14
Devonian Oil
Duquesne Light pref._ _100
5)4
Houston Gulf Gas
50
Indep Brewing corn
50
7%
Preferred
Jone & Laughlin pref._ _100 115
25 3255
Lone Star Gas
Nat Fireproofing corn_ _50
50
Preferred
25 34
Ohio Fuel Corp
Oklahoma Natural Gas._25
Pittsburgh Brew. corn. 50
Preferred
50
Pittsburgh Coal pref__ _100
Pittsburgh Plate Glass_100 280
Pitts Steel Fdy pref...100
Pitts Term Whse & Tr_100
10
Salt Creek Con Oil
Stand Sanit Mfg cora__ _25 105
25
U S Glass
West'house Air Brake....
31
31
92
92
5%
6
100 100
17
1755
14
14
113 113
551 7
5
5%
7
7%
114 115
32
33%
13
1355
35
35%
33% 3451
29% 30
5
555
13% 14%
72
72
280 285
74
75
30
30
8
854
101% 106
17% 18
108 110
Range Since Jan. 1.
Low.
100 31
45 91
1.470
551
25 99
70 16
105 14
15 112
5%
3,750
525
251
505
5%
30 114
1,378 30
170 13
250 34
2,900 33
681 28
335
3
210 11
60 71
80 273
85 74
100 30
110
8
1,207 101%
475 1751
777 x106
High.
Jan
Mar
Feb
Jan
Jan
Mar
Mar
Apr
Jan
Feb
Jan
Apr
Apr
Feb
Apr
Mar
Jan
Jan
Apr
Mar
Apr
Mar
Apr
Apr
Apr
Mar
3351
9435
7
100
21
17
11431
10
6%
8
116
56%
18%
39
36%
34
7
15
8351
310
76%
30
10
118%
1954
127,
4
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Mar
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Mar
Feb
Jan
Jan
Feb
Mar
Feb
Jan
Jan
Feb
• No par value. z Ex-dividend.
Note.—Sold last week and not reported: 50 flaw-Knox Co., corn.. at 4934; 130
Conley Tank Car, pref., at 100; 60 Union Storage, at 41.
St. Louis Stock Exchange.—Record of transactions
at St. Louis Stock Exc lange April 10 to April 16, both
inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High. Shares.
Stocks—
Low.
30
49
4
61
651
bets
534 7
5
734
5cts 5c
491
2,846
140
Miscellaneous Stocks—
Amer Credit Indemnity _25
Itaer,St'byg & Cohen com •
Best Clymer Company__ _• 59
Boyd-Welsh Shoe
• 39.
Brown Shoe corn
100
Preferred
100
Century Electric Co_ _100
E L Bruce corn
• 4151
Ely 54 Walker DG 1st Pf100
Common
25 28%
Fred Medart Mfg com__* 30
Hamilton-Brown Shoe_ _25
Hussman Refr corn
•
Huttlg 5 & D corn
• 3431
Hydraulic Pr Brk Pfd _ _100 8731
Independent Pack com_ •
Preferred
100
International Shoe com_ • 154
Preferred
ino
Johansen Shoe
•
Laclede Steel Co
100
Missouri Port' Cement_ _25 53
National Candy, com__100 70
•
Pedigo-Weber Shoe
Polar Wave I & F "A" •
•
Rice-Stlx D G. corn
Second preferred_ _100
100
Scullin Steel, pref
•
Sheffield Steel,corn
•
Skouras Bros "A"
Sou Acid & Sulphur,com_* 60
Southw Bell Tel, pref_ _100 113
Stlx-Baer & Fuller, corn..,* 30
Wagner Electric, com____. 22
Wagner Elec Corp, pref.100 75
Waltke & Co., corn
100
Preferred
51
52
2434 2435
59
60%
3854 40
33
35
109 109
115 116
4154 4354
109 109
2834 2935
30
3051
4434 45
3734 3734
3454 3451
8754 8734
2534 26
107 10794
152 155
109 110
30
31
150 150
52
54
70
7434
30
3051
33
33
22
2334
10094 100%
107 107
2534 26
49
50
60
50
11254 113
30
30
2151 22
73
75
41% 4194
105 105
64
10
30
250
550
3
11
15
10
407
270
80
40
95
10
.35
15
116
28
160
3
282
155
255
45
175
3
55
80
155
2
114
70
345
15
524
5
78
815
80
78
78
80
31,000
80
15,000
7834 8,000
78
1.000
500
1,000
2.000
Miscellaneous Bonds—
American Bakery 6s._1927
Missouri-Edison Elec 65'27
1935
cr........a on a 34s
•No par
aaa
489
value.
9994 9951
101) 100
100 100
235
250
171
Mar
Apr
Feb
10
10
20
Mar
Jan
Jan
55
2911
66
4434
4434
111
116
5354
109
3394
34
57
41
44
9
734
25
10734
175%
11194
45
150
67
92
39
3751
2531
1023.4
107
2934
59
5294
10434
3551
3434
85
4434
106
Jan
Jan
Mar
Feb
Feb
Jan
Apr
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Apr
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Feb
Jan
Apr
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Mar
28
§g74.1
2451
aaa
24
2
Street Railway Bonds
St L & Sub Ry gen M 5s 23
5s ctt of den _1923
Gen M
United Railways 4s___1934
4s, certif of deposit_1934
24
gMD°
Mining Stocks—
Como!Lead dc Zinc Co_ _20
§§2
Street Ry. Stocks—
United Railways pref..100
100
Preferred C
-D
100
Common
tr4
230 233
250 250
16254 16251
Mar
95
9194
7851
7834
Mar
Feb
Apr
Apr
9951 Apr
100
Feb
100
As
100 335
335
Public Utilities—
82
Cincinnati & Sub Tel _50 82
Cincinnati Gas & Elec _ _100 8934 8934
85
C N & C Lt & Tr, com_100 85
100 6434 64.34
Preferred
Ohio Bell Tel, pref _ _ _ _100 10934 10954
Tractions—
.
Cincinnati Street Ry_ _ _50
Colum Ry,P & L,B_ _100
Ohio Traction, pref _ _..100
Railroads—
crzo.4TP.eom
3354
9534
74
100 272
335
82%
9055
85
65
10994
3351 3455
9531 9751
74
74
270
280
374
1,876
198
543
360
341
5
355
32
10
5
245
54
43
12
725
75
1
65
342
10
4
10
10
70
10
50
625
7
60
60
650
101
380
2
212
28
19
20
7
210
35
22
30
108
4754
10834
2451
1554
4154
104
30
110
180
103
533.1
2434
100
62
2651
3734
60
16
3634
89
3634
10334
102
4234
61
203
4
10434
100
634
65
13934
11054
8534
10551
47
99
139
81
92
6
28
107
102
42 81
142 88
47 8134
252 64
143 1095:
207
140
15
14031
69
Ill
2734
20
44
10651
3334
115
163
10534
70
2531
108
7134
333.4
4234
80
16
40
89
41
10531
102
4234
65
2131
12
034
11251
8
65
60
1165 4
.
9334
11051
63
10354
145
9454
100
7
2151
110
106
al
10 325
Mar
Mar
Ja,
Apr
Apr
AP
Feb
Ja
Feb
Ap
Feb
Apr
Apr
Mar
Apr
Mar
Mar
Feb
Apr
Feb
Apr
Jan
Feb
Apr
AP
Apr
Mar
Ma
Feb
Mar
Apr
Jan
Feb
Ja
Jan
AP
Mar
Jan
Jan
Jan
Ap
Ap
Jan
Mar
SU
Ap
ma
Ja
Ap
la
32
Ma
9434 Ire.
60
Apr
14 270
A.
MN
95
9654
663.4
11034
Jan
Feb
Mar
Mar
mar
Mar
Jan
Feb
max
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Apr
Jan
Mar
Mar
Apr
Mar
Apr
Jan
Apr
Jan
Feb
Jan
Apr
Feb
Feb
Jan
Apr
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Apr
Apr
Apr
Feb
Mar
Mar
Jan
Feb
11354 Feb
9751 Feb
80
Apr
825
Feb
• No par value.
Baltimore Stock Exchange.—Record of transactions at
Baltimore Stock Exchange April 10 to April 16, both incluqive, compiled from official lists:
High.
''',:S C3nEgVe,,g'.2.MtEll§agnn2t8V,ii..5-4=3a,0
X g g
g X
xxx
X X
,
-.444a-44a444aa4a-aaa».4aaa,
.aa,
.44>a4
gnE4nn . n4 474nn4v,v,n . ...94vvvnn?-714
R ,
P
Bank Stocks—
First National Bank_ _100
Lafayette-So Side Bank 100
Nat'l Bk of Commerce_100
Range Since Jan. 1.
Banks—
First National
112 117
49
5134
10834 10934
2434 2434
1554 19
42
4231
10531 10554
3134 3234
113 113
180 180
10331 10355
5231 54
2434 2431
103 105
63
64
2814 2951
4251 4251
70
70
15
1534
3734 38%
89
89
40
41)
105% 10534
102 102
4234 4231
61
61
21
21
11494 118
11251 11254
754 755
65
65
14731 150
11254 11354
92% 9351
10651 10634
46
4954
100 101
139% 140
88
89
99
99
6
6
28
28
110 110
106 106
Stocks—
Friday
Sales
Last Week's Range for
Sale
ofPrices
Week.
Par. Price. Low. High. Shares.
Amer Wholesale pref _ _ _100
•
Arundel Corp. new stock.
Arlan Coast L(Conn)_..50
50
Baltimore Trust Co
10
Central Firs Ins
50
Century Trust
Ches & Po Tel of Balt pf100
100
Commerce Trust
*
Commercial Credit
25
Preferred
25
Preferred B
100
Rights 6% pref
Consol Gas H I.& Pow_ _ _*
100
6% preferred
100
634% Preferred
7% preferred
100
100
8% preferred
Consolidation Coal_ _ _100
100
Preferred
East Roll Mill new stock.*
25
Equitable Trust Co
50
Fidelity & Deposit
Finance Service, MSS A 10
.
Ga So & Fla 1st pret_ _100
*
Hare & Chase
Preferred
100
Houston Oil pref tr ctts_100
Hurst(J E)1st pref. _ _ _100
Manufacturers Finanee_25
25
1st Preferred
25
2d preferred
Trust preferred
25
Maryland Casualty Co._25
•
Md Mortgage Co
Mercantile Trust Co _ _ _ _ 50
Merch & Miners, new _ _ __•
Monon Vail Traz. pret_ _25
Mortgage & Accept, com_•
50
Preferred
Mt V-W Mills pf v t r_ _100
New Amsterd'm Cas Co_10
Silica Gel Corp
*
Standard Gas F4uip___100
50
Union Trust
United Sty & Electric_ _ _50
U S Fidelity & Guar_ _ __50
Wash Bait 5.4 Annap_ _ _50
50
Preferred
West 151d Diary, Inc pf_ _50
9931
263.4
3055
94
4894
103
10934
127
37
32
72
9334
90
2151
2234
2031
97%
21%
99
1894
199
9
23
52%
Bonds—
Bernheimer-Leader 78_1943
Commercial Credit 65_1934
1935
534s Ser A
Consol Gas gen 451s_ _1954
Consol Coal ref 434s...1934
Danville Trac & P.59_1941
Elkhorn Coal Corp 655s'32 100
Fair & Clarks Trite 65_1938
9934 99%
3
094 32
200 201
135 141
2634 26%
155 156
11234 11231
59
69
30
31%
2434 2454
2534 26
94
94
48
4931
103 103
10931 110
112 112
126% 128
3734 3734
9351 9334
3094 3255
72
72
11831 11934
20
2051
9334 9394
2331 24
90
90
82
8231
82
82
58
59
2034 2134
2131 23
2054 21
97% 98
20
20
402 402
42
4551
2131 23
133.4 1331
41
41%
7251 723.1
61
51
1654 1654
99
99
220 220
1834 1851
196 *
000
9
9
23
23
5254 5255
10
2,670
268
231
28
16
9
30
586
299
89
10
116
45
35
30
102
535
5
425
20
157
214
2
60
57
275
35
46
166
157
140
325
50
7
238
294
350
30
24
90
22
25
14
485
36
185
272
163
10054 10054 3,000
9994 9934 1,000
9434 9494 2,000
9555 9535 15.000
93
93
2,000
65
65
1.000
100 100
4.000
92
92
2,000
Range Since Jan. 1.
Low.
High.
tnn4g2"""gP"""nvi;44173.114ElgkgSgli7444agv,g744!14
Mar 65
5,000 62
Jan
9,550 65
Mar 70
Jan
500 75
Mar 80
Jan
10,000 104% Jan 105
Feb
1.000 9134 Mar 93% Jan
8,000 99% Feb 105% Apr
2,000 100
Apr 10251 Apr
7.000 99
Mar 100% Jan
12 000 100% Feb 10155 Feb
14 000 95% Apr 97
Mar
3,000 9954 Jan 101
Mar
18 000 9954 Mar 10134 Jan
11434
4955
10955
24%
19
42
10534
32
113
180
10351
53
2434
103%
63
2831
4231
70
15
38
89
40
10534
102
4254
61
21
118
11251
751
65
14931
11355
93
10655
46
101
13951
88
99
6
28
110
106
High.
101
36
262%
154
2
834
182
11331
6154
4654
2634
2751
99
5755
105
110
11534
12894
63
94
48
75
124
2194
9451
2694
92
89
82
6854
23
24%
23
102
2254
403
5351
2335
2334
46
83
5631
22
10034
222
1954
21931
1551
2555
5451
Feb
Jan
Jan
Feb
Feb
Feb
Mar
Mar
Jan
Jan
Jan
Feb
Feb
Mar
Jan
Feb
Feb
Feb
Apr
Feb
Feb
Feb
Feb
Mar
Mar
Mar
Jan
Mar
Feb
Jan
Feb
Jan
Jan
Mar
Apr
Feb
Apr
Jan
Feb
Jan
Jan
Jan
Mar
Feb
31184.144
Mar
Feb
Feb
Mar
Apr
xx
High.
Mar 97%
Mar 74
Jan 8734
Jan 101
Feb 99%
AA XX A
62
67
74
104%
91%
101%
102)4
100)4
101%
96
10034
100%
Low.
9734
67
86
99
99%
Lon.
AA AXAA
97% 818,000
68
13,000
87
1,000
100%
7,000
99% 2,000
Stocks—
Am Laundry Mach com_25
Amer Rolling Mill com_ _25
100
Preferred
Amn Prod coin
Amn Thermos corn
Preferred
100
Baldwin new Wet
Buckeye Incubator _ _ _ _100
Carey (Philip) Pref._ _ _100
Champ Coated Pap com100
100
Champ Fibre pref
•
Churngold Corp
•
City Ice & Fuel
Cooper Corp (new). __ _100
Dalton Add Mach com _100
Eagle-Picher Lead com _ _20
•
Early & Daniel corn
100
Fay & Egan pref
-Bauer com_*
French Bros.
•
Gibson Art corn
Globe Wernicke pref...100
•
Gruen Watch corn
100
Preferred
Hattield-Reltanee pref_100
Kahn's Kemp-Thom pf_100
20
Corn
20
Kodel Radio pref
10
Kroger corn
100
New preferred
Paragon Refining com _ _25
100
Preferred
Procter & Gamble com.._20
100
6% Preferred
100
Pure Oil 6% pref
100
8% preferred
•
U S Can, corn
100
Preferred
20
U S Playing Card
U S Print & Litho,com _100
100
Preferred
•
U S Shoe, com
Western Paper "A"
_ _100
Wurlitzer. 7% pref _ _
100
8% preferred
Range Since Jan, 1.
XX
Bonds—
97%
Amer Tel & Tel 4s— 1929
6731
Atl G & IV I SS L 55_ _1959
87
Chic Jct Sty & U S Y 451940
1940
100
55
1927
99%
Current River 53
East Mass Street RR
1948
62
4545 Series A
1948
65
5s Series B
1948
74
6s Series D
1937
104%
Hood Rubber 75
9154
lot Pow Sec Corp 634s 1955
194C 10154 10131
Mass Gas 5515
100
Metropolitan Ice Co 751954
99%
Miss River Power 55_ _1951
New Eng Tel & Tel 55.1932 10155 10051
So Ice Utilities Co 65_1946 95% 95%
1944
100
Swift & Co 55
Western Tel &Tel 59_ _1932 100 71 1001.1
Range Since Jan. 1.
Stocks—
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price, Low. High. Shares.
agsgsmg nn.iirginimt=thsn.Tan4stm‘ionigHEEtgt=zsmn's
A AA
XXX
AX
Outside Stock Exchanges
Friday
Last Week's Range Sales
of Prices.
Sale
for
Price. Low. High Week.
Z173
10234
10034
96
9554
98
66%
100
92
Feb
Feb
Feb
Mar
Feb
Jan
Apr
Apr
mar
Jan
Jan
Jan
Jan
Bonds (Concluded)
-
Friday
LOW: Week's Range Sales
ofPrIces.
Sah:.
for
Price. Low. High. Week.
Range SW4 Jan. 1.
Low.
Georgia & Ala cons 58_1945 97% 97% 97% 3,000 8655
100% 10035 2,000 9955
Ga Car & Nor let 55....1929
Md Electric By 1st 55_1931
9554 9535 3,000 9455
1,000 9134
1952
97
97
6518
92% 9234 3,000 87%
Monon Valley Trac 55_1942
100% 100% 1,000 100%
Stand Gas Equip let 681929
20,000 69
70% 71
United By & E 45.. _ _1949
1049 49% 4
Income 413
934 5055 19,000 48
8,000 6755
1936 71
7055 71
Funding 58
4,000 9155
6s, when issued_ _ _ _1949 94% 9454 95
1.000 10155
1996 10234 10255 10251
Wil & Weldon 5s
High.
Jan 97%
Jan 100%
Jan 9755
Apr 9755
Jan 93
Mar 10054
Mar 71%
Mar 50%
Jan 7135
Jan 96
Jan 10234
Apr
Apr
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Apr
*No par value.
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, April 10 to April 16, both
inclusive, compiled from official sales lists:
b... m &Cm
WWW 00.1 W
.W0W
,
1P
000000&COWW.....
;a.c la•-amc 1.a §
.0
cmo'c'eaM
101 101
4934 5()
111 11155
6355 66
9955 10154
110% 111
45
45
3854 39
30
30
13
1334
7734 7751
57
6035
101 101
45
45
51
5234
69
69
105 10735
8054 82
2534 26
334 4
51
51
7234 73
5055 5151
74
74
7154 7554
38
38
49
49
4134 4434
55
134
334 435
53
54
5855 59
13
14
3534 3534
82
8334
9954 100
3
351
534 6
3934 3934
8934 9255
83
83
35
35
655 655
2
2
4354 44
50
50
37
37
00 -40..0W
OvOIA.W0.00 tO
W .0W.04 ....WW
,
,
,
0WOCn000AW00000 0..00W0O ..100.010O OMNCTIO
,
Abbotts Al Dairy pref._100
10
Alliance Insurance
Am Elec Pow Co pref.-100 111
American Stores
*
Baldwin Locomotive_ _100
Bell Tel Co of Penn prat__
Buff & Susq Corp pf vtc100
Cambria Iron
50
Consol Traction of N J_100
Eisenlohr (Otto)
100
Electric Storage Batt'y_100
General Asphalt
104)
Preferred
100
Giant Portland Cem Pf_ _50 45
Insurance Co of N A_ _10 5134
Keystone Watch Case
•
Lehigh Navigation
50 10555
Lehigh Valley
50
Lit Brothers
10
354
Man Rubber
10
Minehill & Schuyl Hav_ _50
Penn Cent L & P cum pf _• 7235
50
Pennsylvania RR
Pennsylvania Salt Mfg_ _50
PhIlatelphla Co(Pitts)_ _50
50
Preferred (5%)
Preferred (cumul6%)_50
25 4335
Phila Electric of Pa
Warrants preferred_ _25
434
Allotments warrants_ _25
Philo, Rapid Transit_ ... _50 53
Philadelphia Traction._ _50
50 14
Phila. & Western
50
Preferred
50
Reading Company
Scott Paper Co, pref _ _ _100 9934
Tono-Belmont Devel_ _1
1
Tonopah Mining
50
Union Traction
United Gas Impt
50 9034
United By. pref
100
US Dairy Prod "a"
•
Victory Park Land Imp_10
Warwick Iron & Steel_ _ AO
West Jersey dr Sea Shore_50
Westmoreland Coal,new 50
50
York Rys, pref
•
Bonds
Amer Gas & Elec 544_2007
Small
2007
Elec.&Peoples tr ctfs 45'45
Small
1945
Inter-State Rys coil 481943 56
Peoples Pass tr ctfs 48_1943 64
Phlia Co cons & colt tr 55'51 99
Philo, El tr Ms 4s mall'50
5s
1960
1st 55
1966
1953
5555
65
1941
Philo, Elec Pow 5545_1972
York Railways let 55.1937
9034 9335
91
91
60
60
5836 6134
56
56
64
64
9855 9955
84
84
1027-4 103
10355 104
10755 10734
10734 10734
10134 10135
9555 9534
Range Since Jan. 1.
Low.
High.
10055 Jan
Jan
36
10134 Jan
Mar
60
9934 Apr
10955 Mar
Apr
45
3834 Jan
Jan
30
Apr
13
Jan
73
Mar
56
Apr
101
3434 Jan
Mar
49
Jan
60
9755 Mar
8035 Apr
Mar
25
234 Jan
Apr
51
Mar
71
4854 Mar
Jan
71
6654 Feb
Mar
37
49
Mar
4134 Mar
55 Apr
334 Apr
Jan
51
5635 Jan
Mar
11
3435 Jan
Apr
82
89
Jan
2 9-16 Jan
4 15-16Jan
38
Jan
8434 Mar
Apr
83
35
Apr
651 Jan
Apr
2
43
Mar
50
Mar
3634 Jan
38
50
6734
734
454
5734
65
1436
3555
8534
101
454
734
4334
14434
85
3831
7
334
47
56
3834
Mar
Jan
Apr
Jan
Apr
Jan
Jan
Mar
Feb
Feb
Mar
Mar
Apr
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Apr
Feb
Jan
Feb
Apr
Jan
Mar
Jan
Mar
Apr
Feb
Feb
Jan
Mar
Feb
Feb
Jan
Feb
Jan
Jan
Apr
Mar
Mar
Mar
Jan
Jan
Feb
Feb
Apr
Jan
Apr
Mar
Feb
Jan
Apr
Jan
Mar
Mar
Mar
Apr
Jan
9454
92
6534
63
5655
6855
9955
84
10355
1043.4
10751
10834
10155
96
Mar
Mar
Feb
Apr
Feb
Jan
Mar
Apr
Apr
Feb
Jan
Feb
Apr
Jan
8934
91
5755
5834
5534
6335
9636
84
102
102
10354
10755
10036
9534
10254
59
11134
943.4
10435
112
53
40
35
2034
7934
6735
101
4855
6435
70
12036
8355
3334
8
52
91
5534
91
7634
•No par value.
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange April 10 to Apri116, both inclusive,
compiled from official sales lists:
Ad
SA
.
-4.
6
W
to toot
WO
.W
W
.
.
Low.
2734
9
71
103
255
1
54
95
89
2034
934
4
3634
4055
64
2634
28
3554
14
8734
8834
8934
9531
1054
35
334
41
4434
9935
76
1
545
13754
53-4
73
1055
52
11354
47
W
Jan
Apr
Apr
Apr
Mar
Mar
Mar
Apr
Mar
Apr
Mar
Jan
Apr
Mar
Mar
Mar
Jan
Mar
Apr
Jan
Mar
Mar
Mar
Jan
Mar
Apr
Mar
Air
Jan
Mar
Jan
Apr
Apr
Jan
Mar
Mar
Mar
Mar
Jan
Anr
High.
3735
1955
9535
10355
sg
54
55
98
9234
2534
17
635
3755
7235
73
3134
3434
3731
1634
91
93
95
100
2255
54
7
4234
6155
101
83
134
585
144
1055
93
1355
60
11755
50
1
Feb
Jan
Jan
Apr
Feb
Feb
Feb
Mar
Mar
Feb
Feb
Feb
Mar
Mar
Mar
Jan
Feb
Feb
Jan
Jan
Jan
Apr
Feb
Feb
Jan
Jan
Apr
Feb
Mar
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Decker (Alf) at Cohn,Inc_* 2955
Deere & Co pref
100
Diamond Match
100
Eddy Paper Corp (The)_ -•
El Household Utll Corp_10 1855
Elec Research Lab_
Empire G & F 7% p16_100
8% preferred
100
Evans & Co Inc cl A....5
Fair Co(The)
• 29%
Fitz Simons & Con D & D.
Foote Bros(G & M) Co_
11%
Godchaux Sugar
•
3
33%
Gossard Co (H W)
Great Lakes D & D___100 130
Greif Bros Coop'ge A corn •
Hart,Schaffner & Marx 100
Hibbard,Spencer,Bartlett25
Hupp Motor
10
Illinois Brick
25 43%
Illinois Nor Utilities 2
41-100 91
Jaeger Machine Co co m- *
Kellogg Switchboard..._25
Ky Hydro-Elec pfd_ _ _ _100 93%
Ky Utilities Co pref._ _ _50 Si
Kraft Cheese Co
25 62
La Salle Ext Univ (Ill)_ _10 10
Libby,McN & Libby,new 10
855
10
Lindsay Light
McCord Radiator Mfg A_*
MeQuay-Norris Mfg
•
Maytag Co
Middle West Utilities__ * 11355
100 10635
Preferred
Prior lien preferred_ _100 116
10 Rights
251
Midland Steel Products..• 44
Mid land 11th prior Ilen_111141 9855
100
Preferred A
Morgan Lithograph Co..
5555
Nat Elec Power A w• 2155
i0
National Leather
335
National Standard corn. * 27
North American Car cl A•
Nor West Util pr In pref 100 96
100 94
7% preferred
Omnibus pref A w i_ _100
Voting trust etre w I a.* 17
Orpheum Circuit, Inc__ -1
Penn Gas & Elee w I
* 1935
Pick Barth & Co pref A_• 29
Pines Winterfront A
5 3634
Pub Serv of Nor III
•
Pub Serv of Nor III_..100 129
100
Preferred
100 114
7% preferred
• 131%
Quaker Oats Co
100 10655
Preferred
Real Silk Hosiery Mills_10 4254
Ben Motor
10
So Colo Pr Elec A com_25
Southw Gas & El 7% pf 100 96
Stewart
-Warner Speedom • 7351
100 11355
Swift az Company
15 16%
Swift International
Term Prod Corp,corn....t
25 4235
Thompson (J R)
Union Carbide & Carbon.* 80
United Biscuit class A _ _ _ _• 42%
United Light & Power
Preferred el A w a_ _ _ _• 86%
Preferred cl B w I a__ •
United Paper Board___100
20 138
US Gypsum
100 11355
Preferred
Wahl Co
•
Ward(Montgomery)&Col0
100
Preferred
Class A
Williams Oil() Mat com_• 17%
• 50%
Wrigley Jr
Yates Machines part pfd_• 2751
Yellow Tr&CoachMfg B 10 2455
100 9155
Preferred
Yellow Cab Co Inc (Chic)• 4551
Bonds
..l927
Chicago City By 55.
Chic City & Con Rys 55'27
Chicago Railways 55-1927
1927
58. Series A
1927
45, Series B
Adjust income 4s_ _1927
HousGGCosfg 65,31931
Swift & Co 1st s f g 55_1944
2954 2955
108 109
123 124
1834 20
18% 1974
92
91
96
96
2555 26%
2955 30
27
27
1154 12
3
3
3235 33%
129 134
3855 3855
112 115
7934 7955
19% 20
4255 44
25
31
92
51
60%
955
8
25
32
9351
51
6755
10
8%
sg 234
38
38
1655 1655
2034 2055
11255 11531
106% 108
115 11634
236 231
4331 44 .
98% 98%
96
96
5555 56
22
20
3% 3%
2655 2754
27
2855
9535 96
93% 94
92
92
1555 1735
2955 29%
1955 19%
19)5 20
3751
35
131 13155
129 131
102 103
114 116
12854 13174
106 10655
42
4455
2035 2155
,
2255
22
93
96
73
76%
112 11351
16
1755
1154 1151
42
44
7934 82
42
43%
80
320
140
599
800
350
204
50
603
341
25
110
40
635
1,715
50
119
25
1,613
625
35
220
247
155
228
2,351
678
650
50
150
50
50
3,628
787
1,001
36,887
105
456
81
760
810
726
1,425
500
125
40
25
712
50
262
210
1,310
90
110
55
40
198
236
5.105
275
300
355
24,215
1,837
9,493
100
1,845
4,780
1,215
Range Sines Jan. 1.
Low.
28
106
116
18
1654
1855
91
96
2555
2755
26
11
3
3155
122
38
112
76
19
37
9031
25
31
9134
49
6054
9
7
734
36%
16
20
109
9734
10635
2%
41
98
96
52%
1955
26Li
2
26
93
93
91
14%
28
1934
19%
3334
130
129
100%
112
128
105
40)5
19)5
22
93
7155
112
16
1154
42
72%
38
High.
Jan 31
Feb
Feb 10934 Feb
Mar 12955 Feb
Apr 25
Jan
Jan
Mar 25
Apr 3254 Jan
Apr 97
Jan
Apr
Aim 97
Mar 3054 Feb
m r
33% Jan
Jan 30% Feb
Mar 1554 Jan
Feb.
Mar
7
Jan
Mar 39
Jan
Mar 171
Feb 4031 Feb
Jan
Apr 125
Jan 7954 Apr
Mar 28% Jan
Jan 4455 Feb
Mar
Feb 92
Mar 2955 Feb
Jan
Mar 38
Jan
Apr 95
Mar
Mar 51
Apr 9055 Jan
Mar 14% Jan
Feb
Mar 10
355 Feb
Jan
Apr 42
Mar 19% Feb
Feb
Mar 23
Mar 13435 Jan
Jan 11155 Feb
Jan 12334 Feb
254 Apr
Apr
Mar 4955 Feb
Jan
Mar 100
Mar
Jan 98
Feb
Mar 65
Jan
Mar 26
455 Jan ,
Apr 21% Apr
Jan
Mar 32
Jan
Jan 99
Mar
Apr 96
Feb
Apr 98
Mar 21% Feb
Mar 2955 Apr
r
Feb
Mar 24
Mar 2234 Feb
Mar 5955 Jan
Jan .
Jan 137
Apr 13154 Mar
Apr
Jan 103
Jan 116% Mar
Mar
Jan 136
Feb
Feb 107
Mar 58% Jan
Mar 2555 Jan
Apr 2531 Jan
Mar
Apr 98
Jan
Mar 93
Feb
Mar 117
Apr 2255 Jan
Apr 1536 Mar
Feb
Apr 48
Jan 8635 Mar
Mar 58% Jan
86
45
2555
13355
113%
11
87
45)1
26%
13955
11351
1155
481 8131
360 45
450 22
1,387 125
20 113H
9
150
Mar
Mar 92
Feb
Mar 51
Mar
Mar 38
Mar 16155 Jan
Mar
Apr 117
Jan 1455 Feb
116
110
1735
49%
2751
23%
91
45
117
110
20
5055
28%
2531
93
46
30 115
200 109
4,600 1634
844 49
1,430 26
653 2355
61 91
958 42%
Jan 117
Jan 11255
Jan 23%
Apr 5535
Mar 32
Mar 33
Apr 96
Mar 5031
Jan
Mar
Feb
Jan
Feb
Feb
Jan
Feb
71
60
7034
48
32%
15
9795 9631
10035
7131
50%
70%
4831
33
15
98
100%
67
47%
67
45
30
15
9534
9935
Mar 7955
Mar 5631
Mar SO
Mar 5634
Mar 40
Apr 18
Apr 99
Jan 10051
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
71
50
$6,000
21,000
1,000
12,000
9,000
1,000
38,000
4.000
•No par value.
-Below is a record of the
New York Curb Market.
transactions in the New York Curb Market from April 10 to
April 16, both inclusive, as compiled from the official lists.
Friday
Sales
Last Week's Range for
Sale.
ofPrices.
Week.
Par. Price. Low. High. Shares.
Week Ended April 16.
Stocks-
Indus. & Miscellaneous.
Ala Gt Southern pref __ _50
Allied Packers, common_ •
Aluminum Co corn new ..•
Amer Cyanamid class B_20 37
100
Preferred
sg
Amer Elea Corp v t o...._•
25
Class A
American Gas & Elea com •
•
Preferred
10
Amer Hawaiian SS
American Home Products.* 25
Amer Lt dr Trao corn__ _100
100 z106%
Preferred
Amer Mach & Fdy com__*
Amer MultigraPh com---•
• 5136
Amer Pow & Lt corn
• 9355
Preferred
• 31
Amer Rayon Products .
.
Amer Rolling Mill com _25
100
Amer Seating Co
Am Sumatra Tob (new co)
Voting tr ctfs w 1
Am SuperPOW Carl) CI A_•
• 2351
Class 13
25
Prior preferred
American Thread prat_ _5
Assoc Gas& Elec Class A -• 2951
1
Atlantic Fruit & Sugar_ _ _•
• 46
Atlas Portland Cement..
Auburn Automoblle. 00m25 44
Babcock & Wilcox Co_ _100
98
98
155 134
64
65
37
3
934
91
91
93.6 log
2255 2255
6934 7434
9034 9051
9% 955
25
2535
206 21155
106 10636
66
66
1935 1954
50
53
9335 94
31
32
4854 5155
284 284
18
2154
2331
2455
331
2951
1
45
44
12434
1854
2236
2434
25
334
3034
154
47
5134
12934
Range Since Jan. 1.
Low.
High.
9434
155
5434
3555
88
9
2134
64
z9055
935
2455
195
105
66
1955
4836
92
2951
4834
250
Mar
Apr
Jan
Jan
Feb
Mar
Mar
Mar
Apr
Mar
Mar
Mar
Mar
Apr
Apr
Mar
Apr
Feb
Apr
Mar
110
3%
76
47
96
1135
2435
9934
9534
1135
2736
264
11534
6651
2355
7954
96
3554
5954
335
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
API'
Feb
Jan
Jan
JIM
Feb
Feb
88R0000§0E
,,0000 0
00..CVMC10
.,
.
29
3051
9
9%
71
73
103 10334
235 241
134 2
3.5
X
953
95
8955 9051
2054 2255
935 1055
4
436
3655 3631
4434 4934
6751 6855
2654 2734
30
29
36
36
14
1434
88
8954
8934 8934
95
94
9654 9735
18
16
54
54
344 454
4235 4251
4434 48
9955 100
76
76
1 1
545 545
13751 141
735
754
77
77
1034 1054
55
55
115 11636
4755 48
Range Since Jan. 1.
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Concluded) Par Price. Low. High. Shares.
000 000000000
0
0000820
0000N0000000.)000 0
,
..OW
Adams Royalty Co com__* 30
All American Radio el A_ _5
9
American ShIpbullding_100 71
Preferred
100 10335
Amer States &cur Corp A•
255
Class B
135
•
Warrants
Armour & Co (Del) pert 100 95
Armour & Co pref
100 8934
Common cl A v t c____25 2051
Common ci B v t c_ _ _25
.
955
4
Armour Leather
15
•
Assoc Invest Co com
Auburn Auto Co corn_ -25 4536
Balaban & Katz v t c_ _25
10 2731
Bendix Corp cl A
10 2951
Borg & Beck corn
Brach & Sons(E J) com__*
10
Bunte Bros
• 89
Central III Pub Serv prat
Central Ind Power pref_100
Central S W 7% prat
• 9455
• 9735
Prior lien pre
1635
Warrants
Chic City & Con Ry pt she
4
*
Preferred
Chicago Nipple Mfg cl A 50
Chic N S MIlw com_ _ _100
Prior lien pref
100 100
Preferred
100
Chic Rys part ctfs ser 2_1 00
1
Chicago Title & Trust_100
Commonwealth Edison 100 13934
,
5
Consumers Co new
100 77
Preferred
•
Continental Motors
25 55
Crane Co
100
Preferred
50 4735
Cuneo Press A
•-.....a, re........ IST"sell Vfilla 9S
.000Q..4.00.00000
0.CAWW00000004..0000 00 01..P00070000001..000.WONOC.
1
1
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares
... ..3 c'c .
00
.cmc&comM..1.2 Oml.0 .01.0.4wWCC
.
.100W.C.0 10000NM..1.0.0.40
,
,
•IF
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Inglo'clOg81Wmg'.
co coo oc 0000
00 000 0000000
Stocks-
[voi,. 122.
THE CHRONICLE
2174
18
1934
2135
23
354
2534
89e
45
4135
1241.i
Apr 1855
mar 3774
Mar 89
Mar 2655
4
Mar
Mar 8554
234
Jan
Apr 5534
Mar 73
Anr 149
Apr
Jan
Jan
Feb
Jan
Jam
Feb
Mar
Mar
Jan
APR. 17 1926.]
Blackstone Val G&E com50 9234
25
Blaw-Knox Co corn
Bliss(E W) new w
Bloomingdale. Inc, com__• 28%
Preferred (7%)
100 103%
50
Berrien Co new
Bradley Fireproof Prod__1 850
•
Bridgeport Mach corn
Brill Corp (new) Class A.• 3834
• 19
Class B
Brillo Manufacturing
6%
20%
Class A
Brit
-Amer Tob ord bear_ £1 27%
Ordinary registered_ __El 27%
Brockway Mot Trk new..'
IP
Brooklyn City RR
100 195
Bucyrus Co.corn
Buff Niag &E Pow oom__• 2594
25
Preferred
•
Burdines Inc corn
Burroughs Add Mach pf 100
20
Butler Bros
Can Dry Ginger Ale
•
Car Ltg de Power. corn_ _25
100
Celluloid Co pref
Central Aguirre Sugar_ .50
100
Central Steel corn
Centrifugal Pine Corp.--• 17%
Chic Nipple Mfg Cl A--.50 4234
50 2634
Class B
25 4034
Cities Service corn
100 83%
Preferred
Preferred B
10
Bankers' shares
•
Cohn-Hall-Marx Co
Collins & Alkman Co cOrn •
100 95%
Preferred (7%)
Colombian Syndicate
294
Commonw-Edison Co _.100
Com'wealth Power Corp.
3294
Common
100 8434
Preferred
36
Warrants
•
Congress Cigar Co w
Consol Dairy Products___'
334
Con Gas, E L&P Balt eon)* 48
Consol Laundries. w _-• 22
Continental Baking,comA• 8494
• 13%
Common B
100 92
8% preferred
Continental Tobacco.._ _.• 11%
Copland Products Inc
Class A with warrants.._• 18
fl 32
Courtaulds Ltd
Curtiss Aeropl Jr M.COED
Preferred
100
De Forest Radio Corp_ _•
3
Dinkier Hotels Coattail A with purch warr•
• 13
Doehler Die Casting
Dominion Stores Ltd_
•
Dubiller Condenser dr Had'
494
Dunhill International_ •
Duplex Cond & Had v t c..*
Durant Motors, Inc
•
Duz Co class A.,
Eastern Rolling Mill corn.*
Eitingon Schild Co, corn..' 33%
Elec Bond & Share, Of 100* 105%
Elec Bond & Share Sec._.• 64
Elec Household Util
1834
Elea Investors without war* 35
Electric Railway SecurS •
Electric Refrigeration_ --• 59%
Empire Power Corp
• 24
Emporium Corp w I
•
Engineers Public Serv corn' 2134
Preferred full paid
• 9834
Preferred (70% paid). •
Estey-Welte Corp class A..' 2634
Fageol Motors Co,com.10
5%
Fajardo Sugar
100 12831
Federal Finance Corp Cl A•
Fed'I Finance Corp, el B.* 12%
Federal Motor Truck.. -10
• 15
Federated Metals
Firestone Tire & R corn AO
7% preferred
100 98%
Ford Motor Co of Can_100 475
Forban Co. C19,8 A
•
Foundation Co
Foreign shares Class A-•
Fox Theatres CI A, corn..' 22
Franklin (II H)Mfg,corn.'
Freed-Eisemann Radio.....'
434
Freshman (Chas) Co
• 24%
Garland Steamship
3
Oared Corporation
•
234
General Baking class A.....' 49%
•
Clam 13
6%
Gen'l Ice Cream Corp- -• 48
Georgia L P & R.y corn _100
Gillette Safety Razor......' 91%
Glen Alden Coal
•
Goodyear Tire dr R.com100 333(
Grimes Ha & Cam Rec._•
134
Babirshaw Cable de Wire..' 10%
Happiness Candy St CI A-•
7
Founders shares
•
Havana Elec & Util v t
3894
Preferred
Hazeltine Corporation.,..
1134
Hellman(Richard)Inc,com 17%
Pret with warrants__• 32%
Hayden Chemical
•
Hires(Chas E)Co
Class A common
24
Hollander(A)& Son com •
Horn & Harriett Co
•
Imperial Tob of Canada _5
Imp'lTobofGB&Ire..fl 24%
Industrial Rayon Class A..•
Intern Cone Ind Frs shs_10
ant Projector Corp
•
Internat Utilities class A...•
•
Class B
534
Johns-Manville. Ins
•
Keystone Solether
10
Kraft Cheese
25 63
liruskal & Kruskal Inc._ •
Lambert Co common......' 39
Land Co of Florida
•
Landay Bros, Inc, class A.•
LandOverHold'gCorp CI Al
Class A stamped
834
Lehigh Power Securities
New Cons Corp
• 12%
Lehigh Valley Coal Sales.50 8234
Lehigh Vail Coal etfs new.._ 3834
Libby, McN & Libby_ _10
Libby Owens Sheettalass 28 145
2175
THE CHRONICLE
Friday
Sales
Lasi Week's Range for
ofPrices.
Sale
Week.
Stocks (Corieinued) Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
500 90%
9034 93%
5034 50%
25 50%
19% 2034
600 19
28% 30% 1,500 28%
10334 104%
900 103%
92
94%
360 92
80c 92c
2,100 63e
8% 9% 1,900
734
3734 38%
800 3734
19
19%
900 19
6% 7
200
0%
20% 21
200 20%
26% 2794 1,700 2634
26% 2734
400 26%
2594 25%
100 24%
7% 7% 2,100
7%
195 200
95 179
25% 25% 1,800 2334
2594 2534
100 24
1634 16%
100 1634
105% 10534
30 105%
30
30
100 30
44
45% 2,100 4034
2
2% 2.000
13.4
68
68
20 51
77% 78
70 75
6394 63%
200 60
19% 4,800 17
17
4234 42% 1,700 42
26
2614 1,200 26
39% 41
13.700 37%
8234 84
2.500 82%
400
734 734
7%
19% 20%
700 19
24% 2494
300 23%
34%
33
300 32%
9594 9834 1,000 95%
234 211. 15,600
2
141% 141%
10 137
Apr
Apr
Apr
Apr
Apr
Mar
Jan
Mar
Apr
Apr
Apr
Apr
Feb
Feb
Apr
Apr
Jan
Mar
Feb
Mar
Apr
Apr
Jan
Jan
Feb
Mar
Mar
Apr
Feb
Apr
Feb
Apr
Feb
Jan
Apr
Mar
Apr
Mar
Mar
3694 8.700
86
300
42
625
43%
600
334 1,100
5034 4,900
22% 10,400
91
4,100
15 103.700
93
2,800
11% 11%
200
29
82
30%
38%
334
44)4
22
65
10%
8634
11%
Mar
Mar
Mar
Mar
Mar
Jan
Mar
Mar
Mar
Mar
Mar
17
31%
18
79%
3
17
30%
17
79%
3
Apr
Mar
Mar
Apr
Mar
32
8494
36
43
394
48
22
82
1294
19
32
18%
7934
3%
650
1,900
700
100
1,300
2094 21
300 20
Mar
13
13
100 13
Apr
58
60
100 58
Apr
494 5% 2,200
434 Apr
19% 1934
100 1994 Apr
740 74c
100 60c Mar
694 734 17,500
Mar
6
15
15
200 14
Jan
29
3434
400 29
Apr
3394 34%
400 33
Mar
10594 10694
320 104% Jan
63% 6534 8,800 5635 Mar
1834 1894
100 1734 Ma
35
3734 8,200 30% Mar
534 5%
100
4% Jan
5894 6334 51,200 52% Mar
24
24% 1,600 23% Apr
3534 36
400 33
Mar
21% 23% 3,600 21% Mar
98% 99%
800 97
Mar
98% 98%
200 9594 Mar
26 ,2694
800 24
Jan
594 5% 3,000
494 Ma
124% 135%
250 124% Apr
30
31% 1,000 30 • AP
12
13
Ma
1,600 12
39% 39%
200 32
Mar
15
1694 2,000 15
Apr
110 110
20 110
Apr
98% 99
370 9834 Apr
470 580
560 470 I Ap
16
16
900 1334 Mar
18
19
24
22
204 27
434 4%
23% 26%
91c 91c
234 234
4434 52%
634 7%
48
50
6734 6734
91% 97
151 154%
3234 33%
134 194
1034 1094
6% 7
634 694
3734 41
64% 69%
11% 13
15;i 17%
3294 33
194 1%
24
2494
2734 2734
47
4734
614 6%
2434 2434
9%10%
4)4 6%
11
11
32% 33
5% 5%
135 138%
10c 15c
63
66
17
17
3894 40%
28
30
34
34
30% 3334
8
8%
1234
82%
37%
8
145
3,500 16% Mar
2,000 1994 Mar
200 20% Ma
1,000
394 Ma
40,000 17% Jan
100 900 Jan
700
294 Fe
115,800 4434 IAPr
76.800
534 Mar
800 4794 Mar
100 56% Ma
11,100 89
Mar
1,100 13834 Jan
3,400 31
Mar
3,540
134 Mar
100 1034 Apr
5,600
634 Mar
100
Jan
6
1,000 37% Apr
800 64% Apr
800 1134 Apr
300 14% Jan
700 30
Mar
3,300
194 Apr
300 23%
100 27%
400 41
200
6
100 24
6,400
9%
300
4%
100
9
300 32
1,800
494
300 130
2,000 10c
350 63
100 17
5,300 37
500 21
100 32
300 27%
200
8
Mar
Apr
Mar
Feb
Feb
Apr
Apr
Apr
Mar
Mar
Mar
Apr
Apr
Mar
Apr
Mar
Mar
Mar
Apr
1334 27,600 10
83%
300 80
39% 7,400 3634
200
734
150
390 145
Mar
Mar
Mar
Mar
Mar
High.
Sales
Friday
Last Week's Range
Week.
Sale
ofPrices.
Stocks (Concluded) Par. Price. Low. High. Shares
Marconi Wirel of London£1
Mengel Co
100
Mercantile Stores
100
Mecropoi. Chain Stores •
%fiddle West Utilities.com• 113%
Priorlien stock
100 116
Preferred
100
Midland Steel Products...*
Midvale Co ---------S 2434
Mohawk &Hud Pow com-• 22%
Mohawk Valley Co......• 33
Moore Drop Forg
Motion Pict Cap Corp pf 25
• 12%
Municipal Sent Corp
•
Music Master Corp
Narragansett Elec Ltg_50
Nat Elea Power, Class A-• 21
10
National Leather
•
1Nat Pow ,k Lt prod
Vat Pub Serv CIA com •
•
Clam B common
Nat Sugar Refining_ _ _100 10794
5 22
Nelson(Herman)Co
leptune Meter Class A •
New Eng Telep & Teleg 100
New Mex & Ariz Land...1
994
N Y Telep 614% pref _ _100 112%
Northeast Power com19
Vortbern Ohio Power C • 1334
Nor Ont Lt & Pr corn _100
'roc StatesP Corp coin_ I on 101
100 100
Preferred
• 11;4
Pacific Steel Boiler
Fender(David)Grocery A• 45
•
Class 13
Penna Pow & Lt. pref_ •
Penns Water & Power..100 140
Peoples Drug Stores. Inc..'
25 4394
Phil& Electric corn
Pitts & L E RR com __ _50 138
•
42% Jan Pratt & Lambert. Inc_
Jan Procter & Gamble cam .20
88
76
Feb Puget Sound P dr L corn 100 49%
44
Feb Purity Bakeries Class A.25
Class II
514 Jan
100 93
Preferred
Feb
58
2834 Feb PYrene Manufacturing. _10
12134 Feb jtand-Kardex Bu new w1..5 4034
3034 Jan Rem Noise Typew prefA•
_ _IP
Feb Re0 Motor Car
101
634
1694 Jan Republic Mot Truck v t c_•
Republic Ry & Lt pref.100
•
2734 Jan Richmond Radiator
•
34% Jan Riekenbacker Motor
23% Jan Royal Bakg Posed com_100
89% Feb Servel Corporation A..._• 18%
1834
Certificates of deposit....
1034 Jan
Sierra Pac Elea Co com_100
25% Jan Silica Gel Corp corn v t o--•
Jan Singer !Manufacturing_ _100 315
18
£1
6
6734 Jan Sugar Mfg Ltd
(200 lire)
11
Jan Suitt Viscosa. ord.
Dep reels Chas Nat Bank
2634 Jan
134 Jan Sou Calif Edison corn.. 100 118%
25 2994
New common
13)4 Jan
21
Feb Southern Cities Utillties100
Voting trust Ws__ _100
46% Feb
37% Jan Southern0& P Class A _ _• 2334
1083( Jan S'eastern Pr dr Lt. Corn.' 2534
Common new w I
Jan
86
Prior preferred
6054
22% Feb
• 100
7% preferred
74% Jan
Warrants
734
Jan
10
9034 Jan South Ice dr Util class A. •
Feb Southwest Bell Tel Wel 100 113%
32
39% Jan Sparks Withington Co •
29% Jan Spiltdorf Beth Elea Co •
Feb Stand Publishing CI A...25 1494
104
10434 Feb Standard Tank Car corn....'
Jan Stromberg-Carlson
28
• 2134
10% Jan (buts Motor Car
•
Feb Superheater Co
169
100 113
3514 Jan Swift & Co
15 16%
1794 Jan Swift International
45% Feb Tampa Electric Co........100
1%
Jan Thompson(RE)Radio vte •
22
Apr Timken-Detroit Axle_ -10
110
Jan Tobacco Prod Exp Corp_ •
100
Mar Todd Shipyards Corp.. •
655
Jan Trans-Lux Day Piet Screen
20
•
834
Class A com
Jan Trumbull Steel, corn..-__25 10
55
10
34% Jan TrUscon Steel
172
Jan Tubize Artif Silk Cl B
33
834 Jan Tung Sol Lamp Works_ •
• 17;4
Class A
.
26% Apr
Jan United Else Coal Cos v t c• 28
1
Jan United Fruit Cow 1
7
79% Jan United Gas Improvem't_50 91
1744 Jan United Lt & Pow corn A •
• 1334
Common A new
56% Jan
•
Preferred A
75
Jan
Feb United Shoe Mach com _.25
114
S Dairy Prod class B. •
Jan
166
Mar US Light & Heat corn_ -10
50
10
6
Preferred
Jan
7
0 16%
15
Jan U S Rubber Reclaiming83( Jan 155 Stores Corp class A_ • 10
•
Class B
594
734 Jan
14%
44% Jan Utilities Power & Lt
s
7134 Feb Utility Share Corp
Option warrants
17;4 Feb
19
Feb Van Camp Packing. nreI.50 26%
3634 Feb Victor Talk Machine....100 6934
•
2% Jan Warner Bros Pictures_
Warner Quinlan Cowl.....'
28
Jan Western Auto Supply Partic
Preferred with warrants* 25%
36% Jan
6234 Jan Western Power pref._ _100 95
Mar White Sewing Mach, MC* 44
7
9%
25
Jan Wilson dr Co (new) w 1......
• 1594
Class A
1934 Jan
Preferred
834 Jan
1534 Jan Yellow Taxi Corp. N Y- *
39
Jan
9% Jan
Rights
159
Jan
45c Jan Amer Mach dr Foundry.... 550
-----88% Jan Humble Oil & Refining__
234
20% Feb Middle West Utilities
41% Mar
Former Standard 011
4794 Jan
Subsidiaries.
37
Feb
.51 17%
35
Feb Anglo-Amer 011 (vol eh)
1 1794
Non-voting shares
8% Apr
50
Buckeye Pipe Line
25
22
Jan Chesebrougb Mfg
8834 Feb Continental 011 v t
20
4534 Jan Crescent Pipe Lines .25
9% Feb Cumberland Pipe Line_100
Jan Eureka Pipe Line
219
100 5394
118%
55
2094
32%
104%
110
134
15%
5734
33
7
21
2734
27%
2995
9%
335
38%
2514
21%
107
30
5094
2%
69%
95
74%
27
4354
27
4234
84
734
20%
3334
39%
10134
1334
143
Jan
Jan
Apr
Mar
Apr
Jan
Jan
Jan
Jan
Jan
Apr
Apr
Mar
Apr
Mar
Feb
Feb
Feb
Apr
Jan
Feb
Apr
Mar
Max
Mar
Ireb
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Jan
Mar
Mar
Jan
Feb
for
Range Since Jan. 1.
Low.
100
534
534 534
37
100 34
37
200 120
120 124%
500 2534
30
30
112% 115
1,200 109
115 116
530 98
60 97
107 10734
700 41
44
4434
200 2394
24% 24%
2294 24% 1,300 2094
• 200 30
32% 33
100 61
6354 63%
100 25
25
25
800 12%
12% 1234
be 310 10,000 10c
200 75
80
79
1,500 15%
2034 22
200
334
3;4 334
325 97
98
98%
1894 1994 2,300 15%
100 10
11% 11%
50 102
10734 10734
200 19%
21% 22
200 23%
2334 23%
10 109
112% 112%
994
934103' 4,500
325 11094
11234 11294
1894 2034 16,900 1794
13
1494 9,400 11
72% 7234
300 45
99 94 10334 2,900 9994
100 101
95 9934
11
11% 1,600 11
100 44
45
45
24
200 24
2434
101 101
100 104%
140 140
20 13034
600 20
25
2794
100 40
4334 4394
138 138
10 130
200 51
52% 5234
120 14234
146 148
49
5094 1,100 45
200 35
38
37
26
27% 1,500 24
160 91
9294 93
800 1034
10% 11%
35% 4014 4,500 34%
100 100
100 100
2034 2194 3,300 19%
6
694 1,600
6
10 100
100 100
900 15
17
1795
434
4% 594 6,400
10 150
150 150
2,400 15%
1894 21
18
19
1,800 1634
900 23
25
26
15% 16% 1.000 1194
310 320
80 310
594
6
400
6
Mar
Apr
Apr
Mar
Mar
Jan
Jan
Mar
Jan
Mar
Mar
Mar
Apr
Mar
Apr
Feb
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Apr
Apr
Mar
Mar
Mar
Mar
Apr
AM*
Apr
Apr
Jan
Mar
Mar
Mar
Mar
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Apr
Mar
Apr
Apr
Apr
Jan
Apr
Apr
Mar
Mar
Mar
Mar
Apr
Mar
High.
694
52
145
49)4
135
12214
11134
4834
25%
2S%
37)4
67
27
13%
3%
8634
36%
434
102%
24
1234
12934
26
2534
118
17
11334
36%
26%
74
13834
10134
16%
50%
3614
106%
174
3494
67
16294
6094
163
6634
42
3934
9534
1134
48
11334
25%
16%
106
23
934
213
80%
23%
28%
2244
385
9
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Mar
Feb
Jan
Jan
Feb
Mar
Jan
Feb
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Feb
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Feb
Jan
Feb
Mar
Jan
Mar
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
1294 12%
800 13
Apr 1334 Apr
117 121% 3,650 115% Mar 142
Jan
Mar 35
Feb
2994 30% 2,800 29
Apr 49
200 27
32
32
Jan
Mar 33% Jan
100 25
26% 2694
Mar 2734 Feb
300 22
23% 24
2534 10,400 2194 Mar 46% Jan
25
25
2534 6,300 2294 Mar 41% Feb
Mar 65% Feb
700 59
6034 6034
10 9834 Apr 100
100 100
Apr
900
7
Mar 15% Feb
794 8%
400 24% Jan 32
27
30
Mar
200 11194 Jan 114 I Mar
11394 113%
1594 17
700 15% Apr 2834 Jan
Apr 43% Jan
300 30
30
3034
14
Apr 19
15% 4,200 14
Feb
400
6% 8%
6% Apr 147-4 Jan
35
Mar 38
36
Apr
400 28
21
23% 2,100 1994 Mar 37% Jan
132 132
Apt 140
50 132
Mar
250 112
113 113%
Jan 11694 Feb
16
17% 5,800 16
APT 2214 Jan
50 25034 Mar 330
270 275
Feb
1% 2
600
134 Mar
534 Jan
400
814 Mat 11% Jan
9% 934
4
4
300
Air
4
4% Jan
30
Jan 31% Feb
31
600 29
734
731 834 12,700
SOO
10
1034
834
22% 23
200 22
240 175
172 177
734
100
8
8
1,300 17
1794 18
60
23
28
27
4,40
99% 103
9994
89
92% 8,100 84
68
7194 2,600 68
1394 14% 10,200 1334
8734 8734
100 87
47% 4834
300 47
1734 1794
100 1734
1994
18
600 16
6
634 1.200
53.4
15% 1634
700 1334
10
2134 1,100 10
534 8%
800
534
1434 1434
200 14
400
834 8%
834
294 2% 1,800
234
24
27
1,200 2
074
69
7334 1,000 69
100
834
8% 894
25
2534 1,203 233.4
25
95
43
934
15%
4434
1594
Apt 14
Jan 1344
Mar 3054
Mar 240
Mar 1034
Mar 203.4
Mar 4434
Mar 11794
Mar 14434
Mar 14334
Mar 28
Apr 8734
Apr 50
Apr 223-4
Mar 2394
Mar
734
Mar 2114
Apr • 27
Apr 14
Apr 18
Apr 1434
Apr
6
Mar 38
Apr 0634
Apr 1434
M
29
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Apr
Feb
Jan
Mar
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Mar
Jan
Jan
Feb
Mar
Mar
Jan
Jan
Feb
Feb
Jan
Jan
Apr
25%
95
4434
9%
17%
47%
17%
400
10
2,200
600
1,300
900
9,700
22
9134
38
834
1534
42
9
50c 60c
2134 2134
234 2%
1,100
1,000
9,400
50c Apr
1734 Mar
2% Apr
17%
17%
5334
65
1994
1334
12034
5354
Apr
Apr
M
28
99
50%
1494
/1034
7334
17%
I
Apr
2794 Feb
2% Apr
300 17
17%
Max 193( Jan
1794 5,000 16% Mar 1854j Jan
5394
100 53% Apr 5931 Jan
67
600 65
Jan 73% IFeb
20% 25,400 19% Apr 25% tJan
13%
Feb
100 13% Apr 16
120 120% Apr 137 iJan
121
5334
50 5354 AP
0834 rJan
Friday
Sales
Last Week's Range for
Former Standard Oil
Subsidiaries
Sate
ofPrices.
Week.
(Concluded)
Par Price. Low. High. Shares
Galena-Signal OIL com _100
New preferred
100
100
Old preferred
Humble 011 & Refining-25
Old ex-rights
New
Illinois Pipe Line
100
Imperial 011 (Can)
•
Indiana Pipe Lines
SO
National Transit_ _ _ _12.50
Northern Pipe Line- _ _100
Ohio 011
245
Penn Mex Fuel
25
Prairie 011 & Gas
25
Prairie Pipe Line
100
.Solar Refining
100
South Penn 011
100
Newwl
25
Southern Pipe Line_ _ _ _100
Standard Oil Calif new__ _ _
Standard 011(Indiana) 25
..
Standard Oil (Kansas) 25
Standard 011(KY)
26
Standard Oil(Neb)..„-100
Standard 011 of N Y._ _ _25
Standard 011(0)oom__100
Swan & Finch
100
Vacuum 011
26
Other Oil Stocks.
Amer Contr Oil Fields-6
Amer Maracaibo Co
•
Atlantic Lobos 011, own_ *
Beacon 011 Co coin
•
Cardinal Petroleum Cor3410
Carib Syndicate
Consol Royalties
1
Creole Syndicate
5
Crown Cent Petrol Corp.'
Darby Petroleum
*
Euclid 011
1
Gibson Oil Corp
1
10
Glenrock Oil
Gulf 011 Corp of Pa
26
International Petroleum •
•
Kirby Petroleum
Lego Oil& Tr Corp ol A •
Lago Petroleum Corp. -•
Leonard 011 Developm't.23
•
Lion 011 & Refining
•
Margay 011 Corp
Marland Oil of Mexico_ _1
Mexican Pantie° Oil_ _10
10
Mexico 011 Corp
1
Mountain & Gulf 011
Mountain Producers_ __ 10
100
National Fuel Gas
5
New Bradford Oil
25
New York 011
•
North(Dent Tex 011
•
Peer 011 Corp
Pennock 011 Corp
25
Red Bank 011
•
Reiter-Foster 011 Corp...
Royal-Can 011 Syndicate.'
Ryan Consol Petroleum.. •
Balt Creek Consol 011-10
Salt Creek Producers-10
Tidal Osage 011
Tide Water Assoc OiL.•100
100
Preferred
Venezuelan Petroleum.. 5
Wilcox Oil& Gasnew _ _ _ _•
1
"Y"011&Gas
21
83
55)4
56
33%
63%
16
73%
52
198
67
52%
61%
115%
248
30%
18
97%
750
11%
9%
11
2
1
4)i
8234
30%
2%
16%
8%
735
4k
23%
75c
25%
19%
8
129%
21k
97%
25%
7c
19
82
83
22
82
84%
1,465
60
20
Range Since Jan. 1.
Low.
19
Apr
Mar
78
8035 Apr
4%
5%
1%
15%
75c
11%
9
10%
2
75c
1
4%
6e
82%
30%
2%
16%
8%
6%
23
2%
2%
4%
5
34
1%
16%
1
12%
10
11%
2
75c
lls
4%
6e
84%
31%
2%
17%
9%
8
23
244
2%
80
8c
1% 1%
23
23%
131 135%
5% 6%
11% 13
9% 9%
70c 98c
19
20
21% 26%
19% 20%
20c 300
5
544
8
844
29
3034
7% 735
23k
21
97% 98
6% 6%
2 35 27%
7c
6c
10%
12c
750
18
Sc
1%
Sc
16
Sc
6c
14c
1%
8c
20c
17%
18
950
1%
1:44
1
2
4c
21
185
49%
6
15%
2%
53c
18e
60c
2%
25c
4
30
3%
3%
61c
5%
7c
40c
27f4
9%
2%
2%
21%
High.
32% Jan
Apr
85
9734 Jan
74%
58%
70%
3634
13434
267
473(
362
23
10934
Mar
Mar
Mar
Jan
Mar
Jan
Feb
Jan
Jan
Feb
Mar
Jan
Jan
Jan
Mar
Feb
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Jan
ApI
6%
Mar 1434
Apr
3%
Mar 19%
334
Apr
Mar 2214
Mar 10%
Mar 1534
Mar
7%
1
Apr
Mar
331
Mar
634
Apr 15c
Max 9334
Mar 8734
335
Jan
Apr 25%
Apr 13
Apr 12%
Mar 25%
2%
Jan
3%
Apr
534
Mar
Apr
12c
134
Mar
Apr 26
Apr 159
Mar
654
Mar 17
Mar 1235
Apr
2%
Mar 22%
Feb 26%
Jan 24%
Apr 660
Apr
734
Apr 10
Mar 36
Apr 10
Apr
27
Mar 99%
Jan
7%
Mar 27%
Jan
10c
Feb
Jan
Mar
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Mar
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Apr
Feb
Jan
Jan
Feb
Jan
Jan
Mar
Mar
Mar
Apr
Apr
100 10% Apr 12%
Jan 210
7,000 110
Jan 960
600 45c
200 17% Mar 21
Jan
Cc
2.000
3c
1% Mar
200
2%
2,000
3c Feb
70
Mar 1834
7,700 11
40 Apr
70
17,000
Sc Mar 100
25,000
21,000
50 Feb 19e
I
Mar
2.400
234
80 Ain
180
1,000
14,000 120 Apr 32e
700 lb% Mar 19%
200 17% Jan 1935
100 700 Apr
134
2%
44,700
135 Jan
Jan
1
1k
2,500
Jan
1%
100 95c
1% Jan
300
4,000
7c
4c Mar
Mar 2134
900 19
Mar 210
90 180
200 4634 Jan 57%
534 Mar
000
9,500 12% Mar 1833
100
2% Apr
3%
2.800 470 Mar 750
6,000
80 Jan 280
200 50e Mar 620
8.600
2% Jan
2%
3,000 200 Jan 350
5%
300
3% Feb
So
5,000
20 Feb
334
141 Jan
1,800
2:
234 Jan
4%
1.800
1%
8,600 Sic Apr
Jan
7%
300
5
Jan 10c
7,000
7c
Apr 470
2,000 400
Mar 33
1,000 27
6% Feb 11%
4,900
234
13( Feb
100
354
100
231 Mar
Feb 23%
180 20
Feb
Feb
Feb
Feb
Feb
Jan
Mar
Feb
Jan
Jan
Apr
Jan
Feb
Feb
Mar
Feb
Feb
Mar
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Mar
Mar
Mar
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
54% 57% 6.700 52
55
56%
1,200 5334
140% 143
130 184k
32% 33% 8,100 32%
26334 65%
450 58
16
17
700 16
73% 73%
100 70%
59% 60% 1,600 59%
18
22%
1,300 15
54
51
8,700 48
123% 125
2,50 122%
196 202
110 191
152 158
120 149
39
39
300 39
66% 67
350 61%
52% 54% 5,500 51%
61% 62% 17,800 61%
26% 27%
800 25
114% 117
1,306 108
248 260
100 211
3045 31% 56,100 30%
110 302k
313 316
18
300 15%
18%
3,600 94%
96% 99
MInlog Stocks.
*
1041
Arizona Commercial
.
12c
12c
Arizona Globe Copper-69e
1
Beaver Consolidated
10
17%
Carnegie Metals
1
Sc
Chino Extension
1%
Consol Copper Mines
1
5c
Divide Extension
14
Engineer Gold Mines.Ltd.5 15
4e
1
Eureka Croesus
6c
6c
First Thought Gold Mm..)
100
Forty-nine Mining Co.._ _1 12c
1%
1%
Golden Centre Mineo._ _ _5
1
8c
:Goldfield Florence
16c
Hawthorne Mines, Inc_ :1 16c
ise
17%
Hecht Mining
18
Hollinger Consol 3 M__ _5 18
95e
_Jerome Verde Develop_50c 950
1%
1
Kay Copper Co
1
_6
Kerr Lake
1
.Kirkland Lake Gold Mln_l
1%
Mason Valley Mines
6
4c
4c
50c
National Tin Corp
19%
_5 21
New Cornelia Copper
182
i00
New Jersey Zinc
Newmont Mining Corp_10 49% 49%
6
Nipiseing Mines
6
5%
14
• 15%
Noranda Miner Ltd
15
2%
North Butte
50c
.01ilo Copper
130
Plymouth Lead Mine5___1 16e
Portland Gold Mining__ _1 60e
60c
2%
Premier Gold Min. Ltd__1
211.
1
25e
Red Warrior Mining
4
South Amer Gold & Plat_ _1
Spearhead Gold Mining._1
30
1
3
3
Teck Hughes
3
3
Tonopah Belmont Deve1.1
1 51c
51c
Tonopah Extension
1
5%
Tonopah Mining
70
Contin'l Mines new..
400
.United Eastern MIning_l
United Verde Eaten,._50c 2744 27
8
835
Utah Apex
2%
Utah Metal & Tunnel_ _1
2%
Wenden Copper Mining....
21%
YukonAlaska tr ctfs
4
700
5
3,500
100
1k
1,300 14%
2,800 75
934
11.000
834
800
1,500 10
1,300
100 750
1.700 880
10,200 950
6c
1,000
2,300 82%
16,400 28%
2%
500
33,100 1634
7,300
834
43 400
634
100 22%
3,000
1%
600
5,400
1,000
Sc
400
5,700 23
60 181
534
1,100
1.600
100
9
10,100 700
1,700 1834
2.600
6%
1,200 1435
3,000 200
1,200
5
500
8
2,800 29
200
735
15.300 21
4,500 9734
22,800
2,400 22
Sc
30,000
Mar
Mar
Mar
Mar
Jan
Mar
Jan
Apr
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Apr
Mar
Mar
Mar
63%
65%
144
8834
70
2031
8034
67%
23
603(
12734
212
197
so
-Bonds
Mar 89
79
79k 523,000 75
Allied Paek, deb 88_1939 79
Apr 80
66
68
3,000 66
1939
Debenture 68
Aluminum Co of Am 781933 107% 106% 107% 19,000 106% Jan 107%
Jan 100
99% 179,000 98
Amer & E deb 6s_ _ _2014 9944 99
2014
99% 09% 36,000 98% Apr 99%
68 w I
American Power & LightJan 98
en old without warr-2016 97% 9744 98 221,000 96
Jan 10334
102% 103% 7,000 101
Amer Rolling Mill 644. _1938 103
American Thread 68-1928
10234 102% 8,000 10235 Feb 10334
Amer W Wks & El 63-11475 94% 9334 94% 36,000 92% Mar 94%
102% 103k 101,000 102% Mar 103%
Anaconda Cop Mm 6s.1929 103
Andian Nat Corp 6s_.1240
Mar 10035
99% 99% 5,000 98
Without warrants
94% 93% 94% 239,000 92% Mar 95%
Annoo Gas & Elec 6s _ 195
Jan 96%
95
95
26,000 95
33 95
Assoc'd Sim Hardw 8358'
Mar 33%
1949
22
23
17.000 19
Atlantic Fruit Ss
Mar 75
67
68% 23.000 63
Atl0& W 1 SS L 58_ _1959 67
[VOL. 122.
THE CHRONICLE
2176
Mar
Jan
Jan
Jan
Jan
Feb
Feb
Apr
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Bonds (Concluded)
Balt & Ohio RR 58.„2000
Beaver Board Co fts_ _ _1933
Bell Telep of Can 58..1955
Berlin City Elec 6358_1928
1929
6%s
Beth steel equip 78_ _1935
Boston & Maine RR 681933
Brunner Turb & Eq 7%s'55
Buffalo Gen Elea 5e....1956
Canadian Nat By,78_1935
Carolina Pow & Lt 58_1956
Cities Service 68
1966
New w
Cities Serv 78, Ser C _ _1966
Cities Serv 78, Ser D..1966
Cities Serv Pr & Lt 68_1944
Cons G. E L &P 6sA_1949
544s series E
1952
Consolidated Textile 813 '41
Crown Will Paper 7358 '51
Cuban Telep 735s____1941
Cudahy Pack deb 5148.1937
58
1946
Detroit City Gas 6s__1947
Detroit Edison 78_ _ _ _1928
eltingon-Sched Co 68_1935
Elec Refrigeration 68-1936
Est RR of France 75. A954
Europ'n Mtg dc Inv 7358'50
Federal Sugar 614
1933
Fisk Rubber 5%a
1931
Florida Pow & Lt 55_ _1954
(lair (Robt) Co 78_ _1937
Galena-Signal Oil 78_1930
General Ice Cream 6345_'35
,seneral Petroleum 68.1928
let 59
Aug 16 1940
German Gen Eleo 6358.1940
Goodyear T & P.14-1928
Grand Trunk By 6%44_1936
Great Cons Elec 6%8_1950
Gulf Oil of Pa 58
192
3
8
7
Serial 5348
19
Hamburg Klee Co 78..1935
Indep Oil& Gas 6548.-1931
Inland Steel deb 5%s-1945
Inspir Con Cop 6348..1931
Keith(B F) Corp 68 A 1946
Keystone Telep 5%s..1955
Krupp (Fried), Ltd, 781929
Laclede Gas L 5348-1935
Lehigh Pow &cur 68..2026
Leonard Tletz Inc 7358'46
with stock purch warets
Libby. McN dr Lib 78_1931
Liggett Wincheeter 78_1442
Long Island Ltg Co 68.1945
Manitoba Power 5358_1951
78 A without war_ _ _1941
&fats Gas cos6358... 1940
Missouri Pac RR 58...1927
slorrle & Co 74e_
1930
Munk Gas Albany 53-48 '52
Nat Dist Prod 6348-1945
Nor States Pow 635s. 1933
1933
6349 gold notes
Ohio Power 58 Ser B..1952
1951
75
1941
Otis Steel 58
Pan Amer Petrol 68 ..1940
Penn-Ohio Edison 68._1950
Penn Pow & Light 5s.. 1952
1953
SsSerleefl
1927
Pennok 01168
1941
Phila Elec 6s
11994537
5345
5.4s
1960
's
P111144E1430 Power 5%8.1972
Voila Rapid Transit'is 1962
.ure 011 Co 654a. _ .1931
Rand-Kardex Bur 5403 '31
Rhine-Main-Danube Corp
1950
78 Series "A"
stun.- estphal El P 78 '541
_1955
Sands Falls Co
Schulte RE Co 68...1930
68 without corn stock1935
Serve( Corp 68 w 1_...1931
Shawsheen Mills 78_ _ _1931
nemans & Halske 70..1928
Friday
Last Week's Range Bales
Sale
Of PTIC438.
for
Price. Low. High Week.
Range Since Jan. 1.
Low.
97
9635 97 947,000 94% Mar
95
95
9534 28.000 9334 Feb
100% 100% 10035 80,000 99% Jan
Mar
6,000 98
9834 99
Mar
42,000 97
9734 98
104% 104 104% 66,000
17,000
9634 98
98
9534 9535 17,000
102% 101% 10234 46,000
115
1"9903
0
1
54
Marja
j
110% 111% 24,000 ! n
anan
98% 9734 98% 168,000 97% Mar
134 Apr
91% 91% 92% 79,000
91% 91% 92% 66,000
Fe13
A p1
12734 129% 63,000
129
102% 103% 52,000 10134 Jan
103
94% 94% 94 126,000 93% Jan
106 107% 17,000 10534 Feb
Mar
7,000 105
105% 105% 106
7.000 8434 Apr
84% 843.4 85
Feb
11,000 99
99
99
5,000 108% Jan
11135 112
112
9434 17,000 92% Jan
94% 93
95
9535 12,000 94% Jan
10634 10634 106% 40,000
124% 12435 3,000 12435 Apr
95% 95% 95% 65,000 95% Apr
101% 102% 62,000 10035 Mar
102
Mar
91,000
82
81% 81
16,000
96
96
96
6,000
91
91
42,000
96% 96% 97
63,000
93
92% 92
999°9:75241i MarMA nap:
105% 105% 1,000 103
J
Ajj
Jan
10231 102% 102% 9,000 102
Apr
1,000 120
120 120
101% 101% 101% 44.000 10134 Ma
Mar
9834 9644 98% 39,000 93
97% 97
97% 61,000 93% Jan
98% 98
9831 80,000 9734 Mar
33,000 107% Mar
108 109
109
Apr
85
85
8534 34,000 85
9834
100% 100 100% 2,000 100% Feb
Jan
1014 101% 10,000
Jan
95% 9534 9535 56,000
95%
96
96% 27,000 " Mar
Mar
98% 99% 57.000 98
101% 101% 20,000 10031 Mar
Apr
9,000 100
100 100
Apr
43,000 83
83
87
87
31,000 903-4 Jan
94% 94% 95
Jan
9934 9% 11,000 98
Mar
95
95
95% 179,000 93
High.
97
98
100%
35
98%
104%
98
101%
10234
111%
9834
93%
94
131
104
9534
10735
106
92
99%
112
9534
95%
106%
134
98%
107
8435
96%
98%
98%
94
10534
104
138
10234
9834
99%
99%
109%
86
101
101%
96%
100%
9944
10134
100
87
95
100%
Apr
Feb
Jae
Mar
Mar
Jan
Apr
Feb
Apr
Apr
Apr
Mar
Mar
Mar
Mar
Mar
Apr
Apr
Feb
Feb
Mar
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Mar
Feb
Jan
Feb
Mar
Mar
Jan
Jan
Apr
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Apr
Apr
Apt
Apr
Feb
95% Feb
94% 24.000
94
104% 104% 14.000
10834 10835 6,000
31,000
100% 102
94% 9634 49,000
2,000
105 105
101% 10131 100,000
1,000
10034 100%
105% 105% 12,000
1,000
99% 9934
96% 9734 15,000
51,000
11054 112
103k 103% 17,000
9544 96% 83,000
10544 105% 10,000
98% 9835 80,000
9934 100% 89,000
36,000
98
99
9834 9844 13,000
42.000
98% 99
9844 9834 7.000
10735 10735 2,000
1.000
107% 10734
107% 10735 2,000
10234 102% 2.000
101% 101% 235,000
9935 9934 22,000
10334 103% 10,000
103% um% 144,000
9334
104%
10734
99%
94%
10335
99%
100
104%
99%
96%
108
102%
94
10554
9735
993-4
98
97%
97%
9844
106
106%
106%
10135
100%
9735
102%
101%
Mar
Jan
Jan
Mar
Apr
Jan
Jan
Mar
Jan
Apr
Feb
Mar
Mar
Jan
Apr
Mar
Apr
Apr
Mar
Mar
Apr
Jan
Jan
Mar
Jan
Mar
Jan
Jan
Mar
Feb
Jan
AM
Apr
Apr
Mar
Feb
Feb
Apr
Apr
Jan
Jan
Jan
Apr
Mar
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Mar
102% Apr
101% Apr
99% Feb
103% Feb
Jan
116
96
96% 26,000
40,000
9535 96
56,000
9434 96
31,000
92% 95
8434 84% 8,000
9914 9934 9934 24,000
19.000
10044 100 34 101
9935 76,000
99
99
96% 953-4 96% 41,000
103% 10334 6,000
Sloes-Shell Steel & I 68 1929
103% 103% 9,000
1934
Solvay & Cie Is
Southeast P & L 13e-2025
9334 92% 94 368,000
Without warrants
10,000
9835 90
Sou Calif Edison Ist.-1944 99
9635 9834 12,000
Southern Gas Co 6345_1935
Stand 01101 N V 6348.1933 105% 105% 10634 24.000
102 102% 1,000
102
Stu
9914 98% 9934 40,000
Sun Oil
Swift & Co 55_ _Oct 15 1932 98% 98)4 98% 156,000
um% 102% 257,000
Texark & Ft Smith 534s'50 102
86,000
Thyme's (Aug) l&S 75 1930 95% 9511 96
l'Idal-Osage 011 7*.. _ .1931 10344 103% 10344 8,000
94
9414 19,000
Prans-Cnntinental 01178'30 94
United Elec Weetph Power
86
86)4 31,000
Corp (GermanY)6345'50 86
110 110
1,000
United Rye of Hay 7%8'36 110
10134 101% 12,000
S Rub ser 635% notes'27
U
101% 102
20,000
Serial % notes-1928
103% 103%
1,000
Serial 634% notes.-1929
101% 102
4,000
Serial 64% notes...1930
101% 102k 21,000
Serial 6k% notes_ _1931
102 10234 9,000
Serial 835% notes._1932
102 102
17,000
Serial 634% notes_.1933
102 102% 25,000
Serial 63-4% notes. _1934
notes_ _1935 102% 102 102% 9,000
Serial 654%
102 102
5,000
Serial 635% notes_ _1936
102 102
5,000
Serial 6k% notes _.1933
102 10234 12,000
Serial 635% notea_1938
Serial 635% notes_1939 102% 102 102% 21,000
Serial 635% notes_ -1940 10234 102 10235 5.000
s Smelt ea Ref 5358.1935 101% 101% 101% 19,000
104k 104% 2,000
1937
Valvoline Oil Os
16,000
Webster Mills 04.-. 1933 9734 97H 98
94
93k
94
93
83%
9935
99%
8635
94
102
102
Jan
Mar
Mar
Mar
Apr
Mar
Feb
Jan
Jan
Jan
Jan
98
96
96
98%
8634
101%
10234
9934
9734
10394
10334
Feb
Mar
Mar
89
963(
95
1053(
102
97%
96%
100%
93
10334
92%
Mar
Jan
Mar
Mar
Apr
Jar!
Jan
Mar
Jan
Jan
Mar
94
99%
9944
1073(
120
99%
98%
102%
97
10334
98
Apr
Mar
Jan
Jan
Jan
Feb
Apr
Apr
Feb
Mar
Jan
8434
109%
100%
101%
102
10134
101
100%
10034
10034
101
10035
100%
10035
10035
100
100
103:i
97
Apr
Jan
Mar
Apr
Jan
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Jan
Jan
Feb
8734
110
102%
102%
103%
10234
102%
10235
10234
10234
102%
10234
10234
10231
10235
10234
102
104%
101
Feb
Jan
Mar
Jan
Apr
Jan
Jan
Apr
Feb
Apr
Jan
Feb
Mar
Feb
ftpr
Apr
Feb
Apr
94
108%
101%
9645
105
101%
10044
10544
110%
103%
96%
98%
10034
9844
98%
101%
9934
103%
10635
96%
96
95%
92%
Foreign Government
end Municipalities.
Antloguta (Dept of) Col
1945 9144 01% 02%
7s Ser A
1945 9134 91% 01%
7s, Series B w I
93% 9311
Baden (Germany)75-11351
Buenos Airen(Proy)7 s'47 10034 99% 100%
1933 100
9% 100
75
9
1952 96% 96% 97
7s
95% 95%
Caldsa(Deptot)Col 7358'46
Lrniogne (City) 8148..1950 869-4 8635 87
Danish Cons manic 5%8'55 96% 9635 97
OenniArk i Kg)54s ..1955 98% 9834 99
1970 100% 100 10034
166.000
1,000
6,000
109,000
34,000
14,000
10.000
80,000
29,000
47,000
35.090
90
91%
93
993(
99
96%
9535
85
9635
98
9934
973(
105
108%
102
96%
10545
102%
100%
10535
9034
99
131
10444
96;5
106
98%
10434
106
99
99
107%
10734
107%
10734
Feb
Feb
Feb
Jan
Jan
Mar
Jan
Jan
Jan
Jan 92%, APT
Apr 9134 Apr
Feb 9335 Feb
Jan 101% Feb
Apr 10031 Apr
Apr
Apr 97
Mar 95% 51sr
Jan 8831 Feb
Apr 99% Feb
Mar 99% Jan
Jan 10135 Jan
APR. 17 1926.]
THE CHRONICLE
Friday
Last Week's Range Sales
ofPrices.
Sale
for
Price. Low. High Week.
Bonds (Coneluded)—
Range Since Jan. 1.
Low.
High.
Dresden (City) 7s____1945
924 9234 26,000 91
Mar 94
Jan
French Net Mall SS 75 1949
794 80
16,000 78
Mar 824 Feb
German Cons Munie 78'47 944 9434 9434 77,000 944 Mar 95% Feb
97
Gratz (City) Austria Ss '54
Jan 98% Mar
9734 6,000 96
Heidelberg(City) 71481950
974 9734
3,000 974 Mar 984 Jan
Indust Mtge Bk of Finland
1st M coil f 78. _ _ _ 1944 97
14,000 964 Jan 99
Jan
9634 97
Italian Pub Util Inst 7s'52
92
93
13,000 92
Mar 93
Mar
1947 93
Leipzig 7s
9234 9434 176,000 9434 Mar 9474 Apr
Medellin (Colom) 8s_ _1948 994 99 100
11,000 98
Jan 100
Feb
10
Mexico (U S of) Is of 1889
10 .10,000 10
AM 10
Ain•
Netheeds (Kingd)(Is B '72 10634 1064 10634 10,000 1064 Mar loot Feb
Oslo (City)548
1946 9434 94
9494 123,000 93
Mar 9734 Mar
Rhinelbe Union 78
1946 9634 9534 964 535,000 9334 Mar 9634 Apr
Russian Govt64s-- _1919
1334 1334 13,000 13
Mar 1734 Feb
1919 1334 13
634setts
Feb
17
1334 41,000 1234 Apr
13
5148
1921
13
13,000 13
Mar 1754 Jan
93
BantaFe(Argentina)7s 1942 93
934 17,000 9234 Jan 9414 Feb
Saxon State Mtge Inv 78'45 9334 934 9334 26,000 9234 Mar 944 Feb
Switzerland Goat 54s 1929 10134 1014 10134 13.000 1014 Mar 1024 Jan
* No par value. k Correction. I Listed on the Stock Exchange this week, where
additional transactions will be found. 0 New stock. s Option sale. v Ex-cash and
stock dividends. w When issued. z Ex-dividend. y Ex-rights. z Ex-stock div.
Stock of Money in the Country.
The Treasury Department at Washington issued its customary monthly statement showing the stock of money in
the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by Federal Reserve banks and agents. The figures this time are
for April 1. They show that the money in circulation at
that date (including, of course, what is held in bank vaults
of the member banks of the Federal Reserve System) was
$4,805,884,836, as against $4,814,217,046 March 1 1926 and
$4,776,167,142 April 1 1925, and comparing with $5028,427,732 on Nov. 1 1920. Just before the outbreak of the
European war, that is, on July 1 1914, the total was only
$3,402,015,427. The following is the statement:
ea
34kl.5.n .4m_cao
1.4.9•X9.4
r.litaRrtg8g1
' Er,• 15;
•
c
!0,14'045'g
r'Vell ,
V4
'
I<
WOOCCO
r;g0r
;:g's
1
,
**7
00....400e0
1.1111
Ca
Ca
,WtolOomW
00
4wow.
..
5225
5
. 2 st 5 5
?2
aot0000
'o
Ca
0
'to
.0
..c.
1...mbob
2.147.780,383
1,965.478,853
696,854,226
2,684,800,085
1,507,178,879
ol RAO AAA
ta'okb'at
at o.00
o0oo.
2.150,180.686
liac
1.1„1.
s gs
.....
E 23 88 8 8
Ololok*C.b
....4..b...,.4 54cp.6.5
,
gtitElig
o.00mo
8588.t'28
..t.b,:olab
WWWWW
.....
'&
°' a14
s
'
ss
;.• *0 .. ;
" K' R. i
4
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8
e• .•
1.,Ca
oe
c
.i'
E
--
...so
P
0
k
I
.
g
S
ze.2.:
?Jilt
•
Q
1
gt'l
S
g
-...
g
"E" 1421;
-.
.
a ..
. ett.or
.s.
2 go2 .
o
b
o
0
zol.alob'o.
oo.00
o0oo.
rc
E"
5' .•••
. et
X
I it
o 0
0 o
.
; g i.tg
togil
....... '..Cobiaas
........
kb 'cipio'po'014
-i
I.
8 St8828 4888
©C40 Ca lo'01o.
o...
% 8 8 8 8. 2 g3 SI it 8
2
...a
a ..
... ....
:. . r
5.0 . .
'5.
. teer I
..a
.
1,454,754,598 4,805,884,836
1,471,709,974 4.814,217,046
1,363,754,386 4,776,167,142
987,962,989 5,628,427.732
953,320,126,4,100,590.704
3,402,015,427
816.266.721
....aa
0.0.0N..
. le
o
-4
Ca
o
.
. '-4
.
gvn72
V gn
8 =1 0.4
.
0 ... ..a
a 0.. ....
0...
.
00.
10 - 5'obloW ;-;-12C-045
4 Z 8 Ft
;
0;:c.i..- .
. - .a
-..... ....
a 0 o7WW
o...
W
WWM
WcgSk
,i
o
.....,..
hall
:.
cot
.
btOtoiaEob
.0o.o.
*
i
,
a
a
1
2
f
liR
.
.O0
',..
loCE 4
00
eablo.',.1ka
MONEY OUTSIDE OF THE TREASURY.
......
......
Obloiololo
.i
Z
E
I
w0moo
o.'obt;-lo
ca
. '-4
0 to
oc
Ca
Ce z..*
MONEY HELD IN THE TREASURY.
Ca
Ca
Mtn
ObOlabs
0:
.,,
ia
.
.
L.
g to' t't a Zat
isggss
...
E.
-.Waco
lc
."001-91.
ggg2n
e.
9Z
1. ..3 o0Ct*:4 ic,:p.
g RcArtg~ mg 2
.ialcto
tItla"g-4.23
e.
.. E
1
a Includes United States paper currency in circulation In foreign countries and
the amount held by the Cuban agencies of the Federal Reserve banks.
2177
b1Does not include gold bullion or foreign coin outside of vaults of the 'Treasury.
Federal Reserve banks, and Federal Reserve *agents.
Ike These amounts are not included;in the total since the money held In trust against
gold and silver certificates andrTreasury notes of 1890 Is Included under gold coin
and bullion and standard silver dollars, respectively.
d The amount of money held in trust against gold and silver certificates and
Treasury notes of 1890 ahould.be deducted from this total before combining It with
total money outside of the Treasury to arrive at the stock of money In the United
States.
e Tlas total includes $16,130.772 of notes in process of redemption. 4153.535,648
of gold deposited for redemption of Federal Reserve notes, $12,893,767 deposited
for redemption of national bank notes, 44,365 deposited for retirement of additional
circulation (act of May 30 1908). and $6,586,790 deposited as a reserve against
postal savings deposits.
Includes money held by the Cuban agencies of the Federal Reserve banks of
Boston and Atlanta.
Note.—Gold certificates are secured dollar for dollar by gold held in the Treasury
for their redemption; silver certificates are secured dollar for dollar by standard
sliver dollars held in the Treasury for their redemption: United States notes are
secured by a gold reserve of $154,188,886 held in the Treasury. This reserve
fund may also be used for the redemption of Treasury notes of 1890, which are also
secured, dollar for dollar, by standard silver dollars, held in the 'Treasury. Federal
Reserve notes are obligations of the United States and a first lien on all the assets
of the lasting Federal Reserve bank. Federal Reserve notes are secured by the
deposit with Federal Reserve agents of a like amount of gold or of gold and such
discounted or purchased paper as is eligible under the terms of the Federal Reserve
Act. Federal Reserve banks must maintain a gold reserve of at least 40%,including
the gold redemption fund which must be deposited with the United States Treasurer,
against Federal Reserve notes in actual circulation. Lawful money has been deposited with the Treasurer of the United States for retirement of all outstanding
Federal Reserve bank notes. National bank notes are secured by United States
bonds except where lawful money has been deposited with the Treasurer of the
United States for their retirement. A 5% fund is also maintained In lawful money
with the Treasurer of the United States for the redemption of national bank notes
secured by Government bonds.
CURRENT
NOTICES.
—Stone & Webster, Inc., have purchased the Massachusetts Trust
Building at Franklin, Federal and Devonshice streets, Boston. The property is located in the centre of the investment banking district, sharing
a block with the First National Bank of Boston, and having such neighbors as Lee, Higginson & Co., Harris, Forbes & Co., E. H. Rollins & Son,
Federal Reserve Bank, Boston Chamber of Commerce, &c. The building
Is 10 stories high and covers a lot of about 23,000 square feet. About
60% of it will be occupied within a year by Stone & Webster so that plenty
of space is available for expansion of the organization, which has been
record in the last few years. Starting in 1889 as the first purely electrical
engineering firm in the United States, the company has had a steady and
consistent growth so that to-day it manages a large number of public utility
companies throughout the United States, carries on an extensive investment banking business and is rated as one of the largest engineering and
construction companies in the country. Charles A. Stone is Chairman of
the board of directors; Edwin S. Webster, the other original member of the
firm, is President.
--..The Stock Exchange Official Intelligence" for 1926 (Vol. 44) has
just been received. This volume, containing 1,966 pages, is a carefully
revised compendium of information regarding British, Indian, Colonial,
American and foreign securities. Vol. 44 contains particulars of 450
additional companies, and also of 52 British, Colonial and Foreign loans
-London since publication of the 1925 volume.
which have been raised in
Vol. 44 also contains special articles on Indian finance and company law
decisions; statistics relating to miacipal finance, county finance, colonial
finance. and British and foreign finance; a list of brokers who are members
of the London Stock Exchange; also information as to stamp duties, trustee
investments, the public trustee, income tax, company registrations, &c.,
&c. The book is published in London, under the sanction of the Committee of the London Stock Exchange, by Spottiswoode, Ballantyne & Co.,
-Square, E. C. 4.
Ltd., 1 New Street
—The First Illinois Company,underwriters and participating distributors
of investment securities, has opened an office in The First Wisconsin
National Bank Building, Milwaukee, Wisconsin, with Grinnell Wylie in
charge. The Company was founded in Aurora, Illinois, in 1920 and now
has offices in Chicago, Springfield and Aurora, Illinois, St. Louis. Missour
and Milwaukee, Wisconsin. Officers of the Company are: President.
Herbert P. Heiss; Vice-Presidents, William C. Reiss, George B. Marx;
Vice-President and Secretary, Malcolm C. Woodward; Treasurer, George
L. Hilt.
—Effingham Lawrence who joined the New York Stock Exchange in
1903 when he organized the brokerage firm of Effingham Lawrence & Co..
since dissolved, has become a general partner in the New York Stock
Exchange firm of Buell & Co., 7 Wall St., New York. The dissolution of
Effingham Lawrence & Co., which for years was one of the prominent
houses on the Exchange, took place in 1920, when Mr. Lawrence sold
his Stock Exchange membership owing to ill health. He rejoined the
Exchange in 1924 as a floor trader.
—Guaranty Trust Company of New York has been appointed Trustee,
Agent and Registrar under an Indenture of the Burda Holding
Corporation dated March 1. 1926,securing an authorized issue of $1,600,000
par value Trinity Court Building—Burda Holding Corporation First Mortgage Six Per Cent, Gold Bond Certificates dated March 1 1926 and clue
serially from Sept. 1 1929 to March 1 1941.
Paying
—Smith, Graham & Rockwell, members New York Stock Exchange,
52 Broadway, New York, announce that C. Buchanan Stuart has become
associated with them.
—Clark Childs & Co., Members of the New York Stock Exchange,
announce the removal of their Offices to 120 Broadway. New York.
—National Bank of Commerce in New York has been appointed
Transfer. Agent of the Preferred and Common Stock of Bloomingdale
Bros., Inc.
—The Seaboard National Bank of the City of New York has been appointed Registrar of the Seven Per Cent. Cumulative Preferred and the
Common Stocks of Albany Perforated Wrapping Paper Co.
—Taylor, Thorne & Co. announce that they have admitted to partnership George E. Brown, formerly with the Aluminum Co. of America.
—Robert L. McClure has been appointed Manager of the New Business
Department of J. G. White & Co., Inc.
2178
Xnutstinent and guiltoad grxteiligente,Q
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the first week
of April. The table covers 13 roads and shows 7.02% increase over the same week last year:
First Week of April.
1926.
5
Buffalo Rocheste & Pittsburgh
280.598
Canadian National
4,514.256
Canadian Pacific
3,215,000
Duluth South Shore & Atlantic
90,392
Great Northern
1,804,000
Mineral Range
5,016
Minneapolis & St Louis
257,387
Mobile & Ohio
370,377
Nevada California & Oregon
3,755
St Louis-San Francisco
1,612.661
St Louis Southwestern
428,600
Southern Railway System
4,089,990
Texas & Pacific
604,057
Western Maryland
370.036
Total (13 oads)
NetInc ease(7.02%)
1925.
Increase. Decrease.
S
$
289.393
4,069.497 444,759
2,853,000 362,000
101,239
1.634,687 169,313
10,849
249,568
7,819
363,626
6,751
4,819
1,605.882
6.779
457,195
3,876,362 213.628
630.106
368,139
1,897
17,646.125 16,514,362 1,212,946
1.131.763
$
8,795
10,847
5,833
1,064
28,595
26,049
81,183
In the table which follows we a so completefur summary
of the earnings for the fourth week of March:
Fourth Week of March.
1926.
1925.
Increase. Decrease.
$
$
$
Previously reported (13 roads)_- 25.843.144 22,273,949 3,660,364
Minneapolis & St Louis
45,673
301,786
347,459
Western Maryland
635,553
95,116
540.437
$
91,169
Total (15 roads)
Net increase (16.09%)
91,169
26,826,156 23,116,172 3,801.153
3.709.984
Gross
Net after
Earnings.
Taxes.
Companies.
Kansas Gas &
Feb '26
385,544 *188,301
Electric Co
'25
540,248 *168,178
12 mos end Feb 28 '26 4,861,678 *2,143,696
'25 5.702.509 *2,052,216
Market St By Co
Mar'26
865.587
177,841
'25
.831 *186.776
3 mos end Mar 31 '26 2,402,990 *461,361
'25 2,394,047 *507.028
Mass. Ltg. Co
Mar'26
308,306
c58 471
278,512
c57.305
'25
3 mos end Mar 31 '26
995.182 c227,642
'25
921.199 c224,402
Nebraska Pow Co
Feb'26
379.793
218.062
'25
367,514
228,917
12 mos end Feb 28 '26 4,189.616 2,194,977
'25 3,974,852 2,036.149
Pacific Power &
Feb'26
297.772
Light Co
'25
270,065 *118,206
12 mos end Feb 28 '26 3,610,128 *1,612.502
'25 3,193,228 *1,429.604
Portland Gas &
Feb'26
361.470 *136,080
Coke Co
'25
326,381 *108,575
12 mos end Feb 28 '26 4,071,658 *1.436.778
'25 3,804,049 *1.372.067
Texas Power &
Feb'26
631,568 *261.709
Light Co
593,674 *270.530
'25
12 mos end Feb 28 '26 6.961,414 *3.001.885
'25 6,603,841 *2.957,901
Utah Power dr Light Co
and Western
Jan '26
923,455 *526,492
Colorado Pow Co)
'25
881,203 *501,654
12 mos.end Jan 31 '26 9,896,752 *5,395.195
'25 9,363,694 *5.055.948
West Penn Electric Co
and subsidiaries Feb '26 2,914,948 1,425,059
12 mos ended Feb 28 '2631,864,342 14,090,715
*Includes other income. 1) Mter rentals. c After
In the following we show the weekly earnings for a number
of weeks past:
Week.
lit week Jan. 15 roads1 ____
2d week Jan. 15 roads3r1 week Jan. 15 roads ____
4th week Jan. 15 roads ____
lit week Feb. 15 roads ---2d week Feb. 15 roads)_..__
3d week Feb. 15 roads)____
4th week Feb. (15 roads)___let week Mar. il4 roads)---2d week Mar. 14 roads)____
3d week Mar. 14 roads)__-4th week Mar.(15 roads)___ _
let week Aim. (13 roads)----
Current
Year.
Previous
Year.
Increase or
Decrease.
%
$$
16,483,387 15,211,149 +1,262.238 8.29
16.801,718 15,778,084 +1,023.634 6.50
17,314,742 16,076,124 +1,238.618 7.71
23,422,685 23.465,449
-42,764 0.18
17.503,007 16,641,621
+861,386 5.17
17.767,644 17,263 755
+503.889 2.91
17,674,105 16.950.595
+723.510 4.27
17.941.175 16,783.658 +1.157,517 6.90
17.011.615 16,195,029
+816,586 4.96
17,403,986 16.675.446
+728.540 4.35
17,723.131 18,555,077 +1,168,054 7.05
26,826.156 23,116.172 +3.709.984 16.09
17,646,125 16,514,362 +1,131.763 7.02
Fixed
Charges.
Balance,
Sullus.
90,266
85,082
1,143,645
1,145,314
81,880
80,286
246,012
241.424
12,353
11,693
36,217
38.440
69.595
68,603
828,670
697,135
66,016
64.721
787.022
743,638
52,966
42,585
575,465
470.735
83.247
75.279
998.410
854.624
98,035
83.096
1,000.051
906,902
95,961
106,490
215,349
265,604
46,118
45.712
191,425
185,962
148,467
160,314
1,366.307
1,339,014
71,383
53,485
825,480
685,966
83,114
65,990
861,313
901.332
178,462
195,251
2.003,475
2,103.277
349,554
176.938
316,720
184.934
2,131,350 3,263,845
2,134,895 2,921,053
719,076
705.983
7,985,481 6,105.234
depreciation.
FINANCIAL REPORTS.
Financial Reports.
-An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
March 27. The next will appear in that of April 24.
Atchison Top:.•7La & Santa Fe Railway Co.
(31st Annual Report-Year Ended Dec. 31 1925.)
The remarks of President W.B. Storey, together with the
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before income account for 1925, will be found under "Reports and
the deduction of taxes), these being very comprehensive. Documents" on subsequent pages.
They include all the Class A roads in the country, with a total
TRAFFIC STATISTICS FOR CALENDAR YEARS.
mileage each month as stated in the footnote to the table.
1925.
1924.
1923.
1922.
'one of rev. fr't carr_ 42.781.931 40,695.205 39,683,682 33,812,696
Tons reveinue freight
carried one mlle_ _ _13861804088 13080877846 12323632260 11177223688
$4.09
$4.13
$4.19
$4.67
Increase or
Increase or ' vge. revenue per ton 1.262 cts
v.rev. per ton p. m_
1.285 cts.
1.350 cts.
1.414 cts.
1924.
Decrease.
1925.
1925.
1924.
Decrease.
o. passengers carr'd_ 6,731.275
9,239,343
9,680,251
8.040,686
ass. carried 1 mile .1409504,095 1510,070.161 1614,122.904 1473,294,820
$
$
5
$
$
$
vge. rev,
$6.55
$5.99
$5.03
$5.73
Mar__ 485,498,143 804,362.976 -18,864,833 109,230,086 114,677,751 5.447.685 : v.rev, perper pass_ _ 3.130 cts.
pass. p.m
3.189 cts.
3.278 eta.
3.302 cts.
April_ 472,591,685 474,287,768 -1,696,103 102,861,475 97,471,885 +5,389,790
May _ 487,664,385 476,549.801 +11,114,584 112,859,524 96,054,494 +16.805,030
x
of tons of freight carried one
June. 506,002,036 464,774,329 +41,227.707 130,837,324 101,487.318 +29,350,006 i on NumberSan Francisco and Galveston mile shown above includes water
miles.
bays.
July__ 521,538,604 480,943,003 +40,595.601 139,606,752 111,786,887 +27,819,885
Aug__ 554,559,318 507,537,554 +47,021,764 166.558,668 134,737,211 +31,821,455
INCOME ACCOUNT FOR CALENDAR YEARS.
Sept__ 564.443.591 540.063.587 +24.381,004 177,242,895 159,216,004 +18,026.891
Oct __ 590.161,046 571,576,038 +18.585008 180,695,428 168.640.671 +12,054,757
1922.
1924.
1923.
1925.
Nov__ 531.742,071 504,781,775 +26.960,296 148,157,616 131.381.847 +16,775,769
$
Operating Revenues$
$
Deo__ 23,041,764 504.450,580 +18.591,184 134,445,634 124,090,958 +10,354,678 i eight
174,868,231 168,101,036 166,332,196 158,026,370
44.116,182 48,154.636 52,918,570 48,644,529
1 assenger
1926.
1925.
1926.
1925.
3 all, express & miscell
17.958,116 19,155,280 19,432,970 18.453,645
Fan__ 480,062.657 484,022,695 -3,960.038 102.270,877 101,323,883 + 946,994 i ire of equip.
-credit balDr1,328,693
551.912 1.760.908
892,713
-38.008
Feb__ 459.227.310 454.198.055 +5.029.255 99.480.650 99.518.658
716,673
677.704
618.732
olnt facility rent income
596,363
Note.
-Percentage of Increase or decrease in net for above months has been:
Total revenue
236,330,509 236,640,568 241,063,376 226,613,621
March, 4.74% dec.; April, 5.53% Inc.; May, 17.49% Inc.: June, 18.91% Inc.:
Operating ExpensesJuly, 24.88% Inc.; Aug., 23.26% Inc.; Sept., 11.32% Inc.: Oct., 7.14% Inc.; Nov
Maint. of way Sr struc- - 34,205,079 36,713,084 33,621,546 36,183,241
12.77% Inc.; Dec.. 3.69% Inc.; Jan. 1926, 0.93% inc.; Feb., 0.04% dec.
In March the length of road covered was 236,559 miles In 1925, against 236,048 Maint. of equipment_ - 46,893,904 52,780,856 57,C05,367 51,069.933
4.760,213 4,460,560 4,216,341
miles In 1924: In April, 236,664 miles against 236,045 miles; In May,236,863 miles Traffic
3,900,057
against 236,098 miles: In June, 236,779 miles, against 236,357 miles; In July, 236,762 Transportation-rail line 72,800,601 72,599,043 73,590.674 71,122.570
184,790
136,350
miles. against '236,525 miles; In August, 238,750 miles, against 236,546 miles; in Miscellaneous operations
77,472
180,004
5.518,571
5,212,236 5,036,334 5,003.918
September, 236,752 miles, against 238,587 miles; in October, 236,724 miles, against General expenses
821,431
1,587,321
1,071,467
555,345
564 miles: in November. 236,726 miles, against 235,917 miles; in December, Transp.for investl-Cr.
236.
236,959 miles,against 236,057 miles;In January, 1926,236,944 miles,against 236,599
Total expenses
163,541,728 170,314,808 173,076,268 166,904,378
miles In 1925; In February, 236.839 miles. against 236,529 miles.
Net railway oper. rev_
72,788,781 66,325,760 67,987,108 59,709.244
17,565,042 17,730,961 20,316,491 18,395,512
Electric Railway and Other Public Utility Net Taxes
Uncollectible railway rev
66,085
71,564
112,187
68,693
Earnings.
-The following table gives the returns of Joint facility rents
1.485.482 1,245,435 1,196,159 1,241,637
ELECTRIC railway and other public utility gross and net
Net railway oper. inc_ 53.666,693 47,283,279 46.362,271 40,003,402
earnings with charges and surplus reported this week:
Non-Operating Income
- Incomefrom lease ofroad
-Gross Earnings- -Net Earnings
201,052
187,961
189,809
179,386
Previous
Current
Current
Previous
Misceil. rent income_ _ _ _ Dr.52,887
417,476
440,126
368,531
Year.
Year.
Year.
Year.
Misc.non-op.phys.prop _
172,952
159,472
141,703
119,280
Companies.
$
$
$
$
Dividend income
3,461,980
1,559.033 2,507,733 3,141,733
Brazilian Traction, Light &
Inc.from funded securs_
934,270 3.202,802 2,631,532 1,762,726
Feb 2,893,557 2,207,359 1,678,787 1,284,342 Income from unfunded
& Power Co Ltd
2 mos end Feb 28
6,057,227 4,701,553 3,471,075 2,777,835
sem ities & accounts.
916,820
1,022.795
1.449,137 1.002,448
Feb
22,643 Income from sinking and
Southern Gas Co
58.603
90,453
44,855
other reserve funds_
831
52
77,577
45
Balance,
Gross
Fixed
Net after
Misc,income credits--74.105
104,280
144.183
71,706
Charges.
Earnings.
Taxes.
Surpls.Comanie
$
$
$
Gross income
59.375.815 53.937,149 53.866,541 46,726,789
Adirondack Pow & Mar'26
b90,614
170,855
742,199 c261,469
Deductions
Light Corp
b77,403
153,406
'25
668,304 c230,809
11.067
10,917
14,984
13,073
12 mos end Mar 31 '26 8,513,354 c3,298,941 1,870,664 b1,428,277 Rent for leased roads
171,170
173,969
172,226
166.403
'25 7,595,762 c2,432,767 1,571,554 b861,213 Miscellaneous rents.... _ _
Misc,tax accruals
61,827
53,896
46,508
54,480
Amer Wat Works
731.735 Interest on funded debt_ 11,246,718
Feb'26 3,769.952 1,901,749 1,170,014
11,247.995 11.323,743 11,871,255
& Electrical Co
'25 3,427,121 1,675,681 1.086,519589,162
123,664
92,694
186,605
115,992
12 mos end Feb 28 '26 41,888,797 19,482,013 13.134,968 6,347,045 Int. on unfunded debt_ - 1,603.434
Misc, income debits...._
148,751
111,959
105,047
'25 38,651.062 17,157,110 11.814.394 5,342,716 Preferred dividends.. _ _ _ 6,208,640 6,208,640 6,208,685 6,208,685
Feb'26
Federal Light &
64,901
165,437 Common dividends
565,263
230.338
16,268.665 14,525,594 13,909,245 13,605,660
Traction Co
63.049
156,235 Approp.for fuel res.fund
'25
525,400
219,284
73,118
346,544 Calif.
2 mos end Feb 28 26 1,168,663
130.172
476,716
-Ariz. Lines bonds
'25 1,084,066
127.223
319.784
447,007
sinking fund
18,994
17.896
17,371
18,437
17.426
105,009 8. F. & S. J. V. Ry. Co.
241,675 *122,435
Fort Worth Power Feb '28
bonds sinking fund_ _ _
22.174
29,042
'25
16,805
114,369
26,776
26,897
238,491 *131,174
& Light Co
203,122 1.180,081
12 mos end Feb 28 '26 2.835,625 *1.383,203
Balance, surplus
23,632,593 21,372,359 21,925,078 14.455,363
'25 3,017.507 *1,421.806
204,728 1,217,078
Gross Earnings.
Net Earnings.
Month
•
THE CHRONICLE
Am. 17 1926.]
2179
GENERAL BALANCE SHEET, DECEMBER 31.
(Comprising Atchison Topeka & Santa Fe By.,Gulf Colorado & Santa Fe
By.. Panhandle & Santa Fe By. Grand Canyon Ry.] •
1923.
1924.
1925.
$
Assets
$
Investment in road & equipment 920,467.963 874,527.137 824.018.724
Exp.for add'ns & bett'ts & road
45,940.825
50,508,413
exten. during curr. fiscal year 24,756,778
23,336,351
22.466,137
Investments in terml.& coll. cos 21,834,016
788
303
233
Sinking funds
4,978,867
5.443,443
Miscellaneous physical property
6,275,536
34,172,382
15,045,712
16.319,017
Other investments
35,558,426
27.813.786
39,758,583
Cash
223.000
65.000
85,000
'Time deposits
284.107
260.706
269.000
Special deposits
317.639
73,035
148,675
Loans and bills receivable
2,943,442
3,948.466
3,369,604
Traffic and car service balance..
1,342.261
1,216,942
1.201,809
Agents and conductors
8,308,928
6,581,120
7.582,335
Miscell. accounts receivable_ _ _
32,519,609
29.781.665
Material and supplies
26,697,073
50.828
790,072
Interest & dividends receivable..
169.737
131,371
251,391
Othercurrent assets
154,467
601.267
599,779
994,444
Deferred assets
2.220,899
Unadjusted debits
1,936,855
2,036,665
U. S. guaranty under Transpor1,500.000
1,500.000
tation Act, 1920
BALANCE SHEET DEC. 31 SOUTHERN PACIFIC CO. AND TRANSPORTATION SYSTEM COMPANIES COMBINED.
1925.
1924.
1923.
Assets$
$
$
Investment in road and equip_ -1.341,287.495 1,258,253,731 1,116,385,552
Imp-ovs. on leased rail. prop__244285
193.510
369.058
Sinking funds
18,375,660
18,746,877
18.229.257
Deps.in lieu of mtge.prop.sold_
893.057
2,984.391
18.196,850
Miscellaneous physical prop__ _
16,914.246
12,523,188
16,983.459
Invests, in affiliated companies
Stocks
312,726,308 297,401,875 288.380.943
Bonds
151 ,019,824 154,409.544 149.366.436
Other stocks and bonds
56.968,034
9,187.717
54.503,340
Notes
28,922,468
28,900,840
29.994.056
Advances
87.518,748 155,342,620 135.859,994
Other investments
20.603,883
41,460.919
5,882.434
Cash
26,033.638
20,453.478
24.467,095
Demand loans and deposits_ _ _
12,851
13,049,244
3,013,869
Special deposits
150,662
317,580
306,962
Time drafts & deposits
20,063,292
Loans and bills receivable
895.785
688,902
103,332
Traff, and car serv. bal. rec......
3,439,435
2,757,169
2.812,344
Net bal. rec.from agts. & cond..
3,574,807
3.107,897
3.613.854
Miscellaneous accts. receivable.
7,970,251
7,492,251
7,822.608
Material and supplies
32,940,085
30,496,820
35.889,293
Interest & dividends receivable_
2,516,947
2.907.153
2,540.989
Rents receivable
5.833
5,833
239.580
Total
1,071.019,911 1,045.493,246 1,016,867.461 Other current assets
224,894
198.575
335,719
Liabilities
Working fund advances
88,555
140.473
142,998
124,172.800 124,172.800 124,173,700 Insurance, &c.,funds
Preferred stock
25,360
25,360
25,360
Common stock
232,409,500 232,409.500 232,418,500 Other deferred assets
4,127.184
14,476.234
13.505.428
Funded debt
275,906,992 275,933,158 275.958,984 Rents & insur. prem. paid in adv
211,088
155.630
179.979
1,489.927
Traffic and car service balances
1,660.129
1,547.185 Discount on capital stock
3,988.600
3,988,600
3.988.600
Audited Acc'ts & wages payable 14.600.973
14,747,770
17.996.788 Discount on funded debt
2,088,212
1,721,182
1,793,919
Miscellaneous accounts payable
714,828
874,255
777,025 Other unadjusted debits
10,809,863
11,332,362
13,331,048
747,263
Interest matured, unpaid
763.553
784.375
Dividends matured, unpaid_ _ _
228,851
234,525
218,305
Total
2,147,365,134
113,746,933 1,934,513,605
Unmatured dividends declared..
7,171.486
7,171.486
6,590.620
Liabilities
Unmatured interest accrued_ _ _
3,125.589
3,125,912
3.126.232 Capital stock
372,380,906 372,380,906 344,380,906
Unmatured rents accrued
88.533
56,317
60,585
do trans. system companies 398.004,900 382,254,900 346.832,900
401.578
616,849
Other current liabilities
556,514
6,304.440
6,304,440
6,304,440
1,029,691
Deferred liabilities
735,274
1.060,956 Premium on capital stock
Funded debt
12.698,810
Tax liability
16,073.550
14,588,085 Non-neg. debt to affil. comp...... 729.265,275 657,045,368 592.98.3,056
35,924,020
37,718.421
31,750,993
Operating reserves
3,202.734
3.266,482 Traffic and car serv. bal. pay. _
6,266,647
5,113,950
5,587,830
94,394,127 .85,398,156
Accrued depreciation
76.903,239 Audited accts, and wages pay.... 17,208,279
15,691.578
17,829,659
4,170,947
3.696,451
Other unadjusted credits
3,948.584 Loans & bills payable
125,000
50,000
Add'ns to prop. through income
Miscellaneous accts. payable
1,417,385
1,365.573
f -"itic
, ,58
87,240,424
87,014.624
and surplus
87.430,265 Interest matured unpaid
4.514,834
4,118,339
4,070.854
Funded debt retired through inDividends matured unpaid.
5,665,833
5,670.766
5.253.499
161.789
134,944
come and surplus
107,554 Funded debt matured unpaid...
20,713
15,000
13,714
243,317
Sinking fund. &c.. reserves.. _ _ _
222,126
204,303
600.000
250,000
209,852.286 187,419,332 165.149.178 Unmatured dividends declared..
Profit and loss-balance
Unmatured interest accrued.... _
6,236.425
5,300,334
4 . -N0
-..818
91.327
90,020
324.895
Total
1.071,019,911 1,045,493,246 1,016,867.461 Unmatured rents accrued
Other current liabilities
880,496
1.481,313
2.100,416
-V. 122, p. 1914. 1758.
Deferred liabilities
941,996
1,445,317
338,069
Liability for provident funds.
18.774
Southern Pacific Company.
Tax liability
8.318,129
14,561,817
13,104.531
Insurance and casualty reserves
2,631,702
3.301.095
2.906,704
(42nd Annual Report
-Year Ending Dec. 31 1925.)
Operating reserves
3,439,391
On subsequent pages of this issue will be found extended Accr. depre. of road and equip_ 88,458.962 80.231,407 68,075.554
Other unadjusted credits
extracts from the report of Henry W. De Forest, Chair- Add'ns to prop. tlwo inc. & sur. 48.949,991 130,466,147 120,603,469
8.323,891
7,452,271
6.179,493
man of the Executive Committee, together with the income Fund, debt ret, thro inc. & sur. 26,613,409 25,844,110 25,234.995
Sinking fund reserves
15,174,538
14,375,028
14.182,549
account and the balance sheet as of Dec. 31 1925.
Approp. sur. not spec. invested
3,818,178
3,818,178
3,818,178
TRAFFIC STATISTICS FOR CALENDAR YEARS.
Profit and loss
358.914,179 337,420,557 313.377.346
1925.
1924.
1923.
1922.
Average miles of road_ _ 12.950
11,396
11,151
Total
11,142
2 147,365,134 2.113.746,933 1,934,513,605
Passenger Traffic
V. 122. p. 2037. 478.
Rail pass. carried. No.... 14.409,391 15,319,208 16.538,453 16.662,262
Rail pass. carried 1 mile-1858621,528 1841391.408 1946415,712 1812334,770
Union Pacific Railroad.
Av. rec. per pass. per m_ 2.882 cts. 2.931 cts. 3.046 cts. 3.106 cts.
Freight Traffic
(29th Annual Report-Year Ended Dec. 311925)
Tons carried rev. freight 59.749.130 54,283.524 53.472.860 44,070,166
The text of the report, signed by Chairman Robert S.
Tons carr. 1 in., all fgt__ 14.581.434 14790498242 1479229431712175370192
Av. per ton p.m.rev. fgt 1.382 cts.
1.397 cts. 1.437 cts. 1.563 eta. Lovett, together with comparative income accounts, comNet tons per train. all fgt
631.11
641.25
617.74
603.60 parative balance sheet as of Dec. 31 and other
statistical
INCOME ACCOUNT FOR CALENDAR YEARS.
tables, will be found on subsequent pages of this issue.
(Southern Pacific Co. and Proprietary Companies.]
1925.
1924.
1922.
1923.
V. 122, p. 1307, 346.
Operating Income$
$
$
$
Fre*ht
211,314,582 193,692.958 199,591,192 180.438,952
Passenger
Chicago Rock Island & Pacific Railway Co.
56.101,353 56.566.134 62,158,876 59,003,550
Mail
111,054,123 /1,649,054 13,864,973
3,581.755
(46th Annual Report
-Year Ended Dec. 31 1925.)
Express
17,748,345 7.653,473
1
All other transportation. 8,052,861
7,430,607
6,802,889
5,797,645
The joint remarks of Pres. J. E. Gorman and Chairman
Incidental
6,822,288 6,459,204
6,921,630
5,878,419
Joint facility-Credit_ _ _
260,824
181,099
175,771
216,139 Charles Hayden, together with the comparative balance
Joint facility-Debt_ __..
531.478
50,763 sheet and income account, will be found under "Reports
74,946
59.041
Total railway op.revs.293,074,553
Railway Oper. Exp.Maint. of way & struc
40,110.806
Maint. of equipment_ _ _ 49,196,333
Traffic
5,638,295
Transportation
106,977,411
Miscellaneous operations 4,706,362
General
10,513.786
Transp. for invest.-Cr. 1.533,675
Total railway op. exp.215,609,318
Net rev,from ry. oper- _ 77,465.235
Railway tax accruals...... 21,275,282
Uncollectible railway ry
95,349
Equipment rents
-net
5.764,352
Joint facility rents-net..
16,492
275,904,111 287,204,635 262,519.170
39,367,717 41,235,817 36,806,129
47,213,238 50,451,491 48.264,068
5,239,731
4,990,768 4,417,409
99,119,568 98,559.831 92,454,185
3.928,319
4,105,406 4,347,543
8,323,359
9,399,614 8.590,865
529,013
1,393,945
1,009,728
203,051,329 207,166,588 193,664,456
72.852,782 80,038,047 68,854,713
19,867,104 20,365,328 18,859,356
144,539
87.738
127,593
4,802,215
5,555,374
3,815,727
Cr62,492 Cr198,417 Cr170.810
Net railway oper. inc_ 50,313,759 48,101,416 54,228,023
Non-Operating Income
Inc.from lease of road
81,853
90,657
88,144
Standard return
Miscell. rent income_ _
1,493,683
1,110,185
1.009,653
Misc. non-op.phys.prop.
314,464
261,024
300.461
Separately operated properties, profit
16.889
Dividenoi income
2,780,977
2,787,677
4,443,170
Income from funded secs. 3.772,912 5,852.059
6,045,373
Income from unfunded
securities & accounts_ 2,365,930
1.084,931
509,276
Income from sinking.&c.,
reserve funds
947,738
925,102
887,573
Other miscell. income_ _
536,887
385,440
81,050
income
Gross
62,613,202 60,598,491 67,609,607
Deductions
Rents for leased roads
227,880
232.968
239,108
Miscellaneous rents._
760,992
743,735
762,002
Miscell. tax accruals......
206,700
130,092
542,567
Interest on funded debt_ 25,339,335 23,091,183 21,175,721
212,341
Int. on unfunded debt
392,905
97,122
Amortization of discount
30,199
72,737
on funded debt
76.563
38.880
Maint. of invest't org'n28,276
23.376
139.466
Misc. income charges_ _ _
152.180
140,665
26,955.792 24,844,076 23.057.125
Total deductions
35.657,410 35.754,415 44.552,482
Netincome
Disposition of Net Inc.
Income applied to sink1,232,776
1.203,379
ing, &c.. funds
1,165,183
Income appropriated for
126,669
191.308
invest. in phys. prop_
372.348
22.342,854 20.942,854 20.662,854
Dividends (6%)
46,222,846
11.955.111
10.809,180
Balance
13,416.875
22.352,097
159,053
1,587
883.317
281,621
30,510
3,174,044
3,252,044
875.035
848,925
86,396
55,815,379
238.399
656.088
478,234
21,202,672
107,103
87.419
23,390
421,923
23.215,229
32.600350
1.128.116
20,662.854
and Documents" on subsequent pages. Our usual comparative tables were published in V. 122, p. 1017.
GENERAL STATISTICS FOR CALENDAR YEARS.
Rev. Freight Traffic1925.
1924.
1923.
1922.
Average miles operated_
8,028
8.073
8,096
8,116
Tons carried
31,867,513 30.561,383 29,668,929 25,939,134
Revenue for tons carried $95,238.
895.185730,893,109.327 $87.718,340
per ton per mile.
Av.rate
1.21 cts.
1.21 cts.
1.25 cts.
1.32 cts.
Avge.load in tons p. mile
457.08
444.59
412.76
402.12
Revenue Pass. Traffic
No,of passengers carried 14,722,916 16,284,874 17.190,914 17,662,942
Rev,for pass. carried_..324,356,632 $25,886,047 $27.458,813 $27,650,134
Avge.rate p. m.per pass
2.99 cts.
3.09 cts.
3.09 cts.
3.17 cts.
-V. 122, p. 1914, 1017.
Delaware Lackawanna & Western RR.
(Annual Report
-Year Ended Dec. 31 1925.)
The remarks of President J. M. Davis, together with
comparative income account and balance sheet for 1925, will
be found under "Reports and Documents" on subsequent
pages. Our usual comparative tables were given in V. 122,
p. 1160.-V. 122, p. 1165, 1160.
Central of Georgia Railway.
(31st Annual Report
-Year Ended Dec. 311925.)
The remarks of Chairman Charles H. Markham, together
with the income account for 1925 and 1924 and comparative
balance sheet as at Dec. 31 1925, will be found under "Reports and Documents" on a subsequent page. A comparative income account was published in V. 122, p. 2030.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1923.
1925.
1924.
1922.
1.921
1,921
Average miles operated__
1.920
1.919
8,894,582 8,420,264
Rev. fgt. carried (tons)_ _10,119,138
6.684,481
Rev. fgt. carried 1 mile_ 2219863180 1898138851 162274,453 1264422,162
Avge. rev, per ton per m. 1.15 eta.
1.19 cts.
1.11 cts.
1.25 cts.
$4.94
Rev, per fgt. train mile__
$5.05
$4.92
$5.46
511.11
Av.rev, train load (tons)_
494.69
497.46
478.26
Passengers carried
3,160,655
3,293,064
3.797,968
3.660.560
Pass. carried one mile__ 192,483.869 170,791.575 180,028,985 164,053.274
Av. rev. per pass. per m... 3.17 cts.
3.15 cts.
3.15 eta.
3.13 eta.
Earn, per pass, train mile
$1.39
$1.29
$1.39
$1.29
Op. rev, per mile of road_ $15,741
$14,148
$13.641
812.134
-V. 122, p. 2030, 1914.
2180
THE CHRONICLE
[voL. 122.
so recognized, to more than normal traffic, reduced cost of fuel and some
supplies, and the absence of any unusual difficulties affecting transportation
or industry.
Through the completion of the smaller improvements that have been
under way, together with full regard to the requirements of maintenance.
the condition and capacity of the physical property ranks better than at
any time heretofore. This is reflected by the high character of service
rendered.
Rates -In the 1924 annual statement reference was made to two pending
proceedings affecting the revenues of the company. These were: (1) DeciOPERATING STATISTICS FOR CALENDAR YEARS.
sion of the I.
-S. C. Commission ordering an interchangeable scrip coupon
book which it was estimated would entail a loss of not less than $2,500,000
1922.
1924.
1923.
1925.
6,971 per year in the company's revenues; (2) increase in commutation and trip
6,874
Average miles operated..
6,869
6.971
ticket rates in New York to bring such rates up to the same levels as elsex Equipment
1,744 where on the System.
1,796
1,755
1,777
Locomotives
The I.
-S. C. Commission withdrew its order with respect to interchange1,156
1.142
1,183
1,078
Passenger equipment..
52,181 able scrip after the injunction against it was affirmed by the U. S. Supreme
57,918
55,300
53,383
Freight equipment
1,894 Court. The case was reopened for further hearings upon ajaplication of
1,923
1,790
1,887
Road service equipment..
20 the National Council of Traveling Salesmen's Association, On April 13.
23
23
23
Marine equipment
1925. the Commission ordered the establishment of these tickets at the
Operations
10,509,669 12,430,597 14,837,988 14,653,689 standard or basic rate of fare for one way passenger tickets, which has no
Passengers carried
Passengers carr'd 1 mile 901,910,077 904,875,587 978.088,285 877,546,000 effect upon the revenues of the company.
The proposed increases in commutation and 50
-trip fares between N. Y.
Av. rev, per pass. per m 3.432 Oa. 3.435 eta. 3.451 cts. 3.449 de.
Tons carr.(rev.freight)- 45,509,851 42,750.281 45,573,936 35.498,269 City and points in New York and Connecticut, which were under suspension
7,585,374
8,123,383 6,512,961 In proceedings before the P. S. Commission of New York and the L-S. C.
(000) 8,273,604
Tons 1 m.(rev.frt.)
1.353 cts. Commission, were found to be justified in the decisions of the Commissions
1.298 cts.
Av.rev, per ton per mile 1.291 cts. 1.316 cts.
417.59 which were handed down in July, and were allowed to go into effect on
437.58
460.25
438.87
Av,rev, train load (tons)
*2.36809 Aug. 1, 1925. As a result of these decisions the commutation fares to and
$2.56422
*2.41081
Rev, per pass.train mile $2.33767
*5.64811 from N. Y. City have been placed on the same basis as commutation fares
$5.67964
$5.77665
Rev, per fght. train mile $5.81085
on other parts of the System. A renearing of the proceedings before the
-V. 122. p. 2037. 1916.
x Includes narrow-gauge equipment.
New Yorlc Commission has been requested by some of the New York commuters and is now pending.
Allis-Chalmers Mfg. Co., Milwaukee, Wis.
Interest Rate on Gov't. Loans.
-Reference was also made in the statement
for 1924 to the bill advocated by Seantor George P. McLean and by the
(13th Annual Report-Year Ended Dec. 311925.)
Secretary of the Treasury, reducing the rate of interest on government loans
The remarks of President Otto H. Falk, together with to railroads. The bill was favorably reported last year, but failed because
close of the
comparative income account and comparative balance sheet of the congestion of business at the the House byshort term on March 4th.
A bill was introduced this year in
Schuyler Merritt of
as of Dec. 31 1925, will be found under "Reports and Docu- Connecticut and an identical bill was introduced Hon. Senate by Senator
in the
Gooding of Idaho, to which are added the features of a sinking fund proviments" on subsequent pages.
sion. The bill gives discretion to the Secretary of the Treasury to permit
reduction in the rate of interest on railroad indebtedness provided that the
INCOME ACCOUNT FOR CALENDAR YEARS.
railroad will agree to pay off the entire debt in not more than 40 years. It
1922.
1924.
1923.
1925.
is
obtain a
$28,921,357 *27,855,524 $25,612,709 $20,794,046 inour hope that the bill as finally passed will enable us tocompanyreduction
Sales billed
will conour interest rate to 4% with the agreement that the
Cost (incl. deprec., detinue to pay 6%,the difference of 2% being applied on the principal, which
vel., selling, publicity
25,639,655 24,751.928 23,032,996 19,205,871 would entirely pay off the debt within 30 years.
& adrn. exp.)
In the meantime the cost of money to the Government has been steadily
$3,281,702 $3.103,596 $2,579,713 $1,588,175 decreasing, the last issue of Treasury certificates having been made at someFactory profit
920,375 thing less than 3,14 %. Your Company, prior to its property being taken
654,924
632,504
689.666
Other income
over under Federal Control, had been paying an average rate of interest of
$3.971,368 53,736,101 $3,234.636 $2,508,550 4.44%; during and since Federal Control it was required to pay interest
Net profit
at the rate of6% per annum to the Government,due largely to the depletion
Reserved for Federal
300.000 of its earning capacity during Federal Control. The excess of interest
515 ,000
531,000
554,000
taxes & contingencies_
1,154,811 already paid to the Government over the average rate is 58.700,000. In
1,154,811
1,154.811
Preferred dividends(7%) 1,154,811
those circumstances it is felt that the Government ought not to continue
-(6%)1,546,242(4)1,030,830(4)1.030,830(4)1,030,830 for the
Common dividendsfuture to make a profit out of an indebtedness incurred to it during
*22.908 Government control, and that the stockholders ought no longer to be
$517,996
$716,315 $1,035,461
Balance, surplus
penalized.
-V. 122, p. 885, 484.
Federal Decree Modified.
-In Nov., 1925. the Federal decree was so
modified that all the remaining properties taken away from the company
Missouri Pacific Railroad Company.
In 1914 were returned to It. Company has resumed control ofThe Connecticut Co., and negotiations have been entered into with the cities of Spring(9th Annual Report-Year Ended Dec. 311925.)
field and Worcester, Mass., looking to the rehabilitation of the trolley lines
COMPARATIVE INCOME ACCOUNT FOR CALENDAR YEARS.
in those cities from which it may be expected to secure more return upon
1922.
1924.
1923.
its large investments.
1925.
7,261.78
7.235.72
7,337.62
7,359.97
Boston & Maine RR.-Company has an investment in the stock and
Average mileage operat_
$
$
$
erating Revenues%
securities of the Boston & Maine RR., through the medium of the Boston
104,319.277 95,949.391 85,961,414 73,918,551 Railroad Holding Co., amounting to S28,988.519. Through this medium
16,536.035 17,525.200 18,970,393 16,898,650 company owns and votes upon 229,883 shares of Boston & Maine RR.stock
Passenger
2,631,406 out of a total of 814,728. substantially 28.3%. The holdings of this stock
2,854,093
2,989,954
2,886,211
Mail
3,174,580 are as follows: Common. 219,189; Preferred, 6,543; First Preferred,
2.901,920
2,882,702
2,747,172
Express
1,917,157 4,151.
