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financial
The
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rontrie
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SATURDAY. APRIL 18 1925.
VOL. 120.
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The Federal Reserve Act and the
McFadden Repeal Bill.
It seems proper to print here the following letter,
which our article of last week on the Federal Reserve
System and the Speculative Excesses in Grain and in
Stocks has drawn forth from the Vice-Governor of
the Federal Reserve Board, Mr. Edmund Platt.
FEDERAL RESERVE BOARD.
Washington, April 16 1925.
Office of Vice-Governor.
Editor. "The Commercial and Financial Chronicle,
138 Front Street, New York Cittl•
DEAR SIR:
In your issue of April 11, on page 1805, near the
end of a long article on the Federal Reserve System,
I find the following statement:
Representative McFadden at the close of the recent session of the old Congress introduced a bill which provides
for repealing the war-time amendments to the Federal Reserve Act—extraordinary provisions which have Justification only in times of war and are a menace in times of peace
—and restoring the Act to its original shape so that Federal
Reserve notes can be issued only against commercial paper,
in response to trade needs, and the Reserve banks are given
the custody only of part of the reserves of the member banks
instead of the whole of such reserves.
Is this a true statement? Does the McFadden bill,
introduced on March 2, repeal the so-called "war
amendments," and does it restore the Act to its
original shape"? If so then it restores the reserve
requirements in effect before these "war-time amendments" (the Act of June 21 1917) were passed, viz:
12% on demand deposits and 5% on time deposits for
country banks 15% on demand deposits and 5% on
'
time deposits for Reserve city banks, and 18% on
demand deposits and 5% on time deposits for central
Reserve city banks. Have you looked at the McFadden bill? Does it do that or does it reduce the present reserve requirements?
Bank and Quotation Section
Bankers' Convention Section
NO.3121.
I should like to ask one further question: Why
are the amendments of the Act of June 21 1917
called "war amendments"? Is there any other rea
son excepting that the war happened to be on when
they were passed? If you will turn to the report of
the Federal Reserve Board for the year 1915 you
will find them nearly all recommended in that report.
Furthermore, you will find that most of them were
introduced in the House of Representatives and in
the Senate early in 1916, and that one of the so-called
"war amendments," viz: that authorizing the issue of
Federal Reserve notes collateraled by gold, was
passed by the United States Senate in July 1916, but
failed to be included in the Act of Sept. 7 1916 because it was not agreed to in conference by the House
conferees. As a matter of fact none of these things
was suggested by the war and none of them was
passed without ample discussion and full consiieration, much of which took place long before we entered the war or had any idea of entering it.
Yours very truly,
EDMUND PLATT.
It will be observed that Mr. Platt asks two questions and he is obviously entitled to a reply to both.
Taking up the second question first, he asks, "Why
are the amendments of the Act of June 21 1917,
called 'War amendments'? Is there any other reason excepting that the war happened to be on when
they were passed?" The answer is that they are
properly called "War Amendments" because there is
not the remotest probability that the House of Representatives would have given approval to them except that the United States had got involved in the
war and it then became important that'the Federal
of
Reserve System should, for the purpose , financing
the War, be made so strong, in the matter of gold
holdings, that they would be virtually impregnable.
In no other circumstances could they have obtained
authority to hold all the resources of the member
banks and in no other state of things would the
House have endowed them with authority to corral
all the gold in the country and to issue Federal Reserve notes against them. It is true that the Federal
Reserve Board had almost from its inception been
asking for these exceptional and extraordinary powers, but it is equally true that the House of Representatives would not consent—and yielded only under
the necessity of actual war. As far as the amendments ever got was to pass the Senate. The latter
was then the less conservative of the two Houses of
Congress and was in favor of all sorts of inflationary measures, but the House blocked their way to
the statute book.
As to Mr. Platt's first question, Mr. McFadden's
bill does not call for the restoration of the old reserve
requirements, nor do we ask for them. In both our
1928
THE CHRONICLE
[VOL. 120.
article of last Saturday and that of Nov. 22 1924 we and 96% about Feb. 10. Other companies are opersought to impress continually on the mind of the ating at about 75%,as against80% to 85%. It is too
reader that what was desired was simply the repeal early yet to judge whether we are to have a milder
of the two amendments which were the sole and dis- form of the slump in business which characterized
tinct subject of our discussion. The Act of June 21 the summer of last year. Assurance from Washing1917 amended the Reserve Act in many particulars ton that the President's tax program and his other
aside from the two dominant changes referred to. •constructive policies are not to meet with hindrance
We have not been considering these other amend- or resistance would do much to render such a probments at all, and there was no call to do so, as what ability unlikely.
we aimed at was simply to deprive the Reserve banks
of the power to acquire all the gold in the country
On Wednesday the Inter-State Commerce Commisand to issue Reserve notes thereon to two and a half sion began a hearing on the proposed Van Sweringen
times their amount, and furthermore to give them. or Nickel Plate Railroad merger. This is important
as in the original Act, the custody only of a part of as the first major consolidation to come before the
the member banks'legal reserve instead of the whole Commission since the present railroad law was enof it. One of the further amendments made in 1917 acted in 1920. It will be recalled that the law rewas to lower the reserve requirements. No one pro- versed the provisions of the Sherman Anti-Trust Act
poses that they should now be raised again to the old in respect to railroad consolidation. The present
figures. There is no occasion for anything of the law provides that the railroads may unite into a
kind. As a matter of fact, the McFadden bill would comparatively small number of large units, in a way
in one very minor particular confer upon the Reser%e to preserve essential competition and in conformity
Board the right to authorize somewhat lower re- with plans to be prepared by the Commerce Commisserves in specially excepted instances. We pub- sion. The Commission submitted a tentative plan
lished the full text of the McFadden bill in our issue for the whole country several years ago, but has not
of March 7 1925, page 1155, and by reference to the pushed it nor has it submitted a final plan. Presame it will be seen that the bill provides that in the sumably the Commission is following the excellent
case of member banks in Reserve or central Reserve plan of waiting for the initiation of plans by the
cities "located in the outlying districts or in territory railroads and reserving its authority for approval.
added to such a city by the extension of its corporate
The Van Sweringen brothers of Cleveland, having
charter" it is permissible for such member banks acquired control of the former New York Chicago &
"upon the affirmative vote of five members of the St. Louis, or Nickel Plate, have already consolidated
Federal Reserve Board" to maintain reserves no it with several smaller roads and now propose to
higher than those required of country banks.
create a great Eastern trunk line system by uniting
it with the Chesapeake & Ohio, the Erie, the Pere
Marquette and the Hocking Valley. Consents of the
The Financial Situation.
various boards of directors and stockholders have
The week has been characterized by quiet strength already been obtained and the matter now comes
and an absence of sensational developments. Money before the Commission.
Objecting stockholders of the Chesapeake & Ohio
is distinctly easier. Bonds have been strong. Stocks
after a period of dulness have become more active at oppose the plan on the ground that it is not fair to
rising prices. The decline in average wholesale their road in that, in view of its greater earning
prices has apparently ceased. On Monday the Irving power as compared with that of the Erie, for examFisher weekly index of wholesale prices • stood at ple, the allotment of securities to holders of Chesa158.1, after declining from 163.4 on March 13 to peake & Ohio security holders is not sufficient. There
157.1 on April 3. The price of wheat has continued may or may not be something in this objection, but
to fluctuate violently but without making new lows. two things should be borne in mind. First, it is
The price of, cotton, too, has continued to fluctuate, quite possible the Commission will not assume any
but through the week made some gain. There has jurisdiction on a point of this kind and may refer the
been no financial undertaking to compare with the matter to the courts, and secondly, the law does not
sale of Dodge motor car securities of the preceding so much emphasize earning power as capital investweek. The Dodge bond and stock issues have con- ment. This is fundamental, as it is the principle of
tinued very active on the New York Stock Exchange national policy on which the law is based. The law
at the issue prices, indicating a continuation of the provides that rates must be regulated so as to proprocess of distribution to ultimate holders. Motor vide a reasonable return on actual investment. It
shares have had the greatest attention of any class matters not if any particular investment be naturof stocks and have established some notable gains for ally productive or not. Rates are to be based on averthe week, Maxwell Motor, Class B, for instance, age conditions in great areas. The aggregate of
/ railroad investments in those areas is to be made
1
2
having established a new high of 84%, against 64
stock market appears to be productive of profit. This provision is not in conlast week. Indeed, the
drifting into another speculative frenzy under the formity with the natural law of economics, by which
only the productive can survive, nor is it a piece of
stimulus of a superabundance of credit.
The decline in unfilled orders of the Steel Corpora- national folly. It is a deliberate national enactment
tion to about the level at the end of 1924 did not to ensure transportation on as extensive and efficome as a surprise. Judge Gary had intimated a cient a scale as possible. The objective is universal
falling off in the taking of new business. Prices of transportation; the means is that the strong must
pig iron ore, coke and scrap have weakened slightly. carry the weak, and the thing is made economically
The "Iron Age" composite pig iron price dropped sound by ordering that rates shall be sufficiently
25 cents to $21 04 per gross ton. Operations of high to make the whole system productive of profit.
United States Steel Corporation subsidiaries were The community is required to bear the cost of univerreported at 89%,comparing with 94% late in March sal transportation, provided, of course, the charge is
APRIL 18 1925.}
THE CHRONICLE
not greater than the traffic will bear. Up to this
point rates can and must be raised.
The Commission understands this thoroughly and
will not permit consolidation of strong roads with
the weak roads of the same area left out to fail.
They must be taken in and this criterion of value is
cost, not earning power. Evidently, therefore, there
must be some compromises. On a purely business
basis consolidations would disregard cost and regard
only earning power. By so doing the weak roads
would be eliminated and certain communities and
industries would be left without transportation.
This is not in line with national policy. • The Chesapeake & Ohio objectors must reckon with this point.
Erie has rights in this consolidation based on the
Transportation Act of 1920, greater than those based
on purely business values. Furthermore, this principle may be employed to secure the entrance into
this consolidation of some small roads not now contemplated by the Van Sweringens.
The Commission will probably chiefly be concerned with a suitable plan for the whole Eastern
territory and therefore the hearing is to include
hearing of all Eastern railroad interests. The real
question is whether the transportation facilities of
the Eastern territory shall be grouped in four controlling companies, New York Central, Pennsylvania, Baltimore & Ohio and Nickel Plate, or there
shall be some other line-up. It has been suggested
also that the Commission may want assurance that
there is no identity of ownership between the Nickel
Plate and the New York Central. In any event, this
hearing is likely to prove of major importance in
possibly working out the lines of procedure in railway consolidations and in determining if the present
law is sufficient in providing for national interests.
The formation of a French Ministry headed by
Paul Painleve, with Joseph Caillaux as Minister of
Finances, together with the authorization by the
French Parliament of the increases in the note circulation and the legal limit of borrowings from the
bank asked for by the Herriot Government, are the
outstanding financial events of the week abroad.
Moderate strength in French exchange and in the
market for French bonds indicated a continuing hope
that a way will be found to deal with maturing obligations. Much has been written about M. Caillaux,
but the'chief interest at the moment attaches not to
his sensational career as former Premier and Minister, but to his ability as a financier and his views
on financial questions. His book,"Whither France?
Whither Europe?" published early in 1923, is an
able discussion of the whole post-war financial
breakdown of Europe, and in some of its recommendations anticipates the Dawes program. He is also
known as an advocate of the fundamental principles
of free trade. What his financial program will be
remains to be seen, but some of his statements suggest that he is not averse to a slight degree of inflation as a means of easing the interest burden of the
Treasury. Late dispatches on Friday indicated that
he was prepared to accept the Dawes plan as the
only source of reparations, and would make an earnest effort to reach an understanding with Great
Britain and the United States regarding the inter.
Allied debts.
A further improvement appears in the foreign
trade statement for March, both merchandise exports
1929
from the United States and imports into this country
showing considerable increase. Merchandise exports
for that month were valued at $452,000,000, the highest for any month since February 1921, with the exception of October and November last, when raw cotton and wheat contributed very materially to the
larger volume of our export trade, both in quantity
and value. Merchandise imports last month
amounted to $385,000,000, much the highest for any
month for two years, and with the exception of
March 1923, in excess of any month since August
1920. The excess of exports last month was $67,000,000, and for the nine months of the fiscal year beginning with July last, is $945,213,781, contrasting with
$669,878,573, the latter the excess of exports for the
corresponding nine months of the preceding fiscal
year. Total merchandise exports for the nine months
beginning with July last were valued at $3,770,431,232, these figures comparing with $3,322,636,082 for
the corresponding nine months of the preceding fiscal year, an increase for the latest period of *447,795,150; while imports for the nine months ending
with March this year were $2,825,217,451, the figures
for the nine months ending with March 1924 being
$2,652,757,509, an increase this year of ;172,459,942.
Exports for the current fiscal year promise to exceed $5,000,000,000, a total which prior to the five
years from 1917 to 1921, inclusive, when the influence of the European war was very potent, was unheard of. For the fiscal year ending with last June
the value of merchandise exports was $4,311,000,000
and for the preceding fiscal year it was $3,956,000,000; prior to the war 1913 was the high point at
$2,465,000,000. Merchandise imports have expanded
in about the same proportion, though in a smaller
sum. With the exception of 1919 and 1920, the high
point for imports was 1923, when the value was
$3,792,000,000.* For the current fiscal year to date
imports exceed 1923 by about 4%. In 1913 the value
of merchandise imports was $1,813,000,000, which
was close to the largest amount for that period. Exports for March this year, valued at $452,000,000,
contrast with only $339,755,230 for March 1924. Exports of raw cotton continue much heavier than they
were a year ago, in quantity more than double. The
value for March this year will probably be about $92,000,000, against $50,480,000 a year ago. For the five
months prior to March this year, the amount each
month was in excess of $100,000,000, the highest
on record being November last for $165,220,000.
The gold outflow last month from this country was
reduced to about one-half of the amount of the preceding month, March exports of gold being $25,104,
416, as against $50,599,708 for February. Since the
beginning of this movement, about Dec. / last, total
gold exports have been $188,904,720, and for the nine
months of the current fiscal year to March 31, gold
exports have been $207,023,306; for the corresponding nine months ending with March 1924 gold exports were $7,955,099. Gold imports in March this
year were $7,337,322 and for the nine months ending
with March $109,456,281; for nine months ending
with March 1924 gold imports were $305,352,756.
The excess of gold exports for the nine months of the
current fiscal year to date is $97,567,025; for the
corresponding period of the preceding fiscal year
there were an excess of gold imports of $297,397,657.
Silver exports last month were valued at $7,916,717
and imports $6,650,750.
1930
THE CHRONICLE
[VoL. 120.
As already noted, a new Cabinet for France to suc- chances of surviving for a reasonable time, and its
ceed the Herriot Ministry that resigned on April 10, problems if it does, the Paris correspondent of the
has been selected by Paul Painleve, formerly Presi- same paper said: "Although the new Ministry's fudent of the Chamber of Deputies. Following the ture doubtless is replete with difficulties in both the
failure of former Premier Herriot with his financial Senate and Chamber,its composition guarantees posprogram, M. Painleve was the first man a ked by sibly as good a chance as any Cabinet might have
,
President Doumergue to form a new Cabinet. He under the country's peculiar political conditions to
accepted the task, but gave it up within 2:- horns work out its program and exist a reasonable length
Thereupon Aristide Briand, who had been Premier of time. Its fiscal policy will be almost wholly that
seven times, was called upon, but after making a de- brought in by Caillaux. This antedates almost all
termined effort, and meeting great opposition, he, other schemes for rehabilitation of the almost empty
too, gave up. The President of the Republic next national treasury. Caillaux is determined to cater
requested M. Painleve to try again, which he did. to the Right.wing elements with his plan, in which
He experienced not a little difficulty in harmonizing he is confident of an alliance with capitalists whom
the leaders of important political groups and in se- Herriot defied with his capital levy proposal. Cailcuring their consent to serve with him. At 2 o'clock laux will shelve the idea of a capital levy on which
yesterday morning, however, he was able to announce the Socialists still insist, and will propose instead a
the names of the men he had selected. M. Painleve reduction of interest rates on all French securities
is to be Premier and Minister of War. Aristide and transformation of the 33,000,000,000 francs in
Briand is to have the portfolio of Foreign Affairs, State bonds maturing this year into perpetual Govand Joseph Caillaux that of Finance. Anatole de ernment obligations. This invites the hostility of
Monzie, Finance Minister in the Herriot Ministry, the Socialists in the Chamber and possibly that of
has been selected to head the Department of Public hundreds of thousands of small bondholders who
Instruction. The new Cabinet was presented have considered their securities in the light of interto the President at noon yesterday and will est-bearing bank notes. Caillaux also will have the
be formally presented to the Chamber of Dep- greatest difficulty in overcoming the prejudice of
uties on Monday or Tuesday. If accepted by the Senate, by which he was sentenced in 1919 on a
that body, which would seem doubtful because charge of dealing with Germany during the war.
of the action against M. Caillaux during the war and Only time will tell whether his financial ability can
his subsequent banishment, it is an open question overcome this opposition."
According to an Associated Press dispateh from
also as to how long the Cabinet can last. Briand
and Caillaux, for instance, have been sworn enemies Paris last evening, "the Ministry will meet to-morfor some years. The New York "Times" correspond- row [this] morning at 10 o'clock to draft the declaraent in Paris cabled early yesterday morning that tion it will submit to Parliament Tuesday." It was
"practically all the Ministers and Under Secretaries added that "first of all he will seek to provide a safe
belong to the Radical Socialist, Radical and Left working margin of cash for the French Treasury and
Radical parties. Louis Loucheur, to whom was of- then, with a view to final stabilization of the franc,
fered the Ministry of Commerce, refused and it is will take up the debts, which he considers one of the
stated that one of the causes of delay in constituting greatest obstacles to a complete financial renovathe Cabinet was the difficulty in reconciling M. tion." It was asserted also that "he will confirm the
Clemenceau's former associate with M. Caillaux. assurances of M.Clementel,former Finance Minister,
M. Malvy, who was convicted by the Senate of trea- that France intends to repudiate no obligation, but
son in war-time when Minister of the Interior, also he will negotiate closely on terms and perhaps on
refused a seat in the Cabinet." Some idea of the dif- amounts. An indication of how he regards the war
ficulties experienced in selecting the new Cabinet debts is found in his speech of Feb. 19, on the occaand an idea of the attitude toward one another of sion of his 'rehabilitation' after the amnesty, in
political leaders in France may be had from the which he said: 'Our country would have met the
following: "Briand re-entered the Cabinet on condi- crazy financial chaos which continued long after the
tion that his administration of the Foreign Office be armistice if never-tiring incapacity had not thrown
virtually without interference and that his friend on her shoulders the burden of advancing the entire
and confidant, Louis Loucheur, industrialist and fi- cost of repairing the war damages, with the partial
nancier, be included in the Ministry. Loucheur, paying of some of them, and the weight of the interknown throughout the country as second only to Allied debts.'"
Caillaux in financial astuteness, was made Minister
While former Premier Herriot and his supporters
of Commerce, but he quickly had a misunderstanding
withdrew from his post in a fit of claimed that they had inherited from previous Minwith Caillaux and
anger. Briand made every effort to win Loucheur istries the unstable financial situation, the existence
back, but the latter was adamant. Briand then of which they were forced to admit last week, the
called on Doumergue just before midnight and re- Paris correspondent of the New York "Times" as- ceived the President's urgent request to remain in serted that "the Government was defeated on the
the Ministry. Senator Charles Chaumet, who had issue of exceeding the legal limit in the bank note cirbeen made Minister of Colonies, then was advanced culation of the Bank of France, which was due to
to Minister of Commerce in place of Loucheur." Ac- the demands of the Government and which the Govcording to a special Paris dispatch to the New York ernment kept secret. The battle cry of the Opposi"Herald Tribune" yesterday morning, "although los- tion was that this represented underhand work and
ing the aid of his friend Loucheur in the Cabinet, destroyed the confidence of the French public. OpBriand enters the Foreign Affairs Ministry virtually position to the proposed forced loan and Socialistic
with undisputed authority for conducting France's projects of M. Herriot were factors in his Waterloo
international negotiations, including the problem of on this Good Friday." He added that "the Herriot
security against Germany." Commenting upon the regime had been tottering for a week, since it be-
APRIL 18 1925.]
TILE CHRONICLE
came known that despite his frequent declamations
against inflation, the Premier was forced to resort
to inflation. The actual defeat accomplished a great
revenge for former President Millerand, who was
forced out of the Elysee Palace by the Herriot Chamber majority last June. M. Millerand was elected to
the Senate last Sunday on an anti-Government platform. It was learned to-night [April 10] that it was
M. Millerand who coached former Finance Minister
Francois-Marsal to make his speech to-day which
led to the defeat of the Government."
Immediately after the downfall of. the Herriot
Government Paul Painleve, President of the Chamber of Deputies, and Aristide Briand, seven times
Premier, were the two men most prominently mentioned as likely to be requested by President Doumergue to form a new Cabinet. They were asked in
the order mentioned. According to the representative of the New York "Times" in Paris, "the President of the Republic asked M.Painleve to try to form
a Government which would enlist the support of the
bloc of the Left parties in the Chamber, of which
M.Painleve is one of the leaders and at the same time
enlist strength further to the Right in order to be
able to stand before the Senate." He also cabled that
"M. Painleve agreed to have a try at it and sought
the aid of former Premier Briand, to whom he offered the post of Foreign Minister. President Doumergue called M. Briand to the Elysee and made a
special plea to the veteran statesman to help solve
the crisis. M. Briand agreed to accept the Foreign
Ministry post under M. Painleve and the latter
asked Paul Doumer of the Senate to take the Finance
Ministry." Continuing to outline the situation, he
said: "But M.Painleve has stipulated that he shall
have in his Cabinet four members of the Unified Socialists on the ground that they should share the responsibility. If, as is expected, the Socialist leaders
refuse, the failure of M. Painleve's combination is
predicted. In such an event it is believed President
Doumergue will ask M. Briand to form a new Government." It was predicted at that time that "the
crisis probably will last four or five days." On April
13 the Paris "Matin" published "predictions of the
composition of the Painleve Cabinet," which gave
the following names for the most important portfolios: "Paul Painleve, President of the Council,
without portfolio; Anatole de Monzie, Minister of
Justice; Aristide Briand, Minister of Foreign Affairs; Paul Doumer, Minister of Finance; Paul Boncour, Minister of War." The "Times" correspondent asserted also that "this or any other Government,
however, must make good the shortage of the Herriot
Government with the Bank of France and take further financial measures to meet this year's strain on
the French Treasury. As a matter of fact, the Bank
of France has already made good the shortage by an
issue of bank notes, but this must be approved by
law. No doubt this will soon be done. Regardless
of who finally heads the Government, the budget prepared by M. Herriot will be passed so far as appropriations go. The financial measures M. Herriot
tacked to the budget and which were disjointed by
the Senate are doomed. The proposed forced loan
will not go through and will in all likelihood be
dropped by M. Painleve. It is also to be expected
that the anti-Church program of M.Herriot,to which
he was driven by the Socialists, will be abandoned."
1931
The "predictions" of the "Matin" were not realized,
for the reason that M. Painleve gave up the task of
trying to form a Cabinet within less than 24 hours
after assuming it. In a special Paris cablegram to
the New York "Times" on the evening of April 12 it
was stated that "Paul Painleve, President of the
Chamber of Deputies, who was asked last night by
President Doumergue to form a Government, de
cided to-day that he could not accomplish the task,
and President Doumergue called on former Premier
Briand. M. Briand has given a tentative acceptance
and is working to-night on the situation. Although
he is hopeful, many difficulties lie in his path. And
if he does not succeed, it is almost certain that the
Chamber will be dissolved and new elections held."
Commenting upon the difficulties experienced by
M. Painleve, the "Times" representative said: "M.
Painleve, when asked last night by President Doumergue to form a Cabinet to succeed M. Herriot's
Government, gave an unofficial acceptance and
started to investigate his chances of success. He
soon ran into difficulties. In the first place he undertook to get an assurance from the Unified Socialists that they would join his Cabinet so as to share
responsibility instead of holding the Government always at their mercy. In the second place, he undertook to find out what would be the attitude of the
Nationalist majority in the Senate toward his Government. The President of the Chamber found the
Socialists cool toward his proposal and insisting
that they would have to consult their national organization, whereas his inquiry convinced him he
would have hard sledding before the Senate, even
with M. Briand in the Cabinet as Foreign Minister,
because the Senate majority is set against a
Government controlled by the Chamber's Left
cartel."
M.Briand, after having been summoned to the Elysee by the President and formally asked to form a
Cabinet, "set about seeing his friends and some of
his opponents to try to get an idea where he would
stand." It was added that, "in a talk with the Radical Socialists, M. Briand said the first task of the
new Cabinet,if he took office, would be to regularize
the situation caused by over-circulation of the Bank
of France. In response to questions, M. Briand replied that he was a partisan of League of Nations development and faithful to the Protocol of Geneva.
On the Vatican issue he declared himself favorable
to maintenance of an Ambassador to the Holy See.
The party leaders gave him a good reception." According to the correspondent of the New York "Herald Tribune" in Paris, "Briand suggested, further,
that the Socialists confer with HerrioVs Radical Socialist Party in an effort to agree on a joint program.
Such a conference was held that afternoon and
proved that the two parties are in agreement on electoral reform laws and the reduction of military service to one year, but are at odds on fiscal legislation
and the proposal for Government control of the price
of wheat. The Socialists also stood out for a na
tional inventory of wealth and a capital levy, the
•
Radicals demurring."
M. Briand, on Monday evening, "informed the
President he could not give a definite answer until
the next afternoon." It was explained that "he is
awaiting the decision of the National Council of the
Socialist Party regarding its willingness to participate in the new Government." The well-seasoned
1932
THE CHRONICLE
Premier had another conference with the President
on Monday evening, and as he was leaving "said the
idea of a 48-hour Cabinet to ratify the bill authorizing the Bank of France to increase the circulation
to 45,000,000,000 had been abandoned." The correspondent also said that "the alternative suggestion
that a provisional Ministry be formed to put the
Bank of France situation into proper legal form occupied much attention, but found little support, except with Senator de Monzie, Finance Minister in the
Herriot Cabinet. He declared he felt bound to do his
best toward fulfilling the promises he made the Bank
of France on becoming Finance Minister. M.de Monzie had been summoned to the Elysee Palace during
the afternoon to discuss with President Doumergue
the proposal to form a temporary Ministry to pass
the bill on the currency. M. de Monzie had been
widely suggested to head such a Ministry."
No real progress was made either on Monday or
Tuesday by M. Briand toward forming a Cabinet.
In fact, on the second day he announced that "he had
decided to abandon his attempt at forming a Cabinet" This announcement was made "shortly after
6 o'clock this [Tuesday] evening." The "official"
announcement came "just before 7 p. m." The former Premier's decision was said to have been due
chiefly to his failure to gain the support of the Socialists. It was explained that "in announcing his
decision M. Briand made it clear that his action was
due to the refusal of the Socialists to allow members
of their party to enter his Cabinet and to their demanding conditions he was unable to accord as the
price of their support of a Government he might
form without their direct participation." The Paris
correspondent of the Associated Press pointed out
that "Briand's withdrawal from the Cabinet-forming
task throws the Ministerial crisis back into exactly
the same situation as existed last Friday, when the
Herriot Government was overthrown. The political
experts commented that the net result was four days'
loss of time during a critical period." It was expected at that time that Paul Painleve would be
asked again to form a Cabinet. Announcement was
made at the same time that "the agreement reached
between Finance Minister de Monzie and the Bank
of France authorizing the issue of four billion francs
in additional currency is to be ratified at a special
meeting of the Chamber of Deputies at 3 o'clock tomorrow [Wednesday] afternoon and then by the
Senate at 5 p. m. It was held that the Herriot Ministry, being charged with the duty of carrying on
current affairs, could constitutionally put this ratification measure through Parliament"
M. Briand having given up forming a Cabinet,
President Doumergue,"then sent for Paul Painleve,
President of the Chamber, and for the second time in
the present crisis asked him to form a Government
to succeed that of Edouard Herriot, which fell last
Friday." The Paris correspondent of the New Yor
"Times" suggested that, "whether M. Painleve cai
overcome the conditions which led him last Sunday
to renounce the task when he foresaw Senate oppo
sition which he thought would quickly bring him the
fate of the Herriot Government cannot now be told."
He added that "M. Painleve began conversations
with his friends and eventual collaborators at in
o'clock that night" (Tuesday). According to the
same dispatch,"upon leaving M.Sarraut said he was
•
[VOL. 120.
convinced Al. Painleve could have a Cabinet formed
by to-morrow afternoon." The Paris representative
of the New York "Herald Tribune" declared that,
"moreover, political experts are agreed that if Painleve to-morrow decides to form a Ministry of the Left
bloc it will be exceedingly short-lived." Continuing
to outline the situation as he saw it, the same correspondent said: "Painleve was summoned by the
President to-night at the suggestion of Briand, after
the latter had heard the verdict of the Socialists.
This group's decision was not unexpected, as Briand
had been ousted from the party fifteen years ago.
With these developments France's Cabinet question
has transformed itself into a political crisis the results of which may not even yet be forecast with any
accuracy. The Radical Socialists and Socialists still
hold their majority in the Chamber, without any
outstanding leadership, except Herriot and Painleve. It has become more and more obvious during
the last three days that France is headed toward a
coalition Ministry. The attitude of the Socialists
means either the formation of a short-lived Cabinet
within the Left Wing or a coalition without the Socialists. Still dominating the latest situation is the
attitude of the Senate, which in defeating the Herriot
Ministry expressly voted an order of the day demanding a concentration Ministry with wide collaboration from the various parties, in order to restore national confidence. This order was directed
against Herriot because of the influence wielded
upon his Cabinet by the Socialists as the price of
their continued support."
The principal developments in the French Cabinet
situation on Wednesday were described in part as
follows by the representative of the New York
"Times" in Paris: "The fifth day of the French
Government crisis ended with a dramatic development bringing at midnight the probability of the announcement by noon to-day [Thursday] of a Cabinet
headed by Paul Painleve with Joseph Caillaux as
Minister of Finance and Aristide Briand as Foreign
Minister. The dramatic feature is, of course, the
prospect of the return to power of Joseph Caillaux.
The former Premier of France was convicted four
years ago of treason. Narrowly escaping a firing
squad, he was sentenced to ten years' banishment
from the capital and the loss of his civil rights. He
was pardoned by the Amnesty bill ,adopted a few
months ago. Now he may find himself called to handle the most important and most difficult task facing
his country, namely the re-establishment of France's
fiscal stability. What will happen to Al. Caillaux
when he faces the same Senate which condemned
him no one can tell, but Al. Painleve says he has assurances that the 'Upper House will give a chance to
the man it convicted as a friend of C*rmany in the
days when France was struggling for her national
life. Another element of surprise is the agreement
of M. Briand to accept the post of Foreign Minister
in the same Cabinet as Al. Caillaux, for not only has
Al. Briand, who failed yesterday to form his eighth
Government, not the habit of playing second fiddle,
but he is a long-standing enemy of Al. Caillaux. Still
another surprise is that M. Painleve, after having
refused Sunday to form a Government because of
the probable attitude of the Senate majority and on
the other hand of the difficulty of pleasing the Socialists, is now forming a Cabinet whose star is the
man condemned for treason'by the Senate and whose
APRIL 18 1925.]
THE CHRONICLE
economic tenets by no means correspond with those
of the Socialists."
Thursday afternoon M. Caillaux definitely announced that "if Painleve formed a Cabinet he
would accept the portfolio of Finance." Up to that
time Aristide Briand had not announced whether
he would accept the portfolio of Foreign Minister.
Developments with regard to the Presidential
campaign in Germany have not been important.
They had to do chiefly with the candidacy of Field
Marshal von Hindenburg and former Chancellor
Marx. The former issued a statement a week ago
to-day "in the form of Easter greetings," in which
he declared that "no war, no insurrection within
Germany, can free our divided nation, fettered, I
am sorry to say, by discord. It will require a long
period of quiet, peaceful work. The first necessary
reforms are ridding the nation of those politicians
who make politics a business. No State can prosper
without order and cleanliness of living. The President is especially called upon to exalt holiness and
right." The Berlin representative of the New York
"Times" cabled that "this statement is believed to
be intended to allay fears expressed in the foreign
press that the election of Hindenburg might precipitate international war, or at least internal strife,
brought about by the eventual change in the
form of Government from a republic to a
• monarchy."
Commenting upon the alleged part of the former
Kaiser in securing the consent of von Hindenburg
to run for President, the Berlin representative of the
New York "Herald Tribune" declared that "broad
smiles have been provoked in political circles by the
• Kaiser's denial, cabled to America, that he has had
any part in the intrigues leading to the nomination
of Hindenburg in the Presidential campaign. There
is no well informed person here who does not know
of the relations that have existed between the former Kaiser and his old military camarilla. Everyone knows, too, of the intrigues that have been in
progress during the last five years between Doom
and the Nationalists for that nomination, and for
Hindenburg's election as a stepping-stone to Wilhelm's return to Germany and the restoration of the
Hohenzollern rule." The Associated Press corre- spondent at the same centre asserted that "now that
von Hindenburg has entered the arena of practical
politics he no longer is accorded the same consideration by the political and military critics that he enjoyed during his post-war retirement, and the initial
stage of his campaign finds his military record a tar• get for fierce attacks."
1933
no surrender to fine-sounding phrases and no foolish
exhibition of power which Germany does not possess,
the former Chancellor declared. After paying tribute to Hindenburg for the part he played in saving
East Prussia during the war, Marx said he must oppose him politically because Germany could not afford to take a step which would once more turn the
world against her." The former Chancellor added
that "we are a disarmed people and can easily become the football of foreign Powers, but our national
honor does not, however, demand that we delude
ourselves into the idea that we are the possessors of
power which is not ours. It is ridiculous to indulge
in the rattling of arms which we do not possess, and,
therefore, foolish to play with big words behind
which there is no force and power, and which tend
only to excite new suspicion and distrust abroad.
Nothing can be more false and injurious in Germany's present situation than bathos and big gestures. Our love of the Fatherland must be coupled
with wisdom and our foreign policy must, therefore,
remain one of understanding with our former opponents. Politics is, above all, matter of reason, and
the weaker the position of the nation is the more
must wisdom and cool reason govern its policy."
Commenting upon the campaign activities of Herr
Marx, the New York "Times" representative in the
German capital said in a cable dispatch on April 15
that "the first big stumping tour in a Presidential
election that Germany has ever witnessed is being
carried on by former Chancellor Marx, who is not
only speaking at meetings, but is even addressing
crowds around his train at all the stations on the
way to Koenigsberg and Stettin, another stronghold
of the Nationalists. The Nationalists would not go
to hear Marx, but the Socialist workers turned out
by thousands at all centres 'to look over the bourgeois who is to take over Ebert's place.' Big groups
of Communists mingled with the workers in an effort
to break up the meetings, but they have failed up to
now."
That von Hindenburg is meeting vigorous and
pretty general opposition has been made clear all
week. The Berlin correspondent of the New York
"Herald Tribune" cabled on Thursday evening that
"what is sure to be interpreted in political circles
as advice to the German people to vote against Field
Marshal von Hindenburg in the Presidential election April 26 was contained in an address by foreign Minister Stresemann before the Overseas Club
at Hamburg to-night. Refraining scrupulously from
mentioning by name either Hindenburg or former
Chancellor Marx, Republican candidate, Stresemann,leader of the People's Party, which is included
ID discussing the Presidential campaign in a cable in the so-called Reich bloc, that nominated the Field
message to his paper under date of April 14, the Marshal, portrayed Germany's present situation in
Berlin representative of the New York "Herald Trib- terms similar to those used by Marx in his address
une" said in part: "While Field Marshal von Hin- at Koenigsberg. Stresemann left little doubt in the
denburg was kept in virtual seclusion by his cam- minds of his hearers that the German people could
paign managers for fear the superannuated soldier not afford to take a step in the Presidential election
might say something that would 'give away the that would dislocate the Government's foreign polshow,' former Chancellor Wilhelm Marx opened the icy and interfere with the• country's economic
Presidential battle to-night with a speech at Koenigs- advance."
Referring to the campaign of von Hindenburg in
berg. Marx called on the German people to stick
to the line followed under his Chancellorship a cablegram last evening the Berlin correspondent
close
and reject any and all 'experiments' and 'empty ges- of the New York "Evening Post" said that "it is antures' that can only undo the progress toward eco- nounced on his behalf that the Field Marshal will
nomic and moral rehabilitation achieved since the make no speeches outside Hanover,'because Hindenwar. There must be no ridiculous rattling of arms, burg, unlike ex-Chancellor Marx, is well enough
1934
TFTE CHRONICLE
[Vol,. 120.
known to Germans already.' He will remain at new Stock Exchange regulations issued yesterday
aphome until the election on the 26th."
parently met many objections of the traders, there
were signs in financial circles to-day that difficulties
During the greater part of the week the Belgian continue to exist. Seven trading syndicates, memGovernment was trying to secure the formation of a bers of the National Federation of Exchange Agents,
new Cabinet. On April 14 King Albert summoned met and unanimously adopted a resolution declaring
Emile Vandervelde, "the Socialist leader and for- that the new regulations `do not correspond to the
merly Minister of Justice," and requested him "to needs and exigencies of financial merchants and imform a Ministry to succeed the Cabinet of Premier pede their freedom of activity."
Theunis, which resigned'April 5. M. Vandervelde
As to the Parliamentary situation, the Associated
agreed to undertake the task." It was recalled that Press correspondent in the Italian capital cabled on
"the Theunis Ministry handed its resignation to April 14 that "Fascism wants the present Chamber
King Albert on the day that Parliamentary elections of Deputies to die a natural death, namely to have
were held throughout Belgium, in which the Social- the general elections in 1929,' declared Deputy Fariists gained ten Parliamentary seats. Vandervelde nacci, Secretary of the Fascist Party, in a speech at
for many years has been Socialist leader in the the unveiling of a memorial to war dead near CreChamber of Deputies." Up to a late hour last eve- mono to-day. Deputy Farinacci added that the maning no word had been received of the formation of jority of the members of Parliament were loyal to
a new Ministry.
the Premier and represented the true will of the
national conscience. This, he said, was proved by
Definite reports came from Rome of the probabil- the constant success of Fascist candidates in municity of several changes in the Cabinet of Premier Mus- ipal and provincial elections. He explained that
solini "before the end of the month." The New York four-fifths of the provincial and communial councils
"Times" representative said in a wireless dispatch were in the hands of the Fascisti and that each new
dated April 10 that "not only must Minister di Gior- administrative election marked a new triumph."
gio and the Under-Secre.tary for War, who resigned
after the withdrawal of the Army Reform bill, be reIn comparison with the previous month of this
placed, but Finance Minister de Stefani also may go year the most striking changes disclosed in the
soon. It is said that his decree regulating the Stock British trade statement for March were an increase
Exchanges have rendered his position in the Cabinet of £2,712,039 in imports and of £2,830,015 in the exprecarious." He added that "some changes among cess of imports. Re-exports of foreign goods showed
Under-Secretaries also may be looked for, since the unusually large expansion of £1,087,621. The
Signor Mussolini is credited with the intention to changes in all the important items were much larger
give several promising young Fascist Deputies a still when compared with March 1924. For instance,
chance to show their ability in order, by the process exports of British goods were £9,197,233 larger, while
of elimination, to chose men capable of assuming imports increased £9,131,367. The following are the
the reins of power in the future.. These reported figures for March and the first three months of this
changes, however, are hardly more than conjectures, year compared with the corresponding periods of
since the final decision rests with Premier Musso- 1924:
1925—March-1924. 1925
-Jon. 1-Mar.31-1924
lini entirely. Many persons find it hard to believe Imports
£112,860.000 £103,728,633 £310.731,032 £301.692,790
Exports British goods
the Premier intends to get rid of Minister de Stefani, Re-exports, foreign goods__ _ 70,300.000 61,102,767 202,509,989 193.312.756
12,770,000 12,700,756 39,311,746 39,242.502
who is chiefly responsible for Italy's progress toward Total exports
£83,070.000 £73,803,523 £241,821,735 £232,555,258
financial restoration. It is considered to be signifi- Excess Imports
£29,790,000 £29,925,110 £68,909,299 £269,137,532
cant that he for some time past has been subjected
Official discount rates at leading European cento systematic attacks by a section of the Fascist
tres continue to be quoted at 9% in Berlin;
in
press."
/
Discussing the same situation, the Associated Paris and Denmark; 612% in Norway; 6% in Italy;
/
Press correspondent cabled, also under date of April 51 2% in Belgium and Sweden 5% in London and
Madrid and 4% in Holland and Switzerland. In
10, that "the talk of M. de Stefani's resignation had
been confined to Opposition circles until to-day, London the open market discount rates showed very
/
when the Fascist newspaper ‘L'Imperio' spoke freely little change short bills finished at 418@4 3-16%,
of his retirement becoming 'necessary and urgent.' unchanged, while three months' bills were quoted at
/
/
Officially, the Ministry of Finance maintains im- 414@4%%,against 414 a week ago. Money on call at
unofficially the report is the British centre was firm and advanced to 4%,
penetrable silence, while
/
offset by the Minister's regular attendance upon his compared with 314% last week. In Paris the open
/
which his frienels advance as market discount rate dropped to 61 8%,and in Switzoffice duties, a fact
/
/
falsity of the report. Political erland to 2%%,against 614 and 21 2%,respectively,
the best proof of the
out, however, that if General di last week.
observers point
Giorgio considered it necessary to give up the War
A gain in gold of £12,952 was shown by the Bank
Ministry when Premier Mussolini intervened in connection with the army reform plan, then, logically of England statement for the week ended April 15,
M. de Stefani will have to retire, inasmuch as the while reserve expanded £1,135,000 as a result of furPremier stepped in to settle the Stock Exchange ther contraction in note circulation amounting to
situation after exchange transactions had almost £1,122,000. The proportion of reserve to liabilities
ceased as a result of M. de Stefani's regulatory meas- advanced still further to 21.67%, as compared with
ures of March 7. It develops, however, that Premier 21.18% a week ago. This is not only the highest
Mussolini's intervention is not proving as popular point of the current year, but for the corresponding
8%. A
with the Bourse traders as it seemed immediately af- week of any year since 1917, when it was 207
his conversation with leading financiers, which year earlier the ratio stood at 29%%. Last year it
ter
was thought to have settled the problem. While the was 18% and in 1923 19%%. Increases were shown
APRIL 18 1925.]
THE CHRONICLE
in deposits. Public deposits gained £1,654,000 and
."other" deposits £828,000. Loans on Government securities were reduced £586,000, but loans on other
securities expanded £1,920,000. The bank's gold
holdings now are £128,720,928, which compares with
£128,112,091 in 1924 and £127,520,959 the year before. Reserve totals £27,106,000, against £22,385,046
last year and £24,890,609 in 1923. Note circulation
stands at £121,362,000, in comparison with £125,477,045 and £123,380,350 one and two years ago, while
loans aggregate £76,413,000, as against £74,843,131 in
1924 and £67,406,298 the year previous. The official
discount rate of the institution remains at 5%, unchanged. Clearings through the London banks aggregate £521,340,000, against £859,633,000 a week
ago and £761,168,000 last year. We append herewith
comparisons of the several items of the Bank of England return for a series of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1921
1925
1924
1923
1922
April 15.
April 16. April 18. April 19. April 20.
121,362.000
Circulation
Publtedeposits
14.779.000
110,334.000
Other deposits
Covernm't securities 39.291,000
Other securities
76.413,000
Reserve notes dt coin 27,106.000
Coin and builion
128,720,928
Proportion of reserve
to liabilities
21.67%
Bank rate
5%6
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
128,276.450
19.218.678
108.439,431
32,767.043
94.085.347
18.518.917
128,345,367
184%
4%
19;E%
3%
19.13%
4%
14.51%
7%
According to the weekly statement of the Bank of
France, note circulation took a favorable turn, a
contraction of 45,014,000 francs being reported. The
total. outstanding is thus brought down from the
high record of 43,004,762,000 francs touched last
week to 42,959,748,000 francs. Although, as already
stated, the circulation item exceeded the legal limit
of 41,000,000 francs in last week's. statement (in
reality the legal maximum had previously been
exceeded, though not reported in the statements of
preceding weeks) it was not until Wednesday night
that both houses voted authority to raise the legal
limit from 41,000,000,000 francs to 45,000,000,000
francs. Last year at this time the total of notes in
circulation was 39,943,151,000 francs, which contrasts with 36,823,776,675 francs the year previous
and with but 6,683,184,785 francs in 1914, just prior
to the outbreak of war. The Bank continues to
report small gains in its gold item, the increase this
week being 87,775 francs. Total gold holdings now
stand at 5,546,267,450 francs, comparing with
5,542,133,860 francs at the corresponding date last
year and with 5,536,604,905 francs the year before;
of the foretroing amounts, 1,864,320,907 francs were
held abroad in both 1925 and 1924 and 1,864,344,927
francs in 1923. During the week silver increased
1,356,000 francs, while Treasury deposits were
augmented by 20,923,000 francs. Bills discounted,oa
the other hand, underwent contraction of 667,342,000
francs, advances were reduced 64,137,000 francs
and general deposits fell off 26,872,000 francs. Comparisons of the various items in this week's return
with the statement of last week and corresponding
dates in both 1924 and 1923 are as follows:
BANK OF FRANCE'S
Changes
for Week.
Francs.
Gold Holdings—
87,775
Inc.
In France
No change
Abroad
COMPARATIVE STATEMENT,
Status as of
April 16 1925. April 17 1924. Apr1119 1923.
Francs.
Francs.
Francs.
3.681,886,543 3,677,812,953 3,672,259,977
1.864,320,907 1,864,320.907 1.864,344.927
Inc.
87.775
Total
Inc. 1,356,000
Silver
Bina discounted_ Dee.667,342,000
Dec. 64,737,000
Advances
Note eirculation Dee. 45,014,000
Treasury deposits_Inc. 20,923,000
General deposits Dec. 26,872.000
5.546,207,450
316,292.000
5,511,814,000
3.073,893,000
42,959,748,000
34,300,000
2,025,162,000
5,542,133,860
298,342,793
4.694,887,401
2,604,360,559
39,943,151,000
18,503,359
2,481,128,734
5,536,604,905
291,979,458
2,175,354,194
2.140.709,877
36,823,776,675
19.596,287
2,009,163,641
1935
Substantial contraction in note circulation and
other outstanding obligations was the feature of the
statement of the Imperial Bank of Germany, issued
as of April 7. The report showed that note circulation had decreased 21,339,000 marks, while "other
maturing obligations" fell off 10,005,000 marks,
loans from the Rentenbank declined 19,064,000
marks, and other liabilities 7,310,000 marks. On
the assets side there was a reduction in bills of exchange and checks of 91,228,000 marks, and of 19,689,000 marks in advances. Deposits held abroad
again declined—this time 45,220,000 marks. Reserve
in foreign currencies expanded nominally 17,000
marks. Silver and other coins fell 545,000 marks.
Notes on other banks increased 3,619,000 marks, investments 187,000 marks and other assets 49,868,000
marks. The bank's gold, holdings increased 53,000
marks and now amounts to 1,003,430,000 marks,
which compares with 464,883,000 marks last year
and 1,004,830,000 marks in 1923. Note circulation
aggregates 2,293,284,000 marks.
The Federal Reserve banks statements, issued on
Thursday afternoon, revealed—for the first time in
several weeks—moderate gains in gold reserves, both
locally and nationally. The combined System reported an increase in gold of $5,000,000. Comparatively slight changes were shown in bill holdings.
Rediscounting of Government secured paper increased $13,500,000, but "other" bills declined
$9,500,000, with the net result of an addition to total
bills discounted of $4,000,000. Holdings of bills
bought in the open market fell off $36,600,000. There
was a contraction in earning assets of $37,200,000,
while Federal Reserve notes in actual circulation de
clined $16,100,000. Deposits, however, were larger,
expanding $21,000,000. The report of the New York
bank indicated an increase in gold of $12,800,000, in
part, of course, at the expense of interior banks. Curtailment was shown in rediscounting operations; re
discounts of all classes of paper were reduced $13,100,000 and open market purchases declined $26,000,000. Earning assets decreased $47,500,000 and
deposits $16,300,000. Here also the amount of Federal Reserve notes in actual circulation was reduced,
namely by $6,000,000. Member bank reserve accounts fell off $22,800,000 at New York, but re
mained virtually stationary for the banks as a group.
Larger deposits served to offset the small gain in
gold achieved by the System so that the reserve ratio
was reported as 76.4%, an increase of only .1%. At
New York, however, shrinkage in deposits coupled
with larger gold holdings resulted in an advance in
the ratio of reserve of 2.6%, to 78.2%.
Last Saturday's New York Clearing House state
ment of banks and trust companies reflected the easing up that usually follows a month-end strain, the
report showing a gain in surplus reserve of more
than $26,000,000. Reduction in the loan item reached
$81,722,000. Net demand deposits fell off $67,249,000, to $4,328,305,000, which is exclusive of $45,252,000 in Government deposits. In time deposits, however, there was an increase of $9,708,000, to $606,827,000. Other lesser changes included an increase
of $1,325,000 in cash in own vaults of members of the'
Federal Reserve Bank, to $48,208,000. This item,
however, is not counted as reserve. Reserves of
State banks and trust companies in own vaults increased $564,000, but the reserves of these same in-
1936
THE CHRONICLE
•stitutions kept in other depositories fell $156,000.
An increase in reserves of member banks in the Reserve institution of $17,525,000, coupled with smaller
deposits, was instrumental in bringing about a gain
in surplus of $26,333,290. Surplus reserves now
amount to $26,644,260, as against only $310,970 a
week ago. The above figures for surplus reserve are
based on reserve requirements of 13% for member
banks of the Federal Reserve System, but not including cash in own vault of $48,208,000 held by
these member banks on Saturday last.
[VOL. 120.
Banks' and bankers' acceptances were again
lowered a small fraction, this time for the longer
maturities. With the easing in the call market, a
general broadening in the demand for acceptances
developed. Dealings showed considerable diversification; city and country banks, also individual
investors, were in the market as buyers for fair
amounts. For call loans against bankers' acceptances
the posted rate of the American Acceptance Council
was reduced to 3%, against 332% a week ago. The
Acceptance Council makes the discount rate on
prime bankers' acceptances eligible for purchase by
/% bid and 3% asked
the Federal Reserve Banks 31
.
for bills running 30 and 60 days, 334 % bid and
/% asked for bills running 90 days, 3%% bid
31
I
and 33.% asked for bills running 120 days, and
3%
3% bid and 332% asked for bills running 150 and
180 days. Open market quotations were as follows:
The local money market has'been quiet. For sev• eral days in succession the only quotation for call
2
1
/
, money in the official market was 3 %. Funds were
ble in the outside marsaid to have been obtaina
ket at 3%. On Thursday and yesterday time money
was still easier, as a concession of about oneSPOT DELIVERY.
quarter of one per cent was noted in the offer30 Days
80 Daps.
90 Days.
314443
31443
31443.14
ing prices. As the week progressed trading in stocks Prime eligible bills
increased to above 1,000,000 shares daily. NaturFOR DELIVERY WITHIN THIRTY DAYS.
33( bid
member bank.
ally, as it was claimed that, with the larger volume Eligible non-member banks
314 bid
less professional, Eligible
of business, the market became
brokers' loans may have increased somewhat. The
There have been no changes this week in Federal
change was not sufficient to have any perceptible
rates. The following is the schedule
effect on the money market as a whole. This was the Reserve Bank
rates now in effect for the various classes of paper
more notable as the increase in activity on the Stock of
t Reserve banks:
Exchange took place just at the time when prepara- at the differen
tion had to be made for the mid-month disburse- DISCOUNT RATES OF FEDERAL RESERVE BANES IN EFFEC7
APRIL 17 1926.
ments, and.also for payment of subscriptions to sevPaper Maturing—
eral large offerings of securities, notably the $85,After 90 After 6
stock and $15,000,000
.000,000 Dodge Bros. preferred
but
Days,but
Within 6 Within 9
WUntn 90 Days.
preparation for its mid-month PKOBBAL tSBRVIV
Months Mantas.
Sao Paulo bonds. In
SANK.
operations the Government withdrew $14,570,000 on
Com'rcial Secured
Aprie'l & by U. S. Bankers' Trade Apical.* Apricot
00 on April 17, a total of $21,and
Aceepand
April 15 and $6,807,0
Livestock Govern', A veepObtioa- lances. lances. Livestock !Menotti
Paper
Paper
POPS?.
depostories in the New York Federal
lions.
n.e.s.
377,000, from
314
314
14
3%
314
314
Reserve district. Announcement was made yester- Boston
3%
314
314
34
334
314
New York
334
314
314
14
3%
314
afternoon that next Tuesday, April 21, an addi- Philadelphia
day
314
14
314
314
3%.
354
Cleveland
4
4
4
4
4
tional $3,676,000 will be withdrawn. Some further Richmond
4
4
4
4
4
Atlanta
4
4
4
4
, 4
Chicago
recessions in the business of the country were re- St. Louts
4
4
4
4
4
4
4
4
4
4
for the week ended Minneapolis
ported. Still the car loadings
4
4
4
4
4
Kansas City
4
4
4
4
4
of 60,385,000 cars over Datil@
April 4 showed an increase
334
334
334
34
3%
314
the Ban Francisco
the corresponding week of 1924. Compared with
Including bankers' acceptances drawn tor BO agricultural purpose and secured
•
e of by warehouse receipts. do.
previous week of this year, there was a decreas
9,020 cars.
There was very little indication of any real revival
of interest in sterling exchange this week and the
Referring to specific rates for money, call loans
market during the greater part of the time was all
covered a range of 33'@4% this week, as against
movements but stagnant.. Celebration of Monday as an Easter
A
33i@41 % last week. Very narrow
was4%, holiday in London served, of course, to accentuate
were recorded,however. On Monday the high
during the the dulness at the opening, but even the resumption
the low 33/2% and renewals 4%, but
Wednes- of business after a four-day interval failed to bring
• remainder of the week—that is, Tuesday,
call were out the usual "accumulation of bills," and it soon
on
day, Thursday and Friday—all loans
became evident that nearly all of the large operators
332%, which was the high, the low and
made at
days. Funds were still out of the market. Attention continues
the renewal rate on each of these four
also the to centre upon the day-to-day developments in francs,
were in ample supply. In time money
shorter with sterling still relegated to second place. As
undertone was easier, especially for the
lowered already explained, commodity shipments at this
maturities and the rate for sixty days was
days and season are always light, so that commercial offerings
• to 33/2@3%%, against 4%, while ninety
son are necessarily scant, while speculators, owing to
four, five and six months ruled at 4%,in compari
light the relative stability of rates in recent weeks, which
with 4@434.% a week ago. The demand was
make quick turns for a profit difficult if not actually
and the market was dull and uninteresting.
although impossible, appear to have lost taste for sterling.
Commercial paper was in good demand,
Prices were well sustained throughout, notwithe
transactions in the aggregate attained only moderat
l standing the lack of interest displayed. The trend
proportions. Country banks were the principa
in fact was fractionally upward and after opening
buyers. Four to six months' names of choice charnot so at 4 77% demand sterling gradually advanced to
acter remain at 4%, unchanged, with names
England 4 78 7-16. This was due partly to rumors that
. well known still requiring 43.%. For New
4% is some sort of an announcement favorable to a resto• mill paper and the shorter choice names,
ration of the British pound to parity was soon to
asked, the same as heretofore.
APRIL 18 1925.]
THE CHRONICLE
1937
be made,rand rpartly7torarstiffenindinrcablerrates week observance/of/EasteriMonday/as a holiday
—
from London. Good,buying wasireported at that abroad put a check upon market activities caC7M
ostensibly for side of the Atlantic. When business was resumed
centre in the latter half of the week,
the purpose of accumulating dollars in preparation interest at once veered around to developments in
of forthcoming interest payments on war indebted- French affairs. At first francs were unaffected by
ness. It is .understood that English bankers are the inability of the new Premier to form a Cabinet
rather more optimistic regarding the future of the and the quotation ruled at close to 5.16, but after
pound than their American brethren, and that this a while dealers began to get uneasy over what apis based on belief that buying of sterling to meet peared to be the possibility of prolonged political
tourist requirements, which, it is expected, will uncertainties. This had a depressing effect• and
2
.
be in full swing within the next few weeks, is to be quotations broke to 5.123/ Fears were expressed ,
year. Should this prove to be the that absence of a speedy decision of some sort would
very heavy this
case, it will undoubtedly add to the value of the lead to a renewal of selling ofUranc futures; a type of selling which, once begun, is very hard to arrest,
pound.
Referring to day-to-day rates, sterling exchange on and invariably leads to wild fluctuations that act
Saturday last was firm and a trifle higher, with de- as a disturbing influence upon French business and
mand quoted at 4 77%0(4)4 77 3-16, cable transfers at tend to impair confidence in the country's internal
4 77%®4 78 1-16 and sixty days at 4 753/8®4 75 5-16; finance. Still another factor in the decline was the
trading, however, was very dull. On Monday busi- position taken by M. Robineau, Governor of the
ness was at a virtual standstill, owing to the Easter Bank of France, who is reported as having threatened
Monday celebrations abroad; nevertheless, prices drastic measures if Parliament failed to legalize an
8
moved up to 4 77%®4 783/i for demand,to 4 783/® increase in circulation to above the former legal
4 78% for cable transfers and to 4 7598®4 75% for maximum. Later dispatches intimating that obsixty days. Increased firmness developed on Tues- stacles in the way of formation of a new Ministry
day, although the market was still dull; demand had been removed was considered a hopeful sign,
ranged between 4 78 and 4 78 7-16, cable transfers at while official announcement on Friday that M.
4 783 ®4 78 11-16 and sixty days at 4 7532@ Painleve had actually signed the measure legalizing
4 75 15-16. Wednesday's market was quiet but an increase in the Bank of France's note circulation,
steady; prices remained without essential alteration appeared to dispel much of the cloud of doubt that
at 4 78 3-16@4 78 7-16 for demand, at 4 78 7-16® had been overhanging the market, and prices ad4 78 11-16 for cable transfers and at 4 75 11-16® vanced to 5.283/2, chiefly as a result of the covering
4 75 15-16 for sixty days. Inactivity characterized of short commitments. Great satisfaction was
Thursday's trading and rate variations were narrow; expressed over the appointment of M. Caillaux as
demand sold at 4 783.@4 789/8, cable transfers at Finance Minister.
Aside from the movements in francs, the most
4 783/0(4)4 78% and sixty days at 4 75%@4 75%.
On Friday the tone was firmer and there was a noteworthy feature of the week was an advance in
fractional advance to 4 783@4 78 9-16 for demand, Greek drachmae of 16 points,to 1.88,an improvement
2
to 4 783/@4 78 13-16 for cable transfers, and to in Greek internal finances. Antwerp francs followed
4 759®4 76 1-16 for sixty days. Closing quota- the lead of Paris checks. German and Austrian
tions were 4 76 for sixty days, 4 783/ for demand currencies remained in their customary rut. Lire
and 4 789 for cable transfers. Commercial sight were neglected and the quotation continues to hover
bills finished at 4 78%, sixty days at 4 74%, ninety around 4.09. In the minor Central European
days at 4 739, documents for payment (sixty days) group Rumanian lei turned weak and lost ground
at 4 7432 and seven-day grain bills at 4 77%. Cotton slightly on the new situation that has arisen in Rumania whereby only limited importations of wheat
and grain for payment closed at 4 78%.
Although no general resumption of the movement are to be allowed. Czechoslovakian crowns gained
to export gold has been noted, considerable attention ground on intimations that the country's internawas aroused by announcement that the National tional trade balance was showing marked improveBank of Commerce was shipping $1,015,000 gold to ment. Polish and Finnish exchanges were not
Australia. This is the first consignment ta go for- changed.
ward in about two months. It is understood that
The London check rate on Paris closed at 90.75,
the shipment is of the same nature as the shipments as compared with 93.32 a week ago. In New York
that went forward earlier in the year—the result of sight bills on the French centre finished at 5.243.,
the premium on Australian exchange ruling in Lon- against 5.12; cable transfers at 5.253., against 5.13;
don. This premium is about 3%. The movement commercial sight bills at 5.233, against 5.11, and
means drawing down of London balances that Aus- commercial sixty days at 5.18, against 5.03% last
tralian interests have accumulated during the past week. Final quotations on Antwerp francs were
few years. The extent of the movement will depend 5.043j for checks and 5.053 for cable transfers,
upon sterling rates, also the facilities for handling the in comparison with 5.03 and 5.04 the preceding
gold in Australia. Considerable difficulty has been week. Reichsmarks continue to be quoted nomiexperienced on previous shipments to get the metal nally at 23.81 for both checks and cable transfers,
through the Mint. The Federal Reserve Bank has the same as heretofore. It is felt that no real revival
shipped another $2,500,000 gold coin for account of in trading in German exchange is feasible until
the Reichsbank in Germany, making a total of $20,- further progress has been made in the matter of
reparation payments, also suitable trade agreements
000,000 shipped to date.
arrived'at. Austrian kronen have not been changed
%
Underlying conditions in the Continental ex- from 0.00141 . Lire finished the week at 4.093 for
changes remain about the same and trading continued bankers' sight bills and at4.10%for cable remittances.
to be spotty with a general note of nervousness and This compares with 4.083 and 4.09% the week preuneasiness predominant. In the early part of the vious. Exchange on Czechoslovakia closed at 2.96%
[VoL. 120.
THE CHRONICLE
1938
(unchanged); on Bucharest at 0.4534, against 0.463/2;
on Poland at 193 (unchanged), and on Finland at
2.53 (unchanged). Greek currency finished at 1.88
for checks and at 1.88% for cable transfers, as contrasted with 1.69 and 1.693/i a week earlier.
As to the neutral exchanges formerly so-called,
interest was confined mainly to Norwegian krone,
which scored another advance of about 33 points
to 16.29. The strength was attributed to short
covering operations, although it is conceded that
Norway's trade and financial conditions have shown
marked improvement of late. Danish exchange was
strong and moved up 12 points. Guilders moved up a
few points, though without specific activity. Swiss
francs were well maintained at last week's levels, but
Spanish pesetas turned strong and finished at 14.32,
up 10 points, on improvement in financial and military conditions in Spain.
Bankers' sight on Amsterdam finished at 39.893/2,
against 39.89; cable transfers at 39.913/, against
2
39.91;commercial sight bills at 39.813/, against 39.81,
2
and commercial sixty days at 39.4532, against 39.45
last week. Swiss francs closed at 19.313/ for bankers' sight bills and at 19.323 for cable transfers,
which compares with 19.31% and 19.323/ a week ago.
Copenhagen checks finished at 18.48 and cable transfers at 18.52, against 18.36 and 18.40. Checks on
Sweden closed at 26.913/i and cable transfers at
26.953/2, against 26.92 and 26.96, while checks on
Norway finished at 16.29 and cable ransfers at 16.33,
against 15.96 and 16.00 the preceding week. Spanish pesetas closed at 14.32 for checks and 14.34 for
cable transfers, against 14.223/i and 14.233/ a week
2
ago.
FOREIGN EXCHANGE.RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
APRIL 11 1925 TO APRIL 17 1925. INCLUSIVE.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
Country and Monetary
UnU.
trifle lower at 10.63 for checks and 10.68 for cable
transfers, against 10.66 and 10.71 a week ago. Chilean exchange was strong and there was an increase
to 11.28, against 11.09 last week. Peru gained
ground slightly and finished at 4 17, against 4 16 a
week earlier.
In the Far Eastern exchanges activity in the silver
market made for sharp changes in the Chinese .currencies. As to Japanese yen, these moved up sharply
toward the close of the week, largely as a result of
receipt of cable dispatches stating that the Bank of
Japan intended to lower its discount rate. This was
regarded as indication that Japan is at last beginning
to extricate herself from the many difficulties arising
through the earthquake. Later the Yokohama Specie Bank, Ltd., received a dispatch from its head office
stating that the Bank of Japan has reduced its discount rate 2 rin, from 2.2 sen to 2 sen, a rate about
equal to slightly more than 7% here. This applies to
loans against commercial bills and Government
bonds. Hong Kong closed at 5434@54%, against
54%@54M; Shanghai at 7332@743, against 73/@
745 ; Yokohama at 423/@423 , against 418 @,42;
%
2
%
%
Manila at 493 @49% (unchanged); Singapore at
4
563/@56%, against 563/©563; Bombay at 36@,
8
8
4 against 363@363/2, and Calcutta at 36@363,
.,
363
against 363/@36M.
s
The New York Clearing House banks, in their
operations with interior Lanking institutions, have
gained $4,981,434 net in cash as a result of the currency movements for the week ended April 16.
Their receipts from the interior have aggregated
$6,188,351, while the shipments have reached $1,206,917, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week Ended April 16.
Banks'interior movement
Into
Banks.
$8,188,351
April 11 Aprti 13 Apri1 14 April 15 Aprif 16.Apra 17.
EUROPEa
5.14054
Austria, krone•
.0505
Belgium, franc
.007319
Bulgaria, lev
Czechoelovakta, krone .029644
1838
Denmark. krone
England. pound ster4.7797
ling
.025213
Finland. markka
0518
France. franc
Germany.reichsmark. .2380
.017110
Greece. drachma
3989
Holland. guilder
Hungary. krone
.000014
Italy. lira
.0410
Norway, krone
1599
Poland, zloty
.1918
Portugal, escudo
.0495
Rumania. leu
.004656
.1423
Spain. peseta
Sweden, krona
2695
Switzerland, franc
.1931
Yugoelavla, dinar-----016169
ASIAChina.7548
Cbeefoo, tael
.7491
Hankow.tact
Shanghai, tact
.7323
7671
Tientsin, tad
Hoag Kong, dollar_ .5410
Mexican. dollar_ __. .5350
Tientsin or Pelyang
.5367
dollar
Yuan, dollar
.5467
India, rupee
.3554
Japan, yen
.4155
BingaPore(ELS.) dolla .5521
.
NORTH AMER.Canada, dollar
.999146
Cuba, peso
.998938
Mexico. peso
.498167
Newfoundland, dollar .996354
SOUTH AMER.Argentina, peso (gold) .8712
Brazil, milreis
1068
Chile. peso (paPer)--. .1110
Rem:now neon
0415
$
$
$
$
3
5.14062 5.14055 5.14071 5.14051 8.14055
.0505
.0504
.0504
.0504
.0507
.007350 .007314 .007319 .007317 .007344
.029650 .029648 .029654 .029653 .029659
.1838
.1838
.1844
.1850
.1850
.7822
.025229
.0518
.2380
.017716
.3990
.000014
.0410
.1599
.1918
.0498
.004653
.1424
.2695
.1932
.016195
4.7846
.025221
.0513
.2380
.017929
.3991
.000014
.0410
.1600
.1918
.0496
.004572
.1423
.2695
.1932
.016183
4.7841
4.7850
.025221 .025216
.0518
-.0521
.2380
.2380
.017985 .018383
.3993
.3994
.000014 .000014
.0410
.0410
.1617
.1617
.1917
.1918
.0496
.0494
.004526 .004520
.1425
.1427
.2695
.2695
.1932
.1932
.016177 .016157
4.7851
.025221
.0526
.2380
.018750
.3992
.000014
.0412
.1626
.1917
.0495
.004517
.1433
.2695
.1932
.016153
1
Gain or Lots
to Banks.
81,208,917 Gain $4,981,434
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
•
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday, Monday, Tuesday, Wednesd'y, Thursday, Friday,
Aggregate
Apr.11. Apr. 13. Apr. 14. Apr. 15. Apr. 16. Apr. 17.
for Week.
_.,_____
$
3
$
$
8
$
$
51.000,000 93.000.000 64.000.000 101,000,000 83.000.000 144.000,000 Cr. 535,000,000
.7504
.9513
.7330
.7671
.5407
.5373
.7558
.7506
7343
.7658
.5420
.5363
.7563
.7509
.7341
.7663
.5421
.5381
.7548
.7495
.7326
.7648
.5410
.5351
.7525
.7475
.7306
.7617
.5398
.5343
Note -The foregoing heavy credits reflee the huge mass of elizeks which come
to the New York Reserve Bank from all parts of the country in he operation of
the Federal Reserve System's par collection scheme. These large credit balances
however, reflect only a part of the Reserve Bank's operations with the
Clearing
House institutions, as only the Items payable In New York City are represented in
the daily balances. The large volume of checks on Institutions located outride of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for Collection for the account of the loeal Clearing House banks.
.5375
.5375
.3560
.4162
.5575
.5388
.5492
.3557
.4185
.5521
.5429
.5529
.3553
.4199
.5517
.5379
.5483
.3549
.4219
.5517
.5387
.5471
.3546
.4206
.5508
The following table indicates the amount of bullion in the principal European banks:
.999150
.999063
.498167
.996380
.999083
.999000
.498167
.996380
.999227
.999188
.498583
.997083
.999277
.998875
.498000
.996510
.999355
.998854
.498417
.996693
Batiks of
.8710
.1069
.1113
.8856
.1077
.1108
.8682
.1067
.1112
.8679
.1083
.1112
fie 1 d
0410
0455
04141
.8687
.1065
.1116
0472
•One schilling is equivalent to 10.000 paper crowns.
South American exchange showed little variation.
Trading was quiet and somewhat restricted and the
trend fractionally off. Argentine checks, after declining to 38.19 and 39.24, finished at 38.36 and cable
transfers at 38.41, against 38.32 and 38.37 a week
ago. Brazilian exchange was barely steady and a
Out of
Banks.
I
April 18 1925.
Gold.
Sliver.
April 18 1924.
Total.
Gold.
Silver.
Total.
£
England _ 128.720.928
128,720.928128,112,091
128,112.091
France.
147,275,462 12,640,000 159,915.462147,111,557 11,920,000 159,031,557
Germany
41,942.950 d994,800 42,937,550 23.244,150 3,475.040 26,719,190
Aus'-Hua 1,2.000.000
b
b2,000.000 62.000.000
62,000.000
Spain
101,441.000 25.980,000 127.421.000 101.141,000 26,426,000 127.567,000
Italy
35,585.000 3,377.000 38,962.000 35,198,000 3,423.000 38,621.000
Netherrds 42,041,000 1.730.000 43,771.000 46,380,000
731.000 47,111,000
Nat. Belg- 10,891.000 3,017,000 13,908.000 10.819,000 2.802,000 13.621,000
Switzerrd. 19,306,000 3,566,000 22.872.000 21.451,000 3,816.000 25.287,000
Sweden__ 12,985.000
12,985.000 15,043,000
15,048,000
Denmark
11,637.000
989,000 12.626.000 11.843.000
741,000 12,384,000
Norway
8.180.000
8,180.000, 8.182,000
8,182,000
Total week 582,005.340 52,293,600614,298,040550,324798 53,334,040603,658.838
Prey. week 559,670,227 52.378,600612.048,827 551.388.438 53.207,040604.595,478
-
a Gold holdings of the Bank of France this year are exclusive of .C74,572,836
held abroad. b No recent figures. c Gold holdings of the Bank of Germany
this year are exclusive of £8,228,550 held abroad. d As of Oct. 7 1924.
APRIL 18 1925.]
THE CHRONICLE
Politics and the Finances of France.
The long delay in resolving the Ministerial crisis
in France occasioned by the fall of the Herriot Government, and the mixed character of the arrangements that have finally been perfected, are an informing commentary upon the present state of French
party politics and the attitude of the country towards its financial problems. With some two billion francs of notes illegally in circulation, with the
legal limit of Government borrowings from the Bank
of France exceeded, the integrity of the weekly statement of the bank under a cloud, and no provision for
putting the Treasury on its feet and keeping it there
in the face of a huge volume of national debt, one
would have supposed that parties and their leaders
would have made haste to sink their petty differences, and to perfect another "sacred union" under
which the nation might be extricated from its financial embarrassments. What has happened, instead,
is the loss of a week in forming a Ministry, and prolonged political manoeuvring to see, apparently,
which party in the new combination should have the
most influence while taking the least risk. The one
event in this disappointing muddle that can be
viewed with any satisfaction is the action of Parliament in approving the proposed increase in the note
circulation from 41,000,000,000 to 45,000,000,000
francs, and of the legal limit of Government borrowing from the Bank of France from 22,000,000,000 to
26,000,000,000 francs, thereby legalizing what the
Herriot Government had done; but even this action,
while the only thing possible under the circumstances, carries with it no assurance that the irregularities which have involved discredit for the bank
and relegated the Herriot Government to history
may not be repeated, nor does it relieve fundamentally the Treasury needs.
This is not to say that the problem of France is
only an ordinary one, or that a solution is easily to
be found. On the contrary, it presents some peculiar features. The New York "Times," in some comments in its financial section on April 13, points out
that the present "currency crisis" in France "differs
altogether from any of the numerous episodes of the
kind which have been witnessed since the war."
"Usually," the writer continues, "as in the case of
Germany, the trouble with the currency was that the
Government was indirectly putting it out in unlimited quantities to meet the public deficit; but such
advances by the Bank of France to the Treasury
stand 800,000,000 francs below last April and 5,000,000,000 below 1921. In all other instances the mischief has been emphasized by refusal to raise revenue
enough to meet the ordinary public expenditure; but
France has increased its revenue 5,000,000,000 francs
over 1923 and 13,300,000,000 over 1914. A large surplus of imports over exports has usually handicapped
efforts at straightening out the home situation; but
s the French export trade of 1924 exceeded imports by
1,321,000,000 francs, as against an import surplus of
2,456,000,000 in 1923 and of 1,633,000,000 even in
1913." The difficulty which the Treasury faces, in
the view of the "Times" writer, is wholly due to the
debt of about 82,000,000,000 francs incurred for reconstruction, "with something like 22,000,000,000
yet to be expended." But for the interest charge on
this outlay the budget "would have for some time
past been returning a handsome surplus." The situation, as the "Times" writer sees it, seems to call
either for a large loan "not convertible at will into
1939
bank notes," as is the case with a large part of the
huge internal loans that have been issued to pay for
reconstruction, or else "such increase in the public
revenue as should meet the pressing maturities."
Manifestly, for the solution of a problem which
presents so many complications and contrarieties, the
ordinary methods of political bargaining such as
have been employed in France during the past week
hold out little hope. The failure of M. Briand to
form a Ministry was, on the whole, to be expected.
In spite of his long record of public life, including
eight terms as Premier, M. Briand's course has been
that of the astute politician, skilled in perfecting
combinations and circumventing political opponents,
rather than that of a statesman who perceives clearly
what the country needs and has the courage to declare and apply the remedy. It is to his credit that
he should have opposed the capital levy, and refused
to accept Socialist support on terms that would have
tied his hands, but these„after all, are only points of
negation, and his positive program, if he had one,
was not announced. The Socialists, in their turn,
appear not to have conducted themselves to advantage. With the more radical Socialists demanding a
capital levy, to which the moderate groups in the
Chamber are opposed and unwilling to give their
support to • any Premier unless he was willing
to champion their program, the maintenance of the
Left bloc in the Chamber in opposition to the moderate element in the Senate has appeared to be a
matter of greater ithmediate concern than the curing
of financial ills. Doubtless there must be party support for any financial proposal, and in the present
state of French politics any Ministry must rest upon
a combination of parties, but manoeuvres and political arrangements are not policies, and the nicest
balancing of partisan or personal interests will not
fend off inflation or bring revenue into the Treasury.
Whether .or not the compromise Ministry which
M. Painleve has labored hard to perfect will meet
with the approval of Parliament, or be able to untie
the financial knot, remains, of course, for the future
to show. M.Painleve himself is a man of ability and
character, but he has not thus far shown a very forceful personality, and the elements which he has
brought together are not inherently harmonious.
M. Joseph Caillaux, whose selection as Minister of
Finances is the most striking instance of personal
and political rehabilitation that has occurred in any
European country since the war, is admittedly a
financier of great ability; and the promise of support which he is said to have received from the bankers, his known opposition to a capital levy, and his
open advocacy of "pitiless taxation" as a necessity
for France, are all in his favor. The Senate, on the
other hand, will show rare magnanimity if it accepts
as Minister of Finances a man whom, only a few
years ago, it tried hard to send before a firing squad
on flimsy allegations of treason; and M. Briand,
whose portfolio of Foreign Affairs in the new Ministry is naturally one of prime importance, will have to
repress pergonal resentments of long standing if relations between him and M. Caillaux are to be other
than formal. The bitter opposition of the Poincare
and Millerand partisans is, of course, to be anticipated, and it is not an opposition to be taken lightly. All
things considered, the outlook for a long life for the
new Government is not brilliant, but if it can stay
the hands of those in the country who still look to
inflation as a remedy for the currency difficulties,
1940
TRE CHRONICLE
and find means of meeting the heavy volume of shortterm Treasury obligations that fall due this year, it
will have deserved well of the country.
Whether or not the program which the "Times"
comment suggests can be adopted is, as the writer
of the article observes,"chiefly a question for French
home finance to settle." Unless some such program
is carried through, however, the outlook for a settlement that will restore the credit and good name of
France will continue to be clouded. Foreign loans,
we may be sure, will not be forthcoming, in any
amount adequate to the exigency, unless satisfactory
security is offered, and there can be no satisfactory
security until French finances are properly organized, the observance of the legal obligations in regard
to note issue and Government borrowing from the
Bank of France assured, unnecessary expenditures
rigorously pruned away, and taxes commensurate
with the ability of the nation to pay imposed and collected. A nation which insists upon keeping up a
huge standing army, not because there is need of
present defense, but because the interests of political
prestige are to be furthered thereby, and at the same
time imports foreign labor because of a permanent
shortage of labor at home, is not in a good position
to ask for credit abroad. The French war debts, too,
cannot be left hanging indefinitely, as they have been
left hanging thus far, without so much as a suggestion in concrete form of the terms upon which adjustment might be made, if the national credit is to
be re-established. The traditional unwillingness of
the French people to pay taxes has been repeatedly
cited as if it were an insuperable obstacle to the raising of an adequate revenue, but it is clear enough to
everybody outside of France that until the French
people are willing to burden themselves to an extent
comparable to that which the people of Great Britain
or the United States have accepted, the finances of
the country will progress only from bad to worse.
The greatest service that the financiers of the
world can render to France in its present difficulty
is to say plainly that the financial house of France
must be put in order. When that is done, the financial markets will be ready to extend to France any
help that it may need or desire.
The Spirit of Easter—Shall It Survive?
The spirit of Easter is the joy of a deliverance and
an awakened life. The spring is its counterpart.
Then the frost is out of the ground and the sun has
returned. Repression is off from the face of the
earth, promptly it responds with the hidden life that
is breaking out. The slopes are green, the buds
swell, the trilium and the arbutus bloom among the
dead leaves, the snowdrop and crocus promptly show
their faces in the gardens. The spirit of the season
is everywhere, tot...the winter is over and gone, and
the beauty of spring is the harbinger of the richer
beauty of the summer and the satisfaction of the
assured harvest.
So with each recurring Easter. The Cross of Calvary and the sealed tomb brought the- penitential
week to its despairing close. Sin that shadows all life
and shatters hope reached its final expression, and
death came as the end of all. Then Easter dawned,
doubt and darkness fled, and Life and Immortality
came to light never again to disappear. Easter Day
could only be a day henceforth of joy and gladness.
Whatever its history, its spirit is felt, the bright sunlight greeted it and its influence was upon all. For
[VOL. 120.
the hour at least, the shadows were lifted, it was
easy to smile and life took on new cheer.
Already the day is gone, we have settled back into
the old mood and the old life, and the question arises,
Is that to be all? Has it not in reality brought us
more than that? It has a close analogy with the life
of the nation and the life of the world to-day. The
war ended six years and a half ago. How exultant
we all were! The cost had been incalculable, but how
unimportant that was if only war was ended forever!
The joy was tumultuous; the burden lifted was too
great for fit expression. The world with a great sigh
settled back with open arms to embrace peace and
again to take up life with courage and with hope.
Hearts might still be heavy, but a new spirit had
come; gladness was the prevailing note; time and
patience would heal all.
And what has happened? In the confusion that
has arisen, with disappointments on every side, with
the wrangling and all the conflicting stories it has
been difficult to know the truth. We need to face
the facts if they can be fully and fairly told.
Every day they are differently stated. It is not
strange that people in half despair have settled down
to the tasks of their own life aware that the affairs
of the world at large must affect them, and in the
confusion there is nothing else to be done. But must
that be so? What really is the situation? Has the
exultation of the earlier years gone into thin air?
Was there no reality in the promise of those first
days? Was peace to prove a delusion, and good-will
among the nations to be but fulsome talk?
Philip Gibbs, who was everywhere during the war,
seeing everything and learning all at first hand, an
authorized and trusted seeker and reporter of fact
who has written much that has enlightened and has
stirred men's hearts, gives us now a new book to answer our question.* It is painful reading, but as
Easter was preceded by days and services that were
to lead to personal heart searching that was to
help us to understand the first Resurrection and to
lead us on to what might prove for us a new life; so
this story may meet our need to-day, and teach us
anew that only out of suffering and strife with evil
in our own hearts and lives can come for nations and
for men the life of sacrifice and service and love of
God and man which has the promise of peace and
joy.
He sees everywhere a deep-seated unrest and a
return to the old antagonisms among the nations
with distrust of one another and fear on every hand.'
Social strife, unrestricted commercial war, competition often savage and ruthless between great Powers
contending for world trade and broad possessions
still prevail, with unchecked intolerance and bitter
antagonism of race and creed and customs; and over
against these the certainty that the next war will
hurl all into headlong ruin. It will destroy men, and
cities, and possessions, even civilization itself, to an
extent that will seem to make renewal impossible, for
hope and courage and faith will be uprooted.
The bitter, resentful brooding over injustice is not
limited to Germany; it extends wherever the idealism and compromises of the Versailles Treaty abandoned "self-determination" and ruthlessly changed
boundaries and shifted people and territory in three
continents as if they were pieces on a chess board.
The original acts are sufficiently well known, but
*"Ten Years After."
dt Co.
A Reminder, by Philip Gibbs.
George H. Doran
APRIL 181925.]
THE CHRONICLE
their permanent consequences are what concern the
world to-day, and need to be understood, as well as
Germany's persistent mental attitude, as these are
set forth in Philip Gibbs's impressive pages. They •
cannot be compressed or given here in detail, and
they should be read. His outline is this:
"Ten years after the beginning of the war there is
no sense of security in Europe or the world. The war
to end war has done nothing of the kind. Beneath
the surface of the present peace there is a lava of
hatreds and resentments which bode ill for the future
peace of the world. There are larger standing armies
in Europe now than in 1913. There are more causes
of quarrel, and none of the old quarrels have been extinguished—those racial rivalries, those national ambitions, that commercial competition. The war settled no argument for more than the period of exhaustion. The idea of a world sate for democracy is falsified ten years after by a swing-back to extreme forms
of nationalism and autocratic government through
the greater part of Europe excepting the British
Isles and France."
Full particulars are given to substantiate the
statement, and the whole book is written to enforce
attention to a situation which is largely confused by
conflicting and misleading interests, in order not
only that dangers may be understood, but that they
may be faced and the agencies of reconstruction sustained.
Economic considerations are important. If a nation loses its markets for the only goods it can produce no amount of social legislation or social revolution will benefit the individual. To-day, for instance, one-third of the population in great industrial cities in England, like Sheffield, is living on
charity or the public doles; this in face of all that
trade unions, factory Acts and democratic reform
had accomplished in the past, and of late what is described as "the greatest social revolution that has
happened in England in modern history." Larger
production of the necessities of life, better internal
as well as external exchange of industries and a more
general return to agriculture will do much. But before this can be brought about there will be dangerous controversy and a field for agitators and revolt.
Hot heads will want to risk war again. We have
still to find some new settlement of old causes of
quarrel and hatred.
In other words, the Easter spirit needs to be maintained. Good-will, a friendly intercourse, generous
adjustment of differences, mutual forbearance and
consideration for the feelings as well as the rights of
others; in short, a higher sense of spiritual values
go far and effect much. They will give value to all
that is done to limit occasions of conflict and ease
the accumulated burdens.
Among the people in all lands the desire for peace
is spreading and may well be made controlling. As
never before, then, is a spiritual conviction in the
minds of millions that war, if not always wrong, is
always hateful. The influence of the more peaceful
nations is spreading. New generations are coming
on with new views and new desires. Any nation in
Europe proposing war would be likely to get revolution first, or at least to face serious opposition from
its own people. General Sir Arthur Currie, who led
the Canadians in their great service, is quoted as saying: "By the World War we gained a truer appreciation and a better realization of war's unspeakable
waste; and that as a means of solving the world's
1941
problems and removing international discord, war is
a delusion and a lie. We know that there is no glory
in war, either in its methods or in its results, and
that its only glory is the glory of a sacrifice for the
ideals which are involved."
As Philip Gibbs says: "The tides of hate are on
the ebb in many countries. The spirit of peace is
spreading, if slowly. It is the hope ahead."
Never was the Spirit of Easter fuller of promise
and never did America have an opportunity of
worthier influence or possess powers of such worldwide service if only she will see her opportunity and
not fail to exert her influence and recognize her
power to meet the need of to-day.
Farmers and Birds—Extermination of the
Cotton Weevil.
We have a faint recollection that it was "Poor
Richard," Ben Franklin's patron saint, who rediscovered so many of the old truths, and, among them,
one to the effect that the Lord helps those who help
themselves. But to find a single farmer launching
out by himself for himself without waiting for the
consent or co-operation of Congress is a spectacle
that must at least stir the admiration of his peers,
even though they still wish for deliverance in Washington. The fugitible dispatch which has caught our
attention comes from a town in the Empire State of
Texas bearing the delectable name of Sugarlands,
and we quote it in full: "Birds are to be used for
exterminating the cotton boll weevil upon the plantation of Benjamin Clayton near here. J. B. Leamfin
bird-house builder of Houston, has just installed
three bird apartment houses on the farm for purple
martins. Each of the houses has twenty apartments
and the three houses provide nesting accommodations for 120 birds. He also is to install other bird
houses for bluebirds, chickadees and wrens." . . .
"These birds,' Leaman said, 'destroy all kinds of
insects, including the boll weevils. A lot of farmers
have regarded birds as enemies, but now are beginning to realize they are their'best friends.'"
Evidently in this voluntary union between the
farmer and the bird-house builder there is embodied
a belief in production first and co-operative marketing associations afterward. And since Texas is a
great cotton-producing State these co-workers must
feel that it is better to cling fast to the things we
have rather than to dream of those we know not of;
or, to put it another way, that a bale of cotton where
cotton grows is a safer proposition than any number
of bales or bushels of the unattainable supposed to
follow the diversification of crops. Of course, we
admit that this lone and brave farmer is undertaking
a "herculean task," for insects have wings as well as
birds and the winds may blow them in from the four
corners of the world of Texas and the 120 birds will
also have a task that will "tax their abilities to the
utmost." But it is a "step in the right direction,"
and who knows what may result when all farmers are
convinced that the purple and the blue birds are
"their friends," to say nothing of the chickadees and
wrens! And the cost of the clearance of devastating
insects is so slight! And,further, the aesthetic value
of a cotton plantation filled with song, just when
the darkies are moving North, is not to be forgotten.
If we seem to treat this experiment with a little
levity it is because of the contrast which it suggests
to the ponderous efforts in Congress for the relief of
1942
THE CHRONICLE
the farmer. Is not he a greater benefactor who can
make two bales of cotton to grow where one grew
before than one who tries to double the price, regardless of whether or not a full crop is raised? If price
is to become the sole motive in planting, what is to
become of the truth so often announced that in our
mundane scheme of things "agriculture is fundamental"? To feed the world and fill full the dinner
pail is one thing philosophically commendable in itself, but to needlessly double the price of bread is
another. Two bales instead of one will harm nobody,
but to create scarcity in the interest of price is not an
unmixed benefaction for all men. Are we wrong in
believing that the method of "relief for the farmer"
is veering away from the growing of crops to the
growing of high prices regardless of those who must
buy?
There is a war-time story of a farmer who refused
to raise the price of honey, saying the bees did all
the work and it cost no more than before the war.
But—how many farmers have honey to sell? It suggests a thought which grows also out of this strange
tale fiom Texas. How many men utilize the power
of the farm in its own behalf, how many employ simple measures of relief that are within their own
hands? We suspect much of the agitation in behalf
of associations that are extra to the farmer's own
powers and efforts comes from sections devoted
largely to cereal production of a single crop. It is
from the great Northwest with its magnificent wheat
farms. It does not appear that cotton farmers are
clamoring for this form of relief. They may have
some marketing associations of a similar nature to
those now proposed under Governmental sanction
or support and regulation but the cotton warehouse
receipt following the product through many changes
of ownership from producer to consumer protects
each transaction and under it a system of marketing
has developed that will not readily be changed. But
cotton and wheat are only two of our munificent
agricultural products.
There is this to be said of the alert farmer—he controls his own plant, save for the interferences (and
they are so many) of droughts, blight, weeds, insects
and pests, such as rodents. And how primal all his
work and thought expended on the care and development of his plant compared to artificial aids offered
by Congressional laws under the spur of politics!
We read little comment on this phase of a really serious question. Politics is teaching the farmer to
be a dependent. Yet we doubt if in all the range of
ownership there is the satisfaction and independence
that comes to the man who stands on his own acres.
And just here may be entered a valid objection, in
economics, to encouraging too much the farmer to
borrow on his land. Whether he makes a crop or
does not the mortgage comes due. He needs the
strength of his acres, this farmer, to overcome the
[VoL. 120.
losses to which he is peculiarly subjected. But we
would confine our thought to this plant of his—an
agricultural manufactory. In how many ways as
the years go by, upon intimate study, he can make it
bring forth its very best. Shifting his fields and
fences, building his barns and granaries, rooting out
certain species of indigenous weeds, planting his
orchards where the frost and freeze of spring have
minimum power, setting the bees and birds to work
for him, and in numerous other helpful ways. All
the concerted action needed here is for each farmer
to do his share toward exterminating the common
pests. And without ostentation or preachment good
farmers have been doing this for generations—true
co-operation.
And the•small farm,like the small bank,is the unit
to be considered. These great wheat farmers with
their thousands of acres under one control are in a
class by themselves. They do not want to grow any
other crop. They risk all upon a single season. And
when sun and soil are propitious they harvest their
tens of thousands of bushels. If in certain areas
they form marketing associations, all well and good.
But even so, and as they do, they put bands upon the
liberties of the small farmers who may be.able to
reach satisfactory markets with less risk nearer
home. The small farmer, given his quarter or halfsection of land paid for, is in no permenant danger
from fluctuating prices. By intensive cultivation of
his plant he will always have something to sell at a
fair price. But tie him up in a so-called "co-operative
marketing association," and he becomes a cog in a
wheel, a link in a chain, and loses, to some extent,
his own mastery over his own acres. What does a
law coming down from Washington know of the infinite pains and detail of putting a farm in "good
condition"? This law cannot clear the weeds from
a single fence corner. Railroads have been the making of farms—but how many lawsuits have sprung
from the ruthlessness with which they have been
rushed through the appointments of a single farm
that represent a lifetime of labor. Necessary—perhaps! But the important fact is that the values here,
once placed by hard and unremitting work, can never
be taken away. And they add immeasurably to the
total of agricultural production. No co-operative
association can be devised that can do these things.
Self-help means self-dependence, means independence, on the farm as elsewhere. Whether or not this
bird-house story from Texas is some reporter's yarn
or not it has a refreshing sound and points a moralfor
the farmer of. to-day. Listening to siren songs by
political fanatics and letting the weeds grow by the
roadside, letting the webs spin in the treetops, will
destroy the farm that the association has no power to
save. There has been for long, there is now, a cooperative spirit against common enemies that is
worth all the rest.
Railroad Gross and Net Earnings for February
Railroad earnings returns for the month of February, according to the compilations we present further
below, fail to meet expectations, as did those for the
month preceding. In reviewing the figures for January, we indicated that they were a distinct disappointment, at least as far as the gross revenues were
concerned, in view of the bright promise that had
seemed in prospect because of the revival in trade
which occurred last November as a result of the
Presidential election. As compared with the year
preceding there were increases in both gross and net
earnings in January, but far below what had been
counted upon, bearing in mind that the January 1924
tabulations had recorded losses in both gross and net
as compared with January 1923. Indeed, in the case
of the gross, the 1925 gain amounted to a recovery of
less than half of the previous year's loss, though, on
the other hand, in the case of the net, as a result of
APRIL 18 1925.]
THE CHRONICLE
the diminution in expenses, the amount of the 1925
improvement ran well ahead of the 1924 loss. For
February, now, the results are even more disappointing. For January, as just stated, there was the present year an increase in gross and net alike, even
though it was not of the extent that had been looked
for. Our February statement, on the other hand,
discloses a falling off in both gross and net.
In commenting upon the January figures we said
that they afforded very little evidence of the curren t
revival in trade of which so much had been heard in
recent months. The same remark applies, only with
greater emphasis, to the showing for the month of
February. As a matter of fact, notwithstanding the
improvement over 1924 shown by the weekly and
monthly returns of car loadings, freight traffic was
apparently smaller than in the same month of the
previous year in all the different main geographical
divisions of the country, which is a circumstance
that does not comport with the idea of trade activity,
at least to the extent of that ruling in February 1924.
The Bureau of Railway Economics at Washington
has given out some statistics confirmatory of this.
In the Eastern district, it appears the net ton miles
of freight in February the present year was
about 7.2% under that of the corresponding period
last year. In the Southern district, it is stated that
• freight traffic in the month this year was about 5.0%
under that of the same month last year and in the
Western district there was a decrease of approximately 6.8%. Of course, the month this year had
one less day (February last year having contained an extra day because 1924 was a Leap Year),
but even after allowing for this, some falling off re-'
mains attributable to other circumstances. The following gives the grand totals of the earnings and
expenses, with resulting net, for the month this year
and last. It will be seen that the falling off in the
gross is $24,441,938, or 5.11%, but that this was attended by a diminution of $19,460,432 in operating
expenses, or 5.20%, leaving hence a loss of $4,981,506 in the net, or 4.77%.
Month of February-1925.
1924.
Inc.(+) or Dec. (—)•
Mlles of road
236,642
236,031
+611 +0.26
Gross earnings
$454,009,669 $478,451,607 —824,441,938 —5.11
Operating expenses
354.549.280 374,009,712 —19,460,432 —5.20
Ratio of expenses to earnings_
78.09%
78.17%
Net earnings
599,460,389 5104,441,895
—$4,981,506 —4.77
As qualifying somewhat the unfavorable inferences
to be drawl from the foregoing, it should be recalled
that comparison is with strikingly favorable results
last year, partly due to the extra day contained in
the month then, as already noted, but that does not
alter the fact that neither traffic nor revenue the
present year came up to the level of the previous
year, notwithstanding so many of the trade indexes
and trade statistics have encouraged the notion that
general business in the present year was running
much heavier. It deserves to be noted, furthermore,
that weather conditions were extremely propitious
this year, the same as they were in February last
year, and that virtually no obstructions to railroad
operation were encountered in any part of the country from snow or ice or extreme cold. After the
heavy snowstorm in New York State the latter part
of January, mild weather developed in February and
this may be said to have been a condition common to
the whole United States and even Canada. Nor, as
already stated, was there much severe winter weather
in either January or February in 1924. On the other
hand, in 1923, the winter was of unusual severity in
many parts of the northern half of the United States
1943
and the situation then was worse in February than
it had been in January, in part because of the cumulative effect of the unfavorable meteorological conditions. In January 1923 the roads in New England
and in northern New York suffered from repeated
snowstorms and from the depth of the accumulated
snowfalls. In February 1923 these sections continued to be afflicted in the same way and the trouble
also extended to many other sections of the country—
in fact, as we pointed out at the time, to practically
all parts of the country outside of the South. And
the result was to embarrass transportation and to
add greatly to the cost of operation, expenses then
having increased in all directions. In February 1924,
with no such interference by the weather, at least
only occasional interference in isolated cases, it was
possible to bring expenses down again to somewhere
near the normal, and this circumstance, along with
the extra day which the month contained, gave us an
extremely satisfactory statement of earnings, both
gross and net, in the month last year, our statement
having shown $31,939,712 increase in gross, or 7.16%,
which was accompanied by a saving in expenses of
$1,447,658, thus yielding a gain in the net of $33,387,370, or over 47%. The present year's loss in the gross
of $24,441,938 and in the net of $4,981,506, comes
after these large gains in 1924. Last year's gains,
however, in February came after a poor or indifferent
return in February 1923, due to the severe winter
weather conditions to which allusion has already
been made. It must not be supposed that there was
any loss in the gross earnings in February 1923. On
the contrary, the falling off was entirely in the net
earnings and, as just stated, was due to the severity
of the weather. In the gross there was then an increase in amount of $44,745,531, or 11.18%, but it
was attended by an augmentation in expenses of no
less than $50,988,243, or 15.76%, leaving a loss in
the net, therefore, of $6,242,712, or 8.15%. There
were, however, losses in the gross both in 1922 and in
1921, but large gains in the net by reason of sharp
cuts in the expenses in these earlier years, cuts which
were then an imperative requirement, following the
tremendous augmentation in expenses during the period of Government operations of the roads. In February 1922 our compilations showed $4,772,834 decrease in the gross, but $54,882,820 increase in the
net, the result of a reduction in expenses of $59,655,654. And this followed $19,171,075 decrease in the
gross and $11,536,799 increase in the net in February
1921. The loss in the gross in 1921 would have been
very much larger, as the country at the time was
suffering intense prostration of business, except that
the roads were still enjoying the benefits accruing
from the great advance in rates authorized by ,the
Commerce Commission at the end of the previous
July—an advance which it had been computed would
add on the same volume of business $125,000,000 a
month ($1,500,000,000 per year) to the revenues of
the carriers. The reduction in expenses at that time
was also smaller than it would have been because of
the wage award made by the Railroad Labor Board
the previous July, and which on the volume of traffic
then being done it was computed would add an average of $50,000,000 a month to the payrolls of the
roads. Nevertheless, the decrease in expenses then
reached, as we have already seen, $30,707,874, or
7.40%.
In 1920 and previous years expenses had been running up at a frightful rate. In February 1920 our
1944
THE CHRONICLE
[VoL. 120. -
compilations showed $16,428,891 loss in net on $72,- At all events Southwestern roads stand out for their
431,089 gain in gross, reflecting an augmentation in favorable results. There are some roads here, too,
expenses of $88,859,980. In that year (1920) the that have fallen behind, but they are the exception,
February expenses were swollen in unusual degree comprising more particularly the Kansas City Southby the adverse conditions under which railroad op- ern, the St. Louis Southwestern, the Rock Island and
erations had to be carried on at that time. The win- the Atchison, the latter, however, having fallen beter weather encountered in February 1920 was in- hind only in the gross and its net running well ahead
deed of exceptional severity and it was all the more of the previous year. The Missouri Pacific has added
noteworthy because in sharp contrast with the ex- $721,036 to its gross and $313,904 to the net; the
tremely mild weather of the year preceding and com- Missouri Kansas & Texas $262,709 to gross and $171,parable only with the weather of 1918, when the 661 to net, and the St. Louis-San Francisco $261,710
country was still in the throes of war. Temperatures to gross and $198,340 to net. Southern roads, on the
in 1920 were perhaps not quite so low as in February whole, also give a pretty good account of themselves,
1918, but the fall of snow was immensely heavier and though losses here, gross and net, are also met with.
the interference with railroad operations correspond- In many cases, however, these latter where found in
ingly greater. In February 1919, notwithstanding the case of the gross have been converted into gains
the winter was extremely mild, as already stated, in net through savings in expenses. Thus the Southand comparison was with weather in 1918 of excep- ern Railway has $77,432 decrease in gross with $261,tional severity, accompanied by snow blockades, rail- 091 increase in net; the Louisville and Nashville
road embargoes and freight congestion of great in- reports $197,569 decrease in gross with $264,tensity, expenses increased so heavily that a gain of 447 increase in net. The Atlantic Coast Line has
$61,656,597 in gross was converted into a loss of $182,794 gain in gross and $213,673 gain in net, while
$1,191,014 in net. In February of the years preced- the Florida East Coast, with $440,032 addition to
ing, results were just as bad. In other words, Feb- gross falls $19,289 behind in the net, though on the
ruary 1918 showed $25,148,451 gain in gross, but $28,- other hand, the Virginia Railway suffers $239,864
944,820 loss in net, while the year before (February loss in gross and $220,039 loss in net. Contrariwise
1917) our tables registered an increase of $2,655,684 Northwestern roads almost without exception subin gross but a contraction of $21,367,362 in the net. mit unfavorable returns with heavy losses in gross
It was this long continued rise in expenses, with re- and net alike. The Milwaukee & St. Paul reports
sulting losses in net, that furnished the basis for the $1,366,956 decrease in gross and $413,678 decrease in
subsequent reductions in the expenses. In the fol- net; the Chicago &North Western $1,739,052 decrease
lowing we give the February totals back to 1906. We in gross and $950,468 in net; the Burlinguse for 1911, for 1910 and for 1909 the Inter-State .ton & Quincy $1,802,080 decrease in gross and $969,Commerce totals, but for the preceding years we 391 in net; the Northern Pacific $879,856 in gross
give the results just as registered by our own tables and $611,661 in net, and the Union Pacific $2,395,282
-a portion of the railroad mileage of the in gross and $1,295,630 in net. The Great Northern
each year
country being always unrepresented in these earlier on its part has succeeded in changing a loss of $194,years, owing to the refusal of some of the roads in 089 in gross into a gain•of $172,461 increase in net.
those days to give out monthly figures for publica- The Illinois Central has run behind $1,421,870 in
tion.
gross and $601,450 in net. The East and West trunk
lines between the Atlantic Seaboard and Chicago,
,k01 211411.1111h1
,
• Net Earnings.
46k Gross Earnings.
Year.
which run through the great manufacturing districts
Year
Increase or
Year
Increase or
Year
Year
Decrease.
Given.
Preceding. Decrease.
Preceding.
Given.
of the country and would reflect business activity
February
if it existed, are all obliged to report heavy losses, the
1906 ___ 120.728.671 95,625,938 +25,102,733 33,486.634 19,937,363 +13,549,271
1907 ___ 123.920,810 115,123,660 +8,797,150 30,669,082 32,319,683 -1.650,601 most of them in both gross and net. The Pennsylva-17.713,009 26,154,613 34.919,215 -8,764,602
1908 ___ 123,389,288 141,102,297
1909 - 174,423,831 161.085,493 +13,338,338 49,194,760 37,311,587 +11,883,173 nia Railroad on its entire system has suffered a de1910 _ _ _ 202,825,380 174,574,962 +28,250,418 56,976,253 49,241,904 +7,734,299
199,035,257 202,492.120 -3.456,863 49.888.584 53,920.786 -7,032,202
1911
$2,890,428 in gross and $1,520,275 in net;
1912 ___ 218,031,094 197.278,939 +20,752,155 57,411,107 49,135,958 +8,275,149 crease of
1913 ___ 232,726,241 218,336,929 +14,389,312 59,461,341 57,458,572 +2,002,789
New York Central reports $1,959,369'falling off
1914 __ _ 209.233,003 233,056,143 -23,823,138 39,657.965 59,553,012 -19,895,047 the
1915 ___ 210,830,681 212,163,967 -1.303,288 51.257,053 39,274.776 +11,982,277
1916 _ 287,579,814 209.573,963 +58,005,851 79,929,463 51,043,120 +28,886,343 in gross and $694,340 in net. This is for the New
1917 __ 271,928,036 269,272,382 +2,655,684 58,904,299 80,331,661 -21,367,362
1918 _ 285,776,203 260,627,752 +25,148,451 27,305,808 56,250,628 -28,944,820 York Central itself. Including the various auxiliary
351.048,747 289,392,150 +61,656.597 27,623,406 28,814,420 -1,191,014
1919
1920 -- 421,180,876 348,749,787 +72,431,089 10,688,571 27,117,462 -16,428,891 and controlled roads, the result is $3,898,128 decrease
405.001,273 424,172.348 -19,171,075 20,771,731 9,234,932 +11,536,799
1921
1922 ___ 400,430,580 405,200,414 -4,772,834 76.706,84021,824,020 +54,882,820 in gross and $1,228,360 decrease in net. The Balti76,630,334 -6,242,712
444,891,872 400,146,341 +44,745,531
1923
101117278 70,729,908 +33,387,370 more & Ohio has lost $1,388,431 in gross and $236,494
1924 ...._ 477,809,944 445,870,232 +31,939,712'
1925 ___ 454.099,669 478 451,607 -24,441,938 99,469,389 104441 895 -4,981,506
in net and the Erie reports $966,049 shrinkage in
-Includes for February 101 roads in 1906, 94 in 1907: in 1908 the returns
Note.
were based on 151,580 miles of road; In 1909, 232,007; in 1910, 239,725; in 1911, gross and $716,014 in net. The Lehigh Valley has
242,640; In 1912, 237,082; In 1913, 240,986: In 1914, 244,925; in 1915, 246,188; in
1918,245,541; in 1917, 249,795; in 1918, 238,891; in 1919, 232,957; In 1920,231,304; $19,959 decrease in gross, but $173,617 increase in
in 1921, 235,653; in 1922, 235,625; in 1923, 235,399: in 1924, 235,506; 111 1925
236,642.
net. In the following we show all changes for the
With the general totals of both gross and net re- separate roads for amounts in excess of $100,000,
duced the present year, it follows as a matter of whether increases or decreases, and in both gross and
course, that the showing for large numbers of roads net:
was of like character. As a matter of fact, a large PRINCIPAL CHANGES IN GROSS EARNINGS FOR FEBRUARY.
Increase.
Decrease.
$721,036 Chicago Burl & Quincy - $1,802,080
body of the separate roads registers heavy decreases Missouri Pacific
440,032 Chicago & North Western 1,739,052
Florida East Coast
1,729,681
in gross and net alike. There is just one group that Mo-Ransas-Texas (2)- - - 262,709 Southern Pacific
261,710 Illinois Central
St Louis
-San Francisco(3)
1,421,870
182,794 Baltimore & Ohio
Atlantic
1,388,431
forms an exception to the rule, namely the roads in Norfolk Coast Line
173,457 Chicago Milw & St Paul_ 1,366,956
& Western
966.049
C Mex & Orient of
the Southwest. We have remarked above that traffic Yazoo & lyfiss Valley_Tex 155.677 Erie (3)
128,131 Michigan Central
926,328
126,737 Northern Pacific
879,856
Line
in the Western district had fallen off the same as in Seaboard AirHartford_
124,637 Pere Marquette
568,101
NYNH&
564,015
Trinity & Brazos Valley107,086 C C C & St Louis
the Eastern district and the Southern district, but Long Island
512,411
106,163 Chicago & Eastern Ill_ _ _
498.283
N Y Chicago & St Louis.
evithat has reference to the West as a whole and
$2 790.169 ChicagoR I & Pac (2)-382,199
Total (15 roads)
349,463
necrease. Wabash
dently a distinction must be made between South- Pennsylvania
347.413
a$2.970,473 Grand Think Western_ _
295,328
2.395,282 Buffalo Rochester & Pitts
roads and those in other parts of the West. Union Pacific (4)
western
280,602
New York Central
bl.959,369 Los Angeles & Salt Lake
APRIL 18 1925.]
THE CHRONICLE
Decrees..
De• rrase.
Reading
267,888 Maine Central
150,307
Mobile & Ohio
265,616 Western Maryland
144.506
Kansas City Southern_ _
245,816 Chicago Great Western_
124,232
Virginian
239.864 Chicago & Alton
120,365
Pittsburgh & Lake Erie..
222,259 Cincinnati Northern_ _ _ _
120,238
Wheeling & Lake Erie
210,347 Hocking Valley
116.998
Louisville Se Nashville_ _
197,569 Detroit(3rd Hay & Mllw
116.859
Chicago Ind & Louisville
197,484 Indiana Harbor Belt_ _
105,919
Great Northern
194,089
Chicago St P Minn & Om
180,
Total (51 roads)
iv6.563.877
Note.
-All the figures in the above are on the basM tile returns filed
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the separate
returns so as to make the results conform as nearly as possible to those given
in the statements furnished by the companies themselves.
a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Comtany, the Pittsburgh Cincinnati Chicago & St. Louis and
the Grand Rapids &.Indiana), the Pennsylvania RR. reporting $2X0,473
decrease. For the entire Pennsylvania System, including all roads owned
and controlled, the result is a decrease in gross of $2,890,428.
6 The New York Central proper shows $1,959,369 decrease. Including
the various auxiliary and controlled roads, like the Michigan Central, the
"Big Four," &c., the whole going to form the New York Central System,
the result is a loss of $3,898.128.
PRINCIPAL CHANGES IN NET EARNINGS FOR FEBRUARY.
Increase.
Decrease.
Norfolk & Western
$1,213,694 Chicago, North West.... $950,468
At,ch Topeka & S Fe (3)704,624 Erie (3)
716,014
N Y N H & IIartford
535,300 Southern Pacific(7)....
703.237
Central New Jersey
414,545 New York Central
5694.340
Missouri Pacific
313 904 Northern Pacific
611,661
Southern Railway
267,091 Illinois Central
601.450
Louisville & Nashville- _ _
264.447 Chicago Milw & St Paul_
413.678
Minn St P & S S Al_ __238,308 Michigan Central
404.274
Bessemer & Lake Erie__
218,265 Chicago It I & Pac (2)....
378,278
Atlantic Coast Line
213,673 Baltimore & Ohio
236.494
Delaware & Hudson_ --203,615 Los Angeles & Salt Lake
225,227
-San Francisco(3)
St Louis
198,340 Virginian
220,039
Reading
180,010 N Y Chicago & St Louis_
197,548
Lehigh Valley
173,617 Pere Marquette
188,771
Great Northern
172,461 Chicago & Eastern III_ _ _
160,769
Mo-Kansas-Texas (2)171,661 Hocking Valley
130,600
Cln New On & Tex Pac_
144.337 Chicago Ind & Louisville
128.244
Delaware Lack & West__
129.171 Kansas City Southern_ _ _
121,566
Elgin Joliet & Eastern__
126,661 Mobile & Ohio
119.889
K C Mex & Orient of Tex
125,928 Grand Trunk Western_ _
113.306
Central New England..__
107,130 St. Louis Southwest'n (2)
109 512
Seaboard Air Line
108,679
Total (26 roads)
$6,116,786 Wheeling & Lake Erie_
104,166
tJecrease. Minneapolis & St Louis_
101.020
Pennsylvania
41,597,563
Union Pacific (4)
1,295.630
Total (40 roads)
5.11,601,814
Chicago Burl & Quincy- _
969,391
a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Company, the Pittsburgh Cincinnati Chicago & St. Louis and
the Grand Rapids & Indiana), the Pennsylvania RR. reporting $1.597.563
decrease. For the entire Pennsylvania system, including all roads owned
and controlled, the result is a decrease of $1,520.275.
b These figures merely cover the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the Michian Central, the "Big Four," &c., the result is a decrease of $1,228,360.
When the roads are arranged in groups or geographical divisions, according to their location, the
Southwestern group again stands out conspicuously
for its favorable results. It is the only geographical
division which shows improved results in gross and
net alike. All the other groups record losses in gross
and they also all record losses in net, except the two
groups composed of Southern roads. Our summary
by groups is as follows:•
SUMMARY BY GROUPS.
Gross Earnings
Section or Group1925.
1924.
inc.(+)or Dec.(-).
February
$
Group 1(9 roads), New England... 20,161,170 20,440,502 -279,332 -1.37
Group 2 (33 roads), East Middle_ _ _142,802,553 150,460,438 -7,597,885 -5.04
Group 3 (27 roads), Middle West__ 40,028,392 44,388,117 -4,359,725 -9.82
Groups 4 dr 5(34 roads), Southern _ 74,107,916 73,861,807
+246,109 +0.33
Groups 6 & 7 (29 roads), Northwest 83,752,202 94,109.103 -10,356,901 -11.01
Groups 8 dr 9 (49 roads), Southwest 71,172,046 70,003,872 +1368,174 +1.67
Group 10(10 roads), Pacific Coast__ 21,925,390 25,187,768 -3,262,378 -12.95
Total (191 roads)
Group a
Group 2
Group 3
Groups 4 di 5
Groups 6 & 7
Groups 8 & 9
Group 10
-Mileage1925. 1924.
7,321 7,383
34,705 34,669
15,988 15,991
39,133 38,991
07,184 68,962
55,288 55,103
17,023 16,932
Total
454,009,669 478.451.607 -24,441,938 -5.11
Net Earnings
1925.
1924.
Inc.(+)or Dec.(-).
$
$
8
%
4,490,659 3,989,866
+500,793 +12.70
25,718,256 27,247,824 -1,529,568 -5.61
10,034,894 11,375,385 -1,340,491 -11.78
21,013,872 19,214.412 +1,799,460 +9.36
16,907,065 20,875,867 -3,968,802 -19.01
17,349,204 15,762,171 +1,587,033 +10.07
3,940,439 5,976,370 -2.035.931 -31.07
230,642 230,031 99,460,389 104,441,895 -4,981,506 -4.77
-Group I. Includes all of the New England States,
NOTE.
Gump II. Includes all of New York and Pennsylvania except that portion
west
Of Pittsburgh and Buffalo, also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group III. includes all of Ohio and Indiana, all of Michigan except the northern
peninsula. and that portion of New York and Pennsylvania west of Buffalo
and
Pittsburgh.
Groups IV. and V. combined include the.Southern States south of the Ohio and
east of the Mississippi River.
Groupe VI. and VII. combined include the northern peninsula of Michigan,
all of
Minnesota, Wisconsin, Iowa and Illinois, all of South Dakota and North
Dakota
and Missouri north of Si. Louis and Kansas City, also all of Montana, Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
passing through Denver.
Groups VIII. and IX. combined Include all of Kansas. Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City, Colorado south
of Denver, the whole of Texas and the bulk of Louisiana, and that portion of New
Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
Group X. Includes all of Washington, Oregon, Idaho, California. Nevada, Utah
and Arizona. and the western part of New Mexico.
1945
Western roads this time did not have a larger grain
movement, as in other recent months. The wheat receipts at the Western primary markets ran heavier
than in the preceding year and there was an increase
also in the receipts of barley, but the corn movement
was heavily reduced and so also were the receipts of
the other cereals. For the four weeks ending Feb.28
the receipts at the Western primary markets of
wheat, corn, oats, barley and rye aggregated only
60,735,000 bushels, as against 82,870,000 in the corresponding four weeks of 1924. The details of the
Western grain movement in our usual form appear
in the table we now introduce:
WESTERN FLOUR AND GRAIN RECEIPTS.
4 Weeks End. Flour
Wheat
Corn
Oats
Barley
Rye
Feb. 28.
(bush.)
(bush.)
(Ibis.)
(bush.)
(bush.)
(bush.)
Chicago
1925
1,218,000 1,511,000 6,484,000 3,700,000 1,072,000
209,000
1924
974,000 1,478,000 14,347,000 8,390,000
997,000
258,000
Milwaukee
1925
74,000
217,000 1,341,000 1,080,000 1,095,000
182,000
1924
146,000 3,105,000 1,517,000
104,000
221,000
765,000
St. Louts
1925
470,000 2,865,000 1,514,000 2,254,000
12.000
61,000
1924
436,000 2,175,000 4,996,000 2,970,000
15,000
54,000
Toledo
1925
601,000
568,000
335,000
14.000
1924
3,000
748,000
655,000
364,000
11,000
Detroit
1925
11,000
179,000
38,000
205.000
37,000
26,000
1924
170,000
333,000
282,000
4.000
Peoria
1925
225,000
58,000 1,723,000
92,000
777,000
2,000
1924
182,000
79,000 1,794,000 1,132,000
131.000
2,000
Duluth
1925
2,714,000
732.000
135.000
23.000
429,000
1924
913,000 1,937,000
35,000
629,000
387,000
Minneapolis
1925
5,522.000 3,216,000 2,447,000 1,577,000
196,000
1924
5,474,000 2,813,000 2,155,000 1,030,000
586.000
Kansas City
1925
2,691,000 2,550,000
740,000
1924
3,938,000 3,311,000
914,000
Omaha and Indianapolis
1925
1,713,000 2,471,000 1,528,000
1924
!1.821.000 6,743,000 2,014,000
Sioux City
1925
135,000
367,000
190,000
1,000
5,000
1924
195,000 1,181,000
434,000
4,000
4,000
St. Joseph
1925
749,000
844.000
108.000
1924
379,000
783,000
70,000
•
Wichita
1925
965.000
388,000
84,000
1924
Total All
1925
1,998,000 19,923.000 21,274,000 14,110,000
1924
1,696,000 17,423,000 42,091,000 18,609,000
Jan. 1 to
Flour
Wheat
Corn
Oats
Feb. 28.
(bbls.)
(bush.)
(bush.)
(bush.)
Chicago
1925
2,711,000 3,429,000 19,870,000 10.198,000
1924
2,086,000 2,823,000 25.009,000 12,052,000
Milwaukee
1925
190,000
410,000 2,616.000 2,561,000
1924
249,000
341,000 4,389,060 2,880,000
Sr,, Louis
1925
1,005,000 6,781,000 5,124,000 6,892,000
1924
913,000 4,203,000 10,099,000 6,272,000
Toledo
1925
933,000
881,000
983,000
1924
1,147,000 1,233,000
723,000
Detroit
1925
11,000
345,000
98,000
385,000
1924
364.000
784,000
590,000
Peoria
1925
496,000
307,000 5,027.000 2,090,000
1924
390,000
179,000 3,371,000 2.160,000
Duluth
1925
4,735,000
30,000 2,848,000
1924
2,653,000 2,840,000
828,000
Minneapolis
1925
15,343,000 7,396,000 6,427,000
1924
12,020,000 4,812,000 4,258,000
Kansas City
1925
5,883,000 5,741,000 1,476.000
1924
7,366,000 6,820.000 1.753,000
Omaha and Indianapolis
1925
3,720,000 8,569,000 4,169,000
1921
3,052,000 13,085,000 4,274,000
Sioux City
1925
357,000 1,503,000
632,000
1924
327,000 3,609,000
902,000
St. Joseph
1925
1,890,000 2.315,000
210,000
1924
816,000 1,857,000
134,000
wiciuta1925
1,885,000
853,000
128.000
1924
Total All
1925
1924
4,074,000 1,354,000
3.023.000 1.724,000
Barley
Rye
(bush.) (bush.)
2,090,000
1,813,000
631,000
44.2,000
2,516,000
1,527.000
399,000
337,000
156,000
164,000
42.000
1,000
29.000
32,000
22,000
37,000
4,000
76,000
202,000
382,000
13,000
3,000
is.os
183,000 1,728,000
109,000 1,580,000
3.702,000
838.000
2.057.000 1,130,000
12,000
8,000
4,000
11,000
4,407,000 46,018,000 60,026.000 38,999,000 8,899,000 3,737,000
3,638,000 35,291,000 77,908.000 36,826,000 6,093,000 3,547,000
The Western livestock movement also appears to
have been smaller than a year ago. At Chicago the
live stock receipts in February 1925 comprised only
22,615 carloads, against 25,731 in February 1924; at
Kansas City 8,087 cars, against 8,202, and at Omaha
9,627, against 11,344.
1946
THE CHRONICLE
The cotton movement in the South, as a matter of
course, ran heavier than last year, the crop having
been so much larger. The gross shipments overland
in February the present year were 180,077 bales,
against 113,154 bales in 1924, 116,065 bales in 1923,
122,154 bales in 1922 and 227,272 bales in 1921, while
the receipts at the Southern outports were 711,032
bales, against 361,217 bales in February 1924 and
$337,720 bales in 1923, as will be seen by the following:
t.
RECEIPTS OF COTTON AT SOUTHERN PORTS IN FEBRUARY AND
FROM JAN. 1 TO FEB. 28 1925, 1924 AND 1923.
Since Jan. 1.
February.
Ports.
1925.
Galveston
Texas City, &c
New Orleans
Mobile
Pensacola, du,
Savannah
Brunswick
Charleston
Wilmington
Norfolk
Total
1924.
1923.
249,161
171,985
141,267
13,497
219
50,430
132.612
65,927
94,367
4,605
627
28,175
35,394
10.724
38,355
9,866
5,274
19,764
111,932
47,730
118,721
10,694
4
27,003
1.100
8,726
4,210
15,504
711,032
361,217
1925.
1924.
1923.
607,956
440.700
354.494
25,538
1,116
93,416
350
57,926
23,873
67,979
390.670
143,969
251.591
11.951
3,590
64,240
16,852
10,475
49,863
299,134
125,744
254.499
8,746
2.469
52.670
2.475
26,326
7,614
45,439
337,720 1,673,348
943,201
825,116
Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME.
Friday Night, April 17 1925.
Trade in the United States is still under the influence of
conservative sentiment. Wholesale And jobbing business is
not now much better on the whole than it was a year ago,
when cold, wet conditions hurt all kinds of business. Of
late the weather has been seasonable in the main, although
a bit cool here for a day or two past. Retail business makes
the best showing. In the main the big industries are still
rather quiet. This is notably the case with Iron and steel.
Many of the cotton mills are working at fair to good capacity,
but somehow the actual sales of cotton goods are not on a
large scale; far from it. For instance, the sales of print
cloths in Fall River during the present week have fallen off,
it seems, to only 15.000 pieces. And Worth Street has been
.quiet until within the last 24 hours, when some increase of
-trade has been reported. Yet the consumption of raw cotton
In March showed a noteworthy increase as compared with
that in recent months and also in contrast with that of
March last year. But the woolen goods industry is still more
or less depressed. The silk goods trade alone makes a pretty
good showing. In general prices of merchandise have shown
a downward tendency. In fact, there have been twice as
many declines as advances during the past week. Iron and
steel prices have eased somewhat, especially those for iron.
And copper, lead and zinc have also declined. Crude petroleum shows another drop in prices, coincident with an increased output. Sugar is also somewhat lower, as well as
coffee. It is insisted that substitutes for coffee in the
shape of cocoa, tea and cereal coffee are being used to a considerable extent as a protest against the high price. It is
still 5 cents a pound higher than a year ago, while tea is
2 to 3 cents a pound higher than then.
The tendency of the grain markets has latterly been upward. The export demand for wheat has increased somewhat, and the price has felt the effects to some extent of the
recent Government crop report, showing a noteworthy decrease in the prospective yield, as compared with that of
last year. It was also noticed that the shipments from
Argentina and Australia have fallen off, while Argentine
prices have been moving upward. This may mean a better
chance for American wheat in European markets. It is
noticed, too, that corn has latterly been advancing. While
2
1
/
wheat rose to-day some 2 to 7 cents a bushel, corn ad1
/
vanced at least 42 cents, partly because the Argentine crop
last
Is estimated as some 90,000,000 bushels smaller than the
England shows a disposition to buy American
one. And
was
corn, which is something new at this time. Also, there
large export demand for rye to-day at an adan unusually
vance of some 6% to 7% cents. At the same time the exports
of cotton make an excellent showing and cotton has advanced
$250 to $4 a bale during the week. This was largely due,
however, to the regrettable fact that the drought in Texas
persists. It has lasted now about six months. In that time
the rainfall in that State has been about 50% less than the
normal. To make matters worse, in some parts of Texas
to-day the temperatures were up to 100 to 101 degrees. This
Is extraordinary for this time of the year and was one cause
of to-day's advance of about $3 a bale, with heavy buying
attributed to Wall Street, uptown and Texas shorts. Naturally, the cotton planting season in Texas is behildhand.
The outlook is far better east of the Mississippi River. And
in
It is to be hoped that copious rains will yet visit Texas
an
time to relieve the situation and permit the planting of
acreage at least as large as that of last year. That may
Far
easily come about, especially if the grain crops in the
[VOL. 120.
Southwest suffer very serious damage, as it is feared they
will from the prolonged dry weather. If that really happens
it is conceivable that grain lands may be planted to cotton.
Building trades outside of New York make a good showing, partly owing to favorable weather. In parts of the
West construction is on a scale almost up to the peak records. The sales of lumber show an increase after a protracted period of dulness. The shoe manufacturing industry
is rather quiet in most parts of the country. Lake naviga.
tion has been resumed and the prospects point to a large
movement of grain eastward. It is said that the automobile
business is improving and that there is some actual shortage
of cars, mainly of closed cars. Aside from the two large
producers, it is stated that the industry is running at about
65% on closed cars, or a better showing by 15% than a year
ago. It seems to be a fact, however, according to authorities on this question, that the two big companies are producing at the rate of only 40 to 50% on closed models. Yet,
taking the automobile manufacturing industry as a wholo
there was an increase in output in March over February of
nearly 30% and further improvement is going on during
the present month. In March the exports of merchandise
from this country showed a noteworthy increase, both as
compared with February and also with other recent months,
not to mention the increase over March of last year. With
two exceptions the March exports were the largest since February 1921. Imports, too, were on a large scale, the largest,
indeed, with the single exception of March 1923, since August
1920. The March exports were 33% larger than in March
last year; March imports exceeded those of the same month
last year by 20%. Finally, the stock market of late has,
on- the whole, been moving upward, without the unhealthy
furore which at one time characterized it. The trading is
still far larger than it was a year ago, the total transactions
to-day approximating 1,200,000 shares. But it is on a more
conservative scale. The advances are more orderly and the
tone more prudent and at the same time more confident because it is less excited. Bonds have been moving upward.
Money has continued easy at 3%%. French francs advanced
early to-day some 9% points, and although they receded
later, there is no doubt that the feeling here in regard to
French finances and politics is better. European currencies,
it is gratifying to notice, show a general tendency towards
higher rates. Spanish exchange reached a new high point
to-day for the present year. And there was a sharp rise in
Norwegian exchange. Both Norwegan and Danish exchange,
indeed, reached a new peak for the year. Japanese exchange has also been rising. London is naturally reassured
by the calmer tone of French politics and the formation at
last of a French Cabinet. The new Minister of Finance, M.
Caillaux, is said to regard the settlement of war debts at
once as a vital step to French financial rehabilitation. Also,
he is credited with dropping the absurd project of a capital
levy. The new financial Minister seems to have a better
grasp of the financial situation in France than any Minister
who has preceded him in recent times, and it is to be hoped
that the way will speedily open to a better state of things in
France, both politically and financially. It will have a favorable repercussion both in Europe and America.
The Labor Department at Washington says that the general upward trend in employment noted in February continued during March. While the increase was not very
large, the volume of unemployment is not more than that
usually apparent at this time of the year. Increased demand for farm labor reported from every agricultural district was a noteworthy feature. More extensive prepara-
APRIL 18 1925.1
THE CHRONICLE
1947
tions are being made for early spring cultivation and sow- from which, however, it fell
to 50 by 9 p. m. It was clear
ing than for the past several years. Another feature was and cool on the 16th inst. It
has been 58 degrees in Chithe increase in building. Large building programs are al- cago, 66 in Cincinnati, 52 in
Cleveland and Minneapolis, 62
ready under way in the larger cities. Many of these projects in Omaha, 74 in Boston, 78
in Philadelphia and 82 at Baltiwill be started during April. And there was a small employ- more. On the 16th inst. it was
57 here and clear; in Chicago
ment gain in Pennsylvania and New Jersey in March. In it was 62, in Cincinnati 64,
Minneapolis 58. Not much rain
Pennsylvania a gain of 1% was reported by 647 firms and has latterly fallen in the cotton belt.
Some has occurred in
In New Jersey 326 establishments employed .3% more work- Kansas and Ohio. Oklahoma
and Texas need rain. Toers than in February. Total wage payments in Pennsylva- night it is cooler and rainy here; it
was 50 degrees at 3 p. m.
nia were.4% heavier and increased .7% in New Jersey. The
gain is slight, but it may be significant as a change in the
Course of Wholesale Prices in March.
trend of things for the better.
While wholesale prices of many commodities averaged
At Fall River, Mass., the mills are supposed to be running
lower in March than in February, the general level was
at about 70% of capacity, but trade is reported very quiet. slightly
higher, according to information gathered in repreAt Lawrence, Mass., the Monomoc mills reduced wages 10%,
sentative markets by the United States Department of Labor
affecting nearly 1,000 workers. The PepperIll mills, it is
through the Bureau of Labor Statistics. The Bureau's
said, have reduced working time to four days a week. In
weighted index number, which includes 404 commodities or
Maine, the Washington Labor Department says, textile es- price series,
registered 161.0 for March, compared with 160.6
tablishments are operating on a five-day-week basis. In for the preceding month,
says the Bureau's statement made
New Hampshire practically all mills are running with over- public yesterday,
April 17, which adds:
time in the woolen industries. In Vermont cotton mills are
Among foods advances in fresh and cured meats, lard, butter and fruits
running on full time. In Massachusetts industrial employ- offset declines in eggs and flour, resulting in a net increase of 1%% for the
group. In the group of miscellaneous commodities also there was a net
ment showed little change during the past month. Textile
Increase, due to rising prices of cottonseed meal.
mills are described as running satisfactorily. In Rhode and rubber. In all other groups prices averaged Manila hemp, jute, rope
lower than in February.
Island there is a surplus of workers in the textile industriea. ranging from less than one-fourth of 1% in the case of farm products,
clothing materials and chemicals and drugs. to 1%% in the case of fuels
Overtime obtains in silk and bradIng mills. In Connecticut
and building materials. Metals and housefurnishing goods were about
employment conditions showed improvement during March.
% cheaper than in February.
Of the 404 commodities or price series for which comparable data for
The hat industry reports increased activity.
February and March were collected, Increases were shown in 98 Instances
In North Carolina there is very little unemployment. The and decreases in 156 Instances. In
150 instances no change in price was
new silk mill in Greensboro will absorb the surplus of cotton reported. In foods alone there were 44 increases, 38 decreases and 26 cases
mill labor. In South Carolina some of the textile mills are of no change from the preceding month.
INDEX NUMBERS OF WHOLESALE PRICES. BY GROUPS OF
running overtime. The general situation is satisfactory. In
COMMODITIES (1913 -= 100.0).
Georgia the general situation is improving, with a number
1924,
1925--GroupsMarch.
Feb.
March.
of cotton mills working overtime. In Kentucky textile mills Farm products
137.2
161.3
161.5
Foods
158.9
156.9
140.8
report full-time operations with a slight increase in work- Cloths and clothing
191.4
191.0
190.7
180.8
174.4
ing forces. In Tennessee a surplus of textile mill labor is Fuel and lighting products
177.5
Metals and metal
143.6
135.6
133.7
apparent. In Alabama all textile mills reporting are on Building materials
182.1
179.8
182.8
Chemicals and drugs
129.9
134.2
134.5
full time. In Mississippi practically all textile mills are on Housefurnishing goods
174.8
172.5
170.1
Miscellaneous
112.9
124.5
125.4
full time. In some sections there is a slight shortage of All commodities
149.9
160.6
161.0
weavers. In Louisiana small employment gains were made
Comparing prices in March with those of a year ago, as measured by
in textile mills. In Oklahoma textile plants are operating changes in the index numbers, it is seen that the general level increased
full time. In Texas the textile industry showed some im- approximately 7y4%. The greatest increase is shown for the group of
farm products, in which prices were 17Yi% higher than in March 1924.
provement. One report says that it is entirely unlikely that Foods averaged 1231% higher, miscellaneous commodities 11% higher, and
any of the Southern print cloth mills will curtail output in chemicals and drugs 3 1-3% higher than in March of last year. In all other
groups prices averaged lower than a year ago, ranging from less than
the early summer. It is said, too, that some large print half of 1% in the case of cloths and clothing to approximately 7% inonethe
cloth mills at the South are closely sold up for April, May case of metals and metal products.
and June.
At Columbus, Ga., the Eagle and Phoenix cotton mills have Cost Analysis of Plumbing and Heating Supplies to
Be Made by New York University's Bureau
curtailed production to four days a week, due to slackness of
of Business Research.
demand for goods. In North Carolina some mills are said to
The Eastern Supply Association has retained the Bureau
be curtailing owing to dulness of trade and the piling up of
stocks. Tuscaloosa, Ala., wired that the Oak Knitting Co. of Business Research of New York University to make a cost
of Syracuse, N. Y., had tentatively accepted the offer of the analysis study for them, according to the director, Dr. Lewis
Chamber of Commerce to transfer Its operations there. Ttte H. Haney. The membership of this association is comprised
company, it is understood, plans to erect a $1,000,000 factory of manufacturers and wholesalers of plumbing, gas and
steam fitting supplies whose factories and houses are lothere.
In New York State manufacturing activity continues fairly cated in the eastern part of the United States. With the
steady. In New York City there has been a heavy increase active co-operation of Frank S. Hanley, Secretary of the
In demand for male and female help. Dressmaking estab- association, the director and staff of the Bureau have establishments and millinery shops are increasing forces. Cloth- lished contact with several hundred distributers of plumbing and garment factories and silk goods establishments ing and heating supplies, and are gaining information on
show improvement. In New Jersey textile mills are quite costs that would be denied to ordinary agencies. This mateactive. Several woolen mills are working overtime. In rial, when tabulated and analyzed, will serve as a basis for
Pennsylvania silk mills are running full time and a number a report on the many items of costs that enter into the sucof factories overtime. Hosiery factories are quite active. cessful. conduct of business in this field. This analysis
Employment in garment and clothing plants is below normaL parallels closely the program carried out for several years
At Paterson, N. J., many mills were closed over the holiday, by the Bureau on behalf of the New York Wholesale Grocers'
while in others looms were kept running wherever possible. Association. The Bureau's monthly barometer of conditions
This was especially true of those making the silks. Rayon In the grocery trade is widely quoted by the trade press,
Is being used in increasing quantities for this purpose, but although it applies to the trend in only a section of the
it is said winders and quillers do not like to work on this national market. Dr. Haney feels that the interest aroused
type of yarn. The mixed or combination fabrics are most by the discussions of the National Distribution Conference
active in tie silks. Ribbon mills are producing crepe and will lead many trade associations to study their costs more
satin brocades in widths that can be used for scarfs and closely, and that this movement will not only put business
ties and demand is active in both small and large patterns. on a sounder basis, but also tend to reduce costs, thus beneAt Rotterdam, the strike of dock mechanical workers fiting the consumer. Dr. Haney states:
Our field of operations for the Eastern Supply Association is naturally
called on April 8 has been settled. The strikers demanded
confined to the analysis of costs. From representative concerns in the
an increase in wages of two florins, approximately equiva- trade, statistics covering the following headings are
gathered and analyzed:
lent to $1, and a definite arrangement concerning their Volume figures. the various classifications under expenses, margins, pronto
and turnover. A common figure for each individual item is obtained, and
holidays.
against this average the
The weather was for the most part cool here in the fore the item. In this waymanufacturer or distributor checks his own cost for
expense standards for the trade are established.
part of the week and also clear. But there were thunder- The members of the trade association are able to reduce their expenses by
storms Tuesday night and Wednesday afternoon, the 15th means of this comparison method, because the comparisons show up their
weak points and Indicate where more economical methods of operation
are
4
at
Inst. It was warmer on that day, reachin 7 at 3 p. m., required to meet competition.
1948
THE CHRONICLE
[VoL. 120.
Review of Industrial Situation in Illinois in March
- In Chicago the unemployment ratio was 167 per 100 jobs as compared
with 176 Per 100 the preceding month. For the State as a whole the ratio
Decrease in Factory Employment
-Rebuilding
is 161 applicants for each 100 Jobs in March,in February the ratio was 174.
in Tornado-Swept Area.
The March ratio compares as follows with the same month of other years:
A mixed trend and a "spotty" condition are revealed as 1924, 157; 1923, 96; 1922, 172; 1921, 216.
the outstanding characteristics of present industrial operations in Illinois from the labor market survey in March by Increase in Employment and Wages in Pennsylvania
and New Jersey in March.
the Illinois State Department Of Labor R. D. Cahn, Chief
The Federal Reserve Bank of Philadelphia inits monthly
Statistician of the General Advisory Board of the Illinois
Department of Labor, in his review of the month, made pub- statement bearing on employment and wages in Pennsylvania and New Jersey, made public April 17, states that
lic April 10, comments as follows:
'a slight increase occurred in employment and wages from
Although the majority of plants and industries continued the upward
trend, which was begun near the close of last year, the minority of industries, February to March in the States of Pennsylvania and
In which are represented some of the most important employers, have been New Jersey."
Continuing, it says:
laying off help rather freely. As a result, the aggregate of factory
employIn the former State a gain of 0.1% was reported by 647 firms and in
ment fell 1.1% during the month of March, throwing about 8,000 workers
their jobs. It appears that of the 31.000 workers put back to work New Jersey 326 establishments employed 0.3% more workers than in
out of
February. Total wage payments in Pennsylvania were 0.4% heavier, and
In the preceding three months,23,000 are still on the payrolls of employers.
The level of factory employment in March, although still ahead of any Increased 0.7% in New Jersey. In spite of the very small net change,
however, large fluctuations occurred in some of the individual industries.
month in the second half of last year, is about 83.i% below the gauge of
In Pennsylvania car repair shops and chemical plants reported big increases
March 1924 and 11.7% below that of March 1923.
These conclusions are based fundamentally upon an analysis of reports in employment, while especially large declines occurred at furniture facto the Illinois Department of Labor by 1,189 employers who represent all tories and at establishments manufacturing electrical apparatus. Of the
of the principal manufacturing industries of the State and employ about six groups of industries textile products showed an appreciable increase,
while foods and building materials declined.
40% of the factory workers.
In New Jersey a large gain in employment was reported by brick plants
Although the out-of-door industries were commencing to be active near
the close of the month, resulting in an unusually active demand for farm and smaller increases by other building material industries. Indeed, this
group of industries is the only of the six to show a substantial gain over
hands, building workers and laborers, the aggregate volume of unemployment in the State was increased during the month. The decline in aggre- the previous month. Heavy declines in employment occurred at steel
gate employment of the factories was accompanied by a suspension of oper- works and at hat factories and minor decreases in many other industries.
ations in the mining industry on a broad scale. Mines shutting down durEMPLOYMENT AND WAGES IN NEW JERSEY.
ing March included collieries in every important mining county and affected
(Compiled by Federal Reserve Bank of Philadelphia.)
-Increase or Decrease
some of the largest in the State. As there are practically no industries in
Number of March 1925 over Feb. 1925.
those counties to which unemployed miners can turn for work, a considera- Plants EmployTotal
Average
ble section of the State is in a low state of depression.
Group and IndustryWages.
Wages.
Reporting. meat,
The destruction of several small factories in the tornado-swept area of All industries(35)
326
+0.4
+0.3
+0.7
Metal manufactures
southern Illinois has depressed employment in that section, but reports
94
+0.6
+2.2
+16
Automobiles, bodies and parts
6
+1.5
+2.6
+LI
Indicated that rebuilding of the demolished factories as a part of the reconElectrical machinery and apparatus
19
+0.2
-2.5
1-2.7
struction program was actively under way near the close of the month,
Engines, machines and machine tool17
+0.3
+3.0
+2.7
and steady employment is insured building mechanics in this dLstrict for
Foundries and machine shops
14
+0.8
+2.7
+1.8
Heating appliances and apparatus
3
-4.7
-1.9
some time to come.
+3.0
Steel works and rolling Tullis
5
-14.0
-5.6
+9.7
Indications are that construction work will again prove a boon to a seriStructural iron works
3
+3.1
+4.2
+1.1
ous unemployment situation. The volume of authorizations issued by
Miscellaneous iron and steel products
17
+3.6
+9.0
+5.2
the local city building offices indicate that more building will be done
4
+3.8
Shipbuilding
+10.1
+6.1
Non-ferrous metals
6
-0.9
+0.8
+1.6
during the spring and summer of 1925 than in any year since the boom
-0.4
76
+0.3
-0.1
started more than four years ago. The estimated value of the projects Textile products
Carpets and rugs
4
+1.6
+0.5
-1.1
registered in 24 of the principal cities of the State in the past three months
Clothing
9
+5.4
+3.7
-1.6
Hats, felt and other
5
-26.6
-20.2
+83
was 896,000,000. In the same period in 1924 the total was 872,000,000
Cotton goods
13
+1.2
+0.0
-1.1
and in 1923 $82,000,000. In Chicago the total for the past three months
Silk goods
+3.7
+2.8
17
+0.9
Is $68.000,000. The aggregate was between 2 and 3 million dollars in
Woolens and worsteds
9
-2.8
-3.0
-0.2
Evanston and Oak Park, and tetween 1 and 2 million dollars in Decatur,
Dyeing and finishing textiles
-1.4
12
+2.7
+1.2
Miscellaneous textile products
7
+7.8
+4.5
-3.0
Peoria, Rockford and Cicero.
9
+9.6
-2.0
+7.4
In addition, extensive municipal improvements are in prospect and a Foods and tobacco
Canneries
5
+1.5
+1.9
+0.4
road building program on a vast scale will give employment to large
State
Cigars and tobacco
4
-3.4
+27.8
+32.2
numbers. There is thus a strong probability that more people will be em- Building materials
+5.1
+2.6
23
+7.8
Brick, tile and terra cotta products
9
+13.2
+14.6
+1.2
ployed in the building industry in all its phases in the coming year than ever
+0.9
Glass
3
+2.9
+3.8
before.
Pottery
11
+3.6
+7.2
+3.5
The extensive construction program has already stimulated some of the Chemicals and allied products
-4.0
43
+1.8
-2.2
building material producers. Sawmills added 5.8% more workers in March;
Chemicals and drugs
-1.6
+0.6
23
+2.2
Explosives
-10.8
-9.3
-1.7
9
lime and cement manufacturers added 22%, and smaller numbers were
Paints and varnishes
-0.5
8
+5.8
+5.
3
taken on by the brick and tile firms. There were declines, however, in the
Petroleum refining
-2.1
+2.2
3
glass industries.
paint and
+1.5
-2.9
-1.4
Miscellaneous industries
81
Furniture
-1.6
-2.0
-0.4
Although the majority of industries in the metal, machinery, and convey5
-11.9
-4.6
Musical instruments
5
-7.7
ance group expanded during the month of March, there was practically no
14
-1.7
+0.7
Leather tanning
+2.4
change in the total amount ofemployment given by the 390 employers making
Boots and shoes
+3.7
+5.4
6
+1.7
up the group. At the mills, employment held firm at the February level,
8
-6.9
-4.5
+2.5
Paper and pulp products
7
Printing and publishing
-2.7
-4.0
-1,3
although reports of lay-off notices were in circulation at some of the down14
-4.2
-1.9
+2.4
Rubber tires and goods
State works near the close of the month. There was a healthy expansion
9
-2.6
-1.3
Novelties and jewelry
+1.4
In the auto and accessory factories and in sheet metal work offrom 4 to 5%,
13
+2.5
All other industries
+10.6
+7.9
and an increase of 1% in the machinery factories.
EMPLOYMENT AND WAGES IN PENNSYLVANIA.
Employment in the agricultural implement factories continued on the
(Compiled by the Federal Reserve Bank of Philadelphia and the Department
upgrade. The 29 firms who reported had 3.1% more workers than a month
of Labor and Industry. Commonwealth of Pennsylvania.)
ago. The railway shops, however, of which there are many throughout
Increase or Decrease
the State, were operating without a full labor force or on a shortened
March 1925 over Feb. 1925.
No. of
Plants Employschedule, a five-day week being quite common. Contract car building,
Toted
Average
Reporting. malt.
Group and Industry
Wages.
Wages.
however, suffered a reaction of 4.9% in the volume of employment, and
647
All Industries(39)
+0.1
+0.4
+0.3
electrical apparatus 4.2%.
247
-0.2
Metal manufactures
+0.1
+0.3
March brought very little change in the aggregate amount, of employ17
+4.2
+5.8
Automobiles, bodies and parts
+1.5
wood products group. A 3% cut was made in the forces of the
ment in the
13
+10.5
Car construction and repair
+15.6
+4.6
19
-10.0
Electrical machinery and apparatus
-14.7
-5.2
piano factories, but minor gains were reported by employers who make mis20
-0.6
Engines, machines and machine tools
+1.5
+2.1
cellaneous wood products, furniture and household furnishings.
55
+1.7
Foundries and machine shops
+1.8
+0.1
With the spring stock of shoes manufactured and on the shelves of the
15
+1.0
Heating appliances and apparatus
-2.7
factories laid off 8% of their workers during the
13
dealers, the boot and shoe
Iron and steel blast furnaces
+3.1
+2.6
-0.5
12
Iron and steel forgings
-6.0
-7.5
-1.6
month. There was a 6% decline in miscellaneous leather goods. Opera43
Steel works and rolling mills
-2.0
-2.0
0.0
tions at the tanneries, however, continued the steady improvement which
9
Structural iron works
+5.7
+4.7
-0.9
began in early fall of last year.
28
Miscellaneous iron and steel products
-3.3
-4.5
-1.2
3
Shipbuilding
+4.8
+11.0
Except for the increases in the oil refineries, the trend in the chemical
+5.9
154
+1.4
group of industry was downward during the month. In the drug factories Textile products
12
Carpets and rugs
+0.1
+1.6.
+3.0
+2.9
employment fell 2.1%.
16
Clothing
+3.2
+3.9
+0.7
5
Newspapers employed 2.2% more people in March than they did in
Hats, felt and other
+0.1
+10.3
+10.2
14
Cotton goods
+0.4
+3.4
February. A slightly leaser increase was reported by the edition book+2.9
Silk goods
39
+4.0
+4.1
+0.1
binders, but elsewhere in the paper and printing group changes were slight.
Woolens and worsteds
18
-4.2
-5.9
-1.8
Seventy-six job printers reported that they had 8.675 workers in March, a
Knit goods and hosiery
41
+3.7
+4.3
+0.5
decline of a fraction of a per cent from the February total.
Dyeing and finishing textiles
9
+1.0
+3.8
.+2.7
65
-1.5
-2.5
-1.0
Seasonal influences were at work in the apparel industries, the reports Foods and tobacco
Bakeries
19
-0.8
+0.1
+0.9
Indicated. Men's ready-made clothing factories at the end of the season
Confectionery and ice cream
18
-5.4
-7.4
-2.1
laid off 8.1% of their workers, a year ago at this time the decline was 3.7%.
Slaughtering and meat packing
11
-3.8
-5.3
-1.6
In haberdasheries, overalls and hats, employment increased. EmployCigars and tobacco
17
+2.9
+3.1
+0.2
53
-1.4
-0.4
+1.1
ment rose sharply among the women's clothing factories and furnishings. Building materials
Brick, tile and terra cotta products
11
-0.9
-7.8
-7.0
In millinery, however, the trend was downward.
Cement
14
-1.6
-0.7
+0.9
Heavy receipts of hogs in December and January, as a result of high
Glass
24
-1.4
+1.7
+3.2
Pottery
prices, had the effect of exhausting the farm supply, with the result that
4
-0.8
+1.0
+1.9
07
+2.6
receipts at the Chicago stock yards during March were abnormally low. Chemicals and allied products
+1.4
-1.
Chemicals and drugs
16
+15.7
+7.8
-6.7
Employment fell 6% during March and in a number of plants the volume
Paints and varnishes
6
-1.1
-3,5
-2.5
of employment reached the lowest point of any time since the war. At
Petroleum refining
5
+0.9
0.0
+0.9
101
the flour and feed mills there was a decline of 9.3%. Candy factories had Miscellaneous industrles
-1.0
+0.3
-0.7
Lumber and planing mill products
8
+3.4
-7.3
-10.3
2% fewer workers than in the preceding month. However, canners, ice
Furniture
16
-10.8
-12.2
-1.6
and ice cream manufacturers reported seasonal increases in employment.
Leather tanning
18
+2.1
-0.1
-2.2
Tobacco firms had 2.6% more workers than the month before.
Leather products
-1.4
+3.4
+4.8
4
Boots and shoes
22
The employment trend in wholesale and retail trade was downward.
+1.7
+1.
2
-0 5
.
Paper and pulp products
12
-0.5
+2.8
+3.3
Department store, mail order houses, wholesale dry goods houses and wholePrinting and publishing
+2.2
18
+3.7
+1.4
sale groceries all had fewer workers than in the preceding month.
Rubber tires and goods
-0.1
-2.2
3
+2.1
•
APRIL 18 1925.]
THE CHRONICLE
Preliminary Business Summary of Department of
Commerce for March.
The Department of Commerce at Washington presented
on April 13 the following preliminary business summary for
March:
Iron and Steel
-Textiles.
Early reports of business statistics in March, collected by the Department of Commerce, show increases over February in production of pig iron
and steel ingots, shipments and unfilled orders for passenger cars, deliveries of raw silk from warehouses and receipts of both foreign and domestic
wool. Allowing for the longer working time in March, production figures
for pig iron and steel Ingots still exceeded February. Orders for freight
cars declined from February, while slightly fewer blast furnaces were in operation at the end of March than a month ago.
Trade and Finance.
Trade and financial indicators showing increases over February included
sales of mail-order houses and ten-cent chains, new incorporations, bank
clearings and interest rates on both call loans and commercial paper, while
the issuance of corporate securities declined from February.
comparison With Last Year.
•
Compared with March, 1924, production of steel ingots, shipments and
unfilled orders for locomotives and new orders for all kinds of railway equipment declined, pig iron production and silk deliveries increased, while domestic wool receipts declined as against an increase of over 100% above
a
year ago for receipts of foreign wool. Stocks of raw silk declined 23% from
Feb. 28, but were 54% higher than a year ago. Sales of mail-order houses,
ten-cent chains, and department stores, bank clearings and new security
issues were larger than in March 1924, while new incorporations fell
off
slightly.
BUSINESS INDICATORS.
(Relative Numbers
-1919 Mo. Ave.= 100.)
1949
ings and to increase their holdings of securities. Commercial paper outstanding in this district declined 16%. as compared with a normal seasonal
increase of 2% for this month. There was no change in the total volume of
discounts of this Federal Reserve Bank, ard its Ftderal Reserve note circulation and member bank reserve deposits both registered slight
declines.
Prospective building activity, as shown by the permits issued in March
by eighteen cities of this district, was 42% greater in valuation than
last
year, although seven of these eighteen cities reported a smaller total. As
compared with February, there was approximately a doubling in both the
number and valuation of permits granted for these cities, a large part of
this increase for the month being a seasonal occurrence.
Seeding began this spring at an exceptionally early date. Private reports
are that spring wheat seeding will be complete over nearly all
of our territory
next week, with favorable weather.
Increase of $6,000,000 in Building Loans of Prudential
Insurance Co. of America in First Quarter of
1925 as Compared with 1924.
During the first quarter of 1925 building loans were
granted by the Prudential Insurance Co. of America to finance the construction of 4,544 dwellings and 216 apartment
houses, with accommodations for 7,426 families, according to
a statement covering mortgage transactions in the United
States and Canada, just issued from the home office in
Newark, N. J., which also contains the following information:
The loan total for the three months was $24,138,725. This is an )ncrease
of nearly $6,000,000. as compared with the first quarter of 1924 during
which the total loaned was $18,248,893 on 3.599 dwellings and 207 apartments for the accommodation of 5,866 families.
In addition the Prudential has loaned $6,244,000 since the t rst of this
Per Cent Increase(+)
1924.
year for the erection of 88 hotel, store, office and lodge build ngs.
1925.
or Decrease
Items.
The wide difference between the amounts laid out for mercantile strucMar. 1925 Mar. 1925 tures and dwellings was indicative, company
officials said, o" he emphasis
Feb. Mar. Feb. Mar. from
from
placed on efforts to ease the housing shortage. They also revealed.
Feb. 1925. Var. 1924.
It was
added, a further increase of building activity throughout the country.
Fig iron production
121 135 126 140
+11.1
+3.7
Of the total for the quarter Just ended, $23,923.575. covering 4,515
Locomotives: Shipments
44
59
38
-16.9
49
+28.9
dwellings and 207 apartment houses for 7.344 families, was placed in the
*Unfilled orders
38
40
30
34
+13.3
-15.0
Mail order sales (2 houses)
United States. In March alone $7,064,600 was loaned for 1.357 dwellings
102 106 113 120
+6.2
+13.2
**Department store sales
102 115 100 121
+21.0
+5.5
and 62 apartments for 2.050 families in this country.
Ten-cent store sales (4 chains)
140 164 156 178
+14.1
+8.5
Car loadings
104 132 105 131
+24.8
-0.8
Commercial paper interest rates_ 88
85
67
+9.0
73
-14.1
Security prices:
Motor and Accessory Manufacturers' Association See
25 industrial stocks
106 104 131 129
-1.5
+24.0
25 railroad stocks
97
95 130 127
-2.3
+29.6
Greater Sales and Profits in 1925
-Many
40 bonds
104 105 111 111
0.0
+5.7
Federal Reserve banks:
Companies Show Loss for Past Year.
Bills discounted
27
25
22
21
-4.5
-16.0
Total reserves
147 147 138 136
Sales and profits will be larger in the parts and accessory
-1.4
-7.5
Ratio
161 161 151 152
+0.7
-5.6
(-).
Foreem ArehAncra rAtAA
AR
AA
79
79
-1 5
10 1
• 1920 monthly average equals 00.
** March index computed on preliminary reports. Actual Index number for
March not available.
Industry in 1925 than they were in 1924, according to answers received from members of the Motor and Accessory
Manufacturers Association to a recent questionnaire. In
reporting this on April 9, the association says:
Average opinion seemed to be that sales would be 10% greater, with
Preliminary Summary of Agricultural and Financial
profits correspondingly higher. A majority of the ninety concerns which
Conditions in Federal Reserve District of
reported detailed forecasts gave the better general business and economic
Minneapolis During March.
situalion as the chief reason for the expected increase and had improved
According to the preliminary summary of agricultural business during the first quarter of the year to aid them in forming their
opinions. Numerous companies expected a decided gain in 1925 because
and financial conditions prepared by the Federal Reserve their distribution systems were more
thoroughly organized.
Bank of Minneapolis and..made public April 11, the volume
Detailed reports of 1924 production by 83 companies revealed the fact
.
of business transacted in that Federal Reserve District that the trend during the past year has been toward sales to the trade
rather than to the vehicle manufacturers. During 1924
during March was 27% greater in money value than a year facturers, as indicated by the 83 reporting companies, sales to the manufell off 3.7% as comago, as shown by the,total individual debits at banks located pared with 1923. Sales to the trade, however,showed an increase of 11.5%
in seventeen selected cities; but it was 3% smaller as to the during the same period. Total sales of these companies were 1.2% below
1923 figures.
physical quantities_handled, as shown by the total of carAbout 19% of the reporting companies showed a loss for 1924. Reasons
loadings during the first three weeks in March and corrob- given for these losses in most cases involved excess of production facilities.
which resulted in destructive competition.
orated by other reports. The summary continues:
An analysis of the division of sales showed
This decline in physical volume as compared with a year ago is due to a
14% slump in the total receipts of all grains at terminals, the smallest flour
shipments from Minneapolis since July, 1917, forest product shipments
relatively 8% lower and linseed product shipments not maintaining all of
the gains heretofore shown as compared with the preceding year. Livestock
receipts were about the same as a year ago. A more detailed analysis shows
that wheat receipts were 9% below a year ago, while flax receipts doubled;
and that the marketing of cattle and calves increased about one-third, while
that of hogs and sheep declined.
The gain in money value as compared with a year ago is due primarily to
the much higher level of the prices of agricultural products, although this
gain has been aided by an increase of 5% in sales by retail stores, a trebling
of the activity in grain futures at Minneapolis and the repayment of a substantial amount of maturing or called commercial paper. All of the seventeen cities reporting debits to us exhibited gains over a year ago in the money
value of business, except Superior and Helena.
When the volume of bust/lets transacted in March is compared with that
in February an increase is normally to be expected as March is a longer
month. This year the money value, as shown by debits, increased 17%.
However, grain receipts of all kinds, which normally show an increase,
declined, except in the case of wheat, but even in the case of wheat the
increase was less than normal. There was a more than normal decrease in
shipments of flour,linseed products and forest products. Livestock receipts
exhibited the customary seasonal trends, the movement of cattle and calves
increasing and the movement of hogs and sheep declining. In physical
volume, therefore, March when compared with February did not have the
normal seasonal increase.
Mixed trends were shown in the prices of agricultural products in March
as compared with February. The prices of the grains dropped sharply, the
declines for the month in median cash prices being as follows: Rye 27 cents,
corn 14 cents, wheat 13 cents, barley 7 cents, oats 6 cents and flax 5 cents.
The more important kinds of livestock advanced in price, the most noteworthy improvement being that in the case of hogs, where the median price
advanced $2.60 per hundredweight.
Bank conditions exhibited no noteworthy change during the month of
March. Country banks have been reducing their reserves of idle funds,
partly to meet small withdrawals of deposits and partly to reduce borrow-
that, for those reporting, sales
to car manufacturers, truck manufacturers and general jobbers all decreased
during 1924, while sales to specialty and replacement jobbers showed a
substantial increase.
Sales to car makers fell off 3.7% as compared to 1923; sales to truck
manufacturers decreased 4.1%. General Jobber sales fell off
8.9%. while
sales to specialty and replacement Jobbers increased 11.8%.
Average sales per company reporting for 1924 were $1,626,253, as
against $1,646,253 in 1923, a decrease of 1.2%. Average sales per company
to car and truck manufacturers fell off 3.9%, while average sales per company to the trade increased 13.3%•
Factory Earnings and Cost of Living in Brooklyn.
Supplementing its survey of the cost of living and average
wages in the Borough of Brooklyn in the past ten years (referred to in our issue of March 28, page 1537), the Brooklyn
Chamber of Commerce in a statement made public April 12
makes the following further comments:
Average Factory Earnings.
Average factory earnings were higher in Brooklyn during
1924 than during 1923, and higher during the first two months of 1925
than during the
corresponding months of 1923 or 1924. The drop in
February from $27 27
to $26 04 was merely the decline that always comes in
February due to the
two holidays, and the March figure will be above $27.
Cost of Living.
The cost of living in Brooklyn, the figures of which
are published guar.
terly by the United States Government, varied but little during
1923 and
1924. The average for the entire year was about half of 1%
less in 1924
than in 1923. While the figures for the first quarter of 1925 are not yet
available, it is not likely that a marked change will be shown. In January
it looked as though there would be a substantial rise, but during February
and March the tendency of prices has been downward.
1950
[Vol.. 120.
THE CHRONICLE
ington, D. C., and Chicago, Ill., on April 7 1925 reported
Depression in Building Trade in Brooklyn.
According to the Brooklyn Chamber of Commerce, "there production and shipments during February as follows:
has been a marked depression in the building trade during LUMBER PRODUCTION AND SHIPMENTS AS REPORTED MONTHLY
BY MEMBER ASSOCIATIONS TO NATIONAL LUMBER MANUFACTURERS' ASSOCIATION FOR FEB. 1925.
the first quarter of 1925." Its statement, issued April 12,
adds:
February, 1925.
During the first half of 1924 there was more building done in the borough
than during any half year in Brooklyn's history, but beginning with June
the figures slumped well below those for 1923-a slump which has continued
up to the present time. In the first three months of the present year, permits have been granted for buildings costing $37,000,000, as compared with
permits totaling $74,000,000 for the corresponding period in 1923 and
$87,000,000 for the corresponding period in 1924. Most of this decline has
been in residential building; new commercial and industrial building has
continued at practically the same level as in 1923 and 1924.
Decline in Business Failures in Brooklyn.
With reference to business bailures in Brooklyn, the Chamber of Commerce of that borough has the following to say
on April 12:
After attaining an abnormally high figure in December, when 86 failures
were recorded in Brooklyn, business failures dropped in January and February to a figure only slightly higher than in the corresponding months of
1923 and 1924. The higher figures in December and January of each of the
three years may be attributed to the seasonal trend that shows itself in
business failure figures throughout the country, these figures being lower
during the summer months and rising to a peak in the months of December
and January.
The increase in defaults in Brooklyn for January and February as compared with the corresponding months of 1923 and 1924 is in accordance
with the trend of the country as a whole, where the number of failures for
the first quarter of this year was higher than in any previous year except
1922 and 1915.
Lumber Industry Enjoys Seasonal Expansion.
According to reports received by the National Lumber
Manufacturers Association from 369 of the larger commercial softwood lumber mills of the country, the lumber industry
is in full tide of seasonal expansion. New business and
production were substantially the same for last week as for
the week before, though shipments fell off notably. The
margin of new business for last week over the corresponding
week of 1924 was surprisingly large; shipments also showed
a comfortable margin of increase, and in production there
was a probable gain, although a fewer number of reporting
mills this year show a slight nominal decrease.
The unfilled orders of 247 Southern pine and West coast
mills at the end of last week amounted to 623,315,892 feet
as against 613,996,285 feet for 251 mills the previous week.
The 129 identical Southern pine mills in this group showed
unfilled orders of 228,657,582 feet last week as against
229,991,470 feet for the week before. For 118 West coast
mills the unfilled orders were 394,648,310 feet as against
384,004,815 feet for 122 mills a week earlier.
Altogether the 369 comparably reporting mills had shipments 97% and orders 100% of actual production. For the
Southern pine mills these percentages were respectively
105 and 103, and for the West coast mills 102 and 108.
Of the comparably reporting mills 344 (having a normal
production for the week of 218,825,921 feet) reported
production 102% of normal, shipments 102% and orders
105% thereof.
The following table compares the national lumber movement as reflected by the reporting mills of seven regional
associations for the three weeks indicated:
Production.
Association,
Shipments.
Mills.
Hardwds. Softwds. Hardwds. Softwds.
Alft.
M ft.
M ft.
MIS.
California Redwood
California White dr Sugar Pine Mfrs
Georgia-Florida Saw Mill
North Carolina Pine
North'n Hemlock tit Hardw'd Mfrs_ _
Northern Pine Mfrs
Southern Cypress Mfrs
Southern Pine
West Coast Lumbermen's
Western Pine Mfrs
Michigan Manufacturers
Non-members
15
26
10
53
42
10
10
173
113
37
12
22
523
44,894
2,062
8,966
8,237
33,039
32,614
8,239
33,356
14,095
26,283
10,793
381,353
389,422
86,505
2,343
44,370
64,159 1,062,412
23,913
2,096
5,710
6,769
31,657
76,819
7,713
31,887
13,648
33,123
10,785
357,411
375,531
112,097
2,200
41,865
38,488 1,094.746
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED MONTHLY
BY MEMBER ASSOCIATIONS TO NATIONAL LUMBER MANUFACTURERS' ASSOCIATION FOR FEB. 1924.
February, 1924.
Production.
Shipments.
Association.
Hardwds. Softwds. Hardwds. Softwds.
MI:.
M ft.
MIS.
MI:.
California Redwood
California White 0i Sugar Pine Mfrs_
Georgia-Florida Saw Mill
North Carolina Pine
North'n Hemlock 4: Hardw'd Mfrs_ _
Northern Pine Mfrs
Southern Cypress Mfrs
Southern Pine
West Coast Lumbermen's
Western Pine Mfrs
Michigan Manufacturers
Non-members
15
31
36
54
10
10
181
125
44
12
34
51,195
2,601
5,850
12,790
34,958
37,360
4,637
32,160
18,742
26,296
9,933
391,365
432,680
91,832
3,626
50,964
35,167
2,597
5,172
14,228
29,965
63,171
4,537
31,729
19,030
36,452
10,446
366,342
413,085
131,124
2,875
45,649
557
72,436 1.134.553
57.164 1.154,414
Total production: Feb. 1925, 1,126,571 M feet; Feb. 1924, 1,206,989 M feet.
Total shipments: Feb. 1925. 1,133.23431 feet: Feb. 1924, 1,211.578 M feet.
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED BY STATES
BY MEMBER ASSOCIATIONS.
February, 1925
Production.
Shipments.
Mills.
MIS.
M ft.
30,401
21
27,814
Alabama
38,895
22
37,244
Arkansas
34
61,736
California
96,906
16
27,889
Florida
26,825
3,235
8
Georgia
2,653
29,842
55,431
17
Idaho
119,724
51
Louisiana
115,729
25,068
15,324
23
Michigan
26,283
6
25,772
Minnesota
104,408
94,506
42
Mississippi
12,300
16,637
7
Montana
5,565
4,514
10
North Carolina
7,225
7,728
Oklahoma
3
173,606
172,951
53
Oregon
8,287
21
7,500
South Carolina
72,061
66,232
36
Texas
18,113
19,088
16
Virginia
264,095
254,189
80
Washington
45,230
32
31,197
Wisconsin
52.608
25
54,934
Others •
1,126,571
523
Total
1,133,234
Total
• Includes mostly non-member mills, not distributed.
Changes in Automobile Models and Prices.
The Flint Motor Co. of New York announced this week
the now Series B model"40" Flints, an entirely new addition
to the Flint line, in two models-the touring and the
brougham.
Reports from Detroit state that the Paige-Detroit Motor
Car Co. is bringing out a new Paige standard four-door
Preceding
brougham listing at $2,195, only $30 more than the open
Week 1925
Corresponding
(Revised).
Week 1924.
Week.
Past
car price. The same chassis is used as in other Paige sixes,
378
382
369
Mills
243,943,575 with 131-inch wheel base and balloon tires are regular equip241,943,575
242,112,456
Production
256,371,984
225,451,692
234,884,805
Shipments
241,782,908 ment. The brougham has been offered in the de luxe model
208,710,750
Orders(new business)... 243,168,904
following revised figures compare the lumber move- since Jan. 1.
The
Price readjustments have been made on three closed models
ment for the first 15 weeks of 1925 with the same period
by the Studebaker Corp. The standard six sedan has been
of 1924:
Orders.
Shipments.
Production.
advanced $50 from $1,545 to $1,595. The special six
3,301,433,470
3,410,871,991
3,438,251,990
1925
3,343,391,794 sedan has been marked up $60 from $1,985 to $2,045, and
3,522,205,323
3,470,073,347
1924
41,958,324 the special six coach has been reduced $100 from $1,695 to
111,333,332
31,821,357
-Decrease
1925
$1,595.
The mills of the California White and Sugar Pine Associareports, but for a considerable period they
tion make weekly
Crude Oil and Gasoline Prices Show a Number of
were not comparablo in respect to orders with those of other
Reductions.
Consequently the former are not represented in any
mills.
Over production of certain grades of crude oil was assigned
these mills reported a cut
of the foregoing figures. Ten of
as the reason for a number of price reductions in that field
of 10,560,000 feet, shipments 9,649,000 and orders 10,747,000 during the week. Reports from Houston, Texas, on April 13
cut represents 34% of the total of the
feet. The reported
announced a cut of 25c. on both grades of coastal crude oil
Califoinia Pine region. As compared with the preceding by the Humble Oil & Refining, making the
price $1 75 for
week, there was an increase of 5,370,000 feet, shipments Grade A and $1 50 for Grade B. This cut was met later
business 5,424,000 feet.
3,.521,000 feet and now
in the day by the Gulf Refining Co., and the Texas Pipe
Lino followed, establishing a price of $1 75 for both grades.
Lumber Production and Shipments During February. The latter does not differentiate, paying same prices for
The "National Lumber Bulletin," published monthly by both A and B. On April 15 the Stanadrd Oil Co. of Louisithe National Lumber Manufacturers' Association of Wash- ana reduced Smackover heavy crude oil below 25 degrees
APRIL 181925.]
THE CHRONICLE
Baume gravity120 cents a barrel, making new price 80c. per
barrel. This reduction affects only the heavy grade Smackover oil, principally from the new deep-sand area in which
several large wells have recently been completed. Smackover light oil remains unchanged. The Texas Co. regraded
Smackover heavy crude oil, making oil below 24 degrees
gravity 60c. a barrel, a reduction of 40c.; 24 to 25.9, $1, off
100., and 26 degrees and above, $1 30, increase of 10c. a
barrel. Further reports stated that the Standard Oil Co
of Louisiana, in posting a price of 80c. a barrel for Smackover crude under 25 gravity, will take only the oil that it is
able to handle daily. Oil of the same grade, to be run into
storage, will be paid for at the rate of only 50c. a barrel.
The Louisiana Oil & Refining Co., established a new grade
at $1 a barrel for 24 to 24.9 gravity, the same as the Texas
Co., and oil of 25 to 25.9 gravity was reduced 50. a barrel.
The Crusader Pipe Line Co., while still in the market for
Smackover crude, did not post any prices yesterday. The
Atlantic Oil Co. reduced Smackover crude to the level quote
by other companies, and also reduced Stephens crude of
26 gravity and above to $1 45 a barrel, and $1 25 for oil of
below 26 gravity. The Standard Oil Co. of New Jersey
on April 16 announced a reduction of 20c. a barrel in fuel
oil prices on the Gulf Coast.
Late on Friday the Joseph Seep Agency cut the price of
Pennsylvania grades of crude as follows:
Bradford District oil in New York and National Transit Lines.
25c. a
barrel to $3 40; Gaines crude, 40c. a barrel to $3 15; Pennsylvania grade
oil in National Transit and Southwest Penn Pipe Line, 25c. a barrel to
93 30; Pennsylvania grade in Eureka Pipe Line, 25c. a barrel to $3 25. and
Pennsylvania grade in Buckeye Pipe Line, 25c. a barrel to $3
15. Cabe11
crude was reduced 15c. a barrel to $2 05; Somerset medium, 15c. a barrel
to $2 15, and Somerset light, 15c. a barrel to $2 30. Ragland and Corning
grades unchanged.
Several clumges in the selling prices of gasoline, both wholesale and retail, were noted in the press during the week.
Dispatches from Tulsa, Okla., on April 11 stated that United
States Motor gasoline (New Navy) sold in tank car lots as
low as 9Mc. per gallon on that date. On April 6 United
States Motor fuel was quoted 9X(41103,4c. per gallon. In
the middle of February United States Motor fuel was
quoted 13 Wi(4)1334c. per gallon. Fuel oil was $1 05 per
barrel. The same grade of motor gasoline on April 14 sold
at 9%c. a gallon in tank car lots. This was an advance of
3ic. compared with recent low. In South Dakota gasoline
price cuts went into effect on April 14, when reductions
ranging from 3c. by the independent stations to 5c. by the
Standard Oil stations were made. Gasoline is now selling
in virtually all service stations for 20c. a gallon, the price
fixed by the State filling station last week. Later in the
week, on the 15th, United States Motor gasoline (New
Navy)in tank car lots was bid 10c., while refiners maintained
an offering price of 10Xc. a gallon. On April 16 the Humble
Oil & Refining Co. reduced gasoline lc. a gallon throughout
Texas, followed at once by the Gulf Refining Co.
Further Gain Reported in Crude Oil
Output.
A gain of 62,300 barrels of crude oil per day was reported
by the American Petroleum Institute in the daily average
gross crude oil production in the United States for the
week
ended April 11, the total being 1,993,600 barrels,
compared
with 1,931,300 barrels for the preceding week and with
1,953,350 barrels for the corresponding week one year
ago.
Of the increase 42,050 barrels was heavy oil in the Smackover
Arkansas field. The daily average production
east of
California was 1,397,600 barrels, as compared with
1,335,300
barrels the previous week, an increase of 62,300 barrels.
California production was 596,000 barrels, the
same as
the previous week. Santa Fe Springs is reported at 48,000
barrels, against 47,000 barrels; Long Beach, 113,500
barrels,
against 115,000 barrels; Huntington Beach, 42,500
barrels,
against 43,000 barrels; Torrance, 37,000 barrels,
against
38,000 barrels; Dominguez, 47,000 barrels, against 46,000
barrels, and Rosecrans, 18,000 barrels, against
17,000
barrels.
195
DAILY AVERAGE PRODUCTION.
(In Barrels)April 11 '25 April 4 '25 Mar. 28 '25 April 12'24
Oklahoma
464.150
454,650
,
433.000
Kansas
85,800
85.300
85.300
69,350
North Texas
88,100
84,350
85,600
71,800
East Central Texas144,400
146,400
154,000
160.500
West Central Texas58,450
51,900
51,500
48.650
North Louisiana
50,350
51,300
50,950
43,000
Arkansas
173,000
131,450
116,550
137,100'
Gulf Coast
97,050
90,800
93,450
73.250
.
Southwest Texas
44,000
43,700
44,550
23,550
Eastern
101,000
100,500
100.000
101.000'
Wyoming, Mont.& Colo
91,300
94.950
91,100
132.650
California
598,000
596,000
597.500
659,500'
Total
1,993,600
1.931,300
1.922,600
1,953,350
0
Output of Iron and Steel Lower--Price of Iron Fails.
In respect to new orders for finished steel, the second
week of April has been quieter than the first, a condition
in line with recent indications that consumers' stocks have
grown under continued heavy shipments from the mills,
says the "Iron Age" this week. It is well agreed that the
situation does not parallel the reaction of April 1924, but
indications point to a drifting market for some weeks. The
curtailment of pig iron and steel production, in which the
first moves were made in the second half of March, has gone
farther, though it is not yet great, continues the "Age"
review, adding further details as follows:
The Carnegie Steel Co. has put off two blast furnaces and
scheduled
three others to follow. This will leave 39 active, against 48
at the early
March peak. Two more Illinois Steel Co. furnaces have
gone out.
Steel production in the Pittsburgh and Youngstown districts
is now
somewhat less at both Steel Corporation and independent plants.
For the
country the Steel Corporation rate is lust under 90% and
that of the independents probably close to 75%.
The weakness in prices of finished products has not been
helped by the
recent developments in iron ore, pig iron, coke and scrap. However,
concessions on new orders for finished steel have not gone to the point of
down specifications on business heretofore booked-an indication cutting
that the
market has not yet receded to the December level.
Reports from Chicago that decisions concerning prices of
plates, shapes
and bars are pending in Steel Corporation councils have been
disregarded
by the market, no formal price announcements on these products
having
been made for three years or more. But Chicago mills are finding increasing
pressure from Ohio and Pennsylvania competitors, and on structural
shapes
2.29c., delivered Chicago, has been quoted, which figures back to 1.95c..
Pittsburgh, as against a common range of 2c. to 2.10c.
In the general quiet of the week there was some new car buying,
also
an unusual run of structural contracts. Southern railroad purchases
featured the equipment market. The Seaboard bought 40 locomotives
and the Florida East Coast 21, and the Atlantic Coast Line ordered
700
cars. New inquiries appeared for 6,500 cars, including 5.500 for the St.
Paul, and the amount is expected to be increased by 1,80Q for the Wabash.
Bookings of fabricated structural steel reported in the week are the
largest so far this year, amounting to 54,000 tons. Not counting some
17,000 tons for the New York Edison Co.. the tonnage Is even then considerably above the weekly average to date. Various business and industrial
buildings call for 21,000 tons, public work for 8.000 tons and
railroads
for 2,300 tons.
Many fabricating shops have largely disposed of their back orders
and
are now in need of work.
Western plate mills are competing for 3,500 tons for a Wabash Ry.
ferryboat. Three Lake boats are pending, two for the Pittsburgh Steamship
Co. and one for an Inland Steel Co. interest. In Carnegie sheet piling a
late contract is for 3,000 tons for three river dams, shipment to be made
by river to Louisville, Ky.
Improvement in automobile output has exceeded expectations
and a
number of foundries serving the industry have had to farm
out part of
their work.
Agricultural implement works operated at a higher rate
in the first
quarter than in any like period since 1920, and heavy production
will continue for several weeks.
.
Sheets and wire products have developed low prices.
Some sheet mills,
to move their stocks, have gone below 3.35c. for black. At Cleveland
bars
have yielded recently, sales being made by some mills at
2c., Pittsburgh.
Another reduction of 50c. a ton has been made on all grades
of pig iron
in the Pittsburgh district and some Cleveland sellers
have reduced prices
50c. to $1. These declines are attributed largely to the recent
lowering of
prices of Lake Superior ores. Meanwhile a few merchant
furnaces are
banking or blowing out, as stocks continue large. In some
districts melter
are allowing more interest in the market and quick
deliveries are ofte
requested. Foundries making automobile castings are very
busy. Although rather large tonnages of foreign iron bought some
time ago are ye
to be delivered, new transactions are not numerous and
foreign Prices ar
virtually on a parity with those of domestic grades.
The "Iron Age" pig iron composite price dropped 25e.
to $21 04 per gross tons, or only 43% above the 1913 average,
against a general all-commodity price index of 60% higher
than in 1913. The composite steel price, 2.531c. per lb.,
was not affected by the week's developments. The
usual
weekly price table is as follows:
April 14 1925, Finished Steel, 2.531e. per Pound.
Based on prices of steel bars, beams, tank1April 7 1925
2.531c.
plates, plain wire, open-hearth rails. Mar. 17 1925
2.531c.
black pipe and black sheets. These April 15 1924
2.703c.
products constitute 88% of U. S. output 10
-year pre-war average, 1.689c.
April 14 1925, Pig Iron, $21 04 per Gross
Ton.
Based on average of basic and foundry April 7
$21 29
irons, the basic being Valley quotation, Mar. 17 1925
1925
22 13
the foundry an average of Chicago. April 15
1924
22 50
Philadelphia and Birmingham.
10
-year pre-war
Finished Steel.
-High:1925, 2.560c., Jan.; 1924,2.789c., average, 15 72
Jan. 15;2.824c..
April 24. Low: 2.531c., Mar. 17; 2.460c. Oct. 14;
2.446c., Jan. 2.
-High:$22 50, Jan. 13; $22 88, Feb.
Pig Iron.
Low: $21 04, April 14; $19 21, Nov. 3; $20 77. 26; 1923, $30 86, Mar. 20;
Nov. 20.
The estimated daily average gross production of the
Mid-Continent field, including Oklahoma, Kansas, North
Texas, Central Texas, North Louisiana and Arkansas, for
the week ended April 11 was 1,064,250 barrels, as compared with 1,005,350 barrels for the preceding week, an
increase of 58,900 barrels. The Mid-Continent production
excluding Smackover, Arkansas, heavy oil, was 935,450
After a burst of extraordinary production extending
over
barrels, against 918,600 barrels, an increase of 16,850 barrels.
three months, the iron and steel market apparently has
The following are estimates of daily average gross pro- settled down to a
secondary stage of comparatively quiet
duction for the weeks indicated:
and uneventful trading, observes the "Iron Trade Review"
on April 16. A period of digestion for the heavy tonnage
taken by consumers during the first quarter seems to be at
hand. Furthermore, buyers feel under no pressure to order
material except as they absolutely need it because supplies
are so liberal, and are without incentive to speculate against
probable future requirements since prices show no buoyancy
and are heavy, according to the opinion of the "Review,"
which says:
For the first time in over three months,shipments are not being replaced
by incoming tonnage. This is causing a further gradual recession of production. At Chicago, which has been the strongest spot,two blast furnaces
have been put out. The Carnegie Steel Co. has blown out two additional
stacks. A merchant furnace has been banked at Pittsburgh and a steelworks unit at Youngstown, while a New York State merchant stack has gone
out. Other furnaces are on the verge of being banked. Steelworks operations average around 75% of capacity.
This drawing in of output stands out sharply against the record-breaking
pace set by January. February and March. With the March figures complete, it Is shown that production for the three months past was the greatest in history. In steel ingots it was at the annual rate of over 48,800,000
tons, and in pig iron at the annual rate of 41,200,000 tons, which represent
11.9 and 2.7%, respectively, in excess of the largest full years of the past.
The March figures for steel ingots just issued tend to confirm the attainment of the peak in that month. On a daily basis, they showed a gain of
3.1% over February, an annual rate of 50.000.000, and were within 0.02%
of equaling the highest point on record, which was made in the last year's
active market culminating in March 1924.
Structural steel awards jumped to the front again this week with a total
of 53,213 tons. This is the second largest week of the year. New York
contributed about 30,000 tons, including 18.000 tons for a power house.
New inquiries are numerous.
A break in the recent dulness in the locomotive market is provided this
week by orders from the Seaboard Air Line for 40 and from the Florida
East Coast for 21. The Atlantic Coast Line has ordered 700 cars, but the
market in such equipment remains sluggish. French makers have booked
13,000 tons of cast iron pipe for Oneida, N. Y.. but Detroit has rejected
bids again on 12,000 tons.
Prices of finished steel are soft but have displayed no further variations
of importance this week. The 2.00c. Pittsburgh price in plates, shapes
and bars Is more common in Pittsburgh competitive territory. In the
East 1.90c. still prevails and there has been some yielding at Chicago.
Black sheets are easy, having gone below 3.30c. Wire shows a greater
spread.
Pig iron has exhibited another week of softness with prices 50 cents lower
at Pittsburgh, Cleveland, Buffalo and St. Louis. Valley basic, malleable
and foundry have fallen to $20. This same figure has been quoted out of
Buffalo. Buying is slack in all centres.
A new method of figuring unit values of iron ore has been announced by
-cent theoretical freight addiLake Superior operators. This discards the 60
tion to the base price which heretofore has been followed in an effort to
equalize the position of lake and inland furnaces. Unit values and variations now have been reduced accordingly. Lake ore vessel rates have been
re-affirmed on last year's basis.
Sentiment in scrap which has been depressed has developed improvement
at Chicago and there has been some renewal of buying in the East by steelmakers.
The coke situation is better balanced as numerous ovens have been put out
and prices are more stationary. However, the banking of further blast
furnaces again may upset the equilibrium.
"Iron Trade Review" composite of 14 leading iron and steel products
makes its twelfth consecutive weekly decline this week to $39 43, against
$39 69 last week. One year ago the average was $42 47.
Census Report on Cotton Consumed and on Hand in
March, Also Active Spindles, and Exports and
-Consumption for March Above a
Imports
Year Ago.
date of April 14 1925 the Census Bureau issued
Under
its report showing cqtton consumed, cotton on hand, active
cotton spindles and imports and exports of cotton for the
month of March 1925 and 1924. Cotton consumed amounted
to 582,674 bales of lint and 58,845 bales of linters, compared with 485,840 bales of lint and 41,197 bales of linters
in March 1924 and 550,132 bales of lint and 50,598 bales
of linters in February 1925. It will be seen that there
is an increase over March 1924 in the total of lint 'and
linters combined of 114,482 bales, or 21.7%. The statistics
of cotton in this report are given in running bales, counting
round as half bales, except foreign bales, which are in
equivalent 500-1b. bales.
IN
COTTON CONSUMED AND ON HAND IN SPINNING MILLS AND
• OTHER ESTABLISHMENTS, AND ACTIVE COTTON SPINDLES.
(Linters not included.)
Cotton Consumed
During (Bales)-
Locality.
[VOL. 120.
THE CHRONICLE
1952
Year
Cotten on Hand
Mar. 31 (Bales).
Cotton
Spindles
Anise
In Public
In
8 Months Consuming StAageand During
March.
ending Establish- at Corn-'
March.
presses. (Number)
ments.
Mar. 31.
presses In 1925, and 88,339 bales In 1924. Linters consumed during eight month
ending March 31 amounted to 407,752 bales in 1925 and 370.249 bales in 1924.
IMPORTS AND EXPORTS OF COTTON AND LINTERS.
Imports of Foreign Cotton (500-18. Bates),
Country of Production.
March.
8 Months Ending March 31.
1924.
1925.
Egypt
Peru
China
Mexico
British India
All other
Total
1924.
1925.
19,418
288
7.173
2,218
4,545
313
29,617
281
9,058
5.723
4,535
619
160,811
9,879
18,304
43,139
12,265
2,418
131.674
18,343
22.898
24,887
16,960
968
33,955
49,833
246,816
215,508
Exports of Domestic Cotton and Linters-Running Bales
(See Note for Linters). '
Country to which Exported.
March.
8 Months Ending March 31.
1925.
United Kingdom
France
Italy
Germany
Other Europe
Japan
All other
1924.
1925.
1924.
181,558
67,112
61,115
210,206
101,092
88,300
25,314
33,763
41,523
39,134
95,764
50,381
50,802
20,801
2,292,444
800,537
586,375
1,571.601
771,610
764.992
199,162
1,470,879
598,893
447,946
983,282
540,858
490,186
150,313
Total
4.682.357
6.986.721
332.168
734,697
Note -Figures include 27,081 bales of linters exported during March in 1925
and 17,091 bales In 1924, and 124,803 bales for the eight months ending March 31
In 1925 and 65,041 hales in 1924. The distribution for March 1925 follows: United
Kingdom, 3,225; Netherlands, 401; Sweden, 25; France, 2,235; Germany, 14,214;
Belgium, 4,013: Italy, 1,149; Canada, 1,379; Mexico, 4; Spain, 387; Denmark, 12;
Panama, 2; Cuba, 15.
WORLD STATISTICS.
The estimated world's production of commercial cotton, exclusive of linters:
grown In 1923. as compiled from information secured through the domestic and
foreign staff of the Department of Commerce. is 18,989,000 bales of 478 pounds lint.
while the consumption of cotton (exclusive of linters in the United States) for the
Year ending July 31 1924. was approximately 19,982,000 bales of 478 pounds lint.
The total number of spinning cotton spindles, both active and idle. is about
159,000,000.
Usual Seasonal Slump in Business Marks Coal Trade.
Consuming centres in the East report that the strike of
union miners in northern West Virginia has not affected
prices or demand. Of course, it causes a great deal of talk
in the trade, but, from latest reports, 90% production is
being turned out, so it is not being taken very seriously,
reports the "Coal Trade Journal" in its usual weekly market
review issued April 15. There is a slight improvement in
the New England industrial situation, but a further softening
in bituminous prices at both Boston and Providence has
caused buyers to hold back. This softening has caused
the already dormant all-rail business to come to a standstill.
Anthracite is experiencing the usual between seasons' lull.
Very little coke outside of. that produced locally is being
sold. Bituminous trade is marking time, continues the
"Journal," adding:
Whoesalers of anthracite in New York report a small, steady demand
which is expected to continue on into the summer unless something radical
occurs to change the present outlook. The bituminous market is receiving a little more inquiry. Domestic anthracite is fairly active at
Philadelphia, particularly the barge trade with New England, on account
of the reduced barge rates, principally. The spot market is dull. At
Baltimore, coastwise and export shippers have a strike on their hands
which affects the masters of the tugs. Business has been such, however,
that the trade has not been much affected. Export is dull, there having
been no shipments made since that of April 1 to Genoa. Anthracite
s fair ly active. Activity at Hampton Roads is small and prices unchanged.
In southern West Virginia production, particularly of high volatile,
has been further reduced as contracting is way behind schedule. Smokeless
prices are weak and production about 50% capacity. There are very
hew "no bills" reported from the Logan and Kanawha districts, but orders
are very scarce. New River and Winding Gulf production has been cut
and slack has stiffened in price. Smokeless slack is at the highest price
in some time. In northern West Virginia the strike of 'union miners
has not affected prices and that production is around 90%. A slight
increase in demand has been noted. A poor market is the cause of low
production in the Upper Potomac and western Maryland fields and prices
are weak. New contracts are scarce but production is still at 60% 111
the Virginia fields. Spot buying is light and demand for prepared nil,
but slack is scarce and high in price.
In the Pittsburgh territory the spot market has become more active
and important on account of the tendency of consumers to hold off from
making contracts and their consequent buying for only a short time ahead.
Slack is firmer. There is no particular activity in Lake coal. The domostic market is dull, curtailing the production of slack. The general
tendency of operators Is to curtail production. In the central Pennsylvania district manY operators have closed down, which will make the
April production the lowest since the strike. Much of the contract business
which formerly went to this district has gone to West Virginia.
The general sogginess of the bituminous coal market
throughout the country is not disappointing, declares the
"Coal Age" this week. Nothing better is expected at
this time of year by experienced coal operators. If contracts can be landed at fair figures during April the month
cannot be said to be unduly depressing. In Kentucky
some contracting is in progress, especially now that the
movement to lower lake ports is under way. Union districts are not signing up much business, however, observes
the "Age" on April 16, adding:
1925 *582.674 .4,072,111 *1,644,793 *2,237,115 33,225,182
1924 485,840 4,090.884 1,503.852 2,000,552 32,371,978
050,569 1,911,030 16,926,512
Cotton-growing States_ 1925 391,492 2.795,422
856,399 1,737,090 16,181,926
1924 333,202 2,755,446
125,157 14,761,896
588.237
New England States_. _ 1925 161,410 1.073,974
108.448 14,499,660
565,460
1924 127,334 1,128,484
200,928 1,536,774
105,987
202,715
All other States
1925 29,772
155.014 1,690,392
81.993
208.054
1924 215.504
•Includes 17,965 Egyptian, 6,755 other foreign, 1,532 American-Egyptian and
260 sea-Island consumed; 71 499 Egyptian, 23.449 other foreign, 5,854 AmericanEgyptian. and 3.333 sea-island in consuming establishments, and 21.509 Egyptian,
14,038 other foreign, 10,116 Amerlcan-Egyptian. and 822 sea-island in public
storage. Eight months' consumption, 119.719 Egyptian. 58,234 other foreign,
Illinois and Indiana, handicapped both by non-union competition and
14,775 American-Egyptian, and 2,783 sea-island.
Linters not included above were 58,845 bales consumed during March in 1925 and new low freight rates to the great Northwest, have shut down so much
1,197 bales in 1924; 157,872 bales on hand in consuming establishments on March• producing capacity that their situation is somewhat improved as to market
storage and at com41 1925. and 126.332 bales in 1924; and 62,256 bales in public
United States
2
APRIL 18 1925.]
glut. Much good strip coal is selling steadily. In that region, as everywhere, domestic sizes are backed up on the mines, so that small coal here
and there is a little short. This maintains screenings prices with some
firmness. In Kentucky operating time in some fields is better than it
was at this time last year. Elkhorn and Hazard producers have signed
up most of the contract business taken in eastern Kentucky within the
week.
In the Northwest the docks have announced bituminous circulars setting
early-season prices at the levels of last year. This indicates a feeling
of some confidence on the part of lake shippers. Coal moved off the docks
at the Head-of
-the-Lakes during March in considerable volume leaving
a comparatively small carryover into the new coal year. As the new
shipments start from the Erie ports for the Northwest the situation does
not look particularly bad for the dock operators.
Dumpings at Lake Erie ports started off reasonably well. The first
week's activity showed a total of 139,331 tons of cargo coal and 7,821
tons for fueling purposes dumped, according to reports of the Ore & Coal
Exchange.
Wan
Ohio producers feel rather badly about the forthcoming lake business
because dock interests evidently expect to buy at lower prices than can be
offered by Ohio. Domestic trade is over for the spring. This leaves the
Interest of Cincinnati, Columbus and Cleveland largely centred on small
coal. But screenings are in excessive supply. This encourages price
cutting by many agencies with the general result that consumers who
ought to be contracting are inclined to wait.
New England trade is as sluggish as it was last week. Too much good
coal is available. An effort of several important smokeless shippers to
keep down volume and get a fair price is upset by a few who are overkeen
to move coal at any price. In the New York territory rail trade is overloaded. Tidewater market is in better condition than the line trade.
Alabama is doing a little contracting with railroads and public institutions, but the general market is weak.
Anthracite men do not wear the blue glasses of the bituminous producers
for interest in hard coal is awakening. Yard stocking is already starting.
At New York demand for stove size coal is best. This gives the independent
shipper a chance to get small premiums over the line company. In New
York and Philadelphia demand for small sizes Indicates the "burn-smallcoal" campaign is having its effect. Smallest sizes for steam are weakening
a little.
The "Coal Age" index of spot prices on bituminous coal on April 13
had declined one point to 161 during the week, though the corresponding
price remained at $1 95.
Hampton Roads dumpings for the week ended April 0 totaled 372,374
net tons, compared with 406,947 the week before.
Production of Bituminous Coal and Anthracite Again
Declines—Coke Output Steady.
Further declines in the production of anthracite and
bituminous coal marked the beginning of the new coal year,
partly due to a holiday on April 1—"Eight-Hour Day."
The output of coke, on the other hand, remained practically
stationary, according to statistics furnished by the United
States Geological Survey, which on April 11 reported as
follows:
The coal year 1925-26 began with the production of soft coal still declining,
Preliminary estimates place the total output in the week ended April 4 at
7,412,000 net tons, a decrease of 941.000 tons, or 11%.
A decrease was to be expected, owing to the occurrence of Eight
-Hour
Day on April 1. Even the holiday, however, did not completely conceal
the fact that the rate of output declined. Over the country as a whole the
day counted for a little more than half a normal day. On this basis the
average daily output was 1.324,000 tons, against 1.392,600 tons for the six
full working days in the preceding week.
The rate of output at present is slightly above that at the same date
last year, and is far above that in 1922 and 1921, when production was
seriously curtailed by a miners' strike and an acute business depression,
respectively. The present rate, however. is nearly 600,000 tons a day less
than that in 1923.
• Preliminary telegraphic returns for the present week (April 6-11) show
no revival of activity. Loadings on Monday and Tuesday totaled 50.192
cars, against 51,455 cars on the same days of the week before.
Estimated United States Production of Bituminous Coal (Net Tons), Including
Coal Coked.
1925
1924a
Week. Cal.Yr.toDate.
Week. Cal.Yr.toDate.b
March 21
8 283,000 117,209,000
9,573.000 126,503,000
Daily average
1.380,000
1,646,000
1,596,000
1,781,000
March 28.c
8 353,000 125,562,000
9,122.000 135,625,000
Daily average
1 392,000
1,626,000
1,520,000
1,761,000
April 4_d
7,412.000 132,974,000
7,041.000 142,666,000
Daily average
1,606.000
1,324,000
1,280,000
1,729,000
a Original estimates corrected for usual error, which in past has averaged
2%. b Minos two days' production first week in January to equalize
number of days in the two years. c Revised since last report. d Subject
to revision.
Preliminary estimates indicate that the total production of soft coal
during the first 83 working days of the calendar year 1925 was 132,974,000
net tons. In the five preceding years it was as follows: 1920. 143.026,000
net tons; 1921. 103,787,000; 1922, 135,473,000; 1923. 147,099,000; 1924,
142.666.000.
Thus it is seen that from the viewpoint of soft coal production, the
calendar year 1925 stands 1,436,000 net tons, or 1% behind the average
of the five preceding years.
ANTHRACITE.
Little anthracite was mined on April 1 (Eight
-Hour Day), and as a
result the total output for the week ended April 4 declined to 1,482,000 net
tons, a decrease of 158.000 tons. Production during the corresponding week
of the six preceding years was as follows:
Net Tons.
Net Tons.
April 5 1924
1 548,000 April 2 1921
1,157,000
April 7 1923
1,602.000 April 3 1920
1,314,000
April 1 1922
1.930.000 April 5 1919
1,272,000
Cumulative production during 1925 to April 4 totaled 22.541,000 tons, a
decrease of 1,928,000 tons. or 8%. as compared with the figure of the
corresponding period of 1924.
Estimated United States Production of Anthracite (Net Tons).
1925
1924
Week. Cal.Yr.toDate.
Week, Cal.Yr.toDate.
Week Ended—
1,513,000
March 21
19,419,000
1,804,000
20,979,005
1,640,000
March 28
21,059,000
1.942.000
22.921.000
4.6
1,482,OCO
April
1,548,000
22,541.000
24,469,000
a Minus two days' production in January to equalize number of days in
the two years. b SubjectAto revision.
1953
TIM CHRONICLE
BEEHIVE COKE.
No change of significance marked the production of beehive cokerin the
week ended April 4. The total output is now estimated at 220.000 net
tons, against 221,000 tons in the week before and 278.000 in the corresponding week last year. According to the Connellsville "Courier," the
number of active ovens in the Connellsville region was curtailed andrproduction declined.
Estimated Production of Beehive Coke (Net Tons).
Week Ended
April4 Mar.28 April 5 1925 to
1924 to
1925.b 1925.c 1924.
Date.
Date.a
Pennsylvania and Ohio
167.000 167,000 223,000 2,636.000 3,103,000
West Virginia
14,000 14,000 15.000 184,000 213.000
Ala.. Ky., Tenn. & Ga
23,000 22,000 23,000 310.000 289,000
Virginia
9,000
9,000 8,000 132,C00
124,000
Colorado and New Mexico-- 3.000
4,000
73.000
5.000
56.000
Washington and Utah
4,000
5.000
57,000
4.000
60,000
United States total
Daily average
220,000 221,000 278.000 3.378,000 3.860,000
37.000 37.000 46,000
42,000
48.000
a Adjusted to make comparable the number of days covered in both
years. b Subject to revision. c Revised from last report.
Cumulative production of beehive during 1925 to April 4 stood at 3,378,000 net tons. Figures for similar periods in earlier years are as follows:
1921
2,678,000 net tons 1923
5,377.000 net tons
3.860.000 net tons
1922
2,058,000 net tons 1924
Thus it is seen that from the viewpoint of beehive coke production 1925
stands 12% behind 1924, 37% behind 1923, 64% ahead of 1922. and 26%
ahead of 1921.
"Hardware Retailer" Warns Against Artificial Expans on of Business through Installment Selling
and Other Unsound Practices.
Warning as to the dangers threatening national prosperity by the widespread efforts employed to secure greater
sales volume regardless of the cost to the consumer, is given
in the April number of the "Hardware Retailer," the organ
of the National Retail Hardware Association. It is conceded that "the ambition to make a business grow is laudable,
if that growth is to be based upon sound economics," but it
is pointed out that "eagerness for larger sales should not
be permitted to blind us to fundamentals." "Expansion
gained by artificial, temporary stimulation," says the
article, "is not the true test of successful management,
particularly when it causes additional burdens of costs to be
placed upon the consumer." The greed for larger volume
through installment selling is one of the dangers to which
attention is called, and in its strictures with regard thereto
the editorial says:
This expensive, wasteful system of mortgaging the prospective earnings
of the consumer is developing into a race between various industries to
see which can get the biggest share.
The practice not only tends to double the cost of retail selling, but
strikes at the very moral fibre of the nation by discounting the need of
restraint, or self-denial.
It does violence to all the teachings of thrift; and only the thrifty nation
is the happy, progressive one.
It is based upon the insidious appeal of "Get what you want when you
want it. Count not the cost. Live as others live; have what they have,
regardless of income or station. Yesterday is gone, to-morrow is not
here. Enjoy to-day."
Installment selling will produce, for the time, larger volume of sales.
This is the alluring bait dangled before the eyes of the retailer to enlist .
his co-operation in converting the consumer to this method of buying.
"Look," assert its _proponents, "at what the automobile people have
done. 'Billions of dollars' worth of automobiles have been sold to people
who could not have bought them except upon the installment plan."
Little thought these people give to the foreboding that creeps so often
into the conversation of men who think of to-morrow; who weigh the
evils that have been wrought by automobile dissipation, as well as the
convenience and pleasure the motor car has brought.
Manufacturers who are most vigorous in their efforts to educate the
public to this form of buying, spending millions to this end, do not sell
on the installment plan. Nor do they borrow money at the excessive
rates that installment money costs the 12013SUMer.
Is not this gluttonous selling our modern feast of Belshazzar; an orgy
of merchandising, a mad desire for volume at any price—and without
regard for that day of reckoning forecast by the handwriting on the economic
wall?
Time was when a man could borrow five thousand dollars to buy a
home, but not five hundred to gratify his desire for some luxury.
But the barriers thus placed by wise bankers have been thrown down
through the establishment of finance corporations which will lend money
to finance the purchase of luxuries—at a price.
And that price is an interest rate varying from 20 to 30%.
We wax vigorous in our denunciation of the high cost of Government.
as evidenced by taxes—for taxes take part of the consumers' dollar.
And we know that a large portion of our tax money goes to pay interest.
And we know that the Government'does not borrow money at 20% rates.
Yet we permit, or even aid, the establishment of a selling system where
the interest rate consumes far more than the most extravagant wastes in
which any Government ever indulged.
This money does not come from thin air. The consumer has a dollar.
It goes so far. If from 20 to 30 cents of it goes to pay interest on money
borrowed to make a purchase, the consumer has not been benefited; nor
the retailer—in the ultimate.
The very act, while satisfying a created desire, reduces the ability of
the consumer to buy other things; perhaps of greater importance to his
well being.
If all hardware selling is converted to the installment basis, will the
individual retailer get a greater portion than he now enjoys?
If many retail lines drift to the installment method, will they not drive
the others to the same practice, leaving us eventually in the same relative
positions we now occupy—except that we have added tremendously to
the cost of distribution, for which the consumer must pay?
In some instances the privilege of buying on installments is a consumer
service. It is not against this that the retailer should stand, but against
the apparent endeavor to constantly increase the amount of buying done
under this expensive plan.
1954
THE OH.BONICLE
Installment selling should be the exception. Its proponents would
make It the rule. They are sowing winds and will reap whirlwinds. The
retail structure will not stand upon such an uneconomic basis. The thing
will fall of its own folly and• the retailer will be among the
debris.
In citing other uneconomic practices, the editorial says:
A wholesaler sees an opportunity to secure larger volume by instituting
truckdelivery. Hesends his merchandise to the doors of his retail customers
—hundreds of miles distant in some instances. . . .
Three years pass. Every wholesaler In that territory is delivering by
truck. Volume again seeks its natural levels. Each wholesaler is getting
the proportionate share of business he did before any truck deliverywas
started. But the service costs of all have been increased, and some one
must foot the bill.
Who will pay? Will the retailer pass the cost to the consumer, or bound
by the competition of chain and mall order stores, will he pay from his
already narrow margin?
[VOL. 120.
A tool manufacturer becomes obsessed with the greed for more volume.
He knows how it can be secured. He sends crews of canvassers into
towns to do the selling for some retailer there—and makes that retailer
pay part of the cost by reducing his margin. . . .
Again competition asserts itself. Other manufacturers adopt similar
tactics. Gradually each develops his crews of canvassers.
Then volinne again finds natural levels. Each gets his proportionate
volume of sales, based once more upon the worth of the merchandise rather
than the intensiveness of the selling effort.
And a more expensive system of selling has been established.
In
its citations, the editorial says:
We are drifting, nay rushing, into dangerous paths in the mad scramble
for larger sales which appear to be the primary objective to-day of all
who sell.
It is time to weigh the consequences of these efforts—upon the retailer,
upon the consumer.
Current Events and Discussions
The Week With the Federal Reserve Banks.
The Consolidated statement of condition of the Federal
Reserve banks on April 15, made public by the Federal
Reserve Board, and which deals with the results for the
twelve Federal Reserve banks combined, shows an increase
of $4,000,000 in holdings of discounted bills and decreases
of $56,600,000 in acceptances purchased in open market
and of $4,400,000 in Government securities, with the result
that total earning assets show a reduction of $37,300,000.
Federal Reserve note circulation fell off $16,100,000 while
cash reserves increased by $8,900,000 and non-reserve cash
by $2,400,000.
Increases in holdings of discounted bills are reported by
all Reserve banks, except Boston, New York, and Chicago,
the largest increase, $14,300,000, is reported by the Cleveland bank and the largest decreases, $13,200,000 and $10,500,000, by the New York•and Chicago banks, respectively.
After noting these facts, the Federal Reserve Board proceeds
as follows:
Loans and discounts fell off $94,006,000 and $7.000.000 in the New York
and Boston districts, respectively, while the principal increases as reported
by banks in other districts were as follows: Chicago, $16,000,000; Philadelphia, $10,000,000, and Atlanta, $8,000.000.
Investments in United States securities declined slightly in all districts
except Boston. An increase of $13,000,000 in other bonds, stocks and
securities in the New York district was nearly offset by declines of$7,000,000
in the Chicago and of $4,000,000 in the San Francisco districts.
Net demand deposits were lower than a week ago by $119,000,000 in the
New York district and by $13,000,000 and $9.G00,000 in the Cleveland and
Kansas City districts, respectively. An increase of $10,000,000 in net
demand deposits is reported by banks in the Chicago district and of $7,000,000 and $6,000,000 for the Philadelphia and Atlanta districts, respectively.
The principal changes in borrowings from the Federal Reserve banks were
an increase of $19,000.000 in the New York district and decreases of
$12,000,000 and $10,000,000, respectively, in the Cleveland and Chicago
districts.
On a subsequent page—that is, on page 1987—we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items
as compared with a week ago and with last year:
Increase (+) or Decrease
During
, Eight of the Reserve banks show smaller holdings of acceptances bought
Week.
Year.
Loans and discounts, total
in the open market, the principal reductions being as follows: New York,
—$68,000,000 +31,081,000,000
Secured by U. S. Govt. obligations
$26,000,000; Boston, $4,000,000, and Chicago, $3,700,000. Nominal
—1,000,000
—30,000,000
Secured by stocks and bonds
Increases are reported by four of the Reserve banks. The System's holdings
—54,000,000
+895,000,000
All other
of United States bonds went up $2,300,000, while holdings of United
—13,000.000
+216,000,000
States Treasury notes fell off $5,400,000 and of certificates of indebtedness Investments, total
—14,000,000
+971,000,000
U. S. bonds
$1.300.000. Tea of the Reserve banks show small increases in total
—16,000,000
+610,000,000
U. S. Treasury notes
holdings of United States securities, aggregating $4,000,000, while the
—2,000.000
—282,000,000
U. S. Treasury certificates
New York bank reports a reduction of $8,300,000.
+2,000.000
+18,000.000
Other bonds, stocks and securities
All Federal Reserve banks except Cleveland and San Francisco report
+2,000.000
+625,000,000
reductions In their Federal Reserve note circulation. The principal de- Reserve balances with Fed'I Reserve banks +4,000.000
+170,000.000
creases are New York $6,000,000 and Philadelphia $3,300,000. while the Cash in vault
+20,000,000
+6,000,000
Net demand deposits
Increase for the San Francisco bank is $1,700,000.
—120,000,000 +1,472,000,000
+2,000,000
+814,000.000
The statement in full, in comparison with the preceding Time deposits
Government deposits
—17,000,000
+64,000,000
week and with the corresponding date last year, will be found Total accommodation at Fed'I Res've banks —21,000,000
—90.000,000
on subsequent pages—namely, pages 1986 and 1987. A
summary of changes in the principal assets and liabilities Indebtedness of Allied Governments
to Great Britain
of the Reserve banks during the week and the year ending
Jan. 1—Repayments Since Armistice.
April 15 1925 follows:
The indebtedness of the Allied Governments to the United
+) or Decrease (—)
Increase (
Kingdom for war loans on Jan. 1 amounted to £2,062,000,000,
During
Week.
Year.
according to an official statement just received by the
BankTotal reserves
+$8,900,000 —$219,800.000
Gold reserves
+5,100.000
—260,400.000 ers Trust Company of New York from its British InformaTotal earning assets
—37.300,000
+126,400,000 tion Service. The advices made public by the
company
Bills discounted, total
+4,000,000
—74.300,000 April 11 state:
Secured by U. S. Govt. obligations_
+13,500,000
Other bills discounted
Bills bought in open market
U. S. Government securities, total__ _ _
Bonds
Treasury notes
Certificates of Indebtedness
Federal Reserve notes in circulation__ _
Total deposits
Members'reserve deposits
Government deposits
Other deposits
—9,500,000
—36,600,000
—4,400.000
+2.300,000
—5,400,000
—1,300,000
—16.100,000
+21,000.000
+700.000
+15,200,000
+5,100,000
+15,700.000
—90,000.000
+97,400.000
+91,200.000
+66,000,000
+51.500.000
—26,300,000
—268,300,000
+196,400.000
+200,600,000
—12,600,000
+8,400,000
The Week With the Member Banks of the Federal
Reserve System.
The Federal Reserve Board's consolidated statement of
condition on April 8 of 736 member banks in leading cities
shows decreases of $68,000,000 in loans and discounts, of
$14,000,000 in investments, of $120,000,000 in net demand
deposits and of $21,000,000 in borrowings from the Federal
Reserve banks. It should be noted that the figures for
these member banks are always a week behind those for the
Reserve banks themselves. Member banks in New York
City report declines of $92,000,000 in loans and discounts
and of $109,000,000 in net demand deposits, and increases
of $10,000,000 in investments and of $26,000,000 in borrowings from the Federal Reserve bank. Further comments
regarding the changes shown by these member banks is a
follows:
Of this amount E1,396,000,000 represented principal and
£688,000,000
represented accrued interest. There was also due to the British
Government
reconstruction loans on which interest is being paid in cash,
amounting to
£12,550,000, and relief loans on which interest is being paid
in cash,
amounting to £9,830,000. There was due to the British
Government for
other services £7,440,000. Summed up, the total indebtedness of
the Gov.
ernments allied in the recent war, due to Great Britain on
account of the
war and post-war situation on Jan. 1 1925 was £2,091,820,000,
of which
£666,000,000 represents unpaid accrued Interest. Of the
grand total the
following amounts were due from each of the Allied Governments:
RUssia
£750,000,000
Greece
£21,400,000
France
842,500,000
Belgium and Belgian
Italy
577,200,000
Congo
12,550,000
Serbia
31,580,000
Poland
4,950,000
Rumania
28,340,000
Czechoslovakia
1,300,000
Portugal
22,000,000
According to information received by the Bankers Trust Co.,
the Chancellor of the Exchequer stated recently in Parliament that, apart
from various
accounting adjustments, no HUMS in repayment of debts incurred
by Allied
Governments during the war period had been received by His Majesty's
Government. He said that in round figures the following amounts
had been
received from Dominion and Colonial Governments under funding
arrangements or otherwise:
Australia
£9,550,000
Newfoundland
4898,000
South Africa
3,070,000
Crown Colonies
2,492,000
New Zealand
940,000
War advances to Canada amounting to approximately £179 million have
been repaid by a set-off against loans by Canada to Great Britain.
The following repayments of loans to foreign Governments made since the
armistice have been effected:
/.
Belgium— £61 millions (post-armistice debt).
Austria— £21 millions, repaid in connection with the issue of the League
/
2
of Nations Reconstruction Loan.
APRIL 18 1925.]
THE CHRONICLE
Czechoslovakia— £2 millions (advanced by Wheat Commission forpurchase
of flour).
Repayment has also been made in full of the relief loans to Lithuania and
Latvia amounting to £16,812 and £20,170, respectively. Arrangements
have been made for the repayment by annual installments with interest for
the relief debts of Poland, Rumania, Hungary, Czechoslovakia and Esthonia.
Rediscount Rate of Bank of Japan Reduced for First
Time Since 1919.
Announcement was made in advices received in local
circles from Tokio this week that, effective April 15, the re{liscount rate of the Bank of Japan would be lowered for the
first time since 1919 from 2.2 sen to 2 sen (per day per 100
yen). The Government at the same time decided to reduce
the rate of tax on the said bank note issue beyond the legal
limit from 7 to 6%, and also to lower the discount rate of
the earthquake bills from 2.2 sen to 2 sen.
1955
Germany. The latter had asked as a condition of signing the new commercial treaty not to be let off payments but to make them in a different
manner. The difficulty was the Reparation Recovery Act, criticized at
Its birth as "too Welsh to work." It had in fact proved the only reparation
expedient to produce money. Last year's total was £9,000,000 and it
was now producing more than the British percentage (22%)of the general
reparations pool. This fact, so contrary to all reparations precedents,
was embarrassing the Transfer Committee under the Dawes scheme.
The new plan has advantages to the individual trader, no longer worried
by customs formalities, and to British trade generally, no longer threatened
by vast reparations in kind nor by the exchange fluctuations consequent
upon reparations in foreign currency.
Mr. Lloyd George noted with gratification that the Act,introduced while
he was head of the Government, was now bringing in almost enough to pay
Britain's obligations to America.
It is learned from Berlin Associated Press cablegrams
March 28 that satisfaction was expressed in German official
quarters over the agreement reached with respect to the
future method of collecting the 26% levy on exports prescribed by the British Recovery Act, and that unless the
Reparation Commission takes exception to the protocol
T. W. Lamont Guest at Banquet in Rome of Italian- drafted between the German and English representatives
American Chamber of Commerce—Italy
the new plan will be effective May 1 next. The March 28
Balancing Budget.
advices stated:
Thomas W. Lamont of the firm of J. P. Morgan & Co.
The protocol now awaits ratification of the British Government,It having
was the guest of honor at a banquet given at Rome, Italy, received the approval of the Agent-General of Reparations, S. P. Gilbert,
and the Transfer Committee. To guarantee the operation of the new
on April 14 by the Italian-American Chamber of Commerce plan a special permanent reserve fund of 10,000,000 marks will be deposited
and attended also by Frank Stearns of Boston, close personal by Germany with the Bank of England,in addition to monthly adjustments
friend of President Coolidge. Members of the Cabinet, which will guarantee England's share under the Recovery Act.
At least 800 German exporters who are affected by the levy will be reimSenators, Deputies, high State officials and prominent bursed by Agent-General Gilbert through the Reichsbank for the amounts
bankers were present, says the Associated Press, which they were assessed. They will be repaid in marks, whereas, England will
receive her share in sterling.
continues:
The
protocol provides that in the event that the new plan fails to work out
Among the Americans attending were Ambassador Fletcher, Senator satisfactorily the issue is to be submitted to an impartial inquiry and that
David A. Reed of Pennsylvania and Henry R. Gay, American author resi- the previous method of levying and collecting the 26% tax shall not be
dent of Rome. A letter was read from Premier Mussolini regretting his adopted again.
inability to be present in person.
The visit of Mr. Lamont and Mr. Stearns recently caused reports that
they were here to discuss with Premier Mussolini the Italian war debt to High German Gold Reserve—Reichsbank's Ratio of
Actual Gold to Circulation Well Above 1913.
America. Both visitors have denied this, insisting their trips are purely
personal.
Commenting on the March 23 return of the Reichsbank,
Speaking to-night, Mr. Lamont suggested that Italy attempt to induce
American tourists to remain longer in Italy and thus recoup most of the which shows a fall in circulation amounting to 81,000,000,
reduced flow of American money to Italy, caused by decreased remittances leaving the outstanding total 1,866,000,000 marks, and also
from Italians in America.
He complimented the Italian Government for its progress in financial reporting small increases in reserves of gold and "legal cover
recovery and praised the country's advance in industry.
exchange," a cablegram (copyright) to the New York
"I see no signs of public unrest, but upon the contrary, tranquility pre- "Times" from Berlin April 6 said:
vails," he said.
The gold cover percentage to outstanding notes rose last week to 53.4%
"You still have handicaps to overcome, but I am convinced they will be
overcome, Just as you have conquered those of recent years through the and the combined gold and foreign exchange cover went to 71.2%. These
Intense, unremitting industry of the Italian people. The greatest single are the highest points reached since the reform of the currency. They comasset of the Italian people is perhaps, their capacity for hard work and their pare with a gold cover at the end of February amounting to only 43.1%
praiseworthy habit of frugality—that same thrift which President Coolidge and a combined gold and exchange cover at that date of 57.4%•
At the end oi 1913 the gold held against Reichsbank note circulation
urged American people to practice.
"Italy's balancing of her budget under Finance Minister De Stefani's amounted to only 45%, but at that time no "foreign exchange cover" was
admirable guidance was an extraordinary achievement. It was essential Included, that kind of reserve not being legally recognized at the time.
to the comfort and material well being of the community. For if commonwealths are distracted by the evils of excess inflation, by the pursuance of Germany Calls in Mark Notes of Large Denomination.
unsound economic doctrine, their people cannot rise above the sordid level
of a mere struggle for existence."
Associated Press cablegrams from Berlin April 13 state:
Among those present were former Foreign Minister Tittoni, Minister of
The last issue of German notes of huge denominations, I he product of the
Justice Rocco, Minister of Marine Di Revel, Minister of Finance De Ste- era of inflation, are being withdrawn from circulation. Holders of hunfan', Senator Carlo Schanzer, Senator Count Cippico, Director-General dred-billion-mark notes, designated as the first issue and bearing the date
of the Treasury Donaldo Stringer and Senator Contarini, representing the of Oct. 26 1923. and holders of ten billion-mark notes dated Nov. 11923.
Foreign Office.
have been warned to turn them in for redemptino before April 20 1925.
On the 13th inst. the Associated Press cablegrams from
Rome stated that Mr. Lamont was observing reticence in Germany's Federal Debt—More Than One-Third Now
regard to his recent interviews with Premier Mussolini,
Consists of "Dawes Loan."
Finance Minister De Stefani and Minister of the Interior
We quote the following Berlin cablegram March 29 (copyFederzoni. On that date these advices also said:
In political and financial circles, however, the belief is expressed that his right)from the New York "Times":
purpose to learn the real facts regarding Italian finances, the labor situation
and the prospects of Italy's economic future. The fact that he has had
several interviews with the Finance Minister is especially commented upon
as possibly connected with some financing project.
It is officially stated that the Federal debt of Germany at the end of 1924
aggregated 2,724,349,198 marks. This, however, omits the newly valorized paper mark loans. Of the total stated, 944,100,200 represents the
Dawes loan.
Out of the gold loan of 1923, which originally amounted to 491,100,309
marks, all but 24,639.391 has already been redeemed out of the budget surplus.
bid
Quoting Private Discounts at Berlin.
The German Boerse after suspending such announcements
for eleven years, has resumed the daily publication of the German Reparation Payments for March Amount to
91,691,000 Marks.
'private discount rate, says a cablegram from Berlin April 12
Associated Press cablegrams from Berlin April 6 state:
to theNew York "Times," which states that business in
Germany's payments to creditor Powers under the Dawes plan during
private discounts, however, remains small.
March totaled 91,81'LOW marks. Of this amount Great Britain received
21.600.000 marks and France 37,900,000.
Japan was charged with deliveries of dyestuffs to the value of 595.000
marks.
The total payments cleared from the office of the Agent General for the
reparation payments during the first seven months the Dawes plan has been
operating amount to $145,000.000.
British House of Commons Approves Plan for
Recovering Reparations Payments From Germany
in Lieu of 25% Duty.
According to a copyright cablegram to the New York
German reparation receipts and payments for the period
"Times," the House of Commons on April 7 agreed to try
the new scheme of recovering reparations from Germany from Sept. 1 1924 to Feb. 28 1925 were given in these colin place of the 26% duty which has been levied since 1921 on umns two weeks ago, page 1690.
German goods entering Britain. The cablegram goes on
Foreign Capital Finances Huge German Import Trade—
to say:
Balance of Trade in 1924 Largest on Record.
The new arrangement provides that instead of payment of duty by
individual merchants, 800 of the chief German exporting firms should hand
Germany's trade is being retarded by the creation of new
over to the Reichsbank 26% of sterling bills received in payment for goods
-General competitive industries in her pre-war markets overseas, by
sold in Britain. The Reichsbank would hand over to the Agent
under the Dawes scheme enough of this sterling to pay the British 22% tariff barriers still existing in a number of her most important
reparations pool.
of the
export fields and by the lack of operating capital necessary
Credit for the new scheme, said Minister Churchill. Chancellor of the
Exchequer, was partly due to the new ability and willingness to pas' by for the financing of foreign trade, according to Assistant
1956
THE CHRONICLE
Commercial Attache Miller, Berlin, in a trade review of
Germany appearing in the current issue of "Commerce
Reports." The Department of Commerce, in making this
known April 13, says::
German trade during 1924. with its high percentage of exports of finished
products, and its disproportionately heavy imports of raw materials and
foodstuffs, is interesting as an indication of the present industrial activity
of the Reich. During the year just closed, shipments of finished products
accounted for 79% of the total German exports, whereas during 1913 the
corresponding percentage was 63. The loss of Germany's pre-war position
in the coal trade, through having been reduced from a coal exporting to a
coal importing nation, plays an important role in both the comparative
volume of trade exports for the two years and consequently in the increased
proportion of exports of finished products during 1924. The gold value of
German exports last year was 65% of the pre-war figures, while imports
were 85%. But if the difference in gold price levels is taken Into account,
total German trade is only 56% of pre-ward trade as compared with 52.5%
In 1923, 60.8% in 1922 and 36% in 1920. On this basis imports amounted
to 62% of pre-war and exports to 50% of pre-war.
The official figures show total imports amounting to 9,316,841.000 gold
marks, while exports were 6,566,854.000 gold marks, leaving a net deficit
for the year of 2,749,987,000 gold marks. This compares with 1913
figures of imports amounting to 11,206.000,000 gold marks and exports
amounting to 10,199,000,000 gold marks and a net deficit of 1,007,000,000
gold marks.
The unfavorable balance of trade of 2,750,000.000 gold marks ($650,000,000) is the largest ever rolled up in one year and far exceeds any possible
sum accruing to Germany through invisible exports. It is evident that
these excess imports have been paid for in large part by the foreign credits
granted to Germany by the United States, Great Britain and other countries
during the last four months of the year.. These credits were recently
estimated at $300,000,000 over and above the official German loan of about
900,000,000 gold marks, but have not as yet been entirely taken up, and
many of them, particularly those from Great Britain, still remain on the
books at the disposal of German industry. • A second sifnificant factor in
the settlement of this adverse trade balance hsa evidently been the repatriation of German capital that had been sent abroad during the inflation
period. This capital abroad was estimated by the committee of experts
at between 6 billion and 7 billion gold marks. Responsible German opinion
considers that a large portion has already returned.
An analysis of the December figures show that imports were made up
of 382,000,000 gold marks for food and drinks, 455,000,000 for raw materials, 139,000,000 for semi-finished goods, and 230,000,000 gold marks
for finished goods. The high proportion of raw materials and half-finished
goods has been imported in the last quarter indicates that these large
amounts which will appear later as exports of finished products in the
current year. In this respect the German import surplus during the last
quarter corresponds with that of the English import surplus which has
given little anxiety to that country.
In contrast to the violent fluctuations in imports, German exports, which
were at their lowest point in January, moved constantly upward throughout
the year. Computed on a basis of 1913 price levels, gold values of exports
at the beginning of the year were 47%, or practically one-half of pre-war
average; at the close of the year they had increased to about 59%•
This rising tendency was due to the fundamental improvement in the
German situation. For the first time since the war, in 1924 German
manufacturers have been able to buy foreign raw materials with a stable
currency, and have been able to calculate wages, general production costs.
and sales prices with some measure of certainty. Interest rates had declined
from 40 to 60% in April to 11% at the close of the year.
While factories have steadily been returning to greater efficiency, wages
have risen very slightly and are now only about 25% above the pre-war
level in gold. German industry is still over-staffed and burdened with
high overhead, including taxation, but relief has been extended by the Government in tax cuts at the close of the year. particularly the turnover tax,
which has been reduced in stages frcm 231 to 14i%. The pressure of
domestic financial difficulties is thus appreciably relieved.
The proportional increase in trade is directed toward the Asiatic and the
American continents. Germany is developing its markets in China, Japan,
British Indies. and Latin America, although with the exception of the
United States, these markets are small relative to its total trade. Sales in
Europe,Germany'slargest market,are slightly less important than formerly.
Reopen London Stock Market to Foreigners—Restrictions Upon Foreign Dealing on British Stock
Exchange Removed.
According to a copyright cablegram from London March 30
to the New York "Times," the London Stock Exchange Committee has, rescinded the regulation forbidding contangoing
(the putting off of payment due for stock until next settling
day on payment of a premium) on behalf of foreign clients.
The cablegram adds:
When contangoes were reintroduced at the Stock Exchange's reopening in
war-time the carry-over facilities were not extended to foreigners, because
speculation on their part was considered detrimental to the foreign exchange
position.
It is evidently now considered that exchange is sufficiently stabilized to
permit abolition of this restriction on foreign operations on the London Stock
Exchange.
[VOL. 120.
Replying to another question by F. A. Macquisten, also Unionist, as to
whether representations would be made to the American people concerning
"this scandalous state of affairs," Mr. Chamberlain suggested that the usual
channels of the press were open to any who cared to *make such an appeal
[The obligations referred to were bond issues by a number of Southern
States during the Civil War period.]
The issue was brought before Commons on the 1st inst., at
which time the New York "Times" gave the following account of the discussion in a copyright cablegram from London:
The ancient question of the repudiation of State debts by the Southern
States of America with the consequent loss to the British investors was
made the subject of a Conservative question in the Rouse of Commons today.
Austen Chamberlain, Foreign Secretary, was asked whether representations
had been /bade by the British Government to obtain repayment of those
debts, which were contracted for industrial purposes and the large part of
which was lent by British citizens.
The reply was, "No."
Lady Astor said:
•
"Now that those States have gone prohibitionist is it not very likely they
will have more money to pay their debts?" Laughter greeted her question.
Chamberlain said:
"I hope my noble friend will apply her persuasive arguments to the Legislatures and Governors of those States. It is a fact I see no prospect of making representations, with any chance of success. The Government of the
United States has no control over those States.
"United States citizens are as much interested in the matter as are our
own, and if they cannot secure redress I am afraid no representations from
me would be of any avail."
On the 8th inst. press advices from Washington stated.
:
The official view was expressed at the Treasury to-day that there was
nothing for the Government of the United States to do toward granting
relief to Englishmen who bought Confederate State bonds.
It was added that this question had been brought up periodically for years
and each time the same explanation was given—that the Federal Government
had not even a record of the financial affairs of the Southern States during
the Civil War.
Shipments of Gold to India Returned by P. & 0.
Steamship Co.—New York Banks May Protest.
The possibility of local banking institutions lodging a protest with the Post Office Department at Washington against
the action of the P. & 0. Steamship Company in returning a
shipment of gold, amounting to $1,600,000, consigned to India, was indicated in the daily papers on April 1. We quote
what the New York "Journal of Commerce" had to say in
the matter on the 1st inst.:
Approximately $1,600,000 of gold shipped from here to India during the
recent export movement has been returned to New York from Marseilles,
France, because inasmuch as it was in form of 50-ounce bars and sent by
registered mail it was refused for transshipment by the P. & 0. Steamship
Co., according to reports. This is the second time gold exported by parcel
post or registered mail from here has been back from India, the previous
occasion being two years ago.
The returned gold belongs to several New York exporting banks. It is
stated that other rejected shipments are on the way back. The greater part
of the gold exported from here to India, however, went by direct steamer as
freight. Those consignments will be delivered at. their destination.
India is one of the countries in the international postal agreement permitting imports of gold by mail. But the P. & 0. evidently objects to carrying
the gold in question at postal rates.
On March 14 the Postmaster-General issued an order that gold shipments
in excess of $50 would not be accepted for transmission to foreign countries,
either in the letter or parcel post .mails. It was stated that this order was
due to the difficulties encountered in the handling of large shipments of gold
on steamships in distant seas, and in transshipment at seaports outside of
the jurisdiction of the United States Government.
The Postmaster-General's order placing an embargo on
shipments by registered mail or parcel post of gold coin, gold
bullion and gold dust in quantities exceeding $50 was referred to in our issue of March 21, page 1403.
According to the "Wall Street Journal" of April 1, three
leading local banks are represented in the Indian gold shipment which has been returned. It adds:
The action is regarded in banking circles as a violation of the postal agreement existing between this country and India. It is understood an official
protest will be lodged with the postal authorities because of the principle
involved.
At the same time it was pointed out by an official of one of the institutions that, so far from occasioning a loss, the rejection was really a windfall
in view of depreciation in exchange that has taken place since the shipment
was first made from here.
President of Nicaragua Halts Run on Bank—Bill
Proposing Loan to Increase Capital Defeated.
Discussion in British House of Commons of Unpaid
The following Managua, Nicaragua, dispatch, March 30,
War Debts of Some of the Former Confederate
appeared in the New York "Journal of Commerce":
States.