2,279,219
2,006,868
2,285,012
Miscellaneous
1,182,925
1,771,640
1,707,280
1,829.703
In the statement of the affairs of the company for 1924 stockholders
Inddental
198,061 were advised that a committee had been appointed to consider the future
225,196
230,398
228.252
Joint facility
financing of the Boston & Maine RR., and that two directors of the New
Total ry. oper. revs-130,831,661 123,647,724 .114,607,948 99,921,331 Haven were invited to be and were members of the committee to represent
company's interest in the Boston & Maine. The committee unanimously
Operating Expenses
Merit. of way & struc- 20,465,706 18,916,235 16.464.182 17,282,957 reported a plan for the reorganization of the Boston & Maine. as modified
Maint. of equipment-- 25,895,938 25,843,403 30.324.816 20,996,699 on Sept. 1, 1925, requiring the holders of each class of stock either to sub1,841,419 scribe for new 7% prior preference stock or to surrender a portion of their
2,019,098
2,566,671
3,108,345
Traffic
Transportat'n-Rail line 48,307,743 46.725,525 45,101,683 41,152,481 holdings. Under the plan holders of COMDICID stock are required to pur532,175 chase $20 of prior preference stock at par for each share of stock held, or
873,278
1,073,394
1,184,455
Miscell. operations
3,085,979 to surrender 32% of their holdings. Holders of preferred stock are required
3.385,243
3,713,741
3,929,948
General
232,797 to purchase $15 of prior preference stock at par for each share of stock held,
228,335
372,604
615,637
Transp. for inv.-Credit
or to surrender 12%. Holders of first preferred stock are required to purTotal ry. oper. expens.102,276,500 98,466.365 97,939,966 84,658.915 chase $12 of prior preference stock at par for each share of stock held. or
Net rev,from ry. oper__ 28,555,162 25,181.358 16,667,982 15,262.416 to surrender from 614% to 12% of their holdings, depending upon which
class of first preferred stock is held.
4,015,318
4,430,589
4,690.480
The importance to the public of New England of adequate transportation,
Railway tax accruals__ _ 5,266,438
40.665 good service, and rehabilitated credit of its carriers is so obvious, and those
51,975
45.414
35,485
Uncollect. railway revs..
accomplishments are so necessary to an eventual resumption of dividends
Total oper. income- _ 23,253,239 20,445,464 12.185,417 11,206,433 that there has been and will be full cooperation with the readjustment
committee of the Boston & Maine in making effective its plan for the finanNon-Oper. Income
132,819 cial readjustment of that company.
147,326
183.760
293,036
Rent from locomotives__
178,508
190,603
232,257
255,215
Under the plan, part of the accumulated dividends on the preferred stock
Rent fr. pass. train cars323 will be waived and payments on the remainder will be made only from one73
Rent from floating equip.
38,862 half of any excess for dividends that may remain after dividends of 6%
46,442
46.040
60,501
equip....
Rent from work
473.069 have been paid on the common stock of which the holdings of company
361.098
383,297
412,621
Jt.facility rent income._
17,040 through the Boston Railroad Holding Co. princiaplly consist. It will be
17.374
17,392
17,392
Inc.from lease of road__
175,699 from the resumption of dividends on the Boston & Maine common stock
162,754
213,074
229,156
Miscell. rent income_ _
119,465 that return from your company's investment in the Boston & Maine will
113,120
114,227
108,314
Misc. non-op. phys. prop
566,632 be most largely derived.
1,807,325
1,756,248
2,918.923
Dividend income
986,554
1,039,768
1.172.729
Under these circumstances, and to fully cooperate with the Boston dr
770.566
Inc. from funded securs596,058 Maine readjustment committee, company decided to subscribe for its allot259,988
289.966
409,669
Inc.from unfund. secur_
ment involving the purchase at intervals during a period of 30 months of
Inc. from sinking, &c.,
2,034 45,317.37 shares of the 7% prior preference stock of the Boston & Maine;
382
103
71
reserve funds
296 The first allotment being 25% of the total.
805
3,121
4,997
Miscellaneous income......
In view of the fact that the 7% prior preference stock when, as and if
. issued, has been selling close to par, the co-operation of your company has
28,733,701 24,857,679 16,332,478 14,493,80
Gross income
been not only helpful to the Boston & Maine but moreover the subscription
Deductions
1,652,236 will not cost your company any substantial sum.
1,893,376
3,375,832
Hire of fgt. cars-deb.bal. 4,038,149
70,138
245,038
137,002
87,673
-To Combine Latter and
Acquires Entire Stock of Central New England 11g.
Rent for locomotives
212,194
304,422
345,537
333.231
New Haven -During
Rentfor pass. train cars.
919 Harlem Ricer & Port Chester with in the Central New the past few months
255
930
24,195
Rent for floating equip_
England Ry. has been
every outstanding share of stock
28.342
52,739
50,946
35,963
share of stock of the Harlem River
Rent for work equip_ _ _
acquired. For
1,819,153 & Port Chestersome %'ears past every by Company-the
1.541.884
1,562.986
1.742,339
RR. has been owned
Joint facility rents
latter is the line
163,469 , 145,352 running from New Rochelle junction to Harlem River and includes com148,992
138,845
Rent for leased roads
57.737
42,944
49,466
37,111
N.
Miscellaneous rents. _ _ _
Application will be made for
23,913 pany's freight terminals intwo Y. City. with
20.396
19,961
17,446
to combine these
Miscall, tax accruals_ _ _ _
your company. This will
88,655 authority in any change of statusproperties
48,004 loss92.554 loss62,696
because the obligations of these companies
Separately oper. prop- _ _
not remit
14,524.188 12,268,266 11,815,499 11,667,276 have either been assumed or guaranteed by your company for many years
Int. on funded debt_ _
31,315
19,039
285,682
40,839
Int. on unfunded debt._
110,282 pest. It will, however. do away with two corporate organizations and
49,372
16.307
17,509
Miami]. income charges_
consolidate the properties.
--Owing to the improvement of highways and the increasing
Bus Situation.
Total deductions from
and privately
18,354,462 16.211,132 15.907,512 use of motor coaches has been facedowned automobiles for passenger trans21,085,493
gross income
for some time with a serious problem.
portation, Company
121,34640f$1413.712
6,503,218
7.648,209
Net income
A large amount of passenger travel had left the rails and gone to the high--V. 122. p. 1916, 1307.
ways, causing a constantly growing loss of passenger revenue. It was
evident that unless different transportation methods were adopted, considerable rail service would have to be surrendered to the detriment of our
New York New Haven & Hartford RR.
revenues, the public convenience and necessity.
Modern type gasoline rail busses are in use on a number of light branch
(54th Annual Report-Year Ended Dec. 31 1925.)
31, lines with good results in service rendered and economy in operating costs.
President E. J. Pearson, New Haven, Conn., March
On some lines, however, traffic was so light that even gas car operation
was not justified and there were other situations where supplementary
wrote In substance:
service over the highway was required in addition to that performed by the
-Operation resulted in a surplus after all charges of $7,418,252
Results.
improvement over the previous year of $4.419,602. Operating revenues rails. order to meet this situation a subsidiary company, The New England
an
In
amounted to $132,266,422 and were *5,052,724 greater than in 1924. Trans'))rtatir.-n Co.. was incorp. in June for the purpose of furnishing
Passenger revenues were substantially the same as last year, practically adequate passenger service over the highways to meet the public demands,
increase being from freight, which, measured in ton miles, ex- under the following policy:
all of the
ceeded any previous year.
(a) As an extension of and in connection with rail service, making conthe railroads
The favorable result for the year for the New Haven and forgenerally not nections with important trains that may be desirable in the public interest:
of the country as a whole, has been largely due, although not
Southern Railway Company.
(32d Annual Report-Year Ended Dec. 31 1925.)
The remarks of President Fairfax Harrison, together with
a comparative income account, profit and loss account and
comparative balance sheets for two years past, will be found
under "Reports and Documents" on subsequent pages.
APR. 17 1926.]
THE CHRONICLE
2181
BALANCE SHEET DECEMBER 31.
(b) Parallel with and as feeders to rail service, thus enabling the rail
1924.
1925.
1924.
1925.
service to be scheduled more rapidly, and in consequence to become more
$
$
LiabilitiesAssets$
5
attractive to the public;
(c) For the filling of rail schedule intermissions where highway operation Road di equip't_287,869,430 287,629,289 Capital stock_ ..176,400,787 176,400,787
Grants in aid of
but where passenger traffic is too light or freight switching too Impts. on leased
is justified,
225,026
234,973
construction__
railway prop- 11,939,923 11,484,408
heavy to justify gas ran cars, and where through the operation of the high35,320 Mortgage bonds 58,088,000 58,273,500
Sinking funds__
36,852
way service these gaps in the rail schedule can be filled:
Debentures _ -- _125,484,600 148,482,366
service, connecting with the rail service so far as prac- Dopes,in lieu of
(d) For a highway
Equip. oblig'ne_ 9,451,000 7,242,900
ticable, between certain populous centers where the rails handle passenger
mtged. oroP'Y
62,404 Misc. oblig•ns_ _113.208,900 91,430,000
85,520
sold
travel, but between which the construction of new or the improvement in old
in which the operation of the motor Misc.phys.prop1,727,935 Non-negot. debt
highways has now created a situation
843,236
167,663 2,525.650
to affiVd cos__
coach offers the only means of regaining former revenues now lost, and of Inv. in bldgs. at
Traffic & car sermore directly combining the two forms of transportation.
C. Term%
G.
7,108.238
pay_ 5,537,408
over 30 different routes,
vice bal.
3.823,437
95 motor coaches are at present in operation
N.Y.City_ _ _ 3,792,776
Audited accts.&
totaling 775 miles. Additional routes will be opened up from time to time Stocks in hands
3,465,703
wages payable 3,795,167
40,000,000
be deemed advisable, with due regard to the company's policy of the
as may
of thus., pledg
56,000
77,454
retention of all the travel practicable on the rails and the minimum use of Stocks pledged_ 67.899,271 27,899,271 Misc.accts. pay.
Unpledged___ 60,305,409 59,761,757 Matured int. unthe highways.
1,232,264
1,290,733
-Effective Bonds pledged-- 22,340,027 22,340.027
Payments of Dividends and Interest.
paid
Change in Accounting for
Jan. 1, 1926, a change is being made in the company's accounting for payUnpiedged_ _ _ 15,124,801 15,346,801 Matured funded
5,734
127,315
debt unpaid
ments made under its guarantee of interest on $19,200,000 43% First Notes pledged__ 19,568,916 19,568,916
Westchester & Boston Railway
Mortgage Gold Bonds of the New York,
Unpiedged_ - _ 11.869,689 11,975,475 Unmatured int.
3,680.114
3,565,380
dated July 1. 1911, and 4% dividends on 28,000 shares of Boston Railroad Advs. unpledged 2.889,713 1,885,158 accrued
Holding Co. Preferred Stock, both held by the public, which while reducing Cash
10,018,052 10,690,321 Unmatured rents
873.810
875,389
accrued
the fixed charges to income by $976,000 per annum, will result in a corre- Demand ins. &
229.410
2,768
Other curr. flab.
sponding charge to profit & loss with no net effect on the final profit & loss
500,000
deposits
& pers'l
Equip't
balance.
Time drafts,kdep 5,000,000
. .
. .
prop.leased.. 9 508 462 2 502 469
Heretofore the above payments made under company's guarantees have Special deposits_ 2,122,773 1,389,029
Other dere]nab_ 2,725,073 2,406.933
been charged through income account, and the change in the method of Net balance due
1,793.901
Tax liability _ _ _ 1,848,058
accounting is made at the direction of the I.-s. C.Commission to correspond
from agents dr
702,309
882,009
341,396 Feral thry res've
500,827
more correctly with their income classification. '
conductors...
594,588
752,944
-Company has completed the presentation of testimony in Misc.accts. rec. 1,898,778 1,737,597 Oper. reserves__
Valuation.
valuation of Maths & suppl's 13,364.536 14,512,220 Acer'd deprec'n_ 39,515,339 37,476,122
-S. C. Commission's tentative
support of its claim that the I.
the physical property is greatly understated, and hearings before the com- Int.& diva, rec.
620,064 Oth, unadi. cred 6,605.402 4,718,093
605,305
mission's examiner have been closed. Briefs have been filed including Loans & bilis rec
129,525 Corp. surplus:
161,322
Add'ns to prop
reply brief to the Bureau of Valuation's brief, and company's claim, with Rents receivable
131,913
128,580
through inc.
the reason therufor has been presented in full to the Commission for con- 0th. eurr. assets
47,140
278,170
and surplus. 26,943,884 26,865.173
sideration and decision. Request has been made for oral argument of Work'g fund ad366,495
389,085
Elk. fd. res'ves
Company's claim before the full Commission, which argument it is expected
187,464
172,315
vances
Prof.& loss def 41,169.243 47.241,763
will be presented some time during the year 1926, after which a final valua- Insurance and
tion of the property may be expected.
382,731
1,622,793
other funds
The tentative valuation of the Central New England Railway and the 0th. def'd assets 2,889,611 2,651,832 Tot,corp.our_ _df13,836.274df20,010,096
Hartford and Connecticut Western Railroad was decided by the Commis- Rents & insuece
sion on June 26, 1925, to be the final valuation, and there is no further
prems, paid in
protest which company can make before the Commission.
2,060,388
advance,&c.._ 2,479,931
While no definite comparison can be made between the capitalization
Grand total-546,308,559 538,421.820
and the valuation of the properties until the valuation of all other properties
9
Grand total_ _546,308,559 538,421,8 0
owned by company has been found, it seems certain that the par value of -V. 122. p. 1907.
the stock and indebtedness of the New Haven Company are more than supported by the physical property embraced in the New Haven System and
Chicago Great Western Railroad Co.
the value of the other securities which it carries In its investments.
(16th Annual Report-Year Ended Dec. 31 1925.)
CALENDAR YEARS.
OPERATING AND TRAFFIC STATISTICS,
1922.
1924.
1923.
1925.
•
President Samuel M. Felton, Chicago, April 6, wrote
24,233,536
28,934,588
27,254,393
Tons of rev &eight carried 28,294,849
do carried one mile_ _3,119,103,285 2,976,322,862 3,050,943,879 2,608,412,193 in substance:
decrease
-Total operating revenue for 1925 was $24,502,760, a
Results.
TOW of rev.freight carried
operating expenses.
1,291,735 of $223,917 compared with 1924. After deducting
1,510,607
1,486,039
1,598,306
1 mile per mile of road_
balance of income was
taxes, rentals, interest and other charges, the
Av.no.of tons of revenue
increase was.
487 3628.920. Last year the net income was $601,557. The was used for
493
509
528
freight per rev.tr.mile_
therefore, 527.362. This surplus, as in previous years,
Av.no.of tons all freight
necessary additions and betterments to the property. more than in 1924.
532
532
560
547
Per rev, train mile__
-Taxes this year were 554.329. or 5.74%
Taxes.
Total freight revenue_ _ x$67,983,308 $63,727.757 $67,492.519 $60,234,186
the taxes
The total taxes amounted to 51,000,262, which is nearly 3 times
Av. amt. rec. for each ton
in 1910. when
82.487 paid during the first year of the present company's operation
32.333
$2.338
32.403
of freight
82.309 eta. they were 8392,383.
2.212 cts.
2.141 cts.
2.180 eta.
Av.rev, per ton per mile_
-The terms of the agreement with the committee
Changes in Securities.
30,487
34,187
32,526
35,618
Av.rev, per mile of road_
extended
representing the holders of Mason City & Fort Dodge bonds, were
No. of interline revenue
Fort Dodge 1st
2,010,644 throughout the year 1925, when additional Mason City dt
2,190,285
2,030,418
1,976,454
passengers carried
presented. The exmtge, bonds, with past-due interest coupons, were
No. of local revenue pass
24,295.902 changes accomplished thus far are as follows:
24,284,226
22,424,132
carried
20,640.066
Total as of During Yr. Total as of
No.of commutation pass.
Dec.31
1925.
Dec.31 '24.
59,550,906
58,246,812
52.025,825
carried
47,553,188
Fort Dodge 1st mtge.
Mason City &
$33,000 $11,191,000
511,158.000
bonds surrendered
Total no. of revenue
895.280
2.640
892,640
85,857,452 Value of past-due coupons surrendered
84,721,323
76,480,375
Passengers carried- __ 70,169,708
Chicago Great Western Securities
Total no. of rev, pass.
Issued in Exchange:
1,850,961,160
carried one mile
1,806,456,451 1,826,282,461 1,909,397,649
528,000 59,517,000
$9,489,000
1st mtge., 50 year, 4% gold bonds
No. of rev, pass, car. one
31.300 2,842.400
2,811,100
981,916 Preferred stock (new stock)
1.024,492
996,803
171,300
mile per mile ot road
1,000,159
171.300
Preferred stock (treasury stock)
the
Total passenger revenue_ $49,735,504 $49,670,378 $51,360,208 $49,217,795
Mason City & Fort Dodge bonds outstanding atwas
The total amount of
Average amount received
committee was made,
57.33 cts. time the agreement with the bondholders'
60.62 cts.
64.95 eta.
70.88 cts.
bonds had been
from each passenger...
$12,000,000. At Dec. 31 1925, 511.191.000 of these had been given
2.659 eta.
2.690 eta.
2.720 eta.
2.753 eta
Av.rev, per pass. per mile
surrendered and Directors, believing that a sufficient time the agreement,
Total passenger service
holders of the rest of these bonds to accept the terms ofthe corporation
$58,196,937 $57,635,968 $59,464,396 $56,752.664 the
1926.
train revenue
decided that, effective at the close of business Jan. 30 agreement, any more
Net operating revenue per
terms of such
123.45 eta. would not accept for exchange on the RR. After the publication of this
132.14 eta.
151.16 eta.
176.37 eta.
revenue train mile_ _
from bonds of the Mason City & Fort Dodge
City & Fort Dodge
x Includes in 1925 $316,074, In 1924 $295,617, and in 1923 2306,145 revenue
decision and prior to Jan. 30 1926. $681,000 of Masonsecurities issued on
milk handled on freight trains.
bonds were surrendered and Chicago Great Western
now
same terms as those made with the bondholders' committee. This
FOR CALENDAR YEARS.
the
INCOME ACCOUNT
1922.
leaves 5128.000 Mason City & Fort Dodge bonds outstanding. placed in
1923.
1924.
1925.
-During the year company accepted and
Securities Acquired.
2,003
2,000
1,986
1,935
certificates in
Average miles operated
its treasury $10,756 of St. Joseph, Missouri, Park Fund
$
$
S
$
Operating Revenuesawarded as damages and compensation for
67.667,234 63,432,140 67,186,374 59,931,677 partial payment of the amount land at St. Joseph, Mo.
Freight
49.217,795 condemnation of portions of its
49,735,504 49,670,377 51,360,209
principal of
Passenger
Leavenworth Terminal Railway & BridgeCo.-One-tenth ofthe
8,648,266
9,284,224
9,439,333 8,815,058
Mail, express, &c:
May 1 1925.
4,431,069 the first mortgage bonds issued by this company became due
4,949,794
4,188,399
4,241,128
Great
Incidental
of the principal and interest being guaranteed by Chicago
1.017,843 Payment
1,159,985
1,107,723
1,183.223
Joint facility
Western RR., the latter paid this installment, amounting to $40,000,
this corporation.
123,246,641 making a total of $80.000 of these bonds now paid by
Total
132,266,422 127,213,698 133,940.586
-Existing equipment-trust
Retirement of Equipment-Trust Obligations.
Operating Expenses
reduced by the sum of 5192,862.
Maintenance of way & structures 16,992,836 15,919,488 16,376,045 16,488,932 obligations were -Early in 1925, the carriers in the Western District filed
Rate Increases.
the
27.629,520 27.539,883 32,217.092 26,404,332
Maintenance of equipment
-S. C. Commission and the Commissions in had
647,359 a petition with the I.
711.224
817,441
Traffic
906.114
freight rates. The Commission
46,733,099 47,941,947 53,037,109 51.082.709 various states, praying for an advance in
Transportation
to make an investigation of the general rate structure
1.952,509 previously undertaken
2,076,259
1,886,747
2,014.756
Miscellaneous operations
Congress. Hearings
3.405.297 in compliance with a resolution adopted by the 68th afterwards at many
3,403,443
3,396,118
General
3,519.907
Cr.2,282 were held in Chicago commencing Sept. 8 1925, and
Cr.5,078
Cr.21,300
Cr50.851
Transportation for investment_ _
vast amount of evidence was taken and the
important cities in the west. A
Commission. The evidence fully
Total
97,745,382 97,480,323 107,816,094 99,988,856 case is now under consideration by the
carriers for increases in the general
Net operating revenue
34,521,040 29,733,375 26,124.492 23,257,785 demonstrates the needs of the Western
4,586,324 level of their freight rates.
4,934,004
Tax accruals
4.807,973
4,890,151
During the progress of the hearings for rate increases, the carriers in
30,558
94,929
Uncollectible revenues
20,976
19,045
Western Trunk Line Territory filed a supplemental petition with the
the purposes of a plan for a general
Operating income
29,611,845 24,904,426 21,095,558 18,640,902 1-S. C. Commission setting forth
at work on the details of this
Hire of height cars
DrI,805,339 Dr1,038,376 Dr3,486,187 Dr2,436,824 revision of class rates. The carriers are still
of the company.
Cr4,280 plan which is one that will materially increase the revenues
Rent for equipment
Cr49,845
Dr11,220 Dr224,339
Dr4,134,188 if adopted.
Joint facility rents
Dr4,531,556 Dr4,067,551 Dr4,107,304
of Through Rates.-HearIngs on the investigation Initiated by
Divisions
of
-S. C. Commission on Oct. 8 1923, in the matter of divisions at
Net railway operating income_ 23.324,795 19.787,279 13,277,728 12,074.160 the I.
started
freight rates in Western and Mountain Pacific Territories, weredivision of
Non-operating Income
Ayes taken dealing with the
1,666,885 Chicago. Feb. 16 1925. Evidence
2,505,506
1,262,900
Dividend income
1,703,102
The first hearing was
1,120,607 joint rates to and from Trans-Continental Territory. Chicago May 4 to 21
1.134.663
1,126.019
Income from funded securities_ _ 1,079,745
at
1,232,285 concluded March 6 and a second hearing was held
1,219.624
1,301,680
Income from unfunded securities_ 1,525.357
hearing. a settlement was
1,197.000 1925. Following the conclusion of the second
1,197,513
Income from lease of road
1,443,897
1,378,724
divisions of the lines east of the
1,101,808 reached whereby, effective July 1 1925. the
1,095,872
1,208,332
1,172,397
Miscellaneous rent income
Transfer were
6,322 Missouri River crossings and south and east of Minnesota
39,054
26,665
127,529
Miscellaneous
Increased on traffic originating or terminating in the Trans-Continental and
other territories west of the Missouri River by approximately 14% and
7,192,233 6,324,906
Total non-operating income_
6,987,098 6,369.249
on North Pacific Coast lumber upon
30,311,893 26,156,528 20,469,961 18,399,067 these divisions were made applicable different basis. The same increases
Gross income
which divisions were formerly on a
Deductions
allowed by some of the roads operating In Oklahoma. It is estimated
5,853,452 were
5,846.451
5,915,572
5,915,414
Rent for leased roads
will increase the freight revenues of this
15,410,604 15,576,807 15.491.206 15,148,699 that this change in divisions
Interest on funded debt
76,384
649,118 company approximately $235,000 per annum.
497,999
178,432
Interest on unfunded debt
investigation by the Commission also involves the division of joint
This
864,000
864,000
864,000
864,000
N.Y. W.13. Ry guar.(bond int.)
112,588
112,000 rates to and from points in the Southwest. Hearings with respect to these
113,300
113,189
Separately operated property_
in
574.823
682,734 divisions were held at Chicago in Oct. and to Nov.and at Galveston. Texas,
513,782
510,036
Miscellaneous
be had at Chicago in the near
Feb. 3 to 11 1926. A further hearing is
2.998,650 def2,917,1050ef4,910,936 future. Thiscompany enjoys a substantial traffic moving to and from points
7,418,252
Net income
and an increase in these divisions would add materially
x45.168 In the Southwest
Government guarantees
to its freight revenues
-The industrial activity in the territory served by the oadr
Industrial.
7,418,252 2,998,650 def2,917,105def4.865.768
Net corporate income
consisted principally of the construction of facilities for the
x The figures shown against this item cover laplover items audited during the during 1925 distribution of commodities for local use or consumption
handling and
the Federal control or guaranty periods.
applying to
year
Isms&
2182
THE CHRONICLE
[VoL. 122.
Bulk oil storage facilities were provided at a
Surplus
in coal, lumber and other building materialsnumber of stations and dealers
-The profit and loss account as of Dec. 31 1925 shows:
established yards at a number Balance atAccount.
of points on property served by the rails of this
Jan. 1 1925, $7.851,535: credit balance transferred from income.
company.
$628.920: less sundry adjustments. net. $10.115: leaving
Comparative Statement of Pay-Rolls.
balance carried to
-The
higher than in 19241, due, to some extent, to average pay-roll cost was balance sheet Dec. 31 1925. 38,470,340.
increases in wages authorized
by the U. S. Labor Board.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
A comparison for a period of years follows:
1925.
1924.
1925.
1924.
AssetsTotal
Number
$
Average
$
Inv.road & eq't_138,318,932 138,028,846 Common stock_ 45,210,513
Compensation
Pay Per
Cal. Years45,210,513
of Employes. Employes.
Misc.phys.prop.
143,890
141.390 Preferred stock_ 46,938,802 46,907,502
Person.
1916
Impt. on leased
$6,662,427.23 7,899
C. G. W.1st 4s_ 34,899,000 34,871.000
1918
railway prop_
11,239.590.28 8,331
81,516
81,516 Minn.Term 334s 600,000
1, 43 6 Inv.
6 91
8
3
3
1920
500,000
In affil. cos.:
15.956.456.88 8,854
1,802.17
M.C.& Ft.D.4s_
809.000
1922
842,000
Stocks
,
.
1,428,325 1,428,325 Misc. oblig., &c. 4,813.302 5,136,889
, .
•
1924
Bonds
12,617.088.00 7,732
117,000
77,000 Traffic,&c.,bal.
1,631.80
92:621
964,018
1925
Notes
12.546,015.00 7,597
381.297
386,622 Audited accounts
1,651.44
Tracks Leased for Passenger-Train Service.
Advances__ _.
226,985
221,135 and wages.....1.288,218 1.422,645
apolis, Northfield & Southern Ry. was -During the year, the Minne- Other investneta
13,658
2,902 Misc.accts. pay.
granted the right to operate
96,436
103,447
passenger-train service over the tracks between
1,663,114 2,070.181 Int. matured unFaribault and Mankato. Cash
Minn., and between Northfield and Randolph,
U.S. Govt.secs. 2.014,570 2,011,101
paid
Minn., for which the Loans
65.663
41,099
company receives $1,192 annually. On
& bills rec
1.876
812 Unmatured int.
Jan.
service was discontinued bycompany over these 18 1925. passenger-train Traffic. &c., bal.
333,227
224,779 accrued
508,188
509,732
between Northfield and Faribault, Minn., portions of its line and also Net balance from
Unmat'd rents
over which the Minnesota,
Northfield & Southern Ry. had trackage
agents & conaccrued
140,070
129,191
executed in July, 1921. The average milesrights by virtue of a contract
ductors
119.760
127,347 Divs.mat'd unpd
2,313
2,313
- Misc. accts. rec.
train service during the year diminished of road operated in passenger
774,253
732,117 Other curr. nab_
from 1,496.06 miles to 1,430.44
111.433
95,709
miles. as a result thereof.
Material & aupp. 1,240,229 1,190,471 Deferred Sahli's.
24,056
13,228
Valuation.
-During the past year numerous conferences with representa- Int. & divs. rev..
21,292
46,539 Tax liability
748,210
800,474
tives of Bureau of Valuation of the I.
53,934
49,866 Depreciation_
-S. C. Commission were held with Other curr.assets
2,011,910 1,787,462
reference to the tentative valuations heretofore
Other unadjusted
served upon the company. Work'e fund adThese conferences are still in progress.
vances
5,515
6,359
1,021,626
credits
958,517
Flood Damage.
Other def. assets
-In June. 1925. rainfall
19,245
23,877 Corp.surplus_
8,534,148 7,903,681
occurred in the territory served by the line, of unprecedented intensity Unadjust.debits 1,704,890
1.368.230
particularly on the Eastern
Division, causing heavy washout damage and interruptio
n of traffic for
nearly two weeks. The most severe destruction
Total
148,643,508 148.199,420
148,643,508 148,199,420
Total
occurred west of Dubuque.
Ia., for a distance of about 41 miles, where much
of the line was carried -V. 122, p. 744.
away. The expenditures during the year in restoring
the property were
$314.893 and it is expected that approximately
Northern Pacific Ry.
$50.000 additional will be
expended in the coming year. The loss in
revenue in consequence of this
disaster is estimated at no less than $170.000.
(Annual Report-Year Ended Dec. 31 1925.)
The I.
-S. C. Commission
has authorized the company to distribute
the cost
PASSENGER AND FREIGHT STATISTICS.
flood damage in equal proportions for 36 months, of this extraordinary
beginning
Review.
1925.
1924.
-During the 15 years of the company's operation,itJuly, 1925.
1922.
1923.
has expended No.of pass. carried
about $33,333.000 in new capital improvements;
3,151,767
3,607,987 4.706.528
5,263,440
about )315.500.000 being No. pass. carried 1 mile-426,514.855 413,116.91 479,515,13 473.992,32
for the roadway and nearly $18,000,000for equipment
1
5
3
. Ofthis,$13.729.019 Av.rate per pass. per m- 3.095 cts.
was from proceeds from the sale of bonds:
3.187 cu. 3.220 cts. 3.281 cts.
S3155,373 was borrowed from No. tons rev. fr't carried 22.407.726
the U.S. Government on notes. the first of which
23,991.532 24,133,001 21,451,028
matures in 1930:$1,351.do
do
1 mile
546 was secured through equipment-trust notes
payable in installments Average receipts per ton 6751142456 6548671158 6854336779 6021158972
over a period of years: $6.476,649 was from proceeds
per mile,rev.freight._ 1.130 cts.
retirements othe-wise. of road property and equipment; from the sales and
1.191 cts.
1.121 cts.
1.132 cts.
and $8,598,552 was Revenue per mile of road
from surplus and other sources.
The capital expenditures have enabled the company
(average mileage)-- -$14,278
$14,089
$14,896
313.894
to enlarge its
facilities, to install larger and more powerful equipment
RESULTS FOR CALENDAR YEARS.
chinery and to otherwise improve the property. Because and modern maOperating Revenueof these expendi1925.
1924.
1922.
1923.
tures, the company has been able to increase its
Freight revenue
376,301,308 $73.422,540 877,610.570 371,725,006
compared with 1910. the first full year of operation train loading 86.16% Passenger revenue
after the company was
13.201.179 13.167.943 15.498 784 15.551.897
organized. In that year the average revenue tons
Other transportat
per
6,279,749
6,290,815
330.72 tans and in 1925 they were 615.67 tons. Although train mile were Incidental & jointion rev. 6,067,165 6.224.083
facility 2.294,902
the revenue ton
2.477.839 2.661,891
2,519,414
mileage increased from 1.247.441,861 ton-miles in
1910
1925.or 57.67%,the freight train mileage was reduced to 1.966.893.541 in
Total operating revs_ -$97,864,555 395,292,4043102,002,
from 3,771.868 miles
060 396,076,066
in 1910 to 3,194,713, or 1530%. in 1925.
Operating Expenses
The law requires the I.
-S. C. Commission to fix rates to produce a fair Way and structures-- _312,759.190 312.240.855 314,022.69 $12,826,64
1
4
return upon the value of the carriers' property, as fixed
by the Commission. Equipment
17,605.304 18.675.927 22.464,341 18,064,615
Although this law has been in effect since 1920,
Traffic
2,073,155
1,917.955
1,954,443
1,670,068
ton-mile of freight traffic hauled by company the average revenue per Transportation
has been lower each year
33.538.233 34,190.334 38,535,417 36,801.628
than the year previous, due to constant demands
Miscell.
for
1,637,652
1.614.992 1,822.139
1,664,962
the level established by the Commission in 1920. rate reductions under General operations
2,980,307
2,731.154
2,565.956
2,644,625
that, if the company had received in 1925 the same It has been estimated Transp. for investment
_ Cr.621,365 Cr.838,154 Cr1.078.849 Cr.939,150
average revenue per tonmile that it did in 1921, revenues would have been
about $3.500,000 greater
than they were. This would fully pay the dividend
Total oper.
of4%
stock and leave a substantial margin for other requiremen on the preferred Net operatingexpenses_ 369,972,476 $70,533.064 $80,364.910 372,654.711
revenues_327,892.078 324.759.340 321,637,250 $23.421.355
ts.
The fact that the company has spent at the rate of
$23,623 per mile for Taxes & uncollec. revs... 9,372,270 8.563.154
8,455.566
8.482,319
improvements, and that the book value of the equipment
alone in $12.521
per mile, or 48.93% of the total long term debt, make
Ry. oper. Income-318,519,808 $16,196.186 $13,154,93 $14,965.79
it readily apparent
1
0
that the stockholders have a valuable equity in the
Equipment rents. net..
property.
$1,855.789 32.130.763 $2,404.238 $2,566.626
Joint facility rents,net.... 1,851,722
TRAFFIC STATISTICS CALENDAR YEARS.
1,534.128
1,918,099
1,541,339
1925.
1924.
Net ry. oper. income422,227.319 $19.861,077 $17.100.55 $19,450,51
1923.
1922.
Miles of road operated_ _
4
7
1,496
,
1496
Non-oper. income
1.496
11.079.164 11,483,432 11,181.676 11,271.729
Revenue tonnage
6.601,962 6.587.565 6,722,786 5,8535431
196
:
Revenue ton mileage_ _ _1966893,541 1944028,953 1969074.38
Gross income
8 1729319,825
$33.306,484 $31,344,508 328,282.233 $30,722.244
Av.rev, per ton per mile 0.958 cts. 0.965 cts. 0,978
cts. 1.025 cts. Int. on funded debt
14,783.165 14,767,619 14,707,679 14.992,473
Passengers carried
1.065,691
1.316.389
1.384,124
1.526,474 Other deduc,fr. income_
579,031
606.645
672,841
593,127
Pass.carried one mile_ 127.197.078 117 918 917 127
099.662 126,292,278
Av.rev.per pass.per mile 2.860 cts. 3.316 cts. 3.365
Net income
cts. 3.439 cts.
$17,944.288 315.970,244 $12.981.426 $15,056,930
Div. approp'ns (5%)
INCOME ACCOUNT FOR CALENDAR YEARS,
12,400,000 12,400.000 12,400.000 12,400,000
Operating Revenue1925
.
1924.
1923.
Balance
1922.
35,544.288 33.570.244
Freight
3581.425 32,656,930
$18,844,285 $18,764,368 819,259.353 $17,730.271
Passenger
GENERAL BALANCE SHEET DEC. 31.
3.637,611
3,909.610 4.277 383 4,343 268
Mail and express
948,401
1925.
990.240
1924.
1.074 539
1924.
1925.
976 411
Miscellaneous
.43841619,446
628 669
$
635,563
603,161 Inv. in road
Incidental
and
271,508
262 306
Capital atock_ _ _248,000,000 248,000.000
232,152
285.214
Jointfacility
equipment_ _575,399.135 566,764,786 Grants in aid of
181,509
171,484
194,715
286,463 Deposits in lieu
construction...
525,468
526,234
Total ry. oper. rev._ _$24,502.760 $24,726,678 $25,723,70
of rated. prop.
364,334 1,491,097 Funded debt_ -320,818,000 318,649,000
6 $24,224,789 Misc.phys.p
Operating Expenses
rop. 10.095,612 9,948,439 Tray.& car sera.
Meat. of way & struc__ $3,442.378 83.682.233 $3,791,296
bats. payable_
843,629
33.640,961 Inv.in MM.cos :
921,570
Maint. of equipment_
Stocks
144,085,285 144,085,286 Vouch. & wages 5,918,133 6,593.157
4,849.979 4,726,280
5,238,113 5,705,935
Traffic
Bonds
30.202.648 30,202,648 Misc.acc'ts pay. 1,052,890
884.102
806,996
777,057
761,051
793,554
Transp.-Rail line
Notes
2,262,789 2,379,399 Int. mat.,unpd. 5,370,976 5,381,316
9,803,838 10,228,278 10,806,237 10,334,247
Miscellaneous operations
Advances_ _ _
3.895,221 3.146.344 Unmatured diva.
174,221
163,327
165.000
172,778 Other
General
Invest'ts:
672,533
651.407
declared
665.967
668.667
3.100,000 3,100,000
Transp. for invest.-Cr.
Stocks
14.333
1
1 Unmatured Int.
20,111
12.655
9.303
Bonds
1,829,664 1.784.875 accrued
419,844
385,109
Total oper.expenses_ _$19,812.718 $20,238,411 321,431.016 $21,274,23
U. S. Treas'y
Unmatured rents
5
Net rev.from ry. oper_ $4,690,042 $4,488,268 $4.292,690 82,950,553
notes
1,269,531
1,289,531
accrued
7.457
7,278
Railway tax accruals_ _ _ 1,000,262
Advances.... _ _
750
0th.cur.Ilabils_
945,933
856.144
985.700
148,531
145.767
Uncoil, railway revenues
Contr. for sale
3.849
0th.def'd
3,854
3,330
2,954
210,415
184,108
of land gr't
Tax liability....
Railway oper.income_ $33,685,931 83,538,480 $3,433,216
lands
4,961,371 5,727,198 Accrued deprec. 7.478.131 7,528,878
$1.961,900 Cash
Non-Operating Income
10,360,595 9,229,906
of equipment_
Hire of equipment
Special deposits_ 5.749,329 5.321,834 0th. unadj.cred. 40,466,753 38,393,584
$1,736,930 $2.009.729 $2.360,451 31.507 816
1,276,290 1,808.277
Joint facility rent inc
L'ns &
101,036
94,210
8.347 Add'ns to proP'Y
90,827
91,061
86,834 Tref. &bills rec.
Misc.non-oper.phy.prop.
car very.
1,339
Deb.167
thru. Income
348
Dr.1.452
Miscall,rent income
bats. receiv'le. 1,964.960
1,783,590 and surplus...
86,407
84.271
81,224
80,583 Net bats.
493,772
441,840
Dividend income
recelv.
134.844
4.878
Fund.dt.retired
61.137
14.818
Inc.from funded secur
fr. agts.& con.
727,248
87.879
803.655
94,675
thru. Income
120,154
88,333 Misc.
Inc.from unfunded sees.
acc'ts rec. 3,744,519 3,484,195
and surplus_ 16,723,003 16,333,383
& accounts
48,043
40,054
53,392
35.506 Material & supp. 10.935,207 12,196,206 Misc.fund res've
283,214 1.337,861
Miscellaneousincome_ _ _
332 Deb.49,100 Deb.49,386 al,739,354 but., diva. and
Prof. de loss bal _163,757,022 158.692,076
rents receivle
118,339
109.908
Gross income
0th.cure, assets
131,613
$5,875,914 $5,813,877 36.151.617 $5.513,892
112,165
Deductions
Wke,fund advs.
26,837
32,563
Interest on funded debt- $1,709,840 81.714.325 $1,674.019
299,094
59.101
$1,242,876 0th. det'd assets
Int. on unfunded debt
19,483
7.125
5,526
19.376 Other unadjust 8,368.408
Rent accr.for leased roads
debits
8,771,891
(int. on funded debt,
Mason: rent scar. for
Total
816,893,526 808.712,966
Total
816,893,526 808,712,966
leasesM.0.&Ft.D.RR.)
b440,000 -V. 122, p. 1165, 1160.
Hire of equipment
2.438.464
2.472,460 2.853.939
2.402,585
Joint facility rents
990,693
932,530
912,117
885.779
Rent for leased roads_ _ _
Ann Arbor Railroad Company
45,021
44.818
44,818
9,225
Miscellaneous rents_ _
9,672
8.775
9.556
46.039
(27th Annual Report-Year Ended Dec. 31 1925.)
Miscell. tax accruals_ _
1,870
2,133
2,158
1,691
Amortiz'n of discount on
Pres. J. E. Taussig reports in brief:
funded debt
13,853
14,506
14,445
13,673
The new car ferry which was
Miscell. income charges_
18.098
64,271
15,448
16,677 in Feb. 1925, has resulted in contracted for in 1924 and placed in service
improved and continuous service between
ports on the west bank of the Lake
Net income
3628.920
3570,766
$601.558
$432,770 contributed largely to the increase in and Frankfort, Mich. This has also
the number of cars ferried, from 68,948
a Amount stated under 1922 includes 31.738.400 of collections and credits cars in
1924, to 80,272 cars in 1925.
rem
for allowances by U. S. Government under guaranty. b Retirement of
M.C. & Ft. D. RR. Co. bonds by exchange for C. G. W.securities, being asThe ratio of operating expenses to revenues for the year 1925 was175.64
compared with 77.56 for the year 1924,
as of Dec. 11922. interest on the former bonds is here charged in 1922 for
DurWg the year 31 locomotives received a decrease of 1.49%.
11-12ths of the year.
heavy classified repairs at company shops, as against 30 in previous year. The cost of maintenanc
e of
APR. 17 1926.]
locomotives for the year decreased 6e1 %. The cost of maintenance per
unit of freight train car decreased 13.4%•
In accordance with the action taken by all other class one railroads, the
present contract with the American Railway Express Co. covering the
operation of express business over this company's lines was extended for
one year or until Feb. 28 1929.
In the latter part of this year the Wabash Railway was authorized by
the I.-S. C. Commission to acquire the control of the Ann Arbor RR. by
the purchase of its capital stock. At the close of the year the holdings by
the Wabash of this company's stock were 66.9393%.
OPERATING STATISTICS FOR CALENDAR YEARS.
1922.
1923.
1925.
1924.
341.520
383,877
298,465
Passengers carried
183,204
9,512,357 13,196,964 14.654,850 15,165,375
Pass.carried 1 mile
- 3.371 cts. 3.343 cts. 3.303 cts. 3.362 cts.
Rate per pass. per m..
$1.24
$1.28
$1.21
$1.31
Pass. earns. per train m_
Tons carried (revenue)... 3,162,203 3,066,003 3,003,419 2,453.948
Tons car. 1 m. (rev.)-524,622,999 488,378,513 485,288,582 404,167,574
.8905 cts. .9026 cts. 1.001 cts. 1.065 cts.
Rate per ton per mile
$7.67
$7.32
$7.51
$7.37
Frt. earns per tr. mile
$17,196
$19,968
$18,826
$19,065
Gross earns, per mile_ _ _
759
821
Aver, tons per train sidle
769
782
INCOME ACCOUNT FOR CALENDAR YEARS.
1922.
1923.
1924.
1925.
Freight
$5,327,943 $4,864,464 $4,859,746 $4,305,008
509,843
441,123
484.066
Passenger
320,629
238,310
226,599
258,763
Mail, express, &c
219,120
Total operating revs__ $5,867,692 $5,532.186 85,602.575 $5,053,161
756,771
615,525
669.420
Maint. of way and struct
615,119
1,217,296
971,940
Maint. of equipment--- 1,171.277
1.051,071
108,134
111,591
Traffic expenses
129.076
113,096
Transportation expenses 2,328,358
2,283,078 2.304,795 2,225,249
General expenses
173,943
155,939
195,261
194,903
Miscell. operations
272
165
189
49
Transp for investment_
Cr.101
Cr.353
Texas & Pacific Railway.
-Year Ended Dec. 31 1925.)
( Report
OPERATING ACCOUNT FOR CALENDER YEARS.
1922.
1924.
1923.
Operating Revenues.1925.
eh
$26,051,237 823,930,347 822.482,491 821,738.482
7,279.004
Passenger
6.558.9597,150,275.
645,494
733.475
794,916
720,485
Mall
945,643
934.413
1,022,288 1,047.445
Express
302,309
314.414
216,987
321.767
Miscellaneous
565,945
547,183
556.185
598.163
Incidental, &c
Total
$35,272,899 533.784,580 532,592,489 531,381,795
Operating Expenses
Maintenance or way,&c. $5,205.646 94,841.083 $4,571.382 55.051,050
7,273.178 6,544,264
Maintenance of equipt_ - 6,982,329 6,471,081
586,305
625.094
700,031
Traffic expenses
786.060
Transportation exp
12.363,073 11,589,114 11,485,278 11,843,491
1.157.622 1,225,780
General expenses
1,127,694 1,767,090
Cr76,123
Transportation for inv
Cr342,917 Cr420.705 Cr443,753
319,319
312,857
Miscellaneous operations
294.629
331.917
Total oper. expenses_ _526,453.802 525,242,324 824,981.658 525.494.086
Net earnings
$8,819,097 88.542,256 57.610,831 $5,887,710
1.239,339
1.457,832
1,876,696
Tax accruals. &c
1.952,406
Operating income_....- $6,866.691 $6,655,560 $6,152,998 54.648.370
693,367
621.590
714,804
768,443
Other operating income_
Total oper. income -- $7,635,134 87,380.364 $6.846.365 55.269,960
1.029.132
979,935
926,314
Hire of equipment
967.162
628,896
611,356
652,438
Rentals, &c
693.867
Net inc. bef. fix. chgs- $5.974.105 $5,801,611 $5,237,535 $3,629.473
316.130
371.812
345.103
Non-operating income_
373,137
Gross income
Int. on funded debt......
Total oper. expenses.... $4,438,783 84,290,879 $4,542.999 54,119,391 Int. on unfund. debtNet operating revenue... $1,428,909 $1,241,307 $1,059,575
$933.770 Misc, rents, taxes, &c
Taxes, &c
267,617
289.997
253,683
261.050
Net income
Operating income_ _ 51,161.291
8805,892
$672,720 Preferred dividend
$951,309
109,244
115,088
117,533
166,344 Inc. appr. for inv. in
Other income
physical property_ _ _ _
Gross income
51,270.535 81,066,397
8923,425
8839.063 Misc. approp.ofincome_
213,657
385.734
300,612
444.394
Hire of equipment, &c
Income balance
491,894
Interest on funded debt.
380.229
358,436
351.421
67.317
39.192 -V. 121. p. 3129.
33,609
28,448
Int. on unfunded debt
Miscellaneous
37,988
16.537
15,089
12,137
$810,856
$792,884
Total deductions
$729,540
$843.416
459,679
Net income
336,857
80.008
46,179
COMPARATIVE GENERAL BALANCE SHEET DEC. 31.
1925.
1924.
1925.
1924.
LiabilitiesAssetsInv.unrd. & equip.23,421,189 22,594,233 Pref. stock
4,000,000 4,000,000
prop....
27,563
25,813 Cora.stock
Misc. phys.
3,250,000 3,250,000
Govt. grants
Inv.Instill. cos.
8,675
8,675
Stocks
33,566
490,857 Long term debt_.... 9,905,250 8,910,875
Advance*
6,500 Non-neg. debt to
31.656
277,319 Will. cos._
Cash
434,645
10,000
Special deposits.....
56,924
72,070 Oblig.tp LT.S.Govt. 1,109,000 1,454,700
Traffic & car serv.
Loans & bills pay_ 139,828
160,614
bals. receivable_ 188,365
150,759 Traffic & car serv.
22,071
20,221
Agts.& cond. Weis_
bats. payable-- 195,497
259.270
Misc. accts. reale_ 222,649
251,000 Audited accts. and
Material & supplies 515,831
wages payable.... 708.405 1,301,054
511,053
Other curr. assets_
48,000
67,445
65,834
40,000 Misc. accts. payle
Work.fund advs....
1,370
75,350
76.591
1,370 Int. mat'd unpaidRents & ins, prem.
39,624
Unmat. int. aceed
57,737
prepaid
85,529
68,0% lot.mat.unpaid on
Other unadj. debs_ 338,420
139,801
deliquent Mich.
VMS
63,759
Unmat.int.on do.. 169,969
Other def'd
_
17,928
20,043
Tax liability
273,448
255,884
843,760
Accr.depr.,equip
970,028
125,692
Other unadj. cred
67,555
Add'ns to property
through income
764,376
133,095
and surplus
Prof.& tosser. bal 3,573,887 3,742,976
Total
25.427,765 24,649,096 Total
-V.122, p. 1758. 744.
2183
THE CHRONICLE
25,427.769 24,649,096
Denver & Rio Grande Western Railroad Co.
(Annual Report
-Year Ended Dec. 31 1925.)
$6.347.242 56.147.714 55.609.347 53.945.603
1,755,683
1.778,841
2,413,255 2,170,339
235.987
272.785
26,375
14.784
144.550
161,407
97,648
72.407
53,821.555 $3,878,591 $3,433,111
707,798
1.185,150
51,772,584
2,871,610
561.501
1,262,025
510,559
$2,636.405 83.170.793
Erie Railroad Company.
(31st Annual Report-Year Ended Dec. 31 1925.)
OPERATING STATISTICS FOR CALENDAR YEARS.
1922.
1924.
1923.
1925.
2.309
2.325
2,323
2,325
Miles of road oper
No.tons mdse.fgt. car'd- 26,151,082 24,084.670 26.287.956 21,679.949
No.tons coal & coke car- 16,743,495 19,020,258 24.149,762 14.621.415
Tot.No.tons all fgt.car_ 42,894,577 43,104,928 50,437,718 36.301,364
Total No.tons all freight
carried one mile
9469280 360 9880512,589 11363376567 8277801.171
Avg. rev, per ton per ml.. 1.000 cts. 0.966 cts. 0.957 cts. 1.021 cts.
57.90089
Freight rev. per tr'n mile 58.43181
$8.23067
$8.38553
772.88
875.44
Av.No.tons fgt.in ea.ten
842.47
850.93
30,488,408 30,637,754 31.168.094 30,273.963
No. of pass. carried
No. pass. carried 1 mlle-672,064.743 666.139,095 680.537.156 648.420.585
Avg.far per pass. per mi. 2.046 cts. 2.095 cts. 2.160 cts. 2.139 eta.
$2.38281
$2.52769
Pass.ten rev.per ten mi. $2.42790
52.40137
Gross rev. per mile of rd. $51,034.52 $51,214.43 $57,200.15 $46.277.38
INCOME STATEMENT FOR CALENDAR YEARS.
1922.
1924.
Operating Revenues1925.
1923.
Merchandise
871,501,650 566.555,067 573,207,913 $63,191,282
23.170,636 28.909,949 35,543,065 21,353,924
Coal
13,750,260 13.957,951 14,696.897 13,872,168
Passenger
10,120.910 9.673,889 9.530,580 8,456,729
Mail, express, &c
$118,543,456$119,096,8568132.978.455$106,874.103
Gross oper.revs
Maint. of way & struc__ 13,442,522 13.730,008 14,307.569 12.699,503
Maint. of equipment-27.663,902 29,554,255 36.054.579 32.712.642
1.822,461
2.036.706 2,027,674 1,942.234
Traffic
Transportation
45,669,835 46.080.879 51,319.167 48,582.239
589.490
616,862
631.727
604,666
Miscellaneous operations
3,961.317 3,893.356 3,905.408 3,817.683
General
Cr90,539 Cr122.546
Cr130,413 Cr118.259
Transportation for inv
Tot.ry. oper. expenses$93,238,535 $95,784,775$108,070,145$100.101,523
Net operating revenue- 25,304.920 23,312.081 24,908,310 6,772.580
4,750,791 4.521,873 4,260,003 3,863,228
Railway tax accruals_
48.361
91,659
109.189
44,695
Uncoll. ry.revenue
Operating income...420,509,435 $18,698,549 $20,539,117 $2.860.993
RESULTS FOR CALENDAR YEARS.
Net hire of equip. rents
Operating Revenues1923.
1922.
1925.
1924.
1,479,509 2,021,156 2,101,212
deb. balance
3,179,110
$26,062,655 $25,107,743 $25,309,886 825,036,212
Passenger
5,585,624 Net joint fad.rents(net) Cr200,295 Dr146,863 Dr197,548 Dr114,871
4,879,229 5,151,130 5.789.354
Mail, express, &c
1.864,858
1,845.506
1,921,894 2,553,032
8644.910
Net ry. oper. income-517,530,619 $17,072,177 518.320,413
Incidental
800.050
795,191
890.296
833,507
Non--0perating Inc.Joint facility
44.926
42,024
35,600
30,392
Dividend income
3.177,537 7,002,537 6,027,537 11.095.150
Dr258,975 Dr2.107,386 Dr1.245,953
Total oper. revenues_ _$33,629,463 $33,011,558 834.587,496 $33,350,593 Claim under Govt. guar506,081
401,608
,
Miscell. rent income....__
457,929
Operating Expenses379,918
162,588
185,562
164,657
Maint. of way & struc_ $5.742.197 56.128.432 55.534,639 84.997,381 Inc.from funded securMaint. of equipment,..... 5,948,303 9,151,008 9,653.291
7,570,119 Inc. from unfunded secs.
325.339
216.071
205,965
& accounts
Z0,346
Traffic
652,277
615,702
591,502
543,647
Dr51,829
75.781
75,783
59,579
Transportation
10,835.670 11,378,447 12,698.471 11.615.142 Inc. from lease of road
200,828
15.117
27,119
97,750
Miscellaneous operations
623,420
574,466
669,891
618,623 Miscellaneous income.General
1,042.650 1,034,556 1,015,083
998,407
Tot. non-oper. income $4,167,799 97,709.746 54,791.317 $11.209,533
Transp. for invest.--Cr50,269
291.156
132.210
38,513
Gross income
21,698,418 24,781.924 23,111,730 11,854,444
Deductions
Total oper. expenses_ _824.794,249 528,591.457 930,030,669 826.304,805
2,392,894
Net revenue from oper__ 8,835,215 4,420,101 4,556,827 7.045,789 Rent for leased roads- 2,450,472 2.461,540 2,426.681
364,889
352.134
493,455
Tax accruals
319,580
2.316,092 1,986,335
1,885,130
1,830,015 Miscellaneous rents..._ 108,859
248.818
97,547
Uncollectible revenues...
105,897
7,385
9,837
8.137
7,706 Miscell. tax accruals........
Interest
11,989,179 12,154.900 11,669,440 11,745,046
Total oper. income__ $6,511,738 $2,423,929 $2,663.560 $5.208.068 Amortization of discount
9,889
1.948
42,035
63
97.112
Non-operating Income
88.620
88,158
Miscellaneous
103,921
946.047
1,238.262 1,217,063
1,146,915
Hire of fgt. cars--reopts- $1,415,882 $1,550,614 $2,039,970 51.614,654 Appl. to S. f., &c
-_
.99
163,328
153.585
137.490
Joint facility rent income
Balance, surplus_ _ _
$5,582,391 $8,363,367 $7.218.208df$4.078,817
456,252
432,024
434,837
423.874
Miscell. rent income.._
72,759
57,372
58,807
49,035 -V. 122, p. 2036. 1605.
Misc. non-op. ploys. prop
15.406
16,147
18,154
16.270
Income from unfunded
Standard Oil Company (California).
securities & accounts
90,759
62,681
48.482
64,431
Miscellaneous Income......
510
-Year Ended Dec. 31 1925.)
347
(Annual Report
409
270
Total non-oper. Income $2.204,563 82,282,576 $2.754,184 52.306,026
President K. R. Kingsbury, April 8, says in substance:
Gross income
8,716,301
4,706,504 5,417,744 7.514.094
Results.
-The net profit for 1925 was $30,953,485. an ineresae of 44,351.Deductions
971 or 16.36% over 1924. This is a profit of 9.29% on the combined
Hire of freight cars
Issued capital and book surplus of Dec. 31, 1925. and is equivalent to
Payments
$1,563.526 $1,583,938 91.837,359 $1,546,402 $3.25 per share on the outstanding capital stock of that date, as compared
Rent for equipment_
3,140
29.628
47.914
104.427 to $2.83 per share for 1924.
Joint facility rents
181,417
-General business conditions on the
171,246
174.863
Financial Condition Satisfactory.
174,805
Rent for leased roads......
107,301
413.223
447.212
425.609 Pacific Coast during 1925 were good. Company did the largest business
Miscellaneous rents......
1.021
964
1,111
1,029 in its history, but price conditions reflected the continued over-production
Int. on bds., ctfs. & mtgs 3,619,230 5,321,926 4.974,658 4.835,440 of crude oil. Company added to its inventories of oil during the year
Int. on adjust. M.bonds
677,419
700,000
700,000 11,781,263 bbls. at a cost of $14,305,568. Notwithstanding these con18,846
Int. on unfunded debt_
74,422
52,805
55,588 ditions the financial condition of the company at the end of the year was
30,756
Misc, income charges
38,458
36,739
39,258 very satisfactory. Company retired during the yeas $2.500,000 gold
Income applic. to sk. fd_
298.080
253.064
261.500
260,962 notes and had on hand on Dec. 31 over $44,000,000 in cash and securities.
equip.
Inc. appllc. to red,
-There was a continued demand from European and eastern
Oil Prices.
trusts
300,000
310,000
240,000
markets for California petroleum products. Reflecting a declining production in California and higher prices for crude oil in the Mid-continent,
Balance, SW'.. transf.
prices of California crude oil advanced in February, 1925, together with
.
to credit ofP & L_ $2,562.986df$4,167,784 df$3.356,410 def$629.428 prices of refinery products such as gasoline and fuel oil. Due to large
.
-V. 122. P. 2036, 1915.
flush production in Inglewood field (reaching a peak in August of 104,000
2184
THE CHRONICLE
(You US.
barrels per day), together with inc easing stocks of heavy
As a
oil, prices of crude oil declined in September and again in crude and fuel will be stockholder of the Pacific 011 Co. the Standard Oil Co. of California
October. The
entitled to receive 414,000 shares of its own stock. The directors
decline in prices of crude oil was reflected principally in a decline in the price of the Standard 011
Co.
of fuel oil. The new prices for crude offered by the company in Sep. pro- shares will not be issued of California have decided that these 414,000
but will remain unissued stock. The outstanding
vided a schedule for each field, account being taken of thevarying values of
oil of the same gravity from different fields. Theretofore the Company,s issued capital, therefore, of the Standard Oil Co. of California will be
12,602,434 shares, instead of the combined present outstanding number
offered price for a given gravity of oil was the same for all fields.
of capital shares of the Standard Oil Co.and the Pacific 011 Co. amounting
Surpfus.-Surplus increased 21,739,658.10 Of this/sum, $12,026,457
13,016,434 shares.
earned surplus during the year. In addition to earned surplus, there was toThe average cost
was
of the 414,000 shares of Pacific Oil Co. stock purcarried to surplus $3,676,536 premium on the sole of capital stock under the chased by your company
was $37 58 per share at which price it was always
employees, stock investment and savings plan, and sundry adjustments of
$166,086. To appreciated surplus account there was added $23.595,269 carried on the books, no credit to profit ever having been made due to its
appreciated market value.
representing the value of oil discoveries set up on the books of the company,
The 165,600 shares of the stock of the Associated Oil Co. distributed to
and there was deducted as depletion from appreciated surplus $17,724,691. the
Standard 011 Co. as a stockholder of the Pacific Oil Co. have been sold
Finances.-Totalicapital stock outstanding on Dec. 31 1925 amounted to for cash at $58 50 per share.
9.516.434 shares. There were issued during the year for the account of
Practically the entire personnel of both companies goes to the new
the employees, stock investment and savings plan 107,296 shares, at Company,
with service credit given to all employees alike for the purpose of
approximately the market price at time of issue. (Average price for the determining their standing under the various benefit plans,such as Pensions,
year, $59 27 per share.)
sh,
Sickness, Accident, and Insurance. The directors of the new company
Company redeemed on August 1, 1925. 32,5 0,000 of its
50% Serial are the same as of your Company.
Gold Notes issue, leaving $20.000,000 outstanding.
The $20,000,000 of 5% Serial Gold Notes outstanding at the time of the
Plant Investments.
-Expenditures for plant investment during 1925 were consolidation must under tile terms of the deed of trust be called for re*12,757,166.
demption on August 1, 1926, at the premiums provided for in the deed of
Dividends -Cash dividends were paidrat a rate of 50 cents per Aiare trust. It is anticipated
that the cash requirements of this transaction will
quarterly. This represents 8% on the par value of the stock.
be taken care of without any new financing.
Taxes.
-Total taxes for the year 1925 were $6,907,505 as follows: FedWith this year your company closes the 25
-year period during which it
eral income tax. 1925 (estimated) $2,365,000. Federal Capital Stock Tax has
operated as
*294,253. Franchise and licenses $586.269. Property Taxes $3,661,982. been steady andStandard Oil Co. (Calif.). Its growth over this time has
its capital and surplus have increased from $775,000 in
Motor-vehicle gasoline taxes collected by the Company and remitted to 1901 to
$333,000.000 in 1925. Its progress has been achieved without
various states for the year 1925 were $7,746,561 as follows: California detriment to
public good
your management believes the Com$4,485,776. Arizona $449,317. Idaho $43,233. Nevada $182,791. pany enjoys in gratifying will, which Its success is due largely to the fact
measure.
Oregon 41,215.416. Washington $1,368,474. Utah $1.552.
that its employees have served the Company ably and with spirit of fine
Crude Ott Production.
-The production of crude oil during 1925 from the loyalty.
company's wells was 35.652.982 barrels, an average of 97,679 barrels daily,
'While
as compared with a production in 1924 of 28,677,249 barrels.or 78,353 barrels assets tothe activities of your company have ceased with the transfer of its
the Standard Oil Co.
daily. Company,s production as of Dec. 31. 1925. was 98.544 barrels daily. with the added resources of theof Calif. its business will be carried forward
properties acquired from the Pacific Oil Co.
On Jan. 1 1925 Company had 1,100 bbls. per day of production shut in. and
On Dec. 31. Company.s shut in production amounted to 24.138 bbls. per it. with the same policies and same direction that have heretofore guided
day. It is estimated that the total shut in production in the State was
RESULTS FOR CALENDAR YEARS
25.960 bbls. per day on Jan. 1, and 63.540 bbls per day on Dec. 31.
Wells.
1922.
1925.
-Company completed during the year 150 producing wells, and 24
1923.
1924.
wells were abandoned as dry holes. On Dec. 31 51 strings of tools were in Earning after operating
& marketing expenses_$47,779,878 $44,354,798 $38,330,936 $42,822,825
Operation, 29 of which were employed in drilling new wells.
Foreign producing activities of the company were confined largely to Deduct-Deprec. & depl. 13,388,476 13.535.368 11,756,830 12,853,012
Interest
Venezuela where large prospective holdings have been acquired upon which
1,750,000
1,072,916
1,541,667
1,197.917
Federal taxes (est.)._ _ 2.365.000 3,020,000
active drilling is now in progress.
1,200,000
590,000
Pipe Lines.
-Total crude oil runs for 1925 amounted to an average of
Net profit
194,991 bbls. daily, a decrease of 8,092 bbls. daily from 1924. Of this
$30,953,485 $26,601,513 324,442.439$ 27,019,812
amount. 32.200,513 bbls., or 88,221 bbls. daily, were purchased from Cash dividends paid._ _1
,18,927,027 18,720.029 18,016,273 16,285.659
301 different producers. leases. Oil and gas lines were laid connecting
Surplus for year
Inglewood to the El Segundo refinery, and Wheeler Ridge was connected
112,026,458 $ 7,881.484 $6.426,166 610.734,153
Surplus for Dec. 31.- _$95,106,325 $73.366.667 $63,722.990 $57,363.306
by pipe line to the Midway field system.
Refineries.
-Average daily runs of crude oil to the stills at the refineries
CONSOLIDATED BALANCE SHEET DECEMBER 31.
were 173,798 barrels, as against 144,075 barrels in 1924. Three fuel oil
1925
1924
1924
1925
reservoirs, each with a capacity of 3,100,000 bbbls.. were completed durAssets$
$
ing the year. These are the largest oil reservoirs of this type in the world. Plant account-219,623,318
211,640,353 Capital stock, .237,910,850 235,228,447
Sales.
-Following a suggestion from the War Department the company Investments in
Gold Notes__ 20,000,000 22,500,000
extended to the various Government departments in Washington its cosecurities,._ _ _829,816,134 29,506,226 Accountspayable 8,518,810 9,074,480
operation in the marking of various airways on the Pacific Coast and
arranged to paint the names of towns on the roofs of the company's buildings Inventories._ _ _ _ 84,392,319 71,193,533 Fed. taxes (est.) 8,015,986 8,670,987
Accrued interest
468,750
416,666
In several hundred cities and towns in California, Oregon, Washington, Accounts reedyceivable._ _ _ 21.024,703 19,665,881 Insurance res've 1.891,394 1,539,869
Idaho, Nevada, Arizona and Utah.
Notes receivable
684,591
563,114 Merchandise due
A total of 720 storage distributing stations and 781 automobile service Deferred charges
3,354,360 2,153,951
233,317
on contract.._
140,238
stations were being operated on Dec. 31 1925.
Cash
14,827,199 18,081,614 Suspended earns 1.722,355 1.722,355
Marine.
-Company's fleet transported a total of 43,246,078 bbls..
Surplus
95.108,325 73,388,887
against 36,384,944 bbls. in 1924. The S. S. Montrolite, 85,550-bbl. capacity, was purchased and renamed ' C. Fitzsimmons" in honor of the
J.
Total
373,722,827 352,804,872
Total
373,722,627 352,804.872
Company's former General Sales Manager. The S. S. Atlas was sold.
a
Motor Vehicle.
-At the end of the year company was operating 4,535 ket Investment in securities are at cost (substantially less than the marvalue). V. 122 p. 1624.
pieces of motor equipment, an increase of 767 during the year.
Employ es -On Dec. 31 employees of the company numbered 18,367.
The payroll for the year amounted to $41,389,315. an average of $174 99 The Willys-Overland Co. and Subsidiary Companies.
per month per employee. Payments covering pensions, life insurance.
(14th Annual Report-Year Ended Dec. 31 1925.)
and sickness disability benefits amounted to $1,067,681 and average of
$54.17 per employee, or 2.58% of the payroll.
President John N. Willys, Toledo, March 30, reports
Employees Stock Investment and Savings Plan.
-Owing to the consolidation of the Standard and Pacific Oil Companies, it was found necessary to in substance:
-In many respects the year was the best in the experience
suspend the Stock Investment and Savings Plan as of Jan. 1 1926. On ofRecord Year.
the company. Volume of sales in dollars and in units, for both domestic
that date the Plan had been in operation 4 years and 7 months, and there and export account,
was the largest on record.
were 12.508 employees participating. There were in the hands of the • Results.
-The net income from operations is
trustees 494.516 shares, representing credits by employees' savings, com- tions, and the net profit-after charges designedof record-breaking proporto eliminate in its entirety
pany deposits, dividends, etc:. $26,499,673. Of the eligible employees. from the balance sheet the item
engineering and development expenses
85.77% are subscribers under the plan. Their average monthly subscrip- in connection with new models of a very gratifying return.
-is
tion is $33.30, or 87.70% of the maximum to which they are entitled under come from operations for the year 1925, after interest, local The net intaxes, regular
the plan.
and special depreciations in full amounts, is $16,936.186.
The 494,516 shares held by the trustees on Dec. 31 1925 constituted
From the 1925 total has been deducted $3,773.408. representing all pre5.20% of the total capital stock outstanding. The Plan terminates on viously deferred and current charges incurred in the development of new
May 31, 1926, and the distribution to employees will take place as soon after models,instead of leaving any part of it to be charged off in 1926, or adding
that date as possible.
any amounts to the company's highly valuable good-will and patent rights
StocAholders.-Stockholders of record Dec. 31- 1925, numbered 19,691, account which it continues to carry at the nominal value of $1.
an increase of 304, or 1.57% during the year. Of this total, 40.40% are
The net profit, after Federal income tax and all other charges, was
women. Of the stockholders, 91% held 500 shares or less: 70.3% held *11,422,777. equivalent-after preferred dividends
a share on
-to
100 shams or loss, and 43.8% held 25 shares or less. Of the stockholders. the 2,264,661 shares of common stock outstanding at the$4 36 of the year.
close
98.92% live in the United States, and own 99.25% of the outscanding
Accumulated Pref. Dividend Liquidated.
-The achievements of the year
capital stock. 37.37% of the stockholders are residents of the Pacific made it possible subsequently to extinguish all obligations pertaining to the
Coast, the number of these having increased during the year from 7,172 to pref. stock. The $29 75 in accrued dividends on pref. stock covering the
7,359.
period from Oct. 1 1920 to Dec.31 1924, and the accruals for the year 1925,
were liquidated by cash or in common stock-the latter on the basis of $25
Consolidation of the Standard Oil Company and the
per share-resulting in the Issue of 262.389 additional shares of common
Pacific Oil Company
During the flscal year covered by the foregoing annual statement, nego- stock since the close of the year.
Pref. Stock Sinking Fund.
-On Feb. 3 1926 directors authorized the extiations were opened for the acquisition of the lands and producing proporties of the Pacific Oil Co., resulting on Dec. 30, 1925, in a contract pro- tinguishment of all sinking fund accumulations on the pref. stock, and this
viding for consolidation of the two companies. The consolidation was resulted in the retirement of 39,238 shares of pref. stock, leaving the total
effected on March 29, 1926, and as future reports of the operation of the of 181,257 shares of pref. stock outstanding as of that date.
As a consequence, there are now no past due obligations arising from the
properties will be made by the new Company-the Standard Oil Co. of
California
-a brief statement covering the events since Jan. 11926. follows. company's capital structure.
Bonds.
-In addition to the regular annual sinking fund payment of $1,The Pacific Oil Co. was formed in 1920 to take over and operate the
producing and prospective oil lands of the Southern Pacific Co., and its 000,000 July 1 1925 on the 65i% 1st mtge. sinking fund gold bonds, there
business has been the production of crude oil, which it normally exchanged was purchased and held for our account an additional sum in bonds of
for fuel oil, selling the fuel oil in turn to the Southern Pacific Co. The $525,000. which, after giving the effect of retirement, would reduce the issue
Pacific Oil Co. operated no refineries or marketing stations, and handled of the original amount of $10,000.000 to $7.475.000.
Sales
-Working Capital.
-Notwithstanding a volume of net sales for the
no refined products. For many years, even prior to the formation of the
Pacific Oil Co. the Standard Oil Co. has been taking from these properties, year approximating $180,000,000, our working capital was adequate for
in exchange for fuel oil, a very large percentage of the refillable crude oil all needs, permitting continued freedom from bank credit.
The ratio of quick assets and liabilities at the year end was in excess
production.
Immediately following the creation of the Pacific Oil Co. your Company of 83 to 1.
Production.
-Car
acquired a large stock ownership which was later slightly increased, amount
- 162.988 cars sold in sales for 1925 stand at 214,460. as compared with
1924.
ing in all to 414.000 shares.
-The list of models for the coming year offers our distributNew Models.
On Dec. 30 1925 your company entered into a contract with the Pacific
Oil Co., under the terms of which all of the' producing properties and ing organizations superior market coverage. These models have been
lands owned by the Pacific 011 Co., together with other incidental assets, especially designed in quality and price, with 6
-cylinder and Willys-Knight
were to be consolidated with all of the assets of your Co. There were motors predominating, to attract a volume of sales which should tax the
excluded from the consolidation all liabilities of the Pacific Oil Co., together capacity of our plants, which is over 1,500 a day.
Outlook -The outlook is very encouraging, and while competition will
with certain assets not related to its producing properties, but all liabilities
probably be keener than in 1925. the company has never been better fortiof your company are assumed by the new company.
It was proposed to effect this consolidation through the transfer of the fied from a producing, distributing and financial standpoint.
above mentioned assets to a new Corporation-the Standard 011 Co. of
INCOME ACCOUNT FOR CALENDAR YEARS.
California (a Delaware corporation), having an authorized capital of
Calendar Years- •
1925.
1924.
1922.
1923.
15,000,000 shares of stock without nominal or par value, to be issued to Gross profits
x$26,573,649}
Not
Not
{$23,361,8511
the stockholders of each company of record March 29 1926, share for share. Sell.,gen..&adm.exp.,&c. y9.052,820
availavail9,547,432
The outstanding capital on January 1 1926 of the Standard Oil Co. was Interest
564 642
able
780.387)
able
9.516.434 shares, and of the Pacific Oil Co. 3,500.000 shares.
Net profit
$16.936,186 $2.086.646 $13,034,032 $2,779,831
A special meeting of stockholders of your Company was called for
Feb. 10 1926 at which over 80% of the outstanding stock approved of the Common stock adjust_
Cr43,199.685
Dr.32,519 Cr.883,726
consolidation. The consolidation took place March 29 1926, effective as Adjustments
Dr38087,118
Eng.& develop. exp_ _ 3,773,409
of Jan. 11926.
Federal taxes 1.740.000
The daily production of the Pacific Oil Co.'s properties so consolidated Estimated
was 58.700 barrels as of Jan. 1,1926. 3,700 bbls. of which were shut in. Pref. diva. paid (7%) - - 1.543.465
15.972,789 13.002.418def43231.300def7,924:01
included in these properties there are over 261,000 acres of land in Cali- Previous surplus
fornia owned in fee, 20.000 of which are proven oil lands, and geological
Profit & loss surplus_ _$25,819,582 $15,972.789 $13,002.418dP343231,300
conclition., indicating that a material part of the balance of this acreage is
x Gross profit from operation and other earnings, after providing for
prospective oil land.
depreciation and other operating expenses and net profits from branches
The net earnings for 1925 of the properties of the Pacific Oil Co. ac- and subsidiary companies. y Selling, advertising, administrative and genquired by the Standard Oil Co. of Calif.. after deducting for Federal taxes, eral expense. E6.678.606: bond discount, $102.424: adjustments and other
are estimated at $12.800.000.
items, $1,104,069: equip, expenses and miscell. provisions, $1.167,721.
APR. 17 1926.]
2185
THE CHRONICLE
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1924.
1924.
1925.
1925.
Assets
Liabilities$
$
3
Preferred stock___22,049,500 22,049,500
Real estate, bides.,
machinery,&c.y27,510,534 27,043,650 Common stock_ __11,323,305 11,323,170
1,006
Common scrip_ _.
871
Good-will, patents,
xl
xl Funded debt
7,475,000 9,000,000
&c
Investm. in affil.
ts
Accounts payable.. 2,626,910 3,092,663
770,600
companies,&c 1,286,040 1,353,942 Stk,purch.contract 609,960
682,311
Time ctfs.of depos. 7,010,000 5,295,000 Accrued int., &c._ 568,040
27,300,995 22,767,040 Deferred income..
5,687
Inventories
Notes & accts. rec 6,977,892 4,780,737 Res.for Fed.tax 1,740,000
543,435
Res've for conting_ 1,654,478 1,912,048
Insur. & misc. rec
Misc. assets, &c__ 2,670,681 1,418,050 Other reserves_.. 1,208,560 1.208,560
422,041 Surplus
25,819,582 15.972,789
725,963
Cash
Deferred charges 1,050,666 2,937,874
Total
75,076.207 66,018,335 Total
75,076,207 66,018,33
x Good-will, patents, &c., less reserve provided to reduce book value of
these items to $1. y Land,$1,858,048; buildings, $21,310,593: machinery,
equipment, &c., $21,624,078;less allowance for depr. & losses, $17,282,184.
Note.
-Company was reported as being contingently liable, at Dec. 31
1925, as endorsers on notes, acceptances, &c., aggregating $4,656.001.
Company's Federal tax returns have been reviewed and settled for the
period covered by high tax rates.
-V. 122, p. 764, 105.
Wabash Railway Company.
(10th Annual Report
-Year Ended Dec. 31 1925.)
GENERAL STATISTICS FOR CALENDAR YEARS.
1922.
1925.
1924.
1923.
Frt.(tons)carr. lm.(000) 5,771.915 5,327,549 5,096.792 4.226,468
$.011171
Avge.rev. per ton per m.
.010572
$.010475
$0.11063
Freight carried (tons)
21.155,633 19.289,805 18,739,365 15,629,501
Passengers carried
3,087,287 3,419.086 3,555.769 3.703,376
Pass.carried one mile_ -297,204,138 284,538,990 294,368,685 269,829,629
$.03368
Rev. per pass. per mile- $.03151
$.03728
$.03327
INCOME ACCOUNT • YEARS ENDED DEC. 31.
1925.
1922.
1924.
1923.
2,524.20
2,489.93
2,476.59
2,472.96
Avge. mileage operatedFreight revenue
$55,329.533 $51,546,110 $51,698.168 $43,911,074
9.364.486 9,328,465 9,794.5949„ 94
Passenger
821,243
849,062
832,169
Mail
905,714
1.702,325
1,690,049
1.493,995
Express
1,849,684
Miscellaneous
2,545.356
2.354,967 2.602.656
2,263,819
Total oper.revenues--$69,910,301 $65,780,929 $66,617,636 $57,662,496
ExpensesMaint.of way &struct-- $9,311,985 $9,913,565 $9,501,515 $8,270,927
Maint. of equipment__ _ 12,348,291 11,579,914 13,884.271 12,282,949
1,378,262
1,816,543
Traffic
1,640,320
1,518,004
Transportation
25.431,804 24,973,374 24,997,690 24,086,905
Miscellaneous operations
297.998
387,661
346,745
326,555
General
1,775,767
1,948,564
1,932,980
1,864.185
Transp. for inv.
Cr.164,424
51.611
88,481
58.726
Total oper.expenses--$51,080,424 $50,298,418 $52,033,494 $48,041.297
Net rev. from ry. oper__ 18,829,877 15,482,512 14.584,141
9,621,199
Tax accruals
3,287,580 3.036,367 2,470,800 2.262.675
Uncollectibles
7.069
14,182
16,384
23,871
Operating income_ -- -$15,535,228 $12,431.963 $12,096,957 $7,334.653
Other oper.income
431,745
712,492
482,325
335,759
Non-operating income
770,107
530,392
660,621
1,165,159
Gross income
$16,737.080 $13,674,846 $13,239,904 $8,835,571
Hire of freight cars
1,881,230
1,852,217
1,751.072 1,673,894
Joint facility rents
1,673,350
1,710,086
1,623,654
1,677,026
Rent for leased roads.....
361.704
365,251
296,527
250,462
Interest on funded debt_ 4,587,596 3,953,703 3,860,182
3,689,392
Rent ofequipment
159,877
234,370
207.154
212,071
Miscellaneous
126,884
84.270
90.438
122,338
Total deductions
$8,790,641 $8,199,898 $7,829,030 $7,625,183
Balance
7,946.438 5,474,948 5,410,873
1.210,388
x Includes unaudited guaranty period items aggregating 1509,018. in
accordance with order of I.
-S. C. Commission dated Dec. 15 1921.V. 122, p. 1916.
FO.
Chicago St. Paul Minneapolis & Omaha Ry.
(44th Annual Report-Year Ended Dec. 311925.)
The remarks of President Fred W. Sargent, will be given
fully another week.
Operating Revenues1925.
1924.
1923.
1922.
Freight
$19,566,923 $20,019.002 $20,074,017 $19,602,694
Passenger
5,232.626
5,709,096 6.110.998 6.110,337
3ther transportation.. _ _ 1,693.685
1,808,625
1,809,802
1.738,680
Incidental
356,899
379,014
368.417
349,295
$5,869,536. Deductions for bond interest, real estate sinking funds, fire
insurance fund, general taxes, and operating losses of subsidiary railroads
amounted to $2,933,633,leaving a surplus abovefixed charges of$2,935,904.
Charges for depreciation on buildings and equipment were $1,048,476.
leaving a balance of $1,887,428. compared with $520,285 in the previous
year. From the net income of $1,887,428 there has been deducted $135,000
as reserve for income taxes. Out of the remaining surplus of $1,752,428
regular dividends on preferred stock amounting to $160,000 were paid, and
the balance of $1.592,428 carried to the credit of profit and loss.
-Expenditures for improvements and additions to property
Expenditures.
amounted to $2,443,732. In the main these expenditures represented
work done on the power plant which will be completed and in operation by
the middle of this year. Additional improvements, including a 24 inch
merchant mill, large capacity ladles for carrying hot metal from blast
furnaces, mechanically fed gas producers for the open hearth furnaces, and
enlarged scrap handling facilities for serving open hearth furnaces, have
been authorized by the directors. The 24 inch merchant mill, which will
cost approximately $1,500,000, will provide facilities for the rolling of
structural shapes and semi-finished steel that cannot be produced on our
existing mills of smaller capacity. It will also relieve those smaller mills of
tie plates and certain other material that can be more economically produced
on the larger mill. These additional improvements and the unexpended
balances on improvements commenced in 1924, representing the program
for completion in 1926. call for expenditures of approximately $5.500,000.
It is planned to meet these without increasing capital liabilities.
Operations
.-The coal market was badly depressed for several months
beginning with Feb., but was fair to good during the last 5 months of the
year. Commercial sales of coal and coke increased about 9% over the
preceding year. At the present time operations at the steel plant are on a
satisfactory basis, with open hearth furnaces and most of the finishing mills
working to capacity, but tonnage of unfilled orders is not as large as it was
at this time last year.
Owing to mild weather in a large part of the coal market territory, sales
at the beginning of this year were materially less than in the corresponding
period last year. However, prospects for the spring and summer trade in
this line are better than they were a year ago.
The usual comparative income account was published in
V. 122, p. 1616.
COMPARATIVE BALANCE SHEET DEC. 31.
1924.
1925.
1924.
1925.
Liabilities
Assets$
Realest..less res_ _23,735,847 23,024,317 Common stock_ _ _34.235,500 34,235,500
Equin., less res- _ _30,547,873 30,629,122 Preferred stock__ _ 2.000,000 2,000,000
Subsidiary cos_ - _ _11,287,727 11,577.408 Col. F.& I.gen.5s 5.319,000 5,344,000
Cash on hand........ 1,158,120 1,025,877 Col.Ind.Co.1st5s 31,430,000 31,568.000
Government secur. 1,567,859 1,567,859 Accts. & bills Pay- 3,224,749 2,347,502
749.426
Accts.& bills rec. 4,759,263 2,908,369 Accr. int. not due_ 745,914
40.000
40.000
874,831 Frei div. unpaidAdv. to sub. cos- 976.496
435.768
946,871
222,582 Tax fund
Res've fund-taxes 206,622
218.654
Mfd.stks.& supp_ 5,964,105 6,582,448 Fire insurance fund 221,568
12,201
232,391 Personal injury fd_
Divs.& int. accr__ 137,823
529,841
266,100
605,019 Contingencies
Bonds for sink. id_ 721,155
Relining & rebuildWorkmen's comp.
751,061
ing furnaces _ _ _ 588,387
reserve (U. S. &
'11,289
360.000 Sunrise Ore devel. 192,234
Colo. bonds)_._ 360,000
Profit& loss,surp_ 2,292,989 1,461,841
Royalties paid in
57,872
72,107
advance
175
60
Ca-sh with trustees
Prepaid taxes, in22,489
surance, &c
Total
81,503.313 79,682.505
Total
Deduction.
-V.122. p. 1616; V. 121, 2278.
81,503,313 79,682,505
Eastman Kodak Company & Subsidiaries.
-Year Ended Dec. 31 1925.)
(Annual Report
Net
Pro its.
1902,6 mos.
1904
1906
1908
1910
1912
1914
1916
1918
1919
1920
1921
1922
1923
1924
1925
1,488,295
3,339,148
5,415,700
7,472,519
8,975,177
13,999,047
11,313.012
17.289,206
14,051,969
18.326,188
18.566.211
14.105.861
17:J52,555
18,877,229
17,201,815
18,467,114
Preferred
Dividends.
$
162,366
360,347
369,942
369.942
369,942
369.942
369,942
369.942
369.942
369,942
369,942
369,942
369.942
369,942
369,942
369.942
Common
Dividends.
$
856,930
1,921,019
3,418.260
3.904,140
7.806,390
7.807.957
5,859,840
13,674.635
8.792.280
7,819.110
7,865.840
7.953.215
12,574.962
15.678,337
16,267,400
16.231,640
Reserve
Fund.
$
Surplus.
468.999
1,057,781
1.127.498
2.198.437
798,845
500.000
5.321.148
5,083.230
3.244,629
4.889.747
10.137,136
10,330.429
5.782,704
5,007,650
2,828,950
564,473
1.751,732
113.800
500.000
1,000.000
Totals
8,654.829 186,591,843
5.363,800 84,072,927
(15 yrs)284,683,399
-Reserve required in addition to previous reserves and
Total oper.revenues_ _$26,850,133 $27,915,736 $28,363,234 $27,801,007 Deduct
appropriations to offset entire book value of good-will & pats_ 15,798,081
Operating ExpensesMaint. of way & struc__ $3,604.526 $3.717,699 $3,653,661 $3,526,299
$68,274,845
Maint, of equipment.._ - 4,981,283 5,074,994
5,678.518 5,011,252
COMBINED BALANCE SHEET DEC.31 (INCLUDING SUB. COS.).
Traffic
409.927
392,246
421,396
409,485
1924.
1914.
Transportation
1925.
11,472,135 12,037,511 12,818,666 12,390,760
1925.
Miscellaneous operations
155.020
154,358
144,966
136,854
Assets
General
Common stock _ b20,46 ,900 20,379,500
$1
960,318
876.755
850.631
849.810 Real est., buildTransp'n for investment Cr.48.500
237,096,854 37,142,102 Preferred stock_ 6,165,700 6,165,700
Cr.51,692
Cr.63.739
Cr.27,412
lugs, &c
p lts isio. clr
Supplies,&c.. _ _ 26,654,352 25,542,590 Acci ovpsyn,luro.
Total oper. expenses_ _$21.480.708 $22,189,824 $23,516,147 $22,297,050 Accounts & bills
Net rev,from railway op. $5,369,425 $5,725,913 $4,847,087 $5,503.956
Federal taxes_ 11,695,720 11,453,496
receiv.(net)._ 9,274,517 8,305,222
Railway tax accruals_ _ _ 1,553,004
92,485
92,485
2,500,000 3,350,000 Pref. div. Jan. 1
1,615.940
1,598,503
1,545.992 Call loans
Uncollectible railway rev
15
:3 7
2
18,328
13.072
12,203
13,030 Bonds & stocks_ 4,128,628 4,144,035 Corn.div. Jan. 1 2 512,105 2,547.438
1,528,462
Extra
IT. S.obligations 24,459,992 24,443,657
Railway oper.income- $3,798,092 $4,096,901 $3,236,381 $3,944,933 Cash
11,533,538 9,987,962 Conting reserve 5,440,561 4,738,321
Equipment and joint fa512,947 Surplus
68,274,845 66,523,114
518,812
Prepd.items,&c
cility rents
-Net
Dr.576.474 Dr.687,912 Dr.207,466 Dr.132,262
Total
116,166,692 113,428,516
116,166.692 113,428,516
Total
Net railway oper. Inc_ $3,221,619 $3,408,989 $3,028,915 $3,812,670
a Includes real estate, buildings, plant, machinery and capital investments
Non-Operating Income
at cost less depreciation reserve.. b 2,500.000 shares of no par value authorRental income
$62,834
$57,884
$40,429
$35,746 ized, 11.100 shares of no par value issued in 1924 for cash at $10 per share,
Dividend income
40,681
23,069
37.489
96,400 and 8,240 shares Of no par value issued to employees in 1925 for cash at
Inc.from funded securs_
8.326
8,636
7,144
7.106 $10 per share. Of the foregoing shares of common stack 28,450 are claimed
Income from unfunded
issue thereof is in litigation;
by the Alien Property Custodian and
securities and accounts
28.998
59.056
66,531
53,609 there remains to be issued 11,370 sharesthecommon stick of no par value
of
Other items
70,053
79,855
86,113
54,245 under plan for sale to employees, as approved by the stockholders April 6
Gross income
$3,409,949 $3,660,051 $3,266,621 $4.059,777 1920.-V. 122. p. 890.
Deductions
Rental payments_ _ _ _ _ _
$933
$1,592
Cr.$695
$2,785 Associated Oil Co. and Proprietary and Affiliated Cos.
Interest on funded debt.. 2,554.640
2.578.398 2,602,156
2.558,514
(24th Annual Report-Year Ended Dec. 31 1925.)
Int. on unfunded debt
3,062
5,482
2,340
3.830
Other deductions_ _ ..,.,,1_
38,148
37.670
38.646
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
316,719
Divs. on pref. stock_ _(5%)562,983 (5)562,965 (7)788,151 (7)788.151
x1923.
1922.
Calendar Yearsx1925.
x1924.
(23)463,917 (5)927.835 Operating income
Divs, on common stock_
$78,022,133 $69,859.166 $66,093,690 $36.776,769
1.670,291
1,173,302
Divs.,int., &c.,received 1.651,111
1.086,520
Balance, loss for year
$627,895
$250,200
$473,943
$538.057
-V. 122, p. 1758.
Total receipts
$79,673,244 $71,529,457 $67.266,992 $37,863.290
Deductions
Colorado Fuel & Iron Co.
61.l6.525 57,159.952 53,973.561 29,405,712
Operating expenses
•
1.511,647
1,038,287
1,854.779
877.968
Taxes
-Year Ended Dec. 311925.)
(34th Annual Report
1,440,000
613,276
340.394
Interest on funded debt.. 1.435,488
179.266
923,655
142,973
Welborn Denver, Colo., Feb. 24, wrote in Miscellaneous interest_
Pres. J. F.
71
562
Other items
substance:
182,738
174,492
55,125
43,288
Disc, on notes sold, &c..
4,712,334
2.861.826
-Gross receipts from sales were $34,537,135, compared with Depreciation & depletion 4,579,710 4.650.524
Results.
(7%)4,200,000(6)3,360,000(6)2,632.672 (6)2.385,345
$32,961,637 in 1924,an increase of $1,575,497 or 4.8%. Operating expenses Dividends
were $29,166,542 compared with $28,810,286, an increase of $356,255, or
Total deductions
$73.407,994 $68,484,127 $63,948,981 $36.058.067
1.2%. Net earnings from operations were $5,370,593, compared with
$6,265,250 $3,045,330 $3,318,011 $1.805,223
$4,151,351, an increase of $1,219,242, or 29.4%. Income on securities, Surplus for year
z Exclusive of Amalgamated Oil Co.
interest and exchange amounted to $498,944, making total net income
2186
TEM CHEONIOLII
CONSOLIDATED BALANCE SHEET DEC. 31.
(Associated Oil Co. & Proprietary Cos.)
1925.
1924.
1925.
Assets$
Liabilities$
$
Real estate, &c.x40,958,885 y40,518,002 Capital stock__ 56,000.000
Improvements__x68,889,403 y62,131.925 6% gold notes._ 23,746,000
Securities
13,054,043 y12,317,280 Loans & notes
Due fr.afnl.cos. 4,716,002 y4,748,809
payable
688,058
Other inveat'ts_ 1,367,261
y682,309 Accts. payable._
512,572
Sinking funds
1,230.000
Wages pay., &c.. 6,980,230
Res.for depr.debx27.095,814 324,383,876 Due ann.cos_ _ _ 1,899,250
,
Res.for depl.debx15,635.831 y14,954,120 Accr. int., dive..
Cash
2.602,116 4,300,824
&c
1,628,596
L'ns & accts. rec. 7,885,394 8,723,871 Oth. curr. MIMI_
730,800
Materials & sup. 3,844,175 3,564,559 Deferred Habil._
241,593
Merchandise_._ 19,710,356 15,488,977 Unadj. credits._ 3,219,477
Int. dive., &c___
10,335
7,515 Deere°. reserve..
Other curr. as'ts
901,405
APprec.surplus_
951,491
Deferred assets.
679.208
628,640 Surplus
28,259,398
Unadj. debits._ 1,740,528 3,161,298
[Vim. 122.
setts law he could not hold directorships in two competing roads.
-V 121.
P. 1565.
1924.
$
56,000,000
24,000,000
750,000
2,429,904
5,216,884
1,033,500
1,345.836
238,380
1,241,742
x
24,679,768
Total
124,857,467 116,936,014
Total
124,857,467 116,936,014
x Investments account as of Dec. 31 1925, which includes items "Real
estate, &c.." and "Improvements, development, &c.," and which totals
8109.848.288, is before deducting reserve for depreciation of 827,095,814
and reserve for depletion of $15.635,831.
y Investments account as of Dec. 311924. which included items, "Real
estate, &c.," "Improvements," "Securities," "Due from ern,. cos.," and
"other investments" (shown above), and which totals $120,398,325, is
before deducting reserve for depreciation of 824,383.875. and reserve for
depletion of $14.954,120.-V. 122, p. 1767. 1614.
GENERAL INVESTMENT NEWS.
STEAM RAILROADS.
Rail Unifying Bill Put Before Senate.
-year extension of time for
-A 5
voluntary consolidation of railroads, with the 8.-S.C. Commission required
at the end of that period to adopt a plan for unifying such roads as may not
have combined voluntarily, was proposed in a bill reported April 13 by the
Senate Inter-State Commerce Committee. The measure, prepared by
Senator Cummins of Iowa, was proposed In an effort to clarify the atmosphere of doubt within the commission as to how extensive its powers are
with regard to consolidation. "Times" April 14.
Long Island RR. to Renew Fare Rise Fight May 1.
-Company on May 1
will actively reopen its fight for a 20% increase on all commutation,family
and school tickets. That date has been fixed by the Transit Commission for
the beginning of hearings on the road's application, which has been in
abeyance now for more than two years. "Times" April 15.
More Rail Workers to Ask Rise in Wages.
-Brotherhood of Locomotive
Engineers and Firemen to follow trainmen and conductors in petitioning for
increase in wages. "Times" April 15.
Roads Confer Jointly With Unions on Wages.
-Eastern Lines Meet Conductors' and Trainmen's Group-Ill to $1.63 a day rise asked. "Times"
April 16.
Cuban Railroad Strike.
-Strike on the Cuban RR.begun April 14. Reports
from Havana April 16 state strike is taking in all railway lines in Cuba
,
About 60.000 men would be affected by general strike.
Surplus Freight Cars -Class I railroads on March 31 had 246.549 surplus
freight cars in good repair and immediately available for service, according to reports filed April 9 by the carriers with the Car Service Division of
the American Railway Association. This was an increase of 32,769 cars
over the number reported on March 22.
Surplus coal cars in good repair on March 31 totaled 104,280, an increase
of 24,729 within approximately a week,while surplus box cars in good repair
totaled 95,478. an increase of 7.298 during the same period. Reports
also showed 25,940 surplus stock cars, a decrease of fifty under the number
reported on March 22, while surplus refrigerator cars totaled 12.516, an
Increase of 315 cars compared with the same previous period.
Car Shortage.
-Practically no car shortage is being reported.
Atlanta Birmingham & Atlantic Ry.-Stockholders'
Boston & Maine RR.
-New Directors.
At the annual stockholders' meeting on April 14 Louis M. Atherton. of
Swampscott, Mass., and William Dexter. of Boston, were elected to the
board. Reginald Foster and Roger Pierce, who were recently put on the
board to take the places of Edward Lovering and Harry G. Stodord, were
also elected. Other members of the existing board were re-elected.
The board as now constituted comprises: Louis M.Aterton, SwamPscotl,
Mass.; Walter C. Doylies, Taunton, Mass.; Charles W. Bosworth, Springfield, Mass.;Frank P.Carpenter, Manchester, N.H.;T.Jefferson Coolidge.
Manchester. Mass.; William Dexter, Boston. Mass.; Harry H. Dudley,
Concord, N. H.: Reginald Foster, Manchester, Mass.; Ernest Martin Hopkins, Hanover,N.H.;Alba M.Ide, Troy, N.Y.;Louis K.Liggett, Newton,
Mass.; Homer Loring, Ashland, Mass.; George von L. Meyer, Hamilton,
Mass.; Roger Pierce, Milton, Mass.; Walter M. Parker, Manchester,
N. H.; W. Rodman Peabody, Milton, Mass.; Thomas Nelson Perkins.
Westwood, Mass.; William B. Skelton. Lewiston, Me.; Frank D. True,
Portland, Me.; James Duncan Upham, Claremont, N. H.; William D.
Woolson. Springfield, Vt.
The stockholders voted to authorize the directors to make amendatory
contracts with the Vermont Valley RR. to permit consolidation of earnings
of Sullivan County and Vermont Valley railroads directly into the earnings
of the Boston & Maine RR.
Meeting Postponed.
The meeting of the stockholders to act on the proposed capital readjustment plan has been further postponed to May 4.
The stockholders voted to provide means for meeting the conversion
Privilege which attaches to the bonds extended under the plan when that
time arrives.
-V. 122, p. 2035, 1905.
Brownwood North & South Ry.-Abandonment of Line.
The I.
-S. C. Commission on March 25 issued a certificate authorizing the
abandonment, as to interstate and foreign commerce, of a line of railroad
extending from Brownwood North & South Junction northwesterly to May.
a distance of 17.65 miles, all in Brown County, Tex.
Central New England Ry.-Annual Report.
-
Calendar YearOperating revenues
Operating expenses
1923.
1925.
1924.
1922.
87.407.229 88.145.477 $7,988,226 $6,790,751
5,590,531
6,016.734
5,217,236
5,763.907
Net operating revenue $1.816,698 32,381.570 81,971.492 $1.573,515
Taxaccruals&uncoll.rev.
279,584
300.278
296.786
288,444
Equipment rents
Deb467,323 Deb381.000 Deb631,181
Joint facility rents
Cr18,269
Cr20,483
Cr19,872
Net operating income $1.088.060 81.720.775 $1,063,396 81,285.071
Non-operating income
118.794
84.098
96,104
462.648
Gross income
$1,206,854 81,804,873 81,159.500 81.747,719
Deductions from gross
income
970,672
976,634
872,305
1,800.233
Dividends
320,136
320.322
240.117
320,320
Government guarantees
(debit)
x71,176
Net income (deficit)$83.954 sur$588,122
$444,012
$33,125
x This item covers lap-over items audited during the year applying to the
Federal control or guaranty periods
-V. 121, p. 1674.
Chicago & North Western Ry.-Stock Certificates Ready.
The company's common stock certificates for whole shares and scrip certificates for fractional sharse are now ready for exchange, upon surrender
of receipt given by the Central Union Trust Co. as depositary, for Chicago
St. Paul Minneapolis & Omaha Ry. Co. shares.
At the annual meeting of the stockholders April 13, Ray Vandoren was
elected a director for two years and John D. Caldwell for one year. They
succeed Charles Frick and, W. H. Finley.
-V. 122, p. 1758.
Chicago Rock Island & Pacific Ry.-Election of 'Frisco
Directors to Board May Presage Unification of Both Systems.
-
-S. C. Commission has approved the applications of
Committee to Oppose Terms of Sale of Road to Atlantic Coast The I.
J. M. Kum, President, E. N. Brown, Chairman, and J.
Line RR.
Charles E. Cottrell. an attorney of Atlanta. Ga., has announced that Hirschman, directors of the St. Louis-San Francisco, to
stockholders' committee is being formed to contest before the courts serve also as directors of Chicago Rock Island & Pacific.
and elle I.
-S. C. Commission the terms and conditions of the proposed sale
of that road to the Atlanta Birmingham & Coast Ry.. a newly formed This action, it is generally understood, is preliminary to the
subsidiary of the Atlantic Coast Line RR. Mr. Cottrell has notified the filing of. an application by the 'Frisco for authority to acI.
-S. C. Commission of the committee's purpose, and has asked that body
that the whole matter be gone into thoroughly. He Indicated the principal quire control of the Rock Island. Commissioner Eastman
action of the committee would be directed against efforts of bondholders dissented from the majority.
to "freeze out" stockholders through sale of the road to bondholders at
Commenting on the action of the Commission, the "Wall
an inadequate price.
The Atlantic Coast Line has offered to buy the road by the payment of Street News" says:
60 cents on the dollar of the outstanding first mortgage and income bonds.
The approval by the Commission of the application for three directors
This offer makes the stock worthless and the stockholders believe it should of the St. Louis
-San Francisco Ry. to go on the board of the Rock Island
share in the sale.
-V. 122. p. 1164.
marks the first official step by that body with respect to the plans of the
former company to acquire control of the Rock Island board and conseAtlanta Birmingham & Coast Ry.-Application.This company (formerly the Atlanta, Birmingham & Atlantic) has quently to unify the two properties. that will be taken in connection with
It is understood that the next step
applied to the 1.-S.C. Commission for authority to issue $5.180.344 pre- the whole matter will be the election of E. N. Brown as Chairman of
the
ferred stock and 150,000 shares of common stock (without pat value.) Rock Island Executive Committee at a meeting of the board on
April 23.
The purposes and uses of the proposed issue are to acquire lines of A. B.
Mr. Brown is a member of the proxy committee of the Rock Island for
& A. The reorganization plan of A. B. & A. provides for the acquisition its annual stockholders meeting that will be held on May 6. The
of the line by the Atlantic Coast Line Ry. which company will pay in members of the committee are Charles Hayden. Chairman of the other
cash all claims having priority over the mortgages, loans for which bonds and J. E. Gorman,Pres. of the Rock Island. Whether the 'Frisco Board,
will seek
have been pledged, equipments, obligations, etc. (be application stated to elect additional directors in the Rock Island at that meeting apparently
that numerous efforts have been made to dispose of the property to otne has not been fully determined.
interests but no proposition has been made that seemed as satisfactot y a
Now that the Commission has approved the application
that made by the A. C. L. Application will be filed by the Atlantic Coast 'Frisco directors to join the Rock Island board, and afterof the three
Line for authen ity to guarante toe preferred stock issue and to acquire tne assumesthe duties of Chairman ofthe Executive Committee,it Mr. Brown
would be safe
150.000 snares of common stock.
to assume that the 'Frisco interests will take an active part in the management of Rock Island affairs.
Atlantic & Yadkin Ry.-Report.There is no reason for expecting, however, that Mr. Brown will make
The report of the receivers for operations from the date of receivership
to Dec. 31 1925, filed in the office of the clerk of Federal District Court, radical changes in the Rock Island official personnel. On the contrary, he
may be expected to proceed conservatively and diplomatically, although
at Greensboro, N. C.. shows:
aggressively. Those who know him best are confident
Operating revenue
82.341,475 his attention specially to different wayet of doing things that he will direct
than now in effect
Operating expense
2,143,234 on the Rock Island, but using pretty much the same men
as at present to
accomplish his purposes.
Net railway income
$198,241
It is altogether likely that the 'Frisco interests in the Rock Island will
-V. 122, p. 1914.
give their attention also to the formulation of at least a tentative plan for
the unification of the two properties and will submit it to the Commission
Bellingham & Northern Ry.-Tentative Valuation.
The I. S. C. Commission has placed a tentative valuation of 82,128,000 at the earliest possible date. In the meantime there is no step contemplated
by the 'Firsco with respect to the Rock Island that will require the approval
on the property of the company, as of June 30, 1918.-V. 95, p. 1121.
of the Commission.
Belt Railway of Chicago.
-Annual Report.
The New York "Times" had the following comment on
Calendar Years1922.
1925.
• 1924.
1923.
Railway oper. revenues_ 57,054,575 $6,841.829 87,192,498 86,184,668 the action of the Commission:
Railway oper. expenses_ 4,697,016 4,572.321
The chief rival ofthe Frisco-Rock Island alliance in the competition for
4,588.499 4,093,253
Railway tax accruals,&c.
417,596 Southwestern traffic is the new system proposed by Leonor F. Lome, to
534.565
531,429
476,537
consist of the St. Louis Southwestern. the Missouri-Kansas-Texas and the
Railway oper.income_ 81.822,994 81.738,078 32.127,460 $1,673,819 Kansas City Southern. Both systems are desirous of reaching the
ComNon-operating income__
132,475 mission as soon as possible with a consolidation proposal, and railroad men
111.949
215,057 Dr.57,074
believe it will be a nip-and-tuck race to see which gets there first. The
Gross income
$1,934,943 81.953,135 82,070,386 81,806.294 Loree group has the advantage of a head start but the disadvantage of
Deduct
comprising three roads. compared with the 'Frisco's two. Already rumbRent for leased road_
81,585,603 81,600,561 31,560,673 $1.503,391 lings are being heard in the financial district of opposition by minority
Other rents
41,709 stockholders to both plans.
94,278
61.701
91,633
Int, on unfunded debt- _
1,664
The Commission's rejection of the Nickel Plate application is no indica853
9
37
Miscellaneous charges
Cr.1 tion, in the opinion of railroad men, that the 'Frisco proposal will meet a
2,855
708
855
Dividends paid
173.583
172,800 similar fate. On the contrary, the Commission is believed to be in a recep187.200
187.200
tive mood for railroad mergers which meet all requirements of the public
Balance, surplus
8238,144
$86.730 interest.
$99.719
$66,849
-V. 120. p. 2142.
As the 'Frisco's holdings of Rock Island stock are less than 20%,it is not
believed likely that control will be sought in the open market, such as Mr.
Boston & Albany RR.
-Resignation.
Loree has obtained by the purchase of large blocks of Cotton Belt and
.
Regina! D Foster, vice president of the New England Mutual Life In- Missouri-Kansas-Texas shares.
surance Co., recently elected a director of the Boston & Maine RR., has
Competition in the Southwest is keen among
serving that
resigned as a director of the Boston & Albany RR., as under Massachu- territory to gain oil and fresh vegetable traffic. the railroads commodities
Both these
APR. 17 1926.]
THE CHRONICLE
2187
can be carried profitably when an individual company receives a large part less similar to those which affect the Georgia & Florida Ry. In his opinion
of the business; otherwise profits are meagre.
the earnings of the road following the completion of its Greenwood extension
The proposal to merge the 'Frisco and Rock Island came out as a defensive are likely, under normal conditions and without a material reduction in the
measure against the strengthening of the Missouri Pacific System and the fabric of freight rates, to greatly exceed the gross earnings estimated by the
formation of the Loree group. The two railroads were operated jointly in consulting engineers.
the early 1900's by the Reid-Moore-Yoakum or "tin plate crowd," but
In Coverdale & Colpitts' estimate, the earnings for first year are placed
disconnected when the union wasfound unprofitable.
-V.122,p.1914.1017. at only $6.554 per mile: for the second year. $6,882 per mile, and for the
third year at $7,226 per mile.
Chicago & Western Indiana RR.
-Annual Report.
The average earnings per mile for ten roads in 1925 was. $13,963 per mile.
In his opinion, the gross earnings of the Georgia & Florida By. a few years
Calendar Years1925.
1924.
1922.
1923.
Railway oper. revenues- $376,381
$376,840
$320,467 after reaching Greenwood should certainly amount to not less than 80%
$374,533
Railway oper. expenses_
416,805
422,616
437,157
383,378 of the average of these 10 roads, and when these figures are reached. Its
gross earnings on its 500 miles of line will be, $11.171 per mile.
Net loss
$62,624
$40,423
$62,911
$45,775
The net operating results of the Georgia & Florida for the
Non-operating income_ - 5,172,586 4,665,585 4,567.979 4,487.133
first 3 years after reaching Greenwood if the gross earnings
Gross income
$5.132,163 $4,602.961 $4,522,204 $4,424,222 of the road should only
amount to the very conservative
Deduc. from gross inc
$4,267,162 $3,890,587 $3,767,861 83,729,747
Sink.fund., &c.,res'ves_
6,531
243,192
225.518
210,709 estimate of Coverdale & Colpitts, are set forth by General
Dividends paid
300
(8%)425.000
(6%) ,000
(83)425,000 (6)300,000 Manager
Purvis, as follows:
Balance, surplus
-V. 122, p. 880.
$558,470
$44,182
$103.825
$183,766
This railway, in 1925 with gross earnings of only $4,688 per mile, was
eor and maintained in good
ndition at an operating ratio of only
g
Denver & Rio Grande Western RR.
-Equipment Trusts. In three or four months of the year 1925, when the earnings were larger,
The I.-S.C. Commission on April 3 authorized the company to assume the operating ratio was less than 66%. In one month, Aug.. the ratio got
obligation and liability in respect of $1725,000 trust certificates, series B. down to as low as 61%. with the average for the year, as stated. of 70.87%•
to be issued by the Bank of North America & Trust Co. under an agreement
Following the completion of the Greenwood line, and with the larger
to be dated March 1 1926, and to be sold to Kuhn, Loeb & Co. at not earnings, it is probable that we will increase our rates of pay in certain
less than 99X ard divs, in connection with the procurement of certain departments, but making allowance for such increases in the rates of pay
equipment.
as may seem to be proper and in order, with larger earnings, it is my con-V. 122. p. 2036, 1915.
fident belief that we will, under the conditions above set out, be able to
Denver & Salt Lake RR.
-Tentative Valuation.ri operate and maintain the property in good condition at a ratio considerably
The I. S. C. Commission has placed a tentative valuation of $14,996,000 lower than estimated by Coverdale and Colpitts for these three years.
In my judgment the road can and should be operated the first year after
on the property of the company as of June 30. 1919.-V. 121, p. 2517.
the completion of the Greenwood line with the earnings, as estimated by
Coverdale & Colpitts, at not exceeding 72%, which would result in net
George & Florida Ry.-Report.In his report to security holders dated April 6 1925 (referred to in V. 122, operating revenue for that year of not less than $917.560.
The second year after reaching Greenwood, with the gross earnings as
p. 2036) John Skelton Williams draws attention to the fact that the net
income of the road before interest and car hire for the 12 months ending estimated by Coverdale & Colpitts, the operating ratio should not exceed
71%. which would result in net operating revenue of $997.890. and for the
March 31 1926 was $545,509. He continues:
It is therefore seen that the net income before int. and car hire of this third year after reaching Greenwood, based on Coverdale & Colpitts'
. railway in advance of the construction of its Greenwood extension (which estimate of gross earnings, the operating ratio should not exceed 70%.which
Coverdale & Colpitts estimate will add considerably more than $1,000,000 would yield net operating revenue for the third year of not less than $1,083,to the gross earnings of the system), already amounts to more than 1.8 900.
My estimate of the probable operating ratio of the Georgia & Florida Ry.
times the total proposed fixed interest charges on the reorganized road: and
the average net income before interest and car hire for the 3 years ending for the first three years after reaching Greenwood is based, as stated, on the
March 31 1926, of $422.842 has amounted to 1.4 times the proposed fixed Coverdale & Colpitts forecast of the gross earnings for these years, and
interest charges of the completed system of 500 miles, as provided in the upon my actual experience in the operation of this railway for the past
4 years.
pending tentative plan of reorganization.
Our taxes at the present time, on 444 miles of road, including the StatesIt is only necessary for the Georgia & Florida Ry,to earn 60% of the net
income per mile, after taxes and rents, which was actually earned in 1925 boro branch, amount to about $85,000 per annum. In our opinion an
by the Gulf, Mobile & Northern RR. in order to enable the Georgia k increase in mileage of. say 56 miles, or 11%. should not increase our taxes
Florida Ry. to earn about 3 times its fixed charges under its proposed more than $20,000 to cover the Greenwood extension and any additional
reorganization plan. There can be no reasonable doubt as to the ability of taxes imposed on the present road, thus making the total taxes for the first
the railway to earn very much more than this after completion to Green- year after reaching Greenwood, say, $105,000. The second year taxes can.
I think, be reasonably estimated at not exceeding $110,000; and for the
wood.
For the months of Jan.and Feb. 1926,the operating results of the Georgia third year our taxes should not exceed 6115.000.
Based upon the foregoing estimate of the operating ratio for the years
& Florida Ry. as compared with the same months in 1925 have been as
mentioned, and the above estimates of taxes, the net income of this railway,
follows:
before interest and car hire, for these several years. assuming that the
Jan.
Increase
Feb.
Increase
Kress earnings do not exceed the Coverdale & Colpitts estimates, should
1926.
Over 1925.
1926.
Over 1925.
be as follows:
Mllage
404
404
First year after completion of Greenwood extension
8812.560
Gross oper. rev
$159,145
$55,413
$163,684
$29,443 Second year after completion of Greenwood extension
887.890
Operating expenses
118.123
20,598
119,372
14,832 Third year after completion of Greenwood extension
968.900
It is also my opinion that with an addition of 500
new freight cars,
Net oper. rev
$41.022
$34.815
$44.312
$14,611 our present car hire charge, which for the calendar to 600
year 1925 amounted to
Net before car hire & int.
33,696
33,241
37.088
12,717 8207.667. should be entirely eliminated.
Int. on receiver's certifiI have no misgivings whatsoever as to the future growth and prosperity
cates. U.S.loan, Divof the Georgia and Florida Railway, provided the Greenwood extension is
isional bonds,&c
13.116
126
13.257
The following figures show the operating results of the railway for 252 promptly built and the Railway is reorganized on substantially the basis
the
month of March 1926, (last week in March approximated) as compared of the pending plan of reorganization.
When this railway, after completion to Greenwood, shall shown gross
with the same month last year; also for the 9 months ending March 31
1926;for the 12 months ending March 311926. and also the average results earnings per mile equal to only 80% of the average gross per mile for 1925
of the ten independently
for the three-year period ending March 311926.
. . , 1 • I • I • 6•• or, say, about 611,000,operated railroads in the South mentioned above,
these gross earnings on its 500 miles will be.
*Mch.
9 Mos. to 12 Mos. to .40.3 Yrs.to $5.500,000.
1926.
Inc. Mch. 31'26.Mch. 31'26.Mch. 31'26.
With that volume of business the road should be operated at the ratio of
Mileage
404
404
404
404 expenses and taxes to earnings of not over 72% (arrived at by allowing 69%
Gross oper. rev
$191,000 $30.826 $1.619,005 $2,009.595 $1,842,435 for operations and 3% for taxes), which would leave a net income before
Oper. expenses
125,000 9,400 1,096,021 1,386,959 1.348,648 interest and car hire of about $1.540,000.
If the road should own enough cars to eliminate car hire charges the net
Net oper. rev
$66,000 $21,426 $522,984 8622.636 $493,787 Income of 81,540,000 would leave a surplus of $1,143.000 after payment of
Ratio exp. to earn._ _ _ 65.4%
67.7%
69%
73.3% all fixed charges under the pending plan, estimated at $307,000, and after
Net bef.int. & car hire $59,000 $21,907 $466,309 $545,501 $422,842 paying 6% interest on $1.500,000 of income bonds.
Int. on receiver's cerThLs surplus would enable the road to pay 6% dividends on $9,000,000
tificates, U.S. Loan,
of preferred stock, and 6% on $6,000,000 of common stock and leave a
old divis. bonds,&c. 13.300
32
119,424
159.284
151.634 balance of $243.000 for improvements.
* Last week in March. 1926, approximated.
The charges for car hire (which it is proposed to cut out in the reorganiThe receiver also submits for the further information of the
zation by buying additional freight cars, cost of which is to be provided for
In reorganization) were for the above periods, as follows: March, 1926 security holders a letter received from General Manager
(approx.). $20.000; 9 months ending March 311926. $171,213; 12 months Purvis under date of March 1 1926, giving his views from an
ending March 31 1926, $219,544; Average for three years ending March 31
operating standpoint as to the pending tentative plan of
1926. $151.634.
The most urgent need of the railway at this time is the prompt construc- reorganization which, subject to its 'being satisfactorily
tion of its proposed extension from Augusta, Ga.. to Greenwood, S. C.,
56 miles. In their report upon the property, Coverdale & Colpitts strongly financed, has already been passed upon and approved by the
recommended the prompt construction of this extension, and they presented special committee to which was entrusted the task of forestimates as to what the gross and net earnings of the railway would probably mulating
it. In the opinion of the General Manager, this
be for the three years following the completion of the new line to Greenwood,
and also an estimate as to the increase in earnings which might be expected, plan, if definitely adopted will not only provide adequately
on the existing lines, in the next three years. The business of the road
since for all financial requirements of the present and immediate
their report was submitted has far exceeded their estimate of earnings
on future but that the net income of the reorganized road after
its present lines.
Coverdale & Colpitts were recently asked,in the light of the developments
Greenwood line will be several times the
of the past 10 months, and the present outlook, to submit a supplementary the completion of the
estimate as to the earnings which this railway can be expected to show amount required to meet all fixed interest charges, with good
following the completion of the Greenwood extension, and they have
made prospects for dividends in the near future on the preferred
a report under date of March 17 1926,revising and increasing their
estimates and later on the common shares which it is proposed shall be
both as to gross and net results.
In a letter to the receiver Feb.27 1926, Mr. Coverdale. In referring to
issued in the reorganization to the holders of the old 1st
large increases in earnings which the road has been showing for some the
-V. 122, p. 2036.
past, remarked that "If this good showing continues, your road time mtge. bonds.
will
reorganize itself without the help of anybody."
There is also submitted is a summary of a copy of a letter
which the receiver received from General Manager Purvis
and Auditor Lanigan which embodies the revised estimates
of earnings submitted by Coverdale & Colpitts, together
with the General Manager's comments upon the new figures,
In the opinion of the receiver the estimates of the General
Manager and Auditor as to the results which can be reasonably expected to follow the completion of the Greenwood
line are well founded.
The latest estimate of Coverdale & Colpitts is based upon the earnings
of the present Georgia dr Florida Railway,including the Statesboro Branch.
plus earnings of the proposed Greenwood extension of 56 miles, making a
total of 500 miles, and covers the first three years beginning not less than
6 months after completion of the Greenwood line, and is as follows:
First Year. Second Year, Third Year.
Estimated operating revenues
$3,277,000 $3.441,000 $3,613.000
Estimated operating expenses
2,523,000
2.615.000
2,710.000
Estimated net revenue
$754.000
$826,000
$903.000
Estimated railway tax accruals, &c_ _
120,000
125.000
130,000
Net inc. avail, for int. & car hire__
8634.000
8701,000
$773.000
General Manager Purvis, states that he has gone over the figures carefully
and have also studied them in connection with the earnings of other independent lines in the that section of the country under conditions more or
Hocking Valley Ry.-Director Ai)proved.-
The I.
-S. C. Commission has approved the application of Edward 0.
Bailly to serve as a director of the company.-v. 122. p. 2030.
Michigan Central RR.
-New Director.
Jackson E. Reynolds has been elected a director to succeed the late
Henry M. Campbell.
-V. 122, p. 1447.
Minneapolis & St. Louis RR.
-Receiver's Certificates.
-
The receivers have applied to the I. C. Commission for authority to
issue $1,750,000 7% receiver's certificates in renewal of a like amount of
certificates due in April and May of this year -V.122. p. 606. 477.
Minneapolis St. Paul & Sault Ste. Marie Ry.-Equipl.
The company has applied to the I.
-S. C.Commission for authority to
issue $1.020,000 4 Si% equip trust certificates which it proposes to sell to
Pullman Car Sr Manufacturing Co. at 97,7946 and use the proceeds in the
acquisition of 500 box cars, 100 gondolas and 2 cafe parlor cars, costing
51,372,518.-V. 122. p. 880.
-New Directors.
Missouri Kansas-Texas RR.
-
Five new directors were elected at the annual meeting held April 9.
They are Harry S. Black (Chairman of the United States Realty & Improvement Co.), C. N. Whitehead President-elect of the road, who will assume his duties OD May 1), James I. Bush (of the Equitable Trust Co.,
Hunter Cary of Kansas City and A. W. Thompson of Pittsburgh.
They succeed W. Frank Carter of St. Louis, Richard H. Swartwout of
New York, A. F. Adams and A. C. Rearick. It is expected that Mr.
Black will be made Chairman of the M. -T, to succeed Henry Ruh-K.
lander.-V. 122, p. 1913, 1916.
2188
[Vol,. 122.
THE CHRONICLE
New York Central RR.
-Asks Disminal of Complaint.
Election of Three Directors to Rock Island Board Presages
Dismissal of the complaint of the Sprague Safety COntrol & Signal Corp.,
-See Chicago Rock Island &
which alleged violation of the Clayton law is asked by the New York Central Unification of Both Systems.
in a brief filed with the I.
-V. 122, p. 1916, 1307.
-S, C. Commission April 7, following extensive Pacific Ry. above.
hearings several weeks ago on the complaint. The complaint charged
San Joaquin & Eastern RR.
that the automatic train control device being installed by the New York
-Final Valuation.
Central was not in compliance with the Commission's specifications and
The I.
-S. C. Commission has placed a final valuation of $1,148,000 on
that there was an interlocking relation between the railroad and the Gen- the property of the company as of June 30, 1916.-V. 96. p. 361.
eral Railway Signal Co.
-V.122, p. 1446.
Santa Fe Raton & Eastern RR.
-Final Valuation.
-
Northern Pacific Ry.-Construction& Operation of Line.
-S.
- The I. C. Commission has placed a final valuation of $201.227 on
The I.
-S. C. Commission on April 3 issued the cwtfficate authorizing the the property of the company, as of June 30, 1916.-V. 118, p. 1013.
Company to construct and operate a line of railroad extending from a conSeaboard Air Line Ry.-To Lease Two Georgia Lines.
nection with its line, at Oro Fino in a northeasterly direction to a point
J. W. Oglesby, Pres, of the South Georgia, Ry. has announced that the
at or near Headquarters in the southeast quarter of section 15, township 38
north, range 5 east, all in Clearwater County, Iadho, a distance of 40.96 Seaboard has entered into a a tentative agreement for the leasing of the
South Georgia Ry, and the Georgia Northern By. The tentative agreemiles.
The application, in so far as it seeks authority for the Oregon-Washington ment is said to provide for the leasing of the two roads by the Seaboard,
RR. & Navigation Co. to acquire equal joint prisscssion and use of the subject to purchase. The South Georgia extends from Adel, Ga., to
line proposed to be constructed and of an existing line of the Northern Hampton Springs, Fla., 81 miles, and connects with the Seaboard at
Pacific Ry. extending from Joseph to Stites. Idaho. 56 miles was denied Greenville. The Georgia Northern extends from Albany, Ga., to Boston,
without prejudice.
67;i miles, connecting with the Columbus
-V. 122, p. 1165, 1160.
-Albany branch of the Seaboard
at Albany.
-V. 122, p. 2037.
Pennsylvania RR.
-Equip. Trusts Sold.
-Kuhn, Loeb &
Spokane & British Columbia Ry.-Final Valuation.
Co. have sold at prices ranging from 98.13 and div. to 99.72
The I.
-S. C. Commission has placed a final valuation of $772.243 on the
and div.,to yield from 4.60% to 4.70% according to maturity owned and used property of the comapny, as of June 30. 1915.-V. 112,
or an average price of 983s% being an average yield of over p. 1618.
Texas & Pacific Ry.-Listing.-certifi4.67%, $17,030,000 general equipment trust 4
The New York Stock Exchange has authorized the listing of $38,755,110
cates, Series D.
common stock, par $100.-V. 121, p. 3129.
Maturing in equal amounts of $1,310,000 in annual installments from
Union Pacific RR.
-New Director.
May 15 1929 to May 15 1941, both inclusive. Denom. $1,000c5 Divi-
dends payable M. & N. Fidelity Trust Co. of Phdadelphia, *trustee.
Both principal and dividends will be payable at the office of the trustee in
Philauelphia, or at its agency in New York, in U. S. gold coin or equal
to the present standard of weight and fineness, and without deduction for
any tax, assessment or other governmental charge (other than Federal
income taxes), which company or the trustee may be re4uired to pay or to
retain therefrom under any present or future law of the U. S. or of Penna.
Issuance and sale of these certificates are subject to the approval of the
Inter-State Commerce Commission.
These certificates are to be issued by Fidelity Trust Co.of Phila. as trustee
under an equipment trust agreement and lease. There will be vested in the
trustee title to new equipment costing approximately $24,400,000. including
the following: 200 heavy locomotives for bothpassenger and freight service;
2.000 all-steel automobile box cars (100,000 lbs. capacity); 74 all-steel passenger cars; 7 all-steel combination passenger and baggage cars; 125 allsteel baggage express cars (40,000 lbs. capacity); 8 all-steel combination
passenger and cafe cars, and 20 all-steel electric passenger cars (multiple
unit type).
Pending the delivery of the equipment,cash equal to the principal amount
of the certificates is to be deposited under the equipment trust agreement,
to be withdrawn from time to time as equipment is delivered to the extent
of not more than 70% of the cost thereof. All the said equipment is to be
leased by the trustee to the company at a rental sufficient to pay the principal of the certificates and the dividend warrants as they mature. The
payment of the principal of the certificates and the dividends thereon will
be unconditionally guaranteed by endorsement upon the certificates by
the company.
At the annual meeting held in Philadelphia April 13, a stockholder presented a resolution requesting the board of directors to advet tise for sealed
competition in bids for all future sales of bonds and equipment trust certificates. The resolution was referred to the board for action.
A. J. County, Vice-Pres, in charge of finances,_presented a resolution
approving the acquisition through lease of the Pennsylvania, Ohio &
Detroit RR. for 999 years from Dec. 10, 1925. This resolution will be
submitted for approval at the election of four directors scheduled for April
27.
Percival Roberts, Jr., has been elected a director to succeed the late
Clement B. Newbold.
-V.122, p. 2031, 1606.
H. W. Clark, Vice-President and General Counsel of the company, has
been elected a director of Union Pacific RR., Oregon Short Line RR. and
the Oregon-Washington RR.& Navigation Co.,succeeding Marvin Hughitt,
Jr., resigned.
-V. 122. p. 1307.
West Jersey & Seashore RR.
-New Directors.
-
Richard D. Wood and Isaac W. Roberts have been elected directors.
succeeding George Wood and Clement B. Newbold,both deceased.
-V.122.
p.1453.
Wichita Falls Ranger & Fort Worth RR.
-To Be Sold.
It is reported that this road which was in receivership for five years,
reverting to the orginal owners April 1, will be sold to the Missouri. Kansas
dr Texas system. The stock it is said will be bought by the National City
Bank New York and will then be transferred to the "itaty."-V;122, P.
1916.
PUBLIC UTILITIES.
American Telephone & Telegraph Co.
-Earnings.
-
3 Mos.End. Mar.31- x1926.
1925.
1923.
1924.
Dividends
$22,248,922 817,714,717 814,193.847 812,401,664
Interest
3,059,269 4,637,164
3.886,590 3,192,705
Telephone oper. rev--- _ 22,739,422 20,589,870 18,684.233 17,885.107
Miscellaneous revenues_
80,372
125,615
103,612
125,894
Total
$48,127,985 $43,067,366 $36,790,564 $33,583,088
Exp.,incl. prov.for Fed.
and other taxes
14,842,126 11.869,923 11,156,791 10,298,788
Net earnings
$33,285,859 831,197,443 825,663,772 823,284,300
Deduct interest
5.417.873 5,287,804
4,178.589 3,203.126
Deduct dividends
20,767,104 19,065,675 16,754,947 15,096.787
Balance
$7,100,881 $6,843,964 84.700.236 $4,984,388
xThese figures are subject to,nainor changes when final figures for March
are available.
President Walter S. Gifford says: "The volume of telephone business
during the
of
has
over the
Pennsylvania & Atlantic RR.
-Abandonment of Br. Line. same periodfirst quarter The1926 and shown substantial increasekept at a
last year.
toll
long distance business has
The I.
-S. C. Commission on March 29 denied the company's application high level, thus reflecting the generally
good business conditions.
for authority to abandon its branch line of railroad extending from a con"Stockholders will be interested to
nection with its main line at Pine Beach to Island Heights, a distance of 1.2 way telephone communications with know that on March 7 tests of twoLondon were made with successful
miles. in Ocean County. N. J.
-V. 121, p. 1457.
results. While in the development of two-way trans-Atlantic telephony
there aro many problems yet to be solved before anything approaching
Reading & Columbia RR.(Pa.).
-Tentative Valuation.
- commercial service can be given, it is hoped that some day it will be possible
The I.
-S. C. Commission has placed a tentative valuation of $2,071,083 for any telephone user in the United States to converse with any telephone
on the owned and used properties of the company, as of June 30 1917. user in England or on the continent as far as telephone service exists there.
-V.94, p. 632.
"These tests involved the transmission of speech from the headquarters
of American Telephone & Telegraph Co. by land lines to the antenna of
Pere Marquette Ry.-Annual Report.
the Radio Corp. of America on Long Island and thence by wireless across
the ocean; and the receipt of speech by a wireless station in northeastern
Calendar Years1925.
1923.
1924.
Railway operating revenues
$42,710,690 $41,797.915 $45.965,737 Maine, to which were connected land lines terminating in our New York
Railway operating expenses
30.725.256 30.962,930 34.871.097 headquarters. A corresponding arrangement was made in England and in
all cases the connection between wires and wireless was automatic, so that
Net rev,from railway operations_ 311,985,434 $10,834.985 $11.094,640 speech was carried through without interruption.
"Our continued efforts to develop transoceanic telephony are in line with
1,848.822
Railway tax accruals
2,064,675 2,028,020
Uncollectible railway revenues
13,604 policy of the company to provide for the Bell System any improvement to
7,803
18,330
1,625,249 telephony that will increase the range and usefulness of telephone commendEquipment rents, net
919.635
459.834
-V. 122, p. 2037.
520,593 cation."
Joint facility rents, net
678,697
672,374
Total
Net railway operating income
Other income, net
$3.215.213 $3,634.156 $4.008,268
8,770,220 7.200,828 7.086,372
357,191
406.053
288,642
Bal. before deduction of interest__ $9,058,863 $7,606,881 $7,443.563
1.664.974
Interest on bonds
2,197,960 2,197,960
485,881
Interest on equipment notes
445,246
404,880
89.898
Miscellaneous interest
28,652
15,640
Surplus
86,440.382 $4.935.022 85.202,810
560.000
Dividends on Prior Preference stock560,000
560,000
Dividends on Preferred stock
870,030
621.450
621,450
1,351,380
Dividends on Common stock
1.801,840
1,801.840
Balance, miming
-V.122. p. 1606, 1452.
$3,457,092 $1,951,732 $2,421,400
St. Louis
-San Francisco Ry.-Sues for Dividends.
-
Berkshire Street Ry.-Annual Report.
Calendar YearsOperating revenues
Operating expenses
1925.
$858.875
749.647
1924.
1923.
1922.
8928.578 $1,084,256 $1,046,774
774.069
975,274
816.269
Net operating revenue
Tax accruals
8109.228
20,144
8154.509
39,139
8108,982
49,460
$230,505
48,150
Operating income_ _ --889,084
Non-operating income....
6,162
$115.370
1.777
$59,522
3,535
$182,355
1,849
Gross income
Deduc'sfrom gross inc. x
8117.148
294,983
863,057
340,973
$184,204
332.791
895,245
302,711
Net deficit
$207,466
$177,835
$277,916
8148,587
x Deductions from gross income Include $209,980 in 1925 and 1924 and
$213,550 in 1923 and 8213.550 in 1922,interest accruing to the N.Y. N.H.
& 11. RR., but not included in the income account of that co,
-V. 121, P.
2636.
Carl W. Brown has filed an action in the Federal Court for Eastern
Missouri to comple the company to pay $3,045,372, which it is alleged,
Boston Consolidated Gas Co.
-Annual Report.
is due holders of the company's $4,557,5006% pieferred stock. The action
Calendar Years1925.