A run by depositors upon the National Bank here and its branch at GraA statement to the effect that the British Government is
nada yesterday followed the publication of a statement which Nicaraguan
not disposed to make representations to Washington in re- Cabinet officers and the President said was made to them Monday by the
gard to the unpaid obligations of several of the former Con- American manager of the National Bank, that if a loan of $500,000, profederate States was made on April 8 in the House of Com- posed by New York bankers to increase the capital of the bank was not
approved by the Nicaraguan Congress, the American
himmons by Foreign Secretary Austen Chamberlain in answer self would resign. The proposed loan was defeated bydirectors and heweek.
the Senate last
The run on the bank was stopped by the President announcing that in case
to a question by J. S. W. Milne, a Unionist member. The
Associated Press cablegrams from London, April 8, also the American officials resigned the American Collector-General of Customs
would be appointed manager of the bank during the crisis.
stated:
The New York "Herald Tribune" of April 1, referring to
Mr. Milne asked if the United States would place the money due British
investors against the total amount of the British debt to the United States. the cablegrams, said:
The Foreign Secretary pointed out the obligations were purely those of
American States, and not of the Federal Government.
A report that the manager and its six directors, all of whom are Americans, planned to resign, was denied in responsible quarters here.
APRIL 18 1925.]
THE CHRONICLE
Rand Pays in Gold Again—Miners Welcome the Reappearance of the Sovereign.
The following wireless message (copyright) from Johannesburg, March 27, is from the New York "Times":
Sovereigns made their reappearance on the Rand yesterday after an absence of ten years. Some 400,000 sovereigns were distributd to miners for
the week's pay.
The Coins were gleefully welcomed, although the miners were surprised to
find many old ones among them, bearing the heads of Queen Victoria and
King Edward.
New Nicaraguan Cabinet.
It was announced on March 30 that President Solorzano
had formed a new Nicaraguan Cabinet, following the resignation of his Ministers on March 25 so that he could have a
free hand in reorganizing the Government. The new Cabinet is constituted as follows:
Ex-President Martinez, Minister of Interior; Jose Andres Urtecho, Minister of Foreign Affairs; General Montealegre, Minister of War; Salvador
Castillo, Minister of Public Works; Leonardo Arguello, Minister of Public
Instruction, and Albino Roman Reyes, Minister of Finance.
Nicaragua Plans Federal Reserve System—Dr. Jenk
and His Experts Are in Managua Studying
Monetary Conditions.
The following is from the New York "World" of March 29:
Arrival of Dr. Jeremiah Jenks and his associates at Managua recently, to
establish a Federal Reserve System in Nicaragua, calls attention to the
monetary system of that country.
Nicaragua, which in area is little larger than New York State and
has a
population a little less than Mount Vernon's, established its present monetary
system in 1912. The country was then in a bad financial condition
and,
hoping to re-establish its credit and stabilize its currency, it thoroughly
reorganized its monetary system. The Government, co-operating with a
group of American bankers, instituted a financial plan, which included a
budget for Governmental expenditures.
The present monetary unit, the gold cordoba, replaced the silver
peso, the
rate of exchange at conversion being 1,200 silver pesos to the gold cordoba.
The new currency was secured by gold balances maintained abroad.
Under
the monetary law, for every cordoba issued its gold equivalent had to be
deposited here, the purpose of the system being stabilization of the rate of
exchange ruling between Nicaragua and foreign countries.
Since establishment of the new currency, with the exception of a short
period in 1914, at the outbreak of the World War, the cordoba has ruled on
par with the United States dollar. When the exchange fund was established
here 1,200,000 cordobas were outstanding which were not specifically covered by deposits abroad, but as circulation expanded with the growth of the
country and its commerce the percentage of gold cover behind the notes
steadily rose and will continue to do so with increased circulation, as a full
gold cover is required for any additional issues.
Resembles United States System.
Dr. Jenks is studying the economic structure of the country prior to establishing a Federal Reserve System. In general, the new banking system
will be patterned on that of Colombia's, which in turn is a slightly modified
miniature of the Federal Reserve System of this country.
National Bank of Nicaragua, a Government institution bought 61% of
its stock last Sept. 14 from the Bank of Central and South America, largely
'
American controlled, for $300,000. The Bank of Central and South America, which is the depositary for the National Bank of Nicaragua, then held
for the latter institution, as of Sept. 80, approximately $2,000,000 in gold
against the 3,187,000 cordobas then in circulation.
Recently the Bank of Central and South America and all its South American branches were acquired by the Royal Bank of Canada, which at present,
through its purchase of the former bank, is acting as the depositary for
Nicaragua. The nine directors of the National Bank of Nicaragua, six
Americans and three Nicaraguans, meet here next Wednesday. At their regular monthly meeting they will discuss the retention of their present depositary.
Directors of the National Bank of Nicaragua, it is understood, will leave
the money on deposit where they are able to get the best interest rates, but
there is a strong feeling among some of the Nicaraguan as well as American
directorate, that Nicaragua would receive greater benefits, due to its growing trade with this country, if the money were deposited in an American
bank. Directors probably will vote on the proposition of transferring deposits next Wednesday.
Soundness of Currency.
Present plans for a Federal Reserve System will in no way affect the stability of the present monetary system.
Soundness of the present currency system is indicated by the manner in
which the country reduced its public debts. In 1911 the public debt was
32,236,233 cordobas; in 1917 it was 22,084,279; March 1 1924 it was
8,139,059, and at present the public debt approximates 7,000,000 cordobas.
Americans hold 4,000,000 cordobas guaranteed customs bonds which are
secured by customs receipts. Growth of the country's trade is illustrated by
figures, which since 1912 have been kept accurately by Clifford B. Ham,
Collector-General of Customs. His report shows that in 1914 40% of the
exports were to the United States, while in 1923 more than 72% of the exports were to this country. Imports from the United States in 1914 totaled
54%, while in 1923 they were 76%.
Nicaraguan exports were also changing in character. In 1914 65% of the
total exports were coffee, 8% bananas, —% cabinet woods and less than 1%
sugars. In 1923 coffee formed 35% of total exports, bananas 19%, cabinet
woods 16% and sugar 12%. Mr. Ham's figures show that value of exports
have risen from 4,956,051 in 1914 to 11,028,309 cordobas in 1923, while
value of imports jumped from 4,134,323 in 1914 to 7,268,432 cordobas in
1923. Since 1900 Nicaragua has had only four years of unfavorable trade
balances.
Revelations Incident to Issuance of Note Circulation
by Bank of France in Excess of Legal Limit.
Indicating that the inflation resorted to by the Bank of
France was a development of exigencies dating from the
administration of Premier Poincare, an Associated Press
cablegram from Paris, April 9(which we quote from the New
York "Times"), had the following to say:
1957
Official confirmation by the weekly statement of the Bank of France of
a rumor current for some time that the paper circulation of the institution
had overrun the legal limit by about 2,000.000,000 francs had only a slight
reaction on the Bourse and on the exchange market today. The effect of
the announcement had been discounted in well-posted financial circles since
the beginning of March, while the public had been prepared for the revelation by vague insinuations in political circles.
Just how the extra 2,000,000,000 francs of advances could be carried in
the statement without the public realizing it is shown by the sudden drop of
1,150,000,000 francs in the "miscellaneous" item in the liabilities and the
increase of 1,000,000,000 francs in the "miscellaneous" under the assets.
The bank however, although advancing the 2,000,000,000 francs without
Parliamentary authority, had collateral in the shape of National Defense
bonds which the Government deposited as security.
Financiers in the confidence of the Government had known that the Government of former Premier Poincare resorted to borrowing from the banks
to an important extent when the speculative drive threatened to demoralize
French exchange in March of 1924. The banks helped the Government
out in similar, though less critical, times from August to December, 1923.
The Government borrowed 300,000,000 francs from banks in 1923 and
about 2,225,000,000 in 1924, it appears from the statement made by
Frederick Francois-Marsal, when he was Minister of Finance, to the
Finance Committee of the Senate in April of last year and which has just
been made public. These loans were settled, however, without resorting to
an unauthorized issue of paper money.
The maturity of short-term loans and reduced investments by the public
in National Defense bonds placed the Treasury at the beginning of the
present year in the same embarrassment it had been a year ago. The political agitation increased the gravity of the situation. An exodus of capital
began with the menace of a capital levy,and the demands upon the Treasury
were such that they could no longer be met by such expedients as were
resorted to by Premier Poincare's Government.
The time came when the banks no longer could furnish the funds required
to meet the demands of the Treasury. The dilemma of the Government
then was whether to expose to the public the fact that the Treasury was
unable to meet its obligations. request Parliament te deal with the situation,
or resort to a temporary increase in circulation. The Bank of France
officials, it is understood, on the best of authority, resisted the demands for
an issue of more paper money until they were overwhelmed by pressure of
all sorts applied by the Government.
This extraordinary measure was at first regarded as temporary. The
Government hoped to solve the financial situation in time to avoid the
necessity of authorizing an increase in circulation by law, but the demands
upon the Treasury continued to increase as confidence diminished, and the
excess paper money issued grew until the officials of the Bank of France
declared they could wait no longer for the situation to be made regular by
act of Parliament.
M. Poincare appeared before the Republican Union group in the Senate
today to explain the statement given by M.Francois-Marsal to the Finance
Committee last year. Replying to charges by Government organs to the
effect that the Poincare Government had engaged in illegal transactions by
creating obligations which the present Government was obliged to meet.
the former Premier declared that never during his Administration had the
legal maximum paper circulation been exceeded.
When the Treasury was in difficulties, said M. Poincare, a discount on
national defense bonds was resorted to with the aid of banks, as at the time
was explained to the Finance Committee of both houses of Parliament, and
even from their floors.
M. Francois-Marsal, who also was called before the Republican Union
group, made a declaration similar to that of M.Poincare.
The impression in political and financial circles tonight is that the full
effect of the revelation that inflation was resorted to will be felt only when
the reality of the situation becomes understood by the peasant class in the
country and in business circles.
The Government press is vigorously attacking the preceding Government
with regard to the financial situation, obviously with a view of offsetting
the bad effects of today's disclosure on the Spring municipal elections,
which will take on special importance as the councils of cities and communes
to be elected will participate in a renewal of one-third of the Senate this
year.
The non-political press is about evenly divided in'its criticism of the
Government and the Bank of France.
New French Cabinet in Succession to Defeated Herriot
Government—Bill Increasing Limit of Circulation
of Bank of France Passed
Following the fall of the Herriot Government, which came
on April 10, and had been imminent ever since the disclosures early in the present month incident to the financial
difficulties of the French Government, a new Cabinet,
headed by Paul Painleve, was announced on April 16, with
Joseph Caillaux former Premier, (who recently returned to
France after a period of banishment on charges of treason
but who was later pardoned and restored to all his rights
as Finance Minister. The membership of the new Cabinet,
as completed by Premier Painleve and presented to President
Doumergue in the Palace of the Elysee at noon yesterday
(April 17) follows:
Premier and Minister of War—Paul Painleve.
Foreign Affairs—Aristide Briand.
Finance—Joseph Catllaux.
Justice and Vice-President of the Cabinet—Jules Steeg.
Public Instruction—Anatole de Monzie.
Interior—Senator A. Schrameck.
.
Commerce—Charles Chaumet.
Marine—Emile Beret.
Colonies—Andre Hesse.
Agriculture—Jean Durand.
Public Works—Pierre Laval.
Labor—Antoine Durafour.
Pensions—Louis Anteriou.
The under-secretaries are:
Liberated Regions—Jammy Schmidt.
War—Jean Ossola.
Merchant Marine—Charles Danielou.
Air—M. Laurent-Eynac.
Fine Arts—Yvon Delbos.
1958
THE CHRONICLE
M. Painleve, President!of the Chamber of Deputies, who
had been asked by President Doumergue on April 11 to form
the new Government, after tentatively accepting had declined on the 12th inst., following a survey of the situation,
to undertake the task, a statement issued by him showing
that the attitude of the Senate was the determining factor
in his decision. Following this, Aristide Briand was on the
12th asked by President Doumergue to form the new Cabinet;
he withheld his decision until the 14th, when announcement
was made that he had definitely decided to abandon the
attempt. As to the succeeding days' (April 15) developments, we quote in part the Associated Press accounts:
M.Painleve, upon whom devolves the task of the Premiership from which
Edouard Herriot was deposed, called on President Doumergue at 11 o'clock
to-night and informed him that negotiations for the constitution of a Cabinet
were progressing as normally as could be expected and that he would be in
a position to present his Ministry to the President late to-morrow afternoon.
The question whether Joseph Cailiana will accept the post of Minister of
Finance in the Cabinet now being formed by Paul Painleve overshadowed
all other developments in France's political crisis to-day.
The return to power at the head of one of the most important Ministries
of the man who five years ago was regarded as politically dead for all time
has caused varied but strong emotions in the French political world, accustomed as it is to spectacular coups and dramatic ups and downs of its statesmen.
The acceptance of M. Caillaux was made known on the
16th inst., at which time it was announced that Louis Loucheur,.who had been cast for Minister of Commerce, declined
to accept a post in the Cabinet. From the Associated Press
accounts that day as published in the New York "Journal of
, Commerce" we quote the following:
The Painleve Cabinet, it is declared, will make an earnest attempt to
reach some agreement with Great Britain and the United States on interAllied debts. The idea of a levy on capital has been abandoned and the
policy of complete separation of Church and State will be allowed to lapse.
Parliamentarians describe the Cabinet as composed of the safer and saner
elements of the Left groups and with pronounced leanings toward the Center
and Right parties. The new Ministry wilt continue the policy of conciliation toward former enemy countries, relying entirely on the operation of
the Dawes plan for the collection of reparations.
Caillaux Outlines His Financial Policies.
M. CaiHaus made a declaration at a meeting of the Radical Solcialist
group this afternoon on the futility of "improvised measures" in order to
place the Treasury on a sound footing. This group remains the most numerous in the Chamber, having 140 members, as compared with the Socialists' 104.
As the former chief entered the meeting room all present stood up, but
there was no applause or other form of greeting.
M. Calllaux began by sketching the situation of the Treasury since the
war as laid before him by the bankers; then outlined some measures he had
In mind for its relief.
Forecasts Heavy Sacrifices.
Balancing the budget, which now had been attained, was not sufficient,
he said. Charges on the Treasury must be lightened. A careful inventory
must first of all be made of France's international and external debts and
a strong effort made to obtain settlement of the Inter-Allied debts. The
exact amount necessary to complete work in the devastated regions must be
calculated.
Then the fiscal system based on purely democratic principles must be introduced and amortization begun. Improvised measures would be vain.
His program demanded the support not only of all Republicans but the enIre nation.
[VOL. 120.
The Chamber of Deputies' so-called vote of confidence of 530 against 26
given the Herriot Ministry today was absolutely without significance, for
M. Maginot, leader of the opposition, laid emphasis on the fact that under
no circumstances should the vote be construed as implying confidence "in
this moribund Government."
On April 8, Premier Herriot raised the question of confidence in the Senate on an item of 166,000 francs in the school
appropriation. The official report of the vote was that the
Premier had been upheld by a vote of 142 to.140. Two senators, however, said their votes had been miscounted. It was
then assumed that the Premier's resignation was certain.
On April 9 however a vote of confidence was given the
Government by the Chamber, the vote recorded being 290
to 246. According to the New York "Times" Premier
Herriot indicated on ,the 8th his intention to resign, but
during a cabinet meeting lasting into the early hours of the
following morning was persuaded not to withdraw.
Describing the factors in the fall the next day of the
Herriot Government the New York "Times" copyright
cablegram of the 10th inst. said:
The Government was defeated on the issue of exceedhig the legal
the bank note circulation of the Bank of France, which was due to the
demands of the Government and which the Government kept secret. The
battle cry of the Opposition was that this represented underhand work and
destroyed the confidence of the French public. Opposition to the proposed
forced loan and Socialistic projects of M.Herriot were factors in his Waterloo
on this Good Friday.
The Associated Press advices in their accounts said:
The fall of the Herriot Government was due to former President Poincare.
For six hours the battle waged in the Senate between theGovernment and
the opposition, with the fortunes of war swaying from one side to the other
until Poincare, throwing the weight of his authority into the attack brought
down the Cabinet with a crash.
With the Premier leading them, the entire Cabinet filed out of the Chamber by the left exit. The members of the Left group appeared crestfallen,
the Senators of the Right and Center cheered.
The entire afternoon had been taken up by speeches of M. Francois
Marsal and Premier Herriot. Both, using exactly the same set of figures,
taken from identical sources, have proved to their own satisfaction entirely
different viewpoints. In their speeches, rid of long strings of figures and
shorn of their diplomatic niceties and language, both M. Herriot and M.
Francois Marsal were somewhat in the position of two small boys before
a stern parent, confronted with a broken vase and each accussing the other.
"You did it."
Then, as former President Poincare was seen briskly ascending the steps
of the speaker's rostrum, tense silence fell upon the assembly, which up to
that time had been extremely unruly.
"I have decided to break my long silence since my departure from the
direction of French public affairs only because the life of my country Is at
stake," said M. Poincare. "I have a duty to perform," he added.
It was folly, M.Poincare went on. for Frenchmen to accuse one another
of being responsible for the present precarious situation of the French Treasury, when the failure of Germany to pay France was at the bottom of the
entire trouble. But some Frenchmen were more responsible than others.
The former President blamed internal political strife and the policies of
the present Government on other than'economic matters as creating unrest
and destroying confidence, and said the imprudent speeches by allies of the
present Government—referring to the Socialists— were causes which had
brought the French Treasury to its present low ebb.
"If the men now conducting French affairs cannot be depended upon to
restore confidence." lg. Poincare declared, "let us try with others. I do
not speak for myself. Willingly, gladly, I have passed on to younger men
the labors and responsibilities of power."
Replying to M. Flerriot's statements that the Herriot Government was
the first one to make the Germans pay, M. Poincare for the first time
mentioned the Ruhr.
"We received 3,000,000,000 marks out of the Ruhr, in which our Allies
were glad to share," M. Poincare declared.
He added that the Ruhr was becoming a paying venture and the schedule
of payments would be increased as the years went on. "I assume entire
responsibility for the acts of my Government from 1922 to 1924," said the
former President. "Let M. Herriot do the same."
Foremost among the sympathizers with M. Herriot was Leon Blum, the
Socialist leader in the Chamber of Deputies. As the Premier and his
Ministers were leaving. M. Blum pointed to them and said: "Behold my
victims." Blum then embraced M. Herriat, who smilingly said to the
Socialist: "My poor friend, I have denied thee, and denied'thee today of
all days." This allusion on Good Friday to the denial of Peter, coming
from the anti-clerical leader, created something of a sensation among the
politicians and newspaper men crowding the ante room.
The fortune of the battle in the Senate was decided with dramatic suddenness. M. Herriot had held his own in the long debate with M. Francois
Marsal, and M.Poincare's formal address appeared to have left the Senators
somewhat cold. Suddenly M. Herriot interrupted M. Poincare, and the
latter retorted sharply.
There followed some repartee, In which the sharp staccato sentences of
M.Poincare culminated in the exclamation: "You are not the man to come
before us and ask for a sacred union." M. Poincare delivered the exclamation in ringing tones with his index finger extended toward M. Ilerriot.
This brought the opposition Senators to their feet cheering.
Preceding the fall of the Herriot Cabinet, the resignation had occurred on April 2 of Finance Minister Etienne
• Clementel, and the crisis which the Herriot Government
confronted at that time, growing out of the question of
extending the limit of note circulation by the Bank of
_France, threatened then the withdrawal of the entire
Herriot Cabinet. On April 3 President Doumergue announced the appointment of Senator Anatole de Monzie
as Finance Minister to succeed M. Clementel,—Senator
de Monzie accepting, it was stated, on condition that the
Government would alter its policy regarding an Embassy at
the Vatican. Last week, M. Clementel brought forward
new measures to adjust the financial difficulties,—his plans
proposing authority to issue additional paper money to the
amount of 4,000,000,000 francs,—the Bank of France,
having, it was conceded last week, exceeded the legal limit
of 41,000,000,000 francs by several billions. At the same
time, to meet the financial emergency, a forced loan was proposed, this embracing a 10% contribution by Capial; the
rate of interest on the loan, was at first planned at 4%, but
later fixed at 3%. This program of financial legislation was
introduced in the Chamber of Deputies on April 7, and on
With respect to the financial measuves, then proposed, it
the 8th inst. it was announced that the Chamber had de- was stated in Associated Press advices from Paris on April 8
termined upon April 10 as the time for its discussion. It was that:
on this day that the Herriot Government, failing of a vote
M. de Monzie's financial measures have reached the melting pot.
of confidence withdrew; led by former President Poincare, Deputy Violette, who is reporter to the Finance Committee of the chamber,
has been charged by it to draft a report on the de Monzie bill, introducing
who cast the weight of his authority against the Ministry, the the various modifications suggested during the committee's sittings. The
Senate defeated a motion of confidence by a vote of 156 to deputy has conferred with M. de Monzie and M. Blum with regard to
132. President Doumergue accepted the resignation of the this amended text, but nothing is known for certain as to what form the
Herriot Cabinet, but requested the Premier and his col- proposed changes have taken. that he considers three points of his bill as
The Finance Minister has said
leagues to carry on until successors were appointed., Pre- essential: First, the principle of a loan; second, the rate of interest on the
viously a series of votes of confidence in the Herriot Govern- loan; and, third, the estimated amount of individual fortunes. Report
has it that M. Violette's views coincide
ment had been given during the week; as to that recorded de Monzie. That party wants a 10%with the Socialists rather than with
capital levy, without the money
April 3, we quote as follows from the Associated Press:
beccming a 3% loan.
APRIL 18 1925.]
THE
CHRONICLE
On April 7 it had been stated that the Chamber's Finance
Committee, after a lengthy discussion, pronounced against
the separation of the two parts of the finance bill, increasing
the circulation and taxing capital. The Associated Press
cablegrams that day added:
The Minister of Finance, M. de Monzie, appeared before the committee
and opposed such separation on the ground that his agreement with the
Bank of France was that the two provisions ought to be voted together.
On April 10 the following was contained in a copyright
cablegram to the New York "Times":
The Finance Committee of the Chamber of Deputies to-night finally presented a separate bill to the Chamber ratifying the Government's convention
with the Bank of France for increasing the circulation and State advances
4,000,000,000 francs each, but providing that a financial relief measure must
be promulgated before July 15.
This separation of inflation from the forced loan will be discussed in the
Chamber to-morrow.
1959
morrow, according to M. Berenger, reporter of the Finance Conunittee of
the Senate, this item should appear as 43,000,000,000 francs.
M. Herriot told the Finance Committee of the Chamber that the Bank of
France had sent him a sharply worded letter expressing astonishment that
the bill increasing the circulation had not been introduced in the Chamber
Monday. M. de Monzie intervened, saying that the letter, in his view,
should be disregarded and need not be read in Parliament; he intended
asking the Bank to withdraw it.
Later in the evening the Governor of the Bank sent a second letter, replacing the first, saying in effect that agreement between the Governmentand the Bank was complete. The Bank had undoubtedly expected that
the financial bill, or that part of it referring to an increase in the limit of
the circulation and advances to the State would be rushed through Parliament before its next statement appeared to-morrow.
M. de Monzie informed the correspondents that the Government and
Bank were in perfect agreement, adding: "Otherwise, the Bank is free to
say to the contrary, as the Bank is a free establishment in a free State."
On April 8 Premier Herriot had issued a decree authorizing
-the Bank of France to increase its circulation to the extent
On April 15, after the Herriot Ministry had resigned and of 3,330,000,000 francs. Referring to the fact that the
a new ministry was being formed, the French Parliament -decree was later held to be illegal, the New York "Times"
passed a special bill authorizing an increase of the legal limit in a Paris cablegram April 9 (copyright) said:
To-day's weekly statement of the Bank of France showed an increase of
of the Bank of France note circulation from 4,000,000,000
2,100,000.000 francs in
francs to 45,000,000,000, and raising the limit of advances francs, or 2.000.000,000circulation, bringing the total to 43,000,000,000
above the legal limit. Yesterday M. Herriot
to the Government from 22,000,000,000 to 26,000,000,000. had issued a decree authorizing an increase in note circulation, but late
action, it was pointed out in a copyright cablegram to last night his legal advisers told him his action was not legal and so the
This
degree
not appear
the "Times," enabled the Bank of France to make its to-day didhad no legal in this morning's "Journal Officiel" and, therefore,
it
force.
weekly statement Thursday of this week without carrying
Nevertheless, the Regents of the Bank of France took the bull by the
state- horns, and in the weekly statement made it plain that there were actually
unauthorized circulation, as it did last week, when the
ment showed an excess of more than 2,000,000,000 francs 43,000,000,000 francs in circulation.
It was in face of this situation that Premier Herein went before the
over the legal limit. On April 14 the Associated Press cable- Chamber in an effort to see whether he could continue to muster a working
majority, with results that were scarcely satisfactory.
grams from Paris in referring to the measure said:
In an extremely stormy atmosphere the Premier appeared before the
M. de Monzie, Finance Minister in the Herriot Cabinet, and M. Robi- Chamber late this afternoon and in response to a previously arranged
neau, Governor of the Bank of France, conferred with President Doumergue friendly interpellation
endeavored to lay the blame for the present financial
at the Palace of the Elysee to-day, and later it was officially confirmed that crisis on the preceding Governments. He said
that since the war there
the Herriot Ministry to-morrow would introduce in the Senate and the Cham- had been incurred a debt larger than that for the conduct of the war.
ber of Deputies a bill ratifying the agreement with the Bank of France
This brought a storm of criticisms to the effect that the after-war loans
Increasing the circulation and the limit of the Bank's advances to the State were for nothing else than
the liquidation of the war, including rebuilding
from 41,000,000.000 to 45,000,000,000 francs.
of the devastated regions.
The Associated Press advices of the 15th inst. said:
He said that before he came into office the Poincare Government had
A bill authorizing the Bank of France to raise the legal limit of circulation borrowed irregularly from the Bank of France. This brought retorts
from 41,000,000.000 to 45,000,000,000 francs and advances to the State to from the Opposition that never had M. Poincare approved a fictitious
26,000,000,000 francs was passed by the Chamber after slight modifications increase in circulation.
by a vote of 325 to 29. The Senate met in special session to-night and also
Detailed reference to these allegations that the bank's
ratified the bill, 193 to 5, about one hundred members of the opposition
difficulties dated back to the Poincare administration is
abstaining from voting.
The note circulation in this week's statement is shown as made in a spearate article in another column to-day. In a
42,959,748,000 francs, a decrease of 45,000,000 from that copyright cablegram the previous day (April 8) the "Times"
said in part:
of the previous week.
True enough, the friends
Regarding the increase in circulation of the Bank of began under the Poincare of the Government charge that the shortages
Government, but that does not change the
France, Associated Press advices from Paris the previous fact, now admitted, that the Government has been using about 600,000,000
francs monthly over the legal limit advances for the past three months,
week (April 7) had said:
The Chamber was reported rather nonplussed by the announcement today that the increase in the issue of bank notes was to "regularize existing
situation." This was the first public disclosure of the fact that the authorized limit of 41,000,000,000 francs in paper money had been exceeded,
although rumors to that effect ahve been current on the Bourse for several
weeks. The French Parliament, however, was placed in the face of an
accomplished fact. The money is in circulation to an amount of about
2,000,000.000 more than authorized bylaw, and the situation must be made
regular.
Senator Henry Berenger, head of the Finance Committee of the Senate,
this afternoon declared that the proposed issue in excess of the legal limit
was not for commercial purposes but for the needs of the Treasury.
There was considerable comment in the lobbies of the upper house upon
this revelation in view of the fat that less than a week ago Premier Herriot
and M. Clemente', then Minister of Finance, both said the contemplated
increase of paper circulatiOn was exclusively for the use of commerce.
The crucial test between the opposition and the Government will come
on the forced loan which, despite the sugar coating given it by the skillful
new Minister of Finance, de Monzie, is regarded by all who thus far have
had an opportunity to pronounce judgment upon it as an eventual seizure
of one-tenth of the wealth of France. The only return to the possessors
of capital will be 3% interest.
All parties agree that something radical must be done to put French
finances on a sound basis, but a forced loan, even in the attenuated form
given it by M.de Monzie, encounters the united opposition of the moderate
and conservative parties and also the radical left group led by M.Loucheur.
Pure radicals also oppose it because it is understood to have been inspired
by Socialists and because It involves eventual inquisitory measures.
largely to meet maturing Government short-term paper which for various
reasons was not renewed.
Bank Regents Perturbed.
For some weeks the Regents of the Bank of France have been chafing
under this procedure, especially fearing for the bank's credit as more and
more people learned of the makeshift arrangement. Last week the Regents
notified M. Herriot that if something was not done they would refuse te
sign this week's statement. Governor Robineau is said to have received
last Friday a written promise from M. Herriot that ameasure would be
introduced on Monday providng for an increase of circulation.
Due to Finance Minister Clementel's resignation, the Government was
enabled to introduce the measure only Tuesday. That night's refusal
by the Government to disjoin the bank increase chapter from the rest of
the financial bill spelled further delay, and M.Robineau called M.Herriot's
attention to the situation and his promise. The result was yesterday
mornings' decree.,
Although this measure will not leave much margin for the bank, this
expected measure for a 4,000,000,000 increase will soon pass and give the
bank a 700,000,000 franc margin. Whether further inflation will be
necessary depends, of course, on the amount of maturing Government
securities handed in for cash and on the success of the Government in
raising new revenue with which to reduce the bank's advances to the State.
Interest Centres on New Loan.
Naturally the greatest attention centres on what is produced by the
proposed new loan. When the de Monzie project was first brought forward
Government officials talked of its realizing 40,000,000,000 or 50,000,000,000.
Yesterday the estimate had fallen to 3,000,000,000 per year for five years,
in itself,
The following day the Associated Press cablegrams from or only 15,000,00,000. This, of 10% ofis an admission by the Government that its project to get hold
the capital wealth of the country
Paris stated:
would not work,for the capital value of France was put at 250,000,008,000 '
M. de Monzie, Secretary of Finance, issued a statement this evening to francs gold before the war.
Since subscriptions to any French loan will be largely in old securities,
the effect that he fully explained the situation of the French Treasury to
the Finance Committee of the Chamber yesterday. He submitted all the question arises whether the holders of securities maturing this year
referring to negotiations of the Treasury, particularly those will accept the new bonds or demand cash. That, in turn, depends largely
documents
carried on since 1924. These negotiations presumably were those carried on the confidence which the poliitcal situation may or may not inspire.
It is stated by Government officials that the Morgan loan of $100,000,000
on between the Government and the Bank of France regarding the unauthorized overdraft made by the Government, although the Minister's has not been used to keep the franc up the past few days, but that this
fund remains intact. It is the general belief here, however, that the
does not say so specifically.
statement
French banks have been intervening in the exchange markets of various
Bank Statement May Show Actual Condition.
financial centres to keep the franc's value from falling.
M.de Monzie's statement proceeds:
M. Herriot, in insisting on April 10 (before his resignation)
"To-morrow the weekly statement of the Bank of France should appear
without the Government having intervened in the establishment of the on the .adoption of the financial measures proposed by him
various items forming the Bank's liabilities, which deal with either bills was quoted in Associated Press accounts as follows:
in circulation or the Treasury's current account. The publication of tomorrow's Bank statement will show the exact agreement of the Bank's
"If this be war, let us have it out right here," said Premier Herriot,
books with the declaration I have made in the name of the Government."
replying in the Senate this afternoon to the most scathing arraignment his
M. de Monzie denied as utterly unfounded the current reports that the Government had been subjected to in its ten months'life. His predecessors
Bank of France is about to raise the discount rate, and that M. Georges In power led in the attack.
"France must be saved," exclaimed the Premier. "Let us save France,
Robineau, Governor of the Bank. has resigned.
M.de Monzie's statement was taken to mean that to-morrow's statement witn me or without me; with or without my Government. Some one
by the Bank of France will give absolutely correct figures, but the Minister's must do it. These financial measures must be passed."
Continuing, Premier Herriot said the bonds which would be
words seemed purposely obscure. The circulation last week was anredeemed
nounced as almost 41,000.000,090 francs, which is the legal limit. To- through the proposed forced loan, or some other system eventually adopted.
1960
TNE CHRONICLE
[VOL. 120.
Gives France Representation.
It is believed a compromise arrangement will extend the powers of
Alsace-Lorraine's representative at the Vatican to cover France. The
Government, while opposing the retention of the French Ambassador,
there, already had expressed willingness for the redeemed Provinces to have
We also quote the following Associated Press account a representative with the Holy See.
from the "Evening Post" of April 10:
Senator De Monzie, the new Finance Minister, always has advocated
Former Finance Minister Francois Marsal preceded the Premier and, retaining the French Embassy at the Vatican, thus being in opposition on
after M. Derriot finished, Ex-Premier Poincare took the rostrum, amid this question to Premier Herriot and his Socialist supporters, who attach
high importance to the question of abolishing the Embassy.
great excitement.
Minister of the Interior Chautemps, after the meeting of the Cabinet this
M. Francois Marsal reviewed one by one the Premier's arguments of
yesterday, in which he had charged the blame for the financial difficulties morning, confirmed the statement by the new Finance Minister that the
now facing the country rested upon the shoulders of the previous Ad- Government had decided upon a change in policy toward the Vatican.
Replying to a query whether or not M. De Monzie's membership in the
ministrations since the war.
Cabinet meant a change, M. Chautemps said the question was discueed in
Denies Exceeding Limit.
the Cabinet, which intended to withdraw from the budget the section
"Never under Millerand, Briand or Peincare did the Bank ol France dealing with the Vatican and now had under consideration the appointexceed the legal limit of its circulation." Senator Poincare interrupted ment of a charge d'affaires, not for Alsace-Lorraine alone but for all France.
with the remark:
"I can vouch especially for 1923 and the first five months of 1924."
No Issue of Bank Bills.
Figures from the Bank of France and the Ministry of Finance were quoted
The new Finance Minister announced he would introduce in Parliament
by M. Francois Marsal to prove his assertion.
next Monday the Governmental bill to which Premier Herriot referred in the
"It was Premier Herriot's internal policy in January and February," Senate last night, providing for the needs of the Treasury.
"which provoked the crisis in confidence, culminating in the
he added,
The Government seems decided against any scheme for increasing the outexportation of capital and the present precarious condition of the French put of bank bills for the benefit of the Treasury,apparently veering in favor
Treasury."
of a capital levy, payment of which would be spread over a ten year period.
He pointed out that despite the $100,000,000 Morgan loan, the dollar
Gives No Plan of Reform.
was quoted at sixteen francs when Harriet assumed power, while now it
Premier Herriot told the Chamber he would present next week to the
was approaching twenty.
Finance Committee first, and then later to the Chamber itself, the bills
Warned by Bank of France.
which the Government was preparing for the renovation of the French
The wealth of France in State bonds and securities, the Speaker charged, finances.
Meanwhile, he would give no details concerning the measures
had decreased 22,000,000,000 francs since the Harlot Government• took proposed, "in order to prevent their being
made the basis of political mapower, and it had become impossible to float any sort of a French loan neuvers."
abroad, even one for the City of Paris.
M. Clementel's resignation came after Premier Herriot, in the Senate,
The ex-Minister read a letter from Governor Robineau of the Bank of
had disavowed Clementel's policy of increasing the fiduciary circulation.
France, to Finance Minister Clemente' on Dec. 29 1924. warning the latter
The first part of last night's conferennce was devoted to the financial
that the legal limit of circulation was being reached and entreating him situation, as affected by the sitting of the
Senate, Leon Blum and other
to take measures to prevent inflation, which would be ruinous to the
Socialists present are understood to have insisted on a capital levy instead of
country's credit. This warning, he said, was repeated in letters of Feb. 5
an increase in currency.
and 26.
It was pointed out that such a solution of the problem would require the
M. Francois-Marsal forcibly called attention to the fact that, on April 2, float
careful study and mature preparation. This the Socialists admitted
when the circulation already had exceeded the legal limit by 2,000,000,000
and they therefore agreed to vote for measures necessary to furnish the
francs. Premier Herriot, in the Senate, declared solemnly his Government
Treasury with fresh resources on condition that recourse be had neither to
opposed all inflation.
inflation nor to a loan, pending realization of their capital levy scheme.
Haunting Words Return
The Radical party representatives, after some discussion and with some
The former Minister concluded by quoting M. Clementel's "inventory" reluctance, accepted this viewpoint in principle.
of a few months ago, in which, in the name of the Government, it was said
Clemente! Individualist.
inflation would be considered a crime against the nation.
"Neither inflation, a forced loan, nor any other fiscal measure the present
All the party and other delegates then left. It was after midnight, but
Government may put through can restore the lost confidence of the country the Cabinet remained to consider the political situation rising out of M.
in the men now governing France," M. Francois-Marsal declared. "The Clementel's resignation.
Senate will judge."
It had long been manifest, political observers say, that M. Clemente'
Morgan Loan Not Intact
was inclined to act on his own responsibility, taking steps without acquaintSenator Francois-Marsal challenged the Premier's statement that the ing his colleagues in the Cabinet of what he was planning, and thereby
Morgan loan of $100,000,000 still was intact. The ex-Minister of Finance embarrassing the Government.
Hitherto, these incidents had been passed over, but the manner in which
said the present Government had authorized the Bank of France to use
he announced to the Senate his new financial measures to increase the note
$15,000,000 of it.
Premier was
Regarding the forced loan plan of M.de Monzie, the Minister of Finance, circulation put the Government in such a position that the
statement.
it has virtually disappeared, and the substitute scheme evolved by M. Viol- obliged to rush to the Upper House and make a reassuring
He regretted that the question of the Treasury has been bound up with
lette. reporter of the Finance Committee, has already, or will shortly, meet
that of the budget, and said that, within a few days, ha would introduce a
the same fate and be amended out of existence.
Government's principles
Charles de Lasteyrie, Finance Minister in the first Poincare Cabinet, a bill. "sane, honest and loyal," expounding the
issued a note today denying the legal limit of note circulation ever had been snd its general directing policy relating to the Treasury.
exceeded during his Ministry. He said the Treasury was so embarrassed
The communique which had been issued on the 1st inst.
four times during his two years of service that he was obliged to ask the (to which we refer above) indicating the intention "to rebanks to subscribe to a supplementary Issue of national defense bonds, but
such operations were quickly terminated by repayment as the bonds fell main within the limits of legal advances from the Bank of
. due.
France," read as follows:
"It is unquestionable." he added, "that the first time this limit was
The Cabinet studied the increases in the appropriations which the
exceeded was under Premier Herriot last October."
Ministers have asked for in the course cf the discussion of their departThe resignation Apr. 2 of Finance Minister Clementel was mental budgets in the Senate, and which will be limited to the incompressan aftermath of an address which he had delivered that day ible necessities of the services.
The Government. true to the declaration it made not ta ask any inflation
in which financial plans of the Government were discussed,
for needs of state, and to remain within the limits of legal advances from
an an- Bank of France to the Treasury, examined the means it will proposethe
his remarks dealing with the budget, and containing
to
nouncement to the effect that the Government intended to meet the present needs of commerce without failingin that engagement.
should be burned in a public square, to show the country that France was
paying her debts.
"I have balanced the budget," concluded Premier Herriot. "If some
onerelse wants to proceed with my task, let him go ahead."
increase the currency circulation. M. Clementel's resignation, said the Associated Press, came after Premier Herriot
had, in the Senate, disavowed the Finance Minister's policy
of increasing the fiduciary circulation. According to some
accounts, M. Clementel spoke withont the authority of the
Government, and his resignation followed with his failure
to accede to a request to amend his remarks. Only the day
before M. Clementel's address to the Senate, France had,
through a communique issued following a Cabinet meeting,
said to have lasted far into the night, indicated her intention to keep within the legal maximum of note circulation
and to refrain from seeking authority to increase the limit.
From the New York "Evening Post" of April 3 we take
the following Associated Press account of that day's devel-
Frequent reports had been circulated regarding the possibility of the limit of circulation being raised in view of the
expansion which has occurred in the outstanding circulation
of the Bank of France. The figures the week of March 28
reached a high mark, and the succeeding week's figures, viz.
40,903,865,000 francs closely approaching the legal limit of
41,000,000,000 francs, were the highest on record. It may be
recalled that last December, when the volume of outstanding
circulation reached 40,604,000,000 francs, the Bank of France
took occasion then to declare that it had no intention to ask
for the raising of the legal maximum. Advices to this effect
were published by us on Jan. 3 1925, page 29. In reporting
what M. Clementel had to say in his remarks to the Senate
on April 2, the Associated Press accounts stated:
opments:
The Senate was officially informed this afternoon of the impending increase in the circulation of paper money, an increase which the Government insistently declares is not inflation. Finance Minister Clemente',
explaining the Government pregramn for the solution of the French financial difficullties touched only vaguely upon tho diffrent projects in view,
and the Senate was visibly disappointed at his lack of precision.
The Govermnent would not resort to inflation, said M. Clemente', but
would make provision for the needs of commerce and also would make an
early effort to put the Treasury in a healthy condition, this requiring sacrifices from the country.
M. Clementel, in announceing the Government's intention to increase
currency circulation, avoided mention of any figure, further than to remark
that, counting lost bills, which have reached enormous figures since 1914,
and of which no account is taken in the bank statement, together with a
half billion francs in paper money in the Ruhr, which must be regarded
as lost to the uses of French commerce, there could be an increase of 2.500.
000,000 franca without a new law.
The Government, after long deliberation has changed its policy toward
the Catholic Church in France.
The Ministers have determined to withdraw their insistence on the suppression of French diplomatic representation at the Vatican.
This decision is tied up with the financial question.
Forced by Finance Chief.
Anatole de Monzie, named to succeed Etienne Clementel as Finance
Minister upon the latter's resignation, made the change in policy a condition of his acceptance, for the reason that the religious controversy was
destroying the unity of the country and Catholic support of the public
finance was essential.
It appears also the Cabinet's reluctant acceptance of M.Clementel's plan
for an indirect increase in the paper money circulation will be withdrawn,
in view of the cold reception the plan received in the Senate, but no absolute declaration was made.
A11111, 18 1925.]
THE NIRONICLE
The Minister declared the measure could not be regarded as inflation and
said J. P. Morgam and other American and British bankers consulted by
him had made the distinction between an increase in circulation for commercial purposes and an issue of paper money to pay the expenses of the
State.
The Minister made a fervent appeal to all parties to forget strife on other
questions and unite to lift France out of her financial difficulities.
The present difficulities, he said, were due to Germany's default, which
was weighing heavily upon France. The State's borrowing largely had absorbed the country's lending capacity, while, since the last increase in circulation, the State also had absorbed a great part of the ready money.
The commercial needs have increased, the Minister continued, and the
present situation could not go on without peril, as the slightest accident
might have serious consequences.
From the "Times" copyright cablegram from Paris April
3 we take the following:
1961
A number of farms have changed ownership since the loans were made.
The following is a summary of such sales:
101,319
Total acres of land sold on which bank has loans
$13,808,656 00
Total consideration
$13,745,576 00
Appraised value of land sold
$a.868,583 00
Total amount loaned on land sold
$136 29
Average sale price per acre
$57 96
on land sold
Amount loaned per acre
42 10
Percentage loaned to selling price
42.69
Percentage loaned to appraised value
Offering of 13,000 Shares of Capital Stock of Dallas
Joint Stock Land Bank,
The Guy Huston Co., Inc., and Jackson & Curtis offered
on April 16 10,000 shares of capital stock of the Dallas Joint
Stock Land Bank of Dallas, Texas, at $154 and dividend,
to net approximately 63/2%. It was announced on the 16th
that the issue had been over subscribed. The stock has a
par value of $100 per share. Dividends are payable on
the first day of January, April, July and October. The
present rate of dividends is 10%. The initial dividend was
declared as of July 1 1922 at 8%. In January 1923 the
rate was increased to 9% and in January 1925 it was again
increased to the present rate of 10%. The Dallas Joint
Stock Land Bank was organized July 1919 by Hugh W.
Ferguson and his associates and Guy Huston, with initial
capital of $250,000. Its capital, after giving effect to present
financing, will be $2,500,000 with reserves, surplus and
undivided profits of $673,106 73. The following are the
bank's loan statistics as of March 31 1925:
Finance Minister Clementel's announcement to the Senate that it had become necessary to increase the legal note circulation of the Bank of France
was made last evening. He did not state the amount of the proposed increase, which it was understood would be named in a Government bill to be
introduced today, but it was believed that the increase would be betweea
5,000,000,000 and 7,000,000,000 francs.
M.Clementel also announced that all existing bank notes would be called
in by the Bank of France, to be replaced by new ones. By this measure it was
hoped to show that at least 1,500,000,000 bank notes had been destroyed,
and these would be replaced. No details were given of how the Government
intended to deal with the French bank notes held abroad or what delay
would be allowed before the old bank notes became worthless.
He said he wished to make it plain that this step did not constitute inflation in the sense that Germany, Russia and Austria inflated their currency,
because the new notes would not be used to pay Government expenses but
were intended for the use of commerce and would be issued by the Bank of
France only against three-signature commercial paper.
As M. Clementel stated, every effort has been made to avoid increasing
the bank circulation, and especially have such effects been made by the
Herriot Government. In fairness to the present Government, it should be
stated that the causes which led to the necessity of the plan he announced Amount of loans in force
$23,214,214
were by no means entirely of his own making. This is true, because the Acreage covered by loans
1,842,797
largest single factor In the pressing need for more notes is repayment of Appraised value of lands
$54,621,880
Bons re la Defense Nationale, which are short-term Treasury notes largely Appraised value of lands and buildings
60,929,895
used in French business as quid capital.
Percentage ofloans to appraised value of land and improvements
38.1%
Due to commercial needs and other factors there has been in the past two Percentage ofloans to appraised value ofland only
42%
months a larger than usual cashing in of these securities without renewal.
The new stock is expected to be ready for delivery about
The amount cashed in February was 1,400.000,000 francs and last month
900.000,000 francs, thus illustrating the truth of the statement that the April 23. The stock is exempt from Federal normal income
greatest fiscal error ef the French Treasury ist3urexisrence of 70,000,000,000
taxes; all taxes being paid by the bank, stock is therefore not
of these short-term obligations which, it
be recalled, were issued under
the policy inaugurated in 1919 for reconstruction costs—a policy under- taxable in the hands of the inidividul owner for State ad
taken in the days When France expected large and quick payments from local purposes, and need not to be declared for taxation.
Germany.
The Dallas Joint Stock Land Bank is one of a group of which
Not Neded for State Purposes.
While in one sense this need of money comes from Government quarters,
yet it remainstrue that the new money is not needed to meet therunning expense of the Government,since according to all fair expectations this year's
budget will be balanced.
It has been hoped by the Govertmaent that the system of tax checks by
which taxpayers could buy now, at a handsome discount, drafts on the
Government with which to pay futuretaxes, would bring in enough capital
to prevent the Bank of France needing new circulation. But Frenchmen
have shown scant avidity in this deal and instead of 2,000,000,000 hoped
or, 400,000,000 francs' worth of checks have been bought.
the Guy Huston Co. are fiscal agents. This group includes
the Chicago, Kansas City, Southern Minnesota, Dallas,
Des Moines and New York banks. Their assets are in excess
of $168,000,000—more than one-third of the assets of the
total Joint Stock Land Bank System, and their gross earnings
are at the rate of approximately $2,000,000 per annum.
Through this common fiscal agency and an executive committee composed of the Presidents of each of the banks
these banks are as closely associated as is permitted under
Offering of $5,000,000 Bonds of Lincoln Joint Stock the Federal Farm Loan Act.
Land Bank.
At 101 and interest, to yield 43
/% to 1935 and 43'% Offering of Bonds of Potomac Joint Stock Land Bank.
thereafter, a $5,000,000 issue of 43/2% Farm Loan bonds
A new issue, $5,000,000 of 5% farm loan bonds of the
of the Lincoln Joint Stock Land Bank of Lincoln, Neb., Potomac Joint Stock Land Bank of Washington, D. C., was
was offered on April 14 by a syndicate composed of the offered this week by Brooke, Stokes & Co. of Philadelphia,
Equitable Trust Co. of New York, the Central Trust Co. of Washington and Baltimore, at 1033' and interest, to yield
Illinois, Chicago; the First National Corporation of Boston; 4.56% to the optional date and 5% thereafter. The bonds,
the Old Colony Trust Co., Boston, and Brooke, Stokes & issued under the Federal Farm Loan Act, will be dated
Co., Philadelphia. The bonds will be dated April 1 1925, April 1 1925, will become due April 1 1955 and will not be
will become due April 1 1965 and will not be callable before callable before April 11935. They will be in denominations
April 1 1935. The purpose of the new issue is to refund an of $1,000 and 500 coupon bonds and will be interchangeable
issue of $4,700,000 5% bonds of the bank dated Nov. 1 1918, for fully registered bonds. Interest will be payable April 1
which is now callable. The new issue of bonds, coupon, and October 1 at the Riggs National Bank, Washington.
and fully registered and interchangeable, will be in denom- The Potomac Joint Stock Land Bank was organized and
inations of $1,000, $5,000 and $10,000. Interest will be chartered in May 1923 to operate in the states of Virginia
payable semi-annually, April 1 and Oct. 1, and principal and and Marfland. On March 31 1925 it reported farm load
interest will be payable at the offices of the bank, the bonds outstanding of 82,973,300.
Equitable Trust Co. in New York and the Central Trust
Co. of Illinois, Chicago. The bonds are the direct obligation Offering of $1,500,000 Federal Intermediate Credit
of the Lincoln Joint Stock Land Bank and are secured by
Bank Debentures.
deposit with the Farm Loan Registrar of the Federal Farm
A new issue of $1,500,000 Federal Intermediate Credit
Loan Board of first mortgages upon improved farms in Bank 43/2% debentures was offered on April 16 at a price to
Iowa and Nebraska.
yield 3.75%, by Goldman, Sachs & Co., Salomon Brothers &
The bonds bear the usual exemption from Federal, State, Hutzler, Lehman Brothers, F. S. Moseley & Co., and
A. G.
municipal and local taxation and are legal investment for Becker & Co. The issue will be dated April 15 1925
and
fiduciary and trust funds under the jurisdiction of the will become due April 15 1926. Interest is payable
April
Federal Government and are acceptable at par for Postal and Oct. 15. An Act of Congress authorized the Federal
Savings and other deposits of Government funds. The Farm Loan Board to organize the twelve Federal
Intermedicapital stock of the bank is $2,033,700, on which dividends ate Credit Banks, each having a capital of $5,000,000, which
The accumulated surplus
are paid at the rate of9% per year.
is subscribed by the United States Government. Of the
and undivided profits amount to $248,572. The bank's entire $60,000,000 subscribed capital, $24,000,000 has been
loan statistics Dec. 31 1924 are reported as follows:
paid in by the Treasury, the remaining $36,000,000 being
747,087
Total acres of real estate security loaned upon
Total amount loaned
$28.934,000 00 subject to thirty-day call. The total amount of debentures
$74,191,698 00 outstanding as of April 16, including this issue, is $38,000,Appraised value of real estate security
$99 3
Appraised value per acre
000. The debentures themselves are secured by deposit of
acre
$38 7
Amount loaned per
obligations discounted by banking institutions or made by
38.9
Percentage of loans to appraised value of security
1962
THE CHRONICLE
[properly capitalized agricultural credit corporations, all
made for agricultural purposes, and for raising and marketing live stock. There may also be deposited as collateral
notes secured by staple agricultural products or live stock
not exceeding 75% of the market value of the product. All
.of the above is under the supervision of the Federal Farm
Loan Board. The debentures are exempt from all Federal
income, State, municipal and local taxation.
[Von. 120.
Waiving the question whether the department does right definitely to
accept the mission of representing the farmer as against other elements in
the community, we may fairly inquire whether, in fact, the farmer profits
by the crop reports as they are now issued. At all events, his best and most
intelligent representatives do not think so. There were not a few representatives of the organized farmers of the country who last year criticised the
department's semi-monthly reports and regretted the inaccuracies, far
surpassing those of any recent year, to which the forecasts were subject in
the course of the growing season. More than ever before the intelligent
farm sentiment of the country was opposed to these reports, and for the
very good reason that the farmer more than any other is now interested in
stab'hty and regularity of prices.
During the past year many loans based upon cotton in warehouse were
made in favor of co-operative associations, and in all of them was incorporated the provision that steady sales of so much a month should be carried
on during the selling season, the purpose being to ensure a steady liquidation of the warehoused product. It is clear that in such circumstances the
farmer gets his advantage from steadiness of prices—steadiness with a
strong upward trend if possible, but at all events freedom from all ups and
downs which unsettle the amount he is to get for his product. The main
criticism against the department's methods last year was that they had an
unsettling effect on the market and as such helped nobody except the
speculator.
Now these are the facts in the case as attested both by producer and
consumer, by statisticians, by agricultural authorities and by financiers.
There is no doubt as to the course of action that is desired, and none as to
the effect of it on the community. Why cannot the department take advice
accordingly while it still has the whole situation in its hands?
of Bonds of Pacific Coast Joint Stock Land
Bank of Los Angeles.
Bonds to the amount of $250,000 of the Pacific Coast
Joint Stock Land Bank of Los Angeles, bearing 5%, were
offered on April 9 by the Security Compay, owned by the
stockholders of the Security Trust & Savings Bank of Los
Angeles. The issue was offered at 103 and accrued interest,
to yield about 4% to 1935 and 5% thereafter. The bonds
will be dated Jan. 1 1925 and will become due Jan. 1 1955.
They will be redeemable at par and accrued interest on any
interestAate after Jan. 1 1935. Interest will be payable
semi-annually Jan. 1 and July 1, at any of the banks of issue
or through any office of the institutions mentioned herein Federal Reserve Bank of Richmond Urges Member
or through Chase National Bank of New York City, or
Banks,in Sections Infested with Boll Weevil
Harris Trust & Savings Bank, Chicago. The bonds are
to Assist in Control Measures
exempt from all Federal, State, municipal and local taxation
Pointing out that "the experts most familiar with the
excepting, only inheritance taxes. In coupon form, fully weevil situation. .. believe there is a very great probability of
registerable and interchangeable, the bonds will be in the enormous weevil damage" the present year, "unless correct
denomination of $1,000.
methods of weevil control are put into effect in those sections
where the infestation is now heavy." The Federal Reserve
-Monthly Cotton Crop ForeDiscontinuance of Semi
Bank of Richmond in a letter to member banks urges them
casts Urged at Meeting of American Cotton
to use their influence "in securing the widest possible use of
Manufacturers Association.
intelligent boll weevil control measures." The letter follows:
A resolution urging the discontinuance of semi-monthly
FEDERAL RESERVE BANK OF RICHMOND
Letter to Banks in the Sections Heavily Infested with Boll Weevil
cotton crop forecasts by the Federal Crop Reporting Bureau
In North and South Carolina
was adopted by Southern cotton spinners at the concluding
March 14 1925.
session in New Orleans on April 11 of the American Cotton To All Member Banks
rs Association. In reporting this the New of the Fifth Federal Reserve District:
Manufacture
• About two-thirds of South Carolina and a large section of eastern North
Orleans "Picayune" says:
'Offering
Carolina have failed to make profits from agriculture for four or five years,
due principally to ravages of the boll weevil. This has caused the failure of
many banks and merchants, and lands have declined 50 per cent and more
in value. The only thing that can bring back business and values in these
large argicultural sections is the restoration of farm profits. Otherwise,
nothing can avert disasters even greater than have yet occurred.
In parts of upper South Carolina and in the middle cotton belt of North
Carolina maximum boll weevil infestation has not occurred until recently,
the
and its full devastating effect has not yet been felt but may be felt In
near future unless prevented by prompt, intelligent action.
Strange to say, a large proportion of the farmers, even in the worst
any
Infested portions of the two states, apparently do not intend to make
effort to control the boll weevil this year, notwithstanding the plentiful
evidences of his destructiveness in these two states and those further west,
and the numerous demonstrations of effective weevil control and successful
cotton production that have been made by experiment stations and private
persons all over the cotton belt.
of
editorially on the action at the New Orleans
The purpose of this letter is to call your attention to the iniportance
Commenting
in its issue using your influence (both for your own protection and for that of your cusmeeting, the New York "Journal of Commerce"
tomers) in securing the widest possible use of intelligent boll weevil control
of April 14 said:
measures in your section, if you are in a section that is heavily infested.
Report Problem.
Our Cotton
The state experiment stations and extension forces will gladly give advice
season the question of cotton crop and formulas for effective control.
Every year at the opening of the
the business community in the
All reports indicate that a much greater number of weevils than ever
reporting recurs and is reconsidered by
of its activities by the Depart- before will emerge from hibernation this spring to attack the young cotton,
hope of getting a mom helpful management
decision is reached that more or less and the experts most familiar with the weevil situation and with weevil
ment of Agriculture. Every year a
and every season brings the corre- control believe there is a very great probability of enormous weevil damage
Ignores the views of the business world
necessarily follow from hasty action or unless correct methods of weevil control are put into effect in those sections
sponding unfortunate results which
than on economic considerations.
where the infestation is now heavy.
action based more on political matters
wisdom may not linger too long and
Our interest in the matter is due to our anxiety for the restoration and
But there is always the hope that
policy in our crop preservation of the financial and business prosperity of all sections of our
experience may at last bring a stable and satisfactory
that
particularly clear this spring because of the district. We believe that those farmers in weevil infested territory who will
reporting. The situation is
Manufacturers Association at its New take advantage of the remedies against boll weevil destruction approved by
fact that the American Cotton
to explain exactly what it thinks of the the state and national experts can make a profit on their cotton crops, while
Orleans convention has taken pains
and to indicate what should be the those who neglect to do so must almost inevitably suffer further disaster.
methods of reporting followed last year
Yours very truly,
general it has two main criticisms upon
line of action for this year. In
BOARD OF DIRECTORS,
What was done last year:
FEDERAL RESERVE BANK OF RICHMOND.
reports upon a semi-monthly instead of a
1. The placing of the crop
monthly basis.
too early.
reports or forecasts
2. The effort to make production
recommends two changes for the Relief Measures for Agriculture Asked at Meeting of
As the outgrowth of these criticisms it
coming season:
American Cotton Association—Other
1. Confine reports to a monthly basis. and
Resolutions.
all events defer any
2. Whether they be monthly or semi-monthly, at
unreliability
actual forecasts of production until September because of the
Delegates to the meeting in New Orleans of the American
of figures issued at dates earlier than that.
in these Cotton Association, the growers' organization which met
It will be observed that there is certainly nothing revolutionary
suggestions. The first, if adopted, would merely abandon the experiment Jointly with the spinners, adopted on April 11 a resolution
of 1923. The
of last year and put the reporting service back to the status
Coolidge to prepare for consideration at
heeded. urging President
second is a recommendation often made in the past and never
Congress (says the New Orleans "Picabecause of the belief that a more frequent basis of reporting would the next session of
largely
contrary yune") the following matters affecting the welfare of the
enable more accurate bale forecasts. Last year's efforts show the
of this assumption to be the case.
in farmers:
Why should not the Department of Argiculture shape its reports
Definite relief measures for American agriculture that will find definite
business world?
such a way as to coincide with the views and needs of the
and practical expression in an expansion of markets for leading staple
according to unofficial exponents of its policy it regards itself as
Because,
farm products.
representing not the buying community or millers but the selling community
Creation of effective legislation that will enable the legitimate laws of
ar
, farmers. Politics dictate to it that it shall not represent the entire
products,
farmer or what supply and demand to control the market prices of staple farm
country but that it shall align itself with the interests of the
instead of artificial manipulation of speculative exchanges.
to be so. This Is an attitude of mind time and again stated in
are believed
Speedy reduction of excessive burden of taxation unduly levied on
so many words, both in Congress and out of it, and the attribution of it to
1.1
farmers.
free of any injustice or misconstruction.
the deparlanent Is accordingly
and forecasts,
The issuance of semi-monthly crop condition reports,
with an Act of
was inaugurated by the Bureau last year, in compliance
Congress passed in 1923.
declares, so disturbed
The issuance of the reports'est year. the resolution
fluctuations n prices,
the markets as to bring about sudden and violent'
disorganizing the stability of values and reacting unfavorably on the
of the
textile industry. Consensus of opinion in the various branches
the orderly
cotton trade, it is asserted. Is that the reports are a detriment to
based on
processes of cotton marketing, and that forecasts of production
are too unreliable for the
the condition figures in June. July and August
speculative purposes.
legitimate trade and are largely used for
Would Confine Figures.
they should be
If the semi-monthly crop reports are to be continued,
and August. says the resolution,
confined to condition figures in June, July
production should be made before the September
and no forecasts of
reports are compiled.
APRIL 18
19251
THE CHRONICLE
Reduction of inflated and excessive freight rates as applied to the transportation of all classes of farm products and farm supplies.
The "Picayune" adds:
The resolution declares that decadence threatens American agriculture,
because of adverse conditions. Among them are cited bureaucratic centralization at Washington, gradual loss of State and individual rights,
extension of enormous loans by American banking institutions for rehabilitation of foreign commerce and industry, speculative control of farm prices
and contraction of markets for exportable American farm products.
In another item we refer to the resolution of the Southern
cotton spinners urging the discontinuance of the semimonthly crop forecasts by the Federal Crop Reporting
Bureau. The "Picayune" says:
Another resolution points out that while current Federal taxation has
been lowered $2,000,000,000 in four years, and the national debt reduced
$3,198,000,000. the State and local levies are being steadily increased,
until to-day they aggregate $6,662,000,000 annually. Emphatic protest
Is entered against this condition. and Secretary of the Treasury Andrew W.
Mellon and Senator Carter Glass of Virginia commended for their "nonpartisan and patriotic attitude."
Other resolutions urge Southern spinners to patronize finishing plants
erected in the South;insists that comparative wage figures between Southern
and Northern mills take into account low house rent and other items
granted by the Southern operatives; pledge the unqualified co-operation
of members in enforcing local laws governing the employment of minors
in industry and the efficient administration of same; and endorse the
Southern mills rules of 1925 relative to purchase and sale of cotton, and
urge members of the Association to use said rules in buying cotton.
-According to a Washington dispatch April 14 to the New
York "Journal of Commerce," the Commerce Department
will probably grant the request of the American Cotton
Manufacturers' Association as outlined in resolutions
adopted at the New Orleans convention for the investigation
of the relationship between fluctuations in the prices of raw
cotton and price levels on cotton goods, it was indicated
to-day by Secretary Hoover. The dispatch adds:
He said that the resolutions had not yet been brought to his personal
attention, but he did not think the cotton study desired would be a difficult
task for the department.
An amendment to the Cotton Futures Act was proposed
by J. S. Wannamaker, according to the "Picayune," which
says:
J. 13. Wannamaker, President of the Association, declared large blocks of
cotton charged as untenderable in grade and staple have been accumulated
in New York and held there since December to depress the cotton market.
Because of many complaints, he said. the United States Senate passed a
resolution requesting the Secretary of Agriculture to regrade and restaple
the stocks of cotton held in New York tor tender on cotton futures contracts.
To cure this evil, said Mr. Wannamaker. the Cotton Futures Act should
be amended to provide that all cotton classified and tenderable in exchange
dealings may be tendered only once, at which time it shall be branded as
accepted or rejected.
Mr. Wannamaker advocated an amendment to prevent the "enormous
sales of fictitious cotton In purely speculative ventures," and declared a
comprehensive cotton census should be taken by the Government.
Mr. Wannamaker also deprecated extensive loans to foreign countries, which, he declared, are made at the expense
of the American taxpayer. He deplored, also, the growth of
centralization of government, asserting that the result is not
only to nullify the fundamental principles of the Constitution, but that it is reacting adversely upon the farmer. He
further urged that President Coolidge be asked to call a
special session of Congress for the purpose of considering
relief measures for the agricultural community. The New
York "Commercial," from which this is learned, quotes
Mr. Wannamaker as saying:
The rapid drift to centralization of government and bureaucracy at
Washington, commercializing fostering and protecting all lines of industry
except agriculture, is reacting adversely with tremendous effect upon the
ability of farmers to successfully compete with highly organized forces in
the market of farm products and the purchase of supplies.
United States Suffers Tax Burden.
The contest is an unequal one and finds expression in an ever-increasing
financially depressed agriculture, abandonment of farm lands and a steady
drift of the sturdy, virile young manhood and womanhood from the farm
to more lucrative employment in the gilded centres and environment of
commercial and industrial activities of town and city. Congress has prcvided no relief save through the creation of new Federal Farm Loan systems
that tend to increase the burden of debt and which do not reach the fundamental rates of the travail of the producers. Hundreds of millions of
dollars are being loaned to foreign countries at low rates of interest to intensify competition with American commerce, while such countries totally
disregard the repayment of billions of dollars due the American Government, while the principal and interest on such unpaid loans are saddled
upon the backs of the American people in the form of multiplied Federal
income taxes.
While American banking institutions are financing industrial revival in
these foreign countries, they are but paving the way to the future expansion
of exports into this country from the handicraft of pauper-paid labor that
will strike at the prosperity of American manufacturers and tend to lower
the standards of American living 'to a parity with those of the underpaid
foreigners.
The multiplication of Federal bureaus and their persistent interference
with the business affairs of the nation, and the abolition of State and Ind:vidual rights, have in recent years practically nullified the fundamental
principles of the American Constitution.
Farm Land Hard lift.
Federal, State and county taxes impose an unbearable burden upon the
and-owners of American farms, from which there can be no escape under
lexisting tax laws that levy tribute upon tangible property, while a large
roportion of intangible assets and vested capital in non-taxable securities
P pes the hands of the tax gatherers.
In the face of these obstacles which confront our agricultural industry, I
urge you. in the strongest terms, to thoughtfully consider the passage of a
1963
Memorial at this conference calling upon President Coolidge to convene
an
extra session of Congress at the earliest possible date, specifically impressing
upon Congress to enact legislation that will cure the present evils confronting
American farmers and to establish practical relief measures insuring the
speedy rehabilitation of American agriculture from its present condition of
depression and gradual decadence.
From the "Picayune" of the 11th inst. we quote the following further information regarding the proceedings:
A proposal that the cotton manufacturers of the country take steps individually to regulate their production to meet certain conditions and that
they hold themselves in readiness to co-operate with the United States
Department of Commerce in furnishing trade statistics, was laid before the
American Cotton Manufacturers' Association last night by Stuart W.
Cramer, joint President of the National Council of American Cotton Manufacturers.
Mr. Cramer's suggestions were made in the course of a speech at the annual banquet at the Roosevelt, in which he discussed the cotton industry
from the viewpoint of the manufacturer. They probably will be under
consideration at the meeting to-day. They are:
"That our members individually cease the practice of speculative productioit fei stock, which inevitably leads to unemployment.
"That our members individually adjust production to meet the requirements of distribution, in order to ensure continuity of employment.
"That our members individually and collectively co-operate with the
Department of Commerce in any effort it may make to correct and publish
complete statistics of production and ultimate distribution of the various
types of textiles." . . .
The foundation has been laid for the ultimate control of the cotton boll
weevil, ensuring that the South will continue as the great cotton producing
section of the world, Colonel Harvie Jordan. Secretary of the American
Cotton Association and Chairman of the Weevil Control Commission, declared at the afternoon session of the convention.
In the educational work of the Control Commission, said Colonel Jordan. $250.000 has been spent in the past two years. The Southern manufacturers have been co-operating in the work and will continue to support
it.
Only through the cotton farmer himself, said Colonel Jordan, can effective work be done. Last year the Commission had 1.400 co-operative
demonstration farms, to which they supplied machinery and chemicals
for control work, and each (arm was visited by an average of 95 farmers
.
in that district. In this way, practical methods of weevil control
were
brought to the attention of nearly 1,500.000 farmers. . . .
Contests to Be Renewed.
Discussing work of the Staple Cotton Co-operative Association, Mr.
Garrard announced that the fourth year's work is being completed,
and
inasmuch as growers had been signed up on a five-year contract, the
association is now preparing to renew these contracts. Two changes in
the
contract will be made, said Mr. Garrard, one enabling the grower to
withdraw at the end of any season, the other permitting him to offer
cotton for
Immediate sale or for pooling for seasonal distribution.
Since its organization, he declared, the association has sold more than
$60,000,000 worth of cotton, and distributed it to the growers without
the
loss of a penny.
Initial operations were financed through a $50,000 loan on notes endorsed
by the directors. To-day the association has a surplus of $1,793,000 in
its
reserve fund.
Secretary of Commerce Hoover Urges Prohibition by
Cotton Manufacturers of Cancellation of
Contracts.
In an address to delegates in attendance at the semiannual meeting in Washington on April 7 of the National
Association of Cotton, Manufacturers, Secretary of Commerce Hoover reiterated his approval of legitimate trade
associations and maintenance by them of sound statistical
service, together with uniformity in contract practice.
Referring to what Secretary Hoover had to say, and stating
that he held out to the Association a remedy for a situation
which has badly handicapped the cotton goods industry,
the New York "Journal of Commerce" in its Washington
advices that day reported him as announcing that:
Only a contract of sale that will permit of arbitration
between manufacturer and dealer and prohibit cancellation when there
is marked fluctuation in market prices of commodities can remove the
handicap under
which the industry is now laboring.
The account went on to say:
The members of the Association had accepted the invitation
of Mr.
Hoover to visit the Department of Commerce and to see how
the wheels
of its Niarlous bureaus revolve to give service to industry.
Department Aids Industry.
Expressing the thought that the manufacturers were satiated with speeches
by public officials and the belief that the latter were not in position to
tell
them about their own Industry, Mr. Hoover launched into an explanation
of how the manufacturers could avail themselves of the facilities of
his
department in furthering their activities in home and foreign trade. While
the department comes in contact with the industry in 26 or 27 ways,
these
contacts are purely of a co-operative or helpful order, he explained,
for it
is not a regulatory department and does not police industry or
engage in
law enforcement.
There are one or two things about industry that are hopeful,
declared
Mr. Hoover. First, there Is the general expansion in
consumption that
comes with our growth in population which is always the
hopeful
of industry; then there is the gradual improvement of the cotton outlook
goods industry in efficiency which always makes for stability in industry,
and there
is the stability of transportation.
The effect of assured transportation, helpful to the
distributors of textiles, has been to place added burdens on the manufacturers
in compelling
them to maintain stocks on band to meet current
demands. From this
situation, Mr. Hoover said, there seemed no relief in
sight.
Stocks Now Smaller.
The impression he has gained from the reports received
by the depart;
ment from retailers of textiles and all other
commodities is that the country
is running to-day on probably from 15 to 30% less volume
of stocks of commodities than it was necessary to carry when
transportation was not assured. This has had a number of direct effects upon
the textile industry,
one being to shorten the character of orders,for the
retailer is ordering more
1964
THE CHRONICLE
or less from day to day with the assurance of delivery, and while It is economically sound that the country should run on the minimum of stock
and,therefore, a minimum ofrisk, the manufacturer is not able to anticipate
the volume of business he will obtain and there is thrust upon him the
burden of carrying the stocks, Mr. Hoover pointed out.
"In the study of commercial documentation of the country and business
contracts, to see what might be suggested to industry as a whole, one fundamental problem has recurred, and that is the difficulty of all industry in
this problem of cancellation," said Mr. Hoover. "Every time there is a
violent movement of price, the manufacturer has to bear the brunt of many
cancellations. No individual has been able to get a contract of a type and
the recognition of a contract properly to secure the seller of goods against
cancellation by the buyer, and it has been suggested in our own discussions
a great number of times, that it would be of utmost advantage to manufacturers of your type and the distributing sections of your industry. If it
were possible to get some sort of uniformity in contract practice, with a
real contract instead of a sort of option which now exists. Whether that
can be accomplished I do not know.
"If We could effect a contract that was a real document a disagreement
over it would not imply rejection but arbitration for damage. That would
give strength to the instrument, and there would be a better opportunity
to stand the shocks that come from wide variations in price."
The Department has not been able to make much headway in the
matter of gathering periodical statistics of stocks of goods in the country,
he said in answer to inquiries from the manufacturers present at the
session. While a majority of the manufacturers are anxious to st e it
worked out, he added, there is a fraction of industry "obsessed with the
notion that they get on better keeping these figures to themselves."
In the woolen trades a statistical service has been rendered by the Department for a number of years. It has broken down because of the refusal of
three or four manufacturers controlling rather a large majority of the goods
to furnish the voluntary information necessary to the sucess of the service.
Secretary Hoover, while believing this service would have a great stabilizing
Influence over industry, does not want to make compulsory the submission
of reports to the Government.
[VoL. 120.
ceived by the Department of Agriculture from Madrid. On
April 10 the Department stated:
The royal decree of April 7, raising the embargo, authorized the hnmediate importation after April 25 of 60,000 metric tons, or 2,200,000 bushels,
with additional imports of 30,000 metric tons, or 1,100,000 bushels, at
the discretion of the Government. The maximum price permitted by the
decree is 61 pesetas per 100 kilos, or $1 97 per bushel at current exchange,
net loaded on conveyances at the port of discharge. Bids will be received
by the Central Food Commission at Madrid.
The wheat crop of Spain in 1924 was only 121,778,000 bushels, as compared with 157,110,000 bushels in 1923. The 1924 crop was the smallest
in several years and about 23,000,000 bushels below the estimated average
consumption of the Spanish population for the five years ending June 30
1924, as indicated by official production figures plus net imports. Imports
of wheat have been prohibited since early in 1923 in order to protect the
Spanish farmers who have difficulty in competing with foreign wheat.
Stocks at the beginning of the present season were large, following the
large crop of 1923, and until this month the Government refused to modify
the embargo. The price of wheat has not been regulated, but the price
of bread has been fixed. This limitation has kept the price of wheat
below the world price, but nevertheless there has been a steady increase
In wheat prices in the Barcelona market from the equivalent of about
$1 70 per bushel in August to about $1 90 per bushel in March.
28 Shiploads of Rye Sold to Russia—Crop Failure
Forces Soviet to Buy $9,000,000 Worth of
Grain Through Baltimore Firm.
Associated Press advices from Baltimore April 3 were published as follows in the New York "Evening Post":
As the result of deals consummated with Russian Government agents
In New York, 7,000,000 bushels of rye now stored here will be exported
before April 25, according to J. Murdoch Dennis, Vice-President of Dennis
& Co., who acted as agent for Chicago interests owning the grain, valued
at $9,000,000.
Normally Russia is a large grain exporting country, but because of crop
failures the Government has been forced to establish an office in New York
to buy and ship grain to the mother country.
This shipment will be the largest ever made through Baltimore and
will require about 28 full vessels to carry it. Three of these now are
loading, the cargoes are being handled by the New York office of the
Russian Government, the movement being in tramp steamships.
Senator Shipstead in Letter to Julius H. Barnes
Alleges that in Wheat Price Movement the
Agricultural Department Assisted in •
the "Bull" Movement.
Allegations that the recent skyrocketing of wheat prices on
the Chicago Bard of Trade was due to the activities of price
speculators and that the Department of Agriculture,
"whether by good intention or otherwise," assisted in the
Italy Reduces Price of Flour.
"bull" movement by co-operating with the issue of "false
Under date of March 26, the New York "Journal of Compropaganda" regarding a threatened shortage of world merce"
reported the following from Rome;
wheat supplies, are made by Senator Shipstead of Minnesota
The Italian Foodstuffs Commissioner, in agreement with manufacturers
in a letter addressed to Julius Barnes, former President of of flour products and representatives of the various prefects, has decided
the Chamber of Commerce of the United States. The letter to reduce the price of the best quality of flour from 242 to 230 lire per
100 pounds,
effective
is in answer to an article by Mr. Barnes in the "Nation's flour will bethe new price beingto 215 to-day. The second quality of
reduced from 226
lire per 100 pounds, the price of
said, Mr. Barnes asserted that bread being reduced accordingly. The value of the lire at current exchange
Business," in which, it is
Senator Shipstead, in advising the farmers last fall to mar- rates Is about 4.07c.
ket their wheat crop then, made it impossible for the farmer
to take advantage of the higher prices of wheat prevailing Rumania Agrees to Permit Importation of 15,000
Tons of Wheat.
this year until the recent break in the market. The New
Bucharest, Rumania, cablegrams April 10 to the daily
York "Commercial" in Washington advices March 8 quoted
papers announced that the Rumania Government has Agreed
Senator Shipstead as follows:
In your extended article in the February number of "Nation's Business" to permit the importation of wheat, and 15,000 tons are being
you give me undue credit, perhaps not intentionally, for advising the ordered immediately. It is pointed out that only once before,
grain growers of the United States to market their grain on the rising bull
for a period in 1919, has wheat been imported into the counmarket, instead of waiting for the inevitable collapse of the speculative
"bull corner," built up artificially by "doctored" statistics and by loans try. The New York "Times" observes that:
of hundreds of millions of 2 and 3% "call money."
In fact, as doubtless you know, I gave no advice. So I am not entitled
to the credit. But I did point out that the price of the farmers' crop
was fixed—or perhaps you would say "stabilized"— and by future trading
exchanges controlled by a small group of traders or "ring," and I warned
producers not to be fooled by money powers pushing up quotations for
political and financial purposes known only to that "ring."
However, you credit me with the nation-wide action of the grain growers
in marketing their crop more promptly than usual, and this appears to
have been the result: By March 1, as reported by the Department of
Agriculture, the wheat growers of the United States held on their farms
only 113,928,000 bushels of wheat, against 137,717,000 in 1924, and
156,087,000 on the corresponding date in 1923.
See what they escaped. From the January high point to April 3 wheat
dropped 69 cents and corn 46 cents per bushel; nearly 730,000,000 bushels
of the total 872,000,000 bushel crop of good American wheat—actual
wheat raised by toil for the people's bread, not paper "futures" and
gambling wind—narrowly escaped that awful crash.
The Associated Press sablegrams the same date state:
To support his contention that the $2 wheat price was the work of
speculators, the Minnesota Senator said the Secretary of Agriculture had
attested that during February alone the Chicago Board of Trade sold
wheat "futures" amounting to 1,581,594,000 bushels, or more than five
times the official world's visible supply.
The Senator then proceeded to ask Mr. Barnes a series of questions,
one of which was whether it was not now apparent to him that wheat
never was worth $2 and more in January and February, and that such a
'
Price was artificial, unwarranted by world conditions, a ballooning gamble
created by price fixing speculators for their own enrichment after the
bulk of the crop was out of the farmers' hands."
Referring to the Chamber of Commerce's recommendation to President
Coolidge that future trading exchanges be encouraged as a step toward
aiding the farmer, Senator Shipstead asked Mr. Barnes if he now thought
this was necessary, and whether he could 'guarantee that the national
Administration still has that panacea in stock as an aid to the American
farmer."
Spain to Remove Embargo on Foreign Wheat Imports
April 25.
The Spanish embargo on imports of foreign wheat will be
raised on April 25 to permit the importation of from 2,000,000 to 3,000,000 bushels, according to cable advices just re-
Recent advises from Bucharest reported that bread was being made
from a mixture of wheat, rye and corn because of the peasants' refusal to
sell wheat at the price decreed by the Government, and the Government's
refusal to permit wheat importations. It was said that the Government
was prepared to order wheatless days rather than permit foreign wheat
to be brought into the country.
Josiah Kirby, Former Head of Defunct Cleveland
Discount Co., Found Not Guilty of Publishing
False Financial Statement.
Josiah Kirby, the former President of the $30,000,000
Cleveland Discount Co., Cleveland, which failed in February
1923, on April 2 was acquitted in the Court of Common Pleas
in that city before Judge D. B. Cull of having published a
false financial statement of the Cleveland Discount Co. while
he was President of the concern. The jury, which was composed equally of men and women, deliberated for thirty
hours. The intricate nature of much of the evidence, it is
said, accounted for this long delay in reaching a verdict.
According to the Cleveland "Plain Dealer" of April 3, there
are still four more indictments hanging over the defendant's
head, three of these being in the Court of Common Pleas and
one in the Federal Court, this last for alleged using the
mails to defraud. In its reference to the trial just closed
the above-mentioned paper said, in part, as follows:
The trial was started March 16 on an indictment obtained by the special
assistant attorneys-general Jan. 8, the same day the Federal indictment
was brought.
Charing Kirby with issuing a false financial statement, the indictment
specified five particulars of inaccuracy in the balance sheet of the Discount
company, dated July 20 1922.
This was the statement which placed the total resources of the company
In excess of $42,000,000, an item which, the indictment said, was at least
$11,000,000 too high. The $11,000,000 was the amount of loans on Heights
apartment projects which were included in the mortgage loan account of
the company.
APRIL 18 19251
THE CHRONICLE
These loans, the prosecutors contended during the trial, ha d no lega
existence as "mortgage loans" when the statement was made. Evidence
during the trial showed that the loans had not been completed, bonds did
not exist and certain legal papers in connection with the loans were missing.
Kirby's attorneys accepted.practically all the statements of fact made by
the State's witnesses and based their plea on the assertion that the Heights
projects were genuine, that everybody knew all about them, and that
Kirby had no intention of deceiving anyone.
The filing of a voluntary petition for a receivership by
the Cleveland Discount Co. was noted in the "Chronicle" of
Feb. 24 1923, pages 7'75 and 776.
table Money Association Formed Under Presidency\
Dr. H. Parker Willis.
The Stable Money Association, under the presidency of
Dr. H. Parker Willis, Editor of the New York "Journal of
Commerce," and formerly Secretary of the Federal Reserve
Board, was formed in this city on April 11 at a meeting
at the Yale Club of representatives of leading banking
institutions, Liminess organizations and prominent economists
of the country. The organization grows out of "an effort to
safeguard against the evils caused by monetary fluctuations
and the constant menace of inflation or deflation," says the
"Journal of Commerce," which adds:
As stated by the constitution of the new organization, it was formed to
promote a better understanding of the vast, though subtle, evils caused
by fluctuations in the purchasing power of the dollar, sovereign, franc,
mark, ruble or other units of money, the constant menace of inflation
or deflation and the consequent insistent need of safeguarding against
those evils.
No Specific Plan Adopted.
The association did not commit itself to any specific plan for safeguarding purchasing power or stabilizing monetary units, and every member was left free to support whatever plan he deems best.
Among prominent persons who became members of the new association
Saturday are Thomas R. Marshall, former Vice-President of the United
States; three members of Congress, T. Alan Goldsborough of Maryland,
Sydney Anderson of Minnesota and Robert Luce of Massachusetts.
The list of bankers who joined include the names of Thornton Cooke,
President of Columbia National Bank of Kansas City; George Foster
Peabody, director of the Federal Reserve Bank of New York; Leonard
P. Ayres, Vice-President of the Cleveland Trust Co.; F. W. Gephart.
Vice-President of the First National Bank of St. Louis, and Lewis C.
Babcock, Vice-President of the Midland National Bank of Billings, Mont.
Prominent business men of the country are represented by Edward A.
Fllene, merchant of Boston, Mass.; J. Kruttschnitt, Chairman of the
Southern Pacific Ry.; William Kent of California, former member of the
United States Tariff Board; Henry M. Waite, Vice-President Lord Construction Co.
Many of the leading economists of the country are supporting the
organization. Among these are the names of Professors Edwin A. R.
Seligman and Henry R. Seager of Columbia University, Professors 0.
M. W. Sprague and T. N. Carver of Harvard University, Professors
Frank A. Fetter and E. W. Kemmerer of Princeton University. Professor
D. R. Dewey of the Massachusetts Institute of Technology. Professors G.
F. Warren and Faith M. Williams of Cornell University. Professors Henry
W. Farnam, Hudson B. Hastings and Irving Fisher of Yale University
and Professors Wesley C. Mitchell and W.I. King of the National Bureau
of Economic Research.
The treasurer chosen by the association is Edward B. Swinney, a broker
of Brooklyn, and the secretary is Frederick W.Roman,professor of economics and education at New York University.
Willis Makes Address.
In a brief introductory address President Willis outlined the work of the
organization as being that of developing a consensus of opinion with regard
to the possibility of stabilization of prices. He stated that one of the
principal obstacles to progress in this regard during recent periods of
agitation and discussion had been simply the fact that there was no definite
consensus of opinion as regards the fundamentals of money and price
theory.
The first service of the organization, therefore,should be that of finding
out how far authorities on the subject would be willing to go and how far
they would be in agreement at the present moment, he said. Secondly,
he thought that every effort should be made to focus the attention of
Government agencies upon the subject and to obtain, if possible, public
participation in careful price study, with a view to stabilization.
He also recommend that there should be developed a system of information designed to keep the members of the organization informed with
regard to factors likely to react upon price levels and to bring about changed
conditions with regard to stabilization.
principal competing country, viz. Germany. His proclamation follows—
Whereas /n and by Section 315 (a) of Title III of the Act of Congress
approved Sept. 21. 1922, entitled "An act to provide revenue, to regulate
commerce with foreign countries, to encourage the industries of the United
States, and for other purposes," it is, among other things, provided that
whenever the President, upon investigation of the differences in costs of
production of articles wholly or in part the growth or product of the United
States, and of like or similar articles wholly or in part the growth or products
of competing foreign countries, shall find it thereby shown that the duties
fixed in this act do not equalize the said differences in cost of production in
the United States and the principal competing country, he shall, by such
investigation, ascertain said differences and determine and proclaim the
changes in classifications or increases or decreases in rates of duty provided
In said act shown by said ascertained differences in such costs of production
necessary to equalize the same:
Whereas, In and by Section 315 (c) of said act it is further provided that
in ascertaining the differences in costs of production, under the provisions
of subdivisions (a) and (b) of said section, the President, in so far as he finds
it practicable, shall take into consideration (1) the differences in conditions
In production, Including wages, costs of material and other items in costs of
production Of such or similar articles in the United States and in competing
foreign countries; (2) the differences in the wholesale selling prices of domestic and foreign articles in the principal markets of the United States;
(3) advantages granted to a foreign producer by a foreign Government. or
by a person, partnership, corporation, or association in a foreign country;
and (4) any other advantages or disadvantages In competition;
Whereas, Under and by virtue of said section of said act the United States
Tariff Commission has made an investigation to assist the President in
ascertaining the differences in costs of production and of all other facts and
conditions emmerated in said section with respect to the article described in
Paragraph 80 of Title I. of said tariff act of 1922, namely, potassium chlorate, being wholly or in part the growth or product of the United States, and
of and with respect to a like or similar article wholly or in part the growth
or product of competing foreign countries;
Whereas, In the course of said investigation a hearing was held, of which
reasonable public notice was given, and at which parties interested were
given reasonable opportunity to be present, to produce evidence, and to be
heard; and
Whereas, The President, on said investigation of said differences in costs
of production of said article wholly or in part the growth or product of the
United States and of the like or similar article wholly or in part the growth
or product of competing foreign countries, has thereby found that the principal competing country is Germany, and that the duty fixed in said title
and act does not equalize the differences in cost of production in the United
States and in said principal competing country, namely, Germany, and has
ascertained and determined the increased rate of duty necessary to equalize
the same;
Now, therefore 1, Calvin Coolidge, President of the United States of
America. do hereby determine and proclaim that the increase in the rate of
duty provided in said act shown by said ascertained differences in said costs
of production necessary to equalize the same is as follows;
An increase in said duty on potassium chlorate (within the limit of total
increase provided for in said act) from 13.i cents per pound to 2ji; cents per
pound.
In witness whereof, I have hereunto set my hand and caused the seal of
the United States to be affixed.
Done at the City of Washington this eleventh day of April, in the year of
our Lord one thousand nine hundred and twenty-tive, and of the Independence of the United States of America the one hundred and forty-ninth.
CALVIN COOLIDGE.
By the President,
FRANK B. KELLOGG, Secretary of State.
Executive Order of President Coolidge Transferring
Jurisdiction of Patent Office From Department of Interior to Department
of Commerce.
Under an executive order issued by President Coolidge on
March 19 jurisdiction over the patent office was transferred
from the Department of the Interior to the Department of
Commerce under Secretary Hoover. It is stated that the
change, which has been advocated by the congressional commission established at the request of President Harding to
consider general governmental reorganization, was possible
without specific legislative action, because the law which
created the Commerce Department gave the President discretionary authority to place such regular government bureaus as he might select under its control. Other alterations
in the organization of the government which the congressional
commission recommended are not expected until Congress
has acted. Secretary Hoover, in a statement explaining the
step, which also was approved by Secretary Work of the Interior Department, said one of the principal reasons for it lay
in discriminations against American interests in the administration of patent laws in some foreign countries. The Commerce Department has conducted negotiations in the matter
through its representatives abroad, and Mr. Hoover is
reported as saying that he might have occasion to urge Congress to draft a new code of patent laws. The patent office,
which was originally a section of the State Department when
created, in 1790, had been a part of the Interior Department
since 1849. It is now issuing more than 55,000 patents and
trade-marks each year. Secretary Hoover's statement of
March 11 said:
It is reported that the new association succeeds the
Stable Money League and the National Monetary Association.
Presidential Proclamation Increasing Duty on Potassium Chlorate From 1M to 23.4 Cents a Pound
In accordance with a recommendation contained in a report of the Tariff Commission, President Coolidge on April
11 issued a proclamation increasing the duty on potassium
chlorate from 1M to 234 cents per pound.
Announcement of the issuance of the Presidential proclamation was made on April 13. The increased rate will
become effective in thirty days. According to the New York
"Journal of Commerce" application for an increase in the
rate of duty on potassium chlorate was filed with the commission by the North American Chemical Company, of Bay
City, Mich., and a request for a reduction in the duty was
filed by the Diamond Match Company of New York. The
President in his proclamation says that on investigation it
has been found that the present duty does not equalize the
differences in cost of production in the United States and the
1965
I
In incorporating the patent office in the Department of Commerce, I
intend that we should undertake a vigorous campaign for the removal of
injustices toward American patentees and American manufacturers which
exist by virtue of the character of patent laws in many other countries.
At the present time an American patentee is required in many foreign
countries to continuously manufacture in that country under his patent or
lose his patent rights. We make no such requirement In the United States.
1966
THE CHRONICLE
The consequence is that our inventors and manufacturers in order to protect
their inventions have been driven to the establishment of a large number of
factories abroad, whereas foreign patentees have been able to use tneir
patents in the United States to actually prevent manufacture here.
A list of many large manufacturers established by American capital
abroad in order to protect their patents could be enumerated, whereas there
has been no establishment of manufacturers in this country for this reason.
In fact, a foreign patentee, by registering his patent in the United States.
can hold it for seventeen years and prevent manufacture of the article in the
United States.
This is but one of the discriminations now in progress. There is to be an
international convention for the protection of industrial property at The
Hague on Oct. 8. 1925, at which the American Government is to be represented and where proposals will be made for the equitable and equal treatment of patentees in all countries. If this convention should fail to secure
primary justice for American patentees, we shall ask for a complete revision
of the patent laws of the United States which will bring this about.
Four years ago the Patent Office was fifteen months behind in its work.
that is. it was fifteen months after the receipt of an application before that
application could be considered._ Under support given by Congress, and
the fine administration of Secretary Work and Commissioner Robinson. this
period has been reduced to seven months. It is my hope that further support
and continued vigorous administration of the bureau will bring the bureau
up to date in its work within the next year or two.
[VoL. 120.
will be 1% cents for each 2 ounces up to and including 8
ounces, except for
books, catalogues„ seeds, cuttings, bulbs, roots, scions and plants,
which
have a special rate of 1 cent for each 2 ounces up to and including
8 ounces.
The present rate on ordinary third class, such as circulars,
pamphlets, etc.,
Is 1 cent for each 2 ounces.
Fourth Class Mail.
All mail matter exceeding 8 ounces in weight (except first and second
class
mail) is made fourth class matter in the new bill. No change
is made in
the zone rates now applying to fourth class matter in the new bill.
No
change is made in the zone rates now applying to fourth class, but a
service
charge of 2 cents per package is added. Packages marked "Special Handling," and with 25 cents additional postage, are to receive "the same
expeditious handling, transportation and delivery accorded to mail matter
of
the first class."
A comparison of the changes in other mail rates with the rates now
in
effect follows:
Money Orders.
Rates in Kelly Bill.
Present Rates.
to $2 50
5 cents
le. to $2 50
3 cents
to
5 00
7 cents
$2 51 to 6 00
5 cents
to 10 00
10 cents
501 to 10 00
8 cents
to 20 00
12 cents
10 01 to 20 00
10 cents
to 40 00
15 cents
20 01 to 30 00
12 cents
to 60 00
18 cents
80 01 to 40 00
15 cents
to 80 00
20 cents
40 01 to 50 00
18 cents
to 100 00
22 cents
50 01 to 60 00
20 cents
60 01 to 75 00
25 cents
75 01 to 100 00
80 cents
Registered Mail.
Additional postage of 15 cents to 20 cents, the amount to be fixed
by the
Postmaster-General. (Present rate 10 cents.) Return receipt, 3 cents extra_
(No charge made at present for return receipt.)
Insurance on Third and Fourth Class Matter.
Rates in Kelly Bill.
Present Rates.
Up to $500
5 cents
Up to $5 00
8 cents
$501 to 25 00
8 cents
$501 to 25 00
5 cents
25 01 to 50 00
10 cents
25 01 to 50 00
10 cents
50 01 to 100 00
25 cents
50 01 to 100 00
25 cents
Return receipt, 8 cents.
lc.
$2 51
5 01
10 01
20 01
40 01
60 01
80 01
Changes in Postal Rates In Effect This Week—Text
of New Postal Salary and Rate Increase Bill
as Enacted Into Law.
In calling attention on April 12 to the increased postal
rates effective this week (April 15) Postmaster-General New
stated that "so far as the rates on first class mall are concerned, there are no changes whatever except in the case of
private mailing cards, including souvenir postcards, on
which the rate is increased from 1 to 2 cents each. Postal
cards issued by the Government, however, will continue to
be sent for 1 cent each." He added that "the rates on second, third and fourth class mail have been increased in certain contingencies, but this increase is very slight and will
C. 0. D. on Third and Fourth Class Matter.
not work any hardship on the mailing public. The excesi
Rates in Kelly Bill.
Pram* Rates.
Up to $10 00______ 12 cents
revenue to be derived from such sources will enable the
Up to $5000
10 cents
$10 01 to 50 00
15 cents
$50 01 to 100 00
25 cents
Postoffice Department to meet its obligations and at the
50 01 to 100 00
25 cents
same time provide increased compensation for its army of
Special Delivery.
faithful employees." The increased postal rates are carried
Packages weighing 2 to 10 pounds, 15 cents; over 10 pounds, 20 cents.
in the new Postal Salary and Rate Increase Act, which also (Present rate on all mall matter, 10 cents.)
provides for higher salaries for postal clerks and carriers. As
Special Provisions.
was announced in these columns Feb. 28, page 1045, the newly
The authority which the Postmaster-General now has to change the clasenacted measure was passed by the House -and Senate on sifications, weights and rates of fourth class mail with the consent of the
Inter-State Commerce Commission is retained in a special provision in the
Feb. 25; President Coolidge signed the bill Feb. 28. As we bill.
have heretofore indicated, important features of the new
The provision giving publishers the option of mailing portions of a publegislation are the changes from existing rates that are made lication (such as bulk copies to newsdealers and other sales agencies) at
parcel post rates was eliminated in the Conference Report.
affecting second class mail rates—those dealing with pubReferring to the fact that a special Congressional commitlications. Further below we give the text of the Act.
A synopsis of the changes which it makes in postal rates tee is authorized under the measure to investigate and rechas been prepared by the National Publishers' Association, ommend a permanent schedule of rates, the association says:
Special Congressional Committee to Investigate and Reoommend Rates.
this furnishing a comprehensive comparison of the old and
The bill authorizes the creation of a special joint sub-committee of Connew rates.
gress to recommend a permanent schedule of postal rates. The committee
The New Postal Bill.
President Coolidge's signature to the Kelly Postal Salary and Rate Bill
(H. R. 11,444) finally settles the question of increased salaries to postal
workers and revised rates on mail matter. As stated in our mimeographed
bulletins, the increase in salaries is retroactive to Jan. 1 1925. Clerks and
carriers will receive an increase of $300 a year—from a present maximum of
$1,800 a year to $2,100 a year; other workers in the Postal Service are
given proportionate increases. Approximately 350,000 workers in the Postal
Service will benefit from the increases in salaries.
The revised postal rates include changes in rates on first, second, third
and fourth class mail. These changes become effective April 16 1925 and
are to remain in force until otherwise changed by Congressional action.
First Class Mail.
The only change finally made in the rates on first class mail was to increase private mailing cards from 1 cent each to 2 cents each. Many publishers are under the impression that the rates on single Government postal
cards were increased from 1 cent to 11 cents each and on double Govern/
2
ment postal cards from 2 cents to 3 cents. Such a provision was included
In the amended Sterling bill, which was adopted by the Senate, but was
eliminated in the Conference Report which was finally adopted. Government postal cards still remain 1 cent for the single card and 2 cents for the
double card.
Second Class Mail.
No change was made in the pound rate for the reading portion of periodicals mailed at zone rates, but on the advertising portion the rates were
increased 1 cent in the fourth zone and decreased 1 cent in the sixth zone and
1 cent in the eighth zone. A comparison of the present zone rates with
the new rates in the Kelly bill are as follows:
Zones—
2.
1.
4.
3.
5.
7.
6.
8.
Kelly Bill
2c.
Sc.
Sc.
Sc.
2c.
Cc.
90.
9C.
Present rates
Sc.
20.
Sc.
2c.
10c.
Sc,
9c.
7c.
Dec. or Inc
+1c.
—1c.
_
__ —1c.
—
The special flat rate of 11 cents a pound on both the reading and adver/
2
tising portion, which applied to religious, educational, scientific, philanthropic, agricultural, labor or fraternal magazines not organized for profit
was increased to 11 cents a pound.
/
2
The rates on transient class mail, that is periodicals mailed by other than
the publisher, were increased from 1 cent for 4 ounces to 2 cents for each 2
ounces up to a weight limit of 8 ounces. Weights in excess of 8 ounces are
to take fourth class rates.
Third Class Mail.
All mail matter weighing 8 ounces or less (except first and second class
mail) will, after April 15 1925, be included in third class mail. The rate
is to consist of three members of the Senate Committee on the Post Office
and Post Roads and three members of the House Committee on the Post
Office and Post Roads. The committee is directed to hold hearings and report to Congress during the first week of the first regular session of the
Sixty-ninth Congress.
The Senate representatives appointed are Senator Moses (Republican) of
New Hampshire, Phipps (Republican) of Colorado, and McKellar (Democrat)
of Tennessee. The House representatives will be Representatives Griest (Republican) of Pennsylvania, Ramseyer (Republican) of Iowa and Bell
(Democrat) of Georgia.
Senator Moses's plan is to have the first hearing in Washington in July,
which will include conferences with Postoffice officials. Hearings will then
follow in Philadelphia, New York, Boston, Buffalo, Chicago and one or two
other Western cities. A second series of hearings may be held in the fall,
and the committee will afford representative users of the mails every opportunity to be heard.
The following is the text of the bill except for one portion
(Title III), which is called the Federal Corrupt Practices
Act of 1925, and which deals with political committees and
political contributions:
M. R. 11444.1
AN ACT reclassifying the salaries of postmasters and employees of the
Postal Service, readjusting their salaries and compensation on an
equitable basis, increasing postal rates to provide for such readjustment, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled:
I.—RECLASSIFICATION OF SALARIES OF POSTAL
EMPLOYEES.
Section 1. That on and after Jan. 1 1925 postmasters and employees
of the Postal Service shall be reclassified and their salaries and compensation readjusted, except as otherwise provided as follows:
&rid
Classification of Postmasters.
That postmasters shall be divided into four classes, as follows:
The first class shall embrace all those whose annual salaries are $3,200
or more.
tes.swaS
The second class shall embrace all those whose annual salaries are less
than $3,200, but not less than $2,400.
FPI
The third class shall embrace all those whose annual salaries are less
than $2,400, but not less than $1,100.
.0 'es
The fourth class shall embrace all postmasters whose annual compensation amounts to less than 51.100, exclusive of commissions onImoney
orders issued.
TITLE
APRIL 18 1925.]
THE CHRONICLE
Reclassification of Postal Salaries.
The respective compensation of postmasters of the first, second and third
classes shall be annual salaries, graded in even hundreds of dollars, and
payable in semi-monthly payments to be ascertained and fixed by the
Postmaster-General from their respective quarterly returns to the General
Accounting Office, or copies of duplicates thereof to the First Assistant
Postmaster-General, for the calendar year immediately preceding the
adjustment, based on gross postal receipts at the following rates, namely:
First class-$40,000, but less than $50,000, $3,200; $50.000, but less
than $60,000. $3,300; 560.000, but less than $75,000, $3,400; 575,000.
but less than $90,000. 53,500; $90.000, but less than $120,000. $3.600;
$120,000, but less than $150,000, $3,700: $150,000. but less than $200,000,
$3,800; $200,000, but less than $250,000, $3,900; $250.000, but less than
$300.000. $4,000; $300.000, but less than $400,000. $4,200: 5400,000.
but less than 5500,000. $4,500; $500,000, but less than $600.000, $5,000:
$600,000, but less than 57,000,000, $6,000: $7,000,000 and upward.$8,000.
Second class
-$8.000, but less than $12,000, $2,400; $12.000, but less
than 515,000, $2,500: $15,000, but less than $18,000, $2,600; $18,000,
but less than $22,000. $2,700; $22,000. but less than $27,000, $2,800;
$27,000, but less than $33,000, $2,900; $33.000, but less than $40,000.
$3.000.
Third class-$1,500, but less than $1,600, $1,100; $1,600, but less
than $1,700, $1.200: $1,700, but less than $1,900. 81.300; $1,900, but less
than $2,100, $1,400; $2,100, but less than $2.400, $1,500; $2.400, but less
than $2,700, $1,600; $2,700, but less than 33,000, $1,700; $3.000, but less
than $3.500, $1,800; $3,500, but less than $4,200. $1,900; $4,200, but less
than $5,000, $2.000; $5,000, but less than $6,000, $2,100; 56,000, but less
than $7,000, $2,200; $7,000, but less than $8,000, $2,300: Provided, That
when the gross postal receipts of a post office of the third class for each oftwo
consecutive calendar years are less than $1,500, or when in any calendar year
the gross postal receipts are less than $1,400, it shall be relegated to the
fourth class: Provided, That postmasters at offices of the third class shall
be granted for clerk hire an allowance of $240 per annum where the salary
of the postmaster is $1,100 per annum: an allowance of 5330 per annum
where the salary of the postmaster is $1,200 per annum; an allowance of
$420 per annum where the salary of the postmaster is 51.300 per annum;
an allowance of $510 per annum where the salary of the postmaster is $1,400
per annum; an allowance of $600 per annum where the salary of the postmaster is $1,500 per annum; an allowance of $690 per annum where the
salary of the postmaster is $1,600 per annum; an allowance of $780 per
annum where the salary of the postmaster is $1,700 per annum;an allowance
of $870 per annum where the salary of the postmaster is $1,800 per annum;
an allowance of $960 per annum where the salary of the postmaster is
$1,900 per annum;an allowance of $1,050 per annum where the salary of the
postmaster is 52,000 per annum; an allowance of $1.140 per annum where
the salary of the postmaster is $2,100 per annum; an allowance of $1.400
per annum where the salary of the postmaster is $2,200 per annum; an
allowance of $1,600 per annum where the salary of the postmaster is $2,300
per annum: Provided further, That the Postmaster-General may modify
these allowances for clerk hire to meet varying needs, but in no case shall
they be reduced by such modification more than 25%:Provided, however,
That the aggregate of such allowances, as modified, shall not exceed in
any fiscal year the aggregate of allowances herein prescribed for postmasters
of the third class.
The allowaneeS for clerk hire made to postmasters of the first, second
and third class post offices by the Postmaster-General out of the annual
appropriations therefor shall cover the cost of clerical service of all
kinds
In such post offices, Including the cost of clerical labor in the money order
business, and excepting allowances for separating mails at third class
post offices, as provided by law.
Fourth class.
-The compensation of postmasters of the fourth class shall
be fixed upon the basis of the whole of the box rents collected at their offices
and commissions upon the amount of canceled postage-due stamps and on
postage stamps, stamped envelopes, and postal cards canceled, on matter
actually mailed at their offices, and on the amount of newspaper and
periodical postage collected in money,and on the postage collected
in money
on Identical pieces of third and fourth class matter mailed under the provisions of the Act of April 28 1904. without postage stamps affixed, and
on
postage collected in money on matter of tho first class mailed under
provisions of the Act of April 24 1920, without postage stamps affixed,
and on
amounts received from waste paper, dead newspapers, printed
matter, and
twine sold, at the following rates, namely:
On the first $75 or less per quarter the postmaster shall be allowed
160% on the amount; on the next $100 or less per quarter,
85%; and on
all the balance. 75%, the same to be ascertained and allowed by the
General Accounting Office in the settlement of the accounts of
such postmasters upon their sworn quarterly returns: Provided, That when
the total
compensation of any postmaster at a post office of the fourth
class for the
calendar year shall amount to $1,100, exclusive of commissions on
money
orders issued, and the receipts of such post office for the same period
shall
aggregate as much as $1,500, the office shall be assigned to its proper
class on July 1, following, and the salary of the postmaster fixed
according
to the receipts: Provided further, That In no case shall there be allowed
any postmaster of this class a compensation greater than $300 In any one
of the first three quarters of the fiscal year, exclusive of money-order commissions, and in the last quarter of each fiscal year there shall be
allowed
such further sums as he may be entitled to under the provisions of this
Act, not exceeding for the whole fiscal year the sum of $1,100, exclusive
of money-order commissions: And provided further, That whenever unusual
conditions prevail the Postmaster-General, in his discretion,
may advance
any post office from the fourth class to the appropriate class indicated
by
the receipts of the preceding quarter, notwithstanding the proviso which
requires the compensation of fourth-class postmasters to reach $1,100
for
the calendar year, exclusive of commissions on money-order business, and
that the receipts of such post office for the same period shall aggregate as
much as $1,500 before such advancement is made: And provided further,
That when the Postmaster-General has exercised the authority herein
granted, he shall, whenever the receipts are no longer sufficient to justify
retaining such post office in the class to which it has been advanced,
reduce
the grade of such office to the appropriate class indicated by its receipts
the last preceding quarter.
for
Sec. 2. That post-office inspectors shall be divided into six grades, as
follows: Grade 1-salary,$2,800; grade 2
-salary.$3,000; grade 3
-salary,
-salary, $3,500; grade 5
33,200; grade 4
-salary, $3,800; grade 6
-salary,
000, and there shall be fifteen inspectors in charge at $4,500:
$4
Provided.
That in the readjustment of grades for inspectors to conform to the grades
herein provided, inspectors who are now in present grades 1 and 2 shall
be included in grade 1; Inspectors who are now in present grade 3 shall be
included in grade 2; inspectors who are now in present grade 4 shall be
included in grade 3; inspectors who are now in present grade 5 shall be
included in grade 4; inspectors who are now in present grade 6 shall be included in grade .5; and inspectors who are now in present grade 7 shall be
included in grade 6: Provided further, That inspectors shall be promoted
o
successively t grade 5 at the beginning of the quarter following a year's
satisfactory service in the next lower grade, and not to exceed 35% of the
1967
force to grade 6 for meritorious service after not less than one year's service
in grade 5; and the time served by Inspectors in their present grade shall
be included in the year's service required for promotion in the grades
provided herein, except as to inspectors in present grade 1.
Inspectors and supervisory employees of the Railway Mall Service and
post offices shall be paid their actual expenses as fixed by law.
That clerks at division headquarters of post office inspectors shall be
divided into six grades, as follows:
Grade 1-salary, $1.900; grade 2
-salary,
-salary, $2.000; grade 3
$2.150; grade 4
-salary, $2.300; grade 5
-salary,
-salary, $2,450; grade 6
$2.600: and there shall be one chief clerk at each division headquarters at
a salary of $3,000: Provided, That In the readjustment of grades for clerks
at division headquarters to conform to the grades herein provided, clerks
who are now in present grade 1 shall be included in grade 1; clerks who are
now in present grade 2 shall be Included in grade 2; clerks who are now in
present grade 3 shall be included in grade 3; clerks who are now in present
grade 4 shall be included In grade 4; clerks who are now in present grade 5
shall be included in grade 5; and clerks who are now in present grade 6 shall
be included in grade 6: Provided further. That clerks at division headquarters shall be promoted successively to grade 5 at the beginning of the
quarter following a year's satisfactory service in the next lower grade and
not to exceed 35% of the force to grade 6 for meritorious service after not
less than one year's service in grade 5,and the time served by clerks in their
present grades shall be included in the year's service required for promotion
In the grades provided herein: And provided further. That whenever in the
discretion of the Postmaster-General the needs of the service require such
action, he is authorized to transfer clerks or carriers in the city City Delivery
Service from post offices at which division headquarters of post office
inspectors are located to the position of clerk at such division headquarters.
after passing a non-competitive examination at a salary not to exceed 52.300
After such transfer is made effective clerks so transferred shall be eligible
for promotion to the grades of salary provided for clerks at division headquarters of post office inspectors. Hereafter when any clerk In the office
of division headquarters in the post office inspection service is absent from
duty for any cause other than leave with pay allowed by law.the PostmasterGeneral, under such regulations as he may prescribe, may authorize the
employment of a substitute for such work. and payment therefor from the
lapsed salary of such absent clerk at a rate not to exceed the grade of pay
of the clerk absent without pay.
Sec. 3. That at offices of the second class the annual salaries of assistant
postmasters shall be in even hundreds of dollars, based on the gross postal
receipts for the preceding calendar year, as follows: $8,000, but less than
$10,000. $2,200; $10,000, but less than $12,000, $2,200; 512.000, but less
than $15,000. $2,200; $15,000, but less than $18,000. $2.300; $18,000, but
less than $22,000. $2,300; $22.000, but less than $27,000. $2.400; $27,000.
but less than $33.000, $2.400; $33,000, but less than
$40.000. 52.500.
That at offices of the first class the annual salaries of the employees.
other than those in the automatic grades, shall be In even hundreds of
dollars, based on the gross postal receipts for the preceding calendar year,
as follows:
Receipts $40,000, but leas than 560,000
-assistant postmaster, 52.600;
superintendent of malls. $2.400. Receipts 550,000, but less than $60.000
assistant postmaster. $2.600; superintendent of mails, $2,400. Receipts
$60,000, but less than 575,000
-assistant postmaster, $2,500; superintendent of mails, $2,400. Receipts $75,000, but less than $90,000
-assistant
postmaster, $2.700; superintendent of mails, $2,500. Receipts $90.000,
but less than 5120,000
-assistant postmaster, $2,700; superintendent of
mails, $2,600;foremen.$2,500. Receipts $120,000, but less than 5150.000
assistant postmaster, $2,800; superintendent of mails, $2.700; foremen,
52.500. Receipts $150,000, but less than 5200.000
-assistant postmaster, $2,900; superintendent of malls, $2,800; foremen, $2,500. Receipts $200,000, but less than $250,000
-assistant postmaster, $3.000;
superintendent of mails, $2,900; foremen, $2,500. Receipts 52.50.000. but
less than 6300,000
-assistant postmaster, $3.100; superintendent of mails,
$3,000; assistant superintendent of mails, $2,600; foremen, $2,500. Receipts $300,000, but loss than $400,000
-assistant postmaster, 53.200;
superintendent of mails, $3.100; assistant superintendent of mails. $2,600;
foremen, $2,500. Receipts $400,000, but less than $500.000
-assistant
postmaster, $3.300; superintendent of mails. $3,200; assistant superintendent of mails, $2,600; foremen, $2,500. Receipts $500,000. but
less than 5600,000
-assistant postmaster, $3,500; superintendent of
malls, $3,300; assistant superintendent of mails, $2,600; foremen, $2,500;
postal cashier, $2,900; money-order cashier, $2,600. Receipts 5600.000.
but less than $1,000,000
-assistant postmaster, $3,700; superintendent of
mails, $3.500; assistant superintendent of mails, $2,800; foremen. $2.500;
postal cashier, $3,100; money-order cashier, $2.800. Receipts $1.000,000.
but less than $2,000,000
-assistant postmaster, $3,900; superintendent of
mails. $3,700; assistant superintendent of mails, 52.700. $2,800, and
$3,100; foremen, $2,500 and 52.600; postal cashier, $3.300;
assistant
$2,600; money-order cashier, $3,000; bookkeepers, $2,400; station examiners, $2.400. Receipts $2,000,000, butless than $3,000,000-assistant
postmaster, $4.100; superintendent of mails, $3,800; assistant superintendents of mails, $2,700. $2,800, $3,000, and $3,300; foremen, $2,500 and
$2,600; Postal cashier, $3,400; assistant cashiers, $2,600 and $2,900; moneyorder cashier, $3,100; bookkeepers, $2,400 and $2,500: station examiners, $2,600. Receipts 53,000.000, but less than $5,000,000
-assistant
postmaster, $4,100; superintendent of mails, $3,900; assistant suPerintendents of mails, $2,700, $2,800. 53.100. and $3.500; foremen, $2,500
and $2,600; Postal cashier, $3,600; assistant cashiers, 52.600. $2,800 and
53300; money-order cashier, $3,300; bookkeepers, $2,400 and $2,500:
station examiners, $2,600 and $2,800. Receipts 55,000,000, but less than
$7,000,000
-assistant postmaster, $4,300; superintendent of mails. UAW:
assistant superintendents of mails, $2,700, $2,800, $3,100, $3,300, and
$3.700: foremen. $2,500 and $2,600; postal cashier, $3,800; assistant cashiers, $2,600, $2,900, and $3,100; money-order cashier. $3,500; bookkeepers,
$2,400, $2,500, and $2,600; station examiners, $2,600 and $2,800. Receipts
57.000.000, but less than $9,000,000
-assistant postmaster, $4,600: superintendent of mails, $4,300; assistant superintendents of mails, $2,700,
52.800. 53.100. $3,500, and $3,900; foremen, 52.500 and. $2,600;
cashier. $4,000: assistant cashiers, $2,600, $2.800. $3,100, and Postal
$3,400;
money-order cashier, $3,600; bookkeepers, $2,400. $2,500,
and $2,600;
station examiners, $2,600 and 52,800. Receipts $9,000,000,
but less than
$20.000.000
-assistant postmasters, $4,700 and $4,800;
superintendent
of mails, $4,500; assistant superintendents of mails, $2,800,
$2,900, $3.100.
$3,500. 53.700, and $4,100; foremen, $2,500. $2,600 and $2,700;
postal
cashier. $4,100; assistant cashiers, 52.600, 52.800. $3,200,
and $3,600;
money-order cashier, $3,700; bookkeepers, $2,400,
52.500, 52,600, and
$2,800; station examiners, $2,600 and 52,800. Receipts
$20,000,000 and
upward-assistant postmasters, $4,800, and
54,900; superintendent of
maps, 14,700; assistant superintendents of
malls, $2,800, 52,900, $3,100.
53.500. $3.900, and $4,100; superintendent of delivery.
$4,700; assistant
superintendents of delivery, 52,830, 52,900.
53,100. $3,500. $3,900. and
$4,100; foremen. $2,500. $2,600, and $2,700; superintendent
of registry,
$4,300; assistant superintendents of registry, $2.800,
$2,900, $3,100, $3,500.
and $4,100;superintendent of money order,$4,300; assistant superintendent
1968
THE CHRONICLE
of money order. $4,100: auditor, $4,000; postal cashier, $4,300; assistant
cashiers, $2,600, $2,800. $3.100. $3,300, and $3,800; money-order cashier,
$3,900; bookkeepers, $2,400, $2,600, $2,800, and $3,300; station examiners,
$2,600. $2,800, and $3.000.
The salary of superintendents of classified stations shall be based on
the number of employees assigned thereto and the annual postal receipts.
No allowance shall be made for sales of stamps to patrons residing outside
of the territory of the stations. At classified stations each $25,000 of postal
receipts shall be considered equal to one additional employee.
At classified stations the salary of the superintendent shall be as follows: One and not exceeding five employees, $2,400; six and not exceeding
eighteen einployees, $2,500; nineteen and not exceeding thirty-two employees, $2,600: thirty-three and not exceeding forty-four employees.
$2.700; forty-five and not exceeding sixty-four employees, $2,800; sixtyfive and not exceeding ninety employees, $2,900; ninety-one and not exceeding one hundred and twenty employees, $3,000; one hundred and
twenty-one and not exceeding one hundred and fifty employees, $3.100: one
hundred and fifty-one and not exceeding three hundred and fifty employees,
$3,300; three hundred and fifty-one and not exceeding five hundred employees,$3,500; five hundred and one or more employees, $3,800.
At classified stations having forty-five or more employees there shall be
assistant superintendents of stations with salaries as follows: Forty-five
and not exceeding sixty-four employees, $2,400; sixty-five and not exceeding ninety employees. $2,500; ninety-one and not exceeding one hundred
and twenty employees, $2,600; one hundred and twenty-one and not exceeding one hundred and fifty employees, $2,700: one hundred and fifty-one
and not exceeding three hundred and fifty employees, $2,900; three hundred
and fifty-one and not exceeding five hundred employees. $.3,100;
five hundred and one employees and upward, $3,400: Provided,.
That not more than two assistant postmasters shall be employed at offices
Where the receipts are $9.000,000 and upward: Provided further, That at
post offices where the receipts are $14,000,000 but less than $20.000.000.
there shall be a superintendent of delivery whose salary shall be the same
as that provided for the superintendent of malls, and assistant superintendents of delivery at the salaries provided for assistant superintendents of
malls: Provided further, That In fixing the salaries of the postmaster and
supervisor employees In the post office at Washington, District of Columbia,
the Postmaster General may, in his discretion, add not to exceed 75 Per
centum to the gross receipts of that office: Provided Further, That not more
than one assistant superintendent of malls, one assistant superintendent of
delivery, one assistant superintendent of registry, and one assistant cashier
shall be paid the maximum salary provided for these positions, except where
receipts are $9,000,000 and less than $14,000.000 to which offices two assistant superintendents of mail shall be assigned at the maximum salary, one
to be in charge of city delivery: And provided further, That State depositories for surplus funds and central accounting offices, where the gross receipts are less than $500,000, and no postal cashieris provided, the employee
In charge of such records and adjustments of the accounts shall be allowed an
increase of $200 per annum;if receipts are $500,000 and less than $5.000,000,
the postal cashier shall be allowed an increase of $200 per annum: And
provided further. That at all central accounting offices where the bookkeeper
in charge performs the duties of auditor, he shall be designated chief bookkeeper, at a salary equal to that of the assistant cashier of the highest grade
at that office: And provided further, That when an office advances to a
higher grade because of increased gross postal receipts for a calendar year,
promotion of all supervisory employees shall be made to the corresponding
grade at the higher salary provided for the same titles or designations under
the higher classification of the office based on its postal receipts: And
provided further, That no employee in the supervisory grades shall receive a
salary less than $100 more than that paid to the highest grade of clerk or
special clerk: Provided further, That in the readjustment of salaries of all
employees above the highest grade for special clerks, those at present designated by titles for which more than one grade of salary is provided shall be
placed in the same relative grade and designation and receive the increased
salary provided in this title.
Sec. 4. That clerks in first and second class post offices and letter carriers
in the City Delivery Service shall be divided into five grades as follows:
First grade-salary $1.700; second grade-salary, $1,800; third grade-salary $1,900; fourth grade-salary, $2,000; fifth grade-salary, $2,100:
Provided, That in the readjustment of grades for clerks at first and second
class post offices and letter carriers in the City Delivery Service to conform
to the grades herein provided, grade 1 shall include present grade 1. grade 2
shall include present grade 2, grade 3 shall include present grade 3, grade 4
shall include present grade 4, and grade 5 shall include present grade 5:
Provided further, That hereafter substitute clerks in first and second
class post offices and substitute letter carriers in the City Delivery Service
when appointed regular clerks or carriers shall have credit for actual time
served on a basis of one year for each three hundred and six days of eight
hours served as substitute, and appointed to the grade to which such clerk or
carrier would have progressed had his original appointment as substitute
class
been to grade 1: And provided further, That clerks in first and second
promoted
post offices and letter carriers in the City Delivery Service shall be
successively after one year's satisfactory service in each grade to the next
made
higher grade until they reach the fifth grade. All promotions shall be
service
at the beginning of the quarter following one year's satisfactory
grades of
In the grade: And provided further, That there shall be two grade
Veda clerks, as follows: First grade-salary, $2,200; second special
grades for
salary. $2,300: Provided, That in the adjustment of
grade 1 shall
clerks to conform to the grades herein provided special clerk
present grade
Include present grade 1, and special clerk grade 2 shall include
promotions the senior com2: Provided further. That in all special clerk
printers,
petent employee shall have preference: Provided further, That
Stamped
mechanics, and skilled laborers, employees of the United States
Envelope Agency at Dayton, Ohio, shall for the purpose of promotion and
compensation be deemed a part of the clerical force.
That the pay of substitute, temporary, or auxiliary clerks at first and
second class post offices and substitute letter carriers in the City Delivery
Service shall be at the rate of65 cents per hour: Provided. That marine carriers assigned to the Detroit River Marine Service shall be paid annual salary
of $300 In excess of the highest salary paid carriers in the City Delivery
Service: Provided further, That hereafter special clerks, clerks,and laborers,
in the first and second class post offices and carriers in the City Delivery
Service shall be required to work not more than eight hours a day: Provided further, That the eight hours of service shall not extend over a longer
period than ten consecutive hours, and the schedules of duty of the employees shall be regulated accordingly: Provided further. That in cases of
emergency, or If the needs of the service require, and it is not practicable
to employ substitutes, special clerks, clerks, and laborers, in first and second
class post offices and carriers in the City Delivery Service can be required to
work in excess of eight hours per day, and for such overtime service they
shall be paid on the basis of the annual pay received by such employees:
And provided further, That in computing the compensation for such overtime the annual salary or compensation for such employees shall be divided
by three hundred and six, the number of working days in the year less all
Sundays and legal holidays enumerated in the Act of July 28, 1916: the
Mt,110.
quotient thus obtained will be the daily compensation which divided by
eight will give the hourly compensation for such overtime service: And
provided further, that when the needs of the service require the employment on Sundays and holidays of foremen, special clerks, clerks, carriers,
watchmen, messengers, or laborers, at first and second class post offices,
they shall be allowed compensatory time on one day within six days next
succeeding the Sunday, except the last three Sundays in the calendar year,
and on one day within thirty days next succeeding the holiday and the last
three Sundays in the year on which service is performed: Provided, however, That the Postmaster General may. If the exigencies of the service
require it, authorize the payment of overtime for service on the last three
Sundays in the calendar year or on Christmas Day in lieu of compensatory
time.
Sec. 5. That messengers, watchmen and laborers in first and second
class post offices shall be divided into two grades, as follows: First grade.
salary $1.500; second grade, salary $1.600: Provided, That watchmen.
messengers and laborers shall be promoted to the second grade after one
year's satisfactory service in grade 1: Provided further. That the pay of
substitute watchmen, messengers and laborers shall be at the rate of
55 cents per hour.
Sec. 6. That employees in the motor-vehicle service shall be classified
as follows: Superintendents, $2,400, 12,600, $2.800, $3.000. $3,400,
$3,600, $3,800, $4,000 and $5,000 per annum; assistant superintendents,
$2,500, $2.600 and $2,800 per annum: chiefs of records, $2,200, $2,300.
$2,400, $2,500, $2.600, $2.800 and $3.000; chiefs of supplies, $2,200,
$2,300 and $2,400; chief dispatchers, $2,300 and $2,500: route supervisors.
$2,400. $2,500 and $2,600; dispatchers, $2,100, $2,200 and $2,300; chief
mechanics, $2,400, $2,500. $2.600, $2.800 and $3.000: mechanics in charge,
$2.200,$2,300 and 2.2,400, and special mechanics.$2,100,$2,200 and $2,300:
Provided. That assistant superintendents shall not be authorized at offices
where the salary of the superintendent is less than $3,000 per annum.
That general mechanics employed in the motor-vehicle service shall be
divided into three grades: First grade, salary $1,900; second grade, salary
$2,000; third grade, salary $2,100; and clerks employed in the motor-vehicle
service shall be divided into five grades, as follows: First grade, salary
$1.700;second grade,salary $1,800; third grade,salary $1,900:fourth grade.
salary $2,000;fifth grade,salary $2,100: Provided, That in the readjustment
of grades for clerks in the motor-vehicle service to conform to the grades
above provided, grade 1 shall include present grade 1. grade 2 shall include
present grade 2, grade 3 shall include present grade 3. grade 4 shall include
present grade 4, and grade 5 shall include present grade 5: Provided,
That general mechanics employed In the motor-vehicle service shall be promoted successively after one year's satisfactory service in each grade to
the next higher grade until they reach the third grade, and clerks employed
In the motor-vehicle service shall be promoted successively after one year's
satisfactory service in each grade to the next higher grade until they reach
the fifth grade, at the respective offices where employed, and promotion
shall be made at the beginning of the quarter following one year's satisfactory service in the grade: Provided further, That at first-class post
offices there shall be two grades of special clerks in the motor-vehicle
service-grade 1, salary $2,200; grade 2, salary $2,300: Provided further,
That In the readjustment of grades for special clerks to conform to the grades
herein provided, special clerk. grade 1, shall include present special clerk,
grade 1, and special clerk, grade 2, shall include present special clerk,
grade 2.
Mechanics' helpers employed in the motor-vehicle service shall receive
a salary of $1,600 per annum: Provided, That on satisfactory evidence
of their qualifications after one year's service mechanics' helpers shall be
promoted to the first grade of general mechanics as vacancies may occur.
That driver-mechanics employed in the motor-vehicle service shall be
divided into five grades: First grade, salary $1,600; second grade, salary
$1.700; third grade, salary $1,800; fourth grade, salary $1,900; fifth grade,
salary $2,000; and garagemen-drivers employed in the motor-vehicle service
shall be divided into two grades: First grade, salary $1,550; second grade,
salary $1,650: Provided. That in the readjustment of salaries provided
for in this title all driver-mechanics shall be classified in the respective
grades as follows: Those with less than one year's service shall be placed
In grade 1; those with more than one year's service and less than two year's
service shall be placed in grade 2; those with more than two years' service
and less than three years'service shall be placed in grade 3: those with more
than three years' service and less than four years' service shall be placed
In grade 4; those with more than four years' service shall be placed in
grade 5: Provided further, That driver-mechanics employed in the motor
vehicle service shall be promoted successively after one year's satisfactory
service in each grade to the next higher grade until they reach the fifth
grade at the respective offices where employed: Provided further, That
garagemen-drivers in the motor-vehicle service shall be promoted after
one year's satisfactory service in the first grade to the second grade at the
respective offices where employed, and promotions of driver-mechanics
and garagemen-drivers shall be made at the beginning of the quarter following one year's satisfactory service in the grade.
That the pay of substitute, temporary or auxiliary employees in the
motor-vehicle service shall be as follows: Special mechanics at the rate
of 75 cents per hour; general mechanics at the rate of 70 cents per hour;
clerks and driver-mechanics at the rate of65 cents per hour; and garagemendrivers at the rate of 55 cents per hour.
That special mechanics, general mechanics, mechanics' helpers, drivermechanics and garagemen-drivers in the motor-vehicle service shall be
required to work not more than eight hours a day: Provided. That the
eight hours of service shall not extend over a ilonger period than ten consecutive hours, and the schedules of duties of the employees shall be regulated accordingly: Provided further. That in cases of emergency, or if
the needs of the service require, special clerks, clerks, special mechanics,
general mechanics, mechanics' helpers, driver-mechanics and garagemendrivers in the motor-vehicle service can be required to work in excess of
eight hours per day, and for such overtime service they shall be paid on
the basis of the annual pay received by such employees: Provided further.
That in computing the compensation for such overtime the annual salary
or compensation for such employees shall be divided by three hundred
and six, the number of working days In the year less all Sundays and legal
holidays enumerated in the Act of July 28 1916; the quotient thus obtained
will be the daily compensation which divided by eight will give the hourly
compensation for such overtime service: Provided further, That when
the needs of the service require the employment on Sundays and holidays
of route supervisors, special clerks,clerks, dispatchers, mechanics in charge,
special mechanics, general mechanics, mechanics' helpers, driver-mechanics and garagemen-drivers in the motor-vehicle service, they shall be allowed
compensatory time on one day within six days next succeeding the Sunday.
except the last three Sundays in the calendar, and on one day within thirty
days next succeeding the holiday and the last three Sundays in the year
on which service is performed: Provided, however, That the PostmasterGeneral may, if the exigencies of the service require it, authorize the payment of overtime in lieu of compensatory time for service on Sundays and
holidays.
APRIL 18 1925.]
THE CHRONICLE
1909
receive $30 per mile'per annum for each mile said routels
Sec. 7. That the annual salaries of employees of the Railway Mall formed shall
of twenty-four miles or major fraction thereof, based on actual mileService shall be as follows: Division superintendents. $4,500; assistant excess
each rural carrier assigned to a route on which triweekly service is
division superintendents and assistant superintendents at large, $3,600; age, and
shall receive $15 per mile for each mile said route is in excess of
assistant superintendent in charge of car construction. $3,300; chief clerks, perfermed
miles or major fraction thereof, based on actual mileage.
$3,300; assistant chief clerks, $2,800: Provided, That the clerks in charge twenty-four
delivery
Deductions for failure to perform service on a standard rural
of sections in the offices of the division superintendents shall be rated as
of pay per
route for twenty-four miles and less shall not exceed the rate
salary.
assistant chief clerks at $2,800
for twenty-four miles and less; and deductions for failure
.
That railway postal clerks ahall be divided into two classes, class A and mile for service
service on mileage in excess of twenty-four miles shall not
class )3, and into seven grades with annual salaries as follows: Grade 1. to perform
the rate of compensation allowed for such excess mileage.
salary $1,900; grade 2, salary $2,000; grade 3, salary $2,150; grade 4, exceed
Mail
In addition to the salary herein provided, each carrier in Rural
salary $2,300; grade 5, salary $2,450; grade 6, salary $2,600; grade 7,
equal to
Delivery Service shall be paid for equipment maintenance a sum
$2,700.
salary
mile per day for each mile or major fraction of a mile scheduled.
Laborers in the Railway Mail Service shall be divided into two grades 4 cents per
be at the
Payments for equipment maintenance as provided herein shall
with annual salaries as follows: Grade 1, salary $1,500; grade 2. $1,600.
manner as payments for regular compensa\
grade 2 after one year's satisfactory service same periods and in the same
Laborers shall be promoted to
rural carriers.
in grade 1: Provided, That in the readjustment of the service to conform tion to
a salary and
A rural carrier serving one triweekly route shall be paid
to the grades herein provided for laborers, grade 1 shall include laborers
of the route
equipment allowance on the basis of a route one-half the length
in present grade 1, and grade 2 shall include laborers in present grade 2.
routes shall be paid
two triweekly
shall be paid for services actually per- served by him. A rural carrier arving
Substitute railway postal clerks
equipment allowance on the basis of a route one-half of the
formed at the rate of $1,850 per annum,the first year of service to constitute a salary and
of the two routes.
a probationary period, and when appointed regular clerks shall receive combined length
the division of
Sec. 9. That the salary of requisition fillers and packers in
credit on the basis of one year of actual service performed as a substitute
One foreman, $2,100 per anclerk would have progressed equipment and supplies shall be as follows:
and be appointed to the grade to which such
fillers and nine packers at $1,800 each per annum.
had his original appointment as a substitute been to grade 1. Any frac- num; ten requisition
service, under
Sec. 10 That the pay of carriers in the village delivery
tional part of a year's substitute service will be included with his service
regulations as the Postmaster General may prescribe, shall
as a regular clerk in determining eligibility for promotion to the next higher such rules and
letter carriers
be from E1,150 to $1,350 per annum. The pay of substitute
grade following appointment to a regular position.
be at the rate of 50 cents per hour.
shall be made to the rank of substitute railway in the village delivery service shall
All original appointments
fifteen days'
Sec. 11. Employees in the Postal Service shall be granted
postal clerk, and promotions shall be made successively at the beginning
exclusive of Sundays and holidays, each fiscal
of the quarter following a total satisfactory service of three hundred and leave of absence with pay
year, exclusive of
year, and sick leave with pay at the rate of ten days a
six days in the next lower grade.
but no sick leave with pay in
the service to conform to the grades herein pro- Sundays and holidays, to be cumulative,
In the readjustment of
shall be granted during any one fiscal year. Sick
vided, grade 1 shall include clerks in present grade 1. grade 2 shall include excess of thirty days
upon satisfactory evidence of illness in accordclerks in present grade 2. grade 3 shall include clerks in present grade 3. leave shall be granted only
be prescribed bY the Postmaster General.
grade 4 shall include clerks in present grade 4, grade 5 shall include clerks ance with regulations to
and one
The fifteen days' leave shall be credited at the rate of one
in present grade 5, and grade 6 shall include clerks in present grade 6.
actual service.
That hereafter, in addition to the salaries provided by law, the Post- quarter days for each month of
reduced
Whenever an employee herein provided for shall have been
master-General is hereby authorized to make travel allowances In lieu of
be restored to his former grade or advanced
actual expenses, at fixed rates per annum, not exceeding in the aggregate In salary for any cause, he may
beginning of any quarter following the rethe sum annually appropriated, to railway postal clerks, acting railway to an intermediate grade at the
grade or advancement to an intermeand substitute railway postal clerks, including substitute duction, and a restoration to a former
postal clerks,
a promotion within the meaning of the
railway postal clerks for railway postal clerks granted leave with pay on diate grade shall not be construed as
of more than one grade within one year.
account of sickness, assigned to duty in railway post office cars, while on law prohibiting advancement
withheld
Whenever the promotion of an employee herein provided for is
• duty, after ten hours from the time of beginning their initial run, under
be promoted at the
and in no case shall such an allowance because of unsatisfactory service, such employee may
such regulations as he may prescribe,
quarter,
beginning of the second quarter thereafter, or of any subsequent
exceed $3 per day.
his record has been satisfactory during the intervening
Substitute railway postal clerks shall be credited with full time while on evidence that
• traveling under orders of the department to and from their designated period.
on
Hereafter when the needs of the service require the employment
headquarters to take up an assignment, together with actual and necessary
of laborers or railway postal clerks at terminal railtravel expenses, not to exceed $3 per day, while on duty away from such Sundays or holidays
transfer offices, they shall be allowed compensatory
headquarters. When a substitute clerk performs service in a railway way post offices and
next succeeding the Sunday,except the last
post office starting from his official headquarters he shall be allowed travel time on one day within six days
days next
three Sundays in the calendar year, and on one day within thirty
clerks regularly assigned to the run.
•Ixpenses under the law applying to
and the last three Sundays in the year on which
Railway post office lines shall be divided into two classes, class A and succeeding the holiday
however, That the Postmaster General
class D, and clerks assigned to class A lines shall be promoted successively service is performed: Provided,
service require it, authorize the payment of
to grade 4 and clerks in charge to grade 5. Clerks assigned to class B lines may, if the exigencies of the
three Sundays in the calendar year on or
shall be promoted successively to grade 5 and clerks in charge to grade 6: overtime for service on the last
compensatory time.
Provided. That lines in present class A shall be continued in class A, and Christmas Day in lieu of
All employees herein provided for in automatic grades who have not
lines in present class B shall be continued in class B.
which they are entitled to progress auTdruainal railway post offices shall be divided into two'classes, class A reached the maximum grades to
at the beginning of the quarter following
and class D: those having less than twenty employees shall be assigned to tomatically, shall be promoted
service since their last promotion.
class A, and those having twenty or more employees shall be assigned to the completion of one year's satisfactory
salaries granted them by the provisions of
class B. Clerks in class A terminals shall be promoted successively to regardless of any increases in
grade 4, and clerks in charge of tours to grade 5. Clerks in class B ter- this title.
requires.
The Postmaster General may, when the interest of the service
minals,shall be promoted successively to grade 5, and clerks in charge
position
transfer any clerk to the position of carrier or any carrier to the
of tours to grade 6.
between the post office and the
force
Transfer offices shall be divided into two classes, class A and class 13; of clerk and interchange the clerical
or interchange to be made to the corthose having less than five employees shall be assigned to class A and motor-vehicle service, such transfer
of the clerk or carrier transferred or interthose having five or more employees to class B. Clerks in class A shall be responding grade and salary
promoted successively to grade 4, and clerks in charge of tours to grade 5. changed.
Substitute clerks in first and second class post offices and the Railway
Clerks in class B shall be promoted successively to grade 5, and clerks in
Mail Service and substitute letter carriers in the City Delivery Service
charge of tours to grade 6.
clerks, or carriers shall have
Clerks assigned to the office of division superintendent or chief clerk when appointed regular clerks, railway postal
for each three hundred
shall be promoted successively to grade 4, and in the office of division credit for actual time served on a basis of one year
and appointed to the grade
superintendent four clerks may be promoted to grade 5 and eight clerks and six days of eight hours served as substitute,
progressed had his original apto grade 6, and in the office of chief clerk one clerk may be promoted to to which such clerk or carrier would have
pointment as substitute been to grade 1.
grade 5 and two clerks to grade 6.
Postal employees and substitute postal employees who served in the
Examiners shall be promoted successively to grade 6 and assistant exthe World
aminers to grade 5 whether assigned to the office of division superintendent military, marine, or naval service of the 'United States during
receive
or chief clerk: Provided. That service of clerks shall be based on an average War and have not reached the maximum grade of salary shall
marine, or naval service on the
of not exceeding eight hours daily for three hundred and six days oer credit for all time served in the military,
for each day
annum,including proper allowancesfor all service required on lay-off periods. basis of one day's credit of eight hours in the Postal Service
to the
Clerks required to perform service in excess of eight hours daily, as herein served in the military, marine, or naval service, and be promoted
employee would
provided, shall be paid in cash at the annual rate of pay or granted com- grade to which such postal employee or substitute postal
as substitute been to grade 1.
pensatory time at their option for such overtime. Railway postal clerks have progressed had his original appointment
postal
assigned to terminal railway post offices and transfer offices and laborers This provision shall apply to such postal employees and substitute
in the Railway Mail Service shall be required to work not more than eight employees who were in the Postal Service on October 1, 1920.
salary as
No employee in the Postal Service shall be reduced in rank or
hours a day, and that the eight hours of service shall not extend over a
longer period than ten consecutive hours, and that in cases of emergency, or the result of the provisions of this title.
Sec. 12. That the sums appropriated for salaries and compensation of
If the needs of the service require, they may be required to work in excess
the Act making apof eight hours a day, and for such additional service they shall be paid in postmasters and employees of the Postal Service in
propriations for the fiscal year ending June 30,1925,approved April 4,1924.
proportion to their salaries as fixed by law.
compensation of postThat clerks assigned to road duty shall be credited with full time for shall bp available for the payment of salaries and
such
delay to trains equal to the period of time between the scheduled arrival and masters and postal employees at the rates of pay herein provided; and
additional sums as may be necessary are hereby authorized to be approactual arrival of the train at destination ofrun.
That section 3 of the Act approved June 19 1922 (Forty-first Statutes, priated to carry out the provisions of this title.
page 660). providing for leaves of absence of employees in the postal SerInconsistent Acts Repealed.
vice. be amended by adding the following proviso: "Provided, That hereSec. 13. All Acts and parts of Acts inconsistent or in conflict with this
after not exceeding five days of the fifteen days' annual leave with pay,
exclusive of Sundays and holidays, granted to railway postal clerks assigned title are hereby amended or repealed.
TITLE II.—POSTAL RATES.
to road duty each fiscal year may be carried over to the succeeding fiscal
First-Class Matter.
year."
Rural Mail Delivery Service.
Private Mailing Cards.
Sec. 8. That the salary of carriers in the Rural Mail Delivery Service
Sec. 201. The rate of postage on private mailing cards described in the
for serving a rural route of twenty-four miles six days in the week shall Act entitled "An Act to amend the postal laws relating to use of postal
and less than twenty-four miles, cards," approved May 19. 1898, shall be 2 cents each. EL,
be $1,800; on routes twenty-two miles
$1,728; on routes twenty miles and less than twenty-two miles, $1,620;
Second-Cktss Matter.
on routes eighteen miles and less than twenty miles. $1,440; on routes sixSec. 202. (a) In the case of publications entered as second-class matter
teen miles and less than eighteen miles, $1,260; on routes fourteen miles and
sample copies to the extent of 10 per centum of the weight of
less than sixteen miles, $1,080; on routes twelve miles and less than four- (including
copies mailed to subscribers during the calendar year) when sent by the
teen miles. $1,008; on routes ten miles and less than twelve miles. $936;
publisher thereof from the post office of publication or other post office.
on routes eight miles and less than ten miles. $864; on routes six miles and
or when sent by news agents to actual subscribers/thereto. or to other
less than eight miles, $792; on routes four miles and less than six miles,
news agents for the purpose of sale—,
$720. Each rural carrier assigned to a route on which daily service is per-
1970
THE CHRONICLE
[Vox. 120.
(1) The rate of postage on that portion of any such publication devoted
"Sec. 3. A money order Mall not be issued for
more than $100, and the
to matter other than advertisements shall be 1% cents per pound,or fraction fees for domestic
orders shall be as follows
thereof;
"For orders not exceeding $2.50, Scents.
(2) On that portion of any such publication devoted to advertisements
"For orders exceeding $2.50 and not exceeding
$5.7 cents.
the rates per pound or fraction thereof for delivery within the eight postal
"For orders exceeding $5 and not exceeding
$10. 10 cents.
zones established for fourth-class matter shall be as follows:
"For orders exceeding $10 and not exceeding
$20,12
For the first and second zones. 2 cents, and third zone,3 cents.
"For orders exceeding $20 and not exceeding e40, cents.
15 cents.
For the fourth,fifth, and sixth zones,6 cents.
"For orders exceeding $40 and not
exceeding $60. 18 cents.
For the seventh and eighth zones, and between the Philippine Islands
"For orders exceeding $60 and not
exceeding $80. 20 cents.
and any portion of the United States, including the District of Columbia
"For orders exceeding $80 and not exceeding
$100.22 cents."
and the several Territories and possessions,9 cents;
(3) The rate of postage on newspapers or periodicals maintained
Registered Mail.
by and
in the interests of religious, educational, scientific, philanthropic, agriculSec. 209. (a) The first sentence of section
3927 of the Revised Statutes
tural, labor, or fraternal organizations or associations, not organized
for is amended to read as follows:
profit and none of the net income of which Inures to the benefit of any
"Sec. 3927. Mall matter shall be registered
private
only on the application of the
stockholder or individual, shall be I% cents per pound or fraction thereof, party posting the
same, and the fees therefor shall not be less than 15 nor
and the publisher of any such newspaper or periodical, before being entitled more than 20 cents in
addition to the regular postage, to be, in all cases.
to such rate, shall furnish to the Postmaster General, at such
times and prepaid; and all such fees shall be accounted for in such manner as
the
under such conditions as the Poatmasilbr General may prescribe,
Postmaster General shall direct."
satisfactory evidence that none of the net income ofsuch organization or
(b) Notwithstanding the provisions of such section
association
as amended, the
Inures to the benefit of any private stockholder or individual.
Postmaster General may fix the fee for registered
mail matter at any amount
(b) Where the space devoted to advertisements does not exceed five less than 20 cents.
per centum of the total space, the rate of postqge shall be the same
Sec. 210. Section 3928 of the Revised
as if the
Statutes, as amended, is amended
whole ofsuch publication was devoted to matter other than advertisemen
ts. to read as follows:
(c) The rate of postage on daily newspapers and on the periodicals
"Sec. 3928. Whenever the sender shall
and
so request, and upon payment
newspapers provided for in this section when deposited in a letter-carrier of a fee of 3 cents, a
receipt shall be taken on the delivery of any registered
office for delivery by its carriers, shall be the same as now provided
mall matter, showing to whom and
by
when the same was delivered, which
law, and nothing in this Act shall affect existing law as to free circulation receipt shall be returned
to the sender,and be received in the courts as prima
and existing rates on second-class mail matter within the county of publi- fade evidence of
such delivery."
cation. The Postmaster General may hereafter require publishers
to
separate or make up to zones, in such a manner as he may
Insurance and Collect-on-Delivery Services.
direct, all mail
matter of the second class when offered for mailing.
Sec. 211. (a) The fee for insurance
shall be 5 cents for indemnification
(d) With the first mailing of each issue of each such publication,
the not to exceed $5; 8 cents for indemnification not to
exceed $25; 10 cents
_ publisher shall file with the postmaster a copy of such issue,
together for indemnification not to exceed $50; and 25 cents
for indemnification not
with a statement containing such information as the Postmaster
General to exceed $100. Whenever the sender of an insured
article of mail matter shall
may prescribe for determining the postage chargeable thereon.
so request, and upon payment of a fee of 3
cents, a receipt shall be taken on
Sec. 203. The rate of postage on publications entered as second-class the delivery
of such insured mail matter, showing to
whom and when the
matter, when sent by others than the publisher or news agent, shall
be 2 same was delivered, which receipt shall be returned
to the sender, and be
cents for each two ounces or fraction thereof, for weights not
exceeding received in the courts as prima fade evidence of
such delivery.
eight ounces. and for weights of such matter exceeding eight ounces
(b) The fee for collect-on-delivery service
the
shall be 12 cents for collections
rates of postage prescribed for fourth-class matter shall be applicable thereto. not to exceed
$10; 15 cents for collections not to exceed $50; and 25 cents
Sec. 204. Where the total weight of any one edition or issue
for
of any collections not to exceed $100.
such publication mailed to any one zone does not exceed one pound, the
(c) The provisions of the Act entitled "An
Act to extend the insurance
rate of postage shall be 1 cent.
and collect-on-delivery service to third-class
mall, and for other purSec. 205. The zone rates provided in section 202 of this title shall relate poses,"
approved June 7 1924, and of section 8 of the Act entitled
to the entire bulk mailed to any one zone and not to individually
"An Act
addressed making appropriations for the service of the Post Office
Department for
packages.
the fiscal year ending June 30 1913, and for other
purposes" approved
Third-Class Matter.
Aug. 24 1912, with respect to the insurance and collect-on-de
livery services.
Sec. 206. (a) Mall matter of the third class shall include books, circulars, are
hereby continued in force.
and other matter wholly In print (except newspapers and other periodicals
entered as second-class matter), proof sheets, corrected proof sheets,
Special Delivery.
and
manuscript copy accompanying same, merchandise (including
Sec. 212. (a) To procure the immediate delivery of mall matter
farm and
weighing
factory products). and all other mailable matter not included In the first
or more than 2 pounds and not more than 10 pounds, stamps of the value of
second class, or in the fourth class as defined in section 207.
15 cents shall be affixed (In addition to the regular Postage),
and for the
(b) The rate of postage thereon shall be 1% cents for each two ounces or special delivery
thereof 11 cents may be paid to the messenger or other
fraction thereof, up to and including eight ounces In weight, except that the person making such
delivery.
rate of postage on books, catalogues, seeds, cuttings, bulbs, roots, scions,
(b) To procure the immediate delivery of mail matter weighing
more
and plants, not exceeding eight ounces in weight, shall be 1 cent for each than 10 pounds.stamps
of the value of 20 cents shall be affixed (in addition
two ounces or fraction thereof.
to the regular postage), and for the special delivery thereof 15 cents
may
(c) The written additions permissible under existing law on mall matter be paid to the messenger
or other person making such delivery.
of either the third or fourth class shall be permissible on either of these
(c) For the purposes of this section the Postmaster General is authorized
classes as herein defined without discrimination on account of classification. to provide and issue
special-delivery stamps of the denominations of 15
Fourth-Class Matter.
and 20 cents.
Sec. 207. (a) Mall matter of the fourth class shall weigh in excess of
Sec. 213. The Act entitled "An Act making certain changes in the postal
eight ounces, and shall Include books, circulars. and other matter wholly laws," approved
Mar. 2 1907, Is amended to read as follows:
in print (except newspapers and other periodicals entered as second-class
"That when, In addition to the stamps required to transmit any letter
matter), proof sheets, corrected proof sheets and manuscript copy accom- or package of mall
matter through the malls, there shall be attached to the
panying same. merchandise (including farm and factory products), and all envelope or covering ordinary
postage stamps of any denomination equivaother mailable matter not included in the first or second class, or in the third lent to the value fixed by law
to procure the immediate delivery of any mail
class as defined in section 206.
matter, with the words 'special-delivery' or their equivalent written
or
(b) That on fourth-class matter the rate of postage shall be by the pound printed on the envelope
or covering, under such regulations as the Postas established by, and In conformity with, the Act of August 24 1912, and master General may prescribe,
said letter or package shall be handled, transin addition thereto there shall be a service charge of 2 cents for each parcel. mitted, and delivered in all
respects as though it bore a regulation specialexcept upon parcels or packages collected on rural delivery routes, to be delivery stamp."
prepaid by postage stamps affixed thereto. or as otherwise prescribed by the
Sec. 214. The Postmaster General Is hereby authorized to
continue
regulations of the Postmaster General.
the work of ascertaining the revenues derived from and the cost
of carrying
Whenever.In addition to the postage as hereinbefore provided, there shall and handling the
several classes of mail matter and of performing the
be affixed to any parcel of mall matter of the fourth-class postage of the special services, and to
state the results annually as far as practicable and
value of 25 cents with the words "Special handling" written or printed pay the cost thereof out
of the appropriation for Inland transportation
upon the wrapper, such parcel shall receive the same expeditious handling, by railroad routes.
transportation, and delivery accorded to mall matter of the first class.
Repeals.
The classification of articles mailable, as well as the weight limit, the
Sec. 215. The following Acts and parts of Acts are hereby
rates of postage, zone or zones and other conditions of mailability under
repealed:
(a) Sections 1101 to 1106, inclusive, of the Revenue Act of
this section if the Postmaster General shall find on experience that they
(b) The Act entitled "An Act fixing the rate of postage 1917;
or any of them are such as to prevent the shipment of articles desirable,
to be paid upon
or to permanently render the cost of the service greater than the rec:Jets of mall matter of the second class when sent by persons other than the publisher
the revenue therefrom, he is hereby directed, subject to the consent • of or news agent." approved Juno 9 1884; and
(c) The Act entitled "An Act to amend an Act entitled 'An
the Interstate Commerce Commission after investigation, to reform from
Act making
to time such classifications, weight limit, rates, zone or zones or conditions, appropriations for the service of the Post Office Department for the fiscal
or either, in order to promote the service to the public or to insure the receipt year ending June thirtieth, nineteen hundred and fifteen, and for other
purposes,' approved March nine, nineteen hundred and
• of revenue from such service adequate to pay the cost thereof.
fourteen," approved
(c) That during the twelve months next succeeding the approval of this Apr. 24 1914.
Effective Date.
Act. the Postmaster General be, and he is hereby, authorized to conduct
experiments in the operation of not more than fifty rural routes, In localities
Sec. 216. This title, except section 217, shall become
effective on Apr.
to be selected by him; said experiments shall be designed primarily to de- 15 1925.
velop and to encourage the transportation of food products directly from
Sec. 217. A special joint subcommittee is hereby created
to consist of
producers to consumers or vendors, and, if the Postmaster General shall three members of the Committee on Post Offices
and Post Roads of the
deem it necessary or advisable during the progress of said experiments, he is Senate and three members of the Committee
on the Post Office and Post
hereby authorized, in his discretion, on such number or all of said routes Roads of the House, to be appointed by the
respective chairmen of said
as be may desire, to reduce to such an extent as he may deem advisable committees. The said special joint subcommitte
e is authorized and directed
the rate of postage on food products mailed directly on such routes for de- to hold hearings prior to the beginning of
the first regular session of the
livery at the post offices from which such routes start, and to allow the Sixty-ninth Congress, to sit
In Washington or at any other convenient
rural carriers thereon a commission on the postage so received at such rate place and to report during the first
week of the first regular session of the
as the Postmaster General may prescribe, which commission shall be in ad- Sixty-ninth Congress,- by bill, its
recommendations for a permanent schedule
dition to the carriers' regular salaries. The amounts duo the carriers for of postal rates. Said
special joint subcommittee is hereby authorized to
commissions shall be determined under rules and regulations to be pre- administer
oaths, to send for persons or papers, to employ necessary clerks,
scribed by the Postmaster General directly from the postal revenues: accountants, experts,
and stenographers, the latter to be paid at a cost
Provided. That the amount so paid shall in no case exceed the actual not exceeding
25 cents per one hundred words; and the expense attendant
amount of revenue derived from this experimental service.
upon the work of said special joint subcommittee shall
be paid ono-half
A report on the progress of this experiment shall be made to Congress from the contingent
fund of the Senate and one-half from the contingent
at the next regular session.
fund of the House of Representatives upon voucher of its chairman. This
Money Orders.
section shall become effective upon the enactment of
this Act.
Sec. 208. Section 3"of the Act entitled "An Act to modify the posts
Title 111.-Federal Corrupt Practices Act. 1925.
.money-order systemgand for other purposes," approved Mar. 3 1883.
(This we omit.-Ed.1
as
amended, is amended to read as follows: ill
Approved. Feb. 28 1925.
APRIL 18 1925.]
TH:E CHRONICLE
1971
Compulsory Arbitration Seen in Act.
In his opinion rendered today Justice Van Deventer said:
"The survey just made of the act,as construed and applied in the decisions
of the Supreme Court of the State, shows very plainly that its purpose is
not to regulate wages or hours of labor either in general or in particular
classes of business, but to authorize the State agency to fix them where and
in so far as they are the subjects of a controversy, the settlement of which
is directed in the interest of the public.
"In short, the authority to fix them is intended to be merely a part of
the system of compulsory arbitration and to be exerted in attaining its
object, which is continuity of operation and production."
Quoting portions of ite former decision, the Supreme Court declined to
agree to the doctrine that because the preparation of food particularly
affects the public interest the State may compel the continuance of the
business, and if the owners and employes cannot agree the State may fix
the terms through a public agency in order to secure continuance of operation and production.
The Court holds, as it did before, that the business in question is one
which the State is without power to compel the owner and employes to
continue.
"The system of compulsory arbitration," said Justice Van Deventer's
opinion,"which the act establishes, is intended to compel, and, if sustained,
will compel, the owner and employes to continue the business on terms
which are not of their making. It will constrain them not merely to respect
the terms if they continue the business, but will constrain them to continue
the business on those terms.
"True, the terms have some qualifications, but as shown in a prior
decision the qualifications are rather illusory and do not subtract much
from the duty imposed.
Liberty of Contract Infringed.
"Such a system infringes the liberty of contract and rights of property
guaranteed by the due process of law clause of the Fourteenth Amendment:
'The established doctrine is that this liberty may not be interfered with
under the guise of protecting the public interest by legislative action which
is arbitrary or without reasonable relation to some purpose within the
competency of the State to affect.' (Meyer vs. Nebraska, 262 U. S. 390.
399.)
"The authority which the act gives respecting the fixing of hours of labor
It was largely for the purpose of arbitrating in mining disputes that the Is merely a feature of the system of compulsory arbitration and has no
separate purpose. It was exerted by the State agency as a part of that
Court of Industrial Relations was founded during the administration of
system and the State Court sustained its exertion as such.
Gov. Henry Allen.
"As a part of the system it shares the invalidity of the whole. Whether
Chief Justice Johnston, of the State Supreme Court, however, pointed
out that while the highest tribunal had deprived the Industrial Court of It would be valid had it been conferred independently of the system' and
made either general or applicable to all businesses of a particular class, we
all its "teeth" in settling labor controversies, the court still retained its
many minor functions. Labor and capital still may submit differences to need not consider, fa' that was not done.
"It follows that the State Court should have declined to give effect to
the judges as umpires and the welfare bureau will continue to operate.
The Court of Industrial Relations, by name, ceased to exist a month ago any part of the order of the State agency."
The paragraphs to which the Kansas Industrial Relations Court finally
when the Legislature created a new State Public Service Commission, which
absorbed its powers. One of the five members of the new board is designated commanded obedience on a second hearing of the case were:
"That
day of eight
be observed in the
as a Labor Commissioner, but the entire commission took over the functions industry, a basic working day might be hours should to exceed two days
but a nine-hour
observed not
of the old Industrial Court, which comprised three judges.
In any one week without penalty. Provided, however, that if working
exceeded forty-eight in
The Kansas City "Star" in its account of the proceedings hours pay at time and a half. a week, all hours over forty-eight should
draw
"Workers paid by the day or week, if employed within the plant and not
says:
within the office or sales department, shall be subject to hours of work
Providing for compulsory arbitration of all labor disputes in industries overtime as other employes under the terms of the court's findings. and
considered of material welfare to the people, such as the mining of coal and
"That in departments operating twenty-four hours a day and seven days
the production and preparation of food. Kansas created the Industrial a week each employe shall be entitled to one day off per week. In other
Court to administer the law. A controversy having arisen in the plant of departments work performed on Sundays and legal holidays shall be paid
and one-half."
the packing company, the Industrial Court took Jurisdiction, and after a for at the rate of time
Public Interest Held Not a Factor.
hearing issued its orders. Among other things it provided a scale of wages
In its decision to-day the Supreme Court held that while the Kansas
which should be paid the employees and also limited their hours of labor.
The state courts sustained the Industrial Court, but on the appeal of the agency is called a Court of Industrial Relations, it is really an administrative
packing company the Federal Supreme court held unconstitutional that board, charged with summoning the disputants. giving them a hearing and
part of the law which gave the Industrial Court authority to regulate wages. settling the matter in controversy, including fixing of wages or hours of
The state courts interpreted this action of the highest tribunal as leavirg labor. After that, the decision said, this administrative board might
unimpaired the limitation on the hours of labor, but the controversy was institute proceedings in the State Supreme Court to compel obedience to
brought back to Washington when the packing company Insisted that its orders.
"No distinction is made," said the highest Court, "between wages and
regulation of the hours also was unconstitutional.
hours of labor; both are put on the same plane. In the fixing of wages.
State Defends Police Powers.
regard is to be had as to what is fair between employer and employes, and
The order complained of provided for an 8
-hour day, with six days constiwhat are healthful periods;
tuting a week's work, employees to receive overtime pay for longEr hours in the fixing hours of labor regard is to be had for
adjustment of an endangerand for work on Sunday. The state contended that this was a valid exercise but neither is to be fixed save in the compulsory
"
of its police powers, especially in the protection of the health of the workers, ing controversy to the end that business shall go on. *
"Various matters which were relied upon as justifying the attempted
many of whom were women.
pronounced Inadequate.
It insisted that the Federal Courts could only examine into the con- restraint or abridgment were considered and
Kansas act that a business like
troversy to the extent of determining whether the hours of labor fixed by the Among them was the assumption in the
that in question—preparing food for sale and human consumption—Is so
Industrial Court were just and reasonable, and that in the packing industry
may compel its coneight hours a day *as not such an unreasonable and arbitrary limitation as far affected with the public interest that the State
through a public agency.
to render the regulation objectionable under the Federal Constitution. tinuance * • • and may fix the terms
any sound basis and its indul"This assumption was held to be without
There was a material difference, counsel for the State contended, between
gence by a State legislature declared not controlling. The Court recognized
the fixing of wages and the fixing of hours of labor.
that in a sense all business is of some concern to the public and subject to
Held Act Unconstitutional.
some measure of regulation, but made it plain that the extent to which
Counsel for the packing company took the position that when the case regulation reasonably may go varies greatly with different classes of pusiness
was before the Supreme Court on the question of wages the action of the and is not a
matter of legislative discretion solely, but is a judicial question
Court had been of such a character as to require the Kansas courts to set to be determined with due regard to the rights of the owners and employes."
aside their opinion in foto ir_stead of modifying it.
American Federation of
U.S. Supreme Court Ruling Against Kansas:Court of
Industrial Relations—Compulsory
Arbitration Invalid.
—U7S. Supreme Court on April 13,
The findings of the
that the system of compulsory arbitration under the act
creating the Kansas Court of Industrial Relations, is unconstitutional, is regarded by Kansas officials as virtually
nullifying the primary functions of the Kansas Court.
The Supreme Court in its decision of this week, written
by Justice Van Deventer, held that although called "a
tourt," the state agency in fact was an "administrative
board, since no general authority is given it to fix wages or
hours of labor." "On the contrary," the opinion said,
"it is only a feature of that (compulsory) arbitration system
and is limited in purpose and field of operation." As a part
of the system of compulsory arbitration, said Justice Van
Deventer, the authority given in the act to fix hours of labor
"shares the invalidity of the whole." "It follows," he
continued, "that the state court should have declined to
give effect to any part of the order of the state agency."
The present decision was given in proceedings brought
by the Charles Wolff Packing Company of Topeka, and in
a previous• opinion in an action brought by the same company, the United States Supreme Court had held that the
fixing of wages in that case was likewise in conflict with the
Fourteenth Amendment.
A Topeka Associated Press dispatch April 13, bearing
on the conclusions of the Supreme Court stated:
William Green, president of the
We likewise quote what the New York "Times" has to
Labor, in a statement on April 13, declared the Supreme
say regarding the conclusions of the Supreme Court:
Court's decision was "a clear vindication of the position
In a long decision, read by Associate Justice Van Deventer. the Supreme
Court held that the Kansas Legislature had no authority to pass a law taken regarding the Kansas Court of Industrial Relations
permitting an employer, even in an industry affected by a public interest. by the American Federation of Labor," and "completely
to remain in business whether making or losing money if he did not wish to
Industrial Court ad." "While I have
do so and that there was a similar lack of legal authority in the Legislature destroys the Kansas
to compel an employe to work for an employer if he desired to seek employ- not had an opportunity to study this decision carefully,"
ment elsewhere.
he said, "my impression is that it most clearly establishes
The decision of the Federal Supreme Bench reversed that of the Kansas
employment and working
Supreme Court, which had upheld the Industrial Court by granting a writ the principle that wages, hours of
of mandamus to compel the Charles Wolff Packing Company to put into conditions in private industry cannot be fixed by law."
effect an order regarding wages and hours of labor in the company's slaughThe earlier decision of the Supreme Court denying the
tering and packing plant.
Kansas Court's authority to fix wages was noted in these
Of nineteen paragraphs relating to wages,labor hours, working conditions,
overtime pay. &c., the Kansas Court demanded obedience to all except that columns, June 16, 1923, page 2726.
one concerning working conditions, saying this was made without due
notice.
That Judgment of the Kansas Court came to the Supreme Court for a
review and was reversed by the higher Court, which ordered the matter
remanded for further proceeding.
Receiving the mandate. the State Court vacated its original judgment.
struck out some paragraphs concerning working conditions, fixing wages,
and then issued a writ of mandamus compelling obedience to the clauses
regulating working hours and including pay for overtime. The Wolff
Company appealed from this mandamus and brought the case to Washington
on a writ of error.
California Inheritance Tax Law—States Need Not Provide for Deduction of Federal Inheritance Tax,
The California Inheritance Tax Law was held valid by the
U.S.Supreme Courton April 13. The decision,which affirms
the decision of the State Supreme Court of California was
delivered by Justice Stone. The law was attacked on the
ground that it did not allow as a deduction the amount of
1972
THE CHRONICLE
inheritance tax. paid to the Federal Government. In its
decision the court overrules this contention and holds that
states have the right to prescribe in their inheritance tax
laws, the method of determining the market value of property transferred, and to provide that no deduction shall be
made from this value for any inheritance or estate tax levied
by the Federal Government. The case was brought from
California to the Supreme Court by the executors of the
estate of Henrietta Pierce Watkinson. An "Associated
Press Despatch" from Washington, (D. C.) dated April 13
to the "Journal of Commerce" of New York says with regard
to the decision:
[VOL. 120.
Planning, "will stimulate the development of regional
planning boards in the State. In this development New
York State is rapidly taking a leading position." He adds:
Realizing that most of the city's problems have their origin in areas
outside the limits and beyond the control of the municipality—for example,
sewer systems, highways, water systems—cities are getting together to
plan for an entire area. This law gives official authority to such effort
on the part of municipalities and counties which desire to co-operate in
planning on a regional rather than local basis.
Mexican Government to Turn Railroads Back to Owners
July 1.
Referring to an announcement regarding the intention of
the Mexican Government to return the National Railway
Lines to their original owners, through Presidential decrees
in the month of July—the start of the railway fiscal year. A
copyright cablegram to the New York "Times"from Mexico
City, April 8, said:
States have the right to prescribe in their inheritance tax laws the method
of determining the market value of property transferred, and to provide
that no deduction shall be made from this value in computing the State
tax for any inheritance or estate tax paid to the Federal Government.
This ruling, made today by the Supreme Court in a case brought from
California, by the executors of the estate of Henrietta Pierce Watkinson,
Return of the roads will be officially announced through a Presidential
was considered of wide importance, not only to States but to beneficiaries
under wills, because of its material bearing in increasing the amount of decree which will automatically cancel the Government contract existing
money States can collect under inheritance tax laws. It was delivered by since the outbreak of the revolution in Mexico when the Government seized
Justice Stone. among the first he has handed down since his appointment physical control in order to dominate the situation.
President Canes, a few days before taking the oath of office, ordered
to the bench.
Explaning that the gross estate in question exceeded $1.800,000, Justice officials to make a complete investigation of the railway situation, to reduce
Stone pointed out that California received $37,699 more taxes under its salaries which were considered excessive, to discharge excess employees
law than it would have received if Federal estate taxes had been first who were placed in the railways for political reasons, to cut expenses in
deducted. It has been repeatedly held by the Supreme Court he said, all departments and make a complete rorganization of the lines preliminary
"that the power of testamentary disposition and the privilege of inherit- to their return.
A number of debts for supplies, &c., owing to local merchants, will be
ance are subject to State taxation and State regulation, and that regulatory
taxing provisions, even though they produce inequalities in taxation, do paid off within the next three months.
The Government has decided to take control of oil wells
not effect an unconstitutional taking of property unless the taxing statute
drilled on
results in such flagrant and palpable inequality between the burden imposed national lands under concession, which now are producing an important
and the benefit received as to amount to the arbitrary taking of property quantity of oil. The concessions give the Government participation in
without compensation." No such objection to the California law could be production. It is expected the Government will make arrangements to
sustained, he added, and the construction of the act was not open to ques- continue the policy of drilling on national lands and continue to supply
oil fuel to the railroads.
tion.
Mexicans say return of the roads will be positive proof that the present
No Guarantee of Equality.
Asserting that there is no Constitutional guarantee of equality of taxa- Government intends to live up to its word to comply with all obligations
tion, the Justice declared the power of States to discriminate in fixing the as soon as the state of finances permits.
amount and incidence of taxation upon inheritances was undoubted. A
State may levy a tax upon the power to dispose of property by will, graduDeath of Sir William M. Acworth.
ated by the size of the legacy, and it may grant exemptions, he said, holding
The death occurred in London on April 2 of Sir William
that the guarantee under the Fourteenth Amendment of the equal protection of the laws did not guarantee equality of operation or application W. Acworth, the renowned
British railway authority. He
of State legislation upon all citizens of a State.
Classification for the purpose of fixing the tax is valid, provided all served on the Royal Commission of Inquiry into the Canapersons subject to the tax are treated alike, he continued, and States could dian lines in 1916 and was called into consultation many,
impose taxes which would depend upon both the total net amount of the many times
with regard to American railways. Comestate left and the amount of the legacy. Such a classification would not
be unreasonable, the Justice added, nor would it be ground for assuming menting on his death the "Wall Street Journal" of April 3
that the Legislature had acted arbitrarily.
said:
London cables record the death of Sir William Mitchell Acworth, merely
mentioning him as
Governor Smith of New York Signs Bill to Establish does him less than "an authority on railroad economics." The description
justice. He was the world's greatest authority on railRegional Planning Boards to Help in Solution of
roads.
Although he only received his knighthood in 1921, he died full of years
Housing Problem.
and honor. He would have
Governor Smith of New York has just signed a bill per- November. He was an M. A.been seventy-five if he had llved to next
of Oxford. He turned his attention to railmitting the establishment of regional planning boards by road affairs many years ago. He had written what was for some years the
standard work on the subject in his "Railways of England," published in
any county or counties and the cities, towns and villages of 1889,and the
first edition of his "Elements of
any county or counties in the State. This bill, introduced in 1905. His discussion on "State Railway Railway Economics" appeared
Ownership" was published in
by Senator Williams, was sponsored by the State Commission 1920.
Twenty-five years ago he remarked humorously to some of his friends
of Housing and Regional Planning, which in its recent report in America that the British authorities were at last
beginning to treat him
to the Governor stated that "regional and city planning as something more than an amateur. American railroad men always
are essential to a permanent solution of the housing problem recognized the depth and extent of his knowledge. He had been a close
personal friend for many
of
ablest railroad men. His public
in its relation to industry, transit and urban growth." With work was monumental. yearsnot all ourmade the official
He
only
survey of the
regard to the boards created under the bill signed by Governor Canadian roads when they were taken over by the Canadian Government
reported
Smith, the State Bureau of Housing and Regional Planning but reports, exhaustively on the railways of India and other countries.
His
in fact, will be his monument, and not the least Important of
says under date of April 13:
them is that which he made on the German railways as a supplement
to
The function of these boards will be to study the needs and conditions the report of the Dawes Committee. He was one of the principal advisors
of regional and community planning and zoning in such county or counties. in the recent consolldation of the British railways into four large systems
The communities are authorized to raise the necessary funds for this purpose and wrote an excellent monograph on the subject which, incidentally, was
by taxation. The members of the boards will serve without compensation. filed by the Pennsylvania Railroad with the Inter-State Commerce ComGovernor Smith has taken a close interest in the development of regional mission and is on record for exposition of the principles on which consoliplanning in the State. In his recent housing message to the Legislature dations can be successfully made.
Sir William Acworth was a valued contributor to the "Wall Street
he recommended the enactment of this law, so that legal sanction might
Jour.
be given to the voluntary organizations already formed by counties in ',al" and "Barron's." His many affectionate admirers in America will
hear with regret of the termination of his long and useful life.
several parts of the State.
The General Regional Planning Law,as the law is called, is of immediate
interest to the Capital District Region where the creation of a port district Daylight Saving Time in effect
in New York, April 26—
brought to the front the question of comprehensive planning in this region.
Resolution of Stock Exchange—Notice of
To anticipate and prepare for the expected growth of the district in cornmerce, manufacturing and population, an unofficial regional planning
Reserve Bank
•
organization embracing all the municipalities within the counties of Albany,
Both the New York Stock Exchange and the Federal
Schenectady and Rensselae; was formed recently with the aid and cooperation of the State Commission of Housing and Regional Planning. Reserve Bank of New York have issued notices
calling
The Chairman of the Capital District Planning Association is Mayor attention to
the observance of daylight saving time which
Hackett of Albany.
The Governor recently signed a similar bill for the Niagara Frontier will become effective in this city a week from to-morrow,
Region where, with the co-operation of the State Commission of Housing April 26. The Governing Committee of
the New York
and Regional Planning regional planning was initiated. The area covers
Stock Exchange on April 8 adopted the following resolution:
the two counties extending from Lake Erie on the north to a few miles south
Resolved, That during the period beginning Monday,
of Buffalo on the south, lying along the Niagara River. It involves six
April 27 1925 and
cities and 21 villages. Until the signing of the Niagara Frontier Law a ending Saturday, September 26 1925, the Exchange will open and close for
voluntary body of representatives of these cities and villages worked to- business in accordance with the local time in New York City, which will be
gether in formulating a comprehensive plan. With the signing of the advanced one hour at two o'clock on Sunday morning. April 26 1925.
bill an official regional planning board is created in the Niagara Frontier
The notice issued by Governor Strong of the Federal
Region, which is authorized to maintain an office with adequate technical Reserve
Bank of New York to member banks follows:
staff to develop the necessary plans. Its work will be financed by apFEDERAL RESERVE BANK OF NEW YORK
propriations from the co-operating municipalities and counties.
A feature of both bills is the provision that the regional planning boards
Daylight Saving—Opening and Closing Time for
shall make a report annually to the State Bureau of Housing and Regional
!Business to be Advanced One Hour.
Planning.
To all Banks. Trust Companies, Savings Banks and
general regional planning law," said Clarence S. Bankers in the Second Federal Reserve District;
"The
During the
Stein, Chairman of the Commission of Housing and Region4 September 26period beginning Monday,April 27 1925 and ending Saturday.
1925, this bank will open and close for business in accordance
, APRIL 18 1925.]
THE CHRONICLE
1973
with local time in New York City and in the City of Buffalo, which will be session April 30.
advanced one hour at two o'clock on Sunday morning, April 26 1925.
As we have heretofore made known, St. Petersburg, Fla.,
Clearings at the New York Clearing House will take place during the
present year's
10 o'clock a. m., local time, which will be the equivalent of has been chosen as the meeting place for the
same period at
m. present time.
annual convention of the association. While it had originClearings at the Buffalo Clearing House will take place during the same ally been announced that the dates tentatively agreed on
period at 11 o'clock on week-days and 10:15 o'clock on Saturdays, local
Buffalo time, which will be the equivalent of 10 a. m.and 9:15 a. m.present were Dec. 2, 3, 4 and 5, the March 31 "Bulletin" of the assotime, respectively.
ciation states that it is quite probable that the convention
Philadelphia Stock Exchange to Operate on Daylight
Saving Schedule.
Beginning on Monday, April 27, the Philadelphia Stock
Exchange will observe daylight saving time. The market
will open at 9 A. M. and close at 2 P. M. Standard time.
According to the Philadelphia "Record" action to this effect
was taken by the board of governors of the exchange. The
clocks will not be changed. Philadelphia banks have not
reached a decision on the question, having referred the
matter to counsel for the Philadelphia Clearing House.
will open on Monday, Dec. 7, and close on Friday night,
Dec. 11. Earlier reference to the annual convention was
made in these columns March 21, page 1413.
Spring Meeting of Executive Council of American
Bankers Association at Augusta, Ga., April 21-23.
As we announced in our issue of March 21 (page 1413),
the Executive Council of the American Bankers Association
will hold its spring meeting at Augusta, Ga., the coming
week. The meeting will take place at the Bon Air-Vanderbilt Hotel. The program as announced on April 12 by F. N.
Shepherd, Executive Manager, provides for conferences of
divisions, sections, commissions and committees of the
Plans of Investment Bankers Association for Giving
association on the opening day, Monday, April 20, while the
Publicity to Defaults, Delays or Repudiations
General Council sessions will be held April 21, 22 and 23.
of Municipal Bonds.
the Administrative, FiThe Investment Bankers Association of America an- The meetings on Monday include
nance, Insurance, Protective and Resolutions committees on
nounced on April 10 comprehensive plans for obtaining and
held in the
placing before the general public information relative to all call of the chairmen. Other conferences to be
morning are the Agricultural Commission, Economic Policy
existing delays, defaults or repudiations of municipal bonds
Committee,
or coupons held by investors. This move, which is in charge Commission, National Bank Division, Executive
Commission,
of the association's Committee on Municipal Securities, of Non-Cash Items Committee, Public Education
Savings Bank Division Execuwhich Alden H. Little of St. Louis is the Chairman, is in Public Relations Commission,
Division Executive Committee,
keeping with the policy of the organization of protecting the tive Committee, State Bank
and Trust Compublic against loss in the purchase and holding of securities. State Secretaries' Section Board of Control
pany Division Executive Commitee. In the afternoon at
It is believed by the committee that publicity will go a long
Executive Committee will
ways in remedying municipal defaults. Under the plan 1.30 the Clearing House Section
meet; at 2 the Canadian Relations and the Membership
adopted by the association, all of the 900 main offices and
Legislation Committee, folbranch office members of the organizations have been fur- Committees; at 2.15 the State
lowed by a meeting with other delegates interested in State
nished with default report blanks. When any member of the
Taxation Committee; at 4 State
association is definitely advised that any amount of matur- legislation; at 3.30 Special
Taxation Committee, and at 4.15 the Federal Legislation
ing principal or interest or both on a municipal bond issue
meeting with other delegates interwas not paid upon presentation at the place of payment, it Committee, followed by a
will be the duty of such member to send a report of the de- ested in Federal legislation.
The Executive Council sessions will be called both in the
fault to the office of the Secretary of the association and a
and in the evening at 8.30 on Tuesday, April
copy thereof to the Chairman of the Municipal Securities morning at 9.30
21, On Wednesday and Thursday, April 22 and 23, the
Committee. The latter will then undertake an investigation
be called in the morning only. Reports of offiof the situation and will communicate directly with the meetings will
to the Council, including that of Presiofficials of the defaulting community. He will advise such cers will be presented
dent William E. Knox; Administrative Committee, of which
officials that unless the default is cured pi•omptly, notice of
Executive Manager, F. N. Shepherd;
the default will be published in the next issue of the "Bulle- Mr. Knox is Chairman;
Treasurer, J. Elwood Cox, and General Counsel, Thomas B.
tin," the official publication of the association. Alden H.
Little, of St. Louis, Chairman of the Municipal Securities Paton.
The following reports of divisions and sections will also be
Committee, says of the plan:
during the sessions:
of principal and interest or both of munic- presented by their respective presidents
The non-payment at maturity
ipal bonds is usually designated either as a delay, a default or repudiation. American Institute of Banking Section, Edwin V. Krick;
Fortunately, the total number of all such cases is very small in proportion
Clearing House Section, C. W. Allendoerfer; National Bank
to the number and amount of municipal bond issues outstanding. Of the
Bank Division, Alvin
three, delays are by far the most common; real defaults are comparatively Division, Edgar L. Mattson; Savings
rare; and repudiations are almost unheard of. There are many reasons why P. Howard; State Bank Division, W. C. Gordon; State Secpublicity is the best remedy for defaults. In the first place officials, bankSection, W. F. Augustine, and Trust Company Diviers and principal taxpayers of a community do not wish to have their com- retaries'
and community branded as a defaulter throughout the United States. As a result, sion, Lucius Teter. The reports of commissions
the public credit of the community is lost and the viewpoint of manufac- mittees will be presented by the various chairmen, as folturers and merchants on the question of extending private credit to business
concerns and individuals in such a community may be seriously affected. lows:
Furthermore, there are moral aspects to such situations as distinguished frem Agricultural, Burton M. Smith.
the established legal points involved. Practically all municipal bonds recite Canadian Relations, David R. Forgun.
that "full faith, credit and resource" of the issuing community or district
are pledged to the prompt payment of maturing principal and interest, etc. Commerce and Marine, Fred I. Kent.
These words mean something to responsible citizens and if the collective Economic Policy, Evans Woollen.
good faith of all the residents of community as such is about to be broad- Federal Legislation, Max B. Nahm.
Piercast to all the financial centres of the United States, as a meaningless and Fiftieth Anniversary, Lewis E.
SOIL
valueless thing, such citizens, if advised of the situation, are apt to take
Finance, Oscar Wells.
prompt steps to protect their public honor and credit,
Insurance, W. F. Keyser.
Membership, H. Y. Lemon.
Spring Meeting of Governors of Investment Bankers
Association of America at White Sulphur
Springs—Annual Meeting in Florida.
The spring meeting of the Board of Governors and exGovernors of the Investment Bankers Association of America will be held at White Sulphur Springs, W. Va., on April
29 and 30, May 1 and 2. It is announced that in adition to
the attendance of the ex-Governors, the meeting will be considerably enlarged by the attendance of members of the
committees, which will hold sessions at the same time. The
following committees have called meetings for April 29:
Business Conduct; Commercial Credits; Education; Finance; Foreign Securities; Government Bond; Industrial;
Irigation; Legislation; Marine, Membership; Municipal;
Publicity, Public Service; Real Estate; Securities Law, and
be in
State Taxation. The Federal Taxation Committee will
Non-Cash Items, J. W. Barton.
Protective.
Public Education.
Public Relations, Francis H. Sisson.
Special Taxation, Oliver C. Fuller.
State Legislation, W. D. Longyear.
State Taxation, Thornton Cooke.
Advisor Executive Committee, Bank.
ing and Currency Department,
National Association of Credit
Men, C. Howatd Barfield.
The Committee on Resolutions will make its report at the
Wednesday morning session. The Chairman is Francis H.
Sisson, Chairman Public Relations Commission, and the
Secretary, Dr. Walter Lichtenstein, Secretary Economic
Policy Commission. The committee consists of the following:
Evans Woollen, Chairman of the Economic Policy Commission; W. C. Wilkinson, Vice-President National Bank Division; Thomas F. Wallace, Vice-President Savings Bank Division, and Grant McPherrin, Vice-President State Bank Division. The annual family dinner of the Council will be held
Wednesday evening at the Bon Air-Vanderbilt.
W. E. Knox of American Bankers Association Plans
Extended Speaking Tour.
William E. Knox, President of the American Bankers
Association, this month (April) begins an extended speak-
1974
THE CHRONICLE
prou 120.
ing tour of State banking association meetings, which
will Into a single unit by order of Secretary of
Agriculture Jarcontinue through May and June. His schedule as
announced dine. Dr. W. W. Stockberger, who has
had years of experiat the association headquarters is as follows:
ence in scientific work in the Bureau of Plant
April 23, Georgia Bankers Association, Macon, Ga.; May 14,
Industry, and
Bankers Association, Nashville, Tenn.; May 18, Missouri BankersTennessee who of late has been associated with personnel activities of
Associatern ; May 20, Knife and Fork Club, Kansas City, Mo.; May 21, Kansas the Department, has been named Directo
r of Personnel and
Bankers Association, Topeka, Ran.; June 17, Iowa Bankers Association,
Dubuque, Iowa; June 18, Illinois Bankers Association, Peoria, III.; June 20, Business Administration. He will give special attention to
the employment and personnel policies in the
Colorado Bankers Association, Troutdale, Col.
Department,
including salary classification and efficiency
ratings. W. A.
Jump, the Budget Officer of the Depart
Lexington-Concord Half Dollars.
ment, has been
named Assistant Director in charge of busines
Guttag Brothers have received a limited amount of
s operation,
the and will continu
e to act as Budget Officer. By this order,
new Lexington Concord half dollars issued in commemorait is stated, Secretary Jardine brings togethe
tion of the 150th anniversary of the battles of Lexing
r under a single
ton
and Concord April 19 1925. These coins are not only sym- directing head the following offices: Personnel Office, Salbolic of this great national events, perhaps the greatest in ary Classification Office, Office of Inspection, Chief Clerk
and Superintendent of Buildings, Mechan
American history, but they are also of high artistic
ical Shops, Section
merit
and will be prized by coin collectors and lovers of our coun- of Accounts serving the Secretary's Office, Office of Budget
try everywhere. In the Old Belfry reproduced on one side and Finance, Office of Purchase and Sales, Office of the
of the coin, hung the bell that gave the alarm to the Minute Traffic Manager, Division of Accounts and Disbursements.
Co-ordination of the business adminis
Men after Paul Revere brought the news, "The British
tration of the Departare
coming." A replica of the belfry still stands by the Lexing- ment brings each of the main divisions of its work under a
single directing head, responsible to
ton Battle Green. The statue of the Minute Man reprodu
the Secretary. Those
ced
on the other side of the coin typifies the young farmer leav- supervising this work are the Directors of Scientific Work,
Regulatory Work, Extension Work, Informa
ing his plow and taking his musket to protect his home
tion, and Perand
liberty. This statue, by Daniel Chester French, now stands sonnel and Business Administration. These offices act in
by the old North Bridge, Concord. The models for the coins the capacity of clearing houses for Department activities,
assuming much of the detail work formerl
were made by Chester French, sculptor.
y carried by the
Secretary and giving him an opportunity to
address his attention to general principles under which the
Regional Conference of Trust Companies of United
Department is
conducted.
States
to Be Held at Seattle Aug. 4-5.
The third regional conference of the trust companies
of
the United States will be held at Seattle, Wash., Aug.
4
and 5, it is announced by Lucius Teter, President Chicago
Trust Co., as President of the Trust Company Divisio
n,
American Bankers Association. Francis E. Sisson,
VicePresident, Guaranty Trust Co., New York, will
preside at
the sessions. Eleven States will be represented as follows:
Colorado, Utah, New Mexico, Arizona, California,
Nevada,
Oregon, Montana, Wyoming, Idaho and Washington.
The
program will consist of discussions of fiduciary problem
s.
F. D. Farrell Succeeds W. M. Jardine on Advisory
Council of Agricultural Commission of
American Bankers Association.
ITEMS ABOUT BANKS, TRUST COMPANIES,
&c.
Three New York Stock Exchange memberships
were reported posted for transfer this week, that of
Gilbert W.
Kellner to Marcus A. Charavay, that of Marcus
Goodbody
to Ray P. Sackett and that of Julian S. Hess to
Harry C.
Sheehy. The consideration in each case was stated
to be
$102,000. Last previous sale was for $104,000.
Raymond G. Forbes has b- een appointed Comptro
ller of
the New York Trust Co. Mr. Forbes had been
Assistant
Treasurer of the trust company since its merger
with the
Liberty National Bank in April 1921. He was
formerly
Auditor and then Assistant Cashier of the Liberty
National,
having joined the latter institution in 1917, prior
to which
he had been with the Bankers Trust Co.
Charles F. Junod; Vice-President of the Bank of
America,
has returned from a trip of two months to the
Pacific Coast.
The Irving Bank-Columbia Trust Co. of New
York announced yesterday (April 17) the appoin
tment of William.
P. Jenks, of Jenks, Gwynne & Co., as a
member of the
Advisory Board of its Columbia office, at 60
The following promotions also were announced: Broadway.
Fritz Hartman, Assistant Secretary, to Assistant Vice
-President, and
L. I. Estrin to Assistant Secretary, both in
the company's
foreign office, in the Woolworth Building, and
Peter E.
Connell to Assistant Secretary in the Eighth
St. office, at
Broadway and Eighth St.
Acting President F. D. Farrell of the Kansas State
Agricultural College has been appointed to the Adviso
ry Council
of the Agricultural Commission, American Bankers Associa
tion, by William E. Knox, President of the association. Mr.
Farrell succeed W. M. Jardine, who resigned following
his
appointment by President Coolidge as Secretary of
Agriculture. President Farrell, 'who has also temporarily succeeded Secretary Jardine as head of the Kansas Agricultural
College, where he became Dean of Agriculture in 1918, has
been active in the agricultural work of both State and
national bankers' associations. The Agricultural Commission of the American Bankers Association, to whose advisory
council President Farrell has accepted appointment,
con.
slats of twelve bankers, one for each Federal Reserve district. It was formed for the purpose of bringing bankers
,
Announcement was made o- n April 14 by the
farmers and the authorities of the State agricultural colManufacleges into closer relationship for mutual understanding and turers Trust Co. of New York that it had entered into an
assistance. The Advisory Council of the Commission in agreement with the directors of the Gotham National Bank,
addition to the newly-added member, consists of H. L. Rus- by which the business of that institution will be merged into
sell, Dean of the College of Agriculture, University of Wis- the Manufacturers Trust Co. Two days later the Manuconsin, and W. It. Dodson, Dean of the College of Agricul- facturers Trust Co. made known that in addition to the consolidation with the Gotham National Bank,
ture, Louisiana State University.
arrangoinents
Secretary Jardine, in his letter of resignation from the have been concluded with the directors of the Fifth National
Bank for the latter also to be combined with the
Advisory Council, stated that the pressing demands upon
Manufacturhis time from his new duties made such action necessary. ers Trust Co. Both the Gotham National and the Fifth
In accepting the resignation, F. N. Shepherd, Executive National each have one office, the former at Columbus
Manager of the Association, said he wished "to express ap- Circle and 59th Street and the latter at Lexington Avenue
preciation for the fine assistance which you have accorded and 23d Street. The officers of the two institutions will
.become affiliated with the Manufacturers Trust
us and to asure you that we stand ready at all times to
Co. As to
up- the basis of exchange, &c., it
is announced:
hold you in your present task."
The Gotham
Consolidation of Business Administration of Department of Agriculture Ordered by Secretary Jardine.
It was announced on April 8 that in the interes
t of economy and efficiency, and to simplify and facilitate the general business administration of the United States Depart
ment of Agriculture, the various offices attache
d to the
Office of the Secretary and engaged in personnel and other
branches of business administration have been consolidated
National Bank has a capital
undivided profits of $512,000. The basis ofof $1,500.000 and surplus and
consolidation in
will be that stockholders of the Gotham National Bakn willthis instance
share of Manufacturers Trust Co. stock for each two shares receive one
of Gotham
National Bank stock now held.
In the case of the Fifth National Bank, which has a capital of
$1,200,000,
and surplus and undivided profits of $1,450.000, their stockhol
receive ten-twelfths of a share of Manufacturers Trust Co. stock ders will
for each
full share of Fifth National Bank stock now held. The Fifth National
Bank is one of the oldest banking institutions in the country, having been
organized in 1864.
It is expected that the consolidation of both national banks into the
Manufacturers Trust Co. will be consummated at the same time, in the
latter part of May.
•
APRIL 18 1925.]
THE CHRONICLE
The effect of the consolidation, on completion, will be to give the Manufacturers Trust Co. deposits of approximately $190,000,000. capital of
$10,000.000, and surplus and undivided profits of about $12,000,000.
Only recently a merger of the Yorkville Bank with the
Manufacturers Trust Co. was consummated.
Robert Louis Hoguet has been elected a director of the
American Trust Co. of this city. Mr. Hoguet is First VicePresident and trustee of the Emigrant Industrial Savings
Bank, Vice-President and director of the Antimony & Compounds Co. of America, and of the United States Nickel Co.,
director of the Bystrom Realty & Construction Co.,and President and director of the Oaklawn Corporation and Van
Cortlandt Realty Co. He practiced law for twenty years,
and is a member of the executive committee of the Bar Association.•
Patrick E. Crowley, President of the New York Central
Lines, has been elected a trustee of the Emigrant Industrial
Savings Bank of New York. As indicated in our issue of
Mar. 21, page 1414, the bank plans to open a branch office
about May 15 at 43rd Street and Lexington Avenue.
1975
Philadelphia Section of the Railway Treasury Officers
Association; First Vice-President of the Railway Treasury
Officers Association of the United States and Canada;
member of the New York Railroad Club and Machinery
Club; director of the Elmira, Corning & Waverly Railway,
Corning & Painted Post Street Railway, Bath & Hammondsport Railroad Co., and several others. A. 0. Miller, President of the Miltex Cloak & Suit Co., of New York, has been
elected a director of the bank, to fill a vacancy.
The National Commercial Bank & Trust Co. of Albany,
N. Y., announces the celebration on April 12 of its one
hundredth anniversary. The institution was chartered as
the Commercial Bank of Albany by special Act of the
Legislature of the State of New York April 12 1825.
The shareholders of the National Rockland Bank of
Boston will meet on May 12 to act on plans to increase the
capital stock from $300,000 to $1,000,000 through the
issuance of 7,000 new shares at $350 a share. The bank also
plans the opening of downtown quarters.
The Bank of Montreal announces the appointment of
Jackson Dodds as Second Agent of the New York Agency.
Mr. Dodds, who has been Superintendent of Manitoba
branches, will fill the vacancy arising through the death of
Albert G. Fry, reference to which was made in our issue of
Feb. 7, page 665. John McEachern will succeed Mr. Dodds
at Winnipeg. Mr. Dodds was born in London, England,
and after four years' experience in the Comptoir National
d'Escompte de Paris at London, went to Canada in 1901 to
enter the service of the Bank of British North America.
After several years' experience in eastern Canada, he was
transferred to the West and was later appointed manager of
the Reston branch. In 1909 he was moved to Vancouver
branch as assistant manager. Two years later he was promoted to London, England, office as Secretary.
With the outbreak of war he enlisted for active service and
went to France in September 1914 as a privtae in the Honourable Artillery Company. In April 1915 he was invalided
to England where he was appointed Assistant Director of
Ordnance Services in the 63rd Division. In November 1918
he was appointed Assistant Director of Ordnance Services to
the 6th Army, with the rank of Lieutenant-Colonel. On
four occasions he was mentioned in dispatches and was
awarded the Order of the British Empire. In June 1919 he
returned to the Bank of Montreal in London, England,
.
where he served as assistant Manager until early in 1922,
when he again went to Canada, being appointed District
Superintendent of Manitoba branches, with headquarters
at Winnipeg.
With the opening on April 1.4 of its new office in the Grand
Central Palace Building, Lexington Avenue and 47th Street.
the United States Mortgage & Trust Co. of New York places
in operation its fourth uptown branch. The new office has a
frontage of 70 feet on Lexington Avenue and runs the full
depth of the building on 47th Street. It is made readily
accessible by entrances from Lexington Avenue, 47th Street,
Park Avenue and 40th Street. The architect's plans provide an admirable arrangement for the banking offices and
the safe deposit vaults of the United States Safe Deposit
Co., which is affiliated with the United States Mortgage &
Trust Co. Equipment and arrangement are thorJughly
modern, providing a maximum of comfort and convenience
for the public and for the company's staff. The new branch
is in charge of Blinn F. Yates, Vice-President, with E. W.
Cromwell as Manager. Other branches of the company are
located at Broadway and 73d Street, where a new bank and
office building is now being erected by the company for
occupancy in September; Madison Avenue at 74th Street
and 125th Street at Eighth Avenue.
Samuel F. Wilson has been elected Vice-President of the
Clinton Trust Co. of Newark, succeeding Dr. William Buermann. The latter also retires as a director. Frederick L.
Johnson, Counsel for the company, has been elected director
of the Clinton Trust Co.
Arthur B. Witherell was elected Treasurer of the Hampshire County Trust Co., Northampton, Mass., at a recent
meeting of the directors of the institution, to succeed Roger
R. Wells, who had resigned to accept the Cashiership of the
First National Bank of Easthampton, Mass. Mr. Witherell,
whose promotion to Treasurer of the institution comes as a
reward for faithful service, was graduated from the Northampton High School in 1917 and after a short period at
Amherst College, entered the employ of the bank as a clerk.
Subsequently he became Teller, the position he held previous
to his recent advancement.
A special press dispatch from Wilmington, Del, on
April 7 to the Baltimore "Sun" stated that the Delaware
Trust Co. of Wilmington had disposed of its branches at
Laurel and Milton (both towns in Sussex Co., Del.) to the
Sussex Trust Co. at Laurel and its branch at Millsboro, Del.,
to the Millsboro Trust & Safe Deposit Co. for the reason that
these towns do not require more than one bank each. This
leaves, it is understood, the Delaware Trust Co. with seven
branches, namely at Seaford, Georgetown and Lewes (Sussex County, Del.); at Dover and Frederica (Kent Co., Del.)
and at Middletown and St. Georges (Newcastle Co., Del.).
It was further stated in the dispatch that the trust company would erect a new bank building at Seaford.
The stockholders of the Colo- nial Trust Co. of Philadelphia
approved on April 14 the plans to increase the capital stock
from $500,000 to $1,000,000. The stock ($50 par value)
will be offered to the stockholders on a pro rata basis at
$100. The surplus, now $500,000, will be increased to
$1,000,000 as a result of the yield from the new issue. The
new capital will become effective May 15. Reference was
made in our issue of Feb. 28, page 1051, to the proposed
increase.
has been elected President of the
Clarence C. Brinton Germantown Trust Co. of Philadelphia, succeeding William
T. Murphy, who has resigned because of impaired health.
Mr. Murphy also retires as a director of the company, but
has accepted the appointment as Chairman of the advisory
committee of stockholders. Mr. Minton, the new President, has been connected with the company for 26 years,
and formerly served as Treasurer and later as Vice-President
of the institution.
The Allegheny Title & Trust Co. of Philadelphia plans
to increase its capital from $125,000 to $250,000. The
company has only recently been established, its opening
on March 2 with a capital and surplus of $150,000 having
been referred to in our issue of March 21, page 1414. The
plans to enlarge the capital will be acted upon by the stockholders on June 9.
At a meeting of the Directors of the Flatbush State Bank
Brooklyn, April 7th, Willard H.Pearsall, of the Equitable
The board of directors of t- he Pennsylvania Trust Co. of
of
Trust Company, was elected President, to succeed John E. Pittsburgh announce the election of D. E. Mulholland as
Biggins, resigned. Mr. Biggins had been made Chairman Assistant Secretary of the company.
of the Board of Directors. William J. Moody has been
On April 13 the directors of the Union Trust Co. of
elected Vice-President of the bank. Mr. Moody is Treasurer
Railroad Company; Chairman of the New York- Maryland, at' Baltimore, Md., decided to recommend to
of the Erie
The New York State Banking Department has authorized
the Central Mercantile Bank of this city to open a branch
at Catharine Street and East Broadway. The new office
will be opened about June 1. The bank's main office is at
Fifth Avenue and 14th Street.
1976
THE CHRONICLE
the stockholders the issuance of 5,000 additional shares of
capital stock. A special meeting of the stockholders will
be held on April 27 to take action in the matter. The
additional stock will be offered to the stockholders at $130
per share, par of $50. The $650,000 which will thus be
realized will be distributed as follows: $250,000 to capital,
$250,000 to surplus, $150,000 to undivided profits. This
will increase the capital and surplus to $1,000,000 each and
undivided profits to $400,000. The enlarged capital will
become effective June 1.
The Comptroller on March 7 issued a certificate authorizing the commencement of business by the Morris Plan
Bank of Washington, a banking corporation organized under
the laws of the District of Columbia, with a capital of
$200,000, fully paid in.
The affairs of the Agricul- tural Trust Co. of Lancaster,
Pa., which failed in June 1921 through the embezzlement of
Its Treasurer and subsequently was reorganized under the
title of the Agricultural Trust & Savings Co.) have been
officially closed, according to a special dispatch from
that
place on March 23 to the Philadelphia "Ledger." The dispatch said, in part, as follows:
[VoL. 120.
A New Business Campaign, which covered a period
of
90 days and which brought to the Union Trust Co. of Chicago
new business aggregating $11,649,190 and new
customers
numbering 4,738, has just closed. The success of
the
campaign, which was announced on April 14, was
made
possible by the active assistance of patrons, stockhol
ders
and directors, and is said to be unequalled and
without
parallel among banks of similar size and standing
throughout the United States. The capital and surplus
of the
Union Trust Co. is $6,000,000.
The original goal was placed at $3,500,000 in new
business,
this amount to be reached within a period of three
months.
This mark was passed in 24 working days. At an
employees'
annual dinner on Feb. 11, it was decided
to double this
quota. The final total is 33/i times the
original objective.
The Union Trtst Co., which is one of
Chicago's oldest
commercial banks, was founded in 1869.
The institution
has attained its present standing without
consolidation or
merger with any other financial institut
ion. It is located in
the heart of the downtown or so-called "Loop"
district of
Chicago, at Madison and Dearborn Sts.
It recently purchased from the Chicago "Tribune" the
18-story office
structure in which it occupies four floors
and which is
now called the Union Trust Bldg. Frederi
ck H. Rawson is
Chairman of the Board and Harry A.
Wheeler is President.
Incident to the opening of the new vaults
of the recently
Depositors who refused to assign their accounts to the reorganize
d institution lost only $5 80 on each $100.
Hundreds of depositors who assigned their accounts to the
Agricultural
Trust & Savings
the reorganized institution, received stock in the new
company. The stock had a par value of $25 and only recently sold at
Co.,
$43 50.
The reorganized bank has a surplus of $100,000. The old bank,
at times, organized National Republic Safe Deposit Co. of Chicago, it is
had as much as $70,000 in surplus and undivided profits.
announced that the bank has adopted a
new idea in safe
deposit vault service under which it will
lease an individual
safe deposit box in one of the strongest
and most modern
vaults in America for any length of time
at the rate of a
penny a day. This arrangement is unique, inasmuc
h as it
Is customary for banks throughout the country
to lease safe
deposit boxes under. a term lease of one year
or more. The
vaults are located in the basement of the bank
building at
LaSalle and Adams streets, Chicago, and will
be operated by
Ind., to the Indianapolis "News" on March 14, Jasper Mc- the National Republic Safe Deposit Co.,
which is affiliated
Cormick, former President of the defunct North Side
State with the National Bank of the Republic.
Bank of Vincennes, Ind., and a former officer of two other
Edward M. Warner, for the past eight years
Vincenennes institutions also defunct, was sentenced on
Vice-Presithat date to serve from two to fourteen years in the Indiana dent of the Continental State Bank of Lincoln, has been
State Prison, fined $100 and costs and disfranchised by elected Vice-President of the Cosmopolitan State Bank of
Judge M. S. Hastings in the Daviess County Circuit Court at Chicago. Mr. Warner's election became effective April 1.
Washington, following his conviction of embezzlement on
Negotiations, which had been carried on for several
March 7. The defendant was later placed under $3,000
weeks,
bond and given thirty days in which to put his financial af- for the proposed amalgamation of the Minneapolis Trust
Co.,
fairs in shape before surrendering himself to the Sheriff. Minneapolis, and the Wells-Dickey Trust Co. of that
city,
were completed on Tuesday of this week (April
dispatch went on to say in part:
The
14) and the
The stockholders of the County Savings Bank of Scranton,
Pa., on March 16 voted to increase the capital stock of the
bank from $400,000 to $500,000. The new stook will be
offered to stockholders on the basis of one share for every
four shares now held at $100 per share par. The surplus is
$500,000. The increase will become effective June 1.
Accordmg to a special pre-ss dispatch from Washhagton,
On the advice of attorneys for the State and the defense, the court fixed
a nominal fine of $100. Judge Hastings said he was advised that McCormick
is giving up all of his property in an effort to make amends to his creditors
and the stockholders of the three defunct institutions. Any money for a fine
would therefore come from the pockets of the creditors and not the pocket of
McCormick.
McCormick was Secretary of the Knox Building & Loan Association,
President of the North Side Bank of Vincennes, and Secretary-Treasurer of
the Wabash Investment Co., all of which closed their doors after shortages
which totaled in exceee of $100,000 had been found.
The deposits of the Guardian Trust Co. of Cleveland increased $10,800,000 during the last year, according to the
March 30 statement, which shops $108,677,421, as against
$97,874,394 one year age. A growth of five and a half millions is reported since Dec. 31 1924. Total resources are
now more than $120,000,000.
The 600 employees of the G- uardian Trust Co., Cleveland,
closed their four weeks' contest for new business on April 4,
with a total of 3,855 accounts, aggregating $4,365,400, according to J. A. House, President of the bank. This new
business, more than double the quota set, included 3,400 savings and checking accounts, 211 safe deposit box rentals, the
signing up of many trusts and the sale of bonds.
Announcement of the appo- intment of Paul L. Hardesty
as Assistant Cashier of the Union Trust Co. of Chicago, was
made on April 15following a meeting of the board of directors
of the institution. The new of Mr. Hardesty's promotion
among the official staff of the bank also contained the
announcement that he would continue to supervise the
publicity and advertising of the Union Trust Co. Mr.
Hardesty entered the employ of the bank five years ago,
soon after his discharge as an officer of the Naval Reserve
Corps in the World War. He had advanced through various
positions, later becoming a member of the official staff as
manager of the bank's advertising and publicity.
consolidation of the institutions under the title of
the Minneapolis Trust Co. will become effective on April
27. The
merger, according to the Minneapolis "Journal"
of April 14,
takes place under an enabling act recently
passed by the
Minnesota Legislature. The new organization,
with deposits
of more than $14,000,000 and assets of
approximately
$17,000,000, will be one of the largest trust
companies, it is
stated, west of Chicago. It will occupy the present
banking
quarters of the Minneapolis Trust Co., now being
enlarged
by the remodeling of recently acquired space in the
New York
Life Building, formerly the home of the Minneap
olis Federal
Reserve Bank. The Wells-Dickey Co. (the
parent company
of the Wells-Dickey Trust Co.), it is stated, will
continue
its present business of underwriting and distribu
ting bonds
and securities under the same management as
heretofore
at its present offices in the McKnight Building.
S. W.Wells
heads this company, which was founded in
1878. Robert
W. Webb, President of the Minneapolis Trust
Co., will
head the enlarged institution and L. E. Wakefie
ld and W.J.
Stevenson, now Vice-Presidents of the Wells
-Dickey Trust
Co., will be Vice-Presidents. Ten of the present
directors
of the Wells-Dickey Trust Co. will be made director
s of the
new bank, namely S. W. Wells, L. E. Wakefie
ld, W. J.
Stevenson, Douglas A. Fiske, H. J. Harwick
,
Helm, E. A. Everett, C. G. Ireys, C. R. William Harry S.
s and 0.M.
Corwin. Mr. Wells, Mr. Wakefield and Mr.
Harwick, it is
understood, will also be elected directors of the First
National
Bank, the affiliated institution of the Minneapolis
Trust Co.
•
L. P. Probst, until recently a Vice-President
of the State
Bank of Delano, Delano, Minn., and who
had been continuously in the service of the institution for 40
years, recently
pleaded "guilty" before District Judge Arthur
E. Giddings
at Anoka, Minn., of peculations from the bank's funds
covering a period of seven years, and was sentenced by
the court
to from one to ten years in the Stillwater Penitentiary, ac-
APRIL 18 1925.]
TN PI CHRONICLE
cording to a press dispatch from Anoka on March 18, printed
in the Minneapolis "Journal" of the same date. Wright
County authorities, the dispatch stated, began an investigation of reported thefts two weeks previously, when a State
bank examiner discovered a shortage. Knowing he was
under suspicion, Mr. Probst kept on with his work at the
bank and a week later collapsed under the nervous strain.
Subsequently, when served with a warrant for his arrest at
his home, he informed the deputies that he might as well get
it over with and would plead minty. When taken into court
he made no plea for clemency, but told Judge Giddings that
he was obliged to take the money in order to properly educate his children; that he "couldn't make ends meet." The
bank's officers we're reported as saying there would be no
loss to the institution, as the entire defalcation was covered
by the former Vice-President's bond.
1977
President of the First Industrial Bank, operated on the Morris plan, of
which he was one of the organizers.
While connected with the Merchants' Bank Mr. Sperry was elected City
Treasurer of Nashville, later organizing the Tennessee Bank & Trust Co.,
which in time became the Hermitage National Bank. He engaged in the
insurance business for a while, as Secretary of the Independent Life Co.
He was also at one time the Secretary-Treasurer of the Nashville Gas Co.
and was one of the organizers of the Walsh Wholesale Hat Co.
That the Comptroller of the Currency had granted a national charter for the Commercial Trust & Savings Bank of
Oakland, Cal., and that the name of the institution would
shortly be changed to the New First National Bank of Oakland, was announced by S. E. Biddle, the bank's President,
on March 23, according to the San Francisco "Chronicle" of
the following day. The old First National Bank of Oakland
surrendered its charter the latter part of 1924 upon its absorption by the American Bank of San Francisco. Mr. Biddle stated, it was said, that no important changes would be
Frank H. Brown, formerly a Vice-President of the de- made in the personnel or the policies of the Commercial
. funct First National Bank of Warroad, Minn., recently Trust & Savings Bank by the conversion of the bank from a
pleaded "guilty" to falsifying a report to the Comptroller of State to a Federal institution.
the Currency and was sentenced by Federal Judge William
The Los Angeles "Times" in its issue of March 25 stated
• A. Cant of Duluth to five years' imprisonment in Leavenworth Penitentiary, according to the Minneapolis "Journal" that the Pacific Southwest Trust & Savings Bank of that
of April 2. Other counts against the former Vice-President city on the preceding day (March 24) had purchased the
• were nolled, it was stated. As reported in these columns in controlling interest in the Glendale Savings Bank, Glendale,
our issue of Feb. 16 1924, the First National Bank of War- Cal., giving the former three branches in that place. The
acquisition of the Glendale Savings Bank by the Los Angeles
road was closed on Feb. 4 of that year.
institution, it was said, was understood to mark the first
A new financial institution, with combined capital and step in a program looking towards the erection of a modern
surplus of $1,250,000, was chartered in Atlanta on April 2 business building in Glendale by the Pacific Southwest Trust
under the title of the Unity Trust Co., according to the At- & Savings Bank within the next few years- The lease of the
lanta "Constitution" of April 5. On April 3 officers for the Glendale Savings Bank on its present location, it was stated,
new bank were chosen as follows: Val Fitzpatrick of Nash- had had eighteen years to run and this had been extended to
ville, President; Ottis Bass of Atlanta and I. Bashinski of ninety-nine years.
Dublin, Ga., Vice-Presidents, and J. B. Hogeed of Cincinnati,
The following with regard to the recent taking over of the
Secretary and Treasurer. Mr. Fitzpatrick was formerly, it
is said, a Vice-President of the Brotherhood of Railway Culver City Commercial & Savings Bank, Culver City, Cal.,
• Trainmen, while Mr. Hogsed was a former Vice-Grand Presi- by the Americommercial Corporation of Los Angeles and the
dent of the Brotherhood of Railway Steamship Clerks. The election to the Presidency of the institution of Cecil B.
new Unity Trust Co. will open for business, it is understood, DeMille, the well-known motion picture producer, was furabout May 1 in banking quarters now in course of prepara- nished us by L. M. MacDonald, a Vice-President of the Comtion in the Claughton Building on Carnegie Way. With re- mercial National Bank of Los Angeles:
The first elevation ot a Motion picture executive to the presidency of a"
gard to the type of business to be carried on by the institubank is announced in connection with the purchase of the Culver City Comtion, the "Constitution" had this to say:
mercial & Savings Bank by the Americommerchtl Corporation, holding comThe Unity Trust Co. will, as the name implies, operate as a trust com- pany for the Bank of America, and the Commercial National Bank. Cecil
pany, and will handle all classes of business coming under that head and do B. DeMille, Vice-President of the Commercial National Bank, has been
a general banking business with the exception of commercial, checking and made President of the institution.
savings accounts. Two outstanding features of their endeavors will be the
This election was considered only logical because of Mr. DeMille's recent
financing of industrial plants in the South and the financing of homes for .purchase of the hornier Ince Studios at Culver City and his intention to
the company's stockholders under a plan which will make home-buying easy operate them for independent film production.
for its stockholding membenship.
In choosing Cecil DeMille, eminent motion picture producer, to head
their new property, the Americommercial Corporation has picked no novice
a year ago
the active leadership
The Canton Trust Co., Canton, Mo., an institution capital- in financial ventures. Just about Commercialhe assumedBank, whose deposits
National
of the Hollywood agency of the
ized at $50,000 and known as the "Millspaugh Bank," closed have risen in twelve months to over $1,300,000. He is also a director of
its doors on March 25. A special dispatch from Canton on the Bank of America and a member of the advisory board of the Bank of
at its Southern California headquarters.
that day to the St. Louis "Globe-Democrat" in regard to the Italy am a strong believer that every business man should enter directly
"I
matter, reported F. L. Lloyd, the bank's President, and into the business life of his territorial neighbors," said Mr. DeMille to-day.
former Presiding Judge of Lewis County, as saying that sus- "Motion pictures are vitally dependent upon the healthy financial condition
of all other industries in the Southwest and in pooling studio resources with
pension of business was necessitated by heavy withdrawals those of our Culver City friends, we have in mind a definite financial coof deposits just prior to the closing, due to unfavorable criti- operation with every type of business that can help to advance the entire
cism and comment by the press of Frank C. Millspaugh, Southwest.
"There is no dozbt but that the whole inter-beach district will benefit by
suspended State Finance Commissioner, who had up to De- this new Culver City connection with two of the biggest financial institutions
active officers of the institution. in Los Angeles."
cember 1920 been one of the
Mr. DeMille and the Americommercial Corporation takes possession of a
The dispatch also contained the following:
financial institution of Culver City. The capital
"The loss of deposits," Lloyd said, "was becoming a serious matter and bank which is the pioneer
and surplus at present amount to $127,500 and its total resources are in
we were fearful that withdrawals would continue and would reduce the
$630,000.
reserve below the legal requirement. Regardless of the fact that the Canton excess of
Motion picture's first bank president recently attaieed new importance in
Trust Co. is solvent, it was believed to be advisable and for the best interthe film world through his severance of relations with Famous Playersests of all concerned to discontinue business at this time."
and establishment of independent production connections
Canton,
It is proposed to turn the business over to the Bank of Canton if arrange- Lasky Corporation
through the Producer's Distributing Corporation. As a director of the
ments can be made that will meet the approval of the Acting
Motion Picture Capital Corporation of New Yerk, Mr. DeMille is closely
of Finance of Missouri. The Bank of Canton has heretofore been a comassociated with an influential Wall Street group headed by Jeremiah Millpetitor of the trust company.
bank and Frank R. Wilson, which is financing scores of independent screen
Frank C. Millspaugh, State Finance Commissioner of Mis- productions. Mr. DeMille is also interested in a wide variety of Los Angeles
souri, was suspended from office on March 24 last, and an enterprises, including a glass bottle factory, a woolen mill, the Biltmore
Hotel, a shoe factory, Hollywood real estate and the town, Fernangeles. in
Investigation of his official conduct by Attorney-General the San Fernando Valley.
Robert W. Otto of Missouri is now in progress, it is underThe Los Angeles "Times" in its issue of March 24 stated
stood.
that Mr. DeMille was succeeding as President of the Culver
City institution Eugene Webb Jr., who had headed the bank
Henry L. Sperry, President of the First Industrial Bank of
for the past seven years and who had resigned in favor of
Nashville and long identified with the financial and commerMr. DeMille. Mr. Webb, however, it was said, would concial life of that city, died suddenly on April 5 of heart tinue with the institution as a director. It
was also stated
acute indigestion which
trouble resulting from an attack of
that under the new regime E. E. Kendall, heretofore Cashhe had suffered two days previously. He was 59 years of ier, would be made a Vice-President, while at the same time
age. The Nashville "Banner" in its April 5 issue had the retaining the Cashiership, and that the number of directors
following to say with regard to Mr. Sperry's career:
would be increased•to represent virtually all the large busiMr. Sperry began his business career in the employ of the Fourth National Bank, later going to the Merchants' Bank, of which his father, the ness interests in Culver City.
time of his death Mr. Sperry was
late J. N. Sperry, was President. At the
1978
'ITU CHRONICLE
The First National Bank of Bandon, a small Oregon institution, was voluntarily closed by its directors on April 2. A
special dispatch from Bandon on that day to the Portland
"Oregonian" reported the failure as follows:
The First National Bank of this city closed for voluntary liquidation this
morning with total deposits of $182,000. Frozen credits and extensive farm
loans are said to be responsible. Dr. IL L. Houston is President. This bank
suffered heavy losses through the defalcations of R. B. Carson, Cashier, last
year, and since that time accounts have steadily decreased until liquidation
is unavoidable. The failure is not expected to involve any large concerns, as
the bank's business was largely distributed among many small depositors.
[VOL. 120.
year's profit and loss account. Total assets of the Jugo
Ginko Limited, as of Dec. 31 1924, were yen 593,732,906,773,
of which yen 36,144,313,853 was cash. Other items going to
make up the resources were Government bonds (face value
yen 44,277,090,000), yen 36,266,500,670, and loans on securities, bills discounted, etc., yen 342,899,240,150. On the debit
side of the statement deposits were given as yen 357,917,369,493. The paid-up capital of the bank is yen 100,000,000,000
and its reserve funds amount to yen 29,620,041,600.
The Union Securities Co. has sold ibs controlling interest
in the Yakima National Bank of Yakima, Wash., to those
identified with the Yakima Trust Co. The Union Securities
owned 1,528 shares of the 2,500 shares of the Yakima National Bank. As a result of the transaction the Yakima National and the Yakima Trust will consolidate under one
management. The consolidation wil become effective April
15. The Yakima National Bank will be the name of the consolidated institution, which will have a capital of $250,000
and surplus of $50,000. R. M. Hardy will be President.
THE CURB MARKET.
Trading in the Curb Market this week was quiet. Prices
generally were higher and while profit-taking caused some
irregularity, a firm tone prevailed throughout. Public
utility issues were more than ordinarily in evidence. Adirondack Power & Light corn., after an advance of four points
to 59, dropped to 53, but sold back finally to 55. Amer.
Gas & Elec. corn, rose from 72 to 75 and reacted to 733',
3
the close to-day being at 73%. Amer. Power & Light
corn. sold up from 53 to 573 and sold finally at 56. ComThe following with regard to the affairs of the failed monwealth Power corn. advanced from 112 to 11534. Radio
Home Bank of Canada (Toronto) appeared in the Toronto shares, in the main, were higher. Industrial shares were
very little changed. Dodge Bros. A stock "when issued"
"Globe" of April 8:
was admitted to trading and sold down from 253' to 2434.
The First Divisional Court of the Appellate Division at Osgoode Hall yesterday (April 7) decided to hear separately the appeals of the Home Bank Oil shares were less active than usual and very little changed.
directors from the convictions registered under the Bank Act by Judge Cumberland Pipe Line dropped 'from 147 to 142 and sold
Coatsworth. The hearing will commence on April 20, as soon as argument finally at 144. Prairie Oil & Gas lost
about a point to 5234.
In O'Brien vs. British-American Nickel, and argument in a short criminal
Prairie Pipe Line sold down at first from 11634 to 115, then
mse are completed.
Chief Justice Sir William Mulock announced that the appeals would be up to 11734, with a final reaction to 1153 .
%
heard in the order that they appear upon the general list, viz., Clarence F.
A complete record of Curb Market transactions for the
Smith, C. A. Barnard, J. F. M. Stewart, R. P. Gough, and S. Casey Wood.
The court will sit continuously, with the exception of Saturdays and Sun- week will be found on page 2002.
days, until the appeals are disposed of.
Appellants sought to have the appeals of Gough and Wood heard first
and together, but the decision of the court to hear them separately and in
the order announced, is in conformity with the suggestion of Special Crown
Prosecutor D. L. McCarthy, M.D.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
Week Ended April 12.
STOCKS(No. Shares).
Ind.ctdfis.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
31,395
88,525
93,490
155,305
154.170
151.375
OIL
132.3713
147,390
110,390
109,530
144,870
134,575
BONDS (Par Value).
Domes:ie, For'n GM.
91,3430 825,4300 $481,000
115,900 715,000
57,000
151,800 984,000
30,000
133,010 834,000
48,000
105,320 1.142,000
81.000
104,020 1,049,000
20,000
The 1924 edition of the Canadian Bank of Commerce Year
Book was received recently. It reviews business conditions
during the past year under the following captions and in the
following order: British Columbia and the Yukon; Alberta; Total
654.280 708,931
701.41054.729,000 8897,000
Manitoba and Saskatchewan; Ontario; Quebec; Maritime
Provinces, Newfoundland and St. Pierre et Miquelon; Barbados; Cuba; Jamaica; Trinidad and Tobago; Mexico; BraTHE WEEK ON THE NEW YORK STOCK EXCHANGE.
zil; United States, and Great Britain. The remainder of
There has been a revival of activity on the Stock Exchange
the volume is given over to Statistics of Finance and Trade. the present week, with sharp advances in all the motor stocks
and also in some of the railroad shares and in a number of
The Banque Nationale de Credit, Paris, one of the leading the specialties. The noteworthy feature of the two-hour
French banks, advises us that its dividend rate for the year session on Saturday was the strength of the motor shares,
will be 9%, as against 8% for the previous year. Net Maxwell"A" going forward to a new top at 1033' and Nash
profits for the twelve months amounted to frs. 31,444,680, as Motors making another upward spurt to 350. Railroad
compared with fr& 31,223,931 for 1923.
shares were irregular, several issues yielding a point or more
before the close. Prices improved on Monday, many speThe annual report and balance sheet of the Union Bank of cialties going forward to higher levels, though the group as
Switzerland (Zurich) as of Dec. 31 1924 has just recently a whole receded later in the day. Maxwell "A" and "B"
been received. It shows total assets of 586,297,709 francs maintained the lead in the upward movement of the motor
as compared with 541,095,287 francs on the same date the group, and advances in other stocks ranged from 1 to 5
previous year. The principal items going to make up the points. General Electric was particularly active and re1924 resources are: Commercial and industrial loans, 282,- corded a net gain of four points for the day, and American
160,564 francs; due from banks and bankers, 130,820,738 Woolen was in strong demand at advancing prices. Railfrancs; notes and bills, 109,986,594 francs; and cash in hand, road shares sagged except Canadian Pacific, which was up
17,854,527 francs. The debit side of the statement shows 7 points from its recent low. The market made further
deposits of 251,960,221 francs; capital (fully paid),70,000,000 progress on Tuesday, numerous prominent issues displaying
francs, and reserve fund, 16,500,000 francs. At the end of substantial improvement as the day advanced. Motor
the report a table is given showing the growth in the bank stocks continued the chief feature, with Maxwell "B" again
and its predecessors since the year 1863. The capital has in the lead, and going sharply forward to a new high record
increased from time to time during that period, the figures at 71. United States Steel common was in brisk demand
being 5,000,000 francs for 1863, 35,000,000 francs for 1912 and closed at 117. Railroad issues were in the forefront at
(the year in which the bank took the name of the "Union improving prices, the renewal of interest in railroad mergers
Bank of Switzerland"), 40,000,000 francs/for 1917 and stimulating the activity in this group to a very appreciable
60,000,000 francs for 1919.
extent. Prices continued to move upward on Wednesday,
though there was considerable irregularity toward the close.
The statement of condition of the Jugo Ginko, Limited The chief activity in the trading again centered
in the motor
(the Fifteenth Bank, Ltd.), head office, Tokio, covering the shares, which displayed substantial
improvement, Hudson
half year ending Dec. 31 1924, was recently received. It Motor crossing 54 in the final hour.
Railroad shares also
shows net profits for the six mouths of yen 3,803,994,120, were conspicuous, Baltimore & Ohio,
Colorado Southern,
which when added to yen 1,253,595,290, the balance brought Rock Island and New York Central going
to the front in the
forward from the preceding half year, made the sum of yen forenoon and leading the group to higher
levels. Motor
5,057,589,410 available for distribution. Out of this amount, shares and railroad stocks were again strong
on Thursday,
statement shows, the following appropriations were many issues in these groups scoring net advances from one
the
of
made: Yen 2,487,500,000 to pay dividends at the rate of 10% to three points. Industrial shares were irregular, a sharp
.and yen 200,000,000 to pay officers' bonus, leaving a balance setback near the end of the day forcing many active speculaper annum; yen 1,100,000,000 transferred to reserve funds tive favorites to lower levels. United States Cast Iron Pipe
of yen 1,270,089,410 to be carried forward to the next half & Foundry went down nearly 14 points to 155. Texas &
APRIL 18 1925]
THE CB.RONTCLE
Pacific recorded a net gain of more than two points and oil
stocks were weak. Moto* stocks were again the feature of
the market on Friday, Maxwell"B" going to a new top with
8N points advance to 863/b (making a rise of no less than 22
points for the week), closely followed by Mack Trucks with
a net advance for the day of 3%. Railroad securities also
joined the upswing, Southern Pacific scoring a gain of 23/i
points to 104 and Atlantic Coast Line advancing two points
from its early low. Norfolk & Western and New York Central also improved. Oil shares were weak and leading industrial stocks receded fractionally. The final tone was
strong.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY, WEEKLY AND YEARLY.
Stocks,
Number of
Shares.
mini
Sales at
New York Stock
Exchange.
$4,690,000
5,467,000
8,594,000
8,280,000
10,461,000
8,956,000
24A 442 Ann
2.15 420 Ann
Week Ended April 17.
1925.
Stocks
-No. shares__ _
Bonds.
Government bonds_ _
State Or foreign bonds_
Railroad Lk miff°. bonds
United
States
Bonds.
$1,506,000
1,999,500
3,421,500
2,707,000
3,187.000
2,668,000
il 959 707
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Railroad,
&c.
Bends.
460,865
800,200
1,173,725
1,183,530
1,421,877
1,192,600
Week Ended April 17
1924.
State,
Municipal &
Foreign Bonds.
$565,000
676,000
1,283,500
2,578,300
1,562.200
1,376,000
IR
041 onn
Jan. 1 to April 17
1925.
1924.
3,497,242
126,563,242
74,842,149
$8,041,000 $16,649,000
6,410,000
15.489.000
46,448,000 29,242,000
$130,039,850
192,504.600
845,482,500
$301,864,000
113,639,000
536,836,000
6,232,797
Total bonds
$952,339,000
$69,978,000 $52,301,000 $1,168.026,950
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ending
April 17, 1925.
Philadelphia.
Baltitnore.
1979
India has been inactive, and also the Continent. America has been
more inclined to offer silver. On the whole the tone of the market keel*
dull, though possibly supplies would not be found plentiful if China conditions became more cheerful. The premium on cash silver was to-day
reduced to 1-16d.
Shipments of silver from San Francisco to China for February of this
year amounted to 2,815,535 ounces.
Deducting the discount at which the currency pound stands abroad as
compared with the gold sovereign, the price of cash silver to-day works out
at 3034d., about 12% above 27.573d., the average price for 1913.
INDIAN CURRENCY RETURNS.
Mar. 7. Mar. 15. Mar. 22.
Mar.22. (/n lacs of rupees.)
18356
18322
Notes in circulation
18373
7611
7578
Silver coin and bullion in India
7629
Silver coin and bullion out of India
2232
2232
Gold coin and bullion in India
Gold coin and bullion out of India
5713
5713
5713
Securities (Indian Government)
1999
1999
1999
Securities (British Government)
800
800
800
Bills of exchange
The silver coinage during the week ending 22d inst. was 2 lacs.
about 70,800,000
The stocks in Shanghai on the 28th ult. consisted of
ounces in sycee. 44,500,000 dollars and 1,760 silver bars, as compared with
70,800,000 ounces in sycee, 42,500,000 dollars and 2,870 silver bars on the
21st ult. Statistics for the month of March 1925 and for the six days
March 26 to April 1 are appended:
-Bar Silver,Per Or. Std.
Bar Gold,
Cash
Two Months'
Per Or.
Fine.
Delivery.
Delivery.
32 1-16d.
86s. 10d.
32 3-16d.
Highest price
3154d.
31 9-16d.
86s. 4d.
Lowest price
86s.7.1d.
31.935d.
31.747d.
Average price
2232
Quotations March 2610 April 1
3151d.
31 7-16d.
86s. 5d.
March 26
3154d.
86s. 5d.
27
31 13-16d
31 11-16d.
28
31. 0.
5
86s. 6d.
/
30
86s. 7d.
31 9-I6d.
31 11-16d.
31
1
April
86s. 6d.
31Md.
31 7-16d.
868.5.8d.
31.541d.
Average
31.669d.
The silver quotations to-day for cash and two months delivery are.
respectively, 1-16d. below and 1-16d. above those fixed a week ago.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales
COURSE OF BANK CLEARINGS.
Bank clearings for the country as a whole will show a
satisfactory increase as compared with a year ago. Good
Friday fell in this week last year, while the present year it
Total
111,281 5187,500
17,151 $186,600 was a week earlier. This increased the current week's
52,502 3333,500
Prey. week revised
97.975 $108.850
54.513 5193.300
11.599 $160,800 totals somewhat as many business houses observed the day
as a holiday. Preliminary figures compiled by us, based
upon telegraphic advices from the chief cities of the country,
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of indicate that for the week ending to-day (Saturday, April 18)
Samuel Montagu & Co. of London, written under date of bank exchanges for all the cities of the United States from
which it is possible to obtain weekly returns will run 13.6%
April 11925:
GOLD.
larger than in the corresponding week last year. The total
The Bank of England gold reserve against its note issue on the 25th ult.
,537,135,447 for the
stands at $9,697,936,997, against
amounted to £126,791325, as compared with £126,786,670 on the previous
Wednesday. South African gold to the value of about 180,000 was avail- same week in 1924. At this centre the increase is 10.5%.
able here this week and was mostly taken by the Continent and the trade. Our comparative summary for the week is as follows:
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
18,001
17,421
19,228
22,696
21,731
12,204
$29,300
12,150
31,800
24,250
65,000
2.5,000
3,470
6,937
9,041
11,234
14,003
7,817
$45,800
24,300
44,200
128,800
63,400
27,000
1,763
2,812
3,134
4,616
2,313
2,513
$26,000
40,000
27,500
18,300
40,800
34,000
During the week $5,000,000 gold has been engaged for shipment from
New York to Berlin.
Per
Clearings-Returns by Telegraph,
Reuter states that a British line of steamers has declined to accept a
Cent.
1924.
1925.
Week Ending Aprit 18.
transshipment at Marseilles of 320,000 in gold which had been dispatched
$4,463,000,000 54,040,448,824 +10.5
by the parcel post from New York to India. The gold therefore has been New York
+8.8
548,0,72,694
596,124,903
Chicago
returned to New York.
344,000,000 +53.2
527,000.000
Philadelphia
Recently large parcels of gold have been thus posted from the United Boston
+4.0
375.000,000
390,000,000
110,340,430
118,735,488
+7.7
States to India in packets of 50 ounces, worth about $1,033 each. We hear Kansas City
+6.7
122,600,000
130,800,000
under date of March 19 last that the United States Postmaster-General St. Louis
142,900,000 +11.4
159,142,000
San Francisco
at Washington has issued instructions that no parcels of gold bullion or gold Los Angeles
126,725,000
+6.3
134,045,000
dust exceeding $50 in value will now be accepted for transmission to foreign Pittsburgh
110,831,436 +45.1
160,854,919
+9.0
133,708,531
145,681,419
Detroit
countries either by letter or parcel mail.
104,031,313 +12.1
,
116,603,675
A British Dominion, the Union of South Africa, is putting sovereigns Cleveland
69,285.940 +55.7
107,903,412
Baltimore
Into free circulation before the home land. After a lapse of ten years, New Orleans
-5.1
53.316.841
50,572.988
£400,000 in sovereigns have been paid out by the Rand mines in wages.
$7,100,463,804 36,281,261,009 +13.1
Thirteen cities,5 days
This step must have been welcome to the miners, who have always had a
833,018.530 +17.1
981,150,360
Other cities, 5 days
special affection for gold coin.
According to the report of the South African Commission, the Pretoria
Total all cities, 5 days
$8,081,614,164 $7,114,279,539 +13.6
+13.6
branch of the Royal Mint was opened in January 1923 and began to issue All cities, 1 day
1,422,855,908
1.616,322,833
silver coin in June of that year. The report states that the mint has a
Total all cities for week
59.697.936.997 58.537.135,447 +13.6
capacity for coining 12,000,000 sovereigns a year, and, with few additions
to plant and equipment, could increase that capacity to 24,000,000 soverv Estimated.
eigns. South Africa an therefore'now replenish her supply of gold coins
Complete and exact details for the week covered by the
at short notice by simply diverting to her local mint a small stream from her
annual outflow of gold-an outflow which is now practically back to pre- foregoing will appear in our issue of next week. We cannot
war volume. She no longer needs to wait until gold can be coined in Lon- furnish them to-day, inasmuch as the week ends to-day
don and shipped to her shores, and, being the premier gold-producing
will not be available
country of the world, producing about three-fifths of the world's annual (Saturday) and the Saturday figures
product, she can tap the supply at the source, unimpeded by embargoes until noon to-day. Accordingly, in the above the last day
or other external obstacles.
of the week has in all cases had to be estimated.
We append India trade figures (private account) for February last:
In the elaborate detailed statement, however, which we
Net
Net
Exports.
Imports. Exports. Imports. present further below, we are able to give final and complete
(In Jars of rupees.)
4,363
1,878
Merchandise
2,485
results for the previous week-the week ended April 11. For
5
9463
Gold
9413i
that week there is an increase of only 0.8%, the 1925 aggre29831
331
Silver
295
Total net exports, 1.2483i•
gate of the clearings being $8,074,679,173, and the 1924
An increase of 908 lam; in net exports of merchandise over the amount aggregate $8,013,004,306. Good Friday fell in that week
for January Is offset by an increase in net imports of 192 Yd, lacs of gold and the present year, while last year it came a week later. This
3831 lacs of silver, thus making an increase in the total net exports of 67751
diminished the totals somewhat in 1925. Outside of New
lac/ over those of the previous month.
The output of gold in Southern Rhodesia for February 1925 amounted York City, however, the increase is 4.5%, the bank exto 48,284 fine ounces, against 48,159 fine ounces for January 1925 and changes at this centre recording a decrease
of 2.3%. We
51,148 fine ounces for February 1924.
group the cities now according to the Federal Reserve districts
SILVER.
In the earlier part of the week under review a slight improvement in in which they are located and from this it appears that in
pric took place, chiefly owing to a relaxation of the pressure from China.
es
the Boston Reserve District there is a falling off of 2.0%,
Indeed, some inquiry set in from that quarter. The rally, however, did
in the New York Reserve District (including this city) of
not last, as China selling was renewed.
1980
THE CHRONICUI
2.1% and in the Cleveland Reserve District of 1.4%. In
the Philadelphia Reserve District there is a gain of 2.9%
and in the Richmond Reserve District of 0.002%, but in
the Atlanta Reserve District there is a loss of 1.8%. The
Chicago Reserve District has a gain of 10.7%, the St. Louis
Reserve' District of 7.3% and the Minneapolis Reserve
District of 1.1%. In the Kansas City Reserve District
the totals are larger by 14.2%,in the Dallas Reserve District
by 11.0% and in the San Francisco ReserveDistrict by 4.8%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended Apr. 17 1925.
1925.
1924.
Inc.er
Dec.
1923.
1922.
Federal Reserve Districts.
•s
(1st) Boston
11 cities 419,737,325 428,147,242 -2.0 432,719,484 352,609,354
(Ind) New York
11 " 4,438,957,183 4,534,009,641 -2.1 4,241,302,911 4,054,765,069
'(3rd) Philadelphia_ - _ _10 "
495,015,314 481,254,528 +2.9 519,909,999 385,594,925
(ah) Cleveland
357,847,233 362,968,603 -1.4 392,114,239 315,939,195
(5th) Richmond
6 "
182,225,299 182,220,625 +0.0 176,968,992 135,706,283
(6th) Atlanta
11 "
192,539,107 196,039,567 -1.8 175,347,422 132,646,419
(7th) Chicago
20 "
893,898,975 807,142,770 +10.7 868,672,666 696,196,743
(8th) St. Louis
8 " 206,265,189 192,217,973 +7.3 75,752,406 57,143,227
(9th) Minneapolis-- 7 "
108,502,492 107,333,593 +1.1 121,094,910 93,497,550
(10th) Kansas City
12 "
238,339,383 206,895,470 +14.2 249,561,165 222,095,864
(11th) Dallas
5 "
67,773,561 61,065,845 +11.0 54,840,061 47,529,840
(12th) San Frandseo 17 "
475,578,112 453,708,451 +4.8 460,287,909 372,189,429
Grand total
126 cities 8,074,679,173 8,013,004,386 +0.8 7,768,572,164 6,865,913,798
Outside New York City
3,745,066,770,3,582,994,368 +4.5 3,644,537,131 2,907,419,220
Canada
29 cities 307,281,954 278,251,654 +10.4 304,770,228 285,577,706
• We now add our detailed statement showing last week's
figures for each city separately, for the four years:
Week Ended April 11.
Clearings at
1925.
1924.
Inc.or
Dec.
$
S
%
First Federal Reserve Dist rict-Bosto nMaine-Bangor_
859,118
791,012 +8.6
Portland
3,094,054
2.866,869 +7.9
-Boston _ • 370,000,000 378,000,000 -2.1
Mass.
Fall River_ _ _ •
2,559,801
2,225,787 +15.0
Holyoke
•
a
a
a
Lowell
1.086,796
1,153,258 -5.8
Lynn
•
a
a
a
New Bedford_ .
1,614,028
1,452,797 +11.1
Springfield _ _
5,961.827
6,190,365 -3.7
Worcester
.
3,766.462
4,306,810 -12.5
-Hartford.
Conn.
11,564,971
13,030,519 -11.2
New Haven__
5,788,268
6,671,825 -13.2
R.1.-Providenci
13,442,000
11,458,000 +17.3
1923.
1922.
•$
$
777,491
769,560
2,916,740
3,569,440
382,000,000 309,000,000
2.994,551
1,840,621
a
a
1,351,238
1,175,165
a
a
1,709,328
1,528,476
5,395,692
4,564,628
3,856,000
4,274,641
11,068,441
9,804,102
8,474,203
5.082,721
14,175,800 *11,000,000
Total(11 cities 419,737,325 428,147.242 -2.0 432,719.484 352,609,354
Second Fede al Reserve D istrict-New York
-Albany.
N. Y.
5.730,256
6,618,664 -13.4
5,918,175
4,934.906
Binghamton_ .
1,247,500
1,240,900 +0.5
1,223,000
960,874
Buffalo
d54,627,279
43,451,586 +25.7
46,413,265
39,142,363
Elmira
1,064,277
843,697 +26.1
751,291
Jamestown_
c1,682,369
1,306,446 +27.3
1,266,615
1,169,138
New York_ _ _ 4,329,622,403 4,430,009,938 -2.3 4,124,035,033 3,958,494,578
Rochester
.
9,358,429
12,118,616 -22.8
11,563.394
9,846,999
Syracuse
•
5,644,946
5,360,428 +5.3
4.503,184
5,381,664
'Conn.-Stamfor l
c3,422,228
3,110,832 +10.0
3,053,078
2,401,709
N. J.-Mentela •
452,935
464,856 -2.6
521,496
310,286
Northern N.J.
28,124,581
29,483,678 -11.4
43,037,649
31.139,283
Total(11 cities 4,438,957,183 4,534,009,641 -2.1 4,241,302,911
4,054,765,069
Third Federa Reserve Dist rict-Philad elphia-Altoona- _
Pa.
1,253,143
1,476,803 -15.1
1,523,182
932,895
Bethlehem.._
4.182,112
4,450,462 --6.0
4,429,375
2,475.757
Cheater
1,161,863
1,231,217 -5.7
1,388,368
804,939
Lancaster
3,225,319
3,901,905 -17.3
4,144,974
2,981,150
Philadelphia
465,000,000 449,000,000 +3.8 490.000,000 364,000,000
Reading
3,524,003
3,882,333 -8.8
3,850,178
2,606,313
Scranton
5,548,824
5,904.159 -6.0
5,333,768
4,829,397
Wilkes-Barre..
d4,527,308
3,788,858 +12.4
3,206,503
2,544,000
York
2,106,124
1,970,489 +6.9
1,642,653
1,297,501
-Trenton..
N.J.
4,756,818
5,668,300 -16.1
4.390,998
3,122,973
Del.-Wllialng'n
a
a
a
a
a
Total(10 cities 495,015,314 481,254.526 +2.9 519,909,999 385,594,925
Fourth Fede al Reserve D istrict-Clev el a ndOhio-Akron___
d4,899,000
7,563,000 -35.2
5.638,000
5,245,000
Canton
4,063,502
4,902,206 -17.1
5,428,415
3,471,471
Cincinnati _ _
67,524,071
63,235,733 +6.8 69,737,012
59,841,617
Cleveland
106,331,390 111,514,029 -4.6 116,722,709
93,373,384
Columbus
18,438,100
15,741,200 +4.6
22,973,400
17,937,800
a
Dayton
a
a
a
a
a
Lima
a
aa
Mansfield
d1,781,903
1,819,346 -2.1
1,1 05,793
8
1,275.310
Springfield-a
a
a
a
a
a
a
Toledo
a
a
Youngstown-6,550,941
6,049,413 -r-8.3
5,338,958
3,558,613
Pa.
a
a
-Erie
a
a
a
150,258,326 152,170,676 -1.3 164,469,954 132,236,000
Pittsburgh_ _
Total(8 cities)_
357,847,233
362,968,603
-1.4
392,114,239
315,939,195
Fifth Federal Reserve Dist rict-Richm ondW.Va.-Hunt'g'
2.093,752 -24.1
1,589,763
Va.-Norfolk__ _ _
d7,500,422
7,500,031 +0.0
Richmond _ _
49,970,000 -3.1
48,427,000
S.C.
-Charleston
2,636,387 +29.4
d3,411,676
Md.-Baltimore
97,204,455 -2.4
94,853,068
D.C.-Washing'n
26,443,370
22,816,000 +15.9
2,137.207
6,996,118
48,295,658
2,649,564
94,091,132
22,799,313
1,350,734
7,605,025
42,213,206
2,625,525
63,479.226
18,432,567
Total(6 cities)_ 182,225,299 182,220,625 +0.0 176,968,992 135.706,283
Sixth Federal Reserve Diet rict-Atlant a
Tenn.-Chatt'ga
d6,438,196
6.375,739 +1.0
6,136,497
4,777,977
Knoxville
2.651.258
4,375,495 -39.4
3,113,537
2,347,974
Nashville
19.965,338
20,810,278 -4.1
17,079,953
21,38.5,419
Ga.-Atlanta.. _
62,392,537
54,571,429 +14.3
52,690,765
39,771,436
Augusta
2.056,616
1,641,849 +25.3
1,811,065
1.759.179
Macon
1,583,168
1,258,154 +25.8
1,119,793
1,516,902
Savannah
a
a
a
a
a
23,731,900
16,098,901 +47.4
14.830,158
9,791,115
Ala.-Birming'm
27,113,415
28,824,322 -5.9
24,691,527
18.336.572
Mobile
b
b
b
b
b
-Jackson._
Miss.
1,299,513
1,081,062 +20.2
992,281
846,497
Vicksburg
391,352
409,934 -4.5
339,052
• 388,557
La.-NeWOrleanS
44,915,814
60,592,404 -25.9
36,476,871
47.792,734
•
Total(11 cities) 192,539,107 196,039,567 -1.8 175,347,422 132,646,419
[VoL. 120.
le
Clearings 01
1925.
Week Ended April 11.
1924.
Inc. or
Dec.
1923.
1922.
$
5
Seventh Feder al Reserve D istrict -Chi cagoMich.
-Adrian _
265,868
287,863
276,038
255,072
Ann Arbor_ _ _ _
993,205
842,630 +17.9
668,725
497.152
Detroit
128,658,853 122,597,122 +4.9 123,015.727
95,226.453
Grand Rapids_
8,069,339
6,695,529 +20.5
7,280,911
8,217,795
Lansing
2.205,865
2,535,854 -13.0
2,458,461
1,854,080
Ind.
-Ft. Wayne
2,772,095
2,267,802 +22.2
2,354,835
1,865,682
Indianapolis__ _
16,360,000
17,988,000 -9.1
20,878,000
16,903,000
South Bend_ _ _
2,773,000
2,317,700 +19.6
2,595,800
1,989,890
Terre Haute_ _
5,464,968
5,422,341 +0.8
6,070,794
Wig.-Milwaukee
38,107,501
38,642,438 -1.4
38,410,364
29,467,451
Ia.-Cedar Rap_
2,697.875
2,388,387 +13.0
2,438,613
2,095,887
Des Moines_
11,989,759
10,810,286 +10.8
11,968,183
9,079,793
Sioux City_ _
8,017,252
6,717,112 +19.4
7,172,725
5,589,018
Waterloo
1,417,448
1,845,648 23.2
1,291,151
1,218,536
111.-Blooming'on
1,922,834
1,790,121 +7.4
2,034,352
1,285,178
Chicago
649,502,431 572,539,394 +13.4 628,433,822
513,668,653
Danville
a
a
a
a
Decatur
1,554,905
1,522,948
1,348,303
978,623
Peoria
5,030,563
4,378,347 +14.9
4,394,333
3,454,560
Rockford
2,905,410
2,771,157 +4.8
2,524,915
2,005,463
Springfield__
3,189,804
2,782,091 +14.7
3,058,614
2,544,377
Total(20 cities) 893,898,975 807,142,770 +10.7
868.672,886 696.196,643
Eighth Federa 1 Reserve Dis trict-St.Lo uisInd.
-Evansville.
6,153,148
5,072,973
5,982,049
4,144,799
Mo.-St. Louis.. 135,200,000 124,900,000 +21.3
+8.2
Ky.-Louisville
31,983,958
28,884,837 +10.7
31,909,273
26,437,953
Owensboro_ _ _
423,263
466,738 9.3
478,717
378,230
Tenn.-Memphis
17,029.713
19,515,992 -12.7
22,038,189
15,116,626
Ark.
-Little Rock
13,243,207
11,726,162 +12.9 • 13,448,291
9,636,822
III .-Jacksonville
394,257
313,381 +25.8
334,660
246,416
Quincy
1,837,643
1,337,910 +37.3
1,561,227
1,184.381
Total(8 cities)_ 206,265,189 192,217,973 +7.3
75,752,406
57,143,227
Ninth Federal Reserve Die trict-Minn eapolis
Minn.
-Duluth_
d8,410,266
8,483,417 +29.7
6,428,788
4,210,349
Minneapolis--67,804.204
61,967,068 +9.4
73,636,572
52.594,876
St. Paul
26,083.320
32,749,406 -20.4
33,368,000
29,926,152
No. Dak.-Fargo
1,763.000
2,200,669 -19.9
2,527,216
2,051,704
8. D.
-Aberdeen
1,387,943
1,111,128 +24.9
1,325,260
1,146,013
_
605,733
508,360 +19.2
575,067
802,603
Helena
2,448,026
2,313,545 +5.8
3,234,027
2,965,853
Total(7cities)
108,502,492 107,333.593
93,497,550
Tenth Federal Reserve Dia trict-K a n s as+1.1 121,094,910
City
Neb.-Fremont__
d398,370
451,798 -11.8
460,147
392,795
Hastings
640,492
481,473 +33.0
572,392
539,316
Lincoln
4,864.785
3,791.899 +28.3
4,524,216
4,021.870
Omaha
39.492.240
35,802,901 +10.3
46,423,412
35,079,570
Kan.
-Topeka
d4,585,217
2,863,854 +60.1
4,178,430
3,094,244
Wichita
d7,363,035
6,905,974 +6.6
10,405,679
10.611,208
Mo.-Kan. City. 124,909,556 108,890,048 +14.7
137,422,083 131,258,478
St. Joseph_ _
d7,440,768
8,603,471 +12.7
Okla.
-Muskogee
a
a
a
a
a
Okla. City.... d23,8I1,544
17,932,249 +32.8
22,720,167
18,957,892
Tulsa
a
a
a
a
a
Colo.
-Col. Spas.
1,014.707
1,188,984 14.7
1,388,874
939,423
Denver
20,573,039
20,819,386 -1.2
20,477,345
16.484.158
Pueblo
e1,245,632
1,163,433 +7.1
1,010,420
716.910
Total(12 cities) 236,339,383 206,895,470 +14.2
249,561,165 222,095,864
Eleventh Fede cal Reserve District
-Da las-Austin__ _
Texas
3,245,254
1,669,134 +94.4
2.929,615
2,280,786
Dallas
42,651,610
38,513,415 +10.7
27,700,000
24,658,354
Fort Worth__
d10,035,291
8,948,521 +12.1
10,946,788
9,854,538
Galveston
7,522,700
6,391,101 +17.7
8,113,458
6,682,688
Houston
a
a
a
a
a
La -Shreveport.
4,318,706
5,453,674 -22.1
5,150,200
4,053,474
Total(5 cities)_
67,773,561
61,065.845 +11.0
54,840,061
47,529,840
Twelfth Feder al Reserve D Istrict-San Francl
scoWash -Seattle..
48,402,353
46,698,047 +3.6
48,029,128
43,290,583
Spokane
d10,198,000
12,506,000 18.5
9,938,000
Tacoma
a
a
a
a
a
Yakima
1,470,940
1,199,952 +22.7
1,338,097
1,401,418
Ore -Portland..
39,978.570
37,9412,704 +5.3 38,368,676
34,794,382
Utah-S.L.City.
14,737,310
15,061,257 2.2
15,441,833
10,124,499
Nev.-Reno
a
a
a
a
a
Ariz.
-Phoenix..
a
a
a
a
a
.-Fresno._ _
Calif
2,896,454
3,394,267 -14.7
4,350,497
5,950,114
Long Beach...
6,464,437
7,215,492 10.4
8.317,344
4,197,882
LosAngeles... 145,550,000 133,764,000 +8.8
134,178,000
99,779,000
Oakland
18,320,934
16,217,028 +13.0
17,378,990
12,842,545
Pasadena
6,344,134
6,509,008 -2.5
5,501,456
4.125,672
Sacramento _
d7,632,124
8,209,287 -7.0
6,551,728
8.057.799
San Diego....
5,174.702
4,492,967 +15.2
4,196,090
3,313,985
San Francisco. 159,642,901 152,200,000 +4.9
160,000,000 141,000,000
SanJose
2,520,759
2,372,987 +6.2
2,518,380
1,788,005
Santa Barbara_
1,350,640
1,284,697 +5.1
1,416,110
1.055,647
Santa Monica.
1,955,754
2,261,358 -13.5
Stockton
c2,938,100
2,359,400 +24.5
2,783,600
2,467,900
Total(17cities) 475,578,112 453,708,451 +4.8
460,287,909 372,189,429
Grand total (126
cities)
8,074,679.1738.013.004,306
Outside N.Y._ _ 3.745.058.7703,582.094,368 +0.8 7,768,572,164 6,865,913,798
+4.53,644,537,131 2,907,419,220
eek Ended April 9.
csearmorm1925.
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
$
96,529,056
87,420,142
53,068,956
14,552,608
6,422,057
5,640,840
2,846,956
4,755,688
5,773,767
2,458,372
1,885,739
2,752,725
5,269,031
3,157,015
578,968
510,656
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
1924.
Inc. or
Dec.
$
%
89,378,140 +8.0
86,013,396 +1.6
32,506,309 +63.3
14,753,411 -1.4
8,715,984 -4.4
5,798,064 -2.7
3.695,583 -23.0
4,728,797 +0.6
6,211,838 -7.1
2,438,417 +0.9
1,922,380 -1.9
2,868,435 -4.0
4,985,317 +5.7
2,854.265 +10.6
487,412 +18.8
347,681 +49.5
1,508,870 10.4
983,499
9.3
924,551
9.7
752,529 +6.4
549,877 +5.5
306,251 +4.2
729,920 +27.7
985,768 -10.8
1,080,119 -1.5
2,968,431 +21.1
331,805 +6.7
778.684 +0.6
647,921 +14.1
1923,
$
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
1922.
$
99,508,745
89,215,716
29,993,411
12,848,088
7,290,105
5,331,478
3,283,142
4,962,611
4,879,114
2,615,228
1,628,711
2,776,925
4,123,856
2,857,559
534,624
428,527
1,437,763
946,235
1,070,024
530,251
452,669
283,736
744,568
785 357
1,081,348
3,692,656
320,771
1,507,417
587,073
Total Canada(29) 307.281.954 278,251,654 +10.4 304.770
22R 285_517 7ns
a No longer report clearings. b Do not respond to
requests
ended April 8. d Week ended April 9. e Week ended April for figures. c Week
10. • Estimated.
1
APRIL 18 1925.]
THE CHRONICLE
ENGLISH FINANCIAL MARKETS-PERICABLE.
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 Ending April 17.
Apr.11. Apr.13. Apr. 14. Apr.15. Apr.16. Apr. 17.
Silver, per oz
d
31 11-1631 9-16 31 7-16 31 7-16
Gold, per fine ounce
86.5
86.5
86.7
86.7
86.7
Consols, 2% per cents
......
HOLI- 57
56%
567
56%
%
British 5 per cents
DAY 102%
102
102
102%
British 4% percent.
97%
97%
973.1
073(
French Rentes(In Paris)__fr_
45.90
45.60
45.30 45.30
FrenchWarLoan(InParis)_fr. ____
56.50
56.50
56.40 56.25
The price of silver in New York on the same day has been:
Silver in N.Y., per oz.(eta.):
Foreign
67
6731
67%
67%
66%
66%
Commercial and i1t5ccUauconserns
FOREIGN
TRADE OF NEW YORK
-MONTHLY
STATEMENT.
Merchandise Movement at New York.
Month.
Imports.
Customs Receipts
at New York.
Exports.
1924-25.
1923-24.
1924-25.
1923-24. 1924-25.
$
$
$
$
$
July
134,244,024 130,629.533 113.857,690 122,714,293 25,426,495
August
111,758,587 129,706,345 139,802,244 125,059.775 24,565,320
September.131,786.636 119,639,728 141.844,404 127.967,562
October _ _ 154,424,252 149.561,943 168,984,882 133,087.943 28,765,865
November.140,605,417 136,763,96 138,892,978133,197.081 28,358,873
December. 152,382.564 137.719,255 127,785,237 125,679,538 23,732,263
January ... 156.923.263130.402.242 156,313,003 146,793,889 23,551,575
26,121,252
February _ 160.460,910155,554.139 123,210,344 139,028,108 26,072,503
Total
1142583653 1089977150 1110690782 1053528189206,594,146
1923-24.
$
24,680,863
25.936.476
26,350,449
30,468.926
27,253,543
23,605,874
24,779,787
28,444.581
11.520.499
Movement of gold and silver for the eight months:
Gold Movement at New York,
Month.
Imports.
1924-26.
July
August
September.
October
November.
DecemberJanuary
February _
$
15.222,422
14.279.486
1.028.986
16,070,991
15,798.143
6,827,266
1,029.134
612,514
Silver-New York.
Exports.
1923-24.
1924-25.
Imports.
1923-24.
$
$
24,412,425
30,512
26,481,917 1,703,671
24,352,110 2,167,626
24,119,994 1,710,347
35.348.491 4,452,453
29,055.994 39.070,707
35,558,071 66.002,262
28,514,809 33,520,792
Tota1_ _ _ 70,868,942 227,843,811 148,658,370
Exports.
1924-25. I 1924-25.
$
$
47,865 3.710,326
737.477 3,110.243
458,016 3,439,551
599,935 2,517,514
253,912 1.976,32
66,000 2,819,280
750 4.070,277
315,000 2,289,472
$
7,757.259
7,210,420
6,844,139
2,103.698
5,584.176
7,236,567
7,604,975
4,556,080
2,478,955 23,932,9881 48,897,314
BANK NOTES
-CHANGES IN TOTALS OF, AND
IN DEPOSITED BONDS, &c.
-We give below tables
which show all the monthly changes in national bank notes
and in bonds and legal tenders on deposit therefor:
Bd.. on Deposit to
Secure Circulation for
National
Fed. Ras.
Bank Notes. Bank Notes.
Mar. 31 1925._
Feb. 28 1925._
Jan. 31 1925._
Dec. 30 1924._
Nev.30 1924._
Oct. 31 1924._
Sept.30 1924._
Aug.30 1924..
July 31 1924_
June 30 1924__
May 81 1924April 30 1924_
Mar.31 1924..
Feb. 29 1924._
Jan. 31 1924_
Dec. 511923..
Nov.30 1923._
Oct. 31 1923._
Sept.29 1923..
Aug. 81 1923_
July 311923..
June 30 1923..
8.
665,608,330
666.943,330
725,171,780
731,613,630
737,635,790
739,842,890
741,239,890
742,462,390
746.611,640
750,858,930
750,113,430
750,676,680
749,974,180
748.875,180
747.256,230
746,577,780
746,778.030
746,562,330
746.780,830
745,585.080
744,848.940
744.654,990
National Bank Circulation
Afloat on
Bonds.
Legal
Tenders.
Total.
$
545,900
545,900
545,900
545.900
545,900
545,900
545,900
545,900
545,900
4,543,700
4.793.700
4,993,700
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 33,058,069
745,029,518 32,460,609
745.795,653 31,611,339
745,171,676 31,162,366
743,454.758 30,964,444
742.670.537 30.126,232
740.521.752 31,045,227
743,984,275 29,450,769
743.806,385 28,799,884
742,184,915 28,137,092
740.323,568 28,621.244
740.986,663 28.823,714
719,103,625 28,336,094
755.210,687
763,857,277
769.840,402
772.046,817
774,148,657
774,281,624
775.826.844
777,193,194
777,087,589
778,011.779
777.490.127
777.406,992
778.3.34,042
774.419,202
772,796,769
771,566,979
773,435,044
772.606,269
770.322,007
768,944,812
769,810.377
747.439,719
1981
National Bank Notes-Total Afloat
Amount afloat March 31 1925
Net decrease during March
$763,857,277
8,646,590
Amount of bank notes afloat April 1 1925
Legal-Tender Notes
Amount on deposit to redeem national bank notes March
1 1925
Net amount of bank notes redeemed in March
1755.210.687
$100,532,366
6,934.960
Amount on deposit to redeem national bank notes
April 1 1925.... $93,597,406
National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
April 7
-The First National Bank of Ponder,Texas
Succeeds the Ponder State Bank,Ponder, Texas.
Correspondent, E. C. McElroy, Ponder, Texas.
April 9
-The Moran National Bank, Moran,Texas
25.000
Succeeds the Moran State Bank, Moran,
respondent, M.D.Bray, Moran,Texas. Texas. CorApril 9
-The First National Bank of Odell, Texas
25.000
Succeeds the Farmers' State Bank of Odell, Texas.
Correspondent, W. P. Starr, Odell, Texas.
April 10
-State National Bank in Dallas, Texas
200.000
Succeeds the State Bank & Trust Co. of
Correspondent, Al L. Slaughter, care of Dallas, Texas.
State Bank &
Trust Co., Dallas, Texas.
APPLICATIONS TO ORGANIZE APPROVED.
April 11-The Tarrant County National Bank of Grapevine
. Tex_
50,000
Succeeds the Tarrant County State Bank,
Grapevine,
Texas. Correspondent, D. E. Box,
April 11-The Parker County National Bank of Grapevine, Tex.
Weatherfo
Succeeds the First State Bank of Weatherfo rd,Tex. 100,000
rd, Texas.
Correspondent, D. S. Wright, Weatherford, Texas.
APPLICATIONS TO CONVERT RECEIVE
D.
April 7
-The Farmers& Merchants National Bank of
Celina,Tex. $25,000
Conversion of the Celina State Bank, Celina,
Texas.
April 7
-The State National Bank of Santa Anna, Texas
50,000
Conversion of the First State Bank of Santa
April 7
-The State National Bank of Terrell, Texas Anna, Tex.
200,000
Conversion of the First State Bank, Terrell,
Texas.
April 11-The Anson National Bank, Anson,
Texas
50,000
Conversion of the Anson State Bank, Anson,
Texas.
APPLICATIONS TO CONVERT APPROV
ED
April 7
-The Commercial National Bank of Bellflower
, Calif_ _ _ 25,000
Conversion of the Commercial Bank of Bellflower
, Calif.
April 7
-The City National Bank of Grand Prairie,
Texas
Conversion of the First State Bank of Grand
Prairie,
Texas.
April 9
-The First National Bank of Hale Center, Texas
25,000
Conversion of the First State Bank of Hale
Center, Tax.
April 9
-The First National Bank of Windom.
Texas
Conversion of'the Guaranty State Bank,
Windom, Tex.
April 10
-The Exchange National Bank of Charlesto
n, So. Caro
200,000
Conversion of the Exchange Banking & Trust
Co.,
Charleston, So. Car.
CHARTERS ISSUED.
April 6
-12,670
-The State National Bank of Wills
$100.000
President, R. W.Garrett; Cashier, E. H. Point, Tex
version of the First State Bank of Wills White. ConApril 8-12,671-Alvord National Bank, Alvord,Point, Texas.
50,000
Succeeds Alvord State Bank, Alvord, Texas
Texas. President, J. L. Norris; Cashier, Wm.Covington.
April 9
-12,672
-City National Bank in Childress. Texas
100,000
Succeeds City Guaranty State Bank, Childress,
Texas.
President, A. B. Echols; Cashier, T. L. Hardin.
April 9
-12,673
-The Graham National Bank, Graham, Calif..
50,000
President, Adolph Ott; Cashier, Ed. Smith.
•
April 10
-12.674
-The Farmers National Bank of Ridgeway
Succeeds Commercial State Bank of Ridgeway , Mo. 25,000
President, P. F. Emry; Cashier, H. F. McGill. , Mo.
April 10
-12,675
-The People's National Bank of Montclair, N.
J. 200,000
President,Percy If.Johnston; Cashier,L.T.
Burgess.
April 11-12,676
-The City National Bank of Olney. Texas
60.000
Conversion of the Farmers State Bank of Olney,
Tex.
President, 0. H. Roach; Cashier, M. D. Wolverton
. April 11-12.677
-The First National Bank of Clint, Texas
25.000
President, Roy H. Davidson; Cashier, Roy
Thompson.
CHANGES OF TITLE.
April 9
-390
-The First National Bank of Marquette,
"The First National Bank & Trust Company Mich., to
of "Marquette."
April 10--402-The First National Bank of Port Chester,
N.
to "The First National Bank & Trust Company of Y.,
Port
Chester."
April 11-9,_339
-The First National Bank of Montclair N.
"The First National Bank & Trust Company,of J., to
Montclair."
40.000
40.000
VOLUNTARY LIQUIDATIONS.
April 6
-2,586
-The First National Bank of Creston, Iowa
$50,000
Effective Mar. 26 1925. Liq. Committee:
J. V. Richardson.
Will Recknor and M. D. Smith, Creston, Iowa.
Succeeded by the First National Bank in
Creston, No.
12,636.
April 6
-10.639
-The Bogota National Bank,Bogata, Texas_
50,000
Effective Mar.28. 1925. Liq. Committee, W.H.
Grayson, E. G. Hutchings and H. C. Dodd, Bogata, Texas.
Absorbed by the First National Bank of Bogata, Texas.
No. 10,483.
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:
The following shows the amount of each class of United
By Messrs. R. L. Day & Co., Boston:
States bonds and certificates on deposit to secure Federal Shares. Stocks.
$ per oh. Shares. Stocks.
30 First National Bank
310
io S. Smelt., Ref, & Min..1 per oh.
Reserve bank notes and national bank notes on March
National Shawmut Bank_ _ .20334-205
31: 17 Old Colony Trust Co
common, par $50
1
10
$7,823,193 Federal Reserve bank notes outstanding March
31 secured by lawful
money, against $12,172,170 March 31 1924.
Bonds on Deposit
March 311925.
20U.S. Consols 01 1930
4s U. S. Loan of 1925
.
, U. S. Panama of 1936
2s, U. S. Panama of 1938
Totals
U. S. Bonds Held March 31 to Secure
On Deposit to On Deposit to
Secure Federal
Secure
Total
Reserve Bank National Bank
Held.
Notes.
Notes.
$
590,607,500
624,550
48,605,960
25,770.320
$
590,607,500
624,550
48,605,960
25,770,320
665,608,330
665,608,330
The following shows the amount of national bank notes
afloat and the amount of legal tender deposits Mar. 1 1925
and April 1 1925 and their increase or decrease during
the month of March:
26011
3 Waltham Nat. Bank, Waltham,
par $75
112
6 Massasoit-Pocasset Nat. Bank.
Fall River
153
8 First Nat. Bank, New Bedford._293
8 Metacomet Nat. Bk., Fall River.125
50 Great Falls Mfg. Co
18
11 Ludlow Mfg. Associates
165
3 Ipswich Mills, common
25
11 Ludlow Mfg. Associates
164%
7 Worcester Consol. St. Ry., pref.,
par 880
33%
5 Collateral Loan Co
•
120%
20 Fall River Gas Wks., par $25- -- 5634
8 Cambridge Gas Light, par $25... 6834
6 units First Peoples Trust
7534
5 North Boston Ltg. Props., corn.,
par $50
64%
5 Collateral Loan Co
120%
5 Fall River Gas Works, par $25_ _ - 5734
50 United El. Lt. Co.. Springlield_318
100 B. B.& R. Knight, Inc.. pref. 2
10 Amer. Smelt. & Ref., con... I
23 Calumet & Heels Cons.!
Copper Co., par $25
5 Mohawk Mining Co.. par $25_ I
5 Quincy Mining Co., par $25..
5 Utah Copper Co., par $10_
5 Chino Copper Co., par $5._ _ _ 412,200
2 Amer. Tobacco, Cl. B, par $50!
lot
4 Amer. Tobacco,com., par
2 American Snuff,compion 2501
15 Prairie Pipe Line Co
5 Illinois Pipe Line Co
20 Ohio Oil Co.. par $25
20 Atlantic Ref., common
80 Bethlehem Steel Co.. corn...
150 Crowell & Thurlow SS. Co..
I
par $10
8 units First Peoples Trust
7531
12 units First Peoples Trust
7534
Maras. .
$ per right.
14 Atlantic National Bank
234
10 Old Colony Trust Co
260%
6 Worcester Gas Light Co
1,3is
300 Worctever Gas Light Co
2
[VOL. 12
4.
THE CELRONIOLE
1982
By Messrs. Adrian H. Muller & Sons, New York:
5 per share.
Stocks.
hares,
512
100 Gavin Armour Steel Corporation
lot
members certificate for common stock
2.000 Petroleum Contracting Co.
$30 lot
185 Lorraine Knitting Mills, Inc
5175 lot
Law Institute
1 New York
Stanley, dated
$100 Promissory note of C. T. Stanley and Elizabeth Coleman
not enJune 6 1002, due ln 6 mos., to order of Charles 0. Scott (deceased),
June 1 1907, detached from Missouri River &
dorsed: $200 coupons due
Corp.,
Northwestern Ry. Co. 1st M. bonds; 200 American Foreign Trade
Reduction
com.. par 510: 14 Garland SS. Corp., corn., par $3; 15 American Co., par $21
RR., corn.; 1 Brightman Stoker
Co.; 150 Aurora Elgin & Chicago
House. lot
550; 43 Canandaigua & Niagara Falls RR.; 40 Euclid Ave. Opera $LOW;
Cleveland, par $525; 50 A. S. Herenden Furniture Co., Cleveland. parCo.; 10
Consol. Mining
1 Lake Erie Chemical Co.: 400 Little Pittsburg
Ry.,
Lyman Smith Pneumatic Elevator Az Transfer Co.; 20 Missouri & N. W.
pref.; 133 Western Ohio RR.. Cleveland Trust Co. certificate of deposit.Per Cent.
Bonds.
$1,000 lot
$48.800 Empire Cotton 011 Co. lot mortgage 68
Name of Company.
When
Per
Cent. Payable
Boeks Closed.
Days Inclusive.
1
I
Miscellaneous (Concluded).
3% May 15 Ioldors of rec. Apr. 30
Butler Bros. (quar.)
'51.50 June 15 *Holders of rec. May 29
California Packing Corp.(quar.)
1% May 16 Holders or rec. Apr. 30
Canada Cement, pref. (quar.)
May 15 Holders of rec. Apr. 304
2
Celluloid Co., pref.(quar.)
May 1 Holders of rec. Apr. 23
$1
Cerro de Pasco Copper (quar.)
May 15 Holders of rec. May 90
$1
Cincinnati Tobacco Warehoues
Cities Service
•% June 1 'Holders of rec. May 15
Common (monthly)
Common (payable in corn. stock).--- •fSi June 1 'Holders of rec. May 15
•19 June 1 'Holders of rec. May 15
Preferred and preferred B (monthly)._
75c. Apr. 25 Holders of rec. Apr. 15
Cleveland-Cliffs Iron (quar.)
pref. (quar.)_ _ *1% May 1 *Holders of rec. Apr. 25
ClInchfield Coal Corp.
Decker (Alfred) & Cohn, Inc., com.(qu.) *50c. June 15 *Holders of rec. June
*1% June 1 "Holders of rec. May 20
Preferred (quar.)
May 15 Holders of rec. Apr. 30
1
Dominion Bridge (quar.)
1% May 1 Holders of rec. Apr. 20
ELsemann Magneto, pref. (quar.)
50e. May 1 liolders of rec. Apr. 14a
Elgin National Watch (quar.)
25e. May 1 Holders of rec. Apr. 144
Extra
By Messrs. Wise, Hobbs & Arnold, Boston:
$ Per Sl. Fairbanks, Morse & Co.. corn.(qu.).__ •65c. June 30 'Holders of roc. June 13
$ per oh. Shares. Stocks.
Shares. Stocks.
•119 June 1 'Holders of rec. May 15
Preferred (quer.)
97).(
5 Hood Rubber Co., pref
310
10 First National Bank
May I Ilolders of rec. Apr. 27
$1
42
Fisk Rubber, 1st preferred
75% 1 unit Mutual Finance Corp
2 units First Peoples Trust
I% June 1 Holders of rec. May lba
75)9 General Asphalt, pref. (quar.)
Trust
5% 20 units First Peoples
8special units First Peoples Trust
*1% May 1 *Holders of rec. Apr. 20
75% Gossard(H. W.) Col, pref.(quar.)
Ltg. Con. corn_ 42% 26 units First Peoples Trust
6 Massachusetts
$2 May 15 Holders of rec. May 1
75)
Iron Products, preferred (quar.)
1 unit First Peoples Trust
500 East Boston Co., par $10-1
July 1 'Holders of rec. June 20
*51
Kinney (G. R.) Co., common
Trust_ 53
3,700 Wollaston Land Co., last)51,400 5 special units First Peoples $ per right.
June 1 'Holders of rec. May 20
*2
Preferred (quar.)
Rights
lot
$5
assess, unpaid, par
'1
May 1 *Holders of rec. Apr. 20
1 2% Kress (S. H.) Co., corn. (quar.)
Bank
10 Atlantic National
2,200 Forest Prods. Co.. par $25_1
'750. July 15 *Holders of rec. June 15
I
Magma Copper
Bank
10 Nor. Boston Ltg. Props., com__ 64% 20 Atlantic National
2
Montgomery Ward & Co., Cl. A (qu.). _ .$1.75 May 1 'Holders of rec. Apr. 20
56 Worcester Gas Light Co
819-9
25 Walter M.Lovrney Co
1E5.25 May 1 "Holders of rec. Apr. 20
Class A (acct, accumulated div.)
1% June 15 Holders of rec. May 31
Montreal Cottons, Ltd., common (qu.)_
By Messrs. Barnes & Lofland, Philadelphia:
1% June 15 Holders of rec. May 31
Preferred (guar.)
$ per sh.
per sh. Shares. Stocks.
$1.07 May 1 Holders of rec. Apr. 15
Shares. Stocks.
class A
Moore Drop Forging,
25 United Security Life Ins. dr Tr_ _181
'75c. July 15 "Holders of rec. June 30
All the right, title and interest of
National Biscuit, corn.(quar.)
10 Susquehanna Title & Trust Co.,
Von It. Herr, Ella R. Herr and
*1% May 29 *Holders of rec. May 15
Preferred (quar.)
62%
par $50
Stafford Jr., in the leaseJohn
"1.19 May 15 'Holders of roe. Apr. 30
National Brick,7% pref.(quar.)
10 Manufacturers Title & Trust Co.,
hold of premises, situate at the
National Cloak & Suit, pref.(guar.)... _ •1% June 1 'Holders of rec. May 28
60
par $50
southeast corner of Twelfth and
119 June 15 Holders of rec. May 22
Pref.(quar.)
National Lead.
Co_301
Chestnut Sts., Phila.; also to $50 lot 1 Bank of North Amer. Az Trust
•119 May 1 'Holders of rec. Apr. 20
National Tea, pref. (quar.)
10 Logan Bank & Tr. Co., par $50_ 60
2
any leases executed by tenants
May 1 Holders of rec. Apr. 25
New Niquero Sugar (quar.)
2 National Bank of Catasauqua,
25c. Apr. 25 Holders of rec. Apr. 15
of said above property; also in
N. Y. dr Honduras Rosario Mining
63
Pa., par $30
25c, Apr. 25 Holders of roc. Apr. 15
any corporation which may be
Extra
55
$50_
10 Glenside Trust Co., par
40c. May 1 Apr. 25 to Apr. 30
created
10% Pick (Albert) & Co., corn.(quar.)
2 Girard Life Ins. Co., par $10_
2
May 15 Holders of res. Apr. 30
$48.232.43 bills and accounts receivProducers Oil Corp., pref.(quar.)
12 John B.Stetson Co.,com.,no par 91
'$1.25 May 15 "Holders of rec. May 1
able or Bateman & Companies,
Punta Alegre Sugar (quar.)
169k Pyrene Manufacturing. common (quar.) 25c. May I Apr. 21 to Apr. 30
2 Ridge Aevnue Passenger Ry
Inc. (Information as to these ac2 Green .8 Coates Sts. Pass. Ry_ 70
2
May 12 Holders of rec. May I
counts may be obtained on appliRemington Typewriter,2d pref.(quar.)_
4 Philadelphia City Passenger Ry...103
May 12 Holders of rec. May 1
cation to Percy C. Madeira Jr.,
Second pref. (account accum. diva.).. f2
30 Frankford & Southwark Pass.Ry248
1% May 1 Holders of rec. Apr. 17
1035 Land Title Bldg.,
Esq.,
Russell Motor Car, pref.(quar.)
10 Second & Third Sts. Pass. Ry_ _170
Ward,
1% Apr. 15 Holders of rec. Apr. 100
Phila.,and Ward. Gray -.9t
St. Croix Paper (quar.)
72%
10 Germantown Passenger Ry
1% May I Holders of rec. Apr. 23
_
4042 DuPont Bldg., Wilmington,
72% St. Lawrence Flour Mills. pref.(quar.)_ $3
$200 lot 5 Germantown Passenger Ry
May 20 Holders of rec. Apr. 200
Del
St. Mary's Mineral Land
30 Phila. Bourse,common. par 550_ 23% Scott Paper, preferred (quar.)
119 May 1 Holders of rec. Apr. 23
22 Fourth Street National Bank_ _ _405
3 Phila. dr Sub. Mtge. Guar. Co_ _ _125
*50c. May 15 'Holders of rec. Apr. 30
Manayunk Trust Co., par $25. 88
common
170
Williams Co.,
100 Tublze Artificial Silk. pref. _ 94% Sherwin
*1% June 1 'Holders of rec. May 15
10 Broad Street National Bank. _ _ _201
Preferred (guar.)
84
May 15 'Holders of rec. May 1
1 Peoples Bank Az Tr. Co., par $50.10019 1 Autocar Co.. pref
Sinclair Consol. 011 Corp., pref. (quar.) "2
50
5 Autocar Co., corn
Nat. Bank par 550.153
119 June 1 Holders of rec. Apr. 24
40 Kensington
Standard 011 (Ohio), pref. (quar.)
90
Wire Glass Co
802% 2 Penna.
119 May 15 Holders of rec. May 1
1 Girard National Bank
Tobacco Products Corp., Class A (qu.)_
6023 15 Phila.& Camden Ferry, par $50A30'4 U.S. For'n Sec. Corp., 1st pf. (full paid) .31.50 May 1 'Holders of rec. Apr. 15
3 Girard National Bank
47
Co., pref
'3734c May 1 'Holders of rec. Apr. 15
1 Market Street National Bank.... _3203 10 Rockhill Coal dr IronCo
First preferred (25% paid)
102
13 American Dredging
231
•25c. Apr. 30 "Holders of rec. Apr. 24
6 'Union National Bank
U. S. Glass (quar.)
119 May 1 Holders of rec. Apr. 24
2863
First Nat. Bank of Pirtle
17
Per cent. Washburn-Crosby Co., pref.(quar.)_
Bonds.
1% July 1
25 Fourth Street National Bank_ _ _401
Winnsboro Mills, preferred (quar.)
Columbus Newark & Zanesville
309
May 15 Holders of rec. May
2
3 Southwark National Bank
Portland Cement (quar.)Wolverine
Elec. Ry. gen. & ref. 5s, 1926
117 Producers & Consumers Bank,
(certif. of deposit on which assess10
par $10
ment of $20 per bond is due and
100
Below we give the dividends announced in previous weeks
25 Mutual Trust Co.. par $50
$10 lot
unpaid)
10 Continental-Equitable Title Az
and not yet paid. This list does not include dividends an$2,000 Walker Hotel & Apartment
239
Trust Co.. par $50
60
1st 7s, 1934
580
10 Fidelity Trust Co
nounced this week, these being given in the preceding table.
51,000 Borough of Newtown (Bucks
586
10 Fidelity Trust Co
9839
County. Pa.) 48, 1936
United Security Life Ins. & Tr_ _182
25
Books Closed.
When
Per
Days Inclusive.
Cent. Payable
Name of Company.
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
have
we show the dividends previously announced, but which
not yet been paid.
The dividends announced this week are:
Name of Company.
When
Per
Cent. Payable.
Books Closed,
Days Inclusive.
Railroads (Steam).
2% May 28 Holders of rec. May 14
Georgia Southern & Fla., 1st & 2d pref. _
Aug. 10 'Holders of rec. July 15
*3
Louisville et Nashville
"50c. June 11 'Holders of rec. May 25
Reading Co., 151 pref.(quar.)
Public Utilities.
May 15 Holders of rec. May 1
American Water Works Az Electric, corn. 30c.
P4 May 15 Holders of rec. May 1
First preferred (quar.)
119 May 15 Holders of rec. May 1
participating stock (qu.)_
Six per cent
Associated Gas & Electric Co.
00 May 1 'Holders of rec. Apr. 10
Class A & B stocks
June 1 Holders of rec. Apr. 30
1
Brazilian Trac., Light & Power, ord.(qu) I% May 1 Holders of rec. Apr. 15
Central Power & Light, pref. (guar.)._ _
Apr. 30
Elec., common (quar.)_ 65e. May 15 Holders of rec. Apr. 30
Columbia Gas &
51.75 May 15 Holders of rec.
Preferred, Series A (quar.)
of rec. Apr. 30
Ry.& Ltg., corn.& pf.(qu.) •119 May 15 *Holders of rec. June 13a
Connecticut
July 15 Holders
Continental Gas & Elec., corn.(quar.)_ 51.10 July 15 Holders of rec. June 13a
1%
Prior preference (quar.)
114 July 15 Holders of rec. June I3a
preferred (quar.)
11 Participating
39 July 15 Holders of rec. June 13a
Participating preferred (quar.)
134 July 15 Holders of rec. June 13a
Preferred (guar.)
May 1 Holders of rec. Apr. 15
3
(quar.)
Edison Elec. III. of Boston
8219c. May 1 Holders of rec. Apr. 16a
Edison Elec. Ill. of Brockton (quar.).._ $1.75 May 1 Holders of rec. Apr. 14
pref. (quar.)
Electric Investors, Inc.,
"75c. May 1 *Holders of rec. Apr. 20
15a
Fall River Gas (quar.)
pref.... 75e. May 1 Holders of rec. Apr.
Houghton County Elec. Light,
119 May 1 Holders of rec. Apr. 15
Idaho Power, pref. (quar.)
Newport News & Hampton Ry•lq May 1 *Holders of rec. Apr. 15
Gas & Electric, corn. (quar.)
134 Aug. 1 Holders of rec. July 22
Penna.-Ohio Pow. & Lt., 7% pref. (411.) 2
Aug. 1 Ilolders of rec. July 22
8% preferred (quar.)
134 May 1 Ilolders of rec. Apr. 22
Quebec power (quar.)
May 15 Holders of rec. May 1
134
West Penn Co.,7% pref.(quar.)
*31.75 May 20 *Holders of rec. Apr. 30
Wisconsin River Power, pref. (quar.)_
Banks.
Bowery (quar.)
Extra
Pacific (quar.)
Extra
3
7
2
2
May
May
May
May
Trust Companies.
Farmers'Loan & Trust(quar.)
•$2.66 May
Miscellaneous.
American Glue, preferred
Bang Service Stations. Inc., pref. (qu.)
Beech-Nut Packing, common (quar.)_
Preferred. Class B (quar.)
BUMS Bros., corn.. el. A (quar.)
Common,class B (quar.)
Prior preferred (quar.)
May
2
May
1
60c. July
13 July
•$2.50 May
•500. May
•119 May
1
1
1
1
Apr. 28 to Apr. 30
Apr. 28 to Apr. 30
Holders of rec. Apr. 24
Holders of rec. Apr. 24
1 *Holders of roe. Apr. 18
1 Holders of roe. Apr.
1 Holders of rec. Apr.
10 Holders of rec. June
15 Holders of rec. July
15 "Holders of rec. May
15 *Holders of rec. May
1 "Holders of rec. Apr.
16
15
25
1
1
1
24
Railroads (Steam).
Atch. Topeka & Santa Fe, corn.(quer.). 134 June 1
134 June 1
Baltimore Az Ohio, corn.(quar,)
June 1
1
Preferred (quar.)
Cincinnati Sandusky & Cleveland, pref_ $1.50 May 1
&
C. C. C. St. L.. com.& pref.(quar.).. 119 Apr. 20
Delaware Lackawanna & Western (quar.) $1.50 Apr. 20
Gulf Mobile & Northern, pref. (quar.).. 134 May 15
3
July 10
Houston & Texas Central
134 June 1
Iludson & Manhattan. corn.(No. 1)._ _ _
Internettonal Rys. of Cent. Am., pf.(qu.) 134 May 15
$12.50 May 1
Mahoning Coal RR., common
Missouri-Kansas-Texas. pref. A (quer.). 139 May I
2
May 1
Morris & Essex Extension RR
134 May I
New 'York Central RR.(quar.)
May 19
Norfolk .8 Western, adj. pref.(quer.).-- I
134 May 1
Northern Pacific (quar.)
2
May 1
Passaic & Delaware Extension RR
134 May 1
Pere Marquette RR., prior pref.(quar.)_
119 May 1
Five per cent preferred (quar.)
May 14
Reading Company,common (quar.).... $1
134 May 1
Fran. Ry., pref. A (quar.)St. Louis-San
134 Aug. 1
Preferred, Series A (quar.)
134 Nov. 2
Preferred, Series A (quar.)
134 May 1
Southern Ry., common (quar.)
May 1
Syracuse Binghamton & New York (qu.) 3
3
May 1
Utica Chenango & Susquehanna Valley_
119 May 25
Wabash Railway, preferred A
a$
Western Pacific RR. Corp., corn
Corn.(payable in com,and pref.stock) (1)
Preferred (account accum. dividends)_ "31.588
Preferred (payable In corn.& pref.stk.) (0
Public Utilities.
American Gas & Electric
Preferred (quar.) (no par stock)
Preferred (quar.) ($50 par)
Amer. Light & Traction, corn, (quar.)_ _
Preferred (quar.)
Appalachian Power, 1st pref. (quar.)_.
Associated Gas.8 Electric. pref.(extra).
Preferred (extra)
Preferred (extra)
Class A (No. 1)
Cape Breton Electric Co., Ltd., prof...
Carolina Power .8 Light. cons. (quar.)..
Chic. Rep. Tran., prior pref.(monthly).
Cleveland Elec. Ilium..6% pref. (qu.)..
Commonwealth-Edison (quar.)
Commonwealth Power Corp.. corn.(qu.)
Six per cent preferred (quar.)
Consumers Power,6% pref. (quar.)....
6.6% preferred (quar.)
7% preferred (quar.)
Six per cent preferred (monthly)
Six per cent preferred (monthly)
Six per cent preferred (monthly)
6.6% preferred (monthly)
6.6% preferred (monthly)
6.6% preferred (monthly)
Electric Bond .8 Share Co., pref. (quar,)
Ft. Worth Power .8 Light, pref.(quar.).
Georgia'Ry. & Power. pref.(quar.)_ _
Second preferred (quar.)
Second preferred (quar.)
$1.50 May
75e, May
119 May
134 May
134 May
1219c July
1234e Oct.
1219c Jan 12
50c. May
3
May
$1.50 May
650. June
134 June
2
May
$1.50 May
134 May
31.50 July
31.65 July
134 July
50c. May
50c. June
50c. July
55c, May
55c. June
55c. July
134 May
119 May
1
June
1
Sept.
Dee.
1
Holders of rec. May la
Holders of rec. Apr. 18a
Holders of rec. Apr. 18a
Apr. 18 to May 1
Holders of rec. Apr. la
Holders of rec. Apr. 9a
Holders of rec. May la
Iloiders of rec. July la
Holders of rec. May 14a
Holders of rec. Apr. 30
Apr. 16 to May 6
Holders of rec Apr. lba
Holders of rec. Apr. 25a
Holders of rec. Apr. la
Ilolders of rec. Apr. 30a
Mar. 20 to Apr. 14
Holders of rec. Apr. 25a
Holders of rec. Apr. 15a
Holders of rec. Apr. 15a
llolders of rec. Apr. 16a
Holders of rec. Apr. 15a
Ilolders of rec. July 150
Holders of rec. Oct. 15a
Holders of rec. Apr. 100
Holders of rec. Apr. 250
Holders of rec. Apr. 130
Apr. 19 to May 18
Holders of rec. Apr. 13
Holders of rec. Apr. 13
Apr. 16 to Apr. 28
Apr. 16 to Apr. 28
Holders of rec. Apr. 15
Holders of rec. June 15
Holders of rec. Sept. 15
IIolders of rec. Dec. 15
Apr. 30
Apr, 11 to
Holders of rec. Apr. 130
Holders of rec. Apr. 15
Holders of rec. May 190
Holders of rec. May 15a
Holders of roe. Apr. 1154
Holders of rec. Apr. 104
Holders of rec. Apr. 10a
Holders of rec. June 15
Holders of rec. June 15
Ilolders of rec. June 15
Holders of rec. Apr. 15
Holders of roe. May 15
Holders of rec. June 15
Holders of rec. Apr. 15
Holders of res. may 15
Holders of rec. June 15
Ilolders of rec. Apr. 11
Holders of rec. Apr. 15
Holders of rec. May 20
Holders Of roe. Aug. 20
Holders of rect. Nov.20
Aram 18 1925.]
Name of Consyany.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Georgia Ry.& Elec. Co., pref.(quer.)_ _
13.4 Apr. 20 lIolders of rec. Apr. 10
Havana Elec. Ry., L.& P., com.& pref
3
May 15 Apr. 23 to May 21
Illinois Northern Utilities, pref. (quar.)_ 14 May 1 Holders of rec. Apr. 150
Interstate Rys., cots.(no par stock)___. 25c, May 1 Holders of rec. Apr. 150
Common (payable in no par corn.stk.) (s) May 1 Holders of rec. Apr. 15a
Lowell Elec. Light Corp.(guar.)
624c May 1 Holders of rec. Apr. 130
Mas3achusetts Gas Cos.. corn. (quar.)
14 May I Holders of rec. Apr. 15
Milwaukee Elec. Ry.& Light, pref.(qu.) 14 Apr. 30 Holders of rec. Apr. 20a
Montreal Water & Power, corn
624 May 15 Holders of rec. Apr. 30a
Preferred
34 May 15 Holders of rec. Apr. 300
Mountain States Power, pref.(quar.)_
13.4 Apr. 20 Holders of rec. Mar.31
Municipal Service Corp., corn.(guar.). 50c. Apr. 25 Holders of rec. Apr. 10a
.
Preferred (quar.)
I4 May 1 Holders of rec. Apr. 15a
Nevsda-California Elec Corp., p1.(qu). 154 May 1 Holders of rec. Mar.300
Nor.States Pow.(Del.), com.A (guar.). 2
May 1 Holders of rec. Mar.31
preferred (guar.)
154 Apr. 20 Holders of ree. Mar. 31
Oklahoma Natural Gas (quar.)
500. Apr, 20 Holders of rec. Mar.270
*13.4 May 29 *Molders of rec. May 15
Pacific Tel. & Tel.. cont.(qu.)(No. 1)
Penn-Ohio Power & Lt.. 7% prof.(MI.) - 1)4 May I Holders of rec. Apr d22a
Philadelphia Company, corn. (quar.)_ _ _ $I
Apr. 30 Holders of rec. Apr. la
Six per cent preferred
$1.50 May 1 Holders of rec. Apr. la
Philadelphia Rapid Transit (quar.)
$1
Apr. 30 Holders of rec. Apr. 150
Pittsburgh Utilities, common
$1
May 1 Holders of rec. Apr. 15a
Common (extra)
(y) May 1 Holders of rec. Apr. 15a
Preferred
34 May 1 Holders of rec. Apr. 15a
Preferred (extra)
24 May 1 Holders of rec. Apr. 15a
Pub. Serv. 00.01 Nor. III., corn.(guar.) '$1.75 May I *Holders of rec. Apr. 15
Six per cent preferred (quar.)
'14 May 1 *Holders of rec. Apr. 15
Seven per cent preferred (quar.)
*13.4 May I *Holders of rec. Apr. 15
Public Service Elec. Power. pref.(ctron) 154 May 1 Holders of rec. Apr. I50
Public Service Investment, corn. (quar.) $1.75 May I Holders of rec. Apr. 15
Preferred (quar.)
14 May 1 Holders of rec. Apr. 15
Sierra Pacific Elec. Co.. Pref.(guar.).- - 14 May 1 Holders of rec. Apr. 140
Southern Canada Power, corn.(quar.)_ _ 31
May 15 Holders of rm. Apr. 30
Standard Gas & Electric, corn.(guar.)._ 75e. Apr, 25 Holders of rec. Mar. ha
7% prior preferred (guar.)
14 Apr. 25 Holders of rec. Mar.31
Standard Power & Light, pref. (guar.)... $1.75 May 1 Holders of rec. Apr. 16
Tennessee Elec. Power, 2d prof.(guar.). $1.50 May 1 Holders of rec. Apr. 13
'low Electric Ry.,common (quar.)_... 1
June 1 Holders of rec. May 15
Second preferred (gnarl
13.4 May 1 Holders of rec. Apr. 15
Texas Power & Light, pref.(quar.)
14 May 1 Holders of rec. Apr. 16
Trl-City Ry.& Light.common (guar.)._ 24 July 1 Holders of rec. June 23
Common (guar.)
234 Oct. I Holders of rec. Sept.20
Common (quar.)
234 Jan 1'26 Holders of rec. Deo. 20
United Gas Improvement, pref.(qu.) _ 873.4c June 15 Holders of rec. May 290
United Lt.& Pow.,corn. A & B (quar.)_ 45e. May 1 Holders of rec. Apr. 154
Corn. A & B (pay.in Clam A corn.stk.) (w) May I Holders of rec. Apr. 150
United Light & Rya., corn. A & B (qu.). 2
May 1 Holders of rec. Apr. 150
Prior preferred (guar.)
$1.62 May 1 Holders of rec. Apr. 150
Utica Gas & Electric, pref. (quar.)
13.4 May 15 Holders of rec. May 50
Virginia Ry. & Power, pref. (quar.)_._
13.4 Apr, 20 Holders of rec. Mar.3I0
Wert Penn Power. pref.(guar.)
144 May 1 Holders of rec. Apr. 15s
York Railways, preferred (quar'.)
624c Apr. 30 Holders of rec. Apr. 200
Name of Company
1983
When
Per
Cent. Payable.
Boats Closed.
Days Inclusive.
Miscellaneous (Continued).
Chicago Yellow Cab (monthly)
33180. May 1 Holders of rec. Apr. 20a
Monthly
331ic. June I
olderi of rec. May 20a
Cities Service Co.
•yi May 1 *Holders of reo. Apr. 15
Common (monthly)
Common (payable in common stock). *fg May
*Holders of rec. Apr. 15
Preferred and pref. B (monthly)
*3.4 May 1 *Holders of rec. Apr. 15
City Ice & Fuel of Cleveland. coin.(qu.) 500. June I Holders of rec. May 12
Common (guar.)
500. Sept. I Holders of tee. Aug. 12
Common (guar.)
50c. Dee. I Holders of roe. Nov. 11
Cleveland Stone (Guar.)
14 June 1 Holders of res. May 150
Quarterly
14 Sept. I Holders of roe. Aug. 156
Cluett, Peabody & Co., corn.(quar.)
1)4 May 1 Holders of rec. Apr. 20
Columbian Carbon (quar.)
$I
May 1 Holders of reo. Apr. 200
Commercial Invest. Trust. corn. (qu.)._ 63c. May 15 Holders of rec. Apr. 300
Congoleurn-Nairn, Inc., COM.(quar,)._ 75c. Apr, 30 Holders of rec. Apr. 154
Preferred (quar.)
14 June 1 Holders of rec. May 15a
Consolidated Royalty Oil (guar.)
3
Apr. 20 Apr. 18 to Apr. 19
Continental Motors (quar.)
200. Apr. 30 Holders of rec. Apr. 186
Continental Can, Inc., corn.(quar.)
$I
May 15 Holders of roc. May 5a
Copper Range Co
May 4 Holders of rec. Apr. 9a
$1
Corn Products Refining, corn. Merl_ 50e. Apr, 20 Holders of rec. Apr. 6s
Craddock-Terry Co.. common (guar.)._ 3
June 30 Holders of rec. June 15
Common (guar.)
3
Sept.30 Holders of rec. Sept.15
Common (quar.)
3
Dec. 31 Holders of rec. Dec. 15
First and second preferred
3
June 30 Holders of rec. June 15
First and second preferred
Dec. 31 Holders of rec. Dec. 15
3
Ofass C preferred
34 June 30 Holders of rec. June 15
Clam C preferred
34 Dec. 31 Holders of rec. Dec. 15
Crucible Steel, common (quar.)
1
Apr. 30 Holders of rec. Apr. 154
Cudahy Packing, corn.(guar.)
1% July 15 July 7 to July 6
Common (quar.)
1% Oct. 15 Oct. 6 to Oct. 15
Seven per cent preferred
34 May 1 Apr. 22 to May 1
Six per cent preferred (quar.)
3
May 1 Apr. 22 to May 1
Cuyamel Fruit(guar.)
$1
May 1 Holders of rec. Apr. 150
Diamond Match (quar.)
2
June 15 Holders of roe. May 290
Dome Mines, Ltd. (guar.)
500. Apr. 20 Holders of rec. Mar.310
duPont(E. I.) de Nemours & Co.
Debenture stock (guar.)
134 Apr. 25 Holders of roe. Apr. 154
du Pont de Nemours Powder. corn.(go.) 1% May I Holders of reo. Apr. 206
Preferred (quar.)
134 May I Holders If roe. Apr. 20a
Esmond Mills, common (guar.)
1)4 May 1 Holders of rec. Apr. 24
Preferred (quar.)
154 May 1 Holders of rec. Apr. 24
Eureka Pipe Line (quar.)
May 1 Holders of rec. Apr. 150
$1
Exchange Buffet Corp. (quar.)
374c Apr, 30 Holders of rec. Apr. 180
Fair (The). common (monthly)
.20c. May 1 *Holders of rec. Apr. 20
Common (montklY)
.200. June 1 *Holders of roe. May 20
Common (monthly)
*20c. July 1 *Holders of rec. June 20
Common (monthly)
*20c. Aug. I *Holders of roe. July 20
*154 May 1 *Holders of rec. Apr. 20
Preferred (guar.)
Fajardo Sugar (quar.)
2)4 May 1 Holders of roe. Apr. 180
Famous Players-Lasky Corp., prof. WO 2
May 1 Holders of rec. Apr. 15a
Firestone Tire & Rubber,corn.(guar.)._ $140 Apr. 20 Holders of rec. Apr. 10
Fisher Body Corp., corn.(guar.)
$1.25 May 1 Holders of roe. Apr. 20a
Foot Bros. Gear & Machine, corn.(qu.). 25c. July 1 June 21 to June 30
Banks.
Common (quarterly)
25c. Oct. 1 Sept. 1 to Sept.30
Corn Exchange (guar.)
5
May I Holders of rec. Apr. 30
Common (quarterly)
250. Jan1'26 Dee. 21 to Dec. 31
Francisco Sugar(quar.)
$1.50 July 1 Holders of rec. June 20a
Miscellaneous.
Quarterly
$1.50 Oct. I Holders of rec. Sept 2I8
Abitibi Power & Paper, cons. (quar.)_
Apr. 20 Holders of rec. Apr. 100 General Cigar, common (guar.)
$1
2
May I Holders of rec. Apr. 22a
Chemical & Dye, common (guar.) $1
Allied
May 1 Holders of rec. Apr. 150
Preferred (quar.)
1)4 June I Holders of rec. May 230
Allis-Chalmers Mfg.. coin. (quar.)
$1.50 May 15 Holders of rec. Apr. 24a
Debenture preferred (guar.)
1)4 July 1 Holders of reo. June 230
Aluminum Manufactures, Inc., com.(qu) 3734e. June 30 Holders of rec. June 15a
General Motors Corp., pref. (quar.)_
134 May 1 Holders of rec. Apr. 80
Common (quar.)
374c. Sept.30 Holders of rec. Sept.15a
6% debenture stock (quar.)
134 May 1 Holders of rec. Apr. 68
Common (quar.)
3734e. Dec. 31 Holders of rec. Dec. 150
7% debenture stock (guar.)
1% May I Holders of roe. Apr. 68
Preferred (quar.)
14 July 1 Holders of rec. June 200 Gibson Art Co., common (guar.)
Mc. July 1 Holders of rec. June 200
Preferred (quar.)
14 Oct. I Holders of rec. Sept.200
Common (extra)
10c. July 1 Holders of rec. June 206
Preferred (guar.)
154 Janl'26 Holders of rec. Dec. 200 Gillette Safety Razor (guar.)
6234c June 1 Holders of rec. May 10
Amalgamated Sugar, first pref.(guar.)._ $2
May 1 Holders of rec. Apr. 160
Extra
1234c June I Holders of rec. May 10
American Bank Note,common (guar.)
$1.25 May 15 Holders of rec. May la Gimbel Brothers, preferred (guar.)
1% May 1 Holders of rec. Apr. 15a
American Beet Sugar,common (guar.)._
1
Apr. 30 Holders of rec. Apr. ha Ginter Company, common (quar.)
37340 Apr. 20 Holders of rec. Apr. 10
Common (guar.)
1
July 31 Holders of rec. July lb
Ooodrich (B. F.) Co.. pref.(quar,)
144 July 1 Holders of rec. June 156
Common (guar.)
I
Oct. 31 Holders of rec. Oct. 100 Gossard (H. W.) Co., Corn.(monthly)
250. May 1 Holders of rec. Apr. 206
Common (guar.)
1
Jan30'26 Holders of rec. Jan.9'260
Common (monthly)
25c. June 1 Holders of roe. May 20a
American Can, common (quar.)
13.4 May 15 Holders of rec. Apr. 300 Great Northern Iron Ore Properties._ $1 Apr. 30 Holders of rec. Apr. 116
American Cigar. common (quar.)
1% May 1 Holders of rec. Apr. 150 Gulf States Steel, first pref.(guar.)
1)4 July 1 Holders of rec. June 15a
American Coal(guar.)
$I
May 1 Apr. 11 to May 1
First preferred (quar.)
144 Oct. 1 Holders of rec. Sept. 158
American Ice, common (guar.)
13.4 Apr, 25 Holders of rec. Apr. 15a
First preferred (guar.)
134 Jan3'26 Holders of rec. Dee. 15a
Preferred (guar.)
1% Apr, 25 Holders of rec. Apr. 160 Halle Bros., 1st pref. & 2d
(guar.)_
I% Apr. 30 Apr. 25 to Apr. 30
Amer.La France Fire Eng..Cora.(guar.) 250. May 15 Holders of rec. May 10 Harbison-Walker Refract.,prof. (quar.)
pref.
1)4 Apr. 20 Holders of rec. Apr. 10a
Amer. Laundry Machinery, corn.(guar.) 750. June 1 May 23 to June 1
Harris Bros., prof. (quar.)
1% May 1 Apr. 11 to Apr. 30
American Linseed. pref
154 July 1 Holders of rec. June 20
Hercules Powder, pref. (quar.)
•1)4 May 1 *Holders of rec. May 5
Preferred
13.4 Oct. 1 Holders of rec. Sept. 19
HIbbard,Spencer,Bartlett & Co.(mthly.) 35c. Apr. 2 Holders of rec. Apr. 17
American Locomotive, common (extra)_ $2.50 June 30 Holders of rec. June
Monthly
15a
35o. May 2 Holders of rec. May 22
Common (extra)
$2.50 Sept.30 Holders of rec. Sept. 14a
Monthly
35c. June 2 Holders of rec. June 19
Common (extra)
$2.50 Dec. 31 Holders of rec. Dec. 14a
Extra
20c. June 2 Holders of rec. June 19
Amer. Manufacturing, corn.(quar.)
1% July 1 Juno 16 to June 30
Hollinger Consolidated Mines
1
Apr. 2 Holders of rec. Apr. 6
Common (quar.)
14 Oct. 1 Sept. 16 to Sept.30
Holly Sugar Corporation, pref.(quar.)_ _
Holders of rec. Apr. 15
1% May
Common (quar.)
14 Dec. 31 Dec. 16 to Dec. 30
Preferred (for guar.ending Aug.1 1922) 51% May
Holders of rec. Apr. 15
Preferred (guar.)
134 July 1 June 16 to June 30
Homestake Mining (monthly)
50c. Apr. 2 Holders of rec. Apr. 206
Preferred (quar.)
1)4 Oct. 1 Sept. 16 to Sept. 30
Hood Rubber. pref. (guar.)
1% May 1 Apr. 21 to May 1
Preferred (guar.)
14 Dec. 31 Dec. 16 to Dec. 30
Hupp Motor Car, Common (quar.)
254 May 1 Holders of rec. Apr. 150
American Milling, corn.(quar.)
2
Apr. 20 Holders of rec. Apr. 150 Hurley Machine, common (guar.)
.$1 Apr. 18 *Holders of rec. Apr. 13a
American Radiator, com. (guar.)
$1
June 30 Holders of rec. June 15a
Common (extra)
.250. Apr. 18 *Holders of rec. Apr. 130
Preferred (quar.)
1% May 15
2.40 July 15 July 4 to July 15
American Sales Book Co., Ltd., pf.(qu.) 14 May 1 'folders of rec. Apr. 300 Illinois Brick (guar.)
Holders of rec. Apr. 15
Quarterly
2.40 Oct. 15 Oct. 4 to Oct. 15
American Shipbuilding, corn. (quar.)
2
May 1 Holders of rec. Apr. 15
Indiana Pipe Line (guar.)
$t
May 15 Holders of rec. Apr. 176
Common(g uar ,)
2
Aug. I Holders of rec. July 15
International Nickel, pref. (quar.)
1)4 May I Holders of rec. Apr. 160
Preferred (guar.)
1% May 1 Holders of rec. Apr. I5a International Shoe (monthly)
50c. May 1 Holders of rec. Apr. 154
Amer.Smelt.& Refin., corn.(guar.)_ _ _
14 May 1 Holders of roe. Apr. 130 Intertype Corporation,
corn.(guar.)._ _ _
Preferred (guar.)
1% June 1 Holders of rec. May 8a Iron Prod. Corp.(stk.of Essex Fdy. Co.) 25c. May 15 Holders of rec. May 10
420
May 15 Holders of rec. Apr. 156
American Steel Foundries
Kaufmann Dept. Stores, corn. (quar.)
May. 1 Holders of rec. Apr.20
$2
Common (Payable in common stock)..125
See note z
Kelsey Wheel, pref. (guar.)
1'4 May 1 Holders of rec. Apr. 20
Anaconda Copper Mining (guar.)
75c. May 25 Apr. 19 to May 20
Liggett's International, pref
$1
May 1 Holders of rec. Apr. 150
Archer-Daniels-Midland. pref. (quar.)_ $1 .75 May 1 Holders of
rec. Apr. 200 Looses Boston Theatres (guar.)
313.4c May 1 Holders of rec. Apr. 200
Art Metal Construction (quar.)
254. Apr. 30 Holders of
1% May 1 Holders of rec. Apr. 170
Associated Dry Goods Corp., corn. (qtr.) 14 May 1 Holders of rec. Apr. 170 Loose-Wiles Biscuit, 2d pref. (guar.)._ _
rec. Apr. ha Lord dr Taylor, 33 preferred (quar.) . 2
May 1 Holders of rec. Apr. 18a
preferred (quar.)
First
14 June 1 Holders of rec. May 20 Macy (R.
pref. (guar.)
154 May 1 Holders of rec. Apr. 186
Second preferred (quar.)
1% June 1 Holders of rec. May 2a Magnolia H.) &
Petroleum (quar.)
Co.,
July 5 Holders of rec. June 19
$I
Associated 011 (guar.)
374c Apr. 25 Holders of rec. Mar.23a
Stock
Oct. 5
1
Atlantic Refining, preferred (quar.)
I% May 1 Holders of rec. Apr. 15a Manati dividend
Sugar,common (guar.)
1% June 1 Holders of rec. May 15a
Atlas Powder. preferred (guar.)
14 May I Holders of
Common(guar.)
134 Sept. 1 Holders of rec. Aug. 156
Austin, Nichols & Co., Inc., Pt.(guar.). 1% May 1 Holders of rec. Apr. 200
rec. Apr. 15a Maple Leaf Milling, pref. (quar.)
1% Apr. 18 Holders of rec. Apr. 3a
Babcock & Wilcox Co.(guar.)
1% July 1 Holders of rec. June 20
Marlin-Rockwell Corp.. corn.(guar.)_
Me. May 1 Holders of rec. Apr. 20a
Quarterly
1% Oct. 1 Holders of rec. Sept. 20
McCrory Stores Corp.,pref,
..(quar.)._
1)4 May 1 Holders of roe. Apr. 20a
Quarterly
134 Janl'26 Holders of rec. Dee. 20
Preferred (quar.)
IM Aug. 1 Holders of rec. July 200
Quarterly
1% Aprl'26 Holders rec.
Preferred (quar.)
1% Nov. 1 Holders of rec. Oct. 20a
Balaban & Katz, common (monthly)._ 25e. June 1 Holders of Mar 20'26a
rec. Apr. 200
Common (monthly)
250. June 1 Holders of rec. May 200 Metropolitan Chain Stores, Inc.
First and second preferred (quar.)_.
$1.75 May 1 Apr. 19 to Apr. 30
Common (monthly)
250. July 1 Holders of rec. June 200 Mexican
Petroleum, common (guar.)._ 3
Apr. 20 Holders of rec. Mar.3I0
Preferred (quar.)
*1% July 1 *Holders of rec. June 20
Preferred (guar.)
Apr. 20 Holders of rec. Mar.3I0
2
Barnhart Brothers & Spindler
Miami Copper (guar.)
25c. May 15 Holders of rec. May 10
First and second preferred (guar.)._ _ _
14 May 1 Holders of rec. Apr. 250 Miller
Rubber. common (No. 1)
41.50 AM. 25 Apr. 11
to Apr. 24
Beacon 011, pref.(guar.)
1.874 May 15 Holders of rec. May 1
Moon Motor Car(quar.)
750. May 1 Holders of rec. Apr. 15a
Blgelow-Hartford Carpet, corn, (guar.). .11.50 May 1 *Holders of rec. Apr. 15
Mullins Body, preferred (guar.)
$2
May 1 Holders of rec. Apr. 15a
Preferred (guar.)
*1)4 May 1 *Holders of rec. Apr. 15
Murray Body
Bond & Mortgage Guarantee (quar,).,. 3
May 15 Holders of rec. May 8
Common (payable in common stock).. OM July 1 Holders of rec. June 18a
June 1 Holders of rec. May 154
Borden Company,corn.($50 par)
$1
Common (payable in common stock).. ,f14 Oct. 1 Holders of rec. Sept. 160
Preferred (guar.)
14 June 15 Holders of rec. June la
Common (payable in common stock)
Jan.1'213 Holders of rec. Doe. 160
Briggs Mfg. (guar.)
874c Apr. 25 Holders of rec. Apr. 10
Nash Motors, prof.(guar.)
1% May 1 Holders of rec. Apr. 200
1% May I Apr.d25 to Apr. 30
Brill (J. 0.) Co.. pref. (quar.)
National Carbon, prof. (guar.)
May 1 Holders of rec. Apr.
2
Brown Shoe, pref.(quar.)
154 May 1 Holders of rec. Apr. 200 Nat. Department Stores, let pf. (au.). 154 May 1 Holders of rec. Apr. 21
156
L
June 15 Holders of rec. Apr. 25
Buckeye Pineine (quar.)
$1
.134 June 1 *Holders of rec. May 15
Second preferred (guar.)
4
Cartier. Inc., pref. (quar.)
1)( Apr. 30 Holders of rec. Apr. 15
Nat. Enameling &StamPing.PreL (go.). 14.4 June 30 Holders of rec. June 10
Century Ribbon Mills, Inc.(guar.)._ 500. Apr.30 Holders of rec. Apr. 180
Preferred (guar.)
154 Sept.30 Holders of roe. Sops,10
Chicago Pneumatic Tool (guar.)
1g Apr. 25 Holders of rec. Apr. 150
Preferred (guar.)
154 Dec. 81 Holders of rem Dec. 11
Chicago Wilm.& Frank. Coal,Id.(qu.)_
1.% May 1 Holders of rec. Apr. 140 New Cornelia Copper (guar.)
95e. May 25 Holders of rec. May 80
*10c. May 1 *Holders of rec. Apr. 10
Chief Consol. Mining
New England Bakery, let pref.(gust.).. 144 May 1 Holders of rec. Apr. I
Childs Co
Second preferred (quar.)
1% May 1 Holders of rec. Apr. I
Common (no par value)(extra)
(r) July I Holders of roe. May 298 New Jersey Zino (guar.)
May 9 Holders
2
(no par value)(extra)
(s) Oct. I Holders of rec. Aug. 2110 New York Air Brake. common (guar.).. $1 May 1 Holders of roe. Atm. 200
Common
of rem Apr. 8
(5) Dec. 30 Holders of roe. Nov.28a
Common (no par value)(extra)
Class A (guar.)
$I July 1 Holders of rec. June 10
Name of Company.
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
Miscellaneous (Concluded.)
to Apr. 19
15c. Apr. 20 Apr. 1
Nipissing Mines Co.(guar.)
Orpheum Circuit, common (monthly)._ 15c. May 1 Holders of rec. Apr. 20a
15c. June 1 Holders of rec. May 200
Common (monthly)
15c. July 1 Holders of rec. June 200
Common (monthly)
Overman Cushion Tire, common (guar.) 15 Apr. 20 Holders of rec. Mar. 31
1% Apr. 20 Holders of rec. Mar.31
preferred (guar.)
75c. July 1 Holders of rec. June 153
Owens Bottle, common (guar.)
1% July 1 Holders of rec. June 150
Preferred (guar.)
30c. Apr. 30 Holders of rec. Apr. 150
Packard Motor Car (guar.)
Pan Amer.Petrol.& Tramp.A & B (qu.) $1.50 Apr. 20 Holders of rec. Mar.310
2
May 15 Holders of rec. May 5
Penmans, Limited. common (guar.)._ _
13y May 1 Holders of rec. Apr. 21
Preferred (guar.)
1% May 1 Holders of rec. Apr. 200
Corp., pref.(guar.)
Phillips-Jones
134 Apr. 25 Holders of rec. Apr. 100
Pittsburgh Coal. preferred (guar.)
135 Apr. 20 Holders of rec. Apr. la
Plymouth Cordage (quar.)
May 1 Holders of rec. Apr. 200
$1
Postum Cereal Co.,common (guar.)_ _
Prairie Oil Se Gas(no par stock)(guar.). 505. Apr. 30 Holders of rec. Mar. 310
2
Apr. 30 Holders of rec. Mar.31a
Prairie Pipe Line (guar.)
I% June 9 Holders of rec. May 19a
Pressed Steel Car, pref.(guar.)
14 Sept. 8 Holders of rec. Aug. 18a
Preferred (guar.)
1% Dec. 8 Holders of rec. Nov. 170
Preferred (guar.)
Producers & Refiners Corp., pref. (qu.)_ 87Sic May 4 Holders of rec. Apr. I70
134 May 29 Holders of rec. May la
Quaker Oats, pref. (guar.)
1 Holders
Reid Ice Cream Corp.,tom.(qu.(No. 1) 751; Apr. 20 Holde of rec. Apr. 10
25c. May 1 Holders of rec. Apr. 15a
Reynolds Spring,common (guar.)
1% July 15 Holders of rec. June 30a
Richmond Radiator, pref.(guar.)
Holders of rec. Apr. 15
(qu.)
Rockl'd&Rockp't Lime Corp., tom.
May
134 Oct. 15 Holders of rec. Sept.30a
Preferred (guar.)
134 Jan1526 Holders of rec. Dec. 31a
Preferred ((star.)
50c. June 20 June 10 to June 21
St. Joseph Lead (guar.)
500. Sept.21 Sept. 10 to Sept.21
Quarterly
500. Dee. 21 Dec.10'2540 Dec.21 '25
Quarterly
Salt Creek Producers' Assoc.(guar.)_ _ _ _ 20e. May 1 Holders of rec. Apr. 15a
40c. May 1 Holders of rec. Apr. 15a
Extra
13-4 May 15 Holders of rec. May la
Savage Arms ,second preferred (guar.).._
$1.50 May 1 Holders of rec. Apr. 15
Savannah Sugar, common (guar.)
154 May 1 Holders of rec. Apr. 15
Preferred (quar.)
(r) Apr. 20 Holders of rec. Mar.203
Seagrove Corporation, common
134 May 1 Holders of rec. Apr. 153
Sears, Roebuck & Co., coin.(q5ar.)-May 15 Holders of rec. May 5a
Seiberling Rub., pf.(acct. accum. div.)_ h2
June 15 Holders of rec. June 50
Preferred (account accum. dividend). h2
pref. (guar.)
134 May 1 Holders of rec. Apr. 153
Simmons Company,
25c. May 15 Holders of rec. May 1
Smith (A. 0.) Corp.. coin. (guar.)
13-4 May 15 Holders of rec. May 1
Preferred (guar.)
Apr. 20 Holders of rec. Apr. 10a
Smith (Howard) Paper Mills, pref.(qu.) 2
154 June 1 Holders of rec. May 163
Spalding(A. G.)& Bros., 1st pref.(qu.)_
2
June 1 Holders of rec. May 160
(guar.)
Second preferred
1% Apr. 20 Holders of rec. Mar. 31
Standard Publishing, Class A (guar.)_ _ _
134 May 1 Holders of rec. Apr. 8
Steel Co. of Canada,corn.& pfd.(qu.)_ _
$1
May 1 Holders of rec. Apr. 160
Sterling Products(guar.)
Stover Mfg. Sr Engine, pref. (guar.)_ _ _ .134 May 1 +Holders of rec. Apr. 20
154 May 1 Holders of rec. Apr. 153
Estates of Oriente, pref. (guar.)._
Sugar
90e. Aug. 15 Holders of rec. July 153
Swift Internacional
25c. May 1 Holders of rec. Apr. 150
Telautograph Corp., corn.(No. 1)
corn.(mthly.) 25c. May 1 Holders of rec. Apr. 233
Thompson (John R.) Co.,
25c. June 1 Holders of rec. May 230
Common (monthly)
734c
Apr. 21 Apr. 1 to Apr. 7
Tonopah Mining of Nevada
45c. May 9 Holders of rec. Apr. 16a
Union Oil Associates (guar.)
45c. May 9 Holders of rec. Apr. 163
Union 011 of California (guar.)
2% May 11 Holders of rec. May 1
Union Storage (guar.)
2% Aug. 11 Holders of rec. Aug. 1
Quarterly
2% Nov.11 Holders of rec. Nov. 1
Quarterly
87
1
June 1 Holders of rec. May 15a
e 1
United Drug, common (guar.)
Holders of rec. Apr. 153
1st preferred (guar.)
1% June 1 Holders of rec. May 15a
preferred (guar.)
Second
1% July 1 Holders of rec. June 150
United Dyewood, pref. (quar.)
134 Oct. 1 Holders of rec. Sept. 150
Preferred (guar.)
13(J an 1'26 Holders of rec. Dec. 153
Preferred (guar.)
23.4 July 1 Holders of rec. June 6a
United Fruit(guar.)
234 Oct. 1 Holders of rec. Sept. 5a
Quarterly
2% Jan 2'26 Holders of rec. Dee. 50
Quarterly
United Verde Extension Mining (guar.)- 50c. May 1 Holders of rec. Apr. 30
134 June 15 Holders of rec. June la
U.S. Cast Iron Pipe & Fdy., pref.(qu.)_
2.511 June 15 Holders of rec. June la
Preferred (extra)
13-4 Sept. 15 Holders of rec. Sept. la
Preferred (guar.)
134 Dec. 15 Holders of rec. Dec. la
Preferred (guar.)
134 May 1 Holders of rec. Mar. 53
U.S. Realty & Impt., pref.(guar.)
May 15 Holders of rec. Apr. 200
United States Rubber, 1st pref.(guar.)-- 2
1% May 1 Holders of rec. Apr. 15a
Universal Pipe & Radiator. pref.(qu.)_ _
Ventura Consolidated 011 Fields (qu.)... 50c. May 1 Holders of rec. Apr. 15
134 Apr. 20 Holders of rec. Apr. 16a
Vulcan Detinning, pref.(guar.)
Apr. 20 Holders of rec. Apr. 18a
Preferred (acct. accum. dividenda)--- hl
134 Apr. 20 Holders of rec. Apr. 160
Preferred A (guar.)
Warner (Charles) Co. of Del
154 Apr. 23 Holders of rec. Mar.31a
First and second preferred (guar.)_ _ _ _
Weber St HeilbronerApr. 30 Holders of rec. Apr. 15a
Common (payable in common stock) _ /2
El
June 30 Holders of rec. June 15a
Common (guar.)
M.
Sept.30 Holders of rec. Sept.15a
Common (guar-)
El
Dec. 30 Holders of rec. Dec. 15
Common (guar.)
134 June 1 Holders of rec. May 15
Preferred (ouar.)
134 Sept. 1 Holders of rec. Aug. 17
Preferred (guar)
134 Dec. 1 Holders of rec. Nov. 18
Preferred (guar.)
*4
May 6 *Holders of rec. Apr. 22
West Comstock Gold Mines(No.
3% July 1 June 21 to June 30
Western Grocer, preferred
33.4 Janl'26 Dec. 20 to Jan. V26
'26
Preferred
51.50 Apr. 30 Apr. 1 to Apr. 14
Westinghouse Air Brake (guar.)
Apr. 30 Mar. 11 to Mar.24
Westinghouse Elec. & Mtg., corn. (qu.) $1
50c. Apr. 20 Holders f rec. Mar. 310
White Eagle Oil & Ref. (guar.)
+10e. May 5 +Holders of rec. Apr. 15
Wilcox (H. F.) 011 & Gas (guar.)
wrigley (Wm.) Jr., & Co.
25c. May 1 Holders of rec. Apr. 200
Monthly
250. June 1 Holders of rec. May 200
Monthly
25c. July 1 Holders of rec. June 200
Monthly
Woolworth (F. W.) Co., corn. (guar.)._ 75c. June 1 May 2 to May 20
Yellow Cab mfg.. Class B (monthly)._ _ 21c. May 1 Holders of rec. Apr. 203
21c. June 1 Holders of rec. May 200
Class B (monthly)
• From unofficial sources. f The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. 5 The
New York Curb Market Association has ruled that stook will not be Quoted eldividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable in stock.
!Payable in common stock. p Payable In scrip. S On account of accumulated
dividends. as Payable In preferred stock. n Payable In Canadian funds.
Annual dividend for 1925, all payable in equal quarterly installments on April 1,
July 1, Oct. I 1925 and Jan. 11926. have been declared as follows: On the common
stock $4 40, quarterly installment51 10;prior preference,7%,quarterly installment
134%:participating preferred,7% regular, quarterly installment 154%; participating
installment
Preferred.2% extra, quarterly installment %%;preferred.6%.quarterly
115%•
,
Payable in stock of the Essex Foundry Co.
r Dividend is 30 cents in cash or 23-4% in common stock at stockholder's option.
s Dividend is one-twenty-fifth of a share of no-par common stock.
The stock dividends declared by Western Pacific RR. are one share Of common
and one share of preferred for every six shares of stock now outstanding, whether
common or preferred,and are subject to ratification at a special stockholders' meeting
to be held May 11.
u Dividend is one-fortieth of a sharegof Class A stock or 50c. in cash at option
of stockholder.
o Childs Company stock dividends are one share of no par value common stock
for each 100 shares no par value common stock held.
w Dividend is one-fortieth of a share of Class A common stock.
y Extra dividend on common stock is $187,500.
s American Steel & Foundries stock dividend to be acted on at stockholders'
meeting on April 22.
•From unoffidal sources. a Transfer books not closed for MB dividend.
:Dividend is one-twenty-fifth of a share of no-par common stock.
[Vol,. 120.
TTEE CHRONICLE
1984
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 April 11. The
figures for the separate banks are the avergaes of the daily
results. In the case of tho grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that is, three ciphers (000) omitted.)
New
Capital.lProfUs. Loans,
Reserve
with
Net
Discount Cash
Time Bank
Week Ending
De- Circuin
Legal Demand
April 11 1925 Nat'l, Dec.31 InvestState, Mar.25 ments, VauU. Deposi- Deposits. posUs. la&c.
tories.
lion.
(000 omitted.) Tr.Cos Mar.25
Members of Fed. Res.
$
Bank of N Y &
Trust Co_ __ _ 4,000
Bk of Manhat'n 10,000
Mech & Met Bk 10,000
Bank of America 6,500
Nat City Bank _ 40,000
Chemical Nat_ _ 4,500
Nat Butch & Dr 1,000
Amer Exch Nat 5,000
Nat Bk of Com _ 25,000
Pacific Bank__ _ 1,000
Chat&Phen Nat 13,500
Ilanover Nat'l. 5,000
Corn Exchange_ 10,000
National Park_ _ 10,000
East River Nat' 2,100
First National_ _ 10,000
Irvingl3k-ColTr 17,500
Continental__ _ _ 1,000
Chase National _ 20,000
500
Fifth Avenue_ _
Commonwealth
600
Garfield Nat'l_ _ 1,000
Fifth National_ 1,200
Seaboard Nat'l _ 5,000
Coal & Iron Nat 1,500
Bankers Trust_ 20,000
US Mtge & Tr. 3,000
Guaranty Trust 25,000
Fidelity-InterTr 2,000
10,000
N Y Trust
Farmers'Ln&Tr 10,000
Equitable Trust 23,000
Bank. Average Averag Average
3
$
12,448 69,503
847 6,989
14,303 148,870 2,626 16,745
15,970 177,544 3,501 22,531
5,243
81,075 1,674 11,656
55,297 604,084 4,591 68,388
17,024 117.645 1,262 15,258
277
10,497
127 1,031
8,246 107,409
940 12,893
39,761 314,193
899 35,760
1,710
33,390 1,029 4,273
12,537 213,518 4,52 23,809
23,519 125,745
572 14,830
13,995 203,075 6,441 25,633
23,743 176,028
951 17,856
1,942
33,227 1,094 3,422
66,060 325,479
476 25,150
12,536 282,155 2,824 36,314
1,066
8,045
154
856
25,461 365,872 4,548 46,159
3,016
25,328
782 3,433
1,047
13,278
488 1,381
1,656
16,174
477 2,165
1,344
21,347
187 2,338
8,159 107,375
894 13,896
1,375
21,344
331 2,416
28,131 314,355 1,011 34,349
4,569 56,498
867 6,777
19,559 438,176 1,385 46,582
2,171
21,104
374 2,419
19,292 177,543
566 21,138
17,674 148,396
400 15,359
12,201 258,205 1,480 29,332
Average Average As ge
'
$
$
51,456 8,104
122,197 24,163
168,159 11,749 -548
86,484 4,300
850
*627,783 106.519
348111,995 4,100
350
496
7,765
95,422 7,335 4,940
272,645 10,021
29,377 3,669
167,704 40,670 5,861
112,712
185,162 28:iii
135,374 9,426 3,535
494
24,244 8,196
193,879 24,272 2,819
271,817 30,403
398
6,106
665*361,483 19,070
26,042
9,796 3,283
335
557
7
15,421
247
17,660 1,161
49
103,8(35 3,117
17,502 2,418 412
*272,477 44,540
50,447 5,401
+437,959 46,883
18,120 1,903
154,656 28,533
*118,645 20,643
*279,464 33,642
Total of averages 298,900471,344 5,016,477 48,126 571,138c4,233,237:533,06321,986Totals, actual condition Apr. 11 4,982,826 48,208 589,794c4,214,941 537.46922.056
Totals, actual condition Apr. 45,065,163 46,883 572,269 c4,282,662 528,00721,804
Totals, actual to ndition Mar.285,045,860 47,770 595,283c4,277.333528.497 21,537
State Banks Not Me mbers of Fed'! Res've Bank.
21,831 1,925 1,975
Greenwich Bank 1,000 2,480
21,487 1.266
5,364
906
250
370
Bowery Bank
336
2,850 1,901
3,500 5,396
99,679 4,383 2,177
State Bank.._ _
34,195 62,449
Total of averages
4,750
8,782
126,874
6,678
4,488
58,532 65,616
Totals, actual condition Apr. 11 127,502 6,935 4,562
Totals, actual to ndition Apr. 4 126,222 6,450 4,520
Totals, actual condition Mar.28 127,223 6,243 4,303
Trust Companies Not Membe rs of Fed 'I Res'ye Bank
Title Guar & Tr 10,000 16,501
60,452 1,550 4,260
21,335
Lawyers Trust_ 3,000 3,031
887 1,574
59,45 65,661
57,832 65,533
58,169 65,415
38,62
16,22
2,517
1,100
Total of =rages 13,000 19,532
81,787
2,437
5,834
54,84
3,617
Totals, actual condition Apr. 11
Totals, actual to ndition Apr. 4
Totals, actual condition Mar.28
81,208
81,873
80,879
2,380
2,301
2,314
5,828
6,026
5,829
53,906
55,060
53,349
3,697
3,579
3,673
Gr'd agkr- aver..316,650499,659 ,225,13 57,241 581,460114,346,614602,29621,986
Comparison wit h prey.week _ -46,732 +1,768-11,860 -81,957 +4,222 +329
Gr'd aggr.. act' cond'n Apr. 11 5,191,536 57,523800,184 h4,328,305606,82722,056
Comparison with prey.week _ -81,722 +1,889+17369 -67,249+9 705 +252
.
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
aggr., acClcond'n
aggr., acri cond'n
aggr., act'cond'n
aggr., act'l cond'n
aggr., acticond n
aggr., act!cond'n
Apr. 45,253,258
Mar.285,253.962
Mar.21 5,246,988
Mar.145,323,679
Mar. 75,353,788
Feb. 285,371,037
55,634 582,815
56,327605,415
55,979558,114
55,893610,260
58,154 561,517
56,533650,306
4,395,554 597,11921,804
4,388,851 597,58521,537
4,373,904 598,20721,455
4,495,862,565,05721,395
4,510,244'577,149 21,361
4,544,437 583,020 21,426
Note.
-U. S. deposits deducted from net demand deposits in the genera totals
above were as follows: Average total Apr ill, $446,670,000; actual totals April 11,
$45,252,000: April 4, $48,135,000; Mar. 28, $48,135,000; Mar. 21, $48,135,000;
Mar. 14, 314,449,000. Bills payable, rediscounts, acceptances and other liabilities,
average for week, April 11, $622,394,000; April 4, $606,457,000; Mar. 28, $617,258,
000; Mar. 21, $612,143,000; Mar. 14, $660,602,000. Actual totals April 11, $628,828,000; April 4, $627,739,000; Mar. 28, $640,470,000; Mar, 21, $595,136,000
Mar. 14, $685,896,000.
* Includes deposits in foreign branches not included in total footings as follows:
National City Bank, $135,377,000; Chase National Sank, $11,073,000; Bankers
Trust Co.. $19,444,000: Guaranty Trust Co., $85,458,000; Farmers' Loan & Trust
Co., $5,693,000; Equitable Trust Co., $63,536,000. Balances carried in banks in
foreign countries as reserve for such deposits were: National City Bank, $19,780,000;
Chase National Bank, $3,169,000; Bankers Trust Co., $715,000; Guaranty Trust
Co., $7,090,000: Farmers' Loan dr Trust Co., $5,693,000; Equitable Trust Co.,
$8,107,000. c Deposits in foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following
two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
in Vault.
Members Federal
Reserve Bank _
State banks.
Trust companies*__
6,878,000
2,437,000
Reserve
in
Depositories
Total
Reserve.
Reserve
Required.
571,138,000 571,138,000 566,312,700
4,488:000 11,166,000 10,535,760
5,834,000 8,271,000 8,226,750
Surplus
Reserve.
4,825,300
630,240
44,250
9,115,000 581,460,000 591,575,000 585,075,210 5,499,790
8,538,000 693,320,000 601,858,000 595,580,070 6.277,930
8,466,000 581,291,001) 589,685,000 586,730,840 2,954,160
8,392,000 596,824,000 605,216,000 597,489,690 7.726.310
• Not members of Federal Reserve Bank.
a This is the reserve required on the net demand deposits n the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank
includes also amount in reserve required on net time dopes ts, which was as follows:
April 11, $15,991,890; April 4, 515,867.120; Mar.28,$15,922,230; Mar.21,$15,439,530.
Total April 11_ _ _ _
Total April 4 _ _ _ _
Total Mar. 28_ _ Total Mar. 2L _-
APRIL 18 1925.]
THE CHRONICLE
Boston Clearing House Weekly Returns.—In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
Actual Fiuures.
Cash
Reserve
Reserve
in
in Vault. Depositories
Members Federal
Reserve Bank
State banks*
Trust companies*_
6,935,000
2,380,000
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve.
BOSTON CLEARING HOUSE MEMBERS.
$
589.794,000 589,794,000 564,066,400 25,727,600
4,562,000 11,497,000 10,702340
794,560
5,828.000 8,208,000 8,085,900
122,100
Total April 11_ _ _ _
Total Apr. 4._._
Total Mar.28_ _ _
Total Mar.21
1985
April 15
1925
9,315,000 600.184010 609,499,000 582,854,740 26.644,260
8,751,000 582,815,000 591,566,000 591,255,030
310,970
8,557,000 605,415,000 613,872.000 590,380,970 23,591,030
8,547,000 558,114,000 566.661,000 588,480,470 -21819470
• Not members of Federal Reserve Bank.
b This is the reserve required on net demand
deposits in the case of State banks
and trust companies, butin the case of members of
the Federal Reserve Bank includes
also amount of reserve required on net time
deposits, which was as follows: April 11,
$16,124,070; April 4, $15,840,210; Mar.28,515,854,910;
Mar.21,$15,882,270.
Changesfrom
previous week.
April 8
1925.
April 1
1926.
S
$
$
S
Capital
65,300,000
Unchanged 65,300,000 60,300.000
Surplus and profits
87,132,000 Inc. 8,354.000 78,778,000 78,790,000
Loans,&sets dr Investmenta- 905,276,000 Dec. 1,379,000 906,655,000 907,395,000
Individual deposits.Inel. U.S.640.647,000 Inc. 16,734,000 623,913,000 629.597,000
Due to banks
136,195,000 Inc.
8,000 136,187.000 129,083,000
Time deposits
189,934,000 Dec. 1,102,000 191,036,000 193,035,000
United States deposits
19,909,000 Dec. 4,448,000 24,357,000 25,265,000
Exchanges for Clearing House 29,450,000 Inc. 3,327,000 26,123,000 27,388,000
Due from other banks
94,839,000 Inc. 5,035,000 89,804,000 87,493,000
Reserve In Fed. Res. Bank
75,039,000 Inc.
342,000 74,697.000 74,696,000
Cash In bank and F.R.Bank_ 10,174,000 Dec.
93,000 10,267,000 10,266,000
Reserve excess in bank and
Federal RAAprv A Bank
421.000 Dec. 426.000
847.000
918.000
State Banks and Trust Companies Not in
Clearing
House.—The State Banking Department reports weekly
figures showing the condition of State banks and
Philadelphia Banks.—The Philadelphia Clearing House
panies in New York City not in the Clearing House trust comas follows: return for the week ending April 11, with comparative figures
for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST
COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN
CLEARING HOUSE STATEMENT. requirements for members of the Federal Reserve System
are 10% on demand deliosits and 3% on time deposits, all
(Figures Furnished by State Banking Department.)
Differences from to be kept with the Federal Reserve Bank. "Cash in vaults"
April 11.
Previous Week. is not a part of legal reserve. For trust companie
Loans and Investments
s not mem1,022,761,000 Ine.$11,490,700
Gold
4,218,800 Inc.
279,400 bers of the Federal Reserve System the reserve required is •
Currency notes
22,131,700 Inc.
997,200 10% on demand deposits and includes "Reserve with legal
Deposits with Federal Reserve Bank of New
York88,190.800 Inc.
Total deposits
60,300
1,070,894,400 Inc. 11,610,600 depositaries" and "Cash in vaults."
Deposits, eliminating amounts
due from reserve
depositaries and from other banks and
companies in New York City, exchange trust
and
U. S. deposits
1,012,501,500 Inc. 18,742.700
Reserve on deposits
153.646,200 Dec. 214,200
Percentage of reserve, 21.2%.
RESERVE.
—State Banta— —Trust Companies—
Cash in vault*
$83,064,000 15.59%
Deposits in banks and trust cos_ _ $31,477,300 16.04%
11,740,300 05.98%
27,364,600 05.14%
Total
543,217,600 22.02%
$110,428,600 20.73%
•Includes deposits with the Federal
Reserve Bank of New York, which for the
State banks and trust companies combined
on April 11 was $88,190,800.
Banks and Trust Companies in New York
averages of the New York City Clearing HouseCity.—The
Banks and
trust companies combined with those for
trust companies in Greater New York the State banks and
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-Dec. 13
Dec. 20
Dee. 27
Jan. 3
Jan. 10
Jan. 17
Jan. 24
Jan. 31
Feb. 7
Feb.14
Feb. 21
Feb. 28
Mar. 7
Mar.14
Mar. 21
Mar. 28
Apr. 4
Anr. 11
Demand
Deposits.
*Total Cash
in Vaults.
Reserve in
Depositaries.
3
6,511,329,700
6367,071,000
6,499,441300
8,517,941,600
6,534,475,500
6,502,799,001)
6.449.153,600
6,400,877,800
6,382.661,100
6,349,571.900
6.358,838,800
6.364.862,900
6.344,910.100
0.339,319.300
6.282.558,300
6.238.908,800
6,283,140.300
•
$
5,757,800.800
5.767,935,500
5,745.656,500
5.790,937,000
5,819,488,500
5,781,126.5liu
5,693.929,300
5,605,108.000
5.612,344,600
5.573.095,200
5,525,329,600
5.512.101.700
5,524.285,800
5.525.702,500
5,452,289.100
5.349,637,400
5,422,329,800
$
93,756,200
98,888,600
104,910,200
102.032.000
94,214,000
87,350.900
82,585,000
82,041,200
81,537.700
85,221.200
83.100.100
82,787.900
81,257,500
83,304.800
80,044.200
81.472.701)
80.546.900
$
764.010,000
785,101,000
766,067,300
783,386,400
783,368,300
773,115,400
752.408.400
737.862,600
746,868,900
740.911,100
731,974,800
727,617,600
726,004,500
733,263,600
725,251,500
707,162,000
722,106,500
nno
A 9,17 200 AAA
c2c011g AAA
22 anl ena
nee nnn
New York City Non-Member Banks and Trust
panies.—The following are the returns to the Clearing Comby clearing non-member institutions and which are House
.
not included in the "Clearing House Returns" in the
foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW
YORK CLEARING
HOUSE.
(Stated In thousands of dollars-that is, three ciphers (0001
omitted.)
I
Net
CLEARING
Capital. Profits.
ION-MEMBERS.
Nat. bks. Dec. 31
Week Ending State bks. Nov.15
April 11 1925. Tr. cos. Dec. 31
Members of
Ped'I Reeve Bank
3race Nat Bank__ _
Total
State Banks
Not Members of
Ped'I Res've Bank
Bank of Waah'n Hts
Colonial Bank
Total
Trust Company
Not Member of
P'ed'I Reeve Bank
klechanTr.Bayonn
3
1,000
1,000
200
1,200
1.400
Loans.
DUcounts,
Investments,
cte.
Reserve
Net
Net
Cash
with Demand Time
in
Legal Deposits Deposits.
Vault. Depositortes.
Average Average Average Average Average
$
8
$
$
$
46
10,630
708
4,104
4,947
1.74: 10,630
46
708
4,104
4,947
$
1,748
512
2,447
2,960
7,900
27,400
35,300
737
2,914
3,651
356
1,792
2,148
5,944
24,200
30,144
2,247
3.577
5,824
500
508
8,916
351
117
2,930
608
8.916
351
117
2,930
6.060
Chand aggregate..._
2,900
Comparison with prey, week
5.217
54,846
+327
4,048
+123
2.973 a37,178
+299
+951
16,831
-27
3r'd aggr., Apr. 4
Clr'd eggs., Mar. 28
5.279
5.279
5,279
54,519
55,003
54.923
54.767
3,925
3,98:
4,011
4.21
2.674
2.499
2,672
2.578
16.623
16.477
Membersof Trust
F.R.System Companies
April 4
1925.
1925
Total.
Capital
$41,839,0 $5,000,0 546,839,0
Surplus and profit.
124,965,0 16,863.0 141,828,0
Loans, dlsets & invesrts
825,996,0 48,001,0 873,997,0
Exchanges for Clear.House 35,245,0
562.0 35,807,0
Due from banks
105,383,0
17,0 105,400,0
Bank deposits
145,713,0
964,0 146,677,0
Individual deposits
591,167,0 28.776,0 619,943.0
Time deposits
88.609,0
1,927.0 90,536,0
Total deposit.)
825,489,0 31,667,0 857,156,0
U S. deposits(not Incl.)26.661,0
Reeve with legal deposlee3,653,0
3,653,0
Reserve with F.R.Bank_ _ 61,122,0
61.122,0
Cash in vault•
10,716,0
1,382,0 12,098,0
Total reserve de cash held
71,838,0
5.035,0 76.873,0
Reserve required
64,080,0
4,470.0 68,550,0
Excess res. dt cash In vault_
7,758.0
565,0
8.323,0
•Cash in vault not counted as reserve for Federal Reserve
March 28
1925.
$446,839.0
140,666,0
885.817,0
44,371,0
110,753,0
142.762.0
629,9620
93,143,0
865.867,0
28.052,0
3,425.0
66,448.0
11.023,0
80.936.0
68,886.0
12,050,0
members.
$46.839,0
140,666,0
863,306,0
37.249,0
100,834.0
135,050,0
608,422,0
93,587,0
837,059.0
28,064,0
3,073,0
62,417,0
11,648.0
77,138.0
67.024,0
10,114.0
Condition of the Federal Reserve Bank of New York.
—The following shows the condition of the Federal Reserve
Bank of New York at the close of business April 15 1925 in
comparison with the previous week and the corresponding
date last year:
ResourcesGold with Federal Reserve Agent
Gold redemp. fund with U. S. Treasury_
April 15 1925. April 8 1925. Apr11161924.
$
331,612,000 321.638,000 535,747,000
12,398,000
8342.000
5,929,000
Gold held exclusively eget. F.R. notes. 344,010.000
Gold settlement fund with F. R. Board_ 222,982.000
Gold and gold certificates held by bank_ 322,754.000
330.080.000
232.276,000
314.583.000
541,676,000
213,063,000
186,270,009
Total gold reserves
Reserves other than gold
876,939,000
31,180,000
941,009,000
26.570,009
889,746,000
32,660,000
Total reserves
922,406,000
Non reserve cash
15.481,000
Bills discounted
Secured by U. S. Govt. obligations__
74,792,000
Other bills discounted
41,003,000
908.119,000 967379,000
14,949.000
11,411.000
75.917.000
53.037,000
50,770,009
24,805,000
Total bills discounted
Bills bought In open market
U.S. Government securities
Bonds
Treasury notes
Certificates of indebtedness
115.795,000
57,504.000
128.954.000
83.534,000
75,575,000
52,550,009
12,461.000
85,681,000
5,067,000
12,461.000
93.688,000
5.395.000
1,202,000
39,942,000
14,020,000
Total U.S. Government securities- 103,209,000
Foreign loans on gold
3,055,000
111,544,000
3.055.000
55,164,000
Total earning assets
279,563.000
327,087,000
183,289,000
Uncollected Items
Bank Premise.
All other resources
198,929,000
16,570.000
5,978.000
136.702.000 167,083,000
14,380,000
16,569.000
3,638.000
5.550.000
r
Total resourcee
1,436,927,000 1,408.976.000 1,347,380,000
Liabilities
Fed. Res. notes In actual circulation
342,070.000 348.102.000 359,728,000
Depostts-Member bank, reserve tioo't-- 812,900.000 835.784.000 736.380,000
Government
7,567,000
5.073,000
10,054,000
Other deposits
16,526,000
12.530,000
11,321,000
Total deposits
Deferred availability items
Capital paid In
Surplus
MI other liabilitles
Total liabilities
836,993,000
164,397,000
31,343.000
58,749.000
3,375.000
853.387,000 757,705,000
114.239.000 137.755,000
31,318.000
29,799,000
58,749.000 59,929,000
3,181.000
2,464,000
1,436,927,000 1.408,976.000 1,347,380,000
Ratio of total reserves to deposit and
Fed. Rm.note liabilities combined
Contingent liability on bills purchased
for foreign correspondents
78.2%
75.6%
86.6%
12,037,000
12,421,000
5,048,000
6,060
500
Week Ended April 11 1925.
Two Ciphers (00)
omitted.
Total
()ea eggs.. Mar. 21
tied agar.. Mar. 14.
2.700
2,700
2,700
2.700
e36.227
a361,71 i
237;37.
a37.777
•United States deposits deducted. $93,000.
Bills payable, rediscounts, acceptances and other liabilities. $1,024.000.
Excess reserve. $271,910 increase.
16.858
16,797
CURRENT NOTICES.
-Announcement was made In Toronto on March
24 of the retirement
of Sir Henry Pellatt from the brokerage firm of Pellatt &
Pellatt, Toronto,
one of the oldest and best known financial houses of that
city. Sir Henry
is succeeded by his son, Reginald Pellatt, who, with the
remaining partners.
Norman Macrae and William J. Rooney, will
conduct the business under
the firm name of Pellatt & Pellatt, Ltd. Sir Henry
will hereafter, it Is
said, devote his entire time to his private interests.
He has been a leading
Muni;in the business, social andmilitairllfrorettilada for
- - -Treriod of
more than forty years.
[VoL. 120.
THE CHRONICLE
1986
Weekly Return of the Federal Reserve Board.
the condition
Thefollowing is the return issued by the Federal Reserve Board Thursday afternoon,Apri116,and showing the system
Banks at the close of business on Wednesday. In the first table we present the results for
if the twelve Reserve
and with those of the corresponding week last year.
U a whole in comparison with the figures for the seven preceding weeks of the twelve banks. The Federal Reserve Agents'
shows the resources and liabilities separately for each
The second table
notes between the Comptroller and
Accounts (third table following) gives details regarding transactions in Federal Reservecomment upon the returnsfor the latest
between the latter and Federal Reserve banks. The Reserve Board's
Reserve Agents and
week appears ea page 1954, being thefirst item in our department of"Current Events and Discussions."
15 1925
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS APRIL
1925. Apri1161924.
Apr0151925. Aprfl 81925. April 1 1925 Mar.25 1925 Mar. 181925 Mar.11 1925, Mar.4 1024. Feb. 25
$
$
$
$
$
$
$
$
$
RESOURCES.
1,603,443,0002,997,364,000
1.554.000,000 1,513,503,000 1,588,385.000 1,800,051.000 1.623,978,000 1,812,227.000 1,597.655,000
56,715,000
Gold with Federal Reserve agents
44.488.000
51,397,000
48,005,000
57,195,000
54,811.000
51,890,000
50,428,000
54,419,000
Gold redemption fund with U. B. Trees_
1,854,862.000 1.671,983,000 1,889.422,000 1.649.052,000 1,647.929,000 2,054,079,000
Gold bald exclusively agst. F. R. notes 1,808,419,000 1,563.931.000 1,840,275,000 819,409,000 624,265,000 825.399,000 858,315,000 688,619,000 671,222,000
637,009,000 692,776,000 615,359,000
Gold settlement fund with F. R. Board_
577,029,000 379,585,000
banks_ 599.055.000 582,675.000 590.300,000 593.059,000 577,598.000 579.921.000 553,523,000
Gold and gold certificates held by
3,104,886,000
2,844.483,000 2,839,382,000 2.845,934,000 2,867.330,000 2,873,846.000 2,874,742,000 2,860,890.000 2.893,577.000 100,404,000
Total gold reserved
141.044.000 137,228,000 138,747,000 140.822.000 136.748.000 135,989,000 135.095,000 135,968.000
Naservee other than gold
2,985.527,000 2,976,608,000 2,982,681.000 3.008.152.000 3.010.594.000 3,010,711.000 2,995,985,000 3,029,545,000 3,205,290,000
Total reserves
48,750,000
55,533,000
55.587,000
56,031,000
56,150,000
56,501,000
51.673,000
54,215,000
56,830,000
Non-reserve cash.
Bills discounted:
190,419,000
206.132,000 192.600.000 204,186,000 214,570,000 181,615.000 248,598.000 237.403,000 283.332,000 279,151,000
Secured by U. B Govt obligations—
189,170,000 198,689,000 195.739.000 163,071,000 157.869,000 183,824,000 163,483,000 150,473,000
Other bills discounted
469,570,000
395,302,000 391,289,000 399,925,000 377,641,000 339,484,000 410,422,0001 400.868,000, 433,805,00e 176,680,000
Total bills discounted
274,058,000 310,885,000 316,378,000 306,905,000 278.711.000 301,354.000; 303,641,000. 317,248,000
Bills bought in open market
1
securities:
U. El. Government
18,855,000
79,280,000
77,385.0001 75,780,000
77,941,000
81,698,000
81,942.000
82,631,000
84,898,000
Bonds
244,780,000 250,177,000 245,970,000 233,728.000 222.171.000 283.360,000 277.744,000 263,445.0001 193.327,000
Treasury notes
25.469,000j 54,485,000
27.826.000
27.031,000
28,327,000 126.819,000
29,922,000
29.432,000
,
28.156.000
Certificates of Indebtedness
266,667,000
357,832,000 382,240,000 357,834,000 343,751,000 428,250,000 388,332.000 382.735,000 364,694.000
Total U. B. Government securities—
10,500.0001
10,500.000
10,500.000
10,500,000, 10.500,000
10,500.000
10,500.000
10.500,000
Foreign loans on gold
51,000
3,452,000
3,452.000i
1.902.000
3,452,000
1,902,000
1,902,000
1,902,000
1,652,000
All other earning assets
1.088,539.000 1,040,699.000 1,056,847,000 1.114,080,000 1,101.194.000 1,129.897,000 912,968,000
1,039,344.000 1,076,610,000
Total aiming assets
28,000
I
I 713.559,000
0% redemp. fund asst. F. R. bank notes
786.206,000 602,618,000 607.198.000 602,247,000 756,592.000 827,874,000 659.805.000 644,454.000, 56,164,000
Uncollected Items
58,332,000;
58.751,000' 58,363,000
58.775.000
58,816,000
58,883,000
58.967.000
59,241,000
Bank premised
21,802,000
24.450,000
24,382,000
24,817,000
20.491,000
20,710.000
20,653,000
20.998,000
22.257,000
All other rezourcee
4.892,363,000 4,895,296,000 4.942,011.000 4,958,561,000
4,949,205,000 4,790,022,000 4,807,607,000 4,787.125,000 4,959,330.000
Total resources
I
LIABILITIES.
1,966,349,000
1,898,090.000 1.714,161,000 1,709,870,000 1,709,148,000 1.720.369,000 1,730,684.000 1,727,383,000 1,728,752,000
V. R notes in actual circulation
356,000
F R bank notes In elroulatIon—net
I
Downs—
2,118.581,000 2,175,515.000 2.201.277.000 2.165,995.000 2,208,405.000 1,940,810,000
2,141.443.000 2,140.760,000 2,132.779,000
Member banks—reserve account
49,711,000
26.673.000
39,465,000
28.332,000
8.126,000
29,379,000
34.377.000
Government..37,027.000 21.878.000
21,064,000
34,558,000
32,279.000
27,929,000
29.364.000
38.309.000
28.501.000
24,340.000
29.476,000
Other deposits.
2,207,946,003 2.188.978,000 2,195,857,000 2.181.269,000 2,211,005,000 2,255,538,000 2,237.739,000 2,269,636.000 2,011,585,000
Total deposits
634,333,000
898,694.000 544.276.000 558,250,000 549,438,00(1 884.375,000 582,750.000 587.782,000 601.041,000 110,869,000
Deferred availability items
114,538,000 114,481,000 114,492,000 114.492,000 114,450,000 114,254,000 113.738,000 113,596.000 230,915,000
Capital paid In
217,837.000 217,837.000 217,837.000 217,837.000 217,837,000 217,837,000 217,837,000 217.837.000
Surplus
14.154,000
11,149.000
10,837,000
11,300,000
11,294,000
11.943,000
11.701.000
12,289,000
12,052.000
All other liabilities
4,958,561,000
4,949,205,000 4,790.022,000 4.807,607,000 4,787,125,000 4,959.330,000 4.892.383,000 4,895,298.000 4,942,011,000
Total liabilities
1
Natio of gold reserves to deposit and
78.1%
72.3%
72.1% I
72.1%
73 1%
736% '
728%
72.8%
72.8%
F. R. note liabilitios combined
I
Ratio of total reserves to deposit and
80.6%
75.8%!
754%.
78 8%
75.5%
773%
764%
78.3%
76.4%
It. note ilabilltiee combined
F.
Contingent liability on bills purchased
47,781,0001 45.494,000i 17,343,000
48,715,000
51.853.000
51.743.000
50.384.000
45.281,000
44,897.000
for foreign correspondents
—
----vs
$
$
$
1
$
s
t
$
I 90,964,000
$
$
Distribution Si, Mativritiei—
73,193.000
95,578.000 102.303.001) 133,777,000
86,669.000
97.244,000
80,433.000 108,137.000
1-15 days bills bought In open market.
353,789.000 282,473.000
294,842.000 289,091.000 296,809,000 288,426.000 249,721.000 326,761,000 313.410.000
1-15 days bills discounted
2(0,000
2,382.000
2,223.000
535.000 100,500.00()
2,817,000
1,223.000
1,339,000
1-15 days Cr. S. certif. of indebtedness2.000
2.000
2.000
2.000
2.000
2,030
2,000
2,000
1-15 days municipal warrants
35,261,000
55.785.000
50.998.000
57.712.000
55,777,000
57,817.001) 54.769,000
80,478,000
58.633.000
16-80 days bills bought in open market
44,925,000
17.440.000
22,110,000
21,849.000
22,587.000
21.070,00(1
24.682,000
24.887.000
26,847,000
18-30 days bills discounted
482,000
196,000
t
16-30 days U. B. aertlf of Indebtedness.
I
37,859,000
16-30 days municipal warrants
74.827.000
85.836,000
86,958,000
85.048.000
92.773.000
92,273.000
88,501,000
88,606.000
11-60 days bills bought In open market
63,410,000
31.829.000
34,378,000
32,734.000
37,440.000
36,922.000
38.264.009
36,694,000
35.439,000
51-80 days bills discounted
I
1
51-60 days U. El carat of Indebtedness
I
11,829,000
48.277.000
51-60 days municipal warrants
57,534400
53.727.000
64,381,00) 55.970.000
60.980.000
47,558,000
41.184,000
11-90 days bills bought In open market
47,872.000
20,620,000
19,969,000
18.127.000
18.180.000
18.674,000
25,816,000
25,722,000
21,294,000
9,547,000
81-90 days bills discounted
51.000
01-90 days U. S. certif. of indebtedness.
1
81-90 days municipal warrants
8.970.000'
767,000
4,580.000
7.379.000
8,723,000
8,313.000
8.054.000
8.011.000
7.202,000
bilis bought In open market
30,890,000
Over 90 days
10.327,000
10,999,000
10,951.000
11.556.000
12.849.000
14.554,000
14,915.000
16,830,000
Over 90 days bills discounted
25.068.0001 24.787,000
41,938,000
24,808,000
28,319,000
27.792.000
27.105,000
28.209,000
26,817.000
Over 90 days certif. of indebtedness
*
Over 90 days municipal warrants
Federal Reserve Nous—
2,050,319,000 2.052.673.000
2,025,381.000 2.020.173,000 2,019,963,000 2,018.223.000 2,031,838,000 2,040,508.000 322,936,000, 323.921.000 2,445,344,000
Outstanding
478,995,000
327,271,000 303,012,000 310,293,000 309.077.000; 311,469.000 309,824,000
Held by banks
2,000 1,966,349,000
,
1,693,090,003 1.714,161,000 1.709.870,01)01,709.140.001)1.720.389.000 1,730.884,000 1,727.383.000l.728.75
In actual circulation
3,009,105,000 3.016,434,000 3.030,974,000 3,017.852,000 3.039,461.000 3,409,911,000
Amount chargeable to Fed. Res. Agent 3.007.407.003 3,003,913,000 3.005,021,000 990.385.0001 984,696.000 990.466,000 997,533.0001 986.788.000 964,567,000
982.048.000 938.770.000 985,081,000
gre hands of Federal Reserve Agent
2,031,838,000 2,040.508.000 2.050.319,000 2.052.673.000 2,445,344,000
Issued to Federal Reserve Banks._ 2,025,381,000 2.020,173,000 2.019.983.000 2.018.223.000
How Secured—
277.916,000
277.318,000 274.918,000 274.916.000 2757416.0071 275,416,000 428,281.000 277.516,0001 278,016.000 329,729,000
By gold and gold certificates
452.664.0001 449.230.000 447,980,000
471,351.000 505.670,000 431,578,000 418.172.000 407,860.000
By eligible paper
109.528.000 110.274,000 110,794.000 105.587.000 104.131.000 101.566.000 116.157,000
117,518.000 107.181.000
Gold redemptMn fund
1,159.168,000 1.131,406.0001,203,943,001) 1.214,381,000 1.237.788.000 1.228.724.000 1,216.008.000 1.223.861.000 1.551,478,000
Reserve Board
With Federal
'.025.301.000 2.020.173,000 2419.963.000 2.018.223400 2,031.838.000 2.040.604.000 2,050.319.000 2,052.673400 2,445,344,000
Total.
----=
677.512.000 849,564.000 584,762,000 679,038,000 070.983,000 718.703.000 620,784,00
WIgible paper delivered to P R lama. 611,013.002 675,040,000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES
Two ciphers (00) ornate&
Fearral &sense Bank of—
Boehm.
$
RESOURCES
Gold with trawl' Reserve Agents 174.503.0
Gold recYn fund with U.B. Treas. 7,418,0
OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS APRIL 15 1925
•
Total.
Ma. Llesekin4. Richmond Atlanta. Chicago. St. Lout . Minfisap. Ran. CO Dallas. Ban Aran.
—
$
$
$
$
s
$
$
$
$
$
s
$
331,612,0 135,228,0 170,093,0 45,770,0 135,776,0 135,550,0 46,856,0 67,204,0 58,548,0 39,999,0 214,773,0 1,654,000,0
425,0 2,934,0 1,618,0 1,772,0
54,419,0
12,398,0 9,547,0 2,123,0 3,802,0 2,466,0 4.911,0 5,005,0
New Pod.
344,010,0 144,775,0 172,218,0 49,572,0 138,242,0 140,481.0 51,861,0 87,829.0 59,480,0 41,617.0 216,545.0 1,608,419,0
17,092,0 14,698,0
837,009,0
222,982.0 49,088,0 60,987,0 18,465,0 6,003,0 105,199,0 11,285,0 6,853,0 45,763,0 22,279,0 30,212,0 599,055,0
3,784,0 9,571,0 28,788,0
322,754,0 21,559,0 32,844,0 22,022,0 10,252,0 100,409,0
2,844,483,0
80.238,0 89,080,0 109,027,0
255,288,0 889,7464 215,422.0 268,047.0 90,059.0 154,497,0 346,069,0 19,936,0 1,913,0 3,571,0 73,467,0 275,545,0 141,044.0
9,560,0 5,991,0
32,660,0 4,958,0 8,988,0 3,980.0 14,988.0 18,825,0
15,694,0
100,174,0 90,993,0 112,598,0
2.985,527,0
270,980,0 922,406,0 220,380,0 275,035,0 94,039,0 189,485,0 384,894,0 3,929,0 1,532,0 2,269,0 83.027,0 281,536,0
56,630,0
2,549,0 3,405,0
15,481,0 2.037,0 3,808,0 3,709,0 4,518,0 7,921,0
5.476,0
Gold held mei.agst.F.R.notes. 182,011,0
Gold settle't fund with F.R.B'rd 44,341,0
Gold and gold etfs. held by banks 28,934,0
Total gold reserves
Iteservee other than gold
Total reserves
Non-reeerve cash
Bills discounted:
See. by U B. Govt. obligations 17,140,0
Other bins discounted......_, 15,744,0
32,884,0
'rota ,blne discounted
35,303,0
slug bought In open market
U. S. Government securities:
2,662,0
Bonds
14,868,0
Treasury notes
Cerneatee of indebtedness_ 3,887,0
u
0 M..* .........I•1....
ol ••••r n
21,050,0
74,792,0 22.372,0 34,034,0 12,068,0 3,078,0
41,00:1.0 15,400,0 17,237.0 28.588,0 15,819,0 18,343,0
6,01.9.0
9,609,0
115,795,0 37,772,0 51,271.0 40.652,0 18,897,0 39,402,0 15,428,0
57,504,0 24,1974 28,507,0 12,024.0 13,074,0 35,910,0 11,334,0
12,480,0 1,416,0 11,000,0 1,408.0 1,901,0 21,849,0 1,649,0
85,882.0 22,950,0 22,738,0 1,903,0 1,381,0 29,451,0 7,251,0
397.0
75,0 1,097,0 2.288,0
340,0 6,194,0
5,067,0
11 ne ono, n
n• nnn n
On non n
0 2000
4•110 it
.
CO 2110 II
.
0 001 II
,
.
2,268,0
4,181,0
1,122,0
5,089,0
152,0 12,130,0
1,647.0 16,632.0
208,132,0
189,170,0
6,429.0 6,211,0
8.258,0 12,741,0
1,799,0 28,782,0
8,668,0 26,540.0
395,302,0
274,058.0
8,764,0 10,184,0 8,882,0 3,121,0
8.162,0 13,252,0 11,109,0 26,033,0
420.0 2,257,0
557,0 5,597.0
84,896,0
244,780,0
28,158,0
04 ne, n
010 000 0
l'f OAR •ft
.
nic anon
.
on 0A0 A
.
APRIL 18 1925.]
THE CHRONICLE
1580URCES (Concluded)
Tice ciphers (00) oninted.
--- Foreign loans on gold
other earning easets___
all,
•
otalearning assets
'
:olleeteditems
Our
ik premises
other resources
Boston. New York.
$
$
3,055,0
Phila.
$
1,050,0
1,400,0
1987
Cleveland. Richmond Atlanta. Chteago. St. LOIlis AfintssaP.
San.City Dallas
a
1,208,0
$
609,0
$
462,0
$
1,564,0
$
525,0
$
$
368,0
2,0
462,0
250,0
$
399,0
SasPros.
Total.
$
s
798,0
10,500,0
1,652,0
89,604,0
72,817,0
4,190,0
66,0
279,563,0 89,125,0 120,918,0 56,671,0 36,812,0 130,244,0 38,584,0 32,403,0
45,357,0 31,212,0 90,851,0 1,039,344,0
196,929,0 74,558,0 75,042,0 64,823,0 35,171,0 95,859,0 41,215,0
16,570,0 1,112,0 7,573,0 2,446,0 2.780,0 8,099,0 4.118,0 16.344,0 41,114,0 27,734,0 44,600,0 786,206,0
3,046,0 4,200,0 1,833,0 3,274,0
59,241,0
5.978.0
360,0
243,0
579,0 2,894,0 1,331,0
342.0 3,376,0
546,0 1,690,0 4,852.0
22,257,0
otairesourcce
'
443,133,0 1.436,927,0 387.572,1 482,617,0 222,267,0 251,638,0 608,348,0 186,362,0
147,694,0 206,084,0 148,045,0 428,518,0 4.949,205.0
LIABILITIA.
1.1t.notesin actual circulation 207,690,0 342,070,0 153,327,0 196,552,0 75,357,0 142,011,0 163,862,0
49,201,0 64,892,0 64,441,0 43.410,0 195,277,0
Desmelts:
1,698,090,0
lemberbank-reserveacet- 138,715,0 812,900,0 132,475,0 178,873,0 66,266,0 67,606,0508
,503,0 77,617,0
0overnment
1,943,0
7,567,0 4,324,0 3,195,0 3,061,0 1,615.0 2,045,0 3,265,0 55,490,0 87,145,0 60,010,0 155,843,0 2,141,443,0
1,257,0 2,641,0 1,660,0 4,454,0
0ther deposits
146,0
16,526,0
37,027,0
452,0 1,112.0
208,0
494,0 2,428,0
816,0
305,0
641,0
188,0 6,160,0
29,476,0
otaldeposite
'
140.804,0 836,993.0 137,251,0 183,180.0 69,535,0 69,715,0 312,976,0 81,698,0
57,052,0 90,427,0 61,858.0 168,457,0 2,207,946,0
erred availability Items
Del
69,705,0 164,397,0 65,386,0 66,389.0 59,000,0 25,693,0 84,019,0 39,935,0
carrital paid In
8,050,0
31,343,0 11,150,0 12,958,0 5.967,0 4,613,0 15,504,0 5,104,0 14,060,0 37,505,0 30,342,0 42,263.0 698,604.0
SunMuff
16,382,0
58,749,0 20,059.0 22,462,0 11,701,0 8,950,0 30,426,0 9,971,0 3,252,0 4,295,0 4,213,0 8,137,0 114,588,0
7,497,0 8,977,0 7,592,0 15,071,0 217,837.0
other liabilities
All,
502,0
3,375,0
399,0 1,076,0
707,0
656,0 1,561,0
453.0
941,0
439,0
630,0 1,3130
12,052,0
otaillabilitles
443,133.0 1,436,927,0 387,572,0 482,617,0 222,267,0 251,638,0 608,348,0 186,362,0
147,694,0 206,084,0 148,045,0 428,518.0 4,949,205.0
Memoranda.
Satlo of total reserves to deposit
11
ad F. R. note liabilities comblMed, per cent
77.8
78.2
75.8
72.4
64.9
80.0
76.5
76.5
74.8
72.7
Ootitingent liability on bills par78.9
77.8
75.4
hadmailIts• Menton nneroonnnerto
,
19 n2.7 n
a ARA n A 230O 2 nfig n 2.039.0 6.906 0 2317M 1 822 n
9 020 n
I 751 lb 9 590 n
ee an n
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE
OF BUSINESS APRIL 15 1925
Federal Reserve Ages! atRonan New York PhUa. Clew. Richned Atlanta Chicago. St. L.
Mina. K.ens Dallas Foe Pr. Total.
Resources(In Thousands of Dollars)
i
i
$
$
$
5
$
$
$
federal Reserve notes on band
s
s
s
s
52,050 318,540 50,450 48,800 22,454 60.843 268,537 25.660
Federal Reserve notes outstanding
234,330 478,050 187,005215.505 83,994 162,712 175,093 55,666 21,767 28,373 22,672 61,900 982,046
67,838 73,590 48,740 239,837 2.025,361
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
29,800 188,698 6,000 8.780
- - 5,000
11,975 13,052___ 16,011
Gold redemption fund
___ 277,318
15.793
28,914 13.839 11,313
,
6.776
4,906 2,881
Gold Fund-Federal Reserve Board
129,000 116,000 115,389 150,000 41,295 124,000 130,644 32,000 1,652 4:186 3.988 18:795 117,518
52,500 52,360 20,000 195,978 1,159.166
Eligible paper!Amount required
59,737 144,433 51,777 45,413 43,224 26.936
39,543 8,810
634 17,044 8,741 25,064 471.361
lExcese amount held
8,450
13,818 2,438 34,215 7,792 3,812
35,515 16,651 13.795 1,738 1,626 29.802
169.652
Total
529.160 1,284,453 426,898 514,027 208,234 390.079 654,238 153,643
171,238 177,291 121,778 571,376 5.202,420
Wei amount of Federal Reserve notes received from
•
Comptroller of the Currency
286.380 794,590 237.455 264,308 111.448 223.555 443,630 81,326 89,605
Collateral received from Gold
101.963 71.412 301,737 3.007,407
174,593 331,612 135,228 170,093 45,770 135,776 135.550 46,856
67.204 56.546 39,999 214.773 1,554,000
Federal Reserve BanklEllgible paper.
88,187 158.256 54,215 79,828 51,016 30,748
75,058 25,461 14,429 18.782 10,367 54,866
641,013
Total
529,160 1,284,458 426,893 514.027 208,234 390,079 654,238 153,643
171,238 177.291 121,778 571,376 5,202,420
Federal Reserve notes ontranding
234,330 476,050 187.005 215,506 88,994 162,712 175,093 55,666
87.838 73,590
Federal Reserve notes held by banks
26,640 133,980 33.878 18,954 13,637 20,701
11,231 6,465 2,946 9,149 48,740 239,837 2.025,361
5,330 44,560 327,271
Federal Reserve notes In actual circulation
207.690 342.070 153.327 198.552 75.357 142.011 163.862 49.201
64.892 84.441 42.410 108 277 1 R02 nO
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the
principal items of the resources'
the liabilities of the 736 member banks from which weekly returns are obtained. These figures
are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statemen
of Dec.12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of t were given in the statement
the
for the latest week appears in our Department of "Current Events and Discussions," on page 1954Reserve Board upon the figures
I. Date for all reporting member banks In each Federal Reserve
District at close of business April 8 I915. Three ciphers (000)
omitted.
Federalllieserve District.
I Boston. New York' Phila.
'Richmond Atlanta. Chicago. St. LOUIS, Minneap. San. City
Cleveland•I
Number of reporting banks
42
106
55
76
73
36
100
33
25
Dkans and discounts, gross:
71
$
I
$
S
$
$
$
$
$
S
$
Secured by U.S Gov't obligations
8.523
77,359
12,028
19,680
6.740
8,578
31,351
12,932
2,831
4,074
Secured by stocks and bonds. ____ 288,224 2,105,441 335,007 434,007
130,191
77,413 697,643 176,089
60,818 121.687
All other loans and discounte____ 663.4582,556,867 368,270 755.313
355,101 392,438 1,214,760 309,329 187,123 320,801
Total loans and discounts
958.20514,739,657 715,305
1,209,000 492,032 478,429 1,943,754 498,350 250,772 446,562
Investments:
U.S. pre-war bonds
9,583
38,881
9.568
31,767
25,163
14,849
17,871
13,257
6,996
9.357
U. S. Liberty bonds
73,724 605.407
51,956 151,856
34.680
9,889 163,457
24,681
26.755
U.S. Treasury bonds
46.511
24,637 172.886
27,647
46,173
11,718
4.693
62,318
19,306
Treasury notes.
11,762
15,679
U.S.
8,458 193,557
15,662
50,514
1,745
3,458
98,127
12,522
17.321
U. S. Treasury certificate('
18,602
5,772
57.495
6.939
10,898
1,711
3,213
10,308
2,989
Other bonds,stocks and securiUes 193,402 1322,744 258,105
6,896
3,104
356,035
62.262
40,476 416,619 100,663
39,196
75,630
TotalInvestmente
315,554 2,190,950 369,877 647,241 137,279
76,578 768,703 173,418 108,926 188,883
Total loans anti investments
1,273,759 6,930,607 1,085,182 1,856,241 829,311 555.0072,71
2.457 671,768 359,698 615,445
Reserve balances with F. R. Bank
,
753,221
79,341 115,695
39,716
38,556 227,754
49,073
Clash In vault
26,480
52,687
21,510
81,327
17,510
31,024
14,222
11,685
53,877
7,280
Net demand depoqiut
8,255
12,543
847,021 5,487,220 765,780 984,050 356,567 323,756
Time deposits
349,522 1,182,485 171,598 723,421 187,593 198,178 1,888.482 405,236 236,538 490,535
941,941 204,086 106,080 136,921
Government deposits
22,736
67.470
36,573
41,082
14,085
12,806
43,241
18,063
EWIs Doyle at red's°. with F R.13k
3,878
7,075
Secured by U.S. Gov't obligations
4,785
59,484
5,285
7,723
4,900
2,609
18,228
584
All other
1,770
15,5945,341
7.603
13,483
3,648
9,892
Bankers' Balances of Reporting Me tuber Ban ks in Pede ral Resat
3,270
364
723
e Bank CY ties.
Due to banks
124,050 1,085,443 176,084
50.500
33,378
r....n.mn brinks
19,412 411.901
94,444
51 Ann
58,168 108,483
109 842
87 ARA
78
AAR
17 051
IA K7O
171 117A
74 07.
so AGG
AA moo
Dallas. San Fran.
neat.
49
70
738
$ .
$
$
3,315
10,143
197,554
74,830 225,762 4,725,112
226,169 884,999 8.214,618
304,314 1,100,904 13,137,284
18.212
18,193
9,382
9,272
3,615
19,910
24.448
219.935
133,739 1,340,848
51,806
457.987
25,857
455,093
19,601
132,539
192,572 2.877,614
78,584
448,023 5,484,016
382.8981,548,927 18,621,300
30,178 109.795 1,609,198
9,994
21,275
288,502
279,666 770,348 12,635,199
93,398 759,834 5,055.057
10,282
23,607
300,898
90
36,692
nn nnA
10,650
8.004
118.018
99,127
101,250 2,299,805
en one
eno Ie.
2. Data of reporting member banks in New York City.
Chicago,and tor whole country.
AU Reporting Member Banks,
Reporting Member Banks in N Y City Reporting Member
Banks in Chimps.
April 8 1925. April 11925. April 9 1924. AprU
8 1925. April 1 1925. April 9 1924 April 8 1925. April 11925.
April 9 1924.
Number of reporting banks
736
736
755
65
65
Idiun and discounts. gross:
87
46
$
46
s
48
.
$
Secured by U. S. Govt. obligations
$
197,554,000
198,162,000
227,642,000
71,819,000
70,551,000
Secured by stocks and bonds
85,244,000
23,352.000
4,725,112,000 4.779.344,000 3,829,657,0
24,618.000
25,944,000
00 1,874,086,000 1.943,030.000 1,388.649,000 518.045,000 495,737.000
other loans and discounts
All
8,214,618,000 8,227,641,000 7,998,830,0 2,248,547,0
00
00 2,273,302,000 2,283,723,000 692,019,000 701,172,000 433,159,000
667,205,000
Total loans and discounts
13,137,284,000 13,205,147,000 12,055,929,
000 4,194,452,000 4,286,883,000 3,757,816,000 1,233,416,000
Investments:
1321,527,000 1.126,308,000
U. S. pre-war bonds
219,935,000
220,792,000
272,867,000
28,154,000
28.154,000
40,129,000
1,936.000
1,340,848.000 1,349,643,000 1,064,729,000 510,984,000
U.S. Liberty bonds
1,936,000
4,195,000
512,208,000 436,248,000
82,500,000
457,987,000
U. S. Treasury bonds
81,973,000
464,399,000
47,753,000
71,645,000 155,632,000 154,890,000
14,695,000
30,643,000
U. S. Treasury bonds
455,093,000
35,162,000
457.383,000
4,753,000
736,884,000 176,630,000 176,799,000 358,390,000
Treasury certificates
71,118,000
N. S.
132,539,000
69,828,000
131,006,000
83,543,000
114,057,000
55,902.000
55,908,000
30,000,000
Other bonds.stocks and securities 2,877,614,000 2,875,158,000 2,252.545,0
4,564.000
4,495,000
13,864,000
00 846,077,000 835,453,000 589.107,000 199,230,000
206,759,000 159,071,000
TotalInvestments
5,484,016,000 5,498,381,000 4,512.707,000 1,773,379,00
0 1,763,412,000 1.468,569,000 389,991,000
400,153,000 313,179.000
loans and investments._ 18,621,300,000 18,703,528,000
Total
16,568,636,000
Reserve balances with F. R. banks__ 1,609,198,000 1,604,993,000 1,439,107,0 5,967,831.000 6,050,295,000 5.226,185,000 1,623,407,000 1,621,680,1)00 1,439,487,000
00 697,204,000 677,657,000 625,640,000 154,024,000
Cash In vault
288,502,000
268,172,000
157,602,000 138,631,000
282,217,000
65.189.000
59,786.000
64,758,000
26,601,000
12,635,199,000 12,755,540,000 11,163,442.000 4.946,408.0
Net demand depoelts
25,083,000
28,931,000
00
5,055,057,000 5,053,072,000 4,241,000,000 812,868,000 5,055.400,000 4.302,294.000 1,108,372,000 1,098,896,000 994,334.000
Time deposits
811.608,000 643,081,000 463,987,000
Government deposits
300,898,000
317,758,000
456,408,000 373,403.000
237,168,000
51.779,000
54,066,000
58,754,000
Bing payable & rediscounts with
24,418,000
26,306,000
14,018.000
Federal Reserve Banks:
Secured by U.S.Govt.obligations_
118,018,000
128,338,000
145,480,000
47.500,000
22,055,000
64,500,000
99,127,000
4,918,000
All other
110,134,000
14,934.000
9.120,000
160.050,000
32,499,000
31.852,000
29,714,000
4,185,000
3.835.000
8355.000
Total borrowingsfrom F R bks.
215,145.000
236.472.000 305.530,000
79,999,000
53,907.000
94.214,000
9.103.000
23.689,000
12.955,000
[VOL. 120.
THE CHRONICLE
1988
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—Below
we furnish a daily record of the transactions in Liberty Loan
bonds and Treasury certificates on the New York Stock
Wall Street, Friday Night, April 17 1925.
Railroad and Miscellaneous Stocks.—The review of the Exchange. The transactions in registered bonds are given
in a footnote at the end of the tabulation.
Stock Market is given this week on page 1978.
The following are sales made at the Stock Exchange this Daily Record of U. S. Bond Prices. Apr. 11 Apr. 13 Apr,14 Apr. 15 Apr. 16 Apr.17
week of shares not represented in our detailed list on the First Liberty Loan
(High 1011322 1011422 1011422 10114,2 10114,2 1011122
pages which follow:
,
334% bonds of 1932-47_0.0w_ 1011522 10111 1011322 1011322 1011322 1011032
Vaulters' Oazette
STOCKS.
.
Week Ended Apr.17
Sales
for
Week
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest. I Highest.
Par.Shares S per share. $ per share. $ per share.I$ Per share.
Railroads.
25 88
Buff Roch & PHU Pi-100
Buff ds Susquehanna_100 300 8834
Caro Clinch & Ohio_ _100 200 7534
45 7134
Cleve & Pittsburgh_ _150
10 3934
Special odd lot
Duluth SS & ALL _ _ _100 400 234
Duluth SS& Atl pref100 500 334
77 7334
Ill Cent Leased Llne_100
50 7834
Morris& Essex
Nash Chatt & St L_ _100 100 143
Nat Rys Mex 1st pref 100 6001 4
100 2.0001 42
N Y State Rys
100 1001 27
Pacific Coast
P Ft W & Ch Read rts100 3,40 18%
Twin City It T pfd_100 1001 95
Ayr 14 88
Apr 17 87%
Apr 14 7734
Apr 11 7134
Apr 16 3934
Apr 14 3
Apr 14 5
Apr 18 7354
Apr 18 7834
Apr 15143
Apr14 4
Apr 11 4434
Apr 15 27
Apr 15 1954
Apr 15 95
Apr 14 86
Apr 11 8434
Apr 14 753-4
Apr 11 7034
Apr 16 3934
Apr 17 234
Apr 17 334
Apr 18 7334
Apr 16 77%
Apr 15 143
Apr 1
334
Apr 1 42
Apr 1 25
Apr 18 173-4
Apr 15 9434
ApI 92
Jart105
Apr 7734
Feb 71%
Apr 393-4
Apr 4
Apr 6%
Apr 7394
Jan 7834
Apr155
AprI 59-4
Apil 4434
JanI 38
Mali 2434
JanI 9734
Jan
Jan
Apr
Apr
Apr
Jan
Jan
Apr
Apr
Mar
Jan
Apr
Mar
Jan
Mar
Industrial & Misc.
Apr
AP 12
Apr 18 12 April 11
1 3,000 11
Ahumada Lead
Jan
100 9534 Apr 17 9534 Apr 17 9534 Feb 97
Am-La F F Eng prei_100
Apr 18 99% Apr 18 98% Ma 99% Mar
_100 2
9934
American Snuff prcf
armour of Ill CI A_ _ _ _25 4.50 2034 Apr 14 20% Apr 13 20 Ma 22% Mar
Apr 18% Feb
Apr I 13
50 600 13 Apr 1 15
AutoSales pref
* 1.70 37% Apr 18 39q April 33% Mar 4034 Jan
Briggs Mfg
Jan
Ma 46
Apr 18 3954 Apr 11 34
Brunswick-Balke-Coll'r• 1,200 38
Apr
Feb 106
Apr 14 86
Apr 11 108
100 3,700 101
Bush Terminal
933.4 Apr 17 95 Apr 13 8954 Jan 95% Mar
Cert-Teed Prod 1st pt100 S
82 Apr 13 8234 Apr 1 8034 Feb 85% Mar
100 4
2d preferred
• 2,700 5034 Apr 13 5234 Apr 18 49% Ma 58% Mar
Childs Co
gi AP
I% Apr
% April 134 Apr 1
Cuyamel Fruit rights... 7,540
100 100 9534 Apr 1 9534 Apr 17 82% Jan 9554 Apr
Deere & Co pref
Apr 103% Apr
Apr 11 10054 Apr 11 100
Dodge Bros prof w I_ _ _ _ * 9.700100
Mar 102
Mar
El Pr & Lt 40% pi pd w I 3,200100 Apr 11 101% Ayr 17 100
40010034 Apr 131003-4 Apr 13 1003-4 Mar 100% Mar
Full paid w 1
Jan
l
i
Fel 15
Apr 13 11
Apr 13 11
Emerson-Brant prof _100 100 11
Ja 87
Mar
Fed Lt & Trac pref. _100 100 87 Apr 14 87 Apr 14 85
Apr 1 6034 Feb 88% Jan
• 5,000 8334 Apr 13 85
Fisher Body new
Franklin-Simon prei_ 100 30010234 Apr 1610334 Apr 13 101% Mar 104% Jan
Jan 119
Jan
Apr 1 119
Gen Baking co pref.._ _ _• 100119 Apr 15 119
Apr111% Jan
Apr 13 107
100
Apr 16 108
Gt West Sugar pref _100 6001107
105 Apr 14 105 Apr 14 10434 Mar 105% Jan
Gulf States St'l 1st pi 100
Apr 89% Mar
Apr 18 85 Apr 11 58
Hanna lst pret C I A_100 600 58
Jan 104% Feb
Hayes Wheel prof. _ _100 200103% Apr 16 10354 Apr 17 100
Jan
100
15 35
Apr 13235 Apr 1321934 Mar 249
Ingersoll Rand
Apr 5234 Mar
Apr 14 40 Apr 14 40
Int Agric prior pref_ _100 100 40
Mar
Jones& L Steel prei_ _1
10011334 Apr 14 113% Apr 14 111% Feb 115
Feb
Apr1100
Apr 11 95 Apr 11,95
95
100 2
Kinney Co prof
Feb
100 2534 Apr 11 2634 Apr 11 2834 Ma 27
KUppenheimer
8.800 483-4 April 5134 Apr 17 45% Ma 51% Apr
Long Bell Lumber AMar
Loose-Wiles Big 1st pf100 100 105 Apr 15105 Apr 15 104% Feb 109
Mid-Continental Petrol•14,20 2834 Apr 17 2734 Apr 11 26% Apr 29% Apr
Apr
100 200 8334 Apr 14 85 Apr 15 83% Apr 85
Preferred
Apr 19% Apr
• 13,800 1834 Apr 14 1934 Apr 11 18
Motor Wheel
Jan
Apr 87
82 Apr 13 82 Apr 13 82
Mullins Body pref _--100 1
• 3,000 3234 Apr 17 35 Apr 14 32% Apr 42% Mar
Murray Body
Apr
Apr 32
100 30 April 30 April
Nat Distill Products— _*
1
20010834 Apr 1410834 Apr 14 10454 Jan 109% Mar
Nat supply Pref
Jan
200 9834 Apr 18 99 Apr 17 9734 Ma1100
NY Steam 1st prat..
Jan
April 78% Ma 82
100 81
Apr 11 81
Onyx Hosiery pref..lII
Mar
Jan 101
Oryheum (lire Inc pf _100 100 9934 Apr 13 9934 Apr 13 98
Mar
Feb 104
101
Apr 18104
Otis Elevator pref. 100 100,104
Apr
4,1001 2534 Apr 17 28 Apr 14 25% AprI 28
Penick & Ford
Jani105g Jan
05 Apr 13 105 Apr 13 105
Penney (J C)Co vtd_ioo
• 10010534 Apr 1610534 Apr 113 105% Apr 10534 Apr
Penn Edison Pref
Phillips Jones Corp pf100 100 8334 Apr 15 8334 Apr 15 82% Mar 95% Jan
Mar 27% Jan
600 22 Apr 13 2334 Apr 15 17
PS Corp of NJ rights_ _ _
Mar
Apr 95
Pub Serv El & Gas PL 100 800 93 Apr 14 93 Apr 14 93
Pub Serv Elec Pr pfd_100 10010434 Apr 1410434 Apr 14 10034 Jan 104% Mar
• 700 4154 Apr 11 4234 Apr 14 40% Mar 4334 Mar
Shattuck (F G)
100' 9234 Apr 15 923-4 Apr 15 9234 Apr 98% Feb
Sloss-Sheff St & I pf_10
100 5134 Apr 15 5134 Apr 15 5034 Mar 5314 Feb
Stand Gas& Elec pref-50
Mar
Apr 14 1034 Ja 19
Symington temp Ws_ _ _• 12,700, 1754 Apr 111 19
• 3.700,2134 Apr 11 22% Apr 15 20% Mar 23% Jan
Class A
'United Cigar Stores...A 3,000 6654 Apr 14 8854 Apr 15 60% Jan 81% Mar
Apr 14 117 Apr 14 117
Feb 119% Jan
100 100117
Preferred
Jan
United Paperboard_ -100 100, 1834 Apr 11 1834 Apr 11 18% Apr 23
Apr 4% Mar
4 Apr 11 4
100
U S Express
Apr
800 1034 Apr 11 17
Apr 17 4
Ma 17
Va-Carolina Pr Otis
Apr
10011,400 1634 Apr 18 20 Apr 18 83-4 Ja 20
Preferred
Ap Mai Apr
100 8834 Apr 14 8834 Apr 14 80
Vulcan DetInnIng pf_100
April 106
Apr 108% Apr
Apr 11 106
Sherwin Williams pf.100 100 106
Feb
Mar 128
• 100 119 Apr 18 119 Apr 16 118
Ward Baking CIA
Apr 17 943.4 Feb 993-4 Mar
100 2,600 91334 Apr 13 99
Preferred
Jan
50 1,900 1034 Apr 14 1134 Apr 17 9% Ap 14
West Elec 'net
Jan
23
Apr 11 2234 Apr 17 1954 M
50 2,800 21
Class A
Apr 13 3734 Ms 45% Mar
• 1,800 3834 Apr 14 40
Ward Baking CI B
'No par value.
Foreign Exchange.—Sterling exchange ruled firm but
inactive and the volume of transactions small. The Continental exchanges moved irregularl, with francs strong and
weak by turns, and a fresh outburst of strength in the
Scandinavian currencies as the feature.
To-day's (Friday's) actual rates for sterling exchange were 4 75340
476 1-16 for sixty days,4 783(04 78 9-16 for checks and 4 783404 7813-16
for cables. Commercial on banks, sight, 4 783404 78 7-16; sixty days,
pay4 7404 74 5-16; ninety days, 4 733404 73 13-16, and documents for
ment (60 days), 4 743'404 749-16. Cotton for payment, 4 783-4@
payment, 4 7S3-4@4 787-16.
4 78 7-16, and grain for
To-day's (Friday's) actual rates for Paris bankers' francs were 5 17U
bankers' marks
05 223i for long and 5 2305 2734 for short. Germanbankers guilders
are not yet quoted for long and short bills. Amsterdam
were 39.45039.47 for long and 39.81039.83 for short.
Exchange at Paris on London, 90.75 fr.; week's range, 90.75 fr. high and
93.20 fr. low.
The range for foreign exchange for the week follows:
Cables.
Checks.
Sixty Days.
Sterling Actual—
4 78 1346
4 78 9-16
4 76 1-16
High for the week
4 7734
4 7744
Low for the week
4 7534
Paris Bankers' Francs—
5 2934
5 2834
5 2234
High for the week
5.1334
5.1234
Low for the week
6.0634
I. Germany Bankers' Marks—
23.81
23.81
High for the week
23.81
23.81
Low for the week
Is Amsterdam Bankers' Guilders—
39.9534
39.9331
39.4934
High for the week
39.89
39.87
39.43
Low for the week
Domestic Exchange.—Chicago, par. St. Louis, 15025c. per $1.000
discount. Boston, par. San Francisco, par. Montreal, $.313(c. per
.
i1.000 discount. Cincinnati, par.
,
(First 3%s)
(Close 10111,2 10114 101,13, 101,4ar 101% 101.15,,
49
392
58
. 81
49
130
Total sales in $1,000 units__
---- ----____
----__Converted 4% bonds of (High
Total sales in 81,000 units_ _ _
____
---__-- --------Converted 434% bonds (High 102.00 102.00 102.00 1024,2 102422 102.00
of 1932-47 (First 434s)( Low 1013322 10130,2 1013722 1023,2 1023,2 101"ss
(Close 102.00 101322 10131,2 102422 102422 102.00
32
16
45
41
Total sales in $1,000 units__
2
32
-Second Converted 4%%(High
bonds of 1932-47 (First( Low_
_-__------------Second 43421)
IClose
Total sales in 81,000 units__
_-------- -----Second Liberty Loan
(High
(Second 4s)
Total sales in $1,000 units___
Converted 434% bonds (High
of 1927-42 (Second (Low.
iCloire
434,)
Total sales in 81,000 units__
Third Liberty Loan
pen
434% bonds of 1928_ Low_
(Third 45(s)
Close
Total sales in $1,000 unite_
Fourth Liberty Loan
(High
434% bonds of 1933-38_ _i Low_
(Fourth 4348)
(Close
Total sales in $1.000 untu___
Treasury
(High
434s, 1947-52
(Low.
(Close
Total sales in 81,000 units__
as 1944-1954
(High
(Low.
(Close
Tnttel on.....et mu'. ........
____
101322
1013
,2
1014,2
95
101"3:
10134,2
1013422
120
102433
1023,2
,
102 33
128
105422
105.00
105122
___
1013,2
1014,2
1014,2
195
1012933
1012322
1013422
155
,
102 33
102in
,
102 33
89
____
____
_ _ __
---1011122
1013,2
101 1122
238
101"31
1013/22
101"33
214
102103,
1023,2
102'33
1132
33
1051,
105133
10511,2
60
101322
10031,2
1015,2
..•
•
I PM
LAM
---101722
1003022
101322
199
1012813
10134,2
1013322
237
,
102 ss
,2
1023
,
102 33
411
105422
104"33
1053,2
13
10034,2 101.00 10011,2
1001622 10034,2 100332,
10021,2 1001032 1003122
4 Alln
---1011122
10115,2
10115,2
254
101"ss
10134,2
101"33
224
1021033
1023,2
1021133
175
105,73,
105",,
1051122
80
,2
1013
101.00
101.00
--- 1011122
1014,2
,2
1015
259
101"st
10143,2
101"41
407
102833
102422
102733
513
105"3,
,2
1053
1055,2
42
101312
1011,2
1015,2
Cl
"IAA
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds wpre:
14
4
7
70
0
10114,2 to 10115
1014122 to 102422
1003422 to 1004312
1014,2 to 1011522 38 3d 45111
10126,2 to 10134,2 73 4th 45(11
10030,2 to 101122 3 Treasury 45
to 1013
101
,2
1s1 334,
1st 434s
2d 45
1
,
2d 43 5
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.'
Maturity.
Int.
Rate.
Bid.
Asked.
Mar.15 1928._
Dec. 151925...
Sept.15 1926_ __
June 151925...
4%%
49-4%
454%
434%
10134
10014,4
101
,
100 s,
10154
101142,
10134
,2
1003
/Ili.
Rate.
Maturity.
Btd,
Asked,
Dee. 151927... 434% 102
Mar.15 1927-- 454% 102
Sept. 15 1925-- 254% 9934
99111,2
Dee. 161925... 3%
10234
102%
100
100
New York City Banks and Trust Companies.
AU prices dollars per share.
Bid Ask
Banks
Banks—N.Y Bid Ask
Greenwich'.. 410 I 430
America *---- 265
990 1015
Amer Exch.. 375 385 Hanover
Amer Union*. 143 150 Harriman_ _ _ _ 480 490
Manhattan* _ 173 176
Bowery*
550
Mech & Met_ 390 400
Broadway Cen 170
415
•
Mutual
Bronx Boro*_ 250
Bronx Nat_ _- 145 165 Nat American 185
.
National City 437 .146
Bryant Park* 180
Butch dt Drov 150 160 New Neths_ _ 200
447 457
Capitol Nat.. 195 205 Park
Cent Mercan 280 265 Penn Each... 110 120
411 415 Port Morris.. 190
Chase
440 460
Public
Cbath Phenix
450 455
Nat Bk &Tr 296 300 Seaboard
Chelsea Each* 180 200 Seventh Ave. 120 130
300
845 680 Standard_ _
Chemical
420 428
Coal & Iron.. 275 290 State.
144 150
Trade.
Colonial. _ _ _ _ 500
36 United States* 200 206
Commerce _ _ 350 al
Com'nwealth* 300 310 Wash'n Hts* _ 270
Continental.. 210 225
Brooklyn
Corn Exch.__ 468 475
Coney Island. 200
Cosmop'tans_ 155
450
First
East River_ __ 225 Mechanics'. _ 200
Fifth Avenue* 1725
200
300 325 Montauk'
Fifth
325
2450 2550 Nassau
First
275
830 340 People's
Garfield
Queensboro* - 168 176
Gotham _____
5
•Banks marked with()are State banks.
(y) Ex-rights.
Trust Co. AM Ask
New York
__
American
Bank of N Y
& Trust Co 575 585
Bankers Trust 485 483
Bronx Co Tr_ 180 190
Central Union 720 730
Empire
304 313
Equitable Tr_ 254 257
Farm L & Tr_ 445 455
Fidelity Inter 235 250
Fulton
295
Guaranty Tr_ 322 324
Irving BankColumbia Tr 241 248
Lawyers Tr__ 220 240
Mutual(Westchester) _ 180
N Y Trust__ 410 418
Title Gu & Tr 515 525
U Mtg & Tr 355 365
United States1550 1600
Westches Tr_ 300
Brooklyn
Brooklyn Tr_ 710 720
Kings County2200 2500
Manufacturer 365 375
People's
650
r) Ex-dividend. (t) New stock.
New York City Realty and Surety Companies.
All prices dollars per share.
Bid
125
131
238
200
AllianceAlliance R'Ity
Amer Surety_
Bond & M G.
Lawyers Mtge
Lawyers Title
&Guarantee 222
Ask
jai
242
207
330
Bid
Mtge Bond__ 125
Nat Surety._ 204
N Y Title &
Mortgage _ _ 310
U 8 Casualty_ 320
U 8Title Guar. 225
Ask
133 Realty Assoc
210
(Bklyn)corn
1st pref....
315
2d pref..
335 Westchester
232
Title & Tr.
Bid
Ask
195
205
96
8311
90
81
235
The Curb Market.—The review of the Curb Market is
given this week on page 1978.
A complete record of Curb Market transactions for the
week will be found on page 2002.
CURRENT NOTICES.
—The Investment Managers Co. is distributing a summary and review,
reprinted through the courtesy of the New York "Times," and the New
York "Evening Post," of "Common Stocks as Long Term Investments."
by Edgar Lawrence Smith, President of the company. Copies may also
be obtained from Roosevelt & Son; Wood, Low & Co., and Scudder..
Stevens & Clark.
—Lewis Lazarus & Sons announce the removal of their New York office
to 25 Broadway.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
1989
OCCUPYING FIVE PAGES.
For sales during the week of stocks usually inactive. see preceding page.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
Apr. 11.
Monday,
Apr. 13.
Tuesday.
Apr. 14.
Wednesday
Apr. 15.
Thursday,
Apr. 16.
Frtday,
Apr. 17.
Sales
far
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
On basis of 100
-share lots.
Lowest
Highest
$ per share 5 Per share $ per share $ per share $ per share $ per share Shares.
$ per share $ per share
Railroads.
Par
2412 2412 25
25
3
24 4 2434 *22
243 *22
4
243 *22
4
400 Ann Arbor
243
4
100 22 Feb 17 2712 Jan 12
48
487
8 4812 513
4 52
543
4 544 553
5178 5212 53
4 51
6,100 Do prof
100 40 Mar 24
4
120 12112 1203 12114 12058 1213 12034 122
4
4
121 122. 12012 12134 16,700 Atch Topeka & Santa Fe 100 11614 Jan 16 553 Apr 15
1273* Mar 2
9512 9512 9518 9518 9518 9518 *9518 953
8 9514 953,
2 953 957
8
8 1,200 Do pref
100 9212 Feb 17 957 Apr 17
8
55
8 57
53
55
4 57
8
8 57
8
534 57
8
512 65s 2,800 Atlanta Birm & Atlantic
8
5 8 53
5
4
100
3 Jan 14
712 Mar 8
•154 155 •15212 15412 15412 15478 15412 155
15412 154% 1543 15712 4,100 Atlantic Coast Line RR
4
100 14714 Jan 16 166 Mar 3
7418 7412 7412 747
8 74
7512 753 7612 7612 77
8
27512 7578 18,600 Baltimore & Ohio
100 71 Mar 30 8414 Mar 6
64
64
*6312 64
*63
64
64
64
64
64
6412
*63
500 Do Drat
100 63 Mar 30 6612 Jan 6
3714 3714 3714 3714 365 39
8
39
4014 40
407
8 40 40
4,300 Bangor & Aroostook
Si) 354 Mar 23 4214 Jan 15
*91
02
*90
92
*90
93
*90
93
*90
93
Do pref
*90
93
100 90 Feb 19 9412 Jan 5
3718 38
385
38
8 3778 403
4014 4178 4018 407
4
8 3914 40
18,400 Bkiyn Mauls Tr v t c___No par 3518 Jan 5 45 Feb
10
*76
7612 *76
77
7612 77
*7612 78
*76
78
7612 7612
600 Do pref v t c
No par 72 8 Jan 2 813 Mar 14
7
4
*46
5112 *46
5112 *46
5112 *46
5112 *46
5112 *46
5112
Buffalo Rochester & Pitte_100 48 Apr 2 77 Jan 28
14212 14278 142 14312 14258 1435 14234 14318 14314 144
8
1437 14458 8,600 Canadian Pacific
8
100 13612Mar 30 1523 Jan 8
8
*265 285
270 270
275 275
27934 280
285 289 *28612 294
700 Central RR of New Jersey_100 265 Mar 30 321 Jan 3
*9012 91
9014 9012 91
91
9112 917 93
91
8
9114 9114 2.400 Chesapeake & Ohio
100 8914 Mar 30 9834 Jan 15
•10514 10512 *10514 1053 10514 10514 1053 1053 1053 1053 106 106
4
4
4
4
Do pref
4
600
100 10514 Apr 14 109 Feb 24
714 73
8
714 7 8
73
9
8 9
,
9
85
8 87
813 814 8,200 Chicago & Alton
8
100
65 Apr 1 105 Feb 9
8
8
1212 127
8 1234 1278 123 143
4
4 1414 1473 1414 15
4
Do pref
143 1434 18,200
100 113 Mar 31 194 Feb 21
4
•145 160 *145 160 *145 160 *145 155 •145 152 *145 152
CCC&StLouls
100 146 Apr 7 16412 Feb 11
3112 3112 31
31
*31
32
3134 3212 .32
3212 *3112 3212 1,600 Chic & East.Ill RR
100 293 Mar 30 3618 Mar 13
4
*4312 45
43
44
445 443
8
45 45
*4434 45
4578 457
Do pre!
8 1.300
100 40 Mar 30 5714 Jan 2
9 4 10
3
*93 10
4
978 1018 1018 103
8
97 10
8 1014 107
8 7,400 Chicago Great Western
100
9 Jan 2 15 Feb 7
*21
2112 21
2112 21
2214 22% 2278 23
237
8 2314 2452 14,500
Do prof
100 1914 Mar 30 3233 Feb 6
5
5
5
518
5
518
5
54
5
5
434 5
20,800 Chicago Milw & St Paul_ 100
434 Apr 17 163 Jan 7
8
83
4 87
8
878 918
83
4 9
pis
9
9 14
878 918 20,500
Do pref
100
83 Apr 3
4912 5112 4758 495
8 47
471
49
5014 4914 5012 487 493 49,800 Chicago & NorthAVestern_100 47 Apr 14 2812 Jan 7
3
4
753 Jan 12
8
1047 1055 10212 1043 10134 1023 10512 10512 10512 10512 10512
8
8
4
Do pref
1053
4 3.100
100 10134 Apr 14
41
42
42
423
4 4118 423
4233 44
4338 4458 4334 4514 44,600 Chicago Rock Tel & Pacific_100 4018 Mar 30 117 Mar 5
9314 9314 9314 9314 94
5414 Mar 3
94
*94
*94
95
9512 95
Do 7% preferred
95
500
100 92 Jan 2 9914 Feb 21
*8312 85
83
8334 *8312 85
85
853
4 8512 86
8512 8512
Do 6% preferred
800
100 82 Mar 30 8912Mar 3
3312 3512 *33
*3512 38
38
*33
38
*33
38
*33
Chic St Paul Minn & Om_ _100 3512 Apr 13 5912 Jan 13
38
100
•78
7812 74
74
7614 7614 •74
79
*74
85
*74
Do prat
85
300
100 74 Apr 13 108 Jan 13
5412 55
5412 5514 56
561
567 62
3
62
60
603 6312 8,800 Colorado & Southern
4
100 4418 Jan 6 6312 Apr 17
61
*60
*61
62
*60
61
61
6112 62
6214 *60
Do let pref
6112
700
100 60 Mar 26 64 Feb 9
*57
5712 *57
571
5712 *57
5712 58
59
59
Do 2d pref
600
593 593
4
100 54 Jan 21 503 Apr 17
4
145 146
145 1454 145 14638 14578 1461 147 14814 14814 14974 5.500 Delaware & Hudson
8
100 13312Mar 30 155 Apr 6
4
1293 130
130 130
131 131
130 1311 13112 132
131% 132
1,300 Delaware Lack & Western_ 50 125 Mar 30 1445 Jan 13
8
*39
40
*38
40
39
39
39 .38
39
39
*38
300 Denver Rio Gr & West pre( 100 3612 Mar 24 60 Jan 12
387
8
*2812 29
2812 287
8 283 2912 2912 295
4
8 295 30
s
2878 2912 4,700 Erie
100 2712 Mar 30 34 Feb 24
3612 364 3634 3634 363 3712 375 381
4
8
375 383
8
4 37
Do 1st Prof
3712 11,300
100 355 Mar 30 467 Jan 2
8
8
*35
3614 *3512 3612 3614 361
363 363
4
3718 3714 37
37
600
Do 2d pint
100 3514 Mar 31 433 Jan 5
4
614 6114 61
6158 6112 6278 6212 627
6218 625
11,600 Great Northern pint
8 62% 63
100 603 Mar 24 713 Jan 8
8
8
2814 2814 2814 2814 283 28 4 2834 28
8
3
283 28 4 2814 2812 5,300
7
4
Iron Ore Propertiee__NO Par 2712 Apr 2 4038 Jan 19
3
26
26
2512 26
26
263 *2612 27
4
2678 267
8 2634 2712 3,900 Gulf Mob di Nor
100 23 Mar 30 2812 Jan 7
*90
93
*90
93
*90
03
93
93
9312 9312 *93
94
Do pref
200
100 8912 Mar 30 10112 Jan 10
29
30
2834 2934 29
2938 2858 2918 2834 29
293
4 29
23,500 Hudson & Manhattan
100 2134 Mar 18 304 Apr 8
7
85 8 65 8 653 653 *65
7
4
4
67
6514 66
6534 657
8 66
66
700
Do Prof
100 6412 Feb 18 6634 Feb 2
1133 114 *114 11412 114 114
4
114 114 *11314 114 *113 114
800 Illinois Central
100 111 Mar 31 1195 Jan 7
8
•112 117 •112 117 *112 117 *112 117 *112 117 •112
117
Do prof
100 114 Feb 26 119 Jan 7
'71
73
713 713 "72
4
4
73
*72
73
•713 73
74
4
Do RR See,Series A _ _1,000 70% Jan 6 74 Apr 17
7
40
*1812 183
4 1812 1812 185 18573 183 183 *183 1812 1878 1914
8
4
4
8
2,000 Int Rye of Cent America_ _100 18 Jan 8 195 Jan 29
8
*59
6214 *59
60
*58
60
*58
60
597 59% 60
8
Do prof
60
300
100 5912 Jan 2 62 Jan 20
163 163
4
4 1634 17
1712 17 4 17% 177
3
19
8 18
18% 185
8 5,000 Interbora Rap Tran v t c_ _100 1312 Mar 23 3412 Feb 9
3012 307
s 3014 303
4 31
33
3312 343
3512 34
3518 20,500 Kansas City Southern
4 34
100 285 Mar 30 4012 Feb 21
8
*57
*57
59
59
5814 5814 *57
58
*57
58
*57
58
Do prat
100
100 57 Jan 15 595 Feb 24
7314 7412 74
743
8 745 77
8
7912 7712 787 17,600 Lehigh Valley
7614 79
78
8
50 59 Mar 30 825 Jan 10
8
109 109
10818 10818 *1083 109
4
10914 110
10912 110
10912 11114 2,300 Louisville & Nashville
100 106 Jan 16 11714 Mar 2
68
*70
68
78
*69
78
*6714 68
*6714 68
*6714 68
100 Manhattan Elevated guar 100 65 Mar 21 100 Jan 14
3734 38
3712 3712 3712 3712 38
3812 3812 39
Do modified guar
3912 3912 1,700
100 3218 Mar 23 5114 Feb 9
*7
912 *73
*8
4 812 *8
9
812 *712 812 *8
812
Market Street RY
714 mar 11
100
1012 Jan 2
3312 *2412 3312 *2712 3312 *2712 29
*25
28
28
29
29
Do pref
200
100 20 Jan 13 3112 Apr 3
453 4614 45
4
46
*46
4614 4614 4614 4614 4614 *4612 48
Do prior prof
800
100 4314 Mar 20 52 Jan 3
*20
*19
28
2214 *18
*1812 22
23
*18
23
*18
23
Do 2d prat
100 16 Mar 19 2312 Apr 3
23
234
4 23
234 *234 3
4
234 3
278
2% *234 3
900 Minneap & St L
21 Jan 5
100
4 Mar 6
345
8 33
*31
33
*33
35
*32
34
*32
34 .32
34
200 Minn St Paul & SS Marle_100 305 Apr 4 5614 Jan 14
8
*4614 57
4634 4634 *47
*46
57
*44
57
57
*44
57
Do prof
100
31
3114 303 31
4
3114 327
8 327 3414 3438 3514 34% 345 42,500 Mo-Kan-Texas RR_ ___No 100 40 Mar 30 71 Jan 9
8
8
par 2814 Jan 2 4014Mar 4
*77
7714 77
78
7718 785 x7812 7958 783 80
8
4
7812 791
Do prof
0,700
100 743 Jan 2 8734 Feb 5
4
3
33
323 323
8
4 3234 3412 343 36
8
3518 36
35
36
17,400 Missouri Pacific
100 30% Jan 5 41 Feb 8
7418 751
74 4 75 4 7412 7712 7718 7914 78
3
7914 78
3
791 20,700
Do pref
100 71 Mar 30 8314 Feb 9
•178 2
178
178
2
21
23
8 238 *2
214
2% 218
600 Nat Rys of Max 2d Prof-100
17 Apr 3
3
120 120
284 Jan 12
11934 120
1197 120
8
11978 12018 •1195 120
8
11934 1103
3,300 New On Tex & Max
100 11314 Feb 21 12012 Apr 3
11434 1151 11434 1153 115 115 4 11512 1165 11614 117
8
8
3
116 11718 33.100 New York Central
100 114 Mar 30 1243 Jan 13
4
*120 125 *12012 125 *12212 125
123 123
124 12934 12812 129
1,000 NYC&StLCo
100 120 Mar 30 13714 Feb 24
*89
91
90 90
*89
*89
91
91
90
90
*89
91
300
Do prat
100 8812 Jan 6 9214 Mar 3
291
29
2912 297
8 293* 3012 3014 3112 3012 3112 31
321 39,800 NY N H & Hartford
100 28 Mar 24 363 Mar 2
207 207
21
8
21
8
21
2112 2118 2212 2214 224 225 233
8
4,600 N Y Ontario & Western
100 205 Apr 4 2718 Jan 7
8
*22
221
2212 2212 22
*22
22
23
*22
23
22
22
800 Norfolk Southern
10
22 Feb 17 267 Feb 25
128 1283 12712 12814 128 1287 12814 12934 1285 130% 12934 1313
8
8
8
8
22,600 Norfolk & Western
100 12312 Mar 30 1345 Mar 20
781 *76
*76
7812 *76
s
781 *78
7812 *76
78
*76
78
Do prof
100 7512 Jan 8 79 Apr 3
597 6138 60
8
8018 61,
611
605 617
8 603 6138 6073 613 18,600 Northern Pacific
8
4
100 595 Apr 9 7134Mar 6
8
4358 4414 4312 44
8
437 441
4438 4414 445
44
8 4418 441 22,500 Pennsylvania
50 4212 Apr 9 4878 Jan 5
•12
*12
16
16 .12
16
1412 1412 15
16
1614 161
900 Peoria & Eastern
100 1412 Apr 15 207 Jan 12
6512 6612 66
66
"65
66
8
66
6614 657 661
8
6614 661
1,700 Pere Marquette
100 623 Mar 30 72 Feb 25
793 *78
4
7934 80
*78
80 27812 7812 *77
81
*77
81
200
Do prior pref
100 7812 Apr 15 84 Jan 16
.68
*68
70
70
*68
269
70
69
6812 681 *6814 70
400
Do Prof
100 6812 Apr 16 753 Jan 10
693
70
69
703
6712 683
8 697 70
4
8
6812 69
687 687
8
5,000 Pittsburgh & West Va_100 63 Mar 19
733
7312 743 27312 741
3 73
73
733
8 725 741
737 Jan 2
8
4
733 743g 20,400 Reading
4
50 693 Mar 30 8214 Jan 6
37
3714 3714 *37
37
4
371
37
37
3714 371
3712 371
600
Do 1st pref
50 357 Mar 18 393 Jan 20
39
*3812 3914 39
8
39
39
4
385 3853 39
8
39
•3834 39
500
Do 2d pref
50 3614 Mar 18 433 Jan 6
47 •44
*44
*44
50
481 *44
4812 *44
4
481 *44
481
Rutland RR pref
100 43 Apr 3 6278 Jan 9
6512 6618 655 67
65 8 '661
5
8
655 6714 663 683
s
4
8 673 681 26,900 St Louis-San Francisco_
4
_ _100 5712 Jan 16 737 Mar 3
.
82
80
80 *8012 813 *7812 8012 •78
•80
8
811 *78
811
100
Do pref A
100 76 Jan 20
4512 4512 4512 461
*4412 46
46
473
8 46
47
4612 471
4,900 St Louis Southwestern_ _100 44'2Mar3O 84 Mar 3
704 707
7012 701
8 7012 70% •7012 71
53 4 Mar 2
•7012 71
3
71
71
800
Do prof
100 7012 Jan 19 75 4 Mar 11
225 225
8
2234 223
8 225 231
8
3
2314 24
2312 237
23
24
12,500 Seaboard Air Line
100 203 Jan 16 255* Feb 25
3712 375
4
8
4 3734 391
1 373 373
3812 3912 3914 401
40
403
8 9,900
Do pref
100 35 Mar 30 437 Feb 5
8
8
10134 1023 10218 1033 10212 1043 50,400 Southern
102 102% 1015 10212 1015 102
8
8
Pacific Co
100 9S5
8414 84 4 8414 855
3
sMar3O 10838 Jan 9
8418 841
863
8 85
8 863 873
8
8714 881 36,700 Southern
RallwaY
100 77% Jan 2 92 Feb 5
804 843
85
85
*8412 85
8412 85
85
8514 85
853
4,000
Do prat
100 83 Jan 2 923 Feb 25
4912 5018 4912 52
8 5112 531
5114 523
3
49 8 497
4
53
545 38.400 Texas & Pacific
8
8
31
100 4314 Jan 27 583 Mar 13
814 81
75
8 818
812 914
914 914
4
918 91
5,100 Third Avenue
100
.634 65
*6318 65
712
4
*833 65
847 847 *635 6414 *634 641
4
4
8
100 Twin City Rapid Transit _100 58 Apr 17 143* Jan 12
Jan 22 8612 Mar 7
4
3
4
4
1393 1407 140 14012 1393 1411 140 4 1413 14012 14112 14012 141
8,000 Union Pacific
100 1353 Mar 25 1534 Jan 10
8
7412 7412 7414 7412 *74
7412 741
4
7412
743 743 *7412 75
700
Do pref
100 72 Jan 30 76 Feb 26
*22
24
24
*21
25
23 .20
23
23
*2212
*21
23
100 United Railways Invest__ _100 1814
Mar 19 26% Jan 2
60
60
62
61
60
58
59
59
59 59
62 62
1.200
Do pref
100 44 2 Niar 2
6818 j n 1
89
a
85
8
9214 A pr 17
63 Ap 7
897 911
4
893 91
8814 897
8 85
9214 10,200 Virginia Railway &
8012 84
Power_100
211
21
2118 21
21323 217
3 217 223
8 213 2212 16,300 Wabash
8
8
205 21
4
100 1912 Mar 30 2612 Mar 12
8
4
6434 26212 6318 23,900
635 6414 64
8 627 63% 623 633
8
6214 627
Do prof A
100 5534 Jan 20 67 Mar 21
*4114 42
42
413 413 *41
*41
44
4
44
*4012 42 •41
4
100
Do pref B
100 38% Jan 21 46 Mar 12
1212 12% 121
1218 123
4 1312 135s 1314 133
1218 1214 .12
8 9,400 Western Maryland
100 11 Mar 24 171 Jan 9
4
1712 1712 173 183
4
1712 1712 1712 1712 171
*17
4 1814 1812 2,000
Do 2d prat
100 16 Mar 27 264 Jan 9
3512 384 3512 37
3814 3614
3612 373
4 3714 373
4
4 363 3712 7,700 Western Pacific
100 2114 Feb 1
55 Mar 11
8 8818 8818 887 887
.8738 88 4 8814 8814 8712 875
8 8914 8914
8
3
700
Do pref
100 8412 Jan
100 Mar 11
1212 1314 123 127
8 1212 1314 3,500 Wheeling & Lake
4
124 *1218 1214 1218 121
12
Erie Ry_ _100 103 Mar 31
4
*2212 24
24
2312 24
24
24
24
2412
4
*223 234 *23
600
Do prat
100 22 Apr 2 3611 Jan 7
11% an
PER SHARE
Range for Previous
Year 1924.
Lowest
Highest
$ per share $ vet share
12 Apr 227 Dec
8
25 Mar 4614 Dee
9718 Jan 1203* Dec
8612 Jan 9658 Des
158 Feb
5 Doe
112
Jan 1524 Deo
524 Apr 847 Dec
8
5614 Apr 6612 Dec
3934 Dec 44% Dee
86
Jan 95 Nov
1312 Jan 417 Dec
483 Jan 75% Dee
4
40 May 683 Del
8
14234 Mar 1564 Nov
199 Mar 295 Deo
673 Feb 9814 Dee
4
9912 Jan 10918 J1111
314 Apr 1012 Dec
818 May 197 Dec
100 Apr 15014 Nov
21 May 38 Doe
37 May 8278 Dee
4 Apr 117 Nov
8
1012 June 313 Nov
8
107 Oct 183 Nov
8
4
1814 Oct 3218 Nov
4914 Jan 75% Dec
100
Jan 11434 Dec
2112 Feb 50 Nov
763 Feb 975 Dee
4
655 Jan 8713 Nov
8
29
Jan 5712 Deo
6814 Apr 94 Deo
20
Jan 49 Nov
50 Jan 654 Dec
45 Jan 59 Nov
10412 Mar 1395 Des
8
1103* Feb 1493* Deo
42 Dec 434 Dee
203 Jan 353 lag
4
3
285 Feb 4914 Dec
8
2518 Jan 4614 Dee
5334 Mar 75 flee
28 May 393* Nov
113* Apr 2912 DCo
50
Jan 99 Dee
205 Nov 2914 Dee
8
5714 Oct 647 Doo
8
10014 Mar 117 8 Dee
7
104 Mar 11714 Dec
64
Jan 73 Dee
113 July
4
1812 Nov
4414 May 63 Nov
123 Jan 3914 July
4
4
173 Mar 413 Doe
8
5114 Mar 594 Dee
93912 Apr 85 Dee
875 Jan 109 Dig
*
42
Jan 85 Dec
3011 Jan 517 July
8
634 Mar
1312 Jan
20 3
4ct 42 Dee
41 Nov
7112 Jan
14 Mar 30
Jan
153 Jan
4
Jan
2814 Mar 534 Doe
50 June 75 Dee
k
1012 May 342 Dee
293 Feb 75 4 Dee
4
3
934 Jan 3414 Nov
29
Jan 74 Dee
118 July
3 Dee
9312 Feb 12112 Mal
9918 Feb 11834 Dee
7212 Feb 128 Dee
7
83 May 93 k Sept
1418 Jan 3314 Dee
16 May 2814 Nov
1212 Apr 29 Nov
10212 Jan 13314 Dee
723 Feb 80% June
4
477 Mar 73 Des
4214 Jan 50 Dec
934 Mar 221 Nov
4012 Mar 73 Dee
7112 Apr 8512 Aug
60
Jan 77 Aug
38
Jan 7514 Dee
5178 May 7912 Dec
34 Oct5612 Jan
b3312 Jan 56
Jan
32
Jan 66 Nov
1912 Apr65 Dee
1
42 * Jan 8212 Dee
7
33 Jan 55 Dee
577 Jan 74 Nov
2
614 Jan 2418 Dee
14% Jan 4512 Dee
8512 Mar 10512 Nov
3812 Jan 79% Dec
668 Jan 85 Dee
19
Jan 483* Dee
8% May 1812 July
4ct 66
391z 8
Jan
12658 Mar 1515 DEO
8
70 Mar 7612 Aug
75 lpr 41 Dee
3
2
, Fp
64 l4e
647 Juv
721 Deo
8
4
103* Jan 24 8
3
34
Jan 6034
22
12 Jan 428
838 Jun
1614
1514 May
Jan2614
1434
36%
58
Jan 8612
1712
17
411 Jan 3212
Dee
Dec
Dee
Dee
Dee
Doe
Den
flee
Deo
Industrial & Miscellaneous
*6514
*126
49312
13
*49
6712
128
9612
13
50
*854 66
126 126
95
*93
*127 14
s
50
*49
*65
671 •65
*125 128 *125
9212 93
9212
14
.13
*1314
*49
*49
50
EL •Bid and asked Prices.
"6414
66
128 *12812
9212 90
14
14
50
50
z Ex-511,1dend.
66
128
90
14
50
b Ex-rights
*6214
*125
9214
143
4
5012
6378
128
9214
1512
5212
100
800
1,000
600
Abitibi Power at Paper_No par
All American Cables
(
100 1 g)
Adam. Express
100 90
Advance Rumely
100 13
Do Drat
100 47
jn
Ja
1g12 Apr 1?
Apr 16 1034 Jan 9
Apr 11 17 Mar 13
Feb 18 5412 Mar 13
61 Deo 64 Dec
9612 Mayl 1221* Dee
73
12 JanI 9313 Doe
6 Jun
163 Dee
s
2814 Jun01 54 Deo
New York Stock Record -Continued-Page 2
1990
preceding.
For sales during the week of stocks usually inactive. see second page
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Apr. 11.
Monday, , Tuesday,
Apr. 14.
Apr. 13.
Wednesday. Thursday,
Apr. 15.
Apr. 18.
Prickle.
Apr. 17.
Soles
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
-share tots
On basis of 100
Lowest
Highest
PER SHARE
Range for Previous
Year 1924.
Lowest
Highest
$ per share $ per share $ per share
6714 Jan 93 Dee
11112 Feb 26
412 May 1412 Dee
14 Jan 3
14 Feb
.05 Dec
8
3 Jan 14
11: Mar
rg Jan
214 Mar 27
65 Mar 871: Des
9312Mar 3
8
Apr 1185 Dee
120 Feb 26 110
4158 May 7358 Dee
8618 Mar 13
90 Apr 1044 Dee
107 Jan 20
74 Apr 1718 July
8
217 Feb 11
4
183 Apr 49% Jan
8
557 Feb 10
36 Mar 491s Feb
43 Jan 7
6812 Oct 83 Dee
8712 Jan 6
8
2214 Apr 387 Jan
544 Jan 3
Apr 102 Dee
76
106 Feb 26
11014 Mar 7 10414 July 110 Mar
954 Apr 16311 Dec
18512 Mar 6
Oct
Jan 119
11934Mar 9 109
23214 Mar 6 15312 Apr 20014 Dee
4
12512 Feb 18 1183 AP 125 July
2138 Mar 25 Sept
8
25 225 Apr 22 27 Feb 14
600 American Chain,class A
2312 2314 2314 .2314 2312 2314 234
227 2278 .23
23121 .23
1434 Apr4078 Dec
No par 37 Jan 27 53 Mar 20
5612 1,700 American Chicle
55
5412 5412 55
55
533 533
4
5412 5412 .53
4 54
5112 Feb 9312 Dee
100 94 Jan 5 99 Apr 16
Do pref
•97t4 99
600
99
*97
98% 99
98
97
.
*95
98
98
23 Sept39 Dec
37 Jan 7 5434 Mar 26
No pa
Do certificates
800
5412
53
*5114 53
53
52 52
*51
51
53
51
*50
Oen
7
4
312 June
63 Jan 22
914 Mar 17
8 2,200 Amer Druggists Syndicate_ 10
512 55
8
8 .512 55
558 55
512 512 .512 552
512 53*
88
Apr1645* Dee
100 135 Mar 30 166 Jan 2
700 American Express
142 143 •14114 14214 •I414 143
•140 142 .142 14312 143 143
2714 Apr 7 39 Jan 7
'n
4 2312 2812 2,600 Amer & For Pow nevt_No pa
283
28
2
,
2914 2812 287
29
2 273 2312 283 28 8
4
87 Jan 6 94 Feb 19
No pa
Do pref
8812 883
4 8812 8812 1,600
83
*8812 8914 8814 8812 83
89 89
gee
.
8
1143 Apr 7 12718 Jan 7 -kis WW1 13214 Do 25% paid
800
11512 11512
116 117 *115 117
11512 116 .115 117 •11512 116
14%
4
7
91124 Apr 133 Digg
125 Jan 6 128 Jan 7
Do full paid
_
Dee
Apr
14 Jan 14
812 Mar 31
American Hide & Leather_100
400
6797
4 97 -- 8 -;934 -161; 1,300 Do pref
97
10 Ici" To" 16 -;534 1618
5012 Jan 723 Dee
100 59 Mar 31 75% Jan 14
6512
6612 65% 65% 6434 6512 65
4 66
.6512 6612 65% 653
72 Aug 96 Feb
100 83 Mar 18 934 Jan 12
8 4,700 American Ice
033
92
91
4 go
0314 9212 9314 .9012 903
9052 91
91
7312 Nov 83 Feb
100 744 Mar 17 8014 Jan 7
Do pref
500
78
77 .77
77
4
*7712 78 .743 77
77
*7512 77
77
8
173± Mar 353 Nov
41 Feb 5
8
4 337 3414 9412 3534 5.000 Amer International Corp 100 3218 Mar 30 14 Jan 15
3412 3412 343
34
*3312 34
3312 34
10 May 1214 Jan
American La France FE.. 10 1114 Jan 2
8
1218 1214 1212 1214 .123 1212 1,700
12
12
12
1218 1218 12
4
5
13 May 281 Dee
8
295 Feb 3
100 20 Mar 25
2112 4,100 American Linseed
4 2414 2414 *24
2
243 243
4
26
4 26
8
263
2714 243 26
Apr 533 Dee
311
100 53 Jan 2 69 Apr 13
Do prat
8 6512 65% 9,200
4
6812 6612 663 • 65% 663
66
2
8 673 69
4
201 Dee
4
663 673
6
1014 A
8
new-No par 1044 Jan 5 1447 Mar 6 17 18 l; 1093 2se t
16,700 American Locom
8
12212 1247 12212 12378 123 124
8
12418 12412 12412 1247 12414 125
100 11812 Mar 20 124 Feb 16
Do pref
*118 121 •118 121 .118 121 .118 120% •118 120 •118 120
3834 June 54 Dee
8
4
par
No 10o 453 Mar 30 533 Jan 2
500 American Metals
2
2
2 4612 4612 "464 4712 463 463
4614 4712 •4612 4712 4718 473
.
111 Mar 30 11612 Jan 8 10714 Apr 1154 Dee
Do pref
4
1143
100
4
4
4
•111 114% •111 1143 •113 1143 .113 1143 11314 11314 •113
944 Apr 136 Dee
8
25 897 Jan 3 105 Jan 17
600 American Radiator
95
95
96
•95
96
96
9512 96
96
*94
9612 .95
771: Nov 83 Oot
200 Amer Railway Express.._100 78 Mar 27 84 Jan 13
701
7912 .78
78
78 •
78
78
78
79
Jan 48 Dee
*78
25
80
78
.
Republics__ no par 48 Jan 8 6614 Jan 17
American
54
54 .40
*40
54
•40
54
•40
55
*40
014 FL*
55
*51
572 A cr
10,8 opt 1538 N
8
9.000 American Safety Rasor_ __ -100 367 Jan 2 594 Mar 12
567
56
8 554 561
567
5612 5612 5712 56
53
54
53
1012 Mar 19 144 Feb 28
2,500 Amer Ship & Comm___No par
11
1114 11
8 11
2 1114 113
4
4
107 107
8 103 103
4 103 117
8
5712 Jan 10038 Dee
8
8vIar 30 1065 Feb 10
4
9514 933 941 19,000 Amer Smelting dz Reflning.100 903 Jan 5 110 8 Feb 5
8 9514 9614 94
8 9412 955
5
3
94 8 941 29358 943
Jan 107 8 Dee
96
5
100 10512
Do pref
400
10712 108% •10712 1081 •10712 1081
*10612 108 *107 10812 108 108
334 Apr 49 Dee
4,900 Amer Steel Foundries___33 1-3 48 Jan 30 5414 Mar 4
50
5014 50
493* 5018 50
2
4812 4812 4834 487
8 487 491
4
100 103 Jan 7 1103 Mar 4 10114 Apr 10914 Nov
Do pref
____ .11012 112 •11012 112 .11012 112
- .11012
•11012
Oct 6134 Feb
36
8
8
673 674 53,700 American Sugar Refining_ _100 475 Jan 16 7114 Apr 14
68
3
4
693 7114 68 2 7052 67
2
673 71
8
6812 67 •11012- .Oct 997 Feb
77
100 9114 Jan 16 10112 Feb 28
Do pref
2,500
99
99
99
99
991
0914 99'2 99
9814 99
98
98
8
63 July 2812 Jan
100 1014 Jan 20 244 Feb 14
8 1,200 Amer Sumatra Tobacco
1314 135
14
14
1412 141
141
•14
14
14
Jan
•1414 151g
221: Sept 69
100 3612 Mar 12 56 Feb 13
Do pref
700
52
*45
52
52
55
47 .45
4714 4714 46
48 48
3814 Dee 4313 Jai
.100 4014 Jan 8 47 Feb 25
350 Amer Telegraph & Cable.
411
411 *41
411 .41
*41
41
411 .41
41
414 41
8
100 1305 Jan 2 13638 Jan 3 12118 June 1344 Dee
9.700 Amer Telep & Teleg
135 1351 13514 136
1344 135
13334 1341* 13414 13112 13412 135
6918
60 85 Feb 17 9118 Feb 9 1368,101Mar 10072 Nov
89 895 .4,700 American Tobacco
8
897
89
894 897
8
8 887 893
July
* 8814 887
8818 887
Apr
100 1044 Jan 5 108 Feb 17
Do pref
300
3
*105 10512 •10512 10512 10514 105 8 *10518 1051 *10518 1051 10514 1051 16,900
s
Do common Class 11-50 844 Feb 17 894 Feb 9 1354 Mar 1683 Nov
891
8 8914
8
3
8
8 8714 87% 877 88 4 887 893* 8853 895
2
873 877
4 Jan 16 11214 Jan 2 106 Sept 115 Selvt
500 American Type Founders-100 1033
4
108 108 •105 108 .1063 1071 108 108 •106 103
10712 108
40 Feb 144 Dee
34% Jan 13 49 Mar 25
11,600 Am Wat Wks & El__47
46
4512 471
4434 463
4412 461
4534 46
4518 45
8912 Mar 101 Dee
100 100 Jan 9 103 Feb 18
Do 1st pref (7%)
100
10014 1001
O10014 10112 '101 10112 •101 10112 .101 10112 •10014 102
66 Feb 102 Nov
100 951s Jan 2 103 Mar 13
Do panic p1(6%)
400
•101 10212 .102 1021s •102 1021 10212 1021
10134 1013 •100 10212
4
5114 Sept 78% Jan
100 35% Apr 2 604 Jan 6
8 393 401 40,120 American Woolen
4
4012 4212 4114 4212 4014 413
4 3812 41
3812 393
Oct 102% Jan
90
100 77 Apr 2 9614 Jan 20
Do pref
4,100
80
801
2
4 813 813
2 8114 813
8
7912 81% 805 817
7912 80
7 Jell
74 Jan 3
14 Apr
21: Apr 2
200 Amer Writing Paper pref..100
7
2 8 27
311 318 '
312
311 31
312 .3
278 312 •3
•
7 Mar 1214 Dee
714 Mar 19 124 Jan 9
700 Amer Zinc. Lead & Smelt.. 25
734 8
2
734 83 .
.734 8
.734 8
8% *734 8
8
.
24 June 367 Deg
25 253 Mar 30 39 Jan 9
8
Do pref
600
28
2612 2874 .26
28
28 .27
2812 .27
2812 .27
Dee
27
.
9: pec 49
2
, M a y ,84 Die
2
4
14 3838 38% 237
371 10,700 Anaconda Copper Mining__50 353 Mar 31 48 Jan 3
3812 3814 3812 3814 3914 3834 39
38
300 Archer, Dan'Is MidI'd..No par 26 Jan 7 354 Feb 13
3078 31
*3012 31
*3012 31
*3012 31
.3012 31
83012 31
90 Dec 914 1360
5 97 Apr 13
100 9012 Jan
Do pref
400
*97
98
98
98 .97
97 •97
97
,
4964
97
07
8
8314 June 943 Dee
100 904 Mar 31 97 Feb 14
300 Armour & Co (Del) pref
91
4
903 903
4 9012 9012 91
4
4
4
*903 9134 .903 9112 .903 91
6 .15 t
79 0en 101454
8 Jan 5 124 Jan 28
600 Arnold Constle&Covtc No par
*812 9
'813 9
812 9
.
9
9
9
9
9
9
Nov
100 128 Jan 5 193 Feb 28
1,100 Associated Dry 000ds
4
1854 18512 18514 18514 1853 186
4
3 •186 188 *186 183
18712 188
831g May 94 Nov
100 94 Jan 7 994 Mar 12
Do 1st pref
100
97
97
98
98 .95
*95
99 .0612 99
*96
99
98
•
Jan 1023 Dee
4
89
100 101 Jan 2 10814 Feb 7
Do 2d pref
400
106 106
4
10434 1043 105 105 •10412 107
104 104
104 107
.
2712 July 34% Feb
25 32 Mar 30 391s Feb 2
3234 324 2,200 Associated Oil
33
7
33 8 33
3314 3312 3312 33
33is 3318 33
4
103 Mar 23 Dee
3658 3614 3634 11,300 Atl Gulf & W 199 Line_ __ _100 20 Jan 5 41 Mar 3
2 38
8
7
3618 3512 35 8 3552 3714 363 373
36
Jan 31's
Do pref
100 31 Jan 5 47% Mar 3
4 4012 4052 2,300
8 3912 393
407
4014 40
39
*3814 39
39
*38
Jan
4717821
5
1341f D99
411: Fob
100 951s Jan 2 1174 Feb 5
900 Atlantic Refining
102 10314 10012 101
10412 10334 104
•103 104 .10212 104 *10212
Oct 118 Feb
Do pref
100 11313 Jan 6 11514 Mar 19 108
200
114
11334
*11312 114
4
4
*11434 116 "1143 116 '1143 116 *11314 114
• 54
No par 47 Apr 14 5212 Feb 24
300 Atlas Powder new
49
49 .47
47
*48
4
493 *47
474 4712 47
48
48
Dee
Do pref
100 92 Jan 14 94 Jan 9
4
•923 91
923
94 • 4 94
8
8
*923 937 •92
93
*92
Jan
•92% 93
une
:Mar 7
2
5
8 4 JFeb 913
No par
918 Feb 16 121
8,200 Atlas Tack
4
4
1214 113 1214 .113 12
8
117 1218 12
8
107 1112 1138 12
1812 Mar 334 D011
2418 2412 1,600 Austin, Nichols& Co vt c No par 234 Apr 3 3212 Jan 12
2434 25
25
251± 25
25
4
*2514 253 •2412 2512
112
A8 Nov
Ao r
1
7912 N py
Do pref
100 873s Jan 27 921s Mar 4
91
88
91 .
"88
91
.88
91
.88
91
*8812 9018 .88
8
314 Feb 26
17 Jan 7
900 Auto Knitter Hosiery__No par
214 212
212 212 •
2
*214 212 .214 23± .214 238 •214 23
80,300 Baldwin Locomotive Wks-100 107 Mar 30 146 Feb 26 10438 May 1343* Dee
4 115
4
2
• 112 113% 11218 11414 11318 1153 1123 11512 1121z 11412 1123
100 1094 Apr 11 116% Jan 31 1101: June 11712 Nov
Do prof
400
11012 11012 11012
110 110 *10934
4
4
10912 10912 •1093 111 .1093 III
14 Feb 231s Del
8 7,500 Barnsdall Corp. Class A... 25 21 Mar 24 30 Mar 3
4
213 2212 2114 217
8
2312 225 2252 2232 2332 2212 23
23
1712 Deg
Jan
10
25 17 Mar 19 23 Feb 6
Do Class B
100
1814
1814 •17
•17
19
1814 •17
113% 1812 .1612 1814 .17
49% Mar 4
234 Nov 39 Dee
35 Jan
Barnet Leather
40
3212
*3212 40 •
*3212 40
*3212 40 .3212 40
*3212 40
Jan
o
:
391 May 69
No par 404 Mar 31 534 Feb 14
600 Bayuk Cigars, Inc
•4112 4212 4112 4112 *4112 4212 4158 414 4112 4112
04112 43
4
443 Apr 723* Dee
20 60 Mar 23 741: Jan 10
8 6612 6712 6512 6612 6.400 Beech Nut Packing
2
667 6778 6612 675
8
613 67
4
623 64
37% Oct 624 Feb_
100 383 Mar 23 5312 Jan 13
4
24.800 Bethlehem Steel Corp
42
41
4314 414 43
42
43
2 41
40% 40% 4012 413
u yr
104 .Taneb
Co cum cony 8% pref..100 109 Mar 18 11611 Feb 8 1503915844 JunojA ne 197714 Fen
200
*111 11112
•111 11114 *III 11118 .111 11112 III III% •111 1114 95
100 944 Mar 11 102 Jan 31
Do pref 7%
900
9512
95
95
4
4
4
4 943 943 .943 95
943
95 .93
95
7 Jan 10
0
8
45 Mar 23
pa
No 10r
800 Booth Fisheries
*434 5
8 5
*43
8 5
47
5
5
3
3
58 52
Ms
434
6 Aug
3 Jan 26
52
2 Apr 13
14 Nov
200 British Empire Steel
218 .112 214 .112 214 "Ilz 214 •112 214
2
8
.218 23
am
5
4
4
333 Feb 25
51 78 M ar
100 30 Jan
305 Aug
Do 1st pref
4
303
*2518 303 •
4 25
4
303 .2614 30
2618 3034 *28
29 .
•26
84 Jan 21
11 14 Feb 24
No
100
,
4 914 9
Do 2d pref
200
812 *812 9
812
.812 9
9
812 912 •812
.
8
133 Jan 7 1074 June 12414 Dee
100 1205 Jan
8 1,700 Brooklyn Edison, Inc
1297
130 13012 12912 12912 129 12912 129
130 130
12912 130
4
754 Feb 17 84 Apr 8
8
No par
565 Apr 823 Deg
8212 10,500 Bklyb Union Gas
82
823
4 82
8
3
83 4 823 83
8234 8314 823* 8314 83
39 May 7612 Deg
100 6412 Mar 31 784 Jan 10
4 2,600 Brown Shoe Inc
723
72
72
724 72
4 72
7112 7112 713
70
*694 71
84 June 993 Dee
100 96 Mar 25 10034 Jan 19
Do pref
300
99
99
*99 100
*98 101
99
98
99
99 •97
•97
8
par 924 Feb 11 1033 Jan 12
95 Dec 11212 J11118
9934 1,600 Burns Brothers
93
100 100 •
5
99 8 100
4
993 100
98
4 97
9634 963
N
193* Feb 29 Nov
Do new Class 13 comNo pa; 17 Mar 31 231* Jan 14
1,700
4
20 •193 20
8
3
4
1982 193 194 19 4 203 •19
19
4
183 19
9718 Apr 16
100 9318 Jan I
9512 Mar 994 May
Do pref
200
8
8
9718 9718 9718 953 953
4
09514 974 *9514 9718 *953 974 *97
8214 Mar 15
Nov 2594
61,725$34 JuneA pr 67's
800 Burroughs Add'g Mach_No par 65 Jan
8012 8012 *7912 804
4 8114 814
4
8112 813 813
81
*804 81
4
83 Jan 2
44 Mar 31
5
900 Butte Copper & Zinc
3
54 5 4
6
6
6
6
6
6
6
Dee
6
6
6
100 17% Apr 17 28% Jan 3
1.500 Butterick Co
177 174 1758 18
8
18
18
4 18
173
18
•18
1812 18
14 May 251, Dee
4
2
113 21,700 Butte & Superior Mining-10 103 Apr 16 244 Jan 9
4
14
1514 103 134 11
8 1518 1512
1512 15% 1512 155
2% Jan 12
Nov
8
7 Mar 30
2
7
400 Caddo Cent Oil& Ref__No par
8
vs
•7
1
8
4,7
1
*78
I
1
4 4 .111
Apr
No par 10012 Jan 27 110 Feb 21
8
7
8
7
1
80 Ap 10614 Dee
• 800 California Packing
104 1044 104 104
8
103 1043 *10312 10414 104 104
10312 104
8
4
32% Mar 7
25 237 Jan
191: July 291 Feb
32.100 California Petroleum
8 2812 29
8 295
285
8 2914 3014 2918 30
8
5
29 8 3018 293 305
21k
5
„
212 July
9212 m a 107 Jan
11618 Apr 8
100 100 Jan
Do pref
1,000
112 112
112 112
Jan
11312 11312 11314 113% 113 113
114 114
4
43 Feb 19
3 Mar 24
10
25*
1,400 Callahan Zinc-Lead
3
3
3%
3
34 318
318 318
312 318
3
3
4
58 Jan 7
418 Mar 588 Dee
10 461:Mar 3
600 Calumet Arizona Mining
4 4712 4712
8
8 475 483
485
*4812 49 .48
4938 *4812 49
49
No par
Case (J I) Plow
25 13 Apr 17 184 Jan 5
4 M
13 1 M aa
s
; 19184 j
1 el°
700
134
7
j 4 1i 13i3 1334 *1358 28 -H.- -I-is; 300 Calumet & Hecht
8
1
5' life ;jai,14
14 Mar 35 Dee
Case Thresh Machine_ _ _100 24 Mar 18 30% Jan 23
28
28
4
273 273 *25
4
28
28 •25
*25
29
•25
Jan
414 May 77
100 60 Mar 11 67% Apr 17
Do pref
900
4
674 6714 673
6634 67 .66
66 66
66 66
65
65
7
9 8 Mar 21% Deg
100 14% Mar 28 214 Feb 7
8 3,800 Central Leather
8
8 167 167
2 17
1714 1612 167
1612 167
16
3
3
15 8 15 8 16
294 Mar 5814 Dee
100 4914 Mar 24 66 Feb 7
Do pref
554 5,400
56% 54
3
55 4 574 55
544 544 5412 55
5
55 8 57
2534 Apr 354 Nov
600 Century Ribbon MUls--No Par 3112 Jan 5 47'z Mar 11
3912
,
3
4012 *40
4012 39 4 30 4 *39
40
40
42
40
*40
Jan 9512 July
91
100 9512 Jan 3 98% Jan 14
Do prof
•95k4 98
*954 98
*9412 98
98
090
*90
*9412 98
98
4034 Mar 565 Dec
9.700 Corrode Pasco Copper-Ng Par 434 Mar 24 5512 Jan 2
4
4612 455 46
46
1
454 4512 45 4 4512 4612 4618 47
45
4Dec
4Mar 2
7
42 8 424 4,000 Certain-Teed Products.No par 40% Mar 24 483
4234 434
44
43 .4214 43
43
43
•4214 43
6
2 1 rtine 4 :: Jan
267 Nov 64
15,400 Chandler Motor Car___No par 284 Jan 22 37% Apr 6
8
2 363 37
373
3612 363 374 3618 374 38
8
3538 3612 38
794 May 100% Die
864 1,500 Chicago Pneumatic Tool 100 8014 Mar 19 98% Jan 3
4 874 8312 :8612 8634 8614 3614 86
4
4 873 873
873
39 May 6112 Apr
Chic Yellow Cab tern elf No par 48 Mar 18 55 Jan 3
*4812 4912 *4812 53
53
53 .4812 53 *49
84812 53 •49
25s Mar 38% Dee
25 30':Mar 30 37% Jan 2
4 3238 323
8
4 3218 3212 32 3212 6,800 Chile Copper
3
32 8 324 3238 3234 325 323
15 Mar 29 Dee
5 20 Mar 30 28% Feb 9
900 Chino Copper
•1912 2012
21
21
21
21
2034 21
21
214 21
21
•
754 Jan
100 58 Mar 17 71% Jan 121 55 0
12
300 Matt Peabody &Oa
65
65
65
644 6512 *65
8 65
655
*644 66
-dividend.
a Rs
4 Ea-rlabte.
- •Bid and salted Pilo=no galeg on this day
Per share 3 Per share $ per share $ Per share $ per share $ per share Shares.
99 10112 101 19514 10314 10514 13,700
9912 100 100
9912 10012 99
.
4 1212 1314 1214 1314 19,200
4 1238 123
•1214 12% 1212 1234 1252 123
_
8 .178 2 -1.000
17
172
17
l7
17
g
17
1
l7 --7
17
17
8614 8512 8612 8614 87 z8534 86% 8552 86% 8514 8614 14,200
85
8 1,000
*
118 11814 .118 11812 118 11812 .118 1187 119 119 .118 1187
7912 4,800
79
2
4 80
7914 793 793
79
8018 7914 80
7812 79
4 1.300
4
4
4
4
1053 1053 •105 1053 .105 1053 •105 1053 1053 1053
4
•10434 106
4
8
, 1914 207 26,700
1612 1912 1852 2018 1878 215
16
2
16
163 17
5114 20,890
8 50
4412 445 463* 45
513
8
*4018 4112 4112 4212 42
8 4014 4014 3,800
42
41
403 4112 404 403
4
4
.4018 4012 403 417
200
8
2
8118 814 803 803
82 .8112 83 .8112 83
*8112 8212 *81
4 6,700
323
4 3012 313
4 3012 3212 3114 327
313
*31
8 314 334 32
4
9734 973 10014 102
10218 10318 10212 1033 10134 10212 6,000
4
95
95
•110
*11012 --__ .11012 ____ *10712 _-__ *110 -- *110
172 1734 160,300
4
16412 168
17018 174
17214 1743 17112 174
16712 171
700
8
11812 11812 11812 11812 .11838 11812 1183 11812 •11814 11812 11812 11812
1,600
.
200 20112 20012 201
200 204
202 203
4
201 201
2023 203
12212 125 *12212
•12212 125 •12212 125
•122 125
Indus. & Miscell. (Con.) Par
Air Reduction, Inc____No par
Ala: Rubber, inc......No Par
10
Alaska Gold Mines
10
Alaska Juneau Gold Min
Allied Chemical & Dye_No par
100
Do pref
100
Allis-Chalmers Mfg
100
Do pref
Amer Agricultural Chem 100
100
Do pref
100
American Beet Sugar
100
Do pref
Amer Bosch Magneto_ _No par
par
Am Brake Shoe &
100
Do pref
100
American Can
100
Do pref
American Car & Foundry 100
100
Do pref
$ per share
8634 Jan 30
10 Mar 19
.15 Jan 2
1 Jan 6
80 Mar 30
117 Jan 9
7112 Jan 5
10314 Jan 3
1312Mar 19
3612 Mar 23
8
363 Mar 19
8014 Jan 19
264 Mar 24
9014 Mar 30
10712 Jan 12
15818 Jan 16
115 Jan 29
192 Jan 5
1204 Apr 2
New York Stock Record-Continued-Page 3
For sales during the week of stocks usually inactive, see third page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Apr. 11.
Monday,
Apr. 13.
Tuesday,
Apr. 14.
Wed*esday.i Thursday,
Apr. 15.
Apr. 16.
Friday,
Apr. 17.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PEE EH AKE
Range for Year 1925.
On basis of 100
-share lots.
1991
PER SHANK
Range for Notions
Year 1924.
Lowest
Highest
Lowest
Highest
$ Per share $ per share $ per share 5 per share 8 per share $ per share Shares. Indus. & Miscall.(Con.)
Par $ per share $ per share 9 per share
953 9512 984 994 973 99
8
$ Per share
4
973 983
4
4 98
9912 984 984 33.0001 Coca Cola Co
/
1
No par 80 Jan 6 9934 Apr 13
3334 34
Apr 8318 Dec
61
34
34
33 8 3412 333 3412 34
7
4
343
334 334 2.7001 Colorado Fuel & Iron
100 3212 Mar 31 4814 Jan
*47
484 *47
247 Feb 5414 A111
8
4818 *473 4812 *471: 4812 4813 4812 .49
4
50
3,500 Columbian Carbon v t e No pox 45 Mar 24 511 Jan 13
/
4
8
5134 57
394 Sept 55 8 Jac
564 574 5612 574 564 573
3
8 564 567
8 55
/ 5612 19.100 Col Gas & Elea
1
4
NO par 453 Jan 21 59 Feb 28
4
*10478 106
10518 10518 *1045 10512 10518 10534 10518 1054 10518 105 4 1,100
33 Mar 48 Dec
8
Do pref
3
100 10414 Jan 5 107 Jan 26
.57
6112 *5712 6012 .58
6112 .56
6112 60
60
6112 6112
Comm'l Invest Trusit__No par 50 Jan 2 67 Feb 16 10314 Dec 105 Dee
200
*101 105 *101 105 *101 1035 *101 105 *101 105 *101 105
30 8 May 58 Nov
3
8
Do pref
100 102 Mar 19 10612 Jan 19
*134 135 *131 136
93 May 103 Nov
13512 1404 1371: 141
135 1374 *130 134
1,700 Commercial Solvents A No par 10918 Jan 9 190 Jan 29
*130 133
4318 Jan 13l14 Dee
133 133 8 134 1434 13813 14214 135 138
/
1
4
5
1301 133
:
3,900
Do "B"
No par 1074 Jan 9 189 Jan 29
33 4 34
3
Jan 1291: Dee
33
3314 34
303 33 z2814 31
4
29 4 3012 283 304 73,400 Congoleum Co
3
8
_No par 2814 Apr 15 43 Jan 2
*254 27
12
*234 27
334 May 6634 Feb
*234 2
/ *23
1
4
4 2
/ *23
1
4
4 2
/ *24
1
4
Conley Tin FoilstampedNo par
8
new_-24 Feb 16 17 Feb 10
2818 284 *2814 2812 *2314 2812 231: 281: 2812 281: 284 27
73 May 144 Dee
4
283
4 1,200 Consolidated Cigar---.No Par 2618 Jan 2 3234 Feb 19
'30
86
113 Mar 30 Nov
8
8314 8314 *81
*82
86
85
85
85 .83
86
200
DO pref
100 793 Jan 2 89 Feb 14
4
534 6
/
1
4
534 5
5912 Apr 84
/
1
4
Jan
538 57
534 618
552 6
534 64 17,40(1 Consolidated DIstrIb'rs No par
318 Jan 7
76
94
/ 77 8 7714 773
1
4
3
Is Jan
7
8 773 7814 774 77
3 Dec
/
1
4
:
763 7712 763 77
4
32,100 Consolidated Gas(NY)No par 7418 Mar 30 78 Feb 19
4
/ Feb 10
1
4
314 314
60
/ Jan 79 Dec
1
4
/
1
4
34 33
4
34 3
/
1
4
312 312
34 33
8
34 33
2 4,200 Consolidated Textile___No par
2% Mar 19
614 611: 611: 62
514 Jan 7
6212 63 4 62
Jam
8
285 Apr
3
/ 6312 63 6312 627 63
1
4
8
*10812 110 *10812 10912 1081: 1081: 109 8 11134 11014 1101 109 10914 9,800 Continental Can, Inc__No par 6012Mar 30 697 Jan 2
4312 Apr 695 Dec
8
7
:
2,500 Continental Insurance
25 103 Jan 5 12012 Jan 26
9
14 94
8918 Apr 10918 Dec
918 94
914 914
9% 938
914 93
8 z9
94 16,000 Cont'l Motors tern ctts_No par
814 Jan 2 103 Jan 13
8
6
Apr
8 2 Dee
7
357 354 3514 357
8
8 384 39
39
3958 3938 393
8 39
8 7,600 Corn Produets Rein w L-25 371: Apr 33 415 Feb 25
8
•120 122 *120 12114 12012 12018 *120 1214 *120 12114 12114 395
3118 Jan 4334 Nom
12112
400
Do pref
100 11818 Jan 7 12318Mar 25 11518 Apr 12334 Aug
No par 2618 Mar 30 35 Feb 2
/
1
4
---- ---- ---- --__ --_- --_- _-_- -- _-_- ____ ____ ____
22 8 Sept 4014 Feb
5
Do pref
100 83 Jan 2
8
68
663
/ 6734 6714 69 26714 685
1
4
8 66
80 DecI 95 Feb
8 67
6312 6714 634 15,400 Crucible Steel of America 100 6412 Mar 30 903 Feb 10
*911: 94
793 Jan 17
4
*9112 94
48 Ma
76 Dee
*911 934 *911: 931: 392
:
93
*92
Do pref
9212
100 93 Jan 2 96 Jan 15
*12
/ 1314 13
1
4
88 Mayl 98 Dec
133 •13
8
1314 121: 1234 1212 121: 5,000 Cuba Cane Sugar
1334 13
No par 1214 Jan 12 14 Feb 9
.5714 57 8 58
/
1
4
7
104 Octj 18 Feb
5914 5814 5918 5713 53
554 574 5512 56
18,500
Do pref
100 5513 Apr 16 625 Feb 26
8
294 293
4 2914 3014 30
535 Apr 711 Feb
8
3018 2938 30
/
4
294 294 2918 29
/ 8,000 Cuban-American Sugar___ -10 29 Mar 19 3312 Mar
1
4
*9614 98
3
*9614 98
2814 Novi 387 Feb
8
*9614 98, *9614 98
*9614 98
*9614 98
200
Do pref
100 9614 Mar 23 101 Mar 13
5
5
5
98
5
Jan 10014 Nov
*44 5
*43
4 5
*44 4
/
1
4
/ 2,300 Cuban Dominican Sug_No par
1
4
41
4 4
41 Apr 3
/
4
0391: 40 *391: 3934 393 39
63 Feb 27
8
418 Junel
8
/ 3913 394 39
1
4
812 Fell
/ 393 *3812 3912
1
4
4
600
Do pref
100 373 Mar 27 4418 Jan 6
4
66 66
*64
67 .64
38 D
52 Feb
67
*6512 67
*654 67
6512 6512
200 Cushman% Sons
No par 62 Mar 30 73 Jan 19
5334 5412 55
5618 Aug 7634 Sept
5512 553 58 az55
4
5712 55 55
514 5514 9,030 Cuyamel Fruit
No par 50 Feb 17 58 Apr 14
2 4 234
3
2 4 2 4 *218 23
3
4518 Nov 7418 J11,13
3
4
213 24
212 24
21: 21: 1,400 Daniel Boone Woolen MI118_25
212 Feb 19
35 8 353
7 8 Jan 9
7
3
8 3412 354 343 35
6 Nov 3214 Mar
4
3412 343
2 35
35
34 8 2,200 Davison Chemical v t e_No par 3034 Mar 26 493 Jan 23
34
3
3201 22
4
*203 22
4
3812 Nov6912 Jan
204 203 *2034 22
8
20l4 22
02014 22
103 De Beers Cons Mines No par 204 Mar 18 2418 Jan 28
*11418 115 *1144 115
1814 Jan 2214
11412 1143 115 11514 115 115
4
115 11513 1,300 Detroit Edison
100 110 Jan 5 119 Mar 7 1014 Jan 1154 Dee
*134 14
134 134 123 1314 13
Dec
4
134 13
1314 1314 1314 7.200 Dome Mines, Ltd
No par 123 Apr 14 1618 Jan 19
4
*164 1612 164 164 1618 164 1614 17
115 NovI 2014 Jan
4
1612 163
4 164 1612 1,800 Douglas Pectin
No par 14
10812 10712 *10712 108
QSsJuneI 18 Dee
10714 10714 10714 107
/ 107 1074 10714 10714 1,400 Duquesne Light 1st pret___100 105 Feb 16 17 Apr 15
1
4
/
1
Jan 7 1071: Apr 11 10018 Mar 10814 Sept
10814 10814 1084 1034 108 109
/
1
4
109 109 •109 10912 103 1094 2,500 Eastman Kodak Co
/
1
4
/
1
4
/
1
No par 103% Mar 19 118 Jan 19 10418 AprI 1144 Nov
1314
143 *14
4
1434 1458 1434 144 14
/
1
/
1
/ 143 1514 15
1
4
4
154 2,500 Eaton Axle & Spring
/
1
No par 1012 Feb 13 16 Jan 3
834 Sep
2418 Jan
142 14234 14268 14318 14312 145
14478 14558 145 146
145 1474 12,700 E I du Pont de Nem & Co__100 13414 Jan 5 154 Mar 4
/
1
4
/
1
*96
964 *94
96
112 May 142 Dee
95
96
*96
97
*96
97
964 9612
600
Do pref 6%
100 94 Jan 23 971 Mar 4
624 6212 624 63
:
85
Apr 96 Dec
6314 644 6318 6413 64
6412 63
631: 4,500 Elms Storage Battery__No par 601 Mar 30 70 Jan 3
/
4
/
1
4
*8
9
501: Mayi 66 Dec
*8
10
*8
9
*8
9
*8
9
0
9
100 Elk Horn Coal Corp
50
74 Feb 17 1018 Jan 22
*II: 2
11 Dccl 143 July
'
3113 2
8
*14 2
*112 2
11 17
/
4
*II: 2
100 Emerson-Brantingliam Co-100
13
4Mar 9
*6418 65
24 Jan 3
*6414 66
/June
1
4
34 July
644 64 8 6478 657
1
8 65 655 *65
8
1.000 Endicott-Johnson Corp.__ 50 63% Apr 2 72 Jan 9
66
*112 113 *112 113 *112 113
5578 May 7338 Den
1121,1121, 11234 113 *11334 114
700
Do pref
100 11218 Jan 21 1163 Feb 16 10512 June 115
*1618 19 .1612 19
4
Jan
1714
17 4
3
400 Exchange Buffet Corp_No par 154 Apr 8 19 Jan 3
z174 1714
•112 312 *112 312 *112 1714 .112 173 *1714 18
/
1
4
18 Dee 2418 14u5
312
31
*112 3t
*112 34
Fairbanks Co
25
214Mar 27
3 Jan 5
3618 3618 *36
2
3718 *36
361: 364 361± 3614 361
01 Jam
36
3612
Fairbanks Morse
700
No par 3214 Jan 2 383 Mar 12
4
94
94
/ 95
1
4
254 May 34 Dec
975
8 974 9938 963 98
8
9512 971
9618 973 45,600 Famous Players-Lasky_No par 904 Feb 17 10312Mar 2
2
•105 107
61
JanI 9813 Dec
106 10612 107 107 2106 1063 •105 1061 *105
10612 1,200
Do pre( (8%)
100 1037 Feb 17 110 Jan 8
8
136 136 *137 138
87 8 JanI 10818 Dec
7
138 139
140 14012 13314 1381 *138 1394
900 Federal Light az Trac__Nopar 11412 Jan 3 14812Mar 6
•1534 163 *153 1634 •16
4
7418 May 12218 Dec
4
1634 '
3154 163 *153 163
4
4 153 15
4
/
1
4
100 Federal Mining & Smeit'g_100 1514Mar 13 25 Jan 19
*5118 513 .