1924.
1923.
1922.
Is based on the same contentions as were used by preferred stockholders
810.383.605 $10,485,196 811,269.844 $10,719.562
In the original Southern By. case, when they sought 829.000.000 back Gross earnings
dividends. It is contended in the Missouri action that the 83.045,372 Expenses and reserves_ 8,518,388 8,740,853 9,417,363 8,830,206
Interest
99,372
93,532
40,874
126,617
has been earned and is available for dividends.
1,277.947
1,300,768
1,300.768
1,199,607
James M. Burn, according to a St. Louis depatch of April 14, said that Common dividends
476,711
390,000
390,000
227,500
not until reading a newspaper did he become aware of the suit brought Preferred dividends- -- against the Frisco system. The suit alleges that the railroad, while failing
Undivided earnings- $11,186 def$39,957
$235,632
$120,839
to pay accummulated preferred stock dividends, has resumed the payment
of common stock dividends in violation of an agreement with the preferred --v. 122, p. 212.
stockholders at the time of the reorganization in 1916.
Central Gas & Electric Co., Chicago.
-Bonds Sold.
"We can see no grounds whatsoever for the filing of such a suit," Mr.
Burn said. "In the first place, the reorganization plan and agreement -H. M. Byllesby & Co., Inc.; Federal Securities Corp.;
left it to the discretion of the board of directors as to when dividends West & Co.; Pearsons-Taft Co., and
Thompson Ross & Co.
should be declared on both the preferred and common stock.
The statement declares that the dividends on the preferred are not Inc., have sold at 98)i and int., to yield 6.15%,$6,500,cumulative and that since declaration of dividends on the preferred as of 000 1st lien coll. trust sinking fund gold bonds.
Oct.1. 1924,the preferred stockholders has received his dividends quarterly.
Dated March 1 1926, due March 1 1946. Interest payable M. & S.
Denom. $1,000, $500 and $100 c5 Red, all or part on first day of any
.
Construction of Branch Line.
-S. C. Commission on March 30 denied the company's application calendar month after 60 days' notice at 106 through March 1 1931 and
The I.
for authority to construct an industrial spur track or branch line of railroad thereafter decreasing 3.1: of 1% each 12 months, and int. Principal and
extending from a connection with its railroad at a point 1.6 miles west of int. payable at Central Trust Co. of Illinois, trustee. Chicago. Int. also
Covington northeasterly to a point in the Garber oil field, a distance of payable at Chase National Bank, N. Y. City. without deduction for normal
Federal income tax not to exceed 2%. Company will refund Penn. and
5.42 miles, all in Garfield County, Okla.
Conn. 4 mills taxes, Maryland 4 t. mills tax. District of Columbia and
Kentucky 5 mills taxes. Calif. tax not exceeding in the aggregate 5 mills,
New Directors.
H. P. Wright, of Kansas City, has been elected a director to succeed Mich. 5 mills exemption tax and the Mass. 6% income tax.
Sinking Fund.
-Indenture will provide for a sinking fund (to be applied
the late Sam Lazarus; and R. E. Lee Wilson, of Wilson. Ark., has been
semi-annually) equal to 1% per annum of the highest principal amount of
elected a director to succeed the late A. G. Becker.
2189
THE CHBONICIL7,
APR. 17 1926.]
to the
Cleveland Southwestern Ry.& Light Co.-Earninos.bonds of the 6% series of 1926 theretofore issued, to be applied effect
1924.
In
1926.
Calendar Yearspurchase of such bonds at not exceeding the call price at the time
in respect of betterments to operating Rev,from tramp., 41.236,099; other rev.. $392.017;
and to the extent not so applied
$1.628,116 41650.372
as a basis for issue of
total
properties not theretofore used, or thereafter usable, not reissued.
1.396,977
1,361.336
Operating exp., $192,505; deprec.. $74,274; total
bonds. All bonds purchased shall be cancelled and
-A Delaware corporation. Name recently changed from
Company.
4253,395
$266,779
Net operating revenue
Wisconsin Public Utility Co.
12.419
27,787
in 69 communities
The company will consolidate, operating public utilitiesMaine and New Other income
York,
of Illinois, Wisconsin, Michigan, Indiana, New under one organization.
$265.814
4294.566
Gross income '
Brunswick. The consolidation brings 9 companies
296,873
321,026
taxes)._
consolidation
in process
The individual properties in each State are nowState, with of exceptions, Income charges (incl. in 1925, $64,210 for
few
into single units so that the properties in each
$31,059
consolidated
$26.460
Net deficit
comprise individual operating units. The properties being electric light
will
are (1) Illinois Public Utility Co.(V. 122. p. 882), supplying Springfield, -V. 120, p. 3312.
Danville and
and power to Lincoln and a territory betweenUtility Co., supplying elec-Earnings.
Coast Valleys Gas & Electric Co.
Ill., and gas in Freeport; (2) Wisconsin Public
1922
1923.
1924.
1925.
Calendar Yearstricity to dairy and manufacturing districts northwest of Milwaukee;
4668,245
4792,496
sections
$886,504
91.057,925
Lower Peninsula Power Co., supplying electricity in suburban p. 480). Gross earnings
(3)
Oper. exp., maint. &
Mich.; (4) Hoosier Public Utility Co. (V. 122,
of Grand Rapids,
472,854
500,768
Gas
593.173
676,476
taxes
supplying electricity in and around Greensburgh, Id.; (5) VincennesCo.,
85.226
85.784
Utility
95,223
101,334
Property, supplying gas in Vincennes. Ind.; (6) Princeton of Suburban Interest
25.888
27,778
31,537
52,715
dividends-- _.
Id.;(7) Consolidated Water Co.
Preferred
supplying gas in Princeton,
the
New York (V. 112, p 582), supplying water along the east side of
684.276
4178,166
8166.571
6227,400
x Balance
River; (8) Maine and New Brunswick Properties, supplying elecHudson
Brunswick,
x For retirement reserves, common dividends, amortization and surplus.
tricity in northwestern Maine and adjoining territory in New all the light
-V. 121. p. 2161.
and (9) the Houghton Country Electric Light Co.. supplying Michigan.
power in Houghton and Keweenaw County of
and part of the
-Earnings.
Cohoes (N. Y.) Power & Light Corp.
The sources of net revenue of the properties are reported as follows:
1923.
1924.
1925.
Calendar Yearsand heat.
Electric light and power 67.5%; gas. 17.5%; water, 11.5%;railwayMichigan. Gross earnings
$1,179.512 81,083.022 $1,119.356
in Wisconsin, Lower Peninsula of
3.5%. MI of the properties
571.554
512,087
579,222
capacity of Operating exp. taxes & reserves--Maine and New Brunswick are hydro-electric. The present
254.004
254,476
265.250
'
hydro- Fixed charges, &c
the electric stations equals 26,629 h.p., of which 12,213 h.p. Is
are 1,036 miles of transmission and
electric. Connected to thsee stations
$293,798
$316,459
9335,040
Balance
distribution lines. The gas plants have a rated capacity of 3,030,000 cu.ft. -V.
121, p. 329.
of gas per day and the gas distribution systems total 173 miles of mains.
-Inc. Acct.
Manufacturing and distribution equipment is of good design, enabling the
Columbus, Delaware & Marion Elec. Co.
Pref. Surplus
Int. &
company to maintain efficient operations.
Years end. Gross Oper. Exp. Net
Dios. for Yr.
Disct. Deprec.
& Taxes Earns.
Capitalization Outstanding on Comple'ion of Present Financing
Dec.31.- Earns.
845.500 47.405
Fst. Lien coll. trust gold bonds,6% Series of 1926 (this Issue)- $6,500,000 1918 -_-- 4663,100 4479,927 $183.263 498.699 431.659 47,712 40.501
98.493 44.883
.
9
1919 ____ 848.972 617,383 231.589
Divisional 5%o
1,500,000 1920 ____1,048,714 801,969 246,745 115,454 32.196 58,618 40.477
6% Gold Notes
-Year
3
21,000 shs. 1921 ____l,069.422 741.191 328.231 195.569 32.482 72,391 27.789
Pref. stock no par $7 dividend Series (500.000 shs.)
15.000 shs 1922 ---_1.081,896 711,276 370,620 246,894 29.833 69.969 23,924
Sec. Pref. stock no par $7 dividend (20,000 shs.)
100,000 shs 1923 -_1,194,101 813,783 380,318 264,182 25.075 69.895 21.166
$100.000 shs, no par.)
Common stock (Auth.
69,895 11.285
*562,000 5% Bonds of Freeport Gas Co.due 1932 and 4787,0005% Bonds 1924 --- _1.202.788 805,743 397,045 290.258 25.607 69.882 12.264
1925 -_-_1.231,215 819,318 411,897 303.037 26.714
of Houghton County Electric Light Co. due 1927.
calendar year 1925 were derived
opinion of counsel, a first lien
-Bonds will constitute, in the
Security.
Over 88.8% of the net earnings for the
on the constituent properties through deposit with the trustee of all out- from the sale of electric light and power.
1924.
1925.
standing bonds and stocks of the operating properties, excepting $562,000
Liabilities1924.
1925.
Assets5% bonds of
51.718,300 $2,198,400
5% bonds of the Freeport Gas Co., due 1932 and 4787,000
Property sects----$8,878,305 $6,602.946 Capital stock
4,960,000 3.491,000
the Houghton County Electric Light Co., due 1927. for the retirement of Sinking fund
37,626 Funded debt
40,507
which a like amount of additional bonds will be reserved. No securities Investments
26,655 Current liabilities_ 419.236 1,361,148
31.467
62.415
40,545
may be issued on any constituent property unless pledged directly or Cash
2,461 Accrued liabilities_
39.642
15,664
Indirectly under the indenture.
14,162
106,445 Deferred liabilities
120.887
Special deposits
198.792
212,278
x Consolidated Earnings 12 Months Ended December 31, 1625.
67,542 Reserves
53,149
Accts.receivable
161,280 Capital surplus &
$2,413,123 Mat'l & supplies__ 165,718
Gross earnings
157,250
. 158.164
profit & loss _
479,714
Unadjusted debits 193,010
Oper. exp., incl. mainte. & taxes, other than income taxes but
1,372,78.5
exclg. deprecn. and reported non-recurring items
$7,522,685 $7,484,669
Total
$7,522,685 $7.484,669
Total
1,040,337 -V. 120, p. 2400.
Net earnings
457,450
Annual bond interest (inclg. this issue)
-Stock Increased.
Columbia Gas & Electric Co.
$582,887
Balance
x With respect of the Maine and New Brunswick properties, earnings
are included for the 12 months ended Sept. 30 1925.
-Proceeds from the sale of these bonds and other securities will
Purpose.
provide funds to retire present outstanding securities, for the acquisition
of property, and for other corporate purposes.
-All of the common and second preferred stock of Central
Management.
Gas & Electric Co. will be owned, directly or indirectly, by Central Public
Service Co.
-Earnings for 1925.
Central Indiana Gas Co.
$1,355,658
Gross earnings
1,157,424
Oper. exps., $1.017,745; fixed charges. $139,679; total
$198,234
Surplus
-V.121, p. 2271.
--Earnings.
Central Iowa Power & Light Co.
1924.
1925.
$2,208.840 $1,957,810
1,168,486
1,334,029
460.000
460,000
Calendar YearsGross earnings
Operating expenses, &c
Fixed charges
$414,811
Balance, surplus
-V. 120. p. 828.
$329.321
-Debentures Ready.
Central States Electric Corp.
Dillon, Read & Co. announce that temporary debentures for the issue of
$10,000,000 secured 6% sinking fund gobn debentures (with non-detachable stock purchase warrants) will be exchangeable for definitive debentures
on and after April 19 at the office of the Central Union Trust Co.,80 Broad.
way, N.Y City. (For offering see V. 121, p. 2271.).-tr. 122.p. 1308.
--Earnings.
Cities Service Co.
PeriodGross earnings
Expenses
Int.& disct. on debens
-Month of February-.- -12 Mos. to Feb. 281925.
1926.
1925.
1926.
81.819,938 41,561,189 420.215,041 $17,689,768
739,612
794,804
60,841
71,962
1,921,236
2,251,877
165,406
217,439
Net to stock & res'ves_ $1,530,536 $1,334,942 $17,068,360 415,028,919
Divs, on pref. stock_ - _ _
5,132,917
5,316,340
429.862
472,648
Netto corn.stk. &res_ 41,057,888
-V. 122, p. 1761, 1607.
$905,080 $11,752.020 49,896.002
1924.
1925.
1923.
66,669,479 85,798.436 86,651,76.5
2,011,218
2,428,413
1.985.299
366,687
495.809
280,735
440,096
237,500
440.055
666,106
719,584
742,788
Balance, surplus
-V. 122. p. 881.
$826.402
4458.973
Columbus Ry. Power & Light Co.-Pref. Stock Offered.
Otis & Co. and Bonbright & Co., Inc., are offering at 96M
and div., to yield about 6.73%, $1,350,000 63/2% cumul.
Series B preferred stock (par $100). This offering consists of
stock already outstanding and does not involve any financing
by the company.
Preferred as to assets and dividends over common stock. Dividends
-F. Lyle Babbitt, Secretary of Company, transfer agent.
payable Q.
Citizens Trust & Savings Bank, Columbus, registrar. Red. all or part
on any WIT. date upon 30 days' notice at $110 and div. Dividends exempt
from the present normal Federal income tax. Exempt from the general
property tax under the existing laws of the State of Ohio.
The following information has been furnished to us.in a letter from Mr. C.
C. Slater, Vice-President and General Manager of the Company:
__Company does practically the entire electric light and power business in
Columbus. 0., and vicinity, as well as the street railway business in Columbus with lines extending into neighboring territory.
Outstanding
Authorized
Capitalization.$1 . .0 0
Funded debt
4,620.400
a
b$25,000,000
6% Prof. Stock
6%% Series B Pref. stock
150,139 shares
300.00'0 shnres
par value)
Common stock (no
b Issuance restricted.
a Issue of additional bonds restricted.
Earnings, 12 Months Ended February 28, 1926.
48,799,244
earnings
Gross
5,886.528
Oper. exp.. main., deprec. and taxes
891.099
Interest charges and other deductions
82.021,617
Balance available for Pref. stock dividends, etc
Annual dividends on First Preferred Stock, $277,224; Series
603,180
B Stock,$325,956
$1.418,437
Balance
-Company is controlled through ownership of a substantial
Control.
majority of its common stock by the Continental Gas & Electric Corp.
-V. 121, p.
which is in turn controlled by the United Light & Power Co.
3003.
-Annual Report.
Connecticut Company.
Citizens Gas Co. of Indianapolis.
-Earnings.
Calendar Years
Total earnings
Net earnings
Taxes
Depreciation
Fixed charges
The stockholders on April 13 increased the authorized common stock
from 1500.000 shares (all outstanding) to 2,000,000 shares, no par value.
No action was taken on the disposition of the additional stock. (See also
V. 122, p. 1308.)-V. 122, p. 1761.
$750,195
Calendar Years.Operating revenues
Operating expenses
1922.
1923.
1924.
1925.
414,522,177 414.374.838 414,717,233 414,477,611
11.585.188 11.590.736 11,673,454 11,177,594
Net operating revenue $2,936,989 $2,784.102 43.043.779 43.300,017
558,808
576,672
588,456
630,328
Tax accruals
Operating income--- 42,306,662 $2,195,646 $2,467,107 $2,741,209
44.831
62,618
50,434
Non-operating income- 50.759
Gross income
$2,357,420 $2,246.080 $2,529,725 $2.7E6.040
Deductions from gross
1,475,625
1,504,478
1.543,611
income
1.491.946
1922.
4490,423
8702.468 $1,025,247 $1,310,415
Net income
$865.474
412,183
1,238 -V.121, p.3003.
73,440
Citizens Gas Light Co., Quincy, Mass.
--Earnings.
Calendar YearsGross earnings
Expenses & reservesInterest
Dividends
Undivided earnings...
-v.120. p. 2145.
9125.
$571,639
481.315
1,573
82,420
1924.
$529,337
425,181
8,821
80.440
1923.
$531,351
423.118
3,072
73,440
$6,330
$14,895
$31.721
-Merger.
Consolidated Water Co. of Suburban N. Y.
$3,562
-V.112, p. 85.
See Central Gas & Electric Co.above.
-Earnings.
Consolidated Water Co. of Utica, N. Y.
Cleveland Electric Illuminating Co.
-Acquisitions.
-1923.
Calendar Years
$738,263
4735.995
$756,947
This company subsidiary of the North American Co., has announced the Operating revenue
4670;416
182,293
194,221
204,611
purchase of four more light and power companies in its electrical develop- Operating expenses
190,506
102.000
95,417
109.065
98.351
ment program of the Lake Erie territory adjacent to and including Cleve- Taxes
Cr.7,640
Cr16,129
Cr.9,428
Cr.16.479
land.
Miscellaneous income
200.000
200,323
231.040
208,027
The new properties include the Grand River Electric Light & Power Co., Deductions from income
the Suburban -Utilities Co., the Northeastern Ohio Power & Light Co.,
$265,625
$251,146
Net corporate income- $228,060
$190,010
and the municipal light and power plant of Conneaut, 0.
Since March 15, the Cleveland company has extended Its system from the -V. 122. p. 212.
eastern outskirts of Cleveland to the Pennsylvania State line. The com-Earnings.Dubuq ue Electric Co.
pany, including recent acquisitions now serves over 260,000 customers and
1925.
1924.
Calendar Yearshas over 50 miles of 132,000 volt transmission lines in service in addition to
$1.254.486 $1,215,541
its vast system of distribution lines. Considerable new construction is Gross earnings
503.840
-V.122 Net after taxes and depredation
scheduled for 1926. both in transmission and generating facilities.
406.096
-V. 121, p. 1227.
p.747.
2190
THE CHRONICLE
Eighth Avenue RR.
-Results for Year 1925.
Gross operating revenue
Expenses, $1,115.125; taxes, $82,198: total
Non-operating income
Interest deductions
31,067,964
1,197,323
Cr. 49,092
25,852
[VOL. 122.
Great Northern Power Corp., Ltd.
-To Acquire
pLpld Company-Lease of Proyerty to Northern Canada Assets
Power.
See Great NoFthin"ower Co., Ltd.,
above.
--__ .--
Hackensack (N. J.) Water
_____,....
Co.
-Annual Statement.Calendar Years.*106.120 Gross
1925.
1924.
earnings
$2,398,621
$2,285,897
Operating expenses, taxes and depreciati
Engineers Public Service Co.
on_ _ _
1,553.481
1,549,175.
-Plan for Acquisition of
Savannah Electric & Power Co. Effective.
Net earnings
8845,140
3736.722
Other income
President (1. W. Kellogg announces that
20.509
15,708.
the plan and agreement for the acquisitionthere has been deposited under
by the company of control of
Total income
the Savannah Electric & Power Co. over
$865.649
95% of
*752.430
that company, which together with the stock owned the common stock of Bond interest
330,000
by Engineers company Other interest, amortization,
330.000
makes the plan effective.
etc
-V. 122, p. 2040, 1608.
62.362
40.052
Balance available for dividends
Fall River Electric Light Co.
-Earnings.
$473,287
$382,378
-V. 122, p. 1609.
Calendar Years1925.
1924.
1923.
1922.
Sales from lighting
*970.927
8849.562
8773,218
Harrisburg (Pa.) Rys.-Earninas.8696.956
Sales from power
1,212.010
990.349
1.175,169
Calendar Years1,098,589
Miscellaneous oper. rev.
1925.
1924.
13,504
1923.
4.765
1922.
Operating revenue
1,329
$1,652,302 81,692,234 $1,747,586 31.668.186
Net after taxes
Total oper. revenue
386.072
82,196,441 31,844.677 31,949.717 *1.795.546 Other income
422.785
513.676
501,025
Expenses
-Operating__ _ 1,184.486
Cr52.722
Cr56,289
Cr50,176
1.094,440
Cr39,311
1,111,267
978.667 Fixed charges, &c
Taxes
313.214
256.438
314,855
198,030
318.176
318,103
212,685
186,732
Net income
Net operating income.. 8755.516
x$125,580
3164.219
$552.206
5245,676
$222,233
x Before adding 520,552 reserve
*625.764
8630,146
Non-oper. Income
for dividends Jan. 1 1925 and before
161,036
74,625
14.087
13,471 payment of 8147,000(7%) dividends
Other credits
during 1925.-V. 116, p. 2516.
255
60
1.620
5,867
Hartford City Gas Light Co.
Total income
-Annual Statement.*916,807
uwenanr ears
$626,892
3641.471
8649,485
Deductions-interest.._
1925.
1924.
1023.
84.301
22.676
22.878
31,527 Gas made (1,000 cu. ft.)
Miscellaneous
1.637.778
1,503,654
Gas sold and used (M. cm ft.)
97,361
1.461.159
40.108
8.100
15,322
Dividend. 8%
1.541.437
1.414,717 1.349.647
422.334
380.114
283,951
282,747 Gross income
Res. for renew. & replace
81.834.644 81.689.654 *1,617.095
183.073
174,839
163,393
154.778 Total expenditures
1,325.959
1.245.975
1,302.412
Earnings
Surplus for 12 mos. $129,738
508,685
443,679
314.683
89,153
*163.147
*165.110 Dividends paid
Surplus forward
262,500
220,000
200,000
497,833
gasnce
488.678
325,531
160,421 Appliance sold (no.)
3.821
3,539
2.909
for
Total surplus
5.83%
5.91%
$627,571
7.64%
8497.832
8488.678
3325.531 -V. 120, p. 453.
-V. 121, p. 74.
Net corporate deficit
-V.122, p. 347.
Fayette County Gas Co., Pittsburgh.
-Offer Made to
Stockholders by Ohio Fuel Corp
Helena Light & Railway Co.
-Earnings.-
Calendar YearsGross revenue
Operating expenses & tax
Replacem'ts & renew.res
Interest on bonds
Other deductions
1925.
1924.
1923.
1922.
8376,403
8372,091
5395.430
5408.311
The Ohio Fuel Corp. in a letter to the stockholders
266.383
of
276,491
286.975
281,939
Co. offers for each share of stock of Fayette County Gas the Fayette County
33,975
Ca.
33.975
33.975
33.075
of $100 4 shares of stock of the Ohio Fuel Corp. of the of the par value
43,900
43.900
44,917
46,835
The offer expires May 1 1926. Stock certificates of the par value of $25.
2,872
1.991
should be deposited with George W. Ratcliffe, TreasurerFayette company
of the Ohio Fuel
Net income
Corp., 2017 Farmers Bank Bldg., Pittsburgh, Pa.
$29,273
$15,734
829,563'
846,462
-V. 121. P. 2637.
This offer of exchange is conditioned upon
of the stockholders of Fayette company. the acceptance by at least 75%
Hoosier Public Utility Co.
L. B. Denning. Vice-President of the Fayette County Gas
-Merger.Co., says in
See Central Gas & Electric Co.
part: "The dividend rate on Ohio Fuel Corp. has been
above.
-V. 122, p.
2%
Its organization, which is the same dividend rate now being quarterly since
Huntington (L. I.) Water Works Co. 480.
paid
County Gas Co. The stockholders of the Fayette company by Fayette
-Initial Div.the dividend payable April 20 direct. After April 20 dividends will receive A An initial dividend of $1.75 per share was paid April 1 last on
the class
stock, no par value.
on Fayette
company, if earned and declak•ed, will be paid quarterly
It is announced that 1926 business is
instead of monthly
as heretofore."
-V. 121. p. 3003.
running about 15% higher than the
gross for the same period last year.
-V. 122. p. 213.
Fulton County Gas & Electric Co.
-Increase.
Illinois Power & Light
The company has filed a certificate at Albany,
-Annual Report Cal. Years.
N. Y., changing its Gross earnings from operation: Corp.
authorized capital stock from 31.576 shares, par $100.
1925.
1924.
1923.
Electric light and power
to 100.000 shares
of no par value.
-V. 122, p. 1454.
$15,817.324 $13,871,433 $12.400.996
Interurban lines
City lines
Great Northern Power Co., Ltd.
4,248,821
4,849,247
-Plan of Reorgani
5.178.391
Gas
A plan of reorganization, dated Dec. 30 1925. has been approved zation
3,191,721
2,973,364
2,722.534
Heat
by holders of 7% 15
-year first mortgage gold bonds. The plan involves the sale
672.395
685.778
620,363
Ice, water and miscellaneous
of
the property to a new company.
954.481
271,392
331,961
Inter-company items
The bondholders' committee consists of Thomas Arnold, Jno.
Dr.2,566,845
S. Aird,
Frank Magee. A. W. Peene and J. M. Robinson.
Totx1 earnings
There are issued and outstanding $850.000 first mtge. 7s. Default
529.081,554 528.683.703 827.930,855
er
was Opating expenses
made by the company in payment of the interest coupons due on
13,740,832 14,938,288 14,121.314
May 1 Maintenance
1925 and all subsequent coupons. On May15 1925 an action was com- Local taxes
3,605.980 3.401.048 3,404,549
menced in the Supreme Court of Ontario by Montreal Trust
1.120,505
1.103,214
1.029,796
Co. as trustee Federal taxes
for bondholders, against the company to enforce the trusts of the mortgage
4,897
133,771
256.148
.
On May 20 1925 an order was made appointing Montreal Trust Co.receiver
Net
and manager of the property of the company,and on Nov.11 1925 Judgment Other earnings
$10.609.339 89,107,380 $9,119,048
Income
was delivered directing that there should be an immediat
203.445
500.586
mortgaged premises by the receiver, with the approval of the e sale of the
Master
Total
Supreme Court of Ontatio. Pursuant to this direction, Montreal of the Interest income
$/0.812,785 *9,607.966 $9,119,048
charges, &c
Trust
Co.. as receiver, with the approval of the Master, called for tenders
5.352,717 4,975.923 4,135.582
to Bond alscount amortized
purchase the mortgaged premises, and the Master directed that
257,699
207,024
220.714
the
for tendering should expire Jan. 14 1926. Montreal Trust Co., attime Divs. on pref. stocks. (co. & subs.).. 2,012,688
1.633,721
1,358.330
the
request of the committee, proposed to flx a reserve bid of 8850,000, being Appropriation for depreciation, retirements, replacements, &c
the principal amount of the outstanding bonds.
2,133,779
1.891.680
2,000,000
New Company.
-At the instance of the committee,a new corporation shall
Balance
$1.055.901
be incorporated under the Ontario Companies' Act under the name of Surplus Jan. 1
8899,618 $1,404,421
"Great Northern Power Corp., Ltd., with an authorized capital of 12,500 Add adjustments
1.252,139
1,034,958
shares capital stock without pat value. The new company will authorize Dividends paid on
17.563
30.537
common stock_ -- -($2)800.000(51.75)700000
an issue of 81.500,000 first mtge. 20
-year bonds, bearing interest at 6%
(81)400,000
per annum from Nov. 1 1926, of which $1,030,000 will be presently issued.
Surplus per balance sheet
$1,508,040 $1,252,139 81,034,958
The new company will acquire from the receiver the assets and under- -V. 122, p. 1309,
1169.
taking of the company, paying therefor as follows;
(a) In cash the sum of $29,500, which will be applied in payment of the
Illinois Public Utility Co.
-Merger.coupons due May 1 1925.
See Central Gas & Electric Co. above.
-V.122, p. 882.
(b) In bonds to the amount of $926,500„ being the principal amount of
the bonds of the company now outstanding, together with interest at 6%
Indianapolis Crawfordsville & Danville
from May 1 1925 to Nov. 1 1926.
Electric Ry.
Results for Calendar Years
.
JO 4.250 shares of common stock without par value.
1924.
operating income
The bonds and stock will be distributed ratably among the present Total
$317,925
Operating expenses and taxes
5361.989
bondholders.
303,984
Deductions from income
304.952
As a further consideration for the sale, the new company will assume Sinking fund
39.980
41,518
payment of the costs and reumneration, if any, of the bondholders' protec19,520
17,982
tive committee and of the depositary, the costs of the bondholders' action
Balance. deficit
and of the sale, and the secured claims and other claims necessary to
*45,559
Note.
-The sinking fund trustee held 8227,000
82,463
preserve the company's assets amounting approximately to 850,000.
par bonds Dec. 31 1925.
In order to provide for the aforesaid cash payments to bondholders and -V.122,p.748.
to provide funds to liquidate the assumed claims, costs and other continIndianapolis Light & Heat Co.
-Earnings.,
gencies, the new company arranged for the sale, subject to
Calendar Yearstions, of 8103.500 of its bonds and 2,000 shares of its common certain condi- Gross
1925.
stock without
earnings
1924.
nominal or par value, for the sum of $103,500.
$5,016,229 84,717,396
Operating expenses,including maintenance &
New Bond Issue.
-The bonds of the new company
taxes 2,742,425 2,704,344
May 1 1926, will mature May 1 1946, and will bear will be dated as of Interest charges
202.502
interest at 6% per
210,674
annum from Nov. 1 1926, payable May and Nov., commencing With
Available for suplus and reserves
May 11927, redeemable on any interest date at 1023i and interest.
$2,071,302 51.802,378
-V. 122, p. 1455.
-Arrangements have been made for the leasing of the
Lease of Property.
assets and undertaking of the now company to Northern Canada Power.
Indianapolis & Northwestern Tractio
Ltd., for a period of 20 years from May 1 1926, upon terms requiring that
n Co.
-Report.
Results for Calendar
company to pay all operating expenses of the new company, to maintain Total operating income Years1925.
1924.
the properties of the new company in good working order, to assume the Operating expenses and taxes
$480,492
8601,778
existing power contracts of the company, and to pay to the new company Deductions from income
451,767
483,155
all gross revenues in excess of *20.000 per annum up to a maximum of
124,000
124,000
$100.000 per annum received from the present customers of Great Northern
Balance, deficit
Power Co.. Ltd., and from two new power contracts which have been -V. 122, p. 748.
895,275
$5,377
recently entered into by Northern Canada Power, Ltd., with CastleTrethewey Mines, Ltd., and Tonopah Canadian Mines Co.
Interborough Rapid Transit Company.
As additional consideration of its entering into such lease, Northern
-Court Awards
Canada Power, Ltd., is to receive 6,250 fully paid shares of the common $975,438 for 42d Street Spur.
-Claim Was
stock of the new company without nominal or par value.
A total of $975,438 was awarded to the for $4,200,000.company and the
It is estimated that the new company will receive under this lease a net
revenue of not less than 875.000 per annum, which is nearly 815.000, in Manhattan RR. April 10 in their claims against
excess of the interest requirements of the bond issue of the new company.
the condemnation of the 42d Street elevated the city for
Distribution of Securities.
spur. The
-Under the plan the bonds and stock of the companies sued
for $4,200,000. The award
new company will be distributed as follows:
Supreme Court Justice O'Malley, who heard was made by
(a) First mt3e. 6% 20
-year bonds: (1) To Great Northern
the case without
Power Co.td., first mortgage bondholders
,L
$926.500 a jury.
(2) Sold to underwriters to provide cash
103,500
In his opinion Justice O'Malley pointed
(b) Common Stock-(1) To Great Northern Power Co., Ltd..
out that the quesfirst mortgage bondholders
4,250 shs. tions presented were "wholly
novel," because
(2) To underwriters of new bonds
2,000 shs. borough
's damage claims for the removal of the the InterNorthern Canada Power, Ltd
(3) To
6,250 she.
Sixth Ave.
121. p. 3130.
elevated spur from 53d
St. to 59th St. was pending before
APR. 17 1926.]
2191
THE CHRONICLE
him. The probability that all elevated lines might some time 95 and int., to yield over 5.40%, $1,416,000 1st mtge, gold
be condemned was also considered. The New York "Times" bonds 5%, Series due 1946.
further states:
Dated Feb. 11926; due Feb. 1 1946. Red. all or part on any date upon
The opinion ruled against the contention of the city that although the 60 days' notice, at 103 to and bad. Feb. 11931; thereafter at 1023. to and
spur was condemned by the city the transit companies suffered no damage incl. Feb. 1 1936: thereafter at 102 to and incl. Feb. 11941; thereafter at
because the property was operated at a loss. It also dismissed the claim of ,101 to and incl. Feb. 1 1945; and thereafter at 100; plus int, in each case.
the railroads that they were entitled to compensation for a right to the bed Prin. and int. (F. & A.) payable at National City Bank, New York. and
Commerce Trust Co., Kansas City, Mo., trustee. Denoms. $500 and
of the street, granted by the city when the franchise was awarded.
The largest award-$750.000
-was for the easements of light, air and ac- $1,000 c*. Interest payable without deduction for normal Federal income
-mill tax, Calif. tax up to 4 mills and Mass.
cess surrendered by the companies, although the claim in this phase of the tax not in excess of2%. Penn.4
proceeding was for $3.600,000. The companies held that the franchise was income tax on int, thereon up to 6% of such int. refundable.
Issuance.
-Subject to authorization by Missouri P. S. Commission.
$100,000 and they got only $25,000. They sought $95.000 for the
worth
cost of remodeling the Third Avenue elevated station at 42d Street and Data from Letter of George E. Nicholson, President of Company.
received 489,000. The value of the easement in the bed of the street, which
Company.
-Does entire gas business, without competition, in Kansas
the Court decided amounted to nothing, except as it was considered in fix- City, Mo. Company and its predecessors have been in continuous opering the value of the franchise, was asserted by the claimants to be $300.000. ation for over 60 years. It supplies Kansas City Mo., with natural gas
The Court fixed the physical value of the structure at $120,438, against a which is obtained from production and transportation companies operating
claim for $185,513.
in the Mid-Continent gas fields. During the year 1925 company sold over
The claimants in the suit were the Interborough, the Manhattan RR., four billion cubic fee,: of gas to more than 83,000 customers.
from which the Interborough leased the property, and the Central Union
Security.
-This issue of bonds.5% Series due 1946, together with $2,415.and Equitable Trust companies, as holders of the first and second mort- 500 of 1st M.gold bonds. Series A,6% due 1942, will be secured by a direct
gages on the Manhattan RR. property.
upon the entire fixed property. Additional bonds may
At the outset of his opinion Justice O'Malley said that the particularly first mortgage the conservative restrictions set forth in the mortgage.
be issued under
novel feature of the claims was the value of the private easements of light, The value of the physical properties of the company as allowed by the P. S.
air and access which the owner of the railroad property had acquired pre- Commission as of Jan. 1 1924, plus expenditures made by the company on
viously from the abutting owners, as distinguished from the claim to the its properties since that date, is equal to approximately 2.7 times its funded
public easement in the street.
In the hands of the public, including this issue.
This question, Justice O'Malley said, had never before been presented in a debt outstanding
part for
-Proceeds will be usea to reimburse the
Purpose.
condemnation proceeding, "and as both parties agree that it is within the extensions, betterments and imporvements made to company in of the
the property
bounds of possibility that eventually elevated lines in the city will have to company, and for other corporate purposes.
taken in condemnation, this proceeding may obviously become the forebe
Capitalization Outstanding with Public.
runner of numerous cases." The Court said that the trial of the claim for
$1,416.000
the Sixth Ave. easements, which came before him, had been stayed until the First mortgage gold bonus5% Series due 1946 (this issue)
2.415.500
Court of Appeals could pass on the present rulings.
First mortgage gold bonds Series A 6%.due 1942
4.217,000
In connection with tile question of the value of the private easements of First pref. stock, cumulative (paying 6% dividends)
1,600,000
light, air and access restored to abutting property, the railroad contended Secona preferred stock (paying 6% dividends)
812,500
that the easements were acquired at great expense, that the structure was Common stock (paying 8% dividends)
-Mortgage provides for a purchase or sinking
removed against the will of the railroad, and that the easements restored to
Purchase or Sinking Fund.
the abutting property were greatly enhanced in value. They argued that funa requiring cash payments to the New York trustee semi-annually,
they were entitled to the present value of these easements as a property right, equal in each case to at least 16 of 1% of the total aggregate bonded debt
asserting that they had paid $200.000 to the owners for "future" damages of the company then outstanding in the hands of the public. Such moneys
in addition to the sums for past damages.
shall be applied, first, to the purchase of 1st mtge. bonds of any series,
The city argued that the railroad d d not secure title to the easements at or below certain specified purchase prices, which. In the case of the 5%
in a strict legal sense, but acquired them for railroad purposes only, and Series due 1946 will be the same as the then current redemption prices;
when the city removed the riliroad the right in the easements disappeared.
and second, to the redemption of 1st mtge. bonds of such series as are subJustice O'Malley held that whatever right the railroad acquired was vested ject to redemption on the next succeeding interest date. In the event that
in the railroad franchise, for which it had been taxed, and for which it was no 1st mtge. bonds are on such interest date redeemable, and the sinking
entitled to compensation. The opinion on this point, which is the main fund moneys are not exhausted by the purchase of bonds within the price
phase of the proceeding upon which the higher Courts will be required to limits specifiea, the balance of any such moneys remaining unexpended
pass. said:
shall revert to the company.
"Because this right in the possession of the railroad company was limited
Earnings for the 12 Months Ended June 30 1925.
to the purpose indicated. it does not follow that it is without value. Its
$3.888.422
acquisition was essential to the maintenance and operation of the company's Gross earnings
2,995,975
railroad. Without it the company would have been a trespasser and re- Oper. exps., maint. and taxes other than Federal taxes
quired to tear down its structure and go out of business. As already ap$892.447
Net (available for int., deprec. and Federal taxes)
pears, its original cost was several hundred thousands of dollars.
215,730
"If the city had condemned the property now being taken within the first Annual int. on total funded debt,incl. this issue, requires
Management.
-A majority of the common stock is owned by Cities Serfew years of the company's franchise, instead of at this late time, could it
-V.119,p.586.
reasonably and justly have been entitled to no award for that which but vice Power & Light Co.,a subsidiary of Cities Service Co.
recently had cost its stockholders a large sum. I am unable to conceive
-Earnings.
Kansas City Railways.
why the claimants should be in any more unfavorable position with respect
1922.
to this right and its value at one time than another, except in so far as the
1924.
1923.
Years Ending Dec. 31- 1925.
reasonable market value thereof might vary with time and change of condi- Rev, passengers carried_124,698,142 128,310,928 135,097,194 136,076,541
tions.
Transfer passengers__ 65,390,339 66,969,205 68.678.524 68,191,873
"The claimants offered evidence tending to show that if this right were Total oper. revenue__ $9.967,579 410,024,230 $10.514,735 $10,661,754
to be acquired on the date when title vested in the city it would have cost Net oper. revenue
$1,523,776 $1,545,741 $2,012,623 $1,910,711
$3.600,000. The city did not attempt to controvert this proof by testi- Net after taxes
1.012,339
1,057,043
1,538.245
1,377,118
mony of other experts, presumably in view of the conceded increase In the Miscellaneous Income_
14,134
7,085
10,878
11,929
city's valuation of the abutting property predicated on the removal of the
structure, and in view of the fact that the city will later be called upon to
Gross income
$1,019,424 41,067,921 $1,550,174 $1,391,252
99,274
sustain such assessments it could not have been successfully asserted that Misc. non-op. inc. (Co.)
162,068
243,210
188,509
the value given by the claimants' experts was excessive. In fairness to the
city, however, it should be noted that its counsel at all times disregarded
Gross income-(Co.)_ $1,262,634 41.256,430 $1,712,242 41,490,526
the claimants' theory and that adopted by me,and for this reason refrained Total deductions
1.909,031
1,903,188
1.900,126
1.915,682
from calling experts on this phase of the case.
"Taking into consideration the original and present cost of acquisition,
$653,048 def$646,758 def$187,884 def$418,505
Net deficit
both of which are proper elements to be considered in arriving at the value -V. 122, p. 213.
of the property, and all evidence before me, I am of the opinion that the
-Earnings.
Lincoln (Neb.) Telephone & Telegraph Co.
fair market value to the claimants of the right in perpetuity to the mainte1924.
1923.
1925.
nance and operation of its railroad, and the impairment in connecion
$2,644,233 $2.538,928 42.512.580
therewith, the easements of the abutting property owners, is the sum of Total telephone revenue
1,915.735
1,900,674
2,010,849
Total telephone expenses
$750,000. In reaching this conclusion I have given more weight to the
original cost than the reproduction cost for the reason that, in my judgment,
4611,906
$623,193
$633,384
Net telephone earnings
the value of the railroad has not kept pace with the value of the abutting
62,581
43.841
44,616
Sundry net earnings
property."
-V. 122, p. 1762. 1309.
Interstate Power Co., Wisconsin.
-Earns.for 1925.
-
Gross earnings
Expenses
$2,424,939
1,247,026
Net earnings, before depreciation
-V. 122, p. 348.
$1,177,913
Jersey Central Power & Light Co.
-Bonds Sold.
E. H. Rollins & Sons; Blyth, Witter & Co.; Eastman, Dillon
& Co.; Federal Securities Corp., and H. M. Byllesby & Co.,
Inc., have sold at 973. and int., to yield over 5.70%,
$1,000,000 1st mtge. & ref. 20-year 53/2% sinking fund gold
bonds, series A, dated Feb. 2 1925, due Feb. 1 1945 (see
description in V. 120, p. 1458).
Total net earnings
Deduct interest
Dividends, preferred and common_
3678,000
142,665
429,327
$685.774
116,648
471,990
5655.747
113,850
469,391
Balance, surplus
-1r. 121, p. 3131.
$106.008
$97,136
$72.506
-To Issue Stock.
Lowell Electric Light Corp.
The stockholders will vote April 27 on approving the issuance of 17.175
additional shares of capital stock, which it is proposed to offer stockholders at $47 50 a share in the proportion of one new share for each nine
existing shares.
-V. 122, p. 1310.
Manchester Traction, Light & Power Co. & Sub. Cos.
1925.
1926.
42,528,662 $2,464,914
1,458,899
1,350,862
327,464
284,210
117,995
215,000
Results for 12 Months Ended Feb. 28Gross earnings
Operating expenses and taxes
Interest charges
Depreciation
Company was formed in New Jersey by the merger of several public
utility operating companies distributing electric light and power service
,
to 173 communities, and gas service to 50 communities In northern and
eastern New Jersey. A subsidiary company supplies water service in
$732,341
$506,805
Balance for depreciation reserve & dividends_ _ _ _
Lakewood and vicinity . The electric system includes steam electric
,
Balance Shee Feb. 28 1926.
generating stations with a total installed capacity of 31.500 h.p. and 231
,
Liabilities
Assetsmiles of high tension transmission lines, with distributing systems aggregat$4,958.300
ing 2.238 miles of line serving 43,312 consumers. The gas properties Prop., plant & equip ......$12,345.289 Capital stock
333,064 7% bonds
914,000
include generating plants with a daily capacity of 13.100,000 cu. ft. and Sinking fund
5.026,000
255,155 5% bonds
319 miles of gas mains serving 25.944 customers. During the year ended Material & supplies
171,914 Notes payable
600,000
Jan. 31 1926, 65,851.651 kw.h. of electric energy and 903,217,000 cu. ft. Accounts receivable
76,506
268,978 Accounts payable
Cash
of gas were generated.
37,414 Accounts not yet due..__
132,123
Advance payments
Capitalization Outstanding Upon COMpletion of Present Financing.
914,363
7.926 Reserves
Suspense
Divisional 5% bonds (closed for issuance to the public)
479,045 Surplus
1,277,493
Unexting. disct. on sec...
43,206.500
1st mtge. & ref. 20
-year 5 % gold bonds,series A (including
this issue)
Total
$13.898,785
413,898.785
Total
13,500,000
Cumulative preferred stock 7% series
-V. 121, p. 1908.
Com.stock of no par value,(all owned by Nat.P.S.Corp).. _ - 5,400,000 shs.
93,700
Security.
-Secured by a direct first mortgage on electric power
Manhattan (Elevated) Ry.-Court Awards $975,438 for
light and gas properties with a depreciated valuation of 410,350,967, and
and
a direct mortgage, subject to $3,206,500, divisional bonds, on the remaining 42d Street Spur.
properties with a depreciated valuation of $9,478.882, and in addition are
-V. 122. p. 1310.
See Interborough Rapid Transit Co. above.
secured by the deposit with the trustee of all the bonds and stock of Lake-Tenders.
Manila Electric Co.
wood Water Co. with a valuation of $1,187,452. These bonds and underToe Equitable Trust Co.. trustee, 37 Wall St., New York City, will until
lying bonds, aggregating $16.706,500, therefore represent less than 80%
April 23 receive bids for the sale to it of First Ref. Mtge. Gold bonds. 7%
of the total value of physical property of 421,017,301.
series, due 1942, to an amount sufficient to absorb $35,000, at a price not
Earnings 12 Months Entled Dec. 31 1925.
-V. 122. p. 2041.
exceeding 115 and interest.
Gross earnings
$4.682,486
Operating expenses
-Annual Report.
Massachusetts Gas Companies.
2,613,319
1922.
1925.
1924.
. 1923.
Calendar YearsNet earnings
42.069,167 Int. on bonds,notes,&c.. $145,202
$124,849
$21,004
$22,997
interest requirements on mortgage bonds
Annual
902.825 Dividends received
2,924,987
3,207,579
3,018,248
3,417,778
Balance
$1.166,342
Managernent.-Company is controlled through stock ownership. by
National Public Service Corp., which operates public utilities in 9 States,
under the supervision and management of General Engineering &
and is
Management Corp.
-V. 122, D. 94,
43,352,781 $3.143,097 $3,438,782 $2,947,983
Total income
208,271
206,638
185,569
176,265
-Gen. expenses_
Deduct
658,349
561,142
432,896
465,390
Bond, &c., baterest_ -1,000,000
1.000,000
1,000,000
Divs.on pfd.shs.(4%) 1,000,000
1,250.000
1,250,000 1,250,000
Common dividends-- 1.250,000
Kansas City (Mo.) Gas Co.
-Bonds Offered.
-A.B.Leach
& Co., Inc., and Halsey, Stuart & Co., Inc., are offering at
Balance, surplus
-V. 122, p. 1609.
$236,161
$125.317
$570,317
456,329
2192
THE CHRONICLE
Mobile Gas Co.
-Results for Calendar Year 1925.
-
Gross earnings
Operating expenses. $303,394;fixed charges,$101.695;total__ _ _
Surplus
-V.121, p. 2038.
$464,073
405,089
$58.984
Montreal Tramways Co.
-Listing.
-
The New York Stock Exchange has authorized the listing of 32,500.000
Series B gen.& ref. mtge.sinking fund gold bonds,due April 11955. making
the total amount applied for $20,326.500. being $17,826,500 of Series A
and $2,500,000 of Series B.
-V. 122, p. 2041.
Municipal Service Co.
-Notes Called.
-
IVOL. 122
Income Statement Eight Months Ended Feb. 28 1926.
Revenue from transportation
$4,682,704
Other operating revenues
350,007
Total operating revenues
Operating expenses
Taxes
• 35.032.712
3,780,330
365,175
Operating income
Non-operating income
$887,207
68,943
Gross income
Deductions from gross income
$956,150
650,937
Net income
$305,212
All of the cutstanding 334 year 6% gold notes, due Nov. 1 1928, have
been called for payment May 1 at 1013.5 and int. at the Guaranty Trust Co., -V. 122, p. 348.
trustee, 140 Broadway, N. Y. City.
New York Westchester & Boston Ry.-Annual Report.
The company announces that it will purchase before May 1 1926. any or
Calendar Years1925.
1922.
1924.
all of the notes presented at the trust company on a 434% true discount
1923.
Operating revenues
$1,648,901 31.521.446 31,452,943 $1,354.009
basis figured to May 1 1926.-V. 122. p. 1610.
Operating expenses
1.060,439
1,037,704
993.196
968,651
Nevada-California Electric Corp.
-Stock Increased.
Net oper. revenue_ _
$316,305
$484,292
3588.462
The stockholders on April 13 increased the authorized capital stock from
$528.249
216,287
222.170
201.462
210,016
$10.000,000 preferred and $20,000,000 common, par $100, to 325.000,000 Tax accruals
preferred and 325.000.000 common stock, par $100. The company has
Operating income
394,134
$3372,175
outstanding $9,449,400 preferred and $8,588,300 common stock. It is
$282.830
3318.233
6,972
6,298
10.628
announced that the increased stock will not be issued from some time. Non-oper. income
5.930
Consolidated Income Account for Calendar Years, Including Subsidiary Cos.
Gross income
3100,432
$379,146
3288,760
$328.861
[Inter-company transactions eliminated].
Deduc'ns fr. gross inc. a_ 2,051,947
1,847,424
1.905.475
1,963,789
1925.
1922.
1924.
1923.
Gross operating earnings $4,874,442 34,498,840 33,993.587 $3,344,447
Net deficit
$1,672.801 31.634,928 $1,616,715 31.746,992
Operating & general exp.. 2,019,896
x Deductions from gross income include 31.100.008 in 1925. 31.042.335
1.304,198
1,830,855
2.252,223
Taxes
359,905
193,646
230,065
283.891 In 1924. 3984,582 in 1923 and $926,829 in 1922 interest accruing to the
Uncollectible accounts
10,662
6.776 N. Y.N.H.& H.RR.,but not included in the income account of that corn
10.834
6.367
'rot.non-op.earns.(net) Cr54,107 Cr53,732 Cr170,183 Cr135,510 pany.-V. 122, p. 1918.
Niagara Falls Power Co.
-Earnings.
-
Total income
$2,538.086 32,063,917 32,128,435 31,885.092
Interest, deprec., &c_ _ _ 2.171.261
1.442.902
1,614,256
1.725,988
Avail, surplus for year $366,825
Total surplus Jan. 1 plus
appr.during curr. year
for bond redemptions_ 2,832,967
Def. of Holt. I.
-U. Ry__
3337.929
3514.179
$442,190
2,933,327
def97,542
4,721.290
°tzar. end. Mar. 311926.
1923.
1925.
1924.
Operating revenues
$2,401,940 $2,179,710 $2,006,539 $1,734,564
Oper. exps. and taxes,.- 1,039,662
686,718
805,332
920,793
Net oper. revenue_ --- 31,362.278 $1,258,917 31.201.207 81.047,846
Non-oper. revenue
21.538
90.088
85,434
99,825
Gross income
$1.383.816 $1,358,742 $1,286,641 $1,137,934
Interest
517,740
428,710
453,821
523,446
Miscellaneous
144,482
100,038
109,497
127,144
Net income
8609,185
$721,594
3723,323
$708,152
-V. 122, p. 1610, 612.
4,153,974
Total
33,199,793 $3,173,715 $5,235,469 $44,596,163
Dividends
653,468
127,568
651.051
512.936
Sur. transf. to cap. acct.
2.001,116
Adj. of losses of H.Pwr.
Co. & Ry
61,685
Ninth Avenue RR.
-Results for Year 1925.
-
Tot.P.& L.sur.Dec.31 32.484.639 32.522,663 32,721.416 34.468,595
Note.
-The corporation has an interest in profits of other companies
not included in above statement. In 1924 the operations resulted in a loss
and a consequent reduction in the combined surplus of those companies.
while in 192a there was neither a profit nor loss. The corporation's proportion of this loss in 1924 amounted to 3106.-V. 122, p. 1762.
Gross revenue
Expenses, $579,799; taxes, $46,854; total
Interest revenues
Deductions
New England Fuel & Transportation Co.
-Earnings.
-
Calendar Years1925.
1922.
1924.
1923.
Gross earnings
310.274.546 38,140,011 314,220,379 310,340.417
Expenses & reset vets_ .. _ _ 8.614.473 6,706,207 12,387,917 9,022,297
Interest
492
39,865
475
446
Dividends
1.636.750
1.388,000
1.750,000 1,250.000
Undivided earnings__
$22,831
$28,255
$45.329
$82,016
-V.122. p. 94.
New Haven Gas Light Co.
-Annual Report.
-
Calendar Years1925.
1922.
1924.
1923.
Net income to profit and loss_ _ .4611.388 $618.194 3529.732 3556,419
x Before payment of $495,000 (9%)in dividends.
-V.121, p. 2157.
New Haven Water Co.
-Earnings.
Calendar Years1925.
1924.
1923.
Incomefrom operation
$1,066.154 31.040.969 $1,053,851
Operation and maintenance- 205,350
207,945
201,108
General expense
176,064
178.491
159.742
Taxes paid
107.827
105,153
94.827
Reserve for income tax
49,109
45,942
53.487
Bond and other interest
65.820
70,421
64,325
1922.
$955,269
193,864
145,179
94.505
44.064
64,904
Balance for deprec'n, &c__ 4461,983 $433,016 $480,362 $412,752
x Before deducting $117,024 for depreciation and $299,444 for dividends.
-V. 121. p. 1227.
New York Edison Co.
-Earnings.
Calendar YearsOperating revenues
Net. after taxes, &cOther income
1922.
1925.
1923.
1924.
$57,857,195 W3.494,241 350,496,493 $444,842,306
13.380,532 13,786,591 14,047.208 9,975,826
4,690,697
3,797.243 4,640,068 4,022,723
Total
Interest
Dividends paid
$18.071,229 $17,583,834 $18,687,276 $13,998,549
5.140,430 4,766,468 4,125,675 4.269,992
12.500,000 10,074,130 10.074.130 8,520.423
Balance, surplus
-V.121, p. 979.
$430,799 $2,743,235 $44.487,471
31,208.134
New York & Queens County Ry.-Receiver's Report.
Results for Calendar YearsRevenue from transportation
Other street railway operating revenue
Operating expenses
Taxes
x1925.
$687,512
160,351
687,939
35,921
x1924.
$696,898
19,961
580,181
39.401
Income from operations
Non-operating income
3124,004
5,055
$97,277
2,665
Gross income
Interest deductions-Unpaid taxes
Other rent deductions
$129,059
8,749
9,841
$99.942
16,297
11.542
Net corporate income
$110,469
x Receiver's operations only.
-V.121, 9. 840, 459.
$72.103
New York & Stamford Ry.-Annual Report.
Calendar YearsOperating revenues
Operating expenses
1925.
3517.950
385.258
1924.
$513.807
394,152
1923.
$525,613
424,049
1922.
3541.999
438.750
Net operating revenue
Tax accruals
$132,691
23,347
3119.656
24,697
3101,564
24,970
$103,249
22.102
Operating income---Non-operating income
$109.345
856
$94,959
3,806
$76,594
532
$81,147
1.395
Gross income
Deduc'ns fr. gross inc. x_
$110,200
113,568
$98,765
112.055
$77,126
100,278
2,542
t01.521
Net deficit
323,152
318.979
$3.368
313,290
x Deductions from gross income include $40,226 in 1925,$40,226 in 1924,
$440,226 in 1923 and $40,226 in 1922, interest accruing to the N. Y. N. H.
& H. RR.., but not included in the income account of that company.
V. 121,p. 2638.
New York Railways Corp.
-Listing.
The New York Stock Exchange has authorized the listing of $3.800,000
prior lien mtge.6% gold bonds, Series A,due Jan. 1 1965. on official notice
of issuance in exchange for temporary prior lien bonds now outstanding.
The 33,800.000 bonds covered were issued pursuant to the plan of reorganization of New York Rys. Co., dated July 18 1924. in exchange for stock of
42d St. & Grand St. Ferry RR., and for claims, new moneys and reorganization expenses.
$497,355
626.653
207
Cr.
47,920
Net corporate deficit
-V. 122, p. 348.
$177,011
North American Co.
-Electric Output.
-
Total electric output of all subsidiaries now comprising The North
American System, amounted to 730.529,909 k. w. h. for the first two
months of this year, or 289,155.385 k. w. h. more than for the first two
months of 1925. Of this additional output in 1926. about two-thirds
represents output of the California and Mississippi River properties acquired late in 1925, and one-third represents a 14% increase in output of the
previously owned subsidiaries.
Preliminary figures indicate that output for the month
March 1926
will show about the same rate of increase over March of lastof -V.122.
year.
P. 1918.
Northern Canada Power, Ltd.-Legse.
Bee Great Northern Power Co., Ltd., above.
-V. 122, p. 2041.
Northern New York Utilities, Inc.
-Earnings.
-
Calendar Years1925.
1924.
1923.
Gross earnings
$3.784,437 $3,177,636 $1.979,175
Oper. exp., maintenance and taxes- - 1,524,700
1,467.986
831,132
Int., amortization, Fed. taxes, &c
979,612
483.991
790,933
Bal. avail. for divs. and deprec'n- - 31.280,124
1364,052
$918,717
-V. 122. p. 1456.
Northern Ohio Power & Light Co.-Annuol Report.
Revenue Passengers Carried
Electric
Rail and Motor Buses.
Sales in
Electric
cite
Interurban
K. W.B.
Customers.
Systems,
Systems.
102,681,834
40,103
47.799.437
16.820.442
135,397.186
45,496
50,632,248
17.117.064
157.468.263
48,328
54.112,423
16.784.535
176,245.654
51.516
48,563,053
14,478,984
203,531,744
56,000
51,352,849
14,266,754
Income Account for Calendar Years.
1925.
1924.
1923.
1922.
Gross earnings-Electric $5,322,156 $4.716.808 34.255,247 $3.623,020
Transportation
6,177,541
5.364.189
5,849,877
5,640,132
Total
311,499,698 310,080,997 310.105,124 $9,263,152
Operating expenses
7,618,402 7,161.533 6,986.196 6,168,531
Taxes
822,000
741,900
779,400
668,000
Int. & other fixed chges- 1,557.842
1,441,967
1,310,533
1,356,239
Preferred dividends_ _ _ _
437,334
431.751
412,360
374.592
Balance
$1,064,120
$3303,846
3695,790
3616.635
-V. 122. p. 1763.
Calendar
Year1021
1922
1923
1924
1925
Ohio Bell Telephone Co.
-To Refund Bonds.
-
The company has applied to the Ohio P. U. Commission for authority
to issue an additional 35,000.000 of common stock to the American Telephone & Telegraph Co. The proceeds will be used to refund $2,676,000
Cuyahoga Telephone Co. 7s (formerly 5s) extended to 1941 and $2,155,000
United States Telephone Co. 7% bonds (formerly 5s) extended to 1941.
Both issues may be called after July 1 1926 at 10334 and int.-V. 122, p.1611
Ohio Fuel Corp.
-Seeks to Acquire Control of Fayette
County Gas Co.
See Fayette County Gas Co. above.
-V.122, p. 2042.
Oswego River Power Corp.
-Capital Increased, &c.
The company has filed
a certificate at Albany. N. Y., increasing its
authorized capital stock from 20,000 shares to 110.000 shares of no par
value.
See also People's Gas & Electric Co. below.
Pacific Telephone & Telegraph Co.
-Earnings.
-
The company reports for the quarter ended Mar. 31 1926 net
earnings of
$2,006.000. after expenses and taxes.
-V. 122, p. 1311. 1027.
People's Gas & Electric Co., Oswego, N. Y.
-Control.
-
The New York P. S. Commission has approved the purchase
stock of the comp any by the Oswego River Power Corp. of the capital
As the price
paid vcos in excess of the book value of the company, the Commission's
order directs that the Oswego corporation shall not set up on its books a
value for the Peoples company greater than the sum of its
capital stock and
surplus. According to the finding of the Commission this amounted to
$62 22 per share on the common stock and $50 per share on the preferred as
of Dec. 311926. The Oswego company, however, paid $125 per share fee
the common stock and $55 per share for the preferred stock.
-V.121. D.2876
Philadelphia Co.
-Chairman of the Board.
-
Moritz Rosenthal, of Ladenburg, Thalmann & Co.. has been elected
Chairman of the board of directors of both the Philadelphia Co. and the
Duquesne Light Co.
-V. 122, p. 2042.
-Earnings.
Southern Cities Utilities Co. & Subs.
.
.
Philadelphia Electric Co -AnnUat Report.
1922.
1923.
1924.
Calendar Years1925.
Operating revenue
$33,203,769 $29,853,403 $27,609,189 $23,520,612
incl. current
Oper. exp.,
maint.. taxes and res.
for renewals& replace_ 20,522,903 19,212,490 17,612,529 15,477,396
Operating income_
Non-operating income
2193
THE CHRONICLE
APR. 17 1926.]
812,680,866 810,640,913 $9,996,660 $8,043,217
287,134
412,824
442,714
323,216
Calendar YearsGross earnings
Operating expenses and taxes
Interest
Preferred Dividends
Mills & Lupton Supply Co
West Virginia Utilities Co
Southern Cities Utilities Co
1925.
1924.
1923.
$2,817,462 82,763,601 $2,476,881
1.871.567 1.821.184 1,670,173
401.481
436,580
429,277
10,688
70,786
157,548
7.463
45.677
153.672
7,244
67,724
104.304
$299.325
Balance for corn, stock & reserve-- $305.392
8198,159
Gross income
$13.004,082 $11,083,627 $10,409,484 $8,330,350
-The increase in gross revenue over 1924 and decrease in interest
Note.
Int. charges and amort.
charges from 1923 and 1924 is due to relinquishing control of the City &
4,890.541
3,845,356 3,604,225 3,050,442
of debt disc. & exps
-V. 121, p. 2404.
Suburban Gas Co. and City Ry. Co.
$8,113,541 $7,238.271 $6,805,259 $5.279,908
Net debt
-Earnings.
Southwestern Gas & Electric Co.
455,469
396.6A3
543,871
674.649
Approp.for sk. Si. res've
1923.
1922.
1924.
1925.
Calendar Years128,589
86,696
143,924
122,021
Insurance fund reserve_ _
34,091,678 83.781,043 33,363.213 32.535.374
798,615 1,143.065 Gross
537,665
265,536
Cash dive, on pref. stock
2.452,668 1,893.751
& taxes
2,812.964 2,736.431
do Common stk (8%)4,938.219(8)4,265,106(8)3,182,263(7,02325759 Oper., maint.interest
505,885
461.543
354.134
Bond, &c..
630.118
141,123
Surplus for year
$2,113,115 81,747,705 22,240,323 $1,327,726 Depreciation
Total surplus bee.31- $12,964,462 $10,982,768 $9,316,457 $7,079,501
2538.727
$449.002
Balance, surplus
3507.474
$287,489
-V. 122, p. 1611, 1311.
Regular dividends were paid on the 8% and 7% preferred stocks during
-V.122
-Earnings.
- 1925. and on the common stock at the rate of 6% per annum.
.
Philadelphia Suburban Gas & Elec Co.
P• 1612.
1923.
1924.
Calendar Years1925.
Gross earnings
85.693,027 $5,250,500 $4,978.682
-Report.
Spring Valley Water Co.
Oper, expenses, maint. and taxes
3.128.345 3,171.076 3,111,358
1923.
1924.
1925.
1922.
Calendar Years947,349
730.920 Revenue
1,041,420
Fixed charges
26.170.237 $5,903,955 $5,738.638 55.233,026
1,178,379 1,146,437
1.434,620 1,443,689
Operating expenses
Balance
$1,523.262 $1.132,075 $1,136,404 Hetch Hetchy acqueduct
-V. 122, p. 884.
24,600
rentals
930.063
855,118
903.323
830,738
Taxes
Philadelphia & West Chester Trac. Co.
-Earnings.
- Interest on bonds
1,100,000 1.100,000 1,050.491
714.360
Calendar Years1925.
1924.
1923.
1922.
14,381
150,000
Interest on 6% notes
Gross earnings
$1,212.162 51.090.808
$929,089 Interest on loans
$983,363
215.831
161.114
134.312
108.518
Net earnings
285.855
341,961
328,565
330,404 Int. charged to construe. Cr.73.385 Cr.40.548 Cr.24,210
Cr.6,248
Other income
23,929
18.616
12,801
12.169 Deprec. & obsolescence300.000
300.000
300.000
300.000
Interest, rentals, &c
259.034
280.875
231.750
229.186 Amortization
162,276
188,376
162.276
131,010
5.762
9,328
5,060
4.398
Uncoll. bills & accts. rec
Surplus for year
350.750
$79,702
$109,615
8113,387 Miscellaneous
9.347
9.174
7.195
1.206
-V. 119, p. 580.
1,680,000 1,680.000 1,470.000
Dividends
1.400.000
Philadelphia & Western Ry.-Annual Report.
$227,197
8537,432
Balance,surplus
$351.630
$452,607
Calendar Years1925.
1924.
1923.
1922.
1921.
-V.121. p. 1570.
Operating revenue
8891.852 $895,943 $870.854 $825.459 8812.240
-Earnings-Personnel.
Stark Electric RR.
Operating expenses
469.721 479,828 478,354 440,517 486.647
x161.797 168,034 166,008 163.626 166,201
1923.
Int. and tax accruals
1922.
1925.
1924.
Calendar YearsFederal taxes
22.000 22,100 20,500
$467.223
$492,855
$571,948
19,800
$542.541
14,780 Gross earnings
Prof. dividends (5%)
100.000 100,000 100,000 100,000 100,000 Net after depreciation
847,761
870,888
8105.328
$84.022
61,734
67,973
75,662
77.546
Fixed charges
Balance, surplus
$138.334 8125.981 $105,992 $101,516 $44,612 Dividends
37.500
x Int. on bonds in 1925 amounts to 8131,500: tax accruals $27,780: hire
of equip.. $133; amort. of discount on funded debt,$2.384.-V'. 120, p. 1090.
Balance, surplus
32,915
529.665 def$31,025
def$13,973
The board of directors consists of Wm.E. Davis (Pres.), Howard Morris
Pittsburgh Rys. Co.
-To Retire Glenwood Highway (Vice-Pres.), 0. K. Ayers (Sec.), E. W. Sweezy (Treas.), N. F. Glidden,
W. S. Chittenden. James Bertram, L. W.Popp, Alex. Robertson and C. L.
Bridge Co. Bonds.
-V. 121, p. 2523.
President A. W. Thompson, in a letter to the holders of Glenwood High- Sebring.
way Bridge Co., 6% bonds. due Dec. 1 1924, says: "You have been
Terre Haute Traction & Light Co.
-Annual Statement.
informed from time to time of the probability of the County of Allegheny
Results for Calendar Years
1925.
1924.
purchasing the bridge of the Glenwood Highway Bridge Co., which would Total operating revenue
32.774.007 $2,647:847
provide funds for redeemign the outstanding bonds.
Operating expenses and taxes
1.975.479
1,896.562
"The County Commissioners have now entered into an agreement to Deductions from income
272.811
278,278
take over this structure and provision has been made to redeem the bonds Sinking fund
28.744
29,067
at par and interest to date of presentation up to May 1 1926, upon which
date Interest will cease. Bonds may be presented for payment at the
Balance
$496,973
$443,940
Pittsburg Trust Co., trustee,323 Fourth Ave., Pittsburgh, Pa."
-V. 122. -V. 122. D. 751.
p. 1905.
Texas Electric Ry.-Annual Report.
-
Pittsburgh Uti4ties Corp.
-Earnings.
Income for the 3 Months Ended March 31 1926.
Dividends on stocks owned, $641,500: interest, $1,014: total__
Expenses, $5,405; bond interest, 8122,800; total
Net income
-V. 122, p. 2042, 1764.
8642,514
128,205
$514,309
Poughkeepsie & Wappingers Falls Ry.-Earnings.-
Calendar YearsGross income
Oper. expenses and taxes
Fixed charges
1925.
$262,118
1,
8.119
70.048
1924.
$262.569
186.665
69.145
1923.
$273,260
214,721
54.560
1922.
8276.160
183,400
53,817
xNet earnings
$3.951
86.759
$3,979
x Available for deprec. St dividends.
-V. 119, p. 2412.
838.943
Calendar Years1925.
1924.
1923.
1922.
$2,362,114 52,794,636 32.980.475 52.706.995
Gross earnings
1,691,415
Oper. exp., taxes & maint 1,524,615
1.747.501
1,651.527
Net earnings
Add int, on deposits, &c_
5837,499 81,103,221 81,232.975 31,055.467
586
840
1,629
2,397
Total net earnings_ _ $838,085 51.104,061 51,234,604 $1.057.865
Deduct-Int. on 5% bdsi
337.588
337,600
426,322
428,169{
98.899
Int. on 6% debs____
117,866
5.173
Sundry int. charges___
5.389
109,761
119,635
84.828
Divs.on 7% 1st pref. stk
62,689
210,000
210.000
210.000
210.000
Divs. on 7% 2d pf. stk_ _
dividends_
120.000
240,000
240,000
Common
240,000
100.000
100.000
100.000
Res. for renewals, &c_ _
100,000
25.000
Disc. on pf. stk. writ. Off
Cr.47,625
Tax refunds, etc
Public Service Corp. of New Jersey.
-New Directors.
-
890,247
Balance, deficit
$8.870
$158,125
Thomas S. Gates, of Drexel & Co., of Philadelphia, has been elected a -V. 120, p. 3316.
director for one year in place of Randall Morgan, who died recently. Paul
-Earnings.
Third Ave. Ry., N. Y. City.
Thompson, a Vice-President of the United Gas Improvement Co. of Phila1924.
1923.
6 Mos. Ending Dec. 31- 1925.
delphia. has been elected a director for three years, Lewis Ulla having
57.173.090 57,124.521 57,065.545
retired from active connection with the corporation.-V.122, p. 1918, 1764. Transportation
Rents
133,604
128,469
125,618
81,130
82,187
Other
81.381
Railway & Light Securities Co.
-To Change St-ck.The stockholders will vote April 22 on a proposal to authorize common
Total oper. revenue $7,387,824 57.335.177 $7,272,545
stock without par value and exchange the present 10.000 shares of $100
Operating Expenses
par value for 50.000 new shares without par value, and on increasing the
$945.190 81,036,660
5865.077
authorized amount to 80.000 shares. They also will be asked to authorize Maintenance of way1,000.604
765,274
730,655
the board to sell all or any part of the additional 30,000 shares of common Maintenance of equip
Depreciation
Cr149,879
Cr21,766
172.305
stock.
444,398
515,444
542.522
If stockholders approve the recommendation, it is the present intention Power supply
2,459.256 2,530.068 2,451,274
of the directors to raise approximately 81,000,000 by the sale of the addi- Operation et cars
853,320
831,949
Other
762.244
tional common shares.
-V. 122, p. 1028.
Total oper. expenses $5,552,889 55,657.629 35,524.077
St. Louis County Gas Co.
-Earnings.
Net operating revenue
1,834,935
1,677.548 1,748.468
Calendar Years1925.
1924.
1923.
1922.
515.513
508.078
Taxes
479.842
Operating revenue
8911,486
$838,565
$736.772
$651,741
Operating expenses
503,971
452,593
415.746
376,526
Operating income
81,319.422 $1,169.469 $1,268,626
Taxes
63.804
58.700
66,942
52,139 Interest revenue
101,621
139.564
140,265
Net oper. revenue_
$343.711
$327,272
5254.084
$223.076
Gross Income
$1.421.043 51.309.033 $1.408,891
Non-oper. revenue
34.952
18,585
31.792
24,944 Int. on 1st mtge. bonds..
256,540
274.040
274,040
Int. on 1st ref. mtge. bds
439.810
439.810
439.810
Gross income
$378.663
$345.857
8285,876
$248,020 Int. on adi. mtge. bonds
563.400
563,400
563,400
Interest charges
79,583
52,440
52.823
56,344 Int, on series C bonds_
12.984
Amon.,debt disc. & exp
13.011
11.226
10,935
Bal.for depr.,divs &sur- $299,080
$293,417
$235.053
$191,676 Sinking fund accruals_
16,740
16.740
16,740
-V. 122, p. 95.
Miscellaneous
46.295
50,540
38.807
San Diego Electric Ry.-Earnings.-
Calendar YearsGross earnings
Net after taxes
Other income
Deduction
Balance, deficit
-V.120, p. 2402.
Net income
868.068 def$42,477
565,159
1925.
1924.
1923.
1922.
Mos.
Other
Interest
$1,608,502 31,482.832 $1 374.908 $1,379,490 • 12End.-Total Oper. Net after
Revenue.
Taxes.
Income. Chges.. &c.
396.789
8162.298 c
#130,080
$211,162 Dec.31 '25
$214.589 $2,687,416
Cr.79,034 Cr.58.058
r.37,143 Cr.31,861 Dec.31 '24 814,595,157 $2.481,233
14,711,897 2,386,250
275,718 2,695,761
453,225
314,003
247,486
211.706 Dec.31 '23 14.422,140 2,602,819
281,338 2,692.322
-V. 122. p. 1171.
8277.402 sur$93,647
$80,262 sur$31,317
$15.681
1922.
$7,086,456
104.738
65,867
87.257.161
5707,911
553.887
499,716
612,794
2,302.774
703,883
55,380.966
1,876,195
489.813
$1,386,382
143.329
51,529.710
274.040
439.810
563.400
10.607
16.740
41,587
$183,525
Balance.
Surplus.
$8,407
def33,793
191,836
Trenton & Mercer County Trac. Corp.
-Earnings.
-Calendar Years
1925.
T1924.
Saxon Public Works, Inc., Germany.
-Earnings.
Gross revenue
81,565,269 81,635.799
1st 11 Mos. Cal. Year Net after taxes
279,297
299,261
1925.
-V. 119, p. 2065.
1924.
86,049,946 $4.293,380
Ujigawa Electric Power Co., Ltd.
4,395,690 2,964,309
-Earnings.
1925.
1924.
Calendar Years1923.
1922.
Balance
31.654,256 $1,329,071 Gross earnings
$9,127,256 37.673.607 36.766,364 $5,884.253
120, p. 3316.
Net earnings, before int_ 3.936.576 3.176,581
3.079,143
2,497,103
-V. 122, p. 884.
Shamokin & Mt. Carmel Transit Co.
-Earnings.
-1925.
Calendar Years
1924.
United Gas Improvement Co.
1923.
1922.
-New Directors.
5246.781
8300,711
Gross earnings
$305,029
Thomas N. McCarter, President of the Publlc Service Corp. of New Jer$242,468
19,540
39,811
Net,after taxes,int.,&c.
51,865
13.612 sey, has been elected a director to succeed the late Randal Morgan.
-V.1221
-V. 118. p. 665.
p. 1765.
Operating revenue
Operating expenses and depreciation
2194
TIIE CHRONICLE
United Elec. Light Co., Springfield, Mass.
-Earnings.
[VOL. 122.
Westchester
Street RR.
-Annual Report.Calendar Years1925.
1924.
1923.
1922.
[Road in hands of receiver from Feb. 29 1920-recelver's account included.]
Gross revenues
$3,180.570 $3,031,319 32.799.869 32,532,925
Calendar Years
1925.
1924.
1923.
1922.
Oper. expenses and taxes 2,145,539
1.768,849
1,449,134 Operating revenues
1,662,119
$221.911
$216.649
$230,833
$223.002
192,278
209,756
202.228
206,515
Net oper. income___ 31,035,030 31,262,470 $1.137.750 31,083,791 Operating expenses
Other income
805
783
352,283
3.636
Net operating revenue
$29.634
36.893
36.497
$28,605
Tax accruals
11,301
11,972
12.659 .
12.703
Total income
31,035,835 31,263,253 81,490,033 31,087.427
Fixed charges
2,634
71.293
112,911
95,201
Operating income....
$18,333
def$5.767
def$6,206 sur$16.633
Depreciation
288.873
257,899 Non-operating income
259.746
630
1.176
1.232
1,452
Dividends paid
600,000
534,215
384,000
384,000
Gross income
$18,963
def$4,591
def$4,974 sur$18,085
Surplus
$433,201
$368,872
$751,086
$332,617 Deductions from gross
- 121, p. 1910.
V.
income x
31.704
33.437
33,521
32.762
United Railways Co. of St. Louis.
-Annual Report.-
Calendar Years1925.
1924.
1923.
Rev, from transport'n_$18,669,776 $19,288,744 $20,220,765
Rev,from other ry. oper.
224.799
226,532
232.680
Gross oper. revenue_ _$18.894.575 $19,515,276 320.453.445
Oper. exps. (incl. depr.)- 14,684,077 15.093,195 15.123,183
Surp. over oper. exp__ 34.210.498 $4,422,080 35.330,262
Taxes
1.810,701
1.772.134
1,832.603
Income from oper____ $2,309,797 32.649.946 33.497.659
Inc. from other sources_
285,450
287,870
225.701
Gross inc. (less oper.
expenses & taxes)__ 32,685.247 32.937,816 33,723,360
Deductions from Income 2,892,515
2,907.939
2,913,615
Surplus
def$207,268
$29,877
3809,745
p. 2045.
1922.
319,740,118
223.438
319.963,555
14,895.508
35,068,047
1,845.723
33,222,325
202.831
33,425.155
2.912.063
$513,092
United Rys. & Electric Co. of Baltimore.
-Report.-
Calendar Years1922.
1925.
1924.
1923.
Operating revenues
316,621.220 $16.453.254 316.461.799 316.122.592
Exps., taxes, deprec., &c 12,409,197 12.293.999 12.422.738 12,169.635
Net operating income_ 34,212.023 $4,159.255 $44,039,061 33,952,957
Other income
156.246
120.814
143.976
160,029
Total income
Interest, rents, &a
Dividends
t Balance, surplus
•
- 122, p. 1612, 483.
V.
$4,332,837 $4.303.231 $4.199.090 $4.109.203
3,352.228
3.309.934
3,335,263
3.222.824
(32)818.448 (32)818.448 (32)818,448 (31)409.224
3162,161
3149,520
$157,818
3390,045
United Railways Investment Co.
-Earnings.Earnings for Three Months Ended March 31 1926.
Income from dividends, $436,700; interest received, 37,144;
total income
Expenses
Net income
V.
- 122, p. 2045.
$443.844
19,537
$4424,307
United Towns Electric Co., Ltd.
-Bonds Offered.J. A. W. Iglehart & Co., Baltimore are offering at 99M
and int. $250,000 1st mtge. 20-year 6% sinking fund gold
bonds, series A.
Dated April 1 1925; due April 1 1945. Interest payable A. & 0. and
principal payable at maturity at any of the principal offices of the Canadian
Bank of Commerce. or Its successor. in the cities of St. John's, Newfoundland, Halifax, N. S.. Montreal. Toronto, Winnipeg or Vancouver. Can.:
In United States gold coin. Denom. 31.000 and $500 c*. Red. all or part
on 30 days' notice at 105. Montreal Trust Co., Montreal, trustee.
Company.-Incorp. in 1902 under special Act of Legislature. (Act 2.
Edward VII-1102 Chap. 8): and registered under Companies Act. 1920.
to carry on business as a light and power company in the Conception Bay
territory adjoining St. John's, Newfoundland. Company is engaged in the
manufacture and distribution of electric current for light and power service
and has been in successful operation for over 23 years. The franchises under
which It operates were granted by the Legisture and are perpetual. These
franchises are exclusive as to both light and power except In three small
communities, where they are exclusive as to light. Company serves over
40 towns and communities in the most prosperous part of Newfoundland
adjacent to the City of St. John's. having over 3.000 customers and serving
a population in excess of 40.000. It also furnishes, under contract, to the
Newfoundland Light & Power Co.. power for distribution in St. John's
and thus serves indirectly an additional population of 36,000. Under the
terms of this contract the minimum return to the company is more than
eutticient to pay the interest charges on this entire issue of bonds.
Securitg.-First mortgage on all physical property, rights and franchises
now or hereafter owned. Property pledged under mortgage was valued at
$660.000 as of Jan. 1 1925, against which there are outstanding only
$250.000 bonds.
Earnings1922.
1923.
1924.
1925.
Total revenue
$49,205
353.532
363.655
$82.116
Oper.exps.
n t.& taxes
29.287
41.317
28.978
34.199
24.245
Net available for charges
40.798
20.226
29.457
Annual int.on fund. debt
11.452
13.741
7.155
7.120
Preferred dividends have been paid without interruption since inception
a company 23 years ago.
-To retire all of the outstanding funded debt and for additions
Purpose.
to the property.
-Earnings.Utah-Idaho Central RR.
Calendar YearsTotal open revenue.._ _
Oper. Inc., after taxes
-V.121. p. 837.
1925.
3785.270
184,278
1924.
$768.839
165,397
1923.
$838,501
241,013
1922.
3821,685
237,492
Utilities Coal Corp.
-Annual Report.
In 1925 the mines of the corporation produced and sold 531.045 tons of
Cool, as compared with 463,274 tons in 1924. There was also purchased
for resale 306.264 tons, or 41.532 tons more than the previous year.
Total construction expenditures for all mines in 1925 amounted to 361,383.
while property retired from service aggregated $17,036.
Income Account for Calendar Years.
1923.
1922.
1925.
1924.
Gross earnings
31.445.809 31,339,364 31,431,349 31,262.254
Oper. exps. and taxes...-. 1,017.246
1,036,641
924.997
951.675
Gross income
Int. & other fixed charges
Prov. for depr. & deple_
$4428,562
71.081
79,853
$387.689
90,500
69,470
$394.708
95.744
69,571
$337.257
16,407
70,747,
Netinc. avail,for diva. $277,627
$250,103
$229,391
$227,718
Balance Sheet December 31.
1924.
1925.
1924.
1925.
Assets$
Liabilities
8
Plant, equip., &c_ 2,304,963 2,260.615 8% pref. stock___ 500.000
500.000
Skit. fund deposits
151
448 Common stock_ -. x300.000
300.000
Bond disc.& espin
1st M.7% bonds_ 909.800 1,125.000
processor amort. 74,859
2,200
99,671 Notes payable_
2.200
Prepaid Insurance_
2,900 Accounts payable.
3.080
106,868
99,831
Sundry del. chges_
1,419
3,557 Dividendspayable
10.000
Cash & work. tds_
57,319
76,839 Accrued taxes_
60.989
78,053
U. S. Treas, bonds
15,922
19,445
Accrued interest_ and notes
55.227
126,481 Accrued royalties.
4,553
4,731
Accts.receivable
194,782
185,838 Sundrycurr
4,214
6.666
Notes receivable_
5.000 Res. for deprec..
Materials & sums_
72,695
76.405
depict.& unseen. 595,656
512.455
82.531
a
82,531
Capital surplus__
Total (each side) 2,764,496 2,837,754 Earned surplus
- 171,734
106,869
x Represented by 10,000 shares of no par value.
-V. 121, p. 2402.
Net deficit
$12.741
337.736
$15,436
x Deductions from gross income include 138.027 in 1925, $26.859 in
$26,859
$26,859 in 1923 and $26,859 in 1922 int. accruing to the N. Y. N. H.1924.
RR.,
but not included in the income account of that company.
-V. 121, p. 2754.
Western Ohio Ry.-Earnings.-
Results for 12 Months ended Dec. 31Operating revenue
Operating expenses and taxes
1924.
1925.
3877.860 $1.019,018
807.442
706.424
Net operating income
Total interest
$171.435
161.847
$211.575
162.282
$9,588
349.293
Balance
-V. 118. p. 2825.
Western Union Telegraph Co.
-Stock Increased.
-
The stockholders on April 14 increased the authorized capital stock from
$100,000.000 to $105.000.000. par $100, the additional $5,000,000 of stock
to be offered to employees under a subscription plan.
Under the plan, stock will be offered to employees who have had one
Year or more of continuous service prior to May 1. Subscriptions will be
received starting May 15, for 60 days, when the offer will expire. Stock for
which subscriptions are not received
in the treasury and disposed of from time to tome and on is to be heldas the stockholders may
such terms
approve. Employees may subscribe for one share of stock for each $500
or fraction thereof of annual salary in effect April 20. Subscriptions will be
limited to 50 shares, or to about 20% of annual salary. Payment
the
stock must be made in 24 monthly instalments and the stock will for be
not
delivered before the lapse of this two-year period. Interest at the rate of
6% a year compounded quarterly will be paid on sums deposited in payment.
Delivery of the stock will be made in time for participation in toe dividend
payable Oct. 15 1928.
Results for Three Months Ended March 31 (March 1926 Estimated).
1926.
1923.
1925.
1924.
Gross revenue, incl. dividends and interest.. _ _332,557.494 $29.057,903 327,453.384 $27,783.508
Maint.. repairs & reserve
for depreciation
5.061,222
4,861.634
4,382,265
4,707,813
0th. op. exp., incl, rent
of leased lines & taxes_ 23,498.390 20,370.298 19,263.121 19.295.118
Int. on bonded debt
584.463
583.159
576.712
578.025
Net income
33,413.419 33.242,813 82,904.425 33.529,413
-V. 122, p. 2030, 1458.
Wilkes-Barre & Hazeltort RR.
-Exchange Offer.
-
It is announced that up to Dec. 31 1925 78% of the holders of 1st collat.
trust mtge. 50
-year gold bonds accepted the company's offer of 6% on noncumul. pref. stock at par in exchange for unpaid interest coupons May 15
1915 to Nov. 15 1916, incl. At Dec. 31 last thero was outstanding $450,440
of 6% preferred stock.
-V. 116. p. 2258.
Wisconsin Public Utility Co.
-Changes Name.
-
The company has changed its name to Central
Electric Co..
Chicago, Ill., and has increased its authorized capitalGas &from $500,000
stock
to 620,000 shares of no per value, divided into 500,000 shares of preferred
stock, is.suable in Series 20,000 shares of 2nd preferred stock and
100,000
shares of common stock. (See Central Gas & El. Co. above.)
Wisconsin Valley Electric Co.
-Earnings.
-
Calendar years1925.
1924.
Total oper. revenues; other rev.. $41.026; total_ _ Oper. exp., $-135,296; taxes, $128,770; deprec.. $1,122,561 $1,002,473
$145,943; int.. $128,349; other exp., $3,900; total
842.258
773.259
Dividends
207.332
202.152
Balance, surplus
$634,926
$571,107
-V. 121, p. 1349.
INDUSTRIAL AND MISCELLANEOUS.
Refined Sugar Prices.
-Following the announcement April 15
the
Cuban Government officials will limit production of sugar 10%that the
for
present crop in the next two years the refined sugar market responded with
advances. Federal advanced price 25 pts. to 5.25 cents a pound, Revere,
10 pts. to 5.25. This was followed by advance of 15 points to 5.40 by
Arbuckle, American, Franklin. Atkins and National, while Warner advanced
price 35 points to 5.60. Revere on April 16 advanced price 15
5.40 cents a pound. Pacific Coast refineries increased their prices points to
15 points
to 5.60 cents. British refiners were reported up 6d.
Goodyear Reduces Golf Ball Prices.
-Goodyear Tire &
reduced price of Goodyear golf ball to 75 cents and the Rubber Co. has
Glide
cents, a cut of 25 cents each. "Wall Street Journal" April 12. ball to 50
Mines Open on Lower Wage Scale.
-Resumption of 4 formal.
near Morganstown, W. Va., on open shop basis by Pursgioveunion mines
interests of
Cleveland is planned for next week. Mines will pay wages
Jacksonville wage scale. Boston "News Bureau" April 10. 30% less than
Metal Craftsmen Strike.
-Strike called of members of the Architectural
Iron, Bronze and Structural Workers Union on questions
and the open shop, announced April 14. "Times" April 15.of wages, hours
3,000 in Tug .Strike.-General strike of towboat workers
by Associated Marine Workers. Men demand 10-hour day called April 15
and advance in
pay. "Times" April 16.
Fails to End Strike of Steam Fitters -Peace negotiation
looking toward
termination of strike which began March 29 fails.
"Times" April 11.
New Jersey Corporations May Meet Outside State.
-Under
measure sponsored by Senator 'Harrison of Essex governing provision of a
corporation stock and bonds and for dissolution of concerns the issuance of
signed by Governor Moore. corporations are empowered which has been
to hold stockholders' meetings outside of New Jersey. Previously corporations
chartered
in New Jersey were required to hold such meetings at the
principal offices
in that state.
Matters Covered in "chronicle" April 10: (a)
Textile Strike by Passaic Chamber of Commerce Survey of New Jersey
-American Federation of
Labor Declines to recognize "United Front Committee"
of Albert Weisbord-Efforts to end strike.
-p. 1981: (b) Ward Food Products Corp.
dissolved by consent decree, p. 1994.
Adams Royalty Co., Chicago.
-Notes Offered.
-Stevenson, Perry, Stacy & Co., Chicago, are offering at prices ranging from 100.80 and int. to 101.29 and int., to yield from
53'% to 63%, according to maturity, 81,000,000 6M%
serial gold notes. This issue does not represent new financing, the notes having been purchased from private interests.
Dated Feb.
11926: due $200,000 each
1927
and int. (F. & A.) payable at National Feb. 1of the to 1931, incl. Prin.
Bank
Republic. Chicago,
enom. $1,000. Red. as a whole on 30
trustee.
days' notice at 102 and
int. on any int. date up to and incl. Aug. 1
1927,
Aug. 1 1930 less 36 of 1% for each succeeding year. thereafter, and until
,
Capitalization
6 % serial gold notes due 1927-1931 (auth. &
outstanding).- 31,000,000
Corn.stock, no par value(auth.and to be presently
200,000 she
Company.
-Recently incorp. in Delaware. Is outstanding)the
engaged in
royalty
branch of the oil business. Since Its incorporation it has acquired valuable
APR. 17 1926.]
2195
THE CHRONICLE
royalty holdings of a large and successful company and it now has under
American Ice Co.
-Financial Report.contract the acquisition of all the shares of the Northern Royalty Trust
Yr. End. 14 Mos.End.
-Years Ended Oct. 31which was organized and owned by interests affiliated with the Marland
Period1921-22.
Dec. 31 '25. Dec. 31 '24. 1922-23.
Oil Co.
Gross receipts
318,718,610 517,325,303 $16,121,366 $16,000,404
The holdings of the company consist of royalty interests in approximately Income from investrn'ts,
being held principally by
85,000 acres in the Mid-Continent field, the leases
423,355
365,858
331.070
346,577
interest, discount, &c_
the Texas, Carter, Humble, Prairie, Phillips, Sinclair, Rosana, Marland,
Skelly and Gypsy companies. The present daily settled production is in
Total
$19,141,965 117,691,161 *16,452.436 $16,346,981
excess of 1.500 barrels of high gravity oil derived from 460 wells in 20 Less cost of merchandise
different fields and it is anticipated that this output will presently he
13,956,660 14.128,879 12,934,967 12.439.512
oper. expenses, &c_
considerably increased as the company's producing properties have not been
fully exploited.
Balance
Earnings -Earnings of the predecessor companies for 1925 were in excess Bond int., Fed. tax., &c. 15.185,306 *3,562.282 $3.517,468 *3.907.469
759.052
690,118
854.448
1,460,071
of those for 1924. The average em nings for these two years, before taxes Depreciation
862.128
989.084
956,097
750.978
and depletion, amounting to $1,228,000 are in excess of 18 times maximum
annual interest requirements on these notes. Cuirent earnings are at a
Net gain
$2,974,255 11.751.738 11,838.266 $2.286,289
-V. 122, p. 1314, 1172.
rate substantially in excess of this average.
899.656
Preferred dive. (6%)
899,742
899,763
899,775
Common dividends_ -(7;I%)540.382 (7)524,823 (7)524,806 (7)524.755
Alameda Farms Co., San Francisco.
-Bonds Offered.Freeman, Smith & Camp Co. San Francisco, are offering
at 100 and int. $400,000 collateral trust convertible 7% se.
cured gold bonds
Dated Jan. 1 1926; due Jan. 1 1936. Principal and int.(J. & J.) payable
at Wells Fargo Bank & Union Trust Co. San Francisco, trustee, without
deduction for no
Federal income tax not in excess of 2%. Callable at
'
any int. date upon 40 days' notice at 105 up to Jan. 1 1929, thereafter at
103 up to Jan. 11932. and theteafter to matmity at 101, with int. in each
case. Exempt from personal property tax in Calif. Denom. $1,000 and
$500.
Data From Letter of P. C. Drescher, Pres. of Company.
Security.
-Secured by a direct closed mortgage, subject to $913,000 first
closed mortgage singing fund 6% bonds now outstanding 458.000 reserved
for sinking fund) and to the equities of purchasers under land sales contracts, upon 10,438 acres of productive river bottom land on Sacramento
River, 14 miles west of Marysville, and by the deposit with the trustee as
collateral security of the entire capital stock of the company, with the
exception of directors' qualifying shares. The property has been well
protected and improved and under cultivation for over 20 years.
Independent appraisals of these lands were made in 1913 at $250 Per
acre, or 12,675,000, and B. A. Etcheverry and Fe C. Herrmann have
appraised the properties under date of Feb. 23 1925, at $3,143,350, an
average of $302 an acre.
These lands have been subdivided into 10 to 50 acre farms. Up to Dec.
311925, a total of 5,839 acres had been sold at an average selling price of
$311 per acre. As of that date there was due the company as the balance
of deferred payments $1.507,489, and there remained 4.598 acres unsold.
Installment payments on land contracts, amounting Dec. 31 1925. to
$1,453,781, and in oceeds from the future sale of unsold lands must be used
to retire the company's first mortgage 6% bonds, and thereupon to the
retirement of this issue. Annual payments accruing on existing land sales
contracts are sufficient to retire about $160,000 of the 6% bonds annually.
Title to lands sold on contract does not pass from the company to the
purchaser until the sale price is fully paid.
• Conversion Privilege.
-These bonds are convertible at the option of the
holder into the common capital stock as follows: Each $1,000 bond is
convertible into 25 shares of $100 par value up to and incl. Jan. 1 1929;
thereafter into 20 shares of $100 par value up to and incl. Jan. 1 1932, and
thereafter into 16 shares of $100 par value up to and incl. Jan. 11934.
Earnings.
-The earnings of the company, consisting of interest on the
unpaid balance of land sales contracts and upon the net profits of agricultural operations upon its unsold lands, total considerably in excess of the
interest requirements on the company's entire funded indebtedness.V. 111, p. 1951.
All American Radio Corp.
-Defers Dividend.-
The directors have voted to defer action on the quarterly dividend of
,
50c. a share on the class "A' cumulative stock due to be paid May 1.
Dividends at this rate had been paid from May 1, 1925 to Feb. 1 1926.
incl.-V, 121, p. 333.
Balance, surplus
5413,718
$861.878
$1,534,098
$327,152
Consolidated Balance Sheet. Dec. 31.
1924.
1925.
1924.
1925.
LiabilitiesAssets
$
$
$
$
Pt. stk., non-eum_15,000,000 15,000.000
Land, bldgs., machinery, Ac222,499,408 21,205,489 Common stock__ 9,541,000 7.500,000
Bonds and mtges_ 7,530,925 9,813,425
Good-will, water Se
661,167
patent rights_ _ _17,280,137 17,256,063 Accounts payable_ 481,867
Inv.in secur's, Sm. 1,662,681 1,088,540 Accr, bond int.,dtc. 181,828 249.246
1,763,489 1,691,419 Ins. & workmen's
Cash
500,000
compens'n res've 500.000
Noted & acets rec_ 1,120,684 1,115,968
557,338
21,576
39,322 Res. ter Fed'l taxes 1.117,122
Prep'd Ins.prem.dm
11,318,961 9,825,095
Surplus
Inventory of merchandise, &a_ _ _ 808,367 1,203,045
506,423
515,360
Fund investments
Total
45,671,704 44,106.271
45,671,704 44,106,271
Total
-V. 122. Io• 753.
a Less $5,090,481 reserve for depreciation.
-Preferred Dividends for Year.
American Linseed Co.
The directors have declared four regular quarterly dividends of 1 5(%
each on the preferred stock. payable July 1 and Oct. 1 1926. and Jan. 3
and April 11927, to holders of lecord June 18. Sept. 17 and Dec. 17 1926.
and March 18 1927, respectively.
1923.
1922.
Calendar Years1925
1924.
*2,574.688 $2,141.549loss$837,572 4791.119
Net profits
510,069
543.787
Prov. for depreciation_
28.882
Federal taxes
218,460
Interest
384,156
330,932
Preferred dividends..
1.167.957
Net profit
Previous surplus
Profit on sale of invest.
Extraordinary charges_
Adjustments
1294,046 $1,237,947def
.$837.572
5.654,617
5.750.438
4.697.045
Cr.250,361
Dr.145 728
Dr.289.187 Dr.120,001
$791.119
4,863.498
Profit and loss,surplus $6.044,484 $5.750,438 14.697,044 $5,654,616
x Surplus after all charges, &c.
-V. 121. p. 1350.
American Solvents & Chemical Corp.
-Trustee.
The Chase National Bank has been appointed trustee for an issue of
-year sinking fund gold debentures.
12,200.000 of 634% 10
American Stores
Phila.-Expansion.-
Co.,
The company has opened 73 new stores since Jan. 1 1926. Of these
new stores 29 had been opened in January. 21 in February and 23 in March.
In addition the company acquired early last month the 46 stores of the
Fred P. Bell Stores Co. in Philadelphia.
-V. 122, p. 1459.
American Type Founders Co.
-Earnings.
-
Ws. End. Feb. 27Net profits (est.) after deprec. & Fed. taxes
Net profit after depreciation and taxes for the two months ended Feb.28 -v. 122. p. 1767.
1926 was $503.307.-V. 122, p. 885.
Allis-Chalmers Mfg. Co.
-Earnings.-
1926.
$610.000
1925.
$545.000
American Zinc, Lead & Smelting Co.
-Annual Report.
1925.
1924.
1923.
Calendar Years1922.
Amerada Corp.
-Initial Div. on New Shares.$549,691
1426,233
$432.208
5516,313
The directors have declared a dividend of 40c. a share on the outstanding Operating profit
66.295
59.291
50.865
73.075
713.300 shares of capital stock, no par value, payable April 30 to holders Interest on bonds,&c-of record April 22. This compares with the following dividends which
Balance. surplus
*359.938
1372.917
$443.238
$498.826
were paid on the old $10 par value stock (now replaced by a like number
1.991,808 2,032,035 x2,010,135
1,926.655
of shares without par value): 1922, $1.50; 1923, $1; 1924, $1.50; 1925, Previous surplus
-Depreciation &
Deduct
$1.50, and in Jan. 1926, $1.
425,090
413,144
depletion reserves
511,067
421.338
Alfred Jacobsen,former managing director of the Mexican Eagle Oil Co.,
has been elected a Vice-President of the Amerada Corp. Ernest B. Tracy,
Total surplus Dec.31_ $1,914,415 *1,926.655 31.991.808 12.032,035
Dean Mathey, John H. Hillman Jr. and John M. Lovejoy have been
Adjusted.
-V.121, p. 2160.
elected directors.
-V.122, o. 1458.
American Chain Co., Inc.
-Annual Report.Consolidated Statement of Earnings for 12 Months Ended Dec. 31.
1924
.
1923.
1925.
Income from operations (net)
$4,270.100 $3,384.777 14.776,116
Deprec.of plants & amort.of patents.. 1,118,587'
981.160
925.579
Interest
465.181
444.945
353.722
Income tax-Federal and foreign_ _ _ _
240.251
251.327
396.414
Dividends on new class A stock
700.000
525.000
700.000
Dividends on common stock
375.000
500,000
500,000
Divs. on stock redeemed April 2 1923162,531
Surplus for year
$1,201,376
Cash approp.for dills. on class A stock
for 9 mos. ended Sept. 30 1924_
$553.765 *2,036.153
525.000
Balance, surplus
Surplus adjustments (credit)
Previous surplus
$1.201,376
17,498
8,508,511
Balance at Dec. 31
-V.122. p.350.
$9.727,387 $8.508,512 $7,929.465
$553.765 $1,511.152
25,281
21.485
7,929,465 6,396.828
American District Telegraph Co.(N. J.).
-Report.
-7Calendar Years1925.
1924.
1923.
1922.
Gross oper. revenue____ $6,861.521 *6.538.054 $6,176,258 15,925,059
:Operating expenses____ 5,424,126
5.173,735
4.767,229
4,475.230
Net operating income.. 11,437.394 $1,364,319 $1,409.029 *1,449,829
Inc.from divs. & int__-112.893
97,707
80,567
57,756
Total
$1,550,288 $1.462,026 $1,489,596 11,507,585
Int. on bds. A. D.T.Co.
3.019
11,287
19,454
19.762
Balance. surplus
11,547,269 31,450.739 11,470,142 $1,487.823
Previous surplus
5,209,398
4,449.374
3,709.403
2,858.834
h. Total surplus
$6,756,667 $5,900.113 *5,179.545 14.346.657
of surplus (net)- Dr.38.644
Adjust.
Cr.31.704 Dr.32,6135 Dr.39,396
Divs. on old stock
431.460
722,419
697,506
597,858
Divs. on new preferred
318.881
134.183
Divs, on new common
114,186
Approp. for red. of pref.
Armour & Co. (I11.).
-Attorney-General Seeks to Have
Packers' Consent Decree Restored.
The Department of Justice, according to Washington dispatches, is planning to begin Court proceedings to have restored the packers' consent decree
of 1920 which restrained the large packing concerns from engaging in related
Industries. The decree was suspended by the Supreme Court of the District of Columbia about a year ago. Frank K. Nebeker has been appointed
special assistant to the Attorney-General to handle the case.
-V. 122, p.
2046, 1602.
Auburn (Ind.) Automobile Co.
-Sales.
At the close of the first quarter, President E. L. Cord reports sales of
3.396 cars, representing a value of $6.265.620. This is an increase in cars
of 306% over the same period of last year, when 839 cars were sold.
January. with 838 cars, was the largest month in the history of the company. The next largest month was June of last year with 824 cars. In
Feb. 1926 sales amounted to 1,066 cars, surpassing January by 228 cars.
March sales amounted to 1,492 cars.
Stocks of cars in dealers' hands April 1 represent less than 15 days business. Many dealers have more retail orders on hand than the total cars in
stock. The export business for March amounted to 152 cars as compared
to 42 cars for the same period last year. The first quaretr export business
was 268 cars as compared to 84 cars in 1925.-V. 122. p. 1459.
-New Directors.Autocar Co., Ardmore Pa.
Four new directors were elected
to the board at the annual meeting
of the stockholders on April 9. They are L. L. Woodward, who recently
became President of the company, H. Arthur Smith, Herbert Sincl ir
and W. W. Battles.
The company did over $18,000,000 gross business in 1925 and showed
$396,000 net profits, it is stated. See also V. 122, p.2046.
Automobile Finance Co.
-Listing.
-
The Pittsburgh Stock Exchange has authorized the listing of 22,000
shares (par 125) 7% cumul. pref. stock and 10,500 shares (without par
value) common stock.
Company was originally organized in 1917 as the Automobile Finance Co.
of Pittsburgh with a capital of 320.000 which was subsequently increased
to $1,000,000. In Feb. 1922, the company was incorp. under title of
Automobile Finance Co., at which time, stockholders received one share of
preferred stock and 2shares ofcommon stock for each share held. Company
confines its operations to the discounting of automobile paper only. It
purchases the accounts receivable on time sales contracts from the distributors and dealers in the automobile business, paying the dealer or distriProfit and loss surplus $5,719.314 $5.209.398 $4.449,374 $3,709,403 butor in full for the amount they sell the automobile for and collecting from
x Including repairs, reserved for depreciation, rent for lease of plants, the individual purchaser on the monthly installment basis. Company also
miscellaneous Interest.
-V. 121, o. 1910.
taxes,
wholesales cars for distributors or dealers, i.e., when a dealer desires to
place cars in his show room but does not have the money to pay the manuAmerican International Corp.
-Capital Decreased.
facturer in full, the company advances him 80% of the cost, taking in return
The stockholders on April 7 voted to decrease the authorized capital a lease on the automobile together with bill of sale and storage receipt; the
company protecting its interest by fire and theft insurance until the car is
stock by $900,_000 preferred stock which was retired during 1925.
President Matthew C. Brush stated that the corporation's holdings in sold by the dealer.
CapitalizationUlen & Co. were 37.95% of the stock outstanding but that the corporation
Authorized. Outstanding.
was committed to take additional stock up to a total of 42.5%. Ile said 7% cumulative preferred stock
11.000,000
$55.000
the common stock of Ulen & Co. was carried on the corporation's books at Common stock (no par)
15,000 sha. 10.500 abs.
Cash dividends have been regularly paid on the pt eferred stock since
nothing, but that it had a substantial value, as the company was doing
satisfactorily.
-V. 122, o. 2046.
date of issue. On the common stock, cash dividends have been paid semi-
2196
THE CHRONICLE
annually on April and Oct. 1, beginning Oct. I 1922, at the following
amounts per annum: 1922, $1; 1923, $2; 1924. $4; 1925, $1. •
Statement of Income and Expenditures.
1925.
1924.
1922.
1923.
Total leases purchased-- 94,130,134 $2,864,766 $2,896,483 $1,497,393
Gross income
288,623
242,999
282,116
141,175
Expenses
184,346
169,346
147,152
81,363
Federal taxes
12,534
9,206
16,720
Net income
Average invested capital
$91,742
550.000
$64,446
550.000
$118,244
563,048
$59,813
312,376
-To Issue Stock.Baugh Machine Tool Co.
IF
The stockholders have voted to issue 40.000 additional shares of no-par
common stock to Richard F. Hoyt at $17.50 per share during the year
ending March 1. 1927, and at $25 per share, dui log the year ending March
1 1928. If the stock is not taken by Mr. Hoyt by that time it shall be
Issued as the stockholders may hereinafter determine.
The company has also amended its charter extending the scope of its
business.
-V. 122, p. 1174.
Bethlehem Steel Corp.
-Definitive Stock Certificates.
-
It is announced that interim receipts in respect of 7% cumul. pref.
stock may be surrendered on or after April 14 at the Guaranty Trust Co.,
140 Broadway, N. Y. City, to be exchanged for certificates of 7% cumul.
pref. stock of the corporation, (see also V. 122, p. 1174).-V. 122, p. 2046.
-Earnings.
Bing Zrx Bing, Inc.
Earnings from management, construction, &c., $403,209; net
profit on sale of real estate, $17,525; other income, int. and
discount. 9120,854; gross income
Expenses, $90,705; res. for deprec. & amort.. $105,823; total
Net income
-V. 122, p. 485, 351.
,
$541,589
196,528
$345,061
-Bonds OfBloor-St. George Realty, Ltd., Toronto.
fered.-Gairdner & Co., Ltd., and Stewart, Scully & Co.,
Ltd., recently offered at 1C0 and int. $510,000 7% 1st
(closed) mtge. 20-year sinking fund gold bonds.
Dated Feb. 15 1926; maturing Feb. 15 1946. Principal and int. (Feb.
[VOL. 122.
Chicago Post Office Service Station (Chicago Post
Office Service Building Corp.).
-Bonds Offered.
-G. L.
Ohrstrom Co., Inc., New York, are offering at 98U and int.,
to yield over 5.65%, $850,000 1st (closed) mtge. 532% sinking fund gold bonds, Series A.
Dated May 1 1926; due Nov. 1 1936. Principal payable at Chicago
Title & Trust Co., Chicago, trustee. Int.(M.& N.) payable at New York
Trust Co., New York. Denom. $500 and $1,000c*. Red. all or part, for
sinking fund purposes, on any int. date upon 30 days' notice, to and incl.
Nov. 1 1927 at 103 and int.; to and incl. Nov. 1 1933 at 102 and int.; and
thereafter to and incl. May 1 1936 at 101 and Int. Int. payable without
deduction of that portion of any Federal income tax not in excess of 134%.
Refund of the Penn. and Conn. 4-mills tax, Maryland 434-raills tax and
Mass. income tax not to exceed 69'.
Location.-The Chicago Post Office Service station, designed to meet the
requirements of the U. S. Post Office Department, will be located on Congress St.in Chicago between Morgan and Aberdeen Sts. This location was
selected by the United States Post Office Department and is an average
distance of 8 blocks from the Van Buren and Quincy Street Station post
offices, from which 75% of all the parcel post mail of Chicago Is handled.
Building.
-Will consist of 3 stories and a large basement and will be of
modern fireproof, concrete, beam and girder construction. It will have
unusually heavy floor capacity, 60 foot spans, and will be equipped with
the latest type of motor ramps. Wide driveways are provided at each end
of the building and in the rear. The building will be used for storage
and servicing of motor vehicles of the Post Office Department of the City
of Chicago and will be the largest building of its type in the country occupied
exclusively by the United States Government.
Security.-These bonds will be secured by a closed first mortgage on the
land and building owned in fee.
An issue of series B bonds aggregating $150,000 and subordinate in lien
to the $850,000 series A bonds (this issue) will be issued and secured by
the trust deed of this issue.
Earnings.
-The U. S. Government has contracted for the lease of the
entire building for a period extending beyond the maturity of these bonds.
at an annual rental of $94,000. The maximum annual interest charge of
this issue is $46,750. The Government will furnish heat, light, water and
maintenance of equipment at its own expense, reducing the operating
expenses of this building to the minimum. The contract with the U. S.
Government grants the Post Office Department an option to purchase
this property on the following basis: at the end of three years for $965,000,
at the end offive years for $925,000, and at the end of ten years for $815,000,
at which time there will be outstanding bonds of this series in an amount
less than $600,000.
& A.) payable in Canadian gold coin at the Dominion Bank, Toronto,
Montreal, Ottawa, Hamilton and London, Ont. Denom. $1,000. $500
and $100 c*. Red, all or part on any int. date on 30 days' notice at 105
and int. up to Feb. 15 1931 and thereafter at a price reduced by Yi of 1%
for each year but in no case lower than 101 and Int. Chartered Trust es
City Investing Co.
-Listing.
Executor Co., Toronto, trustee.
The New York Stock Exchange has authorized the listing of $6,000.000
Property.
-A block of land at the Southeast corner of Bloor and St. George
Sts., Toronto, having a frontage of about 198 feet on Bloor St., by about common stock (par $100).
Consolidated Income Account Years Ended April 30.
198 ft. on St. George St., on which there is to be erected a modern high-class
Net
apartment house containing approximately 79 suites comprising 300 rooms.
Interest Fed'l Income
Earns.per Sh.
Net
Income.
Land building valued at $863,150.
Charges.
Income.
on Corn.Stk.
Taxes.
-Gibson Bros. realtors, Toronto. managers of "The St. 1922
Rental Estimate.
$479,703
$55.726
$16,150
8.44
$407,827
George," estimate that the net revenue from rentals, after providing for 1923
557.450
54.014
9.90
37.374
466,062
deducting 10% for vacancies, will be $71,854 1924
full operating charges and
449,095
71,214
30.975
7.49
347,806
1925
or twice interest requirements (of $35,700) on the first mortgage bonds.
467,860
85,025
21,873
8.11
360.962
1926x
y2,943,585
69.56
137,4122,806,172
-New Directors.
Bush Terminal Co.
x 9 months ended Jan. 31. y Includes profit of 92,579,104 from sale
Announcement is made of the election of Harbert L. Dillon and Gayer of Adams Express Building Co.
-V. 121, p. 3007.
-V. 122, p. 2047.
Dominick to the board of directors.
G.
-Earnings.
By-Products Coke Corp.
Coca-Cola International Corp.
-Listing.
-
The New York Stock Exchange has authorized the listing of 251,000 shares
of common stock without par value.
Corporation was organized in Delaware on Nov. 18 1922. Is strictly a
holding company. Certain stockholders of Coca-Cola Co. became interested in the advancement of that corporation and its policy, and this company was formed to insure control of that corporation, and for the purpose
-Report.
Canadian Consolidated Rubber Co., Ltd.
of seeing to it that the control of Coca-Cola Co. remain vested in the hands.
1925.
1924.
1923.
1922.
in which it was in at the time this corporation was formed. In the opinion
Calendar Years$16,791.383 $13,749,497 $14,590,433 $13,221,575 of those people, it oecame necessary to form this corporation in order to
Net sales
16,447,512 13.009.041 13,684,389 13,793,451 stabilize the management and policies of Coca-Cola Co. It was further
Expenses and interest
210.000
210.000
210,000
210,000 believed that from time to time Coca-Cola Co. should enlarge the sphere
Preferred dividends_ __ _
of its endeavor and it was the purpose of this corporation, as a holding com$133,871
$530.456
$696,044 def.$781,876 pany. to aid it to enlarge this sphere of its endeavor by having other corBalance, surplus
porations formed that would engage in lines that were similar to the busi-V. 120, p. 2273.
ness of Coca-Cola Co., and from time to time this corporation would own
-Stock Dividend.Carter's Ink Co. Boston.
and hold the capital stock of such other corporations and thereby have
The company has issued 5,500 additional shares of common A stock per continuity of management. In order to accomplish this purpose corpora$100, as a stock dividend. Capitalization outstanding after the dividend tion exchanged 251.000 shares of its common stock and obtained in the
consists of 4334 shares of preferred, 11,500 shares of common A and 1136 exchange 251,000 shares of the common stock of Coca-Cola Co.
shares common "B". Surplus of Dec. 26 1925, stood at $1,024,011.
Earnings Years Ended Dec. 311923.
1924.
1925.
-V. 112, p. 655.
Divs. received, Coca-Cola Co
$1,819,750 $1,757,000 $1,757,000
26,405
12,766
12,509
Lumber Co., Macon, Ga.-Bonds Offered. Other income
Case-Fowler
-Month
Period End. Mar.31-1926
-71925. 1926-3 Mos.--1925.
Net earns, before deprec.
$292,633
$169,864
& Federal taxes
$150.642
$886.818
-V. 122, p. 1615, 1175.
-Courts & Co., Atlanta, Ga., are offering at 100 and int.
$500,000 1st (closed) mtge. 7% sinking fund gold bonds.
Dated April 1 1926; Due April 1 1936. Principal and int. (A. & 0.)
payable at Bank of America, N. Y. City. or Fourth National Bank, Atlanta.
Ga., trustee. Denom. $1,000 and $5'00c*. Callable all or part on any
int, date on 60 days' notice, er for singing fund at 105 and int, up to April 1
of 1% for each year, or any part thereof, until April 1
1931. decreasing
1934, and thereafter at 100 and Int.
Company -Organized Is 1910, with an original capital of $28.000, and
with the exception of an additional $30,000 later put in the business, the
present capital has been built up entirely out of earnings. Principal plant
located in Macon. Ga.. covering 63 acres on the main line of the Central
ef Georgia By. Company manufactures hardwood lumber, which is sold
rough and manufactured into hardwood interior trim and moldings. The
principal markets are through the Northern and Eastern parts of the United
States to factory consumers and retail lumber yards.
Company does a large export business through brokers in Liverpool.
London, Glasgow. hamburg, Copenhagen and Genoa.
Earnings.
-Net earnings before depreciation and Federal taxes have
averaged $231,297 per year for the past 8 years, or 6.6 times the maximum
interest charges on these bonds, and for the year 1925 earnings were $304,466
or 8.7 times interest requirements on bonds. The above Earnings are after
paying interest on current indebtedness, whereas the company will have
practically no current indebtedness after present financing.
-Proceeds are to be used to complete the purchase of land upon
Purpose.
which the plants are located, to liquidate current indebtedness, and to
provide additional working capital.
Sinking Fund -Indenture provides for a sinking fund sufficient to retire
$25,000 bonds each year in semi-annual amounts, and in addition an
amount equal to 15% of the net profits of the company is to be paid into
the sinking fund at the end of each fiscal year, the total annual sinking fund
not to exceed an amount sufficient to retire $50,000 face value of bonds.
The sinking fund is to be used to purchase bonds in the open market, or to
call bonds by lot at the current call price.
-Application will be made to list these bonds on the Baltimore
Listing.
Stock Exchange.
-Bonds Offered.
Central Plaza Apartments, Chicago.
Standard Trust & savings Bank, Chicago, are offering at
par and int. $325,000 63/2% 1st mtge. real estate gold bonds.
Total
Expenses
Dividend paid
$1,846,155 $1,769,766 $1,769,508
26.406
12,674
9,535
(*7.25)1,819,750 (17)1757000 (97)1757000
Balance
V•
- 116.
p. 1182.
Congress Cigar Co. Inc.
-Listing.-
$92
$2,974
The New York Stock Exchange has authorized the listing of 350,000
shares of capital stock without par value.
Statement of Earnings
-Calendar Years.
Net Profit. Depreen.
Interest, Fed'I Taxes, Net Earn'gs.
1922
$1,586,387
912,556
$47,025
9191,093
$1,335,713
1,164,879
26,083
1923
63,900
135,186
939,710
1924
1,453,454
45,748
61.268
170,112
1,176,320
2,192,154
50,841
1925
160,103
249,460
1,731,750
1925.
1926(Est.).
Output of cigars
147,892: 24 179,150,715 219,854,835 225,000,000
5
See also V. 122, p. 615. 486.
Conley Tank & Car Co.
-200% Stock Dividend.
-
A dispatch from Pittsburgh states that a 200% stock dividend is being
paid as of April 16 on the common stock. It is the Intention of the directors
to place the new stock on a dividend basis of $2 per share annually which
corresponds to the rate heretofore paid on the old stock.
-V. 122, p. 1616
Lonsolidated Distributors, Inc.
-Listing.
-
The New York Stock Exchange has authorized the listing on or after
April 15 of 150.000 additional shares of common stock without par value,
on official notice of issuance and payment in full, making the total amount
applied for 450.000 shares. The 150,000 additional shares of common
stock were offered pro rata to stockholders of record March 26 for subscription at $3 75 per share in the proportion of one such share for each two
shares held. Rights expired April 15.-V. 122. p. 1769, 1032.
Consolidated Laundries Corp. (of Md.).-Initial Div.
The directors have declared an initial quarterly dividend of 50 cents per
share on the common stock, no par value, payable April 30 to holders of
record April 15 (see also offering of stock in V. 121, p. 3008).-V. 122,
P. 1616.
Consolidated Sand Co.,
Ltd., Montreal.-Pref. Stock
Dated Jan, 25 1926; due semi-annually Aug. 1927-Feb. 1933. Interest
-Equitable Securities Corp., Ltd., and Johnston
payable F. & A. Red. at 102ki and hit. in reverse of their numerical order, Offered.
30 days notice. Borrower agrees to pay the normal & Ward, Montreal, are offering $415,000 7% cumul. redeemupon any int, date, on
Federal income tax, not exceeding 4%.
Security.
-A direct closed first mortgage on the land (96x180 ft.), owned able sinking fund 1st pref. stock at par ($100) and div., with
In fee and the 5
-story and basement fireproof building now being erected bonus of h share of no par value common stock with every
at 313 to 325 inclusive, North Central Avenue, Chicago. The mortgage share of preferred.
is also a first lien on the earnings to be derived from the building. The
Dividends accrue from April 1 1926, and are payable Q.
building will contain 25 apartments of 2 rooms, kitchenette, bedroom and
-J. in Canadian
bath, and 58 one room kitchenette and bath each, all completely furnished funds or to bona fide residents of the United States in U. S. Funds. Callincluding in-a-door beds and kitchenette equipment of standard type, able all or part, at $110 and div., upon 30 days' notice. Transfer agents.
with mechanical refrigeration. There will also be 4 shops and a large Montreal Trust Co.
Capitalization-Issued.
dining room on the main floor.
Authorized.
-Estimated gross income is approximately $114.000. After 7% cumul, red, sinking fund 1st pref. stock
Earnings.
$415,000'
$500,000
deducting operating expenses, taxes and allowing for vacancies that may Common stock (no par value)
8,000 shs. 5,000 shs.
Company.-Controh; practically all the available washed sand In comoccur, not annual income should be approximately 33i times the greatest
annual interest charge on this loan and greatly in excess of an amount mercial quantities within 150 miles of Montreal and handles about 75%
of this sand used for building purposes in Montreal and the vicinity. Cornsufficient to meet all serial payment requirements.
Am. 171926.]
THE CHRONICLE
2197
pany represents a growth of 15 years and is a consolidation of the three
leading sand companies in Montreal. Through ownership in fee simple
and long term leases from the Quebec Govt. of 693 acres of the bed of the
Lake of Two Mountains. and 127 acres at the mouth of the St. Maurice
River, company controls what is to all intents and purposes an inexhaustible
supply of the finest grade of river sand.
In addition the company has a fleet of 28 tugs, barges, scows, floating
cranes and pump scows. and 2 large discharging and distributing plants at
Wellington St. and Ottawa St. on the Lachine Canal with all the necessary
equipment for handling and distributing the sand as it is brought from
the Lake of Two Mountains and Three Rivers.
Earnings.
-Average net operating profit for the 3 years and 8 months
ended Dec. 31 1925, after operating expenses, including maintenance,
repairs and depreciation amounted to $60.735 annually. This is equal to
over twice the preferred dividend requirements and $5 70 a share on the
outstanding common stock, after providing for sinking fund requirements
on the preferred shares. The sales of sand and earnings for 1925 were the
largest In the history of the company, and net operating profits amounted
,
5
to $67,990 or nearly 2; times preferred dividend requirements, and $7 a
share on the common stock, after allowing for the sinking fund.
-Charter provides for an annual sinking fund of 10% of
Sinking Fund.
the net earnings, after payment of dividends on the 1st pref. stock. This
fund will be used for the purchase in the open market or by lot at prices
not exceeding the redemption price of preferred shares which shares so
purchased shall be cancelled.
Purpose of Issue.
-This preferred stock is Issued in pursuance of a change
In the financial structure of the company and does not involve the payment
of any funds to or the withdrawal of any moneys from the company's
treasury. The financial plan was formulated for the purpose of making
available to the company securities which may be sold from time to time
for such further development of its business as may, in the opinion of the
management, be regarded as necessary.
Directors.
-Daniel B. Candler (V.-Pres.), Dallas, Texas; Thomas Elliott
(Pres.), Birmingham, Ala.• Thomas K. Glenn, J. N. Goddard, and J. J.
Goodrum, Jr., Atlanta, Ga.; Eugene Munger, G. S. Pevear, Birmingham,
'
Ala.; W. C. Potter (Pres. Guaranty Trust Co.), New York; Daniel Pratt
(V.-Pres.), Prattville, Ala.; A. L. Smith, A. W.Smith (V.-Pres. & Treas.),
Birmingham, Ala.', C. R. Winship (V.-Pres.)•, George Winship, Atlanta,
Ga.; George W. Woodruff (Asst. to Pres.), Birmingham, Ala.; Robt. W.
Woodruff (Pres. Coca-Cola Co.). Atlanta, Ga. Secretary of company is
N. W. Proctor.
Earnings -The average net earnings for the last three years after Federal
taxes and depreciation were $1,205.539, or nearly 3 times the average dividend requirements on this preferred stock and nearly twice the dividend and
sinking fund requirements. For the year ended Nov.30,1925, net earnings
after Federal taxes and depreciation were S1,681,915, or more than 4 times
dividend requirements on this preferred stock, and nearly 2% times combined dividend and sinking fund requirements.
Consolidated Balance Sheet, November 30 1925.
[Giving effect to proposed capitalization.]
Consolidated Mining & Smelting Co. of Can., Ltd.-Assets
Liabilities
Cash
$472,221 Preferred stock
86.000,000
Z=01M Account-Calendar Years.
246,153 Common-100,1300 shares- -- 2,500,000
U.S. Govt. bonds
1925.
1924.
1923.
1922.
$28,375
Notes receivable (secured)
2,687,145 Notes payablt
Sales
$28,562,066 514.377,308 $11,229.163 $9,576,201 Accounts receivable
526,507 Accounts payable
131,467
Inventories
5,009.939 4,700,468
2,021,667
2,023.764 Inventory
1,912,228 Federal taxes
237.364
Other revenue
94,196
25,317
27,435
26,243 Other assets
16,989 Surplus
1,526,008
dividend_ _ _ _
Power Co.
128,480 Patents
1
-Total
533,666.202 $19,103,094 $13.278,265 511,754.688 Land,bldg., mach.& equip__ 4,581,990
Ore, previous year
4,700.468
2.021.667
2.023,764
2.779.434
$10,423,214
Total..
$10.423,214
Total
Custom ore
2,208,183
1,699.827
1,631,766
1,194,389
Freight
631.331
527.080,645,809 -V.113. p. 75.
General expenses
9,535.248
8,240.768
4.905,554
4,381,424
-Bonds Offered.
Dayton Rubber Manufacturing Co.
Development expenses
588,310
440,424
381,825
306,773
Depreciation
1,123.758
1,051,414
805,224
405,145 The Union Trust Co., Chicago, is offering at prices to yield
Depletion
521.432
518,055
323,835
320.751 from 5% to 6%, according to maturity, $750,000 6% serial
Directors' fees
4,725
3,600
3,800
3,550
Written off
2,654
1,800
743
10,336 gold notes.
517.521
Bond interest
271,991
276.203
239,198
Date April 1 1926; due in annual payments of $150.000 beginning in
Interest on loans
142,486
183.292
220,064
239.549 1927 and continuing through to 1931.
Government taxes
2.474,769
790.120
Company enjoys a national reputation in its field, and its products are
443,980
252,882
3.238.054
Dividends
641,043
632,022
standard equipment on more than 25 different makes of automobiles.
For the year 1926 the net earnings were over ten times the largest annual
Balance
57.977.263 $2.712,012 $1,049.140
5955.448 interest requirements of this issue of notes.
Profit and loss balance.- 55,723,975 55.742,185 53,104,326 $2.055.185
Company's balance sheet as of Dec. 31 1925, after giving effect to the
-V. 121. P. 3008.
sale of these notes, shows current assets of 52.807,924, as compared with
$531,178 current liabilities, a ratio of over 5)( to 1.-v. 117. p. 1132.
Consumers Rock
& Gravel Co., Los Angeles.
•
-Bonds.Dodge Bros., Inc.
-To Acquire
-Changes in Personnel
Dean Witter & Co., San Francisco, and Bank of Italy, Los
Angeles, are offering at prices to yield from 6% to 7%, Complete Control of Graham Brothers.
Edwin G. Wilmer, formerly Chairman of the Board. has been elected
according to maturity, $500,000 1st (closed) mtge. 7% serial
President. succeeding Frederick J. Haynes, who becomes Chairman.
gold bonds.
It is announced that Mr. Wilmer will resign his position as Chairman of the
Dated Mar. 1 1926; due serially Sept. 1 1927-38, incl. Callable all or
part on any int. date on 30 days' notice at par and int., plus a premium of
3. of 1% for eacyear or fraction thereof of unexpired life, said red, price
not to exceed 103 0 of the par value plus int. Denom.51.000 and $500 c*.
Interest payable . & S. Exempt from personal property taxes in California. Normal Federal income tax up to 2% paid at the source. Bank
of Italy, trustee.
Company.-Ineorp. in 1912 and came under the control of the present
stockholders and management in the latter part of 1913. Company owns
in fee over 14 acres of land situated at the corner of 26th and South Alameda
Streets, Los Angeles, which is splendidly adapted to its needs, and which is
also exceedingly valuable for industrial purposes. Four plants in the San
Fernando Valley, together with 120 acres of land owned in fee and a
on $38 acres of ground are independently appraised at $1,034,780. lease
The
company intends to use approximately $350.000 of the proceeds of this bond
issue for the construction of a new plant with a yearly capacity of 1,000.000
tons of material and for improvements and betterments to existing plants,
so that the above values, amounting to 51,760,627, will shortly be increased
to approximately 52.110.627, or more than 4 times the amount of this first
closed mortgage bond issue.
Earnings.
-.et earnings after depreciation, depletion, Federal and local
taxes and all other charges for the 4 years ending Dec. 31 1925 have averaged more than 3 times the maximum annual interest charges on this issue
and more than 5 times average annual interest charges. This is without
giving effect to the operations of 2 plants in the San Fernando Valley which
have recently been acquired. The management anticipates that additions
and improvements to be made from the proceeds of this issue will materially
increase net earnings.
Sinking Fund.
-A. sinking fund based on material sold will be provided
which will operate monthly, commencing May 1 1926, to retire bonds
through purchases in the open market or by call.
Capital Stock.
-Authorized and outstanding, $300.000 (par $1).
Continental Can Co.
-Usual Dividend.
-
The directors have declared the regular quarterly dividend
per share on the common stock, no par value, payable May 15 of $1 25
of record May 5. On Feb. 15 last, an extra dividend of $1 per to holders
share was
paid on this issue in addition to a regular quarterly
per share (compare V. 122, p. 354).-V. 122, p. 1770. dividend of 51 25
Continental Gin Co., Inc., Birmingham, Ala.-Pref.
Stock Sold.-Trust Co. of Georgia, Atlanta, has sold at 100
and div., $3,000,000 7% cum. cony. pref. (a. & d.) stock,
being the unsold portion of the issue presently outstanding.
The $3,000,000 of stock disposed of was taken by interests
long associated with the company. [The offering does not
involve new financing in behalf of the company. See under
"Purposes of Issue.")
• Dividends, payable quarterly from Apr.1 1926. red, all or part
and (Ill's. at any time, upon 60 days notice. Trust Co.of Georgia, at 105
Atlanta.
and Chase National Bank, New York, transfer agents. Atlanta & Lowry
National Bank, Atlanta, and Guaranty Trust Co., New York, registrais.
Listing.-Application will be made to list both the preferred and common
stocks on the N ow York Stock Exchange.
Data from Letter of Thomas Elliott, President of Company.
Company.
-A Delaware corporation; business of company is now
nearly
100 years old, the company having been organized Dec. 1 1899 with a
capital of 52.000,000 as a consolidation of five concerns, the oldest of
which was organized in 1833, and the next oldest in 1836. All of the
properties merged were successfully operated prior to the organization
of the present company 93 years ago, when the first plant of this company was built, the production of cotton in the United States was about
1,000,000 bales. In 1925, the American yield was 5.103,586 bales,
and the world production was nearly 28,000,000 bales, of which it is
estimated 10,000,000 bales passed through machinery manufactured by this
company.
The products of the company consist of cotton gins, cotton presses, conveying machinery and all appliances necessary for the ginning and handllng
of cotton; also steam and internal combustion engines. Company's products have long been regarded as standard, both in this country and abroad,
and the company manufactures more than 51% of all the cotton gins sold
throughout the world.
Plants are located in Atlanta, Ga., Birmingham, Ala., Dallas, Texas,
Prattville. Ala., and Memphis. Tenn.. the Birmingham plant having been
designed and completed in 1925 at a cost of more than $2,000,000,
-Beginning Oct. 1 1927, company agrees to retire not less
Sinking Fund.
than 1,000 shares of the preferred stock, each 6 months. This sinking fund
cumulative and the stock held therein is kept alive, thus increasing the
is
amount of stock which is retired each year. The sinking fund is calculated
to retire all of the preferred stock to be•presently outstanding, within a
Period of approximately 18 years.
Board of the Goodyear Tire & Rubber Co., which he has held since
April 1923.
The directors announced April 14 that the company had decided to
exercise its option to acquire the remaining 49% of the common stock
of Graham Brothers, manufacturers of trucks and buses, thus giving
Dodge 100% ownership in this company. As a result, Ray A. Graham.
Robert C. Graham and Joseph B. Graham are resigning the executive
positions held by them in Dodge Brothers since the latter company first
-V. 122, p. 2048.
acquired a stock interest in Graham Brothers.
Durant Motors, Inc.
-Sale of "Star" Cars.
Factory sales of Star cars in the first quarter of 1926 were 31,695 against
20,197 in the same period of 1925. January sales were 8,405 cars; Feb-V. 122, p. 487.
rurary 10,392 cars and March 12,898 cars.
-Benjamin Dan-Bonds Offered.
(T. L.) Durocher Co.
sard & Co., Livingston & Co., Detroit, and First National
Bank, Negaunee, Mich., are offering at prices to yield from
6% to 63/2%, according to maturity, $250,000 (closed) 1st
mtge. 6%2% serial gold bonds.