4 5112 523
54 Apri 244 Dec
8 52
52
5112 511j 514 511 *5112 52
Do prat
300
100 4912 Mar 11 6414 Jan 15
152 152 *1524 154 '
4118 JanI
3152 154
152 15234 •15212 154
/
1
4
15212 154
goo Fidel Phan Fire Ins of N Y....25 14712 Jan 6 16614 Jan 12 118 Marl 6413 Dee
14
*1418 15
14
146 Dec
*141: 15
*1414 141
1418 14's 143 15
4
400 Fifth Ave Bus tern ctts_No par 12 Jan 8 15 Apr 7
918 Jan! 133 Jan
8
Fisher Body Corp
NO par 239 Jan 2 280 Jan 12 163
iiiis - 8 liTe l23i 1214 IA; i212 113; i938
113
Jan 240 Dec
. 1312 i3i8 118 87,566 Fisk Rubber
-3
No par 10'3Mar24 1434 Apr 17
*51
82
824 824 82
/
1
51,JuneI 137 Dec
2
82
82
8212 8213 833
4 8118 843
3,100
Do let prat
100 7518 Jan 16 854 Jan 14
3818 July 86 Dec
7814 78
78
78
/ 78
1
4
784 78
7814 *7714 78
78
781 2,000 Fleischman CO
/
4
NO par 75 Mar 19 864 Jan 2
110 110
444 Jaa 9014 Nov
1094 10934 1093 1093 109 4 109
4
4
3
/ 109 10918 109 10912 2,60(3 Foundation Co
1
4
No par 90 Jan 6 11112 Apr 6
104 1134 11
6612 Jan 943 Dec
114 1058 1114 107 11
8
103 107
4
2 104 10
/ 10,900 FreeportTexas Co____.No par
1
4
8 Mar 18 1214 Mar 23
718 Sep11 13
/ Jan
1
4
12
12
123 124 1212 13
8
/ 13
1
4
1338 13
131: 13
1313 4,000 Gardner Motor
418 Jan 2 1614 Mar 2
No par
464 4814 4/78 48
314 Oct
*46
47
7
Jan
*47
471: *461: 471: *47
4712 1,600 Gen Amer Tank Car
100 45 Mar 30 5818 Jan 10
354 May 53 Dr(
'
98 '
96
96
98 "
98
96
4
Ma 963 *963 98
4
*961: 98
100
Do pref
100 9314 Feb 16 99 Jan 19
*484 4934 49
92 Feb 9912 Dec
49
484 49
4913 49
49
5013 504 5212 11,300 General Asphalt
100 4213Mar30 634 Jan 2
*90
/
1
91
*90
314 Apr 6334 De*
91
90
90
*88
91
90
91
488
91
300
Do pref
100 8SlsMarl7 100 Jan 2
*13418 138 *130 139 *130 139 *130 139 *130
7118 Apr 100 Dec
138 *130 138
General Baking
No par 121 Mar 7 147 Jan 2
/
1
4
93 93
923 9314 9314 93 4 93
93
4
Jan 160 Sept
3
93 4 93
3
93
93
93
4,000 General Clear, Inc
100 92 Apr 3 1013
•1044 110 *10414 110 .10414 110 *10414
4/ ar 4
8214 Apr 984 Dec
110 *10414 110
Do pref
100 105 Jan 3 1111*?, ar 12 1014 Mar 106 Dee
•10612 109 *10618 109 *10612 109 *1061: 109 *10612 109 *104 110
*107 109
Do debenture pref
100 107 Jan 5 1094 Feb 26 100 Apr 109 Des
2683 27214 270 273 272 27414 27214 27514 26812 273
8
100 22714 Feb 17 320 Jan 2 1934 Jan 322 Dee
1118 1118 1118 1118 1118 1118 1118 1114 1118 1114 269 27212 35.300 General Electric
114 1118 3,100
Do :mental
10 11 Jan 2 1114 Jan 3
7118 714 714 72
1012 Apr 1112 July
/
1
7112 7234 724 7312 72
/ 733
1
4
4 73
744 119,600 General Motors Corp--No par 6458 Jan 5 79 Feb 10
92 '
38818 9113 *8812 92
.89
55 4 Oct 667 DO(
3
8
*8813 92
*8812 92
*8812 92
Do pref
100 90 Feb 13 944 Jan 21
•89
9112 *8312 9012 *8812 91
80 June 93 Des
*8812 901 *881: 9012 *881: 9012
:
Do deb stock (6%)
100 91 Feb 21 94 Jan 13
105 105
10412 105
8018 June 934 Dee
10434 1011 105 105
/
4
105 105
1017 105
2,200
Do 7% pref
100 102 Jan 5 1087 Feb 2
513
51
8
s 507 014 50
8
9518 July 10312 Dec
/ 515
1
4
8 50
/ 5114 497 51
1
4
8
4912 5012 27,400 General Petroleum
25 42 Jan 16 67'z Mar 3
34512 4612 *1512 464 '5'246
383 June 45 Aul
8
*451: 46
*4512 461: *4512 4
General Refractorlee___No par 4512Mar 31 5818 Jan 14
612
*4914 49
/ 493 197
1
4
8
8 4912 4912 49
31 June 55
Jac
4914 49
4911 4918 49
/ 2,300 Gimbel Bros
1
4
No par 47 Mar 16 57 Jan 13
4 101
•1033
10414 1013 •10413 105 *104 105 *101 106
8
4718 June 647 Dee
8
*104 106
200
Do Prof
100 10214 Mar 14 10514 Jan 20
2812 287 2913 29
28
8
99
2912 2938 2978 291: 3018 293 3018 12,100
Jan 107 Sept
8
Ginter Co temp ctts___No par 2234 Feb 13 3018 Apr 16
1538 15
/ 15
1
4
/ 174 167 1714 1612 17
1
4
8
21 Dec 274 Nos
1614 17
164 167 43,800 Glidden Co
/
1
8
No par 12'± Mar
*38
3818 3318 384 3818 401 403 404 40
/
1
/
4
8 Jun
15 Nos
4
/
1
40
3812 331: 3,800 Gold Dust Corp v t is__No par 37 Mar 19 1712 Feb 13
53
/ 514 525 53
1
4
3 423 Jan 2
8
8
/ 52
1
4
2818 Apr 43 2 Nos
/ 5412 511 531
1
4
/
4
7
: 5015 513
4 5018 53
/ 36,700 Goodrich Co(B F)_-__No par 36 Jan 5
1
4
/
1
4
5512 Apr 6
17 Jun- 38 De
9634 963 .96
4
071 .96
:
9712 *96
9712 9712 99
9834 99
000
Do pref
96 9612 96
100 92 Jan 3 99
/ 967
1
4
8 964 964 95
70 May 92 Del
/
1
/
1
4
/ 9612 953 M33
1
4
4
8 95
9612 3,600 Goodyear T dr Rub Pf v t c-100 864 Jan 6 1073 Apr 16
1044 10418 104 104 *104 1041 .104 10412 104 104
8Mar 13
Jan 90 8 Des
39
:
5
1037 1034
8
/
1
700
Do prior pref
100 10314 Jan 5 10714
15
*14
*14
15
14
/ 147 *141: 15
1
4
6
8
88 Jan 10818 De
15
14
15
144 15
/
1
800 Granby Cons Min Sm & Pr_100 13 Mar 30 2114 Mar 14
Jan
1212 Apr 217 Del
8
Gray & Davis,
_ __No par
;014 10512 943 9612 961 963
44 Jan 2
4
718
:
218 Oct
8 9612 96
/ 953 954 953 96
1
4
94 Jal
8
4
3,000 Great Western Sugartem ctf 25 91 Jan 16 9914 Jan 3
Inc124 1218 1214 1213 *13
*1212 15
Mar
8314 Oct 964 Dee
1312 1214 13
/
1
134 1314
Greene Cananea Copper_100 114 Mar 19 1914 Jan 3
900
*54 51:
514 5
/
1
4
518 518
10 May 2178 Dee
518 5
2
/
1
4
5
5
*54 54
000 Guantanamo Sugar____No par
5 Apr 1
07014 714 6913 704 694 7034 704 7114 703 717
612 Jan 5
4 Nov
/
1
4
1018 Fel
4
8 7014 71
4,400 Gulf States Steel
100 6718 Mar 24 941 Feb 5
*284 29
3
2814 29
2838 283
/
4
8 28
62 May 8914 Fel
/ 29
1
4
29
29
*284 29
900 Hartman Corporation__No par 271:Mar 23 371: Jan 7
35
35
35
35
3412 313
4 34
344 3114 3414 343
31 Sept 414 Fet
3 4,200 Hayes Wheel
8
No par 30 Mar 14 434 Jan 3
46. 46
*451 4612 *4512 464 *451: 464 *4512 461: 461: 351
:
3214 May 5278 Fel
4612
300 Hoe (11) & Co tern ctts_No par 45 Apr 1 4878 Jan 9
4
44
44
433 441 43
/
4
/ 43
1
4
44
/ 44
1
4
4814 Dec 511 De
44
/
4
44
*437 44
8
1,400 Homestake Mining
3534 35 4 35 4 36
100 43
3
3
3534 36
36
36
35 July 5612 Jaz
3614 3614 *36
361 1,400 HousehProd,Inc,temctiNo par 3413 Jan 2 50 Jan 12
/
4
64
64
/ 63
1
4
Jan 5 374 Jan 20
63 83
6434 62
635
311 Apr 38 Nos
/
8 62
4
6234 6078 6112 4,900 Houston Oil of Tex
tem 006_100 604 Mar 30 85 Jan 29
4458 4514 45
/ 474 47
1
4
/ 52
1
4
52 8 5418 504 54
61
5
Apr 8218 Fet
5118 5212 111,700 Hudson Motor Car____No
163 16
5
'4 161 161 17
/
4
/
4
2012 May 36 De,
1712 m17
173
4 17
1712 1612 1718 18,100 Hupp Motor Car Corp.-par 3334 Jan 5 514 Apr 15
10 144 Mar 18 194 Jan 5
...... ---- ---- ---- ---- ---- ---- ---- ---- -- -- ---/
1
114 May 18
Jai
---.
71
, ps •713 93
Hydraulic Steel 8 oT12 953 *74 73
No par
1 Jan 5
4
18 Jan
114 Jan 8
71: 712
2 8 Do
3
71: 74
300
Do pref
4
/ 232 242
1
4
4 234 243
100
3
6 Jan 5
8 23
24 2 2412 24
24
712 Feb 18
3
2334 2118 244 54,900 Independent
3 4 May 10 Do
:14
154 1418 141: 1413 141: .14
Oil & Gaa Ne par
131: Jan 5 • 3312Mat 6
1512 .14
15 .14
54 Bent 1614 De,
15
200 Indian Motocycle
No par 13 Mar 24 20 Jan 3
ors 7
7
7
* 4 7
63
1518Jan
254 Tel
•3
64 7
7
7
74 74
300 Indian Refining
*70 8518 *70
10
518 Jan 2 1028 Feb 6
8518 *70
854 *70
8518 .70
33 Apr
4
718 Jun,
8518 *70
8
54
Do prat
100 77 Mar 24 95 Jan 7
60 Mar 75 De
414 411: 41
414 4014 4114 *4012 43
4134 413
4 404 41
1,700 Inland Steel
No par 4014 Apr 14 50 Feb 2
1014 1041: 1041: 10412 *10434 107 *10514 107 *10512
4,10418 107
3118 May 4834 No
107
200
Do pref
100 10412 Apr 13 110 Jan 22 1014 Jan 1073 De
/ 2318 2318 2312 2234 234 224 2234
1
4
3
4
233 23 4 234 2318 22
4
5,200 Inspiration Cons
20 2212 Apr 17 3234 Jan 12
101: 1018 11
10
*Mt 10
11
2218 Feb 33 2 De
III: 1112 1212 124 1212 4,500 Internat AgrIcul Conner
7
No par
74 Jan 7 134 Feb
3
11618 116 4 117 4 11812 119 119
1194 1194 *115 118 .117 119
3
3 June
9 8 JI1
3
1,900 Int Business Machines_No par 110 Mar 30 125 Feb 5
:
7
, 5918 59 8 *591 5978 60
6012 591: 597
9
83 Apr 1187 De
8 58
/ 594 585
1
4
/
1
8
8
3,600 International Cement No par 52 Jan 5
3
2 27
3634 3712 363 3734 3718 371: 3534 3712 3518 59
4
40 4 Apr 591: No
3
,
364 21.100 Inter Combue Engine_ No par 313 Jan 21 614 Apr 9
4
44
10414 10412 1031±1038* 1031: 1083
22 Mar 39 De
103 10312 10312 10478 104 104
4 5.700 International Harveater_100 9618 Mar 2 1107 Mar 6
11418 11418 *114 115
8 Jan 23
1144 11418 *1144 115
78
114 114
Jan
114 11418
500
Do prat
.100 114 Mar 3 1154 Feb 13 106 Feb 1104 De
8
11
4104 1112 103 1013 104 11
11
*in 11
11512 No'
114 1112
404 404 404 41
4012 424 413 4214 403 42' 414 43 8 1,700 Int Mercantile Marine_ ___100 104 Apr 13 147 Feb 5
/
1
8
8
6 4 Jan
3
4
1558 De
3 18,000
Do pref
100 3918 Mar 18 523 Feb 5
8 264 29
284 293
252 294 254 29
4
4
284 Mar 474 De
284 29
284 28 8
3
*974 984 *971: 9814 9818 9818 *9718 984 9712 974 35,000 International Nickel (The)_25 24lMar18 29 Apr 8
/
1
4
*074 9818
114 May 2718 De
200
Do pref
100 94 Jan 6 9918 Feb 6
504 5118 She 534 5314 55
5514 534 544 52 '544 21,000 International Paper
54
Ulf May 95 No'
/
1
4
100 4814 Mar 1
82 Jan 13
72
72
73
731
: 7312 735
*714 72
341 Apr 60 Die
4 7214 7312 *7212 73
:
2,000
Do stamped Prof
100 71 Mar 9 764 Feb 11
115 1154 115 118
*11714 118 '1171,118 *11713 115
6218 Mar 744 0.5
11818 11818
/
1
500 International Shoe
NO par 108 Feb 2 11818 Apr 15
5
1
73
*117 8 125 *117 5 120 '11734120 *119 120 *119 120 *119 120
Apr 119 No,
Do pref
100 11912 Jan 8 1204 Feb 28
' 82 88 *883 89
8
893
8
4 597 9038 8934 9018 8934 904 5,000 Internat Telep &
8
2
Teleg-100 874 Apr 3 974 Feb 19 11514 MAY 11914 Do
*23
e2218 24 032
24
25
*23
25
25
*23
68 Feb 94 De
*23
25
Intertype Cory
No par 22 Apr 9 2612 Jan 5
. 6
iii
- ._ ;in_ i6_ iii ".. ;:ii iii ;ii ic
,
.
2412 Dec 3212 Ma
.
Invincible 011 Ororp--No par
1518 Jan
224 Jan 9
.8090 *80
101 July
1678 Jai
:
Iron Products Corp
10 82 Jan 27 105 Feb 10
*1812 19
*1812 19
*184 19
01812 19
*1812 19
3918 Apr 1003 De
19
19
2
200 Jewel Tea. Inc
100 1818 Mar 30 211 Feb 26
/
4
*mu;109 4 •1074 1094 *10714 108 *10714 108 *10714 108 *10714 108
3
16 2 Apr 234 Jal
5
Do prof
100 1021 Jan 19 110 Feb 25
:
78 Mar 106 De
•Hid and asked Primer no Wes on this day. s Mx-dividend
Par value changed from $100 be $50 and prioee on
that basis beginning June 3. a Es
-rights.
New York Stock Record-Continued-Page 4
1992
.71 sales during the week of stocks usually Inactive, see fourth page preceding.
PER SHARE
Range for Year 1025.
STOCKS
Sales
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
-share lots.
On basis of 100
NEW YORK STOCK
for
EXCHANGE
the
Friday,
Tuesday, Wednesday Thursday.
Monday,
Saturday,
Highest
Lowest
Week.
Apr. 17.
Apr. 16.
Apr. 15.
Apr. 14.
.13.
Apr.
.11.
Apr.
Indus. & Miscell.(Con.) Par $ NT share $ per share
s
Jones Bros Tea,Inc,etpd__100 1615Mar 31 217 Feb 3
No par 42 Jan 27 5912Mar 3
Jordan Motor Car
12 Feb 28
14 Jan 28
10
Kansas & Gulf
Kayser (J) Co v t o____No par 1834 Mar 17 2734 Jan 5
No par 83 Mar 30 90 Jan 13
Do 1st pref
Kelly-Springfield Tire
25 124 Mar 24 1734 Jan 3
100 41 Mar 25 51 Jan 5
Do 8% prof
100 43 Mar 25 53 Feb 4
Do 6% pref
Kelsey Wheel, Inc
100 88 Mar 26 101 Jan 13
4
No par 4612 Mar 30 575 Jan 13
Kennecott Copper
172 Jan 9
314 Feb 5
Keystone Tire & Rubb_No par
No par 74 Mar 25 87 Jan 3
Kinney Co
Kresge (9 8) Co
100 375 Apr 1 532 Mar 24
Kresge Dept Stores_ _ _ _No par 3112 Jan 21 4534 Jan 7
Laclede Gas L (St Louts)_ _100 11014 Jan 5 178 Mar 31
Lee Rubber & Tire._ __No par 114 Feb 20 15 Feb 5
25 57 Mar 25 7112 Feb 6
Liggett & Myers Tob new
100 11612 Jan 16 120 Mar 3
Do pref
25 5512 Mar 27 704 Feb
Do "B" new
No par
Lima Loa Wks
614 Mar 31 743s Jan 14
2
Loew's Incorporated., _No par 22 Feb 17 287 Apr 14
94 Apr 6
No par
6 Jan 28
Lott Incorporated
100 77 Feb 17 9712 Mar 7
Loose-Wiles BLscult
25 304 Jan 24 3772 Jan 13
Lorillard__
100 1084 Feb 27 112 Jan 12
Do met
4
233 Feb 3
Louisiana OH temp ctfs_No par 144 Mar 31
4
NO par 313 Feb 17 55 Mar 4
Ludlum Steel
100 114 Mar 20 11713 Jan 24
Mackay Companies
Mack Trucks, Inc
No Par 117 Jan 16 14914 Apr 17
100 104 Jan 27 1094 Feb 18
Do lot pref
100 99 Jan 2 104 Feb 27
Do 28 pref
116 Jan 5 137 Feb 9
Do 28 pald
Macy(R II) & Co, Ino_No par 6912 Jan 3 8412 Jan 10
No par 34 Mar 31 4414 Jan 2
Magma Copper
MallInson (H 11.) de Co_No par 2152 Mar 30 3712 Jan 23
100 81 Mar 16 92 Apr 15
Do pref
100 50 Jan 5 5312 Feb 26
Manati Sugar
4
100 793 Mar 30 82 Feb 9
Do pre(
Mann Elea Supp tem ctts No par 424 Feb 16 59 Mar 10
3
25 204 Mar 16 30 4 Jan 3
Manhattan Shirt
Manila Electric Corp_ _No par 2812 Mar 6 374 Apr 16
Maracaibo Oil Expl___No par 254 Apr 2 3512 Jan 31
No par 30 Mar 17 4614 Jan 31
Marland Oil
2
No par 103 Mar 13 1234 Jan 22
Marlin-Rockwell
Martin-Parry Corp _ _No par 2512 Mar 24 374 Jan 7
4
Mathiemn Alkali Wkstemett50 51 Jan 6 733 Feb 11
2
Maxwell Motor Class A.-100 745 Jan 27 1084 Apr 16
Maxwell Motor Class B No par 3314 Jan 27 87 Apr 17
4
May Department Stores...50 101 Mar 23 1113 Jan • 2
McCrory Stores Class B No par 79 Mar 17 9413 Jan 13
McIntyre Porcupine Mines_5 16 Jan 2 1815 Feb 24
.No par 98 Jan 7 101 Mar 17
Metro Edison Power pt
Metro-Goldwyn Pictures pt_27 18 Jan 3 2214 Feb 5
Mexican Seaboard 011._No par 1112 Mar 17 2212 Jan 6
4
2
97 Apr 3 243 Jan 13
5
Miami Copper
5
13 Jan 13
52 Apr 16
10
Middle States Oil Corp
..100 96 Jan 2 10512 Mar 3
Midland Steel Prod prof.
50 29 Feb 2 3015 Jan 10
Midvale Steel
100 64 Apr 17 72 Jan 3
;;Iiii"! W6645* 2,200 Montana Power
66
16-5i
648 64g -6418 14
5
Montg Ward & Co III corp..10 41 Mar 30 553 Jan 13
4
5 4715 4815 4715 473 55,100
4
5
4 473 487
4812 4912 477 483
4713 49
par 223 Mar 19 2712 Apr 14
4
2612 21,100 Moon Motors
5 2612 2713 22612 2712 254 264 26
5 264 267
263
26
94 Jan 2
64 Mar 28
No
5,000 Mother Lode CoalitIon_No im
7
5
67
64 7
7
7
5 7
67
5 7
67
7
65 7
No par 14l Feb 2 2112 Feb 20
2,300 Mullins Body Corp
•18
1912 *1813 19
20
1912 19
18
4 19
•17
4
173 173
No par 31 Mar 30 34 Jan 23
700 Munsingwear Co
*3012 32
3112 *3012 32
4 31
*3113 313
53112 32
*3112 32
No par 19312 Jan 5 385 Apr 17
Nash Motors Co
4,000
364 365
355 361
356 356
345 357
350 357
324 350
4
100 1033 Jan 21 106 Feb 28
100! Do pref
8
1054 10612 510535 10612 •10512 10612 1057 10612 10512 10512 *106 10812
•
74 Jan 13
414 Mar 24
3001 National Acme stamped__..10
5
5
541. 514
5
5
,
54
4 5 2 55
*43
,
5 4 *5
,
25 6512 Mar 17 75 Jan 2
3,4001 National Biscuit
4
5
,
6612 87
4 667 6714 6634 67 4 6618 6612 6612 663
4
663 683
4
Mar 11 1283 Feb 10
100 12312
Do pref
500
124 124 *124 162
12414 12434 124 126
12414 12414 •12412 126
National Cloak & Sult____100 6513134ar 5 78 Jan 26
67 .6614 67
566
56614 67
•6534 67
67
566
68
566
100 99 Jan 13 104 Jan 29
Do prof
•100 101 •100 101 •100 101 *100 101 *100 101 5100 101
Apr 7
4 2,900 Nat Dairy Prod tern etteNo par 42 Jan 2 4812 Mar 12
4
4715 4712 4712 4713 4713 4814 474 4812 473 4815 4712 473
700 Nat Department Stores No par 384 Jan 2 43
5
414 413
4 414 42
4175 4178 4134 413 .
4134 42
42 42
100 06 Apr 15 102 Jan 2
Do pref
*964 0712 5961g 974 1,000
97
5 9712 9712 9734 9814 x96
5
973 973
800 Nat Distil Prod pftem ctf No par 5212 Jan 8 15814 Feb 21
5
617 62
*6112 62
5
5
*6112 6212 617 6175 617 6178 56112 63
800 Nat Enam & Stamping-100 3012 Mar 17 3875 Jan 21
31
3012 303
31
4
3115 3112 3034 31
31
4 31
4
303 303
100 81 Apr 15 8934 Jan 12
Do pref
100
84
84 .80
580
81
81
84
84
*80
580
84
*80
5
100 14012 Mar 30 1667 Jan 9
2,500 National Lead
4
145 1454 1443 145
14512 14512 145 146
144 145 *145 146
100 116 Jan 5 118 Mar 4
pref
Do
100
11614 11614
•116 117 *116 117 •11614 117 •11614 117 *116 117
50 6152 Apr 2 71 Jan 29
s 3,000 National Supply
637
6213 624 •63
624 625* 624 63
63
634 62
63
5
163 Jan 7
4 1312 1312 2,100 Nevada Consol Copper-- 5 134 Mar 31 664 Jan 3
4
5
5 133 133
4
4 133 134 137 137
4
134 133
5 133 133
4512 4514 4514 1.200 NY Air Brake tern ctfs_No Par 4313 Mar 19 87 Jan 7
4512 4512 4512 4512 4513 *45
4514 4514 45
51 Mar 19
No pa
Do Class A
300
55
*53
53
53
55
5412 5213 5212 55212 55 .53
*53
3
4
5 9,8001 N Y Canners temp otts_No par 313 Mar 30 39 5 Apr 17
393
36
3314 334 36
33
324 33
4
*323 33
33
E33
100 18 Mar 24 314 Apr 14
9,7001 New York Dock
28
2615 2612 525
29
3115 2413 26
31
2813 29
,
2 26
100 5212 Jan 14 67 Apr 13
6312 2,4001 Do prat
6312
66
60
63 •
5 83
5
663 687
6512 67
.
P 6212 66
4512 Jan 5 58 Feb 24
.No pa
I Niagara Falls Power..
57 5.... 57 5____ 57
•--__ 57 •____ 57
25 28 Jan 5 29 Jan 2
Do prof new
700J
5
5
2812 28 5 28 5 283 2812 2814 283
3
8
5
'283 2812
2812 2812 1
49 Mar 4
4112 Jan
5
4 4515 4512 454 453 16,900 North American Co ' 10 4652 Jan
454 4512 4515 45 4 4535 453
3
5
447 45
49 Mar 4
50
Do pref
5 484 4814 4815 4815 1,400
483
4814 48
4813 48
484 4815 •48
1012 Jan 30
8 Jan 1
.No pa
100 Nunnally Co (The)...
912
*9
10
912 *9
913 *9
*9
912
,
714 Feb 26
912 9 2 59
512 Jan 2
300 Ontario Silver Min new No pa
612
*512 815 *5 4 64 564 613 *6
7
3
613 613 *6
23 Mar 2
2
183 Jan
No pa
Onyx HosIery
4
243
2435 •21
244 521
244 *21
5
243 •21
2433 521
522
2
293 Feb 27
4
253 Jan 1
5 1,800 Orpheum Circuit, the
52815 283
‘
4
2412 2812 2812 2812 283 52815 2814
28
52713 28
8752 Feb 2 11812 Apr 17
5
11413 11812 9,500 Otis Elevator (5)
4
1043 10512 10612 113
4
4
4
104 1053 10334 1033 1033 104
1172 Jan 31
8 Marl
No pa
5,200 Otis Steel
10
10
10
10
934 10
934 10
10
1015 10
10
4
663 Feb 2
504 Mar 1
10
Do prat
200
60
558
60
.58
59
59
59
551
60
555
55713 60
2
507 Jan 3
4234 Marl
2
4 4,100 Owens Bottle
463
4512 45
4514 45
*4412 4512 4434 4512 45
54412 45
10812 Feb 11
100 10212 Jan
1,300 Pacific Gas & Electric
10512 105 105 4 105 105
,
10512
5
3
105 4 1057 10512 10512 *10512 106
104 Feb 5
7 Apr
Pacific Mall SteamshIP-.-.
*514 7
•514 7
5514 7
554 7
•614 7
7
*5
6514 Jan 31
5214 Mar 3
No pa
36,000 Pacific Oil
5 5414 5513 5418 55
5
5512 5812 5512 563 .554 5615 5512 563
15 Jail
2
233 Apr 8
1
5
213 49.5001 Packard Motor Car
5
203
22
4
2212 213 2214 21
5 2214 2234 22
223
10912 Apr 8
22
100 10214 Jan
Do prof
500
10913 10912 510914 1094 •10914 1094
2
837 Mar 3
10913 10912 10912 10912 *10914 110
50 64 Jan
5 724 724 10,000 Pan-Amer Petr & Trans
7412 7515 724 747
7514
3
75 5 74
2
3
8412 Mar 3
754 75 5 75
SO 633 Jan
Do Class B
5
3
4
5 743 75 4 731s 747 .7258 7314 80,200 Panhandle
54 Feb 26
7514 757
3 Jan
8 754 7614 7414 753
Prod & Ref.No pa
100
412 5214 412
531g
3
3
412
413 *3
112 Jan 1
*214 413 5214
3
17 Feb 11
200 Parish & Bing stamped-NO Pa
14
14
14 14 *14 14
178 514 14
5 •14
*14 17
3512 Jan 10
4001 Park & Tilford tom etts_ No par 2814 Mar 3
30
529
30
2 3015 3012 528
5
263 Jan 2
529 • 3075 52915 304 530 30,
50 14 Apr
1001 Penn Coal & Coke
•1214 15
1412 1412 51214 15
•121,4 15
*1214 15
•1214 15
114 Mar 31
3 Jan 9
112 7,0001 Penn-Seaboard St'l vie No par
14
112
8
13
13
113
5
113 113
8 113
13
113 112
100 112 Jan 16 121 Feb 11
500 People's0 L &0(Chic)
114 114
11312 11312 .114 115
114
11314 11314 5113
511314 114
Mar 18 5712 Jan 7
5 524 524 1,2001 Philadelphia Co (Pitteb)-- 50 5112 Jan 5 4713 Mar 3
5
5 523 523
523
52
5
517 52
5213 52 52
*52
50 454
Do pref
2001
46
46
46
3
*45 4 4614 •4534 4634 54534 46 .4513 4612 46
-.No par 3812 Mar 28 5212 Jan 9
4,100 Plilla & Read C & I
4212 *4112 42
41
4
4
393 404 403 41
5
395 394 40 40
2
Certificates of Int.. No par 483 Feb 13 5013 Jan 23
42
43 .41
4
*4014 41 .40
*403 4214 541
42
540
41
Phillips-Jones Corp____NO par 60 Apr 3 904 Jan 12
5
5617 70
5
5617 70
5
603
. 4 6814 •6114 6814 *6414 6814 .817 70
4
1414 1,000 Phillip Morris & Co, Ltd _ _ _10 123 Mar 19 1614 Jan 5
1412 144 1415 514
1414 14
1413 1412 14
1413 15
•
2
No par 3614 Mar 30 463 Feb 2
5
3712 383 33,200 Phillips Petroleum
5
3
38 5 39
3814 3912 3834 3015 383 3915 3815 39
5
34,700 Pierce-Arrow Mot Car-No par 107 Mar 30 15 Jan 13
5
4
13
13
13
1372 133 1414 1334 1414 137 144 1312 141 15,800
4
100 43 Mar 24 513 Feb 13
Do pref
4914 501
5 4914 5013
503
4614 4614 4712 484 48 2 504 49
7
• No par 85 Mar 18 91 Apr 16
Do prior pref
800
94
592
94
92
92
590
9312 •90
93
9313 590
*90
4
1.3 Jan 2
34 Feb 5
25
3,000 Pierce 011 Corporation
172 2
2
2
24
2
2
215
2
2
2
2
100 2512 Jan 2 40 Feb 26
Do prat
35
35 .31
35 .31
1
'
531
35 . 31
35
•31
530
35
4
53 Jan 2
814 Feb 5
18,800 Pierce Petrorra tem ctfs.No par
612 6i4
64 7
618 614
61, 614
61, 63*
612 612
100 44 Mar 30 5412 Jan 13
4,700 Pittsburgh Coal of Pa
4412 45
4434 45
3
45 5
45
545
47
*46
4612 54515 46
100 35 Apr 1 99 Jan 5
Do pref
500
89
89 .87
8714 .87
587
89
87
89
87
587
87
100 94 Mar 26 10212 Jan 8
Pittsburgh Steel prof
97
*95
97
*95
97
*95
*95
97
97
*95
*95
97
100 38 Apr 3 6334 Jan 17
Pitts Term Coal
39
538
40
40 •38
3913 *36
3912 538
391 .35
*37
100 8112 Apr 11 88 Jan 6
Do prat
100
82
581
82
581
82
83 .81
*81
83
8112 811 .81
775 Pittsburgh Utilities pref._ _ _10 124 Mar 24 154 Jan 2
131 *1314 1312
1312 13
14
*1312
14
*1312 14
14
14
4
Do prof certificates_ _ -10 123 Mar 20 15 Jan 15
300
1314
513
13
134 13
1312 131 *1313 14 .1313 1415 •13
ctiNo pa 9314 Feb 16 1184 Apr 17
4
8
112 114'z 11414 1163 1154 1155 16,000 Post'm Cer CoIne tem cite_ _10 11512 Feb 3 117 Jan 13
4
3
4
11114 1133 112 4 1133 1124 113
200
Do 8% pref temp
•1164 - 5
•1163
•11615 11612 •1164 11612 11612 11612 *11614
$ per share $ per share $ per share $ per share $ per share $ per share Shares.
1613 1612 1612 1612 1,000
17
516
1612 1612 1615 1612 *1615 17
4912 52 4 4912 5012 21,900
5
493 52
,
5
4514 4712 474 4814 477 50
200
8
5
*12
5
513
8
'1
512
12
12
*12
800
.214 22
22
2112 *2014 2112 213 2314 22
4
2112 *20
520
100
87
*83
88
91
583
584
91
*84
85
85
85
.83
1714 12,600
4 1634 1715 1612 1715 16
4 1612 1612 1614 163
1614 163
500
50
47
5012 •
5018 *50
50
50
.47
3
48 4
4912 47
*49
52
551
52
*5112 5312 *51
5212 551
.6012 8212 *5012 54
92
83
92 •
92
583
586
92
92 •83
*83
92
83
.
5
4 474 4814 18,700
484 4915 483 4914 484 483
4
483 49
5
483 49
5 1,700
215 23
215 21
2'g 24
5
214 214 524 23
214 214
300
2 7512 7512 *74
*7412 7813 7613 773
79
*77
79
*77
100
394 394 *390 395 *390 395 *390 395
•385 395 *38514 395
700
3213 3212
4
3412 323 33
3312 *33
*33
34
3312 *33
*33
100
155 .145 165 *145 165 •140 154 •14614 154
155
*155 164
,
5
4 133 1312 1314 14 4 2,400
4
*123 1312 *1212 1312 124 124 1314 133
5 1,300
5 584 587
583
5812 5812 5815 5815 5812 5812 5812 5812 58
400
4
1163 1163 11712 11712
118
4
117 117 5117
5116 118 5116 118
58
5
584 583 *584 584 3,100
5 58
583
5 58
5
5 583 583
3
58 5 583
4 1,900
644 6435 6414 643
5
6412 8412 643 65
6334 64
*6312 64
2815 67,100
5
5 273 2812 2713 2815 27
2618 2712 274 284 2815 287
6,800
74 8
5
83
8
84 83
4
4 9
83
4
84 83
5 812
83
1,000
86
84
84
4 8413 8412 584
853
8312 *8214 8312 84
•82
5
3413 343 3435 3414 3414 1,300
5
3413 3412 3414 3435 3414 3412 343
100
1104 1104 *109 110 *109 110 5109 110
3
•108 4 111 *108 111
4
5 153 1615 8,200
163
5
1635 1675 163 164 16
1613 17
4
163 1714
4 6,700
3
35 4 3613 3413 3615 334 343
344 3513 3434 36
3314 34
5116 11712 .116 11713 *116 119 *116 118 •116 11712 •116 118
4
8
4
138 14014 13814 1393 13812 14513 1433 1473 14312 14612 144 14914 168,600
200
4
4
1073 1073 •107 108 •107 108
108 108
2
5107 108 .1073 108
200
•1004 102 510014 102 *10014 10112 *101 10112 101 10112 •101 10112
_
300
78
i
7 .76 W1- -7814 - ; .7713 7813 .77- - - 313 4i4- 78 '76
783
4
4
5 373 3918 10,000
5
387 397
3814 39
4 3812 39
3713 3712 3712 373
5
287 10,400
5 273 2814 274 2814 28
2
4
264 263 273
5
253 2614 26
700
02
924 $91
591
5
913 92
91
9018 9014 91
90
89
100
52
523 550
4
523 .50
4
550
51
51
52
550
52
550
4
*793 81
4
*793 81
4
*793 81
4
*793 81
4
*793 81
*7934 81
5412 2,400
5 5313 55 4 544 5513 554
3
5
537 537
*5314 54
*5314 54
24
1,700
2412 24
24
24
244 24
2515 24
8 25
2515 257
4 363 377
4
8 3714 374 7,200
363 373
4
37
36
4 3514 36
,
35 4 35,
5 4,800
5
,
2615 2615 264 26 4 2612 254 2619 253 257
28
264 264
5
4
5 353 3612 347 353 60,100
367
5
4 36
5 35 5 3675 3534 363
3
3615 367
1212 1214 1213 1214 1214 1,000
1212 12
1212 511
1112 1112 511
600
284 283
29
5
4 29
4
2914 2914 293 293
2914 284 29
527
4
5 663 704 7,700
5 6512 6514 6614 6612 664 663
7
6313 6312 63 5 663
5
4
102 1033 10315 1033 10315 10614 10412 10614 58,600
3
1023 104
99 104
87 392,600
4
5 78
5
4 703 733
713
4 723 797
604 634 6412 6713 86
106 10714 10612 1074 10412 10612 104 10412 10312 10412 6,900
10513 106
8515
8513 582 " 8512 •82
8512 *82
582
8512 .82
85
.82
300
5
5167 17
8
•167 17
4
4
163 163 *163 17 •163 17
4
4
4
•163 17
,
,
•9813 9912 *9712 9912 *9713 9914 *9713 9812 59712 9812 597 2 98 2
5
5
204 203 203 *1912 2012 *1912 2012 2,700
1914 1914 1935 2014 20
167 43,700
5
,
184 1715 1814 1612 17 4 16
4 1713 1914 18
1612 173
4 1012 104 104 104 5,200
4 1012 103
5 104 1012 1014 103
5
103 103
1
2
7
4
3 15,200
5
5
4
3
52
1
1
1
4
1
100
8
*997 101
*9978 101
5
10015 10018 5997 101
4
*993 101
4
5993 101
-6434
-a-
-ai-
.28%
•laki and naked allow no idea on Me W.
•Ex-dlvIdend.
a Ex-new rights.
•No pax.
-Manta
a Es
PER SHARE
Range for Previous
Year 1924.
Lowest
Highest
Per share $ Per share
4
143 Sept 274 Jan
2134 May 5252 Dec
Jan
1
14 May
2
1614 Aug 3133 Jan
77 Aug 10212 Feb
Jan
934 June 35
Jan
33 June 88
40 June 7812 Jan
78 May 104 Dee
3412 Jan 574 Dee
432 Jan
112 Oct
5214 May 8614 Dee
28712 Jan 47514 Dee
4212 Nov 6272 June
Jan 113 Nov
79
8 May 1712 Jan
50 Mar 6834 Dee
2
1147 July 121 June
487 Mar 6812 De0
5
56 June 71 Dee
1515 June 25 Dec
834 Jan
512 Apr
50 Mar 84 Noy
5
333 Dec 4014 July
112 Nov 117 Feb
fie;
i4 Oct
17
Jan 119 Aug
107
4
753 Apr 11872 Dee
9513 Jan 1074 Dee
87 Apr 10114 Dee
93 Oct 115 Doe
59 May 7112 Dee
Ms June 4552 Dell
18 Mar 4112 Dee
783 July 93 Dee
4
45 July 694 Mar
78 Oct 87 Mar
334 Mar 4934 July
Jan
2612 Dec 44
4
283 Dec 3112 Dee
2452 Oct 3712 Jan
29 May 42 Feb
17$4 Mar
Jan
8
314 Nov 374 Jan
294 May 584 Dee
38 Apr 8418 Dee
1015 Apr 394 Dee
8212 Apr 115 Dee
86 Oct 10634 July
144 Dec 1814 Jan
9014 Apr 101 Dee
15 Sept 19 Dec
144 Jan 2534 Sept
20 May 25 Aug
1 Aug
2
67 Jan
9112 June 98 Nov
2312 Oct 3414 Feb
6114 June 744 Dee
2134 May 4812 Dee
1712 Oct 2712 Feb
94 Feb
6 May
9 Mar 1814 Dee
Jan
2912 July
9612 Apr 204 Dee
2
9814 July 1045 Nov
4
33 Oct 1012 Jan
5014 Mar 7714 Sept
12012 Jan 12634 Dee
44 June 7072 Dee
914 Mar 10072 Dee
304 Apr 444 Deo
3614 Oct 43
Jan
2
923 June 101 Dee
3012 Aug 54 Dee
184 Sept 4472 Jan
67 Sept 89
Jan
12312 Apr 16914 Aug
11112 May 118 Sent
544 Oct 7212 Feb
2
117 Jan
1634 Dee
3612 Apr 67 Dee
4714 Jan 57 Deo
32 June 37 Dee
19
Jan 3712 May
414 Feb 5514 May
42 Sept 47 May
27 June 29 Sept
Jan 45 Deo
22
7
43 5 Jan 5014 July
7 Apr
912 Dee
832 Oct
4
43 Mar
18 May 30 Jan
18 Feb 29 Dee
6853 June 92 Dec
2
614 Nov
117 Jan
44
Oct 7434 mar
394 May 474 Jan
9012 Jan 105 Dee
7 Apr 103 Jan
4
45 Apr 5814 Feb
7
9 2 May 1012 Dee
8912 Apr 10214 Dee
4414 Feb 65 Dee
2
4114 Feb 643 D00
44 Jan
112 Sep
134 Dee
4
3 July
354 Dee
24 Sep
1814 Nov 304 Jan
414 Jan
14 Oct
4
923 Apr 11912 Dee
5712 Deo
424 May
Jan
4214 Jan 47
344 Mar 544 Dee
2
35 Mar 523 July
44 May 88 July
11 July 234 Jan
2812 Oct 4212 Apr
513 may 16 Dee
1815 May 54 Dee
5912 June 95 Dec
Jan
14 Apr
Jan
20 Mar 86
54 Dec
2
43 Oct
6354 Mar
4772 Dee
9472 Aug 100 Apr
Jan 103 Aug
95
2
587 Dee 6314 D00
83 Dec 874 Dee
2
167 Dee
2
97 Jan
1118 Feb 1612 Dee
4812 Apr 10312 Dee
Oot
110 Feb 117
New York Stock Record-Continued-Page 5
1993
Pot sales during the week of stocks usually inactive, see fifth page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Apr.
.11.
Monday,
Apr. 13.
Tuesday.
Apr. 14.
Wednesday.1 Thursday,
Apr. 15.
Apr. 16.
Friday,
Apr. 17.
Sales
for
tat
Week.
$ per share $ per share $ per share $ per share $ per share $ per share Share.?
1,000
*534 58
5314 534 54
5414 55
5514 *5412 55
54
54
200
83 83
•82
85 .82
84
*82
84
*82
84
*82
84
2312 233 *24
2312 2312 23
3,300
4
25
*2312 24
2312 2212 23
6658 6634 67
8 6714 673
67
67 6712 674 675
4 67
674 5,200
4
300
101 101
*663 10134 997 997 *997 1003 10118 1014 *993 101
4
8
8
8
4
110 110
*10914 110 *10914 110 *1094 110
10914 10914 *109 110
200
1324 133
4
132 13212 13112 13212 13212 135
7,700
1293 13212 13034 132
*4234 43
4378 43
43
437
8 43
4514 4314 44
4234 4312 10,800
267 27
8
27
2738 26
263
4 2614 2612 26
2612 253 26
8
19.700
•10412 105 *10412 105 *10412 105 *10112 105 *10412 105 *10112 105
6158 147,700
54
553
4 543 564 55
4
553
4 557 58
8
8 59
574 603
51
400
*503 5114 51
4
51
*50523 5114 *595 51
8
505 505
8
8 51
•123 124
124 124
125 126
12612 1263 126 12634 125 1253
4
4 1,300
*3412 3518 *3412 354 *3412 3518 *313 354 *35
4
354 *35
3518
1234 127
8 123 127
4
8 125 13
8
124 13
8 8,500
1214 123
4 124 123
6914 703
8 6912 6912 6912 71
70
72
70
7114 6912 71
8,900
•102_ *102 107 •101 105 *103 105 *103 105 *102 105
*110 11312 11134 11134 *110 112 *110 112 *110 112 *110 112
-- 100
14
1414 1438 145
8 1412 153
8 15
153
8 1112 154 1414 1412 5,000
4614 4518 4714 4518 465
444 45
4378 4412 44
8 454 46
19,300
8712
*85
88
*85
88 .85
83 *8512 8838 *8558 883 *86
4
14
147
8 143 1518 1414 1512 21518 16
1512 1614 153 163 57,500
4
4
8
8
747 747 *74
8
8
747 •7438 7478 7434 75
7414 743
4 7414 744 2,100
*1204
12018 1204 *120
___ *120 122 *12014 12212
*12018
100
95 95
*9312 9712 *9312 9712 *931 95
*9312 95
*9312 95
100
494 5014 50 5012 4634 504 464 4912 4812 487
8 4812 483
4 6,400
45
45
45
4412 45
447 45
8
453
8 4518 473
4 47
475
8 8,500
674 6978 66
63
64
653 6612 664 68
4
673
4 63
66
13,200
*11014111 *11012112 *111 112
11112 11112 *111 112
111 111
200
•111 112
112 112
112 112 *111 112 *111 112 *111 112
200
8
15414 15512 15412 155
153 1547 155 15612 156 15712 z155 155
8,500
4 6- -;5 4 -- -- - 3 -.3
. 6
--6 -.6- -;53 -; 4 (f- -'
'A ---- --. 2 -- 1- ---ioo
6
E2
5
*40
/ 413 *4012 411 *404 404 •393 411 *3934 4114 *393 4112
1
4
8
/
4
/
1
/
1
4
4
/
,
4
4
2418 2418 24
244 24
2418 233 2414 2312 237
4
8 2318 2312 15,800
101 101 *101 10134 *101 10114 101 101
310014 1007 *10014 101
8
200
223 23
8
223 234 224 2318 2214 23
4
2214 23
22
2212 9,600
4 35
35
35
3412 343
35
35
343 35
4
35
35 35 12 2,200
1918 194 1914 1912 1918 194 1914 1912 183 1914 1812 184 20,300
4
*8712 90
88
83
*8812 90
*8712 90
*88
89
400
88
89
8 24
2412 24
24
2418 245
233 24
8
23
2312 223 23
4
8,500
8212 8212 8212 81
84
*82
85
843
2,600
4 845 843 *8312 84
8
4
7012 *68
•67
7012 7012 71
7034 703 *68
4
70
6812 6812
700
*163 1718 *163 17
4
4
17
173
8 1714 1814 1814 1914 1812 19
15,000
0,92 93 *92 9258 *92 9258 9214 9214 9234 93 *93 94
300
4412 4412 4438 4434 4434 454 4512 4618 4512 46
4514 4512 17,300
6812 6812 *67
*6812 70
400
69
63 68
*67
69
*67
69
*80
83
*80
83
*80
83
*80
83
*80
83
824 824
100
583 59
4
577 58$4 58
8
583
4 58
583
8 573 583
4
4
9,700
8 573 58
41
4112 4118 4138 4034 414 4034 4118 4012 414 4058 4078 20,700
•117 118
1177 118
8
1175 1175 11738 11712 1175 1175 11712 11712 1,400
8
8
8
8
12
12
*12
124 12
12
*113 12
8
1138 1178 117 137
8
8 2,000
*6314 6312 *63
6312 6312 6312 6378 637 *623 63
*6312 65
8
4
1,200
5912 60
604 604 6012 6212 62
644 6318 6412 17,600
63
62
66
64
*64
64
65
664 664 664 653 68
*65
4
68
1.400
437 443
8
4 4418 4458 4438 4512 447 4512 447 453
4 45
8
8
4512 70,400
•113 114 *113 114 *11312 114
114 114 *112 115 *112 115
300
918 912
9
9
9
94
94 912
87
8 9
7,900
87
8 918
412 43
4
43
4 43
4
43
4 43
8 *414
412 3,800
4
414 412
414 43
234 2314 *2314 25
*2314 25
24
24
*233 25
4
*2314 25
300
*6
8
*6
8
*6
8
*6
8
63
4 63
4 *6
8
100
1212 *1112 1212 *12
*12
1212 *12
1212 *113 1214 *1112 1212
4
734 8
8
8
8
812
818
818 818
8
83
8 85
8 7,500
8 444 443
4418 4412 4418 443
8 437 4418 434 44
8
433 44
4
8,900
8
8
1025 1037 1033 10412 104 10634 1053 10814 10718 1103 1083 10912 62,600
8
4
4
8
8 1358 1412 1334 1414 135 14
8
1414 143
127 14
8
13
14
17,900
128 128
128 12812 13012 131 *129 131
4130 133 *130 133
600
4014 403
4 40 403
4 4014 4114 41
8
4212 414 4218 38,00C
397 40
7512
7512 7614 7514 7614 75
7414 744 7412 7412 75
7512 14,50C
9814 9814 984 9814 • 983 9812 983 9812 *983 983
8
98
8
98
8
4 1,30C
44 412
44 414
414 438
414 438
418 43
8
4
414 16,50C
26
*2512 27
2534 253
4 26
*2512 27
•26
27
*26
2612
30(
41
4058 405
8 4014 40% 397 397
41
8
8 40
40
3912 40
1,20(
40
41
4114 44
44
4438 4234 434 43
39
41
45
5,60(
*4
12
*3
8
12
*4
/
1
4
/
1
4
3
8
/
1
4
3
8
3
8
3
8 3,30(
5
8 374 3712 3718 3758 x3678 3714 364 363
3714 37 8 3714 373
4 8,20(
4
.12212 127 *12312 125
12312 12312 *123 125 *123 124
123 123
20(
*1153 11718 *11534 11712 •11534 11712 *1153 11712 *1153 117 *1153 117
4
4
4
4
25
2534 *2534 2612 2614 27
2412 25
*2618 263 •26
4
267
8 2,00(
8
12158 12278 122 1223 1223 12312 12212 12312 11,700
12112 12112 1215 123
4
8
*5314 54
*5312 54
534 54
/
1
253
53 8 533 53
3
3
/ *5314 531
1
4
80(
214 217 *215 218
215 21634 *2143 215
*214 215
4
215 215
1,00(
4
367
8 3514 37
35
3614 36
36
367
8 334 353
8 3112 333 24,90(
*7812 793
4 7812 79
785 79 z79
8
79
76
76
7518 76
1.30(
170 17314 170 175
168 172
16812 1734 155 169
152 157
32,000
*1023 104 *102 104 *1023 104 .102 103
4
4
102 102
10214 10214
50C
8 313 3134 32
4
32
313 315
8
3214 3412 333 347
8
8 33
3414 13,90(
*130 160 *130 160 *130 160 *130 160 *130 160 0130 160
28
2712 28
28
28
28
2818 2838 28
2812 284 *287
8 4,30(
4 814 8214 823 843
8412 8318 8334 45,30(
8112 813
4
8 83
4 8314 843
4
4
1063 1063 *105 107 *104 107 *105 107 *105 107 *105 107
100
12612 12612 12714 129
125 4 127
3
1285 1294 130 1304 132 13514 27,500
8
-------------------1287 1284 135 135 *132 133
8
400
387
3838 - 8 383 3914 383 4014 393 407
4
4
8 393 418 25,300
4
8 3912 403
4
96
9634 97
*9614 97
96
97
964 97
96
963 97
8
6,200
35
*345 35
8
344 35
/
1
35 35
34
/ 343
1
4
8 3438 3413 1,600
35
454 *44
45
•4412 45
4412 4412 44
44
44
*44
44
500
4
4
4
/
1
8
11614 11738 1164 1177 1163 1171 122,130
8
11418 1143 1143 1153 1147 117
8
8
4
4
8
8
8
8
8
123 12318 2,50(
1227 1227 1223 1223 1225 1227 1225 1227 123 123
8512 8512 *8512 8614 8512 8512 85
85
85
85
85
85
900
6714 6714 673
4 6712 703
8 693 7314 733 733
4
8
4 773 8313 53,600
67
4
4 2612 27
27
2714 27
263 263
4
2714 27
2718 2,600
27 27
•1612 20
*1512 20
*1512 20
*1512 20
*17
20
*1512 20
671
6714 *60
6714 *60
674 *60
6714 *60
6714 *60
*60
212 234
312 412
23
212
4 27
8
27
8 34
43
8 5
*2
29,30(
13
1358 135 153
8
8 15
154 16
167
8 1612 20
19
203 24.90(
8
138
158 158 *138 2
15
8 2
13
8
218 214
4
•118 13
1,400
/
4
1513 10,500
4 141 1512 15
/ 1418 1412 1412 1478 1438 153
1
4
1414 14
1718 1718 1714 173
4 1712 173
4 1714 1758 1712 1712 1714 175
8 4,500
51
51
10(
4
;His li- .
1
;12T2 iii- w1217 'Id
- ;1212 IS- i1212 113 *1212 13
*116 11612 *116 1164
122 12378
123 121
/
1
4
987 987
8
8
97
97
8
6818 685
8 6812 685
8112 *804 8112
*89
110 110
110 110
4 95
95
*95
953
2712 2712 2714 274
60
/ 61
1
4
61
61
3
4
3
4
*13
*12
116 11612 116 116
122 12312 12378 1274
/
1
4
9914 10012 100 100
6812 69
69
6914
*8012 8112 *8012 81
110 110 *109 112
95
095
954 -95
263 2714 2612 27
4
61 14 63
627 6312
8
8
3
4
"2
5
"2
/ 1418 14
1
4
147
8
/ 13
1
4
4
8 133 13
-15i4 137
9212 934
4 903 93
4
4 9018 '903
8
893 903
74
7
7 14
7
7
7
714 714
23
233
4
2418 2418 2334 24
25
*24
119 1193 1183 1197
4
4
8
8
/
1
1184 1193 119 120
48
5112 5014 517
8
484 4818 49
/
1
*48
82
82
82
*80
87
*80
82
*79
*70
71
71
70
71
6912 6912 *67
8 1812 1914 193 203
8
8
•163 17
4
1712 183
.4812 49
4812 4812 4812 484 *4858 49
3534 353
4
3512 3414 3412 35 35
*35
am- 051. 65
651, •641, 6512 65 65
116 1164 *114 1161
/
1
50(
1273 1293 128 12957 26,900
4
4
*983 10014 100 100
4
2,100
68
/ 6918 683 69
1
4
8
9,400
81
81
*8012 84
100
112 11412 *113 115
1,400
9534
300
/ *95
1
4
951 95
/
4
2612 2612 264 26'4 1,000
613 6212 9,70(
4
6212 63
$
*12
*12
3
4
161
/
4
15
/ 9414
1
4
92
612 67
8
2214 2214
4
1183 1193
8
511
/
4
50
85
*79
*7012 85
8
183 203
4
49
50
3612
*36
*65
68
16
1634 285,70(
90
934 29,80(
/
1
612 67
8 3,40(
21
21
2,40(
119 119
/ 10,600
1
4
4934 517 16,300
8
*79
87
100
*7012 75
20(
187 1914 11,50(
8
*494 50
1,10(
*3512 36
400
6514 6514
901
•Bld and asked prices; no sales on this day. v Ex-dividend
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
Ott basis of 16o-share lots
Lowest
Indus. & Miscell.(Con.) Par
Pressed Steel Car
100
Do pref
100
Producers & Refiners Corp_ 50
PubServCorp of NJ newNo par
100
Do 7% pref
Do 8% prof
100
Pullman Company
100
Punta Alegre Sugar
50
Pure Oil (The)
25
Do 8% pref
100
Radio Corp of Amer___No par
Do pref
50
Railway Steel Spring
No
Rand Mines, Ltd
No par
Ray Consolidated Copper_ 10
Remington Typewriter_ __100
.
100
Do 180 pref
100
Do 2d Prof
Replogle Steel
No par
Republic Iron & Steel
100
Do pref
100
Reynolds ..,9 lug
No par
Reynolds(R J) Tob Class B 25
Do 7% pre(
100
Ross% Insurance Co
25
Royal Dutch Co(N Y shares)_
St Joseph Lead
10
Savage Arms Corporation_100
Schulte Retail Stores__No par
100
Do pref
Sears, Roebuck & Co
100
No par
Seneca Copper
Shattuck Arizona Conner__ 10
Shell Transport & Trading_ £2
Sbell Union 011
No par
Do pref
100
Simms Petroleum
10
Simmons Co
No par
Sinclair Cons Oil Corp_No par
Do Prof
100
Skelly 011 Co
25
Sloss-Sheffield Steel de Iron 100
South Porto Rico Sugar_ 100
Spicer Mfg Co
No par
Do pref
100
Standard Gas & El Co_No pa
Standard Milling
100
Do Prof
100
Standard Oil of California_ 25
Standard 011 of New Jersey 25
Do pref non-voting_ _ _ -100
.No pa
Stand Plate Glass Co.
Sterling Products
No pa
Stewart-Warn Sp Corp_No pa
Stromberg Carburetor_No pa
Stubeb'r Corp(The)new No pa
Do pref
100
Submarine Boat
No pa
Superior 011
No pa
Superior Steel
10
Sweets Co of America
5
Telautograph Corp_ .. _ _No pa
Tenn Copp & 0
No pa
Texas Company (The)____ 2
Texas Gulf Sulphur
10
Texas Pacific Coal & OIL
10
Tidewater Oil
100
Timken Roller Bearing_No par
Tobacco Products Corp_ 100
Do Class A
100
TranseTI Oil tern ctf new No par
Transue & Williams St'l No par
Underwood Typew
25
Union Bag & Paper Corp_ -100
Union Oil
No par
Union Oil, California
25
Union Tank Car
100
Do pref
100
United Alloy Steel
No par
United Drug
100
Do lot pref
50
United Fruit
100
Universal Pipe & Rad .No par
.
Do pref
100
US Cast Iron Pipe & Fdy--100
Do pref
100
US Distrib Corp tern ctf No par
Do pref
100
US Hoff Mach Corp v t c No par
U 8 Industrial Alcohol
_100
Do prof
100
US Realty & Improv't
100
Do pref
100
United States Rubber
100
Do 1st pref
100
US Smelting, Ref & Min
50
Do pref
60
United States Steel Corp_ _100
Do pre(
100
Utah Copper
10
Utah Securities
100
Vanadium Corp
No pa
Van Raalte
No pa
Do 181 pref
100
Virginia-Caro Chem___No pa
Do pref
100
Do "B"
No pa
Vivadou (V) new
No par
Waldorf System
No pa
Weber & Heilbr, new-c No pa
Wells Fargo
1
Western Elee 7% Prof
100
Western Union Telegraph100
Westinghouse Air Brake.. 50
Westinghouse Elea & Mfg_ 50
Do 1st pref
50
West Penn Co
No par
Do 7% pf tern ctf new_100
White Eagle Oil
No par
White Motor
50
Wickwire Spencer Steel _No par
Do pref
100
WIllys-Overland (The)
5
Do pref
100
Wilson az Co,Inc
No par
Do Prof
100
Woolworth Co(F W)
25
Worthington P & M
100
Do pref A
100
Do pref B
100
Wright Aeronautical___No par
Wrigley(Wm Jr)
No par
Yellow Cab Mfg tern ate__ 10
Youngstown Sheet & T No par
Highest
PER SHARE
Range for Previous
Year 1924.
Lowest
Highest
Per share $ Per share $ Per share
$ Per share
39 Aug 62 Jan
521. Mar 30 69 Jan 23
67 Aug 90 Feb
83 Mar 25 921/ Jan 3
22 Apr 4312 Jan
/
1
4
/
1
22 Mar 30 324 Feb 3
39 Mar 70 Dee
/
1
625 Mar 30 724 Mar 12
8
9612 Mar 10118 Dec
99 Jan 7 102 Jan 27
9914 Apr 115 Dee
1084 Apr 1 11218 Jan 28
/
1
8
129 Mar 30 1511 Jan 3 11312 Apr 1513 Dee
/
4
/
1
4
373 Dec 67 Mar
8
3912 Jan 2 474 Jan 7
2J June 304 Deo
253 Apr 17 333 Feb 4
8
4
10212 Jan 5 10614 Feb 2
92
Jan 1054 Dec
8
25
/ Oct 667 Dee
1
4
/
1
4
48 Mar 27 77 Jan 2
/
1
4
45 4 Oct 50 Dec
4934 Jan 5 54 Feb 4
7
Jan 13712 Dec
4
12212 Feb 17 1413 Jan 5 106
Jan 3312 Nov
33 Jan 7 3514 Jan 22
/
1
4
30
9 Mar 174 Dee
8
1218 Mar 30 173 Feb 9
3214 Jan 5412 Dee
4
4634 Jan 27 723 Mar 6
100 Jan 2 1003 Mar 10
904 July 994 Dec
4
9012 May 110 Dee
108 Mar 30 112 Feb 2
714 June 2314 Nov
1314 Mar 24 2314 Jan 13
42 June 634 Dee
43 Apr 13 6438 Jan 3
/
1
4
82 June 95 Mar
88 Mar 25 95 Jan 13
9 May 223 Jan
/
1
4
4
124 Mar 30 18 Jan 5
/
1
611 Mar 7938 Dec
/
4
/
1
4
7214 Mar 24 78 Feb 10
8
1197 Jan 8 121 18 Feb 25 11514 Mar 121 June
92 Jan 19 9712 Feb 20
86 Mar 96 Sept
40 Sept 594 Feb
/
1
4
4814 Mar 24 5738 Jan 31
Jan 454 Dee
22
393 Feb 17 5112 Mar 14
4
6212 Apr 9 1083 Mar 3
323 Jan 884 Dee
8
8
968
4
12914 Aug
8
109 Mar 23 1167 Feb 9
110 Jan 6 115 Feb 19 105 May 1123 Dee
4
/
4
14712 Mar 30 1721 Jan 13
783 May 155 Dee
4
11 May
11 Jan 5
/
4
4 Feb 20
64 Jan
7 Jan 3
/
1
4
54 Apr 9
8 July
4
Apr
4018 Mar 31 4534 Jan 30
33
Jan 42 Dec
2212 Jan 6 281 Feb 4
153 July 2211 Dee
4
/
4
9912 Jan 2 10112 Jan 24
9112 Jan 9911 Dee
4
1912Mar 17 263 Jan 12
103 Jan 24 Dee
8
22
Apr 37 Dec
3114 Mar 17 3812 Feb 6
17 Jan 6 211 Feb 2
15 July 274 Jan
/
4
78 Jan 2 944 Feb 3
/
1
4
Jan
75 Oct 90
213 Mar 30 3012 Feb 3
4
1718 July 29 Feb
8014 Mar 30 97 Feb 5
52 May 844 Des
62 Jan 6 73 Mar 2
s
58 Oct 957 Ma
/
1
4
1512 Feb 17 19 Jan 7
7 June 20 flea
/
1
4
92 Apr 1 96 Jan 5
78 July 9814 Dec
404 Jan 2 473 Mar 10
4
3112 May 4154 Dec
664 Feb 17 7412 Mar 2
/
1
4
3912 May 73 Dee
81 Jan 20 84 Feb 16
70 July 85 Mar
591 Mar 30 6714 Feb 2
/
4
5512 Apr 6813 Jan
383 Mar 30 474 Feb 3
8
33 May 421A Jan
11634 Jan 31 119 Feb 24 1153 Mar 11918 Aug
4
10 Feb 11
16 Jan 16
134 Oct 3514 June
6214 Mar 25 65 Jan 23
5512 Apr 654 Noy
/
1
4
55 Mar 18 77 Jan 3
8
4812 July 1007 Jan
61 Mar 18 793 Jan 3
544 May 844 Jan
4
/
1
414 Jan 28 464 Jan 2
3012 May 4614 Dee
112 Mar 13 11434 Jan 19 1094 Nov 115
Jan
/
1
83 Feb 21 12 Mar 6
4
6 Nov
123 Dec
s
2
/ Jan
1
4
64 Feb 9
4 Mar 18
818 Aug
8
2318 Mar 24 413 Jan 10
23 July 35 Dee
/
4
3 Jan
57 Mar 19 111 Jan 7
8
14 Sept
4
113 Mar 30 15 Feb 7
4
4
64 June 143 Dec
934 Jan 31
75 Apr 1
8
93 Jan
4
63 Mar
4
423 Jan 5 49 Feb 2
4
373 June 454 Jan
4
974 Feb 17 113
/
1
4Mar 13
5714 Apr 110 Dec
1112 Jan 5 23 Feb 6
/
1
4
8
Oct 1514 Feb
122 Mar 30 152 Feb 27 11614 Oct 151
Feb
3734 Mar 18 4411 Feb 13
Jan
3112 May 41
70 Jan 2 8012Mar 4
52 Apr 734 Dec
9318 Jan 2 994 Mar 13
8314 Mar 934 Oct .
3 Jan 2
/
1
4
54 Jan 12
3 Apr
/
1
4
64 Jan
2512 Mar 31 35 Jan 10
284 Oct 354 Jan
/
1
3818 Mar 26 42 Jan 15
Jan
3618 Sept 43
Apr 1 4512 Jan 2
36
3312 Sept 644 Feb
18 Feb
.21 Jan 3 1.00 Feb 28
Is Apr
3614 Mar 30 43 Feb 5
/
1
4
35 Nov 39 Nov
1184 Jan 17 12814 Feb 27
94
8
Jan 1327 Sept
1133 Feb 18 11618 Jan 13 10614 Feb 11634 July
8
2414 Mar 31 364 Mar 4
/
1
20
Oct 37 Feb
1107 Feb 4 12312 Apr 16
8
/
4
71 May 1211 Dec
52 Jan 16 5412 Jan 12
464 May 53 Dec
Jan 2244 Aug
2044 Mar 31 231 Jan 3 182
/
1
13 July 48 Dec
3112 Apr 17 50 Feb 11
/
1
4
4712 Oct 79 Dec
7314 Jan 1
94 Feb 11
64 Feb 1694 Dec
152 Mar 30 250 Feb 11
102 Apr 3 11212 Feb 27
811 Jan 10414 Oct
/
4
2112 May 42 Dec
4
3018 Feb 17 394 Jan 17
130 Mar 9 154 Jan 8 - 98 July 168 Dee
23 Jan 3 284 Apr 6
2438 Oct
164 Ma
/
1
76 Mar 19 88 Jan 2
6118 May 8714 Dec
105 Jan 29 1063 Mar 27
98
Jo 10634 Dec
4
11412 Mar 30 13558 Apr 16
90 Jun 14311 Dec
12214 Jan 2 135 Apr 16 100 Jun 143 Dec
3312 Mar 30 4438 Feb 5
2212 May 4278 Jan
9234 Mar 30 977 Jan 13
8
5
6612 May 957 Dee
30 Feb 17 39 Jan 7
4111 Dee
1812 Ma
44 Apr 16 4612 Jan 5
3712 Mar 467s Dee
1123 Mar 30 129 Jan 23
8
/
1
4
9414 Jun 121 Dec
12212 Feb 16 1261 Jan 26 118 Fe 123 July
/
4
/
1
4
883 Dec
4
Ja
82 Mar 19 92 Jan 15
64
8
4118 Feb 17 834 Apr 17
165 Jan 46 Dee
1918 Jun
334 Feb
26 Mar 18 3134 Jan 3
1712 Mar 19 2112 Jan 3
151 Oct 3318 Jan
4
53 Sep
80 Jan
60 Apr 1 6518 Jan 5
34 Jun
104 Jan
218 Mar 23
5 Apr 17
343 Jan
4
212 Jun
84 Jan 5 20 Apr 17
/
1
4
/Jun
1
4
7 Jan
214 Apr 17
1 Jan 17
434 Jul
151s Jan
/
1
4
714 Jan 13 15 Apr 15
14 AP
20 Nov
/
1
4
1534 Mar 23 19 Jan 3
51 Apr 17 51 Apr 17
5 Oct 1212 Nov
1212 Jan 5 13 Jan 31
4
11334 Jan 9 11638 Apr 16 1115 Apr 117 July
11614 Jan 2 1293 Apr 16 105 May 11834 Dee
4
84
Jan III Dee
97 Apr 9 11378 Jan 7
5518 May 75 May
6614 Mar 28 84 Jan 3
72
7912 Mar 30 86 Jan 5
Jan 82 Dec
105 Mar 2 120 Feb 7
474 Jan 127 Dec
94 Apr 3 97 Feb 1
8712 Apr 97 Dee
25 Mar 31 3134 Feb 2
/
1
4
2318 May 294 Feb
5718 Mar 30 76 Jan 13
5012 Apr 724 Dee
/ Jan 30
1
4
13 Jan 10
8
5 Jan
44 Oct
184 Feb 24 32 Jan 19
/
1
24 Dec 24 Dec
94 Jan 26 163 Apr 17
4
6 May 1414 Jan
/
1
4
7214 Jan 28 9414 Apr 16
6112 May 88
Jan
612 Apr 16 134 Mar 7
/
1
418 May 28
Jan
19 Jan 5 60 Mar 7
11 Aug 721s Jan
11214 Jan 28 125 Jan 7
/
1
4
7212 Apr 1263 Dec
4
45 Mar 30 793 Jan 2
4
2314 June 81 Dee
79 Apr 6 88 Jan 9
68 July 894 Dec
65 Apr 7 761 Feb 11
/
1
4
/
4
5812 Jan 75 Dee
16 Mar 30 233 Jan 2
8
8
9 May 233 Dec
/
1
4
454 Mar 30 527 Feb 7
8
4
35 Apr 463 Dec
3312 Feb 18 42 Jan 3
/
1
4
32 Nov 85 Ma
63 Mar 27 764 Feb 13
593 Oct 7? Der
4
c New stack en the WAS Of 1 new share for three ord shares.
1994
New York Stock Exchange-Bond Record) Friday) Weekly and Yearly
-except for income and datanked Sands.
Jan. 1 1909 the Bullrings method of 'noting bonds was changed and prices are now "and interest"
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 17.
E3
Price
Friday
Apr. 17.
4 ea's
7
Range or
Last Sale
n
.%
0:1,
High No.
Bid
Ask Low
U. S. G00000mint.
First Liberty Loan
• D 1011222 Sale 1011032101 142 759
34% of 1932-1947
.23.1Y25
101...2 02.22 10113
Cony 4% of 193247
Sale 101142 10242 168
• D 102
Cony 434% of 1932-47
ID 10110n 02232 101342MT25 ____
2d cony 434% of 1932-47
Second Liberty Loan
.2
MN 1013 011132 101102210110.2 359
4a of 1927-1942
.2
.2
Cony 434% of 1927-1942
MN 1013 Sale 1012 1011132 1388
Third Liberty Loan
MS 101142 Sale 10114210133w 1453
434% of 1928
Fourth Liberty Loan
AO 10242 Sale 10242 1021032 1077
434% of 1933-1938
1947-1952 AO 105332 Sale 1041421050w 162
Treasury 4348
.2
1944-1054 J D 1013 Sale 10023.2 10142 1160
Treasury 48
1024 Mar'24
d1930 Q J
25 consol coupon
97
9712 Oct'24
1961 QM
Panama Canal 38 gold
State and City Securities.
Y City-4348 Corp stock_1980 MS
Registered
MS
434e Corporate stock
1N2 1 g
11
432a Corporate stock
4345 Corporate stock
1966 A 0
1971 2 D
434e Corporate stock
430 Corporate stock _July 19672 .1
{he Corporate stock
1965 J D
432s Corporate stock
1983 M El
a% Corporate stock
1959 M N
Registered
M N
a% Corporate stock
1958 M N
4% Corporate stock
1957 m N
4% Corporate stock
1956 M N
Registered
M N
4% Corporate stock
1955 m N
Registered
NI N
434% Corporate stock_ __ _1957 a/ 9
02% Corporate stock-_1957 M N
Registered
M N
334% Corporate stock_ __ _1954 m N
332% Corporate stock___1954 M N
New York State Canal Im- 48196 I e j
19422 2
48 Canal
1964 2 j
4 Ms Canal Impt
45 Highway lm pt registerd 1958 _ _ _ _
Highway Improv't 4348_1963 M S
1991 j j
Virginia 2-38
Sale 101
10014
1023
8
10212
1024
8
1067
107
_
1064 - - - - 107
1063
4
1063
8
1065 107 107
8
994
9814
9912
993
8
8
9912
997
983
4
9814
983
4
98
107
10613
l062 - -- 10612
105
8912
90
1025
8
10118
11234
103
1124
6424
7612
101
10214
10238 _
--
10114
Jan'25
Apr'25
Apr'25
Apr'25
Feb'25
Feb'25
1063
4
107
Mar'25
Mar'25
Mar'25
997
8
Mar'25
Feb'25
Mar'25
Jan'25
Mar'25
10612
Feb'25
Jan'25
Feb'25
Apr'25
Mar'25
Mar'25
Feb'25
Mar'25
Feb'25
2
_-_-
_-__
12
2
BONDS.
N.Y.STOCK EXCHANGE
Week Ended Apr. 17.
t
o,t,
Price
Friday
Apr. 17.
Rano
Since
Jan. 1.
Week's
Range or
Last Sale
High No
Bid
Ask Low
Nigh
7
101
Panama (Rep) 5348 In recto. 1953• D
101%
79
1944 A0 9912 Sale 0833 100
100082 01142 Peru (Rep of) esti 85
12
101142 01142 Poland (Ref of) g 68
68
1940 AO 6712 Sale 67
,
Ext'l s f g 8s Interim rects_1950 32 9514 Sale 95
954 3898
101".2 0242
944
1
012.12 Porto Alegre (City of) 88
9412 9412
1961 J D 93
101
Queensland (State) ext s f 76 1941 A0 110 Sale 1093
4 11014 12
25
-year (is
100104, 011°22
1947 FA 10334 Sale 10312 1034 10
9512 11
94
100".2 01,
42 Rio Grande do Sul is
1946 AO 944 95
19
Rio de Janeiro 25-yr 5 f 88_ _1946 A0 94 Sale 94
95
25-yr extl 85
9414 27
1014201"n
1947 A0 92 Sale 92
Rotterdam (City) external 631964 MN 101 Sale 10012 101
127
101142 0210.2 El Salvador (Rep) 88
104 105 104
1948 J
10414 34
10411.2 05142 Sao Paulo (City) 8 1 88
9914 61
1952 MN 9914 Sale 98
100142, 01732 San Paulo (State) ext s f 8s 1936 J J 100 Sale 100
10014 67
External s f 8s w I
99% 12
8
1950 ii 995 Sale 9912
8534 215
Seine (France) ext 78
1942 33 854 Sale 8214
155
Serbs. Croats & Slovenes 88.1962 MN 88 Sale 87 2
88
,
4
Solswins (City)6s
8312
1936 MN 8312 Sale 83
10058 1013 Sweden 20-year 65
8
10312 23
1939 21) 10312 Sale 103
External lean 5348 inter etre '54 MN 995 Sale 993
9934 105
1004 10014
8
s
1014 1024 Swiss Confeder'n 20-yr s 1 85 1940 3, 1133 Sale 11314 1133
4
7
4
102 1024 Switzerland Govt ext 534s_ _1946 A0 1013 Sale 1014 10214 68
4
10114 10238 Tokyo City 55 loan of 1912
4
• 65%
5
MS 653 Sale 6414
8
1084 1067 Trondldem (City) extl 6 M8_1944 23 993 Sale 9912 10014 26
4
Uruguay (Republic) ext 8s__1946 FA 110 Sale 1083
1054 107
15
4 110
10602 1063 Zurich (City of) a f 85
4
27
4
1945 A0 1093 Sale 1093
4 110
1053 107
8
Railroad.
993
4
98
9814 9814 Ala Gt Sou let cons A 58_ 1 9 6 J 0 101
101
101
2
9 3 A 1)
4
984 994 Ala Mid 1st guar gold 5s___1928 M N 1015 Sale 1015
8 10138
2
8
997 Alb & SUS(' cony 3%8
s
98
8258
1
825 _ _
8
825
8
4
8
9818 983 Alleg & West 180 g 4s gu....1998 A 0 817 83
813 Mar'25
4
9814 9814 Alieg Val gen guar g 45
1942 M S 9214 923 9218 Apr'25
4
4
4
6712 82
983 983 Ann Arbor 1st g 48___July 1995 Q J 6614 Sale 643
4
-Gen g 41...1995 A 0 897 Sale 893
977 98. Atch Top & S Fe
8
8
8
90
131
Registered
1064 107
8712
88
2
A 0
Adjustment gold 48__July 1955 J ov 8312 Sale 8312
99 N p
5
4
1054 1063
8312
3
Stamped
July 1995 M N 8312 Sale 8314
105 105
833
4
8
8318 8414 8314
Cony gold 4s 1909
894 8912
8314
1
4
Cony 46 1905
90
90
1955 J D 833 Sale 834
837
8
4
Cony g 48 issue of 1910
8312 Feb'25
1960 J D 834 _ _
102% 10314
East Okla Div lot g 48_1928 M S 9914 993 99 Apr'25
10118 1014
s
Rocky Mtn Div 1st 4s
1965
J 8412 _ _ _ _ 8412 Apr'25
4
1123 1123
4
87
8818 88 Apr'25 _
Trans-Con Short L lot 48,19582
103 103
94
4
1113 1123
94
20
Cal-Ariz 1st& ref 4Ms"A"1962 M S 933 95
4
4
9138 Jan'25
8
Registered
M S 883 _
7612 7612
90
90
Atl Knox"& Cin Div 40.-1955 M N 9014 91
,
2
__
10214 Mar'25 _
Atl Knoxv & Nor 1st g 5o_.1946 J D 102
1013 10314 Atl & Charl AL lot A 4340_1944 J .1 954 9612 9618 Apr'25
4
813 844
lot 30-year 58 Series B_ __ _1944 J .1 10234 Sale 10212 10284 25
4
8
93
42
193 M S
95
9714 Atl Coast Line lot con 40_01952 m N 925 Sale 9218
0
106 1065 1064 1063
4 15
8
943 963
4
10-year secured 70
4
8
4
9214 14
94
General unified 434s
1964 J D 9214 923 915
973
4
88
15
107 11014
L & N coil gold 45___Oct 1958 J N 874 Sale 8712
942 M J
7712 Sale 7712
10634 1093 Atl & Dam 1st g 4s
787
s 33
,
5
68
69
5
92
9412
8812
2d 40
19482 J 68
6
4
7712
Atl & Tad lat g guar 48
19 9 j O 7614 77% 763
941 A J
3
4
83 8 88
8
983
4
_ 983 Mar'25
10818 1133 A & N W 1st gu g 5s
4
8
997
8 12
8
9512 98
Bait dr Ohio prior 3340
19252 J 997 Sale 997
993 Jan'25
4
108 11112
Registered
July 1925 Q J ____ 100
56
89
923 9312
8
let 50-year gold 48_July 1946 A 0 89 Sale 884
8612 - 8712 Apr'25
Registered
July1948 Q
80 853
4
93
266
4
10
-year cony 4 Hs
1933 M 5 923 Sale 92
9514 98
Refund & gee 58 Series A_1995.J0 88 Sale 8712
1948 A 0
81
844
8814 231
10238 193
1013 Sale 101
8
1034 10712
lots 58 int Ws
95% 97%
8 10314 96
10-year 6s
1929 .1 J 10318 Sale 1027
10212 270
8
10012 1023
4
Ref & gen 68 ser C temp_1995 J D 1023 Sale 102
993 Jan'25
4
10112 103
P Jet & M Div 1st g 3348-1925 MN
4
877
8 77
8
102 1033
PLE&W Vs Sys ref 45-1941 MN 877 Sale 863
4
10018 21
10134 104
Southw Div let gold 3348_1925 J .1 10018 Sale 100
125
74
Tol & an Div lot ref 4s A..1959 J J 73 Sale 72
96
9814
10.34 1084 Battle Cr & Stun 1st gu 38..1989 3 D 603 .62'2 61 Feb'25
4
_ 934 Feb'25
102 10312 Beech Creek lot gu g 4o.,..1936 J .1 931s
8112 8112 Mar'25
983 10114 Beech Cr Ext 1st g 3348__.,1951 A 0 81
4
86 Mar'25
19443 D
1084 10812 Big Sandy 1st 413
12
70
413 4512 B & N Y Mr Line 10t 48_ _1955 F A 70 Sale 70
4
1093 11114 Bruns & W lot gu gold 412_ -1938 J J 9314 94% 93 Apr'25
4
9512 99% Buffalo It & P gee gold 58_1937 M S 10118 103 10118 Mar'25
843 194
s
1957 M N 81% Sale 8112
9914 10012
Consol 434s
8514 Mar'25
9414 973
4
M N
Registered
27
100
100
1934 A 0 10014 9518 98
Burl C R & Nor 1st be
8 1013
4 10
9314 9514 Canada Sou cons gu A 58_.A962 A 0 101% Sale 1013
87
Canadian North deb of 753_ _1940 J D 1164 Sale 1164 116% 11
84
11712 41
19462 J 11712 Sale 117
20-yearefdeb834o
9612 993
4
4
793
4 86
9814 10112 Canadian Pac Ry deb 40 stock.. J J 793 Sale 794
93
Jan'25
1932 M S
978 1003 Garb & Shaw lot gold 48
4
4
78
78
1938 J D 7814 81
109 110% Caro Cent 1st con g 45
10013 10
10812 110% Caro Clinch dr 0 1st 3-yr 55_1938 J D 10018 Sale 100
35
1952J D 10712 108 10712 108
lat & con g fls ser A
109 111
84
Jan'25
8
19812 D 833 87
Cart d. Ad 1st gu g 4a
9912 103
76 Apr'25
4
_
101 10214 CentBranchUPlstg4o..1948J D 743 75
663 65
8
65
7
92
9412 Cent New Eng 1st gu 4s_ _1961 .1 J 65
9712
1
Central Ohio Reorg 4326_1030 M S 9714 9912 9712
98% 103
1023 Feb'25
4
98% 10212 Central of Ga 1st gold 523-51945 F A 10112 _
8 1005
8
8 29
1945 M N 1005 Sale 1003
Conaol gold 58
9314 9914
10314 12
June 1929 J D 103 10314 10314
scour 65
10-year
923 9914
4
10112
1959A 0 101 Sale 101
5
Ref & gen 534s ser B
983 1044
4
8414 Mar'25
Chatt Div pun money g 48_1951 .1 D 834
93 10112
993 Apr'25
4
8
Mac & Nor Div 1st g 55..1946 J J 995
927
8
86
100 Dee'24
Mobile Division to
1946 J J 10018
8614 91
4
4
Cent RR & B of Ga coil g58.1937 MN 963 973 9714 Apr'25
8614 91
108
1987 1 J 108 Sale 108
8314 874 Central of N J gen gold 158
8
*1987 F A 1074 10814 1077 Apr'25
Q J
Registered
94
944
883 Sale 877
4
8
883 129
4
933 9512 Cent Pac lot ref gu g 40____1949
8
96 Mar'25
k1929 J D 9614
Mtge guar gold 334a
1047 1063
s
4
4
Through St List gu 48_1954 A 0 864 863 8814 Apr'25
105 105
11213 Feb'25
1183
4
11512 11712 Charleston & Savannah 7s__1936 .1 J
997
8
100
3
1154 1157 Chet;& Ohio fund & impt 55_1929 J J 100
8
1023
8
10212 10212
9
lot consol gold 58
193 M N
39m
2
89
92%
101 Nov'24
1003
8
Registered
8812
8
9114 9414
897
1992 M 23 897 Sale 89
8 91
General gold 43412
864 Jan'25
9
3
m...1 9 0 M S 864 87
19 2
Registered
87
904
8
F A 967 Sale 964
97
20-year convertible 4
74
8
98% 991
4
1946 A 0 10318 Sale 1024 1033 258
30-year cony secured 5s
8314
81
10412 Mar'25
A0
Registered
92
90
9814 Mar'25
1940 J J
Craig Valley lot g 58
8
8312 867
s
Potts Creek Branch lot 48_1946 J J 803 -- 83 Mar'25
803 8612
4
8414 Mar'25
R & A Div 1st con g 48_1989 J J 844
80 854
80 Mar'25
2d consol gold 48
2014 24
974 Jan'25
Warm Springs V lat g 58_1941 3 3 9318
1989 M El
24
23
(1512
4513 Chic & Alton RR ref g 312_1949 A 0 6412 135% 63
45
6012 Jan'25
A 0
Registered
1
327 41
6454 628 Feb'25
4
Certlfs dep stpd Oct 1924 int_ --25
21
6212 Feb'25
Certif dep stmpd Apr 1925 lot
1812 24%
ii12 5212
55
113
Railway first lien 332s_ _ _1950
Ms 2612
5018
52
53
5212 25
Ctfs dep Jan '23&sub coup24
20
8
25
85
Chic Burl & Q--111Div 3%8.1949 171 85 Sale 843
24
23
92% 93 9214 Apr'25
Illinois Division 413
4
22% 303
9912 100
993
4
2
993
4
Nebraska Extension 48_..1927.
;21
2012 28%
4
91
41
M
1958 84 i3 903 Sale 9018
General 48
3612 43
S
893 Feb'25
4
43
Registered
86
6;1; 10012 10112 36
lat & ref 512
1971
93
88
49 Sale 4714
.A
F
49
Chic City & Conn Rya
10
102% 107
ChlcE Ill& East Il1 1 t 688
8
981 A O
10018 104 0a ago Fa osew 00 sge,2 -i:11934 m N 107 1073 107 Apr'25
)
754 Sale 744
78
316
11014 11312
9712 10014
9712 1003
4
9712 100%
Low
-__-
____
---
-___
Foreign Gisvornmont.
10212 105
Argentine (Govt) 78
1927 F A 10212 Sale 10214
6
4
8212
Argentine Treasury 542_£
1945 M 13 82 Sale 813
Sinking fund 68 Ser A.......1957 M S 9612 Sale 9614
9612 137
961/ 448
Esti 68 ser 13 temp__Dec 1958 J D 96 Sale 96
133
95
8
Austrian (Govt)s f 7a
1943 J D 945 Sale 94
1083
4 70
Belgium 25-yr ext sr 730 22_1945 .1 D 108 Sale 107%
49
8 108
-year 8 f 130
1941 F A 108 Sale 1073
20
9314 62
25-yr ext6 328 interim rct0.1949 M 5 93 Sale 9214
8512 175
Extl s f &linter rote
19552 J 854 Sale 844
18
113
1945 M N 113 Sale 112
Bergen (Norway)0188
8
9714 40
9714 965
97
-year sinking fund 68
25
1093
4 32
Berne (City of) 0 f 88
1945M
:10914 Bale 10914
9318 41
Bolivia (Republic of) 88
1947 M N 9212 Sale 924
8212 135
Bordeaux (City of) 15-yr 642_1934 M N 82 Sale 80
,
9613 129
13raxii U E4, external 88
19412 D 9514 Sale 95 4
44
82
8
1952 .1 D 813 Sale 8014
78 (Central Ry)
10412 30
7340 (coffee occur) I(1%0_1952 A 0 10412 Sale 104
9612 41
Buenos Aires (City) ex 1 6%51955 J J 96 Sale 96
4 11
Canada(Dominion of) g 5a 1926 A 0 10034 Sale 10012 1003
8
10212 28
1931 A 0 10214 Sale 1017
5s
8
10314 91
534g
1027 Sale 1025
8
-year
1929 F A
10
162
1952 M N 104 Sale 10312 104
5a
7
9712
Carlsbad (Clty) a f 88
19542 J 9712 Sale 984
Chile (Republic) esti fi f 133_1941 F A 108 Sale 10712 10814 72
1
1027
8
8
External 5
-year ti f 80
1926 A 0 1027 Sale 10278
-year eat'78
1942 M N 10012 Sale 994 10012 95
20
10814 49
1946 M 9 108 Sale 107
-Year a f 88
25
4418 45
Chinese(Hukuang Ry)58-1951 J D 4312 4412 43
8 11012 11
Christiania (Oslo)0188
1945 A 0 11012 Sale 1097
997 201
8
-year a f 68
1954 M 5 9912 Sale 9912
30
5
100
8
Colombia (Republic)6348._.1927 A 0 997 100 100
973
4 90
8
-year of 5%8_1944 J .1 977 Sale 97
Copenhagen 25
5
97
1944 M S 97 Sale 97
Cuba 58 of 1904
95 Apr'25
Exter debt 681914 9er A 1949 F A
844 Apr'25
1949 F A 84
External loan 4340
3
994 115
19532 J 993 Sale 99
5Ha
993
4 18
Osechoslovak (Repub of) 80.1951 A 0 994 Sale 99
62
100
Sink fund 88 Ser B int etfs.1952 A 0 994 Sale 9914
10912 11
Danish Con Municlp ils "A"_1946 F A 10912 Sale 109
6
10912
1946 F A 10912 Sale 10914
Series /3 a 1 8s
8 1103
4
4 44
1945 A 0 1103 Sale 1103
Denmark external a 1 88
82
4
1942 J J 1013 Sale 10112 102
-year 60
20
1
10218
Dominican Rep Con Adm.f 50'58 F A 10112 10212 10218
924 43
Custom Administr 5348_1942 M S 924 Sale 92
8
19012 73
Dutch East Indies ext as__ _ _1947 J J 1003 Sale 10014
10012 68
1962 M S 10014 10012 10018
-year 6s
40
9712 43
1953 M S 9712 Sale 974
-year ext 5348
30
9712 64
1953 MN 9712 Sale 9718
30
-year ext 5328
4
1003 719
4
French Repub 25-yr ext 813_1945 M 5 10034 Sale 983
985 862
8
20-yr external loan 730_1941 J D 97 Sale 93
883 028
4
External 780(1924 temp_ _1949 J D 8812 Sale 86
8713 8514 Apr'25
1954 A 0 85
Finnish Mun L'n 632/2 A
8612 12
1954 A 0 8612 Sale 8614
External 6345 Series B
11
86
1945 M 5 88 Sale 834
Finland (Rep) ext 65
9412 72
1950 M S 9414 Sale 94
External s f 78 int ctis
9413 1112
German external loan 78 rats_ 1949 A 0 944 Sale 944
1063 126
s
at Brit & Irel(UK of) 5348_1937 F A 10614 Sale 10614
105 Mar'25
F A
Registered
11613 129
1929 F A 11638 Sale 116
10
-year cony 5348
1154 Mar'25
Registered
26
8
90
1952 M N 897 Sale 8914
Greater Prague 7348
61
84
1964 M N 8378 Sale 83
Greek Govt 73 Int rats
27
94
1952 A 0 934 Sale 9312
Haiti (Republic) 68
874 84
Hungary (Kingd of) of 7348A944 P A 87 Sale 87
9912 52
Ind Bank of Japan 6% notes 1927 F' A 9912 Sale 994
8218 114
1931 J J 8218 Sale 8114
Japanese Govt £ loan 4s
9112 317
30
1954 F A 9114 Sale 9118
-year a f6 Ha
15
8412
88
86
Oriental Development 68.1953 M S 85
76
4
83
Lyona (City of) I5
-year 68_1934 M N 8212 Sale 803
8212 142
MN 8214 Sale 80
Marseilles (City of) I5-yr 68.1934
3
2014
_ 2014
Mexican Irrigation 4348
1943 M N
24
Jan'25
Assenting of 4340
1943
_
Mexico(US)extl 542 of'99 £ 1945Q J 40 - - 45 Feb'25
363
4 44
363 Sale 35
4
Assenting 50 of 1899
1945 _
Gold deb 4s of 1904
113 1912 Sale 2214 Mar'25
1954 .1
2012 23
20 Sale 19
Amenting 4801 1904
2612 Jan'25
Assenting 48 of 1904 large
4
2012
A/Routing 41 of 1904 small__
email....... "Hit Sale 20
_
24 Feb'25
27
24
Assenting 48 of 1910
_"253
4
253
4 15
Assenting 48 of 1910 large
-35
23
_ 204
Assenting 40 of 1910 email........
6
385
8
383
4
35
38
Tress 6801 '31 assent(large)'33.
Apr'25
38
Small
9212 18
Montevideo is
1952 J D 92 Sale 91
4 1043
4 13
Netherlands 60 (flat prices)_, 1972 M S 10414 Sale 1033
10312 154
ao_year external 68(fia0 _1954 A 0 1033 Sale 103
8
37
111
1940 A 0 11014 Sale 11014
Norway external of 88
995
s 53
1943 F A 994 Sale 99
-year ex01 68
20
993 127
4
4
1944,F A 993 Sale 99
-year external 68
20
993
4 87
1952,A 0 994 Sale 9918
-year ext168
80
• yzu.-__-£. a Due Jan. 5 Due July. k Due Aug. p Due Nov
Range
Since
Jan. 1.
1-3
5 Option sale.
Low
mo
10014 103
977 102%
8
79
67
95 95%
9412 984
109 112
10112 105%
94 98
93% 9715
92
96
100 103
103 105
97 101
100 103%
9912 100
8214 91
90
85
83 8612
103 104%
9812 1003
5
113 117
9818 103
6414 674
97 10014
10814 110
10238 111%
1003 10114
4
101 1013
s
8312
82
81% 9134
91
921$
571/
64
8814 90
8614 8814
8118 8312
82% 8334
814 8414
8112 83 8
7
8118 8318
9914
98
8418
84
88%
86
92
95
91118 91%
881 901
8
102% 10214
95 9612
102 1023.2
89 93
105% 108
90% 9214
86% 88%
76% 78%
62% 7013
75
77%
98% 9
912
99% 1001
8
993 993
4
4
85 4 89
3
8518 8712
8918 93
85% 90
100 102%
102% lows
10035 10314
ogh 9904
83% 877
8
993 1004
5
6818 74
605 61
8
9218 9318
7814 8118
85
87
67
72%
93
93
10118 10218
8112 8815
85% 8514
99% 10018
10018 101%
115 117%
116 118%
79 89
93 93
78
8314
100 101%
1057 108
8
84
84
74% 791s
% 69
64
9714 9712
101% 102%
4
%
99 1012
103 104%
99 10218
84
8414
99)4100
95 "fir
10718 109
10614 107 s
7
86% 89%
9518 96%
85% 87
11218 117%
9
8% 100%
1011 103%
4
87 s 9035
7
85% 871
4
94% 9714
101% 109%
103% 10614
9711 993
4
3214 83
83% 8412
7911 80
977 97%
2
62 66
6011 eoli
581 62%
4
60% 6212
1
4414 58 4
45
552
4
81% 85
14
88% 93
99 100
88% 91
89114 892
4
10012 102%
46 63
10514 107%
74% 79%
New York Bond Record -Continued -Page 2
BONDS.
N. Y. STOCK EXCHANGE
Week Ended Apr. 17.
Price
Friday
Apr. 17.
Veek's
Range or
Last Sale
Range
Mace
Jan. 1.
BONDS.
N. Y.STOCK EXCHANGE
Week Ended Apr. 17.
el
1995
Prim
Friday
Apr. 17.
Veek's
Range or
Last Sale
1
3
Range
BOSCO
Jan, 1.
Bid
Ask Low
High No. Low
Nigh
Bid
Ask Low
High No. Low
HMS
Cilia & Ede let gold be
1982 M N 997 10012 097
9912 1007 Erie & Pitts gu g 33.4a B----1940
2
8
997
8
4
8413 ____ 84
84 84
Jan'25 -.
Chicago Great West let 40_1959 M S 623 Sale 6113
4
59 4 65%
3
627 237
4
Series C
33 54's ____ 84
Oct'24
Chic Ind & Loulsv-ReI6s 1947 3 J 10914 -- 10914 Apr'25
10914 111
Fla Cent & Pen 1st ext g 58.1930 J
9912 _--_ 100
J
.
Jan'25 -- 100 jai
Refunding gold 383
_ 10015 100%
1947 3 3 997
9912 1004
5
Consol gold bs
1943 33 993 Sale
8
99 8
3
BEN 99%
3
Refunding 46 Series 0
1947 J 3 87
88
853 87
87 Apr'25
4
_
Florida East Coast lot 4348-1959 3D 9313 9414 99%
935
93%
921 0414
4
1
General be A
1966 M N 89 Sale 8814
87
901s
8
89
lot & ref 513 Series A
1974
947
93 95%
4
95
105
General 68 B
May 1966 J .1 10313 Sale 103
4
1013 10312 Fla West & Nor la Series A 1934 MS 111 Sale 943
10312
Sale 1103
N
2
4 11112 126 1027 115%
Ind & Louisville let gu 46_1956 J J 7818 7812 78%
77% 794 Fonda Johns & Glov 410-1952
7812
4
644 73
70% 21
Mc Ind de SOU 50-year 4s__1956 3 3 874
8618 8712 Fort St U D Co 1st g 43.46-1941 MN 693 Sale 695
8712 Feb'25
895
89% 89%
Ohio LB & East let 430_-1969 J D 933
9312 93% Ft W& Den C let g 530-1961 33 1O4 8 ---- 895 Apr'25
4
1
4
93 4
933
3
104% 1•47
2
088 & Puget 13d 1st gu 45-1949 J J 443 Sale 4418
437 58% Ft Worth & Rlo Grist 545.1928• D 2312 2414 12044%
4
4514 34
8
Apr'25
9215 96%
Ch M & St P gen g 4s Fier A.e1989 J J 751 Sale 75
7014 75 2 Frem Elk & Mo Val 1st 66-1933 33 10814 1095
751z 54
,
AO
10914
General gold 3 34s Ser „e1989 3 3 6618 6614 65%
10914
6 108 10914
6214 66,4 GH&SAM&P1e158
19
6614
1931 MN 100 10012 100% 10012
100 100%
Gen 4%a Series C__ _May 19893 J 837 Sale 83
8
7715 8378
83% 105
2d extens 56 guar
1931 33 997 100 10018 Apr'25 -.8
997 100%
8
Gen & ref Series A 43,s__02014A 0 4514 Sale 4514
4312 54
86
46
Galv HOUB .22 Rend 1st 58-1933
94%
9018 95
9414 32
Gen ref cony Ser B 5e___a2014 F A 4514 Sale 4514
44% 58% Genesee River 1st s f 56-1957 AO 1013, Sale 9312
463 139
8
10014 104%
1st 8330 68
1934'3 J 102 Sale 1013
964 102% Ga & Ala By let cone . -01945 33 94 10314 1044 Apr'25
4 1023 105
8
941
33
93 102%
4
94
7
Debenture 4346
1932 3 D 4514 Sale 4514
44
6012 Ga Caro & Nor 1st gu g be 1929
4615 227
5833 9912 100
9912 Apr'25
9915 99%
Debenture 46
1925 J D 48 Sale 4714
463 784 Georgia Midland 1st 35
4
4814 582
1946 AO 654 67
6513 Apr'25 -6414 6612
-year debenture 48
25
1934 J 3 4514 Sale 4514
44
154
5614 Gouv & Oswegatch 5,
46
1942 3D 993 ____ 988 Feb'24
4
Chic & Mo Riv Div ba__ _19'28 .1 .1 9718 Sale Mt
941s 9718 Gr R & I ext let gu g 4)48
9715 48
1941
9513 ---8
94 - 111i3
4
Ohio & N'west Ext 48_1886-1926 F A 99 100
9938 10018 Grand Trunk of Can deb 75_1940 33 9512 Sale 9434
99%
99%
A0 11612 Sale 11614
117
57 115% 1167
Registered
1
1886-1926 F A
98% 99%
99% Mar'25
15
-years f 66
1936 MS 10712 Sale 10713 10778 29 106% 107%
General gold 3348
1987 M N 7314 Sale 7314
7314 75
73%
9
Great Nor gen 78 Scrim A 1936 33 10912 Bale 109
Registered
1097 153 109 111
7214
72
72 Feb'25
Q F
1st & ref 43Es Series A
196I • J 92
9114 9212
4
2
2
46
General 4s
1987 M N --_- 8278 83
83 86
8314 75
General 530 Series B
1952
' 1003, Sale 10012 101
3
46 1004 1024
Stamped 48
1987 M N
83 85
83
8512 83
General 55 Series C
1973
'
3 9334 93% 934
92% 9514
94
31
General 58 stamped
1987 M N 102 Sale 102
4
10212 30 102 1043 Green Bay & West deb Ws"A"__ Feb 74
80
76
72 76
76
1
Sinking fund 68
1879-1929 A 0 10414 10512 10414 10414
1 104 10412
Debentures ctfs -13"
Feb 16 Sale 1512
1212 16%
1614 162
Registered
A 0 103
104 104
_ 104
Jan'25
Greenbrier By 1st gu 45____1940 MN
863 Apr'25
4
86 864
Sinking fund be
1879-1929 A 0 10014 10
4
-3 10014 1003 Gulf & I 1st ref & t g 56_ _01952 33 99% 101
62 10014
10014
995
995
9812 101
1
Registered
1879-1929 A 0
10012 10012 Harlem R & Pt Ches 1st 48__1954
10012 Jan'25
4
MN 823 8312 83
83
5 80 8311
sinking fund deb be
1933
1011i Sale 13112 10113
10012 103
Hocking Val 1st cons g 434sA999 JJ 903 90
8
5 904
89% 91.1%
9014
2
Registered
1933 M N
101 101
101 Mar'25
Registered
1999 33 88
893 88 Mar'25
4
88 88 .
-year secured 78 g
I0
19303 D 1067 Sale 10512 107
105 11218
8
136
& T C lat g Int guar
1937 3, 100 102 100 Apr'25
7
9912 100 2
15
-year secured 834s g--- -1936
11018 Sale 110
1103
8 26 110 11212 Houston Belt & Term lot 58_1937 3 .1 97
984 9814
9814
2
96 934
1st & ref g ba
e2037 J D 9414 Sale 933
933 102
4
4
205
97
Elouston E& W Tex lst g 66_1933 M
10018 ____ 100
99% too
Jan'25
Ohio RI & P-Ratkoag gen 481988 j 3 8312 8414 8318
82% 843
4
8313 18
1st guar 56 red
1933
10018 ____ 997 Jan'25 8
997 99 2
2
7
Registered
J J 82
82 821s Housatonic By cons g 5s __A937 MN 9334 96
8313 82 Apr'25
931 Apr'25
9218 94
N
Refunding gold 45
1934 A 0 87% Sale 87
8314 88% Bud & Manhat 56 Series A-1957
8713 345
4
P A 883 Sale 8813
887 177
8
864 89
Oblo St L & N 0 gold 58„ 1951 J D 102% _
10112 103
1025 Mar'25
Adjustment income be.....1957 AO 7214 Sale 72
673 73%
4
262
3
Registered
J I) 102
10112 10112 Illinois Central let gold 48-1951
10112 Jan'25
91% __ 92
911s 921
9212
7
2
Gold 3346
1951 J D 7912
79% 79%
79% Jan'25
Registered
1951 33 874 91
89 July'24
Memphis Div let g 4e
1951 J D 8412 8512 85 Mar'25
83 8 857
7
8
1st gold 3345
1951 33 8314 --_ 83 Apr'25
815 8334
.
_
C St L & P ist cons g 58.-- _1932 A 0 10118 103 19118 Mar'25
101% 10112
Registered
8054 __ 83 Mar'25 -.1
83 83
Registered
A 0 100%
100% 100%
_ KC% Jan'25
Extended 1st gold 3345-1951 AG 82% __
8212 Feb'25
8012 824
Chic St P M &0 eons tle___1930 J D 104 Sale 104
10413
9 104 10812
Registered
1951 AO 80 4 ____ 8012 June'24
3
Cona6sreducedtoa34s__1930J D 91% 9218 9213 Mar'25
9214 924
1st gold 35 sterling
1951 MB 63.2 72 62 Feb'25
62 62
Debenture be
1930 M S
963 10514
4
98
4
98
Collateral trust gold 4a...-1952 AO 88 Sale 8713
864 88
88
6
Stamped
99%
98
973 99% Mar'25 25
4
Registered
A0 853, 87 85% Apr'25
85%. 85%
Chic T 18 & So East 1st 56...1960 J
79
76
7814 Sale 763
4
7814 60
1st refunding 46
1955 MN 92% Sale 90%
88 9212
9213 21
lnogusa
Dec 1 1960 M
59% Sale 5818
55 6014
59% 40
Purchased lines 3346
1952 33
83 Mar'25 _78% 834
Chic Un Sta'n 1st gu 4348 A.1963 J .1 923 Sale 9218
912 93
4
4
55
92 4
3
Registered
7818 791 79
79 79
Jan'25
lit 58 Series B
1963 .1 J 10114 102 10114
102% 12 100 10212
Collateral trust gold 46-1953 MN 85 Sale 8413
85
83 85
62
Guaranteed g 58
9714 98%
1944J 0 9812 Sale 97%
98% 215
Registered
MN
82 Mar'25__
81
82
1st 634s Series C
19633 J 11712 Sale 11712 11712
1 1164 118
Refunding be
1955 MN 1053* -_:-_-_ 1053
5
1055 - 10312 106
6
Obic & West Ind gen g 66_0932 Q M 10514 --15
-year secured 53.45
-- 10514 Nov'24
1934• J 1023 Sale 102
4
103
18 102 103%
Conaol 50
-year 45
1952 J J 78 Sale 77%
7612 80
71
80
IS-year secured 630 g
1936 33 11034 Sale 110 4 111
3
15 10912 1114
1st & ref 5128 set A temp_1962 M S 9712 Sale 9714
974 9814
973 163
4
Cairo Bridge gold 48
1950 3D 89% ___- 895
8814 89%
8934
1
Choc Okla & Gulf cons 5e1952 M N 100 10014 100
993 1004
4
10014 11
Litchfield Div let gold 38_1951
717 ___- 7012 Feb'25
70
7012
Oln H & D 2d gold 434s
93% 9415
1937 J J 9214
_ 9414 Mar'25
Louis/ Div & Term g 3348 1953
,
80
81
8012
7712 807
8034
7
0 St L & C lat g 413
2
k1936 Q F 91% 93 91% Mar'25
913 913
8
4
Omaha Div let gold 35.
.A951 P A
7214 74
7214 Mar'25
7012 7214
Registered
k1936 Q F 91
9012 91
91 Apr'25
St Louis Div & Term g 35_1951 33 7218 ---- 72%
72%
b
4
713 72%
CInI.eb&Norgu4sg
1942 MN 8912 Sale 8912
87% 8912
1
8912
Gold 334s
1951 33 80% 81
80
8112 11
79 83
CM & Ci cons let g 513__1928 J .1
-_ 993 Mar'25
99% 99%
4
Springfield Div lat g 3%1_1951 J J
7814 79 8 82 July'24 ____
3
Cleve Cln Ch & St L gen 48.19933 D 988212 8314 83
813 8414
4
83
3
Western Llnes 1st 46
1951 P A 7814 795 88 Mar'25
861, 58
_
20
974
-year deb 434s
1931 J J
96
98
9712
9712
8
Registered
1951 P A
84
84
84 87
1
General bs Series B
1993 J D 101 1011 101
9912 101% III Central & Chic St L & NO
101
1
Series A
Ref & impt
1929 J J 1033 Sale 10318 103% 25 103 104
8
Joint let ref Si Series A.-_1963 3D 98 4 Sale 985
2
961 90 4
4
995
3
Series C
4 33
(is
1941 J J 10412 1053 1043
4
4 104%
4
1 1033 1073
Do Series B
1983 3D
9514 June'24
58 Series D
1963 3 J 98 Sale 96%
98
944 98
410
Ind III & Iowa let g 48
1950 33 8911 If
8
758
Cairo Div 1st gold 4s
19393 J 90
91
8914
91
Apr'25
Ind Union By gen 58 Ser A 1965
100 100 189113 .10 ;3
7 00 2
8 2
0
9
101
M Div 1st g 42_1991 J J 8014 - - 81
1
17
82
80
82
4
Gen & ref be Series B
1965
100
__ 100 Mar'25
St L Div 1st coil tr g g 48__igos MN 8114 8214 82
8118 8314 lot & Grt Nor 1st 65 Ser A 1952 33
82
1
33
39 100 1044
Col Div let g 4s____1940 M S 88% --__ 8912
Spr &
88% 8912
8912
1
Adjustment Els, Series A 1952 Apr IR Sale 12,17
4
66
195
78
W W Val Div 1st 441-1940 J
4
872 874 lot Rys Cent Amer 1st 56
2
863 -- 873 Jan'25
4
78
1972
7512 804
29
79
19343 .1 10734
107 4 1072 Iowa Central let gold 193_1938 MN 59% 781 7812
1073 Apr'25
2
4
4
C C & 1 gen cone g
60 6012
3D
57
6013
65
Clev Lor & W con 1st g 56..1933 A 0 10114 Bale 10014
10114 10 10014 10214
Certificates of deposit
5718 60
5934 Apr'25
594 60
1935 M N 9612
CI & Mar let gu g 4%a
963 96%
96% Jan'25
s
Refunding gold 4s
1951 MS 20 Sale 20
20
19% 2614
984 995 James Frank & Clear
1938
8
J 9814 ____ 9814 Apr'25
Cleve & Mahon Vali g 5s
1st 48_1959 3D 883 ____ 88
8
86 2 83
7
cri p gen gu 4348 Ser B
1942 A 0 99% __
8412 Aug'24
Ka A& 0 R let gu g 58.- _1938 J J 10012 ____ 100 Apr'25
Nov'24
995 665' Kan & M 1st gu g 48
1942 3 3 9918
Series A
99%
8
99%
1
1990 AO
80 84
series D 3146
1960 F A 81
853 Mar'25
4
85 4
84
3
2d 20-year be
1927 33 41 14
)
1
Ig0114 Apr'25
2
Cleve Shor Line let gu 4348_1961 A 0 95% 9634 95 4
3
95% 9814 KC Ft E3 M COOS g 68.-1928
96%
9
MN 103
10314 37 10212 1034
1972 A 0 10512 106 1053
Cleve Union Term 534s
5
4
106
26 1043 1061s K CFtS&M Ry ref g 43._1936 AO 8414 1033* 103
Sale 833
3
80% 85
8414 90
1973 A 0 1003 Bale 10013 101
4
let f be Ser B
994 101% KC&MR&B1etgu5s
50
1929 AU
9814 ____
98 99%
1945 J D 8412 86 84%
Coal River RY lat gu 4s
8414
4
8 4 8612 Kansas City Sou let gold 381950 AO 724 Bale 99% Feb'25
3
71%
701s 7212
7211 41
Colorado & South 1st g 4s 1929 F A 9812 Sale 98
967 98 4
s
983
3
4 60
Ref & impt be
Apr 1950 J
904 Sale 89
994 118
8814 91
Refunding & exten 4346-1935 M N 944 Sale 93 4
3
90% 95
95
20
Kansas City Term let 413___1960 J
8512 Sale 85
83% 85%
8512 71
1948 A 0 863 874 86%
8
8613 863 Kentucky Central gold
Col & H V let ext g 45
863
4
4
2
48_1987 33 85 Sale 85
85
3 84
8512
1955 F A
___ 94% Dec'24
Col & Tol let ext 48
Keok & Des M ba ott dep___1934
5
Conn & Passum Rlv 1st 46..1943 A 0 85%7812 84 814 Jan'25
ifs; Knoxville & Ohio let g 68---1925 A0 843 ____ 86 Nov'24
33 100% Sale 10618
1962 J
1004
3 ic761
;
be g
Cuba RR lat 50
87 Sale 87
-Year
Ems sm. Lake Erie & West let g
8714 20
58-1937 J J 993 -___ 100 Apr'25
4
1938 J D 10312 Sale 103
99 4 100
1
1st ref 730
104
25 10212 106
2d gold be
3, 954 951 9518
95%
1
95% 964
Cubs Northern By lot 5a1966 J J 92 Sale 9114
89
92
9314 Lake Shore gold 3316
51
1997 J D 7912 Sale 7914
80
1931 3 .1 9618
14
97
Day & Mich let cone 4303
78 80
14
96
97
9712
2
Registered
19973 D 7713 7812 76% Feb'25
1943 M N 903 Sale 9
76 8 76%
7
4
Del& Hudson lat & ref 48
8812 92
92
129
012
Debenture gold 48
1928 M S 98, Sale 983
2
8
1936 A 0 10612 Sale 106
-year cony be
97 98%
12
98.2 23
30
1063 290 10114 10814
4
25
-year gold 41;
1931 M N 964 Sale 9612
61
97
1937 MN 10112 Sale 101
lb-year 53.48
1011.. 22 101 103
964 97%
Registered
1931 M N 944 ____ 957 Jan'26
-year secured 76
1930 .1 D 10812 Sale 10812 108% 1
I0
107 110
93% 997
2
Leh Val Harbor Term 58_1954 F A 1013 Sale
4
10214
102%
4 1002 10212
4
4
- 94 Dec'24
0 RR & Bdge let gu 48 3_1936 F A 933
Leh Val N Y let gu g 4548-1940 J J
967 98
9613 Mar'25
-1st cons g 413_1936 3 J 83% Sale 8212
834 72
96
9714
82 71
Den & Ft 0
174
Registered
1940
J
93
Jan'25
93 93
Consol gold 43413
8612 873 85% Apr'25
1936.
85 8 8915 Lehigh Val (Pa) cone
7
1
4
g 48-2003 M N 81 Sale 79%
81
Improvement gold 58_. 1928 J 1) 98 Sale 97%
79 81
19
95
99
98
31
Registered
N
_
787 Apr'25
s
7812 78 a
5812 Jan'25
1955 F A
58 67
7
tot & refunding be
General cons 430
2003 M N -gird
a
Registered
89% 15
4614 Nov'24
88 9012
Lehigh Val RR gen 58 Series_2003 MN 10012 197- 8914
Sale 100
Farmers L ds T dep rote for
98%
Leh V Term Ry 1st gu g be 1941 A 0 1018 ____ 101% 1004 12 1011a 100%
Aug 1 1955 ---- 4513 6012 6112 Feb'25
102 s
lst & ref be
3
1013
59 70
Registered
1941 A 0 8 %
9 12
9
5
9 3 No858
8582
94
Bankers Tr Co (Ate dep
v'24
4
Leh de N Y 1st guar gold 4e 1945
10 -E1411- 89
8
AMA to June 15 '23 agree -- 4512 46 60
Jan'25
59% 6912 Lox & East 1st 50-yr Ea gu-1965 M
A0
106
1 10312 10612
Stamped
106
4513 63 62% Feb'25
564 703 Little Miami 48
4
1952 M N
84 Apr'25
603 Feb'25
8
Am Ex Nat Bk Mhz Feb '22 --60% 607 Long Dock consol g 68
2
1935A 0 108
____
10943,441 1
077 04
892
: 89
108 ---i " 18081144
:
597 Dec'24
8
Am Ex Nat Bk Mfg Aug '22
- - -- Long Isld lot con gold 543_51931 Q J 10015 __ 108
99 4 Mar'25
3
West 58
195S MN 5612 Sale 55%
57
69
Den & R
55 6612
let consol gold 48
51931 Q J
89931
1
94% Mar'25
J 4514 453 4513
45% 36
4
Des M & Ft D Ist gu 48.-1935
3912 47
General gold 4s
1938 J D
90
894
_ 934 Feb'25
8914
934 9312
Des Plainee Val 1st 43.40.-1947 M N 95
Gold 48
19323 D
93
9014 Mar'25 -___
897 904
73
73
Bet & Mack-1st lien g 48 1995 J D 7215 -- -14 73 Feb'25
73
Unified gold 48
1949 M
8 4 843 ,33
835
939
%
83 4
3 4 88 4
983
%
8
2
1995 J D 65
65
6815 65
8214 18413
98
% ,032
3 65 6712
Gold 45
Debenture gold be
1934 J D 96
9712 Mar'25 ____
98
9518 971
1
8
1961 M N 913 92
4
9112
91% 24
Riv Tun 434s
91
Dot
92
20
-year p m deb 68
1937 M N 89
89% 88%
90
3
8718 903
_ 104
104
4
10 102 104
Dul Missabe & Nor gen 58 1941 J J 103
1949 si
Guar refunding gold 4s
8212 8312 8212 Apr'25 --__
1937 A 0 10112 10218 1013 Apr'25
--4
82
833
8
10012 10212
& Iron Range lot 58
Dul
Nor Sh B lot con g gu 50_01932 Q J 98% 9912
.
1937 j
8214 84 8214
8214
5
821a 90
Dul Sou Shore & Atl g 5a
Louldana & Ark let g bs
1927 M
100 Sale 100
100
2
8
99% 10112
88
East BY Minn Nor Div 1st 48.'48 A 0 903 ____ 9014 Apr'25
9014 Lou &Jeff Bdge Co gu g 48 1945 MB 854 Sale 864
1938 M E3 994
85
- 9914 Apr'25
89
994 9924 Louisville & Nashville be
East Tenn reorg lien g 58
93 87
8
1937 MN 10434 10518
95
12
14
8 -- 1003 Mar'25
5
0
04
1 10078 10512
4
12 6 m J
- 93 J N 997 10
100 101
East T Va & Ga DIY g be
Unified gold 48
1940 J J 94182 Sale
002 17,2 f014.
1003 Apr'25
1003
4
4
Cons 1st gold 5/3
100% 101
Registered
1940 33
Dec'24
4
East Ist g 58-.1941 MN 1013 10238 1013 Apr'25
4
101 102
Elgin Joliet &
Collateral trust gold be-1931 MN
lgir784 mar,0 -_---_-_ 166 id
..,
1965 A 0 99%
99% Mar'25
1
;
99% 100
-year secured 76
El Paao & W Ist 5s
10
1930 MN 106% Sale 10 3
0 4 107
6
3
0 12 21 110% 1003:
3
12 1040 3 1107 2
.1930 M S 10818 Sale 1084 10818
5 107 108%
12 4
4
Ezte lat consol gold 76 ext.
:
1
1st refund 530 Series A 2003 A0 108 Sale 108
10813 113 104 4 In I
1996 3 3 70% Sale 7012
71
68
70
721z
1st cone g 48 prior
let & ref 58 Series B
2003 AO 10314 1031
8
1996 J .3 675 6912 6812 Mar'25 -- _
8
673 6812
4
Registered
let & ref 4318 Series C
2003 AG 9914 Sale_6_2_1.2
683 342
13
6278 79
4
jog consol gen liens 48-1996 3 J 623 Sale 6214
92 94
613 6618
4
N 0DM 1st gold 68
1930
' 10414 107
3
FP _24-9_
25
1996 3 J
6214 Feb'25 ____
61
Registered
6214 67
2d gold (36
1930• 3 103%
1038 Dec'24 ____
4
953
953
4
4
5
954 98
Penn coll trust gold 48 1951 F A 953 96
Paducah & Mem Div 414._1946 P A
8914 Feb'25 ____
A-1953 A 0 6414 6412 6212
6414 83
-year cony 43 Ser
60
6213 69
St Louis Div 2d gold 30- _1980 MS
6212
1953 A 0 6412 Sale 63%
621
6414 70
1 -8. 1 -156
60 69
615
do Series 13
141 63
L&N&M&Mlst9430.1945 MS 964 ---- 9714
4
1953 A tO 713 7213 703
4
72% 104
4
98
974
703 768
4
Oen cony 4s Berea D
4
L & N South joint M 4s19523, 8382 S_331_e k 83% Mar'25 ____
020512 0 i
.0
831
1965J J 10614 Sale 10614
3
10614
814 844
3 101112 10614
see jersey Ist s f (Se
Registered
July 1952 Q J
77
Jan'24
Loulsv ClnaLex gold 4%8_1932 MN
09 Mar'25_ _____
981s991
e Due May. h Due July 5 Due Aug. n Due Sept. 0
a Due Jan. 5 Due Feb. 2 Due June
Due Oct. p Due Deo, 5 Option sale.
g
746S 100
loco loft
1g1'34
4
nu lows
lat.:
lgrs2
New York Bond Record-Continued-Page 3
1996
BONDS
N. Y.STOCK EXCHANGE
Week Ended Apr. 17.
Et,
ti
Price
Friday
Apr. 17.
Range
Since
Jan. 1.
Week's
Range or
Last Sale
High No.
Ask Low
Bid
4
J 1013 103 10118 Mar'25
1034
Mahon Coal RR 1st 56
3
5912 Sale 5912
6012
Manila RR (South Lines) 48 1939 MN
6612 6512 Apr'25
1959 MN 60
1st 48
1
9812
1934 J 13 9712 9912 9812
Colonization bs
Manitoba
84 Mar'25
Man GB&N W let 3;96_1941 J
Feb'25
____ 101
1931 MS 101
Michigan Central 55
99 Dec'24
:
82
100
1931 Q
Registered
9114 Mar'25
94
1940 JJ 91
94
1940 J J 894 9312 8612 Sept'24
Registered
_ 7718 Apr'24
4
1951 MS 773
aL & 5 let gold 3948
_
1952 MN 8212 8314 83 Apr'24
Tat gold 334s
9714 30
1929 AO 9714 Sale 97
-year debenture 48
20
88 Mar'25
9112
1940 AO 88
Mid of N J lat ext 58
8
Mliw L S & West in)p g 55_ _1929 FA 10038 ____ 1003 Mar'25
Mil & Nor let ext 434s(blue)1934 J D 8512 -- 8512 Apr'25
8512 83 Apr'25
Cons ext 4946 (brown)....1934 J D 8312 4
4 21
883
MB Spar & NW 1st gu 4a_ 1947 MS 8814 Sale 873
__ 8612 July'24
4
& State L 1st gu 334e_1941 J J 803
•
6
4
993
1927 J D 9912 Sale 9912
Minn & St Louis let 79
4
6014
1934 MN 604 6112 60
1st consol gold 55
7
s
203
lot & refunding gold 49_1949 MS 2014 Sale 20
14
1412 11
Ref & ext 50-yr Ser A_
1962 Q F 1312 14
8614 114
St P&SSM con g 48 let gu '38 J J 86 Sale 8514
84
9812 16
lot cons 58
1938 J J 9758 Sale 975s
90
104
-year coil trust 63.98....„1931 MS 10334 Sale 10314
10
100 1004 10012 Mar'25
lot & ref 6s Series A
1948 J J
5
4
8412 833
844
84
1940 M
-year 5998
25
9212 Dec'24
_
1st Chicago Term of 4s
1941 MN
3
4
4
4
9212- 993
ME3SM & A lag 49 int gu_1926 J J 993 10018 993
9318 25
8
1141881641ppi Central 1st Es_ 1949 ii 94 ____ 927
8 90
815
4
Mo Kan & Tex-lat gold 49_1990• D 813 Sale 81
123
93
8
4
Mo-K-T RR-Pr 158 Ser A_1982 ▪ J 923 Sale 907
4 80
753
8
4
-year 48 Series B
40
1962 J J 753 Sale 733
10318 Sale 10318 10414 42
-year 6s Series C
10
1932 ii
8612 6871
Cum adjust 55 Ser A Jan 1967 AO 8414 Sale 8212
Missouri Pacific (reorg Co)
65
87
lot & refunding Es Ser A_ A965 FA 8512 Sale 8612
lot & refunding 59 der C 1926 FA 10014 Sale 10014 10012 267
378
4 101
1st & refunding 65 Ser D 1949 FA 100 Sale 993
6412 356
8
General 48
1975 MS 635 Sale 6312
8714 Mar'25
Mo Pac 3d 78 ext at 4%,..,l938 MN 87
-- 9818 Dec'24
981
Mob & Bir prior lien g 5a....1945 J J
8 7912 7812 Apr'25
7832-1945 J
Mortgage gold 4s__
10314
4
Mobile & Ohio new gold 65_1927 J D 1023 10312 10314
let extended gold 138____h1927 Q J 10214 104 104 Apr'25
Apr'25
90
8
General gold 48
1938 MS 895
2
Montgomery Div lot g 55_1947 FA 987 9912 9812 Mar'25
1927 J o 9918 10014 100 Mar'25
St Louis Div 581
85 Feb'25
1991 MS 8412 85
Mob & Mar lat go g 4s
11038 11212 11034 Feb'25
Mont C ist gu it 65
1937 J
4
1013 Mar'25
let guar gold 56
1937 J J 10134
78
4 24
783
2000 J o 7818
•& E lat gu 3999
2
s
8 1015
Naahv Chatt & St L 1st 55_1928 AO 10112 Sale 1013
101 Mar'25
.
1937 P A 101
N Fla & 13 1st gu g gs
30 Sept'23
Mex pr lien 4545_1957 J J
Nat Ry of
4
8
-__ 267 153 July'24
July 1914 coupon on.......
1718 47
/3
-174 Sale 157
Assent s I red June coup on
8718 July'23
Guaranteed 70-year 149_1977 AO
18 Nlay'24
_
April 1914 coupon OD......
8
1554 187 15 Apr'25
Geri s f 49 assenting red
3812 June'23
Nat RR M ex prior lien 4999_1926 J J
25 July'24 ....„
July 1914 coupon on.......
32
Jan'25
28
31
Assent with July '24 coup on
28 Apr'24
1951 ;Co
lot come! 45
Jan'25
36
April 1914 coupon on......
1513 -- .2 1512
1512 27
1&
Assent with Apr 1924 coupon
66 May'23
1 14 73
Naugatuck RR let 45
1954 1819512 Feb'25
New England cons 56
J J 9414 95
1945
8
8312 787 Dec'23
Consol 4^
1945 J J 80
83 Sept'24
1988 FA 8214 86
N J June 1.r guar lot 49
5
90
90 Sale 90
NO&NE IA ref & imp 4999 A '52 J J
1
81
1953 J J 81 Sale 81
New Orleans Term 1st 4a
8 37
8 1005
8
NO Texas & Mexico 1st 69 1925 J D 1005 Sale 1005
9618 28
Non-corn Income 58
1935 AO 95 Sale 95
48
94
4
1954 AD 94 Sale 923
let 56 Series B temp
8
8
1005 133
1954 AO 10014 Sale 997
101 5345 Serlea A temp
8
8
1945 J J 935 ____ 933 Feb'25 _
29 & C Haim gen gu 4 As
_
1935 AO 9914 ____ 9914 Mar'25
NYB&MBletcongEs
273
NY Cent RR cony deb 69..1935 MN 10812 Sale 10712 109
10814 10812 12
MN
Registered
84 12 67
1998 FA 8414 Sale 84
Consol 4s Series A
914 130
4
2013 AD 903 Sale 9038
Ref & impt 4399"A"
2013 AO 10034 Sale 10012 10114 192
Ref & impt 58
5
1014
1014
AD
Registered
NY Central & Hudson River
78 Sale 77511
7814 78
1997 J
Mortgage 3945
74 Apr'25
75
78
1997 J
Registered
9554 43
8
1934 MN 753 Sale 95
Debenture gold 49
9214 Mar'25
MN 9212
Registered
9112
92
9112
1942 J J 9118 -year debenture 48
80
93 Feb'25
Registered
19
781:1
Lake Shore coil gold 3398_1998 FA 7614 Sale 7512
4
743 Mar'25
76
1998 FA 74
Registered
8
Mich Cent coil gold 3)99..1998 FA 764 7712 773 Mar'25
754
7518
1998 FA 754 80
Registered
92 3
8 11
NY Chic & St L lot g 49_1937 AD 9214 9212 92
Jan'25
89
1937 AO 8918
Registered
8
8
8 33
945
1931 M N 945 Sale 943
-year debenture 4a
25
10312 55
1931,M N 10312 Sale 103
2d 69 Series A B C
9512 173
9512 Sale 9514
1974A 0
Ref 5395 Series A
9
4
9214
NY Connect 1st gu 4948 4_1953 F A 9112 9218 913
9012 89 Mar'25
N Y & Erie 1st ext g 48...- 1947IM N 89
96 May'24
1933 M S 9314
3d ext gold 4399
99 Mar'24
1930 A 0 10C14
4th ext gold 59
1928 J D 953 ---- 9714 Dec'24
4
5th ext gold 48
_ 91
Apr'25
1946 M N 91
N Y & Green L gu g 56
754 Feb'25
2000 M N 7919 82
NY & Harlem g 3998
9812 Nov'24
N Y Lack & W 1st & ref 59__1973 MN
10012 Feb'25
1973 MN 984
lot & ref 4998
1C712 Apr'25
8
1930 MS 1063
NYLE&W let 79 ext
8
997 Mar'25
1943 J J 100
Dock & inapt 513
8
8
4
1932 FA 995 1003 995 Apr'25
NY & Jersey let 5a
NY & Long Branch gen g 49 1941 MS 904 --__ 9014 Dec'24
NYNH& Hartford
6712 67 Apr'25
1947 MS 65
Non-cony deben 49
5812 Mar'31
1947 MS 5812 5(1
Non-cony deben 3999
6
56
4
1954 AO 5512 563 5512
3999
Non-cony deben
6
64
8
647 62
1955 J J
Non-cony deben 45
17
63
1956 MN 63 Sale 6112
Non-cony deben 48
554
557
8 14
J J 5514 56
Cony debenture 3948
1956
8812 44
1948 J J 8818 Sale 8712
Cony debenture 68
8512 Apr'25
90
ii 85
Registered
9912 Mar'25
79 European loan dollars_1925 A
00 Mar'25
79 European loan francs1925 AO
5612 33
1957 MN 5612 Sale 55
Debenture 45
1930 FA ---- -- 44 Apr'23
Cons Ry non-cony 49
Non-cony 48
1954 J , 6314 -- 6318 Mar'25
2
0314
Non-cony deben 49__1955 J J 6314 Sale 6314
Non-cony deben 45
1956 J J 6314 -- 6312 Mar'25
Jan'25
NY & Northern 1st g 581927 AD 10018 100t2 00
6718 22
s
663
NY 0& W ref 1st g 49_June 1992 MS 674 68
9
8
633
General 45
1955 J D 634 Sale 6318
8612 Feb'25
8
AO 867
Prov & Boston 48
1942
NY
8
NY As Putnam 1st con gu 48293 AD 845 ____ 8412 Apr'25
00 Feb'25 1927 M S 100
NY .3tRB lat gold 5a
1
6912
6912
1937 ii 70 /2
NY Busq&W 1st ref 58
8
1937 FA 594 667 6414 Mar'25
20 gold 4995
7
60
1940 F A 60 Sale 60
General gold 58
9312
1943 M N 9312 Sale 9312
Terminal lot gold 55
5
a De Jan. 5 Due July. p Due Nov. 8 Option sale.
High
Low
99 10114
4
5912 613
6312 6512
4
973 100
8
825 84
8
1007 101
9l4 91'4
83
81
97 9712
9312
88
9
10014 1003
8612 893
4
8
825 9112
8
4
863 893
"9858 101
4
513 6218
26
20
2114
14
8514 90
8
975 1007
8
4
10212 1043
100 103
4
833 9012
;
3
2
-9151- -99
93,8
91
4
8014 823
93
86
7114 76
10112 10414
7634 89
8812
83
100 101
99 10218
6212 664
8
4
843 895
2
78,
.76
4
1023 10312
102 104
8112 90
9618 99
8
100 10(.5
8434 85
8
4
1103 1107
10112 103
4
763 81,2
10018 102
1004 101
1411 2184
8
"i61"kit; -391.
2
"ii
20
2
g6'; 951_
90
86
8014 84
10012 1013
4
4
8
923 963
904 94
4
98 1003
9318 933
9
994 100
107 11712
10712 11812
4
823 85
8 '
887 91 4
99 1013
4
9912 10112
7814
75
9
773
74
9314 96
4
9214 993
9258
91
93 93
,
4
743 76 4
4
743
74
8
773
74
7518 75%
9414
91
89
89
9278 9612
10212 10412
937 96,
2
8
9212
go
9
89 8
99
'WI;
-91
8
757
7812
4
166; 1663-
106 10712
993 997
4
8
994 1003
8
68
61
6
555 604
6612 60
60 65
8
655
go
554 5912
92
87
8312 90
97 101
98 100 9
,
54 6012
64
5S
62 65
62 64
100 100
4
693
85
634 694
8618 8613
8214 85
100 100
664 76
8
6112 6
66
60
,
114
03
BONDS
N. Y.STOCK EXCHANGE
Week Ended Apr. 17.
.11
13 a
t
a,
N Y W'ches &B latSer I 490246 J J
Nord Rysf(19.98w1
1950 A 0
Norfolk Sou 1st & ref A 56_1961 F A
Norfolk & Sou 1st gold 5s
1941 M N
Norf & West gen gold 6s
1931 M N
Improvement & ext 65_1934 F A
New River 1st gold
1932 A 0
N & W Ry 1st cons g 49
1998 A 0
Registered
1996 A 0
DWI 1st lien & gen g 48_194 4J J
-year cony 88
10
1929 51 6
Pocah C & C Joint 48_1941 J 0
Nor Cent gen & ref 55 A
1974 M S
North Ohio lot guar g 59
1945 A 0
Nor Pacific prior lien 4s
1997 Q 1
Registered
1997 Q .1
General lien gold 35
a2047 Q F
Registered
52047 Q F
Ref & impt 4999 ser A____2047 J J
Registered
.1 J
Ref & impt 6s ser B
2047.3 .1
Ref &'mut 59 ser C
2047 J J
Ref & impt 5s ser D
2047 J J
St Paul & Duluth 151 58 1931 Q F
lot consol gold 45
1968 J D
Nor Par Term Co 1st g (3s___193 3.0 J
No of Cal guar g 58
1938 A 0
North Wisconsin lot 69
1930 J J
Og & L Cham lst gu 4a g
1948 J J
Ohio Conn Ry 48
1943 NI S
Ohio River RR 1st g 59
1936 J D
General gold 59
1937 A 0
Ore & Cal lst guar g Es
1927 J J
Ore RR & Nav con g 4s
1946.0 D
Ore Short Line-lot cons g 59246 J J
Guar cons 15
1946 J J
Guar refund.49
1929 J D
Oregon-wash 1st & ref 49
1981 1 J
Pacific Coast Co let g 58
1946 J D
Par RR of Mo 1st ext g 4s
1938 F A
2d extended gold 58
1938 J J
Paducah & Ills tot of 4345_1955 J J
1958 F A
Paris-Lyons-Med RR 6a
S f external 79
1958 M S
Faris-Orleans RR a f 70
1951 11 S
Paulista Ity 75
1942 NI 5
Pennsylvania RR-cons g 4s 1943 M N
Consol gold 48
1948 M N
48 stewed
May 1 1948 MN
Como' 4346
1960 F A
General 434s
1965 J D
General to
60
93 A D
19 8 j O
10-year secured 75
1936 F A
15-year secured 6995
40-year gold 5.9
1984 M N
Pennsylvania Co
Guar 3999 coil trust reg 4_1937 M S
Guar 3999 coil trust Ser 13_1941 F A
Guar 334s trust etre C
1942 J D
Guar 3995 trust etre D
1944 J D
Guar 15 -year gold 49_1931 A 0
-25
Guar 4s Ser E
1952 M N
Peoria & East let eon 248_1940 A 0
Income 48
1990 Apr.
Pen& Pekin Un lat5995
1974 A 0
Pere Marquette let Ser A 55_1956 J J
lat 49 Ser B
1956J .1
Phila. Balt & W 18t g 45
1943 M N
Gen 5.9 Series B
1974 F A
Philippine Ry lot 30-yr s f 46 1937 J J
Pine Creek regstd 68
P C C& St I. gu 4 As A
2
93 A O
1940 j D
Series B 4999 guar
1942 A 0
Series C 499s guar
1942 M N
Serlea D 4s guar
1945 M N
Series E 3998 guar gold
1949 F A
Series F guar 48 gold
1953 J D
Series 0 45 guar
1957 M N
Series H 4s
1960 F A
Series I cons guar 430_1963 F A
Series J 499s
1984 M N
General 55 Series A
1970 J D
Pitts & L Erie 2d g 59
al928 A 0
Pitts McK & Y lat gulls____1932 J J
20 guaranteed 69
1934 J J
Pitts Sh & L E bit g 59
19401A 0
lot consol gold 58
19431.11 J
Pitts Y & Ash lat cons 5a
1927'M N
lot gen 48 series A
1948I.1 D
let gen 58 series B
1962 F A
1st gen 5s series C
Providence &cur deb 4s
1954 j D
977 M N
Providence Term 1st 4s
1958 M S
Reading Co gen gold 49
1997 1 J
Certificates of deposit
Jersey Central coll g 48___1951 A 0
Gen & ref 4I99 Ser A
1997.3 J
RIchin & Danv deb 5s stud_ _1927 A 0
Rich & Meek lst g 4894hl N
j j
Richrn Term Ry 1st gu Us
119529
Rio Grande June let gu 5.9_1939 J 0
Rio Grande Sou let gold 49..1940 J .1
Guaranteed
Rio Grande West 1st gold 49_149 j j
39
9
9 J J
1949 A 0
Mtge & coll trust 45 A
RI Ark & Louis lot 4 999
1934 M S
1949 J J
-Canada 1st gu g 48
Rut
1941 J J
Rutland lat con g 499s
St Jos & Grand Isl g 4s
4
997 J
19 6 j .1
St Lawr & Adir lat g 55
1996 A 0
0
1, g ca (18
st2 a olclir0
guar g 4s
3 A j
St L Ir M & S gen con g 55 1931 j O
Unified & ref gold 49
1929 J J
J J
Registered
Riv & G Div 1st g 45
1933 M N
St L M Bridge Ter gu g 59
1930 A 0
St L & San Fran (reorg co) 481950 J i
1950 J .1
Prior Ilen Ser B 5s
Prior lien Ser C 55
2
942 J J
19 8 j j
Prior lien 5999 Ser D
Cum adjust Ser A 6s____h1955 A 0
51960 Oct.
Income Series A 65
StLouls & San Fran Ry gen 61131 J .
1
General gold 5s
3
19 6 J J
St Louis & S F RR cons 48_1991 j j
Southw Div 1st g 5s....1947 A 0
1194381 J J
95a
W latau
18t gu g 4s
1%1 s
St Louis Son
Ll'°e N
St L S W lat g 49 bond ctfa_1989 MN
2d g 45 Income bond ct83-1
11989 J J
Como! gold 49
5
1932 JJ
let terminal & unifying 55A 9 2 j D
St Paul & K C Sh L let 099_1941 F A
St Paul E Or Trunk 4340...,1947J J
Price
Friday
Apr.17.
Week's
Range or
Last Sale
iz
c%
High No.
Ask Low
Bid
154
66
6512 Sale 6312
8112 300
8
807 Sale 7912
14
73
73 Sale 7218
9618 ____ 9618 Mar'25
5
108
108 10812 107
10778 ____ 10838
108-38
9
10712 ----108 Mar'25 -38
Sale 89
Jan'25
9
'
9 25
8712 9112 86
8912 993
8
8014
8914 895 89
13034 117
8
130 Sale 1275
1
9114
9114 Sale 9114
1
102
1013 102 102
4
8512 8712 86 Apr'25 -8 47
845
8
8412 Sale 837
_
8234 ____ 83 Apr'25
6078 23
6012 Sale 60
5934 60 60 Mar'25 8
845 86 8614 Apr'25
4
853 Feb'25
ioic, Sale 10538 10612 24
4 12
963
4
4
963 Sale 953
8 14
967
8
967 Sale 96
_ 9914 Mar'24 ---8
843 87
10012- - - 8414 Jan'23
0914 Jan'25
10912 __
13314
1034 Mar'25
1044
1033
10418
724 7112 725
48
725
8
5
9034
4
903 Dec'24
2
9834
4
9 _993 1004 983
Mar'25
10118 27
10038 10118 10078
8938 89
89
8938 13
10518 10512 105
305
1054 Sale 195
105,2
971 8
22
124
4
97 Sale 963
4 91
8212 Sale 8218
823
36
924 937 9112
8
905 ____ 9012 Mar'25
8
993
954 -'2
4 Apr3 2
814 953 . 8 15
9
7412 Sale 7012
7412 288
285
992 42 S9419e1-4
83983:514 Sale 18891090381142
r 22155
p8..24 --8
rrr2 5 -1319
99
8
1)814 98,
98
9218 94
4
923
9212 Sale 9212
9318 14
4
- 923 9214 Apr'25
9612 9934 993
8
994 29
94 Sale 933
9412 76
4
85
16212 Sale 10212 103
108 Sale 1074
1083
4 49
8
1103 Sale 113
11058 45
9712 Sale 974
4
973 103
8512
8.34 85
824 84
9518 9512
864 8718
793 Sale
8
325 Sale
4
99
9912
994 Sale
83 Sale
9418 _
8
1083 Sale
413 Sale
8
8
1055
9614 974
9614 963
4
9414
91511
91'4 ---91 14 ---9114
9138
943 96
4
9912
10018
10478
103
10058
100
Sale
8
1007
__
10112
loola
10014 1003
4
544
8
813
843
4
8318
8218
8214
954
8514
4
773
8
317
99
9812
8258
941g
05%
8
413
0512
9614
9614
9612
91
9114
8914
9012
92
954
8
945
8
993
994
03
8
983
0058
01
00
87
0014
Dec'24
Mar'25
Apr'25
Apr'25
9612
Apr'25
8
793
4
323
99
8
997
8318
9452
3
1063
413
4
Mar'25
963
8
Mar'25
Mar'25
Mar'25
Mar'25
Nov'24
Feb'25
Apr'25
9538
Mar'25
100
Mar'21
Dec'24
Aug'24
Mar'25
Jan'25
Jan'25
Mar'25
13014
15 2
65r2
-180 Sept'24
95
95
854 Nov'24
-5912 Sale 883
8
8912
943 Sale 93 2
4
943
,
4
8
1003
0012 1004
75
754 Feb'25
79
10018 10114 01
Apr'25
95 Sale 934
95
8
6
7 Apr'25
7 Dee'24
85 Sale 843
4
85
734 Sale 7318
7314
87 Sale 8614
863
4
72
74 Mar'25
74
8
855 8614 8512
4
889
7718 79
773 Apr'25
4
9314 955 8538 Feb'25
8
102
101
Jan'25
9412 955 9412 Apr'25
8
1003 Sale 100
8
10038
4
2
943 Sale 9412
947
93
93
867 Sale 8
8
8
867
612
9912 10014 1004 Apr'25
75 Sale 7414
7518
8912 Sale 885
8
893
8
103 Sale 103
8
1035
977 Sale 975
8
8
9918
8714 Sale 87
4
873
8114 Sale 8(18
8114
4
1043 1054 1043
4 1043
4
10014
1004
1001
8
903 ____ 8412 Dec'24
9912
9738 Dec'24
1014 10314 1023 Apr'25
4
925 933 934 Mar'25
8
4
81 Sale 807
8
8
813
73
74
7312
8
725
8912 Sale 88
8912
4
863 Sale 85
4
863
8312 Sale 8318
8312
8
927 9378 9112
9112
17
26
60
1
87
26
4
17
11
6
Range
Since
Jan. 1.
Low
HO
594 7014
7912 843
4
8
7038 735
9518 961
8
8
1065 108
8
8
1085 1083
108 108
4
911
88
88
86
9014
8814
12512 134
9314
91
4
10112 1023
94
86
8
837 8012
8234 844
62
60
4
593 60
8512 8712
4
4
853 853
9
1065 10812
8
4
953 977
3
95 4 98
1
i(7 .1.; 10111-1
9
102 10314
10418 1044
7112 734
9814 9933
99 100
1003g 1014
2
8814 898
ic322 1058
4
10358 10512
8
8
963 977
8134 8312
94
82
8
9018 985
8
9814 993
4
9412 953
s
7012 805
804 89
8012 90
97 100
8
917 95
8812 9318
9012 93
9814 100
95
93
4
10118 1033
2
1077 110
10934 11112
9714 98;
831s
83
824 824
8212
82
9414 954
864
85
774 793
s
314 36%
99 10033
9712 100
6
8112 8311
8
924 945
8
104 1063
90
44%
10512 10513
9812
94
96
9614
9812 9612
3
89 4 9114
9012 9114
2
-6613
14
2
92
91
964
95
9412 9452
9812 101
9978 101
-
10O' 101's
101 101
100 100
87 87
10014 102
18
27
1
9
19
24
24
12
20
121
5
111
626
136
48
126
212
398
1
3
53l
67
"9312
10
96
96
9215 99%
99% 10012
7412 7513
10015 10112
8
925 96%
7
5
88
WI;
88
7118 75
12
88
85
74
74
8514 8818
4
7512 775
9515
94
101 101
9552
94
994 1005
2
4 5
913 9
914 93
833.4 874
8
8
993 1001
2
7114 751
9514 897
2
8
2
1017 1033
8
935 9918
4
843 8912
2
767 823
4
4
1043 1054
loots 101
fedi:
15
2
113
33
25
16
9212
80
7252
8538
8
815
80
9112
37
9 2
8
817
74
90
8812
88
9112
1997
New York Bond Record-Continued-Page 4
BONDS
N.Y.STOCK EXCHANGE
Week Ended Apr. 17.
Price
Friday
Apr. 17.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 17.
NUE
Friday
Apr. 17.
Week's
Range or
Last Sale
a:A
Range
Since
Jan. 1.
Mob
Ask Low
High No. Low
Bid
High
Hfoh No. Low
Ask Low
Bid
44 63
26
50
1939 JJ 50 Sale 44
Am Writ Paper s 17-68
9414 06
96
9514 96
3
43 80 4
46
Ot Paul Minn & Man 48_ _1933 JA 95
50
50 Sale 4412
Temp interchangeable etre den10712 10912
4
/
1933 J A 10814 109 10814 Apr'25
9918 1011
195
let C0111101 g 6s
Anaconda Cop Min 1st 63_ _1953 FA 9934 Sale 9938 100
9512 100
99% Apr'25
4
993 104
273
6.reduced to gold 44s 1933 3,
101
4
1
/
1938 FA 100 Sale 100
-year cony deb 78
15
973s 98
9712 Apr'25
9412 1001s
1933.1.1 9718 99
Registered
0514 130
92% 9512 Andes Coif Min deb 7825% pd'43 J J 9434 Sale 0412
8
1937 J D 9278 94 93 '9512 11
Mont ext let gold 4s
9218 2 9118 947
4
1
/ 93 9218
92
9938 89% Antilla (Comp Mlle) 7345 1939
9214
_
_1940.1, 86% 88 8938 Feb'25
91
Pacific ext guar 48__ _
9112 9112 Apr'25
91
Ark & Mem Bridge& Ter59_1964 M
20 100 102
10112
St Paul Union Depot 55......1972'.1 10112 Sale 101
875* 44 88 90
realest 4)01939 3D 874 Sale 8634
4
1
/ Armour & Co lat
6 81 84
83%
4
/
911 94
1943 J J 83% Sale 83%
El A & A Pass let gu g 411
92% 134
Armour & Co of Del 555s-1943 J J 9218 Sale 92%
10034 101
10034 Feb'25
4
/
Santa Fe Free & Phen 5s 1942 MS 100
39 1011 10318
1935 MS 103 Sale 10212 103
Associated Oil temp es
10713 111
4
1
/ 973
97
1934 AO 10814 111 111 Mar'25
4
Say Fla & West es
1947 3D 9818 __ 97% Jan'25
- Atlanta Gas L let 55
10114 Nov'24
26
18
1934 AO 101%
5s
3978
Atlantic Fruit 75 etfs dep_1934 J O ____ - - 26 Mar'25
4
873 90
1
/
89% 894 Apr'25
22 22
Belot° V & N E 1st gu g 4a 1989 MN 89
22 Jan'25
19 '27
Stamped Ws of deposit
2 74 80
77%
4
971 9912
1950 AO 77 Sale 77
Seaboard Air Line g 4s
4
9912 12
1937 J J 98% Sale 983
Atlantic Refg deb 55
7634
1
/
76%
7 74 80
1950 AO 7634 77
24 102 1044
Gold 48 stamped
73 79 Baldw Loco Works let 5s 1940 MN 103% Sale 102% 10334
6
,
76 4 17
5 103 10412
Oct'1949 FA 7614 Sale 7512
Adjustment 58
10478
(Coup Az) 7528.. _1937 J J 10412 Sale 104
Baragua
4
1
/
59 68
111
68
1959 AO 68 Sale 6714
Refunding 40
10518 67 10212 10513
10478 Sale 10412
84% 9212 Barnsdall Corp of cony 8% A1931 j
1
/
9114 191
10014 10218
let & cons 68 Series A__ 1945 MS 9114 Sale 904
4
/
4
/
1948
3
' 1011 102 1011 10218 19 100% 10114
7
8634 15 83 s 8818 Bell Telephone of Pa 5s
1
/
All & Birm 30-yr let g 4s_d1933 MS 86% 88 884
10012 13
1926 J J 10014 Sale 10014
Beth Steel let ext sf58
4
993 101
10118 101 Apr'25 -- -93% 97
Seaboard & Roan 1st 58...._1926
11
9612
1
/
1942 MN 9612 Sale 954
let & ref 58 guar A
1024 10218
10218 Jan'25
4
1
/
1936 F• A 102
90 92%
& N Ala C01111 gu g 5s
9112 39
30-yr It M &IMP 11 55-1936 J J 9114 Sale 91
2 103 10518
105
s
4
Gen cons guar 50-yr 581963 AO 1053 1053 105
75 9328 9718
4 Sale 944
95
-year 8a Series A1948 A 943
Cons 30
84 87
85% 21
So Pac Col 48(Cent Pee col)k1949 J D 8578 Sale 85%
6 85 8912
8818 86
8812
-year 5540 Series B 1953 FA 86
Cons30
81
81
Jan'25
81
J D
Registered
3 73 85
73
7312 73
4
9812 973 Booth Fisheries deb 5 f 85_1926 AO 63 Sale 98%
8
9714 116
-year cony 48
20
June 1929 MS 97 Sale 967
97 100
,
99 4 97
1942 AO 991
4
998 10218 Brier Hill Steel let 534s
8
1934 J D 100 1003 10038 Apr'25
-year cony 58
20
7014 20 68 7514
1943
100 B'way & 7th Av let e g 5a-11994301 3D 6818 717g 7014
5 100
100
100
1944 MN
-year g 58
20
673 75
4
1
/
4
9338 Ap 5
6818 72 68 Mar225
Ctrs of dep stmpd Dec '24 in
8414 8714
1
/
864 33
1950 AO -66E8 Bale 8818
San Fran Terml let 4a
90% 93%
Ji
83 8514 Brooklyn City RR 55
8312 Mar'25
,
AO 76 4
9918 10012
Registered
74
1001
4
/ Bklyn Edison Inc gen 5s A-1949 J J 1E1151 goAe 100
103 10314
10314 Feb'25
1927 MN 101
4
1
/
So Pac of Cal-Gu g 58
General 69 Series B
J J 1041s 105% 10412 1055* 11 104 105
4
1
/
94 9413
9412 Jan'25
8
So Pac Coast let gu g 49_19373, 937
8
1073 Nov'24
1940 J O
General 78 Series D
ma 91
1
/
90% 84
1955.13 9058 Sale 904
So Pac RR let ref 40
-1113;
861 456
Sec 6a198 J J 865* Sale 8512
10218 88 10014 102's Bklyn-Man R Tr
Southern-let cons g &L....1994 J J 10134 Sale 101
63 71
63
8
99 995 Bklyn Qu Co & Sub eon gtd 55'4 MN 63 Sale 63
99% Apr'25
J D 9812
Registered
194 j j 70% ___ 80 Feb'25
1st 5s
1
731 78
78 -aii
Develop & gen 48 Ser A...1958 A0 78 Sale 76%
90 Nov'24
116 103 10612 Brooklyn Rapid Trans g 5s....194 AO
8 105
1
/
1958 AO 1044 Sale 1037
Develop & gen 68
96. June'24
Trust certificates
4
8 110% 84 1063 1101s
1956 AO 10934 Sale 1083
Develop & gen 652s
let refund cow" gold 48.._2002 j j 5618 ___ 81 Dec'2
9912 10018
1
100
100
Mem Div let g 452s-58_1996 J J 100
10912 Sept'2
3-yr 7% secured notes_ -.1921 J
83 8712
4
1
/
1
8618
8618
1951 .1.1 864
g 4s
St Louis Div let
120 Mar'2
Certificates of deposit,,,,,,
4
1
/
8412 22 82 85
Mob & Ohio coil tr g 4s 1938 MS 8412 Sale 83%
121 fir
121 Apr'25
Ctfe of deposit stamped
3 10012 102
10112 102
1929 MN 102
So Car & Ga let ext 534e
8
8111 844
18
813
gill 8112
1950 1- -ills 11
4
1
/
4 83 8718 Bklyn Un El let g 4-5a
1
/
84 844
8414
Spokane Internet 1st g 513_1955 J J 8314
13 8112 85
813
Stamped guar 4-5a
1950 FA 811 8211 8112
91
Oct'23
9914 1011
1936.1, 9112
Sunbury & Lew 48
1
14
4
1003
9 5
Bklyn Un Gas let cons g 5s 1942 MN 10014 10034 100
95 May'18
Superior Short L lets. ge1930 M
5
155 163 4
1932 MN 13514 16434 155 Mar'25
01yr cony deb 75
2 9514 Wit
97
1
/
Term Aeon of St List g 4)49_1939 AO -668 If 964
10714 110%
let lien & ref 138 Series A 1947 MN 10912 11112 110% Apr'25
14 100 101
let cow gold 513
4
1
/
9118 93
1944 FA 10014 Sale 1004 101
9114 Apr'25
1932 J D
119322
5 8218 8414 Buff & Susq Iron sr Be
83
Gen refund f g 45
1
1953 J J 83 Sale 8212
84 872
8
865*
9118- * 0 863s 8634 863
9o3 97 Bush Terminal let 4a
1943.1, 9612 98 97 Mar'25
Tex & N 0 con gold ts
4
8712 86%
87
8712 28 8514 891
60
..1 9
ea. 1955 J J
Cuurnag ga
Bonsol 5a guar
erg 10138
27
1
/
Texas & Pac let gold 58.-- _2000 J D 101 Sale 1004 101
1
1
19 •93 2 99 4
97
tax
*0 97 Sale 96
Dee'24
90
90 100
2d gold income 55
98 10012
2000 Ma
109% 36
Cal G & E Corp 56 '
1937 MN 10012 Sale 100
2
99 9911
98
La Div B L 1st g 5a
1931 J J 9834 991 98
1
25 10044 1081
1933 AO 103 Sale 10234 103
4
/
981 10014 Cal Petroleum 13548 temp
1
99 99
99
Tex Pac-Mo Pac Ter 5545_1964 MS 98
2 9212 954
93
Camaguey Bug let of g 7e _1942 AO 9212 9312 9212
2 9934 101
100
100 Sale 100
Tol & Ohio Cent let gu 58_1935 .1
9642 9912
98% 14
SS Lines 1st coil f 78'42 MN 971 9812 98
4
1
/
5 93 100 Canada
4
1
/
99
4
1
/
99
Western Div let g 56
7
10014100 *
1935 * 0 9912 100
4
8
968 9934 Cent Dist Tel let 30-yr 58_1943 3D 10034 ____ 1003 Apr'25
4
993 9938 Apr'25
General gold 5a
95 97
1935 J D 98
1931 A 925* ____ 97 Feb'25
30 30 Cent Foundry isle f 6.
30 Apr'25
1
/
Toledo Peoria & West 48_ _1917 JJ 264 31
9711 99
12
9912 134
991 Sale 99
99 99
4
1
/ / Cent Leather 1st liens f 68_1945 J J
4
1
1
4
1
/
9934 99 993
4
993
4
Tol St L & W pr lien g 354s_ -1925
110 114
110
1941 MN 110 Sale 110
3
8218 85 4 Central Steel as
85% 18
-year gold 48
50
9812 991
1950 * 0 8512 Sale 8518
2
1
9934
Ch L & Coke lat gu g 58_1937 3, 993 100 9934
9
9938 9 %
9614 -___ 99% Jan'25
Tol W V &0 gu 4525 A
8
755 88
1931 J
97 97
1927 FA 7918 Sale 7712 - 7914 175
Chicago Rye let 55
Jan'25
97
Series B 452e
1933 J J 9618 1932 *0 10534 Sale 10534 1061 173 105 11112
4
1
/
89 895* Chile Copper 13s Set A
89% Jan'25
1942 MS 9912 _
Series C 45
9812
9914
Elee let
36 AG
5 841s 8612 Mein GGas& due Jan & ref 58'52 *0 100% Sale 103 1003 8 10012 100%
86
2
10311
Tor Ham & Buff let g 45_1946 J D 8512 Sale 84%
7
10318
103 Sale
1961
1
55511 Ser B
89 9218
93 9112 Apr'25
Ulster & Del let cons g 50_1928 J D 92
8
308 62 Clearfield Bit Coal 1st 45-1940 .3 .1 8014 871 -5212
iffe 93
let refunding g 48
1952 AO 514 5212 5212
-- - 138
91% 92 91(1- 1943 FA
4
903 93'2 Colo F & I Co gen 8 5s
931: 134
4
1
/
12
Union Pacific 1st g 4s
9 80 83
1947.1, 934 Sale 92
82
4
4
/
891 913 Col Indus let & coil 58 gu_._ 1934 FA 813 82 81%
5
91% Apr'25
91
j
82 82
Registered
82 Feb'25
FA
Registered
9914 091
9912 85
-year cony 4s
18 10015 10118
20
1927 j j 9914 Sale 9918
g
lOO7 Sale 100% 101
3
'
1927
98 98 Columbia G & E lets.
98 Jan'25
Registered
26 100 10118
J
1927'.1 1007 Sale 10078 101
8714 215
8
91412
let & refunding 49
e2008 MS 874 Sale 853
12 Jan'25
14
9
6
841 8 4
1944 10712 CoIta 9Ur let au g 58-1993 MS
S&mP Ay
1
/
951 991
let lien & ref rei
e2008 MS 1064 Sale 10618 ioeiz 31
995*_ 9918 Mar'25
,
4 ion 17 10312 104 g Columbus GOA let gold 5s 1932 J J 7212 1
/
714 76
-year perm secured 68_1928 ii 10378 Sale 1033
10
7314 7312 Apr'25
4
1
/
9214 92 Commercial Cable lat g 45-2397 Q J
4
1
/
4
1
/
9 98 99
U NJ RR & Can gen 45____1944 MS 9238 941 92 Feb'25
99
1934 MN 98% Sale 9878
4
/
1011 10118 Commercial Credit f 6s
4
1
/
Utah & Nor gold 5e
1928 3, 10014 101 10118 Jan'25
65 97 101
Commonwealth Power (3a__ _1947 MN 10012 Sale 1005* 1003
Aug'24
93
1933 J J
let extended 4s
.
12 10114 1041
Computing-Tab-flee s I 68_ _1941 3, 10214 Sale 10112 1021
8
Vandalla cons g 40 Bet A1955 FA 813% ---- 863 Feb'25
9014 MI
3
' 9012 931 9012 Mar'25
fly & L let& ref g 4340 1951
,••• Conn
6812 Dee'24
Conaol 4s Series B
1957 MN 813%
4
1
/
4 89 92
1951 J J
Stamped guar 454s
20 Oct'24
Vera Cruz & P let gu 4348 1934 J J
1
811 90
134%
2
903
9(138
9°58 26
J D 8314 Sale 83%
Cons Coal of Md let & ref 50_1950
20 _ _ 20 Der24
July 1914 coupon on
4
1
/
1011 102
5
9899911 88,aaa
:
2 -47
241- -2 2 Consol Gas(NY)deb 555s1945 FA 10232 Sale 10112 10278 49 10018 103
24% Jan'25
19
1934
Assenting let 4140
16
4
/
4
1
/
99 1001 Cowed Pr & Ltg let 1554s_ _1943 MS 101% 10214 10112 10214 18
10018 Mar'25
1926 MS 100 _ _
Verdi V I & W 1st g 58
874 924
89
4
893
1901, 10912 Cent Pap & Bag Mills654s 1944 P A
10014 Apr'25
Virginia Mid Series E &L.-1926 MS 10014 _ _
943 9913
4
2
r35
9
42
le 9 18 A po' 38
100 10012 Consumers Gas of Chic gu 55 1936 Ji
1936 MN 10014 --- 10014 Mar'25
General 58
4
1
/
-102 90 954
le
MN
1952
4
1
/ Consumers Power let 58
9311 99
Vs & Southw'n let gu 58-2003'.1 99% - -- 99% Mar'25 19
4
1
/
90 July'24 1931
N
Corn Prod Refg I g 5e
4
1
/
94 91
88
87 Sale 87
1958 AO
let cons 50-year ts
,
7 1061 Wigs
10238
3234 -ale
11943934 MN 10338 S - .102
let 25-year is f 5s
95 9834
9814 117
1
/
Virginian let 56 Series A.
198I MN 984 Sale 97%
5 74 80
78
7712
FA 77% 78
9 10014 10112 Crown Cork & Seal 613
4 101
1939 MN 100% Sale 1003
Wabash let gold 511
8
933 98
8 16
967
3
' 96 Sale 96
23
9412 9612 Cuba Cane Sugar cony 7s 1930
96
4
953
96
1939 FA 95
2d gold 56
68 994 102%
Cony deben stamped 854-1930 J J 10012 Sale 10014 101
,
9413 96 8
9514 230
Ref s f 5540 set A temp_ _ _ 1975 MS 95 Sale 9412
10712 110
912
9
8
9 12
1
4
1
/
77 8234 Cuban Am Sugar 1st coll 88-1931 MS 10812 Sale 10912 109
8234
8018 837 823
let lien 50-yr g term 4a__ _1954
9634 9813
4
1
/ 119
97
4
1
/
2 99 10078 Cuban Dom Bug let 750-1944 MN 9712 Sale 0634
100
net de Ch ext let g 58
1941.1, 10018 10112 100
4 97 9912
15
3
'
1
/
814 851s Comb T & T let & gen 6&
Des Moines Div lst g 45_1939 JJ 8234 -- 83% Apr'25
3 99 99
99
9
3
9911
4
763 Cuyamel Fruit let 68 Mit ars'40 AO 9 14 - -- 99
19374
4
763
4
:
781 783
75
1941 * 0
Om Div let g 33.40
9212 944
35
93
5' 1
8412 8512 Den Gas& EL lat&ref s f g 51952 MN 93 Sale 9218
85
Tol & Ch Div g 48
1941 MB 8412 8812 85
75 82
78 Mar'25
78
1942 MS 76
Dery Corp(D 0)713
4
1
/ Oct'24
Warren let ref gu g 3548___2990 FA 7812 7912 77
12 993410214
10012 1021
Edison let coll tr 55_1933
3 981
' 101:
814 84 8418 Jan'25
84's
Wash Cent let gold 45
1948 QM
994 101%
31
1
/
81% 8512
.
ga let & ref 53 SeriesA_July 1940 MS 10014 sile 994 1001
1945 FA 8112 81% 8512 Apr'25
Wash Term let gu 3545
4
1
/
97 997
8
9814 28
97%
1949 A0
Gen & ref 5s Series A
s
8
893 893
4
1
/
89 Mar'25
8
let 40-year guar 48
1945 FA 893
17 10638 108
108 Sale 10712 108
let & ref 13a Series B--July 1940 M
4
938 964
1
/
9612
9612 Mar'25
W Min W & N W let gu 50_1930 A
881s 9334
17
907
90% Oils 902
4
1
/
6434 -133 834 8714 Det United let cons g 4345_1932
1
/
1952 * 0 644 Sale 63
West Maryland let g 40
99% 9912
9913 2191
99 Sale 9818
9958 10012 Dodge Bros deb 66 w I
9938
99%
4
1
/
1937 J J 99
West N Y at Pa 1st g 5s
4
9
9
2
5
82 8
0014 9: Dold (Jacob) Pack let 68_19 1M N 864 87 86
2 82 881
86
1
/
194 M N
8018 81
1943*0 7912 8018 80
Gen gold 45
9
50 681
5
561
555*
Iron
43 45
Dominion In & Steel 5s _1939 J J 53% 57
Apr 1 1943 Nov 3514 46 45 Feb'25
Income g 58
1
4
1
/ 913
14 88
91
9014
1942.1 J 9014 91
Donner Steel 78
Sale 9212
1
/
9312 99
Western Pac let See A 5a__ _1948 M S 934
9014 93%
10 10014 10418 du Pont(El)Powder 450_1936 .1 D 9338 9438 9338 Mar'25 -1946 MS 10212 103 10214 103
B 65
3114 8314 duPontdeNemours&Co 73.401931 M N 10734 Sale 10712 10814 45 10838 10812
8278 34
81% 8238 821,
J
2381
West Shore let 4e guar
10718 10718
107% Jan'25
1
8114
eM N
4
/
Register d
793 811
Registered
2381 J J 80% 8114 8114
4
1
/
35 104 107
gale
8
Lt let
1
/
Wheeling & L E let g 5s__ _1926 A 0 1004 101 10114 Apr'25 ---- 10012 1013 Duquesnetrust & coil 68.._ .1499.1 .1 i0558 Sale 1054 10614 26 104 106
10414 105
10434
lst colt
530 Series B_1949 J
9958 101
9914 100 101 Apr'25 ---Wheeling Div let gold 56_1928 .1 J
8
4
1 10534 65 104 1067
/
4
/
4
993 991 East Cuba Sus 15-yr g 754s'37 M S 10518 Sale 105
4
97% -- 993 Mar'25
Exten & impt gold 5s_ _ (193 OF
4
82 903 93
2 68 712 Ed El
68%
Bkn let con g 4s___1939
J 91% 93 92
4
Refunding 452s Series A I966 M S 6818 69% 6818
10114 102
4
1
/
2
8 25
731, 19
7412 Ed Elec Ill let COBB g 58-.1995 J .1 9912 __ 10238 Mar'
72
1
/
1949 M S 734 74% 7314
RR let consol 4s
14
6 87 88
8734
4
873
9 6314 6712 ElecPow Corp(Germany)630'50 M S 8712 - - 8712
65
1942 J D 6412 Sale 6412
Wilk & East Ist gu g &I
983 100
4
19253 D
1938.1 D 102% 104 10214 Feb'25 -- 102 10214 Elkhorn Coal6% notes
Will & 13 F let gold Es
9714 10312
ar 2
88
991 : 02 A 1O 23
103-4 88 199 mPr:3 5 127
4
1
/
824 8712 Empire Gas & Fuel 730____1937 M N
1960 .1 .1 8212 831 823 Mar'25 -Winston-Salem S B 1st 4s
9934 10014
797
79% 81
Equit Gas Light 56
1932 M S
17
8
7912 803 7912
50-yr let gen 48._ _1949 J
WI.Cent
9312 342
88 96 '
84% 12
9312 Sale 93
4
1
/ Federal Light & Tr 1st 58_1942 M
825* 87
Sep & Dui div & term let 41336 M N 84% Sale 8412
5 9614 102
10078 Sale 10078 101%
1942 M
let lien 68 stamped
47 101 107
19393 D 103 Sale 10212 103
Federated Metals s f 7s
INDUSTRIALS
10912 14 108 11218
1941 M S 10912 Sale 109
:
5 85 871 Fisk Rubber let s f 8s
85%
857 85
85
Adams Express coil tr g 411_1948 M
7612 79
7
78
78
16
99
1
/
9412 994 Ft Smith Lt & Tr 1st g 56_1035 Sit S 7878
9818 Sale 981s
Ajax Rubber lot 15-yr 51 8s _1938 J
8914 95
9112 49
4
3 3 678 Framerie Ind & Dev 20-Yr 7543'42 .1 .1 9138 Sale 8914
4
1
/
6
678
61 Sale
Alaska Gold M deb 8s A__I925 M
1 10312 108
105
Francisco Sugar 73.40
N 105 106 105
1942 M
4
/
61
4
1
/
4
1
/ 12
6 Sale
6
1926 M
Cony deb 88 Series 11
_
981s 984
1
0814 1011 Gas & El of Berg Co cons g 581949 D 983 9912 9812 Feb'25
101
101 10118 101
1928 A
Am Agrio Chem 1st 58
103
1 101 103
8
1939 A 0 102 1027 103
183
944%108178 Gen Asphalt cony 61
9912 Sale 9814 100
1941 F
1st ref s f 545 g
_ 104151055*
8
985 100 General flaking 1st 25-yr 611_1936 .1 D 10518 10514 10518 Apr'25
974 25
9712 Sale 9718
American Chain deb s f 6s _1933 A
8312 11
11
1942 F A 8318 ____ 8312
83 84
Gen Electric deb g 334s
9118 98
94
94 Sale 9314
Am Cot Oil debenture 58„..1931 M N 10612 108 1003
2 10612 10812
1952 M S 105% _ 105
1055* 58 1014 1053
1
/
Debenture 59
s
4 10634
1936.1 .1
Am Dock & Impt gu 68
- 100 10212
- 98 100
Gen Refr lets f g (is Ser A_ _1952 F A 100 10078 100 Mar'25
9912 9812 Mar'251939 A 0 98
85
937g 71
Am Mach & FdY f
9412 10
4
/
911 961 German Gen Elec 78 temp_ _1945 J J 9334 Sale 9334
931 0414
Sale 94
8
Am Republic Corp deb 65_ 1937 A 0 943 Sale 97
4
1
/ 104 10035 1044
1947.1 .1 105 Sale 10418 104
4
1
/
9712 88 954 973 Goodrich Co 6550
97
Am Sm & R 1st 39-)rr 58 serA 1947 A 0 10612 Sale 10612 107
12014 78 119 12014
7 103 1081 Goodyear Tire & Rub let s 1941 M N 1204 Sale 120
4
/
4
1
/
1947 A 0
Os series B
1st
4 1091g 97 108Is 10934
d1931 F A 10918 Sale 1083
89
9912 10412
10-year a f deb g Ss
103
Amer Sugar Ref 15-yr 6s_ _ _1937 .1 .1 103 Sale 102 4
1
/
1004 Mar'25
95 100
4
1
/ 189 96 8 973 Granby Cons M S Peon (la A'28 M N
8
97
4
1
/
,
.1 97% Sale 963
Am Telep & Teleg cell tr 413 1929.1 8 903 9134 9118 Mar'25
1928 M N 100
Mar'25
Stamped
9318 9812
9015 9218
8
1936 M
Convertible 4s
-s 25
1925 M N 100 1661 1098042
Cony debenture 85
95 10014
9638 115
4
1
/
93 96% Mar'25 --1933 M 8 92
-year cony 4525
20
97
1932 F A
Gray & Davis 78
92 95
1946.1 D 10118 Sale 100% 102 1007 100 102
-year coil tr 58
30
9514
38 4
3
3 2
8
93
8 14 51
1
1
/
9412 984 Gt Cons El Power(Japan)75_1944 F A 83314 Sale 8714
871 9112
1960.1 J 9534 Sale 95
35-yr a I deb 58 temp
_1940 M N 1007 Sale 10078 10078
8
1
9971 10111
4
1
/
1943 M N 102 Sale 10214 10234 197 101 10234 Great Falls Power let f
-year f 5 As
29
1
/
19523 .1 8435 ___ 844 Apr'25 -- 83 0 85
8 12834 12 125 13012 Hackensack Water 45
1
1025 F A 12834 Sale 1273
-year convertible 65
7
gm, 16 85 8712
43 924 9654 Havana El Rv L dr P gen 58 A154 M S 8612 Sale 86
9534
11
Wks & Elec 5s_ _ _ _1934 A 0 9518 9512 9518
Am Wet
Option sale
Due Aug.
Due July.
a Due May. e Due June.
New York Bond Record-Continued-Page 5
1998
BONDS.
N.Y.STOCK EXCHANGE
Week Ended Apr. 17.
E
•••••
Prize
Friday
Apr. 17.
Week's
Range or
Last Sale
44
Range
Since
Jan, 1.
BONDS
N. V STOCK EXCHANGE
Week Ended Apr. 17.
k
t
,2;a,
Price
Friday
Apr. 17.
Week's
Range or
Latt Sale
Range
Mace
Jan. 1
High
Bid
Bid
Ask Low
A sk Low
HO%
High No. Low
High No Low
9212 94
Pat dr Passaic G & El cons 58 1949 MS 19914 Sale 994
1
96
094
9378 93 Mar'25
8
7
9918
.Havana Elec comol g 58____1962 PA 93
Peon Gas & C let cons g 68__1943 AO 081 " 1083 Apr'25 - -- 107 1085
13 103 105
8
104
8
Hershey Chat late f g 65__1942 M N 104 Sale 103
9512
1003 10314
8
Refunding gold 5a
9614 45
15
1947 M S 9512 Sale
8
941 97
4
Hoe(R)& Co 1st 654a temp.1934 A 0 1015 Sale 10158 102
79
8714 Philadelphia Co 65 A
8
1944 FA 10412 Sale 10412 1044 33 1015 105
Jaolifu2d-Amer Line Os ifkit) _1947 M N 844 Sale 82
8412 59
9818 9912
545
934 97
4
1938 MS 954 9612 9514
993
8
9612 20
Hudson Co Gas 1st g 5a--1940 MN
9912
9912 1013 Phila & Reading C & I ref 55_1973 S i 10012 Sale
8
Humble Oil& Refining 545_1932
.2 iolE8 611- - 10118
e
1015
8 98
4
993 una,
97 10012 Pierce-Arrow Mot Car deb 881943 MS
10012 93
97
91
Illinois Bell Telephone Se___1956 2 D 100. Sale 100
923 95
4
Pierce 01181 £93
9°47
: 100384 121366 10258 105
1931 ID 10411 Sale 1 04°1'2
1940 A 0 943 Sale 937
8
8
943
8 30
93
Illinois Steel deb 434e
l
901 4
874 91
Pillsbury 91 Mills 20-yr 68 1943 A0 1003 Sale 1073
2
9958 102
0014
1936 MN
4
3 1074 10
0 .
11
7
Ind Nat Gaa & 011 58
_ 913 9012
4
9012
8
15 10114 1025 Pleasant Val Coal 1st get 58_1928.91 9712 981
1952 M N 102 1023 10174
97
.Indiana Steel let 5/3
8
1025g
984
9914 9914 Pocah Con Collieries 1st s f 581957 J
Ingersoll-Rand 1st 58
9212 94
9212
5
1935 J J 994 _
9914 Feb'25
9212 Sale 9212
10
11
Port Arthur Canal & Dkils _1953 P A 1011, Sa1 10034
9912 10112
•Interboro Metrop coll 4345..1956 AO 11
11 Mar'25
1095913 10
13
: 6
1014 12
1012 1012 Portland Elec Pow 1st 65 B..1947 MN 9612 Sale 9612
9612 904
Ctf dep stpd asstd 16% sub_ _ _
612
1012 Mar'25
963
4 28
593 743 Portland Gen Elec let 58_1935 J J
8
4
•Interboro Rap Tran let 58.A966
624 Sale 6214
6314 110
983 99
8
59
734 Portland Ry let & ref 5s1930 MN
Stamped
62 Sale 6114
9612 gide 9514
9212 9612
9
623 178
4
9912
6
8
2
8134 80
Portland 1133Lt & P 1st ref 551942 FA 8712 8814 873
8414 904
1932 A 0 674 Sale 6518
-year Os
8758 12
10
674 64
8
85
95
lat 1 & ref 6s ser B
106
_9:
994
1932 M S 8612 Sale 8512
125 I9352
94
87
8
1947 MN 107;8 Sale 965
7e
973
8 29
73
67
1st & refund 7948 Ser A I946 MN
8
70
106
106
2 1054 107
•Int Aerie Corp let 20-yr 58_ _1932 MN 70 Sale 68
6212 707 Porto Rican Am 'rob 85
s
Stamped extended to 1942_ _ M N 673 Sale 6318
4
673
1931 MN
4 27
1023 10312 Mar'25 -- 10312 106
8
88
91 12 Pressed Steel Car 55
Inter Mercan Marine e f 533.._1941 A 0 885 Sale 8812
8
883
4 44
953
8
19335'
954 13
933 97
4
8712 903 Prod & Rote f 8s(with waents)'31 ID
8
'International Paper 58
1947 J J 883 Sale 8812
8918 176
4
112 Mar'25 -- - 104 11514
Without warrants attached... ID 110 11014 11014
lat & ref 5s B
1947
4
J 883 Sale 84 Mar'24
11014
6 110 111
914 Pub Serv Corp of NJ gen 58_1959 A0 10412 Sale 10412
Jurgene Works 68(fiat price)_ 1947
172 -88 -.
955 Sale 944
8
1043 1054
8
96
955 9814
8
106
19112 104
Secured g 68
Kansas City Pow & Lt 531_1952 M S 9812 Sale 9712
98
12 213
98
9.5
FA 9612 Sale 96
984 10158 Pub Fiery Elea & Gas 1st 54819 9 AO 102 Sale 1005
.Kansas Gas & Electric 6e
10112 56
1952 P4 9 10138 Sale 003
4
984 10212
22
8
102
1 54
4
8
.Kayser dc Co 75
8 1023
1942 F A 1023 Sale 023
4
4 18 1014 1037 Pub Serv El Pow & Ltg 68._1948 AO 1044 Sale 1044
105
43 10212 10614
90 1003 Punta Alegre Sugar 713
4
Kelly-Springfield Tire 833_1932
9612 102
4
N 9612 Sale 95
10578 57 1023 10712
1937 ii 10514 Sale 105
82
86
8714 92
Remington Arms 3313
.Keystone Telep Co 1st 5a- 1936
10
8512
86
.1 8512 86
22
3
1937 MN 8718 Sale 871
9 : 8512 3
4
99
4
1 10012 1013 Renub I & S 10-30-yr See f 1940 A0 9512 Sale
Kings County El & P g 58
1937 A 0 16118 1013 101
101
9312 95 4
4
3
11412 118
_
Ref & gen 53is ser A_ _ _ _1953 ii 9112 Sale 9114
Purchase money &
1997 A 0 11618 117 116 Apr'25
903 94
4
92
69
75
777 Rime Steel 1st 7e
8
6
.102m County El let g 48_1949 FA 75
7512
77
7512
887 90
8
893
4 14
19:5 P A 89 Sale 89
747 771, Robbins & Myers s f 7s
8
4
Stamped guar 4s
1949 FA 75
7512
65
7312
D 65
7614 7512
7012 65
1952
65
4
89
96
8
Rochester Gas & El 78 ser B_1941' NI S 110 Sale 110
gangs County Lighting 5e 1954
.2 95 Sale 9412
95
11012 10 110 11012
8
2 1035 10618
Gen Mtge 53is series C_ _1948 MS 10418 10412 1 1414
10618 10618
1954
10618
845
11 10312 10414
1044
10814 108, Koch & Pitts Coal & Iron 58.1946 MN 91460 Aug'24
s
4
Janney Co 745
10718
1936 J D 10718 Sale 107
895a 943 Rogers-Brown Iron Co 78_1942 MN
Lackawanna Steel 58 A
4
1950 M 8 93 Sale 924
933
8 14
8
697 834
1
694
63 8
,7
9814 997 St Jos Fly Lt Ht & Pr S8.,_ _1937 MN -91- Sale 90
8
2
4
8518 9112
Lae Gas L of St /. ref&ext 5s 1934 A 0 993 Salg 993
4
993
4
6
91
954 997 St Joseph Stk Yds 1st 43811930 I
8'
Coll & ref 548 Series C
195.3 F A 994 Sale 9914
993 122
4
; 9512 ___
9512 9512
_
8512 Apr'25
955 98
4
2
St L Rock Mt & P 58 stmpd_1955 5, 8112 Sale- 803
Lehigh C & Nay Sf 434s A_1954 J J 9714
9712
9712
7718 8112
4
8112
St Louis Transit 5s
4 100 101
Lehigh Valley Coal 58
10034 1614 101
1933 I
101
74 814
1928 A0 564
81
Feb'25
t Paul City Cable 58
895 Sept'24
8
de
1933
J
953 15
95 9614
95
1937 J J 95 - - - - (
24
3912 43
393 Apr'25
4
Saxon Pub Wks(Germany) 78'43 F
.Let Ave de P F lat sir g 5s_ _1993 MS 4012
9214
9214 Sale 92
92
Liggett & Myers Tobacco 75_1944 A 0 11912 Sale 11912
Saks Co 7s
1193
4 25 116 120
10512 106 10614
106 1 -51-500°- 104 1071s
921'4
194'; M
1173 1173 San Antonio Pub Ser
4
Registered
4
991, 101 8
1173 Mar'25
4
AO
,
' 10138 ___ 1014
S
101
8
973 10012 Sharon Steel Hoop let 8s OFT A '41 M
4
10012 19
1951 F A i65 100 2 100
58
1063 107 '1063
- -54 107
15 10578 10712
4
3 I1414 1174 Sheffield Farms 634e
Lorillard Co (P) 78
1944 A 0 11512 Sale 115
116
105 107
A0 106 107 10812
110077 412
115 115
Registered
115 Mar'25
Sierra & San Fran Power 533_1942 P A 91 12 913 9114
AO 018
9212
3
! 90
4
19 9
9514 974 Sinclair Cons Oil 15-year 78_1937 M
8
9512
Se
1951 VA 57 - 5;3 967
973
4 84
91
923 Sale 923
8
2863
1222' 88
1
903 95
8
Louisville Gas & Electric 55_1952 M N 9412 Sale 934
86
let In con tree° with warr1927 Jo 10512 Sale 10512
95
10514 117
93
93
93 Mar'25
let lien Oils Ser B
Louisa' Ry let con 58
1930 J J 91
4
824 90
1938 31) 873 Sale 8612
4
Lower Austrian Hydro-Elec Co
Sinclair Crude Oil 3-yr 63 A 1928 FA 10012 Sale Iowa
994 101
108312 296
890 4
'
854 864
1944 F A 853 Sale 853
4
let f 645
4
3-yr 6% notes 13 Feb 15__1926 FA 10012 Sale 10014
10012 117 10014 10012
853
4 27
Magma Cop 10-yr cony 7a.1932 .1 D 114 Sale 114
12012 96 114 13278 Sinclair Pipe Line 58
82
8814
8
8512 116
8
1941 AO 847 Sale 847
99 102
Skelly 011 654% notes
Manati Sugar 7413
1942 A 0 9912 994 994
2
AO 10712 Salo 10712 109
106 1064 1203
993
4 19
5712 64
Manhat Ry(NY)cons g 46 1990 A 0 597 Sale 5712
8
48
South Porto Rico Sugar 78_ _1927 Jo 104 105 10412
60
10514
14 102 10514
19
41
56
51
South Bell Tel & Tel 1st Sf581941 J J 10012 Sale 991
2d 4s
2013 J D 514 5212 5118 Apr'25
99 10012
10012 47
4
9714 10012 Sweet Bell Tel let & ref 58_1954 P A 9918 Sale 987
4
Manila Electric 75
1942 PA N 10012 Sale 100
10012
9614 99
8
994 405
85
92
24
Manila Elec Ry & I.t s f 5s_.1953
S 8818 893 88
4
92
934 971p
Southern Colo Power (4
95,2 19
1947 J J 9512 Sale 954
98 100
Market St Ry 78 Series A
35
Spring Val Water g 58
99
8
1940 Q J 98 Bale 98
9654 974
1
8
974
1948 MN 973 Sale 973
105 10514 Stand Gas dc El deb g 648..1 43 MS 116 Sale 115
--------105
Maxwell Motors f 713
1934
Jan'25
412
11714 27 10612 12
1938
1
Sale 10212 103
25 10112 10312 Standard Milling 1st 58
Metr Ed let & ref 6s Ser B_1952 I A
9912 10034
__ _ 100
100
5
1930 MN 100
9112 954 Steel & Tube gen 5 f 78 Ber C 1951 .1 J 197 01ale 1974 196
12
let&ref5sSerteeo
4
9212
93
9153
J 923 93
0 4 Sa
63
0834 42 105 108
0
6
8
Metropolitan Power 8e
954 9712
D 1023 Sale 1023
4
4 10314 12 1003 10314 Sugar Estates (Oriente) 7s 1942 MS
1953
5
7014 80
71
74
71
5
99
Met West Side El(ChM)45_1938 PA
71
98
99 9
Superior 011 let 5 f 78
84 9912 Mar'25 _343
99
5939,32. .
_
FA-I 9752 .
9514 974 Syracuse Lighting let g 53_1929
9712 9952
Mid-Coot Petr 1st 634a.. _1940 M 5 9614 Sale 953
4
D
964 112
9
51
8718 914 Tenn Coal Iron & RR gen 513_1951 ii 10112 102 1023 Apr'25
2007 10234
8
Midvale Steel &0 convs f 581936 M S 903 Sale 9018
4
903
4 73
- -38
8
10038 102
8
1007
8
5 100 1.01 14 Tenneesee Cop 1st cony 65...1925 MN 100 1015 10012 Feb'25
8
!DOM Elec Ry & Lt cons g 58.1926 F A 1005 10078 1001i
95
953 Tennessee Else Power let 6,3_1947 ID 1003 Sale 10012 10112 75
4
Refunding dc erten 4248_1931 J J 954 96
994 10218
9512 19
4
9514
94
9812 Third Ave 1st ref 48
51
5812
.1 53 Sale 51
General 5.3 A
D 963 9738 9612
4
6
1951
97
847 8914
8
Ad) lot 58 tax-ex N Y....019TO AO 385 Sale 344
1961 J D 8714 Sale 867
3414 454
8
lfrt 5a El
8
8714 15
3 5 167
95
9
983 1004 Third Ave RI let 5 5e
4
9334 98
4
let de ref g 68 Belles C
1953 M 5 9912 997 9914
8
997
8 23
J J 933 95
933
4
933
4
6
9614 9912 Tide Water 011 10-Yr 645.. 931 P A 10318 Sale 103
Milwaukee Gas Lt 1st Se_ _1927 M N 99
1034 29 10234 104
994 994
9914 20
1 937
9752 994 Toledo Edison let 78
'Montana Power let 58 A-1943
45
8
1093
8 13 10812 1105
J 99 Sale 983
4
99
1941 MS 109 Sale 109
94
963 Toledo Tree Lt & Pr 8% notes'25 FA 10014 Sale 10014
4
Montreal Tram let & ref 56_1941
4
10014 15 10018 10034
J 96 Sale 954
96
7812 843 Trenton 0 & El let g 5s
4
98 98
Morrie & Co 1st f 448
1939
2
J 83 Sale 823
4
83
1949 MS 984
614 64831: Feb 25
77
986
9
8
774 Twenty-third St Ry ref 58..1962'.9 6918 F 2
F 2
-Bond Co 4e Ser 2_1966 A 0
654 70
8
3
__ 774 Mar'25
Mortgage
955 964 Underged of London 434s_ _1933'.9 903
0
89 904
8 ___ 9018 Feb'25
1
7712- -25
J 9618 9712 9618
9818
10 -year 55 Berle, 3_1932
97
983
4
8614 8812
Murray Body let 6433
D 98 Sale 98
Income (la
1934
9812 36
1948 ii
k
9512 984 Union Bag & Paper 1st M 88-1942 M N 874 S2133
1947 M N 667 963 9558 Mar'25
4
9412 97
9 3 -9 4
5
953
81 19
'Mu Fuel Gas let gu g 58
977 99
8
99 4 10112
3
1005 Sale 10014
8
1005
8
7
Union Elec Lt & Pr let g 58_1932 M
Mut Un gtd bonds ext 4%.,1941 RS N 99 100
99 Feb'25
63
59
9814 9911
9912 Sale 9912
Ref & ext 5a
5
Nassau Mee guar Sold 411- - -1951 2 J 594 Sale 5912
5912
9912 3
9
98
99
8
4
8
102321 28 100 10212
1st g 5
4
series A
Nat Enam & Stampg let 54_1929 J D 983 993 98 Feb'25
19 1.95 1017 Sale 1015
954 M N
3
83 94
4
Union Eley Ry (Chic) 5a
8
2
75
4
National Acme 748
1931 .1 D 827 Sale 84
85
763
4 10
7714
1945 A0 763 Sale 763
993 10112 Union 011 let ilen e f 5s
,
993 Feb'25
4
4
2
-year deb 513.. _1930 J J 984
Nat Starch 20
1931 J J 100 1003 10012 10012
993 10011
4
1003 10214
4
30-yr ile Ser A
N 101
4
10214 Apr'25
104
11 lova ugli
National Tube let 58
1952
4
May 1942 P A 1033 Sale 1033
2 • 9812 9912 Union Tank Car eaulp 7e._ _1930 P A 105 Sale 1047
8
105
4 10313 Iowa
Newark Consol Gas 56
1948 J D 9918 994 99
9912
2
4
1023 Sale 1023
4
8
103
63 10014 104
New England Tel dc Tel 58_1952 J D 100 Sale 100
10018 17 ; 993 1003 United Drug 20-yr 6s_Oct 15 1944
4
10012 Sale
2 104 1043 United Fuel Gas let a f 138_..1936
1
1
36
NY Air Brake let cony 88..1928 M N 104 10418 104
104
98 101
4
United Rye Inv re Pitts issue 1926 M N 993 100
8
993 Apr'25
4
_
81
8 ; 774 81
99 1004
Y Dock 50
-year let g 48_ _1951 F A 81 Sale 793
995
8
_ 995
Stamped
8
995
8
8 31 112 115
3
NY Edison let de ref 614e A.1941 A 0 11314 Sale 11314 1143
9914 1004
995 10012 United RY9 St L 1st g 48____1934
8
693 - - -12 893 Apr'25
4 7
0
4
let lien di re 58 B temp 1944 A 0 10018 Sale 9934
10018 436
_
69 4 744
1
923 Sale 923
4
4
8
9314 13
91
Y Gaa El Lt & Pow g 58_1948 J 0 1023 Sale 10218 10212 30 Mir 10212 United SS Co 15-yr 633
354
88
8
United Stores Realty 20-yr 66'47 MN 1035 Sale 1033
8 1037
Purchase money g 48
8 12 10212 105
1949 F A 877 88
8
874
182 , 86
88
1932 A O
8612 Sale 853
12
4
S Rubber Ist & ref 5s ser A 1947J
NYL E&West C&RR 5401942 M N 10)
8612 84
85
8718
10-yr 714% sec notes
Muni° Ry let e f
J J 804 ____ 8112 Apr'24
F A 10512 Sale 105
A 1986
106 , 61 1044 1074
1930
NY
-14 U 5 Smelt Ref AM cony 68_1926 F A 10114 Sale 10118
____ 1004
5 194 110
10114 12 1005 102
Y Q El L & P lst g 513--- _1930 F A 100
8
10014
45
5412 U 8 Steel Corplcoupon
49
1
1053 112 10414 106
8
1942 J J 49 Sale 49
d1963 MN 10518 Sale 10518
-N Y Rye let R E& ref 4s
423 54
8
s f 10-60-yr 56l registered _d1963 MN
494 Sale 484
4912 57
10412 Ma 25 _93 _ 1037 1054
/12
1
2
9 3
Certificates of depoelt
8
_87
418 6
Utah Li & Trim let & ref 5s 1944 A 0 8518 Sale 84
8315 98
____ 5 Apr'25
30
-year ad) Inc fa. _Jan 1942 A 0
_
34 51 Utah Power & Lt 1st 58
4
943 Sale 93
8
418 43
8 414
10
1944 F A
Certificates of deposit......
91
414
954
994 100
9912 ___ 934 Mar*25
Utica Elec. L & Pow let sf58.1950
N 995 Sale 994
8
993
4 15
1951
986 984
NY & Rich Gas let 6s
8
8814 Utica Gas & Elm ref &est 58 1957IJ
64
9912 Sale 9914
8
99121 19
657
8 23
9814 9912
Y State Rye let eons 445_1982 M N 657 Sale 65
Victor Fuel 1st s f 533
M N
63 Apr'25
63
5512 80
63
53 Jan'25'
1953'J
Registered
53
53
Va-Caro Chem let 713
88
97
1947 J D 895a Sale 8612
90
8914
90
9012 918
73
1st con 648 series B
1962 MN 88
9012
974 10112
Certificates of deposit
893 Sale 8512
4
4
2
10112
8934 55
7112 893
NY Steam let 25-yr 6e5er A 1947 M N 1014 1013 10034
4
97
Certificates of deposit etmpd
95
8412 Sale 823
967
8 75
8
8914 2 5
5
6
68 86
46
0
NY Telep 1st dr gen e f 434s 1939 M N 9612 Sale 9612
745 with & without war_ .1937 Jo 59 Sale 49
8
s
10912 20 1077 110
.Feb 1949 F A 1093 Sale 10914
43
5914
-year deben s f Os..
30
4
Certifs of den with warrants
5412 Sale 4467
8
.
.
A 0 1073 Sale 10714
10758 87 10614 1073
..87
.
. 4212 55
20
-year refunding gold 6e 1941
r.nits of dep without warr
Mar'25
J 101 Sale 10012 101
66 10018 10214
41
464
Niagara Falls Power let 58 _1932
4
- -3 95
91 8
10512 15 1033 10512 Vs Iron Coal & Coke 1st 558 1849 MS 91
Apr'25 _
Jan 1932 A 0 11412 10514 10484
Ref & gen 6e
9112 95
1044 110
Vs Ry Pow 1st & ref 59
10984 110
J J
9612 Sale 953
8
7
4
0614 29
934 9614
Nies Lock & 0 Pow 1st 58_1954 M N 1097 Sale
9812 985 Vertlentes Sugar let ref 7e_ _1943 J o 93 Sale 923
8
4
984 24
1942
93
9112 9412
14
1955 A 0 9812 984 9812
list & ref 5s ser A w I
8
Warner Sugar Refln 1st 78 1941 S D 9212 933 9112
1043 110
4
097 Mar'25
8
94
894 994
42
Refunding 6s Series A
1958 F A
984 1014 Warner Sugar Corp 1st 7s
4 1C14 77
8
1939 J J 7812 7912 78
791z
7712 874
Nor Amer Edison 68
1952 111 S io i3 gide- 003
8
4
993 1004
4
Securedergo54sSerB..1948 M S 1033 Sale 10384 10414 50 10034 1043 Wash Wat Power s f 533_ _1939 J J 10012 --_ 10012 Mar'25 _
624 9812 Westenes Ltg R 5a stmpd gtd 1950 Jo 997 10018 994 Apr'25
964 56
8 Nor Ohio Tree & Light 65 1947 M S 96 Sale 9512
98 102
MN 10214 Sale 10238
9812 West Ky Coal let 75
93
96
83
Nor States Pow 25-yr 58 A.1941 AO 96 Sale 95
4
10234 14 1004 1023
9314 9314 West Penn Power Ser A 58_2946 MS 9714 Sale i 963
934 Jan'25
1944
4
974 14
Registered
A 0
94
9714
let 40-year Os Series C
104
13 103 10714
4 1064 14 1043 1065
4
1958 J O 10618 Sale 1053
let & ref 25-yr 633 Ser B._ 1941 A 0 1033 Sale 10314
4
8
let 78 Series D
1073 1074
8
10712 Jan'25
1046M 8 10612 --__ 107
107
Northwest'n Bell T 1st 7s A.1941 A A ____
4
8
16 1053 1073
1st 58 Series E
943 95
8
-- 95
95
2
4
1963 M S 97 Sale ; 963
97
North W T 1st fd g 4 yis gtd_1934 J J
9318 971a
18
no A 0 1024 Sale 10212 1025
let SJ4sSerieeF
2 108 11212
95-8
,4 8 74 1003 103
Ohio Public Service 7i4e A 1946 A 0 11012 11112 11012 1107
4
12
8
19501 J 93 Sale 93
7 1073 11014 West Va C & C 1st 6s
10814
1st & ref 7$ series B
4
92
96
1917 F A 1073 109 108
984 103
Western Electric deb 5s
1944 A 0 10012 Sale • 9918
10218 34
10112 Sale 10114
Ohio River Edison let 6s
10012 116
98 10012
1948 J
Western Union coil tr cur 58_1938 J J 10014 10012 10014
35
4
98
963 99
4
9938 102
Old Ben Coal 1st 613
1004
1944 F A 973 Sale 9712
7
993
4
Fund & real estates 445_1950 M N 943 Sale 943
4
98
Ontario Power N F let 58
4
4
993
4 13
96
923a 96
1943 F A 993 Sale 9912
26
1636 F A 1101s 11012 11018
9918
15-year6l4eg
97
5
Ontario Transmission 5e
111
9918
10 10912 11111
1945 M N 0914 ____ 994
4
953 10012 Westinghouse E & M 7a_
4
1931 M N 1073 Sale 1074
108
Otis Steel 8s
1941 F A 99 Sale 984
993
4 40
57 10714 10814
8938 9514 WIckwire Spen 8teel let 7s 1935 J J 8412 Sale 853
9112 20
Ser B 1947 F A 91 Sale 9012
91
8
86
lat 25-Yr s f g 7
76
8
Certificates of deposit
934 98
764 814 84
7612 88
Pacific0& El gen & ref 5a_ _1942 J J 953 Sale 9514
96
70
4
Apr'25
1001$ Sale 100
993 Willys-Overland a f 634e....,1933 M
8
Dips 1004
98
31
4
99
Pao Pow & Lt Ist&ref 20-yr 533'30 F A 99 Sale 983
10012 79
9918 1007 Wilson&Co ist 25-yr
R
8
s
r
88_1941 A 0 983 Sale 975
*Pacific Tel & Tel let 55
1937
10018 Sale 10018
9154 9812
8
100533 85
9812 145
Registered
9212 97
93 Feb'25
1952 M N 9618 Sale 9534
93
9634 160
Ref M 59 series A
93
10313 16 10412 1065
8
10-year cony e f 68
7218 Sale ,; 7214
1928
.Pan-Amer P & T let 10-yr 7s 1930 F A 10514 Sale 1054
55
774
7778 100
72 Sale I 7214
534 103 118s
Certificates of deposit
I MN 108 Sale 1074
110
7518
53
734 40
Cony ii 08 1934 temp
10-yr cony f 74a
97
704 Sale , 704
95
954 95 Apr'25
•Park-Lex st leasehold 648_1953 J J 95
531s 77
73
97
704 72
Certificates of deposit 1'1931
593 744
s
7158
73
10
Winchester Arms 7433
10134 102 1013
8
4
102
20 10134 1021
Vn.inen SheetAr T 20-'0
I 98 Sale 98
6331941 J
943 A
984 106' 984 99
5Due Jan. d Due April, y Due Dec. 8 Option sale.
BOSTON STOCK EXCHANGE-Stock Recordse:::::nage
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
SaturdaV,
Apr.11.
Monday,
Apr. 13.
Tuesday,
Apr. 14.
Wednesday. Thursday,
Apr. 15.
Apr. 16.
Friday,
Apr. 17.
Sales
/or
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Range for Fear 1925.
Lowest
Highest
Lowest
Highest
16434 Jan 7
86 Jan 2
97 Jan 3
11413 Jan 16
102 Jan 9
2012 Feb 26
20 Feb 25
30 Feb 26
40 Mar 4
36 Feb 25
55 Feb 26
172 Jan 16
39 Feb 11
71 Apr 3
62 Jan 12
/
1
4
48 Mar 10
3712 Jan 29
3614 Feb 25
78 Apr 9
110 Mar 10
105 Mar 12
63 Jan 2
/
1
4
93 Jan 16
1457 Mar
8
711 Aug
/
4
87 Dec
/
1
4
107 Dec
92 Sept
81: Jan
12
Jan
13 June
1712 Jan
16 Feb
23
Jan
43
Jan
18 May
5812 Jan
48 May
28 May
25 June
14
Jan
62
Jan
80
Jan
7212 Jan
34 Mar
70
Jan
164 Dec
85 Dee
961 May
/
4
11614 Jan
1011 Dee
/
4
25 Nov
/
1
4
287 Nov
2
3714 Nov
48 Nov
41 Nov
62 Nov
172 Nov
38 Dee
/
1
4
71 Dee
61 Nov
/
1
4
4614 Dee
371 Apr
:
3314 Dee
81 Nov
108 Nov
98 Nov
64 Nov
9312 Nov
414 Jan 7
1912 Jan 7
138 Mar 13
77 Jan 13
76 Jan 15
15 Feb 25
12 Mar 7
/
1
4
10734 Apr 13
1 Nov
12
Jan
121 June
5712 Oct
69
Oct
13 Aug
6 June
100 Dec
.05 Dec
2018 Dec
241 May
:
84
Jan
2 Sept
4
Oct
38
Jan
3412 Jan
8512 Jan
16312 Jan
212 Jan
13 Jan
3 Sept
/
1
4
11314 Mar
79 Aug
6512 Oct
124 Nov
/
1
46 Mar
41
Apr
.10 Feb
.28 Feb
4 Dec
/
1
4
2014 Dee
13412 Dee
83
Jan
79 Aug
16 Feb
1014 Jan
108 July
.20
Jan
2818 Mar
35 Sept
8812 Dee
3 Feb
812 Feb
5514 Mar
40 Feb
93 Mar
2044 Deo
/
1
5 Dee
41 Do
6
/ Jan
1
4
1164 Sept
/
1
80
Jan
58
/ Oct
1
4
1573 Jan
60 Dec
59 Nov
3 Dee
14 Dee
Railroads
159 159
159 159
158 158
158 15812 15812 159
15812 159
302 Boston & Albany
100 156 Feb 18
8012 8112 7712 8012 7812 7912 78
7812 80
7812 78
1.473 Boston Elevated
78
100 7514 Mar 17
0512 9512 95
*9512
_
95
"9412
*94
9512
100 92 Jan 16
25 Do prat
11334 114 "113 114
11212 11212
112 112 "113 fill
35 Do 1st pref
100 109 Mar 31
99 98 9814 98 98 98 98
9614 9612 98
394 Do 2d prof
100 94 Mar 20
14
14
1412 14
1414 123 14
14
8
1414 14
10 - -- 1,578 Boston & Maine
13
100 10 Apr 17
•____ 17
1314 1314 1314 1314 *1212
_
140 Do pref
1314 1314
100 1314 Apr 14
4
2114 2012 2012 193 2014 1912 21
21
193 8 if
100 1912 Apr 15
470 Do Series A 1st pref
34
3312 34
33
34
.34 3312 3312
- 34
---200 Do Series B 1st pref
100 32 Jan 27
*29
29
31
26
27
2612 26
27
*2912 31
---324 Do Series C 1st pref100 26 Jan 21
38
41
"37
•41
37
- *41
40
37
242 Do Series D 1st prof
100 37 Apr 16
"167
"187
*167 --- •167 168 .167
Boston & Providence
100 167 Feb 26
3612 3612 3612 3713 *3612 363 *3612 37
4
2
3612 181- -51 - - - ---iio East Mass Street Ry Co_100 32 Jan 20
3
6
r____ 69 •67
69 •66
89
*67
69
69
Do 1st pref
100 65 Feb 2
813 •____ 013 *58
4
*58
4
613 *61
4
Do pref B
613
4
100 57 Jan 23
4438 4312 44
44
4312 44
44
43
431
44
43
42
540 Do adjustment
100 41 Jan 27
2812 2813 *28
*27
29 .27
30
29
*2812 29
6 Maine Central
100 25 Mar 20
*295 3013 301 3014 303 30
8
/
4
4
/ 30
-5iis 3113 500 N Y N & Flartford
1
4
30
100 28 Mar 30
78
7512 7512
•76
7512 77
30 Northern New Hampahlre_100 70 Feb 16
6
110 1-1- " •108
6
*105 ---- in/ 1- i- 108 108
108 1- 8
648 Norwich & Worcester pref 100 100 Jan 13
10212 10212 103 103
103 10312 103 103
•10212 103
131 Old Colony
100 98 Jan 2
50
•44
Rutland pref
_-__ ..-100 52 Feb 12
91 -61-7; -51 16- ---9012 9012 -99T4 01*4 *90 ____
73 Vermont & Massachusetts.100 87 Feb 24
Miscellaneous
*234 3
4 3
2
/ 23
1
4
2
/ 2
1
4
/
1
4
4 •23
213 212
233 2
Amer Pneumatic Service--25
/
1
4
410
2 Mar 25
/
1
4
17(14 173 •17
1712 1712 17
/ 1734 .1712 18
1
4
4
1714
300 Do prof
50 1012 Mar 25
134 13412 13414 1347 1343 135
4
1343 135
4
1337 134
3
s
135 136 1,891 Amer Telephone & Teleg 100 13032 Jan 2
62
63
62
62
63
63
63
62
6212 633
4 6214 63
414 Amoskeag Mfg
No par 62 Mar 23
71
71
71
71
71
•71
7112 7112 71
No par 71 Mar 11
70 Do prof
*1412
_ *1412
*1412
- "1412 ____ •1412
Art Metal Construe, Inc__ 10 14 Jan 16
113 12
3
113 1214 12
4
123 *113 12
3
4
10
/ 1112
1
4
1134 12
No par
2,607 Atlas Tank Corp
94 Jan 6
/
1
1073 1073 1073 1073 •1073
4
4
4
4
4
107 107
4
3
- 1073 107 4
50 Boston Cons Gas Co prat_ _100 103 Jan 17
*____-----------07
Boston Mex Pet Trua_ _No par
2214 227
4 2212 2212 2212 2212 22
23
22
2212
-_- 2,435 Connor (John T)
10 20 Jan 26
*33
_ _ __ 34
35
*33
35
*33
35
•33
35
____
Dominion Stores, Ltd_ _No par 281 Jan 30
/
4
•96
*9612 ---- *9612 ---- "96
Do prof A
100
214 214 "214 212
214
214 •- - - 212 21
/
4
24
3
150 East Boston Land
2 Mar 30
10
3
/ 312 *31
1
4
5
*312 412 *312 412 *312 4+
.3
100 Eastern Manufacturing
5
312 Apr 11
413
4212 4212 43
43
42
*421 4312 43it 4,5a4 46
:
42
49
2,780 Eastern SS Lines, Inc
25 42 Mar 9
4
36 *2353 3612 '33534 3614 • 4 3614 3614 3614 - -- 353
.0x35
25 Do prof
No par 35 Jan 15
*90 _-__ *90 ____ *90
91
____
91
15 1st preferred
100 89 Jan 3
202 203
203 203
20018 20012 20012 20212 202 20334
20112 203
930 Edison Electric Illum
100 200 Jan 5
*314 4
.314 4
*314 4
*314 4
*314 4
Elder Mfg Co(v to)
10
314 Feb 2
36 .34
36 "34
36
34
35
*34
*34
35
18 Galveston-Houston Eleo ..100 33 Feb 20
1314 1318
No par
4 Jan 8
10 Gardner Motor
•115114
*ii5i4
"11534
•iiii4
Georgia
/
1
4
100 115 Feb 27
Jr Elm
"7813 -- .7812 _- 7812 7812 •7812 _
•7812
9 Do 5% non-cum pref _100 7812 Apr 15
66
6518 6518 6514 6514 6812 67
703
3 683 7012 -i'7T1 6884 7,091 Gillette Safety Razor_No par 5712 Jan 2
4
12
12
12
12
1215 12
12
*113 1212
12
4
25 12 Apr 1
355 Greenfield Tap J. Die
57
56
57
57
57
*55
57
*55
57
57
33.1lood Rubber
No par 521
:Mar 28
*5911 6012 *5912 60
*5913 6012 60 60
*59
60
____
80,Internat Cement Corp_No par 521 Jan 5
:
.50
114 •.50 114
•.50 114 •.50 114 •
.50 .50
100'International Products_No par .35 Apr 1
4,6
7
/ *8
1
4
712 *6
7
12 •6
712
6
6
100 Do prof
100
6 Mar 2
Kidd r. Peabody Acceptance
ego
9012 92
92
*92
_ .92 __ _9012 •90
5 Corp Class A pref
100 8212 Jan 6
"63
3 67
EN 7
3
614 614 --11T4 -14
63 7
,
83
4 63
4
168 Libby, Mc7ieili :lc Libby_ 10
614 Apr 16
1•
2____ 7014 *x____ 7014 *z____ 7014 '---- 7014 •- - 7014
Lincoln Fire Insurance
20 70 Mar 18
12
*1112 12
8
117 1178
2
117 117 '12
111 12
3
/
4
31112 1112
25 111 Feb 17
258 Loew's Theatres
:
73
7212 703 703
72
7114 717 *72
4
3
4 7012 71
7012 703
217 Massachusetts Gas Cos-100 68 Feb 3
4
6613 66
66 661s 65
66
66
66
66
66
88
66
177 Do prat
100 6312 Jan 9
179 179 *179 180 •179 180
179
180 180 •179 182
179
33 Mergenthaler Linotype
100 167 Jan 7
1012 104 1012 11
11
/
1
1012 •10
•10
1114 1114
10
10
. 190 Mexican Investment, Inc_ - 10
812 Apr 4
3
41
403 41
41
4112 41
4112 4012 41
41
41 14 4112
597 Mississippi River Power100 36 Jan 2
92
91
92
92
•91
92
*91
92
120 Do stamped pref
100 8712 Jan 10
433 43
3
433 433
8 *412 4% - . -11412 43
412 -153
414
4
191 National Leather
10
4 Apr 17
/
1
4
1
1
.90
1
1
1
1
.90
1
1
1
4,445 New England 011 Corp tr °tie- .20 Feb 9
*6
7
"6
7
•7
6
714 8
6
712 8
405 Do pref (tr otts)
100
5 Apr 7
/
1
4
104 10414 104 10414 104 10412 104 10412 104 10414 104 10413 2,630 New England Telephone_100 1001 Jan 2
/
4
2218 22
22
2212 22
22
/ 2134 2214
1
4,
211 22
/
4
1,470 Olympia Theatres, Ino_No pa
19 Mar 18
2834 2812 2813 2812 2841 •28
/
1
*2712 2814 •28
29
500,Orpheum Circuit, Inc_ _
/
1
4
1 25 Jan 18
59
55
58
55
5814 58
56
5514 55'l 1,358!Paciflo Mills
58
55
56
100 55 Apr 14
1712 1712 *17
1712 *17
•17
18
1712 *17
1712 17
17
1551 Reece Button Hole
10 153 Feb 24
4
2 4 *2
3
23
4 *214 23
4
*214 212 *2
2
/ 2
1
4
/
1
4
15 Reece Folding Machine
10
24 Apr 9
.20
-20
Simms Magneto
5
110 110
11014 11012 11018 11012 1093 11012 iio- 1101
114312 11012
4
,
182 Swift Jk Co
100 10912 Mar 28
46
46
47
47
4614 4614 4512 46
*4614 47
110 Torrington
2
4512 Apr 13
7
7
.7
81:
.7
812
15 Union Twist Drill
7 Mar 4
4334 4312 4334 4314 4334 43
4214 4214 43% 43
42
4313 3,312 United Shoe Mach Corp.__ 2
4114 Mar 19
2712 27
2714 27
27 •27
27
27
27
27
27
27
1,160 Do pref
25 2611 Jan 13
2312 2312 2312 2334 2312 2312 223 2314 223 23
237
3
237
8
4
4
722 Ventura Consol 011 Fields_ _
194 Jan 3
/
1
1714 •
•17
*1714 173 *1714 173
1712 17
1712 18
4
4
110 WaldorfSys,Inc.new sh No pa
153 Mar 15
4
16
16
16
16 •1513 17
1534 153
4 16
16
237 Walth Watch CI B com _No par
8 Jan 8
"2612 28
27
27
"2612 28
*2612 28
•2612 28
27
27
24 Do prof trust °Us
100 1714 Jan 3
7312 7312 "7312 75
•7312 76 "7312 76
74
74
30 Do prior prof
100 65 Jan 8
*1712 18
173 175
4
4 17
1734 1712 173
•1712 18
4 171 1712 1.280 Walworth Manufacturing_ 20 17 Mar 11
4314 44
4314 433
4 4314 433
4414 4412 4312 44
4 4314 4412 1,800 Warren Bros
50 37 Jan 2
42
40
42 "40
441
42 .40
42
41
41
41
42
45 Do 1st pref
50 37
/ Jan 10
1
4
•____ 42
42
42
42
42
42
10 Do 2d pref
so 4012 Jan 17
Mining
.25 .35 ' 25 .35 •
1%
.25 .35
.25 .25 ..25 .35 •
.25 .25
125 Adventure Consolidated
2 .15 Feb 16
.10 .20 •
.10 .20 •
4..10 .20 •
.10 .20 •
.10 .20 •.10 .20
Algomah Mining
2
.10 Mar 3
112 112
112 1% •13
8
11 *13
/
4
8
13
4
11 113
/
4
114
890 Arcadian Consolidated
112
25
1 14 Mar 24
4 103 103
2
4
4 103 11
4
11
1114 1012 1012 1,710 Arizona Commercial
1014 1014 103 103
5
912 Mar 28
32
*31
3113 3113 3134 323
32
4 3112 3214 323 3212 3,709 Bingham Mince
+31
3
10 29 Apr 2
1334 1334 1334 133
133 14
3
133 14
4
4 133 133
3
4 13
135
2,547 Calumet & Hecht
25 13 Apr 17
.35 .35 •
.30 .40
.30 .30 . .25 .40 . ..._
.
1
.30 .30
.
350 Carson Hill Gold
1 .30 Mar 11
/
1
223
4 22
2212 21
2214 2214 2212 2212 2212 224 22
- 2 1,270 Copper Range Co
21
(
25 21 Mar 31
•.03 .07 •.03 .07 ".03 .07 •.03 .07 ".03 .07 •.04 .07
Davin-Daly Copper
1 .04 Mar 4
33
4 33
4.344 4.344
4 •353 4
37
3 37
3
312 33
4
285 East Butte Copper Mining- 10
34 Mar 25
/
1
.60 .60
.60 .60 .(1.70
1
.75 .75 •.50
*a.70 1
1
165 Franklin
25 .40 Jan 7
.75 114 •
.75
114 •.75
4.75 14 •
114 *.75 11 •
/
4
.75 114
Hancock Consolidated
25 .75 Apr 8
20
20
1912 1912 *1918 20
20
•1918 1912 1918 1913
•19
125 Hardy Coal Co
1
18 Apr 7
/
1
4
•112 2
01.12 2
.1.12 2
•112 2
*112 2
*112 2
Helvetia
25
11 Jan 6
/
4
12514 12613 12413 12812 122 12412 12212 12312
126 127
127 127
459 Island Creek Coal
1 121 Mar 28
9512 9512 96
98 "9512 96
'49512 96
*9513 9612 96
9612
41
Do pref
I 9514 Jan 5
•1312 14
"1312 14
•1312 14
1312 133
1312
8 13
.1312 14
265 Isle Royal Copper
25 13 Mar 30
3
13 •313
4
3 13 •3133 134 *13
4
4
3 13
4
13
8
13
8
•,113 13 ..313
40 Kerr Lake
5
13 Apr 4
3
+.75
1
1
•
.75
1
.75 .75
.75 .75
.75 .76 •.75
166 Keweenaw Copper
25 .75 Jan 29
11 112
/
4
114
114 .114
13
4 *114
*1
112
13
4
1
1
308 Lake Copper Co
25
1 Apr 11
4 *112 2.
.1 112 212 •112 214 *112 214 *112 13
,
*112
13
4
La Salle Copper
25
11 Mar 16
/
4
4 *112 13
4 *13
8 134 *13
8
13
4 •113 13
4 *113 13
4
*112 13
Mason Valley Mine
5
nap r 6
.60 .80 +.60 .80 *.130 .80
.60 .
60 •.60 .80 *.60 .80 •
10 Mass Consolidated
25 .50 Apr 6
134
114
134
112
134 2
11 13
/
4
it4 114
4
114
114 1,215,Mayflower-Old Colony
25
1 Apr 4
3
.3 273 28
2912 2913 27
28
27
2718
2718 2712 2714 277
521 Mohawk
25 27 Apr 18
2012 193 193
4
4
4 19
/ 20
1
4
/
4
193 193
4
378 New Cornelia Copper
101s 191 +193 2012 20
4
5 18 Mar 30
.25 .25 •.20 .25
.25 .25 *.25 .30
.25 .
26
2,400 New Dominion Copper
.20 Apr 2
26
26
25
25 4
25
• __ 26
*25 - 1New River Company
100 25 Apr 2
55
55
58 '58
58
57
5812
Do prof
100 64 Jan 12
;
x0
0
/ •x6
1
4
618
614 •x6
614 *x6
6
6
.6
614
165 Nipissing Mines
5
5 Mar 13
/
1
4
13
4 17s
13
4
13
4 •11 17
/
4
8
13
8
11
/
4
112
•12.
2 13
4
11
/
4
510 North Butte
15
1 Mar 17
.60 .75 •.60
1
•
.60
1
•
.80 I
•.60 1
.40 .60 •
115 Oilbway Mining
25 .40 Apr 2
1912 1913 *1914 20
/
4
*1914 20
19
1914
1914 •191 20
500,01d Dominion Co
1914
25 183 Apr 9
4
*4 4 5
3
/
1
4
4 5
43
4 43
4
43
4 43
4
130 Park City Mining Ac Smelt_ 5
*43
4 628 *434 514 *1178 1212 *43
4 Jan 13
/
1
4
8
12
117 117
8
12
*12
1212 1212 13
•117 lz
2
160 Pd Crk Pocahontas Co_No par 103 Apr 1
4
23
231 •23
/
4
23
24
22
2212 223 .21
4
22
23
*22
25 2114 Mar 27
2371QuincY
/
1
36
3812 383 383
4
4 37
38
x32
34
435
3612 .354 36
380.St Mary's Mineral Land
25 3112 Mar 19
,90 •
.60
1
.75 .75
.75 .75 •
.75 .90
1001 Shannon
.60 .90 '.60
10 .60 Mar 25
•
.25 .75 •.25 .75 •.25 .75 •
*.25 .75 •
.25 .75
South Lake
•
.25 .
76
25
Superior
2 Jan 3
25
-;1L- -11- -;i- -Ili
-. 1- -12 -i4
.
4
1-ffi
4
iii Superior & Boston Copper_ 10
1 Mar 24
718 77
3
63 if
4 7A
63
3 63
4
6% 63
4
6% 6% 25,713 Utah-Apex Mining
3 Jan 2
/
1
4
5
7i4 773
.60 .60 •
.60 .65 *AO .65
.60 .65
.60 .80
725 Utah Metal & Tunnel
1 .43 Jan 43
.65 .
66
.60 •.35 .40 •.35 .40
.35 .35 •.35 .60
150 Victoria
26 .35 Apr 18
•.40 .60 •.40
.15 .16 •.12 .20 •.15 .30 •.15 .30
.30
470 Winona
25 .10 Mar 3
.16 .16 •.15 .20
.05 .05 •05 .25 •.10 .25 •.10 .20
20 •.10
300 Wyandot
•.10
25 05 Apr 14
enia aid &law prieee; ILO time 00 this day. s Ex-riants. SEX-(11v. and Niigata 4
El Me
Ex-stook die
I Aissavaeat paid
1999
PER SHARE
Range for Precious
Year 1924.
2314 Apr 2
35 Feb 13
3 Jan 2
63 Jan 24
4
55 Feb 13
37 Jan 22
/
1
4
93 Feb 28
206 Jan 2
5 Mar 16
/
1
4
38 Jan 7
18 Apr 4
115 Feb 27
/
1
4
793 Feb 27
4
7012 Apr 18
154 Jan 24
/
1
5812 Jan 8
60 Apr 13
2 Jan 3
1012 Jan 9
92 Apr 14
80
Jan 88 Dec
/
1
4
9 Jan 7
/
1
4
4 June
8 Dee
/
1
4
704 Mar 2
/
1
70
Jan 71 Nov
13 8 Jan 5
7
9 Mar 13 Dee
75 Mar 6
68 Nov
81
Feb
62 June 70
6712 Feb 14
Jan
186 Mar 5 150 Apr 172 Dec
UN Jan 15
64 Jan 173 Feb
/
1
8
19 Feb 364 Dee
413 Mar 23
4
/
1
80
92 Feb 28
Jan 90 Sept
834 Jan 13
2 Apr
Ps Nov
17 Jan 6 .50 Dec
8
5
/ Apr
1
4
8 Jan 8
/
1
4
Dec•
3114 MO
/
1
4Mar 6
98 Dec 11512 Jan
107
2534 Jan 18
211 Dec 223 Dec
/
4
2
29 Mar 3
Jan 2812 Dec
14
8112 Jan 13
6918 Oct 87 Feb
18 Apr 3
111 Jan 17 July
/
4
2 4 Jan 8
3
2 May
/
1
4
3
Jan
10
Oct 40 Feb
120 Feb 6 100 June 118 Dec
51 Jan 14
3512 June 52 Dec
6 Dec 10 Feb
7 Jan 23
/
1
4
45 Feb 14
34
Jan 434 Dec
/
1
28 Jan 16
244 Feb 2814 Nov
/
1
25 Feb 24
1914 Oct 27 Jan
1934 Jan 3
137 Apr 20 Nov
8
16 Feb 19
6
/ Jan 1012 Feb
1
4
283 Feb 20
4
14 Juno 23 Feb
/
1
4
0212 Dec 73 Feb
7612 Apr 1
20 Jan 3
/
1
4
1512 June 22 Feb
48 Mar 6
4
291 Jan 393 Nov
/
4
34
43 Feb 7
/ Apr 41
1
4
Jan
46 Mar 2
38 Mar 42 Jan
.25 Jan 28
.25 Jan 2
3 Jan 10
15 8 Feb 6
3
3614 Feb 11
18 Jan 2
/
1
4
.70 Jan 5
33 Jan 10
.78 Feb 6
614 Jan 2
13 Jan 24
8
134 Feb 8
23 Jan 24
3 Feb 5
/
1
4
140 Feb 6
4Mar 9
983
2012 Jan 7
Phi Feb 4
114 Jan 10
3 Jan 2
2 Jan 10
/
1
4
23 Jan 13
4
11 Jan 2
/
4
3 Jan 2
41 Jan 13
25 Jan 2
.85 Feb 18
25 Apr 2
60 Jan 3
63 Jan 10
4
314 Jan 14
114 Jan 10
27 Jan 10
51 Feb 19
:
1412 Jan 24
3911 Jan 10
48 Jan 12
112 Jan 9
.15 Dec
.10 June
5 June
8
Jan
14 June
1313 May
.37 Nov
1812 June
.30 Dec
34 July
.40 May
.30
Oct
1912 Dec
.30 May
941 Apr
/
4
90 June
12 June
113 Mar
.50
Jan
.90
Apr
.70 June
114 Oct
Jan
.50
80 Apr
23 June
/
1
4
1613 Jan
.40 Dec
35 June
571 Dec
/
4
5 4 Jan
3
11 Oct
/
4
.40 June
15
Jan
312 Jan
10 July
/
1
4
14 June
26 June
.30
Apr
.25 July
214 Jan 27 .90
Jan
2 Jan 5 .25 Atm
8714 Jan 23
17 June
8
.98 Jan 29 .14 Jun
114 Jan 31 .15
Apr
.48 Jan 7 .13 Feb
.21 Feb 11 .10 July
-4 Price on clew basis
.51 Dec
.25 Des
3 Des
/
1
4
16 Dee
313 De'
8
1918 Jan
3 Feb
33 Dee
/
1
4
.70 Max
67 Dec
2
Jan
1
2
Jan
2812 Jai
2 Des
/
1
4
142 Nov
100 Sept
2212 Dee
212 Feb
14 Nov
34 Dee
3 Dec
2 Dec
/
1
4
13 Aug
4
5 July
41 Dee
25 Dec
/
1
4
23 Apr
4
40 Mar
76 Mar
6 Dec
/
1
4
64 July
/
1
1 Nov
2812 Dee
518 Feb
1512 July
34 Dee
/
1
4
49 Dee
14 Sept
/
1
.75 Dec
214 Dee
212 Dee
3 8 Deo
7
.70 July
1 Aug
.71 Jut,
.25 Mr
2000
THE CHRONICLE
Quotations of Sundry Securities
All 0.4.0 price. are • and merest"except where marked
'
[VoL. 120.
Outside Stock Exchanges
Boston Bond Record.
-Transactions in bonds at Boston
Stock Exchange April 11 to April 17, both inclusive.
Standard 011 Stocks Par Bid. A
Railroad Equipments Per Ci. Bash
Anglo-American 011 new_ £1 .24
5.25 5.00
2418 Atlantic Coast Line Be
itiantic Refining
Equipment 834.3
100 10112 104
5.00 4.75
Friaay
Preferred
100 11314 115 Baltimore & Ohio Be
5.35 5(15
Last Week's Range Sales
Borne Scrymeer Co
Equipment 434a &
100 202 210
Range Since Jan. 1.
5.00 4.80
Sale
Buckeye Pipe Line Co_ _ 50 *6012 6112 Buff Koch & Pitts equip Be. 5.00 4.75
.
ofPrices.
for
BondsCbesebrough Mfg new.. 25 .58
PrVe. Low. High 1Veek.
5.05 4.80
Low.
High.
60 Canadian Pacific 4349 & Se
Preferred
100 112 114 CentralRR of N J Be
5.25 5.00
Continental Oil new..... 25 *221 2318 Chesapeake & Ohio Be
8
125 125
Jan 12934 Jan
5.30 5.05 Am Tel & Tel cony 68_1925
8300 125
Rights
*77c 79c
Equipment 6346
23,000 63
6534 68
Jan 90
5.10 4.85 Atl G & W I SS L 58..1959 68
7934 Mar
Crescent Pipe Line Co.. 50 •11
Equipment 58
5.00 4.75 Central Leather 58_ _ _ _1925
99
99
5,000 99
Apr
12
Cumberland Pipe Line-100 143 145 Chicago Burl & Quincy 138._ 5.30 5.05 Ch Jet Ity & U S Yds 48'40
85% 85% 34,000 84
Apr
Apr
Feb 9
58
Eureka Pipe Line Co_...100 78
1940
9834 98% 1,000 96
Feb
80 Chicago & Eastern Iit 5%e. 4.50 4.10 Current
River 55
Galena Signal Oil corn._100 55
1927
100 100
3,000 99% Jan 100
Feb
5412 Chicagodr North West Bs-- 5.35 5.05 E Mass St
RR ser A 4346'48
Preferred old
100 108 113
Equipment 6 3.45
5.10 4.90
71
71
5,000 64
Jan 72
Feb
8
Series B 5s
Preferred new
1948
100 101 102 Chic RI & Pac 4348 di EA_
5.15 4.90
75
Mar
76
Jan
8,900 70
Series D 6s
Humble 011 & Ref new... 25 *46
1948
Equipment fra
5.55 5.25
1,150 8034 Jan 88% Feb
86
88
4812
1111nola Pipe Line
1936
100 143 145 Colorado az Southern Pa.__ _ 5.45 5.20 Hood Rubber 741
103 103%
7,000 101% Jan 103% Mar
Imperial Oil
25 •143 145 Delaware & Hudson 6.
5.25 5.00 K C Clin az Spr 1st 58_1925
99% 99%
1,000 9834 Jan 100
Mar
New when Warred
•28
5.35 5.05 K C Minn az B Inc 5s_ 1934
96% 96% 4,000 95% Mar 96% Apr
Jp
2814 Erie 4345 & 56
Indiana Pipe Line Co__ 50 *71
1931
Equipment 6s
5.50 5.20 Mass Gas 4345
9534 96
22,000 94% Jan 96 34
73
Miss River Power 55 1951
International Petroleum_(I) *2318 24 Great Northern 68
5.35 5.10
9834 98% 20,000 96% Jan 9834 Mar
Magnolia Petroleum__ _ _100 132 135
Equipment 55
5.00 4.75 New England Tel 5s._1932 long 100 10059 11,000 99% Jan 101
Jan
National Transit Co__12.50 *22
5.05 4.80 Swift & Co 5s
1944 9834 98% 98% 7.000 9735 Jan 9093A FebFeb
2214 Hocking Valley 55
New York Transit Co__ _100 6412 6512
Equipment 136
5.40 4.80 Western Tel & Tel 5s..1932 100
99% 100
30,000 99% Jan 10
Northern Pipe Line Co. 100 83
- 4.95 4.70
84 Illinois Central 434s & 58
Ohio Oil new
4
Equipment 65
5.25 5,00
25 *631 6414
Baltimore Stock Exchange.
-Record of transactions at
Penn Mes Fuel Co
Equipment 75 & 6346
5.05 4.80
25 *38
39
Prairie Oil & Gas new...,. 25 *5212 53 Kanawha & Michigan as__ _ 5.45 5.20 Baltimore Stock Exchange April 11 to April 17, both inPrairie Pipe Line new.
..100 11512 11612
Equipment 4349
5.20 5.00 clusive, compiled from official lists:
Solar Refining
100 213 218 Kansas City Southern 534e. 5.35 5.05
Southern Pipe Line Co. 100 81
Friday
83 Louisville & Nashville 6a... 5.25 5.00
Sales
South Penn 011
100 161 163
5.00 4.75
Equipment 6348
Last Week's Range for
Range Since Jan. 1.
Southwest Pa Pipe Lines 100 *67
5.20 4.95
70 Michigan Central 58 as
Sale
ofPrices.
Week.
Standard 011 (California) 25 *571 5814 Minn St P & S T3 M 4348 az 5s 5.30 5.00
4
StocksPar. Frice, Low. High. Shares.
Low.
High.
Standard Oil (Indiana)._ 25 *611 6112
8
Equipment 630 & 78_
5.40 5.00
Standard Oil (Kansas)._ 25 *31
311 Missouri Kansas & Texas Be 5.65 5.36 Armstrong-Cator 8% pf100 41
4
41
41
28 41
Jan
Apr 57
Standard 011(Kentucky) 25 *115 115% Missouri Pacific
& 6(48.. 5.65 5.25 Arundel Corp
50 23
Apr
23
24
7,628 2094 Mar 24
Standard 011(Nebraska) 100 244 248 Mobile & Ohio 43.0 dr 58.... 5.00 4.80 Baltimore Trust Co
50 120
120 121
Apr
365 111% Feb 121
Standard Oil of New Jer- 25 *401 40% New York Central 4 He & 58 4.90 4.70 Benesch (I), preferred..25
8
2894 2634 26%
80 2694 Feb 26% Apr
Preferred
Equipment Os
5.25 5.00 Canton Company
100 11718 11712
•
189 189
Apr
Mar 189
8 187
Standard Oil of New York 25 *4112 42
Equipment 78
5.0.5 4.85 Central Fire Ins
10 36
36
Feb
Jan 40
35 34
38
Standard Oil (Ohio)
.._.100 345 348 Norfolk & Western 4 Ms-. 4.80 4.60 Central Teresa Bug, corn 10
.70
.70 .70
.75 Feb
200
.70 Mar
Preferred
Northern Pacific 78
5.15 4.90 Century Trust
100 119 121
50
121 121
Apr
Jan 121
10 106
Swan & Finch
100 1712 1812 Pacific Fruit Express 7e
5.10 4.90 Ches & Po Tel of Balt_ _100 11194 11194 111%
62 110% Jan 112% Feb
Union Tank Car Co... 100 123 124 Pennsylvania RR eq 55 & Be 4.90 4.75 Commerce Trust
50
Feb
5734 5734
5 5734 Mar 60
Preferred
100 1151 11712 Pitts & Lake Erie 634s
4
5.10 4.90 Commercial Credit
• 23
1,454 2294 Mar 26
Jan
2294 2334
Vacuum 011 new
Equipment Be
25 *861s 87
5.60 5.20
Preferred
25
121 24% Apr 2594 Jan
2434 2494
Washington 011
10 *30
4.75 4.50
Preferred B
35 Reading Co 4348 & 56
25 2594 25
254 2494 Apr 2634 Jan
2534
Other 011 Stocks
8t Louis & San Francisco 58
5.15 4.90 Como!Gas E L & Pow _* 35
3434 35
308 32
Jan 3534 Feb
Atlantic Lobos 011
5.60 5.25
(1) *292 3 Seaboard Air Line 5346 & Be
100 107
89 105
1053.9 107
Apr 10734 Mar
Preferred
50 . 7 Southern Pacific Co 4346_ 4.85 4.50 694% preferred
684
7% preferred
100 110
9 109
110 11034
Mar 111
Mar
Gulf Oil new
25 *38% 46
4.85
Equipment 76
5.00
8% preferred
100 12334 123 12334
23 122
Mar 125
Mar
Mountain Producers.... 10 *6414 64% Southern Ry 4348 & be-. 5.05 4.80 Consolidation Coal_ _ _ 100 45
.
44
521 44
45
Apr 72
Jan
Mexican Eagle 011
5 *4
5.40 5.10 Cosden & Co
Equipment6s
5
•
120 2694 Mar 3534 Feb
2694 2734
National Fuel Gas
100 114 114 Toledo & Ohio Central 65.
5.35 5.10 Fidelity az Deposit
50 92
179 89
Mar
91
92
Jan 95
Salt Creek Cons 011
10 *712 752 Union Pacific 76
5.00 4.80 Finance Co of America_ _25
25 50
50
50
Apr 52
Jan
Salt Creek Producers-- 10 *26
2618
Preferred
25 26
26
68 26
2634
Apr 2694 Jan
Public Utilities
Tobacco Stocks
Finance Service, CI A.-10 1994
147 18% Mar 1994 Jan
1894 1994
Amer Gas & Elee new
(t) *73
7412 American Cigar common 100 7512 7712
Preferred
10
934
934 Apr
765
9
9
934
Jan
6% pref new
99
Preferred
(9) *84
100 97
86
Houston Oil pref tr ctfs_100
211 78
80
Jan
82
Apr '97
Deb 66 2014
68
RUN 9612 9712 Amer Machine & Fdry 100 165
Manufacturers Finance_25 5334 5334 5435
36 5334 Mar 5894 Feb
Amer Light & Trac com_100 138
40 British-Amer Tobac ord_ £1 *2714 28
let preferred
25 2434 24
2434
Feb 25
80 24
Jan
Preferred
Bearer
100 95
fl *2714 28
2d preferred
25 2234
45 22% Apr 2434 Feb
2234 2334
Amer Power & Lt common.. 5512 5612 Imperial Tob of0B & herd 2212 2312
Trust preferred
25 2234
72 2234 Apr 24
2234 2234
Feb
Preferred
80
100 85
87 lot Cigar Machinery_...100 75
Maryland Casualty Co_ _25 8834 8394 8834
1,231 8234 Apr 8834 Apr
Deb fis 2016
80
941 9514 Johnson Tin Foil & Met_100 70
4
Merch & Min Tr Co...100 131
62 115
Mar
Jan 136
13035 131
Amer Public UM com__100 77
57
MacAndrews & Forbes_ _100 154
Mtge & Accept Corp
• 15
10 1334 Jan
15
15
153.4 Mar
7% prior preferred __100 87
03
Preferred
100 100
91
Mt V-W'd'b'y Mills4% partie pref
100 72
100 43 47
75 Mengel Co
Preferred v t r
405 55
100
55
56
Mar 643 ' Jan
Associated Gas & El pf (t) 52
45
Porto Rican-Amer Tob 100 40
54
New Amsterd'n Can Co.10 4434 44
75 4234 Jan 45
Feb
4494
42
Secured gold 630'54.J&J 100
02 Universal Leaf Tob com.100 41
Norfolk Ry & Light_ __25
Jan 2734 Jan
25 27
2734 2735
Blackstone VaIG&E corn 50 *79 81
91
Preferred
100 89
Northern Central
50 7834 7834 7835
66 7634 Jan 7834 Apr
Carolina Pow & Lt corn_ _ 335 40 Young (.9 8) Co
127
100
Penni'. Water & Power_100
12
30 12634 Jan 13334 Feb
994 12934
Cities Service Co corn.._100 182 87
Preferred
100 103 fOir
Real Estate Trustee__ -100
114 114
50 114
Apr
Apr 114
New 'took
20 *36
3718
Silica Gel Corp
•
13
Jan
13
Mar 22
50 13
Preferred
100 82 8212 Rubber Stocks (Cleveland)
United Ry & Electric_ _ _50 1694 1694 1734
1,225 1694 Apr
1994 Jan
10
Preferred B
10 *712 7 4 Am Tire & Rub corn
1
U S Fidelity & Guar__ _ _50
107 179
180 18034
Jan 1984 Jan
30
Preferred B-B
*7654 7714 Preferred
100
Wash Bait & Annan_ _.-50
536
120
534 Apr
834 Feb
534 6
Cities Service Bankers Shares •1814 181 Firestone Tire az Rub corn 10 .110 11414 West Md Dairy Inc pf-50
4
10 5134 Mar 53% Feb
5130 52
Colorado Power common 100 33
6% preferred
100 9812 99
35
99
7% preferred
Preferred
100 93
100 98
Bonds
Com'w*Ith Pow Corp come)•115 116 General Tire & Rub corn. 50 •230 240
Alabama Cons C & 1 58 33
9534 9534 8,000 9534 Jan 9634 Jan
Preferred
Preferred
100 81
100 101
82
Beth Fdy & Mach 6%81944
1,000 98
Apr
98
98
Apr 98
Consumers Power pref_ _100 91
93 Goodyear Tire & K com_100 2912
4,000 10334 Feb 10434 Feb
104 104
Bernheimer-Leader 78_1943
Mee Bond & Share pref..100 101 103 Goody'r T & R of Can p1100 r 9214
Commercial Credit 68_1934 99
7.000 9834 Apr 9934 Jan
99
99
*13
314 Consolidated Gas 58_ _1939
Elec Ry Securities
Mason Tire & Rub com-(t) 4.3
14
(I)
100 100
Jan 10034 Jan
1,000 100
22
Lehigh Power Securities-19) •101 103
Preferred
100 18
6,000 9234 Jan 9434 Feb
1954
General 434s
9334 94
Mississippi Riv Pow corn 100 40
42 Miller Rubber
100 122 125
3,000 93% Mar 9734 Mar
Como!G E L & P 4%6 1935 9694 9694 9634
103
Preferred
Preferred
100 91
93
100 102
10634 10634
1,000 10434 Jan 10634 Apr
1949
Series A 88
J&J 9812 9912 Mohawk Rubber
First mtge 58 1951
100 30
10930 110
14,000 109
1951
Series D 6345
Jan 110
Mar
80
Preferred
S F g deb 7s 1935__M&N 10212
94
1,000 9334 Apr 98
94
Consol Coal ref 43.O6..1934 94
Feb
Nat Power & Lt com
(9) *243 246 Seiberling Tire & Rubber (I) *1912 2012 Elkhorn Coal Corp 88_1925 9736 9734 98
57.000 9736 Apr 100
Jan
Preferred
Preferred
96
(9) •96
100 100
97
9732 12,000 97
Fairmont Coal 5s_ _ _ 1931
Apr 9834 Jan
Income 75 1972
100% 102 Swinehart Tire & R com_100
J&J
1,000 9934 Feb 9934 Mar
9934 9934
3a Car dr Nor 1st 5s. _1929
40
North States Pow corn..100 10812 10912
Preferred
100
81
81
5,000 7534 Jan 8134 Feb
Nacon Dub & Say 58 1947
Preferred
99
100 96
94
94
1.000 92
Norf & Ports Trac 5s_1936
Jan 94
Mar
Sugar Stocks
Nor Texas Elec Co com_100
1,000 9994 Jan 9934 Feb
9934 9936
North Bait Trac 5s_ _ _1942
512
Preferred
100 65
70 Caracas Sugar
so *4 87
10034 10034 5.000 10034 Apr 10034 Apr
ritueville Iron Wks 76 1929
Cent Aguirre Sugar corn. 20 *85
Pacific Gas& El let pref.100 94
96
8,000 6834 Apr 7094 Jan
LTnited Ry & El 4s_ _ _1949 6834 6836 69
Power Securities com
(9) •10
15 Fajardo Sugar
100 2120 122
5034 16,000 50
50
1949 50
Income 4s
Mar 5234 Jan
50
Second preferred
30 Federal Sugar Ref cora...100
(9) *25
70
70
1936
300 70
Funding 58
Apr 74
Jan
483
90
Preferred
Coll trust fis 1949___J&D
92
100
9934 99% 2,000 99
1927
65
Feb 9934 Jan
8
Incomes June 1949__F&A *71
74 Godchaux Sugar. Inc-(I)
9334 94
1949 9334
18,000 9334 Apr 9630 Jan
66
45
Preferred
52
Puget Sound Pow & Lt_ -100 50
100 38
100% 100%
1,000 9934 Jan 10034 Jan
./a Mid 5th Ser 5a. _ MC
36
6% preferred
100 83 86 Holly Sugar Corp corn..
(9) *34
59
5934
7,001 5834 Mar 6634 Feb.
.Varrh Balt az Annan 5s 1941 593.4
93
Preferred
07
100 103
100 90
7% preferred
Juncos Central Sugar__ _100 90 125
99
let & ref 5346 1949...J&D 98
• No par value.
53 National Sugar RefinIng.100 102 104
Republic Ry & Light-100 51
92
Philadelphia Stock Exchange.
-Record of transactions
....100 88
80 New Niquero Sugar.
100 78
Preferred
5
2
08 Banta Cecilia Bug Corp 91100
South Calif Edison com.100 107
at Philadelphia Stock Exchange, April 11 to April 17, both
Savannah Sugar corn...-(I) *100 102
100 118
8% preferred
inclusive, compiled from official sales lists:
Preferred
99
100 99 101
Standard G&EI 7% pr p9100 98
98
Tennessee Elec Power(9) •59 60 Sugar Estates Oriente 91_100 93
Friday
97 100
Sales
With warrants
*73
75
Second preferred
(t)
Last Week's Range for
Range Since Jan. 1.
35
Western Power Corp- _ _100 33
ofPrices.
Sale
Week.
92 Industrial&Miscollaneous
Preferred
100 90
90
Par. Price. Low. High. Shares.
StocksHigh.
Low.
92 American Hardware.._ _100 88
West Missouri Pr 7% pfr -- 90
134
Babcock & Wilcox
100 132
Short Term Securities
17
95
95
Jan
Abbots Al Dairy, pref_100 95
60 93
(I) •14
Anaconda Cop Min 641'29,414.1 10314 03% Bliss(E W)Co new
Jan 95
47
47
Mar
Preferred
10 47
49 3734 Jan 50
so *52 58 Alliance Insurance
94
Federal Bug Ref frs'33_M&N 93
10034 102
Amer Elee Pow Co pfd.100 101
100 96
Hocking Valley fer 1926 M&S 10012 001 Borden Company com-(f) •144 146
4
Jan 10431 Apr
152 160
Preferred
American Gas of N J..-100 158
100 1C7
1,322 135
K C Term Ry 634s '31 J&J
Jan 21734 Mar
35
100 32
• 5434 53% 55
American Stores
4,653 4534 Jan 5734 Mar
54e
2
-71926 10 111 8 Celluloid Company
93
Preferred
101) 87
Mar
130 10734 Mar 110
Lehigh Pow Sec Os'27_F&A 101% 101%
Bell Tel Co of Pa, pref._ _ _ ______ 1074 109
Jan
3894 39
50 39
Slose-Sheff Et&I Be '25.F&A 10114 102 Childs Company pref...100 115 117
Cambria Iron
20 38
Mar 40
1031 10612 Catawissa 1st preferred_ 50
4
4334 4334
Hercules Powder
U8 Rubber 79481930- _F&A 1031 106
84 43
Jan 4334 Jan
4
4339 4334
Joint Stk Land Bk Bonds
100 10512 10712
50
Preferred
12 4394 Apr 4394 Apr
25 preferred
Feb
.100 106
Congoleum Co Inc
Chic Jt Stk Ld Bk 56_1951 10214 10314 International Silver pref.
•
300 334 Apr 41
3334 3334
83
43
Mar
68 1952 opt 1932
43
Consol Traction of N J..100
5 3534 Mar 43
10214 10314 Lehigh Valley Coal Sales 50 *81
Jan
52
100 107 112
52
Se 1963 opt 1933
Dodge Corp
10212 104 Phelps
10 50
Apr 55
Cramp(Wm)& Sena-100
144
2694 2639
534a 1951 opt 1931
45 25
10412 10512 Royal Baking Pow corn. 100 140
East Shore0& E 8% pf_25
Feb 2835 Feb
6234 64
100 101 103
4%a 1952 opt 1932
Preferred
Electric Storage Batt'y_100
Apr 70% Feb
10112 10214
19 6139
Mar
271 271
434s 1952 opt 1932
50 271
100 101 Singer manufacturing-100 238
5 227
Fire Association
Jan 280
24
4348 1964 oat 1934
25
Giant Portland Cement_50
10014 10112
255 173.4 Jan 2534 Apr
Jan
5194 5234
A__ _ _10 5136
4e 1963 opt 1933
10112 10214
489 4694 Feb 70
Insurance Co of N
Mar
51
5034 5139
Pee Coast of Portland. Ore._
380 4934 Apr 54
Receipts full paid
Jan
ss 1954 opt 1934
6
6
J&J 102% 1031
7
100
8
6
Keystone Telephone... _50
Jan
20
50 20
20
Apr 2734 Feb
16 20
Preferred
*Per share. S No Par value. S HMIs el Purchaser also pays accrued dividend' Lake Superior Cori).--100
4
4
Apr
794 Feb
4
658
Mew stock. f Flat prig.... 1 Last sale. n Nominal. x Ex-dividend. y Ex-rights. Lehigh Navigation
88
50 8734 85
3.219 8094 Mar 100
Jan
aide price. r Canadian quotatba.
oEx-stoak dividend
885%
APRIL 18 1925.]
81
Jan
2331 Jan
5254 Feb
6411 Mar
4819 Jan
ssy, Jan
Bonds
Armour & Co of Del 20-yr
1943
g 519s
Chicago City Ry 5s_ _1927
Chic City de Con Rys 55'27
Chicago Rys 5s ser A_ _ 1927
1927
4e series B
Commonw Edison 5s.1943
Cudahy Pack 1st g 5s_1946
1928
Lake St El 1st 5s
.
.
.0
.
,
,i
Oci. .
.
....._.
31
Bonds
Pittsburgh Brew 65._ _1949
Pitts McKeesp& C 5s_1931
85
98
85
98
High.
P470718.Va"vc""fgrA1312,ng71123g4g
Low,
100
100
8%
'
819
38
350
107%
239
559
114
40
3534
343.4
1654
3139
234
8
9939
9c
84
295
9
79
136
2034
113
95
xx
88
90
9534 9539
54 594
591 639
38
38
350 350
10739 10791
139 239
4
5
113 11334
3839 39
32
3234
314 3139
13
13
2859 2934
234
239
634 8
8739 8739
5c
5c
734
735
279 280
739 735
7339 7334
106 10734
13
14
97 101
91
91
XX
Am Wind Glass Mach_ _100 88
Preferred
100
Arkansas Nat Gas corn. _10
54
Carnegie Lead & Zinc_ _5
Citizens Traction
70
Diamond Nat Bank _100
Duquesne Light pref _ _ _100
Indep Brewing corn
50
50
Preferred
Jones & Laughlin pref. _ _ 25
Lone Star Gas
25 39
Nat Fireproofing pref _ _ _ 50 3234
Ohio Fuel Corp
25 3119
I 13
Ohio Fuel Oil
Oklahoma Natural Gas_25 2839
Pittsburgh Brewing com_50
239
Preferred
50
Pittsburgh Coal prat_ 100
Pittsb de Mt Shasta Cop.A
5
Pittsburgh Oil de Gas
Pittsburgh Plate Glass_100 279
10
Salt Creek Con Oil
Standare Plate Glass p1100
Standard Bann Mfg corn 25
25
U S Glass
West'house Air Brake_ _ _50 100
West Penn Rye pref _ _ _100
Range Since Jan. 1.
X
High.
2039 Apr 3611 Feb
Mar 9334 Mar
89
Jan
Apr 60
49
Feb
1934 Mar 24
Feb
1134 Apr 15
90
Mar 964 Feb
Feb
8434 Apr 94
531 Jan
34 Jan
5039 Feb 5514 Mar
Jan
95
Jan 100
419 Feb
7
Apr
Apr 3939 Jan
27
24
Mar 36
Jan
2434 Mar 2834 Feb
8)4 Apr
9
Apr
84
Jan 9134 Mar
31 Apr
14 Jan
34 Apr
999 Jan
2834 Mar 324 Jan
2634 Apr 3034 Jan
1234 Apr 1634 Jan
1
Feb
2
Mar
% Ma
99 Apr
1324 Apr 139
Jan
339 Mar
431 Mar
Mar 4939 Jan
30
839 Jan 1034 Jan
113
Apr 118
Feb
79
Jan 10834 Feb
231 Apr
739 Jan
Jan 96
83
Apr
1154 Feb122
Apr
15
Mar 374 Jar
2319 Mar 3034 Jar
3134 Apr 3539 Mal
104
Mar 10934 Mar
1334 Mar 164 Mai
4
Jan
6
Fel
3
Jan
9
Mar
264 Jan 3039 Mal
9439 Jan 12934 Api
1434 Mar 194 Jai
4134 Mar 56
Jai
11619 Jan 12939 Jai
30
Apr 3039 Ap
85
Jah 9234 Ap
Apr 70
Jar
50
90
Jan 48
Jai
8534 Jan 9234 Fel
3534 Jan 70
Ma
9834 Mar 100
Fel
639 Apr
939 Jal
99
Mar 10539 Fel
3739 Apr 42
Fel
Mar 1739 Ja
13
8239 Feb10231 Ma
9119 Jan 9839 Ma
98
Jan 10339 Ma
3239 Jan 42
Ma
9819 Apr 10039 Ma
Mar 47
42
Fe
120
Feb124
Ja
44 Apr
64 Ja
37
Apr 3934 Ali
26
Mar 29
Ja
90
Apr 95
Fe
90
Jan 9519 Fe
1491 Apr
1734 Ma
39 Jan
134 Ja
25
Apr 34
Ja
1934 Apr 2339 Ja
Ja
5131 Apr 74
10719 Jan 116
Fe
Jan 11514 Fe
108
Al
92
Jan 96
10434 Jan 10791 ME
Fe
10234 Jan 105
48
Mar 75% Fe
1491 Mar 2234 Mr
Mar 33
21
Ja
4019 Jan 47
Ms
Jan 5339 Fe
I 50
554 Mar 7791 Ja
Stocks-
Friday
Sates
Last Week's Range for
Week,
Sale
ofPrices.
Par. Price. Low. High. Shares.
X
Low.
Jan
Jan
Feb
Mar
Mar
Apr
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Mar
Feb
Jan
Feb
Jan
Jan
-Record of transactions at
Pittsburgh Stock Exchange.
Pittsburgh Stock Exchange April 11 to April 17, both inclusive, compiled from official sales lists:
flg
.
204
12
Armour & Co (Del) p1.100 90
Armour & Co pref
100 8534
15
Armour Leather
Balaban & Katz v t c_ _ _25 53
100
Preferred
439
Beaver Board v t c "B"_ _*
Preferred certificates.100 27
Bendix Corporation_ _ _ _10
• 27
Borg dr Beck
Bridgeport Machine corn_•
Central Ill Pub Serv pref.* 89
Chic C&C Ry pf sh com. •
Preferred
•
454
*
Chicago Fuse Mfg
Chic Nipple Mfg "A"_ _15 264
15
Class "B"
Chicago Rys part etts ser 2
1
Part ctfs series 3
%
Commonwealth Edison _100 133
Rights
4
Consumers Co pref
_100 .
Continental Motors
*
939
100
Crane Co pref
•Cudahy Packing com_ _100 95
Daniel Boone Wool Mills 25
239
100
Deere & Co pref
Diamond Match
100 122
.
•
Elec Research Lab
Evans & Co Inc Cl "A"_5 26
Fair Corp (The) com..___* 3354
Preferred
100 10534
Foote Bros(GM)Co_ .* 14
539
Gill Mfg Co
•
Godchaux Sugar corn._ •
734
Gossard(H W)Wm
• 2934
Great Lakes D de D_ _ _100
10 17
Hupp Motor
• 444
Hurley Machine Co
100
Illinois Brick
New
30
Illinois Nor Util pref _ _100
Indep Pneumatic Tool_ _ _• 55
Kellogg Switchboard__ _ _25 40
Ky.Hydro-Elec Co- _100
25 68
Kraft Cheese
KUppenh & Co(B) pf_ _100 99
639
Libby McN&Libby new_10
Lyon & Healy Inc pref.100
McCord Rad Mfg Co A..* 3839
•
McQuay-Norris Mfg
Middle West UM com_ _ _* 9819
100 96
Preferred
Prior lien preferred_.100 101
Midland Steel Products_ _• 3734
Midland Util prior lien_ 100 9939
Morgan Lltohgr com_......* 44
Nat Carbon pref(new)_100
10
431
National Leather
39%
Nizer A w I
•
Amer Car Co
Nor
Nor West UM pr I prat_ 100
Omnibus pref A w I__ _ _100 93
Vol trust ctf9 w I a...
4
Philipsborn's Inc tr Ws_ _1
100
Preferred
10 2034
Pick (Albert) dr Co
5 5139
Pines Winterfront A
Pub Serv of Nor III corn_ • 11154
160
Common
100
Preferred
100 106
7% preferred
QUaker Oats Co prat... _100 1044
Real Silk Hosiery Mills_ .10 51
10 154
Reo Motor
25 25
Ryan Car Co(The)
*
Stand Gas& Elea
50 51
Preferred
0*.mrart-Vila r Stnrati rnM_ _•
6431
2134 2234
92
92
49
4939
2034 2034
12
12
90
9134
8434 86
4
4
53
5334
9934 9935
439 5
27
30
2734 284
25
27
8% 9
8814 89
94
99
399 439
29
294
2634 2934
1239 134
1
1
%
13219 134%
339 439
30
30
9
919
11439 1144
94
9535
231 299
91
96
121 122
22
21
2534 2631
324 3319
10534 10531
14
14
54
5
739 8
2934 2934
120 12834
1634 1774
43
45
123 124
30
3034
9234
91
50
5831
40
42
91
91
65
6939
99
99
634 7
10034 10034
38
39
1311 .1399
9419 9834
9554 964
10091 10134
36
3734
9939
99
424 44
12134 12139
419 639
37
39%
26
26
90. 90
93
92
15
15
1534
99
99
25
2539
19% 2019
5139 53
111 112
11034 112
94
96
106 10739
104 10434
4939 51
1554 16
23
25
4439 4531
5111
51
5934 6439
51
60
86)9
50
54
14539
116
53
26
24
23%
115
4
551
123
10%
10
1454
5219
43
55%
924 32,000 9139 Jan 9234 Jan
Apr 841.9 Mar
7419 20.000 74
Mar
Apr 63
50 100,000 46
5439 2,000 5439 Apr 6934 Mar
Apr 4639 Mar
8,000 35
37
1.000 10039 Jan 10939 Apr
10939
Apr 9334 Feb
91
2,000 91
9439
2.000 9414 Apr 943.4 Apr
X
2139
92
Range Since Jan. 1.
Q0000MM..000nOmmmmommmm.[,0000m.wmo.w,...
M
.
0M.NOONOVMMMMOO.
00000 0000M. MMMO O OMOM Q
MM
,00
ONM
.40
MO3'0^.0.0.0 00000
,
.C.,....M
g.
.00.M0N .
m
O N..M.MMVMM0.g gM
..M g asM1040
t .
.
N M MO...Mt.-OMOM. V.
.7
M
N
. ...M
.
N
CO
5
All American Radio
Amer Pub Serv prat _ _100
American ShipbuildIng_100
Armour & Co "A"
Mar
Jan
Apr
Jan
Apr
Feb
Jan
Ma
Ma
Ma
Jan
Ap
Mar
Ap
Jan
Ja
Ap
Ja
Fe
Ma
TA
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange April 11 to Apr,1 17, both inclusive,
compiled from official sales lists:
Stocks-
91
9234
74
4639
5439
37
10939
91
9434
4419
49
81
42
I.
112
112
3931
2234
14
15
11234
41
116
511
6
11
4619
32%
48
• No par value.
•No par value.
Friday
Sales
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price, Low, High. Shares.
50
2,070
210
157
5.970
901
3,289
80
280
230
35
285
85
7,275
548
420
50
440
2,715
1,395
2,468
co
Od 1.4
Iii
g
13034
i i1393
144
115% 115% 115;9
44
42
42
2339 2339
14
15
15
16% 15% 16%
11239 114
47% 4731 49%
1164 116 1164
891
8
834 814
1139 1211
1231
49% 484 49%
36
34% 3654
49% 48% 49%
High.
X
Ten
47
5939
8119
50
81%
49
Low
2,458 10939 Apr 120% Feb
Jan
Mar 36
2,140 27
Apr
Jan 48
60 45
Mar 73)1 Feb
7,421 65
5
Jan
;1 Feb
125
.W
.
.M
WM
N.WWW.
ONW
00.04 0
CO
0..4000.4J0000.0b2..N.Au.o00ip04.m
09
9239 Jar
Ma
215
65
Ma
103
.
Ma
57
Ap
86
Ma
96
Ma
9599 Ma
85
Ma
10034 Ap
102
Ja
10091 Fel
Fel
101
10531 Ap
106
Jai
1073.4 Ma
107
Jai
6731 Fel
4539
5539
81
45%
464
Range Since Jan, 1.
CM
ON
Apr
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Apr
Mar
wog Jan
10011 Jan
100
Apr
10334 Jan
10434 Feb
106
Jan
105
Mar
Jan
63
87
136
60
100
5031
8254
9339
9339
82
99
11039
2934
47
6639
339
.
Bonds
92
92 1310,000
Amer Gas dr Elec 58_ _2007
150 158
5,200
Amer Gm, NJ.. 7s,,1928
Elea & Peoples tr offs 48'45 6239 62
6234 44,000
10239 103
5,000
General Asphalt 6s.1939
57
57
5,000
Inter-State Rye coll 451943
8539 86
4,000
Keystone Tel lst 58_ _1935
9531 2,000
Phi% Co consol 55-- _ _1951 9519 95
1,000
Cons dr stamped 58_1951
9534 9519
82
82
100
Philo, Elec let 5 14s_ _ _1966
1960 9939 9939 9974 77,000
5s
1966 10139 10034 1014 40,600
1st 5.9
1966
Small 58
10054 10034
1,500
Registered 55....A966
100 100
800
1947
10539 10511 3,000
5149
1953
10439 10539 6,000
539s
1941 10734 1063.4 10739 8,500
65
Reading Traction 65_ A933
107 107
5,000
United Rys g tr ctfs 481949
6734 6734 2,000
05 14 OR LC
.s,.....9. 0,,a 1t co
1 OT7
1 Ann
Mar
Feb
Feb
Mar
Mar
Mar
Jan
Mar
Feb
Feb
Mal
Jar
Mar
Mar
Apr
Jar
Jar
11039 109%
2839
46
6639 66
334
M.
46
46
10 45
Apr 47
3791 3934 14.923 3799 Apr 4574
144 3734 Apr 45
3734 3931
12339 124
275 12339 Apr 125
48
6,171 40'
Jan 51
45
45
58
1,253 57
Apr 6334
58
57
15
90 15
Mar 1834
1534
98
98
60 96
Jan 98
9-16
39 1,725
39 Jan 15-16
199 199
10
139 Mar
239
780 3934 Mar 44
3939 394 394
19939 19939
29 19934 Jan 201
8,882 7939 Mar 9634
8634 8454 87
588 5634 Mar 5839
5731 5714 5739
23
23
100 23
Apr 2419
119
639 Mar
799
639 619
46
124 46
46
46
Apr 57
3834
3739
Swift Sr Co
100
Swift International
15
Thompson (J R) com _25
Union Carb & Carbon._ _•
United Iron Works v t c_50
United Light & Power
Common A wia
Common B w la
•
Preferred A wla
•
Preferred Syria
United Paper Bd rights
20
US Gypsum
100
Preferred
Universal Theatre Co_ __ _5
Utilities Power dc Light A.
Vesta Battery Corp com_ _•
Wahl Co
Ward M & Co prat_ _ _100
Common
10
•
Class A
•
Wolff Mfg Corp
Certificates
Wolverine Portl Cement_10
Wrigley Jr common
Yellow Cab Mfg Cl B_ _ _10
Yellow Cab Co Inc(Chic)_*
. .
w
7434 Jan
224 Apr
51
Jan
Jan
60
4234 Apr
Mar
71
0.61-.W. W.
0
472
50
10
5
3,476
80
7934
224
52
63
4434
75
High
5
..
•
74
Low.
agn8g8§=8=n13228525§8E
224
7731
2219
52
63
4334
74
Range Since Jan. 1
Friday
Sales
Last Week's Rangy for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High Shares.
0
.400
-8§
0
50
Lehigh Valley
10
Lit Brothers
Minehill & Schuyl Hav_ _50
Penn Cent Light & Pow_ •
50
Pennsylvania RR
Pennsylvania Salt Mfg_ _50
Philadelphia Co (Pitts)
Preferred (cumul6%)
-50
25
Phlla Electric of Pa
25
Preferred
50
Phila. Gtn dc Norris
Phlla Rapid Transit_ _ _ _50
Philadelphia Traction_ 50
so
Phlla & Western
Scott Paper Co, prat_ _ _100
Tono-Belmont Devel_ _1
1
Tonopah Mining
50
Union Traction
100
United Cos of N J
50
United Gas Impt
50
Preferred
100
United Rys Invest
Warwick Iron & Steel_ _ _10
50
Westmoreland Coal
2001
TLIE CHRONICLE
sates
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Mar
Feb
Feb
Mar
Apr
Apr
Apr
Mar
Jan
Mar
Feb
Jan
Feb
Mar
Feb
Jan
Apr
Jan
Feb
Feb
Feb
Feb
Feb
Jar
Jar
Jar
Feb
90
98
Jar
Api
• No par value.
-Record of transactions at
St. Louis Stock Exchange.
St. Louis Stock Exchange April 11 to April 17, both inclusive, compiled from official sales lists:
Stocks-
bates
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
First National Bank_ _ _100 210
Nat'l Bank of Comm'ce 100 148
St Louis Union Trust_ _100
United Railways, com_100
Preferred C D
Berry Motor
•
•
Best Clymer Co
Brown Shoe preferred _ _100
Certain-teed Prod 1st pfWO
2d preferred
100
Chicago Ry Ea prat
_25
El Bruce common
3834
Ely & Walker D G corn_ _25
1st preferred
100
2d preferred
100
Fulton Iron Wks com_
•
100
Preferred
Hamilton-Brown Shoe_ _25
Hussmann Refr common_•
Hydraulic Pr Brk com_100
Preferred
100
Interuational Shoe com_ • 11834
Preferred
loo
Laclede Gas L. prat _ _100
Mo Portland Cement_ _25
National Candy com _100 94
1st preferred
100
Rice-Stix D G 1st prof _100
2d preferred
100 10134
Scruggs
-V-B D Gist p1100
S'western Bell Tel, pfd _100
Wagner Electric, com--• 33
Preferred
ik so
Boyd-Welsh Shoe
*
Johansen Shoe
•
Pedlgo-Weber Shoe
*
Securities Inv com
*
F Medart common
3239
Huttig 13 & D common..
3234
ioo 1004
Preferred
Bonds
Alton Gran & St L Tr 58'44
E St L & Sub Co 59_ _ _1932
1934
United Rye 58
United Rye 48 C D___1934
Wagner Elec Mfg 713 serial_
* No par value.
68
210 210
14739 148
295 295
20c 20c
434 439
23
23
4334 4439
9839 9834
9334 9334
82
82
2639 2634
38
3854
2439 2454
104 104
84
84
3539 3899
100 100
4534 454
3834 3834
739
7
8939 8939
117 11839
11939 11939
85
85
52
48
94
9434
107% 1074
10834 10839
1014 10139
8339 8339
108 10839
3234 3339
so
41
42
43
42
3034
3239
sox
41
43
4339
42
3034
33
1004 Ha
61
8439
70
68
10034
10
126
3
535
8
105
45
5
54
5
8
80
10
10
10
170
75
15
110
220
110
269
80
10
1,317
25
3
30
98
1
76
110
25
25
15
205
5
20
335
40
Range Since Jan. 1.
Low.
205
1454
256
8c
431
23
4234
984
87
77
26
38
2234
102
84
3739
100
4434
37%
6
81
115
11739
81
4139
94
107
107
10039
86
10739
2639
80
4031
40
40
41
3039
3139
100
61
33,000 61
8434 15.000 8419
70
8,000 69%
68
27,000 68
101
1.500 10091
High. '
Feb 210
Jan 15034
Jan 295
Feb 25c
Jan
7
Apr 24
Feb 46
Apr 10039
Jan 9434
Jan 8239
Jan 27
Apr 3854
Jan 25
Jan 104
Jan 84
Apr 43
Apr 10219
Jan 4919
Mar 45
Jan
839
Jan 95
Feb 1184
Mar 12039
Jan 86
Feb 52
Apr 107
Mar 10739
Jan -110
Apr 10339
Mar 86
Apr 11039
Jan 50
Apr 91
Apr 5039
Mar 5239
Mar 4539
Feb 4419
Apr 3454
Mar 40
Apr 102
Apr
Feb
Apr
Feb
Feb
Feb
Jan
Mar
Mar
Feb
Mar
Apr
Feb
Apr
Apr
Jan
Feb
Jan
Feb
Feb
Feb
Apr
Feb
Mar
Apr
Jan
Apr
Mar
Mar
Jan
Mar
Feb
Feb
Jan
Jan
Mar
Jan
Feb
Feb
Feb
Apr 6239 Feb
Apr 86
Jan
Mar 75
Jan
Apr 7331 Jan
Apr 100
Mar
2002
THE CHRONICLE
New York Curb Market.
-Below is a record of the
transactions in the New York Curb Market from April 11 to
April 17, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
[Vol,. 120.
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,
Friday
Sales
Industrial and
Last Wears Range for
Range Since Jan. 1.
Miscellaneous Stocks
Sale
of Prices.
Week.
(Concluded). Par. Price. Low. High. Shares
Low.
High.
Library Bureau corn
•
31% 32
200 30
Mar 32
Apr
Lupton(F H)Pub,Cl A_ _•
5
5
100
5
Apr
84 Jan
Marconi WIrel Tel of Can.
14
1% 114
300
14 Apr
11116 Mar
Marconi Wirel Tel of Lond
8% 831
834
900
814 Apr 10
Jan
McCrory Stores Corp warr
44
44
100 44
Mar 55
Jan
Mengel Co
100 444 44
4414
60 30
Jan 5114 Mar
Mesabi Iron Co
•
294
214
700
234 Apr
4)4 Jan
Middle West Utilities coin. 96
94% 98% 7,350 82% Feb 10214 mar
Prior Ilen stock
100 10134 101 10114
570 98)4 Jan 1034 Mar
Preferred
100 9714 97% 97%
10 91
Friday
Jan 95
Mar
Sales
Midvale Co
• 24
24
2414
500 24
Week Ending April 17.
Jan 2814 Jan
Last Week's Range for
Range Since Jan. 1.
Moore Drop Forging Cl A •
65
65%
300 8334 . Mar 6654 Feb
Sale
ofPrices.
Week.
Motion Picture Corp
17
17
Stocks174 1,400 17
Par. Price. Low. High. Shares.
Mar 184 Apr
Low.
High.
Motor Products Corp_
•
106 106
10 94
Feb 110
Jan
Music Master Corp
•
Indus. & Miscellaneous.
94 10
5,500
834 Mar 214 Jan
National Leather
10
44 44
Acme Coal Mining
100
44 Apr
10
654 Jan
50c 50c
100 50c
Apr
Nat Power & Light, cora_• 244
240 252
Adirondack P & L com_100 55
3,200 1844 Feb 252
Apr
5231 59
8,100 33
Feb
Preferred
•
96
7% preferred
97
70 95
100
Jan 99
Mar
101
101
70 99
Jan
National Tea
• 243
238 244
killed Packers.com
280 230
•
Jan 247
Jan
64 631
100
634 Apr
New Man & Arlo Land_ _.1
715
Prior preferred
714
734 3,600
83‘ Jan
100 53
11,4 Feb
524 5714
400 60
Mar
N YTelep634% prat_ _100
11214 113
Amalgam Leather com325 11014 Jan 114
•
Feb
9
9
9
100
Mar
9
N Y Transportation_.._I0
44
Amer Gas & Electric
300 3814 Jan 464 Apr
Nickel Plate corn, new,w 1_ 864 844 4615
Common
8714 2.900 824 Mar 9034 Feb
• 7314 72
75
3,200 884 Feb
Preferred, new, w
824 844
Preferred
•
1,000 814 Mar 8794 Jan
8434 8414
100 844 Apr
Niter Corp Class A w 1....' 394 37
Amer Hawaiian SS
3951 5,800 37
10
Apr 39,4 Apr
934 10
600
914 Feb
Northern Ohio Power Co.'
Amer Lt & Trae,com__100 13954 137 1434 3,025 137
734
734 8
11,300
64 Mar
8
Apr
Jan
No State Pr Corp pfd -100
95
Preferred
9514
100
60 944 Feb 99
9434 9431
Feb
25 94
Jan
Nor StatesPow Del war'nts
Amer Multigraph,corn_ _•
914 104
600
6
Feb 104 Mar
19
19
100 1814 Mar
Omnibus Corp v t a__ - -Amer Pow & LS corn new-• 56
53
5731 14,800 484 Feb
Series A preferred_ _100
92
Preferred
92
100 86
100 89
Apr 96
Feb
8414 86
320 84
Apr
OpPenhelm, Collins & Co.' 42
4134 42
Amer Road Machinery__
200 4034 Mar 46
4
Feb
4
4
100
Feb
2
Paige-Detroit Mot Car__10 174 16
Superpow Corp,CI A-• 2914 2731 2914 1,000 2614 Mar
Am
1734 2,500 1514 Mar 19
Jan
Pathe Exchange Inc el A-• 45
45
Class B
454
200 4214 Mar 4914 Jan
• 2934 2714 2934
1,700 274 Mar
Pet Milk Co, pref
100
Prior preferred
25
200 10214 Apr 103
Apr
25
25
200 244 Feb
Power Corp of NY,corn.' 10234 10234 10234
44
Appalachian Pow. com-100
42
Jan 46
Mar
7714 771.4
50 73
Feb
Pratt & Lambert.Inc- _-• 434 4334 444 3.400 33
Arizona Power com_ _ _100
44
1,400 40
Feb 44
Apr
204 21
400 174 Jan
Puget Sd P & L, com....100
ArmOUr & Co (Ills) comB25 1131 114 1214 2,400 1114 Apr
504 5031
20 49
Mar 514 Mar
Preferred
100
Preferred
84
85
100
30 84
Apr 87
Mar
84
85
Apr
90 84
Purity Bakeries, Class A25
4414 45
Armour Leather. com _ __15
400 35
4
Apr 45
4
Mar
100
4
Apr
Class B
• 36
Artloom Corp, coin
354 37
•
1,400 34
384 3834
Mar 3754 Mar
400 38
Apr
Preferred
Preferred
95
95
100 9834 984 984
100 93
Mar 95
600 9814 Apr
Apr
Reid Ice Cream Corp corn • 404 38
Assoc G & E Clams A----• 284 274 30
40% 1,100 35
Jan 43
Jan
9.500 2514 Mar
Preferred
100
Atlantic Fruit de BUS
9314 94
*
400 92
Mar 101
Feb
90c 980
2,700 800 Jan
Rem NoiselessTypew,CIA• 40
40
Atlas Portland Cement
414 1,700 37
Mar 48
Mar
Preferred
100
New when Issued
984 102
•
400 964 Mar 102
45
45
Apr
100 444 Apr
Reo Motor Car
10 154 154 21
Bolasonnault(G)Co
•
1,600 1754 Jan 23
Mar
40c 65c
0,400 50c Apr
Rova Radio Corp tr cUs •
Borden Co common_ _1_100 1444 143 14434
64 774
600
54 Mar 1434 Jan
890 133
Jan
Seagrave Corp,con)
• 134 13
Corn new (ex stk div)_50
134
900 13
72
734
Mar 1434 Jan
400 68
Mar
Serv. El. Corp. cl A, w
10
Botany Cons Mills CI A 50 4434 444 454
10
1034 1,800 10
Apr 1132 Mar
500 4314 Mar
Sierra Pacific Elec,com_100 164 1611 1634
Brazilian Tr, L & P.100 50
300 1634 Apr 204 Jan
50
50
100 50
Apr
Silica Gel Corp. corn. v t c.•
Bridgeport Machine com-•
124 1414
9
600 1214 Mar 21
814 9
Jan
1,000
44 Feb
Singer Mfg,Ltd
£1
Brit
434 44
-Am Tob ord bear-£1 28
100 '4
Mar
900 254 Jan
2734 28
434 Mar
Sleeper Radio v t
Ordinary registered__ 11 2731 2734 2734
54 6
200
534 Apr 1916 Jan
600 2131 Feb
Sou Calif Edison com__I00 108
10514 108
Brooklyn City RR
10
Apr
800
8
Jan
834 84
7% preferred Ser A__ 100 1054 105 1054 3.360 101)4 Jan 108
Burehs Add Mach, pf_ _100
360 10434 Mar 107
104 104
Feb
30 103
Jan
6% pref, Series B_ _100
Campbell Soup 7% P1-100
904 904
110 88
1104 1104
Jan 92
Feb
70 110
Mar
Southern Coal & Iron__ ...5
Sc
Sc
Car Ltg & Power. corn.25
5o
60 Mar 100 Jan
3
34 4
6,400
114 Jan
S'eastern Pr & Lt corn..• 624 584 6414 22,000
Carolina Power dr Light 100 ------ 338 340
4,200 6254 Feb 66
Jan
30 300
Feb
Southw Bell Tel,7% p1.111 1084 10814 1084
Celluloid Co pref
20 10634 Mar 10914 Feb
100 84
84
86
40 84
Apr
Spear & Co
• 2231 22
Cent Teresa Sugar,com_10
23
900 22
Apr 2834 Feb
50c 50c
100 50c
Apr
Preferred
Centrifugal Cast Iron Pipe: 1634
91
914
600 91
Apr 9434 Apr
1614 1914 6,300 10
Mar
Standard Motor Constr 10
Chapin-Sacks Inc
414 44
300
• 22
334 Jan
214 224
moo 164 Jan
514 Mar
Stand Publishing Cl A__25
Cbatterton & Son
2514 254
1,600 254 Apr 27,4 Feb
10 194 184 194
1,750 12
Feb
•
Stutz Motor Car
651
Chic Nipple Mfg,Class A50
6)4 7
2,200
64 Jan 10
29
294
Jan
200 29
Apr
Swift de Co
100
110 111
Childs Co pref new_ _ _100
330 109
1154 1153.4
Feb
30 1134 Jan
Swift International
15 2814 28)4 2934 2,900 274 Mar 120
Cinc Ind & W RR v t c -100
12
12
Mar 85% Jan
100 10
Apr
Tenn Elec Power, corn •
574 61
Preferred
100
3,700 484 Feb 61
22
22
Apr
50 22
Apr
Thermiodyne Radio
•
814
(Mies Service. com____100 182
734 834 1,300
614 Mar 223.4 Jan
181 187
720 175
Mar
Thompson(RE)Radio vie.
7
New when Issued
20 364 3634 37
300
614 Mar 25
2,200 35
Jan
Mar
Tob Prod Export Corp._ •
Preferred
314 334
100
800
314 Jan
8134 8234 1,000 804 Jan
514 Jan
Todd Shipyards Corp_ __ _• 40
40
Preferred B
40
10
100 38
73.4
TH 734
Mar 42
Mar
600
714 Mar
Tower Mfg Corp
734
6% 74
Bankers' shares
500
• 18
5
18
Mar 244 Jan
184 1,500 174 Mar
Tulip Cup Corporation__ •
Colombian Syndicate
15
15
100 144 Feb 154 Feb
114
134 164 13,500 60o
Jan
Union Carbide & Carbon_• 664 6834 67
Com'weaith Pow Corp- • 1154 112 11514
Corp_._'
2,200 65
Mar 73% Feb
1,675 106
Apr
United G & E.corn, new_10
30
Preferred
30
300 25
Feb 38
814 82
335 7934 Jan
Jan
United Lt & Pow corn A • 46)4 46
Warrants
47
900 444 Mar 5034 Jan
35
3331 3534
250 2534 Feb
Preferred Class A
so
80
Cons Gas,E L&P Balt new• 344 3454 35
10 80
Apr 89
Feb
2.600 3114 Jan
• 49)4 4734 80
Preferred Class B
Continental Baking,comA• 118
494
280 41
Jan 494 Apr
1174 12034 3,100 108
Jan
United Profit Sharing..
..1
7
Common B
715 1,900
554 Jan 11)4 Mar
• 2614 26
27
34,700 2131 Jan
United Shoe Mach'y corn 25 434 43
44
8% preferred
500 41% Apr 4514 Jan
100 954 9434 954 1,900 914 Jan
US Gypsum
20
140 140
Continental Tobacco_
*
30 115
2014 204
Feb 142
Apr
200 20
Mar
US Lt dr lit Corp, com-10
1
14 7,400 750
Coty, Inc. w 1
•
38
Jan
39
14 Jan
1,800 374 Apr
US Stores, Class A
•
1714
Cuba Company
200 174 Apr 19
• 374 374 374
Mar
200 364 Feb
Universal Pictures
24)4 25
Cuban Tobacco v 1 e
200 24
214
19
Mar 2814 Feb
214
800
634 Jan
Utilities Pr de Lt cl A--__• 23
23
234 1,100 224 Mar 2651 Jan
Curtiss Aero & M corn_• 154 1434 174 2.800 13
Feb
Van Camp Packing Drat-- 28
26
28
Preferred
100 22
1611 60
60
Apr 32
Apr
60
100 55
Mar
Victor Talking Machinelell 85
80
85
Curtiss Aerop Assets CorP- 22
110 66
22
Apr 105
23
800 184 Mar
Jan
•
Ware Radio Corp
9)4 11
Lie Forest Radio Corp...' 234 214 234 2,900 184
300
9
Mar 4011 Jan
Mar
Warner Bros Pict, corn •
1431 14)4
Del Lack & West Coal _50
100 14
121 122
325 1194 Apr
Class A
10 1514 1534 1514 3,000 14% Feb 1614 Feb
Dodge Bros Inc, CIA w 1-- 244 244 2534 4,800 2431 Apr
Apr 1614 Feb
Western Pr Corp, com-100 344 3414 3411
Doehler Die-Casting
1,200 30
• 15
I234 15
Mar 38,4 Jan
2.300 10
Apr
Preferred
100 90
8914 91
DubillerCondsr& Rad new' 19
540 8514 Jan 924 Apr
14
19
20,000 1234 Mar
White Rock Min Spgs corn* 294 27
Dunhill Inter natio nal
3014 7,000 16
- • 27
27
Feb 30,14 Apr
274 1,000 27
Apr
Vol tr Ws for con)stock*
27
Durant Motors, Inc
3014 6,700 16
• 1834 18
Jan 3014 Apr
1934 10.800 15
Feb
Wickwire-Spencer Stcom-6
4
334 4
Dan & Co, Inc, Class A • 22
4,900
34 Feb
204 2534 6,300 204 Apr
754 Jan
Wilson dr Co (new) W
1316
1334 1434
Cleo Bond & Share,pref 100 102
1,700 13
Apr 15
1014 10214 1,120 10131 Apr
Apr
Class A w I
294 294 3014 1.900 2974 Apr 35
Elea Bond & Share Sec Cor 5934 554 6031 27,800 554 Apr
Apr
Preferred w 1
7311 73
7415
Elea Invest without warts* 4334 41
1,100 73
Apr 754 Apr
44
11,100 40
Jan
Yellow Taxi Corp N
1314 13
14
Electric Power & Light.--• 1831
700 13
Apr 22
1414 1814 185,800 1314 Mar
Jan
Eureka Vac Cleaner
• 4914 494 4931
1,000 49
Mar
Federal Lt & Trac new w 1
28
284
1,000 28
Apr
Rights.
Federated Metals Corp..'
3314 344
600 3334 Apr
Film Inspection Machine_•
74
74 714 • 100
631 Jan
Borden Co w
2
14 2
8,500
Ford Motor Co of Can_100
114 Apr
24 Mar
475 500
110 462
Mar
Commonwealth Edison...
34 34 1.400
Franklin (II H)Mfg cam3% Apr
4
Apr
• 174
17
174
500 17
Apr
Continental 011 w
78c
75c 860 177,700 7043 Mar
Preferred
PI. Mar
78
79
70 78
Apr
Freed•Elsemann Radio• 10
934 10
610
734 Mar
Former Standard 011
Freshman(Chas)Co
• 13
12
13
1.700
Subsidiaries
94 Mar
Pared Corp
314 34
500
API*
2
Den'l Outdoor Adver'g Inc
Anglo-American Oil....£1 244 2234 24% 21,300 18
•
Jan 244 Apr
Common v t e
2134 22
900 2034 Mar
Buckeye Pipe Line
6114
50 6014 60
180 60
Apr 72
Class A
•
Jan
464 47
900 464 Mar
Continental 011 v tow I... 23
22% 23% 30,400 214 Mar 314 Feb
Georgia L,P.4 Ry,com.100
54
59
400 3131 Jan
Cumberland Pipe LIne_100 144
142 147
670 132
Mar 150
Dillette Safety Razor-- --• 68
Feb
6414 704 19,800 5734 Jan
Eureka Pipe Line
100
z78
78
10 Z78
Apr 96
Dien Alden Coal
• 128
Jan
12731 130
400 117
Feb
Galena-Signal Oil.com_100 56
56
564
125 843
Doodyear Tire & R.00m100 4035 284 304 19,400 2414 Jan
Apr 65
Feb
Preferred
100
108 110
130 108
Grand (F W)5-10-250 Ste•
Jan
6014 65
300 60
Jan
Humble Oil& Refining_ _25 4614 4534 474 10,500 424 Apr 113
Brennan Bakeries Inc-Jan 4914 Apr
• 17
17
18
4,300 154 Mar
Illinois Me Line
100 145
143 145
250 127
Griffiths (I) W)Class A. •
Jan 1544 Jan
1
1
Jan
300 75c
Imperial Oil (Can) new --- 28
28
284 3,000 2734 Mar 3314 Jan
Unmet(
(D)Ra & Cam Rea*
12
12
100
Mar
9
Indiana Pipe Line
50
7234 7234
30 70
RaPPIness Candy St al A_•
Apr 84
Jan
64 631 3,600
614 Jan
Magnolia Petroleum__ -100 132% 1324 1344
150 1304 Apr 159
ElazeitIne Corp
Feb
• 21
20
214 2,800 1531 Mar
National Transit_ ..12.50 2214 22
22%
Fie)den Chemical
600 22
Apr 254 Jan
•
1)(
154
134
New York Transit
700
136 Apr
100
6414 64%
Flom & Hardart
10 6454 Apr 79
Jan
49
53
600 49
Apr
Northern Pipe Line_ _ _ _100 83
83
83
imperial Tob of Canada_ _5
10 814 Jan 88
Feb
100
634 634
Ohio 011
614 Mar
25
63% 64% 1,300 8234 Mar 7534 Feb
Imperial Tob of GB & Ire_
2331 234
.500 21
Jan
Penn Mex Fuel
25 39
38% 39
Intercontinental Rubb_100
600 35% Jan
7
1,600
774
534 Jan
Prairie Oil & Gas
25 524 5234 53% 3,300 50% Mar 4434 Mar
Inter Concrete Ind Fdrsshs
6511 Jan
9
10
Mar
Prairie Pipe Line
200
7
100 11534 115 117%
Inter Match non-vo t pf - _
1,950 106
Jan 126
Jan
394 39
3934 1•2
Solar Refining
00 37 4 Jan
100
;
215 218
Int Utilities class A
7.
40 202
Jan 254
Jan
46
South Penn 011
46
100 4534 Jan
100 157
155 166
Inter Ocean Radio Corp_ •
840 130
Jan 197
Jan
514 534
300
Southern Pipe Line__ - 100 8114 81
a% Mar
Jones (Jos W)Radio Mfg_•
84
260 81
Apr 103
Jan
2
2
214
Mar
300
2
Standard Oil (Indlana)_ _25 6134 61
ireivinator Corp
6214
• 254 22
Feb
254 5.500 184 Feb
Standard 011 (Kansas)...25 314 30% 3134 36,400 693.4 Mar 70
Keystone Solether
2,900 8096 Apr 45
10
Feb
70c 70c
Jan
400 490
Standard 011 (Ky.)
25
115 11551
Landover Holding Corp A 1 15
900 11454 Mar 1244 Feb
124 15
1.800
Standard Oil (Neb)- -100
834 Jan
243 248
Lehigh Power Securities. _• 102
60
Apr 270
Jan
102 109
10,100 82
Feb
Standard 011 of N Y__._25 414 4114 4234 4,300 243
Lehigh Valley Coal Sales 50 SI 3.4 81
41
Apr 484 Feb
Jan
550
Stand 011 (Ohio) com...190
345 347
Leh Vail Coal ells sew... ggti 3231 814 4,360 81
260 338
Jan 369
Jan
384
33
Mar
Preferred
1i00
121 121
Libby, McNeil & Libby-I0
60 1174 Jan 123
Mar
614 634 1,000
Swan & Finch
634 APr
100
Liberty Radio Ch Stores--•
18
18
20 16
Mar 27
Jan
874
834
834 8.200
Vacuum 011
734 Jan
25 8634 8651 8734 4,700 80H Jan 9674 Feb
APRIL 18 1925.]
2003
THE CHRONICLE
940
234
6434
24
334
631
60
134c
135
2034
1%
2134
26
131
631
735
26
731
431
535
8,500 480
500 65c
231
27
% 7% 35,000
534 534
100
535
3
3% 1,200
234
7
7
631
100
3%
334 334 1,300
831
12% 1334 11,200
4%
435 4%
300
24%
24
200 23
94e 970
1,200 870
235 2% 3,400
235 234
200
235
15c 150
1,000 15e
64% 2,300 6335
64
23
24
16,000 22%
3% 334 3,200
234
6
635 43,700
2o
5e
7c 106,000
1
1
100 60o
3
4
2,900
1%
640 65c
700 610
16c 16c
2.000 100
135
135 155 2,700
19% 2135 10,600 1834
110 110
10 106
535 535 2,000
1731 1834
200 16%
lb o lie
1,000 100
31
3135 1,200 31
28
28
100 28
1
1
1% 6.800
21% 2234
156 1731
26
2835 1,600 16
134 42,100
990
760
334
8% 6% 2.300
735 77
%
6;5
800
25% 2735 13,900 24
9
9% 935
200
9
9
100
835
7
735 4.000
234
435 434 19,300
3%
100 100
3,000 100
534 631 5,600
4% 5
1,700
Sc
5,000
60
Sc
334
Jan
Jan
Apr
Mar
Feb
Mar
Jan
Jan
Mar
Feb
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Mar
Apr
Jan
Jan
Feb
Feb
Jan
Feb
Mar
Apr
Apr
Jan
Apr
Jan
Mar
Mar
Mar
Jan
Jan
Mar
Mar
Apr
Mar
Feb
Apr
Jan
Feb
Apr
Feb
Mar
Mar
Feb
Jan
Jan
Jan
Mar
Apr
Mar
Jan
Apr
Jan
Mar
Jan
Apr
Jan
Jan
Apr
Bonds (Concluded)-
Range Since Jan. 1.
LAW.
High.
Canadian Nat Rye 75 1935 11131 11131 112%
1083.4 Jan 11234 Apr
1954 9354 9334 93%
• 435s
9234 Jan 9454 Jan
Cities Service 78 Bar D 1966 102
984 Jan 106% Feb
10134 1023.4
Cities Serv Pr & Lt66_1944 94
94
Feb 9434 Mar
9435
92
Cons G E L & P Balt1951
6355 Series D
Feb
10834 Jan 110
10934109%
1952
535s Series E
10234 102%
10134 Jan 10354 Mar
1949
65
10634 10834
10435 Jan 10634 Mar
Consol Textile 88
1941 8534 8434 8534
Jan
Apr 95
80
1935 9234 9254 96
Mar
Cuba Co 6s
9231 Apr 98
Jan
Cuban Telephone 7Ms 1941 10734 10634 107
Jan 107
106
Cudahy Pk deb 535s-1937 92
Feb
92
9254
8934 Jan 95
Feb
1946 9034 9054 91
58
90
Apr 92
1931
Feb
Deere .4 Co 7358
10435 104%
Jan 105
104
1947 10335 103 10335
Det City Gas 85
10234 Jan 10454 Feb
Detroit Edison 60_ _ _1932 114
114 11435
11034 Jan 117H
Dunlop T&R of Am is 1942 101
101 10134
Jan
10054 Jan 10435 Mar
EM RR of France 78 ..1954 8131 7834 82%
7835 Apr 8835 Feu
Federal Lt dr Trae 6s._1954 9034 9035 91
9034 Apr923.4 Jan
Federal Sugar ds
1933 93
Mar
9234 9335
9235 Apr 99
Gab* (Robert) Co 75..1937
9954 9954
9954 Jan 10234 Feb
Galena-Signal 011 70_1930
105 10554
10435 Jan 10534 Feb
General Petroleum 60_1928
10131 10135
1003.4 Jan 10154 Feb
Grand Trunk Ry 6%8_1936 10835 10835 10835
Mar
10534 Jan 109
Gulf Mob& Nor RR 530'50
Apr
9934 9934
100
Apr 100
Gulf Oil of Pa 58
1937 99
9835 9935
9854 Jan 9934 Mar
1928
Jan
Serial 5340
10135 10135
10135 Mar 102
Hood Rubber 75
1936
102% 10334
102
Jan 10354 Apr
Internat Paper 68w 1.1955
96
95
Mar 9634 API
9634
Italian Power(335s. _ _1928
9835 9834
9734 Jan 9834 Mar
Ran City Term Ry 5358'26
10134 10134
101% Mar 10235 Jan
Kaufmann Dept St's 68.'35
9834 9674
With warrants
96353 Mar 9634 AP
,
Krupp(Fried) Ltd 7s 1929 9331 9235 94
9254 Apr 9931 Jan
Lehigh Power Secur 6s 1927 10134 101% 10134
10034 Mar 10134 Mar
Libby, McN & Ltb 70_1931
%
1027 103%
Apr
102
Jan 103
Liggett Winchester 70_1042
10735 Jan 10854 Jan
10754 10735
Apr
Manitoba Power 70_ _1941
102% 102%
9835 Jan 103
997% 99% 9934
Missouri Pac RR 55-1927
9934 Apr 10031 Feb
1930 10035 10035 10235
Morrbr& Co 735s
9835 Jan 10434 Feb
Nat Distillers Prod 75.1930
100
100 100 •
Jan 10135 Jan
Jan
National Leather /18.-1925 10154 10134 102
10134 Jan 102
Nat Pub Serv 635s_ - _1955 9735 9734 9735
9735 Apr 9734 Apr
Max
New Orl Pub Serv 55-1952 8934 8934 8934
8635 Jan 90
Apr
Niagara Falls Power 681950
106 106
1053.4 Jan 106
Nor States Pow 6350_ _1933 10735 10735 1077
%
105% Jan 10834 Mar
634% gold notes_ _1933
9934 Jan 10234 Max
1013-4 10134
Ohlo Power 58 Ser B _ _1952
89
Jan 923.4 Mar
9254 92%
Mar
95
95
Mar 95
38c Feb Oklahoma Gas& El 561950
95
100 100
35e Feb Pennok 011 Corp 6s...1927
97
Jan 10034 Mar
95
Jan 9554 Feb
19c Feb Penn Power & Light 5s '52
95%
93
1953 953.4 95
5s series D
Apr 9535 Max
9535
95
26c Mar
1960
4% Jan Phila Electric 5e
Alm
99
9954 100
Apr 100
1953 105
10435 Jan 1053.4 Mar
105 105
534s
31746 Feb
Apr
5355
1947
105 105
Jan 105
104
80o Apr
Mar
99
Mar 99
99
99
50c Apr Phlia Rapid Transit651962
10434 10454
Feb Phillips Petrol 7348.-1931
10334 Jan 10434 Jan
4
99
9935
Mar 9935 Max
99
Sc Feb Pitts CM Chic & St L 5s'75 99
Feb
9635 Jan 100
250 Feb Pub Serv El & Gas 5%0'64 99% 9934 9934
1933 100% 10034 10035
Feb Pure 011 Co 6350
9734 Jan 10154 Max
4
Jan
Apr 104
100
530 Jan Shawsheen Mills 70-.1931 10034 100 10031
99
99
Feb 9934 Feb
99
80 Jan Siemans& Halske 75..1928
1935 9635 9635 96 34
78
9635 Feb 9654 Feb
75c Feb
Jan
101
Jan 102
44
Apr Sloss-Sheff St dr I 13s.s..1929 10154 10134 10134
Feb
102% 10231
Jan 108
100
1934
Feb Solvay & Cie 60
23o
Feb
Jan 95
92
Apr South Calif Edison 55.1944 943-4 9434 9434
30e
Max
10634 Jan 125
1% Mar Stand Gas & El 6306-1954 11934 118 122
9554 Mar 9834 Max
957 96
%
10c Jan Stand Milling 5%8_ 1945
Feb
10634 Jan 108
Sc Mar Stand 011 of N Y 6348-1933 10754 10754107,'
Jan
1939 9534 9535 96
953.4 Jan 97
14c Feb Sun Oil 5345
94
Jan 9634 Feb
Jan Swift & Co 55_ _Oct 15 1932 9554 9534 9554
16o
9834 Feb 9935 Feb
Apr Thyssen(Aug)I&SW 75 '30 9835 9835 9835
23c
Jan 104% Jan
103
10331 104
16,5 Feb Tidal Osage 0117s_ _ _1931
9035 Mar 90% Max
30 Mar Toho El Pow (Japan)70'55 9035 9034 9035
9535 Mar 9835 Mar
96
9634
1935 96
1534 Jan Union CRCs'58
28
Jan 3534 Jar
33
3334
United 011 Prod 8s_-.-1931 33
Jam
21% Feb United Rysof Hav 7301936 10934 10934 10934
.10754 Mar 110
10134 Mar 10234 Ma!
Jan
23c Apr LI £3 Rubber Ser 6355..1926 101% 10154101,'
2
102
Mar 10234 Max
102 102
1928 102
Serial 635s
10134 Mar 101% Max
1929 10135 10134 10135
Sera%% notes_
610 Jan
Serial 654% notes_ _1930 10035 10054 10054
1003.4 Mar 100% Api
2% Jan
Mai
Serial 635% notes-1931
9931 Mar 100
9954 9954
1% Feb
9834 Mar 9954 Max
99
99
Serial 634% notes_ _1932 99
Sc Jan
9835 Mar 98'/ Mal
n
Serial 634% notes_ _1933 9834 9831 9834
254 Jan
Serial 634% notes_ _1934 9835 9834 98%
9834 Mar 9834 Mal
40c Mar
Serial 63.4% notes_ _1935 9834 9834 9854
9834 Mar 9834 Mai
18c Mar
9998 Mar 9834 Api
24% Jan
Serial 654% notes--1936 98
Mai
199
Jan
Serial 63.4% notes_1937 9731 99
9734 Mar 98
9731 9754
Serial 634% notes_1938 9734 9735 97%
9734 Mar 9734 Api
6% Jan
Mar 97% Api
Serial 635% notes_ _1939 9731 9734 9734
97
134 Jan
Mal
Mar 98
520 Jan
Serial 635% notes_ _1940'97
97
97
973-4
106
Apr 10731 lax
86,5 liar Vacuum Oil 7s
1936 106
106 10654
235 Jan Webster Mills 6348-1933 99
9735 Mar 10354 Sat
9835 98
480 Jan
Foreign Government
14c Jan
and Municipalities
4c Feb
331 Jan
1% Feb Bogota (Colombia)80_1945 9435 94
93
Mar 9734 Jai
9454
9c Jan Gratz (City) Austria Lis '54 98
Ma
9735 98
9735 Apr 98
30c Apr Denmark (King)6s_ _ _1970
Fel
9835 Mar 100
9834 9951
170 Mar French Nat Mail SS 701949 81
JIM
7735 Apr 91
7735 8134
85e Mar Indust Mtge Bk of Finland
Jai
39c
Jan
1st M coil a f Ts_ _1944 9235 92% 92%
9235 Mar 95
Jal
s Feb Medellin (Colombia;8s'48 98
Jan 98
98
98
98
Fel
Feb Netherlands(Klngd)6013'72
10231 Mar 107
103 104
630 Feb Peru (Republic of) 80.1932
Jan 10034 Fel
99
9954 9954
2931 Jan Russian Govt 63511_ _ 1919 1435 1434 1435
1334 Jan 1735 Fel
Fel
160 Mar
635% certificates_ _ _1919 1334 1331 1435
1334 Mar 17
770 Jan
5355
14 • Jan 1734 Jai
1921 14% 1431 1434
Jib
83( Jan Switzerland Govt 534s 1929 10141 10134 101%
Jan 102
101
334 Feb
4% Apr
•No par value. k Correction. Listed on the Stock Exchange this week, where
25c Feb
40 Jan additional transactions will be found. o New stock. s Option sale. w When
ssued. x Ex-dividend. y Ex-rights. z Ex-stock dividend.
Apr 70c
731
Jan
Jan
834
4
Mar
Mar 10%
435
Mar
Jan 1331
Jan
7
Apr 27
Jan 97c
Jan
335
Mar
Apr 27c
Mar 71
Mar 28%
Jan
5%
Feb
7%
70
Jan
Jan 131
431
Jan
Jan
Feb 37c
Jan
2
Jan 2134
Jan 122
Jan
531
2434
Ma
Jan 130
3431
Ma
Feb 30
Feb
Jan 25
Ma
32%
Apr
131
Jan
935
Jan
8%
Jan 27%
Feb 1535
Jan 1034
Jan
735
Jan
Apr 20c
Jan
73.4
Max
7o
Jan
Mining Stocks
7e
16c 200 12,000
Arizona Globe Copper _1
1.000 24c
300 300
Beaver Consolidated
300
1,000 120
120 120
1 120
Butte dr Western
4,000 150
160 180
Calumet dr Jerome Cop Co_
160
335
335 331 10,100
Canarlo Conner
10
334
331
335
335
100
1
Chief Consol Mining
73c 800 10,900 400
Liblno Extension
80e
100 340
Comstock Tun dr Drain._ 50c
500 50c
235
3
334 1,400
Consol Copper Mines_...1
335
1,000
Sc
5o
Sc
Consol Nevada Utah_ ...3
100 110
5,000 10c
Cortez Silver Mines
1 100
334
600
Cresson Cons Gold M&M.1
334 334
39c 39c
1.000 39c
1 390
Crown Reserve
Diamond 111 Butte Reorg-1
40
40
Sc
50 52,000
Dolores Espertuiza Corp_ _2 50c
1.000 350
500 50o
Engineer Gold Mines.Ltd 5 43% 35% 44
13,100 1434
Eureka Croesus
7o
15c 19c 30,000
1 15c
Sc
230 300 69,000
Forty-nine Mining
1 29c
100
Golden Cycle
1%
1,4 1%
1,000
Golden State Mining
Sc
Sc
Sc
Goldfield Consol Mines_ _1
Sc
6o
8,000
lo
5o
Goldfield Florence
100 10c
2,000
Sc
1
Harmill Divide
100 100
9,000
100
8t6
Hawthorne Mines Inc.. 1 20c
180 240 89,000
80
25c 15% 1531 1535 2.400 1231
Ueda Mining
Hilltop Nevada Mining_ _1
lc
20
20
4,000
Hollinger Consol G M_ -.5 14% 14
14%
200 13%
Howe Sound Co
17
18% 1,600 17
• 17
New vot tr ctfs
IndependenceLead /lin_ _1
2,000
7c
7c 100
1% 134
500 98c
Jerome Verde Devel
60 110 148,000
1
60
Jib Consol Mining
1
2
1%
134 2
27,100
Kay Copper Co
134 135
300
5
1%
Kerr Lake
1
30
6,000
Lone Star Consol
20
4o
135
1% 1%
700 ' 135
5
Mason Valley Mines
linKinley-Darragh-Sav 1
32o 320
1,000 130
National Tin Corp
50c
70
90
90
3.000
9c
19% 2031
600 1834
New Cornelia Copp Co 5
100 188
610 183
New Jersey Zinc
18534 190
Nipissing Mines
2,300
5%
534
534 6
5
850 98c
5.700 750
1 87c
Ohio Copper
Farmac Porcupine Mines _1
300 300
2.000 15o
Plymouth Lead Mines._ I 30c
8,000 300
30c 430
Premier Gold Mining. Ltdl
235
2
2% 234 2,900
1,000 200
27c 27c
1
Red Warrior Mining
Rochester Silver Corp
50
5o
7c 20,000
Sc
lc
lc
lc • lo 15,000
Silver Dale Mining
2%
231
231 2%
100
South Amer Gold dr Plat.%
100 75c
Southwest Metals
800 800
40
Spearhead Gold Mining._ 1
40
Sc 10,000
Standard Silver-Lead......1 170
fki
15c 300 30,000
Success Mining
130
16o 160
1,000
1
400 54o
Tonopah-Belmont Devel_l
640 65c
24c 240
100 24c
Tonopah Divide
1
Tonopah Extension
27i
235
234 23.4 4.800
1
Tonopah Mining
1716
1% 144
200
1
500 39c
50c 50e
United Eastern Mining_ _1 51c
24
24
600 2334
United Verde Extens.-.50c 24
100 120
6,000
8c
U S Continental Mines__ _5
1.800 50c
50c 600
5 50e
Unity Gold Mines
454
Utah Apex
6%
5
6% 735 5,800
234
234
234 3
700
1
Walker Mining
2
431
3,5
35,900
.
Wenden Copper Mining _1
1,000 150
15e 150
Western Utah Copper_ _1 15o
20
30
20
7,000
30
White Caps Extension...1
High.
.
.
..
.
& . C0.4 1—clV CO
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1334
435
Low.
Apr
Apr
Feb
Jan
Jan
Feb
Apr
Feb
Feb
Jan
Feb
Mar
Feb
Feb
Feb
Jan
Apr
Mar
Mar
Feb
Feb
Mar
Mar
Mar
Mar
Mar
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Apr
Mar
Mar
• Apr
Feb
Feb
Apr
Apr
Feb
Jan
Mar
Feb
.
60e
734
Allen Oil
Amer Maracaibo Co
10
Arkansas Nat. Gas
Atlantic Lobos 011 com •
Preferred
Carib Syndicate
5
Creole Syndicate
Derby Oil& Refg,com •
•
Preferred
Euclid Oil
1
Gibson 011 Corp
Gilliland Oil, corn, v t c..
l0
Glenrock Oil
25
Gulf 011 Corp of Pa
International Petroleum_ _•
•
Kirby Petroleum
Lago Petroleum Corp__ •
1
Latin American Oil
•
Margay 011 Corp
Marland Oil of Mexico._ _1
Mexican Pimlico 011_ _ _10
10
Mexico 011 Corp
Mountain & Gulf 011---.1
Mountain Producers...AO
•
National Fuel Gas
_5
New Bradford Oil_
New England Fuel Oil__ _5
Noble(C F) Oil&0com.1
25
Ohio Fuel Corp
Oklahoma Natural G88--25
•
Peer Oil Corp
•
Pennock 011 Corp
25
Bank 011
Red
Royal Can Oil Syndicate..
Ryan Consol Petroleum..•
Salt Creek Consol 011...10
Salt Creek Producers
Tidal Osage 011 voting stk •
•
Non-voting stock
United Cent 011 Corp....'
Venezuelan Petroleum_ _
Western States Oil & Gas.1
1
Wilcox Oil& Gas
Woodley Petroleum Co..'
1
"y" Oil & Gas
Range Since Jan. 1.
Friday
Last Week's Range Sales
for
Sale
ofPrices.
Price. Low. High. Week.
WW.61
4. .
W..
140F
.4WO . ,O C0000:4
inita
Last Week: Range for
Week.
Sale
Other 011 Stocks.
OfPrices.
(Concluded) Par. Price. Low. High. Shares.
Bonds
Allied Pack cony deb 68'341
1939
88, Series B
Alpine Montan St 70..1955
Aluminum Co of Am 7s 33
1925
78
Amer Beet Sugar lis...l935
Amer G & E deb 6s...2014
American Ice 70
American Power & Light
616 old without warr 2012
6s, new
Amer Rolling M11160 -1938
Amer Sumat Tob 7340_1925
American Thread 69..1928
Anaconda Cop Min 60-1929
Alsoe'd Simmons Hardware
1031
6350
Atlantic Fruit 8s
dr W I SS L 55..1959
AtIG
Bait & Ohio S W Div 5s'50
Beaver Board Ce 8.5..1933
Belgo-Can Paper 65 _ _1943
Bell Tele', of Can 55_ _1955
Beth Steel equip 7a.._1935
7734 78
88
90
91
91
10731 10731
101% 1013.4101%
98
98
9831
9634 96% 97
103 105
90
9534 95
9531
9535 9534 95%
10134 101% 102%
97
987
%
97
103% 103%
10331 103% 10334
83
83
83%
22
22%
6834 6535 6835
98
98
98%
9434 93% 94,5
99
9831 99
98%
9834 98
103% 103% 10435
Mar 8434
$5,000 74
Mar 9434
17,000 84
13,000 91
Mar 91%
11,000 10634 Jan 10734
25)00 101% . Apr 102%
53.000 96% Jan 101%
183,000 95
Jan 9734
11,000 103
Mar 107
80,000
14,000
21,000
30,000
30,000
30,000
93%
95
100
94%
102%
10231
38,000 81
7.000 1835
50,000 82
82,000 98
21,000 88
16,000 9731
21,000 97%
36,000 103
Feb
Feb
Mar
Apr
Jan
Feb
Feb
Jan
Jan 9535 Feb
Mar 9531 Mar
Jan 102% Apr
Jan 98% Apr
Jan 104
Feb
Jan 103% )an
Feb 84%
Jan 27
Jan 7035
Apr 98%
Jan 98
Jan 99
Feb 98;5
Mar 10431
Mar
Mar
Mar
Apr
Jan
Aim
Feb
Jan
CURRENT NOTICES.
James A. Maguire, formerly with Raymond Gilroy & Co., has become
associated with Bonner, Brooks & Co. in their trading department.
-George H. Schroder. formerly with J. E. Wilson & Co., Is now aasoelated with Tooker & Co. in charge of their trading department.
-Charles H. Mills & Co. announce that William Webb Bell, Carl E.
Steere and E. P. Taliaferro have become members of the firm,
Alvin H. Frank & Co. are now located in their new quarters in the
Hellman Bank Bldg., 650 South Spring St., Los Angeles.
-Paul H. Davis & Co., Chicago, announce the appointment of Thoams
E. Williams as manager of their investment department.
-Tooker & Co.announce the opening of an office in Pittsburgh in charge
of E. Lindley Kuhns, resident partner.
whiting & Co. of Chicago have moved their offices to the Wrigley
Building, 400 North Michigan Avenue.
2004
Xnutstment and
ailroad intelligent&
Latest Gross Earnings by Weeks.
-In the table which
Electric Railway and Other Public Utility Net
-The following table gives the returns of
follows we sum up separately the earnings for the first Earnings.
week of April. The table covers 15 roads and shows 3.62% ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
decrease from the same week last year.
First week of April.
1925.
1924.
•
Buffalo Rochester & Pittsburgh_
Canadian National
Canadian Pacific
Duluth South Shore & Atlantic_
Georgia & Florida
Great Northern
Mineral Range
Minneapolis & St Louis
Mobile & Ohio
Nevada-California-Oregon
St Louis-San Francisco
St Louis Southwestern
Southern Railway System
Texas & Pacific
Western Maryland
$
244,906
4,069.497
2,853,000
95.977
35.600
1,607.000
10,522
245,439
356,099
4,978
1,697,805
449,200
3,804,682
624,506
363,570
$
293,270
4,343.780
3,083,000
108,296
35,100
1,736,122
8,878
250,466
391,304
5,130
1,620,583
506,601
3,743.118
595,360
360.424
61,564
29,146
3.146
16,462,781 17,081.432
173,222
Total (15 roads)
Net decrease (3.62%)
Increase. Decrease.
$
500
$
48,364
274,283
230,000
12,319
129,122
1,644
5,027
35,205
152
77,222
57,401
791.873
618.651
For the second week of April only one road as yet has
reported. The figures are as follows:
Second week of April.
1925.
Buffalo Rochester & Pittsburgh_
1924. lIncreaselDecrease.
$278.175
8293,270
$15.095
In the table which follows we also complete our summary
of the earnings for the fourth week of March.
Fourth week of March.
1925.
1924.
Increase. Decrease.
$
$
$
$
Previously reported (15 roads)__ 22,288,282 23.316,481 387,964 1,416,163
Texas & Pacific
864.946
813,605
51,341
Total (16 roads)
23.163.22824.130,086 439,305 1.416,162
TX.
.
(A nAcTAOTA
-Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
' $
$
$
West Union Teleg Co__ _Feb 8,985,000 8,650,203 *827,000 *837.513
From Jan 1
18.546.000 17,658,254 *2,008,000 *1.962,381
Winnipeg Elec Co
Feb 459,553
479.509 *132,399 *121,513
From Jan 1
988,703 *281,094 *257,311
964,367
*After taxes.
Gross
Balance,
Fixed
Net after
Taxes.
Earnings.
Surplus.
Charges.
Companies.
$
$
$
$
Appalachian Pow
Mar'2
97,281
318,553 *181,781
84,500
Co
'24
90,714
291,351 *155,090
64,376
12 zoos end Mar 31 '25 3.728,639 *2,139,560
951,013 1.188,547
'24 3,516,984 *1.737,213
681,737 1,055,476
Cleve Paines &
Jan'25
56.891
4,525
13,596
9.071
Eastern RR
'24
55,182
2.218
8,458
1.0676
Grafton Co El Lt
Mar'25
7,574
17.829
9.171
1,597
& Power Co
'24
6.921
16,918
1.391
8,312
3 mos end Mar 31 '25
59.591
26,967
4,826
31,793
'24
54.935
25,665
4,210
29,875
Lake Shore Elec Ry Jan'25
264,637
10.580
47,797
37.217
'24
259.728
50,722
35,520
15,201
Market St Ry
Mar'25
835,831
77,042
183.532
106.490
'24
840,571
192,410
52,232
140,178
3 zoos end Mar 31 '25 2,394,047
265.604
497,706
232,102
'24 2,448,641
378.069
160,219
538,288
Mass Lighting Cos Mar '25
278.512
c57,305
45.713
11,592
(Operating cos only) '24
271,001
c59,620
44,975
14,645
3 mos ended Mar 31 '25
921,199 c224.403
185,962
38,441
'24
872,130 c219,365
172.098
47,267
Tampa Elec Co &
Feb'25
238.567
127,843
123,362
4.481
Sub Cos
'24
206,547
100,332
95,634
4,698
12 zoos end Feb 28 '25 2.458.430 1,069.324
55,062 1,014,262
'24 2,183.291
937.784
874,715
63.069
*Includes other income.
c After depreciation.
Companies.
FINANCIAL REPORTS.
ORO
•
Financial Reports.
-An index to annual
show the weekly earnings for a number railroads, street railway and miscellaneous reports of steam
companies whichhave been published during the preceding month will be given
on the last Saturday of each month. This index will not
Current
Previous Increase or
include reports in the issue of the "Chronicle" in which it is
Week.
Year.
Year.
Decrease.
published. The latest index will be found in the issue of
in week October 116 roads)
20.743.925 22.525.076 --I.711.151 7.90 April 4. The next will appear in that of April 25.
2d week October 16 roads)
20.567.810 22.435.931 --1,868.121 8.32
Atchison Topeka & Santa Fe Railway Co.
ad week October 16 roads)
23.294,670 21.936.283 --1,358,387 6.19
4th week October 16 roads)
31,627,038 35,092.977 --3.465.938 10.95
(30th Annual Report
-Year Ended Dec. 31 1924.)
lost week November 116 roads
21,523.466 22,971.811 --1.415.345 6.16
2d week November 16 roads
20,905.122 23,411,584 --2,506,462 10.70
The remarks of President W. B. Storey, together with the
3d week November 16 roads
20.734.931 22,568,666 --1,833,735 8.84
4th week November 16 roads
24,470.236 27.366.760 --2.896.524 10.58 income account for 1924, will be found under "Reports and
lit week December 16 roads
19.379.076 20.782,125 --1.403.049 6.75 Documents" on subsequent pages.
2d week December 16 roads
In the following
of weeks past:
w(4
18.620.438 20.042.471 --1.422.033 7.09
TRAFFIC STATISTICS FOR CALENDAR YEARS.
3d week December 16 roads
18,036.076 19,648.054 --1,609.978 8.29
1924.
4th week December 15 roads
19,030,914 20,177.845 --1,146,931 5.70
1923.
1922.
let week January (1roads)
15,199,517 15,542,805 --343.288 2.20 Tons of rev. fr't carr_ 40,695.205 39.683.682 33,812,696 29,051;538
1929
2d week January (16 roads)
15,731,346 16,308,703 --577,357 3.54 xTons revenue freight
carried one mile- -13080877846 12323632260 11177223688 10375037870
3d week January (16 roads)
16,863.185 17.375,859 --512.674 2.91
4th week January (16 roads)
22.784,700 23,080,725 --296.025 1.29 Avge.revenue per
$4.19
$5.51.
$4.67
94
tim.13
let week February (16 roads)
16,669,351 17,205.585 --536,234 3.11 Av.rev. per ton p.m. 1.285 cts. 1.350 cts. 1.414 cte. 1.644cti
.
l
2d week February (16 roads)._ 17.244.4 17.670,268 --425.783 2.40 No. passengers cared .8,040,686
9.239,343
9.680,251 11,165,960
Peas carried 1 mile_ _ _1510070.161 1614.122.904 1473,294,820 1547,073.702
3d week February 06 roads)_
16.855.777 17.219,271 --363.494 2.11
-$599
4th week February (16 roads)._ 16,957.292 19.300,342 --2,343,050 12.13 Avge. rev, per pass.
$5.73
$4.71
$5.03
..
lit week March (16 roads)
3.278 cts.
16,523.764 18.225.842 --1.702,078 9.33 Av.rev, per pass. p.m 3.189cts
3.400 cts.
3.302 cts:
x Number or tons of freight carried one mile
2nd week March ri road/
18.002.499 19,134,428 --1.131,929 5.91
shown above includes water
3rd week March 16 roads
16,940.753 17.960.532 --1.019,779 5.67 ton miles, San Francisco and Galveston bays.
4th week March 16 roads
INCOME ACCOUNT FOR CALENDAR YEARS.
23,153,228 24.130,086 --978,858 4.04
1st week April (15 roads)
16,462,781 17.081,432 --618,851 3.62
Operating Revenues1924.
1923.
1922.
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), these being very comprehensive, they
Include all the Class A roads in the country, with a tota
mileage each month as stated in the footnote to the table.
Gross Earnings.
mow
1924.
1923.
Nei Earnings.
Increase or
Decrease.
1924.
1923.
Increase or
Decrease.
$
Jan _- 467,887.013 501,497.837 -33.610.824 83.963.887 93,366,257 -9,412,390
Feb -- 477,809.944 445.870.232 +31,939.712 104.117,278 70.729.908 +33.387,370
504.016.114 534,644.454 -30,628.340 114,754.514 117,668,590 -2,914,076
April- 474.094.758 522.336.874 -48.242.116 101,680.719 122,974.961 -21.294.242
NW'- 476,458,749 546.934.882 -70.476,133 96.048,087 126,496.150 -30,448,063
June _ 464,759,956 540.202,295 -75.442,339 101.527,990 124,374,592 -22,846,602
July__ 480,704,944 534,222,102 -53,517,158 112,626.696 122,228,450 -9,601,754
Aug__ 507,406,011 583.358.029 -55,952,018 134,669,714 136,817,995 -2,148,281
Sept__ 539.853.860 544,970,083 -5.116,223 165,049,184 134.911,897 +30.137,287
Oct..571.405.130 586.540.887 -15,135.757 168.750,421 142.540,585 +26.209.836
Nov__ 504,589,062 530,724,567 -26,135,505 131,435,105 125,084,714 +6,350.391
Deo_ _ 504 818 5.59 493.509.651 +11.308.918 124,480.894 106,482.164 +17.998.730
Jan __ 483,195,642 467,329,225 +15,866.417 101,022,458 83,680,754 +17,341.704
Feb _ _ 454,009.669478,451.607 -24,441,938 99,460,389 104,441.895 -4,981,506
Noes -Percentage of Increase or decrease in net for above months has been
January, 10.08% decrease; February, 47.19% increase: March, 2.47% decrease:
April. 17.32% decrease; May.24.07% decrease; June, 18.37% decrease; July.7.86%
decrease; August. 1.57% decrease; September. 22.33% inc.;October. 18.38% inc.;
November. 5.08% Inc.; December, 16.90% inc.: January. 20.73% Inc.: February
4.77% dec. In January the length of road covered was 238,698 miles in 1924,against
235,886 miles in 1923; In February, 235.506 miles, against 235,876 miles; in March,
235,715 miles, against 236.520 miles :In April, 235,983 miles, against 235,665 miles.
In May,235,894 miles, against 234,452 miles; in June, 236,001 miles, against 235,691
miles; in July. 235,145 miles, against 238,407 miles In August, 235,172 miles
against 235.445 miles; in September, 235,178 miles. against 235,640 miles; in October
235.189 miles, against 235,625 miles; In November, 236,309 miles. against 236,122
miles; In December, 236,196 miles. against 235.875 miles; In January. 236,149 miles
against 235.498 miles: in February. 236.642 miles, against 236,031 miles.
Net Earnings Monthly to Latest Dates.
-The table
following shows the gross and net earnings for STEAM
railroads reported this week:
Gross
Earnings.
Companies.
International Rys
Mar'25
557,875
of Central America '24
487,021
3 zoos ended Mar 31 '25 1,643,900
'24 1.425,968
f Includes preferred dividends.
Net after
Taxes.
305,225
253,164
822,150
723,714
Fixed
Charges.
f344,899
f322,177
Balance,
Sur (us.
r477.251
r401,537
r After preferred dividends,
Freight168,101.036 166,332,196 158.026,370 160,991 450
1217
2;
Passenger
48,154,636 52.918.570
Mail, express & miscell_ 19,155,280 19,432.970 48,644.529 52,594,551
-credit bra. 551.912 1.760.908 18,453,645 16,113,069
Hire of equip.
892,713
1,165,608
Joint facility rent income
677,704
618.732
596,363
590.104
Total revenue
236,640,568 241.063,376 226,613,621 230.680,782
Operating ExpensesMaint. of way & struc... 36,713,084 33.621,546
31,734.122
Maint. of equipment.- 52,780,856 57.605,367 36,183,241 52,472,941
51,069,933
Traffic
4,460,560 4,216.341
3,900,057 3,748,700
Transportation-rail line 72,599,043 73.590,674 71,122,570 80,283,618
Miscellaneous operations
136,350
77,472
180,004
63,053
General expenses
5,212,236 5.036,334
5,003,918 5,425,602
Transp. for inveset.-Cr. 1.587.321
1,071.467
555,345
510,120
Total expenses
170,314,808 173.076,268 166.904.378 173,217,915
Net railway oper. rev_
66,325.760 67.987,108 59,709,244 57,462,867
Taxes
17,730.961 20,316,491 18,395.512 14,836,268
UncollectIble railway rev
66,085
112,187
68,693
77,318
Joint facility rents
1,245.435
1,196,159 1.241.637
1,280,973
Net railway oper. inc.. 47.283,279 46,362,271 40,003,402 41,268,307
Non-Operating Income
Credit canceling equalization reserve set up
during 4 mos. ended
Dec. 31 1920
2,812,584
Adjustment of compensation under Federal
control contract
3.175.147
Income from lease of road
187,961
189.809
208.742
179,386
Miscell. rent income_ _ _ _
417.476
440.126
459,797
368,531
Misc.non-op.phys.prop..
159.472
141.703
138,873
119,280
Dividend income
1,559,033 2,507.733 3,141,733
1,291,646
Inc. from funded secure. 3,202.802 2,631,532 1,762,726 2,284,131
Income from unfunded
securities & accounts_ 1,022,795
1.449.137
634,919
1,002.448
Income from sinking and
other reserve funds_ _ _
52
45
81,343
77.577
Misc.income credits__
104,280
144.183
194.438
71.706
Gross income
53,937,149 53,866.541 46,726,789 52,349,909
Deductions
Rent for leased roads...
10,917
13,073
14,929
14,984
Miscellaneous rents_ _
173,969
166,403
158,098
172,226
Misc, tax accruals
53,896
54.480
225,828
46,508
Interest on funded debt_ 11,247.995 11,323.743 11,871,255 11,953,002
Int. on unfunded debt
186.605
115,992
421,977
92,694
Misc, income debits....
111,959
105,047
244,412
146,751
Preferred dividends.... 6,208,640 6,208,685 6,208,685 6.208,685
Common dividends
14,525,594 13,909,245 13,605,660 13,518,420
Approp.for fuel res. fund
77.480
73.118
Calif.-Ariz. Lines bonds
sinking fund
18,437
17,896
16,862
17,371
S. F. & S. J. V. Ry. Co.
bonds sinking fund-.
26.776
26,897
25.200
22,174
Balance, surplus
21,372.359 21,925,078 14.455.363 19.485,014
APRIL 18 1925.1
THE CHRONICLE
GENERAL BALANCE SHEET,DECEMBER 31.
[Comprising Atchison Topeka & Santa Fe Ry., Gulf Colorado & Santa Fe
Ry., Panhandle & Santa Fe Ry. Grand Canyon Ry.]
1924.
1922.
1923.
Assets8
Investment in road & equipment 874,527,137 824.018.724 799.025.297
Exp.for add'ns & bett'ts & road
exten, during curr. fiscal year 45,940,825
24.993.427
50.508,413
Investments in term'!& coll. cos 22.466.137
22.659,943
23,336.351
Sinking funds
303
303
788
Miscellaneous physical property
5,443,443
4,679,709
4.978.867
Other investments
15,045,712
44.838,738
34,172,382
Cash
35,558.426
41,421,264
27,813,786
Time deposits
65,000
223.000
Special deposits
284,107
260,706
268.059
Loans and bills receivable
317,639
1,164.657
73.035
Traffic and car service balance_
2,943,442
3,948,466
4,724,546
Agents and conductors
1,216,942
1,689,851
1.342,261
Miscell. accounts receivable.
7,582,335
8,163,196
8,308.928
Material and supplies
29,781,665
30,491,659
32,519.609
Interest & dividends receivable_
50,828
135.337
790.072
Other current assets
131,371
251.391
339,507
Deferred assets
691.267
2,990,999
599,779
Unadjusted debits
2,036,665
2,220,899
2,405,106
U. S. guaranty under Transportation Act, 1920
1.500.000
1,500.000
1.500,000
Total
1,045,493,246 1,016,867,461 991,491,600
Liabilities
Preferred stock
124,172.800 124,173,700 124,173,700
Common stock
232,409,500 232,418.500 227,052,500
Funded debt
275.933,158 275,958,984 287,722.594
Traffic and car service balances
1,489,927
1,547,185
2,093,607
Audited acc'ts & wages payable 14,747,770
17,996,788
16,420.706
Miscellaneous accounts payable
874,255
777,025
743.324
Interest matured, unpaid
763.553
784,375
815.459
Dividends matured, unpaid_ _ _ _
234,525
218,305
205.681
Unmatured dividends declared7,171.486
6,590,620
6,511,840
Unmatured interest accrued_ _ _
3.125,912
3,126.232
3.319.710
Unmatured rents accrued
56.317
60.585
81.097
Other current liabilities
616,849
556,514
873,682
Deferred liabilities
735,274
1,060.956
537.298
liability
Tax
16.073,550
14,588.085
11.996.104
Operating reserves
3.202,734
3,266.482
3,271,455
Accrued depreciation
85.398,156
76,903,239
69.662,714
Other unadjusted credits
3,696,451
3,948,584
4,703,045
Add'ns to prop. through income
and surplus
87,014,624
87,430.265
87.176,565
Funded debt retired through income and surplus
134.944
107.554
85.994
Sinking fund, &c., reserves_ _ _ ..
222,126
204,303
2.510.443
Profit and loss-balance
187.419.332 165,149,178 141,534,082
Total
1.045,493,246 1,016.867.461 991,491.600
-V. 120, p. 1198, 826.
Illinois Central Railroad Co.
(75th Annual Report-Year Ended Dec. 31 1924.)
The report of President C. H. Markham, together with
the general statistics, income, profit and loss account, balance
sheet and other tables, will be found under "Reports and
Documents" on subsequent pages.
2005
Standard Gas & Electric Co.
(Annual Report-Year Ended Dec. 31 1924.)
The remarks of President John J. O'Brien, together with
the income account, balance sheet and various statistical
tables, will be found under "Reports and Documents" on
subsequent pages of this issue.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1924.
1923.
1924.
1923.
Assets$
$
Securities owned _ _ 71,972,296 61,688,135 7% pr. pref stock_12,500,000
Sinking funds_ ___
687
100,707 6% non-cum pf.stk 1,000,000
Cash
1,001,219
647,935 8% cum. pref stk _16,500,000 16,324,900
Cash deposit for
Common stock__ _ See a
See a
bond interest . 310,817
Cony.6% s. f. bds.
4,756,000
Notes receivable_ _ 117,450
152,183 20-year 6% gold
Accts. receivable:
notes
15,000,000 15,000,000
Subsidiary cos__ 1,465,094 1,160,985 Cony. 634s, 1933_ 3,253,500 5,875,000
Sundry debtors_ 142,428
175,845 Cony. 6.4s, 1954_ 9,563,600
Accr. int. & dim__ 538,969
441,450 Sec.736% gold bds
,
2,682,600
Office fum.& fist_
1
1 Cony.7% bds.sec.
1,962,400
Deferred charges__
19,139
14,188 7% gold notes_
2,500,000
Notes payable_ _ __ 2,152,000 1,564,000
Accounts payable_ 2,804,408 1,611,019
Accrued int., &c_ _ 639,549
558,576
Divs.accr. pref.stk 343,750
108,832
Divs.accr.com.stk 227.020
132,500
Miscel. reserves__
34,503
31,934
Capital reserve__ _23,992,804 4,923,337
Tot.(each sIde)_75,568,101 64,381,428 Surplus
7,556,968 6,350,328
a Capital reserve (1) arisinglrom exchange of 212,000 shares of Common
stock without par value, for 212.000 shares of $50 par value. $10,600,000:
less discount and expense on bonds, notes and capital stock. $9,758.183;
$841.817% (2) arising from exchange of 90.693 shares of Common stock
without par value for Convertible 654% Gold debenture bonds,$3,150.988•
total, $3.992,804.
Note.
-The company was contingently liable at Dec.31 1924 as guarantor
of the principal and interest of the 1st Mtge. COD v.6% Sinking Fund Gold
bonds of Shaffer Oil & Ref. Co., of which $6,711,700 par value wore then
outstanding and on account of notes endorsed guaranteed or discounted for
various subsidiary and affiliated companies in the amount of $8,025,000.
-V. 120, p. 1748. 830.
Allis-Chalmers Mfg. Co., Milwaukee, Wis.
(12th Annual Report-Year Ended Dec. 31 1924.)
The remarks of President Otto H. Falk, together with
comparative income account and comparative balance sheet
as of Dec. 31 1924, will be found under "Reports and Documents" on subsequent pages.
INCOME ACCOUNT FOR CALENDAR YEARS.
1924.
1923.
1921.
1922.
Sales billed
$27,855,524 825,612,709 $20,794.046 824.685.258
Cost (incl. deprec., &c.)_ 21,515,427 20,063,820 16,571,784 19,996,810
Factory profit
Other income
86.340.097 35,548,889 14.222.262 84,688,448
632,504
654,924
920,375
549,659
Net profit
86.972.601 86.203.813 85.142,637 85,238.107
Selling, publicity, &c.,
expenses
3,236,500 2.969.176 2.634.087 2,862,639
1924.
1923.
1922.
1921.
Average miles over._
6.218.06
6,208.66
6,154.03
6.169.62 Reserved for Federal
Tons freight carried_
taxes & contingencies_
515,000
531.000
55,615,045
300,000
160.000
60.519,065
52,002,324
44,637,466
Tons frt. carr. 1 mile 14,284,712,470 16,151,798,440 15,085,299,196 12,072,608,653 Preferred dividends(7%) 1.154,811
1,154,811 1.154.811
1,154,811
Tons all frt. carr.1 m.15.830,185,000 18,355,999,000 16,749,832,000 13,741,714,000 Common dividends(4%) 1.030,830
1.030.830
1.030.830
1,030,830
Revenue from freight $132.169,331 $142,721,657 $134,416,757 $122,477,150
Avge. rev. p. ton p.m.
Balance, surplus
.925 cts.
81,035.461
$517,996
.884 cis.
$29,827
$22.908
.891 eta.
1.015 cis.
Rev, passengers carr.
36,339,704
37,784,981
37,510,203
36,936,774 -V. 120. p. 1750, 1206.
Rev, pass. carr. 1 m. 970,793,310 1.019,620,594
935.658,545
933,821,465
Rev,from passengers $90,075,554
$31,319,478
$28,390,785
$28,985,572
Erie Railroad Company.
Avge.rev.p.pass.p.m.
2.995 cts.
3.072 eta.
3.034 eta.
3.104 eta.
-V. 120, p. 1744. 206.
(Annual Report-Year Ended Dec. 31 1924.)
GENERAL TRAFFIC STATIsTICS FOR YEARS ENDED DEC. 31.
General Gas & Electric Corporation & Subsidiaries.
(Annual Report-Year Ended Dec. 31 1924.)
• The remarks of President W. S. Barstow, together with
income account and balance sheet as of Dec. 31 1924, will
be found under "Reports and Documents" on subsequent
pages.
INCOME ACCOUNT FOR CALENDAR YEARS.
[General Gas & Electric Corporation and Subsidiaries.]
1924.
1923.
1922.
Operating revenue
$18.373,851 815,715.317 $13,099.360
Operating expenses and taxes
9,011,759 8.125.312 6.81.4,649
Maintenance and depreciation
3,517,460 3,069.919 2,377.388
Rentals
400,604
396,924
399,354
Operating income
$5.444.028 $4,123.161 83,497,969
Other income
538,247
432.588
160.358
Total income
85.982,275 $4,555.749 $3.658,327
Int. on funded debt (sub. cos.)
2,638,974
1,789.785
1,622,826
do General Gas & El. Corp
328.844
347,965
375.871
Other interest and miscell. charges
160,645
87.204
117.224
Amort. of discount & expense, &c_ _ _
211,872
150,522
180.144
Divs, on stocks of subsidiary cos_ _ _. 1,093,295
900,570
565,694
Divs.0.0.& E.Corp. Pref. Cl. A stk. 368.193
178.745
48.240
do
do
Cl.B stk. x476,131
Balance, surplus
$704,321 $1,100.958
$748,328
x Includes current and accumulated dividends. Requirements for annual
.diva. on Cl. B Corn, stock outstanding Dec. 31 19.4 amounts to $122,500.
Profit and Loss Account.
-Surplus Jan. 1 1924 including surplus
panies acquired during year, $4,256,697; net income as above. of com$704.321;
profit from sale of securities and miscellaneous, 81,052,775; total, 86.013,793; -less additional depreciation, $395,000; miscellaneous deductions,
$82,159; profit and loss surplus Dec. 31 1924, 85,536.635.
• CONSOLIDATED GENERAL BALANCE SHEET DEC. 31. 1924.
[General Gas & Electric Corporation and Subsidiary Cos.]
1924.
1923.
1924.
1923.
S
AssetsLiabilitiesS
$
$
101.014,430 64,592,345 Cap.stk. G.G.&E.a 11,449,358 7,536,359
Property
construe.
Funds for
Subsidiary cos_ _17,965,143 11,875,652
dep. with trus'es 588,207 2,353,266 Fund.dt.G.G.&E_ 4,424,350 5.520,300
. 445,745
Securities owned_
122,769 Subsidiary cos_ _60,453,731 39,416,180
Sinking and other
Loans payable_ - -- 1.812,994
229,811
1,419.023
928,521 Accts. payable__ 2,247,884 2,252,714
funds
1,907,680 1,147,661 Consumers dep__ 427,961
Cash
279,077
Notes& accts. rec. 2,103,004 1,297,866 Adv. by consumerg for extensions 282,884
Coal & other ma170,347
terials & supplies 1,810,999 1.359,741 Miscellaneous __,_ _ 235,526
57,356
113,472 Taxes & rentals_ __ 726,956
Work.fds.& misc.. 141,352
571,032
Unamordisc.&exp. 4,566,238 3,168,330 Int. on fund. debt 843,101
618,334
Miscellaneous _ _ _ _ 107,185
Unamor. adJus. of
59,072
544,529
789,349 Depr.& contin.res. 7,377,503 3,040,895
property accts
12,632 Res. for injuries,
Undistr. deb.items 103,424
uncoil. &cote.,&c 395,681
348,128
Miscell. reserves_ _ 357,738
153,283
Total(each side).114,644,631 75,885,952 P.& L.surplus _ _ _ 5,536.635 3,757,410
a Cumulative Pref. Class A (no par). 62,650 shares; Cum. Pref., Cl. B
(no par), 17.500 shares; Cony. Pref. (no par), 40,259 shares; Common
-V. 120. p. 1458, 1088.
no par), 45,274 shares.
INCOME STATEMENT FOR CALENDAR YEARS.
Operating Revenues1924.
1923.
1922. Merchandise
$66,555,067 $78,207,913 $63 191 282
28 909 949 35 543 065 21,353.924
Coal
Passenger
13,957.951 14,696.897 13,872.168
Mail. express, &c
9,673.889 9,530.580 8.456.729
Gross operating revenues
$119,096,856$132,978.455$106.874.103
Maintenance of way & structures ___ 13.730,008 14.307,569 12.699,503
Maintenance of equipment
29,554.255 36,054,579 32,712.642
Traffic
2,027.6741.942,234, .
Transportation
46,080.879 51.319,167 48,582.239
Miscellaneous operations
616,862
631,727
589.490
General
3.893.356 3.905.408 3,817,683
Transportation for investment
Cr.90.539 Cr.122,546
Cr.118.259
Total railway operating expenses_ _$95,784,775$108.070.145$100,101,523
Net olaerating revenue
823.312.081 $24.908.310 $6.772.580
Railway tax accruals
4,521,873
4,260.003 3,863,226
Uncollectible railway revenue
91,659
109.189
48,361
Operating income
$18,698,549 $20,539.117 $2,860,993
Diet hire of equip, rents deb. balance_ 1,479,509
2.101.212
2.021,156
Net joint facility rents deb. balance
197,548
146.863
114,871
Net railway operating income
$644,910
$17.072.177 $18,320,413
Non-Operating Income
Dividend income
7.002,537 6.027.537 11,095,150
Claim under Government guaranty Dr.258,975Dr.2.107,386Dr.1,245,953
Miscellaneous rent income
401.608
471,757
Income from funded securities
379,918
162,588
185,562
Income from unfunded secs. & accts
325.339
216.071
205,965
Income from lease of road
75.781 Dr.51,629
75,783
Miscellaneous income
200,828
15,117
27,119
Total non-operating income
Gross income
Deductions
Rent for leased roads
Miscellaneous rents
Miscellaneous tax accruals
Interest
Amortization of discount
Miscellaneous
Appl. to s. f., &c
Balance, surplus
120. p. 1877. 1744.
$7,709,746 $4,791,317 811.209.533
24.781,924 23,111.730 11.854,444
2,461.540 2.426,681
352.134
364,889
97,547
108,859
12,154,900 11,669,440
42.035
1.948
88.158
88.620
1,238,262
1.217.063
2,392,894
493.455
248.818
11,745.046
9,889
97,112
946.047
88,363,367 $7,218,208df$4,078,817
Northern Pacific Ry..
-Year Ended Dec. 31 1924.)
(Annual Report
PASSENGER AND FREIGHT STATISTICS.
1924.
1923.
1922.
1921.
No.of pass. carried
3.607.987 4,706,528 5.263.440 6,178.296
No. pass. carried 1 mile_413,116,915 479.515,131 473,992,323 505.701,937
Av.rate per pass. per m_ 3.187 cts. 3.220 cts. 3.281 cts. 3.365 eta.
No. tons rev. fr't carried 23.991,532 24.133.001 21.451,028 17,670.162
1 mile_ _ _ 6548671158 6854336779 6021158972 5289784354
do
do
Average receipts per ton
1.121 cts. 1.132 cts. 1.191 cts. 1.309 cts.
per mile,rev.freight
Revenue per mile of road
(average mileage)
$13,894
314,896
$13.832
$14,089
2006
THE CHRONICLE
RESULTS FOR CALENDAR YEARS.
Operating Revenue1924.
1922.
1923.
1921.
Freight revenue
$73,422,540 $77,610,570 $71.725,006 $69,246,505
Passenger revenue
13.167.942 15,438,784 15,551,897 17.015,155
Other transporta'n rev
6.224,083
6.290,815 6,279,749
5.830,904
Incidental & joint facility 2,477,839
2,661,891
2,519,414
2,445,495
Total operating revs_ _$95,292,404$102,002,060
Operating Expenses
Way and structures____$12,240.855 $14,022,694
Equipment
18,675,927 22,464,341
Traffic
1,917,955
1,954,443
Transportation
34,190,334 38.535,417
Miscellaneous opera'ns_ 1,614,992
1,822,139
General
2.731,154
2.644,625
Transp. for investment.. Cr.838,154 Cr1,078,849
$96,076,066 $94,538,059
$12.826.641 814,312,916
18,064,615 21,825,817
1,670,068
1,537,545
36.801,628 35.797,967
1.664,962
1,585,337
2,565,956
2,868,490
Cr939,150 Cr297.205
Total opet. expenses_ _$70.533,064 $80,364,810 $72,654,711 877,630,867
Net operating revenues324,759,340 821,637,250 $23,421,355 $16,907,192
Taxes & wacollec. revs__ 8,563,154 8,482,319 8,455,566
9,032,017
By. oper. income_ _316.196,186 813,154,931 $14,965.790 57,875.176
Equipment rents. net___ $2,130,763 $2,404.238 $2,566.626 $1,445.606
Joint facility rents, net__ 1,534,128
1,541,389
1.918,099 1.523,044
Net ry. oper. income319,861.077 $17,100,557 $19,450,514 $10,843,826
Non-operating income-- 11.483.432 11,181,676 11,271,729 26.552.683
Gross income
$31.344,508 $28.282,233 $30,722,244 $37,396,509
Int. on funded debt
$14,767,619 $14,707,679 $14,992,473 $14,480.620
Other deduc. fr. income_
606,645
593.127
672,841
850,490
Net income.
$15,970,244 $12,981,426 515.056,930 522,065,399
Dividend approp'ns_ _(5)12.400.000(5)12400,000(5)12400,000(7)17360,000
Balance
83,570,244
$581,425 $2,656,930 $4,705,399
GENERAL BALANCE SHEET DEC. 31.
1924.
1923.
1924.
1923.
Assets
Liabilities$
$
in road and
Capital stock _ _ _248,000,000 248,000,000
equipment._566,764,786 558,137,452 Grants in aid of
Deposits in lieu
construction__
80,714
526,234
of mtgd. prop. 1,491,097
440,543 Funded debt_ _318,649,000 319,849.500
Mee.phys.prop. 9,948,439 8,661,253 Traf. car serv.
.8:
Inv.in affil. cos.:
bale. payable_
921,570 1,402.362
Stocks
144,085,286 144,075.276 Vouch. & wages
Bonds
payable
30,202,848 30,203,798
6,593,157 8,019,262
Notes
2,379,399
2,392,899 Misc.acc'ts pay.
793,554
488,489
Advances_
3,146,344 2,983,110 Int. mat., unpd. 5,381,315 5,439,934
Other invest'ts:
Unmatured diva.
Stocks
1
1
declared
3,100,000
3,100,000
Bonds
1,784,875 2,489.525 Unmatured int.
accrued
U. S. Treas'y
385,109
396,702
notes
1,269,531
1,051,489 Unmatured rents
Contr. for sale
accrued
7.180
7,278
of land gr't
0th.cur. Habits_
145,767
172,305
lands
5,727,198 7,435,092 Due U.S. Govt.
9,229,906 10,374,362 act various
Cash
55,471
Time drafts and
transactions_
deposits
1,378 0th. def'd Habil_
267,607
184,106
Special deposits- 5,321,834 5,532,505 Tax liability... 7,523,876 7,270,564
Los & bills ree_
8,347
855 Oper. reserves
355,907
171,627
Tref.& car serv.
Accrued deprec.
bats. receiv'le 1,783,590 1,874,995
of equipment_ 38,393,564 36,773,132
0th. unadj.cred. 1.131,850 1,590,903
Net bats. reedy.
fr. agts.& con. 803.655
996,664 Add'ns to proP'Y
thru. income
Misc. acc'ts rec. 3,484,195 4,594,509
Material & sup_ 12,196,206 14,709,234
441,840
379,812
and surplus
Fund.dt. retired
Int., diva, and
109,908
rents receivle
82,908
thru. income
112,165
0th. curr. assets
119,867
and surplus 16,333,383 16,092,739
32,563
294,382
. wkg.fund advs.
34,977 Misc.fund res've 1,337,861
Prof. & loss ba1.158,692,075 156,541,308
Due from U. S.
43,014
Govt. acc'ts
1,892
16,087
0th. def'd assets
14,468
Other unadjust.
8,771,891 10,388,192
debits
Total
808.712,966 806,577,248
-V. 120, p. 1878. 700.
TotaL
808,712,966 808,577,248
Chicago Great Western RR.
(15th Annual Report-Year Ended Dec. 31 1924.)
Pres. Samuel M. Felton, Chicago, April 7, wrote in subst.:
-Total operating revenue was $24,726,678, a decrease
Income Account.
with
of $997.028 compared other1923. After deducting operating expenses, taxes,
and
charges, the
balance of income was $601,558.
rentals, interest
In the preceding year this surplus was $570,767. The increase was, therefore. $30,791. This surplus, as in former years, was used for necessary
additions and betterments.
-Freight traffic decreased 135,221 tons, or 2.01%.
Traffic Conditions.
while ton miles decreased 25,045.435, or 1.27%. Number of passengers
decreased 67.735. or 4.89%; and passengers one mile decreased 11,183.745.
or 7.23%. Revenue changes were: Freight, decrease $494,984. or 2.57%;
passenger, decrease $367,773, or 8.60%
-Freight revenue amounted to $18,764,368 in 1924 and
Freight Revenue.
519.259,353 in the previous year. The decrease in the volume of tonnage
that occurred in the latter part of 1923 continued, except for a temporary
spurtin February.throughout the period from January to July, inclusive, in
1924. The turn came with August, and new high records were made in the
latter part of the year. In 1924 the wheat crop was good in Oklahoma,
Kansas and Missouri, but only fair in Nebraska and the Northwest. Most
of the exportable surplus that was shipped moved via Gulf ports. The
corn crop, while good in the Southwest, was very poor in the territory
travasod by company. The weather was cold, wet and unseasonable, so
that to a large degree the plant did not mature; and where it did, the grain
was soft and unfit for shipment. As a result, farmers have been feeding
the corn and disposing of their live stock as soon as marketable.dropping
-Passenger revenue still continues to decline,
Passenger Revenue.
to $3,909,610, compared with $4.277,383 lastyear and $4,885,112 in 1921.
Owing to the location of our road and its very limited through service, over
707 of the passenger revenue is derived from local and short-haul traffic;
wilt is principally this class of travel that has been diverted to the automobile and bus. Other roads, enjoying a larger volume of long-haul and
through traffic, have not suffered to the same extent as this company. In
continuing our efforts to meet this competition, additional gasoline motor
trains have been placed in operation, enabling the management to discontinue service of the more expensive steam trains. During the year these
motor trains made 214.630 miles, carried 106,392 passengers and 2,466.966
passengers one mile. The total revenue therefrom was 887,574. or 3.11%
of the local passenger revenue.
Operating Expenses.
-Charges to maintenance of way and structures were
$109,063, or 2.88% less in 1924 than in 1923. Maintenance of equipment
expenditures were reduced $511,832, or 9.77%, although the general condition of the property did not suffer, because of the permanent nature of improvements made in previous years.
Owing to the character of the traffic handled during 1924, there was an
increase of 4,327.368 in freight train car miles, also of 229.170 in passenger
train car miles. This increased transportation was provided with a decrease
of $577,960, or 5.35%, in transportation expenses, although the company
was obliged to absorb $172.403 due to increases in wages ordered by the
Railroad Labor Board affecting trainmen, enginemen, yardmen, telegraph
and station employees.
Taxes.
-Accruals for taxes increased 589.789, or 10.49%.over 1923. The
total taxes amounted to $945.933, while in 1917 they were $719.466. The
year of the present company
-they were 3392.383.
first
-1910
Changes in Securities.
-The exchanges under the terms of the ag.ree.
rnent with the committee representing the holders of Mason City & -Fort
Dodge bonds were continued throughout the past year. when additional
Mason City & Fort Dodge First Mtge. bonds, with past-due interest coupons, were presented. The exchanges accomplished thus far are as follows:
[Vor,. 120.
During
During
Total as of
Year 1923. Year 1924. Dec. 31 '24.
Mason City & Ft. Dodge first mtge.
bonds surrendered
510,975.000
$183,000 $11,158,000
Value of past-due coupons surrendered
878,000
892.640
14,640
Chicago Great Western securs. issued:
First mtge. 50
-year 4% gold bonds.. $9,333,000
$156,000 $9,489,000
Preferred stock (new stock)
2,777,500
2,811,100
33,600
Preferred stock (treasury stock)87.900
171,300
83.400
Securities Acquired.-During the year certificates of deposit issued by the
Central Union Trust Co. of New York, on behalf of the Wisconsin Minnesota & Pacific first mortgage bondholders' committee, were acquired and
exchanged for one Chicago Great Western first mtge. bonds, of the sum of
$1,000, and 15 shares of Preferred stock, of the par value of 31,500, which
had been issued in xechange for Wisconsin Minnesota & Pacific first mtge.
bonds and held by the Central Union Trust Co. against the surrender of
these certificates. By this transaction the company reduced its outstanding
First Mortgage bonds $1,000 and Preferred Capital stock $1,500.
Wisconsin Minnesota c% Pacific RR. First Mtge. Bonds.
-The mortgage of
the Wisconsin Minnesota Q Pacific RR. was satisfied during the year 1924,
and the trustee of that mortgage issued an indenture of release and satisfaction dated June 5 1924. All of the bonds of the Wisconsin Minnesota &
Pacific RR.acquired by the Chicago Great Western ER.,and pledged under
its mortgage, were thereupon cremated.
Divisions of Through Rates-On Oct.8 1923 the I.
-S. C. Commission, on
its own motion, instituted a proceeding of inquiry and investigation for the
purpose of determining whether the divisions of joint rates in Western and
Mountain-Pacific territories are unjust, unreasonable, inequitable or unduly
preferential or prejudicial as between or among the several carriers within
the meaning of the Inter-State Commerce Act. On Oct. 24 1923 the
Commission issued a notice that for the present the scope of the investigation would be limited to consideration of the divisions east and west of the
Missouri River crossings and Minnesota Transfer, of joint rates on transcontinental traffic. The proceeding was not immediately set for hearing;
but on Aug. 9 1924 the Commission issued notice expressing the hope that
the question involved might be settled at an informal conference between
small committees representing the carriers east and west of the gateways
and representatives of the Commission,to be held in Washington on Sept. 23
1924. The date of this conference was later postponed to Nov. 13 1924.
Preceding the conference called by the Commission there had been
numerous conferences among the carriers in the territories east and west of
the Missouri River; but these had been without result. The conference
with representatives of the Commission took place on Nov. 13, 14 and 15
1924, and resulted in a full and frank discussion of the divisions on transcontinental traffic; from which it became clear that the subject was not susceptible of informal adjustment. Thereupon the Commission, by order.
assigned the proceeding for hearing at Chicago, commencing on Feb. 16
1925, and embracing within the scope of the hearing the divisions of all joint
rates in the territory west of the Great Lakes and the Mississippi River.
The volume of traffic moving between the territory east of the Missouri
River or Minnesota Transfer and the Pacific Coast renders this proceeding
one of unusual interest to the Chicago Great Western RR.
Comparative Statement of Payrolls.-Although a reduction in the average
number of employees was effected, the average payroll cost was higher than
in 1923; due,in a very great measure,to increases in wages authorized by the
U. S. Labor Board and corresponding increases in compensation of other
employees made by the company. A comparison for a period of Years
follows:
Total.
Number
Average
Compensation
Pay per
Years Ended Dec. 31- of Employees.
Empolfoyees.
Person.
$6,662,427 23
$843 45
11991176
7,504,701 54
87:810959
925.93
1918
11.239,590 28
8,331
1,349 13
11.714,158 98
7,962
1,471 26
11992109
15,956,456 88
8,854
1,802 17
„
7,492
1,672 65
11992221
12,346,355 00
7,932
1,556 52
1923
12,928,023 00
8,065
1,602 98
1924
12,617,088 00
7,732
Valuation.
-The I.
-S. C. Commission has served notice that It has completed the tentative valuations of the properties of the company. Protests
have been filed with the Commission against its findings and a hearing thereon will be held in the near future. Company claims that the valuations
have been determined arbitrarily and without proper consideration of all
relevant facts, and are much less than the true values of the property. On
the basis of the tentative valuation returns, the percentage ratio of net
railuay operating income in 1924 to the tentative figures on the cost of
reproduction, new (additions and betterments since June 30 1916
-the
date the valuation was commenced, and the average materials and supplies
on hand during the year, being added to such costs) 1922 2.45% •
,wa.
s
TRAFFIC STATISTICS, CALENDAR YEARS.
1924.
1923.
Miles of road operated.__1,496
1,496
Revenue tonnage
6,587,565
6,722,786
6
5,853,531
5,211 973
1042
7?9
Revenue ton mileage_ _ _1.944,028,953 1,969,074,388 1,729,319,825 1,550,484,653
Av. rev, per ton per mile_
0.978 eta.
0.985 eta.
1.025 eta.
1.131 eta.
Passengers carried
1,381,124
1.318,389
1,822,627
1,526,474
Pass.carried one mile_ _ _ _ 117,915,917 127,099,662 126,292,278 140,340,567
Av.rev, per pass. per mile
3.316 eta.
3.365 eta.
3.439 eta.
3.481 eta.
INCOME ACCOUNT FOR CALEND.R YEARS..
1923
A
Operating Revenue,1592921.4.00
$18,784.3 $19,259,353 $17,730,271 $17,529,400
1924
Passenger3,909.810 4,277,383 4,343,268 4,885,112
Passenger
990,240 1,074,539
Mail and express
976,411
798,541
628,869
Miscellaneous
635,563
603,161
689,524
262,306
Incidental
282,152
285.214
322,451
171,484
Joint facility
194,715
288,483
25,580
Total railway over. revenue-$24,726,678 $25,723,706 $24,224,789 224.228,611
Operating Expenses
Maintenance of way & structures $3,882,233 $3,791,296 53,640,981 $3,727,094
4.726,280 5,238.113 5,705,835 5,288,606
Maintenance of equipment
808,996
Traffic
777,057
761,051
779,082
10,228,278 10,806,237 10,334,247 10,741,462
Transportation-Rail line
163,327
165,000
172,778
Miscellaneous operations
189.334
665.967
651,407
General
688,687
709,891
12,655
20,111
Transportation for invest't -Cr_
9,303
7,303
$20,238,411 $21,431,016 $21,274,235 $21,426,185
Total operating expenses
Net revenue from railway oper_ $4,488,268 $4,292,690 82,950,553 $2,802,446
$945,933
$856,144
Railway tax accruals
$985,700
$917,804
3,330
3,854
2,954
Uncollectible railway revenues1,753
Railway operating income.... $3,538,480 $3.433,216 $1,961,900 $1,882,889
Non-Operating Income
$2,009,729 82,360,451 $1,507,816 $1,413,083
Hire of equipment
90.827
91,061
Joint facility rent income
86,834
78,201
Deb.167
348
Misc. non-oper. physical prop__ _
Dr.1,452
1,154
84,271
81.224
Miscellaneous rent income
80,583
83,793
4.878
Dividend income
61,137
14,818
174,412
94,675
Income from funded securities...
120,154
88,333
49,446
40,084
Inc. from unfunded sees.& accts.
53,392
35,508
67,354
Deb.49,100 Deb.49,368 a1,739,354
Miscellaneous income
388
Gross Income
25,813,677 $8,151,617 $5,513,692 $3,750,720
Deductions
Interest on funded debt
$1,714,325 $1,874,019 $1,242,876 $1,214,907
7,125
Interest on unfunded debt
5,526
25,541
19,376
Rent accr. for leased roads(int.on
funded debt. Mason: rent seer.
for leases C. & Ft. D.RR.).
b440,000
480,000
2,472,460 2,853,939 2,402,585 2,179,413
Hire of equipment
932,530
Joint facility rents
912,117
888,779
884,773
44,818
Rent for leased roads
9,225
44,818
8,775
Miscellaneous rents
41,475
9,556
46,039
accruals
2,133
Miscellaneous tax
1,691
1,680
2,158
Amortiz'n of disc, on funded debt
14,506
12,510
14,445
13,673
Miscellaneous income charges15,448
4,741
64,271
16,877
Net income
$601,558
$432,770df$1,095,295
$570,766
a Amount stated under 1922 includes $1,738,400 of collections and credits for
allowances by U.S. Government under guaranty. b Retirement of M.C.& Ft. D.
APRIL 18 1925.]
THE CHRONICLE
RR.Co. bonds by exchange for C. G. W.securities, being as of Dec. 1 1922, I nteres
on the former bonds is here charged In 1922 for 11-12ths of the year.
Surplus Assouttl.-The profit and loss account as of Dec. 31 1924 shows: Balance
at Jan. 1 1924, $7,259,228: credit balance transferred from income, $601,558: less
sundry adjustments, net, $9,251: leaving balance carried to balance sheet Dec. 31
1923, $7,851,535.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1924.
1923.
1924.
1923.
AssetsLiabilitiesInv.road & eq't-138,028,846 137,030,036 Common stock_ 45,210,513 45,210,513
MIsc.Phys.Prop.
141,390
140,603 Preferred stock_ 46,907,502 46,792,002
Impt. on leased
C. G. NV. 1st 4s_ 34,871,000 34,716,000
railway prop61,516
61,516 MInn.Term.334s
500.000
500,000
Inv.in attn. cos.:
M.0.& Ft.D.48_
842,000 1,025,000
Stocks
1,428,325 1,428,325 W.M.&P.lat 4s..
3.000
Bonds
77,000
37,000 Misc. oblIg., &c. 5.136,889 5,216,775
Notes
386.622
212,818 Traffic. &c., bal.
964,018 1,068.228
Advances_
221,135
363,641 Audited accounts
Other investm'ts
. 2,902
4,402 and wages_ _ _ 1,422,645 1,506,087
2,070,181 1,442,479 Misc. accts. Day.
Cash
103,447
99,916
U.S.Govt.secs. 2,011,101 2,006,143 Int. matured unLoans & bills rec
812
962
paid
41,099
21.103
'Traffic. &c., bal.
224,779
208,138 Unmatured int.
Net balance from
accrued
509,732
374,689
agents & conUnmat'd rents
127,347
ductors
157,069
accrued
129,191
119,917
Misc. accts. rec_
732,117
888,248 Divs.mat'd unpd
2,313
Material & supp. 1,190,471 1,672,475 Fedi assets coll_
125
Int. & dive. rec_
46,539
50,099 Other curt. nab_
95,709
98.529
Other curr.assets
49,866
45,551 Deferred liabirs.
13,228
7,831
U.S.Govt.acc'ts.
2,937 Tax liability_ _ _
800,474
756,023
Work'g fund adDepreciation_ 1,787,462 1,564,489
6,359
vances
6,407 Other unadjusted
Other del. assets
23,877
16,546
credits
958,517 1,255,546
Unadjust. debits 1,368,230 1.867.078 Corp. surplus
7,903,681 7,306.700
Total
148,199,420 147,642,476
-V. 120; p. 1877.
Total
148,199,420 147,642,476
Utah Copper Company.
(20th Annual Report-Year Ended Dec. 31 1924.)
Pres. D.C. Jacklin, New York, April 2, wrote in substance:
Operations.-Througheut the year both the Arthur and Magna mills
were in continuous operation, treating a total
centrating ore, an average of 33,406 tons perof 12,126,600 dry tons of conoperating day.
Including a small quantity of copper recovered by
waters, a total of 214,592,733 net pounds of refined precipitatiOn from mine
marketable copper was
produced during the year. which, with the proceeds of precious
recovered, resulted in a gross operating revenue of $30,130,651. metals
The average cost of production was 8.89 cents per net pound of copper,
as compared with a cost of 8.74 cents per pound for the previous year.
Those costs for both periods are exclusive of depletion and Federal
tax
accruals, but include current charges for depreciation and all
and general expenses, and apply gold and silver values andadministrative
miscellaneous
earnings as a credit to copper costs.
Dividends.
-Four quarterly distributions were made to stockholders,
aggrogatin_g $6,497,960 for the year, being at the rate
$4
annum. The total of all disbursements to stockholdersof to per share per
up
Dec. 31 1924
was $131,815,788.
Capital Expenditures involving in the aggregate a cash outlay
of$1,454,696
were made during the year. After accounting for property retirements
and
the necessary adjustment involved in writing off same, the book value of
fixed assets, representing mining and milling properties before depreciation,
was increased $892,523 over the balance at the close of the previous
year.
These capital expenditures covered the purchase of additional
property
and facilities for disposition of waste overburden, additions and Improvements in mining equipment, the extension of mine employees' living
quarters, the completion of authorized reconstruction of mills
tion of improved equipment and facilities at the latter. and the installaBingham & Garfield Railway Co.
-Operations were continuous throughout
,
the year. A total income of 5347,012 was realized, and dividends in the
aggregate amount of $300,000 were paid. After dividend appropriations
and writing off loss on retired road and equipment, the profit and loss balance was decreased $32,141 as the net result of the year's operations.
Extracts from Report of Vice-Pres. & Can. Mgr. L. S.
Gates.
Development and Ore Reserves.
-The churn drill development
augurated three years ago was continued and during the past program inyear an aggregate of 2,600 feet was drilled, further indicating a very substantial tonnage
of commercial milling ores. This tonnage, however, will not be taken into
account as additional ore reserves until more accurately determined
by further prospecting.
There Was mined during the year 12.126.600 to of milling ore,
leaving,
of the reserves previously reported. 335,251,449 tons, averaging approximately 1.35% copper.
Stripping Operations.
-In keeping pace with increased output of milling
ores,stripping operations were intensified throughout the year
and 6,234,912
cubic yards of overburden was removed, bringing the total
moved up to the end of the yoar to 63,252,955 cubic yards. quantity removal to Dec. 31 1924 covered a total area of 272.10 acres, of Capping rewhich 161.03
acres were completely stripped.
Mining Operations.
-The total amount of ore mined by shovels and
shipped to tho mills was 12,126,600 tons, taken for the most part
from the
upper levels where the grade is lower than average, thus snaking
available a better grade ore on the lower levels for future use. and leaving
In addition
to this there was shipped by leasers 474 tons of crude ore. There
was also
produced 293,960 pounds a net copper from the precipitating
plants at the
mine. The total tonnage of milling ore extracted from the
entire property
up to Dec.31 1924 was 119.356,251 tons, averaging 1.317 copper.
s
The average mining cost of the ore shipped to the mills, including a
proper
apportionment of fixed and general charges (exclusive
of Federal taxes and
depreciation) was 36.05 cents per ton, of which 12.5 cents
represents stripping charges. The actual direct mining cost of all ores was
23.55 cents
ion, of which 19.55 cents represents all mine charges, the balance, or per
4.00
cents, covering fixed and general charges.
Operations.
-There was milled 6,522,800 tons of ore at the
Milling
Magna
plant and 5,603,800 tons at the Arthur plant a total of 12,126.600 tons,
equivalent to a daily average of 33,406 tons. The average grade of
the
treated was 1.07% copper, as compared with 1.12% for the year 1923. ore
average recovery was 85.94%, corresponding to 18.43 pounds of copperThe
per
ore treated, as compared with. 80.96% recovery, or 18.18 pounds
ton a
of
copper per ton of ore treated, for the year 1923. The average
milling
cost was BO cents per ton, a slight decrease as compared with the
previous year.
-The total gross copper contained in concenGross Production and Costs.
trates produced was 223,524,127 pounds, the concentrate averaging 18.07%
ccipper, as compared with 202,986,306 pounds and 18.63% for the year
1923.
There was shipped direct to the smelter an additional 300.460 pounds of
copper contained in precipitates derived from mine water.
Production of Copper From All Sources (Gross Pounds).
In Concentrates.
In Precipitates.
Total.
223,524,127
300,460
1924
223,990,176
202,986,306
561,678
1923
203.562,376
necessary allowances for losses in smelting and refining, the
After
net
production of refined copper was 214,592,733 pounds.
9110 average cost per net pound of copper, including depreciation of
equipment and all fixed and general expenses, and after crediting plant
and
gold,
silver and miscellaneous earnings, was 8.89 cents, as compared with 8.74
cents for the preceding year, computed on the same basis. The value of
the gold and silver recovered and the miscellaneous earnings amounted to
1.206 cents Per pound of copper, as compared with 1.31:3 cents for the
previous year.
Per Ton Operating Cost on Concentrating Ore, Including all Fixed, General
and Maintenance Charges.
Tonnages.
Mining. Ore Delivery. Milling.
Total.
Year.
50.4097
$0.2978
80.4663
51. 73
1. 3
7 0
16 8
1910 __________ 4,340,245
.3232
__________ 6.470,166
.2782
.3536
1914
.9550
.5370
.2983
.9277
1918 ________ __ 12.160.700
09
4,364,251
.3833
.1612
.8417
1.3862
.3488
.1088
.6116
1.0692
1955 __________ 11.167,800
9
--------12.126.600
.3605
.1308
.5990
i924
1.0903
2007
INCOME ACCOUNT YEARS ENDING DEC. 31.
Sales of1924.
1922.
1923.
1921.
Copper.lbs
214,592,733 195,142,919 84,777,712 24.511,593
Average price
13.121 eta. 14.376 cts. 13.584 cts. 12.929 cts.
Gold, ozs. (it $20)
76,907
72.549
28,284
7,041
Silver, ozs
652.586
630,940
257,145
65,928
Average price
$0.66750
5.75910
8.99502
8.99646
Operating Revenue- •
Sales of copper
$28,156,891 $28,053,733 $11,516.125 $3.169,057
Sales of gold
1,538,142
1,450,975
565.675
140,815
Sales of silver
435,619
478,945
255.864
65,695
Total income
$30,130,652 $29,983,653 $12,337.665 $3,375,568
ExpensesMng.,mill.& strip. exps-$11,655.604 $10,760,941 $4,674,615 $2,052,915
Ore delivery
1,585,876
1.214,803
651,096
234,455
Selling expense
268.251
300,632
148,573
23,954
Treatment & refining_
6,969,216
6,198,656
2,384,704
806.341
Total expenses
$20,478,946 $18,475,032 $ 7.858.988 $3,117,666
Net operating revenue
$9,651,705 $11,508.621 $4,478,677
$257,902
Miscellaneous income_614,053
631,641
411.573
524,187
Total income
$10,265,758 $12,140,262 $4,890,250
$782,098
Depreciation
1,175,650
1,132,169
1.011,002
1,019.758
Shut
-down exps. &c_
1,896,146
1.124,726
Loss on plant Si equip.
retired. &c
241,537
535,294
295,103
695.713
Federal taxes. &c
663.252
Dividends (earnings)
248,553
Divs. (cap. distribution) 6,249,407 6,497,960
3,248.980
4,061,225
Total rate per cent
(40%)
(40%)
(20%)
(25%)
Balance, surplus
$1,687,359 $3,974,8394$1.560,980d.r.$6,119,334
BALANCE SHEET OF UTAH COPPER CO. DEC. 31.
1924.
1923.
1924.
1923.
AssetsLiabilities5
$
$
MM.& mill. prop.
Capital stock
16,244,900 16,244,900
& equIpment_x24,827,830 24,817,130 Ace'ts payable__ _ _ 2,151,992 2,347,744
Investments
13,438,573 13,437,475 Res. for tax.,accid.
Deferred charges_y10,800,071 9,928,914
Insurance, &c 2,239,453 1,852,020
Bond deposit acc't 545,000
545,000 Treatment, ref's &
Mans & supplies_ 2,126.945 2,401,193
deity. chges., not
Acc'ts reedy., &c. 619,505
023,084
yet due
1,773,583 1,819,875
Copper In transit_ _11,574,265 12,080,865 Surplus from sale
Marketable sec's 6,308,562 4,959,380
of securities._ _ _ 8,290,620 8,290,620
1,018,212
Cash
534,944 Surplus from oper_42,159,307 40,471,947
Due for cop. deliv_ 1,600,891 1,699,120
Total(each sIde)72,859,854 71,027,106
x After deducting $8,054.809 for reserve for depreciation. y Includes
$10,470,349 for stripping ore, dumping rights, &c., and $329,722 for other
deferred expenses.
-V. 120. p. 1759. 970.
GENERAL INVESTMENT NEWS.
STEAM RAILROADS.
Northwestern Roads May Ask Higher Rates in Court Action.
-Chicago &
Northwestern RR. Indicates that course if Inter-State Commerce Commission fails to grant increase. "New York Times" April 15. p. 5.
Baltimore & Ohio Employees to Ask Railroad Labor Board for Higher Wages.
-Maintenance of way employees will ask Board for increase of Sc. per hour
for those employed more than a year. Road has rejected plea. "New
York Times" April 14, p. 30.
Long Island Railroad Commuters to Protest against Proposed Increase of
Fares.
-"New York Times" Sec. 2, p. 1, April 12.
Car Surplus.
-Class I railroads on March 31 had 344.959 surplus freight
cars in good repair and immediately available for service, according to
reports filed by the carriers with the Car Service Division of the American
Railway Association. This was an increase of 24.394 cans over the number
reported on March 22. Surplus coal cars in good repair on March 31
totaled 185.724, an increase of 16,761 within approximately a week, while
surplus box cars in good repair totaled 113,615, an increase of 6,422
during the same period. Reports also showed 23,221 surplus stock cars,
an increase of 399 over the number reported on March 22, while there also
was an increase of 432 during the same period, in the number of surplus
refrigerator cars, which brought the total for that class of equipment to
14,018.
-No oar shortage is being reported.
Car Shortage.
Akron & Barberton Belt RR.
-Tentative Valuation.
-
The 1-9. C. Commission has placed a tentative valuation of 51.228,360
on the total owned and $1.225,000 on the total used property of the company as of June 30 1916.-V. 117, p. 2211.
Akron Canton & Youngstown Ry.-Bonds Authorized.
-S. C. Commission on March 27 authorized the company to
The I.
Issue $750.000 Gen. & Ref. Mtge. 6% Gold bonds, Series "A," to be sold
to F. R.Sawyer & Co., Boston, at not less than 90 and int, and the proceeds
used for corporate purposes. See offering in V. 120 p. 1675.
Alabama & Vicksburg Ry.-Stock Dividend.
The I.
-S. C. Commission on April 3 authorized the company to issue
$2.100,000 Common stock (par 5100) and to distribute such stock among
the stockholders as a 100% stock dividend.
-V. 120. p. 1742, 1743.
Atchison Topeka & Santa Fe Ry.-Acquisitions,
Elkhart
See Elkhart & Santa Fe By. and South Plains & Santa Fe By. below.
-V. 120, p. 1198, 826.
Boston & Maine RR.
-Abandonment of Nashua &
Acton RR.
The I.
-S. C. Commission on April 8 issued a certificate authorizing
(1) the Boston & Maine RR, and the Nashua & Acton RR. to abandon a
line of railroad in Hillsborough County, N. H., and Middlesex County.
Mass., and (2) the Boston & Maine RR. to abandon operation, under
trackage rights, between Acton Junction and Concord Junction. in Middlesex County, Mass.
The report of the Commission says in part:
The Boston & Maine RR.and the Nashua & Acton RR.on Aug. 22 1924
filed a joint application for a certificate that the present and future public
convenience and necessity permit the abandonment of the railroad of the
Nashua company, which extends from the union station in Nashua, Hillsborough County. N. II., in a general southerly direction to North Acton,
Middlesex County. Mass., a distance of approximately 20 miles, of which
about 15 miles are in Massachusetts and the rest in New Hampshire, The
Boston company also seeks to abandon operation, under trackage rights,
over a second track et the Old Colony RR. between Acton Junction, where
the Nashua company's railroad connects with the Old'Colony RR., and
Concord Junction, 4.30 miles. in Middlesex County, Mass. This
practically forms an extension of the Nashua company's line and istrade
exclusively by the Boston company. The two State Commissions used
have
filed with us their joint recommendation that the application be granted.
The Boston company controls the Nashua company through ownership
of its entire capital stock. The railroad of the latter company was opened
for traffic in 1873. The Nashua company soon became involved in financial
difficulties. Operation of its line has been generally unprofitable
and
apparently the results have not justified its construction. The
railroad
has been sold twice under decrees of court.
The Boston company has operated the line since 189 under a
.
5
lease
to 1919. and since then by virtue of its stock ownership. Operation from
Acton Junction to Concord Junction under trackage rights was undertaken
by the Boston company solely as a complement to its service over
the
Nashua company's railroad and was not needed for any local use.
The line in question traverses a section well supplied with
in which the use of automobiles has increased largely duringrailroads, and
The population in the tributary territory is estimated by the recent years.
approximately 1,850. No point in the area served is more applicants at
than
in a straight line from another rail line. In the five years ended 4 miles
Dec. al
1923 the total tonnage transported was
21.275 tens, which consisted
2008
[VOL. 120.
THE CHRONICLE
The acquisition by the Atchison Topeka & Santa Fe By. Co. of control
largely of heavy low-grade commodities. The freight traffic in 1923
amounted to 5,439 tons, including 4,332 tons of lumber. The large pro- of the Elkhart & Santa Fe By. by purchase of its capital stock was also
the cutting off of a tract of timber approved and authorized.
potion of lumber traffic was due to
near East Groton. For a number of years prior to June 27 1921 a passenger
Erie RR.
-Annual Meeting Adjourned.
train and a mixed train were operated daily in each direction between Nashua
The annual meeting has been postponed until June 15 pending action by
and Concord Junction. In the week ending June 25 1921 the average
-S.
-V.120, n• 1877. 1744•
passenger earnings were 52 65 per train per trip, and on June 27 1921 the I. C.Commission on the Nickel Plate merger.
passenger trains were discontinued, leaving only a mixed-train service.
Florida Alabama & Gulf RR.
-Tentative Valuation.
A study of operating results for 1922 showed operating revenues. $1.526;
The 1-S. C. Commission has placed a tentative valuation of $180,701 on
cost of maintenance, operation, taxes and rents. $57,472; deficit, $55,946.
This is represented to be the out-of-pocket cost of operating the line. the total used and $127,625 on the total owned property of the company as
In making the computations freight revenues were allocated on a mileage of June 30 1917.-V. 109, p. 2171.
pro-rate. Operating expenses were assigned directly where practicable.
Hocking Valley Ry.-Annual Report.
No amount was included for traffic and general expenses. Checks of
1921.
Calendar Years1922.
1923.
1924.
travel in April and June 1924 showed a further decline of passenger receipts
$17,443,398 517,563,402 513,855.464 $14,093,001
per train, and since June 23 1924 no accommodations for passengers have Operating revenues
1,708,544
2,460,830 2,128,612
3,044.845
been provided. From Aug. 1 1924 freight service has consisted of one Oper.inc,(after taxes)
108,285
369,716
282,795
1,130.052
train each way three days a week, and the average weekly mileage run is Other income (net)
only 64 miles, as the train usually runs only between Nashua and East
Gross corp. income_ _ - $4l74.897 $2,743,625 $2,4,98,328 $1,816,829
Groton. The testimony is that 227 tons of freight were transported in
1,802,524
1,812,366
1,820,785
1,844,813
the month of August 1924: that the revenue therefrom assignable to the Interest on debt
219,990
439,980
439,980
439,980
Nashua company's line on the most liberal basis of short-line divisions Dividends
was $183; that the total revenue to the Boston company's system from
Balance.
$245,982 def$205,684
_ 51.890,104
$482,860
such traffic was $326; and that the actual labor and fuel cost of the service
surplus_--on the Nashua company's line was about $1,400 a month. Maintenance -V. 120. p. 1744. 580.
expenses have been reduced to a minimum.
Lehigh & Hudson River Ry.-Annual Report.
It is estimated by the Boston company that expenditures for maintenance
Calendar Years1922.
1923.
1924.
of way and structures must be increased about $10,000 a year over the Railway
$3,146,657 $3,117,709 $2,412,760
amount shown for 1922, and that three overhead highway bridges must be Railway operating revenues
1,947.728
operating expenses
2,240,096 . 2,193,039
a cost of about $25,000 if operations are to be continued. Upon
rebuilt at
163,331
Railway tax
155,608
165917
the basis of the present restricted service the applicants estimate that the Uncollectibleaccruals
railway revenues
22
101
annual deficit from operation will be not less than $40,000. It appears
that the present service is being furnished at considerably less than 10%
$301,700
Railway operating income
$769,040
$740,543
of its cost.
46.939
101,704
39,938
Apparently the abandonment of this line will not affect seriously the Non-operating income
communities through which it passes, and the cost of continuing it in
$348,640
Gross
$870,745
$780,480
operation is disproportionate to the value of any service which it can Deduct income equipment
95.414
-Hire of
101,813
150,322
render the public.
112,534
Joint facility rents
143,749
140.350
Our certificate herein will provide that it shall take effect and be in
Interest due and accrued
143
2.602
208.
-V. 120, p. 1876.
force from and after 30 days from the date it is issued.
Miscellaneous charges
1,907
32
32
Not to Push Receivership Action.
-
Conrad W. Crooker, who is acting on behalf of Ellis G. Hall of West
Oakland. Calif., a Common stockholder, has decided not to push his application for receivership pending developments in the plan to reorganize
the company's finances. The petition, however, will be allowed to remain
on file in case receivership becomes necessary.
-V. 120, p. 1876.
Central RR.of New Jersey.-Sub.Co. TentativeValuation.
The I.
-S. C. Commission has placed a tentative valuation of $6,119,477
on the total used, and $6,010,000 on tett total owned properties of the New
York & Long Branch RR.,as of June 30 1918.
The company has applied to the 1-S. C. Commission for authority to
issue 51.500.000 4
Equip. Trust certificates to be sold at 98 or better.
and the proceeds to be used in the acquisition of 20 locomotives and 30
passenger cars and 25 dump cars.
-V. 120, p. 449.
Chicago Milwaukee & St. Paul Ry.-Addition to Bondholders' Protective Committee.
Edward D. Duffield, President of the Prudential Insurance Co. of
America, has been added to the bondholders' protective committee, representing the various bond issues. See V. 120, p. 1454, 1744.
Chicago 8c North Western Ry.-Condensed Statement
A condensed statement for year 1924,issued under date of Mar. 27, says
Tons of revenue freight carried one mile decreased 10.36%, with the
result that freight revenue decreased 8.47%, there being a small increase
In the average rate per ton per mile brought about mainly by a change in
the character of traffic handled.
so
There was a decrease of 2.17% in the total number of revenue passengers
carried one mile, and a decrease in passenger revenue of 4.99%, there
being a decrease of 2.88% in the average rate per passenger per mile, caused
by an increase in the commutation business carried at low rates and a decrease in the higher rate traffic.
The total operating revenues decreased 6.84%; operating expenses decreased 9.03%, and the ratio of operating expenses to revenues decreased
from 82.60% in 1923 to 80.65% Si 1924.
A comparative income account for year 1924 was given in V. 120, p. 827.
On Dec. 31 1924 the company had invested in road, equipment, securities, &c
$510,182,769
3.734.663
It had-Cash and other current assets
2,514,284
Deferred assets, &c
Capital stock and scrip outstanding-Preferred
22,395,120
Common
145,156,264
258,586,900
Long-term debt outstanding
13,045,586
Current liabilities
46,279,120
Reserves. &c
60,968,726
Corporate surplus
-V. 120. p. 1322, 1086.
Net income
Previous surplus
Profit and loss adjustments
Dividend appropriations
Profit and loss surplus
-V. 118, p. 2304.
5487.175
2,225,527
Dr.320
470,700
$138,641
2,044,006
Cr.267,357
376,560
470,700
5624,942
2,073.445
or.2,159
$2,241,683 52,225,527 $2,073,445
-Annual Report for Calendar Years.
Long Wand RR.
1924.
1921.
1923.
1922.
Gross operating revenue.$35,077.885 $334,085,421 $330,951,540 $28,720,910
Oper. exp., taxes, &c_ _ _ 28,274,290 27,536.825 25,000,250 24,751,621
658,075
Equipment,rents,&c.._ _ 2,264,601
2.546,630
983.836
Net operating income_ 54,538,994 54,001,966 $4,967,454 $33,311,214
1,158,376
642,843
Other income
1,075,128
585,312
Total income
Interest, rents, &c
Sinking fund
55,181.837 $5,077,094 55,552,766 $4,469,590
3,205,254
3,420,535
3,387,308
3,869,971
469
430
430
430
Net income
-V. 120, p. 699.
51,976.114 $1,656,129 $2,165,028
$599,189
-Tentative Valuation.
Lorain Ashland & Southern RR.
The I.
-S. C. Commission has placed a tentative valuation of $1,631,391
on the total used and $1,630,801 on the total owned properties of the company as of June 30 1917.-V. 119, p. 325.
-New Director.
Los Angeles & Salt Lake RR.
Oliver Ames of Boston has been elected a director to succeed the late
W. A. Clark.
-V. 118, p. 2179.
-New Directors-Acquisition.
Maine Central RR.
At the annual meeting the following new directors were added: Arthur
J. Roberts of Waterville, Me., Charles H. Bartlett of Bangor, Me., and
B. W.Page of Skowhegan. Me.
It was voted to acquire the stock of Hereford Ry.-V. 120. P. 1744, 1740.
-New Directors.
-Texas RR.
Missouri-Kansas
L. F. Loree, Chairman of the board of the Kansas City Southern By.;
S. W.Fordyce Jr. of St. Louis, Mo.; Moritz Rosenthal, a member of Ladenburg, Thalmann & Co. of New York, and Sir William Wiseman, also of
-Kansas-Texas RR.,
New York, have been elected directors of the Missouri
succeeding Frank 0. Watts of St. Louis, E. R. Tinker, E. G. Merrill and
Harry S. Black of New York.
Referring to the newspaper comments caused by the recent change in
-Kansas-Texas RR., it was stated at
the board of directors of the Missouri
the office of Speyer & Co., who took an active ;part in the reorganization
of this road and who acted as one of its bankers for many years, that their
-V. 120, p. 1999.
relationship to this company remains unchanged.
Minneapolis & Omaha Ry.-Con-Bonds Sold.
Missouri Pacific RR.
-Kuhn, Loeb & Co.
1924.A condensed statement for year 1924, issued under date of Mar. 27, says: have sold at 99% and int. $25,000,000 1st & Ref. Mtge.
The number of tons of freight carried one mile increased 1.60% and the 6% Gold Bonds, Series "E," due May 11955.
average revenue per ton per mile decreased 1.85%. The result was a
Denom. 51,000 and $500 e* and r*. Int. payable M. & N; Entire
decrease in freight revenue of .27%, due principally to the fact that there series
red. as a whole only on any int, date on or before May 1 1950 at 107{
was a decrease in all business handled except products of agriculture.
and int., or on any int. date thereafter at par and int.. plus a premium of
The number of passengers carried one mile decreased 6.76% and the
redemption date and the date of
3. % for
passenger revenue decreased 6.58%. Of this decrease 89.01% was in local maturity,each 6 months between thenotice.
upon not less than 90 days'
Both principal and interest
to line business, due principally to highway competition.
payable in gold coin of the U. S. of America of the standard of weight
The total operating revenues decreased 1.58%; cperating expenses de- and fineness existing May 1 1925 without deduction
for any tax, assessment
creased 5.64%, and the ratio of operating expenses to revenues decreased or other Governmental charge (except Federal
income taxes) which the
from 82.91% in 1923 to 79.49% in 1924.
company or the trustees shall be required to pay thereon or to retain thereA comparative income account was given in V. 120. p. 827.
from under any present or future law of the U.S. of America or of any state,
Dec. 31 1924 co. had invested in road, equip., securities, &c_ -$89,038,864 county, municipality or other taxing authority therein.
4,928,802
Cash and other current assets
Issuamy.-Subbject to tae approval of the I. S. 0. Commission.
799,075
Deferred assets, &c
-Application will be made to list these bonds on the New York
11,259,859
Listing.
Cap:tal stock and scrip outstanding-Preferred
18,559,087 Stock Exchange.
Common
46,805.800 Data From Letter of Chairman Win. H. Williams, New York April 16.
Long-term debt outstanding
3,382,114
Current liabilities
Purpose.
-To provide company with the necessary funds for the redemp7,600,333 tion
Reserves, &c
bonds, Series "C," which are to be
of 59,044,000 1st & Ref.
7,159,550 called for redemption on Aug. 1Mtge.to
Corporate surplus
1925
reimburse the company for capital
1
-7. 120, p. 827.
expenditures already made and to provide funds for additional capital
- expenditures.
Cincinnati Lebanon & Nor. Ry.-Tentative Valuation.
Security.
-The 1st & Ref. Mtge. bonds are secured on 6,734 miles of
-S. C. Commission has placed a tentative valuation of $5,281,943 railroad of the company, upon valuable terminal properties, depots and
The I.
on the total used and 55,118.086 on the total owned properties of the com- bridges, upon all the equipment owned having a depreciated book value
as of Dec. 31 1924, of $50,935,461 over outstanding equipment trust
pany, as of June 30 1917.-V. 119. p. 1732. 692.
certificates and upon $23,703,000 Preferred stock of Texas & -Pacific By.,
Central New England Ry.-Correction.subject to $125,981,500 of Prior Lien bonds on various parts of the system,
In the income account for 1924 given in V. 120, p. 1877, we reported a net for the retirement of which, at or before maturity, 1st & Ref. Mtge. bonds
deficit of $588.117 after dividends. This should have read a net income are reserved. The prior liens may not be increased' they may be acquired
surplus for the year 1924.-V. 120, p. 1877.
and deposited under the 1st & Ref. Mtge. without impairment of lien,
but unless and until they have been so deposited they may not be renewed
- or extended.
-Tentative Valuation.
Cumberland & Manchester RR.
The let & Ref. Mtge. bonds are a first lien on 3 299 miles of railroad and
The I.
-S. C. Commission has placed a tentative valuation of 5477,199
a refunding lien on the remaining 3.435 miles, subject to prior liens thereon
on the company's property, as of June 30 1918.--V. 119, p. 1623.
as above stated. After giving effect to this financing, the 1st & Ref. Mtge.
bonds, including the amount of loans from
Elkhart & Santa Fe Ry.-Construction of Line and short term notes secured by such bonds, will the U. S. Government and
be outstanding at the rate of
Stock Issue.:
only about $26,500 per mile on the mileage on which the bonds are a first
The I.
-S. C. Commission on March 31 issued a certificate authorizing lien.
Following the 1st & Ref. Mtge. bonds company has outstanding $51,the company to construct a line of railroad extending from a point on the
Kansas
-Oklahoma State line near the city of Elkhart, Morton County, 350,000 of Gen. Mtge. 4% bonds, due March 1 1975, $71,800,100 of Pref.
Kan., in a general southwesterly direction to a point in Cimarron County, stock and 582,839,500 of Common stock, having a total present market
Okla., about 5 miles north of the south line and 14 miles east of the west value of approximately $118,500.000.
System.- n addition to its directly owned lines the company owns over
line of said county, a distance of about 56 miles, all in Texas and Cimarron
79% of the stock of New Orleans Texas & Mexico By., which is pledged
Counties, Okla.
The Commission also authorized the company to issue $50,000 common to secure 514,303,880 of 15-Year 7% notes of Missouri Pac. RR.,due 1939
stock (par $100 each)to be sold at par and the proceeds used for construction and over 53% of the stock of Texas & Pacific Ry. New Orleans Texas
& Mexico By. in turn owns all the stock of International-Great Northern
purposes.
Chicago St. Paul
densed Statement Year
THE CHRONICLE
APRIL 18 1925.]
RR. Including these companies and their subsidiaries, the system operated
Louis on the
by the company aggregates 11,327 miles and extends from St.to Memphis,
East to Kansas City, Omaha and Pueblo on the West and San Antonio.
New Orleans, Fort Worth, Dallas, Houston, Galveston.
El Paso. the Gulf ports, the Rio Grande Valley and the Mexican border
on the South and West. Company also owns an undivided one-half
interest in the Common stock of Denver & Rio Grande Western RR.to
-The income for the year ended Dec. 31 1924 (adjusted
Earnings.
give effect to the payment of dividends at the current rate of7% per annum
for a full year on the stock of New Orleans Texas & Mexico By. now owned
-Year notes issued in
by the company) interest for a full year on the 15
payment of such stock is included in the statement of annual interest
below] after deducting interest on debt prior to the 1st & Ref.
charges
Mtge. bonds, rentals, taxes (other than income taxes) &c., would amount
'
to $13,247,294. while after the completion of the present financing the
amount of interest on funded debt other than such prior debt (excluding
interest on the Gen. Mtge. bonds which are junior to the 1st & Ref. Mtge.
bonds) will amount to $5,942,773 per.annum. Such income for the first
2 months of 1925 was $645,390 in excess of the corresponding period of 1924
after crediting to the 1924 period dividends on the New Orleans Texas &
Mexico Ry. stock.
-Is limited to an authorized amount which,
1st et Ref. Mtge. Bonds.
together with all prior debts, after deducting bonds reserved to retire prior
shall never at any time exceed 3 times the then outstanding capital
debts,
stock, with the additional proviso that, when the aggregate amount of the
bonds issued and the bonds reserved for refunding purposes shall equal the
sum of $450,000,000, no additional bonds shall be issued without the consent
of a majority in amount of the stockholders and then only to the extent
of 80% of the cost of work done or property acquired.
By the terms of the 1st & Ref. Mtge., bonds issuable thereunder shall
be issuable in series, shall bear int. at such rates (not exceeding 67 per
eLgmine.pheouncan1
(buzerlier an June? 1948) as
annum)
atueatsuch
rssafromtme
secured by the 1st & Ref. Mtge. which will be outstanding in the hands
of the public after the present issue, aggregates $66,942,000, of which
$17,840,500 will be 5% lponds and $49.101,500 6% bonds. $11.187.000
additional 6% bonds are pledged with the U. S. Government to secure
loans aggregating $8,389,760 and 815,500,000 additional 6% bonds are
-Year 5% notes, maturing July 1 1927.
pledged to secure $12,000,000 3
Under the terms of the mortgage, bonds are reserved to retire the prior
lien bonds and further bonds may be issued from time to time for additions.
betterments improvements, construction or purchase of additional railposes under the
roads, terminals equipment and for other corporate
f20, p. 1744. 1199
-"
restrictions and linaitations provided in the mortgage. ,
2009
South Plains & Santa Fe Ry.-Construction of Line.
-S. C. Commission on April 4 issued a certificate authorizing the
The I.
company to construct a line of railroad extending from a connection with
its existing line at Doud in a general westerly direction to a point near the
west line of Cochran County, a distance of about 65 miles, all in Lubbock,
Beckley and Cochran Counties, Tex.
The company is controlled by the Atchison Topeka & Santa Fe By.
through ownership of all of its capital stock except directors' shares. It
owns a railroad extending from Crosbyton in a general westerly and southwesterly direction through Lubbock to Seagrave, Tex. Its railroad is
leased to and operated by the Panhandle & Santa Fe By.. which is also
controlled by`the Santa Fe through stock ownership.
The purpose of the proposed line is to serve and develop the agricultural
resources of a large region in western Texas, extending into eastern New
Mexico, which is now remote from rail transportation. The area to be
served is estimated at 3,690 square miles.
-Acquisition and Operation of Line.
Suncook Valley RR.
-S. C. Commissionon March 30 issued a certificate authorizing the
The I.
company to acquire an extension of a line of railroad in Merrimack and
Belknap Counties, N. H., and to operate said extension and a line of railroad owned by it in Merrimack County, N. H.
The report of the Commission says in part:
The Suncook Valley RR. has been under lease to. and operated by. the
Boston & Maine RR. since its construction in 1870. In 1889 one of the
B.& M.'s predecessors in Interest extended the line from Pittsfield to Center
Barnstead. 4.57 miles. This extension is commonly known as the Suncook
Valley Extension Branch. The lease, by its terms, expired on Jan. 1 1912,
but was thereafter modified and extended from time to time. On or about
July 16 1924 the B.& M.gave notice, under the terms of the supplementary
agreements, that on and after Sept. 15 1924, subsequently extended to
Sept. 28 1924, it would no longer operate the railroad. To avoid the inconvenience and loss that would result from abandonment of the line the
applicant has undertaken to continue its operation. By a contract made
Sept. 17 1924 the B. & M.agreed to transfer to the applicant all its right,
title and interest in the extension from Pittsfield to Center Barnstead and
all franchises pertaining thereto. The contract does not specify any consideration except the undertaking on the part of the applicant to accept
the transfer.
The applicant's railroad, as extended, traverses a rolling valley 25 miles
long and from 10 to 16 miles wide, which is not served by any other common
carrier. It is represented that parts of the valley are in a high state of cultivation and that there is much timber land along the line. The cutting of
timber and its manufacture constitute the chief industries. There are a
number of small manufacturing plants served by the railroad, some of
-Abandonment.
Nashua & Acton RR.
which have been in existence for from 18 to 65 years.
-V.84, p. 391.
See Boston Sr Maine RR. above.
Operation of the line by the B. & M. resulted in substantial losses. In
tonnage transported was 45,710 tons.
1923 the
Nashville Chattanooga & St. Louis Ry.-New Direc- In which totalincluded $454 miscellaneous rents, wereOperating revenues,
170.353; operating
are
tor, &c.
expenses, taxes and equipment rents totaled $122,157.
represents that those dependent upon the line for transhas been elected to succeed the
The applicant
Thomas N. Greer of Shelbyvilh3, Tenn.
succeeds V. E. Schwab as a member portation have co-operated with it to maintain service; that certain citizens
late V. E. Schwab. George A. Schwab
-V. 119, p. 455.
have advanced funds for working capital, although no loan could be secured
of the finance committee.
by it upon its credit; tnat shippers have accepted a curtailment of service,
standard rate,
-Hearing on and that the employees have accepted wages less than theclearly appears
New York Chicago & St. Louis RR.
to efficiency and economy. It
and
-Overruling the demands of minority stockholders thatregulations conducive and necessity of the local territory require
Merger.
the public convenience
-V. 119, p. 457.
of the Chesapeake & Ohio RR. for a delay, the 1.-S. C. that the railroad be continued in operation.
Commission on April 15 began hearings on the proposed
Nickel Plate merger. The C. & 0. minority had sought a
delay until the courts at Richmond, Va., shall have passed
upon a complaint that the consolidation, as it affects the
C. & 0., would be in violation of the Virginia State laws.
Toledo Columbus & Ohio River Ry.-Valuation of Subs.
-S. C. Commission has placed a tentative valuation of $1,108,137
The I.
on the total owned. and $962.787 on the total used properties of the Manufacturers' Ry. of Toledo, 0., as of June 30 1916.-V. 119, o. 1283.
The Commission ruled against the protestants after a sharp debate,
during which the backers of the merger contended that time would be
saved by proceeding at once, and that there were precedents to show
that the Cornimssion had authority to overrule the court should it be
unfavorable to the present program.
[One hundred fourteen 5% Sinking Fund certificates dated May 1 1917
0
of $1,000 each, and thirty-four5 M 7 Sinldng Fund certificates dated May 1
1922 of $1,000 each have been called for payment May 1 at 101 and int.
and 102 and bit., respectively, at the Union Trust Co., Cleveland, Ohio.
-V. 120. P. 1745, 1583.1
or at the Chase National Bank. N. Y. City.]
-7'o Issue Bonds.
New York New Haven & Hartford RR.
The stockholders on April 15 authorized the issuance of bonds to refund
obligations maturing up to 1930; to pay for or reimburse the treasury for
expenditures for equipment not exceeding 13,000,000; to change the rate of
interest on bonds and notes heretofore issued. They also ratified the
action of the company in connection with the issuance of the $23,000.000
°
-year 67 Loan, dated April 1 1925.
15
-year lease of the New Haven right-ofThe stockholders also approved a 25
way between Larchmont and Mamaroneck to the New York Westchester
-V. 120, p. 1878, 1735.
& Boston RR.for extension of its lines.
Ohio River & Western Ry.-Tentative Valuation.
The I.-S. C. Commission has placed a tentative valuation of $1,824,415
on the properties of the company as of June 30 1917.-V. 119. p. 694.
-To Increase Indebtedness.
Pennsylvania RR.
The stockholders will vote April 28 on increasing the authorized indebtedness of the company by $10),000,000.
The Pennsylvania RR. will commence delivery on April 20 of the permanent bonds of the $50.000.000 55, due Nov. 11964. at its office, 85 Cedar
St., N. Y. City, or at the Treasurer's office, Broad Street Station, Philadelphia, Pa.
-V. 120, p. 1870. 1583.
Peoria & Eastern Ry.-Vice-Pres. Re-elected.
W. A. Carnegie Ewen, who resigned about a year ago as Vice-President
on account of differences over the management of the road by the "Big
Four," has been re-elected to his former position, the differences, it is understood, having been adjusted satisfactorily.
It is confidently expected, according to interests connected with the road.
that the P. & E. will show better net operating results for the future than
it has done in the past. The P. & E., it is said, is the only road in the New
York Central system that showed an increase in gross earnings for the year
1924. For the two months ended Feb. 28 the road earned over $63,000
above its fixed interest charges for that period.
Mr.Ewen is a director of the P.& E.and is the only director on the board
representing the Income bondholders and the minority stockholders' inter-V.118, p. 1393.
ests.
-Bonds.
Wildwood & Delaware Bay Short Line RR.
-S. C. Commission on April 3 affirmed its decision of Dec.7 1923
The I.
denying the company permission to issue $82,000 First Mtge.5% bonds as
being compatible with the public interest by reason of the fact that the
not
company had failed to comply with the provisions of its mortgage, which
required the establishment and maintenance of a sinking fund,such failure,
under the terms of the mortgage, constituting a basis for declaration by the
trustee that the principal of all bonds outstanding under the mortgage
should become due and payable immediately, such declaration being
optional with the trustee upon its own motion, or compulsory upon the
written request of the holders of a majority in amount of the bonds issued
and outstanding.
The report of the Commission says in substance:
Subsequently the company filed a petition for reconsideration which was
accompanied by copy ofa certificate showing that the holders of $382,000
of the $470,600 of these bonds outstanding had agreed to waive the benefit
the sinking fund provision of the mortgage,and that $350.300 of the bonds
endered for the endorsement thereon of the waiver. The
had been
trustee, ho ver, is not a party to the waiver, and while it is in sympathy
with the pla , it apparently believes that it could not legally participate
therein while any of the bondholders decline to waive their rights under the
sinking fund provision. The company contends that so far as the Commission is concernrd,it is advantageous to have this power remain in the trustee,
and that the retention of such power will serve to insure the proper administration of the affairs of the company. The fact remains, however, that
the objections stated in the previous report have been only partially, if at
all,overcome. The sinking fund provision still remains in the mortgage and
the company is in default thereunder; the trustee has power to declare the
principal of the outstanding bonds due and payable at any time, and there
exists a fairly substantial minority interest which may at some time find
itself in a position to commence legal proceedings to protect its rights.
Irrespective of this feature, however, the company's financial condition
does not appear to justify the granting of the authority sought. Its balance
sheet as of Dec. 31 1924 shows investment in road and equipment of $852.564, with depreciation of $30,333 on road and $852 on equipment,or investment less total depreciation, $821.359. Cash is shown as $1.824 and materials and supplies as $5,101, making total capitalizable assets of $828,285.
Capital steels outstanding is shown as $378,000, and funded debt $472.100.
a total of $850.100. The applicant also has outstanding $21,000 of notes
which constitute the unpaid balance of notes issued to finance additions and
betterments in respect of which the proposed bonds are to be issued. By
including these notes in the capitalization the total would be $871.100. or
an apparent present overcapitalization of $42.814. In the event the proposed issue of bonds were authorized the overcapitalization would be increased by $61,000, the difference between $82.000 of bonds sought to be
Issued and $21.000 of notes which would be retired, making a total overcapitalization of $103,814. The balance sheet further shows a profit and
loss debit balance of $45,747, an increase of $3.452 over 1923.
The income statement shows a net operating deficit for 1924 of $4,564.
-V.117. P• 2655.
Peoria & Pekin Union Ry. Co.
-Annual Report.1922.
1924.
Calendar Years1921.
2
,793
Railway oper. revenue_ _ 11,815,863 $119 9,.359 $1,803,775 $1,703,053
1,380.771
Railway oper. expenses_ 1,486,244
1,417,178
1.506,715
$418.587
Net rev. from oper--- $329,619
$386,597
$196,339
Tax accruals & uncollec285,081
171.180
able railway revenue_
192,084
176,475
Non-operating income__ Cr.314,728 Cr.306,085 Cr.248,194 Cr.459.343
218,894
250,742
Deductions
230,381
330.241
Net income
-V. 120. P. 1323.
$222,425
$220.698
1212.326
$148,966
PUBLICUTILITIES
-Listing.
American Gas Co., Philadelphia.
The Philadelphia Stock Exchange on April 11 authorized the listbig o
$1,218,000 additional Common stock, issued in exchange for $1,218,000
-Year 7% Convertible Gold bonds, due 1928, making the total amount
10
-Year 7% Conof stock listed $11.304,100, and reducing the amount of 10
vertible bonds listed to 8407.600.-V. 120, p. 1879.
-Quarterly Report.American Tel. & Tel. Co.
Pres. W.S. Gifford in his remarks to the stockholders says:
As anticipated, the first three months of 1925 have shown an Increasing
use of telephone service throughout the Bell System. The numbeo
telephones h.as increased 210,000, with a corresponding extension of telephone plant. The larger number of telephones with which each telephone
subscriber can be connected increases the value of the service, and the
greater value of the service results in a more intensive use of
facilities.
The Bell System can look forward confidently to continued growth
year by year and to its facilities becoming more useful and more used,
with revenues commensurate with the necessary investment in additional
-Equipment Trusts.
Reading Company.
telephone plant which must be provided, in part, by new capital issues
-S. C. Commission on April 8 authorized the company to assume from time to time.
The I.
0_
At the annual meeting held on March 31 the stockholders voted that
obligation and liability in respect of $7,500.000 4Ji7 Equipment Trust
certificates, Series L. to be issued by the Philadelphia Trust Co. under an the authorized capital stock be increased by $500,000,000. This authorized
agreement dated Oct. 1 1924, and sold at not less than liar in connection Increase is in anticipation of the continued growth of the business. No
-V. 120, p. 700, 327.
offer of stock in the near future is contemplated.
with the procurement of certain equipment.
Pittsburgh Cincinnati Chicago & St. L. RR.
-Bonds.
-S. C. Commission on April 8 authorized the company to issue
The I.
not exceeding $26,000,000 Gen. Mtge. 5% Gold bonds. Series "B," the
bonds to be sold to Kuhn, Loeb & Co. at not less than 96 and the proceeds
used for corporate purposes. (See offering in V. 120. p. 1323.)
Authority was aWo granted to the Pennsylvania RR, to assume, as
lessee and guarantor, obligation and liability in respect of the bonds.
-Ir. 120, p. 1323, 1745.
2010
THE CHRONICLE
3 Mos.End. Mar.31- z.925.
1924.
1922.
1923.
Dividends
$17.714,717 814.193,847 $12,401.664 910,788,493
Interest
4,637,164
3,886,590
3,192,705
3,116,224
Telephone oper. rev__ _ - 20,589,870 18,584,233 17,885,107 15,443.368
Miscellaneous revenues125,615
125,894
43,602
103,612
Total
$43,067,366 $36,790,564 $33.583,088 $29,391,688
Exp., incl. prov.for Fed.
and other taxes
11,869,923 11,156,791 10,298,788
9,272,833
Net earnings
$31,197,443 825,663,772 $23,284,300 $20,118.855
Deduct interest
5,287,804
3,203,126
4,178,589
4.123,328
Deduct dividends
19,065,675 16,754,947 15,096.787 12,493,993
Balance
$6,843,964 $4,700.236 $4.984,388 53.501,534
x Subject to minor changes when final figures for March are available.
[The Philadelphia Stock Exchange has authorized the listing of $12,175,900 additional Capital stock,issued: $99,600 in exchange for $99,600 7
-Year
6%_Convertible bonds, due 1925, canceled and stricken from the list;
$109_,500 being part of 200,000 shares, to b issued to employees; and $11,966,800, being part of 1,511,575 shares to be issued under company's circular letter, dated May 20 1924. making the total amount of stock listed at
April 11, $912.422,200, and reducing the amount of Convertible 8% bonds
listed to $4,004,400.)-V. 120, p. 1880.
Annapolis & Chesapeake Bay Power Co.
-Earnings.
-
Calendar Years1924.
1923.
Gross revs.,$445,837; oper.exp.,$295,710;oper.income$150,127 $119,905
Non-operating income (C
238
254
Taxes, $15,086; uncollectide bills, $1,020; total
16,106
15,086
Interest, $52,790; depreciation, $4,034; total
52,270
56,824
Extinguishment of discount on bonds, &c
1,023
5,695
Other deductions
120
11
Dividends declared
39,721
39,721
Balance, surplus
-V. 119. p. 77.
$31.915
$12.031
Associated Gas & Electric Co.
-Initial Div. on Class A
and B Stocks Payable in Class A Stock.
-The directors have
declared an initial quarterly dividend of 1-40 of a share in
Class A stock on the Class A and Class B stocks, payable
May 1 to holders of record April 10. Stockholders who desire
to receive cash have the privilege of taking 50c. in cash instead of the stock payment.
H. C. Hopson V.-Pres. & Treas., in a circular to holders
of the Class A stock, says in substance:
The directors on March 5 declared a regular quarterly [cash] dividend of
50c. per share on the Class A stock (V. 120. p. 1201).
The very favorable reception given by stockholders to dividend distributions payable in stock made by other leading public utility companies has
led the directors to consider the advisability of such a distribution in connection with the dividend on its Class A stock. This, when generally
well received, enables a public utility to make a larger distribution, since
the constant growth of its business makes possible the profitable reinvestment of its earnings, which can, however, be capitalized and distributed
in stock to its stockholders. Moreover, a stockholder may realize more
by the sale of such stock so received than by taking the cash dividend.
While a stockholder would be subject to Federal income surtaxes on a
cash dividend, the receipt of the dividend in stock is not subject to tax
until the sale of the dividend stock is effected and then the tax applies
only on the difference between the sale price of the stock disposed of and
the average cost of the stockholder's entire holdings, including the dividend
stock.
The present management has been in full charge of its policies for a
period of about three years. Its properties and earnings have in that
period steadily grown, through economical operation, efficient service
and additional acquisitions upon a conservative basis. The gross earnings
of the company audits subsidiary and affiliated companies, were $1,560,000
for the year 1921, and are at the rate of more than $10,000,000 per year
at the present time. Its financial structure is well designed to provide
for expansion. Nevertheless, the directors, in view of the increasing cash
requirements of its electrical properties, would not feel justified at the
present time in withdrawing from the company cash for a dividend payment
at a rate exceeding $2 per share per annum.
Feeling that the Class A stockholders would be pleased with payment
of their dividend in stock, upon which they may realize a larger return
than through payment in cash the directors, at a meeting held April 10,
authorized payment of the dividend payable May 1 1925 in Cl- ss A. stock
41i
at the rate of 1-40 of one share for each share held of record n April 10
1925, which is equivalent on the basis of the present market lue of this
about 65c. per share and at the annual rate of $2
stock to
per share.
or 10% on the price at which the Class A stock was offered as compared
with less than 8% on such price, if the dividend were paid in cash at 50c.
per quarter.
In order to accommodate stockholders who may, nevertheless, desire
cash direct from the company, the company will pay at the rate of 50c.
in cash per share of Class A stock held of record April 10 1925. The
company has made arrangements so that any holder of Class A stock
may, upon request, either purchase fractional scrip to complete a full
share at the price of $1 per full share above the market or sell his fractional
scrip at the price of $1 per full share below the market.
Consolidated Income Statement
-12 Months Ended Jan. 31 1925.
[Including subsidiary and affiliated properties.]
Gross earnings
$6,161,403
Operating exp.. maint. & taxes, including Federal income taxes
3.771,467
Net earnings
$2,389,936
Int., Pref. div. charges of sub, and affil. properties, and income
reserved for minority interests, and int. and l'ref. div. charges
of Assoc. Gas & Elec. Co., incl. extra divs. on Pref. stock
1,281,589
Bal. for retirements, diva. on Class A and B stocks and surplu.s-$1,108,347
Balance equal to per share on 200,000 shares Class A stock
$5 54
-The foregoing statement does not Include earnings of properties
Note.
before they were taken over by the company or affiliated interests. If
such earnings had been received for the full year, the gross earnings would
have been over $10,000,000 and the balance for dividends on Class A stock
very much more.
Consolidated Balance Sheet at Jan. 31 1925.
[Company and subsidiary and affiliated properties.]
Assets.
Liabilities.
$52,136,685 Capital stock
Plant and property
414,669.523
1.318,832 Pref., original series_
Investments
b5,482,000
do
subscriptions
Cash and special deposits 4,546.828
696,100
Notes & accts. receivable 2,285,712 Int.-bearing stock scrip__
223,400
1,072,713 I Stks. ofsub. & affil. props 5,710,446
Materials & supplies_ _
Prepayments174,632 Funded debt
20.654,100
Notes payable (secured).. 3,757.500
Unamortized debt, discount and expense___- 2,757,937 Property purch. oblige
3,576,722
Other suspense
329,172 Notes pay.(unsecured)._
868,379
Accounts payable
1,112,112
Accrued interest
355,499
Accrued taxes
390,524
Consumers' deposits..
633,312
Retirement reserves, &c.. 5,957.216
Res. future pref. di vs.,,Scc
174,423
Total (each side)
$64,622,511 Other optional reserves__
361,255
a Class A and Class B stocks and surplus: Class A stock-authorized
300,000 shares; outstanding, 200,000 shares. Class B stock-authorized,
and outstanding. 300,000 shares. b 109,640 shares no par value.
V. 120. p. 1745, 1585
[VOL. 120.
granted. No mention of the name of the person seeking control of the
property was made.
-V. 120, p. 1745. 1585.
Cape Breton Electric Co., Ltd., Sydney, N. S.
-Earns.
12 mos. end. Dec. 31- 1921.
Gross earnings
$694,596
Net after taxes
$111,387
Interest on bonds
Interest on other items
Dividends (6% Preferred stock)
1922.
$626,238
873,554
1923.
$701.214
$92,651
1924.
$662,906
$127,330
54,800
13.607
18,840
Balance for reserves
$40_,082
H. B. Robinson & Co., Ltd., Montreal, are offering a block of 1st Mtge.
5% Gold bonds due 1932 at 86. Total issued,91,096.000.-V. 117,p.2541.
Central Illinois Light Co.
-Earnings.
-
12 mos. end. Feb. 28- 1925.
1924.
1923.
1922.
Gross earnings
$3,644,985 $3.556,845 $3,141,291 $2,756,991
Oper.exp.,taxes & maint 1,978,245
2,070.001
1,955,932
1,628,386
Fixed charges
542,742
472,771
491,077
413.910
Dividend,Prof.stock._
292,078
276,090
213,784
176,892
Prov. for replacements
and depreciation
256,800
217,800
210,000
210,000'
Balance
$575,120
$520.184
$270.497
8327,804
-V. 120, p. 954.
Chicago Rapid Transit Co.
-Completes $3,000,000 Extension.
See article appearing in the "Electric Railway Journal" of April 11, pages
583 to 586.-V. 120. p. 954.
Cities Service Co.
-Dividends.
-
Regular monthly dividends of M of 1% in Common stock and ;i% in
cash have been declared on the Common stock, together with the usual
monthly dividends of 3 of 1% on the Preferred and Preference stocks, all
payable June 1 to holders of record May 15. Like amounts are payable
May 1.-V. 120, p. 1746.
Cities Service Power & Light Co.
-Bonds Ready.
-
Dillon, Read & Co. Interim receipts for the 20
-Year 6% Secured Sinking
Fund Gold bonds. Series "A," due Nov. 11944. are now exchangeable for
definitive bonds at the office of the Central Union Trust Co.. 80 Broadway.
N. Y. City. See offering in V. 119, p. 2178.
Cleveland Electric IlluminatingCo.-Bonds Ready.
-
The temporary Gen. Mtge. Gold bonds.5%,Series "A," due Nov. 1
are now exchangeable for definitive bonds at the Guaranty Trust1954,
Co..
140 Broadway,N.Y.City. See offering in V.119,p.2409.-V. 120. p.1456.
Coast Valleys Gas & Electric Co.
-Earnings.
-
Twelve Months Ended Dec. 311924.
1923.
1922.
Gross earnings
$886,504 $792,496 $668,245
Operating expenses, maintenance and taxes- 593.173
500,768
472,854
Interest
95,223
85,784
85,226
Preferred dividends
31.537
27,778
25,886
Balance for retirement reserves, common
dividends, amortization and surplus___$166.571 $178,166
984,276
-V. 119, p. 1285.
Columbia Gas & Electric Co.
-Notes Sold.
-Guaranty
Co. of New York, J. & W. Seligman & Co., W. E. Hutton
& Co., Coggeshall & Hicks and Marshall Field, Glore, Ward
& Co. have sold at 100 and int., to yield 5%,$10,000,000'
-Year 5% Gold notes.
3
Dated May 1 1925; due May 1 1928. Authorized, $25,000,000; to be
issued forthwith, $10,000.000. Int. payable M.& N. Denom. c* $1,000.
and r* $1,000, $5,000, $10,000 and $50,C00. Red. all or raft at any time.
on 3u days' notice to and incl. May 1 1926 at 102 and int.; thereafter to and
incl. Jan. 1 1927 at 101 and int., and thereafter at 100 and int. Guaranty
Trust Co. of New York.trustee.
Purpose.
-Proceeds are to be applied partly for capital expenditures,
chiefly to complete the construction of the new 80,000 k. w. Miami Fort
electric generating station, and partly for reimbursement of the cash portion of the purchase price of practically all of the Common stock of Dayton
Power Sr Light Co. The major portion of the payment for the Dayton
stock was made in Preferred stock of Columbia Gas & Electric Co. This.
acquisition substantially increases the electric operations of the Columbia
system afnrodniett
i
ztr
i .nl
atlie ettrlc f a ion business throughout the Miami
gi ) gas
Provisions of Issue.
-Notes are to be direct obligations of company and.
are to be issued under a trust agreement in which the company will covenant that it will not subject to any additional mortgage or lien (other than
its existing First Mortgage) any of its existing fixed properties or stocks
owned of subsidiary companies unless these notes are secured equally and
ratably under such mortgage or lien.
It is expected chat the company will offer in due course to the holders of
its First Mortgage 5% bonds and 5% debentures, both due Jan. 1 1927, an,
opportunity to exchange the same for 3
-Year 5% Gold notes out of the remainder of this authorized issue.
Consolidated Earnings 12 Months Ended Feb. 28 1925.
[Including the Dayton Power & Light Company.)
Gross operating earnings
531.712.253.
Operating expenses, taxes and adequate depreciation
18,171,791
Net operating earnings
$13.540.462
Other income
2,202,775
Total income
$15,743,237
Rentals
4,720.042
Fixed charges upon completion of this financing
2,884,864
The above figures do not reflect either the full benefit to be derived from.
more than $10,000,000 of capital expenditures made in 1924, or the economies which will result from consolidation of the Dayton operations.
Equity.
-Company has outstanding $23,206,200 Cumulative 7% Preferred stock (about $725,000 additional are presently to be issued In completion of the Dayton purchase), and 1,500,000 shares of no par valueCommon stock. Current quoted prices for these stocks indicate a market.
equity of substantially more than $100,000,000.
Consolidated Balance Sheet Feb. 28 1925.
(Company and subs. controlled by practically 100% Com,stock ownership.)
[Adjusted to give effect to the issuance of $10,000,000 notes
acquisition of more than 99M % of the Common stock of Dayton and to.
Power
& Light Co.]
AssetsLiabilities
Property account
$130.865,565 Pref, stocks of sub. cos__ $12,204,700
Guarantee funds deposited
Minority stocks of sub.cos__
47,300
with trustees
4,003,125 Cumul.7% Prof. stk. Ser. A 23,933,700
6,487,185 Common (1,600,000 abs., no
Other securities owned
Cash
8,190,625
par)
50,000,000
Accounts & notes receivable 5,875,575 Total funded debt
40,814,078
1,974,546 Accounts payable
Materials & suPPlles
1,427,841
815,202 Accr. tax., int. & rentals..... 3,635,943
Int. & dividends accrued-- Preferred stock subscriptions
441,396 Compema'n awards payable
29,115
Sinking fund assets
224,228 Deferred liabilities
749,582
Deferred assets
1,512,473 Reserves
16,091,230
Surplus
11,126,431
Total
$160,089,920
Total
6160,089,920
---V. 120, p. 1746.
Consumers Power Co. (Mich.).-Earnings Statement..
12 Months Ended Feb. 281925.
l94.
Gross earnings
818.400,025 $17,441.113 $14,92 ,945
3
1 718
have declared an initial dividend of 1
The
Common Oper. expenses, taxes & maintenance_ 9,590,662 9,444,313 7,743,467
payable May 1 to holders of record April 10.-v.% on the
stock,
120. p. 1455. 1201. Fixed charges
2,663.423
2,461,471
2,237,014
Dividend, Preferred stock
1.644,706
995,898
1,224,6
Brooklyn Borough Gas Co.
-Option Not Exercised.
Prov.for replacement dc depreciation- 1,356.000
1,088.0781,150.1 ; .
ti
The stockholders have been notified that the option on the controlling
interest in the company, recently given by the Robert H. Foederer estate
Balance
$3,145,235 $3.385,124 $2,430,226
of Philadelphia, has not been exercised by the parties to whom it was -V. 120, p. 1088.
Bangor (Me.) Hydro-Electric Co.
-Initial Dividend.
directors
APRIL 18 1925.]
.I.±LE
CHRONICLE
Columbus Railway, Power & Light Co.
-Tenders.
-
The Harris Trust & Savings Bank, trustee, 115 W. Monroe St., Chicago,
will, until May 8, receive bids for the sale to it of Refunding Mortgage
gold bonds of 6% series. due 1941, to an amount sufficient to exhaust
$162,262.-V. 120, p. 1325.
Denver Tramway Co.
-Denver Tramway Power Bonds.
-
Forty-eight 1st Mtge. Impt. 5% gold bonds of the Denver Tramway
Power Co., maturing by extension April 1 1927. have been called for redemption May 6 at 105 and interest at the International Trust Co., trustee,
-V. 120, P. 329.
Denver. Colo.
Continental Gas & Electric Corp.-Consol. Earnings.
-
2011
Electric Co. of New Jersey.
-Bonds, &c., Approved.
-
The New Jersey P. U. Commission has authorized the company to Issue
$225.000 First Mtge. bonds and 9107,300 in Common stock. The board
also approved the sale by the Salem & Pennsgrove Traction Co. of Its high
tension transmission line to the Electric Co. of New Jersey for
$22,000.V. 117, p. 2894
Electric Investors, Inc.
-Preferred Dividend No.
2.
The regular quarterly dividend of $1 75 per
the Preferred
no par value, has been declared for paymentshare on to holders of stock,
May 1
April 14. An initial dividend of like amount was paid Feb. 2 record
last.
V. 120, P. 702, 329.
Erie County
Electric Co.
-Bonds Offered.
-Arthur
12 Months Ended Feb. 281915.
*1924.
Gross earnings
$21,711,312 $21,170,075 Perry & Co., Boston, are offering at 993 and interest,
Operating expenses, maintenance and taxes
11,922,241 12,032,151 yielding 5.53%, $1,000,000 Gen. & Ref. Mtge.
Gold bonds,
Int.& div. charges on sub.cos.& prior deduc'ns- - 3,757.786 3,483,940
Int. on 1st Lien 55 and Refunding 6s
521,924
473.226 53.%, Series A.
Interest on 7% bonds
Dated April 1 1925; due April 1 1960 Interest payable A.& 0. in
399,000
399,000
New
Interest on secured 634% bonds
760.500
760,500 York City. Redeemable, all or part, upon six weeks' notice on any interest
Dividend on Prior Preference 7 stock
794,052
794.052 date up to and including April 1 1930, at 107 and interest, and on Oct. 1
Div. on Participating Pref. 6-8% stock
1930 at 106 and interest, the premium decreasing 1% each five years
156.896
156.896
after up to and including April 1 1959, after which date the bonds theremay be
Bal. available for deprec. & Common divs
$3,398,913 $3.070,312 called at 100 and interest. Denom. $1,000 and 5500 c• & r•. Centre
* For comparison.
Union Trust Co., New York, trustee. Company agrees
to
without deduction for Federal income taxes, up to but not pay interest,
Outstanding Capitalization, Feb. 28
1925.
1924.
exceeding 2%
First Lien 5% bonds
$4,021,800 $4,126,800 per annum,to assume the Penn. State tax of 4 mills, and to refund the State
Refunding Mtge.6% bonds
5,461.200
5.461.200 tax of Connecticut up to 4 mills annually and the Mass, income tax not
CollateralTrust 7% bonds
exceeding 6% per annum on income derived from the bonds.
5,658,000
5,700.000
Legal investments for savings banks in Maine, New
Secured 64% bonds
11,700,000
Hampshire and
Prior Preference 7% stock
11,343,600 6,858,300 Rhode Island.
Participating Preferred 6 8% stock
1.961,200
1.751.400 Data from Letter of President Chas. H. Strong, Erie, Pa., April 9.
Common capital stock, no par
163,814 Wm. 106,035 shs.
Company.
-One of two electric light and power
-V. 120. p. 1202. 210.
was incorporated in 1903 in Penna., succeeding the companies in Erie, Pa.;
Edison Electric Light &
Power Co., incorporated in 1886. and the Erie wounty Light Co., incorporDominion Power 8c Transmission Co., Ltd.
-Report.- ated in 1882. Company and its predecessors have for forty years furnished
YearsCalendar
1924.
electrical energy,for residential, commercial and industrial purposes in
1923.
1922.
1921.
Erie.
Gross earnings
$3.814,512 $4,019,766 $3,830,559 $3,758,947 This business includes the furnishing of the entire
street lighting in File.
Operating expenses
2,963,779
2,952,144
2,810.924
2446.288 Company also supplies steam heat to a few customerslocated adjacent to its
Bond & other interest
447,273
450,875
442,883
446,116 power station. Over 18,000 customers are now served by the company,
New York exchange_
24.600
59,186 and its long-established business is rapidly growing. The present estimated
population of Erie is in excess of 125,000.
Balance, surplus
$403,460
$616,747
Company owns a modern electric generating station having a present
$552,151
$407,357
Previous surplus
1,081.413
1,098,091
1,071,923
940,526 installed capacity of 21,500.k. w., now being increased to 34,000 k. w.
Company also owns valuable real estate in the city, together with the necesTotal surplus
$1.484,873 $1,714,838 $1.624,074 $1.347,883 sary distribution system and substations.
Bad debts, &c
7,193
3.302
2,966
2,670
Capitalization Outstanding (upon Completion of Present
Income tax paid
30,136
Financing).
22.263
7,296
15,613 Common stock
Transf. to deprec. res've
352,812
320,831
91,974,009
256,884
Gen. & Ref. Mtge. 5%,Series A (this issue)
Dividends
415,759
258,837
258,837
1,000,000
257,677 Underlying Bonds
Closed Mtge. bonds (in hands of public).- 1,192,000
Bond commission
9.937
Earnings Years Ended December 31.
loss
Profit and
$678,973 91,099,669 $1,098,091 $1,071,923
1923.
-Nr. 119, p. 2178.
1924.
Gross earnings
$1.224,305 $1,308,268
Operating expenses, maintenance and taxes
747,389
814,715
Dominion
Telegraph Securities, Ltd.
-Bonds Offered.
Cochran, Hay & Co., Ltd., Toronto, are offering at 105
and interest for bonds of Series "B" to yield about 5370,
$1,000,000 53-Year 53 % Sinking Fund Mortgage bonds,
Series "A" and Series '13" (ranking equally).
Dated Feb. 2 1925; due Feb. 2 1978. Principal and interest
A.)
payable at Bank of Montreal, Toronto, Can. Denom. $1,000,(F. & and
$500
MO of Series A," and In denom. of $1,000 and $500 of Series "B" C.
Bonds of Series "A" are callable at par and interest on any interest date on
30 days' prior notice. Bonds of Series "B" are callable at par and interest
on any interest date after Feb. 2 1955 on 30 days' prior notice. Payment
of the entire sinking fund has been made by the company to the trustee prior
to the issue of these bonds, and this payment, together with interest earnings thereon, is sufficient to retire all bonds outstanding at or before maturity. Trustee and registrar, Royal Trust Co.
-Has purchased the entire assets of Dominion Telegraph Co.
Company.
Dominion Telegraph Co. was incorporated by special Act of the Parliament
of Canada, and, on June 12 1879, leased its entire telegraph system as of
July 1 1879 for a period of 99 years to the American Union Telegraph Co. at
at annual rental of $50,000. In 1881 this rental was by the terms of the
original lease, increased to $62,500 annually, and this sum will continue to
be paid utnil June 30 1978, which is five months longer than the term of the
bonds.
In 1881 the American Union Telegraph Co. assigned its lease
Western Telegraph Co., which in turn assigned the lease to the Greatto the
North
Western Telegraph Co., in so far as that portion of the system lying west
of the Province of New Brunswick is concerned. The Great North Western
Telegraph Co. is now part of the Canadian National Telegraphs, which in
turn is part of the Canadian National Railway System, and the latter has
acknowledged and re-affirmed the assignment of the lease, and the payment
of the annual rental of $62,500 during the currency of the lease.
The Great North Western Telegraph Co., one of the lessees, has paid to
Dominion Telegraph Co. a sum of money in full discharge of any and all
claims which Dominion Telegraph Co. might make in 1978 in respect to the
return of the company's property under the terms of the lease. From this
cash payment certain bonds of Series "A," this issue, have been purchased
and deposited with the trustee, the interest on which will be sufficient to
retire the entire issue of bonds at or before maturity.
Purpose.
-This issue of bonds has been created to retire the entire outstanding Capital stock of Dominion Telegraph Co., amounting to $1,000,000. No other bonds or obligations of the company can be created which
woilld in any way affect this issue, as the interest on the
has been fully secured by an assignment of quarter-yebonds now offered
arly payments of
rent during the entire period the bonds remain outstanding, and the principal of the bonds has been equally well secured by a deposit of bonds with the
trustee.
-Earnings are derived from the previously described lease.
Earnings.
made originally in 1879 for 99 years. The rentals payable under the terms
of this lease, which extends beyond the term of the bonds, amount to
$62,500 annually, whereas interest requirements on the entire issue amount
to only $55,000 per annum. This latter annual amount, with sufficient
added to Pay the fees and expenses of the trust company from year to year,
the company has irrevocably assigned to the Royal Trust Co. in favor of the
bondholders. These funds cannot bd dealt with, diverted or in any way
changed, but are solely the property of the bondholders,subject to the trust
deed.
Net earnings
$476,916
$493,553
Annual mortgage bond interest (incl. this issue)
$126,520
Purpose.
-Proceeds will pay in part for the new 12.500 k. w. unit now
being installed in the power station, will pay off unfunded debt, and add to
working capital.
-V. 110, p. 2491.
General Gas & Electric Corp.(& Subs.).
-Earnings.
-
Consolidated Income Account, Year Ended Feb. 28 1925.
Operating revenue
$19,299,956
Operating expenses and taxes
9,342,939
Maintenance and depreciation
3,565.638
Rentals
402,724
Operating income
95.988.655
Other income
513,046
Total income
56,501.701
Deduct-Interest on funded debt of subsidiary companies
2,857,447
Interest on funded debt of General Gas & Electric Corp.-320,903
Other interest and miscellaneous
175,465
Amortization of debt discount and expense
225,888
Net income
$2,921,997
Surplus March 11924. incl. surplus of cos. acquired during year $4,340,924
Profit on sale of securities and miscellaneous
1,092,107
Total
$8,355.028
Deduct-Dividends on subsidiary companies
91,143,812
do General Gas & Electric Corp. Cum. Pref. Stock, Class A
414,813
do General Gas & Electric Corp. Cum. Pref. stock, Class B
502,886
Additional depreciation
235,000
Miscellaneous
99,716
Profit and loss surplus Feb. 28 1925
95,958,800
-p. 120, p. 1458.
Home Telephone & Telegraph Co. Ft. Wayne, Ind.Bonds Offered.
-Chicago Trust Co. and Ames, Emerich &
Co. are offering at 100 and int. $1,000,000 1st Mtge. 53i%
Gold bonds, Series "B."
Dated April 1 1925; due April 1 1955. Red. all or part, on 60 days'
notice on or after April 1 1936 at 103 and Int. 'Prin. and int. (A. & 0.)
payable at First National Bank, Ft. Wayne, Ind.. trustee, or at Chicago
Trust Co., Chicago, without deduction for normal Federal income tax
not to exceed 2%. Denom. $1,000 and $500 C.
Issuance.
-Authorized by the Indiana P. S. Commission.
Data from Letter of Frank E. Bohn. Vice-Pres. and Can. Mgr.
Company.-1ncorp. in 1896 in Indiana. Supplies without competition
telephone service in Ft. Wayne and New Haven. Ind., and owns toll lines
radiating from Ft. Wayne for 25 to 50 miles in all directions and connecting
with other independent lines by means of which it also serves a number
of smaller communities. Total population served in excess of 115,000.
Company has also entered into an agreement with the Indiana Bell
Telephone Co., under which the latter will construct, maintain and operate
the long-distance equipment in the new building of Home Telephone &
Telegraph Co., which is now engaged in the completion of the necessary
Eastern Massachusetts Street Ry.-Annual Report.
- central office buildings, distribution systems and switching equipment for
Calendar Years1924.
changing over the entire system from the manual to the automatic. It is
1923.
1922.
1921.
Passenger revenue
69,012,808 $10,006,151 $9,989,728 $10.681.350 expected that the entire new automatic system will be in operation about
Freight dc other revenue_
238,533
122,424
56.464
36,899 June 1 1925 and will result in a net saving of approximately $100,000 a year
Rentals,advertising. &c.
211,323
233,741
Earnings Years Ended Dec. 31252,892
1922.
265,122
1923.
1924. .
Interest; other income
282.837
350,390
413,578
$719,826 $797,126 $872,819
334.891 Gross revenues
Operating expenses and taxes
' 507.496 527,316 566,211
$9,745,501 $10.712,706 $10,712,663 $11,318,265
Total revenue
Net before interest and depreciation
a
ns
$212,330 9269,810
_
and
ExPeW yes structures_ $1,313,669 61,811,203 61.879,506 51,768.078 Interest charges on 1st Mtge. bonds to be outstandipg requires__$306,608
985,009
Equipment
1,303,516
1,395,814
1.245,257
Net earnings in 1924 available for interest, depreciation and dividends
1,518.279
1,021,057
1.219.870
Power
1.082,151
1.350,996 were therefore equal to more than 3.6 times annual interest charges on all
2.249,346
2,461,328
2,337.344
Car operation
2,658,888 1st Mtge. bonds to be outstanding. Average annual net earnings, as thus
402.538
365,093
Injuries and damages--356.701
362,312 computed, for the 10 years 1915 to 1924 incl. were $184.943, or more than
94.797
84,810
Insurance
162.588
153.961 2.1 times interest charges on all 1st Mtge. bonds to be outstanding.
32,497
15,750
13,546
Law expense
-Proceeds will be used for the completion of the construction
Purpose.
9,912
tracks
77.787
68,522
77,258
Rent of
79.017 program in connection with the change from the manual to the automatic
240,409
246,322
General wages & expense
247,121
263,910 system, which has been made necessary by the unprecedented growth of
Miscellaneous expenses_
497,058
391,802
356,616
288,745 the community and the tremendous increase in the demand for service.
Stock Equity and Dividend Record.
-Based on present market quotations,
a Operating expenses- 57.232.674 $8,060,514 57,758.090 58.454,103 the equities represented by the Pref. and Common stocks total in excess
348,770
375.505
396.823
Taxes
348,750 of 52.250,000. Dividends are now being paid on both Issues at the rate
2,164.057
2,276,686
2,557.749
Gross income
2.515.410 of 7% per annum.
1.398,152
1,497,956
Interest and rentals_ _ _ - 1,362,658
Capitalization1,623,021
Authorized. Outstand'g_.
1st Mortgage 6% Gold bonds, Series "A"
$500.000
$500,060
$801,399
$878,534 51,059,792
Net income
,
6
1st Mortgage 5; % Gold bonds, Series "B"
$892,389
1,000,000
1,000,000
Operating expenses include charges for depreciation amounting to Pref. stock, 7% cumulative (par $50)
a
1,500,000
a1,489,550
5788.885 in 1924. $848,214 in 1923 and $848,753 in 1922. During 1924 Common stock (par $50)
750,000
750.000
$579,501 of the depreciation reserve was applied to reconstruction and
a $10,450 7% Pref. stock subscribed for by employees on partial pay-V. 120, P. 1326. 1202.
amortization.
ment plan, but not as yet issued.
2012
Within the past few years the company has sold, locally for the most part,
$1,288,250 7% Cum. Pref. stock.
-V. 119, p. 2287.
Houston Lighting & Power Co.
-Annual Repo t.
Calendar Years1924.
1922.
1921.
1923.
Gross earnings from oper $3,107.064 $2,552,153 $2,096,997 $1,812,646
Oper. exp., incl. taxes_ _ 1,824,015
1,662,228
1,383,456
1.192.951
Net earningsfrom oper $1,283,049
Other income
39,709
$889,925
51,002
$713,541
423
Total income
$1,322,758
Interest on bonds
437,901
Other interest & deduc
58,709
Preferred dividends_ _
139,968
Renewal& replac't res've
327,386
$940,927
204,483
44,180
91.097
238,981
$713.964
120,150
37,970
19.979
194.207
Balance, surplus
-V. 119, p. 2179.
$362,186
$341,658
$358,794
Total
Oper. expenses & taxes
1924.
$813,885
691,386
547,709
305,033
1923.
$749.240
711,270
523,159
282.690
1922.
$668,316
735,647
521,577
272,273
Louisville Gas & Electric Co.
-Report.
-
Twelve Months Ended Dec. 31Gross earnings
Operating expenses, =int. & taxes
Interest
Preferred dividends
1922.
1924.
1923.
$7,258,637 $6,475,824 35.571,193
2,931,448
3,705,158
3,255,432
1,294,997
1,161,107
962,552
842,766
1,138,080
993,087
Balance for retire't reserves, corn.
$619.695
divs., amortization & surplus__ _ $1,254,292 31,264,752
$501,982
4,294 -V. 120, p. 1326.
$623,989
Lowell (Mass.) Gas Light Co.
-To Issue Stock.
120,150
The Massachusetts Dept. of Public Utilities has authorized the company
31,857
to issue 12,000 additional shares of capital stock (par $25) at $42 50 a share,
153,239 the proceeds to be used to pay off floating indebtedness incurred for capita
expenditures.
-V. 120, p. 1459.
$318,743
Manila Electric Co.
-Tenders.
-
Illinois Power Co., Springfield, Ill.
-Earns. Cal. Years.
Gross EarningsElectric
Railway
Gas
Heating
[VOL. 120.
THE CHRONT CLE
1921.
$782,536
784,642
485,205
261,318
The Equitable Trust Co.. trustee, 37 Wall St., New York City, will until
April 23 receive bids for the sale to it of First Ref. Mtge. Gold bonds.
series, due 1942, to an amount sufficient to absorb $25,000, at a price 7%
not
exceeding 115 and mterest.-V. 119, p. 1064.
Melbourne (Australia) Electric Supply Co., Ltd.
Sale to Government.
-
$2,358,013 $2,266,358 $2,197,812 $2,313,701
1,593,050
1,580,642
1,643,434
1,602,691
The holders of 25
-Year 7)i% Gen. Mtge. S. F. Gold bonds, Series "A."
dated Jan. 31 1922, wIll vote May 9 on approving the carrying out by the
company of an agreement dated June 18 1924 for the sale of the company's
3720.651 undertaking to the State of Victoria free from the mortgages and charges
Gross income
$617,170
$663.667
$714.578
295,662 securing the bonds and ratifying the action of the trustees in
Int., &c., fixed charges_
357,262
342,304
375,250
concurring
Divs. on pref. stock__ ._
191,150
154,994
133,750
*90,000 with the trustees of the outstanding Debenture stocks of the company in
executing and carrying into effect a deed approving such sale
$334,989 for the application of the purchase money payable under theand providing
Balance
$151,411
$141,116
$148,178
agreement.
* Div. on Pref. stock of Springfield Gas & Electric Co., a predecessor co.
The only persons entitled to vote at the meeting will be the bearers of
bonds or the bearers of voting certificates issued by Lee, Higginson & Co.,
Operating Statistics for Calendar Years.
43 Exchange Place, New York, and 44 State Street, Boston, who have been
Rev. Pass.
Steam Sales in
Electric Sates in Gas Sales in
Carried. approved for that purpose by the trustees under the trust deed, stating that
Cubic Feet.
1,000 Lbs.
Kilowatt Hrs.
bonds have been deposited with them and will be retained until after the
11,050,058 date fixed for
298,813.100
494,805.0
1919
14.757.069
the holding of such meeting or any adjournment thereof.
338,056.800
539,891.6
12,349,615 V. 119,
17,897,441
1920
p. 1402.
345,091.100
12,165.400
18.077.016
473,815.3
1921
367.895,000
509,482.0
11.431.799
1922
19,548,266
Minneapolis Gas Light Co.
-Offers Preferred Stock.
381,020.800
511,545.1
11,150,971
23,235,548
1923
The directors have authorized the sale of 31,000,000 Preferred stock, to be
398,975,800
- 572,935.0
10,661,451
24.861.211
1924
The sum of 31.240.506 was expended by company during 1924 for en- known as a 7% Preferred stock. It is the company's plan to sell this so
larging and improving its facilities. During the year company inaugurated far as possible among its employees and customers.
The total authorized is $2.500.000. This stock may be issued in series,
a modern motor bus service in the southeastern and northwestern section
of Springfield, which sections were not heretofore served by street car and the different series may bear different rates of interest. If at any time
lines. Free transfers are issued between street cars and buses and the a Preferred stock of more than one series is outstanding, any dividends
extension of the transportation system in this manner has met with the paid upon the Preferred stock in an amount less than the full amount payable on all Preferred stock outstanding shall be divided ratably among the
approval of the public.
During the year company issued and sold $750,000 1st Mtge.6% bonds, outstanding series, in proportion to the aggregate sums which would be
series "C," due June 1 1944. and $440,000 7%.Pref. stock. The Illinois payable on the Preferred stock of each series if full dividends were declared
Power Building Corp. was organized last year and, with local financing. and paid thereon.
Dividends on Preferred stock payable Q.
purchased the property at the southwest corner of Fourth St. and Capitol
-M. The 7% Preferred stock
-story and basement store and office building has been shall be redeemable on any dividend date, all or part, at 110 and dividends.
Ave. A modern 3
erected and will be used for the general and commercial offices of the This Preferred stock is not convertible. The holders shall have no voting
powers whatsoever except whenever four full quarterly dividends shall be in
company.
-V. 119, p. 2645.
arrears, and until all defaulted dividends shall have been paid in full.
Indiana Bell Telephone Co.
-Acquisition.
V. 120, p. 1328.
The Indiana P. S. Commission has approved the sale of the Citizens Telephone Co.of Edinburg, Ind., to the Indiana Bell Telephone Co.for $35,230.
Missouri Gas &"Electric Service Co.
-Acquisition.
The Bell interests already control 97.33% of the stock of the company.
At a special election the citizens of Norborne, Mo., voted to sell their
V. 119, p. 2287.
municipal electric and ice plant to the Missouri Gas & Electric Service Co.
A 20
-year franchise was included in the proposition.
-V. 120, p. 1747.
International Telep. & Teleg. Corp.
(& Subs.).
-Earn.
Quarter Ended March 31Operating revenues
Non-operating revenues
1925.
1924.
1923.
$1,433,878 $1,252,299 $1,076,441
234.936
95,341
81.983
Mississippi Valley Power Co.
-Earnings.
Twelve Months Ended Dec. 31Gross earnings
Operating expenses, maintenance and taxes
Interest
1924.
1923.
31,207,069 $1,159,945
904.699
822,574
Total revenues
$1,668,815 $1,334,281 $1,171,782
322,465
303,209
Operating expenses
651,895
541.496
457,465
Interest deductions
188,051
147,368
164,197
Bal. for retire't res., diva., amort'n & surplus_
def$20.095
$34,162
Depreciation
200,395
150,422
132,543 -Nr. 115, p. 1437.
Pref. divs. & minority interest in stu.plus net income of subsidiaries
66,624
76,953
52,912
Mountain States Power Co.
-Report.
Twelve Months
1924.
1923.
1922.
Balance, surplus
$551,520
$350,953 Gross earnings Ended Dec. 31$442.083
32.178.177 32,049,278 $1,850,575
-V. 120, P. 1586, 956.
Operating expenses, maint. & taxes
1.467,281
1,413,942
1,323,756
350,124
253,283
239,129
Iowa Southern Utilities Co.(Del.).-Pref. Stock Offered. Interest dividends
Preferred
151.599
166,365
200,725
-W. C. Langley & Co. New York, are offering at 95 and
Balance for retirement res'ves, com.
div., to yield 7.36%, $1,000,000 7% Cum. Pref. (a. & d.)
diva., amortization & surplus__. 3209,173
3215,688
386,965
stock.
-V. 120, p. 1459. 454.
Redeemable all or part on any div. date on 30 days notice at 115 and div.
National Light, Heat & Power Co.
-Bonds Called.
-J. Transfer agent and registrar, American ExDividends payable Q.
Fifty-eight 5% Collateral Trust
change National Bank, New York. Under the present Federal Income Tax have been called for payment Maybonds, Series "A," dated Nov. 11908,
1 at 102 and int. at the Empire Trust
Law (Revenue Act of 1924) divs. on this stock are exempt from the normal
-V. 111, p. 2235.
tax and are entirely exempt from all Federal income taxes when held by an Co., 120 Broadway, N. Y. City.
individual whose net Income, after all deductions, is $10,000 or less. DiviNewport (R. I.) Electric Corp.
-New Control.
dends when received by corporations are entirely exempt from all Federa
See Utilities Power & Light Corp. below.
-V. 119. p. 198.
income taxes.
from Letter of President Geo. M. Bechtel, Dated April 6.
Data
New York State Railways.
-New Officer.
-Operates electric light and power properties serving directly
Company.
Howard L. Reichert has been appointed Secretary and Treasurer, to
and indirectly 95 communities in an extensive area in the southern part of succeed the late M. S. Barger.
-V. 120, p. 958.
the State of Iowa, including Burlington, Centerville. Leon, Mount Ayr,
New York Telephone Co.
Albia, Chariton, Osceola, Creston, Newton. Grinnell, Sigourney and
-Preliminary Earnings.
Wapello. Company also operates an electric railway conducting a freight
1924.
1923.
1922.
1921.
and passenger business between Centerville, Mystic and Albia, and the
Calendar Years$
$
8
$
lines in Burlington and a small gas and steam heating business Gross earnings
street railway
141.338,231 124,858,684
In several communities. Of the gross operating revenues over 77% is de- Exp., rents, taxes, &c_ A23,646,314 108,114,565 109,612,620 99,608,262
95,738,798 88,203,743
rived from the electric light and power business.
-The retirement of an equal principal amount of notes.
Purpose.
Net earnings
17,691.917 16,744,119 13,873,822 11,404,519
Earnings
-12 Months EndedDec. 31 '23. Jan. 31 '25. Other income
6,913.217
9,637,234 11,739,184
9,988,517
Gross income
$1,827,121 $1,945,420
1,193,788
Total net earnings__ 24,605,134 26,381,353 25,613,006 21,393,036
Oper. exp., maintenance and taxes (incl. Fed.)_-- 1,128,076
Interest charges
9,674,422 8.390,850 8,643,174
8,148,493
$751,632 Preferred dividends_ _- - 1.593,521
Net income
$699,045
1,198,581
440,731
---- _ --317.501 Common dividends
Annual interest charges on funded debt
16,375,360 16,375,360 16,375,360 12,841,247
$434,131
Balance,surplus_ _ _ _def.3,038,169
Balance
416,562
153,741
403,296
210,000 -V. 120, p. 829. 704.
Annual dividend requirements on Preferred stock
Outstanding with Public (UponCompletion ofPresent Financing).
Capitalization
Niagara Lockport & Ontario Power Co.(& Subs.).$33,000.000
Preferred stock, 7% Cumulative (including this issue)
10,000 shs. Earnings.
Common stock (without par value)
$1,659,300
1st & Ref. Mtge. 6s, 1943
Three
1925.
1924.
.
3,721.100 Sales of Months Ended March 31
Divisional bonds (closed issues)
electric energy
$1.683,979 $1,541,843
-V. 120, p. 330.
Cost of energy sold
534,130
529.917
Operating expenses
204,679
247,317
-Purchase, &c.
Kansas Power Co.
A. E. Fitkin & Co.linnounced the purchase of the Electric Service Co.
Net earnings
$803,034
$906,745
of Kansas, serving Dodge City and 13 other communities in Kansas. The Other income
11,292
14,969
company supplies electric current and power and will be operated in conjunction with the Kansas Power Co.,a Eakin property.
-V.119, p. 2071.
Gross income
$814,326
$921.713
Taxes, rentals, &c
164,736
165,433
Knoxville Power & Light Co.
-Annual Report.
Interest on funded debt
243,465
211.748
Calendar YearsAppropriations to reserves
1923.
1924.
77,472
87.416
Gross earnings from operation
$2,342,101 $2,212,269
Surplus for period
Operating expenses, including taxes
1,523.694
1,657,780
$328,653
$457,117
V. 120, p. 1882.
Net earnings from operation
$688,575
$684,321
Northern States Power Co. Report.
Other income
6,974
17.044
Twelve Months Ended Dec. 311924.
1923
1922.
Total income
$695,549 Gross earnings
3701,365
$20.227,211 315,489,791 313,881,919
Interest on bonds
Net earnings
203,067
207,919
9,417,316
5.781,092
6,580,992
Other interest and deductions
33,680 Interest charges
30.462
4,243.524
2,311,432
2.345,292
Dividends on Preferred stock
21,000 Preferred dividends
35,430
2,899,442
2,161,775 ' 1,841,534
Renewal and replacement reserve
139,513 Common dividends(8%)
148.126
614,307
493,600
493,600
Balance for surplus
-V. 120, p. 330.
$279,428
$298,289
Balance for retirement reserves-- $1,880,043 $1,580,324 $1,347,934
-V. 120, p. 1748, 1328.
APRIL 18 1925.]
THE cHRONICLE
Northwestern Utilities, Ltd., Edmonton, Canada.
-Chandler & Co., Inc., New York, announce
Bonds Sold.
the sale at 100 and mt. of the unsold balance of $3,250,000
1st Mtge. 7% Sinking Fund Gold bonds. The major part
of the issue had been sold in Canada through a syndicate
headed by Nesbitt, Thompson & Co., Ltd., of Montreal,
who offered the bonds at 100 and int. in January last, each
$1,000 bond then carrying 2 no-par-value shares of Common
stock of Canadian Utilities, Ltd., as a bonus; see V. 120,
p. 583.
Dated June 11923; due June 1 1938. Interest payable J. & D. without
deduction for the Federal normal income tax not in excess of 2%. Prin.
and int. payable at Royal Bank of Canada at Toronto. Can., and at N. Y.
City. Callable on any int. date at 110 and int. on or before June 1 1928,
incl.; thereafter to June 1 1933, incl., at 107 X and int.: thereafter to maturity at 105 and int. Denom. $1,000 and $500 c*. Corp. agrees te re-mills tax, the Mass. income tax on int. not exceeding 6%.
fund the Penn. 4
the New York income tax on int. not exceeding 3% per annum, and any
income tax on int, that may be imposed by the States of California and
Oregon not exceeding in either case 2% per annum. The Trusts & Guarantee Co., Ltd.. Toronto, trustee.
-Issue has been approved by the P. U. Commission of the
Issuance.
Province of Alberta.
Data From Letter of Pres. C. J. Yorath, Dated March 31.
Company.-Ineorp. under the laws of the Dominion of Canada. Supplies natural gas to the City of Edmonton, Alberta, Can., under an exclu-year renewable franchise, for domestic and heating purposes at fa-'
sive 20
vorable rates. These rates are fixed by the P. U.Commissioners of Alberta,
based on 10% net return after deducting amortization and depletion funds
and operating expenses. The present rate is based upon a valuation of
$4.181,406 found by the Utility Commission for rate-making purposes.
Favorable franchises are also held for supplying gas to the residents of five
towns on the main transmission line.
Ten producing gas wells, with an average open flow capacity of4,800,000
cubic feet per day have been drilled on leases owned by the company in
the Viking gas field, situated about 80 miles southeast of Edmonton. These
wells prove up an area of 27 square miles. estimated by Ford. Bacon &
Davis, Inc., to contain not less than 60 billion cubic feet of gas
-a supply
sufficient to last over 20 years.
The main transmission line is 77 miles long, over the company's own rightof-way. Two stations, one at each end of the line, regulate the pressure.
No pumping stations are required,as the gas comes in under its own pressure.
The distribution plant consists of 80 miles of pipe lines, 7 main pressure
regulating stations in the city and 5 similar stations in the towns. The
plant in the city of Edmonton has been constructed to serve approlimately
10.000 consumers.
Purpose.
-These bonds were issued to provide in part the funds used in
the construction of the main transmission line, the distribution system,
pressure regulating stations, &c.
Earnings.
-Gas was first supplied to the city of Edmonton in the fall of
1923. and as of Mar. 6 1925 there were 4,914 connected customers. The
total prospective number of consumers is in excess of 12,000.
At the beginning of 1924 the company had only 1,200 customers connected
and for the first 6 months an average of 2,000 gas consumers. Notwithstanding this fact, net earnings available for interest, amortization, depletion, &c., for 1924 were $173,720. A conservative estimate of the future
net earnings of the company available for interest, amortization, depletion,
reserves. &c., is as follows:
Year1925.1926.
1927.
1928.
Earnings
$515,675 $602.000 $677,500 $755,000
Bond interest, times earned_
2.2
2.4
2.7'
3.0
Bond interest amounts to $227,500 yearly. The net earnings available
for interest, depreciation, depletion, &c., for 2 months ended Feb. 28 1925
were $155,051.
Depletion.-Company will set aside the sum of 6 cents per 1.000 cubic
feet of gas sold for the purpose of drilling new wells and maintaining an
adequate supply of gas.
-Trust deed provides for a sinking fund as follows: At
Striking Fund.
the rate of 5 cents per 1.000 Cu. ft. of gas sold to Dec. 11928: thereafter to
Dec. 1 1933 at the rate of 6 cents: thereafter to Dec. 1 1937 at the rate of
7 cents. Company is also obliged to pay into the sinking fund an amount
equal to the interest of the bonds that have been redeemed by the trustees.
It is estimated that the sinking fund will retire about 75% of the issue by
maturity. See also V. 120. p. 583.
Oklahoma Gas & Elertric Co.
--To Increase Capitol. &c.
2013
Security.
-Bonds are to be issued in part payment for 103 new standard
semi-steel passenger street cars, the cost of which will be over 81.505.000.
or 25% in excess of the full amount of these bonds. The title to the equipment is to be vested in the trustee under lease to the company at a rental
sufficient to pay these bonds and the interest and other charges as they
become due. Following is a description of the cars: 20 semi-steel, single
end, centre entrance, low floor, double truck, multiple unit interurban cars;
83 semi-steel, single end, centre entrance, low floor, double truck,multiple
unit city cars.
-V. 120. D. 1581.
Pine Bluff Co.
-Tenders.
-
The New York Trust Co.. trustee, 100 Broadway, N. Y. City, will until
April 20 receive bids for the sale to it of First Mtge. 30-Year Gold bonds.
due Jan. 1 1942, to an amount sufficient to absorb $10.379, at a price not
exceeding 105 and interest.
-V. 118. D. 203.
Quebec Power Co.
-Quarterly Div. of 1j4% on Common.
The directors have declared a quarterly dividend of 1 3. % on
stock, par $100, payable May 1 to holders of record April 22. the Common
This places
the stock on a $5 annual basis. On Jan. 15 last an initial payment of
4% was made on the Common stock.
-V. 119, p. 3011.
San Diego Consol. Gas & Electric Co.
-Report.
-
19 Months Ended Dec. 311924.
1923:
1922.
Gross earnings
$44.710,808 $3,802,599 $3,771,527
Operating expenses, maint. & taxes_ 2,784.961
2,299.361
2,517,213.
Interest
565.365
445,826
338,367
Preferred dividends
422.336
334,741
227.226.
Balance for retirement reserves,
Corn. divs., amortiz'n & surplus.. $938,146
$722,672
$688,721
-V. 120, D. 959.
Southern Colorado Power Co.
-Report.
-
12 Months Ended Dec. 31Gross earnings
Operating expenses, maint. & taxes
Interest
Dividends on 1st Pref. stock
Balance for retirement reserves, 2d
Pref. & Corn. stock divs. & surp_
-V. 118, p. 1666.
1924.
1923.
1922.
$2.199,771 $1.954.958 31,839.460
1,296,543
1,193,752
1.126.664
610.779
597,929
458,260
169,478
155,744
145,478
$122,972
$11.533
$109.057
Southern Indiana Gas & Electric Co.
-Earnings.
-
12 Mos. end. Feb. 28:
1925.
1924.
1923.
1922.
Gross earnings
32.645.922 $2,630,201 32,336,890 32,165,063
Op.exps., tax & maint
1,624,756
1,649.205
1.534.224
1,362.260
Fixed charges
437,128
435,928
384,905
385,894
Dividend, Prof. stock..
224,165
194,733
154,852
154,886
Prov. for replacements
and depreciation
207,000
201,167
200.000
200,000
Balance
8152,872
8149,167
$62.910
$62,024
The Indiana 1'. S. Commission has authorized the company to issue
$750,000 Preferred stock to reimburse the treasury for capital additions
made and to be made to the plant.
-V. 120, p. 1329.
Southwestern Pr. & Lt. Co.
-Earns. Yrs. End. Dec.31.
Gross earnings
Expenses
1924.
1923.
1922.
$2,862,994 $2,549,754 $2.441.850
27.708
36.370
34.604
Net earnings
Interest and discounts
Preferred dividends paid
$2,835,286 $2,513,384 $2,047,246
964.416
870,654 x1,286.623
409.990
307,090
307.090
Balance, surplus
$1.460.880 $1,335,640
$813.533
1924.
1923.
1922.
1921.
Gross earns, of all subs_$12,617,472 311.161,374 39.865.586 $9.921,790
Oper. exp., incl. taxes_ - 6,656.595
5,941,349
5,136,898
5.430,968
Net earns, of all subs- $5,960,877 35,220,025 $44,728,688 $4,490.822
-V. 120, p. 830.
Superior Water, Light & Power Co.
-Tenders.
-
The U. S. Mtge.& Trust Co.. 55 Cedar St., N.Y. City, will until May 1
receive bids for the sale to it of 1st Mtge. bonds, to an amount sufficient
to exhaust 330,964.-V. 118. p. 2191.
The stockholders will vote May 14 (1) on authorizing the creation of
Tokio Electric Light Co. of Japan.-Te7nporary Loan.
bonded indebtedness of the company to the amount of $300,000,000 at
A temporary loan
any one time outstanding; (2) on authorizing the directors to fix the terms the Guaranty Co. ofof $2,500,000 has been extended to the company by
New York
and security upon and with which such bonded indebtedness shall be that this precludes long-term for a six months' period. It is rumored
bond issue.
a
created: and (3) on authorizing the increase of the capital stock to $35,000,000 by changing the authorized Preferred stock from $10,000,000 to
United Rys. & Elec. Co. (of Balt.).-Annual Report.
$25,000,000.
Calendar Years1924.
1923.
1922.
1921.
All of the outstanding First & Ref. Mtge. Gold bonds, dated Feb. 1 1921, Total oper. revenues__ _316,453.254 $16,461,799
316,122.592 $16,332.860.
been called for payment Aug. 1. the Series "A" 7s, at 107X and Exp.,taxes, deprec., &c.x12,293,999
have
12,422.738 12.169.635 12,492,084
int., and the Series "B" 6s,at 105 and interest, at the Central Union Trust
Co.'New York.
$4,1 iskg $4,039,061 83.952.957 83.840,782
1
The holders may, however, at theii option, surrender any of the bonds Other Income
160.029
156,246
104.179
owned by them at any time after June 1 1925, and prior to Aug. 1 1925. at
the office of the trust company or at the Continental & Commercial Trust &
Total income
$4.303,231 34.199,090 • $4,109,203 $3.944,961
Savings Bank, Chicago, Ill. and receive in payment for the Series "A" Interest, rents, &c
3,335,263
3,222,824
3.309.934 3.309.730
'
bonds 107X and interest to the date of surrender, and for the Series "B" Cora. divs.(32 share)
818,448
818,448.(31)409,224
bonds 105 and interest thereon to date of surrender.
-V. 120. p. 1882.
Balance, surplus
Pacific Gas & Electric Co.
$149.520
-Annual Report.
3157.818
-$390,045
$635,231
x Taxes, $1,656,073; depreciation, 3822,663.-V. 120, p. 455.
Calendar Years1924.
1923.
1922.
1921.
Gross oper. rev., incl.
Utah Securities Corp.
-Dissolution and Distribution of
other income
$44,935,419 $39,971,743 $39,204,605 $37,509,706
Deduct-Oper. & admin.
Assets.
-Secretary E. P. Summerson, April 14, said:
exp., taxes (Incl. Fed.)
More than two-thirds in interest of the stockholders having voted that
maint., uncoil. acc'ts
28,203,096 23,493,410 23,416,876 24,279,084 the corporation be dissolved and Its assets distributed, and the State
& casualties reserves
Corporation Commission of Virginia having on April G 1925 duly issued a
certificate of dissolution of the company, notice is hereby given that on
$16,732,323 $16,478,332 $15,787,729 $13,230,622 or after April 17 the
Net income
$6,646,557 $6,497,281 $5,598,371 35,192,314 140 Broadway, Newcorporation, through Guaranty Trust Co.of New York.
Bond int., disc. & oxps
York City, will, in complete liquidation of the corpora3,057,417
Reserve for deprec'n
3,224,757
3,602,199
3,069,078 tion pay and deliver to cacti holder of record of stock of the corporation
cash and 4 shares
$7,028,349 $6,756,294 86,587.159 $4,969,230 $10 infor each share of of the Common stock of Electric Power & Light
Surplus
Corp.
stock of the Utah corporation delivered. See also
3,103.847
Divs. pd. on Prof.stock_ 3,244,608
2,574,157
2.132,283 V. 120. p. 1587. 1883.
Common dividends
3,040,123
2,310,498
1,820,431
1.700.883
Utilities Power & Light Corp.
-Acquisition.
lus___
Balance, surplus
$743,618 $1,341,949 $2,192,572 $1,136,064
The corporation has acquired control of the Colonial Gas & Electric Co.
1486.
V. 120, P• 1
of Newport, It. I. The purchase carries with it control of the Newport
Pittsburgh (Pa.) Railways.
-Car Trust Bonds Offered.
- Electric Corp., which serves Newport, Portsmouth and Jamestown, It. I.
The Union Trust Co.., Pittsburgh, are offering at prices with electric light and power and operates an interurban railway between
Newport and Fall River, Mass.
ranging from 101 and int. to 101 and in, to yield from
Arthur L. Linn,formerly Vice-President and Treasurer of the United Gas
4.95% to 4.85% according to maturity, $1,200,000 6% & Electric Corp., has been elected President of the Colonial Gas & Electric
Co. and of the Newport Electric Corp.
-V. 120, p. 584.
N.
Car Trust Gold Bonds, Series "B."
Washington Water Power 5o.-Earnznos.Dated April lb 1925, due $80,000 annually April 15 1926 to 1940. incl.
Three Months Ended March 31
1925.
Denom. $1,000 c*. Prin. and int. (A. & 0.) payable at Union Trust Co.,
1924.
Pittsburgh, trustee, without deduction of normal Federal income tax up to Gross revenue
81,359,329 81,335.474
Operating expenses
of Pennsylvania 4 mill State tax.
388,890
2%. Free
396,581
Taxes (including income tax)
170.350
166.082
Data From Letter of A. W. Thompson. President of Company.
Interest
154.872
Companu.-All the capital stock is owned by Philadelphia Co. Operate_ Profit and loss prior years
149,948
(credit)
900
street railways comprising over 592
492
a system of surrounding municipalities, serving miles of trackage in Pitts
approximately 1,500.000
burgh and
Net earnings available for divs. & retirement exp_ 3646,117
3623,354
people. In 1924 324,688,853 passengers were carried.
-V. 120, p. 1883. 1749.
Earnings of the Company Years Ended December 31. 1921.
Western States Gas & Electric Co.
1924.
1923.
1922.
-Report.
322.580,301 322.978,785 $21,580,465 $21,731.948
revenues
Gross
12 Months Ended Dec. 311924.
1923.
1922.
18,170,759 18.557,744 17,724.174 17,749,568 Gross earnings
Oper• esp• and taxes__
33.246,113 $2,984.671 32,697,384
Operating expenses, maint. & taxes_ - 1.789.407
1,931.932
1,775,853
Inc.avail.for fixed chgs $4,409,542 $4,421,041 $33.856,291 $3:3 :04 Interest
312 3
982 180
930.555
464,707
554.960
rents
3.292,291
3.300,782
Preferred dividends
Fixed charges, incl. ren *3,890,767
278,438
232.902
213,969
$518,775 31.128,750
8555.509
Balance
Balance for retirement reserves,
$670,276
Corn. divs., amortiz. & surplus_
•Includes $300,000 charges under a contract with the city of Pittsurgh.b
$247,714
$242,855
$264.876
-v. 120, p. 455.
payable if earned.