Dated Mar. 151926; due serially 1926-1936. Denom. $1,000, $500 and
$100 c*. Interest payable either at the office of the Union Trust Co.,
Detroit, trustee, or First National Bank,Negaunee, Mich. Principal payable at the office of the trustee. Red., all or part, on any int. date on 60
days' notice at 102 and int. Normal Federal income tax up to 2% paid.
Company is one of the largest general marine contractors on the Great
Lakes engaged in harbor, breakwater, wrecking and general marine construction. At the present time the company is coutructing on Frying Pan
Island in the St. Mary's River a modern coaling dock to be used for fueling
lake steamers, and which it will operate under a coal handling agreement
with the Valley Camp Coal Co. of Cleveland, Ohio.
These bonds are the direct obligation of the company and are secured by
first mortgage on their entire holdings of land, buildings, vessels, docks and
the coaling dock now being cothpleted. The trustee will hold in escrow
from the proceeds of the bonds a sum sufficient to insure the completion
of the coal dock. Appraisal of these properties by Ford, Bacon and Davis,
shows a sound depreciated value at this time of $856.152.
Based on audits, average annual net earnings, after depreciation and
Federal taxes for the 3
-year period ending Dec. 311925. were $46,883.
Valley Camp Coal Co. contract calls for a minimum payment to the
Durocher Co. of $20,000 per year. The cost of operating the coal dock is
estimated at 56.000 a year. leaving a net minimum income from this source
of 1114,000 per annum. The total minimum earnings, therefore, are estimated at over $60,000 per year, or four times the annual interest charges
on this issue.
Proceeds from the sale of these bonds will be used to complete the new
coaling dock and for other corporate purposes.
Eaton Axle & Spring Co.
-Shipments.
Month of March.1926.
1925.
Shipments (excl. Eaton Spring Corp.)
$1,336.000 $673,000
Shipments of Eaton Spring Corp.in March 1926 were 5302,000.-V. 122.
p. 2048.
Electric Refrigeration Corp.
-Initial Dividends.
-
The directors on April 13 declared an initial quarterly cash dividend of
50 cents per share and a 1 3.1 % Stock dividend on the outstanding, 571.250
shares of capital stock, no par value, both payable May 1 to holders of
record April 19.
Net profit for the quarter ended March 31 1926, was $969,885 before
taxes, compared with consolidated profit of Kelvinator, Nizer and Grand
Rapids Refrigerating companies of $664,193 in the corresponding quarter
of 1925.-V. 122, p. 1460.
Electric Storage Battery Co.
-Listing.
-
The New York Stock Exchange has authorized the listing of 25.000 additional shares of common stock without par value, on official notice of issuance, making the total amount applied for 824.173 shares.
The purpose of this issue will be to carry out contracts with the company's
employees for the purchase of stock on an installment basis under the company's plan to aid employees to become stockholders. The proceeds from
the sale will be used for general corporate purposes.
-V.122. p. 1616.
European Mortgage & Investment Corp.-Bds. Ready.
Permanent 1st lien gold farm sinking fund bonds, series "A"7)i %•are
now ready to be issued in exchange for outstanding interior certificates
at the offices of Lee. Higginson & Co., New York, Boston or Chicago. For
offering of bonds, see V. 122, p. 2163. 2279.
European Shares, Inc.
-Acquires Equity in 17 German
Corporations.
Announcement was made this week that the corporation has acquired an
equity ownership in 17 different German banking, utility and industrial
corporations.
2198
THE CHRONICLE
[Vol,. 122
"While European Shares, Inc. is in no way obligated to restrict its buying pays the interest without deduction of the normal Federal income tax up
field to any one country," the announcement said, "the most attractive to 2%.
opportunities so far available have been in Germany, although situations in
Security.
-Bonds are secured by first mortgages on fee simple real estate,
several other European states have been carefully studied and investigated. comprising homes and small bus'ess properties. Mortgages are accepted
The securities purchased are largely payers, and at recent date there had for not greater than 60% of the independent appriased value by independent
been a substantial appreciation in the market value of these securities over appraisers satisfactory and approved by the guaranteeing companies, but
their cost price. In one or two instances small amounts of stock have been in actual practice the mortgages which have been approved for this seriessold at substantial profits. The income return on the securities held by do not average in excess of 50% of this independent appraised value. The
European Shares is naturally 2 to 3% greater than would be realized from average loan at this time for this series will not exceed $4,000.
American stocks of corresponding investment standing."
These bonds are the direct obligation of the Federal Home Mortgage Co..
-V. 122, p. 219.
756.
which company has been approved by the National Surety Co. In addition
to the prime obligations of the borrower and the direct obligation of the comElk Horn Coal Corp.
-Listing.
pany, the National Surety Co. guarantee the payment of these bonds
Tile New York Stock Exchange has authorized the listing of $1,500,000 130th principal and interest, which guarantee appears upon each bond.
6
-year 7% coupon debenture notes, due Dec. 1 1931.
Diversification.
-Unusual diversification is secured by selecting first
mortgages from widely separated, prosperous localities, and the mortgages
Balance Sheet Dec. 31.
of this series have been selected from thriving cities and
in six States.
1925.
1924.
1924.
1925.
AssetsLiabilitiess
$
$
$
Feltman & Curme Shoe Stores Co., Chicago.-Pref.
Coal lands, real es6% non-cum. pref.
Estate, plant and
-Merrill, Lynch & Co. have sold $1,500,000 7%
stock
$6,600,000 $6,600,000 Stock Sold.
wella, Bre
20,080,653 20,193,408 Common stock. x13,176.488 12,000,000 cumul. pref. (a. & d.) stock at $110 per share and div., inCash in banks &
165,764
Accts. payable__ 178,305
cluding warrant to purchase one share of Class B common
on hand
756,748
780,653 Accrued items._ _ _
76,374
87,779
Cash depos. with
Res.for Fed.tax_ _
57,023
stock at $35 per share at any time not later than Sept. 1
fiscal agents._ _ _
3,444
17,202 10-yr. s.f.6% conAccts. receivable
390,212
831,112
6,046,000 1930. For further data see V. 122, p. 1771.
vertible notes__
Notes receivable__ 240,086
242,243 6-yr. let & ref.
Fifth Avenue & 28th Street Realty Co., Inc.-Certfs.Interest
36,224
43,832
4,500,000
mtge. 6.l4s
Inventories
335,967
Definitive certificates for shares in 1st mtge. 63 % sinking fund gold
313,807 6-Yr. 7% deben.
,
6
Stks. of 0th. cos 4,130,894 3,645,964
loan are ready for delivery at the United States Mortgage & Trust Co. of
notes
1,500,000
Assets In hands of
New York, upon surrender of the outstanding temporary certificates.
Mineral Fuel Co.:
For offering, See V. 121, p. 2757, 2645.
trustees of bond
30-yr. 1st mtge.
sinking funds_ _ _
379.000
10,940
38,103
363,000
5s
Unamort. bd. dia.
894,463
Surplus
First National Stores, Inc.
-Sales.
& expenses
441,117
17,614
Five Weeks Ended April 3Increase.
1925.
1926.
Unexpired Maur
16,757
32,102
Sales
8604,428
$5,765,154 $5,160,731
Sundry debits &
Income Account for Year ended Dec. 31 1925.
unadJust.items_
8,147
26,451,189 26,173.006
16.966
Total
(Including earnings and surpluses of John T. Connor Co., O'Keefe',.
:Including surplus. 240.000 shares of no par value.
Inc., and Ginter Co., combined in December 1925.1
A comparative income account was published in V. 122, p. 1924.
Sales, $48,976,740; cost of sales, $37,493,313; gross profit
$11,483,428
Operating, selling, general and administrative expenses
9,207,294
Equitable Office Building Corp.
-Listing.
The New York Stock Exchange has authorized the listing of $4,968,000
Operating profit
$2,276,134
,7% convertible cumulative pref. stock (par $100).
Other income
61,016
Earnings Years Ended April 30.
Total income
Earnings.
$2,337,150
Depreciarn. Prov.forFed.Tax. NetProfit.
1921
$652.127
$247,365 Deprec'n. $320,211; provision for Fed. taxes, $256,289; total
576,499
$9,074
$395,696
1922
645.105 Dividends
*1,182.533
1,003,110
394,980
142,448
1923
750.157
•1,227,403
394.622
82.623
Balance, surplus
*1,318,363
1924
823,345
$757,541
394.536
100,484
*1,462,492
1925
932,885 Profit on sale of treas. stk. & misc. adjusts. applic. to prior yrs..
72.447
394.469
135,137
1925_x
1,161.443
1,051,603
179.517
780,916 Previous surplus
91,168
* After eliminating income on securities assigned in plan of reorganization
Total surplus
April 1925. x 8 months ended Dec. 31.-V. 121, p. 3010.
$1,991,431
Good-will written off
168,149
Fageol Motors Co., Oakland, Calif.
- Taxes, &c., appllc. to prior years, and var. provisions & reserves 569,530
-Annual Report.
President L. H. Bill, Feb. 19, says in part:
On Dec. 1 1925. this company made a new contract with the Fageol
Motors Co. of Ohio. Under the terms of this contract the Fageol Motors
Co. of Ohio is granted the right to use the name Fageol. also the name
Safety Coach and any patents or designs, in fact the right to duplicate our
product in all territory East of the Rocky Mountains in the United States,
also Canada, Cuba, Europe and the East coast of South America. For
this grant the Ohio company is to pay to this company, annually, a minimum royalty of $75.000 and a maximum of $300.000 until such time as
$3,000.000 in royalties has been paid to this company. It further provides
that the Ohio company is to pay this company cash for our investment in
Chassis plant at Kent, Including inventory. It also provides that the
California company can have a supply of Hall-Scott motors at the same
price at which the Hall-Scott company sell the Ohio company, these prices
to be established January 1 of each current year.
For the past 8 months negotiations have been under way with the principals who have formed the American Car & Foundry Motors Co.,a Delaware
corporation controlled by the American Car & Foundry Co. and J. G.
Brill Co., The American Car & Foundry Motors Co. have acquired 100%
of the stock of the Fageol Motors Co. of Ohio and 70% of the entire capital
stock of the Hall-Scott Motor Car Co. and the overtures made to this company contemplated the exchange of the securities of the Fageol Motors Co.
of California for the securities of the American Car 8z Foundry Motors Co.
There was no cash to be paid in this contemplated merger. On or about
Dec. 7 we received a written offer from the American Car & Foundry
Motors Co. offering an exchange of securities. It was in such form, however, and so Indefinite that when this proposal was placed before the directors, it was the unanimous judgment of the directors present that in the
form presented it was not acceptable and was not deemed advisable or
practical to submit to the stockholders.
Since Dec. 1 the new contract made with the Fageol Motors Co. of Ohio
has been effective. Under this arrangement our volume of business must
necessarily be reduced because the Fageol Motors Co. of Ohio will not only
build bodies but will also build the chassis and the lass of this chassis business will reduce our gross volume. Our relations with the Fageol Motors
Co. of Ohio are most friendly and pleasant and we are working not only
with them but also with the Hall-Scott Motor Car Co. and the American
Car & Foundry Motors Co. in close cooperation.
Income Account for Year Ended Dec. 31 1925 and Recapitulation of
Surplus Account as of Feb. 9 1926.
$5.345,688
Gross sales
Net profit
546,214
Reserve for Weights and measures, $54,000; for worthless accts.,
111.989
$19.989;for mechanical changes,$38,000;total
58.252
Dividends
65,848
Income tax
Surplus Dec. 31 1925
-V. 122, p. 1461. 1318.
$1,253,751
Fisk Rubber Co.-Cotnplaint Dismissed.
-
The Federal Trade Commission has dismissed its complaint against the
company, tire manufacturers of Chicopee Falls. Mass. The complaint
charged the respondent with substantially lessening competition between
itself and the Federal Rubber Mfg. Co., of Cudahy. Wisc., in the sale and
distribution of tires, mechanical goods and sundries by the alleged acquisition of approximately 51% of the stock or share capital of the Federal Rubber Co. Commissioner Nugent dissented -V. 122. p. 1318.
Fleischmann Co.
-Sales-Earnings.President Joseph Wilshire says in part: "Sales for the first quarter
of 1926 compared with the first quarter of 1925 show increases in various
products of from 20% to 40%. Earnings for the first quarter of 1926
will show an approximate increase of 40% to 45% compared with the same
period in 1925. The volume of business done in the first quarter of any
year in this industry is invariably lower than that done in succeeding
quarters.
"In view of the increases shown above, the outlook for 1926 is exceedingly good. It should be borne in mind that the Fleischmann products
are of a nature not affected by general business depression: also that the
entire effort of the Fleischamnn organization has been directed solely
to manufacturing and selling Fleischmann products. The company has
never been connected directly or indirectly with any bakery or bakery
combination, rumors to the contrary notwithstanding."
-V. 122, p. 1302.
(H. D.) Foss & Co., Inc.
-Plan Approved.
All classes of stock, with the exception of the new preferred, approved
the plan of reorganization as outlined in V. 122, p. 1924. The holders of
the new preferred stock were granted until April 22 to further consider
the plan.
-V. 122, p. 1924.
Free & Accepted Masons of Washington.
-Notes Of-Ferris & Hardgrove, Spokane, Wash., are offering
fered.
at 100 and int. $300,000 Most Worshipful Grand Lodge of
Free and Accepted Masons of Washington 5% serial gold
notes.
Dated April 1 1926, due serially April 1 1927 to 1932, incl. Principal
and interest (A. & 0.) payable at Dexter Horton National Bank, Seattle.
The borrowers assume the normal Federal 111C01110 tax up to 2%. Denom.
$1,000 and $500. Callable April 1 1927 or any interest date thereafter
on 30 days' notice at 100 and int. in inverse numerical order. Eligible
for investment by banks and trust companies in the State of Washington.
$310.125
Balance surplus for year ended Dec. 31 1925
These notes are the direct obligation and constitute the sole indebtedness
201,011
Surplus Jan. 1 1925
of the Most Worshipful Grand Lodge of Free and Accepted Masons of
$511,142 Washington. The Grand Lodge embraces all the Blue Lodges in the
Total profit and loss surplus
January dividend
29,400 State of Washington and has a membership of over 44,500, which is increasing at the present rate of about 2,000 per annum. In the contract under
Final surplus
$481,742 which these notes are to be issued the Grand Lodge covenants to pledge
certain fixed revenues. Such funds are to be deposited with the Dexter
Balance Sheet Dec. 31.
Horton National Bank at least 20 days prior to maturity dates of interest
Assets1924.
1925.
1924.
1925.
and principal. The Grand Lodge further covenants not to mortgage or
Real estate, plant
Preferred stock__ _ $840.000 $831,220 in any way encumber the new home for the aged for which the proceeds
and equipment_ $295,363 $321.154 Com.stock & surp x511,142
201,018 of this note issue will provide in part.
.
Current assets_ _ _ 1.912,399 1,356,160 Current liabilities_ 695,586
417,363
The proceeds of this issue will defray in part the cost of constructing a
Deferred charges._
13.292 home for distressed Master Masons, their widows and orphans, at
50,143
37,955
15,652 Deferred liabilities
Zenith.
Wash., at a cost of over $750,000. The building when completed will be
Reserves(including
130,072 free and clear of all encumbrances, the balance of the funds having already
148,845
taxes)
been provided without borrowing. Ample insurance will be carried at all
Total
$2,245,717 $1,592,965 times for the benefit of the note holders.
$2,245,717 $1,592,965
Total
x Representing 200,000 shares of no par value.
-V.121. p. 2408.
Fanny Farmer Candy Shops, Inc.
-Sales.
Period end. Mar.31Sales
-V. 122, p. 1924.
1926-Monih-1925.
$232,211 $163,040
1926-3 Mos.-1925.
$692,016 $506,672
Federal Finance Corp., Indianapolis.
-To Change
Name.
The stockholders will vote May 3 on changing the name of the corporation to Federal Purchase Corporation.
-V. 121. P. 3137
.
Federal Home Mortgage Co.
-R. W.
-Bonds Offered.
Evans & Co., Inc., New York, are offering at 100 and int.
$1,000,000 guaranteed 6% 1st mtge. coll, trust gold bonds,
Series A, maturing Feb. 1 1931-1941, inclusive.
Denominations $100. $500 and $1,000. Callable at any time up to
Feb. 1931 at 102 plus int., after 1931 at 100. Interest payable semi-annu,
ally. Prin. and int. payable at the Empire Trust Co. New York, trustee.
Bonds are guaranteed prin. and int. by the National Surety Co. Company
French National Mail Steamship Lines (Societe des
Services Contractuels des Messageries Maritimes).Listing.
-
The New York Stock Exchange has authorized the listing of $10,000,000
7% external sinking fund gold bonds, due Dec. 1 1949.-V. 120, p. 2688.
(Chas.) Freshman Co., Inc.
-Annual Report.Consolidated. Co. Proper.
Calendar Years1924.
1925.
Gross sales
Expenses and charges
$7,296,997 $2,149,327
1,415,144
5,768,517
Operating income
Other income
$1.528.480
79,400
$734.183
20.070
Total income
Estimated Federal taxes
Cash dividends paid
$1.607,880
200,817
253,124
$754,253
94.282
Net to surplus
$1.153.938
8889,972
APR. 171926.]
THE CHRONICLE
Consolidated Balance Sheet. Dec. 31 1925.
Assets
Liabilities
Current assets, less reserves_ _$2,623,138 Current liabilities
Plant assets, less reserves
90,632 Reserves for taxes
Other assets, net
31,046 Capital and surplus
$668,114
200,817
x1,875,885
Total
$2,744.816
Total
82,744,818
xThere are authorized and outstanding 225,000 shares of no par common
stock.
-V. 122, p. 617.
Gabriel Snubber Mfg. Co.
-Earnings.
-
The company reports net earnings of $257,518 for the first quarter of
1926 after depreciation, federal taxes and all charges.
-V. 122, p. 1177,
890.
Galena Signal Oil Co.
-New Directors,
0. W. Hochette of New York and J. C. O'Connor of
been elected directors, succeeding William P. WescottFranklin,Pa..have
and J.
Mr. Wescott also resigned as Vice-President and Treasurer, andC. Tipton.
George
Barnes of New York has been elected Vice-President and Mr. Hochette A.
Treasurer. Mr. Tipton continues as manager of the export department.as
V. 122, p. 1318.
Gardner Motor Co., Inc., St. Louis,-Bal. Sheet Dec. 31.
Assets1925,
Bldgs.. mach'y &
equipment
$394,778
Cash
154,228
Accts.receivable
64,954
Inventories
662.080
Deferred items...
24.027
Inv, outsdie co__
10,000
S.E.P. Advertis'g
50,000
1924.
$365,333
411,168
42,303
382,735
18,211
Liabilities1925.
1924.
Capital stock: auth
300,000 shs. no
par val.:outstdg.
155,000 Ms_ _ ..$1,202,098 $1,200,000
Dealers'deposits__
19,700
19,750
Accts. payable.._ 121.078
Accr'd war tax_
10.183
Res. tor discounts_
3,010
Report card fees__
4.000
Total
$1,360,069 81.219,750
Total
$1.360,089 $1,219,750
Note.
-Contingent liabilities at Dec. 31 1925 on discounted
drafts and
as guarantor of a note payable were all subsequently paid
-V.
121, p. 1107
G-B Theatres Corp.
-Latest Earnings.
-
Jan. 3 to Feb. 27 1926
Jan. 4 to Feb. 28 1925
Gross.
$269,326
254.378
Net.
$77.722
46,471
2199
wanted my assurance that I was not making any profit on the transaction.
Do got that and the price was determined by the original purchase vouchers
received from the brokers. The stock had all been bought on the open
market. General Baking Corp. paid only the actual cost of the stock and
neither Ward Securities Corp. nor myself made a cent on the transaction.
"Every director of General Baking Corp. knew of the purchase and
that the stock was selling and continued to sell at 74 or better, several
points above the average price paid by the corporation, until the Government suit was filed in February.
"The company by the purchase put idle cash to work and will save nearly
8600.000 a year in dividends by the purchase, which nets General Baking
Corp. better than 7% on its money.
"Later Mr. Deininger and all the directors gave Ward Securities
shares of A non-voting stock for 1,000,000 shares of voting B stock70.000
which
the Ward Securities owned or controlled. Mr. Deininger says nothing of
the later transaction, and I understand he approved it wholeheartedly.
In fact he was very anxious to pay $5,000,000 in cash for the stock.
"The new board of directors with new men in control went all over the
transactions and have ratified them, after Mr. Deininger had left the
board with threats to rule or ruin the company. The legality of the transaction is unquestioned. Its fairness is equally clear and Mr. Deininger
and his attorneys do not need any proxies to determine those propositions."
Frederic N. Frazier, the new chairman of the board of
General Baking Corp., issued the following statement:
"Reports that the directors of General Baking Corp. are contemplating
a reduction in the dividend on the Class A stock are utterly baseless.
Earnings in 1925 were well in excess of dividend requirements. Earning.
In 1926 are exceeding those of 1925 and will be sufficient to meet the 85
rate and leave a surplus adequate for the corporation's policy of steady
conservative expansion. Properties are in excellent condition. The corporation is strong in cash, owes no money and sales are high and steadily
growing. A statement to the stockholders is being prepared by the new
board of directors and will reach stockholders within a few days."
,
-V• 122.
p. 2049; 1924.
General Electric Co., Schenectady, N. Y.
-Ord. Rec'd.
3 Mos. End. Mar. 311926.
1924.
1925.
1923.
Orders received
$86,433,658 $83,846,236 $73,487,903 $80,010,045
-V. 122. p. 1924.
General Motors Corp.
-Retail Sales Increase.
-
Retail sales of tne corporation in March established a high record exceeding any previous month, according to President Alfred P. Sloan. Jr., who
Increase
further states:
$14,949
$31,250
See also V. 122. P. 1617.
"March retail sales of all General Motors' divisions, including overseas.
were 106.051, against 70,594 a year ago, a gain
50%. This establishes
General Baking Corp.
-Stock Deal Changed-Demand a new high record in General Motors' history.ofIts importance may be
$8,547,935 Back from Ward-Committee Asks Stockholders for appreciated when consideration is given to the fact that the sales potential
of March is less than April
Support in Investigation of Some Alleged Acts of Management. record was April 1923 withon account of the seasonal trend. The previous
retail sales of 105,778 cars.
"For the first quarter retail sales were 224,720 compared with 135,766 a
-Stockholders of the corporation received April 12 notice
year ago, a gain of 66%•
that a committee of stockholders has been formed consisting
"Sales to dealers for March were 113,341, compared with 75,527 a gain
of William Deininger, Louis J. Kolb and John U.
of 50% over the
to dealers for the
Weber, first quarter werecorresponding month a year ago. aSales of 81%. Dealers'
280,906, compared with 155,315, gain
asking that the stockholders act in concert and give
the sales for the first quarter of 1925 were somewhat subnormal due to the
committee the right to vote stock at any extraordina
Chevrolet division introducing a new model in Jan. 1925. limiting its
meeting of the corporation within 6 months; to request ry ability to build up production.
"1 he stock of unsold cars in the hands of dealers and branches at the
the
calling of or call a meeting of stockholders for any
purpose end of March was well in line with spring requirements, there being absolutedeemed advisable by the committee; to oppose any action ly no excess. As a matter of fact it Is expected that one or two of our divisions will lose sales on account of insufficient stocks and inability to move
by the corporation, its directors, officers
sufficient production to meet the demand."
and procure any information from the or agents; to request
Retail Sales1926.
1922.
1923.
1925.
1924.
books
11,615
53.698 25,593 33.574
31.437
the companyi to bring, prosecute, appear in, or records of January
February
64,971
intervene in, March
39,579
13.651
50.007 33,627
control and discontinue any judicial proceedings which
*106.051
30.391
70,594 57.205
74.632
97,242 89,583 105.778 48.203
committee may appear necessary or advisable to the to the April to DealersSales
interests January
of stockholders.
76.332 30,642 61.398 49,162
16.088
February
91,233 49,146
55.427
20.869
78,668
This request for power is prefaced by a statement
that a March
71,669 34.082
75,527
*113,341
75,484
situation has arisen in the affairs of the corporation
8358,600 75.822 40.474
whereby April
* These preliminary figures include Buick, Cadillac,
it becomes advisable for stockholders to act
Oakland,
in concert and Oldsmobile, Pontiac passenger and commercial cars Chevro-M-C trucks
and G
is accompanied by a letter signed by the
-V. 122, p. 2049.
members of the sold in United States, Canada and overseas.
committee, which says in part:
"As a
committee organized for the protection of the
stockholders'interests,
we present to you the following facts
funds in stock transactions with W.regarding the use of the corporation's
B. Ward and his personal company,
Ward Securities Corp.
"On Jan. 19. last, at the request of
B. Ward
of the matter to the directors, checksW.General and without submission
of
Baking Corp. for a total
of $5,005.000 payable to Ward Securities
Corp. were signed by the vicepresident and by the Treasurer of the General
to the Ward Securities Corp. On Jan. 23, Baking Corp. and delivered
further
$2.679,505, payable to Ward Securities Corp., werechecks for a total of
signed by the same
officers and delivered to Ward Securities Corp.
against these payments, amounting to $7,684.505,We are informed that
the treasurer received
a refund of 826,219 10 and 106.900 shares
of
"On Feb. 9 to 15. there were additional your corporation's own A stock.
corporation's funds for 13.000 more shares payments of $889,650 from the
of
shares of which were acquired through Ward its A stock, at least 10,000
Securities Corp.
"The transactions were not submitted for action
by the board of directors
until April 6. when a resolution to ratify
them was adopted.
"The result of these transactions for the
corporation was to deplete its
cash by 68,547,935 90. This mohey has not
been restored.
"The result for W. B. Ward was
tion to liquidate what they had left to enable him and his personal corporafrom their dealings in A stock of General
Baking Corp.. at an average of
downward course in the market, 7135, after which the stock resumed its
now selling around 50.
"The legality of these
sponsibility for them andtransactions, the consequences of them, the rethe steps to
being investigated by counsel for the be taken by the stockholders, are
committee.
"The members of the committee represent
stock holdings
exceeding $9,000,000. William Deininger was President in their families.
of General Baking
Co., the operating company for 8 years,
directors of the General Baking Corp. and was chairman of the board of
until his resignation on March 23,
Louis J. Kolb was a director and a
General Baking Co. until Generalmember of the executive committee of
Baking
President of the Pennsylvania Sugar Co. Corp. was formed, is Viceand a director in Real Estate
Trust Co. and Guarantee Trust Co. of
Philadelphia. John U. Weber also
was a director of the General Baking Co., is
President of the Liberty Trust
Co. of Newark and Vice-President
Mortgage. Title & Guaranty Co. ofof American National Bank and City
Newark."
Ralph S. Kent, Counsel for W. B. Ward, gave
out the
following statement, April 13:
"I have just seen a printed letter
Baking Corp. under date of April 12 to the stockholders of the General
1926, purporting to be signed by a
self-appcinted committee of stockholders and
asking for proxies. The
statement is so framed as to indicate a definite design
to create by inference
and innuendo a false impression among the stockholders.
The statement
indicates that Mr. Deininger one of the signers, was
chairman of the board
of directors at the time the transactions took place, and I
that he knew all about it and gave his consent to it. I am safe in saying
know there was
no profit in it.
"Mr. Ward at present is on his way to New York City and
here to-mwrow and will personally prepare a statement of his will arrive
own. So
far as I can see the stockholders should sit tight, because .7. Fred
Frazier
for a long time the operating head of the General Baking Co., is
man of the board and this effort of Mr. Deininger appears to now chairbe only an
gain control of this prosperous company.
attempt to
William B. Ward issued the following statement. April 14,
with regard to charges brought by the stockholders' pro-.
tective committee headed by William Deininger:
"There was nothing hidden or concealed about the purchase
of over
100,000 shares of its own A stock by General Baking Corp. It saved
General Baking stockholders 8600,000 a year in dividends. Mr. Deininger
was chairman of the board at the time, was in the city, and talked with
me before a share of stock was delivered, as my records show. He only
-Stockholders to Vote May 17
General Petroleum Corp.
on Merger With Standard Oil Co. of New York-to Receive 2
Shares of Standard for Each Share Held.
-See Standard Oil
Co. of N. Y. below.
-V. 122, p. 1772, 1617.
Gibson Island Co., Baltimore, Md.-Bonds Offered.
Equitable Trust Co., Baltimore are offering at 100 and int.
$500,000 1st mtge. 10-year 6% gold bonds, guaranteed
principal and interest by endorsement of the United States
Fidelity & Guaranty Co.
Dated March 1 1926: due March 11936. Equitable Trust Co., trustee.
Denom. $1,000 and $500. Interest payable M.& S. without deduction for
any tax, assessment or other governmental charge, except succession and
inheritance taxes and Federal income taxes in excess of 2% per annum and
upon proper application the company will refund the Maryland securities
tax of 435 mills and the Virginia securities tax not to exceed 5 mills. Callable all or part upon not less than 30 days' notice at 10235 and Int, on or
before March 1 1931,and thereafter on like notice at tee following amounts,
together with int.: After March 1 1931, to and incl. March 11932. at 102:
after March 11932, to and incl. March 1 1933, at 1013; after March 1
1933. to and incl. March 1 1934 at 101 and thereafter until maturity at
10035•
,
Property.--Glbson Island contains about 943 acres, of which approximately 88 acres have been sold for $414,625,leaving 855 acres owned by the
company. The property is located about 20 miles from Baltimore and is
surrounded by the Chesapeake Bay and the Magothy River. A narrow
strip of land connects the Island with the mainland. The property owned
by the company and to be leased to the Gibson Island Club. includes an
attractive Club house, boat house, tennis courts. &c. The company also
owns the golf course, containing 164 acres, and the water and electric
systems. The proceeds from the sale of the above bonds will provide the
company with funds to liquidate all of its indebtedness, and to proceed with
its present plans for the development of the Island.
Gilchrist Company, Boston.
-Annual Statement.
Total sales
Gross profit
Expenses
Income Account for Year Ending Jan, 31 1926.
$12.016.238
4,113.090
3.570,981
Net profit subject to Federal income tax
$542.109
Balance Sheet, January 311926.
AndsLiabilities
Merchandise
$907,682 Accounts payable
$759,878
Cash
325,444 Notes pay.(bank loans)
200,000
Accounts receivable
753,586 Federal taxes(due A.&.1)_--.
22,400
Investments
170.830 Reserve for Federal taxes
50.000
14,664 Res. for doubtful sects
Supplies
10,000
Fiat., bldg..improv'ts,&c(less
Capital sad surplus
x1,556.778
depreciation)
387,252
4,457
Prepayments
Deferred charges
54,941
Total
$2,598,856
Total
$2,598,856
x Represented by 106.667 shares of no par value.
-V.121, p. 81.
Gillette Safety Razor Co.
-Extra Dividend of 25c.
-
The directors have declared an extra dividend of 25c. per share in addition
to a regular quarterly div. of 75c. per share on the
shares of capital stock, no par value, payable June outstanding 2,000,000
1 to
May 1. Like amounts were paid Sept. 1 and Dec. 1 1925holders of record
and Mar.
On Mar.2 and June 1 1925 the company paid extras of 1235c. each 1 last.
tion to quarterly dividends of 6235c per share.- V. 122. p. 1018, in addi877.
2200
THE CHRONICLE
[vol.. 122.
The former is centrally located at the corner of Dragones and Zulueta
streets, and has a ground area of 1,417 square meters, on which is located
April 1 1925 to Dec. 31 1925. the building, which is used as headquarters of the work of the Home Mission
Earnings from the Commencement of Business
$200,267 Board in the Republic of Cuba. "Front of Chaple Hill" contained 50,Profits
67.732 679.7 square meters, and has been purchased as the site for a college. These
Provision for depreciation of plants
4,443 properties have been appraised at $812,818.
Written off patents
17,500
The gross revenues and receipts of the Home Mission Board for the past
Provision for Federal taxes
35,000 6 years has averaged $1,076,703 annually for the General Fund, and
Dividends on preference stock (5%)
40.000 C. 61,178 annually for the Church Building'Loan Fund, making a total
Dividends on common stock (4%)
31,237,881, whereas the average annual interest charges on all indebted$45,591 ness during this period have been $64,101.
Surplus carried forward
-V. 120, p. 2408.
-Successor Company.
Hudson Navigation Co.
-Hayden,
-V. 122, p. 2050.
See Hudson River Navigation Corp. below.
-Stock Offered.
Glass Mobile Corp., Detroit.
-Financial Statement.
Gilman Fanfold Corp., Ltd.
-F. J.
Van Atter & Co., Detroit, are offering at $20 per share
-Bonds Offered.
Hudson River Navigation Corp.
(carrying stock purchase warrants) 20,000 shares Class A Lisman & Co. are offering at 100, to yield over 6.70%,
voting power).
common stock (participating preferred, full
$3,000,000 6M% convertible (closed) 1st mtge. 25-year
Class A stock is entitled to receive preferential non-cumulative dies, of sinking fund gold bonds.
$2 per share annually, before any diva. are payable on Class 13 stock, and
option of the
Dated May 1
due May 11951. Convertible at the
shall participate in any further cash dividend disbursement equally with holder, any time 1926; and incl. May 1 1931 on the basis of one $1,000 bond
up to
the Class B stock, share for share. Class A stock has full voting powers for 10 shares of common stock represented by voting trust certificates, and
and is entitled to preference as to assets of $25 per share in case of liquida- thereafter up to and incl. May 1 1936 into common stock on toe same
tion. Callable on any div. date. on 30 days' notice, at $30 per share and
before expiration of the conversion
called for
diva. Dividends payable Q-J. (first div. payable July 1 1926). Transfer basis. Bondsbe convertedredemption
unto 10 days before the date of such redemption.
privilege
Agent. Union Trust Co., Detroit. Registrar, Guardian Trust Co., Detroit. Red. by may
a cumul. sinking fund of 2% per annum beginning Nov. 1927.
stock will carry one
-Each share of Class A
Stock Purchase Warrants.
maturity, operative by purchase.
will redeem the
detachable subscription warrant entitling the holder to purchase from the which open market at entire issue before so obtainable then by drawings
not
company one share of Class B stock, at the following prices: Prior to July In the at 105. Drawn or under 105; if
bonds become payable on the next following coupon
to July 1 by lot
1 1927, $7.50 per share: prior to July 11928. $IO per share; prior
whole or in part at 105 and Int. for pay1929: $12.50 per share: prior to July 11930. $15 per share: prior to July 1 date at 105 and int. Callable as a days' notice. Denom. $1,000, $500 c*.
ment on any coupon
upon 30
1931. $20 per share; and thereafter the warrants will be void. Outstanding. Prin. and int. (M. &date payable at Farmers' Loan & Trust Co., trustee.
N.)
Authorized.
Capitalization20,000 Company agrees to pay interest free of the normal Federal income tax not
20,000
Class A stock
46,596 exceeding 2%. Penn., Conn., Maryland, Mass. and Kentucky present
*100,000
Class B stock
personal property or income tax refunded.
* 20.000 shares reserved for purchase warrants.
Capitalization.
Data From Letter of Pres. W. Carl Loud, Detroit, Mich.
$3,000,000
634% gold
-A Michigan corporation, located in Detroit. Manufactures 8% cumul.bonds (this issue) $100): auth., $1,000,000: issued
Company.
pref. stock (par
design,
and distributes automobile curtains, of an improved and patented
375,000
and utstanding
which are either being used or have been nationally recommended by most Common stock (no par value): auth., 60,000 shares: issued and
of the important automobile companies. The curtains are made of plate
30.000 shs.
outstanding
glass, rust proof steel and heavy top fabric, destined to completely replace
Putpose.-To provide funds for the final payment for purchase of the
old fashioned celluloid curtains because of their superiority in design, vision. property and adequate working capital.
fitting qualities. ease of mounting and demounting. and appearance.
Company.
-Recently incorp. in Delaware for the purpose of acquiring
Sales.
-Sales and earnings are shown in the following table:
Co. (sold at
A
Share the
Net
of
No. property formerly controlled by the Hudson Navigation
foreclosure).
Earnings. PerClass
Sets Sold.
Sales.
Yearits predecessors, beThe freight and passenger service of this line, and
4.23
$84,695
16,870
$543,453
1924
4.13 tween New York and the cities of Albany and Troy has existed for more than
82,629
21,861
580.659
1925
service on New
210.000 (Est.)10.50 60 years. The line provides an essential transportation passengers and
50,000
1,500.000
1926
York State's great water highway. Its traffic consisting of
-Proceeds will be used in the expansion of business.
Purpose.
package freight, and not of bulk cargo, is of a high class and not subject to
violent changes. It can and does compete successfully with the railroads
-To Reduce Pref. Stock.(B. F.) Goodrich Co.
River. Goods loaded in the late afterSubs.Rf rned
The stockholders will vote April 21 on decreasing the authorized_prenerrs. located on either side of the Hudson
This
noon reach their destination the first thing the following morning. while
stock from $42,472,000 to $41,284.000.-V. 122, p. 1772.
line really provides for its patrons an express service at freight rates,
the railroads only furnish a slow freight service.
Co. of Calif. &
Goodyear Tire & Rubber
Property and equipment consists of (1) Pier No.32, North River,located
1924.
1925.
Calendar Years-Consists of (1) Pier No. 32, North River,
Property and Equipment.
2
,392
4
.443
$24,363.237 $15,668,065 $14192 ;091 $1219 2,416
Net sales
10,907,371 located at the foot of Canal St.• N. Y. City, a very valuable property.
Cost,sell.,adm.& gen.exp 19.463,344 13,663,520 13,078,762
Various appraisals of this property made during the past few months have
real estate at Athens. Kingston,
9
Operating income__ $4,899,892 $2,004,545 $1,365,329 $1.485, 45 ranged from $2,500,000 to $3,150.000: (2)including the following vessels a
152.726 &c., of a value of $75,000:(3) equipment,
105.6'2
41,844
Other income
18,322
steel construction: "Fort Orange, "Berkshire.' "Trojan." and "Renssel951,032
346.060
Profit on sale of land_
aer." From examination of the 4 vessels, the hulls, machinery, boilers.
ann the fair and
$4,918.214 22,392,449 $2,421,983 $1,637,972 staterooms, &c., were all found in very good condition, or reproduction
Total earnings
446,706 reasonable value of these vessels was given as $2,776,800,
332,921
203,361
133,554
Interest
cost new of *4.600.000.
215,663
273,140
598,082
Federal taxes
Earnings Years Ended Dec. 31.
500.000
Special raw in: teni 1 res_
329.698
130,177
Factory exp. written off_
Gross Earns. aNet.
aNet.
Gross Earns.
24.249 1918
(14)1.119,398(83'1)699,624
Pref. diva. paid
21,765,737 $457,547
$1,420.436 $408,732 1922
320,148
1.849,016
499,998 1923
1919
1,599,711
$837,317 1920
360,153
$2,567,180 $1,216,324 $1.743,221
Balance. surplus
1.843.908
638,767 1924
1.960,269
400.632
1,810.259
-V. 122, p. 1618.
1925
1921
$1 739 662 $440,272
Average for 8 years
-Balance Sheet Dec.31.Gosnold Mills of New Bedford.
a AppliCable to interest and sinking fund before appreciation.
1924.
1925.
LtabilUtes1924.
Directors.-ClIfford S. Sims (Pres.). Major Filhu Church, J. Monroe
1925.
Assets-.
Preferred stock_ _$1,650,000 $1,650,000 Holland, John W. McKinnon, IS. J. Lisman, Mitchell May, John De La
Real estate, mach'y
_ 1.650,000 1,650,000 Valette, New York: Nathan Hatch, Peter G. Ten Eyck, Chas. L. A. Whitand buildings_ _ _$2,656,822 $2,541,381 Common stock__
Notes payable_ __ 1,400,000 1,430,000 ney, Albany; Wm. C. Feathers, James W. Fleming. H. G. Hammett.
Cash and debts re13,829 Troy, N. Y.
435,031 Reserve for taxes_
272,268
ceivable
75,118
In order to make certain the continuity of the above mentioned director2,704.778 2,704.778 Silk accept. pay'le.
Investment
39,148
ships and management, the common stock of the company will be held in a
1,403,455 1.012,937 Res.for inv.fluens
Inventory
voting trust up to and including May 11931.
ace eptances
Bank
Merchandise agst.
443,958
against mdse_
bank accept'ces_ 443,958
704.561
-Earnings.
Independent Oil & Gas Co.
Reeve for deprec'n 756.311
1925.
1926.
Quarters ended March 31Total(each Me)_ _87.481,281 $6,694,127 Surplus account__ 1,466.745 1,245,737
$362,032
$421.796
Net profit after lot , taxes, deprec., depl., &c
-V. 120, p. 836.
-V.122. p. 2050, 1618.
-March Sales.
(W. T.) Grant Co.(Mass.).
-1925. Increase. I 1926-3Mos.-1925. Increase.
-Mar.
1926
$700,026
$5,622,870
$2,306.911 $2.010.931 $295,980 126,322.896
-V. 122. p. 1462. 891.
-Sells Tennessee Properties.
Indian Refining Co.
A recent despatch from Chicago states that the company has sold its
remaining Tennessee distributing properties to the Producers & Refiners
Corp. of Tennessee, a subsidiary of the Producers & Refiners Corp. At
same time the Indian Refining Co. is concentrating on efforts in its chosen
Hartman Corporation, Chicaro.-Earninqs.- 1922.
1923.
marketing territory in Illinois, Indiana Michigan. southwestern Ohio and
1924.
1925.
Calendar Years*$1,276,643 $1,979.549 $1.670.448 Kentucky. In that territory its gasoline sales 80 far this year are 32%
Total profits & income__ 41,412,827
65,072 ahead of those in the same period in 1924. It has more than offset by new
203,150
112,304
158,652
Interest charges
($2.50984.037(*1)1574,460 (a)870,000 (7)840.000 business at lower cost in towns surrounding Chicago, business lost by the
Dividends paid
recent sale of the Chicago properties to the Sun Oil Co. It is also reported
$765,376 that the Indian Refining Co. is continuing rapidly with its program of
$906,399
3270.137 def$410.121
Balance, surplus
S2.102,032 $4,463.792 S5,317.110 $5.062059 refinery expansion at Lawrenceville, 111.-V. 121. p. 2759.
Total surplus Dec. 3l
•After depreciation, doubtful accounts receivable, taxes, commissions
-Definitive Bonds Rendy-Listino.Inland Steel Co.
and collection and other expenses. a $7.25.-V. 121, p. 1684.
-year 5.11% debenture gold bonds, dated Nov. 11925, are
Definitive 20
- ready for delivery in exchange for temporary bonds at the office of the
Hilltop Manor Apartments, Washington, D. C.
the First
National Bank of Commerce in Now York or
-F. H. Smith Co. are offering at par and int. Trust & Savings Bank, 76 West Monroe St.,at the office of offering,
Bonds Offered.
Chicago.
-(For
see V. 121, p. 2168)•
$1,400,000 1st mtge.64% coupon gold bonds.
The New York Stock Exchange has authorized the listing of $12,500,000
Dated April 111126. due serially from 1928 to 1936. Int. payable A.& 0.
Callable on any int. date prior to 20
-year 534% debenture gold bonds, due Nov. 1 1945.-V. 122, p. 1925,619.
Denom. $100. $500 and $1,000
c*.
April 1 1929 at 102, thereafter at 101 and int. Bonds and coupons payable
-Listing.
Inspiration Consolidated Copper Co.
at office of F. H. Smith Co., Washington, D. C.
The New York Stock Exchange has authorized the listing of $6,000,000
Secured by a closed first mortgage on the land and building, which in
-year 634% gold notes. due March 1 1931.
earnings, of the Hilltop Manor Apart- 5
addition is a first lien in effect on the
1922.
ments. Fourteenth, Oak. Ogden and Otis streets, Washington, D. C.
1924.
1925.
1923.
Calendar YearsThe_property at completion has been appraised at $2,2(0.000 by R. L. Copper produced (lbs.). 81.944,321 90,832,027 88,881,012 69,834,115
McKeever, of McKeever & Goss. realtors, Washington, D. C., and at Sales of copper
$11,497.356 $12,430,177 $10,779,320 210,236,894
*2,259,580 by Albert H. Gaddis. of the Cafritz Co., realtors, Washington, Min. exp. (incl. devel.) $4.072,801 *3.485.526 $3,589,940 $3,025,064
D. C. The issue Is the direct obligation of the Hilltop Manor Co.
Reduction expenses (incl.
3,672,292
transp. or ore)
4.132.872 4,426.137 3,377,612
' Home Mission Board of the Southern Baptist Conven- Ref. & sell. exp. (incl.
1.548,751
1,674.739
1.738.543
1.771.350
transp. of metals)
-Bell, Speas & Co., Inc.. Atlanta. and
-Bonds Offered.
tion.
399,941
289.262
258.446
267.188
Admin.exp.& Fed,taxes
Caldwell & Co., Nashville, are offering $400,000 1st mtge. Copper on hand Jan. I_ _ 2.360,491 3.008,272 1,520,481 2.799.021
Copper on hand Doc.31_Cr2,628,090 Cr2,360.492 Cr3,008,272 Cr1,520,481
6% serial coupon gold bonds at 100 and int.
314,254
399,965
368,749
408,748
Dated Jan. 11926. due serially Jan. 1 1928-1941. Principal and interest Depreciation
37,794
16.787
48.617
(J. & J.) payable at Citizens & Southern Bank, Atlanta. Ga., trustee, or Interest paid
of Commerce. New York. Callable all or part on
at the National Bank
$254,938
$1,537,335 31.668.096 *1,887.067
Balance
any interest date at 102 and interest. Denom. $1,000 and $500 c*.
66,235
The Home Mission Board of the Southern Baptist Convention was Interest received
309
130,710
35,497
179.465
organized in 1845 and chartered in 1883 in Georgia. It Is an agency of Income from investment
the Southern Baptist Convention created to do mission work, its present
3255,247
$1.816,801 $1.703,593 $2.084,012
Net income
field of operations being in the States covered by the Southern Baptist
(10)2363,934
Convention and Cuba and the Canal Zone, Panama. The Home Mission Dividends paid_ -- -(7Ji %)1.772,950
229,081
Board is composed of members from every State in the South, and one each Suspension expenditures
from Illinois. Oklahoma,New Mexico. Missouri and the District of Columbia
$26,166
Balance, surplus
The Southern Baptist Convention annually elects the members of the
$43.851 $1.703,593 del1279,922
-V.122, p. 1320.
Home Mission Board.
These bonds are a direct and general credit obligation of the Home
-Bonds
International Securities Trust of America.
Mission Board of the Southern Baptist Convention, having a net worth
-American Founders Trust (fiscal agent) is offering
on April 30 1925 of $2,452,752. These bonds will be further secured by Offered.
in the city of
a closed first mortgage on two pieces of property located
5% secured serial gold bonds, dated June 1 1923.
Havana. Cuba, known as the Jane Building and "Front of °halal° Hill.' $5,000,000
APR. 17 1926.]
Due series D, June 1 1933; series E, June 1 1943. Series D
bonds are offered at 97 and int, to yield about 5.50%, and
series E bonds at 93% and int, to yield about 5.60%.
Principal and interest (J. & D.) payable
Denom. $500 and $1,000
c**
at Guaranty Trust Co. of New York, trustee. Redeemable on any interest
date, all or part, on 60 days' notice, at 1073 and interest. The trust
agrees to pay the normal Federal income tax to the extent of 2% and to
refund the Penna., Conn. and Dist. of Col. personal property taxes, not
exceeding 4 mills per dollar per annum the Maryland security tax not exceeding 4H mills per dollar per annum, and the Mass, income tax not exceeding 6% on income derived from bonds.
Data from Letter of William R. Bull, Chairman Board of Trustees
-International Securities Trust of America was
History and Business.
organized in April 1921 as a voluntary trust under the laws of Massachusetts.
Business is confined solely to the investment ana re-investment of its resources in seasoned, marketable securities, foreign and domestic. The
primary purpose of the trust is to aff,rd safety of investment by means of
broad international diversification and constant watchfulness. It is managed by a board of trustees elected at annual shareholders' meetings.
Investment Regulations.-Seurities ownes shall be diversified as follows
(1) Funds shall be distributed among at least 400 seasoned, marketable
securities. (2) Not more than 35% of the resources of the trust may be
invested in any country except the United States and England.
(3) Not more than 1.0% of the assets of the trust may be invested in
securities representing any distinct class of industry. (4) Not more than
154% of the assets of the trust may be invested in any one security other
than Governmental securities.
(5) No bonds or stocks of any railroad, public utility or industrial enterprise are eligible for purchase unless the business has been established for
at least fur years. (6) Railroad, industrial and public utility bonds are
not eligible for purchase unless the net assets (at book value) back of such
bonds are at least 200% of the purchase price.
(7) Preferred and common shares of railroad, industrial and public
utility companies are not eligible for purchase unless they have a book
*value of at least 150% of the purchase price.
Operation for nearly five years under these regulations, together with
those additional restrictions contained in the rules and regulations governing
the trustees, has resulted in acquiring 500 or more different securities, earnings on which average considerably more than 50% in excess of the interest
and dividends actually paid thereon.
-Bonds are issued under an agreement dated June 1
Collateral Security.
1923, which provides that the collateral pledged with and held by the
trustee, as security on these bonds, exclusive of the bond interest reserve
fund, shall at all times have a market value equal to at least 115% of the
principal amount of all secured bonds issued and outstanding.
The trustee determines the market value of the securities held by it under
the terms of this agreement, using such methods as it may deem proper and
adequate. The market value as determined by the trustee is conclusive
and binding upon the Trust.
-Under the terms of the agreement, secured serial
Issuance Restrictions.
gold bonds may be authenticated and issued only when, at the time of issuance, total assets, taken at net cost price, after deducting all indebtedness,
except that represented by the secured serial gold bonds and the bond
interest reserve fund are equal to at least 180% of the par value of the
bonds outstanding and those to be issued.
Capitalization.
-There were outstanding April 1, 1926, a total of $6.000.000 par value of secured serial geld bonds, $3,425,000 cumulative preferred
shares (par $100 value) and 43,893 common shares (no par value).
Bond Interest Reserve Fund.
-The agreement proviues that after bond interest, but before the declaration of any dividends, a sum equal to 15% of
the remaining net earnings shall be set aside semi-annually and deposited
with the trustee, as a bond interest reserve fund. This reserve must
accumulate until it equals 5 times the annual bond interest requirements
and must thereafter, in like manner, be so maintained.
Apple.to
Bond Int.
Earnings.Bond Int.
Require.
From inception to Nov.30,1923$8,736
$1,690
Year ended Nov. 30, 1924
74,586
16,978
Year ended Nov. 30, 1925
431,355
97,024
Total
$514,679
$115,694
Bond interest has been earned at average of more than 3% times since
organization. Since bonds are issued continuously throughout the year,
earnings, as above indicated,are properly to be compared with bond interest
requirements.
-V. 122, p. 1773.
International Paper Co.(& Sub. Cos).
-Ann. Report.
Calendar Years1925.
1924.
1923.
1922.
Total revenue
$8,212,384 $7,815,504 $8,074,577loss$1047128
Depreciation
3,404,519
3,176,208 3,144,737
2,715,726
Bond interest
2,195,969
938,640
962,799
962,845
Reserved for taxes
61.594 x1,168,000
157,500
Rod.of conting. res._ _ _ _cr. 1,000,000
Preferred dividends...... 1.979,020
1,500.000 1,500,000
1.500,000
Balance surplus
Paid in surplus
Surplus Jan. 1
Inventory adjustment_
2201
THE CHRONIC' E
$1.571.282
2.140,950
18,144,986
$1.032,656
17,112,330
The directors on April 12 declared a dividend of $4 a share on the pref.
stock, payable July 1 to holders of record June 17. Of the total dividend,
$2 25 will be credited to accumulated dividends due on this issue and
$1 75 will be in the form of a regular quarterly disbursement. After
payment of the above, a total of $25 25 a share in back dividends will
still be due on the pref. stock. Dividends were resumed on this issue on
April 1 1925 by the payment of a dividend of it 25 a share: this was followed on July 1 by the payment of $1 75 a share and by the distribution
of $4 a share on Oct. 1 1925 and on Jan. 2 and April 1 last.
The stockholders voted to reduce the authorized pref. stock from 53,640,000 to $3,000,000 by the retirement of 6,400 shares held in the treasury.
John C. Regan, Vice-President of the company, has been elected a
director, succeeding Cary N. Weisiger.-V. 122, p. 1774.
Jordan Motor Car Co.
-Earnings.
Income Account for Quarter Ended March 31 1926.
Sales, $4,629,109: costs & expenses, $4,440,467: oper. profit
Other income
$188,642
56,192
$244,834
98,453
Total income
Depreciation and other charges
•
Net profit before taxes
-V. 121, p. 2281.
$146,381
-New Ctfs.Kellogg Switchboard & Supply Co.
It is announced that the new stock will be ready for exchange on June 10.
Dividends on the new stock are payable July 311926.
Non-dividend bearing fractional share scrip will be issued to cover
fractional shares arising in the exchange of the old stock for the new.
Seymour Guthrie, Assistant Secretary, says: "If the stockholder so desires the company will accumulate fractional share scrip into whole shares,
such whole shares to be sold by the company on the open market and the
proceeds distributed pro rata among the stockholders." See also V.
122, p. 1925.
Kelly-Springfield Tire Co.
-To Retire Notes.
-year 8% sinldng fund gold notes, dated May 15 1921, aggreCertain 10
gating $500,000, have been called for redemption May 15 at 110 and interest
at the Central -nion Trust Co. of New York,80 Broadway, New York City
-V. 122. p. 1018.
-Definitive Notes.
(I. B.) Kleinert Rubber Co.
The Chase National Bank is now prepared to exchange temporary 6%
serial gold notes at present outstanding for the definitive notes. See also
V. 122. p. 358.
Knox Hat Co., Inc.
-Dividend,'.
The directors have declared the follows dividends all payable May 1 to
holders of record April 15: $1 per share on the class "A"participating stock;
$1 per share on the common stock and a semi-annual dividend of $3.50 per
-V. 121. D. 1575.
share (33%) on the and preferred stock.
Lego Petroleum Corp.
-Production.
Production in March totaled 537,000 barrels, average of 17,322 barrels
daily. Shipments totaled 523,000 barrels, average of 16,871 daily.
V. 122, p. 490.
Landers, Frary & Clark, New Britian, Conn.
-Report.
Calendar Years.xNet earnings
Surplus on Jan. 1
Adjustments
1925.
$2,311,417 $
4,182,561
Dr.395,336
1923.
1922.
1924.
$958.581
2.166.367 $2.069,968
5.166.989
3.178.517
5.518.278
Cr 97,678 C..140.270 Cr.442,708
Total
Cash dividends
Stock divinends
$6,098,643 $5,442,562 $7.728,516 $6,568.278
1,050.000
1,680,000
1.260.000 1,050,000
3,500.000
P.& 1. sur. Dec. 31_ _ $4,418,643 $4.182,562 $3.178,516 65,518,278
-V. 122,
After deducting reserves for depreciation and income taxes.
p. 1774.
Landay Bros., Inc., New York.-Earnings.-
-Quer. End. Mar. 31- -9 Mos.End.Mar.311925.
1925.
1926.
Period1926.
$1,133,499
$617,085 $3.721,982 $1.977,611
14,802,789 23.875,180 Sales
deb,846.691 -V. 122, p. 2052. 1036.
Intertype Corp., Brooklyn, N. Y.
-Earnings.
-1925.
$415.711
1924.
$468,247
1923.
$432,277
163.502
33,092
34.000
168,003
50,686
42,500
155,464
53.423
20,000
$185,118
$207,058
$203,389
Island Refining Corp.
-Status, dec.A
communication to the bondholders under date of April 6 says:
"The corporation defaulted on the interest apyment due Oct. 15 1922.
In 1923 the bondholders' protective committee obtained possession of the
assets of the corporation through the foreclosure of the mortgage. dated
April 15 1919, and thus came into possession of the property at New Orleans.
"On Nov. 10 1923 the bondholders' protective committee advised the
bondholders of a reorganization plan, which is described briefly as being
(1) the creation of a now company. known as the Gulf Coast Refining Co.,
upon which a mortgage of $3,000,000 was placed. The stock of the Gulf
Coast Refining Co., together with the other assets held by the protective
committee, were transferred to the Gulf States Oil & Refining Corp., and
in payment the committee received a certain number of shares of stock
of the Gulf States Oil & Refining Co., and the guaranty of the $3,000,000
mortgage as to principal and interest by the Middle States Oil Co. and
Southern States Oil Co. jointly and severally.
Shortly after this occurred the Middle States and Southern States companies passed into receivership and the committee foreclosed the $3,000,000
mortgage on April 28 1925, thus placing the ownership of the plant at
New Orleans again in the hands of the bondholders' protective committee.
"The taxes for 1925 have not yet been paid and the property will be
advertised for non-payment of taxes shortly. Two different responsible
parties have signified their interest in purchasing the property but will
not make an offer without examining the property and they do not desire
to examine the property without the assurance that if satisfied the property
can be bought at a specified price, and this price they are unable to'get
the committee to name.
"In addition to the plant, the bondholders have an interest in a part
of the stock of the Gulf States Oil & Refining Co., under the committees
and plan of reorganization, part of whose stock was transferred to the
Middle States and Southern States Oil companies in consideration of their
guaranty of the principal and interest of the $3,000,000 mortgage mentioned above. In the assets of the Gulf States Oil & Refining Co. was a
claim for $12,000,000 against the Island Oil& Transport Corp.,which claim
is now in suit by the Gulf States Oil & Refining against the Island Oil &
Transport Corp. Bondholders also have an interest in the claim against
the Middle States and Southern States Corp. on account of their guaranty
of $3,000.000 principal and interest, as well as a certain bloc of stock of
the Gulf States Oil & Refining Corp.
Jewel Tea Co., Inc.
-32.25 Div. on Acct. of Arrearages
on Pref. Stock-Capitalization Decreased-New Director.
$2,309,541loss$6225699
Surplus Dec. 31
$21,857,218 $18,144,986 n7,112,330 $14,802,789
lc Including reserves for contingencies.
-V. 122. p. 2050.
Quarter Ending Mar. 311926.
Gross profits before deprec'n- $430,764
Less
-Head and branch office
selling expenses
179.797
Depreciation
35,198
Reserve for taxes
30,000
Net to surplus
$185,769
-V. 122. p. 1179. 358.
In view of these facts it was decided that the delay suffered by the bond
holders of the Island Refining Corp. has been continued for sufficient
length of time to permit the bondholders' protective committee to liquidate
the affairs, and therefore a special committee of three was a-pointed for
the purpose of adopting a mode of procedure to compel the settlement and
conclusion of the business entrusted to the present bondholders' protective
committee, before the assets and claims have been absorbed by the expenses.
CoMmittee.-H. W. Taylor, Wm. F. Fischer, W. A. Colescott, E. II.
Paxson, and J. E. Bacon, with Dimner Beeber, counsel, Land Title Bldg..
Philadelphia.
-V. 122, p. 1773.
Lawndale Business Block and Theatre, Chicago.
Bonds Offered.-Garard & Co., Chicago, are offering at par
and int. $400,000 1st mtge. 63/2% gold bonds.,
Dated Feb. 15 1926; due serially semi-annually Feb. 15 1928-1936. Int.
(F. & A.) and principal payable at Garard Sr Co. and Chicago Title & Trust
Co., Chicago, trustee. Callable in inverse order by number on any int.
date after two years. upon 30 days' notice, at 102. Denom. $1,000 and
$500 c*. Int. payable without deduction for normal Federal income tax
up to 2%.
-story and basement
The Lawndale Business Block and Theatre is a 3
structure on land 116 feet on Roosevelt Road extending 214 feet on Ko-room kitchenette
mensky Ave. Four large stores on the first floor, 12 2
apartments on the second and third floors, a theatre seating 2,200 and club
rooms furnish four distinct sources of income.
These bonds are issued to provide funds to complete the Lawndale Business Block and Theatre. The Lawndale Business Block and Theatre is
being constructed by the Lawndale Theatre Corp., headed by Reulain
Levine of Chicago, a successful builder of many similar properties in Chicago
and nearby cities.
Leader Building Co., St. Louis, Mo.-Bonds Offered.
Francis, Bro. & Co., St. Louis are offering at 100 and hit.
$1,825,000 5% 1st mtge. fee and leasehold real estate serial
notes.
Dated Feb. 10 1926; due semi-ann. Oct. 1926 to Apr. 1946. Mercantile
Trust Co., St. Louis, Mo., trustee. Interest payable A. & 0. Denom.
5100. 5500 anu $1,000 c*. Prin, and int, payable at Mercantile Trust Co.
Callable on any int. date at 102 and int. Normal Federal income tax
not exceeding 2% paid when exemption is not claimed by the noteholder.
Security.
-The notes are secured bya closed first mortgage on:(1) The fee
simple title to a lot of ground at the southeast corner of 7th St. and Lucas
Ave., St. Louis, together with the 11-story Class A modern fireproof de-year lease, ending Jan.
partment store building thereon erected. (2) A 99
31 2010. on a lot of ground at the northeast corner of 7th St. and Washington Ave., St. Louis, together with the modern fireproof 11-story aepartment store building erected thereon, which conforms with the building first
described. (3) A 99
-year lease ending Jan. 31 2008 on a lot of ground in
St. Louis. Erected on this property and covering the entire lot is a modern
8
-story and high basement fireproof department store building of steel,
-year lease, ending Jan. 31 2008.
brick and stone construction. (4) A 99
-story brick powerhouse
on a lot of ground in St. Louis, together with the 2
building with deep basement erected thereon. The fee property and the
leasehold estates in the land, and all buildings, are valued in excess of
$4,900.000.
-The entire property covered by the deed of
Lease, Tenant and Rental.
trust is under lease for a term of 20 years beginning on April 11926 and ending on Mar. 31 1946 to the Stilt, Baer & Fuller Co., a corporation which
conducts the Grand-Leader Department Store. The lease is irrevocable
and calls for a direct rental of 3200,000 per annum to the Leader Building
Co. Besides this rental, Stix, Baer & Fuller Co. agree to pay the ground
rental under the 99
-year leases and all charges of every kind and descrip-
2202
THE CHRONICLE
tion that may be levied against the property-ground or buildings, in the
way of taxes, city, State and Federal. They also agree to pay all premiums for insurance and any other charges whatsoever, so that the annual
rental of $200,000 is net to the Leader Building Co.
Libby, McNeil & Libby (& Subs.).
-Report.
-
Years EndedMar. 6 '26. Feb. 28 '25. Mar. 1 '24. Mar.3'23.
Net profits after depreciation, taxes and int- - $2,405,415 $1,433.828
$182,868
$947,769
Pref. div. paid
(334 %)630,000
Balance, surplus
-V.121, p. 2760.
$1,775.415 $1,433,828
$947,769
[vol.. 122.
McCrory Stores Corp.
-1% Stock Dividend.
-
The directors have declared a 1% stock dividend on the common stock,
payable June 1 to holders of record May 10. On March 1 last, a cash
dividend of 40c. a share was paid on the issue, while previously stock
distributions of 1% each were made quarterly.
-V.122, p. 2052.
McIntyre Porcupine Mines, Ltd.-Earnings.-
-Quar Ended Mar.31- -9 Mos. Mar. 31Period1925.
1926.
1925.
1926.
Gross recovery
$972,400
$876,155 $2,805,207 $2,665,515
Net earns, after exp. &
$182,868
taxes but bef. deprec_
1,254,345
1,234,043
443.837
404,336
-V. 122. p. 490.
Loew's, Inc.
-Debentures Sold.
-Dillon, Read & Co.
Manhattan Electrical Supply Co.
-Sale of Battery Busiand the National City Co., have sold at 993' and int.,
to yield about 6.05%, $15,000,000 15-year 6% sinking fund ness Made to National Carbon Co.
See National Carbon Co. below.
-V. 122, p. 1926.
gold debentures (with stock purchase warrants).
lo Dated April 1 1926; due April 1 1941. Int. payable A. & 0. without
Mason Tire & Rubber Co., Kent, Ohio.
-Report.
-
deduction for normal Federal income tax not exceeding 2% per annum.
Penna. 4
-mills tax, Conn. 4
-mills tax and Mass, income tax not exceeding
6% per annum refunded. Principal and int. payable in N. Y. City at
office of Dillon, Read & Co. Denom. $1.000 and $500c5 In addition
.
to sinking fund redemption, the debentures are red. all or part by lot,
on any int. date on 30 days' notice at 105 and int., on or before April 1
1931. with successive reductions in the redemption price of 34 of 1% on
each semi-annual hit, payment date thereafter until maturity. National
City Bank, New York, trustee.
Stock Purchase Warrants.-Each debenture will have attached thereto,
upon original issue, a stock purchase warrant detachable on and after
Oct. 1 1926 evidencing the right of the holder thereof to purchase (common)
shares of the company, in the ratio of 5 shares for each $1,000 principal
amount of debentures, at the price of $55 per share, at any time on or
before April 1 1931.
Sinking Fund.
-A minimum sinking fund of $500,000 per annum,
payable semi-annually, will be provided, first payment on or before Oct. 1
1926 to purhcase debentures at not exceeding 101 and int., or, if not so
obtainable, to redeem debentures by lot at 101 and int. The sinking
fund will be increased, up to a maximum sinking fund of $1,000,000 paid
in any fiscal year, by an amount equal to one-half the total cash dividends
paid during the preceding fiscal year on the company's (common) shares
In excess of $3,407,340 or such part thereof as will be equivalent to $3 per
share on the (common) shares now outstanding, plus shares issued on
exercise of the above warrants.
Data from Letter of Marcus Loew, President of Loew's, Inc.
Company.
-Is one of the largest factors in each of the three divisions
of the motion picture industry; namely, production, distribution and
exhibition of films. It is the outgrowth of the amusement enterprises
which had been owned and successfully operated by Marcus Loew and
associates since 1905. The present holding company, formed in 1919,
has shown substantial net profits in each year since organization.
Through subsidiary companies, Loew's Inc. owns, leases or directs a
chain of 105 theatres in the United States and foreign countries. The
number of cash admissions to the company's theatres during the year
1925 was 75.570,840. The company's policy of theatre operation has
been the construction or acquisition of theatres of large seating capacity
centrally located in the principal cities of the United States.
Metro-Goldwyn Pictures Corp., the entire common stock of which is
owned by Loew's, Inc., enjoys a leading position among the world's motion
picture producing companies and has built up a high reputation for the
popularity and artistry of its productions. Its photo-plays are known
to the public as Metro-Goldwyn-Mayer productions, the most outstanding
of the current pictures being "The Big Parade,""Ben Hur,""La Boheme"
and "The Merry Widow." Metro-Goldwyn's productions are distributed
by its own organization in practically every part of the United States
and in many foreign countries. The cost of each film is written off at
a rate which absorbs over 87% of the cost in one year from date of its
general release.
Purpose.
-Proceeds from the sale of these debentures will be used as
follows: $2,000,000 to take over a secured loan to U. F. A. of Germany
made in consideration of a contract for the distribution and exhibition of
Metro-Goldwyn-Mayer films in Germany; $3,000,000 to increase working
capital through liquidation of total outstanding bank loans; the balance
for investment in new theatre enterprises and for other corporate purposes.
Income.
-For the three years ended Aug. 31 1925 and the current fiscal
year to Jan. 17 1926 results of operations of Loew's, Inc., and whollyowned subsidiaries, plus dividends received from other subsidiaries and
affiliated companies, have been as follows:
Years Ended Aug. 31
Sept. 1'25 to
1923.
1924.
1925.
Jan. 17 '26.
Netinc.avail.for int.*- - $3,027,456 $4,203,486 $6,117,117 $2,770,233
Int.on subsidiaries' debt
345,326
402,453
491,783
219,389
Divs,on subs.' pref. stk_
78,174
103,385
310,186
Calendar YearsGross sales
Returns and allowances
1924.
1925.
$9,841,136 $9,754,357
542,404
404,568
Net sales
$9,436,567 $9,211,953
Cost of sales, including depreciation
7,319,345 7,138.465
Selling & adm.exp.,incl.loss on uncollectible accounts 1,540,636 1,764,487
Other income-Interest and discount, and miscell_ _ _ Cr.37,246 Cr.73,928
Deduct-Ink. & disct., price decline adjust. & miscell. 447,871
431,491
Net income
lopersli$4od8,6fr50m1
Note.
-Cumulative preferred dividends are in arrears for 6
$1 r5i9he1
July 1 1923 to Dec. 311925.-V. 121, p. 2530.
May Dept. Stores Co.(& Subs.).-Bal. Sheet Jan. 31.1925.
1925.
1926.
Assets$
$
Liabilities$
$
Real estate, bldgs., 1926.
&c7%
preferred stock 4,988,300 5,243,100
12,666,639 11,218,688 Common stock_ _26,000.000 26,000,000
Cash
7,018,170 5,940,996 Accounts payable_ 2,662,041 2,773,090
U.S. certificates
806,399 Accts. pay., mdse.
298,016
Accts.& notes rec.,
11;380807:030044
in transit
less reserve
10,024,196 9,580.219 Notes Payable_.. 153 0 0 0
__ 1, 65 666
0;0
Sundry debtors
472,614
774,130 Sundry creditors,
Inventories
16,112.834 15,103.749
incl. accr. taxes_ 1,660,463 1,826,280
Investments
1,073,417
824,392 Res. for trading
349,930
Delivery equipm't 192,923
262,025
160,288 stamps,&c
Deferred chges.,&c 385,458
328,639 Purchase money
'49,613
Good-will, trade
42,000
names, &c
15,015,226 15,015,226 Aliow. MPFet -x,
m tge8 e La & contingencies_ 2,204,094 1.939.207
x22,574,903 18.794.161
Surplus
Total
63,259,492 59,752,725
63,259,492 59,752,725
Total
x General surplus, $15,452,544; special surplus. $3,700,000; property
surplus, $3,422,359.
The income account was published in V. 122, p. 1775.
Medical Arts Building (Medical Building Co., Inc.),
Atlanta, Ga.-Bonds Offered.
-Adair Realty & Trust Co.
are offering at prices to yield from 63.1% to 63/2%, according to maturity, $625,000 1st mtge. 63/2% guaranteed
serial gold bonds.
Dated March 15 1926: due serially March 1928-1938. Int. payable
M. & S. at any office of the Adair Realty & Trust Co.and at the offices
of the Adal” Realty & Mortgage Co., N. Y. City. Bonds payable at Adair
Realty & Trust Co., Atlanta, Ga. Callable at 102 and int, on any int.
date upon 30 days' notice. Adair Realty & Trust Co. trustee. Federal
income tax up to 2%; personal property tax; Penna., Conn., Maryland,
'
Dist. of Col.; Mass,income tax up to 6%,refunded.
The building will be located on the west side of Peachtree St. near Forrest
Ave., Atlanta, Ga. The lot will have a frontage on three streets. The
value of this land has been appraised by the Atlanta Real Estate Board
at $121.000. The Medical Arts Bldg. will be of steel construction, strictly
modern and fireproof throughout, and will have 12 stories and basement.
In addition to the Medical Bldg., a garage building, 3 stories in height of
reinforced concrete fireproof construction, will be erected, having a storage
capacity of 120 automobiles. The cost of the Medical Bldg. and garage
has been estimated at $836,405, making the total appraised value of the
security $957,405.
After making the proper allowances for vacancies, the annual gross income for this building has been estimated at $149.222; the yearly expenses
are estimated at $59,160,leaving an estimated annual net income of$90,062.
approximately 23.4 times the greatest annual interest charge. ,
Net income applicable
to other interest-- $2,682,130 $3,722,859 $5,315,148 $2,447,459
Mengel Co. & Subs., Louisville,Ky.-Annual Report.
Maximum debenture int.
900,000
900,000
346,154
900,000
* Being net income after depreciation, but before int. charges. Federal
1922.
1924.
Calendar Years1925.
1923.
Income taxes, and extraordinary charges of $1,062,515 to profit and loss. Net sales
$11,991.470 $10.829,501 $10,825,277 $7,948,970
Such net income applicable to other interest for the fiscal year ended Cost of sales
8,279.269 7,944,830 6,104,242
9.205.093
Aug. 31 1925 was 5.9 times maximum annual interest charges of $900,000 Sell., adm. &c., exp
1,147.598
1,261,985
1,144,420
999,161
on the debentures, and for the total period shown above the average annual Depreciation
573,984
565,672
643,189
512,866
rate of such net income was more than 4.6 times such charges. The Interest (net)
317.448
287,422
308,511
273,199
above statement does not give effect to benefits expected to result from Federal taxes (est.)
85.000
use of additional capital obtained through this financing.
Cr.30,932
19,142
Miscell. deductions_ _
81,855
53,132
After deducting from net income applicable to other interest, as shown
above, all other interest charges and Federal income taxes at the rate of
Net profit
$578,891
$530,399
$702.471
$6.369
1334% (but without allowing for interest on the debentures), the re- Previous surplus
1,170,150
1,118,703
394,319
1,871,702
maining amount applicable to the company's shares was $4,537,669 for Adjustments, Cr
6,949
131.424
130.779
the fiscal year ended Aug. 31 1925 and 32,046,893 for the 20 weeks ended
Jan. 17 1926. Such amount was equal to $4 27 per (common) share now
Total surplus
$1,697,594 $1.707.498 $1,228,214 $2,008,850
outstanding, for the fiscal year ended Aug. 31 1925 and was at the annual Adj. of timb.,rails, &e_
Dr.555,638
rate of more than $5 per share, for the 20 weeks ended Jan. 17 1926.
Trans. to spec. res, acct.
Guaranty.
-The debentures will be guaranteed as to principal, interest
apprec.of perm.assets
and sinking fund, by M-G-Ivl Co., Inc. (a:corporation to be formed under
at Dec. 31
Dr1,000.000
the foregoing or some other name, to which all of the common stockf of Adj.for min.,incl.in Bur.
Metro-Goldwyn Pictures Corp. will be transferred by Loew's, Inc.) and (or)
Dr.7,803
Dr.1,171
of Meng. Body Co_ _ _
Cr.742
by Metro-Goldwyn Pictures Corp. subject to any rights of the pref. stock Preferred dividends-- -(7%)235,221(1734)588053 (134)58,805 (134)58.893
of said corporation, to the end OA at least the equity represented by the
common stock of Metro-Goldwyn Pictures Corp.. or the proceeds thereof,
Profit and loss,surplus $1,454.570 $1.118,275 $1,170,150
1394,319
shall continue to be directly or indirectly behind the debentures. Loew's, -V. 121, p.2648.
Inc., reserves the right, in the event of such guaranty by M-G-M Co., Inc..
to distribute the shares of M-G-M Co.
Merchant & Miners Transportation Co.
,Inc., to the stockholders of Loew's,
-Listing.
Inc. The equity represented by the common stock of Metro-Goldwyn PicThe Baltimore Stock Exchange has authorized the listing of 242,272 shares
tures Corp.is included in the consolidated balance sheet of Loew's,Inc.,and capital stock.
wholly-owned subsidiaries as of Jan. 17 1926 at $7,328,505. Of the aggreEarnings, Calendar Years1925.
1924.
gate "net income applicable to other interest," as shown under "income" Gross
$8,864,297 $7,484,229
above, for the period from Sept. 1 1922 to Jan. 17 1926. about 38% was Net
837,722
1,488,198
contributed by Metro
-Goldwyn Pictures Corp.
121, p.2761.
Equity.
-The eciuity for the debentures is represented by 1.060,780
Minnesota & Ontario Paper Co.
(common) shares having a current market value on the New 'York Stock
-Bonds Sold.
-HalExchange of approximately $36 per share, or a total of over $38,000,000. sey, Stuart & Co., Inc., the Minnesota Loan & Trust Co.,
During 1925 the shares sold as high as $44 75 per share.
Listing.
-'-Company has agreed to make application in due course to list First Trust & Savings Bank, Illinois Merchants Trust Co.,
the debentures on the New York Stock Exchange.
-V.122. p. 222.
Brown Brothers & Co., Continental and Commercial Trust
Magma Copper Co.
-Income A cct.(incl.Mag. Ariz. RR.) & Savings Bank, Bond & Goodwin, Inc., and Old Colony
1923.
1922.
Corp. have sold at 993' and int. $4,000,000 1st mtge.
$419,669 $1,022,822
520,719
1,422,460 sinking fund 6% gold bonds, Series B.
Calendar Years1924.
1925.
Sales of copper
$4,005,719 $2,555,774
Cost of sales &c
1.504,513
2,520,691
General, selling, admin.
expenses, taxes, &c_ _
105,843
111,046
Interest & other incomO_ Cr.40.098
Cr.21,026
Railway oper. loss (net)44,779
37.998
Int. on bds., disc., &c_
377,366
419.422
Dividends ($2.25)
918.349
Dated Jan. 1 1926: due Jan. 1 1948. Interest payable J. & J. without
deduction for Federal income taxes not In excess of 2%. Principal and int.
(J. & D.) payable either in U. S. gold coin at office of Minnesota Loan
& Trust Co., trustee, or at offices of Halsey, Stuart & Co., Inc., in Chicago
and New York, or in Canadian gold coin at the offices of Dominion Bank in
Toronto, Montreal, St. John, Winnipeg and Vancouver. Denom. 31,000,
$500 and $100 c*. Red. all or part upon 60 days' notice at the following
Surplus for years
$544,298 def$514,480 def$701,762 prices and int.' 105 to Jan. 11936; 10234 on Jan. 1 1936 and thereafter to
$38,299
Jan. 11941; and 101 on Jan. 1 1941 and thereafter to maturity. Penn. and
Earnings for Quarters Ended March 31.
Conn.4 mills and Maryland 434 mills taxes, Dist. of Col, personal property
1926.
1925.
Net earns, after expenses but before deprec _ _---_
$442,826
$518,536 taxes not exceeding 5 mills per dollar per annum, and Mass, income tax on
During the quarter there were produced 7,115.386 lbs. of refined copper the int. on these bonds not exceeding 6% of such int, per annum,refunded.
at a cost of 7.89c. per pound after deducting gold and silver values.
- Data from Letter of E. W. Backus, Pres., Minneapolis, April 14.
Company.-Incorp. in 1908 in Maine. Company is with its subsidiaries
V. 121, p. 2048.
102,796
Cr.58,049
6,256
362,427
161.545
Cr.74,056
36,721
177.915
APR. 17 1926.]
2203
THE CHRONICLE
among the largest newsprint paper manufacturers in the world. The plants
are strategically located for low-cost manufacture and distribution of the
products, which also include sulphate (Kraft) pulp, insulite, lumber and
other forest products. The ownership and operations constitute a selfcontained unit from the fundamental requisites
-power and raw materials
through to the finished products. The actual holdings in Minnesota and
Ontario are reliable estimated to contain sufficient pulpwood and sawing
timber to keep the present paper mills and sawmills in operation beyond the
maturity of these Series B bonds. The timber supply in .Minnesota and
Ontario contiguous and tributary to the mills embrace a forest area of approximately 50,000 square miles, and contains an almost inexhaustible
supply of spruce pulpwood and other paper-making woods.
The hydro-electric and hydraulic developments, paper and sawmill plants
have been appraised by independent experts. These appraisals alone,
exclusive of the value of timber lands, timber permits, and pulpwood and
timber limits in Minnesota and Ontario. aggregate an amount largely in
excess of the 1st mtge. sinking fund gold bonds to be presently outstanding.
Sinking Fund.
-A sinking fund, sufficient to retire all Series B bonds by
maturity, will be provided which will acquire, either by purchase or redemption, and cancel $1,250,000 principal amount of these Series B bonds on
or before Jan. 1 of each of the years 1946 and 1947, and $1,500,000 principal amount on or before Jan. 1 1948.
CapitalizationAuthorized. Outstanding.
6% participating cumulative preferred stock
$5.000,000 53,756.000
Common stock
15,000,000 9,392.000
1st M.sink.fund 6s, Ser. A,due 1930 to 1945116,000.000
(a)
do
do
Series B (this issue)____ f
I 4,000.000
5
-year6% gold notes,due March 1 1931
3,500,000
Surplus, as per balance sheet
31.246,792
a Issuance of additional bonds limited by the restrictions of the mortgage hereinafter summarized.
Purpose.
-Proceeds will be used to reimburse the company in part for
expenditures made and to be made for additions to physical properties,
including a mill for the manufacture of high test Kraft liner board at International Falls, the extension of the groundwood pulp and newsprint mills
at Fort Frances, and a hydro-electric development of 27,000 h. p. adjacent
thereto.
Earnings.
-Although reflecting no return on over $13.000,000 expended
or being expended on properties to be presently in operation, the consolidated net earnings after depletion, local taxes and liberal charges for maintenance and repairs, but before providing for interest, depreciation and
income taxes, as certified by independent auditors, are given below for the
three periods:
13 months ended Dec. 31 1925
$3,800,225
11 months ended Nov. 30 1924
2.296,213
12 months ended Dec. 31 1923
3,624,574
Security -Secured by a direct closed first mortgage on the Monterey.
a completed and successful apartment hotel, together with land owned
in fee and leasehold estate thereunder. The entire property fronts 75 ft.
631 in. on Broadway and 173 ft. on W.94th St. Approximately two-thirds
of this property, including the corner, is owned in fee. The only portion
held on leasehold is the plot 33 ft. 6 in, north of 94th St., and fronting
42 ft. 6 in. on Broadway, running to an average depth of 139 ft. Land
owned in fee and completed building have been valued at 51,350,000.
The building comprises two units joined together and operated as one.
The original building occupying the corner property, was erected in 1914
and the addition in 1916. The building is 12 stories in height, of strictly
fireproof construction containing 351 suites, with a bath for each bedroom.
There are two stores and a restaurant fronting on Broadway, and two
sotres fronting on 94th St., all of which are under lease.
Earnings.
-Actual net earnings over a period of the last five years and
after deducting all taxes, operating and maintenance charges and insurance
have averaged $158,198 per annum. This sum is more than twice the
greatest combined annual interest and principal requirements on this
bond issue.
-Annual Report.
Mountain & Gulf Oil Co.
The net operating profit for the year of 1925 was $1.361,623 before
deductions for depreciation, depletion and Federal taxes. Company
declared its initial dividend on March 20 1925. of 2% regular and 1% extra
payable April 15 1925. This dividend has been maintained. dividend No.4
being paid Jan. 15 1926. Dividends paid amounted to 5444.624.
During the past year the company drilled and equipped 14 wells at a cost
of approximately 5375.000. Company now has 89 completed oil wells on
its Salt Creek acreage, of the above wells 11 are now shut In for repairs and
cleaning. From 78 wells present production is approximately 3,500 barrels
per day gross. 1926 drilling program calls for at least 8 new wells.
Balance Sheet Dec. 31.
1924.
1925.
1924.
1925.
Liabilities$
$
Assets$
$
3,705,200 3,705,200
Oil lands & leases_ 7,375,512 7,550,573 Capital stock
.
32,179
47,259
697,281 Acc'ts payable_
Field inv.& equip_ 705,195
98,346
179,972 Working lilts. pay_ 157,881
317,890
Cash
100,000
428,299 Contracts pay __ __ 350.000
1,292,739
Bonds
4,482
Res. for taxes.__
67,215
73,000
Stocks
327,185 Unclaim dive. &
Notes receivable__ 100,000
diva. payable_ __ 119,846
382,737
Acc'ts receivable__ 152,679
7,979
3,480
Res, for min. Int__
53,553
Invests in other cos
5,915,720 5,926,792
319,513 Surplus
Deferred assets_ _ _ 285,452
10,356,023 9,885,561
Total
-V. 122. p. 1621.
Total
10,356,023 9,885,561
Annual average
$3,240,337
Maximum annual interest charges on 1st mtge. sinking fund
gold bonds require
$1,200,000
-V. 121, p. 1685.
Mountain View Apartments, Ltd., Hamilton, Ont.-Dickson, Jolliffe & Co., and Stewart, Scully
Bonds Offered.
Co., Ltd., Toronto, are offering at 100 and int. $300,000 7%
Montague City (Mass.) Rod Co.
-Stocks Offered.
- 1st mtge. (closed) sinking fund gold bonds.
Dated Feb. 1 1926. maturing Feb. 1 1946. Principal and interest
William C. Simons, Inc., Springfield, Mass., are offering
Bank of Commerce at
offices
6,000 shares $7 participating preferred (a. & d.) stock at (F. & A.) payable at chiefDenom.of the Canadian$100 c*. Red. all or
Toronto and Hamilton.
$1,000, $500,
(par) $100 per share and div. The same bankers are offer- part on any int. date on 30 days' notice at 103 and int. to Feb. 1 1934; at
102 and int. thereafter to Feb. 11941. and at 101 and Int. thereafter until
ing 6,000 shares (no par) common stock at $32 per share.
maturity. Chartered Trust & Executor Co., Toronto, trustee.
Preferred stock preferred over common stock as to assets up to 5110 a
share and diva. Preferred as to cumulative dive. up to $7 per share per
annum. Non-voting except in the event of a default of 6 consecutive
quarterly dividends. Callable on 30 days' notice, all or part, by lot, on
any div. date at 120 and diva. Cumulative preferred payable Q.
-M., and
participating equally with the common stock on any divs. paid on the common stock in excess of $3 per share per annum until $10 has been paid on the
preferred stock. Transfer agent, Springfield Safe Deposit & Trust Co.,
Springfield, Mass.
CapitalizationAuthorized. Outstanding.
Participating preferred (par $100)
6.000 shs. 6,000 shs.
Common stock (no par value)
20.000 shs. 20,000 shs.
Company.
-Established in 1887 at Montague City for the manufacture
of split bamboo fishing rods. Owns and operates plants in Montague
City, Mass., Pelham, Mass.. Post Mills, Vt., and operates a reel plant in
Brooklyn, N.Y. The product of the company is sold to all principal wholesale dealers in the United States, and the company manufactures more than
one-half of the finer fishing rods in the world.
Sinking Fund.
-Payable annually at the rate of at least 10% of netincome
for preceding year, beginning with the fiscal year ending July 311927, an
thereafter, after deducting preferred dividends, to be used for the retire
ment of participating preferred stock if purchasable up to $110 per share,
and if not so purchasable to revert to the corporation.
Purpose of Issue.
-Proceeds will be used for financing the acquisition of
the original stock from the founders and their associates.
Earnings -Company has never failed to show substantial earnings from
the time ofits incorporation in 1887. It has paid liberal cash dividendsfrom
every year since 1890. In addition,it has paid stock dividends,one of400%
and one of 662-3%.
Average net earnings for the past 3% years, after consideration of certain
non-recurring charges,equals $130,642, which is more than 3 times preferred
stock requirements.
Moon Motor Car Co.
-Net Sales.
-
President Stewart McDonald announces that net sales for the first quarter
of the year were 8.1% ahead of those of the same quarter of 1925 and that
shipping orders on file for the second quarter of this year are the heaviest
In the history of the company.
-V. 122, p. 1926.
Mount Vernon-Woodberry Mills, Inc.
-Report.
-
Calendar YearsNet profit from operations, &c
Other income
1925.
51.110.873
130,940
1924.
5200,870
83.460
Gross income
Interest & expense on deb. notes
Other interest
Provision for depreciation-net
Provision for Federal S; State taxes
51,241.813
144.258
66.349
367,803
40.000
$284.331
140,000
16.078
375.004
Net income
Previous surplus
Gress surplus
Divs. paid on pref.stock
$623.403 def$246,752
838.382
1.266383
$1.461.785 51.020,131
(55)363,497(82.50)181749
The property consists of a block of land with a frontage facing on James
St. South, of approximately 232 ft., and on Freeman Place, Hamilton, of
-story
275 ft., on which there is now being erected a modern, high class 5
apartment house, containing 81 suites of one, two, three, four, five and six
room apartments comprising 283 rooms and 91 bathrooms, together with
a heated fireproof garage, with space for 40 cars. Valuation. $586.200.
The net revenue from rentals after providing full operating charges and
deducting 10% for vacancies are estimated at $56,656, or more than 23
times the 1st mtge. bond interest.
Music Master Corp.
-Receivers.
Federal Judge Thompson at Philadelphia has appointed Melville G.
Baker, and David S. Ludlam, permanent receivers. It is reported that
assets, at present estimates, are valued at about $350,009 while liabilities.
it is said, are over 51,000,000.-V. 121, p. 2413.
-Annual Report.
Mystic Steamship Co.
Calendar Years
Gross earnings
Expenses and reserves
Interest on bonds and notes
Dividends
Undivided earnings
-V. 121, p. 1577.
1924.
1925.
52,961,554 $2,544.208
2,578.725 2,126,727
94,561
117,865
.250,000
250.000
$14,964
$72.920
-The
-Larger Common Dividend.
National Biscuit Co.
directors on April 13 declared a quarterly dividend of 4%
on the outstanding $51,163,000 common stock, par $25,
payable July 15 to holders of record June 30. From Jan. 15
1923 to April 15 1926, inclusive, the company paid quarterly
dividends of 3% each and in addition extras of 4% each were
paid on Nov. 15 1924 and Nov. 14 1925.
1924.
1923.
1926.
1925.
3 Mos.End. Mar.31Net after taxes, &c_---x$3.051,917 52,877.031 52.957,311 $2,813.700
x EquiValent after allowing for preferred dividends to $1 27 a share
(par $25) earned on the outstanding $51,163,000 common stock. This
compares with $1 19 a share in the first quarter of 1925.-V.122, p.622.
-Buys Battery Business of
National Carbon Co. (Inc.).
Manhattan Electrical Supply Co.
The sale of the battery business of the Manhattan Electrical Supply Co.
to the National Carbon Co. was confirmed on April 9 by the latter in the
following announcement: "The Manhattan Electrical Supply Co. has
arranged to sell its battery plants located at Jersey City and at Ravenna,0.,
together with all trade marks, patents and other assets pertaining to its
dry battery business, to the National Carbon Co..Inc. Dry cells heretofore
sold by Manhattan Electrical Supply Co. under the trade mark "Red Seal'
will, after consummation of the sale, be manufactured and sold by the National Carbon Co.. Inc, under the same trade mark."
The National Carbon Co. is a subsidiary of the Union Carbide & Carbon
-V. 121, p. 848.
Co.
Surplus, Dec.31
*$1.098,288
•Subject to accumulated dividends on preferred stock, when $838.382
-Proceedings
National Cash Register Co., Dayton.
declared,
of $27.50 per share.
Opened.
General Balance Sheet, Dec. 31.
The Federal Trade Commission has opened proceedings in Dayton. 0.
1925.
1924.
1925.
1924.
against the company. The testimony of J. H. Barringer and W.C. Steffey
Assets$
Liabilities$
$
$
Property, plants,&
7% cum.pref.stk__ 7,269,948 7,269,948 will be taken. Evidence has been gathered by the Trade Commission since
good-will
10,191,561 10,418,221 Common stock___ 4,511,900 4,511,900 1925 of the alleged unfair practices of the company under the decree issued
Notes purch. tars.
7% deb. notes--_- 1,800,000 2,000,000 by Judge Hollister in case brought by the United States against the National
I. payable to trus
100,000 Notes payable.,_., 1,000,000 1,500,000 Cash Register Co. In 1916.-V. 122, p. 2053.
Investments
848,632
691,608 Acc'ts payable_ _ _ _ 137,839
139,887
-Sales.
National Cloak 8c Suit Co.
344,729
Cash
513,811 Accrued wages_
43,843
45,666
-Month-1925.
1926-3 Mos.-1925.
Period End. Mar.31- 1926
57,315
8,586 Res. for coining__ 585,409
Notes receivable_ 68
9.389 Net sales
$4.440,895 54,774,163 $9.782,256 $10,522,265
Acc'tsreceivable 1,319,219 1,326,802 Miscell. reserve_ -12,065
9,632 -V. 122, p. 1621. 1037.
3,872
Interest receivable
5,218 Surplus
1,098,288
838,382
3,558,374 3,805,994
Inventories
-Capital Increase,&c.National Dairy Products Corp.
Expend. applic. to
The stockholders on April 14 approved an amendment to the certificate
134,565 Total ea. side)_16,459,292 17,004,805
future operations 135,590
of incorporation creating 55,000,000 of additional preferred stock. This
-V.121, p. 2761.
increase is for the purpose of acquiring the Breyer Corp., the Breyer Ice
(The) Monterey (Broadway-94th St. Realty Co., Inc.), Cream Co. and the Breyer Ice Cream Co., Inc., of Philadelphia and New
contract recently entered into
York, under the
-Bonds Offered.
-S. W. Straus & Co., Inc., are and Newthat $5,000,000 ofterms of aDairy Products Corp. preferredwhich
N. Y. City.
National
provides
stock
offering at prices to yield from 53' % to 6%, according to be given to the owners of the Breyer companies in partial. consideration for
.
maturity, $850,000 1st mtge. fee and leasehold 6% serial their assets. See also V. 122 p. 1776, 2053.
gold bonds.
National Food Products Corp.
-Initial Dividend.
-
The Directors of the National Food Products Corp. have declared an
Due serially, March 15 1927 to March 15 1936. Int. payable M.& S.
without deduction for Federal income tax up to 2%. Denom. $1.000. initial quarterly dividend of 625.6c. per share on the class A stockpayable
May 15 to holders of record May 3. See also V. 122, p.760. 1322.*
$500 and $100c*. Callable at 102M and int.
2204
National Tea Co., Chicago.
-March
1926
-March-1925,
24,561,503
$3,839,973
-V. 122. p. 1464, 1181.
fV0i. 1'22
THE CHRONICLE
Sales.
Increased 1926-3 Mos.-1925.
Increase.
2721,5301213,358.440 $11,428,356 $1,930,084
New Cornelia Copper Co.
-Dividend Increased.
-
The directors have declared a quarterly dividend of 40c. Per share.
payable May 24 to holders of record May 7. A dividend of 30c. per share
was paid on Feb. 23 last, and in preceding quarters dividends at the rate
of 25c. quarterly were paid.
-V.122, p.2053, 1926.
1925.
2663,434
495,098
6.674
150,000
1924.
2730,663
516,936
37
180,000
Undivided earnings__
-V. 122, p. 101.
$11,662
233,689
1922.
1923.
2880,626 $1,103,537
823,458
696,721
2,617
886
225,000
150.000
$33,019
-Panhandle Producing & Refining Co. (& Subs.).
calendar YearsGross earnings
Expenses, taxes, &c
1924.
1923.
1925.
$5,139,131 24,665,167 $3,460,699
4,848,889
4,124,029 2,929,007
Operating profits
Other income
New England Coal & Coke Co.
-Earnings.
Calendar Years
Gross earnings
Expenses and reserve& Interest
Dividends
Pacific Finance Corp.
-Definitive Notes Ready.
Definitive 535% gold notes, Series A to J, are now ready for delivery in
exchange for outstanding interim receipts at the National City Bank of
New York. For offering, see V. 122, p. 1465.
$52,462
Newsprint Investment Corp.
-To Dissolve.
-
2290.242
30,248
Gross income
Interest, discount, dre
Inventory gain
Panhandle Oil Co. income
3320.490
73,921
139.698
14.459
Net operating income
Depreciation depletion, &c
Preferred dividends
2400,726
589,248
x215.316
$541,138
40,403
$531,692
10,038
8581,541
$541,730
55.068
76,290
deb97,013 deb186.844
2408,238
785.080
x228,816
2299,818
593,462
y234,816
The stockholders on March 29 approved the acceptance of an offer proDeficit
2528.460
2605,658
$403,838
viding for the sale of a portion of the assets of this corporation, the redemp- Previous surplus
2,516,382
1,452,067
773.121
tion of its bonds, the distribution of the remaining assets and the winding Add-Amount charged against inc.
for sinking fund reserve
up of the corporation.
1,150,000
The entire assets of the corporation consist of 76,000 shares of common Cost of preferred stock retired
64,421
stock of the St. Maurice Valley Corp.; the latter has 150,000 shares of Appreciation of properties
1,308.068
common stock outstanding. The liabilities of the Newsprint Investment Miscellaneous profit and loss
24,462
Corp. consist of 61,052 shares of no par value common stock and 22,500,000 Depletion charges against discovery
210,017
values. &c
of 7% 15
318,320
-year bonds.
190,911
-Leases expired & relinquished_
The directors have arranged to sell 45.474 of the St. Maurice Valley Less
66,028
58.957
240,779
Corp. shares at a price sufficient to retire the outstanding $2,500.000 of Loss of prop. sold and retired
15.767
696.720
7% 15
-year bonds. Of the remaining shares of St. Maurice Valley Corp. Adj. of materials & supplies
71.063
2,416
common stock, one share will be issued in exchange for every two shares Bad and doubtful accounts
25,173
Miscellaneous profit & loss
2.611
of Newsprint Investment Corp. stock owned.
9,814
-V. 122. P. 1776.
011 shortage
9.156
New York Air Brake Co.
Approp. to sk.fd.for pfd.stk retire't_
300,000
-Plan Approved.
300,000
The stockholders on April 14 approved the plan calling for the retirement
Profit and loss, surplus
of the Class A stock and the issuance of 100,000 shares of additional com2773.120 21,452,067
$2,064,321
x Accrued but not paid. y Only $117,408 of this has been paid.
mon stock, already authorized, making the total capitalization 300,000
-V.121.
shares of common etock. The Class A stock is callable July 1 at $60 a p.2531.
share.
-V. 122, p. 1604, 1621.
Parker Mills,
-TreasMass.
N.Y.& Honduras Rosario Mining Co.
-Extra Dividend. urer Leonard S. Fall River, letter -Reorganization.
Chace in a
to stockholders says that
as a result of the long period of depression in the cotton cloth
industry, corporation is lacking in sufficient working capital
and has been compelled to borrow money to the extent of
New York Merchandise Co., Inc.
-Retires Pref. Stock.
- its credit. Recapitalization is obviously necessary. CredThe company announces the retirement of 2,000 shares of 7% preferred
stock of its $1.000,000 issue sold in July 1925. The directors have an- itors are ready to assist, and with the co-operation of stocknounced that they do not propose to retire 2d pref. stock, although the holders it is believed a reorganization may be effected which
company has the right to retire a proportionate amount of 2d pref. with
will be beneficial to stockholders and satisfactory to cred1st pref. stock.
-V. 122, p. 761.
itors. He further states:
Nipissing Mines Co., Ltd.
-Production.
Under the proposed reorganization plan provision has been made for an
The directors have declared a quarterly dividend of 2).6% and an extra
dividend of 2M % on the capital stock, payable April 24 to holders of record
April 14. Extra dividends of like amount were paid in the previous five
quarters.
-V. 122, p. 360.
Quarter Ended March 31Production
-V. 122, p. 1464.
1926.
$338,309
1925.
2360,886
Issue of common stock to present common stockholders in the ratio of 1 share
to 20 and to present preferred stockholders in toe ratio of 1 share to 2.
Four shares of common stock are given with each share of new preferred
stock subscribed for to be paid in cash, but not with the preferred stock
North American Cement Corporation.
-Earnings.
distributed to creditors.
The company reports for the quarter ended March 31 1926 a net income
"The provisions regarding common stock were made with
of $105,479, after depreciation and depletion, available for interest and of the principal creditors in order that present stockholders the approval
might retain
amortization. Federal taxes and dividends.
-V. 122, p. 1464, 894.
an interest in the property, which shoula be of value to than if reorganization be effected and normal business conditions ensue. According to
Oak Park (Ill.) Arms (Bldg. Corp.).
- the estimated balance sheet as of date of reorganization, the value of
-Bonds Offered.
8. W. Straus & Co., Inc., are offering at prices to yield from the common stock would appear to be $56 per share. Nevertheless, stockholders entitled to fractions of shares may obtain whole
5 2% to 63.4%, according to maturity, $600,000 1Ft mtge. for the balance at the rate of Si per fraction or 220 pershares by paying
/
3
share, and may
further maintain their present interest by purchasing preferred stock with
63% serial gold bonds.
the accompanying 4 shares of common stock. Subscriptions for this preDated March 1 1926, due serially (semi-annually) March 1927
-March ferred stock by present stockholders will be given priority in the event of
1938. Interest payable M. & S. Denom. $1,000, 2500 and $100 c*. over subscription."
Callable at 102 and interest, 2% Federal income tax paid by borrower.
The stockholders will vote April 29 on
changes in
the
The bonds are a direct closed first mortgage on a 5
-story and basement the present capital structure to carry theapprovingplan necessary
into effect.
proposed
kitchenette apartment hotel building, of reinforced concrete, fireproof
fee.
Plan of Financial Reorganization Dated April 6 1926.
construction, completely furnished and equipped, and land owned in
The building was completed in 1922 and since that time has been well
Plan.
-A plan for refinancing the business follows. Two methods are
occupied and in successful operation.
provided for. One is by reorganization: the other by sale to a new corNet earnings, available for depreciation and interst charges for the poration.
years 1924 and 1925, averaged $96,163.
The choice of method is largely dependent upon technical considerations,
but m either event the result to stockholders and creditors is luentical, as
follows:
Orpheum Circuit, Inc.
-To Redeem Bonds.
There will be 21,000 shares of preferred stock and 28,000 shares of common
The corporation has called for redemption May 1 at 104 and int. all of
the outstanding 8360.000 8% 1st mtge. 10
-year sinking fund gold bonds stock.
Subscriptions, &c., to New Stock.
issued by the Hennepin Avenue Theatre & Realty Co. of Minneapolis.
-Approximately 16.000 shares of the
The original issue of these bonds, which were issued in connection with the preferred stock will be offered to creditors in settlement of an equivalent
building of the Hennepin-Orpheum Theatre in 1920. was $450,000, of which amount of present indebtedness incurred prior to June 1925. and interest
290,000 was retired. It is stated that the redemption of other bond issues thereon, and tne balance offered to subscribers for cash to pay claims
entitled to priority and to provide additional working capital.
during 1926 will follow.
-V.122, p. 1181.
589 shares of the common stock will be distributed to present common
Otis Steel Co.
stockholders; 6,250 shares to present preferred stockholders: and so much
-Earnings.
of the b dance as may be required will be issued as a bonus in the ratio of
Quarter Ended March 311924.
1926.
1925.
4 shares of common stock for every share of preferred stock purchased
Net prof. after int., &c., but before
2174,071 for cash.
depreciation
2323,263
w$888,619
Present preferred and common stock will be cancelled.
The output of finished steel in the first quarter totaled 136,107 tons.
The preferred stock will be entitled to 7% dividends cumulative after
a new record and representing a gain of 24% over the first quarter of
1925. Pig Iron output was 97,482 tons, against 94,125 tons in 1925 period. April 30 1928, and retirable at 2105 and will have voting power. The
Pres. Hulas states.: "The second quarter is getting under way in a common stock will be of no par value, with voting power but subject to
most satisfactory manner. Present indications are that the volume will certain conditions.
Existing Obligations.
-There are certain obligations which, because of
-V. 122, p.
remain on a substantial level over the next few months."
their nature, cannot be asked to accept preferred stock in settlement.
2054, 1926.
These will be arranged for as follows:
Ovington Bro's. Co.-Earnings.
$983,500 outstanding 5% mortgage bonds to remain undisturbed. $370,Year EndedNet Sales. Net Income. 000 loaned by banks under special provisions to enable the company to
Dec. 31 1924
23,166,075
2146,737 continue in operation to be refunded by other obligations. Other notes,
Jan. 31 1926
3,420,218
234,542 acceptances, and accounts payable incurred under similar special provisions,
taxes, accrued interest on bonds, aim miscellaneous liabilities, aggregating
-V. 122, p. 225.
approximately 2568.600, to be regarded as current liabilities, for which
Pan American Petroleum & Transport Co.
-Report.
- provision is made by the sale of preferred stock.
Calendar Years1923.
1922.
1924.
1925.
Balance Sheet, as of Dale of Reorganization.
Profit from operation_ -$41,973.196 $29.721,151 $32.142.906 $48,049.737
AssetsLiabilities
Int. & amort. chgs. (net)
1.108.622 Cash on hand
1,586.610
809.962
79.2'21
520.000 Accounts Payable
5568,600
Depreciation & depletion 10.053.519 10,577,180 8,359,269 10,785.178 Cash
from preferred stock__
. 500,000 Renewed obligations
378,000
Federal taxes
4.000.000 2,250.000 2,500.000 4,580.000 Accounts receivable
134,300 Mort. bonds
983,600
Appl. to mm. interests504,462
122.289
391,288
Stock in process, &c
1,348,4 0 Preferred stock
,
2,100,009
Plant and property
3,702,060 Profit and loss
a 1,674,660
Net income
827,335.995 $15.185.072 820,352.387 231.575.937
Previous surplus
11 ,832.605 8,276,917 30,830.122 25,457,423
Total
S8,704.7,0 Total
$5,704,760
--a Represented by 28,000 shares no par common stock.
Total surplus
$39,168,600 823.461,990 $51,182,510 $57,033,360
The company has 231.000 spindles and 5,400 looms, producing fine and
Prop. aband. unamort.
fancy cotton cloth.
discount & premium.
1,261,714
Upon completion of refinancing, the company will have no debt on its
Common diva
16,477,044 10,367.671 20,457,510 10,561,508
Rate
(12%)
(16%)
(13%) plant, its credit position will be restored,and given a demand for its product,
(8)%
do Common stock_
(20)21232088(25)21231900 It should meet competition at a profit.
The company is now operating to its full capacity, and a substantial
Invest., &c., adjust_ _ _ _Dr7,333,075
Dr.1.215.994 Cr5,590,170
proportion of its production is sold ahead. Failure to complete the reProfit & loss surplus_ _$15,358.481 211,832.605 $8,276.917 $30,830,122 financing would cause the company to cease operations, to lose its favorable
position in toe cloth market, and to sell its plant. In such event creditors
-V. 122, p. 1181. 102.
and stockholders would be sacrificed.
Pan American Western Petroleum Co. (& Subs.).
Subscription for Preferred Stock.
Income Account for Year Ended Dec. 31 1925.
It is proposed to reorganize the finances of the company by reduction of
Gross sales
$28.583,179 its capital stock to 6.848 shares of common stock of.no par value in subOperating and other costs
19,150,428 stitution of present preferred and common stock, and by an increase of
capital to be represented by 21 000 shares of preferred stock and 28.000
Profit from operations
9,432.751 shares of common stock, including the 6,848 shares above referred to; or
Deprec. and depl., $2,940,675; aband. of props.. 2648,370; total 3,589.045 by a sale of the property to a new corporation capitalized on the same basis
Gen. and adm. exp.. $700,047; int., $528,125; prov.for Fed tax,
as above described.
$382,924; total
In either event, the two classes of stock shall be entitled to privileges-and
1.611.096
subject to limitations and restrictions as described on the reverse hereof.
Net profit
$4,232,609 The subscriber will be entitled to 4 shares of common stock for each share
-V. 121. p. 3015.
of preferred stock.
Soar. kulgiliks
-
APR. 17 1926.]
2205
THE CHRONICLE
as to all other assists.
In consideration of the above present stockholders may subscribe for new subsidiary company: and by wayof a Beating charge
-Net earnings available for bond and debenture interest after
Earnings.
preferred stock. at $100 per share therefor, in the following manner: 50% of
charges, maintenance and repairs, but before
the purchase price 10 days after date of call therefor: 25% July 10 1926, deducting all operating taxes have been as follows:
with int. at the rate of 6% per annum from Juno 1 to dale of payment: depreciation and federal
$825,846
25% Aug. 10 1926, with interest at the rate of 6% per annum from June 1 Year ending June 30 1924
868.469
to date of payment. Interest at the rate of6% per annum will be charged Year ending June 30 1925
494,815
6 months ending Dec. 31 1925
on•all overdue payments.
109,760
Month of Dec. 1925
-Net Sales.
(David) Pender Grocery Co.
-Company covenants that it will create and maintain a
Sinking Fund.'
1926-3 Mos.-1925.
-Month-1925.
Period Ended March 31- 1926
sinking fund sufficient to retire at maturity this whole issue of mortgage
$829,201 $614.477 $2,399,579 $1,864,622 debentures by payment to the trustee on Jan. 2 of each year commencing
Net sales
Since Jan. 1 1926 there were opened 19 additional stores, bringing the total 1928 up to and including the year 1934, the gurn of $200.000, and on Jan.
up to 261.--ir. 122. 1). 1465, 894.
2 for each of the years 1935 and 1936, the sum of $300.000. This shaking
fund will be applied to the redemption of mortgage debentures by purchase
-Initial Dividend.
(Albert) Indic, Bart 4lt Co., Inc.
in the open market at or below the redemption price and if not so obtainable
The directors have declared an initial quarterly dividend of 4354c. per within 60 days' to the redemption of mortgage debentures by lot at 102
share on the Class A pref. stock, payable May 15 to holders of record and accrued interest.
April 23. See also V. 122, p. 2763, 3141.
--These mortgage debentures will carry stock
. Stock Purchase Warrants.
purchase warrants, non-detachable before March 1 1927,entitling the holder
-Listing-Earnings.
Posture Cereal Co., Inc.
per share up to and incl. Aug. 31 1928. 3 shares of the
to purchase at
the Bating of 95,000 addi- common stock $50each $1.000 mortgage debenture held. Further details
The New York Stock Exchange has authorized
for
•
tional shares of common stock without par value, on official notice of issu- regarding history, property, capitalization, &c., in V. 122. p. 1466.
ance in exchange for the entire outstanding Class B cornraon stock of Igie-heart Brothers. Inc., with authority to add 5.000 shares common stock,
-Dividend of V.
St. Mary's Mineral Land Co.
on official notice of issuance to employees, making the total amount applied
The directors have declared a dividend of $2 per share, payable may 18
for 1,475,000 shares.
to holders of record April 17. Distribution of 83 per share were made on
The directors on March 29 authorized the issuance of 95.000 shares of May 20 1924 and May 20 1925.---V. 122, p. 1183.
common stock for the purpose of acquiring as of March 31 1926 the entire
outstanding Class B eonlolOri stock, consisting of 5.000 shares, without par
-Organized.
St. Maurice Valley Sales Corp.
value, of Igleheart Brothers, Inc. (Del.), which has an authorized capital
Announcement has been made by the St. Maurice Valley Corp. of the
of 95,000 shares of Class A common stock, without pax value, and 5,000 formation of the St. Maurice Valley Sles Corp. which will take over
shares of Class B common stock, without par value. This corporation sill the business of the St. Maurice Sales Co. and the Ilielgo Export Co. The
'
on March 311926. through the issue of all of its Class A stock and $595,000 St. Maurice Sales Co. has handled the output of the St. Maurice Division
In cash, succeed to the business and assets of Igleheart Brothers, an Indiana of the St. Maurice Valley Corp., as well as the output of the St. Lawrence
corporation. The balance of the consideration to be paid by Postum Paper Mills, Ltd., and the Deaver Board Co., Ltd. The Bele° Export
Cereal Co., Inc., is the sum of 8595,000. payable In cash. The Indiana Co. is the sales agency for the Beige Canadian Paper Co.. Ltd. The
corporation is to be dissolved.
new corporation will also be the sales agency for the Port Alfred Pulp &
The firm of Igleheart Brothers was founded in 1856. In 1892 a partner- Paper Corp.
Ship business was incorporated as Igleheart Brothers, with an authorized
It is understood that Thomas P. Waller will be appointed Vice-Pros.
capital stock of $60.000. From a comparatively small plant and small of the St. Maurice Valley Corp., and that he will be in direct charge of
-known manuinitial investment the business has grown until now it is a will
in the capacity of Vice-Pres.
distributor of package pastry flour. Improvements and addi- the Sales corporation two sales agencies as a unit should result in a subfacturer and
The operating of the
tions have increased the manufacturing and storage facilities until the pres- stantial reduction in overhead expenses, and should therefore add to the
ent plant occupies approximately 76,000 sq. ft. (including floor space of economy being effected by the St. Maurice Valley Corp.. through its
concrete and steel grain tanks). The main site consists of approximately consolidation of the Itelgo Canadian Paper Co.. Ltd., and the St. Maurice
12 acres, on which there are 12 buildings and a battery of 61 twain% The Paper Co.
wheat storage capacity is now approximately 1,000,000 bushels, consisting
It is understood that the St. Maurice Wiley Sales Corp. will centre its
of steel and concrete tanks or elevators. In Aug. 1919 company acquired activities in Montreal, with branches in New York and other important
an additional flour :mill located In Evansville. Igleheart Brothers now owns Publishing centres.
elevators (9 on leased ground and 7 on owned real estate) and
16 country
operates 21 others, having an average capacity of between 15,000 and 20,000
Security Bond & Mortgage CO. (Pla.).---$071618 Offered.
bushels located In southern Illinois and Indiana. These country elevators
owned and operated are used for the storage of wheat purchased from farm- J. A. W. Iglehart & Co., Bodell & Co., Harrison, Smith &
and in
ers in their respective localities and all are adjacent to railroad sidings.
Co. and Smith, Hull & Co. are offermg
Income Statement Years Ended June 30 (Igleheart Bros.)
$5015,000 1st nitgre. 6% collateral trust golcl bcolds, series ().
Net
Fed'l Taxes
Net
Interest
DepreDated May 1 1926. maturities from one to five years. Principal and int.
Paid.
Paid.
Earnings.
Profit.
elation.
payable at the Maryland Trust Co., Baltimore, Md.. without deduction
$332,805
$41,529
$16,798
$94,327
$180.150 for the normal Federal income tax of 2%, and with a refund of any state,
1921
839,353
211,667
21,345
569,572 county or municipal tax up to 5 mills.
36,768
1922
742,355
81.287
24,507
593,200
43,360
1923
The mortgages securing the bonds are guaranteed unconditionally as to
926.537
13,802
753,291 principal and interest by the Maryland Casualty Co. and deposited with the
53.655
105,787
1924
941,167
737,365 Maryland Trust Co. as Trustee.
104,247
22,380
77,173
1925
-V. 122. P. 763.
490,136
31,222
1925-x1 ,069
70,000
x Six months ended Dec. 31.
-Expansion
(Frank (.1.) Shattuck Co.
Consolidated Income Account (Postum Cereal Co. & Subs.) Quarter Ended
This company, which has under way an extensive program of expansion,
March 31 1926 INot including Igleheart Bros.].
opened a new store at 31 Broadway, N. Y. City, last week. This is the
$11,451,888 (kat of the company's new Schrafft's stores to be opened in accordance with
Sales
7,860,028 its 1026 program and it increases to 27 the chain of Schrafft's stores now in
Total expenses, less miscellaneous income
Income tax
485.539 operation. It is further announced that within the next few weeks additional
units will be opened by the company at 41 Maiden Lane and at 1424 BroadNet income
*83,106.321 way, N. Y. City. Two other stores, the company announces, will be
-story factory
summer and in June the company's new 15
* Equals $226 per Share on 1,370,000 shares of no pax common stock; opened in earlySt., N. Y., will be placed in operation.
-V. 121. P. 2169.
22d
this compares with $2,775,644 equivalent to $2 02 per share earned in the at 43 West
Brat quarter of 1925.--V. 122, p. 1622.
Southern Coal & Iron Corp.---Receiver.--Harry A. Mackey, City Treasurer of Philadelphia was appointed receiver
Price Elms. 4k Co., Ltd.
-New Directors.in equity April 8 by Federal Judge Dickinson under a bill filed by William
(i. 0. Allan. of New York, and A. J. Brown, II.O. V. M. Drury, and
-V. 121. 11. 989.
Behan, Sec.-Treas. of the corporation.
'
R. B. MacDougall, all of Montreal, have been elected directors.--V. 121. A.
p. 2050.
---Annual Report.
Spicer Manufacturing Corp.
1923,
1922.
1924.
1925.
Calendar YearsRand (Gold) Mines, Ltd.
-Production (Ounces).
312,600.159 $9.680,190
ot operated.
N
}
Net sales
of-Mar. '26. Feb.'26. Jan.'26. Dec.'25. Nov.'25.
mom?'
8.080.691
1 10.574.628
Cost of sales
Gold output(ounces)
834,340 753,924 796,270 791,455 787,633
--Ir. 122, p. 1323, 1466.
$2.524,222 $1,871,741 $2,025.531 $1,599,499
Gross profit
148,986
75.626
203,674
54.682
Other ncome
par
Reading Hardware Corp.
-Registrar.-
. The Central Union Trust Co. has been appointed registrar for 100.000
participating preference shares of the above corporation.-V. 122. 1). 2054.
-First Annual
. Remington-Noiseless Typewriter Corp.
Report
The company shows in 1925 a profit, after providing for depreciation of
plants and Federal taxes, of $89,168. Regular quarterly dividends on
the preferred stock, amounting to $87,500, have been paid, leaving the
net amount carried to surplus of $1,668.
Balance Sheet Dec. 31.
•
Assets1924.
1925.
1925.
1924.
Plant, machinery,
7% Pref.stock _ ___$1,250,000 $1.250,000
tools, &c., less
Corn. stk.(no par) 3637,501
637,501
depreciation_;_ $930,261 $817,215 Accounts payable_
47,568
108,294
Pats. & tr.-marks. 700.000
700,000 Divs. payable_._.
21,875
Cash
13,376
18,850 Prov. for U. S. &
23,715
Accts. rec., less res
State tax
25,731
49,360
529,124
Inventories
526,359
479,063 Notes payable._
Deterred charges_ 371,049
.
4,420
4,408 Sundry reserves_ _
20.697
54,073
Surplus
52,404
Total
$2,567,527 $2,068,897
Total
$2,667,527 $2,068,897
x Authorized: Class A. 75,000 Shares; Class II, 77,500 shares. Issued
and to be issued: Class A,50,000 Shares; Class•B, 77.500 shares. ($12.500
shares on the Class B shares are deposited in escrow for release to the
Remington Typewriter Co.. holder of Class B stock, if and when the
Preferred stock is converted into ()lass A common stock, on the basis of
--17. 120, p. 2280.
two shares for one.)
Rutley's, Inc.
-New Interests Acquire Control.
-
Clark Williams & Co. have purchased the entire interest of Arthur David
and associated in ltutley's, Inc. Edwin H. Barker, of Clark Williams &
Co., has been elected Fterident, succeeding Arthur David. resigned-Ir. 121, p. 86.
St. Lawrence Paper Mills, Ltd.
-Debentures Offered.
Nesbitt, Thomson & Co. and Dominion Securities Corp.,
Ltd., recently offered at 100 and in $2,000,000 6Y% 10-yr.
sinking fund mtge. debentures (with stock purchase warrants).
Dated Jan. 2 1926: due Jan. 2 1936. Principal and int. (J. & J.)
Bank: of Montreal in Montreal Toronto, Winnipeg, Vancouver,payblet Halifax
or Three Ilvens in Canada or in IJ. S. Gold Coin of the present standard of
weight and fineness, at the Agency of the said Balite in N. Y. City, or in
Sterling at the Bank of Montreal, Landon, Eng., at the fixed rate of
84.86 2-3 to the .e Sterling. Red. all or part on any int, date at 102 and
int. on 60 days notice. Denote. $1,000 C. Royal Trust Co., Montreal,
trustee.
-Proceeds will be used to provide funds for additions to the proPurpose.
perties of the company.
Security. -Debentures will be secured by a direct mortgage and charge
(subject to the mortgage and charge securing the first mortgage sinking
gold bonds) on all the company's assets, present and future, specific as to
real estate,timber leases and licenses, plants, buildings,equipment and other
'Zed (Meta, and also as to Shares, bonds, mortgages and debentures of any
Gross income
Adm., gen. & sell. exP
Interest & discount
Prov. for Fed. taxes_
$2,578,904 $2,075.415 $2,101,157 $1,748,485
773,145
794.882
755,037
574.322
343,668
270,446
206.699
69.398
105.000
125,000
8968.835 81.075.674
;
11 810,182
Net profit
2.549,077 $1,820,241 $1,017,863
Surplus Jan. 1
.853,317
Sundry adjustment
33,295
Loss on sale of cap.assets
240,000
240.000
Divs, paid on pf. stk.(8%)227,052
8631.672
$745,118
Cr.118,928
240.000
Total P.& L.sur. Dec.31 83,278,890 82.549.077 81.820,241 81.017,863
Balance Sheet Dec. 31.
1924.
1925.
1924.
1925.
Liabilities$
Assets
8% prer.sMck_-__ 3.000.000 3,000,000
Land, bides., max7,375,000 7,375,000
chln'y & equIp..22,827,534 3,550.293 Common stock
780,000
651,041 Funel..& oth. debt_ 464.500
479,231
Cash
680,000
976,590 Drevhreareble____ 300,000
Accts.& notes rec. 821,085
1,669,925 2,898,040 Deferred purchase
Inventories
money oblIgaOs 104,300
56,317
9,005
Mtscell. invest'ts.
658,738
Accts. payable, &e 695,767
Inv. in adv. to
246,259
4,122,117 2,474,459 Frs. for Fed. wee 256,358
sub. cm., &c
100.000
G'd-will, pats.. &c 5,455,456 4,586,718 Ins. for coaling_
195,616 Surplus
8,278,890 2,549,077
90,459
Deferred charges
Total
15,474.816 15.389,074
15,474,816 15,389.074
Total
a After 82,646,258 depreciation. x Represented by 313.750 shares of
par value.--Ir. 121, p. 2169.
no
-Stock for Employee8.Standard Oil Co. of Indiana.
(1n or about May 20 the company will distribute among 15,300 employees 390.000 shares of capital stock which were subscribed for under
the first employees' stock purchase plan.
The stockholders on March 4 approved a second employees' stock purchasing plan to be put in operation for a period of three years from March 31
1926. This plan is similar to the first plan, which expired on the latter date.
122, p. 1624.
Standard Oil Co. (Kentucky).-Bal. Sheet, Dec. 31.1925.
1924.
1925.
$
Liabilities$
Assets
16,929.809
Capital stock
PlantImprovements
25.476,644 21,263.316 Accounts payable_ 6,312.196
& equip
8,108,654 6,900,100 Accrued depree___ 7,909.721
Merchandise
Penns. & ann. res. 300.000
Cash, accts. rec.,
Investment/310,933,147 8,684.519 Insurance fund..- 363,784
&c.,
Fed, tax reserve__ 1,438,048
Surplus
11.264,886
Total
44,618,445 36.851,935
Total
The income account was given in V. 122. P. 1624.
1924.
$
16.864,435
5.200.288
6.287.778
100.000
291,007
1.108,611
6.899,817
44,618,445 36,851.935
-Par Changed.
Standard Oil Co. of Nebraska.
The stockholders on April 12 voted to Change the par value of the capital
stock from $100 to $25 per share, four new shares to be issued for each
2206
THE CHRONICLE
share held. A 50% stock dividend was recently announced, payable on
May 6 to holders of record April 8. The company has an authorized
capital stock of 85,000.000. of which there is at present outstanding approximately 30,204 shares, par 5100.-V. 122. p. 2056, 1928.
Standard Oil Co. of New York.
-To Increase Stock to
Provide for Merger of General Petroleum Corp.
-The stockholders will vote may 17 on increasing the authorized capital
stock from 15,000,000 shares (par $25) to 17,500,000 shares
(par $25), and on approving the acquisition by the company
of the assets of the General Petroleum Corp. of California.
There will be presented at the meeting for the approval of
the stockholders a contract between these companies providing for this acquisition, entered into subject to the approval
of the stockholders of the respective corporations. The
stockholders of the General Petroleum Corp. will vote the
same date on approving the merger. Herbert L. Pratt,
President, in a letter to stockholders says:
The plan for the acquisition of the properties of the General Petroleum Corp. provides In substance that the General Petroleum Corp.
will convey all its properties and assets, except the anx unt necessary to
retire its outstanding preferred stock, pay its regular dividend of June 15
1926 and meet the necessary expense of liquidation, to Standard Oil Co. of
New York. and that Standard Oil Co. will assume all obligations and liabilities of the General Petroleum Corp. and will issue for distribution to
the holders of the common stock of General Petroleum Corp. then outstanding, shares of the capital stock of the Standard Oil Co. equal in number to twice the number of shares of the common stock of General Petroleum
Corp. then outstanding, the number of shares of stock of this company so
to be issued being approximately 2,355.000. Neither company will declare
any dividend other than its regular dividends or make any distribution to
Its sharenolders or offer its stock for subscription prior to the consummation of the plan. This in the opinion of your board will be a natural and
advantageous development from the character of the business done by each
of these companies.
Standard 011 Co. (N. Y.) and its subsidiary the Magnolia Petroleum
Co. have created intensive distributing facilities throughout New York
and the New England States Texas Oklahoma Arkansas parts of New
Mexico. Kansas and Louisiana. They have in these localities an established good will and a reputation for their brands which is a business asset
of great value and have built up these physical distributing facilities at
large cost. This company has also develcped widespread distributing facilities in China, Japan, India, Philippine Islands. Java Straits Settlements
and the Near East which represent a large investment with a demand for
its products in these thickly populated areas which promises rapid increase.
While the company has created and operates this extensive marketing
organization and has the major part of its investment in these facilities for
distribution it has neither sufficient crude production nor adequate refining
capacity to furnish the petroleum products which it markets. Further it
has no crude production or refining capacity whatever on the Pacific Coast
which is its natural source of supply for the extensive territories in the Far
East in whim' this company is engaged in marketing. As a nsult it is practically dependent on purchases from other companies to meet the needs of
its distribming facilities in Eastern Asia.
General Petroleum Corp. on the other hand, has extensive producing
properties in the California fields, from which in 1925 it. produced approximately 10.000.000 barrt Is of crude oil and also purchased approxfinately
15.000,000 barrels from wells in these fields servrd by its pipe lines. It
does an extensive business in selling oil for fuel to
steamship lines
and Indust. Jai plants in the States of tap Pacific railroads, t has (fineries
Coast.
at Los Angeles which handled in 1925 a total of approximately 18,000.000
harries of crude oil. It has marketing facilities for refined products in California, Oregon and Washington. but not in foreign countries or in any States
except those on the Pacific Coast.
The business of the two companies is therefore complementary. ,The
acquisition of the properties of the General Petroleum Corp. with their
substantial crude production, refining capacity and terminal facilities at
'
tidewater, will make their surplus over and above Pacific Coast requirements available and lessen the present disproportion between the needs of
the widespread distributing facilities of this company and the supply of
crude and refined products produced by it.
The personnel of the organization of the General Petroleum Corp. has a
high reputation for fair dealing, initiative, efficiency and expert knowledge
of producing and refining conditions in the important fields of the Pacific
Coast and the intricate technical problems there existing. It is the plan of
this company to take over this personnel to handle the properties; acquired
from General Petroleum Corp. This is regarded by your board as one of the
important elements of value which this company will receive as a result of
this transaction.
In short, your board believes that the acquisition of these properties will
be advantageous to both parties and that the terms are fair. It therefore
respectfully recommends that the stockholders approve the agreement submitted to them.
-V.122. p. 1779.
Sterling Products, Inc.
-Dividend Rate Increased.
-
The directors on April 14 declared a quarterly dividend of 81 25 Per
share on the capital stock, no par value, payable May 1 to holders of
record April 23. Previously the company paid quarterly dividends of
$1 per share and in addition extras of $1 per share were paid in December
1924 and 1925.-V. 122, p. 494.
Stutz Motor Car Co.
-Orders
-Shipments.
-
The company at the end of March had on hand unfilled orders for 2,414
cars for immediate shipment. During March the company shipped 527
cars, breaking all records. Shipments this year to date exceeded 1,000
cars.
-V. 121, p. 1357.
Submarine Boat Corp.
-Name Changed, &c.
-
[you 122.
(John R.) Thompson Co.-Earnings.-
Quar. end. Mar. 31Net profits after deprec.,
Federal taxes, &c__
-V. 122, p. 2056, 1625.
1926.
1925.
1924.
1923.
$390,420
$336.631
$394,357
$340,804
Times Square Auto Supply Co.
-Stock Increase.
-
The company has filed a certificate at Albany. N. Y., increasing its
authorized common stock from 300,000 shares to 450,000 shares of no par
value.
-V. 121, p. 212.
Transcontinental Oil Co.(& Subs.).
-Earnings.
-
Calendar YearsGross earningsfrom all sources
Material cost and operating expenses
Operating income
Administration expenses
Interest
Depreciation, depletion, &c
Cost of drilling non-prod, wells during 1924
Cost of sundry leases and wells abandoned
Net profit
2418.
1924.
1925.
$19.304.630 $14,100.722
15,523.293 12.210.972
$33,781,337 51.889.750
589.156
865.254
801.988
614,897
1.508,604
142.010
978,380
5792,580 def$821,785
Trumbull Steel Co.
-Earnings.
-
The company reports for the quarter ended March 31 1926. net profits
of $553.520 after charges, but before Federal taxes.
-V. 122, p. 1185. 898.
244 East Pearson St. (Apartment Bldg.), Chicago.
Bonds Offered.-Greenebaum Sons Securities Corp. recently
offered $1,350,000 1st mtge. 04% serial gold bonds at par
and int. for all maturities, 6 to 12 years, and for the maturities 23 to 514 years at prices to yield from 6.05% to 6.40%.
Dated April 1 1926; due semi-annually 23 to 12 years. Prin. and int.
(A. & O. payable at offices of Greenebaum Sons Investment Co., without deduction for Federal normal income tax up to 2%,and any State taxes
of Penn., Mass., Mich., Ky., Md., Conn.. Dist. of Col., Calif., Colo.,
Iowa, Kan., Minn. and Del. up to 5 mills of principal amount.
The security comprises a closed first mortgage on valuable land, 100x107
feet, owned in fee, and 18-story and basement building of fireproof construction, containing 238 kitchenette apartments: equipment and earnings.
Independent appraisal of the property, when completed, places the total
value at 52.550.000, which makes this bond issue a 53% roan.
Net yearly income from the building when completed estimated conservatively at $244,800, which is more than 2) times the greatest annual
interest charges on the entire bond issue.
The bonds are a direct obligation of the 244 East Pearson Street Building Corp., which is headed by Timothy A. Ryan and Thomas L. Ryan,
building and paving contractors. and Philip M. Gordon, owner of other
valuable real estate.
Union Oil Co. of Calif.
-Approximate Earnings.
-
3 Mos. End. Mar. 31- 1926.
1923.
1925.
1924.
Profit5
$5,525,000 55,550.000 $5,600,000 $5,050.000
Prov.for depr.& deplet_ 1,825,000
1,500,000
1,650.000
1.750,000
Labor and incidental cost
of new drilling
1,000,000
1,800,000
850.000
1,250.000
Net profit
32,700.000 $2,550,000 53.100,000 51,750.000
*From all operations, less general expenses, taxes (incl. income tax).
interest charges and provident fund.
Production of crude oil by company and controlled companies for the 3
months approximates 3.550,000 bbls., a decrease of 350,000 bbls. as compared with the same period last year.
Sales for the 3 months approximate $17,370,000, an increase in value
of $70,000 over the same period last year. Capital outlay approximates
52.675,000. Current assets, consisting of cash, U. S. Govt. bonds and
treasury certificates, accounts and bills receivable, oil inventories and materials and supplies at March 311926, amount to 556,000,000. an increase
of about $1,000,000 over Dec. 311925. Current assets are about 7 to 1
of current liabilities. The quantity of crude oil, fuel oil, unfinished oils
and refined products in storage at March 31 1926 approximates 26,633.000
bbls. Cash resources approximate 513,089,000. Current liabilities at
March 31 1926 approximate $7.800,000, a decrease of $300,000. The net
decrease in all indebtedness during the three months was about $225,000.