THE CHRONICLE
2014
-Quarterly Earnings.
Western Union Telegraph Co.
Results for Three Months Ended March 31 (March 1925 Estimated).
1922.
1923.
1924.
1925.
Gross revenue,incl. dividends and interest_ _ _ _$29,286,590 $27,453.384 327.783,508 $24.114.955
Maint..repairs & reserve
for depreciation
$4.760,072 34.707.813 34,382,265 34.299,522
0th. gm% exp., incl. rent
of leased lines & taxes 20,739.876 19.263.121 19,295.118 17,225.837
576,713
576.712
578.025
583.159
Interest on bonded debt
Net income
$3,203.483 32,904,425 33,529,413 32.012,883
-V. 120. p. 1883, 1750.
[VOL. 120.
Consolidated Balance Sheet Dec. 31.
[Including Good Roads Machinery Co.)
1923.
1924.
AssetsLiabilities1924.
1923.
Real estate, buildCommon stock...22,000.000 $2,000,000
ings, dm
$943,829 $689,015 Preferred stock__ 1,055,300 1,055,300
277,940
Investments
8.063 Dividend scrip___ 277,940
3.062
Bills & accts. rec.- 878,764
693,011
609.429
789,944 Funded debt
Cash
544,800
451.900
59,459
66,557 Loans
Inventories
202,509
970,707 1,058,100 Bills & accts. pay. 283,015
Pats., good-will..kc 2,000,000 2,000.000 U.S.Treasury Inc.
17.351
Deterred charges
15,632
10.143 taxes
Deficit
193,868
168,690 Surplus
Total
$4.871,453 $4,790.911
$4.871,453 34.790,911
Total
x Incl. machinery, tools and equip. at factories, automobiles and office
furniture at sales offices,less depreciation to Dec.311924.-V. 119, p. 1174.
-V.120.
Chester Dale of W.C.Langley & Co. has been elected a director.
p. 1749, 707.
A. P. W. Pulp & Power Co. Ltd.
-A Gent Appointed.The Mechanics & Metals National Ball of New York has been appointed
egoist for the exchange of First Mtge. 20-Year 7% Sinking Fund Gold
Definitive bonds for interim receipts. See offering In V. 120. D. 1331, 1462.
MISCELLANEOUS.
West Penn Co.
-New Director.
INDUSTRIAL AND
American Type Founders Co.
-Earnings.
Refined Sugar Prices.
-On April 15 the following reductions in price were
The company reports for 6 months ended Feb.
1925 estimated net
made: Arbuckle. 5 pts. to 5.70c05.75c.; McCohan,5 pts. to 5.75c.; Penn- profits of $545.000 after reserve for depreciation 28
and Federal taxes.
Federal reduced price .5 Pts. to 5.70c. V. 119. p. 2062.
sylvania,5 pts. to 5.75c. On April 16
Price of Lead Reduced.
-American Smelting & Refining Co. reduced price
25 pts. to 8c. per lb. New York "News Bureau Association" April 17.
Anderson (Ind.) Engine & Foundry Co.
-Balance
Woonsocket Rubber Co. at Millville, Mass., Employing 700, on Four-Day
Sheet Jan. 1 1925.-New York "Times" April 11. p. 15.
Week Schedule.
-Cuts price of sheet brassMc. per
Prices.
Assets
American Brass Co. Reduces
Liabilities
lb. seamless brass tubes Mc. per lb. and sheet copper Mc. per lb. "Wall Property account
.
$20.483
3728.836 Accounts payable
Cash on hand & in banks_
Street Journal" April 17.
2,182
26.446Commissions payable
3.000 building employees Notes receivable
Matters Covered in "Chronicle" April 11.-(a)
9.621
32.244 Accr. tax. & comp. ins
184.970
on strike in Boston, Mass., demanding wage increase, p. 1827. (b) 900 Accounts receivable
61.521 Total reserves
workers affected by 10% wage cut in Monomac Mills at 'Lawrence, Mass., Inventories
126.750
187.397 1st Mtge. bonds
p. 1827. (c) Plasterers strike settled; work on $22,000,000 building con- Other current assets
600.000
2.380 Preferred stock
Cash In escrow for inc. tax
tracts in New York City. Chicago and Philadelphia is resumed, p. 1829.
801,000
15.000 Common stock
660.000 Surplus created through
Acme Cement Corporation.-Receivership.Deferred debit Items
6.608
39.792
valuation of good-will
filed receivership
Char'es H. Breerwood. of Philadelphia. on April 1Del.. against the
Wilmington,
Total
proems:11 gs in the Court of Chancery at
$1.751.619
Total
31.751.619
E. W. Cooney is President and General Manager.
company. Mr. Breerwood, who was formerly President of the concern,
-V. 119, p. 2066.
alleges that the corporation Is being operated and managed In the sole
Armour Leather Co.
-Annual Report.
interests of those charged with Its management and that he is advised and
Calendar Yearsbelieves he directors and officers of the compayn are attempting to negotiate
1923.
1924.
Sales
sale of the property and assets at price far below their value.
340.000.000 335.000,000
The corporation was incorporated in Delaware In October 1919. with a Operating income
106.629
1,379.404
capital of 13,500 shares of no par stock which was later increased to 16,000 Depreciation
388.395
385.433
shares.
Interest
996.482
944.021
American Express Co.-Earninos.-
comfier YearsGross incerne
Oper. exp. (less taxes)
Taxes,&c
Dividends
Reserves
Surplus for year
-V. 119, p. 2289.
1921.
1922.
1923.
1924.
37.120.071 37.052.297 37.438.889 $8.548.293
5.821.073 7.059.850
5.756.817
5.333.337
411.039
617.537
117.574
55.910
1.080.000 1,170.000 1,439.996 1.440.000
419.351
$231,473
$7,906 def$439,717 def$362.596
-Bankruptcy.
American Fore;gn Products Corp.
Bankruptcy schwiules have been filed against this corporation, Importers
and exporters, with offices at 170 Broadway, N. Y. City. Liabilities.
3564.026, and assets. $545.920.
Net Income
Adj. East Leather stock
Surplus
Previous deficit
Profit and loss. deficit
-V. 120, p. 214.
$50.010df$1.278.240
1,730.000
350.010
9.427.431
3451.752
9,879.183
39,377,421
$9,427,431
-Depositary.
Atlantic Paper & Pulp Corp.
The Bank of America, New York, has been appointed depositary for bondholders' committee covering deposit of company's First Mortgage 6% Serial
-V. 120, p. 1331.
Gold bonds.
-New Financing Probable.
Barnsdall Corp.
It is unofficially reported that the corporation has completed preparations for the offering to stockholders of 200,000 additional shares of class
The U. S. Cl-cult Court of Appeals on April 7 handed down a decision "A" stock at $22t a share. The proceeds, it is said, are to be used to
holding that the company Is not required to pay the 3% excise tax levied retire 35.500.000 outstanding bonds. President Law and interests close to
where apparatus is sold to the management are said to have agreed to purchase 100.000 shares of the
by the Revenue Act of 1918 on automobiles The suit was
-V.120, p. 1331, 1320.
brought against additional stock.
municipalities or other governmental bodies.
Vincent H. Reardon, Collector of Internal Revenue in the District Court of
-Change in Capital Approved.
Borden Co.
Western New York. It involved $30.000 in taxes paid under protest.
The stockholders on AprIl 15 approved the change In the par value of
The lower court held the company was obliged to pay those taxes under the
Act of Congress which specified automobiles and motor trucks. The Cir- the Common stock by reducing it from $100 to $50 and the Issue of two
cuit Court reverses this opinion. Although the amount involved is not new shares for each share outstanding. To provide additional working
great, the ruling affects the greater part of the sales of the company. It is capital, the company has offered stockholders the right to subscribe at
estimated that between 3500.000 and $600,000 will be due from the Govern- par to additional Common stock to the extent of 10% of their holdings of
Preferred and Common stock. At rorasent there are outstanding 75,1300
ment at the completion of calculations.- V. 120. p. 1092.
shares of 6% Preferred stock and 242,549 ($100 par) Common shares.
_
--•
The regular quarterly dividend of $1 50 per share has been declared on
-New Note Issue. etc.
Linseed Co.
American
stock, payable June 15 to holders of
The directors have arranged for the issuance of 36.000.000 6% coupon the outstanding Preferreddividend has been declared at the record June 1.
The regular quarterly
rate of $1 for
maturing serially in from 5 to 10 years after the date of Issue. The each $50 par value of all Common stock outstanding on May 15, payable
notes,
funds obtained from the sale of these notes will be used to reduce current June 1 to holders of record May 15. This rate is equivalent
liabilities. This will improve greatly the financial position of the company. dividend previously paid on the old Common stock of $100 parto the $2
value.insure to it ample working capital and should not increase the Interest -Ir. 120, p. 1463, 1448,
charge. It is hoped that the company's earnings will be sufficient to
retire these notes as they fall due without interfering meanwhile with such
Brighton Mills, Passaic, N. J.
-Sub. Co. Financing.
disbursements for dividend purposes as the board may think are justified.
According to a Passaic dispatch, plans of officials of the company to
Comparative Income Account for Calendar Years.
organize a subsidiary company for the purpose of erecting a new $1,250.000
1921.
1922.
1923.
1924.
plant at Shannon, Ga., have been approved by the stockholders.
-V. 116.
$2.141,549 loss$837.572 4791,119loss$1043131 p. 1415.
Net profits
543.787
Prov. for depreciation
British-American Mfg. Co., Springdale, Conn.
28.882
Federal taxes
A decision of Judge Thomas of the Federal Court of Connecticut dismiss330.932
•
Interest
586.250 ing an action of M.Lowenstein & Sons, Inc.. New York, to forclose a mortPreferred dividends_
125.625 gage of $125.000 on the plant of the company on the ground that the mortCommon dividends
gage was usurious, has been reversed by the U. S. Circuit Court. The
3791,119d1$1.755.006 opinion, written by Judge Manton, directs that a judgment of foreclosure
31.237,947 def$837,572
Net profit
10.186.280 be entereci.
5,654.617 4,863,498
4,697.045
Previous surplus
The opinion holds that the mortgage was made in good faith, that the
Dr.3.125.009
Reduction of Inventory
full sum of $125.000 was loaned to the British-American Co., and that the
Cr.250,361
Profit on sale of invest
loan was authorized by the directors, which used the money la the business
Extraordinary charges... Dr.145.728
Dr.442.767 of the concern. The opinion also states that no fraud or illegality was
Dr.289.187 Dr.120.001
Adjustments
proved and that the agreement was not secret. The suit was defended by
Profit and loss.surplus 35.750.438 34,697.044 35.654,616 34,863.498 Harriet O. Brinckerhoff, the rocelver.-V. 113. D. 1057.
after all charges. &c.
x Surplus
Brunswick-Balke-Collender Co.
-Annual Report.
The directors have declared two quarterly dividends on the Preferred
Calendar Years1924.
1923,
1921.
1922.
stock, payable out of the 1924 earnings of the company as follows: (1) On a Profits from operations $2,987,390
3610,217
32,835,949 32,367,355
(nut June 30, as previously reported)
record June 20
July 1 1925 to holders of
Excise taxes for year
1,236,132
1,(70: (2) on Oct. 1 1925 to holders of record Sept. 19. 1% %• _ % mad
Shrinkage on inventories
1,355,293
-The last previous distribution on the Preferred shares was 1%
Sundry exp.& chgs.(net)
298,483
Cr.218,i23
-- on July 1 1921.
Prov,for income tax_ _
426.000
322,000
J. C. Hamilton has been elected Secretary and a director to succeed the Profit on sales of prop'ty Cr.240.333
_late W. A. Jones. H. U. Brandreth succeeds F. S. Elder as a director.
V.120, p. 1883.
Net income
32.801.723 32.513.949 $2.585.579df$2'279,691
Previous surplus
309,326
8.839.576 7,523,948
7,659,839
-Sells Warehouse.
American Radiator Co.
Credit arising from con-V. 120. D. 1462.
version of stock
b10,125,000
See National Tea Co. below.
Appr.of properties(adj.) Dr.519.907
Cr.2,109,749
-Receiver.
Adj.of Fed.tax (pr. yrs.) Dr.62.544
American Radio & Research Corp.
Boston, has appointed Carl F. Woods. of
Federal Judge Brewster. at
Total
311.058.848 310,037,897 38.135.669 38.154•634
Winchester, receiver. J. P. Morgan. it Is said, advanced $850,000 to
337.295
329.878
332.071
336.096
Harold J. Power to start the company, pioneer In radio broadcasting. Pref. dive.(7% per ann.)
1)157,500
,
Mr. Power was wireless operator on the Morgan yacht, the "Corsair," one Common dim (cash)- -(7%)866,250(7%)866.250(1 %)275.626(1 5
In Corn. stock (50%) 6.187,500
summer, and there he Is said to have gained the interest of Mr. Morgan.
-Wins Tax Suit.
American La France Fire Engine Co.
-Annual Statement.
American Road Machinery Co.
President S. Jones Philips, in a letter to the stockholders,
says in part:
P.& L.surplus Dec.31 33.675.219 38.839.576 37.523,948 37,659839
a Profits from operations after deducting manufacturing,selling, administrative and general expenses, incl, int. on borrowed money and adequate
provision for depreciation of buildings, plant, machinery and equipment.
b Credit arising from converting 135.000 shares old Class "B" Common
P Gross sales for 1924 total $2.177.381. as compared with 32.214,552 stock of $100 each into 33.570 shares new Common stock of $100 each.
large
for 1923. Net profits on the year's business total $79.507. after attor- -V. 120. p. 586. 334.
s•,‘
large
depreciations on inventory from book values, the payment of
Broad-Wal Garage Co., St. Louis, Mo.-Bonds Offered.
neys' fees in connection with tax matters, the cost of the appraisals of two
of our plants and some other unusual charges.
Caldwell & Co., St. Louis, are offering at prices to yield
During the year we reduced our loans from bankers approximately 15%
and commenced the erection of our new fireproof warehouse, which will 6% to 06%, according to maturity, $200,000 1st Mtge.
be completed this month at an approximate cost of 360.000•
63/2% Serial Coupon Gold bonds.
Business at the present time is somewhat spotty, but in spite of this
Dated March 1 1925, due serially Sept. 1 1926-1935. Principal and
condition our booked orders to April 1 incl. exceed by $3,900 the volume
Interest (M. & S.) payable at Liberty Central Trust Co., Bt. 1.401M• Moo
booked to the same date last year.
APRIL 18 1925.]
THE CHRONICLE
trustee, or at Chemical National Bank, New York. Callable at 103 and
Cockshutt Plow
int. on any int. date, on 60 days notice, in the inverse of their numerical
Calendar Yearsorder. 4% normal Federal income tax paid by borrower. Denom. s Profitfrom operations_
$1,000. $500 and $100 c*.
-These bonds are secured by a closed first mortagge on (1) the Surplus Jan. 1
Security.
-story garage. con- Amt.tr.fr. conting. res.
land, conservatively apptaised at $173.000 and (2) the 3
Other income
taining 88.000 sq. ft. of parking space. being erected thereon at a cost of
$172,000. making the total security $345.000.
Total
-Annual net earnings, available for payment of principal Preferred dividends
Earnings.
and interest on these bonds, are estimated at $65,249, or more than 5 times Uncoil. accts. written off
the highest annual bond interest charges.
Inventory adjustments_
-Bonds Called.Buffalo & Susauehanna Iron Co.
One hundred ($100.000) let Mtge. 5% gold bonds, dated July 1 1902.
have been called for redemption June 1 at par and interest at the New York
-V. 118. p. 1915.
Trust Co.. New York.
-Annual Report.Burroughs Adding Machine Co.
Consolidated Income Account for Year Ended Dec. 31 1924.
Gross refit on sales of machines, service, parts, accessories,
supplies. &c
$10,411,587
649.564
Add-Other income
•
Gross profit and other income
$11.061.151
Deduct-Sales, general and miscellaneous expenses
5,959,133
Provision for U. S. Federal income taxes
577,000
Balance, being net profit for the year
$4,525,018
Surplus and Profit and Loss Account Years Ended Dec. 31.
1924.
1923.
Surplus at Jan. 1
27.506.966 $5.545.861
Net profit for year
4.525.018
4,443,927
Total
$12,031,984 $9,989.788
Increase in value of investments in foreign subsidiaries. due to fluctuation in rates of exchange_ Cr.101.663 Dec.83.940
Premium paid on treasury stock
1.652
Dividends paid in cash
2.602.564
2.398.882
Profit and loss surplus at Dec. 31
$9,529,432 $7,506,966
Consolidated Balance Sheet Dec. 31.
1924.
1923.
1924.
1923.
Assets$
$
Plant, equip., &c.x4,550.320 4.875,633 Capital stock_ ___z29,325,800a30,000,000
2,024,001 2,020.888 Accts. payable._ _ 507,0771
Good-will
Pats.& develop.wk 3,099,212 3,099,212 Wages&COMM•naY 838.9351 2,442,271
5,063.471 3,590,698 Prov. for Inc. taxes 713,5031
Cash
Govt.securities_10,070,9741 7,190,091 Repairs to mach.
Municipal securit's 130.0001
under guaranty_ 276.947
307,677
Notes & accts. rec.y5,078.545 5.600.542 Workmen,' comp_ 172.893
150.327
Inventories
10,918.864 13.024.084 Deferred credits__ 822.447
750.774
Miscell. Investm'ts 113,262
77.194 Res. for conting.., 500.000
125,000
Deterred charges 1,638,387 1,936,250 Other reserves_
131,578
9,529,432 7,506,966
Surplus
Total
42.087,035 41.414,593
Total
42,687.035 41.414,593
x After deducting $5,213,897 reserve for depreciation. y After deducting
reserves of $766,337. z Represented by $14.325,800
Cumul. Pref.
stock (par $100) and 600.000 shares of no par Common stock valued at
$25 pet share for the purpose of payment of dividends thereon. a Common
-V. 120, p. 586.
stock only.
Bush Terminal Co.(& Sub.).
-Income Statement.Year Ended Dec. 31Gross earnings
Operating expenses
Taxes
Interest
Depreciation
Preferred diva., Bush Terminal Co
Pref. divs. Bush Term. Bldgs. Co
Common diva., Bush Terminal Co
Income tax
Balance. surplus
1924.
1923.
1922.
$8,294.114 $8,096.883 47.551.618
4.457,891
4.256.225
4.011.148
1.099,983
1.098.078
1.101.620
1,084.780
1,060,515
1,022.924
175.413
162.009
162.334
138.000
138.000
138.000
467.105
462.893
408.532
344.277
344.157
344.000
180.756
187.240
130.610
$345,908
$387.767
$232,450
Split-up Announced.-
2015
-Annual Report.
Co., Ltd.
1924.
$64,347
116,277
1923.
$98,636
3.193
500.000
$180,624
64,650
61.671
$601.829
387.900
97,651
1922.
$5.057
251,761
1921.
$624,294
575,432
4,375
$261,793 $1,199,726
258.600
258,600
P.& L.stir, Dec.31-$54,303
$3,193
$116,277
z After providing for depreciation.
-V. 119. D. 2651.
689.365
$251,761
Conley Tank Car Co.;
---Equip. Trusts Sold.
-J. H.
Holmes & Co. and McLaughlin, MacAfee & Co., Pittsburgh,
have sold at prices ranging from 100 and int. to 100.93 and
int., to yield from 53/i to 6% according to maturity,$200,000
6% Equip. Trust Gold certificates, Series "F." Issued under the Philadelphia plan. Guaranteed principal and dividends by the Conley Tank Car Co.
Dated April 11925. Principal payable in annual Installments of $20,000
April 11927 to April 11936. both incl. Dividends payable A. & 0. Denom. $1.000 c* Company agrees to pay the normal Federal income tax
up to 2 and i refund the Penn. 4-mills tax. Red. on any Int. date on
%
t,
60 days' notice at 102ji and int. Prin. and dive. payable at Pennsylvania
Co. for Ins. on Lives & Granting Annuities, Philadelphia, trustee.
These certificates are secured by 161 now standard steel tank cars of 8.000
gallons capacity. 36 of which are insulated cars. This equipment has a
present replacement value of approximately $235.030. or an average of
over $2.000 per car. These certificates will be outstanding at the rate of
$1.242 per car. or 62% of the replacement value.
Company was incorporated in 1920 in Penn. Owns a total of 894 cars,
including those acquired through the proceeds of this issue. These cars
are leased for the transportation of refined and crude oil, gasoline, bemzol.
industrial alcohol, cottonseed oil, packing house products, &c.
Present net earnings applicable to interest charges are at the rate of approximately $200,000 per annum, or over 3 times annuli interest requirements on all equipment certificates now outstanding, including this issue.
-V. 120, p. 1209. 335.
Consolidation Coal Co.
-Omits Common Dividend.
The directors on April 17 voted to omit the quarterly dividend due April 30 on the Common stock. Distributions of
13/2% quarterly had been made on this issue from 1919 to
.
Jan. 31 1925 incl. Pres. C. W. Watson, following the
directors' meeting, said:
Conditions in the bituminous coal industry which obliged the company
to pass its regular quarterly Common dividend for the first time under
the present managemem are now famifar.
It has been evident for some time tuat the great over-development of
producing capacity stimulated by war necessity and the post-war boom
would exceed normal demand. The present ability of the mines to produce
many million tons above the country s ordinary requirements make a
period of adjustment inevitable.
Price levels have declined to the lowest point since 1916. Although
wage adjustmtnts have been possible in some districts, labor costs are
still at a peak basis in the union fields, and despite all possible economies,
it has not been possible to reduce expenses comparable to the decline in
prices. Foreign markets have been especially affected by the severe
competition among all coal producing companies.
The results of the past year in the operations of the company reflect
a combination of all these factors. A decrease of only 10% In production
was accompanied by a decrease in gross earnings of nearly 40%, which
explains some of our difficulties. Under such conditions, no single unit
of a highly competitive industry, as diversified and as scattered as bituminous coal, could expect to be immune.
In the hope that better basic conditions in the industry and in general
business might restore a level of normal profits, dividends have been
maintained up to the present. Our directors are convinced, however, that
sound business policy requires a conservative attitude during the present
period. The present coal depression is unlike all others in its severity
and effects and therefore no safe predictions can be made as to its duration.
Consequently, while we all share a confidence in the future of the great
basic industry, we believe the wisest course is to conserve our resources.
By doing so, I believe we are placing our company in a position to profit
quickly by any recovery in the industry.
-V. 120, p. 1448.
A recapitalization plan has been announced which provides for the
exchange of the present Common stock for one share of new 7% Debenture
Preferred stock and two shares of new no-par-value Conunon, which
Continental Oil Co.
carries voting control. The new Preferred stock is junior to the Bush
-Increases No. of Directors.
Terminal Building Co. 7% Preferred and to the present Bush Terminal
At the annual meeting April 8,the number of directors was increased from
Co. 6% Preferred stock. It is understood the new Common stock will 7 to 9. All retiring directors were re-elected except 0. H. Williams. redividend of $l this year.
receive a
signed. The new directors elected were P. R. Naylor, Traffic Manager;
The plan will be voted on at the annual meeting of stockholders May 6. It. S. Karstedt, Sales Manager, and A. D. Davis, Refinery Manager.
V. 120. P. 1464, 963.
With
regard to the recapitalization, Irving T. Bush,
President, says:
Cresson Consol. Gold Min. & Milling Co.
-Earnings.
-
The company reports for the quarter ended Mar. 31 1925 net profits of
The change in the capital structure of the company was due to the
desire of its officers to present a more correct picture of the value of its $195.277 after charges. As of mar. 31 1925 cash on hand amounted to
property and provide for future expansion. The assessed value for taxation 41.310,554.-V. 119, p. 2292.
of the property owned by the company and Its subsidiaries Is In excess of
Crosby Transportation Co., Milwaukee.
-Default, &c.
$200 a share for the present Common stock. This value has never been
The Central Trust Co. of Illinois, Chicago, has flied a mortgage forecloscommitted to the books.
ure suit against company. Interest on the $350,000 mortgage bond
It has been decided, therefore, to recommend to stockholders that floated in May 1923 is
in default.
-V. 116, p. 2012.
they authorize the change which, if carried into effect, will increase
dividend paid to stockholders, create a form of capitalization morethe
in
Dodge Brothers Inc.
-Bond Issue of $75,000,000 Quickly
accord with the value of the property and provide for future development.
The officers feel the outlook for business justifies this action.
-The issue of $75,000,000 6% Gold Deben-V. 120. Oversubscribed.
p. 1751.
tures offered
April 11 at 99 and int., to yield over 6.10%,
by Dillon, Read & Co. and associates, waslquickly taken.
Books were closed at 10 a. m. with subscriptions totaling
about $150,000,000. A description of the issue was given
Canada Dry Ginger Ale, Inc.-Bal. Sheet Dec. 31 1924. in V. 120, p. 1885.
Associated with Dillon, Read & Co. were the following: National City
gad. J J. McLaug din Ltd.]
.
Co.: Guaranty Co. of
Butterick Co., New York.
-New Director.-
P. 0. Wiegand has been elected a director to succeed the late W. H.
Geishenen.-V. 120. p. 1332, 214.
New York; Blair & Co.. Inc.: White, Weld & Co.;
Assets.
..... Lehman Brothers;
Liabilities.
Brown
Plant property
$812.943 1st Purch. Mon. Mtge.-- $80,000 Field. Glore, Ward & Co.; Brothers & Co.; J. & W. Seligman; Marshall
Bonbright & Co.. Inc.: Kissel, 10nnicutt
Trade-mks. & good-will
271,048 (Mass A stock
x1.664,000 A. Iselin & Co.; A. G. Becker & Co.: Ladenburg, Thalmann & Co.; & Co.;
Floating plant, formulae,
HemPClass B stock
y111,000 hill, Nues & Co., New York; Continental & Commercial Trust & Savings
and patents
124.000 Notes &accounts payable
98,491 Bank: First Trust & Savings Bank; Illinois-Merchants Trust Co., Chicago,
Organ.& new finance exp_
94.190 Dividends payable
31,500 and the Union Trust Co., Cleveland.
339.753 Fed. & Dom.income taxes
Cash
68.932
The offering of $75.000.000 Dodge Brothers 6% debentures was the second
Accts., notes & accepts.rec 411.974 Other accrued accounts_ .
11,416 loan of this magnitude placed on a Saturday. The first instance came
Inventories
4
06.805 Surplus
404,279 earlier this year when $80,000.000 financing on behalf of the Consolidated
8.904
Deferred charges
Gas Co. was placed on Saturday by the National City Co. That loan was
divided into two sections, $50.000.000 for the account of the
$2,469.618
Total
Total
$2,469,618 Gas and $30.000.000 for account of the New York Edison Co. Consolidated
The Dodge
by 52,000 shares no par value (preferred
x Represented
to assets up bond issue established a new record in that this was the first single issue of
to $30 per share). y Represented by 55,000 shares no par value.
-Y. such size to be offered at the week-end.
1463.
120, p.
The operation of the Dodge Issue was made somewhat more unusual by
the fact that it came directly after holiday and at a time when a great
Canadian Canners, Ltd.
-Annual Report. :
-------- - many officers of banks and members a banking firms were away for Easter.
7 41,
of
As in
Year Ended
Apr.7'23 to scriptionthe case of the Preference stock, there was an immediate oversubon the
Dec. 31 '24.
Dee. 31 '23. alone could haveDodge bonds. The bankers stated that the offering group
easily placed the entire issue, and as in the case of the stock
$704.265
Profit
$535.171
Interest on bonds
85,254
67.834 had the subscription books been permitted to remain open for any ieng h o
a f
mar
Interest on long-term debt
158.536
k.
116,688 time, total sales would have climbed close to the half hillion
The decision of the bankers to make the offering Saturday morning was
arrived at because of their desire to complete this unusual operation nd
$460.474
Net profit
$350,649
clear the decks for other pending financing. With the Dodge bond issue
350.649
Previous surplus
still to be disposed of. other loans would have been held up,as this business,
and loss surplus Dec. 31
$811,123
Profit
$350,649 by common consent, was given the right of way.
-V. 118, p. 1778.
See also Dominion Canners. Ltd., below.
Both the bond and Preference stock issues have been
_ ---- -
Cleveland-Cliffs Iron Co.
-Guaranty.al1 iii listed on the N. Y. Stock Exchange "when issued." See
-V. 120, p. 1209.1335. .6
see Trumbull-Cliffs Furnace Co. below.
also V. 120, p. 1885.
THE: CHRONICLE
2016
-Omits
Doehler Die Casting Co., Batavia, N. Y.
-The directors on April 10 voted to pass
Common Dividend.
the dividend on Common stock due May 11925. Dividends
at the rate of $2 per annum (50c. quarterly) had been on
this issue from May 1 1924 to Feb. 1 1925 incl. President
H. H. Doehler says in part:
[VOL. 120.
equipment and furnishings, including carrying charges and cost offinancing,
places the total investment at $12,694,894. On this basis the bond issue
represents a 61% loan. Substantial serial payments of principal, semiannually reduce the amount of outstanding bonds, and increase the very
large margin of security.
-A forecast on the operation of the hotel by Horwath & HorEarnings.
wath, nationally-known hotel exports and accountants, and estimates on
the remainder of the property by Arthur Young & Co., certified public
accountants, show the following:
Estimated profit from hotel, $767,664; est. revenue from offices,
$536,370; est. revenue from shops. 3146.970; theatre rental
$1,651.004
(under lease), $200,000; gross Income
426,858
Estimated operating expanses
In the first quarter of 1924 the profits of the company were three times
the required quarterly dividend of 50c. a share. In the second quarter
of 1924 we felt the effects of the then prevailing business depression and
operated at a slight loss. During the third and fourth quarters we rearranged our plants by vacating our Brooklyn plant and by moving its
Net Income
$1,224,146
equipment to our new plant in Batavia and partly to a new plant in PottsThe theatre is under lease to the Chicago Orpheum Co. for 26 years,
town. Our Brooklyn plant is now for sale, our equity therein will materially
the lease being guaranteed by the Orphoum Theatre & Realty Co., an $11.a.ssist in reducing our indebtedness.
In spite of our small earnings in 1924 and heavy moving expenses we 000.000 corporation. This very conservatively estimated net yearly income is approximately 2 2-3 times the maximum annual interest charges
paid all dividends in 1924 and the first in 1925 on Feb. 1.
In the first quarter of 1925 business had greatly improved and we had on entire issue.
Improbements.-The Eitel Central Block will comprise as one unit a
practically completed the program of rearranging our plants. Although
-story office building occupying the entire La Salle St. frontage, with a
we have operated in the first quarter at a profit, we were still subjected 22
-room hotel adjoining on the
to moving expenses as well as to the expensive and tedious process of depth of 56 ft. on Randolph; an 18-story 596
training new and inexperienced help in our new plants which held our west and extending to Wells St.. the south portion of the Wells St. wing
comprising a 4
-story hotel service building with,foundnions of suffident
earnings below normal.
It is safe to predict that dividends can soon be reinstated as our three strength for 14 additional floors, and a 2,500-seat theatre with lobby on
plants at this moment are working at capacity. The organization in Randolph St. The buildings which will boot stool-frame fireproof construceach plant is gradually and steadily working into an efficient unit. The tion. will have 22 retail stores on the ground floor.
rearrangement of our plants in 1924. and the money expended therefor.
Elgin National Watch Co.
will bo the means of better earnings in the future,increase in business,and
-Extra Dividend.
greater adaptability to changing economic conditions.
The directors have declared an extra dividend of 25 cents per share in
addition to the regular quarterly dividend of 56 cents per share, both payIncome Account-Years Ended Dec. 31.
able May 1 to holders of record April 14.-V. 120,9. 1591.
1921.
1922.
1923.
1924.
$5.530,384 $6,897,236 $4,727,380 $2,202,545
Net sales
Estey-Welte Corp., N. Y. City.
-Transfer Agent.
$479,764 loss$298,150
$865,090
$373,844
Net income
113,710
The Chatham Phenix National Bank & Trust Co. has been appointed
113,402
82,456
74,501
Income deductions (net)
63.733 transfer agent of 200,000 shares Class "A" stock and 100,000 shares Class
79,227
148,153
Depreciation
"B" stock.
42,500
59,782
Federal and State taxes..
35,000
The Guaranty Trust Co. of New York has been appointed registrar.
35,000
35,000
35,000
Pref. divs.(approx.)_ _
-V. 115, p. 3000.
223,022
Corn. dive. (approx.)_
$252,135 loss$510,593
8556,981
def$18,460
Balance
Comparative Balance Sheet.
Dee. 31 '24 June 3024
LiabilitiesDee.31 '24 June 3024
AssetsPlant, equip., Acc_32,600,635 $2,453,755 Preferred stock__ _ $500,000 $500,000
Cora. stk. dr surp.x2,091,627 2,377,707
as
400.000
502,336 Debenture bonds_ 400,000
Accts. receivable_ _ 533,055
331,166
4.009 Notes payable__ 500,000
19.999
Loans rec. (empl.)
115,794
291,305
58.104 Accts. payable_ _
57,322
Notes rec., &c..._ _
60,730
70,148
698,805 Accrued items_
712,538
Inventories
395,900
17,804
17,804 Mtges. Payable_ _ _ 445,900
Investments
7,999
_
29.562
104,742 Def. Cr. to
60,815
Prepaid Int., &c_ _
Incr.16,850 Res. for taxes dc
16.850
Treasury stock_ _
19,952
34,399
comp. Ins
111,358
160,033
Patents
25,707
Mlscell.
Total
$4,362,942 $4,234,955
$4,362,942 34,234,955
Total
-V. 120, p. 1753.
x Represented by 150,000 shares of no par value.
Dominion Canners Ltd.-Annual Report.Earnings Cal. YearsProfit
Interest from loan
1924.
$324,193
158,536
1923.
374.966
116,688
1922.
3267,040
1921.
$85,241
Total income
Interest on bonds
Preferred dividends(7%)
$482,729
$191,654
21,471
160,342
$267.040
79,200
160,342
$85,241
107,451
160.342
160,342
$27,498 def$182,552
89,841
$322.388
Balance, surplus
Profit and loss surplus_ $2,233,013 $1,910,625 $1,900.784 $1,873,286
-V. 118, p. 1779.
See also Canadian Canners. Ltd., above.
-Sale of Claims.
Downey Shipbuildinz Corp.
Augustus H. Skillln. Special Master, will offer for sale at public auction,
to be held at the premises of the company May 11, all claims of the corporation against the United States Shipping Board Emergency Fleet Corp.
-V. 119. p. 460.
and the U. S. Government.
-April Sales.
Duz Co., Inc., New York.
April gross sales are reported to be running at the rate of over $200,000.
-V. 120. p. 1465.
$70.398 for April I924.
as against
-To Recapitalize-New Financing.
Dwight Mfg. Co.
The stockholders will vote April 28 on approving a plan for the readjustment of the capital structure of the company. The plan provides for the
reduction of the par value of the present 24.000 shares from $100 to $25
a share, for the issuance of one new share for each four shares held, and for
the sale of 96,000 shares of new stock at _par ($25) per share. If the plan
is approved, the capital will be $3,000,000, consisting of 120.000 shares
of $20 par.
The report for the quarter ending Feb. 28 1925 shows that the southern
mill'operated at a profit of $125,000. but the northern mill, partly because
of strike, lost over 3100.000, leaving a net manufacturing gain a approximately $24,000, not including an increase in value of cotton on hand and
in process of manufacture of 386.000. This has enabled the directors to
make arrangements to carry out a plan of readjustment whereby the
96.000 new shares will be underwritten at par ($25) for a compensation not
in excess of 5% of the total par value.
Comparative Balance Sheet.
Nov.30'24. Dec. 1 '23
LiabilitiesNoo.30'24. Dec. 1 '23.
Assets$2,400,000 $2,400,000
Real est. & mach'y$3,000,000 $3,000,000 Capital stock
2,455,365 2,662,024 Bills dr accts. pay- 5,274,398 5,272,367
Inventory'
16,984
29,428
725,540 Guar.& renewal__
463.607
Cash
24,344
25,680
Bills receivable_ _ _ 1,076.410 1,879.670 Res. for deprec___
553,539
Surplus
734,124
Deficit
37,729,506 $8,267,234
Total
17.729,508 $8,267,234
Total
-V. 119, p. 699.
-Changes in Personnel.
Eastman Kodak Co.
George Eastman, at a meeting of the board of directors April 8, officially
resigned as President of the company and was elected Chairman of the
Board. William 0. Stuber was elected President to fill the vacancy
caused by Mr. Eastman's resignation, and Frank W. Lovejoy was made
-V. 120, p. 834.
General Manager.
-Bonds
Eitel Central Block (The "Loop"), Chicago.
Offered.-Greenebaum Sons Investment Co., Chicago, are
offering at prices ranging from 100 and int. to 101 and int.,
according to maturity, $7,250,000 1st Mtge. 6% Serial Gold
bonds.
Dated May 1 1925; duo serially (M. & N.) from Nov. 1 1928 to May 1
1937. . Prin. and int. (M. & N.) payable at offices of Greonobaum Sons
Investment Co., trustee, without deduction for normal Federal income tax
not exceeding 2%. Red, all or part on any int. date upon 60 days' notice,
and by paying in addition to accrued interest, 103 if called by May 11931:
102 if called within succeeding three years, and 101 if called during last
• three years prior to final maturity date. Denorn. $1,000, $500 and $100.
Total issue, $7,750,000.
-Data From Letter of Emil Eitel President of Randolph Hotel Co.
Security.
-Bonds will be secured by a closed first mortgage on the entire
block of frontage on the south side of Randolph St. from North La Salle
to North Wells Sts, with a frontage of 324 ft. on Randolph, 181 ft. on La
-story hotel and a
Salle and 127 ft. on Wells; a 22-story office building. an 18
2.500-seat theatre. All o the land is owned in fee simple, except the southwest corner of Randolph and La Salle, 130x181 ft., which is held under a
-year ground lease. All equipment, furnishings and earnings are in196
cluded as additional security for the First Mortgage.
vaiustion.-Indepemdont appraisal of the land and leasehold by Fred• erick T. Hoyt and E. B. Woolf, real estate experts, of the cost of completed
buildings by Architects C. W. and George L. Rapp, and estimated cost of
Fairbanks, Morse & Co.
-Annual Report.
Consolidated.
Company Proper
-Cal. YearsResults
1921.
1924.
1923.
1922.
Net shipments
$24,621,894 I25,757,363 $20,011,200 $16,525.920.
Operating profit
33,317.90033,478,192 $2,452,678df$1,330,417
Div., E. T. F'b'ks & Col
150.000
100,000
Profit from sale of prop_
'50.805
Total income
33,368.705 33,628.192 $2.552,678d1$1,330.417
Depr. on bldgs. & equip_
612.238
924.478
797,330
776.568
Federal taxes
290,042
Balance
$2.154,185 $2.830,862 $1.776,110df$1,942,655Surplus & undiv. profits
brought forward
a18,110,967 1.978,897 15,061,837 19,411,207
Prem, on sale of Pt. stk_
3,450
Prov. for sinking fund_
Cr.100,000 Cr.100,000
Total surplus
$20,268.602 $18,909,759 $16,937,947 $17,468.552'
97,347
Contrib. to pension fund
73.14$
108,522
81,391
Amount written off...53,735Reserve for transfer of
"co." engine mfr
96,867
b7.349,425
Stock dividend
168,530
Exp.in sale of cap. stk
Prem.on red. of6% pfd85,000
Adj. of sur. of subs
13,188
Pref. stock sinking fund_
100,0200
100,000
Res. for adj. of for.exch_
200.000
Adj. of val. of inventories
1.870,470'
Preferred dividends_ _ _ _
083,275 (6)108.000 (6)108,000 (6)112,500
Div. Pref. stk. Moline
Scale Co
13,455
Common dive
(32-95)1,013.004($4)1175,270(32 Ji)669659
Balance of surplus and
undivided profits_ _$11,145.379 $17.417,967 $15,978,897 $15,061,837
a Including $693,000 undivided profits of subsidiaries. b 25% stock
dividend paid on Conunon stock in 7% Preferred stock. e Dividends on
the 6% Pref. stock were paid until date of redemption. June 11924, and the
divs. on the new 7% Pref. stock have been paid at the fixed rate since Apr. 1
1924 (paid on 6% Prof., $40,439' on 7% Prof.,$342,840).-V. 120. p. 1334.
Frilcon Ftronze Ca., Youngstown, 0.--Acquisition.The company has purchased the Lumen Bearings Co., operating a plans
in Youngstown and owning tho New Process Copper Co. of l'ittsburgh.
Payment was made in cash from surplus. The Falcon Co. has an auhorized capital of 3.090 shares of no par value, all outstanding. It has
no Preferred stock or bonded indebtedness.
The Lumen company's Youngstown plant has a capacity of about
2,000,000 lbs. of finished bronze castings per year, while the Pittsburgh
property has a capacity of 1.000,000 lbs. of copper castings. The Falcon
company has a yearly capacity of about 2.000,000 lbs. of castings.
V. 110, p. 2491.
Famous Players-Lasky Corp:
-Structure Planned.
-
The company, it is announced, has filed plans for a 29
-story office structure and theatre on the west side of Broadway from 43d to 44th SW., N. Y.
A total investment of $13,500,000 will be made. $6.000,000 for land
City.
and $7,500.000 for building. Three floors will be devoted to executive
offices of Famous Players.
It is stated that there will not ho any now financing or offering of company's Common stock in connection with erection of 29-story theatre and
office building. It will be financed, just as smaller real estate operations
have been handled, by real estate or building and loan mortgage. Since
the building will take about two years to erect, part of the cost will come
out of Famous Players current earnings as installments fall due.
John Cecil Graham, the company's general foreign representative at
London, England. has been elected a director to fill a vacancy in the board.
-V. 120, p. 1465. 1449.
-1t Preferred Dividend of $1.
Fiske Rubber Co.
-
The directors have declared a quarterly dividend of $1 per share oath() 1st l'referred stock, payable May 1 to holders of record April 27.
The company resumed dividend payments on this issue on Feb. 2 last
(see V. 120. p. 336).-V. 120, p. 458.
fif,() Park Avenue Apartment Rldg.-Bovis Called.
-
An of the outstanding $1,560.500 First Mtge. 6% Serial bonds of 192S
have been called for payment June 15 at 102 and interest at the office of
S. W. Straus & Co.. Inc. 565 Fifth Ave.. N. Y. City, or at Jackson &
-V. 117, p. 1782.
Michigan Boulevards, Chicago.
Ford Motor Co. of Canada, Ltd.
-Sale of "Bankers
Shares" Enjoined and Methods of Two Firms Handling Them
Censured by Court.
The methods of two Manhattan brokerage concerns in selling so-called
"bankers' shares" in the stock of the Ford Motor Co. of Canada were
described by Supreme Court Justice Stephen Callaghan in Brooklyn in a
decision April 1 as a scheme to deceive. A temporary injunction was
granted by the Court to restrain the defendants from "further perpetrating
a fraud upon tne people of the community."
The injunction is directed against Philip L. Wing, doing business under
the name of the Continental CO., 119 Nassau St., and Arthur and Virginia
Marshall, doing business as Marshall & Co., 111 Broadway, N. Y. City.
Their defense was that the shares represented investments in stock they
had made in the Ford Motor Co. of Canada.
Attorney-General Albert Ottinger, who brought the action, charged that
the so-called "bankers' shares" were issued on the basis of 100 "bankers"
shares for each $100 par share of the Ford stock. These "bankers' shares,"
it was further charged, were sold at prices that netted the sellers profits of
$160 to $230 on each 100 shares, which represented one share of Ford stoke.
-V. 120. n• 458.
APRIL 18 1925.]
-New Director.
General American Tank Car Corp.
Le Roy Kramer has been elected a director succeeding A. E. Mullike.
120, p. 1591, 709.
-Orders.
General Electric Co., Schenectady, N. Y.
1924.
1923.
1922.
3 Mos.Ended Mar.31- 1925.
883,846,236 $73,487,903 $80,010,045 $51,335,300
Orders received
kr Charges of
2017
THE CHRONICLE
Unlawful Monopoly Dismissed.
The company has sent a letter to stockholders advising them that the
suit against the company, based upon charges made before the Lockwood
Committee in 1921 that it was maintaining an unlawful monopoly in the
manufacture of tungsten filament incandescent lamps and that its sales
methods were illegal, had been dismissed in the U. S. District Court of Ohio
by Judge D. C. Westenhaver. The Court found for the company on
every point.
The company wrote to the U. S. Attorney-General in Jan. 1922 denying
the charges and pointing out that if the charges were true the company
was violating the Federal laws. It invited the Department of Justice to
investigate. The Department did so and in Feb. 1924 brought suit at
Cleveland against General Electric Co. and the Westinghouse Electric &
Mfg. Co., both of whom were operating under licenses granted to them
under patents of the former. On April 3 last the Court decided in favor of
-V. 120, p. 1887. 1742.
the defendants.
-Sales of Cars to Users.
General Motors Corp.
The sales of General Motors cars by dealers to ultimate consumers in
March totaled 70,492* cars and trucks, compared with 57,205 in March
1924, and further with 39,579 in Feb. 1925.
Sales of cars and trucks to dealers by manufacturing divisions of General
Motors in March totaled 75.585*, compared with 75,484 in March 1924
and further with 49,146 in Feb. 1925.
The following tabulation shows sales of General Motors cars by dealers
to ultimate consumers as well as sales by manufacturing divisions of General
Motors to their dealers:
-Dealer Sales to Users- -Divisions Sales to Dealers
1925.
1924.
1923.
1925.
1924.
1923.
25,593
33,574
31,437
30,642
61,398
49,162
January
*39,579
50,007
33,627 *49,146
78,668
February
55.427
*70,492
57,205
74,632 *75,585
75,484
71,669
March
* These preliminary figures include passenger cars and trucks sold in
the United States, Canada and overseas by the Chevrolet, Oldsmobile,
Oakland, Buick, Cadillac and GMC Truck divisions of General Motors.
-The company on April 15
General Motors Freight Bill.
issued the following Statement:
In 1924 the freight charges upon General Motors cars and trucks and the
material from which these automobiles were made amounted to over
$42,000,000.
However, this was not the entire amount which accrued to the railroads
due to the corporation's activities. General Motors, which has major
manufacturing operations in 35 cities, buys material from over 3.000
different concerns. Obviously it is impracticable to attempt to compile
the freight paid by these sources of supply upon such portion of their raw
and semi-finished purchases as was ultimately absorbed by General Motors.
General Motors last year sold 587,341 automobiles consisting of Buick,
Cadillac, Chevrolet, Oakland, Oldsmobile and GMC Trucks. Of this
number approximately one-quarter were driven away from the plants and
the remainder shipped by railroads.
The number of freight cars required in 1924 to bring the raw materials
into the General Motors plants and carry away the finished automobiles,
together with the tonnage in pounds, is shown below:
Inbound.
Total.
1924Outbound.
Number of carloads
94,889
154,467
249,356
Carload tonnage
5.267,103,398 2.494,318,381 7,761,421.979
If there is added to the number of carloads shown in this table the less
than-carload lots it brings the total up to 280,051 freight cars
-the equivalent of 4,700 freight trains of 60 cars each. Put end to end, these trains
would reach a distance of 2,423 miles.
January meeting of the board (V. 120, p. 590) to the effect that it was
inexpedient to commence disbursements under the circumstances until
a more substantial surplus had been accumulated.
-V. 120, p. 1887, 1197.
Goodyear Tire 4 Rubber Co. of Calif. & Subs.
-Earns.
Calendar Years1924.
1921.
1923.
1922.
Net sales
$15,668.065 $14,444,091 $12.392,616 $14,069,733
Mfg. cost of sales
1 13.663,520 13,078,7621 8.849,390 10,672,672
Sell., adm. & gen. exp_i
2,687,947
1 2,057,981
Operating income...... $2,004,545 $1,365,329 $1,485.245
Other income
41,844 Cr.105,622 Cr.152,726
Profit on sale of land
346,060 Cr.951.032
$709,114
Cr.18,089
Total earnings
$2,392.449 82.421,983 81,637.972
Prov.to cover ad.for inv_ •
Interest
203,361
332.921
446,706
Federal taxes
273,140
215.663
Factory exp. written off_
329,698
Miscellaneous
130.177
24,249
Pref. divs. paid
(8' %)699,624
$727,203
1,121,861
473,209
Balance, surplus
y Loss.
-V. 120,
$1,216,324
$1,743,221
185,100
40,543
$837,317 y$1,093,511
p. 1335.
Goulds Mfg. Co.
-Earns.(Incl. Seneca Falls Realty Corp.).
Calendar YearsNet income
Preferred dividends
Common dividends
Balance,surplus
Total surplus Dec. 31
-V. 118. p. 1779.
1924.
$137.096
52.325
59.800
1923.
8180,645
52,325
44,850
$24,971
$83,470
81.174.060 81.153,619
Granby Consolidated Mining, Smelting & Power Co.
-Creates Issue of $4,000,000 7% Debenture Bonds.
Ltd.
The stockholders on April 15 authorized an issue of $4,000,000 5
-Year
7% Cony. Debenture bonds, convertible into ordinary shares of stock at
$25 per share. The new issue will be dated May 1 1925 and will be callable
at $105 and interest on 30 days' notice in whole or in part.
Of this issue 52,500,000 will be put out immediately to provide funds
for meeting the $2,500,000 8% Debentures maturing May 1. The rest
will be held in reserve. Each shareholder of record April 10 will be given
the right to subscribe on or before April 25 for $100 of new 7% Debentures
at par for every eight shares of capital stock held. Payment in full must
accompany subscriptions
Secretary Edward Everett in a notice to the holders of
5-Year 8% Convertible Debenture bonds, due May 11925,
says in substance:
The 8% debentures will be redeemed at maturity, upon surrender to the
Title Guarantee & Trust Co., 176 Broadway, N. Y. City; or, at the option
of the holder, they may be exchanged for new 7% debentures, par for par.
There have been underwritten, and the company will presently issue,
-Year 7% Convertible debentures, dated May 1 1925, interest
$2,500,000 5
payable May 1 and Nov. 1 (see above). Shareholders have been offered
pro rata, the right to subscribe to the new debentures. Should any remain
after satisfying subscription rights exercised, such remainder is hereby made
available for exchange.
The $2,500,000 is part of an authorized issue of $4.000.000. The remaining $1,500,000 will not be issued at present, nor in the future except to
extinguish bank loans or to care for outstanding 1st Mtge. bonds, which
mature May 1 1928.
Those desirous of exchanging their 8% debentures for an equivalent
amount of the new issue, should file their application (accompanied by
debentures to be exchanged) with the Title Guarantee & Trust Co.. prior
to April 29 1925.
Research Corp. to Move-Delco Light Sales Increase.Income Account for Calendar Years.
Pres. Alfred P. Sloan Jr. announces that as soon as arrangements can be
1924.
1923.
1922.
1921.
the General Motors Research Corp. of Dayton, 0., will be moved
completed
$6.172,777 87,691,856 $5,279,267 87,234.519
to the General Motors Laboratories, connected with the General Motors Gross Income
3,759,332
6.309.215
4,699,849 6,185,448
Building in Detroit, Mich. The object is to provide closer co-ordination of Operating costs
305,060
385,852
510.619
491,331
this activity with the engineering and research departments of the car and Expenses, taxes, &c-truck divisions of General Motors, and also the new General Motors Prov$995,788 $1,028,604
$620,244
Net operating income_ $1.087.076
Grounds, which have been established at Milford, Mich., 35 miles north
ing
67,870
66.796
66.796
31.056
Other income
of Detroit.
E. G. Biechler, President and Gen. Mgr. of the Delco Light Co. (a divi$1,118,132 51,063.658 81.095.400
8687,040
Total income
General Motors Corp.) announces that in the first 3 months of
sion of the
286.332
287,300
674.202
285,740
this year shipments from the factory had a retail sales value of $7.100,000. Interest, &c
1,494,613
781.790
300.000
This was about double that for the first quarter of last year. In March Deprec., depletion, &c_ _ 1,604,765
the sales of the division totaled $3,800,000, a gain of $2,000,000 over March
5717,287 sur$26,311
$287,162
Balance, deficit
$772.373
1924.-V. 120, p. 1887. 1753.
$145,610
Profit & loss, deficit...... 52,156,811 $1,423,366
8738.007
Germain Co., Pittsburgh.
-Receivership.
-V. 120, p. 1754. 1096.
Robert J. Dodds of Pittsburgh was appointed by Judge F. P. Schoenmaker in U. S. District Court Mar. 30 as receiver for the company, timber
(W. T.) Grant Co. (Mass.).
-March Sales.
products brokers. The appointment was made following the filing of a
Sales for March totaled $2,010,931, an increase of 15% over March
suit in equity against the company by W.M.Germani and R.Perry Shorts, 1924, and for the three months ended March 31 totaled 55.622,870. an
both of Saginaw, Mich., and stockholders in the company.
increase of 23% over the same period last year.
-V. 120. P. 1335.
It is claimed the assets of the company are approximately $2,500,000 and
liabilities approximately $750.000. The plaintiffs contended that a reGulf Coast Refining Co.
-Sale.
ceiver shoUld be appointed to avoid a large number of complicated suits by
Judge Rufus E. Foster of the U. S. District Court at New Orleans has
creditors who are now threatening attachment proceedings and that the
assets of the company would be dissipated and the business destroyed signed an order directing the sale of all properties of the company listed in
should a receiver not be appointed. The company in Oct. 1923 brought a trust indenture securing an issue of $3,000,000 bonds dated Nov. 1 1923.
Suit for foreclosure was brought by the American Trust Co., N. Y. City.
out a bond issue of $600,000. See V. 119. p. 1740.
trustee, when the company defaulted in the first interest payment of $105,Gimbel Brothers.
-New Director.
000 on May 1 1924.-V. 117. p. 2776.
Howard Sachs, of Goldman, Sachs & Co., has been elected a director,
-V. 120, p. 1754.
succeeding Harry Sachs.
Habirshaw Electric Cable Co.
-Reorganization Plan.
Pursuant to decree of the U. S. District Court for the Southern District
Ginter Co. of Boston.
-March Sales, &c.of New York, dated April 2, a plan of reorganization of the Habirshaw com-March-1924.
1925
Increase.
1925-3 Mos.-1924.
Increase. panies has been
and under the plan certain rights
$1,095,569
$1,081,508
$14.061 $3,411,671
$3,163,259
$248,412 have been givenapproved by the court,such companies.
to the stockholders in
Consolidated Balance Sheet December 31.
The plan provides for the organization of a new company to acquire the
1924.
Liabilities1923.
Assets1924.
properties of the Habirshaw Electric Cable Co. Habirshaw Electric Cable
1923.
Property aecount.$1,933,416 31,702,091 8% Pref. stock...31,675,000 $1,617,270 Co.. Inc., and the Electric Cable Co., which shall have as its capital 170.000
Corn,stock &surp. x908,768
Autos, horses and
837,756 shares, which shall be of one class only, without any nominal or par value.
100,640
81,904 Accounts payable. 298,597
. wagons
for a
242,172 20,000 of these shares will be sold to W. A. Harriman & Co.,
13,821
7,728 Reserve for Federal
Inc..
consideration, among other things, of $15 a share in cash. The balance
-Sundry assets....
168,149
336,299
taxes
89,723
Goodwill
83,844 of 150.000 shares of stock will be offered to the creditors in satisfaction of
Federal
Accrued dlv., &e._
Cash and
90,264 their claims. In the event that less than all of the creditors shall accept
410,286 Res've for depr.,&e 859,533
Land Bank bds_ 488,826
740,608 this stock the non-assenting creditors will receive a ca.sh payment and the
13,778
15,773 Res. for Pref. stk_ 200,701
Ace'ts receivable._
149,216 shares of stock not taken by such creditors will be sold at a price of $17 50
1,286,642 1,091,267 Accrued expenses,
Inventories
a share in the following manner:
27,050
150,550
less adv. (net)__
Invest. in secure
The Preferred stockholders of Habirshaw Electric Cable Co., Habirshaw
34,767
Electric Cable Co., Inc., and the Electric Cable Co. shall have the first
$4,032,322 $3,795,897 Total
$4,032,322 $3,795,897 opportunity to purchase such stock at $17 50 per share in the amount of
Total
two shares of such stock of the new company for each one share of the Prof.
x Represented by 150,000 shares of Common stock of no par value.
stock of such old companies, provided that, if the amount of stock purchasThe usual comparative income account was given in V. 120, p. 1335.
able shall be less than the aggregate amount subscribed for by the Pref.
stockholders, such subscriptions shall be reduced proportionately.
Glidden Co., Cleveland.
-Sales.The Common stockholders of the aforementioned companies shall have
1925.
1924.
Month of MarchIncrease.
$2,288,000 81.973,000
Sales
$315,000 the opportunity to purchase such stock of the new company as shall not
be allotted to creditors or subscribed for by the Prof. stockholders in the
-- V. 120. p• 964, 710.
amount of one share of stock of the new company for each five shares of
-Sales--Earnings, &c.
the Common stock of the old companies, provided that, if the amount of
(B. F.) Goodrich Co.
the annual meeting April 15 all directors whose term of office expired stock purchasable by the Common stockholders shall be less than the
At
were re-elected. The stockholders also voted to retire 23,760 shares of aggregate amount subscribed for, such subscriptions shall be reduced
yckm
re
'preferred stock in accordance with the charter provisions. Dr. W. c. proportionately. aining may be subscribed for by
creditors or members of
Geer has resigned from his active duties as Vice-President, but will remain
the creditors' committees, or it will be underwritten at the price of $17 50
serve in an
board of
. the directors directors and continue tostatement. advisory capacity.
on
per share, without commission.
authorized the following
• The
The new stock will all be placed in a voting trust for a period of 3 years.
"The sales volume for the first quarter was about the same as the corresponding period last year and while no statement of earnings is available -V. 112, p. 459.
this time, it is estimated that they are running at a satisfactory rate,
at
-Merger Fails.
(C. M.) Hall Lamp Co.
due, in a large measure, to the fact that the average cost of crude rubber
At the special meeting April 4, the proposed increase in the number of
consumed so far this year developed fair profits at present selling prices.
of crude rubber has recently advanced to what appears to be a capital shares of the stock of the company for the purpose of acquiring the
The price
definitely higher level for some time to come and in order to maintain a property of another corporation (John W. Brown Mfg. Co., Columbus, 0.1
was submitted to the stockholders for approval, but failed to receive the
f
ait margin of profit an increase in selling prices will be necessary."
• No action was taken regarding resumption of dividends on the Common required number of votes to become effective. The meeting adjourned
-V. 120. p. 1466.
stock, as the directors saw no reason to change the view expressed at the without further action being taken in the matter.
[VOL. 120.
THE CHRONICLE
2018
Hayes Wheel Co.
-Suit Dismissed.
The U. S. Circuit Court of Appeals at Cincinnati has affirmed the decree
of U. S. District Court in Detroit dismissing the suit of Kelsey Wheel Co.
and B. F. Goodrich Co. against Hayes Wheel Co. and James Wagenhorst
for alleged infringement of patent pertaining to metal felloes for automobile
wheels. Another suit involving alleged infringement by Hayes Wheel Co.
of patents on a type of demountable rims is still pending in the Appellate
Court, having been appealed by Hayes Wheel Co. after the U. S. Di!strict
Court at Detroit had upheld the rights of Andre J. Michelin, patentee, and
Kelsey Wheel Co. and NV. N. Booth. licensees.
-V.120, p. 1336, 337.
Heywood-Wakefield Co., Mass.(& Subs.).-Bal. Sheet.
In the balance sheet as of Dec. 31 1924, published in the "Chronicle" o
March 21, p. 1466, the item "merchandise and supplies" should have read
$9.105,597, and not $8,105,597, as shown.
-V. 120, p. 1466.
Independent Oil & Gas Co.
-Quarterly Statement.
-
Three Months Ended March 311925.
1924.
Total sales
$1,324.415 $1,063,080
Oper., general & admin. expenses.254.224
134,2791
Taxes, dry holes, &c
46,418
133,7561
Net profit
$1,023,773
$795,044
Other income
$250,531
36,662
Gross income
Income charges
$1.023.773
2.813
$287,193
51,734
. Net income
-V. 120. p. 1211, 836.
$1,020,960
$795,044
671
$794,373
1923.
$492,060
Al
2 529
41,
$235,459
Interprovincial Brick Co. of Canada, Ltd.
-
The shareholders of the Interprovincial Brick Co. of Canada, Ltd.;
Interprovincial Clay Products, Ltd., and Atlas Brick Co., Ltd., on April 2
voted to merge the three companies Into a new company to be known as
the Interprovincial Brick Co., Ltd.
The new company shall have a capitalization of $1,000,000 8% Pref.
stock and 10.000 shares of no par value Common stock.
Othe
tock0Oha the
0 s of be
,3
Pref. and all the Common stock to be issued. The Pref.$58
dividend into two classes
-A and B, both redeemable at 105. Class A is
to have prior lien over Class B as to dividends only and to have the privilege
of conversion at any time into Class B stock.
$147.900 of Class A Pref. stock is to be exchanged for a like amount of
-Conti- Interprovincial Clay Products, Ltd., Pref.; the balance of $52,100 of Class A
Holland-St. Louis Sugar Co.
-Bonds Offered.
Pref. stock to be issued and sold if necessary to provide extra working
nental & Commercial Trust & Savings Bank; Chicago, is capital.
Interprovincial Brick Co. of Can., Ltd. Pref. stocleand Atlas Brick
offering at prices ranging from 973/i and int. to 100 and
Co., Ltd.,
for
int., to yield from 53. % to 6%, according to maturity, for share. Pref. stock Is to be exchanged' Class B Pref. stock share
Deferred dividends amounting to 10% of Atlas Brick Co., LW,
are to be offset through the issue of sufficient Class B Pref. stock.
$750,000 1st Mtge. 53/% Serial Gold bonds.
Each share of Common stock of Interprovincial Brick Co. of Can., Ltd.,
Dated April 1 1925: due serially April 1 1927 to 1931. Prin. ard int.
(A. & 0.) payable at Continental & Commercial Trust & Savings Bank, will be exchanged for four shares of the no par value Common shares of
Chicago, trustee, withcut deduction for the Federal normal income tax the stock of the new company. Each share or the Common stock of
not in excess of 2%. Denom. $1,000 and $500 c*. Red. all or part on Atlas Brick Co., Ltd., will be exchanged for one share of the no par value
any int. date on 30 day's' notice at par and int, plus a premium of M of 1% Common shares of the stock of the new company.
It is intended to make application for the listing on the Montreal Stock
per year in advance of maturity: the premium in no case to exceed 1%•
-V. 118. p. 2311.
Tax-exempt in Michigan. Michigan Trust Co., Grand Rapids, Mich, Exchange of all the new issues.
co-trustee.
Interstate Terminal Warehouses, Inc.
-Bonds OfDate from Letter of Pres. G. J. Diekema, Holland, Mich. Mar. 27.
-The Tillotson & Wolcott Co., Cleveland, are offerCompany.-1ncorp. In 1902 as the St. Louis Sugar Co. and in 1911 fered.
acquired the properties and business of the Holland Sugar Co., which was ing at prices to yield from 5.95% to 63/2%, according to
organized in 1899. Owns and operates 3 mcdern sugar refining and pulp maturity,
$2,200,000 1st Mtge.& eoll. Trust 61
4% Gold bds.
drying plants located at Holland ard St. Louis, Mich., and Decatur, Ind.,
Dated April 1 1925: due serially April 1 1927 to 1940. Principal and int.
capable of slicing 1,900 tons of beets daily and refining about 50,000,000
pounds of sugar annually.
(A. & 0.) payable in Chicago and Cleveland without deduction for normal
S curity.- Secured by a first closed mortgage on the principal fixed assets. Federal income tax up to 2%. Personal property taxes of Kentucky.
having a depreciated value of $2,405,548, or $3,207 for each $1,000 bond. Indiana and Pennsylvania not in excess of 5 mills refundable. Red. at 102.
Mortgage will also provide that the company shall pay no dividends which Denom. $1,000, $500 and $100. Union Trust Co., Cleveland, trustee.
Data from Letter of Wm. J. Hogan President of the Company.
will reduce net current assets as defined therein to loss than $500.000.
Purpos .-Proceeds of these bonds, together with surplus earnings, will
Company.
-Organized in Ohio and will acquire the business and assets
of Ninth Street Terminal Warehouse Co. of Cleveland and all of the capital
be used to retire $1.250.000 1st Mtge.8% Serial bonds now outstanding.
took of the Indiana Refrigerating Co. of Indianapolis and of the North
6 Yrs. des 2 Yrs. &
Prriods end. Feb. 28 192514 Yrs.
10 Mos. Pier Terminal Co. of Chicago.
10 Mos. 10 Mos.
Av. ann. earns, before depr., int.
Capitalization.
-consists of (a) $2.200,000 1st Mtge.& Coll. Trust 6
on fund. debt & Fed. taxes____$353.282 1399.820 $548.471 $916,754 bonds;(b) $1,815,000 7% Cum. Prof. stock ($50 par value), and (c) 36,3011
Average annual depreciation__-- 99,732
129,942 shares Common stock of no par value.
121,672
117.034
Av. ann. earns, avail, for int, on
Security.
-Bonds will be secured by 1st Mtge. liens and deposit of collatfund. debt & Federal taxes_ --- 253.550
786.812 eral covering the following properties: (1) At Cleveland, a parcel of land
282.786
426.799
In arriving at the above averages, the last 10 months have beln consid- facing on West 9th and Main Sts. and the "Big Four" railroad, containing
ered as a full year. since practically all of the season's output had been sold 129,434 sq. ft., upon which there are erected two buildings containing
and provision made for a full year's depreciation and expenses.
517.000 sq. ft. of floor space or 5.500,000 cu. ft. of storage space, of which
Maximum annual interest charges on these bonds are $41,250 and maxi- about 1,600,000 cu. ft. are equipped for cold storage. There is also an
mum combined annual interest charges and principal payments exclusive of office building of three stories and basement, which is used as an office for
the company and for various tenants who use space in the warehouse bldg.
1931 are only $133.000.-V. 120. p. 1754.
(2) At Indianapolis, a parcel of land upon which there is a 7
-story and basement terminal station and cold storage warehouse containing 2.225,000
Holt Mfg. Co., Stockton, Calif.
-Annual Report.
cu, ft. of storage space, of which 1,500,000 Cu. ft. are available for cold
Calendar Years1923.
1922.
1924.
Gross sales
Not avail. $13,062,363 $9,677,708 $9,921,.230 storage. This building is equipped with modern refrigeration and ice
1001
manufacturing machinery and has all necessary facilities for economical
Balance Sheet Dec. 1.
administration. A 1st Mtge. note of $750,000 covering this property will
1024.
1924.
1923.
1923.
be given by the owner, the Indiana Refrigerating Co., and together with all
AssetsLiabilities
$
$
(save qualifying directors' shares) of its capital stock now being acquired
Plant, equip., &c_ 5,658,254 5,454,447 1st Pref. stock_ _ _ _ 1,666,600 1,833,300 by Interstate Terminal Warehouses, Inc., will be deposited with the trustee
Inventories
5,623,119 7,044,823 Original Pref. stk_ 1,000,000 1,000,000 to secure these bonds. (3) At Chicago, leasehold interests in property and
Cash
632,074
500,000 building containing 17 warehouse units with approximately 1,335,ID00 sq. ft.
582,159 Common stock_ 1,500,000
Notes & accts. rec_ 2,692,181 2,669,049 Notes payable_ __ _ 3,255,000 4,865,000 of floor space. The lease also includes 2 other adjacent buildings in the
Investments
831,033 same district, with rail and water facilities, all of which contain approxi26,853
29,022 Accounts payable_ 602,633
Patent rights
250,057
250,057 Res. for deprec. &
mately 20,000.000 Cu. ft. of storage space. A 1st Mtge. note of $750,000
Govt.,&c.,secure- 586,905 1,107,359
amortization....., 3,258,650 3,180,317 covering the leasehold interests in this property will be given by the lessee,
Deferred charges
4,498,700 5,299,795 the North Pier Terminal Co., and together with all (save qualifying direc312,140
372,528 Surplus
tors' shares) of its capital stock, now being acquired by Interstate Terminal
Total
15,781,584 17,509,444 Total
15,781,584 17,509,444 Warehouses, Inc., will be deposited with the trustee to secure these bonds.
-v. 120, p. 1336.
Valuations.
-According to appraisals by real estate authorities and terminal warehouse engineers, the mortgaged propreties are valued as follows:
At Cleveland, 0., $2,236,129: at Indianapolis, Ind., $1,368,221; at ChiHudson Motor Car Co.
-Earnings.
cago, Ill., $1,250,000: total valuation. $4,854,350.
1924.
Quarter Ended Feb. 281925.
Earnings.-After making adjustments and eliminations to reflect operatNetInc. after depr.. Fed, tax prov. & all charges.._ $3,826,932 $1,301,363
ing conditions effective under the consolidated ownership, net earnings
-V.120, p. 1467, 965.
International Paper Co.-Bal. Sheet Dec. 31 (Incl. Subs.) available for interest before depreciation and amortization charges, but
after Federal taxes, are reported as follows:
1923.
1924.
1924.
1923.
Cleveland. Indianapolis. Chicago. Total.
Last year available (1924)
LiabilatesAssets$
$
$166,338 $107,985 $193.466 $467.789
Preferred stock .._ _25,000,000 24,920,848 Average*
Prop'ty owned and
164,873
102,384
174,533 441,791
*For Cleveland, 2 years; Indianapolis, 23i years; Chicago, 2 2-3 Years.
over, by sev.cos.53,959,098 57,322,781 Common stock 20,000,000 19,931,984
The maximum annual interest charge on these bonds is $143.000, which
let & Ref. M.5s.._18,356.000 18,807,000
Woodlands, held
50,000 was earned by a margin of over 3 to I on last year's operations.
St. M. Lum. 55....
37,500
direct & through
sub. cos., benefit
Directors.-Will include Wm. J. Hogan (Pres.), Indianapolis; I. W.
Prop. purch. oblig. 1,025,000
100,000 Sharp (Sec.), Elbert H. Baker, Richard Inglis, F. W. Bruch, Samuel Scovil,
50,000
Int. Paper Co__ 7,377,713 7,884,940 Aroos. P. St P. OsSecurities
9,966,890 3,727,430 Notes payable.. ___ 7,055,000 11,760,000 Geo, W. Grandin. A. E. Conyers, A. M. Allen, Cleveland.
1,227,249 1,582,841 Acc'ts payable- - 2,273,351 2,470,767
Cash
Jefferson & Clearfield Coal & Iron Co.
Notes receivable 1,214,627
687,816 I. P. Co. div. pay-Annual Report.
375,000
Calendar Yearsable Jan. 15_ __ _ 375,000
1923.
Acc'ts receivable 5,145,019 7,243,522
1922.
189,878 xNet earnings426
lo555 2 , 42
19 26
74
I. P. Co. def. div_ 5183,312
Inven. & cash &
$500,721
$559.070
192
$21..
6
863,827 Interest on bonds
78,425
adv. on log. op_20,452,413 21,733,793 Insurance reserve- 1,064,054
88,546
104,525
101,550
51,437 ContIng. reserve..1 8,537,614 j6,607,282
Sinking funds_ _
Net profit
164,890
def$151,067
Deferred awls_ 2,758,802 3,123,846 Tax reserve
$412,175
1
$457,520 def$78,099
1,584,729 5,867,554
P.& L.surplus _18,144,986 17,112,330 Previous surplus
5,785.034
5.928,199
Appron. surp. (restored)
300.000
4,962
102,101,817 103358,406 Miscellaneous credits_
Total
102,101,817 103353,406
Total
9,93f
x Reserve for payment of def'd dive. on I. P. Co. Pref. unstamped stock.
Total surplus
$1,738,624 $6,279,729 $6,242,554 $5.860,034
The usual comparative income account was given in V. 120, p. 1888.
Preferred divs. (5%)_ - _
75,000
75,000
75,000
75,000
(1 %)60,000 (2)120,000
- Common dividends
Intercontinental Rubber Products Corp.(& Subs.).
yStock div.(150%)......4,500,000
1923.
Approp,for auth.impts_
1924.
Eat nc.-Calendar Years300.000
$206,813
$232.563
Profit from operations
121,964
Total P.& L.surplus_ $1.603.624 $1,584,729 $5,867,554 $5,785,034
104,577
General expense, taxes, discounts, &c
26,334
x After depreciation, depletion. Federal taxes, &c.
36,287
Interest on notes
_
y Paid Jan. 18 1923 to holders of Preferred and Common stock of record
$58,515 Dec. 30 1922. Present outstanding capital stock consists of $6,000.000
$91,699
Net profit for year
Common and $1,500,000 Preferred, par $100.-V. 118, p. 1780.
-V. 118, p. 2957.
Hill Manufacturing Co.
-New Financing, &c.
-
The stockholders will vote April 3 on authorizing the issuance of $1,250,001. 1st Mtge. 6X % 10 Year Convertible bonds, to be convertible into
,
new stock at the rate of 25 shares for each $1.000 bond. The stockholders
will also vote on increasing the authorized capital stock by 31,250 shares
to provide for bond conversion, and on changing the par value of the stock
from $100 to no par value.
Funds from the sale of the bonds will be used to reduce outstanding notes
and other current obligations.
-V. 120. p. 710.
-Annual Report.
Intercontinental Rubber Co.
Calendar YearsTotal profits and Income
from investments, &c_
Adm.,gen.exp.& taxes_
Appreciation in market
value of securities
1924.
$7,548
11,241
1923.
1922.
1921.
31:gt
$
11:377
$
Cr.20,875
Cr.64,519
$2,994
4,435,880
$28,478
4,482,215
Total surplus
$4,033,771
Add'l reserve for Federal
taxes prior years
-down expense, &c_
Shut
Loss on Nitrate Syn.sub.
$4.037,464 $4,438,874
$4,510,693
Profit & loss surplus
-V. 118. p. 2957.
$4,037,464
Balance, surplus
Previous surplus
1
12,11g
def$3,693 def$12,027
4,037.464
4,049,492
$4.037.771
$21,000
53,812
$389,382
$4,049,492 $4,435,850
-Sales.
Jewel Tea Co., Inc.
First 12 Weeks ofSales
-V. 120.p. 1212, 1097.
1925.
1924.
$3,259,710 $3,104.695
Increase.
$155,015
Jones Bros. Tea Co., Inc.
-Earnings, &c.
Chairman Harry L. Jones says in part: "Operations during the first
two months of the current year produced a profit, and I believe 1925
will show nice operating profits. Store operations of 1924 showed a profit,
the loss reported in the annual statement having been due to heavy writeoffs
caused by curtailing the coffee jobbing department, closing of unprofitable
stores and extraordinary fixture depreciation."
Wm. R. Simonds has been elected a director to fill a vacancy.
-See
also V. 120. p• 1755
.
Kanawha & Hocking Coal & Coke Co.
-Tenders.
-
The Bankers Trust Co., trustee. 10 Wall St., N. Y. City, until April 29
received bids for the sale to it of 1st Mtge. 6% Sinking Fund Gold bonds
dated Jan. 1 1920 to an amount sufficient to exhaust $20,231. at prices not
exceeding par and int.-V. 117, p. 1894.
APRIL 18 1925.]
THE CHRONICLE'
Katz & Besthoff, Ltd., New Orleans.
-Bonds Offered.
Canal-Commercial Trust & Savings Bank, New Orleans,
La., are offering at prices to yield from 5
to 6%,according to maturity, $450,000 1st Mtge.6% Serial Gold bonds.
Dated April 1 1925; due serially April 1 1926 to 1940. Denom.$1.000 c*.
Callable all or part by lot on any int, date after 30 days' notice at 102 and
int. Prin. and int. (A. & 0.) payable at Canal-Commercial Trust &
Savings Bank. New Orleans, trustee. Normal Federal income tax up to
25' paid by borrower. Exempt from personal property tax in Louisiana.
Security.
-Secured by a closed first mortgage on the lot of ground forming the corner of Canal and Dauphine Sts., New Orleans, La. together
with all improvements thereon, consisting of 2 three-story brick stores.
'
The property has been appraised as follows: Land, $572,000; improvements,$76.644: total. $648.644
-The receipts. totaling $61.000, are ample to meet average anIncome.
nual requirements for interest and maturing principal on this issue, amount.
big to approximately $47 000.
Purpose.
-Proceeds will be used in part payment for the property.
Kellogg Switchboard & Supply Co.
-Annual Report.
Calendar YearsNet profit for year
Cash dividends (8%)
1924.
$806.478
506.000
1923.
$528.848
506.000
Balance,surplus
$300.478
Previous surplus
1,347.758
Readjustment of book values of plant & pat acc ts
't
Sundry adjustments
Deb.7.498
$22.848
929.029
Cr.401.021
Deb.5.138
Profit and loss surplus Dec. 31
$1,640,738 81,347,759
Balance Sheet December 31.
1924.
Assets1923.
Liabilities1924.
1923.
Plant, real estate,
Capital stock
$6,325,000 $6,325,000
machinery,atc_ _$1,188,261 $1,125,887 x Pay-roll & taxes
Patents & goodwill 982,3e0
973,277
accrued, &c_ _ _ _
169,006
128,245
Inventories
2,864,798 3,221,170 Trade and miscelAccounts & notes
laneous accounts 103,768
189,823
receivable, &c 1,678.829 2,074,943 Surplus
1,640,738 z1,356,685
228.013
Cash
148.197
U.S.Govt.,&c.,bds 891,507
442,390
Other accts., notes,
investments, &c 387,083
Unearned insuece
prem.& sundry_
17,661
13,889 Total(each side)..$8,238,512 $7,999,753
x Less reserves. y Includes provision for income tax. z Surplus and
reserves: in 1924 reserves were deducted from current assets.
-V. 118. P.
1672. 1528.
2019
Lincoln Fire Insurance Co. of N. Y.
-Listing. &c.
The Boston Stock Exchange has authorized the listing of 10.000 additional shares (par $20) of Capital stock. The stockholders on March 5
1925 Increased the authorized capital from $400.000 to $600,000 (Par $20)•
The additional shares were offered for subscription to stockholders of record
March 5 1925 at $62 50 per share, the right to subscribe thereto expiring
March 25.-V. 118, p. 317, 91.
Longmont (Col.) Farmers Milling & Elevator Co.
All of the outstanding $260,000 8% Serial Gold debentures, dated Jan. 1
1921 and maturing after July 1 1925, have been called for payment July 1
at 103 and interest at the American National Bank, Denver, Colo.
The aggregate amount of debentures called for redemption is $310,000.
of which $50,000 is due July 1.-V. 112, p. 750.
-Earnings.
McCord Radiator & Manufacturing Co.
The company reports for the quarter ended March 31 1925 net earnings
of $222,056 after all charges and Federal taxes. This compares with
$294,650 after charges and depreciation but before Federal taxes for the
same period of 1924.-V. 120. p. 966.
Magma Copper Co.
-Resumes Dividends.-The'direetors
on April 16 declared a dividend of 75 cents per share on
the capital stock, no par value, payable July 15 to holders
.
of record June 15. This is the first dividend to be paid since
Jan. 6 1919, when a distribution of 50 cents per share was
made.
Net earnings for the quarter ended March 31 1925 were $518.356, after
all charges and expenses, except reserves for depreciation and interest.
The company's plants during the first quarter averaged about 70% of
capacity. The company produced 6.819.220 lbs. of copper in the first 3
months of 1925. The company received an average of about 14C. a lb.
for all copper delivered, while costs averaged 6%c.a lb. before depreciation.
reserves.
Arrangements have been made to call outstanding 10
-Year 7% Cony.
Gold bonds on June 1 at 105 and int. The right to convert these bonds into
Common stock will cease on May 22.-V. 120, p. 837, 711.
Magnolia Petroleum Co.
-Annual Report.
Calendar Years1924.
1923.
1922.
1921.
Gross earnings
$57.335.550 $52,013.916 $46.577,128 $55,139,890
Exp., depl'n & deprec'n. 48,878,573 43,903.256 40,105.118 44,913,430
*Net earnings
$8.456,977 $8,110,660 $6,472,010 $10,226,460
* Before Federal taxes.
Balance Sheet December 31.
1924.
1923.
1924.
1923.
Kelvinator Corp. (Mich.).
Assets$
-March Sales.
$
Liabilities$
$
Gross sales for the quarter ending March 31 were about 91900,000.-V. Property, plant,
Capital stock...1130,247,100 180,000,000
oil wells. &c_x150,624,147 144,245.0586% gold bonds_ 8,501.000 8,588.000
120, p. 711, 1212.
Inventories _ _ _ _ 36,737,808 35,051,273 Notes payable__ 4.035,080
324,410
(G. R.) Kinney Co., Inc.-RePutneR Common Dividends.
- Notes and acc ts 6,326.709 12,327,217 Acels payable__ 4,255,130 10,035,716
receivable.._.
Accrued int. and
The directors have declared a quarterly dividend of $1 a share on the
201.655
183.575 general taxes_ 1,524,172
873,032
Common stock in addition to the regular quarterly dividend of $2 a share Misc. securities_
1,052,800 4,132,327 Deferred credits.
91,853
307,339
on the Preferred. This is the first payment to be made on the Common Cash
Stockh'rs' notes
Undivided profit 14,173,728 13,238,032
stock since' 1921, when $2 a share was paid.
receivable_ _ _ _ 1,603.389 2,102,424
.
The Common dividend is payable July 1 to holders of record June 20,and
Adv. to sub. cos. 7.802,454 6,696,024
the Preferred June 1 to holders of record May 20.-V. 120. p. 1888.
by.in sub. cos_ 7,853,015
7,843,075
Def.& unacil deb
626.094
785,556 Total (each side)212.828,073 213.366,529
Kresge Department Stores, Inc.
-Annual Report.
x Includes producing property, leaseholds at appraised values, oil wells
Consolidated Income Account for the Fiscal Year Ended Jan. 311925.
and equipment, pipe lines, refineries, floating equipment, tank cars, market[Incl. 12 mos. for Kresge Dept. Stores. Inc., and L. S. Plant & Co., and ing stations and other property, less depletion and depreciation reserve.
11 mos.for the Petals Royal,Inc.,and Royal Stores Corp
V. 120. p. 1336.
Net sales, $9,489,039: cost of sales. $6,341.598: gross profit-33,147.441
Operating expenses
Mahoning Investment Co.
-Annual Report.
2,680.473
Calendar Years1924.
1923.
1922.
1921.
Profit from operations
Previous surplus
$112,096
$111.332
$125,539
$110,738
$466.968
Other income and credits
344,906
249,751
249,630
280.598
139.911 Dividends received
Interest received
12,590
12.509
12,3;39
12,305
Total income
$606,879
he
Interest, taxes,
Total income
$418,727
$469:510
$373,422
$372,672
147.203
Depreciation
2,010
1,875
1.754
1,768
75.573 Taxes and expenses
Provision for Federal income tax
22,292
12,000
12,000
12,000
55,168 Interest paid
Dividends
(6% %)268,203 (8)330,096 (6)247,572 (6)247,572
Net profit
$328.934
Profit & loss, surplus_
$126,221
Consolidated Balance Sheet as of January 31 1925.
$125,539
$112,096
$111,332
-V. 118. p. 1781.
AssetsI Liabilities
Land
$1,392,984 8% Preferred stock
Maxwell Motor Corp.
-Plan to Organize New Company to
$3,500,000
Buildings, mach.,equip., &c__ 1,505,103 Common stock
x1,005,000 Acquire Assets Through Exchange of Stock.Adv.on account of mortgages- 354,900 Accounts payable
527,628
Miscellaneous assets
50,500 Accr. wages, taxes, int., &c-__
With the approval of the directors and the holders of large amounts of
65,089
Goodwill and leaseholds
393,447 Reserve for Federal taxes__ __
59,395 Class"A and of Class"B"stock a plan has been formulated which provides
Cash
658,487 Mortgage debt
1,403,000 for the exchange of Class "A" and Class "B" stock of the Maxwell company
Accounts receivable
683.506 Contingent reserve
94,077 for Preferred and Common stock of Chrysler Corp. as follows:
Inventories
Each share of Class "A" stock to receive 1 share of new 8% Preferred
1,535,891 Surplus
119,782
Deferred charges
199,152
stock cumulative from Jan. 1 1925 and one-tenth share of new Com. stock.
Each share of Class "B" stock to receive 1 share of new Common stock.
Total
Arrangements have been made for the purchase and retirement of shares
86.773.9711 Total
$8,773,971
of outstanding Class "B" stock equal in number to the shares of new
x Represented by 114,000 shares of no par value.
-V.120, p. 1888. 591.
Common stock deliverable under the plan to holders of Class "A" stock.
Thus there will not be Issued under the plan shares of new Common stock
Lafayette Motors Corp.
-Asks Dissolution.
excess of the number of Class "B" shares outstanding at the time of the
A petition for the dissolution of the company was filed April 4 by the in
consummation of the plan.
company in the Circuit Court at Baltimore through Francis J. Carey and
Chrysler Corp. will acquire or control the present properties of the
-I. Howard, attorneys. The company was incorporated
Charles Mel
Maxwell company and will continue the sale
June 12 1922 in Maryland and had its principal office in Baltimore. Its without change of management or policy. of Maxwell and Chrysler cars
manufacturing plant first was in Indianapolis and later in Milwaukee.
The plan has the entire approval of Walter P. Chrysler, Pres. and ChairIt is set forth in the petition that owing to the difficulties of producing man of the board, who reconunends its acceptance by the stockholders of
and marketing high-grade cars and the constantly increasing competition both classes and the immediate deposit of their stock witn Central
of lower grade and cheaper cars the business of the company has not been Union Trust Co., New York, the depositary, 80 Broadway, N. Y. City,
successful and the expenses of its operation exceeded its profits.
At the request of
The company now has no assets. An exhibit filed with the petition committee under thethe directors the following have consented to act as a
plan and
showed that its liabilities are more than $212,000. due principally to son, Chairman. C. A. Doody, agreement dated April 15: George W.DaviLeo M. Butzel. with Charles J. Farrell, Sec.,
banks in Boston, Chicago, New York and Indianapolls.-V. 119, p. 1742.
80 Broadway, N. Y. City.
In order to participate in the benefits of the plan holders of Class "A"
Lehigh & Wilkes-Barre Coal Co.
-Annual Report.
stock and Class"B"stock must deposit their certificates with the depositary
before the close of business on May 6. See also V. 120, P. 1889.
Income Account Year Ended Dec. 31 1924.
Gross earnings
$33,240,922
Mercantile Stores Co., Inc.
-Balance Sheet Jan. 31.Operating expenses
21,444,549
Taxes
•
[Including Subsidiary Corporations.]
4,392,363
Interest
Assets1924.
1925.
1923.
222,402
Preferred and Common dividends (cash)
$2,729,805 $3,682,984 $4,594,596
5,275,967 Cash
Accts.& notes rec.,& install, sales cont 7,286,776
7,084,526
6.831,801
Surplus
5.842.321
5,768,859
5.729,455
$1,905,641 Merchandise
4,502,577
3.536,004
3.053.162
On April 1 1924 the company paid a stock dividend of 200% (100% in Marketable securities at cost
1
Common and 100% in 7% Prof. stock) on the Common stock. An initial Fiat. & impts. on leased property
1
Real estate & buildings owned
1,534,675
1,607.868
1,329,414
div. of 1 1-16% was paid on the Pref. stock June 2, covering period April 1
194,936
186.940
170,716
to June 1 1924. Regular quarterly divs. of 1%% were paid thereafter. Delivery equipment
224,491
230,991
215.251
On Mar. 1 company paid $5 per share (par $50) on the Common stock. Deferred charges
157,853
133,392
Dividends of $3 per share each were paid on June, Sept. and Dec. A div. Investments
452.271
Store supplies
38.864
43,713
$5 per share was paid in Jan. 1925.
50.650
of
Balance Sheet Dec. 31 1924.
Total
$22,577,496 $22.210.082 $22,427.317
1924.
1923.
1924.
Liabilities
1923.
LiabilitiesAssets
Capital stock
$
$5,394,916 $5,394,916 $5,394,916
Land & equipment 40,506,396 39,708,745 Preferred stock__ _ 8,458,750
Accounts payable
1,896,190
2,080.305
2,308,349
Advanced royalties 3,279,563 3,199,210 Common stock_ --16,917,500 8,210,250 Debenture bonds2,115,076
4,253,0581 5,306.333 Funded debt
5.553,000 5,535.000 Notes payable
Cash
7k-000
60,000
3,454,7431
Divs. payable___. 1,034,218
Bills & acc'ts rec
Obligations payable
600.000
792,000
823,000
982,564
55,742 Federal and State
Coal on hand
Sundry creditors, local taxes. &c....
657.627
595,054
573.477
supplies_ 907,432
867,379
taxes payable
1,475,3791 3.088,998 Unearned prof. on install, sales contr_ 1,321,033
Mat'ls &
1,256,146
1,099.079
1,097,6861
Stocks of sub. cos_ 500,0011 1,129,532 Acc'ts, &c., pay
Dividend payable Feb. 15
215,796
215.796
134.872
Depr.&deprec. res.17,068,692 16,042.052 Res.for Fed. taxes and contingencies.. 2,330,380
Securities owned_ - 185,431f
2.857,053
2.882,198
2,000,964 1,464,378 Other reserves
2,677,038 2,510,350 Surplus
Sinking fund
x10,085.555
9.018,811
7,036,350
886,485 Deferred acc'ts___ 525,028 1,153,260
Compensation rd_ 886,485
295,948 Capital surplus__ 222,633
Insurance fund__ _ 336.235
Total
224,138
$22,577,496 $22.210.082 $22,427,317
866,998 Earned surplus- 3,117,772 17,016.666
Deferred assets_ _ _ 854,856
x Includes $423.710 transferred during the fiscal year from accumulated
merchandise reserve.
58,147,728 53,780,750
Total
58,147,728 53.780,750
During October 1924 the company acquired the Cohen Co., Inc., a
. Total
dry goods store in Richmond, Va.-V. 120. p. 460, 217.
-Nr. 119, p. 2416.
2020
THE
-Complaint Dismissed.
(H. R.) Mallinson & Co., Inc.
The Federal Trade Commission has dismissed its complaint against this
company, a textile manufacturer of N. Y. City. The complaint which
charged the company with misbranding certain of its products was dismissed for the reason that the practices complained of have been discontinued. Commissioner Thompson filed a memorandum of dissent, concurred in by Commissioner Nugent.
-V. 120, p. 966.
-March Sales.
Metronolitan Chain Stores, Inc.
-March-1924.
1925
$512,259
3.518,454
-V. 120. p. 1889. 1337.
Increased 1925-3 Mos.-1924.
$6.1951$1,489,401 $1,364,094
[V9L. 120.
CHRONICLE
Increase.
$125.307
-New Directors.
Miami Copper Co.
H. S. Carpenter has been elected a director succeeding W. H. Nichols.
-V. 120, p. 1889.
-Browning,
Milton (Ont.) Brick, Ltd.
-Bonds Offered.
Harris, Denman & Co., Ltd., Hamilton, Ont., are offering
at prices xanging from 99 and interest to 100 and interest, to
yield from 6
to 6.60%, according to maturity, $350,000
63'% First (Closed) Mtge. Sinking Fund gold bonds.
when a quarterly dividend of 40 cents a share was paid, making the payments for the year total $1 per share. A quarterly dividend of 301 cents per
share was paid Mar. 20 1925, placing the Common stock on a $1 20 annual
basis.
-Common stock is listed on the New York Stock Exchange.
Listing.
Balance Sheet as of Dec. 31 1924 (After Present Financing).
Li 671'
A
Land, bldgs., mach., &c.$ 6,577,948 8% Cumul. Pref. stock.. $1.670.000
Cash
869,529 Common stock (550.00
shares, no par)
5,500,000
Acc'ts & notes rec., less
617,842
1.680,005 Accounts payable
allowances
205,602
2.945,323 Accrued accounts _____ __
Inventories
261,000
Prov. for Federal tax__ _
Capital stock owned in
200,000
665,596 Deferred payment__ .___
other companies
35,918
132,019 Res.for contingencies. &c.
Miscellaneous
4,565,762
185.704 Surplus
Deferred charges
Total
1098.313,056,123
V.
- 120, p. 1889.
Total
$13,056,123
-Quarterly Earnings.
National Biscuit Co.
1923.
1924.
3 Months Ended March
1 2
x$2,875
Net after taxes, &c., charges
31-97,.031 32.957,311 $2.813,700
x Equivalent after allowing for Preferred dividends to $1 19 a share
(par $25) earned on the $51,163,000 outstanding Common stock.
V. 120. p. 1337, 324.
Dated April 1 1925: due April 1 1930. 1935, 1940. Principal and interest
(A.& 0.) payable in current gold coin of Canada, or its equivalent in lawful
money of Canada. at Bank of Toronto at Toronto. Hamilton or Milton.
-March Sales.
National Cash Register Co.
Denom. $1,000, :5500. $100 c*. Callable in whole on any interest date on
Gross sales in the United States and Canada during March totaled
60 days' notice at 105 and interest, or in part for sinking fund at 101 and
$3,153,175.-V. 120, p. 1594.
interest on April 1 1928 and at varying prices thereafter to 100X and interest
on April 1 1930.
-February Sales.National Tea Co., Chicago.
Authorized. outstanding.
Capitalization
1
925
Increase. f 1925-2 Mos.-1924.
-Feb.
-1924.
$350,000
First Mortgage bonds (this issue)
$350.000
$420.557 1$7,588.382 $6,487.837 $1,100,545
841,000 $3.659.255 $3,238.698
Common stock
1.500,000
It is announced that the company has purchased a warehouse building at
Company.
-In successful operation for over 30 years. Owns and operates
three modern brick plants. situated at Milton and Streetsville, Out,. manu- 905-27 Kingsbury St., Chicago, Ill., from the American Radiator Co. for
facturing "rug" and "pressed" brick in all colors. The equipment includes 8310.000.-V. 120, p. 1756.
33 modern down draft kilns and the very latest type of 'prick-making maNevada Consolidated Copper Co.-Bal. Sheet Dec. 31.chinery. The supply of raw material is practically inexhaustible.
Earnings.
-The average annual earnings available for bond interest after
3:
1923
3
stock1024.
1924.
1943.
all operating expenses, full maintenance charges and taxes for the last four
AssetsLtabIlIttes$
$
fiscal years have been $92,120, or more than four times the amount required Cost of mines. _ _ a2,708,536 2,708,536 Capital
9.997,285 9,907,285
to meet the interest of this bond issue. The loss from bad debts over a
876,020
797,858
equip, and
Accts. payable_ _
period of eight years has been less than fi of 1%.
56,988
22,743
lopment
development _ _ _ b316,774
356,371 Deferred accounts.
MIII.& smelt. plts.c5,243,290 4,410,789 Unpaid treatment
-Declares Dividend of 465 *to on Nev. Nor. Ry.stk. 2,000,000 2,000,000 on metals
Montgomery Ward & Co.
610,797
395,838
58,599 Surplus realized
-The directors 0th. sees. dc rights 58,590
Account of Arrearages on Class "A" Stork.
have declared a dividend of $5 25 on the Class "A" stock on Cost of opening up 6,362,323 5,905.372 from capital stk.
pits, &c
& secs. sold In
account of arrears, payable May 1 to holders of record Bond deposit acct. 150,000 150,000 excess of par val.
Mans dr supplies. 1,538,642 1,642.748 or cost, less diviApril 20. This covers unpaid dividends of the first three Accts.& notes coil. 676,870 514,007 dends paid
850 :
072 00 7 87 :
:331: 2 3071 ra
quarters of 1922. Payment of this dividend will leave $7 Deferred accounts_ 411,094 122,565 Surplus from oiler_ 7
Metals on hand,&c. 5.163,419 5.718,574
a share accumulated dividends on the Class "A" stock. Cash
901,872 Total (each side)_25,837,576 24,489,432
1,208,029
A distribution of $5 25 per share was also paid on account
a Cost of mines, $6,229,551: less ore extinguished. $3.521.015. b Mines
of arrearages on Jan. 26 last. Dividends were resumed on equipment and development, $791,947: lees depreen, $475,173. c Milling
this issue Feb. 18 1924, the first since Oct. 1 1920.-V. 120, and smelting plants, $12,637,054: less depreciation, $7.393.764.
The income account was given in V. 118. p. 1921, 2189.
p. 1899.
Moon Motor Car Co.-Earninos for Calendar Years.
-
Net sales, &c
Cost, expense, &c
1922.
1924.
1923.
$9,287,671 $9,741.857 $6,877,159
6.159.655
8,923,844
8,767,950
Operating profit
Other income
$519,721
127,294
$818,012
148,726
$717.504
196.661
Gross income
Income taxes
$647.016
87,430
$966.739
124,730
$914,164
119,025
Not income
Proceeds from sale of stock
$559,585
$842,009
371,235
$795,140
Total income
Preferred dividends
Common dividends
$559.585 $1,213,244
5,449
585,000
405,000
$795.140
21,798
154,213
$622,795
1,609,875
$619.129
992.890
Surplus for year
Previous surplus, adjusted
$154.585
2.233.287
-Liquidating Dividend of $10
New England Fuel Oil Co.
per Share-Change in Capitalization Approved.
The stockholders have approved the payment on April 25 to holders of
record April 18 of $10 a share in cash in partial liquidation of assets.
The stockholders also voted to change the 100.000 authorized shares of
$5 par, to 100,000 no-par shares. The basis of exchange will be share for
share. Only 50,000 shares are now outstanding.
On March 28 last the company had $616.893 cash on hand. Counsel
has advised the company that the special payment of $10 per share, together
with the regular quarterly dividend of5% (25 cents) paid April 1,is a return
of capital and therefore not taxable under Federal Income Tax Law.
During 1924 New England Fuel Oil properties produced 2.472.739 bbis. of
Panuco crude oil. See also V. 120, p. 1157.
New England Tire & Rubber Co.-Assions.-
An assignment for the benefit of creditors has been made by this company,
a $3.000,000 corporation, with a factory at Holyoke. Mass. Assignees
named are Herbert W. Pattee of Boston, Walter W. Slack of Springfield.
Vt., and L. Alphonse Laporte of Holyoke.
New Haven Dairy Co.-Conqolidation
A consolidation has been arranged of four ice cream and dairy companies
In the New England States. These companies are the New Haven Dairy
Co., operating in Connecticut. Tait Bros.. Inc., in Massachusetts: Coon
- Ice Cream Co., in Now York, Vermont, New Hampshire and Maine, and
Moore Drop Forging Co.-Initimq Class "A" Dividend.
An initial dividend of $1 07 per share has been declared on the Class "A" the Dolbey Ice Cream Co., in Rhode Island. All officers of the consolidat(no par value), payable May 1 to holders of record April 15. The ing companies will remain as the active officers of the now company.
stock
An offering of securities by Spencer Trask & Co. is expected shortly
'dividend is at an annual rate of $6 per annum and covers the period from
I
'
V.
- 117. p. 1469.
'
sid
cli
Feb. 25 to May 1. Soo offering in V. 120, p• 837.
Total surplus
-V. 120, p. 93.
$2,387,872 $2,232,670 $1.612,019
-Chas. D.
-Common Stock Offered.
Motor Wheel Corp.
Barney dr Co. and Otis & Co. are offering at $18 50 per share
60,000 shares Common stock (no par value).
-New Directors.
New York Air Brake Co.
J. II. Carter, Vice-President of the National City Bank, and Gen. Samuel
McRoberts, Chairman of the Chatham & Phenix National liank & Trust
Co., have been, elected directors, to succeed J. C. Thom120.p. 1595.
pson and J. H. Benedict, deceased
-M. 20. Dividends exempt from present Federal
Dividend dates Q.
normal income tax. Transfer agent. Bankers Trust Co., New York.
-Extra Div.
N. Y. & Honduras Rosario Mining Co.
Registrar, National City Bank of New York.
The directors have declared a quarterly dividend of 2%% and an extra
Capitalization Outstanding.
dividend of 2fi% on the capital stock, payable April 25 to holders of record
$1,658.100 April 15. An extra dividend of like amount was paid Dec. 24 last -V. 119.
8% Cumulative Preferred stock (par $100)
x550,000 shs. p. 2770.
Common stock (no par value)
x Giving effect to the issuance of additional Common stock, including
-Sale.
the shares now being offered, and to the retirement of funded debt.
New York Rubber Co.
By direction of Judge William 13ondy of the U. S. District Court, bids
Data From Letter of Pres. H. F. Harper, Lansing, Mich., April 11.
-Organized in 1920 in Michigan. Since inception has been are invited for the purchase of all the assets and good-will of the company,
Company.
one of the largest manufacturers of motor wheels in the world. Sales for as a going concern. Bids should be addressed to Alexander Gilchrist Jr.,
1923 and 1924 exceeded $20,000,000 a year and the company supplied Clerk of the U. S. District Court, at his office in the Post Office Bldg.,
approximately one-third of the total wheel requirements of the automobile Broadway and Park Row, N. Y. City, on or before April 29.
The property of company offered for sale consists or: Current assets,
industry in the United States. Company manufactures not only wood
wheels of the artillery type, which is the major part of its output, but also Including cash and accounts receivable of approximately $130,000: mersteel disk wheels, marketed under the nationally known trade names of chandise inventory of approximately $191,000: capital assets, which include
"Tuarc" and "Disteel." In the steel wheel field, the company owns and land, buildings, machinery and equipment at the factory in Beacon, N. Y.,
controls many valuable trade marks and patents. While the manufacture which carried an original book valuation of approximately $1,000,000 and
of steel wheels is a development of recent years, the rapidly increasing sales which have been variously reduced by "charges off" for "depreciation"
of this type of wheel have demonstrated that they have become firmly and arbitrary reduction for the purposes of the accounts of the receivership
to a valuation of approximately $370,000.
entrenched in the automobile industry.
The sale will Maude also the good-will of a business which has a dividend
Company originally acquired the assets of the Prudden Wheel Co., Auto
-V. 117, p. 1022.
Wheel Co., Gier Pressed Steel Co., all of Lansing, Mich., and the Weis paying history for more than 75 years.
Lesh Manufacturing Co. of Memphis, Tenn. In subsequent years comNinth St. Terminal Whse. Co., Cleveland.
-New Contr.
business of Forsyth Brothers Co. at Harvey, Ill., and the
pany acquired the
See Interstate Terminal Warehouses, Inc., ahem-V. 120. p. 1099.
business, machinery, equipment. &c.. of the Detroit Pressed Steel Co. of
Detroit, Mich., used in the manufacture of the Disteel Wheel.
-Earns. 3 Mos. End. Mar. 31.Onyx Hosiery, Inc.
The company supplies its products to over 50% of the automobile manu1924.
1923.
facturers of this country, numbering among its customers nearly all the
$574,609
Gross profit
largest manufacturers of both the popular and high-priced cars.
$624,858
518,326
450,453
The three principal plants, the "Prudden." "Gier" and "Auto Wheel" Expenses, int., Federal taxes and depreciation...
units, are located at Lansing, Mich. The timber and spokes required by
$56,283
Net profit
the company are produced in its own mills in the South.
$174,405
V.
Purpose.
-Proceeds will be applied toward the retirement on the next in- - 119, p. 1965.
-Year Sinking Fund
terest-payment date (Sept. 11925) of the $1,558,500 10
-Prince
Niger Corp., Detroit, Mich.
-Stock Sold.
6% Gold bonds due Mar, 11933.
Earnings.-Por the 9 years ended Dec. 31 1924, net income, after all Whitely, Spencer Trask & Co., Watling, Lerchen & Co. and
charges except interest on the funded debt about to be retired, but including
depreciation, inventory losses, Federal taxes and Preferred dividends W. E. Hutton & Co. have sold at $35 and div., to yield
of the company and its predecessor companies. averaged $750,827 per year, about 8.57%, 50,000 shares Convertible Participating
or equivalent to $1 36 per share on the 550.000 shares of Common stock
to be presently outstanding. For 1923 such net income amounted to Clnss A stock (without oar value).
Transfer agents: Seaboard Nat. Bank. New York* Illinois Merchants
$1,210,405. or equivalent to $2 20 per share, and for 1924 to $1,746,236,
or equivalent to $3 17 per share. Current earnings are running in excess Trust Co., Chicago, and Detroit Trust Co.. Detroit. Registrars: New
York Trust Co.. New York* Continental & Commercial Trust & Savings
of the 1924 rate.
Common Stock Dividends.
-An initial dividend of 25 cents a share was paid Bank, Chicago, and Union Trust Co., Detroit. Prfeerred as to cumulative
on the Common stock in May 1920 and in June 1920 a stock dividend of diva. of $3 per share per annum, payable quarterly beginning July 1 1925.
50% was paid in Common stock. Since then quarterly dividend payments I After the Class A stock has received divs. of $3 per share (cumulative) and
have been at the rate of 80 cents per share per annum up to Dec. 20 1924. the Class B Common stock has received diva. of $3 per share (non-cumula-
APRIL 18 1925.]
2021
THE CHRONICLE
tive) in any y'ear, both classes of stock participate share and share alike
to
in any additional divs. for such year. Class A stock is preferred as all
assets in the event of liquidation up to $59 per share and divs. Red.,
or part, on any div. date at $50 per share and divs. upon 60 days' notice.
Convertible share for share into Class B Common stock without par value,
the right of conversion continuing up to the redemption date. Divs. free
from present normal Federal income tax.
Authorized. Outstanding.
Capitalization50.000 shs.
Class A Convertible Partic. stock (this issue)__100,000 shs.
Class B Common stock (without par value)_ __ _300.000 shs. 150,000 shs.
$500,000
-a. to Aug. 1 1928 $500,000
% serial notes maturing s.
Data from Letter of" Vice-President Clan P. Cowan, Detroit, April 3.
,-Organized in Maryland to acquire the business of lslizer
Company
Corp. of Mich.. which was organized in Nov. 1922, and the business of
Nizer Laboratories Co. (of Mich.), which owns the entire outstanding
Common capital stock of Nizer Corp. of Mich. The actual development
of the Nizer automatic cabinet was started in 1919 and over 3 years' time
was spent in experiments, improvements and refinements, under actual
working conditions, before the Nizer Corp. was organized to manufacture
and market the Nizer automatic electric refrigerator cabinet. The
Nizer automatic electric refrigerator cabinet is designed to preserve ice
cream on the dealers' premises by means of a self-contained electrically
operated refrigerating mechanism which is fully automatic. Various devices operate so that the temperature can be kept at a constantlevel through
automatic controls. Its principal use thus far has been to eliminate the
daily packing of ice cream with salt and ice by the manufacturer and distributor. It reduces the distribution cost and decreases the dealers' loss
through shrinkage and depreciation of the ice cream. The Nizer cabinets
are sold in quantities to the wholesale ice cream manufacturers, who either
sell, lease or loan cabinets to the drug stores, confectionery shops and cafeterias which they serve with ice cream. The cabinet is fully automatic,
and therefore requires practically no attention.
Earnings -Net earnings of the business after all charges, including Federal taxes, for the calendar year 1923 amounted to $36,822. The earnings
of the business in 1924 after all charges, including interest, depreciation
and Federal taxes, were $818.072, or $16 36 of earnings available for the
payment of the $3 annual preferential cumulative dividend on each share
of Class A stock. This shows the $3 cumulative dividend on this issue
earned over 5.45 times. Sales and shipments for the first 3 months of 1925
show an increase of more than 50% over the same period in 1924.
--Proceeds are to be used to retire $2015,800 8% Cum. Pref.
Purpose.
stock of the Nizer Corp. of Mich. to purchase the real estate and buildings
comprising the present plant, and for other corporate purposes.
Consolidated Balance Sheet Dec. 31 1924 (After This Financing).
Assets.
Llabilitles.
$676,298 Accounts payable
$82,578
Cash
310,118 Accrued accounts (includU. S. Treasury notes
big Federal taxes)
130,886
Notes & accounts receiv.
625.567 6 % serial notes
500,000
(less allowance)
Inventory
384,443 Capital and surplus
al.981,130
42,261
Sundry advances, &c
Permanent assets
652,023
Patents, licenses & develop.
1
$2,694,595
prepaid expenses
3.884. Total (each side)
a Represented by: Class A stock, 50.000 shares, no par value, and Class B
-V. 119. p. 1073.
tock. 150,000 shares, no par value.
-Quarterly Earnings.
Otis Elevator Co.
1924.
Over. end. Mar. 311925.
Net after deprec., Arc _ _ _ $1.642,843 $1,364,096
190,000
165,000
Reserve for Fed'l taxes _
50,000
50,000
Pension fund
Contingent reserve
250,000
425.000
1923.
$815,009
80,000
25,000
80.000
$1,152,843
Net income
-V. 120, p. 1757, 1469.
$630,009
$724.096
ment June 15 at 105 and interest at the Irving Bank-Columbia Trust Co..
trustee, 60 Broadway, New York City.
The Chase National Bank announces that it is prepared to exchange
-Year Convertible 6% Sinking Fund Gold bonds
outstanding temporary 10
-V. 120, p.1757.
due Nov. 1 1934, for the definitive bonds.
sr
.
-Park Hill Gardens Apartments, Yonkers, 14
-American Bond & Mortgage Co. Inc., are
Bonds Offered.
'
offering at ar and interest, to net 04% for all maturities
except April1 and Oct. 1 1927, and Aril 1 and Oct. 1 1928,
which are offered at a price to yiel 6%, $545,000 First
Gold bonds.
Mortgage Serial 6
Dated April 1 1925; due A. & 0. from April 1 1927 to April 1 1935.
Interest (A. & 0.) and principal payable at offices of American Bond &
Mortgage Co., Inc. Callable at 102 and interest. Normal Federal income
tax up to 4% on the annual interest paid by Wilcross Realty Corp.(owner)
when claimed. Penn. and Conn.4 mill tax, Mass. and New Hamp.income
tax up to 6% of the interest refundable. American Exchange National
Bank, New York, trustee.
Security.-Secured by a direct closed first mortgage on the land owned in
fee simple having a frontage of 216 ft. on South Broadway (property known
as Nos. 272-284 South Broadway, Yonkers, N. Y.) by 187.59 ft. deep and
the six-story basement and pent house semi-fireproof apartment building
to be erected thereon. The total security after completion of the building
has been appraised at $828,000.
-Annual Report.Peerless Truck & Motor Corp.
Calendar YearsNet sales
Cost of sales
Depreciation
Net profit
Other income
1924.
$15,491.596
x12,867,984
200.775
1921.
1922.
1923.
$16,001,986 $12,055.904
Not
14,827,216 11,821,110
Stated
282,527
295,903
255,752
$2,422,837 33,907.814
211,292
126,561
$878,866 def$47,732
273.665
334.284
$225,933
$2.549,398 $4,119.106 $1,213150
Total income
3.244,027 -Incl. in cost of sales
Sell.,gen.Scadm.exp.,&c. 3,389,109
132,359
92,062
88,611
94,699
Int. & miscell. deducts
y759,768
Extraordinary charges
100,915
Inventory adjustment_
101,500
80,000
Federal taxes
113,308
Depr. of invest.,&c.(net)
Dividends
(2%)228.589 (8)935.511 (6)624,140 (4)400.000
Preferred diva. of Peer1.526
1.526
less Motor Car CO..
Cr.16.9&3
-Year notes_
Disc't on 10
14,476
Loss on sale of real estate
$379,447 def$505,191
Balance surplus_ _ _def$1,922,767 def$229,042
x Includes cost of materials, labor and mfg. exp. y Extraordthary
charges as follows: Charging off balances at Dec. 31 1924 in accounts
covering special tools, jigs, dies, &c., for automobile bodies together with
deferred engineering development and experimental work, $181.867;
writing off deferred advertising account, $42,525; provision of additional
reserve on used cars taken in during the year and on hand at Dec. 31
1924. $202.399; provision of reserve for service car and truck parts on
hand at end of year, $149,360; provision of reserve for rebates to dealers due
1922.
$905,806 to reduction in prices, $51,291; provision of reserve against inventory value
100,000 of open bodies acquired during year, $132,324.
Edward Ver Linden has been elected President and a director, succeeding
25,000
F. R. White. L. R. German has been elected Vice-President and a director.
-V. 119, p. 3018.
$780,806
-Wells-Dickey
-Bonds Offered.
Otter Tail Power Co.
Co., Minneapolis Trust Co. and Justus F. Lowe Co., all of
Minneapolis, are offering at par and int. $1,200,000 Gen.
Mtge. & Ref. 532% 20-Year Gold Bonds, Series "D."
Dated Jan. 1 1925, due Jan. 1 1945. Prin. and int.(J. & J. payable at
First National Bank of Minneapolis or the First National Bank of Fergus
Falls, without deduction for normal Federal income tax up to 2%. Free
from moneys and credits tax in Minnesota. Denom. $1,000 and $500 c*.
Callable on any int, date at 103 on 60 days' notice, up to Jan. 1 1938;
thereafter at Si of 1% less for each succeeding year or part thereof to
Jan. 1 1944;from Jan. 1 1944 to maturity at par. Northwestern Trust Co.,
St. Paul, trustee.
Data From Letter of Vernon A. Wright, President of the Company.
Company -Through an interconnecting transmission system the company provides electrical service to more than 127 communities located in
western Minnesota and eastern North and South Dakota. The population
served is estimated at approximately 100.000.
Security.-These bonds are a direct mortgage obligation of the company,
secured by lien upon the company's entire property, subject to a closed
first mortgage issue of $1,000,000. The properties are carried on the
company's books at approximately $4,830,000.
Consolidated Earnings Statement Year Ended Feb. 28 1925.
Gross earnings
$1,274,602
Operating expenses,including insurance, taxes and maintenance
699,024
Net earnings available for interest
$575,578
Interest charges on total funded debt
179,280
The growth of the company's business is shown by the steady increase
in earnings over a period of years. In 1920 gross earnings of the consolidated companies were $731,350,and for year ended Feb.28 1925 $1,274,602,
an increase of over 50%-V. 119, p. 1073.
-Court Enjoins Sale of
Pacific Mail Steamship Co.
Shipping Board Vessels to Dollar Line.
-New Director.
Pennsylvania Salt Mfg. Co.
William P. Morris has been elected a director, succeeding Richard Wood.
-V. 120. p. 462.
Pet Milk Co.
-Organized.
Incorporated in Delaware March 31 1924 with an authorized capital
of $5,000,000 7% Cum. Pref. stock and 240,000 shares of no par value
Common stock. See also V. 120. p. 1595.
-New Officers.
. (Albert) Pick & Co., Chicago.
Ira Krupnick. formerly Sales Manager, has been elected a Vice-President,
and Albert Pick Jr., formerly Assistant Treasurer, has been elected Treas-V. 120, p. 1596.
urer.
-Annual Report.
Pierce Oil Corporation.
On May 7 1924 the stockholders approved the sale of the properties,
assets, &c., to the Pierce Petroleum Corp. in consideration of 1,103,679
shares of stock of new company, and in further consideration of the assumption by the new company of all the liabilities of the old company except
•
Capital stock (see also Pierce Petroleum Corp. below).
Results for Calendar Years.
1922.
1924.
1923.
Gross profit
$2,391,720 $6,076,618 $6,061,610
6,538,060 7,040,905
Marketing, general and admin. exp_ - 1,902,347
514.188
514,388
116,259
Interest, commissions, &c
553,331
Provision for uncollectible accounts_ 95,290
28,800
Provision for contingencies
212,425
1,740,692
Provision for depletion & depreciation a210,598
1,765,306
Sundry adjustments
28,340
x3.171,626
Prior
Preferred dividend
(2%)300,000
Net loss
Previous surplus
yAdjustments
Discount on capital stock
sur$105,376 $3,048,851 $7,259.133
def
.$9,764,258df$4,417,619 $2,841.314
Dr.1.253,810
1,043,978
Total deficit
$9,658,882 $9,764,258 $4,417,619
a Depreciation only. x Includes provision for judgment in favor of Inter'
national & Great Northern Ry. and other contingencies, $2,125,000; provision for abandoned leases, $1,161,545; investment in and advances to
Midwest Producing Co. written off. $75,000; Pierce Pipe Line Co., Inc..
organization expenses and preliminary expenses, previously carried in
property accounts, written off, $32,843; total. $3.:394.388; less amount
received prior to 1922 on account of the sinking of the SS. Eupion, in excess
of the net book value thereof, transferred from reserve for depreciation.
$222.762. y Tank steamers and barges written down to appraised values,
$1,233,365; write down on Mexican bonds, $80,999; book value of Texas
City lots forfeited, $16,998; profit arising on sale of Baker Oil lease (Cr.).
$67,552.
Balance Sheet December 31 1924.
AssetsLiabilities
$15,000,000
Treasury stock
$44,493 Preferred stock
:Investment
29,622,831
34,919,456 Common stock
9,658,882
Deficit
A temporary injunction blocking the sale of the Shipping Board's California-Orient Line was issued April 3 by Justice Ritz of the District of
Columbia Supreme Court. The injunction was issued on petition of the
Pacific Mail SS. Co., which now operates the line and which was an unsuccessful bidder for its purchase against the Dollar interest.
In its petition the Pacific Mail Co. contended that the Board's decision
to sell the 5 vessels to the Dollar Co., decided on after a bitter row among
Board members and by a majority of one, was illegal for many reasons.
Such a sale, the petitioner declared, would seriously disrupt its business.
n was alleged also that the Pacific Mall had not been given ample opportunity to bid for the ships.
The action of the Pacific Mail SS. Co. was filed after several days of
conferences, in which the company's officials and counsel canvassed the
the Board
entire situation resulting from the acceptance byPacific Mailof the cash
part cash,
bid of the Dollar interests, and rejection of the
deferred payments bid.
part
In support of its petition for a restraining order the Pacific Mail Co.
Total
$44,622,831 Total
$44,622,831
recited that the 5 ships had been ordered sold to the Dollar interests for
$5,625,000. whereas the Pacific Mail was willing to pay $6,750.000 on difx 1,103,679 shares of Capital stock of Pierce Petroleum Corp. This
ferent terms.
received from Pierce Petroleum Corp. for all the assets, less
was
company also called the court's attention to statements which were Investment Pierce Oil Corp., and is accordingly carried on the books of
The
,
liabilities, of
issued by Conunissioners Plununer, Thompson and Benson, declaring the Pierce Oil Corp. at the book value of such assets less liabilities, irrespective
reproduction, that there was no emergency
-V. 119, P. 2890.
sale price far below the cost of sale to the Dollar interests tended
of actual value.
sacrifice, that the
toward
requiring a
monopoly and that the purchaser had been required to give no penalty
Pierce Petroleum Corp. (& Subs.).-Ann,uar Report.
-V. 120, p. 1469.
performance bond.
(During first 4 mos.Pierce Oil Corp.,& remaining 8 mos.Pierce Petr.Corp.1
-Earnings.
Profit and Loss, Year Ended December 31 1924.
Paige-Detroit Motor Car Co.
1924.
1925.
1923.
Gross profit
3 Mos. Ended March 31$6.903,461
$822,904
$.376,465 Marketing, general and administrative expenses
after deproc.. Taxes & pref. thy. $664,376
6,299,068
Net
Shipments of cars during the quarter amounted to 10,182, against Interest
273,249
0
15,63 in the march 31 1924 quarter. Total sales for the first quarter Provisions for uncollectible accounts receivable
99,000
to $11,799.664.-V. 120, p. 1213, 838.
Depreciation
609,613
Of 1925 amounted
--Earns.
Pan-American Petroleum & Transport Co.
1925-3 Mos.-1924.
-March-1924.
Period end. Mar. 31- 1925
$9,185,052 $4.774,370 $28,182,671 $15,132,423
Gross earnings
-Year Marine Equipment 7% Convertible Gold
First Lien 10
Certain
aggregating g422,000, have been called for paybonds, due Aug. 1 1930,
Loss for the year
a$377,471
a This amount comprises a loss of $511,187 for the period Ma 1 1924 to
Dec.311924,subsequent to the reorganization of the company,less a profit
of $133.716 for the period Jan. 1 1924 to April 30 1924.
-The surplus account for the period May 1 1924 to
Surplus Account.
2022
THE CHRONICLE
[Vol,. 120.
Dec. 31 1924 is as follows:
Initial surplus on reorganization May 1 1924
$112,090
Reserves taken over from predecessor company, in excess of requirements (a) International & Great Northern fly. suit,
$619,399: inventories, $200,000
819,399
Data from Letter of Clement K. Quinn, Pres., March 24.
Company.
-Is a well-established, substantial producer of iron and manganiferous ores, operating in the Lake Superior district. The properties
are located on the Mesaba and Cuyuna Iron Ranges in Minnesota and
the
Marquette Iron Range In Michigan upon which are centred
world's
greatest iron ore deposits. Company owns certain propertiesthe fee
Total
in
and
931,489
operates others under lease. The leaseholds are held under very favorable
Loss on dismantling of property at Ranger Field, Tex.,$298.770;
terms and all extend beyond the date of the latest maturity of these bonds.
mLscellaneous adjustments relating to assets and liabilities
The total tonnage of ore owned or controlled by the company is estimated
taken over from predecessor company, $8.330; proportion of
by engineers to be
reorganization expenses written off, $46,241
353,341 valued at more than In excess of 19.584.182 tons, and is conservatively
$8.675.000. An outlet for a substantial part of the
Loss for the period May 1 1924 to Dec. 31 1924
511.187 company's ore is assured
through long-term contracts with reliable concerns
which, in effect,
Surplus Dec. 31 1924
$66,961 and sinking fundpractically assure an annual profit in excess of all interest
requirements.
Consolidated Balance Sheet December 31 1924.
Earnings.
-Net operating earnings for the years 1923
amortization charges and Federal taxes, but available forand 1924. before
[Pierce Petroleum Corp. and Subsidiary Companies.]
Interest
were 8813.412. providing an average of 5 times maximum annualcharges,
Assetsinterest
Liabilities
charges on this issue
Cash
$1,117,706 Accounts pay'le &acccels $1,459,029 interest charges and of bonds, or an average of 2 1-3 times maximum annual
serial maturities.
Notes and accounts reTrade acceptances
122.008
Security.-13onds are the only funded
ceivable, less reserves_ 1,847.696,Reserve for claims in litiof a small purchase money mortgage debt of company (with the exception
Inventoriw
of $100,000) and are secured 135' a
6,118.7151 gation or contested_ ___ c2.188.682
Investments(at cost)_ _ _a240.000 10-Year 8% s.f. debens_ - 1.395,500 first lien on all the fixed a.ssets and leasehold interests of the company.
Sinking Fund.
-Trust indenture provides that company shall pay quarCapital assets(book val.)114,609.152 Capital stock
d19,134.519 terly to the trustee, as a sinking
Deferred charges
433,430 Surplus Dec. 31 1924-66,961 of ore removed from any of the fund 12c. per ton for each and every ton
properties covered by the trust indenture,
such money to be used by
Total
$24,366,6991 Total
824,366.699 is now in a position to the trustee for the retirement of bonds. Company
a Representing 75% of the Capital stock of the Consolidated Pipe Line necessitate payment into ship over 1.000,000 tons per year which would
the sinking fund of more than $125.000 per annum.
Co. b Real estate, buildings, plant and equipment, tank steamers and
Purpose.
-Proceeds
barges, pipe lines, &c. (oil lands and oil leases are not capitalized on the now outstanding and inwill be-used to retire all the 1st Mtge. 7% bonds
books of the companies). $14,984.988; lees reserves for depreciation. on the development of addition to reimburse the company for expenditures
its properties and the purchase of new properties.
$375.835. c Notes payable on demand. $1.200.000-secured by pledge of
Consolidated Balance Sheet Dec. 31 1924 (after Financing).
demand note of Pierre Pipe Line Co., Inc., (a subsidiary company), for
[Clement K. Quinn Ore Co. and Rolling Mill Mining Co.]
$3.073,876: the validity of these notes and of (his pledge is challenged bythe
corporation, and suit is pending to cancel the notes, set aside the pledge
Assets.
Liabilities.
and for an accounting: Empire Petroleum Co., $208.643; open account; lia- Cash
$206,727 Notes payable
$25,000
bility on this open account is also denied by the corporation; various other Accounts receivable
268.091
267.900
miscellaneous unsettled and contested claims. d Authorized, issued and Ore In stockpiles & supplies 223.447 Accounts payable
Accr, taxes. wages. Int.,&c
47.509
outstanding. 2.500,000 shares of no par value.
Life insurance
-V. 119, p. 3018.
17.977 Mortgage notes payable
99.999
Investments
1,701.004 Secured 6% Serial bonds
1,250,000
Fixed assets
Pierce, Butler & Pierce Mfg. Corp.
1,881,021) Capital stock
-Extra Dividend.
- Prepd. royalties, ins. &
400.000
The regular quarterly dividend of 1% and an extra dividend of
int.
81.9S5 Surplus
were
2,412,479
paid on the Common stock April 15 to holders of record April 5. 1% extra Other assets
119.637
An
‘
of 1% was also paid on the Common stock on Jan. 15 last.
-V.120. p. 1338.
'Total
$4,502.889
Total
$4,502,889
-V. 116. p. 1062.
Piggly Wiggly Corp.
-Payment of Dividends Held Up.
Distribution by the corporation of more than $200.000 in accumulated
Remington Phonograph Corp.
-Sale.
dividends on its Preferred stock was restrained by an Injunction issued by
Abraham H. Rugenstein and William 0. Matlack. ancillary receivers,
Chancellor Haskell at Memphis, Tenn., on April 13, on petition of W. A.
Titus, a New York stockholder. Mr. Titus recently filed a suit alleging will offer for sale on April 29 on the steps of the Mercer County Court
the invalidity of the resolution authorizing the payment, and charging the House, Trenton, N. J., all right, title and interest in a certain tract of land
present officers of the corporation with a scheme to perpetuate their power containing about 14 acres in Township of Hamilton.
-V, 114, p. 1416.
over Piggly Wiggly affairs. The proposed dividend payment was to have
Remington Tynewriter Co.
been made on April 16 to Preferred stockholders of record as of April 1.
-4% on 2d Pref. Stock.
The directors have declared two quarterly dividends of $2 each per share
The injunction restrains the distribution pending trial of the Titus suit.
In which the American Trust Co. of Nashville, Tenn., joined as an inter- (Nos. 70 and 71) on the 2d Pref, stock, payable May 12 to holders of
record May 10. This payment will reduce accumulations on the 2d Prof.
venor.
stock to $8 a share.
--V. 120. 1:•• 1735.
Wins Claim of $1,664,000 Against Former President.
Judge Smith ITickenlooper. in an opinion filed in Federal District Court
Ray Consolidated Copper Co.-Bal, Sheet Dec. 31.at Memphis. Tenn., April 6, held that the corporation was entitled
re1924.
x1923.
cover 81.664,203 from Clarence Saunders, founder and former head to the
1924.
x1923.
AssetsLiabilities
organization. Saunders announced the finding will be appealed.ofThe
& mill. prop_11,315.974 10,827.715 Capital stock
decision was based on a report prepared by C. L. Marsillott, Federal
30,771.790 30,771,790
Master in Chancery, after hearings which extended over nearly 6 months Expend,for constr.
Accounts payable_ 893,840 2,880,328
& equipment__ .10,689.198 11,310,295 Treat., ref. & dribs,
In a consolidation of several suits pending between Saunders and the corcharges-not yet
poration. In his decision Judge Hickenlooper also awarded the Piggly Develop.,stripping
& def'd charges_ 12.751.948 12.102,074
due
Wiggly Corp. a lien of $309.197 on "Cie-le-Clare." the partly completed
1,002,408
764,409
Investments
6,403,822 6,661.549 Res. for taxes, &c. 1,680.032 1,966,680
residence which Saunders planned as a country home near Memphis.
- Bond deposit acct_ 240,000
240.000 Paid In surplus... 5326,206 5,454,993
V. 120. p. 1891, 1099.
Prepaid Ins.. &e._
91.612
93,999 Surp.from °per_ _ _ 13,478,177 12,475,248
& supplies_
(Thomas G.) Plant Co.-Consol. Bal. Sheet Dec. 31.- Mat'lsreceivable__ 2.145,959 2,534.688
Accts.
1.117,377
957,009
Metals on hand,&c 6,754,138 7,285,673
1924.
1923.
1924.
1923.
Cash
Assets
1.742.425 2,080.445 Tot.(each side)_53,252,453 54.093,444
Liabilities
$
Real estate(net)_ _ 826,661
x The above statement for comparative purposes Includes at Dec. 31
818.411 First Pref. stock
Mach.. equip.. &c. 628,928
623.573 (outstanding) __ 2,288.000 2,321.400. 1923 the assets then owned by the Chino Copper Co. and sets forth the
Cash & receivables 1,281.243 1.389.047 1st Pref. In tress.. 156,500
122.100 total capital stock of the Ray Consolidated Copper Co. as it existed after
Merch'se inventory 2,534.356 2,897,891 2d Preferred
s usu
2,425,450 2,500.000 acgeition of
Prepaid charges__
81.984
al com par lo sse
v
the Caj elocote statement was given in V. 120, p. 1891.
102,485 Common stock_
x1,000
1.000
Sundry assets &
Notes & accts. pay.
treas. stock _ _ _
Republic Iron & Steel Co.
216.546
-Bar Iron Mill Sold.
228.406
& accrued items. 1,952,996 2.019,054
Goodwill, pats.,tkis 1,272.300 1,273.500 Surplus
The East Chicago bar iron mill of the company has been sold to Briggs &
21,072
397,780
Turivas, scrap iron and steel brokers.
3 Mos. end. Mar. 31- 1925.
1924.
1923.
1922.
Total
6,815.019 7,381.314
Total
6,845,019 7,361,314 aNet earnings
$1,527.764 $2,080,809 $2,234.988 loss$277.064
• x 100.000 shares of no par value.
Depreciation & renewals
-V. 120. 1: 339.
305.214
331.311
350,625
1•
153.856
Exhaustion of minerals_
81.026
102.536
102.961
59,404
Interest charges
Postum Cereal Co., Inc.
328.964
290.803
-Earnings.
247,559
221,758
Preferred dividends- Quarter Ended March 31(1M %)437,500(230687.500
(1 ) .500
437
1925.
1924.
1923.
Net sales
$6.069.647 $5.263.535 $5,019.660
Balance, surplus
$375.060
Cost of sales. gen. admin. exp.. &c_ - 4.735.023
$688.657 $1,096.343 def$712,082
3.969.856
4,183.692
a These are
Income taxes
168.198
134.551 maintenance the net earnings from operations, after deducting charges in
135.620
and repairs of plants, amounting to $1.148,678 in 1925.
Net profits
$915,253 $1.166,870 in 1924. $1.015.541 in 1923 and 8455.391 in 1922, respectively,
$1,166,528
$944.223
and also provision for excess profits, taxes, &c.
-V. 120. p. 1338, 1196.
The report shows unfilled orders aggregating 140.055 tons carried
the
company s books on Mar. 31 1925, against 228.965 tons reported on the
Prairie Oil & Gas Co.(Kan.).
at
-Balance Sheet Dec. 31.- close of I924.
-V. 120, p. 819, 339.
1924
1923
1924
1923
Assets$
Rochester & Pittsburgh Coal & Iron Co.
Liabilities$
$
$
-Ann.Report.
Personal property.29.501.935 18,963,013 Capital stock
60,000.000 60,000.000
Calendar Years1924.
1923.
1922.
Real estate
623,388
623.991 Accounts payable 16,772,503 11,387,760
x Net earnings
def $72,331
$478.286
$671,675
Bills receivable_ _ _ 1,535.000 11.550.000 Profit and loss sur- •
Interest on funded debt
108.292
115.017
111,050
Investments
. 18.748,802 17.246.055
plus
88,033,624 60,502,308 Dividends
268,235
330.136
240,000
Cash
3,584,619 4,138,053
Accts.receivable 22,491,128 24,660,284
Balance, deficit
$448.858
837.100
$316.658
Inventories
66,321,255 54,711,569 Total(each side)-142,8063271131890,969 Profit & loss surplus Dec. 31
$1,599.393 $1,808.251 $1,848.605
-V. 120. p. 1469.
x After oper. exp.. deprec.. deplet., Fed. taxes, &c.
-V. 118, p. 1785.
Prairie Pipe Line Co.(Kan.).
-Balance Sheet Dec. 31.1924.
Assets-
$
Personal prop'y. 1,706,387
196,930
Real estate
85,167,146
Pipe lines
Cash
24.336,582
4,514,134
Liberty bonds
Accts.receivable 3,301.042
Bills receivable_ 5.000,680
1923;
$
1.115,759
196,792
83,518,162
24.638,381
2,764.333
3,916,318
431
1923.
1924.
Liabilities$
2
Capital stock.._ 81,000.000 81,000.000
.
Acc'ts payable__ 2,059.938 2,279,945
UnadJus. credits
91,604
78.401
Depreciation__ _ 23.687,577 20,145,935
Tax reserve_ _
.
. 2.171,187 2,756,259
Surplus
15,225,799 9,878,431
124,222,903 116.150,174
Total
124,222.903 118,150,174
Shipments of Crude Pit (Number of Barrels).
Increase.
1925
-March-1924.
Increase.' 1925-3 Mos.-1924.
2,581,236
4.923.928
1,235.212113,687,773 11.106,537
3.688,716
-V.120, D. 1338.
Total
-Bonds
(Clement K.) Quinn Ore Co., Duluth, Minn.
Offered.
-Northern Trust Co., Duluth; First Wisconsin Co.,
and Second Ward Securities Co., Milwaukee are offering
at prices ranging from 100 and int. to 101 and int., to yield
from 5.45% to 6%, according to maturity, $1,250,000
Secured 6% Serial Gold bonds.
Dated April 11925' due serially $100.000 each April 1 1927 to 1936 and
$250.000 April 1 1937. Denom. $1.000. $500 andy 8100c*. Red., all or
part, on any Int. date upon 30 days' notice at par and int., together with
a premium upon the principal as follows:
of 1% for each 12 months or
fractional part thereof intervening between i
the date fixed for redemption
and the date of fixed maturity of the bonds called. Principal and Int,
payable at Northern Trust Co., Duluth, Mimi., trustee. or First Wisconsin
Trust Co., Milwaukee. Wis., without deduction of Federal income tax
not exceeding 2%.
(Win. A.) Rogers, Ltd.
-Annual Report.
-
Calendar Years1924.
Profits for year
$137.632
Pr. to realty & plant res_
112.731
Tr. to res. for Fed. tax_
3.795
Preference dividend (7%)
78.596
do acct. arrears_ _(3Ii%)39,298
Payment to Can. Wm,
A. Rogers, Ltd.,re div.
guaranty
x35.000
1923.
$380.381
112.124
46.745
78,596
1922,
$116,093
113.305
78.596
1921.
$83,314
150,333
78.598
(13019,849
35.000
35.000
Balance, deficit
$131,787 surS107.916
$165,264
$110.808
Profit & loss, surplus
$83,495
$215,283
$218,470
$107,367
x Final payment.
Note.
-The arrears on Preference stock are now 3 %
.-V. 119. P.8 .
3
St. Lawrence Flour Mills Co., Ltd.
-Omits Corn. Div.
-
The directors have decided to omit the quarterly dividend on the Common
stock due May 1. On Feb 2 last a dividend of 1% was paid, a reduction
of
of 1% as compared with quarterly distributions of 1Si% made from
May 1 1922 to Nov. 1 1924 incl.
The directors have declared the regular quarterly dividend of 131%
on the Preferred stock, payable May 1 to holders of record April 23.V. 120, P. 339.
St. Mary's Mineral Land Co.
-Dividend of $3.
-
The directors have declared a dividend of $3 per share, payable May 20
to holders of record April 20. A similar distribution was made on May 20
1924. A dividend of $6 40 per share has been received by the company on
Its holdings of 50,000 shares of Champion Copper Co. stock. This $320,000
is equivalent to $2 per share on St. Mary's stock. The other dollar of the
current dividend is being paid from the treasury.
-V. 118, p. 1923.
Saco Lowell Shops, Boston.
-New Directors.
-
D. W. Hunter, Assistant Treasurer of the company, and Philip M.
Tucker have been elected directors.
-V. 120, p. 1470, 1339.
APRIL 18 1925.1
•
THE CHRONICLE
-Annual Report.
St. Joseph Lead Co.
1923.
1922.
1924.
Callendar Year.
$11,163.022 $6.334.827 $5,972,333
x Net income
Y250.540
Amt.rec'd from U.S.Gov
Profit on real estate sold
. 39.919
13,951
Miscellaneous credits.-9.492
Total income
511,212.433 56.654,318
Provision for depletion
$2.334.164 $1.537.324
689.470
Prow. for Fed.taxes(est.) 1,030.941
Prey, for empl. pensions
106.400
47.671
Miscellaneous charges_ _
131.583
Divs. declared and paid
2.488.381
In year
2.464.824
1921.
$1.096.273
-story and basement
Bonds are secured by a first mortgage on an 8
Class "A" reinforced concrete garage and store building to be erected on
property held under a 99
-year ground lease at 742-746 South Hope St.,
Los Angeles, having a frontage of 80 ft. and a depth of 172 ft.
Shaffer Oil & Refining Co.
-Tenders.
-
55.972,333 $1.096,273
$1.373.394 51,281.284
500.000
The Continental & Commercial Trust & Savings Bank,trustee, Chicago.
will until April 27 receive bids for the sale to it of 1st Mtge. Cony.
6% Sinking Fund Gold bonds, dated June 1 1919, to an amount sufficient
to exhaust $766.667.-V. 119, D. 1852.
Sherwin-Williams Co. Cleveland.
-Extra Dividend.-
99.614
2.007.206
2023
1.784.442
Balance, surplus
$5.094.521 $1.891.473 $1.987,119 loss$196945.3
Previous surplus
$15.547,332 513,630.599 $12,418,167 $11,098,952
Revaluation of ore re3,500.000
serves & mining rights
13.122
Misc,surplus adjust'ts_
Excess of par value over
book value of securities
of subs. acq. during yr.
799.949
Total
520.641.853 516,322.021 $14,405,286 $12,642.621
Divs, declared payable in
following year- -- - 3.098.762
774.688
774,688
Adjustment of taxes(net)
73.211
Exeter. department exp_
151.243
Profit and loss surplus.$17.543.091 515.547.332 $13.630.599 $12,418.167
x After providing for depreciation of plant and equipment. y Amount
received from U. 81. Govt. in final settlement of claims.
An extra dividend of M of 1% has been declared on the outstanding
/
514,861.125 Common stock par 25, in addition to the regular quarterly
dividend of 2% both payable May 15 to holders of record April 30. Like
amounts have been paid quarterly on the Common stock since Nov. 15
1923.-V. 120 p. 463.
-New Directors.
Sloss-Sheffield Steel & Iron Co.
Bernard M. Baruch Jr., John L. Kaul and William H. Kettig have been
-V. 120, p. 1598.
elected directors to fill vacancies.
-Application to List.
Spear & Co.
Application is shortly to be made to list 225,000 shares of Common stock
and 45,000 shares of '7% Cumulative Preferred stock on the New York
Stock Exchange.
Net earnings for the past three years have averaged 54 89 a share on the
Common stock annually. On this basis of earnings, it is pointed out that
both classes of stock are selling out of line. The business of Spear & Co.
consists of selling at retail furniture and other household goods, both through
a chain of stores and by mail, Its volume of sales being above 512.000,000
for each of the past two years. During the 32 years of its existence, only
one of which showed a loss, the business• has made net profits of about
$13.500,000, of which about $9,000.000 was made in the last nine years.
The balance sheet as of Dec. 311924. after giving effect to recapitalization, shows current assets of $11,830.775, as against current liabilities of
52,576.818. Total assets and liabilities aggregate 513,134,467.-V. 120.
p. 969.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1924.
1923.
1924.
1923.
Assets
Capital stock
15,494.126 15,494,126
Ore reserves and
231,950
mining rights_ -116,640,903 18.527,752 Sub.cos,ninon stk 235,950
Spicer Manufacturing Corp.-Bal. Sheet Dec. 31.z First mtge. 5s_ _ _ 748.000
Buildings, equity
770,000
real estate, &c.y15,230,640 15,056,594 Pur, money notes_21.000.000 5,000,000
1924
1924.
1923.
1923.
Inv. Mo.-Ill. RR_ 465.370
362.536 Accts.& wages pay 1,788,398 1,407.690
Liabilities
AssetsOther investments.
18.300
12.000 Traffic & car ser8% Pref. stock__ 3,000.000 3,000,000
Land, bidgs., mavice balance_ _
62.195
50,899
Sinking fund and
chIn'y & equip__ 3,550,293 3,667,405 Common stock_x7,375.000 7,375,000
reserve accounts
9.959
18,608 Dividends declared 3,098,762
774,689 Cash
651,041
764,801 Notes payable...-. 680.000 1,317,000
1,871,430 1,399,102 Accra. taxes & Int_
92,993
133,699 Accts. & notes rec_ 976,590 1,100,537 Accts. payable,&c. 658,738
Cash
609,998
Marketable securs. 2,877.295 1,449,423 Def'd credit Items_ 111,758
121,599 Inventories
2,898.040 3,376,814 Res. for Fed. taxes
Accts.& notes rec_ 1,950,442 1,619.770 bContingent res've 2,278,699 1,642,733 MIscell. invest'ts_
56,317
86,865 (estimated) _ _ _ _ 246,259
374,317
44.729 Inv. In & adv. to
Lead,&o.,on hand
Other reserves
43,671
Fund.& 0th. debt_ 780.000 1,450,600
612.457
571,513 Surplus
17,543,091 15,547,332
100.000
To and In process
sub. co., &c__ _ 2,474,459 2,284,559 Res. for conting_
22.950 '
Traf.&carserv.bal.
2,549,077 1,820,242
0'd-will, pats., &c. 4,586,718 4,541,865 Surplus
124,309
Mat'ls. supp., &c. 2,229.389 1,762.440
195.616
Deferred charges__
Def'd debit Items_ 568,507
445,708
15 389074 15.947.157 Total
Total
15,389,074 15,947.157
Total
42.497.641 41,223.447
Total
42,497,641 41,223,447
x Represented by 313.750 shares of no par value.
The usual comparative income account was published in V. 120, p. 1340
a Payable Oct. 23 1928. b Includes provision for Federal taxes. x Ore
reserves and mineral rights. 830.162.507, less $13,521.604 for depletion
-Wins Finance Suit.
Superior Oil Corp.
reserve. y Buildings and equipment. 513.247.577. less 82.404.960 for
The following is taken from the New York "Times" of April 10:
depreciation reserve: real estate. $30.766. farm lands, buildings and equipA novel financial question was decided by the Appellate Division April 9
ment, 5591.383. less 543.666 for depreciation reserve; railroad property and
equipment, 54,429.377. less 5678.338 for depreciation reserve. z Bonds of In a controversy between the Superior Oil Corp. and the Central Union
Trust Co., trustee under a mortizgage dated Feb. 15 1924. The Court
he_Mississippi River & Bonne Terre R y.
-V. 120, p. 1339.
ruled that 2200.000 worth of canceled bonds were valid when presented by
the company as a payment for the reduction of the mortgage, and were not
Santa Fe Valley Land Co.
-Bonds Offered.
-Southwest "mere pieces of paper." as asserted by the Trust company.
The case was presented under a rule of the Court, by which when facts
Bond Co., Los Angeles, are offering at prices to yield 7.23%
by all
to 11.80%, according to maturity, $220,000 1st Mtge. 7% are stipulated instead litigants. the Appellate Division will hear the dispute
of awaiting an appeal from a lower court. The Trust
immediately,
Sinking Fund bonds. A circular shows:
company contended that canceled bonds were not such a payment as was
•
contemplated in the agreements concerning the mortgage.
Dated Feb. 1 1925; due Feb. 1 1938. Exempt from personal property
The opinion of Justice Martin stated that the 011 company executed the
tax in California. Hellman Commercial Trust de Savings Bank, Los An- mortgage to cover a bond issue of 51.000 000, payable In 1929, and that
geles, trustee. Callable all or part on any Int, date at 105 on 60 days' no- $714,200 of bonds are still outstanding in the hands of bona fide purchasers.
tice. Int. payable F. & A. without deduction for normal Federal income When the mortgage was executed, the Oil company also delivered a trust
tax not exceeding 2%. Denom. $1.000 and $500 c*.
agreement, under which worm shares of Its capital stock were turned
Security.
-Secured by a closed first mortgage on 1.336 acres of highly over to the Trust company on March 10 1924. These shares were to meet
developed farming property located 4 miles from Del Mar. San Diego the requirements of stock option warrants, which gave holders of the bonds
County, Calif., and which &Ls been appraised as having a present value of the right to buy the stock.
5654.300, or $2,974 of security for each 51.000 bond of this Issue. The
The agreement for buying the stock, covered by the stock option warrants,
company's properties were formerly a portion of the Rancho Santa Fe, provided that stock might be acquired by surrender of bonds of equal
and due to the extensive development of that property by the Santa Fe amount. It also provided that bonds surrendered in payment for stock
Improvement Co. (a subsidiary of the Atchison Topeka & Santa Fe RR.), should be canceled by the Trust company as trustee and delivered to the
property values in this locality are thoroughly stabilized and should, as corporation. The agreement also provided for a reduction of the mortgage
development proceeds, greatly Increase in value.
at the rate of 5200.000 a year. Under the terms of the trust deed, the 011
Earnings
.-900 acres of land now under irrigation have been leased to company was entitled to deliver bonds instead of cash in paying off the
responsible tenants for the purpose of growing such highly profitable crops mortgage.
as tomatoes, sweet potatoes, sweet corn. Irish potatoes and lima beans.
Prior to Feb. 15. a number of bondholders brought their stock warrants to
Based upon a conservative estimate, the net Income to the company from the Trust company and acquired stock, paying for it with bonds amounting
these high-priced products for the year 1925. should not be lees than 5 times to 5285.800. The Trust company canceled these bonds and delivered them
Interest charges or appmximately 2 times the greatest annual Interest and to the Oil company. These canceled bonds, to the extent of $200,000, were
sinking fund requirements of this bond issue.
then delivered by the Oil company back to the Trust company as the
$200,000 payment required on the mortgage. The Trust company burned
the bonds. But it declined to recognize these canceled bonds were a paySchulte Retail Stores Corp.
-Earnings Increase.
ment according to the terms of the mortgage, contending that "when so
President D. A. Schulte says in substance: -Our earnings were about canceled, the instruments became mere pieces of paper and could not
10% ahead for the first quarter. Sales are running about 15% ahead and thereafter be used to make payments."
the outlook for business with us for the balance of the year is bright."
Justice Martin Ruled as follows:
V. 120. p. 1758. 1101.
Because the bonds turned in for stock were canceled, it is not to be inferred that they might not be regarded as part of an annual installment.
Sears, Roebuck & Co., Chicago.
-Outlook.
Naturally, we would. with plaintiff, infer the contrary. Counsel for the
Chairman Julius Rosenwald is quoted as follows :
trustee go beyond the substantial requirements imposed on the borrower
"Our earnings for the year will run about 10% ahead of last year. Sales when they urge that discharged bonds are merely pieces of paper which are
will also average about 10% higher. Our business is In better condition not to be considered for any purpose. The important fact is that when
physically and financially than it has ever betn in the history of the com- they are discharged the total loan is reduced by so much. If It be annually
reduced 5200.000, plaintiff's agreement is performed in this respect.
pany. It is on a sound. conservative line.
In substance, there is no suggestion by plaintiff that the annual pay-off
"A stock split-up has not even been discussed, but it is bound to come
some time. 'However, there won't be any action taken on it until after may be made in pieces of paper no longer indicative of their original character
my return from Europe, which will not be for several months. We have not as bonds. What plaintiff contends for Is that bonds which had been paid
discussed increasing the dividend rate. Of course, we are earning enough off in stock may be counted as part of the $200,000 annually required to
to justify an increased dividend, but there will be nothing done on that for be paid off. If we are correct in our interpretation of the agreement before
us, it follows that the plaintiff had the right to deliver canceled bonds to
some time to come.
"We intend to have retail stores in Kansas City, Dallas and Seattle by the the extent of 5200,000 on the sinking fund Indebtedness, and that a payend of the year. Our sales from this branch of the business, we estimate, ment so made is in accordance with the terms of the agreement.
will run between $5,000.000 and 56,000.000. This business is still in the
Earnings for Calendar Years.
experimental stage, but It has proven very satisfactory thus far. From my
1921.
1924.
1922.
1923.
observations we make more per dollarsales on our mall order business than Gross income
51.375.799 51.359.146 $1.869,398 51.816.893
store end of it."
-V. 120, p. 1758, 1214.
Operating expenses, &c_
we do on the retail
$684,371
5672.561
$334.218
$548,163
Gen.& admin. expenses_
278.525
194.371
215.296
213,111
Adj. of warehouse invent
47,225
-Stock Sale.
(James M.) Sebring Corp., Rochester.
Depletion
1.138.530
606.688
1,546,563
813,996
Acting upon application of Attorney-General Ottinger. Supreme Court Depreciation
569,628
606,477
475.739
822,049
granted a preliminary injunction restraining further
Justice Staley recently
Net loss
sale or disposition of stock of this company. The complaint seta forth that
$754,352 51,550.032
$350,032
$691,863
the Sebring concern is a Delaware corporation capitalized at 52.000.000. -V. 120, p. 1215.
but that its entire tangible assets consist of a few hundred dollars in the
Sweets Co. of America.-New President.- Earnings.
bank and furniture and office fixtures worth about 1,000.
At a meeting of the directors April 16 the resignation of President L.W
It also is said the corporation claims two patents for a detachable automobile rim, known as the "lightning change auto wheel," which it acquired Levy was presented and accepted and Ray L. Skofield was elected in his
from Sebring for 51.100.000.
place.
Sebring, according to the Attorney-General, acquired the patents from
The company reports for the quarter ended March 31 1925 a loss of $8,208
the Lightning Change Auto Wheel Corporation of Rochester. whose officers before depreciation, &c. In the same period of 1924 the company reported
proceedings for refusing to file information when required by a profit of $32,278 after reserve
face criminal
for depreciation and other deductions
the Attorney-General under the Martin Act.
-V. 120. p. 1340, 1101.
Seventh & Hope Street Fireproof Building Co.
-Frick, Martin & Co., Los Angeles, are offer..
Bonds Offered.
tag at par and int. $200,000 1st Mtge. Leasehold 7% bonds.
Int. payable
Dated Dec. 1 1924; due serially 1926 to 1939.up to2%. J. & D.withFederal normal income tax
out deduction for
and $500 O. Red. on any int. date at 103 and int.
savings Bank, Los Angeles, trustee.
Denom. $1,000
Security Trust &
(Joseph E.) Thropp Co., Inc.
-Receivers' Sale.
-
The blast furnaces and coal mines of this company will be sold May5
and May 6 by Samuel T. Freeman & Co., auctioneers, Philadelphia,Pa.
Andrew S. Webb is receiver.
-V. 118, p. 442.
Triumph Electric Co., Cincinnati.
-Receiver.
-
The Common Pleas Court at Cincinnati has appointed Sanford
receiver. Estimated assets over 51,000.000, and liabilities about Brown as
$700.000.
A creditors' Committee headed by John Richey, Cincinnati, has been
oper-
sting the company for the last 18 months, with a reported loss of $130,000.
("Iron Trade Review.") V.91,P. 1778.
-Earnings (Incl. Subsids.)Transcontinental Oil Co.
1921.
1922.
1924.
1923.
Calendar YearsGrossearns.fr.all sources$14,100,722 $14,218,657 $13,593,947 $12,079,986
Mat. cost & oper. exp-- 12,210.972 13,476,573 11.528,727 12.785,362
Operating income.... $1,889,750
Admin. exp.. int., &c_- 1,391,145
Cost of drilling non-pro1,120,370
ducing wells, &c
Loss on sale of cap.assets
Net deficit
Profit & loss deficit_
-V. 120. p. 1599.
$742,084 $2,065,220 loss$705,376
1,381,895
1,617,139
1.888.734
1,216,571
916,055
717,990
97.113
$467,973 $2,902,374
$621,765 $2,363,221
_ $6,254,401 $5,632,636 $3,269,415 $2,208,166
-The
Trumbull-Cliffs Furnace Co.-Pref. Stock Offered.
Guardian Trust Co. and Worthington, Murfey & Co.,
Cleveland, are offering at $102.25 per share a limited number
of shares of 6% Cumul. Prof. (a. & d.) stock of an issue of
$5,000,000. Holders of the $4,500,000 8% Prof. stock
(called for payment April 1) were given the privilege of
exchanging the same for the new 6% Pref. stock on the
basis of 107 shares of new stock for 100 shares of old stock.
Red., all or part, at 105 and div. upon 30 days' notice on and after Jan. 1
-J. Transfer agent and registrar, Union Trust
1926. Divs. payable Q.
Co., Cleveland, Ohio. Free of the present U. S. normal income tax,
and free of all present Ohio taxes except inheritance tax.
Company.
-An Ohio corporation, organized in 1920. For the past three
years has operated a modern blast furnace, adjacent to Trumbull Steel
Co.'s plant at Warren, Ohio. Company also recently completed the
construction of a battery of 47 Koppers by-product coke ovens. The
furnace supplies the Trumbull Steel Co. its requirements of pig iron. and
Cleveland-Cliffs Iron Co. acts as sales agent of any iron not consumed
by the Steel company.
The coke plant enables the furnace to obtain its coke at a very favorable
cost. and considerable revenue is also derived from the sales of its byproducts. such as gas and tar, to the Trumbull Steel Co., and sulphate
of ammonia and motor fuel to the public.
-The payment of dividends and prinicpal of this issue are
Guaranty.
guaranteed by Cleveland-Cliffs Iron Co. in the following manner:
In case Trumbull-Cliffs Furnace Co. shall fail to pay regularly all dividends accruing on the stock, Cleveland-Cliffs Iron Co. agrees to purchase
at par the negotiable warrants issued in lieu of such dividends; and further
agrees that if, upon the dissolution or liquidation of Trumbull-Cliffs Furnace
Co. prior to Jan. 1 1946, either by voluntary action or as the result of
Proceedings brought against it. the assets of the company shall prove
Insufficient to pay the Preferred stock in full, Cleveland-Cliffs Iron Co.
will pay to the holder of this certificate, upon request, the difference
between the amount so received upon liquidation and the par value of the
certificate.
The Cleveland-Cliffs Iron Co. furthern covenants and agrees that it will,
upon request, purchase for cash at par on April 1, July 1 and Oct. 1 1945
and Jan. 1 1946, but not thereafter, any Prof. stock not previously redeemed or retired, upon presentation of stock certificates at its office, at
Cleveland. Ohio; and as to any Pref. stock not so presented, the obligations
of Cleveland-Cliffs Iron Co. shall be deemed to have ceased and entirely
terminated.
In consideration of the foregoing, the holder of this certificate, by acceptance thereof, assigns to Cleveland-Cliffs Iron Co.an interest in the premium
of 5% to be paid by Trumbull-Cliffs Furnace Co. if, when, and as the stock
Is called for redemption, and directs Trumbull-Cliffs Furnace Co. to pay
out of the proceeds of the redemption of such stock an interest to be
determined on the foilowing basis:
If the stock is retired on or before April 1 1926, the amount to be paid
Cleveland-Cliffs Iron Co. shall be % of 1% of the par value of said stock:
and if the stock is retired thereafter, the amount shall be increased ji of 1
for each additional year, or part thereof, up to, but not exceeding,
per share: the balance in all cases to be paid to the holder.
The holder gives Cleveland-Cliffs Iron Co. the right and privilege to
purchase this certificate at any time upon written request by paying
therefor, in cash, the amount which the holder would be entitled to receive
under the provisions of the foregoing paragraph if his certificate were
then called for retirement by Trumbull-Cliffs Furnace Co.
-To provide the funds necessary to retire the 8% Cumul. Pref.
Purpose.
stock, which was called for payment April 1 1925 at 107 and int. at Union
Trust Co., Cleveland.
-Application will be made to list those shares on tho Cleveland
Listing.
Stock Exchange.
Ownership.--Cleveland-Cliffs Iron Co. and Trumbull Steel Co. together
own the entire Common stock of Trumbull-Cliffs Furnace Co.. and the
directors are: Wm. G. Mather, Pres.; Jonathan Warner, V.-Pres.; D. T.
Croxton, V.-Pres.; S. L. Mather, Sec.; C. G. Heer, Treas.; A. N. Flora;
Philip Wick; H. A. Raymond; W. H. B. Ward; John T. Harrington: Wm.
P. Beldon.-V. 120, P. 1471.
-Operations-Director.
Union Bag & Paper Co.
President M. B. Wallace said: "The operating profits for the first
quarter of this year show an improvement over the corresponding period
for 1924."
Alexander Calder has been elected a director, succeeding C. B. Jaqua.
-V. 120. P. 1599
.
-Annual Report.
United Alloy Steel Corp.(& Subs.).
1922.
1924.
1923.
Calendar YearsManufacturing profits_ _ $2,629,061 $5,365,421 $4.334,557
50,138
94,642
97,593
Income-sties., bds.,&c_
557,877
360,614
430,094
Miscellaneous
93,227
Interest earned
1921.
8157,411
103,217
247.901
98,996
$3.084,317 $5.893,109 $5,035,799
Total profits
$395,641
$241,641
Taxes (not incl. Federal) $363,819
235,469
90,602
150,651
Interest paid
425,831
261.294
346,453
Miscellaneous
Reorganization expenses
1,276,117
1,494,299
1,493,179
Depreciation
100.413
350.000
Prov. for est. Fed. taxes
Adjustment of inventory
$607,525
$288,684
237.747
148,617
1,274,920
1.404,636
$713,840 $3,072,366 £3,001,607der42747,079
Net profit
Prey. surplus (capital)_ _$27,417.355 $26,775,989 $25,205,382 $28,140,541
$28,131,195 $9,848,355 $28,206.989 $25,393,462
Total surplus
225,750
231,000
231.000
231,000
Preferred dividends_ _ _ 1,200 000
2,200 000
400.000
Common dividends
(EN)
(50 cts.)
Per share
Cr.37,670
Other surplus adjustm'ta
Total capitalsurplus--$27,500,195 $27,417,355 826,775,989 $25,205,382
-V. 119. p. 822.
-Union Trust
-Notes Offered.
Union Gulf Holding Co.
Co., Pittsburgh, are offering at prices ranging from 100 and
int. to 100.72 and int., to yield from 43% to 5%, according
to maturity, $10,000,000 5% Secured Serial Gold notes.
Dated April 1 1925. Due $450,000 quarterly from July 1 1925 to Oct. 1
1930, inclusive, and $100.000 Jan. 1 1931. Denom. $5,_000 and $10.000 C.
Not subject to call. Interest payable Q.
-A. at Union Trust Co. of Pittsburgh. trustee.
-Not will be secured by the deposit of 750,000 shares of Gulf
Security.
os
011 Corp. of Pennsylvania capital stock.
" The indenture of trust will provide that as long as Union Gulf Holding
Co. is not in default it shall have the right (a) to receive the dividends upon
the collateral, and (b) to take down on the first day of April of each year,
beginning with 1926, 100,000 shares of Gulf Oil Corp. of Penna. capital
stock. The indenture of trust will also provide that all stock dividends,
dividends in kind, and any extraordinary dividends, which shall operate to
reduce the Gulf OH Corp. of Penna.'s accumulated surplus, shall be deliv-
[VOL. 120.
THE CHRONICLE
2024
ered or paid to the trustee, and if such dividend so paid to the trustee shall
be in cash, the same may be used by the trustee towards the purchase in
the open market of notes issued hereunder, or in such other manner as
the holding company and the trustee may agree.
The market value, at present quoted prices, of the 750,000 shares of Gulf
Oil Corp. of Penna., capital stock deposited as collateral security for these
notes is in excess of $45,000,000.-V. 120, p. 1758.
-New Directors.
United Fruit Co., Boston.
T. Jefferson Coolidge, Vice-President of the Old Colony Trust Co.,
Channing H. Cox, Vice-President of the First National Bank, William K.
Jackson, counsel of the company, and Henry Stockley, Assistant Manager
of Elders & Fyffes, Ltd., the English subsidiary, have been elected directors
-V. 120, p. 696.
to fill vacancies.
-Listing.
United Ice Service Co.
The Boston Stock Exchange has authorized the listing of Preferred stock
allotment certificates, representing 15,000 shares of Preferred stock,
Series A (authorized 20,000 shares), par $100 per share, and 15,000 shares
of Common stock (authorized 50,000 shares) without par value.
Balance Sheet Jan. 13 1925.
Liabilities.
Assets.
31,470,300
Inv. in affil. cos.-stock_$1,063,474 Preferred stock
Notes rec. affil. cos
555.000 Allotment certificates_ _ _ - 1,537,934
Int. rec. MTh. cos
368 Bal. of assets showing book
val. for 36,748 shs. Corn.
Pref, stock in escrow
1.470,300
stock (no par value)- 168,942
Common stock in escrow_
67,634
Cash
20.400
Total
-V. 119. p. 2892.
$3,177,176
Total
$3.177,176
United Lead Co.
-Tenders.
The Guaranty Trust Co., trustee, 140 Broadway, N. Y. City, will
until April 24 receive bids for the sale to it of 5% Debenture Gold bonds,
due July 1 1943, to an amount sufficient to exhaust $276,241, at a price
-V. 118, p. 1678.
not exceeding par and interest.
-Div. No. 2.
United States & Foreign Securities Corp.
The directors have declared a dividend of $1 50 on the $6 Cum. 1st Pref.
stock, full paid allotment certificates, and 373ic. on the 25% paid allotment certificates, payable May 1 to holders of record April 15. Innis
-V. 120. P. 219.
distributions of like amounts were made Feb. 1 last.
-Balance Sheet Dec. 31.United States Gypsum Co.
1923.
1924.
1923.
a
Liabilities$
1924.
Assets
Property aec't_ x20,793,880
24,485
Secure of other cos.
Secure. depos, for
insurance res've. 102,602
3,552,496
Inventory
Accts.& notes ree_y3,781.590
1,277,287
Cash
U.S. Govt. oblig's 4,551,929
Deferred charges_ t 162,342
14,519,743 7% Cumul. Pref.
9,032,900
14,850 stock
Common stock.- 8,786,960
Accounts payable. 1,126,980
2,692,150 Accrued taxes, in1,140,849
3,057.308 terest, &e
477,571 Reserve for contin1,563,222
gencies, &c
3.513,926
12,595,681
131,853 Surplus
6,020,300
5,911,680
1,059,523
899,313
1,471,531
9,045,049
34,246,591 24,407,401
Total
34,246,591 24,407,401
Total
x Includes plant, 818.626.091: gypsum and gypsite, $5,815,500: total.
$24.441,591: deduct resm.ve for depreciation and depletion. $3,647,732.
.8104,324
y Accts. & notes rec.. 83.885,914; deduct reserve for doubtful sects.
The usual comparative income account was published in V. 120, p.840.
U. S. Smelting, Ref. & Mining Co.-Bal. Sheet Ded. 31.
1923.
1924.
$
Ltabilities$
Common stock_ .y17,555,887 17.555,887
59,393,826 Preferred stock. _ x24,317,775 24,317,775
Cap, stock of sub.
cos. not held... 2,114,058 2,098,354
366,404
10,380,715 10-year 6% notes_12,000,000 12,000,000
211,500
3,727,283 Bonds of sub. cos. 140,400
Notes payable_ _ _ _ 1,500,000
243,189 Acets payable,&c. 1,675,821 1,278,551
557,116
1,495,420 Drafts in transit._ 429,324
1,504,619 Reserve for taxes,
interest, &c____ 1,701,817 1,446,920
425,556
Dividends declared 425,556
Res've for conting. 1,817,803
Total(each side)_ _80,995,958 77,111.455 Profit & loss acct _ _17,317,517 17,219,795
x Property and investment account as at Dec. 31 1923, $78,431,386; less
adjustments of $3,421,848: balance, $75,009,538; additions during year.
$4,686,179; total. $79,695.717; deduct reserves for depreciation, depletion
and amortization, $20.328.035; capital assets at net book values. $59.367,683. y Including $138 scrip. z Including $275 scrip.
The usual income account was published in V. 120, p. 1599.
1924,
3
AssetsProperty investm't
x59.367.683
account
Options and other•
deferred charges 1,574,543
12.772,781
Inventories
Stocks and bonds_ 2,667.699
Notes receivable &
271,522
loans
Accta. receivable._ 2,572,610
1,769,122
Cash
1923.
$
-Par of Common Changed.
U. S. Light & Heat Corp.
The stockholders'on mar. 16 voted to change the authorized Common
stock from 400,000 shares, par $10, to 80,000 shares of no par value, one
share of new Common stock to be issued in exchange for each 5 shares of
old Common stock (par $10).
In order to relieve the company and stockholders of the annoyance and
coat of carrying fractional shares, an arrangement has been made with the
Frontier Finance Corp. of Niagara Falls, N. Y., whereby any stockholder
holding a certificate for a number of shares in the old Common stock which
is not evenly divisible by 5 may,at his option, either (1) sell to the Frontier
Finance Corp. the fractional share in the new Common stock to which he
Is entitled, at the rate of $1 for each 1-5 share sold; or (2) buy from the Frontier Finance Corp. at the same rate. viz., $1 for each 1-5 share, such fraction
of a share in the new Common stock as will enable the stockholder to
receive a whole share in lieu of the fractional share to which he is entitled.
Baldnce Sheet Dec. 31.
1923.
1923.
1924.
LiabilUtes1924.
Assets0
Plant, equip., &c.$2,375,374 52,404,590 Preferred stock...52,987,500 $2,987,50
389,562 Pref."A"stock... 806,350
306,196
806.350
Investments
0
Pats. & good-will. 4,395,055 4,395,035 Common stock... 3,804,800 3,804.78
582,500
229,515 Notes payable. _ _ _ 400,000
Cash & cash items_ 206,137
Ace ts payable_
486,947
270.728
Bills, acc'ts& trade
41,881
543,747 Accr'd int...tax.,&c
28,683
accept. receivle 783,021
713,900
1,127.979 1.084,479 let Mtge. bonds__ 593,300
Inventories
29,129
187,958 Res. for Fed. taxes
30,0001
Deferred charges._ 134,103
Other reserves.. _ _
34,8131
18,318
150,467
Total(each side) 59,327.865 59,234,888 Surplus
-V.120, p. 1639.
-Production.United Verde Extension Mining Co.
Month ofCopper output (lbs.)
V. 120. p. 1341. 970.
Mar.1925 Feb.1925. Jan.1925. Dec.1924.
3,368,904 3,631,638 3,739,542 3,687,440
(The) Warwick, Brookline, Mass.
-Bonds Offered.American Bond & Mortgage Co., Inc., Philadelphia, are
tar
f
offering, at a and interest, to net 64,for all m turities
except Marc 14 and Sept. 14 1927, and arch 14 and Sept.
14 1928, which are offered at a
to yield 6%, $450,000
d
First Mortgage Serial 6M% Gopricebonds,
Dated March 14 1925; due serially (M. & 8.) to March 1935. Interest
and principal payable at offices of American Bond & Mortgage Co., Inc..
trustee. Callable at 102 and interest. Interest payable M.& S. Normal
Federal income tax up to 4% on the annual interest ;paid by The Warwick.
Inc., when claimed. Penn. and Conn. 4 mill tax, Mass. and New Hemp.
income tax up to 6% of interest refundable.
These bonds will be secured by a direct closed first mortgage on the land
owned in fee simple having a frontage of 154 ft. on Beacon St. by 137.68 ft.
on Short St., and "The Warwick" apartment building now under construction. The building with be eight stories and basement in height of reinforced concrete and of modern fireproof construction throughout. The
building will contain 65 suites of 2. 3 and 4 room apartments.
•
APRIL 18 19251
THE CHRONICLE
2025
-Trade-Mark Decision Does Not p. 1906) representing the several security holders and
Washburn-Crosby Co.
creditors of the company was given in V. 120, p. 1760.
Affect Pure Wheat Product.
A decision of the Federal District Court granting an application by the The.names of the several depositaries were also given in
France Milling Co. of Cob'mien!, N. Y., for an injunction restraining the V. 120, p. 1906. As already mentioned, the plan does not
Washburn-Crosby Co. from using the name "Gold Medal" in connection
stockholders.
with its prepared pancake and buckwheat flours was affirmed April 6 by provide for any assessment on the 'old
-Year
The committee representing the holders of the 10
the Circuit Court in an opinion written by Judge Hough.
the plaintiff Judge Winslow of the lower Court said that
In finding for
-Year Cony.
Sinking Fund 6% Gold bonds and the 10
the use of the words "Gold Medal" by the defendant as applied to wheat Cony.
flour did not justify the expansion of the claim to the prepared pancake Sinking Fund 732% Gold bonds has issued a notice to the
and wheat flours, which are compounded of other ingredients than wheat bondhelders in which it states that it believes that the plan
flour and are food products in a class by themselves.
The opinion of the Circuit Court is to the effect that pancake flour is an is fair and equitable and that its consummation will result in
individual product and that this had been acknowledged by the defendant placing the business on a sound financial basis. The comwhen it filed the name with the Patent Office as applied to pancake flour.
It was also stated that the defendant company must have known of the use mittee further states that a large amount of bonds has already
of the name by the plaintiff because it sold the latter the flour which was been deposited and urges the prompt deposit of the remaining
used by the plaintiff in preparing its products.
The opinion says that the term "Oold Medal", like "Blue Ribbon" and bonds to facilitate the early completion of the reorganization
similar names, is common and is used to imply the quality of the product, and termination of the receivership.
and was therefore different from such trade names as "Kodak," which imAn introductory statement to the plan says in substance:
plies a distinctive and specific product. It was pointed out that the name
"Gold Medal" had been registered almost 60 times since the manufacturers
of "Gold Medal" flour had used it, and that it had been applied to such
products as fishing rods, finishing wax, kidney medicine, and beer.
A statement sent out April 6 by the Company said:
The case did not affect the sole right of the Washburn-Crosby Co. to
the trade-mark "Gold Medal" in connection with the sale of pure wheat
flour. That "Gold Medal" flour means among purchasers Washburn's
flour was expressly stated in the decision with reference topure wheat flour.
The case involved merely the right to use the name "Gold Medal" as
applied to prepared pancake and buckwheat flour as distinguished from pure
wheat flour. The decision affirmed the right of the Prance Milling Co.
to the trade-mark "Gold Medal" on prepared pancake and buckwheat flour.
120, p. 220.
-Bonds Offered.
Washington Lumber & Spar Co.
Seattle (Wash.) Title Trust Co. is offering at par and int.
$150,000 7% 1st Mtge. Sinking Fund Serial Gold bonds.
Dated Feb. 15 1925, due serially Feb. 15 1926-1932. Denom. $1,000.
$500, $250, $100. Int. payable F. & A. Callable on int.. dates at 102
and int. Normal income tax of 2%, per annum to be paid by the mortgagor
without deduction. Seattle Title Trust Co., trustee.
-Bonds are secured by a closed first mortgage on the entire
Security.
fixed assets and properties now or hereafter owned. comprising 7;i acre
mill site, new electrically operated mill, log dumps,4 mile railroad, modern
logging equipment and an 800 acre timber tract at Quilcene, containing
approximately 10,000,000 ft. of saw timber and 17,000 pieces of piling.
'rhe cutting capacity of the mill will be 100,000 to 125,000 ft. per day of
8 hours, with a crew of 60 men. Maximum efficiency and economy in
operation will result from the electrically operated machinery, the overhead air-line yard distribution system, and the proximity to the timber
supply.
sinking
-Prompt payment of interest and principal at maturity
Fund.
is provided for by the usual Seattle Title Trust Co. sinking fund plan
whereby annual requirements for interest, taxes, insurance and principal
reductions are paid monthly to the trustee for the benefit of the bondholders.
-This loan is being made to consolidate the indebtedness coverPurpose.
ing the purchase of the balance of the equipment for the new sawmill and
to finish the construction of the mill.
Westinghouse Air Brake Co.
-New Director.
8.0. Down has been elected a director to succeed the late Morris Rosenwald of Chicago. Mr.Down is a Vice-President of the co.
-V.120. 13. 1739.
Westinghouse Electric & Mfg. Co.
-Bookings, &c.
Preliminary estimates show that incoming orders for the quarter ended
mar.31 1925 amounted to about $35,834,000, as compared with $38,654,000
period of
$37,861,000 in the
in the last quarter of 1924 andto approximately corresponding the quar$40,650,000 for
1924. Sales billed amounted
ter ended Mar. 311925, against $41,088,000 in the final three months of
-V.120. p. 1894.
1924 and $44,680,000 in the same period a year ago.
Westmoreland Coal Co.
-Annual Report.
Income Account 12 Mos. Ended Dec. 31Operating revenue from operations
Interest on investments, bank balances, &c
1923.
1924.
$764,399 $2,535,975
138,076 ' 132,358
Totalincome
Taxes,$299,240; interest paid, $2,558; total
Depreciation
Depletion
$902,475 $2,668,333
301,798
506,197
393,231
372,357
189,801
252,878
Profits transferred to surplus
$38,520 $1,516,027
Balance Sheet December 31.
1921,
1923.
1924.
1923.
•
•
AssetsLiabilities$
$
mining property_ .13,372,072 12,681.139 Capital stock
10,000,000 10,000,000
.. 272,420
276,435
Non-mining prop. 2,414,690 2,539,766 Acc'ts payable_ _
Cash Ai cur. assets. 3,237,012 4,600,182 lies., tax., Ins.,Sic. 1,465.303 1,973,230
,. pretalAtems 324,205
yet
7,610,256 7,933,632
362,210 Surplus
19.347,979 20,183,297
Total
-V. 120. P. 1759.
Total
19,347,979 20,183,297
Whalen Pulp & Paper Mills Ltd.
-Judicial Sale.Pursuant to the judgment pronounced on Mar. 12 1925 in a bondholders'
'
action in the Supreme Court of British Columbia, commenced by Montreal
Trust Co. as trustee for the holders of the6% Serial Gold bonds, all the property and assets of the company, both real and personal, including its goodwill, tolls. rents. &c., will be offered for sale en bloc as a going concern by
public auction by the District Registrar or by the Deputy District Registrar of the Supreme Court at his office att, 1 Court House, Vancouver,
B. C., on May 29.-V. 120, p. 1471.
-Bonds Offered.
Wilder Realty Corp., Montreal.
Fenton, Davis & Boyle, Grand Rapids, and Otis & Co.,
Cleveland, in March offered at 100 and int. $570,000 1st
Mtge. 63/2% Sinking Fund bonds.
Dated March 2 1925, due March 1 1940. Principal and semi-annual
interest (M• & S.) payable at par of exchange in the lawful money of
Canada or the United States at the holder's option, at the Bank of Montreal
or at the Agency of the Bank of Montreal in N. Y. City. Denom. $1.000
and $500. Red. on any int. date all or part on 30 days' notice at 102 and
int. for the period ending March 11932; 101 and int, for the period from
that date to March 1 1937, and 100 and int. thereafter to maturity. Int.
payable without deduction for Federal income tax of the United States
2% per annum. Royal Trust Co., Montreal. trustee.
not in excess ofCo., Detroit,
Mich., co-trustee.
American Trust
Wilder Realty Corp., Montreal, Que., owns 4 commercial properties,
1
3 of which are centrally located in the city of Montreal, and ofin the city
all
which are
of Outremont, a suburb of Montreal. The 4 properties,
leased to responsible tenants, are appraised by the Royal Trust Co. of
Montreal for $1,140,088. The properties have likewise been appraised
by two officers of the American Trust Co.of Detroit, Mich.,for $1,163,682.
The gross income from them is $92,500 per annum, and the net income is
$77,700 per annum, or over twice the interest charges on this issue of bonds.
This bond issue is secured by a first mortgage on these 4 properties, and
to and deposit
trustee of all the
by an assignment of which extendwith thethe maturity of theleases, over
bond issue.
beyond
of the
50% terms income
The
of the mortgage provide that for the two-year period ending
March 1 1927, there shall be paid to the trustee not less than the sum of
March 1 1927 to March 11940, there shall be
g3,200 per month, and from of not less
month to be used
the sum
than $4,500
paid to the trusteeinterest and principal of the bond per
issue.
payment of
_
_
the
or =wiepukicarge
-A digest of
Inc.
-Reorganization Plan.
Wilson &
the reorganization plan, dated April 2 1925, adopted by the
Reorganization Committee and the committees (V. 120,
-Company is one of the three largest packing
Reasons for Receivership.
concerns in this country. It owns and operates directly or through its
subsidiary and affiliated companies packing houses at Chicago, New York
and Kansas City. and also at Oklahoma City, Okla.; Los Angeles, Calif.;
Nebraska City, Neb.; Albert Lea, Minn.; Philadelphia, Pa.: Buenos Aires,
Argentina, S. A., and Sao Paulo and Santa Anna, Brazil, S. A. In addition
to its business of slaughtering live stock and distributing beef,lamb, mutton,
,
veal and pork, company is engaged directly or through its subsidiary and
affiliated companies in the manufacture or production and sale of many
packing house by-products. It has numerous domestic distributing
branches and a large number of refrigerator cars, by means of which its
products are distributed to most of the important cities and towns in the
United States. Company also has an important export business, having
branch houses and agencies in Great Britain and on the Continent of
Europe.
Company has been under its present management since April 1916. It
transacted a large and profitable business during the war, but. in common
with its large competitors, suffered severely in the ensuing period of widespread business depression, which was particularly adverse In the packing
industry. It was peculiarly unfortunate in its efforts to readjust its affairs
pending the return of normal conditions and was finally compelled to
enlist the co-operation of its creditors for the purpose of effecting a voluntary
readjustment. In consequence, an extension of the company's bank debt
was arranged for through the committee for the banks (below) and ways
and means for adjusting the affairs of the company were being formulated,
when this procedure was interrupted through the unexpected appointment
of a receiver in New Jersey at the instance of a small stockholder and
without notice to the company. The appointment was contested by the
company and the order making the appointment was set aside for want
of jurisdiction, from which an appeal taken by such stockholder is still
pending.
These proceedings in New Jersey interfered with the business of the
company and disturbed its credit to such an extent that the company was
no longer able to conduct its business operations in the usual way or to pay
or procure an extension of its debts as they matured,and it therefore became
necessary to place the property and affairs of the company under the
protection of a court of competent jurisdiction. Accordingly, application
was made to the Federal Court for the appointment of receivers, and on
Aug. 26 1924, with the consent of the company. former U. S. Circuit Judge
Julius M. Mayer and Robert Lee Morrell, New York. and Thomas E.
Wilson (Pres.). were appointed primary receivers by the U. S. District
Court for the Southern District of New York, and in due course thereafter
ancillary receivers were appointed in several other jurisdictions.
Subsidiary & Affiliated Companie,s.-A largo portion of the company's
business, including its important South American and foreign business, is
transacted through subsidiary and affiliated companies. None of these
companies is in receivership and their businesses are being conducted in
the usual course. The stocks of the mostimportant subsidiary and affiliated
companies owned are,directly or indirectly,subject to the mortgage securing
its 1st Mtge. 25-Year 6% Sinking Fund Gold bonds. Some of the subsidiary and affiliated companies have outstanding in the hands of the public
obligations which include bank borrowings, drafts against the shipment
of merchandise and funded debt. Substantially all of these obligations are
considered good and remain undisturbed in the reorganization.
Plan of Reorganization Dated April 2 1925.
Obligations of Company and its Subsidiary & Affiliated Cos. Aug. 30 1924.
To be A did. Undisturbed,
Total.
-Company
$25,772,500
Bank debt
$25,772,500
Subsidiary & affiliated cos
391.171 $7,179.753
7,570.924
Accounts payable
4,354.869
4,354,869
Interest accrued on bonds
828.529
828,529
Mtges. & car equip., &c., notes
443.625
443,625
Purchase money contracts for stock
5.315,657
3,312.498
2,003,159
1st Mtge. 65, 1941
22,896.000 22,896,000
Convertible 6% bonds, 1928
13,273.000
x13,273.6615
Convertible 7;.6% bonds. 1931
9,036,000
x9,036,000
Bonds of subsidiary & affil. cos
3.265,900
3,265,900
Total
$51,785,169 $40,971,833 $92.757,003
Preferred stock (par value $100)
y100,790 skis.
Common stock (no par value)
%
of the 7 shs
y202.2194 .
z Amounts do not include $100,000 of the 6% and $100.000
Convertible bonds owned by the company. y Amounts include 300 shs.
of Preferred stock and 4,061 shs. of Common stock in treasury of company.
The above mentioned amount of $4,354.869 is the amount of accounts
payable shown on the books of the company as of Aug. 30 1924. It is expected that some additional bills for amounts payable as of that date will
be presented for payment. The reorganization committee reserves the
right to allow such additional bills to remain undisturbed under the plan,
in whole or in part, or to contest and. exclude from treatment under the
plan any or all such bills, or to adjust them on such basis or bases as the
committee may determine.
Obligations of Company and Subsidiary and Affiliated Companies Undisturbed
Under the Plan (Total $40,971,833).
1st Mtge.6% 25
-Year S. F. gold bonds, due 1941
1422.896,000
Accounts payable
b 4,354,869
Mortgages and car equipment and other notes
C 443,625
Bonds of subsidiary and affiliated companies
d3,265,900
Bank debt of subsidiary and affiliated companies
67,179,752
Interest accrued on bonds
828.528
Obligations of co. to purchase minority stock interests in affil.cos. f2,003,159
a These bonds are a direct lien on (a) the company's packing plants in
N. Y. City and Chicago and the Kansas City, Kan., plant of one of the
subsidiaries; (b) many branch houses; (c) stocks of the company's most
important and affiliated companies and 83,274,000 of bonds of certain
sub. cos. ecured by mortgages upon their respective properties.
b This azrfount consisted of approximately $2,683,692 enving by subsidiary
and affiliated companies and $1,671,177 due from the company, of which
approximately 4500.000 consists of indebtedness incurred since the committee representing the bank debt was formed, and a considerable part
of the remainder was secured by liens or connected with contracts which
made or make its payment necessary. In the ordinary course of the business some of these accounts payable have been paid and other accounts
payable created by the receivers or by the subsidiary and affiliated companies. Some additional bills for amounts payable as of Aug. 31 1924
may be presented.
c These are as follows: (1) Wilson & Co., Inc.
-Mtge.on 623 Pacific St..
Brooklyn,$10,000; Mtge. on 315-17 E.45th St., New York, $9.500: Mtge.
on 840 First Ave., New York, $6,000; Mtge. on malt house, E. 47th St.,
New York,$40,000. (2) Thos. E. Wilson & Co.-lst Mtge,on ball factory.
Schenectady, $20,000; 2d Mtge. on ball factory, Schenectady, $17,500.
-Mtge.on plant property, Cambridge, Mass..
(3) John Reardon & Sons Co.
$25,000. (4) Wilson & Co.(N. J.)-Mtges. on branch houses at Birmingham, Ala., $10.000; Chattanooga, Tenn., $11,000; Norfolk, Va.. $50,000;
Springfield. Mass., $33,000; Troy, N. Y., $9.000. (5) Wilson Car Lines-r
Car equipment notes. $144 375. (6) Sinclair Sales Co.
-Mtge. on branch
house, Boston,$50,000. ( Albert Lea Packing Co.,Inc.
-Serial purchase
notes, payable $330 monthly, $8,250.
d These are as follows: (1) J. Eavenson & Sons, Inc.
-1st Mtge. gold
bonds, due July 1 1939, $250,000;(2) Wilson-Martin Co.-lst Mtge. bonds.
due Jan. 1 1935. $1,202,400; 2d Mtge. bonds, due serially approximately
•
I
2026
THE CHRONICLE
$133.000 yearly, 1924 to 1936. $1.731.000. (The reorganization committee
reserves the right to complete certain negotiations for the modification of
these bonds and the mortgage securing them so as to effect a reduction of
interest, the extension of certain maturity dates and to provide for a sinking fund.) (3) Central Chemical Co.-lst Mtge. bonds, due serially,
$15,000 yearly, 1925 to 1927. $45,000. (4) Wilson & Co., Inc., of Calif.
1st Mtge. bonds, due March 18 1926. $37.500.
e A large part of this indebtedness is guaranteed or otherwise protected
by the company. Subject to the approval of the reorganization committee,
the obligations of the company in respect of this debt are to be assumed
by the new company.
f These obligations are to purchase over a period of years the minority
stock interests in the following companies: Central Products Corp., $1,064,742; Continental Products Co., $732.667; Morton-Gregson Co., $128,125
M. L. Shoemaker & Co., Inc.. $77,625.
Obligations to Be Adjusted Under the Plan (Total $51.785.169)•
The amounts do not include interest to be paid in cash and interest from
Oct. 15 1924 to April 15 1925 at the rate of 6% per annum, aggregating
about $1,553.555, to be adjusted in stocks of the new company.
$26.163,671
Bank debt
13.27.3.000
-Year Convertible Sinking Fund 6s, 1928
10
9,036,000
-Year Convertible Sinking Fund 7s. 1931
10
Obligations under agreements of the company to purchase
x3,312,498
minority stock interests in affiliated companies
x These obligations are to purchase over a period of years minority stock
interests in the following companies: Phoenix Leather Co., $134,550:
Paul 0. Reymann Co., $470,250; Wilson-Martin Co., $135,308; United
Chemical & Organic Products Co.. $2,572,390.
The obligations under agreements of the company to purchase stock of
United Chemical & Organic Products Co., stock of Paul 0. Reymann Co.,
stock of Wilson-Martin Co.and stock of Phoenix Leather Co. are tentatively
included in the obligations of the company to b. adjusted under the plan
for purposes of convenience only. The reorganization committee reserves
the right to contest and to exclude from treatment under the plan any or
all obligations, in whole or in part, or to include any or all of the obligations,
In whole or in part.
.-A new corporation is to be organized which is to acquire
New Company
all or such part of the properties of the company, Including bonds, stocks
securities and claims belonging to the company or its receivers,
and other
as the reorganization committee shall determine, and is to assume all or
such of the obligations of the company and its receivers not to be adjusted
under the plan, including contiogent obligations in respect of debt of
subsidiary and affiliated con.panies, all as shall be determined by the
reorganization committee. It is intended that these properties will be
sold under decrees of the U. S. District Courts which appointed the receivers, and that the new companies will acquire title to such properties. If the reorganization committee shall so determine, however, any
of such properties may oe acquire.] upon such terms and conditions as the
reorganization committee may approve by one or more existing or new
subsidiary companies, all of the stock of which shall be held by the new
company. The reorganization committee shall also be empowered to
effect such mergers or consolidations of subsidiary or affiliated companies
as it may deem advisable and to organize or utilize one or more subsidiary
or affiliated companies for the purpcse of acquiring or holding any of the
properties or securities subject to the reorganization or acquired under the
plan.
Securities to be Issued by New Company.
-New company is to authorize and issue under
-Year 6% Gold Notes.
5
-Year 6% Gold notes. These notes shall be redeemthe plan $2,500,000 5
able in whole at any time or in part from time to time upon at least 30
days' notice at par and int. plus a premium of A % for each year or fraction
thereof from the redemption date to their maturity date.
-Authorized $50.000.000. if of par value, consisting of
Preferred Stock.
500.000 shares (par $100 each) or of 500.000 shares, if without par value,
and shall be preferred over the Class A stock and the Common stock both
as to dividends and assets. Shall be entitled to receive dividends at the
rate of $7 per share per annum, and no more. in any year. before any
dividends in such year shall be declared on the Class A stock or the Common
stock. Dividends shall be non-cumulative for a period of two 3rears from
the approximate date of filing the certificate of incorporation of new company, whether or not earned in whole or in part in either year of said
period. Upon the dissolution or liquidation of the new company, the
holders of the Preferred stock shall be entitled to receive, before any distribution or payment to the holders of the Class A stock or the Common
stock,$110 per share, plus an amount equal to $7 per share per annum from
such date of cumulation until the time of the payment of $110, less any
dividends paid thereon from such date of cumulation. Shall be redeemable
in whole at any time or in partfrom time to time upon at least 30 days' notice
at $110 per share, plus an amount equal to $7 per share per annum from
such date of cumulation until the date of redemption, less any dividends
paid thereon from such date of cumulation. The Preferred stock shall
have full and equal voting rights, share for share, with the Class A stock
and the Common stock.
-Class A stock of the new company shall be an authorized
Class A Stock.
issue of shares without par value in an amount to be determined by the
reorganization committee,not exceeding 500.000 shares. After all dividend
requirements in respect of the Preferred stock to the end of the then current
dividend period shall have been complied with, the holders of the Class A
stock shall be entitled to receive, when and as declared, dividends at the
rate of $5 per share per annum, and no more. In any year, before any
dividends in such year shall be declared on the Common stock. Dividends
on the Class A stock shall be non-cumulative for a period of five years
from the approximate date of filing the certificate of incorporation of the
new company, whether or not earned in whole or in part in any year of
said period. From the time of the expiration of such five-year period
dividends on the Class A stock shall be cumulative. Upon the dissolution
or liquidation of the new company, after providing for payment in full
of the amounts to the holders of the Preferred stock, the holders of the
• Class A stock shall be entitled to receive, before any distribution or payment to the holders of the Common stock, $75 per share, plus an amount
equal to $5 per share per annum from such date of cumulation until the
time of payment of s75. less any dividends paid thereon from such date
of cumulation. After providing for payment in full of said amounts to
the holders of the Class A stock, the remaining assets and funds of the
new company shall be distributed to the holders of the Common stock.
The Class A stock shall be redeemable in whole at any time or in part
from time to time upon at least 30 days' notice at $75 per share, plus an
amount equal to $5 per share per annum from such date of cumulation
until the date of redemption, less any dividends paid thereon from such
date of cumulation. The Class A stock shall be convertible at any time
after the laws of the State under which the new company shall be organized
or
shall permit (except when the books for the transfer of Class A stockthe
Common stock shall for any reason be closed) into Common stock at
Common stock for one share of Class A stock. Class A
rate of one share of
stock shall have full and equal voting rights, share for share, with the
Preferred stock and the Common stock of the new company.
-Common stock of the new company shall be an authorized
Common Stock.
issue of shares without par value in an amount to be determined by the
committee. not exceeding 1,500.000 shares. After all
reorganization
dividend requirements in respect of the Preferred stock and the Class A
stock to the end of the then current dividend period shall have been complied with, dividends may be declared on the Common stock. Common
stock shall be entitled to participate In the assets of the new company on
liquidation, dissolution or distribution of assets by way of return of capital
as above outlined and shall have full and equal voting rights, share for
share, with the Preferred stock and the Class A stock.
Treatment of Obligations and Stocks to Be Adjusted under Plan.
Bank Debt.
-The $22,721,000 of indebtedness to banks which (disregarding all offsets and claims of offset) had deposits of the company or of one or
more of its subsidiary or affiliated companies is to be reduced by 20%
thereof, which is approximately the aggregate of the deposits of the company
and of its subsidiary and affiliated companies with such banks subject to
claim of offset against the company's Indebtedness to them. Such 20% is
to be paid in cash and any offset or application heretofore made or claimed
by any such bank in respect of such indebtedness, whether more or less than
the cash payment so made to it, is to be restored or surrendered on receipts
of such cash payment.
The holders of the $18.176,800 of such indebtedness that remains after
deducting the aggregate of such cash payments, 13111s $681.630 as interest
on $22,721.000 from Oct. 15 1924 to April 15 1925. at the rate of 6% per
annum, or of a total of $18.858,430, shall be entitled to receive under the
plan, for each $1,000 thereof, the following:
Preferred stock, 6.0 shares; Class A stock, 7.5 shares; Common stock,
4.3 shares.
{Vox.. 120.
The holders of $3,442,671 of indebtedness other than the foregoing plus
$103,280 as interest thereon from Oct. 15 1924 to April 15 1925, at the rate
of 6% per annum, or a total of $3,545.951. shall be entitled to receive under
the plan, for each $1.000 thereof, the following:
Preferred stock, 6.0 shares; Class A stock, 7.5 shares; Common stock.
4.3 shares.
This amount of 83,442,671 consists of $2.515.000 of commercial paper of
the company sold through brokers, $536.500 of notes sold to banks or others
direct by the company and $391,171 of affiliated company bank debt.
-Year
-The holders of $22,309.000 10
Convertible Bonds (65 and 714s).
Convertible Sinking Fund 6s, due 1928. and 10
-Year Convertible Sinking
Fund 7 As, due 1931, plus $669.270 as interest thereon from Oct.15 1924
to April 15 1925, at the rate of $6% per annum, or a total of $22.978.270,
shall be entitled to receive under the plan, for each $1.000 thereof, the
following:
Preferred stock, 6.0 shares; Class A stock, 7.5 shares; Common stock.
4.3 shares.
Interest on the principal amounts of the obligations mentioned above,
which shall be adjusted under the plan, to the extent not already paid, is to
be paid in cash up to Oct. 15 1924 at the rate of 6% per annum. Interest
thereon from oct. 15 1924 to April 15 1925. at said rare is to be adjusted
in stocks of the new company as above provided.
-The holders of
Obligations to Purchase Stocks of Affiliated Companies.
$3.312.498 of obligations to purehase stock of Phoenix Leather Co., of
Paul 0. Reymann Co., of Wilson-Martin Co. and of United Chemical &
Organic Products Co.. plus $99,375 as interest thereon from Oct. 15 1924 to
April 15 1925, at the rate or 6% per annum, or a total of $3,411,873. shall
(subject to the meservations stated above) be entitled to receive under the
plan, for each $1,000 thereof, the following:
Preferred stock, 6.0 shares: Class A stock, 7.5 shares; Common stock.
4.3 shares.
Preferred and Common Stock of the Company.
-The holders of 100,490
shares of Preferred stock shall be entitled to receive for each share of such
Preferred stock 1 A shares of Common stock of the new company.
The holders of 198.158 shai es of Common stock shall be entitled to receive
for each ten shares of such Common stock four shares of Common stock
of the new company. (These amounts do not include 300 shares of Preferred
stock and 4.061 shares of Common stock owned by the company.]
Aggregate Amounts of Stocks of the New Company to Be Delivered under the Plan
The following tabulation shows the approximate aggregate amounts of
the various classes or stock of the new company that will be deliverable
under the plan to the holders of the indebtedness and obligations above
specified to be adjusted under the plan and the approximate aggregate
amounts of the Common stock of the new company that will be deliverable
to the holders of the stocks of the company:
-Number of Shares of New Co.
Obligations, or Stocks of CompanyPref.
Class A. Common.
For bank debt
96.339
134.426
108.033
For debenture bonds
98.807
137.870
1'72.337
aFor stock purchase obligations
14.671
20,471
25,589
For Preferred stock (100.490 shares)
150.735
For Common stock (198,158 shares)
79.263
Totals
439.815
202.767
365.959
a Both amounts of obligations and numbers of shares are subject to
revision under reservations as above stated. in respect of agreements for
the purchase of stocks of the companies mentioned.
In addition to the Common stock to be issued under the plan. Common
stock may be issued to such an amount not to exceed 100.000 shares, and
at such prices or on such basis as shall be approved by the board of directors
of the now company to the employees and management of the new company in order that the efficiency of its organization may be maintained.
Non-Assenting Security Holders.
-The plan makes no provision for payment in cash under the terms of any bid at any sale to any holders of securities, obligations or claims to be adjusted under the plan who do not participate in the plan. Any stocks which would be deliverable under the plan to
such holders had they participated may remain unissued or be disposed of
by the reorganization committee for any of the purposes of the reorganization.
-Year 6% Gold Notes-rInderwritings.-The reorganization comSale or 5
mittee has arranged with Guaranty Co.of N. Y., Haligarten & Co., Blair de
Co.,Inc.,and Chase Securities Corp.to uncial'ivrite toe sale of the $2,500,000
5
-Year 6% Gold notes or the new company at a price to be approved by the
reorganization committee at the time of the offering thereof, which it is
expected will be about 95A . Such arrangement provides for compensation to the underwriters of 3% of the principal amount of such notes. It
also provides that the underwriters shall have the right in their discretion
to terminate it and their liability thereunder in case the plan shall not have
been declared operative on or before July 1 1925, or such later date as shall
be approved by the underwriters, and that their liability thereunder shall
terminate in case the plan shall be abandoned. No compensation shall be
payable to the underwriters if their liability under such anangement shall
be terminated as aforesaid.
Cash Requirements -The expenses and obligations of the receivership,
reorganization expenses, interest adjustments and other items which under
the plan are to be paid in cash, to the extent not paid out of moneys coming
into the hands or under the control of the reorganization committee, will
be paid or assumed by the new company.
An estimated balance sheet based upon tho consolidated
balance sheet of the company and its subsidiary and affiliated
companies as of Aug. 30 1924, after giving effect to the adjustments specified in the plan and adding to cash $2,312,500
as the net proceeds of the sale of the 5-Year 6% Gold notes
of the new company, together with a statement of earnings,
was given in V. 120, p. 1737. See also V. 120, p. 1760, 1906.
Wolverine Portland Cement Co.
-2% Dividend.
-
The directors have declared a dividend of 2% payable May 15 to holders
of record May 5. A similar distribution was made Feb. 15 last. Total
distributions for the year 1924 amounted to 16%.-Y, 120, p. 464. 1352.
(Wm.) Wrigley Jr. Co.. Inc.
-Judgment.
Judge Wilkerson in the U. S. District Court at Chicago recently handed
down a decision awarding the L. P. Larson Jr. Co. damages from Win. Wrigley, Jr., Co., Inc., amounting to $1.384.600, with interest at 6% from Nov.
1923, for infringement on a color scheme used on "Doublemint." This is
a reduction of about $90,000 from the award made last December.
Notice of appeal was filed by both sides and the Court allowed the Wrigley company until Aug. to prepare its transcript for the Circuit Court of
Appeals. The Wrigley concern presented a bond for $1,750,000 and the
Larson company a boad for $5,000.-V. 120. p. 840.
Youngstown Sheet & Tube Co. (& Subs.).-Consol.
Balance Sheet Dec. 31.1923.
1924.
1923.
1924.
Assets$
Liabilities•
$
Property
acets._169,805,564 164,264,368 7% Cum. Pref.
Inv.In & adv. to
stock
14,241,100 14,241,100
&c.,cos. 8,946,125 7,607,782 Common stock.:75,000,000 75,000,000
Baldue on erne!.
Min. Int. In sub.
dwelling put.
121,021
companies
55,270
contracts ____
796,774
734.817 Funded debt.._ 69,331,000 71,246,000
Bk. Id. Invest t_
435.035
842.188 Mtge. notes de
Inv. In Ins. fund
purch, money
118.480
73,692 obligations
(contra)
831,515 1,367,364
Inventories
48,637,681 53,643,262 Accts. payable. 7,344,229 7.088,456
Accts. de notes
Ore rec. In excess
rec., less res 20,209,214 20,798,082
Of payments_
2,015,895 3.823,792
Due from officers
Accrued interest 1,920,914 1,870.179
106,163
& empl
178.899 Accr. tax., gen'i 1,584,557 1,085,308
Sundry market.
Federal taxes....
989,690 1,500,000
4.826,935 3,264,106 Reserves for
securities
3,042,852 2,675,565
Cash
Dept.of mIn'ls 5,185.889 5,658,249
Deferred charges 2,682,999 2,871,488 Depr. & ren'i
50,572,097 44,245,876
plants
Relining & rebuild. turn's 2,274,707 2.888.089
Contingencies 2,691,202 3,584,246
107.049
151,821
Fire insurance
Total (ea. side).259.607.822 256.954,249
25,417,934 23.127,519
x Represented by 987,606 shares of no par value.
The usual comparative income account was given in V. 120, 1). 110 •
3
APRIL 18 1925.]
THE CE.RONICLE
2027
Sevorts and 31loicuntents.
ILLINOIS CENTRAL RAILROAD COMPANY
SEVENTY-FIFTH ANNUAL REPORT—FOR THE YEAR
ENDED DECEMBER 311924.
To the Stockholders
Of the Illinois Central Railroad Componii:
The Board of Directors submits the following report of
the operations and affairs of the Illinois Central Railroad
Company for the year ended December 31 1924, including
The Yazoo & Mississippi Valley Railroad Company, the entire capital stock of which is owned or controlled by the
Illinois Central Railroad Company. For convenience
t1r3
two companies are designated by the term "Illinois Central
System." This reports differs from the reports of
previous
years in that the operations of The Yazoo & Mississippi Valley Railroad Company are included with those of the Illinois
Central Railroad Company for the first time.
.
The number of miles of road operated as of Dec. 31 1923 was
6,213.83
Additions for Year:
Trackage rights at Zeigler, Ill
Construction of new line—Central City. Ky., to 1.15 miles
Dawson springs, Ky., including re-location of
Kentucky Midland RR. tracks
27.39 "
Various changes due to re-measurements
.87 "
29.41
The number of miles operated as of Dec. 31 1924 was
The average number of miles of road operated during the year was.. 6,243.21
6,218.06
INCOME.
A summary of the income for the year ended December
31
1924, as compared with the previous year, is stated below:
Average miles operated during year
1924.
1923.
Increase (-1-)
Decrease(—)
6.218.06
6,208.66
+9.40
Railway operating revenues
(Table 2)
173.838,131 99 186.763.166 53 —12.925.03454
RatIwg
( a eoperating e penses
p
r
expenses
(Table
elaietrep.)134.024,920 62 150.023.276 50 —15.998.35588
Net revenue from railway
operations
39,813.211 37 36.739.890 03 +3,073.321 34
Railway tax accruals
Uncollectible railway rev- 12,722,492 69 11,048,431 17 +1,674,061 52
enues
56.902 49
27.396 58
+29.505 91
Railway operating income 27,033.816 19 25,664,062
28 +1.369.753 91
Equipment rents—net
credit
613,235 64Dr.1,361,784 12 +1,975.01976
Joint facility rent—net
credit
455.021 62
561.161 40
—106.139 78
Net railway operating income
28.102.073 45 24.863.439 56 +3.238.633 89
Non-operating income
3.577,826 06 4.907,859 31 —1.330.033 25
Gross income
31,679,899 51 29.771,29887 +1.908.600 64
Deductions from gross income
15.431.341 96 14.286.225 04 +1.145.11692
Net income
16,248,557 55 15,485.073 83
+763,483 72
Disposition of net income:
Income appropriated for
Investment in physical
property
36,390 10
98.887 41
—62,497 31
Total appropriations of
Income
36,390 10
98,887 41
.
112.497 31
Income balance transferred
to credit of profit & loss- 16.212.167 45 15,386,186 42
+825,981 03
RAILWAY OPERATING REVENUES.
"Railway Operating Revenues" amounted to
$173,838,131 99 this year, as compared with $186,763,166 53 last year,
a decrease of $12,925,034 54, or 6.92%. For details of "Railway Operating Revenues."
"Freight Revenue" decreased $10,552,325 69, or
7.39%,
due to a reduction in the volume of business transported as
shown in Table 13 [pamphlet report]. There were no substanial changes in rates during the year. The tons of
revenue freight carried one mile were 14,284,712,470, a decrease
of 1,867,085,970 tons, or 11.56%, as compared with last year.
The average rate per ton per mile was .925 cent, an increase
of .041 cent, or 464%, compared with the previous year.
"Passenger Revenue" decreased $2,250,192 18, or
7.17%.
The number of passengers carried one mile was 972,067,080,
a decrease of 49,001,555, or 4.80%, compared with the previous year. The average revenue per passenger per mile
decreased .076 cent, or 2.47%. The decrease in Passenger
Revenue was due to a decline in general business and motor
bus competition in short haul traffic.
"Mail Revenue" increased $17,572 45, or 0.71%. There
were no material changes in mail traffic this year as compared with last year.
There was an increase of $44,002 11, or 1.06%, in "Express
Revenue," due to payments by the American Railway Express Company in connection with adjustments of previous
years.
•
The increase of $87,871 09, or 6.98%, in other
passenger
revenues, consisting of "Excess Baggage,"
"Parlor and
Chair Car," "Milk," and "Other Passenger-Train
Revenue,"
was accounted for by an increase in revenue from
the operation of parlor and chair clan, an increase in payment
by The
Pullman Company for operating sleeping cars over
system
lines, and an increase in the volume of newspapers
handled
on passenger trains; this was offset in part'by
decreased
revenues from excess baggage and the rransport
ation of
milk.
There was a decrease of $28.742 67, or 1.35%,
in "Switching" and "Special Service Train Revenue," due
to a reduction in business handled.
"Incidental" and "Joint Facility Revenues"
decreased
$243,219 65, or 9.16%, as a result of the general
decline in
business.
RAILWAY OPERATING EXPENSES.
"Railway Operating Expenses" amounted to
$134,024,920 62, as compared with $150.023,276 50 last year,
a decrease of $15,908,355 88, or 10.66%. The details of
"Railway
Operating Expenses" will be found in Table 10
[pamphlet
report].
There was a decrease of $5.091.962 23, or 17.55%, In
"Maintenance of Way and Structures Expenses," due to
decreased
outlays for repairs of tracks and roadway and upkeep
of
stations and other buildings and to a decrease
in the
"Equalization—Way and Structures" account in connectio
n
with the adjustment of maintenance reserves carried over
from the previous year.
The decrease of $4,378,113 92, or 10.01%, in "Maintenance
of Equipment Expenses" was due to smaller outlays for repairs to locomotives and freight-train cars, on account of the
reduction in business; this was offset in part by increased
charges for depreciation by reason of new equipment placed
In service.
The increase in "Traffic Expenses" of $97.804 04 was occasioned by increased advertising and additions to outside
soliciting agencies, partly offset by a substantial saving in
stationery and printing.
There was a decrease of $6,529,339 10, or 9.34%, in "Transportation Expenses" due to the decrease in the volume of
freight traffic handled, with the consequent reduction in
freight-train service, and to a decrease in the cost and consumption of fuel. There was also a substantial reduction
In the amounts charged out during the year for claims for
loss and damage to freight and for injuries to persons.
The increase of $51,788 55, or 4.55%, in "Miscellaneous
Operations" was due to the increase in cost of operating
dining and buffet service during the year.
There was a decrease of $38,696 18, or 0.89%, in "General
Expenses."
The decrease in expenses by reason of the increase of $109,837 04 in "Transportation for Investment—Credit," was on
account of the increase in the volume of construction work
carried on during the year.
RAILWAY TAX ACCRUALS.
"Railway Tax Accruals" amounted to $12,722,492 69 this
year, as compared with $11,048,431 17 last year, an increase
of $1,674,061 52, or 15.15%. The increase was due in part
to an increase in Federal income taxes, increased Illinois
charter tax accruals, and increases in other State taxes, due
to increased assessments and levy rates.
UNCOLLECTIBLE RAILWAY REVENUES.
"lancollectible Railway Revenues" were $56,902 49 tin:
year, as compared with $27,396 58 last year, an increase of
$29,505 91.
EQUIPMENT RENTS—NET CREDIT.
"Equipment Rents—Net Credit" amounted to $613,235 64
this year, as compared with a debit of $1,361,784 12 last
year, an increase of $1,975,019 76. This was largely due to
decrease in per diem payments by reason of a reduction in
the use of foreign equipment incident to the decline in general business.
2028
THE CHRONICLE
-NET CREDIT.
JOINT FACILITY RENT
-Net Credit" amounted to $455,021 62
"Joint Facility Rent
this year, as compared with $561,161 40 last year, a decrease
of $106,139 78.
NON-OPERATING INCOME.
"Non-operating Income" this year amounted to 3,577,826 06, as compared with $4,907,859 31 last year, a decrease
of $1,330,033 25. There was a decrease in "Dividend Income" of $950,015 00, due to the non-receipt of any dividend
from the Madison Coal Corporation, whereas last year
$1,000,000 00 was received from this source; the reduction
was partly offset by an increase of $49,985 00 in the amount
of dividends received from the Central of Georgia Railway
Company during the year. "Income from Funded Securities" decreased $391,859 05, substantially all of which consisted of a decrease in interest from Government securities representing temporary investments of funds derived
from the sale of securities in the preceding year which were
largely disposed of in the same year. There was a decrease
of $109,532 05 in "Income from Unfunded Securities and Accounts," representing decrease in interest on deposits with
bankers and others, and decreases from "Miscellaneous Nonoperating Physical Property" and "Miscellaneous Income"
of $36,055 21. These decreases were partly offset by "Income from Lease of Road," "Miscellaneous Rent Income,"
and rincome from Capital Advances to Affiliated Companies" aggregating $157,428 06.
DEDUCTIONS FROM GROSS INCOME.
"Deductions from Gross Income" amounted to $15,431.34196 this year, as compared with $14,286,225 04 last year,
an increase of $1,145,116 92. There was an increase in
"Interest on Funded Debt" of $730,447 50, due to the inclusion of interest during the entire year on securities issued
last year, and, in addition, interest for portions of the year
on securities issued during the current year, less interest on
Equipment Trusts retired, as compared with a part year's
interest on securities issued during the previous year, a comparison of which may be made by reference to Table 7 of
the [pamphlet] report Ais year, and the corresponding table
for the previous year; an increase of $95,697 76 in "Interest
on Unfunded Debt," substantially all of which was due to
interest on short-term loans and interest allowed on Preferred Stock subscriptions during the year; an increase of
$331,508 76 in "Amortization of Discount on Funded Debt,"
due to the inclusion of this item for the first time in this
year's Income Account, the item heretofore having been
charged directly to "Profit and Loss"; an increase in "Rent
for Leased Roads" of $54,136 74, due to increase rental
payments to the Dubuque & Sioux City Railroad Company
Comand the Chicago St. Louis & New Orleans Railroad
and an increase in "Maintenance of Investment Orpany;
ganization" of $1,062 35. These increases were partly offset
-Loss" of
by a decrease in "Separately Operated Properties
oper$64,240 18, due largely to a reduction in the loss from
minor
ating elevators at New Orleans, and decreases in other
items aggregating $3,496 01.
[VOL. 120.
Bonds, were issued in exchange for .1:14,600 Sterling Bonds,
the equivalent of $70,81000 of Series "B," or Sterling Bonds,
upon payment of the difference of $2,19000 in cash.
There were retired and canceled under the terms of the
respective trust agreements Illinois Central Equipment Trust
Certificates, Series "C," $198,000 00; Series "D," $190,00000;
Series "E," $550,00000; Series "H," $217,00000; Series "I,"
$443,000 00; Chicago St. Louis & New Orleans Railroad
Company Equipment Trust Certificates, Series "A," $570,000 00; Government Equipment Trust No. 33, $647,10000,
and under the equipment contract with The Pullman Company, $147,460 82, a total of $2,962,560 82.
SECURITIES OWNED.
During the year a subscription of $50,00000 was made to
the Agricultural Credit Corporation, on which payments
aggregating 60% of the subscription were made, and for
which there were received Agricultural Securities Corporation Collateral Income Gold Bonds of the par value of
$30,000 00.
The Peoria & Pekin Union Railway Company redeemed
$15,00000 par value of its Five Per Cent Debenture Bonds
maturing November 1 1924.
There were sold in June*1924 $2,000,00000 par value of
United States Treasury Four and Three-Quarters Per Cent
Notes of 1926, Series "A,"
ACQUISITION OF THE GULF & SHIP ISLAND
RAILROAD.
Under an agreement dated November 17 1924, your Company acquired control of the entire outstanding capital stock
of the Gulf & Ship Island Railroad Company, subject to the
approval of the Interstate Commerce Commission. The Gulf
& Ship Island Railroad Company owns the line of railroad
extending from a connection with the system lines at Jackson, Miss., to Laurell, Miss., approximating in all 307 miles
of line. The Gulf & Ship Island Railroad Company contributes a considerable volume of business to the system lines.
and it is anticipated that through control its value as a
feeder will be materially augmented.
LEASE OF THE ALABAMA & VICKSBURG AND VICKSBURG SHREVEPORT & PACIFIC RAILWAYS.
Subject to the approval by the Interstate.Commerce Commission, arrangements have been made to lease for a long
term of years the properties of the Alabama & Vicksburg
Railway Company and the Vicksburg Shreveport & Pacifie
Railway Company. These companies at present own and
operate a continuous line of railway from Meridian, Miss., to
Shreveport, La., with a transfer across the Mississippi River
between Delta, La., and Vicksburg, Miss., and intersect the
Illinois Central System Lines at Vicksburg, Miss., and Jackson, Miss.; the combined mileage of the two roads is 312.93
miles. The lease of these lines will add materially to the
volume of system traffic and should prove beneficial to your
Company.
ADDITIONS AND BETTERMENTS EXPENDITURES.
There was expended during the year for "Additions an.1
Betterments" (including improvements on subsidiary propFINANCIAL.
erties) $28,970,440 99. The following is a classified stateBalance Sheet reflects the financial con- ment of these expenditures:
The General
Total
dition of the Illinois Central System Companies on DeExpended.
Road
$934,324 63
1924, as compared with the previous year.
cember 31
Engineering
CAPITAL STOCK AND FUNDED DEBT.
Illinois
At a meeting of the Board of Directors of the
Railroad Company, held October 7 1924, a resoluCentral
of rection was adopted extending to common stockholders
common
October 22 1924 the privilege of subscribing to
ord
payments
stock at par to the extent of 10% of their holdings,
was $10,to be made on or before December 10 1924. There
value of common stock subscribed and paid
646,70000 par
par value
for. Preferred stock to the amount of $658,000 00
into common stock during the year.
was converted
Series "K,"
Illinois Central Equipment Trust Certificates,
Decemamounting to $12,015,000 00, were issued and sold in
ber 1924.
Company
Under the terms of the Illinois Central Railroad
& New Orleans Railroad Company
and Chicago St. Louis
Joint First Refunding Mortgage, there were issued in March
1924 $6,486,000 00 Five Per Cent Bonds, Series "A," in reimpropbursement for improvements made to the mortgaged
erty. These bonds, together with other bonds of the same
issue heretofore held in the treasury, aggregating in all $11,604.000 00, were sold in March 1924. Under the terms of
the mortgage, $73,000 00 par value of Series "A," or Dollar
1,259,607 01
Land for transportation purposes
4,583,582 10
Grading---------------------------------------2.777,683 28
culverts
Bridges, trestles and
865,719 10
Ties---------------------------------------- 1.041,01636
Rails---------------------------------------------1,183,676 61
Other track material
862,607 24
Ballast-------------------------------------903,280 41
Track laying and surfacing
48,897 73
Right-of-way fences
Cr.422 00
and sand fences and snowsheds
Snow
515,396 78
Crossings and signs
1,782.358 55
Stationsand office buildings
69,052 48
Roadway buildings
436,868 06
Water stations
323,442 82
Fuel stations
492,380 31
Shops and enginehouses
Cr.267,186 89
Grain elevators
Cr.2,262 72
Storage warehouses
144,610 60
Wharves and docks
269,579 20
Telegraph and telephone lines
617.885 75
Signals and interlockers
1,70882
Power plant buildings
12 00
Power substation buildings
32.027 30
Power transmission systems
28,055 97
Power distribution systems
52,150 92
Power line poles and fixtures
Cr.228 14
Underground conduits
Cr.4,144 26
us structures
Miscellaneo
Cr.60,847 90
Paving
5,807 45
Roadway machines
Cr.1,606 69
Roadway small tools
407,988 21
Assessments for public improvements
Cr.16 00
Revenues and operating expenses during construction
Cr.38,674 06
-Road
Other expenditures
231,610 55
Shop machinery
28,806 41
Power plant machinery
$19,524,848 69
Total
•
APRIL 18 1925.]
SF Equipment
Steam locomotives
Other locomotives
Freight train cars
Passenger train cars
Motor equipment of cars
Floating equipment
Work equipment
Miscellaneous equipment
THE CHRONICLE
31,706.811 77
3,948 28
6.134,533 93
1,320,922 55
5.743 96
Cr.6,863 77
23,823 09
5.101 84
89.194.021 65
Total
General
Organization expenses
General officers and clerks
Law
Interest during construction
Cr.S.220 40
26.141 27
Cr.6,773 33
232,423 71
8251,57065
Total
Grand total
828.970,440 99
The above statement includes $702,900 53 advanced, during
the year, for additions and betterments to the properties of
subsidiary companies as follows:
Batesville Southwestern RR. Co
Baton Rouge Hammond & Eastern RR. Co
Benton Southern RR. Co
Blue Island RR. Co
Canton Aberdeen & Nashville RR. Co
Chicago St. Louis & Now Orleans RR. Co
Chicago Memphis & Gulf RR. Co
Dubuque & Sioux City RR. Co
Golconda Northern Ry
Herrin Northern RR. Co
Memphis Railroad Terminal Co
South Chicago RR. Co
Total
84.232 38
21.642 72
255,464 08
34,369 30
46.200 36
Cr.546,120 47
12.465 03
779.597 25
2.678 14
Cr.1,302 80
Cr.3,000 00
96.674 54
$702.900 53
PHYSICAL CHANGES.
The following is a summary of the more important improvements during the year, the cost of which was charged,
wholly or in part, to "Road and Equipment."
ADDITIONS AND BETTERMENTS
-ROAD.
Work on the Chicago terminal improvements was continued. Four main tracks were placed in permanent position
between 70th and 82d streets, which involved constructing
one mile of new main track and rearranging the connection
to the north end of Fordham Yard. Separation of grades
2029
with the Pennsylvania Railroad and the Baltimore & Ohio
Chicago Terminal Railroad at Riverdale, Ill., involving track
elevation from Highlawn, Ill., to Blue Island Junction, Ill.,
just south of Kensington, Ill., was continued. The work of
elevating main tracks through Harvey, Ill., was continued.
The subway at Richton, Ill., was completed; also subways
at Matteson, Ill., in connection with separation of grades
with the Michigan Central Railroad and Elgin Joliet & Eastern Railway. A subway was constructed at Volmer Road,
north of Olympia Fields, Ill. A concrete bridge over the
twenty-foot sewer at 39th Street Pumping Station was constructed and main tracks lined to permanent location. The
concrete and steel viaduct for overhead connection with the
Chicago Junction Railway at 41st Street was completed and
placed in service August 3 1924. The subways between
Kensington, III., and Burnside, Ill., were extended easterly
and fill made for two additional main tracks on the easterly
edge of the right-of-way. Main Tracks Nos. 4, 5 and 6 in
this territory were relined to conform with the plan for electrification. The grading for Markham Yard, located between Harvey, Ill., and Homewood, Ill., was continued. The
yard tracks in the Southbound Receiving Yard were laid and
completed. Work on three concrete subways under Markham Yard at 171st Street was completed. An overhead walkway from suburban platform to depot at Randolph Street
was constructed. A subway under Michigan Boulevard at
Van Buren Street was begun. Rearrangements and improvements were made to suburban stations at 31st Street, 36th
Street, 39th Street, 43d Street and 47th Street. Construction
of concrete foundations for bridge over the Calumet River at
Riverdale, Ill., is in progress. The construction of a new
freight house at Harvey, Ill., was begun. The construction
of interlocking plats at Markham Yard in the Northbound
and Southbound Classification Yards is in progress. An
INCOME STATEMENT FOR THE YEARS ENDED DECEMBER 31 1924 AND 1923.
Average miles operated
Railway Operating Revenues
Rail-Line Transportation:
Freight
Bridge tolls and miscellaneous freight
Passenger
Bridge tolls and miscellaneous passenger
Excess baggage
Parlor and chair car
Mail
Express
Milk
Other passenger-train
Switching
Special service train
Total rail-line transportation revenue
Incidental Operating Revenue
Dining and buffet
Hotel and restaurant
Station, train and boat privileges
Parcel room
Storage-freight
Storage-baggage
Demurrage
Rents of buildings and other property
Miscellaneous
Total incidental operating revenue
Joint Facility Operating Revenue
Joint facility-Cr
Joint facility-Dr
Total joint facility operating revenue
Total railway operating revenues
Railway Operating Expenses
Maintenance of way and structures
Maintenance of equipment
Traffic
T ns ortation-rail line
-------------------------------Miscellaneous operations
General
Transportation for investment-Cr
Total railway operating expenses
Net revenue from railway operations
1924.
6.21806
Per Cent
of Total
Operating
Revenues.
Per Cent
of Total
Operating
Revenues.
1923.
__-_
6,208 66
$126,785,948 15
5.383.383 43
28,698.324 31
422.318 23
200.090 81
66,317 21
2,496.374 91
4,189.524 41
647,202 94
433.909 81
2.029.0C9 47
75.061 53
72.93 8136.270.307 62
6.451,349 65
3.10
30,951.847 99
16.51
418.986 73
0.24
209.165 74
0.11
52.475 73
0.C4
2.478.802 46
1.44
4,146.522 30
.41
675.362 55
0.37
322.645 66
0.25
2,038.783 13
1.17
94.030 54
0.04
72.97
3.45
16.57
0.23
0.11
0.03
1.33
2.22
0.36
0.17
1.09
0.05
$171,427,465 21
98.61
$184,109.280 10
98.58
3703.309 16
285.624 41
262,850 61
45.583 40
145.097 18
19.699 82
505.262 04
69.795 72
340.040 47
0.41
0.16
0.15
0.03
0.08
0.01
0.29
0.04
0.20
$670,208 24
336,277 11
251,764 60
45.700 40
180.883 36
21.754 19
679.483 53
67,739 04
351,534 47
0.36
0.18
0.13
0.02
0.10
0.01
0.36
0.04
0.19
$2,377,262 81
1.37
32.605,344 94
Increase.
940
1.39
0.06
3102.449 30
Dr.69,045 33 Dr.0.04
$33.403 97
$173,838.131 99
839.813.211 37
13.841 48
17.572 45
44.002 11
111,264 15
39.484.359 47
1.067.966 22
2,253,523 68
9,074 93
28.159 61
9.77366
18,96901
312.681.814 89
$33.10092
350.652 70
11,086 01
117 00
35.786 18
2,05437
174.221 49
2.05668
11.49400
$228.082 13
$2,281 26
817.418 78
0.03
815,137 52
100.00 8186,763.166 53 100.00
812.925.034 54
0.02
13.76
823.921,03041
39.359,635 57 22.64
1.61
2,792,407 27
63,404.919 42 36.47
0.69
.397 81
2.49
4.328.427 58
Cr.970,897 44 Cr.0.56
$134,024.920 62
0.06
3119.868 08
Dr.71,326 59 Dr.0.03
$3.331 50
Decrease.
348.541 49
829.012.992,64
15.53
43.737.749 49
23.42
2.691,603 23
1.44
69,934.258 52
37.45
1.137,60926
0.61
2.34
4.367.123 76
Cr.861,060 40 Cr.0.46
77.10 8150.023.276 50
19.67
6.529.339 10
51.788 55
38.696 18
109.837 04
$15,998,35588
80.33
22.90
85.091.96223
4,378.113 92
$97.804 04
$36.739.890 03
$3,073.321 34
Railway tax accruals
lincollectible railway revenues
$12,722,492 69
56,902 49
811.048.431 17
27.39658
31.674.061 52
29.50591
Railway operating income
Additions to Railway Operating Income
Rent from locomotives
Rent from passenger-train cars
Rent from floating equipment
Rent from work equipment
Joint facility rent income
827.033.816 19
825,664.062 28
81.369.75391
$233,429 70
658.888 59
3.50000
114.998 74
2.169,618 A
8206.602 92
820.266 19
3,500 00
95,177 84
2,219.745 90
$26.82678
$3.180,435 29
83,345.292 85
Cr.$295,580 11
31.428 41
635,005 47
4.117 04
22.610 58
1.714.596 64
$1.795.582 78
38,191 85
611.207 06
17.12042
25.228 96
1.658,584 50
Total additions to railway operating income
Deductions from Railway Operating Income
Hire of freight cars-debit balance
locomotives
Rent for
Rent for passenger-train cars
Rent for floating equipment
Rent for work equipment
deductions
Joint facility rent
Total deductions from railway operating income
Net railway operating income-carried forward
82,112,17803
$24,863,439 56
50,127 64
3164.857 56
$23.79841
56,012 14
$4,145.915 57
$28.102,073 45
$161.377 60
19.820 90
32,091.162 89
6.763 44
13.003 38
2.61838
32.033,737 54
$3.238,633 89
[Vol,. 120.
THE CHRONICLE
2030
interlocking plant was constructed at Homewood, Ill. The
construction of a 200,000-gallon steel water tank at South
Water Street, Chicago, was begun. A concrete retaining
wall was completed on the east side of the right-of-way, between 8th Street and Roosevelt Road, a distance of thirteen
hundred feet. The filling of submerged lands along the
shore of Lake Michigan, between 16th and 26th streets, was
continued. Work was started on the overhead catenary system for the suburban electrification, 90% of the foundations
on the South Chicago Branch and 15% of those on the main
line being completed.
Five hundred and twenty-one Company sidings, representing 81.69 miles of track, and 230 industrial sidings were
built or extended.
The construction of the line from Central City, Ky., to
Dawson Springs, Ky., was completed and the line placed in
service December 11 924.
The construction of second main track from Spaulding,
Ill., to Springfield, Ill., and from Clarks, Ky., to the Tennessee River was completed. A second main track between
Wilderman Junction, Ill., and Layfield, Ill., a distance of
39.47 miles, was begun.
The grade reduction work through Paxton, Ill., and the
elevation of tracks through Champaign, Ill., referred to in
the previous report, were completed.
The construction of a sea wall along the river front at
Vicksburg, Miss., was completed.
The construction of new passenger stations at Champaign,
Ill., and Normal, Ill., referred to in the report of the previous year, was completed. New passenger stations were
constructed at Effingham, Ill., Grand Junction, Tenn., and
Carrollton Ave., New Orleans, La., and a new passenger station practically completed at Baton Rouge, La. New freight
facilities were constructed at Paxton, Ill., and Baton Rouge,
La., and work was begun on a new freight house at Indianapolis, Ind., A new passenger and freight station was constructed at Clayton, Miss. Extensive alterations and additions were made to the freight house at Memphis, Tenn., to
accommodate the United States Railway Mail facilities.
Interlocking plants were constructed at Richton, Ill., and
Champaign, Ill.
The construction of coal chutes at Gilman, Ill., Dubuque,
Iowa, Council Bluffs, Iowa, and Central City, Ky., referred
to in the report of the previous year, were completed. Work
was begun on a 600-ton coal chute at Dawson Springs, Ky.
The work of installing 150-ton track scales at Champaign,
Ill., Mounds, Ill., Jackson, Tenn., and Harahan "B" Yard,
New Orleans, La., referred to in the report of the previous
year, was completed. A similar scale was installed at Stuyvesant Docks, New Orleans, La.
Two creosoted water tanks of 100,000-gallon capacity were
erected at Makanda, Ill., ind one each at Pond River, Ky.,
Jackson, Tenn., Haleyville, Ala., and Clayton, Miss. Steel
water tanks of similar capacity were installed at Dawson
Springs, Ky., Madisonville, Ky., and Central City, Ky. A
50,000-gallon creosoted wooden tank was erected at East St.
Louis, Ill., and a 40,000-gallon wooden tank at Greenup,'Ill.
The installation of an automatic train control system between Champaign, Ill., and Branch Junction, Ill., a distance
of 122.3 miles, was begun. The line between Champaign, Ill.,
and Tuscola, Ill., a distance of 21.7 miles, was completed and
ten locomotives equipped for test purposes.