Oil Fire.
-Along the coast and in southern California during the last
week most unusual storms have occurred. On April 7 reservoirs at company's tank farm at San Luis Obispo were struck by lightning, setting fire
to 6 reservoirs and a number of steel tanks. On April 8 lightning struck
and set fire to 2 reservoirs at company's Stewart tank farm. approximately
230 miles from San Luis Obispo. The fires are still burning. While the
loss will be very large, the amount thereof cannot of course be determined
at this time, but is largely covered by insurance with underwriters. This
oil represents part of company's reserves above ground and the destruction
thereof will not affect company's current operations.
-V.122, p. 1450. 896.
Union & United Tobacco Corp.
-Registrar.
The Chase National Bank has been appointed registrar for an authorized
issue of 700,000 shares of common stock.-v. 122, p. 1929.
United Alloy Steel Corp.
-New Control.
Cyrus S. Eaton. of Otis & Co., and associates, have acquired control of
the corporation of Canton, 0., according to E. A. Langenbach, Chairman
of the board. Mr. Langenbach stated that he had sold a substantial part
of his holdings to the Cleveland group and would retire as chairman of the
board at the annual meeting. April 20.-V. 122. p. 764.
-Listing.
United Fruit Co.
-
The stockholders on April 13 voted to change the name of the company
to Transmarine & Terminal Co., Inc., and-decrease the authorized capital
stock from 800,000 shares to 191,730 shares of no par value, by issuing one
new share for every four shares now outstanding. At present there are
issued 711,720 shares of no par value. See also V. 122, p. 1928.
The New York Stock Exchange has authorized the listing of 2,500,000
shares of capital stock without par value, upon official notice of issuance,
in exchange at the rate of 2% shares of capital stock without par value for
present outstanding 1.000.000 shares of capital stock of the par value of
-V. 122. p. 2070. 1780.
$100 per share.
(The)Surf Shore Apartments, Chicago.
-Bonds Offered.
-Lockner Butz St Co., Chicago, are offering at par and int.
$575,000 6M% 1st mtge. real estate gold bonds.
'
Income Account for Year Ended Dec. 311925.
Sales of oil and products (net)
Cost of sales, including operating expenses
Dated March 11926; due semi-annually from March 1 1928 to March 1
1936. Callable at 103. Interest payable M. & S. Chicago Title &
Trust
trustee. Denom. $100. $500 and 51.000.
Security.
Co..
-Secured by a first mortgage on the land and building located
at 426 Surf St., Chicago. The lot, 75 by 197 ft.. is now being improved
with an apartment building. The building's 122 apartments of 4, 3 and
2 rooms are to be divided as follows: 43 4
-room
-room apartments, 59 3
apartments and 20 2
-room apartments.
There will be several shops on
the first floor. The buildings will be served by two elevators.
Income.
-The gross annual income that these 122 moderately-priced
apartments will produce is conservatively estimated at $136,500. Operating
expenses, taxes and an allowance for possible vacancies will amount to
approximately $30,000, leaving a net income of $106.500-a1most 3 times
the greatest annual interest charge on the bond Were.
Texas Pacific Coal & Oil Co.
-Annual Report.
-
Calendar YearsGross earnings
Operating expenses
1922.
1923.
1924.
1925.
55.641,374 55.080,915 55,625.306 $7,316,287
2.699.278 2.894,476
2,809,413
2,633.468
Operating profits_ ___ $2.8.31.960 $2,447,447 $2,926.028 $4,421,811
Other income
296.156
79,707
60,554
536.706
United Oil Co.(& Sub. Co.).
-Report.
$19,271,582
13,948,683
Gross profits from operations
Marketing & selling expenses, and administration expenses
$5,322,848
2,638,367
Profit from operations
Other income credits
$2,684,481
73,619
Gross income
Bond int., amort. of bond disc. & exp., uncoil. accts., &c
Depletion and depreciation
Provision for 1925 Federal taxes
$2,758,100
304,902
671,474
129,824
Net income
51,651,900
-v.122, P. 1625.
United States Dairy Products Corp.
-Tenders.
--
The American Trust Co., trustee, 135 Broadway, N. Y. City, will until
April 22 receive bids for the sale to it of 10
-year 6%% cony.s. f. gold notes.
series A. B and C, to an amount sufficient to exhaust 588,115, at prices
not exceeding 107 and int. for the A bonds, 109 and int, for the B bonds
110 and int, for the C bonds.
and
-V. 122, p. 625.
United States Steel Corp.
-Unfilled Orders.
-
Gross income
$3,368,666 $2,508,001 $3,005.735 54,717,967
Less rentals, interest, &c.
1.379,364
747,819
909,404
Depreciation, &c
2,640,231
1,905,609
1,727,516
1,728,832
Dividends paid
844.581
422.282
See under "Indications of Business Activity" on a preceding page.
-V.
122, p. 1755.
Balance, surplus
$332,665 defS701,520 $1,233,175
x$730.430
x Includes 50% of net income of Homestake Exploration Corp. for the
year.
-V. 122. p. 495.
The directors have declared an initial quarterly dividend of 13(% on
the 7% cumul. prior pref.stock, payable May 1 to holders ofrecord April 17.
This stock was offered for subscription early in 1923 to preferred stockholders of the old Waltham Watch Co.(see V.116,P.189).-V. 120, p.1894.
Transmarine & Terminal Co., Inc.
-New Name.
see Submarine Boat Corp. above.
Waltham Watch Co.
-Initial Prior Preferred Dividend.
For other Investment News, see page 2820,
APR. 17 1926.]
THE CHRONICLE
2207
Tiltports and. Aountletxts.
SOUTHERN PACIFIC COMPANY
REPORT OF THE BO ARD OF DIRECTORS.
New York, N. Y., April 8 1926.
To the Stockholders of the Southern Pacific Company:
Your Board of Directors submits this report of the operations and affairs of the Southern Pacific Lines and Affiliated Companies for the fiscal year ended December 31 1925.
INCOME ACCOUNT.
The following statements of income and of surplus show
the income for the year and the accumulated surplus to the
close of the year, accruing to Southern Pacific Company
stock from the Transportation System and from all separately operated Solely Controlled Affiliated Companies,
combined:
NET INCOME OF THE SOUTHERN PACIFIC LINES AND SOLELY
CONTROLLED AFFILIATED COMPANIES, COMBINED,
FOR THE YEAR 1925 COMPARED WITH THE
YEAR 1924.
Year Ended
+ Increase
Per
Dec. 31 1925.
-Decrease. Cent.
income of Transportation
I. Net
•$35,657310.25 +$237,507.29 .67
System
2. Net income of Affiliated Com*2,258.906.67 -2,812,119.02 55.45
panies
3. Net income of Transportation
System and of all separately
operated Solely Controlled
Affiliated Companies, combined
*$37,916,316.92 -$2,574,611.73 6.36
4. Per Cent earned on average
amount of capital stock of
Southern Pacific Company
outstanding during the year:
(a) From operations of T an.eportation System
9.57
-.58 5.71
(b) From operations of Affiliated Companies
.61
-.84 57.93
(c) Total
10.18
-1.42 12.24
•Excludes all inter-company dividends. x Inter-company interest on
open accounts was discontinued as of December 311924. To obtain proper
comparison of 1925 with 1924, all inter-company interest on open accounts
and inter-company dividends included in income account for the year 1924
have been eliminated in arriving at figures representing increases and decreases.
SURPLUS TO DECEMBER 31 192k OF THE SOUTHERN PACIFIC
LINES AND SOLELY CONTROLLED AFFILIATED
COMPANIES, COMBINED.
Debit.
Credit.
I. Total corporate surplus at Dec.31 1924
•$361,818,901.19
2. Credit balance transferred from income:
Transportation System$34,297.965.10
Affiliated Companies__ 2,232,030.84
6.529,995.943
3. Dividends paid:
On capital stock of Southern Pacific Co.:
134% paid April 1 1925-$5,585.713.58
% paid July 1 1925_ 5,585,713.58
% paid Oct. 1 1925- 5,585.713.58
134% payable Jan.2'26 5,585.713.58
Total Southern Park Company
$22,342,854.32
On capital stocks of
Transportation System Companies held
by the public
266,795.00
$22,609,649.32
4. Miscellaneous adjustments during the
year
3,537,522.03
5. Credit balance December 31 1925
379.276,769.84
8401,886.419.16 $401.886,419.16
* Includes adjustment on account of cancellation of inter-company interest carried in suspense by Transportation System; also on account of corporate surplus of companies taken into the System during 1925.
The Southern Pacific Company, from time to time in the
past, as necessity required or as opportunity offered, has
acquired sole control through stock ownership of certain
separately operated companies, such as steam and electric
railways, coal companies, oil companies, land companies,
and other enterprises which are collateral to, but are not a
part of, its Transportation System. The acquisition of these
companies has been gradual, and while their affairs have
been separately reported in the annual report, the income
arising from their operation has been included in the income
account of the Transportation System only as it has been
transferred to your Company from time to time as interest
and dividends. At December 31 1925, however, there were
thirty-five of such separately operated Solely Controlled
Affiliated Companies (practically all of whose capital stocks
are owned within the Southern Pacific System), the book
value of the property investments of which aggregated $326,341,031 17. Because of the magnitude of these investments
it is considered important to give the results of the operations of the Transportation System (known as "Southern
Pacific Lines") and of the separately operated Solely Con.
trolled Affiliated Companies, combined, in order to show
the total income accruing to Southern Pacific Company
stock from the operation of all solely controlled companies.
Statements showing the results of such operations are set
forth above. It is considered desirable, however, to maintain the Income Account and Balance Sheet of the Transportation System (Southern Pacific Lines) so as to continue to show separately the net income from the operation
of the Transportation System, its investments, and the capital employed by it. These statements, in the form heretofore reported, as well as condensed statements giving the
Balance Sheet and the Income Account of all separately
operated Solely Controlled Affiliated Companies, combined,
are included in the report.
In the past the Southern Pacific Company has followed
the practice of computing and setting up in the accounts,
interest on open accounts with its Transportation System
Companies and with its separately operated Solely Controlled Affiliated Companies. So far as the accounts between the Southern Pacific Company and the Transportation System Companies are concerned, such interest has
been taken into the income accounts as it accrued, but always has been offset and eliminated in preparing the Combined Income Account and the Combined Balance Sheet of
the Transportation System. As indicated above, however,
the affairs of the separately operated Solely Controlled Affiliated Companies have not been included either in the Combined Income Account or in the Combined Balance Sheet,
and while the interest on open accounts with the said
Affiliated Companies has been charged against the income
of such companies as it accrued, only so much of such interest as has been earned by such Affiliated Companies has
been taken into the income account of the Southern Pacific
Company, the unearned portion thereof being held in suspense by Southern Pacific Company and dealt with in the
Combined Balance Sheet as "Other Unadjusted Credits."
(See last paragraph but one on page 13 of 1924 annual report and footnote (e), page 19 of such report.) This practice of setting up inter-company interest on open accounts
is no longer considered necessary or desirable, and as of the
close of business December 31 1924, the practice was discontinued, and the unearned interest theretofore accruing,
which was held in suspense at said date, has been canceled
and eliminated from the accounts.
Because of the outside interests involved in the ease of
Jointly Controlled Affiliated Companies, interest on open
accounts with such companies will be set up as it accrues, as
in the past. No portion of the operations of Jointly Controlled Affiliated Companies (other than interest and dividends received from such companies) is included in Southern Pacific's income.
INCOME ACCOUNT OF SOUTHERN PACIFIC LINES.
The income account of the Transportation System (Southern Pacific Company and Transportation System Companies,
combined, excluding offsetting accounts and inter-company
dividends) for the year 1925, compared with the year 1924,
was as follows, viz:
Year Ended
Dec. 31 1925.
Operating Income
1 Railway operating revenues
Railway operating expenses
2
+ Increase.
-Decrease.
Per
Cent.
$293,074,553.47 +317,170,442.69 6.22
215,609,318.19 +12,557.989.55 6.18
3 Net rev,from railway operations$77,465,235.28 +$4,612,453.14 6.33
21,275,282.02 +1,408.177.59 7.09
4 Railway tax accruals
95,349.48
5 Uncollectible railway revenues-49,189.39 34.03
6 Equipment rents
-Net
5,764.352.06
+962.136.84 20.04
7 Joint facility rents
-Net
16,492.50
+78,984.56 ---Net railway operating income-350,313,759.22 +$2,212,343.50
4.60
2208
THE CHRONICLE
Year Ended
+Increase.
Per
Non-operating IncomeDec. 31 1925.
-Decrease.
Cent
9 Income from lease of road
$81,853.44
-$8,804.06 911
10 Miscellaneous rent income
1,493,682.80
+383,497.50 34.54
11 Miscellaneous non-operating
physical property
314,463.82
+53,439.66 20.47
12 Dividend income
a2,780,976.66
-6,700.03 .24
13 Income from funded securities
Bonds and notes
3,175,566.25 -1,229,736.50 27.91
14 Income from funded securities
Investment advances
602,345.82
+555,658.23 15 Income from unfunded securities
and accounts
2,365,929.66 +1,280,998.45118.07
16 Income from sinking and other
reserve funds
947.737.96
+26,595.24 - 2.89
17 Miscellaneous income
536.886/6
+151.446.75 39.29
18
Total non-operating income---$12,299,443.17 +$1,206,395.24 10.88
19 Gross income
$62,613,202.39 +83,418,738.74 5.78
Deductions from Gross Income
120 Rent for leased roads
$227,879.69
21 Miscellaneous rents
760,991.62
22 Miscellaneous tax accruals
206,700.11
23 Interest on funded debt
-Bonds
and notes
25,335,856.71
-Non24 Interest on funded debt
negotiable debt to affiliated
companies
3,478.26
25 Interest on unfunded debt
212,340.94
26 Amortization of discount on
funded debt
30,19840
27 Maintenance of investment organization
38,880.47
28 Miscellaneous income charges_ -139,465.74
$5,088.19 2.18
+17,256.58 2.32
+76,607.72 58.89
+3,314,402.26 15.05
-698.63 16.73
-176,599.84 45.41
-42,538.36 58.48
+10.604.67 3750
12,714.76 8.36
29
Total deductions from gross
income
$26,955,792.14 +83,181,231.45 13.38
30
Net income
$35.657.410.25
Disposition of Net Income
31 Income applied to sinking and
other reserve funds
$1,232,776.40
32 Income appropriated for investment in physical property
126,668.75
33
Total appropriations
$1,359,445.15
34 Income balance transferred to
credit of profit and loss
$34,297.965.10
+$237,507.29
.67
+$29.397.22 2.44
64,638.87 33.79
---$35,241.65 2.53
+$272,748.94
.80
(Vol.. 122
pany, Twenty-year Five Per Cent bonds and on Southern
Pacific Equipment Trust Certificates-Series 0, issued last
year; of $979,180, representing interest accruing this year
on $40,000,000 Central Pacific Railway Company Thirtyfive year Five Per Cent Guaranteed Gold Bonds and on $10,491,000 of Southern Pacific Equipment Trust Certificates
Series H, issued this year; of $392,000, representing difference of a full year's interest this year and the interest accruing subsequent to November 1 1924 on outstanding bonds
of El Paso & Southwestern, taken into the System November 1 1924, and of $368,107, representing interest accruing
from May 1 1925 to December 31 1925 on outstanding bonds
of San Antonio & Aransas Pass Railway Company, taken
into the System May 1 1925.
The decrease of $176,599 84 in the account Interest on Unfunded Debt, is the result, principally, of a charge to that
account last year, representing the interest on deferred payments for terminal property, the principal of which was paid
off last year.
The dividends paid for 1925 were appropriated from the
profit and loss surplus and, therefore, do not appear in the
Income account. Payments for 1925 amounted to $22,609,649 32, compared with $20,943,094 32, for 1924. The increase
of $1,666,555 00 is made up of $1,400,000, representing the
difference between a full year's dividend on the $28,000,000
of capital stock issued November 1 1924, in connection with
the acquisition of the El Paso and Southwestern Lines, and
the amount of dividend on such stock paid during 1924, and
of $266,555, representing dividends paid during the year on
$2,423,200 of capital stock of Houston and Texas Central
Railroad Company held by the public. The figures for both
this year and last year include $240, representing dividends
on stocks of other Transportation System Companies, held
by the public.
•
TRANSPORTATION OPERATIONS
-SOUTHERN
PACIFIC LINES.
The following table shows the Net Railway Operating Income and Traffic Statistics of the Transportation System
for the year 1925 compared with those for the year 1924:
a Excludes all inter-company dividends. * Includes $1,955,396.59. representing entire net income from the operation of the property of the
Houston & Texas Central RR. Co. for the year 1925, during which period
about 24% of the capital stock of said company was held by the public.
Since the close of the year such stock has been purchased by Southern Pacific
Year Ended
+ Increase.
Per
Company. x Inter-company Interest on open accounts was discontinued
Dec. 311925. -Decrease.
Cent.
as of December 311924. To obtain proper comparison of 1925 with 1924, 1
Average miles of road operated_ - _
12,950.25
.47
+60.34
all inter-company interest on open accounts and inter-company dividends
included in income account for the year 1924 have been eliminated in arrivNet Railway Operating Income.
ing at figures representing increases and decreases.
Railway Operating Revenues
2 Freight
211,314.581.67 +4.952,234.68 2.40
The causes of the principal increases and decreases in the 3 Passenger
56.101,352.70 -2,717,315.57 4.62
express
11,054,123.49 -1.183.621.70 9.67
Income account of the Transportation System are explained 4 Mail and transportation
5 All other
8,052.860.91
+502.590.37 6.68
6 Incidental
6,822.288.31
+171,209.62 2.57
below, viz:
7 Joint facility-Credit
260,824.31
+78,967.57 43.42
8 Joint facility-Debit
531,477.92 --456,531.88 609.15
NON-OPERATING INCOME.
The increase of $383,497 50 in the account Miscellaneous
Rent Income is due, principally, to rent received from property, formerly belonging to Los Angeles Public Market Company, taken over during the year by the Southern Pacific
Company; and to increase in ground rent received from industrial concerns.
The decrease of $1,229,736 50 in the account Income from
-Bonds and Notes, is due, principally
Funded Securities
to decrease in interest received on United States Treasury
Notes and other securities, previously held as investments,
which were sold during the year.
The increase of $555,658 23 in the account Income from
Funded Securities-Investment Advances, represents, principally, interest accruing prior to January 1 1925, taken into
account during the current year.
Of the increase in the account Income from Unfunded
Securities and Accounts, the sum of $470,000 is due to an
Increase in interest received on demand loans, and the remainder is due, principally, to an increase in interest on
company's own funds used for construction.
The increase in the account Miscellaneous Income is due,
principally, to royalties received on oil and gas taken from
lands owned at Wortham, Texas.
DEDUCTIONS FROM GROSS INCOME.
The increase in the account Miscellaneous Tax Accruals
is the result, principally, of including in that account last
year a credit adjustment on account of taxes for prior years,
which under the regulations of the Interstate Commerce
Commission, are properly includable in Railway Tax Accruals.
The increase of $3,314,402 26 in the account Interest on
Funded Debt
-Bonds and Notes, is made up, principally, as
follows: Of $1,526,350, representing the difference between
a full year's interest this year and the amount of interest
accrusing in 1924 on the $29,400,000 of Southern Pacific Com-
9
Total railway operating revs_ - _293.074.553.47 +1.347.533.09
Railway Operating Expenses
10 Maint. of way and structures.
11 Maintenance of equipment
40,110,806.20 -2.136.021.54
49,196,332.98 -1,048.247.37
.48
5.06
2.09
12
13
14
15
16
17
Total maintenance
89,307,139.18 -3,184,268.91
3.44
Traffic
5,638,295.11
-57.518.83 1.01
Transportation
106,977.410.53 +3,151.742.19 3.04
Miscellaneous operations
. . .
+503.190.25 11.97
General
10,513,785.75 +507,696.37 5.07
Transportation for investment
Credit
1,639,674.64 -123,986.38 8.80
18
Total ry. operating expenses_ _215,609,318.19 +796,854.69
.37
19 Net revenue from ry. operations_ 77,465.235.28
+550.678.40
20 Railway tax accruals
21,275.282.02
21 Uncollectible railway revenues__ _
95,349.48
+366,237.26 115
-56,479.11 37.20
Railway operating income__ -- 56,094,603.78
22
23 Equipment rents-Net
5,764.352.06
-Net
24 Joint facility rents
16,492.50
+240.920.25
.43
+423.695.79 7.93
-21,048.48 56.07
25
Net railway operating income_ 50,313,759.22
.72
.32
-101,727.06
Traffic Statistics.
(Steam Rail Lines)
Freight Traffic
26 Freight service train-miles
26.145.924
+625.864 2.45
27 Tons carried-revenue freight..-59,749.130
.20
+118,456
28 Tons one mile-revenue freight-14.581,434.596 +602.426.945 4.31
train
29 Loaded cars per
27.63
3.41
+.91
30 Net tons per train-all freight
631.11
+11.68 1.89
31 Revenue per ton-mile-revenue
freight
1.382 cents
1.50
-.021 cents
32 Average distance carried-revenue freight
4.10
244.04
+9.61
Passenger Traffic
33 Passenger service train-miles._ _ 2.92
+755.701
26.654,174
34 Passengers carried-revenue. _ _
14,409,391
-1.470.674 9.26
35 passengers one mile-revenue.. 1,858.621.528 -51,824,193 2.71
36 Passengers per train-revenue
passengers
67.63
-4.23 5.89
37 Revenue per passenger-mile
revenue passengers
2.882 cents
-.060 cents 2.04
38 Average distance carried-revenue passengers
+8.69 7.22
128.99
* For the purpose of comparison, the 1924 figures used in determining
the increases and decreases shown in the above statement include the operations for the entire year 1924 of the El Paso & Southwestern, taken into
the System November 1 1924. and the operations for the period May 1 to
December 31 1924 of the San Antonio & Aransas Pass, taken into System
May 1 1925; while the 1924 figures used in determining the increases and
decreases shown in the Income Account of the Southern Peelle Lines
represent the operations of the lines actually included in the System in
1924, during the period while so included.
APR. 17 1926.]
THE CHRONICLE
The following tableation gives the transportation operations for the years 1922, 1923, 1924 and 1925. compared v:ith
the year 1917, the last year prior to Federal control. and
with 1921. the first complete year subsequent to Federal
control, the figures being given in round thousand dollars:
1925.
Operating revrs.. _6293.074
Per eent of 1917 151.09
Per cent of 1921 108.75
Operating expen.$215.609
Per cent of 1917 178.78
Per cent of 1921 101.43
Operating ratio_
73.57
Net revenue from
ry. operations_ $77.465
Per cent of 1917 103.58
Per cent of 1921 136.09
Ry. tax accrusls_ $21.275
Per cent of 1917 154.26
Per cent of 1921 136.91
Net railway operating income__ $50.314
Per rent of 1917 80.82
Per cent of 1921 139.97
Traffic units (ton
miles plus three
times passenger
thousands_ _ _ _ 22.475
Per cent of 1917 107.65
Per cent of 1921 128.79
1924.
1923.
1922.
1921.
1917.
$291.727 $287.205 $262.519 $269.494 $193.971
150.40
148.07
135.34
108.25
106.57
97.41
$214.812 $207.167 $193.664 $212.572 $120.601
178.12
171.78
160.58
101.05
97.46
91.11
73.63
72.13
73.77
78.88
62.17
$76.915 $80.038 $68.855 $56.922 $73.370
104.83
109.09
93.85
135.12
140.61
120.96
$20.909 $20.365 $18.859 $15,539 $13.792
151.60
147.66
136.74
134.56
131.06
121.37
$50.475 $54.228 $46.223 $35.947 $62.253
81.08
87.11
74.25
140.42
150.86
128.59
21.929
105.04
125.66
21.044
100.80
120.59
18.012
86.28
103.21
17.451
20,877
The Transportation Act of 1920 provides that the railways
should receive a fair return upon the aggregate value of
railway property held and used for the service of transportation, such fair return being 5%%, as last fixed by the
Interstate Commerce Commission under authority of tile
Act. Despite the movement of a record volume of traffic
and continued gains in efficiency of operation, the existing
rate structure, during each year since enactment of the
Transportation Act, has failed to give your Company the
fair return contemplated by the Act. The relationship of
net railway operating income to the book value of road and
equipment of lines constituting your Transportation System, has been as follows:
1921
1922
1923
1(14
1925
Average for 5 years
3.36%
4.29%
4.81%
3.99%
3.77%
4.04%
Total Railway Operating Revenues for 1925, which
amounted to $293,074,553 47, were the largest in the history
of your Company. This was the result of the large volume
of freight traffic moved over your lines, the revenue ton
mileage exceed lig tile previous peak year of 1917 by 8.60%,
notwithstanding a drought which extended over about 2,000
miles of your lines in Texas, and which materially affected
the traffic moved by those lines.
Although Railway Operating Revenues showed an increase, compared with 1924, of $1,347,533, this increase was
more than offset by an increase of $793,854 in operating expenses, an increase of $366,237 in taxes and an increase of
$423,695 in equipment rents, the result being a decrease in
Net Railway Operating Income of $161,727. This result
was materially affected by the following items of expenses,
viz:
2209
of 1924-5, was overcome by increased revenues from automobiles, lumber and mineral Os. and by the summer and
fall movement of products, such as gropes, lettuce, dec:duous
fruits and vegetables, moving to Eastern markets in refrigerator cars, the result being an increase in freight revenue. compared with 1924, of $7,238.820. Much of this traffic
moved in a few peak months of the year. severely taxing
our facilities. Notwithstanding this condition, it Is gratifying that, by intensive use of available rolling stock, we were
able to handle the traffic without serious car shortage, and
with the usual dispatch. With the exception of the decrease
noted in the movement of c:trus fruit, freight traffic generally showed a gratifying improvement. which, from present indications, will continue through 1926.
Passenger revenue decreased $2.717,315. On the Texas
and Louisiana Lines the decrease amounted to about $1,000,000, all of which represents a loss in local traffic, due to
reduction In travel resulting from the unfavorable crop and
business conditons caused by the drought in Texas hereinbefore mentioned, and to increased autotnobile competition.
On the Pacific Lines, a decrease of approximately $2,800,000, due to increased use of automobiles (both commercial
and private) and to an unusual winter travel to Florida,
temporarily diverting business which otherwise would have
gone to California, was partially offset by an increase of
about $1,000,000, due to an increase in summer excursion
travel and increased travel to conventions and local celebrations.
The decrease of $1,183,621 in Mall and Express Revenues
is all in Express earnings, and Is the result, princ:pally, of
the 10% reduction in rates made by the Interstate Commerce Commission in June 1924 and to an adjustment of
class rates made by the Commission, effective May 1 1925,
both of which affected particularly the lnter-mouutain and
Pacific Coast territories.
Maintenance of Way and Structures decreased $2.136,021,
or 5.06%. The property, however, was ma ntained quite up
to your Company's usual high standard, as will be seen by
reference to tile following table giving the principal items
of material used in repairs and renewals during the past
four years:
MATERIAL USED IN REPAIRS AND RENEWALS.
1925.
1923.
1922.
192 1.03
44
0.
343.62
453.37
New steel rail, track miles286.16
4.762.507 3.969.255 3.952.581 4.022.549
251
222
244
251
Ties, number per mile
5.472.752 4,730.991 5.093.818 3.866.090
Tie-plates, number
378 742
lineal feet
358.330
611.528
341.416
33.426.468 25.339.077 21.417.664 22.958.492
Lumber. feet b.m
Maintenance of Equipment decreased $1,048,247 37, or
2.09%.
Transportation expenses increased $3.151,742, or 3.04%.
Of this increase, higher wage rates accounted for an increase of $1,434,336, and higher pr.ces of fuel for an increase
of $1,331,820, a total of $2,766,156. Except for these two
uncontrollable items, transportation expenses would have
shown an increase of only $385,586, or 0.37%, notwithstanding the necessary increase in train and locomotive mileage
required to handle an increase of about 4.38% in the ton
mileage of all freight moved by your lines.
The increased price of fuel oil gave added importance to
Increases in wage rates
$1,615,000 economy in the use of fuel. The constant campaign carIncreases in price of fuel
1,332,000 ried on for years to reduce fuel consumption in locomotives
$2.947,000 has been reflected by a gradual but large reduction in the
Less
Back pay to employees included in last year's
amount of fuel used in proportion to ton mileage moved.
accounts
$412,000
The reduction in pounds of fuel used per 1,000 gross ton
Decreases in prices of materials other than fuel_ _ _ _ 498,000
910,000 miles in 1925, under 1924,
amounted to 5.00% in passenger
Net increase in wages and in prices of materials
$2,037,000 service, and 2.18% in freight service. The value of the
Increase in charges fir depreciation and retirement of equipeconomy realized in 1925 compared with 1924 amounted to
ment, the result, principally, of equipment additions at
market prices far higher than those of former years
1,168,000 $725,480, and in 1925 compared with 1913 to $11,479,446.
Total
33.205,000 The following table shows results obtained in fuel economy
Uninfluenced by these uncontrollable items Net Railway In 1925 compared with the preceding two years, and with,
Operating Income would have shown an increase over 1924 the year 1913:
Locomotive Fuel
-Comparison 1925 With
of about $3,000,000.
Performance. 1925. 1924. 1923. 1913. 1924.
1923.
1913.
Freight revenue for the year increased $4,952,234, a de- Pounds fuel per
1,000 gross
crease on the Texas and Louisiana Lines being more than
ton miles:
Pass. service_141.84 149.30 162.34 206.67 -5.008'-12.63%-31.375"
by an increase on the Pacific Lines.
overcome
Fr't service__129.23 132.11 142.56 192.83 -2.18% -9.35%--32.98%
The decrease in freight traffic on the Texas and Louisiana Value of fuel saved in:
1925 over 1924
$725.480
Lines was due, principally, to the severe and unprecedented 1925 over 1923
2,740,933
11.479,446
drought which extended over about 2,000 miles of the Texas 1925 over 1913
Miscellaneous Operations increased $503,190, or 11.97%,
Lines, curtailing the production of cotton and its by-products, and of corn, wheat, oats and other agricultural prod- principally in dining car and buffet service, and is largely
ucts. It is estimated that the loss in freight revenue from offset by increased revenues from such service.
General Expenses increased $507,696, or 5.07%, the printhis cause was about $3,500,000.
On the Pacific Lines, a decrease in shipments of citrus cipal items being an increase of $197,000 in pensions and an
fruit in the first part of the year, due to frosts in the 'winter Increase of $260,000 in expenses in connection with the
2210
THE CHRONICLE
group life insurance plan put into effect January 1 1924.
The latter increase is due, mainly, to the fact that 1924 expenses included a credit on account of a dividend received
from the Insurance Company, no dividend being received
In 1925.
Railway Tax Accruals for the year amounted to $21,275,282, an increase over 1924 of $360,237, or 1.75%. The taxes
[Vol-. 122
for the year consumed 27.5% of the Net Revenue from
Railway Operations, and almost equal the total dividends
paid to stockholders.
Expenses incurred during the year on account of the Federal valuation of railways, amounted to $920,608 88, Making
the total disbursements on this account from the time the
work began to the close of the present year, $6,406,109 33.
BALANCE SHEET OF SOUTHERN PACIFIC LINES—SOUTHERN PACIFIC COMPANY AND TRANSPORTATION SYSTEM COMPANIES, COMBINED. EXCLUDING OFFSETTING ACCOUNTS.
•
LIABILITIES.
+ Increase.
÷ Increase.
— Decrease.
Dec. 311925.
—D crass
Capital Stock—
(b)
Investments—
(b)
Investment in read and equipment_ __ _$1,341,287,495 40 +883,033,763 81 Southern Pacific Co_ _ _$372,380,905 64
Transportation System
Improvements on leased railway prop+50,774 70
erty
244.284 72
Companies
398.004,900 00
+370,592 63
Sinking funds
18,746,876 67
Total
Deposits in lieu of mortgaged property
$770.385.805 64
2.984.390 90
+2,091,33348
sold
—829,29000
Held by the public
8374,831,415 64
Miscellaneous physical property
12.523.188 03 —4.391.05855
Held within the system
+3.679,29000
395,554,390 00
Investments in affiliated companies:.
+2.413.997 56
312,726,308 43
• Stocks
Total stock
8770,385.805 64 +83.650.00000
151,019.824 15 —9,142.71974
Bonds
Stocks'
54.503,340 15 —2,464,693 96 Premium on capital stock of Southern
Bonds(Cost inseparable
—323.253 18
Pacific Company
$6,304.44000
28,900.839 61
' Notes
+4,657.207 05
87,518.748 49
Advances
Total
8776.690.2.1564 +83.650.00000
Other investments:
+2,248 00
1,592,120 01
Stocks
Long Term Debt—
2,687.978 86 —13.747,026 52
Bonds
397.205 65 —1.223,50245 Funded debt unmatured:
Notes
—39,19008
Southern Pacific Co_$213,932,060 00
93,752 16
Advances
+286,011 67
Transportation Sys1,111,377 23
Miscellaneous
tem Companies__ _ 515,333,215 09
82.01.6,337.730.16 +861,474.384.42
Total
Total
8729.265,275 09
Current Assets—
Held by the public
$597,470,634 84 +$66,985,217 31
$24,467,095 33 —$1.566.542 90
Cash
Held within the system
131,794.640 25 —1,563,31064
13.049,243 72 +13,036.393 13
Demand loans and deposits
20,063,291 67 +20.063,291 67
Time drafts and deposits
Total funded debt
—307.917 84
150.661 97
8729.265,27509 +865.421.90667
Special deposits
+206,883 43 Non-negotiable debt to Affiliated Cos.:
895.785 33
Loans and bills receivable
Open accounts
+5.97596
35.924,019 53
Traffic and car-service balances receiv+682,26843
3,439,435 30
able
Total
$765,189,294 62 +865,427.882 63
Net balance receivable from agents and
+466.910 10
3.574,806 78
conductors
Current Liabilities—
+477.99986
7,970,251 20
Miscellaneous accounts receivable
+875,000 00
+2,443,265 11 Loans and bills payable
$125,000 00
32,940,084 75
Material and supplies
+389,543 64 Traffic and car-service balances payable
+1,152,69625
2,907,153 22
6.266.646 62
Interest and dividends receivable
Audited accounts and wages payable_ _
17.208.279 33
+1,516.70108
5.833 33
Rents receivable
+51.811 82
+26.318 76 Miscellaneous accounts payable
1,417.384 69
224.893 82
Other current assets
Interest matured unpaid
—61.86530
305.591 61
4.209,24250
+257,46000
Total
8109.888.53642 +835,918,411 39 Interest payable January 1
Dividends matured unpaid
—4,93318
80.119 69
Dividends payable January 1
5.585.713 58
Deferred Assets—
—5,71392
15.000 00
Working fund advances
$88,554 87
—851,91833 Funded debt matured unpaid
Unmatured dividends declared
—350.000 00
250.000 00
Insurance and other funds
25,360 00
+936,091 40
+255,544 86 Unmatured interest accrued
6,236,425 18
4,127,183 73
Other deferred assets
Unmatured rents accrued
91,327 47
+1.30786
—600.817 28
880,496 03
Total
84,241,098 60
+8203.62853 Other current liabilities
ASSETS.
Dec. 31 1925.
Unadjusted Debits—
Rents and insurance premiums paid in
1
advance
Discount on capital stock
Discount on funded debt
Other unadjusted debits
Securities issued or assumed—
Unpledeed (a)
Pledged (a)
Total
-
Total
*211.08843
3.988.600 00
2,088,211 99
10.809,868 13
+855.457 98
2.719,975 00
101,250 00
+231.55000
—1.50000
817.097.768 55
—8100,007 19
+367.030 05
522,495 22
$42,671,226 70
8941,996 20
—$18,774 31
—503,320 97
$941,996 20
—$522,095 28
Total
Unadjusted Credits—
Tax liability
Insurance and casualty reserves
Accrued depreciation—Road
Accrued depreciation—Equipment,.._ _
Other unadjusted credits
$8,318.128 57 —86,243.68900
3,301,094 56
+394,390 88
2.436.737 25
+214.90041
81022.224 75
+8,012.65434
48.949,991 33
+871.53959
Total
8149,028,176 46
Corporate Surplus—
Additions to property through income
and surplus
Funded debt retired through income
and surplus
Sinking fund reserves
Appropriated surplus not specifically
Invested
pinttUrprirggfplus
Total corporate surplus
Grand total
+82.967.73873
Deferred Liabilities—
Liability for provident funds
Other deferred liabilities
$2.147,365.134 03 +897.496,515 15
Grand total
4-83.249,796 22
$8.323,891 06
8871,620 14+
26,613.40907
15.174,53771
+769.29878
+799,509 59
3,818,17783
553,930.015 67
358.914,17874
+82,440,428 51
+20.282,764 34
$412,844,194 41 +822,723.192 85
82.147,365.134 03 +897,496.515 15
(a) Excluded from total assets. and a corresponding amount excluded from outstanding funded debt. in accordance with regulations of the InterDec. 31 1924.
State Commerce Commission. (b) Inter-company interest on open accounts was discontinued as ofof inter-company To obtain proper comparison of
and credits on account
1925 with 1924 there have been eliminated from the 1924 figures all chargesaccounts, accruing up to Dec. 31 1923,interest on open accounts, accruin arriving at increases and deinterest on bonds and open
ing during 1924, and all unearned inter-company
creases shown in above statement.
ROAD AND EQUIPMENT—SOUTHERN PACIFIC LINES. December 31 1924 and the number of units of each class
added and retired during year:
The increase during the year in Investment in Road and
Equipment of the Transportation System, as shown in the
Changes During the Year.
balance sheet amounted to $83,033,763 81 as follows:
Owned
Owned
Class.
814.593.031 64
Expenditures for Road Extensions
Expenditures for Rolling Stock
14,809,306 88
Expenditures for Floating Equipment
1,181,211 17
Expenditures for Other Additions and Better27,587.160 22
ments
Dec. 311925. Dec. 311924.
Locomotives
Passenger-traincars
-train cars..
Freight
Work equipment
2.440
2.927
79.170
5,883
2.346
2.933
73,463
5,569
*Added.
Retired.
140
168
9.104
669
46
164
3,397
355
858,170,709 91
Total Expenditures
* Includes 91 locomotives. 84 passenger-train cars, 2,219 freight-train
Add—
Investment in road and equipment of the
cars, and 197 units of company service equipment acquired with San
following lines taken into the TransportaAntonio & Aransas Pass Railway and Franklin & Abbeville Railway taken
tion System during the year, viz.:
into System during the year.
San Antonio & Aransas Pass Ity. Co.
taken into the System May 1 1925_ __ -$26.446,596 11
To adequately handle the heavy traffic expected, and to
Franklin & Abbeville Ry. Co.—not heretofore dealt with as a Transportation
avoid the contingency of loss to shippers by possible car
355.886 21
System Company
26.802,482 32 shortage during the peak months, the Pacific Fruit Express
Company (owned one-half by your Company and one-half
by Union Pacific Railroad Company) has purchased 5,000
refrigerator cars at an approximate cost of $16,000,000,
Net increase in Investment in Road and Equipment.$83.033,763 81 which will be available for the peak traffic next Fall. Your
Company is also adding to its own equipment, by construcThe following table shows the number of units of each tion at Company shops, or by purchase from outside buildclass of roling stock owned at December 31 1925 and at ers, rolling stock as follows:
884.973,192 23
Deduct—
Property retired, equipment vacated, & other adjustments 1,939,428 42
APR. 17 1926.]
Locomotives
Passenger-train cars
Freight-train cars
Company service equipment-
THE CHRONICLE
Company
Shops.
25
1.320
2
Outside
Builders.
23
61
1.600
9
Total.
48
61
2,920
11
Capital stocks of Transportation System Companies acquired from the public during the
year
Less Stock of San Antonio & Aransas Pass
Railway Company in the hands of the
public on May 11925. when such company was taken into toe system
2211
543.700 00
14,410 00
The estimated cost of this equipment is $12,500,000.
Decrease in capital stocks held by the public
$29.290 00
Including the Southern Pacific's one-half of the Pacific
Fruit Express equipment, the total estimated cost of rolling
FUNDED DEBT
-SOUTHERN PACIFIC LINES.
stock, in addition to that completed and placed in service
The increase during the year in funded debt of Southern
during the year 1925, amounts to $20,500,000.
The new ocean-going freight steamship, the "El Oceano," Pacific Company and Transportation System Companies
mentioned in last year's report, was placed in service in held by the public amounted to $66,985,217 31, as follows:
Central Pacific Railway Company Thirty-Five
May 1925. The ocean-going passenger and freight steamYear Guaranteed 5% Gold Bonds. Issued to
provide frr the construction of new lines,
ship, the "Blenville," which was partially destroyed by fire,
and for additions and betterments to existing lines
as mentioned in last year's report, was converted into a Southern
840.000.000 00
Pacific Company 4%% Equipment
freight steamship, rechristened the "El Coston," and placed
Trust Certificates. Seeks 11, i,su.d
provide for the construction and acquisiin service in August 1925.
tion of new rolling stock
10.491.000 00
Los Angeles Public Market Company First
Mortgage and Collateral Trust 6% Bonds,
which are a 11 ig on the property of the Los
Angeles Public Market Company taken
over by Southern Pacific Company during
the year
789.500 00
Southern Pacific Railroad Company First
Refunding Mortgage 4% Bonds owned toy
the Skanhern Pacific Company Feld to the
Investment in Transportation Property
$1.341.531.780 12
public during the year to reimburse the
Book value of investment in transportation property
treasury, in part, for funds presi.usly used
carried on the bmks of the companies comprising the
for the construct's-to of new lines, and for
Transportation System, consisting of 13,220 miles of
additions and betterments
first main track. 894 miles of additional main tracks,
6,425.500 00
San Ante nio & Aransas Pass Railway Com5.407 miles of yard tracks and sidings, the Company's
pany First Mortgage 4% Bonds in the hands
terminals at Oalveste n. a ten-story office building in
of the public on May 1 1925. when such
San Francisco, 2.440 locomotives. 2,927 passenger
company was taken into the system
13.379.000 00
train cars. 79.170 freight train cars. 5,883 company
service cars. 23 ocean steamships, 4 river steamships,
871.085,00000
23 ferry and cat transfer boats, 11 tugs. 73 barges.
Less Funded debt held by the public, retired
and 18 other vessels, the whole forming a transcontinduring the year
ental system extending from New York via New
4.099.782 69
Orleans and Galveston to San Francisco, California.
Increase in funded debt held by the public-- - -566.985.217 31
and Portland. Oregon. with a line extending from
Ogden. Utah, ta San Francisco. California.
Sinking funds
18.746.876 67 BALANCE SHEET AND
Sinking funds for the redemption ef rutstanding funded
INCOME ACCOUNT OF SOLELY
debt, consisting principally of $17.029.000. par value,
CONTROLLED AFFILIATED COMPANIES.
bonds of Transportatim System Companies. $1.885,value, bonds of other companies. and
000. par
$230,Below will be found a condensed balance sheet as of De763 64 cash in hands of Trustees.
Miscellaneous Physical Property
12,523,188 03 cember 31 1925 and a condensed income account for the year
Book valus of terminal and othex real estate acquired in
1925, of all separately operated Solely Controlled Affiliated
anticipation of future use.
Investments in Affiliated Companies
Companies, combined:
investments in tesuritles of Transportation System 634.669.060 83
Companies, which are included in the outstanding
BALANCE SHEET.
obligatirns as ahown by tho balance sheet. but which
are owned within the system;
Dec. 311925.
Assets
Investments in securities of. and advances to, Solely Con1. Prorty investment
$326.341,031 17
trolled Affiliated Companies and Jointly Controlled
2. Sin ing funds
238.673 14
Affiliated Companies collateral to, but not a part of,
3. Investments in affiliated companies
-Stocks
337.838 64
the Transportation System, representing, principally,
4. Investments in affiliated companies
-Bonds
418.950 00
investments as follows:
5. Investments in affiliated companies
-Advances
29.073.989 89
Electric Railways in California (full owner6. Other investments
15,283.603
ship), operated mileage
7. Cash
1.527.440 rfi
i
Steam Railways (full ownership),operated 899.09
8. Accounts receivable
3
.069.425 1
mileage
9. Material and supplies
5.705,330 33
Steam Railways (half ownership),operated1,422.25
10. Merchandise
1.095.355 27
mileage
11. Deferred assets
741.20
2.527.894 49
12. Discount on securities
11,506.037 78
Total operated mileage of railways
13. Other unadjusted debits
2.347.273 37
collateral to. but not a part of. the
Transportation System
14.
Grand Total
3,062.54
$399.472.843 53
Lumber Companies (full ownership),owning 23,567
acres of timber lands, 42.925 acres of other lands.
Liabüitiesand 2 saw mills, &c. Average annual production
15. Capital stock
$151.345.768 00
of manufactured lumber. 36,000,000 feet B.M.,
16. Prendum on capital stock
235.151 75
and of railroad ties 7,000.000 feet B.M.:
17. Funded debt:
Land Companies(full ownership), owning 9,957,545
(a) Held by the public
830.582,000 00
acres of lands in various States traversed by the
(b) Held within the system
31,928.000 00
Southern Pacific Lines' and 4,153 town lots of
which 2,986 are located in various cities and towns
(c)
Total
62.510.000 00
In the State of Texas, and 1,167 in Los Angeles
18. Non-negotiable debt to affiliated companies
62.558.409 97
and vicinity, in Southern California;
19. Current liabilities
3.884.456 62
Coal Companies (full ownership), owning 22.688
20. Deferred liabilities
606.875 09
acres of coal lands in Oregon and Colorado;
21. Accrued depreciation
11.697.302 19
Oil Companies (full ownership), owning 15,207
22. Reserve for amortization of property investment
8,337.555 13
acres, and holding under lease 13,092 acres, of
23. Other unadjusted credits
131,864.749 35
producing and prospective nil lands in Texas and
Louisiana, and near Tampico. Mexico, together
24.
Total liabilities
$433,040.268 10
with ownership of mineral rights in 74,434 acres
of prospective oil land in Texas. Number
25. Additions to property through income and surplus-of
$858.583 11
producing wells, 144. Annual production,about
26. Sinking fund reserves
274,346 52
2.200.000 barrels:
27. Appropriatde surplus not specifically invested
700,000 00
Terminal Companies (full ownership), owning
28. Profit and loss-Balance
58
x35,400,354 30
acres of land in the City of Los Angeles, Calif..
with improvements, including three two-story
29.
Total corporate surplus
333,567,424 57
market buildings, and one seven-story, two
sixsten , and one tour-story warehouse buildings
,
30.
Grand total
5399.472,843 43
situated on line ot Southern Pacific in heart
of
Los Angeles wholesale district;
INCOME ACCOUNT.
Rockaway Pacific Corporation (full
ownership).
owning about 564 acres of land on Jamaica
Year Ended
Bay.
near Brooklyn, N. Y.;
Dec. 31 1925.
31. Operating revenues
Southern Pacific Building Co. (full
$35,717.975 96
32. Operating expenses (including depreciation)
ownership).
owning a nine-story office building at Houston,
28,002,016 89
Texas:
33.
Net revenue from operations
Associated Pipe Line Co. (one-third
*7.715,959 07
34. Taxes
ownership).
owning 561 miles of oil pipe line serving
2,704.431 36
35. Uncollectible railway revenues
California
oil fields;
521 43
36. Equipment and joint facility rents
-Net
Pacific Fruit Express Co. (half ownership),
259.375 28
operating 33,613 refrigerator cars serving
37.
Net operating income
Southern Pacific, Union Pacific, and
54.751,631 00
38. Non-operating income
Western
Pacific lines; and
1.562,957 16
Stock interest, as indicated, in following companies
39.
Gross Bloom
operatin,g_railroad terminal facilities:
56.314.588 16
El Paso(Texas) Union Passenger Depot Co.,
40. Interest on funded debt
Ft. Worth (Texas) Union Pass. Station Co..50%
$2,988,567 45
41. Other deductions from gross income
505'
Northern Pacific Term.Co.
1.067,114 04
(Portland,
Ogden (Utah) Union Railway & DepotOre.)205
Co..50%
42.
Total deductions
Union Terminal 03. (Dallas, Tex.)
$4.055,681 49
12.50% •
'Other Investments
Net income
8,866.824 81 43.
$2,258.906 67
Of this amount. 52.984.390 90 represents cash in hands
trustee to be applied in payment for new equipment;
of
44. Income applied to sinldng and other reserve funds_
$26,875 83
and the remainder represents. principally, investments in outside securities.
45. Income balance transferred to credit of profit and loss_
82.232,03084
•Of the amount of outstanding capital
Total Investments
$2,016,337,730 46 Is owned within the system. I Debit. stock shown above,all but$54,200
INVESTMENT ASSETS-SOUTHERN PACIFIC LINES.
The following is a brief description of the investment
assets of the Transportation System as shown in the balance
sheet, viz:
CAPITAL STOCK-SOUTHERN PACIFIC LINES.
CLAIM FOR °LOSING COLORADO RIVER BREAK.
The decrease during the year in capital stocks of Southern
By sanction of Act of Congress, your
Company has
Pacific Company and Transportation System Companies brought suit in
the Court of Claims, Washington, D.
C., to
_hew by the public amounted to $29,290 00, as follows:
enforce its claim against the Government of
the United
2212
TTTE CHRONICLE
rvot,. 122.
States for $1.113,67742 for expenditures incurred during the
twelve months beginning December 1 1906 in accomplishing.
at the instance of President Roosevelt. the closing of the
break in the Colorado River, which. If not closed, would
have resulted in permanent disaster by floods to the property and people of the Imperial Valley.
The Act authorizing the Court of Clams to ascertain the
costs, cites that
Portland route, was a logging road when acquired '20 years
ago and Is constructed with 3.75% maximum grades and 15
degrees maximum curvature. As such a line would interfere
with the safe and economical operation of the Cut-Off, permission was received October 7 1925 from the Interstate
Commerce Comm'ssion to replace this part of the route by
constructing a line with reasonable gradients and curvature.
Construction of tills line change was commenced October 20
"At the request of President Roosevelt, and under the stress of great 1925 and is expected to be completed by the time the re
emergency, from December 1 1906 to 'November 30 1937 the Southern
=bider of the route is ready for through traffic. This line
Pacific Company closed and cor trolled the break In the Colorado River
and thereby prevented the overflow and destruction of 1.214.000 acres of change will be 23.76 miles in length. will save 4.73 miles In
Irrigable land in the Imperial Valley in Southern California. and saved distance over the present 1 ne. and will have 1.4% maximum
lo the Government the Laguna Dam and the Yuma reclamation project grades.
It will also have 3,540 degrees less curvature, will
Connected therewith In Arizona, as well as thousands of acres of other
substitute maximum curve of 8 degrees for the present maxiGovernment land along the Colorado River."
It is hoped that trial and decision upon the merits of the mum of 15 degrees, and will have 713 feet less vertical rise
and fall. The cost Is estimated at $3,656,000.
case will not be long delayed.
PURCHASE OF MINORITY INTEREST IN HOUSTON &
TEXAS CENTRAL RAILROAD COMPANY
CAPITAL STOCK.
On page 26 of last year's annual report mention was made
at the delivery by your Company to the plaintiffs in the
"Bogert Suit," pursuant to final decree of the Court, entered
December 20 1924. of 24,219 shares of the Capital Stock of
the Houston & Texas Central Railroad Company. Subsequently, negotiations were entered into between the Comm'ttee of Minority Stockholders and your Company which resulted in the purchase of said 24,219 shares by your Company on January 20 1926.
CONSTRUCTION OF ADDITIONAL MAIN LINE IN
ARIZONA.
On page 25 of last year's annual report, mention was made
of certain new lines to be constructed by the Arizona Eastern Railroad Company which, together with tile lines of the
El Paso & Southwestern, will serve the purpose of a second
track between Dome, Arizona, and El Paso, Texas. Of the
lines mentioned, tile 1:ne front Picacho to Chandler, Arizona.
has all been completed except the bridge over the Gila River,
which is rapidly nearing completion, and the branch line to
Florence, Arizona, was opened for operation December 1
1925. On the line from Hassayampa west to Welton, Arizona, all but 20 miles of the grading has been completed and
19.7 miles of track has been laid, and of 18.01 miles of second
track to be constructed by the Southern Pac:flc between
Welton and Dome, 10.13 miles have been completed and the
grading for the remainder Is about completed. It is expected that this work, including the rehabilitation of the
existing line between Chandler and Hassayampa, will be
completed and in operation early in July 1926.
DOUBLE TRACKING CENTRAL PACIFIC OGDEN
ROUTE.
Work during the year on double tracking the Central
Paclf.c was confined to the completion of a gap of 17.74
miles between Emigrant Gap and Andover, California, in
the line over the Sierra Nevada Mountains where, because
of frequent train movements, the benefit of double track will
be greatest. This work, which was completed during the
year, includes the new Summit tunnel, 10,320 feet in length,
which is the longest tunnel on Southern Pacific Lines.
The completion of this work gives us continuous double
track from San Francisco over the Sierra Nevada Mountains to Vista, Nevada, a distance of about 250 miles. East
of Vista, including the Southern Pacific-Western Pacific
joint track between Alazon and Weso, Nevada, there is in
operation about 290 miles of double track, which includes
all the heavy grades and congested points between Vista
and Ogden, so that we now have in operation an aggregate
of about 540 miles of double track between San Francisco
and Ogden, or for about 70% of the distance between those
points.
NATRON CUT-OFF.
Completion of the 108-mile gap in the' Natron Cut-Off,
referred to on page 24 of the 1923 annual report, is expected
in the summer of 1926. Including 47.35 miles of the line
completed during the year there had been completed up to
the close of the year 69.55 miles, from Kirk north to Abernethy (which is three miles north of the summit of the Cascade Range), of which 66.37 miles are in operation; also
22.86 miles from near Oakridge south to near Fields, of
which 6.07 miles are in operation. The distance between
the two ends of the completed track is 15.37 miles.
The southerly portion of this line between Grass Lake and
Weed, California, which is the junction with the present
PROPOSED NEW LINES IN SOUTHERN OREGON AND
NORTHERN CALIFORNIA.
The completion of the Natron Cut-Off will consummate
the Company's plan of long standing for a new low grade
through route between San Francisco and Portland. For
the further development of the country lying generally to
the east of the Cut-Off, including a large acreage of valuable.
timber in Southern Oregon and Northeastern California,
and to provide a new through route between the Willamette
Valley, in Oregon, and points east of Ogden, Utah, application has been made to the Interstate Commerce Commission for authority to construct and/or acquire new lines as
follows, viz:
1. Acquisition of joint stock Interest In the Oregon California & Easters'
Railway Company. This company has in operation a line 40 miles In length.
extending from Klamath Palls to Sprague River, Oregon, and proposes.
with the concurrence of your Company, to co..iitruct such extensions se
may be necessary to serve timber properties lying to the east of its preset.*
terminus at Sprague River.
2. Acquisition of the outstanding securities of toe Nevada-California
Oregon Railway Company, which owns a narrow gauge line 154 miles la
length, extending from Wendel. California. on the Fernley Branch of'
your Company's Salt Lake Division. In a general northerly direction through,
A lturaa, California. to Lakeview, Oregon. It is proposed to standard gauge,
this line and thus make it more valuable as a feeder to the main line throughi
the free Interchange of standard zauge equipment.
3. Construction of a line from Klamath Palls. Oregon. to Cornell. Call—
fornia, 36 miles in length, to serve agricultural territory th it will be tributary to the N.itron Cut-Off: and a further extension of this Ilie from Cornei
to Allures. California. about 63 miles, where a connection will be made with,
the Nevada-California-Oregon Railway.
At the present time traffic between Oregon and Nevada.
must pass through California over the heavy grades of theSiskiyou and 8 erra Nevada Mountains. The opening of the
Nation Cut-Off, the acquisition of the Nevada-CaliforniaOregon Railway, and the construction of the line from Klamath Falls, Oregon, to Alturas, California, will provide a
new through route which will avoid these mountain ranges,
and shorten the distance between the Willamette Valley and
Ogden gateway by about 230 miles. The carrying out of this.
plan, which it is estimated will involve the expenditure of
about $15,000,000, will yield a substantial and increasingly
large return to your company from the development of new
traffic; and will be further justified by economies in operation made possible by a saving of over two hundred miles In distance for through traffic between Oregon and points east of Ogden. It will also defer for many years the necessity of double-tracking the single track line south of Weed,
California, which involves difficult construction around
Mount Shasta and through the Sacramento River Canyon.
The Interstate Commerce Commission now has our application under consideration, but the situation has been complicated by an application of the Oregon Trunk Railway
Company for authority to extend its line from Bend, Oregon,
south to Klamath Falls, a distance of 174 miles, to serve territory that would be adequately and more efficiently
served by the plan of your Company.
ACQUISITION OF CONTROL OF THE SAN ANTONIO & •
ARANSAS PASS RAILWAY COMPANY.
On December 6 1924 the Southern Pacific Company and
the Galveston, Harrisburg & San Antonio Railway Company
(a solely controlled subsidiary of the Southern Pacific Company) filed a joint application with the Interstate Commerce Commission for authority to acquire control (the former by stock ownership and the latter by lease) of the San
Antonio & Aransas Pass Railway Company owning 725 miles
of line in the State of Texas, extending from Waco on the
north, Kerrville on the west, and Houston on the east, to Falfurrias and Corpus Christi on the south. The Commission, by an order dated March 25 1925, approved such application, and'accordingly the Southern Pacific Company, onL•
Am. 17 1926.1
THE CHRONICLE
2213
20.97 miles remaining to be comApril 8 1925, acquired control of the capital stock of the San December 31 1925. Of the
pleted at the close of the year 6.96 miles of grad.ng had been
Antonio & Aransas Pass Railway Company, and the Galves- completed ready for ties and rail, and the grading of 9.47
ton, Harrisburg & San Antonio Railway Company, on May 1 additional miles was in progress. Unexpected formation
1925, acquired control of the property of said company by encountered in tunnel excavation has made it necessary to
increase the amount of concrete tunnel lining, and this, tolease.
during the tropical rainy
1903 your Company had acquired control of the gether with slides which occurred It is now expected, howPrior to
weather, has delayed the work.
capital stock of the San Antonio & Aransas Pass Railway ever, to have the line completed and ballasted by January
Company and had guaranteed the principal and interest of 1927.
$17,544,000 of the latter's First Mortgage Four Per Cent
CHANGE IN ORGANIZATION.
Bonds. By a decree of Court entered December 14 1903 your
Mr. Julius Kruttschnitt, on April 9 1925, after forty-seven
company was compelled to divest itself of its stock control,
continuous service with the Southern Pacific Lines,
but its liability under its guaranty of the principal and years of
during the last twelve years of which he was Chairman of
Interest of the bonds has continued, and at the time of mak- the Executive Committee of your Company, having reached
ing the application to the Commission there was due to your the age of retirement under the Company's rules, announced
company the sum of $9,263,011 75 for interest paid under his intention to retire from active service on May 31 1925.
the guaranty, plus interest thereon amounting to $4,823,- The undersigned was selected to succeed Mr. Kruttschnitt
as Chairman of the Executive Committee, and thereafter
771 16, or a total of $14,086,782 91.
the Board of Directors, in accordance with a plan worked
It is expected that the annual saving in administration
out by the Executive Committee, amended the By-Laws of
and operating expenses, and other economies which will the Company, effective June 1 1925, so as to provide:
result from the operation of the San Antonio & Aransas Pass
1. That the Chairman of the Executive Committee shall
as a part of the Southern Pacific Transportation System, preside at all meetings of the Board of Directors and of the
have general control of the.
will about equal the annual interest payable under the Executive Committee, and shall
Company's business and the management of its financial
guaranty; that the use of Southern Pacific equipment and
affairs.
other facilities will improve the service rendered to the
2. That the authority of the President shall he extended
patrons of the line; and that the greater development of so that, under the control of the Executive Committee, he
the territory tributary to the line, which will result from shall have direct charge of all the properties of your Comwhich, as
the unification, will furnish your Company with profitable pany other than the Texas and Louis ana Lines their sepheretofore. shall continue their operations under
traffic.
arate organization as an integral part of the transportation
to
PROPOSED EXTENSION OF SAN ANTONIO dz ARANSAS PASS INTO system of your Company. The President's headquarters
RIO GRANDE VALLEY.
continue as at present in San Francisco. California.
3. That there shall be created the office of Vice-ChairSince the acquisition of control by the Southern Pacific
that the occupant thereof, under the direction of
Company, the San Antonio & Aransas Pass has applied to man. and
the Chairman, shall have charge of the general off*ce of the
the Interstate Commerce Commission for authority to con- Company in New York City shall be the medium of comstruct an extension, about 85 miles in length, beginning at munication between the President and the Executive Comthe present terminus of the Falfurrias Branch and extend- mittee; and, in the absence of the Chairman. shall exercise
ing in a general southerly direction to the international the powers and perform the duties of the Chairman.
4. That there shall be created the office of Executive Viceboundary Lite between the United States and Mexico; also
President, with headquarters in San Francisco. California,
a branch line beginning at the City of Edinburg, Texas, on and that the occupant thereof, under the direction of the
such proposed extension, anil extending thence in a general President, shall have immediate charge of the management,
southeasterly direction to Harlingen, Texas, a distance of operation and traffic of the lines west of Ogden. Utah and
about 35 tulles. The Commission has not yet rendered its Tucumearl, New Mexico; and, In the absence of the President. may exercise the powers and perform the duties of the
decision.
President.
ACQUISITION OF OTHER LINES.
5. That there shall be created the office of Vice-Pres'dent
With the approval of the Interstate Commerce Commis- in Charge cif Traffic, with headquarters in Chicago. Illinois,
thereof. under the direction of the
sion your Comnany, as of June 30 1925. acqu:red the capital and that the occupant
President. shall have charge of the solicitation and developstock of the Holton Interurban Railway Company which ment of traffic interchanged with other companies, of the
owns a line in the Imperial Valley extending from El Cen- rates and divis'ons concerning such traffic, the agencies
tro, California, on the line of the Southern Pacific, to Holt- established off the lines of the Company for such purposes,
ville, California, a distance of 11 miles; and on October 16 and the relations with other lines incident thereto.
6. That there shall he created the office of Executive
1925 leased, for a term of 99 years, the line of the Lake TaOfficer, with headquarters in New York. and that the nemhoe Railway & Transportation Company, extending from pant thereof, under the direction of the President. shall have
Truckee, California, to the pleasure resort at Lake Tahoe, immediate charge of the mannzement. operation and traffie
a distance of 16.5 miles. It is expected that these lines will of the Southern Paclic Steamship Lines, and shall perform
yield a substantial and justifying amount of profitable such other duties as may be assigned to him.
traffic.
GENERAL.
OREGON & CALIFORNIA RAILROAD LAND GRANT
The dividends for the year on the capital stocks of the
CONTROVERSY.
Southern Pacific Company and its Transportation System
The United States District Court for Oregon has rendered Companies held by the public amounted to $22,609,649 32, as
a decision in the accounting suit brought in 1917 by the follows:
Company:
on capital stock
United States, seek.ng to offset against the compensation Dividendscent paid April 1 of the Southern Pacific
55.585.713 58
1925
per
1
5.585.713 58
114 per cent paid July 1 1925
of $2 50 per acre due the Company for unsold lands, moneys
5.585.713 58
114 per cent paid Oct. 1 1925
5.585.71358
received by the Company in excess of $2 50 per acre from
j3 per cent payable Jan. 2 1926
past sales, leases, and otherwise, as well as taxes levied
522.342.834 32
Total Southern Pacific Company
on stocks
since the forfeiture decision in 1913 and voluntarily paid by Dividendsthe public of Transportation System Companies
266.795 OS
held by
the Federal Gm'ernment to the State of Oregon.
$22.609,649 32
Total dividend payments for the year
On November 10 1925 the Court approved of a form of
$21.275.282 02
The total taxes for the year amounted to
decree to be entered in the case under which the Oregon &
Under the pension system put into effect January 1 1903,
California Railroad Company will recover approximately
pension rolls at the end of the
$3,819,717 86, of which $1,723,470 56 will be pad to the Rail- there were carried on the
year 1,712 employees. The payments to pensioners for the
road Company and the remaining $2,096,247 30 paid to the year amounted to $958 035 56. equivalent to 6% per annum
Central Union Trust Company of New York, Trustee, under on an investment of $15.997.259 33.
Oregon & California Railroad Company's First Mortgage of
It is with profound sorrow that the Board announces the
July 1 1887; such recovery, however, to be subject to certain death in New York on June 15 1925 of Mr. Julius Krutt.adjustments mentioned in the proposed form of decree. The schnitt who, as stated on page 24 hereof [pamphlet report],
of the Executive Com,decree has not yet been entered pending application to be had retired from the chairmanship 1925. Mr.
Kruttschnitt
made by the Railroad Company for the inclusion in the mittee of your Company on May 31
amount to be recovered by it under said decree, of certain was in the service of your lines for forty-seven years. practically the entire period of his business career, and his name
items not now included therein.
is inseparably connected with your Company.
SOUTHERN PACIFIC RAILROAD COMPANY OF
The Board gratefully acknowledges its appreciation of
MEXICO.
the loyal and efficient services rendered by officers and
On the 102.78-mile gap in the main line between Tepic and employees during the year.
By order of the Board of Directors,
La Quemada, construction work has proceeded diligently,
HENRY W. DB FOREST,
there having been completed during the year 64.73 miles of
Chairman of the Emeoutive Committee.
Arack, making a total of 81.81 miles of track completed to
2214
THE CHRONICLE
(Vet- 122.
UNION PACIFIC RAILROAD COMPANY
TWENTY-NINTH ANNUAL REPORT—YEAR ENDED DECEMBER 31 1925.
New York, N. Y., April 8 1926.
To the Stockholders of Union Pacific Railroad Company:
The Board of Directors submits the following report of the operations
and affairs of the Union Pacific Railroad Company for the calendar year ended December 31 1925, including the
Oregon Short Line Railroad Company, whose entire
Capital Stock is owned by the Union Pacific Railroad Company, the Oregon-Wa
shington Railroad & Navigation Company,
whose entire Capital Stock (except fifteen qualifying shares held by
Directors) is owned by the Oregon Short Line Railroad
Company, and the Los Angeles & Salt Lake Railroad Company, whose
entire Capital Stock is owned, one half each, by
the Union Pacific Railroad Company and the Oregon Short Line Railroad
Company. For convenience, the four companies
are designated by the term "UNION PACIFIC SYSTEM."
MILEAGE AND INCOME.
The operated mileage at close of year and income for the calendar year
1925, compared with 1924, after excluding all
offsetting accounts between the Union Pacific Railroad Co., Oregon Short Line
Railroad Co., Oregon-Washington Railroad &
Navigation Co., and Los Angeles & Salt Lake Railroad Company, were as follows:
Calendar Year
1925.
Calendar Year
1924.
9,555.39
1,493.65
3.732.73
9.525.88
1.499.68
3,648.16
84.57
14/81.73
14.67372
108.05
Increase.
Decrease.
Operated Mileage at Close of Year.
Mlles of road
Mlles of additional main
Mlles of yard tracks and track
sidings
Total mileage operated
29.51
6.03
Transportation Operations.
Operating Revenues
Operating Expenses
2198.039,900 87
138.842,47979
8199.035.117 76
141.611.098 09
Revenues over Expenses
Taxes
..
tintudiectible ItilW- - - iieVerities ------------- --------ay
--------- -----------
259,197,421 08
13,462.881 36
15.241 29
857.424.019 67
14,457,715 43
29.681 31
$1.773.401 41
Railway Operating Income
Rents from use of joint tracks, yards and
terminal facilites
845.719.298 43
1,319,633 31
$42.936.622 93
1.377.119 93
$2,782,675 50
$47.038.931 74
844.313,742 86
$2.725.188 88
$4.809.333 96
2.190.952 32
$4.274.780 69
2.125.800 77
8534.553 27
65,151 55
87.000.286 28
$ 6.400.581 46
8599.704 82
$40,038,645 46
$37,913,161 40
$2,125,484 06
$8,725,895 00
6,103.126 71
610.413 49
121,529 81
557,998 74
420.734 18
$8,122.395 00
6.433.990 45
396,854 96
121,531 80
449.971 93
701,457 88
$603,500 00
Hire of equipment—debit balance
Rents for use of joint tracks, yards and
terminal facilities
Net Income from Transportation
Operations
8995,21689
2,768.618 30
$994,834 07
14.440 02
•
$57,486 62
:
1
'
Income from Investments and Sources other
than Transportation Operations:
Dividends on stocks owned ____
Interest on bonds, notes and eitaPirTeei ___________
laiii-osOCI ___
Interest on loans and open accounts—baiiiit
lance
Rents from lease of road
Miscellaneous rents
Miscellaneous income
Total ____________________________________________
___________
213,558 53
108.026 81
816,539.697 93
Total
82.438.979 97
$17.855.927 12
108.353 53
421.878 12
$2896599
818,347.283 01
$35,753,204 65
S98,87570
$2,477,855 73
•
DISPOSITION OF NET INCOME.
Dividends on stock of Union Pacific Railroad
Co.;
Preferred stock:
2 per cent paid April 11923
2 per cent paid October 1 1925
CoFamon stock:
2Si per rent paid April 1925
2.% per cent paid July 11 1925
254 per cent paid October 1 1925
234 per cent payable January 2 1926
81.090,87000
1.900.87000
83,981,740 00
83,981,740 00
$5,557,290 00
5,557.290 00
5,557.290 00
5,557.290 00
22,220.160 00
Total Dividends_
Sinking Fund Requii•en;;;Cs ------------ - ------ - ----- --- ------- Total Appropriations of Net Income
Surplus, Transferred to Profit and Loss
The increase of $1,772,735 78, or 1.2%, in "Freight Revenue," was due to increase of 4.7% in net ton miles of revenue freight carried (including freight carried by one System company for another on which freight charges must be
assessed under the Interstate Commerce Law) offset in part
by a decrease of 3.0% in average revenue per ton mile occasioned by fluctuations in the kinds of commodities hauled
and reduction in rates on bituminous coal from Colorado and
Wyoming fields to the East, effective August 4 1925. With
the exception of California citrus fruit and apples, which
were damaged by freeze in December 1924, the yields of
,
$71,785 49
3.94374
818.386.158 77
838,231,060 38
Net Income from All Sources
1 op
280.723 70
$313.495 91
$54,139,363 42
$17,884,893 11
36.568 04
425.821 86
Fixed and Other Charges.
Interest on funded debt __
_
Miscellaneous rents
____________________•
Miscellaneous charges
816,226.202 02
256,578,343 39
Total Income
8330.863 74
22,229,160 00
526,210,900 00
18,681 03
526,210,900 00
8,678 99
810.002 04
826,229.581 03
$26,219.578 99
$10,002 04
$12,001,479 35
$9,533,625 66
22,467,853 69
fruits (particularly California grapes), vegetables, grains
and other agricultural products, in the States west of the
Rocky Mountains, were larger than in the previous year,
with consequent heavier movement. The larger crops in
that territory and the generally improved business conditions over the country stimulated purchasing and building
activities with the result that substantial increases occurred
in the movement of lumber, agricultural implements, automobiles, etc. There was also a marked improvement in
the mining industry and a continued increase in the oil industry in Union Pacific frrritory with resultant increases in
APR. 17 19261
2215
THE CHRONICLE
Operating results for year 1925 compared with year 1924:
Average miles of road operated
Operating Revenues
1. Freight revenue
2. Passenger revenue
3. Mail revenue
4. Express revenue
5. Other passenger-train revenue
revenue
6. Other trainrevenue
7. Switching revenue
line
8. Waterrevenue
9. Other
•
Total operating revenues
10.
Operating Expenses
11. Maintenance of way and structures
12. Maintenance of equipment
Total maintenance expenses
13.
14. Traffic expenses
expenses-rail line
15. Transportation expenses-water line
16. Transportationoperations expenses
17. Miscellaneous
General expenses
18. Transportation for investment-Credit
19.
Total operating expenses
20.
21. Revenues over expenses
Taxes
22. State and county
23. Federal capital stock
24. Federal income
25. All other Federal
Total taxes
26.
27. Uncollectible railway revenues
28. Railway operating income
29. Equipment rents (debit)
30. Joint facility rents (debit)
31. Net railway operating income
Per cent-Operating expenses of operating revenues
Calendar Year Calendar Year
1924.
1925.
9.547.76
*9.510.51
Decrease.
Per
Cent.
.4
$150,005,741 79 $148,233,006 01 $1,772,735 78 51,542.846
10
31,092,455 40
32.635,301 50
201.701 06
4,613,520 33
4,411,819 27
1,184,700 59
4,689.567 86
3,504,867 27
166,253 12
3,945,347 70
*3,779.094 58
*37,955 89
18,149 10
56,104 99
2,715 78
1,173.187 41
1,175,903 19
36,829 57
36,971 05
73,800 62
16,436 21
3,796,967 78
3,813,405 99
5995.216 89
$198.039,900 87 $199,035,117 76
1.2
4.7
4.4
25.3
4.4
47.8
.2
49.9
.4
.5
5.5
51,640,592 13
$27.945,376 16 $29,585,968 29
1.2
461,750 64
37,153,620 04
36.691,869 40
3.2
$64.637.245 56 $66,739,588 33 ------------52.102.342 77
5.6
3,884.546 85
.69574
4,101,242 59
1.7
1,020,224 02
60,059,007 27
59,038,783 25
12.381 95 19.4
63,968 99
51,587 04
2.5
4,097,129 83 --------------------4.197.810 06
.3
6,835.214 33
17,845 00
6,853.059 33
31,109 47 45.5
68,357 51
37,248 04
2.0
52,768,618 30
6138.842,479 79 $141,611.098 09
3.1
$59,197,421 08 $57,424,019 67 $1,773,401 41
Freight Duffle (Commercial Freight only)
-
Tons of revenue freight carried
Ton-miles, revenue freight
Average distance hauled per ton (miles)
Average revenue per ton-mile (cents)
Average revenue per freight-train mile
Passenger Traffic (Excluding Motor Car)
-
Revenue passengers carried
Revenue passengers carried one mile
Average distance hauled per passenger (miles)
Average passengers per passenger train mile
Average revenue per passenger mile (c. nt )
Average revenue per passenger-train mile, passengers only
Average total revenue Der passenger-train mile__ _ _ __ _ _ __ _
Full-face-Credit. * Restated,
the transportation of ores, metals, petroleum and petroleum
products, the latter occasioned by the opening of new oil
fields near Paradise and Russell, Kansas, by the greater
demand for gasoline for automobiles, and by the increased
use of fuel oil for domestic and agricultural purposes. There
was a very substantial decrease in the movement of grains
and mill products from Kansas and Nebraska, because of
the short 1925 wheat crop in those States and the small
hold-over of 1924 corn crop for movement in 1925. Also, the
movement of live stock was below normal because drought
conditions in 1924 depleted the herds and flocks and made
fewer marketable animals available for shipping.
The decrease of $1,542,846 10, or 4.7%, in "Passenger
Revenue" was due to decrease of 4.2% in average revenue
per passenger mile and to decrease of.7% in revenue passengers carried one mile. The decrease in average revenue per
passenger mile was due partly to decrease in certain fares
on the Los Angeles & Salt Lake Railroad ordered by the
Interstate Commerce Commission effective March 1 1924,
and partly to popular low-rate excursions conducted in 1925.
The decrease in revenue passengers carried was due principally to decline in travel in the first half of 1925 occasioned by sub-normal crops generally in 1924 in territory
served by our lines, and to the continued diversion of local
short-haul business to motor vehicles.
The decrease of $201,701 60, or 4.4%, in "Mail Revenue,"
was due to publishers and others changing from storage
mail to manifest freight for shipping magazines, etc., because of increase in postal rates effective April 15 1925, and
to reduction in rates on competitive mails for Northwest
district to equalize with land grant rates prevailing on competing lines.
The decrease of $1,184,700 59, or 25.3%, in "Express Revenue," was due to reduction in express rates effective March 1
1925 to the diversion of express traffic, carloads and less,
to movement by freight on account of improved freight ser-
Increase.
37.25
$10,186,120 95
593,817 66
2,681.727 00
1,21575
513.462,881 36
$15,241 29
$45,719,298 43
4,809.333 96
871,319 01
540,038,645 46
70.11
510,387.024 49 ------------5200.903 54
592,126 02
--786.494 70
3,468.221 70
9,127 47
10.343 22
5994.834 07
114.457.715 43
614.440 02
$29.681 31
$42.936.622 93 $2.782.675 50
4,274,780 69
534,553 27
748.680 84
122,638 17
$37.913,161 40 $2,125.484 06
1.04
71.15
32,770.901
12,444,146,082
379.73
1.188
57.20
31.503.788
11,786,735.981
374.14
1.233
66.99
4,638,102
1,050,052,344
226.40
55.98
2.926
51.64
62.27
5.120.579
1,057,148.835
206.45
56.69
3.054
$1.73
£2.43
1,267,113
657,410,101
5.59
5.21
19.95
.045
482.477
7.096.491
.71
.126
5.09
£16
1.9
.3
22.7
88.2
6.9
48.7
6.5
12.5
16.4
5.6
1.5
4.0
5.6
14
3.0
3.0
9.4
.7
9.7
1.3
4.2
5.2
6.6
vice, and to the handling of milk, cream and newspapers in
baggage service in 1.925 instead of by express as was done
in 1924.
The increase of $166,253 12, or 4.4%, in "Other Passenger
Train Revenue" was due principally to the handling of
milk, cream and newspapers in baggage service in 1925;
which business in 1924 was handled by the express company and our proportion of the earnings therefrom credited
to "Express Revenue."
The decrease of $1.640,592 13, or 5.5%, in "Maintenance
of Way and Structure Expenses" was due principally to less
necessity for repairs and renewals of buildings, signals and
bridges, and to decrease in prices of materials used in repairs, principally ties. The properties were fully maintained.
The principal track materials used during the year in
making renewals were as follows:
New steel rails
Second-hand steel rails
Total
329.90 track miles
126.43
456.33 Wick milee
excluding yard tracks and sidings, equivalent to 4.5% of the
track miles in main track at the beginning of the year. Ties
3,002,493 (98.4% treated), equivalent to 8% of all ties in
track at the beginning of the year. Tie plates 2,180,913 and
continuous rail joints 196,142.
The decrease of $461,750 64, or 1.2%, in "Maintenance of
Equipment Expenses" was due to a reduction in labor costa
made possible by greater effectiveness. Practically the
same amount of material was used in repairs and the equipment was fully maintained.
The increase of $216,695 74, or 5.6%, in "Traffic Expenses" was principally due to increase in expenditures for
advertising and solicitation.
The decrease of $1,020,224 02, or 1.7%, in "Transportation
Expenses
-Rail Line" was principally due to a further increase in average freight train load hauled and to decrease
2216
THE CHRONICLE
firm. 122.
GENERAL BALANCE SHEET-ASSETS.
(Excluding all offsetting securities and accounts between the Union Pacific Railroad Co., Oregon Short Line Railroad Co., OregonWashingtoet Railroad et Navigation Co., and Los Angeles & Salt Lake Railroad Co.)
Dec. 31 1925.
Less:
•
Receipts from improvement and equipment fund
Appropriations from income and surplus prior to July 1 1907,
credited to this account
Dec. 31 1924.
Increase.
8856,194.018 94
Investments:
Road and Equipment
3846.137.843 43
$10.056,175 51
$23,823,091 13
$23.823.091 13
13.310,236 52
13.310.236 52
Total
837.133.327 65
837.133.327 65
701. Investment in road and equipment
$819,060,691 29
$809,004,S1i78
$10,06,17551
317.878 73
392.235 68
2.034 408 99
$9.136 71
195.243 90
2.319.434 28
$8.742 02
196,991 78
314.974 71
$3.044,523 40
$2,523,814 89
8520.708 51
$20.981.719 46
19.528.843 11
8,692,9.5981
$20.685.749 93
18.478.079 58
8.735.449 80
8295.969 53
1,050,763 53
$49.203.522 38
847 899.279 31
$130424307
890.694.599 93
71.230.686 05
$90.105.478 35
79.565.211 24
8589.121 58
$161.925.285 98
$16967068959
1441:507.488 78
$3435686375
$176,519 84
$170.088 28
$6.431 56
11,074,418,031 64 $1,063,62:4,251 60
-
Decrease.
$10,792,780 04
702. Improvements on leased railway property
704. Deposits in lieu of mortgaged property sold
705. MLscellaneous ph3sica1 property
Total
.
706. Investments in affiliated companies:
Stocks
Bonds. notes, and equipment trust certificates
Advances
Total
,
TOL Investments in other companies:
•
Stocks
Bonds, notes. and equipment trust certificates
Total
United States Government Bonds and Notes
703. Sinking funds
Total Investments
Current
708.
711.
712.
713.
714.
715.
716.
717.
718.
719.
A
Cash
Special deposits
Loans and bills receivable
Traffic and car sem lee balances receivable
Net balance receivable friar' agents and conductors
Miscellaneous act:citing receivable
Material and supplies
Interest and dividends receivable
Rents receivable
Other current assets:
Baltimore & Ohio Railroad Co. capital stock applicable to payment
of extra dividend of 1914
Miscellaneous Items
$7.745.403 61
Total Unadjusted Debits
$21.720.696 47
43.702 17
47.186 86
4.310.665 70
1.221.340 24
4.242.768 04
19.048.220 67
1.724.433 84
197.490 87
159.198 20
252.319 61
170.674 20
224.627 95
27.691 66
$58.995.596 88
$52,950.807 00
$6.044.789 88
$103.915 14
128.358 47
2.908.000 38
$759.430 22
83.845.731 90
Total Deferred Assets
Unadjusted Debits:
723. Rents and insurance premiums pald In advance
725. Discount on funded debt
727. Other unadjusted debits
$29.031.509 31
84.862 11
6.613 88
5.098.315 38
1.264,23284
4,592.806 41
16.446.844 10
1.910.719 44
148,175 60
121.833 75
3.067.430 60
•
$3.140.273 99
$705.457 91
82.988 20
1.112.110 86
1.2,33,072 54
$4.441 76
1.143.809 94
1.784,768 46
$2.348.171 60
in payments for loss, damage and casualties. There were
increases of 4% in tons of revenue freight hauled and 5.4%
in freight gross ton m.les, but because of an increase of 6.8%
In average freight train loading the tonnage was moved
with 1.3% less freight train miles. Notwithstanding an
increase of .1% In total transportation locomotive miles,
there was a decrease of 5% in tons of fuel consumed by locomotives which expressed In money amounted to approximately $700,000. There were increases in payments of approximately $550,000 resulting from higher wage schedules
find $500,000 resulting from advance in price of locomotive
fuel consumed.
The increase of $100,680 23, or 2.5%, in "Miscellaneous
Operations Expenses" was due principally to increase in
dining car and hotel operations.
The increase of $534,553 27, or 12.5%, in "Equipment
Rents (Debit)" was principally due to increase In mileage
payments on refrigerator and private line tank cars because
of the increase in number of carloads of perishable commodities and oil and oil products handled.
The increase in "Investment in Road and Equipment"
is made up as follows:
81.122_640.3E:I 75
17,310.812 84
41.159 94
787,649 68
42.892 60
350,038 38
187.285 on
$40,572 93
2,601.37657
49,315 27
11,476 00
47,447 59
2
6,524 72
$1,453 58
31,6990
551,695 92
$2,933.020 16
81.139.607.532 02
Grand Total
$8.334.525 19
36.050,625 00
-
856.467 55
Total Current Assets
Deferred Assets:
720. Working fund advances
722. Other deferred assets:
Land contracts, as per contra
Miscellaneous items
$42,489 99
$584.848 56
elS
ona
170 27
'.1 lie territory adjacent to this extension is adapted to the
raising of sugar beets. The Holly Wyoming Sugar Company has contracted for the building of a 150,000-tons annual
capacity beet sugar factory at the terminus.
Construction work was continued on the branch line from
Rogerson, Idaho, to Wells, Nevada. The extension from
Orchard to Boise, Idaho, was completed and placed in operation April 16 1925.
CHICAGO .& ALTON.
On page 16 of the report for 1922 advice was given that,
Receivers having been appointed for the property of The
Chicago & Alton Railroad Company on August 30 1922, upon
careful consideration of the conditions and prospects of that
property, the Board of Directors of the Union Pacific Railroad Company had approved writing out of the investment
account as a loss the entire cost, $8 916,781 50, of the preferred stock and $6,312,750 of the cost of the $8,417,000 face
value of General Mortgage Twenty-Year S:x Per Cent Bonds
of the Chicago & Alton owned by the Union Pacific. An
active and broad market for the Chicago & Alton preferred
stock developed In 1924 and it was decided to sell the stock
Extensions and Branches
$2,1f0,441 07
7,010,549 31 owned by the Union Pacific. 12,500 shares were sold In that
Additions and Betterments, excluding Equipment
4,058.039 85
Equipment
year and the remainder, 90,931 shares, was sold during the
Total Increase
813.229.030 23
year 1925. The proceeds from the sale of this stock, $1,557,From which there was der ucted:
Cost of propervy retired t om service and not to be reLoss in
353 30, were credited to the corporate surplus account "Reserve for Depreciation of Securities," to wh:ch account the
mission
$622,545 42
1
Cost of real estate retired
168,292 51
Cost of equipment retired from service
entire cost was charged in 1022 when written off as a loss.
2,382,016 79
The Edward H. Harriman Memorial gold medal presented
Total Deductions
3.172.854 72
Net in
in "Investment in Road and Equipment"__$10,056,175 51 annually by Mrs. E. H. Harriman was awarded on NovemIn November 1925 construction was started on an exten- ber 14 1925 by the American Museum of Safety to the Union
sion of the North Platte Branch from Cottier, Wyoming, to Pacific System "For the utmost progress in safety and UMextend northeasterly n, distance of approximately 4 miles. dent prevention during the year 1924."
garUy wqrhrld.,ai%sonsAffh'e riu1,711:724
Cc":
APR. 17 1926.]
2217
THE CHRONICLE
-LIABILITIES.
GENERAL BALANCE SHEET
Excluding all offsetting securities and accounts between the Union Pacific Railroad Co., Oregon Short Line Railroad Co., OregonWashington Railroad & Navigation Co., and Los Angeles & Salt Lake Railroad Co.)
Decrease.
Dec. 31 1925.
Dec. 31 1924.
751. Capital Stock
Common stock
Preferred stock
$222.293,100 00
99.543,500 00
$222,293,100 00
99,543,500 00
Total Capital Stock
755. Funded Debt
$321,836,600 00
414,893.320 00
8321.836,600 00
415.732.450 00
$736,729.920 00
$737.569,050 00
8300,777 47
$152,820 53
4147,956 94
81.839.806 88
12,378.039 06
$1.295.66048
11,292,833 26
$544.246 40
1.08.5.205 80
10,161,116 56
278.888 42
9,652.813 99
201.167 83
508.302 57
77,720 59
153.821 35
5,081.874 90
161.338 35
5.082.083 78
115.380 50
116.115 50
735 00
171.343 28
5,557.290 00
5.000 00
1.688.660 75
480,218 24
185.271 33
18.3,548 33
5,557.290 00
5.000 00
1,693.446 73
427.826 48
166.170 66
12,205 05
52,391 76
19.100 67
538.096,711 27
535.835.195 39
$2,261.515 88
$121.833 75
1.660.000 00
7.723.795 71
7.360.376 12
5128.358 47
1.660.000 00
7.85.1.465 50
9.368.836 03
129.669 79
2.008.459 91
816,866.005 58
519,010.660 00
62.144.654 42
52.028.260 32
55.010.982 81
51.621.825 68
50.874.366 88
5406,434 61
4,136.615 93
848.446 00
3.673.013 27
707.943 84
3.356,554 52
140.502 16
316.458 75
Total
754. Grants in Aid of Construction
rent Liabilities
759. Traffic and car service balances payable
760. Audited accounts and wages payable
761. Miscellaneous accounts payable:
Due to affiliated companies
Other accounts payable
762. Interest matured unpaid:
Coupons matured, but not presented
Coupons, and interest on registered bonds, due first proximo
763. Dividends matured unpaid:
Dividends due but uncalled for
Extra dividend on common stock declared January 8 1914. payable
to stockholders of record March 2 1924, unpaid
Dividend on common stock payable first proximo_ _ t
784. Funded debt matured unpaid
766. Unmatured interest accrued
767. Unmatured rents accrued
768. Other current liabilities
Total Current Liabilities
1 eferred Liabilities
770. Other Deferred Liabilities:
Principal of deferred payments on land contracts, as per contra
Contracts for purchase of real estate
Miscellaneous items
771. Tax Liability
Total Deferred Liabilities
nadjusted Credits
773. Insurance Reserve:
Reserve for fire insurance
776. Reserve for depreciation
778. Other Unadjusted Cretins:
Contingent interest
Miscellaneous items
Total Unadjusted Credits
Increase.
$839.130 SO
$839,130 00
$7,517 00
208 88
4,785 98
86.524 72
. $61.560.702 40
856.560.690 92
5.5.000.011 48
Total Liabilities
$853,554,116 72
$849,128,416 84
$4,425,699 86
urplusAppropriated for additions and betterments
Reserved for depreciation of securities
Funded debt retired through income and surplus
Sinking fund reserves
$30.093.990 80
34,972.570 88
536.828 66
193.3&1 23
529.732.252 27
34.740.468 50
526.795 33
176.973 49
4361.738 53
232,102 38
10.033 33
16.409 74
565.796.773 57
188,583,273 82
865.176.489 59
176,671,078 41
$620,283 98
11,912,195 41
$254,380,047 39
1241.847 568 00
.
812,532,479 39
Total Appropriated Surplus
-Credit Balance
784. Profit and Loss
Total Surplus
As this consolidated balance sheet excludes all inter-company items, securities of the Los Angeles & tab Lake Railroad Company owned by other
System companies are not included. The difference between the par
and face value of such securities as carried on the books of the L s Angeles
& Salt Lake (less unextine,tushed discount on the bonds and discount
charged to Profit and Loss but added back in consolidating the accounts'
and the amounts at which the securities are carried on the books of the
owning System ampaules is set up here to balance
$31.673.367 91
$331.673,367 91
_......
Grand Total
81,139, 07 532 02 $1,122,649,352 75 816,953,179 27
x These amounts respectively represent donations made during the year by counties and municipalities and by individuals and companies in par.
ayment for improvements, suu, as road crossings, drainage projects, and industry spur tracks, the cost of which was charged to "Investment in Road
..t1 Equipment."
SOUTHERN RAILWAY COMPANY
THIRTY-SECOND ANNUAL REPORT
-FOR THE YEAR ENDED DECEMBER 31 1925.
Richmond, Va., March 13 1926.
o the stockholders of Southern Railway Company:
The Board of Directors subm ts the following report of
he affairs of the Company for the year ended December 31
1925:
THE INCOME ACCOUNT.
The year was one of sound prosperity for the entire South,
a prosperity contributed to and shared by Southern Railway
Company. The balance of tile Company's income over fixed
charges amounted to $22,579.172, equivalent to 16.31% on
the common stock after providing for the dividend on the
preferred stock, compared with $17,769,140, equivalent, after
preferred dividend, to 12.30% on the common stock, in the
preceding year. The gross operating revenue amounted to
$149,313,892 in 1925, compared with $142,486,514 in 1924, an
Increase of $6,827,378, or 4.79%. Operating expenses increased $1,137,277, or 1.11%. The ratio of operating expenses to gross revenue was 6153%, compared with 72.06%
in the preceding year. The net income from operation remaining after the payment of operating expenses, taxes and
equipment and joint facility rentals was $35,086,021, or
15.25% in excess of the corresponding figure for 1924.
Dividends were paid during the year at the rate of 5%
on both classes of stock. On December 10 1925 the dividend
rate on the common stock was raised to 7% through the
declaration of a quarterly dividend of 1%% payable on February 1 1926.
•
THE BALANCE SHEET.
The balance sheet (Table 3) is wholesome. The current
assets, consisting of cash, United States Government securities. accounts receivable and materials, on December 31
1925, were $9,964,836 in excess of the year before, while current liabilities were $1,682,063 less, result ng in a net increase of $11,646,899 in working capital. Again, without
increasing the outstanding capital securities, there was a
substantial increase in the investment account, while capital
1 abilities declined $3,646,200 by reason of the retirement of
equipment trust obligations.
OPERATING REVENUE.
Freight.
The gross revenue on freight traffic in 1925 amounted to
$106.776,762, compared with $03,842,143 in.1924, an increase
of $6,934,619, or 6.95%.
The volume of revenue freight traffic was the heaviest in
the Company's history, being the equivalent of moving 8,274
million tons a distance of one mile, compared with 7,585
million tons in 1924 and the previous record of 8,230 million
tons attained in 1920.
The average revenue per ton per mile in 1925 was 1.291c.,
compared with 1.316c. in 1924. A comparison with the corresponding figure of 1921 provides a measure of the reductions in freight charges which have accrued to shippers
since the post Federal control high leveL The average
•
2218
revenue per ton per mile on the Southern in that year was
1.531c. Last year's average of 1.291c. is a reduction of
15.68%. While this average ton mile revenue is influenced
by character of traffic and distance hauled as well as by
changes in rates, nevertheless it is a substantially accurate
unit of comparison, and in this case indicates that the total
freight charges paid to the Southern for carrying the 1925
traffic were nearly twenty million dollars less than they
would have been had the average ton mile charge of 1921
obtained In 1925.
Passenger.
The gross revenue on passenger traffic in 1925 amounted
to $30,951,806, compared with $31,083,146 in 1924, a decrease
of $131,340, or less than one-half of one per cent. The comparative improvement in passenger business was progressive
through the year, the revenue from this source during the
first eight months having been below the 1924 level but
above that level during the remaining four months. The
tendency toward expansion of long distance travel and contraction of local travel continued, the division in this respect
of passenger revenue being shown in the following figures:
Increase. Decrease.
1925.
1924.
Revenuefrom through traffic
$15.518,351 813.631.225 $1,887,126
$2,018,466
Revenue from local traffic- 15,433,455 17,451,921
OPERATING EXPENSES.
In its earlier days the Southern was unable to reap the
full benefits of high tide business. Traffic expansion meant
overtaxed facilities, high operating costs and poor net results. By the persistent investment of accumulated income
and of such new capital as could be secured, the physical
plant has been steadily improved until the Southern has
to-day a transportation machine which, while still far from
complete, is capable of being operated to serve the South
efficiently, at fair rates, and with net results which promise to assure a fair return to the stockholders. The following statistics have been selected to illustrate the current
progress In these respects, the comparison being with 1923,
a year of gross revenues substantially equal to 1925:
The net charge against the Southern for hire of equipment
In 1925 was $151,464, compared with $2,042,237 in 1923, a decrease of 93%.
The transportation expense per dollar of revenue in 1925
was 33.38c., compared with 36.32c. in 1923, a decrease of 8%.
The average weight of freight trains in 1925 was 1,237
tons, compared with 1,138 tons in 1923, an increase of 9%.
The nuniber of gross ton miles per freight train hour in
1925 was 16,310, compared with 14,050 in 1923, an increase
of 16%.
Freight train transportation expense per thousand gross
ton miles In 1925 was 65.08c., compared with 83.17c. in 1923,
a decrease of 22%.
The number of pounds of coal consumed in freight train
locomotives per thousand gross ton miles in 1925 was 190,
compared with 229 in 1923, a decrease of 17%.
The number of pounds of coal consumed in passenger
train locomotives per passenger car mile in 1925 was 17.2,
compared with 20.2 in 1923, a decrease of 15%.
The average cost of repairs to locomotives per mile run in
1925 was 22.77c., compared with 26.50c. in 1923, a decrease
of 14%. The average cost of repairing a freight car In 1925
per freight car mile was 1.23c., compared with 1.62c. in 1923,
a reduction of 24%. The average cost of repairs to passenger train cars in 1925 per passenger car mile was 1.55c.,
compared with 1.88c. in 1923, a reduction of 18%.
Had these average unit costs of repairing equipment been
as high in 1925 as they were in 1923 the expense account of
1925 would have been charged with $4,660,000 more than
the sum with which it actually was charged for this purpose. The proportion of "bad order" cars and locomotives
to the total number owned was substantially the same at
tbe end of 1925 as at the end of 1923.
With all appreciation of the high morale of the organization, rank and file, these results could not have been secured without improvement of the plant.
Taxes.
The tax bill of the Southern for 1925 was $9,441,565, an
increase of $1,738,866, or 22.57%, over 1924. Federal and
State income taxes accounted for $3,148,764 of the total and
for $1,152,435 of the increase, while property assessments
accounted for $6,292,801 of the total and for $586,431 of the
increase. The following figures illustrate the cumulative
tendency of this account:
(VOL. 122.
THE CHRONTCLE
1921
1922
1923
1924
1925
Taxes Paid.
$4,582,293
5,763.689
6,994,407
7,702.699
9,441,565
Increase
Over 1921.
53%
68%
106
Per Dollar
of Revenue.
3.6c.
4.5c.
4.6c.
5.4c.
6.3c.
ADDITIONS TO THE PROPERTY.
Road and Structures.
Among the important new facilities completed and placed
in operation during the year the following are worthy of
special mention:
The seventeen-mile low-grade cut-off line between Bulls
Gap and Leadvale, Tenn., over which coal from the Virginia
fields is moving toward the Asheville gateway in trains
carrying twice the tonnage which could be moved over the
old nine-mile longer route through Morristown.
The John Sevier yard five miles east of Knoxville, Tenn.,
with 46 miles of tracks and a present capacity of 2,929 cars,
together with modern engine terminal and package freight
transfer facilities.
The Knoxville cut-off line connecting the Harriman Junction and Middlesboro lines north and west of Knoxville with
the John Sevier yard, saving 7.72 miles of haul on through
freight traffic to and from the Middlesboro line, 2.78 miles
on through freight traffic to and from the Chattanooga line
and .40 of a mile on through freight to and from the Harriman Junction line. This traffic now moves around the City
of Knoxville instead of through the congested city district
as formerly.
The Spartanburg belt line which permits the movement
around the City of Spartanburg, S. C., of through freight
traffic which formerly had to cross busy city streets.
A new locomotive repair shop, engine terminal and coach
yard at Atlanta, Ga.
A substantial expansion of the yard and engine terminal
facilities at Asheville, N. C.
Rolling Stock.
Sixty-one new locomotives, 2,750 new freight cars and
fifty new passenger tra!n cars have been contracted for
since the beginning of 1926. The cost of this equipment
was $8,622,000, which will be paid partly from current
treasury funds and the remainder from the proceeds of sale
of $6,900,000 Series "AA" 4I/
2% equipment trust certificates
dated April 1 1926, payable in thirty equal semi-annual installments.
INDUSTRIAL AND AGRICULTURAL DEVELOPMENT.
Two hundred and sixty new traffic producing industries
were established last year on Southern Railway System
lines. Two hundred and thirty additional industrial establishments were enlarged. The outlook is favorable for a
continuation of this expansion during the coming year.
Many important projects are under way or in contemplation, among which may be mentioned plans for a substantial increase in the steel making capacity of the furnaces in
the Birmingham district, and the production on a large
scale of rayon, which is now used extensively in the South's
textile factories.
The growth in manufacturing activities in the South has
not been at the expense of agricultural progress. That field
and orchard have kept abreast of the increasing demands
of both home and distant markets may be seen from the
following comparison of the volume handled by the Southern
of certain commodities which reflect the activities of the
farm:
Grain, grain products and hay
Cotton
Fruits and vegetables
Livestock
Tobacco (unmanufactured)
Agricultural Implements
Fertilizers
1925.
Tons.
1,995,000
745.000
673,000
177.000
286.000
138,000
1,336,000
1905.
Tons. Increase.
68
1.191.000
25
595.000
196
227,000
49
119,000
189
99.000
59,000
134i
80/0
744.000
Attention is invited to the chart accompanying this report,
upon which are indicated the central power plants, both
hydro-electric and steam, the transmission lines, the coal
areas, and the power using textile machinery, in the territory served by the Southern. With this chart may be read
profitably the following stimulating but just portrayal of
economic conditions in the South to-day, which we have
permission to quote from the February 1926, business review of The American Exchange-Pacific National Bank,
New York:
"The magic wand of hard work is rapidly building an empire within an empire in the South. Industry Is taking its
place alongside agriculture, thus rounding out an economic
structure that has few equals in the world. To the visitor
A PR. 17
1926.]
THE CHRONICLE
2219
TABLE 3.
-GENERAL BALANCE SHEET.
able to look at the new South against the background of the
old, the changes that have taken place seem actually to have
ASSETS.
Dec. 31 1925. Dec. 31 1924.
been wrought by magic. But the magic has been the magic Investments:
of hard work applied to natural resources such as are vouchInvestment in Road
$377,375,960 10 $366,491,874 53
Investment in Equipment
125,138.853 56 118.511.949 60
safed to few peoples. There is hardly an enterprise known
to modern industry that is not represented in the great
Total Investment in Road and
Equipment
workshop of the new South. The growth of the textile in5502.514,813 66 8485,003.824 13
dustry in the cotton States has been well advertised, but
Funds Appropriated for Construction_
$7,592,968 75
Proceeds from sale of Mortgaged Propthere are iron and steel mills, chemical plants, machine
erty, held by Trustees for Reinvestshops, furniture factories; there is mining, copper, iron,
ment
$886,622 45,
24,975 00
coal, phosphate, aluminum; there are oil wells, building
Miscellaneous Physical Property
51.035,873 93 51,002.704 38
Investmehts in Affiliated Companies:
stone and marble quarries; there are shipyards, lumbering,
Stocks
534,910.550 73 $35.129,200 73
automobile and clothing factories; in fact, there is hardly a
Bonds
24.033.970 19 24.710,970 19
Notes
3.981.117 94
4.585.116 77
known product that is not to be had straight from the mill
Advances
2,605.057 55
3,153,937 71
at some place in the South. But, with all this industrial
Total Investments in Affiliated
development, the South is still predominantly agricultural.
Companies
$65,530,696 41 867.579.225 40
Its cotton fields, its peanuts, its potatoes, its fruits, its
Other Investments:
wheat and corn, its cattle and its forage make the South the
Stocks
$93,809 00
293.808 00
land of the truly blessed. . . Water power development
Bonds
2,378,309 21
2.378.30821
has reached an advanced stage, many of the huge industries
Notes
14.448 68
17,342 79
Advances for Purchase of Additional
in Tennessee, the Carolinas, Georgia and Alabama being
Equipment
6,286.850 00
driven by power developed on the mountain streams which
Total Other Investments
52,486.566 29 $8,776.309 00
tumble over the Appalachians and the Cumberlands. Superpower is an old story in the South. For several years leadTotal Investments
$572,454,573 34 $569,960,006 66
ing cities have drawn their light and power from systems
which connect them all in a single chain. Cheap power, Current Assets
Cash
515.953.169 28 810.428,530 69
ample resources and an abundance of enterprise and musUnited States Government Securities
22,262.617 21
16.283.640 64
Special Deposits
2.840.286 05
2,860.410 15
cular energy are the factors that are rejuvenating the South,
Loans and Bills Receivable
21,210 05
22,268 18
bringing it back to the place of dominance which it once
Traffic and Car Service Balances Receivable
1,789,502 06
occupied. . . . Real wealth consists of natural resources
1,531.010 43
Balances due from Agents and Conducand the tools for utilizing them The South has this kind of
tors
26.947 30
54.753 99
Miscellaneous Accounts Receivable
4.966.425 00
wealth and It is evident to the observer that Its development
6.181.070 04
Materials and Supplies (Table 11)
10.771.54301
11.379.189 29
has just begun."
Interest and Dividends Receivable_ .._ _
892,545 69
787.797 86
215.258 22
To all officers and employees who have faithfully and
Other Current Assets
245,996 35
efficiently performed their duties the thanks of the Board
Total Current Assets
559,739,503 87 549.774,667 60
of Directors again are tendered
Deferred Assets:
Respectfully submitted, by order of the Board,
Working Fund Advances
$57.220 79
5105.715 28
Cash and Securities in Insurance Fund_
FAIRFAX HARRISON, President
1.377.239 98
1.020,37331
Cash Deposited under North Carolina
Railroad Lease
Other Deferred Assets
TABLE I.
-INCOME STATEMENT.
Operating RevenuesFreight
Passenger
Miscellaneous Passenger-Train
Mail
Express
Other Transportation
Incidental
Joint Facility
1925.
1924.
3106.776,762 61 $99.842,143 47
30.951.806 32 31.083,14648
1.091.360 87
1.139.977 74
3,314.728 55
3.36107045
2.596,008 71
2,616,730 50
1,353.662 60
1.355.965 41
2,306.593 31
2.239.477 33
922.968 95
848,003 01
$149.313,891 92 $142.486.514 39
Total Deferred Assets
175.000 00
175.000 00
433.580 51
212,416 73
I
52.043.041 28 51.513.505 32
Unadjusted Debits:
Insurance Premiums and Rents paid in
Advance
522.973 88
Additions and Betterments Expenditures:
Freight Claims: Foreign Mileage and
Sundry Items in Suspense
4.118.082 86
Total Unadjusted Debits
54,141,05674
82,41082
4.218.132 99
$4.220,543 61
Total Operating Revenues
Securities of the Company held by it:
• Operating Expenses
1925.
1924.
Unpledged.537,741.200 00 236,171,200 00
Maintenance of Way and Structures
$20.437,949 53 519.556.826 06
Maintenance of Equipment
25.702,13358 25.511.591 11
Grand Totals
Traffic
5638.378.175 23 5625.468,723 19
2,907.511 17
2.703,53203
Transportation
49,848,796 12 50.056.191 50
Miscellaneous Operations
1.172,41281
1.045.479 05
LIABILITIES.
General
3,871,137 59
3,888,813 24
Transportation for Investment
-Credit
127,988 92
Dec. 311925. Dec. 31 1924.
87,758 57
Capital Stock:
Total Operating Expenses
3103,811,951 88 $102.674.674 42
Common
5120.000.000 00 5120.000.000 00
Preferred
60.000.000 00 60.000.000 00
Net Revenue from Operations
545.501.940 04 $39.811,839 97
Total Southern Railway Company
Taxes
59,441,564 98 27,702.699 01
Stock
5180,000.000 00 $180.000 000 00
Uncollectible Revenues
48,679 39
49.405 59
Hire of Equipment
151,464 37
748.542 46
Southern Ry.-Mobile & Ohio Stock Trust
Joint Facility Rents
774.209 90
868.473 09
Certificates
55.650.200 00 $5.650,200 00
Total Other Expenses
$10,415,918 64 59.369,120 15' Long Term Debt.
Funded Debt
$259,213.500 00 5259,213,500 00
Operating Income
535.086.021 40 530,442.719 82
Equipment Trust Obligations
32.882,000 00 36.528,20000
Non-Operating Income
Total Long Term Debt
Income from Lease of Road
5292.095.500 00 3295.741,700 00
$24,607 74
$64,003 33
Miscellaneous Rent Income
279,311 55
282.753 97
Total Capital Liabilities
$477.745,700 00 2481.391,900 00
Miscellaneous Non-Operating Physical
Property
157.691 21
102.044 87
Dividend Income
2,143,277 00
1.747,377 42 Governmental Grants:
Income from Funded Securities
Grants since July 1 1914 In aid of Con1.370.865 83
Income from Unfunded Securities and Ac- 1.846,10201
struction
$480.839 34
5225,855 34
counts
776.281 92
1,269,023 19
Miscellaneous Income
6.726 68
6,592 74 Current Liabilities:
Traffic and Car Service Balances Payable $1.957.181 36 51.620.079 11
Total Non-Operating Income
Audited Accounts and Wages Payable-- 12,162.064 60 13.905.192 83
85.273,998 11
54,842,661 35
Miscellaneous Accounts Payable
1.558.369 71
2,120,127 50
Total Gross Income
Interest Matured,including interest due
$40.360,019 51 $35,285,381 17
January 1st
2,812.861 50
2,830.032 10
Deductions from Total Gross Income
Dividends Matured Unpaid
3.52075
4.07625
Rent for Leased Roads
Funded Debt Matured Unpaid
52.786.202 77 52.775,403 11
24.253 80
26,651 80
Miscellaneous Rents
Unmatured Dividends Accrued on South31.314 22
31.533 64
Interest on Unfunded Debt
ern Ry.-Mobile & Ohio Stock Trust
41.936 42
46,461 97
Miscellaneous Income Charges
Certificates
189,946 16
56.50200
186.648 94
56.502 00
Unmatured Interest Accrued
2,330.248 50
2.379,441 32
Total Deductions of This Class
Unmatured Rents Accrued
53,049,399 57 53.040,047 66
214.875 00
203,975 00
Expenses Accrued not vouchered
1.775.891 04
1,514,767 71
Total Available Income
Other Current Liabilities
$37.310,619 94 $32,245.333 51
1,458.105 83
1.375.092 11
Interest on Funded Debt
212,740,852 22 812.747,77584
Total Current Liabilities
524.353,874 09 226,035,937 78
Interest on Equipment Obligations
1.502.40959
Dividend on Southern Railway-Mobile and 1,764.587 59
Dividend Reserves
$5.100.000 00 S4,500.000 00
Ohio Stock Trust Certificates
226,008 00
226,008 00
Deferred Liabilities:
Total Deductions of This Class
$14,731,447 81 $14,476.193 43
Sundry Deferred Liabilities
53.161,006 10 82.656.01423
Balance of Income Over Charges
222,579,172 13
Reserve for Dividends on Preferred Stock- 3,000.000 00 517,769,140 08 Unadjusted Credits:
3.000,00000
Taxes
53,829.611 59 $2,011,856 58
Insurance Reset ve
1,777.239 98
1,420.373 31
Balance Carried to Credit of Profit and
Operating Reserves
1,513,42537
1.198,616 98
Loss
$19,579,172 13 814,769,14008
Depreciation accrued on:
Rail Leased to Other Companies_ _
155.56854
143.269 72
TABLE 2.
-PROFIT AND LOSS
Equipment Owned
27.144.013 23 25.533,934 75
uipment Leased from Other CompanCredit Balance December 31 1924
$72,831,19955
ies478.94024
Add:
533.211 56
..ndry Items
Credit Balance of Income for the Year
4.333,299 19
4.026,113 10
19.579,172 13
Total Unadjusted Credits
$39,232,098 14 534,867.376 00
$92,410,371 68
Deduct:
Corporate Surplus:
Dividend of 535% on Common Stock
$6,600,000 00
Retired
239,566 09
'Property
Rpecial Appropriations for Additions to
242,150 45
Net Miscellaneous Debits
Property since June 30 1907
52.976,002 42 52,960,440 34
Profit and Loss-Balance
7,081:71654
885.328.655 14 572,831,199 55
Credit Balance December 31 1925
Grand Totals
585.328,655 14
5638.378.175 23 5625.468,723 19
2220
[VOL. 122.
cliTIONICIAP,
THE CHICAGO, ROCK ISLAND AND PACIFIC RAILWAY COMPANY
AND SUBSIDIARY COMPANIES
-FOR THE FISCAL YEAR ENDED DECEMBER 31 1925.
FORTY-SIXTH ANNUAL REPORT
To the Stockholders:
The net result of the 1925 operations, after the payment of all fixed charges and dividends on the preferred stocks,
was a surplus of $4 54 per share on the common stock, as compared with $4 36 in 1924.
There was a slight decrease in gross revenue, ilnd an increase of some $860,000 in maintenance expenses; but these
items were more than offset by a decrease in the transportation expenses, so that the net result showed the improvement
referred to.
4
The net operating income, however, was only 4.18% on the Company's investment, instead of the 53 % which is
contemplated by the Inter-State Commerce Commission's grouping under the Transportation Act. If freight rates had
4
been so adjusted that we could have earned the 53 % prescribed by the Commission as a proper return, our income would
have been $6,720,000 more. We have joined the other roads in our territory in applying to the Inter-State Commerce
Commission for an increase in freight rates. A large amount of evidence has been taken upon our application, and the
matter is now pending before the Commission for decision.
One of the outstanding features of the report submitted herewith is the continued decline in passenger business, which
is due almost entirely to the competition of the motor vehicle. We are carrying fewer passengers now than we carried
in 1911, or in any year since, and, as you will see from the income account on page 13 [pamphlet report], the passenger
revenue in 1925 was less by $1,529,414 97 than in the year preceding. We recognize that this situation is a result of new
conditions in transportation, and we are devoting our efforts to developing that phase of passenger business with which the
motor bus cannot compete, namely, the long-haul traffic. The improved California service, to which we referred in last year's
report, has been very successful. The new Golden State Limited is earning a very substantial amount over the direct'
cost of operation; ard the favorable comment of thousands of pleased travelers convinces us that its service is a great asset
to the Company. We are curtailing the local passenger train service to meet the new conditions; but, since there a limit
below which passenger train mileage cannot be reduced, we are trying out the motor car as a substitute for the passenger
train, and believe that in the rear future a type of motor rail car will be developed which will enable the railioads to compete
with the motor bus for short-haul traffic.
PHYSICAL PROPERTIES.
In addition to maintaining the road and equipment in excellent condition, as is apparent from the increase of $860,000
in maintenance expenses, we spent approximately $5,000,000 in additions and Letterments to roadway and structures,
and $4,700,000 for new equipment.
We purchased and put into service during the year the following new equipment, costing $4,729,536 40:
io switching locomotives.
11
10 2-10-2 type Incemotives,
5 baggage and mall cars,
1,200 box cars.
400 coal cars,
2 buffet
-baggage cars.
2 Mack motor cars,
1 locomotive wrecking crane,
4 Jordan ditcher spreaders.
We also robuilt 1,000 refrigerator cars, at a cost (including the appraised value of the old material) of $2,565,000; or
a total investment in equipment for the year of $7,294,536 40, which was financed through the issue of $5,400,000 equipment
trust certificates.
No new construction of magnitude was undertaken, the largest item being the continuation of the double track work
on the Kansas Division. The road and equipment, however, were kept up to a standard entirely adequate for the efficient
and economical handling of the traffic offered.
With the consent of the Inter-State Commerce Commission, two more branch lines were abandoned; one from Preemption to Cable, Illinois, 5.29 miles, and the other from West Davenport to Stockton, Iowa, 16.28 miles. We also abandoned 9 miles of line in Winnfield Parish, Louisiana, and entered into a long-time contract for the use of the Louisiana &
Arkansas Railway Company's track which lay adjacent thereto for the entire distance abandoned. While these abandonments necessitate a charge to profit and loss, they relieve the Company of a substantial drain on operating expenses.
With the approval of the Inter-State Commerce Commission, we are proceeding with the construction of a line from
Billings, Oklahoma, into Ponca City, about 30 miles. This lire should develop considerable traffic.
The most important project which we have in immediate contemplation is the construction of a low grade line from
Trenton, Missouri, to a connection with the Chicago Milwaukee & St. Paul Railway Company's line at Braymer, 33 miles.
This will avoid some very heavy grades and curvature in the line now used between Trenton and Kansas City, and will
the
give the Company a very much better entrance into Kansas City from the east. It is part of a plan for straightening will
Missouri Division, which has been under consideration for a number of years. The route chosen by our engineers
result in a ruling grade of 0.3%, instead of a maximum grade on the present line in excess of 1%.
The saving in transportation cost resulting from the construction of this line will fully justify the outlay of capital
Involved.
ST. LOUIS SOUTHWESTERN RAILWAY COMPANY STOCK.
ComAs you were advised last year, we acquired a minority interest in the stock of St. Louis Southwestern Railway under
pany, which we regarded as a desirable purchase at the price paid for it. While our ownership of this interest was still
consideration by the Inter-State Commerce Commission, a favorable opportunity arose to sell our holdings, and we disposed
of them to the Kansas City Southern Railway Company, at a net profit for our stockholders of approximately $2,467,000.
The Rock Island purchased the stock directly from its owners and sold it directly to the purchaser. '1 here were no commissions or fees of any kind in connection with the trar saction. This profit is not included in the above-mentioned earnings
for the year 1925, but is in addition thereto, and will be credited directly to the surplus account in 1926.
TAXES.
Taxes continue to increase. State and local taxes have gone up from $5,478,969 in 1920 to $6,196,663 in 1925, and
our total expenditure for taxes has increased from $5,894,857 in 1920 to $7,103,142 in 1925. During the year just past
we paid out for taxes $5 35 out of every $100 taken in, while only $2 69 went to the stockholders for dividends.
GENERAL.
It is a pleasure to record the fine relations existing between the Company and its employees. While there are now
pending requests of trainmen and switchmen for increases in compensation on all Western railroads, these requests are being
discussed in the most friendly spirit by representatives of the Railway Companies and the Employees' Organizations. as-Nii
We have submitted in previous years a comparison of certain selected statistics, and, for your information, we add the
1925 figures:
1912.
1922.
1923.
'1925.
Total tons carried (thousands)
Average miles hauled per ton
Tons hauled per mile of road
Freight Service:
Cars per train
Gross tons per train
Net tons per train
Net tons per loaded car
Net tons per mile of read per day
Per cent loaded of total car miles
Per cent east
-bound of total loaded car miles
Per cent east
-bound of total car miles
Car miles per car day
Pounds of coal per 1,000 gross ton miles (excluding locomotive and tenders)
Passenger Service
Passenger train cars per train
Ratio of passenger train to freight train mileage
Number revenue passengers per train
Number revenue passengers per passenger car
Pounds of coal per 100 car miles
*Based on year ended June 30 1912.
1924.
30.561
256.96
972,8:31
31,868
248.31
985,632
32.5
1,185
470
21.8
2,881
66.4
54.4
48.2
30.6
214
34.8
1.268
501
21.7
2,998
66.0
56.5 1
48.01
29.1
1931
36.5
1,319
514
21.4
3.038 11
65.9
53.5
[49.2
30.3
179
5.8 t
88.25
56.04
14.1
2,0574
•
5.9
91.33
52.0j
113.0
1.934
8.3
93.08
50.8
12.0
1,728
25,910
18.969
29.669
242.46
256.39
251.96
572,340
819,416
923.328
25.8
840
348
30.7
1.161
455
.6
2,013
72.6
46.9
48.9
24.6
*286
• 2,5.11;2
69.9
55.6
49.7
29.2
207
5.4
109.51
51.2
13.5
*2,051
5.9
99.95
55.5
14.0
1,975
1
2221
THE CHRONICLE
APR. 171926.]
transportation machine is continually improving in efficiency,
These figures indicate that the Rock Island System as a careful management since Federal control.
of our
and we feel that we are beginning to realize the results
in freight rates, and this matter is in the hands of the Inter-State
The outstanding need of the property is an increase
Commerce Commission.
of two of the Company's most valued officers:
With deep regret announcement is made of the death Manager, died February 15, 1926, after a continuous service
H. Johnson, Vice-President and Freight Traffic
Stanley
with the Company since June 1 1902.
died March 3 1926, after a continuous service with the
W. J. Tollerton, General Superintendent Motive Power,
Company since July 1 1906.
and enjoyed to an unusual degree the confidence and respect
Each of these men was recognized as a leader in his field,
of his associates and of the transportation world.
officers and employees; and again urge you as stockWe cheerfully acknowledge the faithful and loyal service of the
We
affairs of the Company and in matters pertaining to railroads in general.
holders to take an active interest in the
in governmental activities which affect your properties.
emphasize especially the importance of your continued interest
4
that we could realize the 53 % which the law contemplates,
As we pointed out in the beginning, if rates could be so adjusted
your property would pay substantial dividends.
By order of the Board of Directors.
Respectfully submitted.
J. E. GORMAN, President.
CHARLES HAYDEN, Chairman of the Board.
Telephone Franklin 0976
Minneapolis
New York
Los Angeles
Chicago
Atlanta
Cleveland
St. Louis
Resident Partners
C. It. Whitworth, A.C.A. C.P.A.
R. C. Brown, C.A. C.P.A.
Members American Institute of Accountants
Cable Address "Retexo."
England
Birmingham
Canada
Montreal Toronto
Winnipeg Calgary
Edmonton Vancouver
Victoria
Also principal cities In
South America
London
TOUCHE, NIVEN & CO.
Public Accountants
10 South La Salle Street
Chicago
March 17 1926.
AUDITORS' CERTIFICATE
Island and Pacific Railway Company and Subsidiary
We have audited the books and accounts of The Chicago Rock annexed balance sheet and relative income and profit
for the year ended December 31 1925, and certify that the
Companies
opinion, a true and correct view of the financial position of
and loss accounts are in accordance therewith and exhihit, in our
then ended.
Company at the date stated and of the operations of the System for the year
the
TOUCHE, NIVEN & CO., Public Accountants.
ROCK ISLAND LINES
1-INCOME ACCOUNT
WITH PREVIOUS YEAR.
YEAR ENDED DECEMBER 31 1925 COMPARED
Decrease.
Increase.
1925.
Operating Revenues:
Freight revenue
Passenger revenue
Mail revenue
Express revenue
Other transportation revenue
Dining and buffet car revenue
Miscellaneous revenue
Total railway operating revenue
Operating expenses:
Maintenance of way and structures
Maintenance of equipment
Traffic
Transportation
Miscellaneous operations
General
Transportation for investment-Cr
Total railway operating expenses
595.923.397 91 1195.185.730 29
24.356,631 74 25.886.04671
2.576,690 17
2.515.758 31
3.409,277 42
3,649.875 18
1.756.728 17
1,786.406 10
707.012 23
817,824 98
1.359.027 14
1.633.351 93
8130.683,246 15 5130,880.512 13
515,622,835 30 515.086,588 64
28.271.704 58 27,937,079 99
2.629.300 49
2,941,231 91
49,868,630 22 51.781,161 93
943.262 57
1,152.291 85
3,601,701 26
3,754,780 58
772,548.60
841,988.50
529,913,760 21 529,673.965 85
6,571,087 16
7.037.770 80
56,722 20
76,044 26
Other Income:
Rent from equipment (other than freight cars)
Joint facility rent income
Miscellaneous rent income
Income from lease of road
Miscellaneous income
5536,246 66
334,624 59
311.931 42
3.55
1.20
11.86
209,029 28
153,079 32
22.16
4.25
51.529,414 97
60.931 86
69,439 90
$9.555.86
40,140.69
3.12
6.82
8430.068 75
159,786 09
11.44
28.30
93,097.05
14,459.76
35.02
8.54
8616,063.45
9.24
39.79
1.40
881,152.81
195.39
4.26
4.87
$961,322.00
5.38
$3,758,491 70
564,580 53
1,904.401.48
4,015.34
265,830.99
169,292.75
56,666.612.79
59,959,767.39
860,312.58
210,715.69
2.67
6265,850.75
148,982.35 17.32
415,577.68 197.22
$830,410.78
7.53
$6,966,132.19
$6,835,220.97
$130,911.22
1.92
52.059,547.00
1,507,638.00
$2,059,547.00
1,507,638.00
$130,911.22
.18
4.01
4.13
$3,567.185.00
•
1.07
2.10
$4,040.57
1.08
370.79
636,755.08 174.38
$11,861,206.44 $11.030,795.66
Dividends:
7 Preferred
6% Preferred
Total dividends
.43
.81
7.10
34.06
$345,258.55
• $10.225,618.14
1,009.294.93
626,293.37
Balance of income (available for dividends)
8.99
8246.211 34
5239,794 36
466,683 64
19.322 06
8591.469.89
$18,827,338.63 817,866,016.63
Total interest
3.69
6437,060 34
51.486,472.93
$6,050,549.34
Balance before deduction of interest
.16
$1,912,631 71
5305,949.37
588,957.81
192,011.70
34,392.82
365,161.23
53,328,422 95
404,794 44
1,985,554.29
4,210.73
172,733.94
154,832.99
Total
5.91
2.36
5197,265 98
52,077,942.82
•
Per
Cent.
7.06
1.69
15.67
20.19
$24,877,887.97 $24,532,629.42
Total income
240.597 76
29.677 93
110.812 75
274.324 79
Amount.
.77
5296.393.51
548,817.12
196,052.27
34,763.61
1,001.916.31
Total other income
Balance surplus (carried to profit and loss)
Per cent on common stock
5737.667 62
522,799.945 15 523,046,156 49
Total railway operating income
Intereetron bonds and long term notes
Interest on equipment notes
Interest on bills payable and accounts
Amount.
Per
Cent.
5100,769,485 94 5101.206.546 28
Net revenue from railway operations
Railway tax accruals
Uncollectible railway revenue
Deductions from income (excepting interest):
Hire of freight cars-debit balance
Rent for equipment (other than freight cars)
Joint facility rents
Miscellaneous rents
Rent for leased roads
Other income charges
1924.
53,567.185.00
$3,398,947.19
4.54
$3,268,035.97
4.36
2222
THE CHRONICLE
tra.
2—PROFIT AND LOSS
Credit balance, December 31 1924
Surplus, after dividends for year ended December 31
1o25
Profit and loss on property and securities sold
Sundry credit adjustments, etc., not affecting current fiscal
year
Less:
Depreciation on:
Tracks removed
Structures sold, removed and destroyed
Equipment sold, dismantled and destroyed
Property abandoned—Davenport-Stockton and Winnfield-Packton
Lines
Discount on funded securities sold
Expenses in connection with issuance of funded securities
Galveston Terminal Ry.—Advances and taxes
Kankakee & Seneca Ry.—Deficit from operation, etc., since
1912
Pueblo Union Depot & RR. Co.—Relinquishment of proprietary
interest
Sundry debit adjustments, etc., not affecting current fiscal
year
Credit balance, December 31 1925
519,833.795.71S
$3.398.947.19
81.834.94
52.591.00
.63,533.373.13
$77,614.16
81.834.55
567,612.53
251,750.47
298,440.00
17,498.99
39,293.73
95,043.21
16,829.75
670,090.12
2.116,007.50
1,417,365.63
$21.251.161.33
ROCK ISLAND LINES
3—CONDENSED GENERAL BALANCE SHEET.
DECEMBER 31 1925 AND COMPARISON WITH PREVIOUS
YEAR.
ASSETS.
Investments:
Investment in road and equipment (see page 17, pamphlet report)
Improvements on leased railway property (see page 18, pamphlet report)
Miscellaneous physical property (see page 33, pamphlet report)
Investments in affiliated companies (see pages 31 and 32 in pamphlet report):
Stocks
Bonds
Notes and advances
Other investments (see page 32, pamphlet report):
Stocks
Bonds
Notes and advances
. 1925.
2,295,625.26
5.915,951.48
9,944,401.05
.
•
Total investments
Increase.
•
46,n41-7
121,356.44
2,277,214.89
5,986,951.48
10,100,709.54
5688,208.70
18,410.37
71,000.00
156,308.50
74.50
489.50
61.100.00 --------------14,833.76
108.135.60
____
$4,812,051.26
1,435,410.30
3,489.01
1,272,002.12
893,571.15
3,579,800.32
11,404,616.13
207,036.31
29,242.99
13,253,890.10
$5,763,437.34
4,928,988.44
272.412.49
1.144.288.44
865,373.76
4,281,905.32
11,552,980.56
64.978.55
36.133.81
671,461.17
12.582,428.93
• $36,891.109.69 $29,581,979.88
37.309.129.81
•
•
Total current assets
Deferred Assets:
Working fund advances
Other deferred assets
•
Unadjusted Debits:
Rents and insurance premiums paid in advance
Discount on funded debt
Other unadjusted debits
Securities issued or assumed—
1924.
1925.
Unpledged (see page 32, pamphlet report)-__$14,524,477.50 511,527,477.5
Securities issued or assumed—
Pledged (see page 32, pamphlet report)
47.567,000.0
47,567,000.00
Total unadjusted debits
S42.813.79
38,486.61
338,801.53
63,107.82
$81,300.40
Total deferred assets
Grand total
Decrease.
$431,020,069.52 $420,760,221.84 $10,259,847.68
Current Assets:
Cash
Special deposits
Loans and bills receivable
Traffic and car service balances receivable
Net balance receivable from agents and conductors
Miscellaneous accounts receivable
Material and supplies
Interest and dividends receivable
Rents receivable
Other current assets
Stock:
Capital Stock:
7% Preferred
*6% Preferred
Common
1924.
.$409,703,663.01 $398,576,427.04 611.127.235.97
524,661.10
493,819.05
30,842.05
•
2,467,580.94
3,155,789.64
517,190.59
517,977.63
1,667,214.34
5127,713.68
28,197.39
702.105.00
148.364.43
142,057.76
6,890.82
$101,909.35
539,211.34
8951.386.08
3,493.578.14
268,943.48
1,747,041.46
$4,012.26
*24.621.21
$20.608.95
322.020.75 ___
_____________________
79,827.12
81,786,252.80 $2,202,382.56
$469,778,732.41 8452.646,493.63 $17,132.238.78
$416,129.76
LIABILITIES
Total
Less held in treasury. Common. (See page 32 pamphlet report)
Total outstanding in hands of the public
Funded Debt:
Funded debt unmature.d. (See page 20 pamphlet report)
Less held in treasury. (See page 32 pamphlet report)
Total outstanding in hands of the public
Non-negotiable debt to affiliated companies. (See page 30 pamphlet report)
Total funded debt
Total capital liabilities
Current Liabilities:
Loans and bills payable. (See page 30 pamphlet report)
Traffic and car service balances payable
Audited accounts and wages payable
Miscellaneous accounts payable
Interest matured unpaid
Dividends matured unpaid
Funded debt matured unpaid
Unmatured interest accrued
Unmatured rents accrued
Other current liabilities
Total current liabilities
Deferred Liabilities:
Other deferred liabilities
Total deferred liabilities
Unadjusted Credits:
Tax liability
Operating reserves
Accrued depreciation—Equipment
Other unadjusted credits
Total unadjusted credits
Corporate Surplus:
Additions to property through income and surplus
Profit and Loss: credit balance. (See page 13 pamphlet report)
Total corporate surplus
Grand total
829,422,189 00 529.422,189 00
25,127,300 00 25,127.30000
75,000,000 00 75,000,000 00
$129,549,489 00 S129,549,489 00
517,477 50
517,477 50
5129.032,011 50 $129.032.011 50
*326,948.815 00
00$316.245,062 80 510,703.752 20
61,574,000 00 58,577.000 00
2.997.000 00
5265.374,815 00 3257,668,062 80 57,706,752 40
62,100 00
64,758 15
S265,436.915 00 3257,732,820 95
5394.468,926 50 5386,764.832 45
*2,658 15
*7,704,094 05
S7.704.094 05
$1,584.499 92
1.662,875 14
10,032,796 01
275.343 46
1,177.595 92
4,944 75
183,000 00
2,058.104 87
517,338 34
855,272 34
*1.598.84931
8,168.151 41
303,241 31
1,185.043 82
4,524 75
178,000 00
1,974,162 03
622,976 44
952,587 81
*18,351.770 75 *14.987,53688
51,584.499 92
64,025 83
1,864,644 60
420 00
5,000 00
83,942 84
$27,897 85
7,447,90
'
189:22
I?
$3,364,233 87
390,576 68
5106,018 15
$15,441 47
*90,576 68
*106,018 15
515,441 47
*4,258,094 72
$4,091,111 30
307,145 46
22.342,982 87
3,599,521 61
*166,98342
_
2,776.78114
1,937,455 79
534,914,836 13 $30,340,761 24
$4,574,074 89
25:116,764 01
7
5,536,977 40
$701,461 02
21,251,161 33
*613,549 21
19.843.79570
$307,145 46
$87,911 81
1,417,365 63
$21,952.622 35 *20,447.34491 $1,505.277 44
5469,778,732 41 $452,646,493 63 517,132,238 78
(See pages 33 and 34 pamphlet report for indirect obligations.)
*Under the final decree in the receivership cause. $10,000,000 six per cent. preferred stock was
might be allowed by the Special Master. Up to December 31 1925. $127,300 of this stock had beenreserved to be issued in settlement of such claims as
Issued.
Note.—In stating the assets and liabilities of the companies forming the Rock Island Lines, the holdings
Railway Company in the bonds and capital stock of the auxiliary lines, together with loans between the of The Chicago Rock Island and Pacific
various
from the liabilities and a like reduction made in the assets pertaining thereto; the figures shown, therefore, represent companies, have been eliminated
the book value of the assets and the
liabilities without duplication.
THE CHRONICLE
APR. 17 1926.]
2223
OAD COMPANY
THE DELAWARE, LACKAWANNA AND WESTERN RAILR
ANNUAL REPORT—FOR THE YEAR ENDING DECEMBER 31 1925.
MAINTENANCE OF EQUIPMENT.
w York, March 1st 1926.
The total cost of maintaining the company's railroad and
1Ne
was $17,262,144,
Stockholders of The Delaware Lackawanna and Western floating equipment during the year 195
To the
being $1,437,487, or 7.7%, less than in the preceding year,
Railroad Company:
less than similar costs in the year
The volume of freight traffic handled by the railroads of and $3,976,931, or 18.7%,
during the year 1925 exceeded that of any pre- 1923.
the country
In the latter part of 1924, your company acquired, jointly
vious year in the history of the business.
marine repair
your company shared in the general railroad pros- with the Lehigh Valley Railroad Company, a
While
by its gross earnings from all classes of yard property, located at West New Brighton, Staten Island,
perity, as evidenced
with machine shops and other
traffic other than anthracite coal, its annual revenues from cons:sting of three dry docks,
t repair
source were seriously depleted by the cessation of facilities necessary to carry on a floating equipmen
the latter
s, commencing September 1st operation.
anthracite mining operation
The use of this jointly owned plant was commenced Sepand continuing throughout the remaining four months of
tember 1st 1924, and continued throughout the year 1925,
the year.
with the result that a very substantial part of the repairs
TRANSPORTATION REVENUES.
to the floating equipment of both companies was made there
No important transportation rate changes were made at costs materially less than would have been otherwise
during the year 1925, and, although certain reductions in incurred.
freight rates have recently been ordered by the Inter-State
A considerable part of the reduction for the year 1925, of
Commerce Commission, but not yet put into effect, the roads 32% in the cost of floating equipment repairs, may be propaffected by these decisions have'applied for a re-opening of erly attributed to the success of this operation.
the cases, and until the proposed changes are further develAdditions and Betterments to the plant have been made,
oped, their effect on the future revenues of your company or were in process at the end of the year, including the incannot be definitely determined.
stallation of a new dry dock of the latest design and capable
Revenues from anthracite coal shipments were $5,818,872 of accommodating the larger units of equipment of the two
less than those of the previous year and the decrease is wholly interested companies. This added facility will be ready for
attributable to the suspension of mining in the anthracite operation early in 1926.
district during the last four months of the year.
Revenues from other freight increased $2,216,186, over
TRANSPORTATION EXPENSES.
the year 1924, due,in a large measure, to the great industrial
The total cost of transportation operations in the year
activity that prevailed throughout the year, but an important 1925 amounted to $32,707,387, a decrease compared with the
feature in the excellent showing in this class of revenue is previous year, of $1,384,430.
the success that attended special efforts made to secure other
The performance as a whole, as measured by engine and
freight traffic to fill in the gap caused by the loss of the train mileage statistics, did not differ materially from that•of
anthracite coal traffic. Over one-half of the total increase
the year 1924, but there was a decided difference in the classes
in other freight traffic for the year was earned in the last of freight traffic handled, owing to the suLstitution of genfour months thereof.
eral merchandise commodities for anthracite coal shipments,
The revenue from the transportation of passengers was
of which latter practically no tonnage was available during
practically the same as in the preceding year, and, while a
the last four months of the year.
satisfactory and encouraging increase in through passenger
This change in class of traffic handled, to a considerable
traffic was realized, local passenger revenue continued to
extent, disturbed comparisons of average train and car
decline due to the increasing competition of paralleling bus ladings, percentage of empty to loaded car"mileage and other
lines and the use of private autorhobiles. •
units of measurement of like character.
Revenue from the transportation of United States mail
A notable feature in the comparison of transportation costs
increased $44,322 over the previous year.
is a substantial reduction in the cost of fuel used for motive
Revenue from express shipments increased $340,969 over power purposes in road and yard service, and harbor terminal
the previous year. The recovery in this class of transporta- operations, aggregating $1,315,840; or 16.3%, less than in
tion is particularly gratifying.
1924. While the greater part of this saving resulted from
The revenues from other transportation and incidental
the reduced average prices at which fuel was purchased
sources were satisfactory and indicate a steady growth.
during the year, a very gratifying saving in quantities of
coal used in all classes of service was realized through the
OPERATING EXPENSES.
practice of methods by engine
on pages 17 to 20 adoption and putting into
As shown in the detailed statement
crews and locomotive shop employes, designed to effect
'pamphlet report], the total cost of maintenance and operaof fuel.
tion of your railroad property for the year 1925 amounted to economies in the use
It is believed that approximately $250,000 was saved
$62,390,610, a decrease, compared with the previous year,
through the special efforts in this direction, and as motive
of $2,095,299.
item, after wages, in transA general statement of the causes for the important in- power fuel is by far the largest
portation costs, the results obtained in the past year have
creases and decreases is as follows:
been so encouraging that further organized efforts to proMAINTENANCE OF WAY AND STRUCTURES.
mote fuel economy are actively under way.
nce of fixed property during the year 1925
The maintena
The reduction of over 22% in the amount paid shippers for
amounted to $8,331,770, an excess over similar costs in the loss and damage to freight in transit indicates the progress
previous year of $586,050.
that has been made through co-operative efforts on the part
The maintenance costs in 1925 included unusually heavy of the shippers and the railroad company to reduce these
charges for retirement of property, replaced by new and fin- losses by more skillful refrigeration, careful packing, loading,
proved facilities, such as relocation of main and yard tracks routing and handling of perishable and breakable commodiincident to the construction of additional tracks, the replace- ties.
ment of bridges and stations, and the elimination of grade
The increase in cost of injuries to persons is entirely due
crossings at various points. The charges of the character to the most regrettable but unavoidable passenger train dementioned were materially greater than in the previous year. railment that occurred at Rockport, N. J., June 16, 1925.
The cost of maintaining signals and interlockers was un- Had it not been for this unfortunate accident there would
usually heavy during the year 1925, owing to large amounts have been a material reduction in this class of expense.
expended for repairs and renewals of underground cables
TAXES
at various points on the system.
aggregate assessments levied by Local, State and
The
Another item that contributed largely to the increased
your company for the year
maintenance cost was the removal of snow and ice from road- Federal taxing authorities on
grounds during the winter of 1925, due to 1925, amounted to $6,832,653, equivalent to 8.17 cents of
way and station
each dollar of gross transportation receipts, or 32.16 cents
the unfavorable weather conditions of that season.
2224
THE CHRONICLE
of each dollar of revenue remaining after payment of operating expenses.
The constantly increasing burden of railway taxation and
therconsequent depletion of the amount available for return
on invested capital is an expense that cannot be controlled
bAthe individual managements of the carriers, but it is a
matter of grave concern, not only to those responsible for
the management of railroad property, but particularly to
holders of railroad securities.
It would seem that some concerted action should be taken
by the bondholders and stockholders of the carriers to stem
the rising tide of railroad taxes which, if continued, will most
seriously affect the credit of the carriers and the value of
railroad securities.
The increase in tax assessments during the past eleven
years, is indicated by the following:
Total
Taxes per Dollar
Taxes per
Calendar
Years1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
Tax
Assessments.
$
2,115,333.84
2.517.882.68
3.584.917.49
3.922.872.54
5.159.802.72
4.539.785.14
4.979.439.57
4.894,466.10
5.995,697.51
6.900.101.85
6.832.652.72
Dollar of
of Revenue After
Gross Revenue. Operating Expenses.
Cents.
Cents.
4.72
12.42
4.88
12.82
6.27
18.35
5.71
20.85
7.18
32.74
5.45
47.79
5.80
28.01
6.56
44.72
32.02
6.80
31.02
7.98
8.17
32.16
ADDITIONS AND BETTERMENTS.
The charges for additions and betterments to the road and
equipment of your company and its leased lines, less credits
for property retired during the year 1925, were $11,973,150.22, a classified statement of which appears on page 22.
[Pamphlet Report.]
Some of the principal projects that were either completed
or upon which substantial expenditures were made during
the year, are as follows:
I Vol_ 122
span, 40 feet center to center, and one•deck plate gird
span, 116 feet 6 inches over all, on cylindrical concrete pie
This project was made necessary on account of the rel
eating and deepening of the channel of the Buffalo River a
involves the abandonment of the three-span bridge over t
old channel at that point. (Seventy per cent completed
11. Elimination of grade crossing at Clinton Stree
Buffalo, N. Y., which made necessary the raising of mai
tracks, sidings and interchange tracks in connection th
with; also the construction of an additional interchaii
track with the Pennsylvania Railroad, and the rearrang.1
of industrial and other tracks located at that point. T
cost of this elimination is to be borne jointly with your co
pany by the Pennsylvania Railroad Co., the Lehigh Valle
Railroad Co., and the City of Buffalo. (Eighty per
completed.)
12. The construction of a new car repair shed at E
Buffalo, N. Y., 105 feet by 690 feet, on concrete foundati
with steel columns and roof trusses, corrugated sidings an
cement tile roof; mastic floor with concrete runways, buil
ing to be equipped with acetylene and oxygen lines; also a
and fire lines. The need for this car shed has been keen'
felt for some time, as the facilities located at that point f
making light repairs to freight equipment had beco
inadequate, and did not afford proper protection to
employes against adverse weather conditions.
13. The installation of automatic train control, fro
Elmira, N. Y. to East Buffalo, N. Y., a distance of 14
miles, made in compliance with Interstate Commerce Co
mission or C n mission Order No. 13413.
In connection with the above installation and in accor
ance with the same order,sixty-nine of the company's engin
were equipped with automatic train control appliances.
14. In connection with the elimination of what is kno
as Gardiner's grade crossing, west of Conklin, N. Y., a ne
overhead bridge was constructed, consisting of concret
abutments, with through truss superstructure and th
necessary earth approaches. Approximately one-half
the cost of this improvement will be borne by the Sta
of New York.
15. The installation of a new dry dock at the West No
Brighton Marine Repair Yard, the cost of which is shared
by the Lehigh Valley Railroad. (Ninety-five per ce
completed.)
EQUIPMENT.
New equipment acquired and installed during the y
1925, further details of which will be found on page 21
hiamphlt t report J is as follows:
ROAD.
1. The construction of a new office building at Hoboken,
N. J., for accommodation of the Pullman Company, and the
Yard Office forces at that point, and a general rearrangement
of passenger yard tracks to make space for and provide
additional train sheds and tracks at the approach to the
-Cylinder Mountain Type Passenger Locomotives.
53
passenger terminal.
50 All-steel Suburban Coaches.
10 All-steel Combination Cars.
2. Additional lands acquired at jersey City, N. J., for
30 MI-steel Express Cars.
40 Steel Underframe Milk Cars.
enlargement of freight and passenger yards.
1.000 Steel Underframe 55
-ton Box Cars.
300 Steel Underframe Refrigerators.
3. Construction of new team delivery yard at Grove and
25 Steel Underframe 8-wheel Caboose Cars.
18th Streets, Jersey City, N. J.
11 Single Deck Steel Underframe 40
-ton Stock Cars.
5 Steel Underframe Locomotive Cranes
-20
-tons capacity.
4. Construction of a cut-off line, Kingsland, N. J. to
1 Steel Underframe Locomotive Crane
-12h-tons capacity.
2 New Car Floats.
Harrison, N. .1t, a distance of approximately seven miles,
2 New Steel Tugs. (Delivered In January 1926.)
to facilitate and expedite freight movements between the
AUTOMATIC TRAIN CONTROL.
Morristown and Boonton branches, and relieve existing conUnder the provisions of Section twenty-six, of the In
gestion at the present junction located at the west end of
state Commerce Act, and in compliance with Intersta
the Bergen tunnel. (Seventy per cent completed.)
Commerce Commission Order No. 13413, automatic tr •
5. New freight station and additional yard facilities at control has been installed from Elmira to East Buffalo, N
Passaic, N. J., made necessary by the growth of traffic at Y. a distance of 141 miles of road (double track). Th
'
that point and the consequent inadequacy of the previously system used is that known as the two-speed continuou
inductive type, costing to December 31 1925, $556,028, o
existing facilities. (Eighty per cent completed.)
which $330,938 was expended in 1925, and $225,090 in 1924
6. The addition of third and fourth tracks to the previAs a result of suggestions made by the Commission'
ously existing two-track system, from Lincoln Park, N. J. engineers following a preliminary inspection of the install
to Boonton, N. J., involving the construction of two new tion from Elmira to Bath, certain control features, not on
bridges for the elimination of two grade crossings, the re- ginally considered necessary, are now being added.
A further order on your company has been issued by th
building of three bridges and a new shelter house at Tolvaco;
Commission,
also extension of station platforms at Towaco, Lincoln Park on a second requiring it to install automatie train contro
full engine division.
and Montville, and various track changes and relocations tension, the division from Scranton For this proposed ex
to Elmira, a distan
in connecting the new tracks with industrial sidings, etc.
of approximately 116 miles of road (double track), h
been selected. In connection with the foregoing ord
7. The addition of third and fourth tracks to the previously existing two-track system between Lyndhurst, N. J., a petition will be filed requesting relief from complian
and Paterson Junction, N. J., involving the reconstruction with the provisions of the second order until a sufficien
time has elapsed to afford a thorough try out, under op:
of three bridges with new eastbound set out track and new tion, of the effectiveness of the
present installation.
freight tracks in Athenia Freight Yard; also track changes
FINANCIAL.
and relocations incident to connecting the new tracks with
Refunding First Mortgage Bonds were authorized an
various industrial sidings.
8. The elimination of a grade crossing at Delawanna issued, during the year 1925, by certain of the leased lines
as follows:
Avenue, Delawanna, N. J., at which point there were built Oswego & Syracuse
RR. Co. 1st and Refunding 5% Gold Mortgage Bonds of 1974
a new five-track reinforced concrete bridge; new passenger
$1,193,
Greene RR. Co. 1st and Refunding 5% Gold Mortgage Bonds
station and shelter house and platforms, and a new freight
of 1974
Valley RR. Co. 1st and Refunding 5% Gold Mortgage Bonds 207,
house and platforms, including the necessary track changes.
of 1974
443,
9. Additional yard and terminal facilities, including new
The foregoing bonds were issued to refund past due
enginehouse, etc., at East Birmingham, N. Y., to facilitate issues purchased at
the classification and movement of freight at this point, of your company and maturity and held in the Treasury
in reimbursement of expenditures for
traffic having outgrown present terminal yard and engine- additions and betterments to the property of the abov
mentioned lessor companies.
house.
The Morris & Essex RR. Co., another of your company's
10. Construction of new bridge at Buffalo, N. Y., over
the relocation channel of the Buffalo River, consisting of leased lines, authorized and executed a construction mortgage for 35 million dollars, due 1954 to 1987, to provide
one Bascule span, 125 feet center to center of bearings, one for the financing
of expenditures for additions and better-
APR. 171926.]
2225
THE CHRONICLE
ENDED
DECEMBER 31st
ACCOUNT FOR THE YEARS
ments to its property, made prior to the date of the'authori- INCOME
1925 AND 1924.
Increase (+)
anticipated expenditures of a
zation and also for future
1924.
Decrease (-).
1925.
similar character.
$
Revenues
mortgage there were issued and From Transp. of Anth. Coal_17.757,553.74 23.576.425.27 -5.818.871.53
Under this construction
$11,582,000, in par value of From Transportation of Mdse-42,091,063.93 39,874,878.40 +2,216.185.53
delivered to your company,
+28,218.94
From Transp. of Passengers_ _13,828,672.98 13,600.454.02
876,105.72
+44.322.33
5% bonds in partial payment of amounts due it for additions From Transportation of Mail_ 920,428.05 1,642.369.76 +340.969.36
From Transporation of Express 1.983,339.12
date of issue.
and betterments expenditures to
-42,691.18
From Transportation of Milk_ 2,259.421.85 2.302,112.83
All of the above mentioned securities are in the treasury Other Revenue from Transp__ 3.478,925.37 3.365,152.84 +113,772.53
1.515.651.63 1.489.685.07
+25.966.56
Incidental Revenue
of your company.
83.635,056.45 88,727.183.91 -3,092,127.46
Total Revenue
In connection with the liquidation of the Moore Timber
Expenses
Company, a subsidiary of your company, there were reMaintenance of W)ay and
received in United States Government securities, cash and For
8.331.770.49 7.745,720.09 +586,050.40
Structures
Maintenance of Equipnit_17,262,143.93 18.699.630.45 -1.437.486.52
other assets, amounting to 32,292,924, of which $1,300,000 For Traffic Expenses
+88,942.91
1,495,110.75 1,406.167.84
liquidation of its capital stock, held For Transportation Expenses_32,707.386.79 34,091.817.09 -1.384.430.30
was applied to the
For
+15.067.15
671,604.32
656.537.17
in the treasury of your company, and the balance was For Miscellaneous Operations. 1,989.772.39 1,924,509.70
+65,262.69
For General Expenses
credited to dividend income.
For Transportation for Invest38,473.55
+28,705.46
67,179.01
ment--Cr
The Moore Timber Company was incorporated March 11
Total Expenses___ _74.60% 62.390,609.68 64,485.908.79 -2.095,299.13
1911 in the State of Florida, for the purpose of operating a
Net Revenue from
yellow pine timber tract, and it continued its operations
25.40% 21.244,446.79 22,241,275.12 -996.828.33
until Oct. 10 1919, at which time it disposed of its tangible LessOperationTax Accruals__ 6,832,652.72 6,900,101.85 -67,449.13
Railway
sale. During the period of operation it pro- Less Uncollectible Railway
property by
9,772.37
12,510.41
-2.738.04
Revenues
duced yellow pine lumber, which was practically all utilized
Income_14,402,021.70 15,328.662.86 -926.641.16
Railway
in the railroad and mining operations of your company. EquipmentOperating Cr_
-63,533.15
388.173.75
451.706.90
-Net
Rents
145,591.99
-1.789.08
Having transferred all its assets to your company, legal Joint Facility Rents-Net Cr_ 143,802.91
Net Railway Oper. Income.14.933.998.36 15.925.961.75 -991.963.39
action is now in process to terminate its corporate existence.
Non-operating Income
With the exception of a temporary loan of $3,000,000,
-5,875.86
5,389.10
11,264.96
the additions and betterments expenditures made by your Income from Lease of Road
294,038.63
+26,825.33
267,213.30
Miscellaneous Rent Income
company during the year were all paid for out of cash Miscellaneous Non-operating
63,853.66
-138.08
63,715.58
Physical Property
and liquid treasury assets.
505.566.17 +1.003,096.23
1,508,662.40
Dividend Income
-32,207.24
Income from Funded Securities 4,017.897.97 4,050,105.21
VALUATION.
Income from Unfunded Securi229.446.77
-77,484.06
151,962.71
ties and Accounts
The Inter-State Commerce Commission has not yet Income from Sinking and Other
1,972.50
+2.337.50
4,310.00
Reserve Funds
your company the tentative valuation of your
served on
10,916.87
30,577.01
+19.660.14
property, as contemplated by Section 19-A of the Inter- Miscellaneous Income Income 6.076,553.40 5,140,339.44 +936,213.96
Total Non-operating
State Commerce Act, but it has served, informally, upon the Gross Income
-55.749.43
21,010,551.76 21.066.301.19
Deductions from Gross Income
officers of your company,copies of its tentative Engin,eering,
6,533.523.14 6,315.905.03 +217.818.11
Leased Roads
and Accounting reports, which have been carefully Rent for on Funded Debt
Land
5.856.00
5,856.00
Interest
analyzed and statements of the objections thereto filed Interest on Unfunded Debt
38,377.31
+2.600.77
40,978.08
37,294.92
-37.294.92
Commission's Bureau of Valuation. It is ex- Miscellaneous Income Charges
with the
Total Deductions from
that informal conferences will be held with the
pected
6.580.357.22 6.397,433.26 +182.923.96
Gross Income
representatives of the Bureau relative to the objections Net Income
14,430.194.54 14,668,867.93 -238,673.39
have been filed, at an early date. All necessary
of Net Income
Disposition
that
•
Dividends Declared
records for perpetuating the valuation from date of in- Investml in Physical Property11,821,754.00 11,821.754.00 +345.068.27
569,808.15
914.876.42
are being currently compiled in accordance with
ventory
12,736,630.42 12,391,562.15 +345.068.27
Total Appropriations
the various orders of the Inter-State Commerce Commission Surplus for year carried to
1.693,564.12 2,277,305.78 -583,741.66
Profit and Loss
thereto.
relating
The Management desires to record its appreciation of the
OPERATING RESULTS AND STATISTICS FOR THE YEAR
ENDING DECEMBER 31st 1925.
loyal and efficient service rendered to the company by its
Increase(+) or Per
officers and employees during the past year.
Decrease(-). Cent.
1924.
. 1925.
Freight StatisticsRespectfully submitted by order of the Board of Managers. Freight Train Miles
+32,766 .5
6,653,343
6,686,109
J. M. DAVIS, President.
Revenue
ANALYSIS OF INCOME ACCOUNT FOR THE YEAR ENDING
DECEMBER 31st 1925.
$6.832,652.72
To Taxes
" Interest on Bonds
5,856.00
" Rentals of Leased Roads:
$2,484,016.66
Morris & Essex RR
8,840.00
Morris & Essex Extension RR
Newark & Bloomfield RR
96.000.00
5.552.50
Passaic & Delaware RR
4,000.00
Passaic & Delaware Extension RR
Warren RR
174.790.00
Lackawanna RR. Co. of New Jersey__ _ 430.009.00
168.544.33
Oswego & Syracuse RR
Utica Chenango & Susquehanna Vail. Ry. 240,000.00
300,000.00
Syracuse Binghamton & New York RR
Greene RR
20.625.00
1,645,208.79
New York Lackawanna & Western Ry
55,958.33
Valley RR
Sussex RR
32,772.00
Cayuga & Susquehanna RR
54,600.00
New York & Hoboken Ferry
422,650.00
Rentals New York Piers
389,965.53
6,533,523.14
To Additions and Betterments
914,876.42
• Operating Expenses
62,390,809.86
" Rentals Joint Facilities
-Dr
42,426.38
" Uncollectible Railway Revenues
9,772.37
" Interest on Unfunded Debt
40.978.08
Balance, being net income for the year, carried to Profit
and Loss
13,515.318.12
390,286,012.89
By Operating Revenues
382.119,404.82
'
, Incidental Revenues
1,515,651.63
" Rentals Joint Facilities-Cr
186,229.29
" Income from Lease of Road
5.389.10
- sundry Additions and Deductions
10,431.67
- Miscellaneous Income from Other Sources:
Hire of Equipment
$388,173.75
Income from Unfunded Securities and
Accounts
151,962.71
Miscellaneous Rent Income
294,038.63
Miscellaneous Non-operating Physical
Property
63.715.58
Dividend Income
1.508,862.40
Income froha Funded Securities
4,017,897.97
Miscellaneous Income
4.432.90
Income from Sinking and Other Reserve
Funds
4,310.00
Coal Mining Accounts
-Net Credit
15,712.44
6,448.906.38
$90,286,012.89
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDING
DECEMBER 31st 1925.
0
To Dividends (12_7 per annum)
$10,132,932.00
" Dividends (2% extra)
1,688,822.00
s
i
" Balance to Credit:
December General Balance Sheet
123.706,986.05
$135,528,740.05
911911
By Balance Brought Forward from December,31st 1924_ _ _3121,826,406.68
Sundry Adjustments
a
187,015.25
" Net Income for Year ending December 31st 1925
13,515,318.12
$135,528,740.05
+62,859 .9
7,061,078
TotalFreightTrainMiles
7,123,937
Freight Locomotive
-152,988 1.7
8.989.001
8,836,013
-Revenue
Miles
Total Freight Locomo-133,677 1.4
9,572,905
9,439,228
tive Miles
Loaded Freight Car
+1.257.664 .6
205,991,178
207,248,842
Miles
308,178,955 -3.081.308 1.0
Total Freight Car Miles 305.097,647
Tons of Revenue Freight
28.139,260 -1,741,813 6.2
28,397,447
Carried
Tons of Company
+224.397 7.6
2,964,740
3,189,137
Freight Carried
Ton Miles of Revenue
4,587.676,567 4,809,172.405 -221,495,838 4.6
Freight
Ton Miles of Company
329.771,770 +95.302.361 28.9
425,074,131
Freight
Net Ton Miles, All Fet 5,012,750.698 5,138,944,175 -126,193,477 2.5
Gross Ton Miles (Cars
and contents) All Fr't 11,440,614,171 11.483,470.105 -42,855,934 .4
Average Revenue per Ton
-.02 1.5
1.32
1.30
Mile (Cents)
Average Distance Hauled
+2.88 1.7
170.91
173.79
per Ton (Miles'
Average Revenue Tons per
-36.67 5.1
722.82
686.15
Revenue Train Mile
Average Revenue per
-.59 6.2
9.54
8.95
Train Mile
Average Gross Tons(Cars
per Reveand Contents)
+17.27 1.4
1,277.50
1,294.77
nue Locomotive Mile
Average Gross Tons (_Cars
and Contents) per Reve-14.87 .9
1,725.97
1,711.10
nue Train Mik
Average Net Tons per
-22.66 2.9
772.39
749.73
Revenue Train Mile_ _
Average Tons per Loaded
24.95
-.76 3.0
24.19
Car Mile
Percentage of Loaded to
66.84
+1.09 1.6
67.93
Total Car Miles
Passenger Statistics
Passenger Train Mlles_
5.054.250
Mail and Express Train
862,243
Miles
Total Passenger Train
5,916,493
Miles
Total Passenger Loco6,356,309
motive Miles
Passenger Train Car
Miles-Sleeping, Par-.
24,778,933
lor and Coach
Total Passenger Train
45,726.969
Car Miles
29,237.690
Rev.Passengers Carried
Revenue Passengers Car670,929.835
ried One Mile
Average Rev. per Passen2.03
ger Mile (Cents)
Average Distance per
22.95
Passenger (Miles)_ _
Average Revenue per
Train Mile-Passen2.70
gers Only
Average Total Revenue
3.21
per Train Mile
Average Cars per Train
8
Mile
Average Passengers per
133
Train Mile
Average Passengers per
27
Car Mile
5,018,679
+35,571
.7
854.171
+8,072
.9
5,872,850
+43.643
.7
6,321.670
+34,639
.5
24,186,811
+592,122
44.135,881
28.918,623
+1.591.088 3.6
+319,067 1.1
660,825,635
+10,104.200 1.5
2.06
-.03 1.5
22.85
+.10
.4
2.71
-.01
.4
3.17
+.04 1.3
8
132
27
+1
.8
2226
THE CHRONICLE
[Vox,. 122.
GENERAL BALANCE SHEET DECEMBER 31st 1925 AND
1924.
ASSETS.
_
Investments
Investment in Road and Equipment:
Road
kw *Equipment
,
Improvements on Leased Railway Property
Miscellaneous Physical Property
Investments in.Affiliated Companies:
Stocks
In Bonds
kia Notes
r Advances
Other Investments:
Stocks
Bonds
Notes
Advances
1925.
• $48,889.931.79
53,632,208.29
16.391.264.38
•
2,279.792.46
347.422.710.42
48,379,676.48
15,968,761.44
2.263,027.15
31.467,221.37
5,252,531.81
422,502.94
16,765.31
9,557,540.25
2.370,332.50
3.824.700.95
2.127,638.64
10.857,089.25
2,310.992.50
4,053,288.54
2.447.020.27
1,299,549.00
59,340.00
228,578.59
319,381.63
1,251,404.25
103.790.673.38
699,935.86
6.681,447.52
3251,496.879.27
Current Assets
Cash
Loans and Bills Receivable
Traffic and Car Service Balances Receivable
Net Balances Receivable from Agents and Conductors
Miscellaneous Accounts Receivable
Materials and Supplies
33.153.118.24
549.23
1,215,381.22
936.583.54
1.719.778.29
4.297.273.94
11,322.684.46
Deferred Assets
Working Fund Advances
Insurance and Other Funds
$31,289.65
102.019.50
133,309.15
Unadjusted Debits
Rents and Insurance Premiums Paid in Advance
Other Unadjusted Debits
Securities Issued or Assumed Unpledged
3718.786.26
656,384.71
3,058,300.00
4.433,470.97
1.251,002.75
401.50
95.860,381.74
7.930,291.64
4.803,874.11
4,103,938.25
8,733,806.39
2,052,358.87
3244.351.631.04
32.262,162.18
260.37
1.352,621.46
937.449.58
2.923,788.98
4,871.979.11
890,956.06
288.86
137,240.21
868.04
1,204,010.69
574,705.17
12,348,261.68
$32.812.66
47,019.50
1,523.01
55,000.00
79,832.16
$724,488.83
687,716.47
3,058.300.00
5,702.57
31,331.76
4,470,505.30
$267,386,343.85
Capital Stock
Common Stock
Premium on Capital Stock
Increase or
Decrease.
1924.
$261,250.230.18 36.136.113.67
LIABILITIES.
$87.277,000.00
70,720.00
$87,347,720.00
Lone Term Debt
Funded
Unmatured
Non-Negotiable Debt to Affiliated Companies
$320,000.00
170,060.73
Current Liabilities
Loans and Bills Payable
Traffic and Car Service Balances Payable
Audited Accounts and Wages Payable
Miscellaneous Accounts Payable
Interest Matured Unpaid
Dividends Matured Unpaid
Unmatured Dividends Declared
Unmatured Rents Accrued
Other Current Liabilities
•
$3.000,000.00
2,085,351.31
4,594,687.34
10,760.10
3,138.00
15.114.75
4,222.055.00
1,405.641.34
176,586.96
490.060.73
15,513,334.80
Deferred Liabilities
Other Deferred Liabilities
Unadjusted Credits
Tax Liability
Insurance and Casualty Reserves
Operating, Reserves
Accrued Depreciation-Equipment
Other Unadjusted Cred.ts
$87,277,000.00
70,720.00
887.347.720.00
$320,000.00
213,633.80
34,366,798.84
Corporate Surplus
Additions to Property through Income and Surplus
-Credit Balance
Profit and Loss
35.894.833.00
123.706,986.05
129,601.819.05
3,000,000.00
1,025,419.09
125,066.61
1,362.41
135.00
302.00
$3,110,770.40
4,719,753.95
9,397.69
3.003.00
15,416.75
4,222,055.00
1,329,801.77
162,397.32
75,839.57
14,189.64
13,572.595.88
66.610.43
33.234.748.18
556,546.26
62,652.06
28,818,714.09
1.694,138.25
$1,3,5.07
533.633.80
62,018.70
33.804,270.80
490,517.89
76.602.16
27,424.881.16
1,158,759.98
34.952.823.13
121,826,406.68
3267.386.343.85
4,591.73
569,522.62
66.028.37
13,950.10
1,393,832.93
535,378.27
32.955,031.99
'
942,009.87
1,880,579.37
126.779.229.81
3261.250,230.18 36.136,113.67
Figures in italics indicate decrease.
-Report.
Vulcan Detinning Co.
Calendar Years1925.
$2,946,081
SalesExpenses, deprec., &c_. 2,551,241
1924.
1923.
1922.
32.023.970 $2,056.289 $1.474,653
1,761,192
1,853,304
1,301.130
Net oper. income_ _ _ _
Other income
$394,839
38,149
$262,778
27.415
$202,985
30.901
$173,523
32.372
Total income
Reserve for tax, &c_ __.
Divs. on pref. stock
$432,988
80,979
304.358
$290,193
77,776
214,358
$233,886
35,503
169,358
3205.896
50.064
42,340
Surplus
$47,852 def.$1.941
$29,025
$112.592
For the quarter ended Dec. 31 1925 sales, and increase in inventory
adjustments amounted to $1.037,434; net profits, after charges, depreciation and reserve for taxes, $108,747, as compared with $111,513 in preceding
quarter and $68,861 in the corresponding quarter of 1924.
Comparative Balance Sheet December 31.
Liabilities-- 1925.
1924.
1924
Assets1925.
Plant & equipm't-$1,220,146 $1,316,218 Preferred stock...31,500,000 $1,500,000
Preferred A stock_ 919,400
Patents, licenses,
919 400
good-will, &c___ 4,361.637 4,407,569 Common stock-- 2,000.000 2.000,000
Cash
297,213 Common A stock- 1,225,800 1,225,800
439,869
U. S. Government
97,633
Accounts payable- 159,012
securities
66,534
52,609. 228,000 Divs. payable,&c90,726
Acc'ts receivable__ 262,255
94,250
64,894
296,041 Res. for taxes, &cAdvances
257,416
4,769
14,975 Conting.& def.nab 1174,676
Inventories
735,015
605,845
307,277 Surplus
783,266
Total
86,947,132 56,867.292
Total
$6.947,132 $6,867,292
x Obligations payable if and when dividends arrearages are paid upon
the Pref. stock other than Prof. stock "A."
-V. 122, P. 1185.
Wheeling Steel Corp.(& Subs.).
-Consolidated Balance
Sheet, Dec. 31 1925.1924.
1925.
1924.
1925.
Assets$
$
Land.bldgs., mach
equip, &c
a67,367,582 67,677,210
Inv. In & adv. to
assoc., &c., cos- 3.720,725 4,465,636
Cat with s. f. agts
254
Inventories
26,011,573 23,905,296
Adv. pay. on ore
contracts
454,978
668,077
Accts.& notes rec.,
less reserves_
7,369,043 6,102,496
Marketable secure. 613,398
612,960
Time certificates of
deposit
815,000
Cash in banks & on
hand
3,943,906 5,159.238
Deferred charges 3,038,755 3,554.642
Ltabilttles$
$
4,969,899 4,960,014
Pref. A stock
22,559,800 22,559,800
Pref. D stock
Common stock_ - 39,470,594 39,444,477
Funded debt out27,914,500 29,027,000
standing
60.000
Mortgage payable
341,650
Notes payable_ ... _ 177,700
Accounts payable_ 3,247,045 3.288,594
767,145
Accrued liabilities_ 1,766,247
662.653
Dividends payable 464,267
Res.for relining am 1,124,129 1,026,315
Rea. for accidents
3,851,196 4,235.897
& conting
7,789,837 5,772.011
Surplus
113,335.214112,145.556
113,335,214112,145,556
a After deducting reserve for depreciation and exhaustion of minerals
amounting to $19.797,467.
The income account was published in V. 122, P. 1801.
White Motor Co.
-Listing.
-
The New York Stock Exchange has authorized the listing of $5,003.0))
additional capital stock, par $50 each, on official notice of issuance as a
dividend, and $113.000,000. additional capital stock,
Issuance and payment, making the total amount on official notice of
applied for to date
$40,000,000.
On Feb. 10 1926 the directors declared a dividend of 20% payable in.11
common stock, to be issued on or about April 15 to stockholders of record
March 25. The additional $10,000,000 capital stock was offered at par
($50) to stockholders of record March 25 1926.
The Committee on Securities of the New York Stock
April 13 ruled that the capital stock of the company be Exchange on
20% stock dividend on April 15.-V. 122, p. 1801, 1755. quoted ex the
White Rock Mineral Springs Co.
-Earnings.
-
Quarters ended March 31Net profits after deprec., Federal taxes, &c
-V. 122, p. 1801, 1326.
•
1926.
$175,644
1925.
$205,449
Wood Brothers Thresher Co., Des Moines, Ia.-Bonds
Offered.
-Iowa National Bank, Des Moines, are offering at
prices to yield from 53 % to 6% according to maturity,
$300,000 1st mtge. 6% serial gold'
bonds.
Dated March 15 1926, due serially March 15 1927
payable M. & S. at Des Moines Savings Bank & Trustto 1936. Interest
Iowa. Denom. $1,000, $500 and $100 c*. Red. all orCo., Dea Moines.
part on 60 days'
notice at a premium of h of 1% for each year, or
fraction thereof, that
bonds have to run to their fixed maturity. Des Moines
Savings Bank &
Trust Co., trustee.
Data From Letter of R. L. Wood,Secretary & Treasurer
of Company
Company.
-In 1899 Wood Brothers Steel Self
-Feeder
and in 1911 was re-incorp. as Wood Brothers Thresher Co. was incorp
Co. Business is
the manufacture of small individual threshers for sale
and groups of farmers. Its products are sold in 19 to individual farmers
central and western
States of the United States and in all the Canadian
prairie provinces.
Company's principal place of business Is Des
tains branches in 8 central and western cities.Moines, Iowa., and it mainThe output of the company has increased from 33
threshers in 1911 to
1.750 in 1925, and it is planned to produce
present plant of the company consists of a2.500 machines in 1926. The
complete
sembling plant covering over 2 acres of ground owned fabricating and asin fee in northeast
Des Moines. Company has purchased a new site
Des Moines, consisting of 1601 acres, less railway immediately adjoining
-way, on which
rights-of
it will erect a modern fireproof factory building
covering an area of approximately 5 acres. When completed this will be
threshing machine factories in the United States.one of the most modern
It will have an annual
capacity of 4.000 threshers.
Earnings.
-Earnings after deducting all expenses, including depreciation, available for interest and Federal taxes, for
ended Dec.
31 1925, averaged 4.93 times maximum interest the 10 years
charges on this
bonds; for the 4 years ended Dec. 31 1925 averaged 9.25 times issue of
interest
charges,and for the year ended Dec.311925.such earnings were $353,442.
or more than 19.6 times such interest charges.
Purpose.
-Proceeds are to be used to provide, in
for the
construction of the new plant mentioned above. part, funds
(F. W.) Woolworth Co.
-Regular Quarterly Dividend.
-
The directors have declared a quarterly dividend
share on the
common stock, par $25, payable June 1 to holdersof $1 per May 1. On
of record
Jan. 13 last the company declared an extra dividend of $1 per share and
increased the annual dividend rate on the common stock from $3 to $4 per
annum.
Seymour H. Knox of Buffalo, N. Y., has been elected a director,succeeding Walter P. Cook.
-V. 122, p. 2076.
2227
THE CHRONICLE
APR. 17 1926.1
CENTRAL OF GEORGIA RAILWAY COMPANY
DECEMBER 31 1925.
THIRTY-FIRST ANNUAL REPORT—FOR THE YEAR ENDED
Savannah, Georgia, March 10 1926.
To the Stockholders:
The Board of Directors herewith submits the following
report for the year ended December 31 1925:
INCOME.
A comparative condensed summary of the income account
Is stated below. Details are shown in Table 2:
+Increase.
—Decrease.
1924.
1925.
—.26
0.64
1,920.38
Average miles of road operated
41 27,173,209.38 +3,056,199.03
30,229.408
Operating revenues
22,737.481.61 21,071.050.76 +1,666,430.85
Operating expenses
Excess of revenues over exp_ 7.491.926.80 6,102.158.62 +1.389.768.18
—4.582.28
1,339.921.16 1,344.503.44
Taxes
—11.179.17
20,542.48
9,363.31
lincollectible railway revenues
—15.761.45
1.349.284.47 1.365.045.92
Total
6,142,642.33 4.737.112.70 +1.405.529.63
Operating income
+453.204.45
128,847.58
582,052.03
Equipment rents—Net debit
+40.383.74
52,462.57
92346.31
Joint facility rents—Net debit_
181,310.15 +493.588.19
674,898.34
Total
Net railway operating income-. 5,467,743 99 4.555,802.55 +911.941.44
+84.043.80
1.122,079.13 1.038.035.33
Non-operating income
6,589,823.12 5,593,837.88 +995.985.24
Gross income
3357.544.02 +127.165.72
Deductions from gross income_ 3,484,709.74
3,105,113.38 2,236,293.86 +868.819.52
Net income
.
192
.
TRANSPORTATION OPERATIONS.
The following statement shows increases and decreases
in operating revenues and expenses, and other items affecting "Net Railway Operating Income." Details are shown
in Table 2:
motives was 18.5 years, as compared with 18.6 for previous
year.
"Traffic" expenses increased $52,213 11 (6.34%).
"Transportation" expenses increased $822,229 55 (8.10%),
due to increase in business handled and increase in wages.
"Miscellaneous Operations" increased $54,097 21 (38.65%),
due to the increase in number of through passenger trains
run.
"General Expenses" increased $40,89200 (3.82%).
"Transportation for Investment—Credit" increased $89,53090 (50.05%), due to transportation in connection with
Birmingham grade revision and ballasting Savannah District.
RAILWAY TAX ACCRUALS.
"Railway Tax Accruals" were $1,339,921 16, as compared
with $1,344,503 44 last year, a decrease of $4,582 28 (0.34%).
UNCOLLECTIBLE RAILWAY REVENUES.
"Uncollectible Railway Revenues" amounted to $9,363 31,
as compared with $20,542 48 last year, a decrease of $11,17917 (54.42%).
EQUIPMENT'RENTS—NET DEBIT.
The increase of $453,204 45 (351.74%) in net rental paid
for use of equipment is due chiefly to increase in traffic,
which necessitated the use of more cars and increase in tonnage of those commodities which require a higher percentage
of empty movement.
JOINT FACILITY RENTS—NET DEBIT.
"Joint Facility Rents—Net Debit" increased $40,383 74
(76.98%), due chiefly to credit in 1924 covering adjustment
of Southern Railway Company's proportion of rental for
facilities at Savannah, and to additional charge made in
accounts for 1925 in anticipation of new contract with Western Railway of Alabama covering use of joint facilities at
Montgomery.
NON-OPERATING INCOME.
The increase of $84,043 80 (8.10%) in "Non-Operating
Income" is due mainly to the following increases:
+Increase.
—Decrease.
1924.
1925.
$
$
Railway Operating Revenues—
21,452,533.16 19.375.562.31 +2.076.970.85
Freight
6,099.378.39 5.378,292.55 +721,085.84
Passenger
—18.450.57
500,546.74
482,096.17
Mail
771,000.00 +155,496.14
926,496.14
Express
226,360.45 —105,354.61
121,005.84
train
Other passenger
+26.444.92
343,879.03
370,323.95
Other transportation__
577,568.30 +200.006.46
Incidental and joint facility__ _ 777,574.76
Total railway oper. revenues 30,229,408.41 27,173,209.38 +3,056,199.03
Railway Operating Expenses—
Maintenance of way and
4,663,221.41 4.201.129.18 +462,092.23
structures
Maintenance of equipment __ _ 5.191.128.81 4.866,691.16 +324.437.65
+52.213.11
823,286.58
875.499.69
Traffic
10.970,861.05 10,148,631.50 +822,229.55
Transportation
+54.097.21
139.963.02
194.060.23
Miscellaneous operations
+40.892.00
1.111,112.65 1,070,220.65
General
for investment
Transportation
—89.530.90
178.871.33
268,402.23
—Credit
Total railway operating ex22.737.481.61 21.071.050.76 +1.666,430.85
penses
Net revenue from railway
7.491,926.80 6.102,158.62 +1.389,768.18
operations
—4,582.28'
1,339.921.16 1.344.503.44
Railway tax accruals
—11,179.17
20,542.48
9,363.31
Uncollectible railway revenues
—15,761.45
1.349.284.47 1,365,045.92
Total
Railway operating income....._ 6,142,642 33 4,737.112.70 +1.405.529.63
128,847.58 +453.204.45
582,052.03
Equipment rents—Net debit
+40,383.74
52,462.57
92.846.31
Joint facility rents—Net debit_
181,310.15 +493,588.19
674,898.34
Total
Net railway operating income.. 5,467,743.99 4,555,802.55 +911,941.44
RAILWAY OPERATING REVENUES.
"Railway Operating Revenues" increased $3,056,199 03
(11.25%). "Freight Revenue" increased $2,076,970 85
(10.72%). The tons of revenue freight carried one mile
were 1,859,289,383, an increase of 227,332,223 ton miles
(13.93%). The average revenue per ton was $2 12, as compared with $218 for the previous year, and the average
revenue per ton mile was 1.15 cents, as compared with 1.19
cents for the previous year.
"Passenger Revenue" increased $721,085 84 (3.41%).
Revenue passengers carried one mile were 192,483,869, an
Increase of 21,692,294 (12.70%). Average revenue per passenger per mile was 3.17 cents, as compared with 3.15 cents
for the previous year.
"Mall Revenue" decreased $18,450 57 (3.69%)•
"Express Revenue" increased $155,496 14 (20.17%)•
"Other Passenger Train," "Other Transportation," "Incidental" and "Joint Facility" revenues, increased $121,096 77
(10.55%)•
RAILWAY OPERATING EXPENSES.
"Railway Operating Expenses" increased $1,666,430 85
(7.91%).
The increase of $462,092 23 (11.00%) in "Maintenance of
Way and Structures" was due mainly to retirements and
expenses in connection with grade and line revision on Birmingham District; improvements at Fort Valley, Columbus
and Albany, Ga.; extraordinary repairs due to January
floods; charges in connection with rebuilding Atlanta Terminal train sheds; unusually heavy repairs to docks and
wharves at Savannah, Ga.; increased maintenance due to
increase in traffic, and increase in wages of common labor.
The increase of $324,437 65 (6.67%) in "Maintenance of
Equipment" was due to increase in force on account of increased business and increase in rates of pay.
Charles to "Maintenance of Equipment" for depreciation
were $726,823 46, an increase of $3,311 78 (.046%). The
average miles per serviceable locomotive were 35,582, an
increase of 1,969 miles (5.86%). The average age of loco-
$30.500.00
Dividend from Atlantic Compress Company
Dividend from Atlanta and West Point Railroad Company
16,885.00
and The Western Railway of Alabama
12.540.00
Dividend from Fruit Growers Express Company
97.448.00
Interest during construction
Offset in part by decrease in interest from special and other 81.944.00
deposits
DEDUCTIONS FROM GROSS INCOME.
The increase of $127,165 72 (3.79%) in "Deductions from
Gross Income" is due mainly to the following increases:
Interest on funded debt
Expenses of operation of Tybrisa
$109,240.00
16.163.00
FINANCIAL.
The Balance Sheet, Table 4, reflects the general financial
condition of your company at December 31 1925, as compared with the previous year.
CAPITAL STOCK AND FUNDED DEBT.
CAPITAL STOCK.
There were no changes in capital stock.
FUNDED DEBT.
$100,000 certificates of Equipment Trust "L" (final payment); $660,00 certificates of Equipment Trust "N"; $194,000 certificates of Equipment Trust "0"; and $63,663 30
note of Equipment Trust "1" matured and retired.
$30,000 of Upper Cahaba Branch First Mortgage Bonds
and $30,000 Greenville and Newnan Main Line First Mortgage Bonds matured and were paid. These were the final
payments on both issues.
Central of Georgia Equipment Trust "P" for $1,410,000
was issued March 1 1925 for approximately 75% of the cost
of 10 mikado type locomotives, 500 ventilated box cars, 100
flat cars, 5 all-steel passenger coaches and one baggage and
mail car; all of which were received and put in service during the year. The certificates mature in 15 equal annual
Installments, March 1 1926 to 1940, with interest at 4%%
per annum, payable semi-annually.
Central of Georgia Equipment Trust "Q" for $3,840,000
was issued November 1 1925 for approximately 75% of the
cost of 10 central type locomotives, 5 mountain type locomotives and 1,927 ventilated box cars, of which 3 central type
locomotives had been received at the close of the year. The
certificates mature in 15 equal annual installments, November 1 1926-1940, with interest at 4%% per annum, payable
semi-annually.
OTHER INDEBTEDNESS.
Non-negotiable debt to affiliated companies increased
$249,920, increasing the amount to $750,000. The company
has no floating debt.
DIVIDENDS.
During the year dividends Nos. 22 and 23 (total $1,200,000) at the rate of 6 per cent per annum were declared and
paid.
ADDITIONS AND BETTERMENTS—EXPENDITURES.
The net increase in investment in road and equipment and
improvements on leased railway property was as follows:
2228
THE CHRONICLE
RoadRoad (Concluded)
Engineering
$87,652.30 Roadway small tools
1,255.54
Lard for transportation
Assessments for public Impurposes
49,095.06
88,836.06
provements
Grading
2,656,014.04 Shop machinery
108,033.03
.
I.ridges, trestles and culPower plant machinery_ _ _ 10,342.07
verts
495,330.34 Power substation apparatus
1,406.56
Ties
170,862.57
Rails
244,426.12
Total
$5,197,666.76
273,769.99
Other track material
355,441.53
Ballast
Equipment
136,841.80 Steam locomotives
$760,559.42
Track laying and surfacing_
1,221,967.44
1,603 79 Freight
Right-of-way fences
-train cars
69,833.82 Passenger-train cars
Crossings and signs
184,882.20
Station and office buildings
86,051.38
42,385.97 Work equipment
2,287.51 Miscellaneous equipment
2,215.00
Roadway buildings
63,037.29
Water stations
$2,255,675.44
61,144.34
Total
Fuel stations
933,711.91
155,133.90 Less equipment retired_
Shops and enginehouses.
56,346.00
Storage warehouses
$1,321,963.53
Telegraph and telephone
Net
127,977.55
lines
42,607.62
General
Signals and interlockers__ _
$34.26
190.06 Interest during construction
Power plant buildings
92.95
Power transmission systems
834.26
Total
2,826.66
Power distribution systems
1,686.44
Power line poles and fixtures
10,281.35 Net total road and equipMiscellaneous structures_
$6,519.664.55
1,128.62
ment
Paving
Full face figures indicate credit.
2,263.68
Roadway machines
[VOL. 122.
A low service water tank with eight-inch pen stock was
converted into a high service tank with ten-inch pen stock
at Opelika, Alabama.
A 6,800 gallon creosoted box water tank was erected at
Cenchat, Georgia, and 4,000 lineal feet of three-inch wrought
weigh hoppers, 50
-ton dry sand storage and 7,500-ton ground
storage was erected at Millen, Ga.
A 100
-ton storage reinforced concrete coaling station with
weigh hoppers was erected at Union Springs, Ala.
An 80-foot balanced type turn-table, retired at Macon
shops last year, was installed at Cedartown shops, replacing a 70
-foot turn-table.
At Little River, A-213.6, Covington District, a new bridge
was completed consisting of two steel deck truss spans and
one deck plate girder span released from Ocmulgee River
Bridge, Macon, supported on three new concrete piers and
one new concrete abutment, with three panels of new creosoted ballast deck trestle approach at the west end.
At Alcovy River, A-246.9, Covington District, a new bridge
was completed consisting of three 50-foot deck plate girder
spans supported on concrete piers, with 187 feet open deck
PHYSICAL CHANGES.
creosoted trestle approaches.
South of Mountain View at mile post 282, plus 4102 feet,
The following is a summary of the more important improvements during the year, the cost of which was wholly Atlanta District, a creosoted overhead highway bridge was
constructed, eliminating a dangerous grade crossing.
or in part charged to "Road and Equipment."
Bridges H-196.1 and H-240.8, Albany District, and M-230.0,
-ROAD.
ADDITIONS AND BETTERMENTS
M-269.6 and M-285.9, Columbus District, were strengthened
60.8411 miles of main track were relaid with new ninety- to carry
new central type locomotives, and Bridge J-409.2,
pound steel rail; 42.7435 miles were relaid with new eighty- Florala
District, was strengthened to carry 1700 class enpound steel rail. Of the new rail 23.2517 miles replaced the gines.
rail of the same weight and 80.3329 miles replaced rail of
At Columbus, Ga., viaduct was completed carrying Thirlighter weight. 36.4681 miles of track were relaid with sec- teenth Street
ond-hand steel rail, replacing rail of lighter weight. 8.1673 Avenue, and over our tracks from Fifth Avenue to Tenth
miles of track were relaid with second-hand steel rail, re- traffic over closing Twelfth and Thirteenth Streets to all
placing rail of the same weight. Total mileage of track reinforced our tracks. The viaduct is of encased steel and
concrete, 1,890 feet in length, with 40
-foot roadrelaid with new and second-hand steel rail was 148.2200.
way and two 6
-foot sidewalks.
Fifty-two new industrial tracks aggregating 5.0920 miles
At Pea River, J-432.2, Florala District, a new bridge was
were added, while twenty-two industrial tracks aggregating built consisting of
four plate girder spans, supported on five
1.6657 miles were removed; a net increase of thirty indus- creosoted pile
piers, with 130 feet of five pile creosoted
trial tracks and a net increase of 3.4269 miles.
ballast deck trestle approaches.
Fifty-six new company sidings aggregating 12.2708 miles
At Cahaba River, P432.5, Birmingham District, trestle
were added, while eleven company sidings aggregating 2.6379 approaches to
the bridge were replaced with two 80-foot
miles were removed; a net increase of forty-five company deck plate
girder spans on concrete abutments.
tracks and a net increase of 9.6329 miles.
At Savannah, Georgia, a new brick storehouse was con128.26 miles of ballasted track were repaired or renewed structed, 131 feet
by 85 feet, with concrete floor and covrestore the track to its original standard. 74.85 miles ered platform.
to
of unballasted track were ballasted.
At Savannah, Ga., a car repair building 32 feet by
309 feet
4,468.7 lineal feet of pile and timber trestles were re- was erected from
salvage recovered from a temporary paint
placed by permanent culverts and embankment, and 3,324 shop retired.
lineal feet of untreated pile and timber trestles were rebuilt
At Savannah, Ga., a new point shop was completed, rein creosoted material to conform to standard.
placing structures destroyed by fire in 1923.
1,814 lineal feet of cast iron and reinforced concrete pipe
At Macon, Ga., a two-story brick structure with
basement
and reinforced concrete boxes were installed to provide was erected on the site of
the old union passenger station,
waterways for trestles filled, and 2,571 lineal feet of cast. making two independent
warehouses. Both warehouses have
iron and reinforced concrete pipe and reinforced concrete been leased to responsible parties
for a period of ten years.
boxes were installed to replace crushed terra cotta pipes
At Opelika, Ala., a new brick union passenger depot
was
and wooden box drains.
constructed with platforms and shelter sheds along Central
540,665 cross ties were renewed, being equivalent to 187.73 of Georgia and Western Railway
of Alabama tracks.
miles of continuous track, or 7.63% of all ties in track, inAt Columbus, Ga., old train shed was replaced with two
cluding sidings.
butterfly sheds with asphalt platforms 600 feet long and
At Fort Valley, Georgia, 1.13 miles of additional track one connecting shed across the tracks.
Additions and alterawere laid in the icing yard. 2.37 miles of second track were tions were made to the passenger
station and the structure
built. 1.17 miles of side track were converted into second painted throughout.
main track, making the length of second main track at Fort
At Columbus, Ga., a brick yard office and extension
to
Valley 3.54 miles.
transfer platform were constructed.
At Columbus, Ga., .72 miles of new second main track
Work on Birmingham Grade Revision has progressed.
At
were constructed and .75 miles of side track converted to the close of the year 6,837,000 cubic
yards of material had
second main track, a total of 1.47 miles, making the second been moved and the total
grading about 95% completed.
main track extend from Muscogee Junction to Chattahoo- Grading on many of the projects
has been completed. There
chee River, a total distance of 3.27 miles.
are yet some places where unusual conditions have
retarded
Near Rome, Ga., 1.98 miles of track formerly owned by completion. At the close of the
year eighteen and one-half
Rome and Northern Railroad Company, connecting with the miles of new line were in
service, leaving thirty-nine and
Berry School, was acquired and rehabilitated and an exten- eight-tenths miles of new
track to be completed. Twentysion of 1,900 feet constructed together with a spur track one and one-half miles of
old line had either been raised or
1,020 feet in length.
lowered, leaving four miles to be raised or
lowered.
Three 150-ton, 50-foot platform, four section track scales
ADDITIONS AND BETTERMENTS
were installed, one each at Millen, Gordon and Cuthbert,
-EQUIPMENT.
Ga., replacing at Cuthbert a scale of lighter capacity.
The following equipment was acquired and
placed in ser416.1 miles of new telephone lines were constructed, rep- vice during the year:
resenting 894.4 miles of copper wire/
Locomotives: Ten mikado type (from
proceeds of EquipFive highway crossing signal bells of the flash light type ment Trust "P") and three
central type (from proceeds of
were installed for the protection of dangerous grade cross- Equipment Trust "Q") from
Baldwin Locomotive Works.
ings, one each at Tennille, Ga., East Point, Ga., M. P. 201 Five mountain type (from current
cash) from American
plus 1806 feet Atlanta District, M. P. 250 plus 3230 feet and Locomotive Works. Three 6
-wheel switch locomotives were
M. P. 294 plus 1510 feet Albany District.
sold, making a net increase of fifteen
locomotives, and an
Work on enlarging and increasing the capacity of the increase of 947,413 pounds in
tractive power.
water filtration plant at Macon shops was completed.
Freight Train Cars: Five hundred
steel under-frame
A concrete dam and by-pass were constructed at Industry, ventilated box cars and one hundred
steel under-frame flat
Ga., to prevent silt from entering storage reservoir in time cars (from proceeds of
Equipment Trust "P") from Tenof freshets.
nessee Coal, Iron and Railroad Company.
Ten steel underAn additional well was drilled to a depth of 494 feet at frame cabooses built at
company shops, Macon, Ga.
Fort Valley, Ga., and incidental pumping equipment inPassenger Train Cars: Three all steel open coaches, one
stalled, thereby more than doubling the water supply.
all steel baggage and mail car, and two
all steel partition
A 50,000-gallon high service water tank of creosoted ma- coaches (from
proceeds of Equipment Trust "1") from
3
terial with ten-inch pen stock was erected at east end of Pullman Car and
Manufacturing Corporation. Nine steel
train yard at Macon, Ga.
and ten wooden sleeping cars and two steel and one wooden
A 150,000-gallon reinforced concrete water tank was parlor cars were
sold, and two wooden parlor cars were conerected at Americus, Ga., replacing a 50,000-gal. cypress tank. verted into
roadway living cars, thereby disposing of all
A 50,000-gallon low service creosoted water tank with ten- sleeping and parlor cars
owned by your company except one
inch pen stock was erected near Tenth Street, Columbus, Ga. wooden parlor car.
2229
THE CHRONICLE
APR. 17 1926.]
With deep sorrow the Directors announce the death on
• Work Equipment: One American steam ditcher was purJames, a director of your
Two roadway cars and one tool October 2 1925 of Charles E.
chased from current cash.
company continuously from October 14 1907. The Board
Macon, Ga.
car were built at company shops,
charhas appropriately recorded its appreciation of his high
GENERAL.
acter and valued service.
The Board of Directors takes this opportunity to express
The attached tables exhibit the financial condition of
its appreciation of the integrity, efficiency, and united efyear's transactions.
your company and the result of the
officers and employees in the dis• On May 1 1925 your company discontinued the operation forts displayed by your
this service was taken charge of their duties.
of its sleeping and parlor cars, and
By order of the Board of Directors.
over by The Pullman Company under Illinois Central conCHARLES H. MARKHAM, Chairman of the Board.
tract.
GENERAL BALANCE SHEET.
ASSETS.
Dec. 31 1925. Dec. 311924. Inc. or Dec.
Investments—
$
3
701 Road and equipment:
54,023,368.31 54,023,368.31
Investment to June 30 1907
Investment since June 30 1907_ _ _30.946.672.06 25,110.619.50 +5,836,052.56
84.970.040.37 79.133.987.81 +5.836,052.56
Total road and equipment
702 Improvements on leased railway
since June 30 1914... _ _ 2,608,325.57 1,924,713.58 +683,611.99
property
1---*
703 Sinking funds
704 Deposits in lieu of mortgaged Prop132.24 +160,000.00
160,132.24
erty sold
628,362.75 +124,067.91
752,430.66
705 Miscellaneous physical property_ _ _
706 Investments in affiliated companies:
--13.30
4,901,793.87 4,901,807.17
(a) Stocks
65,000.00
65,000.00
(b) Bonds
(a) Notes and certificates of in566,760.37
debtedness
566,760.37
898,441.09 1,113,447.17 —215,006.08
(d) Advances
707 Other Investments:
343,185.00
343.185.00
(a) Stocks
321.852.38 2,329,977.38 —2,008,125.00
(b) Bonds
3,974.24
636,430.00 —632.455.76
(c) Notes
(d) Advances
12.00
12.00
(e) Miscellaneous
95.591.947.79 91,643.815.47 +3.943.132.32
Total Investments
Current Assets
1,139,679.96 1,009,096.29 +130,583.67
708 Cash
711 Special deposits
17,364.06
+431.88
16,932.18
712 Loans and bills receivable
713 Traffic and car service balances re117,193.67
109,467.96
—7,725.71
celvable
714 Net balance receivable from agents
+3.258.07
20,740.36
23,998.43
and conductors
860,904.09 —148,593.72
715 Miscellaneous accounts receivable_
712,310.37
716 Material and supplies
1,992.303.76 1,915,665.92
+76.637.84
—712.86
717 Interest and dividends receivable
129,389.68
128,676.82
21.133.40
719 Other current assets
—36.952.12
58,085.52
Total current assets
4,144,934.78 4,128.007.71
+16.927.05
Deferred Assets
720 Working fund advances
10,445.71
—2,984.29
13,430.00
721 Insurance and other funds
3,840,000.00
+3,840.000.00
722 Other deferred assets
49.156.76
+4.381 11
44,775.65
Total deferred assets
58,205.65 +3.841.396.82
3.899.602.47
Unadjusted DeMts723 Rents and insurance premiums paid
In advance
12,692.73
14,970,92
+2.278.19
725 Discount on funded debt
694,943.76
592,821.47 +102,122.29
726 Property abandoned chargeable to
Cr 622,617.29 Cr 562,775.00
operating expenses
—59,812.29
727 Other unadjusted debits—Miscellaneous
+83,309.01
603,657.02
686,966.03
728 Securities issued or assumed—Unpledged:
C.of Ga. Ry. Co. Issue
$2,450
729 Securities Issued or assumed—
Pledged:
C.of Ga.Ry.Co.issue $11,000,000
Underlying liens—Not
q 157.000
assumed
774.26342
Total unadjusted debits
646,396 22 +127.867.20
104.410.748.44 96.476 425 05 +7.934.323.39
Grand total
LIABILITIES.
Dec. 31 1925. Dec. 31 1924.
5
20,000.000.00 20,000.000.00
Inc. or Dec.
Stock—
751 Capital stock
Governmental Gran1s+6.550.94
10.921.02
17,471.96
754 Grants in aid of construction
Long Term Debt
755 Funded debt unmatured:
9,138,653.20 4,312,316.50 +4,826,336.70
(a) Equipment obligations
(b) Mortgage bonds actually outstanding:
—60.000.00
C. of Ga. Ry. Co.issue _35,270,000.00 35,330.000.00
Underlying liens—Not as511,000.00
511,000.00
sumed
(c) Collateral trust bonds:
8,000,000.00
C. of Ga. Ry.Co.issue._ _ 8,000,000.00
Underlying liens—Not as4,840,000.00 4,840,000.00
sumed
(d)Income bonds actually out274,850.00
274,850.00
standing
(e) Miscellaneous obligations—
Notes
757 Non-negotiable debt to affiliated 750,000.00
500.080.00 +249.920.00
companies
58,784,503.20 53,768.246.50 +5,016.256.70
Total long term debt
Current Liabilities
758 Loans and bills payable
759 Traffic and car service balances
+234.119.50
147,913.11
382,032.61
payable
760 Audited vouchers and wages Pay+122,838.80
1,670,626.40 1,547.787.51
able
+61,518.20
222,877.59
284,395.79
761 Miscellaneous accounts payable.__
—15.814.42
165,621.02
149,806.60
unpaid
762 Interest matured
50,000.00
50,000.00
764 Funded debt matured unpaid
765 Unmatured dividends declare&
+58.832.14
505,296.86
562,129.00
766 Unmatured interest accrued
+2,609.73
10,128.70
12,738.43
767 Unmatured rents accrued
+37.197.58
33.168.28
70.365.86
liabilities
768 Other current
3,182,094.69 2.682.793.07 +499.301.62
Total current liabilities
.12111111
Deferred Liabilities—
15.239.47 +317,385.53
332.675.00
770 Other deferred liabilities
,..r,
Unadjusted Credits—
341.22268 - +21.027.38
362,250.06
771 Tax liability
+23,128.21
444,446.76
467,974.97
773 Insurance reserve
774 Operating reserves
7,295.881.06 +203.369.78
776 Accrued depreciation—Equipment 7,499,250.84
777 Accrued depreciation—Misc, phys- 244,678.55
—2.601.20
247.279.75
ical property
614,316.33 +175,855.28
790,171.61
778 Other unadjusted credits
9,364,326 03 8.943,546.58 +420.779.45
Total unadjusted credits
Corporate Surplus
779 Additions to property through income and surplus since June 30
+14.579.35
3,876,012.25 3,861.432.90
1907
780 Funded debt retired through income and surplus since June 30
229,212.86
229,212.86
1907
8.624.452.45 6,964.932.65 +1,659.469.80
784 Profit and loss—Balance
12.729.677.56 11.05s 623.41 +1.674.019.15
Total corporate surplus
104.410.748.44 96.476.425.05 +7.934,323.36
Grand total
ALLIS-CHALMERS MANUFACTURING COMPANY
31 1925.
THIRTEENTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDED DECEMBER
Milwaukee, Wis., April 9 1926.
To the Stockholders:
On behalf of the Board of Directors, there is submitted
herewith the annual report of the operations of the AllisChalmers Manufacturing Company for the fiscal year ended
December 31 1926, together with comparative Profit and
Loss Account and Balance Sheet as at December 31 1925
and 1924.
PP
1925.
1924.
Sales Billed
828,921,357 18 827,855.523 97
Cost of Sales, including Depreciation, Development, Selling, Publicity and Administrative Expenses
25,639.654 93 24,751.927 66
Net Operating Profit
83,281,702 25 $3,103.596 31
Add—Other Income:
Interest, Discounts, Royalties, Commissions, &c
689.666 18
632,504 48
Total Profit and Income
$3 971 368 43 83.736,100 79
Deduct—Provision for Federal Income Taxes
and Contingencies
554.000 00
515,000 00
Net Profit,carried to Balance Sheet
$3,417.368 43
$3.221,100 79
COMPARATIVE BALANCE SHEET AS AT DEC. 31 1925 AND 1924.
ASSETS.
Property—
Dec. 311925. Dec. 311924.
Factory Sites, Buildings, Machinery, Equipment, Patents, Patterns, Drawings and
Good Will
$40,757,339 66 $40,659,168 75
Deduct—Reserve for depreciation of Buildings. Machinery and Equipment
9.737,742 21
9,193,545 20
831.019,59745 831.465,62355
Current and Working Assets—
Inventories of Work in Process, Manufac$12,315,342 92 $12,103,421 99
• Lured Stock, Materials and Supplies
Accounts and Notes Receivable
7,751050 55
8.284.672 72
Treasury Notes. Liberty Bonds and other
9.890.64693
Marketable Securities
8,073,525 48
1,584.037 37
1.593,553 24
Cash in Banks and on hand
$31,541.077 77 $30,055.473 43
Dec. 311925. Dec. 31 1924
Miscellaneous Assets—
Land Sales Contracts. Outside Real Estate
and Property not required for manufac$1,178,289 10 $1,171,69492
turing operations
44.797 37
45,839 97
Prepaid Insurance
$1,224.129 16
$1.216,49229
$63.784.80438 $62,737,58927
LIABILITIES.
Capital Stock Issued—
Preferred
Common
818.500,00o 00 $16.500,000 00
26.000,000 00
26,000,000 00
$42,500,000 00 $42,500,000 00
Current Liabilities—
81,337,427 64 $1,224.114 67
Accounts Payable and Pay-rolls
1.172,094 17
872,105 34
Advances received on Contracts
Reserve for Erection and Completion of Con1,223,986 82
1,176,242 04
tracts Billed
Accrued Taxes (including provision for Fed973,708 20
1.196.675 84
eral Income Taxes)
Dividends Payable:
8288,702 75
Preferred—January15
386,560 50
Common—February 15
546,409 75
675.263 25
•
$5,257,714 11
Reserves—
$1,393,755 16
General Contingencies
Employers' Liability for accident compensa374,032 78
tion
81.767.787 94
Profit and Loss Account—
813.642.98690
Balance January 1
Add—Net Profit for year ended Dec.31_ __ _ 3.417.36843
85.140.31361
81.208.205 73
346.083 03
81,554,288 76
812,507.525 61
3,221,100 79
816,960,355 33 815,728,626 40
Deduct—For Preferred and Common Divi2,701,053 00
2.185,639 50
dends
814.259.302 33 813.542,98690
863,784,804 38 $62,737,589 27
2230
THE CHRONICLE
INCOME ACCOUNT.
The net profit for the year 1925, after provision for Federal Income and all other taxes, was $3,417,368 43, compared with $3,221,100 79 the preceding year, which was
equivalent, after allowance for preferred dividends, to $878
per share on the common stock, as compared with $801 on
the common stock in 1924. The sales billed and net profits
by quarters for these two years compare as follows:
[vol.. 122.
bines for Kimberly Clark Company, the four 800 H. P.,
8% ft. head turbines for Green Bay and Mississippi Power
Company and the eight 13,500 H. P., 37 ft. head turbines for
Louisville Hydro-Electric Company, all of the high speed
propeller type, establish new record capacities for the respective low heads under which they will operate. The
40,000 H. P. double overhung impulse type turbine for the
San Joaquin Light and Power Company will also establish
1925
-- a world record capacity for operation under the extremely
1924
Sales Billed.
Net Profit. Sales Billed. Net Profit.
high head of 2,381 feet. Other noteworthy orders for large
First Quarter___ 7,130,952 29
847,053 27 6,819,330 63
831,180 92 medium head Francis type turbines are three 20,000 H. P.,
Second Quarter_ 7,042,750 27
830,022 23 6,910,265 60
756,423 12 65 ft. head turbines for the Great Falls Power Company
Third Quarter__ 7,298,570 90
826,107 38 6.926,32890
824,561 61
Fourth Quarter- 7,449,083 72
914.185 57 7,199,598 84
808,935 14 and the two 45,000 H. P., 145 ft. head turbines for the Alabama Power Company.
28,921,357 18 3,417,368 43 27,855,52397 3.221.10079
The new municipal type centrifugal pump for high head
During the year 1925 there was expended for standard city pumping service has proven very successful. Among
development the sum of $395,771 61, which amount was those installed might be mentioned the twelve-million gallon
charged against earnings. There was also expended for per day pump for South Pittsburgh Water Works and a
maintenance and general upkeep of buildings, machinery similarly rated unit at Erie, Pa., both of which exceeded
and equipment an aggregate of $1,398,833 02. The reserve their guarantees for capacity and efficiency.
for depreciation on buildings, machinery and equipment
The trial use for two seasons of a new type of high speed
gyratory crusher has been completed with favorable results
amounted to $645,343 49.
Current inventories of work in process, manufactured and sale in conservative number is resulting.
stock, materials and supplies finally valued $12,315,342 92
During the year the Company sold to the Chile Exploraon December 31 1925 were carefully reviewed by the Inven- tion Company, two 60-inch gyratory crushers of all steel
tory Committee, and any inactive or unsalable items in- construction, weighing approximately 1,000,000 pounds each.
cluded therein were reduced to proper values. Accounts The order for these two machines, with eight other gyratory
and notes receivable, showing a balance of $7,751,050 55, crushers, is the largest single order for crushing machinery
were also checked and doubtful charges appearing therein ever booked by the Company. Sales of lines of mining,
disposed of prior to closing.
crushing, cement and creosoting machinery, ever acquired
from the Worthington Pump and Machinery Corporation,
DIVIDENDS.
have been satisfactory.
During 1925 there were four quarterly dividends of 1%%
Two complete new sizes were added to the line of liquid
each on the preferred stock; also four quarterly dividends controllers in the Electrical Department, and one new larger
of 1%% each on the common stock. The total amount of size was added to the line of rod mills in the Milking Dethese dividends aggregated $2,701,053 00.
partment.
A complete plant for wood preserving by the Montan
SECURITIES.
Process
As at December 31 1925 the Company owned the follow- process was designed and manufactured. This is a new
of wood preservation that has very promising posing securities:
sibilities.
Liberty Bonds and Treasury Notes
$4,344,859 37
Development is nearly completed on a line of attrition
Sundry State,County and Municipals
01
Railroad,Public Utilities and Industrial Bonds and Stocks._ 4,722.154 55 mills for grinding all kinds of grains,
823,633
especially for feed
plants. These mills are also applicable to grinding many
$9,890,646 93
kinds of chemicals, drugs and by-products. A large proportion of these will be electrically driven, each having two
INCREASE IN PLANT AND WORKING CAPITAL.
The capital expenditures during the year for additions integrally mounted motors.
Work has been completed on the new line of type C band
to buildings, new machinery and sundry equipment,
sawmills in 7 ft., 8 ft., 9 ft. and 10 ft. sizes; also on type
amounted to $203,720 32, against which were applied credits
horizontal resaws in 6 ft. and 7 ft. sizes. A new Pacific
of $105,549 41 on account of sales and scrapping of machin- Coast
edger, known as type D, has been developed.
ery and equipment, leaving a net addition of $98,170 91.
The Allis Texrope Drive has been developed from an exThe working capital as at December 31 1925, comprising
periment to a commercial proposition of respectable proporcash, marketable securities, accounts receivable and cur- tions.
rent inventories, less accounts payable, pay rolls, taxes, diviSeveral important condenser installations were made,
dends and other current obligations, amounted to $26,283,which
363 66, compared with $24,915,159 82 the year before, an these have in performance exceeded the guarantees. In
condensers the design has been so improved and reIncrease of $1,368,203 84. The surplus, after deducting the
fined that they approach the highest practicable limits of
full year's dividends, stands at $14,259,302 33.
efficiency.
UNFILLED ORDERS AND BOOKINGS.
One of the largest Corliss engines ever built has been put
The unfilled orders at the close of 1925 were $10,147,- in operation by the American
Steel
072 74, compared with $10,124,027 93 on December 31 1924. Donora, Pa. This is a twin tandem and Wire Company, at
engine having a normal
The total bookings of new business for 1925 were $28,944,- capacity of 8,000 to 10,000 I. H.
P. and is capable of carrying
401 99, contrasted with $25,979,420 19 in 1924, an increase maximum loads up to
18,000 I. H. P.
of 11.41%.
Improvements in details have been made in cylinders,
STOCKHOLDERS.
valve gears, etc., of steam and gas engines and gas blowing
At the close of 1925 there were 3,368 holders of preferred engines, and in unloading devices for large motor
driven
stock and 2,543 holders of common stock.
air compressors.
The Company's largest single order of Diesel engines, conDEVELOPMENT.
The more important development work carried on during nected to oil pipe line pumps, was sold during the past year.
These were similar to previous units, which have proven
the year was as follows:
The Company has entered into an agreement with A. Rey- so satisfactory that customers demanded exact duplicates.
Important improvements have been made in the
rolle & Company, Limited, Hebburn-on-Tyne, England, for
detail of
the manufacture and sale of metal-clad electric switchgear tractors and the business is showing a substantial increase.
in the United States and possessions, Cuba and Mexico.
IN MEMORIAM.
While this type of gear has been used in Great Britain for
Mr. Max Pam,,a Director and General Counsel of
some years, it is entirely new in the United States and
the
should have an important influence on oil switch practice Company since its organization, died suddenly on September
for central stations, sub-stations, industrial plants, etc. 14 1925. His efficient and constructive counsel in the affairs of the Company has been extremely helpful
Several substantial orders have already been booked.
in many
A line of induction motors, equipped with Timken tapered ways, and his loss is deeply deplored.
roller bearings in place of sleeve bearings, has been develGENERAL.
oped. Since this type of motor has been placed on the marThe claim of the Government against the Company
ket, the demand for it has increased each succeeding month.
for
A contract was entered into with Illinois Steel Company additional taxes for the years 1918 and 1919, as mentioned
for a 7,000 H. P. reversIng blooming mill drive which is as in the last annual report, has not as yet been settled. Another audit was recently made by representati
large a mill drive as any heretofore built in this country.
ves of the
Included in the transformer contracts is a 30,000 KVA., Government and it is expected that the matter will be closed
120,000 volt, 3 phase, water cooled transformer being manu- within the next few months.
The books and accounts have been
factured for Tennessee Electric Power Co.; this transformer
examined by Price,
Waterhouse
is notable not only for its size, but also because the
core is Certificate & Co., Certified Public Accountants, and their
on wheels and may be rolled out of the end of
is appended hereto.
the
The annual meeting of the Company
former tank instead of being lifted out of the top astranswill be held at its
here- principal
tofore.
office in Wilmington, Delaware, at 12 o'clock noon,
on May 6 1926.
The Company has developed and is now building a
50,000
The Board of Directors expresses its
K. W., 1,800 R. P. M. steam turbine unit, and it
has
grateful appreciation
a number of improvements in the line of standard made to the officers and employees of the
Company for their effisteam cient
turbines.
services and complete co-operation during the year.
The year 1925 has brought its share of outstanding
By order of the Board of Directors.
hydraulic turbine orders. The three 900 H. P., 9 ft.
head turOTTO H. FALK, President.
APR. 17 1926.]
2231
THE CHRONICLE
THE ATCHISON, TOPEKA & SANTA FE RAILWAY COMPANY
THIRTY-FIRST ANNUAL REPORT
-FOR THE FISCAL YEAR ENDING DECEMBER 31 1925.
Investments in Terminal and Collateral Companies:
25,529 32
Beaumont Wharf & Terminal Co
1,21755
Denver Union Terminal Ry. Co
3,410 08
El Paso Union Passenger Depot Co
12,178 66
Houston Belt & Terminal Ry Co
85 14
Kansas City Terminal By.Co
4,760 00
Northwestern Pacific RR.Co
53,000 00
Pacific Land Improvement Co
6.20633
Pueblo Union Depot & RR.Co
492,843 37
Santa Fe Land Improvement Co
1,048,000 00
Southwestern Lumber Co. of N.J
10,000 00
Dec. 31 1924.
Sunset By. Co
30,000 00
9,142.88 miles
Toluca Attining Co
560 68
1,908.84 "
Union Passenger Depot Co.of Galveston_ _
8,402 25
853.18 "
Union Terminal Co.of Dallas
March 17 1926.
To the Stockholders:
Your Directors submit the following report for the fiscal
year January 1 1925 to December 31 1925, inclusive.
The lines comprising the Atchison System, the operations
of which are embraced in this report, and the mileage in
operation at the end of the year as compared with the
previous year, are as follows:
Dec. 31 1925.
Atchison, Topeka & Santa Fe Railway_ __ 9,241.48 miles
Gulf, Colorado & Santa Fe Railway
1,908.84 "
Panhandle & Santa Fe Railway
917.79 "
12,068.11 "
11,904.90 "
Miscellaneous Physical Property
Other Investments,including Sinking Fund
Miscellaneous items
632,121 12
832.093 05
1.273.236 03
987,639 66
Increase during the year 163.21 miles.
$29,168,743 30
The average mileage operated during the fiscal year ending
December 31 1925 was 11,954.36, being an increase of Deduct: In adjustment of equipment costs incurred prior to
July 1 1907, not eliminated from Road Account in setting
123.55 miles over the average mileage operated during the
up separate account for equipment in December 1921---- 2.938,757 64
preceding fiscal year.
526,229,985 66
Net increase in Capital Account during the year
The Company is also interested jointly, through ownership
Credits in black face.
of stocks and bonds, in other lines aggregating 564.86 miles,
namely Northwestern Pacific Railroad 514.80 miles and
The net charge of $3,702,826 80for "Equipment" analyzes
Sunset Railway 50.06 miles.
as follows:
$4,921.750 05
For detailed statement Of present mileage and for changes 2.039 Freight-Train Cars
935,778 39
53
in mileage during the year see pages 40 to 46 .pamphlet 204 Passenger-Train CarsCars
770.420 98
Miscellaneous Work
82,037 45
report.
Boat
1 Tug
3,595 38
8 Misc.lianeous Equipment
INCOME AND PROFIT AND LOSS STATEMENT.
$6,713,582 25
The following is a summary of the transactions of the
-Ledger Value of Equipment retired during the year.
Less
as follows:
System for the years ending December 31 1924 and 1925:
P74.118 27
66 Locomotives
1924.
1925.
Operating Revenues
$235,410,951 54 $236,942.528 78
Operating Expenses
170.314.807 65 163,541.728 12
Net Operating Revenue
$65,096,143 89 573,400.800 66
Railway Tax Accruals
17,730,961 09 17,565,042 20
Uncollectible Railway Revenues
66,084 85
71,564 25
Equipment and Joint Facility Rents
15.819 03
2.097.501 79
Net Railway Operating Income
$47,283,278 92 $53,666,692 42
Other Income
R.P53.870 47
5,709.123 01
Gross Income
$53,937,149 39 559.375.815 43
Miscellaneous Tax Accruals
61.826 63
Rent for Leased Roads and Other Charges
463.451 46
1.909.336 16
553.399.802 01 557.404,652 64
Interest on Bonds, including accrued
interest on Adjustment Bonds
11,247,995 50 11,246.718 52
Net Corporate Income (representing
amount available for dividends and
surplus)
$42.151.806 Si $46,157,934 12
From the net corporate income for the year the following
sums have been deducted:
Dividends on Preferred Stock
No. 54 (2).5%) paid
Aug. 1 1925
$3,104,320 00
No. 55 (216%) paid
Feb. 1 1926
3.104,32000
56,208.640 00
Dividends on Common Stock
No. 80 (134%) paid
June 1 1925
$4,067,166 25
No. 81 (134%) paid
Sept. 1 1925
4,067,166 25
No. 82 (134%) paid
Dec. 1 1925
4,067,166 25
No. 83 (134%) paid
March 1 1926
4.067,166 25
16,268,665 00
California-Arizona Lines Bonds Sinking
Fund
18,994 38
S. F. & S. .7. V. Ry. Co. Bonds Sinking
Fund
29,041 78
22,1125.341 16
Surplus Carried to Profit and Loss
$23,632,592 96
Surplus to credit of Profit and Loss,
December 31 1924
$187,419,332 04
Surplus appropriated for
investment in physical
property
$227,940 03
Sundry Adjustments
971,698 88
1.199,63891
186.219.693 13
Surplus to credit of Profit and Loss December 31 1925_ _ .$2098.52.28( 09
1.387,551 69
-Train Cars
1,546 Freight
430,446 26
80 Passenger-Train Cars
153,712 02
258 Miseellaneous Work Cars
1 Tug Boat
57,586 54
634 68
3 Miscellaneous Equipment
Adjustment of charges for Locomotives
106,705 99
received in prior year
3,010.755 45
$3,702.826 80
The additions and retirements reported above include the
following conversions:
150 Freight-train cars converted to miscellaneous work cars.
7 Passenger-train cars converted to freight-train cars.
30 Passenger-train cars converted to miscellaneous work cars.
1 Miscellaneous work car converted to freight-train car.
1 Car converted from one class of miscellaneous work cats to another.
MAINTENANCE OF EQUIPMENT.
The following statement shows the sums charged to Operating Expenses of the System for Maintenance of Equipment during each year since January 1 1896:
Average Operated
Year Ending
Mileage.
Dec. 31.
6,445.40
1896
6,693.71
1897
6,957.80
1898
7,172.91
1899
7,615.95
1900
7.829.98
1901
7,905.30
1902
8,026.24
1903
8,291.92
1904
8,366.96
1905
8,840.76
1906
9,357.51
1907
9,610.90
1908
9,840.86
1909
10,129.49
1910
10.465.52
1911
10,721.84
1912
10,825.72
1913
11.012.24
1914
11,191.26
1915
11,259.31
1916
11,284.23
1917
11,458.74
1918
11,499.65
1919
11,583.68
1920
11,677.82
1921
192211
11,,782.700.88
1923
11,830.81
1924
11,954.36
1925
Expenditure
Total
Expenditure.
Per Mile.
$489 96
53,157.969 70
605 73
4,054.605 53
5,111,69073467
666 87
4.783,412 14
730 64
5,564,487 54
935 66
7.326.16203
998 80
7,895.782 33
1.16067
9,315.804 67
1,25362
10,394,879 86
1,33952
11,207,720 22
1.250 11
11,051,902 88
1.550 50
14.508.77449
1.398 02
13,436,214 99
1.41116
13.886.99033
1,592 78
16,134.027.87
1,602 30
16,768.912 17
1.69000
18,119,956 56
1,807 18
19,563,998 88
1,74488
19,214,982 41
1.74627
19.542,98081
2,012 36
22,657.796 76
2.40631
27.153,322.66
3.52906
40.438,57226
4,001 95
46,020.979 47
5,03950
58,375,927 02
4,493 38
52.472.940 62
4.36462
51.069,933 12
57,605,366 95
4.889 21
52.780,855 60
4.461 31
3.922 74
46,893,904 37
"Other Income" consists of interest accrued and dividends
received on securities owned, including United States Government securities, interest on bank balances, rents from
lease of road and other property, and other miscellaneous
receipts.
Average maintenance charges. including renewals and deCAPITAL EXPENDITURES AND REDUCTION OF preciation for the years ending December 31 1925 and 1924,
were as follows:
BOOK VALUES.
1925.
1924.
$10,605.24
The total charges to Capital Account, as shown by the Per locomotive
59.764.75
.3768
.3375
General Balance Sheet below, at Dec. 31 1925, aggregated Per locomotive mile
300.98
262.42
car
$989,653,543 11 compared with $963,423,557 45 at Decem- Per freight car mile
.0232
.0193
Per freight
2,173.84
ber 31 1924, an increase during the year of $26,229,985 66, Per passenger car,including mail and express 2,001.23
.0191
.0172
Per passenger car mile
which analyzes as follows:
:The foregoing average maintenance charges include a proConstruction and acquisition of new mileage. including the acquisition of
bonds and stocks of other railway companies:
portion of unlocated expenditures for Maintenance of EquipAtchison Topeka & Santa Fe Ry
ment charged to Superintendence, Shop Machinery, Injuries
Elkhart & Santa Fe By
1,690.623 85
Eldorado & Santa Fe By
313,503 37
to Persons, Insurance, Stationery and Printing, Other
Oklahoma Central RR
15,715 68
Expenses, and Maintaining Joint Equipment.
Osage County & Santa Fe By
2,57337
South Plains & Santa Fe Ry
Santa Fe & Los Angeles Harbor By
Tulsa & Santa Fe By
Additions and Betterments:
Fixed Property
Equipment
,
Railroad Companies
Santa Fe Land Improvement Co
Betterments to Equipment
Railroad Companies
Santa Fe Land Improvement Co
1,591,3911 87
5,536 52
683,867 18
53.695.134 25
520,608,398 74
CAPITAL STOCK AND FUNDED DEBT.
The outstanding Capital Stock on December 31 1925,
consisted of:
Common
Preferred
2,060,016 44
5,762,843 24
296,790 39
380,024 81
24,988.040 74
$232,409,500 00
124,172,800 00
$356,582,300 00
corresponding to amounts outstanding on December 31 1924,
no changes having taken place during the year.
2232
THE CHRONICLE
[Vol.. 122.
The number of holders of the Company's capital stock at of this settlement has been given effect in the accounts as
the close of the last five years and the changes in number stated in this report.
from year to year were as follows:
TAXES.
—Common
—Preferred
.
Increase
Increase
Federal and State and Local tax accruals for the year 1925
Number.
for Year.
for Year. aggregate
Number.
$17,565,042.20, a decrease under the year 1924 of
1921
39.614
3,145
22,065
698
1922
41,845
2,231
22.798
733 $165,918.89. A comparison of these accruals for the two
1923
43,508
1.663
812 years is presented in the following
23,610
table:
1924
41,808
1,700
81
23,691
1925
40,242
1,566
959
Increase (-1-) or
22,732
Decrease in full-face figures.
The outstanding Funded Debt of the System amounted,
on December 31 1924. to
$275,933,158.50
The following changes in the Funded Debt occurred during
the year:
Obligations Retired:
S. F. & S. J. V. Ry. Co. First Mortgage 5%
Bonds
$26,000.00
Miscellaneous Bonds
300.00
$26,300.00
Obligations Issued:
California-Arizona Lines First and Refunding
Mortgage 4 % Bonds
133.50
Decrease of Funded Debt
Federal Taxes:
Income andWar
Capital Stock
Stamp and License
1925.
1924.
Decrease(—).
6,080,432.51 5,365,110.84 +715,321.67
445,800.49 —14,960.49
430.840.00
+5,782.3
7,335.06
1,552.76
Total Federal
State and Local
6.518.607.57 5,812.464.09 +706,143.48
11,046,434.63 11,918,497.00 —872,062.37
Grand Total
17.565.042.20 17.730.961.09 —165,918.89
GENERAL.
As will be noticed from pages 34 and 35, there was a
26,166.50 well-sustained volume of freight traffic during the year just
closed, notwithstanding that frost reduced the citrus fruit
Total System Funded Debt outstanding December 31 1925-$275.906,992.00
movement by your Company over 6,000 carloads, that
COMPARISON OF OPERATING RESULTS.
drought in Kansas, Oklahoma, and Texas very greatly
The following is a statement of revenues and expenses of curtailed grain crops, and that cold wet weather in the fall
the System for the year ending December 31 1925, in com- cut short the cotton crop in Oklahoma and Texas. Agricultural conditions in these same States are to-day much
parison with the previous year:
more favorable than a year ago. Passenger traffic continued
Year Ending
Year Ending
Increase or
Decrf ass
Dec. 31 1925. Dec. 31 1924.
to show a small decline, due undoubtedly to an increased
Operating Revenues—
Freight
175,868,230 78 168,101,035 56 6.767.195 22 use of automobiles.
Passenger
44.116.181 52 48,154,635 79 4,038,454 27
Your Company has made arrangements to establish
Mall,Express& Miscellaneous 17.958,11648 19.166,28019 1,197,163 71
automobile service for Indian Detours in the southwest,
Total Operating Revenues_236.942.528 78 235,410.951 54 1.531,577 24 which will enable passengers to visit conveniently and
comfortably the Indian villages and pueblos of that country,
Operating Expenses—
Maintenance of Way & Strucas well as see some of its beautiful mountain scenery. These
tures
34.205.079 25 36,713,084 00 2,508,004 75
Maintenance of Equipment— 46.893,904 37 52.780.855 60 5,886,951 23 detours will be co-ordinated with both west and east bound
Traffic
4.760.212 98 4,460,55996
299.653 02 passenger train service.
Transportation—Rail Line 72,800.601 32 72,599.042 71
2111,558 61
The so-called South Plains country of West Texas, whicl
Miscellaneous Operations__
184.789 62
48.439 06
136,350 56
General
5,518,571 17 5,212.236 39
306,334 78 has been well covered and well served by the lines of your
Transportation for Invest—
ment—Cr
821,430 59 1,587,32157 765,89098 Company, has shown such splendid growth and development
that applications have been filed by the Ft.
Total Operating Expenses 163.541.728 12 170,314,807 65 6,773,079 53 Denver City, the Frisco System, and the Texas Worth and
Panhandle
Net Operating Revenue
73.400,800 66 65,096,143 89 8,304.65677 and Gulf, an independent line, to build into that territory.
Railway Tax Accruals
17,565,042 20 17.730,961 09
165,91889 The Inter-State Commerce Commission is now considering
Uncollectible Railway Revenues
71,564 25
66,084 85
5,47940 the merits of these several applications. Your Company
Railway Operating Income 55,764,194 21 47,299,097 95 8,465.096 26 is endeavoring to furnish promptly any extensions which
Equipment Rents—Net—Dr- 1,328,693 14
651,912 27 1,880,605 41 are required by or for the development of the country
Joint Facility Rents—Net—Dr 768,808 65
201,077 35 tributary to its lines.
567,731 30
The policy of relaying main lines with heavy rail will be
Net Railway Operating Income
53.666.692 42 47,283,278 92 6.383.413 50 continued, and about 467 miles of new 110-lb. rail and
108 miles of new 90-lb. rail will be inserted in 1926. At
TREASURY.
the close of 1925 your Company had 8,165 miles of 90-lb.
Neither this Company nor any of its auxiliaries has any or heavier rail in its main and branch lines out of a total of
notes or bills outstanding.
13,283.78 miles owned.
The Company held in its treasury on December 31 1925,
As largely as possible, ties treated with preservative have
$39,843,582.80 cash. In addition, the Company owns been used for many years and to aid further in protecting
$14,999,500 of United States Government securities, which them, tie plates have been used. The result has been a steady
are carried at cost of $15,124,031.95 in the general balance and gratifying decrease in the number of ties per mile required
sheet.
for renewal. The number thus required in 1925 was about
CONSTRUCTION OF NEW LINES.
107 ties, compared with 115 ties in 1924 and an average of
The present status of new lines under construction is as 230 ties per mile for the ten years preceding the war. As there
are about 55,000,000 ties in service in all tracks maintained
follows:
ELKHART AND SANTA FE RAILWAY.
totaling 18,055 miles, the importance of this saving is evident.
This Company was organized to construct a line from the
For some years your Company has pursued the policy of
Kansas-Oklahoma state line near Elkhart, Kansas, south- making changes in cars and locomotives whenever it was
westerly to Felt, Cimarron County, Oklahoma, a distance of found that better or more economical service could be thus
58.82 miles. This line, which was completed and placed in obtained. While this policy has necessitated a high charge
operation on December 1 1925, serves a new territory with per unit for maintenance, the results have begun to show and
good agricultural resources but which has been entirely with- there was a decrease of $840.49 per locomotive, $172.61 per
and $38.56 per freight car for maintenance for
passenger
out railroad facilities.
car,
the year 1925 compared with 1924.
OSAGE COUNTY AND SANTA FE RAILWAY.
Active work is to be resumed early this year on the pro- itsDuring the year 1925 the Company paid out in pensions to
jected portion of this line between Pawhuska, Oklahoma, and on retired employes $373,500.54, there being 954 pensioners
the roll
compared
a connection with the main line of your Company near Fair- in 1924 andDecember 31st, December with $313,069.77 paid
819
31, 1924. These penfax, Oklahoma, a distance of approximately 27 miles. When sioners have an pensioners
average
completed, this line will form a cut-off for business between years. During this same service with the Company of 29
year death benefits amounting to
Kansas City and Oklahoma-Texas points.
$329,985.00 were paid in 328 cases compared with $294,SOUTH PLAINS AND SANTA FE RAILWAY.
595.76 in 270 cases. The average'
length of service of all
An extension of this line to open for settlement the terri- cases in which death benefits were paid in 1925 was 14 years.
tory west of Lubbock, Texas, as referred to in the last annual
From the Income Statement on a preceding page, it will be
report, was completed and turned over for operation on observed that income available for interest and dividends was
December 1 1925. The new line extends from Doud, Lub- $57,404,652.64, an increase of $4,004,850.63 over 1924.
bock County, Texas,to Bledsoe, near the west line of Cochran This income represents a return of 5.65% on the investment.
County, Texas, a distance of 64.60 miles.
However, as the average interest rate on the indebtedness is
but 4.08% and the dividend on the preferred stock but 5%,
TULSA AND SANTA FE RAILWAY CO.
The property of this Company consisting of real estate and because the Company has steadily invested in the propand freight terminal facilities at Tulsa, Oklahoma, was con- erty all surplus over a reasonable and moderate dividend on
the common stock, without capitalizing this investment, net
veyed to the parent Company during the year.
earnings after interest and the preferred dividend show
SANTA FE DOCK AND CHANNEL COMPANY.
17.19% on the common stock.
The property of this Company was conveyed to The Gulf
There has been practically no new legislation, either
and Interstate Railway Company of Texas by deed dated eral or State, since the passage of the Transportation FedAct,
December 15 1925.
1920. This has permitted the railroads to adapt themselves
to conditions and to proceed with an assurance of stability
GUARANTY UNDER TRANSPORTATION ACT, 1920. which had been largely
lacking much of the time prior thereto.
Final settlement of the guaranty to your Company under
Your Directors acknowledge
the provisions of Section 209 of the Transportation Act, 1920, efficient services rendered by with pleasure the faithful and
the officers and employes of the
has been effected, the total amount allowed being $7,594,- Company.
961.97. This involves a refund to the United States of
W. B. STOREY, President.
$4,538.03 of amounts heretofore reported as received on
For Comparative Balance Sheet,Income Account,Ac.,see"Annual
account of the guaranty. Suitable adjustment tolthe basis Reports" In Investment News
columns.
APR. 17 1926.]
THE CHRONICLE
2233
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 th., paper -immediately following the
editorial matter in a department headed "INDICATIONS OF
BUSINESS ACTIVITY. I
Santos cabled: "Defense Committee in order to maintain
prices on the basis of 27 milreis for 10 kilos has reduced
entries to 26,000 bags per day. It continues buying the
average of 15,000 bags per day without Willes help. There
exist at present in Willes nands about 400,000 bags, purchased
for account of Defense Committee in order to be sold at a
better opportunity. Stocks in the interior still considerable.
If United States will abstain from following our prices we
shall have a further decline in Exchange and coffee selling
probably between 18.50 and 19e. for 4s prompt shipment.
Europe has been buying little. Weather has been very
favorable in interior and next crop is estimated between
11,000,000 and 12,000,000 bags and a bumper crop for
1927-1928 is expected if everything runs well." The Defense
Committee reports coffee stocks at Sao Paulo interior warehouses and railways March 31, as 3,902,000 bags against
3,900,000 bags on March 18. Today futures closed 44 points
lower with sales 45,000. Brazilian prices were higher.
Santos was up 25 to 150 reis, and Rio 250 to 325. Rio rate
6 15-16d; dollar 7$140. Brazilian private cables complained
of dullness of the spot trade which is keenly felt. The cost
and freight prices were said to be very weak and greatly
unsettled. Final prices however show a rise for the week of
16 to 24 points. The effect as much as anything it is believed
of a firmer technical position.
Friday Night, April 16 1926.
COFFEE on the spot was dull. On the 10th inst. offers
irregular, and it was reported that Santos 4s were offered for
resale as low as 193'e. and regular from 193 to 20e. Santos
peaberry 3s and 6s were offered at 20c. and peaberry 3s and
5s at 20.106.; part bourbon 2s and 6s at 203,4c.; part bourbon 4-5s at 19.850.; part bourbon 3-5s at 20c.; part bourbon 3-4s at 20%c.• genuine bourbon 3-4s at 202c.; bourbon
bourbon 3-5s at 20.10c.; bourbon 5-6s at
3-4s at 20.40c.; '
19.65c.; Victoria 7-8s at 16.350., and Rio 7s at 17.150. The
spot market was a little easier on Rio 7s, which were quoted
at 17)jc., with Santos 4s at 22 to 223,4c. On the 12th inst.
offersincluded prompt shipment bourbon Santos 2-3s at
21.300.- 3-4s at 20.60 to 21.10c.; 3-5s at 20.10 to 20.700.;
'
4-58 at 19.95 to 20%c.; 5-6s at 19.85 to 19.90c.- 6s at 19
'
bourbon grinders 7-8s at 18 to 19.40c.; part bourbon 2-3s
at 20.600.; 3s at 20 to 203ic.; 3-5s at 20 to 203/20.; 4-5s at
19.85c.; 5s at 200.; Santos peaberry 3-5s at 20.30c.; 4.5s at
19.90c.;5s at 194c.;6-7s at 19.60c.• Rio 7s at 17.05 to 17.80e.
16.40c.; future shipment
7-8s at 16.70c.; Victoria 7-8s at'
15.89atrad. December--14.67a14.71
Spot
Santos May-June part bourbon 3-5s at 20.10c.; May-July May (unofficial)17444([July
14.16atrad.
[March
16.55anom. September_ _15.26atrad.
%
at 193e.; June, 19.70c.; September-December bourbon 3-5s
was quiet early in the week with sales of 10,000
SUGAR
at 19.200.
20,000
Cost and freight offers were irregular on the 15th inst. bags of Cuba second half April at2 5-106.,5-16c.; now loading
38,000 bags
Prompt shipment Bourbon Santos 2s-3s here at 21%c.; at 25-106.; 25,000 prompt shipment at 2
38 at 20.85 to 21.20c.; 3-4s at 20.60c. to 21.05c.; 38-5s at Porto Rico, April clearance at 4.08c. in cargo lots carriyng
advance to 2%c. at Cuban
Later
203 to 20.80e.; 48-5s at 20c.; 5s-6s at 19.50 to 19.85c.; 6s outport options. plans. came an
The Cuban Cabinet accepted the
at 19.35c. 6-7s at 19.200.; 7-8s at 19.050.; part Bourbon or crop restriction
flat bean 2s-3s at 20.65c. The stock at Rio is 125,000 bags, proposals from the Association of Haciendas and Colonos
against 166,000 a year ago; at Santos 1,386,000, against voluntarily to restrict the present Cuban sugar crop 10%
of 5,196,803
2,121,000 last year. New York has 286,957 bags, against of the Cuban Secretary of Agriculture's estimate a restriction
315,244 a year ago. Santos cabled: "The week opened tons. It was understood there would also be The Cuban
with a decidedly better feeling but the Defense Institute's on cutting down of forests for new cane fields.
unexpected withdrawal of purchases by Willes induced ham- President is to fix the date for the commencement of the
mering. Market very irregular violent changes in both next season's crop. The Cuban Congress will be asked to.
avoid
Coffee exchanges. Defense buying daily spot and there is a pass a law to be enforced for two crops, which would were
ports for the week
probability of still lower receipts until the stock is reduced overproduction. Receipts at Cuban previous week, 195,15G
to 1,200,000 bags." Havre cabled: "Violent Brazil fluctua- 178,924 tons against 189,447 in the
years ago;
tions upset buyers. Awaiting more support from your side." in the same week last year and 181,894 two in previous
Some are non plussed. Good cables from Brazil are followed exports for the week were 138,215 against 103,356ago; stock,
by reaction here. Poor cables are the signal for a rally. week, 138,526(last year and 91,880 two years
week, 916,965
It looked at one time to some like an oversold market here. 1,233,866 tons against 1,193,157 in previous of raw sugar
Warehouse deliveries of Brazilian coffees from April 1 to last year and 840,466 two years ago. Stocks increase and
to
April 13 total 249,519 bags, against 228,160 last year. in New York licensed warehouses continued
Some Rio Janeiro advices say that trade is very poor as now stand at 633,374 bags.
Many have been awaiting the action of the Cuban Cabinet
buyers are holding aloof, notably at Santos, in spite of the
on
fact that the daily schedule of receipts was recently reduced on the matter of measures to relieve the sugar situation
intifrom 36,000 to 26,000 bags. Attempts to manipulate the the island. On the 10th inst. cables were received
Future
market seem to be meeting with difficulties. The receipts at mating that definite remedial action would be taken.
producing and
Santos since the opening of the crop movement on July 1 to prices rose sharply on heavy buying by runs on banks
April 13 were 7,458,000 bags as against 10,327,000 in the trade interests. Press dispatches reported was being re.
corresponding period of last year and 11,201,000 in the same at many points in Cuba, but this situation
time in 1923-24. Receipts at Rio since July 1st have been lieved by the Federal Reserve banks. Refiners are suprefined.
3,272,000 bags as against 2,815,000 bags in the same time a posed to be pretty well supplied with raws and paid for
year ago and 2,982,000 in 1923-24. This puts the total Their product is quiet. Not much attention was
lkazilian coffee receipts at 10,730,000 bags to date, as against a time to the Cuban Railroad strike news, as the ports hold
10,327,000 in the same time a year ago and 11,201,000 two large stocks. Shipments would continue. Some sold
years ago. To-day the demand was only moderate. Rio 7s, May and also the late months at the big premiums. On
the 12th inst. with better Cuban news futures advanced.
17%c ; Santos 4s, 213 c. to 223o.
%
Futures declined with Brazilian markets recently declining. Cuban producing interests, it was believed, supported the
Brazil has large interior stocks and consuming countries market aggressively. Buying by one of the Front Street
knowing appear to have adopted a waiting game. The De- houses was a factor.
Havana cabled that President Machado was appealing
fense Committee gave support and recently caused a good
:
rally Prices to some look cheap. But it is a more or less to President Coolidge to extend higher preferentials favoring
manipulated market in Brazil. Nobody knows what will be Cuban sugar, agreeing to reciprocate by granting preferential
the next move of the Defense Committee. Outsiders being in the Cuban trade. One report of the weekly Cuban movein the dark are none too enthusiastic buyers of futures, even ment was: Arrivals 175,544 tons; exports, 116,551; stock,
with Rio 7s 3 cents lower than a year ago. On the 14th inst. 1,241,420. Of the exports, 37,805 tons were for New York,
prices advanced 22 to 75 points early on European and local 8,282 for Philadelphia, 9,285 for Boston, 8,143 for Balticovering, but reacted later, despite steadier cost and freight more, 20,437 for New Orleans, 2,550 for Savannah, 5,030
prices. The tendency has recently been to oversell the New for Galveston, 236 to the interior United States, 1,571 for
York market. On the 14th Santos terme prices were un- Canada, 13,100 to the United Kingdom, 6,416 to France
changed to 50 reis net lower. Exchange advanced 1-16d. to and 3,643 for China. Private Cuban advices stated that
6 31-32d. The dollar rate declined 60 reis. Rio was 75 to the railroad strike promised to be serious and there was some
200 reis higher; exchange up 1-16d. to 6 31-32d., and the fear that the labor troubles would prevent raw sugar from
dollar down 60 reis. Receipts at Santos on the 13th inst. reaching the ports. On the 14th inst. trade here was slow.
were maintained at the fixed minimum of 26,000 bags. Some 4,100 bags of Porto Rican for May clearance sold
Those at Rio were 11,000 bags. Prices were irregular on the 4.08c. c.i.f. The United Kingdom terminal market closed
3
15th inst. on transactions of 29,000 bags, ending 10 points unchanged to 4d. net higher. Cubas for May-June shipoff to 5 points higher. The net change in Santos terme prices ment were reported to have been sold to Holland at Us.
was 75 to 275 reis net lower, exchange off 1-32d. at 6 15-16d.; Later all Cuba was affected by the railroad strike on the
and the dollar rate 20 reis net higher. Rio was 150 to 275 island.
The adoption by the Cuban Cabinet of the scheme to cut
reis not lower, with exchange at 6 31-32c., the dollar up 20
the Cuban crop 10% to a total of not more than 4,700,000
reis. Fine weather prevailed throughout Brazil.
2234
THE CHRONICLE
tons had an immediate effect. Prices here advanced 3-32e.
to 2Mo. c. & f., and 4.14o. delivered. About 125,000 bags
sold at 2 11-32c. to 238e. The sales included 2,000 tons of
/
Philippine Islands centrifugals, April-May shipment at
4.24c., e. i. f., 2,000 tons Philippine Island centrifugals,
April
-May at 4.29c. e. i. f., and 5,000 tons in port at 4.14e.
c. i. f. Also two cargoes of Cuban raw sugars were sold for
April shipment to the United Kingdom at us.6d. President
Machado will also ask for a law establishing a tax on all
exports of sugar in excess of the 90% fixed. Refined advanced to 5.25 to 5.60e., generally 5.40c.. Futures rose 6 to
8 points. The warehouses here have 710,296 bags. To-day
futures closed 1 point lower to 1 point up,with sales of 103,350
tons. The Cuban labor situation was said to be worse.
Some 15,000 railroad workers are on strike. To-night it is
said workers on the Guantanamo Railway and the United
Railway systems will strike, which will mean that 60,000
strikers will hamper transportation seriously. The Cuban
Government is said to be making determined efforts to settle
the strike. Raw sugars were firm at 2Mc., with sales of
3,000 tons prompt shipment. Refined was at 5.40c. with
not much increase in business. Everybody seems' be
to
awaiting the next move in Cuba. Final prices show a rise
for the week of 11 to 13 points. Prompt sugar at 2M0. is
Mc. higher than a week ago.
[Vol,. 122
poses while in cargoes $1.55 was asked. Gas oil quiet at 6c.
for 36-40 at local refineries. Latterly the market in general
has lacked striking features. Bulk oil has been rather
firmer. Gasoline demand has been spasmodic. Kerosene is
in slightly better demand. Weather conditions are rather
better for consumption but it is still too cold. New York
refined export prices: Gasoline, cases, cargo lots, U. S.
Motor specifications deodorized 28.40c.; U. S. Motor bulk,
refinery 13c.; Kerosene, cargo lots, cases 18.15c.; Petroleum,
refined, tanks, wagon to store 16c.; Kerosene, bulk 45-46150 W. W.delivered, N.Y.tank cars 103/ic.; Motor gasoline,
garages (steel bbls.) 19c.; Up-State 19c.
Oklahoma,Kansas and Texas28-28.9
$1.40
32-32.9
1.72
52 and above
3.32
Louisiana and Ark
1.70
35
-37.9
1.85
38 and above
2.00
Pennsylvania
$3.65 Buckeye
Corning
2.25 Bradford
Cabell
2.20 Lima
Somerset.light_ __- 2.45 Indiana
Rock Creek
2.00 Princeton
Smackover.27 deg. 1.40 Canadian
Corsicana
Elk Basin
82.15
Big Muddy
2.00
Lance Creek
2.15
Homer 35 and above
1.95
Caddo
Below 32 deg
1.85
32-34.9
2.00
38 and above
2.20
$3.50
$3.30 Eureka
2.12
3.65 Illinois
1.85
2.23 Crichton
1.65
2.00 Plymouth
2.12 Ha nesville
1.85
2.63 Gu f Coastal A"-- 1.50
heavy
2.05
1.15 De Soto
RUBBER at first was dull and lower but rallied.temporarilly. London on the 10th inst. broke sharply. At the
Rubber Exchange here on the 10th inst. May was 50 to 520.
TEA.
-In London on April 14 Indian teas barely steady; ending at 520., July was 49.50 to 50.90c. ending at 50.90(3.
offerings, 23,200 packages; sales, 20,000, as follows: Medium Outside prices on that day were first latex crepe spot and
pekoe, is. 734d. to Is. 9d.; fine pekoe, Is. 93id. to 2s. 6d.; April 53 to 540.; May-June 52 to 53o.; July-Sept. 52c.;
-Dec. 500.; ribbed smoked sheets, spot and April 52 to
medium orange pekoe, Is. 732d. to is. 9hd.; fine orange Oct.
53o.; May-June 51 to 52e.; July-Sept. 50 to 51o.; Oct.
-Dec.
pekoe, is. 9%d. to 2s. 63'd.
50c. London on
LARD on the spot has been declining with trade slow; tion; spot, April April 10th dropped M to Md. on liquida25M to 2634(1.; May-June 2534 to 26d.;
prime Western, 14.40 to 14.50c.; city, in tierces, 143'o.; July-Sept. 2434 to
25
-Dec. 243/i to 25d. Singacity, in tubs, 143 to 143'c.; compound carlots, in tierces, pore fell M to Md. Md.; Oct.
Spot 243/id.; April 2434d.; May-June
14 to 143c. Refined Continent, 143c.; South America, 24Md ; July-Se
pt. 23Md.
153 o. Brazil,in kegs, 163 0. To-day prices were steady but
%
/
On the
quiet. Prime Western, 14.450. Refined Continent, 14%c.; The stock12th inst. the market was dull and tending lower.
in London increased 1,661 tons for the week and
South American, 1530.; Brazil, 16e. Futures declined at 15,411 tons is
/
about
with stocks increasing very noticeably, corn latterly declining to figures of the Rubber the same as a year ago. According
Association March imports of rubber
and hog receipts at Western points about double those of a set a new record,
the total being 42,677 tons, as against
year ago and steadily increasing in weight. Liverpool has 33,914 tons a
year ago. Total importations to the end of
declined. The dulness of the cash trade also counted. So March
did foreign selling here. Packers and shorts bought to March were 115,441 tons, against 87,330 in 1925. Of the
imports this year plantations amounted to 40,177
some extent. This buying, however, was not an effective tons,Paras
support. Futures became steadier on the 15th inst. after including to 1,426 tons. Africans to 334 tons and Centrals,
Guayule to 738
an early decline on weak cables and dulness of cash lard. May,was 51.900., closing tons. At the Rubber Exchange
at 510. Outside closing prices on
Hogs were steady, ribs 12 to 22 points higher and grain the 12th inst. were as follows:
First latex crepe spot April,
markets up sharply. Shorts covered. The fortnightly 52 to 53Mc.; May-June,
51 to 513/20.; ribbed smoket sheets,
statement of Chicago lard stocks showed an increase of spot-April,
2,234,000 lbs., which was not much more than a third of the crepe thin 503/2 to 513/io.; May-June, 50 to 503/i(3.; brown
clean, 490.; amber
increase that had been expected. The total was 33,730,000 Upper, 380.; Para-Upriver, fine No. 2, 50c.; Caueho Ballspot, 58c.
lbs., against 78,660,000 a year ago. To-day futures adIn London on the 12th inst. prices advanced Md. early
vanced somewhat. They were held back by the decline in but lost this later. The American
import figures for March
grain. The increase in lard stocks was not quiet so large as and the stock increase hurt. Spot-April,
253/i to 26d.;
expected. Hogs were up 10 to 25c.; top, $13 75. Cash May-June,
%
2534 to 253 d.; July-Sept., 24% to 253jd.;
trade dull. Western hogs receipts, 65,000, against 86,000 Oct.
-Dec.., 243/i to 25d. Singapore on the 12th inst.
last year. Final prices show little variation for the week. advanced % to Md. On the 14th inst. prices weakened
May and July are the same as last Friday. and September here and in London. New York was pulled down
by
3 points up.
London. Offerings here increased. Statistics have latterly
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. favored buyers.
Falling prices make them hold off for
Mon. Tues,
Sat.
Wed, Thurs.
Fri.
further declines. At the Rubber Exchange here on the
MaydeliverY
cts_13.80
13.80
13.92
13.72 13.77
13.80
July delivery
14.05
14.07
14.17
14.00
14.02
14.05
14th inst. May closed at 48.60e. Outside prices were:
September delivery--- A4.27
14.32
14.42
14.22 14.27
14.30
First latex crepe, spot and April, 49 to 50c.; May-Jun(3,
PORK quiet; mess, $34 50; family, $38 to $40; fat back 48M to 49Me.; July-Sept., 48Mc.; Oct.
-Dec., 47c.; Ribbed
pork, $27 50 to $31; ribs, cash, 14.75c.; basis 40 to 66 lbs. smoked sheets, spot and April, 483/i to 49c.;
average. Beef, quiet and steady; mess, $24 to $27; packet, 48 to 483/ic.; July-Sept., 463/i to 473/ic.; Oct. May-June,
-Dec.,
$21 to $23; family, $24 to $26; extra Indian mess, $40 to London on April 14 fell to the lowest level since May 46c.
$42. No. 1 canned corned beef, $3; No. 2, $8 25; 6 lbs., year on liquidation by tired bulls. Spot-April, 24 to 24 last
$18 80 $18 50; pickled tongues, $55 to $60 nominal. Meats May, 233 to 24 Md.; July-Sept., 233/i to 24d.; Oct. Md.;
%
-Dec.,
irregular. Pickled hams, 10 to 20 lbs., 223 to 26M(3.; 23i/ to 23Md.
%
pickled bellies, 6 to 12 lbs., 23 to 240.; Bellies, clear, dry,
While the United States imported 32% more cfude rubber
salted, boxed, 18 to 20 lbs, 17Mc.; 14 to 16 lbs., 183/ie. during the first three months of this year
than
Butter, lower grade to high scoring, 35 to 39c. Cheese, it consumed only 1% more, it is pointed out in last year,
explanation
flats, 19 to 28e. Eggs, medium to extras, 283 to 330.
of the steady decline in prices which are now at the lowest
%
OILS.
-Linseed has been in slightly better demand and since May. During this period the use of reclaimed rubber
prices of late have been steady at 10.6c. in bbls. carlots; increased 60%. London cabled April 12th: "Better than
spot June, 10.6; July-Dec., 10.7c. Consumption is large expected owing to increase in stocks being smaller than
but there is little disposition on the part of buyers to purchase expected. Increase stocks 1,661 tons, total stocks, 15,401."
London cabled that the market had about discounted the
ahead. Recently flaxseed prices have been firmer. Cocoanit oil, Ceylon f.o.b. Coast, tanks, 9%c.; Manila, tanks, increase in warehouse stocks in the past week. The total
Coast spot, 94c.
Chinawood, N. Y. spot bbls., 1i 3c. was 15,418 tons which was 1,678 tons larger than the preCorn,crude,tanks, plant, 10c. Olive,$1 20 to $1 25. Soya vious week.
Tire shipments are said to have fallen off heavily and on the
bean, Coast, tanks, 103/0.; blown, bbl., 14 to 14 Mc. Lard,
2
16%c.; extra strained winter, N. Y., 13%c. Cod, 15th inst. prices continued to break sharply here and in
domestic, 58 to 60c.• Newfoundland, 60 to 65c. Spirits of London. The Rubber Exchange here excelled all its records
prime,
turpentine, 96 to $100. Rosin $9 to $15 50. Cottonseed by trading in 478 lots mostly in May and June. Big buying
'
oil sales to-day, including switches, 2,700 bbls. P. Crude took place on the decline. At the Exchange May was 46.30
to 48.20c. closing at 47.70e.; June was 45.30 to 45.60 closing
S. E., 11c. a,sked. Prices closed as follows:
at 46.30c. Outside prices: First latex crepe spot-April 48 to
Spot
12.004
'June
11.90a12.05 September..-11.93a
_April
12.00a
July
11.87a11.88 October--11.30a __- - 483/i May-June 473/i to 48c.; July-Sep
-Dec.
t. 473/ic.; Oct.
May
12.00a12.01 August --- -11.93011.96 November_ -10.50a10.65
45c.; Ribbed smoked sheets, spot 47 to 473/ic.; April 47 to
PETROLEUM.
-Gasoline consumption is increasing. 473/ie.; May-June 463/i to 47c.; July-Sept.
453'i to 46o.;
U. S. Motor firm at 13e. in bulk at local refineries and 14c. Oct.
-Dec. 44c.; Brown crepe, thin, clean 44o.; speoky 41c.;
delivered in tank cars to the trade. A more active export No. 1 rolled 41c. Amber
inquiry was reported. Kerosene has been quiet and rather 43c. Caucho ball, upper No. 2, 45c.; No. 3, 440.; No. 4,
32c.;
easier. For prime white 83 0. was asked and for water white Para, Up-river fine, spot 43c.; lower 24c.i Cameta 24c.;
/
coarse
bulk at refineries. Bunker oil quiet at $1.75 at London fell 13/id on the 15th inst. 32(3.; Island fine 37e.
93‘0. in
in a dull market; Spotrefinery. Diesel oil was held at $2.30. In the Gulf section April and May 223/id to
2334d; July-Sept. 223/id to 23
grade C bunker oil was quoted at $1.60 for bunkering pur- Oct.-Dec. 223/i to 223/id. Sin apore
,
134d to 134d net lower
Spot(unofficial_ ....2%c.I July
May
2.42c.]September
2.55c. December --2.76anom.
2.79anom.
2.66c.I March
APR. 17
1926.]
THE CHRONICLE
2235
ZINC has been rather quiet of late and easier. At East
St. Louis the price was 7.15c. In London on the 14th inst.
spot zinc advanced 5s. to £32 16s. 3d. and futures rose
2s. 6d. to £33 5s. Zino has latterly declined $1 per ton.
East St. Louis 7.10 to 7.123/so., with only a small business.
It is said that most of the trading is at 7c. High quality,
83% to 89o. Futures fell 23/2 points. London has weakened
somewhat of late. To-day prices were 2s. 6d. lower. Spots
£32 12s. 6d.; futures, £33:
STEEL has been dull, partly, it is believed, because of the
cold, backward spring. Frost is still in the ground in many
parts of the country. Building is delayed. Auto business
suffers; people do not ride so much in such weather. Tin
plate purchases are cautious. Agricultural demand hesitates. Wire products sell none too readily. Bars for road
building are quiet. The condition of the soil tends to delay
buying of pipe. The consumption in other directions is good.
Consumers' stocks are not believed to be large. But on the
whole the condition of business is unsatisfactory. New orders for finished steel are decreasing. Output has declined
somewhat of late,it appears, as compared with that of March.
This sounds reasonable. Some say that in a few lines April
business has exceeded that of March, but this is the exception
and not at all the rule. In the main there is a falling off in
business compared with that in March. Consumers do not
Railroad transportation is more
CHARTERS included grain from Montreal to Antwerp-Hamburg range buy ahead as formerly.
1234c., option half heavy griln, option barley and (or) oats, optional full rapid than ever before. Deliveries are prompt. Small orcargo barley. May loading; grain from Montreal to Continent, 2s. 434d., ders at shorter intervals seem to be the favorite policy for
May loading;from New Yerk to Mediterranean. 2s. 9d., April loading; coal
from Hampton Roads to Rio de Janeiro, $3 40 prompt loading; from the moment,at least, among buyers in this branch of business
New York to Nova Scotia,$2 April;from Hampton Roads to Pernambuco, as in so many others. Unfilled orders fell off to about half
53 45 April-May loading: tanks, 1,520 net, from Cuba to Gulf, 1%c., April
loading; sugar from Gulf to Mediterranean, $4 50, end of April loading; what they were under old time conditions.
nil cake from Gulf to Denmark.$4 75 prompt:coal from Hampton Roads to
PIG IRON has been dull so far as American product is
Rio de Janeiro,$3 25: from Hampton Roads to Rio de Janeiro. $3 20 spot;
grain from Montreal to Antwerp or Rotterdam, 1234c., two ports 13c., concerned. Foreign competes with it sharply. Philadeloption full cargo of lights. May: from Montreal to United Kingdom, 3s.,
received last week some 12,650 tons from England and
excluding Ireland option Antwerp-Rotterdam 2s.734d.:Bordeaux-Hamburg phia
times.
25.9d., May;from Philadelphia to Mediterranean, 2s 9d.; sugar from Cub Germany. It keeps coming. It is a feature of the
11 34c. prompt; one round trip west coast South Exports from Great Britain in March to the United States
to North of Hatteras.
America trade. 80c.: April.
were 24,000 tons against 5,000 tons in March last year.
COAL has been in lessened demand. Bituminous has been From England came 7,000 tons last week and from Germany,
The industries' stocks of soft coal are smaller; some 3,500. The American producer is complaining. Washingdull.
say 50% less than towards the end of last year. New York ton wired that the question of raising the duty on pig iron
is 'buying sparingly. Anthracite has been dull and rather which is now 75c. per ton to something like $3 per ton will
weak. The tidewater stooks of hard coal on the 12th inst. be discussed presumably by a Senate Committee. The
were 4,605 cars. Consumers have been buying to get the United States Cast Iron Pipe & Foundry Co. it is stated
summer discount. There is an expectation that soft coal bought 20,000 tons of foreign pig iron of which 12,000 tons
output will drop to 8,500,000 tons weekly. Hard coal is will go to its plant at Birmingham, Ala. and the reweakening. Independent egg and stove and nut nominally mainder to Burlington, N. J. In other words iron is a
$9 25 to $10; pea, $6 25 to $7.
decidedly important factor in the business. Prices of AmeriTOBACCO has been in moderate demand and about can iron in general seem to be largely nominal in the dullness
steady. Some of the trade think stocks held by consumers of trade. Cleveland is lower at $20 base. It was cut it
are in many cases small. That is considered a natural in- is said in order to exclude Valley iron. Eastern Pennsylference from the fact that they have been buying from hand vania, $22 to $22 50; Buffalo, $21; Virginia, $23 to $24;
to mouth or none at all for some time past. Dealers keep Birmingham, $22 to $23; Chicago, $22 to $22 50; Valleys,
saying the trade must soon improve. It does not. Natur- $19 to $19 50. Basic, Valley, $18 50 to $19; Eastern Pennally it will turn the corner some time. New Porto Rican sylvania, $21 50 to $22 50. Foreign iron sold to the amount
tobacco is said to be selling on a fair scale at firm prices. of 20,000 tons it is said at $19 50 or $3 less than the price of
Pennsylvania broad leaf filler, 8 to 13c.; broad leaf binder, American.
15 to 200.; Porto Rico, 65 to $1; Conn. top leaf, 18 to 20c.;
WOOL has been dull and depressed here in the East. At
No. 1 seconds,60 to 70c.; seed fillers, 15c.; medium wrappers, the West there has recently been a good business at higher
6004 dark wrappers, 35 to 45c.; light wrappers, 50 to 1. 250. prices. New York prices:
Ohio and Pennsylvania, fine delaine, 47c.: 34 blood, 46 to 47c.; % blood,
COPPER was more firmly established at 14c. late in the 46c.; ;,‘ blood, 45 to 46c. Territory, clean basis, fine staple, $1 15 to
to
week. A better demand was reported, mostly for May, $1 17; medium French combing.$1 05 to $1 OS;clothing.95Si 97c.: 34 blood
15:8 months.
Texas, clean basis, fine, 12 months
Si
June and July. The statistics for March were considered staple, $1 00 tofall05;to 95c.; pulled scoured basis, A super, 95 to 98c.; B.
90
$I 00 to Si 05;
There was a decline of over 11,000 tons in 80 to 85c.: C, 63 to 65c.; domestic, mohair, best combing, 75 to SOc.
favorable.
stocks of refined copper for the month. To offset this,
The San Angelo warehouse sold about 190,000 lbs. at
however, consumers point to the fact that copper above about 57c. for goat and 67c. for kid hair. Rail and water
ground declined only 5,000 tons and that the tendency of shipments of wool from Boston from Jan. 1 to April 8,
production is to increase. In London on the 14th inst. inclusive, were 63,240,000 lbs., against 47,435,000 for the
standard copper advanced 15s. to £57 12s. 6d. for spot and same period last year. Receipts from Jan. 1 to April 8,
£58 10s. for futures; spot electrolytic rose 15s. to £64 10s. inclusive, were 120,513,000 lbs., against 93,995,800 for the
and futures were up 10s. to £65. Of late there has been a same period last year.
fair demand and prices have been steady at 140. delivery in
Boston prices: Ohio and Pennsylvania fleeces; Helaine unwashed, 46
blood combing, 45c. to 46c.; fine unConnecticut Valley. Some increase in business with Eng- to 47c.: 54 blood combing, 46c.; 5 New York fleeces: Helaine unwashed,
washed. 88 to 40c.: Michigan and
land and Germany is reported. Export quotations were 44 to 45c.: Si blood combing. 44 to 45c.; % blood combing, 45c.; 54 blood
13.90 to 13.95c. f.a.s. New York. Electrolytic advanced combing, 44 to 45c.; fine unwashed, 36 to 37c.: Wisconsin, Missouri and
average New England, 34 blood, 41 to 42c.; % blood, 43 to 44c.; Y, blood.
on Thursday in London but standard dropped 5s. Elec- 42 to 43c.: scoured basis: Texas fine 12 months (selected), $1 12 to $1 15;
Si 08 to
trolytic was up 5s. To-day standard was £57 12s. 6d.; fine 8 months, $1; California, Northern, Eastern. $1 10; Middle County.
No. 1, staple, Si 10 to
98c. to Si; southern, 87 to 90c.: Oregon,
futures £58 10s.; electrolytic spot, £65; futures, £65 10s.
90 to
Si 15; fine and fine medium combing,$1 05 to SI 07; eastern clothing,
95c.; valley No. 1, 95 to 97c.: Montana and similar fine staple choice.
TIN of late has been higher. On the 14th inst. prices $115: % blood combing, 98 to SI: % blood combing 85 to 90c.: ;If blood
rose M to 1%c. to 643 to 643/2c. for spot Straits, 64c. for combing, 75 to 80c.: pulled delaine. $115 to Si 20; AA. $1 15 to S1 is;
supers, $1 to $1 05;
April, 623/ic. for May arrivals and 625 to 623 c. for May fine A70c.; best carding, 50 A supers, 90 to 95c. Mohair, best combing,
%
4
to 55c.
deliveries. In London on the 14th inst. spot standard tin 65 to
At Brisbane on April 13 selection average to good; demand
rose £1 15s. to £286, and futures advanced £3 to £273 5s.;
mostly sold. Gerynany and Japan
spot straits rose £2 55. to £291 10s.; Eastern c. i. f. London excellent; offeringsMedium fleece and pieces sold at par to
most.
fell 5s. to £276 15s. on sales of 275 tons. Of late tin has bought the others were unchanged as compared with sales of
been quiet and depressed. On Thursday futures fell % to 5% higher; At Melbourne April 13 prices closed irregular.
10. the latter on distant months. Spot straits sold at 64 March 4.
compared with the
to'
643,4c., and May at 623%c. London rose on Thursday Good merinos and comebacks unchanged and medium and
sales of March 25. Tppmaking merinos
10s. to 15s. on standard and £2 10s. on spot straits. To-day coarse crossbreds slightly lower. The next wool sales at
spot standard was £285 10s.; futures £273 7s. 6d., both Perth will be held on April 22 instead of April 27.
showing a decline.
LEAD has been in fair demand and steady. At East
COTTON.
St. Louis prices were 7.75 to 7.80c, and at New York 80.
Friday Night, April 16 1926.
Producers, it is said, are sold out for April and well into May.
THE MOVEMENT OF THE CROP, as indicated by our
In London on the 14th inst. spot lead was unchanged at
£29 2s. 6d., but futures declined is. 3d. to £29 us. 3d. telegrams from the South to-night, is given below. For the
Latterly, lead has been steady but quiet; East St. Louis, week ending this evening the total receipts have reached
7.75 to 7.80o. New York was 8c. to 8.10c., the latter ex- 104,943 bales, against 91,081 bales last week and 110,433
ceptional. London on Thursday was unchanged. To-day bales the previous week, making the total receipts since the
1st of August 1925 8,643,141 bales, against 8,653,739 bales
spot lead there was £28 17s. 6d.; futures, £29 78. 6d.
8
and active at the decline; spot and April 213/d; May-June
%
4
213 d; July Sept. 213 d. Today May was 48.10 to 50c.
closing at 48.30c. against 47.70 the day before; July 46.20 to
48c.tending at 46.40c.; against 45.700.. Aug. 46.10 to 48c.
ending at 46.10c. against 45.20c. Another seat sold today
at $4,500. London ended 1 to 13%d net higher. Spot-April,
July and later deliveres were all quoted at 233%41. London
cables caused covering here.