Automatic block signals were installed at North Yard,
Memphis, Tenn., .6 track mile. The installation of automatic block signals between Boyd, Iowa, and Fort Dodge,
Iowa, a distance of 85.2 miles, is in progress.
Two thousand seven hundred ninety-three lineal feet of
permanent bridges and trestles were constructed, replacing
pile and timber bridges and trestles; 1,530 lineal feet of permanent bridges and trestles and 11,467 lineal feet of pile
and timber bridges and trestles were rebuilt. Twenty-seven
miles of track were ballasted and brought up to standard.
ADDITIONS AND BETTERMENTS
-EQUIPMENT.
Eighteen Mikado type freight locomotives were added.
Five 8
-wheel type passenger locomotives, one Mogul type
freight locomotive and two 6
-wheel type switching locomotives were retired and one transferred to shop service.
Twenty-seven locomotives of various classes were superheated.
Forty-five passenger-train cars were purchased and seven
passenger-train cars were retired.
Five thousand nine hundred ninety-nine freight-train cars
were added and eight thousand seven hundred fifty-two
freight-train cars were retired or transferred to other
classes.
GENERAL REMARKS.
A general depression in business was in evidence most of
the year throughout the territory served by yam lines, as a
consequence of which there was a substantial decrease in
-INCOME STATEMENT FOR THE YEARS ENDED DECEMBER 31 1924 AND 1923.
Concluded
Non-Operating IncomeIncome from lease of road
Miscellaneous rent income
Miscellaneous non-operating physical property
Dividend income (table 5, pamphlet report)
Income from funded securities (table 5, pamphlet report)
Income from capital advances to affiliated companies (table 6.
pamphlet report)
Income from unfunded securities and accounts
Miscellaneous income
1924
$60,891 44
632,75749
129.781 72
1,214,72200
679,661 36
1923
$58.015 22
528,019 54
143.664 73
2.164,737 00
1,071,520 41
Increase.
$2,87622
104,737 95
349,74594
461.45599
48,810 12
299,932 05
570,988 04
70.982 32
49,813 89
Gross income
Deductions from Gross Income
Rent for leased roads (table 8, pamphlet report)
Miscellaneous rent deductions
Miscellaneous tax accruals
Separately operated properties-loss
Interest on funded debt (table 7, pamphlet report)
Interest on unfunded debt
Amortization of discount on funded debt
Maintenance of investment organization
Miscellaneous income charges
$4.907.859 31
*29.771.29887
$1,758,574 77
8,610 25
1,903 14
149,546 26
12,922,536 37
223,201 78
331,508 76
1,36315
34,097 48
$1.704.438 03
9,345 15
2,338 19
213,786 44
12.192.088 87
127,504 02
$54,136 74
$15,431.341 96
Net income
300 80
36,423 54
$36.390 10
730.447 50
95.697 76
331,508 76
1.06235
-
____
U4.286,225 04
$734 90
435 05
64.240 18
2,32606
$1.145,11692
$15,485,073 83
$16,248,557 55
Total appropriations of income
Income balance transferred to credit of Profit and Loss
109,532 05
22,172 20
$1.908,600 64
Total deductions from gross income
Disposition of Net Income
Income appropriated for investment In physical property
$13,883 01
950,015 00
391.859 05
$1,330,033 25
$3,577.826 06
$31.679,89951
Total non-operating income
Decrease.
$763.483 72
$62.497 31
$62.497 31
$98,887 41
$36,390 10
$98,88741
$16,212.167 45
$15,386,186 42
$825.981 03
PROFIT AND LOSS.
Dividend appropriations of surplus:
Preferred:
Payable Sept. 2 1924 (3%)
Mar. 2 1925 (370)
Common:
Payable June 2 1924 1fl %)
"
Sept. 2 1924 1
)
"
Dec. 1 1924 1I')
"
Mar. 2 1925 14%)
$648,960 00
627,780 00
$1,276,740 00
$59.425.393 67
16,212.167 45
29,240 11
88,59586
$1.916,920 25
1.917,030 50
1,926,524 25
2,115.811 25
7,876,286 25
29.240 11
Surplus appropriated for investment in physicalproperty711.345 77
equip.retired
Unaccrued depreciation prior to July 1 1907 on
Difference between cost of property retired and not replaced
456.519 35
and net value of salvage recovered
154,118 56
Miscellaneous debits
65,251,147 05
Balance, December 31 1924
$75.755,397 09
Balance, December 31 1923
Balance transferred from income
Donations
Miscellaneous credits
$75.755„397 09
2031
THE CHRONICLE
APRIL 18 1925.]
revenues. However, as a result of the conservative policy
of past years in.maintaining the property of your Company
at the highest standard, it was possible to effect reductions
in operating expenses that more than offset the decline in
revenues. The balance available for dividends at the close
of the year was somewhat in excess of the corresponding figure for the previous year.
The policy of adding to and improving the roadway and
equipment of your Company was continued during the year.
and there was expended and charged to capital account $28,970,440 99. In order to provide funds for these improve-
ments it was necessary to sell additional securities, which
was accomplished on satisfactory terms.
The number of stockholders of record at the close of the
year was 21,804, of whom 15,643 were holders of common
shares and 6,161 were holders of preferred shares. There
were 19,470 stockholders at the close of last year.
The Board of Directors takes pleasure in expressing its
appreciation to the officers and employees for their loyal
and efficient services.
By order of the Board of Directors.
C. H. MARKHAM,President.
CONDENSED GENERAL BALANCE SHEET—DEC.31 1924 AND COMPARISON WITH DEC.31 1923.
ASSET SIDE.
Investments—
Road and equipment to June 30 1907
Road and equipment since June 30 1907
Total road and equipment
Miscellaneous physical property
December 31
December 31
Increase.
1923.
1924.
34
$169,510,131 34 $169,510,131 04
$28.267.540 46
219.484.172 50 191,216.632
3388.994.303 84 3360.726.763 38 $28,267,540 46
336.460 15
$1,930,118 67 $1,893,65852
Investments in affiliated companies:
Stocks
Bonds
Notes
Advances (table 6, pamphlet report)
337,657,477 08 337.657,477 08
76
18,724.674 76 18.739,674 00
1.000,000
1.000,000 00
122,950,665 70 122.038,107 64
3180.332.817 54 3179,435,259 48
Other investments:
Stocks,
Bonds
Notes. advances, etc
$200
351,050 00
$51,052 00
28,907 70
4,974,356 29
5,003,263 99
2,134.112 99
132,562 39
$5.186.87838 $7.159,51928
$576,444,118 43 3549.215,200 66 327,228.917 77
Total investments
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
Total current assets
78
$17,886.348 40 37.935.264 91
7,924.729
15,089,880 48
157.666 69
130.307 05
2.551.956 59
2.179.145 75
3,763,950 43
4,114,332 81
6,283,962
6,706.251 17 22.342,599 31
72
13,085,509 52
1.202.083 37
154,641 92
$59.346.417 10 $52,162,213 80
Deferred Assets—
343.307 69
128.091 87
$171,399 56
Working fund advances
Other deferred assets
Total deferred assets
Unadjusted Debits—
Total unadjusted debits
Grand Total
Stock—
Common stock
Less: Held in treasury
315.000 00
3912.55806
3897,55806
39.951.083 62
7,165.150 57
350,382 38
422.288 86
LIABILITY SIDE.
Total common stock outstanding
Preferred stock, Series "A"
Subscriptions to !preferred capital stock, Series "A"
Premium on preferred capital stock, Series "A"
Total stock outstanding
Dec. 31 1924.
$120,827,000 00
208 33
$120.826.791 67
20,997,480 00
21,90824
3141,846,179 91
Governmental Grants—
$42.798 08
Grants in aid of construction
Long-Term Debt—
Funded debt
Less: Owned within the System (Table 7, pamphlet report)
Total long-term debt outstanding (Table 7, pamphlet report)
Current Liabilities—
$46.44432
142.652 23
3189.096 55
Total current liabilities
Total unadjusted credits
Corporate Surplus—
Additions to property through income and surplus
Profit and loss (Table 3, pamphlet report)
Total corporate surplus
of
sheet excludes all intercompany items,
As this consolidated balance Valley Railroad Company owned bysecurities
the Illinois
The Yazoo & Mississippi
are not included. The
Central Railroad Company and its subsidiariesas carried on the
books of
difference between the par value of such securities
The Yazoo & Mississippi Valley Railroad Company and the amount at which
securities are carried on the books of the Illinois Central Railroad Company
the
is entered here to balance
$161,915 60
7,191 78
505,885 00
249,858 78
16,420 76
35.188.000 00
33,000,000 00
60.386 83
5.165,627 45
5,607 60
7,18500
37,297,534 96
355.26059
355.26059
$1,746,130 60
96,391 89
6,822.064 56
310,070,588 41 310.004,958 20
65.251,147 05 59.425,393 67
375.321,73546 369,430,351 87
Unadjusted Credits—
Tax liability
Insurance reserve
Accrued depreciation—Equipment
Other unadjusted credits
3178.375 84
$10021
$7,655,572 89 35.909,44229
3,243,551 86
3,339.943 75
46,772.366 63 39.950,302 07
8.062,11446 12,668,199 82
365,829.997 73 361,771,496 04
Total deferred liabilities
Grand total
342.69787
3152.852 88
$152.852 88
$65.630 21
5,825.753 38
$5,891,383 59
3208,113 47
3208.11347
Other deferred liabilities
9.257,090 20
1.047,441 45
Increase.
Dfcrease.
Dec. 31 1923.
3109.522,300 00 311.304,700 00
208 33
3109,522,091 67 311.304.700 00
10,702.200 00 10.295,280 00
10,665.400 00
$10.665,400 00
408 24
21.50000
3130.911.191 67 310.934,988'A
33.000,000 00
4.243,107 34
$4,182,720 51
20,759.240 50 25,924,867 95
949.525 70
787,610 10
1,941,890 50
1,934,698 72
47,898 10
53,505 70
99,031 16
106,216 16
2,743,591 25
2,237.706 25
2,084,438 32
1.834,579 54
39,000 62
39,000 62
266,388 87
249,968 11
$33,113.725 53 $40,411,260 49
Deferred Liabilities—
$27,359 64
372.81084
33.136 63
14.560 36
$17,696 99
$386,806,269 28 8370,335,640 10 $16,470,629 18
72,152,000 00 77,340.000 00
$314,654,269 28 $292,995,640 10 $21,658,629 18
Loans and bills payable
Traffic and car-service balances parable
Audited accounts and wages tayab e
Miscellaneous accounts'aye le
Interest matured unpai
Dividends matured unpaid
Funded debt matured unpaid
Unmatured dividends declared
Unmatured interest accrued
Unmatured rents accrued
Other current liabilities
$2,001,550 60
31.972,640 90
37.184.203 30
45
$4,400,862 75 33.316.582 95 31.084.280 30
4,185,804
4.007,429 11
3905.904 46
$8,408,291 86 37.502.387 40
3644.370.226 95 3609.068,898 41 335,301.328 54
Discount on funded debt
Other unadjusted debits
Decrease.
34.058.501 69
$13,353,407 49 313.353,407 49
3644,370,22695 3609.068.898 41 335.301,328 54
34.606,085 36
2032
THE CHRONICLE
[VOL. 120.
THE ATCHISON, TOPEKA & SANTA FE RAILWAY COMPANY
THIRTIETH ANNUAL REPORT
-FOR THE FISCAL YEAR ENDING DECEMBER 31 1924.
March 4 1925.
To the Stockholdere:
Your Directors submit the following report for the fiscal
year January 1 1924 to December 31 1924, 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:
Atchison Topeka & Santa Fe Railway
Gulf Colorado & Santa Fe Railway
Panhandle & Santa Fe Railway
*Grand Canyon Railway
Dec. 311924. Dec. 31 1023.
9.142.88 miles 8,931.17 miles
1,908.89 "
1,908.84 "
853.18 "
853.18 "
64.09 "
11,904.90 " 11.757.33 "
•Operated by Atchison Topeka & Santa Fe Railway under lease effective January 1 1924.
Increase during the year, 147.57 miles.
The average mileage operated during the fiscal year ending December 31 1924 was 11,830.81, being an increase of
48.66 miles over the average mileage operated during the
preceding fiscal year.
The Company is also interested jointly, through ownership of stocks and bonds, in other lines aggregating 567.85
miles, namely Northwestern Pacific Railroad 517.79 miles
and Sunset Railway 50.06 miles.
INCOME AND PROFIT AND LOSS STATEMENT.
The following is a summary of the transactions of the
System for the years ending December 31 1923 and 1924:
Operating Revenues
Operating Expenses
1923.
1924.
2238.683.735 50 2235.410,951 54
173.076.268 03 170,314.807 65
CAPITAL EXPENDITURES AND REDUCTION or
BOOK VALUES.
The total charges to Capital Account, as shown by the
General Balance Sheet, page 24 [pamphlet report], at December 31 1924, aggregated $963,123,557 45, compared with
$937,015,525 59 at December 31 1923, an increase during the
year of $26,408,031 86, which analyzes as follows:
Construction and acquisition of new mileage. Including the acquisition of
bonds and stocks of other railway companies:
Atchison Topeka & Santa Fe Ry
$474.164 80
California Southern RR
Eldorado & Santa Fe Ry
367:497 28
Oklahoma Central RR
3,237 25
Osage County & Santa Fe Ry
14.845 20
Rocky Mountain & Santa Fe Ry
267.213 45
Salina & Santa Fe Ry
888,844 06
Santa Fe & Los Angeles Harbor Ry
493,547 08
Tulsa & Santa Fe Ry
568 05
$2.507.840 74
Additions and Betterments:
Fixed Property
$21,276,971 55
Equipment
Railroad Companies
2,578,894 88
Santa Fe Land Improvement Co
23,698,413 81
Betterments to Equipment
Railroad Companies
538.086 65
Santa Fe Land Improvement Co
607.940 99
$43.442,718 32
Investments in Terminal and Collateral Companies:
Beaumont Wharf & Terminal Co
21.064 08
Denver Union Terminal Ry. Co
7.444 89
Houston Belt & Terminal Ry. Co
47,925 41
Kansas City Terminal Ry. Co
265,975 44
Northwestern Pacific RR. Co
4 750 00
Pueblo Union Depot & RR. Co
4.709 22
Santa Fe Land Improvement Co
814,229 32
Sunset Ry. Co
4,000 00
Toluca Mining Co
45,000 00
Union Passenger Depot Co. of Galveston
2,597 41
870,213 78
Miscellaneous Physical Property
464.576 46
Other Investments, including Sinking Fund
3,462.062 68
Miscellaneous items
9,733 86
Less: Net decrease in investment in obligations of the
States
United248997.250 61
Net Operating Revenue
Railway Tax Accruals
Uncollectible Railway Revenues
IWilpment and Joint Facility Rents
265.607.467 47 $65.098.143 89
20,316.490 82 17.730.961 09
112,187 29 66.084 85
1,183,482 43
15,819 03
Net increase in Capital Account during the year
Net Railway Operating Income
Other Income
246.362,271 79 *47,283,27892
7.504.269 25
6,653.870 47
The net charge of $21,019,719 13 for "Equipment" analyzes
as follows:
Gross Income
253.866.541 04 253,937.149 39
Miscellaneous Tax Accruals
54.479 76
53.895 92
400,516 82
Rent for Leased Roads and Other Charges483.451 46
253.411.544 46 253,399,802 01
Interest on Bonds. Including accrued in11.323.743 12
terest on Adjustment Bonds
11.247.995 50
Net Corporate Income (representing
amount available for dividends and sur242,087.801 34 $42,151,806 51
plus)
From the net corporate income for the year the following
sums have been deducted:
Dividends on Preferred Stock
No. 52 (234 %), paid Aug. 1
*3,104.32000
1924
Na. 53 (234%). paid Feb. 2
3.104.32000
1925
$6,208,640 00
Common Stock
Dividends on
No. 76 (155%). Paid Julie
50
223.486,142
1924
No. 77(134%), paid Sept. 2
3,488,142 50
1924
No. 78 (134%). Paid Dec. 1
3,486,142 50
1924
No. 79 (13(%). paid Mar. 2
4,067.166 25
1925
14.525,593 75
California-Arizona Lines Bonds Sinking
18,437 12
Fund
S. F. & S. J. V. Ry. Co. Bonds Sinking
26.776 18
Fund
60
1
5,514
108
576
Locomotives
Locomotive Tender
Freight-Train Cars
Passenger-Train Cars
Miscellaneous Work Cars
Floating Equipment (Additional Charges)
11 Miscellaneous Equipment
24.284.046 17
10.510 15
15.495.905 97
1.891.432 99
1.937.205 78
514 20
10.871 49
Less-Ledger Value of Equipment retired during the year$23.630.486 76
as follo 5:
55 Locomotives
$712,068 54
1,378 Freight-Train Cars
1,213.213 99
93 Passenger-Train Cars
520.558 71
203 Miscellaneous Work Cars
110.280 46
1 River Steamer
50.215 59
8 Miscellaneous Equipment
4,430 33
2,610.767 62
321.019,719 13
263
5
58
6
1
Freight-train cars converted to miscellaneous work cars.
Passenger-train cars converted to freight-train cars.
Passenger-train cars converted to miscellaneous work cars.
Miscellaneous work cars converted to freight-train cars.
Car converted from one class of miscellaneous work cars 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:
20.779,447 05
Avvie Operated
Total
Expenditure
166,046.972 58
Surplus to Credit of Profit and Loss December 31 1924.-- 2187.419.332 04
"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.
Credits in black face.
The additions and retirements reported above include the
following conversions:
521.372,359 48
Surplus carried to Profit and Loss
Surplus to credit of Profit and Loss Decem1165.149,178 69
1923
ber 31
Transfer from appropriated surplus representing reversal of appropriations prior
to July 1 1907 for additions and betterments, Mojave Division. heretofore carried in "Additions to property through
583.041 82
Income and Surplus"
482.152 18
Sundry Adjustments
2168.214,372 67
Surplus appropriated for investment in
physical property
167,400 09
22.589.218 75
526.408,031 88
Year Ending December 311896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
Mileage.
6,445.40
6,693.71
6.957.80
7,172.91
7,615.95
7,829.98
7.905.30
8,026.24
8,291.92
8,366.96
8,840.76
9.357.51
9,610.90
9,840.86
10.129.49
10,465.52
10.721.84
10 825.72
11.012.24
11,191.26
11.259.31
11,284.23
11.458 74
11.499.65
11.583.68
11.677.82
11.700.88
11,782.15
11,830.81
Expenditure.
83.157.969 70
4,054,605 53
5.111.690 70
4,783.412 14
7:821:11 1181
1
7,895,782 33
9,315.804 67
10.394,879 88
11,207.720 22
11,051.902 88
14.508,774 49
13.436.214 99
13.886.990 33
16.134.027 87
16.768,912 17
18.119,95658
19,563,998 86
19.214,982 41
19.5.12,98081
22.657.796 76
27.153,32266
40.438.572 26
46,020.979 47
58.375.927 02
52.472.940 62
51,069.933 12
57.605,36695
52,780.855 60
per Mile.
$489 96
605 73
73487
666 87
730 64
935 66
998 80
1.160 67
1.253 62
1.339 52
1.250 11
1,550 50
1,398 02
1.411 16
1,592 78
1.602 30
1.69000
1,807 18
1.744 88
1.746 27
2,012 36
2,40631
3.529 06
4,00195
5.039 50
4.49338
4,36482
4,88921
4,46131.
APRIL 18 1925.]
THE CHRONICLE
2033
For the year ending December 31 1924, maintenance accomplished. The Bureau of Accounts of the Interstate
charges, including renewals and depreciation, averaged as Commerce Commission has completed its audit of our accounts and the conclusion of the matter is now in the hands
follows:
of the Bureau of Finance.
Per locomotive
Per locomotive mile
Per freight car
Per freight car mile
Per passenger car, including mail and express
Per passenger car mile
$10,605.24
.3768
300.98
.0232
2,173.84
.0191
TAXES.
Federal, State and Local tax accruals for the year 1924
aggregate $17,730,961 09, a decrease under the year 1923 of
The foregoing average maintenance charges include a pro- $2,585,529 73. A comparison of these accruals for the two
years is presented in the following table:
portion of unlocated expenditures for Maintenance of EquipIncrease (+) or
charged to Superintendence, Shop Machinery, Injuries Federal Taxes:
ment
1924.
1923.
Decrease (—)•
Income and War
S5.365.110 84 $9,112.560 99 —S3.747.450 15
to Persons, Insurance, Stationery and Printing, Other ExCapital Stock
445.800 49
403.595 50
+42.204 99
Stamp and License
1.552 76
4,824 13
—3.271 37
penses, and Maintaining Joint Equipment at Terminals.
Total Federal
$5.812.464 09 $9,520,980 82 —$33,708,516 53
COMPARISON OF OPERATING RESULTS.'
State and Local
11,918.497 00 10,795.510 20 +1.122.98680
The following is a statement of revenues and expenses of
Grand Total
517.730.961 09 520.316.490 82 —52.585.529 73
the System for the year ending December 31 1924, in comGENERAL.
parison with the previous year:
During the first six months of 1924 traffic was decidedly
Year Ending
Year Ending Increase or
Dec. 31 1924. Dec. 31 1923. Decrease. light and net earnings of the Company were small, being
Revenues
168,101.035 56 166,332,196 07 1,768,839 49 less than interest and dividends. Notwithstanding this, it
Freight
48.154,635 79 52,918,569 71 4,763,933 92 was deemed wise to carry out the program of additions and
Passenger
Mail. Express & Miscellaneous 19.155,280 19 19.432,969 72 277,689 63 betterments and of maintenance which had been
adopted at
Total Operating Revenues-235,410,951 54 238,683,735 50 3,272,783 96 the beginning of the year, because the work was well organized, conditions were favorable, and the very lightness of
8;
Operating Expenses—
Structraffic meant a minimum of interference between its moveMaintenance of Way
36.713.084 00 33.621,54580 3.091,53820 ment and the prosecution of such work. As a
tures
result, the railMaintenance of Equipment... 52,780,855 60 57.605.366 95 4,824,511 36
4,460.559 96 4.216.341 52 244.218 44 road was in condition to handle the heavy traffic of the fall
Traffic
Transportation—Rail Line.— 72,599.042 71 73,590.673 87 991,631 16 months economically and at the same time
most satisfac136.350 56
77.472 43
Miscellaneous Operations
58.878 13
General
5,212,236 39 5,036,334 77 175,901 62 torily to its patrons, and net revenue from railway operaTransportation for Investment
the last six months would have more than offset
1,587,321 57 1,071,467 31 515,854 26 tions of
—43r
earlier losses if passenger traffic had not been substantially
Total Operating Expenses_170,314.807 65 173.076,268 03 2,761,460 38 lighter than the preceding year. In common with other rail65.096.143 89 65.607.467 47 611,323 58 roads, it is found that automobiles and bus lines are taking
Net Operating Revenue
Railway Tax Accruals
17.730.961 09 20,316.490 82 2,585,529 73 quite a large amount of the Company's passenger traffic.
Uncoliectible Ry. Revenues
46,102 44
66.084 85
112,187 29
Considerable territory adjacent to your Company's lines
Railway Operating Income_ 47,299.097 95 45,178.78936 2,120.308 59 In the western part of Texas has been held heretofore in
Equipment Rents—Net—Cr _.
38
551.912 27 1,760.90865 1,208,996
567,731 30
577,42622
9,694 92 large bodies for cattle ranch purposes. This has done much
Joint Facility Rents—Net—Dr
to prevent settlement and development, but a marked change
Net Ry. Operating Income. 47.283,278 92 46,362,271 79 921.007 13
has taken place lately and these large ranches are now being
rapidly broken up and sold, mostly in 160-acre tracts. Many
CAPITAL STOCK AND FUNDED DEBT.
small towns are building up, and railroad earnings from this
The outstanding Capital Stock on December 31 1923 con- territory are showing increases. This development is especially marked along the main line from Texico to Lubbock
sisted of:
and along the main line and branches from Canyon City
Common
$232,418,500 00
south to Slaton, including the Lamesa Branch. This region
Preferred
124.173.700 00
$356,592,200 00 had excellent grain and cotton crops in 1924 and thus far has
Capital Stock returned by depository under the Reorganibeen free from the boll weevil, with a reasonable prospect
zation Plan of March 14 1895, undelivered because
unclaimed or forfeited for failure to comply with terms
that it will continue so because of the high altitudes, sharp
of the reorganization plan:
cold spells in winter, and dry climate. Cotton does well
Common
$9,000 00
Preferred
900 00
here and is the chief single factor in all this activity. Lying
9,90000 directly west of Lubbock is a territory comprising about one
million Acres, nearly all good agricultural land. To open
Capital Stock outstanding December 31 1924:
Conunon
5232,409.500 00
this for settlement it is proposed to build during 1925 a line
Preferred
124.172,800 00
$356,582,300 00 65 miles long to a point near the western border of the State
and with the great number of settlers now going into this
The number of holders of the Company's capital stock at region this line should prove a good feeder to the Atchison
the close of the last five years and the changes in number System.
It has been the policy of the Company each year to put
from year to year were as follows:
into its main lines a substantial amount of new heavy rail
until it now has 6,934 miles of 90-pound rail and 2.296 miles
Common.
Preferred.
of 85-pound rail, a total of 9,230 miles of heavy rail, or 72%
Increase
Increase
of all its main and branch lines. Begining January 1 1925,
Number. for Year. Number. for Year.
the Company has adopted 110-pound rail as its standard for
5.188
36,469
21.367
1.724
1920
the transcontinental line and will insert 447.5 miles of this
22.065
3.145
39.614
698
1921
weight during the year, as well as 159.5 miles of new 9041,845
2.231
22,798
733
1922
1.663
43,508,
23.610
812
1923
pound rail on other main lines.
1,700
41,808
23.691
81
1924
During the year 1924 the Company paid out in pensions
Decrease in black face.
to its retired employees $313,069 77, there being 819 pensioners on the roll at December 31 1924, compared with $271,The outstanding Funded Debt of the System amounted, on
December 311923. to
5275.958.983 70 82475 paid in 1923 and 731 pensioners December 31 1923.
The following changes in the Funded Debt occurred during
the year:
The pensioners have an average service of 29 years with the
Obligations Retired:
Company. During this same year death benefits were paid
8. F. & S. J. V. By. Co. First Mortgage
Bonds
5%
S27,000 00
in 270 cases, amounting to $294,595 76, compared with 295
Obligations Issued:
cases amounting to $338,869 58 in 1923. The average length
California-Arizona Lines First and Refunding Mortgage 4;i% Bonds
1,17480
of service of all cases in which death benefits were paid in
1924 was 15 years.
Decrease of Funded Debt
25.825 20
Beginning with the first quarter of 1925, the common
Total System Funded Debt outstanding Dec. 31 1924—S275.933.158 50 stock dividend was raised from 6% to 7% per annum. During the war and subsequently, such great changes were made
TREASURY.
in wages, material costs, taxes and rates that it was imposNeither this Company nor any of its auxiliaries has any sible to determine satisfactorily what the Company could
earn. Furthermore, threats of harmful legislation added
notes or bills outstanding.
uncertainty. While there are still many serious
Company held in its treasury on December 31 1924 to the before the railroads, conditions seem more prcbThe
lems
settled
$35,623,425 71 cash. In addition, the Company owns $12,- than for some time and roadway and equipment have been
of United States Government securities, which brought back into first-class condition. Moreover, the aver36240000
are carried at cost of $12,425,376 81 in the general balance age.rate of interest on the outstanding indebtedness of the
sheet.
Company is but 4.08% per annum, with no large sum maturing before 1958. Therefore, although the earnings of the
ADDITIONAL MAIN TRACK MILEAGE.
Company were but 5.43% on its investment, falling
The mileage of second track in operation at December 31 a fair return, it seemed that the dividend could be short of
increased
1,596.15 miles. All the second track referred to as
1924 was
safely to 7%.
authorized in the last annual report has been completed and
Your Directors again take pleasure in recording their
placed in operation.
appreciation of the faithful and efficient service rendered
by officers and employees.
GUARANTY UNDER TRANSPORTATION ACT, 1920.
W. B. STOREY, President.
Final settlement of the claim under the provisions of Sec[For Comparative Balance Sheet, Income Account, &c. see "Anof the Transportation Act, 1920, has not yet been nual Reports" in "Investment News" Columns.'
tion 209
2034
THE CHRONICLE
[VoL. 120.
STANDARD GAS AND ELECTRIC COMPANY
REPORT FOR THE YEAR ENDED DECEMBER 31 1924.
April 9 1925.
To the Stockholders:
The report of your Company for the twelve months ended
December 31 1924 is herewith submitted. The year was the
best in the history of the Company, and the prospects for
the future are excellent.
Gross revenue showed a gain of 17.35%, and the balance
after expenses, taxes and interest, an increase of 27.99%
over 1923. The balance available for common stock dividends was equivalent to $661 a share on the 302,693 shans
outstanding December 31 1924, there having been an ;nci ease
of 90,693 shares during the year, due to the conversion of
debenture bonds.
After the payment of dividends at the rate of 7% per
annum on the cumulative prior preference stock, 8% per
annum on the cumulative preferred stock,6% per annum on
the non-cumulative stock, and $300 a share on the common
stock, there was left a balance for the year of $1,206,638 86.
Comparative earnings of Standard Gas and Electric Company for the years 1924 and 1923 were as follows:
Gross Revenue
Net Revenue
Interest Charges
Balance
Preferred Dividends
Balance
Common Dividends
Balance
1924.
$6,098,532 39
5,981,260 59
2,217,290 08
3,763,970 51
1,761,298 46
2,002,672 05
796.033 19
1,206.638 86
1923.
$5,196.190 41
5,103,425 57
2,162,596 00
2.940.829 57
1,297,711 00
1,643,118 57
397,500 63
1,245.617 94
The Company includes in its earnings only amounts actually received or in the process of collection. No so-called
applicable earnings—that is amounts retained for surplus
and reserves by the companies in which the Company owns
Investments—are,included in the above earnings statement.
CHANGES IN FINANCIAL STRUCTURE.
The changes in the financial structure of your Company
authorized by the stockholders March 19 1924 and described
In the last annual report, have been carried out with resultant marked benefit to the Company. An additio il
$5,000,000 par value 7% cumulative prior preference stock
was sold later in the year. The general effect of these
changes has been to entirely extinguish the Company's secured funded debt and to greatly reduce the proportion Jf
funded debt to the total capitalization.
Due to the increased market value of your Company's common stock, a total of $7,214,200 of the Company's bonds and
debentures were converted into common stock, and thus
retired during the period from January 1 1924 to and including March 23 1925. The conversions into common stock during 1924 retired $3,152,200 of the convertible 61
h% gold debentures, due 1933 and 1954, and increased the number of
shares of common stock outstanding by 90,693 shares. During 1925, up to and including March 23, there have been converted into common stock an additional $4,062,000 of the
convertible 6%% gold debentures, due 1933 and 1954, these
conversions resulting in an increase of 108,224 shares of
common stock outstanding, the total number of shares of
common stock outstanding March 23 1925 being 410,917
shares.
During the year your Company listed its 8% cumulative
preferred stock and common stock on the New York Stock
Exchange. Both of these stocks are now actively traded on
the New York and Chicago Stock Exchanges.
Your Company has substantially increased its holdings
In Northern States Power Company, and now owns the controlling interest in that Company.
OPERATED COMPANIES.
The operated utility companies, as a whole, enjoyed a
fairly good growth in business and 'earnings; some made
gains much better than usual, but the combined results reflected the agricultural and industrial conditions prevailing
in a large part of the territory served during the greater
part of the year. Good crop yields and higher prices for the
1924 season have improved the general situation, and the
industrial stabilization which usually follows continuance
of agricultural prosperity should make the future most satisfactory.
Combined gross earnings of the operated utility companies
Increased 9.07% and net earnings increased 13.66% (the
Mobile Electric Company omitted) over the preceding year.
These earnings compare for the years 1924 and 1923:
1924.
Gross Earnings
$50.542.824 50
Net Earnings
21,451,391 01
Aggregate Gross Balance of Earnings
'Ftetained in Surplus or Allocated to
Retirement Reserves for the Periods
Operated
3,745,682 97
1923.
$46,339,748 56
18,872.890 41
3,379.344 29
There were 74.5% of the gross earnings and 85.6% of the
net earnings derived from the sale of electricity.
The total number of customers supplied with various kinds
of service increased from 691,041 to 740,964, and the total
electric load connected from 1,101,998 kilowatts to 1,241,787
kilowatts. Total output of electric energy for the year was
1,469,377,905 kilowatt hours; total gas output was 19,194,590,000 cubic feet.
Joined with the apparently excellent-prospects for the ip
creased sale of the services supplied by operated companies
is the fact that these companies are equipped with large
modern plants, containing, in many cases, surplus capacity
which can supply much additional business without a proportionate increase of investment. To a considerable extent
this is true also of transmission equipment. The operated
companies are in splendid position to meet increased demands, lead in the development of the territories served and
produce increased returns on the large capital investments
of the past two years.
During 1923 and 1924 the valume of construction involving new plants, additions, improvements, transmission and
distributing equipment was unprecedented. The total
amount expended for these purposes was $31,388,261 8 in
3
1923 and $30,939,715 04 in 1924. These figures may be compared with a construction budget of $22,948,000 for 1925,
which will be devoted largely to transmission and distributing equipment needed to reach and serve additional customers.
The outstanding feature of the construction program of
1924 was the large volume of new electric generating capacity completed and put into service. This reached a total of
179,925 horsepower, of which 31,225 horsepower was hydroelectric and 148,700 was steam generating capacity. The
largest single project was the High Bridge station of the
Northern States Power Company at St. Paul, with an initial
capacity of 80,000 horsepower. This plant, used as a base
load station, developed remarkable efficiencies in the use of
coal. Other large and efficient stations completed were the
30,000 horsepower Riverbank and 20,000 horsepower Horseshoe Lake turbo-electric plants of the Oklahoma Gas and
Electric Company. A new steam power plant with an initial
capacity of 6,700 horsepower was built by the Mountain
States Power Company near Marshfield, Oregon.
The most important water power development finisheu
was the first unit of the El Dorado project of the Western
States Gas and Electric Company. This 27,000 horsepower
plant went into service late in January, and despite a severe
drought prevailing throughout the State of California until
the fall of 1924, produced excellent results during eleven
months' operation.
A new 4,000,000 cubic foot daily capacity gas plant was
constructed at Tacoma. Washington, and 5,000,000 cubic
feet additional daily gas manufacturing capacity added to
the gas plant at San Diego, California.
Since the close of the year your Company has disposed of
Its holdings in the Mobile Electric Company at a satisfactory
price.
The Byllesby Engineering and Management Corporation
performed a large amount of service, and its earnings were
correspondingly good. This organization, which is owned
by Standard Gas and Electric Company, is composed of specialists in the engineering, operating and commercial development of utility companies, and is recognized as one of
the foremost organizations of its kind.
The standards of property maintenance and operating
efficiency insisted upon by the Engineering and Management Corporation are most exacting, in order that the services rendered the public may be of the highest grade.
The general situation affecting the oil industry improved
materially during 1924, and the results accomplished by
Shaffer Oil and Refining Company were much better than
In 1923. During 1924 the Shaffer Oil and Refining Company had net operating earnings of $2,324,685 64, which was
an increase of more than 97% over the net operating earnings of the preceding year. The Company has continued its
production program with good results, and has effected many
operating economies. With stable conditions in the oil industry generally the earnings of Shaffer Oil and Refining
Company should continue to increase.
In March 1925 Oklahoma Gas and Electric Company issued
$23,500,000 25-year first mortgage 5% gold bonds, $8,000,000
15-year 6% debenture bonds and $3,000,000 cash value common stock, the latter being purchased by the Standard Gas
and Electric Company. This large, constructive financial
operation retired various issues of high coupon bonds and
notes, and combined the properties of the system under one
mortgage.
Your Company made a substantial investment in the
Standard Power and Light Corporation, which was organized in October 1924, with an outstanding capitalization of
100,000 shares of preferred stock and 400,000 shares of common stock, for the purpose of acquiring valuable controlling
APRIL 18 1925.]
THE CHRONICLE
2035
and other interests in public utility companies and hydroThe figures given in the audit are the collectible income
electric power sites.
of Standard Gas and Electric Company, and do not include
CHANGES IN DIRECTORATE.
any earnings of Shaffer Oil and Refining Company apIn the year for which the report is rendered your Com- plicable to common shares of that company owned by Standpany suffered the loss by death of Colonel Henry M. ard Gas and Electric Company, nor any of the contingent
Byllesby, Mr. Arthur S. Huey and Mr. Donald MacDonald. interest of the Company in the $3,745,882 97 "Undistributed
Colonel Byllesby, who was the founder and President of the Gross Balance of Earnings Retained in Surplus or Allocated
Standard Gas and Electric Company, died May 1 at the age to Retirement Reserves" by the operated public utility comof 65. He was a pioneer in the electrical development in the panies.
In order to present, solely for the purpose of comparison
United States, and devoted his life to the organizing, engineering, operation and financing of public utility companies with previous years and similar statements of other utility
with conspicuous succcess. His distinguished record in the companies, there is shown on page 11 [pamphlet report] the
late war caused him to be awarded distinguished service so-called applicable income of Standard Gas and Electric
, medals by both the United States and the British Govern- Company, which includes the collectible income as well as
the contingent interest in the $3,745,682 97 of "Undistributed
ments.
Mr. Arthur S. Huey had served the Company as Vice- Gross Balance of Earnings Retained in Surplus or Allocated
President and as Chairman of the Board of Directors. He to Retirement Reserves."
Immediately following the certified audit report will be
died September 16, at the age of 62, after a brief illness.
He had been identified with the electrical industry for many found statements of securities owned and capitalization, as
years, and was particularly prominent in development in the well as other relative information, all of which is submitted
Central Northwest and in Oklahoma.
in conjunction with the data contained in the certified balMr. Donald MacDonald, who had been a member of the ance sheet.
Respectfully yours,
Board for a number of years, died June 3. As Vice-President
M. A. MORRISON, Treasurer.
and General Manager of the Louisville Gas and Electric
Company, he was prominent in the successful upbuilding of
STANDARD GAS AND ELECTRIC COMPANY.
that organization, and for many years had been a national
GENERAL BALANCE SHEET, DECEMBER 31 1924.
auth•ority in the gas industry.
ASSETS.
Mr. John J. O'Brien was elected President of your Company and Mr. Robert J. Graf First Vice-President. Both Securities Owned (Including advances to subsidiary companies)
$71.972.296 64
had been associated with Colonel Byllesby for many years Sinking Funds
686 68
Cash Deposited for Bond Interest
310.817 00
and served as officers of your Company since its inception.
Cash
1.001.219 36
Toward the broadening of executive responsibilities in Notes Receivable
117.450 40
the handling of the operated companies seven operating ex- Accounts Receivable:
Subsidiary and Affiliated Companies
$1.465,094 03
ecutives have been elected members of the Board of DirecSundry Debtors
142.427 93
tors, as follows:
1,607,521 96
Mr. William F. Reber, Vice-President and General Man- Accrued Accounts: Owned
Interest on Bonds
Dividends on Stocks Owned
ager, San Diego Consolidated Gas and Electric Company;
4
1
5 3.121 6
1t12
538.969 13
Mr. Robert F. Pack, Vice-President and General Manager. Office Furniture and Fixtures
100
and Mr. Henry H. Jones, Vice-President in Charge of Operad Expenses:
nexpired Insurance
$44265
tion, Northern States Power Company; Mr. James F. Owens,
Prepaid Capital Stock Tax
16,129 00
Vice-President and General Manager,Oklahoma Gas and ElecPrepaid Interest
771 42
Sundry
1,796 31
tric Company; Mr. Samuel Kahn, Vice-President and Gen19,13938
eral Manager, Western States Gas and Electric Company;
Total
175,568,101 45
Mr. T. B. Wilson, Vice-President and General Manager,
Louisville Gas and Electric Company; Mr. C. M. Brewer,
LIABILITIES,
•
Vice-President and General Manager, Mountain States Capital Stock:
fey Prior Preference
$12,500,000 00
Company.
Power
16.500.00000
8V Cumulative Preferred
CUSTOMER OWNERSHIP.
1.000,00000
6% Non-Cumulative
Common, without Par Value-302,693
Shares—See Capital Reserve below.
Operated utility companies continued the successful de$30,000,000 00
veloPment of the customer ownership policy, inaugurated in Funded Debt:6%% Gold Debenture Bonds:
Convertible
1915, and at the end of the year had approximately 64,000
Due March 1 1933
53.253.50000
9,563,600 00
Due January 1 1954
shareholders, a net gain of about 14,000 for the twelve
$12,817,100 00
months. There were 35,884 separate sales of stock on the
Twenty-Year 6% Gold Notes, due October 1 1935
15.000,000 00
customer ownership plan, involving $19,284,200 par value of
27,817,100 00
securities.
Notes Payable (including 51,000,000 00, secured by deposit
of securities owned as collateral)
The total number of shareholders of all classes of Standard
2352,000 00
Payable:
Gas and Electric Company was approximately 20,600 at the Accounts
Subsidiary and Affiliated Companies
$2.732,757 65
Sundry Creditors
close of 1924, an increase of 7,900 during the year.
71.650 00
CONCLUSION.
Accrued Accounts:
Interest on Funded Debt
Interest on Notes Payable
Taxes
The outlook for the continued growth and prosperity of your
Company and operated companies is most encouraging. With
properties at a high standard of maintenance; surplus capac- Accrued Dividends:
Preferred Capital Stock
ity available for handling new business; good public relaCommon Capital Stock
tions, fortified by large numbers of home shareholders; exMiscellaneous Reserve
perienced executives and a force of loyal, well trained and Capital Reserve:
conscientious employees, to whom sincere aknowledgment
Arising from Exchange of
is
212,000 Shares of Common
made, your Company should share proportionately in the
Capital Stock without par
general advance of the material welfare of our country.
vafue for 212.000 Shares of
$5000 par value each_ _ _ _$10,600,000 00
By order of the Board of Directors,
Less Discount and Expense
on Bonds, Notes and
JOHN J. O'BRIEN, President
Capital Stock
9.758.183 04
REPORT OF TREASURER.
Chicago, Illinois, April 9 1925.
John J. O'Brien, Esq., President,
Standard Gas and Electric Company, Chicago, Illinois.
Dear Sir:
I beg to submit herewith consolidated income account for
the year ended December 31 1924 and consolidated balance
sheet at December 31 1924 of Standard Gas and Electric
Company, by Haskins & Sells, Certified Public Accountants.
After payment of expenses, taxes and all interest charges,
there was a net income of $3,763,970 51. Dividends on the
7% prior preference stock, 8% preferred stock, and noncumulative capital stock paid during the year aggregated
$1,761,298 46, leaving a balance of $2,002,672 05, equal to
$661 per share on the 302,693 shares of common stock without par value outstanding on December 31 1924. Dividends
on the common stock at the rate of $300 per share per annum
were paid, aggregating $796,033 19, leaving a balance of
$1,206,638 86 carried to surplus, which on December 31 1924
amounted to $7,556,967 95.
There is no charge against income for amortization of debt
discount and expenses, as the remainder thereof has been
charged to a capital reserve arising from the reclassification
in 1923 of the common stock from shares with par value to
shares without par value.
2,804.407 65
$606.309 50
23,239 72
10,000 00
639.549 22
1343,750 00
227,019 75
570,769 76
34,502 42
$841.81696
Arising from Exchange of 90,693 Shares of
Common Capital Stock withoutpar value
for Convertible 6%% Gold Debenture
Bonds
3.150,987 50
3,992.804 46
Surplus, per Accompanying Summary
7.556.967 95
Total
$75.568.101 45
Note.—The Standard Gas and Electric Company was contingently liable
at December 31 1924 as guarantor of the principal and interest of the first
mortgage convertible 6% sinking fund gold bonds of the Shaffer Oil and
Refining Company, of which 56,711.700 00, face value, wore then outstanding: and on account of notes endorsed, guaranteed or discounted for
various subsidiary and affiliated companies in the amount of $8,025.000 00.
CERTIFICATE.
We have audited the books and accounts of the Standard Gas and Electric Company, Chicago, Illinois, for the year ended December 31 1924,
and of the Utilities Investment Company for the ten months ended October 31 1924, the date as of which the assets of the latter named company
wore transferred to the former.
The amount shown in the accompanying General Balance Sheet, December 311924, for Securities Owned and Advances to Subsidiary Companies
represent the accounts on the books of the Company without adjustment
-s
to the underlying asset valuations of subsidiary companies.
The accompanying Summary of Income and Profit & Loss includes
the results of operations of the Utilities Investment Company for the
ten months ended October 31 1924.
The amounts shown for Income and Surplus include Income arising
from charges made against, and capitalized in the property accounts of.
subsidiary companies for engineering services rendered In connection with
.
heren woe k
con.tructlo by c rrtify
that, on the basis above stated, the accompanying
We
General Balance Sheet and Summary of Income and Profit & Loss exhibit
respectively the financial condition of the Company at December
31 1924
and the income results for the year so ended.
Chicago, March 19 1925.
HASKINS & SELLS.
STANDARD GAS AND ELECTRIC COMPANY.
SUMMARY OF INCOME AND PROFIT &
ENDED DECEMBER 31
Income Credits:
Interest on Bonds Owned
Interest on Notes and Accounts Receivable__
Dividends on Preferred and Common Stocks
Owned—Public Utility Companies, Byllesby Engineering Company and Management
Corporation, etc
Net Profit on Securities"Sold
LOSS FOR THE YEAR
1924.
$342.345 28
1,074,086 46
STANDARD GAS AND ELECTRIC COMPANY
FUNDED DEBT AND CAPITALIZATION MARCH 23 1925.
Funded Debt.
Convertible Gold Debentures:
6 %, due 1933 (closed issue), convertible into Common
Stock
$1,640.800 00
7,114,300 00
634%. duo 1954. convertible into Common Stock
15,000,000 00
Twenty-Year 6% Gold Notes, due 1935 (closed issue)
3,911.471 28
770.629 37
Stock.
7% Cumulative Prior Preference
$6,098,532 39 8% Cumulative Preferred Stock Stock
6% Non-Cumulative Stock
117,271 80 Common Stock (without par value)
Total
Income Charges:
General Expenses and Taxes
$5.981,260 59
Balance Available for Interest and Other Charges
Interest:
$1,939.106 65
On Funded Debt
278.183 43
Miscellaneous
2,217.290 08
Not Income
Dividends on Capital Stock:
7% Prior Preference
8% Cumulative Preferred
6% Non-Cumulative
Common
[VOL. 120.
THE CHRONICLE
2036
*$3,763,970 51
$410,306 46
1,305.992 00
45.000 00
796,033 19
2,557,331 65
Surplus for the Year
Surplus December 31 1923
$1.206,638 86
6.350,329 09
Surplus December 31 1924
$7.556.967 95
$12,500.000 00
16,500,000 00
1,000,000 00
410,917 Shares
Transfer Agents—All Classes of Stock.
Standard Gas and Electric Company, 231 South La Salle Street. Chicago.
Standard Gas and Electric Company, 111 Broadway, New York.
Registrars of Stocks.
7% Cumulative Prior Preference Stock:
Guaranty Trust Company. New York.
Continental and Commercial Trust and Savings Bank, Chicago.
8% Cumulative Preferred Stock:
Guaranty Trust Company, New York.
Continental and Commercial Trust and Savings Bank, Chicago.
Common Stork:
Guaranty Trust Company, New York.
Continental and Commercial Trust and Savings Bank. Chicago.
Stock Exchange Listings.
The 8% Cumulative Preferred Stork and the Common Stock are listed
on the Chicago and Now York Stock Exchanges.
* No charge has been made herein for amortization of debt discount and
expense applicable to the year ended December 31 1924. the total unamortized debt discount and expense having been charged against the capital
reserve arising from the exchange of shares of common capital stock without
par value for shares of par value, as reflected in the accompanying balance
sheet.
HASKINS & SELLS.
Dividend Payment Dales.
7% Cumulative Prior Preference Stock—January, April, July and Oct. 25.
8% Cumulative Preferred Stock—March, June September and Dec. 15.
Common Stock—January, April, July and Oct. 25.
STANDARD GAS AND ELECTRIC COMPANY.
APPLICABLE INCOME FOR THE YEAR ENDED DEC. 31 1924.
OPERATED COMPANIES OF
STANDARD GAS AND ELECTRIC COMPANY.
As in preceding reports, there is submitted herewith the
so-called applicable income of Standard Gas and Electric
Company. This is submitted solely for the purpose of
comparison with previous years and similar statements of
other public utility holding companies.
CAPITALIZATION OUTSTANDING DEC. 31 1924.
Common
Funded
Preferred
COMPANY
Stock.
Debt.
Stack.
Including Subsidiaries.
Coast Valleys Gas & Electric Co_ _ _ - 51.896.000
2609.200 13,000,000
950.000
Fort Smith Light & Traction Co_ _ __
4.712,000
1.460.000
6,458,500
Louisville Gas & Electric Co.(Del.)_ 29.140.000 20.015.100
No Par
6.455.000
2,105.700
Mountain States Power CO
6.377,000
Northern States Power Co. (Del.)
87.485,100 44,700,780
4,700,000
28.363.300
Oklahoma Gas & Electric Co
8.505,000
San Diego Consolidated Gas & Elec3,032.500
6,292,500
tric Co
11.368.000
No l'ar
9.400.000
3,351.700
Southern Colorado Power Co
1,001,000
327,000
25,000
Southwestern General Gas CO
Western States Gas & Electric Co.
4.398,000
4,254,500
17,720.000
(Del.)
No Par
6.919,600
6.000,000
Shaffer Oil and Refining Co
$6,098,532 39
Collectible Gross Revenue (as shown above)
Add—Contingent interest of Standard Gas and Electric
Company in the "Undistributed Gross Balance of Earnings
Retained in Surplus or Allocated to Retirement Reserves"
of $3.745.682 97. of the operated public utility companies
2.488.570 67
for the year 1924 (as shown below), amounting to
Making for the year ended Dec. 31 1924 what is commonly
designated as Applicable Income of Standard Gas and
$8,587,103 06
Electric Company
Deduct for the year 1924:
Standard Gas and Electric Company's General
Expenses and Taxes
$117.271 80
,217.290 08
Interest Charges
2.334.561 88
$6,252,541 18
Balance
On the basis of Applicable Income, Standard Gas and Electric
Company would show for the year ended Dec. 31 1924
as follows:
Dividends paid on:
Prior Preference Stock outstanding at 7% Per
$41030646
annum
Preferred Stock outstanding at 8% per annum 1,305.992 00
Non-Cumulative Capital Stock outstanding at
45.600 00
6% per annum
1.761.298 46
54,491.242 72
Leaving a balance of
or the equivalent of $14 83 per share on 302,693 shares
Common Stock without par value outstanding Dec.311924.
Dividends paid on Common Stock outstanding at $3 00 Per
796.033 19
share per annum
$3.695.209 53
Balance
Note.—The above figures do not include any earnings of Shaffer 011 and
Company applicable to common shares of that company owned
Refining
by Standard Gas and Electric Company.
STANDARD GAS AND ELECTRIC COMPANY.
SECURITIES OWNED DEC. 31 1924.
Face Value
Bonds &
Notes Owned.
Description
Company—
$645.000
Fort Smith Light & Traction Co___Ist S. F. .5s, 1936
1.100,000
Fort Smith Light & Traction Co_ __2nd Mtge. 8s, 1931
250.000
2nd Mtge. 6s. 1939
Co
Mobile Electric
3,000,000
2nd Mtge. 6s. 1947
Southern Colorado Power Co
327,000
1st & Ref. S. F. 6s, 1931-_
Southwestern General Gas Co
Total
Fort Smith Light & Traction Co__ _Promissory
Promissory
Mountain States Power Co
Promissory
Shaffer Oil & Refining Co
Promissory
Southern Colorado Power Co
Promissory
Southwestern General Gas Co
Grand Total
Company-Coast Valleys Gas & Electric Co
Fort Smith Light & Traction Co
Louisville Gas & Electric Co. (Del.)
Mobile Electric Co
Mountain States Power Co
Oklahoma Gas & Electric Co
Oklahoma General Power Co
San Diego Consolidated Gas & Electric Co
Shaffer Oil and Refining Co
Southern Colorado Power Co
Southwestern General Gas Co
Western States Gas & Electric Co.(Cal.
Western States Gas & Electric Co.(Del.)
Totals
Other Investments
Notes
Notes
Notes
Notes
Notes
$5,322.000
150.000
100.000
750.000
400.000
60.000
16,782.000
Par Value Par Value
of Preferred of Common
Stocks
Stocks
Owned.
Owned.
$3,000,000
950.000
$881,500
3,705.900
6,476.100
920.200
233.000
1,021,500
4,499,700
2,835,800
75.000
2,978.200
1,196.900
1,245.000
1,000.000
25,000
750.000
3.253.200
259.500
$14,174.300 $21.132,200
1.010.500
840.000
$15,014,300 822,142.700
Shares Owned
Without Par
Value or With
Nominal
Par Value.
Company-100.000
Byllesby Engineering and Management Corporation
75,618
Mountain States Power Oo
499.913
Northern States Power Co. (Del.)
158,000
011 and Refining Co
Shaffer
35,000
Southern Colorado Power Co
181.605
Other Investments
Grand Totals
TotaL
1,050.136
Totals
8203.786.000 $97,522,980 129,773,500
Shares without Par
Value or with Nominal Par Value.
Company, Including Subsidiarie4—
100.000
B_vilesby Engineering and Management Corporation
94,786
Mountain States Power Company
500,000
Northern States Power Company (Delaware). Class "B"_ _
160.000
Shaffer 011 and Refining Company
35,000
Southern Colorado Power Company
.
889,786
Total
The above figures do not include Standard, Power and
Light Corporation, which has the following capitalization
outstanding:
Preferred Stock ($7.00 cumulative divi100.000 shares without par value
dend per share)
400.000 shares without par value
Common Stock
OPERATED PUBLIC UTILITY COMPANIES
STANDARD GAS AND ELECTRIC COMPANY.
FOR THE YEAR ENDED DECEMBER 31 1924.
(New Properties Included Only for Periods Operated)
Gross Earnings:
Electric Department
637,140,469 73
Gas Department
10.404,84984
840,568 75
Steam Department
160,693 27
Telephone Department
Street Railway Department
1.147.917 90
109,911 611
Water Department
140,693 87
Ice Department
Total Gross Earnings
Operating Expenses:
o
Fo
Oper nn 2
lyiairfttjn: c..x8r nses s
Taxes
649,945,104 90
620,936.510 95
3,784.218 10
4,048,074 05
Total Operating Expenses
28.768,803 10
Net Earnings
621.176.301 80
Deduct:
Interest on Funded and Floating Indebtedness
29.948,615 80
Preferred and Common Stock Dividends_ _ - 7,236.656 43
Amortization of Debt Discount and Expense
245,346 60
Total Foregoing Interest, Dividend Disbursements and
Amortizations
17.430,618 83
Balance for Reserves and Surplus
53.745,682 97
Instead, however, of declaring in dividends all of the undistributed gross balance of earnings, the Directors of the
companies have allocated such undistributed gross balance
on the books of the respective companies as follows:
Retirement Reserves (Depreciation and Depletion)
Undistributed Surplus
Total
$2,681.062 22
1,064,620 75
$3,745,682 97
and in consequence of this the collectible income of Standard
Gas and Electric Company, as shown above, is $2,488,570 67
less than its so-called applicable income; the $2,488,570 67
representing Standard Gas and Electric Company's contingent interest in the $3,745,682 97 transferred to Reserves
and Surplus.
APRIL 18 1925.]
THE CHRONICLE
OPERATED PUBLIC UTILITY COMPANIES OF
STANDARD GAS AND ELECTRIC COMPANY
Retirement Reserves (Depreciation and Depletion)—
Retirement reserves balance December 31 1923
$6,528,323 46
Additions for year 1924:
Retirement reserves from current earnings_ _$2,681,062 22
For accrued reserve arising from revaluation
of properties
14.191.744 61
From new companies acquired
984,075 61
17,856,882 44
Total
$24,385.205 93
Deduct:
Charges for replacements, renewals and
mirment retired from service during
$3,308,201 49
Reserve on books of companies sold
118,318 01
3.426,519 50
Leaving the total retirement reserves on December 31 1924—$20.958.686 43
Surplus Account—
surplus balance December 31 1923
Additions for year 1924:
From current earnings
Total
$5,705,291 85
1,064,620 75
$6.769,912 60
2037
Deduct:
Sundry adjustments arising from properties acquired and
sold, etc
Surplus balance December 31 1924
On December 31 1924—
The total retirement reserves of
and surplus balance of
287,40551
$6,482,507 09
$20,958.686 43
6,482,507 09
make an aggregate amount of
$27.441,193 52
which has been invested in extensions and enlargements of
the properties.
Maintenance and Replacement Charges—
(New properties included only for periods operated.)
The companies have been maintained at highest operating
efficiency, and the cost of this maintenance, which is included in the operating expenses of the various companies
for the year ended December 31, 1924, was
There were also made during the year replacements,renewals, $3.784',218 10
adjustments, etc.. net, out of the previous depreciation
reserves, aggregating
3.308,201 49
Total
87.092,419 59
Expenditures for Improvements—
(New properties included only for periods operated.)
During the year ended December 31 1924 the net additions,
improvements and betterments to the properties, after
deductions for replacements and renewals, aggregated___$30,939,715 04
COMPANY.
OPERATED PUBLIC UTILITY COMPANIES OF STANDARD GAS AND ELECTRIC
COMPARATIVE STATEMENT OF GROSS AND NET EARNINGS FOR YEARS ENDED DECEMBER 31.
(New Properties Included for Full Periods)
GROSSEARNINGS
Company, Including Subsidiaries—
1922.
1923.
1924.
1921.
Coast Valleys
$795,212 55
$884.623 15
$886,503 70
$636,420 63
Smith
Fort
1.159,94523
1.158.245 94
*1,207.068 97
1,059.147 89
Louisville
6.575,084 43
5.663.969 04
7,268,599 98
4.978,413 18
Mountain States
2.071.008 83
1.893.439 46
2.178,17860
1.784,28287
Northern States
17.984.602 32
19.837.213 85
20.814.968 20
16,941,702 96
Oklahoma
7.083.033 23
6,597,151 51
7,963.683 40
5,966,975 85
Diego
San
3.802.599 08
3.771.526 62
4,710.808 20
3.814,918 17
Southern Colorado
1,958.957 95
1,839.460 02
2,199.771 47
1,755.525 73
Southwestern
72.022 82
80.622 19
67.130 84
251,085 81
States
Western
2.984,67059
2,697,383 82
3,246,113 14
2,547,164 64
Totals
$50,542,824 50
Coast Valleys
Fort Smith
Louisville
Mountain States
Northern States
Oklahoma
San Diego
Southern Colorado
Southwestern
Western States
$293,331 07
302.369 62
3,556,730 48
710.895 54
9,689,154 40
2,578.812 77
1.925.847 49
903,228 12
38,055 88
1.452,96564
$16.339.748 56
$292.248 31
337.370 95
3,248.561 68
642,780 49
8,760.363 98
2,230,252 10
1,503.238 32
765.205 66
43.859 72
1,049.009 20
Totals
818.872.890 41
$21.451,391 01
* Beginning 1923, gas used under boilers is eliminated from gross earnings.
$42.371,024 07
1920.
$584,607 25
1,070.390 69
4,550.350 92
1.690.478 11
15.916.974 10
5.835.158 15
2,661.045 93
1,865.743 05
286.470 34
2,224.909 89
$39.735.637 73
$36,686,128 43
NET EARNINGS
$197.195 03 ' 8167.336 71
308.409 41
302,181 85
2,666.649 94
2.268.558 00
539.678 82
436.501 56
7,862.156 40
7,207.886 12
1,749388 39
1,565,705 32
1,254,313 23
1,109.481 06
712,795 87
599.084 89
49.726 01
35.649 57
917.695 61
858,577 26
$142.377 60
300.793 14
2,118.989 79
436.058 20
6,136,460 63
1,429.437 33
883,427 02
608,632 30
39.677,31
815.286 34
$16,258,008 51
$14,550,962 34
$12,911,139 6
ALLIS-CHALMERS MANUFACTURING COMPANY
TWELFTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDED DECEMBER 31 1924.
Milwaukee, Wis., April 10 1925.
To the Stockholders:
On behalf of the Board of Directors, there is submitted
herewith the annual report of the operations of Allis-Chalmers Manufacturing Company for the fiscal year ended December 31 1924, together with comparative Profit and Loss
Account for 1924 and 1923, and Comparative Balance Sheet
•
as at December 31 1924 and 1923.
Capital Stock Issued—
Preferred
Common
LIABILITIES.
Dec. 31 1924. Dee. 31 1923.
$16,500,000 00 816.500.000 00
26,000,000 00 26,000,00000
$42,500,000 00 142,500.000 00
Current Liabilities—
Accounts Payable and Pay-rolls
$1.224,114 67 $1,101.697 05
Advances received on Contracts
1.172.094 17
875,914 57
Reserve for Erection and Completion of
Contracts Billed
1.223.986 82 1,341.285 33
Accrued Taxes (including provision for
Federal Income Taxes for Current Year)...
973.708 20
953,460 92
Dividends Payable:
Preferred—Jan. 15
$288.702 75
Common—Feb. 16
257.707 00
546,409 75
546,410 25
1924.
1923.
$27.855,523 97 $25,612,708 72
Sales Billed
coat, including Depreciation and Develop21.515.427 44 20.063.819 99
ment Expenditures
Manufacturing Profit
$6,810.096 53 $5.548.888 73
gang,Publicity & Administrative Expenses 3.236.500 22 2.969.176 02
15.140,313 61 11,818,768 12
Reserves—
$3,103.59631 $2.579.712 71 General Contingencies
$1,208,205 73 81,027.464 28
Net Operating Profit
Employer's Liability for accident compensaAdd—Other Income:
tion
Interest, Discounts, Royalties. Commis346.083 03
307,925 38
632.504 48
sions, &c
654,923 68
11.551.288 76 $1,335,389 64
Profit and Loss Account—
Total Profit and Income
13.736,100 79 $3.234.636 39
Balance Jan. 1
$12.507,525 61 811.989,53022
Deduct—
Add—Net Profit for year ended Dec. 3I
Provision for Federal Income Taxes and
3.221.10079 2,703.636 39
Contingencies
515,000 00
531,000 00
year$15.728.626 40 114.693,16861
carried to Balance Sheet.... $3.221.100 79 $2,703.636 39 Deduct—Dividends declared during the
Net Profit,
(7% on Preferred and 4% on Common
Stock)
2,185.639 50 2,185,641 00
COMPARATIVE BALANCE SHEET AS AT DECEMBER 31 1924
813,542.986 90 812.507.525 61
AND 1923.
862,737.589 27 $61.161.683 37
ASSETS.
Dec. 31 1924. Dec. 31 1923.
Properill-Factory Sites, Buildings. Machinery, EquipINCOME ACCOUNT.
ment. Patents. Patterns, Drawings and
$40,659,168 75 $39,106,007 67
Goodwill
The net profit for the year 1924, after adequate provision
Deduct—Reserve for depreciation of Build9,193.545 20 8,671,719 68 for Federal income taxes and all other known liabilities, was
tags, Machinery and Equipment
$31.465.623 55 $30.434,288 01 $3,221,100 79, as compared with $2,703,636 39 the preceding
year. This was equivalent, after preferred dividends, to
Current and Working Assets—
of Work in Process. Manufac$12,103.421 99 $12.409,038 30 $801 per share on the common stock in 1924, contrasted with tured Stock. Materials and Supplies
8,284,672 72 8,816.419 71 $6 01 on the common in 1923. The billings and net profit by
Accounts and Notes Receivable
Treasury Notes, Liberty Bonds and other
8.073.825 48 6.678,856 45 quarters for these two years compare as follows:
Marketable Securities
1921
1923
1,593,553 24 1,519.278 86
oath in Banks and on hand
Billings.
Net Profit.
Net prom
Billings.
$30.055.473 43 $29,423.593 32
831,180 92 5,221.691 78
First Quarter— 6,819330 83
Miscellaneous Assets—
468,689 62
756.423 12 6,082.070 48
Second Quarter_ 6.910.265 60
628.418 24
Sales Contracts, Outside Real Estate
824,561 61 6,865.443 38
Third Quarter__ 6,926,328 90
Property not required for manufactur756,981 18
and
808,935 14 7.443,503 08
$1.171,694 92 $1,265.081 32 Fourth Quarter_ 7,199,598 84
849,547 35
ing operations
44,797 37
38,720 72
Frayed-Insurance
27,855.523 97 3.221,10079 25.612.70872 2.703,63639
$1,216,492 29 $1.303,802 04
During the year there was expended for standard develop.
$62.737.589 27 $61,161,683 37
ment the sum of $381,015 81, which was absorbed and
2038
THE CHRONICLE
charged against earnings. There was also expended and
charged off the sum of $1,464,976 86 for maintenance and
general upkeep of buildings, machinery and equipment. The
amount set aside as reserve for depreciation of buildings
and machinery was $633,625 69.
As is customary, a complete verification of all inventories
of work in process, manufactured stock, materials and supplies was made prior to closing the books, said inventories
having been priced substantially at cost or market, whichever the lower. Any obsolete or inactive stock included
therein was reduced to realizable values. The total value
of all inventories December 31 1924 was $12,103,421 99, compared with $12,409,038 30 the year before.
DIVIDENDS.
During 1924 there were four quarterly dividends of 1%%
each on the preferred stock, also four quarterly dividends of
1% each on the common stock. The total amount of these
dividends aggregated $2,185,639 50.
SECURITIES.
The Company at the close of the year owned the following
securities:
Liberty Bonds and Treasury Notes
Sundry State, Municipals and other Securities
$3.227,546 87
4.846.278 61
$8.073,825 48
INCREASE IN PLANT AND WORKING CAPITAL.
The capital expenditures during the year covering additions to buildings, machinery and sundry equipment for the
West Allis and Bullock Works, amounted to $428,161 08.
The net working capital as at December 31 1924, comprising cash, marketable securities, receivables and current inventories, less payables, pay rolls, taxes, dividends and other
current obligations, amounted to $24,915,159 82, as compared
with $24,604,825 20 the year before—an increase of $310,334 62. It will be noted from the balance sheet as at December 31 1924 that the current and working assets aggregate
$30,055,473 43, and the current liabilities $5,140,313 61—a
ratio of about six to one. The surplus, after deducting
$2,185,639 50 to cover the year's dividends, was $13,542,986 90.
UNFILLED ORDERS, BOOKINGS AND BILLINGS.
The unfilled orders at the close of 1924 totaled $10,124,027 93, as compared with $12,000,131 71 on December 31
1923. The total bookings for 1924 were $25,979,420 19, an
average of $2,164,951 68 per month, while the total billings
aggregated $27,855,523 97, an average of $2,321,293 66 per
month.
STOCKHOLDERS.
At the close of 1924 there were 3,554 holders of preferred
stock and 2,434 holders of common stock.
IMPORTANT DEVELOPMENTS.
During the year considerable new development was carried
on—this work being consistently devoted to the extension
and improvement of various lines of the Company's products.
A 20,000 K. W. steam turbine unit which was completed
and placed in commercial service in the latter part of 1923,
has, during a year of operation, attracted favorable interest
on the part of central station operators. Several similar
units have been installed in other plants and a unit of 30,000
K. W. capacity has been developed and is being installed at
Waukegan. The succesful development of these units, together with a corresponding line of condensers, pumps and
other auxiliaries, have placed the Company in an advantageous position as a competitor for large central station
units, which field holds promise of considerable activity.
The year was also marked by the placing in service of the
65,000 KY-A Hydro-Electric Unit at the plant of the Niagara
Falls Power Company, being the largest complete unit of its
type built entirely by any one company.
[VoL. 120.
The successful application of synchronous motors to main
roll drives in steel mills is a new development in which the
Company has pioneered.
A number of large transformers have been designed, built
and placed in service, among which was an installation of
twenty-two 15,000 KY-A, 132,000 volt transformers.
The Company has brought out an important development
in the design of direct current motors and generators, consisting of an armature winding which enables the offering
of machines having commutating qualities beyond anything
previously built.
General improvements have been made in compeb mills
for cement grinding, rotary cement kilns, gyratory and roll
crushers, copper converters, high pressure oil pumps, flour
mill, saw mill and power transmission machinery.
Early in the year the Company acquired'from the Worthington Pump and Machinery Corporation its lines of Mining,
Crushing, Cement and Creosoting Machinery. All records,
drawings, patterns, patents, jigs, fixtures and manufactured
stock pertaining thereto were taken over and the manufacture of these lines continued at the West Allis Works.
IN MEMORIAM.
Mr. John H. McClement, who had served as a Directco•
continuously since the inception of the Company, and was
for a number of years Chairman of the Board, died on May
16 1924. His loyalty to the Company and keen interest in
its affairs were unfailing, and his loss is deeply deplored.
GENERAL.
Claim has been made against the Company for additional
Federal income and profits taxes in a substantial amount
for 1918 and 1919. Returns for these years had been fully
audited by representatives of the Government in 1919 and
1920, and settlement made by the Company accordingly. It
was believed that the tax liability for these years had been
finally determined and closed, but the Commissioner of
Internal Revenue during the year 1924 sought to re-open the
subject. The Company, however, insists the audits and
adjustments heretofore made are final and closed, and is
contesting the right of the Government to have the same
re-opened.
The books and accounts have been examined by Messrs.
Price, Waterhouse & Co., Certified Public Accountants, and
their Certificate is appended hereto.
The annual meeting of the Company will be held at its
principal office in Wilmington, Delaware, at 12 o'clock noon,
on May 7 1925.
The Board of Directors desires to acknowledge its appreciation of the loyal spirit and effective co-operation of the
officers and employees of the Company throughout the y ear.
OTTO H. FALK, President.
By Order of the Board of Directors.
PRICE, WATERHOUSE & CO.
First Wisconsin National Bank Building
Milwaukee. March 19 1925.
To the Directors of the Allis-Chalmers Manufacturing Company:
We have examined the books and accounts of the Allis-Chalmers Manufacturing Company for the year ending December 31 1924 and have prepared therefrom the attached Balance Sheet as of that date and relative
Profit and Loss Account.
We have satisfied ourselves as to the propriety of the charges to Property
Account during the year and that adequate provision has been made for
depreciation. All expenditures incurred for experimental and development
work have been charged off as operating expenses.
The inventories of work-in-process, manufactured stock, materials and
3r
supplies, as certified by the responsible officials, have been valued at cost
or market or estimated realizable prices, whichever were the lowest.
We have verified the cash and securities by Inspection or by certificates
obtained from the depositaries, or other satisfactory evidence.
Full provision has 1neon made for bad and doubtful receivables and for
all ascertainable liabilities. Claim has been made by the Government for
additional Income and Profits taxes for 1918 and 1919, which the Company
Is contesting, but pending settlement of the matter the amount of additional
tax liability cannot be determined.
Subject to the foregoing, we certify that the Balance Sheet and relative
Profit and Loss Account are properly drawn up and, in our opinion, show
the true financial position of the Company as at December 31 1924, and
the result of the operations for the year.
PRICE, WATERHOUSE & 00.
ing, Boston, Mass., under the direction of Albert Feldman, who has been
CURRENT NOTICES.
elected Vice-President of the company.
—Newman Brothers, Inc., of New York, Chicago and Pittsburgh, and
_watson & White, members New York Stock Exchange, have prepared
Pollock & Co., Inc., of New York, have joined in forming Newman,Pollock for distribution a comprehensive circular discussing the history, growth.
& Co., Inc., with offices at 165 Broadway, New York, to deal in foreign capitalization, earnings, financial condition and prospects of Canada
exchange and foreign securities. The foreign securities department is Dry Ginger Ale. Inc. and containing a consolidated balance sheet of the
under the management of Herbert Herzenberg. Private wires are main- company as of Dec. 31 1924.
tained to their branch offices in Chicago and Pittsburgh.
—H. D. Smith, formerly of H. D. Smith & Co., 15 William St., New
—A very interesting analysis of 150 listed stocks grouped into 22 separate York, has recently become associated with the Evans Corporation, investclassifications according to industry, has been compiled by Kelley, Drayton ment bankers, Dime Bank Bldg., Detroit, Mich., as head of their trading
& Converse, members of the New York Stock Exchange. The analysis department.
indicates the relative price changes and quotations as of March 31 as
—Bennett Coghill & Co., Inc., announce the admission to'membership
compared with the 1925 high levels and with 1924 low prices.
of Regis H. Post Jr., formerly associated with Harvey Fisk & Sons as
List" of Stone, Prosser & Doty is issued in a con- sales manager, and the change of name to Bennett, Post & Coghill, Inc.
—The "April Quotation
venient booklet form. It gives current quotations and dividend rates on
—The Chatham & Phenix National Bank & Trust Co. has been appointed
upwards of 750 unlisted securities, together with the outstanding capitalizashares of Class"A" stock no par value and 100,000
tion of all the companies whose securities are included in the list. The se- transfer agent of 200,000
shares Class "B" stock no par value of the Estey-Welte Corporation.
curities quoted are classified and arranged for easy reference.
—Harrison, Smith & Co., Philadelphia, announce that J. Horton Ijams.
—Announcement was made to-day that J. Horton Ijams has become
a general partner, resident in New York, of the Philadelphia investment formerly with J. P. Morgan & Co.. has become a general partner in their
firm of Harrison, Smith & Co. Mr. Ijams has for the past six years been firm and will be in charge of their New York office, at 50 Broadway.
connected with the bond department of J. P. Morgan & Co. and prior to
—Rutter & Co., 14 Wall St., announce that Edward B. Hall has retired
that was associated with the firm of Harris, Forbes & Co.
as a general partner from the firm. He will continue for the present to
have Just make his headquarters at the offices of Rutter & Co.
—Nehemiah Friedman & Co. of 29 Broadway, New York,
Issued a new and comprehensive analysis of the Federal Joint Stock Land
—The firm of C. Lester Horn & Co., with offices at 60 Broadway, New
Bank system. The nature of business, the authority under which Joint
formed for the purpose of dealing in unlisted and inactive
Stock Land banks operate, method of operation, earnings, &c., are clearly York, has been
listed securities.
and concisely explained. Copies may be had on request.
—Robert R. Doan, formerly with the National City Co., is now asso—Vought & Co., Inc., 120 Broadway, New York, dealers in general
market bonds, have opened an office in the Atlantic National Bank Build- ciated with Frazier & Co. In the bond department of their New York office.
Amin, 18 1925.]
THE CHRONICLE
2039
GENERAL GAS & ELECTRIC CORPORATION
ANNUAL REPORT—FOR THE YEAR ENDED DECEMBER 21 1924.
February 25 1925.
To the Stockholders:
The business of the subsidiary companies of your Cori/oration has expanded steadily during the year 1924 due to
normal growth in the communities served and additional territory supplied. The total number of customers served was
180,251 in 1924, as compared with 123,734 in 1923( and electric sales were 536,169,105 K.W.H. in 1924, as compared
, with 466,265,365 K. W. H. in 1923. This increased demand
called for additions to plant, transmission and distributing
systems. Your Corporation now controls public utility companies serving important communities in the States of New
Yok, Pennsylvania, New Jersey, Vermont, New Hampshire,
North Carolina, South Carolina and Florida, the population
served being over 2,000,000. Of the Operating Income of
subsiidary companies for 1924, 82% was derived from the
sale of electric power and light, 9% from gas and miscellaneous services and 9% from electric railway operations.
The combined physical properties now include electric generating stations with a total installed capacity of 253,685
K.W., one-fourth hydro-electric and three-fourths steam.
1,601 miles of high tension transmission lines and 3,924
miles of distribution lines. The gas properties have 390
miles of mains and the electric railways 287 miles of track.
During the year 1924 securities representing the control
of several large and important public utility properties In
the States of Florida, North Carolina and South Carolina
were acquired. In all cases these properties can be developed into larger systems and the basis on which the securities were purchased was especially favorable to your Corporation. .The aggregate values of properties acquired and
which would be allowable for rate making purposes are in
excess of aggregate prices paid for such properties. These
values were established by appraisal of independent engineers and give proper consideration to writing off of some
traction properties included and which are not profitable.
During the same year there were sold securities representing
the control of three propertis in Ohio, these logically forming a part of a larger system not controlled by your Corporation. This transaction showed a substantial profit to
your Corporation.
The subsidiaries have further extended their territory by
the acquisition of several adjacent properties. In a majority
of cases these smaller properties have been merged with the
larger subsidiaries of your Corporation, forming an extended
and unified system of distribution, the generation from a
common centre resulting in economies in operation. The
properties so purchased were:
Piedmont Power & Light Company, North Carolina.
Vulcan Power Company, New Jersey.
Branchville Electric Power, Water & Lighting Co., New Jersey.
Cumberland Valley Light & Power Company, Pennsylvania.
The distributing systems in Plymouth. Maitland and Altamonte Sprints,
Florida.
and in New York State—
The Owego Light & Power Company
South Montrose Light & Power Company,
Point Electric Company
Oincinnatus Light & Power Company
mossongervillo Mutual Electric Company
Afton-Windsor Light, Heat & Power Company
Municipal Electric System of Newark Valley
Berkshire-Delco Lighting Company.
Where adjacent properties cannot be merged, heavy transmission lines between the generating centres have been constructed so that high efficiency of operation is secured under
separate corporate existence. This policy of inter-connection has been further extended as between the properties
of your subsidiaries and large adjacent systems not controlled by .your Corporation, so that by the proper interchange of current in these cases both systems can effect
economies not otherwise possible.
Tile extension of the territory of the subsidiary companies
is well ilustrated in the case of the Binghamton Light, Heat
& Power Co., which covered 227 square miles of territory in
1923 and at the close of 1924, due to the acquisition and
merger of smaller adjacent properties, supplied a territory
of 1,042 square miles. All of this section is furnished from
(me large modern station in Johnson City. In addition to this
expansion of the Binghamton Light, Heat & Power Co. itself,
the Sayre Electricc Company of Pennsylvania now secures
all of its supply from the Johnson City plant.
The large steam station of the Metropolitan Power Company, controlled by the Metropolitan Edison Company, one
of the subsidiaries of your Corporation, located on the Susquehanna River near Harrisburg, Pa., and mentioned in the
1923 Annual Report of your Corporation, was completed and
put into actual service as scheduled late in 1924. The operating results obtained from this plant, constructed at a relatively low cost as related to its capacity, have exceeded all
expectations and have demonstrated that it is one of the
most modern and efficient steam plants yet constructed in
this country.
A general description of the territories supplied by the
properties, the control of which was acquired by your Corporation during 1924, is as follows:
Florida Public Service Company was incorporated in 1908
as the DeLand Electric Light, Power & Ice Company, and
acquired the properties of four other companies in central
Florida. It supplies electric light and power in thirty communities from DeLand to Avon Park, 133 miles south, including DeLand, Eustis, Tavares, Winter Park, Davenport,
Haines City, Dundee, Lake Wales, Mt. Dora, Frostproof and
Avon Park, and also supplies gas in Orlando, and water and
ice in other of these communities. The Company's principal
business is that of supplying electric light and power. Be-cause of the character of the country and the mild and dry
climate throughout the year, this territory is experiencing a
rapid and substantial growth and development, the communities served by the Company having a permanent population of 55,000, which is greatly augmented during the winter
months by the large number of winter residents. As these
communities increase in population, there will be numerlus
opportunities for additions to the Company's business and
also for extension of electric transmission lines into adjoining territory. The position occupied by this Company's territory is very important, as this central lake district is being
rapidly developed by the new cross State highways and railroads.
Broad River Power Company, through subsidiary companies, does the entire electric light and power, gas and
street railway business in Columbia, South Carolina, and
environs. Columbia. the capital of South Carolina and
county seat of Richland County, is the second largest city in
the State and one of the industrial centres of the South.
Broad River Power Company owns or controls practically all
of the outstanding preferred and common stock of Columbia
Railway, Gas & Electric Company, The Parr Shoals Pown*
Company and Columbia Gas Light Company. It is the intention of Broad River Power Company to effect a transfer to
Itself of the entire electric light and power and gas properties now held by these controlled companies. The territory
served has the advantage of a favorable combination of a
well-diversified city and industrial power load together with
a substantial demand from residential lighting consumers.
There is now under construction the first 12,500 K.W. unit
of a Modern steam generatng plant which is expected to be
in operation about September 1 1925, when construction of
an additional 12,500 K.W. unit will be started. This station
is located on the Broad River adjacent to the present hydroelectric station at Parr Shoals and will have an ultimate capacity of 65,000 K.W. Electric energy from this new station will be available through the construction of 130 miles
of high tension transmission lines to meet the demand now
existing in and around Columbia and to connect with Spartanburg and various other communities now served by The
South Carolina Gas & Electric Company, the control of which
was also acquired by your Corporation during the year 1924.
North Carolina Public Service Company, Inc., furnishes
electric light and power service in Greensboro, High Point,
Burlington and other communities in the central part of
North Carolina, and through ownership of more than 92% of
the common stock and lease of the Salisbury & Spencer Railway Company, furnishes electric light and power, gas and
street railway service in Salisbury and Spencer. The territory served has a total population estimated at more than
130,000. Greensboro, the County seat of Guilford County,
and the largest city in the group, is on the main line of the
Southern Railway and has a population of 48,000. High
Point, which is 15 miles from Greensboro, is also on the main
2040
THE CHRONICLE
line of the Southern Railway and has a population estimated at 25,000. High point has 125 manufacturing industries and is primarily a furniture producing centre, ranking
next to Grand Rapids in point of importance in this industry. This city has also 22 textile mills equipped for the
manufacture of cotton goods, hosiery, etc., and, in addition,
various plants for miscellaneous manufacturing. Salisbury,
the County Seat of Rowan County, is 37 miles southwest of
High Point, and with its suburbs, Spencer and East Spencer,
makes up a growing community. These cities are also on
the main line of the Southern Railway, large shops and
yards of that system being located there. There are about
30 diversified industries, cotton goods being the principal
product of manufacturing. Burlington, about 21 miles from
Greensboro, on the Danville Division of the Southern Railway, has a population of about 10,000, and has well-diversified industries. The territory supplied from Burlington includes Mon College, Gibsonville, Graham, Mebane and Haw
River. All of these communities are prosperous and increasing steadily in population and in new diversified industries.
Susquehanna County Light & Power Company supplies
electric light and power to Susquehanna, Pa., and adjacent
towns. Susquehanna is located on the main line of the Brio
Railroad and the main shops of that Railroad are centred
there. This system is being connected by a transmission line
to the system of Binghamton Light, Heat & Power Co., which
connection will effect economies in operation and provide
for expansion.
During the year 1924 the outstanding securities of your
Corporation have been increased through the sale of 36,851%
shares of Cumulative Preferred Stock, Class A, and 5,000
shares of Cumulative Preferred Stock, Class B, and in addition to these of $192,000 of 7% Sinking Fund Gold Bonds,
Series A, which were in the Treasury of the Corporation.
The proceeds of this financing were used to acquire the securities of additional properties already mentioned, for the
reduction of the Funded Debt of your Corporation, and for
the purchase on a very favorable basis of additional securities of subsidiaries already controlled.
Through the deposit of funds for the payment of the TenYear Five Per Cent Gold Bonds, due January 1 1925, and
for the redemption of the Fifteen-Year Seven Per Cent Income Bonds, the Funded Debt of your Corporation was reduced to $4,424,350 at December 31 1924, as compared with
$5,520,300 at the close of 1923. The Funded Debt as of December 31 1924 was made up as follows:
51.564350 Six Per Cent Ten-Year Secured Gold Bonds, due Sept. 1 1929.
$840.000 First Lien Five Per Cent Convertible Gold Bonds, due July
1 1932.
$2.020,200 Seven Per Cent Sinking Fund Gold Bonds, Series A, due Oct. 1
1952.
The reduction of the bonded debt and the acquisition of
the controlling securities of several new properties through
the sale of preferred stocks have added very largely to the
free and unpledged assets of your Corporation. In the tabulation of Securities Owned included in this report the unpledged securities are itemized.
The sale of securities of the subsidiary companies direct
to the public continued during the year, the proceeds forming a very substantial part of the new money required for
extension to the properties. The details of the principal
sales were as follows:
Preferred Stocks:
.
e
yet iVitar Eyd1r4erCo&rrEavt
herf j n
10,701 shares
2,846 "
5.728 "
Company
Binghamton slght. Heat & PowerCo
i
l
Bonds:
Readitur Transit Company 6% Bonds
5294.900
INCREASE IN SURPLUS AND DEPRECIATION
RESERVES.
During the year ended December 31 1924 the consolidated
Surplus and Reserves increased $6,367,842, as detailed below:
Reserves
Surplus
Total
Dec. 311924.
$88.130,923
5.536.635
Dec. 311923.
$3,757,409
3,542,307
Increase.
$4,373,514
1,994.328
513,667,558
$7,299,716
$6,367,842
[VoL. 120.
A Consolidated Balance Sheet as of December 31 1924 and
Consolidated Statement of Income and Profit and Loss for
the year 1924 are herewith submitted. All accounts of subsidiary companies, as well as those of this Corporation, have
been audited as usual by Haskins & Sells, Certified Public:
Accountants, whose reports are on file at this office.
By order of the Board of Directors.
W. S. BARSTOW, President.
GENERAL GAS & ELECTRIC CORPORATION
AND SUBSIDIARY COMPANIES.
CONSOLIDATED GENERAL BALANCE SHEET DEC. 31 1924.
ASSETS.
$101,014,429 70
Property
Funds for Construction Deposited with Trustees
588.207 21
Securities Owned
445,745 10
Sinking and Other Funds
1,419,023 10
Current and Working Assets:
Cash
51,907.680 50
Notes and Accounts Receivable
2,103.004 08
Coal and Other Materials and Supplies_ _ -- 1,810,998 52
Working Funds and Miscellaneous
141.352 08
5,963,035 18
Unamortized Discount and Expense
4,566.238 09
Unamortized Adjustments of Property Accounts
544,529 38
Undistributed Debit Items
' 103,423 70
Total
$114,644,631'46
LIABILITIES.
Capital Stock:
General Gas & Electric Corporation—
Schedule A
$11,449,357 79
Subsidiary Companies—Schedule B
17.965,143 12
529.414500 91
Funded Debt:
General Gas & Electric Corporation—
Schedule A
$44,424.350 00
Subsidiary Companies—Schedule B
60.453,731 34
64.878.081 34
*Current Liabilities:
Loans Payable
$1.812.993 67
Accounts Payable
2,247.884 40
Consumers' Deposits
427.960 78
Advances by Consumersfor Extensions
282,884 06
Miscellaneous
235.525 62
5.007.248 53
Accrued Liabilities:
Taxes and Rentals
$726,955 81
Interest on Funded Debt
843,101 13
Miscellaneous
107.185 59
1,677,242 53
Reserves:
Depreciation and Contingencies
$7,377.503 44
Injuries and Damages and Uncollectible
Accounts
395.681 47
Miscellaneous
357.738 09
8.130,923 00
Profit and Loss Surplus
5.536,635 15
IkAal
$114,644,631 46
* The sale of $3,686,300 of Bonds of Subsidiary Companies issuable at
December 311924, against Construction Expenditures would substantially
reduce Current Liabilities.
CONSOLIDATED INCOME AND PROFIT AND LOSS ACCOUNTS
YEAR ENDED DEC. 31 1924.
INCOME ACCOUNT.
Operating Revenue
$18,373,851 10
Operating Expenses and Taxes
$9,011.758 66
Maintenance and Depreciation
3,517,459 96
Rentals
400,604 40
12,929,823 02
Operating Income
Other Income
$5,444,028 08
538,247 43
Total Income
Deductions From Income:
Interest on Funded Debt:
Subsidiary Companies
General Gas & Electric Corporation
Other Interest and Miscellaneous
Amortization of Discount and Expenses
55.982,275 51
Net Income
$2,638,973 82
328,844 48
160,645 06
211,871 85
3.340,335 01
$2,641,940 50
PROFIT AND LOSS ACCOUNT.
Surplus Jan. 1 1924, Including Surplus of Companies Acquired During Year
$44.256.697 22
Net Income (Transferred from Income Account)
2,641,940 50
Profit on Sale of Securities and Miscellaneous
1,052.775 21
Total_ --------------------------------------------- $7,951.412 93
Deductions:
Dividends:
Subsidiary Companies
$1,093,294 91
General Gas & Electric Corporation:
Cumulative Preferred Stock, Class A_
368.193 27
Preferred Stock, Class B
Cumulative
*476,130 75
Additional Depreciation
395,000 00
Miscellaneous
82,158 85
2,414,777 78
Surplus, December 31 1924
55,536.635 15
*Includes current and accumulated dividends. Requirement,for annual
dividend on Clams B Stock outstanding Dec. 31 1924 amounts to $122,500.
The amount charged to Operating Expenses or appropriated from Surplus
for Maintenance and Depreciation was more than 21% of Operating Revenue.
Based on properties owned or controlled at Dec. 31 1924, Consolidated
Operating Revenue would be approximately $19,500,000 and Total Income
Approximately $6,600.000.
•
CAPITAL STOOK AND FUNDED DEBT OF
GENERAL GAS & ELECTRIC CORPORATION
DECEMBER 31 1924.
As in last year's report, there is included herein [pamphlet Capital Stock:
Cumulative Preferred, Class A, Non-Par__62,650 Shares
report] a table showing distribution of the stock issues of
Cumulative Preferred, Class B, Non-Par..-17,500 Shares
your Corporation and its principal subsidiaries, together
Convertible Preferred, Non-Par
40,259 Shares
Common, Non-Par
45,274 Shares $11,449,357 79
with details of capitalization, etc.
Your Corporation closes the year with no floating debt, Funded Debt:
Seven per Cent Sinking Fund Gold Bonds, Series A, due
September 1 1952
the Loans Payable shown on the Consolidated Balance Sheet
$2,020,200 00
Six Per Cent Ten-Year Secured Gold Bonds, due Septembeing those of subsidiary companies. This indebtedness is
ber 1 1929(The General Gas & Electric Company)
1,564,150 00
Per Cent Convertible Gold Bonds, due
First Lien Five
Incurred in the routine operations of the companies and is
July 1 1932(The General Gas & Electric Company).
840,000 00
paid off from time to time by the subsequent sale of securi$44,424,350 00
ties.
APRIL 18 1925.]
TAF4 CHRONICLE
2041
The Commercial Markets and the Crops
COTTON-SUGAR
-COFFEE
-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES
-METALS
-DRY GOODS
-WOOL
-ETC.
COMMERCIAL EPITOME.
The introductory remarks formerly appearing here will now be
Found in an earlier part of the paper immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."
Friday Night, April 17 1924.
COFFEE on the spot was firmer early in the week with
No.4 Santos 244 to 25c.; No.7 Rio 20%c. Cost and freight
offers were higher. Prompt shipment Santos Bourbon 2s-3s
here were at 24%c.; 3s at 24%c., 3s-4s at 23%c. to 243ic.,
3s-5s at 23% to 24c., 4s-5s at 23 to 23.15c., 5s-6s at 22 to
22%c., 5s-7s at 21.70 to 22.35c. Part Bourbon or flat bean
2s-3s at 25c., 38-4s at 24.10 to 25c., 3s-5s at 23 to 24c., 4s-5s
%
at 22% to 23Yic., 6s at 215 c.,.3s at 19.50c. Santos peaberry 3s-4s at 233/sc., 4s-5s at 23.05c. Rio 7s at 19.55c.
Maracaibo prices were at discounts, however. That excited
comment. The quantity of Colombian coffee shipped from
the plantations to the various seaports in Colombia between
March 1 and 28 last included 85,855 bags for the first half
of March, 34,399 bags for the week ended March 21 and
36,870 for that ended March 28. Later the demand was
moderate with Santos 4s 24% to 24%c. and Rio 7s at 203/
to 20%c. Maracaibo Trujillo 22 to 23c.; fair to good Cucuta, 23% to 24%c.; Colombian Ocana, 23 to 233c.;
Bucaramanga Natural,25 to 27c.; washed, 26 to 27c.; Honda,
26 to 27c. Medellin, 27% to 283/2c. To-day on the spot
business was quiet with No. 7 Rio reported scarce and firm
at 20%c.; No. 4 Santos was quoted at 243i to 25e.
Futures advanced 25 to 40 points at one time. Statistics
came to the front gain. They infused more snap into the
market. There was a decrease in stocks afloat for the
United States to 153,000 bags, as against 390,700 bags a
year ago. The weekly movement of coffees from Brazil
was small. Rio cleared none last week to the United States,
only 15,000 bags to Europe and North Africa and 5,000
bags to the Cape, River Plate and west coast of South
America. Santos cleared only 16,000 bags to the United
States, 9,000 to Europe and North Africa, and 1,000 to
the Cape, River Plate and the west coast of South America.
That woke up the shorts. And Brazil and Europe bought.
Yet in the afternoon of the 13th inst. cables reacted 325 to
75 reis in the Rio terme prices. Santos terme prices were
150 reis higher to 300 reis net lower. The day's sales here
were 63,000 bags, including switches from May to July at
98 points net difference. On the 16th inst. prices fell 25 to
28 points on lower cables and selling attributed to Brazil
and Europe. Some of the selling was in rather large blocks
of July, September and December. The transactions were
estimated at 57,000 bags. Early Brazil cables showed Santos
terme prices some 350 to 475 reis net lower with exchange
rates unchanged, while Rio terme prices were 175 to 225
reis net lower and Exchange about unchanged. A good
deal of interest attached to cables from the Comtelburo,
Ltd., in Brazil,relayed via London, which reported that new
regulations which become effective on the Santos Boise as of
June 1 provide for minimum fluctuations of 21000 milrei
daily or 11000 on the opening call and 1$000 milreis at the
closing call. These regulations are identical with those on
the New York Coffee & Sugar Exchange, which limit the
daily fluctuations in coffee futures values to 2c. a lb. or 200
points. The Santos closing on the 16th showed a decline
of 275 reis to an advance of 50 reis with exchange 1-32d
lower and the dollar 40 reis higher. Rio closed slightly
lower with exchange off 1-32d. at 5 27-64d. and the dollar
50 reis higher. Santos advices indicated that competition
from mild coffees had a disturbing effect. Here May-July
switches were made at 105 points.
Some figure on a carryover of 9,707,074 bags, adding
that tea, cocoa and cereal coffees are being used as substitutes. The consumption of coffee,it is declared,is thereby
considerably reduced. Those who look for lower prices
think that propaganda emanating from producers is being
used to bolster up prices. Meanwhile the stock at Santos
is 2,146 poo bags, against 907,000 a year ago. It is true,
on the other hand, that Rio has only 160,000 bags, against
232poo a year ago, and that the quantity in sight for the
United States is only 592,422 bags, against 913,902 a year
ago. To-day futures declined 11 to 15 points, with trans-,
actions estimated at 48,000 bags. Lower cables caused'
selling by trade houses and local longs. Either Europe or
Brazil was believed to be selling. Closing prices show a
decline for the week of 7 points on May, 26 on July and 32
on September. Coffee prices closed as follows:
Spot (unofficial)_20;ie.I July
May---18.27@18.30c.I September
17.10c.I December
18.300.I March
15.806.
15.20c.
-Prompt raws were quiet for a time, with.English
SUGAR.
Continental and Latin-American markets closed for the
Easter holidays. Cuban early in the week was 2 13-160.
to 2%c., the latter for the second half of April. Later it
was lower. Futures were rather weaker. Wall Street
bought to some extent. Cuba apparently sold. Exchanges
from May to July were made at 18 points; May to September
at 32 to 33 points, and July to September at 15 points.
About 10% of the business early in the week was on these
switches. Prompt raws gave way later to 2 21-32c. after
sales at 2 23-32c. Refined was dull and refiners naturally
indifferent buyers of raw except at lower prices. Another
depressing factor, it was believed, was a report that a large
bank interested in Cuban sugar financing had calculated
that the present crop might reach 4,900,000 tons, judging
by the returns of 175 mills out of 183. Also labor troubles
affecting certain mills and railroads were reported to have
been settled and that the needed copious rains had fallen in
many districts. At the decline to 2 23-320., or 4.49e.
duty paid basis for Cubas on the 14th inst., fully 300,000
bags of the various kinds of raw, it is said, were taken by
refiners and trade buyers. United Kingdom markets fell
after sales of Australian eentrifugals and a cut of 6d. in prices
by English refiners. Sales of Cuba afloat had been made
to the United Kingdom on Tuesday at 13s. 6d. c. i. f., and
-May shipment had been offered at 13s.. 73td., but it
April
was doubtful if later sales could have been made at over
13s. 6d. That was paid, however, on the 15th inst. when
two cargoes of Cubas for June shipment sold to United
Kingdom at 13s. 6d. On Thursday some 25,000 bags of
Cuba now loading sold at 2 11-16c. Operators were disposed to bid 2 21-320. for late April Cuban shipment and
2 11-16c. for May. Refined was down to a new low price
of 5.70c., which, however, did not tempt the demand much.
It was pointed out that other cables from Cuba continued
to report favorable progress of the crop. Some express the
opinion that 1925 will see a larger sugar crop than in 1924
all over the world with the exception of India. It may easily
be, however, it is suggested, that cheap sugar will stimulate
consumption and in the end cause a reaction. Later in the
year it is predicted in some quarters prices under the spur
of a big consumption will advance. Though Cuban receipts
fell off 25,786 tons in the week ending April 13, a reduction
of some 25,005 tons in the volume of exports helped to increase stocks 56,624 tons. Receipts for the week were
195,150 tons, against 220,936 in the previous week, 181,894
in the same week last year and 157,096 two years ago;
exports 138,526 tons, against 163,531 in the previous week,
91,880 in the same week last year and 106,318 two years
ago; stock 916,965 tons, against 860,341 in the previous
week, 840,466 in the same week last year and 727,175 two
years ago. Centrals grinding numbered 183 against the
same number in the previous week, 162 last year and 137
two years ago. The United Kingdom's consumption in
March was estimated at 131,000 tons, against 80,000 in
March last year. Stocks in the United Kingdom are
187,000 tons against 264,000 a year ago. Cuban interests
have been buying May supposedly to cover. Europe has
bought on a scale down. There was no very aggressive
buying of futures, however. Havana cabled: "No strike
will be declared on the Cuba railroad for two weeks."
Receipts at U. S. Atlantic ports for the week ending
April 15 were 67,140 tons, against 135,559 tons in the
previous week, 62,124 in the same week last year and 66,699
two years ago; meltings for the week were 86,000 against
89,000 last week, 65,000 same week last year and 66,000
two years ago- total stock for the week was 155,228 tons,
against 174,088 last week, 160,300 last year and 200,245
'
two years ago. To-day prices were a trifle higher on futures.
The estimated transactions were 63,300 tons. Prompt
raws were quoted early at 23/sc. the lowest thus far this
year. Refined was 5.70 to 5.80c. British markets were
weaker; 1,000 tons of Cuba afloat nearby sold at 13s. 2Md.
Futures here ended 16 to 19 points lower for the week. Spot
raws show a decline of about Mc. compared with last Thursday, though late in the day it was said that an operator
bought 20,000 bags of Cuba for the second half of April
at 2 21-32c. Sugar prices closed as follows:
Spot (unoffIdal) 2 2-32c.I July_
2.86@2.87c.
'December
2.67@2.68c.I September
May
3.03c.I March
3.09c.
3.01c.
LARD was in moderate demand on the spot at lower
prices. Prime Western, 16.50 to 16.60c city lard in tierces,
16 to 10,4c.; in tubs, 163/i to 16%c. Compound carlots in
tierces, 133/ic.; refined pure Continent, 17c.; South !Amer-
THE CHRONICLE
2042
lea, 18c.; Brazil, 19c. To-day the tone was dull and weaker.
Prime Western 16.35c.; refined was unchanged. Western
stocks increased 1,404,000 for the half-month, making the
total in sight 78,660,000, against 77,256,000 April 1 and
36,861,000 April 15 last year. Futures declined with hogs
plentiful and 25 to 35c. lower early in the week, grain lower,
export trade slow and cash demand generally unstaisfactory.
Meats were steadier than lard. Later prices advanced 15
to 20 points on lard and 5 to 15 points on meats. In Liverpool lard fell 6d. to 9d. on the 14th inst. There was some
selling by smaller packers but late Eastern buying sent prices
upward. A later decline was due to lower cable. a decline
in grain and dullness of cash markets for the home trade and
export. This offset bullish conditions in hogs. Stocks are
large and tend to accumulate with an absence of a good foreign outlet and satisfactory home demand. To-day futures
dechned 5 to 7 points, closing 40 to 45 points lower than a
week ago. Closing prices were as follows:
DAILY CLOSING PRICES
Sat.
May delivery
cts..15.95
July delivery
16.22
September delivery16.55
OF LARD FUTURES
Mon. Tues.
Wed.
15.75
15.72
15.90
16.02
16.02
16.20
16.35
16.50
16.30
IN CHICAGO.
Fri.
Thurs.
15.50
15.57
15.90
15.85
16.15
16.20
PORK quiet; mess, $41 50, nominal; family, $38 to $41;
fat back pork, $37 to $43. Beef, firm; mess, $19 to $20;
packet, $19 to $20; family, $22 to $24; eittra India mess,
$35 to $36; No. 1 canned corned beef,$2 75; No.2,6 pounds,
$17 50; pickled tongues, $55 to $65, nominal. Cut meats
/
steady; pickled hams, 10 to 24 pounds, 213 to 2330.;
%
pickled bellies, 6 to 12 lbs., 233/i to 24c. Butter, creamery,
lower grades to high scoring 37 to 45c. Cheese, flats, 22%
to 263'c. Eggs, fresh gathered mediums to extras, 283/2
to 330.
OILS.
-Linseed was in rather better demand and steady.
Though the inquiry for nearby delivery has been more active
but actual demand is small. Paint and varnish manufacturers show a little more interest. It was rumored that
large crushers sold 6 carlots for Oct.
-Nov.
-Dec. delivery
at 96c. late last week. Another report was that $1 04 for
July-Sept. could be done, but this was given little credence.
Stocks of oil are small. Delivery on contracts is good.
Spot to August carlots coo-perage basis was quoted at $1 06.
Cocoanut oil, Ceylon bbls., 10 to 103.(c; Cochin, 11%c.;
Edible, corn, 100 bbl. lots, 133'c.; olive, $1 20 to $1 25;
soya bean, crude, tanks, 11%
lc. Lard, prime, 193c.;
extra strained, winter, New York, 18%c. Cod, domestic,
61 to 63c. Newfoundland, 63 to 65c. Spirits of turpentine, 93 to 96c. Rosin, $7 95 to $10 60. Cottonseed oil
sales to-day including switches„ 26,200 P. Crude S. E.,
10 to 103'c. Prices closed as follows:
Spot
April
May
•
11.50011.521September.11.99112.f0
11.0011.40'June
11.68011.69 October ___11.81 11.82
11.10 11.35 July
11.19@11.20 August--11.85011.88 November_10.90 11.10
-Gasoline early in the week was firiaer
PETROLEUM.
on an increased consumption over the week-end. With
continued good weather, much firmer prices are looked
for. U. S. Motor in tank cars at local refineries was quoted
at 123. to 13c., and for tank cars delivered to the trade
13% to 140. was asked. Although the export demand of
late has improved somewhat, it is still below expectations.
The Mid-Continent gasoline market was also firmer. On
the 15th inst. U. S. Motor was advanced % to 103'c. The
Standard Oil Co. of New Jersey it is reported wants about
/
2,000 tank cars at 93 0. Kerosene was quiet and easier,
with water-white offered at 7 to 73.c. at local refineries and
tank cars delivered to trade at 8 to 83.c. Bunker and gas
oil have been quiet. Leading refiners quote $1 80 for grade
C bunker oil. Paraffine waxes were steadier on a better
European inquiry. South America is inquiring more freely.
There was a fair export inquiry for Pennsylvania lubricants.
especially from France. Pennsylvania 600 s. r. in barrels,
New York was quoted at 26c. to 27c. The Gulf Refining
Co. reduced gasoline lc. The Standard Oil Co. of La. cut
Smackover crude 20c. a barrel owing to a heavy ncrease
in output. According to the "Oil & Gas Journal" of Tulsa,
the domestic crude production during the week averaged
2,011,375 barrels daily. This is the first time in many
months that the 2,000,000 mark has been topped. Below
25 deg. Smackover is 80c.; 25-25.9, $1 10; 26-26.9, $1 20.
At Huron, So. Dak., on the 13th inst. gasoline at service
stations ws cut to 20c. a gallon. The reduction ranges
from 3c. by independent stations to 5c. by the Standard
Oil stations. Gulf coastal crude was cut 25c. by the Humble
Oil Co. on the 14th inst. This reduction was met by the
Gulf Pipe Line Co. and the Texsa Pipe Line Co. Gasoline
was cut lc. a gallon in Houston on the 16th inst. by the
Humble Oil & Refining Co. Pittsburgh wired to-day:
Reductions ranging from 15 to 40c. a barrel in the price of principal
grades of crude oil were announced by purchasing agents to-day. The
new prices are Pennsylvania grade in New York transit lines, 33 40; in
national transit lines, $3 30; in Southwest Pennsylvania lines, $3 30; in
Eureka lines. $3 25: in Buckeye lines, $3 15. Gaines grade in national
transit lines, $3 15. Cabel grade in Eureka lines, $2 05. Somerset
medium in Cumberland lines. $2 15. Somerset light in Cumberland lines.
$2 30. Corning grade In Buckeye lines and Ragland grade in Cumberland
lines remained unchanged.
[vol.. 120.
Pennsylvania
$2.02
33.40 Bradford
$3.65 Illinois
Corning
1.70
2.10 Corsicana.light_ _ 2.00 Crichton
Cabell
1.55
2.05 Lima
2.23 Plymouth
Somerset. light
2.00
2.03 Mexia
2.30 Indiana
Wyoming
2.00 Princeton
2.02 Calif., 35 & above_ 1.85
Smackover.28 deg. 1.30 Canadian
1.75
2.63 Gulf, coastal
2.00 Richland
Powell_
2.00
2.00 wortham
Buckeye
3 15
3.15 Eureka
Oklahoma. Kansas and Texas
Mid-Continent
Under 28 Ma,00lla
$1.00
Below 30 deg
$1.35
31-32.9
1.55
1.55
30-32.9
39 and above
2.25
33-35.9
1.80
Below 30 Texas Co
36 and above
2.00
1.35
33-35.9
1.80 Caddo
42 and above
1.70
Below 32 deg
2.35
1.85
32-34.9
38 and above
2.05
RUBBER was firmer early in the week in response to
higher London cables. In London on the 14th inst. spot
advanced %d. to 21%d. on a further reduction in the stock
there to 15,489 tons, against 16,517 in the previous week,
20,534 in the same week last month and 55,274 last year.
Singapore was also higher on the 14th, advancing %d. to
213d. for spot and %d. on May-June to 203d. Here
there were plenty of offerings of distant deliveries, but very
little demand. Nearby deliveries are wanted, but it is
difficult to find sellers. On the 14th inst. 45c. was asked for
spot and 443 c.for May,but buyers'ideas are slightly below
%
this. On the 15th inst. London reported quiet and easy
markets and prices here fell to 443 to 443c. for April
ribbed smoked sheets, 44 to 4434c. for May and 433/ to
43%c. for June. Trade was dull, however. Late in the
week the market was firmer. Smoked ribbed sheets, April,
443 to 449.c.• May, 44 to 443c.; June, 433. to 43%c.;
July, 433. to 433'c.• July-September, 423 to 43c.; OctoberDecember,41% to 42.- London on the 16th inst. was up %d.
Spot at London was 219/i to 213.d.• May-June, 2134 to
21%d.; July-September, 209/i to 209(1.; October-December,
199/8d. to 193 d. The c.i.f. market was firm. April-May,
4
219.d.; May-June, 219'd.; buyers c.i.f. New York, direct
shipment from Singapore. Singapore on the 16th inst.
ended Xid lower on distant months, though firmer than it
opened. Spot, 21%d.; May-June, 203/2d.; July-September,
19d.; October-December, 189/8d.
HIDES have been quiet and about steady. The River
Plate market for frigorifico hides was quiet. A sale was
reported of 5,000 B. A. city extremes at 169/sc. Other
offerings were reported at 16c. Common dry hides were
quiet and unchanged. Orinocos were quoted at 22c.;
Maracaibos at 21c.; Porto Cabellos at 213/c. City packer
2
hides were slow. The trade was awaiting prices for April
hides. Country hides were hard to sell. Packer hides were
also quiet. Native steers, 14%c.• City spreads, 153c.;
butt brands, 14c.• Colorados, 133'c.; cows, native, 11c.;
bulls, native, 104c. At Chicago about 5,000 more big
packer branded steers were sold at steady levels. One packer
sold his straight March holdings of heavy native steers at
143jc., the price paid at one time for March and April
together. Another packer sold Fort Worth branded bulls
at 10c. Holders are closely sold up on current production.
Some independent packers were offering April at 14c. for
all-weight native cows and steers. Tanners were unwilling
to pay it. Calfskins were very unsettled. Bids and asking
prices were far apart. Tanners thought that for packer
calfskins the last sale price of 20c. was enough; packers want
2 to 3c. more. City collectors quoted 20c. for first salted
Chicago city calfskins, with tanners bidding 18c. Tanners
wanted packer kipskins at 16o. but 18c. was asked. Northern
quality country hides were steady with best extreme weights
14c., and ordinary 25-50 lbs. weights, 13c. Fairly good
quality buffweights sold at 113'c., with some asking 12c.
Badly grubby were 11c. All weight country stocks were
steady at 113'c. selected, delivered. Sales were made of
all weight all-grubby country stocks at. 10c. flat. Chicago
freight basis. For Venezuelan dry hides bids are Mc. under
last sales. Maracaibos are held at 203 c. Of River Plate
,
frigorifico hides 8,000 Swift La Platas 24 kilos sold, it is
stated, at $42.
OCEAN FREIGHTS were quiet and lower in some cases;
13c. was accepted for the Atlantic range to Antwerp or
Hamburg. That of itself was suggestive of the plentifulness of tonnage and the slowness of the demand partly ascribable to the holidays. With the lessened activity of late
prices declined. Later grain tonnage was in better demand.
Charters included coal from Hampton Roads to Rio. $4, first
clean oil from Datum to Alexandria, 15s., June; grain, 41,000half May;
quarters.
from Boston-Portland to one port Antwerp-Hamburg range, 13c.. snot:
from Montreal to Mediterranean. 1834c., 19c. 191ic., one or two or three
ports, with Antwerp-Rotterdam option, at 14c., May 10-25; lumber tie.;
from North Pacific to United Kingdom, 60s.,April-May; grain from Gulf
to Bordeaux-Hamburg range,15 to 153c. May 1-20; 28,000 quarters
from Montreal to Antwerp. Rotterdam or'
Hamburg 1435c., Part
guaranteed, May 5-20; sugar from Cuba to Havre-H;emburg,
May,
may;
from Cuba to Marseilles. 22s. 9d., May* case oil from New York to River
,
Plate, 23c., May; clean oil from North Atlantic to French Atlantic. 308.
'
May; grain from Montreal to Antwerp-Rotterdam. 2s. 1035d.. option
Bordeaux-Hamburg range, 3s., option two ports 134d. more, May 1-15:
from Montreal to Antwerp, Rotterdam. Hamburg, Bremen, 1434c., guar
anteed one-third barley and (or) oats, with option up to two-thirds at 134c.
and 2;ic. more, respectively, first half May: coal from Hampton Roads
to Montevideo or La Plata, 4, May;sugar from Cuba to United KingdomContinent, 16s. 6d.. May . Havana cabled that sugar freights north
co St Cuba-United States ports north of Hatteras continue dull and with
downward tendency. Business has been reported closed at 131.0. for
immediate loading. Coal freights Hampton Roads
-North side Cuba,
600 tons discharge, are 31 40, but might be eased as sugar tonnage Is dull.
New York refined export prices: Gasoline, cases, cargo
lots, U. S. Navy specifications, deodorized, 29.15c.; bulk,
15.00c.; export naphtha, cargo lots, 17.75c.; 62-63 deg. H.,
COAL has been in rather better demand. The situation
19.00c.; 66-68 deg., 20.50c. Kerosene, cargo lots, cases,
16.90c. Petroleum, refined, tanks, wagon to store, 13c.; on the Eastern Seaboard has in the last few days improved at
motor gasoline, garages (steel bbls.), 20c.; single tank cars, least to the extent that shipments from the mines to tidewater have fallen off. The Central West is buying more
delivered, New York, 139c.
APRIL 18 1925.]
Tim CHRONICLE
freely now that Lake navigation has been resumed. In
the main bituminous trade is quiet. New England takes
little. Anthracite, however, sells more readily, especially
stove size. Hampton Roads reported for April 15 a total of
205,300 tons standing, with vessels waiting for 28,200 tons.
Dumpings on the previous day aggregated 52,100 tons, and
151,200 were in transit. A call for a general strike of coal
miners in the four Panhandle counties of West Virginia was
issued on April 16 by officers of the Ohio district organization of the United Mine Workers. An exception was made
in the strike calls in the mines of the Windsor Power House
Coal Co. and Hitchman Coal Co., where injunctions are in
force.
TOBACCO has been in only moderate demand at best
and in general has been quiet. In short, the buying from
hand to mouth continues, as is the case in so many other
branches of trade. Prices are called steady enough, but
whether they are being really tested one way or the other
in so narrow a market is merely a matter of conjecture. It
is apparent, however, that the consumption continues on
a liberal scale.
. COPPER was quiet and easier. A drop in London on the
14th inst. caused an easier feeling here. Producers continued
%
to quote 135 c., but the price was really more like 133c.
Output of copper in United States mines in March amounted
to 75,383 short tons, against 68,789 in February and 74,358
in January, making a total for the first quarter of this year
of 218,530 tons. The daily rate of production of primary
copper for the United States during March was 2,432 tons,
against 2,457 in February and 2,398 in January. Later on
producers openly quoted 13%c. delivered in Valley. For
export, 13.40c. f. a. s. was bid. On the 15th inst. London
dropped 10s. Late in the week prices both here and in
London declined. Prices abroad were off 5s. to 10s..per ton
and the price here was considered 13%e. delivered in Connecticut. For export 13.32%e. f.a.s. was bid. Copper
output of the world for March was estimated by the American Bureau of Metal Statistics at 141,100 short tons, against
128,600 tons in February and 135,100 in January.
TIN early in the week advanced to 5038p. for Straits, but
/
on the 14th inst. fell to 50c. on a decline in London prices.
Later in the week London sent higher cables and the market
here advanced to 503'2c. Trading was quiet at the higher
prices. Of late sales in London and the Far East have
been below normal.
LEAD, like most other metals, has been quiet and easier.
London of late has been lower. The leading refiner continued to quote 84c., but lead was available in the outside
market, it was said, at 8c. New York. At East St. Louis
the price was 7.70c. There was a pretty good demand at
the low prices. Lead ore was reduced $5 a ton to $95. Late
in the week the American Smelting & Refining Co. cut the
price of lead $5 a ton to 8c. New York. In the outside
market the price went.to 7.60c. East St. Louis. Production
in March was estimated at 70,702 short tons of crude lead,
68,562 tons of refined, and 1,763 tons of antimony lead.
as against 60,864 tons, 56,272 and 1,152 tons, respectively,
in February, and 63,368, 62,627 and 1,152, respectively,
in January. Stocks of refined lead in hands of American
and Mexican producers April 1 were 19,622 short tons
against 17,288 tons on March 1 and 20,565 on Feb. 1. Lead
above ground to hands of American and Mexican producers
March 1 was 105,812 tons, against 100,925 on Feb. 1 and
87,097 Jan. 1 1925.
ZINC again touched 7c. East St. Louis the low price
of the year. Demand was small. London
was lower.
The price of ore was $50.
STEEL.
-Though there have been some good-sized sales,
trade in general has fallen off with a falling output. Prices
have weakened. Steel jobbers reduced sheets $3 a ton to
4.60e. a lb. for black and 5.60e. for galvanized, effective
immediately. The output has been reduced somewhat in
the Pittsburgh and Youngstown districts. That of the
U. S. Steel Corp. taking the country over, is a little short
of 90%. Prices have been depressed by dullness of trade in
malty directions and also by a decline in quotations for iron
ere, pig iron, coke and scrap. The sales of structural material were important and the railroads bought cars to some
extent. It was stated that the U.S. Steel Corp. in 48 hours
received orders for 90,000 tons for railroad and structural
purposes, exclusive of orders received for wire, plates and
other products. It was reported that orders for structural
steel received by the American Bridge Co. aggregated 40,600
tons. These included a contract for 18,000 tons of steel
for the new power station of the New York Edison Co. at
the foot of 14th St., an order for 17,000 tons for the Stevens
Hotel in Chicago, 4,600 tons for subway work on Central
Park West and several smaller contracts. In addition, the
Illinois Steel Co. and the Tennessee Coal, Iron & RR. Co.
received orders for 46,500 tons of steel to be used in the manufacture of freight and other cars for the Southern Pacific
and Atlantic Coast Line. The Bethlehem Steel Corp. also
received an order for 3,000 tons of steel for tank cars for
the Southern Pacific. The March output of steel in Great
Britain was 685,000 tons, against 817,000 a year ago.
PIG IRON has been only in moderate demand at best
and weaker. Last week New York is said to have sold
10 000 tons, showing some increase over the total of the
previous week. But admittedly new demand has been as
2043
a rule small. The Chicago district quoted, it is said,
nothing under $23 at furnace. Eastern Pennsylvania says
$23 is the lowest. Buffalo iron, $20 base. Later it was
announced that prices were 50 cents lower in Pittsburgh,
Cleveland, Buffalo and St. Louis, without causing much
increase in business, although there is a certain amount of
inquiry for moderate sized tonnages from New England,
notably Massachusetts and Rhode Island. Foreign iron
was reported lower in New England. East Indian sold, it
is said, at as low as $23 on the dock, duty paid. Prices of
foreign iron have naturally been affected by the depression
in American iron. It is said that at Providence, R. I.,
there is a stock of some 9,000 tons of Dutch iron on the docks.
The March pig iron output in Great Britain was 608,000
tons, against 669,000 in March 1921.
WOOL has been dull, irregular and depressed. Impoitations have been large and in some cases, it is said, pressed
for sale. The West balks at the prices offered. Australian
prices weakened. Wyoming % blood estimated to shrink
63% has been offered, it seems, at 45c., grease basis, which
would mean about $1 22 clean. Bradford trade was dull
and as a new thing Boston was again selling wool to Great
Britain. That looked significant. American importers, it
also appears, have been cancelling purchases made months
ago. Crossbreds seemed to be tending downward in Bradford. Many expect lower prices at the next London sales.
A collapse in River Plate prices has arrested attention. Of
South African wool stocks in London have been reduced from
70,000 bales to 40,000, mostly because of Continental buying.
The temporary expedient ot releasing wool, subject to the
weighing of only 10% of the invoice quantity, was discontinued and full weights are now the rule as usual. New
York prices were as follows:
Ohio and Pennsylvania fine delaine, 56 to 57c.; 14 blood, 55 to 56c.;
f4 blood, 55 to 56c.: 3i blood, 55 to 56c.: Territory clean basis, fine staple,
,
$1 45 to Si 48: fine medium French combing, $1 35 to 51 40; fine medium
clothing. 51 25 to Si 30; 34 blood staple, Si 25 to Si 28; Texas clean basis
fine 12 months, Si 45 to Si 47; 10 months. Si 35 to Si 40; pulled scoured
basis A super, Si 27 to Si 30; B, 51 10 to Si 12; C. 85 to 88c.: domestic
mohair, best combing, 80 to 85c.; Australian. clean basis in bond, 64-705
combing, Si 30 to 51 35: 64-70s carding, Si 22 to 51 25: 58-60s, 51 05 to
Si 10: 56s. 92 to 95c.: 50s. 82 to 85c.; New Zealand, grease basis in bond.
56-58s super, 57 to 59c.: 50-56s, 50 to 52c.; 48-50s, 47 to 49c.; 46-48s, 45 to
47c.; 44-46s, 44 to 46c.: Buenos Aires, grease basis in bond, III. (46-48s).
45 to 47c.: IV. (44s), 40 to 43c.: V. Lincoln (40s), 38 to 40c.•,_ Montevideo.
grease basis in bond. 58-60s. 60 to 62c.: I. (56s), 56 to 58c.; n.(50s). 50 to
54c.; III. (46-48s), 46 to 48c. Cape, clean basis in bond, best combings,
Si 22 to Si 25; average longs. Si 16 to Si 20; best shorts. 95 to 51 00.
Foreign carpet wools, Orfa, Aleppo, Damascus, 42 to 43c.: Awassi, K.aradb
washed, 40 to 42c.: Kandahar white, 32 to 36c.: Khorassan, 38 to 40c.
China combing, Hsialag, No. 1, 32 to 33c.: Hsining ass'nft, 80-20%. 30
to 32c.: willowed, open ball, 30 to 31c.; willowed No. 1 ball. 45 to 46c.
willowed No.2 ball,30 to 31c.
The rail and water shipments of wool from Boston from
Jan. 1 1925 to Apr. 9 1925, inclusive, were 47,435,000 lbs.,
against 58,586,000 lbs. for the same period last year. The
receipts from Jan. 1 1925 to Apr. 9 1925, inclusive, were
93,995,800 lbs., against 102,273,300 lbs. for the same period
last year. A strike in Boston of dock house laborers on April
10 tied up delivery of 20,000 bales of wool. The workers
wanted 50 cents an hour instead of 42.8 cents.
COTTON.
Friday Night, April 17 1925.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
74,512 bales, against 84,105 bales last week and 109,150
bales the previous week, making the total receipts since the
1st of August 1924, 8,653,739 bales, against 6,101,134 bales
for the same period of 1923-24, showing an increase since
Aug. 1 1924 of 2,552,605 bales.
Receipts atGalveston
Houston
New Orleans
Mobile
Savannah
Charleston
Wilmington
Norfolk
Boston
Baltimore
Totals this week_
Sat.
3,330
2,600
2,014
357
1.019
524
893
10.7:17
Mon.
3,122
3,030
300
1,521
15
1.565
453
384
10500
Tues.
Wed. Thurs.
3.663 1,040
9,915 10,804
1,955 4,102
709
145
1.261
546
762
416
129
422
1,566
592
97
40
2f1nn7
ist iew
2,699
1,155
385
1,634
253
28
600
A
7RA
Fri.
Total.
1,181 15,035
2,779 26.098
1,464 13,720
42 1,938
881 6,862
291 2,261
131 2,275
440 4,544
9
530
1.249 1,249
e AR7 74 c19
The following table shows the week's total receipts, the
total since Aug. 1 1924 and stocks to-night compared with
last year.
Receipts to
April 17.
1924-25.
1923-24.
This Since Aug This Since Aug
Week. 1 1924. Week. 1 1923.
Galveston
15,035 3,532,566 16,334 2,739,681
Texas City
62,126
__18,606
Houston
26.098 1,677,051 15,492 1,015,922
Port Arthur, &c_
New Orleans
13,720 1.802,582 22,805 1,160,555
Gulfport
Mobile
1,938 144,810 1,157
53,127
Pensacola
10.493
11,227
Jacksonville
3,242
- -3,875
Savannah
6.862 601.061 4.432 353.197
Brunswick
559
--880
Charleston
2,261 239,315 1,074
176.106
Georgetown
Wilmington
2,278 132,226 1,924 116,304
Norfolk
4,544 360.650 3,006 384,117
N'port News, &cNew York
22.176
- -8,818
Boston
530
35.077 1,1576
33,413
Baltimore
1.249
28,780
245
23,982
Philadelphia
1.045
90
1,324
Totals
74,512 8,653,739 69,435 6,101.134
Stocl.
1925.
1924.
243,629
1,209
128,543
41
210,036
154.000
3,330
6,231
606
35,973
130
16,922
2,533
40,825
37
23,230
32,231
68.653
8,699
59,437
180.262
1.665
1,324
3,169
130,111
5,365
1,931
3,982
799.139
564,965
THE CHRONICLE
2044
In order that comparison may be made with other years
we give below the totals at leading ports for six seasons:
1924-25. 1923-24. 1922-23. 1921-22. 1920-21. 1919-20.
Receipts at-
24,048
1,503
24.927
1,288
15.816
1,000
25,458
2.160
3,508
49,529
10,640
17,465
1.312
10,886
28.080
1,228
22,608
4.819
12,811
1,900
6.929
951
5,371
Galveston_ ..._ _
Houston,__ __
New Orleans_
Mobile
Savannah.,.._ Brunswick
Charleston___
Wilmington __
Norfolk
N'port N., Ste
All others_ - _ _
15,035
26,098
13,720
1,938
6,862
16,334
15,492
22.805
1,157
4,432
2.261
2,275
,
4,54!.
1,974
1,924
3,006
1,779
2,311
3.431
17,302
1,682
1,140
5,166
67
1,916
Total this wk_
74,512
69,435
34,681
101.999
99,803
6,098
9,832
7,429
200
5,298
150
1,004
79
1,160
3,816
103,524
Since Aug. 1_ _ 8,653,739 6,101.134 5,330,211 4,972.753 5.106,973 6.242.717
The exports for the week ending this evening reach a
total of 148,674 bales, of which 57,517 were to Great Britain,
17,653 to France, 25,706 to Germany, 28,420 to Italy,
4,324 to Japan and China and 15,054 to other destinations.
In the corresponding week last year total exports were
76,096 bales. For the season to date aggregate exports have
been 7,160,699 bales, against 4,702,769 bales in the same
period of the previous season.
Below are the exports for the week:
Exported to
Week Ended
Japan •
GerGreat
Apr.17 1925.
Exports from
- Britain. France. many. Italy. Russia. Chiro. Ove..
6,861
9,915
12.365
4.1369
87
3,931
5.100
9,800
2,732
1,336
121
600
Galveston
Houston
New Orleans..._
Mobile
Pensacola
Savannah
Charleston
Wilmington
Norfolk
New York
Boston
Philadelphia
San Francisco
8,109
9,279
6,640 6.300
6,434 5,951
9,134 12,838
.
---2;iii
266
1;aio 3;iai
824
:KO
33,823
5,197 36,776
2,397 36,734
4,669
87
"i:56 7,081
7,278
9.800
200 2,932
1,197 8,273
121
600
SOO
57.517 17,653 25,700 28,420
Total 1924
Total 1923
4,324 15,054 148,674
13,481 17,072 21,719 1,439
2,250 14,571 16,142 20.240
Total
1,600 20,785 76,096
4.140 7,105 64,448
Exported toFrom
Anvil 1924
GerJapan&
WAyr.171925 Great
Exportsfrom- Britain. France. many. Italy. Mosta. China. Other.
Galveston__
Houston__
Texas City__
New Orleans
Mobile
Jacksonville_
Pensacola....
Savannah
Charleston
.
Wilmington
Norfolk
New York
Boston
Baltimore__
Philadelphia
Los Angeles_
San Diego
SanFrancisco
Seattle
Total
Total.
Total.
723,591 389,055 548,718 243,624 22,250 327,072 382,283 2,636.593
38.631
521,853 310,579 400,060 137,456 36,500 41
---- ----- ----------- 18,794
---8,034
_ __
8,760
457,288 73:785 108,035 151.774 68:086 123:039 103.221 1,175,228
75,907
--------1,518
315
500 33,757
39,817
1,338
1.278
--------------------60
8,929
325
590 1,145--- ._-6,869
-- 24:600 10,326 437,868
183,281 8,331 205,410 5:920
---- 28,900 11,814 198,221
216 67,979--89,312
-----------85,855
____ 36,639 16:350
32.866
1
000 2250 2 0,116
-------4,
435 95,408
108,023
____ 15,173 57,620 390,203
142,690 35.276 95,206 44,238
9,880
--------4,391
100
120
5,269
368
5,738
iiii
___
216
Li)
114
4,729
508 54,835
------------15,424
37,605 1,300
23,811
____
23,211
----------------600
____ 111,957
111,957
78.427
152
78,275
2,386,442 820,331 1690045 599.827 126,838 823,871 712,447 7,160,699
Tot. 1923-24 1,511,201 632,642 1051078 440,164 26,907 538,983 501,794 4,702,769
290 523.900 517.986 4.030.522
Tot. 1922-23 1.227.260 553.298 788.487 419.301
-It has never been our practice to Include In the
NOTE.-Exporis to Canada.
Canada, the reason being that virtua ly all the
Above table exports of cotton o
cotton destined to the Dominion comes overland and It is Impossible to get returns
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 numerous 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 21.242 bales. In the corresponding month of the preceding season the exports
were 12,664 bales. For the eight months ending Mar. 31 1925 there were 153,775
bales exported,as against 116.954 bales for the corresponding six months of 1923-24.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
On Shipboard, Not Cleared for
Ger- 'Other CoastGreed
- Britain. France. many. Cont'nt. wise.
Aprtl 17 at
Total.
Leaving
Stock.
866
-
-8;515 10;666
198.329
180.547
32.773
16.599
811
68,653
210,596
16,790 15,571 21,442 28,864
Total 1925
Total 1924- 19,329 4.277 15,162 30.605
Total 1923.. 6,560 4.080 10,245 14.296
•Estimated.
8.164 90,831
6.325 75,698
7.692 42.873
708.308
489,267
448,279
10.300
Galveston
New Orleans... 1,265
Savannah
_
Charleston
1,225
Mobile
Norfolk
4.006
Other ports
5.300
8.521
"iLo
8.000 14,700
6.442 13,189
3,000
----475
----
f000 4;666
7,000 45.300
72 29,489
200 3.200
323
323
69 2,519
Speculation in cotton for future delivery has been quiet
and irregular in the main, but was active and higher on
Wednesday. The weekly Government report on conditions
in Texas issued on that day woke up the shorts. Big operators in Texas, uptown and on the floor, covered freely in
October. There was also some buying of July, partly by
those who sold out May on the approach of the date for the
notices. They will appear on the 28th inst. The buying of
July in connection with the selling out of May took the edge
off the May liquidation, not to speak of the drought in
Texas. That was indeed the most conspicuous feature. The
weekly report said that rains had been of benefit in the extreme southern part of Texas and also in the northeastern
section. But there was a sting in it. It added that progress
[Vox.. 120.
and conditions elsewhere in the State was mostly poor.
Planting was backward over most of Texas on account of
the drought. This is becoming serious. The average rainfall in March in Texas turns out to have been only .63 of an
inch, compared with 2.31 in March last year and a normal of
2.09 inches. The last six months have shown a marked
deficiency in rainfall. In that period the average for
Texas has been only 5.64 inches, as against a normal for
such period of 12.95 inches and an actual rainfall during the
same months last season of no less than 19.88 inches. As the
case now stands western Texas in particular and also northwestern Oklahoma needs a good deal of rain. Of course,
Texas is the state that bulks the largest. Texas and Oklahoma together raised nearly half the last crop. In part8 of
Arkansas, moreover, it is too dry. South Carolina, according to the official weekly weather report, complains of hot
dry weather and slowness of germination. Meanwhile spot
markets were strong. That fact was emphasized. It had not
a little to do with the advance on Wednesday of 40 to 47
points. The basis was reported strong all over the South.
Nobody pretended that there was any great demand for the
lower grades of cotton. But the higher grades were wanted
and were hard to buy. Holders of such cotton pay little attention to the variations in futures, especially to any decline.
And here in New York, out of some 55,000 bales reinspected
by the Government officials only a little over 1% was
found to be less than 7 of an inch in staple. This is an
,fi
ironical commentary on some of the inimical comments
made upon the staple of the New York stock. About 331-3%
of the stock here of 166,000 bales has been reinspected by
Washington officials and a negligible quantity has been
found to be below TA of an inch. That is the unvarnished
fact. Of course, it is a little surprising that the New York
stock does not meet with a readier sale. That may come
later.
Stocks of cotton on March 31 in consuming establishments
were 1,644,793 bales of lint and 157,872 of linters, against
1,546,216 of lint and 149,292 of linters on Feb. 28 this year
and 1,503,852 of lint and 126,332 of linters on March 31 last
year. But in public storage and at compresses there were
only 2,237,115 bales of lint and 62,256 of linters, compared
with 3,075,140 of lint and 69,661 of linters on Feb. 28 this
year and 2,095,532 of lint and 88,339 of linters on March 31
last year. The consumption in the United States in March
was 582,674 bales of lint and 58,845 of linters, against 550.132 of lint and 50,598 of linters in February this year and
485,840 of lineand 41,197 of linters in March last year. The
March consumption of lint cotton had been estimated at 590,000 to 607,000. But meanwhile the export movement continues on a liberal scale. It has now reached a total of some
2,400,000 bales larger than up to this time last year. Meanwhile Liverpool and the Continent have been buying the
new crop months here. The Continent has bought the same
months in Liverpool. Its buying there with trade calling
has at times largely offset some selling there by London
and Manchester. The exports of British cotton goods in
March, it is stated, were some 17% larger on cloths and 25%
larger on yarns than during the same month last year.
Japan, Italy, Germany and France are all said to be doing
a good business in textiles. Japan is pushing ahead in the
textile business. Also, yen exchange has risen of late to
42.12c. or more, an advance within a week of 50 points, and
the par, by the way, is 49.8c., a figure not so far, of course,
from the present price as it was during the period of Japan's
trade depression.
On the other hand, cotton goods were undoubtedly quiet
in Worth Street, Fall River and Manchester. Actual sales
of spot cotton at the South were small. That was also the
case in Liverpool. Manchester's trade at the present time
Is slow and has been for some little time. It still suffers
from Continental competition in the Far East. Speculation,
too, in cotton here has still been for the most part slow.
Now and then there is a flurry. Then it does down. The
speculative public for the most part still has its eyes on
stocks and grain. And of course there is still time to relieve
the Texas drought. The quicker the better, but there is still
time. And the outlook in the eastern belt is in the main
favorable. That is generally conceded. South Carolina, it
is true, complained of hot dry weather and poor growth. But
this may be only temporary. Mill shares in New England
and at the South have recently declined. The Pepperill mills
and some in Georgia, it is stated, will reduce working time
to four days a week. North Carolina is said to be quiet by
curtailing. And the West, Wall Street and the South have
been selling here. Texas is still bearish on the outlook.
Liverpool reports spinners apathetic and the South Selling
there. English prices have been depressed at times by a
sharp break in Egyptian cotton. There has been more or
less Southern hedge selling here. The near months have
shown weakness, fearing May liquidation. After all, existing stocks are of goodly size at home and abroad. There is
a general expectation of an increase in the acreage of something like 5%. Some put the total at roughly 42,000,000
acres. Such an estimate at this time is, of course, purely
tentative. But fertilizer sales show a marked increase. If
Texas should get timely rains a good crop is still possible.
And on Thursday prices declined 20 to 30 points, with a
covered
less urgent demand from shorts, many of whom had
making
/
on Wednesday, and a break of 214 to 6V4c. in wheat
APRIL 18 1925.]
TFEF, CHRONICLE
some 42 to 16c. in two days, the latter on May. Also, the
/
1
tendency of some other commodities like iron, steel, copper,
tin and other metals, as well as sugar and, at times of late,
coffee, was downward. If Texas crop prospects seemed
rather dark the outlook in the eastern belt was considered
very bright. And there is always the chance of Texas getting rains, which may go far to remedy the prolonged drought
or perhaps entirely remove its effects. Moreover, cotton
goods were quiet in New York, Fall River and Manchester.
Some Georgia and Carolina mills, it was said, were curtailing. There were reports that cotton was being pressed for
sale in Havre with little demand. Spot prices gave way in
• this country. Wall Street renewed its selling and also, to
all appearances, the Southwest. Many predict a noteworthy
increase in the acreage in the eastern belt. And with timely
rains an increase west of the Mississippi River also. Liverpool and the trade, as well as scattered shorts, bought to
some extent and in some directions the market is supposed
to be rather heavily short.
To-day prices advanced some 60 to 65 points, owing,
largely, to dry hot weather in Texas and heavy covering of
shorts by Wall Street, uptown, Texas and other interests.
Largely the buying for short account was supposed, rightly
or wrongly, to be for prominent interests in the financial
quarter. it was 100 to 101 degrees in parts of northwestern
Texas and 100 in some sections of the southwestern part of
that State. These are remarkable temperatures for this
time of the year. They sound more like what might be expected in July or August. Coming on top of a prolonged
drought they had a decided effect. They tend, of course, to
dry out the soil after recent partial relief in some parts of
Texas. Moreover, French francs advanced at one time today 92 points. French politics had a more settled appear/
1
ance. Liverpool stressed this point. Spot markets were
up 50 points or more. The higher grades are as hard as ever
to buy. It is said that some of the prominent spot concerns
in Texas are advising foreign customers to buy at this time
and take no further risks in the matter of Texas drought.
Moreover, exports were liberal. The weekly statistics
showed some decrease in spinners' taking and also a smaller
decrease in world's stocks, but in the main they were regarded
as bullish. The excess of stocks over last year at big Southern markets is steadily dwindling. It is now much smaller
than it was at one time this season. Finally, securities ad
vanced noticeably and wheat rose 22 to 74c., with substan/
1
tial advances in other grain. Later ther was a moderate
reaction from the top. Fall River's sales of print cloths for
the week were only 15,000 pieces, though on the other hand
Worth Street reported a little more activity. The technical
position has latterly been weakened somewhat by rather
heavy covering on Wednesday and considerable covering today. But as long as the Texas drought remains unbroken
many will hesitate to take the short side. Final prices show
a rise for the week of 55 points on the old crop and 73 to 77
points on the next. Spot cotton ended at 24.95c. for middling, showing an advance for the week of 55 points.
The following averages of the differences between grades,
as figured from the Apr. 16 quotations of the ten markets,
designated by the Secretary of Agriculture, are the differences from middlings established for deliveries in the New
York market on Apr. 23.
Middllngfalr
1.01 On
Strict good middling
77 on
Good middling
63 on
Strict middling
.34 on
Strict low middling
60 oft
Low middling
1.43 off
*Strict good ordinary
2.47 off
*Good ordinary
3.57 off
Strict good mid. yellow thiged 0.02 on
Good middling "yellow" tinged_ .34 off
Strict middling "yellow" tinged_ .80 off
'Middling "yellow" tinged
1 48 off
*Strict low mid."yellow" tinged_2.44 off
*Low middling "yellow" tinged-3.53 off
Good middling "yellow" stained_1.61 off
*Strict mid."yellow"stained-2.11 off
Middling "yellow" stained
2 86 off
Good middling "blue" stained...1.44 off
trict middling "blue"stained...1.85 off
*Middling "blue" stained
2.85 on
Good middling spotted
12 on
Strict middling spotted
18 off
Middling spotted
61 off
Strict low middling spotted____1.42 off
Low middling spotted
2.43 off
Good mid, light yellow stained
.88 off
*Strict mid, light yellow stalned-1.40 off
*Middling light yellow stained
2.11 off
Good middling "gray"
.49 off
*Strict middling "gray"
88 off
*Middling "gray"
1 40 off
These grades are not deliverable.
•
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
April 11 to April 17Middling upland
Sat. Mon. Tues. Wed, Thurs. Fri.
Hol, 24.40 24.30 24.65 24.45 24.95
NEW YORK QUOTATIONS FOR 32 YEARS.
9405.. 1917
1925
30.70c. 1916
1924
28.75c, 1915
1923
18.05c. 1914
1922
12.45c. 1913
1921
43.25c. 1912
1920
1919 -----28 65c 1911
31.50c. 1910
1918
20.50c. IGAG
12.00c. 1908
10.35c. 1907
13.10c. 1906
12.40c. 1905
11.80c. 1904
14.85c.1903
15.25c. 1902
10.75c.
9.90c. 1900
11.10c. 1899
11.90c. 1898
7.85c. 1897
14.40c. 1896
10.40c.1895
9.38c. 1894
918c:
6.31c.
6.31c.
744e,
794c
. .
8.88c.
7.56c,
2045
FUTURES.
-The highest, lowest and closing prices
New York for the past week have been as follows:
Saturday,
April 11.
April
Range.
Monday,
April 13.
-
Closing_
May
-
Tuesday, Wednesday, Thursday,
April 14. April 15. April 16.
- -
a
Friday.
April 17.
- --
24.10 -23.94
- - -- -24.33 -24.13 -24.63-
Range__
24.00-24.24 23.88-24.22 24.00-24.41 24.16-24.50 24.28-24.80
Closing_
24.1724.01-24.04 24.40-24.41 24.20-24.21 24.70June
Range__
------24.23-24.23- - 24.75-24.75
Closing_ •
24.3324.1824.56 24.3724.85July
Range__
24.31-24.57 24.22-24.55 24.33-24.75 24.51-24.85 24.63-25.13
Closing_
24.49-24.50 24.35-24.37 24.73-24.75 24.55-24.56 25.00-25.04
August
Range..
- - - - - - - - - - Closing_
24.50 -- 24.3524.7524.5725.00Sept.HOLIRange__
------------24.63-24.61
Closing_
DAY.
24.50 -24.37 -24.81 -24.60 -25.04October
Range._
23.97-24.36 24.04-24.36 24.10-24.64 24.38-24.73 24.46-24.91
Closing_
24.30-24.31 24.1724.61-24.64 24.40-24.41 24.85-24.81
Nov.
Range..
- - - - -- -- - -- Closing_
24.36 -24.23 -24.66 -24.45 -24.90Dec.Range-24.10-24.49 24.15-24.45 24.24-24.75 24.48-24.85 24.60-25.11
Closing_
24.4324.3024.72-24.75 24.50-24.51 24.96-24.99
January
Range__
23.90-24.21 23.91-24.13 23.99-24.45 24.15-24.50 24.27-24.8C
Closing_
24.1424.0224.4524.1524.72February
Range..
- - -- .- - - - - - Closing_
24.19- 24.08
March
Range..
24.51 --24.2424.79-
24.24-24.24 24.14-24.25 24.10-24.57 24.59-24.67 24.40-24.9C
r•Inalmy
24 2424 14 -24 A724 ea ad ea -
Range of future prices at New York for week ending
Apr:1 17 1925 and since trading began on each option.
Option for
Apr. 1925
May 1925_ 23.88
June 1925._ 24.23
July 1925_ 24.22
Aug. 1925
Sept.1925.. 24.63
Oct. 1925._ 23.97
Nov. 1925
Dec. 1925_ 24.10
Jan. 1926__ 23.90
Feb. 1926
Mar. 1926_ 24.10
Range for iVeek.
Apr. 14 24.80
Apr. 15 24.75
Apr. 14 25.15
Apr. 17 24.63
Apr. 13 24.98
Apr. 13 25.12
Apr. 13 24.80
Apr. 15 24.90
Range Since Beginning of Option.
24.02
Apr. 17 21.72
Apr. 17 22.55
Apr. 17 21.40
22.45
Apr. 17 21.80
Apr. 17 21.50
24.07
Apr. 17 23.36
Apr. 17 23.74
24.07
Apr. 17 24.10
Dec. 24 1924 25.25
Sept. 16 1924 29.16
Sept. 11 1924 25.55
Sept. 16 1924 27.50
Oct. 24 1924 25.78
Oct. 15 1924 25.68
Nov. 1 1924 25.71
Dec. 16 1924 24.40
Jan. 5 1925 25.72
Mar.30 1925 25.45
Apr. 1 1925 24.53
Apr. 15 1925 24.90
Mar. 17 1925
July 28 1924
Oct. 2 1924
Aug. 6 1924
Mar, 4 1925
Mar. 3 1925
Mar. 3 1925
Dec. 27 1924
Mar. 3 1925
Mar. 3 1925
Mar.26 1925
Apr. 17 1925
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
AP is 17Stock at Liverpool
Stock at London
Stock.at Manchester
1925.
bales- 937.000
2,000
140.000
'924
599.000
1.000
109.000
1923
749,000
5,000
69,000
1922
870.000
1,079.000
723.000
307,000
224.000
5,000
89,000
42,000
3,000
12.000
709.000
5.000
182.000
123.000
15.000
64.000
24.000
1.000
12.000
930.000
46.000
283,000
139.000
11,000
148,000
22,000
685.000
426,000
317,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Antwerp
Stock at Ghent
Total Continental stocks
67.000
105.000
13.000
104,000
16.000
2.000
10.000
60.000
16.000
665.000
Total European stocks
1,764,000 1.135,000 1,040.000 1,595.000
109.000 184.000
58.000
193,000 154.000 430.000
EgyptBrazi1.8tc.,atloattorEurope 59,000
61.000
87.000
75,000
Stock in Alexandria. Egypt
160.000 173.000 239.000 301.000
Stock in Bombay, India
8 0.000 941,000 922.000 1,181,000
Stock in U. S. ports
7n9.139 564,965 491,152 966,581
Stock in U. S. interior towns.... 630,689 517,534 631,756 1,043.089
U.S. exports to-day
692
18,384
Total visible supply
4.863.520 3.694.499 3.748.908 5,668,054
Of the above, totals of American and other descriptions are as followe
American
Liverpool stock
bales 734.000 342,000 392.000 460,000
Manchester stock
118,000
83,000
44,000
43.000
Continental stock
621,000 318.000 305,000 538.000
American afloatfor Europe
343,000 193.000
154.000 430,000
U. S. port stocks
7
09,139 564,965 491,152 966.581
U. S. interior stocks
630,689 517.534 631,756 1.043.089
U. S. exports to-day
692
18.384
Total American
3.271.520 2.018.499 2.017,908 3.499.054
East Indian. Brazil. &c.
Liverpool stock
203,000 257,000 357.000 410.000
London stock
2,000
1,000
5,000
Manchester stock
22.000
26,000
25.000
17,000
Continental stock
64,000
108,000
12,000 127.000
India afloat for Europe
192,000 109.000 184.000
58,000
Egypt, Brazil, &c., afloat
59,000
61.000
87.000
75,000
Stock in Alexandria, Egypt
160,000 173.000 239,000 301.000
Stock in Bombay, India
890,000 941.000 922.000 1,181.000
India cotton afloat for Europe
102,000
American cotton afloat for Europe 368.000
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.
Total East India, &c
1,512,000 1,676,000 1,731.000 2,169,000
Total American
For the convenience of the reader, we also add columns
3.271,520 2.018,499 2,017,908 3,499.054 which show at a glance how the market for spot and futures
Total visible supply
4,863.520 3,694.499
Middlind uplands, Liverpool.... 13.30d. 18.35d. 3,748,908 5,668.054
closed on same days.
15.18d. 10.11d,
Spot
Market
Closed.
Saturday__ ..
Futures
Market
Closed,
HOLIDAY
Monday ___ Wet, unchanged__ Steady
Tuesday ___ ulet, 10 pts. dec_ _ _ Steady
Wednesday- Steady, 35 pts. adv. Firm
Quiet,20 pts. dec..,. Barely steady
Thursday
Steady, 50 pts. adv. Barely Steady
Friday
Total
SALES.
Spot. Contr't. Total.
Middling uplands, New York
Egypt. good Sakel. Liverpool
Peruvian, rough good. Liverpool_
Broach, fine, Liverpool
Tinnevelly, good, Liverpool
24.95c.
33.80d.
20.768.
11.90d.
12.568.
30.70c.
23.868.
23.75d.
15.30d,
16.45d.
27.60c.
18.55d.
18.75d.
12.268.
13.40d.
18.05c.
20.258.
12.758.
9.668.
10.568.
Continental imports for past week have been 101,000
bales.
The above figures for 1925 show a decrease from last
week
of 143,222 bales, a gain of 1,169,021 from 1924, an increase
of 1,114,612 bales from 1923, and a falling off of
804,534
bales from 1922.
THE CHRONICLE
2046
p 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
corresponding periods of the previous year-is set out in
detail below:
Movement to April 17 1925.
Ship- Stocks
Receipts.
Ship- Stocks
Receipts.
meets. Apr.
ments. Apr.
18
Week. Season. Week.
17
Week. Season. Week.
COO 4
,
0'.-.-011.-0)1.10-0-0000
,.. 0. 0 0..... .0.. ..0..........0...
,0100-0,0-_,04,00.0w.-..-0w0-.0
00........0....c..0.........
.040........0)a-10.00...00.0.0..........0.0400.4
Towns.
Movement to April 18 1924.
13 62.210
367
96 30.771 1.103 3,691
Ala.,Birming'm
9 19,535
____ 4,007
Eufaula
120
50
9,369
718 11,161
Montgomery.
226 81.931
501 49,139
984
456 4,458
144 63.875
551
Selma
96 33,282
342 4,489
5 63.165
391
31 14,520
Ark., Helena
108 204,498 1,401
528 110,381 1,129 17,753
Little Rock
577 108,902 1,904
57,832 1,464 21,428
Pine Bluff
____
___
___ 2,101
____
3,885
1
2,072
Ga., Albany
1,194 42,431
993 11.177
Athens
660 49,402 1,246
Atlanta
2,674 216,857 6,558
1,570 139.261 3,231 18,635
1,293 220,774 3,924
1,581 181,037 2,392 22,941
Augusta
Columbus230 73,401
850
728 75,057
254 10.398
923 27.176
683 6,205
537 46,515 1,080
. Macon
40 29,470
50 3,980
Rome
362 46,731 1,600
200 112.000
100 15,200
La., Shreveport ____ 100,000
100
Miss.,Columbus
12 37,002
19,017
___ 1,762
-___
340
Clarksdale
5 111,904
210
300 78,111 1,104 17,451
Greenwood
108 134,942
809
97 97,249 2,079 27,299
372 2,856
Meridian....
34 37,541
730
55 20.569
Natchez
200 30,801
800 3,053
3 41,223
352
Vicksburg_
4 17,121
806 3,599
2 31,583
209
444 7,263
12 19,283
Yazoo City
8 33,077
220
7,607 527.200 7,575 9,222
Mo., St. Louts_ 9,206 703.146 9,14
423 58.147 1,31 13,479
N.C.,Gensboro 1,071 62,189 1,21
225
188
12
186 10,959
5 Raleigh
8.150
50
Okla., Altus
260 206,136
89 118,650
866 19,495
597
625 150,003 1,096
206 98,312
405 5,600
Chickasha
Oklahoma_
149 144.804
86 62,139
621 9,544
840
3,532 138,696 4,281 21,915
3.C.,Greenville 5,392 212,071 8,337
__
10,752
___ 10,291
Greenwood
___
13,264
___
9:534 850,393 14:090 75,212
Tenn.Memphis 9:966 1,235.892 14:581
943
4
Nashville
19
____
208
Texas. Abilene_
____
71.387
__
---- 63.534
37 23,163
67
33 26.269
87 5,186
Brenham....
33,915 ___
15
425
76 39.718
Austin
115 192,176 1,135
427 120,593 1,054 5,397
Dallas
.
14,3953,393,724 35,413116,878
Houston_ _ _ 12,0824,655,026 45,886
59.
232 93,447
10 76,638 ____
108
Paris
43 65.643
19.
____ 49,416
____
513
San Antonio_
531 157,563
807
350 88,726
709 1,358
Fort Worth
--------------------------- 30580 45.581 892081 86.170817.534
Total. 41
Saturday,
April 11.
May
July
Octpber
DecemberJanuary..
March
Tone
Spot
ODUODB
HOLTDAY
[VoL. 120.
Monday,
April 13.
Steady
Steady
Steady
Atmuiv
Steady
RtPadm
Dull
Atandv
Steady
qtaade
CENSUS REPORT ON COTTON CONSUMED AND
ON HAND IN MARCH, &c.
-This report, 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 REPORTS BY TELEGRAPH.
-Reports to
us by telegraph this evening denote that the weather during
the week has been generally favorable throughout the cotton
belt, except in parts of Texas and parts of the Atlantic Coast
section, where more rains are needed. Rainfall has been
general in most other parts of the cotton belt, but precipitation has been only light to moderate.
Texas.
-There have been scattered rains throughout the
State, but they have been mostly light and, while they
have been helpful, more rain is needed. Except in the extreme south and the northeastern portion of the State,
planting is backward with conditions generally somewhat
unsatisfactory.
Mobile, Ala.
-Good progress has been made in farm work
in this section and planting is in full swing. Temperatures
have been above normal and considerable early cotton is up.
Stands are fair, but rain is needed.
Rain. Rainfall.
dry
1 day 0.70 in.
dry
dry
dry
1 day 0.24 in.
1 day 0.20 in.
1 day 0.11 in.
dry
dry
dry
dry
dry
1 day 0.33 in.
dry
dry
2 days 0.22 in.
4 days 1.05 in.
dry
2 days 0.27 in.
2 days 0.04 in.
1 day 0.02 in.
dry
3 days 0.27 in.
1 day 0.03 in.
1 day 0.28 in.
1 day 0.70 in.
dry
dry
3 days 0.50 in.
dry
1 day 0.84 in.
dry
1 day 0.02 in.
2 days 0.30 in.
2 days 0.57 in.
dry
dry
1 day 0.48 in.
2 days 1.10 in.
2 days 0.45 in.
2 days 0.87 in.
1 day 0.72 In.
2 days 0.14 in.
2 days 0.57 in.
1 day 0.34 in.
1 day 0.09 in.
1 day 0.14 in.
1 day 0.37 in.
2 days 0.36 in.
dry
291,963 bales.
179.828 12,704.711 161,698 9,806.143
Total marketed
256,643
*64,208
448,443 *38,008
Interior stocks in excess
Excess of Southern mill taking
326.053
1.310,611
over consumption to April 1
Friday,
Jprfl 17.
24.17-24.18 24.00-24.01 24.44-24.46 24.24-24.25 24.80-24.81
24.47-24.48 24.32-24.34 24.72-24.75 24.57-24.58 25.11-25.14
24.01-24.03 23.85-23.87 24.31-24.34 24.12-24.14 24.61-24.63
24.0623.91-23.92 24.39-24.40 24.19-24.22 24.68-24.69
24.08 bid 23.92 bid 24.44 -24.16 bid 24.67 bid
23.96 bid 23.81 bid 24.29 bid 24.09 bid 24.58 bld
Galveston,Tex
Abilene
Brenham
Brownsville
Corpus Christi
Dallas
Henrietta
Kerrville
Lampasas
The above total shows that the interior stocks have de- Longview
Luling
creased during the week 64,208 bales and are to-night Nacogdoches
Palestine
113,155 bales more than at the same time last year. The Paris
receipts at all towns have been 1,189 bales more than the San Antonio
Taylor
same week last year.
Weatherford
OVERLAND MOVEMENT FOR THE WEEK AND Ardmore, Olda
Altus
give below a statement showing the Muskogee
SINCE AUG. 1.
-We
overland movement for the week and since Aug. 1, as made Oklahoma City
Brinkley,
telegraphic reports Friday night. The results for Eldorado Ark
up from
the week and since Aug. 1 in the last two years are as follows: Little Rock
-1923-24- Pine Bluff
-1924-25--Alexandria, La
Since
Since
Apr 17.
Week. Aug. 1.
Week. Aug. 1. Amite
.
• Shipped9.148 671,902
7,575 538,040 New Orleans
Via St. LouLs
2,830 247,860
2,760 173,740 Shreveport
Via Mounds, &c
34,004
61
160
19,599 Okolona, Miss
Via Rock Island
46,114
24,049 Columbus
476
256
Via Louisville
3.595 166,621 Greenwood
4.543 198.287
Via Virginia points
4.509 409,339
10,090 356,942 Vicksburg
Via other routes, &c
Mobile, Ala
24.436 1.278,991 Decatur
21.558 1,607,506
Total gross overland
Montgomery
Deduct Shipments
67,821 Selma
1.779
89,226
2,311
Overland to N. Y.. Boston, dm
21,639
529
534
21.061 Gainesville. Fla
Between interior towns
13.929 570,669
5,333 556.100 Madison
Inland, &c.,from South
Savannah, Ga
16,242 681,534
8.173 644,982 Athens
Total to be deducted
Augusta
16,263 634,009 Columbus
5.316 925,972
Leaving total net overland•
Charleston, S. 0
•Including movement by rail to Canada.
Greenwood
The foregoing shows the week's net overland movement Columbia
this year has been 5,316 bales, against 16,263 bales for Conway N.0
Charlotte,
the week last year, and that for the season to date the N ewbern
Weldon
aggregate net overland exhibits an increase over a year ago of Memphis .
-----1924-25----- -1923-24
Since.
Since
In Sight and Spinners'
Week.
Aug. 1
Week.
Aug. 1.
Takings.
74,512 8,653.739 69,435 6,101,134
Receipts at ports to April 17
634,009
16,263
5.316
Net overland to April 17
Southern consumption to April 17.100.000 3,125:000 76,000 3.071,000
Tuesday, Wednesday. Thursday.
April 14. April 15. April 16.
Thermometer
high 82 low 66 mean 74
high 92 low 54 mean 73
high 93 low 54 mean 74
high 88 low 62 mean 74
high 86 low 62 mean 74
high 88 low 54 mean 72
high 93 low 50 mean 72
high 91 low 44 mean 68
high 94 low 49 mean 72
high 87 low 57 mean 72
high 91 low 55 mean 73
high 82 low 48 mean 65
high 88 low 56 mean 72
high 90 low 49 mean 70
high 90 low 60 mean 75
low 56
high 90 low 48 mean 69
high 90 low 46 mean 68
high 91 low 46 mean 69
high 89 low 48 mean 69
high 87 low 49 mean 68
high 95 low 46 mean 71
high 92 low 52 mean 72
high 90 low 55 mean 73
high 87 low 50 mean 69
high 91 low 54 mean 73
high 86 low 47 mean 87
meah 73
high 90 low 58 mean 75
high 88 low 48 mean 68
high 90 low 49 mean 70
high 89 low 45 mean 67
high 87 low 55 mean 71
high 89 low 57 mean 71
high 85 low 59 mean 68
high 86 low 54 mean 70
high 88 low 50 mean 6$
high 86 low 51 mean 69
high 87 low 56 mean 72
high 88 low 55 mean 72
high 88 low 49 mean 69
high 88 low 51 mean 70
high 89 low 49 mean 69
high 84 low 56 mean 70
high 85 low 50 mean 63
low 52
high 87 low 49 mean 68
high 86 low 51 mean 68
high 88 low 50 mean 69
high 86 1w 48 mean 67
low
high 88
44 mean 66
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:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Apr. 17 1925. Apr. 18 1924
Feet.
Feet.
5.6
12.7
18.1
30.0
14.1
10.3
9.4
13.4
22.9
39.4
Above zero of gaugeAbove zero of gauge_
Above zero of gauge_
Above zero of gaugeAbove zero of gauge_
123,690
Came into sight during week---115,620
10,388,739
14,463,765
Total in sight April 17
38,091 1,587,577
takings to Apr. 17 35,534 1,682,434
North.spinn's's
•Decrease.
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a stateMovement into sight in previous years:
ment of the weekly movement from the plantations of that
Bales.
Bales. I Since Aug. 1Week10.156.917 part of the crop which finally reaches the market trhough
107,57311922-23
-April 20
-April 20
1923
QUOTATIONS FOR MIDDLING COTTON AT OTHER the outports.
MARKETS.
Closing Quotations for Middling Cotton on
Week Ended
Fr Apr. 17.
Galveston
New Orleans
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock
Dallas
Fort Worth__ _ _
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
24.85
24.35
24.00
24.17
24.19
HOLI- 24.50
DAY 24.25
24.00
24.90
24.75
24.15
24.20
24.70
24.15
24.00
24.05
24.13
24.75
24.31
24.00
24.80
24.62
24.00
24.00
25.10
24.60
24.10
24.41
24.38
24.75
24.69
24.00
25.20
25.00
24.40
24.40
25.00
24.50
24.00
24.20
24.31
24.75
24.44
24.00
25.00
25.80
24.20
24.20
25.50
25.05
24.40
24.80
24.81
24.75
25.00
24.50
25.45
25.30
24.70
24.70
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Receipts at Ports.
Week
endtn 1925 1924 1923
Stocks at Interior Towns.
1925
Jan.
23..201,602 110,351 101,4791.383.626
30..200.371116,104 138,8201.306,792
Feb.
6._ 179.899 104,226 87,381 1,248,011
13.. 204,982 101,244 83.079 1.199,953
20__ 167,066 78.924 83,536 1,170,855
27_ 159,418 69,33: 96,3261,130,368
Mar.
6._ 199,633 69.374 83,369 1,048.699
13._ 185,051 43,809 82,005 969,348
20_ 148,871 56,871 68.644 893,9.50
27_ 100.249 49,733 62,634 837,776
Apr,
3__ 109.15 55,37 63,854 753,817
10_ 74,709 60.709 34,9!I 708,223
17__ 74,512 69,43 34,681 630,689
1924
1923
Receiptsfrom Plantations
1925
1924
1923
977.2631 1,224,059 144,18 91.258 59,710
944,8881,150,906 123.537 83,709 65,667
898,1901 1,089.756 121.11
884,9181,017,565 156.924
823,836 943,669 137,96
789,313 876,948 118.931
736,133
696,682
662,025
623,832
57,548 26,231
87,972 16.886
17,842 9,640
34,815 29,605
835,175 117,964 16,194 41,596
800,678 105,71
4,358 47.508
775.517 73.473 22,214 43,543
742,998 43,675 11,540 30,115
586,349 690,62 26.691 17,887 11,481
555,542 665.83 29,115 29,902 10,199
517,534 631,756 10,304 31,427
67
APRIL 18 1925.]
THE CHRONICLE
2047
Alexandria, Egypt,
1924-25.
1923-24.
The above statement shows: (1) That the total receipts
1922-23.
Apri115.
from the plantations since Aug. 1 1924 are 9,102,182 bales;
(cantors)
in 1923 were 6,286,239 bales, and in 1922 were 5,483,680 Receiptaweek This
22,000
50.000
50.000
Since Aug. 1
7,011,839
6,151.615
6.361.091
bales. (2) That although the receipts at the outports the
past week were 74,512 bales, the actual movement from
Since
Since
Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
plantations was 10,304 bales, stocks at interior towns Exports (bales)To Liverpool
2,000 178,789 3,750 185.463 2.500 205.366
having decreased 64,208 bales during the week. Last year
To Manchester, &c
202,22
____ 176.226 9.000 149.946
receipts from the plantations for the week were 31,427
To Continent and Indla_ 8,000318,375 9,500311,024 2,500261.237
To America
500 196,249
116,192 ---- 98.928
bales and for 1923 they were 67 bales.
10 non glA AAR IR oAn 771 RA1 14 Ann Al9 702
' '1'nt,lamnrts
WORLD SUPPLY AND TAKINGS OF COTTON.
Note.
-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
The following brief but comprehensive statement indicates
This statement shows that the receipts for the week ending April 15 were
at a glance the world's supply of cotton for the week and 22.000 canters and the foreign shipments 10,000 bales.
MANCHESTER MARKET.
-Our report received by
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts cable to-night from Manchester states that the market in
both cloths and yarns is steady. Manufacturers are genergone out of sight, for the like period.
ally complaining. We give prices to-day below and leave
Cotton Takings.
1924-25.
1923-24.
those for previous weeks of this and last year for comparison.
Week and Season.
Week.
Season.
Season.
Week.
1925.
1924.
Visible supply Apr. 10
5,006.742
3,870.996
Visible supply Aug. 1
83( lbs. Shirt- Corn
2.190.493
8% Ws. Shirt- Corn
2.024.671
American in sight to April 17
82s Cop
tag:. Common Mid.
115,620 14,463,765 123,690 10,388.739
no Cop
lags, Common Afkl.
Bombayreceipts to April 16--- 108,000 2.737,000
Twist.
to Finest.
1[JP14
to Finest.
66.000 2
.824.000
caws
Twin.
Other India shiprn'ts to April 16
55.000
385,000
36,000
501 MOO
Alexandria receipts to April 15-d. s. d.
4.400 1,386,200
a. d. d. d.
10,000 1,229.600 Jan. d.
d. e. d.
s. ci. d.
Other supply to April 15_ s_b_ -23 2234 0 24 16 5 017 0 12.8726
11,000
0 2734 19 2 019 5 19.31
373,000
10,000
315.000
30 22
0 23% 16 5 @V 0 12.9226
0 2734 19 6 019 5 19.17
Total supply
5,300,762 21,535,458 4.116,686 17,283,010 Feb.
Deduct
8 2234 0 23 165 017 0 13.2826
0 2734 192 190 5 18.89
supply April 17
Visible
13 22% 0 243416 7 @172 13.2825% 0 2634 190 19® 3 17.74
4,863.520 4,863,520 3,694.499 3.694.499
20 2234 0 2434 17 2 017 4 13.66 24H 0 26 18 4 018 7 17.65
Total takings to April
- 437,242 16.671,938 422.187 13.588.511
27 23
0 2434 17 2 @175 13.94 2434 0 26 17 7 @182 17.18
Of which American
274.842 12,190,738 229,187 9,223.911 Mar
Of which other
6 2331 0 2434 17.3 @176 14.37 24% 0 2634 177 018 2 16.76
162,400 4,481,200 193.000 4.364,600
13 2334 0 2434 17 2 Q17 6 14.0425
0 2634 17 6 018 I 16.75
•Embraces receipts in Europe from Brazil, Smyrna, West Indies, Sm.
20 23
0 2434 17 2 017 5 14.0825 HO 27 17 5 018 0 17.09
a This total embraces since Aug. 1 the total estimated consumption by
27
Southern mills, 3,125.000 bales in 1924-25 and 3.071.000 bales in 1923-24-• April 22% 0 2434 17 2 017 4 13.88 24% 0 2634 17 4 017 7 16.01
0
takings not being available-and the aggregate amounts taken by Northern
3 2234 0 24 17 1 017 4 13.72 25% 0 2754 17 6 018 0 17.68
and foreign spinners. 13,516.938 bales in 1924-25 and 10.517,511 bales in
10 2234 0 24 17 1 017 4 13 23 27
0 2934 18 I @18 4 18.96
1923-24. of which 9.065,738 bales and 6,152.911 bales American.
17 22%1* a 2:141 17 1 017 4 15 20 MU ea 9513.? is 2 !AIR A IS RS
S Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
SHIPPING NEWS.
-As shown on a previous page, the
The receipts of India cotton at Bombay and the shipments exports of cotton from the United States the past week have
from all India ports for the week and for the season from reached 148,674 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Aug. 1, as cabled, for three years, have been as follows:
1924-25.
April 17.
Receipts at-
Since
Week. Aug. 1.
1923-24.
,
Since
Week. Aug. 1.
For the Week.
Bombay
1924-251923-24._
1922-23._
Other India
1924-25..
1923-24__
1922-23Total all
-25_
1924
1923-24-1922-23._
Since
Week. Aug. 1.
108,00012,737,000 66,000 2,824,000 86,00012,828.000
Bombay
Bxporis,
1922-23.
Since August 1.
Great Conti- Japan&
Great
Britain. 'neat. China. Total. Britain.
Contineat.
Japan &
China.
Total.
1,000 32,000 69,000102,000 47,000 438,0001,329,000 1,814,000
7.000 16,000 55,000 78,000 130,000 727.0001,230,000 2,087,000
3,000 18,000 126,000 147,000 99,000 495,500 1,480,500 2,075,000
8.000 47,000
--- 36.000
---- 8.000
____ 55,000 65,000 320,000
____ 36.000 110,000 391,000
___ 8,000 58,000 195,550
385,000
501,000
253,550
9,000 79,000 69,000 157,000 112,000 758,0001,329.o 11 2,199.000
7.000 52,000 55,000114,000 240.000 1.118,000 1,230,0002,588,000
3,000 26,000 126,000155,000 157,000 691,0501,480,500 2.328,550
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
42,000 bales. Exports from all India ports record•an increase
of 43,000 bales during the week, and since Aug. 1, show a
decrease of 389,000 bales.
We also add the India cotton movement for a week ago,
which we were unable to obtain in time for our issue of
last Saturday, owing to the Good Friday holiday.
1924-25.
1923-24.
Since
Week. Aug. 1.
April 9.
Receipts at
-
Since
Week. Aug. 1.
Week.
Since
Aug. 1.
108,000 2,737,000 66,000 2.824,000 86,000 2,828,000
Bombay
•
For the Week.
Exportsfrom Great Conti- Japan&
Great
Britain. runt. China. Total. Britain.
Bombay-.
1924-25- 1,000
1923-24 -.._ __
. 5:000
1922-23_
Other India1924-25_ 14,000
1923-24__ 11,000
1922-'23--------
1922-23.
Since August 1.
Conti'
nerd.
Japan &
China.
Total,
32,000 10,000 56,000 46,000 406,0001.260,0001,712,000
23,000 17,000 40,000 123.000 711,001 1,175,000 2,009.000
15,000 25,000 45,000 96,000 477,500 1,354,500 1,928,000
21,000
1,000
7,000
35,000 57,000 273,000
12,000 110,000 355,000
7.000 58,000 187,5 1
330,000
465,000
245,550
Total all
19,000 62,000 10,000 91,000 103,000 679,000 1.260,0002,042.000
924-25
1923-24__ 11,000 24.000 17,000 52,000 233,0091,066,000 1,175.000 2,474.000
1922-23__ 5,000 22,000 25,000 52,000 154.0001 665,050 1,354,5002,173,550
According to the foregoing, Bombay appears to show an
compared with last year in the week's receipts of
,.66,000 bales. Exports from all India ports record an
,increase of 39,000 bales during the week, and since Aug. 1
show a decrease of 4324100 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
DOW receive a weekly cable of the movements of cotton at.
The following are the receipts and
Alexandria, Egypt.
shipments for the past week and for the corresponding week
of„the previous two years.
,increase
Bates.
-To Havre
NEW YORK
-Apr. 14
-De Grasse, 100' Andalusia,
165
265
To Liverpool-Apr. 10
-Celtic, 600* Caron's, 736
1,336
To Rotterdam-Apr. 10-Volendam,300
300
To Venice-Apr.9
-Lucia, 1,200
1,200
To Genoa-Apr. 10
-Conte Verde, 616_--Apr. 14
-Winona,
500
1.116
To Bremen-Apr. 13
-Bremen.379_ --Apr. 14
-George Wash1,320
To Antwerp-Apr. 14-Innoko, 678_ --Apr. 15
-Pittsburgh.
50
725
To Naples
-Apr.14
-Winona, 1,015
1,015
To Japan-Apr. 10-Kanagawa Maru, 824
824
To Oslo-Apr.15
-United States. 172
172
-To Gothenburg
-Apr. 7
-Tortugas, 300
NEW ORLEANS
300
-Apr. 7
To Norrkoping
-Tortugas, 25
25
-Texas Meru, 4.882.
To Genoa-Apr. 7
....Apr. 14
-West
Hobomac, 7.956
12.838
To Antwerp-Apr.11
-Cape Comerin, 150
150
To Hamburg
-Apr. 11-Cape Comerin, 3.696---Apr. 15Naimes, 163
3,859
To Porto Colombia-Apr. 11-Parismina, 300
300
To Liverpool-Apr. 10
-Benefactor, 5,317. Apr. 14
-West
Wauna, 3,234
8.545
To Manchester
-Apr. 10
-Benefactor, 2,747___Apr. 14
-West
Wauna, 1,073
3,820
To Oporto-Apr. 14
-West Chetax, 1,130
1,130
To Bremen-Apr. 15-Naimes, 5.275
5.275
To Stockholm-Apr. 17,
-- Virginia, 300
300
To Rotterdam-Apr. 17
-Edam, 190
190
To Guatemala-Apr. 17-Gansfjord Livingston, 2
2
GALVESTON-To Bremen-Apr. 10
-Endicott, 5,368...
.Apr. 15
-Nord Schleswig 1,018
6,386
To Hamburg-Apr. 10
-Endicott, 179.
....Apr. 15
-Nord
Schleswig, 75
254
To Gothenburg-Apr. 10
-Tortugas, 1,150
1,150
To Copenhagen-Apr. 10
-Tortugas. 200
200
To Genoa-Apr. 11-Texas Maru, 1,955' Hegira, 3,945
5,900
To Naples
-Apr. 11-Texas Maru 400
400
To Havre
-Apr. 13
-De la Salle, 3,126---Apr. 15
-West
Camak, 4,983
8,109
To Lisbon-Apr. 14
-West Chetac, 400
400
To Oporto
-Apr. I4
-West Chetac, 2,150
2,150
To Pasages-Apr. 14
-West Chetax, 350
350
To Liverpool-Apr. 15
-Bolivian, 5,379
5.379
To Manchester-Apr. 15
-Bolivian, 1,482
1.482
To Antwerp-Apr. 15
-Went Camak 650
650
To Ghent
-Apr. 15
-West Camak, 1.013
1.013
HOUSTON-To Havre
-Apr. 9
-De la Salle, 5.806- __Apr. 14
West Camak. 2,323-_ _Apr. 16-Penrith Castle, 1.150
9.279
To Genoa-Apr. 9
-Hegira, 5,801
5,801
To Naples
-Apr. 9
-Hegira, 150
150
To Copenhagen-Apr. 10
-Virginia, 2,600
2,600
To Liverpool-Apr. 13
-Bolivian, 9.115
9.115
To oianchester-Apr. 13
-Bolivian, 800
800
To Antwerp-Apr. 14
-West Camak, 100_Apr. 16__Penrith
Castle, 100
200
To Ghent
-Apr. 14
-West Camak, 317. ..Apr. 16-Penrith
Castle, 450
767
To Bremen-Apr. 14
-Nord Schleswig, 843_ --Apr. 14
-Brave
Coeur, 3,878
4,721
To Hamburg
-Apr. 14
-Nord Schleswig, 1,713
1,713
To Rotterdam-Apr. 14
-Brave Coeur, 1,6.30
1,630
BOSTON-To Liverpool-Apr. 3
-Caledonian. 121
121
CHARLESTON-To Liverpool
-Apr. 13
-Esther Elina, 5.000
5,000
To Manchester-Apr. 13
-Esther Elina, 100
To Bremen-Apr. 3-Burgerdijk, 750
750
To Hamburg
-Apr. 13-Burgerdijk, 1,428
1,428
MOBILE
-To Liverpool
-Apr. 15
-Hastings, 4,592
4,592
To Manchester-Apr. 15
-Hastings. 77
77
NORFOLK
-To Liverpool-Apr. 15
-West Cohas, 2,132
2,132
To Manchester-Apr. 15
-West Isleta 600
600
To Rotterdam-Apr. 17-Blommersdijk. 200
200
PENSACOLA-To Liverpool-Apr. 9
-Hastings, 87
87
PHILADELPHIA-To Manchester
-Apr. 1 Manchester Importer 600
____________
600
SAN MANOISCO=iio Jainn-Xiir. 15-Valio_______
500
SAVANNAH-To Barcelona-Apr. 13-0 ontz 150
150
To Liverpool-Apr. 14-Munorway, 3.822
3.822
To Manchester-Apr. 14-Munorway, 109
109
To Japan-Apr. 16-Rozan Maru, 3,000
3,000
WILMINGTON-To Liverpool
-Apr. 11-Munorway, 9,800_ 9.800
866
148.674
2048
THE CHRONICLE
[Vol,. 120.
-Current rates for cotton from was expected, was, it will be recalled, 68.7%, against 83.
COTTON FREIGHTS.
New York, as furnished by Lambert & Burrows, Inc., are April 1 last year, 81.2 on Dec. 1 1924 and 81.2 the ten-year
average. It was a stunning blow for the shorts. It will be.
as follows, quotations being in cents per pound:
Stand
High
recalled that the report was issued after Exchange hours
High
&andHigh
ManiDensity. ard.
Density. cud.
Density. ard.
on Thursday, April 9. The Roard of Trade being closed the
.500. .650.
.650. Bombay
Liverpool .30c. .45c. Stockholm .50c.
next day, Good Friday, the market could not act on it until
--.
.45e. .60c. Gothenburg -Manchester .300. .45c. Trieste
.450. .600.
.600. Bremen
.45c.
35c.
50c. Flume
Antwerp
Saturday, April 11. Then it did act in no uncertain fashion.
.650. Hamburg .45c. .600.
.50c.
Ghent
4240. .57 M c. Lisbon
It was the lowest report for many years. Can the plant
.60c. .750.
.90c. Piraeus
.75c.
.50c
35c
Oporto
Havre
.750. .900.
.45c. Salonica
Rotterdam 400.
550. Barcelona .30c.
catch up? Many fear it may not be able to. The time seems
.6240. .771.40
.55c. Japan
.40c.
Genoa
short. Besides, acreage abandonment is apt to be an imShanghai .6740 .824e.
.50e. .600
Oslo
-By cable from Liverpool we have the fol- portant item. Moreover, a critical period awaits the crop.
LIVERPOOL.
lowing statement of the week's sales, stocks, &c., at that port: It is true that since April 1 the Southwestern wheat country
Mar. 27. April 3. April 10. April 17. has had good rains, especially where they were most needed.
17,000 but last Saturday was an excited day. A probable shortage'
25,000
32.000
32,000
Sales of the week
13,000
21,000
26,000
22.000
Of which American
1,000 of 100,000,000 bushels in the season's winter crop sent May
:3.000
3.000
4,000
Actual exports
51.000 wheat 9%c. higher at once on big trading. Liverpool rose
-53,000
71.000
69.000
Forwarded
911.000 939.000 937.000
942,000
Total stock
734.000 even more than Chicago, 1. e. or 7%d., or more than double761.000 727.000 744.000
Of which American
63,000 what was due. It showed that England, if not Europe, was
84.000
53.000
83.000
Total imports
,0,000
:=
62.000
31.000
53.000
Of which American
English
176.000 alarmed. A rise of nearly 16c. in one day in the
170,000
220,000
185,000
Amount afloat
114,000 market of itself drove the spur in up to the rowels and
88,000
146,000
113,000
Of which American
caused heavy covering and new buying. Spain and Rumania
The tone of the Liverpool market for spots and futures are to import grain, especially Spain. On the 13th inst.
each day of the past week and the daily closing prices of however, prices fell 2% to 6c., the latter on May, with export
spot cotton have been as follows:
busniess dull and rumors of rains in Kansas and Texas.
Yet more rain was needed in the Southwest and Northwest.
Friday.
Tuesday. Wednesday. Thursday.
Saturday. Monday,
Spot.
The American visible supply decreased last week 2,190.000
Market,
bushels and is now 55,244,000 bushls, against 56,673,000 a
Quiet.
Quiet.
Quiet.
Quiet.
12:15 1
year ago. World's shipments were 13,999,000 bushels,
P.M. i
against 13,603,000 last week and 16,112.000 last year. Since
13.39
13.55
13.30
13.38
Mid.Upl
July 1 world's exports were 358,984,000 bushels. A strike
4,000
5,000
5,000
5,000
HOLIDAY HOLIDAY
Sales
of mill hands was imminent in England, it Was said, or had
Steady, Quiet but already started. This told against prices with the rains
Quiet,
Quiet,
Futures.
7 to 13 pts. 5 to 8 pta. 19 to 21pts. steady:5 to which some dispatches said were widely distributed over the
Market 1
advance. 6 pts. dec.
decline.
advance.
f
opened
American winter wheat belt. Yet with one exception the
Quiet but Steady, Barely sty, Quiet but -April condition is the lowest on record. On the 14th inst.
Market, 1
ateady,7to 1 to 4 pts. 12 to 17pts Bey: 3 pts.
1
4
Export
advance. adv. to 3 not over 250.000 bushels were taken by Europe.
14 pta.adv. decline,
P. M. 1
sales on the 15th inst. were only 300,000 bushels. Buenos
was due and closed only 3 to 3%c.
Prices of futures at Liverpool for each day are given below: Aaires acted better than
lower. Liverpool advanced 3% to 3%c., not reciprocating
the previous day's rise at Chicago. Yet an official estimate.
Fri.
Tues.
Sat.
Wed.
I
Mon.
Thurs.
of the crop in two of the important provinces of India conApril 11
3.:
to
1234 12.1.4 1234 4:015 12341 4:00 12% 4:00; 12M 4:00 12% 4:00 firmed previous statements that it would show a marked
p. m.P. m.p.m. p.m. p.m.p.m.p.m.P. m.n. tn. p.m.p.m.p.m.
April 17.
decrease from that of the previous year. For instance, in
d.
d.
d.
d.
d.
d.
d.
d. I d.
d. I d.
d.
the northwestern frontier provinces the yield will be 8,800,13.08 13.08 13.00 13.04 13.2 13.1913.14 13.22
April
Punjam
13.18 13.18 13.11 13.14 13.34 13.28 13.2213.27 000 bushels, against 10,560,000 last year, in the
May
June
13.17 13.18 13.11 13.14 13.3 13.28 13.22 13.27 110,000,000 bushels, compared with 150,000,000 last year.
13.2513.26 13.1 13.23 13.42 13.36 13.3 13.35
July
reports in this country were quite
13.21 13.2213.1 13.2013.3 13.32 13.2713.31 On the other hand, State
August
HOLI- 13.1713.17 3.11 13.1613.3 13.29 13.24 13.28 favorable, including those from Indiana and Kansas. The
September__ _ _ HOLIDAY
DAY
13.12 13.12 3.0713.11 13. 13.24 13.19 13.23
October
weather report told of good showers
November_ _ _ _
13.03 13.03 2.98 13.02 13.22 13.16 13.11 13.15 Government weekly
December
13.02 13.02 12.97 13.01 13.21 13.15 13.1013.14 over most of the principal wheat producing areas, where
12.9812.99 12.93 12.9713.1713.11 13.0613.10 warm weather greatly stimulated growth. And at one time
January
2.98 12.96 12.90 12.94 13.14 13.10 13.04 13.08
February
March
2.93 12.94.12.88 12.92 13.12 13.09 13.03 13.06 on the 15th inst. prices were 2 to 9c. lower on big selling of
May wheat by houses with Eastern connections in an evidently "long" market. July is rapidly taking the place of
May as a speculative favorite. Many sold May and bought
BREADSTUFFS.
July, which fell only half as much as May. There was
Friday Night, April 17 1925.
nothing in the character of the news to account for the break,
Flour has remained quiet, but the rise in wheat early in but there was a noticeable lack of support after the break
the week was necessarily reflected in a distinctly firme: got well under way and many leading commission houses
tone for a time. That buyers refused to abandon their now sold May if they bought July. Minneapolis May ended on
time-honored policy of buying only as their needs demanded that day at about 7c. under Chicago, against 9%c. on TuesArthur Cutten early in the week predicted a return
did not alter the fact that the mills advanced prices late last day.
to high prices and said he was holding his cash wheat for
week some 25c. It could make little difference on the cur- $2. He predicted that wheat would sell higher in July than
rent trade, apparently, whether they advanced or reduced in May. A Canadian Government report indicated total
them. An advance is considered temporary, a decline to- holdings in all positions on April 1 of 121,000,000 bushels.
day is regarded as the prelude of still lower prices to-mor- against 202,000,000 last year. Canadian farm reserves are
against 71,000,000 last year and of this
row. "Better safe than sorry" is still the maxim of the 39,000,000 bushels,
quantity about 35,000,000 bushels will be required for seed,
buyer, as skeptical about the permanence of advances as he according to local estimates, which would leave only 4,000,is hopeful of the general continuity of declines. Meanwhile 000 bushels in farmers' hands for sale. Navigation-Winniexport business remains quiet. Further large clearances to peg wired: "Upbound traffic Sault Ste Marie Canal started.
Russia were reported last week, two steamers sailing for Steamers M. B. Drummond and Harvester through. No
left lake head as yet." R. 0. Cromwell reLeningrad and Novorossiysk, with a total of 203,265 sacks. steamers have
ported army worm in ten counties in south central and cenBrazil 8,000 sacks were shipped. On the 10th inst. there tral and in eight counties in north central Oklahoma and in
To
were large clearances, principally for Russia, through New western Nebraska and northeastern Colorado. This caused
York. The total was 161,6.1.1 sacks from this port, of which some buying, but the demand sprang mostly from persistent
61,192 sacks went to Leningrad, 42,077 sacks to Brazil and reports of drought in parts of Oklahoma, Texas and Kansas,
rain having been too light to be very beneficial.
about 56,000 sacks to Hamburg. On the 14th inst. clearances the recent
inst. heavy May liquidation sent that month
17,837 sacks, consigned to Liverpool, On the 16th Chicago, while other months fell 2% to 5c.,
from New York were
from down 7%c. in
Rotterdam and some South American ports. And
the latter on July. Winnipeg fell 8 to 9c. Reports of damBaltimore went 61,000 bbls., mostly for Russia. Total clear- age to the crop in Kansas and Ohio fell flat. Stimulants
ances from all ports for the day were 74,000 bbls. On the ceased to stimulate. The market acted as if overbought.
The
16th inst. there were rumors of a fair business for export Farm reserves are larger than some had expected.
bushels,
confirmed. Clearances Canadian Government puts them at 121,084,000
within a few days, but they were not
against 202,493,000 on March 31 1924, as elsewhere stated.
on the 14th inst. from New York were 50,050 sacks, mostly and allowing for supplies available for home consumption to
for Danzig. Prices declined at one time in response to a the next crop this would leave, it is calculated, about 70,000,decline in wheat. Clearances on the 11th inst. were 2,587 000 bushels for export between now and the next harvest.
Also,
sacks, all to African ports. Clearances last week reached For a time this had a somewhat depressing effect.
crop reports were favorable. Export sales
the imposing total of 401,964 sacks and 2,587 bbls., much of most of the State were 500,000
bushels, including Manitoba.
on the 16th inst.
which was for Russia.
Duluth spring and hard winter. To-day prices advanced
inst. on the Govern- 2% to 7e. Interior receipts were moderate. It looks as
Wheat advanced 7 to 10c. on the 11th
ment report, putting the crop at 474,255,000 bushels, against though there might be a rather large decrease in the quan571,959,000 last Year, and 591,957,000 the five-year average. tity on passage. World's exports for the week seem to indiAustralian exports
The condition of winter wheat instead of being 73 to 77, as cate 12,000,000 bushels. Argentina and
APRIL 18 1925.]
this week have been small. The strength of rye helped
wheat. Argentine prices were strong. Export sales in this
•country increased to 600,000 bushels, largely United States
grain. The technical position was better. Last prices
showed a decline on May for the week of %c., with a rise in
July and September of 4 to 4%c.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 red
cts_197% 194% 198% 18934 182% 189%
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_161% 15634 160% 152 144% 151%
July delivery in elevator
146)4 141% 146% 143
137% 142
September deLivery in elevator
134% 13234 136 13434 131% 134
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
166 159
16434 15734 14834 156%
July delivery in elevator
162% 156
161% 15434 146 153%
October delivery in elevator
13334 12834 135% 132% 1283i 1323(
Indian corn advanced on the 11th inst. 4% to 5%c. on the
strength of wheat and heavy covering. The American visible
supply decreased 1,966,000 bushels last week, against 1,857,.000 last year, but the total is still a damper, being 30,761,000
bushels, against 22,319,000 a year ago. The world's shin
ments last week were 1,500.000 bushels. The weather was
fine throughout the West and some predicted that a fair percentage of the abandoned wheat acreage will go into corn.
•Cash demand, too, was disappointingly small. On the 13th
came a decline of 2% to 3%c., partly because of the break in
wheat. There was only a fair Eastern shipping demand.
The American visible supply decreased last week 1,966,000
bushels, but is still 30,761,000 bushels, against 22,319,000 a
year ago. On the 15th inst. corn was pulled down by the decline in wheat and closed 3% to 3%c. lower. The Government weekly report said, moreover, that much corn land had
been prepared durity the week in the interior States and
,
7
that planting had advanced with favorable weather as far
north as central Kansas, southern Kentucky and Virginia.
Cash markets, on the other hand, were rather conspicuously
firm, with the crop movement showing no particular increase. The market lacked individuality. It was a mere
echo of wheat. Transactions on the 15th inst. were 26,664,.000 bushels, against 22,519,000 on April 8 and 13,626,000 last
year. On the 16th inst. prices fell 3% to 4%c. on big liquidation as wheat plunged downward. Yet the receipts were
small. The Western cash demand was larger. New England's buying increased somewhat. To-day prices advanced
/4c. on big trading. The Argentine crop estimate was
4 to 41
only 186,000,000 to 190,000,000, against 276,000,000 bushels
last year. This caused a good deal of covering. Also, recelpts were small. Cash markets were strong. The rise in
,
rye and wheat stimulated corn. Chicago had a better shipping demand. A new feature was that Liverpool was inquir•
Ing for offerings of No. 2 mixed corn to-night. Net changes
show an advance for the week of 1%e. on July 'and %c. on
September, with May unchanged.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
•
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 mixed
cts_133
128
130 12634 122% 12634
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
&U. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
110% 1071 109% 106
1011 106
July delivery in elevator
114
111
113 109% 105 110%
September delivery in elevator- -114
111
113% 110
106
110%
' Oats advanced at one time with corn moving upward.
About 95% of the Iowa acreage has been planted, it is said.
Later came a reaction on the 13th with other grain declining
to 7c. Exporters took 100,000 bushels of Canadian oats.
On the 13th inst. prices advanced a fraction on moderate
trading. They have developed no striking features. Canadian farm reserves are 185,000,000 bushels, against 248,000,4)00 last year, and of barley 30,000,000, or 9,000,000 more
than a year ago. Prices fell on the 16th inst., but less than
any other grain, ending 1 to 1%c. lower. For export sales
were fully 1,100,000 bushels, largely Canadian. Europe
wanted even more. To-day oats ended % to 1%c. higher.
The rise in other grain was a bracing factor. Also, there
was a good export demand. That also plainly told. To be
sure, it was mostly for Canadian oats, but it is hoped that
In the end United States oats will participate in the foreign
demand. To-day estimated export sales of Canadian were
.500,000 bushels. American receipts were light. Cash markets were firm. A better demand prevailed from the home
trade. Chicago as a new feature sold 150,000 bushels there.
In Winnipeg oats were noticeably firm under the influence
of the foreign demand. Final quotations show a net rise for
the week of % to lc.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_5234-53 5234-53 5334
53
No.2 white
52
54
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 41% 41
4134 40% 39% 41%
May delivery in elevator
43% 42% 43
42% 41% 43
July delivery in elevator
44
September delivery in elevator43% 43% 43
42% 42%
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 4934 47% 48% 48% 47% 49
May delivery in elevator
51
49% 5034 50
49
July delivery in elevator
5o54
50% 4934 50% 50
October delivery in elevator
48% 5034
Rye advanced on the 11th inst. some 5 to 6c., with wheat.
The last Government report was about as expected. The
American visible supply increased last week 188,000 bushels,
against a decrease in the same week last year of 295,000
bushels. The total is 20,066,000 bushels (including 5,931,000
at Baltimore), against 21,503,000 a year ago. But on the
13th inst. came a decline of 3% to 4c., with wheat down and
2049
THE CHRONICLE
export trade small, if there was any. Liquidation of long
accounts was a feature. On the 14th inst. prices fell 2 to
2%c., but regained this and closed % to lc. net higher. Besides 7,000,000 bushels bought at Baltimore by Russia recently, some 61,000 hbls. of flour were cleared for Russia
on the 14th inst. Baltimore wired April 14: "501,296 bushels of rye loaded out yesterday; eight steamers loading, two
due to start." Baltimore wired that exports of rye last
week to Russia and Germany exceeded 1,000,000 bushels
and in the next fortnight are expected to be 5,000,000 bushels,
chiefly to Russia. On the 16th inst. prices fell 6% to 9%c.,
with wheat declining. Export sales were 300,000 bushels
to Norway, Germany and Finland. To-day prices advanced
6% to 7%c. under the spur of the largest export demand seen
for weeks past. The sales were estimated at 1,600,000 bushels to different parts of Europe. Some rumors were that as
much its 2,000,000 bushels had been sold. Seaboard clearances to-day approximated 875,000 bushels. For five days
this week they show a total of 2,400,000 bushels. That evidently points to a rather marked decrease in the visible supply next Monday, especially as several steamers were still
loading at the seaboard. Last prices show a decline, however, for the week of 4%c on May and lc. on July, while
September is %c. higher.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sal. Mon. Tues. Wed. Thurs. Fri.
cts_119% 1151 115% 113 103% 110
May delivery in elevator
11034 109% 101
10734
113% 109
July delivery in elevator
100
102 101% 95
101
September delivery in elevator_ _ -104
The following are closing quotations:
FLOUR
Spring patents
$8 25
Clears.first spring_ _
7 50
Soft winter straights R 25
Hard winter straights_ 8 00
Hard winter patents 8 50
Hard winter clears_ _ _ 7 00
Fancy Minn. natents_ 9 250
City mills
9 9300
$8 75 Bye flour, patents-103 500 $700
8 0') Seminole No. 2,1b
5%
8 75 Oats goods
3 000 3 10
8 50 Corn flour
3 200 3 246
90t Barley goods
Nos. 2. 3 and 4
7 75
4 55
Fancy pearl. Noe.2.3
10 00
and 4
10 00
750
GRAIN.
Wheat,New York:
Oats:
No. 2 red, f.o.b
189%
No. 2 white
54
182%
No 1 Northern
No. 3 white
52
No. 2 hard winter,f.o.b.---166% Rye. New York:
No. 2 f.o.b
122
Corn:
Barley, New York:
No. 2 mixed
12634
Malting
1080 111
127%
No.2 yellow
The statements of the movements of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
bbls.1961bs bush.60 lbs. bush.56 lbs.bush. 32 lbs.bush.481bs bush.5615s.
982.000
Chicago
218,000
129,000
566.000 111,000
23,000
Minneapolis_
697,000
87,000
274.000 145,000
37,000
Duluth
348.000
7.000
25.000
45,000
17,000
Milwaukee,..
21,000
100,000
116,000 109,000
13,000
22,000
28,000
51,000.
Toledo
1,000
Detroit
19,000
4,000
18,000
1,000
3,000
Indianapolis_
26,000
140,000
73,000
St. Louts_ _ _ _
79.000
260,000
350,000
576,000
36,000
32,000 132,000
Peoria
124,000
12.000
88,000
Kansas City..
164,000
78,000
61,000
Omaha
67,000
138,000
39,000
St. Joseph_
73,000
16,000
Wichita
36,000
18,000
8.000
20,000
Sioux City
37,000
20,000.
1,000
Total wk.1925
Same wk.1924
Same wk.1923
350.000 1,798.000 2,132,000 2.065,000
356,000 2,123,000 4,705,000 2.922,000
386,000 5,246,000 4,167,000 3,602,000
404,000
641,000
448,000
122.000
139,000
796,000
Since Aug.11924
16.950,000436,515,000l95.707,000-216,454.00054,467.00050,354,000
1923
15,388,000176,642,000 229,732,000181,461,00033,784,00022,665,0011
11122
IR 242 non UR 2R711110 JAR An0 niln. 77 3.9tInni131 c77 Om49 970 MO
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, April 11, 1925, follow:
Receipts atNew York.._
Portland, Me_
Philadelphia-Baltimore....
Norfolk
New Orleans*
Galveston__
St.John, N.B.
Boston
Flour.
Wheat.
Barrels. Bushels.
330,000 1,088,000
90,000
58,000
30,000
738,000
49,000
270,000
2,000
.54,000
122,000
100,000
52,000
387,000
12,(00
83,000
Total wk.1925 619,000 2,846,000
Since Jan.1'25 8,738,000 47,543,000
Corn.
Oats.
Barley.
Bushels. Bushels.
Bushels.
3,000
402,000 503,000
3.000
14,000
60.000
45,000
11,000
Rye.
Bushels.
458.000
43,000
26.000
990.000
70.000
118.000
26.000
193,000
3,000
108,000
66,000
635,000 734,000 1,703,000
80,000
2,040,000 8,108,000 7,001,000 8,632,000
Same wk.1924 421,000 2,523,000
438,000 105,000 479,000
331,000
RInee Jan.I'24 7.021.000 44 477 000 II R4K 000 10 220 ono 3.101 000 23R7 ono
•Receipts do not Include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, April 11, 1925, are shown in the annexed
statement:
Corn. Flour. Oats.
Wheat.
Rye.
Barley. Peas.
Bushels. Bushels. Barrels. Bushels, Bushels, Bushels, Bushels.
York
1,479.709
New
289.705 167,853 761,448 220.040
Portland, Me....58,000
90.000
81,000
Boston
1,000 55,000
63,000
852.000
Philadelphia
4,000
15,000
17,000
Baltimore
112,000
13,000
630,000 35.000
Norfolk
2,000
New Orleans... 1,188,000 46,000 40,000
11,000
Galveston
688,000
17.000
69,000
.
St.John, N.B_ _ 387,000
52,000 108.000 26,000 70.000
Total week 1925 4,845,709 46,000 508,705 356,853 1,503.448 378,040
Same week 1924_ 2.513.880 525.857 272.415 232.200 ill Ira RO2 len 095
Reports from-
The destination of these exports for the week and since
July 1 1924 is as below:
Week
Apr.11
1925.
Barrels.
United Kingdom_ 50,208
Continent
379.120
So.& Cent.Amer_ 40,200
30,715
West Indies
Brit. No. Am.Col.
Other countries__ 8,462
Since
July 1
1924.
Corn.
Wheat.
Flour.
Exportsfor Week
and Since
July 1 to--
0Total 1925
TrItn11094
Week
Apr. 11
1925.
Week
Apr. 11
1925.
Since
July 1
1924.
Since
July 1
1924.
Bushels. Bushels. Bushels.
Barrels.
Bushels.
17.000
3,735,156 1,149,750 85.611,256
77.961
8,248,161 3,679,684 160,976,762
10,000 1,008,830
630,300
765,688
9,000
36,000 1,341,810
134,950
1,136.532
21,000
6,135
3,900
521,926
7,275 1,503,327
508.705 14,413,598 4,845,709 248,856,595
27241R 12 n75 052 2 512 /1811 185 275 724
46,000 2,470,501
525.857 9.658.868
The world's shipments of wheat and corn, as furdshed by
Broomhall to the New York Produce Exchange,for the week
ending Friday, April 10, and since July 1 1924 and 1923,
are shown in the following:
Corn.
Wheat.
1924-25.
Week 1
Apri110.
Since
July 1.
1923-24.
Since
July 1.
1923-24.
1924-25.
Week
Apri110.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer_ 6.789,000 358,984,000 348,937,000 112,000 1,016,000
Black Sea
3,280,000 40,866,000 892,000 26,296,000
Argentina_ _ _ 3,162,000 111,512,000 117,363,000 496.000141,014.000
Australia -__ 4,032,000 85,996.0001 55,202,000
India
16,000 34,978,000j 12,424,000
0th.countr's
1,438.000
I 1.584,000
Total
[Var.. 120.
THE CHRONICLE
2050
Since
July 1.
Bushels.
11,589.000
24,866,000
75,454,000
14,911,000
13,999,000594,748,000576,376,000 1.500,000169,764,000126,820,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, April 11, 1925, were as follows:
United!States-New York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
Toledo
Detroit
Chicago
Iwo,
" afloat
Milwaukee
ilit " afloat
Duluth
1305 " afloat
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St. Joseph, Mo
Peoria
Intllanapolls
Omaha-
GRAIN STOCKS.
Corn.
Wheat.
Oats.
bush,
bush,
bush,
986,000
137,000
458.000
24,000
1,377,000
228,000
177,000
3,728,000
86,000
207,000
73,000
1,546,000
339,000
345,000
1,543,000
4,133,000 1.030,000 2,784,000
1.358,000
237,000
204.000
230,000
20.000
245,000
4,017,000 13,618.000 16,343,000
1,284,000 1,513,000
1,441,000 1,168.000
149,000
387.000
12,854,000
250,000 12.381,000
1,009,000
12,603,000
839,000 19,992,000
345,000
374,000
120,000
1,246,000 1,332,000
236.000
4,969,000 5,796,000 1.046.000
1,288,000
72,000
3,000
582,000
439.000
31,000
236,000
171,000
305,000
762,000
23,000
738,000 2,092,000
562,000
Rye.
bush.
731,000
381.000
148,000
5,931,000
Bailey.
bush.
213,000
20,000
311,000
20,000
1,000
34,000
1,140,000
192,000
37,000
3,000
12,000
2,283,000
247.000
81,000
727,000
109,000
116,000
5,628,000
318.000
1,383,000
974,000 2,032,000
7,000
14,000
10,000
16,000
169.000
9,000
7,000
255.000
Country,
1922-23.
1923-24.
1924-25.
Condition.
Acres.
Acres.
Acres.
Canada
. 816,000
774,000
832,000
United States
45,950,000 39,749,000 42,317,000
England and Wales_
1.740,000 1,545,000 a1,374,000 Backward.
Belgium
333,000
343,000
375,000 Germination regular.
France
13,224,000 12,802,000 13,330,000 Favorable.
Spain
10,175,000 10,158,000 9.872,000 Favorable.
11,554,000 11,281,000 11,664.000 Favorable.
Italy
Czechoslovakia
1.315,000 1,330,000
1.346,000Below average.
Hungary
Acreage aboutsame as last year.
Benefited by rain.
Bulgaria,
2,252,000 1,989,000 2,384,000 Good.
Rumania
5,600,000 6,631,000 6,070,000 Benefited by recent rains
Poland
2,336,000 2,658,000 2,549,000 Above average.
Lithuania
173,000
179,000
185,000
Latvia
72,000
74,000
51,000 Fair,germlnationregular
Esthonla
24,000
20,000
23,000 ermination regular.
G
Finland
37,000
37,000
35,000 Better than usual.
Morocco
2,249,000 2,332,000 2,656,000 Average.
India
30,844,000 31,178,000 32,057,000Strong dry winds an(
frost damage.
Total 13 countries
of Europe
48,835.000 49,047,000 49,259,000
Total 17 countries
reported
128.694.000 123.080.000 127,121.000
a Estimated on basis of 89% of the previous year.
Rye.
Country.
1922-23.
1923-24.
1924-25.
Condition.
2,000
11,000
Total Apr. 11 1925____55,244.000 30,761,000 58,606,000 20,066,000 3,498,000
57,434,000 32,727.000 61,086,000 19,878,000 3,766,000
Total Apr. 4 1923
Total Apr. 12 1924_ _ _56,673,000 22,319,000 14.076.000 21,503,000 1,162,000
Note.
-Bonded grain not included above: Oats, New York, 266.000 bushels;
Boston, 2,000; Buffalo, 101,000; Duluth 86.000; total, 455,000 bushels, against
1,208,000 bushels in 1924. Barley, New York, 206,000 bushels; Boston, 185,000;
Baltimore, 20.000; Buffalo, 80,000; Duluth, 56,000; total, 547,000 bushels, against
200,000 bushels in 1924. Wheat. New York, 1,453,000 bushels; Boston, 76,000:
Philadelphia. 734,000; Baltimore, 132,000; Buffalo. 1,741,000; Duluth, 522,000;
Toledo, 58,000; Toledo afloat, 167.000;Erie afloat.557,000;total,5.440.000 bushels,
against 6,320,000 bushels In 1924.
Canadian
Montreal
1,163,000
168,000 2,404,000
636.000
111,000
Ft. Wllllam ez Pt. Arthur_32,792,000
13,768,000 1,765,000 5,979,000
1,388.000
" afloat
680,000
127,000
6,446,000
Other Canadian
2,896.000
762.000
441,000
Total Apr. 11 1925_ _41,789,000
168,000
Total Apr. 4 1925__ _ _40,988.000
180,000
Total Apr. 12 1924._ _54.131,000
24,000
Summary
American
55,244,000 30,761.000
stand drought than other lands. Reductions as compared with last year
in both summer fallow and new breaking are reported for each of the
Prairie Provinces.
In Saskatchewan there has been an increase of 2,300,000 acres in fall
plowing over that of 1923, while fall plowing in Manitoba is less than
half as great as the amount plowed in the fall of 1923.
Spring seeding in European countries is making rapid progress under
favorable conditions. The unusually mild winter over most of Europe
enabled farmers to complete preparation of soil for seeding at an early
date. On some of the heavier land the ansence of hard winter freezing
has made working of the soil difficult and cultivation of those lands is
backward. In Germany and Hungary plowing for spring seeding was
completed by the middle of February and spring seeding begun earlier
than usual. In the countries of the Lower Danube, as well as in central
and northeastern Europe, increases in the spring seedings will probably
offset damage to winter cereals.
Area and Yields of Wheat.
-The estimates of acreage for the coming
harvest reported to date from 17 countries, including 13 countries of
Europe, together with Canada, United States, Morocco and India. show
an increase of more than 3% over the area reported for the same countries
last year. The area reported is approximately 65.8% of the total area
of the Northern Hemisphere last year and 56.7% of the world's wheat
area outside of Russia and China.
Although it is too early to forecast production, it may be of interest
to note that, with average abandonment and average yields (1915-24)
per acre for the area reported, the aggregate production would be only
about 1.7% above that of last year. The European acreage reported to
date is less than one-half of 1% larger than last year. With an average
yield the aggregate production of these countries would be less than 1%
greater than the harvest of last year. It may be of interest to note that.
while many countries had low yields last year, France had a very high
average yield, and with an average yield this year her crop would not
equal that of last year.
The acreage sown to rye in 12 European countries is 6.1% greater than
last year and 3.2% greater than in 1923. The area reported for 14 countries
including United States and Canada, represents 58.9% of the world's
total rye area outside of Russia.
WINTER CEREALS, WORLD.
Latest Available Data. Condition and Area Seeded for the 1925 Crop.
Wheat.
19,748,000 2,317,000 7,504.000
19,606,000 2,193,000 7,686.000
9,705,000 1,693,000 2,197,000
58,106.000 20,066,000 3.498.000
Total Apr. 11 1925_. 97.033.000 30,929,000 77,854,000 22,383,003 11,002,000
Total Apr. 4 1925_ 98,422,000 32,907.000 80.692,000 22.071,000 11,452,000
Total Apr. 12 1924-_110,804,000 22,343,000 23.781,000 23,196,000 3.359,000
Canada
United States
Belgium
France
Spain
Italy
Czechoslovakia
Bulgaria
Rumania
Poland
Lithuania
Latvia
Esthonia
Finland
Acres.
Acres.
Acres.
1,098,000
770,000
758,000
5,157,000 4,173,000 4,206,000
563.000
570.000Above average.
558,000
2,171.000 2,159,000 2,145,000 Above average.
1,701,000 1,872,000 1,959.000 Favorable.
309,000
309,000Average.
315.000
2,070,000 2,008.000 2,027,000 Below average.
384,000 Above average.
350,000
392.000
477,000 Average.
507,000
594,000
11.478,000 10,915,000 12,214,000 Good.
1,429,000 1,415,000 1,315,000
678,000 Favorable.
658,000
659,000
397,000 Germination regular.
394,000
402,000
583,000 Better than usual.
578,000
583,000
Total 12 countries
of Europe
22,352,000 21,728,000 23,058,000
Total 14 countries
rerportinir
28.807.000 26.671.000 28.022.000
WEATHER BULLETIN FOR THE WEEK ENDING
APRIL 14.
-The general summary of the weather bulletin'
issued by the Department of Agriculture, indicating the
influence of the weather for the week ending April 14 follows:
During the first 24 hours of the week there was a general warming Up
from the Ohio and middle Mississippi Valleys southward and temperaturee
were generally above normal, except in the far Southwest. Thereafter
the weather was persistently warm for the season in the interior and NorthFOREIGN CROP PROSPECTS.
-The latest available western States, but the latter part of the week was cooler from the Lake
eastward
information pertaining to cereal crops in foreign countries, region normal. where the temperature in most localities was slightly
below
A depression moved from the southern Rocky Mountain area southeastas reported by the Foreign Service of the Bureau of Agrisouthern Oklahoma.
cultural economics, and made public on April 9, is as follows: ward to and eastward to the thence northeastward to the middle Mississippi
Valley,
middle Atlantic Coast on the 8
-11th. It was
Winter &edit:O.-Prospects of the winter wheat crop in the Northern accompanied by widespread precipitation in the lower Missouri Valley and
Hemisphere are generally favorable in the important winter wheat countries quite generally from the Mississippi River eastward, the amounts being
with the exception of India and Russia.
moderate in most sections, although they were fairly heavy locally in the
Information concerning the Russian situation continues to be con- Southeast. Rainfall was of a local character during the latter part of the
flicting. The latest unofficial report states that the condition of winter week; fair weather prevailed in most sections of the country, except that a
grains for Russia as a whole is about average. It seems to be generally considerable area in the far Northwest received light to moderate rainfall.
conceded that there has been considerable loss from winter killing, although
For the week, as a whole, the temperature averaged above normal in all
conditions in the important winter wheat areas of the southwest were sections of the country, except the extreme Southeast. The weekly means
more favorable than elsewhere. Conditions in Spain. France and Italy, were much above the seasonal average throughout the interior valleys and
which are the largest winter wheat producers of Europe, have been favorable the Central-Northern States, the plus departures ranging from about
throughout the season. General rains in the countries of the Lower Danube 9 degrees to as much as 18 degrees. In the extreme South, except Florida.
have improved conditions and crops in these countries are rapidly recovering the week was from 2 to 4 degrees warmer than normal and from 3 degrees
from effects of drought earlier in the season.
to 6 degrees warmer in the Atlantic coast area. Except in the Appalachian
Harvest time in North Africa is near and latest reports of conditions Mountain districts, the Northeast, at the higher
are favorable. Good harvests in these countries will influence considerably Mountain sections, and along the north-central elevations of the Rocky
the durum wheat markets of Southern Europe. Latest reports of the freezing temperatures were not reported during border of the country.
the
outlook in Tunis and Algeria are promising. In Morocco average tieids did not go below 50 degrees in the Gulf coast districts. week: the minima
are expected. Conditions in Egypt are about normal.
A moderate amount of rain fell in the interior of the country between
Harvesting of the Indian wheat crop is in progress. Unofficial reports the Great Plains and the Appalachian Mountains, the
Confirm some damage from drought. A private report places the outturn from 0.5 inch to about 2 inches. There were some weekly totals ranging
fairly good rains also
at 88% of normal. During the ten years 1915-1924 the average pro- in the Southeastern States and locally in the West Gulf area. Elsewhere
duction amounted to about 350,000,000 bushels. This average, however, precipitation was light, especially in the lower
Mississippi Valley, the
be considered normal,since it includes the two very poor harvests Southwest, the extreme Southeast, and in the
can
North-Central States. Ili
hardlyd
of 1919 an 1921.
The weather continued favorable for outdoor
practically
Spring Seeding;.
-The Prairie Provinces in Canada have less land under all sections of the country and seasonal farm operations in
summer fallow for the 1925 crop than in any year since 1921. The amount generally, except that planting was further work made good advance
delayed in the Southwest.
of summer fallow land available for 1925 is estimated to be 9,068,000 The seeding of spring grains and early truck crops was well along in the
acres, compared with 9,624.000 acres for the 1924 harvest and 9,797,000 Central-Northern States and plowing made good advance.
acres the record amount available for the harvest of 1922. This reduction
Timely and beneficial rains stimulated the growth of outstanding and
Is particularly significant in the outlook for next season, inasmuch as newly-planted crops in the Southeastern States and also over most of the
previous harvests have shown the summer fallow land better able to with- Interior valleys and the Northwest. The rains were especially beneficia
APRIL 18 1925.]
THE CHRONICLE
in the Great Plains. as far south as Oklahoma and northeastern Texas,
and in the lower Missouri and Ohio Valleys, which, together with the
prevailing warmth, caused rapid advance in the growth of vegetation.
While showers occurred in the western Lake region and the extreme upper
Mississippi Valley, more moisture is needed in those sections, and it continued too dry in parts of the upper Ohio Valley, especially in Ohio and
West Virginia; also in some south Atlantic districts. light showers occurred
over much of Texas, but the prevailing_ droughty conditions continued in
most of that State, and also in New Mexico and Arizona. The drought
was broken in most of Oklahoma and beneficial rains occurred over much
of the far Northwest.
SMALL GRAINS.—Good showers occurred during the week over most
of the principal wheat-producing area, while the warm weather stimulated
growth, except that frosty nights had a retarding effect in the northeastern
portion of the belt. Rains were especially beneficial in the Great Plains,
although it continued too dry in the southwestern portion. Wheat showed
general improvement in eastern, south-central, and northwestern Kansas,
and the weekly progress was very good in Oklahoma, as well as in the
States immediately west of th eMississippi River. The bulk of the crop,
however, has been abandoned in central-northern Kansas, and it is in
poor condition in southeastern Nebraska and northwestern Oklahoma.
East of the Mississippi River the advance was satisfactory in most sections,
except in Ohio where it continued too dry and where rain was needed
In parts of Indiana. northern Illinois, and quite generally in the western
Lake region. The crop was favorably affected by the weather over the
more northwestern States, where not winter-killed: much ground seeded
to winter wheat in Montana is being resown with spring wheat.
The seeding of spring wheat made excellent advance with the prevailing
favorable weather. This work has been nearly completed in southern
Minnesota and is well advanced in North Dakota, with much grain up
and looking well in South Dakota. Oat seeding also made good progress
and is well along in the Central-Northern States. Oats have come up
satisfactorily in the central valleys.
CORN.—Much corn ground was prepared during the week in the interior
States, and planting advanced, with favorable weather, as far north as
central Kansas, southern Kentucky, and southern Virginia. Much ground
Is ready for corn in Iowa awaiting safe planting date, but planting is now
well under way in the lower Missouri -Valley. Early corn has come up
to a good stand in the Southern States, except in the west Gulf area, and
some irregular stands are reported in parts of the South Atlantic States.
COTTON.—While scattered rains were helpful in Texas, occurring at
about 70% of the reporting stations, they were mostly light and the drought
Is largely unrelieved. Planting cotton is backward with conditions generally
unsatisfactory, except in the extreme south and northeastern portions of
the State; lice are appearing in the former section. Planting was progressing
slowly also in parts of the Atlantic coast area with germination retarded
by insufficient moisture, particularly in South Carolina, though beneficial
showers occurred.
Elsewhere in the Cotton Belt conditions were mostly favorable, with
the drought broken quite generally in Oklahoma where planting was
under way in southern and eastern counties. In the eastern half of the
belt planting was in progress northward to Tennessee and eastern North
Carolina and was general in the central and southern portions of the east
Gulf States. Conditions were especially favorable in Georgia, with seeds
germinating well and growth good in the south.
2051
factory levels. According to reports, activity has not fully
subsided as yet and a fairly active post-Easter buying
movement was noted in novelties and fancies. Staples, however, continued relatively quiet. In regard to novelties,
many of the new fabrics recently offered for gall have disclosed greater excellence in artistic design than heretofore,
which has tended to stimulate consumer demand. This, also,
has prompted predictions of good sales during the summer
months on the theory that consumers will tire of wearing
peacock colors more quickly than if they were wearing
darker ones. The brilliant colorings have been strikingly
apparent in the new rayon materials, dress fabrics, draperies
and upholsteries. On the other hand, there is always the
chance that a season of brilliant colorings will pass out
suddenly—hence the piecemeal buying that retailers continue to transact with wholesalers and cutters. For the
time being the output of woolen and linen goods is more
curtailed than other lines. Cotton goods production is said
to be below 95% of normal and has been falling off, especially in yarns, sheetings and some of the convertibles.
Finishers have not been averaging 70% and in some cases
are operating below this figure. In contrast to this, the
production of silks is as high as the supply of labor will
permit and the outlook is that it will continue so for some
weeks to come. Orders have been received in such volume
that many of the mills are from two to three weeks behind
with deliveries, despite overtime operations. In fact, there
has been so much business received on spring and summer
goods that many of the leading manufacturers will undoubtedly be slow in accepting fall orders if prompt deliveries are demanded.
DOMESTIC COTTON GOODS: Although a general contraction of commitments was noticeable throughout the markets for domestic cottons, during the week, more or less
irregularity prevailed. Prices, however, generally held
steady. Novelties, such as rayon, silk and cotton mixtures,
fancy prints and wash cloths, continued to sell in fairly satThe Weather Bureau also furnishes the following resume isfactory proportions, but elsewhere conditions were reported
quiet. Bleached goods were dull, with indications that this
of the conditions in the different States:
would probably mark time for the imNorth Carolina.—Raleigh: Farm work well advanced and vegetation branch of the market
ahead of season. Temperatures moderate, but dry weather retarding mediate future at least. Filling-in orders on certain of the
germination and growth: general rain needed. Cotton planting under napped goods were of lighter proportions,
while yarns conway in east and south. Corn planting continues: some irregular stands.
potatoes, garden truck, small grains and fruits doing well. Strawberries tinued inactive. However, in several quarters, spinners
nning to ripen in southeast: peaches promise heavy croto•
were said to be from two to three weeks behind on delivbeiOUth Carolina.—Columbla: Fair;
showers locally; sunshine abundant:
week closed with summer heat. Cotton and corn planting progressing eries. Reports from retail channels claimed that novelties
and germination retarded by drought. Winter cereals, commercial and fancies were receiving the chief attention, staples being
slowly
truck, tree fruits and gardens in good condition generally. Tobacco transplanting begun. Lettuce and asparagus shipments progressing. Potato neglected. The little buying noticeable in the latter was
stands good. Native strawberries on market.
centred in sheets, pillow cases, ginghams, percales and linGeorgia.—Atlanta: Favorable week with beneficial rains. Land practically all well prepared and planting cotton, corn and numerous minor ings. During the week a campaign was instituted for the
crops made excellent progress, except that no cotton has been planted in purpose of calling attention to the remarkable improvement
extreme north. Seeds germinating rapidly and growth good. Trans-- In the character
of gingham production during the past
planted tobacco doing well. Sugar cane coming up to good stand and
potatoes and melons all planted. Pastures, truck and-gardens doing well.
year. It was thought that if interest in this item on the
Florida.—Jacksonville: Dry and sunshiny; favorable for work. Early corn part of the consumer could
be stimulated, a freer buying
fair progress: late slow. Seeding cotton continued in west and locally on
peninsula; early fair stand. Cane, melons, peanuts and tobacco good. Oats movetnent would result. A news item of particular interest
good. Tomatoes good in central and north. Potato digging increased to the trade was the announcement
fair to
of a resolution passed by
in north, but plants deteriorating. Sweet potatoes backward. Citrus trees
pair to good, but aphis damage locally; bloom light in some groves. Rain the American Cotton Manufacturers' Association urging the
needed.
Alabama.—Montgomery: Warm, with moderate general rains. Farm discontinuance of the semi-monthly cotton crop forecasts by
work made good ;progress in most sections. Cotton coming up in parts of the Federal Crop Reporting Bureau during the months of
'Youth; planting begun in extreme north. First planting of corn coming June, July and August. It is claimed
that the issuance of
up well Progress and condition of oats, potatoes, truck and pastures
mostly good. Transplanting sweets progressing fairly well in coast region. these reports last year so disturbed the markets for the raw
Fruits unusually good. Sugar cane doing fairly well in south portion.
material and caused such sudden and violent price fluctuaMississippi.—Vicksburg: Generally ample sunshine with light rains and
rather warm. Showers needed central and south. Planting of cotton and tions that many buyers of dry goods curtailed their purcorn general with excellent progress. Occasional fields of corn up to good chases. Print cloths, 28-inch, 64 x 64's construction,
are
stand in central and south. Progress of fruit good; gardens, pastures and
quoted at 714c., and 27-inch, 64 x 60's, at 6%c. Gray goods
/
truck fair.
Louisiana.—New Orleans: Light to moderate showers early in
in the 39-inch, 68 x 72's construction, are quoted at 11%c.;
week, but
but no rain in some southwestern localities, where drought again is becoming
-inch, 80 x 80's, at 13%c.
serious. Excellent for farm work, which is unusually well advanced. Plant- and 38
ing corn about completed; much up and being worked. Excellent progress
WOOLEN GOODS: Markets for woolens and worsteds
cotton; well advanced all sections; early up to good stands. Cane
planting
doing well. Rice planting continued: some up. Irrigation water low. continued to rule dull and uninteresting. Buyers held off
All crops in excellent tilth, but more rain needed.
Texas.—Houston: Rather warm with scattered and generally light show- 'for prices to reflect the recent decline in raw wool and they
ers, mostly in west and north. Progress and condition of winter wheat, were also disturbed over the uncertain outlook for fall mereats, pastures and minor crops generally poor, except very good in north- chandise. In
the mean's wear division, further openings of
east and extreme south. Progress and condition of irrigated crops
lent. progress and condition of cotton and corn very good in extreme excel- fall fabrics have taken place, though prices showed
little
south
and northeast; mostly poor elsewhere with planting backward account change from previous levels. The women's
wear division
drought; lice appearing on cotton in extreme south.
onehoma.—Oklahoma City: Drought broken by moderate to heavy rains, continued unsettled owing to the uncertainty of the fashion
except extreme northwest where condition is still critical. Winter wheat mak- outlook. The color trend
was another disturbing factor.
ing very good progress generally, except in extreme northwest, where it has
deteriorated; its condition Is generally fair, except in extreme northwest. The announcement by the American Woolen Co. that • it
corn generally making fair progress; stand good; cultivating early-seeded, would discontinue its welfare
department attracted considand still planting in northwest. Planting cotton under way in east and
erable interest. This action was variously interpreted. In
south portions. Oats,'pastures and alfalfa improving since rains.
Arkansas.—Little Rock: Showers very beneficial, but still too dry locally. some quarters it was thought to
be the forerunner of wage
Excellent progress planting cotton; planting well along in most south
and
central counties. Excellent progress in planting corn; good stands where reductions, while in others it was thought to be merely an
and some cultivated. Wheat, oats, meadows and pastures improved. action of economy which might actually lead to higher reup
Truck and fruit very good; strawberry shipments begun.
Tennessee.—Nashville: Conditions excellent, both for work and progress turns for the employees.
of vegetation. Fine progress being made in preparing land for corn and
FOREIGN DRY GOODS: With indications of a large
(Paton. Probably 30.% of corn planted and planting cotton begun. 'Wheat
improved in condition, but is poor in northwest, poor to good in middle, flax crop, buying operations in the markets for linens conexcellent in east portion. Spring oats good stand. Strawand fair to
tinued restricted. Importers were inclined to be pessimisberries setting fruit generally and looking well.
Kentucky.—Louisville: Favorable for growth and farm work. Most
corn Hee owing to the fact that factors who had been visiting
land prepared and planting commenced. Potato planting nearly finished. Russia and other Continental countries brought
back reOats up to good stand; early wheat Jointing. Tobacco plants larger than
al. Pastures ready for grazing. Cherries and apples blooming; fair ports of a good crop condition and claimed that the outturn
prospect for peaches.
of flax was larger than a year ago. Both dress linens and
tow yarns continued to do poorly, owing to the apprehension
among both buyers and sellers to operate. Linen men agreed
THE DRY GOODS TRADE.
that the past few weeks had witnessed a decided slump in
Friday Night, April 17 1925.
business, but it is believed that the coming months will show
Little change was noted in conditions surrounding the an improvement. The latter assumption was based upon
markets for textiles during the past week. Aided by a com- the fact that already indications point to a revival in the
low and middle-priced goods from the West and
bination of ideal weather, new style developments and at- demand for
Mid-Western centres. Burlaps ruled firm with an active
tractive prices, Easter trade in retail channels closed with consuming interest in nearbys. Light
weights are quoted at
some snap and resulted in sales totals reaching very satis- 7.55c. and heavies at 9.55c.
2052
[VOL. 120.
TUG CHRONICLE
ffitate and Titg Pepartnunt
NEWS ITEMS.
California (State of).—State Inheritance Tax Law Held
Valid by U. S. Supreme Court.—For information regarding
this decision the reader is referred to our "Department of
Current Events and Discussions" on a preceding page.
Massachusetts (State of).—Senate Passes Bill to Permit
Savings Banks to Invest in Certain Railroad Equipment Securities over Governor's Veto.—On April 13 the State Senate
passed over Governor Fuller's veto by a vote of 29 to 8, a
bill originally passed by both houses which provides that
savings banks of Massachusetts may invest not more than
10% of their deposits in railroad equipment securities, no
more than 2% in the securities of any one railroad. The
Governor's veto of the measure was sent to the Senate on
April 11. On April 14 the House voted 155 to 58 to postpone until next Tuesday (April 21) consideration of the veto.
The proposed new legislation was petitioned for by the
savings banks of the State which set forth as a reason that
Liberty bond holdings are being taken up by the Federal
Government and that the banks are finding difficulty in
increasing deposits.
.obtaining investment for their rapidly.
It was contended also, that railroad equipment securities are
silt-edged. The Joint Special Committee on Banking Laws
In 1923 had considered similar legislation and reported
against it.
Governor Fuller in his message quotes from the report
of 1923 Committee and comments as follows:
"I am returning herewith, without my approval. Senate bill 354, entitled
Equip-
'An Act Authorizing Savings Banks to Invest in Certain Railroad
ment Securities.'
"As the title indicates, this proposed legislation opens a new field of Investment for savings banks and makes railroad equipment the exception to the
general rule in regard to this particular kind of investment. The bill permits
railroads to invest sums of money in equipment which would not show as a
liability of the purchasing railroad company, and nowhere in the bill is the
railroad company specified as a guarantor of the payment. The only security which this form of investment gives to savings banks is the security
of the equipment itself. In the event of the equipment being destroyed or
depreciated in value by fire or otherwise, the security is diminished or disappears: whereas if the railroad company guaranteed the payment the investment would be protected.
"The joint special committee on banking laws in his report, House No.
1275. of 1923, as well as the chairman of commissioners of the Department
of Public Utilities are opposed to this legislation.
"The Joint Special Committee on Banking Laws reports as follows:
Notwithstanding the strong case which has been made for railroad equipmeat bonds by the proponents of this legislation, the past history of investments in railroad securities, together with the condition of the majority of
railroads at the present time, is not such as would prompt the committee to
place the stamp of approval of the Commonwealth upon an enlarged field
of railroad investments.
''While there seems to be no question but that railroad equipment bonds
have made a better record than some other railroad securities which have
been within the legal requirements of Massachusetts, the committee feels
that no further addition should be made to the present statutes with respect
to such securities until the general reorganization plan now under consideration has been worked out and the future of the railroads of the country more
definitely established.
"No suggestion is made that this proposed bill will in any way help the
New England railroad situation. Under all these circumstances it does not
seem desirable that such legislation should be approved, and especially is
this true where the railroads are not required to guarantee the payment
themselves.
The omission from this list of several municipalities may not be due to
their illegality, but to the failure of such municipalities to respond to the
several communications that have been sent to them by this Department.
asking for the necessary information relative to their indebtedness. However. wherever this Information could be obtained from a reliable source,
regardless of the fact that no answer was received tdie our questionnaire,
we have availed ourselves of same and included the /Municipalities in the
accompanying list.
This list is prepared after a thorough investigation and exhaustive examination into the legality of the bonds listed herein, and reliable supporting
information in all cases is on file with this Department.
If your are desirous of any information, communicate with this Department.
GEORGE V. McLAUGHLIN, Superintendent cf Banks.
The complete list, as compiled by the Superintendent, is
given below. The bonds added to the list since last year are
italicized while the issues which do not appear this !mar are
placed in black-faced brackets. Among the railroad bonds
dropped from the present list are those of the Chicago,
Milwaukee & St. Paul; Chicago, St. Paul, Minneapolis &
Omaha and the Minneapolis St. Paul & Sault Ste. Maxie.
Securities Considered Legal Investments for Savings Banks Jan. 1
1995 under Sub-divisions of Section 239 of the Banking
Law as Numbered.
Sub-division 1. All Interest-bearing obligations of the United States or
those for which the faith of the United States is pledged to provide payment of interest and principal. Including bonds of the District of Columbia.