IF HIDES were quiet and common dry hides had a downward
tendency. A car of Colorados sold at 10o. and one of butt
brands at 103/2c. River Plate frigorifico hides were more
active; 28,000 sold at 15%c. to 15 11-16c. o. & f. Exporters
were doing little. Country hides were dull. Later prices
were reported weak. Bucaramangas, &o., recently sold at
22 to 223/20., while Santa Martas sold at 21c. and Savanillas
brought 2043. River Plate frigorifico became quiet but
steady. Last sales of frigorifico steers were at $35 5.0, or
153%e. c. & f. Common dry hides nominal; Antioquias,
25c.; Orinocos, 20c.; Maracaibo, 20c.; Central America,21o.;
TAguayra, 20o. New York City calfskins, $1 50 for 5-7s,
$2 for 7-9s, and $2 65 for 9-12s.
OCEAN FREIGHTS have been in fair demand for grain
room. Late grain and coal tonnage was in better demand.
The supply of tonnage seems to be ample.
2236
THE CHRONICL-1
for the same period of 1924-25, showing a decrease since
Aug. 1 1925 of 10,598 bales.
Receipts at-
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Total.
[VoL. 122.
concerning the same from week to week, while reports from the customs districts
on the Canadian border are always very slow in coming to hand. In view,however,
of the numberous inquiries we are receiving regarding the matter, we will say that
for the month of March the exports to the Dominion the present season have
been 22.280 bales. In the corresponding month of the preceding season the exports
were 20,291 bales. For the eight months ended March 311926, there were 190,393
bales exported, as against 148,547 bales for the corresponding seven months of 1925.
Galveston
2.766 2.788 4,981 3,497 4.527 2,567 21.126
Houston
7.518 8.126 5.493
33,609
In addition to above exports, our telegrams to-night also
New Orleans_ _ -- 4,074 2,055 4,336 3,982 2,104 12.472 18,800
2,249
Mobile
26
529
30
63 1.218 1,091 2,957 give us the following amounts of cotton on shipboard, not
Savannah
1.990 1,791 3.201
780 1,360 2,378 11,500 cleared, at the ports named:
Charleston
3,024 1,978 1.288
871
537 1,739 9,437
Wilmington
820
125
337
52
174 1,631
123
Norfolk
301 2,339
963
328
263
395 4,589
On Shipboard, Not Cleared for
New York
347
347
Boston
3
60
354
210
81
Leaving
Great
Other CoastGerBaltimore
566
,.
566
Apr. 16 at
- Britain. France. many. Foreign wise. Total.
Stock.'
Philadelphia_ _ _ _ ______
27
27
600
700 2,000 9,200 7,000 19,500 401.528
Totals this week.. 13,004 11.979 22.714 17.699 15.706 23,841 104,943 Galveston
New Orleans
3.533 7,076 10.333 10,062
316 31,320 293,445
56,036
The following tab e shows the week's total receipts, the Savannah
200
200
Charleston_
44.510
56
56
total since Aug. 1 1925 and stocks to-night compared with Mobile
2:866
6.274
2,500
Norfolk
last year:
101,394
Other ports *
80,013
1,500 1.000 1,000 3,000
500 7.666
Receipts to
April 16.
Galveston_ _ ____
Texas City
Houston
Port Arthur, Stc_
New Orleans__ __
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
N'port News, &c_
New York
Boston
Baltimore
Philadelphia
1925-26.
1924-25.
This Since Aug This Since Aug
Week. 1 1925. Week. 1 1924.
Stock.
1926.
21.126 2,871,405 15,035 3.532.566 421,029
18,234
____
62.126
4,128
33,609 1,554,975 26,098 1.677.051
1925.
Total 1926._ 8,133 8,776 13,333 22,262
Total 1925_ 16,790 15,571 21.442 28.864
Total 1924... 19.329 4,277 15,162 30.605
* Estimated.
8,072 60,576
8.164 90,831
6.325 75,698
983,200
708,308
489,267
Speculation In cotton for future delivery has been on
only a moderate scale and prices have fluctuated within
very narrow limits. On Thursday the turn was downard,
18,800 2,152,790 13,72& 1,802,582 324,765 210,036 owing to
the promise of better weather. The indications
2,957 213.868 1,938 144,810
8.774
3,330 pointed • to higher temperatures in the Southwest and also
16,264
10,493
in the Eastern Gulf States. They were the signal for more
13,011
____
3.242
456
606
11.500 835,679 6,862 601.061
56,236
35.973 or less selling of both the old and new crop months and
400
130 prices declined some 10 to 15 points. The fall was not much
539
9,437 297,134 2,261 339.315 44,566
16.922
because the season is late. Various reports say that it is
1,631 117.244 2,275 132.226
32,231 anywhere from two to three weeks late. Some go so far as
35,425
4,589 428.912 4,544 360,650 101,394
68.653 to say
that it is even four weeks behind in some parts of the
347
47,597
--_ _
22.176
35,609 180,262 belt. The season has now come to April 16. Any further
29,451
354
530
35,077
5.209
1,665 delay,
it is contended, will begin to look rather serious. The
566
36.403 1,249
28,780
1.273
1,324
27
9.774
____
1,045
4.913
3,169 situation is not serious now. Admittedly, there is still
Totals
104.943 8.643.141 74.512 8.653.739 1,043.776 799,139 time to catch up. But it would be a matter of regret to all
In order that comparison may be made with other years, conservative Interests if the cold wet weather should be
resumed. It is a queer season. On some days, when it was
we give below the totals at leading ports for six seasons:
28 to 32 degrees in the Southwest and in the 30's in other
parts of the belt it was as high as 50 degrees up near the
Receipts at
- 1925-26. 1924-25. 1923-24. 1922-23. 1921-22. 1920-21.
Arctic Circle. Naturally, such peculiar temperatures exGalveston____
21.126
15.035
16.334
6.098
28.080
49,529 cited remark. Similar conditions have been noticed within
Houston
33.609
26.098
15.492
9,832
1,228
10.640 the last few weeks. And the weekly Government report was
New Orleans_
18.800
13,720
22.805
7.429
22.608
17.465
Mobile
2,957
1.938
1,157
200
1,312 in many respects unfavorable. In the extreme south of
4.819
Savannah_ __ _
11.500
6,862
4,432
5,298
12,811
10,886 Texas conditions were good, but elsewhere in that State
Brunswick..
150
1.900
Charleston_ _ _
9.437
2.261
1.974
1,004
6.929
1.682 they were by no means good. They were actually bad. ModWilmington _ _
1.631
2,275
1,924
79
1,140 erate to excessive rains in all parts of Texas except in the
951
Norfolk
4.589
4.544
3,006
1.160
5.371
5.166 extreme
N'port N.. &c
south called a halt on field work. The ground has
67
All others.... _
1.294
1,779
2,311
3.431
17.302
1,916 been too wet and cold for germination. In Oklahoma heavy
Total this wk_ 104,943
74,512 69,435
34,681 101,999
99.803 rains put a stop to farm work. There has been very little
Since Aug.L.8.643.141 8 663.7396.101,134 .5.330,211 4.972.7635.106,073 cotton planted in that State. In Arkansas the weather was
bad for cotton. Some was planted, but it was too cold for
The exports for the week ending this evening reach a total germination. Similar conditions prevailed in Mississippi
of 159,063 bales, of which 51,791 were to Great Britain, and Louisiana. In Georgia frequent showers kept the soil
20,923 to France, 28,038 to Germany, 27,805 to Italy, 9,400 too wet in many counties, although some planting was done
to Russia, 11,700 to Japan and China and 9,406 to other In the central and southern parts of that State. In North
destinations. In the corresponding week last year total Carolina the season for planting is about two weeks 'late.
exports were 148 674 bales. For the season to date exports For an exception conditions in South Carolina were favorhave been 6,637,155 bales, against 7,160,699 bales in the able. On the whole it is believed that the crop is getting a
same period of the previous season.
late start.
Below are the exports for the week and season:
And the trade got a surprise on the 14th inst. in the matter of domestic consumption. To the stupefaction of everyExported to
body, the total for March turned out to have been 634,593,
Week Ended
April 16 1926. Great
bales, against 567,244 in February and 583,407 in March
GerJapan&
Exports from- Britain. France. many. Italy. Russia. China. Other. Total.
last year. The interesting point was not only that the total
Galveston
13,821 11,890 9,380 6,837--__ 5,114 47,022 was large, but that it marked a new high record in the hisHouston
6,898 7,492 3,449 4,650 9,4611
-- __
1,720 33,609 tory of the American cotton business. At the
same time the
New Orleans._ _ 11,664
.
____ 4,217 15,801
--------1,907 33,589
Savannah
____ 6,158
7,899
--------8,700
484 23,221 number of spindles is steadily increasing. They are using
Charleston
2,535
--------3,000
____
1,604
__._ 7,139 up more cotton than a spindleage of some 35-300,000
spindles
Norfolk
5.667
----------------8,024
__- 2,357
New York
2,864 1,341
893
--------200 5,415 -2,200,000 greater than now-in the high record months of
117
Baltimore600 1923. Some are inclined to
think that the big total for
Philadelplila.,.
268
i
289 March this year could
be explained by over-production and
the piling up of stocks in the warehouses of the mills. But
Total
51,791 20,923 28,038 27,805 9,400 11,700 9,406 159,063 this
is denied in Worth Street. It was said there that it was
Total 1925
57,517 17,653 25,706 28,420
____ 4,324 15,054 148,674 hard to secure certain kinds of goods for quick delivery.
Total 1924
13,481 17.072 21,719 1,439
1,600 20,785 76,096 Southern mills have refused
____
in many cases to produce beyond their immediate orders. In others they have pursued
From
Exported to
A00.1 1925 to
a polley of avoiding any important accumulation of stocks
April 16 1926 Great
Ger„rayon&
of goods. And Government reports as to the condition of
Exportsfrom- Britain France many. Italy. Russia China. Other. Total.
the textile industries of the different States show that while
Galveston__ 532,809 304,218 358,176 184,997 13.000 174,412 257,705 1,825,317
Houston.... 417,252 277,542 334,712 118,750 112,423 123,455 139,934 1.524.068 there is some curtailment in Maine and New Jersey the
New Orleans. 467.759 162,866 241.373 183,221
____ 267.890 169,643 1,492,752 other States make, on the whole, a very favorable exhibit.
Mobile
81,155 10,353 32.044 1,000
1,500 6,211 132,263 New Bedford is running at 75
_ -- _
to 80% on cloths and some
Jacksonville_
6,046
------------1,924
____ 4,400
12,370
Pensacola.....
8,390
758 2.005
449
____ 4150
512
16.264 60% or more on yarns. Rhode Island is working overtime.
Savannah.... 207,578 14,916 277,068 7.408
- 127,465 53,166 687,592 In some Alabama mills they are
working five nights a week.
Brunswick.
400
Charleston
71,355
977 83,444
--------47,015 18:iii 221,708 No big curtailment has been started in North Carolina in
Wilmington_
4,000
___ _ 28,470 34,000
--------3,900
70,370 spite of frequent reports recently that
something of the
Norfolk •
113.258
100 97,018
--------11,650 10.395 232,321
New York
52,701 20,658 45,926 22,174
200 44,613 40,916 227,188 kind might be expected. Some of the mills there, it is true,
Boston
2,733
___
461___
____
seem to be eliminating night work, or else not working so
____ 4,595
7,789
Baltimore_
-___ 3,334
3:805
------------7,130 many
nights a week. As for Manchester, yarn mills using
Philadelphia.
100___
854
1,275
-------- 303
2,532
Los Angeles_
22.291 2,850 9,875
500
____ 3,782 1.037
40.335 American cotton are protestnig against the continuance of
San Diego__
3,875
--------------------1,500
5,375 short time. They say
they have tried it for five years and
San Fran__
950
____
--------73,116
74,252
88
Seattle
56.820
300
57,120 found it futile as a means of relief where relief was desired.
As to the trading here, the mills have continued to buy,
Total
1.993,006 799,143 1515472 557,108 125,623 935,759 711.044 6,837,155
especially on a scale down. That was what they were doing
Total '24-'25 2.386,442 820,331 1690945 599,827 128,836 823,871 712,447 7,160,699 on
Thursday. New Orleans bought.here more or less steadTotal '23-'24 1.511.201 832,642 1051078 440.164 26,907 538,983 501,794 4.702.789
ily. Wall Street at times has been a buyer. The May
NOTE.
-Exports to Canada.
-It has never been our practice to inch de in the
above tables exports of cotton to Canada, the reason being that virtua ly all the premium over July has ranged from 54 to 59 points, but
cotton destined to the Dominion comes overland and it Is Impossible to get returns more generally from 56
to 57. It was 56 on Thursday, in
243.629
1.209
2237
THE CHRONICLE
APR. 17 1926.]
.
p
FL TURES.-The highest, lowest and closing prices at
spite of rather larger selling of May; that is, in blocks of
follows:
10,000 bales. Some of it was by Wall Street, supposedly New York for the past week have been as
stop orders. At times, moreover, Europe, especially the
on
Saturday. Monday, Tuesday, Wednesday. Thursday, Friday,
Continent, has bought new crop months. Some recent scatApril 10. April 12. April 13. April 14. April 15. April 16.
tered Selling of those months has tended to strengthen the April
technical position.
Range _ _
Closing_
--On the other hand, it is a weather market pure and simIt could turn like a flash. Everybody knows that. May
ple.
Range._ 18.88-18.96 18.88-19.00 18.85-18.96 18.86-18.99 18.80-18.98 18.62-18.82
Closing_ 18.90-18.92 18.94-18.95 18.90-18.92 18.95-18.97 18.82-18.83 18.64-18.66
Also, the South has a good "season" in the ground. There
are two sides to the prolonged period of wet, cold weather. June
Range._
18.62 ---- 18.67 --- 18.54 ---- 18.36 ---Closing_ 18.6018.65The soil is well saturated. A few weeks of warm, dry '
weather could have a magical effect. It could stimulate July
Range._ 18.31-18.40 18.30-18.42 18.28-18.35 18.33-18.44 18.26-18.41 18.08-18.25
planting to a very marked degree. It could hasten germinaClosing_ 18.31-18.33 18.37-18.38 18.34-18.35 18.39-18.40 18.28-18.28 18.09-18.11
tion to a no less remarkable degree. That is recognized. August _
17.85-17.97 17.82,17.82-----Range.
17.80
17.63 ---Under the circumstances the market has not responded
17.9017.8217.85Closing_ 18.03emphatically to the recent bad weather. People remem- Sept.
-17.45-17.50
_
Range.
bered that this weather could turn suddenly. Weather
17.3817.17 7--17.5117.50Closing_ 17.6217.55markets are proverbially treacherous. On the 14th inst.
Range-- 17.57-17.67 17.50-17.60 17.42,17.49 17.44-17.57 17.38-17.46 17.14-11.37
very little attention was paid to the extraordinary consump17.47-17.48 17.38,17.40 17.15-17.16
17.46Closing_ 17.57-17.58 17.50tion in March. Yet it was 50,000 to 75,000 bales larger than Nov.
- Range _
been expected. Goods as a rule have been quiet. Manhad
17.1716.9017.2617.2117.28Closing_ 17.37chester was dull and depressed. Recently the decline in Dec.,
Range-- 17.26-17.33 17.17-17.26 17.06,17.13 17.13-17.22 17.05 17.15 16.78-17.05
rupee exchange has hurt Lancashire's business with India.
16.79-16.80
Closing. 17.26-17.28 17.17-17.19 17.10-17.11 17.15-17.16 17.06The big riots in China have certainly not promoted business Jan.Range- _ 17.19-17.26 17.12-17.18 16.98,17.07 17.02-17.13 16.98-17.06 16.73-16.97
that quarter of the globe. The rank and file of operawith
16.9816.73 ---16.99-17.00 17.0617.11Closing- 17.20tors here are bearish almost to a man. In New Orleans it Feb.Range- seems to be pretty much the same case. A period of favorClosing_ 17.28 ---- 17.21 ---- 17.07 ---- 17.11 ---- 17.05 ---- 16.78 ---able weather could work wonders for the crop and a more March
pronounced effect on prices. That is the popular
Range__ 17.37-17.40 17.30-17.36 17.13-17.22 17.17-17.24 17.11-17.15 16.85-17.10
or less
closing_ 17.37 ---- 17.32-17.33 17.17 ---- 17.17 ---- 17.12 ----16.84 ---Back of It all are the big stocks at the interior towns
belief.
Range of future prices at New York for week ending
and elsewhere, and the expectation of a big carryover.
Some estimate that at around 5,500,000 bales. Exports of Apr. 16 1926 and since trading began on each option:
cotton yarns from the United Kingdom during March were
Ranee Since Beginning of Opttno.
Range for Week.
16,004,000 lbs., against 15,652,000 in February and 17,853,000
in March 1925. Exports of cotton cloths during March were AprIl 1926
18.60 Mar. 11 1926 19.89 Nov.12 1925
18.27 Mar. 2
403,205,000 square yards, against 366,410,000 the preceding May 1926_ 18.62 Apr. 16 19.00 Apr. 12 18.22 Mar.23 1926 25.63 July 27 1925
1926 21.20 Sept. 12 1925
June 1926
month and 416,620 in March 1925.
July 1926_ _ 18.08 Apr. 16 18.44 Apr. 14 17.65 Mar. 2 1926 24.72 Aug. 17 1925
2
22.00
To-day the old crop declined 18 to 20 points and the next Aug. 1926.. 17.82 Apr. 13 17.97 Apr. 12 17.33 Mar. 15 1926 20.97 Oct. 8 1925
1926
1926_ 17.45
crop 23 to 28 on prospects for better weather on both sides Sept.1926_ 17.14 Apr. 15 17.50 Apr. 15 17.45 Apr. 16 1926 19.70 Oct. 14 1926
Nov. 6 1925
Apr. 16 17.67 Apr. 10 17.14 Apr.
Oct.
17.32 Mar. 6 1926 18.21 Feb. 5 1926
of the Mississippi River. That is to say, there are indica- Nov. 1926_
Apr.
Apr.
1926
Apr.
and warmer weather in the Southwest and in Dec. 1926._ 16.78 Apr. 16 17.33 Apr. 10 16.78 Apr. 16 1926 18.50 Jan. 4 1926
tions of dry
16
17.94 Feb. 5 1926
10 16.73
16 17.26
Jan. i927. 16.73
the Eastern Gulf States and warmer conditions in the Atlan- Feb. 1927_
some rain. In the main the trend now is to- Mar.1927.. 16.85 Apr. 16 17.40 Apr. 10 16.85 Apr. 16 1926 17.40 Apr. 10 1926
tic belt, with
wards better weather. At least that is the general convicTHE VISIBLE SUPPLY OF COTTON to-night, as made
tion. New Orleans was noticeably depressed. Large Wall up by cable and telegraph, is as follows. Foreign stocks, as
Street houses were understood to have sold some 25,000 to well as afloat, are this week's returns, and consequently
30,000 bales of October and December, chiefly December. all foreign figures are brought down to Thursday evening.
Some of this, It is surmised, may have been for Japanese But to make the total the complete figures for to-night
account, and some for large interests in Wall Street. New (Friday), we add the item of exports from the United States,
Orleans was a seller, like the South in general. Some hedge including in it the exports of Friday only.
1924.
1925.
selling was noticed. That was also the case in Liverpool.
1926.
1923.
Apr. 16bales- 836,000 937.000 599,000 749,000
Liverpool
The Continent was selling there. Liverpool prices were Stock at London
2,000
1,000
5,000
Stock at
weaker. Manchester was dull. Some of the bids, it reports, Stock at Manchester
84,000 140,000 109.000
69.000
were entirely unworkable. The spinners' takings for the
920.000 1,079.000 709,000 723,000
Britain
Total
week were somewhat smaller than had been expected. They Stock atGreat
5.000
Hamburg
67,000
221.000 307.000 182,000
were not a factor, however. The decline got Its impetus Stock at Bremen
229,000 224,000 123,000 105,000
Stock at Havre
from the weather. The exports ran up to some 76,707 bales Stock at Rotterdam
15.000
8,000
5.000
13,000
89.000
101.000
64.000 104,000
to-day, according to one computation, but no attention was Stock at Barcelona
43,000
42,000
24,000
16,000
Stock at Genoa
paid to this factor. The closing was steady, but at about Stock at Antwerp
3.000
1.000
2,000
12,000
12,000
10,000
the lowest of the day. Final prices show a decline for the Stock at Ghent
week of 15 to 16 points on the old crop and 36 to 41 points
599.000 685.000 426,000 317.000
Total Continental stocks
on the new. Spot cotton ended at 19.15c. for middling, a
1,519.000 1,764.000 1,135,000 1.040.000
European stocks
Total
decline for the week of 15 points.
India cotton afloat for Europe_ - 91,000 192,000 109,000 184.000
Delivery of cotton bought on New York contracts in the American cotton afloatfor Europe 273.000 368.000 193,000 154,000
59,000
61.000
83,000
87,000
South probably would solve the problem of "manipulation" Egypt,Brazil,&c..afloatforEurope 285.000 160,000 173.000 239,000
Stock in Alexandria, Egypt
for the Southern cotton buyer and grower, said W. L. Clay- Stock in Bombay,Ind
833.000 820,000 941,000 922,000
564,965
1,043.776
S.
ton, of Houston, Texas, at the second annual convention of Stock in U. S.Ports tosvns_._ -1,575.256 799,139 517,534 491,152
630,689
631,756
in U. interior
the American Cotton Shippers' Association in session at At- Stock exports to-day
692
9.400
U. S.
lanta on the 9th inst.
5,712.432 4.863,520 3,694.499 3,748,908
Total visible supply
Of the above, totals of American and other descriptions are as follows:
The official quotation for middling upland cotton in the
American
bales- 537.000 734,000 342,000 392.000
New York market each day for the past week has been:
Liverpool stock
118,000
April 10 to April 16-
Sat. Mon. Tues. Wed.Thurs.
Fri.
Middling upland
19.40 19.45 19.45 19.45 19.35 19.15
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Apr. 16 for each of the past 32 years have been as follows:
1926
1925
1924
1923
1922
1921
1920
1919
19.15c.
24.45c.
30.80c.
28.25c.
17.750.
12.45c.
43.250.
28.30c.
1918
1917
1916
1915
1914
1913
1912
1911
30.50c.
20.50c.
12.00c.
10.30c.
13.10c.
12.40c.
11.70c.
14.85c.
1910
1909
1908
1907
1906
1905
1904
1903
15.25c,
10.60c.
9.90c.
11.15c.
11.80c.
7.85c.
14.40c.
10.50c.
1902
1901
1900
1899
1898
1897
1896
1895
9.310.
988381c0..
6.12c.
6.31c
.
7A4c.
7.94c.
6.810.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
.
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Spot Market
Closed.
Futures
Market
Closed.
Saturday-- Steady. 10 pts. adv_ Steady
.
Monday. --- Quiet, 5 pts. adv__- Barely steady
,
Tuesday -- Quiet, unchanged -- Steady
,
Wednesday_ Quiet, unchanged _ _ Barely steady-Thursday _- Wet, 10 pis. dec.. Steady
Quiet. 10 pts. dec-_ Steady
Friday
---
SALES.
Spot. Contr'ct Total.
Manchester stock
Continental stock
American afloat for Europe
U. S. port stocks
U. S. interior stocks
U. S. exports to-day
68,000
532,000
273.000
1,043.776
1,575,256
9.400
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil. &c., afloat
Stock in Alexandria. Egypt
Stock in Bombay,India
4,038,432 3,271,520 2,018,499 2,017.908
Total East India, &c
Total American
299.000
16.000
67.000
91,000
83,000
285.000
833.000
621,000
368,000
799.139
630,689
692
203.000
2,000
22,000
64,000
192.000
59.000
160.000
890.000
83,000
318,000
193.000
564,965
517,534
257,000
1.000
26,000
108.000
109.000
61,000
173,000
941,000
44,000
305,000
154,000
491.152
631,756
357,000
5,000
25.000
12.000
184,000
87,000
239,000
922,000
1,674,000 1.592,000 1.676,000 1.731,000
4.038,432 3,271,520 2,018,499 2,017.908
5,712,432 4,863.520 3,694.499 3,748,908
Total visibel supply
10.13d. 13.39d. 18.35d. 15.18d.
Middling uplands, Liverpool
24.95c. 30.70c. 27.60c.
Middling uplands, New York_ -- 19.15c.
Egypt, good Sakei, Liverpool.-- 17.55d. 33.80d. 23.85d. 18.55d.
Peruvian. rough good, Liverpool.. (1.8.00d. 20.75d. 23.75d. 18.768.
8.70d. 11.908. 15.308. 12.25d.
Broach, fine. Liverpool
9.25d. 12.55d. 16.468. 13.408.
Tinnevelly, good, Liverpool
Continental imports for past week have been 94,000 bales.
The above figures for 1926 show a decrease from last
week of 159,796 bales a gain of 848,912 over 1925, an
increase of 2,017,933 'Coles over 1924, and an increase of
1,963,524 bales over 1923.
AT THE INTERIOR TOWNS the movement
--that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
THE CHRONICLE
2238
Vol. 122
NEW ORLEANS CONTRACT MARKET.
corresponding periods of the previous year, is set out in detail
-The closing
below:
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Movement to April 16 1926.
Towns.
Ship- Stocks
ments. Apr.
Season. Week.
16.
Receipts.
Week.
Movement to April 17 1925.
Ship- Stocks
meats. Apr.
Season. Week.
17.
Saturday,
April 10.
Receipts.
Week.
The total area now reported Is 27.835.000 acres, or 4% above the revised
figure of last year. The total estimated yield is 6,051,000 bales of 400
pounds each, which is 1% below the revised estimate for last year.
The condition of the crop, on the whole, is reported to be fairly good.
The detailed figures for each Province and State are stated below:
•
Acres.
1925-26.
21.558 1,607,506
1,294
521
14,707
124,660
20.446
686,801
1,779
534
13,929
89,226
21,639
570,669
16,522
831.907
16,242
681,534
3,475
715.730
5,316
925,972
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has heen 3,475 bales, against 5,316 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 210,242 bales.
-1925-26-- -1924-25-Since
In Sight and Spinners'
Since
Week.
Takings.
Aug. 1.
Week.
Aug. 1.
Receipts at ports to Apr. 16
104,943 8,643.141
74,512 8,653,739
Net overland to Apr. 16
715.730
3,475
5,316
925.972
Southern consumption to Apr.16_120,000 3.440.000 100,000 3,125,000
Total marketed
228,418 12,798.871
Interior stocks in excess
*55,C52 1.419,121
Excess of Southern mill takings
over consumption to Apr II I
663.983
____
179.828 12,704,711
*64,208
448,443
1,310,611
Came into sight during week_ _173,366
115,620
Total in sight Apr. 16
14.881,975
14,463.765
North.spinners'takings to Apr.16 24,499
•Decrease.
1.681,204
35.534 1,682,434
Total
1925-26. 1924-25. 1925-26. 1924-25.
8,011,000 7,713,000 1,542,000 1,589,000
5.363,000
2,695,000
2,900,000
1,003,000
436,000
82,000
78,000
54,000
47.000
5,247,000 901,000 1,000,000
2,903,000 571,000 567,000
2,589,000 852,000 910,000
1,049,000 277,000 276,000
352,000
83,000
70,000
79,000
15,000
14,000
77,000
26,000
24,000
45,000
17,000
15.000
45,000
13,000
15,000
32,000
39,000
7,000
4.000
6,000
1,000
3,781,000 3,412,000 1,060,000
1,340,000 1,354,000 263,000
866,000
658,000 189,000
651,000
699,000 116,000
407,000
418,000
93,000
83,000
118,000
25,000
8,000
1.000
899.000
262,000
171,000
145,000
89,000
36,000
97 R95 fliln 25 ROI Ann R n51 flAil R 001 (WW1
a Including Sind and Indian States.
82
87
76
78
141
105
80
71
125
133
133
82
100
105
77'
104
82
85
122
91
b Including Indian States,
CENSUS REPORT ON COTTON CONSUMED AND
ON HAND IN MARCH, &c.
-This report1 issued on
April 14 by the Census Bureau, will be found in full in an
earlier part of our paper under the heading "Indications of
Business Activity."
WEATHER REPORT BY TELEGRAPH.
-Reports to
us by telegraph this evening indicate that in the southeastern
portion oi the cotton belt the weather during the week has
been generally favorable and farm work has somewhat advanced. Good progress has been made in planting cotton
seed in southern Alabama and Georgia. This work is also
progressing in South Carolina. West of the Mississippi very
little of this work has been done, owing to the continued
cool, wet weather. Rain during the week fell in most
parts of the belt, with precipitation generally ranging from
light to moderate.
Teas.
-Progress of early planted cotton in the extreme
South is very good. Elsewhere in this State progress has
been poor.
Mobile, Ala.
-Light to heavy rains in the interior have
kept the lowlands too wet, but planting has made good
progress in the uplands. It has been too cool for best results
but some cotton is coming up.
Galveston, Texas
Abilene
Brownsville
Corpus Christi
Movement into sight in previous years:
Dallas
Week
Bales.
Bales. 1 Since Aug. 1Dekio
1924
-Apr. 19
10.388,739 San Antonio
123,690 1923-24
1923
-Apr. 20
10,156.917 Taylor
107,573 1922-23
QUOTATIONS FOR MIDDLING COTTON AT Ardmore, Okla
Altus
OTHER MARKETS.
-Below are the closing quotations Muskogee
Oklahoma City
for middling cotton at Southern and other principal cotton Brinkley, Ark
markets for each day of the week:
Eldorado
Little Rock
Pine Bluff
Closing Quotations for Middling Cotton on
Alexandria, La
Week Ended
Amite
Apr. 16.
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
May Orleans
Shreveport
Galveston
18.65
18.80
18.90
18.45
18.80
18.80
Okolona, Miss
New Orleans..
18.46
18.41
18.36
18.07
18.43
18.47
Columbus
Mobile
17.90
17.75
17.90
17.90
17.50
17.90
Greenwood
Savannah
18.18
18.33
18.30
18.35
18.03
18.30
Vicksburg
Norfolk
18.38
18.31
18.50
18.19
18.44
18.44
Mobile,Ala
Baltimore
18.80
18.80
18.70
18.80
18.70
Decatur
Augusta
17.88
18.19
18.13
17.63
18.19
18.19
Montgomery
Memphis
18.00
18.00
18.00
18.00
18.00
18.00
Selma
Houston
18.60
18.60
18.45
18.20
18.60
18.60
Gainesville, Fla
Little Rock_ _
18.15
18.10
18.20
18.20
17.90
18.20
Madison
Dallas
18.25
18.10
18.30
17.95
18.35
18.30
Savannah, Ga
Fort Worth
18.30
18.00
18.25
18.20
18.30
Athens
1924-25.
Yield Per
Acre (Lbs.).
r....0
19,997 1,547,637
Bales 01 400 Its.
Provinces and Slates.
V: C.) CD •-•
Total to be deducted
Leaving total net overland *
Since
Aug. 1.
671,902
247,860
34,004
46,114
198,287
409,339
Friday,
April 16.
FINAL ESTIMATES REGARDING THE INDIA
COTTON CROP.
-Under date of Calcutta, Feb. 25 1926,
the India Government issued its final general memorandum
on the 1925-26 cotton crop. This memorandum is based on
reports received from all the Provinces and States and refers
to the entire cotton area of India. It deals with the final
reports on both the early and late crops of the season for
all the tracts except Madras. A supplementary report containing the final figures for Madras will, as usual, be issued:
C
Total gross overland
Deduct Shipments
Overland to N. Y., Boston, &c
Between interior towns
Inland, &c.,from South
Week.
9,148
2,830
61
476
4,543
4.500
Tuesday, Wednesday, Thursday,
April 13. April 14. April 15.
April
- -- - - - -- - - - - - -May
18.16-18.17 18.22-18.23 18.1818.21-18.23 18.11-18.12 17.91-17.92
June
-- - -- - - - - - -- July
17.45-17.4617.73-17.75 17.77-17.78 17.73-17.74 17.78-17.80 17.69August _ _ _ - - - - - - -- - - - - September- - -- - -- - - - - - - October
16.92-16.96 16.86-16.87 16.78-16.80 16.85- 6.77-16.78 16.45-16.46
November - - - - - - -- - - - - - - 16.43-16.45December_ 16.9616.86-16.88 16.79-16.80 16.8516.77January
16.95 bid 16.86 bid 16.7316.84 bid 16.77 bid 16.38 bid
February - -- - - - - -- - - March__ _ _ - - -16.72 bid 16.79 bid 16.71 bid 16.37 bid
- Tone
Spot
Quiet
Steady
Steady
Steady
Steady
Steady
Orlt10119
Steady
Steady
Steady Bar.steady Barely st'y.
Steady
Bombay_ a
rotal. 40 towns. 84.420 MUM 492 140.9391575256 46.7509.817.871 108 5 ann ORO Central Provinces and
Berar
The above total shows that the interior stocks have de- Madraa_b
Punjab _b
creased during the week 55,052 bales and are to-night United Provinces_b_.
944,567 bales mere than at the same time last year. The Burma
Bihar and
receipts at all the towns have been 37,670 bales more than Bengal.b Orissa
the same week last year.
Ajmer-Merwara
Assam
OVERLAND MOVEMENT FOR THE WEEK AND North-West Frontier
Province
SINCE AUG. 1.
-We give below a statement showing the Delhi
overland movement for the week and since Aug. 1, as made Hyderabad
Central
up from telegraphic reports Friday night. The results for Baroda India
the week and since Aug. 1 in the last two years are as follows: Gwalior
-1925-26--1924 25
- RalPutana
Mysore
Apr. 16Since
Week. Aug. 1.
8,245 631,139
4,000 272,962
501
38,137
483
54,000
3,593 190,517
3,175 360.882
Monday,
April 12.
tft•
886 5,532
13 62,210
89,748
Ala..Birming'm
367 1.877
652
t
9 21,594
Eufaula
47 4,890
19,535
120 1,975
98,569 1,146 18,753
Montgomery
574
226
81,931
984 8,093
Selma
63,875
162 87,622 1,189 12,759
144
551 6,016
Ark., Helena
255 99,993 1,110 32,164
5 63,165
391 2,909
Little Rock
536 227,011 1,535 10,920
10: 204,498 1,401 8,300
Pine Bluff......
577 108,902 1.904 9,657
374 178,780 1.828 56,192
Ga., Albany......
15 2,093
3
7,913
---_
3,885
-- - - 2,495
46*
33,171
Athens
681 10,344
6E0 49.402 1,241 12,744
Atlanta
2.637 207,9 t I 3,745 44,424 2,674 216.857 6,55: 28.999
Augusta
3,057 337,367 5,598 63,937 1,293 220,774 3,924 37,524
Columbus_
1,308 82,908 2,036 2,765
73,401
230
850 3,680
Macon
587 67,264 2,81. 12,418
537 46,515 1,080 8,909
Rome
51,196
362 46,731 1,600 9,125
438
751 11,740
La., Shreveport
91 165,123
567 18,982
____ 100,000
101 2,500
Miss.,Columbus
136
46,247
317 5,742
12 37,002
341 1,290
Clarksdale_ _ _ 1, *1 230,195 3,271 77,661
5 111,904
210 5,573
Greenwood_ _
571 220,337 1,78 68,093
108 134,942
80* 9,970
Meridian
155
68,196
702 12,609
34
37,541
730 4,174
Natchez
90 57,719
812 11,484
3 41,223
352
548
Vicksburg... _
25 54,206
2 31,583
469 16,613
20
1,999
Yazoo City
16
8 33,077
260 13,502
52,776
220 2,004
Mo., St. Louis_ 8,03: 650,069 8,245 15,761 9,206 703,141
5,723
virt.C:rionrib're 1,620 59,628 1.041 18,811 1,071 82,18 9,14: 14.368
1,219
Raleigh
1• i
12
30,952
8,150
301 12,563
50
478
Ala., Altus__ - 1,030 140,556
260 206,136
922 11,844
597 5,132
Chickasha__ _
625 150,003 1,096 3,383
438 100,317 2,42: 14,829
Oklahoma
625 168,232 1,883 25,427
149 144,804
840 6.857
.C.,Greenville 7,533 281.450 8,571 56,435 5,392 212.071 8,337 38,944
Greenwood_
. ____
4,912
____
____ 2,68
13,264
____ 4,416
renn.,Memphis 20.6061,742.575 26,106271,765 0,9061,235,892 14,589 45,869
Nashville_ __
. ____
19
21
3.216
723
943
4
241
rex., Abilene
928
--__
220 85,385
263
71,387
____
235
Brenham_ _
47
37 23,163
5,948
' 57 3,998
67 3,774
Austin
____
12,436
404
--__
33,911
--_
885
Dallas
115 192,176 1,13
1,787 157,093 1,401 17,692
5,460
Houston- __ _ 27,456 4,628.813 50.604554,778 12.0824,655,021 45.886320,973
Paris
338 3,256
217 113,846
232
93,447
593
835
San Antonio_
43 65,643
15
25,852
775
7
198 1,251
Fort Worth
93,287 1,162 8,968
660
531 157,563
807 3,504
Shipped
Via St. Louis
Via Mounds,&c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, dtc
a
Rain. Rainfall,
1 day 1.81 in.
2 days 1.82 in.
1 day 0.66 in.
2 days 0.28 in.
1 day 2.70 in.
2 days 0.03 in.
1 day 1.36 in.
3 days 1.14 in.
2 days 1.54 in.
2 days 2.40 in.
3 days 1.44 in.
2 days 1.08 in.
1 day 0.14 in
3 days 0.22 in.
4 days 0.21 in.
1 day 0.12 in.
3 days 1.74 in.
1 day 2.50 in.
2 days 2.67 In.
4 days 0.21 in.
2 days 0.20 in.
1 day 0.48 in.
2 days 0.32 in.
2 days 0.83 in.
2 days 1.32 in.
1 day 0.14 in.
1 day 0.48 in.
I day 0.43 in.
2 days 0.85 In.
5 days 1.49 In.
3 days 1.76 in.
1 day 0.29 in.
Thermometer
hign 72 low 53 mean 63
high 62 low 38 mean 50
high 80 low 54 mean 67
high 78 low 54 mean 65
high 64 low 42 mean 53
low 46
high 76 low 44 mean 60
low 42
high 68 low 35 mean 52
high 61 low 34 mean 48
high 68 low 36 mean 52
high 64 low 31 mean 45
high 74 low 47 mean 55
high 69 low 45 mean 57
high 69 low 43 mean 56
high 72 low 45 mean 59
high 77 low 47 mean 62
high 78 low 47 mean 63
mean 67
high 66 low 49 mean 58.
high 80 low 39 mean 60
high 79 low 40 mean 60
high 78 low 43 mean 61
high 77 low 60 mean 64
high 79 low 53 mean 66
high 77 low 40 mean 59.
hign 81 low 49 mean 65
high 82 low 47 mean 65
high 88 low 59 mean 74
high 86 low 55 mean 71
high 82 low 48 mean 65.
high 80 low 39 mean 60
Rain. Rainfall.
3 days 0.46 in.
1 day 0.58 in.
2 days 0.44 in.
2 days 0.50 in.
4 days 0.18 in
2 days 0.32 in.
3 days 0.50 in.
5 days 1.04 in.
4 days 2.04 in.
1 day 0.18 in.
Augusta
Columbus
Charleston,S.0
Greenwood
Columbia
Conway
Charlotte, N.0
Newbern
Weldon
Memphis
Thermometer
high 81 low 44 mean 63
high 85 low 44 mean 65
high 72 low 46 mean 59
high 75 low 36 mean 56
low 40
high 80 low 42 mean 61
high 74 low 35 mean 54
high 77 low 42 mean 60
high 81 low 36 mean 59
high 69 low 42 mean 56
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
Apr. 161926. Apr.17 1925.
Feet.
Feet.
11.9
5.6
30.5
18.1
15.8
14.1
18.9
9.4
35.8
22.9
Above zero of gaugeAbove zero of gaugeAbove zero of gaugeAbove zero of gaugeAbove zero of gauge-
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland reeeipts 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.
Week
Ende 1926. 1925. 1924.
Stocks at Interior Towns. Receiptsfrom Plantations
1926.
1925.
1924.
1926. 1925.
1924.
Jan.
15._ 178.734231,584 169,44 1,999.6931,441,041 996.356155,091198,460 121.830
22-- 203,160201.602 110,351 1.979.161 1,383,626 977,263182.628144.187 91,258
29_ _ 171,158200,371 116.1041,966.7831.300.792 944,868 168,778 123.637 83.709
Feb.
6.-173.227 179,899 104,226 1.930.2871,248,011 898,190136,731121,118 57,548
11- 146.354 204 982 101.244 1.912,997 1,199,95! 884.818131,064 156,024 87.972
19._ 148.404 167,066 78.924 1.883,776 1.170,855 823,836 128.
156 137,968 17.842
26._ 120,512 159.418 69.338 1,866,224 1.130,368 789,313 93,687 118.931 34.815
Mar.
5-- 118.766 199,033 69.374 1,836.7901.048.69 736.133 85.669 117.96 18,194
12_ 105.264 185,061 43.808 1.810,852 969,348696.682 79.322 105.71
4.358
19... 121,458 148,871 56,871 1,760.020 893.950 662(25 70.608 73.473 22,214
26._ 104,414 100,249 49,7331.730,98 837,676 623,832 76.397 43,875 11.640
April
2__ 110.433109.156 55,370 1,679,443 753.817 586,349 58,891 25.591 17,887
9__ 91,081 74,709 60,709 1.630,30: 708.223 555,542 41.896 29.115 29,905
16_ 104,943 74.512 69,435 1,575.256 630.689 517,534 49.891 10.304 31.42)
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1925 are 9,978,188 bales;
in 1924 were 9,102,182 bales, and in 1923 were 6,286,239
bales. (2) That although the receipts at the outports the
past week were 104,993 bales, the actual movement from
plantations was 49,891 bales, stocks at interior towns
having decreased 55,052 bales during the week. Last year
receipts from the plantations for the week were 10,304
bales and for 1924 they were 31,427 bales.
WORLD SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable, also the takings or amounts
gone out of sight for the like period.
Cotton Takings.
Week and Season.
1925-26.
Week.
1924-25.
Season.
Week.
Season.
Visible supply April 9
Visible supply Aug. 1
American Insight to April 16..
Bombay receipts to April 15..
Other India ship'ts to April 16
Alexandria receipts to April 14
Other supply to April 15 * b
5,872,228
Total supply
Deduct
Visible supply April 16
6,157,594 22,471,062 5,300,762 21,535,458
5,006,742
2.342.887
173,366 14.881.975
66,000 2,734,000
20,000
475,000
10,000 1.420,200
16,000
617,000
2,190,493
115,620 14.463,765
108.000 2,737,000
55,000
385.000
4,400 1,386,200
11,000
373,000
5.712,432 5.712,432 4,863,520 4,863,520
Total takings to April 16 a
445.162 16,758,630 437,242 16.671,938
Of which American
331,162 11,886,430 274,842 1,290,738
Of which other
114.000 4.872.200 11124(10 4 4R1 2(10
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption
by
Southern mills, 3,440,000 bales in 1925-26 and
bales
takings not being available-and the aggregate3,125,000taken in 1924-25-amounts
by Northern
and foreign spinners, 13,318.630 bales in 1925-26 and 13,546,938 bales in
1924-25, of which 8,446,430 bales and 9,065,738 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aim. 1, as cabled, for three years, have been as follows:
April 16.
Receipts at
Bombay
1925-26.
1924-25.
1923-24.
Since
1Veek.lAug. 1.
Since
Week. Aug. 1.
Since
Week. Aug. 1.
66003) 2.734 COO 108.000 2,737,000 66,000
For the Week.
Exports
from-
Great Conti- Japan&
Great
Britain. cent. China. Total.1 Britain.
Bombay
1925 28_ 2,000 19,000 77,000 98,000, 37,000
1924-25_ _ 1,000 33,000 69,000 102,000' 47,000
1923-24._ 7,000 16,000 55,000 78,000 130,000
Other India20,000
1925-26-.
20,000 88,000
1924-25_ _ 8;666 47,000
55,000 65,000
36,000
1923-24.._
36,000 110,000
Total all
1925-26._
1924-25._
1923-24..
2239
THE CHRONICLE
APR. 17 1926.]
282,400
Since January I.
Conticent.
Japan &
China.
Total.
413,000 1,372,000 1,8'1.2,000
438,000 1,329,000 1,814,000
727,001 1,230,000 2.087,000
387,000
32,111
391,000
2.000 39,000 77,000118.0001 125,000 800
9,000 79.000 69,000 157,000, 112,000 758,0
7.000 52.000 55 000114 000 240.000 1 118
471,000
385,000
501,000
1,372,000 2,297,000
1,329,0002,109,000
1.230.000 2.588.000
According to the foregoing, Bombay appears to show a
decrease compared with last year In the week's receipts of
42,000 bales. Exports from all. India ports record a decrease
of 39,000 bales during the week, and since Aug. 1 show an
increase of 98,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years.
Alexandria, Egypt,
Apr. 14.
1925-26.
1923-24.
50,000
7.091,394
Receipts (cantars)This week
Since Aug. 1
1924-25.
22,000
7,011.984
50,000
6.151.615
This Since
This Since
This Since
Week. Aug. 1. Week Aug. 1. Week. Aug. 1.
Exports (bales)
To Liverpool
To Manchester, &c
To Continent and India_
To America
4.000 160,090 2,000 178,436 3,750 185.555
202,246
7,000 263,543
176.225
10.000 280,871 7:15 318.327 9,600 310,901
300 116,412
8.000131.187
98,889
29,000735.691 10.050 815.521 13.250 771,570
Total exports
-A canter is 99 lbs. Egyptian bales weigh about 750 lbs.
Note.
This statement shows that the receipts for the week ending Apr. 14 were
50,000 cantars and the foreign shipments 29.000 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
cloths is dull but steady and in yarns is steady. Merchants
are buying very sparingly. We give prices to-day and leave
those for previous weeks of this and last year for comparison:
•
1926.
1925.
84 Lbs. Skirt- Cotton
Ski Lbs. Shirt- Cotton
32s Cop ngs, Common Middeg 32s COD ings, Common alma.
to Finest.
to Finest.
Twist.
UpPds
UPC& Twist.
January
16
22
29
Februaryi1
19
26
March
5
12
19
26
April
9
16
1640174 14 3 al4 5
1740181i 14 4 014 6
16(4017(4 14 4 014 6
10.84 22%024k 16 5 017 0
10.76 2214024 16 5 017 0
10 63 22 0234 16 5 017 0
13.08
12.87
12.92
14 0
14 0
14 0
14 0
a14 4
014 3
014 3
014 3
10.80
10.52
10 57
10.33
224623 16 5
22%0244 16 7
2240244 17 2
23 62414 17 2
017 0
017 2
017 4
017 5
18.73
13.28
13.66
13.94
joial7if 140
16%017 0 13 3
154017 0 13 3
154617 0 13 3
014 3
013 6
013 fi
013 6
9.95
9.90
10.08
10.16
234024% 173
234024Si 17 2
23 02486 17 2
2246244 17 2
0178
017 6
017 5
617 4
14.37
14 04
14.08
13 88
10.16 224024 17 1 017 4
9.99 224024 17 1 017 4
10.13 224023% 17 1 017 4
13.72
13.23
16.39
164017%
16}017M
161 017,4
.
16 017%
154017 0 13 3 013 6
15J4al684 13 3 013 6
15 0164 13 3 013 6
SHIPPING NEWS.
-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 159,063 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
NEW YORK-To Liverpool-Apr. 9-Alaunia, 1.938-- -Apr. 9
926
Bales.
Celtic.
2.864
To Genoa-Apr. 12-Livenza. 117
117
-Vincent,400_ _Apr. 14
-De Grasse,941.. 1,341
To Havre--Apr.9
893
To Bremen-Apr. 13-Yorck, 893
200
To Oslo-Apr. 14-1Iellig Olav,200
-De la Salle, 2.209_ Apr. 8
HOUSTON-To Havre-Apr. 12
7.442
Cody. 2.963_ Apr. 13-Skipton Castle, 2,270
-Cody,50
50
To Dunkirk-Apr.8
-Cody, 150_ --Apr. 13-Skipton Castle,
To Antwerp-Apr.8
273
123
-Apr. 8
-Cody, 347__ _Apr. 13-Skipton Castle,
To Ghent
1,347
1,000
-Cody, 100
100
To Rotterdam-Apr.8
-Emergency Aid, 1,699---Apr. 13To Bremen-Apr. 12
3,449
Spar, 1,750
-Maria de Larrinaga, 576- Apr. 14
To Liverpool-Apr. 13
-West Ekonk, 2,417
Arthur, 1,697__ _Apr. 15
4,690
-Marla de Lairinaga, 1,453___Apr.
To Manchester-Apr. 13
-West Ekonk. 655
2.208
14-Arthur, 100.._Apr. 15
To Genoa-Apr.13-Cripsi.954_ _ -Apr. 14-Quistconck, 1.641 2,595
1,605
To Venice-Apr. 14-Generale Petitti, 1.605
To Trieste-Apr. 14-General Pedal, 450
450
9.400
-August Leonhardt. 9.400
To Murmansk-Apr. 16
-To Bremen Apr.7
-Aida. 4.217
4,217
NEW ORLEANS
To Genoa-Apr. 8-Monstella, 9,609_ _ _Apr. 10--Quistconck,
11,579
1970
-Baja California, 700
ToVera Cruz
-Apr.8
700
To London-Apr.14
-West Modus. 10
10
To Porto Colombia-Apr. 10--Heredia, 100
100
To Colon-Apr. 10-Abangarez,2
2
To Liverpool-Apr. 10-Ninian. 9,743
9,743
To Manchester-Apr. 10-Ninian. 1.911
1,911
--Generale Pedal,2.190
To Naples
-Apr.10
2,190
To Venice-Apr.10-Generale Petitti, 1.982
1,982
To Trieste
-Apr. 10-Generale Petitti, 50
50
-Infanta Isabel, 755
To Barcelona-Apr. 13
755
To Rntte dam-Apr. 13
-Lee dam.350
350
GALVESTON-To Barcelona-April 10-Aldecoa, 1.859
1.859
-Maria de Larrinaga, 3.305; West
To Liverpool
-April 15
Ekonk, 4.030; Author, 2,358
9,693
To Manchester-Apr. 15
-Author. 125; Maria de Larrinaga,
3,637; West Ekonk, 366
4,128
To Havre-Apr. 14
-De la Salle, 2,635---Apr. 15
-Cody,
5,774; Skipton Castle. 3.481
11.890
To Antwerp-Apr. 15-Skipton Castle, 77; Cody, 100
177
-Apr. 15-Sldpton Castle, 2,775; Cody, 303
To Ghent
3,078
To Bremen-Apr. 15
-Emergency Aid, 4.894; Spar, 4,091_
8.985
To Hamburg-Apr. 15
-Spar, 375
375
To Genoa-Apr. 15--Quistconck. 2.080; Cripsi. 3,337
5,417
To Venice-Apr. 15-Generale Petitte, 1,120
1,120
-Generale Petitte. 100
To Trieste-Apr. 15
100
-Apr. 15
-Generale Petitte, 200
To Naples
200
-To Liverpool-Apr. 10
NORFOLK
-Media, 300Apr. 15
Sicilian Prince, 3,817
4.117
To Manchester-Apr. 10
-Media. 1,150; Manchester Commerce. 400
1,550
To Bremen-Apr. 13-Legie, 1.766_ _ _Apr. 14-Crefeld. 591-- 2,357
CHARLESTON-To Japan-Apr. 9-Talho Meru, 3.000
3,000
To Liverpool-Apr. 10-Lekhaven, 1,746
1,746
To Manchester-Apr. 10--Lekhaven, 789
789
To Bremen-Apr. 10-Invella. 950
950
To Hamburg Apr. 10-Invella. 654
654
-Apr. 1-Nubian, 268
PHILADELPHIA-To Liverpool
268
To Antwerp-March 31-West Arrow, 1
1
SAVANNAH-To Japan-Apr. 10-Taiho Meru. 4.700._ _Apr. 13
-Tatsuno Martz, 4.000
8.700
-Apr. 14-Lekhaven. 5.117
To Liverpool
5,117
To Manchester-Apr. 14-Lekhaven, 2.782
2.782
To Bremen-Apr. 14-Invella, 5,959
5,959
To Hamburg-Apr. 14-Invella, 199
199
To Rotterdam-Apr. 14-Invella, 464
464
2240
THE CHRONICLE
SAN PEDRO-To Manchester
-Apr. 14-Pacific Commerce.'17&
BALTIMORE
-To Havre
-Apr. 5
-Vincent, 200
To Genoa-Apr. 10
-City of St. Joseph, 400
Total
Bales.
175
200
400
159.063
COTTON FREIGHTS.
--Current rates for cotton from
New York, as furnished by Lambert & Burrows, Inc., are
as follows, quotations being in cents per pound:
StandHigh standHigh
StandHigh
Density. ard.
Liverpool .30e. .45c.
Manehester.30c. .45c.
Antwerp
.35c. 50c.
Ghent
.4214c. .5714o.
Havre
.35e. .50e.
Rotterdam .450. .600.
Genoa
.40e. .55c.
Oslo
Stockholm
Trieste
Fiume
Lisbon
Oporto
Barcelona
Density. ard.
.500. .60c.
.50e. 650.
.50c. 65c.
.60c. .65c.
.40c. 55e.
.60c. .75e.
.30c. .45c.
Japan
Shanghai
Bombay
Bremen
Hamburg
Piraeus
Saloniea
Density. ard.
.6214c. .77340
.65c. 80c.
.45c. .60c.
.400. .55c.
.354. .50e.
.75c. .130c.
.750. .90e.
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
Mar. 26.
23.000
16.000
1.000
59,000
840,000
568.1100
84,000
47.000
191.000
91,000
Sales of the week
Of which American
Actual exports
Forwarded
Total stock
Of which American
Total imports
Of which American
Amount afloat
Of which American
April 2.
21,000
14,000
1,000
52.000
836.000
553.000
58,000
24,000
205,000
112,000
April 9. April Hi.
30.000
19.000
19,000
15,000
1.000
1.000
76,000
53,000
866,000 836.000
564,000 537,000
51,000
81,000
24,000
47,000
153,000 187,000
79,000 110,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
snot cotton have been as follows:
Spot.
Saturday.
Monday.
Market, I
12:16 I
P.M. i
Quiet.
Quiet.
Tuesday, Wednesday. Thursday.
Friday.
More
demand,
Quiet.
Moderate
demand.
Good
inquiry.
Mid.17prda
10.07
10.10
10.14
10.11
10.16
10.13
Sales
3,000
4,000
6,000
5,000
7,000
5.000
Quiet
Quiet
Futures. St'dy unch. Quiet 2 pta. Q't but st'y Q't but st'y
Market i to 3 pts. adv. to 1 unch. to 32 to 3 pta. 3 to 4 pta. 2 to 3 pta.
decline.
decline.
opened I advance.
pt. dec.
pta. adv.
decline,
Q't but at'y Steady
Quiet
Steady
Market, 1 Steady
Quiet
4
1 7 to 10 pta. 3 to 4 pta. 3 pta. adv. 1 to 6 pta. 3 to 5 pta. 3 to 4 pta.
P. M. I advance,
decline. to2ots.dec. advance,
decline.
decline.
Prices of futures at Liverpool for each day are given below:
Sat.
April 10
to
April 16.
Mon.
Tues.
Thurs.
Wed.
Fri.
1214 1234 1214 4:00 1214 4:00 1234 4:00 1234 4:00 1234 4:00
p. m. p. m. p. m. p. m p. m. p. m. p. m p. m.p. m. p. m. p. m.P. m.
d.
d.
April
9.54
May
9.50
June
9.3'
July
9.3
August
9.27
September
_ _ 9.21
October
9.14
November__ _ _ 9.0
-- - 9.0
December
January
9.05
February
9.04
March
9.04
d.
9.55
9.51
941
9.36
9.27
9.20
9.13
9.04
9.04
9.04
9.04
9.04
d.
9.51
9.47
9.36
9.32
9.24
9.17
9.10
9.01
9.01
9.01
9.00
9.00
d.
9.54
9.50
9.39
9.35
9.25
9.17
9.10
9.01
9.01
9.01
9.00
9.00
d.
9.54
9.49
9.38
9.34
9.24
9.15
9.08
9.00
8.99
8.99
8.98
8.98
d.
9.51
9.46
9.36
9.32
9.22
9.12
9.05
8.97
8.96
8.96
8.95
8.95
d.
9.59
9.
9.4
9.40
9.2'
9.1
9.11
9.02
9.01
9.01
8.9.
8.99
d.
9.56
9.51
9.41
9.37
9.26
9.15
9.07
8.98
8.98
8.97
8.95
8.96
d.
9.56
9.51
9.40
9.36
9.25
9.14
9.06
8.97
8.97
8.98
8.94
8.95
d.
9.53
9.4:
9.38
9.34
9.22
9.11
9.03
8.94
8.94
8.93
8.91
8.92
d.
9.52
947
9.37
9.33
9.21
9.10
9.02
8.93
8.63
8.92
8.90
8.91
BREADSTUFFS.
Friday Night, Apr. 16 1926.
Flour has been in the main quiet. Now and then there
have been some stirrings of life and a fair business resulted.
But there has been no change in the general tendency to
buy on a very conservative scale. Nor do usually wellinformed people look for much if any change in this attitude
of buyers for some little time to come. Later came advances
as wheat prices rose. On the 10th inst. exports from New
York were 3,999 sacks to English ports. Clearances last
week were 107,960 sacks, against 145,795 sacks the week
previous. Some inquiries from the Continent were reported
on the 13th inst. Clearances on the 12th inst. were 16,100
sacks to London, Glasgow and Rotterdam.
Wheat, though it rose 5c. on the 13th inst., weakened
early in the week with the "visible" decrease only 925,000
bushels
-a decrease of well over 1,000,000 bushels had been
expected-against a decrease in the same week last year of
2,190,000 bushels. Liverpool was unexpectedly depressed.
Sales decreased to British and Continental buyers, despite
the estimated world requirements from April 1 to the end
of the present season of 240,000,000 bushels, as against the
quantity theoretically available of only 208,000,000 bushels.
Favorable weather and crop reports from the American belt
also counted. Export business for North America on the
12th inst. was 300,000 bushels, including 100,000 of durum.
But on the 13th inst. shorts became alarmed over the possibility of a dearth of May wheat. May advanced 5c. The
gast bought heavily. It had been short. A large operator
was credited with covering heavily. An interesting fact was
that the available stock of the contract grade of wheat in
Chicago elevators had practically disappeared. It was
down to 52,000 bushels. Moreover, a blizzard stopped seeding of wheat in Canada. It gave the scarcity of old wheat in
Chicago added significance. It was said that shipments
of importance to Chicago from other markets in the next
month seemed improbable. Delay in spring seeding south
of the Canadian boundary also played its part. Domestic
millers were much more anxious to buy. A decrease of
4,449,000 bushels in the world's available supply this week
was a stimulant. Besides, on the 13th inst., export business
in North American wheat was estimated at well above 1,000,-
vol.. 122.
000 bushels. on the 15th inst. prices suddenly rose 1% to
4e., the latter on May. Winnipeg was up 3% to 4e., with
export sales estimated at 1,500,000 to 2,000,000 bushels,
largely to the Continent, though England also bought. Complaints of dry weather in the spring wheat belt of the Northwest also counted. Also, cold weather in the Southwest.
Prices were 12c. above the low point of last week. The
market took realizing sales well. It had been oversold.
Liverpool was so strong that it surprised the shorts. Buenos
Aires rose 1%c. The premium for May over July moved up
to 26%c. Chicago July delivery is said to be the cheapest
wheat in the world. Chicago is declared to be on a shipping
basis to Liverpool all rail to New York. Pacts of supply
and demand were stressed by bulls. Domestic supplies are
small. Lack of rain in South Dakota and a forecast of
colder weather and reports of greatly delayed seeding
hastened the rise. The Argentine Government's crop estimate puts the 1925-26 crop at 191,146,867 bushels. The exportable surplus on April 9 is estimated at 81.262.539 bushels. Although last year's wheat crop falls 20% below the
record crop of the season 1925-26, It is still 4% above the
average for the last ten years. Prices in the United Kingdom on the 13th inst. were steady, with a moderate inquiry
for Manitoba wheats and better buying of Argentine parcels by Germany, where native supplies are becoming
scanty. European mills have had serious financial reverses
in the past and are consequently very careful about making
further purchases, although the statistical position is favorable to holders of wheat. Broomhall said that he is
unable to suggest a wheat supply sufficient to meet the
needs of Europe. He figures requirements from April 1 to
July 31 at 240,000,000 bushels, but sees a supply of 208,000,000. He still presumes 72,000,000 wheat yet to come from
Argentina in spite of the official estimate last week suggesting only 81.000,000 for the whole season. To-day prices
ended 1 to 2%c. lower, after touching a new high on this
move early in the day for May and July. Warmer weather
throughout the wheat country was the chief incentive for
the selling. Another factor was that a report that 120,000
bushels of spring wheat had been sold to go from Minneap/
1c.
olis to Chicago, at 12 over old May. This took the edge
off reported export sales of 800,000 to 900,000 bushels and
Canadian rumors of 2,700,000 bushels. The May-June difference at Chicago shrunk about lc. May was sold against
buying of July. The weather at the Northwest seemed
rather more promising for an early opening of navigation.
It looks as though the quantity on passage would show a
noteworthy reduction. World shipments are not expected
to be much above 10,000,000 bushels, which suggests a rather
large decrease in the visible supply on the 19th inst. But
warmer weather and fears of shipments from Minneapolis
to Chicago overshadowed everything else. Farm reserves
in Canada, too, were regarded as somewhat large. Final
prices nevertheless show a rise for the week of 3 to 7c., the
latter on May.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_188% 18734 19134 192 .196
19334
No.2 red
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
16434
16234 163
ets_15934 158
July delivery in elevator
137
13634 13934 139
14134 14034
September delivery in elevator_ _ _132% 13134 13434 13334 13434 134
16634
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_151
15034 15334 15334 15634 15534
July delivery in elevator
14834 14734 15034 15034 15434 153%
October delivery in elevator
132
13134 13334 13234 13434 133%
Indian corn advanced on light receipts, bad weather, a
decreased visible supply and a rise at one time in wheat. On
the 12th inst. the receipts at Chicago were only 130 cars.
The American visible supply decreased last week 958,000
bushels, against 1,966,000 last year. The total is 35,527,000
bushels, against 30,761,000 a year ago. Prices were bolstered
most of all on the 13th inst. by the advance in wheat. Corn
advanced on that day 1% to 17
Ac. Early in the week corn
had no particular trend and those who tried the buying
side became dissatisfied. Selling on the bulges was popular
for quick turns. River Plate corn was held at 3d. per quarter advance on the 12th ink. In Liverpool and there was a
good consumptive demand and quantities on passage are
very meagre. New Argentine corn is freely offered and
parcels are about 3d. lower. Liverpool cabled April 13 that
there was a much better consumptive demand in the United
Kingdom for feeding grains. Liverpool stocks of corn are
1,641,000, against 2,219,000 bushels last year. London gives
sales of Argentine old corn afloat at 31s. 3d. per quarter.
New corn for shipment next month 29s. 3d. to 29s. 6d. per
quarter. The Buenos Aires corn market last night closed
quiet at %c. decline. Weather fine and favorable. Rosario
corn market closed quiet, unchanged, to %c. lower. Later
prices advanced 1%c. net with other grain higher and shorts
covering freely. The market acted a bit oversold. Argentine advices said that the weather had turned cold and dry,
which was favorable for conditioning the corn. Arrivals of
new corn are increasing, but the foreign demand was small.
To-day prices ended % to lc. lower after a steady opening.
The weather looked better. Commission houses were sellers. So were traders. The decline in wheat hurt corn. The
cash demand was light. Country offerings increased. On
the other hand, receipts were light, and towards the close
shorts covered freely enough to cause a rally from the low
THE CHEONICLE
Ara. 171926.]
point of the day of c. Final quotations show an advance
for the week of 2 to 29c.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
clas- 89
88% 90% 89% 90% 89%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_ 72
71% 73% 73
74% 73%
July delivery in elevator
76
75% 77% 77
78% 77%
September delivery in elevator
78% 78% 79% 79% 80% 8034
No. 2 yellow
Oats were sustained early in the week by a decrease in
the American visible supply of 1,362,000 bushels, though in
the same week last year the decrease was 2,980,000 bushels.
But the total is now down to 50,671,000 bushels, against 58,306,000 a year ago. The steadiness of corn with its light
receipts was to some extent a factor in the steadiness of
oats. So was the firmness at one time of wheat. Later
prices advanced 4 to %c. with other grain higher and some
export business said to have been done, though the report
was not confirmed. To-day prices ended Y to / lower.
1
2
4
,e.
Long selling was an outstanding feature. Lower prices
for other grain also told. There is some buying on declines
by commission houses. But seeding is making better progress favored by brighter weather. Receipts on the other
hand are only moderate. It looks like quite a sharp reduction in the visible supply statement on Monday. There is
a little export business daily in oats as well as in rye and
barley. But it is not large enough to be a factor in the
making of prices. Final quotations show a rise for the
week, however, of Y to %c.
4
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts- 5234 52% 53
53
5334 5334
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts- 41% 41% 42
42% 42% 42%
July delivery in elevator
42 4 42% 42% 42%
September delivery in elevator- - 42% 42% 42% 42% 4334 42%
4354 43%
Indianapolis
Omaha
2341
Corn.
Wheal.
Oats.
bush.
bush.
bush.
760.000
291,000
308,000
771,000 1.790,000 3.002,000
Rye.
bush.
Beam.
bush-
160,000
32,000
Total Apr1110 1926-.31,119.000 35.527,000 50.671,000 13,308,000 5,012,000
Total April 1928____32,044,000 36.485.000 52,023,000 13,443,000 5,195,000
Total Apr1111 1925__55,244.000 30,761,000 58.606,000 20,066,000 3,498,000
-Bonded grain not included above: oats, New York, 156,000 bushels;
Note.
Boston, 101,000; Baltimore, 72,000: Buffalo,97,000: Duluth, 110.000;total,536,000
bushels. against 455,000 bushels in 9125. Barley, New York. 235,000 bushels;
Boston, 306,000; Baltimore, 32,000; Buffalo, 376,000: Duluth, 136,000; tout].
1,085,000 bushels, against 547,000 bushels In 1925. Wheat, New York, 949,000
bushels; Boston,60.000; Philadelphia, 539,000; Baltimore, 594,000; Buffalo, 1,701,000; Duluth, 392.000; Toledo, 280,000; total, 4,515,000 bushels, agalnEtt 5.440.000
bushels in 1925.
Canadian
Montreal
3,460,000
148.000 1.029.000
122,000 1.014,000
Ft. William & Pt. Arthur-42.068,000
8,510.000 1.806.000 .8089,000
" afloat
5,818,000
511,000
127,000
Other Canadian
4,874,000
1,139,000
57.000
704,000
Total April 10 1926_ __56,220,000
146,000 9,189,000 1,985,000 7,914,000
Total April 3 1926.-56,689,000
134,000 9,537,000 2,004.000 8,048,000
Total April 11 1925_ A1.789,000
168,000 19,748,000 2,317,000 7.504,000
Summary
31,119,000 35,527,000 50,671,000 13,306,000 5.012,000
American
Canadian
56,220.000
146,000 9.189,000 1,985,000 7.914.000
Total April 10 1926_87,339,000 35,673,000 59.860,000 15,291,000 12,926.000
Total April 3 192688,733,000 36,619.000 61,560,000 15,447,000 13,433,000
Total Apr11111925.-97,033,000 30,929,000 77,854.000 22,383,000 11,002.000
COMMENTS ON APRIL 1 WINTER WHEAT AND
-The United States Department of AgriRYE REPORT.
culture at Washington on April 9 in issuing its report showing the condition of winter wheat and rye on April 1, which
was published in full in our issue of last Saturday, also made
public the following comments:
-On the whole, the winter has been favorable for winter
Wittier Wheat.
wheat, and prospects show substantial improvement since last fall. On
April 1 the condition of the crop was reported as 84.1% of normal. During
the past ten years the average condition on that date has been only 79.2%.
Last December, the condition of the crop was 2.2 below the ten-year average
December condition. Although the plants are small In the winter wheat
belt, they have generally stooled well and have a good root growth.
Reports from the northern strip of the belt state that much of the crop
is still under snow. Due chiefly to late sowing and to cold weather during
March the condition of winter wheat is reported as quite low practically
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG. everywhere east of the Mississippi River and north of the Ohio River. A
Sat. Mon. Tues. Wed. Thurs. Fri. low condition is estimated for Ohio, Indiana and Illinois, where it is 2.6
and 9 points, respectively, below average. West of the Mississippi
May delivery in elevator
cts- 50% 50
50% 51% 51% 51% condition on April 1 was well above the ten-year average for that time of the
the
July delivery in elevator
50% 50
5054 51
51% 51% y.,mr except in Missouri. South Dakota and California. and in the latter
October delivery in elevator
4654 46% 4734 47% 48% 47% State good rains have fallen since the first of the month.
In the Southwest and as far north as southwestern Kansas the crop has
Rye has been dull and early in the week declined with no
recently been favored with good rains.
sign of the much-wanted export demand. The American favored by warm weather anti the crop hasThe Pacific Northwest has been
made an unusually good start.
Am.
-Rye is raised mostly in the northern tier of States and adjacent
visible supply decreased last week 137,000 bushels, as
on
on largely under snow on
against an increase in .the same week last year of 188,000 onescropthe south, in a r ate last fall and, like winter April 1, this year.
was mostly sown
The
wheat, entered the
winter with a condition below the average.
bushels. The total is now 13,300,000 bushels, against
winter wheat, it
20,- not improve during the winter, but declined Unlike83.8% on Dec. 1did
from
to
066,000 a year ago. Later prices advanced 112c.
/ with ru- 80.2% on April 1. On the latter date, its condition is below the ten-year
mors of export business, but not confirmed. The
average of 86.6%. Favorable weather may cause much improvement.
No. 2 white
decided rise
in other grain, however, helped to put up rye. To-da
WEATHER BULLETIN FOR THE WEEK ENDED
y prices
took a turn downward in sympathy,partly, with a
APRIL 13.
-The general summary of the weather bulletin
reaction in other grain. Wheat dominated it noticeable
the Departmen
anything else. Export sales were small. Themore than issued by the weather t of Agriculture, indicating the influence of
for the week ended April 13, follows!
took a little. It was not enough to have any Continent
The week was characterized by a continuation of unsettled, showery.
influence.
Speculation is purely a professional and local
and generally cool weather in most central and eastern sections of the
affair. Out- country. At the beginning a depression was central over northwestern
siders pay no attention to it. To give the
Texas, with high barometer readings in most of
TemperaIt will be necessary to have a big foreignmarket real snap tures were subnormal in the latter area, but warmthe North. the season
weather for
is no sign of it now. Final prices show a demand. There prevailed in the South. This "low" moved eastward to the northern
rise, however, for portions of the central Gulf States, and thence northeastward over the
the week in response to the advance in
attended
precipitation from the
other grain of Middle Atlantic area, with some by widespread the lower
Great Plains eastward
heavy mina in
about 2c.
Missouri and
DAILY CLOSING PRICES OF RYE
FUTURES
Sat. Mon. Tues.
May delivery in elevator
cts- 89% 89
9134
July delivery in elevator
913 90% 92%
September delivery in elevator
91% 91% 9351
Closing quotations were as follows:
IN CHICAGO.
Wed. Thurs. Fri.
90% 91% 90%
91% 9354 91%
92
94
9254
GRAIN.
Wheat New York
Oats. New York
No. red f.o.b
1.93% No. 2 white
53%
No. 1 Northern
No. 3 white
52%
No.2 hard winter.f.o.b
1193: Rye. New York
Corn. New York
No. 2, f.o.b
No.2 yellow (new) N. Y..---89% Barley.
El 02%
New York
No.3 yellow (new)
86% Malting
82@)85
FLOUR.
pr1ng patents
$8 60(49 10 Rye flour, patents
IS 5046 00
ears, first spring
7 50a8 00 Semolina No.2,lb
Soft winter straights
5%
8 00a 8
Oats
Hard winter straights.-- 8 60a 9 50 Corn goods
2 75s 2 85
10
flour
Hard winter patents- _ 9 10a 960
2 300 2 40
Barley goods
Hard winter clears
7 50a 8 00 Nos. 2.3 and 4
Fancy Minn. patents_
4 25
10 45011 20 Pane pearl No.
s
2. 3
Cita inills
10 60a11 20
7 25
For other tables usually given here, see
page 2151.
The visible supply of grain, comprising
granary at principal points of accumulationthe stocks in
at lake and
seaboard ports Saturday, April 10, were as
follows:
United States
New York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
Toledo
" afloat
Detroit
Chicago
" afloat
Milwaukee
" afloat
Duluth
" afloat
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St.Joseph, Mco
Peoria
GRAIN STOCKS.
Wheat,
Corn,
Oats.
Rye.
Barley.
bush.
bush,
bush.
bush.
bush.
405.000
48,000
682,000
211,000
25.000
13,000
8,000
6,000
392,000
106,000
494,000
23,000
21,000
307,000
224,000
50,000
39,000
5.000
24,000
201,000
207,000
77,000
248,000
14,000
1,656,000 2,542,000 1,282,000
32,000
302,000
654,000
350,000
199,000
8,000
4.000
245,000
165,000
40,000
140,000
15,000
^,251,000 18.811.000 5,217,000 2.983.000
384,000
1,741,000 1,969,000
312,000 1,486,000 1,130,000
185,000
119,000
205,000
92,000
128,000
166,000
9,799,000
11,724,000 5,664,000
643,000
150,000
63,000
6,423,000
593,000 19,296,000 3,597,000 3,341,000
244,000
213.000
491,000
9,000
21,000
789,000
958.000
711,000
12,000
47,000
3,059,000 5,061.000 3,057,000
133,000
66,000
1,511,000
24,000
55,000
1,090,000
381,000
15,000
6,000
2,000
1,000
87,000
612.000
Ohio valleys.
On Wednesday, the 7th, another disturbance was charted off the central
California coast and rains had again set in over central and southern districts west of the Rockies, terminating in further heavy falls In California.
Los Angeles reported 2.66 inches of rainfall for the 24 hours ending at
5 a. m. April 8 and, at the same time, the amounts were large in the interior of the State. In the meantime, high pressure and much cooler
weather had overspread the central and eastern portions of the country
and, during the latter part of the week, pressure was low in the South and
relatively high in the North, causing a continuation of cloudy and wet
weather in most sections east of the Rockies. with abnormally low temperatures in more eastern districts.
Chart I shows that the average temperature for the week was subnormal
from the Rio Grande Valley northeastward over the Lake region and North
Atlantic States. It was especially cool from central Texas and eastern
New Mexico to the extreme lower Missouri Valley where the weekly mean
temperatures were from 6 deg. to as much as 12 deg. below normal, and
also in the interior of the Northeast where like deficiencies are shown. It
was warmer than normal in the Southeastern States,in the Northwest,and
generally west of the Rocky Mountains. While the weather was rather
persistently cool in the interior and Southwest, no unusually low temperatures occurred during the week, as freezing did not extend farther south
than the highlands of eastern Kentucky and southern Missouri. The lowest temperature reported from a first order Weather Bureau station was
6 deg, above zero at Northfield Vt.
Chart II shows that precipitation was moderate to rather heavy in
practically all sections east of the Mississippi River, and also in the
Mlociosippi States from Missouri and southern Kansas southward.transamounts exceeded 2 inches in much of the southern Great Plains The
and
parts of the Ohio Valley. It was also heavy in most of the far West,
especially in California, but in the more northern
from the
region westward the week was generally fair with Statesstations Lake
many
reporting an inappreciable amount of precipitation. There was an abundance
of sunshine in most northern districts, but much cloudy weather
prevailed in the South. especially in the northwestern portion of
the Cotton Belt.
Frequent rains during the week further retarded farm work from
the
middle Groat Plains and lower Missouri Valley southward, and
also In
most sections east of the Mississippi River. However, the week
favorable in the South Atlantic and East Gulf States from was fairly
Virginia
Alabama and considerable plowing and planting was accomplished to
in
this area, although some localities continued too wet. Very little
was possible in the Ohio Valley and the southern trans-Mississippiactivity
States,
where seasonal farm operations are becoming backward.
Most of the week was fair in the western upper Lake region
Central-Northern States where work made better progress, andand in the
there was
very little interruption by rain over the northern Great
Plains. The
latter area is becoming dry, however, with moisture
needed quite generally in northwestern Iowa and from Nebrasks northward to the
Canadian
border.
West of the Rocky Mountains conditions were very
favorable, except
that rain is needed in part of the Pacific Northwest.
southern portions of this area generous rains further In the central and
improved
cultural outlook, with the range showing marked betterment the agriover most
of the great southwestern grazing sections. In California
there was some
local damage by heavy rains, but this was negligible
compared with the
benefit that will be derived from the increased moisture.
SMALL GRAINS.
-The cool, wet weather has somewhat
retarded the
growth of winter wheat over most of the belt, but there
progress in all sections, and in Oklahoma. Texas and has been some
Arkansas conditions have been very favorable. The condition of the crop
in Oklahoma
and Texas is very good to excellent. In Kansas
wheat was benefited
THE CHRONICLE
2242
by the rain sad is now jointing in the extreme south, while in Nebraska
condition is very good, but rain is needed. In Missouri and the Ohio
Valley there has been little change In condition. In the Dakotas seeding
spring wheat is general, but rain Is needed for germination. Winter
oats are fair to very good and seeding spring oats and barley Is active
In the northern Plains region, but very backward In the central valleys.
The weather during the winter was, in general, favorable for winter
wheat and the crop came through in good condition in most sections. In
the extreme lower Missouri and the Ohio Valleys seeding last fall was considerably delayed, because of continued wet weather, and much of that
sown late did not get a good start before winter set in. The late-seeded
at the beginning of spring was In rather poor condition, but from Texas
northward to Nebraska, which area includes the heaviest producing section of the country, winter weather conditions were unusually favorable
for the crop. The Department of Agriculture reports the condition of
wheat, as of April I. to be 84.1% of normal, which is the best showing
at that time of the year since 1921.
CORN.—Very little preparation for corn planting was accomplished during the week In the interior of the country because of wet soil and cool
weather. This was particularly true In the Ohio and extreme lower
Missouri Valleys and in the southern Great Plains. but in Iowa work was
active in many sections and preparations for seeding are about normal in
the western portion of the State. Some planting was accomplished in the
Southwest. but generally from the lower Mississippi Valley westward this
work was practically at a standstill, with the cool, wet weather unfavorable for germination of seed already in. In the East some corn was
planted as far north as eastern North Carolina, but at this season in an
average year planting begins as far north as southern Virginia, extreme
southern 'Illinois, and central-eastern Kansas.
COTTON.--Conditi ns were fairly favorable for cotton in the southeastern portion of the belt whore farm work made some advance. though
planting was mostly retarded. Good progress was made in seeding in
southern Alabama. and this work WM becoming general in central and
southern Georgia and progressing In South Carolina. Poor to only fair
stands are reported from Florida and much replanting Is necessary. West
of the Mississippi River very little additional planting could be accem.
plished during the week because of persistently cool, wet weather, and the
early-seeded is not germinating well The crop made very good progress
In extreme southern Texas, but poor elsewhere in that State, and very
little has as yet been planted in Oklahoma.
—Th— Weather Burealialso furnishes the following resume
e
—
of the conditions in the different States:
Virpinia.—itichmond: Warm most of the week; cold at close. Good
progress in plowing; farm work well in hand, except in southeast where retarded. Favorable for winter grains. Potatoes coming up. Early fruit
bloom abundant and prospects continue good.
North Carolina.—Raleigh: Week closed cold and rainy; rainfall heavy
In east. but weather favorable until Saturday with good progress in farm
work. Season for early planting about two weeks late. Some coin
planted in east and some cotton in southern coastal plain. Truck made
slow progress: potatoes coming up to irregular stands.
South Carolina.—Columbia: intermittent rains and warmer weather
favorable for growth and all vegetation shows marked improvement.
Plowing delayed by wet soil and season about 10 days backward. Winter
cereals and truck thriving. Cotton. corn, and potato planting progressing; some cotton and corn sprouted along coast. Tree fruits fair to good.
notwithstanding recent freeze.
Georgia.—Atlanta: Temperatures favorable, but frequent showers
, keeping soil too wet in many counties: farm work made fair progress, however. Planting cotton and corn becoming general over central and southern
divisions; some up. Early corn poor and much reseeded. Bedding
sweet potatoes about finished. Tobacco plants good. Apples blooming and condition of peaches more promising. Wheat, oats and rye large
and thrifty.
Florida.—Jacksonville: Heavy rains and wet soil delayed farm work in
many sections and damaged truck over large area. Corn and cotton poor
to only fair stands and much replanting necessary. Oats improved; setting tobacco general. Citrus groves excellent; heavy bloom. Moderate
shipments of tomatoes and other truck from south.
Alabama.—Montgomery: Warm with three fair days and remainder
showery. Farm work retarded locally. Cotton planting good progress
In most sections of south and beginning in middle; none planted in north.
but ground being prepared: some coming up in south. Corn planting
quite general. Potatoes coming up in south; planting continues, but transplanting sweets not begun. Peaches surviving March freezes doing well.
Mississippi.—Vicksburg: Moderate to heavy rains; cold Thursday and
Monday nights. Wet, cold soil adversely affected cotton and corn planting with seasonal progress only poor. Progress of pastures mostly good.
Louisiana—New Orleans: Moderate to heavy rains further delayed
planting, and farm work considerably behind season. Much corn to be
planted or replanted and progress in growing poor. Poor progress in
planting cotton, and too cold for satisfactory germination. Some rice
planted in mud; cane backward. Strawberries ripening and moving
slowly.
Texas.—Houstsn: Moderate to excessive rains at middle of week, except in extreme south, stopped farm work. Progress and condition of
pastures, wheat, oats, and winter truck very good to excellent. Hail
damage severe in Laredo onion district on 6th. Progress and condition
of corn and spring truck poor with stands irregular. Progress and condition of cotton very good in extreme south, but poor elsewhere with
or germination; some cotton planted first half of week, but this work
backward, except in extreme south.
Oklahoma—Oklahoma City: Cold, with moderate to heavy rains,
caused suspension of most farm activities and vegetation made little
progress; sunshine deficient. Very little cotton planted. Wheat very
good to excellent condition; oats, potatoes, pastures and alfalfa good; unfavorable for germination of corn and some replanting necessary. Livestock water plentiful.
Arkansas.—Litle Rock: Moderate precipitation in east and south
favorable but farm work delayed elsewhere by heavy rains. Some cotton
and considerable corn planted, but cold, cloudy weather unfavorable,
especially for cotton. Very favorable for wheat, oats, rye, meadows,
pastures, and truck. Much land ready for sowing rice. Peaches excellent
In south, but killed in most of northern half.
Tennessee.—Nashville: Week averaged about normal warmth; consideraole rain. Farm work backward. Unfavorable for Wanting corn;
some wheat and oats improved, but much is dormant. Early tobacco
plants killed; later plants up. Small acreage of oats sown; some up to
average stand. Truck and vegetables poor.
Kentucky.—Louisville: Generally cold and wet and everything backward. Little plowing or planting and much of potato crop has not been
planted. Some oats
acreage reduced by bad weather. Tobacco
plants coming up slowly. Condition of early-planted wheat fair; conup*'
tinues to Improve, but considerable late wheat being plowed up. Pastures,
alfalfa, and rye improving; much clover resown.
THE DRY GOODS TRADE.
Friday Night, Apr. 16 1926.
Encouragement derived from the successful termination
of the rug and carpet auction was negligible and other divisions of the textile markets continued lethargic during the
past week. Last Saturday the Alexander Smith & Sons Carpet Co. completed their auction wherein a total of 95,217
bales of rugs and carpetings were sold for $5,900,000. The
last two days were said to have been particularly active
when larger buyers added their bids, making possible a successful close. On Monday the company conducting the sale
issued their price lists covering production for the fall season. Compared with the previous levels of Nov. 2, quotations ranged from unchanged to $140 lower. It was announced that the company will guarantee these prices
against a decline until Oct. 1, but will impose a 10% increase on the lowered prices after June 15. The latter action has afforded a better outlook for the second half of the
[Vol. 122.
season. As in various other sections of the textile markets,
plans for curtailment of production have been progressing.
For instance, the Stephen Sanford mills are operating three
days a week and other companies were said to be considering a like move. The only factor retarding such a schedule is the hope for higher prices, primarily based upon the
firm showing made at the Smith auction, and especially
pikes for the higher grades of merchandise. After the close
of the sale, buyers were scarce and the market slipped back
into quietness. A better interest is expected to develop
after the beginning of next month. In regard to silks, conditions continued dull and in some instances fabrics were
sold at substantial concessions. Openings of fall lines are
expected about the end of the current month, although the
general tendency is to delay them as long as possible, owing
to uncertainties concerning values and buyer's desire to
operate as closely as possible. Lower prices are expected
and various opinions place the average recession between
10 and 15%.
DOMESTIC COTTON GOODS: Markets for domestic
cotton goods continued quiet and showed little change in
trend during the week. Buyers, interested only in fillihgin orders, limited their contracts to the smallest lots possible. No increase in demand is expected until the advent
of broader activity in retail channels. In the meantime,
plans for the curtailment of production have been furthered
so as to avoid accumulations of stocks. Many mills have
already reduced operations and others are considering the
advisability of stopping mills at least two days a week.
However, the process has been slow and has not been making
progress fast enough to appreciably affect prices. The
feeling that if sales were pressed, lower prices would be
inevitable, had more of an effect than did the talk of curtailment. Nevertheless, despite the foregoing, the Census
Bureau reported bales of lint cotton consumed during
March as 634,593, against 567,244 in February and 583,407
bales during March 1925. The former is the largest amount
on record and exceeded the heretofore matchless total of
623,105 bales in March 1923. Also, active spindles were
larger than at any time during 1925, numbering 33,233,382.
All of these figures were very puzzling to the trade and
were variously interpreted. Some believed that this increase of nearly 12% in consumption explained the furtherance of plans for curtailment; also why leaders of the industry believe that steps must be taken to prevent a further
accumulation of goods. Others preferred to consider It as
an evident sign that recent complaints of slowness have
been greatly exaggerated. The latter believe that the consumption of a nation numbering approximately 115 million
persons and increasing at the rate of about 1,500,000 a year
must be huge, whether the buying is done in small lots at
short intervals or vice versa. With wages and the standard
of living of the people in this country the highest in the
world, it must follow that they buy proportionately. A
meeting of manufacturers and merchants will be held at
Spartanburg, S. C., starting to-day (Friday, 16th inst.) to
discuss the need of curtailment. Another will be held at
Boston, Mass., by the National Cotton Manufacturers Association, at which the state of trade will be considered at an
open forum. Print cloths, 28-inch, 64 x 64's construction,
are quoted at 51fic, and 27-inch, 64 x 60's, at 5%c. Gray
goods in the 39-inch, 68 x 72's construction, are quoted at
8%c., and 39-inch, 80 x 80's, at 11%c.
WOOLEN GOODS: Conditions in the markets for woolens and worsteds have been quiet and irregular. While
sales of men's wear fabrics have not been large, they have
more than equaled the total for women's wear. In the latter
division, labor troubles at mills operating in the Passaic
and Garfield districts forced the postponement of their fall
openings until the latter part of the current week. Illustrative of the intense efforts to stimulate buying was the action
of the American Woolen Co. in increasing from 5 to 7% the
rebate on business in excess of one million dollars. Thus
far, buying of spring merchandise has been very spotty and
clothing retailers have been holding off their sales hoping
that in the event of warmer weather they would be able to
sell the goods at their original mark-ups. It was reported
that an early selling movement would be launched in men's
wear summer clothing. Particular stress Will probably be
laid upon new patterns and weaves. A general advertising
campaign will commence about May 15.
FOREIGN DRY GOODS: A further decrease in demand
was noted In most sections of the linen markets. While
the outlook was conceded to be favorable, current orders
have.
failed to encourage factors. This was particularly
true in the handkerchief division where, with the passsing
of the Easter season, merchants have found their sales
steadily dwindling. However, some orders were received
for filling-in purposes. During the week, many complaints
were heard throughout the trade. Notable among these were
allegations that local buyers were losing their sense of intrinsic values coincident with the steady disappearance of
the old school of buyers. As to foreign conditions, reports
from Belfast told of improving demand, especially for dress
linens. It was also claimed that in some instances Czechoslovakian mills were sold through July. Burlaps were dull,
owing to holidays in the Calcutta market. Forward orders
have continued conspicuous by their absence. Light weights
are quoted at 7.00 to 7.05c., and heavies at 9.70c.
APR. 17.1920.]
THE CHRONICLE
*tate and litg Department
(
MUNICIPAL BOND SALES IN MARCH.
We present herewith our detailed list of the municipal bond
issues put out during the month of March, which the crowded
condition of our columns prevented our publishing at the
usual time.
The review of the month's sales was given on page 20S6 of
the "Chronicle" of April 10. Since then several belated
March returns have been received, changing the total for
the month to $114,195,418. The number of municipalities
issuing bonds in March was 345 and the number of separate
issues 455.
Name.
Rate. Maturity. Amount. Price. Baste.
Page.
I660-Abington Twp.,Pa
434 1936-1956 $400.000
1503_ _Adrian S. D., Mich
300.000 102.88
434
1814__Absecon, N. J
4
s
1927-1956
65.000 101.12 - :46
5 X 1935-1964
1660_ _Alice, Texas
50.000 103.40
1814__Allegheny Co.. Pa.(6 Is.) 434 1927-1956 6,589.000 101.317 4.13
4.74
1927-1966 240.000 103.84
1660_ _Amarillo Ind. S. D..Tex-5
_ 1927-1944
r60.000 100.54
1504 _ _Arlington Ind. S. D.. Ia
1814 _ _Ashtabula S. D Ohio---5
5.00
350.000 100
2245_ _Aurora Water Dist. No.3,
Colo
6
1927-1931
20.000
1948__Avon-by-the-Sea, N. J.
5
(2 issues)
1927-1935
5.00
50.000 100
1814__Bainbridge Un. Fr. S. D.
No. 11, N.Y
434 1929-1959 100.000 100.33 4.48
1350_ _Bartow, Fla
6
1927-1936 225.000
98.50
1948_ _Battle Creek S. D..Mich.434
475,000 102.66
1948_ _Bayonne N.J
434 1928-1961 1.769.000 102.01
4.34
1814_ _Bazine, Can
1927-1946
4.75
r50.000 HO
5
2088_ _Beaver City. Nob
1932-1943
4 96
12.000 100.40
1949„Beaumont, Tex
5
1928-1962
48,000 14)1.53
4
1926
1949 Belmont, Mass
140.000 100 32
1350-Be1oit Un. S. D. No. 2,
Wis
4% 1927-1939
4.31
80,000 101.41
1814...Renton County. Ind
434
24.000 101.08
1504_ _Berlin Heights, Ohio---5X 1927-1935
4
3,800 102.50 - :64
1949_ _Bergenfield S. D.. N. J.
5
(2 issues)
1926-1939
5.00
24.500 100
2084_ _Berrien County. Mich_ _ _4 X
123 con 100.11
-years 236.610 100.01
2245_ _Berrien Co., Mich.(3 iss.)4 X 1-10
1936
1350_ _Bessemer, Ala
6
5.34
135.000 103.15
60 000 101.573
2088-Bethany Sch. Dist., Mo_4 SI 1927-1945
1504_ _Blount County.Tenn_ __ _5
1931-1956 150.000 104.60 ail
1660_ _Boone, No. Caro
6
1929-1946
5.98
50.000 100.20
1660_ _Bossier Parish Con. Road
Dist., La
434 1927-1965 1,389.500 100.027 4.49
1949__Boulder Co. S. D. No. 1.
Colo
4St
r15.000
1814-_Bradenton, Fla
6
1936-1956 265,000
96.00 6.36
1814-Bradenton,Fla.(5 Issues) 534/10, 15, 20.1 783,000
95.00
125 & 30 MI
1660Breckenridge Ind. S. D.,
Tex
100.000 100
1949-Drecicenridge, Colo
r17,000
1804__Brookfield Twp. Rur. S.
Dist. Ohio
5
1927-1943 100.000 103.009 4.80
1660- -Bryan./l'exas
serially
5
25.000 101.09
2089Burke Co., No. Dak
1931-1936
70.000 102.85
1504_ _Burke County. Ga
1936
4.57
100.000
99.46
1660_13urlingten Co., N. J_ -- -5
1927-1936 195.000 103.27
4.30
1949_ _Bush Cons.S. D.,Ga--- -6
1932-1943
6.000
_Caledonia. Mina
2089_
434 1931-1942
30.000 100
4.50
1350--Cambridge, Mass.(2 is.)_4
1927-1956
55.500 100.57
3.94
1814_ _Camden County, N. J--4 X 1928-1959 1.811,000 100.35
4.23
1604.
.Camp Hill S. D., l'a
434
40.000
1814_ _Canon City, Cele
.534 20 years
48.707
98.50
j949__Centurta, 'Whi
5
1946
13.500 100
5.00
2245_ _Charlotte Ca. I. D.
No. 2, Fla
6
1927-1951 200.000
1949-Chattanooga, Tenn. (4
issues)
1926-1940 1.085,000 106.649 4.57
5
1949__Chleago, Ill
4
1927-1944 1.385,000
99.0321 4.13
1504-Clay Co. Dr. Dist. N.. 5,
Iowa
4A 1930-1936
13,400 101.27
Co. Spec. ltd. &
2246_Clay
Bdso. Dist. No.4, Fls-6
1930-1955 515,000 96
4.35
2089--Clayton Bch. Dist., Me_ _434 1928-1946 140,000 101.43
4.36
1504_ _Cleveland, Ohio (7 iss.) _ _4 A 1927-1951 8,416.0001
1504-Cleveland, OM*
4( 1926-1935 2.500,000J 102.106 4.26
1350_ _Clinton County, Mich- 4 A 1927-1931
37.000 100.34
1814_ _Cocoa, Fla
6
1927-1935 198,000
1505_ _Columbia Sch. Dist.. Me _4 X 1937-1946 415.000 100.93
2089__Constantine S. D., Mich _4 X 1927-1956
95,000 101.30 4.37
1949_ _Coos County. Ore
1931-1940 300.000 100.53 4.69
1505__Coraopolia,Pa
1931-1945 275,000 101
4.40
1815__Corning S. D. Ne. 13,
111
N.Y
43.4 1927-1971 450,000 102.31
4.33
2089Council Chute Drain.
Dist. Ark
5
1931-1950
64,000
1950- _Custer'
County, Mont--53
, 1927-1946
1
50,000 100.73 5.16
1505--Cuyahoga Falls, Ohio (3
Issues)
6
1927-1936 180,535 106.17
4.86
1950--Cuyahoga Co., O.(8 las.) 43.4 1927-1941 305.100 100.70 4.48
1950--Cuyahoga Heights, 0h10-514 1927-1936
41,759 104.13 4.72
1950_ _Dallas County, Texas- _ _6
1-40 yrs.
40,000 100
6.00
2089__Dalton, Nab
5
1946
r21,000 100
5.00
1661--Davlass County, Ind----431 semi-ann.
80.000 102.92
1505_ -Dayton. Ohio
434 1927-1951 500,000 101.55
4.34
1661- _Deaf Smith Co. Common
Sch. Dist., Tax
5
1927-1946
4.000 100
5.00
1950- _De Baca Co., N. Max._ _ _5
20 years
37.500 100
5.00
1950- _Deer Creek S. D.. Iowa_ _4 A 1927-1938
18.000 100.08
4.49
1950_ _Denver, Colo.(7 issues) 6
1-10 yrs.
106.200 102.48
1815-Des Moines, Iowa
434 1931-1955 375.000 103.14
4.23
1505- _Dona Ana Co.. N. Mex- _42
4 1927-1933
r35.000
1950__Dover Twp., N.J
534 1927-1938
34,000 102.75
4.97
1950__Dove's Creek S. D.,
1929-1936
5,000
1815_ _Duluth, Minn
434 1927-1946 200,000 102.588 4.19
1505_ _Duncan, Okla
5
250,000 100
5.25
1950_ _Dunkerton Con. 8. D.,Ia.4
1-20 yrs.
128,000 100.80
1661__Dunn Graded 3. D., No.
Caro
5
1929-1956
60.000 101.61
4.87
2089. Durand. Wis
5
1929-1940
39,000 104.43
4.43
1605__East Lansing S. D., Mich.4 A 1929-1955 200.000 102.77
4.28
-Edgerton Cons. S. D.No.
2246
1, Mo
1927-1946
38,000 102.63
1661__Elbert Co. S. D. No. 43,
Colo
5
20 years
r4,500
1505__Elyria, Ohio
534 1928-1937
50,000 105.02
4.
5
1950_ _Enid, Okla
1941
25,000 103.32
4.69
2089_ _Epsom Sch. Taxing Dist..
No. Caro
6
1927-1956
30.000 101.25
4.87
.Erie.'Pa. (2 issues)
434 1928 to '56 225,000 102.83
1815.
4.24
1950_ _Essex County, Mass
4
1927-1931 225,000 100.31
_Eudora, Ark
2089_
16,000
2089__Faber Cons. S. D., Mo 5
1-19 years
35,000
1931
500,000 100.092 4.23
1505- Fayette Co., Pa
__Fellsmere Drain. Dist.,432089
6 1931-1949 700.000
Fla
1927-1965
85.000 100
1950- _Floydada Ind. S. D..Tex_5
5.00
1815__Forsyth Co., No. Caro.
434 1927-1956 525.000 100.10
(2 issues)
4.49
Dodge, Iowa
1928-1936
434
11.000 100.31
1950_ -Fort
4.45
1927-1935 1.098,000
95.70 ---1815.-Fort Pierce, Fla
M
2243
Page.
Name.
Rate. Maturity. Amount. Price. Basis.
200__Fort Smith, Ark
5
1928-1935
r25.000 101.06 4.75
1505_ _Frankfort, N. Y
4
4g
52.000 100.155 _- -1661_ _Franklin, Tenn
1936-1955
25.000 100.50
4.72
1505_ _Franklin Iswp.-Lake
Brady Rur. S. D.. Ohio 5
1027-1934
3.900 101.10
4.73
1661_ _Galveston, Tex. (2 1834--5
1927-1955 275.000 100.20
4.98
1662__Garfield Co. Con. S. D.
No. 12. Colo
s
r11.000
1505_ _Geneva. N. Y
4341927-1940
14.000 100.17 :fa
1505_ _Georgetown. Minn
s
1946
5.000 102
4.85
1662_ _Gering, Nab
5
15.000
1662_ _Gering, Neb
5
r12,500
1662_ _Gering. Nab
534
40.000
2247_ _Glenbard Twp.High S. D.
No. 87. III
1033-1948
5
60,000 108.48 4.26
1505_ _Glendale City S. D.,Callf.5
1947-1965 264.000 107.76
4.53
1815_ _Gloucester, 'Mass
4
1927-1956
30,000 100.54 - - -1815_01oversville. N. Y
4.14 1927-1931
50.000 100.02
4.49
1815_ _Gowrie. Iowa
4X
18.000
1815_ _Graham, No. Caro
5
1929-1946
65.000 100.31
4.97
1506__Grand Junction. Colo_ _ _ _Of
1938
64.000
97.775 5.09
1951_ _Grand Junction Pav.Dist.
No. 15. Colo
434 12 years
190,000
97.75
4.89
1951__Grand Rapids and Paris
Twp. Or. S. D. No. 3.,
Mich
43i 1927-1951 450.000 102.00
4.29
1951_ _Graves County. Ky
5
1931-1949 150.000 102.66
1951_ _Grapevine, Tex
6
30.000
97.30
1506_ _Green County, Wis
5
1938-1941 450,000 107.77
4.26
1662_ _Greenburgh (Town) Un.
Free S. D. No. 3. N.Y_4ii 1941-1952
58.000 102.707 4.31
1815_ _Groveton, Tex
6
50,000 97.50
- 1506_ _Gulfport, Miss
534 Y9274936 650,000
1662__Gunnison Co. S. D. No.
434
11, Colo
100,000 100
4.50
1950_ _Guntersville, Ala
6
1946
15.000 93
2090_ _Guntersville. Ala
6
1946
15.000 93
6.64
1815_ _Halls, Tenn
5A
40.000
1662_ _Hamblen County, Tenn.
an years
(2 issues)
68.500 101.28
434
5
1927-1946 140.339 105.10 - a
1951_ _Hamilton Co., Ohio
a
1927-1946
1951_ _Hamilton County. Ohio_ .5
37.759 104.55
4.42
1927-1946
1951_ _Hamilton County. Ohio_ _5
88,934 104.78
4.41
1927-1946
1951_ _Hamilton County. Ohio- -5
32.939 104.17
4.45
1927-1936
1951_ _Hamilton County. Ohio_ _5
24.379 103.50
4.23
19.51_ _Hamilton County. Ohio_ _5
1927-1943
17.763 104.13 4.45
5
2247_ _Harrison Co., Ind
1-10 years
11,100 105.38
1951_ _Herrin Sch. Dist., III_ _5
1929-1946
85.000
1951 _Hickman Sch. Dist., Neb.
12,000
1351_ _Highland Co., Fla.(2 iss.)6
1927-1955 342.0001 95.13 - 7
6.1r
1351_ _Highland County. Fla...534
1956
212.000f
1816_ _Hillsboro. 111
5
d1931-1946
40.000
_Hillsborough Co. Special
1351_
Tax S. D. No.45, Fla_ _5
1928-1952 600.000
90.10 6.14
2090_ _HillsborotvzhCo.Spec.Rd. .
& Br. Dists.,Fla. Iss.)8
(2
1928-1955 2.350.000
97.21
6.27
1662_ _Holdredge, Nab
5
2-10 years 100.000 100.06
1816_ _Hollister Con. S. D., Mo_6
17.500
1351__IIornell, N. Y
43.4 1926-1932
34.034 100.16
4.43
534_
1951_ _Humphreys Co.. Miss
100.000
1506_ _ Huntington Ind. Sch.
Dist.„Calif
43.4 1927-1938 272.000 100.04
4.49
2247_ _Huntsville, Ala
6
1936
450,000 101.00
5.87
1951_ _Huron Ind. Sch. Dist.,
So. flak. (2 Issues)
__ 1927-1946 135.000 100.05
4.49
6
2247_ _Iberville Parish, La
1927-1936
50.000
.
6
1927-1930
1816 _ Independence, Ore
2,000 100
6.00
2090_ _Jackson Co. S. D.6. Ore-5
1927-1946
40.000 100.41
4.95
Jefferson Co., Miss
6
2247_
1927-1951
95,000 101.57
1951_ _Jourdanton, Tex
534 1929-1956
40.000 100
"5:80
1951_ _Kalamazoo. Mich
1927-1936 190,000 100.79
_--1951_ _Kane County Ind. Sch.
Dist. No. 129, Ill
1928-1935
40,000 100.87
4.34
_Kansas City S. D., Mo- -11
1946
1816_
1.000,000 103.57
4.23
1506_ _Kendall Co. Comm. High
Sch. Dist. No. 25, Ill_ _ 5
1931-1945
35.000
43.4 20 Year.
1816_ _King County, Wash
57.281
1029
4
1352_ _Kingston. N Y
10.000 100
4.50
1930-1933 r47,000 101.34
1951_ _Kingston, N. Y
4.24
4
1929-1930
1951_ _Kingston, N. Y
r6.000 100.65
4,32
1662_ _Kit Carson Co. Sch. Dist.
5
1927-1936
r8,100
No. 57. Colo
1952_ _Klamatch Co. S. D.,Ore-534 d1931-1946
25.000 100.86
5.43
2247_ _Knox County, Ind
125.000 101.54
1952_ _Knoxville, Tenn
431 1928-1937 429.000 101.08 1.84
434
1941
2248_ _Kokomo.Ind
113,500 101.38 4.38
1927-1966 210,000
1816_ _La Dallona S. D., Calif_ _5
1946
1662_ _Lafayett e Parish, La_ _ - -434
300,000 100:85- 4.46
2248_ _Laguna Beach Co. Water
6
Dist.. Calif
1936-1955 600.000 100
6.00
1933-1954 110,000 100
1662_ _Lake Alfred. Fla. (3 iss.)_13
6.00
827.000
1816_ _Lake Wales, Fla. (4 iss.)_6
5
1506_ _Lancaster, Ohio
15.000 101.87
1662__La Plata Co. Sch. Dist.
No. 18, Colo
r2,000
53.4 1928-1939
1662_ _La Plata Co. Sch. Dist.
5X 1928-1939
No. 18. Colo
1.500
1662_ _La Porte County, Ind- -5
22,000 103.25
1952_ _Larrabee Con. Ind. Sch.
20 years
105.000 105.91
Dist., Iowa
_
43.4
1957-1960
10,000 107.60
6
1352_ _Lavalette, N. J
5.56
80,000 101.08
1662_ _Lawrence County. Ind__ _4
1956
1506_ _Lee County, No. Caro---4
60,000 102.58
4.60
1952_ _Lehi Agel Impt. Dist.,
100,000 102.87
Ariz
_ _1936-1945
1662_ _Lenthi County, Idaho_ _
50.0001 100.05
4.79
1936-1945
1662_ _Lernhi County, Idaho _5
50,000J
4
1927-1948
1506_ _Lewis County, N. Y
65,450 101.805 3.80
5
1816- _Lenox, Iowa
r20.500
1816- _Lenox. Iowa
434
r12,000
2248__Lincoln County, KY
tq 1931-1955 125.000 100.008 4.49
2
__
Tex
65,000 y103.41
2091_ _Litchfield S. D.,Ill
5
1927-1944
50.000 100
5.00
1352_ _Little Rock S. D., Ark---4%
246,000 100.04 _ _
1952_ _Lodi, Wis
5
1927-1931
500 100.25
1952_ _Lodi, Wls
5
1927-1931
2,000 101.04 --- 1952_ _Logan Twp., Pa
1931-1956 115,000 101.39
4.40
_Logan Beach,N.Y.(2155.)534 1931-1950 387,500 100.139 5.49
43.1952_
1952--Los Angeles City Sch.
Dist., Calif
4.56
1926-1964 4,000,000 105.04
5
1816_ _Lucas County, Ohio
5
1927-1936 195.874 102.93 4.39
1507_ _Luverne, Ala
90.00 6.93
1945
r10.000
6
1816_ _Lynchburg, Va.(5 issues) 434
4.43
1,20'1,000 101.32
1960
2091__Lyons Cons. S. D.. Ga_ _5
65,000
1956
1816_ _McCook. Nob
1:66
17,000 100
2-10 yrs.
5
1952_ _McMinn Co., Tenn
60.000 101.36
414 30 yrs.
4.67
1662- _Madison, Fla
98.00 6.42
6
1927-1936
35,000
2091__Madison. So. Dak
25.000 100.06
43.4 20 years
1507_ _Magnolia, Miss
18,000
534
1816_ _Maine (State o
1927-1941 1,500.000
4
99.62 - 767
4
2091_ _MalheurDrain. Ist.,Ore.6
1928-1943
r30,000 96
6.41
2091_ _Malvern Spec. S. 1).. Ark.6
150.000 102.90
1507_ _Manatee Co. S. D. No. 1,
Fla
1928-1953 260.000 99.50
5.55
1507--Manatee Co. S. D. No.534.8
15, Fla
1928-1952 100,000 95.63 6.49
6
1507_ _Manatee Co. S. D. No.
16, Fla
1929-1956 100.000 97.00
1507_ _Manatee Co. S. D. No. 5,
Fla
6
1928-1947
20.000
95.00 6.62
1507- -Manatee Co. S. D. No.7.
Fla
6
1928-1952
25.000 95.00
6.55
2248__M aple Heights, Ohio5Si 1927-1936 154.024 103.60 4.69
1952_ _Marshall, Mich
434
30.000 101.85
1952-_Martin Co., No. Caro---5
1929-1955 175.000 104.91
2244
THE CHRONICLE
(Vox- 122.
Page.
Name.
Rate. Maturity. Amount. Price. Basis. Page.
Name.
Rate. Maturity. Amount. Price. Basis.
1817__Martinsville. Mo
5
20 years
30,000
2251_ _ Washington Co.,
1517_ _Massachusetts (State on-4
10 years
17,000 102.02 4.74
19V-1946 675,000 101.011 ---- 2251--Waterville, Ohio Tenn- _5
1352-Medford. Ore
534 1929-1936
10.800
5
1923-1955 500,000
1666_ Wauwatosa, Wig
1507-Memphis, Texas
434 1927-1946
80.000 101.85 4.20
534 1927-1956
50,000 103.75
2094._Weld Co. Sch. Dist. No.
1352--Merced Irrig. Dist., Calif. __ 1955 & '56 483.000
121, Colo
2092_ _Mercer County, N.J_ __ _44 1927-1946 979.000
5
1932-1946
70.000
2092_ _Meriwether County, Cia-4)4 1936-1955 100,000 102.19 4.25 1509_Weld County Sch. Dist.
No. 6, Colo
2__Miami Beach, Fla.(9 is.)-534 1927-1946 1.055,0001
434
350,000 100.16 - - _ _
1500.. Weld County Sch. Dist.
2__Miami Beach, Fla
6
1927-1946 469,0001 97.02 6.12
No. 87, Colo
1507-Middletown, Ohio
434
r16,000
5
1927-1936
7,400 101.08 4.78 1666_ _Weld County Sch. Dist.
1507__Middletown, Ohio
7.380 100.98
No. 19, Colo
431
1817__Midland, Mich
18.000
1929-1941 225,000 101.22 4.35 1666-Weld County Sch. Dist.
1507__Minneapolls, Minn
4
1936-1946 539,0001
No. 23, Colo
434
1507-Minneapolls, Minn
Serially
15,000 99.90
5
1927-1935 436,0001 100.27 4.17 1956--Weld County Sch. Dist.
1817-Mobile, Ala.(2 Issues).--5
1956
335.000 107.96 4.51
No. 67, Colo
1817- _Monessen, Pa
434 1934-1943
10,000
434 1942-1956 150.000 103.21
4.29 1818-_West Narriton Twp. Sch.
1663_ _Monmouth Co., N.J
434 1928-1951 284,000 102.91 4.23
Dist. Pa
1663_ _Monmouth Co., N. J----434 1928-1950
434 1931-1956 128,000
23,000 102.48 4.24 1956-West Union.Iowa
434
2092Montezuma Co. S. D.
1937
4,900 101.408 4.59
1818- _Wharton. Tex.(2 issues)-53.4 1927-1966
No. 29, Cob
85,000
51( 1941-1957
8,500
1509__Wichita County Sch. Dist.
1353- _Montgomery Co.. Md--a.434 1927-1943
33,000 100.98 4.36
No. 13. Tex
1507_ _Montgomery Co. S. D.
6
Serially
1.400 100
6.00
1355_ _Wilkes-Barre, Pa
5
No. 66, Ill
59.000 100.05
1929-1944
30,000
1956_ Wildwood, N. J
1317__Mount Dora, Fla
5
1927-1946 271,000 101.66 -4.81
100.000 100.25
1510_ _Williamsburg County.So.
1663-Multnomah 0o.S.D.No.
Caro
5
1927-1956 125,000
1. Ore
434 1929-1946 1,500.000 100.71
4.43 1819- Wiseburn S. 13..
1953__Nashua, N. II
1927-1953 500,000
434 1927-1946
40,000 100.399 4.20 1819- Woodbridge. N JCalif- _5
1507.. Nederland Colo
534
285,000 100.28 --5
1-10 yrs.
r10,500 100
5.00 1510-Woodbury Heights Sch.
1507-Newark, N. Y
5
1927-1946
70,000 100.43 4.44
01st., N. J
5
1507-Newport, N. Y
1927-1955
65,000 101.36 4.96
5
1927-1956
38,970 105.15 4.43 1510--Woodbury Heights Sch.
1.64__Newport First Rural 13011.
Dist., N.J
5
1927-1941
Dist., Ohio
15,000 100.36 4.95
534 1927-1946
58.000 105.85 4.76 1510.
..Woodbury Heights Sch.
1664_ _Newport Sch. Dist.. Ky 4
1931-1966 325.000 100.57 4.47
Dist., N.J
5
1817-Nlles S.D.No. 1. Mich_4
1927-1946
2,000 100
5.00
1927-1936
35,000 100
4.50 1355--Yonkers, N.Y
434 1928-1966 1.000.000
1664 _Nobles County. Minn_ 4
6-20 yrs.
125.000 100.62
1355--Yonkers, N.Y
434 1927-1946 300,0001 103.30 4.19
2092__Norton. Va
/20.000 100
1355- Yonkers,N.Y
th 1927-1946 r300.000
1664_0akfie1d Un. Fr. S. D.
1666-York. So. Caro
No. 1. N.Y
100.000 101.55 --434
325,000 100.21
1510-Ypsilanti and Augusta 31 30 years
1817-O'Brien County. lowa___434 1927-1936 r465.000 100.80
- :55
4
Twps. Rural Agricul.
1817--Oconee Co., So.Caro5
6 years
400,000 100.42
Sch. Dist. No.1, Mich- -- 1930-1950 100,000 101.67 4.36.
1953_0'Donnell S. D..Tex_ __ _6
40 years
65,000 108.36
1953..011 City,Pa
44i 1927-1956 175,000 104.11
Total bond sales for March (345 municipali4.34
2093-01ean,N.Y
434 1930-1943
42.000 101.74 4.29
ties covering 455 separate issues)
1953-_Olean 8.1). N.Y
kj114,195,418
43i
195.000 100.115
1353„Oneida, N.Y
4)4 1927-1936
50.227
d Subject to call in and during the earller year and to mature in the later
4:5ii
1664-Oneida County. N.Y_ _ 4,20 1927-1936 420.000 100.93 100.34 4.08 year. k Not including $71,073,000 temporary loans. r Refunding bonds.
1817-O'Neill, Neb
434
r18,000
y And other considerations.
1817__Oregon City, Ore
6
10 years
98,409 101.05
1953__Orlando, Fla.(2 issues)
-5
19Z7-1936 230,000 97.81
5.48
The following items included in our totals for previous
1953_ _Osceola Co. Jt. Dr. Dist.,
No. 2. Iowa
5
2.842
5.00 months should be eliminated from the same. We give the
1664_ _Ottumwa Ind.S. D.„ la_ _4% 1932-1946 300,000 100
1517-Paducah. Ky.(3 issues).-434 1931-1956 210,000 102.05 4.28 page number of the issue of our paper in which reasons for
101.286 4.48 these eliminati
1353-Palo Verde Union High
ons may be found.
Sch. Dist., Callf
6
1929-1948
Page.
60.000 100.12
Name.
1503„Paris, Ky.(2 issues)
Amount.
5
1927-1946
87,500 103.13 4.61 2247-Inverness. Fla. (6 issues)(Feb.list)
1817- _Pasadena. Calif
200.000
43(
1927
25,000 100.28 4.46 1663_ Miami Fla. (Feb. 26 list)
1953_ _Paterson, N.J
2,650.000
434 1927-1930 1,413,000 100.41
4.31 1507- Monmouth, Ore. (Feb. '26 list)
1664„Perry, Ohio
19,210
6
1927-1931
8,400 103.16 4.65 1664. Ocean Springs ML (Dec. list)
1954- _Perry County, Pa
75,000
4
1927-1938
1664_ Richmond Uri:Frisch. D. Calif. (Jan.'26
60,000
S.
1817-Phenix City, Ala
list)
385,000
6
1936
130,000 102.23 5.70 2094 Weld Co. Sch. Dist. No. 1§1,Colo.(Feb.'26
1353-Philadelphia, Pa
70.000
list)
434 d1946-1976 2,000,000 104.231 4.24
1353__Philadelphia, Pa
434
1941
2,000.000 103.491 4.19
We have also learned of the following additional sales
1353._Philadelphia, Pa
434
1941
124.000 103,491 4.19 for previous
1954 -Pierre. So. Dak
434
months:
Serially
10,000
2249--Plant City,Fla.(2issues)-534
1945
Page.
Name.
410,000
Rate. Maturity. Amount. Price. Basis.
1508_ _Plaqu ine. La
1814-Antioch S. D., Ill
45,000 103.69
1954--Portage County, Wis.---434
$65.000
1933
480.000 100.94 4.35 1660__Broward Co. Spec. Tax
1508-Port Authority of New
S. D. No. 5. Fla
534 1929-1955 500,009 95.00 5.96
York
434 1932-1946 14000.000 97.25 4.785 1660-Cartersville, Ga
5
1930-1950
1354-Portland, Ore
40,000 104.27 4.65
4
1937-1956
1661_ _Conway,So.
1936-1965
1508_ _Port Chester.N.Y. les.)434 1927-1937 2,000.000 95.57 4.33 1950_ _Covington, Oar.(2 iss.)-5
85.000 100.09 5.49
(7
497.000 100.52 4.34
La.(Dec.)_--5,4
1508_ _Port Chester, N.Y
50,000
5
1950._Ferndale, Mich.(Dec.)___5
26,000 101.71
1954__Quincy, Mass. (5 issues)_4
50.000 100.93 ..--1927-1941 1,150.000 100.401 3.93 2246__Fort Pierce, Fla
5
25
-years
50,000
1817-.Ravenna. Ohio (2 issues).5
1927-1935
50,165 100.87 4.83 2246-Fort Pierce, Fla.(6 issues)6
Serial
1817-Redfield, Iowa
42.500
434
2090__Grant, Nab
r76.000
534
1946
2093__Reegan County, Tex
r18,000 100
5.50
1815__Henderson Co., No. Car_5
50,000
1928
1354_ _Richmond County.Ga___434 1926-1955 750,000
850,000 100
5.00
101.77 4.33 1816_11endry County, Fla
6
1927-1946
40,000 96.00 6.58
1954_ _Riverside, Calif.(3 iss.)--5
1816_ _Hendry County, Fla_
500,000
6
1930-1939
10.000 97.15 6.44
1964_ _Rochester, Min
434 1928-1944
75,000 103.96 4.27 2247-Holly I'1111, Fla. (2 Issues)
1508...Rock County, Wis
5
1937-1938
(Sept. 1925)
6
1930-1954 180.000
16134_ _Rockwell City, Iowa----43( 1927-1932 125.000 106.79
2247- _Ionia County, Mich _____ __ 2
10,700
-10-years
31,500 100.75
2250„Russell Ind. S. D., Iowa-4
18.000 100
4.00 1952_ _Lexington, V a
5 d1941-1956 100.000 100.90 4.92
1508_ _ St. Francois County,Mo-4
1927-1946 250,000 101.14 4.37 1663-.Miami, Fla
5
1927-1936 2,896.000
1665„Sag1naw, Mich
4
1927-1956 720,000 100.339 4.22 2249- Mullins, So. Caro
5
1936-1955
20,000
2250__Saginsw. Mich
4
1927-1956 720,000 100.339 4.23 1507.._Niles, Ohio
534 1927-1936
24,000 104.13 4.70
1817_ _ Sanford. No. Caro
5
1927-1966 100,000 100.73 4.94 1953_ _Pace Sen. Rd. Dist.,
1354_ _Scotch Plains Twp. Sch.
Miss.(Nov.)
534
50,000 100
Dist., N.J
_Palatka, a.(Jan. 1926)-6
434 1927-1966 258.000 100.90 4.63
1926-1935
11.500 100
2093_
1954_ _Scott County, Ky
5
1931-1948
40,000 104.24 4.56 1664__Palmetto Spec. Tax S. D.
2094_ _Seattle, Wash.(2 issues)-6
No. 16. Fla.(Jan. '26)6
1933-1936 108.274
1929-1956 100,600 95.63 6.42
1509_ _Seattle S.D.No.1,Wash31 1928-1951 750,000 100
_4
1817_ _Ra4rmondv1lle Ind. S. D.,
4.56
1954__Seattle, Wash
5
exas
1937-1956 2,000,000 97.619 5.19
6
1927-1966
50,000
1954_ _Sebring.Fla
6
1927-1936 131,000 100
6.00 1664-Richland Twp. Common
1509-Seminole Co. Spec. Tax
Sch. Dist Ind
434 1-15 yrs.
80,000 101.41 ---Sch. Dist. No. 1. F1a_534 1-30 years 450,000 96.03
1954_ _Robertson Co., Tenn_
135,000 103.48 _--2094_ _ Sherman. Texas
454 1935-1965 100.000 100
(Jan.
4.75 1508__Rostraver'rwp., Pa.
1818-Simi Valley Union Gram1926)
434 1933-1945
40,000 100.27 4.48
mar Sch. Dist.. Celli_ _5
1927-1961
55,000 104.80 4.61 1354-San Diego,Calif.(Jan.'25)5
1962
225,000 1665-Slaton, Tex
534 1927-1966 100.000 103.62 5.24 1955-Sirns, No. Caro
1928-1937
5,000 199
1665_ _Smithfield, No. Caro_ _ _ _5
1927-1946 120,000 100.38 4.95 1665-Southwest Greensburg,
1955.. Smoke River Irrig. Dist..
Pa
434 1929-1945
45,000
Idaho
1665-Stanton, Iowa
43.000
5
1928-1937
4.000 102.20 :=
1818- _Socorro County, N.Max_5
1955-Sudan Ind. S. D., Tex_ _ _6
r85.000
Serially
100,000
1818- _South Batton. 1 a
/
1929-1942
5
50,000 100.61
4.93 2094_ _Sweet Springs S. D., Mo.
1955--Spencerville 8. D., Ohlo-534 20 years
(Dec.)
96,000 104.60
534
1946
85.000 100.11
1509--Stark County, Ina
5.24
6
1926-1935
5
9.276 100.36 - :6i 1818- _Tecumseh Paving District
2250-Staunton, Ill
No. 2, Nab
5
1927-1946 qi,50,000
5
1927-1936
7.000 100.28 4.94
2250--Stephen, Minn
1955-Tulla City,Tex.(Jan:26)53(
b
r10,000
1966
r33,500
_
1354--Steuben County. N.
1955- _Wacon,No.Caro.(Jan:26)6
1929-1953
5,000 100 -1813-Stevens Co. Sch. Y_..434 1938-1947 400,000 104.169 4:i6 2094- _Webster Groves S.D.,Mo
6:66
Dist.
.434 1931-1946 180.000 101.30 No. 5, Wash
4.38
434 d 5-25 Yra.
4.75 1509__Western Springs, Ill. (3
55.000 100
1955-Stewartavi1le, Mo
Issues) (Jan. 1926)
1931-1946 . 25,000 100.10 4.99
5
1928-1943
16,000 100.30 4.46
1665--Struthers, Ohio
6
1927-1931
94.154 104.17 4.71 1819-Woodfield, Ohio
6
1927-1936
10,776 100.53 5.89
1665--Struthers, Ohio
534 1929-1933
5,419 102.88 4.79
r Refunding bonds. d Subject to call in and during
1665__Stuart, Fla
the earlier year
6
and to mature in the later year.
2250-Sull1van Co.,Ind.(2 las.).434 1926-1955 500,000
9.100
1955-Swainsboro S. D., Oa_ ...5
1927-1946
40,000 100
5.00
All of the above sales (except as indicated
1955-8.v1vania, Ohio
) are for Febru1928-1937
6
8,997 106.94 4.745
2094Table GroveCom.H.S.D.
ary. These additional February issues will
make the total
111
5
60,000 104.88
sales (not including temporary loans) for
1818_ _The Dalles. Ore
5
that month
1927-1941
90,000 100.56 4.92
1509-Tippah Co. Sep. Road
$146,900,816.
Dist., Miss
75,000
5% 1926-1945
1509_ _ Tipton County,Tenn.__ -4;I 1927-1951
75,000 100.81 4.8 DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN
' .
7
1818- _Tom Green County. Tex_5
MARCH.
1927-1956 500,000 102.22 4.82
2004-Topeka, Kan
434 1927-1936
Name.
32,542 100.12 4.47 Page.
Rote. Maturity. Amount. Price. Basis.
1955._Trumbull County.Ohio._5
68,500 102.58 4.48 1956-British Columbia
1927-1936
.
1818_ _Tulare Sch. Dist.. Calif--5
$1.000.000
1929-1955 100,000 105.80 4.50 1666_ _Barton'rwp., Opt
534 10 years
1955-Tyler, Texas
8,131 103.55 5.04
5
50,000 100.70 4.95 2252_ _Basin of Chombly, Que 5
1927-1956
1956
1955-Union County, N.J
70,000
98.00 8.18
434 1927-1946 1.666,000 101.92 4.28 15l0-Carleton County, Ont.(3
1955-Vancebing S. D.. Kyissues)
10,000 100.25
034
5 5-10-20 install 154.280 100.27
1818-Vancouver, Wash
Serially
434
75,000 100
4:86 1510-Cranbrook, B. C
1818-Volusia Co. Spec. Tax
45,000 94
5.80
1666-Dalhousie Parish S. D. 5 10 years
Sch. Dist. No.39, Fla_6
30,000 95.00 6.55
1927-1954
,N B
535 1927-1951
1955- _Wakefield, Mass.(2iss.)-4
60.000 104.07
1927-1941 144,000 100.36 3.94 1666--Edmonton, Alta
8 years
1509-Wallingford, Conn
2,002
134 1931-1950 3g8 888 102.65 4.26 1666-Edmonton, Alta
:
10 years
1955_ _Waltham, Mass
3,097
1666-Edmonton, Alta
100.618
10 years
2251-Warren. Mich
69,205
5
53,000 104.29 4.57 1666- Edmonton, Alta
1927-1953
15 years
1355_ _Warren, Ohio (2 issuea)_ _5
2,000 100.50
51,000 101.50 4.59 1666--Edmonton, Alta
1927-1931
5 years
1818._Warren County,No.Car_5
921
20,000 97.00 4.38 1666-Edmonton. Alta
1930-1946
10 years
1665_ _Warrenton. No.Caro....
16,250
5
1930-1946
20.000 97.00 5.34 1666--Edmonton, Alta
20 years
1665_ _Warsaw, III
7,000
434 1928-1945
27,000 100.93 4.39 1666-Edmonton. Alta
ZO years
13,807
1509._ Washington S. D., Callf.5
1927-1946
20,000 101.53 4.80
,
20 years
NH 9_ _Washington County. Pa-431 1941-1952 175,000 104.08 4.22 1666--Edmonton, Alta
1,560 101.00
1666--Edmonton Alta
211 years
1.042
8
t..8
THE CHRONICLE
APR. 17 1926.]
2245
-BOND
AURORA WATER DISTRICT NO. 3, Adams County, Colo.
-The $20,000 6% water extension bonds purchased by
DESCRIPTION.
-are described as
-V. 122, P. 1504
Donald F. Brown & Co. of Denver
follows: Dated Jan. 1, 1926, Denom.$1,000. Due $4,000, 1927 to 1931,
ind. Prin. and semi-ann. int. (J. & J.). payable at the town treasurer's
office or in New York City. Legality approved by Pershing, Nye, Tallmadge & Bosworth of Denver.
Financial Statement.
$4,517,316
Actual Valuation. 1925. official
1.355,195
Assessed Valuation, 1925
323.250
Total Bonded Debt
Population, 1925, official, 2,500.
-On May 15
-BOND ELECTION.
AUSTIN, Travis County, Texas.
an election will be held for the purpose of voting on the question of issuing
the following bonds, aggregating $250,000:
$150,000 school bonds.
100,000 hospital bonds.
AVERY COUNTY, (P. 0. Newland) No. Car .-BOND SALE.
W.R. Parkin and C. W. McNear & Co. both of Chicago, jointly, recently
purchased an issue of $50,000 65' county bonds. Legality approved by
Peck, Shaffer & Williams, of Cincinnati.
BATSON INDEPENDENT SCHOOL DISTRICT, Hardin County,
-At a recent election the voters authorized the
-BONDS VOTED.
Tex.
issuance of $75,000 high school bonds.
BEDFORD INDEPENDENT SCHOOL DISTRICT, Taylor County,
-At the election held on April 5-V. 122. p.
-BONDS VOTED.
Iowa.
-the voters authorized the issuance of $160,000 school bonds by a
1660
majority of 112.
-The
BENKELMAN, bundy County, Neb.-BONDS DEFEATED.
proposition of issuing $185,000 water works bonds, submitted to the
voters at the election held on April 6-V. 122, p. 1949-failed to carry.
BERNALILLO COUNTY SCHOOL DISTRICT NO.1(P.O. Chililo).
-On April 19 an election will be held
-BOND ELECTION.
New Mex co.
for the purpose of voting on the question of issuing $4,500 school bonds,
Lucy M. Harris, Secretary Board of Education.
-On
-BOND SALE.
BERRIEN COUNTY (P. 0. St. Joseph), Mich.
March 5 the following three issues of special assessment bonds, aggregating
$236,610. offered on that date (V. 122. p. 1350) were awarded to the
Total amount of debentures sold during Mar_28,204.318
Detroit Trust Co. of Detroit, and Braun. Bosworth & Co., of Cincinnati.
as 4145 at 100.01:
278,000 Road District No. 41 bonds.
57,750 Road District No. 63 bonds.
No. 69 bonds.
Road
- 100.760serially Districtten years.
Department of Antioquia (Republic of Columbia).
one to
Due
-Blair &
BIRDVILLE COMMON SCHOOL DISTRICT, Tarrant County,
16,000,000 External Bonds Successfully Placed.
-At the election, held on April 3-V. 122. p.
Co., Inc., and E. H. Rollins & Sons, both of New York, Tex.-130NDS VOTED. the issuance of $12,000 school bonds.
-the voters authorized
1660
successfully placed $6,000,000 7% 20-year external secured
-The
-BOND SALE.
BIRMINGHAM, Jefferson County, Ala.
sinking fund gold bonds, Series B, of the Department of 2300.000 public improvement bonds offered on April 13 (V. 122, p. 1949)
basis
& Co., of Nashville, as 434s, at
were awarded to
Antioquia (Republic of Columbia). The bonds were of about 4.42%. CaldwellMay 1 1926. Due $30,000 May 1100.40, a 1936.
1927 to
Dated
brought out on Wednesday, April 14 and were offered at inclusive.
9134 and accrued interest to yield from 7.87% to 21.08%
-BOND
BLANCHARD AND LIBERTY, Hancock County, Ohio.
-Sealed bids will be received until 12 m. April 27 by 0. R.
according to maturities. Dated July 1 1925. Coupon OFFERING.
for $48,750 55' Findlay-Delphos Road impt..
bonds in denominations of $1,000, $500 and $100, regis- Morehart, County Auditor, Denom. $1,000 except one for $875. Date
Sections C-2 and 0-3 bonds.
the
trable as to principal only. Due July 1 1945. Callable as a April 11926. Prin. and semi-ann. int.(A. & 0.) payable at1927 office of
to 1933
the County Treasurer. Due on Oct. as follows: $5,000.
whole only, except for the sinking fund at 102% and accrued incl.: 26.000. 1934, and 25.750, 1935. 1 Certified check on a solvent bank
interest on July 1 1935 and on any interest date thereafter. for $500 required. Legality approved by Squire, Sanders & Dempsey of
Prin. and semi-ann. int. J. & J. payable in U. S. gold at Cleveland.