Sub-dIvision 2. All interest-bearing obligations of New York State.
Sub-division 3. Certain Interest-bearing obligations or the following
States and Territories:
A Inhume
Arizona.
Arkansas,
California.
Colorado.
Connecticut,
Delaware,
Florida,
Georgia,
Hawaii.
Idaho
Illinois,
Indiana.
Iowa,
Kansas.
Kentucky,
Louisiana,
Maine.
Maryland,
Massachusetts.
Michigan.
Minnesota.
Mississippi,
Mleqouri
Montana,
Nebrasga.
Nevada,
New Hampshire,
New Jersey,
New Mexico.
North Carolina,
North Dakota,
Ohio.
Oklahoma.
Oregon
Pennsylvania.
Rhode Island,
Soot h Carolina.
Routh Dakota,
Tennessee.
Texas.
Utah,
Vermont,
Virginia,
Washington,
West Virginia.
Wisconsin,
Wyoming,
Subdivision 4. All interest-bearing obligations or revenue notes sold at a
discount, of any city, county, town, village,school district, union free school
district, or poor district in New York State. provided that they were issued
pursuant to law and that the faith and credit of the municipality or district
that issued them is pledged for their payment.
Subdivision 5a. Certain stocks and bonds of the following incorporated
cities, counties, villages and towns in adjoining States:
Connecticut.
Ansonia.
Berlin.
Bethel.
Branford.
Bridgeport.
Canton.
Cheater.
Colchester.
Colebrook.
Cornwall.
Cromwell.
Danbury.
Darien.
Eastford.
East Haddam.
East Hampton.
East Hartford.
East Haven
Ellington.
Enfield.
Essex.
Fairfield.
Fairfield County.
Glastonbury.
Granby.
Guilford. •
Hartford.
Kent.
Killingly.
Ledyard.
Lisbon.
Litchfield County.
Litchfield.
Boston.
Rozborough.
[Boylston.]
Braintree.
Bridgewater.
Bristol County.
(Brockton.]
Brookfield.
Brookline.
Cambridge.
Chelsea.
Chicopee.
Clarksburg.
Clinton.
(Chatham.]
Colrain.
Dana.
Dartmouth,
Dedham.
[Deerfield.]
[Dighton.]
Douglas.
Dudley.
Dukes County.
East Brookfield.
Easthampton.
EaStham.
Easton.
Essex.
Essex County
Everett.
Fall River.
Fitchburg.
Framingham.
Somerville,
South Hadley.
Southampton.
Spencer.
Springfield.
Sunderland.
Taunton.
Templeton. •
Tewksbury.
Truro.
Wakefield.
Ware.
Warren.
Watertown.
Webster.
West Tisbury.
Westwood.
Smithfield.
Tiverton.
Warren.
Warwick.
West Warwick.
Westerly.
Woonsocket.
Pennsylvania.
Adams County.
Allegheny County.
Allentown.
Beaver County.
Blair County.
Bradford.
Cameron County.
[Crawford County]
Wellesley.
Duquesne.
Westborough
Elk County.
West Boylston,
Erie.
West Springfield.
Ede County.
Whately.
Fayette County.
Williamstown.
Franklin County.
Winchester.
Fulton County.
Winthrop.
Harrisburg.
[Wrentham.]
Hazelton.
Worcester.
Huntington County.
Worcester County. Indiana County.
Yarmouth.
[Johnstown.]
Juniata County.
New Jersey.
Lackawanna County.
New York State.—Legal Investments for Savings Banks.—
Atlantic City.
[Lancaster.]
The State Banking Department has compiled a new list of
Atlantic County. Lancaster County.
Bayonne.
[Lebanon County.]
bonds, considered legal investments for savings bank funds, (Mansfield]
Belvidere.
Franklin County
Lycoming County.
this new list being of date Jan. 11925. Some municipalities Meriden.
Bergen County.
Gardner.
Luzerne County.
Beverly,
Middlesex County. Georgetown.
whose bonds were considered eligible for investment on Middletown.
Mercer County.
Gloucester.
Bloomfield.
New Castle.
is Milford,
Jan. 1 1924 are missing from the new list, but this, it
Granby.
Burlington County. Northampton CountyGreat Barrington. Camden.
pointed out by the Superintendent of Banks, may be due to Montville.
Northumberland
Camden County.
Britain
Greenfield.
County.
the failure of these municipalities to file reports of their New Canaan.
[Hawley.]
New
Cape (May) County. Philadelphia.
Clifton.
financial condition with the Department.
New IIartford.
Hamilton.
Philadelphia Costars.
New
Attention is again called this year to the fact that the ab- [NewHaven, Co.] Hampden County. Cumberland Countypittsburgh.
East Orange,
Haverhill,
Haven
Pittston,
sence of the names of suburbs and annexed districts of the Newington.
Hampshire County, Elizabeth.
Potter County.
New London.
[Englewood.]
(Harvard]
Schuylkill County.
.different cities is not necessarily an indication of the illegality [New Milford.] Hingham.
Essex County.
Scranton.
of their obligations for investment. A statement by the [Norfolk.]
Gloucester County. Somerset County.
Holyoke.
(Hackensack.]
[Lancaster.]
Superintendent of Banks, which accompanies the list,follows: Plymouth.
Sunbury.
STATE BANKING DEPARTMENT
Albany, N. Y?
The following list of securities considered legal investments for savings
banks on the first day of January, 1925, has been prepared in accordance
with the provisions of section 52 of the Banking Law, and I think it necessary to call attention to the purpose of the list as therein stated.
The conditions under which municipal and railroad bonds are legal investments for savings banks are contained in section 239 of the Banking Law.
The provisions with reference to these investments are In some cases quite
complicated and the legality of the investments, of course, depends entirely
upon the condition of the corporation or municipality issuing the bonds
under consideration which may vary so greatly from time to time that a
bond which was a legal investment on a fixed date may not be a legal investment upon the following day. No one can state positively that a particular
bond Is a legal investment on a certain date, unless be has exact knowledge
of the facts on the day with reference to which the statement is made. and.
In these days of rapidly changing conditions, it will be obviously improper
for the trustees of a savings bank to rely solely upon this list, the list being
issued only for their protection and not with the intent that they shall place
their sole reliance upon it.
As stated, the list is prepared for the protection of trustees of savings
banks and should not be considered a guide by executors, administrators
or trustees generally; neither Is it designed for the use of dealers in securities.
As the cost of preparing and printing the list is assessed upon the savings
banks, sufficient copies have not been printed to enable us to make a general distribution of the pamphlets containing it. Notwithstanding the care
that has been exercised in its preparation, it is not to be assumed that it
Is entirely free from error. It Is quite possible, as a result of changed
conditions since the last statistics with reference to municipalities were
obtained, that bonds believed to be legal investments at the time the list
was prepared may not be legal investments even at the present time, and,
on the other hand, bonds which were not legal investments at that time may
have since become legal investments. It Is believed, however, that the
list is substantially correct, although, as has been already intimated, it
does not relieve the trustees of savings banks from the duty of making a
careful Investigation of their own In every doubtful case, thereby supplementing the work of the Department.
In arranging the list, the numbering of the different subdivisions of section 239 of the Banking Law has been followed, specific issues being expressly named only when this course is made necessary by the phraseology
used in the statute.
Putnam.
Salisbury.
Scotland.
Seymour,
Shelton.
Somers.
Southington.
South Windsor.
Sprague.
[Stamford.]
Stonington.
Lawrence.
Harrison.
Tioga County.
Hudson County. [Union County.]
Jersey City.
[Uniontown.]
Ludlow.
(Kearney.]
Washington County.
Lunenburg.
Margate City.
Westmoreland
Lynn.
Mercer County.
County.
Malden.
Middlesex County. Wilkes-Barre.
Marlborough.
Monmouth Countylwiniamsport.]
[Marshfield.]
Morris County.
Wyoming countrl
Marblehead.
Morristown.
York.
Maynard.
Newark.
York County.
Medway,
Stratford.
[Ocean County.]
Methuen.
[Suffield.]
assa c.
Vermont.
Middlesex County. Passaic County.
Thomaston.
Tolland.
Milford.
Paterson.
Addison County.
Tolland County.
Monson.
Phillipsburg.
[AlburS.3
Nantucket.
Torrington.
Rahway.
Barre.
Union.
Natick,
Salem.
(Bennington.]
Wallingford,
Salem County.
New Bedford,
Bennington County.
Waterbury,
Newburyport.
South Orange,
Brattleboro.
Watertown,
Newton.
Summit.
(Burlington.]
North Adams.
Westbrook.
Trenton.
Bristol.
West Hartford.
North Attleborough. Union County.
Calais.
West Haven,
North Brookfield. West Hopoken.
Caledonia County.
Northbridge,
Westport.
[Cambridge.]
Norton.
Wethersfield.
Rhode Island. Danville.
Norwood.
Willimantic,
Barrington.
Essex County.
[Orleans.]
Winchester.
Bristol.
Guildhall.
Pepperell.
Windsor.
Central Falls,
Hinesburg.
[Windsor Locks.] Petersham.
Coventry.
Montpelier.
Pittsfield.
Cranston.
Woodbury,
Morrisville.
Plainville.
Cumberland.
Orange County.
Massachusetts, Provincetown.
East Providence.
Pittsford.
Abington.
Quincy.
[Rockingham.]
Glocester.
Agawam.
Randolph.
Lincoln,
Rutland.
Ashby,
[Raynham.]
Narragansett.
Rutland County.
Athol.
Newport.
Rockport.
St. Albans.
ROVatslon.
Attleboro.
North SmUhfield.
Springfield.
Russell.
Barnstable.
Pawtucket.
Stowe.
Salem.
Bane.
Providence.
(Winded' county.]
Berkshire County. Sharon.
Woodstock.
Scituate.
Beverly.
[Leicester.]
Lowell.
Somerset
APRIL 18 1925.]
1
THE GllitONICLE
Sub-division 5b. Certain stocks and bonds of other cities, as follows:
Detroit, Mich.
Atlanta, Ga.
Manchester, N. H. San Francisco,Calif
Baltimore, Md.
Duluth, Minn.
Milwaukee, Wis,
Savannah, Ga.
Bay City, Mich.
El Paso, Texas.
Minneapolis, Minn.Seattle. Wash.
Cation, Ohio.
Evansville, Ind.
Mobile, Ala.
Sioux City, Iowa.
Cedar Rapids, Iowa.[Flint. Mich.]
Oakland, Calif.
South Bend, Ind.
Charlotte, No.Caro.Grand Ftapids,Mich. Oklahoma City, Okia.Spokane, Wash.
Huntington. W. Va. Peoria, Ill.
[Chattanooga,
Springfield, EL
Tenn.]
Indianapolis, Ind. Portland, Me.
Springfield, Ohio.
Chicago, Ill.
Jackson, Mich.
[Racine, Wis.]
Tacoma Wash.
Cincinnati, Ohio, Jacksonville, Fla.
Richmond, Va.
Terre Haute, Ind.
Cleveland, Ohio.
Kalamazoo, Mich. Rockford. Ill.
Toledo, Ohio.
Columbus, Ohio.
Kansas City, Mo. Saginaw, Mich.
Topeka, Kan,
Covington, Ky.
Lansing, Mich.
St. Louis, Mo.
Tulsa, Okla.
Dallas, Texas.
Lincoln, Neb.
St. Paul, Minn.
[Wichita, Kan.]
Davenport, Iowa. Los Angeles. Calif. Salt Lake CIty,UtahWheeling, W. Va.
Denver, Colo.
Louisville, Ky.
San Antonio, Texas.Youngstown, Ohio.
Des Moines, Iowa. Macon, Ga.
San Diego, Calif.
Sub-division 7, Railroad bonds:
Albany dr Susquehanna KR.
Delaware Lackawanna & West.Railroad.
1st mtge. 3348. 1946.
Bangor & Portland Ry. let Os, 1930.
Atchison Topeka & Santa Fe Ry.Warren RR. let 3345, 2000.
Gen 42, 1995.
Morris & Essex RR. ref. 334s, 2000.
Chicago Santa Fe & California Ry teotida Johnstown & Gloversville Kit.
1st 55. 1937.
Consolidated ref .4348,1947.
Atlantic Coast Line RR.
General ref. 4s, 1950.
1st Cons. 4s. 1952.
Cons, general ref. 41.48, 1952.
Petersburg RR. 1st 55. 1926,"A."
clanesee & Wyoming RR. tat its, 1929.
Petersburg RR. 2d Os. 1926. "B."
[Greenuich & Johnsonville Ry. 1st 4s,
Norfolk dr Carolina RR. 1st Os. 1939.
1924.]
Norfolk dr CarolinaRR. 2d 5e, 1946.
Illinois Ceutral RR.
Wilmington & Weldon RR. gen. 1st
Refunding 4s, 1955.
5s. 1935.
48 and
Refunding 58, 1955.
Wilmington & New Bern 1st 4s, 1947.
First mute 3s. 3348 & 45, 1950-51.
Atlantic Coast Line of South Carolina
Trust 334 s. 1950.
Gen. 1st 48, 1948.
Springfield Div., refund. 31.4it, 1951.
Northeastern RR. Cons. 13s, 1933.
Litchfield Div. 1st 35, 1951.
Richmond & Petersburg Cons. 430,
Cairo Bridge Co. 1st 48, 1950.
1940.
St. L. 1)1v. & Term. 3s & 334s, 1951.
Alabama Midland 1st Os. 1928.
Purchased linos 354s. 1952.
Brunswick & Western 1st 48. 1938.
Lehigh Valley RR.
Charleston & Savannah Gen. 75, 1936
Piro mortgage 45, 1948.
Savannah Florida & Western Cons. 58 Louisville & Nashville RR.
& Os. 1934.
1st & ref. Series "A" 534s. 2003.
Baltimore & Ohio RR.
let & ref. Series "B" 5s, 2003.
Refunding & General M.5s, 1995.
lat & ref. Series "C" 434s, 2003.
Refunding de General M.Os, 1995.
Louliville Cincinnati & Lexington Ry.
Convertible 4348. 1933.
gen. 4 Ks, 1931.
1925.
Prior Lien 310,
Louisville & Nashville RR, unified
First Mortgage 48, 1948.
mtge. 4s, 1940.
First Mortgage 13, 1948.
Louisville & Nashville RR.lst 5s. 1937.
Central Ohio let 434s, 1930.
Mobile & Montgomery 1st 4348. 1945,
Cleve. Lorain & Wh. Cons. 514 1933
New Orleans & Mobile Div.let 6s, 1930
General 58, 1936.
New Orleand & Mobile Div.2d (313. 1930
Cons. & Ref. 4303. 1930.
Paducah dr Memphis Div. 1st 48, 1946.
Cleve. Terminal & Valley 1st 4s, 1993.
Atlanta Knoxv.& Chu. Div. 48. 1955.
Ohio River let M, 1936.
So.& No. Alabama RR.cons. 58, 1936.
General 58, 1937.
So.& No. Ala. RR.gen. cons. 55. 1963.
Pittab. Jct. dr Mid. Div. let 3Ks, 1925
Lexington & Eastern
Pittsb. Lake E.& W Va Sys 48. 1941 Maine Central System RR. 1st 5s, 1965,
West Va. & Pittsburgh lot 4s, 1990.
[Dexter & Piscataquis 1st 48, 1929.]
Creek RR Cons. 5s, 1941
Buffalo
[European & North American 1st 48,
Buffalo Rochester & Pittsburgh Ky.1933.]
Gen. mtge. 5s. 1937.
Hereford Ry. 1st 4s, 1930.]
Cone. Mtge. 43.45. 1957
Somerset Ry. cons. 48, 1950.]
Lincoln Park & Charlotte RR. 1st 58
Upper Coos RR. 1st 48, 19303
1939
Uppet Coos RR.1st ext.434s, 1930.]
Central RR.of New Jersey Gen,58, 1987.
Washington County Ry. 1st 3345,
Chic
ago Burlington & Quiucy Ry.1954.]
Gen. 4s, 1958.
Michigan Central RR. Co.
Illinois Div. 3348 and 4s, 1949.
First mortgage 334s. 1952.
Nebraska Extension 48, 1927.
Bity City & Battle Creek 1st 3s, 1989
Chicago Milwaukee dr St. Paul Ry.Detroit & flay City 1st 5s, 1931.
[General M.3345.4 and 4348. 1989.]
8
Kalamazoo & South Haven 1st 58,'39.
[Chicago & Missouri River Div. 1st 55,
Michigan Air I,ine 1st 48, 1940.
1926.]
Jackson Lansing & Saginaw 1st 3348
[Fargo & Southern 1st 131), 1924.]
1951.
[Milwaukee & Northern 1st 4345,
Grand River Valley 1st 45, 1959.
1934.]
Minneapolis St. Paul & Sault Ste
[Milwaukee & Northern Corm'. 434s,
Marie Ky.19341
1st cons. 4s and 58, 1938.]
[Chicago Milwaukee & Puget Sound
Minn. & Pacific Ry. 1st 4s, 19361
45, 1949.]
1st
Minn. Sault Ste. Marie & Atlantic
General & ref. 430 & 55, 2014.]
Ry. 1st 4s, 1926.]
Debenture 48, 1934.]
Mobile & Oldo RR. Cu. 1st M.68. 1927
Debenture 4s,1925(European Loan)] VI oat gontery & Erie RR. 1st M.58,
1926
Convertible 430, 1932.]
Nashville Chattanooga & St. Louis Ry.Chicago & North Western ity.Conant. mtge. 48 and 513. 1928.
General 3348, 48 and 55. 1987.
New 'York & Harlem RR. ret. 314s, 2000
Chic.& North West. 1st & ref. Os,2037 New York Lackawanna dr Western Ry.
Chic.& North West. 1st & ref. 5s. 2037
1st & ref. mtge. 434s and 58, 1973.
Chicago & North West. deb. 58, 1933 New Vork Ontario & Western.
Des PlitineeVa ley lot 434s. 19i7,
Utica Clington & Bing. let 58, 1939.]
Fremont. Elkhorn & Mo. Valley RR Norfolk at Western Ry.cons. 135. 1933.
First consol. 48, 1996.
Iowa, Minn. & Northwestern Ry. let
General its, 1931.
334s, 1935.
New River Div. 1st 6s, 1932.
Manitowoc Green Bay & North West.
Improvement & extension 6s. 1934.
era 1st 3348, 1941.
Scioto Valley & New Eng. 1st 4s, 1989.
Mankato & New Ulm Ky. 1st 83.4e. Northern Pacific By.
1929.
Prior Lien By. & Land Grant 48, 1997.
[Milw. Lake Shore & West.
-Mich.
Refund.& impt. 43.43,55 & 65, 2047.
Div. 1st 115, 1924.]
General lieu 3s, 2047.
Milw. Lake Shore & West.
-Ashland
Wash. & Columbia Riv. 1st 4s, 1935.
Div. 1st 68, 1925.
St. Paul-Duluth Div. 48, 1996.
Milw. Lake Shore & West. Ext.& Imp
St. Paul & Duluth 1st 5s. 1931.
5s, 1929.
St. Paul & Duluth consol. 4s. 1968.
Milwaukee & State Line 1st 33.4s, 1941. N. V Central RR. Co.
Milwaukee Sparta & North Western
Carthage & Adiron. Ry let 4a 1981.
let 48, 1947.
Carthage Watertown & Sackett!) liar.
(Minn.& Iowa Ry. 1st 33.4s, 1924.]
tour cons 55. 1931.
Minn. & South Dakota Ry. let 3 Ks.
Chicago Milian& & So. 1st 48, 1956.
1935.
Cleveland Short Line lot 434s, 1961,
Peoria & Northwest.Ry let 3%s, 1926.
tat Mtge. on Spuyten Duyvil & Port
Princeton & Northwestern Ry. lei
Morris 334s, 1959.
3348, 1926.
Gouverneur & Oswegatchie RR. let 5s.
Peoria & North Western 1st
11142.
St. Louis
Indiana Illinois & Iowa 1st 48, 1950.
Si. 1948.
Junireu,wn Frank. & Cl. 1st 45, 1959
St. Paul & Eastern Grand Trunk By.
Kalamazoo & White Pigeon bet Si.'40.
let 43.45, 1947.
Slone city & Pacific RR. 1st 3348
Luke Shore & M.S. Ry. lot 314s. 1997
1936.
Lake Shore & Michigan Southern Deb.
Whwonsin Northern Ry. 1st 4s. 1931
48, 1928.
Lake Shore & MINI. So, Deb. 48, 1931,
Chicago St. Paul Minneapolis & Omaha
Lake Shore collateral 3345. 1998.
Railway
[Chicago St. Paul Minn.& Omaha Ry.
Little Fails & Doigeville lot 38, 1932
cons. 3348 and 68, 1930.]
Mahoning Coal RR. lot 5s, 1934.
[North Wisconsin Ry.1st 6s, 1930.]
Michigan Central collateral 334e, 1998.
Delaware & Hudson Co.
Mohawk & Malone By. lot 4e, 1991.
Mohawk & Malone Ry. cons. 34a
First and refunding 4s, 1943.
Adirondack Ry. 181 4340, 1942.
2002.
[Schenectady & Dttanesburg 1st 65,
N Y Central & Hudson River RR
1924.]
let 134e. 1997
New York Central & Hudson River
Great Northern Ry.Ref. & Imp. 4340 & 58. 2013.
First and refunding 4318. 1961.
N. Y. Central Deb. 48, 1934 and 1942.
St. Paul Minn. & Manitoba comet. 48.
N. Y. Central cons. series A 4s, 1998,
434s and tis. 1933.
N. V. & Northern Ry. 1st fis, 1927
St. Pant Minn & Manitoba. Ext., 1st
N. Y. & Putnam RR. cons. 48, 1993.
4s. 1937.
Pine Creek Ry. 1st 68. 1932.
St. Paul Minn & Manitoba, Pacific
Sturgis Goshen & St. Louis 1st 38.1989
Ext.. 1st 48, 1940.
Oregon Short Line KR.
Eastern Ry.of Minn. 4s, 1948.
Montana Central 1st 55 & 6a, 1937.
1st cons. 58, 1948.
Utah & Northern Ry. ext. 45, 1933.
Wilmer dr Sioux Falls 1st 58. 1938,
Spokane Fails & Nor. Ist6s. 1939.
Utah & Northern Ry. cons. 5s. 1926
'
!
I
Pennsylvania Railroad Co.
General Se, 1968.
General Mtge. 430, 1965.
Consul. Mtge, 330, 48. 4340 & 5 of
5
1873.
Allegheny Valley Ry, Gen. 48, 1942.
Cambria & Clearfield 1st 58, 1941.
Cambria & Clearfield Gen. 45, 1955.
Clearfield & Jefferson let 6s, 1927.
Cleveland & Pittsburgh RR. gen. 334i.
and 43.4s, 1942-1950.
Delaware River RR. & Bridge Co
1st 48. 1936.
Erie & Pittsburgh RR.gen. 3348. 1940
Harrisburg Portsmouth Mt. Joy dr
Lancaster 1st 48, 1943.
Hollidaysb. Becif. & Cum. 1st 48, 1951
Junction RR. Gen. 3348. 1930.
Penn. & N. W. RR. gen. 58. 1930.
Plush. Va. & Caarleaton let 48, 1943
Sunbury & Lewistown 1st 45. 1936.
Sunbury Has.& Wilk -t3 1st 56.1928
Sunbury Has & Wilkes-B. Id 6s, 1938
Western Penna. Cons. 48, 1928.
2053
Phila. bait. & Washington RR.
General mortgage, Series B,5s, 1974.
First mtge. 4s, 1943.
Phila. Wiles. & Bait. deb. 4s, 1925-32
Phila. & Bait. Cent. RR. 1st 4s, 1951.
Columbia & Pt. Deposit By.1st 4s,'40.
Chester Creek RR. 1st 68, 1933.
Pitts & Lake Erie RR. 1st M. 6.4. 1928
Rensselaer & Saratoga RR. 1St 6s, 1941.
Schoharie Valley fly. 1st M.58. 1929.
Southern Pacific RR. Co.
First & refdg. 40. 1955.
First consol. 55, 1937.
Southern Pacific Branch let 68, 1937.
Northern Ry. Consol. be, 1938.
Northern California 1st 58, 1929.
Union Pacific RR. Co.
First lien & ref. 45 and 58,2008.
let M. railway & land grant 48, 1947
United New Jersey RR.& Canal Co.
Gen. M. 334s dr 45, 1925-1951.
The list of bonds considered legal investments on Jan. 1
1924 will be found on pages 2472 and 2473 of the "Chronicle"
of May 17 1924.
Chicago Sanitary District, 111.
-Proposed Increase in
District's Debt Limit Opposed by Chicago Bureau of Efficiency.
-The proposal now before the Illinois House of Representatives to increase the debt limit of the Chicago Sanitary District from 3% to 5% is being opposed by the Chicago Bureau
of Public Efficiency, of which Julius Rosenwald is Chairman. The Chicago "Journal of Commerce" of April 15, in
speaking of the Bureau's opposition says:
3% of
At present the Sanitary District of Chicago has a debt limit of
the assessed value of the property within the district, or about $57,700.000,
on the basis of present valuations. The House bill provides a 5% elimination and would permit an increase of about
in the indebtednew of the district.
The proposed increase is requested largely upon the ground that the permit recently issued by the Secretary of War allowing the diversion of water
from Lake Michigan imposes conditions which necessitate the construction
of sewage disposal and other works, to finance which additional bonding
power is said to be required.
In objecting to the proposed bill the Chicago Bureau of Public Efficiency
declares its action is based on the fact that "the increase in bonding power
is at least four times as great as is necessary.'
Other comments by the Bureau follow:
"Bonds issued by the Sanitary District are not subject to popular approval on referendum and there are no effective checks or limitations upon
the purposes for which such bonds may be sold. The financial statements
of the district show that in recent years substantial amounts of bond
money have been used for payroll and other current operating expenses
This practice is indefensible. In 1924 the amount thus expended was approximately $1.750,000. Under such conditions the General Assembly
should be exceedingly cautious about increasing the bonding power of the
district.
"Tbe construction and operation of the sewage disposal plants which the
Sanitary District must build during the next 10 years will necessitate large
expenditures and a consequent material increase in taxes for operating expenses and the retirement of bonds. It is important, therefore, that this
work be carried out as economically as possible. Bonding power in excess
of the reasonable requirements of the district will promote extravagance
and wasteful expenditures which will add unnecessarily to the tax burden
of the community.
"On Jan. 1 1925 the total debt
-incurring power of the district was $57.700,651: its outstanding bonded debt was $40,874.000: and its unexercised
bonding power, subject to the payment of certain obligations for work yet
to be done and included in the construction program, was $16.826.651.
Additional bonding power which will accrue during the next five years,
through the retirement of outstanding bonds and through Increases in assessed valuations, will approximate $25.700.000, making the total amount
for which bonds may be sold during that period, under the present 3%
limitation, about $42,500.000. Besides this amount, a cash balance of
$1.300,000 derived from previous bond sales was on hand Jan. 11925.
"An increase of one-half of 1% in the present limit would produce about
312.000.000 within the next five years. The Bureau believes that this
amount. in addition to other funds, which will be available and will aggregate approximately $44,000.000, will be adequate to meet the requirements
of the district.
"During the five-year period ending in 1934 a 33.6% limitation will permit
the issuance of bonds for at least $34,000.000. which is approximately the
amount of the expenditures called for by the construction program of the
district during that period."
$38,000,000
It is proper to state that the Chicago "Journal of Commerce" of April 9 reported that the increase in the debt limit
would be only from 3% to 4%,instead of to 5%. That newspaper added:
The Board of Trustees of the district yesterday met and directed that
necessary steps be taken at Springfield to so amend the bill now pending at
third reading in the House to provide for the increase from the present limit
of 3% of the assessed valuation of the property within the district to 4%.
It will be necessary to recall the bill from third reading to second in order
to make the amendment asked by the Sanitary Board.
The change in policy was the result of a message from President Ring of
the Sanitary Board, which announced that the immediate five-year program
for the construction of sewage plants can be financed by the 1% increase
rather than the 2% originally asked of the Legislature.
The increase to 4% will yield, it is estimated, about 320,000.000 to the
existing bonding power of the sanitary district, and it Is the judgment of
the district engineers that such an increase, if judiciously used, is sufficient
to execute the main features of the engineering requirements for the first
five-year construction period.
Maine (State of).
-Legislature Adjourns.
-The State
Legislature which convened in regular biennial session on
Jan. 7, adjourned April 11.
During the session the legislature fixed the State tax
rate at $7.00 per $1,000 for each of the years 1925 and 1926.
Minnesota (State of).
-Senate Rejects Federal Child
Labor Amendment.
-Previously Rejected by House.
-The Senate of the Minnesota Legislature on April 14 adopted a
resolution rejecting the Child Labor amendment to the Federal Constitution. The vote was 36 to 28. The Minnesota
House of Representatives had rejected the amendment on
Feb. 28 by a vote of 68 to 56.
Additional $30,000,000 Rural Credit Bonds Authorized by
State Legislature.
-The Senate on April 9 passed a bill by a
vote of 50 to 8 extending the operations of the State Rural
Credits Bureau for two more years and authorizing $30,000,000 bonds to supplement the $40,000,000 authorized by
the
1923 legislature. As the measure had previously been
passed
by the House it was sent to the Governor for signature.
Tennessee (State of).
-Legislature Passes Bill for $5,000000 Short Term Notes.
-The State Legislature has passed a
bill authorizing the State Funding Board to sell
$5,000,000
2054
short-term notes to supplement the state highway funds for
the next two years. The bill in its original form, as passed
by the Senate, called for $10,000,000, but the amount was
reduced to $5,000,000 by the House. As changed the measure
was sent back to the Senate and was adopted by it on April 9.
The measure must now be signed by the Governor before
becoming effective.
-State Savings Bank Law Amended.
Vermont(State of).
The State Legislature passed an Act, which was approved
March 19 1925, adding a new subdivision (n) to Paragraph
V of Section 5363 of the General Laws relating to investments by banks. Paragraph V, as amended, adds to the
securities legal for investments, equipment notes, complying
with the provisions set forth in subdivision (n) of any steam
railroad corporation whose mortgage bonds are a legal investment under Section 5363. Subdivision (n) reads:
00 In the equipment notes of any steam railroad corporation, whose
mortgage bonds are a legal investment under this section: Provided (1)
said notes are secured by a first lien on or by a lease and conditional sale of
railroad equipment, new at the time of issue of such notes:(k) the principal
amount of such notes does not exceed 80% of the purchase price of equipment which is security: (3) the indenture by which such notes are secured
provides for proper maintenance of the equipment constituting the security
and that an amount of such notes shall be paid annually until all are retired
without the release of any of said equipmentfrom the provisions of said inIndenture until all are paid and that the entire amount of any issue shall be
retired within fifteen years of the date of issue.
-House Votes Referendum on Bridge
Providence, R. I.
-Without a dissenting vote, the House of RepreIssue.
sentatives on April 6 passed the resolution providing for submission to a referendum at the 1926 election of the question
of a $3,000,000 bond issue for construction of a bridge over
the Seekonk River between Providence and East Providence
to replace the present structure. The bill has gone to the
Senate for concurrence.
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
-The
-SALE.
ABBEVILLE COUNTY (P. 0. Abbeville), So. Caro.
Farmers Bank of Abbeville County of Abbeville was the successful bidder
for the $30.000 county loan at 3.70%. Notice of offering was given in
V. 120. p. 1787.
-Sealed
-BOND OFFERING.
ABILENE, Dickinson County, Kan.
bids will be received until 8 p. m. April 20 by M. E. Calkins, City Clerk.
the following 4A % bonds:
for
$138,847 60 paving bonds. Date Jan. 1 1925. Due serially.
125,000 00 city hall and auditorium bonds. The city reserves the right
have said bonds dated Sept. 1 1925 or Jan. 1 1926.
ADAMS COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Alamosa),
-Peck, Brown & Co. of Denver have
-ELECTION SALE.
-PRE
Colo.
purchased an issue of $33,000 5% school building bonds, subject to their
being voted at an election to be held on May 4.
ADONES COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Stock Yards
-A block of $5,000 school
-ELECTION SALE.
-PRE
Station), Colo.
building bonds has been sold to Peck, Brown & Co. of Denver, subject to
being voted at a coming election.
-BOND OFFERING.
ALAMEDA COUNTY (P. 0. Oakland), Calif.
Sealed bids will be received until 10 a. m.April 27 by Geo. E. Gross, County
Clerk, for $500,000 5% hospital bonds. Date Nov. 1 1924. Denom.
;1,000. Due Nov. 1 as follows: $50.000 in 1933. 5110,000 in 1934. $114,000 in 1935 and 1936 and 5112.000 in 1937. Interest payable (M.& N.).
A certified check for 2% of bid, payable to the order of the Chairman
Board of Supervisors is required. The assessed valuation of the taxable
property for 1924 is $329912967. and the total amount of the bonds
previously issued and now outstanding is $800.000.
-Bond issues of
-BONDS VOTED.
ALBION, Calhoun County, Mich.
$20,000 for paving and $25.000 for curbs and gutters were carried recently.
-BOND OFFERING.
ALLEGAN COUNTY (P. 0. Allegan), Mich.
The Board of County Road Commissioners will receive sealed bids at its
office in the Court House, Allegan, up to 1:30 p. m.(Central standard time)
April 21 for the purchase of $51,000 of serial bonds for Road Assessment
District No. 10,.Allegan County. These bonds are being issued under the
provisions of Act No. 59 of the Public Acts of Michigan for the year 1915,
and Acts amendatory and supplementary thereto, and are the obligations
of the county of Allegan, Lee Township and Road Assessment District
No. 10. The bonds will be dated May 1 1925, will mature from May 1
1927 to May 1 1935. The interest shall not exceed 6% and will be payable
semi-annually. Bidders are requested to name the interest and premium,
if any. A certified check in the amount of 1% of the bid, payable to the
Board of County Road Commissioners, must accompany each bid.
-J. 0.
-BOND OFFERING.
ALLEN COUNTY (P. 0. Lima), Ohio.
Montague. Clerk of Board of County Commissioners, will receive sealed
until 12 m. (Central standard time) April 24 for $39,375 5% coupon
bids
overhead viaduct impt. bonds. Denom. $4,500 and one for $3,375. Date
March 11925. Prin. and semi-ann. hot.(M.& S.) payable at the County
Treasury. Due yearly on Sept. 1 as follows: $4,500, 1926 to 1933, incl..
and 83.375. 1934. Certified check for $500 on a local bank, payable to the
County Commissioners, required.
ALLEN COUNTY SCHOOL DISTRICT NO. 47 (P. 0. Mildred),
-Stern Bros. & Co. of Topeka have been awarded
-BOND SALE.
Kan.
$25,000 5% school building bonds. Due in 1 to 15 years.
-BOND OFFERING.-Sealed bids
Albany County, N.Y.
ALTAMONT,
will be received by Chris. Martin, Village Clerk, until 2 p. m. April 21 for
5
,
43 % registered water supply bonds. Denom. $500. Date
$14,000
July 11925. Prin. and semi-ann. int. (J. & J.) payable in Altoona. Due
$500 July 1 1927 to 1954 incl. No certified check required.
-The $8.500
-BOND SALE.
AMSTERDAM, Jefferson County, Ohio.
p. 15086% coupon fire equipment bonds offered on April 8-V. 120, 58,937 75.
the Title Guarantee & Trust Co. of Cincinnati for
were sold to
1925. Due
equal to 105.20, a basis of about 4.81%. Date March 15 1934, incl.
yearly on Sept. 15 as follows: $500, 1926, and 51.000, 1927 to
Premium.
Premium. I
$42500
$402 801 Ryan. Sutherland & Co
Durfee, Niles & Co
I Citizens Trust & Say. Bank.... 250 00
Citizens Savings & Loan Co.._ 214 70
357 00
402 00 The Herrick Co
A.E. Aub & Co
418 50
-Bertram Co
The Well. Roth & Irving Co- 387 001 The Davis
353 60
W.L. Slayton & Co
-A
-BONDS VOTED.
ANN ARBOR, Washtenaw County, Mich.
bond issue of $50,000 for bridges was authorized at a recent election.
-The White-Phillips
-BOND SALE.
APEX, Wake County, No. Caro.
Co. of Davenport was the successful bidder for the following bonds, aggregating 5135.000. as 53s. paying a premium of $1,035, equal to 100.76, a
basis of about 5.20%:
$45,000 sewer bonds. Due April 1 as follows: $1,000. 1928 to 1958 incl..
and 52,000, 1959 to 1965 incl.
90,000 water bonds. Due April 1 as follows: 52.000, 1928 to 1958 incl.,
and $4,000. 1959 to 1965 incl,
Date April 1 1925.
ASHTABULANAshtabula County, Ohlo.-BIDS.-Following is d
list of the bids received for three issues of 5% coupon sewer bonds offerea
rApril
[VOL. 194.
TILE CHRONICLE
Immo
$45.000 *219.000 Entire
Issue. $149.000.
Issue.
Issue.
Prem.
Prem.
Prem.
Prem.
Name of Bidder.
A. T. Bell & Co., Toledo
$3,581 00 82.00200 $231 00 $5.814 00
150 10 6,871 00
Guardian Say.& Trust. Co., Cloy. 4,394 50 2,326 50
. erc an
r. Co., hicago228 00 6,38600
The Herrick Co.. Cleveland
3,94400 2,21400
6,605 00
Stranahan. Harris & Oatis, Toledo
Assel. Goetz & Moerlein, Cinc___ 3,281 00 1,85850
241 30 5,38080
167 00 4,73500
W. L. Slayton St Co., Toledo__ 2.91600 1,652 00
Citizens ThIS: Sav.Co.,Columbus 935 00
57 00 1,457 00
465 00
Ryan, Sutherland & Co., Toledo_
8
23
99
6, 0
283 00 4 7 9 00
Seasongood & Mayer, Cincinnati_ 3,782 50 2.137 50
Prov. Say. Bk.& Tr. Co.. Choc- 3,281 00 1,83600
247 00 5,36600
Stevenson, Perry, Stacy & Co.,
6,179 00
Chicago
6.40700
Taylor, Ewart & Co., Chicago_
13
83 00
Emery, Peck & Rockwood, Chic_
3 200 8.438 00
Braun, Bosworth & Co., Toledo
4.003 00 2,266 00
Detroit Trust Co., Detroit
4,311 00
•For notices offering these issues, see V. 119, p. 1238. 1363.
ATLANTA, Fulton County, Ga.-BIDS.-Following is a list of other
bidders for the $79,000 4
street improvement bonds awarded on April 2
to the Trust Co. of Georgia, Atlanta V. 120, p. 1918):
$79,862 00
Harris, Forbes & Co
$79,808 59 J. H.Hilsman & Co
Conover & Phillips
79,750 50 Robinson-Humphrey Co_ 79,800 00
Westcott & Parrott
79,535 62 Hibernia Securities Co_ _ _ 80,027 00
W.L. Slayton & Co
79,915 00 Citizens & Southern Co.... 80,132 15
National City Co
79.726 01
-The 569,000
-BOND SALE.
ATTICA, Wyoming County, N. Y.
43.6% coupon or registered water bonds offered on April 13-V. 120, P. 1787
-were awarded to the Fidelity Trust Co. of Buffalo at 102.58, a basis of
about 4.28%. Date May 1 1925. Due yearly on May 1 as follows:
51,000. 1926 to 1929, incl.: 53.200. 1930 to 1939. incl.. and $2,200, 1940
to 1954. Incl.
Other bidders were:
Rate.
Rate.
102.19
Farson, Son & Co
100.737 Sage, Wolcott & Steele
102.31
Sherwood & Merrifield, Inc-101.86 R. F. De Voe & Co
102.58
Conover & Phillips
2
0 04 Fidelity Trust Co
Inc...10 :
Geo. B. Gibbons & Co.,
-A.C. Ballard,
-BOND OFFERING.
AUBURN, King County, Wash.
City Clerk, will receive sealed bids until April 21 for $200.000 water extension bonds.
LOND OFFERING POSTPONED.
-The offering of $15,000 park bonds
to bear interest at a rate not exceeding 6%,scheduled for April 7 (V. 120.
p. 1787), has been postponed until May 5. Date May 20 1925. Denom.
$1,000. Due in 1945.
-Until 2
-BOND OFFERING.
AUBURNDALE, Polk County, Fla.
p. m. May 8 sealed bids will be received by W. B. Brewer, Town Clerk.
25. Due
for ;130,000 6% street improvement bonds. Date June 1
$13,000 yearly June 1 1926 to 1935, incl. Principal and Int. J. & D.)
payable at the Hanover National Bank, New York City. Legality to be
approved by Caldwell & Raymond, New York City. A certified check for
2% of bid, drawn on a national or State bank, incorporated under the laws
of Florida, is required.
f
-An issue o
AURORA, Hamilton County, Neb.-BOND SALE.
510.000 5% intersection Paving District No. 2 refunding bonds has been
disposed of to local banks. Date Dec. 1 1924. Denom, $500. Coupon
bonds. Due in 10 years, optional. Interest payable annually on Dec. 1.
-An
-BOND ELECTION.
AVOCA, Pottawattamie County, Iowa.
election will be held on May 4 for the purpose of voting on the question of
$50,000 school building bonds.
issuing
-James T. Wachob
BEATRICE, Gage County, Neb.-BOND SALE.
& Co. of Omaha have purchasea an issue of 522.277 28 43j% paving bonds.
Date Mar. 11925. Due Mar. 11945. optional in 1930.
BOND SALE.
-The State of Nebraska has purchased an issue of $3,000
5% refunding bonds. Date Mar. 1 1925. Due Mar. 1 1926.
BELINGTON, Barbour County, W. Va.-BOND OFFERING.-Until
10 a. m.April 25 sealed bids will be received by W.B.Baker,City Recorder.
for 538,000 5V_ impt. bonds. Date Jan. 11925. Denom. $1,000. Due
$2.000 yearly Jan. 1 1927 to 1945 incl. Prin. and int. (J. & J.) payable at
the National City Bank, N. Y. City, or at the office of the State Treasurer
at option of holder. A certified check for 5% of bid is required.
-BOND OFFERING.
-R. A.
BELLEVUE, Huron County, Ohio.
Kemp, City Auditor, will receive sealed bids until 12 m. May 9 for $1.155
3H% Heter St. improvement bonds. Denom. $155 and one for $125.
Date April 1 1925. Interest semi-annually. Due yearly on April 1 as
follows: $155 1927 and $125 1928 to 1935, Inclusive. Certified check
for 10% of the amount of bonds bid for, payable to the City Treasurer,
required.
BOND SALE.-The $2,533 86 55.4% Gardiner St. improvement special
-were sold to the
assessment bonds offered on Feb. 20-V. 120, D. 479
equal to 100.01. a basis
First Nat. Bank of Bellevue at a premium of
526.
of about 5.50%. Date Dec. 1 1924. Due $281 54 Dec. 1 1925 to 1933.
/
inclusive.
BENAVIDES INDEPENDENT SCHOOL DISTRICT, Duval County,
-The 830.0006% school bonds registered on March 8
-BOND SALE.
Tex.
-V. 120, p. 1508
-were purchased by
by the State Comptroller of Texas
L. G. Hamilton of Fort Worth.
0. Fowler), Ind.
-BOND OFFERING.
BENTON COUNTY (P.
Robert A. Swan. County Treasurer, will receive sealed bids until 2 p. in.
April 20 for the following issues of 4%% coupon road bonds:
$12,000 Herbert L. Harrington et al. road bonds. Denom. $600. Date
April 15 1924.
22,400 Ralph Stembel et al, road bonds. Denom. $1.120. Date AprIl
20 1924.
Interest M.& N. 15. Due one bond of each issue every six months from
May 15 1926 to Nov. 15 1935. inclusive.
-BONDS DEFEATED.
BENTON HARBOR, Berrien County, Mich.
-A proposed issue of $25,000 bonds for bridges was defeated when submitted to the voters at a recent election.
BERESFORD SCHOOL DISTRICT, Union County, So, Dak.-On May 4 an election will be held for the purpose of
BOND ELECTION.
voting on the question of issuing 575,000 school building bonds.
-BOND OFFERING.
-Sealed
BERKS COUNTY (P. 0. Reading), Pa.
bids will be received until 10 a. m. May 2 by Thomas R. Houck, County
Comptroller, for $1,000.000 4% coupon county bonds. Denom. $1,000.
Date May 1 1925. Intermit A. & 0. Due yearly on May 1 as follows:
22,000 1930, 823.000 1931, 824,000 1932, $25,000 1933. 826,000 1934,
7,000 1935, 528.000 1936, $29,000 1937, E0,000 1938, 831,000 1939,
3,000 1940, 834.000 1941, $36,000 1942, 7.000 1943, ;39,000 1944.
1.000 1945. 542.000 1946, 844,000 1947. 6.000 1948, 848.000 1949.
$50,000 1950, $53,000 1951, 555,000 1952. $57,000 1953, 559.000 1954 and
561.000 1955. Legality approved by Townsend. Elliott & Munson of
Philadelphia. Certified check for 2% of the bonds bid for, payable to the
County Commissioners, required.
-BOND OFFERING.-Soalod bids wil
BERLIN, Coos County, N. H.
be received by W. B. Genoiron, City Treasurer. until 7 p. m. April 22 for
$700,000 4I ,; coupon water bonds. Denom.$1.000. Date April 119.25.
Principal an semi-annual interest (A. & 0.) payable at the Old Colony
'
Trust Co. of Boston. Due yearly on April 1 as follows: $10,000 1926 to
1930, incl.: $15,000 1931 to 1940, incl.: 520.000 1941 to 1950, incl., and
$30,000 1951 to 1960, incl. The bonds will be prepared under the supervision of the U. S. Mtge. & Trust Co. of New York, which will certify as
to the genuineness of the signatures of the officials and the seal impressed
thereon, and the validity of the bonds will be approved by Ropes, Gray.
Boyden & Perkins of Boston. Certified check for 2% of the bonds bid for.
payable to the City Treasurer, required.
Financial Statement.
$20,595,035
Assessed valuation 1924
741,800
Total bonded debt
16,104
Population 1920
-BOND SALE.BERRIEN COUNTY (P. 0. St. Joseph), Mich.
Stranahan, Harris & Oatis, Inc.. of Toledo have purchased $249,800 45.5%
road bonds. Due in 1 to 10 years. The county is to pay for attorney fees
and printing of the bonds.
h2
APRIL 181925.]
THE CHRONICLE
BESSEMER, Jefferson County, Ala.
-BOND DESCRIPTION.
-The
$30,000 6% street paving bonds awarded on April 7 to Ward, Sterne & Co.
of Birmingham at 104.33, a basis of about 5.05%-V. 120. p. 1918
-are
described as follows: Date April 1 1925. Denom.$1,000. Coupon bonds.
Due 43,000 yearly April 1 1926 to 1935, incl. Interest payable (A. & 0.).
BEXLEY (P. 0. Columbus), Franklin County, Ohio.
-BOND
-Sealed bids will be received at the office of S. W. Roderick,
OFFERING.
Village Clerk, at the Market Exchange Bank, Columbus, until 1 1)• m.
(Eastern standard time) May 8 for the following issues of 5% coupon
special assessment bonds:
$52,900 Roosevelt Ave. bonds. Denom.$1,000 and one for $500 and 4400.
Due yearly on Oct. 1 as follows: $5.400, 1925; 46,000, 1926 to
1932, incl., and 45,500, 1933.
42,900 Ardmore Road bonds. Denom.$1,000 and $800 and one for $500.
Due yearly on Oct. 1 as follows: 44,800, 1925 to 1932, incl., and
$4,500. 1933.
42,800 Cassingham Road bonds. Denoms. 41,000 and $800 and one for
4400. Due yearly on Oct. 1 as follows: $4,800, 1925 to 1932,
incl., and $400. 1933.
8,300 Elm Ave. bonds. Denom. $800 and two for $1,000. Due yearly
on Oct. 1 as follows: $900. 1925 to 1931, incl., and $1,000, 1932
and 1933.
61,650 Beeley Ave. bonds. Denoms. $1,000 and $850. Due yearly on
Oct. 1 as follows: $6,850. 1925 to 1933, incl.
Date April 11925. Int. A. & 0. Certified check for 2% of the amount
of bonds bid for, payable to the Village Treasurer, required.
At the same time $50.000 554% coupon village's share streets, avenues
and road imnt. by grading, curbing, paving and constructing water lines
and sewers bonds will be offered. Denom. 41,000. Date May 1 1925.
Int. A. & 0. Due $6,000 Oct. 1 1926 to 1934, incl (maturity amounts to
,
454,000). Certified check for 2% of the amount of bonds bid for, payable
to the village Treasurer, required.
BEXLEY, Franklin County, Ohio.
-BIDS.
-Following is a list of the
bids received for the $90.000 534% coupon lighting system assessment bonds
sold to the Herrick Co. of Cleveland at 102.80, a basis of about 4.81%
(see V.120, p. 1788):
rem.
Prem.
Ohio Nat. Bk.. Columbus_41,752 80 Guardian Say. & Tr. Co.,
2,31300
Otis & Co., Cleveland
Cleveland
$1,953 00
Stranahan, Harris & Oatis,
L. R. Ballinger & Co., Cin. 2,358 50
Toledo
2.160 00 Citizens Trust Sc Say. Bk.,
Asset, Goetz & Moerlein,
Columbus
2.110 00
Cleveland
1,728 00 Title Guar.& Tr. Co., Cin_ 1.944 00
A. T. Bell & Co., Toledo_ - 1.86300 Ryan-Sutherland & Co..
Well, Roth & Irving Co.,
Toledo
1,201 50
Cincinnati
2.280 00 Seasongood & Mayer, Cin_ 2.178 00
W.L.Slayton & Co.,Tol
2,513 00 David Robison & Co., ToL 1,386 00
Detroit Trust Co., Detroit- 1,961 00 Bohmer-Reinhardt dc Co.,
Blanchett, Thompson &
Cincinnati
2.27700
Bowman, Toledo
1,82700 Breed. Elliott & Harrison,
Herrick Co..Cleveland.- 2,521 00
Indianapolis
1,80000
BIG CREEK SCHOOL DISTRICT (P. 0. Berwind), McDowell
County, W. Va.-BOND OFFERING.
-Sealed bids will be received until
10 a. m.May 30 by E. M.Cooley, Sec. of Board of Education, for 4300.000
5;4% school bonds. Date Jan. 11925. Denim. $1,000. Due Jan. 1 as
follows: $15.000. 1926 to 1945, incl. Principal and semi-annual interest
payable at the office of the Secretary of State or at the National Bank of
Commerce in New York City. A certified check for 5% of bid is required.
All bids must be made for either of the following methods of delivery:
Proposition No. 1-On the basis of delivery of bonds covered by bid on
-On the basis of one-third of the amount of
July 1. Proposition No. 2
bonds covered by bid to be delivered July 1 and delivery of a like amount
at intervals not to exceed six months each.
BOYNE CITY, Charlevoix County, Mich.
-BONDS VOTED.
-The
Taxpayers have voted an additional bond issue of 315.000, making a total
issue of 440,000. for constructing a community building and high school
gymnasium.
BOYNE CITY PUBLIC SCHOOL DISTRICT, Charlevoix County,
-BOND SALE.
Mich.
-Harris, Small & Co. of Detroit were the successful
bidders for the 440,000 school bonds offered on April 10-V. 120, p. 1788
as 55 at a premium of $1,320, equal to 103.31, a basis of about 4.44%.
Date May 1 1925. Due yearly on May 1 as follows: $3,000. 1927 and 1928:•
44,000. 1929 to 1934, incl., and $5,000. 1935 and 1936.
Bids were as follows:
Name of BiddersPremium Offered.
Harris, Small & Co., Detroit
$1,320
Stranahan, Harris & Oatis, Detroit
1,164
Benj. Dansard & Co., Detroit
1,190
Hanchett Bond Co.. Chicago
157
Nuveen & Co., Chicago
John
832
Howe, Snow & Bertels, Detroit
624
Morris, Mather & Co., Chicago
1,020
Bank of Detroit, Detroit
749
Whittlesey, McLean & Co., Detroit
1,120
BREMEN, Fairfield County, Ohio.
--BOND SALE.
-The Ohio State
Retirement System of Columbus has been awarded the $3.300 5% Bartlett
Street paving bonds offered on April 13-V. 120, p. 1788
-for $3.313 20.
equal to 1C0.40, a basis of about 4.92%. Date April 15 1925. Due
yearly on Sept. 1 as follows: $300 1926 to 1932, inclusive, and $400 1933
to 1935. inclusive.
BRENTWOOD SCHOOL DISTRICT (P. 0. Pittsburgh), Alle-BOND OFFERING.
gheny County', Pa.
-Until 7:30 p. m. May 6.
sealed bids will be received by C. 11. Bracken, Secretary of Board of Directors, for 4150,000 434% school bonds. Denom. 41,000. Date April 1
1925. Int. A. & 0. Due yearly on April 1 as follows: 45.000 in 1928,
1929, 1931. 1933 and 1934: 45,000, 1936 to 1947, incl.: 410.000, 1948;
$5,000. 9149 ayd 1950: 410,000, 1951: $5,000. 1952, and $10,000. 1953 to
105, incl. Certified check for $1,000, payable to the District Treasurer.
required.
BROCKTON, Plymouth County, Mass.
-TEMPORARY LOAN.The National Shawmut Bank of Boston has been awarded a temporary
loan of 4500.000, on a 3.425% discount basis. Due Nov. 18, 1925.
BROWARD
COUNTY, (P. 0. Fort Lauderdale), Fla.
-BOND
-Sealed bids will be received until 11 a. in., May 12 by Frank
OFFERING.
A. Bryan, Clerk. Board of County Commissioners, for $200.000, 6% highbonds. Date Jan. 1. 1925. Denomination $1,000. Coupon bonds
strable as to principal only. Due Jan. 1, as follows: $5.000. 1934 to
19 8, incl.: $10.000. 1939 to 1943, incl., and 425,000, 1944 to 1948, incl.:
nrincipal and int. (J. & J.) payable at the United States Mtge. & Trust Co..
Now York City. Legality to be approved by John C. Thomson, New York
City. A certified check on a responsible banking house, payable to the
Board of County Commissioners for 2% of bid, is required.
BROWNFIELD INDEPENDENT SCHOOL DISTRICT, Terry
-BONDS VOTED.
-At an election held recently the 430,000
County, Tex.
5x% school building bonds sold subject to being voted at said election
V. 120, P. 1364) were passed.
(see
-BOND
BUFFALO, N. Y.
SALE.
-A syndicate composed of the
First National Bank; Eldredge & Co., Redmond & Co., the Detroit Co.
and Kissel, Kinn.cutt & Co. was awarded the following issues of 434%
coupon on registered non-taxable bonds offered on April 15-V. 120,P. 1918
-at 102,565, a basis of about 3.93%•
$800.000 school bonds. Due $40,000 May 1 1926 to 1945 inclusive.
500,000 ScaJaquada Creek improvement bonds. Due $25.000 May 1
1926 to 1945 incl.
500 090 J. N. Adam Memorial Hospital bonds. Due $25,000 May 1 1926
to 1945 incl.
500,000 Municipal Buildings bonds. Due $25,000 May 1 1926 to 1945
incl.
400,000 Municipal Buildings bonds. Due $20,000 May 1 1926 to 1945
incl.
300,000 Municipal Buildings bonds. Due $15,000 May 1 1926 to 1945
incl.
300,000 harbor improvement bonds. Due $15,000 May 1 1926 to 1945
incl.
200.000 bridge construction bonds. Due $10.000 May 1 1926 to 1945 incl.
200000 street extension bonds. Due $10,000 May 1 1926 to 1945 incl.
100.'000 Bird Island Pier improvement bonds. Due 45,000 May 1 1926
to 1945 incl.
100 000 river channel Improvement bonds. Due $5,000 May 1 1926 to
1945 incl.
R.
2055
100,000 Fort Porter purchase bonds. Due 45,000 May 1 1926 to 1945 incl.
Date May 1 1925.
The following is a list of the bids received:
Eldredge & Co., N.Y.; First National Bank, N.Y.; Redmond & Cona Bid'
..
N
.1 Detroit Co., Inc. N. Y.; Kissel. Kinnicutt & Co., N. Y.;
Victor, Common & Co., Buffalo
.*'
'
Blodget & Co., N.Y.; Dillon. Read & Co., N.Y.; Halsey, Stuart & 102.565
Co., N. Y.; O'Brian, Potter & Co., Buffalo; Peoples Bank of
Buffalo; White, Weld & Co., N.Y
102.398
Buffalo Trust Co., Buffalo
y.;102.3181
Sherwood & Merrifield, Inc., N. Y.; H. L. Allen & Co., N.
B. J. Van Ingen & Co., N. Y.
102.269
Guaranty Co. of New York
Harris, Forbes & Co., N. Y.; Bankers Trust Co., N. Y.; National102.1799
City Co.. N. Y.;Phelps, Fenn & Co., N.Yt; L. F. Rothschild &
Co..
102.1691
The F
Trust Co. of Buffalo
102.07
Liberty Bank of Buffalo; Salomon Bros. & Hutzler, N. Y
102.03
The Marine Trust Co. of Buffalo
101.66
Bids were all for "all or none."
BUCHANAN COUNTY (P. 0. Grundy), Va.-BOND SALE.
Walter, Woody & Heimerdinger, of Cincinnati, nave purchased an issueof
$150,000 534% road and bridge coupon bonds at a premium of $577, equal
to 100.38, a basis of about 5.43%. Date April 1 1925. Denom. $1,000.
Due April 11955. Interest payable (A. & 0.).
BUCKEYE WATER AND CONSERVATION DISTRICT (P. 0.
Phoenix), Maricopa County, Ariz.
-BOND SALE.
-The
drainage bonds offered on April 7(V. 120, p. 1364) were sold3200,000 5 %
to the Security
Trust Co. of Los Angeles at 99.50.
CALHOUN COUNTY,(P. 0. Blounstown), Fla.
-BOND SALE.
The $30,000 6% road coupon bonds offered on April 6-V. 120. p. 1508
were awarded to the G. B. Sawyers Co. of Jacksonville at a premiumof
42,280 equal to 107.60 a basis of about 4.36%. Date Jan. 1, 1925. Due
$1.000 yearly Jan. 1. 1930 to 1959 incl. Purchaser to furnish blank bonds
and cost of legal opinion.
CALIFORNIA, (State of).
-BOND OFFERING.
-Sealed bids will be
received until May 1, by the State Treasurer. for 42,000,000 4% Soldiers
Bonus bonds. Date May 1. 1925. Due $27.000 in 1927, $68,000 in 1928.
$71,000 in 1929, 875.000 in 1930. 878.000 in 1931, $81,000 in 1932, 485.000
in 1933.$89,000 in 1934. 492.000 in 1935. 497.000 in 1936,*102.000 in 1937.
$106,000 in 1938. 4110,000 in 1939. $116.000 in 1940. 4121,000 in 1941.
$126,000 in 1942. $132.000 in 1943. 8138.000 in 1944. $144.000 in 1945
and $142.000 in 1946. Principal and interest F. & A. payable in California and New York.
CAMERON COUNTY DRAINAGE DISTRICT NO. 4(P.O. Browns-H. C. Burt & Co. of Houston have pur-BOND SALE.
ville), Tex.
chased an issue of $61.700 6% drainage bonds at 94.25.
CANTON, Haywood County, No. Caro.
-BIDS.
-Following is a list
of other bidders for the $35.000 534% improvement bonds awarded on April
8 to W. K. Tcrry & Co. of Toledo (V. 120. p. 1918):
C W McNear & Co
$35,213 00 Ryan. Sutherland & 00_435,769 00
Prov. Say. Bk. & Tr. Co.. 36,064 00 A. T. Bell & Co
35.214 00
Carolina Securities Co--- 35,175 00 The Bank of Canton
35.405 00
Drake-Jones Co
35.365 00 Title Guarantee & Tr. Co_ 35.378 00
Well, Roth & Irving Co
35.96600 Wachovia Bank & Tr. Co. 35,410 59
Breed. Elliott & Harrison.. 35,75200 L. R. Barringer & Co---- 35.966 00
Spitzer. Rorick & Co
35,476 00 Prudden & Co
Braun, Bosworth Co
35,728 00 Champion Bank & Tr. Co. 3 925 00
35 2 ®
5.' 68
CARIBOU COUNTY (P. 0. Soda Springs), Idaho.
-BOND OFFER
-Sealed bids will be rceelved until May 8 by E. K. Gorton, County
/NO.
Clerk, for 430.000 534% hospital coupon bonds. Date April 1 1925
Denom. $1,000. Due 43.000 yearly April 1 1935 to 1944, inclusive.
Principal and interest (J. & J.) payable at the office of the County Treasurer or at Kidder, Peabody & Co.. New York City, at option of holder.
Financial Statistics April 15 1925.
Bonded debt
*202.600 Assessed valuation 1924_ _43.845.000
Floating debt
15,000 State & County tax rate per M.426 70
Total debt
217,600 Total tax rate per $1,000
$26.70
Above figures of debt include the proposed new issue.
CENTERVILLE SCHOOL DISTRICT (P. 0. Centerville), St.
Joseph County, Mich.
-BONDS VOTED.
-By a majority of one vote,
the taxpayers voted a $100,000 bond issue for a new school.
CHAFFEE SCHOOL DISTRICT NO. 5, Scott County, Mo.-BOND
OFFERING.
-W. 0. Finney, Secretary Board of Education, will receive
ealed bids until April 28 for $6,000 5% school bonds. Due in 20 Years.
CHAMPLAIN, Clinton County, N. Y.
-BOND SALE.
-The $8,000
434% coupon village bonds offered on April 10-V. 120. B. 1788
-were
sold to Farson, Son & Co. of New York at 100.183, a basis of about 4.47%•
Date April 10 1925. Due $500 April 10 1926 to 1941 incl.
The following bids were also received:
Role Bid.
R. F. De Voe & Co., New York
100.095
Sherwood & Merrifield, Inc., New York
*100.64
*Received too late to be considered.
CHAMPAIGN COUNTY (P. 0. Urbana), Ohio.
-BOND SALE.
The First National Bank of St. Paris, purchased the $4,000 534% Beaver
Dam Ditch coupon bonds offered on April 13-V. 120, p. 1651-at a
premium of $82 96, equal to 102.06, a basis of about 4.75%. Date March 1
1925. Due $800 March 1 1926 to 1930, inclusive.
-The $12.000 534% Macochee Ditch improvement
BOND SALE.
coupon bonds offered on April 13-V. 120, p. 1918
-were sold to the
Champaign National Bank of Urbana at a premium of $261 50, equal
to 102.01, a basis of about 4.76 7. Date March 1 1925. Due $1.200
,
every six months from Sept. 1 192eto March 11930,inclusive. Bids were
as follows.
Seasongood & Mayer, Cincinnati
$74 00
$252 00
Citizens Trust & Savings Bank, Columbus
21 00
180 00
Champaign National Bank, Urbana
70 50
261 50
Ryan, Sutherland & Co., Toledo
46 40
178 80
Provident Savings Bank & Trust Co., Cincinnati_ _
44 80
138 00
The First National Bank. St. Paris
82 96
A. E. Aub & Co., Cincinnati
43 60
141oo
CHELAN COUNTY SCHOOL DISTRICT NO.108(P.O. Wenatchee)
-BOND SALE.
Wash.
-The $37,000 school bonds offered on April 4
(V. 120. _p. 1651) were awarded to the State of Washington as 4348 at par.
Coupon bonds. Due in 1945. Int. payable semi-annually.
CHARLESTON SCHOOL DISTRICT, Mississippi County, Mo.BONDS VOTED.
-At an election held on April 7 the voters authorized
the issuance of 4100,000 school bonds.
CHEYENNE, Laramie County, Wyo.-BOND SALE.
-E. H. Rollins
& Sons have purchased an issue a *250,000 4Si% refunding water bonds.
Date June 1 1925. Coupon bonds. Denom. *1.000. Due June 1 as
follows: 425,000. 1946 to 1955, inclusive. Principal and interest (J. & D)
payable in New York City. Legality approved by Storey, Thorndllce,
Palmer & Dodge, of Boston.
Staemn.Ficl
Assessed valuation 1924
$17,374,000
Total bonded debt, including this issue
*1.215,000
Water debt
617,000
Net debt
$598.000
Net debt less than 3.45% of assessed valuation. Present population,
estimated, 17,000.
CHITTENDEN, Burlington County, Vt.-BOND SALE REPORT
-Using information obtained from unofficial sources we
ERRONEOUS.
correctly reported in V. 120. p. 1789, that the Merchants Nat. Bankinof
Burlington purchased 450,000 4;i% street impt. bonds.
CISCO INDEPENDENT SCHOOL DISTRICT Eastland County,
-BONDS DEFEATED.
-The $35,000 school-building bonds submitted
Tex.
to the voters on April 4 (V. 120, p. 1651) were defeated.
CLERMONT COUNTY (P. 0. Batavia), Ohlo.-BOND OFFERING.
R, E. Eveland, Clerk Board of County Commissioners, will receive until
% bridge construction bonds.
12 in. April 30 sealed bids for 431,600
Denom.51,000 and one for $600. Date April 11925. Prin. and semi-sun.
int. (A. & 0.) payable at the County Treasurer's office. Due yearly on
2056
THE CHRONICLE
Oct. 1 as follows: $4,000. 1926 to 1932 incl., and $3,600, 1933. Certified
check for $630. payable to the County Treasurer, required. Legality
approved by Peck, Shaffer & Williams a Cincinnati.
CLEVELAND HEIGHTS CITY SCHOOL•DISTRICT (P. 0. Cleve
-Other bidders
-OTHER BIDDERS.
land), Cuyahoga County, Ohio.
of
for the $670.000 school bonds sold as 434s to a syndicate composed at
Forbes & Co.. National City Co. and Hayden. Miller & Co.
Harris,
101.304, a basis of about 4.37 (see V. 120. p. 1789), were as follows:
Premium.
Name$7.899 30
Bankers Trust Co., Tillotson & Wolcott Co
5.646 76
'Bd. print bonds
Stevenson. Perry, Stacy & Co
IPurchaser print bonds 5,311 76
A. B. Leach & Co.. The Northern Trust Co.. Guardian Trust Co_ 4.623 00
3,890 00
Stranahan, Harris & Oatis. Inc , Toledo
Herrick Co., Braun, Bosworth & Co.. Detroit Trust Co., E. H.
1.261 00
Rollins & Sons
CLINT CONSOLIDATED SCHOOL DISTRICT, El Paso County,
-BOND OFFERING.
-Until 11:30 a. m. May 1 sealed bids will be
Tex.
received by Lillian G. Huggett, County Superintendent of Schools. for
$53,000 554% school bonds. Denom. 31.000. Due in 20 years. Prin.
and int. (A. & 0.) payable in New York. A certified check for 5% of bid
Is required.
-The White
CLINTON, Clinton County, Iowa, BOND SALE.
Phillips Co. of Davenport has purchased an issue of $50,000 451% refunding
bonds at par. Due in 1941.
COITSVILLE TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
-BIDS.Youngstown R. F. D. No. 1), Mahoning County, Ohio.
Following is a list of the bids received for the $25,000 5% school bonds
sold to Stranahan, Harris & Dads, Inc., of Toledo at 103.34. a basis of
about 4.64% (see V. 120, p. 1789).
Prem.
Prem.
The Herrick Co., Cleveland_$543 00
Stranahan. Harris & Oatis,
S8:15 no Detroit Trust Co., Detroit... 480 00
Inc., Toledo
Sessongood & Mayer. Cinc_ _ 653 00 Provident S.B.& T. Co.. Cin 330 00
Well. Roth & Irving Co.. Cin. 605 00 citizens Tr. & S. Bk.,Colum. 301 oo
'W.L. Slayton & Co.. Toledo_ 547 50 Ryan, Sutherland & Co.. Tol. 266 00
-An
-BOND ELECTION.
COMANCHE, Comanche County, Tex.
election will be held on May 7 for the purpose of voting on the question of
Issuing $50.000 water-extension bonds.
COMSTOC
'
AND CHARLESTON TOWNSHIPS FRACTIONAL
SCHOOL DISTRICT NO. 3 (P. 0. Galesburg), Kalamazoo County,
-BOND SALE -An issue of $50.000 school bonds was awarded to
Mich.
the Detroit Co. of Detroit as 4.54s at a premium of $670. equal to 101.34.
-An
-BOND SALE.
CONWAY COUNTY (P. 0. Morrillton), Ark.
Issue of $60,000 6% funding bonds has been sold to Spear & Co.of Chicago.
-BOND
CONWAY SCHOOL DISTRICT, Faulkner County, Ark.
SALE.
-An issue of $25.000 5%% school building bonds was purchased
by R. G. Helbron of Little Rock at a discount of $1,000, equal to 96.
Purchaser to pay all expenses connected with the issue.
COOPERSVILLE SCHOOL DISTRICT NO. 4 (P. 0. Coopersville),
-BONDS VOTED.
-We are advised that for the
Ottawa County, Mich.
third time in eight months the taxpayers defeated a proposed bond issue of
$60,000 for school improvements.
-BOND OFFERING.
CRAVEN COUNTY (P.O. New Bern). No,Caro.
-Until 11 a. m. May 11 sealed bids will be received by G. A. Farrow,
Clerk Board of County Commissioners. for $375.000 5%, permanent imrovement funding bonds. Date April 1 1925. Coupon bonds. Denom.
1 000. Due April 1 as follows. $6.000. 1928 to 1931. inclusive: $8.000 in
932 and 1933: $10.000, 1934 to MS. Inclusive; $15,000, 1939 to 1945.
inclusive; $17,000. 1946 to 1950, inclusive, and $19,000. 1951 to 1955, inclusive. Principal and interest (A. & 0.) payable at the Hanover National
Bank, New York City. Legality to be approved by Reed, Dougherty &
Hoyt, of New York. A certified check for 2% of bid is required.
-PRICE PAID.
-The price paid for
CUBA, Refugio County, Kan.
the $37,500 4%% water works bonds awarded to the Farmers State Bank
-was par plus a premium of $800, equal to 102.13.
-V.120. p. 1919
of Cuba
a basis of about 4.67%. In V. 120, p. 1919. we reported that the bonds
sold at 100.84. Date Feb. 1 1925. Due $1,250 yearly Feb. 1 1926 to
1955 inclusive.
-BOND OFFERCUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
ING.-Louls Simon, Clerk of Board of County Commissioners, will receive
sealed bids until 11 a. m. April 29 for the following issues of 454% water
Amply impt. special assessment bonds:
$138,000 County Sewer Dist. No. 3 bonds. Due yearly on Oct. 1 as follows: $9.000, 1926; $10.000. 1927 to 1932. incl.; $9,000, 1933.
and $10,000, 1934 to 1939, incl.
52.000 County Sewer Dist. No. 5 bonds. Due $4,000 Oct. 1 1926 to
1938. incl.
15,000 County Sewer Dist. No. 1 bonds. Due $1,000 Oct. 1 1926 to
1940, incl.
Denom. $1.000. Date May 1 1925. Prin. and semi-ann. int.(A. & O.)
payable at the County Treasurer's office. Bids to be made separately for
each issue or for all or none. Certified check for 1% payable to the County
Treasurer, required.
-Following is a
-BIDS.
DAYTON, Montgomery County, Ohio.
complete list of the bids received for the $500,000 454% coupon water
works extension bonds sold to the Winters Naticinal Bank of Dayton at
102.899, a basis of about 4.20%, as was reported in V. 120, p. 1919:
Bid.
$514.495 00
Winters National Bank. Dayton
513.355 00
Eldredge & Co., New York
512.945 00
Stranahan, Harris & Oatis, Inc.. Toledo
512.930 00
Haslev. Stuart & Co., New York
512.759 00
B. J. Van Ingen & Co.. N. Y.. and City Nat. Bank, Dayton
Otis & Co., Cleveland, and Estabrook & Co. and Curtis &
512,700 00
Sanger, New York
512,645 00
Inc., and Barr Bros. & Co., New York___
A. B. Leach &
Co..
Tillotson & Wolcott Co.. Cleve.. and Bankers Tr. Co.. IS. Y..- 512.245 00
512,200 00
Detroit Trust Co., Detroit. and Blodgett & Co., New York..
The Herrick Co.Cleveland , and W. A. Harriman & Co. and
512.045 00
L. F. Rothschild & Co., New York
The Guardian Sayings & Trust Co., Cleveland' Bonbright &
Co., New York* Minton, Lampert & Co., Chicago, and
510.550 00
A. E. Aub & Co.. Cincinnati
510,250 00
Benj. Dansard & Co., Detroit, and R. M. Grant & Co., N.Y
510,118 50
Newbold's Son & Co
W. H.
509,500 00
• Well. Roth & Irving Co.. Cleveland
Wire received from Eldredge & Co., increasing above bid by $200.
A bid submitted by the National City Co. and Hayden, Miller & Co., of
$511,585. was received too late to be considered.
-BOND
DECOTO SCHOOL DISTRICT, Alameda County, Calif.
-Sealed bids will be received until 10 a. m.April 20 by Geo. E.
OFFERING.
Gross, County Clerk, for $57,000 5% school bonds. Date April 1 1925.
Denom. $1,000. Due April 1 as follows: *1,000, 1927 to 1932, incl.;
1946 to
$2,000, 1933 to 1942. incl.' $3,000, 1913 to 1945, incl.; $4,000 in certified
1948.incl., and $5,000 in 1949 and 1950. Int. payable A. & 0. A
to the Chairman of Board of Supervisors, is
check for 2% of bid, payable
required.
DEEP CREEZe SCHOOL DISTRICT (P.O. Visalia), Tulare County,
--Gladys Stewart. County Clerk, will receive
Calif.
-BOND OFFERING.
sealed bids until 2 p. m. April 24 for S11.000 554% school bonds. Denom.
$1,000 and $500. Due April 7 as follows: $500. 1930 to 1937 incl., and
31,000, 1938 to 1944 incl. Prin. and int. (A. & 0.) payable at the office
of the City Treasurer. A certified check for 5% of bid, payable to the
order of the Chairman, Board of Supervisors, is required.
-BOND OFFERING.'
DE KALB COUNTY (P. 0. Auburn), Ind.
Sealed bids will be received by Carrie P. Weaver, County Treasurer, until
10 a. m. May 9 for $15,400 454% William Myers et al, road bonds as follows:
$7.400 road in Wilmington Township bonds. Denom. $370.
4,600 road in Grant Township bonds. Denom. $230.
3.400 road in Union Township bonds. Denom. $170.
Int. M. & N. 15. Due one bond of each block every six months from
May 15 1926 to Nov. 15 1935 incl.
-BOND OFFERING.
,DELAWARE COUNTY (P. 0. Delaware), Ohio.
-W.J. Main, Clerk, Board of County Commissioners, will receive sealed
bids until 2 p. m. April 29 for $29.000 5% coupon Delaware-Newton Road
i
[VOL. 120.
I. O. H. No. 336, Sec. C-1, bonds. Denom. $1,000. Date Apr. 11925.
Prin. and semi-ann. Int. (M. & S.) payable at the office of the County
Treasurer. Due every six months as follows: $2,000. Mar. 1 1926 to Sept. 1
1930 incl., and
Mar. 1 1931 to Mar. 1 1935 incl. Certified check
for $1,000, payable to the County Treasurer, required.
$1,000,
DELTA, Delta County, Colo.
-The Inter-ELECTION SALE.
-PRE
national Trust Co. and Bosworth, Chanute & Co.. both of Denver, jointly
have purchased an issue of $146.000 44% refunding water bonds, subject
to their being voted at a coming election. Date April 1 1925.
DENVER (City and County of), Colo.
-EDUCATION SYSTEM
FACES DEFICIENCY
.-The Denver "Rocky Mountain News" of April 11
says: "For the first time in its history the city of Denver may issue certificates of indebtedness to meet a deficiency of $55.000 in the budget of the
Denver school system, arising from errors of city officials in computing the
amount of the city's assessed valuation, officials of the School Board revealed yesterday. The deficiency exists because of the fact that the aggregate of the assessed valuation was cut down by slightly less than $5,000,000
under the amount originally certified, which means that the tax levy assessed for the schools will produce $55.000 less than the amount of the
budget. If issuance of certificates of indebtedness is necessary to make up
this amount, they will be redeemed out of the revenues of 1926. A formal
legal opinion on the matter prepared by Herbert M. Munroe, attorney for
the School Board, was made public yesterday. This opinion declares that
the School Board has the right to force an increased tax levy sufficient to
make up the shortage. Such action, however, is not contemplated, officials
of the Board declared. The opinion also suggests the method which will
be followed if the need arises, issuance of certificates of indebtedness.
"Jesse H. Newion, Superintendent of Schools, declared that every effort
will be made to operate the schools on the amount raised by the tax levy,
despite the fact that it is not the full amount of the budget. If expenses
cover the full amount of the budget, however, certificates will be drawn."
DENVER (CITY AND COUNTY OF) SCHOOL DISTRICT NO. 1,
Colo.
-BIDS.
-Following is a list of other bidders for the *1.750.000
454% coupon junior high school building bonds awarded to a syndicate
composed of United States National Co., Eldredge & Co., First Natioanl
Bank and Detroit Co. at 101.05 (V. 120, p. 1509):
Dillon, Read & Co., N. Y Benwell & Co., Denver, Kissel, Kinnicutt & Co., N. Y., R. L. Preesprich & Co., N. Y., Redmond &
Co., N. Y
103.83
International Trust Co., Denver, Harris Trust Az Savings Bank.
Chicago
103.7819
Also bid for $1,225,000. 4% First maturities and $325,000.
4% Last maturities
100.01
Newton & Co., Denver, E. H. Rollins & Sons, N. Y. and National
City Co.. N.Y
103.67
Bosworth, Chanute & Co., Denver, Ames, Emerich Az Co., Chicago, and Guaranty Trust Co., N. Y
103.5992
Geo. W. Vallery & Co. Denver, Geo. H. Burr & Co., St. Louis,
and Stern Bros. & CO. K. C
103.524
Also bid for $962,500 454% first Maturities and $787,500 4%
'
last Maturities
100
31,750.000. 4%
97.488
Sidlo, Simons, Day & Co., Denver, C. W. McNear & Co., Chicago,
H. L. Allen & Co., N. Y., Keane, Taylor & Co., N. Y., and
L. F. Rothchilds & Co., N. Y
103.459
Also bid First Half,4%,Second Half,454%
100.019
Antonides Az Co., Denver, W. A. Harriman & Co., N. Y., R. L.
Day & Co., N. Y. Biodget & Co., N. Y., Taylor, Ewart & Co.,
N. Y., and Bernick, Hodges & Co.N. Y.
103.419
Boettcher, Porter Az Co., Denver. White, Weld & Co., N. Y
Phelps, Fenn & Co., N. Y., Halsey, Stuart & Co.. Chicago, and
Denver National Bank, Denver
103.387
Jas. H. Causey & Co., Denver. Curtis Az Sanger, N. Y., Bankers
Trust Co., N. Y., and First Trust & Savings Bank, Chicago_ __ _103.379
Also bid 51.000.000. 454% first Maturities and $750,000. 4%
last Maturities
100.009
Central Savings Bank & Trust, Denver, Continental & COMmercial Bank, Chicago, A. B. Leach & Co.. Chicago, Stevenson,
Perry. Stacy & Co., Chicago, Hannah.% Bailin & Lee, N. Y.
Blyth, Witter & Co., San Francisco, and Northern Trust Co..
103.302
Chicago
Each of the split bidders offered to print and procure legal opinion
at their own expense.
Financial Statement.
Valuations:1
,
$4,349,750
A.ssesse 1 value cf ren1 esta e in district
Attual value of raal estate in district
10,874,375
Value o° prop3rty owned by district
343,500
ncome:
Special tax allowance levisd upon district
$60,000
A. Iowan es from State, ointy aid other sources
.
40,000
The tax rate for the year of 1924 was 13.6 mills.
Indebtedness'
Total bonded indebtedness Dec. 31st 1924
$45,000
Warrant Indebtedness covered by tax levy but taxes not yet
collected
40.000
The entire population of the district is about 10,000. The school population is 2.000.
•
DICKENS COUNTY (P. 0. Dickens), Tex.
-0.
-BOND SALE.
Edgar Hannold of Oklahoma City and C. E. Dunne & Co. of Wichita.
jointly, have purchased an issue of $400.000 refunding bonds.
DOUGLAS COUNTY SCHOOL DISTRICT NO.4(P.O. Roseburg),
Ore.
-BOND SALE.
-The $165,000 5% coupon school bonds offered on
April 14 (V. 120, p. 1919) were awarded to E. H. Rollins & Sons, of San
Francisco, at 103.12-a basis of about 4.63%. Date May 11925. Due
May 1 as follows: 36,000. 1926 to 1933' $11,000, 1934 to 1940, and $10,000.
1941 to 1944, inclusive.'
DOVER, Morris County, N. J.
-BOND SALE.
-J. S. Rippe! & Co. of
Newark were awarded the $50.000 454% coupon or registered water.
Series "A," bonds offered on April 13-V. 120. p. 1651-at 101.91, a basis
of about 4.33%. Date May I 1925. Due yearly on May 1 as follows:
$2.000, 1926 to 1935. incl.. and $1.000. 1936 to 1965, incl.
DOWAGIAC SCHOOL DISTRICT (P. 0. Dowagiac), Cass County,
Mich.
-BOND OFFERING.
-Charles J. Biek. Secretary of Board of Education, will receive sealed bids until May 4 for $350,000 4%% school bonds.
Date July 1 1925. Int. semi-ann. Due 1926 to 1945. incl.
DUNBAR, Otoe County, Neb.-BOND SALE,
-The Dunbar State
Bank has purchased an issue of 317.5006% water bonds. Date March 15
1925. Due March 15 1945, optional in 1930.
DUNK IRK, Chautauqua County, N. Y.
-We are
-OTHER BIDS.
In receipt of other bids for the $78,000 454% coupon or registered deficiency
bonds sold to Parson, Son & Co. of New York and the Dunkirk TrustCo.
of Dunkirk at 101.517, a basis of about 4.21.4%.,(see V. 120, D. 1919) as
follows:
Rate Bid.
Rate Bid.
Sherwood & Merrifiled, Inc.,
Conover & Phillips, N. Y_ - _101.25
New York
101.13 Roosevelt & Son, New York..101.415
Batcheider,Wack& Co. N.Y-101.28
,
EL DORADO SEWER DISTRICT NO. 4, Union County, Ark.
BOND OFFERING.
-Sealed bids wi I be received until 2 p. m. April 30
by J. D. Trimble, Secretary, Board of Commissioners, for 340,000 6%
sewer bords. Date Mar. 16 1925. Denom. $1,000. Due Dec. 1 1938.
Interest payable (J. Az D.). A certified check, payable to Board of Commissioners, for $600 is required.
EL JARDIN INDEPENDENT SCHOOL DISTRICT (P. 0. Brownsville), Cameron County Tex.
-BONDS VOTED.
-At the election held
on April 4(V. 120, p. 1651), the voters authorized the issuance of $85,000
5% school-building bonds.
,
ELKIN, Surry County. No. Caro.
-The $70,000
-BOND SALE.
water and light bonds offered on April 10 (V. 120. p. 1790) were awarded
to the American Trust Co. of Charleston as 55is at a premium of $1,175.
equal to 101.67-a basis of about 5.11%. Data March 1 1925. Due
$2,000 yearly, 1927 to 1961. inclusive.
ELLIS, Ellis County, Kan.
-BOND SALE.
-The Fidelity National
Bank of Kansas City has purchased an issue of $42,000 5% city building
bonds at a discount of $630. equal to 98.50-a basis of about 5.19%•
Date July 1 1925. Denom. $1,000. Due July 1 as follows: $2,000, 1925
to 1943, inclusive. and $3,000 in 1944 and 1945.
11.
APRIL 18 1925.]
THE CHRONICLE
ELLIS COUNTY (P. 0. Waxahachie), Tex.
-BOND SALE.
-Garrett
& Co. of Dallas recently purchased an Issue of $10.000 5% jail bonds.
ELLIS COUNTY ROAD DISTRICT NO. 1 (P. 0. Warahachie),
Texas.
-BOND SALE.
-The $330,000 5% road bonds offered on April 10
-V. 120. p. 1510
-were sold to Taylor, Ewart & Co. of Chicago at 101.26.
a basis of about 4.88%. Date April 10 1925. Due $11,000 yearly 1926
to 1955 Inclusive.
ELLIS SCHOOL DISTRICT NO. 2, Ellis County, )Can.
-BOND
-The $100,000 44% high-school building bonds offered on April 10
SALE.
(V. 120. p. 1790) were awarded to the Fidelity National Bank & Trust Co.
of Kansas City. Date July I 1925. Due $5,000 yearly July 1 1926 to
1945, inclusive.
ERIE, Erie County, Pa.
-BOND OFFERING.
-Sealed bids will be
received by T. Hanlon, City Clerk, until 10 a. in. May 5 for $75,000 44%
coupon viaduct bonds. Denom. $1,000. Date May 15 1925. Principal
and semi-annual interest(M & N.) payable in Erie. Due $1.000, 1926 to
1928, inclusive: $2,000. 1929 to 1931. inclusive, and 93.000, 1932 to 1953,
Inclusive. Certified check for 1% of the amount of bonds bid for, required.
ESSEX COUNTY (P. 0. Salem), Mass.
-BOND OFFERING.
-Walter
P. Babb, County.Treasurer, will receive sealed bids until 11 a. m. April 21
for $165,000 4% coupon bridge bonds. Denoms. $1,000 and $500. Date
May 11925. Prin. and semi-ann. int.(M.& N.) payable at the Merchants
Nat. Bank of Salem or at the First Nat. Bank, Boston. Due $27,500,
May 1 1926 to 1931 incl. The bonds will be prepared under the supervision of the First Nat. Bank, Boston, which will certify as to the genuineness of the signatures of the officials and the seal impressed thereon, and
the validity of the bonds will be approved by Ropes, Gray, Boyden &
Perkins, Boston.
ESTES PARK, Larimer County, Colo.
-BONDS VOTED.
-At the
election held on April 7-V.120, p. 1365
-the voters authorized the issuance
of $14,000 5% funding bonds. In above reference we reported the sale
of these bonds to Bosworth. Chanute & Co. of Denver at 101.35. a basis
of about 4.85%. subject to their being voted. Date April 15 1925. De
nom. $1,000. Due April 15 as follows: $1.000, 1930 to 1943 incl. Prin.
and int. (A. & 0. 15) payable at the Hanover Nat. Bank. N. Y. City.
Legality approved by Pershing, Nye. Frye & Tallmadge of Denver.
Financial Statement.
Real valuation, estimated
$1,250.000
Assessed valuation, 1924
818.760
bonded debt
Total
20,800
Population, 1920 Census, 539: present population. estimated
850
FAIRBURY, Jefferson County, Neb.-BONDS VOTED.
-At an
election held recently the voters authorized the issuance of $250,000 school
building bonds.
FAIRVIEW WATER DISTRICT OF THE TOWN OF GREEN.
BURGH(P. 0. Tarrytown), Westchester County, N. Y.
-BOND
OFFERING.
-Sealed bids will be received by Norman C. Templeton.
Town Clerk, until 3 p. in. April 23 for $250,000 coupon or registered water
bonds not to exceed 5%. Denom. $1.000. Date Ap”11 15 1925. Prin.
and semi-ann. int. (A. & 0.1 payable In gold at the Tarrytown National
Bank of Tarrytown. Due yearly on April 15 as (Mows: $14.000. 1927
to 1943 incl., and $12.000. 1944. Validity of bends approved by Hawkins,
De!afield & Longfellow of New York. Certified check for 2%
amount of bonds bid for, payable to the Town, required. These of the
were originally scheduled for sale on April 16 (see V. 120. p. 1790). bonds
FALLS CITY, Richardson County, Neb.-BONDS VOTED.
-At an
election held recently the voters authorized the issuance of $250,000 school
building bonds.
FALL RIVER, Bristol County, Mass.
-BOND OFFERING.
-Sealed
bids will be received by Eugene J. Cote, City Treasurer, until 10:30 a. m.
April 22 for the following issues of registered bones:
$300.000 public improvement bonds. Due $30.000 April 1 1926 to 1935
inclusive.
225,000 sewer bonds. Due yearly on April 1 as follows: $8,000, 1926 to
1940. Inclusive. and $7.000, 1941 to 1955, Inclusive.
Denom.$1.000. Date April 11925. Interest A. & 0. Certified check
for $3,000 required.
FAUnUIER COUNTY(P.O. Warrenton). Va.-BOND OFFERING.
Sealed bids will be received until 12 m. April 30 by T. E. Bartenstein,
County Clerk. for $50.000 5% coupon building bonds. Date July 1 1924.
Denom. $500. Due July I 1939. Redeemable at par and accrued interest
on July 1 1929 or on any Interest date thereafter or at the option of the
Board of Supervisors on any interest date prior to July 1 1929. at 102 and
accrued interest. Principal and interest (J. & J.) payable at the office
of the County Treasurer at Warrenton. A certified check for
able to the order of E. S. Cox, County Treasurer, is required. $500. payFERGUS FALLS, Otter Tail County, Minn.
-BOND ELECTION.
An election will be held on April 29 for the purpose of voting on the question
of Issuing $125,000 school bonds.
FERNDALE, Oakland County, Mich.
-BONDS VOTED.
-The
lowing bond issues were approved by the voters at a special election folheld
:recently:
$125.000 paving bond issue
$18.300 sewer bond issue
100.000 water bond issue
10.000 traffic signal bond issue
BONDS DEFEATED.
-A proposed bond issue of $50,000 for boulevard
lights was defeated.
FLORENCE, Lauderdale County, Ala.
-BOND OFFERING.
-Sealed
bids will be received until April 23 by the City Clerk for $263.000 street
improvement bonds.
FOUNTAIN COUNTY (P. 0. Covington), Ind.
-BOND SALE.
-The
City Trust Co. of Indianapolis has purchased $16,000 44% Orren S. Rice
et al. road bonds offered on April 15-V. 120, p. 1790
-for 516,253, equal
to 101.58, a basis of about 4.37%. Date April 15 1925. Due $800 every
six months from May 15 1926 to Nov. 15 1935, incl.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
-BOND SALE.
The Detroit Trust Co. of Detroit was the successful bidder for the following
issues of 5% bonds offered on April 15-V. 120. p. 1652
-for a premium of
equal to 103.05, a basis of about 4.34%.
$2,011,
$62,400 Sewer District Clinton No. 2 Water Mains Improvement No. 61
bonds. Due yearly on Oct. 1 as follows: $7.000, 1926 and
1927;
56.400. 1928, and $6,000, 1929 to 1935, incl.
3,400 Sewer District Truro No. 1 Water Service Pipes Improvement
No. 68 bonds. Due yearly on Oct. 1 as follows: $400. 1926, and
$1.000, 1927 to 1929, incl.
Date April 11925.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.-BIDS.-Blds for
the three issues of 5% coupon bonds. aggregating $117,800, sold as was
reported in V. 120. p. 1920, were as follows:
542.900 568.800
$6.100 $117.800.
Issue.
Issue.
Issue. AllIssues.
provident S. B.& Tr. Co., Cinc41,261 26 $2.077 76 $117 73 $3 456 0
3
:400 7
0
5
Second Ward Sec. Co., Milw_
Detroit Trust Co., Detroit
3.453 00
Stevenson. Perry Stacy &Co. Chi.
3.029 61
978 12 1.596 15
Breed, Elliott & Harrison, Cinc__
78 08 2.652 36
951 00
-Citizens Tr.& Say. Bk., Columbus 651 00
61 00 3. 63 00
1. 54
5
2
&%
Maya Cinc
Seasongood
1,197 00 1.996 00
atis. Toledo ------------3.25001)
Stranahan. Harris
Braun, Bosworth & Co.. Toledo-- 1,21900 2,01900
95 00 3.333 00
1,10900 1.85000
101 00 3.06000
The Herrick Co., Cleveland
Otis & Co.. Cleveland
3.11000
Hayden. Miller & Co., Cleveland..
3,275 00
FREMONT COUNTY SCHOOL DISTRICT NO.26(P.O. Hillsdale),
-ELECTION SALE.
-Bosworth. Chanute & Co. of Denver
-PRE
Colo.
have purchased an issue of 58.000 6% school building bonds, subject to
their being voted at an election to be held on May 4. Due in 30 years.
-PRE
GAFFNEY, Cherokee County, So. Caro.
-ELECTION
The Well, Roth & Irving Co. of Cincinnati has purchased an issue of
$100,000 5% street Improvement bonds at par subject to their being voted
at a coming election.
GARFIELD HEIGHTS(P. 0. Cleveland), Cuyahoga County, Ohio.
-The $25.453 36 54% coupon water main Series No, 1.
-BOND SALE.
-were awarded to the
1925, bonds offered on April 14-V. 120. p. 1365
Milliken & York Co. of Cleveland at a premium of $867, equal to 103.40,
a basis of about 4.79%. Date March 1 1925. Due yearly on Sept. 1 as
2057
follows: 91,453 36, 1926: $1,500, 1927: $1,000, 1928: $1.500, 1929: $1,000,
1930; 91,500, 1931; 51.000, 1932; 51.500. 1933: S1,000, 1934. and $1,500.
1935.
GALION, Crawford County, °Mo.-BOND OFFERING.
-Jacob
Keene, City Auditor, will receive sealed bids until 12 m.(Eastern standard
time) April 23 for 522,914 54% coupon street impt. bonds. Denom.$500
and one for $414. Date Mar. 15 1925. Prin. and semi-ann. int.(M.& S.
15) payable at the office of the City Treasurer. Due every six months as
follows: $1,000, Mar. 15 1926 to Mar. 15 1927 Incl.; 51.500, Sept.
$1,000. Mar. 15 1928 to Mar. 15 1929 incl.: 51.500. Sept. 15 1929:15 1927
$1.000;
Mar. 15 1930 to Mar. 15 1931 Incl.; $1,500, Sept. 15 1931: $1.000, Mar. 15
1932 to Mar. 15 1933 id.: $1,500, Sept. 15 1933: 51,000. Mar. 15 1934;
$1.500. Sept. 15 1934: $1.000. Mar. 15 1935, and *1.414. Sept. 15 1935.
Certified check for 51,000. payable to the County Treasurer, required.
Jacob Keene, City Auditor, will also receive sealed bids until 12 m.
May 6 for $440,000
% sewage treatment works bonds.
Date April 1 1925. Prin. and semi-ann. Int. (A. & 0.)Denom. $1,000.
the
City Treasurer's office. Due yearly on April 1 as follows:payable at1926
$3.000,
to 1937 incl., and $4,000. 1938. Certified check for $1,000, payable to
the City Treasurer. required.
GARWIN SCHOOL DISTRICT,Tama County,Iowa.
-BOND SALE.
-The $50,000 school bonds offered on April 10-V. 120. p. 1790
-were
awarded to Geo. M.Bechtel & Co.of Davenport as 44s. paying a premium
of 51.214, equal to 102.42. Date April 1 1925. Due serially 1926 to 1945.
These bonds were offered as 5s.
GARY SCHOOL CITY (P. 0. Gary), Lake County, Ind.
-BOND
SALE.
-The $300,000 coupon school bonds offered on April 9-V. 120.
-have been sold to Bonbright & Co. of New York as 4)(a
p. 1652
premium of $3,151 42. equal to 101.05, a basis of about 4.18%. for a
April 15 1925. Due April 15 1945 Other bidders were as follows: Date
Rate Bid.
Rate Bid.
Federal Securities Co.. ChiFletcher Savings & Trust Co..
cage: Paine, Webber & Co_100.73
Indianapolis
100.36
Breed, Elliott & Harrison-- _100.71 Halsey. Stuart & Co
100.20
Northern Trust Co., Chicago.100.60 C. W. McN ear & Co
100.17
*Guaranty Co.of New York_100.14
xGuaranty Co.of New York-100.03
*New York payment. x Gary payment.
GAYVILLE INDEPENDENT SCHOOL DISTRICT, Yankton
County, So. Dak.-BOND ELECTION.
-An election will be held on
May 2 for the purpose of voting on the questoin of issuing 535,000 school
building bonds. J. B. Wetteland, District Clerk.
GENESEE COUNTY (P. 0. Flint), Mich.
-BONDS VOTED.
-At a
recent election a $750,000 court house bond issue was carried.
GEORGETOWN COUNTY (P. 0. Georgetown), So. Caro.
-BOND
SALE.
-The 560.000 bridge bonds offered ou April 7-V.
-were awarded to It. S. Dickson & Co. of Greenville as 4 Y.s 120. p. 1510
at 100.21.
GONZALES COUNTY ROAD DISTRICT NO. 5 (P. 0. Gonzales),
Tex.
-BOND SALE.
-The $109.000 51 5% coupon road bonds offered
.
April 13-V. 120. 13. 1510-were awarded to a syndicate composed on
of
Taylor. Ewart & Co. of Chicago, Detroit Co. of Detroit. and Braun,
Bosworth & Co. of Toledo. at a premium of $3.867, equal to 103.54.
GRAND RAPIDS, Kent Count, Mich.
-BIDS.
-The following bids
were received for the 51.070.000 4t% coupon paving sewer and water
bonds sold on April 2 to Fddredge & Co., of Now York. at 100.72-a basis
of about 4.15%. as was reported in V. 120. p. 1920:
Rate Bid.
Rats Bid.
Eldredge & Co
100.728 Wm. R. Conlpton Co
Geo. B. Gibbons & Co
100.719 Old Colony Trust Co
100.236 •
E. IT. Rollins & Sons
100.709 Edmunds Brothers
Pressprich & CoHalsey,
Stuart & Co
Whittlesey, McLean
)100.697 Cont. & Comm. Tr. & Say__ 100.23
Kean, Taylor & Co
A. G. Becker & Co
S. L. Kusterer & Co
100.579 W. A. Harriman & Co
Bankers Trust Co
Taylor. Ewart & Co
100.219
Ames. Emerich & Co
100.538 Hemphill, Noyes & Co
Detroit Trust Co
Stranahan. Harris & Oatis__ 100.202
Equitable Trust Co
Northern Trust Co
Remick. Hodges & Co
100.439 A. B. Leach & Co
100.19
First National Bank, N. Y..
Barr Brothers
B. J. Van Ingen & Co
100.418 Guaranty Co. of New York_
Security Trust Co
Keane. Higble & Co
100.149
Bank of Detroit
Illinois Merchants Trust___
Kissel, Kinnicutt & Co
Harris Trust & Savings__ 100.113
Redmond & Co
100.319 Michigan Trust Co
First National Co.of Detroit
Michigan Trust Co
Blodgett & Co
Estabrook & Co
iIOO.067
Curtis & Sanger
100.268 Harris, Small & Co
Phelps. Fenn & Co
GRAND RAPIDS, Kent County, Mich.
-BONDS DEFEATED.The voters have defeated a $100,000 bond issue for a detention hospital:
GRANITE SCHOOL DISTRICT (P. 0. Salt Lake City), Salt Lake
County, Utah.
-BOND SALE.
-The Palmer Bond & Mortgage Co. Of
Salt Lake City has purchased an issue of 3300.000 school bonds.
GFtANVILLE COUNTY (P. 0. Oxford), No. Caro.
-BOND OFFERING.
-Sealed bids will be received until 12 m. May 11 by C. G. Powell,
Clerk Board of County Commissioners. for 240.000 5% public school
coupon bonds. Denom. 1.000. Due May 15 as follows: 524.000,
1935 to 1944 Incl. Legality approved by Caldwell & Raymond of N. Y.
City. A certified check for $5,000, upon an incorporated bank or trust
company is required.
GRAY CONSOLIDATED SCHOOL DISTRICT, Audubon County.
Iowa.
-BOND ELECTION.
-An election will be held on April 30 for the
purpose of voting on the question of issuing $45.000 school bonds.
GREENWICH, Fairfield County, Conn.
-BOND SA LE.-Th e
Putnam Trust Co. of Greenwich, was the successful bidder for the $139,000
44% coupon or registered highway improvement bonds (Feries "A")
offered on April 10-V. 120. p. 1790
-at a premium of $1.006, equal to
100.75, a basis of about 4.06%. Date March 1 1925. Due yearly on
March 1 as follows: 528.000 1927. $28,000 1928 to 1930, inclusive. and
$27.000 1931. Other bidders were:
Rate Bid.
Rate Bid.
Conover & Phillips
100.71 R. L. Day & Co
100.38
Geo, B. Gibbons & Co.. Inc100.64 Eldredge & Co
100.33
Gibson & Leefe
100.62 R. M. Grant & Co
100.21
H. L. Allen & Co
100.55 Estabrook & Oo
100.19
C. W. Whltis & Co
100.46
GROVELAND, Lake County, Fla.
-BOND SALE.
-The 566.000
general obligation bonds offered • on April 14-V. 120. p. 1790 0%
-were
awarded to the Flanchett Bond Co. of Chicago at 102.28. Date July 1
1925. Due serially 1926 to 1935.
HALIFAX, Halifax County, No. Caro.
-BOND OFFERING.
-Sealed
bids will be received until 11 a. m. April 22 by R. L. Applewhite,
Town
Clerk, for $5,000 6% electric light bonds. Date April 1 1925. Denom.
$100. Due 5500 April 1 1926 to 1935. Inclusive. Coupon bonds with
privilege of conversion into fully registered bonds. Principal and
interest
(A. & 0.), payable at the Bank of Halifax, Halifax.
Legality approved
by Ashby W. Dunn of Scotland Neck. No.
certified check for
2% of bid, payable to the order of the town of Caro. Aupon
Halifax,
an incorporated bank or trust company, is required.
HALIFAX COUNTY (P. 0, Halifax), No. Caro.
-until 12 m. May 11 sealed bids will be received by -BOND OFFERING.
W.T. Clement. Clerk
Board of County Conunissloners, for $105,000
interest at a rate not exceeding 6%. Date May 1 funding bonds to bear
1925. Denom. $1.000.
Due May 1 as follows: 52.000. 1926 to 1934 Incl.'
$3.000. 1935 to 1943
Incl.. and S.5.000. 1944 to 1955 incl. Coupon bonds
registerable as to
principal or bothErripal and interest. Prin. and .
e
int.(M.& N.) payable
In New York.
lity approved by Reed. Dougherty
York City. A certified check for 2% of bid is required. & Hoyt of New
HAMILTON COUNTY (P. 0. Noblesville), Ind.
--BOND OFFERING.
-Sealed bids will be received by T. E. Setters, County
Treasurer, until
10 a. m. April 14 for the following 44% coupon road bonds:
510.000 Win, G. Michelfelder et al. bonds.
68,000 Ted McKinney et al. bonds.
Date April 15 1925. Int. M. & N. 15. Due one bond of each issue
every six months beginning May 15 1926.
2058
THE CHRONICLE
FoL. 120.
-The State of NeHOOPER, Dodge County, Neb.-BOND SALE.
HAMILTON, Butler County, Oh10.-OTHER I3IDDERS.-We are braska
bonds at par. Due
of the
now in receipt of the following bids, submitted for the purchase Co. of serially has1purchased an issue of $20,000 6% school
in to 20 years.
Trust
$60,000 5 % coupon water-works bonds sold to the Detroitin V.
120. P.
basis of about 4.46%, as was reported
Detroit at 108.64-a
-A
-BOND SALE.
HUDSON COUNTY (P. 0. Jersey City), N. J.
1920:
Premium. syndicate of New York bankers, composed of the First National Bank.
Premium.
J.
Co.,
$4,063 Lehman Bros., Kissel, Kinnicutt & Co., Redmond &issue B.4%Van Ingen
$5,185 Herrick Co
Detroit Trust Co
% coupon
of
purchased the
3,983 & Co. and Keane, Taylor & Co., has bonds,
4,579 A. E. Aub & Co
Seasongood & Mayer
offered on April 9-V. 120.
3,912 or registered hospital for the insane
4,400 Assel, Goetz & Moorlein
Well, Roth & Irving Co
-on a bid of $2,500.672 80. equal to 103.37, a basis of about 4.20%•
3.600 p. 1510
& Harrison
4,362 Breed, Elliott
Braun, Bosworth & Co _____
for $2,419.000 bonds ($2,500,000 offered). Date April 15 1925. Due
Stranahan, Harris & Otitis, Inc. 4,202 Provident Say. Bank & Tr.Co. 3.516 yearly on April 15 as follows: 585,000 1927 to 1948, incl.; 590,000 1949
HAMPTON COUNTY SCHOOL DISTRICT NO. 15 (P. 0, Hamp- to 1953, incl., and 59,000 1954.
-The $20,000 6% school coupon bonds
-BOND SALE.
Financial Statement (As Officially Reported).
ton), So. Caro.
-were awarded to the Peoples Security Assessed valuation 1924
$973,924,771 00
offered on Mar.28-V.120, p. 1510
527,283.321 30
of Charleston. Date April 1 1925. Due $1,000 yearly April 1 1926 Total bonded debt, including this issue
Co.
Less sinking funds
4,633,182 97
to 1945 inclusive.
-The
-BONDS VOTED.
HARBOR BEACH, Huron County, Mich.
Net debt (less than 2%% of
522.650:138 33
taxpayers recently voted a $15,000 bond issue for a water purification Posulation 1924 estimated)assessed valuation)
675.074
system.
ther bidders were as follows:
The bonds will be sold locally.
Rate Bid.
Rate Bid.
- Eldredge & Co.. M. M.Free-BOND OFFERING.
Roosevelt & Son, Keane, HigHARDIN COUNTY (P. 0. Kenton), Ohio.
man & Co.. Ames. Emerich
bie & Co., Geo. B. Gibbons
Dean C. Jones. City Auditor, will receive sealed bids untll 12 m. April 28
& Co.. for $2.420,000
& Co.. Inc., for $2,430,000-102.90
103.34
for $22,100 53 % county bonds. Denom. $1,000,and one for $420. Date
Dillon, Read & Co., Barr Bros.
May 1 1925. Principal and semi-annual interest (M. & S.) payable at the Harris, Forbes & Co., National
City Co., N. Y.; Bankers
& Co., Blodget & Co., A. M.
County Treasurer's office. Due $4,420 Sept. 1 1926 to 1930. inclusive.
Trust Co., N. Y.; Guaranty
Lamport & Co., Graham,
Certified check for $500. payable to the County Auditor, required.
Co.of N.Y..for $2,420,000.103.32
Parsons & Co., Remick,
-BOND OFFERING.
HARDIN COUNTY (P. 0. Savannah), Tenn.
H. L. Allen & Co., A. B.
Hodges & Co., for 52.438,County Judge, will receive sealed bids until 1 p. m.April 25
A. A.Watson,
102.54
Leach & Co., L. F. Roths000
for $155,0005% coupon highway bonds. Date Oct. 1 1924. Denom.$500.
child & Co., Austin, Grant
Estabrook & Co., Wm. R.
Due July 1 as follows: $7,500, 1925 to 1943 incl., and $12,500 in 1944.
& Co., Batchelder, Wack
Compton Co., Hannahs,
check fof 5% of bid required.
Int. payable J. & J. A cert.
& Co., for $2,423,000
Bailin & Lee. Detroit Co.,
103.18
N. Y.•, Curtis & Sanger,
HARNEY DRAINAGE DISTRICT (P. 0. Tampa), Hillsborough
Outwater & Wells, for $2,-The $120,000 8% coupon drainage bonds
-BOND SALE.
County, Fla.
102.13
448,000
on Nov. 5-V. 119. p. 2789 have been sold to the
offered unsuccessfully
First Savings & Trust Co. of Tampa at 95.
HUMBOLDT COUNTY (P. 0. W"nnemucca), Neb.-BOND SALE.
-BOND Bosworth. Chanute & Co. of Denver have purchased an issue of $20,000
HARRISON (P. 0. Harrison), Westchester County, N. Y.
-The $99,000 6% coupon sewer bonds offered on April II-V. 120, 5% road bonds at 99.28. Due $7,500 in 1929 and 1930 and $5,000 in 1931.
SALE.
p. 1791-were sold as 4s to Sherwood & Merrifield, Inc., of New York
-BOND
IRONDEQUOIT (P. 0. Rochester), Monroe County, N. Y.
at 101.20. a basis of about 4.15%. Date April 1 1925. Due $3,000, SALE.
-On April 16 an issue of $348,000 5% sewer extension bonds was
April 1 1926 to 1958 inclusive.
sold to the Guaranty Co. of New York
of about 4.16%•
- Denom. $1,000. Date April 1 1925.at 110.459, a basis
(P. 0. Marshall), rms.-BOND SALE.
HARRISON COUNTY
Interest A. & 0. Due 512,000
C. W. McNear & Co. of Chicago have purchased $47,000 road bonds at April 1 1930 to 1958, inclusive. Legality approved by Reed, Dougherty
& Hoyt of New York.
a premium of $470, equal to 101.
-TEMPORARY LOAN.
HAVERHILL, Essex County, Mass.
-BOND OFFERING.
-Sealed bids will
ISMAY, Custer County, Mont.
H. W. Spalding of Haverhill has purchased a temporary loan of $150,000 be received until 1 p. m. May 14 by W. C. Peck, Town Clerk, for 59,000
3.411% discount basis. Due Oct. 9 1925.
electric light plant bonds. It is the choice of the town that the bonds
on a
Other bids were as follows:
shall be amortization bonds in &nom. of $500 bearing 6% int. payable
Premium. J.& J. Should a bid for serial bonds be received which is more advantageous
Discount.
_ _ to said town than any bid received for amortization bonds, then said
3.41
H. W. Spaulding, Haverhill
3.43%
bonds shall be coupon serial bonds in denom. of $500 bearing int. at the
F. S. Moseley & Co., Boston
3.47
Charles L. Edwards. Boston
rate of 6%. payable J. & J. Due $4,500 five years from date of issue
3.48
5150 and $44,500 ten years from date of issue. Prin. and int. (J. & J.) payable
Salomon Bros. & Hutzler, Boston
3.51
First National Bank of Boston, Boston
City Bank, N. Y.
Town
office of
$125 at theat option theholder. Treasurer or at the National
3.64%
8. N.Bond & Co., Boston
of
City,
-The
-PRE
-ELECTION SALE.
HELPER, Carbon County, Utah.
-BOND
JACKSON SCHOOL DISTRICT, Jackson County, Mich.
Ashton-Jenkins Co. of Salt Lake City has purchased $135,000 6% water ELECTION.
-A special election will be held on May 9 to vote on the quesplant improvement bonds subject to their being voted at the election on tion of issuing $1,240,000 school construction bonds. Due in 20 years.
-V.
May 2- 120, p. 1920.
-BOND OFFERJACKSON TOWNSHIP, Nash County, No. Caro.
-Blanton & Co. ING.
-BOND SALE.
HARRISBURG, Harris County, Tex.
-Sealed bids willibe received until 2 p. m. April 21 by J. B. Boddin,
of Houston have purchased the following 6% coupon bonds aggregating Clerk of Board of County Commissioners, for $10,000 6% coupon road
bonds. Date May 11925. Denom. $500. Due $500 yearly May 1 1926
$125.000 at a premium of $6,000, equal to 104.80.
$50,000 street improvement bonds. Denom. $1,000. Due March 25 to 1945, incl. Principal and interest (M. & N.) payable in New York.
as follows: $1,000 1926 to 1955.incl., and $2,000 1956 to 1965,incl. Legality to be approved by Reed, Dougherty & Hoyt, New York
$1,000. Due March 25 as follows: A certified check payable to the order of the Board of County Commis35,000 water works bonds. Denom.
51.000 1930 to 1965, inclusive.
sioners, for 2% of bid, is required.
25,000 gas light bonds. Denom. $1,000 and $500.
-Sealed
-BOND OFFERING.
JAMESTOWN, Greene County, Ohio.
15,000 sewer bonds. Denom. $500. Due March 25 as follows: $500 proposals until 12 m. April 13 will be received by A. Y. Whitehead, Village
1935 to 1965, inclusive.
Clerk, for 522,000 5%% coupon Limestone street inapt. bonds. Dated
1925. Interest payable (M. & S. 25).
Date March 25
not later than Sept. 1 1924. Int. M. & S. Due $1,100 every six months
HELT SCHOOL TOWNSHIP (P. 0. Dana), Vermillion County, from March 1 1926 to Sept. 1 1935, incl. Certified check for 5% of the
-Fred Farris, Trustee School Township, will amount of bonds bid for, payable to the Village Treasurer. required.
-BOND OFFERING.
Ind.
receive sealed bids until 1.30 p. m. April 25 for 535,000 5% coupon school
JEFFERSON CITY SCHOOL DISTRICT, Cole County, Mo.bonds. Denom. $1,250. Date June 1 1925. Principal and semi-annual BOND SALE.
-The William R. Compton Co. of St. Louis has purchased
interest (J. & J.), payable at the First National Bank of Dana, without an issue of 5200.000 4%% school bonds. Date June 1 1924. Denom.
exchange. Due $1,250 every six months from July 1 1926 to Jan. 1 1940. 51,000. Due serially 1930 to 1944. Principal and int. (F. & A.) payable
nclusive.
at the National Bank of Commerce in St. Louis. Legality approved by
-At an Charles & Rutherford of St. Louis.
H1GGINSVILLE, Lafayette County, Mo.-BONDS VOTED.
-BOND OFFERJEFFERSON COUNTY (P. 0. Birmingham), Ala.
election held recently the voters authorized the issuance of $100,000 school
-C. M. Sullican, Clerk County Board of Revenue, will receive
ING.
building bonds by a vote of 673 for to 212 against.
sealed bids until May 5 for $1,500,000 county bonds.
-BONDS DEFEATED.
HIGHLAND PARK, Wayne County, Mich.
JEFFERSON SCHOOL TOWNSHIP (P. 0. Middletown), Henry
At a recent election a bond issue of $600,000 for street improvements was County, Ind.
-Sealed bids will be received by
-BOND OFFERING.
lost.
Frank Lester, School Township Trustee, until 1 p. m. April 30 for $40.000
- 4%% coupon school bonds. Denom. $500. Principal and semi-annual
-BOND OFFERING.
COUNTY (p. O. Sebring), Fla.
HIGHLANDS
,
F. N. K. Bailey, Secretary Board of Public Instruction, will receive sealed interest (J. & J. 15) payable at the Sulphur Springs State Bank of Sulphur
bids until 10 a. m. April 28 for the following 6% school bonds aggregating Springs. Due every six months as follows: $1,000 July 15 1926; 51,500
Jan. 15 and July 15 1927; $2.000 Jan. 15 1928 to July 15 1931, inclusive:
$210.000:
Jan. 15 1932 to Jan. 15 1933,inclusive; $3,000 July 15 1933 to July 15
5135.000 Special Tax School District No. 2. Due 55.000 yeatly April 1 52,500
1934,inclusive, and $3,500 Jan. 15 1935. Certified check for $500 required.
1928 to 1954. inclusive.
-BOND OFFERING.
JENNINGS COUNTY (P. 0. Vernon), Ind.
40,000 Special Tax School District No. 6. Due April 1 as follows:
$1.500 in 1928 to 1945, incl.; $2,000 1946 to 1950, incl., and Until 2 p. m. April 21 sealed bids will be received by William M. Cull,
53.000 in 1951.
County Treasurer, for 520.900 5% coupon Wayne E. Day et al. road con35,000 Special Tax School District No. 1. Due April 1 as follows: struction bonds. Denom.$1,045. Date March 151925. Int. M.& N.15.
Due $1,045 every six months from May 15 1926 to Nov. 15 1935, hid.
$1,500 1928 to 1945, incl., and $2,000 1946 to 1949, incl.
Date April 1 1925. Principal and interest payable at the American
JERSEY SHORE SCHOOL DISTRICT (P. 0. Jersey Shore), LyNational Bank, New York City. Legality approved by CaldExchange -BOND OFFERING.-Sealed
until May 1
County, Pa.
well & Raymond of New York City. A certified check for 2% of bid is comingreceived by the Treasurer Board of Directors bids 535,000
for
will be
43.5%
required.
coupon school bonds. Denom. $1,000. Date April 1 1925. Principal'
- and semi-annual interest payable in Jersey Shore. Due April 1 1955.
-BOND OFFERING.
HINDS COUNTY (P. 0. Jackson), Miss.
W. W. Downing, Clerk Board of Supervisors, will receive sealed bids until Bonds are free from State tax.
road bonds. Date July 11925. De3 p. M. May 7 for 5200,000 Series A56,000 in
KEANSBURG, Monmouth County, N. J.
-BOND OFFERING.
1926 to 1930; $8,000, 1931 to
nom. $500. Due July 1 as follows:
Prin. and int. (J. & J.) payable at Mer- Harold E. Cowley, Borough Clerk, will receive sealed bids until 8 p. m.
1940, and 59,000. 1941 to 1950.
May 5 for an issue of 5%% coupon or registered water extension bonds
chants' Bank & Trust Co., Jackson, or the National City Bank, N. Y. City. nto to exceed 535,000. no more bonds to be awarded than will produce a
to pay
Legality approved by John C. Thomson, N. Y. City. Purchaser
Aug. 1 and $100,000 prenalum of $1,000 over $35,000. Denom. $1,000. Date June 1 1925.
for printing of bonds. 5100,000 to be delivered on
(J. & D.) payable at the Keansburg National Bank
1925. A certified check for 5% of bid, payable to above named Prin. and semi-ann. int.
on Oct. 1
of Keansburg. Due 51,000 June 1 1927 to 1961 incl. Certified check for
Clerk, is required.
2% of the bonds bid for required.
Kan.
HO1SINGTON SCHOOL DISTRICT, Barton County, April20
KENMORE SCHOOL.DISTRICT (P.O. Kenmore),Summit County,
-Sealed bids will be received until 7.30 p. m.
BOND OFFERING.
-Sealed bids will be received by M. W.
-BOND OFFERING.
% school Ohio.
by F. A. Soderstrom. Clerk Board of Education, for 550.000 4%
1925. Denom. $1,000 and $500. Due April 1 as Schramm, Clerk Board of Education, until 12 m. May 4 for $16,000 5%
bonds. Date April 1
1933. 32,500 1934 to 1937, school bonds. Denom. $1,000. Date May 4 1925. Interest A. & O.
follows: $1,500 1926 to 1929 52.000 1930 to inclusive. Principal and Due $2,000 Oct. 1 1925 to 1932, inclusive. Certified check for 5% of the
1942 to 1945. all
53,000 1938 to 1941, $3,500'
required.
Interest (A. & 0.), payable at the office of the State Treasurer. Legality amount of bonds bid for,
Said bonds
to be approved by Bowersock & Fizzell of Kansas City, Mo.Commission.
KENNEBEC WATER DISTRICT (P. 0. Waterville), Kennebec
will be sold subject to rejection by the State School P'und
-Sealed bids will be received by
-BOND OFFERING.
County, Me.
A certified check for 2% of bid is required.
Frederick C. Thayer. President Board of Trustees, until 7.30 p. m. April 21
,
-By a count of for 5612.0004% coupon refunding bonds. Denom. $1.000. Date May 1
-BONDS VOTED.
HOLLAND, Ottawa County, Mich.
1925. Principal and semi-annual interest, payable in Boston. Due
10 to 1 a bond issue of 5195,000 for sewers was voted.
.May 1 1950. The bonds are registerable as to principal only and are a direct
-At the election obligation of the district. The bonds will be prepared under the super-BONDS VOTED.
HOUSTON, Harris County, Tex.
held on April 13 (V. 120, p. 1120), the voters authorized the issuance of the vision of the Old Colony Trust Co., Boston, which will certify as to the
genuineness of the signatures of the officials and the seal impressed thereon,
following bonds, totaling approximately $5,000,000:
and the validity of the bonds will be approved by Storey, Thorndike,
$1,100,000 for permanent bridges.
Palmer & Dodge, Bags., Boston. Authority: Chapter 200, Private and
basin.
500,000 for permanent roadways to the turning
Special Laws of Maine for 1899 as amended by Chapter 152 of the said laws
750.000 for permanent street paving.
for 1905 and by Chapter 116 and 117 of the said laws for 1921. Certified
300,000 for permanent macadam paving.
check for 2% of the bonds, payable to the district, required.
75.000 for three new incinerators.
250,000 for sanitary sewers.
KEOSAUQUA INDEPENDENT SCHOOL DISTRICT, Van Buren
for storm sewers.
350.000
-BOND OFFERING.
-Sealed bids will be received until
County, Iowa.
750.000 for permanent water works improvements.
10 a. m. April 21 by the Clerk Board of Education for 550,600 5% school
250,000 for permanent subways.
bonds. Dated May or June 1 1925. Due $5,600 in 1930. 52.000, 1931
350,000 for a permanent farmers' market
to 1935 incl.; 53.000, 1936 to 1940 incl., and $4,000, 1941 to 1945 incl.
300.000 for permanent park improvement
APRIL 18 1925.]
WEE CHRONICLE
KENOSHA, Kenosha County, Wash.
-BIDS.
-Following is a list
of other bidders for the $400.000 44% high school bonds awarded on
April 3 to the William R. Compton Co. of St. Louis
-V. 120, p. 1791:
BidderPremium.
BidderPremium.
A.B.Leach & Co
$11,308 00 Second Ward Securities 00$12,113 00
First Trust & Says. Bank- 11.049 00 Illinois Mercantile Tr. Co- 10,131 00
Guarantee Trust, N.Y
11.436 00 Harris Tr. & Says.Bank _ - 11,411 00
B. H. Rollins & Sons and
Henry C. Quarles
10,300 00
A. G. Becker & Co_ --- 10,388 80 Paine, Webber & Co
10.600 00
National City. Co
11,252 00 Halsey, Stuart & Co
9,408 00
The Detroit Co
9.809 44 Taylor, Ewart & Co
811.436 00
All bids include par and accrued interest.
KINGSTON, Ulster Count3r, N. Y.
-DESCRIPTION.
-Following is a
description of the 811,000 44% school bonds sold to the Ulster County
Savings Institution of Ulster at 101.50 (see V. 120, p. 1921), a basis of
about 4.23%. Denom. $1,000. Date April 1 1925. Int. A. & 0. Due
yearly on April 1 as follows: $3,000, 1930 and 1931 and $5.000, 1933.
KIRKSVILLE SCHOOL DISTRICT, Adair County, Mo.-BOND
OFFERING.
-Charles Banks, Superintendent of Schools, will receive
sealed bids until April 21 for $200,000 44% or 5% school bonds. Due
in 20 Yeam
LAGUNA SCHOOL DISTRICT (P. 0.Santa Ana), Orange County,
-BOND SALE.
Calif.
-The 59,0005% school bonds offered on March
V. 120, p. 1511-were awarded to the First National Bank of Santa 31Ana
at a premium of $9, equal to 100.10, a basis of about 4.98%. Date May
1
1925. Due $1,000 yearly, 1926 to 1934, incl.
LAKE COUNTY (P. 0. Painesville), Ohio.
-BOND OFFERING.
L. J. Spaulding, Secretary Board of County Commissioners, will receive
sealed bids until 11 a. m.(Eastern standard time) April
coupon Madison Sewer Dist. No. 1, Sub-district No. 1,27 for $44_,000 5%
bonds. Denoms.
$500 wild $1,000. Date Apr. 15 1925. Prin. and semi-ann. int.(A. & 0.)
rebs
le
t 0 office of tbe outd Treaat l
5
7
i92
oc co surer.19
11Aue c
t r:va3; six months as
l
81,500;An. 1 i92?; t1.000, Oct. 1928 to Oct. 1 1929 incl 81,500 Apr.
.
:
r
0
1930; $1,O0 , Oct. 1 930 to Oct. 1 1931 incl.; $1,500. Apr."1 1932; 81,000.
Oct. 1 1932 to Oct. 1 1933 incl.; $1,500, Apr. 1 1934: 81.000, Oct. 1.
1934 to
Oct. 1 1935; $1.500. Apr. 1 1936: $1,000. Oct. 1 1936 to Oct. 1 1937
$1.500, Apr. 1 1938; 81,000, Oct. 1 1938 to Oct. 1 1939 incl.: $1,500. incl.;
Apr. 1
1940. and $1,000. Oct. 1 1940 to Oct. 1 1945 incl. All bids for bonds must
be in writing and shall be accompanied by a certified check on a solvent
bank in the sum of $1,000, check to be made payable to the Treasurer of
Lake County.
LAKEWOOD, Cuyahoga County, Ohio.
-BIDS.
-Bids for the two
issues of 44% coupon bonds, aggregating $165.000, sold on April 6 to
Stranahan. 11arrls & Oatis, Inc., of Toledo, as was reported
in V. 120. p.
1921, were as follows:
385.000 Grade
$80,000 Park
Crossing Elim.
Bout. Opening
Issue.
Issue.
Assel, Goetz & Moerlein. Cincinnati
$714 00
$712 00
Detroit Trust Co., Detroit
1,331 00
1.307 00
Seasongood & Mayer,Cincinnati
868 00
x816 00
The Herrick Co.. Cleveland
859 00
x856 00
Bonbright & Co., Chicago
z$1,51960-Braun, Bosworth & Co., Toledo
911 00
888 00
Halsey, Stuart & Co. Chicago
z1,92000-Second Ward Securities Co., Milwaukee_ _ _ _
z2,727 63
Savings & Trust Co., Cleveland- -_
Guardian
994 50
936 00
Stranahan, Harris & Gaffs, Toledo:
They to print bonds
1,336 10
1,291 60
City to print bonds
*1.416 10
*1,361 60
* Successful bids. x All or none. x For both issues.
LANE COUNTY SCHOOL DISTRICT NO. 19 (P. 0.
Springfield),
-BOND SALE.
Ore.
-The 512.500 514% school bonds offered on April 3
(V. 120. p. 1792) were awarded to Starky & Hubbs, Inc., of Portland, at
100.02-a basis of about 5.49%. Due April 1 as follows: $1,000,
1931 to
1942, inclusive, and $500 in 1943.
LANGLEY SCHOOt DISTRICT (P. 0. Aiken), Aiken
County,
-BOND SALE.
So. Caro.
-The Peoples Securities Co. of Charleston and
the White-Phillips Co. of Davenport, jointly, have purchased an issue
of $30.000 551% school bonds.
LANSING, Ingham County, Mich.
-BONDS DEFEATED.
-We are
informed that the voters defeated a $167,000 bond issue for the purchase
of
a Masonic Temple at an election held recently.
LARIMER COUNTY SCHOOL DISTRICT NO. 34 (P. 0. Welling-PRE
-ELECTION SALE.
ton), Colo.
-Gray, Emery, Vasconcelles & Co.
and the United States National Co., both of Denver, jointly, purchased
an issue of $61.000 44% school building bonds, subject to their being
at an election to be held on May 4.
voted
LEBANON, St. Clair County, 111.
-BOND OFFERING.
-The
Clerk until April 18 will receive sealed bids for $10,000 5% water City
bonds. Date May 1 1925. Int. semi-ann. Due $1,000, May 1works
1926
to 1935 incl. Legality approved by Charles & Rutherford of St. Louis.
Certified check for 5% of the bonds bid for required.
LEETON1A, Columbiana County, Ohio.
-BOND
Sealed proposals until 12 m. April 30 will be received by OFFERING.
L. E. Fisher,
village Clerk, for $16,950 5% coupon sewage disposal plant construction
bands. Denom. $500 and one for $450. Date May 11925. Int.
M.& S.
20, Due yearly on March 20 as follows: $1,500, 1926 to 1938 incl.,
and $450. 1937.
LIBERTY UNION SCHOOL DISTRICT (P. 0. Liberty),
Fairfield
-BOND OFFERING.
County, Ohio.
-Sealed bids until 12 m. May 2 will
be received by Pearl Snyder, Clerk Board of Education, for $125,000 5%
bonds. Denom. $1,000. Date May 1 1925. Int. A. &
school
0.
$5,000 Oct. 1 1926 to 1950 incl. Certified check for 25% of the bond bidDue
for,
paaable to the Treasurer, required.
LIMA, Allen County, Ohio.
-BOND OFFERING.
-C. H. Churchill,
.
City Auditor , will receive sealed bids until 12 m. May 6 for $12,000 5%
water main Series "Q" bonds. Denom. $1.000. Date Apr. 15 1925.
en.and semi-ann. int. (A. & 0.) payable at the office of the Sinking Fund
Trustees. Due 81,000 Oct. 1 1926 to 1937 incl. Legality approved by
peck, Shafer & Williams of Cincinnati. Certified check for 2% of the bonds
bid for, payable to the City Treasurer, required.
LINN COUNTY (P.O. Marion), lowa.-BOND SALE.
-The following
44% bonds, aggregating $800,000, offered on April 10-V. 120, p. 1921were awarded to the Minnesota Loan St Trust Co. of Minneapolis:
8600.000 primary road bonds. Due Nov. 1 as follows: $10.000 in 1926
and 1927. $20,000. 1928 to 1930, incl.:$25,000 in 1931
1932,
$45,000 in 1933. 350,000 in 1934 and 1935, 855000and 1936,
in
$60.000 in 1937, 865,000 in 1938, 870,000 in 1939. and $75,000
in1940.
200.000 county road bonds. Due Nov. 1 as follows: $5,000 in 1927 and
1928: $10,000. 1929 to 1933, incl.; $20,000 in 1934 and 1935.
and $25,000, 1936 to 1939, incl.
May 1 1925.
Date
LITTLEFIELD, Lamb County, Tex.
-BONDS VOTED.
-At an
election held recently the voters authorized the issuance of 875,000 water
bonds.
-BOND OFFERING.
LONG BRANCH, Monmouth County, N. J.
bids will be received by W. Stanley Bones, Director of Revenue
p.m.(daylight saving time) May 5 for the following
and Finance, until 3.30 or
registered bonds:
% coupon
issues of
$530.000 street and sewer bonds. Due yearly on May 1 as follows: $25.000 1927 and 1928 and 030,000 1929 to 1944, inclusive.
000 school bonds. Due yearly on May 1 as follows: 06,000 1927 and
125.
$7.000 1928 to 1944, inclusive.
Denom. $1,000. Date May 11925. Principal and semi-annual interest
crts
N,) payable at the office of the Farmers Loan & Trust Co. of New
No more bonds to be awarded than will produce a premium of $1.v"0
-nuTh over each of the above issues. Legality approved by Hawkins, Delar
iy & Longfellow of New York. Certified check for 2% of the amount
abi
bonds bid for, payable to the City Treasurer, required
LYNCH, Boyd County, Neb.-BOND SALE.
-The State of Nebraska
has purchased an issue of $13.800 5% refunding bonds at par. Date March
1925. Due March 15 1945.
15
2059
LITTLE ROCK, Pulaski County, Ark.
-BOND SALE.
-The Bankers
Trust Co. and M. W. Elkins & Co. of Little Rock,
recently an issue of $42,000 street improvement bonds.jointly, purchased
LOMETA,Lampasas County, Tex.
-BONDS VOTED.
-At the election
held on March 12-V. 120. p. 1367
-the voters
542.0006% water system bonds. In V. 120, p. authorized the issuance of
1367.
of these bonds to Garrett & Co. of Dallas, subject we reported the sale
The price paid was par plus a premium of $1,375, to their being voted.
April 1 1925. Due in 39 years. Interest payableequal to 103.27. Date
A. & 0.
LOS ANGELES, Los Angeles County, Calif.
-BOND ELECTION.
On May 5 an election will be held for the purpose of
voting on the question
of issuing $700,000 University of California building
addition bonds.
LOS ANGELES CITY SCHOOL DISTRICT, Los
tkngeles County,
Calif.
-BOND SALE.
-The $1.000.0(10 5%
(V. 120, p. 1921) were awarded to the Harrisschool bds. offered on April 13
Trust &
cago and associates at a premium of $51.700, equal Savings Bank of Chiabout 4.34%. Date Aug. 1 1924. Due Aug. 1 as to 105.17. a basis of
follows: $25.000, 1925
to 1964 incl.
LOS ANGELES CITY HIGH SCHOOL DISTRICT,
Los Angeles
County, Calif.
-BOND SALE.
-The $2,000.000 5% school bonds offered
on April 13 (V. 120, p. 1921) were awarded to the
Harris Trust & Savings
Bank of Chicago and associates at a premium of
a basis of about 4.57%. Date Aug. 1 1924. $103.400. equal to 105.17,
Due Aug. 1 as follows:
$50.000. 1925 to 1964 incl.
LOS ANGELES COUNTY SANITATION DISTRICT
NO. 4 (P. 0.
Los Angeles), Calif.
-BOND OFFERING.
-Hugh R. Pomeroy. Secretary,
Board of Directors, will receive sealed bids until 9 a. m.
sewer bonds to bear interest at a rate not exceeding 6%. May 6 for 8240.000
Date May 1 1925.
Denom. $1,000. Due 06.000 yearly on May 1 1926
and int.(M.& N.) payable at the office of the Countyto 1965 incl. Prin.
Treasurer, or at the
National City Bank, N. Y. City. Legality approved
by O'Melveney.
Mllllken & Fuller of Les Angeles. A certified check
for
to the order of the Chairman, Board of Directors. Is 3% of bid, payable
required.
LOWELL, Middlesex County, Mass.
-TEMPORARY LOAN.
-The
First National Bank of Boston has purchased a temporary
loan of $600,000
on a 3.42% discount basis. Due Nov. 6 1925.
LUCAS COUNTY (P. 0,Toledo), Ohio.
-BIDS.
plete list of the bids submitted for the purchase of the-Following is a comtwo
pon bonds. aggregating $112,977, sold on April 6 as was issues of 5% coureported in V. 120.
p. 1921.
Road No. 104, Ditch No. 587:
841,69500.
Second Ward Securities Co.. Milwaukee__ $71,282 00.
$1,191 25
$743 60
A.T. Bell & Co., Toledo
*1.639 48
• 726 00
Stranahan. Harris & Oatis, Inc., Toledo
1,08722
701 37
Provident Says. Bank & Tr. Co., Cincinnati1,169 02
*783 87
The Herrick Company. Cleveland
855 00
584 00
Braun, Bosworth & o., Toledo
1,016 00
676 00
Detroit Trust Co., Detroit
1,077 00
Halsey. Stuart & Co.. Chicago
1,104 00
Breed. Elliott & Harrison, Cincinnati
756 00
434 00
N.S. Hill & Co., Cincinnati
715 00
Seasongood & Mayer,Cincinnati
1,051 75
-7
63I50
• Successful bid.
LUDINGTON, Mason County, Mich.
-BONDS
-At an
election held recently. $25.000 street impt. bonds were VOTED.
voted.
LUDLOW, Windsor County, Vt.-BOND SALE.
-The $130,000
431% coupon refunding bonds offered on April 7-V. 120, p. 1511-were
sold to the National City Co. of Boston at 101.24, a basis of about
Date Feb. 1 1925. Due yearly on Feb. 1 as follows: $6,000, 4.11%•
1926 to
1935 incl., and $7,000, 1936 to 1945 incl.
Other bids were:
Rate.
Merrill, Oldham & Co., Boston
100.69
E. H. Rollins & Sons, Boston
100.67
National Life Insurance Co., Boston
100.10
Harris, Forbes & Co., Boston
99.70
ADD TO NEWTON, MASS
Other bidders were:
Rate Bid.
Rate Bid.
R.L.Day & Co
101.099 Old Colony Trust Co
1•
Harris. Forbes & Co., Inc
101.08 F. S. Moseley & Co
100.834
Merrill, Oldham & Co
100.95 Edmunds Brothers
Newton Trust Co.(amount)$656,000 Estabrook & Co
100.82
LYNDHURST (P. 0. Cleveland) Cuyahoga County, Ohio.
-BOND
OFFERING.
-Sealed bids will be received by Earle Kohler. Village Clerk,
until 12 M.(Eastern standard time) May 11 for $19,050 5%
coupon May
view Road improvement special assessment bonds. Denom.
and
one for $50. Date May 11925. Prin. and semi-ann. int. (A.$1,000 payable at the office of the Village Treasurer. Due yearly on Oct. 1& 0.)
as
81,050. 1926, and $2,000. 1927 to 1935 incl. Certified check forfollows:
5%
the amount of bonds bid for on some bank other than bidder, payable of
to
the Village Treasurer, required.
MACOMB COUNTY (P. 0. Mt. Clemens), Mich.
-DESCRIPTION.
Following is a description of the $650,000 highway
sold
Savings Bank of Mt. Clemens at 100.17 (see V.bondsp. to the Citizens
120,
1921). Denom.
51,000. Date May 1 1925. Int. M. & N. Due on various
dates up to
May 11935. optional May 11926.
MADISON SCHOOL TOWNSHIP (P. 0. Hoagland),
Allen County,
Ind.
-BOND OFFERING.-Martln Huffman,
will receive sealed bids until 11 a. m. May School Township Trustee.
school bonds. Denom. $500. Date May 98 for 860.000 44% coupon
1925. Prin. and semi-ann.
int.(J. & J.) payable at the Hoagland State Bank
Hoagland. Due every
six months as follows: 32,000, July 9 1926 to Jan.of1939,
9
July 9 1939 and Jan. 9 1940. Certified check for 5% incl., and $4,000,
bonds bid for, payable to the above official, required. of the par value of
MAPLE HEIGHTS, Cuyahoga County, Ohio.
-BOND OFFERING.
Sealed bids will be received at the office of Locher,
Green & Woods. 1040
Guardian Building. Cleveland. by F. J. Vasek, Village
April 27 for the following issues of 54% coupon special Clerk, until 12 m.
assessment bonds:
820,358 36 West Boulevard paving bonds. Series One. Denom.
81.000
one for $358 36. Due yearly on Oct. 1 as follows: 52.000. and
1926:
to 1928, inclusive: $3,000. 1929; $2,000. 1930 to 1932, inclusive;
83.000, 1933, and 82,358, 1934.
5,899 30 West Boulevard Water bonds. Series One. Denom. $500
and
one for $399 30. Due yearly on Oct. 1 as follows: $500, 1926
to
1930, inclusive; $1,000, 1931: $500. 1932 to 1934, inclusive,
and $899 30. 1935.
2,336 13 Waterbury Avenue water bonds, Series Three.
Denom.
and -one for $136 13. Due yearly on Oct. 1 as follows: $200
$200.
1926 to 1933, inclusive: 3400, 1934, and 5336
14,00000 James Road water bonds. Denom. 111,000. 13, 1935.
Due yearly on
Oct. 1 as follows: $1,000. 1926 and 1927; $2,000,
1929:$2,000. 1930; 81.000, 1931 and 1932:$2,000, 1928: $1,000.
1933:$91
1934, and $2,000, 1935.
16,300 00 James Road sewer bonds. Denom. $1,000
and one for $300.
Due yearly on Oct. 1 as follows: $1.000.
1926: 52,000, 1927:
$1,000, 1928:82,000. 1929 and 1930:
and 1933; 31.000, 1934, and $2,300.$1.000, 1931:52,000, 1932
1935.
10.50000 Thomas Street paving bonds. Denom.
$1.000
$500. Due yearly on Oct. 1 as follows: 81.000. and one for
1926 to 1931.
inclusive; $2,000. 1932; $1,000, 1933, and $1,500,
1934.
18.650 00 Dunham Road Sewer District No. 2 bonds,
$1,000, and one for $650. Due yearly on Series 6. Denom.
Oct. 1 as follows:
$1,000, 1926; 82.000, 1927 to 1932,
inclusive; $1,000, 1933:
$2,000, 1934, and 52,650, 1935.
2,300 00 Thomas Street grading and drainage bonds.
Denom.$200 and
one for $100. Due yearly on Oct. 1 as
1928, inclusive: $400, 1929; $200, 1930 follows: $200, 1926 to
to 1932, inclusive; $400.
1933, and 8300, 1934.
700 00 Elm Drive sewer bonds. Denom. $700.
as follows: 700, 1926 to 1934, inclusive, Due yearly on Oct. 1
Date April 15 1925. Principal and semi-annual and $70, 1935.
interest (A. & 0.) payable at the Central National Bank, Savings
& Trust Co. of Cleveland.
Separate bids must be made for each issue.
Certified check for 5% of the
amount of bid, on a solvent bank in Ohio,
payable to the Village Treasurer.
required.
2060
THE CHRONTCLE
[VOL. 120.
-Taxpayers
-BONDS DEFEATED.
MONROE,Monroe County, Mich.
-BOND OFFERING.-Untli
MAGNOLIA, Columbia County, Ark.
Hucheson, Chairman of this city defeated a proposed bond issue of 522.000 at a recent election.
10 a. m. May 12 sealed bids will be received by J. 0.
sewer coupon bonds.
-Sealed
-BOND OFFERING.
MONTCLAIR, Essex County, N. J.
Board of Commissioners. for 5157.500 water and approved by Rose,
received by Harry Trippett, Town Clerk,
bids until 7
Denom. $500 and $1.000. Due serially. Legality
check for an issuep. m. April 28 will be improvement. Series No. 1. 1925 coupon
of 4 X % temporary
Hemingway, Cantrell & Loughborough of Little Rock. A certified
or registered bonds, not to exceed $379.000, no more bonds to be awarded
for 5% of bid required.
will produce a premium of $1,000 over 5379.000. Denom. 31.000.
61AHONING COUNTY (P. O. Youngstown), Ohlo.-BONDS NOT than May 1 1925. Principal and semi-annual interest(M.& N.), payable
issues of 5% bonds aggregating $189.680 offered on Date Bank of
-The three
SOLD.
Montclair or at the office of the Town Treasurer. Due
at the
error in advertising.
April 13-V. 120, p. 1921-were not sold, due to an
Legality approved by John C. Thomson of New York.
Nov. 1
-A tem- Certified1929. for 2% of the bonds bid for required.
-TEMPORARY LOAN.
check
MALDEN, Middlesex County, Mass.
Hutzler
porary loan of $600,000 has been awarded to Salomon Bros. &
-BOND OFFERING.
1925.
MONTGOMERY, Montgomery County; Ala.
of Boston on a 3.44% discount basis plus a $4 premium. Due Nov. 12
B. A. Kilgrow, City Auditor, will receive sealed bids until 12 m. May 1
-A bond for approximately $600.000 6% special assessment street improvement
VOTED.
-BONDS
MANISTEE, Manistee County, Mich.
bonds. The above bonds will be sold under contract and will include all
issue of $30.000 for paving was carried.
-A bond special assessment bonds issued by the City of Montgomery for a period
-BONDS VOTED.
MARSHALL, Calhoun County, Mich.
agreeing to take
at an election held recently. of one year from date of contract, purchaser of said bonds
Issue of $30.000 for paving purposes was carried
all special assessment bonds issued during the term of said contract at a
-The
-BOND SALE.
MARTIN COUNTY (P. 0. Fairmont), Minn. 1512) were awarded certain price. A certified check for 515.000 is required.
120.
$5,581 42 highway bonds offered on April 7(V.4s p. a premium of $80.
MONTGOMERY COUNTY (P. 0. Christiansburg), Va.-BOND
at
to the Paine, Webber Co. of Minneapolis as
Interest SALE.-Seasongood & Mayer of Cincinnati have purchased an issue of
equal to 101.43. Date Mar. I 1925. Due serially 1936 to1941.
511.000 6% school bonds.
payable M.& S.
-BOND SALE.-Geo. B.
MONTICELLO, Sullivan County, N. Y.
-At the election
McALLEN Hidayo County, TOZ.-BONDS VOTED.
refunding bonds were voted. Gibbons & Co., Inc.. of New York on April 10 purchased $15,400 5%
held on March 27- .120. P. 1511-5273.000
village bonds at 102.748. a basis of about 4.46%.
-BONDS VOTED AND
Denorn. 51.000 and one for $400. Date April 1 1925. Prin. and int.
McNA1RY COUNTY (P. 0. Selmer), Tenn. authorized an Issue of
payable at the National Union Bank el' Monticello. Due on April 1 as
-On April 6 the McNalry County Court
SOLD.
Co. of Memphis immediately bid folbws: $2,000. 1926 to 1928 incl.; $1.000. 1929 to 1936 incl., and 31,400.
$200.000 road bonds. I. B. Tigrett &
a pre- 1937. Legality approved by Clay & Dillon. Geo. B. Gibbons & Co., Inc,.
In open court for the bonds, which were awarded to them as 53s at
1930 to of New York inform us that the purchase of this issue is not certain.
mium of $675. equal to 100.33. Denom. $1,000. Due serially
1954.
-At an election
-BONDS VOTED.
MOORE, Fergus County, Mont.
Caro.
MEADOW SCHOOL DISTRICT, Johnston County, No. (V. 120. held on April 4 the voters authorized the issuance of $20.000 schoo6bonds.
SALE.
$35.000 5;4% scohol bonds offered on Feb. 17
-The
-At an
BOND
-BONDS VOTED.
MOREAUVILLE, Avoyelles County, La.
St. Paul, at a
p. 858) were awarded to Kalman. Gates, White & Co., of 5.11%. Date election held recently the voters authorized the issuance of 575,000 school
premium of $1,536 50. equal to 104.39-a basis of about inclusive, and building bonds.
I as follows: $1.000, 1926 to 1950,
Feb. 1 1925. Due Feb.
MORRILL COUNTY SCHOOL DISTRICT NO.6(P.O. North Port),
$2.000. 1951 to 1955. inclusive.
-The U.S. Bond Co. of Denver has purchased $8,000
Neb.-BOND SALE.
MEDINA,ATASCOSA AND BEXAR COUNTY WATER IMPROVE- 5% funding bonds.
-At an election to
NO. 1, Tex. BOND ELECTION.
MENT DISTRICT
-Until
to authorize 52,500.000 water
-BOND OFFERING.
MULLINS, Marion County, So. Caro.
be held on April 29 the voters will be asked
April 27 sealed bids will be received by the Town Clerk for 350,000 street
bonds.
and sidewalk bonds. These bonds will be offered subject to the approval
VOTED.
MELVINDALE SCHOOL DISTRICT,
to complete of a New York bond attorney.
The taxpayers at a recent election voted to issue 550.000 bonds
-BOND ELECTION.
NAVARRO COUNTY (P. 0. Corsicana), Tex.
anew school.
-At the election On May 7 the voters will vote on the question of Issuing 57.000,000 road
-BONDS VOTED.
MEMPHIS,Shelby County,Tenn.
p. 19221 the voters authorized the issuance of the bcnds.
held on April 9 (V. 120.
NEGAUNEE SCHOOL DISTRICT (P. 0. Negaunee), Marquette
following improvement bonds aggregating $3,100,000:
bonds.
-First National Bank of Negaunee was
-BOND SALE.
County, Mich.
$500.000 Water Department bonds. 5350.000 Harahan Viaduct
awarded $475,000 4 Ya % school bonds at a premium of 311.059. The bonds
225.000 general hospital bonds.
300.000 Vance Wood bonds.
900,000 streets, bridges and sewer will be issued as of March 1 1925 and will be delivered in May. Other
750.000 city school bonds.
bids were: H. M. Byllesby & Co. Chicago, 56,005 premium; Detroit
bonds.
75,000 auditorium bonds.
Stevenson, Perry, Stay & Co., Chicago. 38.730 premium:
-The $3,000,000 4 % Trust Co. and Commercial Trust & Savings Bank, Chicago, and Second
-OTHER BIDDERS.
MICHIGAN (State of).
been sold to Keane. Continental & Co., Milwaukee. 54.881 premium; Harris Trust & Savings
highway bonds offered on April 7(V. 20. p. 1654) have
Ward Securities
and
Taylor /cc Co., Barr Bros. and Dillon. Read & Co. of New York at par
Co., Chicago, and Northern Trust Co., $10.621 premium. Also a bid
accrued interest. pies a premium of $270, equal to 100.009, taking $2.410.- at par for $335.000 at 4% and a premium of $11 on 3140,000 at 4%.
Date May 1 Wells-Dickey Co.. A. B. Leach & Co. and Howe, Snow & Bertles, Grand
000 as 4s and $590.000 as 43is, a basis of about 4.0463%.
Harris,
1925. Due May I 1940.
of the Rapids, premium 53.087 50: Morris Mather & Co.. Chicago, andDetroit,
and Watling, Lerchen & Co.,
The above appeared in V. 120, p. 1920. We are now in receipt
of Detroit, Small & Co., First National Co.
other bidders for these bonds, as follows: Eldredge & Co., Bank par, basis premium of 85.771 25: A. C. Allyn & Co. and Stranahan, Harris & Oasis,
6
,
Security Trust Co., 52.416.000 at 4%, $584.000 at 43 %, $700,000 at Chicago. premium $5.512, also 4 k % interest on daily balances; William R.
4.0486: Hallgarten & Co., Clair & Co.. A. G. Becker & Co..
Compton and Halsey, Stuart & Co.. Chicago. premium $7,843; O. W.
0
7
$2.300.000 at 4, ,premium $30; Stevenson, Perry, Stacy and Marshall McNear & Co., Chicago. premium 55.212, and interest at 4% on money
4%.
Trust Co..
Union National Bank and Marquette
Field & Co.,$700,000 at 4 %,52.300,000 at 4%. par: Bankers
at left on deposit; First National Bank, par, delivery of bonds at pleasure of
$714,000
of Marquette.
Beane. Higble & Co., First National Co., Detroit Trust Co..
& Co., Curtis & County Savings Bank,
4%.$2.286.000 at 4%, basis 4.0595: W. A. Harriman
Equitable Trust Co., School Board.
Sanger, Nicol. Ford & Co.. Ames, Emerich & Co.,
-Alice N. Leonard, City TreasD OFFERING.
Harris &
NEWPORT, R.
4
,
52.251,000 at 4%. $749.000 at 43 %. premium $30; Stranahan, Austin, urer, until 5 p. m. I.-BON receive sealed bids for the following issues of
May 1 will
Co.,
Oatis, Chicago Trust Co., George H. Burr & Co., H.S. Allen &
discount $14.- 4K% coupon bonds:
Grant & Co.. $2,250.000 at 4%, $750.000 at 4 si %. all 4%
Trust &
bonds. Denom. 51,000. Date March 1 1925. Pay125, all 4 % premium $62,370: Continental & Commercial Phelps, $170,000 refunding
able $17.000 March 1 1926 to 1935. Incl. Interest payable semiTrust Co.,
Savings Bank, Taylor, Ewart & Co., Illinois Merchants Co., $2.200,000 at
annually on March and Sept. 1.
Fenn Sc Co.. Graham, Parsons & Co., F. B. Keech &
Wm. it.
50,000 Broadway and Bellevue Ave. permanent pavement bonds,
4%.;800.000 at 4,4%, premium $193; Minton, Lampert & Co. L. Day.
Series E. Denom. $1.000. Date May 1 1925. Payable $3,000
Compton & Co., Estabrook & Co., Remick, Hodges & Co.,
May 1 1926 to 1941, incl., and 52.000. May 11942. Int. payable
Trust Co.. Harris, Small & Co., Kountze Bros.. $850.000 at 4%,
Northern
semi-annually on May and Nov. I.
520.997 discount on 4%; National.
$2,150,000 at 4 X% premium Ell.
Principal and interest payable in gold coin of the United States of the
City Co.. Guaranty Co., Watling, Lerchen & Co.. $2,105,000 at 4%. present standard of weight and fineness at the office of the City Treasurer.
Halsey, Stuart
$895.000 at 4J4 %. premium $150: Kissel, Kinnicutt dr Co.,
of N. Y. Pressprich & Co.. Newport, or at holder's option at the First National Bank of Boston, in
& Co., Redmond & Co., First National Bank
prem.$90. Boston. These bonds are engraved under the supervision of and certified
Whittlesey. McLean & Co.. 52.055.000 at 4%.545.000 a 4 Si %.
by the First National Bank of Boston: their legality will
-The as to genuinenessRopes, Gray. Boyden & Perkins, whose opinion will be
-BONDS DEFEATED.
SCHOOL DISTRICT, Mich.
MILLETT
be approved by
schools.
furnished the purchaser. All legal papers incident to this issue will be filed
taxpayers have defeated a proposed bond issue of 315.000 for new
- with said bank. where they may be inspected at any time. Bonds will be
-BONDS DEFEATED.
MILLWOOD SCHOOL DISTRICT, Mich.
for a school delivered to the purchaser on or about May 1 1925 at the First National
The taxpayers defeated a proposed bond issue of $15.000
Bank of Boston, Boston.
addition.
Financial Statement, April 8 1925.
381.544,900 00
-Burns, Brinker Valuation, 1924
MINDEN, Kearney County, Neb.-BOND SALE. refunding bonds. Sinking fund bonds
3616.000 00
an issue of $35,000 5%
& Co. of Omaha have purchased
386.673 40
1944.
Date March 11925. Due serially March 1 1927 to 7 (see V. 120. p. 1654) Less sinking funds
229,326 60
-At the election held on April
BONDS VOTED.
1,782,500 00
Serial bonds (including issues offered)
the 575.000 school building bonds were authorized.
-The taxVOTED.
-BONDS
$2,011,826 60
MINDEN CITY, Sanilac County, Mich.
Total net debt
at a recent
Population. 1920, 30.255.
payers voted a bond issue of $5,000 for electric-light equipments,
election.
-BOND
NEWTON (P. 0. West Newton), Middlesex County, Mass.
-The
SALE.
MITCHELL COUNTY (P. 0. Camilla), Ga.-BOND Were awarded SALE.
-The following two issues of 4% coupon bonds offered on April 14
p. 1792)
*400.0005% road bonds offered on April 14 (V. 120.of $76. equal to 101.90 -V. 120, p. 1922
-were sold to Blodgett & Co. and Curtis & Sanger of
Georgia of Atlanta at a premium
to the Trust Co. of
1939 and Boston at 101.142. a basis of about 3.73%.
-a basis of about 4.85%. Due Aug. 1 as follows: 5100.000 in
3600.000 high school bonds. Due 360.000 yearly on May 1 from 1926 to
1944 and $200,000 in 1949.
1935. Inclusive.
-The $350.000 5%
-BOND SALE.
50,000 sewer bonds. Due yearly on May 1 as follows: 52,000, 1926 to
County, Ala.
MOBILE, Mobile
1945. inclusive, and 31,000. 1946 to 1955, inclusive.
bonds,offered on April 14-V.120. 1654
public improvement,Series
of 59,415,
Denom. $1.000. Date May 11925.
were awarded to Austin, Grant & Co. of New York at a premium
4.42%. Date May! 1925. Due May 1
equal to 102.69. a basis of about
NEWTON TOWNSHIP RURAL SCHOOL DISTRICT, Muskingum
-The 520.000 5% coupon school bonds
-BOND SALE.
as follows: 535.100 1926 to 1935. inclusive.
County, Ohio.
- offered on April 6-V. 120, p. 1654-were awarded to Stranahan, Harris
-BOND DESCRIPTION.
MOBILE COUNTY (P. 0. Mobile), Ala.
the
school building bonds awarded on April 6 to120, & Oatis, Inc.. of Toledo for $20,452,equal to 102.26, a basis of about 4.73%•
The S250.000 5% high
1
of about 4.56%-V.
1925. Due 51,000
Incl. Bids were
State Savings Bank of Mobile at 105.83, a basis1 1925. Denom. 31,000. Date April 15 by Ryan. SutherlandOct. 1926 to 1945.Provident Savings
& Co., Herrick Co.,
also submitted
-are described as follows: Date May
p. 1922
Principal and interest payable in Bank & Trust Co. and State Teachers' Retirement System.
Coupon bonds. Due May 1 1945.
C. Thomson, New
-It was
-TO OFFER $60,000,000 BONDS.
New York City. Legality to be approved by John
NEW YORK CITY, N. Y.
York City.
announced by Comptroller Craig on Mar. 16 that bids will be received until
Financial Statement.
$120,000,000 12 m. May 5 for the purchase of $60,000.000 serial bonds for the purpose of
Estimated real value
69,435,023 building new schools and acquiring new school sites. The Comptroller's
Assessed valuation 1924
1,785,000 statement read as follows:
Total bonded debt, including this issue
"Forty-eight million dollars of these bonds will mature in equal annual
$119,450
In
Less sinking fund
1.665,550 installments in one to forty years; 89,000.000 in equal annual installments in
Net bonded debt
100,117 one to fifteen years, and 53,000.000 will mature in equal installments
Census
be fifteen
Population, 1920
one to ten years. The average maturity of all the bonds will
Net bonded debt less than 2.4% of the assessed valuation.
years. In other words, at the end offifteen years 530,000,000 of these bonds
will have been redeemed.
Bidsfor the $250.000 5% school bonds were as follows:
$260.100 00
"The bonds will bear interest at the rate of 43- %,payable semi-annually.
Well, Roth & Irving Co., Cincinnati
261.400 00 The entire issue Is made for the purpose of construction of new schools and
I. B. Tigrett & Co., Jackson
257,650 00 the acquisition of sites.
R. M. Grant & Co
257.500 00
"This issue will not increase the city's debt in any particular. The proN. S. Hill & Co., Cincinnati
258.175 00 ceeds will be used to take up outstanding short-term year..
notes issued by the
First National Bank, Mobile
260,250 00 Comptroller at the low rates prevailing during the past
Merchants' Bank, Mobile
264,598 00
State Savings Bank, Mobile
-BOND SALE.
NIAGARA FALLS, Niagara County, N. Y.
104.31
Ward. Stern & Co., Birmingham (rate bid)
104.31 Sherwood & Merrifield, Inc.. and H. L. Allen & Co., both of New York,
Steiner Bros., Birmingham (rate bid)
258.878 00 have been awarded the following four issues of coupon bonds offered on
Seasongood & Mayer, Cincinnati
-as 4s at 100.26, a basis of about 3.98% •
255.600 00 April 11-V. 120, p. 1922
C. W. NThitis & Co.. New York
259,000 00 5300.000 grade crossing. Series 13, bonds. Due $60,000 May 1 1956 to
B. J. Van Ingen & Co., New York
261,450 00
L. R. Ballinger & Co., Cincinnati
as follows:
6 vi
19 0 ng,
261.450 00
163,000 repa, ine1•Series B. bonds. Due yearly on May
Assel Goetz & Moerlein Co., Cincinnati
$32,000. May 1 1956* $35.000, 1957. and $32,000. 1958 to 1960,
260.225 00
Morris Mather & Co., Chicago
255,600 00
W. L. Slayton & Co., New Orleans
I ci.ol,
100,000 ;Cho Series G,bonds. Due $20,000 May 1 1956 to 1960. incl.
262,928 00
Geo. H. Burr & Co., Montgomery
22,000 sower, Series C, bonds. Due May 1 1956.
All bids included accrued interest.
midh.-BONDS
APRIL 18 1925.]
Denom. $1.000. Date May 1 1925.
The following bids were received:
T1TE CHRONICLE
2061
to 1948 incl.: 93.000, 1949: $2.000, 1950 to 1953 incl., and
$1,000, 1954.
Certified check for $500 required.
Bid.
Interest.
Sherwood & Merrifield, Inc
PAINESVILLE, Lake County, Ohio.
$586,521 00
-BOND SALE.
4
-The $28,000
Bankers Trust Co
5% electric light bonds offered on April 10-V. 120, p. 1513
586,223 82
4
Millett, Roe & Co
to Asset, Goetz & Moerlein of Cincinnati for a premium of -were sold
585,099 45
4
Fidelity Trust Co
to 104.26. a basis of about 4.53%. Date April 1 1924. $1,193, equal
585,029 75
4
Due $4,000.
Batchelder, Wack & Co
588,480 75
4.05% Oct. 1 1933 to 1939 incl.
Geo. B. Gibbons /4 Co., Inc
Bids were as follows:
586,386 00
4.05%
Phelps, Fenn & Co
589.265 00
4.10%
Premium.
Assel, Goetz & Moerlein, Inc.,
NILES, Trumbull County, Ohio.
-BIDS.
Title Guar. Ac Tr. Co., Clue.._ 988 40
-Following
received for the purchase of the two Issues of 514% coupon are the bids
Cincinnati
bonds aggre- Seasongood & Mayer,Cinein'ti_ 81,193 00 A. E. Ant)& Co., Cincinnati__ 986 00
gating 282,800. sold as was reported in V. 120, p. 1922.
1,137 00 The Herrick Co., Cleveland_ _ __ 927 00
Braun, Bosworth & Co., Toledo 1,13300 Weil, Roth & Irving Co., Clnc- 925
00
$32.880 $50.000
Both
W.K.Terry & Co., Toledo..._ 1.08700 A. T.
Toledo
809 80
Issue.
Issue.
Issues. Seipp, Princell & Co., Chicago. 1,071 00 DavidBell & Co.,Co., Toledo
Niles Trust Co., Niles
Robison &
576 80
$419 22 $637 50
Guardian Trust Co., Cleveland_ 1,061 20 Mansfield Say. Bk., Mansfield_ 410 00
Citizens Trust & Savings Bank, Colo
1,260 00
Prov.Say. Bk.& Tr. Co., Cinc_ 1,022 00 Citizens Tr. AL Say. Bk.. Colum. 224 00
W. L. Slayton & Co.. Toledo
1.20200 1.95000
Ryan. Sutherland & Co., Toledo
PEEKSKILL, Westchester County, N. Y.
-BOND SALE.-Geo.
$3,050 00 Gibbons
Prudden & Co., Toledo
& Co., Inc., of New York have purchased $40,000 park bonds B.
670 00 2,0:35 00
as
Herrick Co., Cleveland
4315 at 100.329. a basis of about 4.22%. Date May 1 1925. Due $2,000
1,335 00 2036,
00
Otis & Co., Cleveland
May 1 1926 to 1945 incl.
1,216 00 2.895 00
Emery. Peck & Rockford. Chicago
2,277 00
PENFIELD TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. WellStrahan, Harris & Otis, Inc., Toledo
ington R. D. No. 3), Lorain County, Ohio.
Provident Savings Bank & Trust Co.. Cinc 1,321 11 2.055 00
-OTHER BIDS.
-Other
1.233 00 2,095 00
Breed, Elliott & Harrison, Cincinnati
for the $50.000 5% coupon school bonds sold to Stranahan. Harris dr
992 97 2.030 00 1,269 17 biddersInc., of
Dolls,
Well. Roth & Irving. Cincinnati
Toledo at 103.02, a basis of about 4.68%, included the
1,250 00 1,895 00
following:
Durfeo.Niles
o., o o
2,711 80
Seasongood & Mayer, Cincinnati
Premium.
Premium.
1.351 00 2.096 00
Guardian Trust & Savings
Braun. Bosworth bo., Toledo
Title Guaranty & Mtge. Co_ _31.175
1,28800 2.06800
Bank, Columbus
Detroit Trust Co
$445 Well. Roth & Irving Co., Clev. 1,435
1.326 00
The Herrick Co., Cleveland_ 1,026 Otis & Co.. Cleveland
NORFOLK, Norfolk County, Va.-NOTE SALE.
1,350
-The First National Seasongood & Mayer. Cinc_
1,167 W.L. Slayton & Co., Toledo
1.375
Bank of New York and F. S. Moseley &
PIKE COUNTY (P.
purchased an issue of 61.200,000 revenue Co. of Boston, jointly, have
-BOND OFFERING.-Chaa.
notes. Date April 16 1925. E. Brumfield, Chancery0. Magnolia , Miss.
Due Dee. 12 1925. Legality approved by Reed. Dougherty
Clerk, will receive sealed bids until 12 m. April 20
& Hoyt of for 8125.000 515% road bonds.
Now York.
PLAINVIEW,Pierce County, Neb.-BOND SALE.
NORTH AUGUSTA SCHOOL DISTRICT NO.
-James T. Wachob
66 (P. 0. Aiken), & Co. of Omaha have purchased an issue of $36,000 5%
Aiken County, So. Caro.
refunding bonds.
-BOND SALE.
-The Citizens & Southern Date Feb. 1 1925. Due Feb. 1 1945, optional in
Bank of Augusta has purchased an issue of $15.000 531
1930.
% school bonds.
PLEASANT RIDGE (P. 0. Detroit), Kent County, Mich.
NORTH WILDWOOD (P. 0. Anglesea), Cape May
-BOND
County, N. J.
-0. C. Keil. Village Clerk, will receive sealed bids until
- OFFERING.
BOND OFFERING.
-Sealed bids will be
Treasurer, until 8:15 p. in. April 27 for received by P. L. Peterson, City 8 p. m. April 20 for 837.500 special assessment District No.23 paving bonds
the following issues of registered not to exceed 6% interest. Denom.
bonds:
31,000 and one for 81.500. Date
April 1 1925. Int. A. & 0. Due yearly on
$20,000 5% general impt. bonds. Date Sept. 11924.
Int. M.& S. Due 1927 to 1930 incl., and $9,500. 1931. Certified April 1 as follows: 57.000.
yearly on Sept. 1 beginning Sept. 1 1925.
check for $1,000 required.
20,000 6% general impt. bonds. Date July
POLO,Ogle County, 111.
1
-An issue of $7,000 6% water
yearly on July 1 beginning July 11926. 1923. Int. J. & J. Due works bonds has been sold. -BOND SALE.
Due June 1 1925 to 1931 incl.
(Two bonds of this issue
will have been retired on July 1 1924 and two
bonds on July 11925.)
PORTLAND, Multnomah County, Ore.
Denom. 81,000. Prin. and semi-ann.
-BOND OFFERING.
--Sealed
Bank of Wildwood. No more bonds to Mt. payable at the Marine Nat. bids will be received unt'l 11 a. m. May 5 by Geo. R. Funk. City Auditor.
be awarded than will produce a for $1.000,000 4% water bonds.
premium of $1,000 over each of the above issues.
Certified check for 2% Due May 1 as follows: 850.000. 1936Date May 1 1925. Denom. 51.000.
of the amount of bonds bid for, payable to the City Treasurer,
to 1955 incl. Prin. and int.(M.&
required.
payable at the office of the City Treasurer, Portland, or atthe office N.)
NUCLA, Mont Rose County, Colo.
-BOND SALE.-Bentwell & Co. Its fiscal agency in N. Y. City, at option of holder. Legality approved of
by
of Denver have purchased $10,000
% refunding water bonds. Due Storey, Thorndike, Palmer & Dodge of Boston. A certified check on some
$500 1926 to 1945 incl.
responsible bank in Portland for 5% of bid is required.
BOND OFFERING.-Geo. R. Funk. City Auditor, will receive sealed bids
OAKLAND, Burt County, Neb.-BOND
-The State of Ne- until 11 a. m. April 28 for $180,000 414% bridge bonds. Date May
braska has purchased an issue of 9185.000 4 SALE.
1 1925.
% refunding bonds. Date Denom.$1.000. Legality approved by Storey,Thorndike,
Mar. 16 1925. Due Mar. 16 1945.
Palmer & Dodge
of Boston. A certified check for 5% of bid is required.
OCEANA COUNTY (P. 0. Hart), Mich.
-BONDS VOTED.
PORTLAND SCHOOL DISTRICT (P. 0. Portland)Jay County,
-The
electors voted a $35,000 bond issue for a new
infirmary at an election Ind.
-BOND OFFERING-Until10 a. in. May 14 sealed 'bids will be
held recently.
received by Secretary. Board of Trustees, for $100,000
% school bonds.
OHIO COUNTY (P. 0. Rising Sun), Ind.
-BOND SALE.-Tbe Denom. 61.000. bate April 11 1925. Int. M. & N. Due $2.000 each
Citizens Securities Corp. of Indianapolis
May 3C and $3,000 each Nov.30 from May 30 1928 to Nov.30 1947 incl.
purchased the following issues o
4}(% coupon bonds offered on April
-at a premium
POWER COUNTY (P. 0. American Falls), Idaho.
o $615 50, equal to 100.80, a basis of about 120, p. 1512
-BOND
6-N.
TION.
-An election will be held on May 2 for the purpose of votingELEC$4,800 James M. Hastings et al road bonds.4.15%:
on the
Denom.
question of issuing $30,000 court-house bonds. These bonds were sold
Walter G. Potter et al. road bonds. Denom. $120.
21,200
$530.
Childs Bond & Mortgage Co.of Boise subject to being voted-V.1201
to the
50,000 Leonard 0. Cofield et al. road bonds. Denom.
p. 1655.
Date April 11925. Int. M.& N. 15. Due one bond$1,250.
ala months from May 15 1926 to Nov. 15 1945 Inclusive. of each issue every
PRAGUE, Lincoln County, Okla.
-BONDS VOTED.
-Of the $47,000
water system and sewer bonds submitted to a vote of the people at the
OLEAN, Cattaraugus County, N. Y.
-BOND SALE.--Geo. B. election held on March 17-V. 120, p.
Gibbons & Co., Inc., of New York have purchased $27,270
1243-322.000 water system bonds
No mention is made of the
bonds offered on April 14 as 411s at a premium of $156 25, improvement carried by a vote of 110 for to 57 against.
equal to 100.57, result of the $25,000 sewer bonds.
a basis of about 4.13%. Date April 1 1925. Int. semi-ann.
Due 83.030
April 1 1926 to 1934 incl. Legality approved by Clay &
RALSTON, Douglas County, Neb.-BOND SALE.
Dillon of New
-The Omaha
York.
Trust Co. of Omaha has purchased an issue of $27,533 5 1% refunding bonds
OLYMPIA SCHOOL DISTRICT NO. 4 (P. 0.
RANDLEMAN, Randolph County, No. Caro.
Columbia), Richland
-BOND OFFERING.
County, So. Caro.
-BOND OFFERING.
-M,P. Henry,
Ernest Talley, City Clerk, will receive sealed bids until April 20 for $26,000
of Trustees, received sealed bids until 6 p. m. April 17 forChairman Board 6% public improvement bonds.
$160,000 school
bonds to bear Interest at a rate not exceeding 531%.
Date April 1 1925.
RICHLAND (TOWN) UNION FREE SCHOOL DISTRICT NO.
Due April 1 as follows: $5,000 1928 to 1937, incl., and
10
$10,000 1938 to (P. 0. Richland), Oswego County, N. Y.
1948, incl. Principal and interest payable at the
-BOND SALE.
-Sherwood &
Bank, New York City. Legality approved by CaldwellHanover National Merrifield, Inc., of New York were the successful bidders for the $38,000
& Raymond, New coupon school bonds offered on April 10-V.
York City. Legality approved by Caldwell & Raymond, New
120. p. 1923
York City. Date April 11925. Due yearly on April 1 as follows: -as 4.30s at par.
A certified chock for $1,600, payable to above named Chairman is
required. incl.; $1,000, 1942 to 1953, incl., and $3,000, 1954 to $500, 1926 to 1941.
1965. incl. mi.
OMAHA, Douglas County, Neb.-BOND
OFFERING.
-Sealed bids
RIVERTON, Fremont County, Wyo.-BOND SALE.
will be received until 3p. m. April 20 by John Hopkins,
-Bosworth,
Superintendent o
Chanute & Co. of Denver have purchased an issue of 525.000
Accounts and Finance, or $800.000 4l % coupon
51(% re(non-registerable) street funding water bonds.
Improvement bonds. Date May 1
5 Due May
check on a national bank or trust company for $10,000,1 1945. A certified
192.
ROCK SPRINGS, Sweetwater County, Wyo.-BONDS VOTED
payable to the order
of the City of Omaha, is required.
OFFERING.
-At the election held on Mar. 28 the voters
ONSLOW COUNTY (P.O. Jacksonville){ No.
issuance of the following 6% bonds, aggregating $425,000,authorized the
by a count of
Caro.
-BOND SALE.
- 943 for to 563 against'
The $150.000 coupon road bonds offered on April 6-V. 120,
p. 1793-wer
awarded to Stranahan, Harris & Oatis, Inc., of Toledo
$250,000 special sewer bonds.
as 5s at a premium
170,000 general sewer bonds.
of $4,410, equal to 102.94, basis of about 4.74%. Due $10,000
yearly
1943 inclusive.
In the above reference we reported the amount of bonds to be voted upon
1934 to
as $400.000, which was incorrect. These bonds are to be offered on
Apr.20.
ORANGE COUNTY (P. 0. Paoli), Ind.-OTTIER
ROCKWALL, Rockwall County, Tex.
-Other
bidders for the $8,400 437 coupon Geo. Luneberry et BIDDERS.
-ELECTION SALE.
al. road bonds sold Garrett & Co. of Dallas have purchased an -PRE $37,500
issue of
to the City Trust Co. of Indianapolis at 101.20, a basis of
5;4% sewer
about 4.25% bonds subject to their being voted at the election to be held on
(see V. 120. D. 1923), were as follows:
April 28V. 120, p. 1923.
Premium
Premium.
.
F Wild & Co
ROSENBERG, Fort Bend County, Tex.
$110 10
Bank
-BOND SALE.-Stranahan,
Fletcher American Co
95 90 Fletcher Say. & Trust Co__-_$75 25 Harms & Oatis, Inc.. of Toledo have purchased the $40,000
534% school
71 10 bonds at 105, voted on April
All of the above are located in Indianapolis.
4-V. 120, p. 1923.
ORCHARD, Morgan County, Colo.
ROTAN INDEPENDENT SCHOOL DISTRICT, Fisher County,
-BOND SALE.
Tex.
-Bosworth, -PRE-ELECTION SALE.
Chanute & Co. and the International Trust Co., both of
-II. C. Burt & Co. of Houston have purchased
have purchased an issue of $40,000 5% refunding water Denver, jointly, $90,000 534% school bonds subject to their being voted at the election
bonds.
to be
held on April 14.-V. 120. p. 1794.
OTESEGO, Allegan County, Mich.-130NDS
DEFEATED.
-A proROTTERDAM UNION FREE SCHOOL DISTRICT NO. 4 (P. 0.
posed bond issue of $10,000 for sewers was defeated at a recent election.
Schenectady), Schenectady County, N. Y.
-BOND OFFERING
OTTAWA COUNTY (P. 0. Port Clinton), Ohio.
BONDS NOT SOLD.
-A. J.
-BOND SALE.
- receive sealed bids until 3 p. Pangburn, Sec. Board of Education, will
The Detroit Co. of Detroit purchased the $30,000 5% coupon road
bonds not to exceed 434% interest. m. April 18 for 8125,000 coupon school bonds
offered on April 13-V. 120, p. 1793
-at a premium of $736. equal
Denom.
to and semi-ann. int. (J. & D.) payable at$1,000. Date June 11925, Prin.
102.68, a basis of about 4.42%. Date April 3 1925. Due every six
the Citizens Trust Co. of Schenecmonths tady. Due yearly on June I as
as follows; $2.000 on April 13 and $1,500 on each Oct. 13 from April
follows: $5.000, 1933 to 1941 incl., and
13 $20.000. 1942 to 1945 incl. Certified check for 107
1926 to Oct. 13 1931 incl. and $1,500 April 13 1932 to Oct. 13 1934
of the bonds bid
bad.
required. These bonds were offered on April 4-V. 120, p. 1794 for
Bids were as follows:
-but
were received for 4% bonds, as offered.
Premium. no bids
Detroit Trust Co., Detroit
$756 Prudden Co., Toledo
ROYAL OAK, Oakland County, Mich.
$641
-BOND SALE.
Seasongood & Mayer, Cincin_ _ _ 694 Braun, Bosworth & Co.,
-On April 13
Toledo_ 629 1Vhittlesey, McLean & Co. of Detroit purchased $150,000
Assel, Goetz & Moerlein, Chic__ 552 Ryan, Sutherland & Co.,
water main
prov. Say. Bk. & Tr. Co., Cinc_ 408 Guardian Say. & Tr. Co.,Toledo 555 extension bonds as 4;is at a premium of $525, equal to 100.35. a basis of
Cleve_ 489 about 4.24%. Due in 30 years.
.
Irving Co., Cinc__ 483 Breed. Elliott & Harrison,
well, Roth &
Cinc_ 396
Mansfield Say. 13k. & Tr. Co.,
RUSHVILLE UNION SCHOOL DISTRICT NO. 92 (P.
Citizens' Trust Savings Bank,
0. RushMansfield
365
Columbus
ville), Schuyler County, Ill.
-BOND OFFERING.
-Sealed bids
302 received by Robert G. Smith. Supt.
stranahen, Harris & Oath:, Tol_ 554 The Herrick Co.,
Board of Education, until 2will be
Cleveland.
571
p. m.
May 1 for $35,000 5% school bonds. Denoms. $1,000 and
OWOSSO, Shiawassee County Mich.
$500. Int.
-BONDS DEFEATED.
-A payable annually. Due $3,500, May 1 1935 to 1944 incl. Certified check
proposed bond issue of $12,000 for streets was defeated at a recent
for 10% of the amount of bonds bid for required.
election.
OXFORD SCHOOL DISTRICT (P. 0. Oxford), Chester County.
RYE, Westchester County, N. Y.
-BOND SALE.
-The $51.000 dis-Sealed bids will be received' by Elmer E.
-BOND OFFERING.
Ill.
Collins" posal plant coupon or registered bonds offered on Apr. 15
Secretary Board of School Directors, until 7 p. rn. April 27 for $60,000 4317; were sold to Conover & Phillips of New York as 414s at (V. 120, p. 1923)
101.05, a oasis of
school bonds. Denom. $1,000 and $500. Date May 1
Date Mar. 10 1925. Due yearly on Mar.
4.11%.
coupon
10 as follows:
1925. $bout
prin and semi-ann. int. (M. & N.) payable at the Farmers Nat. Bank s2,000, 1926; 53,000. 1927 to 1939 incl., and $2,500. 1940 to 1943 incl.
Oxford. Due yearly on May 1 as follows: $2‘000. 1927 to 1929 incl.:
of
SAGINAW COUNTY (P. 0. Saginaw), Mich.
22.000. 1931 to 1934 incl.: $3.000, 1935; $2.000, 1936
-BONDS VOTED.
$3 000, 1930;
to 1939 The electors passed on
ina.; $3.000. 1940; $2,000, 1941 to 1944 incl.; $3,000, 1945; $2,000, 1946 house addition and jails a proposition to issue 9280.000 bonds for court
at an election held recently.
2062
THE CHRONICLE
[VoL. 120.
-During the month
-BOND SALE.
SEATTLE, King County, Wash.
-Issues o
-BONDS VOTED.
ST. CLAIR, St. Clair County, Mich.
of March the City of Seattle sold the following bonds, aggregating $145,$15,000 bonds for paving and $4,000 bonds for storm sewers were carried 710
55:
recently.
when submitted to the voters
Due.
Date. Int. Rate.
Dist. Amount.
Purpose.
Mar. 2 1937
Mar. 2
ST. GEORGE SCHOOL DISTRICT, Charleston County, Ga.- 3728 31,720 40 Paving
-On April 18 an election will be held for the purpose 3823
Mar. 2 1937
BOND ELECTION.
Mar. 2 6%
2.40497 Sewers
4
Mar. 2 1937
of voting on the question of issuing $18,000 school building bonds.
Mar. 2 6%
3853 17,479 60 Water mains
Mar. 2 6%% Mar. 2 1937
886 25 Paving
-Following is a 3875
-BIDS.
ST. JOSEPH, Buchanan County, Ohio.
Mar. 3 1937
3935 6,46772 Condemnation for street_Mar. 3 635
list of other bidders for the $75,000 5% hospital coupon bonds awarded 3852 31,862 72 Grading
Mar. 7 1937
Mar. 7 6%
on April 5 to Ford & Porter of St. Joseph at 103 plus expenses of printing 3946
Mar. 9 1937
7,59300 Condemnation for street_ Mar. 9 7%
bonds (V. 120. p. 1923):
Mar. 27 1937
Mar. 27 6%
3899 4.68509 Walks
H.Rollins& Sons,Chicago_*$3,777 70 First National Co.,St. Louis._ _53,082 50 3910 5.104 64 Water mains
E.
Mar. 27 1937
Mar. 27 6%
W.A.Harriman & Co., N.Y._ 3,591 75 Prescott - Wright- Snider Co.,
Mar. 28 1937
Mar. 28 6%
3,080 25 3805 13,328 46 Grading
Kansas City
Detroit Trust Co., Detroit._ 3,571 00
Mar. 28 1937
Grading
Mar. 28 6%
& Co.,Boston_ 2,91750 3884 6.20380 Paving
Geo.H.Burr & Co.,St.Louis__ 3,49600 Merrill. Oldham
Mar. 28 1937
3896
Mar. 28 6%
1,833 07
Stern Bros.& Co.,Ifansas City_ 3.43575 Conover dc Phillips, New York_ 2,85000 3818 26,588 35 Paving
Mar.30 1937
Mar.30 6%
Taylor, Ewart & Co., Chicago- 3,34500 Empire Trust Co., St. Joseph,
Mar.30 1937
3837 11.166 21 Grading
Mar.30 6%
and Harris Trust & Savings
Kaufman,Smith & Co.,St.L__ 3.28500
Mar.30 1937
Mar.30 6%
3863 8.386 28 Water mains
1,07300
Bank, Chicago
Fed. Commerce Tr. Co., St. L. 3,27750
Bonds subject to call yearly.
_ 3,20500 Mississippi Val. Tr. Co., St. L_ 983 00
Thompson & Co., St. Louis..
312 60
SHARPLES VILLAGE SCHOOL DISTRICT (P.O. Swanton R. R.),
Fidelity Nat.& Tr.Co.,Kan.C_ 3,16740 Bonbright & Co., Chicago
-Other bidders for the
-OTHER BIDDERS.
Mercantile Trust Co., St. Louis 3,095 00 National City Co., Chicago_ _ _ 235 00 Lucas County, Ohio.
$12,000 5 % school bonds sold to Stranahan, Harris & Oatis, Inc., of
•City to pay for printingof bonds. The last four of the above bids. Toledo at 103.50, a basis of about 4.99% (see V. 120, p. 1924). were as
bonds, were not accept3d.
being for 43.%
- Well, Roth & Irving Co_312,454 00 Spitzer, Rorick & Co_ _ _ _$12,346 00
-BOND SALE.
ST. LAWRENCE COUNTY (P. 0. Canton), N. Y.
,4
The $250,000 4% coupon bridge bonds offered on April 15-V. 120, P. A.E. Aub & Co
12.488 CO Ryan, Sutherland & Co__ 12,448 32
-were sold to the First National Bank of Canton at 103.787. a basis Otis & Co
12,370 00 Citizens Say & Loan Co__ 12.21500
1655
12,302 80 Citizens Tr.& Say. Co__ _ 12,300 00
of about 4.06%. Date Feb. 1 1925. Due yearly on Feb. 1 as follows: Durfee, Niles & Co
12,402 00
$10,000. 1926 to 1928 incl.: $20,000. 19z9 and 1930, and $10,000, 1931 The Herrick Co
12.396 00 W. L. Slayton & Co
to 1948 incl.
SHELBY COUNTY (P. 0. Memphis), Tenn.
-BONDS VOTED.
Other bidders were:
the election held on April 9-V. 120. p. 1924
At
-the voters authorized the
.
Sherwood & Merrifield. Inc_$258.875 St.Lawr,Co.Nat.Bk.,Can3254,200 Issuance of the following bonds aggregating $2,050.000:
257.525
Conover & Phillips
259,120
Roosevelt & Sons
258,675 31.500,000 county institution bonds. $75,000 auditorium bonds.
R. F. De Voe & Co
100,000 jail completion bonds.
375.000 county school bonds.
-The follow-BOND SALE.
SALISBURY, Rowan County, No. Caro.
SHELDON TOWNSHIP,Beaufort County,So. Caro.
-BOND SALE.
.
ing coupon bonds, aggregating $600,000, offered on April 10-V. 120. 13 • -Spitzer, Rorick & Co. of Toledo have purchased an issue of 350,000 6%
Co..
-were awarded to a syndicate composed of W. A. Harriman &
1794
road bonds at par. Date May 1 1924. Denom. $1,000. Due $2,000
Old Colony Trust Co. and Edmunds Bros. as Wis at 100.839, a basis of yearly May 1 1926 to 1950 incl. Interest payable M.& N.
about 4.68%.
-At an
SHOSHONE, Lincoln County, Idaho.
-BONDS VOTED.
$300.000 school bonds. Due April 1 as follows: 36,000. 1928 to 1933;
37.000 in 1934 and 1935; $10,000, 1936 to 1945, and 315,000. election held recently the voters authorized the issuance of 315.000 school
bonds.
1946 to 1955. incl.
150,000 school bonds. Series C. Due April 1 as follows: 34,000, 1926
SHERIDAN COUNTY (P. 0. Plentywood), Mont.
-BOND .SALE.to 1961. incl., and $6,000 in 1962.
The Wells
-Dickey Co. of
150,000 public improvement bonds. Due April 1 as follows: $7.000, 5M% refunding bonds. Minneapolis has purchased an issue of $110,000.
1928 to 1937, and $10,000, 1938 to 1945, incl.
Date April 1 1925.
-Peck,
SIERRA COUNTY (P. 0. Hillsboro), N. Mex.-BOND SALE.
Financial Statement.
Brown & Co. of Denver have purchased an issue of $441,000 5% refunding
$40,000,000 bonds at par. Due serially in 5 to 25 years.
Estimated actual value
21,698,870
Assessed valuation. 1924
SILVER BOW COUNTY (P.O. Butte), Mont.
-WARRANT SALE.
1,934,660
Net bonded debt
The $330,000 county poor fund warrants offered on April 9-V.120, p. 1515Population, 1920 Census, 13,884; present estimate, 18.512.
There is no overlapping school district debt in Salisbury, all of the in- -were awarded to Stranahan, Harris & Oatis, Inc., of Toledo and Geo. II.
Burr & Co. of New York as 43;Is at 100.65. Due in 1 to 20 years.
debtedness for school purposes being included in the city's debt statement.
SMITHFIELD TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
-Sealed bids
-BOND OFFERING.
SALEM, Salem County, N. J.
Solicitor. Smithfield), Jefferson County, Ohio.
-The First Nat.
-BOND SALE.
until 8 p. in. April 29, will be received by W. A. W. Grier, City
for an issue of 5% coupon or registered water works bonds not to exceed Bank of Smithfield purchased the $4,000 6% coupon school bonds offered
-at a premium of $25, equal to 100.62, a
more bonds to be awarded than will produce a premium of on April 11-V. 120. p. 1795
335.000, no
*1,000 over $35,000. Denom.31.000. Date May 11925. Int. semi-ann. basis of about 5.74%. Date April 1 1925. Due 81.000, April 1 1926 to
Due yearly on May 1 as follows: 31,000. 1927 and $2.000. 1928 to 1943 1929 inclusive.
incl. Certified check for 2% of the amount of bonds bid for required.
SMITHTOWN (P. 0. Smithtown Branch), Suffolk County, N. Y.-Sealed bids will be received by Chas. S. Butler, Town.
-The BOND OFFERING.
-BOND SALE.
SALT LAKE CITY, Salt Lake County Utah.
m.April 28 for $23,500 5% judgment bonds. Denom.
offered on April 1 ''(V. 120,.p. 988) were awarded Supervisor, until 1 p.1925. Principal and semi-annual interest (M. & N.)
$850.000 refunding bonds
$500. Date May 1
to Barr Bros. & Co., Inc., of New York as 48 at par. Date April 1 1925. payable at the Bank of Smithtown, Smithtown Branch. Due yearly on
Coupon bonds. Due serially. Interest payable A. & 0.
May 1 as follows: $1.500 1926. 32.000 1927 and $2,500 1928 to 1935, incl.
-The follow- Certified chock for $1,000 required.
-BIDS.
SANDUSKY COUNTY (P. 0. Fremont), Ohio.
ing bids were submitted for the purchase of the $45,000 5% coupon road
SMITH TOWNSHIP(P.O. Armstrong Mills R. F. D. No. 1), Belmont
of
bonds sold to Emery, Peck & Rockwood of Chicago at 102.88. a basis
-Sealed bids will be received by
-BOND OFFERING.
County, Ohio.
about 4.33%, as was stated in V. 120, p. 1924.
C. W. Stonebraker, Township Clerk, until 1 P. m. April 18 for $5000 5%
Premium.
Name
Date March 1 1925. Principal and
,
Denom.
$988 00 coupon road bonds.(M. & S.)$500. Da the Farmers' & Merchants Bank,
W. L. Slayton & Co., Toledo
payable at
973 00 semi-annual interest
Detroit Trust Co.. Detroit
Bellaire. Due $500 March 1 1928 to Sept. 1 1930, inclusive.
651 00
Ryan, Sutherland & Co.. Toledo
-BONDS VOTED.
1,297 00
-At the
SAN ANGELO, Tom Green County, Tex.
Emery. Peck & Rockwood. Chicago
540 00 election held on April 11-V. 120. p. 1655
-the voters authorized the•
Ohio State Teachers' Retirement System, Columbua
666 00 issuance of the following bonds aggregating $375,000:
Title Guarantee & Trust Co.. Cincinnati
761 00 $275,000 sewer.
Assel, Goetz & Moerlein, Inc
900 00
80,000 paying.
Stevenson, Perry, Stacy & Co., Chicago
1.053 00
Bosworth Co., Toledo
20,000 bridge.
Braun
814 00
Guardian Savings & Trust Co., Cleveland
SOUTH HAVEN SCHOOL DISTRICT (P. 0. South Haven), Van
906 00
Prudden & Co.. Toledo
-An issue of 3220,000 5% school
-BOND SALE.
914 00 Buren County, Mich.
The Herrick Co., Cleveland
bonds has been awarded to the Citizens' State Bank of South Haven at a
909 00
Provident Savings Bank & Trust Co., Cincinnati
equal to 106.53. Bids were as follows:
973 00 premium of $14,375,
Seasongood & Mayer. Cincinnati
4ji %.
..
4h'%.
5%•
227 00
Citizens Trust & Savings Co., Columbus
102.045
106.53
675 00 Citizens' State Bank, South Haven
Well, Roth & Irving. Cincinnati
102.14
-Merchants Trust Co., Chicago
937 00 Illinois
Stuart & Co., Chicago
Halsey.
101.76
io1.63
731 45 First National Company, Detroit
N. S. Hill & Co.. Cincinnati
783 00 IIarris, Small & Co., First State Bank,South
Breed. Elliott & Harrison. Cincinnati
Haven, and Continental it Commercial
1.060 00
Second Hand Securities Co.. Milwaukee
101.3913
106.50
Trust 8z Savings Bank
886 50
Stranahan. Harris & Oatis. Inc., Toledo
101.3909
Bank of Detroit and Security Trust Co
T. Bell & Co.. Toledo
A.
101.3904
Stranahan, Harris & Oatis
3 n
-.11 3 0
-BONDS VOTED. 8 t a0 Detroit Tr. Co. and Braun, Bosworth & CO-101.33
ioi166:68
SAN DIEGO, San Diego County, Calif.
101.28
election held recently the voters authorized the issuance of $400,000 schorl A. T. Bell & Co
101.22
Whittlesey, McLean & Co
106766
•
building bonds.
101.03
Keane, Higbie & Co
100.05
SAN JOAQUIN COUNTY RIVER JUNCTION RECLAMATION
10(1.86
. . LfaahA.fln
-The
-BOND SALE.
DISTRICT NO. 2064 (P. 0. Stockton), Calif.
Howe, Snow &Bertlew
100.74
$25,000 Reclamation District bonds offered on April 3-V. 120. p. 1795 1 Morris, Mathers & Co. and Taylor, Ewart &110000:4578
were awarded to the Security State Bank of San Jose as 6s. Date Jan.
Co
1924. Denom. $1,000. Coupon bonds. Due in 1944. Interest payable Union Bank Co., St. Joseph
J. & J.
100.33
Halsey, Stuart & Co
_ _
100.31
Bonbright & Co
SAN LORENZO SCHOOL DISTRICT (P. 0. Oakland), Alameda
--SOUTH ROCKWOOD SCHOOL DISTRICT, Monroe County,.
-The $60.000 59' school bonds offered
SALE.
-BOND
County, Calif.
-A bond issue of $40,000 for a new school was
-BONDS VOTED.
-were awarded to Heller, Bruce & Co. of Mich.
on April 6-V. 120. p. 1655
$2,000, passed by the taxpayers at a recent election. The bonds are to carry
San Francisco. Date March 1 1925. Due March 1 as follows:
4.i % interest.
1927 to 1956 inclusive.
SOUTH SAN FRANCISCO HIGH SCHOOL DISTRICT, San Mateo
-ELECTION SALE.
-PRE
SANTA ANNA, Coleman County, Tex.
-The $54,000 5% school bonds offered
-BOND SALE.
County, Calif.
H. C. Burt & Co. of Houston have purchased $45,000 water bonds subject on April 6-V. 120, p. 1795
-were awarded to Bond, Goodwin & Tucker
18.-V. 120. P. 1795.
to their being voted at the election scheduled for April
Due
Date
-Until of San Francisco. $3,000Feb. 1 1925. Incl.' Feb. 1 as follows: $2,000'
OFFERING.
-BOND
1931 to 1935,
1926 to 1930, incl.'
$94,000 1936 to 1941. incl..
SCOTIA Schenectady County, N. Y.
April 27 sealed bids will be received by Howard B. Toll, Village and 35,000 1942. Legality to be approved by Goodfellow, Hells, Moore
8 p. m.
exceed
& Orrick of San Francisco.
Clerk, for the following issues of coupon or registered bonds not to
6% interest:
1926 to
SOUTH SAN FRANCISCO SCHOOL DISTRICT, San Mateo
$25.000 street impt. bonds. Denom. $500. Due 32,500, July 1
-The $120.000 5% school bonds offered
-BOND SALE.
County, Calif.
1935 inclusive.
-were awarded to Bond, Goodwin & Tucker
1 1926 on April 6-V. 120. p. 1795
10,000 street impt. bonds. Denom. $1,000. Due $1,000, July
of San Francisco. Date Feb. 1 1925. Due Feb. 1 as follows: $4.000
to 1935 inclusive.
the
and $6,000 1941 to 1950, inclusive. Legality to
Date July 1 1925. Prin. and semi-ann. in (J. & J.) payable at int. 1926 to 1940, inclusive,
Goodfellow, Eells, Moore & Orrick of San Francisco.
any
Glenville Bank of Scotia. Bonds are subject to redemption on bid for, be approved by
the bonds
date at option of village. Certified check for 2% of
SOUTH ZANESVILLE, Muskingum County, Ohio.
-BOND SALE.
payable to the village, required.
On April 9 the $3.392 6% coupon street paving bonds offered on that day
(V. 120, p. 1655) were sold to A. E. Aub 8c Co. of Cincinnati. Due yearly
-ELECTION SALE.
-PRE
SCOTTVILLE, Mason County, Mich.
Chicago on Sept. 1 as follows: $340. 1926 to 1929, inclusive; $336, 1930; 3340, 1931
Subject to being voted at an election. the Hanchett Bond Co. of
pr3m
to 1933. inclusive, and $676, l9e4..
purchased the following issues of bonds:
Other bidders were:
city's portion bonds at par plus a premium of $500, equal to 102.to
$25,000
of $100. equal
100,000 special assessment bonds at par plus a premium
Durfee, Niles & Co.. Toledo_$128 80'Weil, Roth & Irving, Ctn.., Prem.•
100.10.
The company will furnish the printed bonds and will also have prepared Citizens Tr.& Say. Bk., Col_ 10 00
a legal opinion furnished by their attorney.
SPARTANBURG COUNTY (P. 0. Spartanburg), So. Caro.
-The Montgomery Trust Co. of Spartanburg recently
BOND SALE.
SHAKER HEIGHTS (P.0. Cleveland), Cuyahoga County, Ohio.
Rudolph, Village purchased an issue of 321.000 6% school bonds at a premium of $1,000,
-Sealed bids will be received by E.P.
BOND OFFERING.
equal to 104.76.
Clerk, until 12 m. May 7 for 3573.970 431% street impt. assessment bonds.
SPENCER, Clay County, lowa.-BOND ELECTION.
-An election
Denom.$1.000 and one for $970. Date May 1 1925. Prin. and semi-ann.
Due yearly will be held on April 23 for the purpose of voting on the question of issuing
int. (A. & 0.) payable at the office of the Village Treasurer.
1 as follows: $56,970, 1926; $57.000, 1927; $58,000. 1928 to 1930 830.000 school bonds.
on Oct.
l.' $57,000. 1931 and 1932; $58.000, 1933; 857,000. 1934. and 358.000,
SPRINGDALE SCHOOL DISTRICT (P. 0. Santa Ana), Orange
1935.
inc' Certified check for 5% of the amount of bonds bid for, payable to County, Calif.
-BOND OFFERING.
-J. M. Backs, County Clerk. will.
the Village Treasurer, required.
APRIL 18 1925.]
THE CHRONICLE
receive sealed bids until 11 a. In. April 21 for $17,000 5% school bonds.
Date May 1 1925. Denom.$1,000. Due $1,000 yearly 1927 to 1943, incl.
Principal and interest payable at the County Treasurer's office. A certified
check for 3% of bid, payable to the order of the Chairman Board of Supervisors, required.
STAFFORD, Tolland County, Conn.
-BOND OFFERING.
-J. Carl
Converse, Town Treasurer, will receive sealed bids until 11 a. m. April 24
for $70,000 4%% coupon highway bends. Issued in denom. of $1,000
each, dated May 1 1925 and payable $4.000 May 1 1926 to 1935 incl., and
$3.000. May 1 1936 to 1945 incl. Prin. and semi-ann. int. (M. & N.)
payable at the First Nat. Bank, Stafford Springs. The bonds are
under the supervision of and certified as to genuineness by the engraved
Bank of Boston: their legality will be approved by Ropes, Gray,First Nat.
Boyden &
Perkins, whose opinion will be furnished the purchaser. All legal
incident to this issue will be filed with said bank where they may papers
spected at any time. Bonds will be delivered to the purchaser on or be inabout
May 1 1925 at the First Nat. Bank of Boston.
Financial Statement April 14 1925.
Last grand list (as of Feb. 28 1925)
$6,391,994 00
Debt limit, 5% of grand list
319,599 70
Total bonded debt
$136,000 00
Floating debt
141.319 95
(To be reduced $70,000 by proceeds of bonds now offered)
Population (last official Census)
5.407
STAMFORD, Fairfield County, Conn.
-TEMPORARY
S. N. Bond & Co., of Boston, purchased a temporary loan ofLOAN.
$200,000
on a 3.48% discount basis. Due Oct. 20 1925.
STRONGHURST COMMUNITY HIGH SCHOOL DISTRICT, Henderson County, III.
-BOND SALE.
-H.C. Speer & Sons
have purchased an issue of $60.00 5% high school couponCo. of Chicago
bonds. Date
June 1 1923. Denom. 51.000. Due serially 1925 to 1943. Interest
payable J. & D.
STURGIS, St. Joseph County, Mich.
-BONDS VOTED.
advised that a bond issue of $15,000 for hospitals was passed by -We are
the voters
at a recent election.
SUMMIT, Union County, N. J.
-BOND SALE.
-The Sinking Fund
Commission was the successful bidder for an Issue of
$16,000 4%% 3
-year
school bonds at par.
SWAMPSCOTT, Essex County, Mass.
-NOTE OFFERING.
-Until
8 p. in. April 24 James W. Libby, Town Treasurer, will receive sealed
bids
for the following issues of 4% coupon notes:
$63,000 "Essex County Tuberculosis Hospital" notes, denom. $1.000
each
dated April 1 1925: payable $4,000 April 1 1926 to
1931 inclusive,
and $3,000, 1932 to 1944 inclusive.
19,500 "Essex Street concrete pavement" notes denom. $1,000 and one
of
$500: dated April 1 1925: payable $2,500 April 1 1926,
$2,000.
April 1 1927 to 1934 inclusive, and $1,000,
1935.
Both prin. and semi-ann. int. (A. & 0.) payable April 1 First National
at the
Bank of Boston, Boston. These notes are exempt from taxation
in Massachusetts and are engraved under the supervision
certified as to
genuineness by the Commonwealth of Massachusetts of and of
Dept.
& Taxation, Divison of Accounts. All legal papers incident Corporations
to
will be filed with the First National Bank of Boston. where these issues
they may be
inspected at any time. Notes will be delivered to the
purchaser on or
about April 28 1925 at the First National Bank of Boston, Boston.
Financial Statement Dec. 31 1924.
Valuation for year 1924. less abatements
$18,546,807
Debt limit
526.858
Total bonded debt
754.750
-Water debt, $274.400; sewer debt, $228,450
Less
502,850
Net debt
251,900
Borrowing capacity
274,958
. TALLAHATCHIE COUNTY ROAD DISTRICT (P. 0. Charleston),
-PURCHASER.
Miss.
-The purchaser of the $300,000 road bonds reported
sold in V. 120, p._ 1656, was the Mississippi Bond & Securities Co.. paying
a premium of $.3,800, equal to 101.26. Date April 1 1925.
Interest at the rate of 6%. Due as follows: 36,000,1925 Denom. $500.
to 1929 incl.:
$12,000, 1930 to 1939 incl. and $15,000. 1940
reference we reported the Chemical National to 1949 incl. In the above
'
Bank of New York as the
purchaser, which was incorrect.
TEMPLE, Bell County, Tex.
-BONDS VOTED.
-At the election held
on April 6-V. 120, P. 1370
-we are informed that the following bonds,
aggregating $260.000 were authorized by the voters:
$210,000 school building.
50,000 water.
No mention is made of the $25.000 paving bonds submitted to the
voters
at the same time.
2063
as follows: $1,000. 1926 to 193() incl., and $1,500, 1931 to 1940
incl.
Certified check for 10% of the amount of bonds bid for required.
WACOUSTA SCHOOL DISTRICT, Clinton County, Mich,BONDS VOTED.
-A $10,000 school bond issue was authorized by the taxpayers at a recent election.
WAGNER SCHOOL DISTRICT NO. 60 (P. 0. Aiken), Aiekn
County,So. Caro.
-BOND SALE.
-The Peoples Securities Co.of Charleston and the White-Phillips Co. of Davenport, Jointly, have purchased
$25,000 53' % school bonds.
WACO, McLennan County, Tex.
-BOND ELECTION.
-An election
will be held on May 16 for the purpose of voting upon $250,000 street bends,
This election had been scheduled for May 12.-V. 120, p. 1514.
WASHINGTON (State of).
-AMOUNT OF BONDS SOLD.
-We
learn that of the 54,000,000 capitol construction bonds authorized bynow
the
Legislature
-V.120. p. 1117
-only $500,000 of these bonds have been sold
to the State of Washington as 4%s at par. In V. 120, p. 1796. we reported
the sale of the entire authorized issue.
WASHINGTON COUNTY (P.O.Salem),Ind.
-BOND OFFERING.Effls Rosenbaum,County Treasurer, will receive sealed bids until 1:30 p. m.
April 27 for $10,300 and $8,740 5% coupon road bonds petitioned for by
Theodore F. Johnson et al. of Polk Twp. and James W. Arnold of Posey
. Each issue will be 20 in number. Dated April 6 1925
ch
a:2)
T $437 denominations. The first bond of each issue will become of $515
payable
May 15 1926 and every six months thereafter until Nov. 15 1935. when
the last bond matures.
WATERLOO, Seneca County N. Y.
-BOND OFFERING.
-Sealed
bids will be received by Leonard V. Fillingham, Village Clerk, until 8 p.
'
in.
April 21 for the following issues of coupon bonds not to exceed 6% interest:
$12,000 fire apparatus bonds. Denom. $1,000. Due 31,000.
March 2
1926 to 1937 inclusive.
4,000 sewer bonds. Denom. $500. Due $500. March 2 1926 to
1933
inclusive.
Date March 2 1925. Int. M. & S. Legality approved by
lon of New York. Certified check for $500, payable to the Clay & DilVillage Treasurer, required.
WATERVLIET, Albany County, N. Y.
-BOND
Gibbons & Co. Inc., of New York were the successful SALE.-Geo. B.
for
lowing issues oecoupon or registered public impt. bonds bidders on the foloffered
April
-V. 120, p. 1796
-at a premium of $50 16, equal to 100.03, a basis 10
of
about 4.13%:
556,000 Series "A." Int. A. & 0. Due yearly on Apr. 1
as follows:
$2,000, 1926 to 1929 incl., and $3,000. 1930 to 1945
60,000 Series "B." Int. M. & S. Due yearly on Sept. incl.
1 as
$7,000, 1925 to 1929 incl., and 55.000. 1930 to 1934 incl. follows:
16,000 Series "C." Int. M. & 8. Due yearly on Sept. 1 as
51.000. 1925 to 1928 incl.. and $2,000, 1929 to 1934 incl. follows:
Denom. $1,000. Date April 1 1925.
Other bidders, all for 4%s, were:
Bid.
R. F. De Voe & Co
$56,151 20 Harris, Forbes & Co
$56,087 92
Conover & Phillips
56.257 60 Batchelder, Wack & Co
56,087 36
National Bank Watervliet 56,593 60 Sherwood & Merrifield,In
c 56,095 20
Fidelity Trust Co
56,024 80 Geo. B. Gibbons & Co
56.021 28
Hibernia Securities Co..
56,356 72
WATERTOWN, Middlesex County, Mass.
-BOND SALE.
-The following issues of 4% coupon bonds offered on April 15-V.
were sold to F. S. Moseley & Co., of Boston, at 101.012, 120, p. 1924
a basis of about
$17.000 playground loan, payable $2,000 April 1 1926 and
1927, and
$1,000 April 1 1928 to 1940. inclusive.
60,000 water mains loan, payable $12,000 April 1 1926 to 1930,inclusive.
90.000 high school equipment and furnishing loan, payable $6.000
April 1
1926 to 1940,inclusive.
170.000 New Coolidge School loan, payable $12,000 April 1 1926 to 1930,
inclusive. and $11,000 April 1 1931 to 1940. inclusive.
WAUKEGAN TOWNSHIP SCHOOL DISTRICT (P. 0. Waukegan),
Lake County, III.
-BOND SALE.
-During the month of
the
district sold $210,000 5% school bonds. Due $10,000 in 1926 Januaryincl.
to 1940
and 512,000, 1941 to 1945 incl.
WAYNE COUNTY (P. 0. Wooster), Ohio.
-BOND SALE$81,000 5% Wooster-Burbank Sec. "F" road impt. coupon bonds The
offered
on April 9-V. 120, p. 1796
-were sold to Stranahan, Harris & Oatis, Inc.,
of Toledo for $83,285 35, equal to 102.82, a basis of about
4.37%. Date
March 1 1925. Due 59,000, Sept. 1 1926 to 1934 inclusive.
WEBSTER CITY, Keokuk County, Iowa.
Sealed bids will be received until 7:30 p. in. April -BOND OFFERING.
TEXARKANA, Bowie County, Tex.
27 by W.
-BOND OFFERING.
-The City Clerk, for $15.000 water bonds to bear interest at a rate not R. Ryan, City
Clerk will receive sealed bids until .April 26 for $25,000 street-paving
exceeding 6%.
bonds. Denom. $1,000.
TIPTON COUNTY (P. 0. Covington), Tenn.
-BOND OFFERING.
WEIMER INDEPENDENT SCHOOL DISTRICT, Colorado
John Y. Peete, County Judge, will receive sealed bids until 11 a.
County,
-BOND SALE.
m. May 4 Tex.
-The $100,000 5%% school bonds offered on
for $145,000 5 or 5%% highway bonds. Due $2,500, 1926 to 1935, inclus- (V. 120, p. 1796) were
April 13
awarded to W. L. Slayton & Co. of Toledo at a preive: $5,000, 1936 to 1945. inclusive, and $7,000. 1946 to 1955, inclusive.
A mium of $6,350, equal to 106.35, a basis of about 5.03%. Due $2.000,
certified check for $5,000. payable to the order of J. A. Peeler,
Trustee, is 1926 to 1945, and $3,000, 1946 to 1965 incl.
required.
WELD COUNTY SCHOOL DISTRICT NO. 107 (P. 0.
TOLEDO, Lucas County, Ohio.
-BOND SALE.
-Eldredge &
Brigsdale),
-BONDS VOTED.
-At
New York purchased the following issues of 4%% coupon refundingCo. of Colo.
bonds building bonds sold subject toan election held recently, the $20,000 school
offered on April 14-V. 120. p. 1656
being voted at said election (see V. 120, p.
-at 103.15.a bass of about 4.15%:
1796) were passed.
222,000 city hall site bonds. Due yearly on Oct. 1 as follows:
$10,000
WELLESLEY, Norfolk County, Mass.
1926 to 1946, incl., and 312.000 1947.
-BOND SALE.
Issues of 4% coupon bonds offered on April 13-V. 120, p. -The following
222,000 park bonds. Due yearly on Oct. 1 as follows: $10,000
1924
-have been
1926 to sold to Harris, Forbes & Co. of Boston
1946, incl.. and $12,000 1947.
at 101.28, a basis
534,000 "Water Loan Act of 1913" bonds. Denom. of about 3.85%:
128,000 park bends. Due yearly on Oct. 1 as follows: $5,000 on
51,000 each, dated
March 1 1925 and payable 52,000 March 1 1926 to
as follows: $5,000 1926. $6,000 1927 to 1930. incl.: 55,000Oct. 1
30,000 "Sewer Loan" bonds. Denom. $1,000 each, dated 1942 inclusive.
$6.000 1932 to 1935, incl.; $5,000 1936. $6,000 1937 to 1931,
March 1 1925
1940.
and payable $1,000 thereof March 1 1926 to
incl.: 55,000 1941 and 56,000 1942 to 1947, incl.
1955
16,000 "School Addition Loan" bonds. Denom. $1,000inclusive.
45,000 work house erection bonds. Due yearly on Oct. 1 as
each. dated
follows:
•
March 1 1925 and payable $1,000 thereof March
$2.000 1926 to 1947. incl.. and 81,000 1948.
11928 to 1941 incl.
Other bidders were as follows:
DenoM. 51,000. Date April 1 1925.
Estabrook & Co
101.21 National City Co
TRACY GRAMMAR SCHOOL DISTRICT (P. 0. Stockton),
101.02
San Old Colony Trust Co
101.049 Edmund Bros
Joaquin County, Calif.
102.964
-BOND SALE.
-The $18.000 5_%% school Merrill, Oldham & Co
101.18 R. L. Day & Co
bonds offered on April 6-V. 120, p. 1795
100.89
-were awarded to H• S. Boone Blodgett & Co
101.15 Paine, Webber & Co
100.826
& Co. of San Francisco at a premium of $1.535. equal to 000.000, a basis
Financial Statement March 3 1925.
pf about 0.00%. Date April 11925. Due $1.000 yearly 1930 to 1947 incl. Net Valuation
for year 1924
The above supersedes the report given in V. 120, p. 1924. Following Debt limit
524.756.650 00
is a list of other bidders:
666.902 49
Total gross debt, including these issues
rem urn.
1,002,000 00
Premium. Exempted debt
-Water bonds
Bank of Italy, San Fr
31,168 00 Freeman, Smith & Camp
5143,000
Sewerage bonds
Mouton & Co..8.Fr. 1.18200
277,000
B.H.
Co., San Francisco
Hospital bonds
Wm.R.Staats Co., San Fr. 678 00 Commercial & Say. Bank$1,207 00
17,500
City Bank, Stockton
672 00
of Stockton
437,500 00
373 74
B.H.Rollins & Sons, S. Fr. 1,18500 Anglo London & Paris Co.,
Net debt
Wm.Cavalier & Co., S. Fr. 930 00
Co., San Francisco
$564.500 00
Witter & Co., S. Fr. 1,36300 The Capital National Bank, 1,026 00 Borrowing capacity
Biyth,
$102,402 49
Sacramento
Dean, Witter & Co., S. Fr. 595 00
WELLINGTON, Larimer County, Colo.
1,101 00
-BONDS VOTED.
election held recently the voters authorized the issuance of the-At an
TUSCALOOSA, Tuscaloosa County, Ala.
$13,500
-OFFERING DATE • % general obligation
CNANGED.-Sealed bids will be received until 10 a. m. May 6 (date Co. of Denver, subject sewer bonds sold to Gray. Emery. Vascorcills &
to being voted (see V. 120, p. 1371).
changed from May 5-V. 120, p. 1924) by M. G. Kersh, City Clerk, for
WEST PALM BEACH, Palm Beach County, Fla.
$175,000 public improvement bonds to bear interest at a rate not exceeding
-BOND SALE,The Weil, Roth
6%. Date May 1 1925. Denom. 51.000. Due May 11935. Principal of Jacksonville, & Irving Co. of Cincinnati and the Florida National Bank
jointly, have purchased an issue of $55.222 85 6%
interest payable at the National Bank of Commerce, New York City.
and
special
improvement bonds at a premium of $3,376. equal to
A certified check for 33.000 is required. Legality to be approved by
106.11.
storey, Therndike. Palmer & Dodge of Boston.
WEST ST. PAUL (P. 0. St. Paul), Ramsey County,
Minn.
-BOND
-An election will be held on April 21 for
UNION COUNTY (P. 0. Liberty), Ind.
-BOND SALE.
-The Union ELECTION.
$120,000 school
County National Bank of Liberty has purchased the 113,760
% coupon building bonds.
WHARTON COUNTY (P. 0. Wharton), Tex.
Chas. E. Craft et al. road bonds offered on April 14 V. 120. p. 1795) at a
SALE.
-C. W.
premium of $277 95, equal to 102.01, a basis of about .C9%. Date Mar.2 McNear & Co. of Chicago have purchased an -BOND MOM°
issue of
5;6%
1925. Due $688 every six months from May 15 1926 to Nov. 15 1935 incl. county bonds at 104.62.
WHEATON SANITARY DISTRICT (P. 0.
VERNON,Tolland County, Conn.
-BOND SALE.
-Harris, Forbes &
Wheaton),
County,
-BOND SALE.
-The Northern Trust Co. of Du Page
Co., of New York, purchased 3105.000 41% funding bends at 102.463- purchased III.
Chicago has
a basis of about 4.08%. Date April 15 1925. Due $3,000 April 15 1930 V. 120. p.the $120.000 43 % sanitary district bonds offered on April 10179f-at 103.03, a basis of about 4.24%.
1964. inclusive.
to
Date May 1 1925,
Due 312,000, 1936 to 1945 inclusive.
VESTAL COMMON SCHOOL DISTRICT NO. 2 (P. 0. Vestal),
WHEELING TOWNSHIP (P. 0. Fairmont),
-BOND OFFERING.-Jen. P. Jenson, School INO.-W. L. Pollock,
Broome County, N. Y.
Ohio.
-BOND OFFER,
Trustee, will receive sealed bids until 10 a. in. April 27 for $20,000 5% May 2 for $33,000 5%Township Clerk, will receive sealed bids until 2 p. inFairpoint-Midway Road coupon
school bonds. Denom. $500. Date May 1 1925. Prin. and ann. int. $1,000. Date April 11925.
Int. A. & 0. Due Oct. 1 bonds. Denom.
payable at the First Nat. Bank of Binghamton. Due yearly on Dec. 1 Certified check for $500.
payable to the above official, 1926 to 1934 incl.
required.
[VoL. 120.
PH K. CHRONICLE
2064
-Paine.
-BOND SALE.
WHITEHALL, Washington County, III.
Webber & Co. of New York have been awarded the $40.000 coupon water
bonds offered on April 14 (V. 120, P. 1925) as 434s at a premium of $1,019,
equal to 102.54, a basis of about 4.27%. Date April 1 1925. Due $1,000
Oct. 1 1925 to 1964 incl.
The following bids were also received:
Rate.
100.05
4.30%
Sherwood & Merrifield, Inc
100.373
4.30
Geo. B. Gibbons & Co., Inc
100.489
4.30
The Fidelity Trust Co
100.48
4.309
R. F. De Voe & Co
-BOND OFFERING.
WHITE PLAINS, Westchester County, N. Y.
-Sealed bids will be received by Eugene S. Martin, Commissioner of
Finance, until 11 a. m. (daylight saving time) April 28 for the following
issues of 434% registered bonds:
$50,000 municipal building bonds. Due 52,000 April 1 1935 to 1959.
50.000 street impt. bonds. Due April 1 as follows: 37,000, 1928 to 1934
and 51,000, 1935.
50,000 storm water drain bonds. Due April 1 as follows: 57,000, 1928
to 1934, and 31,000. 1935.
50.000 highway bonds. Due April 1 as follows: 37,000, 1928 to 1934
and $1.000, 1935.
•
Dated April! 1925. Denom.$1 .000. Prin.and semi-ann. hit.(A.& 0.)
payable at the office of the Como issioner of Finance in New York exchange.
Legality approved by Clay & Dillon, N. Y. City. Certified check for 2%
of the par value of the bonds bid for, payable to the city, required.
-An issue
-BOND SALE.
WIBAUX COUNTY (P. 0. Wibaux), Mont.
of 515,000 534% refunding bonds has been sold to the U. S. National Co.
of Denver at par. Due in 1 to 5 years.
-OFFER-BONDS DEFEATED.
WILLCOX, Cochise County, Ariz.
-The proposition to issue $50,000 534% gas works
ING CANCELLED.
of the people at the election held on Mar. 18
bonds, submitted to a vote
(Y. 120, p. 1371) failed to carry. These bonds were to be offered on Mar.
23 (V. 120, p. 1371), subject to their being voted at the above mentioned
election, but as they failed to carry the offering was cancelled.
-The propo
WINDSOR, Weld County Colo.-BONDS DEFEATED.
Bitten to issue the following 2 issues of 534% bonds submitted to a vote o
-was defeated
the people at the election held on April 7-V. 120. p. 1514
310,500 park bonds.
$14.500 community building bonds
In above reference we reported the sale of these bonds to Boettcher,
Porter & Co., subject to their being voted.
WINDSOR SCHOOL DISTRICT NO. 64 (P. 0. Aiken), Aiken
-The Citizens & Southern Bank of
-BOND SALE.
County, So. Caro.
% school bonds offered
Augusta was the successful bidder for $35,000
on April 10(V. 120, p. 1515).
-The $38,687 24
-BOND SALE.
WINFIELD, Cowley County, Kan.
-were awarded to the
paving bonds offered on April 7-V. 120, P. 1796
Branch-Middlekauf Co. of Wichita as 4%s at a premium of $13, equal to
000.000. Date April 1 1925. Coupon bonds. Due in ten years.
-On April 20
-BOND ELECTION.
WINNSBORO,Wood County,Tex.
an election will be held to vote on the question of issuing 350.000 school
building bonds.
-The $200,000
-BOND SALE.
WINONA, Winona County, Minn.
4%% water bonds offered on April 7(V. 120, p. 1515) were awarded to the
Winona Clearing House Association at a premium of $3,500, equal to
101.75. Date May 1 1925. Denom. 51,000. Coupon bonds. Due serially, 1934 to 1947 incl. Interest payable M.& N.
-BOND SALE.WOOD COUNTY (P. 0. Bowling Green), Ohio.
The $120,000 5% I. 0. H. No. 278 assessment bonds offered on April 9-were sold to Kinsey & Co. of Toledo for $122,244, equal
V. 120, p. 1796
to 101.87, a basis of about 4.31%. Date May 1 1925. Due $12,000
every six months from March 1 1926 to Sept. 1 1930, incl. Bids were as
followst
Amount Bid.
$122,058 00
Stranahan, Harris & Oates, Toledo
121.884 00
& Commercial Trust & Savings Bank, Chicago
Continental
121,833 00
Halsey, Stuart & Co.. Chicago
121,212 72
David Robison Jz Co.. Toledo
121.836 00
Cincinnati
Seasongood & Mayer,
121,000 00
The Well, Roth & Irving Co., Cincinnati
121,152 00
The Title Guarantee & Trust Co., Cincinnati
121.702 00
Second Ward Securities Co., Milwaukee
121,341 00
Prudden & Co. Toledo
121,656 00
Savings Bank & Trust Co., Cincinnati
'
The Provident
121,236 00
Asset, Goetz & Moerlein, Cincinnati
121.812 00
Detroit Trust Co.. Detroit
121,411 00
Co., Chicago
Stevenson, Perry, Stacy &
121,008 00
Guardian Savings & Trust Co.. Cleveland
121,212 00
Sutherland & Co., Toledo
Ryan
121,653 00
Braun, Bosworth & Co., Toledo
121,872 38
A. T. Bell & Co.. Toledo
122.244 00
Kinsey & Co., Toledo
121,902 00
W. L. Slayton & Co., Toledo
121,851 00
Herrick Co. Cleveland
The
-For
-BONDS DEFEATED.
WYANDOTTE, Wayne County, Mich.
was defeated
the third time a 5250,000 water works extension bond issue
election.
when submitted to the voters at a recent
WYOMING TOWNSHIP SCHOOL DISTRICT NO.?,Kent County,
-year bonds has been
-An issue of $65.000 434% 30
Mich.
-BOND SALE.
sold to Whittlesey, McLean & Co.of Detroit for $66,900, equal to 102.92.
-Sealed bids until
-BOND OFFERING.
YORK, York County, Pa.
9:30 a. m. May 19 will be received by William H. Reynolds, City Clerk,
coupon or registered general impt. ISSUE) of 1925 bonds.
for $250,000 434%
Denom. $1,000. Date June 1 1925. Prin. and semi-ann. int. (J. & D.
payable in York. Due yearly on June 1 as follows: 58,000, 1926 to 1945
incl., and 39,000, 1946 to 1955 incl. Legality approved by Townsend,
Elliott & Munson of Philadelphia. Certified check for 1% of the amount
of bonds bid for, payable to the City Treasurer, required.
YORK SCHOOL DISTRICT (P. 0. York), York County Pa.
-Sealed bids until 12 m. May 14 will be received by
BOND OFFERING.
William E. Koch, Chairman Finance Committee, for 3700,000 4345'
coupon school bonds. Denom. $1,000. Date May 1 1925. Prin. and
semi-ann. int. (M. & N.) payable in York. Due yearly on May 1 as follows: 323,000, 1926 to 1945 incl., and 324,000, 1946 to 1955 incl. Legality
approved by Townsend, Elliott & Munson of Philadelphia. Certified
check for 1% of the bonds bid for required.
YUBA COUNTY RECLAMATION DISTRICT NO. 784 (P. 0.
-Harvey D. Etch, County
-BOND OFFERING.
Marysville), Calif.
Treasurer, will receive sealed bids until 10 a. m. April 20 for 350.000 6%
reclamation bonds. Denom. $1,000. Due Jan. 1 as follows: $43,000 in
1938 and $7.000 in 1939. Interest payable (J. & J.).
CANADA, its Provinces and Municipalities.
-The 33,740,0005% refund
-BOND SALE.
ALBERTA (Province of).
-were awarded to Harris,
log bonds offered on April 15-V. 120, p. 1796
Forbes Jz Co. and the National City Co. of New York at 99.15. Date
1925. Due April 15 1950. Principal and semi-annual interest
April 15
payable by coupon at the Imperial Bank of Canada, Toronto, Montreal,
or Edmonton, or at the Bank of the Manhattan Co.. New York City.
These bonds are rwisterable as to principal only at the office of the Provincial Treasurer, Edmonton, or at the Head Office of the Imperial Bank,
Toronto, or at the Bank of the Manhattan Co., New York City. Delivery
and payment in New York funds to be made at the Bank of the Manhattan
Co., New York City. The bonds represented by this issue are a direct
obligation of the Province at large and the whole of the proceeds, together
with all of the sinking funds applicable to maturing issue (approximately
a260,000) will be used for the redemption of an Issue of $4,000,000 Province
f Alberta debentures maturing on May 1 1925.
-Bids are invited up to
CHATEAUGUAY, Que.-BOND OFFERING.
-year bonds, dated
7:30 p. m. April 20 for the purchase of $4,800 534% 20
May 1 1925, and payable at any branch of the Canadian National Bank
in the Province of Quebec. H. Villard. Secretary-Treasurer,
-We are informed
GRANTHAM TOWNSHIP, Ont.-BOND SALE.
-installment bonds has been awarded
that an issue of 332,433 5%% 10 and 20
& Malloch at 103.456. Bids were as follows:
to Zimmerman
103.363
103.456 Hanson Bros
Zimmerman & Malloch
102.62
102.56 0. H. Burgess & Co
W.0. Brent & Co
102.26 Macneill, Graham & Co___-103.13 •
Bell, Gouinlock & Co
102.23
103.265 Goss, Forgie & Co
Harris, MacKeen & Co
102.14 McDonagh, Somers & Co__ _102.98
Wood, Gundy & Co
103.31
Gairdner, Clarke & Co
-A syndicate headed by the
MONTREAL, Que.-BOND SALE.
1Hanson Bros.
Dominion Securities Corp. and including Rene Le Clerc,
and A. E. Ames & Co. was the successful bidder for the 32,000.000 5%
-at 99.30. Date
-year bonds offered on April 14-V. 120. p. 1925
20
May 1 1925. Due may 1 1945.
-The School Commission
ROUGEMONT, Que.-BOND OFFERING.
will receive bids up to 8 p. m. April 25 for the purchase of $14,000 55?'
-year serial bonds in denominations of $300. $400. $500. $600. $700 and
20
$800 each, payable at the office of the Secretary-Treasurer. A. Lodoux,
,
Secretary-Treasurer.
ST. JEAN, Que.-BOND OFFERING -Bids will be received up to 3
p. in. April 27 for the purchase of $235,000 bonds, dated June 1 1925.
-year bonds with 5 or 534% interest and for
Alternative bids are asked for 5
-year bonds with 5 or 534% interest. Bonds are payable at St. Jean
10
and Montreal, and are in denominations of $100 or multiples thereof.
H. Morals, Secretary-Treasurer.
-It is reported that McLeod, Young
TIMMINS, Ont.-BOND SALE.
Weir & Co. were the successful bidders for a block of $327,556 bonds
paying 101.52. The issue was divided as follows: 319.347 7% 10-install-installments. $67,480
-installments, 515.729 7% 10
ments, 515.000 534% 30
-installments, 3128,000 534% 15
-installments, $10,000 534% 30
% 15
-Installments. The $15,000. $10,000.
installments, and $72,000 834% 15
blocks are guaranteed by the Provincial Govt.
$128,000 and the $72,000
Toronto Bond Exchange, Ltd., bid 99.80 and 0. H. Burgess & Co. bid
par for the entire issue.
Bids received for the guaranteed bonds alone were:
101.30
102.86 I Mackay-Mackay
Harris, MacKeen & Co
101.29
102.23 Wood. Gundy & Co
Macneill, Graham & Co
NEW LOANS
FINANCIAL
We Specialize in
$300,000
STOCKS AND BONDS
aty of Philadelphia
Big Creek School District McDowell Co.
W. Va. (P. D. Berwind).
BOught and sold for cash, or carried on
conservative terms.
SCHOOL BONDS.
Inquiries invited.
will be
Until 10 a. m. May 30th, sealed bids Creek
Big
received by the Board of Education ofWest Va.,
District, E. M. Cooley, Berwind,
bonds to bear
Secretary, for $300,000 school 1925. Denom%. Dated Jan. 1,
interest at
due in one to twenty years.
ination 31.000.
Principal and
Fifteen bonds retired each year. the office of
at
semi-annual interest payableVirginia or at the
of West
Secretary of State
New York City.
National Bank of Commerce in is required. All
of bid
A certified check for 5% either of the following
bids must be made for
Proposition No. 1. On the
methods of delivery. bonds covered by bid on
basis of delivery of
the basis of
July 1st. Proposition No. 2. On
by bid
one-third of the amount of bonds covered a like
1st, and delivery of
to be delivered July to exceed six months each.
at intervals not
amount
FINCH, WILSON & CO.
FINANCIAL
38
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31 23
4s
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41 48
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41 2a
58
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51 48
28
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Biddle & Henry
104 South Fifth Street
Philadelphia
Private Wire to Neu) York
Call Canal $437
Calvin 0.Smith Co.
BALLARD & COMPANY
Members Nets York Stock Exchange
MUNICIPAL BONDS
HARTFORD
105 SO. LA SALLE STREET
CHICAGO
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NEW YORK
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