BOONE COUNTY SCHOOL
Blair & Co., Inc., New York, Fiscal Agents, free of all Neb.-BONDS DEFEATED. DISTRICT NO.6(P.O. Cedar Rapids),
-The proposition of issuing 160.000 school
taxes, present or future, of the Department of Antioquia bonds, submitted to the voters at the election held on April 6-V. 122.
and of the Republic of Columbia. With regard to the p. 1949-failed to carry.
-BOND OFFERINO.-Sealed bids
BOWIE, Montague County, Tex.
sinking fund provision of the loan the offering circular
will be received until 7.30 p. m. April 20 for $30.000 5% city bonds. Desays:
nom.$750. Due $750 Mar. 1 1927 to 1965 incl.
A cumulative Sinking Fund sufficient to retire the Series "B" Bonds by
-Sealed bids
-BOND OFFERING.
BRADFORD, McKean County, Pa.
, maturity, is provided, payable semi-annually commencing July 1, 1926 to
City Clerk. for
until
call Bonds by lot at 100 and accrued interest on the next succeeding interest will be received bridge5 p. m. May 3 by E. C. Charlton. April 15 1927
bonds. Denom. $1,000. Due $1,000
$10,000 coupon
payment date.
to 1936. optional April 15 1931. Certified check for 5% required.
The proceeds of this issue will be used to provide funds
-TEMPORARY LOAN.
BROCKTON, Plymouth County, Mass.
for the construction of an addition to the Antioquia Rail- The National Shawmut Bank of Boston purchased a $300,000 temporary
loan on a 3.55% discount basis plus a premium of $10.
way through the coffee producing zone, and for additions
-At
BRODHEAD,Green County, Wis.-BONDS VOTED.
and betterments to the existing lines of the Antioquia held on April 6-V. 122. p. 1949-the voters authorized the the election
issuance of
Railway. Further details regarding this loan may be $25,000 5% sewerage bonds by a count of 342 for to 281 against.
found in our "Department of Current Events and Dis-BOND OFFERING.
BRONXVILLE, Westchester County, N. Y.
Sealed bids will be received until 8 p. m.April 20 by Jerry C. Leary, Village
cussions" on a preceding page.
Clerk, for the following two issues of 434% bonds aggregating 251,000:
$300. Due on
-Reorganization Measure Signed by $44,500 street improvement bonds. Denom. $1,000 andand $2,300 1937
New York (State of).
May 1 as follows: $33,000 1927 to 1936, incl.,
-The bill for reorganization of the State
Governor Smith.
to 1941, incl.
6,500 sanitary sewer bonds. Denom. $500. Due $500 May 1 1930
Government as proposed and approved by the State Reto 1942. incl.
organization Commission, headed by Charles E. Hughes,
Dated May 1 1928. Certified check for 2% of the bonds bid for, payable
Chairman, was signed on April 15 by Governor Smith.
to the Village Treasurer, required. Legality approved by Thomson,
Wood & Hoffman of New York.
-BOND OFFERBROWARD COUNTY(P.O. Fort Lauderdale),Fla.
-Prank H. Bryan, Clerk Board of County Commissioners, will
ING.
% coupon highreceive sealed bids until 11 a. m. May 10 for $500,000
way bonds. Date July 1 1925. Denom. $1,000. Due July 1 as follows:
$20,000, 1940: 830.000, 1941 to 1943 incl.;
ADENA SCHOOL DISTRICT (P. 0. Adena) Jefferson County,' $10,000, 1935 to 1939 incl.; 1945 to 1949 incl. Prin. and int. (J. & .1.)
Ohio.
-BOND SALE.
-On April 5 A. E. Aub & Co. of Cincinnati were 840,000, 1944, and $60,000. bonds will be prepared under the supervision
payable in N. Y. City. The
awarded the following two issues of 5;4% coupon bonds aggregating of the U. S. Mtge. & Trust Co., N. Y. City, which will certify as to the
$8.500, as follows:
officials and the seal impressed
genuineness of the
$4.000 School bonds offered on that date (V.122. p. 1814) ata premium of thereon. Legalitysignatures of the county
to be approved by John C. Thomson, N. Y. City.
$105, equal to 102.62,. Dated April 15 1926. Due $250 March
A certified check for 2% of the bonds bid for is required.
and Sept. 15 1927 to 1934 incl.
4,500 Athletic bonds at a premium of $141, equal to 103.13:
BROWARD COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 1
-James S. Rickards,
-BOND OFFERING.
Lauderdale), Fla.
AITKEN COUNTY INDEPENDENT SCHOOL DISTRICT NO. 48 (P.0. Fort of Public
Instruction, will receive sealed bids until 2 p.
(P. 0. Hill City), Minn.
0. Stewart, District Sec. Board
-BOND OFFERING.
-N.
April 26 for 265,000 67,, school bonds. Date May 1, 1926. Denom.
Clerk. will receive sealed bids until 3 p.m.April 24 for $25,000 not exceeding
as follows: $2,000, 1929 to 1944 inel. and $3,000,
Due
6% school bonds. Dated May 1 1926. Denom. $1,000. Due Jan. 1 21.000. 1955 May 1Prin. and int. (M. & N.) payable at 'the Hanover
incl.
as follows: $2,000 1928 to 1932 incl., and 25,000 1933 to 1935. incl. 1945 to Bank, N. Y. City. Legality approved by Thomson, Wood &
National
Legality approved by Lancaster, Simpson, Junell & Dorsey of Minneapolis. Hoffman, N. Y. City. A certified check for 2% of the bonds bid for is
A certified check for $750 is required.
required.
AKRON SCHOOL DISTRICT (P. 0. Akron), Summit County,
-At a
-BONDS VOTED.
CALEDONIA, Houston County, Minn.
-BOND OFFERING.
-Sealed bids will be received until May 3 by recent election the voters authorized the issuance of $30.000 well bonds.
Ohio.
Irene M. Moses, Clerk Board of Education, for the following two issues
-The
CARLETON, Thayer County, Neb.-BONDS DEFEATED.
of 4 % bonds, aggregating $590,000:
proposition of issuing $28,000 water-works bonds submitted to the vote of
$440,000 school building bonds.
-failed to carry,
the people at the election held on April 6-V.122, p. 1949
150,000 school site bonds.
Due in 20 years. Principal and interest payable at the Hanover National
-The
-BOND SALE.
CHAMBERS COUNTY (P. O. Anahuac), Tex.
Bank, New York, or the Central Savings & Trust Co., Akron.
State Board of Education purchased on April 1 an issue of $5.000 8%
-On April 12 the coupon school bonds at par. Date Jan. 1 1926. Denom. $500. Due
-BOND SALE.
Calhoun County, Mich.
1.
$37,000 4;4% coupon paving and sewer bonds, offered on that date(V.122. 51.000, 1927 to 1931 incl. Interet payable Jan.
p. 2088) were awarded to the Detroit Trust Co. of Detroit at a premium
-The followCHARLESTON,Mississippi County, Mo.-BOND SALE.
equal to 100.51, a basis of about 4.40%. Dated April 1 1928. ing 5% bonds aggregating 281.500 offered on April 12-V. 122, p. 1949_
of $191.
Due $3.000 1927 to 1929, incl., and 54,000 1930 to 1936. incl.
were awarded to the Federal Commerce Trust Co. of St. Louis at a premium
-BONDS of 23,390 40. equal to 104.16.
ALBURQUERQUE, Bernalillo County, New Mexico.
-the voters $46,000 waterworks bonds. Due serially April 1 1935 to 1946, had.
-At the election held on April 6-V. 122 p. 1948
VOTED.
30.000 sewer bonds. Due serially April 1 1935 to 1946 incl.
aggregating 2560,000:
authorized the insurance of the following bonds
5,500 fire equipment bonds. Due April 1 1931.
$40,000 park bonds.
Date April 1 1928. Other bidders were:
opening bonds.
20,000 street
Price Bid.
Bidders30.000 storm sewer bonds.
104.15
Kaufman Smith & Co
sanitary sewer bonds.
185,000
104.09
Southeast Missouri Trust Co
100,000 water main bonds.
103.511
Compton & Co
26,000 fire station bonds.
building bonds.
160,000 public
CHARLOTTE COUNTY SCHOOL DISTRICT NO. 2 (IP. O. Punts
-The 2200,000 6% school bends offered
-BOND SALE.
ALDEN SCHOOL DISTRICT NO. 1, Hardin County, lo wa.- Gorda), Fla.
-were awarded to Vandersall & Co. of
-On April 26 an election witi be held for the purpose on March 16--V. 122, p. 1203
BOND ELECTION.
Toledo. Date Jan. 11926. Due $8.000, 1927 to 1951 incl.
question of issuing 23,000 school bonds.
of voting on the
Rate. Maturity. Amount. Price. Basis.
Name.
Pape.
90,800
30 years
1666-Edmonton, Alta
18.1001 101.37
30 years
1686. _Edmonton, Alta
12.000
30 years
16(16- _Edmonton, Alta
12,000
20 years
1819_ _Esquimalt Twp., B.C---5
/ 1956__Etebicoke Tvrp., Ont-5-51 20-30 inst. 209,135 102.111 5.15
5.57
15,500 105.07
6
1945
1510_ _La Salle, Out
-year
35,000
20
1819__New Toronto, Out
75,395
-year
15
1819__New Toronto, Out
5.40
3,360 101.21
-year
15
53
1819New Toronto, Ont
5,700
-year
10
1819__New Toronto, Ont
450
5%
-year
5
1819__New Toronto, Out
5.02
99.91
35,000
15-install't
1956_ _Norfolk County, Ont-2-5
80,000
-years
20
1819„North Vancouver, B.0-5%
1819-Nova Scotia (Province of)
99.423 4.81
5,000,000
1928
4%
(3 issues)
99.87
-20-install. 226.084
5 10-15
1510_0shawa, Out
99.53
60,515
1936-1956
1686- _Pembroke, Out.(2188,1-5
11.242
-install.
20
5
1610Perth, Ont
73.000J4,000
Serial
5
1510 Pointe Claire, §ue
15,000
98.25
-years
20
5
1510..-Pointe Claire, ue
-years
20
5
1510__Pointe Claire, ue
-years
4,500
5% 10
1819_ _Port Moody,B.0
18,500
5%
-years
10
1819_ _Prince Rupert, B.0
97.07
60,000
1927-1941
1355__Revelstoke, B.0
5.00
135,000 100
5
-years
20
1819_ _St. Catherines, Ont
1819__Salaberry De Valleyfield,
99.337
1926-1956 175.000
5
Que
26,789
-years
15
2252Sandwich, Ont
-years
9,620
10
53
2252_ _Sandwich, Out
5.571)101.20
-years
20
2252__Sandwich, Out
7.9871
-years
20
6
2252_ _Sandwich, Out
27.000J
20
53
-Years
2252_ _Sandwich, Out
2252_ _Saskatchewan Sch.fists.,
Var. Various
11.100
Sask
1956.. Saskatchewan Sch. Mts..
4,500
6
15
Sask
-years
-install.
99.08
257,375
5.11
5 20
1819 SmithFalls, Ont
20.0001 98.40
5
-years
20
1819-_Sudbury, Out
-years
5
4.8001
5
1819-Sudbut7, Out
RI
NEWS ITEMS.
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
ALsioN,
2246
THE CHRONICLE
[VOL. 1 22.
CRAVES COUNTY SCHOO
N. Mex.-BONDS VOTED. L DISTRICT NO.20(P.O. Lake Arthur)
EAST BATON ROUGE PARISH (P. 0.
-At recent election the voters authoriz
Baton Rouge), La.
Issuance of $30,000 school bondsaby a
ed the SALE.
-BOND
-A syndicate composed
count of 92 for to 3 against.
Central Trust & Savings Bankof Caldwell & Co., of Nashville, the Whitney
of New Orleans and
CHENEYVILLE SCHOOL DISTRICT NO.
3 (P. 0. Alexandria), Trust Co., of Alexandria was awarded the followin the Rapides Bank &
Rapides Parish La.-BOND OFFERING.
g bonds, aggregating
School Board, will receive sealed bids until-W.J. Avery, Secretary Parish 8475.000, offered on April 13.-V. 122, p. 1515.
May 4 for $12,500 school bonds. 8158,000 5% excess revenue
bonds. Data Feb. 1 1926. Due Feb. 1 as
CHESTER COUNTY (P. 0. Miles City),
follows: 87,000, 1927; $14,000, 1928;
Mont.
-BOND DESCRIPTION.
115.000, 1929 and 1930;
-The $50,000 53% coupon bridge
$16,000. 1931 and 1932;
Dickey Co. of Minneapolis at 100.73-V. bonds awarded to the Wells
1935; and $21.000, 1936. $17,000. 1933; $18.000, 1934; $19.000.
3.16%, are described as follows: Dated 122, p. 1950-a basis of about
135,000 5% Sub-Road District No.
April 1 1926. Denom. $1,000.
1, Series T,
Due $2,500, 1927 to 1946, Inc. Int. payable
1926. Due Mar. 16 as follows: $3.000, bends. Date Mar. 16
J. & J.
1927 to 1930, Inclusive;
$4.000, 1931 to 1933, inclusive;
CINCINNATI SCHOOL DISTRICT (P. 0.
Cincinnati), Hamilton
$7.000, 1936 to 1939, inclusive, and85.000. 1934: $6.000. 1935:
County, Ohio.
-BOND SALE.
-On April 12 the $990,000 4(% coupon
$9.000. 1940 to 1947. Inclusive.
school bonds offered on that date (V. 122,
p. 1949) were awarded to Halsey,
76,000 5% Road District No. 45
Stuart & Co. and A. B. Leach &
bonds. Dated Jan. 15 1926. Due
Jan. 15 as follows: $1,000, 1927
$23,662, equal to 102.39, a basis Co.. both of Chicago, at a premium of
of about
1938. inclusive: $3.000, 1937 to 1930. Inclusive: $2,000, 1931 to
Due on Sept. 1 as follows: $40,000, 1927 4.26%. Date April 1 1926.
to 1939,
to 1941 incl. and $39,000, 1942
1945, inclusive; 83.000. 1946 to 1949. inclusive; $5.000, 1940 to
to 1951 incl.
inclusive; and $4,000, 1950
and 1951.
CLAY COUNTY SPECIAL ROAD AND
*52,000 Sub-Road District No. 5
BRIDGE DISTRICT No. 4
of Road
(P. 0. Green Cove Springs), Fla.
Mar. 16 1926. Due Mar. 16 as District No. 5 bonds. Date
-BOND SALE.
-The $515,000 6%
follows:
coupon road and bridge bonds offered on
inclusive; 52,000. 1931 to 1933, inclusive; $1.000, 1927 to 1930
awarded to J. C. l'inney of Green Cove Mar. 4-V. 122, p. 777-were
$3.000, 1934 to 1938,
inclusive; and
6.355%. Date July 1 1925. Due Dec. Springs at 96. a basis of about
50.000 5% Sub-Road$4.000. 1939 to 1946. Inclusive,
District No. 4
1935; $75.000, 1940: 5100.000. 1945 and 1 as follows: $50,000, 1930 and
bonds. Date Aug. 15 1925. of Road District No. 2 Series R
1950 and $140,000. July 1 1955.
Due Aug. 15 as follows: 82.000.
1926 to 1931, inclusive: 83.000,
CLEVELAND SPECIAL SCHOOL TAXIN
1932 to 1934. Inclusive; 84.000.
1935 and 1936; $5,000, 1937;
G DISTRICT (P. 0.
Salisbury), Rowan County, No. Caro.
86,000. 1938 and 1939. and 84,000.
-BOND OFFERING.
1940.
-Max L.
Barker, Clerk Board of County Commis.s
*Interest rate not stated.
ioners, will receive sealed bids
until 12 m. April 20 for $35,000 not exceedi
ng 6% coupon school bonds.
Dated May 1 1926. Denom. $1.000.
EASTL
Due May 1 as follows: $1,000. County, AND INDEPENDENT SCHOOL DISTRICT, Eastland
1928 to 1952, inclusive, and $2,000. 1951
Tex.-130ND ELECTI
-On April 17 (to-day) an election will
and interest(M.& N.) payable in New York to 1956, inclusive. I'rincipal be held for the purpose of votingON.
on the question of issuing $150,000 school
bonds.
2% of the amount bid, is required. Legality in gold. A ce,dried check for
approved by Reed, Dougherty
& Hoyt, New York City.
EAST LIVERPOOL, Columb
iana County, Ohio.
-BOND SALE.On April 7 the
COHASSET, Norfolk
-BONDS OFFERED.
-Sealed bonds offered on$39.768 17 5% coupon (special assessment) street impt.
bids were received until 5 p.County, Mass.
that date (V.
m.
4% school bonds. Date April April 15 by the Town Treasurer,for $112,C00 Co. of Toledo at a premium of 122, p. 1661) were awarded to the Herrick
1 1926. Due In 1927 to 1916 incl.
Dated May 11926. Due on 1485, equal to 101.21. a basis of about 4.63%.
Sept. 1 as follows: $7,768 17, 1927,and $8,000.
COLEMAN INDEPENDENT
So. Dak.-BOND ELECTION. SCHOOL DISTRICT, Moody County, 1928 to 1931 incl.
-On April 21 an election will be held for
the purpose of voting on the question of
EDGER
Issuing $12,000, not exceeding 5% County, TON CONSOLIDATED SCHOOL DISTRICT NO. 1, Platte
school bonds. G. Joseph Lieser, District
Mo.-BOND SALE.
-The 138,000 school bonds offered on
Clerk.
March 19-V. 122. p. 1661-were
COLEMAN INDEPENDENT SCHOOL DISTRI
awarded
CT,Coleman County, at a premium of $1.000. equal to 102.63. to Ford & Porter of St. Joseph
Tex.
-BOND SALE.
Dated April 1 1926. Due
-II. C. Burt & Co. of
Issue of $23.000 school bonds at a premium Austin recently purchased an follows: $1,000 1927 and 1928, $1.500 1929, 81.000 1930, $1,500 19'11 as
1934 incl.; $2.000 1935 and 1936,
to
of $500, equal to 102.17.
$1.500 1937, $2.000 1938, $2,500 1939,
52.000 1940, $2,500 1941 to 1944,
COLLETON COUNTY (P. 0. Walterb
incl.; $3,000 1945 and 82.500 1946.
oro),
-NOTE (Interest rate not stated.)
OFFERING.
-W. B. Gruber, Chairman Road CommissSo. Caro.
ioners, will receive
sealed bids until 12 m. April 24 for $75,000 6%
EL
Due $25.000 Mar. 1 1927 and $10,000 May notes. Dated May 11926. 53. % CAMPO, Wharton County, Tex.
-BOND SALE.
-The $60,000
sanitary sewer bonds offered
1 1928 to 1932 incl. A certified check for $1,000 is required.
awarded to the Drake-Jones Co. of on April 6-V. 122, p. 1601-were
equal to 103.69, a basis of about Minneapolis at a premium of $2,116,
COLUMBIA FALLS, Flathead County,
5.23%. Dated Oct. 10 1925. Due
Mont.
-BOND SALE.
- April 10 as follows: $1,000, 1926 to 1945
The $26,000 water bonds offered at public
Incl., and $2.000. 1946 to 1965 Incl.
-V. 122,
BOND SALE.
p. 1661-were awarded to the State hoard auction on April I2
of Land Commissioners as 55, Issue of $12,000-The same company was also awarded on that date an
at par.
city hall and fire station bonds.
ELECTRA CITY, Wichita
COLUMBUS, Cherokee County
County
-BONDS DEFEATED.
-BOND SALE.
-The Brown-Crurnmer Co. of Wichita recently , Tex.
-The
proposition of Issuing 135,000 school, Kan.
bonds
purchased an issue of $454,000
election held on April 6-V. 122. p. 1949 submitted to the voters at the 5.% funding bonds.
-failed to carry.
ERIN TOWNSHIP SCHOOL DISTRI
COLVILL, Cook County, Minn.
CT NO. 6 (P. 0. Roseville),
-BOND OFFERING.
-James A. Mich.
-BONDS OFFERED.
Kinney, Town Clerk, will receive sealed bids
-Sealed bids were
82.1006% refunding bonds. Interest payable until 2 p. m. April 24 for April 16 by Albert I. Clark, School Director, for received until 8 p. !IL
semi-annually (J. & J.).
$45,000 school bonds.
ESCONDIDO UNION HIGH
CONCORD, Merrimack County, N. H.
April 12 Salomon Bros. & Hutzler of Boston -TEMPORARY LOAN -On Diego), San Diego County, Calif.SCHOOL DISTRICT (P. 0. San
-BOND OFFERINO.-J. B. McLees
,
ary loan offered on that date (V. 122, p. purchased the $100,000 tempor- County Clerk, will receive sealed bids until 11:30
2089) on a 3.67% discount basis
a. in. April 19 for $128,000
% school bonds. Dated March
plus a premium of Si 25.
follows: 85,000, 1927: 56.000, 1928 to 22 1926. Denom. $1,000. Due as
1945 incl.. and 115,000. 1946. Prin.
COOKEVILLE, Putnam County, Tenn.
-BOND SALE.
-Caldwell and int. (M. & S.) payable at the County Treasurer's office.
k Co. of Nashville recently purchased an Issue
of $15,000 5% street im- check for 3% of the amount bid is required. Legality approve A certified
provement bonds. Duo serially in 1 to
d by Goodfellow, Eells. Moore & Orrick, San F'rancisco,
30 years.
CORDELL, Washita County, Okla.
ESSEX COUNTY (P. 0. Salem), Mass.
-BONDS
-At the elec- the followin
-NOTE SALE.
tion held on April 6-V. 122, p. 1949-the voters VOTED.
-On April 13
g three notes, aggregating
authorized the Issuance
of $42.000 5% school bonds by a count of 331
p. 2089) were awarded to the Salem $300,000 offer ed on that date(V. 122.
for to 285 against.
Trust Co.
$200,000 temporary loan on a 3.45% discountof Salem as follows:
COTTONWOOD, Lyon County, Minn.
-BOND ELECTION.
-On
$4.35. Denom. $10,000. Dated Jan.basis, plus a premium of
April 15 an election was held for the purpose
15 1926. Due Nov. 15
of voting on the question
1926.
Of Issuing $50.000 school bonds.
50,000 tuberculosis hospital renewal notes on a
3.70% discount basis.
CRANDON, Forest County, Wis.-BOND ELECT
Denom. $10,000. Dated April 15 1926. Due
ION POSTPONED.
-We are now informed that the election which
50,000 tuberculosis hospital maintenance renewal April 15 1927.
was
notes en a 3.70%
for the purpose of voting on the question of issuing to be held on April 6
discount basis. Denom. 85.000. Dated April
$30.000 water-works
15 1926. Due
bonds (V. 122. p. 1815) has been postponed to
April 15 1927.
some time in May.
CRANSTON,Providence County,
FARBE
LIDATED
-BONDS OFFERED.
-Sealed Audrain R CONSOMo.-BONDSCHOOL DISTRICT (P. 0. Mexico),
bids were received until 8 p.m. April 16 R. I.
County,
SALE.
for $850.000 4% coupon school Act by William M. Lee, City Treasurer. Kansas City has purchased an issue of -The Commerce Trust Co. of
of 1925 bonds. Denom. $1,000.
$35,000 5% school bends. Due
Dated May 1 1926. Principal and
in 1 to 20 years.
nual interest(M.
In gold coin of the United States semi-anpresent standar & N.) payable
of the
FILLMORE COUNTY SCHOOL DISTRICT No.62
d of weight and
fineness.; at the First National Bank. Boston, or
(Preston R. F. D.
at the Rhode Island No. 2), Minn.
-BOND OFFERING.
-George Bradwater, District Clerk,
Hospital Trust Co.. Providence. Due on May
to 1936. inclusive, and $21.000. 1937 to 1966,1 as follows: 122,000, 1927 will receive sealed bids until 8 p. m. April 22 for $6.000 6% school bonds.
inclusive. Bonds are en- Date July 15 1926. Prin. and annual int.
graved under the supervision of and certified as to genuine
payable at the Farmers &
First National Bank of Boston; their legality will be approveness by the Merchants State Bank, Preston. A certified check for $5911. payable to
d by Ropes. District Treasurer Is required.
Gray, Boyden & Perkins, whose opinion will be furnishe
All legal papers incident to this issue will be filed with d the purchaser.
FLASHER SCHOOL DISTRICT NO. 19, Morten
County
where they may be inspected at any time. Bonds will the above bank, Dak.-BOND ELECTION.
-On April 17 (to-day) an election will , No.
delivere
be held
purchaser on or about May 3 1926 at the First NationabeBank, d to the for the purpose of voting on the question of'
l
issuing
Boston:
bonds. E. J. Sawtell, Chairman Board of Education. $25,9011 5% school
Financial Statement March 31 1926.
Assessed valuation, less exemptions. Juno 15 1925
FLORAL PARK, Nassau County, N Y,-BON
$45,908,955 00 Sealed
D
Debt limit for City of Cranston as fixed by Legislature
bids were received until 8 p. m. April 27 by Jeha OFFERING.4%
Biome, Village
of assessed valuation
$1,836,358 20 Clerk, for the following two issues of not exceeding 6% heads, aggregat
Total bonded debt (present Issue not included)
ing
$1,858,500 00 $120.000.
a Note indebtedness;
$100,000 permanent road Impt. bonds. Due $5,000
375,000 00
Incl. Legality approved by Thomson, WeedJuly I 1927 to 1946
& Hellman of New
Total debt
York.
82,733,500 00
Deductions-Sinking fund
20,000 public park bonds. Due 81,000 July 1 1931
309,664 27
Denom. $1,000. Dated July 1 1926. A certified I. 1958 Ind.
check for 2% of the
Net debt•
/1,023,835 73 bonds bid for, payable to the Village Treasurer, required.
• Of this amount 81.316.000 in sundry bonds and notes
is exempted
FOBY, Baldwin County, Ala.
from debt limit by LeAsiature. a To be paid from
-BONDS NOT SOLD.
-The
proceeds of this issue. 53.% coupon water works bonds offered
Population. estimated. 32.000.
on March 17-V. 122. $29.000
have not yet been sold. Dated Feb. 15 1926. Denena.
p. 1661
CROOKSTON, Cherry County, Neb.-BOND
81,000 and $1,500.
Due Feb. 15 1956. Interest payable F. & A. 16.
SALE -The United
States Bond Co. of Denver recently purchased an issue of
$25,000 refunding
FORT PIERCE, St. Lucie County, Fla.
bonds.
-BOND SALIS.-The
lowing bonds aggregating $92,500 offered on Feb.
folCUYAHOGA FALLS, Summit County, Ohio.
were awarded to the Atlantic National Bank of 19-Y. 122, p. 1056
--On 550,000
April 6 the following two fugues of 6% bonds aggregat-BOND SALE.
5% Turbo-Generator bonds. Due seriallyJacksonville:
ing 545,000 offered on
in 26 years.
that date (V. 122. p. 1661) were awarded to the Herrick
10.000 6% Jail bends. Due serially in 10 years.
at a premium of $2,949, equal to 106.54. a basis of aboutCo. of Cleveland
10.000 6% Fire Alarm System bonds. Due serially
in
$15.000 fire-apparatus bonds. Due $1,500 yearly from 4.73%.
10.000 6% Traffic Signals bonds. Due serially in 10 10 years.
Oct. 1 1927 to
1936 incl.
2,500 6% City Hall and City Court Furnishing years.
bonds. Due serially
30,000 water works improvement bonds. Due 83,000 yearly from
in 5 :ream
Oct. 1
1927 to 1936 incl.
2.5006% Incinerator bonds. Due serially In 5 years.
Date April 11926.
7,500 6% Motor Sweeper bonds. Due serially in 8
years.
DE BACA COUNTY (P. 0. Fort Sumner), N. Mex.-BOND SALE.
FRANKLIN, Franklin County, Neb.-BONDS
DEFEATED.
Geo. W. Vallery Co. of Denver recently purchased an issue of $337,500 - proposition of issuing $25.000 auditorium bonds,
-The
5% at
submitt
court house bonds. Due in 20 years.
the election held on April 6 (V. 122. p. 1950), failed to ed to the vote
carry.
DENISON, Grayson County, Tex.
FRANKLIN SCHOOL DISTRICT, Franklin
-BONDS VOTED.
County
.
held on April 6-V. 122. p. 1204-the voters authorizd-At the election BONDS VOTED.
-At a recent election the voters authoriz , Idahothe issuance of
ed the issuanc
the following bonds, aggregating $200,000:
of $30,000 school bonds.
8150.000 school bonds.
FREMONT COUNTY SCHOOL DISTRICT No.
50,000 paving bonds.
59 (P. 0. Penrose),
Colo.
-PRE
-ELECTION SALE.
-The United States National
R. G. Gresham, City Secretary.
Co. of
Denver recently purchas
DES MOINES COUNTY (P. 0. Burlington), lowa.-BONDS VOTED to their being voted at a ed an issue of $9,000 5% refunding bonds, subject
coming election. Due in 20 years, optional
-At the election held on April 12-V. 122, p. 1950
in 10.
-the voters authorized
GIBSON COUNTY (P. 0.
the issuance of $1.000.000 road bonds by a count of 7.732 for to 1,913
Ind.
-BOND SALE.
Api il 10 the 596.356.306% coupon Bozeman),offered
-On
against.
road bonds
on that(late (V. 122,
p. 1815) were awarded to the Farmers National Bank
of Princeton at a
DONA ANA COUNTY SCHOOL DISTRICT NO. 28 (P. 0.
Ntzsilla premium of $3.038. equal to 100.03.
Park), N. Mex.-BONDS VOTED.
-At the election held on April 5GILLETTE, Campbell County,
-the voters authorized tno Issuance of $20,000
V. 122. p. 1950
school May 11 an election will be held for the Wyo.-BOND BLECTION.-On
bonds by a count of 167 for to 6 against.
purpose of voting on the question
of issuing $50,000 6% water bonds.
APR. 17 1926.]
THE CHRONICLE
2247
-BOND DESCRIPTION.
HUNTSVILLE, Madison County, Ala.
Santa Clara
GILROY HIGH SCHOOL DISTRICT (P.0.San Jose),
$450,000 coupon road improvement bonds purchased by Caldwell &
-Sealed bids will be received until The of Nashville. and Ward, Sterne & Co. of Birmingham, Jointly, at 101OFFERING.
-BOND
County, Calif.
bonds. Due serially Co.
the rate of 6%
April 19 by the County Clerk for $20,000 5% school
V. 122, P. 1951-a basis of about 5.87%. bear interest at
1 1926. Denom, 21.000.
1927 to 1936 incl.
and are described as follows: Date April Date of award Mar. 18.
SCHOOL DISTRICT No. 87- Due April 1 1936. Interest payable A. & 0.
GLENBARD TOWNSHIP HIGH
-On March 22
-BOND SALE.
-The
County,
-BOND SALE.
(P.0.Glen Ellyn), Du Page offered onIII. date (V. 122, P. 1815) were
IBERVILLE PARISH (P. 0. Plaquemine), La. 2 (V. 122.
that
the 260,000 5% school bonds of Chicago at a premium of 25,066 29.equal 250.000 6% public building bonds offered on March Cincinnati. p. 779)
Dated
awarded to W. K. Terry & Co.
were awarded to the Well, Roth & Irving Co., of
May 1 1926. Due on May 1
to 108.48, a basis of about 4.06%. Date 210,000, 1943 to 1946 incl.
Jan. 11926. Due serially Jan. 1 1927 to 1936, inclusive.
as follows: $2,000, 1933 to 1942 incl. and
County, Wis.-BONDS DEFEATED.
INDEPENDENCE,Tempealern
and equipment bonds
-Sealed
-BOND OFFERING.
GRAND RAPIDS, Kent County, Mich. J. C. ShInkman. City Clerk, -The proposition of issuing $25,000 5% five truck 6-Y. 122. p. 1951
submitted to the voters at the election held on April
bids will be received until 3 p. in. April 26 by
21,280,000:
for the following four issued of 45(% bonds. aggregating 1 1927 to 1936, failed to carry.
street improvement bonds. Due $48,000 May
-George T.
OFFERING.
-BOND
$480.000
INVERNESS, Citrus County, Fla.
inclusive.
27 for the
1 1927 to 1931. Condrey, Town Clerk, will receive sealed bids until 8 p. in. April
535,000 street improvement bonds. Due $107,000 May
following 6% bonds aggregating $200,000:
inclusive.
1 1931, 1936, 1941.
bonds. Due $3,000 May 1 1927 to 1931. $108.000 street paving bonds. Due :518.000 Jan.
15,000 sewer construction
1946, 1951 and 1956.
inclusive.
1 as follows: $6,000, 1931,
38,000 water extension bonds. Due Jan. 1951 and 1956.
250,000 water extension bonds. Due May 1 1946. semi-annual inter1936, 1941 and 1946: and 27,000 in
and
Denom. $1,000. Dated May 1 1926. Principal
ponds. Due Jan. 1 as follows: $3,000. 1931 and
in
office and if so desired
22,000 sewer extension
est (M. & N•) payable at the City Treasurer's the bonds bid for, payable
1936; and .44,000, 1941, 1946, 1951 and 1956. 1931. 1936, 1941,
New York exchange. Certified check for 3% of
12,000 street lighting bonds. Due 32,000 Jan. 1
to the City Treasurer, required.
1946, 1951, and 1956.
1936 and
-The
-BONDS NOT SOLD.
15,000 funding bonds. Due Jan. 1 as follows: $2,000, 1931,
GREENBUSH, Roseau County Minn.
-have not
1941; and 23.000, 1946, 1951 and 1956.
24,000 refunding bonds offered on 'March 29-V. 122, p. 1815
h1,000. Jan. 1 1936, 1941, 1946.
5,000 general impt. bonds. Due
as yet been sold.
1951 and 1956.
semi-annual int. payable
-Sealed
-BOND OFFERING.
Date Jan. 1 1926. Denom.$1,000. .Prin. andCizy. Legality approved
HAMILTON, Butler County, Ohio.
N.Y.
by Harry H. Schuster, City
bids will be received until 12 tn. April 29sewer impt. bonds. Denom. in gold at the National Bank of Commerce,
check for 2% of
$85,000 5% coupon storm
by Caldwell & Raymond, New York City. A certified
Auditor, for
required.
0.) payable
24.250. Date March 1 1926. Prin. and semi-ann. int. (A. &1927 to 1946 bonds bid for, payable to the Town, on Feb. 15 to Frudden & Co., of
These are the bonds offered and sold
at the City Treasurer's office. Due $4.250 yearly from Oct. 1
122. p. 1057.
the City
incl. Certified check for 5% of the amount of bid, payable to ten days Toledo at 100.49, a basis of about 5.96%-V.
-On Feb. 2
-BOND SALE.
Treasurer, required. Bonds to be deliverbd and paid for within
IONIA COUNTY (P. 0. Ionia), Mich. bonds offered on that date
time of award.
from
the 2.31,500 assessment district Road No. 29
at
TOWNSHIP SCHOOL DISTRICT (P. 0. Ludlow), (V. 122, p. 644) were awarded to the Detroit Trust Co. of Detroit
HAMILTON
-On April 1 the $25.000 5% school 100.75. Duo serially in two to ton years.
-BOND SALE.
McKean County, Pa.
the
p. 1815) were awarded
Dallas County,
Series A bonds, offered on that date (V. 122, basis of about 4.72%.toDue
IRVING INDEPENDENT SCHOOL DISTRICT,
First National Bank of Kane at 102.60-a
-At a recent election the voters authorized the
-BONDS VOTED.
Tex.
61,000 yearly tram April 1 1927 to 1951. inclusive.
bonds. Charles Lucas, trustee Board of Directors.
issuance of $7,500 school
-BOND OFFERING.
-Sealed
-BOND OFFERING.
HANCOCK COUNTY (P.0. Findlay), Ohio.
JACKSON, Jackson County, Ohio.
Sealed bids will be received until 12 m. April 27 by G. R.. Morehart, County bids will be received until 12 in. May 7 by W. P. Turner. City Auditor,for
Denom. $1.000 and $875.
Auditor, for $46.750 5% road impt. bonds. (A. & 0.) payable at the $12.140 54% Portsmouth and Church Streets Impt. bonds. Denom.
hit. A. & 0. Due on Oct. 1
Date April 1 1926. Prin. and semi-ann. int. follows:
Dated
as
Oct.
25.000, 1927 to $500 except 1 for $6.400. $1.500. May 11920.
County Treasurer's office. Due on 1935. 1 Cert. check for
1928 and 1929: $1,000. 1930; $1.500. 1931
$500 required. as follows: 51.140, 1927;
1933 incl., $6,000. 1934 and $5.750,
1934 and 1935. A certified check for
and 1932: $1,000, 1933 and 51.500,
Legal opinion of Squire, Sanders & Dempsey of Cleveland.
5% payable to the City Treasurer, required.
(P. 0.
HARBORCREEK TOWNSHIP SCHOOL DISTRICT (P. 0. WesleyJACKSON COUNTY SPECIAL TAX SCHOOL DISTRICTS Board
-Sealed bids will be
-BOND OFFERING.
-C. E. Pledger, Chairman
ville), Jefferson County, Pa.
-BOND OFFERING.
Marianna), Fla.
until 12 m. April 26 by Chas. Evans. Secretary Board of Directors, of Public Instruction, will receive sealed bids until 11 a. in. May 7 for the
received
15 1926.
for 212.000 554% school bonds. Denom. $1,000. bate April of North following school bonds, aggregating $180,000:
Prin. and semi-aim. int. (A. & 0.) payable at the National Bank
School District No. 1 bonds. Denom. 25,000 and
Special
on Oct. 15 as follows: $1.000, 1927 and 1928, 83.000. 1929 $150.000 $6.000. Tax Jan. 1 as follows: 25,000. 1928 to 1945 incl.,
East. Due
Due
and 1930 and $1,000, 1931. Certified check for $100 payable to the
and $6.000. 1946 to 1955 incl. A certified check for 21,000.
District Treasurer, required.
payable to the Board of Public Instruction, is required. $1.000.
Denom.
-BOND SALE-On
HARDIN COUNTY (P. 0. Kenton), Ohio.
30,000 Special Tax School District No. 25 bonds. incl.. and $2.000.
on
Due Jan. 1 as follows: 21.000, 1928 to 1954
April 8 the $9,801 554% coupon I. C. If. No. 186 bridge bonds offered
1954 and 1955. A certified check for $500, payable to the Board
that date (V. 122. p. 1951), were awarded to the State Teachers' Retireof Public Instruction, is required.
ment System of Columbus at a premium of $389, equal to 103.96. a basis
of the
Date Jan. 1 1926. Prin. and int. (J. & J.) payable at the office
of about 4.67%. Dated May 1 1926. Due 21,089 yearly from Sept. 1
Superintendent, Board of Education.
to 1935 Incl.
1927
-On
-BOND SALE.
JAMESTOWN, Stutsman County, No. Dak.-BONDS DEFEATED.
HARRISON COUNTY (P. 0. Cordyon), Ind.
bonds, submitted
Mar.22 the $11.100 5% highway bonds offered on that date(V.122,p. 1506) -The proposition of issuing $90,000 filtration plant carry.
were awarded to the Old Capital Bank & Trust Co.of Cordyon at a premium to the vote of the people at a recent election, failed to
105.38. Due in 1 to 10 years.
of 2597 50, equal to
JASPER COUNTY (P. 0. Newton), lowa.-BOND EELCTION.
question
HARRISVILLE, Ritchie County, W. Va.-BOND SALE -The On April 14 an election was held for the purpose of voting on the
$70,000 water works and sewerage bonds offered unsuccessfully on Mar. 25 of issuing 51.500,000 road bonds.
-On April 5
-BOND SALE.
(V. 122. p. 1951) were sold to the Sinking Fund as es at par. Date Jan. 1
JAY COUNTY (P. 0. Portland). Ind.
-V.122. p. 1816
1928. Due Jan. 1 as follows: 21.000, 1927 to 1931 i ncl.• 22.000. 1932 to the $2,500 454% coupon road bonds offered on that date
'
at a premium of 5557 50,
1936 incl.; $3.000, 1937 to 1946 incl., and $5,000, 1947 to 1951 incl.
were awarded to J. P. Wild & Co. of Indianapolis
-The City equal to 122.30. Denom. $2,500. Int. M. & N. 15. Due serially in
Wells County, No. Dak.-BOND OFFERING.
HARVEY,
4
Auditor will receive sealed bids until 8 p. m.. April 26 for $46,000 5, % 1 to 10 years.
-The
-BOND SALE.
water works system bonds. Dated April 15 1926. Due serially to 1946.
JEFFERSON COUNTY (P. 0. Fayette), Miss.
March 1 an issue
HARTSVILLE SCHOOL DISTRICT No. 30, Darlington County, Merchants Bank & Trust Co. of Jackson purchased on equal to 101.57.
recently of 495.000 6% coupon road bonds at a premium of $1,500, 1 1927 to 1951.
-The Robinson-Humphrey Co. of Atlanta
-BOND SALE.
So. Car.
serially April
purchased an issue of 265.000 5% coupon school bonds. Date Mar. 11920. Dated April 1 1926. Denom. $500. Due
Denom. 51.000. Duo on Mar. 1 as follows: 23.000, 1931 to 1935 inel.; incl. Interest payable A. ec 0.
(P. 0. Ririe),
$4.000. 1936 to 1940 incl. and $5.000, 1941 to 1946 incl. Prin. and semiJEFFERSON COUNTY SCHOOL DISTRICT NO. 2 be held for the
ann. int. (M. & S.) payable in New York City. Legality approved by Idaho.
-On April 24 an election will
-BOND ELECTION.
school bonds.
Caldwell & Raymond of New York City.
purpose of voting on the question of issuing $8,000
Financial Statement.
County, Mo.-BOND
220.000,000
JENNINGS SCHOOL DISTRICT, St. Louis Education, will receive
Actual values
2,331.261 OFFERING.
-Edward If. Baumer. Sec. Board of
Assessed valuation 1925
230,000 sealed bids until April 17 (to-day) for 260.000 4.54%. 4'%%, or 5% school
Total bonded debt (including this Issue)
May 1 as follows:
Population (estimated), 10.000.
bonds. Date May 1 1926. Denom. $1.000. Duo $4,000, 1940 and
incl.; $3,000. 1934 to 1939 incl.:
HARTSVILLE SCHOOL DISTRICT NO. 32, Darlington County, $2.000. 1928 to 1933 1944 incl., and 56,000. 1945 and 1946. Int. payable
1942 to
-The Robinson liumphrey Co. of Atlanta, re- 1941: 25,000,
So. Caro.
-BOND SALE.
N.). A certified check for 2% of the amount bid,
cently purchased an issue of $05.000 5% school bonds. Dated Mar. 1 semi-annually (M. & named official, is required. The purchaser is to
1926. Denom. $LOW. Due March 1 as follows: $3.000. 1931 to 1935, payable to the above- the bonds, for execution and attorney's fees for
incl.; $4,000, 1936 to 1940, incl., and $5,000. 1941 to 1946, incl. Prin. and pay for the preparing of
int. (M. & S.) payable in New York. Legality approved by Caldwell & examination of the record. Financial Statement.
Raymond, New York City.
21,531,530
Assessed valuation of district (1925)
MOO
-The 2100,- Outstanding indebtedness
-BOND SALE.
HATTIESBURG, Forrest County, Miss.
4,000
-were awarded to the Sinking fund (to apply on indebtedness (approx.)
city bonds offered on April I-V. 122, P. 1815
000
Commercial National Bank of Hattiesburg as 5s at a premium of $155,
Cambria
JOHNSTOWN SCHOOL DISTRICT (P. 0. Johnstown)
equal to 100.15.
-Sealed bids will be received until
-BOND OFFERING.
County, Pa.
- 7:45 p. m. May 10 by Wilbert C. Wehn. Secretary Board of Directors.
-BOND OFFERING.
HENDERSON, Vance County, No. Caro.
S. B. Burwell, City Clerk, will receive sealed bids until 8 p. m. May 3 for for $300.000 4% coupon or registered school, series D bonds. Denom.
o
$190,000 454 V coupon water bonds. Dated Juno 1 1926. Denom. 21,000. Dated ismay 11926. Due $10.000 yearly from May 1 1927 to 1956
$1,000. Due June 1 as follows: $3,000, 1929 to 1936 incl.; $4.000. 1937 incl. A certified check for $5.000 payable to the School District, required.
to 1944 incl.; $5,000. 1945 to 1954 incl., and $7,000, 1955 to 1966 incl. Legality approved by Townsend. Elliott & Munson cf Philadelphia.
Prin. and int. (.1. & D.) payable in New York. The bonds will be pre-The
-BOND SALE.
KERR COUNTY (P. 0. Kerrville), Tex.
pared under the supervision of the United States Mortgage & Trust Co,
offered on April 12-V. 122, p.
which will certify as to the genuineness of the signatures of the county $110.000 5% court house and Jail bonds
Schreimer Bank and First State Bank,
officials and the seal impressed thereon. Legllity to be approved by 1816-were awarded to the Charles Dated April 10 1926. Due as follows:
both of Kerrville. jointly, at par.
Chester B. MasslIch, New York.
52.000. 1927: $3.000. 1928; 22.000. 1929 23.000. 1930: $2,000, 1931;
HILLSBOROUGH COUNTY SPECIAL TAX SCHOOL DISTRICT 53.000, 1932; 22,000. 1933; 23.000. 1934 22.000. 1935: $3.000, 1936:
-BOND OFFERING.
-W. D. F. Snipes. 52.000, 1937; 23,000, 1938; 22.000, 1939 53,000, 1940: $2.000. 1941:
NO. 60 (P. 0. Tampa), Fla.
Secretary Board of Public Instruction, will receive sealed bids until April 29 23.000. 1942; $2.000, 1943; $3,000, 1944; 22,000. 1945. and $3,000, 1946 to
1966 incl.
for 2150,000 6% school bends. Denom. 21.000.
-The Prescott,
HITCHCOCK COUNTY SCHOOL DISTRICT No. 11 (P. 0. TrenKIDDER, Caldwell County, Mo.-BOND SALE.
Neb.-BOND OFFERING -Miss Helen W. Clark, Director Board Wright, Snider Co. of Kansas City recently purchased an issue of 527,000
ton),
will
of School Trustees,high receive sealed bids until 2 p. m. April 22 for $60,000 6% school bonds.
school bonds. Due in 20 years.
not exceeding 6%
-BOND OFFERING -I. C.
KISSIMMEE, Osceola County, Fla.
-BOND SALE.
-The American Buckets, City Manager. will receive sealed bids until 8 p. m.(May 10, for
HOLLY HILL, Volusia County, Fla.
on Sept. 16, the following $596,000 6% municipal improvement bonds. Dated March 1 1926.
Bank & Trust Co. of Daytona Beach. purchased
bonds aggregating $180.000:
Denom. 21,000. Due March 1 1956. Principal and semi-annual interest
42
6'7 coupon improvement
City. Legality
Due July 1
Chase National Bank, New
2110,000 paving and drainage bonds. 1945 to 1954 as follows: $4.000. payable le gold at the Thomson, New York City. York
A certified check for
incl.
approved by John C.
1930 to 1944 incl. and $5,000,
waterworks distribution system bonds. Due July 1, as follows: 2% of the par value of the bonds payable to the City Conunission is required.
70,000
These are the bonds offered for sale on April 2.-V. 122, P. 1506.
$2.000, 1930 to 1934 incl. and $3.000, 1935 to 1954 incl.
at the
21.000. Interest payable
Date July 1 1925. Donom. Daytona Beach, and at the J. & J. Bank
KLAMATH COUNTY SCHOOL DISTRICT (P. 0. Klamath), Ore.
National
Trust Co. of
.
American Bank &
-The Ralph Schneeloch Co. of Portland, recently purl
-BOND SALE.
York City at option of holder.
chased an issue of $75.000 5% school bonds. Dated March 1 1926. Due
of Commerce, New
ELECTION.
River County, Ore.
HOOD RIVER, Hood be hold for the purpose -BOND on the question March 1 1941, optional on or after March 1 1931.
of voting
Financial Statement.
an election will
On May 1$89,000 school bonds.
219,229,020.13
Assessed value
of issuing
152.004.60
- Bonded debt (including this issue)
County, Ark.
HOXIE SPECIAL SCHOOL DISTRICT, Lawrenceof Directors, will
Population estimated, 10.000.
-C
OFFERING. ,A. Bassett, Secretary Board
BOND
for $56,000 6% school bonds.
April 29
-On
-BOND SALE.
KNOX COUNTY (P. 0. Vincennes), Ind.
recelye sealed bids until
-The March 29 the Fletcher Savings & Trust Co. of Indianapolis purchased an
HUBBELL, Thayer County, Neb.-BONDS DEFEATED.
equal
issuing $30,000 high school bonds submitted to the voters at issue of 6125,000 remodeling bonds at a premium of 21,928 20,
proposition of
to 101.54.
April 6-V. 122, P. 1951-failed to carry.
the election held on
2248
THE CHRONICLE
KNOX COUNTY (P. 0. Benjamin), Tex.
-At an
election held on March 27 the voters authorize -BONDS VOTED.
hospital bonds, by a count of 973 for to d the Issuance of 360,000 5%
646 against. N. S. Kilgore,
County Judge.
(Vox.. 122.
Prin. and semi-ann. Int. (M. & N.) payable at the Chase National
Bank,
New York City. A certified check for &5,000, payable
to the above named
official, is required.
McMINNVILLE, Yamhill County, Ore.
-BOND ELECTION.
-On
May 21 an election will be held for the purpose of voting on the question
founf issuing $50,000 bonds to be used as a contribution to the Linfield College
KOKOMO, Howard County, Ind.
-BOND SALE.
-On March 10 the
$113,500 4.34% coupon bonds offered on that date
(V. 122, p. 1506) were
awarded to 3. F. Wild & Co. of Indianapolis at
a ptemium of 31.575. equal
to 101.38, a basis of about 4.38%. Dated
March 10 1926. Due in 1941.
MADRID INDEPENDENT SCHOOL DISTRICT, Boone County,
KOSCIUSKO COUNTY (P. 0. Warsaw),
-BONDS OFFERED.
- Iowa.
-BOND OFFERING.
Sealed bids were received until 2 p. in. April Ind.
15 by the County Treasurer tors, will receive sealed bids-C. Fred Carlson, Secretary Board of Direcfor $15.300 impt. highway bonds.
until 7 p. m. April 22 for *45,000 school bonds.
Date April 1 1926. Due $3,000 1927 to
1941, inclusive.
LA CROSSE, La Crosse County, Wis.-BO
-The $70.000
MAGDALENA, Socorro County, N. Mex.-BONDS VOTED.
435% river bridge bonds offered on April 8-V. ND SALE.
-At a
122,
-were awarded recent election the voters
to the Second Ward Securities Co. of Milwaukee p. I816
at a premium of 31,430, by a count of 368 for to authorized the issuance of $45,000 water bonds
equal to 102.04, a basis of about 4.23%.
136 against.
Dated April 10 1926. Due as
follows: $4,000, 1927: 33,000, 1928: $4,000,
MAHASKA, Washington County, Kan.
1929; $3,000. 1930: $4,000,
-On
-BOND ELECTION.
1931: $3,000, 1932: $4,000, 1933; $3,000. 1934;
$4.000. 1935: 33,000, 1936: April 23 an election will be held for the purpose of voting on the question
34,000, 1937; 33.000. 1938; $4,000. 1939;
$3,000, 1940: 34,000, 1941: of issuing $445,000 school bonds.
$3.000. 1942: $4,000, 1943; $3,000, 1944: $4,000. 1945
and $3,000, 1946.
MANKATO, Blue Earth County Minn.-BOND SALE.
Other bidders were:
-The
$30,000 coupon refunding bonds offered on April 12-V. 122, p. 2091
Bidders'
Prem.
were awarded to the National City Bank of Mankato
Hanchett Bond Co., Chicago
as 4355 at a premium
*33.551.75 of $345, equal to 101.15, a
Halsey. Stuart & Co., Chicago
basis
1,260.00 Due $3,000 May 1 1927 to 1936, of about 4.27%. Dated May 1 1926.
Marshall & Ilslev Bank, Milwaukee
incl.
1,232.90
Taylor, Ewalt & Co., Chicago
MAPLE HEIGHTS (P. 0. Bedford R. F. D.), Cuyahoga County,
1,180.00
First Wisconsin Co., Milwaukee
-BOND SALE.
1.165.00 Ohio.
-On March 29 the $154.024 40 534% coupon
A. B. Leach & Co., Chicago
1.125.00 (special assessment) impt. bonds, offered on that date
Hill, Joiner & Co., Chicago
-V. 122. p. 1352
1,125.00 were awarded to Geo. W. York & Co., Inc., of Cleveland, at a premium
Mississippi Valley Trust Co., St. Louis
854.00 of $5,546, equal to 103.60, a basis of about 4.69%. Date March 15 1926.
A. C. Allyn & Co., Chicago
Due on Oct. 1 as follows: 315.000. 1927 and
854.00
Wells-Dickey Co., Minneapolis
1928: $16,000, 1929 to 1931.
i9 6
.
770.00 inc1.; $15,000, 1932 and 1933; 316,000. 1934: 315,000, 1935. and $15,024 40.
• No reason given for not awarding to highest bidder.
LAGUNA BEACH COUNTY WATER DISTRICT, Orange
MAPLE HILL FIRE DISTRICT (P. 0. Newington), Hartford
County,
Calif:
-BOND SALE.
County, Conn.
-The Freeman, Smith
-BOND
-Sealed bids will be received until
purchased on Mar. 15an issue of $600,0006%& Camp Co. of Portland, 2 p. m. April 23 by Harry OFFERING.
coupon water system bonds
II. Howard, President, care of New Britain Trust
at par. Date Jan. 15. 1926. Due $30.000
Jan. 15 1936 to 1955 incl. Co., for $115,000 434% coupon water first series bonds. Denom. $1,000.
Interest payable J. & J. 15
Dated May 1 1926. Principal and semi-annual
at the First National Bank, Boston. Due on interest(M.& N.) payable
LAKE ARTHUR, Chaves County, N. Mex.-BO
May 1 as follows: 34,000.
NDS VOTED.
-At a 1931 to 1958, inclusive, and $3,000. 1959. Bonds are engraved under the
recent election the voters authorized the issuance
of $12,000 water bonds.
supervision of and certified as to genuineness
by the First National
LAKE CRYSTAL, Blue Earth County, Minn.
of Boston; their legality will be approved by Ropes, Gray, Boyden Bank
-BOND ELECTION.
& PerOn April 20 an election will be held for the
purpose of voting on the question kins, whose opinion will be furnished the purchaser. All legal papers inciof issuing $90.000 school bonds.
dent to this issue will be filed
the above bank whore they
inspected at any time. Bonds with be delivered to the purchasermay be
LAKE HAMILTON, Polk County, Fla.
will
onr or
-BOND OFFERING.
-F. A. about May 3 1926 at the First National Bank, Boston.
Wright, Town Clerk, will receive sealed bids
*50,000 not exceeding 6% water works bonds. until 2 p. in. May 13 for
Financial Statement March 15 1926.
Date Oct. 11925. Denom. Last grand list ______
$1,000. Due 32.000, 1931 to 1955 incl. Prin. and
_
_ ________________________________ $1,650,000
int.(A. St 0.) payable
The district has no debt.
at the Hanover National Bank, New York
_Caldwell & Raymond, New york City. A City. Legality approved by
MAPLEWOOD SCHOOL DISTRICT, St. Louis County, Mo.certified check for 2% of the
amount bid is required.
BOND SALE -Smith, Moore & Co. of St. Louis recently purchased an issue
of $95,000
LAKE WORTH INLET DISTRICT (P. 0.
West Palm Beach) Palm Due $5.000 434% school bonds. Date April 1 1926. Denom. $1,000.
Beach County, Fla.
-BOND SALE.
-On April 3 the Farmers Bank & Mississippi 1928 to 1946, incl. Prin. and int. (A. & 0.) payable at the
Trust Co. of West Palm Beach, purchased
Valley Trust Co., St. Louis. Legality approved by Charles
at 95. Legality approved by Caldwell & an issue of 33,250.000 inlet bonds & Rutherford, St. Louis.
Raymond, New York City.
MARICOPA COUNTY SCHOOL DISTRICT NO.25
LANCASTER COUNTY SCHOOL DISTRICT
(P.O. Phoenix),
NO. 88 (P. 0.
man), Neb.-BOND SALE.
-BOND SALE.
-The $10,000 school bonds offered on April 5 (V.
-The Lincoln Trust Co. of Lincoln, Hick- Ariz.
recently 122, p. 1663) were awarded to the United
purchased an issue of $12,000 school bonds.
States National Co. of Denver as
5s at 100.291. Dated Mar, 15 1926. Due in 20
LAS CRUCES Dona Ana County,
years. The purchaser
-At agreed to furnish the bonds and legal opinion.
the election held on April 6-V. 122, p. N. Mex.-BONDS VOTED.
1662-the voters authorized the
Issuance of the following bonds aggregating
MARION COUNTY (P. 0. Indianapolis), Ind.
-BOND SALE.
3134,000:
On April 7 the $200,000 434% flood-prevention
$99.000 sewer bonds.
bonds offered on that date
35.000 water bonds.
-V. 122. p. 1507
-were awarded to the Fletcher
Indianapolis for 3206,128 80, equal to 103.06, a Savings & Trust Co. of
LAS VEGAS, Clark County, Nev.-BO
basis of
ND ELECTION-On May 1 Date May 11926. Due 310,000 yearly from March 1 1927about 4.14%•
an election will be held for the purpose of
to 1946, incl.
BOND SALE.
voting on the question of issuing
-On April 7 the 362,000 434% connecting link road bonds
the following bonds, aggregating $250.000:
offered on that date
-V. 122, p. 1816
-were awarded to the Fletcher
$175,000 school bonds.
Savings & Trust Co. of Indianapolis at a premium
75,000 school bonds.
of
101.35, a basis of about 4.23%. Date March 1 1926. $628 38, equal to
Due $6,200 yearly
from March 1 1927 to 1936, incl.
LAVVLER, Chickasaw County, Iowa.
-BOND ELECTION.
-On
April 21 an election will be held for the
MARSHALL COUNTY (P. 0. Lewisburg), Tenn.
purpose of voting on the question
ofissuing $22,000 school bonds.
-BOND SALE.
The $50.000 school bonds offered on April
122. p. 1816) were awarded
to the First National Bank of Lewisburg14 (V.premium
LEE COUNTY (P. 0.
at a
of $775, equal to
-BOND SALE.
-M. W.
Elkins & Co. of Little RockMarianna), Ark.
recently purchased an issue of 330,000 6% 101.55. Date Aug. 11925. Due Aug. 1 1945, optional Aug. 1 1935.
drainage bonds at 102.33. Due serially in 1 to
MASSENA UNION FREE SCHOOL DISTRICT NO. 1 (P. 0. Mas20 years.
sena), Saint Lawrence County,
LEFLORE COUNTY (P. 0. Greenwood),
-BOND SALE.
-On April 9 the
-BOND OFFERING. 8250,000 4 Yi % coupon (registera N. Y.
-A. R. Bew, Clerk Board of Supervisors, Miss.
ble) school bonds offered on that date
2 p. in. May 3 for $125,000 not exceeding will receive sealed bids until -V. 122, rl. 2092
-were awarded to Geo. B.
5% Jail bonds. Denom., form York at 101.1637, a basis of about 4.39%. Gibbons & Co., Inc., of New
and place of payment to be designated
Date July 1 1925. Due on
by purchaser.
July 1 as follows: $12,000. 1930 to 1949, incl., and $10,000.
1950.
LINCOLN COUNTY (P. 0. Stamford), Ky.-BO
ND SALE.
-The
MEDINA, Medina County, Ohio.
$125,000 434% coupon road and bridge bonds offered
-BOND OFFERING.
-Sealed bids
on March 1-V. 122, will be received until
P• 1205
-were awarded to Seasongood & Mayer of Cincinnati
at a premium Rickard, Village Clerk,12 in. (Eastern standard time) May 1 by C. D.
of $10, equal to 100.008. a basis of about
for 310,000 6% coupon White Way lighting bonds.
4.49%. Dated April 1 1926. Due Denom.
35.000, 1931 to 1955 incl.
$1,000. Date April 1 1926. Prin. and semi-ann.
& 0.)
payable at the office of the Sinking Fund Trustees, Duo int. (A.yearly
31,000
LINCOLN PARK (P. 0. Dearborn R. F. D. No.
2), Wayne County, from Oct. 1 1927 to 1936, incl. Certified check for not less than 23 of
Mich.
-BOND OFFERING.
-Sealed bids will be received until 10 a. ra. the bonds bid for, payable to the Village Clerk, required. Bonds will be
April 20 by Floyd W. Harrison, City Clerk.
for 3228.000 (special assess- delivered and paid for within ten days from time of award.
ment) paving bonds. Certified check for $3,000,
payable to the city, reMELROSE, Curry County, N. Mex.-BONDS VOTED.
quired.
-At the election held on April 6 (V. 122, p. 1663) the voters authorized the issuance of
LONG BEACH, Los Angeles County, Calif.
-BOND
-A $15,000 water bonds by a count of 53 for to 42 against.
syndicate composed of the First National Bank and Eldredge SALE.
Sz Co., both
MEMPHIS, Shelby County, Tenn.
of New York,and the Anglo London Paris
-BOND OFFERING.
on April 6 3500,000 harbor improvementCo. of San Francisco was awarded Pashby, City Clerk. will receive sealed bids until June 8 for the -C. C.
following
bonds as 435s at a premium of bonds, aggregating 31,007,000:
$707, equal to 100.14.
$957,000 refunding bonds.
LORIMOR INDEPENDENT SCHOOL DISTRIC
50,000 special ac.vovsment bonds.
T (P. 0. Lorimor),
Union County, Iowa
.-BOND SALE.
MIDDLETOWN TOWNSHIP SCHOOL DISTRICT
bonds offered on April 8 (V. 122, p. -The $26,500 434% coupon school
(P. 0. Langof Lorimor, at a premium of $420, 1816) were awarded to E. T. Duquer, horne), Bucks County, Pa.
-Sealed bids will be
equal to 101.58. Date April 1 1926. received until 8 p. m. April -BOND OFFERING.
Denom. $1,000, except one for $500. Interest payable
23 by the Secretary, Board of
A. & 0.
$40,000 5% coupon school bonds. Denom. $500. Dated Directors, for
LOST RIVER HIGHWAY DISTRICT (P. 0.
May 1 1946.
Mackay), Custer Int. M. & N. Due May 11946. Optional May 11936. Certified check
County, Idaho.
-BOND SALE.
-The
offered on April 3-V. 122, p. 1816-wer 335,000 road and bridge bonds for 5% required.
e awarded to the Anderson Bros.
MIDLAND,
Bank of Idaho Falls, Dated
-BOND SALE.
March 1926. Due March 1 1946; optional 3206.000 434% Beaver County, Pa.
March 1 1936.
coupon storm sewer bonds offered on-On April 14 the
p. 1817) were awarded to the Mellon National Bank that data (V. 122.
LOUISVILLE, Jefferson County, Ky.-BO
of Pittsburgh at a
premium of 34.157 69, equal to 102.01, a basis of
NDS OFFERED.
-Sealed
bids were received until April 16
by the Board of Education for $250,000 Sept. 1 as follows: 32,000, 1926 and 1927; 33,000, about 4.34%. Duo on
school bonds.
1929
1931; 33,000, 1933; $6,000, 1934; $3,000. 1935; 37,000. and 1930; 34,000.
1936; 36,000, 1937:
$8,000, 1938; $9,000. 1939. and 310,000, 1940
LYNN, Essex County, Mass.
to 1954 inclusive.
-The First
National Bank of Boston purchased -TEMPORARY LOAN.
MILTON, Norfolk County, Mass.
a $500,000 temporary loan on a 3.56%
-BOND OFFERING.
discount basis.
-Sealed bids
will be received until 1 p. m. April 22 by Maurice
A. Duffy, Town Treasurer, for the following two
LYTTON CONSOLIDATED SCHOOL DISTRIC
T, Sac County, 848,000 water loan bonds.issues of 4% coupon bonds, aggregating $83,000:
Iowa.
-BOND OFFERING.
Dated May 1 1925. Due $2,000 yearly from
-W. A. Sandburg, Secretary of Board of
May 1 1927 to 1950 inclusive.
Directors, will receive sealed bids until 2
p. in. April 20 for 3150.000434%
school bonds. Date May 1 1926.
35,000 school loan of 1926 bonds. Dated
Due May 1 as follows: 34.000. 1927
May
to 1931, incl.: 35,000, 1932 to 1936, incl.: 36,000,
yearly from May 1 1927 to 1931 inclusive. 1 1926. Duo $7,000
1937
Denom. 31,000. Prin. and semi-ann. int.
37,000. 1942 to 1945, incl., and 347,000, 1946. Prin. and to 1941, Incl.;
(M.& N.) payable at the First
int. M. &
payable to the Treasurer of Board of Education. Legality approved N., National Bank, Boston. Bonds are engraved
under the supervision of and
by certified as to genuinene
Chapman, Cutler & Parker of Chicago. A certified
check for 310,000. legality will be approved ss by the First National Bank of Boston; their
Payable to the District Treasurer, is required.
by Ropes, Gray, Boyden & Perkins, whose opinion
will be furnished the purchaser. All legal
papers incident to those issues
Financial
will be filed with the above bank, where
Actual assessed value of property, Statement.
they
1925
32,570,800 Bonds will be delivered to the purchaser on may be inspected at any time.
Moneys and credits not included in the foregoing
or about May 3 1926 at the First
151,937 National Bank, Boston.
figures
Total bonded indebtedness, including this
150,000
Area of school district. 27,051.68 acres. issue
Financial Statement April 14
Estimated population. 1,000.
1926.
Net valuation for year 1925
McCLAIN COUNTY INDEPENDENT SCHOOL DISTRIC
$27,763676:619135
T NO. 10 Debt limit
(P. 0. Wayne), Okla.
-BOND SALE.
-The 332,000 6% school bonds Total gross debt, including these
offered on April 9-V. 122,
-were awarded to C. Edgar Honnold Exempted debt (water bonds) issues
p.
830,000
of Oklahoma City at a premium1662
190,000
5.15%. Due Jan. 1 as follows: of $2,400, equal to 107.50, a basis of about
$8,000, 1931, 1936, 1941 and 1946.
Net debt
8640,000
McDOWELL COUNTY (P. 0. Marion), No. Caro.
Borrowing capacity
-BOND OFFERING.
-T. J. Gibbs, Chairman
127,193
MINNEAPOLIS, Hennepin County
receive sealed bids until 11 a. of Board of County Commissioners, will
-CERTIFICATE OF.
Minn.
19 for $270,000 not exceeding 6% FERING.-Geo. M. Link,
school bonds. Date May 1 m. AprilDenom.
Secretary of Board of Estimate and Taxation.
follows: $6.000, 1929 to 1933,1926. 37,000. *1.000. Due May 1 as will receive sealed bids until 10 a. in. April 23 for $1,000,00
incl.:
1934 to 1938. incl.; $9,000, 5% certificates of indebtedness.
0 not exceeding
19119 to 1943, incl.: 311,000, 1944 to 1948,
Date April 26 1926. Due July 24 1926.
and 315.000. 1949 to 1955, incl. Principal and interest payable
at the fiscal agency of the city In New York.
APR. 17 1926.]
THE CHRONICLE
The purchaser is to furnish the legal approval of an attorney. A certified
check for 2% of the amount bid, payable to 0. A. Bloomquist, City Treasurer, is required.
MISSOURI (State of).
-BOND SALE.
-The 17,500,000 43.1% road
Series H bonds offered on April 14-V. 122, p. 1507
-were awarded to a
syndicate composed of Eldredge & Co.. Kean, Taylor & Co. Roosvelt &
Son and Geo. BInc.,. Gibbons & Co., Inc. all of New York and the Federal
Commerce Trust Co., of St. Louis at 101.0899. a basis of about 4.15%.
Date May 1 1926. Due May 1 as follows: $500,000. 1933 to 1937 incl.:
and $2,500,000 in 1942 and 1943.
MONONA INDEPENDENT SCHOOL DISTRICT (P. 0. Monona),
Clayton County, lowa.-BONDS VOTED.
-At the election held on
April 9-V. 122. p. 1663-the voters authorized the issuance of $95,000
sc.hool bonds by a count of 430 for to 272 against.
MONTROSE, Montrose County, Colo.
-BOND ELECTION.
-On
May 11 an election will be held for the purpose of voting on the question of
Issuing $30,000 city hall and library building bonds. Doris Wittmeyer,
City Clerk.
MOUNDSVILLE INDEPENDENT SCHOOL DISTRICT, Marshall
County, W. Va.-BONDS VOTED.
-At a recent election the voters
authorized the following bonds, aggregating $149,000:
$119,000 junior high school bonds. 1110,000 school equipment bonds.
20.000 grade school bonds.
MOUNT PLEASANT, Westmoreland County, Pa.
-BOND OFFERING.
-Sealed bids will be received until 8 p. m. May 3 by Frank L. Overly,
Borough Secretary, for 175,000 435% borough bonds. Denom. $1,000.
Dated May 1 1926. Int. M. & N. Due on May 1 as follows: $5,000,
1929, 1932 and 1935; 110,000, 1938. 1941 and 1944 and $15,000. 1947 and
1950. A certified check for $1,000 payable to the Borough, required.
Legality approved by Moorehead & Knox of Pittsburgh.
MOUNT ULLA SPECIAL TAX SCHOOL DISTRICT (P. 0. Salisbury), Rowan County, No. Caro.
-BOND OFFERING.
-Max L.
Barker. Clerk Board of County Commissioners, will receive sealed bids
until 12 m. April 20 for $25,000 not exceeding 6% coupon school bonds.
Date May 1 1926. Denom. $500. Due May 1 as follows: $500„ 1928
, to 1935 incl., and $1.000. 1936 to 1956 incl. Int, payable semi-annually
(M. & N.). A certified check for 2% of the amount bid. payable to the
above-named official, is required. Legality to be approved by Reed,
Dougherty & Hoyt, N. Y. City.
MULLINS, Marion County, So. Caro.
-BOND SALE.
-The Robinson
Humphrey Co. of Atlanta has purchased an issue of $20,000 5% water
works and sewerage bonds. Date Feb. 1 1926. Denom. $1,000. Due
Feb. 1 as follows: $2,000, 1936. 1939 and 1940: 11,000. 1943; 12,000, 1945
to 1948. incl.; 12,000. 1951 to 1954, incl., and $1.000, 1955. Prin. and int.
(F. & A.) payable at the Hanover National Bank, New York City. Legality approved by Caldwell & Raymond, New York City.
Financial Statement.
Actual value of taxable property
$3,500.000
Assessed valuation, 1925
688.000
Total bonded debt (incl. this issue)
$185,000
Less water works bonds
110,000
Net debt
75,000
Population. 1920 Census, 2.379.
MUSCOGEE COUNTY (P. 0. Columbus), Ga.-BOND SALE.
The $660,000 4 % coupon road bonds offered on April 14 (V. 122,_p. 2092)
were awarded to a syndicate composed of Estabrook & Co. and Hannahs,
Bailin & Lee, both of New York; J. H. Hilsman & Co.;the Citizens & Southren Co., Trust Co. of Georgia, and the Robinson-Humphrey Co., all of
Atlanta. at 100.692-a basis of about 4.43%. Date April 1 1926. Due
$22,000 April 1 1927 to 1956. inclusive.
NELSON, Nuckolls County, Neb.-BONDS VOTED.
-At a recent
election the voters authorized the issuance of 138.000 water plant bonds.
NEW AURELIA CONSOLIDATED SCHOOL DISTRICT (P. 0.
Aurelia), Cherokee County, lowa.-BOND SALE.
-The $42,000 coupon
refunding school bonds offered on April 7 (V. 122, p. 1953) were awarded
to the First National Bank of Aurelia as 4s at 100.88, a basis of about
4.37%. Dated May 11926. Denom. $1,000. Due $6,000 1931 to 1937
Incl. Interest payable M. & N. 8.
NEWBERRY, Newberry County, So. Caro.
-CERTIFICATE SALE.
-The $67,500 paving certificates offered on April 13-V. 122, p. 1953
were awarded to the South Carolina National Bank of Charleston, as 5;is
at par. Due $7,500, 1927 to 1935 incl.
NEW MARATHON CONSOLIDATED SCHOOL DISTRICT (P. 0.
Marathon), Buena Vista County, Iowa.
-BOND OFFERING.
-A. A.
Wells, President, Board of Education, will receive sealed bids until 1 p. m.
April 26 for $25,000 4 Sc% school bonds. Dated May 11926. Due July 1
as follows: $5,000, 1936, and $2,500, 1937 to 1944 inclusive.
NEWPORT NEWS, Warwick County, Va.-BOND
A. M. Hamilton, City Clerk, will receive sealed bids until 2OFFERING.p.
for the following 2 issues of 4 % bonds. aggregating $375,000.m. May 10
$175,000 public improvement bonds. Due June 1 as follows: $6,000, 1927
to 1929 incl.; $7,000. 1930 to 1933 incl.; 18.000. 1934 to 1936 incl.:
19,000. 1937 and 1938. $10.000. 1939 to 1941 incl.: $11,000, 1942
to 1944 incl.; and $12,000. 1945 and 1946.
200,000 refunding bonds. Due June 1 as follows: $7,000. 1927 to 1929
incl.:$8,000, 1930 to 1932 incl.:39,000. 1933 to 1935 Incl.; $10,000.
1936 to 1938 incl.: $11.000. 1939 and 1940, $12,000, 1941 and 1942
and $13,000; 1943 to 1946 incl.
Denom. $1,000. Prin. and int. J. & D., payable at the National City
Bank, New York City. Legality approved by Thomson, Wood & Hoffman,
Now York City. A certified check for 2% of the bonds bid for payable to
the City Treasurer is required.
NEWPORT SCHOOL DISTRICT NO. 68, Washington County,
Minn.-BONDs DEFEATED.
-The proposition
bonds submitted to the vote of the people at a of issuing 145,000 school
recent election, failed to
carry.
NEW SWEDEN INDEPENDENT SCHOOL DISTRICT
(P. 0.
Idaho Falls), Bonneville County, Idaho.
-BOND ELECTION.
-On
, April 30 an election will be held for the purpose of voting on
the question
of is.suing $25.000 school bonds.
NEWTON INDEPENDENT SCHOOL DISTRICT, Jasper
County,
Iowa.
-BOND SALE.
-The $170,000
% school bonds offered on
April 12-V. 122, p. 1664
-were awarded to the Jasper County Savings
Bank of Newton, at a premium of $3,760, equal to 102.21.
a
about 4.28%. Date March 1 1926. Due Nov. 1 as follows: basis of
$4,000,
1927 and 1928: 15.000, 1929 and 1930; $6.000. 1931 and
1932; 17.000,
1933 and 1934: 18.000. 1935 and 1936: 19.000. 1937:
1039; 111,000, 1940 to 1942, incl., and $12,000, 1943 to 110,000, 1938 and
1946 incl.
NORTH TONAWANDA UNION FREE SCHOOL
DISTRICT NO. 1
(P. 0. North Tonawanda), Niagara County, N. Y.
-BOND SALE.
On April 9 the 1100.000 coupon school bonds offered on that
date
p. 2092) were awarded to Manufacturers & Traders National (V. 122,
Bank of
Buffalo as 434s at 101.019. a basis of about 4.40%. Dated
April 1 1926.
Due $5.000 yearly from April 1 1930 to 1949 incl.
ONAKA SCHOOL DISTRICT, Faulk County, So.
Dak.-BONDS
VOTED.
-At a recent election the voters authorized the
isuance of
$25,000 high school bonds.
ONEONTA, Otsego County, N. Y.
-BOND OFFERING.
bids will be received until 2n. m. April 29 by C.II. Bawdish. City -Sealed
lain. for $250,000 school bonds. Legality approved by Clay Chamber& Dillon
of New York.
PADUCAH INDEPENDENT SCHOOL DISTRICT, Cottle County,
-BONDS VOTED.
-At an election held on March 27 the voters
Texas.
authorized the issuance of $70,000 5% cshool bonds.
PALM BEACH COUNTY SPECIAL TAX SCHOOL DISTRICT
NO. 6 (P. 0. West Palm Beach), Fla.-BONI) OFFERING.
-A. S.
Andrews, Chairman of Board of Public Instruction, will receive sealed bids
until 2 p. m. April 22 (to be opened at 2 p. rn. April 23) for $50,000 6%
school bonds. Date Oct. 1 1925. Denom. $1,000. Due $2,000 Oct. 1
1927 to 1951, incl. The bonds are being offered subject to the approving
opinion of Chapman, Cutler & Parker of Chicago. A certified check for
$3,000 is required.
PANORA, Guthrie County, Iowa.
-BONDS VOTED.
-At a recent
election the voters authorized the issuance of $15,000 water works bonds.
2249
PARK COUNTY SCHOOL DISTRICT NO. 3 (P. 0. Fair Play),
Colo.
-PRE
-ELECTION SALE.
-The International Trust Co. of Denver
recently purchased an issue of 140,000 5% school bonds, subject to their
being voted at a coming election. Due serially in 16 years.
PAWTUCKET, Providence County, R. I.
-BOND SALE.
-On April
14 the $475.000 434% coupon water bonds offered on that oate-V. 122.
-were awarded to E. II. Rollins & Sons; Roosevelt & Sons, and
p. 2093
Geo. B. Gibbons & Co., Inc., all of New York. at 100.721, a basis of
about 4.19%. Date March 1 1926. Due 195,000 March 1 1931, 1936.
1941, 1946 and 1951. Other bidders were:
BidderBidderRate Bid.
Rate Bid.
Estabrook & Co
Old Colony Corporation and
99.92
Eldredge & Co
100.0651
Blodget & Co
99.72
National City Co
99.819
100.358 Eastman, Dillon & Co
Gibson & Leefe
100.233
Harris. Forbes & Co
100.64
R. L. Day & Co. and Mer100.709
Barr Bros. & Co
rill, Oldham & Co
99.659
PLANT CITY, Hillsborough County, Fla.
-The
-BOND SALE.
following 534% improvement bonds, aggregating 1110.000. offered on
March 11-V. 122. p. 1207
-were awarded to W. F. Slayton & Co. of
Toledo:
1160,000 water works bonds.
250,000 general improvement bonds.
Date Oct. 1 1925. Due Oct. 1 1945.
PLACER UNION HIGH SCHOOL DISTRICT (P. 0. Auburn),
Placer County, Calif.
-BOND SALE.
-The 3225,000 5% school bonds
offered on April 6-V. 122, p. 1664
-were awarded to the Bank of Italy.
San Francisco, at a premium of $8,345. equal to 103.70, a basis of about
4.54%. Date April 1 1926. Duo $10,000, 1927 to 1936, incl.; $15,000.
1937 to 1944, incl., and $5,000, 1945.
-At the
PLATTSMOUTH,Cass County, Neb.-BONDS DEFEATED.
election held on April 6-V.122, p. 1664
-the proposition of issuing $35,000
funding bonds failed to carry.
-On April 12
-BOND SALE.
PLYMOUTH, Wayne County, Mich.
the following two issues of coupon bonds, aggregating 158,000 offered on
that date (V. 122. p. 2093) were awarded to the Detroit Trust Co. of
Detroit as 434s at a premium of$427,equal to 100.73,a basis of about 4.37%
$25.000 water bonds. Due 11.000. 1927 and 12,000, 1928 to 1939 incl.
33,000 sanitary sewer bonds. Due $1,000, 1927 and $2,000, 1928 to 1942
Inclusive.
Denom. $1,000. Int. M.& N.
POLK CITY JUNCTION SCHOOL DISTRICT, Polk County,
-An election will be held on April 22 for the
Iowa.
-BOND ELECTION.
the purpose of voting on the question of issuing $25,000 school bonds.
POLK COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 1 (P. 0.
Bartow), Fla.
-BIDS REJECTED.
-All bids received for the $420.000
534% school bonds offered on April 5-V. 122, p. 1954-were rejected.
POLK 'COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 15
(P. 0. Bartow), Fla.
-BIDS REJECTED.
-All bids received for the $15.000 6% school bonds offered on April 5-V. 122, p. 1954-were rejected.
POLK COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 22
(P. 0. Bartow), Fla.
-BIDS REJECTED.
-All bids received for the
-were
180.000 6% school bonds offered on April 5-V. 122, P. 1954
rejected.
PONTOTOC COUNTY SPECIAL ROAD DISTRICT NO. 1 (P. 0.
-BOND SALE.
Pontotoc), Miss.
-The Commerce Securities Co. of
Memphis recently purchased an issue of $75,000 5 Si(% road bonds. Dated
Jan, 1 1926. Denom. $1,000. Due Jan. 1 as follows: $2,000, 1927 to 1931
incl.; $3,000. 1932 to 1946 incl.; and 14.000, 1947 to 1951 incl. Prin. and
semi-ann. int. (J. & J.) payable at the Hanover National Bank, New
York City. Legality approved by Charles & Rutherford, St. Louis.
Financial Statement.
Assessed valuation, 1925
$1,580,400
Total bonded debt (this issue only)
75.000
Area of district, 59,840 acres.
Population (estimated) 4.500.
-BOND OFFERING.
PORTAGE COUNTY (P.O. Ravenna), Ohio.
Sealed bids will be received until 10 a. m. April 26 by J. M. Parham,
% deficiency bonds. Demons, 8500.
County Auditor, for $27,000
Dated May 1 1926. Prin. and semi-ann. int (A. & 0.) payable at the
County Treasurer's office. Due $3,000 Oct 1 1927 and April and Oct. 1
1928 to 1931 incl. A certified check for $1,350 payable to the County
Treasurer, required.
-On
-BOND SALE.
PORTAGE COUNTY (P. 0. Ravenna), Ohio.
April 12 the 122,0005% coupon sanitary impt. No. 3 bonds offered on that
-were awarded to W. K. Terry & Co. of Toledo at a
-V. 122, P. 1954
date
premium of 1537, equal to 102.44, a basis of about 4.54%. Date April 1
1926. Due $2,000 yearly from Oct. I 1927 to 1937, incl.
-On April 7 J. F.
-BOND SALE.
PORTLAND, Jay County, Ind.
Wild & Co. of Indianapolis purchased an isue of $50.000 James W. Craw
et al concrete road impt. bonds at a premium of 1557 50. equal to 101.11.
-TEMPORARY LOAN.
PORTLAND, Cumberland County, Me.
The Casco Mercantile Trust Co. of Portland purchased a $300,000 temporary loan on a 3.60% discount basis.
-On April 7
-BOND SALE.
PORTSMOUTH, Scioto County, Ohio.
the following six issues of 5% coupon bonds, aggregating 3415.000. offered
-were awarded to the Title Guarantee /t
-V. 122, p. 1817
on that date
Trust Co. of Cincinnati as follows:
$200.000 water works extension bonds at a premium of 19,916. equal to
104.95, a basis of about 4.52%. Due $8.000 yearly from Jan. 1
1928 to 1952, inclusive.
25,000 water works extension bonds at a premium of 11,239 50, equal to
104.95, a basis of about 4.52%. Due $1,000 yearly from Jan. 1
1928 to 1952. Inclusive.
50.000 water works extension bonds at a premium of $2,479, equal to
104 95. a basis of about 4.52%. Due $2,000 yearly from Jan. 1
1928 to 1952, inclusive.
50,000 crematory construction bonds at a premium of $2,479. equal to
104.95, a basis of about 4.52%. Due 12,000 yearly from Jan. 1
1928 to 1952, inclusive.
60,000 grade crossing bonds at a premium of $3,403 80, equal to 105.67,
a basis of about 4.52%. Due $2,000 yearly from Jan. 1 1928 to
1957. inclusive.
30.000 (city's portion) street and alley improvement bonds at a premium
of $657 60. equal to 102.19, a basis of about 4.63%. Due $3,000 yearly
from Jan. 1 1928 to 1937, inclusive.
Dated Jan. 1 1926.
-BOND OFFERING.
PUTNAM COUNTY (P. 0. Palatka), Fla.
L. W. Warren, Chairman of Board of Public Instruction, will receive
sealed bids until 2 p. m. April 26 for $230,000 6% school bonds. Due
serially 1931 to 1954. incl. Principal and interest (J. & J.) payable at the
Chase National Bank, New York City. A certified cheek, payable to the
above named official, is required.
PUTNAM COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 8
(P. 0. Palatka), Fla.
-BOND SALE.
-The $75,000 6% school bonds
offered on April 7-V. 122. p. 1354
-were awarded to Spitzer. Rorick
& Co. of Toledo at 90.50. a basis of about 6.97%. Due Dec. 1 as follows:
$2.250, 1928 to 1947 incl.: $3,000. 1948 to 1952 incl., and 15.000. 1953
to 1955 incl.
QUEEN ANNE'S COUNTY (P. 0. Centerville), Md.-BOND OFFERING.
-Sealed bids will be received until 12 m. April 27 by C. Edgar Smith.
Clerk Board of County Commissioners, for $21.000 5% road bonds.
Denom. $1,000. Date July 1 1926. Int. J. & J. Due 53.000 Yearly
from Jan. 1 1932 to 1938 incl. Certified check for 2%, payable to the
County Treasurer, required.
-The Reno Bank of
RENO, Washoe County, Nev.-BOND SALE.
Reno recently purchased an issue of 170.000
% bridge bonds at a
premium of 13,290, equal to 104.70. Due in 20 years, optional in 10 years.
RICE COUNTY SCHOOL DISTRICT NO. 24 (P. 0. Faribault),
Minn.
-BOND SALE.
-The $3,000 534% school bonds offered on April 8
-V. 122. p. 1954-were awarded to Samuel G. Wolen. Date April b
1926. Due serially, 1927 to 1936 inclusive.
RISING STAR INDEPENDENT SCHOOL DISTRICT, Eastland
County, Texas.
-BOND ELECTION.
-On April 20 an election will he
2250
THE CHRONICLE
(Vol- 122.
held for the purpose of voting on the question of issuing $25,000 6% Bank of Italy and Myth, Witter
& Co.. both of San Francisco. Jointly, a
school bonds.
a premium of $13,661, equal to 104.55, a basis of about 4.43%. Dated
RIVERSIDE, Riverside County, Calif.
-PRICE PAID.
-The prices April 1 1926. Due $15,000 1927 to 1946, inclusive.
paid for the 3 issues of 5% coupon (registerable as to principal and interest)
SANTA FE, Santa Fe
-Joe P.
Improvement bonds aggregating $500,000. awarded on March 30 to the Conklin, City Clerk, willCounty, N. Mex.-BOND OFFERING.
National City Co. of New York and James H. Jordan & Co. of Riverside 855.000 5% sewer bonds. receive sealed bids until 2 p. m. May 17 for
Dated April 15 1926. Denom. $1,000. Due
-V. 122, p. 1954-were as follows:
April 15 1956 optional April 15 1946. Prin. and int. A. & 0. payable at the
To the National City Co., New York:
City Treasurer f3 office or at Kountze Bros.. New York City. A certified
$258.000 water system bonds at 105.19.
check for $5,500 payable to the City Treasurer is required.
200,000 soldier memorial bonds at 104.29.
To James H. Jordan & Co. of Riverside:
SANTA FE COUNTY SCHOOL DISTRICT NO. 2 (P. 0.Santa Fe),
N. Mex.-BOND ELECTION.
$42,000 fire department bonds at 1114.52.
-On April 19 an election will be held for the
Date April 1 1926. Due serially April 1 1927 to 1956 incl. Int. A.& 0. purpose of voting on the question of issuing $6,000 school bends. Charles
C. Closson, Chairman of Board of County Commissioners.
ROSY, Fisher County, Tex.
-BONDS VOTED.
-At a recent election
the voters authorized the issuance of $45.000 funding bonds.
SANTA FE COUNTY SCHOOL DISTRICT NO. 7(P. 0. Santa Fe),
N. Mex.-BOND ELECTION.
-On April 19
election will be held for
ROCHESTER, N. Y.
-NOTE SALE.
-On April 9 the following four the purpose of voting on the question of issuingan
$5,000 wheel bonds. E.L.
lames of notes. aggregating $700,000, offered on that date
-V.122, p.2093 Safford, Clerk of Board of Education.
-were awarded as follows:
SANTA FE COUNTY SCHOOL DISTRICT NO. 12(P.O. Santa Fe),
To Salomon Bros. & Hutzler of New York at 3.64% Interest.
Plus a N. Mex.-BOND ELECTION.
premium of $2:
-On April 19 an election will be held for the
purpose of voting on the question of issuIng $20,000 school bonds. E. L.
8200,000 school revenue notes.
Safford, Clerk Board of Education.
400.000 general revenue notes.
Notes will be made payable two months from April 14 1926 at the Central
SANTA FE COUNTY SCHOOL DISTRICT NO. 27 (P. 0.Santa Fe),
Union Trust Co., New York.
N.
-On April 19 an election will be held for
To the National Bank of Rochester at 3.70% interest plus a premium of$4: the Mex.-BOND ELECTION.
purpose of voting on the question of issuing $12,000 school bonds.
$50.000 water works (met. notes.
E. L. Safford. Clerk of Board of Education.
50.000 municipal hospital notes.
Notes will be made payable eight months from April 14 1926 at the
SARANAC LAKE, Franklin County, N. Y.
-On
-BOND SALE.
Central Union Trust Co., New York.
April 12 the $57,000 coupon or registered sewer bonds offered on that date
Other bidders were:
(V. 122, p. 1954) were awarded to R. F. De Voe & CO. of New York as
Bidders4.50s at 100.3975, a basis of about 4.47%. Dated May 1 1926. Due on
Int. Prem.
National Bank of Rochester:
May 1 as follows: $2.000, 1927 to 1954 incl. and $1,000, 1955.
8600.000 revenue notes
$10
3.67%
SARASOTA HEIGHTS (P. 0. Sarasota), Sarasota County, Fla.
R. W. Pressprich & Co.. New York:
BONDS OFFERED.
-Sealed bids were received until April 16 for 233,000
6600.000 revenue notes
$6 6% bridge and
3.73%
approach bonds. Denom. $1,000.
50.000 water works improvement notes
$3
13.83%
50,000 municipal hospital notes
SCHENECTADY, Schenectady County, N. Y.
-TEMPORARY
Robert Winthrop de Co., New Yolk
-On April 8 the Schenectady Trust Co. of Schenectady was
3.75% $2-$3 LOAN.
Salomon Bros. & llutzler, New York:
awarded the $780.000 temporary loan offered on that date
-V. 122. P.
/50,000 water works impt. notes
13.77%
$2 1954-on a 3.71% discount basis plus a premium of $9. Date April 9
50.000 municipal hospital notes
1926. Due Oct. 9 1926.
B. H. Bond & Co., New York
$7
3.80%
SCOTT COUNTY (P. 0. Huntsville), Tenn.
-BOND OFFERING.
Genesee Valley Trust Co.. Rochester
3.85%
$4 Sealed bids will
be received until 10 a. m. May 1 by the County Judge
ROCK RAPIDS, Lyon County, Iowa.
-BONDS VOTED.
-At
for $150,000 not exceeding 6%
recent election the voters autherizel the issuance of $30,000 municipal and 1966. A certified check forroad bonds. Due $50,000 in 1946, 1956
$1,000 is required.
hospital bonds.
• SCOTT COUNTY (P. 0. Davenport), Iowa.
-The
-BOND SALE.
ROCKWELL CITY, Calhoun County, Minn.
-BONDS VOTED.
- $200.000 funding bonds offered on April 7-V. 122. p. 1954
-were awarded
At a recent election the voters authorized the issuance of $10.000 water to Geo. M. Bechtel & Co. of Davenport
as 434s at a premium of $1.395,
tower bonds.
equal to 100.68. a basis of about 4.3e%. Date May 11026. Due 170,000
RODEO SCHOOL DISTRICT (P. 0. Martinez), Contra Costa May 1 1930 and 265,000 May 1 1931 and 1932.
-BOND SALE.
-The 880.000 5c7. coupon school bonds
County, Calif.
SCOTTSBLUFF COUNTY SCHOOL DISTRICT NO. 2 (P. 0.
offered on April 5-V. 122. p. 1665
-were awarded to Pierce. Fair & Co. Minitare), Neb.-BONDS OFFERED.
-0. E. Nelson, School Director.
of San Francisco at a premium of $2.385, equal to 102.98. a basis of ab .ut received sealed bids
4.59%. Dated April 1 1926. Denom. $1,000. Due April 1 as follows: Date May 1 1926. until 6 p. m. April 16 for 290.000 4 X% school bonds.
Due May 1 as follows: 85.000. 1932 to 1936 incl.:
84.000. 1927 to 1930 Incl.: $5.000. 1931 to 1935 incl.: $6.000, 1936 to 1938 $6.000, 1937 to 1941 Incl., and $7,000.
1942 to 1946 Incl.
Cl., and $7,000. 1939 to 1941 incl. Prin. and int. (A. & 0.) payable at
SHASTA UNION HIGH SCHOOL DISTRICT (P. 0. Redding)
the County Treasurer's office. Martinez. Legality approved by GoodShasta County, Calif.
fellow, Eells, Moore & Orrick of San Francisco.
-BOND OFFERING.-Untll May 5 sealed bids
will be received by the County Clerk for 5375.0005% school bonds.
Financial Statement.
Assessed valuation (1925)
$4,201.545
SMITHFIELD VILLAGE SCHOOL DISTRICT ,Jefferson County,
Bonded debt
83.000 Ohio.-nowo SALE.
-On April 5 the $94.000.5% coupon shool builaings
Population (estimated)
1.500 bonds offered on that date (V. 122. p. 1665) were awarded to the Well,
Roth & Irving Co. of Cincinnati for $96.924, equal to 103.11, a basis of
ROOSEVELT SCHOOL DISTRICT NO. 51 (P. 0. Garrison), Mc
Lean County, No. Dak.-BOND OFFERINCL-The District Clerk will about 4.67%. Dated Jan, 1 1926. Due each six months as follows:
receive sealed bids until May 12 for $30,000 5% school bonds. Due in 1946. 22,000 March 1 1927 to Sept. 1 1949, incl., and 81,000 March 1 and Sept.
1 1950.
ROSEVILLE TOWNSHIP SCHOOL DISTRICT (P. 0. Roseville),
SOMERSET, Pulaski County, Ky.-BOND OFFERING.
-The Mayor
Warren County, III.
-BOND SALE.
-On April 8 the 220.000 5% coupon
will offer for sale at public auction at 2 p. m. April 17 (to-day) 224,040 24
high school bonds offered on that date
-V. 122. p. 1819
-were awarded to
the White Phillips Co. of Davenport at 103.275. a basis of about 4.54%. street paving bonds.
Date May 1 1926. Due on July 1 as follows: $1,000, 1927 to 1931. bid.,
SOUTH DAKOTA (State of).
-BOND SALR.-A syndicate composed
and 21,500. 1932 to 1941. incl. Other bidders were:
of Barr Brothers & Co. and Remick, Hodges & Co., both of New York:
BiddersRate Bid.
BiddersRate Bid. the Minnesota Loan & Trust Co. and the
Hill. Joiner & Co., Chicago_ _103.145 Seasongood & Mayer, Chic-101.807 Minneapolis, recently purchased an issue Minneapolis Trust CO.. both of
of $1.000,000 4)4% refunding
Hanchett Bond Co., Chic_ _ _103.140 Mississippi Valley Trust Co.,
bonds at par. Dated May 15 1926. Purchasers agreed to pay for the
W.L.Slayton & Co.,Toledo_103.200
Co., St. Louis
101.025 printing of the bonds and legal opinion.
Ames. Emerich & Co.. Chic,102.200 A.C.Allyn & Co.. Chicago--103.260
SPRINGFIELD, Hampden County, Mass.
-TEMPORARY LOAN.ROSWELL, Chaves County, N. Mex.-BONDS VOTED.
-At the elec- The First National Bank of Boston purchased a $500,000 temporary loan
tion held on April 6-V. 122, p. 1508
-the voters authorized the Issuance of on a 3.543% discount basis. Due Nov. 12 1926.
the following bonds, aggtegating $175,000:
STANTONSBURG, Wilson County, No. Caro.
-BOND SALE.
$150,000 water bonds.
The 245,000 6% coupon improvement bonds offered on April 7-V. 122,
25.000 se e- bonds.
-were awarded to Ryan. Sutherland & Co., Toledo. at a premium
p. 1955
ROWAN COUNTY (P.O. Salisbury), No. Caro.
-NOTE OFFERING.
-Max L. Barker, Clerk Board of County Commissioners, will receive of $500, equal to 101.11, a basis of about 5.87%. Dated April 1 1926.
sealed bids until 12 m. April 20 for $200.000 not exceeding 6% coupon Due April 1 as follows: 32.000, 1928 to 1940, incl., and $3,000, 1941 to
road notes. Date April 15 1926. Denom. $1,000. Due Oct. 15 1927. 1945. incl., and $4,000. 1946. Other bidders were:
BiddersPrice Bid.
Int. payable semi-annually (A. & 0. 15) in New York in gold. A certified Magnus
& Co
$45,495
check for 2% of the amount bid is required. Legality approved by Reed, Stranahan, Harris
& Oatis, Inc
45,000
Dougherty & Hoyt. N. Y. City.
STAPLES, Todd County, Minn.-CERTIFIOATR SALE.
-The
ROYAL OAK TOWNSHIP SCHOOL DISTRICT NO. 7 (P. 0.
810.0006% certificates of indebtedness offered on Mar. 23(V. 122, p. 1665)
Berkley), Oakland County, Mich.
-BOND SALE.-Stranahan, Harris were
First
& Oatis. Inc., of New York. have purchased an issue of 270,000 school equalawarded to the basis National Bank of Staples at a premium of $18.
of about 5.92%. Dated Dec. 1 1925. Due
to 100.18-a
bonds as 54 at a premium of $716 75. equal to 101.40.
$2.000, 1926 and 1927. and $3.000. 1928 and 1929.
RUSSEL INDEPENDENT SCHOOL DISTRICT, Lucas County,
STATESVILLE, Iredell County, No. Caro.
-BOND SALE.
Iowa.
-The $18,000 coupon school bonds offered on John L. Milholland. City Clerk, will receive -BOND OFFERING.sealed bids until 2 p. m.
-were awarded locally as 4s at par.
March 11-V. 122. p. 1207
April 27 for the following coupon bonds, aggregating 8400.000:
RUTHERFORD COUNTY (P. 0. Rutherford), No. Caro.
-BOND $175.000 water. sewer and light bonds. Date May 1 1926. Due May 1
as follows: 52.000. 1927 to 1931, incl.* 24.000, 1932 to 1936. inel..
8ALE.-C. W. McNear & Co. of Chicago recently purchased an issue of
and $5.000, 1937 to 1965. incl. interest payable M. & N.
8250.000 5% school bonds at a premium of $750, equal to 100.30.
225,000 street improvement bonds. Date March 1 1926. Due March 1
ST.JOHN LEVEE AND DRAINAGE DISTRICT(P.O. New Madrid),
as follows: 212.000. 1927 to 1936, incl.: *10.000, 1937 to 1946.
Mississippi and New Madrid Counties, Mo.-BOND OFFERING.
Incl.. and 85.000, 1947. Interest payable M. & N.
W. S. Edwards, Secretary Board of Supervisors, will receive sealed bids
W
Denom. $1.000. Principal and interest payable
until 10.30 a. m. April 22 for $100.000 5)4% levee tax bonds. Dated City. Interest rate to be named by bidders. A in geld in New York
certified check for 2%
April 1 1926. Denom. $500 and 81.000. Due April 1 as follows: $500 of the amount bid Is required. The bonds will
1930 to 1937. incl.: 25,000 1938 to 1945, incl., and $56,000 1946. Principal vision of the United States Mortgage & Trust be prepared under the superCo.. New York City, which
and interest (A. & 0.1 payable in St. Louis. A certified check for $2.000 will certify as to the genuineness of the signatures
Payable to the District Treasurer is required. The bonds will be ready impressed thereon. Legality to be approved of the officials and seal
for delivery June 15. Leettlith approved by Gallivan & Finch of New Palmer & Dodge of Boston and J. L. Moorehead by Storey, Therndike.
of Durham.
Madrid and Russell & Joslyn of Charleston.
STAUNTON, Macaupin County, 111.
-BOND
-On March 30
SAGINAW, Saginaw County, Mich.
-BOND SALE.
-On March 16 the $50,000 5% water works bonds offered on that SALE.
date (V. 122, p. 1818)
he $720,000
- were awarded to the Federal Securities
% coupon 'general water bonds offered on that date
V. 122. p. 1354-were awarded to L. F. Rothschild & Co. of New York May 1 1926. Due on May I as follows: Corporation of Chicago. Dated
$500,
at 100.339. a basis of about 4.23%. Date April 1 1926. Due $24,000 incl.: $2,000. 1934 to 1937 lnci : $3,000. 19311 1927: $1,000, 1928 to 1933
to 1941 incl.: $3,500. 1942:
yearly from April 1 1927 to 1956 inclusive.
54.000, 1943:84.500. 1944:85.000, 1945 and $6,500. 1946, optional on any
interest paying date.
SANDUSKY COUNTY (P. 0. Fremont), Ohlo.-BOND OFFERING.
STAUNTON, Augusta County, Va.-BOND SALE.
-Sealed bids will be received until 12 m. April 24 by K. R. Richards,
-The 8240.000
County Auditor, for 218.000 5% Green Creek Township road bonds. 4)4% coupon or registered school bonds offered on April 13(V.122.p.1665)
Venom. $1,000. Date March 20 1926. Int. M. & S. Due 22.000 were awarded to Braun, Bosworth & Co.. of Toledo, and the Detroit Trust
March 20 1927 to 1936 incl. Certified check for 82.000 required. Legality Co. of Detroit, Jointly, at a premium of $5.141, equal to 102.14-a basis of
approved by Squire, Sanders & Dempsey of Cleveland.
about 4.585%. Due Mar. 15 as follows: $5,000, 1931 to 1942, inclusive.
SAN JUAN COUNTY SCHOOL DISTRICT NO. 18 (P. 0. Aztec), and 210,000, 1943 to 1960, inclusive.
N. Mex.-BOND OFFERING.
STEPHEN, Marshall County, Minn.
-M. D. Hately, County Treasurer, will
-BOND
-The $10.000
receive sealed bids until 12 m.May 7 for 812.0006% school bonds. Denom. refunding bonds offered on March 26-V. 122, p.SALE.
-were awarded
1665
$1.000. Due 21,000 1930 to 1941 incl. Prin. and semi-ann. int. (J. & D.) locally as 55. Date April 11926.
payable at the State Treasurer's office at Santa Fe. or at Kountze Bros.,
SULLIVAN COUNTY
-On
-BOND SALE.
jt. Y. City, at option of holder. A certified check for 5% of the amount March 27 the following two(P. 0. Sullivan), Ind.
issues of 4).i% coupon road bonds, aggregating
bid, payable to the above-named official, is required.
29.100 offered on that date (V. 122. p. 1665) were awarded to the Peoples
State Bank of Sullivan.
SAN LEANDRO SCHOOL DISTRICT (P. 0. Oakland), Alarnenda $4.400 Jefferson
Township road bonds.
County, Calif.
-BOND SALE.
-The 2180.000 5% school bonds offered
4,700 Jefferson Township road bonds.
on April 12-V. 122, p. 1954
-were awarded to E. H. Rollins & Sons of
SUNBURST, Toole County, Mont.
Boston at a premium of 87.808. equal to 104.33, a basis of about 4.48%•
-BOND OFFERING.
-11. E. AbDated March 15 1926. Due March 15 as follows: $UMO 1929 to 1944. bott. Town Clerk, will receive sealed bids until 8 p. m. May 14 for $60.000
not exceeding 6% coupon water bonds. Dated Jan, 1 1926. The bonds
linelutdve, and $4,000 1945.
shall be one of two classes, namely
or serial bonds.
SAN MATEO UNION HIGH SCHOOL DISTRICT (P. 0. Redwood If serial, the bonds will mature $3,000amortization bonds incl. Prin.
Jan. 1 1927 to 1946
and
City), San Mateo County, Calif.
-The 2300.000 5% int. (J. & J.) payable at the Town Treasurer's office. A certified check for
-BOND SALE.
school bonds offered on April 12-V. 122, p. 2094
-were awarded to the 3% of bid, payable to the Town Treasurer, is required.
APR. 171926.]
THE CHRONICLE
2251
- were awarded to the Second Ward Securities Co. of Milwaukee at a pre-BOND OFFERING.
SUMNER COUNTY (P. 0. Gallatin), Tenn.
Harvey L. Brown. County Clerk, will receive sealed bids until 10 a. m. mium of $4,571, equal to 102.597, a basis of about 4.18':
April 30 for $25.000 5% highway improvement bonds. Date April 1 1926. $160,000 school building bonds. Due $6,000, 1927 to 1936 incl., and $10.000. 1937 to 1946 incl.
Due April 1 as follows: $5,000, 1931. and 510.000, 1936 and 1941.
16,000 school site bonds. Due 31.000. 1931 to 1948 incl.
SURRENCY SCHOOL DISTRICT, Appling County, Ga.-BOND
Dated April 15 1926.
-The 515,000 6% school bonds offered on April 10-V. 122. P.
SALE.
-were awarded to H. C. Speer & Sons Co. of Chicago at 104, a basis
WAVERLY INDEPENDENT SCHOOL DISTRICT, Bremer County,
I955
-BOND ELECTION.
-On April 30 an election *will be held for the
of about 5.69%. Date April 1 1926. Denom. $1,000. Due $1,000 Iowa.
purpose of voting on the question of issuing $50,000 school bonds. M. M.
1 1936 to 1950, incl. Interest payable J. & J.
Jan.
-The $200.000 Kingsley, Iscretary of Board of Directors.
TEXARKANA, Bowie County, Tex.-130ND SALE.
street bonds offered on April 8 (V. 122, p. 2094) were awarded to
WAVERLY INDEPENDENT SCHOOL DISTRICT, Bremer County,
0.
-0. Burt & Co. of Austin at 97.30.
lowa.-BOND ELECTION.
-On April 30 an election will be held for the
-On April 15 the purpose of voting on the question or Issuing 250,000 school bonds. M. M.
-BOND ,ALB.
TROY, Rensselaer County, N. Y.
coupon or registered bonds, aggregating $83,- Kingsley, Secretary of Board of Education.
following two issues of 434%
000, offered on that date, were awarded to Pulleyn & Co. and F. B. Keech
WEBB CITY SCHOOL DISTRICT, Jasper County, Mo.-BONDS
& Co. both of New York. at 102.72-a basis of about 4.16%:
Education received sealed bide
OFFERED.
-The
$35,060 Seventh Avenue extension 1926 bonds. Denom.$1,000 and $750. until 8 p. m. AprilSecretary of Board of
15 for 830,000434% school bonds. Date May 11926.
Due $1.750 yearly from 1927 to 1946, inclusive.
Park refunding 1926 bonds. Denim. $1.000 and $400. Due 1946. optional 1936.
48,000 Prospect
Due $2,400 yearly from 1927 to 1946, Inclusive.
WEBER COUNTY HIGH SCHOOL DISTRICT (P. 0. Ogden),
Dated April 1 1926. Interest semi-annually.
-NOTE DESCRIPTION.
-The $240,000 coupon tax anticipation
Utah.
-V. 122,
-BOND SALE.
-On notes purchased by Edward L. Burton & Co. of Salt Lake City
TRUMBULL COUNTY (P. O. Warren), Ohio.
April 9 the 823,0005% I. C. H.No.35 Section P bonds offered on that date It• 1956 at 99.50, a basis of about 4.66%, bear Interest at the rate of 434%
-were awarded to Prudden & Co. of Cincinnati at a and are described as follows: Date April 1 1926. Denim. 51,000. Due
-V. 122, p. 1665
premium of $656. equal to 102.85, a basis of about 4.52%. Date May 1 560,000 April 1 1928 to 1931. Ind. Optional before maturities on any
1926. Due each six months as follows: $1,000. April and Oct. 1 1927 interest date. Interest payable A. & 0. Date of award March 18.
to April 11935. and $2,000, Oct. 1 1935, and 52,000. April and Oct. 1 1936.
WEBSTER GROVES, Saint Louis County, Mo.-BOND SALE.
UNDERWOOD SCHOOL DISTRICT, Pottawattamie County, The following
% coupon improvement bonds, aggregating $175.000
-were awarded to theMississippl
-The Clerk of Board of Education will receive offered on April 12-V. 122, p. 2094
-BOND OFFERING.
Iowa.
sealed bids until 2 p. m. May 3 for $75.000 414% school bonds. Due Valley Trust Co. of St. Louis at 101.32. a basis of about 4.38T.
'
Dec. 1 as follows: 23,000. 1928 to 1932, incl.; 54,000, 1933 to 1938, incl.; $150,000 water bonds. Due as follows: 230,000, 1931: and 28.000, 1932
to 1946 incl.
55.000. 1939 to 1944, incl., and 56,000, 1945.
15,000 five equipment bonds. Due $1,000. 1931 to 1945 incl.
-BONDS OFFERED.
UNION TOWNSHIP, Benton County, Ind.
10,000 street bonds. Due 21,000. 1931, 1932. 1933. 1935. 1937, 1939,
Sealed bids were received until 1 p. m.April 15 by the Township Trustee for
1941, 1943. 1945 and 1946.
$60,000 improvement bonds.
Dated May 1 1926. Denom. 51.000. Interest payable semi-annually
-BOND SALE.
- (M. az N.) at the Webster Groves Trust Co., Webster Groves.
UPPER ARLINGTON, Hancock County, Ohio.
Financial Statement.
On April 9 the following three issues of 5% coupon bonds, aggregating
5151,367 50. were awarded to the Teachers' Retirement System at a Actual value of property (estimated)
$20,000,000
premium of 57.893 25, equal to 101.74. a basis of about 4.66%.
for taxation for year, 1924, (not including
Assessed valuation
-V. 122, p. 2094.
$377,367 50 street hunt. bonds (offered on that date
10.824,080
public service corp.)
Due on Oct. 1 as follows: $37.367 50. 1927: $37.000, 1928
11.924,450
925
and 1929. and 538.000, 1930 to 1936 incl.
322.500
Total bonded debt including these issues
water bonds (offered on that date
-V. 122, p. 1955). Due Floating debt
15,000 00
None.
$1,500 yearly from Oct. 1 1927 to 1936 Incl.
236,000
Water works bonds. Included in above
59,000 00 sewer bonds. Due Oct. 1 as follows: 55,000, 1927, and Sinking funds on hand (exclusive of water works bonds) for
56.000. 1928 to 1936 incl.
24.875.80
bonds) for redemption of bonded debt
Date April 1 1926.
Population 1920 Census. 9.474. Special census June 1924, 10.414.
Present population, estimated, 15.000.
UPPER MORELAND TOWNSHIP SCHOOL DISTRICT (P. 0.
Grove), Montgomery County,Pa.
-BOND OFFERING.
-Sealed
Willow
WELD COUNTY SCHOOL DISTRICT NO. 23 (P. 0. Greeley),
bids will be received until 7 p. tn. April 20 by the Secretary Board of Direc- Colo.
-BOND ELECTION.
-On May 3 an election will be held for the
tors, for 5120.000 434% coupon school bonds. Denom.$1,000. Intrerest purpose of voting on the question of issuing 515.000 school bonds. These
M.& N. Due $6.000 May 1 1927 to 1946, inclusive. Legality approved bonds Were purchased by Benwell & Co. of Denver at 99.90-V. 122, p.
by Townsend, Elliott & Munson, of Philadelphia.
-subject to their being voted at this election.
1666
UTICA, Oneida County, N. Y.
-BOND SALE.
-On April 9 the folWELD COUNTY SCHOOL DISTRICT No. 96 (P. 0. Prospect
six issues of coupon corporate bonds, aggregating $1.000.000, Valley), Colo.
lowing
-BOND ELECTION.- On May 3 an election will be held
-V. 122. p. 1955
-were awarded to Geo. B. Gibbons
offered on that date
the purpose of voting on the question of issuing 521.000 school bonds.
& Co., Inc.,and Roosevelt & Son, both of New York,as 4.10s for 51.001.891. for
-Sealed
Westerville, Franklin County, Ohlo.-BOND OFFERING.
eaual to 100.18. a basis of about 4.08%•
$600,000 public Impt. bonds for the purpose of providing funds for the bids will be received until 12 m. April 29 by W. A. Kline. Village Clerk.
payment of claims, awards and authorized legal expenditures of for 821.000 534% street Inapt. bonds. Denom. $1.000. Date May I
condemnation proceedings for change of grade of streets and for 1926. Int. A. & 0. Due on April 1 as follows: $2.000, 1927 to 1930
alteration of street lines or extension of streets in said city. Due incl.: $3.000. 1931. and 82.000. 1932 to 1936 incl. Certified check for
830.000 yearly from April 1 1927 to 1946. incl.
1%, payable to the Village Treasurer. required.
200,000 public impt. bonds for the purpose of providing funds for the
-BOND OFFERWEST PALM BEACH, Palm Beach County, Fla.
paving and resurfacing streets and public places in said city.
-H. J. Daugherty. City Clerk, will receive sealed bids until April 29
ING.
Due 510.000 .yearly from April 1 1927 to 1946. incl.
for 21.110.000 6% improvement bonds.
190,900 public impt. bonds.for the purpose of providing funds for the construction of storm water sewers in said city. Due $5,000 yearly
WEYMOUTH, Norfolk County, Meas.-TEMPORARY LOAN.-V. 122,
from April 1 1927 to 1946. Incl.
On April 9 the 2100.000 temporary loan offered on that date
78,909 public Impt. bonds for the purpose of providing funds for the im- p. 2095
-were awarded to the Weymouth Trust Co. of Weymouth on a
provement of waterways in said city. Due $3,750 yearly from 3.61% discount basis. Due Nov. 25 1926.
April 1 1927 to 1946, Incl.
-Otte
WILCOX, Kearney County, Neb.-BOND OFFERING.
15,000 public impt. bonds for the purpose of providing funds for the Improvement of Itoscoe Conkling Park in said city. Due $750 yearly Scherer, Town Clerk. Is offering for sale an issue of $12.000 5% town hall
years, optional after 10 years.
bonds. Due in 20
from April 1 1926 to 046. incl.
-On
-BOND ELECTION.
10.000 public impt. bonds for the purpose of providing funds for surveys
WILKENSBURG, Allegheny County, Pa.
and the preparation of tax maps for said city. Due $500 Yearly May 18 a special election will be held frir the purpose of voting on the
April 1 1926 to 1946, incl.
question of issuing the following two issues of bonds aggregating 51.000.000:
Dated April 1 1926. Other bidders were:
5350.000 school building bonds.
BiddersInt.
Amount Bid. 650.000 school property bonds.
Sherwood & Merrifield
51.001.111
4 10%
-Theodore
-BOND OFFERING.
WILSON, Wilson County, No. Caro.
Utica Trust & Deposit Co
1.006.790
4 20%
Pulleyn & Co
1.006.510 A. Hinnant, Town Clerk, will receive sealed bids until 8 p. m. April 27 for
not exceeding 5)(% public improvement bonds. Date April 1 1926.
Rutter & Co
1.005.830 595.000
Phelps, Fenn & Co
1.005.500 Denom. 21.000. Due April 1 as follows: 52.000. 1927 to 1935. incl.;
Eldredge & Co
1.014,790 53.000. 1938 to 1942. Incl.: $4.000, 1943 to 1946, incl.. and $5,000. 1947 to
4.25%
The
Utica Trust & Deposit Co
1,010.999 1954. Incl. Prin. and int. A. & 0., payable in gold in New York. Trust
bonds will be prepared under the supervision of the U. S. Mtge. &
UTOPIA, Uvalde County, Tex.
-BOND ELECTION POSTPONED.
- Co.. New York City, which will certify as to the genuineness of the signaWe are informed that the election which was to be held on March 27 for tures of the officials and the seal impressed thereon. Legality approved
the purpose of voting on the question of issuing 225.000 school bonds
- by Chester B. Massllch, New York City. A certified check for $1.900 Is
V. 122, p. 1818
-has been postponed indefinitely.
required.
VENTURA HIGH SCHOOL DISTRICT (P. 0. Ventura) Ventura
-BOND DESCRIPWILSON COUNTY (P. 0. Wilson), No. Caro.
County, Calif.
-BOND OFFERING.-Sealed bids will be received until TION.
-The $625.000 43 % highway bonds purchased by 0. C. McNear
4
,
May 4 lay the County Clerk for $250,000 school bonds.
101.95-V. 122. p. 2005-a basis of about 4.60%
& Co. of Chicago. at
VERNON COUNTY (P. 0. Viroqua), Wis.-BOND SALE.
-The are described as folicws: Date April 16 1926. Due April 15 as follows:
$140,000 434% State Trunk Highway bonds offered on April 8(V. 122. p. 515.000. 1931 to 1935 incl.; 520.000. 1936 to 1940 Ind.* $25.000. 1941 to
1951 to 1955 incl.
1955) were awarded to the Illinois Merchants Trust Co. of Chicago at a 1945 incl.: $30,000, 1946 to 1950 Incl. and 535.000, '
premium of $832, equal to 100.59. a basis of about 4.32%. Dated May 1 Prin. and semi-ann. hat. (A. & 0.) payable at the U. S. Mortgage & Trust
Due May 1 as follows: 5100.000, 1929. and $40,000. 1930.
1926.
Co., New York City.
Financial Statement.
WAHKIAKUM COUNTY (P. 0. Cathlamet), Wash.
-BONDS
$46.056.195
OFFERED.
-The Clerk of Board of County Commissioners received sealed Assessed Valuation, 1925
1.837.500
bids until April 14 for $100,000 7% county bonds. Due in 15 annual Total bonded debt. Including this issue
S. census), 36,813; population, 1926 estimate.
Population, 1920 (U.
Installments.
42.000.
WARREN, Macomb County, Mich.
-BOND SALE.
-On Mach 4 the
-The Branch-BOND SALE.
WINFIELD, Cowley County, Kan.
$53,000 5% coupon water works bonds offered on that date (V. 122. p.
1354) were awarded to the Detroit Trust Co. of Detroit at a premium of Middlekauff Co. of Wichita, recently purchased an issue of $21,868 77
$2,278. equal to 104.29. a basis of about 4.57%. Dated Feb. 27 1926. 434% internal impt. bonds at 100.10. Due in 1 to 10 years.
Due 52.000 yearly from Feb. 27 1927 to 1952 iztcl. and $1,000 Feb. 27 1953.
WINTERS INDEPENDENT SCHOOL DISTRICT, Runnels County,
-BOND SALE.
-The Brovin-Crummer Investment Co. of Wichita
WASHINGTON COUNTY (P. 0. Jonesboro), Tenn.
-BOND DE- Tex.
SCRIPTION.
-The $17.000 5% coupon road bonds awarded to Caldwell recently purchased an Issue of 8110.000534% school bonds. Due serially.
1928 to 1966. Incl.
& Co. of Nashville at 102.02-V. 122, p. 1955-a basis of about 4.74%
are described as follows: Date Jan. 4 1926. Denom. $1,000. Due
WOODLEAF SPECIAL TAXING SCHOOL DISTRICT (P. 0.
-Max L.
-BOND OFFERING.
Jan. 4 1936. Interest payable J. & J.
Salisbury) Rowan County, No. Caro.
WATERTOWN, Middlesex County, Mass.
-BOND OFFERIA.- Barker. Register of Deeds, will receive sealed bids until 12 m. April 20 for
Sealed bids will be received until 3:30 p. m. April 21 by Harry W. Brigham, 535.000 not exceeding 6% coupon school bonds. Dated May 1 1926.
Town Treasurer,for the following four Issues of4% coupon bonds, aggregat- Denom. $1,000. Due May 1 as follows: 51,000. 1928 to 1950 incl. and
$2,000. 1951 to 1956 incl. The rate of interest must be a multiple of )(%
ing $298,500:
$30,000 permanent pavement bonds. Due $3.000 April 1 1927 to 1936 incl. 1% and must be the same for all of the bonds. Prin. and send-ann. Int.
payable in gold in New York. Legality approved by Reed, Dougherty &
40.000 water main bonds. Due $8,000 April 1 1927 to 1931 incl.
73,500 street construction bonds. Due on April 1 as follows: 58.500, 1927: Hoyt of New York City. A certified check for 2% of the bonds bid for
Is required.
$8,000, 1928 and 1929 and $7,000, 1930 to 1936 incl.
155,990 North End elementary school bonds. Due on April 1 as follows:
WOOSTER SCHOOL DISTRICT (P. 0. Wooster), Wayne County,
$11,000. 1927 to 1931 incl. and 510,000. 1932 to 1941 incl.
-Sealed bids Nere received until 12 m. April 28
-BOND OFFERING.
Denom. $1,000, except 1 for $500. Dated April 1 1926. Prin. and semi
- Ohio.
aim lot. (A. & O.) payable in Boston. Bonds will be prepared under the by R. W. Miller, Clerk Board of Education, for 546.300 59' school notes.
supervision a the Old Colony Trust CO.. Boston which will certify as to the Denom. $4,630. Date April 1 1926. Prin. and semi-ann. int. (J. & D.)
genuineness of the signatures of the officials and the seal impressed thereon, payable at the office of the Sinking Fund Commission. Due $4,630 June
1 1927 to 1931 incl. Certified check for 2% payable to the
and the validity of the bonds will be approved by Storey, Thorndike. and Dec.Education, required.
Board of
Palmer & Dodge of Boston.
YOUNGSTOWN, Mahoning County, Ohlo.-BOND OFFERING.
WATERVILLE, Lucas County, Ohio.
-BOND SALE.
-On March 29
until 12 m. (standard time) May 10 by A. H.
- Sealed bids will be received
the 510,800 5)4% coupon street paving inapt. bonds offered on that date
-were awarded to the Waterville State Savings Bank of Williams. Director of Finance, for 5100.000 5% water works impt. bonds.
1509
V. 122, P.
Prin. and semi-ann.
Waterville. Date April 1 1926. Due each six months as follows: 8500. Denom. $10,000. Date May 20 1926. or at the office of theint.(A. & O.)
payable at one of the banks in this city
Sinking Fund
April 11927 to Oct. 1 1935 incl.. and $900. April 1 and Oct. 1 1936.
Trustees. Due $10,000 yearly from Oct. 1 1927 to 1936, incl. Certified
WAUKESHA, Waukesha County, Wis.-BOND SALE.
-'The follow- check for 2% of the amount of bonds bid for, payable to the Director of
g4 34% bonds, aggregating $176,000, offered on April 8(V. 122. p. 1818) Finance, required.
2252
THE CHRONICLE
CANADA, its Provinces and Municipalities.
[VOL.1.
of Toronto at 97.38. a basis of about
M.& N. Average he of bonds. 104 5.23%. Date May 1 1926. Int.
years.
BASIN OF CHAMBLY, Que.-BOND SALE.
-On March 23 the
SASKATCHEWAN, Sask.-BOND SALES.
-The following Is a list of
$70,000 5% coupon 30
-year serial bonds offered on that date
-V. 122. the school district's bonds according to the monetary times of Toronto.
p. 1666
-were awarded to Gerard Brunelle at 98.005. Dated Feb. 1 1926 dated April 9 reported
sold by
Government Board from Mar.
Dille Feb. 1 1956.
20 to 27: Antelope,$3,0006% 15the Local Waterman-Waterburg
-years, to
Mfg. Co.
CLINTON, Ont.-BONDS VOTED.
-The ratepayers approved the Amaranth, $2,600 6% 10 years to Moorehouse & Co.; Instow Village,:
$1,000 06% 10 years to C. C.Cross & Co.
$80,000 school by-law.
BONDS AUTHORIZED.
-The same paper says the following authorizaESQUIMALT DISTRICT, B. C.
-BOND SALE
-R. F. Castle & Co. tions have been granted by the Local Government Board during the same
purchased an Issue of $12,000 5% 10
-year school bonds at 98.53, a basis period: Armiston, $1,275 not exceeding 80/ 10 instalments Beaver Hills,
;
of about 5.20%. Other bidders were:
$3,600 not exceeding 7% 15 years; Neville,
$8,500 not exceeding 7%
Bidders:
Rale Bid.
BiddersRate Bid. 20 years; Griffin, $13,000. not exceeding 6% 20 years; Caldervale, 25,000
R. F. Castle & Co
not exceeding 7% 20 Years. Rural Municipali
98.53 /Royal Financial Corp
98.17
ty of /3ratts Lake, $7,000
Pemberton & Son
not exceeding 7% 5
97.55 Gillespie, Hart & Todd, Ltd96.90
-installments. Town of Moosomin, $10,000 not exR. G. Christy & Co
ceeding 6% 10 years.
95.335 A. E. Ames & Co., Ltd
96.89
BOND SALES.
CAMPBELLTON, N. B.
-The same paper says the following school
-BONDS AUTHORI7ED.-Th
government has authorized the town to Issue hospital bonds. e provincial have been sold by the Local Government Board from March district bonds
28 to April 1:
Sanctuary, $4,500 01% 20 years to H. J. Birkett & Co.
EAST YORK TOWNSHIP, Ont.-BONDS APPROVED.
-The council
BONDS AUTIIORIZED.-The same paper says
passed a $250.000 5% 20
the following authoriza-year school bonds by-law.
tions have been granted by the Local Governmen
t Board during the same
GODERICH, Ont.-BOND ELECTION.
-On May 4 the ratepayers period: School districts: Maryville, $1,200 not exceeding 8% 6 years;
will be asked to vote on a $85,000 town hall by-law.
Alder Grove, $500, not exceeding t% 5 installment
s; Trinity, $4.335 not
exceeding 6% 10 installments; Marcelin,
$19,000 not exceeding 8
HANOVER, Ont.-BOND ELECTION.
15
-The ratepayers will be asked years: Mannix, $4,000 not
exceeding 8% 15
to vote on a $35,000 school by-law.
exceeding 7% 5 years; Rillington, $3,000 not years; Athelstan, 52.511 not
exceeding 8%
KINGSTON, Ont.-On May 3 the ratepayers will be asked to vote on brae, $1,000 not exceeding 8% 5 installments; Madison.15 years; Cowan$12,000 not exceeding 8% 20 years; Vidette, $3,000 not exceeding
a $25,000 exhibition bonds by-law.
8%
Viscount. $3.600 not exceeding 7% 10 installments. 15 years. Village of
City of Moose jaw,
MINTO TOWNSHIP, Ont.-BONDS OFFERED.
-Sealed bids were $6,350 5% 20 years.
received until April 12 for the purchase of $4,000 5% 15
-instalment bonds.
R. Holtom, Sr., Treasurer, Clifford, Out.
SAULTE STE. MARIE, Ont.-BONDS AOPROVED.-Theprovi
ncial
government approved the borrowing of $35,000
MONTREAL EAST, Que.-BOND OFFERING.
for Paving InirPoseۥ
-Sealed bids were
received by the School Commissioners up to 5 p. m. April 21 for the purSCARBOROUGH TOWNSHIP, Ont.-BO
chase of $70.000 5% 20
NDS APPROVED.
-The
-year serial bonds dated Dec. 11925. and payable at Council passed a $40,000 school
by-law.
Montreal, Quebec and Montreal East. Bonds are in donom. of $100, $500
and 111,000 each. R. Guertin, Secretary-Treasurer.
SOUTH PART OF ONSLOW TOWNSHI
P, Que.-BOND OFFERING.
Sealed bids will be received up to 10
NIAGARA FALLS, Ont.-BONDS TO BE SOLD.
p. m.,
-The city clerk has
-year serial road bonds in April 19, for the purchase of
been authorized to sell $14,576 sidewalk; $34,408 sewer; and $316,306 $20,000 5% 20
payable at Quyon. .1. A. Steel, Secretary-Tdenominations of $100aeach.
pavement bonds.
reasurer, Quyon, Que.
OUTREMONT, Que.-BONDS APPROVED.
THOROLD, Ont.-BOND SALE.
-The council passed
-0. H. Elkins & Co. of Toronto reseveral local improvement by-laws totaling $490,876.
cently purchased the following two issues
of
$4,780 sidewalk bonds at par. Due in 15 bonds aggregating $5,579.4
POINT GREY DISTRICT, B. C.
years.
-BOND ELECTION.
-The rate799 sewer bonds at 101.50, a basis of
payers will be asked to vote on a $50.000 fire hall by-law.
about 5.37%. Duo 1W20 years.
THREE RIVERS, Que.-BOND SALE.
RENFREW, Ont.-BONDS APPROVED.
-The provincial government Issues of
5% bonds aggregatin $380,000-On April 12 the following two
approved the issuing of $100,000 hospital bonds.
p. 2095) were awarded to Meadg& Co. of offered on that date (V. 12.
Montreal
RIVERSIDE, Ont.-BONDS APPROVED.
-The council passed a $360,000 bonds. Date Nov. 1 1924. Due 1927 at 97.77.
to 1954 Inc.I.
$25,000 electric light by-law.
20,000 bonds. Date May 1 1925. Due
1927 to 1955.
SANDWICH, Ont.-BOND SALE.
-On March 29 the following 5
VANCOUVER, B. C.
-BONDS OFFERED.
-Sealed bids were received
Issues of bonds, aggregating $76.967.42 offered on that date
until 3 p. m. April 15 by
(V.
1819) were awarded to Wood. Goody & Co. of Toronto at 101.20. 122, P. in 5 issues of 5% bonds A. J. Pilkington, City Comptroller, for the followaggregating $1.070,000:
$26,789.26 536% local impt. bonds. Due in 15 years.
$200,000 sewer bonds. Due Feb. 11966.
9,619.82 06% local impt. bonds. Due in 10 years.
320,000 school bonds. Due Feb. 1 1966.
5,571.29 06% local impt. bonds. Due in 20 years.
50,000 playfield impt. bonds. Duo Feb.
11966.
7,987.05 6% local impt. bonds. Due in 20 years.
250,000 streets and roads bonds. Due Feb.
27,000.00 06% hydro extension bonds. Due in 20 years.
250,000 streets and sidewalks bonds. Due 1 1941.
Date Feb. 1 1926. Certified cneck for Feb. 11941.
SASKATOON, Sask.-BOND SALE.
-On April
$10,000 payable to
coupon registerable as to principal, 10, 15, 20 and 30 8 the $109.731 5% Treasurer, required. Alternative bids on the basis of principal te City
-year local impt. bonds terest payable in Canada only
and inoffered on that date
and in Canada and the United States are
-V. 122, p. 1666-were awarded to A. E. Ames & Co. asked
for.
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ARTHUR E. WELLS, Cashier,
SIXTH AND WALNUT Dated, April 2,1926.
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138 Front St.
New York City
@FedFRASER